COLLEGE RETIREMENT EQUITIES FUND
[GRAPHIC OMITTED]
2000
Semi-Annual Report
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STOCK o GLOBAL EQUITIES o GROWTH
<PAGE>
================================================================================
Contents
Page
Letter from the Chairman and Vice Chairman 1
Management/Status of the Accounts
Stock Account 4
Global Equities Account 6
Growth Account 8
Statements of Investments
Stock Account 10
Global Equities Account 51
Growth Account 65
Financial Statements
Statements of Assets and Liabilities 82
Statements of Operations 82
Statements of Changes in Net Assets 83
Notes to Financial Statements 83
Trustees and Senior Management 92
For More Information... 93
TIAA-CREF Individual and Institutional Services distributes the CREF and
TIAAReal Estate Account variable annuities. This booklet must be accompanied
or preceded by current CREF and TIAA Real Estate Account prospectuses. For
additional copies, call 1 800 842-2733, extension 5509. TIAA-CREF Investment
Management serves as investment manager to CREF.
(C)2000 TIAA-CREF
================================================================================
<PAGE>
From the Chairman and Vice Chairman:
[PHOTO OMITTED] [PHOTO OMITTED]
JOHN H. BIGGS, CHAIRMAN, PRESIDENT, MARTIN L. LEIBOWITZ, VICE CHAIRMAN
AND CHIEF EXECUTIVE OFFICER AND CHIEF INVESTMENT OFFICER
The past six months have been one of the most volatile periods for the
securities markets in recent years. Nevertheless, our disciplined and
carefully devised investment philosophy continues to serve us well, as it has
in other difficult periods.
Our innovative investment strategies aim to maximize performance while
controlling risk. CREF was one of the first institutional investors to create
stock portfolios using both indexed and actively managed components. With our
Dual Investment Management StrategySM, the investment management teams for a
number of our equity funds use a combination of active and quantitative
techniques that aim to beat our investment objective benchmarks consistently.
The indexed component enables our equity funds to stay fully invested, even
when we cannot identify many investment opportunities for the actively
managed portfolio segments. Like a blend of two metals to form a stronger
alloy, this pragmatic balance of traditional active investment and innovative
quantitative strategies has helped these funds maintain strong, long-term
returns generally close to or better than those of the benchmarks.
January 1 to June 30, 2000 -- the period covered by this CREF Semi-Annual
Report -- has, as mentioned, tested investors' ability to adjust to market
volatility. We believe that the performance of the CREF Accounts has
warranted investors' trust during this difficult time. Before we turn to an
overview of CREF variable annuity performance thus far in 2000, it may help
to place the Accounts' behavior in a market context.
From 1995 through June 2000, the market experienced a marked increase in
volatility, as measured by the average number of days when the total return
for the Standard & Poor's 500-Stock Index and the Nasdaq rose or fell more
than 1 percent or 2 percent. The median daily change in the S&P 500 was about
half a percent in the five-year period. But the number of days when the S&P
moved more than 1 percent increased from 13 during 1995 to 55 so far this
year (110 on an annualized basis), about 45 percent of all days the stock
market was open for business. Even more dramatically, the S&P did not move
more than 2 percent on any day in 1995, but through June this year had done
so 23 times (46 days on an annualized basis).
The median daily change in the Nasdaq from 1995 through June 2000 was about
0.75 percent. In 1995, the Nasdaq moved up or down more than 1 percent on 46
days, while in the first six months of 2000 the corresponding count was 100
days (or 200 on an annualized basis). Similarly, in 1995 the Nasdaq rose or
fell more than 2 percent on only 5 days. Through June 2000, the Nasdaq has
risen or fallen over 2 percent on 73 days (146 on an annualized basis).
As volatility increased from 1995 to 1999, stock market returns were
impressively positive. The S&P 500, for example, achieved total annual
returns that were consistently in excess of 20 percent each year, including
two years -- 1995 and 1997 -- in excess of 30 percent. It was only this year
that volatility seemed to be accompanied by lower returns. Through June 30,
2000, the overall S&P 500 provided a generally flat return.
Against this background, the CREF Stock, Global Equities, and Growth Accounts
continued to post competitive performance. The CREF Growth Account received
5-star ratings for five of the six months year-to-date from the Morningstar
variable annuity rating service, while the CREF Stock and Global Equities
Accounts enjoyed 4-star Morningstar ratings every month (see the Morningstar
sidebar on page 2). The table on page 2 shows, for each of these CREF
Accounts, their year-to-date total return (gains and losses plus investment
income) compared with their respective benchmarks, and with the average fund
category that best matches their investment objectives (as measured by Lipper
Analytical Services, Inc.).
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WE REMAIN COMMITTED TO DELIVERING FIRST-RATE SERVICE AND PROFESSIONAL,
DISCIPLINED INVESTMENT PERFORMANCE.
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The CREF Growth Account outperformed its benchmark by 2.86 percent and its
peer group by 4.09 percent for the first six months of 2000. The CREF Stock
Account topped its international benchmark but not its domestic benchmark,
and bested its peer group. The CREF Global Equities Account underperformed
its benchmark and its peer group.
2000 CREF Semi-Annual Report o 1
<PAGE>
TOTAL RETURNS
....................................................................
FOR THE PERIOD JANUARY 1, 2000 THROUGH JUNE 30, 2000
....................................................................
CREF Stock Account -0.01%
....................................................................
Lipper Growth and Income Fund Index -0.87%
Russell 3000(R)Index 0.95%
Morgan Stanley Capital International
EAFE + Canada Index -2.95%
....................................................................
CREF Global Equities Account -3.27%
....................................................................
Lipper Global Fund Index 0.22%
Morgan Stanley Capital
International World Index -2.56%
....................................................................
CREF Growth Account 6.90%
....................................................................
Lipper Growth Fund Index 2.81%
Russell 3000(R)Growth Index 4.04%
THE RUSSELL 3000 INDEX IS A TRADEMARK AND SERVICE MARK 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.
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. The CREF Accounts covered here have expenses, as
a percentage of net assets, that range from 0.30 to 0.34 percent. 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 with those of most mutual funds.
NEW RETIREMENT SAVINGS OPPORTUNITIES. In 1998, we enabled par-
ticipants to consolidate IRA money they had previously accumulated by rolling
it over to an annuity with us. Since then, we have also introduced Roth and
contributory Classic IRAs. To date, we have received in excess of $2.5
billion in IRA premiums and rollovers. This year, in response to
participants' requests, we have introduced annuities for use with Keogh plan
savings, beginning March 1, 2000. Keogh plans are for income that a person
derives from self-employed activities, such as publishing royalties.
ANNUITY INCOME INCREASES. In 2000, annuity income from all of the CREF
Accounts except Bond Market increased again. For
================================================================================
MORNINGSTAR
................................................................................
MORNINGSTAR IS AN INDEPENDENT SERVICE THAT RATES MUTUAL FUNDS AND VARIABLE
ANNUITIES. THE TOP 10% OF ACCOUNTS IN AN ASSET CLASS RECEIVE 5 STARS, THE NEXT
22.5% RECEIVE 4 STARS, AND THE NEXT 35% RECEIVE 3 STARS. MORNINGSTAR
PROPRIETARY RATINGS REFLECT HISTORICAL RISK-ADJUSTED PERFORMANCE, AND ARE
SUBJECT TO CHANGE EVERY MONTH. THEY ARE CALCULATED FROM THE ACCOUNT'S 3-, 5-,
AND 10-YEAR AVERAGE ANNUAL RETURNS (IF APPLICABLE) IN EXCESS OF 90-DAY TREASURY
BILL RETURNS WITH APPROPRIATE FEE ADJUSTMENTS, AND A RISK FACTOR THAT REFLECTS
SUBACCOUNT PERFORMANCE BELOW 90-DAY T-BILL RETURNS. THE OVERALL STAR RATINGS
ARE MORNINGSTAR'S PUBLISHED RATINGS, WHICH ARE WEIGHTED AVERAGES OF ITS 3-, 5-,
AND 10-YEAR RATINGS. ACCUMULATION UNIT VALUES AND RETURNS WILL VARY. PAST
PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. TO ACCESS THE LATEST RATINGS ON
THE TIAA-CREFWEB CENTER, GO TO WWW.TIAA-CREF.ORG/FINANCIALS/RA-MORN.HTML.
================================================================================
MORNINGSTAR RATINGS(TM) OF CREF ACCOUNTS - 06/30/00
---------------------------------------------------
<TABLE>
<CAPTION>
OVERALL 3 YEARS 5 YEARS 10 YEARS
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<S> <C> <C> <C> <C>
DOMESTIC EQUITY ACCOUNTS (OUT OF 3,039) (OUT OF 3,039) (OUT OF 2,254) (OUT OF 987)
CREFStock **** *** **** ****
CREF Equity Index **** **** **** --
CREFGrowth ***** **** ***** --
CREFSocial Choice **** *** **** ****
---------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY ACCOUNT (OUT OF 716) (OUT OF 716) (OUT OF 504) --
CREFGlobal Equities **** **** **** --
---------------------------------------------------------------------------------------------------------
FIXED-INCOME ACCOUNT (OUT OF 841) (OUT OF 841) (OUT OF 706) (OUT OF 372)
CREFBond Market ***** ***** ***** ****
---------------------------------------------------------------------------------------------------------
</TABLE>
2 o 2000 CREF Semi-Annual Report
<PAGE>
most CREF participants receiving lifetime annuity income, CREF income changes
each May 1 to reflect the investment performance of an account during the
twelve-month period ending the prior March 31. Recently we introduced the
alternative of monthly income changes, for those who prefer to have their
variable income payments respond more immediately to market changes.
Following are the annual revaluations for the CREFAccounts effective May 1,
2000:
o Income from the Stock Account rose 19.95 percent.
o The income increase for the Growth Account totaled 33.82 percent. This
Account was the strongest performer and provides the largest increase this
year.
o Equity Index Account income rose 17.43 percent.
o Income from the Global Equities Account went up 33.63 percent.
o Income from the Social Choice Account rose 7.02 percent.
o Money Market Account income increased by 1.51 percent.
o Annuity income from the Bond Market Account declined by 2.61 percent.
o The Inflation-Linked Bond Account income increased 2 percent.
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ABOUT BENCHMARKS
................................................................................
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"
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 WITH THAT OF 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, FOR EXAMPLE, DEDUCTS
ROUGHLY 30 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 THE ACCOUNTS DO. AN EXAMPLE IS THE SHORT-TERM
INVESTMENTS OF CREFSTOCK, WHICH MAKE UP 0.2% OF THE PORTFOLIO.
================================================================================
For comparison, consider the consumer price index for all urban consumers:It
rose just 3.7 percent during the 12-month period that ended in June 2000.
================================================================================
EXPENSES FOR CREFSTOCK, GLOBAL EQUITIES, AND GROWTH, AS A PERCENT OF
AVERAGE NET ASSETS, RANGED FROM 0.30 TO 0.34 PERCENT. THESE ARE THE LOWEST
OF ALL VARIABLE ANNUITY FUNDS WITH COMPARABLE INVESTMENT OBJECTIVES.
================================================================================
INTER/ACT. We hope you've been taking advantage of our online information and
transactional facility, Inter/ACT, to check on the status of your accounts,
reallocate premiums, make a transfer, or perform other account transactions.
We have found that most participants enjoy the ease of access to their funds
that Inter/ACT provides. We are currently at work on a new service feature
that will enable participants to obtain a personalized PIN number directly
online for use with Inter/ACT, rather than first calling our Automated
Telephone Service for the PIN. If you haven't yet visited the TIAA-CREF Web
Center (www.tiaa-cref.org), or used the Inter/ACT facility, we encourage you
to do so. Together the Web Center and Inter/ACT provide an immediate and
efficient means of obtaining information and managing your funds with us.
One word about the charts in this booklet: Graphs that show the growth of
$10,000 over ten years or since the Account's inception are "semilog" graphs.
Like conventional graphs, semilog graphs can show broad trends. But semilog
graphs make it easier to highlight percentage changes in performance over
time.
We remain committed to delivering first-rate service, low expenses, financial
products that serve your goals, and professional, disciplined investment
performance. We look forward to reporting to you on our progress as the rest
of the year unfolds.
/s/ John H. Biggs /s/ Martin L. Leibowitz
----------------- -----------------------
John H. Biggs Martin L. Leibowitz
CHAIRMAN, PRESIDENT, AND VICE CHAIRMAN AND
CHIEF EXECUTIVE OFFICER CHIEF INVESTMENT OFFICER
2000 CREF Semi-Annual Report o 3
<PAGE>
Stock Account
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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
================================================================================
The CREF Stock Account, which uses the Dual Investment Management Strategy
(see page 1), is divided into three segments. The Domestic Enhanced Index
segment is designed to track U.S. equity markets as a whole and invests in
the Russell 3000(R) Index. This subportfolio of the Account doesn't invest in
all 3,000 stocks in the Index. Rather, it uses a sampling approach to ensure
that the segment closely matches the overall investment characteristics (for
example, yield and industry weight) of the Index. We use the sampling
technique to hold down trading costs and other expenses. This segment also
uses special valuation and trading techniques to attempt to slightly
outperform the Russell 3000. The Domestic Active segment contains U.S. stocks
that are selected individually for their investment potential. The third
segment invests in foreign stocks and other foreign equity securities (e.g.,
institutional mutual funds) using both enhanced indexing and active stock
selection techniques. It tracks the Morgan Stanley Capital International
Europe, Australasia, and Far East plus Canada Index (commonly written as MSCI
EAFE+Canada).
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THE ACCOUNT'S BENCHMARKS
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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. AS OF JUNE 30, 2000, THESE PROPORTIONS WERE 80 PERCENT
FOR THE RUSSELL 3000 AND 20 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.
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$10,000 OVER TEN YEARS
--------------------------------------------------------------------------------
[Figures below represent mountain chart in printed piece.]
Russell MSCI-EAFE+
3000(R) Index Canada Index Stock Account
6/30/90 10,000 10,000 10,000
6/30/91 10,722 8,908 10,498
6/30/92 12,301 8,839 11,779
6/30/93 14,273 10,564 13,500
6/30/94 14,415 12,273 14,097
6/30/95 18,007 12,552 16,777
6/30/96 22,691 14,227 20,710
6/30/97 29,630 16,152 26,384
6/30/98 38,166 17,169 32,945
6/30/99 45,838 18,434 38,857
6/30/2000 50,238 21,899 42,789
THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF STOCK ACCOUNT, ON JULY 1,
1990. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO
$42,789. FOR COMPARISON, THE GRAPH SHOWS HOW $10,000 INVESTMENTS IN THE STOCK
ACCOUNT'S BENCHMARKS (SEE BOX AT LEFT) DID OVER THE SAME PERIOD.
For the six months ended June 30, 2000, the Account's total return was -0.01
percent. The virtually flat performance for the first half of the year
resulted from a downturn in technology stocks and from interest rate
increases that erased the modest gains achieved in the first quarter.
First Quarter
-------------
The first three months of 2000, in which the marketplace experienced often
chaotic conditions, ended with broad measures of the U.S. market yielding low
single-digit returns, and a composite of overseas markets virtually
unchanged. Two further increases in the discount rate by the Federal Reserve
were accompanied by a sharp decrease in long-term government bond interest
rates. With no signs of slowing in economic growth, the government's actions
created an unusual situation that added to investor uncertainty. Then late in
the quarter, there was an abrupt reversal in the overwhelming preference for
growth-oriented shares in the so-called "TMT space"
(technology-media-telecommunications) versus "old economy/value" shares.
Overall, day-to-day volatility in individual shares and in market averages at
home and abroad was exceptionally high. (For a discussion of recent market
volatility, please see the message from the Chairman and Vice Chairman that
begins on page 1.)
4 o 2000 CREF Semi-Annual Report
<PAGE>
PERFORMANCE AT A GLANCE AS OF 6/30/00
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<TABLE>
<CAPTION>
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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 10.12% 20.59% 15.65% 10.12% 155.05% 327.89% $133.0
Russell 3000 Index 9.60% 22.78% 17.52% 9.60% 178.99% 402.38%
MSCI EAFE + Canada Index 18.79% 11.77% 8.15% 18.79% 74.47% 118.99%
Lipper Growth and Income Fund Index -0.63% 16.73% 14.16% -0.63% 116.70% 275.99%
</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.
Second Quarter
--------------
During the second quarter, in a pattern reminiscent of 1999, the U.S. market
experienced a sharp rotation out of growth sectors into value components
during April and May, only to reverse into growth leadership in June. Interim
volatility of individual issues and groups remained exceptionally high.
Continued (and increasingly aggressive) efforts by the Fed to forestall
inflation via interest rate increases dampened some of 1999's speculative
excess, particularly in the Internet arena. Thus, the market at midyear ended
up stalled near the zero return mark, and the debate as to whether value or
growth stocks were most at risk from the central bank's policies remained
unresolved. In this volatile environment, the Domestic Active component of
the CREF Stock Account continued to avoid aggressive tilts in any particular
direc-
TEN LARGEST HOLDINGS AS OF 6/30/00
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--------------------------------------------------------------------------------
SHARES MARKET VALUE PERCENT OF
COMPANY (000,000) (000,000) NET ASSETS
--------------------------------------------------------------------------------
General Electric Co 78.2 $4,144.2 3.12%
Intel Corp 26.5 3,545.7 2.67
Cisco Systems, Inc 54.3 3,454.1 2.60
Exxon Mobil Corp 31.8 2,492.9 1.87
Microsoft Corp 30.9 2,470.8 1.86
Pfizer, Inc 47.3 2,271.2 1.71
Oracle Corp 20.5 1,721.5 1.29
SBC Communications, Inc 36.7 1,586.4 1.19
International Business
Machines Corp 14.5 1,585.1 1.19
Lucent Technologies, Inc 26.0 1,539.5 1.16
PORTFOLIO COMPOSITION
................................................................................
[Figures below represent pie-chart in printed piece.]
Domestic Enhanced Index Segment 69.9%
Domestic Active Segment 17.8%
International Enhanced Index Segment 7.0%
International Active Segment 13.1%
Short-Term Investments 0.2%
tion, and was able to achieve a modest positive variance from the Russell
3000, for both the quarter and year-to-date.
Foreign markets in dollar terms likewise exhibited volatile and mixed results
around a moderately declining aggregate trend. Growth sectors, which had
performed very strongly in 1999 and early 2000, experienced corrections
paralleling those in the United States, with Europe generally holding up
somewhat better than Asia. The International Active segment of CREF Stock,
following a strong 1999 and first quarter of 2000, experienced a
significant reversal in the second quarter as its relatively overweight
position in growth stocks versus its benchmark proved disadvantageous.
2000 CREF Semi-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
================================================================================
The CREF Global Equities Account uses the Dual Investment Management Strategy
(see page 1). For the six months ended June 30, 2000, the Account posted a
return of -3.27 percent, which was 71 basis points behind the benchmark
Morgan Stanley Capital International World Index and 349 basis points behind
the Account's peers, as measured by the Lipper Global Fund Index.
With the exception of the Asia-Pacific region, the first quarter continued
1999's positive trend, and the Account's overweight positions in technology
stocks versus the benchmark for the most part benefited overall returns. In
the second quarter, however, investor fears about the lofty values of
Internet and other technology stocks, combined with concerns about rising
interest rates, resulted in the negative overall returns posted for the first
half of 2000.
First Quarter
-------------
Stocks from North, Central, and South American markets posted strong returns
in the first quarter of 2000. Technology stocks continued to rise for most of
the quarter, and the Account's semiconductor and telecommunications picks
contributed substantially to performance. Notable technology overweights
versus the benchmark included LSI Logic, Applied Micro Circuits, and Ciena.
The Account also benefited from investments in telecommunications provider
names such as PSInet and Viatel, as well as underweight positions in Johnson
& Johnson and Coca-Cola, which underperformed significantly. Detractors from
performance in the first quarter included an overweight position in Edison
International and underweight positions in Intel, Nortel, Applied Materials,
and Enron.
================================================================================
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 INDEXES - 23 DEVELOPED MARKETS AND 28 EMERGING MARKETS. MSCI CALCULATES
INDEXES BY APPLYING FULL MARKET CAPITALIZATION WEIGHTS (PRICE MULTIPLIED BY THE
NUMBER OF SHARES OUTSTANDING) FOR THE SECURITIES IN THE INDEX. MSCI CALCULATES
REGIONAL INDEXES USING GDP WEIGHTINGS FOR COUNTRIES.
IN CONSTRUCTION OF ITS COUNTRY INDEXES, 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.
================================================================================
[Figures below represent mountain chart in printed piece.]
$10,000 SINCE 5/1/92 INCEPTION
--------------------------------------------------------------------------------
Global Equities Account MSCI World Index
5/1/92 10,000 10,000
6/30/92 10,051 10,043
6/30/93 11,752 11,726
6/30/94 13,615 12,926
6/30/95 15,310 14,305
6/30/96 18,113 16,943
6/30/97 22,556 20,717
6/30/98 27,015 24,245
6/30/99 29,697 28,044
6/30/2000 36,173 31,463
THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF GLOBAL EQUITIES ACCOUNT, ON
MAY 1, 1992. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO
$36,173. FOR COMPARISON, THE GRAPH SHOWS HOW A $10,000 INVESTMENT IN THE MSCI
WORLD INDEX, THE GLOBAL EQUITIES ACCOUNT'S BENCHMARK (SEE BOX AT LOWER LEFT),
DID OVER THE SAME PERIOD.
The same sectors that drove performance in the Americas during the first
quarter drove performance in Europe. The Account continued to focus on
wireless communications and software. The Italian telecommunications company
Tiscali performed well, as the company forged ahead with its European
expansion. SAP, which is among the world's largest software companies,
rebounded strongly after posting better-than- expected results. With
telecommunications companies upgrading their networks and equipment to handle
more data, Ericsson has provided strong business and share price performance.
Reuters and semiconductor designer ARM Holdings, on the other hand, did not
perform well during the first quarter.
The first quarter was difficult for the Asia-Pacific region, which posted the
lowest stock market performance among the three regions. Here, the Account's
concentration in technology at a time when tech stocks were rising in the
other regions detracted from performance. Japan and South Korea bore the
brunt of the technology sell-off in Asia, and a reallocation of the Account's
technology holdings from Japan to South Korea had no tangible impact. Poor
performance of our holdings in Hikari Tsushin, CSK, and Softbank negatively
impacted the positive contributions from our holdings in Toei, Oracle Japan,
and China Telecom.
Second Quarter
--------------
During the second quarter of 2000, investors moved funds into less-volatile
sectors such as healthcare and financial services. Though the shift happened
around the world, it varied significantly by region. The Account was able to
respond to this shift in the Americas, but was less well-positioned in Europe
and
6 o 2000 CREF Semi-Annual Report
<PAGE>
PERFORMANCE AT A GLANCE AS OF 6/30/00
..............................................................................
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES
RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS
1 YEAR 5 YEARS SINCE 5/1/92 1 YEAR 5 YEARS SINCE 5/1/92 (IN BILLIONS)
INCEPTION INCEPTION
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Global Equities Account 21.81% 18.76% 17.04% 21.81% 136.28% 261.73% $9.7
MSCI World Index 12.19% 17.07% 15.06% 12.19% 119.94% 214.63%
Lipper Global Fund Index 22.59% 16.79% 14.61% 22.59% 117.27% 204.50%
</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.
the Asia-Pacific region, where the rotation was quicker and more severe.
The Americas posted a solid second quarter and proved the
strongest-performing region year-to-date. Unlike recent quarters, the second
quarter of 2000 saw more "old economy" stocks providing stronger performance
than technology stocks. The Account was generally well-positioned for this
change in investor sentiment with its holdings in less-volatile,
consumer-oriented stocks (e.g., soft drinks), and financial service and
healthcare stocks. Specific holdings that performed well were Cardinal
Health, Nabisco Group, John Hancock Financial, and Schering-Plough. Among
technology holdings that provided substantial performance were Sanmina and
JDS Uniphase. Holdings that did not perform to our expectations were Johnson
& Johnson and, contrary to its value in the first quarter of 2000, LSI Logic.
As in the Americas, investors in Europe fled stocks of telecommunications
companies and sought safer havens such as healthcare and financial service
companies. The Account's overexposure to the former and lack of exposure to
the latter meant that, whereas we had been rightly positioned in the first
quarter, we were wrongly positioned in the second to take advantage of the
market pullback. The share price of the mobile communications company
Vodafone suffered on concerns that it overpaid for Third Generation (3G)
licenses. Tiscali suffered as investors took profits after its run-up earlier
in the year. Although Infineon, the German-based semiconductor manu-
DIVERSIFICATION AMONG WORLD MARKETS
United States 45.5%
Japan 13.8%
United Kingdom 13.6%
Germany 4.5%
Netherlands 4.1%
Sweden 3.0%
France 2.4%
Finland 2.0%
Canada 1.5%
Hong Kong 1.3%
19 Others 8.3%
facturer; Ahold, the Dutch food retailer; and IHC Caland, the Dutch oil
services company, performed well, this did not mitigate Vodafone's and
Tiscali's negative performance.
The Asia-Pacific equity markets posted the weakest performance among the
three regions, both in the second quarter and year-to-date, on fears of
rising interest rates and a slowdown in global growth. In spite of improving
economic trends in the region, the direction of U.S. interest rates still has
a major impact on these equity markets. Our overweight position in
Asia-Pacific, combined with our technology sector exposure, resulted in
negative performance for the second quarter.
In Japan, because economic news flow continued to be mixed, we have remained
focused on companies with solid earnings growth prospects and global
franchises such as NGK Spark Plug, maker of semiconductor packaging for
Intel; Johnson Electric, a global manufacturer of micromotors; and Sumitomo
Electric, producer of fiber optic cable and xDSL equipment. While we managed
to avoid the Internet concept stocks, performance was negatively affected by
our underweight position in the cyclical and defensive sectors and by the
steep sell-offs in major holdings of NTT DoCoMo, Murata, and Ito-En. During
the second quarter, we reduced our holdings in India, Taiwan, South Korea,
and Australia.
TEN LARGEST HOLDINGS AS OF 6/30/00
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
SHARES MARKET VALUE PERCENT OF
COMPANY (000,000) (000,000) NET ASSETS COUNTRY
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
General Electric Co 4.2 $224.2 2.32% United States
Cisco Systems, Inc 3.4 214.5 2.22 United States
Intel Corp 1.5 205.0 2.12 United States
Vodafone Airtouch Plc 49.5 200.0 2.07 United Kingdom
Ericsson Telefon (LM)
ABSeriesB 8.8 175.0 1.81 Sweden
Microsoft Corp 2.1 165.7 1.71 United States
Nokia Oyj 2.9 150.9 1.56 Finland
Exxon Mobil Corp 1.8 142.2 1.47 United States
Pfizer, Inc 2.7 130.1 1.34 United States
WPP Group Plc 8.3 121.3 1.25 United Kingdom
</TABLE>
2000 CREF Semi-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
================================================================================
The CREF Growth Account uses the Dual Investment Management Strategy (see
page 1). For the six months ended June 30, 2000, the Account posted a return
of 6.90 percent, which was 286 basis points ahead of its benchmark, the
Russell 3000(R) Growth Index, and 409 basis points ahead of other growth
funds, as measured by the Lipper Growth Fund Index.
FIRST QUARTER
The market continued to narrow its focus during the first quarter of 2000,
with an almost exclusive focus on technology stocks. The Account was well
served by being overweight in this sector, especially by its large positions
in Oracle, Ciena, and many semiconductor stocks. Tyco International rebounded
to close the first quarter at its all-time high. The Account also benefited
from being underweight in consumer staples versus the benchmark, particularly
in Procter & Gamble, which announced unexpectedly low sales and earning
trends. On the other hand, the Account was negatively impacted because many
consumer cyclical stocks fared poorly, and our media-related holdings
generally underperformed. Another holding, Carnival Cruise, experienced a
dramatic sell-off in the first quarter.
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.
SECOND QUARTER
In the second quarter the Federal Reserve Board's determina-
tion to head off inflation by raising interest rates, including a 50 basis
point boost in May, had a negative impact on Wall Street. The result was
increased volatility followed by declines in all of the major market indexes.
The largest decline was in the technology-laden Nasdaq Index, which
[Figures below represent mountain chart in printed piece.]
$10,000 SINCE 4/29/94 INCEPTION
................................................................................
Russell 3000(R)
Growth Index Growth Account
4/29/94 10,000 10,000
6/30/94 9,807 9,856
6/30/95 12,754 12,558
6/30/96 16,283 15,862
6/30/97 20,927 20,943
6/30/98 27,120 26,859
6/30/99 34,058 33,885
6/30/2000 42,864 42,933
THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF GROWTH ACCOUNT, ON APRIL 29,
1994. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO
$42,933. 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.
finished the quarter down just over 13 percent. Other sectors that were down
during the quarter included the consumer cyclical group, especially the media
stocks, and interest-rate sensitive financial services stocks. Although the
Account's portfolio remained overweight in technology, media, and
telecommunications equipment, good stock selection overcame the weakness in
these broader sectors and we recorded positive overall performance. Positions
in EMC Corp. in the data storage area, Oracle in the enterprise software
area, and Siebel Systems, another enterprise software company, all made
positive contributions to performance.
Four media companies made a positive contribution to overall performance:
AMFM Inc., a radio company that is merging with two other holdings; Clear
Channel Communications; SFX Entertainment; and Viacom, which merged with CBS
Corp. In the telecommunications infrastructure area, Ciena Corp., a switch
company, helped performance. Underweight positions in other consumer-
oriented stocks such as the retailers and food companies also had a positive
impact on performance. On the negative side, the fact that we were
underweight in the healthcare sector hurt performance, although good stock
selection helped mitigate the impact. In particular, Cardinal Health Inc. was
a strong performer in the drug distribution area. Our under-
8 o 2000 CREF Semi-Annual Report
<PAGE>
PERFORMANCE AT A GLANCE AS OF 6/30/00
...............................................................................
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES
RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS
1 YEAR 5 YEARS SINCE 4/29/94 1 YEAR 5 YEARS SINCE 4/29/94 (IN BILLIONS)
INCEPTION INCEPTION
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Growth Account 26.70% 27.87% 26.60% 26.70% 241.87% 329.33% $17.2
Russell 3000 Growth Index 25.86% 27.43% 26.65% 25.86% 236.08% 330.35%
Lipper Growth Fund Index 17.57% 22.70% 21.57% 17.57% 178.06% 233.89%
</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.
weight in Johnson & Johnson hurt performance, as did underweights in consumer
noncyclical stocks like Coca-Cola and Pepsico.
TEN LARGEST HOLDINGS AS OF 6/30/00
-------------------------------------------------------------------------------
SHARES MARKET VALUE PERCENT OF
COMPANY (000,000) (000,000) NET ASSETS
-------------------------------------------------------------------------------
Intel Corp 7.3 $972.7 5.66%
Cisco Systems, Inc 15.2 966.5 5.63
General Electric Co 15.5 823.2 4.79
Oracle Corp 8.7 729.1 4.25
Microsoft Corp 8.3 667.3 3.89
EMCCorp 6.5 502.4 2.93
Pfizer, Inc 10.4 497.4 2.90
Tyco International Ltd 10.4 492.4 2.87
Lucent Technologies, Inc 6.5 386.1 2.25
Merck & Co, Inc 4.3 327.6 1.91
PORTFOLIO COMPOSITION
................................................................................
Technology ...................................... 50.9%
Consumer Products and Services .................. 32.2%
Manufacturing and Materials ..................... 10.4%
Utilities ....................................... 3.5%
Financial ....................................... 1.9%
Short-Term Investments .......................... 0.8%
Other ........................................... 0.3%
2000 CREF Semi-Annual Report o 9
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SUMMARY BY COUNTRY (UNAUDITED)
VALUE (000) %
---------- -----
DOMESTIC
UNITED STATES ................... $103,692,638 77.37%
------------ -------
TOTAL DOMESTIC .................. 103,692,638 77.37
------------ -------
FOREIGN
ARGENTINA ....................... 3,736 0.00
AUSTRALIA ....................... 576,207 0.43
AUSTRIA ......................... 25,578 0.02
BELGIUM ......................... 222,723 0.17
BERMUDA ......................... 1,350,634 1.01
BRAZIL .......................... 64,148 0.05
CANADA .......................... 1,453,849 1.08
DENMARK ......................... 133,756 0.10
FINLAND ......................... 981,548 0.73
FRANCE .......................... 2,572,659 1.92
GERMANY ......................... 2,087,849 1.56
GREECE .......................... 19,585 0.01
HONG KONG ....................... 362,722 0.27
HUNGARY ......................... 7,173 0.01
INDIA ........................... 262,434 0.20
IRELAND ......................... 186,927 0.14
ISRAEL .......................... 28,782 0.02
ITALY ........................... 1,002,881 0.75
JAPAN ........................... 6,155,100 4.59
KOREA ........................... 111,918 0.08
LUXEMBOURG ...................... 8,999 0.01
MALAYSIA ........................ 70,744 0.05
MEXICO .......................... 73,814 0.06
NETHERLANDS ..................... 1,983,905 1.48
NEW ZEALAND ..................... 25,996 0.02
NORWAY .......................... 49,827 0.04
PORTUGAL ........................ 85,194 0.06
SINGAPORE ....................... 363,989 0.27
SOUTH AFRICA .................... 59,827 0.05
SPAIN ........................... 706,767 0.53
SWEDEN .......................... 969,244 0.72
SWITZERLAND ..................... 1,319,040 0.98
TAIWAN .......................... 4,404 0.00
UNITED KINGDOM .................. 5,035,189 3.76
------------ -------
TOTAL FOREIGN .................. 28,367,148 21.17
SHORT TERM INVESTMENTS ......... 1,959,900 1.46
------------ -------
TOTAL PORTFOLIO $134,019,686 100.00%
------------ -------
PRINCIPAL VALUE (000)
------- ----------
BONDS--0.04%
CORPORATE BONDS--0.04%
CONSTRUCTION AND REAL ESTATE--0.00%
REAL ESTATE--0.00%
EXCEL LEGACY CORP
$6,000 9.000%, 11/05/04 ..................... $ 6
3,000 10.000%, 11/05/04 .................... 3
------
TOTAL CONSTRUCTION AND REAL ESTATE ..... 9
------
CONSUMER DURABLE--0.02%
HOME APPLIANCES AND FURNISHINGS--0.02%
SONY CORP
1,260,000,000(1) 1.400%, 03/31/05 ..................... 29,831
------
TOTAL CONSUMER DURABLE ................. 29,831
------
PRINCIPAL VALUE (000)
------ -------
FINANCE--0.01%
BANKS, SAVINGS AND LOANS--0.01%
BANCA INTESA S.P.A. (CV DEB)
$ 210,884(2) 2.700%, 01/01/03 ................. $ 365
BANCA INTESA S.P.A. (CV DEB) (RISP)
16,220(2) 3.500%, 01/01/03 ................. 34
FUJI BANK
2,580,000,000(1) 0.250%, 02/01/02 ................. 18,210
------
TOTAL FINANCE ...................... 18,609
------
RETAIL AND WHOLESALE--0.00%
GENERAL MERCHANDISE STORES--0.00%
SEGA ENTERPRISES LTD
20,000,000(2) 0.000%, 03/31/03 ................. 190
------
TOTAL RETAIL AND WHOLESALE ......... 190
------
TRANSPORTATION--0.01%
AIR TRANSPORTATION--0.00%
BAE SYSTEMS PLC
428,481(3) 7.450%, 11/30/03 ................. 639
------
AUTOS, TIRES AND RETATED PRODUCTS--0.00%
UGLY DUCKLING CORP(SUBDEB)
413,400 12.000%, 10/23/03 ................. 413
------
TRUCKING AND RELATED SERVICES--0.01%
YAMATO TRANSPORT (CV DEB)
340,000,000(1) 1.700%, 09/30/02 ................. 7,915
------
TOTAL TRANSPORTATION 8,967
------
TOTAL CORPORATE BONDS
(COST $40,510) ................... 57,606
------
GOVERNMENT BOND--0.00%
GOVERNMENT BOND--0.00%
U.S. TREASURY BOND
325,000 11.750%, 02/15/01 ................. 335
------
TOTAL GOVERNMENT BOND
(COST $381) ...................... 335
------
TOTAL BONDS
(COST $40,891) ................... 57,941
------
-----------------
(1) Denominated in Japanese Yen.
(2) Denominated in Italian Lira.
(3) Denominated in British Pound.
Shares
------
PREFERRED STOCK--0.26%
BASIC INDUSTRIES--0.01%
CHEMICALS AND PLASTIC--0.01%
8,300,000 BOMBRIL S.A. ..................... 69
12,000,000 * IPIRANGA S.A. .................... 120
2,758,725 f NETGENICS, IND CV SERIES D ....... 6,345
132,287 SEALED AIR CORP (CLASS A) ........ 6,697
------
13,231
------
STEEL AND OTHER METALS--0.00%
30,200 * FREEPORT-MCMORAN COPPER & GOLD, INC 402
28,037,200 MET GERDAU S.A. ................... 606
475,800 USINAS SIDERURGICAS DE
MINAS GERAIS S.A. ................ 2,200
88,032 * VALE DO RIO DOCE NAVEGACAO
S.A. SERIES A .................... 2,484
------
5,692
------
PAPER AND FOREST PRODUCTS--0.00%
1,670 KONINKLIJKE NV .................... 5
------
TOTAL BASIC INDUSTRIES ............ 18,928
------
CONSTRUCTION AND REAL ESTATE--0.00%
BUILDING MATERIALS--0.00%
610,000 CIM ITAU S.A. ..................... 85
6,790 DYCKERHOFF ZEMENTWERKE AG. ........ 172
------
257
------
SEE NOTES TO FINANCIAL STATEMENTS
10 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
CONSTRUCTION--0.00%
5,500 * BAU HOLDING AG. ..................... $ 226
2,300,000 DURATEX S.A. ........................ 73
------
299
------
REAL ESTATE--0.00%
18,300 PRICE ENTERPRISES, INC .............. 268
------
TOTAL CONSTRUCTION AND REAL ESTATE .. 824
------
CONSUMER DURABLE--0.00%
HOME APPLIANCES AND FURNISHINGS--0.00%
115,446 * OSULLIVAN INDUSTRIES HOLDINGS, INC .. 58
------
TEXTILE APPAREL AND ACCESSORIES--0.00%
4,200 ESCADA AG. .......................... 419
------
TOTAL CONSUMER DURABLE 477
------
ENERGY--0.01%
OIL, GAS AND OTHER ENERGY SERVICES--0.01%
205,239 PETROBRAS S.A. ....................... 6,200
116,216 TOSCO FINANCIAL TRUST ................ 5,673
------
TOTAL ENERGY ......................... 11,873
------
FINANCE--0.05%
BANKS, SAVINGS AND LOANS--0.01%
22,520,000 BANCO ITAU S.A. ...................... 1,979
7,100,000 BANESPA S.A. ......................... 212
724,704,176 BRADESCO S.A. ........................ 6,307
------
8,498
------
CREDIT AND OTHER FINANCE--0.02%
23,604 INTERNATIONALE NEDERLANDEN GROEP NV .. 79
18,432 KIMCO REALTY CORP SERIES D ........... 483
257,813 * PRIME RETAIL, INC .................... 386
200,000 SUIZA FOODS CORP CV .................. 7,575
9,807 SUPERIOR TRUST I SERIES A ............ 261
495,900 UNION PACIFIC CAPITAL TRUST .......... 19,836
------
28,620
------
INSURANCE--0.02%
45,000 MARSCHOLLER LAUT UND PARTNER ......... 22,604
------
TOTAL FINANCE ........................ 59,722
------
FOODS AND RELATED--0.00%
BEVERAGES, OTHER FOOD PRODUCTS--0.00%
3,125,000 BRAHMA S.A. .......................... 2,650
143,000 SADIA S.A. ........................... 86
------
TOTAL FOODS AND RELATED .............. 2,736
------
HEALTH--0.01%
DRUGS AND PHARMACEUTICALS--0.01%
941,176 * ADVANCED MEDICINE SERIES C ........... 8,000
------
MEDICAL EQUIPMENT AND SUPPLIES--0.00%
816,100 * FRESENIUS MEDICAL CARE (CLASS D) ..... 24
------
MEDICAL FACILITIES MANAGEMENT--0.00%
8,534 * MEDIQ, INC SERIES A .................. 2
------
TOTAL HEALTH ......................... 8,026
------
MEDIA AND LEISURE--0.10%
BROADCASTING--0.06%
668,800 COMCAST CORP CV 10/15/29 ............. 76,912
50,000 * COMCAST CORP CV 11/15/29 ............. 5,653
------
82,565
------
PUBLISHING--0.04%
4,051,170 e NEWS CORP LTD (LTD - VOTE) ........... 49,048
------
TOTAL MEDIA AND LEISURE .............. 131,613
------
RETAIL AND WHOLESALE--0.01%
GENERAL MERCHANDISE STORES--0.01%
210,200 HARCOURT GENERAL, INC SERIES A ....... 15,299
------
TOTAL RETAIL AND WHOLESALE ........... 15,299
------
SHARES VALUE (000)
----- -------
TECHNOLOGY--0.04%
COMPUTERS AND OFFICE EQUIPMENT--0.04%
307,500 e SAP AG. .......................... $ 57,038
------
TOTAL TECHNOLOGY ................. 57,038
------
TRANSPORTATION--0.01%
AUTOS, TIRES AND RELATED PRODUCTS--0.01%
3,900 * PORSCHE AG ....................... 10,655
12,900 RHEINMETALL AG. .................. 121
183,000 VOLKSWAGEN AG. ................... 4,307
------
TOTAL TRANSPORTATION ............. 15,083
------
UTILITIES--0.02%
TELEPHONE--0.02%
147,565,624 EMBRATEL PARTICIPACOES S.A. ....... 3,526
169,544,371 TELECENTROESTE CELULAR
PARTICIPACOES S.A. ............... 684
242,267,124 TELECENTRO-SUL PARTICIPACOES S.A. . 3,505
211,923,133 TELENORTE-LESTE PARTICIPACOES S.A. 4,963
66,270,910 TELESP CELULAR S.A. PFD ........... 1,198
190,267,124 TELESUL CELULAR PARTICIPACOES S.A. 918
100,000 * VIATEL FINANCING TRUST CV 04/15/15 3,713
------
18,507
------
ELECTRIC, GAS AND OTHER--0.00%
82,969,707 CEMIG S.A. .......................... 1,449
23,122,930 * CENTRAIS GERADORAS BRASIL ........... 29
23,122,930 ELECTROBRAS S.A. SERIES B ........... 511
5,000 HOUSTON INDUSTRIES, INC ACES ........ 622
102,000,000 * ULTRAPAR PARTICIPACOES S.A. ......... 1,038
------
3,649
------
TOTAL UTILITIES ..................... 22,156
------
TOTAL PREFERRED STOCK
(COST $ 235,781) .................. 343,775
-------
COMMON STOCK--99.01%
BASIC INDUSTRIES--3.80%
CHEMICALS AND PLASTIC--2.47%
4,700 * AEP INDUSTRIES, INC ................... 119
115,100 AGRIUM, INC ........................... 987
1,426,326 AIR PRODUCTS & CHEMICALS, INC ......... 43,949
399,700 * AIRGAS, INC ........................... 2,273
153,306 ALBEMARLE CORP ........................ 3,028
22,700 ALBERTO CULVER CO (CLASS A) ........... 596
199,867 ALBERTO CULVER CO (CLASS B) ........... 6,108
239,164 APTARGROUP, INC ....................... 6,457
170,545 ARCH CHEMICALS, INC ................... 3,731
11,796,000 ASAHI CHEMICAL INDUSTRY CO LTD ........ 83,616
1,637,688 AVON PRODUCTS, INC .................... 72,877
1,749,270 BASF AG. .............................. 71,182
93,573 BLOCK DRUG, INC (CLASS A) ............. 3,959
4,348,681 BOC GROUP PLC ......................... 62,543
614,800 CABOT CORP ............................ 16,753
212,881 CALGON CARBON CORP .................... 1,650
144,700 CAMBREX CORP .......................... 6,512
800 * CARBIDE/GRAPHITE GROUP, INC ........... 3
184,900 CARLISLE COS, INC ..................... 8,321
54,773 CARTER WALLACE, INC ................... 1,102
82,500 f CARTER WALLACE, INC (CLASS B) ......... 1,660
63,000 CCL INDUSTRIES, INC (CLASS B) ......... 412
32,300 CHEMED CORP ........................... 910
141,300 CHEMFIRST, INC ........................ 3,409
240,800 CHURCH & DWIGHT CO, INC ............... 4,334
1,330,134 CLOROX CO ............................. 59,607
3,595,936 COLGATE PALMOLIVE CO ..................215,307
931,134 CROMPTON CORP ......................... 11,406
148,500 e CYGNUS, INC ........................... 2,116
352,157 * CYTEC INDUSTRIES, INC ................. 8,694
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 11
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- ----------
CHEMICALS AND PLASTIC--(CONTINUED)
1,088,714 DAICEL CHEMICAL INDUSTRIES LTD ....... $ 3,519
1,122,000 DAINIPPON INK & CHEMICAL, INC ........ 5,292
1,066,000 DENKI KAGKU KOGYO .................... 4,735
142,760 DEXTER CORP .......................... 6,852
612,807 DIAL CORP ............................ 6,358
4,731,249 DOW CHEMICAL CO ...................... 142,825
7,585,307 DU PONT (E.I.) DE NEMOURS & CO ....... 331,857
27,900 * DYNO ASA ............................. 610
537,298 EASTMAN CHEMICAL CO .................. 25,656
14,504 * ECOGEN, INC .......................... 15
719,150 ECOLAB, INC .......................... 28,092
73,200 ETHYL CORP ........................... 183
151,567 * FMC CORP ............................. 8,791
114,500 * FOAMEX INTERNATIONAL, INC ............ 694
380 * FUEL CELL TECHNOLOGIES CORP .......... 0
83,696 FULLER (H.B.) CO ..................... 3,813
134,120 GEON CO .............................. 2,481
196,281 GEORGIA GULF CORP .................... 4,085
46,815 * GIVAUDAN AG. ......................... 14,294
414,200 * GRACE W.R. & CO ...................... 5,022
312,000 GREAT LAKES CHEMICAL CORP ............ 9,828
151,524 * GREENCORE GROUP PLC .................. 407
379,244 HANNA (M.A.) CO ...................... 3,413
589,550 HERCULES, INC ........................ 8,291
1,539,676 ILLINOIS TOOL WORKS, INC ............. 87,762
627,392 IMC GLOBAL, INC ...................... 8,156
54,157 * IMC GLOBAL, INC WTS 12/22/00 ......... 2
220,400 * INTERNATIONAL SPECIALTY
PRODUCTS, INC ....................... 1,254
662,647 INTERNATIONAL FLAVORS &
FRAGRANCES, INC ..................... 20,004
247,000 * ISHIHARA SANGYO KAISHA LTD ........... 416
497,000 IWATANI & CO LTD ..................... 911
139,600 JOHNS MANVILLE CORP .................. 1,841
455,000 KANEKA CORP .......................... 5,027
3,219,055 e KAO CORP ............................. 98,575
112,937 KEMIRA OY ............................ 552
86,000 KOSE CORP ............................ 2,788
620,000 KUREHA CHEMICAL INDUSTRY CO LTD ...... 1,863
36,242 f L'AIR LIQUIDE S.A. (REGD) ............ 4,746
60,500 f L'AIR LIQUIDE S.A. (REGD) 2001 ....... 7,922
452,846 e LAUDER (ESTEE) CO (CLASS A) .......... 22,388
3,837 LONZA AG. (REGD) ..................... 2,006
126,799 LOREAL S.A. .......................... 110,245
360,731 LUBRIZOL CORP ........................ 7,575
92,100 MACDERMID, INC ....................... 2,164
202,000 MALAYSIAN OXYGEN BERHAD .............. 574
30,866 * MCWHORTER TECHNOLOGIES, INC .......... 600
441,100 * METHANEX CORP ........................ 1,474
416,324 MILLENNIUM CHEMICAL, INC ............. 7,078
97,500 MINERALS TECHNOLOGIES, INC ........... 4,485
750 e MIRAI INDUSTRY CO LTD ................ 9
161,777 MISSISSIPPI CHEMICAL CORP ............ 768
2,617,000 MITSUBISHI CHEMICAL CORP ............. 10,759
1,247,000 MITSUBISHI GAS CHEMICAL CO, INC ...... 4,184
1,400 MITSUI CHEMICAL CORP ................. 10
114,233 MYERS INDUSTRIES, INC ................ 1,228
20,800 NCH CORP ............................. 753
50,000 f* NETGENICS, INC STOCK OPTIONS 03/20/08 85
130,000 NIPPON SHOKUBAI CO LTD ............... 831
135,200 NL INDUSTRIES, INC ................... 2,062
8,375 * OCTEL CORP ........................... 65
220,990 OLIN CORP ............................ 3,646
83,500 OM GROUP, INC ........................ 3,674
12,633,000 OMNI INDUSTRIES LTD .................. 20,824
236,724 OMNOVA SOLUTIONS, INC ................ 1,480
99,443 e* ORICA LTD ............................ 452
1,075,746 * PACTIV CORP ......................... 8,471
500,000 PERLOS OYJ .......................... 15,865
407,357 * PERRIGO CO .......................... 2,571
8,336,347 PHARMACIA CORP ...................... 430,885
119,800 POTASH CORP OF SASKATCHEWAN, INC .... 6,549
258,000 POTASH CORP OF SASKATCHEWAN, INC (U.S) 14,238
1,078,680 PRAXAIR, INC ........................ 40,383
8,908,253 PROCTER & GAMBLE CO ................. 509,997
125,406 e* REVLON, INC (CLASS A) ............... 792
121,700 * ROGERS CORP ......................... 4,260
716,394 ROHM & HAAS CO ...................... 24,716
740,500 * SAES GETTERS RISP S.P.A ............. 5,317
259,477 SCHULMAN (A.), INC .................. 3,130
153,400 * SCOTTS CO (CLASS A) ................. 5,599
458,692 * SEALED AIR CORP ..................... 24,024
1,309,000 SEKISUI CHEMICAL CO LTD ............. 5,048
1,670,745 SHIN-ETSU CHEMICAL CO LTD ........... 84,954
1,376,340 e SHISEIDO & CO LTD ................... 21,333
30,378 * SHOWA DENKO K.K. .................... 45
4,699 SIKA FINANZ AG. (BR) ................ 1,578
776,990 e SNIA S.P.A. ......................... 778
689,480 SOLUTIA, INC ........................ 9,480
82,150 SOLVAY ET CIE S.A. .................. 5,552
94,600 SPARTECH CORP ....................... 2,554
21,685 STEPAN CO ........................... 504
2,357,000 SUMITOMO CHEMICAL CO LTD ............ 14,213
2,535,000 TAKEDA CHEMICAL INDUSTRIES LTD ...... 166,755
1,131,000 TEIJIN LTD .......................... 5,526
1,901,000 TORAY INDUSTRIES, INC ............... 7,726
3,363,000 TOSOH CORP .......................... 17,005
158,769 TREDEGAR CORP ....................... 3,017
13,700 * TREX CO, INC ........................ 685
705,590 TUPPERWARE CORP ..................... 15,523
199,700 e* U.S. PLASTIC LUMBER CORP ............ 880
48,800 * U.S.A. DETERGENTS, INC .............. 146
1,028,000 UBE INDUSTRIES LTD .................. 3,226
619,538 UNION CARBIDE CORP .................. 30,667
580,820 USEC, INC ........................... 2,686
31,146 VALHI, INC .......................... 323
36,000 * VENTRO CORP ......................... 680
189,200 WELLMAN, INC ........................ 3,063
299,110 WESFARMERS LTD ...................... 2,388
9,661 * ZODIAC S.A. ......................... 1,974
----------
3,277,078
----------
STEEL AND OTHER METALS--0.69%
94,258 ACERINOX S.A. ....................... 2,738
22,940 * ACME METALS, INC .................... 4
233,720 AK STEEL HOLDINGS CORP .............. 1,870
590,400 ALCAN ALUMINUM CO LTD ............... 18,329
9,497,358 ALCOA, INC .......................... 275,423
459,406 ALLEGHENY TECHNOLOGIES, INC ......... 8,269
112,334 * ALLTRISTA CORP ...................... 2,401
83,100 * ALPINE GROUP, INC ................... 561
10,177 * ALUSUISSE LONZA HOLDINGS AG. (REGD) . 6,653
60,600 * AMERICAN NATIONAL CAN GROUP, INC .... 1,023
165,735 * ANGLO AMERICAN PLATINUM CORP LTD .... 4,776
29,687 e ANGLOGOLD LTD ....................... 1,213
279,810 ARCH COAL, INC ...................... 2,151
107,039 * ASTRUIANA DE ZINC S.A. MINES ........ 1,026
203,787 BALL CORP ........................... 6,559
795,379 BARRICK GOLD CORP ................... 14,359
52,134 BARRICK GOLD CORP (U.S.) ............ 948
891,150 * BATTLE MOUNTAIN GOLD CO ............. 1,949
21,220 BEKAERT S.A. ........................ 1,100
155,800 BELDEN, INC ......................... 3,992
923,821 * BETHLEHEM STEEL CORP ................ 3,291
SEE NOTES TO FINANCIAL STATEMENTS
12 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
STEEL AND OTHER METALS--(CONTINUED)
200 BILLITON PLC ........................ $ 1
131,600 BIRMINGHAM STEEL CORP ............... 510
16,200 BOHLER-UDDEHOLM AG. (BR) ............ 569
3,712 * BOLIDEN LTD SDR ..................... 4
45,700 BRUSH ENGINEERED MATERIALS, INC ..... 714
33,200 BUTLER MANUFACTURING CO ............. 564
184,376 * CABLE DESIGN TECHNOLOGIES CO ........ 6,177
268,500 CAMECO CORP ......................... 3,280
122,322 CARPENTER TECHNOLOGY CORP ........... 2,584
48,274 CASTLE (A.M.) & CO .................. 401
2,500 CENTURY ALUMINUM CO ................. 27
101,400 * CHART INDUSTRIES, INC ............... 494
73,381 CLEVELAND CLIFFS, INC ............... 1,894
19,000 e* COEUR DALENE MINES CORP ............. 46
255,900 COMINCO LTD ......................... 3,515
149,221 COMMERCIAL METALS CO ................ 4,104
97,075,000 COMPANIA SIDERURGICA NACIONAL S.A. .. 3,045
3,208,545 * CORUS GROUP PLC ..................... 4,687
353,249 CRANE CO ............................ 8,588
729,375 CROWN CORK & SEAL CO, INC ........... 10,941
51,000 CURTISS WRIGHT CORP ................. 1,897
73,500 DANIELI & CO ........................ 342
494,407 DELTA GOLD LTD ...................... 368
81,200 * DIA MET MINERALS LTD (CLASS B) ...... 1,096
276,004 DOFASCO, INC ........................ 4,536
93,326 ELKEM AS ............................ 1,758
52,550 * ENCORE WIRE CORP .................... 282
531,555 ENGELHARD CORP ...................... 9,070
12,749 * ERAMET .............................. 544
139,700 FALCONBRIDGE LTD .................... 1,721
250,100 * FANSTEEL, INC ....................... 985
5,606 FISCHER (GEORGE) LTD (REGD) ......... 1,748
591,428 * FREEPORT-MCMORAN
COPPER & GOLD, INC (CLASS A) ....... 5,397
334,964 * FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS B) .......................... 3,098
191,429 GENERAL CABLE CORP .................. 1,555
180,540 * GERDAU METALURGICA S.A. ............. 3
101,300 GIBRALTAR STEEL CORP ................ 1,418
650,845 GKN PLC ............................. 8,306
137,862 * GRIFFON CORP ........................ 767
10,746 GROUP 4 FALCK A/S ................... 1,732
8,800 * GULF ISLAND FABRICATION, INC ........ 150
253,300 HARSCO CORP ......................... 6,459
84,600 * HECLA MINING CO ..................... 95
1,258,624 HOMESTAKE MINING CO ................. 8,653
38,423 ILUKA RESOURCES LTD ................. 110
93,560 IMCO RECYCLING, INC ................. 509
49,700 IMPALA PLATINUM HOLDINGS LTD ........ 1,849
513,000 * INCO LTD CO ......................... 7,859
580,200 * INCO LTD CO (U.S.) .................. 8,921
165,600 INTERMET CORP ....................... 1,139
116,100 INTERNATIONAL ALUMINUM CORP ......... 2,003
165,188 ISCOR LTD ........................... 281
839,000 * JAPAN STEEL WORKS LTD ............... 1,134
60,689 JOHNNIC HOLDINGS LTD ................ 832
459,209 JOHNSON MATTHEY PLC ................. 6,465
155,600 * KAISER ALUMINUM CORP ................ 622
2,993,000 KAWASAKI STEEL CORP ................. 4,300
304,000 KIAN JOO CAN FACTORY BERHAD ......... 432
19,300 * LADISH CO, INC ...................... 188
84,159 * LONE STAR TECHNOLOGIES, INC ......... 3,892
63,002 LONMIN PLC .......................... 699
713,400 e LTV CORP ............................ 2,051
288,425 MAGNETI MARELLI S.P.A. .............. 1,510
412,347 MARK IV INDUSTRIES, INC ............. 8,608
61,900 MATTHEWS INTERNATIONAL CORP (CLASS A) 1,795
111,200 * MAVERICK TUBE CORP .................. 3,239
45,662 * MAXXAM, INC ......................... 811
74,200 METALS U.S.A., INC .................. 348
2,340,626 e MIM HOLDINGS LTD .................... 1,265
1,626,000 e MITSUBISHI MATERIALS CORP ........... 6,670
586,000 e MITSUI MINING & SMELTING CO LTD ..... 4,458
268,900 * MUELLER INDUSTRIES, INC ............. 7,529
450 NATIONAL IRON & STEEL MILLS LTD ..... 1
123,400 NATIONAL STEEL CORP (CLASS B) ....... 517
108,200 * NCI BUILDING SYSTEMS, INC ........... 2,191
354,149 * NEWCREST MINING LTD ................. 957
1,225,116 NEWMONT MINING CORP ................. 26,493
1,000 NIPPON DENKO CO LTD ................. 2
1,826,000 e NIPPON LIGHT METAL CO LTD ........... 1,812
7,764,000 NIPPON STEEL CORP ................... 16,364
112,200 e* NKK CORP ............................ 72
4,675 NKT HOLDINGS AS ..................... 781
645,700 NORANDA, INC ........................ 6,319
806,866 NORMANDY MINING LTD ................. 436
38,100 * NORTEK, INC ......................... 752
1,513,706 NORTH LTD ........................... 3,590
184,000 NORTHAM PLATINUM LTD ................ 212
58,000 * NS GROUP, INC ....................... 1,214
580,500 NUCOR CORP .......................... 19,265
15,700 e OPTICAL CABLE CORP .................. 475
162,600 OREGON STEEL MILLS, INC ............. 315
292,332 OUTOKUMPU OYJ SERIES A .............. 2,802
801,022 PARKER-HANNIFIN CORP ................ 27,435
191,952 PECHINEY S.A. ....................... 8,041
450,001 PHELPS DODGE CORP ................... 16,734
771,604 PLACER DOME, INC .................... 7,239
548 PLACER DOME, INC (U.S.) ............. 5
153,050 PRECISION CAST PARTS CORP ........... 6,926
359,968 PREUSSAG AKTIEGESELLSCHAFT AG. ...... 11,663
92,460 PRIMEX TECHNOLOGIES, INC ............ 2,034
35,000 f* PROMET BERHAD ....................... 3
151,129 QUANEX CORP ......................... 2,248
208,565 RAUTARUUKKI SERIES K ................ 990
122,250 RELIANCE STEEL & ALUMINUM CO ........ 2,338
186,200 RIO ALGOM LTD ....................... 2,174
680,886 RIO TINTO LTD ....................... 11,291
2,044,016 RIO TINTO LTD PLC (REGD) ............ 33,420
51,483 ROUGE INDUSTRIES, INC (CLASS A) ..... 154
94,000 * RTI INTERNATIONAL METALS ............ 1,069
84,137 RYERSON TULL, INC ................... 873
26,550 e SANKYO ALUMINUM INDUSTRY CO LTD ..... 24
370,000 SANWA SHUTTER CORP .................. 1,203
55,153 e* SAPA AB ............................. 975
21,100 * SHAW GROUP, INC ..................... 994
41,300 * SILGAN HOLDINGS, INC ................ 405
30,520 f* SILVERSTONE BERHAD .................. 0
212,200 SMC CORP ............................ 40,011
64,089 SMITH (HOWARD) LTD .................. 314
109,500 SOUTHERN PERU COPPER CORP ........... 1,335
400 * SPECIAL METALS CORP ................. 1
77,129 * SPS TECHNOLOGIES, INC ............... 3,167
256,100 * STEEL DYNAMICS, INC ................. 2,321
263,400 STELCO, INC (CLASS A) ............... 1,209
256,198 * STILLWATER MINING CO ................ 7,142
540,000 SUMITOMO HEAVY INDUSTRIES LTD ....... 1,812
6,153,000 * SUMITOMO METAL INDUSTRIES LTD ....... 4,245
483,000 SUMITOMO METAL MINING CO LTD ........ 2,282
6,800 * SUNSHINE MINING & REFINING CO ....... 2
144,139 SUPERIOR TELECOM, INC ............... 1,432
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 13
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- ----------
STEEL AND OTHER METALS--(CONTINUED)
150,650 SVENSKT STAL AB SERIES B ........... $ 1,451
79,050 SVENSKT STAL AB SERIES A (SAAB) .... 789
463,300 TECK CORP LTD (CLASS B) ............ 3,158
129,871 TEXAS INDUSTRIES, INC .............. 3,750
975,981 THYSSEN KRUPP AG. .................. 15,718
1,958 TITAN INTERNATIONAL, INC ........... 10
105,800 e TITANIUM METALS CORP ............... 496
13,800 TOKYO STEEL MANUFACTURING CO LTD ... 45
170,000 TOSTEM CORP ........................ 2,780
253,100 * TOWER AUTOMOTIVE, INC .............. 3,164
374,900 TOYO SEIKAN KAISHA LTD ............. 7,016
186,780 TRELLEBORG AB SERIES B FREE ........ 1,310
58,177 * U.S. CAN CORP ...................... 1,011
42,900 UNION MINIERE GROUP S.A. ........... 1,562
274,250 e USINOR ............................. 3,360
524,014 USX-US STEEL GROUP, INC ............ 9,727
37,300 VALMONT INDUSTRIES, INC ............ 741
11,600 * VOEST-ALPINE STAHL AG. ............. 349
114,700 WATTS INDUSTRIES, INC (CLASS A) .... 1,448
4,000,914 WMC LTD ............................ 17,951
94,500 * WOLVERINE TUBE, INC ................ 1,607
462,712 WORTHINGTON INDUSTRIES, INC ........ 4,858
--------
922,661
--------
PAPER AND FOREST PRODUCTS--0.64%
578,500 ABITIBI CONSOLIDATED, INC .......... 5,368
442,552 e AMCOR LTD .......................... 1,552
128,200 * AMERICAN HOMESTAR CORP ............. 136
14,309 b* AMERICAN PAD & PAPER CO ............ 1
500 AMERICAN WOODMARK CORP ............. 10
111,600 ARACRUZ CELLULOSE S.A. ADR ......... 2,155
1,049,019 ARJO WIGGINS APPLETON PLC .......... 4,081
106,205 ASSIDOMAN AB ....................... 1,520
542,431 AVERY DENNISON CORP ................ 36,411
214,500 BEMIS, INC ......................... 7,213
356,032 BOISE CASCADE CORP ................. 9,212
388,896 BOWATER, INC ....................... 17,160
279,627 * BUCKEYE TECHNOLOGIES, INC .......... 6,134
88,724 BUHRMANN NV ........................ 2,547
1,066,132 BUNZL PLC .......................... 5,714
112,900 CANFOR CORP ........................ 1,002
285,200 CARAUSTAR INDUSTRIES, INC .......... 4,314
1,649,976 e CARTER HOLT HARVEY LTD ............. 1,437
236,403 * CHAMPION ENTERPRISES, INC .......... 1,152
119,600 CHESAPEAKE CORP .................... 3,543
700,214 CLAYTON HOMES, INC ................. 5,602
351,664 CONSOLIDATED PAPERS, INC ........... 12,858
15,700 CORTICEIRA AMORIM S.A. ............. 136
3,305 * CROWN VANTAGE, INC ................. 1
102,600 * DAISYTEK INTERNATIONAL CORP ........ 968
47,408 DELTIC TIMBER CORP ................. 1,013
464,100 DOMTAR, INC ........................ 4,307
462,680 e* EARTHSHELL CORP .................... 1,402
34,300 ESSELTE AB SERIES B FREE ........... 201
972,718 * FLETCHER CHALLENGE LTD
(FOREST DIVISION) ................. 353
755,846 FLETCHER CHALLENGE LTD
(PAPER DIVISION) .................. 868
3,679,253 FORT JAMES CORP .................... 85,083
637,788 * GAYLORD CONTAINER CO ............... 1,714
877,598 GEORGIA-PACIFIC CORP (PACKING GROUP) 23,037
515,300 GEORGIA-PACIFIC CORP (TIMBER GROUP) 11,143
238,348 GLATFELTER (P.H.) CO ............... 2,428
83,147 * GRAPHIC PACKAGING INTERNATIONAL CORP 177
43,300 GREIF BROTHERS CORP (CLASS A) ...... 1,331
42,917 GRUPO EMPRESARIAL ENCE S.A. ........ 703
3,334,386 INTERNATIONAL PAPER CO ............. 99,406
40,500 INVESTIMENTOS PARTICIPACOES E GESTAO 260
162,400 * IVEX PACKAGING CORP ................ 1,807
6,463,230 JEFFERSON SMURFIT GROUP PLC ........ 11,152
848,000 KIMBERLY CLARK DE MEXICO
S.A. DE CV SERIES A ............... 2,412
3,224,255 KIMBERLY-CLARK CORP ................. 184,992
114,000 KOKUYO CO LTD ....................... 1,874
617,800 KUALA LUMPUR KEPONG BERHAD .......... 894
312,200 LONGVIEW FIBRE CO ................... 3,454
570,705 LOUISIANA PACIFIC CORP .............. 6,206
242,361 * MAIL-WELL, INC ...................... 2,090
12,200 MAYR-MELNHOF KARTON AG. ............. 579
553,732 MEAD CORP ........................... 13,982
827,000 MITSUBISHI PAPER MILLS LTD .......... 1,923
275,100 NAMPAK LTD .......................... 594
721,600 NEXFOR, INC ......................... 3,750
305,000 e NGK INSULATORS LTD .................. 3,788
1,279,000 e NIPPON PAPER INDUSTRIES CO .......... 8,752
27,600 NORSKE SKOGINDUSTRIER SERIES A ...... 791
2,400 NORSKE SKOGINDUSTRIER SERIES B ...... 58
142,100 OAKWOOD HOMES CORP .................. 258
1,285,334 OJI PAPER CO LTD .................... 8,868
44,100 * PACKAGING CORP OF AMERICA ........... 447
71,625 * PALM HARBOR HOMES, INC .............. 1,039
269,736 * PAPERLINX LTD ....................... 513
85,100 * PLAYTEX PRODUCTS, INC ............... 963
14,500 * POPE & TALBOT, INC .................. 232
95,419 PORTUCEL INDUSTRIA EMPRESA .......... 581
73,559 POTLATCH CORP ....................... 2,437
162,639 RAYONIER, INC ....................... 5,835
142,604 RENO DE MEDICI S.P.A. ............... 290
59,014 REPUBLIC GROUP, INC ................. 531
313,000 REXAM PLC ........................... 1,218
86,400 ROCK-TENN CO (CLASS A) .............. 740
153,929 SAPPI LTD ........................... 1,158
824,937 e SCA AB SERIES B ..................... 15,754
116,273 * SCHOOL SPECIALTY, INC ............... 2,158
106,356 SCHWEITZER-MAUDUIT INTERNATIONAL, INC 1,329
914,150 SEKISUI HOUSE LTD .................... 8,476
84,218 SKYLINE CORP ......................... 1,811
579,079 * SMURFIT (JEFFERSON) GROUP PLC ........ 977
2,052,746 * SMURFIT-STONE CONTAINER CORP ......... 26,429
631,961 SONOCO PRODUCTS CO ................... 12,995
204,000 ST. JOE CO ........................... 6,120
241,000 SUMITOMO FORESTRY CO LTD ............. 1,624
350,290 TEMPLE-INLAND, INC ................... 14,712
60,900 UNI CHARM CORP ....................... 3,695
247,296 * UNITED STATIONERS, INC ............... 8,006
86,800 UNIVERSAL FOREST PRODUCTS, INC ....... 1,194
233,611 e UPM-KYMMENE OYJ ...................... 5,822
358,432 WAUSAU-MOSINEE PAPER CORP ............ 3,069
570,821 WESTVACO CORP ........................ 14,163
1,666,354 WEYERHAEUSER CO ...................... 71,653
686,372 WILLAMETTE INDUSTRIES, INC ........... 18,704
---------
856,552
---------
TOTAL BASIC INDUSTRIES ............. 5,056,291
---------
BUSINESS SERVICES--1.03%
ADVERTISING AND OTHER SERVICES--1.03%
108,500 e 24/7 MEDIA, INC ..................... 1,695
110,700 AARON RENTS, INC .................... 1,391
5,300 ABM INDUSTRIES, INC ................. 122
95,000 ACCIONA S.A. ........................ 3,634
26,854 ACKERLEY GROUP, INC ................. 316
47,806 ADECCO S.A. (REGD) .................. 40,747
232,235 e ADECCO S.A. ADR ..................... 24,646
15,300 * ADMINSTAFF, INC ..................... 972
115,230 * ADVO, INC ........................... 4,840
72 * AGRITOPE, INC ....................... 0
SEE NOTES TO FINANCIAL STATEMENTS
14 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
ADVERTISING AND OTHER SERVICES--(CONTINUED)
54,300 * AHL SERVICES, INC ................... $ 333
88,830 e* AKAMAI TECHNOLOGIES, INC ............ 10,547
173,800 * ANSWERTHINK, INC .................... 2,889
22,900 * APAC CUSTOMER SERVICES, INC ......... 253
360,562 * APOLLO GROUP, INC (CLASS A) ......... 10,096
22,200 * APPNET, INC ......................... 799
21,100 e* ASK JEEVES, INC ..................... 381
25,900 * AURORA BIOSCIENCE CORP .............. 1,766
7,300 * AVENUE A, INC ....................... 64
468,000 BENESSE CORP ........................ 32,511
95,091 * BERLITZ INTERNATIONAL, INC .......... 856
645,800 BLOCK (H&R), INC .................... 20,908
868,850 * BMCMEDIA.COM ........................ 355
11,700 * BREAKAWAY SOLUTIONS, INC ............ 316
35,300 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC 755
35,500 * BROADBASE SOFTWARE, INC ............. 1,087
8,900 e* BSQUARE CORP ........................ 200
68,900 * BURNS INTERNATIONAL SERVICES CORP 861
20,900 * CALICO COMMERCE, INC ................ 340
1,031,243 CAPITA GROUP PLC .................... 25,245
19,700 * CAREER EDUCATION CORP ............... 955
21,200 * CAREERBUILDER, INC .................. 70
69,900 * CARRIAGE SERVICES, INC (CLASS A) .... 236
99,162 * CATALINA MARKETING CORP ............. 10,115
463,400 * CATALYTICA, INC ..................... 5,097
5,000 * C-BRIDGE INTERNET SOLUTIONS, INC .... 87
69,048 * CDI CORP ............................ 1,407
317,000 * CELGENE CORP ........................ 18,663
5,013,095 * CENDANT CORP ........................ 70,183
445,800 * CENTURY BUSINESS SERVICES, INC ...... 864
46,200 * CHARLES RIVER ASSOCIATES, INC ....... 814
295,850 * CHECKFREE HOLDINGS CORP ............. 15,255
644,631 CINTAS CORP ......................... 23,650
80,800 e* CIRCLE.COM .......................... 298
1,186,785 e* CMGI, INC ........................... 54,370
127,200 * COINSTAR, INC ....................... 1,280
50 * COMPUTER LEARNING CENTERS, INC ...... 0
300 * CORINTHIAN COLLEGES, INC ............ 7
29,900 * CORNELL COS, INC .................... 239
53,500 * CORPORATE EXECUTIVE BOARD CO ........ 3,203
399,316 * COVANCE, INC ........................ 3,519
72,687 CPI CORP ............................ 1,536
110,026 * CRITICAL PATH, INC .................. 6,416
85,900 * CTC COMMUNICATIONS GROUP, INC ....... 3,092
34,900 * CURAGEN CORP ........................ 1,328
354,429 * DEVRY, INC .......................... 9,370
55,550 * DIAMOND TECHNOLOGY PARTNERS, INC
(CLASS A) .......................... 4,888
15,400 * DIGITAL IMPACT, INC ................. 218
542,182 * DOUBLECLICK, INC .................... 20,671
1,045,239 DUN & BRADSTREET CORP ............... 29,920
483,300 * EBAY, INC ........................... 26,249
10,600 * EBENX CORP .......................... 225
183,100 * EDGEWATER TECHOLOGY, INC ............ 1,224
122,100 * EDUCATION MANAGEMENT CORP ........... 2,205
2,600 * ELECTRO RENT CORP ................... 32
13,880 e* EMERGE INTERACTIVE, INC ............. 249
49,400 * EMPLOYEE SOLUTIONS, INC ............. 15
74,761 e* ENTREMED, INC ....................... 2,238
76,100 * F.Y.I., INC ......................... 2,564
84,742 FAIR ISSAC & CO, INC ................ 3,729
106,030 * FIRST CONSULTING GROUP, INC ......... 590
37,900 * FORRESTER RESEARCH, INC ............. 2,760
23,000 e* FREEMARKETS, INC .................... 1,091
116,300 G & K SERVICES, INC (CLASS A) ....... 2,915
293,413 GARTNER GROUP, INC (CLASS A) ........ 3,521
190,757 * GETTY IMAGES, INC .................. 7,070
82 * GOLDEN BOOKS FAMILY
ENTERTAINMENT, INC ................ 0
10,000 * GRIC COMMUNICATIONS ................ 179
3,596,353 HAYS PLC ........................... 20,063
68,800 e* HEARME.COM ......................... 310
55,400 * HEIDRICK & STRUGGLES
INTERNATIONAL,INC .................. 3,497
20,800 * IBASIS, INC ......................... 896
27,300 * ILEX ONCOLOGY, INC .................. 962
151,865 * INCTYE GENOMICS ..................... 12,481
63,950 * INSPIRE INSURANCE SOLUTIONS, INC .... 192
353,000 * INTERIM SERVICES, INC ............... 6,266
14,300 * INTERLIANT, INC ..................... 333
47,600 * INTERNAP NETWORK SERVICES CORP ...... 1,976
30,000 f INTERNATIONAL HYDRON
(LIQUIDATING TRUST) ................ 1
114,055 * INTERNET CAPITAL GROUP, INC ......... 4,222
61,900 INTERPOOL, INC ...................... 604
1,932,115 INTERPUBLIC GROUP OF COS, INC ....... 83,081
34,253 * ISS-INTERNATIONAL SERVICE SYSTEM AS . 2,619
139,700 * IT GROUP, INC ....................... 681
49,000 * ITT EDUCATIONAL SERVICES, INC ....... 861
137,297 * JACOBS ENGINEERING GROUP, INC ....... 4,488
8,000 * JUPITER COMMUNICATIONS, INC ......... 184
96,788 * KANA COMMUNICATIONS, INC ............ 5,989
170,515 KELLY SERVICES, INC (CLASS A) ....... 3,943
100 * KENDLE INTERNATIONAL, INC ........... 1
1,800 * KEYNOTE SYSTEMS, INC ................ 127
241,499 * KFORCE.COM, INC ..................... 1,675
54,600 * KORN FERRY INTERNATIONAL ............ 1,730
180,675 * LABOR READY, INC .................... 1,197
361,650 * LAMAR ADVERTISING CO (CLASS A) ...... 15,664
43,698 LANDAUER, INC ....................... 680
106,400 * LASON, INC .......................... 266
434 * LEAPNET, INC ........................ 1
68,100 * LEARNING TREE INTERNATIONAL, INC .... 4,171
15,800 * LIFEMINDERS, INC .................... 467
37,700 * LOOKSMART LTD ....................... 697
9,700 * LUMINEX CORP ........................ 404
537,400 MANPOWER, INC ....................... 17,197
712,241 * MARCHFIRST, INC ..................... 12,998
114,200 e* MARKETING SERVICES GROUP ............ 507
70,365 * MAXIMUS, INC ........................ 1,557
15,600 e* MAXYGEN, INC ........................ 886
4,000 * MCAFEE.COM CORP ..................... 104
21,800 MCGRATH RENTCORP .................... 371
48,900 * MEDAREX, INC ........................ 4,132
22,400 e* MEDIA METRIX, INC ................... 570
76,300 * MEMBERWORKS, INC .................... 2,566
199,100 * MESSAGEMEDIA, INC ................... 697
16,700 * META GROUP, INC ..................... 321
37,600 * MODEM MEDIA, INC .................... 468
598,800 * MODIS PROFESSIONAL SERVICES, INC .... 4,566
17,600 * MYRIAD GENETICS, INC ................ 2,606
38,400 * NATIONAL EQUIPMENT SERVICES, INC .... 230
109,900 * NATIONSRENT, INC .................... 419
276,700 * NAVIGANT CONSULTING CO .............. 1,176
23,700 * NAVISITE, INC ....................... 991
79,200 * NBC INTERNET, INC ................... 990
80,400 * NEFF CORP ........................... 307
11,400 * NEOFORMA.COM, INC ................... 80
16,200 * NEOSE TECHNOLOGIES, INC ............. 681
20,800 e* NETCENTIVES, INC .................... 387
7,900 * NETRATINGS, INC ..................... 202
157,400 b* NEUROMEDICAL SYSTEMS, INC ........... 14
8,285 * NEXELL THERAPEUTICS, INC ............ 123
60,000 * NEXTERA ENTERPRISES, INC ............ 287
360,200 * NOVA CORP (GEORGIA) ................. 10,063
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 15
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- ----------
ADVERTISING AND OTHER SERVICES--(CONTINUED)
1,244,610 OMNICOM GROUP, INC ................ $ 110,848
135,800 * ON ASSIGNMENT, INC ................ 4,142
17,300 * ONDISPLAY, INC .................... 1,409
6,880 e* OPUS360 CORP ...................... 25
9,000 * ORCHID BIOSCIENCES, INC ........... 342
98,700 OYO CORP .......................... 1,387
154,900 * PAREXEL INTERNATIONAL CORP ........ 1,481
118,250 * PEGASUS SOLUTIONS, INC ............ 1,286
165,648 * PERSONNEL GROUP OF AMERICA, INC ... 487
114,112 * PHARMACEUTICAL PRODUCT
DEVELOPMENT, INC ................. 2,396
316,712 PITTSTON BRINKS GROUP CO .......... 4,335
65,000 * PIVOTAL CORP ...................... 1,528
125,538 * PREPAID LEGAL SERVICES, INC ....... 3,750
92,100 * PROBUSINESS SERVICES, INC ......... 2,446
23,200 * PROFESSIONAL DETAILING, INC ....... 790
229,150 * PROFIT RECOVERY GROUP
INTERNATIONAL, INC ............... 3,810
20,675 PROSEGUR COMPANIA DE SEGURIDAD S.A. 243
7,100 * PROTECTION ONE, INC ............... 16
39,200 * PROVANT, INC ...................... 221
21,900 e* PURCHSEPRO.COM, INC ............... 898
695,624 * QUINTILES TRANSNATIONAL CORP ...... 9,826
34,660 * REDBACK NETWORKS, INC ............. 6,169
177,900 REGIS CORP ........................ 2,224
10,200 * REGISTER.COM, INC ................. 312
190,518 * RENAISSANCE WORLDWIDE, INC ........ 298
124,593 * RENT WAY, INC ..................... 3,637
134,400 * RENT-A-CENTER, INC ................ 3,024
4,713,810 RENTOKIL INITIAL PLC .............. 10,704
4,366,146 REUTERS GROUP PLC ................. 74,494
43,421 * RIVERDEEP GROUP PLC (ADR) ......... 841
1,080,000 * ROBERT HALF INTERNATIONAL, INC .... 30,780
276,714 ROLLINS, INC ...................... 4,116
65,635 * RWD TECHNOLOGIES, INC ............. 382
385,348 b* SAFETY-KLEEN CORP ................. 27
5,900 * SAVVIS COMMUNICATIONS CORP ........ 77
546,600 SECOM CO LTD ...................... 40,037
440,826 SECURITAS AB SERIES B FREE ........ 9,399
1,155,804 SEMBCORP INDUSTRIES LTD ........... 1,257
7,300 * SEQUENOM, INC ..................... 331
1,368,815 SERVICE CORP INTERNATIONAL, INC ... 4,363
2,005,058 SERVICEMASTER CO .................. 22,808
14,168,000 SINGAPORE TECHNOLOGIES
ENGINEERING LTD .................. 20,814
292,100 * SITEL CORP ........................ 1,442
315,600 * SNYDER COMMUNICATIONS, INC ........ 7,496
23,700 * SONICWALL, INC .................... 2,087
254,000 SOTHEBY'S HOLDINGS, INC (CLASS A) . 4,445
205,200 * STAFF LEASING, INC ................ 731
44,900 * STARTEK, INC ...................... 2,262
55,919 b* STONE & WEBSTER, INC .............. 42
300 STRAYER EDUCATION, INC ............ 7
43,600 * SUPERIOR CONSULTANT HOLDINGS CORP . 207
4,445 SURVEILLANCE S.A. SOCIETE DE ...... 1,872
282,225 * SYLVAN LEARNING SYSTEMS, INC ...... 3,881
23,500 * SYMYX TECHNOLOGIES, INC ........... 1,001
28,490 TEJON RANCH CO .................... 643
133,500 * TELETECH HOLDINGS, INC ............ 4,147
222,901 * TETRA TECH, INC ................... 5,099
80,028 * THEGLOBE.COM, INC ................. 138
402,900 * TMP WORLDWIDE, INC ................ 29,739
9,900 * TRIMERIS, INC ..................... 692
271,600 TRUE NORTH COMMUNICATIONS, INC .... 11,950
23,100 * TULARIK, INC ...................... 681
88,761 UNIFIRST CORP ..................... 699
195,617 * UNITED RENTALS, INC ............... 3,350
78,700 * URS CORP .......................... 1,200
24,745 * US INTERACTIVE, INC ................ 320
400,785 * VALASSIS COMMUNICATIONS, INC ....... 15,280
173,800 e* VALENCE TECHNOLOGY, INC ............ 3,204
88,958 * VEDIOR NV .......................... 1,104
590,677 * VERTICALNET, INC ................... 21,818
51,800 * VIANT CORP ......................... 1,535
1,600 * VOLT INFORMATION SCIENCES, INC ..... 53
500 * WACKENHUT CORP SERIES A ............ 6
270,802 * WACKENHUT CORP SERIES B ............ 2,539
62,500 * WACKENHUT CORRECTIONS CORP ......... 469
129,400 * WEST TELESERVICES CORP ............. 3,275
400 * WESTAFF, INC ....................... 2
214,800 * WESTON (ROY F.), INC (CLASS A) ..... 658
3,818,445 WHARF HOLDINGS LTD ................. 6,833
19,300 e* WIRELESS FACILITIES, INC ........... 983
2,238,718 WPP GROUP PLC ...................... 32,706
78,100 e* XCEED, INC ......................... 713
84,100 * XTRA CORP .......................... 3,317
68,200 YOUNG & RUBICAM, INC ............... 3,900
14 * ZAP.COM CORP ....................... 0
----------
TOTAL BUSINESS SERVICES ............ 1,350,043
----------
CONSTRUCTION AND REAL ESTATE--1.99%
BUILDING MATERIALS--1.55%
179,950 AMCOL INTERNATIONAL CORP ........... 2,969
209,410 APOGEE ENTERPRISES, INC ............ 739
1,297,000 ASAHI GLASS CO LTD ................. 14,526
5,000 * ASANO SLATE CO LTD ................. 6
634,108 BLUE CIRCLE INDUSTRIES PLC ......... 4,094
798,571 * BORAL LTD .......................... 1,007
650,750 BUZZI UNICEM S.P.A ................. 5,920
938,101 CARADON PLC ........................ 2,144
2,900 CARBO CERAMICS, INC ................ 102
274,448 CEMENTIR S.P.A. .................... 433
1,462,077 CEMEX S.A. DE CV-CPO ............... 6,855
52,300 CENTEX CONSTRUCTION PRODUCTS, INC .. 1,187
147,837 CIMENTOS DE PORTUGAL ............... 2,834
28,565 CIN-CORPARACAO INDUSTRIAL
DO NORTE S.A ...................... 160
151,500 * COMFORT SYSTEMS U.S.A., INC ........ 606
4,886 * COORSTEK, INC ...................... 225
1,870,885 CORNING, INC ....................... 504,905
60,633 CRH PLC ............................ 1,099
3,432,568 CRH PLC (UNITED KINGDOM) ........... 62,063
1,419,710 CSR LTD ............................ 3,955
279,400 * DAL-TILE INTERNATIONAL, INC ........ 2,305
91,613 * DEPARTMENT 56, INC ................. 1,008
35,431 * DUPONT PHOTOMASKS, INC ............. 2,427
4,060 DYCKERHOFF AG. ..................... 102
130,650 ELCOR CORP ......................... 3,005
45,400 * EMCOR GROUP, INC ................... 1,053
313,577 * ENCOMPASS SERVICES CORP ............ 1,803
230,471 FERRO CORP ......................... 4,840
91,738 FLORIDA ROCK INDUSTRIES, INC ....... 3,268
6,738 e* GLAVERBEL S.A. ..................... 504
58 e* GLAVERBEL STRIP NPV (STRIPVVPR) .... 0
7,848,686 HANSON PLC ......................... 55,490
23,132 * HEIDELBERGER ZEMENT AG. (BELGIUM) .. 1,419
46,173 * HEIDELBERGER ZEMENT AG. (GERMANY) .. 2,859
23,132 * HEIDELBERGER ZEMENT AG. (STRIP VVPR) 0
371,375 * HEPWORTH PLC ....................... 1,060
12,700 HOLDERBANK FINANCIERE
GLARUS AG. (BR) ................... 15,620
1,352 HOLDERBANK FINANCIERE
GLARUS AG. (REGD) ................. 443
17,170,973 HOME DEPOT, INC .................... 857,475
185,800 HOYA CORP .......................... 16,682
57,344 * HUTTIG BUILDING PRODUCTS, INC ...... 237
51,419 * IMERYS S.A. ........................ 5,994
SEE NOTES TO FINANCIAL STATEMENTS
16 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
BUILDING MATERIALS--(CONTINUED)
679,341 IMPERIAL CHEMICAL INDUSTRY PLC ..... $ 5,394
445,245 INAX CORP .......................... 2,748
120,200 * INTEGRATED ELECTRICAL SERVICES, INC 616
522,410 INTRACOM S.A. ...................... 19,585
160,313 e ITALCEMENTI S.P.A. ................. 1,514
41,600 ITALCEMENTI S.P.A. (S/S) ........... 140
193,473 JAMES HARDIE INDUSTRIES LTD ........ 510
14,750 KANDENKO CO LTD .................... 64
553,000 KINDEN CORP ........................ 3,481
1,000 KYUNDENKO CO LTD ................... 3
208,080 LAFARGE CORP ....................... 4,370
74,912 LAFARGE S.A. (BR) .................. 5,845
31,420 f LAFARGE S.A. (REGD) ................ 2,452
72,368 f LAFARGE S.A. (REGD) 2001 ........... 5,647
99,365 LIBBEY, INC ........................ 3,192
239,214 LILLY INDUSTRIES, INC (CLASS A) .... 7,191
2,410,530 LOWE'S COS, INC .................... 98,982
296,494 MARTIN MARIETTA MATERIALS, INC ..... 11,989
2,981,120 MASCO CORP ......................... 53,846
29,500 * MATRIX SERVICE CO .................. 136
26,500 e MATTSON TECHNOLOGY, INC ............ 861
1,700 MIKASA, INC ........................ 19
102,256 NIPPON KANZAI CO LTD ............... 1,875
1,395,000 NIPPON SHEET GLASS CO LTD .......... 19,434
123,000 NORITAKE CO LTD .................... 687
3,095 b,e* OMEGA ENVIRONMENTAL, INC ........... 0
377,658 OWENS CORNING CO ................... 3,493
946,281 * OWENS ILLINOIS, INC ................ 11,060
276,994 PILKINGTON PLC ..................... 394
39,189 PORTLAND VALDERRIVAS S.A. .......... 733
1,160,200 PPG INDUSTRIES, INC ................ 51,411
312,566 * QUANTA SERVICES, INC ............... 17,191
9,566 RMC GROUP PLC ...................... 125
299,057 RPM, INC ........................... 3,028
25,300 * SBA COMMUNICATIONS CORP ............ 1,314
173,673 e SCHNEIDER ELECTRIC S.A. ............ 12,153
1,018,311 SHERWIN-WILLIAMS CO ................ 21,575
207,486 SOUTHDOWN, INC ..................... 11,982
201,659 ST. GOBAIN S.A. .................... 27,373
481,687 SUMITOMO OSAKA CEMENT CO LTD ....... 2,859
2,253,200 TAIHEIYO CEMENT CORP ............... 4,728
395,000 TAKARA STANDARD CO ................. 1,725
315,500 e TOTO LTD ........................... 2,427
30,000 UNITED DOMINION INDUSTRIES LTD ..... 510
300,103 USG CORP ........................... 9,116
169,500 VALSPAR CORP ....................... 5,721
544,883 VULCAN MATERIALS CO ................ 23,260
94,900 WATSCO, INC ........................ 1,186
61,820 WIENERBERGER BAUSTOFF AG. .......... 1,410
675,292 WOLSELEY PLC ....................... 3,629
----------
2,062,407
----------
CONSTRUCTION--0.27%
45,955 ACS ACTIVIDADES DECONSTRUCCION
Y SERVICIOSS.A. .................... 1,300
176,700 b* ATKINSON (G.F.) CO OF CALIFORNIA .... 0
200,935 AUTOPISTAS CONCESIONARIA
ESPANOLA S.A. ...................... 1,755
244,391 * AUTOPISTAS CONCESIONARIA
ESPANOLA S.A. RTS .................. 105
369,800 BARRATT DEVELOPMENTS PLC ............ 1,464
31,927 BERKELEY GROUP PLC .................. 302
7,587 BILFINGER & BERGER AG. .............. 103
55 * BLOUNT INTERNATIONAL, INC ........... 0
32,288 e BOUYGUES S.A. ....................... 21,666
310,600 BRISA-AUTO ESTRADAS DE PORTUGAL S.A. 2,686
369,262 CENTEX CORP ......................... 8,678
141,000 e* CHIYODA CORP ........................ 147
100,000 COLAS S.A. .......................... 4,889
72,100 * CROSSMAN COMMUNITIES, INC ............ 1,190
83,138 e* DAIKYO, INC ......................... 218
242,541 DAITO TRUST CONSTRUCTION CO LTD ..... 4,012
747,000 DAIWA HOUSE INDUSTRY CO LTD ......... 5,465
778,690 DRAGADOS Y CONSTRUCCIONES S.A. ...... 5,606
259,815 * DYCOM INDUSTRIES, INC ............... 11,951
53,952 EIFFAGE ............................. 3,062
951,800 FLETCHER CHALLENGE LTD
(BUILDING DIVISION) ................ 1,013
511,389 FLUOR CORP .......................... 16,173
254,496 FOMENTO CONSTRUCCIONES
Y CONTRATAS S.A .................... 4,830
246,402 FOSTER WHEELER CORP ................. 2,125
1,650,000 e* FUJITA CORP ......................... 811
117,049 GRANITE CONSTRUCTION, INC ........... 2,868
27,697 GROUPE GTM .......................... 2,602
630,000 GRUPO FERROVIAL ..................... 7,827
1,000 * HASEKO CORP ......................... 0
1,000 * HAZAMA-GUMI LTD ..................... 1
245,300 HILLENBRAND INDUSTRIES, INC ......... 7,681
85,921 HOCHTIEF AG. ........................ 2,599
36,578 * HOLLANDSCHE BETON GROEP NV (H.B.G.) . 433
382,300 HON INDUSTRIES, INC ................. 8,984
293,366 HORTON (D.R.), INC .................. 3,979
1,370,000 IJM CORP BERHAD ..................... 1,276
726,510 e IMPREGILO S.P.A. .................... 415
161,200 * INSITUFORM TECHNOLOGIES,
INC (CLASS A) ...................... 4,373
721,000 e JGC CONSTRUCTION CORP ............... 2,917
465,000 KAJIMA CORP ......................... 1,485
282,359 KAUFMAN & BROAD HOME CORP ........... 5,594
390,896 KIMBALL INTERNATIONAL, INC (CLASS B). 5,766
11,000 * KOMATSU CONSTRUCTION CO LTD ......... 15
43,000 e* KUMAGAI GUMI CO LTD ................. 26
411,188 * LEAR CORP ........................... 8,224
597,585 e LEIGHTON HOLDINGS LTD ............... 1,930
349,234 LENNAR CORP ......................... 7,072
295,000 MAEDA ROAD CONSTRUCTION CO LTD ...... 1,388
189,225 * MASTEC, INC ......................... 7,226
184,500 MDC HOLDINGS, INC ................... 3,436
558,300 MILLER (HERMAN), INC ................ 14,446
836 MISAWA HOMES CO LTD ................. 3
126,300 * MORRISON KNUDSEN CORP ............... 916
17,039 * MORRISON KNUDSEN CORP WTS 03/11/03 .. 32
3,277,089 NEWELL RUBBERMAID, INC .............. 84,385
504,000 e NISHIMATSU CONSTRUCTION CO LTD ...... 1,991
65,593 * NVR, INC ............................ 3,739
760,000 e OBAYASHI CORP ....................... 3,369
570,000 OKUMURA CORP ........................ 2,069
307,000 PENTA OCEAN CONSTRUCTION CO LTD ..... 467
200,661 PULTE CORP .......................... 4,339
84,800 RYLAND GROUP, INC ................... 1,876
330,000 SHIMIZU CORP ........................ 945
21,700 SHO-BOND CORP ....................... 324
102,834 SKANSKA AB SERIES B FREE ............ 3,664
16,560 * SOCIEDADE DE CONSTRUCOES
SOARES DA COS ...................... 49
25,996,000 SOUTH CHINA INDUSTRIES LTD .......... 1,601
156,351 STANDARD-PACIFIC CORP ............... 1,564
213,806 STEELCASE, INC ...................... 3,635
3,085,000 e SUMITOMO REALTY & DEVELOPMENT CO LTD. 13,908
22,000 * SUZUNUI INDUSTRY CO LTD ............. 23
2,424,000 TAISEI CORP ......................... 3,895
808,107 * TAYLOR WOODROW PLC .................. 1,853
552,000 TOA CORP ............................ 694
202,000 TODA CONSTRUCTION CO ................ 964
128,866 * TOLL BROTHERS, INC .................. 2,642
50,000 TOMOE ENGINEERING CO LTD ............ 378
165,000 TOYO EXTERIOR CORP .................. 1,265
254,267 TRANSURBAN GROUP .................... 574
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 17
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- ---------
CONSTRUCTION--(CONTINUED)
635,279 U.S. INDUSTRIES, INC ................ $ 7,703
992,000 UNITED INDUSTRIAL CORP .............. 468
13,349 VA TECHNOLOGIE AG. (BR) ............. 706
11,594 VIRCO MANUFACTURING CORP ............ 171
153,400 WALTER INDUSTRIES, INC .............. 1,755
93,125 * WEBB (DEL) CORP ..................... 1,426
211,457 WIMPEY (GEORGE) LTD ................. 368
1,945,400 YTL CORP BERHAD ..................... 2,585
--------
358,460
--------
REAL ESTATE--0.17%
247,710 AMP DIVERSIFIED PROPERTY TRUST ...... 347
402,500 ARDEN REALTY GROUP, INC ............. 9,459
69,200 * AVATAR HOLDINGS, INC ................ 1,592
1,331,568 BRITISH LAND PLC .................... 8,164
190,600 BROOKFIELD PROPERTIES CORP .......... 2,528
115,125 * CASTLE & COOKE, INC ................. 2,223
531,250 * CATELLUS DEVELOPMENT CORP ........... 7,969
124,900 * CB RICHARD ELLIS SERVICES GROUP, INC 1,140
946 CHEUNG KONG HOLDINGS LTD ............ 10
864 * CHINESE ESTATES LTD ................. 0
615,551 * CHINESE ESTATES HOLDINGS WTS 11/24/00 7
3,774,326 CITY DEVELOPMENT LTD ................ 14,626
250,000 * CORPORACION GEO S.A. SERIES B ....... 409
474,000 e DAIWA KOSHO LEASE CO LTD ............ 1,559
1,045,000 DBS LAND LTD ........................ 1,354
909 * EVERGO CHINA HOLDINGS LTD ........... 0
1,400 * EXCEL LEGACY CORP ................... 4
272,400 * FAIRFIELD COMMUNITIES, INC .......... 2,145
1,144,000 FIRST CAPITAL CORP LTD .............. 1,092
65,400 FOREST CITY ENTERPRISES, INC
(CLASS A) .......................... 2,183
952,813 * GANDEL RETAIL TRUST ................. 618
1,668,790 GENERAL PROPERTY TRUST .............. 2,695
115,699 * GREAT PORTLAND ESTATES PLC .......... 410
1,900 * GRUBB & ELLIS CO .................... 11
70,836 HAMMERSON PLC ....................... 476
1,896,500 HANG LUNG DEVELOPMENT CO LTD ........ 1,472
1,989,000 HENDERSON LAND DEVELOPMENT CO LTD ... 8,752
240 HONG KONG LAND HOLDINGS LTD ......... 0
375,449 HOPEWELL HOLDINGS LTD ............... 157
1,994,384 * HYSAN DEVELOPMENT CO LTD ............ 2,098
128,944 * INSIGNIA FINANCIAL GROUP, INC ....... 1,289
172,500 * JONES LANG LA SALLE ................. 2,307
359,560 LNR PROPERTY CORP ................... 7,011
451,704 * MEPC PLC ............................ 3,720
193,749 METROVACESA S.A. .................... 3,269
476,319 MIRVAC GROUP ........................ 969
2,418,000 MITSUBISHI ESTATE CO LTD ............ 28,521
2,188,000 MITSUI FUDOSAN CO LTD ............... 23,781
3,205,936 NEW WORLD DEVELOPMENT CO LTD ........ 3,578
1,146,000 PARKWAY HOLDINGS LTD ................ 2,930
192,400 * PINNACLE HOLDINGS, INC .............. 10,390
1,000 PRESTIGE PROPERTY HOLDINGS LTD ...... 0
173,700 * SECURITY CAPITAL GROUP, INC
(CLASS B) .......................... 2,953
10,378 SIMCO (REGD) ........................ 761
4,399,429 SINO LAND CO LTD .................... 1,552
1,456,873 SLOUGH ESTATES PLC .................. 8,083
463,400 STEWART ENTERPRISES, INC (CLASS A) .. 1,636
171,646 STOCKLAND TRUST GROUP (UNITS) ....... 363
232,000 STRAITS TRADING CO .................. 260
3,879,969 SUN HUNG KAI PROPERTIES LTD ......... 27,873
573,000 e TOKYO TATEMONO CO LTD ............... 1,224
152,480 * TRAMMELL CROW CO .................... 1,639
142,900 TRIZEC HAHN CORP .................... 2,556
400 * U-CYBER TECHNOLOGY HOLDINGS LTD ..... 0
29,800 UNIBAIL S.A. ........................ 4,142
339,000 UNITED OVERSEAS LAND LTD ............ 302
211,442 * URBIS S.A. .......................... 973
503,596 e VALLEHERMOSO S.A. ................... 3,017
343,807 WCM BETEILIGUNGS & GRUNDBESITZ AG. .. 8,009
---------
226,608
---------
TOTAL CONSTRUCTION AND REAL ESTATE 2,647,475
---------
CONSUMER DURABLE--9.30%
HOME APPLIANCES AND FURNISHINGS--8.72%
131,800 * ACTEL CORP .......................... 6,013
64,800 * ADVANCED ENERGY INDUSTRIES, INC ..... 3,819
1,112,150 * ADVANCED MICRO DEVICES, INC ......... 85,914
164,129 e ADVANTEST CORP ...................... 36,687
108,900 * AEROFLEX, INC ....................... 5,411
30,000 AIWA CO LTD ......................... 481
128,100 AIXTRON AG. ......................... 17,683
118,400 * ALLIANCE SEMICONDUCTOR CORP ......... 2,908
195,100 * ALPHA INDUSTRIES, INC ............... 8,597
1,970,000 e ALPS ELECTRIC CO LTD ................ 36,680
51,500 * ALTEON WEBSYSTEMS, INC .............. 5,153
4,631,727 * ALTERA CORP ......................... 472,147
872,382 * AMERICAN POWER CONVERSION CORP ...... 35,604
95,900 * AMERICAN SUPERCONDUCTOR CORP ........ 4,627
102,700 * AMERICAN XTAL TECHNOLOGY, INC ....... 4,442
549,800 * AMKOR TECHNOLOGY, INC ............... 19,415
206,690 * AMPHENOL CORP (CLASS A) ............. 13,680
189,210 * ANADIGICS, INC ...................... 6,445
2,357,340 * ANALOG DEVICES, INC ................. 179,158
143,692 * APPLICA, INC ........................ 1,626
2,369 b* APPLIED MAGNETICS CORP .............. 0
1,809,633 * APPLIED MICRO CIRCUITS CORP ......... 178,701
218,481 * ARTESYN TECHNOLOGIES, INC ........... 6,077
486,900 * ASM INTERNATIONAL NV ................ 12,835
2,216,303 * ASM LITHOGRAPHY HOLDINGS NV ......... 95,647
1,926,000 ASM PACIFIC TECHNOLOGY LTD .......... 7,214
1,260,830 * ATMEL CORP .......................... 46,493
15,000 e* AVANEX CORP ......................... 1,433
394,400 AVX CORP ............................ 9,047
51,200 BANG & OLUFSEN HOLDINGS AS (CLASS B) 1,750
11,739 BARCO NV ............................ 1,322
26,762 BASSETT FURNITURE INDUSTRIES, INC ... 338
846,500 * BED BATH & BEYOND, INC .............. 30,686
216,900 * BENCHMARK ELECTRONICS, INC .......... 7,930
374,000 BMC INDUSTRIES, INC ................. 1,519
500 * BOMBAY, INC ......................... 1
23,050 * BOOKHAM TECHNOLOGY PLC .............. 1,342
656,250 * BROADCOM CORP (CLASS A) ............. 143,678
684,385 BROTHERS INDUSTRIES LTD ............. 1,960
194,400 * BURR BROWN CORP ..................... 16,852
39,000 BUSH INDUSTRIES, INC (CLASS A) ...... 624
36,230 * CATAPULT COMMUNICATIONS CORP ........ 365
193,600 * CELESTICA, INC ...................... 9,421
575,100 * CHARTERED SEMICONDUCTOR MANUFACTURING
LTD ADR ............................ 51,759
943,000 * CHARTERED SEMICONDUCTOR MANUFACTURING
LTD (SINGAPORE) .................... 8,236
93,200 CITIZENS ELECTRONICS CO LTD ......... 10,218
1,012,914 * CONEXANT SYSTEMS, INC ............... 49,253
150,200 * CREE, INC ........................... 20,052
140,984 CTS CORP ............................ 6,344
837,500 * CYPRESS SEMICONDUCTOR CORP .......... 35,384
376,170 DALLAS SEMICONDUCTOR CORP ........... 15,329
770,829 e ELECTROLUX AB SERIES B .............. 11,996
250,000 ELMOS SEMICONDUCTOR AG. ............. 12,701
62,800 * EMCORE CORP ......................... 7,536
3,100 * ENERGY CONVERSION DEVICES, INC ...... 79
533,050 * EPCOS AG. ........................... 53,857
173,121 * ESS TECHNOLOGY, INC ................. 2,510
170,675 * E-TEK DYNAMICS, INC ................. 45,026
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 18
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
HOME APPLIANCES AND FURNISHINGS--(CONTINUED)
262,600 ETHAN ALLEN INTERIORS, INC ......... $ 6,302
43,300 * EVANS & SUTHERLAND COMPUTER CORP ... 276
84,700 * EXAR CORP .......................... 7,385
67,700 * FAIRCHILD SEMICONDUCTOR
INTERNATIONAL, INC ................ 2,742
117,300 * FINISAR CORP ....................... 3,072
294,417 FISHER & PAYKEL INDUSTRIES LTD ..... 929
70,000 * FIVE STAR PRODUCTS, INC ............ 19
70,000 * FIVE STAR PRODUCTS, INC WTS 08/05/00 3
493,022 * FLEXTRONICS INTERNATIONAL LTD ...... 33,864
1,913 FORBO HOLDINGS AG. (REGD) .......... 800
5,761,524 FUJITSU LTD ........................ 199,846
290,798 * FURNITURE BRANDS INTERNATIONAL, INC 4,398
19,600 e* GADZOOX NETWORKS, INC .............. 268
184,000 * GENERAL SEMICONDUCTOR, INC ......... 2,714
8,863,632 GILLETTE CO ........................ 309,673
42,800 * GLOBESPAN, INC ..................... 5,225
98,780 HARMAN INTERNATIONAL INDUSTRIES, INC 6,026
142,000 HAVERTY FURNITURE COS, INC ......... 1,207
110,587 HEILIG MEYERS CO ................... 131
171,000 HELIX TECHNOLOGY CORP .............. 6,669
42,800 * HI/FN, INC ......................... 1,899
7,333,230 HITACHI LTD ........................ 106,042
160,070 * HUTCHINSON TECHNOLOGY, INC ......... 2,281
12,400 * IBIS TECHNOLOGY, INC ............... 749
92,900 * INNOVEX, INC ....................... 906
674,510 * INTEGRATED DEVICE TECHNOLOGY, INC .. 40,386
39,500 * INTEGRATED SILICON SOLUTION, INC ... 1,501
26,522,391 INTEL CORP ......................... 3,545,712
395,400 * INTERNATIONAL RECTIFIER CORP ....... 22,142
28,800 * INTERSIL HOLDINGS CORP ............. 1,557
686,868 * JABIL CIRCUIT, INC ................. 34,086
89,882 JD GROUP LTD ....................... 597
4,984,036 * JDS UNIPHASE CORP .................. 597,461
10,700 e* JNI CORP ........................... 338
100 * JPM CO ............................. 1
698,006 * KEMET CORP ......................... 17,494
5,640,986 KONINKLIJKE PHILIPS ELECTRONICS NV . 267,128
176,600 * KOPIN CORP ......................... 12,230
275,100 KYOCERA CORP ....................... 46,775
123,900 * LASERSIGHT, INC .................... 472
333,000 * LATTICE SEMICONDUCTOR CORP ......... 23,019
331,013 LA-Z-BOY, INC ...................... 4,634
1,248,948 LEGGETT & PLATT, INC ............... 20,608
5,353,800 LINEAR TECHNOLOGY CO ............... 342,309
306,800 * LINENS 'N THINGS, INC .............. 8,322
3,084,800 * LSI LOGIC CORP ..................... 166,965
508,000 MALAYSIAN PACIFIC INDUSTRIES BERHAD 5,214
4,243,576 MATSUSHITA ELECTRIC INDUSTRIAL
CO LTD ............................ 110,295
60,335 MATSUSHITA ELECTRIC INDUSTRIAL
CO LTD ADR ........................ 15,506
3,091,634 * MAXIM INTEGRATED PRODUCTS, INC ..... 210,038
47,900 * MAXWELL TECHNOLOGIES, INC .......... 647
530,303 MAYTAG CO .......................... 19,555
272,500 * MEMC ELECTRONIC MATERIALS, INC ..... 4,905
198,950 METHODE ELECTRONICS, INC (CLASS A) . 7,684
357,160 * MICREL, INC ........................ 15,514
572,512 * MICROCHIP TECHNOLOGY, INC .......... 33,358
2,812,398 * MICRON TECHNOLOGY, INC ............. 247,667
9,400 * MICRONAS SEMICONDUCTOR
HOLDING AG (REGD) ................. 5,260
12,200 * MICROSEMI CORP ..................... 414
174,418 * MIPS TECHNOLOGIES, INC (CLASS B) ... 6,715
199,920 * MMC NETWORKS, INC .................. 10,683
474,133 MOLEX, INC ......................... 22,818
209,065 MOLEX, INC (CLASS A) ............... 7,317
23,000 * MP3.COM, INC ....................... 312
283,760 e* MRV COMMUNICATIONS, INC ............ 19,083
419,975 MURATA MANUFACTURING CO LTD ........ 60,413
50,100 NATIONAL PRESTO INDUSTRIES, INC .... 1,541
1,387,799 * NATIONAL SEMICONDUCTOR CORP ........ 78,758
875,000 NATSTEEL ELECTRONICS LTD ........... 2,682
234,560 * NEOMAGIC CORP ...................... 711
900 e NIHON DEMPA KOGYO CO LTD ........... 47
2,396,296 * NIPPON ELECTRIC CORP ............... 75,418
136,000 NITTO DENKO CORP ................... 5,257
326,400 * NVIDIA CORP ........................ 20,747
63,805 * OAK TECHNOLOGY, INC ................ 1,376
500 * OIS OPTICAL IMAGING SYSTEMS, INC ... 0
11,700 * PARADYNE NETWORKS, INC ............. 381
60,100 PARK ELECTROCHEMICAL CORP .......... 2,167
47,200 e* PARKERVISION, INC .................. 2,381
16,801 PHOENIX MECANO AG. ................. 9,609
144,125 * PHOTRONICS, INC .................... 4,090
616,979 PIER 1 IMPORTS, INC ................ 6,016
206,729 PIONEER CORP ....................... 8,069
112,600 * PLEXUS CORP ........................ 12,724
80,900 * PLX TECHNOLOGY, INC ................ 3,357
826,636 * PMC-SIERRA, INC .................... 146,883
117,700 * POWER INTEGRATIONS, INC ............ 2,773
139,250 * POWER-ONE, INC ..................... 15,866
1,151,343 PROFURN LTD ........................ 679
480,928 * QLOGIC CORP ........................ 31,771
2,900 * QUANTUM EFFECT DEVICES, INC ........ 165
331,200 * RAMBUS, INC ........................ 34,114
882,150 e* READ RITE CORP ..................... 1,957
136,100 * REMEC, INC ......................... 5,699
38,800 e* RESTORATION HARDWARE, INC .......... 213
360,380 * RF MICRO DEVICES, INC .............. 31,578
427,976 ROHM CO ............................ 125,393
1,400 * ROYAL APPLIANCE MANUFACTURING
CO, INC ........................... 8
323,940 * S3, INC ............................ 4,778
58,800 e* SALTON, INC ........................ 2,168
1,200,000 SAMSUNG CORP ....................... 10,342
1,132,248 * SANMINA CORP ....................... 96,807
1,841,000 SANYO ELECTRIC CO LTD .............. 16,599
236,575 * SAWTEK, INC ........................ 13,618
700,622 * SCG HOLDING CORP ................... 15,326
807,850 * SCI SYSTEMS, INC ................... 31,658
447,174 * SDL, INC ........................... 127,528
89,700 * SELECT COMFORT CORP ................ 286
239,146 * SEMTECH CORP ....................... 18,291
22,512 SEZ HOLDING AG. (REGD) ............. 20,669
1,203,000 e SHARP CORP ......................... 21,319
31,200 SHIMACHU CO LTD .................... 663
29,500 * SILICON IMAGE, INC ................. 1,471
6,900 * SILICON LABRATORIES, INC ........... 367
35,300 * SILICON STORAGE TECHNOLOGY, INC .... 3,117
35,400 * SILICONIX, INC ..................... 2,390
397,657 * SILICONWARE PRECISION INDUSTRIES GDR 4,404
50,100 * SIMPSON MANUFACTURING CO, INC ...... 2,395
138,400 * SIPEX CORP ......................... 3,832
370,300 SNAP-ON, INC ....................... 9,859
6,004,039 * SOLECTRON CORP ..................... 251,419
1,384,611 SONY CORP .......................... 129,555
2,060,598 ST MICROELECTRONICS NV ............. 130,369
418,291 STANLEY WORKS CO ................... 9,934
592,557 e* SUNBEAM CORP ....................... 2,037
13,400 * SUPERTEX, INC ...................... 673
187,060 TAIYO YUDEN CO LTD ................. 11,739
91,138 TECHNITROL, INC .................... 8,829
5,800 * TELAXIS COMMUNICATIONS CORP ........ 181
27,100 * TELCOM SEMICONDUCTOR, INC .......... 1,086
10,393,194 TEXAS INSTRUMENTS, INC ............. 713,883
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 19
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
HOME APPLIANCES AND FURNISHINGS--(CONTINUED)
406,000 e* THOMSON MULTIMEDIA ................ $ 26,387
29,600 * THREE-FIVE SYSTEMS, INC ........... 1,746
158,400 * TITAN CORP ........................ 7,088
253,750 e TOKYO ELECTRON CO LTD ............. 34,823
9,573,000 TOSHIBA CORP ...................... 108,301
205,722 e TOWA CORP ......................... 9,080
258,900 * TRANSWITCH CORP ................... 19,984
199,294 * TRIQUINT SEMICONDUCTOR, INC ....... 19,070
501,000 UNISEM (M) BERHAD ................. 3,560
17,600 * UNIVERSAL ELECTRONICS, INC ........ 432
196,528 * VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES, INC .................. 12,344
558,000 VARITRONIX INTERNATIONAL LTD ...... 970
2,885,000 VENTURE MANUFACTURING LTD (SINGAPORE) 29,367
43,700 * VIRATA CORP ......................... 2,606
865,987 * VISHAY INTERTECHNOLOGY, INC ......... 32,853
927,360 * VITESSE SEMICONDUCTOR CORP .......... 68,219
529,942 WHIRLPOOL CORP ...................... 24,709
305,350 * WILLIAMS-SONOMA, INC ................ 9,905
260,800 WOODHEAD INDUSTRIES, INC ............ 4,760
4,423,264 * XILINX, INC ......................... 365,196
300,984 YAMAHA CORP ......................... 3,297
472,622 e* ZENITH ELECTRONICS CORP ............. 0
134,988 * ZOMAX, INC .......................... 1,772
-----------
11,599,057
-----------
TEXTILE APPAREL AND ACCESSORIES--0.58%
533,308 * ABERCROMBIE & FITCH CO (CLASS A) ..... 6,500
75,677 ADIDAS SALOMON AG. ................... 4,193
210,070 * ALBANY INTERNATIONAL CORP
(CLASS A) (NEW) ..................... 3,046
176,550 * AMERICAN EAGLE OUTFITTERS, INC ....... 2,472
26,970 * ANN TAYLOR STORES CORP ............... 893
182,200 AOYAMA TRADING CO LTD ................ 2,635
18,900 e* BEBE STORES, INC ..................... 158
1,598,407 e BENETTON GROUP S.P.A. ................ 3,356
176,130 BROWN SHOE CO, INC ................... 2,290
49,450 * BUCKLE, INC .......................... 581
1,190,542 BULGARI S.P.A. ....................... 15,978
102,424 BURLINGTON COAT FACTORY WAREHOUSE CORP 1,107
113,275 * BURLINGTON INDUSTRIES, INC ........... 191
97,000 CASIO COMPUTER CO LTD ................ 1,091
173,900 CATO CORP (CLASS A) .................. 2,022
7,395 CHARGEURS S.A. ....................... 425
422,300 * CHARMING SHOPPES, INC ................ 2,151
81,600 e* CHICO'S FAS, INC ..................... 1,632
109,100 e* CHILDREN'S PLACE RETAIL STORES, INC .. 2,237
309,000 CITIZEN WATCH CO LTD ................. 2,991
147,600 CLAIRE'S STORES, INC ................. 2,841
108,618 CLAIRE'S STORES, INC (CLASS A) ....... 2,091
250,395 COATS VIYELLA PLC .................... 207
261,249 * COLLINS & AIKMAN CORP ................ 1,355
55,300 * COLUMBIA SPORTSWEAR CO ............... 1,486
163,910 * DAN RIVER, INC (CLASS A) ............. 779
52,300 * DAVIDS BRIDAL, INC ................... 605
137,400 DEB SHOPS, INC ....................... 1,718
113,400 * DONNA KARAN INTERNATIONAL, INC ....... 723
66,809 DOUGLAS HOLDINGS AG. ................. 1,985
102,700 * DRESS BARN, INC ...................... 2,272
4,184 b* EDISON BROTHERS STORES WTS 09/26/05 .. 0
17 ESCADA AG. ........................... 2
2,065,000 ESPRIT HOLDINGS LTD .................. 2,146
12,396 FAB INDUSTRIES, INC .................. 132
13,000 FAST RETAILING CO LTD ................ 5,455
114,500 * FINISH LINE, INC (CLASS A) ........... 937
136,369 * FOOTSTAR, INC ........................ 4,534
97,475 * FOSSIL, INC .......................... 1,895
3,926,482 GAP, INC ............................. 122,703
349,100 * GENESCO, INC ......................... 5,607
30,600 e* GLOBAL SPORTS, INC ................... 197
109,700 * GOODY'S FAMILY CLOTHING, INC ......... 603
235,600 e GUCCI GROUP NV ....................... 22,257
29,200 * GUESS ?, INC ......................... 409
100,735 GUILFORD MILLS, INC .................. 428
782,000 GUNZE LTD ............................ 3,045
130,600 * GYMBOREE CORP ........................ 392
1,197,368 HENNES & MAURITZ AB SERIES B ......... 25,119
15,800 * HOT TOP, INC ......................... 506
274,500 INTERFACE, INC (CLASS A) ............. 1,047
406,434 INTIMATE BRANDS, INC (CLASS A) ....... 8,027
561,955 * JONES APPAREL GROUP, INC ............. 13,206
47,450 b,e* JUST FOR FEET, INC ................... 0
103,000 JUSTIN INDUSTRIES, INC ............... 2,253
464,215 * KANEBO LTD ........................... 1,439
171,790 KELLWOOD CO .......................... 3,629
32,850 * KENNETH COLE PRODUCTIONS, INC ........ 1,314
12,900 K-SWISS, INC (CLASS A) ............... 206
2,269,000 e KURARAY CO LTD ....................... 26,077
3,900 LENZING AG. .......................... 232
8,566,084 LIMITED, INC ......................... 185,242
403,600 LIZ CLAIBORNE, INC ................... 14,227
9,400 * MADDEN STEVEN, LTD ................... 62
75,800 MARZOTTO & FIGLI S.P.A. .............. 621
160,050 * MENS WEARHOUSE, INC ................. 3,571
568,000 MITSUBISHI RAYON CO LTD ............. 1,734
304,731 * MOHAWK INDUSTRIES, INC .............. 6,628
57,700 MOVADO GROUP, INC ................... 692
212,300 * NAUTICA ENTERPRISES, INC ............ 2,269
409,750 NIKE, INC (CLASS B) ................. 16,313
730,000 NISSHINBO INDUSTRY, INC ............. 3,864
1,000,000 NITTO BOSEKI CO LTD ................. 1,748
896,936 NORDSTROM, INC ...................... 21,639
63,400 * OAKLEY, INC ......................... 729
79,900 ONEIDA LTD .......................... 1,418
173,000 ONWARD KASHIYMA CO LTD .............. 2,355
109,100 OSHKOSH B'GOSH, INC (CLASS A) ....... 1,787
95,500 OXFORD INDUSTRIES, INC .............. 1,719
1,033,298 PACIFIC DUNLOP LTD .................. 924
174,575 * PACIFIC SUNWEAR CALIFORNIA, INC ..... 3,273
101,227 * PAYLESS SHOESOURCE, INC ............. 5,188
183,600 PETRIE STORES CORP (LIQUIDATING
TRUST) ............................. 224
243,233 PHILLIPS VAN HEUSEN CORP ............ 2,311
15,823 e PILLOWTEX CORP ...................... 67
343,200 * POLO RALPH LAUREN CORP .............. 4,891
159,400 POLYMER GROUP, INC .................. 1,474
136,400 * QUIKSILVER, INC ..................... 2,123
275,810 * REEBOK INTERNATIONAL LTD ............ 4,396
463,100 e* RENOWN, INC ......................... 678
730,460 ROSS STORES, INC .................... 12,463
174,400 RUSSELL CORP ........................ 3,488
135,708 * SAMSONITE CORP ...................... 611
620,580 SHAW INDUSTRIES, INC ................ 7,757
58,400 SHIMAMAURA CO LTD ................... 6,839
11,200 * SHOE CARNIVAL, INC .................. 70
66,373 SPRINGS INDUSTRIES, INC ............. 2,124
174,900 * STEIN MART, INC ..................... 1,793
289,400 STRIDE RITE CORP .................... 1,773
59,700 TALBOTS, INC ........................ 3,280
4,100 * TARRANT APPAREL GROUP ............... 37
6,446 THE SWATCH GROUP AG. (BR) ........... 8,222
60,427 THE SWATCH GROUP AG. (REGD) ......... 15,812
63,460 * TIMBERLAND CO ....................... 4,494
2,202,866 TJX COS, INC ........................ 41,304
199,000 TOKYO STYLE CO LTD .................. 1,881
592,092 * TOO, INC ............................ 15,061
SEE NOTES TO FINANCIAL STATEMENTS
20 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
TEXTILE APPAREL AND ACCESSORIES--(CONTINUED)
72,000 TOYOBO CO LTD ........................ $ 142
2,200 * TROPICAL SPORTSWEAR INTERNATIONAL CORP 39
249,125 * UNIFI, INC ........................... 3,083
9,000 * UNITED RETAIL GROUP, INC ............. 77
57,300 * URBAN OUTFITTERS, INC ................ 505
527,069 V.F. CORP ............................ 12,551
316,055 * WACOAL CORP .......................... 3,226
345,799 WARNACO GROUP, INC (CLASS A) ......... 2,680
254,800 WESTPOINT STEVENS, INC ............... 2,835
67,900 * WET SEAL, INC (CLASS A) .............. 891
836,000 WING TAI HOLDINGS LTD ................ 595
159,487 WOLVERINE WORLD WIDE, INC ............ 1,575
56,800 * WORLD CO LTD ......................... 2,469
-----------
775,652
-----------
TOTAL CONSUMER DURABLE ............ 12,374,709
-----------
ENERGY--5.19%
OIL, GAS AND OTHER ENERGY SERVICES--5.19%
322,500 ALBERTA ENERGY LTD .................. 13,016
587,686 AMERADA HESS CORP ................... 36,290
1,293,928 e ANADARKO PETROLEUM CORP ............. 63,807
368,544 * ANDERSON EXPLORATION LTD ............ 6,691
2,765,088 APACHE CORP ......................... 162,622
10,400 * ARABIAN OIL CO LTD .................. 35
405,787 ASHLAND, INC ........................ 14,228
81,600 * ATWOOD OCEANICS, INC ................ 3,621
153,860 * BARNETT RESOURCES CORP .............. 4,683
94,300 * BASIN EXPLORATION, INC .............. 1,686
118,664 * BELCO OIL & GAS CORP ................ 1,009
91,224 BERRY PETROLEUM CO (CLASS A) ........ 1,551
585,210 * BJ SERVICES CO ...................... 36,576
48,628,477 BP AMOCO PLC ........................ 466,742
1,031,881 BP AMOCO PLC (SPONS ADR) ............ 58,366
3,975,715 BROKEN HILL PROPRIETARY CO LTD ...... 47,144
182,000 * BROWN (TOM), INC .................... 4,197
5,449,472 BURLINGTON RESOURCES, INC ........... 208,442
44,066 * BURMAH CASTROL PLC .................. 1,111
147,600 CABOT OIL & GAS CORP (CLASS A) ...... 3,127
71,700 * CABRE EXPLORATION LTD ............... 779
46,000 * CAL DIVE INTERNATIONAL, INC ......... 2,493
203,925 * CANADIAN HUNTER EXPLORATION, INC .... 4,328
330,994 * CANADIAN NATURAL RESOURCES LTD ...... 9,606
392,428 CANADIAN OCCIDENTAL PETROLEUM LTD ... 10,634
390,800 * CHESAPEAKE ENERGY CORP .............. 3,029
4,581,482 CHEVRON CORP ........................ 388,567
73,225 COFLEXIP S.A. ....................... 8,915
1,947 b* COHO ENERGY, INC .................... 16
28,100 * COMSTOCK RESOURCES, INC ............. 225
4,754,752 CONOCO, INC (CLASS B) ............... 116,789
707,700 CONSOL ENERGY, INC .................. 10,704
13,080 * CONTOUR ENERGY CO ................... 27
1,625,000 COSMO OIL CO LTD .................... 2,995
180,000 * CRESTAR ENERGY, INC ................. 2,739
317,750 CROSS TIMBERS OIL CO ................ 7,030
272,899 DEVON ENERGY CORP (NEW) ............. 15,334
269,400 DIAMOND OFFSHORE DRILLING, INC ...... 9,463
40 b* EAGLE GEOPHYSICAL, INC .............. 0
278,161 * EEX CORP ............................ 1,617
284,860 ENBRIDGE, INC ....................... 5,969
159,076 ENBRIDGE, INC (U.S.) ................ 3,231
4,367,766 ENRON CORP .......................... 281,721
1,121,385 ENSCO INTERNATIONAL, INC ............ 40,160
6,972,111 e ENTE NAZIONALE IDROCARBURI S.P.A. ... 40,435
520,300 EOG RESOURCES, INC .................. 17,430
304,280 * EQUITY OIL CO ....................... 865
78,400 * EVERGREEN RESOURCES, INC ............ 2,323
31,757,100 EXXON MOBIL CORP ....................2,492,932
1,101,123 FLETCHER CHALLENGE LTD
(ENERGY DIVISION) .................. 3,603
226,200 * FORCENERGY GAS EXPLORATION, INC ..... 145
213,234 * FOREST OIL CORP ..................... 3,398
1,200,000 FORTUM OYJ .......................... 4,716
216,815 * FRIEDE GOLDMAN HALTER, INC .......... 1,938
9,300 * FRONTIER OIL CORP ................... 74
212,338 * GETTY PETROLEUM MARKETING, INC ...... 902
410,300 * GLOBAL INDUSTRIES LTD ............... 7,744
1,036,540 * GLOBAL MARINE, INC .................. 29,217
1,341,699 * GREY WOLF, INC ...................... 6,708
616,900 * GULF CANADA RESOURCES LTD ........... 2,873
2,657,042 HALLIBURTON CO ...................... 125,379
356,200 * HANOVER COMPRESSOR CO ............... 13,536
225,696 e* HARKEN ENERGY CORP .................. 141
297,649 HELMERICH & PAYNE, INC .............. 11,125
53,937 * HOUSTON EXPLORATION CO .............. 1,355
106,261 * HS RESOURCES, INC ................... 3,188
194,300 IHC CALAND NV ....................... 9,499
1,030,864 IMPERIAL OIL LTD .................... 25,151
32,000 * JAPAN ENERGY CORP ................... 34
525,743 KERR-MCGEE CORP ..................... 30,986
519,619 * KEY ENERGY SERVICES, INC ............ 5,001
1,384,961 LONDON & SCOTTISH MARINE OIL PLC .... 2,946
122,792 * LOUIS DREYFUS NATURAL GAS CORP ...... 3,845
444,200 * MARINE DRILLING CO, INC ............. 12,438
78,029 * MCMORAN EXPLORATION CO .............. 1,287
97,300 * MERIDIAN RESOURCE CORP .............. 553
208,311 MITCHELL ENERGY & DEVELOPMENT CORP
(CLASS A) .......................... 6,692
309,580 MURPHY OIL CORP ..................... 18,401
579,373 * NABORS INDUSTRIES, INC .............. 24,080
204,800 * NEW HORIZONS WORLDWIDE, INC ......... 4,758
214,800 * NEWFIELD EXPLORATION CO ............. 8,404
2,463,925 NIPPON MITSUBISHI OIL CO ............ 11,318
555,500 NOBLE AFFILIATES, INC ............... 20,692
1,008,425 * NOBLE DRILLING CORP ................. 41,535
236,182 NORSK HYDRO AS ...................... 9,947
658,545 NOVA CHEMICALS CORP ................. 14,159
2,632,258 * NOVUS PETROLEUM LTD ................. 2,783
112,800 * NUEVO ENERGY CO ..................... 2,129
2,468,647 OCCIDENTAL PETROLEUM CORP ........... 51,996
1,117,162 * OCEAN ENERGY, INC (NEW) ............. 15,850
158,900 * OCEANEERING INTERNATIONAL, INC ...... 3,019
24,030 OMV AKTIENGESELLS AG. ............... 2,096
766,386 * PARKER DRILLING CO .................. 4,742
14,600 PATINA OIL & GAS CORP ............... 303
205,100 * PATTERSON ENERGY, INC ............... 5,845
28,000 PENN VIRGINIA CORP .................. 690
482,451 PENNZOIL-QUAKER STATE CO ............ 5,820
291,580 * PETROBRAS S.A. ...................... 8,563
12,700 PETRO-CANADA (NON-RESIDENT) ......... 237
967,100 PETRO-CANADA (VARIABLE- VOTE) ....... 18,047
82,399 * PETROLEUM GEO-SERVICES AS ........... 1,412
1,452,917 PHILLIPS PETROLEUM CO ............... 73,645
745,200 * PIONEER NATURAL RESOURCES CO ........ 9,501
81,871 * PLAINS RESOURCES, INC ............... 1,310
191,100 POGO PRODUCING CO ................... 4,228
25,800 * PRECISION DRILLING CORP ............. 996
296,200 * PRIDE INTERNATIONAL, INC ............ 7,331
9,900 * PRIMA ENERGY CORP ................... 530
1,164,180 * R & B FALCON CORP ................... 27,431
500 * RANGE RESOURCES CORP ................ 2
498,000 * RANGER OIL LTD ...................... 2,655
172,050 * RENAISSANCE ENERGY LTD .............. 1,666
2,162,388 REPSOL S.A. ......................... 43,219
672,768 * ROWAN COS, INC ...................... 20,435
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual o 21
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
OIL, GAS AND OTHER ENERGY SERVICES--(CONTINUED)
7,247,956 ROYAL DUTCH PETROLEUM CO .......... $ 452,308
250,000 ROYAL DUTCH PETROLEUM CO
(NY REGD) ADR .................... 15,391
593,044 RPC, INC .......................... 6,264
25,000 SANTA FE INTERNATIONAL CORP ....... 873
1,084,860 * SANTA FE SNYDER CORP .............. 12,340
1,338,661 SANTOS LTD ........................ 4,091
474,984 SASOL LTD ......................... 3,188
721,600 SCHLUMBERGER LTD .................. 53,849
148,700 * SEITEL, INC ....................... 1,208
50 * SERVAL GROWTH FUND TRUST (UNITS) .. 0
544,000 SHOWA SHELL SEKIYU K.K. ........... 2,694
32,772 SMEDVIG AS SERIES A ............... 594
98,700 ST. MARY LAND & EXPLORATION CO .... 4,152
90,500 * STONE ENERGY CORP ................. 5,407
504,200 SUNCOR ENERGY, INC ................ 11,638
607,942 SUNOCO, INC ....................... 17,896
23,800 * SUPERIOR ENERGY SERVICES, INC ..... 247
5,600 * SWIFT ENERGY CO ................... 159
117,176 * SYNTROLEUM CORP ................... 2,007
14,784 TECHNIP S.A. ...................... 1,796
385,176 * TEIKOKU OIL CO LTD ................ 1,252
199,981 * TESORO PETROLEUM CORP ............. 2,025
3,538,296 TEXACO, INC ....................... 188,414
1,014,025 TOSCO CORP ........................ 28,710
2,764,508 TOTAL FINA ELF S.A. ............... 425,599
163,377 TOTAL FINA S.A. (STRIP VVPR) ...... 2
153,677 TOTAL FINA S.A. SERIES B .......... 23,998
2,025 * TOTAL FINA WTS 08/05/03 ........... 69
154,854 * TRANSMONTAIGNE, INC ............... 948
139,701 TRANSOCEAN SEDCO FOREX, INC ....... 7,465
32 * TRANSTEXAS GAS CORP (CLASS A) ..... 0
35 * TRITON ENERGY LTD ................. 1
360,363 * TULLOW OIL PLC .................... 276
645,999 ULTRAMAR DIAMOND SHAMROCK CORP .... 16,029
1,282,001 UNION PACIFIC RESOURCES GROUP, INC 28,204
1,689,116 UNOCAL CORP ....................... 55,952
2,167,689 USX-MARATHON GROUP, INC ........... 54,328
86,300 * UTI ENERGY CORP ................... 3,463
317,400 VALERO ENERGY CORP ................ 10,077
388,356 * VARCO INTERNATIONAL, INC (NEW) .... 9,029
98,500 VASTAR RESOURCES, INC ............. 8,089
161,500 * VERITAS DGC, INC .................. 4,199
279,700 VINTAGE PETROLEUM, INC ............ 6,311
178,400 WD-40 CO .......................... 3,702
704,550 * WEATHERFORD INTERNATIONAL, INC .... 28,050
593,200 WOODSIDE PETROLEUM LTD ............ 4,630
----------
TOTAL ENERGY ...................... 6,906,473
----------
FINANCE--14.88%
BANKS, SAVINGS AND LOANS--7.46%
7,481,244 ABBEY NATIONAL PLC ................. 89,474
2,975,649 ABN-AMRO HOLDINGS NV ............... 73,194
495,316 ABSA GROUP LTD ..................... 1,878
13,500 ALABAMA NATIONAL BANCORP ........... 267
13,900 ALLIANCE BANCORP ................... 228
429,900 ALLIED IRISH BANK .................. 3,847
4,130,941 ALLIED IRISH BANK PLC .............. 37,104
177,200 AMCORE FINANCIAL, INC .............. 3,245
525,000 AMMB HOLDINGS BERHAD ............... 1,755
2,532,404 AMSOUTH BANCORP .................... 39,885
604,500 ANCHOR BANCORP WISCONSIN, INC ...... 9,256
6,300 ANDOVER BANCORP, INC ............... 182
347,000 * ARAB MALAYSIAN FINANCE BERHAD ...... 367
20,400 AREA BANCSHARES CORP ............... 455
5,732,486 ASAHI BANK LTD ..................... 24,164
SHARES VALUE (000)
----- -------
826,000 * ASHIKAGA BANK LTD ................... $ 1,717
677,739 ASSOCIATED BANC-CORP ................ 14,783
1,320,655 ASTORIA FINANCIAL CORP .............. 34,007
1,146,908 AUSTRALIAN & NEW ZEALAND BANKING
GROUP LTD .......................... 8,821
485,403 e BANCA COMMERCIALE ITALIANA S.P.A. ... 2,727
8,365,965 e BANCA DI ROMA ....................... 10,313
2,200,154 e BANCA INTESA RISP S.P.A. ............ 5,230
25,164,066 e BANCA INTESA S.P.A. ................. 113,133
507,403 * BANCA INTESA S.P.A. PUT WTS 11/15/02 666
100,000 * BANCA NAZIONALE DEL LAVORO .......... 354
580,174 BANCA POPOLARE DI MILANO ............ 4,199
114 BANCFIRST CORP ...................... 4
11,100 BANCFIRST OHIO CORP ................. 182
64,880 * BANCO ABROS VENETO RISP WTS 05/31/02 27
843,540 * BANCO AMBROSIANO VENETO WTS 05/31/02 795
2,174,220 BANCO COMERCIAL PORTUGUES S.A. (REGD) 11,359
325,886 BANCO ESPIRITO SANTO S.A. ........... 8,029
79,961 BANCO FRANCES S.A. .................. 588
8,161,615 BANCO SANTANDER CENTRAL HISPANO S.A. 86,452
359,251 BANCORPSOUTH, INC ................... 5,052
517,144 BANCWEST CORP ....................... 8,501
196,581 BANK AUSTRIA AG. .................... 9,614
16,046,314 BANK OF AMERICA CORP ................ 689,992
2,408,337 BANK OF EAST ASIA LTD ............... 5,623
799,000 e BANK OF FUKUOKA LTD ................. 5,452
9,700 BANK OF GRANITE CORP ................ 222
350,000 BANK OF IRELAND ..................... 2,199
564,100 BANK OF MONTREAL .................... 23,794
4,552,274 BANK OF NEW YORK CO, INC ............ 211,681
1,026,644 BANK OF NOVA SCOTIA ................. 25,152
4,075,573 BANK OF SCOTLAND .................... 38,779
9,257,087 e BANK OF TOKYO MITSUBISHI LTD ........ 112,077
1,864,656 BANK OF YOKOHAMA LTD ................ 8,371
7,021,638 BANK ONE CORP ....................... 186,512
213,400 BANK UNITED CORP (CLASS A) .......... 7,509
96,700 BANKATLANTIC BANCORP, INC (CLASS B) . 568
1,113,631 BANKNORTH GROUP, INC ................ 17,052
3,760,234 BARCLAYS PLC ........................ 93,530
989,469 BAY VIEW CAPITAL CORP ............... 9,709
809,349 BAYERISCHE HYPO-UND VEREINSBANK AG. . 52,835
2,855,210 BB&T CORP ........................... 68,168
6,021,969 BCO BILBAO VIZCAYA ARGENTARIA S.A. .. 90,342
1,756,328 e BNP PARIBAS GROUP ................... 169,708
75,415 * BOK FINANCIAL CORP .................. 1,324
2,231,390 BPI-SGPS S.A. (REGD) ................ 7,914
56,758 BRENTON BANKS, INC .................. 788
15,600 BROOKLINE BANCORP, INC .............. 178
44,000 BSB BANCORP, INC .................... 883
26,330 BT FINANCIAL CORP ................... 454
73,900 * CALIFORNIA FEDERAL BANK ............. 48
72,820 * CALIFORNIA FEDERAL BANK GOODWILL CERT 109
878,757 CANADIAN IMPERIAL BANK OF COMMERCE ... 24,108
140,600 CAPITOL FEDERAL FINANCIAL ............ 1,555
20,800 CATHAY BANCORP, INC .................. 965
251,300 CCB FINANCIAL CORP ................... 9,298
37,982 * CENTENNIAL BANCORP ................... 330
247,885 CENTURA BANKS, INC ................... 8,413
11,300 CENTURY SOUTH BANKS, INC ............. 219
50,500 CFS BANCORP, INC ..................... 462
5,147,755 CHARTER ONE FINANCIAL, INC ........... 118,398
12,070,955 CHASE MANHATTAN CORP ................. 556,018
19,035 CHEMICAL FINANCIAL CORP .............. 495
7,540 e CHIBA BANK LTD ....................... 30
212,042 CHITTENDEN CORP ...................... 5,182
1,611,900 CHRISTIANIA BANK OG KREDITKASSE ...... 8,693
829,299 * CHUO MITSUI TRUST & BANKING CO LTD ... 3,621
SEE NOTES TO FINANCIAL STATEMENTS
22 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
BANKS, SAVINGS AND LOANS--(CONTINUED)
25,418,090 CITIGROUP, INC .....................$1,531,440
254,352 CITIZENS BANKING CORP (MICHIGAN) ... 4,129
10,166 CITY HOLDINGS CO ................... 60
260,600 CITY NATIONAL CORP ................. 9,056
620,300 COLONIAL BANCGROUP, INC ............ 5,583
1,068,808 COMERICA, INC ...................... 47,963
1,147,000 COMMERCE ASSET HOLDINGS BERHAD ..... 3,320
207,425 COMMERCE BANCORP, INC .............. 9,542
392,920 COMMERCE BANCSHARES, INC ........... 11,689
382,275 COMMERCIAL FEDERAL CORP ............ 5,949
10,000 COMMERZBANK AG. .................... 358
2,558,581 * COMMONWEALTH BACK OF AUSTRALIA ..... 42,537
59,400 COMMONWEALTH BANCORP, INC .......... 705
29,900 COMMUNITY BANK SYSTEM, INC ......... 663
316,800 COMMUNITY FIRST BANKSHARES, INC .... 5,168
65,891 COMMUNITY TRUST BANCORP, INC ....... 1,165
924,900 COMPASS BANCSHARES, INC ............ 15,781
58,000 CORUS BANKSHARES, INC .............. 1,533
558,461 e CREDIT SUISSE GROUP (REGD) ......... 111,445
1 f* CRESTARAN INTERNATIONAL INVESTMENT BV 0
528,600 CULLEN FROST BANKERS, INC .......... 13,909
29,193 CVB FINANCIAL CORP ................. 462
1,017,000 DAI-ICHI KANGO BANK LTD ............ 7,738
2,417,000 DAIWA BANK LTD ..................... 6,282
2,000,000 DAO HENG BANK GROUP LTD ............ 8,851
2,620,258 DBS GROUP HOLDINGS LTD ............. 33,644
91,605 DEN DANSKE BANK AF 1871 ............ 11,065
1,201,377 DEUTSCHE BANK AG. (REGD) ........... 99,502
695,500 DIME BANCORP, INC .................. 10,954
118,400 DIME COMMUNITY BANCORP, INC ........ 1,924
1,554,000 DNB HOLDING ASA .................... 6,472
127,695 DOWNEY FINANCIAL CORP .............. 3,703
1,018,478 DRESDNER BANK AG. (REGD) ........... 42,372
60,000 ERSTE BANK DER OESTER SPARK AG. .... 2,554
20,665 F & M BANCORP, INC (MARYLAND) ...... 408
136,722 F & M NATIONAL CORP ................ 2,871
67,345 F.N.B. CORP ........................ 1,389
3,000 FARMERS CAPITAL BANK CORP .......... 91
2,500 FCNB CORP .......................... 45
1,539,407 FIFTH THIRD BANCORP ................ 97,367
150,200 FIRST BANCORP (PUERTO RICO) ........ 2,788
100 FIRST BUSEY CORP ................... 2
49,800 FIRST CHARTER CORP ................. 784
31,900 FIRST CITIZENS BANCSHARES, INC
(CLASS A) ......................... 1,898
193,842 FIRST COMMONWEALTH FINANCIAL CORP .. 1,757
54,200 FIRST FEDERAL CAPITAL CORP ......... 600
112,738 FIRST FINANCIAL BANCORP ............ 2,220
2,920 FIRST FINANCIAL BANKSHARES, INC .... 80
2,800 FIRST FINANCIAL CORP (INDIANA) ..... 85
67,300 FIRST FINANCIAL HOLDINGS, INC ...... 925
35,500 FIRST INDIANA CORP ................. 706
24,350 FIRST MERCHANTS CORP ............... 516
223,569 FIRST MIDWEST BANCORP, INC ......... 5,198
17,800 FIRST NIAGARA FINANCIAL GROUP, INC . 167
58,900 * FIRST REPUBLIC BANK ................ 1,174
1,288,078 FIRST SECURITY CORP ................ 17,470
92,700 FIRST SENTINEL BANCORP, INC ........ 762
22,570 FIRST SOURCE CORP .................. 354
818,847 FIRST TENNESSEE NATIONAL CORP ...... 13,562
6,441,916 FIRST UNION CORP ................... 159,840
55,100 FIRST UNITED BANCSHARES, INC ....... 837
358,955 FIRST VIRGINIA BANKS, INC .......... 12,496
52,960 FIRST WASHINGTON BANCORP, INC ...... 738
314,800 * FIRSTFED FINANCIAL CORP ............ 4,447
511,420 FIRSTMERIT CORP .................... 10,932
57,300 FLAGSTAR BANCORP, INC .............. 466
10,880,956 FLEETBOSTON FINANCIAL CORP ......... 369,953
1,075,716 FORENINGSSPARBANKEN AB ............. 15,821
15,700 FRONTIER FINANCIAL CORP ............ 288
1,969,748 e FUJI BANK LTD ...................... 15,005
402,743 FULTON FINANCIAL CORP .............. 7,124
100,100 GBC BANCORP ........................ 2,928
95,800 * GENTRA, INC ........................ 902
880 GLACIER BANCORP, INC ............... 12
8,800 GOLD BANC CORP, INC ................ 44
2,016,939 * GOLDEN STATE BANCORP, INC .......... 36,305
731,200 * GOLDEN STATE BANCORP,
INC WTS 01/01/01 .................. 823
976,700 GOLDEN WEST FINANCIAL CORP ......... 39,862
300 GREAT SOUTHERN BANCORP ............. 5
46,500 GREATER BAY BANCORP ................ 2,174
548,258 GREENPOINT FINANCIAL CORP .......... 10,280
1,058,000 * GRUPO FINANCIERO BANAMEX ACCIVALS.A.
DE CV ............................. 4,450
4,100,000 * GRUPO FINANCIERO BANCOMER S.A. ..... 2,083
746,000 e GUNMA BANK LTD ..................... 3,857
54,900 * HAMILTON BANCORP, INC .............. 961
36,300 HANCOCK HOLDINGS CO ................ 1,234
3,142,246 HANG SENG BANK LTD ................. 29,829
47,409 HARBOR FLORIDA BANCSHARES, INC ..... 495
8,385 HARLEYSVILLE NATIONAL CORP ......... 275
14,400 HARRIS FINANCIAL, INC .............. 89
1,073,654 HIBERNIA CORP (CLASS A) ............ 11,676
1,594,000 * HOKURIKU BANK LTD .................. 3,706
3,552,472 HSBC HOLDINGS PLC (HONG KONG) ...... 40,559
13,360,903 HSBC HOLDINGS PLC (UNITED KINGDOM) . 152,816
32,500 HUDSON RIVER BANCORP, INC .......... 386
508,400 HUDSON UNITED BANCORP .............. 11,407
1,308,085 HUNTINGTON BANCSHARES, INC ......... 20,684
392,992 * IMPERIAL BANCORP ................... 6,116
421,200 INDEPENDENCE COMMUNITY BANK CORP ... 5,581
60,604 INDEPENDENT BANK CORP .............. 686
5,377,852 e INDUSTRIAL BANK OF JAPAN LTD ....... 40,865
39,751 INTEGRA BANK CORP .................. 676
59,187 INTERNATIONAL BANCSHARES CORP ...... 1,931
68,950 INTERWEST BANCORP, INC ............. 965
46,500 INVESTEC GROUP LTD ................. 1,566
67,600 IRWIN FINANCIAL CORP ............... 976
1,568,305 JOYO BANK .......................... 6,048
871,170 KBC BANCASSURANCE HOLDINGS NV ...... 38,498
3,257,040 KEYCORP ............................ 57,405
305,232 KEYSTONE FINANCIAL, INC ............ 6,486
11,284,163 LLOYDS TSB GROUP PLC ............... 106,599
129,030 * LOCAL FINANCIAL CORP ............... 1,077
50,288 M & T BANK CORP .................... 22,630
262,900 MAF BANCORP, INC ................... 4,781
2,426,200 MALAYAN BANKING BERHAD ............. 9,832
586,858 MARSHALL & ILSLEY CORP ............. 24,355
4,817,814 MBNA CORP .......................... 130,683
6,963,722 MELLON FINANCIAL CORP .............. 253,741
471,839 MERCANTILE BANKSHARES CORP ......... 14,067
54,500 MERCHANTS NEW YORK BANCORP, INC .... 937
46,049 MID-AMERICA BANCORP ................ 1,151
100 MIDWEST BANC HOLDINGS, INC ......... 1
15,100 MISSISSIPPI VALLEY BANCSHARES ...... 366
1,766,889 MITSUBISHI TRUST & BANKING CORP .... 13,744
978,469 MORGAN (J.P.) & CO, INC ............ 107,754
3,324,594 NATIONAL AUSTRALIA BANK LTD ........ 55,687
82,700 NATIONAL BANCORP OF ALASKA, INC .... 2,967
402,184 NATIONAL BANK OF CANADA ............ 5,999
4,022,703 NATIONAL CITY CORP ................. 68,637
420,600 NATIONAL COMMERCE BANCORP .......... 6,756
2,795 NATIONAL PENN BANCSHARES, INC ...... 58
42,009 NBT BANCORP, INC ................... 449
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 23
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
BANKS, SAVINGS AND LOANS--(CONTINUED)
130,052 NEDCOR LTD ......................... $ 2,731
3,836,866 NORDIC BALTIC HOLDING (NBH) AB ..... 29,090
1,919,115 * NORDIC BALTIC HOLDING AB ........... 14,056
1,267,928 NORTH FORK BANCORP, INC ............ 19,177
1,595,286 NORTHERN TRUST CORP ................ 103,793
41,400 NORTHWEST BANCORP, INC ............. 285
84,900 OCEANFIRST FINANCIAL CORP .......... 1,565
148,038 * OCWEN FINANCIAL CORP ............... 823
786,108 OLD KENT FINANCIAL CORP ............ 21,028
308,722 OLD NATIONAL BANCORP .............. 9,049
7,800 OMEGA FINANCIAL CORP .............. 197
209,850 ONE VALLEY BANCORP, INC ........... 6,558
42,366 ORIENTAL FINANCIAL GROUP .......... 612
1,940,129 OVERSEAS CHINESE BANKING CORP LTD . 13,353
141,800 PACIFIC CAPITAL BANCORP ........... 3,554
873,500 PACIFIC CENTURY FINANCIAL CORP .... 12,775
10,937 PARK NATIONAL CORP ................ 993
162,350 PEOPLES BANK OF BRIDGEPORT CO ..... 2,983
8,500 PEOPLES HOLDINGS CO ............... 170
85,500 PFF BANCORP, INC .................. 1,560
2,154,589 PNC FINANCIAL SERVICES GROUP, INC . 100,996
859,743 POPULAR, INC ...................... 16,389
52,370 PREMIER NATIONAL BANCORP, INC ..... 681
168,304 PROVIDENT BANKSHARES CORP ......... 2,272
156,800 PROVIDENT FINANCIAL GROUP ......... 3,734
1,011,348 PROVIDIAN FINANCIAL CORP .......... 91,021
108,000 QUEENS COUNTY BANCORP, INC ........ 1,991
1,420,890 REGIONS FINANCIAL CORP ............ 28,240
285,140 REPUBLIC BANCORP, INC ............. 2,548
500 REPUBLIC BANCORP, INC (KENTUCKY) .. 5
15,800 * REPUBLIC BANCSHARES, INC .......... 190
305,974 REPUBLIC SECURITY FINANCIAL CORP .. 1,530
193,000 RICHMOND COUNTY FINANCIAL CORP .... 3,691
120,300 RIGGS NATIONAL CORP ............... 1,519
486,390 ROSLYN BANCORP, INC ............... 8,079
722,405 ROYAL BANK OF CANADA .............. 36,932
7,763,101 ROYAL BANK OF SCOTLAND PLC ........ 129,983
98,300 S & T BANCORP, INC ................ 1,794
248,058 * S1 CORP ........................... 5,783
5,238,244 SAKURA BANK LTD ................... 36,290
4,761,330 e SAN PAOLO-IMI S.P.A. .............. 84,849
11,000 SANDY SPRING BANCORP, INC ......... 225
12,040 SANTANDER BANCORP ................. 154
713,765 e SANWA BANK LTD .................... 5,707
159,300 SEACOAST FINANCIAL SERVICES CORP .. 1,513
100 SECOND BANCORP, INC ............... 2
555,000 SEVENTY-SEVEN (77) BANK LTD ....... 4,448
890,000 SHIZUOKA BANK LTD ................. 7,570
5,696 SHORELINE FINANCIAL CORP .......... 68
322,550 * SILICON VALLEY BANCSHARES ......... 13,749
6,200 SIMMONS FIRST NATIONAL CORP
(CLASS A) ........................ 139
1,443,563 SKANDINAVISKA ENSKILDA BANKEN
SERIES A ........................ 17,199
489,303 SKY FINANCIAL GROUP, INC .......... 7,798
827,741 SOCIETE GENERALE S.A. ............. 49,989
85,107 SOUTH FINANCIAL GROUP, INC ........ 1,234
1,134,155 SOUTHTRUST CORP ................... 25,660
176,700 * SOUTHWEST BANCORP OF TEXAS, INC ... 3,667
1,172,356 SOVEREIGN BANCORP, INC ............ 8,243
16,600 ST. FRANCIS CAPITAL CORP .......... 251
69,372 STANDARD CHARTERED PLC ............ 864
1,107,900 STATE STREET CORP ................. 117,507
247,800 STATEN ISLAND BANCORP, INC ........ 4,367
107,600 STERLING BANCSHARES, INC .......... 1,163
200 STERLING FINANCIAL CORP ........... 4
6,157,818 e SUMITOMO BANK LTD ................. 75,659
1,175,276 SUMMIT BANCORP .................... 28,941
321,533 e SUNCORP-METWAY LTD ................ 1,664
2,071,886 SUNTRUST BANKS, INC ............... 94,659
186,450 SUSQUEHANNA BANCSHARES, INC ....... 2,657
1,097,115 SVENSKA HANDELSBANKEN SERIES A .... 16,011
327,500 SVENSKA HANDELSBANKEN SERIES B FREE 4,742
1,200,994 SYNOVUS FINANCIAL CORP ............ 21,168
705,550 TCF FINANCIAL CORP ................ 18,124
92,300 TEXAS REGIONAL BANCSHARES,
INC (CLASS A) .................... 2,342
41,150 THREE RIVERS BANCORP, INC ......... 270
5,004,609 e TOKAI BANK LTD .................... 24,738
85,700 TORONTO DOMINION BANK ............. 2,082
98,300 TRUST CO OF NEW JERSEY ............ 1,794
216,170 TRUSTCO BANK CORP (NEW YORK) ...... 2,702
266,202 TRUSTMARK CORP .................... 4,642
4,526,018 U.S. BANCORP ...................... 87,126
9,340 U.S.B. HOLDINGS CO, INC ........... 132
1,585,603 UBS AG. (REGD) .................... 233,048
95,501 UMB FINANCIAL CORP ................ 3,134
12,100,011 e UNICREDITO ITALIANO S.P.A. ........ 58,111
858,241 UNION PLANTERS CORP ............... 23,977
290,494 UNIONBANCAL CORP .................. 5,392
130,700 UNITED BANKSHARES, INC ............ 2,377
94,900 UNITED COMMUNITY FINANCIAL
CORP (OHIO) ...................... 632
23,354 UNITED NATIONAL BANCORP ........... 429
1,518,195 UNITED OVERSEAS BANK LTD .......... 9,922
83,500 USBANCORP, INC .................... 297
404,277 VALLEY NATIONAL BANCORP ........... 9,829
118,200 W HOLDING CO, INC ................. 975
1,299,812 WACHOVIA CORP ..................... 70,515
586,700 WASHINGTON FEDERAL, INC ........... 10,707
3,550,090 WASHINGTON MUTUAL, INC ............ 102,509
310,484 WEBSTER FINANCIAL CORP ............ 6,889
12,208,517 WELLS FARGO CO .................... 473,080
62,300 WESBANCO, INC ..................... 1,511
84,149 WEST COAST BANCORP (OREGON) ....... 841
236,100 WESTAMERICA BANCORP ............... 6,168
33,120 WESTCORP .......................... 395
5,257,395 WESTPAC BANKING CORP .............. 38,036
134,400 WHITNEY HOLDINGS CORP ............. 4,595
233,300 WILMINGTON TRUST CORP ............. 9,974
2 WING LUNG BANK LTD ................ 0
476,900 ZIONS BANCORP ..................... 21,885
----------
9,926,281
----------
CREDIT AND OTHER FINANCE--2.42%
14,200 e* 4 KIDS ENTERTAINMENT, INC ......... 370
338,811 * ACNEILSEN CORP .................... 7,454
529,200 ACOM CO LTD ....................... 44,615
52,244 e ADVANTA CORP (CLASS A) ............ 637
103,397 ADVANTA CORP (CLASS B) ............ 879
866,400 * AFRICAN BANK INVESTMENTS LTD ...... 1,132
16,500 AIFUL CORP ........................ 1,525
700 * ALEXANDERS, INC ................... 51
72,698 ALEXANDRIA REAL ESTATE EQUITIES, INC 2,494
291,940 ALLIED CAPITAL CORP ............... 4,963
2,105,693 ALLIED ZURICH PLC ................. 24,913
499,400 AMB PROPERTY CORP ................. 11,393
800 * AMERCO ............................ 16
8,415,351 AMERICAN EXPRESS CO ............... 438,650
2,900 AMERICAN INDUSTRIAL PROPERTIES REIT 39
470,620 * AMERICREDIT CORP .................. 8,001
44,700 AMLI RESIDENTIAL PROPERTIES TRUST . 1,053
130,100 * AMRESCO, INC ...................... 73
419,783 APARTMENT INVESTMENT &
MANAGEMENT CO .................... 18,156
593,053 * ARCHSTONE COMMUNITIES TRUST ....... 12,491
55,100 ASSOCIATED ESTATES REALTY CORP .... 386
SEE NOTES TO FINANCIAL STATEMENTS
24 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
CREDIT AND OTHER FINANCE--(CONTINUED)
7,522,086 ASSOCIATES FIRST CAPITAL CORP ......$ 167,837
314,281 * ASSOCIATES FIRST CAPITAL
RESIDUAL VALUE .................... 10
418,841 AVALONBAY COMMUNITIES, INC ......... 17,487
38,717 e* BARLOW LTD ......................... 233
139,600 BEDFORD PROPERTY INVESTORS, INC .... 2,591
1,539,100 * BOE LTD ............................ 874
345,600 BOSTON PROPERTIES, INC ............. 13,349
107,327 BOYKIN LODGING CO .................. 1,449
174,953 BRADLEY REAL ESTATE, INC ........... 3,729
236,400 BRANDYWINE REALTY TRUST ............ 4,521
272,600 BRE PROPERTIES, INC (CLASS A) ...... 7,871
2,582,277 BRIERLEY INVESTMENTS LTD (SINGAPORE) 403
102,900 BURNHAM PACIFIC PROPERTIES, INC .... 707
246,500 C.I. FUND MANAGEMENT, INC .......... 4,666
291,372 CAMDEN PROPERTY TRUST .............. 8,559
69,900 CANADIAN OIL SANDS TRUST (UNITS) ... 1,392
429,897 * CANARY WHARF FINANCE PLC ........... 2,398
67,000 CAPITAL AUTOMOTIVE REIT ............ 946
1,186,363 CAPITAL ONE FINANCIAL CORP ......... 52,941
55,441 CAPSTEAD MORTGAGE CORP ............. 464
495,200 CARRAMERICA REALTY CORP ............ 13,123
173,871 CBL & ASSOCIATES PROPERTIES, INC ... 4,336
43,300 CENTER TRUST, INC .................. 219
188,600 CENTERPOINT PROPERTIES CORP ........ 7,685
82,600 CHARLES E. SMITH RESIDENTIAL
REALTY, INC ....................... 3,139
48,352 CHARTER MUNICIPAL MORTGAGE
ACCEPTANCE ........................ 595
136,500 CHATEAU PROPERTIES, INC ............ 3,856
98,400 CHELSEA GCA REALTY, INC ............ 3,401
300,700 * CHOICEPOINT, INC ................... 13,381
7,615 CIE FINANC RICHEMONT (UNITS)
(CLASS A) ......................... 20,582
462,100 CIT GROUP, INC (CLASS A) ........... 7,509
99,400 b,e* CITYSCAPE FINANCIAL CORP ........... 1
648,500 * COAST FEDERAL LITIGATION
CONTINGENT RTS .................... 1,054
161,200 COLONIAL PROPERTIES TRUST .......... 4,413
77,768 COMMERCIAL NET LEASE REALTY, INC ... 817
55,000 * COMPUCREDIT CORP ................... 1,650
1,495,374 * CONCORD EFS, INC ................... 38,880
67,100 * CONTIFINANCIAL CORP ................ 2
151,900 CORNERSTONE REALTY INCOME TRUST, INC 1,519
57,400 * CORONATION HOLDINGS LTD (N SHS) .... 897
728,694 CORPORACION FINANCIERE ALBA S.A. ... 19,279
608,095 COUNTRYWIDE CREDIT INDUSTRIES, INC . 18,433
150,564 COUSINS PROPERTIES, INC ............ 5,797
279,300 * CREDIT ACCEPTANCE CORP ............. 1,554
149,443 e CREDIT SAISON CO LTD ............... 3,475
30,200 b,e* CREDITRUST CORP .................... 40
687,900 CRESCENT REAL ESTATE EQUITIES CO ... 14,102
29,910 * CRESECENT OPERATING, INC ........... 43
2,689 b* CRIIMI MAE, INC .................... 4
161,694 CROWN AMERICAN REALTY TRUST ........ 869
386,700 DEVELOPERS DIVERSIFIED REALTY CORP . 5,776
240,100 DORAL FINANCIAL CORP ............... 2,746
399,251 DROTT AB SERIES B .................. 4,324
809,574 DUKE-WEEKS REALTY CORP ............. 18,114
58,200 * DVI, INC ........................... 931
49,778 * FIRST RUSSIAN FRONTIER
SERIES A WTS 06/30/01 ............. 39
248,893 * EAST EUROPEAN FRONTIER TRUST PLC ... 1,997
143,900 EAST WEST BANCORP, INC ............. 2,069
101,300 EASTGROUP PROPERTIES, INC .......... 2,134
9,600 e* E-LOAN, INC ........................ 46
103,600 ENTERTAINMENT PROPERTIES TRUST ..... 1,431
1,046,898 EQUIFAX, INC ....................... 27,481
114,300 EQUITY INNS, INC ................... 700
2,062,112 EQUITY OFFICE PROPERTIES TRUST ...... 56,837
801,751 EQUITY RESIDENTIAL PROPERTIES
TRUST CO ........................... 36,881
88,600 ESSEX PROPERTY TRUST, INC ........... 3,721
5,339 EURAFRANCE S.A. ..................... 2,567
129,066 EVEREST RE GROUP LTD ................ 4,243
22,600 * FEDERAL AGRICULTURE MORTGAGE CORP ... 329
6,521,084 FEDERAL NATIONAL MORTGAGE ASSOCIATION 340,319
253,000 FEDERAL REALTY INVESTMENT TRUST ..... 5,060
379,915 FELCOR LODGING TRUST, INC ........... 7,028
58,800 * FINANCIAL FEDERAL CORP .............. 1,022
350,900 * FINET.COM, INC ...................... 241
418,801 FINOVA GROUP, INC ................... 5,444
3,620 * FIRST HUNGARY FUND LTD (CLASS A) .... 7,173
248,800 FIRST INDUSTRIAL REALTY TRUST, INC .. 7,340
1,598,400 FIRST NIS REGIONAL FUND (FULLY PD) .. 8,999
42,000 FIRST WASHINGTON REALTY TRUST, INC .. 927
9,812,884 FIRSTAR CORP ........................ 206,684
365,812 e* FIRSTPLUS FINANCIAL GROUP, INC ...... 106
2,849,350 FIRSTRAND LTD ....................... 2,942
360,640 FRANCHISE FINANCE CORP OF AMERICA ... 8,295
4,155,124 FREDDIE MAC ......................... 168,283
146,500 GABLES RESIDENTIAL TRUST ............ 3,772
323,300 GENERAL GROWTH PROPERTIES, INC ...... 10,265
341,738 GETTY REALTY HOLDINGS CORP .......... 3,716
196,900 GLENBOROUGH REALTY TRUST, INC ....... 3,433
147,000 GLIMCHER REALTY TRUST ............... 2,113
10,800 GOLF TRUST OF AMERICA, INC .......... 171
8,472 * GRANDE HOLDINGS WTS 10/15/00 ........ 1
77,530 GREAT LAKES REIT, INC ............... 1,318
6,889 * GROUP POUR LE FINANCEMENT
CONSTRUCTION ....................... 740
1,109,000 * GRUPO INDUSTRIAL ALFA S.A. SERIES A . 2,535
4,301,073 HALIFAX PLC ......................... 41,282
163,000 HAW PAR CORP LTD .................... 264
306,014 HEALTH CARE PROPERTY INVESTORS, INC . 8,339
150,817 HEALTH CARE REIT, INC ............... 2,451
249,700 HEALTHCARE REALTY TRUST, INC ........ 4,261
258,308 HELLER FINANCIAL, INC ............... 5,295
398,000 HIGHWOODS PROPERTIES, INC ........... 9,552
587,000 e HITACHI CREDIT CORP ................. 15,923
88,136 HOME PROPERTIES OF NEW YORK, INC .... 2,644
118 * HORIZON GROUP PROPERTIES, INC ....... 0
316,100 HOSPITALITY PROPERTIES TRUST ........ 7,132
2,875,519 HOUSEHOLD INTERNATIONAL, INC ........ 119,514
816,600 HRPT PROPERTIES TRUST ............... 5,002
6,934,767 HUTCHINSON WHAMPOA LTD .............. 87,182
26,400 * IMC MORTGAGE CO ..................... 1
160,000 * IMPERIAL CREDIT INDUSTRIES, INC ..... 680
761,025 INDYMAC BANCORP, INC ................ 10,321
1,956,754 ING GROEP NV ........................ 132,803
189,700 INNKEEPERS U.S.A. TRUST ............. 1,731
117,529 IRISH LIFE AND PERMANENT PLC ........ 995
109,042 IRISH LIFE AND PERMANENT PLC (U.K.) . 920
205,800 IRT PROPERTY CO ..................... 1,749
356,204 ISTAR FINANCIAL, INC ................ 7,458
62,000 JACCS CO ............................ 199
179,900 JDN REALTY CORP ..................... 1,833
86,400 JP REALTY, INC ...................... 1,539
44,550 * KEPPEL LAND WTS 12/12/00 ............ 2
172,826 KILROY REALTY CORP .................. 4,483
318,150 KIMCO REALTY CORP ................... 13,044
127,800 KOGER EQUITY, INC ................... 2,157
1,500 KONOVER PROPERTY TRUST, INC ......... 7
1,345,970 * LAND SECURITIES PLC ................. 16,098
74,600 LASALLE HOTEL PROPERTIES ............ 1,072
980,150 LEND LEASE CORP LTD ................. 12,539
262,000 * LEUCADIA NATIONAL CORP .............. 5,977
10,300 LEXINGTON CORPORATE PROPERTIES TRUST 115
387,700 LIBERTY PROPERTY TRUST CO ........... 10,056
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 25
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
CREDIT AND OTHER FINANCE--(CONTINUED)
171,300 LTC PROPERTIES, INC .................$ 1,017
188,800 MACERICH CO ......................... 4,165
383,600 e MACK-CALI REALTY CORP ............... 9,854
129,500 MANUFACTURED HOME COMMUNITIES, INC .. 3,100
49,700 MEDALLION FINANCIAL CORP ............ 767
1,251,316 MEDIOBANCA S.P.A. ................... 12,955
832,382 MEDITRUST CORP PAIRED ............... 3,121
297,181 MERISTAR HOSPITALITY CORP ........... 6,241
18,535 * MERRY LAND PROPERTIES, INC .......... 96
460,524 METRIS COS, INC ..................... 11,571
5,699,226 * METROPOLITAN LIFE INSURANCE CO ...... 120,040
3,555 e* MFN FINANCIAL CORP .................. 22
4,123 * MFN FINANCIAL CORP WTS
SERIES A 03/23/02 .................. 1
4,123 * MFN FINANCIAL CORP WTS
SERIES B 03/23/03 .................. 1
4,123 * MFN FINANCIAL CORP WTS
SERIES C 03/23/04 .................. 1
60,000 MGI PROPERTIES, INC ................. 139
47,425 MID-AMERICA APARTMENT COMMUNITIES, INC 1,138
2,500 MID-STATE BANCSHARES ................ 68
98,431 MILLS CORP .......................... 1,852
80,600 NATIONAL GOLF PROPERTIES, INC ....... 1,703
127,400 NATIONAL HEALTH INVESTORS, INC ...... 1,401
87,490 * NATIONAL PROCESSING, INC ............ 1,094
288,100 NATIONWIDE HEALTH PROPERTIES, INC ... 4,015
150,089 e* NETBANK, INC ........................ 1,867
60,800 e* NEW CENTURY FINANCIAL CORP .......... 530
568,246 NEW PLAN EXCEL REALTY TRUST ......... 7,387
62,400 * NEXTCARD, INC ....................... 530
107,200 NICHIEI CO LTD (KYOTO) .............. 1,763
333,000 NIPPON SHINPAN CO LTD ............... 815
120,001 NORTHERN ROCK PLC ................... 618
129,398 OMEGA HEALTHCARE INVESTORS, INC ..... 582
2 * OMEGA WORLDWIDE, INC ................ 0
466,240 ORIENTAL HOLDINGS ................... 982
119,600 ORIX CORP ........................... 17,690
47 PACIFIC CREST CAPITAL, INC .......... 1
109,300 PACIFIC GULF PROPERTIES, INC ........ 2,739
58,900 PAN PACIFIC RETAIL PROPERTIES, INC .. 1,185
57,446 PARKWAY PROPERTIES, INC ............. 1,752
375,000 PC HOLDINGS ......................... 686
49,400 PENNSYLVANIA REAL ESTATE
INVESTMENT TRUST .................... 846
44,000 PLUM CREEK TIMBER CO, INC ............ 1,144
225,582 POST PROPERTIES, INC ................. 9,926
414,900 POWER CORP OF CANADA ................. 8,512
281,900 PRENTISS PROPERTIES TRUST ............ 6,766
75 * PRICESMART, INC ...................... 3
47,200 PRIME GROUP REALTY TRUST ............. 717
225,600 PRIMEDIA LTD (N SHS) ................. 168
751,787 PRISON REALTY TRUST, INC ............. 2,302
572,660 PROLOGIS TRUST ....................... 12,205
427,900 PROMISE CO LTD ....................... 33,890
466,087 PROVIDENT FINANCIAL PLC .............. 4,904
53,148 PS BUSINESS PARKS, INC ............... 1,276
597,680 PUBLIC STORAGE, INC .................. 14,008
977,000 * QPL INTERNATIONAL HOLDINGS LTD ....... 1,404
141,800 REALTY INCOME CORP ................... 3,341
358,711 RECKSON ASSOCIATES REALTY CORP ....... 8,781
10,822 REDWOOD TRUST, INC ................... 152
183,200 REGENCY REALTY CORP .................. 4,351
325,500 REMBRANDT GROUP LTD .................. 3,140
148,100 RESOURCE AMERICA, INC (CLASS A) ...... 967
25 RESOURCE BANCSHARES MORTGAGE
GROUP, INC .......................... 0
172,900 RFS HOTEL INVESTORS, INC ............. 2,032
105,964 RMB HOLDINGS LTD ..................... 158
451,500 ROUSE CO ............................. 11,175
9,600 SAUL CENTERS, INC .................... 155
564,851 SCHRODERS PLC (NEW) .................. 10,159
84,410 SENIOR HOUSING PROPERTIES TRUST ...... 617
205,732 SHOHKOH FUND & CO .................... 46,472
128,800 SHURGARD STORAGE CENTERS, INC ........ 2,898
101,000 * SIERRACITIES.COM, INC ................ 379
2,183,900 SIME DARBY BERHAD .................... 2,805
814,960 SIMON PROPERTY GROUP, INC ............ 18,082
1,125,000 * SKYLINE VENTURE PARTNERS
QUALIFIED II ........................ 1,125
135,000 SL GREEN REALTY CORP ................. 3,611
984,990 SLM HOLDINGS CORP .................... 36,876
71,300 SOVRAN SELF STORAGE, INC ............. 1,528
383,200 SPIEKER PROPERTIES, INC .............. 17,627
172,600 STORAGE U.S.A., INC .................. 5,092
12,900 STUDENT LOAN CORP .................... 542
2,545,000 SUMITOMO CORP ........................ 28,696
132,457 SUMMIT PROPERTIES, INC ............... 2,782
99,900 SUN COMMUNITIES, INC ................. 3,340
1,422,000 TA ENTERPRISE BERHAD ................. 460
345,300 * TAKEFUJI CORP ........................ 41,806
32,400 TANGER FACTORY OUTLET CENTERS, INC ... 761
396,130 TAUBMAN CENTERS, INC ................. 4,357
69,900 * TELESCAN, INC ........................ 511
145,603 THORNBURG MORTGAGE, INC .............. 1,047
1,428,000 e TOKYU CORP ........................... 7,072
99,800 TOWN & COUNTRY TRUST ................. 1,715
96,000 U.S. RESTAURANT PROPERTIES, INC ...... 858
582,700 * UNICAPITAL CORP ...................... 291
7,800 b* UNITED COS FINANCIAL CORP ............ 1
951,877 UNITED DOMINION REALTY TRUST, INC .... 10,471
62,800 URBAN SHOPPING CENTERS, INC .......... 2,116
405,656 * VENTAS, INC .......................... 1,293
2,945 * VORNADO OPERATING CO ................. 23
571,400 VORNADO REALTY TRUST ................. 19,856
227,400 WASHINGTON REAL ESTATE
INVESTMENT TRUST .................... 4,065
265,332 WEINGARTEN REALTY INVESTORS, INC ..... 10,713
30,399 * WELLSFORD REAL PROPERTIES, INC ....... 460
57,000 WESTERN PROPERTIES TRUST ............. 677
177,000 WESTFIELD AMERICA, INC ............... 2,378
76,096 WESTFIELD TRUST (NEW UNITS) .......... 143
1,400,177 WESTFIELD TRUST (UNITS) .............. 2,725
27,300 WFS FINANCIAL, INC ................... 471
1,240 WHITE MOUNTAINS INSURANCE GROUP, INC . 198
100 WINSTON HOTELS, INC .................. 1
---------
3,220,198
---------
INSURANCE--3.56%
95,800 21ST CENTURY INSURANCE GROUP ........ 1,509
12,000 * ACCEPTANCE INSURANCE COS, INC ....... 60
2,153,820 ACE LTD ............................. 60,307
5,510,945 * AEGON NV ............................ 196,890
74,608 AEGON NV ARS ........................ 2,658
944,960 AETNA, INC .......................... 60,655
1,529,201 AFLAC, INC .......................... 70,248
36,200 * AFRICAN LIFE ASSURANCE CO LTD ....... 138
122,400 ALFA CORP ........................... 2,142
98,811 * ALLEGHANY CORP (DELAWARE) ........... 16,600
494,691 ALLIANZ AG. (REGD) .................. 180,200
338,231 ALLMERICA FINANCIAL CORP ............ 17,715
10,702,556 ALLSTATE CORP ....................... 238,132
519,600 AMBAC FINANCIAL GROUP, INC .......... 28,481
232,708 AMERICAN FINANCIAL GROUP, INC ....... 5,774
1,621,782 AMERICAN GENERAL CORP ............... 98,929
9,878,198 AMERICAN INTERNATIONAL GROUP, INC ...1,160,688
215,100 AMERICAN NATIONAL INSURANCE CO ...... 10,970
94,630 AMERUS LIFE HOLDINGS, INC (CLASS A) . 1,952
2,257,190 AMP LTD ............................. 23,039
1,254,475 AON CORP ............................ 38,967
SEE NOTES TO FINANCIAL STATEMENTS
26 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
INSURANCE--(CONTINUED)
58,700 * ARCH CAPITAL GROUP LTD .............. $ 877
235,152 ARGONAUT GROUP, INC ................. 4,027
146,700 b* ARM FINANCIAL GROUP, INC (CLASS A) .. 2
4,023,429 e ASSICURAZIONI GENERALI S.P.A. ....... 138,461
822,807 AXA ................................. 130,143
619,000 AXA ASIA PACIFIC HOLDINGS LTD ....... 966
1,280,100 AXA FINANCIAL, INC .................. 43,523
108,850 BERKLEY (W.R.) CORP ................. 2,041
15 * BERKSHIRE HATHAWAY, INC (CLASS B) ... 26
82,300 BLANCH (E.W.) HOLDINGS, INC ......... 1,672
49,892 BROWN & BROWN, INC .................. 2,594
1,828,676 CGNU PLC ............................ 30,453
950 CHIYODA FIRE & MARINE
INSURANCE CO LTD ................... 3
964,091 CHUBB CORP .......................... 59,292
1,225,872 CIGNA CORP .......................... 114,619
950,985 CINCINNATI FINANCIAL CORP ........... 29,897
106,900 * CNA FINANCIAL CORP .................. 3,635
69,500 CNA SURETY CORP ..................... 830
115,940 COMMERCE GROUP, INC ................. 3,420
21,100 COMPANHIA DE SEGUROS TRANQUILIDADE .. 667
1,541,323 e CONSECO, INC ........................ 15,028
35,931 CORPORACION MAPFRE S.A. ............. 457
235,100 CRAWFORD & CO (CLASS A) ............. 2,542
163,800 CRAWFORD & CO (CLASS B) ............. 1,802
90,227 * DELPHI FINANCIAL GROUP, INC ......... 3,062
167,300 ENHANCE FINANCIAL
SERVICES GROUP, INC ................ 2,405
103,700 ERIE INDEMNITY CO (CLASS A) ......... 3,267
16,000 * FAIRFAX FINANCIAL HOLDINGS LTD ...... 1,749
1,000 * FARM FAMILY HOLDINGS, INC ........... 31
197,329 FBL FINANCIAL GROUP, INC (CLASS A) .. 3,108
129,752 FEDSURE HOLDINGS LTD ................ 632
588,939 FIDELITY NATIONAL FINANCIAL, INC .... 10,785
120,821 FINANCIAL SECURITY ASSURANCE
HOLDINGS LTD ....................... 9,167
373,048 FIRST AMERICAN CORP ................. 5,339
301,876 * FIRST HEALTH GROUP CORP ............. 9,905
1,889,583 FORTIS B ............................ 55,210
51,968 FORTIS B CVG 07/20/01 ............... 371
462,027 FORTIS B NPV (STRIP VVPR) ........... 4
610,275 * FOUNDATION HEALTH SYSTEMS (CLASS A) . 7,934
60,800 e* FPIC INSURANCE GROUP, INC ........... 954
359,360 FREMONT GENERAL CORP ................ 1,415
183,740 e FRONTIER INSURANCE GROUP, INC ....... 115
185,000 GALLAGHER (ARTHUR J.) & CO .......... 7,770
6,853 GENERALI HOLDING VIENNA ............. 1,107
180,401 GREAT AMERICAN FINANCIAL
RESOURCES, INC ..................... 3,191
3,000 b,f* HAFNIA HOLDINGS AS (REGD) (CLASS A) . 0
2,490 b,f* HAFNIA HOLDINGS AS (REGD) (CLASS B) . 0
162,300 HARLEYSVILLE GROUP, INC ............. 2,719
2,275,307 HARTFORD FINANCIAL SERVICES
GROUP, INC ......................... 127,275
250,700 HCC INSURANCE HOLDINGS, INC ......... 4,732
61,500 e* HEALTHAXIS, INC ..................... 234
57,062 HILB, ROGAL & HAMILTON CO ........... 1,979
51,262 * HOMEFED CORP ........................ 34
185,032 HORACE MANN EDUCATORS CORP .......... 2,775
166,800 HSB GROUP, INC ...................... 5,192
991,800 * HUMANA, INC ......................... 4,835
678,096 JEFFERSON-PILOT CORP ................ 38,270
3,694,320 * JOHN HANCOCK FINANCIAL SERVICES, INC 87,509
21,900 KANSAS CITY LIFE INSURANCE CO ....... 589
374,826 LABONE, INC ......................... 2,108
88,740 LANDAMERICA FINANCIAL GROUP, INC .... 2,035
4,879,217 LEGAL & GENERAL GROUP PLC ........... 11,412
53,314 LIBERTY CORP ........................ 2,239
16,900 LIBERTY FINANCIAL COS, INC .......... 371
115,025 * LIBERTY LIFE ASSOCIATION
OF AFICA LTD ....................... 1,094
1,324,900 LINCOLN NATIONAL CORP ............... 47,862
471,175 LOEWS CORP .......................... 28,271
2,060,600 MANULIFE FINANCIAL CORP ............. 36,297
24,500 * MARKEL CORP ......................... 3,470
61,500 MARSCHOLLEK LAUT UND PARTNER ........ 25,881
1,541,869 MARSH & MCLENNAN COS, INC ........... 161,029
20 * MAXICARE HEALTH PLANS, INC .......... 0
656,887 MBIA, INC ........................... 31,654
135,233 * MEDICAL ASSURANCE, INC .............. 1,521
1,300,000 MEDIOLANUM S.P.A. ................... 21,235
90,700 MERCURY GENERAL CORP ................ 2,143
658,600 e METROPOLITAN LIFE LTD ............... 860
768,000 MGIC INVESTMENT CORP ................ 34,944
167,900 * MID ATLANTIC MEDICAL SERVICES, INC .. 2,267
10,391 MIDLAND CO .......................... 255
1,069,050 e MITSUI TAISHO MARINE & FIRE CO LTD .. 5,153
230,100 MONY GROUP, INC ..................... 7,780
391,830 MUENCHENER RUECKVER AG. (REGD) ...... 124,890
200 * NATIONAL WESTERN LIFE INSURANCE CO .. 14
148,900 NATIONWIDE FINANCIAL
SERVICES, INC (CLASS A) ............ 4,895
280,600 * NISSAN FIRE & MARINE
INSURANCE CO LTD ................... 809
371,400 OHIO CASUALTY CORP .................. 3,946
763,350 OLD REPUBLIC INTERNATIONAL CORP ..... 12,595
567,228 * OXFORD HEALTH PLANS, INC ............ 13,507
235,048 * PACIFICARE HEALTH SYSTEMS, INC
(CLASS A) .......................... 14,147
35,700 * PENN TREATY AMERICAN CORP ........... 607
52,000 e* PHILADELPHIA CONSOLIDATED
HOLDINGS CORP ...................... 874
5,400 * PICO HOLDINGS, INC .................. 76
5,100 PMA CAPITAL CORP (CLASS A) .......... 97
188,351 PMI GROUP, INC ...................... 8,947
35,851 POHJOLA INSURANCE CO LTD SERIES B ... 1,272
184,200 PRESIDENTIAL LIFE CORP .............. 2,556
10,350 * PROFESSIONALS GROUP, INC ............ 253
257,150 PROGRESSIVE CORP .................... 19,029
263,800 PROTECTIVE LIFE CORP ................ 7,024
1,681,791 PRUDENTIAL PLC ...................... 24,646
16,500 PXRE GROUP LTD ...................... 223
1,002,492 QBE INSURANCE GROUP LTD ............. 4,919
299,120 RADIAN GROUP, INC ................... 15,479
634,679 RAS S.P.A. .......................... 6,997
167,975 REINSURANCE GROUP OF AMERICA, INC ... 5,060
393,878 RELIANCE GROUP HOLDINGS, INC ........ 295
444,928 RELIASTAR FINANCIAL CORP ............ 23,331
23,700 RLI CORP ............................ 824
1,912,048 ROYAL & SUN ALLIANCE INSURANCE
GROUP PLC .......................... 12,418
819,460 SAFECO CORP ......................... 16,287
211,500 * SAFEGUARD HEALTH ENTERPRISES, INC ... 137
53,858 SAI S.P.A. .......................... 958
126,663 SAMPO INSURANCE CO SERIES A ......... 5,160
1,043,500 SANLAM LTD .......................... 1,233
43,567 SCPIE HOLDINGS, INC ................. 893
634,100 SELECTIVE INSURANCE GROUP, INC ...... 12,048
168,550 * SIERRA HEALTH SERVICES, INC ......... 537
2,800,326 SKANDIA FORSAKRINGS AB .............. 74,390
2,814,422 ST. PAUL COS, INC ................... 96,042
69,300 STANCORP FINANCIAL GROUP, INC ....... 2,226
15,100 STATE AUTO FINANCIAL CORP ........... 179
94,900 STEWART INFORMATION SERVICES CORP ... 1,388
225,195 UNI-STOREBRAND AS SERIES A .......... 1,633
1,080,028 SUMITOMO MARINE & FIRE INSURANCE CO . 6,298
318,400 * SUN LIFE FINANCIAL SERVICES
OF CANADA .......................... 5,361
13,300 * SUPERIOR NATIONAL
INSURANCE GROUP, INC ............... 1
47,178 e SWISS REINSURANCE ................... 96,468
3,845,000 TOKIO MARINE & FIRE INSURANCE CO LTD 44,480
32,484 * TOPDANMARK AS ....................... 534
2,107,900 TORCHMARK CORP ...................... 52,039
31,207 TRANSATLANTIC HOLDINGS, INC ......... 2,614
44,700 TRENWICK GROUP, INC ................. 651
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 27
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
INSURANCE--(CONTINUED)
85,300 * TRIAD GUARANTY, INC ................$ 1,957
205,800 * TRIGON HEALTHCARE, INC ............. 10,612
236,800 * UICI ............................... 1,554
2,152,574 UNITEDHEALTH GROUP, INC ............ 184,583
304,708 UNITRIN, INC ....................... 8,951
1,112,526 UNUMPROVIDENT CORP ................. 22,320
551,803 * WELLPOINT HEALTH NETWORKS, INC ..... 39,971
6,240 WESCO FINANCIAL CORP ............... 1,279
25,100 * WIT SOUNDVIEW GROUP, INC ........... 269
1,005,685 XL CAPITAL LTD ..................... 54,433
39,742 ZENITH NATIONAL INSURANCE CORP ..... 845
88,640 e ZURICH ALLIED AG. .................. 43,936
----------
4,738,573
----------
SECURITIES AND COMMODITIES--1.44%
621,929 3I GROUP PLC ....................... 12,796
47,475 ADVEST GROUP, INC .................. 994
223,285 * AFFILIATED MANAGERS GROUP, INC ..... 10,159
22,100 AM CAP STRATEGIES .................. 528
576,980 e AMERITRADE HOLDINGS CORP (CLASS A) . 6,707
2,044,068 AMVESCAP PLC ....................... 32,802
265,700 BAADER WERTPAPIERHANDELSBANK AG. ... 8,329
773,602 BEAR STEARNS COS, INC .............. 32,201
3,000 CONSORS DISCOUNT-BROKER AG. ........ 269
33,200 DAIN RAUSCHER CORP ................. 2,191
1,833,852 DAIWA SECURITIES GROUP, INC ........ 24,265
97,900 DLJ DIRECT ......................... 698
303,700 DONALDSON, LUFKIN & JENRETTE, INC .. 12,888
1,368,153 * E TRADE GROUP, INC ................. 22,575
189,000 EATON VANCE CORP ................... 8,741
555,842 EDWARDS (A.G.), INC ................ 21,678
400,500 * EQ ONLINE OYJ ...................... 2,338
407,400 FEDERATED INVESTORS, INC ........... 14,284
1,055,900 FRANKLIN RESOURCES, INC ............ 32,073
132,400 * FRIEDMAN, BILLINGS,
RAMSEY GROUP, INC ................. 1,076
78,588 * INVESTMENT TECHNOLOGY GROUP, INC ... 3,104
263,556 INVESTORS FINANCIAL SERVICES CORP .. 10,460
2,080,400 e* ITOCHU CORP ........................ 10,519
34,200 JEFFERIES GROUP, INC (NEW) ......... 690
32,674 JOHN NUVEEN CO (CLASS A) ........... 1,370
527,568 e* KNIGHT TRADING GROUP, INC .......... 15,728
345,732 LEGG MASON, INC .................... 17,287
721,319 LEHMAN BROTHERS HOLDINGS, INC ...... 68,210
3,139,000 LG INVESTMENT & SECURITIES ......... 40,818
285,800 MACKENZIE FINANCIAL CORP ........... 4,292
1,733,900 * MARUBENI CORP ...................... 5,981
2,333,242 MERRILL LYNCH & CO, INC ............ 268,323
2,048,000 MITSUBISHI CORP .................... 18,563
2,137,000 MITSUI & CO LTD .................... 16,360
194,300 MORGAN KEEGAN, INC ................. 2,866
7,387,246 MORGAN STANLEY DEAN WITTER & CO .... 614,988
83,600 * NATIONAL DISCOUNT BROKERS GROUP, INC 2,665
4,623,000 e NOMURA SECURITIES CO LTD ........... 113,384
75,637 OM GRUPPEN AB ...................... 3,398
821,552 PAINE WEBBER GROUP, INC ............ 37,381
51,700 b* PEREGRINE INVESTMENT HOLDINGS LTD .. 0
264,206 PHOENIX INVESTMENT PARTNERS LTD .... 2,774
132,818 * PIONEER GROUP, INC ................. 5,628
635,500 PRICE (T. ROWE) ASSOCIATES, INC .... 27,009
256,806 RAYMOND JAMES FINANCIAL CORP ....... 5,778
7,331,500 SCHWAB (CHARLES) CORP .............. 246,522
2,621,000 SHINKO SECURITIES CO LTD ........... 11,767
78,029 e SOUTHWEST SECURITIES GROUP, INC .... 2,907
87,000 * TD WATERHOUSE GROUP ................ 1,641
401,000 THE GOLDMAN SACHS GROUP, INC ....... 38,045
1,439,000 e TOKYO SECURITIES CO LTD ............ 5,413
175,100 TUCKER ANTHONY SUTRO CORP .......... 3,152
304,700 UNITED ASSET MANAGEMENT CORP ....... 7,122
270,100 VALUE LINE, INC .................... 10,399
612,575 WADDELL & REED FINANCIAL, INC
(CLASS A) ......................... 20,100
153,189 WADDELL & REED FINANCIAL, INC
(CLASS B) ......................... 4,452
1,793,000 b* YAMAICHI SECURITIES CO LTD ......... 34
----------
1,896,722
----------
TOTAL FINANCE ......................19,781,774
----------
FOODS AND RELATED--4.61%
BEVERAGES, OTHER FOOD PRODUCTS--4.09%
199,500 * 7-ELEVEN, INC ...................... 2,743
42,500 * ADVANTICA RESTAURANT GROUP, INC .... 41
88,940 b,e* AGRIBIOTECH, INC ................... 2
65,619 * AGRIBRANDS INTERNATIONAL, INC ...... 2,752
632,600 AJINOMOTO CO LTD ................... 8,131
2,619,143 ALBERTSON'S, INC ................... 87,087
25,400 * AMERICAN ITALIAN PASTA CO (CLASS A) 525
2,803,851 ANHEUSER-BUSCH COS, INC ............ 209,413
184,557 APPLEBEES INTERNATIONAL, INC ....... 5,594
3,996,966 ARCHER DANIELS MIDLAND CO .......... 39,220
50 ARIAKE JAPAN CO LTD ................ 3
1,690,000 e ASAHI BREWERIES LTD ................ 20,269
10,800 * ASIA FOOD & PROPERTIES
LTD WTS 07/12/02 .................. 1
24,600 * AURORA FOODS, INC .................. 98
21,200 AUSTRIA TABAKWERKE AG. ............. 789
226,748 AUTOGRILL S.P.A. ................... 2,428
210,900 e AVADO BRANDS, INC .................. 316
105,989 AZUCARERA EBRO AGRICOLAS S.A. ...... 1,270
1,311,137 BASS PLC ........................... 14,748
115,700 * BERINGER WINE ESTATES HOLDINGS,
INC (CLASS B) ..................... 4,086
1,695,400 BESTFOODS, INC ..................... 117,406
241,682 BOB EVANS FARMS, INC ............... 3,610
43,505 * BOSTON BEER CO, INC (CLASS A) ...... 373
11,800 b* BOSTON CHICKEN, INC ................ 0
10,869 * BRAU UND BRUNNEN AG. ............... 467
482,893 * BRINKER INTERNATIONAL, INC ......... 14,125
181,933 BRITANNIA INDUSTRIES LTD ........... 2,439
820,455 BRL HARDY LTD ...................... 3,539
309,647 BROWN FORMAN, INC (CLASS B) ........ 16,644
262,850 * BUFFETS, INC ....................... 3,335
21,672 * BUSH BOAKE ALLEN, INC .............. 948
2,126,978 CADBURY SCHWEPPES LTD .............. 13,975
129,100 * CADIZ, INC ......................... 1,033
1,881,350 CAMPBELL SOUP CO ................... 54,794
102,505 * CANANDAIGUA BRANDS, INC (CLASS A) .. 5,170
42,978 CARLSBERG BREWERIES AS (CLASS A) ... 1,270
11,781 CARLSBERG BREWERIES AS (CLASS B) ... 359
327,000 CARLSBERG BREWERY MALAYSIA BERHAD .. 1,101
1,366,326 CARREFOUR SUPERMARCHE S.A. ......... 93,779
245,210 e CASINO GUICHARD-PERRACHON S.A. ..... 22,801
192,725 CBRL GROUP, INC .................... 2,831
284,650 * CEC ENTERTAINMENT, INC ............. 7,294
120,500 * CENTRAL GARDEN & PET CO ............ 1,081
240,000 CHEIL JEDANG CORP .................. 10,998
158,600 CHIQUITA BRANDS INTERNATIONAL, INC . 624
50,000 CHRISTIAN DIOR S.A. ................ 11,383
273,364 CKE RESTAURANTS, INC ............... 820
660,116 e COCA COLA AMATIL LTD ............... 1,288
258,800 COCA COLA BOTTLING CO CONSOLIDATED . 11,775
14,978,184 COCA COLA CO ....................... 860,309
1,699,600 COCA COLA ENTERPRISES, INC ......... 27,725
37,500 COLRUYT S.A. ....................... 1,595
16,346,000 COMPANHIA BRASILEIRA
DISTRIBUICAO GROUP ................ 530
1,625,623 COMPASS GROUP PLC .................. 21,423
3,018,988 CONAGRA, INC ....................... 57,549
40,336 * CONSOLIDATED PRODUCTS, INC ......... 363
248,617 COORS (ADOLPH) CO (CLASS B) ........ 15,041
256,325 CORN PRODUCTS INTERNATIONAL, INC ... 6,793
SEE NOTES TO FINANCIAL STATEMENTS
28 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
BEVERAGES, OTHER FOOD PRODUCTS--(CONTINUED)
49,179 DANISCO AS ......................... $ 1,649
255,327 DANONE GROUP ....................... 34,021
886,025 DARDEN RESTAURANTS, INC ............ 14,398
46,050 * DAVE & BUSTERS, INC ................ 288
83,400 DCC PLC ............................ 741
230,899 DEAN FOODS CO ...................... 7,317
140,300 * DEL MONTE FOODS CO ................. 956
10,517 DELHAIZE AMERICA, INC (CLASS A) .... 186
748,150 DELHAIZE AMERICA, INC (CLASS B) .... 11,503
64,650 DELHAIZE FRERES NV ................. 3,883
218,209 DELTA & PINE LAND CO ............... 5,469
15,083,589 DIAGEO PLC (CLASS A) ............... 135,412
407,828 e DIMON, INC ......................... 867
292,157 DOLE FOOD, INC ..................... 4,090
90,144 DREYERS GRAND ICE CREAM, INC ....... 1,893
423,028 EARTHGRAINS CO ..................... 8,223
93,393 * EL AGUILA S.A. ..................... 665
1,554 e ERIDANIA BEGHIN-SAY S.A. ........... 153
9,700 e EZAKI GLICO CO LTD ................. 54
1,000,000 FAMILYMART CO LTD .................. 38,561
613,325 FLOWERS INDUSTRIES, INC ............ 12,228
947,000 FOMENTO ECONOMICO MEXICA (NEW) ..... 4,041
1,086,257 FORTUNE BRANDS, INC ................ 25,052
6,044,525 e FOSTERS BREWING GROUP LTD .......... 17,057
222,800 FRASER & NEAVE LTD ................. 792
200,384 FRISCHS RESTAURANTS, INC ........... 2,104
278,741 FYFFES PLC ......................... 289
1,677,556 GENERAL MILLS, INC ................. 64,167
124,479 GOLDEN ENTERPRISES, INC ............ 381
1,735,938 GOODMAN FIELDER LTD ................ 1,292
187,400 * GRAND UNION CO ..................... 100
115,600 GREAT ATLANTIC & PACIFIC TEA CO, INC 1,922
755,000 GRUPO INDUSTRIAL BIMBO S.A.
DE CV SERIES A .................... 1,189
2,038,000 GRUPO MODELO S.A. SERIES C ......... 4,731
71,800 e* HAIN CELESTIAL GROUP, INC .......... 2,634
185,627 HANNAFORD BROTHERS, INC ............ 13,342
636,913 HEINEKEN NV ........................ 38,922
2,126,821 HEINZ (H.J.) CO .................... 93,048
664,963 HERSHEY FOODS CORP ................. 32,251
2,500 * HINES HORTICULTURE, INC ............ 17
24,700 HOLSTEN BRAUEREI AG. ............... 430
24,700 * HOLSTEN BRAUEREI AG. RTS ........... 24
500,514 HORMEL FOODS CORP .................. 8,415
1,292,689 HOST MARRIOTT CORP (NEW) ........... 12,119
224,000 HOUSE FOODS CORP ................... 3,472
456,700 IBP, INC ........................... 7,050
124,800 * IHOP CORP (NEW) .................... 2,090
8,538 IMPERIAL SUGAR CO .................. 11
236,380 * INTERNATIONAL HOME FOODS, INC ...... 4,949
107,200 INTERNATIONAL MULTIFOODS CORP ...... 1,856
246,211 e INTERSTATE BAKERIES CORP ........... 3,447
3,539,000 IOI CORP ........................... 2,785
15,301 ITOHAM FOODS, INC .................. 65
1,036,355 ITO-YOKADO CO LTD .................. 62,491
74,800 * J & J SNACK FOODS CORP ............. 1,337
277,765 * JACK IN THE BOX, INC ............... 6,840
90,866 JERONIMO MARTINS SGPS S.A. ......... 1,503
994,554 KAMPS AG. .......................... 31,938
70,000 KATOKICHI CO LTD ................... 1,776
131,106 KEEBLER FOODS CO ................... 4,867
1,254,600 KELLOGG CO ......................... 37,324
591,000 KENTUCKY FRIED CHICKEN BERHAD ...... 840
70,393 KERRY GROUP (CLASS A) .............. 924
65,000 KERRY GROUP PLC (CLASS A) .......... 839
163,000 KIKKOMAN CORP ...................... 1,259
3,521,000 e KIRIN BREWERY CO LTD ............... 44,093
6,500 * KRISPY KREME DOUGH ................. 478
5,701,356 * KROGER CO .......................... 125,786
219,029 LANCASTER COLONY CORP .............. 4,271
151,332 LANCE, INC ......................... 1,362
158,700 LANDRYS SEAFOOD RESTAURANTS, INC ... 1,349
2,049,800 LI & FUNG LTD ...................... 10,255
567,502 LION NATHAN LTD .................... 1,269
1,700 LOBLAW COS LTD ..................... 49
188,219 LONE STAR STEAKHOUSE & SALOON, INC . 1,906
140,191 LUBY'S, INC ........................ 1,122
188,777 LVMH MOET HENNESSY LOUIS VUITTON ... 78,157
430,400 MCCORMICK & CO, INC (NON-VOTE) ..... 13,988
8,307,707 MCDONALD'S CORP .................... 273,635
50,000 MEFOS LTD .......................... 506
426,000 MEIJI MILK PRODUCTS CO LTD ......... 2,295
534,708 MEIJI SEIKA KAISHA LTD ............. 3,548
927 * MELCO INTERNATIONAL DEVELOPMENT LTD 0
89,875 MICHAEL FOODS, INC ................. 2,202
97,400 * MIDWEST GRAIN PRODUCTS, INC ........ 810
163,797 MOLSON, INC (CLASS A) .............. 3,200
1,000 MOLSON, INC (CLASS B) .............. 19
6,383 MORRISON MANAGEMENT SPECIALISTS, INC 180
1,939,076 NABISCO GROUP HOLDINGS ............. 50,295
278,730 NABISCO HOLDINGS CORP (CLASS A) .... 14,633
299,700 NESTLE MALAYSIA BERHAD ............. 1,388
89,561 NESTLE S.A. (REGD) ................. 179,827
292,741 NEW UNIGATE PLC .................... 1,285
751,000 NICHIREI CORP ...................... 3,208
318,000 e NIPPON MEAT PACKERS, INC ........... 4,659
700,000 NIPPON OIL & FATS CO LTD ........... 2,051
1,043,000 NIPPON SUISAN KAISHA LTD ........... 1,912
317,000 NISSHIN FLOUR MILLING CO LTD ....... 3,176
262,909 NISSIN FOOD PRODUCTS CO LTD ........ 6,709
94,300 * NPC INTERNATIONAL, INC ............. 846
730,029 e* NUMICO NV .......................... 34,780
47,450 * O'CHARLEY'S, INC ................... 647
221,344 ORKLA ASA .......................... 4,221
7,977 OSTERREICHISCHE BRAU-
AKTIENGESELLSCHAF ................. 363
407,350 * OUTBACK STEAKHOUSE, INC ............ 11,915
57,500 OYJ HARTWALL ABP ................... 1,158
38,600 * P.F. CHANGS CHINA BISTRO, INC ...... 1,233
130,790 * PAPA JOHN'S INTERNATIONAL, INC ..... 3,204
1,399,518 PARMALAT FINANZIARIA S.P.A. ........ 1,983
2,698 * PASCUAL HERMANOS S.A. .............. 1
57,900 PENFORD CORP ....................... 1,245
1,100,210 PEPSI BOTTLING GROUP, INC .......... 32,112
15,711,262 PEPSICO, INC ....................... 698,169
75,800 * PERFORMANCE FOOD GROUP CO .......... 2,426
95,504 PERNOD-RICARD S.A. ................. 5,218
441,258 PICCADILLY CAFETERIAS, INC ......... 1,241
77,300 PILGRIMS PRIDE CORP (CLASS B) ...... 551
412,807 b,e* PLANET HOLLYWOOD, INC (CLASS A) .... 4
35,000 b* POWER PACIFIC LTD .................. 0
9,681 * Q.P. CORP .......................... 81
738,304 QUAKER OATS CO ..................... 55,465
50 * RAINFOREST CAFE, INC ............... 0
151,707 RAISIO GROUP PLC ................... 301
178,643 * RALCORP HOLDINGS, INC .............. 2,188
5,435,473 RALSTON PURINA CO .................. 108,370
296,050 e* RINASCENTE S.P.A. .................. 1,686
20,500 RIVIANA FOODS, INC ................. 357
51,900 * ROBERT MONDAVI CORP (CLASS A) ...... 1,593
3,353,710 e ROYAL AHOLD NV ..................... 99,114
390,668 RUBY TUESDAY, INC .................. 4,908
98,200 RUDDICK CORP ....................... 1,160
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 29
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
BEVERAGES, OTHER FOOD PRODUCTS--(CONTINUED)
233,250 * RYAN'S FAMILY STEAK HOUSES, INC .... $ 1,968
4,259,436 * SAFEWAY, INC ....................... 192,207
2,569,445 SAINSBURY (J) PLC .................. 11,670
12,000 SAKATA SEED CORP ................... 260
38,150 SAPPORO BREWERIES LTD .............. 156
5,340,660 SARA LEE CORP ...................... 103,141
10 SEABOARD CORP ...................... 2
944,800 SEAGRAMS CO LTD .................... 55,475
40,880 e SEVEN-ELEVEN JAPAN CO LTD .......... 3,427
5,600 * SHONEYS, INC ....................... 7
165,000 SKYLARK CO LTD ..................... 6,534
47,000 * SMART & FINAL, INC ................. 361
285,600 * SMITHFIELD FOODS, INC .............. 8,015
33,008 SMUCKER, (J.M.) CO (CLASS A) ....... 635
194,700 SMUCKER, (J.M.) CO (CLASS B) ....... 3,651
345,000 SNOW BRAND MILK PRODUCTS CO ........ 1,859
107,423 SOBEYS, INC ........................ 1,780
77,601 SODEXHO ALLIANCE S.A. .............. 14,134
150,751 SODEXHO MARRIOTT SERVICES, INC ..... 2,412
197,975 * SONIC CORP ......................... 5,816
457,138 SOUTH AFRICAN BREWERIES LTD ........ 3,412
648,192 SOUTHCORP LTD ...................... 1,876
108,836 STANDARD COMMERCIAL CORP ........... 497
1,136,530 * STARBUCKS CORP ..................... 43,401
198,250 * SUIZA FOODS CORP ................... 9,689
874,190 SUPERVALU, INC ..................... 16,664
2,959,833 e SWEDISH MATCH CO ................... 9,179
2,996,361 e* SWEDISH MATCH AB RTS ............... 190
2,263,100 SYSCO CORP ......................... 95,333
343,796 TAKARA SHUZO CO LTD ................ 8,594
1,103,807 TATE & LYLE PLC .................... 5,514
109,300 e* TELEPIZZA S.A. ..................... 618
73,753 * TERRA INDUSTRIES, INC .............. 78
17,060,822 * TESCO PLC .......................... 53,077
117,975 * THE CHEESECAKE FACTORY CO .......... 3,244
84,500 * TIGER BRANDS LTD ................... 758
219,386 TOOTSIE ROLL INDUSTRIES, INC ....... 7,679
1,107,000 a* TPI ENTERPRISES, INC ............... 6
22,100 * TRIARC COS, INC .................... 453
1,107,471 * TRICON GLOBAL RESTAURANTS, INC ..... 31,286
1,122,360 TYSON FOODS, INC ................... 9,821
4,831,071 UNILEVER LTD ....................... 29,255
1,411,595 e UNILEVER NV CERTIFICATE ............ 65,019
29,900 * UNITED NATURAL FOODS, INC .......... 411
192,596 UNIVERSAL CORP ..................... 4,069
294,532 UNIVERSAL FOODS CORP ............... 5,449
204,000 UNY CO LTD ......................... 2,825
7,485 VALORA HOLDINGS AG. (REGD) ......... 2,085
131,700 * VETERINARY CENTERS OF AMERICA, INC . 1,811
516,800 VIAD CORP .......................... 14,083
136,603 * VICORP RESTAURANTS, INC ............ 2,493
183,000 * VLASIC FOODS INTERNATIONAL, INC .... 297
3,960,000 * WAL-MART DE MEXICO S.A. DE CV ...... 9,293
102,531 WEIS MARKETS, INC .................. 3,358
505,469 WENDY'S INTERNATIONAL, INC ......... 9,004
333,600 WESTON (GEORGE) LTD ................ 14,635
616,506 WHITMAN CORP ....................... 7,629
152,700 e* WHOLE FOODS MARKET, INC ............ 6,308
121,500 e* WILD OATS MARKETS, INC ............. 1,526
445,832 WINN DIXIE STORES, INC ............. 6,381
1,504,966 WOOLWORTHS LTD ..................... 5,571
60,200 WRIGLEY (WM) JR CO ................. 4,827
373,800 f WRIGLEY (WM) JR CO (CLASS B) ....... 29,974
68,000 YAKULT HONSHA CO LTD ............... 906
388,000 YAMAZAKI BAKING CO LTD ............. 3,814
----------
5,442,710
----------
TOBACCO--0.52%
300,961 ALTADIS ............................. 4,616
3,637,447 ALTADIS S.A. ........................ 56,104
207,309 BRITISH AMERICAN TOBACCO
AUSTRALIA LTD ...................... 1,307
327,300 BRITISH AMERICAN TOBACCO BERHAD ..... 2,670
1,840,910 BRITISH AMERICAN TOBACCO PLC ........ 12,290
2,550,000 GALLAHER GROUP PLC .................. 14,592
755,000 * GRUPO CARSO S.A. DE CV SERIES A ..... 2,677
1,757 JAPAN TOBACCO, INC .................. 15,460
20,401,139 PHILIP MORRIS COS, INC .............. 541,905
698,149 RJR REYNOLDS TOBACCO HOLDINGS, INC .. 19,505
63,878 * SOUZA CRUZ S.A. ..................... 382
1,101,417 UST, INC ............................ 16,177
10,800 e VECTOR GROUP LTD .................... 159
---------
687,844
---------
TOTAL FOODS AND RELATED .............6,130,554
---------
HEALTH--11.40%
DRUGS AND PHARMACEUTICALS--9.46%
10,191,313 ABBOTT LABORATORIES CO .............. 454,150
207,300 * ABGENIX, INC ........................ 24,847
29,600 * ADVANCED TISSUE SCIENCE, INC ........ 238
1,100,408 AKZO NOBEL NV ....................... 46,941
16,000 * ALBANY MOLECULAR RESEARCH, INC ...... 871
16,700 * ALEXION PHARMACEUTICAL .............. 1,194
75,000 * ALGOS PHARMACEUTICAL CORP ........... 1,144
356,500 * ALKERMES, INC ....................... 16,800
6,872 * ALLERGAN SPECIALTY THERAPEUTICS,
INC (CLASS A) ...................... 124
745,044 ALLERGAN, INC ....................... 55,506
26,600 * ALLIANCE PHARMACEUTICAL CORP ........ 299
27,700 * ALLSCRIPTS .......................... 637
22,900 * ALPHA BETA TECHNOLOGY, INC .......... 0
105,100 e ALPHARMA, INC (CLASS A) ............. 6,542
313,520 * ALZA CORP ........................... 18,537
9,835,567 AMERICAN HOME PRODUCTS CORP ......... 577,840
305,400 * AMERISOURCE HEALTH CORP (CLASS A) ... 9,467
7,931,622 * AMGEN, INC .......................... 557,196
36,700 * AMYLIN PHARMACEUTICALS, INC ......... 557
212,200 * ANDRX CORP .......................... 13,564
76,000 * ANESTA CORP ......................... 1,891
8,800 * APHTON CORP ......................... 227
45,349 * AQUILA BIOPHARMACEUTICALS, INC ...... 133
2,126,524 ASTRAZENECA PLC ..................... 99,404
75,000 ASTRAZENECA PLC (SPONS ADR) ......... 3,488
1,624,893 ASTRAZENECA PLC (UNITED KINGDOM) .... 75,889
295,600 * AVATEX CORP (CLASS A) ............... 157
1,679,462 AVENTIS S.A. ........................ 123,079
141,215 e* AVIRON, INC ......................... 4,360
59 * AXYS PHARMACEUTICALS, INC ........... 0
1,000,000 * BANYU PHARMACEUTICAL CO LTD ......... 24,526
125,400 * BARR LABORATORIES, INC .............. 5,619
599,749 BAYER AG. ........................... 23,457
176,269 BEIERSDORF AG. ...................... 14,869
804,654 BERGEN BRUNSWIG CORP (CLASS A) ...... 4,426
162,021 BINDLEY WESTERN INDUSTRIES, INC ..... 4,283
211,100 * BIOCHEM PHARMA, INC ................. 5,157
835,398 * BIOGEN, INC ......................... 53,883
426,113 * BIOMARIN PHARMACEUTICAL, INC ........ 7,244
79,500 * BIOMATRIX, INC ...................... 1,799
21,800 e* BIOPURE CORP ........................ 410
344,800 * BIO-TECHNOLOGY GENERAL CORP ......... 4,547
37,300 * BIOVAIL CORP ........................ 2,068
105,000 * BIOVAIL CORP (CANADA) ............... 5,857
2,080,721 BOOTS CO LTD ........................ 15,845
28,350 * BOSTON LIFE SCIENCES, INC ........... 251
15,307,644 BRISTOL MYERS SQUIBB CO ............. 891,670
6,601,866 CARDINAL HEALTH, INC ................ 488,538
SEE NOTES TO FINANCIAL STATEMENTS
30 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
DRUGS AND PHARMACEUTICALS--(CONTINUED)
1,264,781 * CAREMARK RX, INC ....................$ 8,616
39,900 * CELL GENESYS, INC ................... 1,117
126,299 e* CELL PATHWAYS, INC .................. 2,968
28,300 * CELL THERAPEUTICS ................... 867
257,815 * CELLTECH GROUP PLC .................. 4,996
261,385 * CEPHALON, INC ....................... 15,650
58,700 * CHATTEM, INC ........................ 803
90,900 * CHIREX, INC ......................... 1,818
468,343 * CHIRON CORP ......................... 22,246
297,000 e CHUGAI PHARMACEUTICAL CO LTD ........ 5,628
93,856 CIPLA LTD ........................... 1,819
147,000 * COLUMBIA LABORATORIES, INC .......... 845
215,850 * COR THERAPEUTICS, INC ............... 18,415
93,700 * CORIXA CORP ......................... 4,023
122,400 e* COULTER PHARMACEUTICALS, INC ........ 2,509
18,000 * CREATIVE BIOMOLECULES, INC .......... 252
95 * CRESCENDO PHARMACEUTICALS CORP ...... 2
406,681 CSL LTD ............................. 8,066
6,351,267 CVS CORP ............................ 254,051
36,736 * CYTOGEN CORP ........................ 372
485,286 DAIICHI PHARMACEUTICAL CO LTD ....... 12,338
69,716 DIAGNOSTIC PRODUCTS CORP ............ 2,231
568,645 DR. REDDY'S LABORATORIES LTD (DEMAT) 16,701
15,300 * DRUGSTORE.COM, INC .................. 115
900,600 DSM NV .............................. 29,007
108,700 e* DUANE READE, INC .................... 2,799
280,300 * DURA PHARMACEUTICALS, INC ........... 4,029
136,100 * DURAMED PHARMACEUTICALS, INC ........ 740
378,036 EISAI CO LTD ........................ 12,148
540,964 e* ELAN CORP PLC ADR ................... 26,203
5,100 e* ENVISION DEVELOPMENT CORP ........... 112
171,096 * ENZON, INC .......................... 7,272
63 * EPITOPE, INC ........................ 1
169,000 * E-Z-EM, INC (CLASS A) ............... 1,099
231,367 * E-Z-EM, INC (CLASS B) ............... 1,706
328,205 F.H. FAULDING & CO LTD .............. 1,613
502,892 * FOREST LABORATORIES, INC ............ 50,792
47,132 GEHE AG. ............................ 1,514
86,000 * GELTEX PHARMACEUTICALS, INC ......... 1,758
404,600 * GENENTECH, INC ...................... 69,591
1,400,000 * GENESOFT SERIES C FINANCING ......... 7,000
485,596 * GENZYME CORP (GENERAL DIVISION) ..... 28,863
8,577 e* GENZYME CORP (TISSUE REPAIR
DIVISION) .......................... 45
19 * GENZYME SURGICAL PRODUCTS ........... 0
52 * GENZYME-MOLECULAR ONCOLOGY .......... 1
322,693 * GILEAD SCIENCES, INC ................ 22,952
15,037,063 GLAXO WELLCOME PLC .................. 438,674
76,600 e* GUILFORD PHARMACEUTICALS, INC ....... 1,154
78,500 e* HEMISPHERX BIOPHARMA, INC ........... 442
7,183 HERBALIFE INTERNATIONAL,
INC (CLASS A) ...................... 63
18,766 HERBALIFE INTERNATIONAL, INC (CLASS B) 148
390,370 * HUMAN GENOME SCIENCES, INC .......... 52,066
11,100 * HYSEQ, INC .......................... 504
428,079 ICN PHARMACEUTICALS, INC ............ 11,906
242,850 * ICOS CORP ........................... 10,685
196,200 * IDEC PHARMACEUTICALS CORP ........... 23,017
179,500 * IDEXX LABORATORIES, INC ............. 4,106
63,600 * IGEN INTERNATIONAL, INC ............. 1,053
257,400 * IMCLONE SYSTEMS, INC ................ 19,675
166,900 * IMMUCOR, INC ........................ 939
1,416,091 * IMMUNEX CORP ........................ 70,008
44,100 * IMMUNOMEDICS, INC ................... 1,080
72,200 e* INHALE THERAPEUTIC SYSTEMS .......... 7,326
33,700 * INVITROGEN CORP ..................... 2,534
220,200 e* ISIS PHARMACEUTICALS, INC ........... 3,193
735,888 * IVAX CORP .......................... 30,539
9,923,902 JOHNSON & JOHNSON CO ............... 1,010,998
360,150 JONES PHARMACEUTICAL, INC .......... 14,383
75,000 e KAKEN PHARMACEUTICAL CO LTD ........ 582
260,156 * KING PHARMACEUTICALS, INC .......... 11,414
4,090 e KISSEI PHARMACEUTICALS CO LTD ...... 79
223,000 KOBAYASHI PHARMACEUTICAL CO LTD .... 20,866
10,200 * KOS PHARMACEUTICALS, INC ........... 164
39,100 * KV PHARMACEUTICAL CO (CLASS B) ..... 1,063
748,000 KYOWA HAKKO KOGYO .................. 7,331
347,800 * LIGAND PHARMACEUTICALS CO (CLASS A) 4,587
6,830,805 LILLY (ELI) & CO ................... 682,227
106,498 LONGS DRUG STORES CORP ............. 2,316
711,611 LYONDELL CHEMICAL CO ............... 11,919
132,100 e* MACROCHEM CORP (DELAWARE) .......... 640
429,050 MALLINCKRODT, INC .................. 18,637
4,400 * MANNATECH, INC ..................... 10
1,285,150 a,e* MARTEK BIOSCIENCES CORP ............ 24,097
22,800 * MATRIX PHARMACEUTICALS, INC ........ 298
376,200 e MATSUMOTOKIYOSHI ................... 39,538
22,200 e* MAXIM PHARMACEUTICAL ............... 1,141
1,649,962 MCKESSON HBOC, INC ................. 34,546
45,400 MDS, INC ........................... 1,394
182,702 * MEDICIS PHARMACEUTICAL CORP
(CLASS A) ......................... 10,414
1,108,822 * MEDIMMUNE, INC ..................... 82,053
394,838 MERCK & CO KGAA .................... 12,036
18,156,593 MERCK & CO, INC .................... 1,391,249
15,500 * MGI PHARMA, INC .................... 446
548,318 * MILLENNIUM PHARMACEUTICALS, INC .... 61,343
5,800 * MIRAVANT MEDICAL TECHNOLOGY ........ 129
712,934 MYLAN LABORATORIES, INC ............ 13,011
27,100 * NABI, INC .......................... 198
176,700 NATURES SUNSHINE PRODUCTS, INC ..... 1,237
336,830 * NBTY, INC .......................... 2,147
88,000 e* NCS HEALTHCARE, INC (CLASS A) ...... 66
32,600 * NEO RX CORP ........................ 615
15,400 * NEOPROBE CORP ...................... 11
62,700 * NEUROGEN CORP ...................... 1,810
146,874 NOVARTIS AG. (REGD) ................ 233,394
14,000 * NOVEN PHARMACEUTICALS, INC ......... 421
225,490 NOVO NORDISK AS (CLASS B) .......... 38,536
291,762 * NU SKIN ENTERPRISES, INC (CLASS A) . 1,678
1,170,000 NYCOMED AMERSHAM PLC ............... 11,619
565,400 OMNICARE, INC ...................... 5,124
244,700 e* ORGANOGENESIS, INC ................. 2,799
98,500 * PATHOGENESIS CORP .................. 2,561
30,350 * PENWEST PHARMACEUTICALS CO ......... 305
47,316,884 PFIZER, INC ........................ 2,271,210
39,042 * PHARMACEUTICAL RESOURCES, INC ...... 205
17,900 * PHARMACOPEIA, INC .................. 830
92,200 * PHARMACYCLICS, INC ................. 5,624
37,900 * PRAECIS PHARMACEUTICALS, INC ....... 1,056
96,207 * PRIORITY HEALTHCARE CORP (CLASS A) . 7,149
400 * PRIORITY HEALTHCARE CORP (CLASS B) . 30
182,725 * PROTEIN DESIGN LABORATORIES, INC ... 30,141
55,300 * QLT PHOTOTHERAPEUTICS, INC ......... 4,292
1,489,500 * RANBAXY LABORATORIES LTD (DEMAT) ... 19,339
233,300 * REGENERON PHARMACEUTICALS, INC ..... 6,955
15,000 * REPLIGEN CORP ...................... 94
8,500 * RIBOZYME PHARMACEUTICALS, INC ...... 219
1,902,053 e RITE AID CORP ...................... 12,482
17,296 ROCHE HOLDINGS AG. (GENUSSCHEINE) .. 168,907
48,200 e* SAFESCIENCE, INC ................... 253
98,900 * SANGSTAT MEDICAL CORP .............. 2,856
468,196 SANKYO CO LTD ...................... 10,598
1,397,520 SANOFI-SYNTHELABO S.A. ............. 66,849
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 31
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
DRUGS AND PHARMACEUTICALS--(CONTINUED)
625,500 e SANTEN PHARMACEUTICAL CO LTD .......$ 15,134
32,900 * SCHEIN PHARMACEUTICAL, INC ......... 711
645,260 SCHERING AG. ....................... 35,876
11,504,262 SCHERING-PLOUGH CORP ............... 580,965
435,850 * SCIOS, INC ......................... 2,452
454,000 e* SEPRACOR, INC ...................... 54,764
116,800 * SEROLOGICALS CORP .................. 584
411,000 SHIONOGI & CO LTD .................. 7,827
1,153 * SHIRE PHARMACEUTICALS GROUP PLC ADR 60
556,881 * SICOR, INC ......................... 4,455
568,114 SIGMA ALDRICH CORP ................. 16,617
11,049,628 SMITHKLINE BEECHAM/BECKMAN LTD ..... 144,697
460,833 SUN PHARMACEUTICAL INDUSTRIES LTD .. 5,571
342,280 SUN PHARMACEUTICAL INDUSTRIES LTD
(NEW .............................. 4,122
131,900 * SUPERGEN, INC ...................... 4,781
61,500 * SYNCOR INTERNATIONAL CORP .......... 4,428
454,000 TAISHO PHARMACEUTICAL CO LTD ....... 16,305
94,700 * TECHNE CORP ........................ 12,311
7,000 TEVA PHARMACEUTICALS INDUSTRIES LTD 388
31,100 * TEXAS BIOTECHNOLOGY CORP ........... 591
175,400 * THERAGENICS CORP ................... 1,502
36,200 * TITAN PHARMACEUTICALS, INC ......... 1,557
126,900 e* TRANSKARYOTIC THERAPIES, INC ....... 4,664
204,200 * TRIANGLE PHARMACEUTICALS, INC ...... 1,851
151,300 * TWINLAB CORP ....................... 965
137,693 UCB S.A. ........................... 5,079
177,800 e* UNITED THERAPEUTICS CORP ........... 19,269
86,199 * VENTIV HEALTH, INC ................. 959
161,700 * VERTEX PHARMACEUTICALS, INC ........ 17,039
123,200 * VICAL, INC ......................... 2,372
6,183,092 WALGREEN CO ........................ 199,018
516,305 * WATSON PHARMACEUTICALS, INC ........ 27,751
79,287 WEST PHARMACEUTICAL SERVICES, INC .. 1,715
3 * XOMA LTD ........................... 0
489,849 e YAMANOUCHI PHARMACEUTICAL CO LTD ... 26,806
30,700 * ZILA, INC .......................... 117
----------
12,578,160
----------
MEDICAL EQUIPMENT AND SUPPLIES--1.62%
15,400 * ABIOMED, INC ....................... 474
8,900 * ACLARA BIOSCIENCES, INC ............ 453
134,200 * ACUSON CORP ........................ 1,812
38,675 * ADAC LABORATORIES, INC ............. 928
12,600 * ADE CORP ........................... 241
159,150 * AFFYMETRIX, INC .................... 26,280
2,446,687 * AGILENT TECHNOLOGIES, INC .......... 180,443
91,300 * ALARIS MEDICAL, INC ................ 160
63,100 ANALOGIC CORP ...................... 2,524
4,800 * APPLIED ANALYTICAL INDUSTRIES, INC . 46
29,900 * ARADIGM CORP ....................... 523
70,994 ARROW INTERNATIONAL, INC ........... 2,378
20,000 * ARTHROCARE CORP .................... 1,065
27,900 * ASPECT MEDICAL SYSTEMS, INC ........ 753
19,073 * BACOU U.S.A., INC .................. 381
353,925 BARD (C.R.), INC ................... 17,033
433,723 BAUSCH & LOMB, INC ................. 33,559
1,791,363 BAXTER INTERNATIONAL, INC .......... 125,955
97,100 * BAXTER INTERNATIONAL, INC RTS ...... 15
16,701,055 f BB BIOVENTURES L.P. ................ 28,623
170,687 BECKMAN COULTER, INC ............... 9,964
1,751,724 BECTON DICKINSON & CO .............. 50,253
686,300 BIOMET, INC ........................ 26,380
69,956 * BIO-RAD LABORATORIES, INC (CLASS A) 1,749
1,878,750 * BOSTON SCIENTIFIC CORP ............. 41,215
63,700 e* BRITESMILE, INC .................... 287
66,667 e* CALIPER TECHNOLOGIES CORP .......... 3,067
83,650 CIRCOR INTERNATIONAL, INC .......... 685
40,600 e* CLOSURE MEDICAL CORP ............... 934
84,228 COCHLEAR LTD ....................... 1,454
228,700 * COGNEX CORP ........................ 11,835
145,680 * COHERENT, INC ...................... 12,219
5,000 * COHESION TECHNOLOGIES, INC ......... 59
127,000 COHU, INC .......................... 3,425
127,900 * CONMED CORP ........................ 3,309
90,375 COOPER COS, INC .................... 3,287
8,200 b* CPX CORP ........................... 1
339,312 * CREDENCE SYSTEMS CORP .............. 18,726
92,980 CUBIC CORP ......................... 1,743
112,800 * CYBERONICS, INC .................... 1,354
20,100 * CYBEROPTICS THERAPEUTICS CORP ...... 930
232,100 * CYTYC CORP ......................... 12,388
76,200 DATASCOPE CORP ..................... 2,743
278,600 DENTSPLY INTERNATIONAL, INC ........ 8,584
140,600 * DIONEX CORP ........................ 3,761
193,418 e* DYNATECH CORP ...................... 3,506
124,600 * ECLIPSE SURGICAL TECHNOLOGY, INC ... 545
462,492 * EDWARDS LIFESCIENCES CORP .......... 8,556
128,682 * ENZO BIOCHEMICAL, INC .............. 8,879
35,219 ESSILOR INTERNATIONAL S.A. ......... 10,135
252,420 FANUC LTD .......................... 25,742
166,993 e* FRESENIUS MEDICAL CARE AG. ......... 13,447
687,000 GAMBRO AB (CLASS A) ................ 5,639
94,000 GAMBRO AB (CLASS B) ................ 750
9,500 * GASONICS INTERNATIONAL CORP ........ 375
185,200 * GENRAD, INC ........................ 1,667
62,300 e* GLIATECH, INC ...................... 1,262
2,489,719 * GUIDANT CORP ....................... 123,241
150,000 * HAEMONETICS CORP ................... 3,150
138,600 * HANGER ORTHOPEDIC GROUP, INC ....... 684
18,500 * IMATRON, INC ....................... 43
812,327 IMI PLC ............................ 3,480
47,200 * IMPATH, INC ........................ 2,561
277,274 * INPUT/OUTPUT, INC .................. 2,339
151,300 INVACARE CORP ...................... 3,972
21,269,412 INVENSYS PLC ....................... 79,855
3,100 * I-STAT CORP ........................ 54
587,128 JOHNSON CONTROLS, INC .............. 30,127
75,730 KEYENCE CORP ....................... 25,051
1,327,466 * KLA-TENCOR CORP .................... 77,740
57,338 e* LABORATORY CORP OF AMERICA HOLDINGS 4,422
310,935 * LTX CORP ........................... 10,863
180,200 LUXOTTICA GROUP S.P.A. ADR ......... 2,196
137,300 * MECHANICAL TECHNOLOGY, INC ......... 2,060
214,200 * MEDICAL MANAGER CORP ............... 7,296
15,966 b,e* MEDICAL RESOURCES, INC ............. 1
9,305,224 MEDTRONIC, INC ..................... 463,516
119,700 MENTOR CORP ........................ 3,254
296,700 * METTLER-TOLEDO INTERNATIONAL, INC .. 11,868
17,500 * MICROVISION, INC ................... 858
233,400 MILLIPORE CORP ..................... 17,593
282,600 MINE SAFETY APPLIANCE CO ........... 6,782
109,195 * MINIMED, INC ....................... 12,885
41,800 * MKS INSTRUMENTS, INC ............... 1,635
60,900 * MOLECULAR DEVICES CORP ............. 4,214
120,000 MORITEX CORP ....................... 10,945
3,000,000 * MPM BIOVENTURES .................... 2,789
199,100 MTS SYSTEMS CORP ................... 1,244
22,300 * NANOGEN, INC ....................... 946
58,900 NEWPORT CORP ....................... 6,324
89,900 * NOVOSTE CORP ....................... 5,484
99,700 * OCULAR SCIENCES, INC ............... 1,171
9,100 * ORATEC INTERVENTIONS, INC .......... 304
SEE NOTES TO FINANCIAL STATEMENTS
32 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----- -------
MEDICAL EQUIPMENT AND SUPPLIES--(CONTINUED)
88,800 * OSTEOTECH, INC ...................... $ 932
15,100 * PACKARD BIOSCIENCE .................. 257
456,652 * PE CORP-CELERA GENOMICS GROUP ....... 42,697
1,159,412 PE CORP-PE BIOSYSTEMS GROUP ......... 76,376
247,200 PERKINELMER, INC .................... 16,346
17,700 * PHOTON DYNAMICS INC ................. 1,322
76 * POSSIS MEDICAL, INC ................. 0
245,295 * QUEST DIAGNOSTICS, INC .............. 18,336
8,407 RADIOMETER AS (CLASS B) ............. 266
198,900 * RESMED, INC ......................... 5,321
198,978 * RESPIRONICS, INC .................... 3,582
29,800 * ROBOTIC VISION SYSTEMS, INC ......... 536
3,000 * RUDOLPH TECHNOLOGIES, INC ........... 116
59,500 b,e* SABRATEK CORP ....................... 9
94,100 * SCOTT TECHNOLOGIES, INC ............. 1,617
2,718,307 SMITH & NEPHEW PLC .................. 10,041
30,849 * SOLA INTERNATIONAL, INC ............. 150
12,556 * SONOSITE, INC ....................... 362
60 * SPACELABS MEDICAL, INC .............. 1
579,658 * ST. JUDE MEDICAL, INC ............... 26,592
422,044 * STERIS CORP ......................... 3,746
938,360 STRYKER CORP ........................ 41,053
301,500 * SUMMIT TECHNOLOGY, INC .............. 5,691
42,500 * SUNRISE MEDICAL, INC ................ 207
292,700 e* SUNRISE TECHNOLOGY INTERNATIONAL, INC 2,927
615,520 * SYBRON INTERNATIONAL CORP ........... 12,195
212,579 TEKTRONIX, INC ...................... 15,731
234,600 TELEFLEX, INC ....................... 8,387
1,330,413 * TERADYNE, INC ....................... 97,785
59,650 * THERMEDICS, INC ..................... 593
37,200 * THERMO CARDIOSYSTEMS, INC ........... 372
937,922 * THERMO ELECTRON CORP ................ 19,755
63,585 * THERMO INSTRUMENT SYSTEMS, INC ...... 1,192
8,100 * THERMOTREX CORP ..................... 90
136 * TREX MEDICAL CORP ................... 0
102,828 * VARIAN MEDICAL SYSTEMS, INC ......... 4,023
194,528 * VARIAN, INC ......................... 8,973
68,904 * VEECO INSTRUMENTS, INC .............. 5,047
83,300 e* VENTANA MEDICAL SYSTEMS, INC ........ 1,958
280,450 * VISX, INC ........................... 7,870
68,500 VITAL SIGNS, INC .................... 1,242
207,500 e* VIVUS, INC .......................... 1,440
327,920 * WATERS CORP ......................... 40,929
108,818 * WESLEY JESSEN VISIONCARE, INC ....... 4,087
62,498 WILLIAM DEMANT AS ................... 1,855
318,007 WILLIAMS PLC ........................ 1,854
49,400 X RITE, INC ......................... 451
404,000 YOKOGAWA ELECTRIC CORP .............. 4,047
---------
2,153,807
---------
MEDICAL FACILITIES MANAGEMENT--0.32%
30,000 * ACCREDO HEALTH, INC ................. 1,037
119,000 * ADVANCE PARADIGM, INC ............... 2,440
134,500 e* ALTERRA HEALTHCARE CORP ............. 269
119,900 * AMERICAN HOMEPATIENT, INC ........... 41
84,678 * AMERICAN RETIREMENT CORP ............ 471
122,800 * AMERIPATH, INC ...................... 1,090
327,153 * APRIA HEALTHCARE GROUP, INC ......... 4,008
621,061 * BEVERLY ENTERPRISES, INC ............ 1,747
64,100 * CAPITAL SENIOR LIVING CORP .......... 188
162,008 e* CAREMATRIX CORP ..................... 86
3,725,099 COLUMBIA/HCA HEALTHCARE CORP ........ 113,150
32 * CORAM HEALTHCARE CORP ............... 0
371,500 * COVENTRY HEALTH CARE, INC ........... 4,951
89,100 * CURATIVE HEALTH SERVICES, INC ....... 537
28,100 * CYBER-CARE, INC ..................... 280
166,400 * EXPRESS SCRIPTS, INC ................ 10,338
328,200 b,e* FPA MEDICAL MANAGEMENT, INC ......... 0
98,398 * GENTIVA HEALTH SERVICES, INC ........ 799
7,375,000 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) .................... 96,336
4,200 HEALTHPLAN SERVICES CORP ............ 10
1,868,291 * HEALTHSOUTH CORP .................... 13,428
359,200 HOOPER HOLMES, INC .................. 2,874
92,400 * INNOVATIVE CLINICAL SOLUTIONS LTD ... 9
339,563 b* INTEGRATED HEALTH SERVICES, INC ..... 51
167,200 * LASER VISION CENTERS, INC ........... 1,035
182,383 * LCA-VISION, INC ..................... 445
212,257 * LIFEPOINT HOSPITALS, INC ............ 4,723
241,400 * LINCARE HOLDINGS, INC ............... 5,944
360 * LTC HEALTHCARE, INC ................. 0
98,600 * MAGELLAN HEALTH SERVICES, INC ....... 123
513,652 * MANOR CARE, INC ..................... 3,596
914,924 * MARINER POST-ACUTE NETWORK, INC ..... 124
212,100 * MATRIA HEALTHCARE, INC .............. 974
3,032 * NATIONAL HEALTHCARE CORP ............ 17
75 NICHII GAKKAN CO .................... 3
255,600 * ORTHODONTIC CENTERS OF AMERICA, INC . 5,783
56 * PARACELSUS HEALTHCARE CORP .......... 0
93,600 e* PEDIATRIX MEDICAL GROUP, INC ........ 1,088
23,900 b* PHP HEALTHCARE CORP ................. 0
101,595 * PHYAMERICA PHYSICIAN GROUP, INC ..... 15
631,987 * PHYCOR, INC ......................... 395
5,794 b* PHYSICIANS RESOURCE GROUP, INC ...... 0
94,600 * PROVINCE HEALTHCARE CO .............. 3,417
440,300 * QUORUM HEALTH GROUP, INC ............ 4,541
281,800 * RENAL CARE GROUP, INC ............... 6,891
116,650 * RES-CARE, INC ....................... 627
80,684 * RESPONSE ONCOLOGY, INC .............. 73
368,766 b,e* SUN HEALTHCARE GROUP, INC ........... 20
118,970 e* SUNRISE ASSISTED LIVING, INC ........ 2,201
4,120,118 TENET HEALTHCARE CORP ............... 111,243
476,100 * TOTAL RENAL CARE HOLDINGS, INC ...... 2,857
214,857 * TRIAD HOSPITALS, INC ................ 5,197
171,700 * UNIVERSAL HEALTH SERVICES, INC ...... 11,246
418,452 * US ONCOLOGY, INC .................... 2,092
147,888 b* VENCOR, INC ......................... 16
----------
428,826
----------
TOTAL HEALTH ...................... 15,160,793
----------
INDUSTRIAL MACHINERY--5.84%
ELECTRICAL--3.84%
394,039 ABB LTD ............................ 45,914
68,990 ABB LTD (SWITZERLAND) .............. 8,284
15,600 e* ACT MANUFACTURING .................. 724
85,400 * ADVANCED LIGHTING TECHNOLOGIES, INC 1,580
242,300 AMETEK, INC ........................ 4,240
158,300 * ANICOM, INC ........................ 594
133,346 * ANIXTER INTERNATIONAL, INC ......... 3,534
2,043,000 e ANRITSU CORP ....................... 36,687
17,000 * ARGUSS COMMUNICATIONS, INC ......... 321
2,643,849 * ARM HOLDINGS PLC ................... 28,338
672,164 * ARROW ELECTRONICS, INC ............. 20,837
23,200 * AUDIOVOX CORP ...................... 512
327,380 AVNET, INC ......................... 19,397
74,733 BALDOR ELECTRIC CO ................. 1,392
176,900 * BALLARD POWER SYSTEMS, INC ......... 15,998
93,600 BARNES GROUP, INC .................. 1,527
400,250 * BRIGHTPOINT, INC ................... 3,465
211,100 C&D TECHNOLOGIES, INC .............. 11,927
226,200 * CELLSTAR CORP ...................... 629
2,371,445 COOPER INDUSTRIES, INC ............. 77,220
178,000 * ELECTRO SCIENTIFIC INDUSTRIES, INC . 7,838
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 33
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
ELECTRICAL--(CONTINUED)
232,601 * ELECTROCOMPONENTS PLC ...............$ 2,377
2,931,920 EMERSON ELECTRIC CO ................. 177,015
10,378 * EMPRESA FABRIL DE MAQUINAS ELECTRICAS 66
1,858,224 * ENERGIZER HOLDINGS, INC ............. 33,913
664,558 * ERG LTD ............................. 5,175
149,400 e EXIDE CORP .......................... 1,195
34,600 * FIREARMS TRAINING SYSTEMS, INC ...... 9
10,400 FRANKLIN ELECTRIC CO, INC ........... 705
87,300 * FUJI MACHINE MANUFACTURING CO ....... 4,596
2,676,000 FURUKAWA ELECTRIC CO LTD ............ 56,021
107,000 FUTABA CORP ......................... 4,308
78,191,919 GENERAL ELECTRIC CO .................4,144,172
42,400 * GENLYTE GROUP, INC .................. 893
371,100 GRAINGER (W.W.), INC ................ 11,435
142,300 * HIROSE ELECTRIC CO LTD .............. 22,205
300 * HMT TECHNOLOGY CORP ................. 0
191,776 HUBBELL, INC (CLASS B) .............. 4,890
144,800 HUGHES SUPPLY, INC .................. 2,860
1,493,320 JOHNSON ELECTRIC HOLDINGS LTD ....... 14,128
8,715 * JUNO LIGHTING, INC .................. 52
177,800 * KENT ELECTRONICS CORP ............... 5,301
641,300 e* KOMAG, INC .......................... 1,122
127,100 * LITTELFUSE, INC ..................... 6,228
18,300 LSI INDUSTRIES, INC ................. 278
261,800 * MABUCHI MOTOR CO LTD ................ 33,899
1,774 * MAGNETEK, INC ....................... 14
2,239,000 MITSUBISHI ELECTRIC CORP ............ 24,293
25,000 * MOOG, INC (CLASS A) ................. 659
270,249 NATIONAL SERVICE INDUSTRIES, INC .... 5,270
962,644 e NGK SPARK PLUG CO LTD ............... 14,930
49,200 PIONEER-STANDARD ELECTRONICS, INC ... 726
14,600 e PLUG POWER, INC ..................... 913
172,600 * RAYOVAC CORP ........................ 3,862
323,197 REUNERT LTD ......................... 477
2,739,142 ROCKWELL INTERNATIONAL CORP ......... 86,283
159,000 SAMSUNG ELECTRO MECHANICS CO ........ 9,967
120,250 SAMSUNG ELECTRONICS CO LTD .......... 39,793
117,650 SLI, INC ............................ 1,427
209,700 STEWART & STEVENSON SERVICES, INC ... 3,159
3,467,500 SUMITOMO ELECTRIC INDUSTRIES CO ..... 59,580
10,000 SWISSLOG HOLDING AG. (REGD) ......... 4,920
367,633 THOMAS & BETTS CORP ................. 7,031
141,077 THOMAS INDUSTRIES, INC .............. 2,495
44,000 TUBOS DE ACERO DE MEXICO S.A. ....... 608
285,200 * UCAR INTERNATIONAL, INC ............. 3,725
126,400 * VICOR CORP .......................... 4,400
188,000 * WESCO INTERNATIONAL, INC ............ 1,798
16,900 WOODWARD GOVERNOR CO ................ 478
----------
5,100,609
----------
OTHER INDUSTRIAL EQUIPMENT--2.00%
11,300 * A.S.V., INC ......................... 162
168,225 AAR CORP ............................ 2,019
388,800 AGCO CORP ........................... 4,763
23,836 AGIV AG. ............................ 257
538,000 AMADA CO LTD ........................ 4,576
477,648 * AMERICAN STANDARD COS, INC .......... 19,584
187,511 APPLIED INDUSTRIAL TECHNOLOGIES, INC 3,070
5,270,789 * APPLIED MATERIALS, INC .............. 477,665
255,984 APPLIED POWER, INC (CLASS A) ........ 8,575
23,900 * APPLIED SCIENCE & TECHNOLOGY, INC ... 618
87,700 * ASTEC INDUSTRIES, INC ............... 2,225
242,200 * ASYST TECHNOLOGIES, INC ............. 8,295
101,428 ATLAS COPCO AB SERIES A FREE ........ 1,966
88,909 ATLAS COPCO AB SERIES B FREE ........ 1,673
137,500 * ATMI, INC ........................... 6,394
58,100 e* AVIATION SALES CO ................... 359
2,077,731 BAKER HUGHES, INC ................... 66,487
647,092 BLACK & DECKER CORP ................. 25,439
144,791 BRIGGS & STRATTON CORP .............. 4,959
69,600 * BROOKS AUTOMATION, INC .............. 4,450
610,115 BRUNSWICK CORP ...................... 10,105
90,300 BUDERUS AG. ......................... 1,429
2,483,400 CATERPILLAR, INC .................... 84,125
600 CMI CORP (CLASS A) .................. 2
53,900 COLUMBUS MCKINNON CORP .............. 748
421,996 * COOPER CAMERON CORP ................. 27,852
294,300 CUMMINS ENGINE CO, INC .............. 8,020
30,450 * CUNO, INC ........................... 704
143,879 e* DAI NIPPON SCREEN MANUFACTURING
CO LTD ............................. 1,372
165,000 DAIFUKU CO LTD ...................... 1,834
829,000 DAIKIN INDUSTRIES LTD ............... 19,314
1,662,373 DEERE & CO .......................... 61,508
110,400 DETROIT DIESEL CORP ................. 1,628
260,400 DONALDSON CO, INC ................... 5,143
1,289,272 DOVER CORP .......................... 52,296
54,700 * DRIL-QUIP, INC ...................... 2,557
447,000 EBARA CORP .......................... 6,071
120,700 * ELECTROGLAS, INC .................... 2,595
107,320 * ESTERLINE CORP ...................... 1,596
2,103 * FAIRCHILD CORP (CLASS A) ............ 10
238,770 FEDDERS CORP ........................ 1,388
153,550 FEDDERS CORP (CLASS A) .............. 710
342,878 FKI PLC ............................. 1,220
407,810 FLOWSERVE CORP ...................... 6,143
41,669 FLS INDUSTRIES AS (CLASS B) ......... 643
131,400 * FSI INTERNATIONAL, INC .............. 2,850
125,663 FUTURIS CORP LTD .................... 138
86,591 * GARDNER DENVER, INC ................. 1,548
109,781 GRACO, INC .......................... 3,568
598,350 * GRANT PRIDECO, INC .................. 14,959
43,100 HARDINGE, INC ....................... 450
273,600 b* HARNISCHFEGER INDUSTRIES, INC ....... 93
269,900 * HORIZON OFFSHORE, INC ............... 4,183
124,930 IDEX CORP ........................... 3,943
31,775 * INDUSTRIE-WERKE KARLSRUHE
AUGSBURG AG. ....................... 503
1,132,887 INGERSOLL-RAND CO ................... 45,599
43,400 * IONICS, INC ......................... 1,329
1,144,000 * ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES 2,076
315,090 JLG INDUSTRIES, INC ................. 3,742
22,000 * JLK DIRECT DISTRIBUTION, INC
(CLASS A) .......................... 113
2,436,200 JOT AUTOMATION GROUP OYJ ............ 16,324
191,700 KAYDON CORP ......................... 4,026
183,857 KENNAMETAL, INC ..................... 3,941
1,717,311 KOMATSU LTD ......................... 12,108
127,000 e KOMORI CORP ......................... 2,225
160,046 KONE CORP SERIES B .................. 9,665
245,000 KOYO SEIKO CO LTD ................... 2,133
1,908,467 KUBOTA CORP ......................... 6,944
215,775 * KULICHE & SOFFA INDUSTRIES, INC ..... 12,812
1,029,457 * LAM RESEARCH CORP ................... 38,605
4,048,693 LARSEN & TOUBRO LTD ................. 22,368
96,600 LAWSON PRODUCTS, INC ................ 2,379
26,573 LENNOX INTERNATIONAL, INC ........... 352
124,300 LINCOLN ELECTRIC HOLDINGS CO ........ 1,771
61,511 LINDE AG. ........................... 2,459
26,450 LINDSAY MANUFACTURING CO ............ 519
168,000 e MAKINO MILLING MACHINE CO LTD ....... 1,651
68,000 MAKITA CORP ......................... 650
174,662 MANITOWOC CO, INC ................... 4,672
47,802 * METRA CO SERIES B ................... 827
118,402 METSO OYJ ........................... 1,430
SEE NOTES TO FINANCIAL STATEMENTS
34 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
OTHER INDUSTRIAL EQUIPMENT--(CONTINUED)
230,052 MILACRON, INC ........................ $ 3,336
399,000 MINEBEA CO LTD ....................... 5,016
4,783,532 MITSUBISHI HEAVY INDUSTRIES LTD ...... 21,249
109,000 MORI SEIKI CO LTD .................... 1,690
170,683 * MSC INDUSTRIAL DIRECT CO (CLASS A) ... 3,574
39,857 NACCO INDUSTRIES, INC (CLASS A) ...... 1,400
345,772 * NATIONAL-OILWELL, INC ................ 11,367
88,172 NORDSON CORP ......................... 4,464
973,602 * NOVELLUS SYSTEMS, INC ................ 55,069
979,000 NSK LTD .............................. 8,605
686,000 NTN TOYO BEARING CO LTD .............. 2,937
99,487 OKUMA CORP ........................... 436
574,626 PALL CORP ............................ 10,631
267,800 PENTAIR, INC ......................... 9,507
2,000 POKPHAND (C.P.) CO LTD ............... 0
181,400 * PRESSTEK, INC ........................ 2,959
112,700 * PRI AUTOMATION, INC .................. 7,370
79,739 * PROXIMA ASA .......................... 905
10,900 ROBBINS & MYERS, INC ................. 249
234,740 ROPER INDUSTRIES, INC ................ 6,015
233,654 SANDVIK AB ........................... 4,928
100,000 SANSO ELECTRIC CO LTD ................ 662
81,300 SAUER-DANFOSS, INC ................... 803
1,758 SCHINDLER HOLDINGS LTD (PT CERT) ..... 2,638
1,449 SCHINDLER HOLDINGS LTD (REGD) ........ 2,228
4,186 SIDEL S.A ............................ 341
210,700 * SILICON VALLEY GROUP, INC ............ 5,452
414,314 * SMITH INTERNATIONAL, INC ............. 30,167
28,100 * SOMERA COMMUNICATIONS, INC ........... 383
112,300 * SPECIALTY EQUIPMENT COS, INC ......... 3,046
170,861 * SPEEDFAM-IPEC, INC ................... 3,108
109,782 STANDEX INTERNATIONAL CORP ........... 1,743
24,535 STARRETT (L.S.) CO (CLASS A) ......... 429
34,000 f STARRETT (L.S.) CO (CLASS B) ......... 595
32,611 STORK NV ............................. 444
2,000 * SULZER WINTERTHUR AG. (REGD) ......... 1,334
80,604 e SVENSKA KULLAGERFABRIKEN AB
SERIES B ........................... 1,356
330,000 SVENSKA KULLAGERFABRIKEN AB SERIES
A FREE ............................. 5,267
58,000 TAKUMA CO LTD ........................ 516
82,800 TECUMSEH PRODUCTS CO (CLASS A) ....... 3,162
31,300 TECUMSEH PRODUCTS CO (CLASS B) ....... 1,289
171,900 TENNANT CO ........................... 6,446
153,800 * TEREX CORP ........................... 2,172
1,500 * THERMO FIBERTEK, INC ................. 7
328,153 TIMKEN CO ............................ 6,112
159,668 TOMRA SYSTEMS AS ..................... 4,250
79,650 TORO CO .............................. 2,623
5,900 e TOYODA AUTOMATIC LOOM WORKS LTD ...... 128
427,000 TSUBAKIMOTO CHAIN CO ................. 2,179
25,766,216 TYCO INTERNATIONAL LTD ............... 1,220,674
133,456 * ULTRATECH STEPPER, INC ............... 1,985
235,488 * UNOVA, INC ........................... 1,722
87,720 VESTAS WIND SYSTEMS A/S .............. 3,235
247,900 YORK INTERNATIONAL CORP .............. 6,259
80,453 ZARDOYA OTIS S.A ..................... 716
----------
2,660,682
----------
TOTAL INDUSTRIAL MACHINERY ........... 7,761,291
----------
MEDIA AND LEISURE--3.84%
BROADCASTING--2.75%
363,051 * ADELPHIA COMMUNICATIONS CORP (CLASS A) 17,018
116,650 * AMC ENTERTAINMENT, INC ............... 569
3,389,603 * AMFM, INC ............................ 233,883
230 f ANTENA 3 DE TELEVISION GDS ........... 5,497
50,900 ASATSU, INC .......................... 2,093
70,055 BHC COMMUNICATIONS, INC (CLASS A) .... 10,648
35,000 BLOCKBUSTER, INC ..................... 339
3,271,482 * BRITISH SKY BROADCASTING GROUP PLC ... 63,989
853,850 * CABLEVISION SYSTEMS CORP (CLASS A) ... 57,955
211,222 CANAL PLUS S.A ....................... 35,636
1,032,774 CARLTON COMMUNICATIONS PLC ........... 13,290
48,400 * CARMIKE CINEMAS, INC (CLASS A) ....... 188
80,881 * CHRIS CRAFT INDUSTRIES, INC .......... 5,343
69,400 * CITADEL COMMUNICATIONS CORP .......... 2,425
1,909,145 * CLEAR CHANNEL COMMUNICATIONS, INC .... 143,186
214,700 * CLEAR CHANNEL COMMUNICATIONS, INC
WTS 09/18/01 ......................... 2,536
687,600 * COMCAST CORP (CLASS A) ............... 26,730
4,234,250 COMCAST CORP (CLASS A) SPECIAL ....... 171,487
237,107 * CONSTANTIN FILM AG ................... 13,081
946,309 * COX COMMUNICATIONS, INC (CLASS A) .... 43,116
172,300 * COX RADIO, INC (CLASS A) ............. 4,824
102,300 * CUMULUS MEDIA, INC ................... 933
14,271,436 DISNEY (WALT) CO ..................... 553,910
190,661 EM.TV & MERCHANDISING AG ............. 11,277
219,800 * EMMIS COMMUNICATIONS (CLASS A) ....... 9,094
146,900 * ENTERCOM COMMUNICATIONS CORP ......... 7,161
910,800 * FOX ENTERTAINMENT GROUP, INC ......... 27,666
25,706 GAYLORD ENTERTAINMENT CO ............. 553
24,431 * GC COS, INC .......................... 547
1,600 GRAY COMMUNICATIONS SYSTEMS, INC ..... 16
1,694,000 * GRUPO TELEVISA S.A. DE CV (PT CERT) .. 5,817
136,663 * HEARST-ARGYLE TELEVISION, INC ........ 2,665
494,600 * HISPANIC BROADCASTING CORP ........... 16,384
294,100 * HOLLYWOOD ENTERTAINMENT CORP ......... 2,316
870,000 * IMPRESA SGPS S.A ..................... 9,591
1,738,057 * INFINITY BROADCASTING CORP (CLASS A) . 63,330
7,800 * INSIGHT COMMUNICATIONS CO, INC ....... 122
12,700 * LODGENET ENTERTAINMENT ............... 308
15,300 * LOEWS CINEPLEX ENTERTAINMENT CORP .... 49
2,121,811 MEDIASET S.P.A ....................... 32,543
100,197 * METRO-GOLDWYN-MAYER, INC ............. 2,618
323,000 * METROMEDIA INTERNATIONAL GROUP, INC .. 1,534
104,024 * MIH HOLDINGS LTD ..................... 423
341,400 * MODERN TIMES GROUP (CLASS B) ......... 16,348
188,500 * NDS GROUP PLC ADR .................... 11,499
43,120 NIPPON TELEVISION NETWORK CORP ....... 28,120
66,320 * NIPPON TELEVISION NETWORK CORP (NEW) . 43,375
14,500 * ON COMMAND CORP ...................... 207
30,080 * PAC-WEST TELECOMM, INC ............... 602
263,842 * PANAMSAT CORP ........................ 11,527
193,800 * PAXSON COMMUNICATIONS CORP ........... 1,550
153,100 * PEGASUS COMMUNICATIONS CORP .......... 7,511
86,000 e* PIXAR, INC ........................... 3,032
1,219,775 * PRICE COMMUNICATIONS CORP ............ 28,741
9,800 * RADIO ONE, INC ....................... 290
19,600 * RADIO ONE, INC (CLASS D) ............. 432
1,880,577 RANK GROUP PLC ....................... 4,356
747,100 a* REGIONAL CABLESYSTEMS, INC ........... 7,437
269,100 * ROGERS COMMUNICATIONS, INC (CLASS B) . 7,619
1,625 * SAGA COMMUNICATIONS, INC (CLASS A) ... 36
23,900 * SINCLAIR BROADCASTING GROUP, INC
(CLASS A) .......................... 263
120,246 * SIRIUS SATELLITE RADIO, INC .......... 5,328
729,000 * STUDIO CANAL ......................... 7,827
1,332,349 * TCI SATELLITE ENTERTAINMENT (CLASS A) 11,575
748,700 TELEVISION BROADCASTS LTD ............ 4,994
4,725,000 * TELEWEST COMMUNICATIONS PLC .......... 16,309
8,949,466 TIME WARNER, INC ..................... 680,159
26,100 e* TIVO, INC ............................ 914
1,586,000 TOEI CO LTD .......................... 11,617
19,340 e TOHO CO LTD .......................... 3,301
146,000 TOKYO BROADCASTING SYSTEMS, INC ...... 6,320
294,250 * TV GUIDE, INC ........................ 10,078
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 35
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
BROADCASTING--(CONTINUED)
720,174 U.S.A. NETWORKS, INC ..................... $ 15,574
205,400 * UNITED TELEVISION, INC ................... 26,445
544,600 * UNITEDGLOBALCOM, INC (CLASS A) ........... 25,460
456,935 * UNIVISION COMMUNICATIONS, INC ............ 47,293
3,300 * VALLEY MEDIA, INC ........................ 12
881,374 * VIACOM, INC (CLASS A) .................... 60,264
13,885,481 * VIACOM, INC (CLASS B) .................... 946,816
128,100 * WAVO CORP ................................ 96
57,500 * YOUNG BROADCASTING, INC (CLASS A) ........ 1,477
196,001 ZEE TELEFILMS LTD (DEMAT) ................ 1,983
----------
3,659,477
----------
LODGING/GAMING/RECREATION--0.33%
486,849 e ACCOR S.A ................................ 20,035
450,908 e* AMF BOWLING, INC ......................... 85
44,000 * ANCHOR GAMING CO ......................... 2,109
121,900 * ARGOSY GAMING CORP ....................... 1,752
119,784 ARISTOCRAT LEISURE LTD ................... 406
240,472 * AZTAR CORP ............................... 3,727
148,629 BALLY TOTAL FITNESS HOLDINGS CORP ........ 3,771
563,000 BERJAYA SPORTS TOTO BERHAD ............... 919
128,000 * BOCA RESORTS, INC (CLASS A) .............. 1,264
224,245 * BOYD GAMING CORP ......................... 1,247
58,700 * CHAMPIONSHIP AUTO RACING TEAMS, INC ...... 1,497
337,978 * CHOICE HOTELS INTERNATIONAL, INC ......... 3,359
7,800 e CHURCHILL DOWNS, INC ..................... 182
136,960 * CRESTLINE CAPITAL CORP ................... 2,337
25,600 DOVER DOWNS ENTERTAINMENT, INC ........... 358
1,644,482 EMI GROUP PLC ............................ 14,937
892,280 * EXTENDED STAY AMERICA, INC ............... 8,254
2,100 b,e* FAMILY GOLF CENTERS, INC ................. 0
69,000 FOUR SEASONS HOTELS, INC ................. 4,317
284,500 GENTING BERHAD ........................... 1,048
4,380,611 * GRANADA GROUP LTD (CLASS A) .............. 43,770
932,874 * HARRAH'S ENTERTAINMENT, INC .............. 19,532
1,414,523 HILTON GROUP PLC ......................... 4,968
1,622,202 HILTON HOTELS CORP ....................... 15,208
12,000 * HOLLYWOOD.COM, INC ....................... 93
883,283 HONG KONG & SHANGHAI HOTELS LTD .......... 513
243,500 HOTEL PROPERTIES LTD ..................... 217
105,900 INTERNATIONAL SPEEDWAY CORP (CLASS A ) ... 4,382
470 * INTERSTATE HOTELS CORP ................... 1
7,250 * ISLE OF CAPRI CASINOS, INC ............... 98
46,868 JURYS DOYLE HOTEL PLC .................... 281
47,000 * LAKES GAMING, INC ........................ 417
162,400 e* LODGIAN, INC ............................. 396
457,884 * MANDALAY RESORT GROUP .................... 9,158
74,415 MARCUS CORP .............................. 902
1,276,800 MARRIOTT INTERNATIONAL, INC (CLASS A) .... 46,045
52,716 e MGM GRAND, INC ........................... 1,694
500 * MIRAMAR HOTEL & INVESTMENT CO LTD ........ 0
108,200 ORIENTAL LAND CO LTD ..................... 11,075
133,000 OVERSEAS UNION ENTERPRISES LTD ........... 323
1,673,427 * PARK PLACE ENTERTAINMENT CORP ............ 20,395
13,960 * PENN NATIONAL GAMING, INC ................ 190
157,700 * PINNACLE ENTERTAINMENT, INC .............. 3,065
57,934 * PRESIDENT CASINOS, INC ................... 53
300,771 * PRIME HOSPITALITY CORP ................... 2,839
500 * REGAL HOTELS INTERNATIONAL LTD ........... 0
1,368,100 RESORTS WORLD BERHAD ..................... 3,744
243,500 SANKYO CO LTD ............................ 10,701
355,900 * SFX ENTERTAINMENT, INC (CLASS A) ......... 16,127
3,151,500 SHANGRI-LA ASIA LTD ...................... 3,719
56,000 SHANGRI-LA ASIA LTD (SINGAPORE) .......... 66
2,948,238 * SIX FLAGS, INC ........................... 67,072
132,221 * SOL MELIA S.A ............................ 1,483
64,900 * SPEEDWAY MOTORSPORTS, INC ................ 1,493
1,193,217 STARWOOD HOTELS & RESORTS WORLDWIDE ...... 38,854
157,637 * STATION CASINOS, INC ..................... 3,941
72,700 * STEINWAY MUSICAL INSTRUMENTS, INC ........ 1,200
203,893 b* SUNTERRA CORP ............................ 47
936,703 TABCORP HOLDINGS LTD ..................... 5,399
509,000 TANJONG PLC .............................. 1,219
124,000 * TOKYO DOME CORP .......................... 564
403,000 TOKYO TOKEIBA CO LTD ..................... 518
62,200 * TRENDWEST RESORTS, INC ................... 1,003
65,000 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) .... 313
16,031 e* VAIL RESORTS, INC ........................ 262
503,700 * WESTWOOD ONE, INC ........................ 17,189
478,721 * WYNDHAM INTERNATIONAL, INC ............... 1,197
----------
433,330
----------
PUBLISHING--0.76%
892 * AGEFI GROUPE S.A ......................... 269
377,800 AMERICAN GREETINGS CORP (CLASS A) ........ 7,178
49,700 * APPLIED GRAPHICS TECHNOLOGIES, INC ....... 211
248,900 BANTA CORP ............................... 4,714
271,850 BELO (A.H.) CORP SERIES A ................ 4,706
351,800 f BELO (A.H.) CORP (SERIES B) .............. 6,091
234,440 BOWNE & CO, INC .......................... 2,359
200,100 CENTRAL NEWSPAPERS, INC (CLASS A) ........ 12,656
141,800 * CHARTER COMMUNCATIONS (CLASS A) .......... 2,331
544,000 CLASS EDITORI S.P.A ...................... 7,999
88,400 * CONSOLIDATED GRAPHICS, INC ............... 829
31,892 * CSS INDUSTRIES, INC ...................... 652
1,100,662 e DAI NIPPON PRINTING CO LTD ............... 19,443
20,520 * DAY RUNNER, INC .......................... 23
494,629 DELUXE CORP .............................. 11,655
591,008 DONNELLEY (R.R.) & SONS CO ............... 13,335
12,180 DOW JONES & CO, INC ...................... 892
406,300 f DOW JONES & CO, INC (CLASS B) ............ 29,761
1,369,816 ELSEVIER UTIGEVERSMIJ NV ................. 16,663
125,825 * FRANKLIN COVEY CO ........................ 873
1,000 * GAKKEN CO LTD ............................ 2
1,849,846 GANNETT CO, INC .......................... 110,644
312,695 HARLAND (JOHN H.) CO ..................... 4,671
277,200 HARTE-HANKS, INC ......................... 6,930
43,200 HOLLINGER INTERNATIONAL, INC ............. 589
114,900 HOUGHTON MIFFLIN CO ...................... 5,364
20,200 * IDG BOOKS WORLDWIDE, INC ................. 183
407,202 * INDEPENDENT NEWS & MEDIA PLC ............. 1,483
31,300 * INFORMATION HOLDINGS, INC ................ 1,158
143,600 JOHNNIC COMMUNICATIONS LTD ............... 3,486
127,938 * JOURNAL REGISTER CO ...................... 2,335
14,800 KADOKAWA SHOTEN PUBLISHING CO LTD ........ 1,497
419,100 KNIGHT-RIDDER, INC ....................... 22,291
430,081 LAGARDERE SCA ............................ 32,982
263,800 LEE ENTERPRISES, INC ..................... 6,150
14,400 f LEE ENTERPRISES, INC (CLASS B) ........... 336
4,000 * MARTHA STEWART LIVING OMNIMEDIA, INC ..... 88
72,535 MCCLATCHY CO (CLASS A) ................... 2,403
1,336,650 MCGRAW HILL COS, INC ..................... 72,179
134,354 MEDIA GENERAL, INC (CLASS A) ............. 6,525
200 MEREDITH CORP ............................ 7
320,900 f MEREDITH CORP (CLASS B) .................. 10,830
656,594 * MONDADORI (ARNOLDO) EDITORE S.P.A ........ 15,043
80,000 NASPERS LTD .............................. 667
79,300 NEW ENGLAND BUSINESS SERVICES, INC ....... 1,289
1,157,832 NEW YORK TIMES CO (CLASS A) .............. 45,734
4,809,833 e NEWS CORP LTD ............................ 66,420
731,800 * ORIENTAL PRESS GROUP ..................... 117
183,925 * PAXAR CORP ............................... 2,196
3,502,446 PEARSON PLC .............................. 111,349
SEE NOTES TO FINANCIAL STATEMENTS
36 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
---------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
PUBLISHING--(CONTINUED)
134,619 PENTON MEDIA, INC ........................ $ 4,712
1,400 * PLAYBOY ENTERPRISES, INC (CLASS B) ....... 18
937,722 * PRIMEDIA, INC ............................ 21,333
9,700 PULITZER, INC ............................ 409
98,200 QUEBECOR WORLD, INC ...................... 2,356
148,800 QUEBECOR, INC (CLASS B) .................. 4,318
94,227 * R.H. DONNELLEY CORP ...................... 1,826
595,100 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) ................... 23,655
2,221,115 REED INTERNATIONAL PLC ................... 19,335
438,000 REYNOLDS & REYNOLDS CO (CLASS A) ......... 7,994
3,500 SCHAWK, INC (CLASS A) .................... 33
59,000 SCHIBSTED ASA ............................ 1,097
479,900 * SCHOLASTIC CORP .......................... 29,334
21,459 * SCIENTIFIC GAMES HOLDINGS CORP ........... 527
178,395 SCRIPPS (E.W.) CO (CLASS A) .............. 8,786
1,500,000 SEAT-PAGINE GIALLE S.P.A ................. 5,205
588,846 SINGAPORE PRESS HOLDINGS LTD ............. 9,195
3,142,000 SOUTH CHINA MORNING POST ................. 2,439
78,500 STANDARD REGISTER, INC ................... 1,119
1,160,000 * TELE ATLAS BV ............................ 17,013
1,250,250 THOMSON CORP ............................. 42,738
22,710 TIMES MIRROR CO SERIES A ................. 2,058
121,429 TIMES MIRROR CO SERIES C ................. 11,414
214,000 TOPPAN FORMS CO LTD ...................... 5,077
650,000 TOPPAN PRINTING CO LTD ................... 6,893
232,490 * TOPPS, INC ............................... 2,674
962,724 TRIBUNE CO ............................... 33,695
253,500 WALLACE COMPUTER SERVICES, INC ........... 2,503
41,624 WASHINGTON POST CO (CLASS B) ............. 19,896
253,676 WILEY (JOHN) & SONS, INC (CLASS A) ....... 5,708
1,347,935 e WOLTERS KLUWER NV ........................ 36,050
2,067 * WORKFLOW MANAGEMENT, INC ................. 25
167,100 * ZIFF-DAVIS, INC -ZD ...................... 1,504
----------
1,008,527
----------
TOTAL MEDIA AND LEISURE .................. 5,101,334
----------
RETAIL AND WHOLESALE--2.22%
GENERAL MERCHANDISE STORES--2.22%
57,666 * 99 CENTS ONLY STORES ..................... 2,299
90,800 e* ACTION PERFORMANCE COS, INC .............. 658
1,452,628 e* AMAZON.COM, INC .......................... 52,749
21,308 AMER GROUP LTD PLC SERIES A .............. 588
182,600 * AMES DEPARTMENT STORES, INC .............. 1,415
227,184 ARMSTRONG HOLDINGS, INC .................. 3,479
1,000 * ASICS CORP ............................... 1
83,000 BANDAI CO LTD ............................ 3,075
370,540 * BARNES & NOBLE, INC ...................... 8,245
189,300 * BARNESANDNOBLE.COM, INC .................. 1,236
32,800 * BARNETT, INC ............................. 336
38,533 b* BEN FRANKLIN RETAIL STORES, INC .......... 0
106,551 BIC S.A .................................. 5,240
419,146 * BJ'S WHOLESALE CLUB, INC ................. 13,832
65,300 BLAIR CORP ............................... 1,208
231,075 BLYTH, INC ............................... 6,817
487,000 * BORDERS GROUP, INC ....................... 7,579
30,600 * BOYDS COLLECTION LTD ..................... 260
305,800 BRADY CORP (CLASS A) ..................... 9,939
229,500 b,e* CALDOR CORP .............................. 1
481,000 CALLAWAY GOLF CO ......................... 7,846
460,050 CASEY'S GENERAL STORES, INC .............. 4,773
138,348 CASH AMERICA INTERNATIONAL, INC .......... 1,020
19,200 e CASINO ADPS .............................. 1,184
292,080 * CDW COMPUTER CENTERS, INC ................ 18,255
28,100 b* CML GROUP, INC ........................... 0
82,900 * COLDWATER CREEK, INC ..................... 2,497
2,339,356 COLES MYER LTD ........................... 9,009
623,706 * CONSOLIDATED STORES CORP ................. 7,484
61,013 CORTEFIEL S.A ............................ 1,329
133,000 * COST PLUS, INC ........................... 3,815
2,628,572 * COSTCO WHOLESALE CORP .................... 86,743
268,000 e* DAIEI, INC ............................... 1,008
78,315 DAIMARU, INC ............................. 275
2,098,203 e DAVID JONES LTD .......................... 1,565
224,030 DE BEERS CENTENARY AG. (UNITS) ........... 5,452
43,300 * DELIA*S, INC ............................. 103
630,900 DILLARDS, INC (CLASS A) .................. 7,729
45,700 * DIRECT FOCUS, INC ........................ 2,239
895,625 DOLLAR GENERAL CORP ...................... 17,465
582,555 * DOLLAR TREE STORES, INC .................. 23,047
234,411 * E4L, INC ................................. 190
138,974 e* EGGHEAD.COM, INC ......................... 408
103,227 ENESCO GROUP, INC ........................ 490
61,835 e* ETOYS, INC ............................... 392
77,300 * FACTORY 2-U STORES, INC .................. 2,923
771,280 FAMILY DOLLAR STORES, INC ................ 15,088
148,000 FASTENAL CO .............................. 7,493
26,000 e* FATBRAIN.COM, INC ........................ 171
1,852,862 * FEDERATED DEPARTMENT STORES, INC ......... 62,534
5,300 * FREDS, INC ............................... 95
29,200 * GENESIS DIRECT, INC ...................... 0
1,433,000 GIORDANO INTERNATIONAL LTD ............... 2,178
304,500 * GOTTSCHALKS, INC ......................... 1,922
1,992,185 GREAT UNIVERSAL STORES PLC ............... 12,818
259,464 HAGEMEYER NV ............................. 7,183
260,450 * HA-LO INDUSTRIES, INC .................... 1,465
98,278 HANCOCK FABRICS, INC ..................... 418
173,584 * HANDLEMAN CO ............................. 2,170
54,000 HANKYU DEPARTMENT STORES, INC ............ 289
504,674 * HANOVER DIRECT, INC ...................... 789
72,441 HARCOURT GENERAL, INC .................... 3,939
1,172,746 HASBRO, INC .............................. 17,664
185,030 * HEXCEL CORP .............................. 1,758
54,850 e* HOMEBASE, INC ............................ 86
260,000 HUDSONS BAY CO ........................... 2,755
143,500 * IDENTIX, INC ............................. 2,251
173,050 * INSIGHT ENTERPRISES, INC ................. 10,264
502,878 * INTERNATIONAL GAME TECHNOLOGY CO ......... 13,326
188,000 ISETAN CO LTD ............................ 2,310
32,000 * ITURF, INC ............................... 92
50 * JACOBSON STORES, INC ..................... 0
94,150 * JAKKS PACIFIC, INC ....................... 1,389
1,292 JELMOLI HOLDINGS AG. (BR) ................ 1,629
83,041 * JO-ANN STORES, INC (CLASS A) ............. 581
237,100 * JO-ANN STORES, INC (CLASS B) ............. 1,808
236,100 b* JUMBOSPORTS, INC ......................... 0
196,000 JUSCO CO LTD ............................. 3,723
2,705,900 * K MART CORP .............................. 18,434
27,905 * K2, INC .................................. 232
281,665 KARSTADT QUELLE AG ....................... 7,533
79,045 KESCO OYJ ................................ 807
3,226,332 KINGFISHER PLC ........................... 29,379
1,900,856 * KOHLS CORP ............................... 105,735
84,664 * LAND'S END, INC .......................... 2,826
190,490 b* LURIA (L.) & SON, INC .................... 1
103,600 * LYDALL, INC .............................. 1,101
4,452,437 MARKS & SPENCER PLC ...................... 15,655
402,000 MARUI CO LTD ............................. 7,713
50,866 e* MARVEL ENTERPRISES ....................... 318
3,819 * MARVEL ENTERPRISES (CLASS A) WTS 10/02/01 3
6,468 e* MARVEL ENTERPRISES (CLASS C) WTS 10/02/02 5
3,030,929 MATTEL, INC .............................. 39,970
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 37
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
GENERAL MERCHANDISE STORES--(CONTINUED)
1,831,482 MAY DEPARTMENT STORES CO ................. $ 43,956
551,393 e* METRO AG ................................. 19,451
644,655 METRO CASH & CARRY LTD ................... 399
178,100 * MICHAELS STORES, INC ..................... 8,159
2,415,818 MINNESOTA MINING & MANUFACTURING CO ...... 199,305
388,000 e* MITSUKOSHI LTD ........................... 1,724
677,800 e MYCAL CORP ............................... 2,325
72,300 e* NAVARRE CORP ............................. 95
287,049 * NEIMAN MARCUS GROUP, INC (CLASS A) ....... 8,486
30,748 * NEIMAN MARCUS GROUP, INC (CLASS B) ....... 853
255,000 NINTENDO CO LTD .......................... 44,635
48 e* NISSEN CO LTD ............................ 0
254,800 b* NU KOTE HOLDINGS, INC (CLASS A) .......... 4
3,872,797 * OFFICE DEPOT, INC ........................ 24,205
484,400 * OFFICEMAX, INC ........................... 2,422
59,400 e* PARTY CITY CORP .......................... 160
36,750 * PC CONNECTION, INC ....................... 2,095
1,206,938 PENNEY, (J.C.) CO, INC ................... 22,253
181,000 PEPKOR LTD ............................... 651
146,800 * PETCO ANIMAL SUPPLIES, INC ............... 2,881
568,300 * PETSMART, INC ............................ 1,918
568,873 PICK'N PAY STORES LTD .................... 915
266,617 e PINAULT-PRINTEMPS-REDOUTE S.A ............ 59,473
1,000 PLAYMATES INTERACTIVE ENTERTAINMENT ...... 0
17,730 RHI AG ................................... 434
800 ROBINSON & CO LTD ........................ 2
67,750 RUSS BERRIE & CO, INC .................... 1,304
893,580 * SAKS, INC ................................ 9,383
57,000 SANRIO CO LTD ............................ 1,522
151,500 * SCHEIN (HENRY), INC ...................... 2,613
77,550 * SCP POOL CORP ............................ 1,822
2,644,160 SEARS ROEBUCK & CO ....................... 86,266
52,700 e* SEGA ENTERPRISES LTD ..................... 812
30,739 e* SEIYU LTD ................................ 131
166,800 e* SHOP AT HOME, INC ........................ 779
184,000 * SHOPKO STORES, INC ....................... 2,829
2,426,000 SONAE SGPS S.A ........................... 4,279
606,500 * SONAE SGPS S.A. RTS ...................... 488
65,100 SPIEGEL, INC (CLASS A) ................... 553
21,200 * STAMPS.COM, INC .......................... 155
3,162,468 * STAPLES, INC ............................. 48,623
279,195 * STELUX HOLDINGS INTERNATIONAL LTD ........ 9
38,150 STOCKMANN AB OYJ SERIES A ................ 603
5,478 STOCKMANN B FREE ......................... 84
265,300 * SUNGLASS HUT INTERNATIONAL, INC .......... 2,180
222,900 * SYSTEMAX, INC ............................ 864
367,000 e TAKASHIMAYA CO LTD ....................... 3,427
4,229,780 TARGET CORP .............................. 245,327
211,700 THE WAREHOUSE GROUP LTD .................. 515
471,976 TIFFANY & CO ............................. 31,858
100,500 * TOYS `R' US-JAPAN LTD .................... 17,097
1,159,763 * TOYS `R' US, INC ......................... 16,889
900 * TRACTOR SUPPLY CO ........................ 15
47,800 * TUESDAY MORNING CORP ..................... 502
131,889 * U.S. OFFICE PRODUCTS CO .................. 49
50,400 e* VALUE AMERICA, INC ....................... 55
72,600 * VALUE CITY DEPARTMENT STORES, INC ........ 690
232,000 * VALUEVISION INTERNATIONAL, INC ........... 5,568
720,800 * VENATOR GROUP, INC ....................... 7,388
173,626 b* VENTURE STORES, INC ...................... 0
21,713,458 WAL-MART STORES, INC ..................... 1,251,238
688,779 WATERFORD WEDGWOOD PLC (UNITS) ........... 753
903,100 * WESTAIM CORP ............................. 10,849
77,700 * WHITEHALL JEWELLERS, INC ................. 1,447
142,000 * WMS INDUSTRIES, INC ...................... 2,192
2 WOOLTRU LTD .............................. 0
281,497 * ZALE CORP ................................ 10,275
----------
TOTAL RETAIL AND WHOLESALE ............... 2,952,332
----------
TECHNOLOGY--18.34%
COMMUNICATIONS EQUIPMENT--2.53%
61,100 * ACT NETWORKS, INC ........................ 936
226,950 * ACTV, INC ................................ 3,390
126,780 * ADAPTIVE BROADBAND CORP .................. 4,659
2,219,226 * ADC TELECOMMUNICATIONS, INC .............. 186,138
122,924 * ADTRAN, INC .............................. 7,360
36,937 * ADVA AG OPTICAL NETWORKING ............... 21,068
524,759 * ADVANCED FIBRE COMMUNICATIONS, INC ....... 23,778
22,000 * ALAMOSA PCS HOLDINGS, INC ................ 459
172,400 * ALLEN TELECOM, INC ....................... 3,049
667,420 * AMERICAN TOWER CORP (CLASS A) ............ 27,823
214,000 * AMPEX CORP (CLASS A) ..................... 361
177,810 * ANCOR COMMUNICATIONS, INC ................ 6,359
578,108 * ANDREW CORP .............................. 19,403
88,100 * ANTEC CORP ............................... 3,662
379,823 * ASPECT TELECOMMUNICATIONS CORP ........... 14,932
74,300 * BROOKTROUT, INC .......................... 1,621
22,500 * CALIFORNIA AMPLIFIER, INC ................ 1,029
71,500 * CARRIER ACCESS CORP ...................... 3,781
157,100 * C-COR.NET CORP ........................... 4,242
824,700 b,e* CELLNET DATA SYSTEMS, INC ................ 41
283,500 * CGI GROUP, INC ........................... 2,315
166,300 * CHECKPOINT SYSTEMS, INC .................. 1,247
1,915,030 * CIENA CORP ............................... 319,212
221,763 * COMMSCOPE, INC ........................... 9,092
888,940 * COMVERSE TECHNOLOGY, INC ................. 82,671
130,540 * COPPER MOUNTAIN NETWORKS, INC ............ 11,504
21,700 * DAVOX CORP ............................... 281
12,388 e* DIGITAL LIGHTWAVE, INC ................... 1,246
411,800 * DIGITAL MICROWAVE CORP ................... 15,700
43,500 * DITECH COMMUNICATIONS .................... 4,113
1,078,560 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) ... 35,710
15,300 * EFFICIENT NETWORKS, INC .................. 1,126
13,700 * ELANTEC SEMICONDUCTOR, INC ............... 954
400,600 * ELOT, INC ................................ 751
25,900 * ESHARE COMMUNICATIONS, INC ............... 181
35,100 * FIRSTCOM CORP ............................ 529
57 * GENERAL DATACOMM INDUSTRIES, INC ......... 0
883,000 b* GEOTEK COMMUNICATIONS, INC ............... 11
302,337 * GLENAYRE TECHNOLOGIES, INC ............... 3,193
180,600 * GLOBIX CORP .............................. 5,294
85,100 HARMON INDUSTRIES, INC ................... 1,128
356,319 * HARMONIC, INC ............................ 8,819
493,249 HARRIS CORP .............................. 16,154
35,800 * INET TECHNOLOGIES, INC ................... 1,942
43,100 * INTELECT COMMUNICATIONS .................. 100
333,200 * INTERDIGITAL COMMUNICATIONS CORP ......... 5,519
12,033 * INTERLOGIX, INC .......................... 165
141,325 INTER-TEL, INC ........................... 2,270
200,800 * INTERVOICE-BRITE, INC .................... 1,318
348,000 KINSEKI LTD .............................. 5,904
207,100 * L-3 COMMUNICATIONS HOLDINGS, INC ......... 11,818
5,900 * MCK COMMUNICATIONS, INC .................. 136
83,500 * METRICOM, INC ............................ 2,328
15,984,159 MOTOROLA, INC ............................ 464,540
24,900 * NATURAL MICROSYSTEMS CORP ................ 2,800
45,500 * NETRO CORP ............................... 2,611
15,859,019 NOKIA OYJ ................................ 812,571
6,322,183 NORTEL NETWORKS CORP ..................... 438,205
436,000 e* ORCKIT COMMUNICATIONS LTD ................ 13,135
409,200 * P-COM, INC ............................... 2,327
254,501 * PICTURETEL CORP .......................... 668
SEE NOTES TO FINANCIAL STATEMENTS
38 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
COMMUNICATIONS EQUIPMENT--(CONTINUED)
106,975 * PLANTRONICS, INC ......................... $ 12,356
3,900 e PLIANT SYSTEMS, INC ...................... 24
172,363 * POLYCOM, INC ............................. 16,218
374,510 * POWERWAVE TECHNOLOGIES, INC .............. 16,478
4,838,174 * QUALCOMM, INC ............................ 290,290
159,400 * SALIENT 3 COMMUNICATIONS, INC (CLASS A) .. 1,923
1,050,700 SCIENTIFIC-ATLANTA, INC .................. 78,277
80,000 e* SCM MICROSYSTEMS, INC .................... 4,845
422,150 * SENSORMATIC ELECTRONICS CORP ............. 6,675
243,720 e SIRTI S.P.A .............................. 408
174,872 * SONUS NETWORKS, INC ...................... 27,608
246,900 * SR TELECOM, INC .......................... 1,350
123,900 e* SYCAMORE NETWORKS, INC ................... 13,675
137,700 * SYMMETRICOM, INC ......................... 3,477
155,900 * TEKELEC .................................. 7,512
3,108,324 * TELLABS, INC ............................. 212,726
436,400 * TERAYON COMMUNICATION SYSTEMS, INC ....... 28,032
20,900 * TOLLGRADE COMMUNICATIONS, INC ............ 2,769
23,500 e* TRANSCRYPT INTERNATIONAL, INC ............ 51
74,500 * TUT SYSTEMS, INC ......................... 4,274
7,000 * VIASAT, INC .............................. 380
56 * VTEL CORP ................................ 0
237,500 * WEBLINK WIRELESS, INC .................... 3,147
213,910 * WESTELL TECHNOLOGIES, INC (CLASS A) ...... 3,209
296,551 e* WORLD ACCESS, INC ........................ 3,281
83,100 * YOUTHSTREAM MEDIA NETWORKS, INC .......... 493
95,970 e* ZIXIT CORP ............................... 4,421
----------
3,367,578
----------
COMPUTERS AND OFFICE EQUIPMENT--15.18%
2,248,754 * 3COM CORP ................................ 129,584
128,200 * 3DFX INTERACTIVE, INC .................... 998
36,600 * 3DO CO ................................... 287
33,700 * ABOUT.COM, INC ........................... 1,062
355,250 e* ACCLAIM ENTERTAINMENT, INC ............... 511
23,700 * ACCRUE SOFTWARE, INC ..................... 841
144,200 * ACTIVISION, INC .......................... 937
154,000 * ACTUATE CORP ............................. 8,220
335,960 * ACXIOM CORP .............................. 9,155
2,897,440 * ADAPTEC, INC ............................. 65,917
766,870 ADOBE SYSTEMS, INC ....................... 99,693
316,282 * ADVANCED DIGITAL INFORMATION CORP ........ 5,041
54,400 * ADVANTAGE LEARNING SYSTEMS, INC .......... 836
156,600 * ADVENT SOFTWARE, INC ..................... 10,101
26,200 * AETHER SYSTEMS, INC ...................... 5,371
214,200 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) 7,082
48,100 * AGILE SOFTWARE CORP ...................... 3,400
2,188,000 * ALDATA SOLUTIONS OYJ ..................... 14,892
104,200 * ALLAIRE CORP ............................. 3,829
152,000 AMANO CORP ............................... 1,701
214,414 * AMDOCS LTD ............................... 16,456
15,969,225 * AMERICA ONLINE, INC ...................... 842,377
305,345 * AMERICAN MANAGEMENT SYSTEMS, INC ......... 10,024
132,900 ANALYSTS INTERNATIONAL CORP .............. 1,238
114,450 * APEX, INC ................................ 5,007
1,726,388 * APPLE COMPUTER, INC ...................... 90,420
34,300 e* APPLIEDTHEORY CORP ....................... 515
193,900 * ARIBA, INC ............................... 19,011
38,500 * ART TECHNOLOGY GROUP ..................... 3,886
153,200 * ASHTON TECHNOLOGY GROUP, INC ............. 436
160,400 * ASPEN TECHNOLOGY, INC .................... 6,175
110,400 * ATI TECHNOLOGIES, INC .................... 931
25,182 * AURA SYSTEMS, INC ........................ 7
172,300 e* AUSPEX SYSTEMS, INC ...................... 851
58,900 e* AUTOBYTEL.COM, INC ....................... 363
266,900 AUTODESK, INC ............................ 9,258
4,202,181 AUTOMATIC DATA PROCESSING, INC ........... 225,079
126,170 * AUTOTOTE CORP (CLASS A) .................. 552
226,400 * AVANT CORP ............................... 4,241
160,800 * AVT CORP ................................. 1,186
101,300 * AWARE, INC ............................... 5,179
173,500 * AXENT TECHNOLOGIES, INC .................. 4,305
50 * AZTEC TECHNOLOGY PARTNERS, INC ........... 0
206,300 e* BAAN CO NV ............................... 564
47,100 * BARRA, INC ............................... 2,334
30,100 * BE FREE, INC ............................. 271
2,164,936 * BEA SYSTEMS, INC ......................... 107,029
97,700 * BELL & HOWELL CO ......................... 2,369
163,600 e* BEYOND.COM CORP .......................... 220
250,100 * BILLING CONCEPTS CORP .................... 1,110
232,500 * BINDVIEW DEVELOPMENT CORP ................ 2,790
158,300 * BISYS GROUP, INC ......................... 9,735
101,300 * BLACK BOX CORP ........................... 8,020
17,300 * BLUESTONE SOFTWARE, INC .................. 444
2,930,632 * BMC SOFTWARE, INC ........................ 106,922
45,300 * BOTTOMLINE TECHNOLOGIES, INC ............. 1,549
112,600 * BRIO TECHNOLOGY, INC ..................... 2,386
1,166,600 * BROADVISION, INC ......................... 59,278
164,600 * BROCADE COMMUNICATIONS SYSTEMS, INC ...... 30,202
160,000 * BUSINESS OBJECTS S.A. (SPON ADR) ......... 14,100
612,700 * CABLETRON SYSTEMS, INC ................... 15,471
30,200 * CACHEFLOW, INC ........................... 1,859
49,300 * CACI INTERNATIONAL, INC (CLASS A) ........ 961
1,701,274 * CADENCE DESIGN SYSTEMS, INC .............. 34,663
44,000 * CAIS INTERNET, INC ....................... 619
6,800 e* CALDERA SYSTEMS, INC ..................... 89
337,400 * CAMBRIDGE TECHNOLOGY PARTNERS, INC ....... 2,942
1,175 CANON SALES CO, INC ...................... 21
158,271 CAP GEMINI S.A ........................... 27,992
93,300 * CCC INFORMATION SERVICES GROUP, INC ...... 991
285,600 * C-CUBE MICROSYSTEMS, INC (NEW) ........... 5,605
1,990 * CELLULAR TECHNICAL SERVICES CO ........... 16
2,888,877 * CERIDIAN CORP ............................ 69,514
163,700 * CERNER CORP .............................. 4,461
10,200 * CERTICOM CORP ............................ 347
7,500 * CHORDIANT SOFTWARE ....................... 125
185,500 b* CHS ELECTRONICS, INC ..................... 15
267,900 * CIBER, INC ............................... 3,550
464,100 * CIRRUS LOGIC, INC ........................ 7,426
54,342,110 * CISCO SYSTEMS, INC ....................... 3,454,120
1,059,540 * CITRIX SYSTEMS, INC ...................... 20,065
27,200 * CLARENT CORP ............................. 1,945
250,396 * CNET NETWORKS, INC ....................... 6,150
38,400 * COGNIZANT TECHNOLOGY SOLUTIONS CORP ...... 1,274
566,100 * COGNOS, INC .............................. 23,382
876,374 COMDISCO, INC ............................ 19,554
110,200 e* COMMERCE ONE, INC ........................ 5,000
16,039,644 COMPAQ COMPUTER CORP ..................... 410,013
357,900 COMPAREX HOLDINGS LTD .................... 631
150,487 * COMPLETE BUSINESS SOLUTIONS, INC ......... 2,643
108,200 * COMPUCOM SYSTEMS, INC .................... 176
3,183,853 COMPUTER ASSOCIATES INTERNATIONAL, INC ... 162,973
197,800 * COMPUTER HORIZONS CORP ................... 2,658
152,100 * COMPUTER NETWORK TECHNOLOGY CORP ......... 2,643
1,205,194 * COMPUTER SCIENCES CORP ................... 90,013
100,919 COMPUTER TASK GROUP, INC ................. 511
781,436 * COMPUTERSHARE LTD ........................ 4,030
1,890,350 * COMPUWARE CORP ........................... 19,612
4,800 COMPX INTERNATIONAL, INC ................. 98
101,900 * CONCORD COMMUNICATIONS, INC .............. 4,063
85,200 * CONCUR TECHNOLOGIES, INC ................. 357
325,200 * CONCURRENT COMPUTER CORP ................. 4,268
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 39
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
COMPUTERS AND OFFICE EQUIPMENT--(CONTINUED)
379 * CONVERGYS CORP ........................... $ 20
37,500 e* COPYTELE, INC ............................ 59
69,400 * COREL CORP ............................... 269
51,400 * COSTAR GROUP, INC ........................ 1,288
79,500 * COTELLIGENT, INC ......................... 452
78,750 CREATIVE TECHNOLOGY LTD .................. 1,899
18,900 e* CROSSROADS SYSTEMS, INC .................. 477
292,700 * CSG SYSTEMS INTERNATIONAL, INC ........... 16,409
65,900 e CSK CORP ................................. 2,043
113,400 e CYBERCASH, INC ........................... 539
4,894 * CYBERGUARD CORP .......................... 31
1,023,200 * CYBERPLEX, INC ........................... 10,635
33,200 * CYBERSOURCE CORP ......................... 459
99,167 * CYBEX COMPUTER PRODUCTS CORP ............. 4,202
10,100 * CYLINK CORP .............................. 169
246,628 DASSAULT SYSTEMS S.A ..................... 23,098
126,338 * DATA BROADCASTING CORP ................... 798
201,224 DATACRAFT ASIA LTD ....................... 1,771
103,990 * DATASTREAM SYSTEMS, INC .................. 1,300
1,100 b,e* DECISIONONE HOLDINGS CORP ................ 0
16,419,810 * DELL COMPUTER CORP ....................... 809,702
188,850 * DENDRITE INTERNATIONAL, INC .............. 6,291
473,262 DIEBOLD, INC ............................. 13,192
5 * DIGI INTERNATIONAL, INC .................. 0
14,100 * DIGITAL INSIGHT CO ....................... 479
98,900 * DIGITAL RIVER, INC ....................... 760
2,464,526 * DIXONS GROUP PLC (NEW) ................... 10,037
99,700 * DOCUMENTUM, INC .......................... 8,911
267 * DREXLER TECHNOLOGY CORP .................. 3
110,950 * DSP GROUP, INC ........................... 6,213
251,232 * DST SYSTEMS, INC ......................... 19,125
3,655,000 * DVB HOLDINGS LTD ......................... 2,075
30,400 e* E.PIPHANY, INC ........................... 3,259
445,150 * EARTHLINK, INC ........................... 6,872
37,400 e* EARTHWEB, INC ............................ 524
116,800 * ECHELON CORP ............................. 6,767
231,352 * ECLIPSYS CORP ............................ 1,735
54,200 e* EFAX.COM, INC ............................ 66
786,350 * EFFNET GROUP AB .......................... 3,407
19,200 e* EGAIN COMMUNICATIONS CORP ................ 233
282,600 * ELECTRONIC ARTS, INC ..................... 20,612
2,384,245 ELECTRONIC DATA SYSTEMS CORP ............. 98,350
314,059 * ELECTRONICS FOR IMAGING, INC ............. 7,950
296,500 * ELOYALTY CORP ............................ 3,780
19,700 * EMACHINES, INC ........................... 53
17,567,286 * EMC CORP ................................. 1,351,583
30,000 * EMPRISE MANAGEMENT CONSULTING AG ......... 745
273,100 * EMULEX CORP .............................. 17,939
9,000 * ENGAGE, INC .............................. 116
74,100 e* ENGINEERING ANIMATION, INC ............... 692
112,700 * ENTRUST TECHNOLOGIES, INC ................ 9,326
263,029 * EPICOR SOFTWARE CORP ..................... 658
100,700 * EPRESENCE, INC ........................... 730
6,300 * EPRISE CORP .............................. 104
80,000 * EQUANT N.V ............................... 3,264
20,400 * EST ASIATIQUE ............................ 304
1,300 * EXABYTE CORP ............................. 6
71,500 * EXCALIBUR TECHNOLOGIES CORP .............. 2,856
25,900 * EXCELON CORP ............................. 206
145,400 * EXCHANGE APPLICATIONS, INC ............... 3,871
1,163,087 * EXCITE AT HOME ........................... 24,134
1,300 * EXTENSITY, INC ........................... 45
212,863 * EXTREME NETWORKS, INC .................... 22,457
19,900 e* F5 NETWORKS, INC ......................... 1,086
116,200 FACTSET RESEARCH SYSTEMS, INC ............ 3,283
19,850 e* FIDELITY HOLDINGS, INC ................... 25
206,000 * FILENET CORP ............................. 3,785
10,200 * FIREPOND, INC ............................ 367
3,014,200 FIRST DATA CORP .......................... 149,580
717,693 * FISERV, INC .............................. 31,040
79,800 e* FISHER SCIENTIFIC INTERNATIONAL, INC ..... 1,975
88,700 * FOUNDRY NETWORKS, INC .................... 9,757
26,496 * FRONTLINE CAPITAL GROUP, INC ............. 565
1,050 FUJI DENKI REIKI CO LTD .................. 4
69,500 FUJI SOFT ABC, INC ....................... 4,132
251,538 * GARTNER GROUP, INC (CLASS B) ............. 2,484
833,676 * GATEWAY, INC ............................. 47,311
73,300 * GEAC COMPUTER CORP LTD ................... 698
14,800 GENERAL BINDING CORP ..................... 99
20 * GENERAL MAGIC, INC ....................... 0
16,300 * GEOWORKS CORP ............................ 257
174,195 GERBER SCIENTIFIC, INC ................... 2,003
610,371 GETRONICS NV ............................. 9,449
50,700 * GLOBAL IMAGING SYSTEMS, INC .............. 532
99 * GLOBAL SOURCES LTD ....................... 3
384,566 * GO.COM ................................... 4,591
150,183 * GO2NET, INC .............................. 7,556
1,262 * GRADCO SYSTEMS, INC ...................... 2
11,300 b* GRAHAM-FIELD HEALTH PRODUCTS, INC ........ 1
64,716 * GREAT PLAINS SOFTWARE, INC ............... 1,270
393,579 * GTECH HOLDINGS CORP ...................... 8,929
497,500 e* HANDSPRING, INC .......................... 13,433
8,150 * HCL TECHNOLOGIES LTD ..................... 235
281,631 e* HEALTHEON/WEBMD CORP ..................... 4,172
6,182,248 HEWLETT-PACKARD CO ....................... 772,008
30,900 * HIGH SPEED ACCESS CORP ................... 203
701,000 * HITACHI ZOSEN CORP ....................... 636
152,680 * HNC SOFTWARE, INC ........................ 9,428
40,500 * HOMESTORE.COM, INC ....................... 1,182
74,300 * HYPERCOM CORP ............................ 1,068
202,600 * HYPERION SOLUTIONS CORP .................. 6,572
708,680 * I2 TECHNOLOGIES, INC ..................... 73,891
105,000 e* ICON MEDIALAB INTERNATIONAL AB ........... 1,329
82,000 * IDX SYSTEMS CORP ......................... 1,158
212,870 * IGATE CAPITAL CORP ....................... 2,927
919,100 IKON OFFICE SOLUTIONS, INC ............... 3,562
246,782 * IMATION CORP ............................. 7,249
186,350 * IMRGLOBAL CORP ........................... 2,434
2,258,678 IMS HEALTH, INC .......................... 40,656
238,841 b,e* INACOM CORP .............................. 14
7,500 * INDUS INTERNATIONAL, INC ................. 64
203,875 * INFOCURE CORP ............................ 1,147
152,700 * INFOCUS CORP ............................. 4,915
44,920 * INFOGRAMES, INC .......................... 365
116,500 * INFORMATICA CORP ......................... 9,546
28,000 * INFORMATION ARCHITECTS CORP .............. 194
25,200 * INFORMATION RESOURCES, INC ............... 99
2,056,000 * INFORMIX CORP ............................ 15,292
683,360 * INFOSPACE.COM, INC ....................... 37,756
31,400 INFOSYS TECHNOLOGIES LTD (DEMAT) ......... 5,862
136,700 * INFOUSA, INC ............................. 889
382,950 * INGRAM MICRO, INC (CLASS A) .............. 6,678
458,946 * INKTOMI CORP ............................. 54,270
40,437 * INPRISE CORP ............................. 248
24,590 INSTRUMENTARIUM GROUP SERIES B FREE ...... 589
36,500 * INTELIDATA TECHNOLOGIES CORP ............. 376
20,600 * INTERACT COMMERCE CORP ................... 243
199,065 * INTERGRAPH CORP .......................... 1,505
14,467,640 INTERNATIONAL BUSINESS MACHINES CORP ..... 1,585,111
235,900 e* INTERNET INITIATIVE JAPAN, INC ADR ....... 13,977
32,600 * INTERSHOP COMMUNICATIONS AG .............. 14,781
SEE NOTES TO FINANCIAL STATEMENTS
40 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
COMPUTERS AND OFFICE EQUIPMENT--(CONTINUED)
87,300 * INTERTRUST TECHNOLOGIES CORP ............. $ 1,795
14,800 e* INTERWOVEN, INC .......................... 1,628
27,800 * INTRANET SOLUTIONS ....................... 1,067
818,417 * INTUIT, INC .............................. 33,862
1,761,951 * IOMEGA CORP .............................. 7,048
150,000 * ISS GROUP, INC ........................... 14,810
153,595 e* IVILLAGE, INC ............................ 1,296
46,700 * IXL ENTERPRISES, INC ..................... 677
345,200 * J.D. EDWARDS & CO ........................ 5,200
163,800 JACK HENRY & ASSOCIATES, INC ............. 8,210
126,750 * JDA SOFTWARE GROUP, INC .................. 2,432
96,100 * JTS CORP ................................. 1
331,600 * JUNIPER NETWORKS, INC .................... 48,269
40,867 e* JUNO ONLINE SERVICES, INC ................ 439
298,055 * KEANE, INC ............................... 6,445
5,708,900 KEPPEL CORP LTD .......................... 12,349
160,712 KONAMI CO LTD ............................ 10,177
82,800 * KRONOS, INC .............................. 2,153
76,000 e KYOWA EXEO CORP .......................... 765
490,149 * LANIER WORLDWIDE, INC .................... 490
400 LEADING EDGE SYSTEMS LTD (DEMAT) ......... 8
301,900 e* LEARN2.COM, INC .......................... 594
1,100 b* LEASING SOLUTIONS, INC ................... 0
448,820 * LEGATO SYSTEMS, INC ...................... 6,788
12,000 * LEVEL 8 SYSTEMS, INC ..................... 253
1,765,466 * LEXMARK INTERNATIONAL, INC ............... 118,728
156,200 e* LHS GROUP, INC ........................... 5,389
54,600 * LIBERATE TECHNOLOGY ...................... 1,600
2,205,918 LOGICA PLC ............................... 52,230
57,591 LONDON BRIDGE SOFTWARE HOLDINGS PLC ...... 423
4,600 * LOUDEYE TECHNOLOGIES, INC ................ 80
401,442 * LYCOS, INC ............................... 21,678
219,300 * MACROMEDIA, INC .......................... 21,204
163,500 * MACROVISION CORP ......................... 10,451
113,280 * MANDATOR AB .............................. 743
41,400 * MANHATTAN ASSOCIATES, INC ................ 1,035
130,026 * MANUGISTICS GROUP, INC ................... 6,079
120,500 * MAPICS, INC .............................. 693
5,600 * MAPINFO CORP ............................. 228
85,800 * MARIMBA, INC ............................. 1,196
19,200 e* MARKETWATCH.COM, INC ..................... 361
10,600 * MATRIXONE, INC ........................... 431
437,600 * MAXTOR CORP .............................. 4,622
41,962 * MCSI, INC ................................ 1,086
61,700 * MEDICONSULT.COM, INC ..................... 93
228,200 * MEDQUIST, INC ............................ 7,759
6,600 MEITEC CORP .............................. 262
429,800 * MENTOR GRAPHICS CORP ..................... 8,542
30 * MERANT PLC ADR ........................... 0
95,000 * MERCATOR SOFTWARE, INC ................... 6,531
129,300 * MERCURY COMPUTER SYSTEMS, INC ............ 4,178
405,100 * MERCURY INTERACTIVE CORP ................. 39,193
443,100 * MERISEL, INC ............................. 332
212,963 * MERKANTILDATA ASA ........................ 1,099
12,700 * METASOLV SOFTWARE, INC ................... 559
75,900 * METRO INFORMATION SERVICES, INC .......... 759
157,000 b* MICROAGE, INC ............................ 46
127,900 * MICROMUSE, INC ........................... 21,165
214,000 * MICRON ELECTRONICS, INC .................. 2,675
106,100 * MICROS SYSTEMS, INC ...................... 1,969
30,884,638 * MICROSOFT CORP ........................... 2,470,771
490,376 e* MICROSTRATEGY, INC ....................... 14,711
150,078 * MIDWAY GAMES, INC ........................ 1,210
55,364 * MINOLTA-QMS, INC ......................... 173
73,300 e* MIPS TECHNOLOGIES, INC ................... 3,115
682,444 MISYS PLC ................................ 5,765
14 * MOMENTUM BUSINESS APPLICATIONS, INC ...... 0
177,480 * MTI TECHNOLOGY CORP ...................... 1,420
90,400 * MULTEX.COM, INC .......................... 2,277
36,800 * MYPOINTS.CO, INC ......................... 697
470,504 NAMCO LTD ................................ 16,987
198,600 NATIONAL COMPUTER SYSTEMS, INC ........... 9,781
226,755 NATIONAL DATA CORP ....................... 5,215
26,400 * NATIONAL INFO CONS ....................... 300
123,545 * NATIONAL INSTRUMENTS CORP ................ 5,390
48,435 * NAVISION SOFTWARE AS ..................... 2,023
76,700 * NCO GROUP, INC ........................... 1,774
42,100 * NEON SYSTEMS, INC ........................ 789
67,200 * NET PERCEPTIONS, INC ..................... 1,067
24,400 * NETEGRITY, INC ........................... 1,838
30 * NETMANAGE, INC ........................... 0
38,900 * NETOBJECTS, INC .......................... 355
49,850 * NETOPIA, INC ............................. 2,006
42,800 * NETRIX CORP .............................. 527
1,956,700 * NETWORK APPLIANCE, INC ................... 157,514
75,341 * NETWORK EQUIPMENT TECHNOLOGIES, INC ...... 758
79,700 * NETWORK PERIPHERALS, INC ................. 1,335
922,780 * NETWORKS ASSOCIATES, INC ................. 18,802
46,600 * NETZERO, INC ............................. 243
151,500 * NEW ERA OF NETWORKS, INC ................. 6,439
52,100 e NIDEC CORP ............................... 4,530
479,007 NIIT LTD ................................. 23,493
11,400 * NIKU CORP ................................ 385
2,500 * NOVADIGM, INC ............................ 49
1,886,021 * NOVELL, INC .............................. 17,446
600 NTT DATA COMMUNICATIONS SYSTEM CORP ...... 6,181
6,700 * NUANCE COMMUNICATIONS .................... 558
31,000 * OBJECTIVE SYSTEMS INTEGRATORS, INC ....... 331
27,300 * OMEGA RESEARCH, INC ...................... 82
222,000 OMRON CORP ............................... 6,043
18,900 e* ON2.COM, INC ............................. 97
128,700 * ONEMAIN.COM, INC ......................... 1,448
96,800 * ONHEALTH NETWORK CO ...................... 224
81,300 * ONYX SOFTWARE CORP ....................... 2,414
153,100 * OPEN MARKET, INC ......................... 2,115
933,435 * OPEN TELECOMMUNICATIONS LTD .............. 954
512,000 * OPEN TEXT CORP ........................... 11,144
334,400 e* OPENTV CORP .............................. 15,006
20,478,333 * ORACLE CORP .............................. 1,721,460
115,700 * ORBOTECH LTD ............................. 10,746
13,400 * OSICOM TECHNOLOGIES ...................... 1,134
7,900 * OTG SOFTWARE, INC ........................ 226
204,214 OWENS & MINOR, INC ....................... 3,510
8,766,000 PACIFIC CENTURY CYBERWORKS LTD ........... 17,318
19,000 * PACKETEER, INC ........................... 553
46,100 e* PALM, INC ................................ 1,539
1,210,121 * PARAMETRIC TECHNOLOGY CORP ............... 13,311
150,475 * PATTERSON DENTAL CO ...................... 7,674
1,937,618 PAYCHEX, INC ............................. 81,380
16,100 * PCORDER.COM, INC ......................... 125
18,500 * PC-TEL, INC .............................. 703
180,600 * PEGASYSTEMS, INC ......................... 903
1,350,817 PENTAMEDIA GRAPHICS LTD .................. 17,961
895,935 * PEOPLESOFT, INC .......................... 15,007
176,373 * PER SE TECHNOLOGIES, INC ................. 1,653
603,215 * PEREGRINE SYSTEMS, INC ................... 20,924
11,000 * PERITUS SOFTWARE SERVICES, INC ........... 4
314,100 * PEROT SYSTEMS CORP (CLASS A) ............. 3,455
7,300 * PERSISTENCE SOFTWARE, INC ................ 132
107,800 * PERVASIVE SOFTWARE, INC .................. 606
124,000 * PHOENIX TECHNOLOGIES LTD ................. 2,023
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 41
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
COMPUTERS AND OFFICE EQUIPMENT--(CONTINUED)
34,700 * PHONE.COM, INC ........................... $ 2,260
111,200 f* PHYSICIAN COMPUTER NETWORK, INC .......... 1
1,846,391 PITNEY BOWES, INC ........................ 73,856
374,069 * POLICY MANAGEMENT SYSTEMS CORP ........... 5,751
202,200 * PORTAL SOFTWARE, INC ..................... 12,916
6,300 * PREDICTIVE SYSTEMS, INC .................. 226
307,882 e* PRICELINE.COM, INC ....................... 11,695
9,579 * PRIMARK CORP ............................. 357
18,300 * PRIVATE BUSINESS, INC .................... 46
74,900 f* PROCURENET, INC .......................... 11
97,055 * PRODIGY COMMUNICATIONS CORP (CLASS A) .... 1,019
235,000 * PROGRESS SOFTWARE CORP ................... 4,215
81,400 * PROJECT SOFTWARE & DEVELOPMENT, INC ...... 1,465
180,000 * PROXICOM, INC ............................ 8,618
60,000 * PROXIM, INC .............................. 5,938
119,900 * PROXYMED, INC ............................ 202
1,259,757 * PSINET, INC .............................. 31,651
495,891 PSION PLC ................................ 4,797
389,056 * PSS WORLD MEDICAL, INC ................... 2,614
16,700 * PUBLICARD, INC ........................... 55
46,200 * PUMA TECHNOLOGY, INC ..................... 1,239
74,500 * QRS CORP ................................. 1,830
600,000 * QS COMMUNICATIONS AG ..................... 5,752
159,200 * QUADRAMED CORP ........................... 398
878,400 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP . 8,510
556,850 * QUANTUM CORP-HARD DISK DRIVE GROUP ....... 6,160
65,100 e* QUEST SOFTWARE, INC ...................... 3,605
100,250 * RADIANT SYSTEMS, INC ..................... 2,406
64,900 * RADISYS CORP ............................. 3,683
13,050 * RAINBOW TECHNOLOGIES, INC ................ 635
20,100 * RAMP NETWORKS, INC ....................... 239
60 * RAMTRON INTERNATIONAL CORP ............... 1
392,860 * RARE MEDIUM GROUP, INC ................... 7,072
593,643 * RATIONAL SOFTWARE CORP ................... 55,172
115,700 * RAZORFISH, INC ........................... 1,858
1,213,200 * READSOFT AB (CLASS B) .................... 7,469
464,874 * REALNETWORKS, INC ........................ 23,505
128,600 * RED HAT, INC ............................. 3,480
163,200 * REMEDY CORP .............................. 9,098
11,500 * RETEK, INC ............................... 368
149,800 * RSA SECURITY, INC ........................ 10,374
1,011,343 SABRE HOLDINGS CORP ...................... 28,823
465,800 * SAFEGUARD SCIENTIFICS, INC ............... 14,935
369,900 * SAGA SYSTEMS, INC ........................ 4,601
2,409,080 SAGE GROUP PLC ........................... 19,512
82,300 * SAGENT TECHNOLOGY, INC ................... 1,173
77,700 e* SANCHEZ COMPUTER ASSOCIATES, INC ......... 1,845
248,600 * SANDISK CORP ............................. 15,211
114,000 * SANTA CRUZ OPERATION, INC ................ 727
611,655 SAP AG ................................... 91,761
177,500 * SAPIENT CORP ............................. 18,981
1,000,000 * SATYAM COMPUTER SERVICES LTD ............. 66,708
39,800 * SCIENT CORP .............................. 1,756
1,216,335 * SEAGATE TECHNOLOGY, INC .................. 66,898
15,900 * SECURE COMPUTING CORP .................... 299
387,636 SEI INVESTMENTS CO ....................... 15,433
7,700 * SELECTICA, INC ........................... 539
1,669,703 * SEMA GROUP PLC ........................... 23,761
90,150 * SERENA SOFTWARE, INC ..................... 4,093
139,200 SHARED MEDICAL SYSTEMS CORP .............. 10,153
935,630 * SIEBEL SYSTEMS, INC ...................... 153,034
1,258,604 * SILICON GRAPHICS, INC .................... 4,720
22,300 * SILVERSTREAM SOFTWARE, INC ............... 1,288
195,000 SINGAPORE COMPUTER SYSTEMS LTD ........... 422
57,000 * SMARTFORCE PLC ADR ....................... 2,736
446,761 e SOFTBANK CORP ............................ 60,804
167,100 * SOFTNET SYSTEMS, INC ..................... 1,608
32,200 * SOFTWARE.COM, INC ........................ 4,182
11,700 * SONIC FOUNDRY, INC ....................... 246
62,800 e* SOURCE INFORMATION MANAGEMENT CO ......... 958
85,600 e* SOURCE MEDIA, INC ........................ 334
23,800 * SPLASH TECHNOLOGY HOLDINGS, INC .......... 187
104,000 * SPORTSLINE.COM, INC ...................... 1,775
39,300 * SPSS, INC ................................ 1,145
117,800 * SPYGLASS, INC ............................ 3,689
66,000 * SS&C TECHNOLOGIES, INC ................... 281
174,919 SSL INTERNATIONAL PLC .................... 1,887
49,100 * STARMEDIA NETWORK, INC ................... 927
580,246 * STORAGE TECHNOLOGY CORP .................. 6,346
208,400 * STRUCTURAL DYNAMICS RESEARCH CORP ........ 3,139
11,099,200 * SUN MICROSYSTEMS, INC .................... 1,009,334
657,222 * SUNGARD DATA SYSTEMS, INC ................ 20,374
24,500 * SUNQUEST INFORMATION SYSTEMS, INC ........ 263
142,700 * SVI HOLDINGS, INC ........................ 731
512,755 * SYBASE, INC .............................. 11,793
140,300 * SYKES ENTERPRISES, INC ................... 1,806
394,200 * SYMANTEC CORP ............................ 21,262
705,400 SYMBOL TECHNOLOGIES, INC ................. 38,092
359,467 * SYNOPSYS, INC ............................ 12,424
120,050 * SYNTEL, INC .............................. 1,201
16 * SYSTEM SOFTWARE ASSOCIATES, INC .......... 0
206,432 * SYSTEMS & COMPUTER TECHNOLOGY CORP ....... 4,129
327,900 * TECH DATA CORP ........................... 14,284
226,100 * TECHNOLOGY SOLUTIONS CO .................. 1,399
29,200 * TELXON CORP .............................. 522
28,900 * TENFOLD CORP ............................. 475
837,000 e TERUMO CORP .............................. 28,400
824,300 * THE DESCARTES SYSTMES GROUP, INC ......... 24,478
46,300 e* THESTREET.COM, INC ....................... 269
112,053 * THQ, INC ................................. 1,366
52,800 * TIBCO SOFTWARE, INC ...................... 5,662
166,591 * TICKETMASTER ONLINE-CITYSEARCH, INC ...... 2,655
67,375 e TIETOENATOR CORP ......................... 2,257
113,799 TOTAL SYSTEM SERVICES, INC ............... 1,807
81,200 * TOWNE SERVICES, INC ...................... 76
60,157 TOYO INFORMATION SYSTEMS CO LTD .......... 3,349
73,600 e* TRACK DATA CORP .......................... 94
43,500 TRANS COSMOS ............................. 6,545
205,600 * TRANSACTION SYSTEMS ARCHITECTS, INC ...... 3,521
20,000 * TRAVEL24.COM ............................. 305
92,000 * TREND MICRO, INC ......................... 15,217
51,300 * TRICORD SYSTEMS, INC ..................... 927
66,000 * TYLER TECHNOLOGIES, INC .................. 169
8,500 * ULTICOM, INC ............................. 204
35,000 * UNIGRAPHICS SOLUTIONS, INC ............... 683
3,483,100 * UNISYS CORP .............................. 50,723
230,325 e* USINTERNETWORKING, INC ................... 4,707
22,700 * VA LINUX SYSTEMS, INC .................... 976
500,450 * VERIO, INC ............................... 27,767
786,090 * VERISIGN, INC ............................ 138,745
2,623,002 * VERITAS SOFTWARE CORP .................... 296,440
165,400 * VERITY, INC .............................. 6,285
5,200 * VERSATA, INC ............................. 210
8,000 * VIA NET.WORKS, INC ....................... 124
13,000 * VIALINK CO ............................... 134
703,891 * VIGNETTE CORP ............................ 36,613
155,000 * VISUAL NETWORKS, INC ..................... 4,418
70,700 * VITRIA TECHNOLOGY, INC ................... 4,322
13,212 * VIZACOM, INC ............................. 34
3,270,000 VTECH HOLDINGS LTD ....................... 12,375
179,600 e* WAVE SYSTEMS CORP (CLASS A) .............. 2,840
SEE NOTES TO FINANCIAL STATEMENTS
42 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
COMPUTERS AND OFFICE EQUIPMENT--(CONTINUED)
6,000 e* WEBMETHODS, INC .......................... $ 943
6,300 * WEBSENSE, INC ............................ 158
82,000 * WEBTRENDS CORP ........................... 3,172
56,200 e* WEBVAN GROUP, INC ........................ 409
1,261,300 * WESTERN DIGITAL CORP ..................... 6,307
273,196 * WIND RIVER SYSTEMS, INC .................. 10,347
388,573 WM-DATA AB SERIES B ...................... 2,149
170,000 * WORLD ONLINE INTERNATIONAL NV ............ 2,053
140,000 * XIRCOM, INC .............................. 6,650
1,628,414 * YAHOO, INC ............................... 201,720
156,300 * ZEBRA TECHNOLOGIES CORP .................. 6,926
1,440 f* ZEBRA TECHNOLOGIES CORP (CLASS B) ........ 64
383,000 * ZI CORP .................................. 3,490
87,900 e* ZIFF-DAVIS, INC -ZDNET ................... 791
----------
20,185,055
----------
ELECTRONIC AND OTHER TECHNOLOGY--0.20%
1,191,950 * BEST BUY CO, INC ......................... 75,391
13,000 e* BUY.COM, INC ............................. 65
389,515 * CDNOW, INC ............................... 1,205
3,022,344 CIRCUIT CITY STORES-CIRCUIT CITY GROUP ... 100,304
97,600 e* CYBERIAN OUTPOST, INC .................... 470
24,100 * ELECTRONICS BOUTIQUE HOLDINGS CORP ....... 395
134,200 * GUITAR CENTER, INC ....................... 1,409
16,300 * IDEAMALL, INC ............................ 78
153,050 * INTERTAN, INC ............................ 1,798
146,100 MEDION AG ................................ 14,986
674,782 * MUSICLAND STORES CORP .................... 5,019
1,293,875 RADIOSHACK CORP .......................... 61,297
207,800 b* SUN TELEVISION & APPLIANCES, INC ......... 1
311,087 * TRANS WORLD ENTERTAINMENT CORP ........... 3,772
68,000 * TWEETER HOME ENTERTAINMENT GROUP, INC .... 2,066
----------
268,256
----------
INSTRUMENTS AND RELATED PRODUCTS--0.43%
32,200 * ANACOMP, INC ............................. 97
145,800 * AVID TECHNOLOGIES, INC ................... 1,750
1,715,000 CANON, INC ............................... 85,583
202,181 * CYMER, INC ............................... 9,654
2,274,848 EASTMAN KODAK CO ......................... 135,353
1,398,500 e FUJI PHOTO FILM CO LTD ................... 57,365
259,000 KONICA CORP .............................. 2,203
263,597 * LITTON INDUSTRIES, INC ................... 11,071
525,000 * NIKON CORP ............................... 19,500
716,063 OCE NV ................................... 11,772
1,573,000 OLYMPUS OPTICAL CO LTD ................... 28,262
86 * PANAVISION, INC (NEW) .................... 1
243,037 * PINNACLE SYSTEMS, INC .................... 5,465
285,308 POLAROID CORP ............................ 5,153
1,122,998 RAYTHEON CO (CLASS A) .................... 21,828
812,851 RAYTHEON CO (CLASS B) .................... 15,647
923 RICOH CO LTD ............................. 20
19,694 SAGEM S.A. (NEW) ......................... 23,183
23,235 * TECH-SYM CORP ............................ 653
132,400 * TRIMBLE NAVIGATION LTD ................... 6,463
6,301,580 XEROX CORP ............................... 130,758
----------
571,781
----------
TOTAL TECHNOLOGY ......................... 24,392,670
----------
TRANSPORTATION--4.31%
AEROSPACE AND DEFENSE--0.15%
52,700 * ALLIANT TECHSYSTEMS, INC ................. 3,554
1,893,374 GENERAL DYNAMICS CORP .................... 98,929
551,318 GOODRICH (B.F.) CO ....................... 18,779
920,000 * KAWASAKI HEAVY INDUSTRIES LTD ............ 1,409
44,626 e* KVAERNER INDUSTRIER AS SERIES A .......... 470
5,509 * KVAERNER INDUSTRIER AS SERIES B .......... 48
22,900 * KVAERNER INDUSTRIER AS SERIES A RTS ...... 13
2,827 e* KVAERNER INDUSTRIER AS SERIES B RTS ...... 1
1,847,762 LOCKHEED MARTIN CORP ..................... 45,848
403,000 * MITSUI ENGINEERING & SHIP BUILDING CO LTD 385
188,303 NEWPORT NEWS SHIPBUILDING, INC ........... 6,920
142,417 * ORBITAL SCIENCES CORP .................... 1,736
120,800 STURM, RUGER & CO, INC ................... 1,072
133,501 * TELEDYNE TECHNOLOGIES, INC ............... 2,236
631,978 THOMSON-CSF .............................. 24,996
----------
206,396
----------
AIR TRANSPORTATION--1.00%
445,000 AEROSPATIALE-MATRA ....................... 9,385
365,946 * AIR CANADA, INC .......................... 4,816
245,600 AIRBORNE FREIGHT CORP .................... 4,651
320,500 e* AIRTRAN HOLDINGS, INC .................... 1,332
153,729 * ALASKA AIR GROUP, INC .................... 4,170
1,363,709 e* ALITALIA S.P.A ........................... 2,824
1,170 e* ALL NIPPON AIRWAYS CO LTD ................ 3
201,880 * AMERICA WEST HOLDINGS CORP (CLASS B) ..... 3,457
2,421,363 * AMR CORP ................................. 64,015
1,200 * AMTRAN, INC .............................. 15
72,100 * ATLANTIC COAST AIRLINES HOLDINGS ......... 2,289
99,100 * ATLAS AIR, INC ........................... 3,555
309,000 AUCKLAND INTERNATIONAL AIRPORT LTD ....... 367
30,250 AUSTRIAN AIRLINES/OEST LUFTV AG .......... 439
108,488 * AVIALL, INC .............................. 536
8,874,139 BAE SYSTEMS PLC .......................... 55,350
7,134 * BAE SYSTEMS PLC WTS 11/15/00 ............. 114
1,051,301 BBA GROUP PLC ............................ 6,891
146,998 * BE AEROSPACE, INC ........................ 1,011
1,304,000 * BEIJING CAPITAL INTERNATIONAL AIRPORT CO LTD 248
6,499,582 BOEING CO ................................ 271,764
1,856,207 BRITISH AIRPORT AUTHORITIES PLC .......... 14,894
1,453,506 BRITISH AIRWAYS PLC ...................... 8,362
116,500 CAE, INC ................................. 1,179
5,751,800 CATHAY PACIFIC AIRWAYS LTD ............... 10,662
703,000 COBHAM GROUP PLC ......................... 10,643
211,500 * CONTINENTAL AIRLINES, INC (CLASS B) ...... 9,941
953,886 DELTA AIRLINES, INC ...................... 48,231
1,754,414 e DEUTSCHE LUFTHANSA AG. (REGD) ............ 41,204
61,995 * DUCOMMUN, INC ............................ 740
95,850 * EGL, INC ................................. 2,947
1,581,762 * FEDEX CORP ............................... 60,107
21,407 FLUGHAFEN WIEN AG ........................ 765
92,000 * FRONTIER AIRLINES, INC ................... 1,317
24,373 HEICO CORP ............................... 347
50 HEICO CORP (CLASS A) ..................... 1
2,561,400 JAPAN AIRLINES CO LTD .................... 9,756
126,400 KAMAN CORP (CLASS A) ..................... 1,351
71,900 e* KELLSTROM INDUSTRIES, INC ................ 333
51,291 KLM (ROYAL DUTCH AIRLINES) NV ............ 1,387
323,900 * MESA AIR GROUP, INC ...................... 1,792
77,900 * MESABA HOLDINGS, INC ..................... 745
87,359 * MIDWEST EXPRESS HOLDINGS, INC ............ 1,878
467,375 NORTHROP GRUMMAN CORP .................... 30,964
134,700 * NORTHWEST AIRLINES CORP (CLASS A) ........ 4,100
132,000 * OFFSHORE LOGISTICS, INC .................. 1,898
5,387,989 ROLLS-ROYCE PLC .......................... 19,128
275,095 * RYANAIR HOLDINGS PLC ..................... 2,004
654,600 * RYANAIR HOLDINGS PLC ADR ................. 23,893
4,397 SAIRGROUP ................................ 735
44,488 e SAS DANMARK AS ........................... 374
43,000 SAS NORGE ASA SERIES B ................... 362
14,379 * SEQUA CORP (CLASS A) ..................... 549
7,371,000 SINGAPORE AIRLINES LTD (LR) .............. 72,900
127,100 SKYWEST, INC ............................. 4,711
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 43
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
AIR TRANSPORTATION--(CONTINUED)
454,725 * SMITHS INDUSTRIES PLC .................... $ 5,920
2,913,632 SOUTHWEST AIRLINES CO .................... 55,177
98,200 SPAR AEROSPACE LTD ....................... 537
2,478,500 SWIRE PACIFIC LTD (CLASS A) .............. 14,498
852,672 TEXTRON, INC ............................. 46,311
278,100 e* TRANS WORLD AIRLINES, INC ................ 608
73,030 * TRIUMPH GROUP, INC ....................... 2,036
381,800 * U.S. AIRWAYS GROUP, INC .................. 14,890
782,567 UAL CORP ................................. 45,536
107,200 UNITED PARCEL SERVICE, INC (CLASS B) ..... 6,325
5,203,141 UNITED TECHNOLOGIES CORP ................. 306,335
----------
1,325,605
----------
AUTOS, TIRES AND RELATED PRODUCTS--2.41%
59,900 * AFTERMARKET TECHNOLOGY CORP .............. 509
21,200 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC 301
155,700 b* APS HOLDINGS CORP ........................ 1
163,500 ARVIN INDUSTRIES, INC .................... 2,841
36,000 AUTOBACS SEVEN CO LTD .................... 1,201
1,080,149 AUTOLIV, INC ............................. 25,991
384,000 AUTOLIV, INC SDR ......................... 9,457
2,220,749 * AUTONATION, INC .......................... 15,684
47,600 * AUTOWEB.COM, INC ......................... 101
959,100 e* AUTOZONE, INC ............................ 21,100
140,083 * AVIS GROUP HOLDINGS, INC ................. 2,627
92,200 BANDAG, INC (CLASS A) .................... 2,121
1,465,000 BAYERISCHE MOTOREN WERKE (BMW) AG ........ 44,377
24,000 BOMBARDIER, INC (CLASS A) ................ 657
1,932,304 BOMBARDIER, INC (CLASS B) ................ 52,425
156,550 BORGWARNER, INC .......................... 5,499
441,875 BREMBO S.P.A ............................. 4,575
1,193,895 BRIDGESTONE CORP ......................... 25,332
165,401 * BUDGET GROUP, INC ........................ 682
20,300 CANADIAN TIRE, INC (CLASS A) ............. 306
3,700 e CENTRAL PARKING CORP ..................... 88
159,750 CLARCOR, INC ............................. 3,175
39,900 COACHMEN INDUSTRIES, INC ................. 459
963,000 COMFORT GROUP LTD ........................ 479
2,265,663 CONTINENTAL AG ........................... 38,008
401,620 COOPER TIRE & RUBBER CO .................. 4,468
319,400 * COPART, INC .............................. 5,110
126,100 * CSK AUTO CORP ............................ 954
375,000 CYCLE & CARRIAGE LTD ..................... 881
1,078,030 DAIMLERCHRYSLER AG ....................... 56,785
14,300 e DAIMLERCHRYSLER (U.S.A.) ................. 744
1,373,383 DANA CORP ................................ 29,099
650,078 DANAHER CORP ............................. 32,138
109,222 * DELCO REMY INTERNATIONAL, INC (CLASS A) .. 908
3,269,834 DELPHI AUTOMOTIVE SYSTEMS CORP ........... 47,617
834,693 DENSO CORP ............................... 20,353
5,300 DIETEREN S.A ............................. 1,346
56,498 * DISCOUNT AUTO PARTS, INC ................. 565
151,118 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC ..... 2,786
97,093 * DURA AUTOMOTIVE SYSTEMS, INC ............. 1,050
497,434 EATON CORP ............................... 33,328
211,000 EDARAN OTOMOBIL NASIONAL BERHAD .......... 666
237,914 FEDERAL SIGNAL CORP ...................... 3,926
331,023 FEDERAL-MOGUL CORP ....................... 3,165
373,920 e FIAT S.P.A ............................... 9,742
36,666 FIAT S.P.A. (PRIV) ....................... 599
29,699 FIAT S.P.A. DI RISP ...................... 410
208,400 FLEETWOOD ENTERPRISES, INC ............... 2,970
7,646,105 FORD MOTOR CO ............................ 328,783
214,224 GENCORP, INC ............................. 1,714
3,426,191 GENERAL MOTORS CORP ...................... 198,933
2,745,393 * GENERAL MOTORS CORP (CLASS H) ............ 240,908
6,560 GENTEK, INC .............................. 73
497,150 * GENTEX CORP .............................. 12,491
1,117,000 GENUINE PARTS CO ......................... 22,340
829,669 GOODYEAR TIRE & RUBBER CO ................ 16,593
98,100 * GROUP 1 AUTOMOTIVE, INC .................. 1,177
2,783,400 HARLEY DAVIDSON, INC ..................... 107,161
115,320 * HAYES LEMMERZ INTERNATIONAL, INC ......... 1,391
1,696,376 HERO HONDA MOTORS LTD .................... 37,404
128,695 HERTZ CORP (CLASS A) ..................... 3,612
3,159,000 e HONDA MOTOR CO LTD ....................... 107,783
12,690,304 HONEYWELL INTERNATIONAL, INC ............. 427,505
122,636 * IMPERIAL HOLDINGS LTD .................... 998
3,100 * INSURANCE AUTO AUCTIONS, INC ............. 65
550,136 ITT INDUSTRIES, INC ...................... 16,710
19,600 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC ...... 136
2,200 * KROLL-O'GARA CO .......................... 15
178,580 LEX SERVICE GROUP LTD .................... 899
9,900 * LITHIA MOTORS, INC (CLASS A) ............. 132
283,958 * LONHRO AFRICA PLC ........................ 82
197,500 MAGNA INTERNATIONAL, INC ................. 9,271
1,576,115 * MAHINDRA & MAHINDRA LTD .................. 7,515
344,140 MAN AG ................................... 10,573
229,200 MASCOTECH, INC ........................... 2,478
2,580,603 MERITOR AUTOMOTIVE, INC .................. 28,387
530,236 MICHELIN S.A. (CLASS B) .................. 17,083
128,657 MIDAS, INC ............................... 2,573
24,050 * MILLER INDUSTRIES, INC ................... 44
122,770 MODINE MANUFACTURING CO .................. 3,315
199,525 * MONACO COACH CORP ........................ 2,719
61,770 * NATIONAL AUTO CREDIT, INC ................ 53
59,700 * NATIONAL R.V. HOLDINGS, INC .............. 627
382,335 * NAVISTAR INTERNATIONAL CORP .............. 11,876
79,775,000 * NISSAN MOTOR CO LTD ...................... 471,236
204,900 * OREILLY AUTOMOTIVE, INC .................. 2,843
354,000 * ORIENT CORP .............................. 1,997
89,600 OSHKOSH TRUCK CORP ....................... 3,203
467,900 PACCAR, INC .............................. 18,570
278,905 PEP BOYS MANNY, MOE, & JACK CO ........... 1,673
179,112 PEUGEOT S.A .............................. 36,091
3,295,873 e PIRELLI S.P.A ............................ 8,704
2,000,000 e PIRELLI S.P.A. RISP ...................... 4,410
151,600 REGAL-BELOIT CORP ........................ 2,435
2,205,092 e RENAULT S.A .............................. 100,617
18,900 RHEINMETALL AG ........................... 241
364,047 ROLLINS TRUCK LEASING CORP ............... 2,526
445,252 RYDER SYSTEM, INC ........................ 8,432
103,000 SANDEN CORP .............................. 802
107,900 SHIMANO, INC ............................. 2,600
238,775 SIMPSON INDUSTRIES, INC .................. 1,798
151,950 SMITH (A.O.) CORP ........................ 3,181
124,750 * SPARTAN MOTORS, INC ...................... 522
186,067 * SPX CORP ................................. 22,502
47,363 STANDARD MOTOR PRODUCTS, INC (CLASS A) ... 403
108,485 * STONERIDGE, INC .......................... 949
22,194 * STRATTEC SECURITY CORP ................... 721
103,300 SUPERIOR INDUSTRIES INTERNATIONAL, INC ... 2,660
266,000 SUZUKI MOTOR CORP ........................ 3,439
2,000 TAN CHONG INTERNATIONAL LTD .............. 0
50 * TBC CORP ................................. 0
211,369 TENNECO AUTOMOTIVE, INC .................. 1,110
25,756 THOR INDUSTRIES, INC ..................... 541
464,967 TI GROUP PLC ............................. 2,534
231,000 TOYODA GOSEI CO LTD ...................... 14,693
5,483,620 e TOYOTA MOTOR CORP ........................ 250,326
71,600 TRANSPRO, INC ............................ 362
553,371 TRW, INC ................................. 24,002
SEE NOTES TO FINANCIAL STATEMENTS
44 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
AUTOS, TIRES AND RELATED PRODUCTS--(CONTINUED)
268,000 * UMW HOLDINGS BERHAD ...................... $ 578
103,400 * UNITED AUTO GROUP, INC ................... 944
270,128 VALEO S.A ................................ 14,501
1,001,104 * VISTEON CORP ............................. 12,138
591,471 VOLKSWAGEN AG ............................ 22,679
51,680 VOLVO AB SERIES A ........................ 1,090
51,680 * VOLVO AB SERIES A FREE RTS ............... 47
331,631 e VOLVO AB SERIES B FREE ................... 7,241
354,803 * VOLVO AB SERIES B FREE RTS ............... 322
93,350 WABASH NATIONAL CORP ..................... 1,114
3,700 * WEST MARINE, INC ......................... 25
88,196 WINNEBAGO INDUSTRIES, INC ................ 1,152
49,987 WYNNS INTERNATIONAL, INC ................. 1,134
550 e YOKOHAMA RUBBER CO LTD ................... 2
----------
3,200,115
----------
RAILROADS--0.45%
131,000 * ABC-NACO, INC ............................ 1,048
513,748 BRAMBLES INDUSTRIES LTD .................. 15,835
2,996,569 BURLINGTON NORTHERN SANTA FE CORP ........ 68,734
675,300 CANADIAN PACIFIC LTD ..................... 17,501
1,259,272 CSX CORP ................................. 26,681
191,501 FLORIDA EAST COAST INDUSTRIES, INC ....... 7,660
302,000 GATX CORP ................................ 10,268
22,639 e HANKYU CORP .............................. 75
781,310 KANSAS CITY SOUTHERN INDUSTRIES, INC ..... 69,292
831,000 KEIHIN ELECTRIC EXPRESS RAILWAY CO LTD ... 3,134
1,782,203 KINKI NIPPON RAILWAY CO LTD .............. 7,243
103,689 MAYNE NICKLESS LTD ....................... 214
19,875 NAGOYA RAILROAD CO LTD ................... 57
1,005,000 NIPPON EXPRESS CO LTD .................... 6,184
346,000 NIPPON SHARYO LTD ........................ 726
2,295,836 NORFOLK SOUTHERN CORP .................... 34,151
107,700 PROVIDENCE AND WORCESTER RAILROAD CO ..... 821
1,027,490 * RAILTRACK GROUP PLC ...................... 15,967
1,628,996 SIEMENS AG. (REGD) ....................... 245,945
693,000 TOBU RAILWAY CO LTD ...................... 1,985
248,700 TRINITY INDUSTRIES, INC .................. 4,601
1,492,521 UNION PACIFIC CORP ....................... 55,503
265,052 WABTEC CORP .............................. 2,750
320,900 * WISCONSIN CENTRAL TRANSIT CORP ........... 4,172
----------
600,547
----------
TRUCKING AND RELATED SERVICES--0.20%
159,050 AIRTOURS PLC ............................. 836
153,200 * AMERICAN FREIGHTWAYS CORP ................ 2,221
215,400 ARCTIC CAT, INC .......................... 2,558
293,100 ARNOLD INDUSTRIES, INC ................... 3,536
155,907 BIDVEST GROUP LTD ........................ 1,076
210,000 C.H. ROBINSON WORLDWIDE, INC ............. 10,395
45,000 * CAREY INTERNATIONAL, INC ................. 624
2,079 CENTRAL JAPAN RAILWAY CO ................. 11,790
28,900 * CHEAP TICKETS, INC ....................... 347
75,550 CIRCLE INTERNATIONAL GROUP, INC .......... 1,898
285,800 CNF TRANSPORTATION, INC .................. 6,502
144,750 * CONSOLIDATED FREIGHTWAYS CORP ............ 588
84,100 * COVENANT TRANSPORT, INC (CLASS A) ........ 673
6,406 EAST JAPAN RAILWAY CO .................... 37,296
302,600 EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC ........................ 14,374
79,500 * FORWARD AIR CORP ......................... 3,180
124,400 * FRITZ COS, INC ........................... 1,283
350,500 GALILEO INTERNATIONAL, INC ............... 7,317
117,807 * HEARTLAND EXPRESS, INC ................... 1,966
175,850 HUNT (J.B.) TRANSPORT SERVICES, INC ...... 2,715
191,881 * IRON MOUNTAIN, INC ....................... 6,524
89,000 * KNIGHT TRANSPORTATION, INC ............... 1,296
50,018 KONINKLIJKE VOPAK NV ..................... 1,103
580 KUONI REISEN HOLDING (REGD) (CLASS B) .... 269
58,400 LAIDLAW, INC (U.S.) ...................... 22
65,494 * LANDSTAR SYSTEM, INC ..................... 3,901
134,200 * M.S. CARRIERS, INC ....................... 2,365
112,000 MITSUBISHI LOGISTICS CORP ................ 1,016
478,000 e MITSUI-SOKO CO LTD ....................... 1,044
1,550 * NAVIGANT INTERNATIONAL, INC .............. 15
1,136 e* NEW WORLD INFRASTUCTURE LTD .............. 1
210,893 POLARIS INDUSTRIES, INC .................. 6,749
100,350 ROADWAY EXPRESS, INC ..................... 2,352
434,000 SEINO TRANSPORTATION CO LTD .............. 2,190
4,125,937 STAGECOACH HOLDINGS PLC .................. 4,560
347,275 * SWIFT TRANSPORTATION CO, INC ............. 4,862
820,184 TNT POST GROUP NV ........................ 22,211
88,100 * TRAVELOCITY.COM, INC ..................... 1,443
100,600 * U.S. XPRESS ENTERPRISES, INC (CLASS A) ... 811
174,700 USFREIGHTWAYS CORP ....................... 4,291
196,577 WERNER ENTERPRISES, INC .................. 2,273
3,585,878 e YAMATO TRANSPORT CO LTD .................. 89,303
166,600 * YELLOW CORP .............................. 2,457
----------
272,233
----------
WATER TRANSPORTATION--0.10%
264,734 ALEXANDER & BALDWIN, INC ................. 5,841
62,500 e* AMERICAN CLASSIC VOYAGES CO .............. 1,289
34,301 ASKO OYJ SERIES A ........................ 649
72,400 BERGESEN AS SERIES A ..................... 1,491
150,200 BERGESEN D.Y. AS (CLASS B) ............... 2,891
1,043,700 CARNIVAL CORP (CLASS A) .................. 20,352
10,100 CMB CIE MARITIME BELGE S.A ............... 533
1,684 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ..... 17,960
1,777 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ... 26,373
17,488 FINNLINES OYJ ............................ 381
28,400 IRISH CONTINENTAL GROUP PLC .............. 231
498,000 KAMIGUMI CO LTD .......................... 2,631
336,025 KAWASAKI KISEN KAISHA LTD ................ 676
67,172 * KIRBY CORP ............................... 1,427
24,500 * KONINKLIJKE NEDLLOYD GROEP NV ............ 477
41,566 * LEIF HOEGH & CO .......................... 384
26,450 * MARINE TRANSPORT CORP .................... 64
35,526 MITSUI OSK LINES LTD ..................... 83
2,229,237 * NEPTUNE ORIENT LINES LTD ................. 2,063
2,090,800 NIPPON YUSEN KABUSHIKI KAISHA ............ 10,078
255,901 OCEAN GROUP PLC .......................... 4,223
19,100 * OMI CORP (NEW) ........................... 104
218,060 OVERSEAS SHIPHOLDING GROUP, INC .......... 5,370
1,205,815 PENINSULAR & ORIENTAL STEAM NAVIGATION CO 10,332
50,400 * SEACOR SMIT, INC ......................... 1,950
300,000 STAR CRUISES PLC ......................... 1,620
23,140 TDG PLC .................................. 65
235,265 TIDEWATER, INC ........................... 8,470
18,300 * TRICO MARINE SERVICES, INC ............... 233
20,400 * UNITOR AS ................................ 150
----------
128,391
----------
TOTAL TRANSPORTATION ..................... 5,733,287
----------
UTILITIES--12.26%
TELEPHONE--9.59%
15,500 * @TRACK COMMUNICATIONS, INC ............... 37
927,300 * ADELPHIA BUSINESS SOLUTIONS, INC ......... 21,502
151,100 * ADVANCED RADIO TELECOM CORP .............. 2,210
1,450,975 e ALCATEL .................................. 95,555
136,566 ALCATEL S.A. ADR ......................... 9,082
606,125 * ALLEGIANCE TELECOM, INC .................. 38,792
1,759,104 ALLTEL CORP .............................. 108,955
24,700 * ARCH COMMUNICATIONS GROUP INC ............ 161
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 45
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
TELEPHONE--(CONTINUED)
104,744 * ARCH COMMUNICATIONS GROUP, INC WTS09/01/03 $ 98
23,177,737 e AT & T CORP .............................. 732,996
17,088,330 * AT & T CORP-LIBERTY MEDIA GROUP(CLASS A) . 414,392
664,400 * AT & T WIRELESS GROUP .................... 18,520
1,345,742 BCE, INC ................................. 31,879
12,278,132 BELLSOUTH CORP ........................... 523,355
5,230,000 * BRASIL TELECOM PARTICIPACOES S.A ......... 53
14,422,433 BRITISH TELECOMMUNICATIONS PLC ........... 186,463
1,024,288 BROADWING, INC ........................... 26,567
20,257,208 CABLE & WIRELESS HKT LTD ................. 44,567
3,897,900 * CABLE & WIRELESS OPTUS LTD ............... 11,655
4,318,177 CABLE & WIRELESS PLC ..................... 73,152
60,500 CABLE & WIRELESS PLC ADR ................. 3,029
72,800 * CAPROCK COMMUNICATIONS CORP .............. 1,420
797,610 CENTURYTEL, INC .......................... 22,931
81,800 CFW COMMUNICATIONS CO .................... 3,068
246,200 * COLT TELECOM GROUP PLC ................... 8,200
110,500 * COM21, INC ............................... 2,763
66,633 * COMMONWEALTH TELEPHONE ENTERPRISES, INC .. 3,136
92,938 e* CORECOMM LTD ............................. 1,812
697,000 * COVAD COMMUNICATIONS GROUP, INC .......... 11,239
432,200 * CROWN CASTLE INTERNATIONAL CORP .......... 15,775
3,700 CT COMMUNICATIONS, INC ................... 105
5,011,003 e DEUTSCHE TELEKOM AG ...................... 286,291
377,000 * DIGI.COM BERHAD .......................... 690
583,844 e* DIMENSION DATA HOLDINGS LTD .............. 4,831
33,000 * DOBSON COMMUNICATIONS CORP ............... 635
31,000 * DSL.NET, INC ............................. 320
457,500 * DYNARC ................................... 2,817
392,900 * E.SPIRE COMMUNICATIONS, INC .............. 2,652
1,739,902 EIRCOM PLC ............................... 4,670
76,100 * ELECTRIC LIGHTWAVE, INC (CLASS A) ........ 1,422
63,500,000 EMBRATEL PARTICIPACOES S.A ............... 1,183
1,317,000 * ENERGIS PLC .............................. 49,407
23,894,948 ERICSSON TELEFON (LM) AB SERIES B ........ 475,393
2,334,340 * EXODUS COMMUNICATIONS, INC ............... 107,526
20,100 * FIRSTWORLD COMMUNICATIONS ................ 211
1,945,382 e FRANCE TELECOM S.A ....................... 273,013
2,279,000 FUJIKURA LTD ............................. 15,185
206,100 * GENERAL COMMUNICATION, INC (CLASS A) ..... 1,056
578,434 * GLOBAL CROSSING LTD ...................... 15,220
1,588,344 * GLOBAL TELESYSTEMS, INC .................. 19,159
16,700 * GOAMERICA, INC ........................... 258
6,016,512 GTE CORP ................................. 374,528
458,625 * ICG COMMUNICATIONS, INC .................. 10,118
130,100 * IDT CORP ................................. 4,415
4,300 * ILLUMINET HOLDINGS, INC .................. 219
101,600 * INFONET SERVICES CORP .................... 1,213
432,613 * INTERMEDIA COMMUNICATIONS, INC ........... 12,870
138,800 * INTERNATIONAL FIBERCOM, INC .............. 3,539
113,100 e* INTRAWARE, INC ........................... 1,817
306,500 * ITC DELTACOM, INC ........................ 6,839
2,993,862 KPN NV ................................... 134,456
200,000 * KPN QWEST NV ............................. 7,899
19,100 * LATITUDE COMMUNICATIONS, INC ............. 214
63,000 * LAUNCH MEDIA, INC ........................ 583
15,800 * LCC INTERNATIONAL, INC (CLASS A) ......... 432
145,242 * LEAP WIRELESS INTERNATIONAL, INC ......... 6,826
1,616,808 * LEVEL 3 COMMUNICATIONS, INC .............. 142,279
275,800 * LIBERTY DIGITAL, INC (CLASS A) ........... 8,274
8,600 * LIGHTBRIDGE, INC ......................... 205
25,983,854 LUCENT TECHNOLOGIES, INC ................. 1,539,543
1,301,952 * MACQUARIE CORP TELECOM HOLD LTD .......... 1,602
44,200 * MAIL.COM, INC ............................ 251
2,384,898 * MARCONI PLC .............................. 31,050
123,000 M-CELL LTD ............................... 596
2,204,031 * MCLEODUSA, INC (CLASS A) ................. 45,596
4,217,678 * MEDIA ONE GROUP, INC ..................... 281,003
1,492,942 * METROMEDIA FIBER NETWORK, INC(CLASS A) ... 59,251
120,700 * MGC COMMUNICATIONS, INC .................. 7,234
82,300 * MITEL CORP ............................... 1,716
122,750 * MOTIENT CORP ............................. 1,926
17,300 * NET2000 COMMUNICATIONS, INC .............. 283
15,300 * NET2PHONE, INC ........................... 546
243,497 * NETCOM AB SERIES B ....................... 18,073
45,800 * NETWORK PLUS CORP ........................ 650
21,600 * NEXT LEVEL COMMUNICATIONS, INC ........... 1,852
2,289,200 * NEXTEL COMMUNICATIONS, INC (CLASS A) ..... 140,070
2,338,369 * NEXTLINK COMMUNICATIONS, INC ............. 88,712
161,000 e NIPPON COMSYS CORP ....................... 3,431
19,126 NIPPON TELEGRAPH & TELEPHONE CORP ........ 254,879
3,500 NORTH PITTSBURGH SYSTEMS, INC ............ 52
59,100 * NORTHEAST OPTIC NETWORK, INC ............. 3,642
97,900 * NORTHPOINT COMMUNICATIONS GROUP, INC ..... 1,095
1,078,796 e* NTL, INC ................................. 64,593
1,181 NTT DOCOMO, INC .......................... 32,035
10,189,071 e* OLIVETTI GROUP S.P.A ..................... 37,213
91,100 e* PACIFIC GATEWAY EXCHANGE, INC ............ 310
1,347,678 * PAGING NETWORK, INC ...................... 969
475,000 * PARTNER COMMUNICATIONS CO LTD ADR ........ 4,513
1,017,685 PORTUGAL TELECOM S.A ..................... 11,473
176,800 * POWERTEL, INC ............................ 12,542
182,700 * PRIMUS TELECOMMUNICATIONS GROUP, INC ..... 4,545
451,616 * PTEK HOLDINGS, INC ....................... 1,468
4,083 e PUBLICIS S.A ............................. 1,609
678,392 e* QWEST COMMUNICATIONS INTERNATIONAL, INC .. 33,708
870,400 * RCN CORP ................................. 22,086
302,801 * RHYTHMS NETCONNECTIONS, INC .............. 3,804
125,000 e* RSL COMMUNICATIONS LTD (CLASS A) ......... 1,430
36,679,429 SBC COMMUNICATIONS, INC .................. 1,586,385
8,662,513 SINGAPORE TELECOMMUNICATIONS LTD ......... 12,676
93,200 e* SMARTALK TELESERVICES, INC ............... 1
1,416,750 SONERA GROUP OYJ ......................... 64,849
13,000 * SPECTRASITE HOLDINGS, INC ................ 369
4,573,342 SPRINT CORP (FON GROUP) .................. 233,240
1,683,500 e* SPRINT CORP (PCS GROUP) .................. 100,168
234,115 * STAR TELECOMMUNICATIONS, INC ............. 593
106,668 e SWISSCOM AG. (REGD) ...................... 37,063
261,600 * TALK.COM, INC ............................ 1,521
14,285,960 e TELECOM ITALIA MOBILE S.P.A .............. 136,438
302,240 TELE DANMARK AS .......................... 20,428
5,230,000 * TELECENTROESTE CELULAR PART S.A .......... 20
446,000 TELECOM ARGENTINA S.A. (CLASS B) ......... 2,462
4,216,760 e TELECOM CORP OF NEW ZEALAND .............. 14,790
7,745,107 e TELECOM ITALIA ........................... 106,912
1,312,386 e TELECOM ITALIA RISP ...................... 8,743
10,521,774 e TELEFONICA DE ESPANA S.A ................. 226,939
741,000 TELEFONICA PUBLICIDAD E INFORMACION ...... 7,025
9,358,000 TELEFONOS DE MEXICO S.A. SERIES L ........ 26,714
121,550 * TELEGATE AG .............................. 12,584
127,827 * TELEGLOBE, INC (U.S.A.) .................. 2,692
108,700 b* TELEGROUP, INC ........................... 1
2,208,500 TELEKOM MALAYSIA BERHAD .................. 7,614
68,230,000 TELENORTE-LESTE PARTICIPACOES S.A ........ 1,324
370,930 TELEPHONE & DATA SYSTEMS, INC ............ 37,186
5,230,348 * TELESP CELULAR PARTICIPACOES S.A ......... 55
188,330,000 * TELESUL CELULAR PARTICIPACOES S.A ........ 663
1,050,000 e* TELIA AB ................................. 9,936
141,400 * TELIGENT, INC ............................ 3,341
13,189,032 TELSTRA CORP ............................. 53,689
136,475 * TIME WARNER TELECOM, INC ................. 8,786
SEE NOTES TO FINANCIAL STATEMENTS
46 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
TELEPHONE--(CONTINUED)
40,000 * TRITON PCS HOLDINGS, INC (CLASS A) ....... $ 2,310
18,100 * TUMBLEWEED COMMUNICATIONS CORP ........... 921
5,300 * TURNSTONE SYSTEMS, INC ................... 878
52,021 e* U.S. CELLULAR CORP ....................... 3,277
65,500 * U.S. LEC CORP (CLASS A) .................. 1,114
3,125,967 U.S. WEST, INC ........................... 268,052
11,800 * UNIVERSAL ACCESS, INC .................... 289
64,500 b,e* USN COMMUNICATIONS, INC .................. 2
13,800 * UTSTARCOM, INC ........................... 419
12,543,414 VERIZON COMMUNICATION .................... 637,362
948,245 * VIATEL, INC .............................. 27,084
1,850,000 VIDESH SANCHAR NIGAM LTD (SPONS GDR) ..... 28,906
164,562,258 VODAFONE AIRTOUCH PLC .................... 665,179
1,842,000 e VODAFONE AIRTOUCH PLC ADR ................ 76,328
1,133,017 e* VOICESTREAM WIRELESS CORP ................ 131,766
119,600 * WAVECOM S.A .............................. 14,560
270,150 * WESTERN WIRELESS CORP (CLASS A) .......... 14,723
108,600 * WILLIAMS COMMUNICATIONS GROUP, INC ....... 3,604
664,000 * WINSTAR COMMUNICATIONS, INC .............. 22,493
22,269,281 * WORLDCOM, INC ............................ 1,021,603
68,600 e* WORLDGATE COMMUNICATIONS, INC ............ 1,218
75,600 e* WORLDPAGES.COM, INC ...................... 454
2,000 * WORLDPORT COMMUNICATIONS, INC ............ 5
13,300 e* Z-TEL TECHNOLOGIES, INC .................. 160
----------
12,755,399
----------
ELECTRIC, GAS AND OTHER--2.67%
177,000 ACEA S.P.A ............................... 2,832
1,600,000 e AEM S.P.A ................................ 6,365
1,787,400 * AES CORP ................................. 81,550
357,900 AGL RESOURCES, INC ....................... 5,704
323,813 AGUAS DE BARCELONA S.A ................... 4,346
2,487 AGUAS DE BARCELONA S.A. (NEW) ............ 32
830,044 ALLEGHENY ENERGY, INC .................... 22,722
493,393 ALLIANT ENERGY CORP ...................... 12,828
1,312,230 * ALLIED WASTE INDUSTRIES, INC ............. 13,122
806,381 AMEREN CORP .............................. 27,215
131,185 * AMERICAN ECOLOGY CORP .................... 426
3,055,816 AMERICAN ELECTRIC POWER CO, INC .......... 90,529
16,200 AMERICAN STATES WATER CO ................. 482
475,280 AMERICAN WATER WORKS CO, INC ............. 11,882
396,408 ANGLIAN WATER PLC ........................ 3,661
202,301 ATMOS ENERGY CORP ........................ 3,540
476,589 e AUSTRALIA GAS LIGHT CO ................... 2,847
134,000 AVISTA CORP .............................. 2,337
20,400 * AZURIX CORP .............................. 143
1,469 BEWCKISER WASSER TECHNIK AG .............. 519
7,159,262 BG GROUP PLC ............................. 46,280
146,669 BLACK HILLS CORP ......................... 3,309
461,450 BRASCAN CORP ............................. 5,419
4,539,000 * BRITISH ENERGY PLC ....................... 12,335
58,500 CALIFORNIA WATER SERVICE GROUP ........... 1,419
964,400 * CALPINE CORP ............................. 63,409
62,900 CASCADE NATURAL GAS CORP ................. 1,050
71,900 * CASELLA WASTE SYSTEMS, INC (CLASS A) ..... 773
105,677,660 * CENTRAIS GERADORAS DO SUL (BR) ........... 128
7,981,642 CENTRICA PLC ............................. 26,644
104,400 CH ENERGY GROUP, INC ..................... 3,543
941,598 CINERGY CORP ............................. 23,952
1,427,144 * CITIZENS COMMUNICATIONS CO ............... 24,618
414,740 * CLEAN HARBORS, INC ....................... 855
141,364 CLECO CORP ............................... 4,736
3,475,621 CLP HOLDINGS LTD ......................... 16,185
216,426 CMP GROUP, INC ........................... 6,344
658,980 CMS ENERGY CORP .......................... 14,580
1,167,296 COASTAL CORP ............................. 71,059
799,461 COLUMBIA ENERGY GROUP .................... 52,465
742,845 CONECTIV, INC ............................ 11,561
62,012 e CONECTIV, INC (CLASS A) .................. 1,512
1,485,600 CONSOLIDATED EDISON, INC ................. 44,011
872,371 CONSTELLATION ENERGY GROUP ............... 28,407
634,806 CONTACT ENERGY LTD ....................... 852
923,995 CP&L ENERGY, INC ......................... 29,510
28,469 CTG RESOURCES, INC ....................... 1,044
176 DAISEKI CO LTD ........................... 4
1,628,932 DOMINION RESOURCES, INC .................. 69,840
734,139 DPL, INC ................................. 16,105
691,363 DQE, INC ................................. 27,309
1,306,471 DTE ENERGY CO ............................ 39,929
2,138,986 DUKE ENERGY CORP ......................... 120,585
871,453 DYNEGY, INC .............................. 59,531
148,738 EASTERN ENTERPRISES CO ................... 9,370
2,303,552 EDISON INTERNATIONAL CO .................. 47,223
298,914 * EL PASO ELECTRIC CO ...................... 3,344
1,085,110 EL PASO ENERGY CORP ...................... 55,273
76,707 ELECTRABEL NV ............................ 19,037
2,000 ELECTRABEL S.A. (STRIP VVPR) ............. 0
1,267,985 ELECTRICIDADE DE PORTUGAL S.A ............ 23,119
251,196,060 ELECTROBRAS S.A .......................... 5,152
61,081 EMPIRE DISTRICT ELECTRIC CO .............. 1,348
2,014,821 ENDESA S.A ............................... 39,188
13,271,886 ENEL S.P.A ............................... 59,032
295,600 ENERGEN CORP ............................. 6,448
1,010,906 ENERGY EAST CORP ......................... 19,270
1,601,945 ENTERGY CORP ............................. 43,553
241,701 EQUITABLE RESOURCES, INC ................. 11,662
2,837 ETOWN CORP ............................... 188
1,678,627 FIRSTENERGY CORP ......................... 39,238
557,839 FLORIDA PROGRESS CORP .................... 26,149
1,127,448 FPL GROUP, INC ........................... 55,809
876,271 GAS NATURAL SDG S.A ...................... 15,792
806,073 GPU, INC ................................. 21,814
385 GROUPE BRUXELLES LAMBERT NPV (STRIP VVPR) 0
92,135 GROUPE BRUXELLES LAMBERT S.A ............. 23,096
70,510 HAFSLUND AS SERIES A ..................... 326
46,402 HAFSLUND AS SERIES B ..................... 151
202,693 e HAWAIIAN ELECTRIC INDUSTRIES, INC ........ 6,651
8,215,683 HONG KONG & CHINA GAS CO LTD ............. 9,222
25 HONG KONG ELECTRIC CO LTD ................ 0
1,098,436 IBERDROLA S.A ............................ 14,215
236,000 IDACORP, INC ............................. 7,611
484,034 IPALCO ENTERPRISES, INC .................. 9,741
1,381,813 ITALGAS S.P.A ............................ 6,133
2,461,110 KANSAI ELECTRIC POWER CO, INC ............ 44,149
388,704 KANSAS CITY POWER & LIGHT CO ............. 8,746
861,590 KEYSPAN CORP ............................. 26,494
621,250 KINDER MORGAN, INC ....................... 21,472
161,000 KURITA WATER INDUSTRIES LTD .............. 3,553
119,800 LACLEDE GAS CO ........................... 2,306
814,837 LOUISVILLE GAS & ELECTRIC ENERGY CORP .... 19,454
98,500 MADISON GAS & ELECTRIC CO ................ 1,945
474,839 MCN ENERGY GROUP, INC .................... 10,150
192,479 MDU RESOURCES GROUP, INC ................. 4,162
328,410 MINNESOTA POWER, INC ..................... 5,686
200,800 b,e* MOLTEN METAL TECHNOLOGY, INC ............. 2
526,312 MONTANA POWER CO ......................... 18,585
771,536 NATIONAL FUEL GAS CO ..................... 37,612
2,903,282 * NATIONAL GRID GROUP PLC .................. 22,899
1,387,230 NATIONAL POWER PLC ....................... 8,842
871,860 NEW CENTURY ENERGIES, INC ................ 26,156
110,500 NEW JERSEY RESOURCES CORP ................ 4,206
100,000 * NEWPARK RESOURCES, INC ................... 944
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 47
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
ELECTRIC, GAS AND OTHER--(CONTINUED)
987,600 * NIAGARA MOHAWK HOLDINGS, INC ............... $ 13,765
304,040 NICOR, INC ................................. 9,919
781,658 NISOURCE, INC .............................. 14,558
46,900 NORTHEAST UTILITIES CO ..................... 1,020
1,844,568 NORTHERN STATES POWER CO ................... 37,237
157,800 NORTHWEST NATURAL GAS CO ................... 3,531
134,492 NORTHWESTERN CORP .......................... 3,110
470,268 NSTAR ...................................... 19,134
94,900 NUI CORP ................................... 2,562
290,188 * OGDEN CORP ................................. 2,612
508,844 OGE ENERGY CORP ............................ 9,414
200,043 ONEOK, INC ................................. 5,189
2,853,000 OSAKA GAS CO LTD ........................... 8,224
27,429 OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG ................ 2,827
67,900 OTTER TAIL POWER CO ........................ 1,426
1,197,779 PECO ENERGY CO ............................. 48,285
370,499 PEOPLES ENERGY CORP ........................ 11,995
2,506,413 PG&E CORP .................................. 61,720
92,439 PHILADELPHIA SUBURBAN CORP ................. 1,895
400 * PHILIP SERVICE CORP ........................ 2
180,326 PIEDMONT NATURAL GAS CO, INC ............... 4,790
494,834 PINNACLE WEST CAPITAL CORP ................. 16,763
862,200 POTOMAC ELECTRIC POWER CO .................. 21,555
1,049,810 PPL CORP ................................... 23,030
231,624 PUBLIC SERVICE CO OF NEW MEXICO ............ 3,576
1,250,728 PUBLIC SERVICE ENTERPRISE GROUP, INC ....... 43,306
607,431 PUGET SOUND ENERGY, INC .................... 12,946
655,580 QUESTAR CORP ............................... 12,702
1,398,215 RELIANT ENERGY, INC ........................ 41,335
3,724,416 * REPUBLIC SERVICES, INC (CLASS A) ........... 59,591
226,397 e RGS ENERGY GROUP, INC ...................... 5,037
646,061 * RHEIN-WESTFALEN ELECTRIC AG ................ 21,800
588,167 SCANA CORP ................................. 14,190
975,000 SCOTTISH & SOUTHERN ENERGY PLC ............. 8,945
2,988,539 SCOTTISH POWER PLC ......................... 25,336
7,461 SCOTTISH POWER PLC ADR ..................... 249
32,205 e SEMCO ENERGY, INC .......................... 419
1,550,857 SEMPRA ENERGY .............................. 26,365
146 SHUN TAK ENTERPRISES CORP LTD .............. 0
564,643 SIERRA PACIFIC RESOURCES (NEW) ............. 7,093
3,800 SJW CORP ................................... 452
50,300 SOUTH JERSEY INDUSTRIES, INC ............... 1,308
3,901,396 SOUTHERN CO ................................ 90,951
235,907 * SOUTHERN UNION CO .......................... 3,730
151,500 SOUTHWEST GAS CORP ......................... 2,651
167,500 SOUTHWESTERN ENERGY CO ..................... 1,047
46,500 * STERICYCLE, INC ............................ 1,116
122,657 SUEZ LYONNAISE DES EAUX .................... 21,529
315,998 SUEZLYONNAISE DES EAUX S.A ................. 55,585
124,257 SUEZ LYONNAISE (STRIP VVPR) ................ 1
812,932 TECO ENERGY, INC ........................... 16,309
3,004,000 TENAGA NASIONAL BERHAD ..................... 9,803
419,801 THAMES WATER PLC ........................... 5,434
3,000 * THERMO ECOTEK CORP ......................... 28
595,900 TOHOKU ELECTRIC POWER CO, INC .............. 8,054
1,232,078 e TOKYO ELECTRIC POWER CO, INC ............... 30,102
3,386,000 TOKYO GAS CO LTD ........................... 9,537
792,261 TRANS CANADA PIPELINES LTD ................. 6,042
310,800 TRANSALTA CORP ............................. 3,304
1,936,664 TXU CORP ................................... 57,132
63,800 * U.S. LIQUIDS, INC .......................... 351
197,224 UGI CORP ................................... 4,043
1,319,933 UNICOM CORP ................................ 51,065
2,720,725 * UNION ELECTRICA FENOSA S.A ................. 49,423
202,120 UNISOURCE ENERGY CORP HOLDINGS CO .......... 3,032
89,400 UNITED ILLUMINATING CO ..................... 3,911
732,107 UNITED UTILITIES PLC ....................... 7,249
135,360 UNITED WATER RESOURCES, INC ................ 4,721
596,571 UTILICORP UNITED, INC ...................... 11,857
2,731,116 VEBA AG .................................... 134,568
383,359 VECTREN CORP ............................... 6,613
1,804,585 e VIVENDI S.A ................................ 159,888
48,973 e* VIVENDI S.A. WTS 05/02/01 .................. 169
293,172 WASHINGTON GAS LIGHT CO .................... 7,054
101,700 * WASTE CONNECTIONS, INC ..................... 2,009
200 * WASTE INDUSTRIES, INC ...................... 2
3,863,791 WASTE MANAGEMENT, INC ...................... 73,412
700 * WASTEMASTERS, INC .......................... 0
198,207 WESTCOAST ENERGY, INC ...................... 3,050
96,700 WESTERN GAS RESOURCES, INC ................. 2,031
237,210 WESTERN RESOURCES, INC ..................... 3,677
2,494,474 WILLIAMS COS, INC .......................... 103,988
797,381 WISCONSIN ENERGY CORP ...................... 15,798
170,972 WPS RESOURCES CORP ......................... 5,140
87,535 * YORK RESEARCH CORP ......................... 126
-----------
3,553,648
-----------
TOTAL UTILITIES ............................ 16,309,047
-----------
TOTAL COMMON STOCK
(COST $ 75,871,797) ...................... 131,658,073
-----------
PRINCIPAL
-------
SHORT TERM INVESTMENTS--1.47%
BANK NOTES--0.07%
BANK OF AMERICA
$50,000,000 d 6.240%, 07/18/00 ......................... 49,989
40,000,000 6.550%, 12/01/00 ......................... 39,919
-----------
89,908
-----------
BANKERS ACCEPTANCES--0.02%
SOUTHRUST BANK NA
30,000,000 6.650%, 03/06/01 ......................... 29,988
-----------
CERTIFICATES OF DEPOSIT--0.13%
CITIBANK NA
18,000,000 7.390%, 05/30/01 ......................... 18,026
DEUTSCHE BANK
15,000,000 6.695%, 02/05/01 ......................... 14,950
30,000,000 d 7.080%, 05/04/01 ......................... 29,956
ROYAL BANK OF CANADA
30,000,000 6.750%, 04/17/01 ......................... 29,877
TORONTO DOMINION BANK
25,000,000 6.630%, 07/25/00 ......................... 25,000
50,000,000 d 6.690%, 02/02/01 ......................... 49,834
-----------
167,643
-----------
COMMERCIAL PAPER--0.91%
ALUMINUM CO OF AMERICA
20,267,000 6.540%, 07/20/00 ......................... 20,193
ANHEUSER-BUSCH CO
1,000,000 6.200%, 10/04/00 ......................... 982
ARIZONA PUBLIC SERVICE CO
20,000,000 7.150%, 07/06/00 ......................... 19,976
ASSET SECURITIZATION COOP CORP
40,000,000 c 6.950%, 07/03/00 ......................... 39,978
15,000,000 c 6.550%, 07/11/00 ......................... 14,969
15,000,000 c 6.570%, 08/21/00 ......................... 14,858
BELL ATLANTIC FINANCIAL SERVICES, INC
35,000,000 6.610%, 08/01/00 ......................... 34,796
BELL ATLANTIC NETWORK FUNDING CORP
20,000,000 6.580%, 08/08/00 ......................... 19,858
20,000,000 6.580%, 08/15/00 ......................... 19,832
11,500,000 6.580%, 08/16/00 ......................... 11,401
SEE NOTES TO FINANCIAL STATEMENTS
48 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- -----------
COMMERCIAL PAPER--(CONTINUED)
BETA FINANCE, INC
$20,000,000 c 6.610%, 07/17/00 ......................... $ 19,938
BURLINGTON NORTHERN SANTA FE
35,000,000 c 6.950%, 07/13/00 ......................... 34,912
CIESCO LP
50,000,000 c,d 6.530%, 07/24/00 ......................... 49,781
COCA-COLA ENTERPRISES, INC
25,000,000 c 6.140%, 07/10/00 ......................... 24,954
CORPORATE ASSET FUNDING CORP, INC
25,000,000 c 6.620%, 09/08/00 ......................... 24,680
DOMINION RESOURCES, INC
30,000,000 c,d 6.810%, 07/07/00 ......................... 29,959
25,000,000 c,d 6.880%, 07/21/00 ......................... 24,900
ENTERPRISE FUNDING CORP
62,570,000 c 6.600%, 07/06/00 ......................... 62,500
9,781,000 c 6.620%, 07/24/00 ......................... 9,738
EQUILON ENTERPRISES LLC
25,000,000 6.510%, 07/19/00 ......................... 24,913
FORTUNE BRANDS, INC
21,500,000 c 6.130%, 07/19/00 ......................... 21,425
GPU, INC
23,566,000 c 7.050%, 07/14/00 ......................... 23,502
HARLEY-DAVIDSON FUNDING CORP
2,375,000 c 6.750%, 07/21/00 ......................... 2,366
HONEYWELL INTERNATIONAL
20,000,000 6.530%, 07/24/00 ......................... 19,912
23,900,000 6.540%, 08/01/00 ......................... 23,760
HOUSTON INDUSTRIES FINANCECO LP
20,000,000 c 6.950%, 07/05/00 ......................... 19,980
25,000,000 c,d 6.900%, 07/11/00 ......................... 24,947
MORGAN STANLEY DEAN WITTER
50,000,000 6.600%, 07/11/00 ......................... 49,898
MOTOROLA, INC
20,000,000 6.540%, 07/28/00 ......................... 19,898
NATIONAL RURAL UTILITIES COOP FINANCE
11,000,000 6.360%, 12/07/00 ......................... 10,675
30,000,000 6.370%, 12/12/00 ......................... 29,086
NORFOLK SOUTHERN CORP
15,000,000 6.900%, 07/17/00 ......................... 14,951
NORTHERN STATES POWER CO
13,000,000 c 6.640%, 08/21/00 ......................... 12,877
PACCAR FINANCIAL CORP
1,425,000 6.570%, 08/10/00 ........................... 1,414
PARK AVENUE RECEIVABLES CORP
66,520,000 c 6.580%, 07/10/00 ......................... 66,397
30,000,000 c 6.540%, 07/12/00 ......................... 29,933
PRAXAIR, INC
15,000,000 6.860%, 07/17/00 ......................... 14,951
PREFERRED RECEIVABLES FUNDING CORP
25,000,000 c 6.550%, 07/21/00 ......................... 24,904
RECEIVABLES CAPITAL CORP
15,150,000 c 6.640%, 08/25/00 ......................... 14,995
SALOMON SMITH BARNEY HOLDINGS, INC
35,000,000 6.500%, 07/06/00 ......................... 34,961
SBC COMMUNICATIONS, INC
20,000,000 c 6.090%, 07/07/00 ......................... 19,974
SIGMA FINANCE, INC
25,000,000 c 6.580%, 07/19/00 ......................... 24,913
TEXAS UTILITIES CO
12,015,000 c 6.900%, 07/12/00 ......................... 11,987
37,000,000 c 6.820%, 07/14/00 ......................... 36,900
10,479,000 c 6.980%, 07/14/00 ......................... 10,451
15,000,000 c 6.930%, 07/17/00 ......................... 14,951
TYCO INTERNATIONAL LTD
40,000,000 c,d 6.870%, 07/13/00 ......................... 39,899
VENTURES BUSINESS TRUST
20,000,000 c 6.550%, 07/07/00 ......................... 19,974
30,000,000 c 6.550%, 07/10/00 ......................... 29,945
VERMONT AMERICAN CORP
39,750,000 c 6.500%, 07/05/00 ......................... 39,713
------------
1,212,657
------------
MEDIUM TERM BONDS--0.05%
BETA FINANCE, INC
25,000,000 7.440%, 05/31/01 ......................... 25,050
20,000,000 d 7.470%, 06/05/01 ......................... 20,040
SIGMA FINANCE, INC
25,000,000 d 7.400%, 05/25/01 ......................... 25,050
------------
70,140
------------
U.S. GOVERNMENT AND AGENCIES--0.15%
FEDERAL HOME LOAN BANK (FHLB)
4,800,000 6.450%, 07/14/00 ......................... 4,788
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
14,000,000 5.850%, 07/05/00 ......................... 13,987
2,250,000 6.370%, 07/05/00 ......................... 2,248
9,300,000 6.390%, 07/05/00 ......................... 9,292
4,700,000 6.400%, 07/05/00 ......................... 4,696
50,000,000 6.410%, 07/18/00 ......................... 49,838
50,000,000 d 6.090%, 07/20/00 ......................... 49,820
23,005,000 6.460%, 07/25/00 ......................... 22,901
40,000,000 6.380%, 07/27/00 ......................... 39,805
5,875,000 6.460%, 09/21/00 ......................... 5,786
------------
203,161
------------
VARIABLE RATE NOTES--0.14%
AMERICAN TELEPHONE & TELEGRAPH CO
25,000,000 6.566%, 03/08/01 ......................... 24,988
BANC ONE CORP
10,000,000 6.416%, 01/16/01 ......................... 10,005
BETA FINANCE, INC
15,000,000 6.650%, 04/25/01 ......................... 14,997
GENERAL MOTORS ACCEPTANCE CORP
25,000,000 6.960%, 02/23/01 ......................... 25,022
20,875,000 6.870%, 03/30/01 ......................... 20,888
HOUSEHOLD FINANCE CORP
10,000,000 6.745%, 03/29/01 ......................... 9,996
HUNTINGTON NATIONAL BANK
20,000,000 6.441%, 02/02/01 ......................... 20,004
NATIONAL CITY CORP
10,500,000 6.330%, 04/23/01 ......................... 10,500
VODAFONE AIRTOUCH PLC
50,000,000 d 6.861%, 06/05/01 ......................... 50,000
----------
186,400
------------
TOTAL SHORT TERM INVESTMENTS
(COST $ 1,960,537) ....................... 1,959,897
------------
TOTAL PORTFOLIO--100.78%
(COST $ 78,109,006) ...................... 134,019,686
OTHER ASSETS & LIABILITIES, NET--(0.78%) . (1,035,173)
------------
NET ASSETS--100.00% ...................... $132,984,513
============
----------------
* Non-income producing
a Affiliated
b In bankruptcy
c Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
d All or a portion of these securities have been segregated by the Custodian to
cover margin or other requirements on open futures contracts.
e All or a portion of these securities are out on loan.
f Restricted securities-Investment in securities not registered under the
Securities Act of 1933 or not publicly traded in foreign markets. At June 30,
2000, the value of these securities amounted to $140,643,400 or 0.11% of net
assets.
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 49
<PAGE>
Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
Additional information on each restricted security is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
---------- ----------- -----------
ANTENA 3 DE TELEVISION GDS 03/23/98 $ 5,982,300
BB BIOVENTURES L.P. 03/24/98 13,706,828
BELO (A.H.) CORP SERIES B 05/23/88 1,900,588
CARTER WALLACE, INC (CLASS B) 10/29/87 1,075,932
CRESTARAN INTERNATIONAL INVESTMENT BV 09/30/94 0
DOW JONES & CO, INC (CLASS B) 08/30/91 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 1,867,017
LAFARGE S.A. (REGD) 2001 01/05/99 5,852,242
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
LEE ENTERPRIESE, INC (CLASS B) 03/31/86 60,768
MEREDITH CORP (CLASS B) 12/30/86 1,893,160
NETGENICS, INC CV SERIES D 03/20/98 5,517,450
NETGENICS, INC STOCK OPTIONS 03/20/08 06/08/98 0
PHYSICIAN COMPUTER NETWORK, INC 11/13/97 1,211,798
PROCURENET, INC 04/19/99 8,168
PROMET BERHAD 12/30/98 6,669
SILVERSTONE BERHAD 12/30/98 1,173
STARRETT (L.S.) CO(CLASSB) 10/07/88 798,235
WRIGLEY (WM) JR CO (CLASS B) 04/30/86 2,007,603
ZEBRA TECHNOLOGIES CORP (CLASS B) 10/29/98 43,233
-----------
$67,044,567
===========
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
TRANSACTIONS WITH AFFILIATED COMPANIES (Unaudited) - January 1, 2000--June 30, 2000
VALUE AT REALIZED DIVIDEND SHARES AT VALUE AT
ISSUE DECEMBER 31, 1999 PURCHASE COST SALES PROCEEDS GAIN (LOSS) INCOME JUNE 30, 2000 JUNE 30, 2000
----- ----------------- ------------- -------------- ----------- ------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
ADERAAB(CLASSB) ** $15,589,022 $ 4,329,447 $(10,436,547) -- * *
BAY VIEW CAPITAL CORP $ 14,038,091 -- -- $197,894 * *
MARTEK BIOSCIENCES 15,403,800 26,357 -- -- -- 1,285,150 $24,096,563
NOCOME AB (BSHS) ** 4,135,515 2,308,879 (4,448,933) -- * *
REGIONAL CABLESYSTEM ** 1,369,105 -- -- -- 747,100 7,437,218
TPIENTERPRISES, INC 12,177 -- -- -- -- 1,107,000 5,535
WESTEL GROUP LTD ** 1,920,891 3,675,177 (931,100) -- -- *
----------- ----------- ----------- ------------ -------- -----------
$29,454,068 $23,040,890 $10,313,503 ($15,816,580) $197,894 $31,539,316
=========== =========== =========== ============ ======== ===========
</TABLE>
----------
** Not an Affiliate as of December 31, 1999
* Not an Affiliate as of June 30, 2000
SEE NOTES TO FINANCIAL STATEMENTS
50 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
-------------------------------------------------------------------------------
SUMMARY BY COUNTRY (UNAUDITED)
VALUE (000) %
---------- ------
DOMESTIC
UNITED STATES ................................... $4,404,790 45.67%
---------- ------
TOTAL DOMESTIC .................................. 4,404,790 45.67
---------- ------
FOREIGN
AUSTRALIA ................................... 93,087 0.96
AUSTRIA ..................................... 2,492 0.02
BELGIUM ..................................... 16,391 0.17
BERMUDA ..................................... 81,567 0.84
CANADA ...................................... 142,612 1.48
DENMARK ..................................... 9,729 0.10
FINLAND ..................................... 192,810 2.00
FRANCE ...................................... 228,348 2.37
GERMANY ..................................... 439,845 4.56
HONG KONG ................................... 121,318 1.26
INDIA ....................................... 9,259 0.10
IRELAND ..................................... 15,610 0.16
ISRAEL ...................................... 54,589 0.57
ITALY ....................................... 98,192 1.02
JAPAN ....................................... 1,332,388 13.81
KOREA ....................................... 9,746 0.10
MALAYSIA .................................... 2,561 0.03
NETHERLANDS ................................. 399,994 4.15
NEW ZEALAND ................................. 1,786 0.02
NORWAY ...................................... 5,293 0.05
PORTUGAL .................................... 6,888 0.07
SINGAPORE ................................... 44,264 0.46
SOUTH AMERICA ............................... 13,372 0.14
SPAIN ....................................... 70,556 0.73
SWEDEN ...................................... 286,040 2.97
SWITZERLAND ................................. 96,860 1.00
THAILAND .................................... 503 0.01
UNITED KINGDOM .............................. 1,317,397 13.66
---------- ------
TOTAL FOREIGN ................................... 5,093,497 52.81
SHORT TERM INVESTMENTS .......................... 146,022 1.52
---------- ------
TOTAL PORTFOLIO ................................. $9,644,309 100.00%
========== ======
-----------------------------------------------
PRINCIPAL VALUE (000)
----------- ----------
BONDS--0.00%
CORPORATE BONDS--0.00%
FINANCE--0.00%
BANKS, SAVINGS AND LOANS--0.00%
BANCA INTESA S.P.A. (CV DEB)
$35,899(1) 2.700%, 01/01/03 ............................... $ 62
------
Total Finance .................................. 62
------
TRANSPORTATION--0.00%
AIR TRANSPORTATION--0.00%
BAE SYSTEMS PLC
21,776(2) 7.450%, 11/30/03 ............................... 32
------
Total Transportation ........................... 32
------
TOTAL CORPORATE BONDS
(COST $85) ..................................... 94
------
TOTAL BONDS
(COST $85) ..................................... 94
------
----------
(1) Denominated in Italian Lira.
(2) Denominated in British Pound.
SHARES VALUE (000)
----------- ----------
PREFERRED STOCK--0.93%
CONSTRUCTION AND REAL ESTATE--0.00%
BUILDING MATERIALS--0.00%
10,286 DYCKERHOFF ZEMENTWERKE AG ...................... $ 261
----------
TOTAL CONSTRUCTION AND REAL ESTATE ............. 261
----------
CONSUMER DURABLE--0.00%
TEXTILE APPAREL AND ACCESSORIES--0.00%
1,100 ESCADA AG ...................................... 110
----------
TOTAL CONSUMER DURABLE ......................... 110
----------
MEDIA AND LEISURE--0.88%
BROADCASTING--0.74%
567,789 PROSIEBEN MEDIA AG ............................. 71,301
----------
PUBLISHING--0.14%
1,129,147 e NEWS CORP LTD ( LTD-VOTE) .................... 13,671
----------
TOTAL MEDIA AND LEISURE ........................ 84,972
----------
TECHNOLOGY--0.04%
COMPUTERS AND OFFICE EQUIPMENT--0.04%
22,686 e SAP AG ....................................... 4,208
----------
TOTAL TECHNOLOGY ............................... 4,208
----------
TRANSPORTATION--0.01%
AUTOS, TIRES AND RELATED PRODUCTS--0.01%
2,765 * MAN AG. (VORZUG) ............................. 57
33,230 VOLKSWAGEN AG .................................. 782
----------
TOTAL TRANSPORTATION ........................... 839
----------
TOTAL PREFERRED STOCK
(COST $65,994)................................. 90,390
----------
COMMON STOCK--97.20%
BASIC INDUSTRIES--3.70%
CHEMICALS AND PLASTIC--2.37%
10,500 AGRIUM, INC .................................... 90
47,000 AIR PRODUCTS & CHEMICALS, INC .................. 1,448
1,033,000 ASAHI CHEMICAL INDUSTRY CO LTD ................. 7,322
61,100 ASHTON MINING LTD .............................. 37
403,990 AVON PRODUCTS, INC ............................. 17,978
89,560 BASF AG ........................................ 3,644
79,533 BOC GROUP PLC .................................. 1,144
31,800 CLOROX CO ...................................... 1,425
315,746 COLGATE PALMOLIVE CO ........................... 18,905
154,286 DAICEL CHEMICAL INDUSTRIES LTD ................. 499
116,000 DAINIPPON INK & CHEMICAL, INC .................. 547
106,000 DENKI KAGKU KOGYO .............................. 471
676,323 DOW CHEMICAL CO ................................ 20,417
743,077 DU PONT (E.I.) DE NEMOURS & CO ................. 32,510
1,600 * DYNO ASA ....................................... 35
100 FANCL CORP ..................................... 10
1,074 * GIVAUDAN AG .................................... 328
35,400 * GREENCORE GROUP PLC ............................ 95
41,077 ILLINOIS TOOL WORKS, INC ....................... 2,341
24,000 IWATANI & CO LTD ............................... 44
32,000 KANEKA CORP .................................... 354
98,000 KAO CORP ....................................... 3,001
11,380 KEMIRA OY ...................................... 56
69,000 KUREHA CHEMICAL INDUSTRY CO LTD ................ 207
2,245 L'AIR LIQUIDE .................................. 294
2,588 f L'AIR LIQUIDE S.A. (REGD) ...................... 339
5,364 f L'AIR LIQUIDE S.A. (REGD) 2001 ................. 702
530 LONZA AG. (REGD) ............................... 277
8,782 LOREAL S.A ..................................... 7,636
334,000 MITSUBISHI CHEMICAL CORP ....................... 1,373
135,000 MITSUBISHI GAS CHEMICAL CO, INC ................ 453
1,000 MITSUI CHEMICAL CORP ........................... 7
3,253,300 OMNI INDUSTRIES LTD ............................ 5,363
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 51
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
CHEMICALS AND PLASTIC--(CONTINUED)
18,699 * ORICA LTD ................................... $ 85
180,699 PHARMACIA CORP .............................. 9,340
8,500 POTASH CORP OF SASKATCHEWAN, INC ............ 465
22,191 PRAXAIR, INC ................................ 831
308,636 PROCTER & GAMBLE CO ......................... 17,669
21,050 ROHM & HAAS CO .............................. 726
12,000 * SEALED AIR CORP ............................. 629
145,000 SEKISUI CHEMICAL CO LTD ..................... 559
315,255 SHIN-ETSU CHEMICAL CO LTD ................... 16,030
59,700 SHISEIDO & CO LTD ........................... 925
79,622 * SHOWA DENKO K.K ............................. 117
700 SIKA FINANZ AG. (BR) ........................ 235
116,100 SNIA S.P.A .................................. 116
12,350 SOLVAY ET CIE S.A ........................... 835
209,000 SUMITOMO CHEMICAL CO LTD .................... 1,260
512,000 TAKEDA CHEMICAL INDUSTRIES LTD .............. 33,680
117,000 TEIJIN LTD .................................. 572
3,385,000 TORAY INDUSTRIES, INC ....................... 13,757
61,000 TOSOH CORP .................................. 308
113,000 UBE INDUSTRIES LTD .......................... 355
17,800 UNION CARBIDE CORP .......................... 881
8,986 URALITA S.A ................................. 54
46,359 WESFARMERS LTD .............................. 370
2,113 ZODIAC S.A .................................. 432
----------
229,583
----------
STEEL AND OTHER METALS--0.66%
5,900 ACERINOX S.A ................................... 171
28,600 ALCAN ALUMINUM CO LTD .......................... 888
111,952 ALCOA, INC ..................................... 3,247
20,900 ALLEGHENY TECHNOLOGIES, INC .................... 376
560 * ALUSUISSE LONZA HOLDINGS AG. (REGD) ............ 366
78,800 * ANGLO AMERICAN PLATINUM CORP LTD ............... 2,271
35,300 BARRICK GOLD CORP .............................. 637
19,500 BARRICK GOLD CORP (U.S.) ....................... 355
2,000 BEKAERT S.A .................................... 104
14,400 * BETHLEHEM STEEL CORP ........................... 51
500 * BOHLER-UDDEHOLM AG. (BR) ....................... 18
3,868 * BOLIDEN LTD SDR ................................ 5
2,500 CAMECO CORP .................................... 31
20,000 COMINCO LTD .................................... 275
39,847 * CORUS GROUP PLC ................................ 58
5,000 DANIELI & CO ................................... 23
59,000 DELTA GOLD LTD ................................. 44
2,696 DOFASCO, INC ................................... 44
5,000 ELKEM AS ....................................... 94
300 FLACK S.P.A .................................... 2
796 FISCHER (GEORGE) LTD (REGD) .................... 248
93,469 GKN PLC ........................................ 1,193
15,466 GOLDFIELDS LTD ................................. 13
1,620 GROUP 4 FALCK A/S .............................. 261
867,000 HITACHI CABLE LTD .............................. 9,612
9,400 * HOMESTAKE MINING CO ............................ 65
2,926 ILUKA RESOURCES LTD ............................ 8
20,981 * INCO LTD CO .................................... 321
10,100 * INCO LTD CO (U.S.) ............................. 155
3,000 * JAPAN METALS & CHEMICALS CO .................... 4
94,000 * JAPAN STEEL WORKS LTD .......................... 127
37,531 JOHNSON MATTHEY PLC ............................ 528
290,000 KAWASAKI STEEL CORP ............................ 417
4,619 LONMIN PLC ..................................... 51
40,810 MAGNETI MARELLI S.P.A .......................... 214
253,117 MIM HOLDINGS LTD ............................... 137
160,000 e MITSUBISHI MATERIALS CORP ...................... 656
22,000 e MITSUI MINING & SMELTING CO LTD ................ 167
65,985 * NEWCREST MINING LTD ............................ 178
24,000 NEWMONT MINING CORP ............................ 519
378,000 NIPPON LIGHT METAL CO LTD ...................... 375
885,000 NIPPON STEEL CORP .............................. 1,865
4,000 * NKK CORP ....................................... 3
486 NKT HOLDINGS AS ................................ 81
26,900 NORANDA, INC ................................... 263
169,247 NORMANDY MINING LTD ............................ 91
121,306 NORTH LTD ...................................... 288
16,257 OUTOKUMPU OYJ SERIES A ......................... 156
20,500 PARKER-HANNIFIN CORP ........................... 702
17,969 PECHINEY S.A ................................... 753
11,100 PHELPS DODGE CORP .............................. 413
46,200 PLACER DOME, INC ............................... 433
14,800 PLACER DOME, INC (U.S.) ........................ 142
20,185 PREUSSAG AKTIEGESELLSCHAFT AG .................. 654
12,000 RAUTARUUKKI SERIES K ........................... 57
59,608 * RESOLUTE SAMANTHA LTD .......................... 5
10,400 RIO ALGOM LTD .................................. 121
36,900 RIO TINTO LTD .................................. 612
155,391 RIO TINTO LTD PLC (REGD) ....................... 2,541
38,000 * SANKYO ALUMINIUM INDUSTRY CO LTD ............... 34
28,000 SANWA SHUTTER CORP ............................. 91
2,850 e SAPA AB ........................................ 50
14,280 f* SILVERSTONE BERHAD ............................. 0
134,400 SMC CORP ....................................... 25,342
13,638 SMITH (HOWARD) LTD ............................. 67
35,500 STELCO, INC (CLASS A) .......................... 163
40,000 SUMITOMO HEAVY INDUSTRIES LTD .................. 134
947,000 * SUMITOMO METAL INDUSTRIES LTD .................. 653
39,000 SUMITOMO METAL MINING CO LTD ................... 184
2,450 SVENSKT STAL AB SERIES B ....................... 24
7,625 SVENSKT STAL AB SERIES A (SAAB) ................ 76
60,064 THYSSEN KRUPP AG ............................... 967
24,000 TOSTEM CORP .................................... 392
36,600 TOYO SEIKAN KAISHA LTD ......................... 685
11,900 TRELLEBORG AB SERIES B FREE .................... 83
2,400 UNION MINIERE GROUP S.A ........................ 87
5,903 e USINOR ......................................... 72
7,600 USX-US STEEL GROUP, INC ........................ 141
181,000 WMC LTD ........................................ 812
32,200 * WORTHINGTON INDUSTRIES, INC .................... 338
----------
63,884
----------
PAPER AND FOREST PRODUCTS--0.67%
65,700 ABITIBI CONSOLIDATED, INC ...................... 610
66,000 AMCOR LTD ...................................... 231
121,819 ARJO WIGGINS APPLETON PLC ...................... 474
15,460 ASSIDOMAN AB ................................... 221
10,100 AVERY DENNISON CORP ............................ 678
12,740 BUHRMANN NV .................................... 366
146,839 BUNZL PLC ...................................... 787
206,814 e CARTER HOLT HARVEY LTD ......................... 180
3,700 CLAYTON HOMES, INC ............................. 30
2,100 CORTICEIRA AMORIM S.A .......................... 18
23,600 DOMTAR, INC .................................... 219
3,000 ESSELTE AB SERIES B FREE ....................... 18
131,060 * FLETCHER CHALLENGE LTD (FORESTS DIVISION) ...... 48
135,900 FLETCHER CHALLENGE LTD (PAPER DIVISION) ........ 156
752,191 FORT JAMES CORP ................................ 17,394
23,600 GEORGIA-PACIFIC CORP (PACKING GROUP) ........... 620
6,400 GRUPO EMPRESARIAL ENCE S.A ..................... 105
88,216 INTERNATIONAL PAPER CO ......................... 2,630
4,500 INVESTIMENTOS PARTICIPACOES E GESTAO ........... 29
18,000 JAYA TIASA HOLDINGS BERHAD ..................... 21
115,157 JEFFERSON SMURFIT GROUP PLC .................... 199
65,911 KIMBERLY-CLARK CORP ............................ 3,782
8,000 * KOKUYO CO LTD .................................. 131
SEE NOTES TO FINANCIAL STATEMENTS
52 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
PAPER AND FOREST PRODUCTS--(CONTINUED)
10,000 KUALA LUMPUR KEPONG BERHAD .....................$ 14
1,616 MAYR-MELNHOF KARTON AG ......................... 77
4,700 MEAD CORP ...................................... 119
172,000 MITSUBISHI PAPER MILLS LTD ..................... 400
44,000 e NGK INSULATORS LTD ............................. 546
145,000 NIPPON PAPER INDUSTRIES CO ..................... 992
5,184 NORSKE SKOGINDUSTRIER SERIES A ................. 149
131,666 OJI PAPER CO LTD ............................... 908
59,839 * PAPERLINX LTD .................................. 114
7,944 PORTUCEL INDUSTRIA EMPRESA ..................... 48
19,120 RENO DE MEDICI S.P.A ........................... 39
80,595 REXAM PLC ...................................... 314
219,800 * SAPPI LTD ...................................... 1,653
31,650 e SCA AB SERIES B ................................ 604
90,900 SEKISUI HOUSE LTD .............................. 843
997,777 * SMURFIT-STONE CONTAINER CORP ................... 12,846
15,000 SUMITOMO FORESTRY CO LTD ....................... 101
16,500 TEMPLE-INLAND, INC ............................. 693
5,500 UNI CHARM CORP ................................. 334
34,700 e UPM-KYMMENE OYJ ................................ 865
319,274 WEYERHAEUSER CO ................................ 13,729
----------
64,335
----------
TOTAL BASIC INDUSTRIES ......................... 357,802
----------
BUSINESS SERVICES--3.03%
ADVERTISING AND OTHER SERVICES--3.03%
2,470 ADECCO S.A. (REGD) ............................. 2,105
14,700 BENESSE CORP ................................... 1,021
11,625 BLOCK (H&R), INC ............................... 376
28,100 CAPITA GROUP PLC ............................... 688
95,479 * CENDANT CORP ................................... 1,337
35,000 e* CMGI, INC ...................................... 1,603
19,528 DUN & BRADSTREET CORP .......................... 559
35,800 * EBAY, INC ...................................... 1,944
5,103,042 HAYS PLC ....................................... 28,468
38,100 INTERPUBLIC GROUP OF COS, INC .................. 1,638
4,866 * ISS-INTERNATIONAL SERVICE SYSTEM AS ............ 372
400 b* LOEWEN GROUP, INC .............................. 0
11,700 MANPOWER, INC .................................. 374
24,300 OMNICOM GROUP, INC ............................. 2,164
20,800 OYO CORP ....................................... 292
378,124 RENTOKIL INITIAL PLC ........................... 859
6,436,432 REUTERS GROUP PLC .............................. 109,816
25,600 * ROBERT HALF INTERNATIONAL, INC ................. 730
32,400 SECOM CO LTD ................................... 2,373
48,800 SECURITAS AB SERIES B FREE ..................... 1,040
202,000 SEMBCORP INDUSTRIES LTD ........................ 220
67,800 * SERVICE CORP INTERNATIONAL, INC ................ 216
49,200 SERVICEMASTER CO ............................... 560
5,516,500 SINGAPORE TECHNOLOGIES ENGINEERING LTD ......... 8,104
100 SOPHUS BERENDSEN (CLASS B) (NEW) ............... 2
520 SURVEILLANCE S.A. SOCIETE DE ................... 219
63,000 * TRIMERIS, INC .................................. 4,406
9,300 VEDIOR NV ...................................... 115
320,045 WHARF HOLDINGS LTD ............................. 573
8,305,467 WPP GROUP PLC .................................. 121,336
----------
TOTAL BUSINESS SERVICES ........................ 293,510
----------
CONSTRUCTION AND REAL ESTATE--2.42%
BUILDING MATERIALS--1.78%
164,000 ASAHI GLASS CO LTD ............................. 1,837
98,814 BLUE CIRCLE INDUSTRIES PLC ..................... 638
134,200 BORAL LTD ...................................... 169
82,581 CARADON PLC .................................... 189
24,000 CEMENTIR S.P.A ................................. 38
16,328 CIMENTOS DE PORTUGAL ........................... 313
3,565 CIN-CORPARACAO INDUSTRIAL DO NORTE S.A ......... 20
40,100 CORNING, INC ................................... 10,822
632,579 CRH PLC ........................................ 11,437
41,139 CRH PLC (UNITED KINGDOM) ....................... 745
99,200 CSR LTD ........................................ 276
1,250 DYCKERHOFF AG .................................. 31
700 GLAVERBEL S.A .................................. 52
3,280,972 HANSON PLC ..................................... 23,196
1,200 * HEIDELBERGER ZEMENT AG. (BELGIUM) .............. 74
11,152 * HEIDELBERGER ZEMENT AG. (GERMANY) .............. 691
1,200 * HEIDELBERGER ZEMENT AG. (STRIP VVPR) ........... 0
21,908 * HEPWORTH PLC ................................... 63
1,293 HOLDERBANK FINANCIERE GLARUS AG. (BR) .......... 1,590
1,056,114 HOME DEPOT, INC ................................ 52,740
163,200 HOYA CORP ...................................... 14,653
1,473 * IMERYS S.A ..................................... 172
76,505 IMPERIAL CHEMICAL INDUSTRY PLC ................. 607
55,755 * INAX CORP ...................................... 344
28,361 e ITALCEMENTI S.P.A .............................. 268
28,359 JAMES HARDIE INDUSTRIES LTD .................... 75
250 KANDENKO CO LTD ................................ 1
81,000 KINDEN CORP .................................... 510
8,800 LAFARGE S.A. (BR) .............................. 687
8,021 f LAFARGE S.A. (REGD) 2001 ....................... 626
368,245 LOWE'S COS, INC ................................ 15,121
70,100 MASCO CORP ..................................... 1,266
1,722,000 NIPPON SHEET GLASS CO LTD ...................... 23,990
3,000 NORITAKE CO LTD ................................ 17
6,463 OWENS CORNING CO ............................... 60
19,300 * OWENS ILLINOIS, INC ............................ 226
117,072 PILKINGTON PLC ................................. 167
1,038 PORTLAND VALDERRIVAS S.A ....................... 19
36,243 PPG INDUSTRIES, INC ............................ 1,606
28,066 RMC GROUP PLC .................................. 365
1,129 SANITEC OYJ .................................... 11
26,992 e SCHNEIDER ELECTRIC S.A ......................... 1,889
24,400 SHERWIN-WILLIAMS CO ............................ 517
14,560 * ST. GOBAIN S.A ................................. 1,976
24,313 SUMITOMO OSAKA CEMENT CO LTD ................... 144
295,200 TAIHEIYO CEMENT CORP ........................... 619
56,000 TAKARA STANDARD CO ............................. 245
28,700 TOTO LTD ....................................... 221
4,500 UNITED DOMINION INDUSTRIES LTD ................. 77
1,100 USG CORP ....................................... 33
4,000 VULCAN MATERIALS CO ............................ 171
9,000 WIENERBERGER BAUSTOFF AG ....................... 205
79,253 WOLSELEY PLC ................................... 426
----------
172,235
----------
CONSTRUCTION--0.40%
8,064 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A 228
58,720 AMEC PLC ....................................... 167
27,301 AUTOPISTAS CONCESIONARIA ESPANOLA S.A .......... 238
33,315 *AUTOPISTAS CONCESIONARIA ESPANOLA RTS .......... 14
12,261 BALFOUR BEATTY PLC ............................. 14
48,830 BARRATT DEVELOPMENTS PLC ....................... 193
10,000 BERKELEY GROUP PLC ............................. 95
11,009 BILFINGER & BERGER AG .......................... 149
4,059 BOUYGUES S.A ................................... 2,724
50,000 BRISA-AUTO ESTRADAS DE PORTUGAL S.A ............ 432
230 CARRILLION PLC ................................. 0
1,862 *DAIKYO, INC .................................... 5
30,059 DAITO TRUST CONSTRUCTION CO LTD ................ 497
94,000 DAIWA HOUSE INDUSTRY CO LTD .................... 688
29,099 DRAGADOS Y CONSTRUCCIONES S.A .................. 209
53,000 FLETCHER CHALLENGE LTD (BUILDING DIVISION) ..... 56
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 53
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
CONSTRUCTION--(CONTINUED)
28,000 FLUOR CORP .....................................$ 886
19,000 FOMENTO CONSTRUCCIONES Y CONTRATAS S.A ......... 361
236,000 e* FUJITA CORP .................................... 116
64,000 GAMUDA BERHAD .................................. 74
5,700 GROUPE GTM ..................................... 535
17,385 HOCHTIEF AG .................................... 526
2,753 HOLLANDSCHE BETON GROEP NV (H.B.G.) ............ 33
127,000 e IMPREGILO S.P.A ................................ 73
79,000 e JGC CONSTRUCTION CORP .......................... 320
30,000 KAJIMA CORP .................................... 96
58,082 LEIGHTON HOLDINGS LTD .......................... 188
22,000 MAEDA ROAD CONSTRUCTION CO LTD ................. 104
2,164 MISAWA HOMES CO LTD ............................ 7
1,146 * MORRISON KNUDSEN CORP WTS 03/11/03 ............. 2
1,042,402 NEWELL RUBBERMAID, INC ......................... 26,842
60,000 e NISHIMATSU CONSTRUCTION CO LTD ................. 237
84,000 OBAYASHI CORP .................................. 372
80,000 OKUMURA CORP ................................... 290
2,000 PENTA OCEAN CONSTRUCTION CO LTD ................ 3
3,800 PULTE CORP ..................................... 82
50,000 e* SATO KOGYO ..................................... 26
18,000 SHIMIZU CORP ................................... 52
1,000 * SHO-BOND CORP .................................. 15
15,638 SKANSKA AB SERIES B FREE ....................... 557
3,060 * SOCIEDADE DE CONSTRUCOES SOARES DA COS ......... 9
254,000 TAISEI CORP .................................... 408
74,983 TAYLOR WOODROW PLC ............................. 172
24,000 TOA CORP ....................................... 30
39,000 TODA CONSTRUCTION CO ........................... 186
31,387 * TRANSURBAN GROUP ............................... 71
185,000 UNITED INDUSTRIAL CORP ......................... 87
2,019 VA TECHNOLOGIE AG. (BR) ........................ 107
24,071 WILSON (CONNOLLY) HOLDINGS PLC ................. 52
44,400 WIMPEY (GEORGE) LTD ............................ 77
400 * YTL CORP BERHAD ................................ 1
----------
38,706
----------
REAL ESTATE--0.24%
9,000 AMP DIVERSIFIED PROPERTY TRUST ................. 13
46,610 BRITISH LAND PLC ............................... 286
1 * CHINESE ESTATES LTD ............................ 0
39,319 * CHINESE ESTATES HOLDINGS WTS 11/24/00 .......... 0
115,225 CITY DEVELOPMENT LTD ........................... 447
79,000 DAIWA KOSHO LEASE CO LTD ....................... 260
160,250 DBS LAND LTD ................................... 208
626 * EVERGO CHINA HOLDINGS LTD ...................... 0
82,000 * FIRST CAPITAL CORP LTD ......................... 78
237,000 GENERAL PROPERTY TRUST ......................... 383
38,800 * GREAT PORTLAND ESTATES PLC ..................... 137
13,509 HAMMERSON PLC .................................. 91
238,000 HANG LUNG DEVELOPMENT CO LTD ................... 185
189,000 HENDERSON LAND DEVELOPMENT CO LTD .............. 832
8,000 HOPEWELL HOLDINGS LTD .......................... 3
185,468 * HYSAN DEVELOPMENT CO LTD ....................... 195
26,800 * IMMSI S.P.A .................................... 38
52,200 MEPC PLC ....................................... 430
8,180 METROVACESA S.A ................................ 138
85,345 MIRVAC GROUP ................................... 174
172,000 MITSUBISHI ESTATE CO LTD ....................... 2,029
599,000 MITSUI FUDOSAN CO LTD .......................... 6,511
230,377 NEW WORLD DEVELOPMENT CO LTD ................... 257
2,410,300 PARKWAY HOLDINGS LTD ........................... 6,162
1,000 PRESTIGE PROPERTY HOLDINGS LTD ................. 0
600 SIMCO (REGD) ................................... 44
686,197 SINO LAND CO LTD ............................... 242
51,663 SLOUGH ESTATES PLC ............................. 287
25,308 STOCKLAND TRUST GROUP (UNITS) .................. 54
25,300 STRAITS TRADING CO ............................. 28
356,785 SUN HUNG KAI PROPERTIES LTD .................... 2,563
78,000 e TOKYO TATEMONO CO LTD .......................... 167
12,900 TRIZEC HAHN CORP ............................... 231
200 UNIBAIL S.A .................................... 28
42,200 UNITED OVERSEAS LAND LTD ....................... 38
21,800 * URBIS S.A ...................................... 100
27,700 e VALLEHERMOSO S.A ............................... 166
31,800 WCM BETEILIGUNGS & GRUNDBESITZ AG .............. 741
----------
23,546
----------
TOTAL CONSTRUCTION AND REAL ESTATE ............... 234,487
----------
CONSUMER DURABLE--11.57%
HOME APPLIANCES AND FURNISHINGS--11.19%
13,110 ADVANTEST CORP ................................. 2,930
752,000 ALPS ELECTRIC CO LTD ........................... 14,002
27,600 * AMERICAN POWER CONVERSION CORP ................. 1,126
130,500 * APPLIED MICRO CIRCUITS CORP .................... 12,887
670,342 * ASM LITHOGRAPHY HOLDINGS NV .................... 28,929
54,000 * ASM PACIFIC TECHNOLOGY LTD ..................... 202
2,947,029 ASSA ABLOY AB SERIES B ......................... 59,471
900 BANG & OLUFSEN HOLDINGS AS (CLASS B) ........... 31
1,300 BARCO NV ....................................... 146
95,615 BROTHERS INDUSTRIES LTD ........................ 274
28,900 * CELESTICA, INC ................................. 1,406
150,000 * CHARTERED SEMICONDUCTOR MANUFACTURING
LTD (SINGAPORE) ................................ 1,310
2,000 ELEC & ELTEK INTERNATIONAL HOLDNGS LTD ......... 0
49,350 e ELECTROLUX AB SERIES B ......................... 768
494,280 * EPCOS AG ....................................... 49,940
5,931 FAG KUGELFISCHER (GEORG) SCHAEFER AG ........... 44
10,300 FISHER & PAYKEL INDUSTRIES LTD ................. 32
400 * FORBO HOLDINGS AG. (REGD) ...................... 167
1,063,476 FUJITSU LTD .................................... 36,888
26,800 * GEMSTAR INTERNATIONAL GROUP, INC ............... 1,647
688,511 GILLETTE CO .................................... 24,055
429,000 HITACHI LTD .................................... 6,204
1,209,420 * INFINEON TECHNOLOGIES AG ....................... 96,226
1,533,176 INTEL CORP ..................................... 204,966
295,700 * JDS UNIPHASE CORP .............................. 35,447
189,027 KONINKLIJKE PHILIPS ELECTRONICS NV ............. 8,951
134,400 KYOCERA CORP ................................... 22,852
795,565 * LSI LOGIC CORP ................................. 43,060
40,000 MALAYSIAN PACIFIC INDUSTRIES BERHAD ............ 411
286,529 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD .......... 7,447
16,200 MAYTAG CO ...................................... 597
69,700 * MICRON TECHNOLOGY, INC ......................... 6,138
194,025 MURATA MANUFACTURING CO LTD .................... 27,910
51,000 NATSTEEL ELECTRONICS LTD ....................... 156
1,011,704 NIPPON ELECTRIC CORP ........................... 31,841
12,000 NITTO DENKO CORP ............................... 464
31,000 PIONEER CORP ................................... 1,210
83,624 * PMC-SIERRA, INC ................................ 14,859
103,124 ROHM CO ........................................ 30,214
723,000 * SANMINA CORP ................................... 61,817
284,000 SANYO ELECTRIC CO LTD .......................... 2,561
494,242 * SCG HOLDING CORP ............................... 10,812
534 * SEB S.A ........................................ 31
144,000 SHARP CORP ..................................... 2,552
9,000 SHIMACHU CO LTD ................................ 191
6,100 SNAP-ON, INC ................................... 162
894,150 * SOLECTRON CORP ................................. 37,443
418,258 SONY CORP ...................................... 39,136
3,954,900 SPIRENT PLC .................................... 26,614
1,148,868 ST MICROELECTRONICS NV ......................... 72,686
6,000 SUWA INTERNATIONAL HOLDINGS LTD ................ 0
15,940 TAIYO YUDEN CO LTD ............................. 1,000
SEE NOTES TO FINANCIAL STATEMENTS
54 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
HOME APPLIANCES AND FURNISHINGS--(CONTINUED)
223,772 TEXAS INSTRUMENTS, INC .........................$ 15,370
183,700 TOKYO ELECTRON CO LTD .......................... 25,210
480,000 TOSHIBA CORP ................................... 5,430
37,000 VARITRONIX INTERNATIONAL LTD ................... 64
574,000 VENTURE MANUFACTURING LTD (SINGAPORE) .......... 5,843
13,395 WHIRLPOOL CORP ................................. 625
43,016 YAMAHA CORP .................................... 471
----------
1,083,226
----------
TEXTILE APPAREL AND ACCESSORIES--0.38%
6,530 ADIDAS SALOMON AG .............................. 362
28,500 AOYAMA TRADING CO LTD .......................... 412
228,700 e BENETTON GROUP S.P.A ........................... 480
38,100 BULGARI S.P.A .................................. 511
8,000 CASIO COMPUTER CO LTD .......................... 90
4,534 CHARGEURS S.A .................................. 261
43,000 CITIZEN WATCH CO LTD ........................... 416
87,453 COATS VIYELLA PLC .............................. 72
90 * DOLLFUS-MIEG & CIE S.A ......................... 0
11,480 DOUGLAS HOLDINGS AG ............................ 341
2,991,407 ESPRIT HOLDINGS LTD ............................ 3,108
118,055 GAP, INC ....................................... 3,689
100,000 GUNZE LTD ...................................... 389
116,873 HENNES & MAURITZ AB SERIES B ................... 2,452
611,571 * JONES APPAREL GROUP, INC ....................... 14,372
30,785 * KANEBO LTD ..................................... 95
24,000 e KURARAY CO LTD ................................. 276
69,758 LIMITED, INC ................................... 1,509
8,400 LIZ CLAIBORNE, INC ............................. 296
8,000 MARZOTTO & FIGLI S.P.A ......................... 66
5,000 MITSUBISHI RAYON CO LTD ........................ 15
34,304 NIKE, INC (CLASS B) ............................ 1,366
96,000 NISSHINBO INDUSTRY, INC ........................ 508
204,000 NITTO BOSEKI CO LTD ............................ 357
12,000 ONWARD KASHIYMA CO LTD ......................... 163
153,413 PACIFIC DUNLOP LTD ............................. 137
46,000 * RENOWN, INC .................................... 67
3,000 SHAW INDUSTRIES, INC ........................... 38
5,700 SHIMAMAURA CO LTD .............................. 667
54 THE SWATCH GROUP AG. (BR) ...................... 69
3,595 THE SWATCH GROUP AG. (REGD) .................... 941
16,000 TOKYO STYLE CO LTD ............................. 151
19,000 TOYOBO CO LTD .................................. 38
36,500 V.F. CORP ...................................... 869
11,945 * WACOAL CORP .................................... 122
122,000 WING TAI HOLDINGS LTD .......................... 87
50,900 WORLD CO LTD ................................... 2,213
----------
37,005
----------
TOTAL CONSUMER DURABLE ......................... 1,120,231
----------
ENERGY--5.35%
OIL, GAS AND OTHER ENERGY SERVICES--5.35%
22,300 ALBERTA ENERGY LTD ............................. 900
9,600 * ANDERSON EXPLORATION LTD ....................... 174
359,472 APACHE CORP .................................... 21,141
6,913,387 BP AMOCO PLC ................................... 66,356
255,498 BROKEN HILL PROPRIETARY CO LTD ................. 3,030
458,354 BURLINGTON RESOURCES, INC ...................... 17,532
11,500 * BURMAH CASTROL PLC ............................. 290
15,100 * CANADIAN NATURAL RESOURCES LTD ................. 438
18,050 CANADIAN OCCIDENTAL PETROLEUM LTD .............. 489
104,791 CHEVRON CORP ................................... 8,888
971 COFLEXIP S.A ................................... 118
466,536 CONOCO, INC (CLASS B) .......................... 11,459
615,700 CONSOL ENERGY, INC ............................. 9,312
143,000 COSMO OIL CO LTD ............................... 264
22,162 ENBRIDGE, INC .................................. 464
445,437 ENRON CORP ..................................... 28,731
1,070,436 e ENTE NAZIONALE IDROCARBURI S.P.A ............... 6,208
1,811,251 EXXON MOBIL CORP ............................... 142,183
54,200 FLETCHER CHALLENGE LTD (ENERGY DIVISION) ....... 177
37 * FRIEDE GOLDMAN HALTER, INC ..................... 0
26,600 * GLOBAL MARINE, INC ............................. 750
31,747 * GULF CANADA RESOURCES LTD ...................... 148
65,269 HALLIBURTON CO ................................. 3,080
2,094,610 a IHC CALAND NV .................................. 102,403
65,500 IMPERIAL OIL LTD ............................... 1,598
199,065 LONDON & SCOTTISH MARINE OIL PLC ............... 423
226,900 NIPPON MITSUBISHI OIL CO ....................... 1,042
49,070 NORSK HYDRO AS ................................. 2,067
65,100 OCCIDENTAL PETROLEUM CORP ...................... 1,371
3,635 OMV AKTIENGESELLS AG ........................... 317
32,300 PETRO-CANADA (VARIABLE - VOTE) ................. 603
14,434 * PETROLEUM GEO-SERVICES AS ...................... 247
2,900 * PRECISION DRILLING CORP ........................ 112
35,800 * RANGER OIL LTD ................................. 191
26,000 * RENAISSANCE ENERGY LTD ......................... 252
170,853 REPSOL S.A ..................................... 3,415
741,031 ROYAL DUTCH PETROLEUM CO ....................... 46,244
86,172 SANTOS LTD ..................................... 263
75,500 SCHLUMBERGER LTD ............................... 5,634
42,000 SHOWA SHELL SEKIYU K.K ......................... 208
3,000 SMEDVIG AS SERIES A ............................ 54
23,000 SUNCOR ENERGY, INC ............................. 531
948 TECHNIP S.A .................................... 115
16,824 * TEIKOKU OIL CO LTD ............................. 55
123,600 TOTAL FINA ELF S.A ............................. 19,028
10,800 TOTAL FINA S.A. (STRIP VVPR) ................... 0
20,500 TOTAL FINA S.A. SERIES B ....................... 3,201
32,211 TRANSOCEAN SEDCO FOREX, INC .................... 1,721
31,000 * TULLOW OIL PLC ................................. 24
64,694 UNOCAL CORP .................................... 2,143
86,665 USX-MARATHON GROUP, INC ........................ 2,172
----------
TOTAL ENERGY ................................... 517,566
----------
FINANCE--11.07%
BANKS, SAVINGS AND LOANS--5.50%
234,395 ABBEY NATIONAL PLC ............................. 2,803
204,730 ABN-AMRO HOLDINGS NV ........................... 5,036
132,835 ALLIED IRISH BANK PLC .......................... 1,193
30,000 AMMB HOLDINGS BERHAD ........................... 100
397,514 ASAHI BANK LTD ................................. 1,676
243,000 * ASHIKAGA BANK LTD .............................. 505
431 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD ..... 3
50,388 BANCA COMMERCIALE ITALIANA S.P.A ............... 283
755,600 BANCA DI ROMA .................................. 931
101,600 BANCA INTESA RISP S.P.A ........................ 242
526,343 e BANCA INTESA S.P.A ............................. 2,366
28,388 * BANCA INTESA S.P.A. PUT WTS 11/15/02 ........... 37
31,500 BANCA POPOLARE DI MILANO ....................... 228
143,600 * BANCO AMBROSIANO VENETO WTS 05/31/02 ........... 135
151,855 BANCO COMERCIAL PORTUGUES S.A. (REGD) .......... 793
18,395 BANCO ESPIRITO SANTO S.A ....................... 453
912 * BANCO PINTO & SOTTO MAYOR S.A .................. 20
568,527 BANCO SANTANDER CENTRAL HISPANO S.A ............ 6,022
15,204 BANK AUSTRIA AG ................................ 744
976,761 BANK OF AMERICA CORP ........................... 42,001
231,323 BANK OF EAST ASIA LTD .......................... 540
48,000 e BANK OF FUKUOKA LTD ............................ 328
40,100 BANK OF MONTREAL ............................... 1,691
108,032 BANK OF NEW YORK CO, INC ....................... 5,023
68,592 BANK OF NOVA SCOTIA ............................ 1,680
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 55
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
BANKS, SAVINGS AND LOANS--(CONTINUED)
2,102,490 BANK OF TOKYO MITSUBISHI LTD ...................$ 25,455
166,344 BANK OF YOKOHAMA LTD ........................... 747
154,007 BANK ONE CORP .................................. 4,091
210,573 BARCLAYS PLC ................................... 5,238
53,729 BAYERISCHE HYPO-UND VEREINSBANK AG ............. 3,507
432,194 BCO BILBAO VIZCAYA ARGENTARIA S.A .............. 6,484
64,386 e BNP PARIBAS GROUP .............................. 6,221
81,460 BPI-SGPS S.A. (REGD) ........................... 289
59,460 CANADIAN IMPERIAL BANK OF COMMERCE ............. 1,631
813,193 CHASE MANHATTAN CORP ........................... 37,458
7,460 e CHIBA BANK LTD ................................. 30
61,000 CHRISTIANIA BANK OG KREDITKASSE ................ 329
125,400 CHUO MITSUI TRUST & BANKING CO LTD ............. 548
1,207,256 CITIGROUP, INC ................................. 72,737
50 COMMERZBANK AG ................................. 2
182,221 * COMMONWEALTH BACK OF AUSTRALIA ................. 3,029
38,929 e CREDIT SUISSE GROUP (REGD) ..................... 7,769
2,000 DAI-ICHI KANGO BANK LTD ........................ 15
376,000 DAIWA BANK LTD ................................. 977
190,844 DBS GROUP HOLDINGS LTD ......................... 2,450
6,800 DEN DANSKE BANK AF 1871 ........................ 821
86,046 DEUTSCHE BANK AG. (REGD) ....................... 7,127
108,000 DNB HOLDING ASA ................................ 450
65,370 DRESDNER BANK AG. (REGD) ....................... 2,720
166,861 FIRST UNION CORP ............................... 4,140
389,535 FLEETBOSTON FINANCIAL CORP ..................... 13,244
71,600 FORENINGSSPARBANKEN AB ......................... 1,053
1,587,586 e FUJI BANK LTD .................................. 12,094
36,000 GUNMA BANK LTD ................................. 186
271,713 * HANG SENG BANK LTD ............................. 2,579
163,000 * HOKURIKU BANK LTD .............................. 379
215,504 HSBC HOLDINGS PLC (HONG KONG) .................. 2,460
950,211 HSBC HOLDINGS PLC (UNITED KINGDOM) ............. 10,868
341,668 INDUSTRIAL BANK OF JAPAN LTD ................... 2,596
123,415 JOYO BANK ...................................... 476
45,500 KBC BANCASSURANCE HOLDINGS NV .................. 2,011
85,300 KEYCORP ........................................ 1,503
752,857 LLOYDS TSB GROUP PLC ........................... 7,112
95,800 MALAYAN BANKING BERHAD ......................... 388
111,934 MBNA CORP ...................................... 3,036
451,914 MELLON FINANCIAL CORP .......................... 16,467
176,111 MITSUBISHI TRUST & BANKING CORP ................ 1,370
26,644 MORGAN (J.P.) & CO, INC ........................ 2,934
512,353 NATIONAL AUSTRALIA BANK LTD .................... 8,582
35,081 NATIONAL BANK OF CANADA ........................ 523
98,174 NATIONAL CITY CORP ............................. 1,675
101,456 * NORDIC BALTIC HOLDING AB ....................... 743
316,000 * NORDIC BALTIC HOLDING AB (NBH) ................. 2,396
32,450 NORDIC BALTIC HOLDING-FDR ...................... 237
176,925 OVERSEAS CHINESE BANKING CORP LTD .............. 1,218
29,325 PNC FINANCIAL SERVICES GROUP, INC .............. 1,375
43,800 ROYAL BANK OF CANADA ........................... 2,239
668,890 ROYAL BANK OF SCOTLAND PLC ..................... 11,200
3,298,756 SAKURA BANK LTD ................................ 22,853
2,425,908 SAN PAOLO-IMI S.P.A ............................ 43,231
235 SANWA BANK LTD ................................. 2
40,000 SEVENTY-SEVEN (77) BANK LTD .................... 321
81,000 SHIZUOKA BANK LTD .............................. 689
98,120 * SKANDINAVISKA ENSKILDA BANKEN SERIES A ......... 1,169
61,653 SOCIETE GENERALE S.A ........................... 3,723
24,000 STATE STREET CORP .............................. 2,546
1,790,932 SUMITOMO BANK LTD .............................. 22,005
57,101 e SUNCORP-METWAY LTD ............................. 296
60,195 SUNTRUST BANKS, INC ............................ 2,750
89,957 SVENSKA HANDELSBANKEN SERIES A ................. 1,313
11,000 SVENSKA HANDELSBANKEN SERIES B FREE ............ 159
372,000 e TOKAI BANK LTD ................................. 1,839
77,586 U.S. BANCORP ................................... 1,494
198,311 UBS AG. (REGD) ................................. 29,147
670,922 UNICREDITO ITALIANO S.P.A ...................... 3,222
151,744 UNITED OVERSEAS BANK LTD ....................... 992
20,100 WACHOVIA CORP .................................. 1,090
79,844 WASHINGTON MUTUAL, INC ......................... 2,305
232,073 WELLS FARGO CO ................................. 8,993
264,926 WESTPAC BANKING CORP ........................... 1,917
----------
532,098
----------
CREDIT AND OTHER FINANCE--1.89%
18,500 ACOM CO LTD .................................... 1,560
231,252 ALLIED ZURICH PLC .............................. 2,736
186,155 AMERICAN EXPRESS CO ............................ 9,703
391,398 ASSOCIATES FIRST CAPITAL CORP .................. 8,733
83,909 BENI STABILI S.P.A ............................. 45
445,200 BRIERLEY INVESTMENTS LTD (SINGAPORE) ........... 70
8,200 C.I. FUND MANAGEMENT, INC ...................... 155
71,200 * CANARY WHARF FINANCE PLC ....................... 397
7,457 CORPORACION FINANCIERE ALBA S.A ................ 197
5,549 COUNTRYWIDE CREDIT INDUSTRIES, INC ............. 168
12,162 CREDIT SAISON CO LTD ........................... 283
34,300 CRESCENT REAL ESTATE EQUITIES CO ............... 703
16,053 DROTT AB SERIES B .............................. 174
21,800 EQUIFAX, INC ................................... 572
28,878 EQUITY OFFICE PROPERTIES TRUST ................. 796
15,900 EQUITY RESIDENTIAL PROPERTIES TRUST CO ......... 731
1,120 EURAFRANCE S.A ................................. 538
146,227 FEDERAL NATIONAL MORTGAGE ASSOCIATION .......... 7,631
1,232,971 FIRSTAR CORP ................................... 25,969
400 * GROUP POUR LE FINANCEMENT CONSTRUCTION ......... 43
255,648 HALIFAX PLC .................................... 2,454
12,000 HAW PAR CORP LTD ............................... 19
66,508 HOUSEHOLD INTERNATIONAL, INC ................... 2,764
3,125,382 HUTCHINSON WHAMPOA LTD ......................... 39,291
134,739 * ING GROEP NV ................................... 9,145
30,846 IRISH LIFE AND PERMANENT PLC ................... 261
109,603 LAND SECURITIES PLC ............................ 1,311
65,000 LEND LEASE CORP LTD ............................ 832
81,900 MEDIOBANCA S.P.A ............................... 848
796,513 * METROPOLITAN LIFE INSURANCE CO ................. 16,777
11,000 NICHIEI CO LTD (KYOTO) ......................... 181
30,000 NIPPON SHINPAN CO LTD .......................... 73
36,600 ORIENTAL HOLDINGS .............................. 77
151,900 ORIX CORP ...................................... 22,468
33,300 POWER CORP OF CANADA ........................... 683
16,200 PROMISE CO LTD ................................. 1,283
48,686 PROVIDENT FINANCIAL PLC ........................ 512
90,000 * QPL INTERNATIONAL HOLDINGS LTD ................. 129
21,591 SCHRODERS PLC (NEW) ............................ 388
24,900 SIMON PROPERTY GROUP, INC ...................... 552
162,000 SUMITOMO CORP .................................. 1,827
20,700 TAKEFUJI CORP .................................. 2,506
3,413,000 e TOKYU CORP ..................................... 16,903
4,789 * WESTFIELD TRUST (NEW UNITS) .................... 9
197,441 WESTFIELD TRUST (UNITS) ........................ 384
----------
182,881
----------
INSURANCE--2.89%
587,236 ACE LTD ........................................ 16,443
186,333 * AEGON NV ....................................... 6,657
400 AEGON NV ARS ................................... 14
8,131 AETNA, INC ..................................... 522
38,647 AFLAC, INC ..................................... 1,775
29 ALLEANZA ASSICURAZIONI (S/S) (NON CV) .......... 0
SEE NOTES TO FINANCIAL STATEMENTS
56 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
INSURANCE--(CONTINUED)
33,784 ALLIANZ AG. (REGD) .............................$ 12,306
73,704 ALLSTATE CORP .................................. 1,640
674,650 AMERICAN INTERNATIONAL GROUP, INC .............. 79,271
148,459 AMP LTD ........................................ 1,515
33,150 AON CORP ....................................... 1,030
167,467 ASSICURAZIONI GENERALI S.P.A ................... 5,763
51,600 AXA ............................................ 8,162
317,318 CGNU PLC ....................................... 5,284
7,700 CHUBB CORP ..................................... 474
34,670 CIGNA CORP ..................................... 3,242
1,300 COMPANHIA DE SEGUROS TRANQUILIDADE ............. 41
8,490 CORPORACION MAPFRE S.A ......................... 108
600 * FAIRFAX FINANCIAL HOLDINGS LTD ................. 66
115,613 FORTIS B ....................................... 3,378
4,662 * FORTIS B CVG 07/20/01 .......................... 33
73,446 FORTIS B NPV (STRIP VVPR) ...................... 1
1,069 GENERALI HOLDING VIENNA ........................ 173
37,747 HARTFORD FINANCIAL SERVICES GROUP, INC ......... 2,111
1,108,934 * JOHN HANCOCK FINANCIAL SERVICES, INC ........... 26,268
795,839 LEGAL & GENERAL GROUP PLC ...................... 1,861
28,800 LINCOLN NATIONAL CORP .......................... 1,040
1,738,800 MANULIFE FINANCIAL CORP ........................ 30,629
34,100 MARSH & MCLENNAN COS, INC ...................... 3,561
22,100 MBIA, INC ...................................... 1,065
2,302,000 METROPOLITAN LIFE LTD .......................... 3,005
84,000 MITSUI TAISHO MARINE & FIRE CO LTD ............. 405
23,310 MUENCHENER RUECKVER AG. (REGD) ................. 7,430
1,600,000 OLD MUTUAL PLC ................................. 3,518
4,900 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ....... 295
5,369 POHJOLA INSURANCE CO LTD SERIES B .............. 191
251,683 PRUDENTIAL PLC ................................. 3,688
78,086 QBE INSURANCE GROUP LTD ........................ 383
100,760 RAS S.P.A ...................................... 1,111
10,352 SAI S.P.A ...................................... 184
7,906 SAMPO INSURANCE CO SERIES A .................... 322
143,715 SKANDIA FORSAKRINGS AB ......................... 3,818
29,200 ST. PAUL COS, INC .............................. 996
42,450 UNI-STOREBRAND AS SERIES A ..................... 308
93,972 SUMITOMO MARINE & FIRE INSURANCE CO ............ 548
49,400 * SUN LIFE FINANCIAL SERVICES OF CANADA .......... 832
2,093 e SWISS REINSURANCE .............................. 4,280
1,633,000 TOKIO MARINE & FIRE INSURANCE CO LTD ........... 18,891
2,900 * TOPDANMARK AS .................................. 48
23,400 UNITEDHEALTH GROUP, INC ........................ 2,007
42,100 UNUMPROVIDENT CORP ............................. 845
9,100 * WELLPOINT HEALTH NETWORKS, INC ................. 659
154,204 XL CAPITAL LTD ................................. 8,346
6,455 e ZURICH ALLIED AG ............................... 3,200
----------
279,743
----------
SECURITIES AND COMMODITIES--0.79%
65,640 3I GROUP PLC ................................... 1,350
120,856 AMVESCAP PLC ................................... 1,939
167,148 DAIWA SECURITIES GROUP, INC .................... 2,212
208,000 * ITOCHU CORP .................................... 1,052
236,000 * MARUBENI CORP .................................. 814
49,714 MERRILL LYNCH & CO, INC ........................ 5,717
191,000 MITSUBISHI CORP ................................ 1,731
189,000 MITSUI & CO LTD ................................ 1,447
211,378 MORGAN STANLEY DEAN WITTER & CO ................ 17,597
1,432,000 e NOMURA SECURITIES CO LTD ....................... 35,121
11,513 OM GRUPPEN AB .................................. 517
10,000 PAINE WEBBER GROUP, INC ........................ 455
182,422 SCHWAB (CHARLES) CORP .......................... 6,134
383,000 b* YAMAICHI SECURITIES CO LTD ..................... 7
----------
76,093
----------
TOTAL FINANCE .................................. 1,070,815
----------
FOODS AND RELATED--3.90%
BEVERAGES, OTHER FOOD PRODUCTS--3.76%
5 * AGRIBRANDS INTERNATIONAL, INC .................. 0
72,000 AJINOMOTO CO LTD ............................... 925
56,215 ALBERTSONS, INC ................................ 1,869
311,706 ANHEUSER-BUSCH COS, INC ........................ 23,281
158,400 ARCHER DANIELS MIDLAND CO ...................... 1,554
63,000 e ASAHI BREWERIES LTD ............................ 756
10,900 * ASIA FOOD & PROPERTIES LTD WTS 07/12/02 ........ 1
3,057 AUSTRIA TABAKWERKE AG .......................... 114
33,379 AUTOGRILL S.P.A ................................ 357
14,103 AZUCARERA EBRO AGRICOLAS S.A ................... 169
98,650 BASS PLC ....................................... 1,110
3,495 * BRAU UND BRUNNEN AG ............................ 150
372,125 CADBURY SCHWEPPES LTD .......................... 2,445
38,654 CAMPBELL SOUP CO ............................... 1,126
7,100 CARLSBERG BREWERIES AS (CLASS A) ............... 210
98,755 CARREFOUR SUPERMARCHE S.A ...................... 6,778
16,100 e CASINO GUICHARD-PERRACHON S.A .................. 1,497
106,905 COCA COLA AMATIL LTD ........................... 209
350,964 COCA COLA CO ................................... 20,158
5,780 COLRUYT S.A .................................... 246
2,302,132 COMPASS GROUP PLC .............................. 30,339
60,644 CONAGRA, INC ................................... 1,156
743 DAIRY FARM INTERNATIONAL HOLDINGS LTD .......... 0
7,415 DANISCO AS ..................................... 249
18,070 DANONE GROUP ................................... 2,408
9,381 DCC PLC ........................................ 83
7,600 DELHAIZE FRERES NV ............................. 456
476,771 DIAGEO PLC (CLASS A) ........................... 4,280
19,237 * EL AGUILA S.A .................................. 137
925 ERIDANIA BEGHIN-SAY S.A ........................ 91
500 EZAKI GLICO CO LTD ............................. 3
249,300 e FOSTERS BREWING GROUP LTD ...................... 703
41,000 FRASER & NEAVE LTD ............................. 146
40,900 FYFFES PLC ..................................... 42
37,312 GENERAL MILLS, INC ............................. 1,427
51,000 GOLDEN HOPE PLANTATIONS BERHAD ................. 57
208,240 GOODMAN FIELDER LTD ............................ 155
43,735 HEINEKEN NV .................................... 2,673
46,965 HEINZ (H.J.) CO ................................ 2,055
2,000 HOLSTEN BRAUEREI AG ............................ 35
2,000 * HOLSTEN BRAUEREI AG. RTS ....................... 2
38,800 HOST MARRIOTT CORP (NEW) ....................... 364
27,000 HOUSE FOODS CORP ............................... 419
78,000 IOI CORP ....................................... 61
65,100 ITO EN LTD ..................................... 4,818
699 ITOHAM FOODS, INC .............................. 3
233,645 ITO-YOKADO CO LTD .............................. 14,089
14,966 JERONIMO MARTINS SGPS S.A ...................... 248
3,000 KAMPS AG ....................................... 96
641,000 KATOKICHI CO LTD ............................... 16,266
21,000 * KENTUCKY FRIED CHICKEN BERHAD .................. 30
18,280 KERRY GROUP (CLASS A) .......................... 240
13,000 KIKKOMAN CORP .................................. 100
159,000 KIRIN BREWERY CO LTD ........................... 1,991
117,042 * KROGER CO ...................................... 2,582
2,215,200 LI & FUNG LTD .................................. 11,083
61,100 LION NATHAN LTD ................................ 137
14,050 LVMH MOET HENNESSY LOUIS VUITTON ............... 5,817
183,920 MCDONALD'S CORP ................................ 6,058
13,000 MEIJI MILK PRODUCTS CO LTD ..................... 70
69,292 MEIJI SEIKA KAISHA LTD ......................... 460
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 57
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
BEVERAGES, OTHER FOOD PRODUCTS--(CONTINUED)
1,100 * MELCO INTERNATIONAL DEVELOPMENT LTD ............$ 0
12,503 MOLSON, INC (A SHS) ............................ 244
869,550 NABISCO GROUP HOLDINGS ......................... 22,554
13,000 NESTLE MALAYSIA BERHAD ......................... 60
5,518 NESTLE S.A. (REGD) ............................. 11,079
32,700 NEW UNIGATE PLC ................................ 144
24,000 NICHIREI CORP .................................. 103
29,000 NIPPON MEAT PACKERS, INC ....................... 425
44,000 NIPPON OIL & FATS CO LTD ....................... 129
125,000 NIPPON SUISAN KAISHA LTD ....................... 229
11,000 NISSHIN FLOUR MILLING CO LTD ................... 110
23,091 NISSIN FOOD PRODUCTS CO LTD .................... 589
31,351 ORKLA ASA ...................................... 598
400 OSTERREICHISCHE BRAU-AKTIENGESELLSCHAF ......... 18
7,905 OYJ HARTWALL ABP ............................... 159
215,400 PARMALAT FINANZIARIA S.P.A ..................... 305
453,962 PEPSICO, INC ................................... 20,173
12,736 PERNOD-RICARD S.A .............................. 696
319 Q.P. CORP ...................................... 3
3,200 QUAKER OATS CO ................................. 240
18,900 RAISIO GROUP PLC ............................... 38
21,500 RALSTON PURINA CO .............................. 429
38,420 e* RINASCENTE S.P.A ............................... 219
3,370,717 ROYAL AHOLD NV ................................. 99,617
159,046 SAINSBURY (J) PLC .............................. 722
850 SAPPORO BREWERIES LTD .......................... 3
81,398 SARA LEE CORP .................................. 1,572
62,100 SEAGRAMS CO LTD ................................ 3,646
500 SEAGRAMS CO LTD (U.S.) ......................... 29
92,000 SEVEN-ELEVEN JAPAN CO LTD ...................... 7,713
14,000 SKYLARK CO LTD ................................. 554
31,000 SNOW BRAND MILK PRODUCTS CO .................... 167
500 SOBEYS, INC .................................... 8
2,765 SODEXHO ALLIANCE S.A ........................... 504
109,601 SOUTHCORP LTD .................................. 317
7,222 SUPERVALU, INC ................................. 138
55,770 e SWEDISH MATCH CO ............................... 173
52,770 * SWEDISH MATCH AB RTS ........................... 3
47,800 SYSCO CORP ..................................... 2,014
37,204 TAKARA SHUZO CO LTD ............................ 930
101,003 TATE & LYLE PLC ................................ 505
15,300 e* TELEPIZZA S.A .................................. 87
1,151,169 TESCO PLC ...................................... 3,581
228,000 THAI UNION FROZEN PRODUCTS (FR) ................ 500
9 * TRICON GLOBAL RESTAURANTS, INC ................. 0
346,263 UNILEVER LTD ................................... 2,097
79,659 e UNILEVER NV CERTIFICATE ........................ 3,669
35,000 UNY CO LTD ..................................... 485
1,158 VALORA HOLDINGS AG. (REGD) ..................... 323
4,180 VISCOFAN S.A ................................... 27
21,200 WESTON (GEORGE) LTD ............................ 930
167,928 WOOLWORTHS LTD ................................. 622
6,000 YAKULT HONSHA CO LTD ........................... 80
23,000 YAMAZAKI BAKING CO LTD ......................... 226
----------
364,170
----------
TOBACCO--0.14%
29,316 ALTADIS ........................................ 450
21,760 ALTADIS S.A .................................... 336
29,661 BRITISH AMERICAN TOBACCO AUSTRALIA LTD ......... 187
17,000 BRITISH AMERICAN TOBACCO BERHAD ................ 139
289,077 BRITISH AMERICAN TOBACCO PLC ................... 1,930
267 JAPAN TOBACCO, INC ............................. 2,349
50,000 JT INTERNATIONAL BERHAD ........................ 57
321,546 PHILIP MORRIS COS, INC ......................... 8,541
----------
13,989
----------
TOTAL FOODS AND RELATED ........................ 378,159
----------
HEALTH--9.69%
DRUGS AND PHARMACEUTICALS--8.09%
209,975 ABBOTT LABORATORIES CO ......................... 9,357
39,139 AKZO NOBEL NV .................................. 1,670
955,403 AMERICAN HOME PRODUCTS CORP .................... 56,130
705,763 * AMGEN, INC ..................................... 49,580
81,492 ASTRAZENECA PLC ................................ 3,809
174,150 ASTRAZENECA PLC (UNITED KINGDOM) ............... 8,133
109,532 AVENTIS S.A .................................... 8,027
92,608 BAYER AG ....................................... 3,622
14,513 BEIERSDORF AG .................................. 1,224
17,600 * BIOCHEM PHARMA, INC ............................ 430
4,900 * BIOVAIL CORP ................................... 272
134,444 BOOTS CO LTD ................................... 1,024
852,220 BRISTOL MYERS SQUIBB CO ........................ 49,642
575,709 CARDINAL HEALTH, INC ........................... 42,602
23,578 * CELLTECH GROUP PLC ............................. 457
27,000 CHUGAI PHARMACEUTICAL CO LTD ................... 512
13,465 CSL LTD ........................................ 267
859,124 CVS CORP ....................................... 34,365
51,714 DAIICHI PHARMACEUTICAL CO LTD .................. 1,315
36,000 EISAI CO LTD ................................... 1,157
23,076 * F.H. FAULDING & CO LTD ......................... 113
4,921 GEHE AG ........................................ 158
4,017,953 GLAXO WELLCOME PLC ............................. 117,215
191,283 JOHNSON & JOHNSON CO ........................... 19,487
4,000 e KAKEN PHARMACEUTICAL CO LTD .................... 31
82,000 KYOWA HAKKO KOGYO COLTD ........................ 804
409,765 LILLY (ELI) & CO ............................... 40,925
989,791 LYONDELL CHEMICAL CO ........................... 16,579
37,030 MCKESSON HBOC, INC ............................. 775
6,900 MDS, INC ....................................... 212
30,785 MERCK & CO KGAA ................................ 938
1,183,722 MERCK & CO, INC ................................ 90,703
9,939 NOVARTIS AG. (REGD) ............................ 15,794
10,200 NOVO NORDISK AS (CLASS B) ...................... 1,743
52,600 NYCOMED AMERSHAM PLC ........................... 522
110,000 * OXFORD GLYCOSCIENCES PLC ....................... 3,122
2,709,756 PFIZER, INC .................................... 130,068
9,700 * QLT PHOTOTHERAPEUTICS, INC ..................... 753
32,600 e RITE AID CORP .................................. 214
50 ROCHE HOLDINGS AG. (BR) ........................ 531
1,212 ROCHE HOLDINGS AG. (GENUSSCHEINE) .............. 11,836
447,100 SANKYO CO LTD .................................. 10,120
92,357 SANOFI-SYNTHELABO S.A .......................... 4,418
31,889 SCHERING AG .................................... 1,773
398,744 SCHERING-PLOUGH CORP ........................... 20,137
42,000 SHIONOGI & CO LTD .............................. 800
785,251 * SMITHKLINE BEECHAM/BECKMAN LTD ................. 10,283
45,000 TAISHO PHARMACEUTICAL CO LTD ................... 1,616
21,400 UCB S.A ........................................ 789
139,524 WALGREEN CO .................................... 4,491
48,964 YAMANOUCHI PHARMACEUTICAL CO LTD ............... 2,679
----------
783,224
----------
MEDICAL EQUIPMENT AND SUPPLIES--1.09%
61,819 * AGILENT TECHNOLOGIES, INC ...................... 4,559
432,709 BAXTER INTERNATIONAL, INC ...................... 30,425
42,400 BECTON DICKINSON & CO .......................... 1,216
115,000 COCHLEAR LTD ................................... 1,986
2,432 ESSILOR INTERNATIONAL S.A ...................... 700
233,700 FANUC LTD ...................................... 23,833
9,322 FRESENIUS MEDICAL CARE AG ...................... 751
SEE NOTES TO FINANCIAL STATEMENTS
58 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
MEDICAL EQUIPMENT AND SUPPLIES--(CONTINUED)
32,764 GAMBRO AB (CLASS A) ............................ $ 269
7,000 GAMBRO AB (CLASS B) ............................ 56
159,800 IMI PLC ........................................ 685
547,739 INVENSYS PLC ................................... 2,056
15,941 JOHNSON CONTROLS, INC .......................... 818
166,500 MEDTRONIC, INC ................................. 8,294
163,000 MORITEX CORP ................................... 14,866
7,430 OXFORD INSTRUMENTS GROUP PLC ................... 22
174,400 * PARIS MIKI, INC ................................ 11,373
7,200 * PE CORP-CELERA GENOMICS GROUP .................. 673
28,200 PE CORP-PE BIOSYSTEMS GROUP .................... 1,858
1,000 RADIOMETER AS (CLASS B) ........................ 32
149,834 SMITH & NEPHEW PLC ............................. 553
9,425 WILLIAM DEMANT AS .............................. 280
52,316 WILLIAMS PLC ................................... 305
34,000 YOKOGAWA ELECTRIC CORP ......................... 341
----------
105,951
----------
MEDICAL FACILITIES MANAGEMENT--0.51%
75,900 COLUMBIA/HCA HEALTHCARE CORP ................... 2,305
1,250,513 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) ................................ 16,335
55,551 * HEALTHSOUTH CORP ............................... 399
1,116,005 TENET HEALTHCARE CORP .......................... 30,132
----------
49,171
----------
TOTAL HEALTH ................................. 938,346
----------
INDUSTRIAL MACHINERY--5.68%
ELECTRICAL--4.35%
28,189 ABB LTD ........................................ 3,285
14,919 ABB LTD (SWITZERLAND) .......................... 1,791
8,564,040 * ARM HOLDINGS PLC ............................... 91,793
8,700 AVNET, INC ..................................... 515
10,200 * BALLARD POWER SYSTEMS, INC ..................... 922
33,800 COOPER INDUSTRIES, INC ......................... 1,101
43,000 * ELECTROCOMPONENTS PLC .......................... 439
54,900 EMERSON ELECTRIC CO ............................ 3,315
1,995 * EMPRESA FABRIL DE MAQUINAS ELECTRICAS .......... 13
1,335,477 ERG LTD ........................................ 10,400
6,700 FUJI MACHINE MANUFACTURING CO .................. 353
84,000 FURUKAWA ELECTRIC CO LTD ....................... 1,759
4,230,534 GENERAL ELECTRIC CO ............................ 224,218
5,700 * HIROSE ELECTRIC CO LTD ......................... 889
2,380,200 JOHNSON ELECTRIC HOLDINGS LTD .................. 22,519
318,000 MITSUBISHI ELECTRIC CORP ....................... 3,450
1,042,356 e NGK SPARK PLUG CO LTD .......................... 16,167
30,000 ROCKWELL INTERNATIONAL CORP .................... 945
29,450 * SAMSUNG ELECTRONICS CO LTD ..................... 9,746
100 * SGL CARBON AG .................................. 7
1,606,000 SUMITOMO ELECTRIC INDUSTRIES CO ................ 27,595
----------
421,222
----------
OTHER INDUSTRIAL EQUIPMENT--1.33%
3,920 AGIV AG ........................................ 42
55,000 AMADA CO LTD ................................... 468
110,000 * APPLIED MATERIALS, INC ......................... 9,969
2,000 ATLAS COPCO AB SERIES A FREE ................... 39
27,448 ATLAS COPCO AB SERIES B FREE ................... 516
815,434 BAKER HUGHES, INC .............................. 26,094
23,942 BLACK & DECKER CORP ............................ 941
47,300 BRUNSWICK CORP ................................. 783
22,500 BUDERUS AG ..................................... 356
62,200 CATERPILLAR, INC ............................... 2,107
11,121 e DAI NIPPON SCREEN MANUFACTURING CO LTD ......... 106
9,000 * DAIFUKU CO LTD ................................. 100
46,000 DAIKIN INDUSTRIES LTD .......................... 1,072
42,700 DEERE & CO ..................................... 1,580
28,100 DOVER CORP ..................................... 1,140
40,000 EBARA CORP ..................................... 543
101,741 * FKI PLC ........................................ 362
4,000 FLS INDUSTRIES AS (CLASS B) .................... 62
28,190 FUTURIS CORP LTD ............................... 31
16,852 * INDUSTRIE-WERKE KARLSRUHE AUGSBURG AG .......... 267
21,413 INGERSOLL-RAND CO .............................. 862
147,000 * ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES ........... 267
167,689 KOMATSU LTD .................................... 1,182
7,000 e KOMORI CORP .................................... 123
2,631 KONE CORP SERIES B ............................. 159
17,000 KOYO SEIKO CO LTD .............................. 148
240,533 KUBOTA CORP .................................... 875
8,666 LINDE AG ....................................... 346
9,000 e MAKINO MILLING MACHINE CO LTD .................. 88
12,000 MAKITA CORP .................................... 115
7,169 METRA CO SERIES B .............................. 124
17,103 METSO OYJ ...................................... 207
57,000 MINEBEA CO LTD ................................. 717
566,468 MITSUBISHI HEAVY INDUSTRIES LTD ................ 2,516
6,000 MORI SEIKI CO LTD .............................. 93
86,000 NSK LTD ........................................ 756
72,000 NTN TOYO BEARING CO LTD ........................ 308
6,513 OKUMA CORP ..................................... 29
5,314 * PROXIMA ASA .................................... 60
35,549 SANDVIK AB ..................................... 750
281 SCHINDLER HOLDINGS LTD (REGD) .................. 432
2,674 STORK NV ....................................... 36
311 * SULZER WINTERTHUR AG. (REGD) ................... 208
14,616 e SVENKA KULLAGERFABRIKEN AB SERIES B ............ 246
264,300 e THK CO LTD ..................................... 13,389
11,756 TOMRA SYSTEMS AS ............................... 313
100 TOYODA AUTOMATIC LOOM WORKS LTD ................ 2
15,000 TSUBAKIMOTO CHAIN CO ........................... 77
5,000 * TSUGAMI CORP ................................... 25
1,198,321 TYCO INTERNATIONAL LTD ......................... 56,770
36,000 * VAN DER HORST LTD .............................. 0
13,220 VESTAS WIND SYSTEMS A/S ........................ 488
7,892 ZARDOYA OTIS S.A ............................... 70
----------
128,359
----------
TOTAL INDUSTRIAL MACHINERY ..................... 549,581
----------
MEDIA AND LEISURE--4.78%
BROADCASTING--2.37%
30,400 * AMFM, INC ...................................... 2,098
8,000 ASATSU, INC .................................... 329
253,172 * BRITISH SKY BROADCASTING GROUP PLC ............. 4,952
15,808 CANAL PLUS S.A ................................. 2,667
57,709 CARLTON COMMUNICATIONS PLC ..................... 743
270,150 * CLEAR CHANNEL COMMUNICATIONS, INC .............. 20,261
83,600 * COX COMMUNICATIONS, INC (CLASS A) .............. 3,809
859,994 DISNEY (WALT) CO ............................... 33,379
14,033 * EM.TV & MERCHANDISING AG ....................... 830
894 FUJI TELEVISION NETWORK, INC ................... 14,026
157,728 MEDIASET S.P.A ................................. 2,419
689,600 * PRICE COMMUNICATIONS CORP ...................... 16,249
300,886 RANK GROUP PLC ................................. 697
21,600 * ROGERS COMMUNICATIONS, INC (CLASS B) ........... 612
20 * TCI SATELLITE ENTERTAINMENT (CLASS A) .......... 0
1,082,600 TELEVISION BROADCASTS LTD ...................... 7,222
371,480 e TF1 TV FRANCAISE ............................... 25,995
401,760 TIME WARNER, INC ............................... 30,534
3,221,000 TOEI CO LTD .................................... 23,593
1,510 e TOHO CO LTD .................................... 258
150,000 TOKYO BROADCASTING SYSTEMS, INC ................ 6,493
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 59
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
BROADCASTING--(CONTINUED)
467,614 * VIACOM, INC (CLASS B) ..........................$ 31,885
----------
229,051
----------
LODGING/GAMING/RECREATION--0.27%
30,132 ACCOR S.A ...................................... 1,240
39,840 ARISTOCRAT LEISURE LTD ......................... 135
298 CLUB MEDITERRANEE S.A .......................... 41
100,765 EMI GROUP PLC .................................. 915
6,200 FOUR SEASONS HOTELS, INC ....................... 388
3,000 FUJITA KANKO, INC .............................. 16
22,000 GENTING BERHAD ................................. 81
266,800 GRANADA GROUP LTD (CLASS A) .................... 2,666
18,400 * HARRAH'S ENTERTAINMENT, INC .................... 385
182,663 HILTON GROUP PLC ............................... 642
51,500 HILTON HOTELS CORP ............................. 483
77,000 * HONG KONG & SHANGHAI HOTELS LTD ................ 45
58,000 * HOTEL PROPERTIES LTD ........................... 52
8,000 JURYS DOYLE HOTEL PLC .......................... 48
34,900 MARRIOTT INTERNATIONAL, INC (CLASS A) .......... 1,259
13,900 ORIENTAL LAND CO LTD ........................... 1,423
34,000 OVERSEAS UNION ENTERPRISES LTD ................. 83
40,600 * PARK PLACE ENTERTAINMENT CORP .................. 495
69,000 RESORTS WORLD BERHAD ........................... 189
244,200 SHANGRI-LA ASIA LTD ............................ 288
26,338 SHANGRI-LA ASIA LTD (SINGAPORE) ................ 31
514,252 * SIX FLAGS, INC ................................. 11,699
14,200 * SOL MELIA S.A .................................. 159
20,500 STARWOOD HOTELS & RESORTS WORLDWIDE ............ 668
501,670 TABCORP HOLDINGS LTD ........................... 2,892
1,000 * TOKYO DOME CORP ................................ 5
9,000 TOKYO TOKEIBA CO LTD ........................... 12
----------
26,340
----------
PUBLISHING--2.14%
102,000 DAI NIPPON PRINTING CO LTD ..................... 1,802
27,000 DONNELLEY (R.R.) & SONS CO ..................... 609
19,056 DOW JONES & CO, INC ............................ 1,396
94,800 ELSEVIER UTIGEVERSMIJ NV ....................... 1,153
37,449 GANNETT CO, INC ................................ 2,240
55,958 INDEPENDENT NEWS & MEDIA PLC ................... 204
800 KADOKAWA SHOTEN PUBLISHING CO LTD .............. 81
538,588 LAGARDERE SCA .................................. 41,303
20,700 MCGRAW HILL COS, INC ........................... 1,118
16,500 MONDADORI (ARNOLDO) EDITORE S.P.A .............. 378
23,300 NEW YORK TIMES CO (CLASS A) .................... 920
1,169,982 NEWS CORP LTD .................................. 16,157
3,455,692 PEARSON PLC .................................... 109,863
5,400 QUEBECOR, INC (CLASS B) ........................ 157
6,700 READER'S DIGEST ASSOCIATION, INC (CLASS A)
(NON-VOTE) ..................................... 266
184,572 REED INTERNATIONAL PLC ......................... 1,607
8,000 SCHIBSTED ASA .................................. 149
233,100 SHOBUNSHA PUBLICATIONS, INC .................... 8,173
53,977 SINGAPORE PRESS HOLDINGS LTD ................... 843
244,000 SOUTH CHINA MORNING POST ....................... 189
82,000 THOMSON CORP ................................... 2,803
2,550 TIMES MIRROR CO SERIES A ....................... 231
102,000 TOPPAN PRINTING CO LTD ......................... 1,082
391,073 TRIBUNE CO ..................................... 13,688
37,892 WOLTERS KLUWER NV .............................. 1,013
----------
207,425
----------
TOTAL MEDIA AND LEISURE ........................ 462,816
----------
RETAIL AND WHOLESALE--2.24%
GENERAL MERCHANDISE STORES--2.24%
48,500 e* AMAZON.COM, INC ................................ 1,761
3,000 AMER GROUP LTD PLC SERIES A .................... 83
8,900 ARMSTRONG HOLDINGS, INC ........................ 136
800 BIC S.A ........................................ 39
187,000 e BUNKYODO CO LTD ................................ 2,333
11,600 CALLAWAY GOLF CO ............................... 189
136,989 COLES MYER LTD ................................. 528
8,416 CORTEFIEL S.A .................................. 183
60,180 * COSTCO WHOLESALE CORP .......................... 1,986
35,000 e DAIEI, INC ..................................... 132
18,685 DAIMARU, INC ................................... 66
143,000 DAVID JONES LTD ................................ 107
1,628,700 GIORDANO INTERNATIONAL LTD ..................... 2,476
205,307 GREAT UNIVERSAL STORES PLC ..................... 1,321
14,458 HAGEMEYER NV ................................... 400
6,000 HANKYU DEPARTMENT STORES, INC .................. 32
18,200 HUDSONS BAY CO ................................. 193
509,000 ISETAN CO LTD .................................. 6,254
193 JELMOLI HOLDINGS AG. (BR) ...................... 243
27,000 JUSCO CO LTD ................................... 513
8,381 KARSTADT QUELLE AG ............................. 224
8,600 KESCO OYJ ...................................... 88
163,260 KINGFISHER PLC ................................. 1,487
413,222 MARKS & SPENCER PLC ............................ 1,453
66,000 MARUI CO LTD ................................... 1,266
8,100 MATTEL, INC .................................... 107
16,850 MAY DEPARTMENT STORES CO ....................... 404
33,454 METRO AG ....................................... 1,180
55,152 MINNESOTA MINING & MANUFACTURING CO ............ 4,550
42,000 e* MITSUKOSHI LTD ................................. 187
105,200 MYCAL CORP ..................................... 361
128,200 NINTENDO CO LTD ................................ 22,440
10 PENNEY, (J.C.) CO, INC ......................... 0
17,611 e PINAULT-PRINTEMPS-REDOUTE S.A .................. 3,928
1,000 PLAYMATES INTERACTIVE ENTERTAINMENT ............ 0
2,677 RHI AG ......................................... 66
1,000 ROBINSON & CO LTD .............................. 2
6,000 SANRIO CO LTD .................................. 160
78,973 SEARS ROEBUCK & CO ............................. 2,576
8,700 e* SEGA ENTERPRISES LTD ........................... 134
4,000 * SEIKO CORP ..................................... 21
261 * SEIYU LTD ...................................... 1
954 SELFRIDGES PLC ................................. 4
228,000 SONAE SGPS S.A ................................. 402
57,000 * SONAE SGPS S.A. RTS ............................ 46
62,945 * STAPLES, INC ................................... 968
11,000 * STELUX HOLDINGS INTERNATIONAL LTD .............. 0
4,200 STOCKMANN B FREE ............................... 64
51,000 e TAKASHIMAYA CO LTD ............................. 476
549,405 TARGET CORP .................................... 31,865
13,000 * TOYS `R' US-JAPAN LTD .......................... 2,212
31,700 * TOYS `R' US, INC ............................... 462
2,093,279 WAL-MART STORES, INC ........................... 120,625
80,564 WATERFORD WEDGWOOD PLC (UNITS) ................. 88
----------
TOTAL RETAIL AND WHOLESALE ..................... 216,822
----------
TECHNOLOGY--16.71%
COMMUNICATIONS EQUIPMENT--2.68%
10,891 AMSTRAD PLC .................................... 36
23,800 * CGI GROUP, INC ................................. 194
786,712 MOTOROLA, INC .................................. 22,864
2,945,477 NOKIA OYJ ...................................... 150,918
395,497 NORTEL NETWORKS CORP ........................... 27,413
384,000 NORTEL NETWORKS CORP (U.S.) .................... 26,208
SEE NOTES TO FINANCIAL STATEMENTS
60 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
COMMUNICATIONS EQUIPMENT--(CONTINUED)
1,580,000 * OKI ELECTRIC INDUSTRY CO LTD ...................$ 12,320
320,045 * QUALCOMM, INC .................................. 19,203
30,800 SIRTI S.P.A .................................... 52
----------
259,208
----------
COMPUTERS AND OFFICE EQUIPMENT--13.37%
1,437,900 * ADCORE AB ...................................... 11,148
16,800 ADOBE SYSTEMS, INC ............................. 2,184
10,000 AMANO CORP ..................................... 112
370,300 * AMDOCS LTD ..................................... 28,421
718,507 * AMERICA ONLINE, INC ............................ 37,901
40,200 * APPLE COMPUTER, INC ............................ 2,105
21,300 * ATI TECHNOLOGIES, INC .......................... 180
85,432 AUTOMATIC DATA PROCESSING, INC ................. 4,576
21,500 * BAAN CO NV ..................................... 59
34,550 * BIODATA INFORMATION TECHNOLOGY AG .............. 11,261
33,500 * BMC SOFTWARE, INC .............................. 1,222
14,921 CAP GEMINI S.A ................................. 2,639
731,000 * CERIDIAN CORP .................................. 17,590
257,800 * CHECK POINT SOFTWARE TECHNOLOGIES LTD .......... 54,589
3,375,251 * CISCO SYSTEMS, INC ............................. 214,539
15,300 * COGNOS, INC .................................... 632
1,355,882 COMPAQ COMPUTER CORP ........................... 34,660
1,348,250 COMPTEL OYJ .................................... 27,270
81,335 COMPUTER ASSOCIATES INTERNATIONAL, INC ......... 4,163
24,500 * COMPUTER SCIENCES CORP ......................... 1,830
390,010 COMPUTERSHARE LTD .............................. 2,011
13,000 CREATIVE TECHNOLOGY LTD ........................ 314
8,800 e* CSK CORP ....................................... 273
19,038 DASSAULT SYSTEMS S.A ........................... 1,783
962,475 * DELL COMPUTER CORP ............................. 47,462
169,693 * DIXONS GROUP PLC (NEW) ......................... 691
338 * DOLMEN COMPUTER APPLICATIONS NV ................ 7
7,500 * EIDOS PLC ...................................... 55
9,300 * ELECTRONIC ARTS, INC ........................... 678
68,792 ELECTRONIC DATA SYSTEMS CORP ................... 2,838
1,231,384 * EMC CORP ....................................... 94,740
1,600 * EST ASIATIQUE .................................. 24
58,462 FIRST DATA CORP ................................ 2,901
728,700 * FRAMTIDSFABRIKEN AB ............................ 10,094
7,500 FUJI SOFT ABC, INC ............................. 446
19,500 * GEAC COMPUTER CORP LTD ......................... 186
47,512 GETRONICS NV ................................... 736
6,300 * GO.COM ......................................... 75
24,223 e HANDSPRING, INC ................................ 654
138,464 HEWLETT-PACKARD CO ............................. 17,291
103,400 HITACHI SOFTWARE ENGINEERING CO LTD ............ 11,239
6,000 * HITACHI ZOSEN CORP ............................. 5
52,200 IMS HEALTH, INC ................................ 940
3,380 INSTRUMENTARIUM GROUP SERIES B FREE ............ 81
714,655 INTERNATIONAL BUSINESS MACHINES CORP ........... 78,299
97,230 e* INTERNET INITIATIVE JAPAN, INC ADR ............. 5,761
172,700 * INTERSHOP COMMUNICATIONS AG .................... 78,305
128,500 KEPPEL CORP LTD ................................ 278
254,738 KONAMI CO LTD .................................. 16,131
3,000 e KYOWA EXEO CORP ................................ 30
2,049,741 LOGICA PLC ..................................... 48,533
7,000 LONDON BRIDGE SOFTWARE HOLDINGS PLC ............ 51
1,000 MEITEC CORP .................................... 40
22,256 * MERKANTILDATA ASA .............................. 115
2,070,708 * MICROSOFT CORP ................................. 165,657
47,525 MISYS PLC ...................................... 401
5,096 NAMCO LTD ...................................... 184
2,700 * NAVISION SOFTWARE AS ........................... 113
8,000 e NIDEC CORP ..................................... 696
35,900 * NOVELL, INC .................................... 332
33,000 OMRON CORP ..................................... 898
2,897,890 * OPEN TELECOMMUNICATIONS LTD .................... 2,961
1,413,613 * ORACLE CORP .................................... 118,832
768,000 * PACIFIC CENTURY CYBERWORKS LTD ................. 1,517
36,900 * PARAMETRIC TECHNOLOGY CORP ..................... 406
52,100 PAYCHEX, INC ................................... 2,188
34,712 * PEOPLESOFT, INC ................................ 581
87,050 * PIXELPARK AG ................................... 6,008
528,690 * PSINET, INC .................................... 13,283
24,000 * PSION PLC ...................................... 232
269,311 SABRE, HOLDINGS CORP ........................... 7,675
197,912 SAGE GROUP PLC ................................. 1,603
18,922 SAP AG ......................................... 2,839
25,969 * SATAMA INTERACTIVE ............................. 101
107,204 SATYAM COMPUTER SERVICES LTD ................... 7,151
30,162 * SEAGATE TECHNOLOGY, INC ........................ 1,659
47,032 SEMA GROUP PLC ................................. 669
8,000 SINGAPORE COMPUTER SYSTEMS LTD ................. 17
167,339 e SOFTBANK CORP .................................. 22,775
28,409 SSL INTERNATIONAL PLC .......................... 306
364,000 * STONESOFT OYJ .................................. 5,792
107,235 * SUN MICROSYSTEMS, INC .......................... 9,752
30,000 TERUMO CORP .................................... 1,018
2,900 * THE DESCARTES SYSTMES GROUP, INC ............... 86
9,700 e TIETOENATOR CORP ............................... 325
214,843 TOYO INFORMATION SYSTEMS CO LTD ................ 11,960
3,500 TRANS COSMOS ................................... 527
46,000 WM-DATA AB SERIES B ............................ 254
204,483 * YAHOO, INC ..................................... 25,330
----------
1,294,276
----------
ELECTRONICS AND OTHER TECHNOLOGY--0.01%
27,100 RADIOSHACK CORP ................................ 1,284
----------
INSTRUMENTS AND RELATED PRODUCTS--0.65%
6,000 ASAHI OPTICAL CO LTD ........................... 18
610,000 CANON, INC ..................................... 30,441
40,100 EASTMAN KODAK CO ............................... 2,386
72,000 FUJI PHOTO FILM CO LTD ......................... 2,953
55,000 KONICA CORP .................................... 468
598,000 NIKON CORP ..................................... 22,212
11,580 OCE NV ......................................... 190
44,000 OLYMPUS OPTICAL CO LTD ......................... 791
6,300 RAYTHEON CO (CLASS B) .......................... 121
1,077 RICOH CO LTD ................................... 23
1,367 SAGEM S.A. (NEW) ............................... 1,609
70,974 XEROX CORP ..................................... 1,473
----------
62,685
----------
TOTAL TECHNOLOGY ............................... 1,617,453
----------
TRANSPORTATION--3.66%
AEROSPACE AND DEFENSE--0.09%
18,530 b* BREMER VULKAN AG ............................... 11
155,453 GENERAL DYNAMICS CORP .......................... 8,122
101,000 * KAWASAKI HEAVY INDUSTRIES LTD .................. 155
6,300 e* KVAERNER INDUSTRIER AS SERIES A ................ 66
3,232 * KVAERNER INDUSTRIER AS SERIES A RTS ............ 2
74,000 * MITSUI ENGINEERING & SHIP BUILDING CO LTD ...... 71
15,127 THOMSON-CSF .................................... 598
----------
9,025
----------
AIR TRANSPORTATION--0.91%
25,097 * AIR CANADA, INC ................................ 330
216,143 e* ALITALIA S.P.A ................................. 448
6,580 * ALL NIPPON AIRWAYS CO LTD ...................... 19
420,220 * AMR CORP ....................................... 11,110
1,500 AUSTRIAN AIRLINES/OEST LUFTV AG ................ 22
374,263 BAE SYSTEMS PLC ................................ 2,334
5,868 * BAE SYSTEMS PLC WTS 11/15/00 ................... 94
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 61
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
AIR TRANSPORTATION--(CONTINUED)
143,477 BOEING CO ......................................$ 5,999
186,670 BRITISH AIRPORT AUTHORITIES PLC ................ 1,498
146,153 BRITISH AIRWAYS PLC ............................ 841
20,600 CAE, INC ....................................... 209
2,498,000 CATHAY PACIFIC AIRWAYS LTD ..................... 4,630
1,500 * COBHAM GROUP PLC ............................... 23
150,353 * CONTINENTAL AIRLINES, INC (CLASS B) ............ 7,067
17,300 DELTA AIRLINES, INC ............................ 875
62,800 DEUTSCHE LUFTHANSA AG. (REGD) .................. 1,475
41,072 * FEDEX CORP ..................................... 1,561
2,827 FLUGHAFEN WIEN AG .............................. 101
100 HONG KONG AIRCRAFT ENGINEERING CO LTD .......... 0
247,600 JAPAN AIRLINES CO LTD .......................... 943
7,600 KLM (ROYAL DUTCH AIRLINES) NV .................. 205
2,919 ROLLS-ROYCE PLC ................................ 10
37,037 * RYANAIR HOLDINGS PLC ........................... 270
604 SAIRGROUP ...................................... 101
4,200 e SAS DANMARK AS ................................. 35
3,000 SAS NORGE ASA SERIES B ......................... 25
39,000 SINGAPORE AIRLINES LTD ......................... 386
786,500 SINGAPORE AIRLINES LTD (LR) .................... 7,779
59,400 SMITHS INDUSTRIES PLC .......................... 773
67,494 SOUTHWEST AIRLINES CO .......................... 1,278
214,400 SWIRE PACIFIC LTD (CLASS A) .................... 1,254
25,863 TEXTRON, INC ................................... 1,405
7,795 * U.S. AIRWAYS GROUP, INC ........................ 304
133,800 UAL CORP ....................................... 7,785
448,336 UNITED TECHNOLOGIES CORP ....................... 26,396
----------
87,585
----------
AUTOS, TIRES AND RELATED PRODUCTS--1.88%
1,000 AUTOBACS SEVEN CO LTD .......................... 33
90,600 BOMBARDIER, INC (CLASS B) ...................... 2,458
117,105 BRIDGESTONE CORP ............................... 2,485
3,800 CANADIAN TIRE, INC (CLASS A) ................... 57
18,000 COMFORT GROUP LTD .............................. 9
30,258 CONTINENTAL AG ................................. 508
31,000 CYCLE & CARRIAGE LTD ........................... 73
110,588 DAIMLERCHRYSLER AG ............................. 5,825
250,669 e DAIMLERCHRYSLER (U.S.A.) ....................... 13,050
15,100 DANA CORP ...................................... 320
72,698 DELPHI AUTOMOTIVE SYSTEMS CORP ................. 1,059
119,307 DENSO CORP ..................................... 2,909
748 DIETEREN S.A ................................... 190
8,200 EATON CORP ..................................... 549
63,339 FIAT S.P.A ..................................... 1,650
153,200 FORD MOTOR CO .................................. 6,588
90,862 GENERAL MOTORS CORP ............................ 5,276
174,551 * GENERAL MOTORS CORP (CLASS H) .................. 15,317
11,800 GENUINE PARTS CO ............................... 236
16,900 GOODYEAR TIRE & RUBBER CO ...................... 338
42,902 HARLEY DAVIDSON, INC ........................... 1,652
132,000 HONDA MOTOR CO LTD ............................. 4,504
200,180 HONEYWELL INTERNATIONAL, INC ................... 6,744
245,406 * IMPERIAL HOLDINGS LTD .......................... 1,998
2,000 INCHAPE MOTORS ................................. 1
15,300 ITT INDUSTRIES, INC ............................ 465
14,000 LEX SERVICE GROUP LTD .......................... 70
59,913 * LONHRO AFRICA PLC .............................. 17
12,900 MAGNA INTERNATIONAL, INC ....................... 606
21,300 e MAN AG ......................................... 654
27,612 MICHELIN S.A. (CLASS B) ........................ 890
6,200 * NAVISTAR INTERNATIONAL CORP .................... 193
572,000 * NISSAN MOTOR CO LTD ............................ 3,379
62,000 * ORIENT CORP .................................... 350
7,563 PEUGEOT S.A .................................... 1,524
276,300 e PIRELLI S.P.A .................................. 730
8,200 SHIMANO, INC ................................... 198
1,000 TAN CHONG INTERNATIONAL LTD .................... 0
85,335 TI GROUP PLC ................................... 465
119,000 TOYODA GOSEI CO LTD ............................ 7,569
1,905,260 TOYOTA MOTOR CORP .............................. 86,975
12,800 TRW, INC ....................................... 555
10,348 VALEO S.A ...................................... 555
20,058 * VISTEON CORP ................................... 243
33,167 VOLKSWAGEN AG .................................. 1,272
61,054 VOLVO AB SERIES B FREE ......................... 1,333
60,054 VOLVO AB SERIES B FREE RTS ..................... 54
----------
181,926
----------
RAILROADS--0.43%
247,111 BRAMBLES INDUSTRIES LTD ........................ 7,616
74,789 BURLINGTON NORTHERN SANTA FE CORP .............. 1,715
48,900 CANADIAN PACIFIC LTD ........................... 1,267
111 HANKYU CORP .................................... 0
85,000 KEIHIN ELECTRIC EXPRESS RAILWAY CO LTD ......... 321
146,797 KINKI NIPPON RAILWAY CO LTD .................... 597
23,842 MAYNE NICKLESS LTD ............................. 49
125 NAGOYA RAILROAD CO LTD ......................... 0
2,445,000 NIPPON EXPRESS CO LTD .......................... 15,044
40,000 NIPPON SHARYO LTD .............................. 84
65,600 NORFOLK SOUTHERN CORP .......................... 976
66,146 RAILTRACK GROUP PLC ............................ 1,028
78,986 SIEMENS AG. (REGD) ............................. 11,925
9,000 TOBU RAILWAY CO LTD ............................ 26
27,700 UNION PACIFIC CORP ............................. 1,030
----------
41,678
----------
TRUCKING AND RELATED SERVICES--0.27%
16,600 AIRTOURS PLC ................................... 87
344 CENTRAL JAPAN RAILWAY CO ....................... 1,951
14,300 CNF TRANSPORTATION, INC ........................ 325
524 EAST JAPAN RAILWAY CO .......................... 3,051
14,900 GALILEO INTERNATIONAL, INC ..................... 311
7,426 KONINKLIJKE VOPAK NV ........................... 164
78 KUONI REISEN HOLDING (REGD) (CLASS B) .......... 36
2,000 MITSUBISHI LOGISTICS CORP ...................... 18
64,000 MITSUI-SOKO CO LTD ............................. 140
1,770 *NEW WORLD INFRASTUCTURE LTD .................... 2
81,000 SEINO TRANSPORTATION CO LTD .................... 409
331,699 STAGECOACH HOLDINGS PLC ........................ 367
67,457 TNT POST GROUP NV .............................. 1,827
713,122 eYAMATO TRANSPORT CO LTD ........................ 17,760
----------
26,448
----------
WATER TRANSPORTATION--0.08%
3,100 ASKO OYJ SERIES A .............................. 59
10,212 BERGESEN D.Y. AS (CLASS B) ..................... 197
75,265 CARNIVAL CORP (CLASS A) ........................ 1,468
700 CMB CIE MARITIME BELGE S.A ..................... 37
144 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ........... 1,536
97 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ......... 1,440
2,200 FINNLINES OYJ .................................. 48
400 *HAI SUN HUP WTS 05/10/02 ....................... 0
4,500 IRISH CONTINENTAL GROUP PLC .................... 37
38,000 KAMIGUMI CO LTD ................................ 201
26,975 KAWASAKI KISEN KAISHA LTD ...................... 54
1,900 *KONINKLIJKE NEDLLOYD GROEP NV .................. 37
1,812 *LEIF HOEGH & CO ................................ 17
474 MITSUI OSK LINES LTD ........................... 1
4,000 *NCL HOLDINGS AS ................................ 11
137,124 *NEPTUNE ORIENT LINES LTD ....................... 127
231,000 NIPPON YUSEN KABUSHIKI KAISHA .................. 1,113
17,770 OCEAN GROUP PLC ................................ 293
SEE NOTES TO FINANCIAL STATEMENTS
62 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
WATER TRANSPORTATION--(CONTINUED)
62,727 PENINSULAR & ORIENTAL STEAM NAVIGATION CO ......$ 537
228 TEEKAY SHIPPING CORP ........................... 7
800 * UNITOR AS ...................................... 6
----------
7,226
----------
TOTAL TRANSPORTATION ........................... 353,888
----------
UTILITIES--13.40%
TELEPHONE--11.76%
718,600 * AAPT LTD ....................................... 2,364
143,782 ALCATEL ........................................ 9,469
145,071 * ALCATEL S.A. ADR ............................... 9,647
504,686 AT & T CORP .................................... 15,961
355,056 * AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) ...... 8,610
89,800 BCE, INC ....................................... 2,127
264,652 BELLSOUTH CORP ................................. 11,281
883,438 BRITISH TELECOMMUNICATIONS PLC ................. 11,422
377,520 BROADWING, INC ................................. 9,792
1,776,009 CABLE & WIRELESS HKT LTD ....................... 3,907
5,744,491 CABLE & WIRELESS PLC ........................... 97,315
24,500 * CABLE & WIRELESS PLC ADR ....................... 1,227
74,013 * CHINA MOBILE (HONG KONG) LTD-(SPONS ADR) ....... 13,160
1,731,948 * COLT TELECOM GROUP PLC ......................... 57,684
409,953 DEUTSCHE TELEKOM AG ............................ 23,422
537,214 e* DIMENSION DATA HOLDINGS LTD .................... 4,445
239,923 EIRCOM PLC ..................................... 644
8,795,368 ERICSSON TELEFON (LM) AB SERIES B .............. 174,985
185,578 FRANCE TELECOM S.A ............................. 26,044
62,000 FUJIKURA LTD ................................... 413
394,162 * INFONET SERVICES CORP .......................... 4,705
132,829 KPN NV ......................................... 5,965
1,105,628 LUCENT TECHNOLOGIES, INC ....................... 65,508
370,207 MARCONI PLC .................................... 4,820
14,164 * NETCOM AB SERIES B ............................. 1,051
6,000 NIPPON COMSYS CORP ............................. 128
5,504 NIPPON TELEGRAPH & TELEPHONE CORP .............. 73,348
365 NTT DOCOMO, INC ................................ 9,901
652,073 e OLIVETTI GROUP S.P.A ........................... 2,382
173,970 PORTUGAL TELECOM S.A ........................... 1,961
441 PUBLICIS S.A ................................... 174
103,400 e* QWEST COMMUNICATIONS INTERNATIONAL, INC ........ 5,138
278,738 * RCN CORP ....................................... 7,073
1,592,321 SBC COMMUNICATIONS, INC ........................ 68,868
871,687 * SINGAPORE TELECOMMUNICATIONS LTD ............... 1,276
101,766 SONERA GROUP OYJ ............................... 4,658
10,204 e SWISSCOM AG. (REGD) ............................ 3,545
28,167 TELE DANMARK AS ................................ 1,904
251,485 e TELECOM CORP OF NEW ZEALAND .................... 882
542,955 TELECOM ITALIA ................................. 7,495
994,260 e TELECOM ITALIA MOBILE S.P.A .................... 10,141
14,000 e TELECOM ITALIA RISP ............................ 93
1,940,403 e* TELEFONICA DE ESPANA S.A ....................... 41,852
37,600 e TELEFONICA S.A. ADR ............................ 2,409
115,000 TELEKOM MALAYSIA BERHAD ........................ 396
211,943 * TELIA AB ....................................... 2,006
1,095,097 TELSTRA CORP ................................... 4,458
1,917 TELUS CORP ..................................... 51
938 TELUS CORP (NON-VOTE) .......................... 25
368,063 VERIZON COMMUNICATION .......................... 18,702
951,086 * VIATEL, INC .................................... 27,165
134,900 VIDESH SANCHAR NIGAM LTD (SPONS GDR) ........... 2,108
49,468,718 VODAFONE AIRTOUCH PLC .......................... 199,958
176,444 e VODAFONE AIRTOUCH PLC ADR ...................... 7,311
313,300 * WESTERN WIRELESS CORP (CLASS A) ................ 17,075
1,075,830 * WORLDCOM, INC .................................. 49,354
----------
1,137,805
----------
ELECTRIC, GAS AND OTHER--1.64%
61,600 * AES CORP ....................................... 2,811
22,653 AGUAS DE BARCELONA S.A ......................... 304
96 * AGUAS DE BARCELONA S.A. (NEW) .................. 1
24,900 * ALLIED WASTE INDUSTRIES, INC ................... 249
703,640 AMERICAN ELECTRIC POWER CO, INC ................ 20,845
86,215 ANGLIAN WATER PLC .............................. 796
46,102 AUSTRALIA GAS LIGHT CO ......................... 275
222 BEWCKISER WASSER TECHNIK AG .................... 78
479,569 BG GROUP PLC ................................... 3,100
27,600 BRASCAN CORP ................................... 324
618,766 CENTRICA PLC ................................... 2,066
100 CHUBU ELECTRIC POWER CO, INC ................... 2
381,000 * CINERGY CORP ................................... 9,692
312,099 CLP HOLDINGS LTD ............................... 1,453
14,063 COASTAL CORP ................................... 856
876 COLUMBIA ENERGY GROUP .......................... 57
49,000 CONSOLIDATED EDISON INC ........................ 1,452
2,433 CONSTELLATION ENERGY GROUP ..................... 79
87,294 CONTACT ENERGY LTD ............................. 117
20,200 CP&L ENERGY, INC ............................... 645
2,439 DOMINION RESOURCES, INC ........................ 105
872,550 DTE ENERGY CO .................................. 26,667
27,323 DUKE ENERGY CORP ............................... 1,540
54,900 EDISON INTERNATIONAL CO ........................ 1,125
30,100 EL PASO ENERGY CORP ............................ 1,533
8,400 ELECTRABEL NV .................................. 2,085
10,950 ELECTRABEL S.A. (STRIP VVPR) ................... 1
96,059 ELECTRICIDADE DE PORTUGAL S.A .................. 1,751
145,081 ENDESA S.A ..................................... 2,822
973,211 ENEL S.P.A ..................................... 4,329
77,600 ENTERGY CORP ................................... 2,110
30,100 FPL GROUP, INC ................................. 1,490
58,535 GAS NATURAL SDG S.A ............................ 1,055
241,900 GPU, INC ....................................... 6,546
3,600 GROUPE BRUXELLES LAMBERT S.A ................... 902
300 HAFSLUND AS SERIES A ........................... 1
689,309 HONG KONG & CHINA GAS CO LTD ................... 774
791 HYDER PLC ...................................... 4
132,517 IBERDROLA S.A .................................. 1,715
96,966 ITALGAS S.P.A .................................. 430
149,290 KANSAI ELECTRIC POWER CO, INC .................. 2,678
11,000 KURITA WATER INDUSTRIES LTD .................... 243
256,569 * NATIONAL GRID GROUP PLC ........................ 2,024
161,958 NATIONAL POWER PLC ............................. 1,032
201,000 OSAKA GAS CO LTD ............................... 579
4,400 OESTERREICHISCHE
ELEKTRIZITAETSWIRSCHAFTS AG .................... 453
39,750 PECO ENERGY CO ................................. 1,602
33,200 PG&E CORP ...................................... 818
74,310 PPL CORP ....................................... 1,630
4,900 RELIANT ENERGY, INC ............................ 145
69,996 * RHEIN-WESTFALEN ELECTRIC AG .................... 2,362
159,399 SCOTTISH POWER PLC ............................. 1,351
96,318 SEMPRA ENERGY .................................. 1,637
63,000 SOUTHERN CO .................................... 1,469
10,000 SUEZ LYONNAISE DES EAUX ........................ 1,755
16,398 SUEZLYONNAISE DES EAUX S.A ..................... 2,884
8,400 * SUEZ LYONNAISE (STRIP VVPR) .................... 0
124,000 * TENAGA NASIONAL BERHAD ......................... 405
23,236 THAMES WATER PLC ............................... 301
92,400 TOHOKU ELECTRIC POWER CO, INC .................. 1,249
186,383 TOKYO ELECTRIC POWER CO, INC ................... 4,554
290,000 TOKYO GAS CO LTD ............................... 817
75,113 TRANS CANADA PIPELINES LTD ..................... 573
7,900 TRANSALTA CORP ................................. 84
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 63
<PAGE>
Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
ELECTRIC, GAS AND OTHER--(CONTINUED)
243,693 TXU CORP ....................................... $ 7,189
15,305 UNICOM CORP .................................... 592
41,241 UNION ELECTRICA FENOSA S.A ..................... 749
68,686 UNITED UTILITIES PLC ........................... 680
97,397 VEBA AG ........................................ 4,799
80,659 VIVENDI S.A .................................... 7,148
24,394 * VIVENDI S.A. WTS 05/02/01 ...................... 84
85,069 WASTE MANAGEMENT, INC .......................... 1,616
12,272 WESTCOAST ENERGY, INC .......................... 189
63,400 WILLIAMS COS, INC .............................. 2,644
----------
158,522
----------
TOTAL UTILITIES ................................ 1,296,327
----------
TOTAL COMMON STOCK
(COST $7,893,686) ............................ 9,407,803
----------
PRINCIPAL
-----------
SHORT TERM INVESTMENTS--1.51%
COMMERCIAL PAPER--0.81%
ASSET SECURITIZATION COOP CORP
$10,000,000 c 6.950%, 07/03/00 ............................. 9,994
CORPORATE ASSET FUNDING CORP, INC
13,000,000 c 6.620%, 09/08/00 ............................. 12,834
ENTERPRISE FUNDING CORP
5,842,000 c 6.800%, 07/06/00 ............................. 5,835
FORTUNE BRANDS, INC
13,500,000 c 6.130%, 07/19/00 ............................. 13,453
HOUSTON INDUSTRIES FINANCECO LP
13,000,000 c 6.900%, 07/13/00 ............................. 12,967
PARK AVENUE RECEIVABLES CORP
13,000,000 6.540%, 07/07/00 ............................... 12,983
SIGMA FINANCE, INC
10,000,000 c 6.620%, 09/15/00 ............................. 9,859
----------
77,925
----------
MEDIUM TERM BONDS--0.09%
GENERAL MOTORS ACCEPTANCE CORP
9,200,000 6.700%, 04/30/01 ............................... 9,162
----------
U.S. GOVERNMENT AND AGENCIES--0.61%
FEDERAL HOME LOAN BANK (FHLB)
$25,000,000 6.430%, 07/21/00 ............................... 24,905
12,178,000 6.460%, 07/26/00 ............................... 12,121
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
2,000,000 6.370%, 07/05/00 ............................... 1,998
20,000,000 6.380%, 07/25/00 ............................... 19,911
----------
58,935
----------
TOTAL SHORT TERM INVESTMENTS
(COST $146,045) ................................ 146,022
----------
TOTAL PORTFOLIO--99.64%
(COST $8,105,810) .............................. 9,644,309
OTHER ASSETS & LIABILITIES, NET--0.36% 35,254
----------
NET ASSETS--100.00% ............................ $9,679,563
==========
----------
* Non-income producing
a Affiliated holding
b In bankruptcy
c Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
e All or a portion of these securities are out on loan.
f Restricted securities-Investment in securities not registered under the
Securities Act of 1933 or not publicly traded in foreign markets. At June 30,
2000, the value of these securities amounted to $1,677,321 or 0.02% of net
assets.
Additional information on each restricted security is as follows:
ACQUISTION ACQUISITION
SECURITY DATE COST
---------- ------------ -----------
LAFARGE S.A. (REGD) 2001 01/05/99 $ 691,748
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 12/30/98 804
----------
$1,778,235
==========
<TABLE>
<CAPTION>
TRANSACTIONS WITH AFFILIATED COMPANIES (Unaudited) - January 1, 2000--June 30, 2000
-----------------------------------------------------------------------------------------------------------------------------------
VALUE AT REALIZED DIVIDEND SHARES AT VALUE AT
ISSUE DECEMBER 31, 1999 PURCHASE COST SALES PROCEEDS GAIN (LOSS) INCOME JUNE 30, 2000 JUNE 30, 2000
------ ----------------- ------------- -------------- ----------- ----------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
IHC CALAND NV * $54,142,088 $15,354,452 $ 4,329,226 $ 2,156,974 2,094,610 $102,402,550
---------- ----------- ----------- ----------- ----------- ------------
TOTAL AFFILIATED
TRANSACTION $0 $54,142,088 $15,354,452 $4,329,226 $2,156,974 $102,402,550
========== =========== =========== ========== ========== ============
</TABLE>
----------
* Not an Affiliate as of December 31, 1999
SEE NOTES TO FINANCIAL STATEMENTS
64 O 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- -----------
BOND--0.00%
CORPORATE BOND--0.00%
TRANSPORTATION--0.00%
AUTOS, TIRES AND RELATED PRODUCTS--0.00%
UGLY DUCKLING CORP (SUB DEB)
$6,500 12.000%, 10/23/03 ............................ $ 7
----------
TOTAL TRANSPORTATION ......................... 7
-----------
TOTAL CORPORATE BOND
(Cost $8) .................................... 7
-----------
TOTAL BOND
(Cost $8) .................................... 7
-----------
SHARES
------
PREFERRED STOCK--0.00%
BASIC INDUSTRIES--0.00%
CHEMICALS AND PLASTIC--0.00%
3,895 SEALED AIR CORP (CLASS A) .................... 197
-----------
TOTAL BASIC INDUSTRIES ....................... 197
-----------
FINANCE--0.00%
CREDIT AND OTHER FINANCE--0.00%
264 SUPERIOR TRUST I SERIES A .................... 7
-----------
TOTAL FINANCE ................................ 7
-----------
HEALTH--0.00%
MEDICAL EQUIPMENT AND SUPPLIES--0.00%
32,800 * FRESENIUS MEDICAL CARE (CLASS D) ............. 1
-----------
TOTAL HEALTH ................................. 1
-----------
TOTAL PREFERRED STOCK
(COST $186) ................................ 205
-----------
COMMON STOCK--98.83%
BASIC INDUSTRIES--1.94%
CHEMICALS AND PLASTIC--1.78%
500 * AEP INDUSTRIES, INC .......................... 13
9,100 * AIRGAS, INC .................................. 52
12,794 APTARGROUP, INC .............................. 345
2,900 ARCH CHEMICALS, INC .......................... 63
1,119,462 AVON PRODUCTS, INC ........................... 49,816
13,700 CABOT CORP ................................... 373
4,500 CARLISLE COS, INC ............................ 203
2,600 CARTER WALLACE, INC .......................... 52
29,800 CHURCH & DWIGHT CO, INC ...................... 536
188,210 CLOROX CO .................................... 8,434
1,921,304 COLGATE PALMOLIVE CO ......................... 115,038
33,652 CROMPTON CORP ................................ 412
13,200 * CYGNUS, INC .................................. 188
7,000 DEXTER CORP .................................. 336
70,400 DIAL CORP .................................... 730
93,620 DU PONT (E.I.) DE NEMOURS & CO ............... 4,096
91,601 ECOLAB, INC .................................. 3,578
100 * FRENCH FRAGRANCES, INC ....................... 1
3,651 FULLER (H.B.) CO ............................. 166
1,500 GEON CO ...................................... 28
11,900 GEORGIA GULF CORP ............................ 248
26,000 * GRACE W.R. & CO .............................. 315
131,325 ILLINOIS TOOL WORKS, INC ..................... 7,486
30 IMC GLOBAL, INC .............................. 0
2,233 * IMC GLOBAL, INC WTS 12/22/00 ................. 0
71,854 LAUDER (ESTEE) CO (CLASS A) .................. 3,552
11,200 MACDERMID, INC ............................... 263
4,108 MYERS INDUSTRIES, INC ........................ 44
2,500 NL INDUSTRIES, INC ........................... 38
2,600 OMNOVA SOLUTIONS, INC ........................ 16
23,700 * PACTIV CORP .................................. 187
537,863 PHARMACIA CORP ............................... 27,801
1,330,098 PROCTER & GAMBLE CO .......................... 76,148
15,300 * REVLON, INC (CLASS A) ........................ 97
30 ROHM & HAAS CO ............................... 1
18,000 * SCOTTS CO (CLASS A) .......................... 657
64,495 * SEALED AIR CORP .............................. 3,378
55 SOLUTIA, INC ................................. 1
6,500 SPARTECH CORP ................................ 176
12,848 TREDEGAR CORP ................................ 244
1,100 * TREX CO, INC ................................. 55
26,417 TUPPERWARE CORP .............................. 581
25,900 * U.S. PLASTIC LUMBER CORP ..................... 114
2,300 VALHI, INC ................................... 24
----------
305,886
----------
STEEL AND OTHER METALS--0.03%
9,300 * ALPINE GROUP, INC ............................ 63
98,400 * BATTLE MOUNTAIN GOLD CO ...................... 215
7,700 BELDEN, INC .................................. 197
73 CASTLE (A.M.) & CO ........................... 1
14,073 * CHART INDUSTRIES, INC ........................ 69
53,104 * FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS A) .................................. 485
57,950 * FREEPORT-MCMORAN COPPER & GOLD, INC
(CLASS B) .................................. 536
11,900 GENERAL CABLE CORP ........................... 97
100 GIBRALTAR STEEL CORP ......................... 1
11,600 * LONE STAR TECHNOLOGIES, INC .................. 537
10,200 MATTHEWS INTERNATIONAL CORP (CLASS A) ........ 296
12,900 METALS U.S.A., INC ........................... 60
3,000 * MUELLER INDUSTRIES, INC ...................... 84
5,220 * NCI BUILDING SYSTEMS, INC .................... 106
90 NEWMONT MINING CORP .......................... 2
100 * NS GROUP, INC ................................ 2
1,600 * OPTICAL CABLE CORP ........................... 48
1,300 QUANEX CORP .................................. 19
2,600 RELIANCE STEEL & ALUMINUM CO ................. 50
18 * SHAW GROUP, INC .............................. 1
900 * SPS TECHNOLOGIES, INC ........................ 37
29,500 * STEEL DYNAMICS, INC .......................... 267
31,200 * STILLWATER MINING CO ......................... 870
5,719 * SUPERIOR TELECOM, INC ........................ 57
6,400 TEXAS INDUSTRIES, INC ........................ 185
4,845 * TOWER AUTOMOTIVE, INC ........................ 61
9,300 * U.S. CAN CORP ................................ 162
6,100 VALMONT INDUSTRIES, INC ...................... 121
80 WORTHINGTON INDUSTRIES, INC .................. 1
----------
4,630
----------
PAPER AND FOREST PRODUCTS--0.13%
388 b* AMERICAN PAD & PAPER CO ...................... 0
2,700 AMERICAN WOODMARK CORP ....................... 55
74,100 AVERY DENNISON CORP .......................... 4,974
19,800 * BUCKEYE TECHNOLOGIES, INC .................... 434
3,400 CARAUSTAR INDUSTRIES, INC .................... 51
26,700 * CHAMPION ENTERPRISES, INC .................... 130
12,860 CLAYTON HOMES, INC ........................... 103
4,600 * DAISYTEK INTERNATIONAL CORP .................. 43
1,000 * DELTIC TIMBER CORP ........................... 21
10,000 * EARTHSHELL CORP .............................. 30
132,333 FORT JAMES CORP .............................. 3,060
28,700 * GAYLORD CONTAINER CO ......................... 77
226,084 KIMBERLY-CLARK CORP .......................... 12,972
28,800 * MAIL-WELL, INC ............................... 248
8,600 * PALM HARBOR HOMES, INC ....................... 125
12,900 * PLAYTEX PRODUCTS, INC ........................ 146
100 REPUBLIC GROUP, INC .......................... 1
14,848 * SCHOOL SPECIALTY, INC ........................ 276
56 * SMURFIT-STONE CONTAINER CORP ................. 1
4,800 ST. JOE CO ................................... 144
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 65
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
PAPER AND FOREST PRODUCTS--(Continued)
25,210 WAUSAU-MOSINEE PAPER CORP .................... $ 216
----------
23,107
----------
TOTAL BASIC INDUSTRIES ....................... 333,623
----------
BUSINESS SERVICES--1.58%
ADVERTISING AND OTHER SERVICES--1.58%
14,300 * 24/7 MEDIA, INC .............................. 223
20,300 AARON RENTS, INC ............................. 255
20,100 ABM INDUSTRIES, INC .......................... 462
12,400 ACKERLEY GROUP, INC .......................... 146
7,100 * ADMINSTAFF, INC .............................. 451
19,400 * ADVO, INC .................................... 815
600 * AGRITOPE, INC ................................ 4
8,300 * AHL SERVICES, INC ............................ 51
12 * AKAMAI TECHNOLOGIES, INC ..................... 1
27,200 * ANSWERTHINK, INC ............................. 452
60,738 * APOLLO GROUP, INC (CLASS A) .................. 1,701
25,547 BLOCK (H&R), INC ............................. 827
10,000 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ........ 214
19,600 * BURNS INTERNATIONAL SERVICES CORP ............ 245
700 * CADUS PHARMACEUTICAL CORP .................... 1
6,900 * CAREER EDUCATION CORP ........................ 335
1,500 * CAREERBUILDER, INC ........................... 5
10,800 * CARRIAGE SERVICES, INC (CLASS A) ............. 36
14,300 * CATALINA MARKETING CORP ...................... 1,459
45,400 * CATALYTICA, INC .............................. 499
5,300 * CDI CORP ..................................... 108
52,800 * CELGENE CORP ................................. 3,109
290,297 * CENDANT CORP ................................. 4,064
52,700 * CENTURY BUSINESS SERVICES, INC ............... 102
8,900 * CHARLES RIVER ASSOCIATES, INC ................ 157
30,160 * CHECKFREE HOLDINGS CORP ...................... 1,555
93,850 CINTAS CORP .................................. 3,443
14,825 * CIRCLE.COM ................................... 55
181,723 * CMGI, INC .................................... 8,325
15,400 * COINSTAR, INC ................................ 155
284 * COMPUTER LEARNING CENTERS, INC ............... 0
1,600 * CORINTHIAN COLLEGES, INC ..................... 38
5,300 * CORNELL COS, INC ............................. 42
5,500 * CORPORATE EXECUTIVE BOARD CO ................. 329
45,163 * COVANCE, INC ................................. 398
8,200 CPI CORP ..................................... 173
18,800 * CRITICAL PATH, INC ........................... 1,096
10,850 * CTC COMMUNICATIONS GROUP, INC ................ 391
48,852 * DEVRY, INC ................................... 1,292
11,150 * DIAMOND TECHNOLOGY PARTNERS, INC (CLASS A) ... 981
76,292 * DOUBLECLICK, INC ............................. 2,909
49,400 * EBAY, INC .................................... 2,683
1,800 * EDGEWATER TECHOLOGY, INC ..................... 12
17,700 * EDUCATION MANAGEMENT CORP .................... 320
300 * EDUTREK INTERNATIONAL, INC (CLASS A) ......... 0
80 * EMERGE INTERACTIVE, INC ...................... 1
11,400 * ENTREMED, INC ................................ 341
15,100 * F.Y.I., INC .................................. 509
7,685 FAIR ISSAC & CO, INC ......................... 338
12,700 * FIRST CONSULTING GROUP, INC .................. 71
4,700 * FORRESTER RESEARCH, INC ...................... 342
14,150 G & K SERVICES, INC (CLASS A) ................ 355
56,115 GARTNER GROUP, INC (CLASS A) ................. 673
27,600 * GETTY IMAGES, INC ............................ 1,023
7,900 * HEARME.COM ................................... 36
10,500 * HEIDRICK & STRUGGLES INTERNATIONAL, INC ...... 663
22,300 * INCTYE GENOMICS .............................. 1,833
4,200 * INSPIRE INSURANCE SOLUTIONS, INC ............. 13
12,200 * INTERIM SERVICES, INC ........................ 217
60 * INTERNET CAPITAL GROUP, INC .................. 2
1,770,051 INTERPUBLIC GROUP OF COS, INC ................ 76,112
10,500 * ITT EDUCATIONAL SERVICES, INC ................ 184
9,600 * JACOBS ENGINEERING GROUP, INC ................ 314
52 * KANA COMMUNICATIONS, INC ..................... 3
80 KELLY SERVICES, INC (CLASS A) ................ 2
29,886 * KFORCE.COM, INC .............................. 207
14,200 * KORN FERRY INTERNATIONAL ..................... 450
26,900 * LABOR READY, INC ............................. 178
40,400 * LAMAR ADVERTISING CO (CLASS A) ............... 1,750
5,800 LANDAUER, INC ................................ 90
11,200 * LASON, INC ................................... 28
54 * LEAPNET, INC ................................. 0
8,200 * LEARNING TREE INTERNATIONAL, INC ............. 502
3,801 MANPOWER, INC ................................ 122
103,593 * MARCHFIRST, INC .............................. 1,891
14,200 * MARKETING SERVICES GROUP ..................... 63
9,320 * MAXIMUS, INC ................................. 206
6,400 MCGRATH RENTCORP ............................. 109
2,000 * MEDIA METRIX, INC ............................ 51
9,500 * MEMBERWORKS, INC ............................. 319
26,600 * MESSAGEMEDIA, INC ............................ 93
5,100 * MODEM MEDIA, INC ............................. 63
31,700 * MODIS PROFESSIONAL SERVICES, INC ............. 242
9,300 * NATIONAL EQUIPMENT SERVICES, INC ............. 56
9,800 * NATIONSRENT, INC ............................. 37
27,750 * NAVIGANT CONSULTING CO ....................... 118
27,700 * NBC INTERNET, INC ............................ 346
6,500 * NEFF CORP .................................... 25
6,100 * NEXTERA ENTERPRISES, INC ..................... 29
32,900 * NOVA CORP (GEORGIA) .......................... 919
1,254,189 OMNICOM GROUP, INC ........................... 111,701
17,300 * ON ASSIGNMENT, INC ........................... 528
270 * OPUS360 CORP ................................. 1
18,800 * PAREXEL INTERNATIONAL CORP ................... 180
14,550 * PEGASUS SOLUTIONS, INC ....................... 158
4,400 * PERSONNEL GROUP OF AMERICA, INC .............. 13
14,418 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC ...... 303
14,800 * PREPAID LEGAL SERVICES, INC .................. 442
11,100 * PROBUSINESS SERVICES, INC .................... 295
2,700 * PROFESSIONAL DETAILING, INC .................. 92
28,950 * PROFIT RECOVERY GROUP INTERNATIONAL, INC ..... 481
6,800 * PROTECTION ONE, INC .......................... 15
5,800 * PROVANT, INC ................................. 33
94,152 * QUINTILES TRANSNATIONAL CORP ................. 1,330
7,500 * REDBACK NETWORKS, INC ........................ 1,335
23,600 REGIS CORP ................................... 295
27,100 * RENAISSANCE WORLDWIDE, INC ................... 42
16,500 * RENT WAY, INC ................................ 482
17,600 * RENT-A-CENTER, INC ........................... 396
144,884 * ROBERT HALF INTERNATIONAL, INC ............... 4,129
13,842 ROLLINS, INC ................................. 206
3,800 * RWD TECHNOLOGIES, INC ........................ 22
227,066 SERVICEMASTER CO ............................. 2,583
26,753 * SITEL CORP ................................... 132
38,100 * SNYDER COMMUNICATIONS, INC ................... 905
33,400 SOTHEBY'S HOLDINGS, INC (CLASS A) ............ 585
22,000 * STAFF LEASING, INC ........................... 78
5,600 * STARTEK, INC ................................. 282
4,800 STRAYER EDUCATION, INC ....................... 115
4,600 * SUPERIOR CONSULTANT HOLDINGS CORP ............ 22
16,675 * SYLVAN LEARNING SYSTEMS, INC ................. 229
5,400 TEJON RANCH CO ............................... 122
18,100 * TELETECH HOLDINGS, INC ....................... 562
27,400 * TETRA TECH, INC .............................. 627
13,300 * THEGLOBE.COM, INC ............................ 23
44,700 * TMP WORLDWIDE, INC ........................... 3,299
SEE NOTES TO FINANCIAL STATEMENTS
66 o 2000 CREF Semi-Annual Report
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Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
ADVERTISING AND OTHER SERVICES--(Continued)
21,304 TRUE NORTH COMMUNICATIONS, INC ............... $ 937
13,059 * UNITED RENTALS, INC .......................... 224
2,400 * URS CORP ..................................... 37
90 * US INTERACTIVE, INC .......................... 1
44,400 * VALASSIS COMMUNICATIONS, INC ................. 1,693
22,100 * VALENCE TECHNOLOGY, INC ...................... 407
64,000 * VERTICALNET, INC ............................. 2,364
7,500 * WACKENHUT CORP SERIES A ...................... 97
9,700 * WACKENHUT CORRECTIONS CORP ................... 73
11,600 * WEST TELESERVICES CORP ....................... 294
200 WESTAFF, INC ................................. 1
11,200 * XCEED, INC ................................... 102
28,300 YOUNG & RUBICAM, INC ......................... 1,618
----------
TOTAL BUSINESS SERVICES ...................... 270,736
----------
CONSTRUCTION AND REAL ESTATE--2.07%
BUILDING MATERIALS--1.55%
15,400 AMCOL INTERNATIONAL CORP ..................... 254
6,600 b* AMRE, INC .................................... 0
27 * ANTHONY & SYLAN POOLS CORP ................... 0
19,300 APOGEE ENTERPRISES, INC ...................... 68
3,300 CARBO CERAMICS, INC .......................... 116
9,401 CENTEX CONSTRUCTION PRODUCTS, INC ............ 213
11,300 * COMFORT SYSTEMS U.S.A., INC .................. 45
572,418 CORNING, INC ................................. 154,481
28,600 * DAL-TILE INTERNATIONAL, INC .................. 236
5,719 * DEPARTMENT 56, INC ........................... 63
5,200 * DUPONT PHOTOMASKS, INC ....................... 356
15,500 ELCOR CORP ................................... 357
31,075 * ENCOMPASS SERVICES CORP ...................... 179
12,632 FERRO CORP ................................... 265
12,200 FLORIDA ROCK INDUSTRIES, INC ................. 435
1,904,105 HOME DEPOT, INC .............................. 95,086
10,500 * INTEGRATED ELECTRICAL SERVICES, INC .......... 54
6,500 LIBBEY, INC .................................. 209
4,719 LILLY INDUSTRIES, INC (CLASS A) .............. 142
281,525 LOWE'S COS, INC .............................. 11,560
45,750 * QUANTA SERVICES, INC ......................... 2,516
62 RPM, INC ..................................... 1
17 USG CORP ..................................... 1
6,900 VALSPAR CORP ................................. 233
9,900 WATSCO, INC .................................. 124
----------
266,994
----------
CONSTRUCTION--0.51%
11,000 * BLOUNT INTERNATIONAL, INC .................... 85
25,200 CENTEX CORP .................................. 592
2,500 * CROSSMAN COMMUNITIES, INC .................... 41
31,450 * DYCOM INDUSTRIES, INC ........................ 1,447
11 FLUOR CORP ................................... 0
900 GRANITE CONSTRUCTION, INC .................... 22
2,200 HON INDUSTRIES, INC .......................... 52
5,743 HORTON (D.R.), INC ........................... 78
14,900 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ....... 404
2,000 KAUFMAN & BROAD HOME CORP .................... 40
53 LENNAR CORP .................................. 1
27,375 * MASTEC, INC .................................. 1,045
63,400 MILLER (HERMAN), INC ......................... 1,640
3,130,300 NEWELL RUBBERMAID, INC ....................... 80,605
8,818 * NVR, INC ..................................... 503
11,498 STANDARD-PACIFIC CORP ........................ 115
1,200 * TOLL BROTHERS, INC ........................... 25
3,410 VIRCO MANUFACTURING CORP ..................... 50
----------
86,745
----------
REAL ESTATE--0.01%
48,683 * CATELLUS DEVELOPMENT CORP .................... 730
12,200 * CB RICHARD ELLIS SERVICES GROUP, INC ......... 111
34,100 * FAIRFIELD COMMUNITIES, INC ................... 269
9,600 FOREST CITY ENTERPRISES, INC (CLASS A) ....... 320
7,200 * INSIGNIA FINANCIAL GROUP, INC ................ 72
23,996 * JONES LANG LA SALLE .......................... 321
2,100 * PINNACLE HOLDINGS, INC ....................... 113
18,000 STEWART ENTERPRISES, INC (CLASS A) ........... 64
18,500 * TRAMMELL CROW CO ............................. 199
----------
2,199
----------
TOTAL CONSTRUCTION AND REAL ESTATE ........... 355,938
----------
CONSUMER DURABLE--14.90%
HOME APPLIANCES AND FURNISHINGS--14.47%
7,820 * ACTEL CORP ................................... 357
8,300 * ADVANCED ENERGY INDUSTRIES, INC .............. 489
7,500 * ADVANCED MICRO DEVICES, INC .................. 579
17,400 * AEROFLEX, INC ................................ 865
27,500 * ALPHA INDUSTRIES, INC ........................ 1,212
129,900 * ALTEON WEBSYSTEMS, INC ....................... 12,998
146,400 * ALTERA CORP .................................. 14,924
57,100 * AMERICAN POWER CONVERSION CORP ............... 2,330
12,500 * AMERICAN SUPERCONDUCTOR CORP ................. 603
13,100 * AMERICAN XTAL TECHNOLOGY, INC ................ 567
71,100 * AMKOR TECHNOLOGY, INC ........................ 2,511
28,800 * AMPHENOL CORP (CLASS A) ...................... 1,906
24,300 * ANADIGICS, INC ............................... 828
2,263,934 * ANALOG DEVICES, INC .......................... 172,059
2,000 * APPLICA, INC ................................. 23
973,696 * APPLIED MICRO CIRCUITS CORP .................. 96,152
31,225 * ARTESYN TECHNOLOGIES, INC .................... 868
100 * ARTISAN COMPONENTS, INC ...................... 1
972,900 * ATMEL CORP ................................... 35,876
21 * AXIOHM TRANSACTION SOLUTIONS, INC ............ 0
94,620 * BED BATH & BEYOND, INC ....................... 3,430
15,100 * BENCHMARK ELECTRONICS, INC ................... 552
18,600 BMC INDUSTRIES, INC .......................... 76
6,000 * BOMBAY, INC .................................. 18
142,365 * BOOKHAM TECHNOLOGY PLC (SPONS ADR) ........... 8,435
91,200 * BROADCOM CORP (CLASS A) ...................... 19,967
32,825 * BURR BROWN CORP .............................. 2,846
9,700 * CATAPULT COMMUNICATIONS CORP ................. 98
148,286 * CONEXANT SYSTEMS, INC ........................ 7,210
23,200 * CREE, INC .................................... 3,097
22,300 CTS CORP ..................................... 1,004
54,200 * CYPRESS SEMICONDUCTOR CORP ................... 2,290
48,700 DALLAS SEMICONDUCTOR CORP .................... 1,985
9,400 * EMCORE CORP .................................. 1,128
50 * ENERGY CONVERSION DEVICES, INC ............... 1
27,000 * E-TEK DYNAMICS, INC .......................... 7,123
28,800 ETHAN ALLEN INTERIORS, INC ................... 691
31,090 * FURNITURE BRANDS INTERNATIONAL, INC .......... 470
24,300 * GENERAL SEMICONDUCTOR, INC ................... 358
1,889,706 GILLETTE CO .................................. 66,022
9,400 HAVERTY FURNITURE COS, INC ................... 80
18,200 HELIX TECHNOLOGY CORP ........................ 710
3,500 * HI/FN, INC ................................... 155
13,600 * HUTCHINSON TECHNOLOGY, INC ................... 194
198,081 * INFINEON TECHNOLOGIES AG. ADR ................ 15,698
5,300 INNOVEX, INC ................................. 52
7,276,261 INTEL CORP ................................... 972,745
21,000 * INTERNATIONAL RECTIFIER CORP ................. 1,176
88,164 * JABIL CIRCUIT, INC ........................... 4,375
1,436,136 * JDS UNIPHASE CORP ............................ 172,157
8,280 * KEMET CORP ................................... 208
25,700 * KOPIN CORP ................................... 1,780
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 67
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
HOME APPLIANCES AND FURNISHINGS--(Continued)
13,800 * LASERSIGHT, INC .............................. $ 53
38,122 * LATTICE SEMICONDUCTOR CORP ................... 2,635
9,200 LA-Z-BOY, INC ................................ 129
253,300 LINEAR TECHNOLOGY CO ......................... 16,195
32,000 * LINENS `N THINGS, INC ........................ 868
1,662,500 * LSI LOGIC CORP ............................... 89,983
232,900 * MAXIM INTEGRATED PRODUCTS, INC ............... 15,823
5,700 * MAXWELL TECHNOLOGIES, INC .................... 77
56,200 MAYTAG CO .................................... 2,072
19,700 METHODE ELECTRONICS, INC (CLASS A) ........... 761
47,600 * MICREL, INC .................................. 2,068
100 * MICRO LINEAR CORP ............................ 1
62,905 * MICROCHIP TECHNOLOGY, INC .................... 3,665
62,300 * MICRON TECHNOLOGY, INC ....................... 5,486
26,300 * MMC NETWORKS, INC ............................ 1,405
29,515 MOLEX, INC ................................... 1,420
80,000 MURATA MANUFACTURING CO LTD .................. 11,508
31 * NATIONAL SEMICONDUCTOR CORP .................. 2
17,640 * NEOMAGIC CORP ................................ 53
71,230 * NEW FOCUS, INC ............................... 5,850
28,200 * NVIDIA CORP .................................. 1,792
2,475 * OIS OPTICAL IMAGING SYSTEMS, INC ............. 0
4 PARK ELECTROCHEMICAL CORP .................... 0
5,700 * PARKERVISION, INC ............................ 287
16,000 * PHOTRONICS, INC .............................. 454
70,245 PIER 1 IMPORTS, INC .......................... 685
14,400 * PLEXUS CORP .................................. 1,627
10,500 * PLX TECHNOLOGY, INC .......................... 436
293,000 * PMC-SIERRA, INC .............................. 52,062
18,200 * POWER INTEGRATIONS, INC ...................... 429
16,200 * POWER-ONE, INC ............................... 1,846
60,500 * QLOGIC CORP .................................. 3,997
61,364 * RAMBUS, INC .................................. 6,320
15,380 * READ RITE CORP ............................... 34
31 * RECOTON CORP ................................. 0
9,400 * RESTORATION HARDWARE, INC .................... 52
42,600 * RF MICRO DEVICES, INC ........................ 3,733
13,950 * S3, INC ...................................... 206
7,450 * SALTON, INC .................................. 275
915,998 * SANMINA CORP ................................. 78,318
19,800 * SAWTEK, INC .................................. 1,140
1,124,037 * SCG HOLDING CORP ............................. 24,588
64,400 * SCI SYSTEMS, INC ............................. 2,524
40,100 * SDL, INC ..................................... 11,436
14,000 * SELECT COMFORT CORP .......................... 45
26,700 * SEMTECH CORP ................................. 2,042
3,700 * SILICONIX, INC ............................... 250
5,185 * SIMPSON MANUFACTURING CO, INC ................ 248
17,500 * SIPEX CORP ................................... 485
2,610,908 * SOLECTRON CORP ............................... 109,332
6,100 * SUNBEAM CORP ................................. 21
9,300 TECHNITROL, INC .............................. 901
3,875,766 TEXAS INSTRUMENTS, INC ....................... 266,217
41,300 * TITAN CORP ................................... 1,848
33,050 * TRANSWITCH CORP .............................. 2,551
26,300 * TRIQUINT SEMICONDUCTOR, INC .................. 2,517
16,300 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC 1,024
94 * VISHAY INTERTECHNOLOGY, INC .................. 4
135,600 * VITESSE SEMICONDUCTOR CORP ................... 9,975
34,517 * WILLIAMS-SONOMA, INC ......................... 1,120
1,125,500 * XILINX, INC .................................. 92,924
18,000 * ZOMAX, INC ................................... 236
----------
2,485,314
----------
TEXTILE APPAREL AND ACCESSORIES--0.43%
77,354 * ABERCROMBIE & FITCH CO (CLASS A) ............. 943
16,500 * AMERICAN EAGLE OUTFITTERS, INC ............... 231
14,500 * ANN TAYLOR STORES CORP ....................... 480
7,200 * BEBE STORES, INC ............................. 60
5,000 * BUCKLE, INC .................................. 59
6,000 BURLINGTON COAT FACTORY WAREHOUSE CORP ....... 65
9,200 CATO CORP (CLASS A) .......................... 107
11,000 * CHICO'S FAS, INC ............................. 220
13,300 * CHILDREN'S PLACE RETAIL STORES, INC .......... 273
33,047 CLAIRE'S STORES, INC ......................... 636
4,700 * COLUMBIA SPORTSWEAR CO ....................... 126
3,000 * DAVID'S BRIDAL, INC .......................... 35
3,400 DEB SHOPS, INC ............................... 43
2,300 * DONNA KARAN INTERNATIONAL, INC ............... 15
5,100 * FINISH LINE, INC (CLASS A) ................... 42
9,200 * FOOTSTAR, INC ................................ 306
10,325 * FOSSIL, INC .................................. 201
533,332 GAP, INC ..................................... 16,667
20,500 * GENESCO, INC ................................. 329
4,100 * GLOBAL SPORTS, INC ........................... 26
2,800 * GOODY'S FAMILY CLOTHING, INC ................. 15
5,500 * GUESS ?, INC ................................. 77
400 * GYMBOREE CORP ................................ 1
67,850 INTIMATE BRANDS, INC (CLASS A) ............... 1,340
82,438 * JONES APPAREL GROUP, INC ..................... 1,937
50 b* JUST FOR FEET, INC ........................... 0
1,728 * KENNETH COLE PRODUCTIONS, INC ................ 69
4,000 K-SWISS, INC (CLASS A) ....................... 64
14,512 LIMITED, INC ................................. 314
19,736 * MEN'S WEARHOUSE, INC ......................... 440
3,793 * MOHAWK INDUSTRIES, INC ....................... 82
5,000 MOVADO GROUP, INC ............................ 60
5,300 * NAUTICA ENTERPRISES, INC ..................... 57
987,000 NIKE, INC (CLASS B) .......................... 39,295
12,900 NORDSTROM, INC ............................... 311
19,200 * OAKLEY, INC .................................. 221
9,300 ONEIDA LTD ................................... 165
5,700 OSHKOSH B'GOSH, INC (CLASS A) ................ 93
22,087 * PACIFIC SUNWEAR CALIFORNIA, INC .............. 414
7,900 * POLO RALPH LAUREN CORP ....................... 113
16,419 * QUIKSILVER, INC .............................. 256
2,348 * REEBOK INTERNATIONAL LTD ..................... 37
31,600 ROSS STORES, INC ............................. 539
585 * SAMSONITE CORP ............................... 3
9,000 * SHOE CARNIVAL, INC ........................... 56
16,200 * STEIN MART, INC .............................. 166
26,600 STRIDE RITE CORP ............................. 163
2,200 TALBOTS, INC ................................. 121
2,300 * TARRANT APPAREL GROUP ........................ 21
7,500 * TIMBERLAND CO ................................ 531
246,277 TJX COS, INC ................................. 4,618
11,686 * TOO, INC ..................................... 297
3,300 * TROPICAL SPORTSWEAR INTERNATIONAL CORP ....... 58
6,400 * URBAN OUTFITTERS, INC ........................ 56
3,000 WARNACO GROUP, INC (CLASS A) ................. 23
26,900 WESTPOINT STEVENS, INC ....................... 299
7,800 * WET SEAL, INC (CLASS A) ...................... 102
2,700 WOLVERINE WORLD WIDE, INC .................... 27
----------
73,305
----------
TOTAL CONSUMER DURABLE ....................... 2,558,619
----------
ENERGY--0.21%
OIL, GAS AND OTHER ENERGY SERVICES--0.21%
25,400 ANADARKO PETROLEUM CORP ...................... 1,253
36,379 APACHE CORP .................................. 2,140
5,483 * ATWOOD OCEANICS, INC ......................... 243
28,100 * BARRETT RESOURCES CORP ....................... 855
8,400 * BASIN EXPLORATION, INC ....................... 150
SEE NOTES TO FINANCIAL STATEMENTS
68 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
OIL, GAS AND OTHER ENERGY SERVICES--(Continued)
22 * BELCO OIL & GAS CORP ......................... $ 0
19,800 BERRY PETROLEUM CO (CLASS A) ................. 337
3,500 * BJ SERVICES CO ............................... 219
14,800 * BROWN (TOM), INC ............................. 341
6,900 CABOT OIL & GAS CORP (CLASS A) ............... 146
4,200 * CAL DIVE INTERNATIONAL, INC .................. 228
31,200 * CHESAPEAKE ENERGY CORP ....................... 242
12 b* COHO ENERGY, INC ............................. 0
4,900 CONSOL ENERGY, INC ........................... 74
30,700 CROSS TIMBERS OIL CO ......................... 679
21,100 DEVON ENERGY CORP (NEW) ...................... 1,186
13,859 DIAMOND OFFSHORE DRILLING, INC ............... 487
33 * EEX CORP ..................................... 0
41,966 ENRON CORP ................................... 2,707
30,239 ENSCO INTERNATIONAL, INC ..................... 1,083
8,700 * EVERGREEN RESOURCES, INC ..................... 258
19,700 * FOREST OIL CORP .............................. 314
15,742 * FRIEDE GOLDMAN HALTER, INC ................... 141
32,814 * GLOBAL INDUSTRIES LTD ........................ 619
16,100 * GLOBAL MARINE, INC ........................... 454
144,700 * GREY WOLF, INC ............................... 724
189,048 HALLIBURTON CO ............................... 8,921
38,800 * HANOVER COMPRESSOR CO ........................ 1,474
71 * MCMORAN EXPLORATION CO ....................... 1
17,100 * MERIDIAN RESOURCE CORP ....................... 97
44,000 * NABORS INDUSTRIES, INC ....................... 1,829
22,200 * NEWFIELD EXPLORATION CO ...................... 869
6,500 NOBLE AFFILIATES, INC ........................ 242
44,937 * NOBLE DRILLING CORP .......................... 1,851
43 * OCEAN ENERGY, INC (NEW) ...................... 1
5,700 * OCEANEERING INTERNATIONAL, INC ............... 108
42 * PIONEER NATURAL RESOURCES CO ................. 1
12,100 * PLAINS RESOURCES, INC ........................ 194
31,100 POGO PRODUCING CO ............................ 688
6,700 * PRIDE INTERNATIONAL, INC ..................... 166
60,500 * R & B FALCON CORP ............................ 1,426
34 * ROWAN COS, INC ............................... 1
12,563 * STONE ENERGY CORP ............................ 751
21,800 * SYNTROLEUM CORP .............................. 373
61 TOSCO CORP ................................... 2
9,171 * TRANSMONTAIGNE, INC .......................... 56
60 * TRANSTEXAS GAS CORP (CLASS A) ................ 0
15,800 USX-MARATHON GROUP, INC ...................... 396
12,794 VASTAR RESOURCES, INC ........................ 1,051
30,900 VINTAGE PETROLEUM, INC ....................... 697
10,600 WD-40 CO ..................................... 220
11,900 * WEATHERFORD INTERNATIONAL, INC ............... 474
----------
TOTAL ENERGY ................................. 36,769
----------
FINANCE--1.96%
BANKS, SAVINGS AND LOANS--0.67%
5,400 ALABAMA NATIONAL BANCORP ..................... 107
6 BANCFIRST CORP ............................... 0
3,000 BANCFIRST OHIO CORP .......................... 49
3,700 BANK OF GRANITE CORP ......................... 85
1,815 * BOK FINANCIAL CORP ........................... 32
13,760 BRENTON BANKS, INC ........................... 191
3,515 BT FINANCIAL CORP ............................ 61
12,300 CAPITOL FEDERAL FINANCIAL .................... 136
1,700 CATHAY BANCORP, INC .......................... 79
13,543 * CENTENNIAL BANCORP ........................... 118
1,400 CENTURY SOUTH BANKS, INC ..................... 27
16,937 CHITTENDEN CORP .............................. 414
877,475 CITIGROUP, INC ............................... 52,868
8,634 CITIZENS BANKING CORP (MICHIGAN) ............. 140
5,666 CITY HOLDINGS CO ............................. 33
126 * COLUMBIA BANKING SYSTEM, INC ................. 2
12,577 COMMERCE BANCORP, INC ........................ 579
31,100 COMMUNITY FIRST BANKSHARES, INC .............. 507
12,531 CVB FINANCIAL CORP ........................... 198
7,751 F & M NATIONAL CORP .......................... 163
4,900 FARMERS CAPITAL BANK CORP .................... 149
139,965 FIFTH THIRD BANCORP .......................... 8,853
17,117 FIRST BANCORP (PUERTO RICO) .................. 318
1,900 FIRST COMMONWEALTH FINANCIAL CORP ............ 17
1,500 FIRST FEDERAL CAPITAL CORP ................... 17
29,870 FIRST FINANCIAL BANCORP ...................... 588
1,600 FIRST FINANCIAL HOLDINGS, INC ................ 22
700 FIRST MIDWEST BANCORP, INC ................... 16
6,100 FIRST SOURCE CORP ............................ 96
6,600 FIRST TENNESSEE NATIONAL CORP ................ 109
1,700 * FLAGSTAR BANCORP, INC ........................ 14
10,400 FRONTIER FINANCIAL CORP ...................... 191
1,100 GLACIER BANCORP, INC ......................... 15
9,100 GREATER BAY BANCORP .......................... 425
7,900 * HAMILTON BANCORP, INC ........................ 138
5 HARLEYSVILLE NATIONAL CORP ................... 0
2,100 HARRIS FINANCIAL, INC ........................ 13
1,800 HUDSON RIVER BANCORP, INC .................... 21
34,135 HUDSON UNITED BANCORP ........................ 766
18,104 * IMPERIAL BANCORP ............................. 282
5,500 IRWIN FINANCIAL CORP ......................... 79
100 JEFFERSON SAVINGS BANCORP, INC ............... 1
574,070 MBNA CORP .................................... 15,572
11,200 MERCHANTS NEW YORK BANCORP, INC .............. 193
2,400 MISSISSIPPI VALLEY BANCSHARES ................ 58
1,500 NATIONAL BANCORP OF ALASKA, INC .............. 54
65,600 NATIONAL COMMERCE BANCORP .................... 1,054
7,885 NATIONAL PENN BANCSHARES, INC ................ 163
44,300 NORTHERN TRUST CORP .......................... 2,882
5,100 NORTHWEST BANCORP, INC ....................... 35
9,700 ORIENTAL FINANCIAL GROUP ..................... 140
19,000 PACIFIC CAPITAL BANCORP ...................... 476
6,046 PARK NATIONAL CORP ........................... 549
3,885 PROVIDENT BANKSHARES CORP .................... 52
117,302 PROVIDIAN FINANCIAL CORP ..................... 10,557
9,150 QUEENS COUNTY BANCORP, INC ................... 169
1,000 R&G FINANCIAL CORP (CLASS B) ................. 8
40 ROSLYN BANCORP, INC .......................... 1
18,900 S & T BANCORP, INC ........................... 345
44,393 * S1 CORP ...................................... 1,035
5,100 SANDY SPRING BANCORP, INC .................... 104
4,200 SEACOAST FINANCIAL SERVICES CORP ............. 40
1,050 SHORELINE FINANCIAL CORP ..................... 12
53,715 SKY FINANCIAL GROUP, INC ..................... 856
12,987 * SOUTH FINANCIAL GROUP, INC ................... 188
22,200 * SOUTHWEST BANCORP OF TEXAS, INC .............. 461
20 SOVEREIGN BANCORP, INC ....................... 0
59,883 STATE STREET CORP ............................ 6,351
85 STATEN ISLAND BANCORP, INC ................... 1
19,400 STERLING BANCSHARES, INC ..................... 210
1,250 STERLING FINANCIAL CORP ...................... 25
103,900 SYNOVUS FINANCIAL CORP ....................... 1,831
38 TCF FINANCIAL CORP ........................... 1
6,400 TEXAS REGIONAL BANCSHARES, INC (CLASS A) ..... 162
12,600 TRUST CO OF NEW JERSEY ....................... 230
41,214 TRUSTCO BANK CORP (NEW YORK) ................. 515
3,055 U.S.B. HOLDINGS CO, INC ...................... 43
33,802 UNITED BANKSHARES, INC ....................... 615
3,900 UNITED COMMUNITY FINANCIAL CORP (OHIO) ....... 26
1,000 * UNITED NATIONAL BANCORP ...................... 18
31,950 W HOLDING CO, INC ............................ 264
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 69
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
BANKS, SAVINGS AND LOANS--(Continued)
800 WESBANCO, INC ................................ $ 19
4,719 WEST COAST BANCORP (OREGON) .................. 47
6,000 WESTAMERICA BANCORP .......................... 157
33,200 ZIONS BANCORP ................................ 1,525
----------
114,962
----------
CREDIT AND OTHER FINANCE--0.83%
32,400 * ACNEILSEN CORP ............................... 713
75 ADVANTA CORP (CLASS A) ....................... 1
1,000 * ALEXANDERS, INC .............................. 73
10,300 ALEXANDRIA REAL ESTATE EQUITIES, INC ......... 353
32,800 ALLIED CAPITAL CORP .......................... 558
636,938 AMERICAN EXPRESS CO .......................... 33,200
61,100 * AMERICREDIT CORP ............................. 1,039
200 * AMRESCO, INC ................................. 0
178,668 ASSOCIATES FIRST CAPITAL CORP ................ 3,987
49,300 BOSTON PROPERTIES, INC ....................... 1,904
161,108 CAPITAL ONE FINANCIAL CORP ................... 7,189
14,600 CHARLES E. SMITH RESIDENTIAL REALTY, INC ..... 555
100 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE ........ 1
7,800 CHATEAU PROPERTIES, INC ...................... 220
5,200 CHELSEA GCA REALTY, INC ...................... 180
28,207 * CHOICEPOINT, INC ............................. 1,255
11,400 b* CITYSCAPE FINANCIAL CORP ..................... 0
4,800 * COMPUCREDIT CORP ............................. 144
174,728 * CONCORD EFS, INC ............................. 4,543
12 COUNTRYWIDE CREDIT INDUSTRIES, INC ........... 0
17,181 COUSINS PROPERTIES, INC ...................... 661
18,300 DORAL FINANCIAL CORP ......................... 209
5,600 EAST WEST BANCORP, INC ....................... 81
115,200 EQUIFAX, INC ................................. 3,024
42 EQUITY OFFICE PROPERTIES TRUST ............... 1
5,200 * FEDERAL AGRICULTURE MORTGAGE CORP ............ 76
116,397 FEDERAL NATIONAL MORTGAGE ASSOCIATION ........ 6,074
6,216 FEDERAL REALTY INVESTMENT TRUST .............. 124
6,900 * FINANCIAL FEDERAL CORP ....................... 120
53,700 * FINET.COM, INC ............................... 37
2,400 FINOVA GROUP, INC ............................ 31
1,746,304 FIRSTAR CORP ................................. 36,782
348,152 FREDDIE MAC .................................. 14,100
2,100 GETTY REALTY HOLDINGS CORP ................... 23
54 GREAT LAKES REIT, INC ........................ 1
10,400 HEALTH CARE PROPERTY INVESTORS, INC .......... 283
45,791 HOUSEHOLD INTERNATIONAL, INC ................. 1,903
600 * IMC MORTGAGE CO .............................. 0
100 * IMPERIAL CREDIT INDUSTRIES, INC .............. 0
64,387 ISTAR FINANCIAL, INC ......................... 1,348
4,000 MANUFACTURED HOME COMMUNITIES, INC ........... 96
5,600 MEDALLION FINANCIAL CORP ..................... 86
91,800 MEDITRUST CORP PAIRED ........................ 344
47,200 METRIS COS, INC .............................. 1,186
677,767 * METROPOLITAN LIFE INSURANCE CO ............... 14,275
2,000 MID-STATE BANCSHARES ......................... 55
7,926 MILLS CORP ................................... 149
5,000 NATIONAL GOLF PROPERTIES, INC ................ 106
19,400 * NETBANK, INC ................................. 241
5,700 * NEXTCARD, INC ................................ 48
1,100 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST .... 19
13 POST PROPERTIES, INC ......................... 1
78 RECKSON ASSOCIATES REALTY CORP ............... 2
2,800 SAUL CENTERS, INC ............................ 45
2,600 SENIOR HOUSING PROPERTIES TRUST .............. 19
13,400 * SIERRACITIES.COM, INC ........................ 50
64 SIMON PROPERTY GROUP, INC .................... 1
128,484 SLM HOLDINGS CORP ............................ 4,810
9,900 * TELESCAN, INC ................................ 72
14,600 TOWN & COUNTRY TRUST ......................... 251
12,000 * UNICAPITAL CORP .............................. 6
100 b* UNITED COS FINANCIAL CORP .................... 0
19,827 WASHINGTON REAL ESTATE INVESTMENT TRUST ...... 354
2,997 WEINGARTEN REALTY INVESTORS, INC ............. 124
----------
143,130
----------
INSURANCE--0.15%
40,474 AFLAC, INC ................................... 1,859
129,416 AMERICAN INTERNATIONAL GROUP, INC ............ 15,206
14,200 BLANCH (E.W.) HOLDINGS, INC .................. 288
8,500 BROWN & BROWN, INC ........................... 442
23,804 CRAWFORD & CO (CLASS B) ...................... 262
31,704 * FIRST HEALTH GROUP CORP ...................... 1,040
6,200 * FPIC INSURANCE GROUP, INC .................... 97
29,900 GALLAGHER (ARTHUR J.) & CO ................... 1,256
1,700 HCC INSURANCE HOLDINGS, INC .................. 32
8,300 * HEALTHAXIS, INC .............................. 32
9,400 HILB, ROGAL & HAMILTON CO .................... 326
22,100 HSB GROUP, INC ............................... 688
300 * MARKEL CORP .................................. 42
14,200 * MID ATLANTIC MEDICAL SERVICES, INC ........... 192
67,330 * OXFORD HEALTH PLANS, INC ..................... 1,603
2,688 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ..... 162
8,100 PROGRESSIVE CORP ............................. 599
20 PROTECTIVE LIFE CORP ......................... 1
5,339 RADIAN GROUP, INC ............................ 276
1,168 REINSURANCE GROUP OF AMERICA, INC ............ 35
1,800 STANCORP FINANCIAL GROUP, INC ................ 58
5,100 * TRIAD GUARANTY, INC .......................... 117
2,800 * UICI ......................................... 18
7,400 UNITEDHEALTH GROUP, INC ...................... 635
11,000 * WELLPOINT HEALTH NETWORKS, INC ............... 797
----------
26,063
----------
SECURITIES AND COMMODITIES--0.31%
19,264 * AFFILIATED MANAGERS GROUP, INC ............... 877
52,400 * AMERITRADE HOLDINGS CORP (CLASS A) ........... 609
400 DAIN RAUSCHER CORP ........................... 26
174,423 * E TRADE GROUP, INC ........................... 2,878
23,824 EATON VANCE CORP ............................. 1,102
45,400 FEDERATED INVESTORS, INC ..................... 1,592
71,513 FRANKLIN RESOURCES, INC ...................... 2,172
18,800 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC ........ 153
9,500 * INVESTMENT TECHNOLOGY GROUP, INC ............. 375
23,600 INVESTORS FINANCIAL SERVICES CORP ............ 937
7,109 JOHN NUVEEN CO (CLASS A) ..................... 298
63,100 * KNIGHT TRADING GROUP, INC .................... 1,881
11,600 MORGAN KEEGAN, INC ........................... 171
8,800 * NATIONAL DISCOUNT BROKERS GROUP, INC ......... 281
21,400 * PIONEER GROUP, INC ........................... 907
84,100 PRICE (T. ROWE) ASSOCIATES, INC .............. 3,574
25,500 RAYMOND JAMES FINANCIAL CORP ................. 574
920,454 SCHWAB (CHARLES) CORP ........................ 30,950
11,500 SOUTHWEST SECURITIES GROUP, INC .............. 428
3,900 THE GOLDMAN SACHS GROUP, INC ................. 370
67 TUCKER ANTHONY SUTRO CORP .................... 1
20,900 UNITED ASSET MANAGEMENT CORP ................. 489
2,000 VALUE LINE, INC .............................. 77
68,650 WADDELL & REED FINANCIAL, INC (CLASS A) ...... 2,253
----------
52,975
----------
TOTAL FINANCE ................................ 337,130
----------
FOODS AND RELATED--2.59%
BEVERAGES, OTHER FOOD PRODUCTS--2.42%
10,020 * 7-ELEVEN, INC ................................ 138
67,700 ALBERTSONS, INC .............................. 2,251
20,200 * AMERICAN ITALIAN PASTA CO (CLASS A) .......... 418
SEE NOTES TO FINANCIAL STATEMENTS
70 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
BEVERAGES, OTHER FOOD PRODUCTS--(Continued)
103,868 ANHEUSER-BUSCH COS, INC ...................... $ 7,758
20,140 APPLEBEES INTERNATIONAL, INC ................. 610
2,000 * AURORA FOODS, INC ............................ 8
100 AVADO BRANDS, INC ............................ 0
17,200 * BERINGER WINE ESTATES HOLDINGS, INC (CLASS B) 607
118,245 BESTFOODS, INC ............................... 8,188
50 b* BOSTON CHICKEN, INC .......................... 0
38 BROWN FORMAN, INC (CLASS B) .................. 2
27,000 * CADIZ, INC ................................... 216
146,356 CAMPBELL SOUP CO ............................. 4,263
900 * CANANDAIGUA BRANDS, INC (CLASS A) ............ 45
20 CBRL GROUP, INC .............................. 0
20,733 * CEC ENTERTAINMENT, INC ....................... 531
2,400 * CENTRAL GARDEN & PET CO ...................... 22
22,900 CKE RESTAURANTS, INC ......................... 69
400 COCA COLA BOTTLING CO CONSOLIDATED ........... 18
2,291,408 COCA COLA CO ................................. 131,613
195,058 COCA COLA ENTERPRISES, INC ................... 3,182
11,838 * CONSOLIDATED PRODUCTS, INC ................... 107
7,500 * DAVE & BUSTERS, INC .......................... 47
29,800 * DEL MONTE FOODS CO ........................... 203
26 DELHAIZE AMERICA, INC (CLASS B) .............. 0
30,800 DELTA & PINE LAND CO ......................... 772
92 DIMON, INC ................................... 0
10,600 DREYERS GRAND ICE CREAM, INC ................. 223
8,956 EARTHGRAINS CO ............................... 174
300 b* EINSTEIN/NOAH BAGEL CORP ..................... 0
5,800 * FINE HOST CORP ............................... 2
3,600 FLOWERS INDUSTRIES, INC ...................... 72
117,504 GENERAL MILLS, INC ........................... 4,495
1,000 * GRAND UNION CO ............................... 1
23,600 * HAIN CELESTIAL GROUP, INC .................... 866
16 HANNAFORD BROTHERS, INC ...................... 1
70,767 HEINZ (H.J.) CO .............................. 3,096
8,600 HERSHEY FOODS CORP ........................... 417
500 * HINES HORTICULTURE, INC ...................... 3
11,200 * IHOP CORP (NEW) .............................. 188
13,962 * INTERNATIONAL HOME FOODS, INC ................ 292
31,004 * JACK IN THE BOX, INC ......................... 763
15,800 KEEBLER FOODS CO ............................. 587
79,803 KELLOGG CO ................................... 2,374
684,180 * KROGER CO .................................... 15,095
50 LANCASTER COLONY CORP ........................ 1
14,500 LANCE, INC ................................... 131
189 LANDRY'S SEAFOOD RESTAURANTS, INC ............ 2
50 LONE STAR STEAKHOUSE & SALOON, INC ........... 1
520,012 MCDONALD'S CORP .............................. 17,128
9,910 MORRISON MANAGEMENT SPECIALISTS, INC ......... 279
50 NABISCO GROUP HOLDINGS ....................... 1
5,100 * NPC INTERNATIONAL, INC ....................... 46
4,800 * O'CHARLEY'S, INC ............................. 65
50,000 * OUTBACK STEAKHOUSE, INC ...................... 1,463
2,200 * P.F. CHANGS CHINA BISTRO, INC ................ 70
14,830 * PAPA JOHN'S INTERNATIONAL, INC ............... 363
77,800 PEPSI BOTTLING GROUP, INC .................... 2,271
1,188,754 PEPSICO, INC ................................. 52,825
4,800 * PERFORMANCE FOOD GROUP CO .................... 154
8,700 PILGRIMS PRIDE CORP (CLASS B) ................ 62
49,041 QUAKER OATS CO ............................... 3,684
48,412 RALSTON PURINA CO ............................ 965
3,300 RIVIANA FOODS, INC ........................... 58
38,200 RUBY TUESDAY, INC ............................ 480
2,392,538 * SAFEWAY, INC ................................. 107,963
654,362 SARA LEE CORP ................................ 12,637
31,600 * SMITHFIELD FOODS, INC ........................ 887
14,069 SODEXHO MARRIOTT SERVICES, INC ............... 225
13,550 * SONIC CORP ................................... 398
151,100 * STARBUCKS CORP ............................... 5,770
230,078 SYSCO CORP ................................... 9,692
20,650 * THE CHEESECAKE FACTORY CO .................... 568
8,216 TOOTSIE ROLL INDUSTRIES, INC ................. 288
9,600 * TRIARC COS, INC .............................. 197
62,415 * TRICON GLOBAL RESTAURANTS, INC ............... 1,763
6,200 * UNITED NATURAL FOODS, INC .................... 85
6,800 UNIVERSAL FOODS CORP ......................... 126
8,900 * VETERINARY CENTERS OF AMERICA, INC ........... 122
42,300 VIAD CORP .................................... 1,153
6,810 * VLASIC FOODS INTERNATIONAL, INC .............. 11
24,300 WHITMAN CORP ................................. 301
20,900 * WHOLE FOODS MARKET, INC ...................... 863
14,550 * WILD OATS MARKETS, INC ....................... 183
36,585 WRIGLEY (WM) JR CO ........................... 2,934
----------
415,932
----------
TOBACCO--0.17%
996,173 PHILIP MORRIS COS, INC ....................... 26,461
27,016 RJR REYNOLDS TOBACCO HOLDINGS, INC ........... 755
52,500 UST, INC ..................................... 771
3,765 VECTOR GROUP LTD ............................. 56
----------
28,043
----------
TOTAL FOODS AND RELATED ...................... 443,975
----------
HEALTH--15.32%
DRUGS AND PHARMACEUTICALS--13.51%
1,488,342 ABBOTT LABORATORIES CO ....................... 66,324
19,700 * ABGENIX, INC ................................. 2,361
50 * ADVANCED TISSUE SCIENCE, INC ................. 0
4,700 * ALBANY MOLECULAR RESEARCH, INC ............... 256
14,300 * ALGOS PHARMACEUTICAL CORP .................... 218
41,200 * ALKERMES, INC ................................ 1,942
108,100 ALLERGAN, INC ................................ 8,053
19,600 ALPHARMA, INC (CLASS A) ...................... 1,220
71,700 * ALZA CORP .................................... 4,239
2,568,763 AMERICAN HOME PRODUCTS CORP .................. 150,915
42,800 * AMERISOURCE HEALTH CORP (CLASS A) ............ 1,327
1,637,896 * AMGEN, INC ................................... 115,062
50 * AMYLIN PHARMACEUTICALS, INC .................. 1
28,600 * ANDRX CORP ................................... 1,828
9,100 * ANESTA CORP .................................. 226
13,700 * AVIRON, INC .................................. 423
19,050 * BARR LABORATORIES, INC ....................... 854
66,511 BERGEN BRUNSWIG CORP (CLASS A) ............... 366
18,400 BINDLEY WESTERN INDUSTRIES, INC .............. 486
124,300 * BIOGEN, INC .................................. 8,017
16,500 * BIOMATRIX, INC ............................... 373
44,000 * BIO-TECHNOLOGY GENERAL CORP .................. 580
20 * BIOVAIL CORP ................................. 1
2,622,246 BRISTOL MYERS SQUIBB CO ...................... 152,746
2,815,172 CARDINAL HEALTH, INC ......................... 208,323
161,706 * CAREMARK RX, INC ............................. 1,102
9 * CELL GENESYS, INC ............................ 0
14,817 * CELL PATHWAYS, INC ........................... 348
25,700 * CEPHALON, INC ................................ 1,539
6,400 * CHATTEM, INC ................................. 88
10,700 * CHIREX, INC .................................. 214
39,116 * CHIRON CORP .................................. 1,858
15,000 * COLUMBIA LABORATORIES, INC ................... 86
19,500 * COR THERAPEUTICS, INC ........................ 1,664
16,400 * CORIXA CORP .................................. 704
13,500 * COULTER PHARMACEUTICALS, INC ................. 277
80 * CREATIVE BIOMOLECULES, INC ................... 1
95 * CRESCENDO PHARMACEUTICALS CORP ............... 2
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 71
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
DRUGS AND PHARMACEUTICALS--(Continued)
320,839 CVS CORP ..................................... $ 12,834
3,800 DIAGNOSTIC PRODUCTS CORP ..................... 122
12,800 * DUANE READE, INC ............................. 330
15,450 * DURA PHARMACEUTICALS, INC .................... 222
16,100 * DURAMED PHARMACEUTICALS, INC ................. 88
33,000 * ENZON, INC ................................... 1,403
200 * EPITOPE, INC ................................. 3
69,400 * FOREST LABORATORIES, INC ..................... 7,009
7,700 * GELTEX PHARMACEUTICALS, INC .................. 157
129,400 * GENENTECH, INC ............................... 22,257
22,600 * GENZYME CORP (GENERAL DIVISION) .............. 1,343
24 * GENZYME CORP (TISSUE REPAIR DIVISION) ........ 0
35 * GENZYME SURGICAL PRODUCTS .................... 0
36,383 * GILEAD SCIENCES, INC ......................... 2,588
1,362,000 * GLAXO WELLCOME PLC (SPONS ADR) ............... 78,741
1,380,200 a GUILFORD PHARMACEUTICALS, INC ................ 20,789
18,900 * HEMISPHERX BIOPHARMA, INC .................... 106
44,900 * HUMAN GENOME SCIENCES, INC ................... 5,989
57,203 ICN PHARMACEUTICALS, INC ..................... 1,591
33,000 * ICOS CORP .................................... 1,452
36,200 * IDEC PHARMACEUTICALS CORP .................... 4,247
28,600 * IDEXX LABORATORIES, INC ...................... 654
7,600 * IGEN INTERNATIONAL, INC ...................... 126
25,600 * IMCLONE SYSTEMS, INC ......................... 1,957
189,400 * IMMUNEX CORP ................................. 9,363
13,600 * INHALE THERAPEUTIC SYSTEMS ................... 1,380
5,600 * INVITROGEN CORP .............................. 421
28,320 * ISIS PHARMACEUTICALS, INC .................... 411
78,549 * IVAX CORP .................................... 3,260
1,339,222 JOHNSON & JOHNSON CO ......................... 136,433
45,175 JONES PHARMACEUTICAL, INC .................... 1,804
36,584 * KING PHARMACEUTICALS, INC .................... 1,605
8,050 * KV PHARMACEUTICAL CO (CLASS B) ............... 219
41,640 * LIGAND PHARMACEUTICALS CO (CLASS A) .......... 549
1,833,662 LILLY (ELI) & CO ............................. 183,137
66 LYONDELL CHEMICAL CO ......................... 1
13,500 * MACROCHEM CORP (DELAWARE) .................... 65
50 * MATRIX PHARMACEUTICALS, INC .................. 1
102,694 MCKESSON HBOC, INC ........................... 2,150
23,500 * MEDICIS PHARMACEUTICAL CORP (CLASS A) ........ 1,340
151,525 * MEDIMMUNE, INC ............................... 11,213
4,275,615 MERCK & CO, INC .............................. 327,619
75,400 * MILLENNIUM PHARMACEUTICALS, INC .............. 8,435
88,829 MYLAN LABORATORIES, INC ...................... 1,621
11,600 NATURES SUNSHINE PRODUCTS, INC ............... 81
3,400 * NCS HEALTHCARE, INC (CLASS A) ................ 3
80 * NOVEN PHARMACEUTICALS, INC ................... 2
34,600 * NU SKIN ENTERPRISES, INC (CLASS A) ........... 199
33,100 OMNICARE, INC ................................ 300
26,800 * ORGANOGENESIS, INC ........................... 307
10,500 * PATHOGENESIS CORP ............................ 273
10,363,494 PFIZER, INC .................................. 497,448
13,900 * PHARMACEUTICAL RESOURCES, INC ................ 73
12,900 * PHARMACYCLICS, INC ........................... 787
3,150 * PRIORITY HEALTHCARE CORP (CLASS B) ........... 234
6,300 * PROTEIN DESIGN LABORATORIES, INC ............. 1,039
8,000 * SAFESCIENCE, INC ............................. 42
12,200 * SANGSTAT MEDICAL CORP ........................ 352
6,300 * SCHEIN PHARMACEUTICAL, INC ................... 136
3,700,432 SCHERING-PLOUGH CORP ......................... 186,872
60,000 * SEPRACOR, INC ................................ 7,238
50 * SEROLOGICALS CORP ............................ 0
93 * SHIRE PHARMACEUTICALS GROUP PLC ADR .......... 5
13,878 * SICOR, INC ................................... 111
18,500 * SUPERGEN, INC ................................ 671
7,700 * SYNCOR INTERNATIONAL CORP .................... 554
16,400 * TECHNE CORP .................................. 2,132
18,100 * THERAGENICS CORP ............................. 155
16,000 * TRANSKARYOTIC THERAPIES, INC ................. 588
25,600 * TRIANGLE PHARMACEUTICALS, INC ................ 232
19,766 * VENTIV HEALTH, INC ........................... 220
2,740 * VERTEX PHARMACEUTICALS, INC .................. 289
15,600 * VICAL, INC ................................... 300
830,130 WALGREEN CO .................................. 26,720
73,500 * WATSON PHARMACEUTICALS, INC .................. 3,951
300 WEST PHARMACEUTICAL SERVICES, INC ............ 6
38 * ZILA, INC .................................... 0
----------
2,320,379
----------
MEDICAL EQUIPMENT AND SUPPLIES--1.54%
17,800 * ACUSON CORP .................................. 240
14,900 * AFFYMETRIX, INC .............................. 2,460
401,163 * AGILENT TECHNOLOGIES, INC .................... 29,586
18,000 * ALARIS MEDICAL, INC .......................... 32
5,400 * APPLIED ANALYTICAL INDUSTRIES, INC ........... 52
7,540 ARROW INTERNATIONAL, INC ..................... 253
25,500 BAUSCH & LOMB, INC ........................... 1,973
54,524 BAXTER INTERNATIONAL, INC .................... 3,834
200 * BAXTER INTERNATIONAL, INC RTS ................ 0
25,500 BECKMAN COULTER, INC ......................... 1,489
141,484 BECTON DICKINSON & CO ........................ 4,059
85,500 BIOMET, INC .................................. 3,286
220,100 * BOSTON SCIENTIFIC CORP ....................... 4,828
5,600 * BRITESMILE, INC .............................. 25
4,600 * CLOSURE MEDICAL CORP ......................... 106
20 * CNS, INC ..................................... 0
29,300 * COGNEX CORP .................................. 1,516
2,500 COHU, INC .................................... 67
11,200 * CONMED CORP .................................. 290
9,000 COOPER COS, INC .............................. 327
297 b* CPX CORP ..................................... 0
35,000 * CREDENCE SYSTEMS CORP ........................ 1,932
13,600 * CYBERONICS, INC .............................. 163
29,900 * CYTYC CORP ................................... 1,596
1,300 DATASCOPE CORP ............................... 47
3,600 DENTSPLY INTERNATIONAL, INC .................. 111
17,000 * DIONEX CORP .................................. 455
58 * DYNATECH CORP ................................ 1
14,600 * ECLIPSE SURGICAL TECHNOLOGY, INC ............. 64
34,584 * EDWARDS LIFESCIENCES CORP .................... 640
18,100 * ENZO BIOCHEMICAL, INC ........................ 1,249
10 FRESENIUS MEDICAL CARE AG. ADR ............... 0
20,122 * GENRAD, INC .................................. 181
7,000 * GLIATECH, INC ................................ 142
575,218 * GUIDANT CORP ................................. 28,473
12,700 * HAEMONETICS CORP ............................. 267
9,900 * HANGER ORTHOPEDIC GROUP, INC ................. 49
6,800 * IMPATH, INC .................................. 369
2,700 INVACARE CORP ................................ 71
96,600 * KLA-TENCOR CORP .............................. 5,657
100 * LABORATORY CORP OF AMERICA HOLDINGS .......... 8
37,800 * LTX CORP ..................................... 1,321
18,300 * MECHANICAL TECHNOLOGY, INC ................... 275
30,812 * MEDICAL MANAGER CORP ......................... 1,050
2,300,273 MEDTRONIC, INC ............................... 114,582
13,700 MENTOR CORP .................................. 372
30,909 * METTLER-TOLEDO INTERNATIONAL, INC ............ 1,236
37,600 MILLIPORE CORP ............................... 2,834
17,000 * MINIMED, INC ................................. 2,006
5,200 * MKS INSTRUMENTS, INC ......................... 203
9,000 * MOLECULAR DEVICES CORP ....................... 623
11,300 * NOVOSTE CORP ................................. 689
SEE NOTES TO FINANCIAL STATEMENTS
72 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
MEDICAL EQUIPMENT AND SUPPLIES--(Continued)
16,600 * OCULAR SCIENCES, INC ......................... $ 195
10,300 * OSTEOTECH, INC ............................... 108
171,600 PE CORP-PE BIOSYSTEMS GROUP .................. 11,304
14,700 PERKINELMER, INC ............................. 972
23,600 * RESMED, INC .................................. 631
22,900 * RESPIRONICS, INC ............................. 412
50 * ROBOTIC VISION SYSTEMS, INC .................. 1
4,000 b* SABRATEK CORP ................................ 1
11,300 * SCOTT TECHNOLOGIES, INC ...................... 194
83 * SONOSITE, INC ................................ 2
19,151 * ST. JUDE MEDICAL, INC ........................ 879
51,100 * STERIS CORP .................................. 454
117,678 * STRYKER CORP ................................. 5,148
36,700 * SUMMIT TECHNOLOGY, INC ....................... 693
37,000 * SUNRISE TECHNOLOGIES INTERNATIONAL, INC ...... 370
83,575 * SYBRON INTERNATIONAL CORP .................... 1,656
3,033 TELEFLEX, INC ................................ 108
123,700 * TERADYNE, INC ................................ 9,092
10,700 * THERMO CARDIOSYSTEMS, INC .................... 107
11,400 * THERMO ELECTRON CORP ......................... 240
10,800 * THERMO INSTRUMENT SYSTEMS, INC ............... 203
300 * UROMED CORP .................................. 1
19,400 * VARIAN, INC .................................. 895
10,700 * VEECO INSTRUMENTS, INC ....................... 784
10,900 * VENTANA MEDICAL SYSTEMS, INC ................. 256
44,300 * VISX, INC .................................... 1,243
2,200 VITAL SIGNS, INC ............................. 40
51,900 * WATERS CORP .................................. 6,478
14,800 * WESLEY JESSEN VISIONCARE, INC ................ 556
----------
264,112
----------
MEDICAL FACILITIES MANAGEMENT--0.27%
2,700 * ACCREDO HEALTH, INC .......................... 93
15,000 * ADVANCE PARADIGM, INC ........................ 308
11,000 * ALTERRA HEALTHCARE CORP ...................... 22
57,720 * AMERICAN HOMEPATIENT, INC .................... 20
8,300 * AMERICAN RETIREMENT CORP ..................... 46
8,700 * AMERIPATH, INC ............................... 77
15,323 * CAREMATRIX CORP .............................. 8
4,800 * COVENTRY HEALTH CARE, INC .................... 64
16,800 * EXPRESS SCRIPTS, INC ......................... 1,044
2,475 b* FPA MEDICAL MANAGEMENT, INC .................. 0
76 b* GENESIS HEALTH VENTURES, INC ................. 0
181,400 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A)(NEW) ............................... 2,370
35,573 * HEALTHSOUTH CORP ............................. 256
52,300 HOOPER HOLMES, INC ........................... 418
19,400 * LASER VISION CENTERS, INC .................... 120
23,253 * LCA-VISION, INC .............................. 57
15,904 * LIFEPOINT HOSPITALS, INC ..................... 354
14,780 * LINCARE HOLDINGS, INC ........................ 364
9,500 * MANOR CARE, INC .............................. 67
32,800 * ORTHODONTIC CENTERS OF AMERICA, INC .......... 742
6,876 * PEDIATRIX MEDICAL GROUP, INC ................. 80
43,050 * PHYCOR, INC .................................. 27
1,639 b* PHYSICIANS RESOURCE GROUP, INC ............... 0
10,900 * PROVINCE HEALTHCARE CO ....................... 394
90 * QUORUM HEALTH GROUP, INC ..................... 1
36,150 * RENAL CARE GROUP, INC ........................ 884
14,300 * RES-CARE, INC ................................ 77
100 b* SUN HEALTHCARE GROUP, INC .................... 0
14,100 * SUNRISE ASSISTED LIVING, INC ................. 261
1,355,800 TENET HEALTHCARE CORP ........................ 36,607
60,700 * TOTAL RENAL CARE HOLDINGS, INC ............... 364
16,204 * TRIAD HOSPITALS, INC ......................... 392
4,800 * UNIVERSAL HEALTH SERVICES, INC ............... 314
26,336 * US ONCOLOGY, INC ............................. 132
242 b* VENCOR, INC .................................. 0
----------
45,963
----------
TOTAL HEALTH ................................. 2,630,454
----------
INDUSTRIAL MACHINERY--8.76%
ELECTRICAL--4.83%
200 * ADVANCED LIGHTING TECHNOLOGIES, INC .......... 4
29,100 AMETEK, INC .................................. 509
9,400 * ANICOM, INC .................................. 35
56 * ANIXTER INTERNATIONAL, INC ................... 1
13,400 * ARGUSS COMMUNICATIONS, INC ................... 253
17,700 BALDOR ELECTRIC CO ........................... 330
8,500 BARNES GROUP, INC ............................ 139
21,589 * BRIGHTPOINT, INC ............................. 187
23,806 C&D TECHNOLOGIES, INC ........................ 1,345
24,256 * CELLSTAR CORP ................................ 67
18,000 * ELECTRO SCIENTIFIC INDUSTRIES, INC ........... 793
13,004 * ENERGIZER HOLDINGS, INC ...................... 237
600 * FIREARMS TRAINING SYSTEMS, INC ............... 0
2,600 FRANKLIN ELECTRIC CO, INC .................... 176
15,532,107 GENERAL ELECTRIC CO .......................... 823,202
400 * HMT TECHNOLOGY CORP .......................... 1
2,700 * KENT ELECTRONICS CORP ........................ 80
13,750 * KOMAG, INC ................................... 24
10,700 * LITTELFUSE, INC .............................. 524
6,800 LSI INDUSTRIES, INC .......................... 103
78 * MAGNETEK, INC ................................ 1
21,400 * RAYOVAC CORP ................................. 479
14,100 SLI, INC ..................................... 171
15,000 * VICOR CORP ................................... 522
8,900 * WESCO INTERNATIONAL, INC ..................... 85
80 * ZOLTEK COS, INC .............................. 1
----------
829,269
----------
OTHER INDUSTRIAL EQUIPMENT--3.93%
5,300 * A.S.V., INC .................................. 76
530 ALLIED PRODUCTS CORP ......................... 1
661,090 * APPLIED MATERIALS, INC ....................... 59,911
33,700 APPLIED POWER, INC (CLASS A) ................. 1,129
16,700 * ASTEC INDUSTRIES, INC ........................ 424
18,300 * ASYST TECHNOLOGIES, INC ...................... 627
17,600 * ATMI, INC .................................... 818
8,000 * AVIATION SALES CO ............................ 50
14,902 BAKER HUGHES, INC ............................ 477
70,400 BLACK & DECKER CORP .......................... 2,768
9,800 CMI CORP (CLASS A) ........................... 34
2,400 COLUMBUS MCKINNON CORP ....................... 33
3,015 * COOPER CAMERON CORP .......................... 199
6,900 * CUNO, INC .................................... 160
15,157 DONALDSON CO, INC ............................ 299
6,900 * DRIL-QUIP, INC ............................... 323
1,600 * ELECTROGLAS, INC ............................. 34
5,800 FEDDERS CORP ................................. 34
100 FLOWSERVE CORP ............................... 2
6,900 * FSI INTERNATIONAL, INC ....................... 150
10,773 GRACO, INC ................................... 350
10,800 * GRANT PRIDECO, INC ........................... 270
7,700 IDEX CORP .................................... 243
29,676 JLG INDUSTRIES, INC .......................... 352
1,900 * JLK DIRECT DISTRIBUTION, INC (CLASS A) ....... 10
9,000 KAYDON CORP .................................. 189
52 KENNAMETAL, INC .............................. 1
1,600 * KULICHE & SOFFA INDUSTRIES, INC .............. 95
76,412 * LAM RESEARCH CORP ............................ 2,865
6,700 LINCOLN ELECTRIC HOLDINGS CO ................. 95
6,900 LINDSAY MANUFACTURING CO ..................... 135
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 73
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
OTHER INDUSTRIAL EQUIPMENT--(Continued)
16,672 MANITOWOC CO, INC ............................ $ 446
21,300 * MSC INDUSTRIAL DIRECT CO (CLASS A) ........... 446
5,500 NORDSON CORP ................................. 278
1,851,662 * NOVELLUS SYSTEMS, INC ........................ 104,735
19,800 * PRESSTEK, INC ................................ 323
16,100 * PRI AUTOMATION, INC .......................... 1,053
53 ROBBINS & MYERS, INC ......................... 1
24,045 ROPER INDUSTRIES, INC ........................ 616
11,700 SAUER-DANFOSS, INC ........................... 116
2,800 * SILICON VALLEY GROUP, INC .................... 72
13,900 * SMITH INTERNATIONAL, INC ..................... 1,012
8,700 * SPECIALTY EQUIPMENT COS, INC ................. 236
7,600 * SPEEDFAM-IPEC, INC ........................... 138
4,400 STANDEX INTERNATIONAL CORP ................... 70
9,300 TENNANT CO ................................... 349
14,600 * TEREX CORP ................................... 206
5,900 * THERMO FIBERTEK, INC ......................... 28
10,394,425 TYCO INTERNATIONAL LTD ....................... 492,436
9,000 * ULTRATECH STEPPER, INC ....................... 134
30 YORK INTERNATIONAL CORP ...................... 1
----------
674,850
----------
TOTAL INDUSTRIAL MACHINERY ................... 1,504,119
----------
MEDIA AND LEISURE--5.52%
BROADCASTING--4.34%
37,100 * ADELPHIA COMMUNICATIONS CORP (CLASS A) ....... 1,739
18,700 * AMC ENTERTAINMENT, INC ....................... 91
770,900 * AMFM, INC .................................... 53,192
69,296 * CABLEVISION SYSTEMS CORP (CLASS A) ........... 4,703
21,600 * CITADEL COMMUNICATIONS CORP .................. 755
183,624 * CLEAR CHANNEL COMMUNICATIONS, INC ............ 13,772
5,000 * CLEAR CHANNELCOMMUNICATIONS, INC
WTS 09/18/01 ................................. 59
18,400 * COMCAST CORP (CLASS A) ....................... 715
623,406 * COMCAST CORP (CLASS A) SPECIAL ............... 25,248
54,669 * COX COMMUNICATIONS, INC (CLASS A) ............ 2,491
20,300 * COX RADIO, INC (CLASS A) ..................... 568
23,900 * CUMULUS MEDIA, INC ........................... 218
2,421,647 DISNEY (WALT) CO ............................. 93,990
37,400 * EMMIS COMMUNICATIONS (CLASS A) ............... 1,547
17,000 * ENTERCOM COMMUNICATIONS CORP ................. 829
109,900 * FOX ENTERTAINMENT GROUP, INC ................. 3,338
8,600 * HEARST-ARGYLE TELEVISION, INC ................ 168
68,600 * HISPANIC BROADCASTING CORP ................... 2,272
23,900 * HOLLYWOOD ENTERTAINMENT CORP ................. 188
1,296,425 * INFINITY BROADCASTING CORP (CLASS A) ......... 47,238
4,300 * ON COMMAND CORP .............................. 61
80 * PAC-WEST TELECOMM, INC ....................... 2
15,987 * PANAMSAT CORP ................................ 698
23,500 * PAXSON COMMUNICATIONS CORP ................... 188
17,700 * PEGASUS COMMUNICATIONS CORP .................. 868
9,100 * PIXAR, INC ................................... 321
35,400 * PRICE COMMUNICATIONS CORP .................... 834
7,800 * RADIO ONE, INC ............................... 231
15,000 * RADIO ONE, INC (CLASS D) ..................... 331
5,475 * SAGA COMMUNICATIONS, INC (CLASS A) ........... 120
1,500 * SINCLAIR BROADCASTING GROUP, INC (CLASS A ) .. 17
19,100 * SIRIUS SATELLITE RADIO, INC .................. 846
60 * TCI SATELLITE ENTERTAINMENT (CLASS A) ........ 1
2,013,440 TIME WARNER, INC ............................. 153,021
5,039,000 TOEI CO LTD .................................. 36,909
30,000 * TV GUIDE, INC ................................ 1,028
11,234 * U.S.A. NETWORKS, INC ......................... 243
4,500 UNITED TELEVISION, INC ....................... 579
52,600 * UNITEDGLOBALCOM, INC (CLASS A) ............... 2,459
65,300 * UNIVISION COMMUNICATIONS, INC ................ 6,759
9,400 * VALLEY MEDIA, INC ............................ 33
24,392 * VIACOM, INC (CLASS A) ........................ 1,668
4,178,640 * VIACOM, INC (CLASS B) ........................ 284,931
21,495 * WAVO CORP .................................... 16
5,100 * YOUNG BROADCASTING, INC (CLASS A) ............ 131
----------
745,416
----------
LODGING/GAMING/RECREATION--1.10%
5,295 * ANCHOR GAMING CO ............................. 254
14,300 * ARGOSY GAMING CORP ........................... 206
23,800 * BALLY TOTAL FITNESS HOLDINGS CORP ............ 604
6,700 * CHAMPIONSHIP AUTO RACING TEAMS, INC .......... 171
40,778 * CHOICE HOTELS INTERNATIONAL, INC ............. 405
5,600 * CHURCHILL DOWNS, INC ......................... 131
5,800 * CRESTLINE CAPITAL CORP ....................... 99
8,600 DOVER DOWNS ENTERTAINMENT, INC ............... 120
26,000 * EXTENDED STAY AMERICA, INC ................... 241
4,200 b* FAMILY GOLF CENTERS, INC ..................... 1
122,759 HILTON HOTELS CORP ........................... 1,151
21,100 INTERNATIONAL SPEEDWAY CORP (CLASS A ) ....... 873
2 * INTERSTATE HOTELS CORP ....................... 0
5,500 * MALIBU ENTERTAINMENT WORLDWIDE, INC .......... 1
64,700 MARRIOTT INTERNATIONAL, INC (CLASS A) ........ 2,333
4,662 MGM GRAND, INC ............................... 150
100 * PENN NATIONAL GAMING, INC .................... 1
2,600 * PINNACLE ENTERTAINMENT, INC .................. 51
2,200,075 * SFX ENTERTAINMENT, INC (CLASS A) ............. 99,691
3,452,014 * SIX FLAGS, INC ............................... 78,533
10,000 * SPEEDWAY MOTORSPORTS, INC .................... 230
22,900 STARWOOD HOTELS & RESORTS WORLDWIDE .......... 746
17,200 * STATION CASINOS, INC ......................... 430
4,486 * STEINWAY MUSICAL INSTRUMENTS, INC ............ 74
136 * SUNBURST HOSPITALITY CORP .................... 1
21,600 b* SUNTERRA CORP ................................ 5
2,500 * TRENDWEST RESORTS, INC ....................... 40
8,600 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) ........ 41
3,200 * VAIL RESORTS, INC ............................ 52
55,000 * WESTWOOD ONE, INC ............................ 1,877
62 * WYNDHAM INTERNATIONAL, INC ................... 0
----------
188,512
----------
PUBLISHING--0.08%
25,312 CENTRAL NEWSPAPERS, INC (CLASS A) ............ 1,601
8,620 * CONSOLIDATED GRAPHICS, INC ................... 81
6 DELUXE CORP .................................. 0
24,900 DOW JONES & CO, INC .......................... 1,824
9,140 HARLAND (JOHN H.) CO ......................... 137
7,900 HARTE-HANKS, INC ............................. 198
8,600 HOUGHTON MIFFLIN CO .......................... 402
2,200 * IDG BOOKS WORLDWIDE, INC ..................... 20
4,200 * INFORMATION HOLDINGS, INC .................... 155
22,400 * JOURNAL REGISTER CO .......................... 409
34,356 LEE ENTERPRISES, INC ......................... 801
14,200 MCGRAW HILL COS, INC ......................... 767
2,486 MEDIA GENERAL, INC (CLASS A) ................. 121
11,800 MEREDITH CORP ................................ 398
9,300 NEW ENGLAND BUSINESS SERVICES, INC ........... 151
25 * PAXAR CORP ................................... 0
17,300 PENTON MEDIA, INC ............................ 606
16,300 * PLAYBOY ENTERPRISES, INC (CLASS B) ........... 210
51,839 * PRIMEDIA, INC ................................ 1,179
19,800 * R.H. DONNELLEY CORP .......................... 384
34,256 READER'S DIGEST ASSOCIATION, INC (CLASS A)
(NON-VOTE) ................................... 1,362
1,900 SCHAWK, INC (CLASS A) ........................ 18
2,200 * SCHOLASTIC CORP .............................. 134
21 STANDARD REGISTER, INC ....................... 0
100 THOMAS NELSON, INC ........................... 1
14,250 TIMES MIRROR CO SERIES A ..................... 1,292
SEE NOTES TO FINANCIAL STATEMENTS
74 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
PUBLISHING--(Continued)
34,400 * TOPPS, INC ................................... $ 396
18 TRIBUNE CO ................................... 1
68 WALLACE COMPUTER SERVICES, INC ............... 1
37,400 WILEY (JOHN) & SONS, INC (CLASS A) ........... 842
77 * WORKFLOW MANAGEMENT, INC ..................... 1
----------
13,492
----------
TOTAL MEDIA AND LEISURE ...................... 947,420
----------
RETAIL AND WHOLESALE--1.73%
GENERAL MERCHANDISE STORES--1.73%
9,633 * 99 CENTS ONLY STORES ......................... 384
10,700 * ACTION PERFORMANCE COS, INC .................. 78
151,192 * AMAZON.COM, INC .............................. 5,490
18,100 * AMES DEPARTMENT STORES, INC .................. 140
24,200 * BARNES & NOBLE, INC .......................... 538
13,900 * BARNESANDNOBLE.COM, INC ...................... 91
200 * BARNETT, INC ................................. 2
12,100 * BJ'S WHOLESALE CLUB, INC ..................... 399
34,060 BLYTH, INC ................................... 1,005
35,200 * BORDERS GROUP, INC ........................... 548
16,000 * BOYDS COLLECTION LTD ......................... 136
19,300 BRADY CORP (CLASS A) ......................... 627
23,500 CALLAWAY GOLF CO ............................. 383
39,741 CASEY'S GENERAL STORES, INC .................. 412
40,420 * CDW COMPUTER CENTERS, INC .................... 2,526
4,300 * COLDWATER CREEK, INC ......................... 130
37,600 * CONSOLIDATED STORES CORP ..................... 451
16,200 * COST PLUS, INC ............................... 465
298,000 * COSTCO WHOLESALE CORP ........................ 9,834
2,500 * DELIA*S, INC ................................. 6
4,700 * DIRECT FOCUS, INC ............................ 230
142,656 DOLLAR GENERAL CORP .......................... 2,782
84,125 * DOLLAR TREE STORES, INC ...................... 3,328
17,000 * E4L, INC ..................................... 14
20,404 * EGGHEAD.COM, INC ............................. 60
6,600 ENESCO GROUP, INC ............................ 31
5,000 * ETOYS, INC ................................... 32
9,900 * FACTORY 2-U STORES, INC ...................... 374
117,800 FAMILY DOLLAR STORES, INC .................... 2,304
22,170 FASTENAL CO .................................. 1,122
1,600 * FATBRAIN.COM, INC ............................ 11
12 * FEDERATED DEPARTMENT STORES, INC ............. 0
2,300 * GENESIS DIRECT, INC .......................... 0
41,700 * HA-LO INDUSTRIES, INC ........................ 235
93,700 * HANOVER DIRECT, INC .......................... 146
30 HARCOURT GENERAL, INC ........................ 2
17,900 * IDENTIX, INC ................................. 281
17,109 * INSIGHT ENTERPRISES, INC ..................... 1,015
4,999 * INTERNATIONAL GAME TECHNOLOGY CO ............. 132
5,082 * ITURF, INC ................................... 15
11,750 * JAKKS PACIFIC, INC ........................... 173
3,800 b* JUMBOSPORTS, INC ............................. 0
244,602 * KOHLS CORP ................................... 13,606
8,900 * LANDS END, INC ............................... 297
98 * LYDALL, INC .................................. 1
368 * MARVEL ENTERPRISES (CLASS A) WTS 10/02/01 .... 0
623 * MARVEL ENTERPRISES (CLASS C) WTS 10/02/02 .... 1
129,873 MATTEL, INC .................................. 1,713
13,600 * MICHAELS STORES, INC ......................... 623
15,700 * NAVARRE CORP ................................. 21
20,932 * NEIMAN MARCUS GROUP, INC (CLASS A) ........... 619
9 * NEIMAN MARCUS GROUP, INC (CLASS B) ........... 0
194,081 * OFFICE DEPOT, INC ............................ 1,213
17,000 * OFFICEMAX, INC ............................... 85
6,600 * PC CONNECTION, INC ........................... 376
86,640 * PETSMART, INC ................................ 292
1,100 * RACING CHAMPIONS CORP ........................ 2
36,557 * SAKS, INC .................................... 384
18,500 * SCHEIN (HENRY), INC .......................... 319
15,900 * SCP POOL CORP ................................ 374
20,800 * SHOP AT HOME, INC ............................ 97
375,765 * STAPLES, INC ................................. 5,777
29,550 * SUNGLASS HUT INTERNATIONAL, INC .............. 243
10,085 * SYSTEMAX, INC ................................ 39
308,355 TARGET CORP .................................. 17,885
45,500 TIFFANY & CO ................................. 3,071
85 * TOYS `R' US, INC ............................. 1
3,600 * TRACTOR SUPPLY CO ............................ 60
3,100 * TUESDAY MORNING CORP ......................... 33
158 * U.S. OFFICE PRODUCTS CO ...................... 0
31,100 * VALUEVISION INTERNATIONAL, INC ............... 746
3,703,520 WAL-MART STORES, INC ......................... 213,415
13,550 * WHITEHALL JEWELLERS, INC ..................... 252
13,256 * WMS INDUSTRIES, INC .......................... 205
4,230 * ZALE CORP .................................... 154
----------
TOTAL RETAIL AND WHOLESALE ................... 297,836
----------
TECHNOLOGY--32.95%
COMMUNICATIONS EQUIPMENT--3.62%
6,100 * ACT NETWORKS, INC ............................ 93
34,400 * ACTV, INC .................................... 514
27,300 * ADAPTIVE BROADBAND CORP ...................... 1,003
277,893 * ADC TELECOMMUNICATIONS, INC .................. 23,308
17,435 * ADTRAN, INC .................................. 1,044
60,350 * ADVANCED FIBRE COMMUNICATIONS, INC ........... 2,735
1,124,674 * AMERICAN TOWER SYSTEMS (CLASS A) ............. 46,885
20,700 * AMPEX CORP (CLASS A) ......................... 35
23,600 * ANCOR COMMUNICATIONS, INC .................... 844
18,675 * ANDREW CORP .................................. 627
21,800 * ANTEC CORP ................................... 906
29,900 * ASPECT TELECOMMUNICATIONS CORP ............... 1,175
9,400 * BROOKTROUT, INC .............................. 205
7,600 * CARRIER ACCESS CORP .......................... 402
27,500 * C-COR.NET CORP ............................... 743
32,900 b* CELLNET DATA SYSTEMS, INC .................... 2
1,383,600 * CIENA CORP ................................... 230,629
32,133 * COMMSCOPE, INC ............................... 1,317
117,022 * COMVERSE TECHNOLOGY, INC ..................... 10,883
6,300 * COPPER MOUNTAIN NETWORKS, INC ................ 555
55,900 * DIGITAL MICROWAVE CORP ....................... 2,131
75,600 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) ....... 2,503
48,100 * ELOT, INC .................................... 90
4,300 * ESHARE COMMUNICATIONS, INC ................... 30
9,900 b* GEOTEK COMMUNICATIONS, INC ................... 0
50 * GLENAYRE TECHNOLOGIES, INC ................... 1
13,900 * GLOBIX CORP .................................. 407
5,500 HARMON INDUSTRIES, INC ....................... 73
46,446 * HARMONIC LIGHTWAVES, INC ..................... 1,150
4,100 * INET TECHNOLOGIES, INC ....................... 222
43,086 * INTERDIGITAL COMMUNICATIONS CORP ............. 714
824 * INTERLOGIX, INC .............................. 11
16,300 INTER-TEL, INC ............................... 262
24,700 * INTERVOICE-BRITE, INC ........................ 162
26,700 * L-3 COMMUNICATIONS HOLDINGS, INC ............. 1,524
11,300 * METRICOM, INC ................................ 315
660,255 MOTOROLA, INC ................................ 19,189
1,640,200 NOKIA OYJ ADR ................................ 81,907
42,000 * ONI SYSTEMS CORP ............................. 4,923
43,600 * P-COM, INC ................................... 248
13,100 * PLANTRONICS, INC ............................. 1,513
18,800 * POLYCOM, INC ................................. 1,769
35,600 * POWERWAVE TECHNOLOGIES, INC .................. 1,566
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 75
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
COMMUNICATIONS EQUIPMENT--(Continued)
936,900 * QUALCOMM, INC ................................ $ 56,214
116,900 SCIENTIFIC-ATLANTA, INC ...................... 8,709
10,400 * SCM MICROSYSTEMS, INC ........................ 630
7,900 * SENSORMATIC ELECTRONICS CORP ................. 125
12,517 * SONUS NETWORKS, INC .......................... 1,976
52,556 * SYCAMORE NETWORKS, INC ....................... 5,801
20 * SYMMETRICOM, INC ............................. 1
23,200 * TEKELEC ...................................... 1,118
1,430,076 * TELLABS, INC ................................. 97,871
33,300 * TERAYON COMMUNICATION SYSTEMS, INC ........... 2,139
9,700 * TUT SYSTEMS, INC ............................. 557
30,400 * WEBLINK WIRELESS, INC ........................ 403
13,865 * WESTELL TECHNOLOGIES, INC (CLASS A) .......... 208
49,100 * WORLD ACCESS, INC ............................ 543
12,600 * YOUTHSTREAM MEDIA NETWORKS, INC .............. 75
13,300 * ZIXIT CORP ................................... 613
----------
621,598
----------
COMPUTERS AND OFFICE EQUIPMENT--28.57%
186,627 * 3COM CORP .................................... 10,754
16,000 * 3DFX INTERACTIVE, INC ........................ 125
4,100 * ABOUT.COM, INC ............................... 129
41,350 * ACCLAIM ENTERTAINMENT, INC ................... 59
19,200 * ACTIVISION, INC .............................. 125
21,300 * ACTUATE CORP ................................. 1,137
50,860 * ACXIOM CORP .................................. 1,386
63,600 * ADAPTEC, INC ................................. 1,447
98,660 ADOBE SYSTEMS, INC ........................... 12,826
42,000 * ADVANCED DIGITAL INFORMATION CORP ............ 669
12,400 * ADVANTAGE LEARNING SYSTEMS, INC .............. 191
22,200 * ADVENT SOFTWARE, INC ......................... 1,432
28,527 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) .. 943
11,400 * ALLAIRE CORP ................................. 419
1,883,468 * AMERICA ONLINE, INC .......................... 99,353
36,275 * AMERICAN MANAGEMENT SYSTEMS, INC ............. 1,191
17,600 ANALYSTS INTERNATIONAL CORP .................. 164
15,400 * APEX, INC .................................... 674
16,800 * APPLE COMPUTER, INC .......................... 880
3,000 * APPLIEDTHEORY CORP ........................... 45
7,500 * ASHTON TECHNOLOGY GROUP, INC ................. 21
13,600 * ASPEN TECHNOLOGY, INC ........................ 524
200 * AURA SYSTEMS, INC ............................ 0
17,000 * AUSPEX SYSTEMS, INC .......................... 84
8,300 * AUTOBYTEL.COM, INC ........................... 51
21,420 AUTODESK, INC ................................ 743
516,474 AUTOMATIC DATA PROCESSING, INC ............... 27,664
28,880 * AVANT CORP ................................... 541
29,000 * AVT CORP ..................................... 214
13,500 * AWARE, INC ................................... 690
26,000 * AXENT TECHNOLOGIES, INC ...................... 645
67 * AZTEC TECHNOLOGY PARTNERS, INC ............... 0
11,100 * BARRA, INC ................................... 550
261,200 * BEA SYSTEMS, INC ............................. 12,913
18,164 * BELL & HOWELL CO ............................. 440
19,100 * BEYOND.COM CORP .............................. 26
30,500 * BILLING CONCEPTS CORP ........................ 135
29,500 * BINDVIEW DEVELOPMENT CORP .................... 354
24,850 * BISYS GROUP, INC ............................. 1,528
16,740 * BLACK BOX CORP ............................... 1,325
1,979,923 * BMC SOFTWARE, INC ............................ 72,236
5,700 * BOTTOMLINE TECHNOLOGIES, INC ................. 195
14,800 * BRIO TECHNOLOGY, INC ......................... 314
146,800 * BROADVISION, INC ............................. 7,459
9,800 * BROCADE COMMUNICATIONS SYSTEMS, INC .......... 1,798
22,400 * CABLETRON SYSTEMS, INC ....................... 566
9,300 * CACI INTERNATIONAL, INC (CLASS A) ............ 181
108,400 * CADENCE DESIGN SYSTEMS, INC .................. 2,209
5,200 * CAIS INTERNET, INC ........................... 73
41,500 * CAMBRIDGE TECHNOLOGY PARTNERS, INC ........... 362
17,300 * CCC INFORMATION SERVICES GROUP, INC .......... 184
31,700 * C-CUBE MICROSYSTEMS, INC (NEW) ............... 622
1,344 * CENTENNIAL TECHNOLOGIES, INC ................. 11
1,775,800 * CERIDIAN CORP ................................ 42,730
22,300 * CERNER CORP .................................. 608
36,216 * CIBER, INC ................................... 480
15,205,316 * CISCO SYSTEMS, INC ........................... 966,488
143,580 * CITRIX SYSTEMS, INC .......................... 2,719
40,800 * CNET NETWORKS, INC ........................... 1,002
4,900 * COGNIZANT TECHNOLOGY SOLUTIONS CORP .......... 163
11,100 COMDISCO, INC ................................ 248
3,116,496 COMPAQ COMPUTER CORP ......................... 79,665
18,500 * COMPLETE BUSINESS SOLUTIONS, INC ............. 325
349,236 COMPUTER ASSOCIATES INTERNATIONAL, INC ....... 17,877
25,265 * COMPUTER HORIZONS CORP ....................... 339
18,700 * COMPUTER NETWORK TECHNOLOGY CORP ............. 325
114,418 * COMPUTER SCIENCES CORP ....................... 8,546
11,578 COMPUTER TASK GROUP, INC ..................... 59
257,140 * COMPUWARE CORP ............................... 2,668
1,400 COMPX INTERNATIONAL, INC ..................... 28
45 * COMSHARE, INC ................................ 0
12,900 * CONCORD COMMUNICATIONS, INC .................. 514
11,300 * CONCUR TECHNOLOGIES, INC ..................... 47
41,500 * CONCURRENT COMPUTER CORP ..................... 545
7,020 * CONVERGYS CORP ............................... 364
4,900 * COSTAR GROUP, INC ............................ 123
13,000 * COTELLIGENT, INC ............................. 74
39,500 * CSG SYSTEMS INTERNATIONAL, INC ............... 2,214
15,400 * CYBERCASH, INC ............................... 73
12,750 * CYBEX COMPUTER PRODUCTS CORP ................. 540
25,000 * DATA BROADCASTING CORP ....................... 158
12,800 * DATASTREAM SYSTEMS, INC ...................... 160
4,965,862 * DELL COMPUTER CORP ........................... 244,879
100 * DELTEK SYSTEMS, INC .......................... 1
24,300 * DENDRITE INTERNATIONAL, INC .................. 809
13,000 * DIGITAL RIVER, INC ........................... 100
11,400 * DOCUMENTUM, INC .............................. 1,019
21,500 * DSP GROUP, INC ............................... 1,204
9,800 * DST SYSTEMS, INC ............................. 746
58,934 * EARTHLINK, INC ............................... 910
5,100 * EARTHWEB, INC ................................ 71
15,245 * ECHELON CORP ................................. 883
28,900 * ECLIPSYS CORP ................................ 217
9,000 * EFAX.COM, INC ................................ 11
52,800 * ELECTRONIC ARTS, INC ......................... 3,851
1,003,600 ELECTRONIC DATA SYSTEMS CORP ................. 41,399
40,300 * ELECTRONICS FOR IMAGING, INC ................. 1,020
34,600 * ELOYALTY CORP ................................ 441
6,530,512 * EMC CORP ..................................... 502,441
29,600 * EMULEX CORP .................................. 1,944
8,700 * ENGINEERING ANIMATION, INC ................... 81
15,600 * ENTRUST TECHNOLOGIES, INC .................... 1,291
31,900 * EPICOR SOFTWARE CORP ......................... 80
18,100 * EPRESENCE, INC ............................... 131
9,150 * EXCALIBUR TECHNOLOGIES CORP .................. 365
18,800 * EXCHANGE APPLICATIONS, INC ................... 501
118,328 * EXCITE AT HOME ............................... 2,455
147,200 * EXTREME NETWORKS, INC ........................ 15,530
15,796 FACTSET RESEARCH SYSTEMS, INC ................ 446
25,297 * FILENET CORP ................................. 465
75,661 FIRST DATA CORP .............................. 3,755
100,712 * FISERV, INC .................................. 4,356
19,472 * FISHER SCIENTIFIC INTERNATIONAL, INC ......... 482
SEE NOTES TO FINANCIAL STATEMENTS
76 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
COMPUTERS AND OFFICE EQUIPMENT--(Continued)
104,364 * FOUNDRY NETWORKS, INC ........................ $ 11,480
30 * FRONTLINE CAPITAL GROUP ...................... 1
11,334 * GARTNER GROUP, INC (CLASS B) ................. 112
125,700 * GATEWAY, INC ................................. 7,133
6,100 GERBER SCIENTIFIC, INC ....................... 70
11,300 * GLOBAL IMAGING SYSTEMS, INC .................. 119
40,290 * GO.COM ....................................... 481
19,400 * GO2NET, INC .................................. 976
300 * GRAHAM-FIELD HEALTH PRODUCTS, INC ............ 0
8,500 * GREAT PLAINS SOFTWARE, INC ................... 167
13,900 * GTECH HOLDINGS CORP .......................... 315
81,576 * HANDSPRING, INC .............................. 2,203
40,224 * HEALTHEON/WEBMD CORP ......................... 596
947,426 HEWLETT-PACKARD CO ........................... 118,310
20,140 * HNC SOFTWARE, INC ............................ 1,244
26,490 * HYPERION SOLUTIONS CORP ...................... 859
78,845 * I2 TECHNOLOGIES, INC ......................... 8,221
10,600 * IDX SYSTEMS CORP ............................. 150
27,767 * IGATE CAPITAL CORP ........................... 382
3,400 IKON OFFICE SOLUTIONS, INC ................... 13
15,400 * IMRGLOBAL CORP ............................... 201
244,712 IMS HEALTH, INC .............................. 4,405
1,800 b* INACOM CORP .................................. 0
100 * INDUSTRI-MATEMATIK INTERNATIONAL CORP ........ 1
26,600 * INFOCURE CORP ................................ 150
2,400 * INFOCUS CORP ................................. 77
3,240 * INFOGRAMES, INC .............................. 26
14,000 * INFORMATICA CORP ............................. 1,147
214,850 * INFORMIX CORP ................................ 1,598
94,800 * INFOSPACE.COM, INC ........................... 5,238
19,300 * INFOUSA, INC ................................. 125
23,100 * INGRAM MICRO, INC (CLASS A) .................. 403
63,400 * INKTOMI CORP ................................. 7,497
2,400 * INTERACT COMMERCE CORP ....................... 28
2,978,600 INTERNATIONAL BUSINESS MACHINES CORP ......... 326,343
112,585 * INTUIT, INC .................................. 4,658
220,592 * IOMEGA CORP .................................. 882
21,500 * ISS GROUP, INC ............................... 2,123
12,600 * IVILLAGE, INC ................................ 106
23,900 * J.D. EDWARDS & CO ............................ 360
21,900 JACK HENRY & ASSOCIATES, INC ................. 1,098
7,650 * JDA SOFTWARE GROUP, INC ...................... 147
4,800 * JUNO ONLINE SERVICES, INC .................... 52
45,200 * KEANE, INC ................................... 977
9,300 * KRONOS, INC .................................. 242
34,400 * LANIER WORLDWIDE, INC ........................ 34
27,200 * LEARN2.COM, INC .............................. 54
70,860 * LEGATO SYSTEMS, INC .......................... 1,072
106,402 * LEXMARK INTERNATIONAL, INC ................... 7,156
19,900 * LHS GROUP, INC ............................... 687
70,262 * LYCOS, INC ................................... 3,794
34,800 * MACROMEDIA, INC .............................. 3,365
23,900 * MACROVISION CORP ............................. 1,528
4,200 * MANHATTAN ASSOCIATES, INC .................... 105
9,700 * MANUGISTICS GROUP, INC ....................... 453
12,500 * MAPICS, INC .................................. 72
9,400 * MARIMBA, INC ................................. 131
2,400 * MARKETWATCH.COM, INC ......................... 45
54,400 * MAXTOR CORP .................................. 575
6,300 * MCSI, INC .................................... 163
17,100 * MEDICONSULT.COM, INC ......................... 26
28,400 * MEDQUIST, INC ................................ 966
19,600 * MENTOR GRAPHICS CORP ......................... 390
47 * MERANT PLC ADR ............................... 0
14,300 * MERCATOR SOFTWARE, INC ....................... 983
16,300 * MERCURY COMPUTER SYSTEMS, INC ................ 527
65,100 * MERCURY INTERACTIVE CORP ..................... 6,298
10,000 * METRO INFORMATION SERVICES, INC .............. 100
18,100 * MICROMUSE, INC ............................... 2,995
23,400 * MICRON ELECTRONICS, INC ...................... 293
12,500 * MICROS SYSTEMS, INC .......................... 232
8,341,479 * MICROSOFT CORP ............................... 667,318
65,200 e* MICROSTRATEGY, INC ........................... 1,956
19,900 * MIDWAY GAMES, INC ............................ 160
29,400 * MIPS TECHNOLOGIES, INC ....................... 1,250
1 * MOMENTUM BUSINESS APPLICATIONS, INC .......... 0
25,400 * MTI TECHNOLOGY CORP .......................... 203
11,600 * MULTEX.COM, INC .............................. 292
26,300 NATIONAL COMPUTER SYSTEMS, INC ............... 1,295
22,400 NATIONAL DATA CORP ........................... 515
19,350 * NATIONAL INSTRUMENTS CORP .................... 844
10,100 * NCO GROUP, INC ............................... 234
4,700 * NEON SYSTEMS, INC ............................ 88
9,400 * NET PERCEPTIONS, INC ......................... 149
5,000 * NETOBJECTS, INC .............................. 46
6,100 * NETOPIA, INC ................................. 246
224,500 * NETWORK APPLIANCE, INC ....................... 18,072
1,600 * NETWORK EQUIPMENT TECHNOLOGIES, INC .......... 16
8,100 * NETWORK PERIPHERALS, INC ..................... 136
62,194 * NETWORKS ASSOCIATES, INC ..................... 1,267
20,500 * NEW ERA OF NETWORKS, INC ..................... 871
270,050 * NOVELL, INC .................................. 2,498
11,100 * OMEGA RESEARCH, INC .......................... 33
13,800 * ONEMAIN.COM, INC ............................. 155
16,300 * ONHEALTH NETWORK CO .......................... 38
9,700 * ONYX SOFTWARE CORP ........................... 288
28,600 * OPEN MARKET, INC ............................. 395
8,673,266 * ORACLE CORP .................................. 729,096
12,371 OWENS & MINOR, INC ........................... 213
226,234 * PARAMETRIC TECHNOLOGY CORP ................... 2,489
18,700 * PATTERSON DENTAL CO .......................... 954
270,782 PAYCHEX, INC ................................. 11,373
2,600 * PCORDER.COM, INC ............................. 20
3,700 * PEGASYSTEMS, INC ............................. 19
173,840 * PEOPLESOFT, INC .............................. 2,912
23,266 * PER SE TECHNOLOGIES, INC ..................... 218
69,912 * PEREGRINE SYSTEMS, INC ....................... 2,425
41,700 * PEROT SYSTEMS CORP (CLASS A) ................. 459
12,200 * PERVASIVE SOFTWARE, INC ...................... 69
7,500 * PHOENIX TECHNOLOGIES LTD ..................... 122
2,400 f* PHYSICIAN COMPUTER NETWORK, INC .............. 0
196,303 PITNEY BOWES, INC ............................ 7,852
27,355 * POLICY MANAGEMENT SYSTEMS CORP ............... 421
10,400 * PORTAL SOFTWARE, INC ......................... 664
29,100 * PRICELINE.COM, INC ........................... 1,105
31,572 f* PROCURENET, INC .............................. 5
12,035 * PRODIGY COMMUNICATIONS CORP (CLASS A) ........ 126
25,500 * PROGRESS SOFTWARE CORP ....................... 457
10,400 * PROJECT SOFTWARE & DEVELOPMENT, INC .......... 187
13,600 * PROXICOM, INC ................................ 651
10,100 * PROXIM, INC .................................. 1,000
14,400 * PROXYMED, INC ................................ 24
116,086 * PSINET, INC .................................. 2,917
49,725 * PSS WORLD MEDICAL, INC ....................... 334
14,500 * PUBLICARD, INC ............................... 48
9,600 * QRS CORP ..................................... 236
15,300 * QUADRAMED CORP ............................... 38
17,000 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP ..... 165
40,350 * QUANTUM CORP-HARD DISK DRIVE GROUP ........... 446
13,250 * RADIANT SYSTEMS, INC ......................... 318
7,900 * RADISYS CORP ................................. 448
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 77
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
COMPUTERS AND OFFICE EQUIPMENT--(Continued)
60 * RAMTRON INTERNATIONAL CORP ................... $ 1
32,000 * RARE MEDIUM GROUP, INC ....................... 588
74,329 * RATIONAL SOFTWARE CORP ....................... 6,908
12,800 * RAZORFISH, INC ............................... 206
54,900 * REALNETWORKS, INC ............................ 2,776
20,680 * REMEDY CORP .................................. 1,153
30,000 * RSA SECURITY, INC ............................ 2,078
105,184 SABRE HOLDINGS CORP .......................... 2,998
10,700 * SAFEGUARD SCIENTIFICS, INC ................... 343
22,900 * SAGA SYSTEMS, INC ............................ 285
11,800 * SAGENT TECHNOLOGY, INC ....................... 168
10,100 * SANCHEZ COMPUTER ASSOCIATES, INC ............. 240
41,700 * SANDISK CORP ................................. 2,552
14,100 * SANTA CRUZ OPERATION, INC .................... 90
22,300 * SAPIENT CORP ................................. 2,385
4,400 * SCIENT CORP .................................. 194
54,379 * SEAGATE TECHNOLOGY, INC ...................... 2,991
30,100 SEI INVESTMENTS CO ........................... 1,198
11,250 * SERENA SOFTWARE, INC ......................... 511
14,907 SHARED MEDICAL SYSTEMS CORP .................. 1,087
624,496 * SIEBEL SYSTEMS, INC .......................... 102,144
21,300 * SOFTNET SYSTEMS, INC ......................... 205
7,100 * SOURCE INFORMATION MANAGEMENT CO ............. 108
10,100 * SOURCE MEDIA, INC ............................ 39
14,400 * SPORTSLINE.COM, INC .......................... 246
6,200 * SPSS, INC .................................... 181
13,300 * SPYGLASS, INC ................................ 416
9,500 * SS&C TECHNOLOGIES, INC ....................... 40
3,800 * STARMEDIA NETWORK, INC ....................... 72
25,840 * STRUCTURAL DYNAMICS RESEARCH CORP ............ 389
3,222,920 * SUN MICROSYSTEMS, INC ........................ 293,084
92,900 * SUNGARD DATA SYSTEMS, INC .................... 2,880
3,100 * SUNQUEST INFORMATION SYSTEMS, INC ............ 33
18,700 * SVI HOLDINGS, INC ............................ 96
10,800 * SYBASE, INC .................................. 248
17,000 * SYKES ENTERPRISES, INC ....................... 219
38,743 * SYMANTEC CORP ................................ 2,090
112,347 SYMBOL TECHNOLOGIES, INC ..................... 6,067
47,702 * SYNOPSYS, INC ................................ 1,649
9,000 * SYNTEL, INC .................................. 90
25,600 * SYSTEMS & COMPUTER TECHNOLOGY CORP ........... 512
200 * TCSI CORP .................................... 0
14,971 * TECH DATA CORP ............................... 652
33,900 * TECHNOLOGY SOLUTIONS CO ...................... 210
3,400 * TENFOLD CORP ................................. 56
6,000 * THESTREET.COM, INC ........................... 35
14,800 * THQ, INC ..................................... 180
11,600 * TICKETMASTER ONLINE-CITYSEARCH, INC .......... 185
28,700 TOTAL SYSTEM SERVICES, INC ................... 456
13,100 * TOWNE SERVICES, INC .......................... 12
14,500 * TRACK DATA CORP .............................. 19
26,220 * TRANSACTION SYSTEMS ARCHITECTS, INC .......... 449
30,200 * TYLER TECHNOLOGIES, INC ...................... 77
93,641 * ULTICOM, INC ................................. 2,249
5,500 * UNIGRAPHICS SOLUTIONS, INC ................... 107
256,300 * UNISYS CORP .................................. 3,732
18,750 * USINTERNETWORKING, INC ....................... 383
56,100 * VERIO, INC ................................... 3,113
96,987 * VERISIGN, INC ................................ 17,118
1,158,250 * VERITAS SOFTWARE CORP ........................ 130,900
25,400 * VERITY, INC .................................. 965
68,800 * VIGNETTE CORP ................................ 3,579
20,000 * VISUAL NETWORKS, INC ......................... 570
25,100 * WAVE SYSTEMS CORP (CLASS A) .................. 397
10,800 * WEBTRENDS CORP ............................... 418
56,400 * WESTERN DIGITAL CORP ......................... 282
47,331 * WIND RIVER SYSTEMS, INC ...................... 1,793
21,400 * XIRCOM, INC .................................. 1,017
472,348 * YAHOO, INC ................................... 58,512
19,000 * ZEBRA TECHNOLOGIES CORP ...................... 842
270 f ZEBRA TECHNOLOGIES CORP (CLASS B) ............ 12
10,600 * ZIFF-DAVIS, INC -ZDNET ....................... 95
----------
4,906,484
----------
TECHNOLOGY--0.59%
138,400 * BEST BUY CO, INC ............................. 8,754
13,177 * CDNOW, INC ................................... 41
124,500 CIRCUIT CITY STORES-CIRCUIT CITY GROUP ....... 4,132
8,300 * CYBERIAN OUTPOST, INC ........................ 40
3,300 * ELECTRONICS BOUTIQUE HOLDINGS CORP ........... 54
16,100 * GUITAR CENTER, INC ........................... 169
4,100 * IDEAMALL, INC ................................ 20
10,800 * INTERTAN, INC ................................ 127
30,117 * MUSICLAND STORES CORP ........................ 224
1,836,616 RADIOSHACK CORP .............................. 87,010
21,700 * TRANS WORLD ENTERTAINMENT CORP ............... 263
9,700 * TWEETER HOME ENTERTAINMENT GROUP, INC ........ 295
----------
101,129
-----------
INSTRUMENTS AND RELATED PRODUCTS--0.17%
8,500 * ANACOMP, INC ................................. 26
13,250 * AVID TECHNOLOGIES, INC ....................... 159
400 * CHYRON CORP .................................. 1
23,600 * CYMER, INC ................................... 1,127
31,600 * PINNACLE SYSTEMS, INC ........................ 711
17,400 * TRIMBLE NAVIGATION LTD ....................... 849
1,289,038 XEROX CORP ................................... 26,748
----------
29,621
----------
TOTAL TECHNOLOGY ............................. 5,658,832
----------
TRANSPORTATION--2.22%
AEROSPACE AND DEFENSE--0.02%
7,100 * ALLIANT TECHSYSTEMS, INC ..................... 479
40,059 GENERAL DYNAMICS CORP ........................ 2,093
22,200 NEWPORT NEWS SHIPBUILDING, INC ............... 816
20,300 * ORBITAL SCIENCES CORP ........................ 247
4,700 * TELEDYNE TECHNOLOGIES, INC ................... 79
----------
3,714
----------
AIR TRANSPORTATION--0.62%
35,900 * AIRTRAN HOLDINGS, INC ........................ 149
1,200 * AMTRAN, INC .................................. 15
8,300 * ATLANTIC COAST AIRLINES HOLDINGS ............. 264
15,200 * ATLAS AIR, INC ............................... 545
23,400 * BE AEROSPACE, INC ............................ 161
82,930 BOEING CO .................................... 3,468
11,800 * EGL, INC ..................................... 363
5,500 * FRONTIER AIRLINES, INC ....................... 79
2,500 HEICO CORP ................................... 36
3,300 * KELLSTROM INDUSTRIES, INC .................... 15
50 * MESA AIR GROUP, INC .......................... 0
7,600 * MESABA HOLDINGS, INC ......................... 73
6,255 * MIDWEST EXPRESS HOLDINGS, INC ................ 134
12,900 SKYWEST, INC ................................. 478
9,400 TEXTRON, INC ................................. 511
4,655 * TRIUMPH GROUP, INC ........................... 130
1,690,753 UNITED TECHNOLOGIES CORP ..................... 99,543
----------
105,964
----------
AUTOS, TIRES AND RELATED PRODUCTS--1.29%
6,100 * AFTERMARKET TECHNOLOGY CORP .................. 52
2,500 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC .. 35
127,900 * AUTONATION, INC .............................. 903
SEE NOTES TO FINANCIAL STATEMENTS
78 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
AUTOS, TIRES AND RELATED PRODUCTS--(Continued)
3,600 * AUTOWEB.COM, INC ............................. $ 8
35,342 * AUTOZONE, INC ................................ 778
6,381 * AVIS GROUP HOLDINGS, INC ..................... 120
9,200 CENTRAL PARKING CORP ......................... 218
28,800 * COPART, INC .................................. 461
13,799 * CSK AUTO CORP ................................ 104
77,204 DANAHER CORP ................................. 3,817
4,700 * DELCO REMY INTERNATIONAL, INC (CLASS A) ...... 39
6,100 * DURA AUTOMOTIVE SYSTEMS, INC ................. 66
34,700 FEDERAL SIGNAL CORP .......................... 573
4,000 FLEETWOOD ENTERPRISES, INC ................... 57
1,047,500 * GENERAL MOTORS CORP (CLASS H) ................ 91,918
1,700 GENTEK, INC .................................. 19
60,200 * GENTEX CORP .................................. 1,513
12,800 * GROUP 1 AUTOMOTIVE, INC ...................... 154
1,793,820 HARLEY DAVIDSON, INC ......................... 69,062
14,500 * HAYES LEMMERZ INTERNATIONAL, INC ............. 175
8,000 HERTZ CORP (CLASS A) ......................... 225
1,386,586 HONEYWELL INTERNATIONAL, INC ................. 46,711
7,200 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC .......... 50
6,800 * KROLL-OGARA CO ............................... 45
3,000 * LITHIA MOTORS, INC (CLASS A) ................. 40
5,474 MASCOTECH, INC ............................... 59
13,944 MERITOR AUTOMOTIVE, INC ...................... 153
12,066 MIDAS, INC ................................... 241
13,200 * MILLER INDUSTRIES, INC ....................... 24
4,600 MODINE MANUFACTURING CO ...................... 124
12,300 * MONACO COACH CORP ............................ 168
10,100 * NATIONAL R.V. HOLDINGS, INC .................. 106
25,900 * OREILLY AUTOMOTIVE, INC ...................... 359
10,100 OSHKOSH TRUCK CORP ........................... 361
20,000 * SPX CORP ..................................... 2,419
3,624 THOR INDUSTRIES, INC ......................... 76
10,900 WINNEBAGO INDUSTRIES, INC .................... 142
9,600 WYNNS INTERNATIONAL, INC ..................... 218
----------
221,593
----------
RAILROADS--0.05%
800 FLORIDA EAST COAST INDUSTRIES, INC ........... 32
91,682 KANSAS CITY SOUTHERN INDUSTRIES, INC ......... 8,131
7,578 WABTEC CORP .................................. 79
7,750 * WISCONSIN CENTRAL TRANSIT CORP ............... 101
----------
8,343
----------
TRUCKING AND RELATED SERVICES--0.04%
100 * AMBASSADORS INTERNATIONAL, INC ............... 2
13,900 * AMERICAN FREIGHTWAYS CORP .................... 202
30,900 C.H. ROBINSON WORLDWIDE, INC ................. 1,530
5,100 * CAREY INTERNATIONAL, INC ..................... 71
6,900 * CHEAP TICKETS, INC ........................... 83
2,000 * COVENANT TRANSPORT, INC (CLASS A) ............ 16
500 * DISPATCH MANAGEMENT SERVICES CORP ............ 1
39,000 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC .. 1,853
11,200 * FORWARD AIR CORP ............................. 448
37,916 GALILEO INTERNATIONAL, INC ................... 791
4,600 * HEARTLAND EXPRESS, INC ....................... 77
26,480 * IRON MOUNTAIN, INC ........................... 900
3,000 * KNIGHT TRANSPORTATION, INC ................... 44
3,800 * LANDSTAR SYSTEM, INC ......................... 226
2,900 * M.S. CARRIERS, INC ........................... 51
83 * NAVIGANT INTERNATIONAL, INC .................. 1
14,955 POLARIS INDUSTRIES, INC ...................... 479
27,975 * SWIFT TRANSPORTATION CO, INC ................. 392
14,300 * TRAVELOCITY.COM, INC ......................... 234
----------
7,401
----------
WATER TRANSPORTATION--0.20%
9,200 * AMERICAN CLASSIC VOYAGES CO .................. 190
1,695,976 CARNIVAL CORP (CLASS A) ...................... 33,072
16,200 * KIRBY CORP ................................... 344
34 * TRICO MARINE SERVICES, INC ................... 0
----------
33,606
----------
TOTAL TRANSPORTATION ......................... 380,621
----------
UTILITIES--7.08%
TELEPHONE--6.84%
13,700 * ADELPHIA BUSINESS SOLUTIONS, INC ............. 318
20,400 * ADVANCED RADIO TELECOM CORP .................. 298
88,900 * ALLEGIANCE TELECOM, INC ...................... 5,690
93,395 ALLTEL CORP .................................. 5,785
66 * ARCH COMMUNICATIONS GROUP, INC ............... 0
345 * ARCH COMMUNICATIONS GROUP, INC WTS 09/01/03 .. 0
48 AT & T CORP .................................. 2
7,051,214 * AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) .... 170,992
909,149 BROADWING, INC ............................... 23,581
26,500 * CAPROCK COMMUNICATIONS CORP .................. 517
11,000 CFW COMMUNICATIONS CO ........................ 413
13,800 * COM21, INC ................................... 345
7,733 * COMMONWEALTH TELEPHONE ENTERPRISES, INC ...... 364
6,100 * COMSAT CORP .................................. 143
94,500 * COVAD COMMUNICATIONS GROUP, INC .............. 1,524
41,300 * E.SPIRE COMMUNICATIONS, INC .................. 279
6,700 * ELECTRIC LIGHTWAVE, INC (CLASS A) ............ 125
6,281,400 ERICSSON TELEFON (LM) SERIES B ADR ........... 125,628
340,100 * EXODUS COMMUNICATIONS, INC ................... 15,666
32,001 * GLOBAL CROSSING LTD .......................... 842
160,200 GLOBAL TELESYSTEMS, INC ...................... 1,932
39,098 * ICG COMMUNICATIONS, INC ...................... 863
16,100 * IDT CORP ..................................... 546
39,900 * INTERMEDIA COMMUNICATIONS, INC ............... 1,187
21,800 * INTERNATIONAL FIBERCOM, INC .................. 556
10,900 * INTRAWARE, INC ............................... 175
39,800 * ITC DELTACOM, INC ............................ 888
1,400 * LATITUDE COMMUNICATIONS, INC ................. 16
6,900 * LAUNCH MEDIA, INC ............................ 64
18,950 * LEAP WIRELESS INTERNATIONAL, INC ............. 891
236,700 * LEVEL 3 COMMUNICATIONS, INC .................. 20,830
38,200 * LIBERTY DIGITAL, INC (CLASS A) ............... 1,146
6,516,786 LUCENT TECHNOLOGIES, INC ..................... 386,120
334,100 * MCLEODUSA, INC (CLASS A) ..................... 6,912
104,964 * MEDIA ONE GROUP, INC ......................... 6,993
180,034 * METROMEDIA FIBER NETWORK, INC (CLASS A) ...... 7,145
21,900 * MGC COMMUNICATIONS, INC ...................... 1,313
13,600 * MOTIENT CORP ................................. 213
1,105,400 * NEXTEL COMMUNICATIONS, INC (CLASS A) ......... 67,637
175,788 * NEXTLINK COMMUNICATIONS, INC ................. 6,669
5,700 NORTH PITTSBURGH SYSTEMS, INC ................ 84
3,700 * NORTHEAST OPTIC NETWORK, INC ................. 228
10,800 * NORTHPOINT COMMUNICATIONS GROUP, INC ......... 121
113,394 * NTL, INC ..................................... 6,789
10,900 * PACIFIC GATEWAY EXCHANGE, INC ................ 37
68,100 * PAGING NETWORK, INC .......................... 49
21,000 * POWERTEL, INC ................................ 1,490
23,100 * PRIMUS TELECOMMUNICATIONS GROUP, INC ......... 575
27,600 * PTEK HOLDINGS, INC ........................... 90
100,936 * QWEST COMMUNICATIONS INTERNATIONAL, INC ...... 5,015
427,000 * RCN CORP ..................................... 10,835
46,400 * RHYTHMS NETCONNECTIONS, INC .................. 583
1,608,095 SBC COMMUNICATIONS, INC ...................... 69,550
82 * SPECTRASITE HOLDINGS, INC .................... 2
26,100 * SPRINT CORP (PCS GROUP) ...................... 1,553
29,800 * STAR TELECOMMUNICATIONS, INC ................. 75
29,200 * TALK.COM, INC ................................ 170
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 79
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
----------- ----------
TELEPHONE--(Continued)
19,500 * TELIGENT, INC ................................ $ 461
8,100 * TIME WARNER TELECOM, INC ..................... 521
5,600 * U.S. CELLULAR CORP ........................... 353
8,000 * U.S. LEC CORP (CLASS A) ...................... 136
180,700 U.S. WEST, INC ............................... 15,495
900,090 * VIATEL, INC .................................. 25,709
80,256 * VOICESTREAM WIRELESS CORP .................... 9,334
37,300 * WESTERN WIRELESS CORP (CLASS A) .............. 2,033
37,400 * WINSTAR COMMUNICATIONS, INC .................. 1,267
3,426,080 * WORLDCOM, INC ................................ 157,171
7,600 * WORLDGATE COMMUNICATIONS, INC ................ 135
20,400 * WORLDPAGES.COM, INC .......................... 122
12,000 * WORLDPORT COMMUNICATIONS, INC ................ 29
----------
1,174,620
----------
ELECTRIC, GAS AND OTHER--0.24%
239,436 * AES CORP ..................................... 10,895
109,430 * ALLIED WASTE INDUSTRIES, INC ................. 1,094
14,600 BLACK HILLS CORP ............................. 329
100 * CALIFORNIA WATER SERVICE GROUP ............... 2
74,700 * CALPINE CORP ................................. 4,912
11,800 * CASELLA WASTE SYSTEMS, INC (CLASS A) ......... 127
6,045 DYNEGY, INC .................................. 413
2,700 EASTERN ENTERPRISES CO ....................... 170
3,200 MDU RESOURCES GROUP, INC ..................... 69
7,200 b* MOLTEN METAL TECHNOLOGY, INC ................. 0
52,800 * NEWPARK RESOURCES, INC ....................... 498
10,600 OGDEN CORP ................................... 95
1,600 OTTER TAIL POWER CO .......................... 34
1,300 PHILADELPHIA SUBURBAN CORP ................... 27
29,700 * REPUBLIC SERVICES, INC (CLASS A) ............. 475
11,655 * SOUTHERN UNION CO ............................ 184
10,400 * STERICYCLE, INC .............................. 250
12,700 * WASTE CONNECTIONS, INC ....................... 251
2,200 WASTE INDUSTRIES, INC ........................ 24
496,944 WASTE MANAGEMENT, INC ........................ 9,442
270,730 WILLIAMS COS, INC ............................ 11,285
----------
40,576
----------
TOTAL UTILITIES .............................. 1,215,196
----------
TOTAL COMMON STOCK
(Cost $12,372,653) ......................... 16,971,268
-----------
PRINCIPAL
-----------
SHORT TERM INVESTMENTS--1.27%
BANK NOTES--0.08%
BANK OF AMERICA
$13,000,000 d 6.440%, 10/12/00 ........................... 12,984
-----------
CERTIFICATES OF DEPOSIT--0.15%
ROYAL BANK OF CANADA
26,000,000 d 6.450%, 01/05/01 ........................... 25,904
-----------
COMMERCIAL PAPER--0.59%
AMERICAN TELEPHONE & TELEGRAPH CO
13,000,000 d 6.560%, 07/11/00 ........................... 12,974
ASSET SECURITIZATION COOP CORP
10,000,000 c 6.570%, 08/21/00 ........................... 9,905
BETA FINANCE, INC
2,715,000 c 6.570%, 07/17/00 ........................... 2,707
CAMPBELL SOUP CO
4,615,000 6.540%, 07/10/00 .......................... 4,606
EQUILON ENTERPRISES LLC
10,000,000 d 6.520%, 07/24/00 .......................... 9,956
HOUSTON INDUSTRIES FINANCECO LP
13,000,000 c 7.000%, 07/13/00 .......................... 12,967
IBM CREDIT CORP
13,025,000 6.500%, 07/06/00 .......................... 13,010
PARK AVENUE RECEIVABLES CORP
10,000,000 c 6.850%, 07/07/00 .......................... 9,987
PUBLIC SERVICE CO OF COLORADO
13,000,000 6.800%, 07/18/00 .......................... 12,955
RECEIVABLES CAPITAL CORP
13,000,000 c,d 6.560%, 07/12/00 .......................... 12,971
-----------
102,038
-----------
U.S. GOVERNMENT AND AGENCIES--0.45%
FEDERAL HOME LOAN BANK (FHLB)
294,000 6.480%, 07/03/00 .......................... 294
13,630,000 6.440%, 07/21/00 .......................... 13,578
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
20,615,000 6.360%, 07/05/00 .......................... 20,597
11,975,000 d 6.410%, 07/18/00 .......................... 11,936
28,785,000 6.460%, 07/25/00 .......................... 28,655
2,235,000 6.440%, 08/02/00 .......................... 2,222
----------
77,282
----------
TOTAL SHORT TERM INVESTMENTS
(Cost $218,351) .............................. 218,208
-----------
TOTAL PORTFOLIO--100.10%
(Cost $12,591,198) ........................... 17,189,688
OTHER ASSETS & LIABILITIES, NET--(0.10%) (17,842)
-----------
NET ASSETS--100.00% .............................. $17,171,846
===========
----------
* Non-income producing
a Affiliated holding
b In bankruptcy
c Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
d All or a portion of these securities have been segregated by the Custodian to
cover margin or other requirements on open futures contracts.
e All or a portion of this security is out on loan.
f Restricted securities-Investment in securities not registered under the
Securities Act of 1933 or not publicly traded in foreign markets. At June 30,
2000, the value of these securities amounted to $16,724 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 TECHNOLOGIES CORP (CLASS B) 10/29/98 8,133
-------
$30,186
=======
SEE NOTES TO FINANCIAL STATEMENTS
80 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TRANSACTIONS WITH AFFILIATED COMPANIES (Unaudited) - January 1, 2000--June 30, 2000
VALUE AT SALES REALIZED DIVIDEND SHARES AT VALUE AT
ISSUE DECEMBER 31, 1999 PURCHASE COST PROCEEDS GAIN (LOSS) INCOME JUNE 30, 2000 JUNE 30, 2000
----- ----------------- ------------- -------- ----------- -------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
GUILFORD PHARMACEUTICALS, INC $23,665,700 $ 373,425 $351,612 $(96,127) -- 1,380,200 $20,789,263
----------- --------- -------- ------- -------- -----------
TOTAL AFFILIATED
TRANSACTIONS $23,665,700 $ 373,425 $351,612 ($96,127) $0 $20,789,263
=========== ========== ======== ======= ========= ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 81
<PAGE>
Statements of Assets and Liabilities (Unaudited)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
JUNE 30, 2000 Stock Global Equities Growth
(amounts in thousands, except per accumulation unit amounts) Account Account Account
-----------------------------------------------------------------------------------------------------------------------------------
ASSETS
<S> <C> <C> <C>
Portfolio investments, at cost $ 78,109,006 $8,105,810 $12,591,198
Net unrealized appreciation of portfolio investments 55,910,680 1,538,499 4,598,490
------------ ---------- -----------
Portfolio investments, at value 134,019,686 9,644,309 17,189,688
Cash 265,215 43,883 1,002
Dividends and interest receivable 107,938 5,315 5,332
Receivable from securities transactions 269,649 160,619 20,746
Amounts due from TIAA -- 9,138 24,054
Other 138,442 1,601 2,287
------------ ---------- -----------
TOTAL ASSETS 134,800,930 9,864,865 17,243,109
------------ ---------- -----------
LIABILITIES
Deposits for securities loaned-Note 4 1,510,532 107,170 2,040
Payable for securities transactions 201,964 78,132 69,223
Amounts due to TIAA 103,921 -- --
------------ ---------- -----------
TOTAL LIABILITIES 1,816,417 185,302 71,263
------------ ---------- -----------
NET ASSETS
Accumulation Fund 109,869,513 9,350,451 16,693,794
Annuity Fund 23,115,000 329,112 478,052
------------ ---------- -----------
TOTAL NET ASSETS $132,984,513 $9,679,563 $17,171,846
============ ========== ===========
THOUSANDS OF ACCUMULATION
UNITS OUTSTANDING--NOTES 5 AND 6 533,107 99,909 155,841
============ ========== ===========
NET ASSET VALUE, PER ACCUMULATION UNIT--NOTE 5 $206.09 $93.59 $107.12
============ ========== ===========
See Notes to Financial Statements
-----------------------------------------------------------------------------------------------------------------------------------
Statements of Operations (Unaudited)
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Six Moths Ended June 30, 2000 Stock Global Equities Growth
(AMOUNTS IN THOUSANDS) Account Account Account
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 65,793 $ 4,856 $ 11,686
Dividends 770,922 47,581 29,040
------------ ---------- -----------
TOTAL INCOME 836,715 52,437 40,726
------------ ---------- -----------
Expenses--Note 3:
Investment 54,207 6,790 7,205
Operating 150,485 10,868 17,232
------------ ---------- -----------
TOTAL EXPENSES 204,692 17,658 24,437
------------ ---------- -----------
Investment income-net 632,023 34,779 16,289
------------ ---------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS--NOTE 4
NET REALIZED GAIN (LOSS) ON:
Portfolio investments 4,569,597 878,687 363,053
Futures transactions (32,884) 7,240 (7,086)
Foreign currency transactions (8,896) (5,142) 4
------------ ---------- -----------
NET REALIZED GAIN 4,527,817 880,785 355,971
------------ ---------- -----------
NET CHANGE IN UNREALIZED APPRECIATION ON:
Portfolio investments (5,079,610) (1,224,175) 681,245
Futures transactions (119,499) (16,034) (22,636)
Translation of assets (other than portfolio investments) and
liabilities denominated in foreign currencies 1,296 759 --
------------ ---------- -----------
NET CHANGE IN UNREALIZED APPRECIATION (5,197,813) (1,239,450) 658,609
------------ ---------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS (669,996) (358,665) 1,014,580
------------ ---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (37,973) $ (323,886) $ 1,030,869
============ ========== ===========
</TABLE>
See Notes to Financial Statements
82 o 2000 CREF Semi-Annual Report
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
(amounts in thousands) Stock Global Equities Growth
Account Account Account
---------------------------- -------------------------- --------------------------
Six Months Year Ended Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999 June 30, 2000 1999
------------- ------------ ------------- ----------- ------------- -----------
(Unaudited) (Unaudited) (Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Investment income-net $ 632,023 $ 1,313,837 $ 34,779 $ 57,088 $ 16,289 $ 38,416
Net realized gain on total investments 4,527,817 13,615,617 880,785 658,584 355,971 849,924
Net change in unrealized appreciation on
total investments (5,197,813) 9,385,791 (1,239,450) 1,586,719 658,609 2,207,795
------------ ------------ ---------- ---------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (37,973) 24,315,245 (323,886) 2,302,391 1,030,869 3,096,135
------------ ------------ ---------- ---------- ----------- -----------
FROM PARTICIPANT TRANSACTIONS
Premiums 1,513,421 2,923,099 395,885 588,294 795,331 1,218,001
------------ ------------ ---------- ---------- ----------- -----------
Disbursements and transfers:
Net transfers to (from) TIAA 240,507 824,793 (71,868) (47,905) (155,492) (143,065)
Net transfers to (from) other CREF Accounts 1,675,372 2,880,467 (702,430) (148,605) (1,900,665) (1,720,316)
Annuity payments 1,086,263 2,038,160 16,414 28,055 25,218 32,772
Withdrawals and death benefits 1,222,134 2,132,893 123,759 136,630 255,764 235,247
------------ ------------ ---------- ---------- ----------- -----------
TOTAL DISBURSEMENTS AND TRANSFERS, NET 4,224,276 7,876,313 (634,125) (31,825) (1,775,175) (1,595,362)
------------ ------------ ---------- ---------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM PARTICIPANT TRANSACTIONS (2,710,855) (4,953,214) 1,030,010 620,119 2,570,506 2,813,363
------------ ------------ ---------- ---------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS (2,748,828) 19,362,031 706,124 2,922,510 3,601,375 5,909,498
NET ASSETS
Beginning of year 135,733,341 116,371,310 8,973,439 6,050,929 13,570,471 7,660,973
------------ ------------ ---------- ---------- ----------- -----------
End of period $132,984,513 $135,733,341 $9,679,563 $8,973,439 $17,171,846 $13,570,471
============ ============ ========== ========== =========== ===========
</TABLE>
See Notes to Financial Statements
--------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited)
NOTE 1--ORGANIZATION
--------------------------------------------------------------------------------
College Retirement Equities Fund ("CREF") was formed to aid and strengthen
nonprofit educational and research organizations by providing their employees
with variable retirement benefits. CREF is registered with the Securities and
Exchange Commission ("Commission") under the Investment Company Act of 1940
as an open-end, diversified management investment company. It consists of
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, are 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,
which is registered with the Commission as a broker-dealer and is a member of
the National Association of Securities Dealers, Inc., provides administrative
services for the CREF Accounts and performs distribution functions for CREF's
certificates pursuant to a Principal Underwriting and Administrative Services
Agreement with CREF. 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
2000 CREF Semi-Annual Report o 83
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
--------------------------------------------------------------------------------
prices if no sale is reported. All other over-the-counter securities are
valued at the mean of the last bid and asked prices, except for bonds which
are valued at the most recent bid price or the equivalent quoted yield of
such bonds. Short-term money market instruments are stated at market value.
Foreign investments are valued at the closing price in the principal market
where they are traded; local currencies are converted into U.S. dollars as
described below under Foreign Currency Transactions and Translation. Stock
index futures and options which are traded on commodities exchanges are
valued at the last sale price as of the close of such commodities exchanges.
Portfolio securities for which market quotations are not readily available
are valued at fair value as determined in good faith under the direction of
the Finance Committee of the Board of Trustees and in accordance with the
responsibilities of the Board as a whole.
ACCOUNTING FOR INVESTMENTS
Securities transactions are accounted for as of the date the securities are
purchased or sold (trade date). Interest income is recorded as earned and,
for short-term money market instruments, includes accrual of discount and
amortization of premium. Dividend income is recorded on the ex-dividend date
or, for certain foreign securities, as soon as the Accounts are informed of
the ex-dividend date. Realized gains and losses on security transactions are
accounted for on the average cost basis.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION
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.
84 o 2000 CREF Semi-Annual Report
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES (CONCLUDED)
--------------------------------------------------------------------------------
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 that 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 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 June 30, 2000, the market value of securities loaned and collateral
received in connection therewith was comprised as follows:
--------------------------------------------------------------------------------
Stock Global Equities Growth
Account Account Account
--------------------------------------------------------------------------------
Market value of
securities loaned $1,458,016,075 $102,278,085 $1,957,500
Cash collateral 1,510,531,939 107,169,936 2,040,000
At June 30, 2000, 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 $60,855,555,674 $4,944,875,640 $55,910,680,034
Global Equities Account 2,031,784,372 493,284,986 1,538,499,386
Growth Account 5,240,471,113 641,981,412 4,598,489,701
At June 30, 2000, the Stock and Growth Accounts held 1,019 and 209 open
futures contracts, respectively, in the Standard & Poor's 500 Index, expiring
in September 2000, with a value of $373,998,475 and $76,708,225, respectively
and an unrealized loss of $7,523,370 and $1,543,067, 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 June 30, 2000 $ 31,539,316 $102,402,550 $ 20,789,263
For the six months ended
June 30, 2000:
Dividend income 197,894 2,156,974 --
Realized gain (loss) (15,816,580) 4,329,226 (96,127)
Purchases and sales of portfolio securities, other than short-term money
market instruments, for the Stock, Global Equities, and Growth Accounts for
the six months ended June 30, 2000, were as follows:
--------------------------------------------------------------------------------
Stock Global Equities Growth
Account Account Account
--------------------------------------------------------------------------------
Purchases:
Unaffiliated issuers $19,780,788,884 $6,252,138,365 $4,697,945,869
Affiliated issuers 23,040,890 54,142,088 373,425
--------------- -------------- --------------
TOTAL PURCHASES $19,803,829,774 $6,306,280,453 $4,698,319,294
=============== ============== ==============
Sales:
Unaffiliated issuers $18,328,169,291 $4,894,951,154 $1,639,978,927
Affiliated issuers 10,313,503 15,354,452 351,612
--------------- -------------- --------------
TOTAL SALES $18,338,482,794 $4,910,305,606 $1,640,330,539
=============== ============== ==============
2000 CREF Semi-Annual Report o 85
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
--------------------------------------------------------------------------------
NOTE 5--CONDENSED FINANCIAL INFORMATION
--------------------------------------------------------------------------------
Selected condensed financial information for an Accumulation Unit of each
Account is presented below.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended For the Years Ended December 31,
June 30, 2000(1) --------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STOCK ACCOUNT
Per Accumulation Unit Data:
Investment income $ 1.287 $ 2.567 $ 2.381 $ 2.317 $ 2.114 $ 1.885
Expenses .315 .607 .521 .387 .304 .271
-------- -------- -------- -------- -------- --------
Investment income--net .972 1.960 1.860 1.930 1.810 1.614
Net realized and unrealized gain (loss)
on total investments (.989) 34.478 29.795 26.864 15.953 19.984
-------- -------- -------- -------- -------- --------
Net increase (decrease)in Accumulation Unit Value (.017) 36.438 31.655 28.794 17.763 21.598
Accumulation Unit Value:
Beginning of year 206.110 169.672 138.017 109.223 91.460 69.862
-------- -------- -------- -------- -------- --------
End of period $206.093 $206.110 $169.672 $138.017 $109.223 $ 91.460
======== ======== ======== ======== ======== ========
Total Return (0.01%) 21.48% 22.94% 26.36% 19.42% 30.92%
Ratios to Average Net Assets:
Expenses 0.15% 0.33% 0.34% 0.31% 0.31% 0.34%
Investment income-net 0.48% 1.07% 1.23% 1.55% 1.82% 2.00%
Portfolio turnover rate 29.25% 29.26% 34.63% 23.25% 19.57% 16.25%
Thousands of Accumulation Units outstanding
at end of period 533,107 543,589 565,999 597,531 620,498 632,803
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended For the Years Ended December 31,
June 30, 2000(1) --------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GLOBAL EQUITIES ACCOUNT
Per Accumulation Unit Data:
Investment income $ .516 $ .959 $ .902 $ .848 $ .751 $ .727
Expenses .173 .300 .268 .205 .167 .157
-------- -------- -------- -------- -------- --------
Investment income--net .343 .659 .634 .643 .584 .570
Net realized and unrealized gain (loss)
on total investments (3.503) 24.976 10.508 8.650 7.138 6.618
-------- -------- -------- -------- -------- --------
Net increase (decrease) in Accumulation
Unit Value (3.160) 25.635 11.142 9.293 7.722 7.188
Accumulation Unit Value:
Beginning of year 96.750 71.115 59.973 50.680 42.958 35.770
-------- -------- -------- -------- -------- --------
End of period $ 93.590 $ 96.750 $ 71.115 $ 59.973 $ 50.680 $ 42.958
======== ======== ======== ======== ======== ========
Total return (3.27%) 36.05% 18.58% 18.34% 17.98% 20.09%
Ratios to Average Net Assets:
Expenses 0.18% 0.39% 0.41% 0.38% 0.37% 0.40%
Investment income-net 0.36% 0.85% 0.97% 1.19% 1.28% 1.47%
Portfolio turnover rate 91.24% 81.30% 103.31% 98.70% 88.84% 67.50%
Thousands of Accumulation Units outstanding
at end of period 99,909 89,492 81,825 84,645 80,016 70,163
</TABLE>
(1) THE PERCENTAGES SHOWN FOR THIS PERIOD ARE NOT ANNUALIZED.
86 o 2000 CREF Semi-Annual Report
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONCLUDED)
--------------------------------------------------------------------------------
NOTE 5--CONDENSED FINANCIAL INFORMATION (CONCLUDED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended For the Years Ended December 31,
June 30, 2000(1) --------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GROWTH ACCOUNT
Per Accumulation Unit Data:
Investment income $ .277 $ .592 $ .482 $ .527 $ .484 $ .417
Expenses .166 .278 .244 .155 .119 .114
-------- -------- -------- -------- -------- --------
Investment income--net .111 .314 .238 .372 .365 .303
Net realized and unrealized gain on total
investments 6.803 24.276 18.475 12.219 8.638 8.891
-------- -------- -------- -------- -------- --------
Net increase in Accumulation Unit Value 6.914 24.590 18.713 12.591 9.003 9.194
Accumulation Unit Value:
Beginning of year 100.207 75.617 56.904 44.313 35.310 26.116
-------- -------- -------- -------- -------- --------
End of period $107.121 $100.207 $ 75.617 $ 56.904 $ 44.313 $ 35.310
======== ======== ======== ======== ======== ========
Total return 6.90% 32.52% 32.89% 28.41% 25.50% 35.20%
Ratios to Average Net Assets:
Expenses 0.16% 0.34% 0.38% 0.34% 0.35% 0.43%
Investment income-net 0.11% 0.38% 0.37% 0.82% 1.07% 1.13%
Portfolio turnover rate 29.35% 69.26% 97.57% 53.27% 38.51% 24.42%
Thousands of Accumulation Units outstanding
at end of period 155,841 131,646 98,862 80,370 53,201 32,375
(1) THE PERCENTAGES SHOWN FOR THIS PERIOD ARE NOT ANNUALIZED.
</TABLE>
NOTE 6-ACCUMULATION UNITS
--------------------------------------------------------------------------------
Changes in the number of Accumulation Units outstanding were as follows:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Stock Global Equities Growth
Account Account Account
---------------------------- -------------------------- --------------------------
Six Months Year Ended Six Months Year Ended Six Months Year Ended
Ended December 31, Ended December 31, Ended December 31,
June 30, 2000 1999 June 30, 2000 1999 June 30, 2000 1999
------------- ------------ ------------- ----------- ------------- -----------
(Unaudited) (Unaudited) (Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Accumulation Units:
Credited for premiums . 7,426,584 16,072,388 4,132,590 7,627,214 7,739,384 14,715,714
Credited (cancelled) for transfers,
disbursements and amounts applied
to the Annuity Fund (17,908,564) (38,482,574) 6,283,809 39,926 16,455,392 18,068,242
Outstanding:
Beginning of year 543,588,715 565,998,901 89,492,474 81,825,334 131,646,197 98,862,241
------------ ------------ ---------- ---------- ----------- -----------
End of period 533,106,735 543,588,715 99,908,873 89,492,474 155,840,973 131,646,197
============ ============ ========== ========== =========== ===========
</TABLE>
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 that are based on the Federal Funds Rate in effect during the time of
the borrowing. For the six months ended June 30, 2000, there were no
borrowings under this credit facility.
2000 CREF Semi-Annual Report o 87
<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<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.
Paul A. Volcker
FORMER CHAIRMAN, FEDERAL RESERVE BOARD, AND
FREDERICK H. SCHULTZ PROFESSOR OF INTERNATIONAL
ECONOMIC POLICY EMERITUS, PRINCETON UNIVERSITY
Clifton R. Wharton, Jr.
FORMER CHAIRMAN AND CHIEF EXECUTIVE OFFICER,
TIAA AND CREF
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, AND
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, AND
VICE CHAIRMAN, INTERLAKE STEAMSHIP COMPANY
William H. Waltrip
CHAIRMAN, TECHNOLOGY SOLUTIONS COMPANY
Rosalie J. Wolf
FORMER 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
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
* Also trustees of TIAA-CREFMutual Funds and TIAA-CREFInstitutional Mutual Funds
2000 SENIOR MANAGEMENT
--------------------------------------------------------------------------------
John H. Biggs
CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER
Martin L. Leibowitz
VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER
John J. McCormack
GROUP 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
Richard L. Gibbs
FINANCE AND PLANNING
Don Harrell
EXTERNAL AFFAIRS
Ira J. Hoch
SHARED SERVICES ADMINISTRATION
Matina S. Horner
HUMAN RESOURCES
Harry I. Klaristenfeld
CHIEF ACTUARY, TIAA AND CREF
Frances Nolan
RETIREMENT SERVICES ADMINISTRATION
Deanne J. Shallcross
MARKETING
David A. Shunk
CONSULTING SERVICES
John A. Somers
TIAA INVESTMENTS
Charles H. Stamm
LAW AND GENERAL COUNSEL
92 o 2000 CREF Semi-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 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
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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
statements and annual annuity benefits reports, receiving annuity payments,
annuity options, and tax reports.
800 223-1200
8 A.M. TO 11 P.M. ET MONDAY - FRIDAY
For answers to questions about TIAA-CREF Mutual Funds, Personal Annuities,
Long-Term Care Insurance, and 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.
2000 CREF Semi-Annual Report o 93
<PAGE>
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<PAGE>
College Retirement Equities Fund
[Graphic]
2000
Semi-Annual Report
--------------------------------------------------------------------------------
MONEY MARKET o INFLATION-LINKED BOND o
BOND MARKET o SOCIAL CHOICE o EQUITY INDEX
<PAGE>
Contents
Page
Letter from the Chairman and Vice Chairman 1
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
Statements of Investments 11
Money Market Account 11
Inflation-Linked Bond Account 14
Bond Market Account 15
Social Choice Account 20
Equity Index Account 27
Financial Statements 51
Statements of Assets and Liabilities 51
Statements of Operations 51
Statements of Changes in Net Assets 52
Notes to Financial Statements 52
Trustees and Senior Management 59
For More Information... 61
TIAA-CREFIndividual and Institutional Services distributes the CREF and
TIAA Real Estate Account variable annuities. This booklet must be accompanied
or preceded by current CREF and TIAA Real Estate Account prospectuses. For
additional copies, call 1 800 842-2733, extension 5509. TIAA-CREF Investment
Management serves as investment manager to CREF.
(C)2000 TIAA-CREF
<PAGE>
From the Chairman and Vice Chairman:
[PHOTO] [PHOTO]
JOHN H. BIGGS, CHAIRMAN, PRESIDENT, MARTIN L. LEIBOWITZ, VICE CHAIRMAN
AND CHIEF EXECUTIVE OFFICER AND CHIEF INVESTMENT OFFICER
The past six months have been one of the most volatile periods for the
securities markets in recent years. Nevertheless, our disciplined and carefully
devised investment philosophy continues to serve us well, as it has in other
difficult periods.
Our innovative investment strategies aim to maximize performance while
controlling risk. CREF was one of the first institutional investors to create
stock portfolios using both indexed and actively managed components. With our
Dual Investment Management StrategySM, the investment management teams for a
number of our equity funds use a combination of active and quantitative
techniques that aim to beat our investment objective benchmarks consistently.
The indexed component enables our equity funds to stay fully invested, even when
we cannot identify many investment opportunities for the actively managed
portfolio segments. Like a blend of two metals to form a stronger alloy, this
pragmatic balance of traditional active investment and innovative quantitative
strategies has helped these funds maintain strong, long-term returns generally
close to or better than those of the benchmarks.
January 1 to June 30, 2000 -- the period covered by this CREF Semi-Annual Report
-- has, as mentioned, tested investors' ability to adjust to market volatility.
We believe that the performance of the CREF Accounts has warranted investors'
trust during this difficult time. Before we turn to an overview of CREF variable
annuity performance thus far in 2000, it may help to place the Accounts'
behavior in a market context.
From 1995 through June 2000, the market experienced a marked increase in
volatility, as measured by the average number of days when the total return for
the Standard & Poor's 500-Stock Index and the Nasdaq rose or fell more than 1
percent or 2 percent. The median daily change in the S&P 500 was about half a
percent in the five-year period. But the number of days when the S&P moved more
than 1 percent increased from 13 during 1995 to 55 so far this year (110 on an
annualized basis), about 45 percent of all days the stock market was open for
business. Even more dramatically, the S&P did not move more than 2 percent on
any day in 1995, but through June this year had done so 23 times (46 days on an
annualized basis).
The median daily change in the Nasdaq from 1995 through June 2000 was about 0.75
percent. In 1995, the Nasdaq moved up or down more than 1 percent on 46 days,
while in the first six months of 2000 the corresponding count was 100 days (or
200 on an annualized basis). Similarly, in 1995 the Nasdaq rose or fell more
than 2 percent on only 5 days. Through June 2000, the Nasdaq has risen or fallen
over 2 percent on 73 days (146 on an annualized basis).
As volatility increased from 1995 to 1999, stock market returns were
impressively positive. The S&P 500, for example, achieved total annual returns
that were consistently in excess of 20 percent each year, including two years --
1995 and 1997 -- in excess of 30 percent. It was only this year that volatility
seemed to be accompanied by lower returns. Through June 30, 2000, the overall
S&P 500 provided a generally flat return.
--------------------------------------------------------------------------------
We remain committed to delivering first-rate service and professional,
disciplined investment performance.
--------------------------------------------------------------------------------
Against this background, the CREF Money Market, Inflation-Linked Bond, Bond
Market, Social Choice, and Equity Index Accounts continued to post competitive
performance. The Bond Market Account received a 5-star rating every month from
the Morningstar variable annuity rating service. Equity Index held strong with a
4-star rating every month, while Social Choice, following two months of 3-star
ratings in January and February, rebounded to 4 stars every month March through
June. (Morningstar does not rate money market and inflation-indexed bond
accounts. See the Morningstar sidebar on page 2.) The table on page 2 shows, for
each of the CREF Accounts, their year-to-date total return (gains and losses
plus investment income) compared with their respective benchmarks, and with the
average fund category that best matches their investment objectives (as measured
by Lipper Analytical Services, Inc.).
The CREF Money Market Account topped its benchmark and its peer group, while the
Social Choice and Bond Market Accounts outperformed their peer groups. The other
accounts came close to their respective performance benchmarks.
2000 CREF Semi-Annual Report o 1
<PAGE>
TOTAL RETURNS
--------------------------------------------------------------
FOR THE PERIOD JANUARY 1, 2000 THROUGH JUNE 30, 2000
--------------------------------------------------------------
CREF Money Market Account 2.95%
--------------------------------------------------------------
Lipper Money Market Funds Average 2.66%
iMoneyNet Money Fund Report AveragesTM -
All Taxable 2.74%
--------------------------------------------------------------
CREF Inflation-Linked Bond Account 6.66%
--------------------------------------------------------------
Salomon Smith Barney
Inflation-Linked Securities Index 6.83%
--------------------------------------------------------------
CREF Bond Market Account 3.87%
--------------------------------------------------------------
Lipper Intermediate
Investment Grade Debt Index 3.30%
Lehman Brothers Aggregate Bond Index 3.99%
--------------------------------------------------------------
CREF Social Choice Account 2.27%
--------------------------------------------------------------
Lipper Balanced Fund Index 1.74%
Standard & Poor's 500-Stock Index -0.42%
Lehman Brothers Aggregate Bond Index 3.99%
--------------------------------------------------------------
CREF Equity Index Account 0.74%
--------------------------------------------------------------
Russell 3000(R)Index 0.95%
THE RUSSELL 3000 INDEX IS A TRADEMARK AND SERVICE MARK 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 Stock, Global Equities, and
Growth Accounts -- the other three accounts available under CREF variable
annuities.
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. The CREF Accounts covered here have expenses, as a
percentage of net assets, that range from 0.28 to 0.31 percent. 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 with those of most mutual funds.
NEW RETIREMENT SAVINGS OPPORTUNITIES. In 1998, we enabled par- ticipants to
consolidate IRA money they had previously accumulated by rolling it over to an
annuity with us. Since then, we have also introduced Roth and contributory
Classic IRAs. To date, we have received in excess of $2.5 billion in IRA
premiums and rollovers. This year, in response to participants' requests, we
have introduced annuities for use with Keogh plan savings, beginning March 1,
2000. Keogh plans are for income that a person derives from self-employed
activities, such as publishing royalties.
--------------------------------------------------------------------------------
MORNINGSTAR
--------------------------------------------------------------------------------
Morningstar is an independent service that rates mutual funds and variable
annuities. The top 10% of accounts in an asset class receive 5 stars, the next
22.5% receive 4 stars, and the next 35% receive 3 stars. Morningstar proprietary
ratings reflect historical risk-adjusted performance, and are subject to change
every month. They are calculated from the account's 3-, 5-, and 10-year average
annual returns (if applicable) in excess of 90-day Treasury bill returns with
appropriate fee adjustments, and a risk factor that reflects subaccount
performance below 90-day T-bill returns. The overall star ratings are
Morningstar's published ratings, which are weighted averages of its 3-, 5-, and
10-year ratings. Accumulation unit values and returns will vary. Past
performance is no guarantee of future results. To access the latest ratings on
the TIAA-CREF~Web Center, go to www.tiaa-cref.org/financials/ra-morn.html.
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MORNINGSTAR RATINGSTM OF CREF ACCOUNTS - 06/30/00
--------------------------------------------------------------------------------
OVERALL 3 YEARS 5 YEARS 10 YEARS
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
DOMESTIC EQUITY ACCOUNTS (OUT OF 3,039) (OUT OF 3,039) (OUT OF 2,254) (OUT OF 987)
CREF Stock **** *** **** ****
CREF Equity Index **** **** **** --
CREF Growth ***** **** ***** --
CREF Social Choice **** *** **** ****
-----------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY ACCOUNT (OUT OF 716) (OUT OF 716) (OUT OF 504) --
CREF Global Equities **** **** **** --
-----------------------------------------------------------------------------------------------------------------------------------
FIXED-INCOME ACCOUNT (OUT OF 841) (OUT OF 841) (OUT OF 706) (OUT OF 372)
CREF Bond Market ***** ***** ***** ****
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2 o 2000 CREF Semi-Annual Report
<PAGE>
ANNUITY INCOME INCREASES. In 2000, annuity income from all of the CREF Accounts
except Bond Market increased again. For most CREF participants receiving
lifetime annuity income, CREF income changes each May 1 to reflect the
investment performance of an account during the twelve-month period ending the
prior March 31. Recently we introduced the alter- native of monthly income
changes, for those who prefer to have their variable income payments respond
more immediately to market changes. Following are the annual revaluations for
the CREFaccounts effective May 1, 2000:
o Income from the Stock Account rose 19.95 percent.
o The income increase for the Growth Account totaled 33.82 percent. This account
was the strongest performer and provides the largest increase this year.
o Equity Index Account income rose 17.43 percent.
o Income from the Global Equities Account went up 33.63 percent.
o Income from the Social Choice Account rose 7.02 percent.
o Money Market Account income increased by 1.51 percent.
o Annuity income from the Bond Market Account declined by 2.61 percent.
--------------------------------------------------------------------------------
ABOUT BENCHMARKS
--------------------------------------------------------------------------------
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"
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 with that of 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, for example, deducts
roughly 30 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 the Accounts do. An example is the short-term
investments of CREF~Stock, which make up 0.2% of the portfolio.
--------------------------------------------------------------------------------
o The Inflation-Linked Bond Account income increased 2 percent.
For comparison, consider the consumer price index for all urban consumers:It
rose just 3.7 percent during the 12-month period that ended in June 2000.
--------------------------------------------------------------------------------
Expenses for CREF~Money Market, Inflation-Linked Bond, Bond Market, Social
Choice, and Equity Index, as a percent of average net assets, ranged from 0.28
to 0.31 percent. These are the lowest of all variable annuity funds with
comparable investment objectives.
--------------------------------------------------------------------------------
INTER/ACT. We hope you've been taking advantage of our online information and
transactional facility, Inter/ACT, to check on the status of your accounts,
reallocate premiums, make a transfer, or perform other account transactions. We
have found that most participants enjoy the ease of access to their funds that
Inter/ACT provides. We are currently at work on a new service feature that will
enable participants to obtain a personalized PIN number directly online for use
with Inter/ACT, rather than first calling our Automated Telephone Service
for the PIN. If you haven't yet visited the TIAA-CREF Web Center
(www.tiaa-cref.org), or used the Inter/ACT facility, we encourage you to do so.
Together the Web Center and Inter/ACT provide an immediate and efficient means
of obtaining information and managing your funds with us.
One word about the charts in this booklet: Graphs that show the growth of
$10,000 over ten years or since the account's inception are "semilog" graphs.
Like conventional graphs, semilog graphs can show broad trends. But semilog
graphs make it easier to highlight percentage changes in performance over time.
We remain committed to delivering first-rate service, low expenses, financial
products that serve your goals, and professional, disciplined investment
performance. We look forward to reporting to you on our progress as the rest of
the year unfolds.
/s/ John H. Biggs /s/ Martin L. Leibowitz
------------------------ ------------------------
John H. Biggs Martin L. Leibowitz
CHAIRMAN, PRESIDENT, AND VICE CHAIRMAN AND
CHIEF EXECUTIVE OFFICER CHIEF INVESTMENT OFFICER
2000 CREF Semi-Annual Report o 3
<PAGE>
Money Market Account
--------------------------------------------------------------------------------
Investment Objective. High current income consistent with maintaining liquidity
and preserving capital
--------------------------------------------------------------------------------
During the first six months of 2000, the CREF Money Market Account had a return
of 2.95 percent, outperforming the competition, the Lipper Money Market Funds
Average, by 29 basis points.
In the first half of this year, the Federal Open Market Committee met on four
occasions and raised short-term interest rates three times. Since we believed
the Federal Reserve was going to tighten rates throughout the first half of
2000, we positioned the CREF Money Market Account to have a shorter weighted
average maturity than the iMoneyNet Money Fund Report - All Taxable Average.
Throughout the six-month period ending June 30, the Account's weighted average
maturity varied from a low of 36 days to a high of 54 days as compared with a
range of 44 days to 53 days for the benchmark. Our goal during the third quarter
is to have a weighted average maturity that is at least one week longer than the
benchmark.
From January to June 2000, we made a few asset allocation changes to the
Account's composition. First, we increased our holdings in commercial paper and
floating/variable rate securities to 82 percent and 9 percent respectively from
75 percent and 3 percent for the prior six months. Second, we slightly increased
our holdings in bank liabilities to 8 percent from 7 percent from the prior six
months. Third, we decreased our holdings in U.S. government agency securities to
1 percent from 15 percent for the prior six months. We continue to be
overweighted in the commercial paper sector versus our index because commercial
paper continues to provide the best relative value among the various money
market asset sectors.
--------------------------------------------------------------------------------
NET ANNUALIZED YIELD FOR THE
7 DAYS ENDING 6/27/00
CURRENT YIELD EFFECTIVE YIELD
--------------------------------------------------------------------------------
Money Market Account 6.38% 6.58%
iMoney Net Money Fund Report
Averages -- All Taxable 5.91% 6.08%
$10,000 OVER TEN YEARS
--------------------------------------------------------------------------------
[The following table represents a chart in the printed piece.]
Money Market iMoney Net Money Fund Report
Account Average(TM) -- All Taxable
6/30/90 $10,000 $10,000
6/30/91 10,740 10,695
6/30/92 11,272 11,176
6/30/93 11,634 11,497
6/30/94 12,015 11,831
6/30/95 12,658 12,423
6/30/96 13,350 13,064
6/30/97 14,069 13,714
6/30/98 14,849 14,422
6/30/99 15,595 15,098
6/30/2000 16,478 15,884
THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF MONEY MARKET ACCOUNT ON JULY
1, 1990. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO
$16,478. FOR COMPARISON, THE GRAPH SHOWS HOW A $10,000 INVESTMENT IN IMONEYNET
MONEY FUND REPORT AVERAGES - ALL TAXABLE, THE MONEY MARKET ACCOUNT'S BENCHMARK,
DID OVER THE SAME PERIOD.
PORTFOLIO DIVERSIFICATION AS OF 6/30/00
--------------------------------------------------------------------------------
[The following table represents a chart in the printed piece.]
Commercial Paper 81.4%
Variable-Rate Notes 8.8%
Certificates of Deposit 5.3%
Bank Notes - U.S. Banks 2.6%
Medium-Term Notes 1.1%
U.S. Government Agencies 0.8%
<TABLE>
<CAPTION>
PERFORMANCE AT A GLANCE AS OF 6/30/00
------------------------------------------------------------------------------------------------------------------------------------
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 5.66% 5.42% 5.12% 5.66% 30.18% 64.78% $6.6
iMoneyNet Money Fund Report Averages-
All Taxable 5.21% 5.04% 4.74% 5.21% 27.88% 58.84%
Lipper Money Market Funds Average 5.06% 4.91% 4.69% 5.06% 27.12% 58.10%
</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. THE CURRENT YIELD MORE
CLOSELY REFLECTS THE ACCOUNT'S EARNINGS THAN DOES THE TOTAL RETURN.
4 o 2000 CREF Semi-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
--------------------------------------------------------------------------------
For the first six months of 2000, the CREF Inflation-Linked Bond Account had a
total rate of return of 6.66 percent, underperforming its benchmark, the Salomon
Smith Barney Inflation-Linked Index, by 17 basis points. The underperformance in
the Account can be mostly attributed to expenses (16 basis points) and pricing
difference versus the benchmark.
Inflation-linked securities had stellar performance for the first six months of
2000. Their rate of return in this period was the highest since they were first
issued in January 1997.
There are several reasons why inflation-linked securities as an asset class did
well for the first half of 2000. First, inflation has risen. On a year-over-year
basis overall, inflation as measured by the CPI-U is 3.7 percent through the end
of June. Second, accretion for inflation-linked securities has exceeded what
market participants have expected. Third, the U.S. Treasury eliminated the April
auction of the 30-year inflation-linked securities.
Our strategy for the Account is to maintain a similar duration to that of the
Salomon Smith Barney Inflation-Linked Index.
At the end of June, our duration was 8.79 years versus 8.81 years for the index.
At the end of June, the real yields for the 2-, 7-, 8-, 9-, 10-, 28-, and
29-year inflation-linked securities were 3.98 percent, 4.10 percent, 4.10
percent, 4.09 percent, 4.07 percent, 3.90 percent, and 3.90 percent,
respectively.
On July 5, the U.S. Treasury announced that they will be issuing an additional
$5 billion of the outstanding 10-year U.S. inflation-linked 4.25 percent notes
due January 15, 2010.
--------------------------------------------------------------------------------
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 that of 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
--------------------------------------------------------------------------------
[The following table represents a chart in the printed piece.]
I-L Bond Account SSB US 1 I-L Bond Index
5/1/97 $10,000 $10,000
6/30/97 10,015 10,021
12/31/97 10,258 10,283
6/30/98 10,422 10,454
12/31/98 10,615 10,687
6/30/99 10,800 10,887
12/31/99 10,839 10,942
6/30/2000 11,561 11,689
THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF INFLATION-LINKED BOND
ACCOUNT, ON MAY 1, 1997. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD
HAVE GROWN TO $11,561. FOR COMPARISON, THE GRAPH SHOWS HOW A $10,000 INVESTMENT
IN THE SALOMON SMITH BARNEY INFLATION-LINKED INDEX, THE INFLATION-LINKED BOND
ACCOUNT'S BENCHMARK, DID OVER THE SAME PERIOD.
PORTFOLIO COMPOSITION AS OF 6/30/00
--------------------------------------------------------------------------------
[The following table represents a chart in the printed piece.]
Long-Term Bonds 99.6%
Short-Term Investments 0.4%
<TABLE>
<CAPTION>
PERFORMANCE AT A GLANCE AS OF 6/30/00
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES
RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS
1 YEAR SINCE 5/1/97 INCEPTION 1 YEAR SINCE 5/1/97 INCEPTION (IN BILLIONS)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Inflation-Linked Bond Account 7.05% 4.68% 7.05% 15.61% $0.25
Salomon Smith Barney
Inflation-Linked Securities Index 7.37% 5.05% 7.37% 16.89%
</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.
2000 CREF Semi-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 the first six months of 2000, the Bond Market Account had a return of 3.87
percent, which was 12 basis points behind the Lehman Brothers Aggregate Bond
Index, and 57 basis points ahead of the competition as measured by the Lipper
Intermediate Investment Grade Debt Index.
We began to reduce our overweight positions compared with the benchmark in
corporate, agency and agency-backed securities in January, making them roughly
equivalent to the benchmark. The bond portfolio, however, slightly
underperformed its benchmark in the first quarter, but managed to beat the
returns posted by the peer group.
Relative to the benchmark, beginning with the second quarter of 2000, we had a
modest overweight position in certain spread sector securities, such as
mortgage-backed and asset-backed bonds. (The spread is the difference between
the yield of a bond and a Treasury security of similar duration.) We had a
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
neutral position in corporate bonds, and an underweight position in U.S.
agency securities and commercial mortgage-backed securities. By the end of the
second quarter, our exposure to spread sector securities was again close to
neutral compared with the benchmark. Several factors led to further widening in
spreads in the corporate bond, U.S. agency, and asset-backed sectors. First, the
Federal Reserve was clearly in a tightening mode with the goal of slowing down
the economy.
$10,000 OVER TEN YEARS
--------------------------------------------------------------------------------
Bond Market Account LB Agg. Bond Index
6/30/90 $10,000 10,000
6/30/91 10,910 11,070
6/30/92 12,526 12,624
6/30/93 14,171 14,112
6/30/94 13,913 13,928
6/30/95 15,563 15,676
6/30/96 16,260 16,462
6/30/97 17,563 17,804
6/30/98 19,410 19,681
6/30/99 19,895 20,300
6/30/2000 20,823 21,227
THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF BOND MARKET ACCOUNT, ON JULY
1, 1990. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO
$20,823. 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.
Second, the Treasury Department was buying back long-dated treasuries (e.g.,
with maturities of greater than 10 years), in particular 30-year Treasuries,
boosting the value of these securities versus other fixed-income securities.
Spreads in the mortgage-backed and commercial mortgage-backed (CMBS) sectors
were unchanged.
The overall performance of the Account for the first six months of 2000 closely
matched its benchmark. During this period, we also kept the Account close to its
benchmark in terms of spread sector allocations and yield-curve positioning. The
option-adjusted duration of the bond portfolio was within 1 percent of the
benchmark throughout the quarter.
6 o 2000 CREF Semi-Annual Report
<PAGE>
<TABLE>
<CAPTION>
PERFORMANCE AT A GLANCE AS OF 6/30/00
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>
Bond Market Account 4.66% 6.00% 7.61% 4.66% 33.80% 108.23% $2.8
Lehman Brothers Aggregate Bond Index 4.56% 6.25% 7.82% 4.56% 35.41% 112.27%
Lipper Intermediate
Investment Grade Debt Index 3.76% 5.68% 7.18% 3.76% 31.81% 99.96%
</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.
--------------------------------------------------------------------------------
RATING PERCENT
--------------------------------------------------------------------------------
Investment Grade Aaa/AAA 50.3%
Aa/AA 5.6
A/A 12.2
Baa/BBB 5.8
Below Investment Grade Ba/BB 0.8
B 0.0
U.S. Government and Government
Agency Securities (not rated) 24.4
Money Market Instruments (not rated) 0.9
PORTFOLIO COMPOSITION AS OF 6/30/00
--------------------------------------------------------------------------------
[The following table represents a chart in the printed piece.]
Mortgage-Backed and Other
Asse-Backed Securities 49.5%
U.S. Government and
Government Agency
Securities 24.4%
Corporate Bonds 21.4%
Foreign Government and
Foreign Corporate Bonds,
Denominated in U.S. Dollars 3.3%
Investments Maturing in
Less Than a Year 1.4%
2000 CREF Semi-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
screens
INVESTMENT STRATEGY
--------------------------------------------------------------------------------
The Social Choice Account's total return for the six months ended June 30, 2000
was 2.27 percent, 53 basis points above that of the Lipper Balanced Fund Index,
which measures the results of mutual funds with similar investment objectives
(ignoring the social criteria). During this period the social criteria screens
did not constrain the Account's results relative to those of balanced funds that
don't have these restrictions.
At the end of April 2000, the Committees on Corporate Governance and Social
Responsibility voted in favor of a formal gambling screen. The Account will not
invest in companies that have a significant involvement in gaming or gambling
operations.
--------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------
Because the Account uses investment screens, not all of the stocks in the S&P500
are represented.
The performance of the Account benefited by being slightly underweight compared
with the S&P500 Index in the technology sector, most notably by not owning
Motorola, which had a -39 percent return in the benchmark for the quarter.
$10,000 OVER TEN YEARS
--------------------------------------------------------------------------------
[The following table represents a chart in the printed piece.]
LB Avg. Social Choice
Bond Index Account S&P 500 Index
6/30/90 10,000 10,000 10,000
6/30/91 11,070 10,845 10,740
6/30/92 12,624 12,399 12,180
6/30/93 14,112 14,533 13,840
6/30/94 13,928 14,492 14,035
6/30/95 15,676 17,302 17,694
6/30/96 16,462 20,218 22,294
6/30/97 17,804 25,134 30,030
6/30/98 19,681 30,623 39,088
6/30/99 20,300 34,813 47,983
6/30/2000 21,227 37,122 51,461
THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF SOCIAL CHOICE ACCOUNT, ON
JULY 1, 1990. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN
TO $37,122. 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.
Although the portfolio had an underexposure to the energy sector, it benefited
by its overweight position in oil services companies relative to the benchmark.
The Account's overexposure to healthcare stocks such as Johnson &Johnson
positively contributed to performance, despite not owning Warner-Lambert, which
had a return of 30 percent this quarter and completed its merger with Pfizer.
The Account's overweight positions in interest-rate sensitive stocks versus the
benchmark, namely the financial services and utility sectors, offset the effects
of our underweight positions in producer durables such as General Electric,
which is the largest stock in the S&P500 and which is not held by the Account.
8 o 2000 CREF Semi-Annual Report
<PAGE>
PERFORMANCE AT A GLANCE AS OF 6/30/00
<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>
Social Choice Account 6.63% 16.50% 14.02% 6.63% 114.55% 271.22% $4.2
S&P 500 Index 7.25% 23.80% 17.80% 7.25% 190.84% 414.61%
Lehman Brothers Aggregate Bond Index 4.56% 6.25% 7.82% 4.56% 35.41% 112.27%
Lipper Balanced Fund Index 4.43% 13.82% 12.21% 4.43% 91.01% 216.60%
</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 fixed-income portion of the Account is invested in U.S. Treasury and agency
securities, mortgage-backed and asset-backed securities, corporate bonds,
foreign government and foreign corporate bonds denominated in U.S. dollars, and
short-term investments. The fixed-income benchmark is the Lehman Brothers
Aggregate Bond Index. The social criteria screens did not constrain the
fixed-income performance of the Account relative to the performance of
fixed-income funds that do not have social criteria screens.
TEN LARGEST HOLDINGS AS OF 6/30/00
--------------------------------------------------------------------------------
PRINCIPAL/ MARKET PERCENT
COUPON MATURITY SHARES VALUE OF NET
COMPANY RATE DATE (000) (000) ASSETS
--------------------------------------------------------------------------------
U.S. Treasury
Bond 8.875% 02/15/19 114,420 $147,262 3.50%
Intel Corp 760 101,629 2.42
Cisco Systems,
Inc 1,462 92,909 2.21
Microsoft Corp 1,110 88,824 2.11
FGLMC 7.000% 07/25/30 89,000 86,003 2.04
FNMA 7.000% 07/25/30 73,900 71,348 1.70
FGLMC 8.000% 07/25/30 62,500 62,852 1.49
Wal-Mart
Stores, Inc 1,033 59,538 1.42
Citigroup, Inc 894 53,886 1.28
American
International
Group, Inc 446 52,381 1.25
PORTFOLIO COMPOSITION AS OF 6/30/00
--------------------------------------------------------------------------------
[The following table represents a chart in the printed piece.]
U.S. Stocks 61.4%
Long-Term Bonds 38.2%
Short-Term Investments 0.4%
2000 CREF Semi-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(R)?
--------------------------------------------------------------------------------
The Account uses the Russell 3000(R) Index as its benchmark. The Russell 3000 is
an unmanaged index of stocks of the 3,000 largest (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 because of 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 service mark 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 6/30/00
--------------------------------------------------------------------------------
SHARES MARKET VALUE PERCENT OF
COMPANY (000,000) (000,000) NET ASSETS
--------------------------------------------------------------------------------
General Electric Co 3.7 $194.1 3.79%
Intel Corp 1.2 166.0 3.23
Cisco Systems, Inc 2.6 163.5 3.19
Microsoft Corp 1.4 114.1 2.22
Pfizer, Inc 2.3 111.9 2.18
Exxon Mobil Corp 1.3 101.2 1.97
Citigroup, Inc 1.3 75.3 1.47
International Business Machines
Corp 0.7 72.0 1.40
Lucent Technologies, Inc 1.2 70.9 1.38
Oracle Corp 0.8 68.2 1.33
$10,000 SINCE 4/29/94 INCEPTION
--------------------------------------------------------------------------------
[The following table represents a chart in the printed piece.]
Russell 3000(R) Index Equity Index Account
4/24/94 10,000 10,000
6/30/94 9,833 9,882
6/30/95 12,284 12,287
6/30/96 15,479 15,413
6/30/97 20,213 20,095
6/30/98 26,035 25,806
6/30/99 31,269 30,987
6/30/2000 34,271 33,902
THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF EQUITY INDEX ACCOUNT, ON
APRIL 29, 1994. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN
TO $33,902. 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 AS OF 6/30/00
--------------------------------------------------------------------------------
Technology 30.9%
Consumer Products
and Services 28.6%
Financial 13.2%
Manufacturing and Materials 11.0%
Utilities 10.3%
Energy 4.3%
Short-Term Investments 0.9%
Transportation 0.8%
PERFORMANCE AT A GLANCE AS OF 6/30/00
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES
RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS
1 YEAR 5 YEARS SINCE 4/29/94 INCEPTION 1 YEAR 5 YEARS SINCE 4/29/94 INCEPTION (IN BILLIONS)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Equity Index Account 9.41% 22.51% 21.85% 9.41% 175.93% 239.02% $5.1
Russell 3000 Index 9.60% 22.78% 22.16% 9.60% 178.99% 244.41%
-----------------------------------------------------------------------------------------------------------------------------------
</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 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - MONEY MARKET ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- -----------
SHORT TERM INVESTMENTS--100.15%
BANK NOTES--2.25%
BANK OF AMERICA
$20,000,000 6.820%, 09/01/00 ................... $ 20,003
25,000,000 6.440%, 10/12/00 ................... 24,968
20,000,000 7.060%, 12/01/00 ................... 20,008
FIRST TENNESSEE NATIONAL BANK
25,000,000 6.760%, 02/26/01 ................... 24,932
HARRIS TRUST AND SAVINGS BANK
49,000,000 6.600%, 08/11/00 ................... 49,000
HUNTINGTON NATIONAL BANK
10,000,000 5.660%, 07/06/00 ................... 9,998
--------
148,909
--------
CERTIFICATES OF DEPOSIT--4.95%
ABN AMRO BANK NV
20,000,000 6.720%, 03/02/01 ................... 19,920
BANK OF AMERICA
29,000,000 6.260%, 08/07/00 ................... 28,986
BANK OF NOVA SCOTIA
25,000,000 6.680%, 09/18/00 ................... 24,997
CANADIAN IMPERIAL BANK OF COMMERCE
50,000,000 6.740%, 08/30/00 ................... 50,002
50,000,000 6.680%, 09/07/00 ................... 49,998
DEUTSCHE BANK
15,000,000 5.710%, 07/06/00 ................... 14,998
20,000,000 6.695%, 02/05/01 ................... 19,934
15,000,000 6.700%, 02/14/01 ................... 14,950
MELLON BANK NA
13,350,000 5.700%, 07/07/00 ................... 13,348
REGIONS BANK (ALABAMA)
20,000,000 6.230%, 11/06/00 ................... 19,935
SOCIETE GENERALE
10,000,000 6.735%, 03/16/01 ................... 9,963
25,000,000 6.750%, 04/17/01 ................... 24,898
TORONTO DOMINION HOLDINGS (U.S.)
10,000,000 6.620%, 07/24/00 ................... 9,999
WESTDEUTSCHE LANDESBANK
25,000,000 6.750%, 08/24/00 ................... 25,000
--------
326,928
--------
COMMERCIAL PAPER--81.49%
ABN AMRO NORTH AMERICA FINANCE, INC
18,000,000 5.960%, 08/07/00 ................... 17,877
32,000,000 6.760%, 11/27/00 ................... 31,117
AMERICAN EXPRESS CREDIT CORP
4,786,000 c 6.780%, 07/07/00 ................... 4,781
AMERICAN HONDA FINANCE CORP
20,000,000 c 6.500%, 07/07/00 ................... 19,978
20,000,000 6.500%, 07/17//00 .................. 19,941
8,800,000 6.640%, 08/10/00 ................... 8,735
20,000,000 6.640%, 08/16/00 ................... 19,829
17,500,000 6.650%, 08/21/00 ................... 17,335
25,000,000 6.640%, 08/22/00 ................... 24,760
25,000,000 6.650%, 08/31/00 ................... 24,717
AMERICAN TELEPHONE & TELEGRAPH CO
50,000,000 6.550%, 08/15/00 ................... 49,584
50,000,000 6.650%, 08/30/00 ................... 49,443
46,000,000 6.660%, 09/05/00 ................... 45,437
ASSET SECURITIZATION COOP CORP
16,000,000 c 6.520%, 07/10/00 ................... 15,974
50,000,000 c 6.560%, 07/11/00 ................... 49,909
32,000,000 c 6.550%, 08/07/00 ................... 31,781
52,297,000 c 6.670%, 08/23/00 ................... 51,784
BANK OF NOVA SCOTIA
25,000,000 6.630%, 08/28/00 ................... 24,730
BEAR STEARNS CO, INC
45,000,000 6.710%, 09/05/00 ................... 44,449
BELL ATLANTIC FINANCIAL SERVICES, INC
22,000,000 6.475%, 07/10/00 ................... 21,964
35,000,000 6.480%, 07/13/00 ................... 34,923
29,000,000 6.630%, 08/08/00 ................... 28,796
BELL ATLANTIC NETWORK FUNDING CORP
44,750,000 6.540%, 07/24/00 ................... 44,563
35,000,000 6.540%, 07/27/00 ................... 34,835
20,000,000 6.570%, 08/16/00 ................... 19,832
BELLSOUTH TELECOMMUNICATIONS, INC
10,000,000 6.540%, 07/19/00 ................... 9,967
40,000,000 6.670%, 09/26/00 ................... 39,356
BETA FINANCE, INC
30,000,000 c 6.620%, 09/11/00 ................... 29,600
10,000,000 c 6.260%, 10/10/00 ................... 9,813
BMW U.S. CAPITAL CORP
16,000,000 6.540%, 08/16/00 ................... 15,866
105,698,000 6.570%, 09/18/00 ................... 104,150
BRITISH TELECOMMUNICATION PLC
50,000,000 6.620%, 08/21/00 ................... 49,528
50,000,000 6.690%, 09/18/00 ................... 49,268
25,000,000 6.770%, 11/08/00 ................... 24,398
25,000,000 6.880%, 02/12/01 ................... 23,952
CAMPBELL SOUP CO
25,000,000 6.600%, 08/23/00 ................... 24,755
25,000,000 6.540%, 09/07/00 ................... 24,685
40,000,000 6.180%, 10/11/00 ................... 39,244
CANADIAN IMPERIAL HOLDINGS, INC
40,000,000 6.540%, 07/19/00 ................... 39,869
CIESCO LP
27,500,000 c 6.520%, 07/12/00 ................... 27,444
50,000,000 6.550%, 07/20/00 ................... 49,823
19,000,000 6.560%, 07/20/00 ................... 18,934
14,000,000 c 6.540%, 07/24/00 ................... 13,942
25,000,000 6.580%, 09/07/00 ................... 24,685
15,000,000 6.580%, 09/12/00 ................... 14,797
CIT GROUP HOLDINGS, INC
10,000,000 6.150%, 07/17/00 ................... 9,970
CLOROX CO
40,000,000 6.080%, 07/05/00 ................... 39,971
13,682,000 6.090%, 07/05/00 ................... 13,672
COCA COLA CO
50,000,000 6.500%, 07/07/00 ................... 49,946
COCA-COLA ENTERPRISES, INC
50,000,000 c 6.130%, 07/14/00 ................... 49,880
25,000,000 c 6.550%, 07/24/00 ................... 24,893
CORPORATE ASSET FUNDING CORP, INC
12,600,000 c 6.550%, 07/11/00 ................... 12,577
42,000,000 c 6.530%, 07/21/00 ................... 41,848
25,000,000 c 6.550%, 07/24/00 ................... 24,893
20,000,000 c 6.550%, 08/04/00 ................... 19,876
50,000,000 c 6.650%, 08/21/00 ................... 49,528
CREDIT SUISSE FIRST BOSTON, INC
35,000,000 6.620%, 08/14/00 ................... 34,715
25,000,000 6.580%, 09/05/00 ................... 24,694
35,000,000 6.600%, 09/11/00 ................... 34,533
50,000,000 6.580%, 09/14/00 ................... 49,304
DAIMLERCHRYSLER NORTH AMERICA HOLDINGS
25,000,000 6.130%, 08/08/00 ................... 24,824
75,000,000 6.600%, 08/28/00 ................... 74,190
26,000,000 6.560%, 09/20/00 ................... 25,610
25,000,000 6.220%, 10/10/00 ................... 24,532
--------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 11
<PAGE>
Statement of Investments - MONEY MARKET ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- -----------
COMMERCIAL PAPER--(Continued)
DELAWARE FUNDING CORP
$40,000,000 c 6.590%, 07/11/00 ................... $ 39,927
10,118,000 c 6.570%, 07/17/00 ................... 10,088
20,000,000 c 6.580%, 07/18/00 ................... 19,938
30,309,000 c 6.600%, 07/24/00 ................... 30,181
50,000,000 c 6.550%, 07/25/00 ................... 49,782
DEUTSCHE BANK FINANCIAL, INC
50,000,000 6.610%, 07/31/00 ................... 49,725
DUKE ENERGY CORP
44,000,000 6.900%, 07/05/00 ................... 43,966
DUPONT (E.I.) DE NEMOURS & CO
25,000,000 6.550%, 07/18/00 ................... 24,923
25,000,000 5.960%, 08/16/00 ................... 24,786
EASTMAN KODAK CO
12,750,000 6.150%, 07/17/00 ................... 12,712
15,000,000 6.150%, 07/18/00 ................... 14,953
15,000,000 6.600%, 08/14/00 ................... 14,878
45,000,000 6.630%, 08/17/00 ................... 44,607
ENTERPRISE FUNDING CORP
20,382,000 c 6.130%, 07/11/00 ................... 20,345
39,000,000 c 6.540%, 07/19/00 ................... 38,872
EQUILON ENTERPRISES LLC
39,000,000 6.520%, 07/13/00 ................... 38,915
25,000,000 6.600%, 08/15/00 ................... 24,792
40,000,000 6.560%, 09/13/00 ................... 39,452
30,000,000 6.550%, 09/18/00 ................... 29,561
17,000,000 c 6.570%, 09/19/00 ................... 16,748
FORD MOTOR CREDIT CO
10,000,000 6.720%, 07/03/00 ................... 9,996
28,900,000 6.540%, 08/07/00 ................... 28,702
FORTUNE BRANDS, INC
20,000,000 6.100%, 07/05/00 ................... 19,985
15,000,000 6.130%, 07/10/00 ................... 14,975
15,000,000 c 6.610%, 08/02/00 ................... 14,911
33,400,000 c 6.650%, 09/05/00 ................... 32,991
20,000,000 6.650%, 09/06/00 ................... 19,751
18,000,000 6.670%, 09/07/00 ................... 17,773
12,085,000 6.700%, 10/10/00 ................... 11,859
18,000,000 6.080%, 07/10/00 ................... 17,970
GENERAL ELECTRIC CAPITAL CORP
64,000,000 6.580%, 07/21/00 ................... 63,766
12,400,000 6.530%, 07/26/00 ................... 12,344
16,900,000 6.590%, 08/10/00 ................... 16,776
16,000,000 6.570%, 09/15/00 ................... 15,774
42,000,000 6.220%, 10/10/00 ................... 41,213
GENERAL MOTORS ACCEPTANCE CORP
68,000,000 6.130%, 07/05/00 ................... 67,951
32,000,000 6.140%, 07/17/00 ................... 31,905
50,000,000 6.160%, 08/10/00 ................... 49,629
GOLDMAN SACHS GROUP LP
20,000,000 6.520%, 07/05/00 ................... 19,986
69,000,000 6.580%, 07/05/00 ................... 68,950
GTE CORP
17,800,000 6.600%, 07/11/00 ................... 17,767
20,000,000 c 6.610%, 07/18/00 ................... 19,938
10,000,000 6.600%, 07/27/00 ................... 9,952
25,000,000 6.630%, 08/01/00 ................... 24,857
23,300,000 c 6.650%, 08/07/00 ................... 23,141
GTE FUNDING, INC
5,800,000 6.700%, 07/12/00 ................... 5,788
15,200,000 6.700%, 07/13/00 ................... 15,166
HARLEY-DAVIDSON FUNDING CORP
32,000,000 c 6.540%, 07/06/00 ................... 31,971
18,000,000 c 6.550%, 07/11/00 ................... 17,967
HD REAL ESTATE FUNDING CORP
25,000,000 c 6.650%, 11/06/00 ................... 24,407
25,000,000 c 6.750%, 11/06/00 ................... 24,407
HEINZ (H.J.) CO
45,000,000 6.570%, 07/21/00 ................... 44,836
HONEYWELL, INC
1,250,000 6.500%, 07/05/00 ................... 1,249
HOUSEHOLD FINANCE CORP
35,000,000 6.100%, 07/06/00 ................... 34,968
INTERNATIONAL LEASE FINANCE CORP
55,500,000 6.130%, 08/07/00 ................... 55,120
50,000,000 6.540%, 08/07/00 ................... 49,665
JOHNSON & JOHNSON CO
25,000,000 c 5.800%, 07/06/00 ................... 24,977
7,000,000 c 5.700%, 07/24/00 ................... 6,970
MCGRAW-HILL, INC
25,000,000 6.550%, 08/07/00 ................... 24,829
23,500,000 6.550%, 08/08/00 ................... 23,334
MERRILL LYNCH & CO, INC
45,000,000 6.120%, 07/11/00 ................... 44,917
15,000,000 6.130%, 07/11/00 ................... 14,972
25,000,000 6.170%, 07/11/00 ................... 24,954
MORGAN STANLEY DEAN WITTER
41,000,000 6.590%, 09/11/00 ................... 40,453
MOTIVA ENTERPRISES LLC
30,000,000 6.550%, 09/05/00 ................... 29,633
25,000,000 6.570%, 09/05/00 ................... 24,694
MOTOROLA CREDIT CORP
19,000,000 6.090%, 07/07/00 ................... 18,979
68,000,000 6.130%, 07/14/00 ................... 67,837
22,000,000 6.590%, 07/28/00 ................... 21,891
MOTOROLA, INC
25,500,000 6.580%, 07/27/00 ................... 25,376
8,000,000 6.560%, 09/11/00 ................... 7,893
NATIONAL RURAL UTILITIES COOP FINANCE
40,000,000 c 5.980%, 07/10/00 ................... 39,934
28,000,000 6.120%, 07/18/00 ................... 27,912
16,000,000 6.150%, 07/18/00 ................... 15,950
23,000,000 6.540%, 07/20/00 ................... 22,919
25,000,000 c 6.100%, 09/12/00 ................... 24,662
20,000,000 6.370%, 12/12/00 ................... 19,390
NORTHERN STATES POWER CO
30,000,000 6.470%, 07/10/00 ................... 29,952
PACCAR FINANCIAL CORP
65,000,000 6.570%, 08/10/00 ................... 64,518
30,000,000 6.640%, 08/24/00 ................... 29,700
PACIFIC GAS & ELECTRIC CO
18,400,000 6.540%, 07/14/00 ................... 18,357
PARK AVENUE RECEIVABLES CORP
7,500,000 c 6.530%, 07/06/00 ................... 7,493
14,424,000 c 6.550%, 07/12/00 ................... 14,395
50,000,000 c 6.570%, 07/14/00 ................... 49,881
50,000,000 c 6.580%, 07/19/00 ................... 49,835
9,500,000 c 6.580%, 07/20/00 ................... 9,467
PREFERRED RECEIVABLES FUNDING CORP
25,000,000 c 6.580%, 07/06/00 ................... 24,977
44,200,000 c 6.600%, 07/21/00 ................... 44,038
27,535,000 c 6.610%, 07/27/00 ................... 27,404
35,800,000 c 6.570%, 07/31/00 ................... 35,604
RECEIVABLES CAPITAL CORP
25,000,000 c 6.150%, 07/14/00 ................... 24,940
21,500,000 c 6.550%, 07/20/00 ................... 21,426
44,680,000 c 6.600%, 07/25/00 ................... 44,483
33,000,000 c 6.550%, 07/28/00 ................... 32,842
SALOMON SMITH BARNEY HOLDINGS, INC
25,000,000 6.550%, 08/07/00 ................... 24,829
SEE NOTES TO FINANCIAL STATEMENTS
12 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - MONEY MARKET ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- ----------
COMMERCIAL PAPER--(Continued)
SBC COMMUNICATIONS, INC
$50,000,000 6.610%, 08/24/00 ...................$ 49,501
18,815,000 c 6.560%, 08/29/00 ................... 18,609
SIGMA FINANCE, INC
50,000,000 c 6.670%, 08/24/00 ................... 49,501
50,000,000 c 6.620%, 09/05/00 ................... 49,388
SOUTHERN CALIFORNIA EDISON CO
16,000,000 6.100%, 07/12/00 ................... 15,968
42,000,000 6.520%, 07/12/00 ................... 41,916
22,000,000 6.570%, 09/13/00 ................... 21,698
28,000,000 6.570%, 09/18/00 ................... 27,590
STANLEY WORKS
27,000,000 c 6.130%, 07/10/00 ................... 26,955
13,000,000 c 6.125%, 07/12/00 ................... 12,974
20,000,000 c 6.540%, 07/19/00 ................... 19,935
26,000,000 c 6.580%, 08/03/00 ................... 25,841
TORONTO DOMINION HOLDINGS (U.S.)
40,000,000 6.160%, 08/04/00 ................... 39,747
VENTURES BUSINESS TRUST
36,000,000 c 6.550%, 07/10/00 ................... 35,941
35,000,000 c 6.580%, 08/18/00 ................... 34,693
VIRGINIA ELECTRIC & POWER CO
35,000,000 6.550%, 07/06/00 ................... 34,968
12,000,000 6.550%, 07/10/00 ................... 11,980
17,500,000 6.520%, 07/25/00 ................... 17,424
30,000,000 6.530%, 08/10/00 ................... 29,778
30,000,000 6.530%, 08/14/00 ................... 29,761
15,000,000 6.640%, 08/31/00 ................... 14,830
WAL-MART STORES, INC
33,000,000 c 6.550%, 07/31/00 ................... 32,820
36,000,000 6.570%, 08/01/00 ................... 35,796
31,000,000 6.560%, 09/12/00 ................... 30,581
----------
5,382,975
----------
EURO CERTIFICATES OF DEPOSIT--0.38%
WESTDEUTSCHE LANDESBANK
25,000,000 6.460%, 10/12/00 ................... 24,968
----------
MEDIUM TERM BONDS--1.12%
BETA FINANCE, INC
15,000,000 6.810%, 02/26/01 ................... 14,966
20,000,000 6.800%, 04/25/01 ................... 19,996
25,000,000 7.440%, 05/31/01 ................... 25,050
FLORIDA POWER & LIGHT CO
4,000,000 6.330%, 07/01/00 ................... 4,000
IBM CREDIT CORP
10,000,000 5.860%, 09/01/00 ................... 9,981
----------
73,993
----------
U.S. GOVERNMENT AND AGENCIES--0.78%
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
20,000,000 5.550%, 07/14/00 ................... 19,992
32,000,000 6.140%, 10/12/00 ................... 31,394
----------
51,386
----------
VARIABLE RATE NOTES--9.18%
AMERICAN EXPRESS CENTURION BANK
25,000,000 6.660%, 06/26/01 ................... 25,000
AMERICAN HONDA FINANCE CORP
5,000,000 6.817%, 11/20/00 ................... 5,001
10,000,000 6.888%, 05/21/01 ................... 10,005
ASSOCIATES CORP OF NORTH AMERICA
32,000,000 6.865%, 06/14/01 ................... 32,032
BANC ONE CORP
10,000,000 6.830%, 03/30/01 ................... 10,002
25,000,000 6.919%, 04/04/01 ................... 25,030
BETA FINANCE, INC
25,000,000 6.262%, 01/23/01 ................... 24,995
25,000,000 6.636%, 02/15/01 24,998
CATERPILLAR FINANCIAL SERVICES CORP
15,000,000 6.685%, 04/02/01 ................... 14,991
CIT GROUP HOLDINGS, INC
25,000,000 6.801%, 06/06/01 ................... 24,985
25,000,000 6.676%, 07/16/01 ................... 24,963
CITIGROUP, INC
25,000,000 6.600%, 06/06/01 ................... 24,993
FCC NATIONAL BANK
25,000,000 6.902%, 03/02/01 ................... 24,998
FIRST TENNESSEE NATIONAL BANK
25,000,000 6.608%, 07/17/00 ................... 25,000
25,000,000 7.170%, 02/22/01 ................... 24,990
FIRST UNION NATIONAL BANK (CHARLOTTE)
30,000,000 7.170%, 02/15/01 ................... 29,985
20,000,000 6.960%, 11/13/00 ................... 20,016
25,000,000 7.190%, 05/08/01 ................... 24,993
FLEET NATIONAL BANK
50,000,000 6.910%, 03/27/01 ................... 50,035
FORD MOTOR CREDIT CO
15,000,000 6.810%, 02/13/01 ................... 15,006
KEY BANK
10,000,000 6.827%, 08/29/00 ................... 10,000
10,000,000 7.230%, 01/30/01 ................... 10,000
NATIONAL CITY CORP
65,000,000 6.330%, 04/23/01 ................... 64,805
SIGMA FINANCE, INC
25,000,000 6.633%, 12/04/00 ................... 24,998
25,000,000 6.790%, 05/25/01 ................... 24,998
SOUTHTRUST BANK NA
10,000,000 6.692%, 10/04/00 ................... 10,000
----------
606,819
----------
TOTAL SHORT TERM INVESTMENTS
(COST $6,617,611) .................. 6,615,978
----------
TOTAL PORTFOLIO--100.15%
(COST $6,617,611) .................. 6,615,978
OTHER ASSETS &
LIABILITIES, NET - (0.15%) ......... (10,194)
----------
NET ASSETS--100.00% ..................$6,605,784
==========
----------------
c 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
2000 CREF Semi-Annual Report o 13
<PAGE>
Statement of Investments - INFLATION-LINKED
BOND ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
--------- ----------
GOVERNMENT BONDS--98.47%
U.S. TREASURY SECURITIES--98.47%
U.S. TREASURY INFLATION INDEXED
$41,020,752 3.625%, 07/15/02 ................. $ 40,738
39,223,787 3.375%, 01/15/07 ................. 37,618
40,214,912 3.625%, 01/15/08 ................. 38,990
37,423,175 3.875%, 01/15/09 ................. 36,850
40,539,338 3.625%, 04/15/28 ................. 38,639
34,209,478 3.875%, 04/15/29 ................. 34,071
U.S. TREASURY NOTE
14,398,232 4.250%, 01/15/10 ................. 14,605
----------
241,511
----------
TOTAL GOVERNMENT BONDS
(COST $242,319) .................. 241,511
----------
TOTAL PORTFOLIO--98.47%
(COST $242,319) .................. 241,511
OTHER ASSETS &
LIABILITIES, NET - 1.53% ......... 3,747
----------
NET ASSETS--100.00% ................ $ 245,258
==========
SEE NOTES TO FINANCIAL STATEMENTS
14 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - BOND MARKET ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000)
--------- ------- ----------
BONDS--98.31%
CORPORATE BONDS--30.69%
ASSET BACKED--6.40%
ADVANTA MORTGAGE LOAN TRUST
SERIES 1998-1 (CLASS A3)
$11,500,000 6.270%, 12/25/17 ................... AAA $ 11,345
CHASE CREDIT CARD MASTER TRUST
SERIES 1997-2 (CLASS B)
10,000,000 6.450%, 04/15/03 ................... A2 9,987
GE CAPITAL MORTGAGE SERVICES, INC
SERIES 1999-HE1 (CLASS A3)
20,300,000 6.035%, 06/25/20 ................... AAA 19,796
GREENPOINT MANUFACTURED HOUSING
SERIES 1999-5 (CLASS A2)
21,000,000 7.080%, 02/15/18 ................... AAA 20,718
GREEN TREE HOME EQUITY LOAN TRUST
SERIES 1999-A (CLASS A2)
9,000,000 5.780%, 02/15/14 ................... AAA 8,890
GREEN TREE HOME EQUITY LOAN TRUST
SERIES 1998-C (CLASS A3)
26,340,000 6.180%, 07/15/29 ................... AAA 26,212
NAVISTAR FINANCIAL CORP OWNER TRUST
SERIES 2000-A (CLASS A4)
16,750,000 7.340%, 01/15/07 ................... AAA 16,843
NEWCOURT EQUIPMENT TRUST
SECURITIES SERIES 1999-1 (CLASS A4)
23,500,000 7.180%, 10/20/05 ................... AAA 23,469
RESIDENTIAL ASSET SECURITIES CORP
SERIES 2000-KS1 (CLASS A13)
12,000,000 7.735%, 10/25/25 ................... AAA 11,976
RESIDENTIAL ASSET SECURITIES CORP
SERIES 1999-KS3 (CLASS AI3)
12,000,000 7.180%, 01/25/25 ................... AAA 11,869
RESIDENTIAL ASSET SECURITIES CORP
SERIES 2000-KS3 (CLASS AI6)
5,000,000 7.810%, 06/25/31 ................... AAA 5,013
SAXON ASSET SECURITIES TRUST SERIES
1999-3 (CLASS AF6)
5,000,000 7.525%, 06/25/14 ................... AAA 4,952
VANERBILT MORTGAGE FINANCE SERIES
1999-D (CLASS IA2)
7,500,000 6.815%, 08/07/12 ................... AAA 7,358
--------
TOTAL ASSET BACKED ................... 178,428
--------
BASIC INDUSTRIES--0.35%
CHEMICALS AND PLASTIC--0.35%
PROCTER & GAMBLE CO (UNSUB NOTE)
5,000,000 5.250%, 09/15/03 ................... AA2 4,733
ROHM & HAAS CO DEB
5,000,000 g 7.850%, 07/15/29 ................... A3 5,056
--------
TOTAL BASIC INDUSTRIES ............... 9,789
--------
ENERGY--1.49%
OIL, GAS AND OTHER ENERGY SERVICES--1.49%
AMERADA HESS CORP DEB
5,000,000 7.875%, 10/01/29 ................... BAA1 4,889
BAKER HUGHS, INC (SR NOTE)
5,000,000 6.250%, 01/15/09 ................... A2 4,582
CONOCO, INC (SR NOTE)
9,250,000 5.900%, 04/15/04 ................... A3 8,833
5,000,000 6.950%, 04/15/29 ................... A3 4,545
NORSK HYDRO A/S DEB
5,000,000 7.150%, 01/15/29 ................... A2 4,472
OCCIDENTAL PETROLEUM NOTE
5,000,000 8.450%, 02/15/29 ................... BAA3 5,119
PHILLIPS PETE CO NOTE
4,000,000 8.500%, 05/25/05 ................... BAA2 4,132
TOSCO CORP DEB
5,000,000 8.125%, 02/15/30 ................... BAA2 4,984
--------
TOTAL ENERGY ......................... 41,556
--------
FINANCE--8.20%
BANKS, SAVINGS AND LOANS--2.74%
ABBEY NATIONAL PLC (SUBDEB)
5,000,000 7.950%, 10/26/26 ................... AA2 4,942
BANK OF AMERICA NOTE
7,500,000 7.800%, 02/15/10 ................... AA3 7,462
5,000,000 7.875%, 05/16/05 ................... AA3 5,078
BARCLAYS BANK PLC (SUB NOTE)
7,000,000 7.400%, 12/15/09 ................... AA3 6,817
CITIGROUP, INC NOTE
10,000,000 7.450%, 06/06/02 ................... AA2 10,027
5,000,000 e 6.200%, 03/15/09 ................... AA2 4,588
FIRST UNION CORP NOTE
8,000,000 6.950%, 11/01/04 ................... A1 7,758
FLEET BOSTON CORP (SUB NOTE)
10,000,000 e 7.375%, 12/01/09 ................... A3 9,607
PNC FUNDING CORP
5,600,000 7.500%, 11/01/09 ................... A3 5,450
WACHOVIA CORP (SUB NOTE)
11,065,000 6.150%, 03/15/09 ................... A1 9,859
WELLS FARGO BANK NA (SUB NOTE)
5,000,000 7.800%, 06/15/10 ................... AA3 5,038
--------
76,626
--------
CREDIT AND OTHER FINANCE--3.80%
ARISTAR, INC (SR NOTE)
10,000,000 6.000%, 05/15/02 ................... A3 9,697
DAIMLERCHRYSLER NA HOLDINGS
(MEDIUM TERM NOTE)
13,500,000 6.670%, 02/15/02 ................... A1 13,371
11,500,000 6.840%, 10/15/02 ................... A1 11,401
FORD MOTOR CREDIT NOTE
9,000,000 7.375%, 10/28/09 ................... A1 8,705
10,000,000 6.700%, 07/16/04 ................... A1 9,689
GENERAL ELECTRIC CAPITAL CORP
(MEDIUM TERM NOTE)
9,500,000 6.650%, 09/03/02 ................... AAA 9,408
10,000,000 5.650%, 03/31/03 ................... AAA 9,604
5,000,000 7.375%, 01/19/10 ................... AAA 5,060
GENERAL MOTORS ACCEPTANCE CORP
(MEDIUM TERM NOTE)
4,500,000 6.750%, 12/10/02 ................... A2 4,423
5,000,000 7.750%, 01/19/10 ................... A2 4,971
HOUSEHOLD FINANCE CO
5,000,000 6.875%, 03/01/03 ................... A2 4,894
JOHN DEERE CAPITAL CORP
10,000,000 7.000%, 10/15/02 ................... A2 9,934
NORWEST FINANCIAL, INC (SR NOTE)
5,000,000 6.700%, 09/22/04 ................... AA3 4,847
--------
106,004
--------
INSURANCE--0.67%
ALLSTATE CORP (SR NOTE)
5,000,000 7.200%, 12/01/09 ................... A1 4,780
AMERICAN GENERALFINANCE(SRNOTE)
5,000,000 8.500%, 07/01/30 ................... A2 4,999
ASSOCIATED P & C HOLDINGS, INC (SR NOTE)
5,000,000 6.750%, 07/15/03 ................... BAA1 4,815
GE GLOBAL INSURANCE NOTE
4,000,000 7.750%, 06/15/30 ................... AA1 3,976
--------
18,570
--------
+As provided by Moody's Investors Services (Unaudited)
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 15
<PAGE>
Statement of Investments - BOND MARKET ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000)
-------- ------- ----------
SECURITIES AND COMMODITIES--0.99%
GOLDMAN SACHS GROUP
$10,000,000 e 7.800%, 01/28/10 ................... A1 $ 9,897
MERRILL LYNCH & CO NOTE
3,000,000 6.875%, 11/15/18 ................... AA3 2,646
MORGAN STANLEY DEAN WITTER
10,000,000 7.125%, 01/15/03 ................... AA3 9,936
5,000,000 7.750%, 06/15/05 ................... AA3 5,035
--------
27,514
--------
TOTAL FINANCE ........................ 228,714
--------
OTHER MORTGAGE BACKED SECURITIES--1.46%
BEAR STEARNS COMMERCIAL
MORTGAGE SECURITIES SERIES
2000-WF1 (CLASS C)
9,531,000 7.892%, 02/15/10 ................... AAA 9,698
COMMERCIAL MORTGAGE ASSET TRUST
SERIES 1999-C1 (CLASS A3)
3,050,000 6.640%, 09/17/10 ................... AAA 2,877
HELLER FINANCIAL COMMERCIAL
MORTGAGE ASSET SERIES 2000-PH1
(CLASS A2)
5,000,000 7.750%, 11/15/09 ................... AAA 5,076
JP MORGAN COMMERCIAL MORTGAGE
FINANCIALCORP SERIES2000-C9 (CLASS A)
22,874,833 7.590%, 10/15/32 ................... AAA 23,071
--------
TOTAL OTHER MORTGAGE
BACKED SECURITIES .................... 40,722
--------
FOODS AND RELATED--0.17%
BEVERAGES, OTHER FOOD PRODUCTS--0.17%
DIAGEO CAPITAL PLC NOTE
5,000,000 6.625%, 06/24/04 ................... A1 4,859
--------
TOTAL FOODS AND RELATED .............. 4,859
--------
HEALTH--0.46%
DRUGS AND PHARMACEUTICALS--0.46%
ABBOTT LABORATORIES NOTE
5,000,000 5.400%, 09/15/08 ................... AA1 4,457
JOHNSON & JOHNSON CO DEB
4,500,000 6.950%, 09/01/29 ................... AAA 4,309
MERCK & CO, INC DEB
5,000,000 5.950%, 12/01/28 ................... AAA 4,195
--------
TOTAL HEALTH ......................... 12,961
--------
INDUSTRIAL MACHINERY--0.18%
OTHER INDUSTRIAL EQUIPMENT--0.18%
CATERPILLAR, INC DEB
4,788,000 9.750%, 06/01/19 ................... A2 5,002
--------
TOTAL INDUSTRIAL MACHINERY ........... 5,002
--------
MEDIA AND LEISURE--2.07%
BROADCASTING--1.86%
CSC HOLDINGS, INC NOTE
2,150,000 8.125%, 08/15/09 ................... BA2 2,090
DISNEY (WALT) CO NOTE
10,000,000 e 7.300%, 02/08/05 ................... A2 10,076
JONES INTERCABLE, INC (SR NOTE)
12,500,000 9.625%, 03/15/02 ................... BAA3 12,753
LENFEST COMMUNICATIONS (SUB NOTE)
5,000,000 8.250%, 02/15/08 ................... BAA3 4,925
TIME WARNER ENTERTAINMENT DEB
5,000,000 10.150%, 05/01/12 ................... BAA2 5,738
TIME WARNER, INC (PASS-THRU CERT)
10,000,000 g 6.100%, 12/30/01 ................... BAA3 9,809
TIME WARNER, INC DEB
5,915,000 9.125%, 01/15/13 ................... BAA3 6,482
--------
51,873
--------
PUBLISHING--0.21%
TIMES MIRROR CO NOTE
6,000,000 6.650%, 10/15/01 ................... A2 5,957
--------
TOTAL MEDIA AND LEISURE .............. 57,830
--------
RETAIL AND WHOLESALE--0.89%
GENERAL MERCHANDISE STORES--0.89%
WAL-MART STORES, INC (SR NOTE)
10,000,000 e 6.150%, 08/10/01 ................... AA2 9,913
10,000,000 6.875%, 08/10/09 ................... AA2 9,769
5,000,000 7.550%, 02/15/30 ................... AA2 5,118
--------
TOTAL RETAIL AND WHOLESALE ........... 24,800
--------
TECHNOLOGY--0.79%
COMPUTERS & OFFICE EQUIPMENT--0.33%
COMDISCO, INC (SR NOTE)
9,500,000 6.000%, 01/30/02 ................... BAA1 9,081
--------
INSTRUMENTS AND RELATED PRODUCTS--0.46%
EASTMAN KODAK CO NOTE
13,000,000 6.500%, 08/15/01 ................... A2 12,884
--------
TOTAL TECHNOLOGY ..................... 21,965
--------
TRANSPORTATION--1.22%
AEROSPACE AND DEFENSE--0.18%
LOCKHEED MARTIN CORPNOTE
5,000,000 e 7.950%, 12/01/05 ................... BAA3 5,029
--------
AIR TRANSPORTATION--0.72%
BOEING CO DEB
10,000,000 8.100%, 11/15/06 ................... AA3 10,394
CONTINENTAL AIRLINES (PASS THRUCERT)
238,604 6.545%, 02/02/19 ................... AA3 215
UNITED TECHNOLOGIES CORP DEB
9,500,000 7.500%, 09/15/29 ................... A2 9,385
--------
19,994
--------
AUTOS, TIRES AND RELATED PRODUCTS--0.16%
GENERAL MOTORS NOTE
5,000,000 6.375%, 05/01/08 ................... A2 4,581
--------
RAILROADS--0.16%
UNION PACIFIC CORP NOTE
4,400,000 7.600%, 05/01/05 ................... BAA3 4,377
--------
TOTAL TRANSPORTATION ................. 33,981
--------
UTILITIES--7.01%
TELEPHONE--2.79%
BELLSOUTH TELECOMMUNICATION,
INC NOTE
10,000,000 6.500%, 06/15/05 ................... AAA 9,639
DEUTSCHE TELEKOM INTERNATIONAL
(GUARANTEENOTE)
5,000,000 h 8.250%, 06/15/30 ................... AA2 5,037
ELECTRIC LIGHTWAVE, INC NOTE
10,000,000 g 6.050%, 05/15/04 ................... A2 9,623
GTE CALIFORNIA, INCNOTE
5,000,000 7.650%, 03/15/07 ................... A2 4,989
LUCENT TECHNOLOGIES, INC DEB
10,000,000 6.500%, 01/15/28 ................... A2 8,910
QWEST COMMUNICATIONS
INTERNATIONAL, INC (SR NOTE)
6,000,000 7.500%, 11/01/08 ................... BAA1 5,742
SPRINT CAPITAL CORP (GAURANTEE NOTE)
12,500,000 7.625%, 06/10/02 ................... BAA1 12,491
5,500,000 6.875%, 11/15/28 ................... BAA1 4,781
U.S. WEST CAPITAL FUNDING, INC
(GUARANTEE NOTE)
7,800,000 6.125%, 07/15/02 ................... A3 7,577
5,000,000 6.875%, 07/15/28 ................... A3 4,295
+As provided by Moody's Investors Services (Unaudited)
SEE NOTES TO FINANCIAL STATEMENTS
16 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - BOND MARKET ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000)
-------- ------- ----------
TELEPHONE--(Continued)
VODAFONE PLC AIRTOUCH (UNSUBDEB)
$ 5,000,000 7.750%, 02/15/10 ................... A2 $ 4,877
--------
77,961
--------
ELECTRIC, GAS AND OTHER--4.22%
ALABAMA POWER CO (SR NOTE)
5,000,000 7.125%, 08/15/04 ................... A2 4,946
CAITHNESS COSO FUND CORP NOTE
4,104,907 g 6.800%, 12/15/01 ................... BA1 4,042
CLEVELAND ELECTRIC TOLEDO
EDISON NOTE
5,000,000 7.190%, 07/01/00 ................... BA1 5,000
CMS PANHANDLE HOLDINGS
CO (SR NOTE)
10,000,000 g 6.125%, 03/15/04 ................... BAA2 9,399
COASTAL CORP (SR NOTE)
11,490,000 10.000%, 02/01/01 ................... BAA3 11,647
CONSOLIDATED EDISON NOTE
5,000,000 6.375%, 04/01/03 ................... A1 4,862
CONSUMERS ENERGY CO DEB
5,000,000 6.200%, 05/01/03 ................... BAA3 4,723
DPL, INC (SR NOTE)
5,000,000 8.250%, 03/01/07 ................... BAA1 4,984
DUKE CAPITAL NOTE
10,000,000 e 7.500%, 10/01/09 ................... A3 9,852
EL PASO ELECTRIC CO
(FIRST MORTGAGE BOND)
5,000,000 8.900%, 02/01/06 ................... BA2 5,138
EL PASO ENERGY CORP (SR NOTE)
10,000,000 12.000%, 12/15/00 ................... BAA3 10,006
GEORGIA POWER CO (SR NOTE)
10,000,000 5.500%, 12/01/05 ................... A2 9,092
K N ENERGY, INC (SR NOTE)
6,000,000 6.450%, 11/30/01 ................... BAA2 5,906
MONONGAHELA POWER CO
(FIRST MORTGAGE BOND)
3,000,000 8.625%, 11/01/21 ................... A1 3,154
NATIONAL RURAL UTILITIES TRUST
5,000,000 5.000%, 10/01/02 ................... AA3 4,779
NIAGARA MOHAWK POWER
(FIRST MORTGAGE BOND)
4,500,000 5.875%, 09/01/02 ................... BAA3 4,334
PENN POWER & LIGHT CAPITAL
FUNDING(SRNOTE)
5,000,000 7.750%, 04/15/05 ................... BAA2 4,928
PUGET SOUND ENERGY, INC (SR NOTE)
5,000,000 7.020%, 12/01/27 ................... BAA1 4,407
TEXAS - NEW MEXICO POWER (SR NOTE)
3,000,000 6.250%, 01/15/09 ................... BAA2 2,584
WILLIAMS COS, INC NOTE
4,000,000 6.200%, 08/01/02 ................... BAA2 3,892
--------
117,675
--------
TOTAL UTILITIES ...................... 195,636
--------
TOTAL CORPORATE BONDS
(COST $859,151) .................... 856,243
--------
GOVERNMENT BONDS--67.62%
AGENCY SECURITIES--8.39%
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
18,200,000 5.000%, 01/15/04 ................... AAA 17,048
3,000,000 7.100%, 04/10/07 ................... AAA 2,997
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
26,300,000 5.125%, 02/13/04 ................... AAA 24,685
125,500,000 e,h 7.125%, 02/15/05 ................... AAA 126,010
5,000,000 6.850%, 09/12/05 ................... AAA 4,853
57,050,000 e 7.250%, 05/15/30 ................... AAA 58,418
--------
234,011
--------
FOREIGN GOVERNMENT BONDS--2.45%
BRITISH COLUMBIA NOTE
13,000,000 5.375%, 10/29/08 .................... AA2 11,455
CANADA GOVERNMENT
5,500,000 6.750%, 08/28/06 .................... AA2 5,389
MEXICAN UNITED STATES NOTE
3,300,000 e 9.875%, 02/01/10 .................... BA1 3,449
ONTARIO ELECTRICITY FINANCIAL
5,000,000 6.100%, 01/30/08 .................... AA3 4,630
ONTARIO PROVINCE CANADA
13,400,000 7.000%, 08/04/05 .................... AA3 13,292
10,000,000 7.375%, 01/27/03 .................... AA3 10,062
QUEBEC PROVINCE CANADA
10,500,000 7.000%, 01/30/07 .................... A2 10,295
10,000,000 7.500%, 09/15/29 .................... A2 9,824
--------
68,396
--------
MORTGAGE BACKED SECURITIES--41.08%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
2,263,933 7.000%, 09/01/10 ............................ 2,234
4,114,676 6.000%, 04/01/11 ............................ 3,925
10,802,799 7.000%, 07/01/13 ............................ 10,622
1,673,070 7.000%, 05/01/23 ............................ 1,628
FEDERAL HOME LOAN MORTGAGE CORP
GOLD (FGLMC)
50,000,000 h 7.000%, 07/25/15 ............................ 49,086
9,142,998 6.500%, 01/01/29 ............................ 8,641
40,530,930 d 6.500%, 02/01/29 ............................ 38,306
50,138,496 6.500%, 09/01/29 ............................ 47,386
28,250,000 h 6.500%, 07/25/30 ............................ 26,663
96,000,000 7.000%, 07/25/30 ............................ 92,768
100,100,000 h 7.500%, 07/25/30 ............................ 98,779
116,250,000 h 8.000%, 07/25/30 ............................ 116,904
72,000,000 h 8.500%, 07/25/30 ............................ 73,474
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
918,466 7.500%, 08/01/01 ............................ 918
2,024,984 6.000%, 12/01/02 ............................ 1,977
939,312 6.000%, 12/01/08 ............................ 903
9,131,566 6.500%, 05/01/09 ............................ 8,906
2,083,246 7.500%, 11/01/10 ............................ 2,084
1,359,709 8.000%, 06/01/11 ............................ 1,375
347,795 8.000%, 07/01/11 ............................ 352
48,672,131 d 6.000%, 12/01/13 ............................ 46,108
42,768,598 d 6.500%, 12/01/13 ............................ 41,310
44,500,000 h 6.500%, 07/25/15 ............................ 42,897
912,085 6.500%, 02/01/16 ............................ 872
885,306 6.500%, 03/01/16 ............................ 847
1,075,739 6.500%, 04/01/16 ............................ 1,036
5,562,772 d 8.000%, 03/01/23 ............................ 5,619
9,547,989 d 8.000%, 07/01/24 ............................ 9,627
1,738,331 9.000%, 11/01/25 ............................ 1,790
13,666,601 6.000%, 10/01/28 ............................ 12,511
10,740,832 d 6.500%, 10/01/28 ............................ 10,141
19,115,931 d 6.000%, 01/01/29 ............................ 17,499
18,844,178 6.000%, 02/01/29 ............................ 17,250
37,099,186 6.500%, 02/01/29 ............................ 35,016
13,649,736 6.500%, 03/01/29 ............................ 12,883
7,111,186 6.000%, 05/01/29 ............................ 6,510
149,000,000 h 7.000%, 07/25/30 ............................ 143,855
53,000,000 h 7.500%, 07/25/30 .......................... 52,246
44,000,000 h 8.000%, 07/25/30 ............................ 44,186
22,750,000 8.500%, 07/25/30 ............................ 23,173
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (GNMA)
164,850 8.500%, 10/15/09 ............................ 169
+As provided by Moody's Investors Services (Unaudited)
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 17
<PAGE>
Statement of Investments - BOND MARKET ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
------- -----------
MORTGAGE BACKED SECURITIES--(Continued)
$ 612,728 8.500%, 12/15/09 ............................ $ 625
2,160,755 9.000%, 12/15/09 ............................ 2,250
686,694 8.500%, 01/15/10 ............................ 701
90,860 9.000%, 06/15/16 ............................ 95
183,845 9.000%, 08/15/16 ............................ 192
308,749 9.000%, 09/15/16 ............................ 323
52,340 9.000%, 10/15/16 ............................ 55
101,189 9.000%, 11/15/16 ............................ 106
347,456 9.000%, 12/15/16 ............................ 363
1,477,386 9.500%, 12/15/16 ............................ 1,571
106,139 9.000%, 07/15/17 ............................ 111
173,824 9.000%, 06/15/20 ............................ 181
4,923,256 6.500%, 09/15/23 ............................ 4,703
3,037,873 6.500%, 01/15/24 ............................ 2,899
1,975,532 6.500%, 03/15/24 ............................ 1,885
12,369,630 d 6.500%, 05/15/24 ............................ 11,815
1,776,833 8.000%, 06/15/24 ............................ 1,800
3,981,434 6.500%, 09/15/24 ............................ 3,799
------------
1,145,950
------------
OTHER MORTGAGE BACKED SECURITIES--0.07%
FANNIE MAE WHOLE LOAN (FNW)
2,000,000 5.925%, 02/25/29 ............................ 1,898
------------
U.S. TREASURY SECURITIES--15.63%
TREASURY INFLATION INDEXED
4,593,336 h 3.875%, 01/15/09 ............................ 4,523
U.S. TREASURY BOND
44,830,000 12.000%, 08/15/13 ........................... 60,521
187,228,000 d,e 8.875%, 02/15/19 ............................ 240,968
14,600,000 8.000%, 11/15/21 ............................ 17,650
8,750,000 6.125%, 08/15/29 ............................ 8,838
U.S. TREASURY NOTE
5,000,000 e 5.625%, 12/31/02 ............................ 4,912
29,070,000 e 6.750%, 05/15/05 ............................ 29,747
4,750,000 6.875%, 05/15/06 ............................ 4,889
4,069,280 4.250%, 01/15/10 ............................ 4,128
17,945,000 e 6.500%, 02/15/10 ............................ 18,556
U.S. TREASURY STRIP
75,000,000 d 0.000%, 11/15/09 ............................ 41,402
------------
436,134
------------
TOTAL GOVERNMENT BONDS
(COST $1,897,399) .......................... 1,886,389
-----------
TOTAL BONDS
(COST $2,756,550) .......................... 2,742,632
------------
SHORT TERM INVESTMENTS--38.41%
COMMERCIAL PAPER--26.86%
AMERICAN ELECTRIC POWER CO
39,000,000 c 6.750%, 07/17/00 ............................ 38,873
CASE CORP
14,000,000 c,d 6.800%, 07/07/00 ............................ 13,981
CASE CREDIT CORP
35,000,000 c,d 6.800%, 07/12/00 ............................ 34,919
COASTAL CORP
2,000,000 6.770%, 07/10/00 ............................ 1,996
COX COMMUNICATIONS, INC
16,700,000 c,d 6.780%, 07/11/00 ............................ 16,664
33,000,000 c,d 6.800%, 07/17/00 ............................ 32,893
DANA CREDIT CORP
25,200,000 c,d 6.800%, 07/19/00 ............................ 25,108
21,200,000 c,d 6.800%, 07/20/00 ............................ 21,119
DANA CREDIT CORP
7,075,000 c,d 6.800%, 07/17/00 ............................ 7,052
DELPHI AUTOMOTIVE SYSTEMS CORP
30,000,000 c 6.780%, 07/07/00 ............................ 29,959
20,000,000 c 6.950%, 07/17/00 ............................ 19,935
DOMINION RESOURCES, INC
50,000,000 c,d 6.820%, 07/12/00 ............................ 49,884
ERAC U.S.A. FINANCE CO
18,000,000 c,d 6.850%, 08/02/00 ............................ 17,886
25,000,000 c,d 6.860%, 08/09/00 ............................ 24,808
FEDEX CORP
4,496,000 c 6.790%, 07/11/00 ............................ 4,486
GPU CAPITAL, INC
12,000,000 c 6.800%, 07/12/00 ............................ 11,972
33,500,000 c,d 6.900%, 07/25/00 ............................ 33,340
HOUSTON INDUSTRIES FINANCECO LP
18,000,000 c.d 6.900%, 07/10/00 ............................ 17,965
32,000,000 c,d 6.950%, 07/13/00 ............................ 31,919
NORFOLK SOUTHERN CORP
16,000,000 c 6.780%, 07/12/00 ............................ 15,963
POTLATCH CORP
11,300,000 6.830%, 07/05/00 ............................ 11,289
PRAXAIR, INC
4,426,000 6.750%, 07/14/00 ............................ 4,414
14,600,000 d 6.730%, 07/18/00 ............................ 14,550
PUBLIC SERVICES ELECTRIC & GAS CO
10,824,000 d 6.780%, 07/07/00 ............................ 10,809
18,400,000 6.780%, 07/10/00 ............................ 18,364
25,000,000 d 6.790%, 07/14/00 ............................ 24,932
SAFEWAY, INC
10,000,000 c,d 6.800%, 07/14/00 ............................ 9,973
39,965,000 c,d 6.800%, 07/17/00 ............................ 39,835
TEXAS UTILITIES CO
30,000,000 c,d 6.780%, 07/13/00 ............................ 29,924
20,000,000 c,d 6.780%, 07/14/00 ............................ 19,946
TYCO INTERNATIONAL LTD
50,000,000 c,d 6.850%, 07/17/00 ............................ 49,837
WHITMAN CORP
1,000,000 6.810%, 07/11/00 ............................ 998
23,000,000 d 6.850%, 08/04/00 ............................ 22,846
WINN-DIXIE STORES, INC
22,000,000 6.900%, 07/21/00 ............................ 21,912
XEROX CAPITAL (EUROPE) PLC
19,000,000 c 6.750%, 07/17/00 ............................ 18,940
------------
749,291
------------
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED--11.55%
REPURCHASE AGREEMENTS
JP MORGAN SECURITIES, INC
90,000,000 i 6.800%, DATED 06/30/00, DUE 07/03/00 ....... 90,017
MORGAN STANLEY & CO, INC
68,188,000 i 6.720%, DATED 06/30/00, DUE 07/05/00 ....... 68,201
PRUDENTIAL SECURITIES, INC
88,645,000 i 6.750%, DATED 05/17/00, DUE 12/29/00 ....... 88,846
TIME DEPOSITS
BANK OF MONTREAL
25,000,000 6.810%, 07/06/00 ........................... 25,019
BARCLAYS BANK PLC (LONDON)
25,000,000 7.031%, 07/03/00 ........................... 25,005
RABOBANK NEDERLANDS NV
25,000,000 7.000%, 07/03/00 ........................... 25,005
------------
322,093
------------
TOTAL SHORT TERM INVESTMENTS
(COST $1,071,558) .......................... 1,071,384
------------
TOTAL PORTFOLIO--136.72%
(COST $3,828,108) 3,814,016
OTHER ASSETS & LIABILITIES, NET -- (36.72%) (1,024,414)
------------
NET ASSETS--100.00% ..........................$ 2,789,602
============
18 o 2000 CREF Semi-Annual Report
SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
Statement of Investments - BOND MARKET ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
----------
c Commercial paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
d All or portion of these securities have been segregated by the Custodian to
cover securities purchased on a delayed delivery basis.
e All or a portion of these securities are out on loan.
g 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 June 30, 2000, the value of these securities
amounted to $37,929 or 1.36% of net assets.
h These securities were purchased on a delayed delivery basis
i Repurchase agreements are fully collateralized as follows:
Market Coupon Maturity
Description Principal Value Rate Date
----------- --------- ------- ------ --------
J P Morgan
Securities, Inc:
Federal National
Discount Note $ 19,869,183 $19,395,359 5.450%- 07/05/00-
6.875% 06/21/01
Federal National
Mortgage Association 37,962,116 36,746,855 5.250%- 02/01/01-
7.400% 02/01/08
Federal Home Loan
Mortgage Corp 2,712,263 2,689,533 5.500%- 07/05/00-
7.875% 09/14/00
Federal Home Loan Bank 26,278,875 25,949,975 4.980%- 07/28/00-
7.315% 09/27/00
Resolution Funding Corp
Strip Principal 34,278,300 5,116,790 8.880% 07/03/30
Student Loan Marketing
Association 1,111,050 1,110,254 0.000% 07/03/00
U.S. Treasury Bond 648,788 791,273 7.880% 01/10/21
Morgan Stanley
Securities, Inc:
Government National
Mortgage Association 113,428,488 69,691,521 5.000%- 07/20/27-
6.125% 10/20/29
Prudential
Securities, Inc:
Government National
Mortgage Association 225,638,747 90,417,900 5.000%- 10/20/25-
6.500% 04/20/29
see notes to financial statements
2000 CREF Semi-Annual Report o 19
<PAGE>
Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000)
------- -------- --------
BONDS
CORPORATE BONDS--11.67%
ASSET BACKED--2.38%
CHASE CREDIT CARD MASTER
TRUST SERIES 1999-3 (CLASS A)
$20,000,000 6.660%, 01/15/07 ....................... AAA$ 19,620
CHASE CREDIT CARD MASTER
TRUST SERIES 1997-2 (CLASS B)
8,000,000 6.450%, 04/15/03 ....................... A2 7,990
CONSECO FINANCE SECURITIZATIONS
CORP SERIES 2000-1 (CLASS A2)
16,500,000 7.190%, 05/01/31 ....................... AAA 16,356
CITIBANK CREDIT CARD MASTER
TRUST SERIES 1997-2 (CLASS B)
3,000,000 6.700%, 02/15/04 ....................... A1 2,963
EQUICREDIT HOME EQUITY LOAN
TRUST SERIES 1999-1 (CLASS A4F)
10,000,000 6.134%, 07/20/28 ....................... AAA 8,956
FLEETWOOD CREDIT GRANTOR
TRUST SERIES 1993-B (CLASS A)
1,312,443 4.950%, 08/15/08 ....................... AAA 1,263
FIRST U.S.A. CREDIT CARD MASTER
TRUST SERIES 1998-9 (CLASS A)
12,000,000 5.280%, 09/18/06 ....................... AAA 11,351
GREENPOINT MANUFACTURED HOUSING
SERIES 1999-1 (CLASS A2)
16,250,000 h 6.010%, 08/15/15 ..................... AAA 15,734
HOUSEHOLD AUTOMOTIVE TRUST
SERIES 2000-2 (CLASS A3)
4,500,000 7.340%, 11/17/04 ....................... AAA 4,526
MBNA MASTER CREDIT CARD TRUST
SERIES 1999-M (CLASS A)
2,500,000 6.600%, 04/16/07 ....................... AAA 2,446
NATIONSCREDIT GRANTOR TRUST
SERIES 1997-2 (CLASS A1)
2,190,313 6.350%, 04/15/14 ....................... AAA 2,156
NATIONSBANK CREDIT CARD MASTER
TRUST SERIES 1993-2 (CLASS B)
7,000,000 6.250%, 12/15/05 ....................... A2 6,722
-----------
100,083
-----------
BUSINESS SERVICES--0.12%
ADVERTISING AND OTHER SERVICES--0.12%
INTERNATIONAL LEASE FINANCE CORP NOTE
5,000,000 5.950%, 06/01/01 ....................... A1 4,937
-----------
TOTAL BUSINESS SERVICES .................. 4,937
-----------
ENERGY--0.23%
OIL, GAS AND OTHER ENERGY SERVICES--0.23%
BURLINGTON RESOURCES
5,000,000 7.375%, 03/01/29 ....................... A3 4,638
UNION PACIFIC RESOURCES NOTE
5,515,000 6.750%, 05/15/08 .......................BAA3 5,157
-----------
TOTAL ENERGY ............................. 9,795
-----------
FINANCE--2.73%
BANKS, SAVINGS AND LOANS--1.00%
CHASE MANHATTAN BANK
13,524,637 7.134%, 07/15/07 ....................... AAA 13,408
FIRST UNION CORP (SUB NOTE)
10,000,000 6.300%, 04/15/08 ....................... A2 9,097
NATIONSBANK (SUB NOTE)
10,000,000 6.875%, 02/15/05 ....................... AA3 9,653
PNC FUNDING CORP NOTE
10,000,000 7.500%, 11/01/09 ....................... A3 9,732
-----------
41,890
-----------
CREDIT AND OTHER FINANCE--0.89%
ARISTAR, INC (SR NOTE)
5,000,000 5.850%, 01/27/04 ....................... A3 4,678
ASSOCIATES CORP NA (SR NOTE)
5,000,000 6.250%, 11/01/08 ....................... AA3 4,484
CAPITAL ONE BANK (SR NOTE)
3,000,000 7.080%, 10/30/01 .......................BAA3 2,955
DLJ COMMERCIAL MORTGAGE
SERIES 2000-CF1 (CLASS A3)
11,250,000 7.620%, 05/10/10 ....................... AAA 11,291
HOUSEHOLD FINANCE CORP NOTE
5,000,000 e 8.000%, 05/09/05 ....................... A2 5,042
9,000,000 7.000%, 08/01/03 ....................... A2 8,817
-----------
37,267
-----------
INSURANCE--0.28%
ALLSTATE CORP
4,500,000 e 7.875%, 05/01/05 ....................... A1 4,501
USF&G CORP (SR NOTE)
7,000,000 8.375%, 06/15/01 ....................... A2 7,066
-----------
11,567
-----------
SECURITIES AND COMMODITIES--0.56%
GOLDMAN SACHS CO NOTE
5,000,000 e 7.500%, 01/28/05 ..................... A1 4,962
MERRILL LYNCH & CO NOTE
5,000,000 e 6.875%, 11/15/18 ..................... AA3 4,411
MORGAN STANLEY
DEAN WITTER, INC (SR NOTE)
10,000,000 5.625%, 04/12/02 ....................... AA3 9,712
SALOMON SMITH BARNEY
HOLDINGS NOTE
5,000,000 6.375%, 10/01/04 ....................... AA3 4,771
-----------
23,856
-----------
TOTAL FINANCE ............................. 114,580
-----------
OTHER MORTGAGE BACKED SECURITIES--0.09%
BEAR STEARNS COMMERCIAL
MORTGAGE SECURITIES
SERIES 1999-WF2 (CLASS A2)
4,000,000 7.080%, 06/15/09 ....................... AAA 3,905
-----------
FOODS AND RELATED--1.15%
BEVERAGES, OTHER FOOD PRODUCTS--1.15%
ALBERTSONS, INC
7,720,000 7.450%, 08/01/29 ....................... A2 7,080
COCA-COLA ENTERPRISES NOTE
5,000,000 e,g 7.125%, 09/30/09 ...................... A2 4,852
KROGER CO NOTE
10,000,000 6.000%, 07/01/00 .......................BAA3 9,998
MCDONALD'S CORP NOTE
13,000,000 5.900%, 05/11/01 ....................... AA2 12,863
10,000,000 6.000%, 06/23/02 ....................... AA2 9,782
SAFEWAY, INC
4,000,000 7.000%, 09/15/02 .......................BAA2 3,955
-----------
TOTAL FOODS AND RELATED 48,530
-----------
HEALTH--0.21%
DRUGS AND PHARMACEUTICALS--0.21%
ELI LILLY DEB
5,000,000 7.125%, 06/01/25 ....................... AA3 4,841
JOHNSON & JOHNSON CO
4,000,000 6.950%, 09/01/29 ....................... AAA 3,830
-----------
TOTAL HEALTH ............................. 8,671
-----------
+As provided by Moody's Investors Services (Unaudited)
SEE NOTES TO FINANCIAL STATEMENTS
20 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000)
------- ------- -----------
INDUSTRIAL MACHINERY--0.12%
ELECTRICAL--0.12%
EMERSON ELECTRIC CO
$5,000,000 e 7.875%, 06/01/05 ..................... AA1 $ 5,140
-----------
TOTAL INDUSTRIAL MACHINERY 5,140
-----------
MEDIA AND LEISURE--0.83%
BROADCASTING--0.50%
TELE-COMMUNICATIONS, INC DEB
5,000,000 7.875%, 08/01/13 ....................... A2 4,961
TIME WARNER ENTERTAINMENT DEB
5,000,000 10.150%, 05/01/12 .......................BAA2 5,738
TIME WARNER, INC DEB
5,000,000 9.125%, 01/15/13 .......................BAA3 5,480
WALT DISNEY CO NOTE
5,000,000 5.250%, 11/10/03 ....................... A2 4,739
-----------
20,918
-----------
PUBLISHING--0.33%
A.H. BELO NOTE
5,000,000 7.250%, 09/15/27 .......................BAA3 3,989
TIMES MIRROR CO NOTE
10,000,000 6.650%, 10/15/01 ....................... A2 9,928
-----------
13,917
-----------
TOTAL MEDIA AND LEISURE .................. 34,835
-----------
RETAIL AND WHOLESALE--0.81%
GENERAL MERCHANDISE STORES--0.81%
DILLARDS, INC NOTE
5,000,000 5.790%, 11/15/01 ....................... BAA1 4,769
FEDERATED DEPARTMENT STORE
11,000,000 6.300%, 04/01/09 ....................... BAA2 9,666
SEARS ROEBUCK ACCEPTANCE CORP
(MEDIUM TERM NOTE)
5,000,000 6.990%, 09/30/02 ....................... A2 4,944
WAL-MART STORES, INC (SR NOTE)
6,275,000 8.000%, 09/15/06 ....................... AA2 6,558
8,500,000 6.875%, 08/10/09 ....................... AA2 8,303
-----------
TOTAL RETAIL AND WHOLESALE ............. 34,240
-----------
TECHNOLOGY--0.51%
COMPUTERS AND OFFICE EQUIPMENT--0.51%
ELECTRONIC DATA SYSTEMS NOTE
10,500,000 7.450%, 10/15/29 ....................... A1 10,017
ELECTRONIC DATA SYSTEMS
4,000,000 6.850%, 10/15/04 ....................... A1 3,912
HEWLETT-PACKARD CO
7,500,000 7.150%, 06/15/05 ....................... AA2 7,514
-----------
TOTAL TECHNOLOGY ......................... 21,443
-----------
TRANSPORTATION--0.41%
AIR TRANSPORTATION--0.16%
DELTA AIRLINES, INC SERIES
1992-A1 (PASS-THRU CERT)
2,110,576 8.270%, 09/23/07 .......................BAA1 2,064
DELTA AIRLINES, INC DEB
4,760,176 8.950%, 01/12/12 .......................BAA1 4,770
-----------
6,834
-----------
RAILROADS--0.25%
NORFOLK SOUTHERN CORP
10,000,000 8.625%, 05/15/10 .......................BAA1 10,443
-----------
TOTAL TRANSPORTATION .................... 17,277
-----------
UTILITIES--2.08%
TELEPHONE--1.30%
BELLSOUTH TELECOMMUNICATIONS NOTE
8,000,000 6.000%, 06/15/02 ....................... AAA 7,824
NEW ENGLAND TELEPHONE & TELEGRAM
5,000,000 7.650%, 06/15/07 ....................... AA2 5,017
NEW YORK TELEPHONE CO DEB
7,000,000 9.375%, 07/15/31 ....................... A2 7,476
SPRINT CAPITAL CORP
10,000,000 7.625%, 06/10/02 .......................BAA1 9,993
7,000,000 5.875%, 05/01/04 .......................BAA1 6,571
10,000,000 6.875%, 11/15/28 .......................BAA1 8,693
U.S. WEST CAPITAL CORP
9,000,000 6.875%, 08/15/01 .......................BAA1 8,953
-----------
54,527
-----------
ELECTRIC, GAS AND OTHER--0.78%
CONSOLIDATED NATURAL GAS NOTE
5,000,000 7.250%, 10/01/04 ....................... A2 4,918
EL PASO ENERGY CORP
5,000,000 6.750%, 05/15/09 .......................BAA3 4,651
EL PASO NATURAL GAS CO NOTE
5,000,000 6.750%, 11/15/03 .......................BAA2 4,863
PUGET SOUND POWER & LIGHT CO
(MEDIUM TERM NOTE)
5,000,000 8.060%, 06/19/06 .......................BAA1 5,079
SONAT, INC NOTE
5,000,000 6.750%, 10/01/07 .......................BAA1 4,747
WILLIAMS COS, INC NOTE
5,000,000 7.625%, 07/15/19 .......................BAA2 4,775
4,000,000 6.200%, 08/01/02 .......................BAA2 3,892
-----------
32,925
-----------
TOTAL UTILITIES ........................... 87,452
-----------
TOTAL CORPORATE BONDS
(COST $502,039) ......................... 490,888
-----------
GOVERNMENT BONDS--26.34%
AGENCY SECURITIES--3.91%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
32,700,000 5.000%, 01/15/04 ....................... AAA 30,631
6,000,000 6.250%, 07/15/04 ....................... AAA 5,833
30,500,000 e 7.375%, 05/15/03 ..................... AAA 30,792
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
48,000,000 5.250%, 01/15/03 ....................... AAA 46,080
22,000,000 e 7.125%, 02/15/05 ..................... AAA 22,089
28,160,000 e 7.250%, 05/15/30 ..................... AAA 28,835
-----------
164,260
-----------
FOREIGN GOVERNMENT BONDS--0.84%
ALBERTA PROVINCE CANADA
10,000,000 e 4.875%, 10/29/03 ..................... AA2 9,354
ONTARIO PROVINCE CANADA
5,000,000 7.625%, 6/22/04 ........................ AA3 5,080
QUEBEC PROVINCE CANADA
5,500,000 7.000%, 01/30/07 ....................... A2 5,393
16,000,000 e 7.500%, 09/15/29 ..................... A2 15,719
-----------
35,546
-----------
+As provided by Moody's Investors Services (Unaudited)
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report 21 o
<PAGE>
Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
PRINCIPAL VALUE (000)
-------- ----------
MORTGAGE BACKED SECURITIES--15.62%
FEDERAL HOME LOAN MORTGAGE CORP
(FHLMC)
$ 2,776,791 6.000%, 03/01/11 ............................ $ 2,649
669,624 7.000%, 05/01/23 ............................ 652
FEDERAL HOME LOAN MORTGAGE CORP
GOLD (FGLMC)
20,000,000 h 7.000%, 07/25/15 ............................ 19,634
13,319,561 6.500%, 01/01/29 ............................ 12,588
15,590,367 6.500%, 03/01/29 ............................ 14,734
54,075,490 6.500%, 09/01/29 ............................ 51,107
16,500,000 h 6.500%, 07/25/30 ............................ 15,573
89,000,000 h 7.000%, 07/25/30 ............................ 86,003
46,000,000 h 7.500%, 07/25/30 ............................ 45,393
62,500,000 h 8.000%, 07/25/30 ............................ 62,852
49,250,000 h 8.500%, 07/25/30 ............................ 50,258
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA)
1,000,000 8.250%, 12/18/00 ............................ 1,006
2,024,984 6.000%, 12/01/02 ............................ 1,977
145,854 8.500%, 02/01/05 ............................ 147
762,211 7.500%, 06/01/11 ............................ 762
507,881 8.000%, 06/01/11 ............................ 513
695,583 8.000%, 07/01/11 ............................ 703
135,228 7.500%, 08/01/11 ............................ 135
271,501 7.500%, 09/01/11 ............................ 271
685,836 7.500%, 10/01/11 ............................ 685
5,318,395 7.000%, 04/01/12 ............................ 5,235
3,480,434 6.500%, 09/01/12 ............................ 3,369
22,348,648 d 6.000%, 12/01/13 ............................ 21,171
28,896,725 d 6.500%, 12/01/13 ............................ 27,911
125,342 8.500%, 11/01/14 ............................ 128
15,000,000 h 6.500%, 07/25/15 ............................ 14,460
1,525,636 d 8.000%, 03/01/23 ............................ 1,541
2,641,608 d 8.000%, 07/01/24 ............................ 2,663
4,555,534 6.000%, 10/01/28 ............................ 4,170
14,336,949 d 6.000%, 01/01/29 ............................ 13,124
7,353,821 6.000%, 02/01/29 ............................ 6,732
6,716,734 6.000%, 05/01/29 ............................ 6,149
73,900,000 h 7.000%, 07/25/30 ............................ 71,348
47,500,000 h 7.500%, 07/25/30 ............................ 46,825
37,500,000 h 8.000%, 07/25/30 ............................ 37,658
9,250,000 h 8.500%, 07/25/30 ............................ 9,422
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (GNMA)
232,646 8.500%, 09/15/09 ............................ 237
271,577 8.500%, 10/15/09 ............................ 278
169,973 8.500%, 12/15/09 ............................ 174
2,089,170 9.000%, 12/15/09 ............................ 2,176
1,727,366 d 9.000%, 12/15/17 ............................ 1,806
133,284 9.000%, 03/15/20 ............................ 139
73,688 9.000%, 08/15/20 ............................ 77
1,552,492 d 8.000%, 06/15/22 ............................ 1,575
693,742 6.500%, 08/15/23 ............................ 663
450,850 6.500%, 09/15/23 ............................ 431
10,415,922 d 6.500%, 12/15/28 ............................ 9,890
----------
656,994
----------
U.S. TREASURY SECURITIES--5.97%
TREASURY INFLATION INDEXED
4,802,124 h 3.875%, 01/15/09 ............................ 4,729
U.S. TREASURY BOND
14,350,000 10.375%, 11/15/12 ........................... 17,644
15,000,000 e 12.000%, 08/15/13 ........................... 20,250
18,000,000 d 8.750%, 05/15/17 ............................ 22,672
114,420,000 d 8.875%, 02/15/19 ............................ 147,262
10,000,000 8.125%, 08/15/19 ............................ 12,089
2,500,000 6.125%, 08/15/29 ............................ 2,525
U.S. TREASURY NOTE
3,700,000 h 6.750%, 05/15/05 ............................ 3,786
2,575,000 e 6.000%, 08/15/09 ............................ 2,554
3,000,000 e 11.750%, 02/15/10 ........................... 3,619
U.S. TREASURY STRIP
25,000,000 0.000%, 11/15/09 ............................ 13,801
----------
250,931
----------
TOTAL GOVERNMENT BONDS
(COST $1,111,402) ........................... 1,107,731
----------
TOTAL BONDS
(COST $1,613,441) ........................... 1,598,619
----------
SHARES
-----
COMMON STOCK--61.08%
BASIC INDUSTRIES--2.47%
CHEMICALS AND PLASTIC--1.85%
189,200 AIR PRODUCTS & CHEMICALS, INC ............... 5,830
96,700 AVON PRODUCTS, INC .......................... 4,303
57,000 CABOT CORP .................................. 1,553
122,200 CLOROX CO ................................... 5,476
227,900 COLGATE PALMOLIVE CO ........................ 13,646
58,800 ECOLAB, INC ................................. 2,297
18,912 FULLER (H.B.) CO ............................ 862
89,150 HANNA (M.A.) CO ............................. 802
127,800 ILLINOIS TOOL WORKS, INC .................... 7,285
62,500 INTERNATIONAL FLAVORS & FRAGRANCES, INC ..... 1,887
9,100 NCH CORP .................................... 329
71,108 PHARMACIA CORP .............................. 3,675
143,600 PRAXAIR, INC ................................ 5,376
410,400 PROCTER & GAMBLE CO ......................... 23,495
71,962 SCHULMAN (A.), INC .......................... 868
----------
77,684
----------
STEEL AND OTHER METALS--0.22%
110,852 BIRMINGHAM STEEL CORP ....................... 430
173,700 CROWN CORK & SEAL CO, INC ................... 2,606
6,510 MARK IV INDUSTRIES, INC ..................... 136
127,000 NUCOR CORP .................................. 4,215
165,450 WORTHINGTON INDUSTRIES, INC ................. 1,737
----------
9,124
----------
PAPER AND FOREST PRODUCTS--0.40%
135,800 AVERY DENNISON CORP ......................... 9,116
133,200 CONSOLIDATED PAPERS, INC .................... 4,870
138,050 SONOCO PRODUCTS CO .......................... 2,839
----------
16,825
----------
TOTAL BASIC INDUSTRIES ...................... 103,633
----------
BUSINESS SERVICES--0.12%
ADVERTISING AND OTHER SERVICES - 0.12%
59,100 DUN & BRADSTREET CORP ....................... 1,692
39,400 OMNICOM GROUP, INC .......................... 3,509
----------
5,201
----------
TOTAL BUSINESS SERVICES ..................... 5,201
----------
CONSTRUCTION AND REAL ESTATE--1.60%
BUILDING MATERIALS--1.48%
76,900 CORNING, INC ................................ 20,753
562,050 HOME DEPOT, INC ............................. 28,067
71,400 LOWE'S COS, INC ............................. 2,932
114,500 MASCO CORP .................................. 2,068
189,000 PPG INDUSTRIES, INC ......................... 8,375
----------
62,195
----------
CONSTRUCTION--0.12%
28,600 HILLENBRAND INDUSTRIES, INC ................. 896
165,283 NEWELL RUBBERMAID, INC ...................... 4,256
----------
5,152
----------
TOTAL CONSTRUCTION AND REAL ESTATE .......... 67,347
----------
2000 CREF Semi-Annual Report o 22 SEE NOTES TO FINANCIAL STATEMENTS
<PAGE>
Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
CONSUMER DURABLE--4.62%
HOME APPLIANCES AND FURNISHINGS--4.36%
42,000 * ADVANCED MICRO DEVICES, INC ................. $ 3,245
37,900 ALTERA CORP ................................. 3,863
67,400 ANALOG DEVICES, INC ......................... 5,122
255,100 GILLETTE CO ................................. 8,913
760,200 INTEL CORP .................................. 101,629
55,300 LSI LOGIC CORP .............................. 2,993
134,692 * MICRON TECHNOLOGY, INC ...................... 11,861
45,212 MOLEX, INC .................................. 2,176
54,700 * NATIONAL SEMICONDUCTOR CORP ................. 3,104
135,400 * SOLECTRON CORP .............................. 5,670
384,400 TEXAS INSTRUMENTS, INC ...................... 26,403
19,734 * VISHAY INTERTECHNOLOGY, INC ................. 749
63,400 WHIRLPOOL CORP .............................. 2,956
58,400 XILINX, INC ................................. 4,822
----------
183,506
----------
TEXTILE APPAREL AND ACCESSORIES--0.26%
6,60 * ABERCROMBIE & FITCH CO (CLASS A) ............ 80
182,330 GAP, INC .................................... 5,698
14,400 LIMITED, INC ................................ 311
15,800 LIZ CLAIBORNE, INC .......................... 557
92,700 NIKE, INC (CLASS B) ......................... 3,691
15,600 V.F. CORP ................................... 371
----------
10,708
----------
TOTAL CONSUMER DURABLE ...................... 194,214
----------
ENERGY--2.23%
OIL, GAS AND OTHER ENERGY SERVICES--2.23%
128,800 ANADARKO PETROLEUM CORP ..................... 6,351
115,300 APACHE CORP ................................. 6,781
32,200 * BJ SERVICES CO .............................. 2,013
182,700 BURLINGTON RESOURCES, INC ................... 6,988
273,500 ENRON CORP .................................. 17,641
99,000 HALLIBURTON CO .............................. 4,672
121,700 HELMERICH & PAYNE, INC ...................... 4,549
96,300 MITCHELL ENERGY &
DEVELOPMENT CORP (CLASS A) .................. 3,094
141,500 MURPHY OIL CORP ............................. 8,410
81,000 * NABORS INDUSTRIES, INC ...................... 3,367
76,247 NOBLE AFFILIATES, INC ....................... 2,840
60,566 NOBLE DRILLING CORP ......................... 2,495
76,300 * PARKER DRILLING CO .......................... 472
81,700 * ROWAN COS, INC .............................. 2,482
303,800 * SANTA FE SNYDER CORP ........................ 3,456
118,617 TRANSOCEAN SEDCO FOREX, INC ................. 6,339
178,615 UNION PACIFIC RESOURCES GROUP, INC .......... 3,930
63,700 VASTAR RESOURCES, INC ....................... 5,231
40,600 WD-40 CO .................................... 842
42,875 * WEATHERFORD INTERNATIONAL, INC .............. 1,707
----------
TOTAL ENERGY ................................ 93,660
----------
FINANCE--10.31%
BANKS, SAVINGS AND LOANS--4.56%
544,448 BANK OF AMERICA CORP ........................ 23,411
211,786 BANK OF NEW YORK CO, INC .................... 9,848
332,967 BANK ONE CORP ............................... 8,844
377,064 CHASE MANHATTAN CORP ........................ 17,369
894,378 CITIGROUP, INC .............................. 53,886
28,700 FIFTH THIRD BANCORP ......................... 1,815
344,831 FIRST UNION CORP ............................ 8,556
168,834 FLEETBOSTON FINANCIAL CORP .................. 5,740
37,700 KEYCORP ..................................... 664
245,825 MBNA CORP ................................... 6,668
28,000 MELLON FINANCIAL CORP ....................... 1,020
77,500 MORGAN (J.P.) & CO, INC ..................... 8,535
177,064 NATIONAL CITY CORP .......................... 3,021
104,600 PNC FINANCIAL SERVICES GROUP, INC ........... 4,903
30,500 PROVIDIAN FINANCIAL CORP .................... 2,745
7,200 STATE STREET CORP ........................... 764
99,000 SUNTRUST BANKS, INC ......................... 4,523
203,462 U.S. BANCORP ................................ 3,917
60,900 WACHOVIA CORP ............................... 3,304
135,516 WASHINGTON MUTUAL, INC ...................... 3,913
471,140 WELLS FARGO CO .............................. 18,257
----------
191,703
----------
CREDIT AND OTHER FINANCE--2.03%
1,000 * AMERCO ...................................... 20
519,900 AMERICAN EXPRESS CO ......................... 27,100
253,300 ASSOCIATES FIRST CAPITAL CORP ............... 5,652
25,300 CAPITAL ONE FINANCIAL CORP .................. 1,129
27,700 CRESCENT REAL ESTATE EQUITIES CO ............ 568
392,800 FEDERAL NATIONAL MORTGAGE ASSOCIATION ....... 20,499
182,200 FIRSTAR CORP ................................ 3,838
231,700 FREDDIE MAC ................................. 9,384
232,207 HOUSEHOLD INTERNATIONAL, INC ................ 9,651
20,600 ROUSE CO .................................... 510
11,300 SIMON PROPERTY GROUP, INC ................... 251
74,900 SLM HOLDINGS CORP ........................... 2,804
96,900 WEINGARTEN REALTY INVESTORS, INC ............ 3,912
----------
85,318
----------
INSURANCE--2.54%
73,688 AEGON NV ARS ................................ 2,625
14,000 AETNA, INC .................................. 899
21,500 AFLAC, INC .................................. 988
255,306 ALLSTATE CORP ............................... 5,681
152,800 AMERICAN GENERAL CORP ....................... 9,321
445,796 AMERICAN INTERNATIONAL GROUP, INC ........... 52,381
202 * BERKSHIRE HATHAWAY, INC (CLASS A) ........... 10,868
22 * BERKSHIRE HATHAWAY, INC (CLASS B) ........... 39
49,700 CHUBB CORP .................................. 3,057
69,200 CIGNA CORP .................................. 6,470
10,500 * CNA FINANCIAL CORP .......................... 357
56,053 CONSECO, INC ................................ 547
7,600 * HUMANA, INC ................................. 37
18,200 JEFFERSON-PILOT CORP ........................ 1,027
119,420 MARSH & MCLENNAN COS, INC ................... 12,472
1,400 SAFECO CORP ................................. 28
2,400 ST. PAUL COS, INC ........................... 82
----------
106,879
----------
SECURITIES AND COMMODITIES--1.18%
125,600 MERRILL LYNCH & CO, INC ..................... 14,444
308,696 MORGAN STANLEY DEAN WITTER & CO ............. 25,699
285,300 SCHWAB (CHARLES) CORP ....................... 9,593
----------
49,736
----------
TOTAL FINANCE ............................... 433,636
----------
FOODS AND RELATED--3.54%
BEVERAGES, OTHER FOOD PRODUCTS--3.54%
136,058 ALBERTSONS, INC ............................. 4,524
121,500 BESTFOODS, INC .............................. 8,414
179,100 CAMPBELL SOUP CO ............................ 5,216
648,600 COCA COLA CO ................................ 37,254
96,100 COCA COLA ENTERPRISES, INC .................. 1,568
102,200 DARDEN RESTAURANTS, INC ..................... 1,661
173,100 GENERAL MILLS, INC .......................... 6,621
208,450 HEINZ (H.J.) CO ............................. 9,120
85,600 HERSHEY FOODS CORP .......................... 4,152
170,900 KELLOGG CO .................................. 5,084
142,900 * KROGER CO ................................. 3,153
5,800 MCCORMICK & CO, INC (NON-VOTE) .............. 189
473,800 MCDONALD'S CORP ............................. 15,606
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 24
<PAGE>
Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
BEVERAGES, OTHER FOOD PRODUCTS--(Continued)
11,600 NABISCO GROUP HOLDINGS ...................... $ 301
418,200 PEPSICO, INC ................................ 18,584
83,000 QUAKER OATS CO .............................. 6,235
7,900 RALSTON PURINA CO ........................... 158
91,000 * SAFEWAY, INC ................................ 4,106
144,700 SYSCO CORP .................................. 6,095
122,114 UNILEVER NV (NEW YORK SHS) .................. 5,251
21,790 * VLASIC FOODS INTERNATIONAL, INC ............. 35
72,300 WHITMAN CORP ................................ 895
56,000 WRIGLEY (WM) JR CO .......................... 4,491
----------
TOTAL FOODS AND RELATED ..................... 148,713
----------
HEALTH--7.59%
DRUGS AND PHARMACEUTICALS--6.17%
2,235 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS 40
60,200 ALLERGAN, INC ............................... 4,485
57,200 * ALZA CORP ................................... 3,382
256,100 * AMGEN, INC .................................. 17,991
61,180 BERGEN BRUNSWIG CORP (CLASS A) .............. 336
493,385 BRISTOL MYERS SQUIBB CO ..................... 28,740
83,800 CARDINAL HEALTH, INC ........................ 6,201
905 * CRESCENDO PHARMACEUTICALS CORP .............. 18
84,176 CVS CORP .................................... 3,367
18,400 * FOREST LABORATORIES, INC .................... 1,858
20,000 * GENZYME CORP (GENERAL DIVISION) ............. 1,189
3,588 * GENZYME CORP (TISSUE REPAIR DIVISION) ....... 19
4,833 * GENZYME SURGICAL PRODUCTS ................... 48
19,576 * GENZYME-MOLECULAR ONCOLOGY .................. 272
24,700 * IVAX CORP ................................... 1,025
423,100 JOHNSON & JOHNSON CO ........................ 43,103
239,300 LILLY (ELI) & CO ............................ 23,900
54,500 MALLINCKRODT, INC ........................... 2,367
66,800 MCKESSON HBOC, INC .......................... 1,399
611,800 MERCK & CO, INC ............................. 46,879
43,400 MYLAN LABORATORIES, INC ..................... 792
836,300 PFIZER, INC ................................. 40,142
403,400 SCHERING-PLOUGH CORP ........................ 20,372
88,400 SIGMA ALDRICH CORP .......................... 2,586
277,900 WALGREEN CO ................................. 8,945
----------
259,456
----------
MEDICAL EQUIPMENT AND SUPPLIES--1.16%
94,205 AGILENT TECHNOLOGIES, INC ................... 6,948
30,800 BAUSCH & LOMB, INC .......................... 2,383
64,600 BAXTER INTERNATIONAL, INC ................... 4,542
150,900 BECTON DICKINSON & CO ....................... 4,329
53,500 BIOMET, INC ................................. 2,056
118,800 * BOSTON SCIENTIFIC CORP ...................... 2,606
5,980 EDWARDS LIFESCIENCES CORP ................... 111
108,200 * GUIDANT CORP ................................ 5,356
347,100 MEDTRONIC, INC .............................. 17,290
42,400 PE CORP-PE BIOSYSTEMS GROUP ................. 2,793
9,898 * ST. JUDE MEDICAL, INC ....................... 454
----------
48,868
----------
MEDICAL FACILITIES MANAGEMENT--0.26%
235,755 COLUMBIA/HCA HEALTHCARE CORP ................ 7,161
12,408 * LIFEPOINT HOSPITALS, INC .................... 276
123,300 TENET HEALTHCARE CORP ....................... 3,329
12,408 * TRIAD HOSPITALS, INC ........................ 300
----------
11,066
----------
TOTAL HEALTH ................................ 319,390
----------
INDUSTRIAL MACHINERY--1.26%
ELECTRICAL--0.47%
24,400 AVNET, INC .................................. 1,446
15,000 BALDOR ELECTRIC CO .......................... 279
66,700 COOPER INDUSTRIES, INC ...................... 2,172
224,300 EMERSON ELECTRIC CO ......................... 13,542
66,200 GRAINGER (W.W.), INC ........................ 2,040
21,300 THOMAS & BETTS CORP ......................... 407
----------
19,886
----------
OTHER INDUSTRIAL EQUIPMENT--0.79%
190,400 * APPLIED MATERIALS, INC ...................... 17,255
46,600 BAKER HUGHES, INC ........................... 1,491
30,600 CUMMINS ENGINE CO, INC ...................... 834
106,200 DEERE & CO .................................. 3,929
44,500 GRACO, INC .................................. 1,446
48,975 GRANT PRIDECO, INC .......................... 1,224
64,900 INGERSOLL-RAND CO ........................... 2,612
17,700 NORDSON CORP ................................ 896
25,500 * SMITH INTERNATIONAL, INC .................... 1,857
90,438 TIMKEN CO ................................... 1,684
----------
33,228
----------
TOTAL INDUSTRIAL MACHINERY .................. 53,116
----------
MEDIA AND LEISURE--2.68%
BROADCASTING--2.06%
60,500 CLEAR CHANNEL COMMUNICATIONS, INC ........... 4,538
6,300 * COMCAST CORP (CLASS A) ...................... 245
152,700 * COMCAST CORP (CLASS A) SPECIAL .............. 6,184
94,890 * COX COMMUNICATIONS, INC (CLASS A) ........... 4,323
591,225 DISNEY (WALT) CO ............................ 22,947
357,407 TIME WARNER, INC ............................ 27,163
310,144 * VIACOM, INC (CLASS B) ....................... 21,148
----------
86,548
----------
PUBLISHING--0.62%
24,300 DELUXE CORP ................................. 573
41,000 DOW JONES & CO, INC ......................... 3,003
155,300 GANNETT CO, INC ............................. 9,289
11,300 KNIGHT-RIDDER, INC .......................... 601
148,100 MCGRAW HILL COS, INC ........................ 7,997
42,200 NEW YORK TIMES CO (CLASS A) ................. 1,667
20,220 * R.H. DONNELLEY CORP ......................... 392
28,850 TIMES MIRROR CO SERIES A .................... 2,615
----------
26,137
----------
TOTAL MEDIA AND LEISURE ..................... 112,685
----------
RETAIL AND WHOLESALE--2.30%
GENERAL MERCHANDISE STORES--2.30%
53,300 COSTCO WHOLESALE CORP ....................... 1,759
1,000 * FEDERATED DEPARTMENT STORES, INC ............ 34
72,150 HASBRO, INC ................................. 1,087
148,600 * K MART CORP ................................. 1,012
151,691 MATTEL, INC ................................. 2,000
50,400 MAY DEPARTMENT STORES CO .................... 1,210
253,922 MINNESOTA MINING & MANUFACTURING CO ......... 20,949
60,200 PENNEY, (J.C.) CO, INC ...................... 1,110
104,800 SEARS ROEBUCK & CO .......................... 3,419
68,400 TARGET CORP ................................. 3,967
45,950 * TOYS `R' US, INC ............................ 669
1,033,200 WAL-MART STORES, INC ........................ 59,538
----------
TOTAL RETAIL AND WHOLESALE .................. 96,754
----------
SEE NOTES TO FINANCIAL STATEMENTS
24 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
TECHNOLOGY--14.17%
COMMUNICATIONS EQUIPMENT--1.43%
35,400 * GLENAYRE TECHNOLOGIES, INC .................. $ 374
619,200 NORTEL NETWORKS CORP (U.S.) ................. 42,260
154,000 * QUALCOMM, INC ............................... 9,240
39,300 * SENSORMATIC ELECTRONICS CORP ................ 621
109,300 * TELLABS, INC ................................ 7,480
----------
59,975
----------
COMPUTERS AND OFFICE EQUIPMENT--12.53%
68,200 3COM CORP ................................... 3,930
500,400 * AMERICA ONLINE, INC ......................... 26,396
96,600 * APPLE COMPUTER, INC ......................... 5,059
310,400 AUTOMATIC DATA PROCESSING, INC .............. 16,626
1,461,700 * CISCO SYSTEMS, INC .......................... 92,909
442,310 COMPAQ COMPUTER CORP ........................ 11,307
120,025 COMPUTER ASSOCIATES INTERNATIONAL, INC ...... 6,144
582,070 * DELL COMPUTER CORP .......................... 28,703
10,462 DIEBOLD, INC ................................ 292
127,400 ELECTRONIC DATA SYSTEMS CORP ................ 5,255
477,000 * EMC CORP .................................... 36,699
77,700 FIRST DATA CORP ............................. 3,856
16,369 * GARTNER GROUP, INC (CLASS B) ................ 162
64,100 GATEWAY, INC ................................ 3,638
247,000 HEWLETT-PACKARD CO .......................... 30,844
50,900 IKON OFFICE SOLUTIONS, INC .................. 197
7,840 * IMATION CORP ................................ 230
138,800 IMS HEALTH, INC ............................. 2,498
445,100 INTERNATIONAL BUSINESS MACHINES CORP ........ 48,766
1,110,300 * MICROSOFT CORP .............................. 88,824
46,000 NETWORK APPLIANCE, INC ...................... 3,703
82,200 NOVELL, INC ................................. 760
601,486 * ORACLE CORP ................................. 50,562
137,200 PITNEY BOWES, INC ........................... 5,488
51,239 SABRE HOLDINGS CORP ......................... 1,460
364,376 * SUN MICROSYSTEMS, INC ....................... 33,135
51,200 VERITAS SOFTWARE CORP ....................... 5,786
110,200 YAHOO, INC .................................. 13,651
----------
526,880
----------
TECHNOLOGY--0.10%
35,500 BEST BUY CO, INC ............................ 2,245
39,194 RADIOSHACK CORP ............................. 1,857
----------
4,102
----------
INSTRUMENTS AND RELATED PRODUCTS--0.11%
228,200 XEROX CORP .................................. 4,735
----------
TOTAL TECHNOLOGY ............................ 595,696
----------
TRANSPORTATION--0.51%
AIR TRANSPORTATION--0.24%
16,000 * ALASKA AIR GROUP, INC ....................... 434
79,900 * AMR CORP .................................... 2,112
37,600 DELTA AIRLINES, INC ......................... 1,901
66,300 * FEDEX CORP ................................. 2,519
149,343 SOUTHWEST AIRLINES CO ....................... 2,828
5,618 * U.S. AIRWAYS GROUP, INC ..................... 219
2,300 UAL CORP .................................... 134
----------
10,147
----------
AUTOS, TIRES AND RELATED PRODUCTS--0.13%
24,100 BANDAG, INC ................................. 584
49,600 FEDERAL-MOGUL CORP .......................... 474
12,000 FLEETWOOD ENTERPRISES, INC .................. 171
191,850 GENUINE PARTS CO ............................ 3,837
19,300 MODINE MANUFACTURING CO ..................... 521
3,400 RYDER SYSTEM, INC ........................... 64
----------
5,651
----------
RAILROADS--0.12%
338,100 NORFOLK SOUTHERN CORP ....................... 5,029
----------
TRUCKING AND RELATED SERVICES--0.02%
59,400 ARNOLD INDUSTRIES, INC ...................... 717
----------
TOTAL TRANSPORTATION ........................ 21,544
----------
UTILITIES--7.69%
TELEPHONE--5.72%
33,700 ALLTEL CORP ................................. 2,087
781,298 AT & T CORP ................................. 24,709
135,496 * AT & T CORP - LIBERTY MEDIA GROUP (CLASS A) 3,286
538,200 BELLSOUTH CORP .............................. 22,941
144,700 GLOBAL CROSSING LTD ......................... 3,807
735,600 LUCENT TECHNOLOGIES, INC .................... 43,584
161,044 * MEDIA ONE GROUP, INC ...................... 10,730
125,600 NEXTEL COMMUNICATIONS, INC (CLASS A) ........ 7,685
861,904 SBC COMMUNICATIONS, INC ..................... 37,277
191,000 * SPRINT CORP (FON GROUP) ................... 9,741
151,700 SPRINT CORP (PCS GROUP) ..................... 9,026
166,444 U.S. WEST, INC .............................. 14,273
421,764 VERIZON COMMUNICATION ....................... 21,431
87,505 VODAFONE AIRTOUCH PLC ADR ................... 3,626
577,213 WORLDCOM, INC ............................... 26,480
----------
240,683
----------
ELECTRIC, GAS AND OTHER--1.96%
142,494 COLUMBIA ENERGY GROUP ....................... 9,351
196,500 EL PASO ENERGY CORP ......................... 10,009
80,693 EQUITABLE RESOURCES, INC .................... 3,893
43,200 IDACORP, INC ................................ 1,393
217,757 KEYSPAN CORP ................................ 6,696
196,100 LOUISVILLE GAS & ELECTRIC ENERGY CORP ....... 4,682
88,133 MCN ENERGY GROUP, INC ....................... 1,884
87,700 NICOR, INC .................................. 2,861
228,100 NISOURCE, INC ............................... 4,248
124,500 OGE ENERGY CORP ............................. 2,303
66,000 PEOPLES ENERGY CORP ......................... 2,137
266,600 POTOMAC ELECTRIC POWER CO ................... 6,665
121,300 PUGET SOUND ENERGY, INC ..................... 2,585
289,295 SCOTTISH POWER PLC ADR ...................... 9,673
176,500 TECO ENERGY, INC ............................ 3,541
255,300 WILLIAMS COS, INC ........................... 10,646
----------
82,567
----------
TOTAL UTILITIES ............................. 323,250
----------
TOTAL COMMON STOCK
(COST $1,366,487) ........................... 2,568,833
----------
PRINCIPAL
---------
SHORT TERM INVESTMENTS--13.56%
COMMERCIAL PAPER--10.96%
AVNET, INC
$10,000,000 c,d 6.820%, 07/11/00 ........................ 9,979
20,000,000 c 6.820%, 07/14/00 .......................... 19,946
CONAGRA, INC
13,910,000 6.830%, 07/25/00 ............................ 13,843
COX COMMUNICATIONS, INC
50,000,000 c,d 6.750%, 07/10/00 ........................ 49,903
ENRON CORP
31,000,000 6.750%, 07/17/00 ............................ 30,899
FEDERATED DEPARTMENT STORES, INC
10,000,000 c 6.850%, 07/10/00 .......................... 9,981
FEDEX CORP
15,000,000 c 6.780%, 07/10/00 .......................... 14,971
3,504,000 c 6.790%, 07/11/00 .......................... 3,497
26,000,000 c,d 6.800%, 07/11/00 ........................ 25,945
GUIDANT CORP
40,000,000 d 6.750%, 07/13/00 .......................... 39,899
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 25
<PAGE>
Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
COMMERCIAL PAPER--(Continued)
INGERSOLL RAND CO
$30,000,000 c,d 6.750%, 07/12/00 ....................... $ 29,930
PRAXAIR, INC
18,000,000 d 6.720%, 07/17/00 ........................ 17,941
11,170,000 d 6.780%, 07/17/00 ........................ 11,134
800,000 6.730%, 07/18/00 ........................ 797
20,000,000 6.800%, 07/25/00 ........................ 19,904
RYDER SYSTEMS, INC
23,000,000 d 6.780%, 07/14/00 ........................ 22,938
21,675,000 d 6.800%, 07/14/00 ........................ 21,616
SAFEWAY, INC
4,990,000 c 7.200%, 07/05/00 ........................ 4,985
10,000,000 c 6.780%, 07/13/00 ........................ 9,975
10,000,000 c,d 6.790%, 07/14/00 ....................... 9,973
40,000,000 c,d 6.790%, 07/17/00 ....................... 39,870
WHIRLPOOL CORP
27,000,000 d 6.750%, 07/10/00 ........................ 26,948
XEROX CREDIT CORP
26,100,000 6.800%, 07/17/00 .......................... 26,018
----------
460,892
----------
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES
LOANED--2.60%
REPURCHASED AGREEMENTS
JP MORGAN SECURITIES, INC
49,254,000 i 6.80%, DATED 06/30/00, DUE 07/03/00 ..... 49,305
PRUDENTIAL SECURITIES, INC
10,000,000 i 6.750%, DATED 05/17/00, DUE12/29/00 ..... 10,009
50,172,000 i 6.880%, DATED 07/26/99, DUE 12/29/00 .... 50,218
----------
109,532
----------
TOTAL SHORT TERM INVESTMENTS
(COST $570,542) ............................ 570,424
----------
TOTAL PORTFOLIO--112.65%
(COST $3,550,470) .......................... 4,737,876
OTHER ASSETS & LIABILITIES, NET -- (12.65%). (532,219)
---------
NET ASSETS--100.00% ......................... $4,205,657
==========
-------------
* Non-income producing
c Commercial Paper issued under the Private Placement exemption under Section
4(2) of the Securities Act of 1933, as amended.
d All or a portion of these securities have been segregated by the Custodian to
cover securities purchased on a delayed delivery basis.
e All or a portion of these securities are out on loan.
g 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 June 30, 2000, the value of these
securities amounted to $4,852 or 0.12% of net assets.
h These securities were purchased on a delayed delivery basis.
i Repurchased agreements are fully collateralized as follows:
DESCRIPTION PRINCIPAL VALUE RATE DATE
----------- --------- ----- ---- ----
J P MORGAN
SECURITIES, INC:
Federal National
Discount Note $ 10,873,74 $10,614,522 4.750%- 10/02/00-
7.320% 06/21/01
Federal National
Mortgage Association 20,775,398 20,110,330 4.750%- 02/00/01-
8.100% 07/07/07
Federal Home Loan
Mortgage Corp 1,484,331 1,471,892 5.500%- 07/05/00-
7.875% 09/14/00
Federal Home Loan Bank 14,381,552 14,201,557 4.980%- 07/26/00-
7.315% 09/15/00
Resolution Funding Corp
Strip Principal 18,759,371 2,800,249 8.875% 04/15/30-
Student Loan Marketing
Association 608,041 607,605 0.000% 07/03/30-
U.S. Treasury Bond 355,060 433,037 7.875% 02/15/21
PRUDENTIAL
SECURITIES, INC:
Federal National
Discount Note 3,397,446 3,327,055 4.750%- 07/01/00-
7.750% 06/01/17
Federal home
Loan Bank 14,848,000 14,484,207 4.675%- 07/20/00-
8.150% 01/05/05
Federal home Loan
Mortgage Corp 5,197,115 5,065,656 5.500% 07/06/00-
7.375% 09/14/00
Federal National
Mortgage Association 22,867,091 19,914,809 5.000%- 03/03/00-
7.550% 09/01/09
Government National
Mortgage Association 25,454,200 10,200,000 5.000%- 10/20/25-
6.500% 04/20/29
Government
Treasury Coupon 12,330 10,126 0.00% 05/15/01-
11/15/04
U.S. Treasury Bill 1,313,202 1,273,950 6.000% 12/28/00
U.S. Treasury Bond 27,795 26,300 8.000% 01/01/01
U.S. Treasury Note 4,014 2,951 12.000% 01/05/05
U.S. Treasury Strip 21,402,675 7,070,430 4.000%- 02/01/01-
9.875% 11/15/28
-----------------
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value of
investment in debt securities, is as follows:
MOODY'S RATINGS (unaudited)
AAA, AA, A 35.00%
BAA 8.21%
U.S. Government obligations represent 56.79% of the long-term debt portfolio
value and are not reflected in the above ratings.
SEE NOTES TO FINANCIAL STATEMENTS
26 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
PREFERRED STOCK--0.01%
BASIC INDUSTRIES--0.01%
CHEMICALS AND PLASTIC--0.01%
8,835 SEALED AIR CORP (CLASS A) ................... $ 447
-----------
TOTAL BASIC INDUSTRIES ...................... 447
-----------
CONSUMER DURABLE--0.00%
HOME APPLIANCES AND FURNISHINGS--0.00%
6,303 OSULLIVAN INDUSTRIES HOLDINGS, INC .......... 3
-----------
TOTAL CONSUMER DURABLE ...................... 3
-----------
HEALTH - 0.00%
MEDICAL EQUIPMENT AND SUPPLIES--0.00%
11,200 FRESENIUS MEDICAL CARE (CLASS D) ............ 0
-----------
TOTAL HEALTH ................................ 0
-----------
INDUSTRIAL MACHINERY--0.00%
ELECTRICAL--0.00%
1,122 PREMIER FARNELL PLC CV ADR .................. 22
-----------
TOTAL PREFERRED STOCK
(COST $454) ................................. 472
-----------
COMMON STOCK--97.91%
BASIC INDUSTRIES--3.83%
CHEMICALS AND PLASTIC--2.56%
1,100 * AEP INDUSTRIES, INC ......................... 28
78,511 AIR PRODUCTS & CHEMICALS, INC ............... 2,419
20,300 * AIRGAS, INC ................................. 115
10,300 ALBEMARLE CORP .............................. 203
12,600 ALBERTO CULVER CO (CLASS B) ................. 385
11,600 APTARGROUP, INC ............................. 313
7,450 ARCH CHEMICALS, INC ......................... 163
87,996 AVON PRODUCTS, INC .......................... 3,916
4,874 BLOCK DRUG, INC (CLASS A) ................... 206
35,300 CABOT CORP .................................. 962
15,600 CALGON CARBON CORP .......................... 121
9,082 CAMBREX CORP ................................ 409
300 * CARBIDE/GRAPHITE GROUP, INC ................. 1
10,900 CARLISLE COS, INC ........................... 491
7,300 CARTER WALLACE, INC ......................... 147
2,600 CHEMED CORP ................................. 73
9,400 CHEMFIRST, INC .............................. 227
14,600 CHURCH & DWIGHT CO, INC ..................... 263
87,356 CLOROX CO ................................... 3,915
213,384 COLGATE PALMOLIVE CO ........................ 12,776
43,757 CROMPTON CORP ............................... 536
8,700 * CYGNUS, INC ................................. 124
15,400 * CYTEC INDUSTRIES, INC ....................... 380
12,800 DEXTER CORP ................................. 614
33,900 DIAL CORP ................................... 352
247,842 DOW CHEMICAL CO ............................. 7,482
364,290 DU PONT (E.I.) DE NEMOURS & CO .............. 15,938
28,800 EASTMAN CHEMICAL CO ......................... 1,375
41,400 ECOLAB, INC ................................. 1,617
29,400 ETHYL CORP .................................. 74
9,700 * FMC CORP .................................... 563
4,787 FULLER (H.B.) CO ............................ 218
3,361 * GENERAL CHEMICAL GROUP, INC ................. 2
7,600 GEON CO ..................................... 141
12,600 GEORGIA GULF CORP ........................... 262
24,100 * GRACE W.R. & CO ............................. 292
18,100 GREAT LAKES CHEMICAL CORP ................... 570
17,575 HANNA (M.A.) CO ............................. 158
38,600 HERCULES, INC ............................... 543
93,885 ILLINOIS TOOL WORKS, INC .................... 5,351
36,524 IMC GLOBAL, INC ............................. 475
1,972 IMC GLOBAL, INC WTS 12/22/00 ................ 0
5,700 * INTERNATIONAL SPECIALTY PRODUCTS, INC ....... 32
38,340 INTERNATIONAL FLAVORS & FRAGRANCES, INC ..... 1,157
7,900 JOHNS MANVILLE CORP ......................... 104
32,020 LAUDER (ESTEE) CO (CLASS A) ................. 1,583
1,000 LIQUI-BOX CORP .............................. 50
19,795 LUBRIZOL CORP ............................... 416
5,300 MACDERMID, INC .............................. 125
1,800 * MCWHORTER TECHNOLOGIES, INC ................. 35
24,600 MILLENNIUM CHEMICAL, INC .................... 418
6,900 MINERALS TECHNOLOGIES, INC .................. 317
7,168 MISSISSIPPI CHEMICAL CORP ................... 34
5,445 MYERS INDUSTRIES, INC ....................... 59
900 NCH CORP .................................... 33
5,900 NL INDUSTRIES, INC .......................... 90
3,600 * OCTEL CORP .................................. 28
14,600 OLIN CORP ................................... 241
8,750 OM GROUP, INC ............................... 385
9,800 OMNOVA SOLUTIONS, INC ....................... 61
62,930 * PACTIV CORP ................................. 496
26,000 * PERRIGO CO .................................. 164
470,238 PHARMACIA CORP .............................. 24,305
58,350 PRAXAIR, INC ................................ 2,184
485,600 PROCTER & GAMBLE CO ......................... 27,801
8,700 * REVLON, INC (CLASS A) ....................... 55
5,400 * ROGERS CORP ................................. 189
35,048 ROHM & HAAS CO .............................. 1,209
17,775 SCHULMAN (A.), INC .......................... 214
7,100 * SCOTTS CO (CLASS A) ......................... 259
22,369 * SEALED AIR CORP ............................. 1,172
42,256 SOLUTIA, INC ................................ 581
5,500 SPARTECH CORP ............................... 149
1,200 STEPAN CO ................................... 28
7,800 TREDEGAR CORP ............................... 148
1,300 * TREX CO, INC ................................ 65
23,500 TUPPERWARE CORP ............................. 517
10,800 * U.S. PLASTIC LUMBER CORP .................... 48
43,600 UNION CARBIDE CORP .......................... 2,158
32,700 USEC, INC ................................... 151
4,600 VALHI, INC .................................. 48
12,300 WELLMAN, INC ................................ 199
-----------
131,508
-----------
STEEL AND OTHER METALS--0.51%
31,839 AK STEEL HOLDINGS CORP ...................... 255
317,932 ALCOA, INC .................................. 9,220
31,410 ALLEGHENY TECHNOLOGIES, INC ................. 565
1,676 * ALLTRISTA CORP .............................. 36
4,939 * ALPINE GROUP, INC ........................... 33
11,267 ARCH COAL, INC .............................. 87
12,443 BALL CORP ................................... 401
67,014 * BATTLE MOUNTAIN GOLD CO ..................... 147
8,900 BELDEN, INC ................................. 228
48,286 * BETHLEHEM STEEL CORP ........................ 172
6,200 BRUSH ENGINEERED MATERIALS, INC ............. 97
1,200 BUTLER MANUFACTURING CO ..................... 20
10,200 * CABLE DESIGN TECHNOLOGIES CO ................ 342
6,600 CARPENTER TECHNOLOGY CORP ................... 139
3,900 CASTLE (A.M.) & CO .......................... 32
100 CENTURY ALUMINUM CO ......................... 1
1,504 * CHASE INDUSTRIES, INC ....................... 14
4,200 CLEVELAND CLIFFS, INC ....................... 108
4,600 COMMERCIAL METALS CO ........................ 127
21,625 CRANE CO .................................... 526
46,653 CROWN CORK & SEAL CO, INC ................... 700
1,500 CURTISS WRIGHT CORP ......................... 56
31,400 ENGELHARD CORP .............................. 536
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 27
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
STEEL AND OTHER METALS--(Continued)
17,692 * FREEPORT - MCMORAN COPPER & GOLD, INC
(CLASS A) ................................... $ 161
34,533 * FREEPORT - MCMORAN COPPER & GOLD, INC
(CLASS B) ................................... 319
11,350 GENERAL CABLE CORP .......................... 92
2,700 GIBRALTAR STEEL CORP ........................ 38
10,900 * GRIFFON CORP ................................ 61
14,500 HARSCO CORP ................................. 370
85,500 HOMESTAKE MINING CO ......................... 588
4,400 IMCO RECYCLING, INC ......................... 24
4,900 INTERMET CORP ............................... 34
13,500 * KAISER ALUMINUM CORP ........................ 54
13,587 * KINROSS GOLD CORP ........................... 13
8,600 * LONE STAR TECHNOLOGIES, INC ................. 398
41,400 LTV CORP .................................... 119
18,513 MARK IV INDUSTRIES, INC ..................... 386
4,800 MATTHEWS INTERNATIONAL CORP (CLASS A) ....... 139
6,400 * MAVERICK TUBE CORP .......................... 186
1,200 * MAXXAM, INC ................................. 21
15,200 METALS U.S.A., INC .......................... 71
13,400 * MUELLER INDUSTRIES, INC ..................... 375
12,566 NATIONAL STEEL CORP (CLASS B) ............... 53
6,600 * NCI BUILDING SYSTEMS, INC ................... 134
61,530 NEWMONT MINING CORP ......................... 1,331
2,600 * NORTEK, INC ................................. 51
31,400 NUCOR CORP .................................. 1,042
800 * OPTICAL CABLE CORP .......................... 24
8,800 OREGON STEEL MILLS, INC ..................... 17
42,354 PARKER-HANNIFIN CORP ........................ 1,451
28,313 PHELPS DODGE CORP ........................... 1,053
1,500 PITT-DES MOINES, INC ........................ 29
8,900 PRECISION CAST PARTS CORP ................... 403
6,300 PRIMEX TECHNOLOGIES, INC .................... 139
4,700 QUANEX CORP ................................. 70
6,300 RELIANCE STEEL & ALUMINUM CO ................ 120
9,000 ROUGE INDUSTRIES, INC (CLASS A) ............. 27
2,400 * RTI INTERNATIONAL METALS .................... 27
5,090 RYERSON TULL, INC ........................... 53
5,500 * SILGAN HOLDINGS, INC ........................ 54
8,300 SOUTHERN PERU COPPER CORP ................... 101
4,800 * SPS TECHNOLOGIES, INC ....................... 197
14,100 * STEEL DYNAMICS, INC ......................... 128
13,950 * STILLWATER MINING CO ........................ 389
7,500 * SUNSHINE MINING & REFINING CO ............... 3
3,321 SUPERIOR TELECOM, INC ....................... 33
7,500 TEXAS INDUSTRIES, INC ....................... 217
4,800 TITAN INTERNATIONAL, INC .................... 26
6,400 TITANIUM METALS CORP ........................ 30
17,500 * TOWER AUTOMOTIVE, INC ....................... 219
3,300 * U.S. CAN CORP ............................... 57
31,700 USX-US STEEL GROUP, INC ..................... 588
6,700 VALMONT INDUSTRIES, INC ..................... 133
5,600 WATTS INDUSTRIES, INC (CLASS A) ............. 71
4,600 * WOLVERINE TUBE, INC ......................... 78
28,840 WORTHINGTON INDUSTRIES, INC ................. 303
-----------
25,942
-----------
PAPER AND FOREST PRODUCTS--0.76%
8,166 b* AMERICAN PAD & PAPER CO ..................... 0
700 AMERICAN WOODMARK CORP ...................... 14
35,995 AVERY DENNISON CORP ......................... 2,416
17,713 BEMIS, INC .................................. 596
18,700 BOISE CASCADE CORP .......................... 484
18,669 BOWATER, INC ................................ 824
11,900 * BUCKEYE TECHNOLOGIES, INC ................... 261
10,200 CARAUSTAR INDUSTRIES, INC ................... 154
400 CAVALIER HOMES, INC ......................... 1
16,100 * CHAMPION ENTERPRISES, INC ................... 78
7,100 CHESAPEAKE CORP ............................. 210
37,720 CLAYTON HOMES, INC .......................... 302
20,600 CONSOLIDATED PAPERS, INC .................... 753
12,170 CROWN VANTAGE, INC .......................... 2
6,200 * DAISYTEK INTERNATIONAL CORP ................. 59
5,757 DELTIC TIMBER CORP .......................... 123
10,300 * EARTHSHELL CORP ............................. 31
78,175 FORT JAMES CORP ............................. 1,808
19,400 * GAYLORD CONTAINER CO ........................ 52
62,500 GEORGIA-PACIFIC CORP (PACKING GROUP) ........ 1,641
31,600 GEORGIA-PACIFIC CORP (TIMBER GROUP) ......... 683
9,400 GLATFELTER (P.H.) CO ........................ 96
10,400 * GRAPHIC PACKAGING INTERNATIONAL CORP ........ 22
2,200 GREIF BROTHERS CORP (CLASS A) ............... 68
176,727 INTERNATIONAL PAPER CO ...................... 5,269
6,800 * IVEX PACKAGING CORP ......................... 76
201,770 KIMBERLY-CLARK CORP ......................... 11,577
19,200 LONGVIEW FIBRE CO ........................... 212
37,700 LOUISIANA PACIFIC CORP ...................... 410
14,200 * MAIL-WELL, INC .............................. 122
38,044 MEAD CORP ................................... 961
15,300 OAKWOOD HOMES CORP .......................... 28
8,750 * PALM HARBOR HOMES, INC ...................... 127
10,600 * PLAYTEX PRODUCTS, INC ....................... 120
10,000 POTLATCH CORP ............................... 331
10,200 RAYONIER, INC ............................... 366
1,700 REPUBLIC GROUP, INC ......................... 15
6,500 ROCK-TENN CO (CLASS A) ...................... 56
5,925 * SCHOOL SPECIALTY, INC ....................... 110
5,760 SCHWEITZER-MAUDUIT INTERNATIONAL, INC ....... 72
3,200 SKYLINE CORP ................................ 69
42,527 * SMURFIT-STONE CONTAINER CORP ................ 548
37,323 SONOCO PRODUCTS CO .......................... 767
11,500 ST. JOE CO .................................. 345
17,534 TEMPLE-INLAND, INC .......................... 736
11,800 * UNITED STATIONERS, INC ...................... 382
2,700 UNIVERSAL FOREST PRODUCTS, INC .............. 37
20,025 WAUSAU-MOSINEE PAPER CORP ................... 171
32,050 WESTVACO CORP ............................... 795
83,597 WEYERHAEUSER CO ............................. 3,595
37,300 WILLAMETTE INDUSTRIES, INC .................. 1,016
-----------
38,991
-----------
TOTAL BASIC INDUSTRIES ...................... 196,441
-----------
BUSINESS SERVICES--1.09%
ADVERTISING AND OTHER SERVICES--1.09%
6,400 * 24/7 MEDIA, INC ............................. 100
6,325 AARON RENTS, INC ............................ 79
6,043 ABM INDUSTRIES, INC ......................... 139
4,600 ACKERLEY GROUP, INC ......................... 54
5,024 * ADMINSTAFF, INC ............................. 319
6,700 * ADVO, INC ................................... 281
3,800 * AHL SERVICES, INC ........................... 23
65 * AKAMAI TECHNOLOGIES, INC .................... 8
9,800 * ANSWERTHINK, INC ............................ 163
27,387 * APOLLO GROUP, INC (CLASS A) ................. 767
1,400 * BERLITZ INTERNATIONAL, INC .................. 13
36,121 BLOCK (H&R), INC ............................ 1,169
3,900 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ....... 83
5,009 * BURNS INTERNATIONAL SERVICES CORP ........... 63
800 CADUS PHARMACEUTICAL CORP ................... 1
2,600 * CAREER EDUCATION CORP ....................... 126
3,700 * CARRIAGE SERVICES, INC (CLASS A) ............ 12
5,900 * CATALINA MARKETING CORP ..................... 602
20,900 * CATALYTICA, INC ............................. 230
SEE NOTES TO FINANCIAL STATEMENTS
28 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
ADVERTISING AND OTHER SERVICES--(Continued)
4,500 * CDI CORP .................................... $ 92
23,700 * CELGENE CORP ................................ 1,395
267,464 * CENDANT CORP ................................ 3,744
20,500 * CENTURY BUSINESS SERVICES, INC .............. 40
2,200 * CHARLES RIVER ASSOCIATES, INC ............... 39
13,600 * CHECKFREE HOLDINGS CORP ..................... 701
41,950 CINTAS CORP ................................. 1,539
4,725 * CIRCLE.COM .................................. 17
81,244 * CMGI, INC ................................... 3,722
6,700 * COINSTAR, INC ............................... 67
2,600 * CORNELL COS, INC ............................ 21
3,400 * CORPORATE EXECUTIVE BOARD CO ................ 204
21,050 * COVANCE, INC ................................ 186
2,628 CPI CORP .................................... 56
8,500 * CRITICAL PATH, INC .......................... 496
4,850 * CTC COMMUNICATIONS GROUP, INC ............... 175
21,900 * DEVRY, INC .................................. 579
5,000 * DIAMOND TECHNOLOGY PARTNERS, INC (CLASS A)... 440
34,138 * DOUBLECLICK, INC ............................ 1,302
59,948 DUN & BRADSTREET CORP ....................... 1,716
22,100 * EBAY, INC ................................... 1,200
8,100 * EDGEWATER TECHOLOGY, INC .................... 54
6,800 * EDUCATION MANAGEMENT CORP ................... 123
1,800 * ELECTRO RENT CORP ........................... 22
10 EMERGE INTERACTIVE, INC ..................... 0
5,200 * ENTREMED, INC ............................... 156
3,900 * F.Y.I., INC ................................. 131
3,800 FAIR ISSAC & CO, INC ........................ 167
8,581 * FIRST CONSULTING GROUP, INC ................. 48
2,200 * FORRESTER RESEARCH, INC ..................... 160
9,000 G & K SERVICES, INC (CLASS A) ............... 226
20,394 GARTNER GROUP, INC (CLASS A) ................ 245
12,600 * GETTY IMAGES, INC ........................... 467
100 GREY ADVERTISING, INC ....................... 52
2,100 * HAGLER BAILLY, INC .......................... 11
4,000 * HEARME.COM .................................. 18
5,700 * HEIDRICK & STRUGGLES INTERNATIONAL,INC ...... 360
10,000 * INCTYE GENOMICS ............................. 822
2,200 * INSPIRE INSURANCE SOLUTIONS, INC ............ 7
19,700 * INTERIM SERVICES, INC ....................... 350
500 INTERPOOL, INC .............................. 5
111,476 INTERPUBLIC GROUP OF COS, INC ............... 4,793
8,500 * IT GROUP, INC ............................... 41
5,300 * ITT EDUCATIONAL SERVICES, INC ............... 93
8,000 * JACOBS ENGINEERING GROUP, INC ............... 262
24 * KANA COMMUNICATIONS, INC .................... 1
9,700 KELLY SERVICES, INC (CLASS A) ............... 224
200 * KENDLE INTERNATIONAL, INC ................... 2
14,000 * KFORCE.COM, INC ............................. 97
8,200 * KORN FERRY INTERNATIONAL .................... 260
12,800 * LABOR READY, INC ............................ 85
19,350 * LAMAR ADVERTISING CO (CLASS A) .............. 838
1,900 LANDAUER, INC ............................... 30
4,400 * LASON, INC .................................. 11
3,900 * LEARNING TREE INTERNATIONAL, INC ............ 239
27,800 MANPOWER, INC ............................... 890
43,198 * MARCHFIRST, INC ............................. 788
6,600 * MARKETING SERVICES GROUP .................... 29
4,100 * MAXIMUS, INC ................................ 91
3,200 MCGRATH RENTCORP ............................ 54
1,200 * MEDIA METRIX, INC ........................... 31
4,400 * MEMBERWORKS, INC ............................ 148
10,500 * MESSAGEMEDIA, INC ........................... 37
2,300 * MODEM MEDIA, INC ............................ 29
33,777 * MODIS PROFESSIONAL SERVICES, INC ............ 258
5,400 * NATIONAL EQUIPMENT SERVICES, INC ............ 32
9,000 * NATIONSRENT, INC ............................ 34
13,300 * NAVIGANT CONSULTING CO ...................... 57
12,800 * NBC INTERNET, INC ........................... 160
4,200 * NEFF CORP ................................... 16
15,100 b* NEUROMEDICAL SYSTEMS, INC ................... 1
12,000 * NORSTAN, INC ................................ 48
22,295 * NOVA CORP (GEORGIA) ......................... 623
65,800 OMNICOM GROUP, INC .......................... 5,860
7,800 * ON ASSIGNMENT, INC .......................... 238
55 * OPUS360 CORP ................................ 0
9,800 * PAREXEL INTERNATIONAL CORP .................. 94
9,800 * PEGASUS SOLUTIONS, INC ...................... 107
9,622 * PERSONNEL GROUP OF AMERICA, INC ............. 28
6,600 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC ..... 139
18,196 PITTSTON BRINKS GROUP CO .................... 249
7,100 * PREPAID LEGAL SERVICES, INC ................. 212
5,000 * PROBUSINESS SERVICES, INC ................... 133
1,100 * PROFESSIONAL DETAILING, INC ................. 37
12,850 * PROFIT RECOVERY GROUP INTERNATIONAL, INC .... 214
4,900 * PROTECTION ONE, INC ......................... 11
41,912 * QUINTILES TRANSNATIONAL CORP ................ 592
3,900 * REDBACK NETWORKS, INC ....................... 694
10,300 REGIS CORP .................................. 129
10,600 * RENAISSANCE WORLDWIDE, INC .................. 17
5,657 * RENT WAY, INC ............................... 165
6,100 * RENT-A-CENTER, INC .......................... 137
64,900 * ROBERT HALF INTERNATIONAL, INC .............. 1,850
7,800 ROLLINS, INC ................................ 116
36,175 b* SAFETY-KLEEN CORP ........................... 3
97,693 SERVICE CORP INTERNATIONAL, INC ............. 311
111,650 SERVICEMASTER CO ............................ 1,270
15,700 * SITEL CORP .................................. 78
18,900 * SNYDER COMMUNICATIONS, INC .................. 449
4,100 * SOS STAFFING SERVICES, INC .................. 13
16,000 SOTHEBY'S HOLDINGS, INC (CLASS A) ........... 280
6,500 * STAFF LEASING, INC .......................... 23
2,900 * STARTEK, INC ................................ 146
3,200 b* STONE & WEBSTER, INC ........................ 2
1,900 STRAYER EDUCATION, INC ...................... 46
1,900 * SUPERIOR CONSULTANT HOLDINGS CORP ........... 9
15,950 * SYLVAN LEARNING SYSTEMS, INC ................ 219
2,300 TEJON RANCH CO .............................. 52
8,200 * TELETECH HOLDINGS, INC ...................... 255
12,412 * TETRA TECH, INC ............................. 284
19,700 * TMP WORLDWIDE, INC .......................... 1,454
15,700 TRUE NORTH COMMUNICATIONS, INC .............. 691
2,400 UNIFIRST CORP ............................... 19
11,111 * UNITED RENTALS, INC ......................... 190
2,500 * URS CORP .................................... 38
75 * US INTERACTIVE, INC ......................... 1
20,700 * VALASSIS COMMUNICATIONS, INC ................ 789
12,200 * VALENCE TECHNOLOGY, INC ..................... 225
28,700 * VERTICALNET, INC ............................ 1,060
2,400 * VOLT INFORMATION SCIENCES, INC .............. 79
5,800 * WACKENHUT CORP SERIES A ..................... 75
3,000 * WACKENHUT CORRECTIONS CORP .................. 23
5,300 * WEST TELESERVICES CORP ...................... 134
1,600 * WESTAFF, INC ................................ 7
4,100 * XCEED, INC .................................. 37
4,800 * XTRA CORP ................................... 189
12,900 YOUNG & RUBICAM, INC ........................ 738
78 * ZAP.COM CORP ................................ 0
-----------
TOTAL BUSINESS SERVICES ..................... 55,900
-----------
SEE NOTES TO FINANCIAL STATEMENTS
29 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
CONSTRUCTION AND REAL ESTATE--2.08%
BUILDING MATERIALS--1.80%
9,200 AMCOL INTERNATIONAL CORP .................... $ 152
9,800 APOGEE ENTERPRISES, INC ..................... 35
1,500 CARBO CERAMICS, INC ......................... 53
3,000 CENTEX CONSTRUCTION PRODUCTS, INC ........... 68
14,644 * COMFORT SYSTEMS U.S.A., INC ................. 59
575 COORSTEK, INC ............................... 26
105,672 CORNING, INC ................................ 28,518
19,600 * DAL-TILE INTERNATIONAL, INC ................. 162
7,500 * DEPARTMENT 56, INC .......................... 83
2,100 * DUPONT PHOTOMASKS, INC ...................... 144
7,100 ELCOR CORP .................................. 163
2,600 * EMCOR GROUP, INC ............................ 60
21,715 * ENCOMPASS SERVICES CORP ..................... 125
13,500 FERRO CORP .................................. 284
6,200 FLORIDA ROCK INDUSTRIES, INC ................ 221
855,250 HOME DEPOT, INC ............................. 42,709
8,400 * INTEGRATED ELECTRICAL SERVICES, INC ......... 43
12,076 LAFARGE CORP ................................ 254
5,900 LIBBEY, INC ................................. 190
7,900 LILLY INDUSTRIES, INC (CLASS A) ............. 237
126,316 LOWES COS, INC .............................. 5,187
16,968 MARTIN MARIETTA MATERIALS, INC .............. 686
165,822 MASCO CORP .................................. 2,995
800 b* OMEGA ENVIRONMENTAL, INC .................... 0
22,600 OWENS CORNING CO ............................ 209
55,100 * OWENS ILLINOIS, INC ......................... 644
64,300 PPG INDUSTRIES, INC ......................... 2,849
800 PUERTO RICAN CEMENT CO, INC ................. 22
19,650 * QUANTA SERVICES, INC ........................ 1,081
9,600 ROHN INDUSTRIES, INC ........................ 41
39,037 RPM, INC .................................... 395
52,031 SHERWIN-WILLIAMS CO ......................... 1,102
14,192 SOUTHDOWN, INC .............................. 820
18,300 USG CORP .................................... 556
13,900 VALSPAR CORP ................................ 469
33,500 VULCAN MATERIALS CO ......................... 1,430
4,738 WATSCO, INC ................................. 59
-----------
92,131
-----------
CONSTRUCTION--0.22%
11,186 * BLOUNT INTERNATIONAL, INC ................... 86
20,978 CENTEX CORP ................................. 493
3,000 * CROSSMAN COMMUNITIES, INC ................... 50
14,025 * DYCOM INDUSTRIES, INC ....................... 645
28,252 FLUOR CORP .................................. 893
12,600 FOSTER WHEELER CORP ......................... 109
6,800 GRANITE CONSTRUCTION, INC ................... 167
17,337 HILLENBRAND INDUSTRIES, INC ................. 543
22,300 HON INDUSTRIES, INC ......................... 524
19,700 HORTON (D.R.), INC .......................... 267
7,200 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ...... 195
18,600 KAUFMAN & BROAD HOME CORP ................... 369
11,900 KIMBALL INTERNATIONAL, INC (CLASS B) ........ 176
24,052 * LEAR CORP ................................... 481
25,278 LENNAR CORP ................................. 512
12,450 * MASTEC, INC ................................. 475
7,400 MDC HOLDINGS, INC ........................... 138
28,800 MILLER (HERMAN), INC ........................ 745
12,684 * MORRISON KNUDSEN CORP ....................... 92
103,151 NEWELL RUBBERMAID, INC ...................... 2,656
3,400 * NVR, INC .................................... 194
13,600 PULTE CORP .................................. 294
5,100 RYLAND GROUP, INC ........................... 113
7,715 STANDARD-PACIFIC CORP ....................... 77
20,000 STEELCASE, INC .............................. 340
7,600 * TOLL BROTHERS, INC .......................... 156
31,800 U.S. INDUSTRIES, INC ........................ 386
12,900 WALTER INDUSTRIES, INC ...................... 148
5,333 * WEBB (DEL) CORP ............................. 82
-----------
11,406
-----------
REAL ESTATE--0.06%
20,300 ARDEN REALTY GROUP, INC ..................... 477
8,400 * CASTLE & COOKE, INC ......................... 162
38,100 * CATELLUS DEVELOPMENT CORP ................... 572
8,497 * CB RICHARD ELLIS SERVICES GROUP, INC ........ 78
17,900 * FAIRFIELD COMMUNITIES, INC .................. 141
5,100 FOREST CITY ENTERPRISES, INC (CLASS A) ...... 170
5,800 * INSIGNIA FINANCIAL GROUP, INC ............... 58
11,000 * JONES LANG LA SALLE ......................... 147
9,450 LNR PROPERTY CORP ........................... 184
11,800 * PINNACLE HOLDINGS, INC ...................... 637
12,700 * SECURITY CAPITAL GROUP, INC (CLASS B) ....... 216
38,500 STEWART ENTERPRISES, INC (CLASS A) .......... 136
9,600 * TRAMMELL CROW CO ............................ 103
-----------
3,081
-----------
TOTAL CONSTRUCTION AND REAL ESTATE .......... 106,618
-----------
CONSUMER DURABLE--8.96%
HOME APPLIANCES AND FURNISHINGS--8.44%
7,900 * ACTEL CORP .................................. 360
3,800 * ADVANCED ENERGY INDUSTRIES, INC ............. 224
56,107 * ADVANCED MICRO DEVICES, INC ................. 4,334
6,600 * AEROFLEX, INC ............................... 328
10,900 * ALLIANCE SEMICONDUCTOR CORP ................. 268
12,400 * ALPHA INDUSTRIES, INC ....................... 546
65,300 * ALTERA CORP ................................. 6,657
60,400 * AMERICAN POWER CONVERSION CORP .............. 2,465
5,700 * AMERICAN SUPERCONDUCTOR CORP ................ 275
6,000 * AMERICAN XTAL TECHNOLOGY, INC ............... 260
35,100 * AMKOR TECHNOLOGY, INC ....................... 1,239
13,700 * AMPHENOL CORP (CLASS A) ..................... 907
10,900 * ANADIGICS, INC .............................. 371
130,712 * ANALOG DEVICES, INC ......................... 9,934
9,633 * APPLICA, INC ................................ 109
5,400 b* APPLIED MAGNETICS CORP ...................... 0
39,100 * APPLIED MICRO CIRCUITS CORP ................. 3,861
12,100 * ARTESYN TECHNOLOGIES, INC ................... 337
81,800 * ATMEL CORP .................................. 3,016
15,800 AVX CORP .................................... 362
7,100 BASSETT FURNITURE INDUSTRIES, INC ........... 90
42,400 * BED BATH & BEYOND, INC ...................... 1,537
5,841 * BENCHMARK ELECTRONICS, INC .................. 214
8,900 BMC INDUSTRIES, INC ......................... 36
13,500 * BOMBAY, INC ................................. 40
40,800 * BROADCOM CORP (CLASS A) ..................... 8,933
14,125 * BURR BROWN CORP ............................. 1,224
3,561 BUSH INDUSTRIES, INC (CLASS A) .............. 57
1,500 * CATAPULT COMMUNICATIONS CORP ................ 15
66,302 * CONEXANT SYSTEMS, INC ....................... 3,224
10,400 * CREE, INC ................................... 1,388
10,012 CTS CORP .................................... 451
41,500 * CYPRESS SEMICONDUCTOR CORP .................. 1,753
21,800 DALLAS SEMICONDUCTOR CORP ................... 888
3,600 * EMCORE CORP ................................. 432
9,400 * ESS TECHNOLOGY, INC ......................... 136
12,100 * E-TEK DYNAMICS, INC ......................... 3,192
14,900 ETHAN ALLEN INTERIORS, INC .................. 358
6,850 * EXAR CORP ................................... 597
17,900 * FURNITURE BRANDS INTERNATIONAL, INC ......... 271
11,700 * GENERAL SEMICONDUCTOR, INC .................. 173
388,622 GILLETTE CO ................................. 13,577
SEE NOTES TO FINANCIAL STATEMENTS
30 O 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
HOME APPLIANCES AND FURNISHINGS--(Continued)
5,950 HARMAN INTERNATIONAL INDUSTRIES, INC ........$ 363
5,800 HAVERTY FURNITURE COS, INC .................. 49
21,100 HEILIG MEYERS CO ............................ 25
8,200 HELIX TECHNOLOGY CORP ....................... 320
4,400 * HI/FN, INC .................................. 195
8,800 * HUTCHINSON TECHNOLOGY, INC .................. 125
2,400 INNOVEX, INC ................................ 23
31,200 * INTEGRATED DEVICE TECHNOLOGY, INC ........... 1,868
1,238,000 INTEL CORP .................................. 165,505
22,700 * INTERNATIONAL RECTIFIER CORP ................ 1,271
39,600 * JABIL CIRCUIT, INC .......................... 1,965
221,790 * JDS UNIPHASE CORP ........................... 26,587
28,000 * KEMET CORP .................................. 702
11,500 * KOPIN CORP .................................. 796
3,800 * LASERSIGHT, INC ............................. 14
17,200 * LATTICE SEMICONDUCTOR CORP .................. 1,189
20,800 LA-Z-BOY, INC ............................... 291
71,620 LEGGETT & PLATT, INC ........................ 1,182
113,600 LINEAR TECHNOLOGY CO ........................ 7,263
14,400 * LINENS' N THINGS, INC ....................... 391
111,144 * LSI LOGIC CORP .............................. 6,016
104,500 * MAXIM INTEGRATED PRODUCTS, INC .............. 7,099
2,500 * MAXWELL TECHNOLOGIES, INC ................... 34
32,300 MAYTAG CO ................................... 1,191
13,500 * MEMC ELECTRONIC MATERIALS, INC .............. 243
13,100 METHODE ELECTRONICS, INC (CLASS A) .......... 506
21,200 * MICREL, INC ................................. 921
28,000 * MICROCHIP TECHNOLOGY, INC ................... 1,631
172,218 * MICRON TECHNOLOGY, INC ...................... 15,166
9,224 * MIPS TECHNOLOGIES, INC (CLASS B) ............ 355
11,600 * MMC NETWORKS, INC ........................... 620
37,390 MOLEX, INC .................................. 1,799
18,200 * MRV COMMUNICATIONS, INC ..................... 1,224
3,200 NATIONAL PRESTO INDUSTRIES, INC ............. 98
64,592 * NATIONAL SEMICONDUCTOR CORP ................. 3,666
9,300 * NEOMAGIC CORP ............................... 28
12,600 * NVIDIA CORP ................................. 801
49,100 OIS OPTICAL IMAGING SYSTEMS, INC ............ 0
3,300 PARK ELECTROCHEMICAL CORP ................... 119
2,100 * PARKERVISION, INC ........................... 106
8,200 * PHOTRONICS, INC ............................. 233
38,155 PIER 1 IMPORTS, INC ......................... 372
6,400 * PLEXUS CORP ................................. 723
5,300 * PLX TECHNOLOGY, INC ......................... 220
54,000 * PMC-SIERRA, INC ............................. 9,595
9,600 * POWER INTEGRATIONS, INC ..................... 226
8,050 * POWER-ONE, INC .............................. 917
27,100 * QLOGIC CORP ................................. 1,790
27,600 * RAMBUS, INC ................................. 2,843
17,900 * READ RITE CORP .............................. 40
2,300 * RECOTON CORP ................................ 24
9,200 * REMEC, INC .................................. 385
4,500 * RESTORATION HARDWARE, INC ................... 25
19,100 * RF MICRO DEVICES, INC ....................... 1,674
30,800 * S3, INC ..................................... 454
3,300 * SALTON, INC ................................. 122
54,680 * SANMINA CORP ................................ 4,675
8,800 * SAWTEK, INC ................................. 507
53,054 * SCI SYSTEMS, INC ............................ 2,079
24,300 * SDL, INC .................................... 6,930
2,600 * SELECT COMFORT CORP ......................... 8
12,000 * SEMTECH CORP ................................ 918
2,400 * SILICONIX, INC .............................. 162
2,700 * SIMPSON MANUFACTURING CO, INC ............... 129
7,500 * SIPEX CORP .................................. 208
21,450 SNAP-ON, INC ................................ 571
186,504 * SOLECTRON CORP .............................. 7,810
25,200 STANLEY WORKS CO ............................ 599
37,726 * SUNBEAM CORP ................................ 130
4,200 TECHNITROL, INC ............................. 407
606,220 TEXAS INSTRUMENTS, INC ...................... 41,640
18,700 * TITAN CORP .................................. 837
14,800 * TRANSWITCH CORP ............................. 1,142
11,800 * TRIQUINT SEMICONDUCTOR, INC ................. 1,129
12,400 * VARIAN SEMICONDUCTOR EQUIPMENT
ASSOCIATES, INC ............................. 779
40,906 * VISHAY INTERTECHNOLOGY, INC ................. 1,552
60,700 * VITESSE SEMICONDUCTOR CORP .................. 4,465
26,800 WHIRLPOOL CORP .............................. 1,250
15,700 * WILLIAMS-SONOMA, INC ........................ 509
102,600 * XILINX, INC ................................. 8,471
8,300 * ZOMAX, INC .................................. 109
------------
432,845
------------
TEXTILE APPAREL AND ACCESSORIES--0.52%
35,882 * ABERCROMBIE & FITCH CO (CLASS A) ............ 437
6,984 * ALBANY INTERNATIONAL CORP (CLASS A) (NEW) ... 101
8,800 * AMERICAN EAGLE OUTFITTERS, INC .............. 123
7,757 * ANN TAYLOR STORES CORP ...................... 257
6,000 BROWN SHOE CO, INC .......................... 78
3,300 * BUCKLE, INC ................................. 39
6,520 BURLINGTON COAT FACTORY WAREHOUSE CORP ...... 70
23,100 * BURLINGTON INDUSTRIES, INC .................. 39
8,300 CATO CORP (CLASS A) ......................... 96
36,100 * CHARMING SHOPPES, INC ....................... 184
4,400 * CHICO'S FAS, INC ............................ 88
7,700 * CHILDREN'S PLACE RETAIL STORES, INC ......... 158
14,800 CLAIRE'S STORES, INC ........................ 285
17,100 * COLLINS & AIKMAN CORP ....................... 89
3,000 * COLUMBIA SPORTSWEAR CO ...................... 81
5,300 * DAN RIVER, INC (CLASS A) .................... 25
1,100 * DAVIDS BRIDAL, INC .......................... 13
4,500 * DONNA KARAN INTERNATIONAL, INC .............. 29
7,100 * DRESS BARN, INC ............................. 157
13 b* EDISON BROTHERS STORES WTS 09/26/05 ...... 0
5,800 * FINISH LINE, INC (CLASS A) .................. 47
7,169 * FOOTSTAR, INC ............................... 238
5,150 * FOSSIL, INC ................................. 100
700 b* FRUIT OF THE LOOM LTD (CLASS A) ............. 0
239,791 GAP, INC .................................... 7,493
6,200 * GENESCO, INC ................................ 100
1,900 * GLOBAL SPORTS, INC .......................... 12
8,000 * GOODYS FAMILY CLOTHING, INC ................. 44
2,600 * GUESS ?, INC ................................ 36
3,000 GUILFORD MILLS, INC ......................... 13
9,700 * GYMBOREE CORP ............................... 29
20,200 INTERFACE, INC (CLASS A) .................... 77
30,780 INTIMATE BRANDS, INC (CLASS A) .............. 608
37,309 * JONES APPAREL GROUP, INC .................... 877
11,700 b* JUST FOR FEET, INC .......................... 0
9,200 JUSTIN INDUSTRIES, INC ...................... 201
11,900 KELLWOOD CO ................................. 251
500 KENNETH COLE PRODUCTIONS, INC ............... 20
1,200 K-SWISS, INC (CLASS A) ...................... 19
119,228 LIMITED, INC ................................ 2,578
21,100 LIZ CLAIBORNE, INC .......................... 744
8,950 * MEN'S WEARHOUSE, INC ........................ 200
16,200 * MOHAWK INDUSTRIES, INC ...................... 352
1,300 MOVADO GROUP, INC ........................... 16
13,500 * NAUTICA ENTERPRISES, INC .................... 144
31,247 NIKE, INC (CLASS B) ......................... 1,244
37,600 NORDSTROM, INC .............................. 907
13,200 * OAKLEY, INC ................................. 152
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report O 31
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
TEXTILE APPAREL AND ACCESSORIES--(Continued)
4,941 ONEIDA LTD .................................. $ 88
1,700 OSHKOSH B'GOSH, INC (CLASS A) ............... 28
1,100 OXFORD INDUSTRIES, INC ...................... 20
10,650 * PACIFIC SUNWEAR CALIFORNIA, INC ............. 200
7,626 * PAYLESS SHOESOURCE, INC ..................... 391
2,900 PETRIE STORES CORP (LIQUIDATING TRUST) ...... 4
11,300 PHILLIPS VAN HEUSEN CORP .................... 107
5,745 PILLOWTEX CORP .............................. 24
20,300 * POLO RALPH LAUREN CORP ...................... 289
7,000 POLYMER GROUP, INC .......................... 65
7,700 * QUIKSILVER, INC ............................. 120
16,790 * REEBOK INTERNATIONAL LTD .................... 268
32,400 ROSS STORES, INC ............................ 553
10,300 RUSSELL CORP ................................ 206
34 SAMSONITE CORP .............................. 0
36,340 SHAW INDUSTRIES, INC ........................ 454
900 * SHOE CARNIVAL, INC .......................... 6
4,200 SPRINGS INDUSTRIES, INC ..................... 134
12,700 b* STAGE STORES, INC ........................... 2
12,800 * STEIN MART, INC ............................. 131
16,700 STRIDE RITE CORP ............................ 102
4,200 TALBOTS, INC ................................ 231
3,500 * TIMBERLAND CO ............................... 248
113,500 TJX COS, INC ................................ 2,128
8,359 * TOO, INC .................................... 213
500 * TROPICAL SPORTSWEAR INTERNATIONAL CORP ...... 9
20,500 * UNIFI, INC .................................. 254
1,100 * UNITED RETAIL GROUP, INC .................... 9
2,300 * URBAN OUTFITTERS, INC ....................... 20
34,300 V.F. CORP ................................... 817
20,400 WARNACO GROUP, INC (CLASS A) ................ 158
15,600 WESTPOINT STEVENS, INC ...................... 174
3,700 * WET SEAL, INC (CLASS A) ..................... 49
17,362 WOLVERINE WORLD WIDE, INC ................... 171
----------
26,524
----------
TOTAL CONSUMER DURABLE ...................... 459,369
----------
ENERGY--4.40%
OIL, GAS AND OTHER ENERGY SERVICES--4.40%
29,000 AMERADA HESS CORP ........................... 1,791
39,816 ANADARKO PETROLEUM CORP ..................... 1,963
37,457 APACHE CORP ................................. 2,203
25,872 ASHLAND, INC ................................ 907
3,900 * ATWOOD OCEANICS, INC ........................ 173
10,500 * BARNETT RESOURCES CORP ...................... 320
5,200 * BASIN EXPLORATION, INC ...................... 93
2,300 * BELCO OIL & GAS CORP ........................ 20
5,171 BERRY PETROLEUM CO (CLASS A) ................ 88
25,088 * BJ SERVICES CO .............................. 1,568
11,400 * BROWN (TOM), INC ............................ 263
77,208 BURLINGTON RESOURCES, INC ................... 2,953
9,700 CABOT OIL & GAS CORP (CLASS A) .............. 206
2,100 * CAL DIVE INTERNATIONAL, INC ................. 114
30,900 * CHESAPEAKE ENERGY CORP ...................... 239
241,805 CHEVRON CORP ................................ 20,508
25,500 CONOCO, INC (CLASS A) ....................... 561
207,941 CONOCO, INC (CLASS B) ....................... 5,108
8,100 CONSOL ENERGY, INC .......................... 123
2,020 * CONTOUR ENERGY CO ........................... 4
17,550 CROSS TIMBERS OIL CO ........................ 388
19,044 DEVON ENERGY CORP (NEW) ..................... 1,070
23,900 DIAMOND OFFSHORE DRILLING, INC .............. 839
283 b* EAGLE GEOPHYSICAL, INC ...................... 0
17,014 * EEX CORP .................................... 99
271,140 ENRON CORP .................................. 17,489
50,250 ENSCO INTERNATIONAL, INC .................... 1,800
20,000 EOG RESOURCES, INC .......................... 670
3,700 * EVERGREEN RESOURCES, INC .................... 110
1,289,591 EXXON MOBIL CORP ............................ 101,233
6,800 * FORCENERGY GAS EXPLORATION, INC ............. 4
13,500 * FOREST OIL CORP ............................. 215
12,394 * FRIEDE GOLDMAN HALTER, INC .................. 111
1,100 * FRONTIER OIL CORP ........................... 9
22,100 * GLOBAL INDUSTRIES LTD ....................... 417
58,600 * GLOBAL MARINE, INC .......................... 1,652
65,800 * GREY WOLF, INC .............................. 329
162,857 HALLIBURTON CO .............................. 7,685
20,800 * HANOVER COMPRESSOR CO ....................... 790
44,100 * HARKEN ENERGY CORP .......................... 28
18,000 HELMERICH & PAYNE, INC ...................... 673
2,500 * HOUSTON EXPLORATION CO ...................... 63
6,200 * HS RESOURCES, INC ........................... 186
34,772 KERR-MCGEE CORP ............................. 2,049
30,300 * KEY ENERGY SERVICES, INC .................... 292
7,000 * LOUIS DREYFUS NATURAL GAS CORP .............. 219
22,400 * MARINE DRILLING CO, INC ..................... 627
4,921 * MCMORAN EXPLORATION CO ...................... 81
6,900 * MERIDIAN RESOURCE CORP ...................... 39
11,000 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) 353
16,500 MURPHY OIL CORP ............................. 981
47,502 * NABORS INDUSTRIES, INC ...................... 1,974
13,900 * NEWFIELD EXPLORATION CO ..................... 544
20,700 NOBLE AFFILIATES, INC ....................... 771
48,600 * NOBLE DRILLING CORP ......................... 2,002
6,800 * NUEVO ENERGY CO ............................. 128
135,829 OCCIDENTAL PETROLEUM CORP ................... 2,861
61,106 * OCEAN ENERGY, INC (NEW) ..................... 867
7,500 * OCEANEERING INTERNATIONAL, INC .............. 143
29,200 * PARKER DRILLING CO .......................... 181
12,100 * PATTERSON ENERGY, INC ....................... 345
28,244 PENNZOIL-QUAKER STATE CO .................... 341
78,422 PHILLIPS PETROLEUM CO ....................... 3,975
36,200 * PIONEER NATURAL RESOURCES CO ................ 462
4,700 * PLAINS RESOURCES, INC ....................... 75
14,600 POGO PRODUCING CO ........................... 323
22,200 * PRIDE INTERNATIONAL, INC .................... 549
62,386 * R & B FALCON CORP ........................... 1,470
30,200 * ROWAN COS, INC .............................. 917
4,800 RPC, INC .................................... 51
66,965 * SANTA FE SNYDER CORP ........................ 762
8,700 * SEITEL, INC ................................. 71
4,400 ST. MARY LAND & EXPLORATION CO .............. 185
5,948 * STONE ENERGY CORP ........................... 355
32,800 SUNOCO, INC ................................. 966
6,250 * SWIFT ENERGY CO ............................. 177
9,900 * SYNTROLEUM CORP ............................. 170
10,600 * TESORO PETROLEUM CORP ....................... 107
204,325 TEXACO, INC ................................. 10,880
52,847 TOSCO CORP .................................. 1,496
1,620 * TOTAL FINA WTS 08/05/03 ..................... 55
9,300 * TRANSMONTAIGNE, INC ......................... 57
32 * TRANSTEXAS GAS CORP (CLASS A) ............... 0
31,494 ULTRAMAR DIAMOND SHAMROCK CORP .............. 781
92,492 UNION PACIFIC RESOURCES GROUP, INC .......... 2,035
89,537 UNOCAL CORP ................................. 2,966
114,100 USX-MARATHON GROUP, INC ..................... 2,860
5,200 * UTI ENERGY CORP ............................. 209
18,000 VALERO ENERGY CORP .......................... 572
26,517 * VARCO INTERNATIONAL, INC (NEW) .............. 617
6,300 VASTAR RESOURCES, INC ....................... 517
9,400 * VERITAS DGC, INC ............................ 244
16,000 VINTAGE PETROLEUM, INC ...................... 361
SEE NOTES TO FINANCIAL STATEMENTS
32 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
OIL, GAS AND OTHER ENERGY SERVICES--(Continued)
4,200 WD-40 CO .................................... $ 87
39,815 * WEATHERFORD INTERNATIONAL, INC .............. 1,585
----------
TOTAL ENERGY ................................ 225,800
----------
FINANCE--13.78%
BANKS, SAVINGS AND LOANS--6.42%
2,100 ALABAMA NATIONAL BANCORP .................... 42
3,500 ALLIANCE BANCORP ............................ 58
12,600 AMCORE FINANCIAL, INC ....................... 231
144,401 AMSOUTH BANCORP ............................. 2,274
8,100 ANCHOR BANCORP WISCONSIN, INC ............... 124
1,900 ANDOVER BANCORP, INC ........................ 55
2,700 AREA BANCSHARES CORP ........................ 60
25,933 ASSOCIATED BANCORP .......................... 566
20,845 ASTORIA FINANCIAL CORP ...................... 537
306 BANCFIRST CORP .............................. 10
1,500 BANCFIRST OHIO CORP ......................... 25
20,300 BANCORPSOUTH, INC ........................... 285
18,500 BANCWEST CORP ............................... 304
614,398 BANK OF AMERICA CORP ........................ 26,419
3,500 BANK OF GRANITE CORP ........................ 80
272,620 BANK OF NEW YORK CO, INC .................... 12,677
425,002 BANK ONE CORP ............................... 11,289
11,900 BANK UNITED CORP (CLASS A) .................. 419
11,900 BANKATLANTIC BANCORP, INC (CLASS B) ......... 70
55,634 BANKNORTH GROUP, INC ........................ 852
5,500 BAY VIEW CAPITAL CORP ....................... 54
128,627 BB&T CORP ................................... 3,071
4,031 * BOK FINANCIAL CORP .......................... 71
3,340 BRENTON BANKS, INC .......................... 46
1,300 BROOKLINE BANCORP, INC ...................... 15
2,800 BSB BANCORP, INC ............................ 56
4,255 BT FINANCIAL CORP ........................... 73
470 * CALIFORNIA FEDERAL BANK GOODWILL CERT ....... 1
300 CAPITAL CITY BANK GROUP, INC ................ 6
30,700 CAPITOL FEDERAL FINANCIAL ................... 340
2,900 CATHAY BANCORP, INC ......................... 134
14,400 CCB FINANCIAL CORP .......................... 533
5,595 * CENTENNIAL BANCORP .......................... 49
14,369 CENTURA BANKS, INC .......................... 488
3,400 CENTURY SOUTH BANKS, INC .................... 66
6,000 CFS BANCORP, INC ............................ 55
77,178 CHARTER ONE FINANCIAL, INC .................. 1,775
454,407 CHASE MANHATTAN CORP ........................ 20,931
4,468 CHEMICAL FINANCIAL CORP ..................... 116
10,329 CHITTENDEN CORP ............................. 252
1,250,156 CITIGROUP, INC .............................. 75,322
13,948 CITIZENS BANKING CORP (MICHIGAN) ............ 226
5,377 CITY HOLDINGS CO ............................ 32
14,700 CITY NATIONAL CORP .......................... 511
38,900 COLONIAL BANCGROUP, INC ..................... 350
66 * COLUMBIA BANKING SYSTEM, INC ................ 1
58,100 COMERICA, INC ............................... 2,607
10,861 COMMERCE BANCORP, INC ....................... 500
22,577 COMMERCE BANCSHARES, INC .................... 672
23,000 COMMERCIAL FEDERAL CORP ..................... 358
3,000 COMMONWEALTH BANCORP, INC ................... 36
18,000 COMMUNITY FIRST BANKSHARES, INC ............. 294
2,936 COMMUNITY TRUST BANCORP, INC ................ 52
42,925 COMPASS BANCSHARES, INC ..................... 732
2,700 CORUS BANKSHARES, INC ....................... 71
1,200 CPB, INC .................................... 30
20,600 CULLEN FROST BANKERS, INC ................... 542
4,567 CVB FINANCIAL CORP .......................... 72
40,400 DIME BANCORP, INC ........................... 636
4,200 DIME COMMUNITY BANCORP, INC ................. 68
7,360 DOWNEY FINANCIAL CORP ....................... 213
1,445 F & M BANCORP, INC (MARYLAND) ............... 29
9,167 F & M NATIONAL CORP ......................... 193
7,906 F.N.B. CORP ................................. 163
1,400 FARMERS CAPITAL BANK CORP ................... 43
2,500 FCNB CORP ................................... 45
91,334 FIFTH THIRD BANCORP ......................... 5,777
10,700 FIRST BANCORP (PUERTO RICO) ................. 199
700 FIRST BUSEY CORP ............................ 12
3,000 FIRST CHARTER CORP .......................... 47
2,800 FIRST CITIZENS BANCSHARES, INC (CLASS A) .... 167
21,922 FIRST COMMONWEALTH FINANCIAL CORP ........... 199
3,900 FIRST FEDERAL CAPITAL CORP .................. 43
12,584 FIRST FINANCIAL BANCORP ..................... 248
3,160 FIRST FINANCIAL BANKSHARES, INC ............. 87
1,400 FIRST FINANCIAL CORP (INDIANA) .............. 43
4,100 FIRST FINANCIAL HOLDINGS, INC ............... 56
1,300 FIRST INDIANA CORP .......................... 26
3,100 FIRST MERCHANTS CORP ........................ 66
12,900 FIRST MIDWEST BANCORP, INC .................. 300
3,000 FIRST NIAGARA FINANCIAL GROUP, INC .......... 28
2,900 * FIRST REPUBLIC BANK ......................... 58
71,912 FIRST SECURITY CORP ......................... 975
11,500 FIRST SENTINEL BANCORP, INC ................. 95
2,770 FIRST SOURCE CORP ........................... 43
47,400 FIRST TENNESSEE NATIONAL CORP ............... 785
368,973 FIRST UNION CORP ............................ 9,155
9,100 FIRST UNITED BANCSHARES, INC ................ 138
17,650 FIRST VIRGINIA BANKS, INC ................... 614
2,700 FIRST WASHINGTON BANCORP, INC ............... 38
5,350 * FIRSTFED FINANCIAL CORP ..................... 76
29,388 FIRSTMERIT CORP ............................. 628
2,200 FLAGSTAR BANCORP, INC ....................... 18
334,200 FLEETBOSTON FINANCIAL CORP .................. 11,363
3,800 FRONTIER FINANCIAL CORP ..................... 70
26,124 FULTON FINANCIAL CORP ....................... 462
3,400 GBC BANCORP ................................. 99
550 GLACIER BANCORP, INC ........................ 7
800 GOLD BANC CORP, INC ......................... 4
24,100 * GOLDEN STATE BANCORP, INC ................... 434
13,600 * GOLDEN STATE BANCORP, INC WTS 01/01/01 ...... 15
51,300 GOLDEN WEST FINANCIAL CORP .................. 2,094
1,500 GREAT SOUTHERN BANCORP ...................... 26
4,900 GREATER BAY BANCORP ......................... 229
31,538 GREENPOINT FINANCIAL CORP ................... 591
1,700 * HAMILTON BANCORP, INC ....................... 30
2,800 HANCOCK HOLDINGS CO ......................... 95
3,200 HARBOR FLORIDA BANCSHARES, INC .............. 33
1,735 HARLEYSVILLE NATIONAL CORP .................. 57
4,600 HARRIS FINANCIAL, INC ....................... 28
62,996 HIBERNIA CORP (CLASS A) ..................... 685
4,000 HUDSON RIVER BANCORP, INC ................... 48
19,010 HUDSON UNITED BANCORP ....................... 427
74,840 HUNTINGTON BANCSHARES, INC .................. 1,183
14,418 * IMPERIAL BANCORP ............................ 224
25,800 INDEPENDENCE COMMUNITY BANK CORP ............ 342
2,435 INDEPENDENT BANK CORP ....................... 28
6,350 INTEGRA BANK CORP ........................... 108
4,500 INTERNATIONAL BANCSHARES CORP ............... 147
4,900 INTERWEST BANCORP, INC ...................... 69
2,600 IRWIN FINANCIAL CORP ........................ 38
163,039 KEYCORP ..................................... 2,874
17,350 KEYSTONE FINANCIAL, INC ..................... 369
4,400 * LOCAL FINANCIAL CORP ........................ 37
2,741 M & T BANK CORP ............................. 1,233
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 33
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
BANKS, SAVINGS AND LOANS--(Continued)
14,580 MAF BANCORP, INC ............................ $ 265
34,356 MARSHALL & ILSLEY CORP ...................... 1,426
257,805 MBNA CORP ................................... 6,993
182,704 MELLON FINANCIAL CORP ....................... 6,657
24,905 MERCANTILE BANKSHARES CORP .................. 742
5,100 MERCHANTS NEW YORK BANCORP, INC ............. 88
2,836 MID-AMERICA BANCORP ......................... 71
1,900 MIDWEST BANC HOLDINGS, INC .................. 26
1,600 MISSISSIPPI VALLEY BANCSHARES ............... 39
60,265 MORGAN (J.P.) & CO, INC ..................... 6,637
5,400 NATIONAL BANCORP OF ALASKA, INC ............. 194
228,602 NATIONAL CITY CORP .......................... 3,901
33,000 NATIONAL COMMERCE BANCORP ................... 530
4,645 NATIONAL PENN BANCSHARES, INC ............... 96
4,915 NBT BANCORP, INC ............................ 53
63,068 NORTH FORK BANCORP, INC ..................... 954
76,620 NORTHERN TRUST CORP ......................... 4,985
2,400 NORTHWEST BANCORP, INC ...................... 17
4,000 OCEANFIRST FINANCIAL CORP ................... 74
13,000 * OCWEN FINANCIAL CORP ........................ 72
44,685 OLD KENT FINANCIAL CORP ..................... 1,195
19,911 OLD NATIONAL BANCORP ........................ 584
2,200 OMEGA FINANCIAL CORP ........................ 56
12,112 ONE VALLEY BANCORP, INC ..................... 379
3,533 ORIENTAL FINANCIAL GROUP .................... 51
8,200 PACIFIC CAPITAL BANCORP ..................... 206
28,900 PACIFIC CENTURY FINANCIAL CORP .............. 423
3,045 PARK NATIONAL CORP .......................... 276
8,600 PEOPLES BANK OF BRIDGEPORT CO ............... 158
2,100 PEOPLES HOLDINGS CO ......................... 42
4,500 PFF BANCORP, INC ............................ 82
108,039 PNC FINANCIAL SERVICES GROUP, INC ........... 5,064
49,789 POPULAR, INC ................................ 949
4,600 PREMIER NATIONAL BANCORP, INC ............... 60
10,488 PROVIDENT BANKSHARES CORP ................... 142
7,900 PROVIDENT FINANCIAL GROUP ................... 188
51,694 PROVIDIAN FINANCIAL CORP .................... 4,652
7,700 QUEENS COUNTY BANCORP, INC .................. 142
81,130 REGIONS FINANCIAL CORP ...................... 1,612
15,740 REPUBLIC BANCORP, INC ....................... 141
1,500 * REPUBLIC BANCSHARES, INC .................... 18
15,500 REPUBLIC SECURITY FINANCIAL CORP ............ 78
10,100 RICHMOND COUNTY FINANCIAL CORP .............. 193
13,100 RIGGS NATIONAL CORP ......................... 165
28,435 ROSLYN BANCORP, INC ......................... 472
9,600 S & T BANCORP, INC .......................... 175
19,990 * S1 CORP ..................................... 466
2,100 SANDY SPRING BANCORP, INC ................... 43
400 SANTANDER BANCORP ........................... 5
9,300 SEACOAST FINANCIAL SERVICES CORP ............ 88
2,400 SECOND BANCORP, INC ......................... 36
1,811 SHORELINE FINANCIAL CORP .................... 22
14,600 * SILICON VALLEY BANCSHARES ................... 622
2,000 SIMMONS FIRST NATIONAL CORP (CLASS A) ....... 45
28,456 SKY FINANCIAL GROUP, INC .................... 454
12,667 SOUTH FINANCIAL GROUP, INC .................. 184
61,600 SOUTHTRUST CORP ............................. 1,394
10,300 * SOUTHWEST BANCORP OF TEXAS, INC ............. 214
72,960 SOVEREIGN BANCORP, INC ...................... 513
3,000 ST. FRANCIS CAPITAL CORP .................... 45
59,500 STATE STREET CORP ........................... 6,311
14,300 STATEN ISLAND BANCORP, INC .................. 252
1,600 STERLING BANCORP ............................ 25
8,500 STERLING BANCSHARES, INC .................... 92
1,000 STERLING FINANCIAL CORP ..................... 20
64,571 SUMMIT BANCORP .............................. 1,590
117,459 SUNTRUST BANKS, INC ......................... 5,366
16,380 SUSQUEHANNA BANCSHARES, INC ................. 233
88,987 SYNOVUS FINANCIAL CORP ...................... 1,568
30,400 TCF FINANCIAL CORP .......................... 781
5,200 TEXAS REGIONAL BANCSHARES, INC (CLASS A) .... 132
5,300 TRUST CO OF NEW JERSEY ...................... 97
20,470 TRUSTCO BANK CORP (NEW YORK) ................ 256
21,700 TRUSTMARK CORP .............................. 378
277,562 U.S. BANCORP ................................ 5,343
3,486 U.S.B. HOLDINGS CO, INC ..................... 49
6,094 UMB FINANCIAL CORP .......................... 200
51,543 UNION PLANTERS CORP ......................... 1,440
11,624 UNIONBANCAL CORP ............................ 216
15,300 UNITED BANKSHARES, INC ...................... 278
12,600 UNITED COMMUNITY FINANCIAL CORP (OHIO) ...... 84
5,549 UNITED NATIONAL BANCORP ..................... 102
2,200 USBANCORP, INC .............................. 8
22,533 VALLEY NATIONAL BANCORP ..................... 548
18,000 W HOLDING CO, INC ........................... 149
74,506 WACHOVIA CORP ............................... 4,042
18,737 WASHINGTON FEDERAL, INC ..................... 342
204,980 WASHINGTON MUTUAL, INC ...................... 5,919
2,000 WASHINGTON TRUST BANCORP, INC ............... 30
15,500 WEBSTER FINANCIAL CORP ...................... 344
600,890 WELLS FARGO CO .............................. 23,284
6,400 WESBANCO, INC ............................... 155
4,312 WEST COAST BANCORP (OREGON) ................. 43
13,200 WESTAMERICA BANCORP ......................... 345
3,840 WESTCORP .................................... 46
9,000 WHITNEY HOLDINGS CORP ....................... 308
12,500 WILMINGTON TRUST CORP ....................... 534
31,200 ZIONS BANCORP ............................... 1,432
----------
329,473
----------
CREDIT AND OTHER FINANCE--2.58%
1,220 * AAMES FINANCIAL CORP ........................ 1
20,666 * ACNEILSEN CORP .............................. 455
7,099 ADVANTA CORP (CLASS A) ...................... 87
1,200 * ALEXANDERS, INC ............................. 88
4,300 ALEXANDRIA REAL ESTATE EQUITIES, INC ........ 148
25,000 ALLIED CAPITAL CORP ......................... 425
27,100 AMB PROPERTY CORP ........................... 618
2,500 * AMERCO ...................................... 50
492,036 AMERICAN EXPRESS CO ......................... 25,647
3,700 AMERICAN INDUSTRIAL PROPERTIES REIT ......... 50
27,400 * AMERICREDIT CORP ............................ 466
6,100 AMLI RESIDENTIAL PROPERTIES TRUST ........... 144
37,750 * AMRESCO, INC ................................ 21
25,264 APARTMENT INVESTMENT & MANAGEMENT CO ........ 1,093
31,179 ARCHSTONE COMMUNITIES TRUST ................. 657
11,600 ASSOCIATED ESTATES REALTY CORP .............. 81
14,700 * ASSOCIATES FIRST CAPITAL RESIDUAL VALUE ..... 0
268,840 ASSOCIATES FIRST CAPITAL CORP ............... 5,998
24,222 AVALONBAY COMMUNITIES, INC .................. 1,011
7,900 BEDFORD PROPERTY INVESTORS, INC ............. 147
19,100 BOSTON PROPERTIES, INC ...................... 738
7,000 BOYKIN LODGING CO ........................... 95
9,291 BRADLEY REAL ESTATE, INC .................... 198
12,200 BRANDYWINE REALTY TRUST ..................... 233
16,300 BRE PROPERTIES, INC (CLASS A) ............... 471
10,600 BURNHAM PACIFIC PROPERTIES, INC ............. 73
14,700 CAMDEN PROPERTY TRUST ....................... 432
7,100 CAPITAL AUTOMOTIVE REIT ..................... 100
72,276 CAPITAL ONE FINANCIAL CORP .................. 3,225
6,137 CAPSTEAD MORTGAGE CORP ...................... 51
24,400 CARRAMERICA REALTY CORP ..................... 647
SEE NOTES TO FINANCIAL STATEMENTS
34 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
CREDIT AND OTHER FINANCE--(Continued)
8,525 CBL & ASSOCIATES PROPERTIES, INC ............ $ 213
6,600 CENTER TRUST, INC ........................... 33
7,100 CENTERPOINT PROPERTIES CORP ................. 289
7,100 CHARLES E. SMITH RESIDENTIAL REALTY, INC .... 270
6,000 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO .... 74
9,400 CHATEAU PROPERTIES, INC ..................... 266
5,800 CHELSEA GCA REALTY, INC ..................... 200
12,664 * CHOICEPOINT, INC ............................ 564
21,300 CIT GROUP, INC (CLASS A) .................... 346
2,500 b* CITYSCAPE FINANCIAL CORP .................... 0
6,600 * COAST FEDERAL LITIGATION CONTINGENT RTS ..... 11
9,500 COLONIAL PROPERTIES TRUST ................... 260
13,272 COMMERCIAL NET LEASE REALTY, INC ............ 139
3,300 * COMPUCREDIT CORP ............................ 99
77,843 * CONCORD EFS, INC ............................ 2,024
9,500 CONTIFINANCIAL CORP ......................... 0
14,100 CORNERSTONE REALTY INCOME TRUST, INC ........ 141
42,081 COUNTRYWIDE CREDIT INDUSTRIES, INC .......... 1,276
9,574 COUSINS PROPERTIES, INC ..................... 369
4,800 * CREDIT ACCEPTANCE CORP ...................... 27
38,400 CRESCENT REAL ESTATE EQUITIES CO ............ 787
1,040 * CRESECENT OPERATING, INC .................... 1
20,201 b* CRIIMI MAE, INC ............................. 28
4,400 CROWN AMERICAN REALTY TRUST ................. 24
23,700 DEVELOPERS DIVERSIFIED REALTY CORP .......... 354
13,953 DORAL FINANCIAL CORP ........................ 160
47,760 DUKE-WEEKS REALTY CORP ...................... 1,069
3,500 * DVI, INC .................................... 56
7,400 EAST WEST BANCORP, INC ...................... 106
6,300 EASTGROUP PROPERTIES, INC ................... 133
5,400 ENTERTAINMENT PROPERTIES TRUST .............. 75
51,909 EQUIFAX, INC ................................ 1,363
13,400 EQUITY INNS, INC ............................ 82
105,328 EQUITY OFFICE PROPERTIES TRUST .............. 2,903
47,168 EQUITY RESIDENTIAL PROPERTIES TRUST CO ...... 2,170
6,500 ESSEX PROPERTY TRUST, INC ................... 273
2,700 * FEDERAL AGRICULTURE MORTGAGE CORP ........... 39
377,595 FEDERAL NATIONAL MORTGAGE ASSOCIATION ....... 19,706
13,400 FEDERAL REALTY INVESTMENT TRUST ............. 268
21,204 FELCOR LODGING TRUST, INC ................... 392
3,900 * FINANCIAL FEDERAL CORP ...................... 68
15,900 * FINET.COM, INC .............................. 11
21,909 FINOVA GROUP, INC ........................... 285
13,900 FIRST INDUSTRIAL REALTY TRUST, INC .......... 410
3,380 FIRST UNION REAL ESTATE INVESTMENTS ......... 10
3,000 FIRST WASHINGTON REALTY TRUST, INC .......... 66
360,035 FIRSTAR CORP ................................ 7,583
6,300 * FIRSTPLUS FINANCIAL GROUP, INC .............. 2
21,000 FRANCHISE FINANCE CORP OF AMERICA ........... 483
256,941 FREDDIE MAC ................................. 10,406
8,600 GABLES RESIDENTIAL TRUST .................... 221
18,800 GENERAL GROWTH PROPERTIES, INC .............. 597
1,300 GETTY REALTY HOLDINGS CORP .................. 14
11,500 GLENBOROUGH REALTY TRUST, INC ............... 201
12,100 GLIMCHER REALTY TRUST ....................... 174
2,700 GOLF TRUST OF AMERICA, INC .................. 43
4,500 GREAT LAKES REIT, INC ....................... 77
18,316 HEALTH CARE PROPERTY INVESTORS, INC ......... 499
10,485 HEALTH CARE REIT, INC ....................... 170
14,400 HEALTHCARE REALTY TRUST, INC ................ 246
16,509 HELLER FINANCIAL, INC ....................... 338
24,200 HIGHWOODS PROPERTIES, INC ................... 581
6,776 HOME PROPERTIES OF NEW YORK, INC ............ 203
18,400 HOSPITALITY PROPERTIES TRUST ................ 415
174,957 HOUSEHOLD INTERNATIONAL, INC ................ 7,272
48,400 HRPT PROPERTIES TRUST ....................... 296
5,900 * IMC MORTGAGE CO ............................. 0
9,000 * IMPERIAL CREDIT INDUSTRIES, INC ............. 38
28,555 INDYMAC BANCORP, INC ........................ 387
11,200 INNKEEPERS U.S.A. TRUST ..................... 102
10,200 IRT PROPERTY CO ............................. 87
30,725 ISTAR FINANCIAL, INC ........................ 643
13,650 JDN REALTY CORP ............................. 139
5,700 JP REALTY, INC .............................. 102
10,400 KILROY REALTY CORP .......................... 270
18,150 KIMCO REALTY CORP ........................... 744
8,500 KOGER EQUITY, INC ........................... 143
5,800 KONOVER PROPERTY TRUST, INC ................. 28
3,700 LASALLE HOTEL PROPERTIES .................... 53
14,100 LEUCADIA NATIONAL CORP ...................... 322
4,700 LEXINGTON CORPORATE PROPERTIES TRUST ........ 53
24,500 LIBERTY PROPERTY TRUST CO ................... 635
7,700 LTC PROPERTIES, INC ......................... 46
12,800 MACERICH CO ................................. 282
21,500 MACK-CALI REALTY CORP ....................... 552
8,700 MANUFACTURED HOME COMMUNITIES, INC .......... 208
3,400 MEDALLION FINANCIAL CORP .................... 52
40,663 MEDITRUST CORP PAIRED ....................... 152
17,000 MERISTAR HOSPITALITY CORP ................... 357
676 * MERRY LAND PROPERTIES, INC .................. 4
21,702 METRIS COS, INC ............................. 545
279 * MFN FINANCIAL CORP .......................... 2
324 * MFN FINANCIAL CORP WTS SERIES A 03/23/02 .... 0
324 * MFN FINANCIAL CORP WTS SERIES B 03/23/03 .... 0
324 * MFN FINANCIAL CORP WTS SERIES C 03/23/04 .... 0
4,100 MGI PROPERTIES, INC ......................... 9
7,800 * MID-AMERICA APARTMENT COMMUNITIES, INC ...... 187
3,800 MID-STATE BANCSHARES ........................ 104
5,559 MILLS CORP .................................. 105
5,800 NATIONAL GOLF PROPERTIES, INC ............... 123
7,400 NATIONAL HEALTH INVESTORS, INC .............. 81
1,000 * NATIONAL PROCESSING, INC .................... 13
17,100 NATIONWIDE HEALTH PROPERTIES, INC ........... 238
10,200 * NETBANK, INC ................................ 127
34,892 NEW PLAN EXCEL REALTY TRUST ................. 454
1,900 * NEXTCARD, INC ............................... 16
8,948 * OMEGA HEALTHCARE INVESTORS, INC ............. 40
3,379 * OMEGA WORLDWIDE, INC ........................ 12
6,400 PACIFIC GULF PROPERTIES, INC ................ 160
5,800 PAN PACIFIC RETAIL PROPERTIES, INC .......... 117
3,900 PARKWAY PROPERTIES, INC ..................... 119
4,500 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ... 77
15,060 POST PROPERTIES, INC ........................ 663
13,800 PRENTISS PROPERTIES TRUST ................... 331
2,000 PRIME GROUP REALTY TRUST .................... 30
40,600 PRISON REALTY TRUST, INC .................... 124
33,293 PROLOGIS TRUST .............................. 710
8,000 PS BUSINESS PARKS, INC ...................... 192
31,252 PUBLIC STORAGE, INC ......................... 732
9,900 REALTY INCOME CORP .......................... 233
14,613 RECKSON ASSOCIATES REALTY CORP .............. 349
5,603 REDWOOD TRUST, INC .......................... 78
12,700 REGENCY REALTY CORP ......................... 302
6,300 RESOURCE AMERICA, INC (CLASS A) ............. 41
4,700 RESOURCE BANCSHARES MORTGAGE GROUP, INC ..... 20
11,600 RFS HOTEL INVESTORS, INC .................... 136
26,200 ROUSE CO .................................... 648
3,800 SAUL CENTERS, INC ........................... 61
9,320 SENIOR HOUSING PROPERTIES TRUST ............. 68
10,600 SHURGARD STORAGE CENTERS, INC ............... 239
4,800 * SIERRACITIES.COM, INC ....................... 18
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 35
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
CREDIT AND OTHER FINANCE--(Continued)
45,456 SIMON PROPERTY GROUP, INC .................. $ 1,009
7,300 SL GREEN REALTY CORP ........................ 195
57,891 SLM HOLDINGS CORP ........................... 2,167
6,000 SOVRAN SELF STORAGE, INC .................... 129
23,200 SPIEKER PROPERTIES, INC ..................... 1,067
10,300 STORAGE U.S.A., INC ......................... 304
2,000 STUDENT LOAN CORP ........................... 84
7,958 SUMMIT PROPERTIES, INC ...................... 167
6,300 SUN COMMUNITIES, INC ........................ 211
3,000 TANGER FACTORY OUTLET CENTERS, INC .......... 71
12,800 TAUBMAN CENTERS, INC ........................ 141
4,600 * TELESCAN, INC ............................... 34
6,512 THORNBURG MORTGAGE, INC ..................... 47
5,600 TOWN & COUNTRY TRUST ........................ 96
9,600 U.S. RESTAURANT PROPERTIES, INC ............. 86
18,940 * UNICAPITAL CORP ............................. 9
7,280 b* UNITED COS FINANCIAL CORP ................... 1
38,707 UNITED DOMINION REALTY TRUST, INC ........... 426
4,400 URBAN SHOPPING CENTERS, INC ................. 148
17,315 * VENTAS, INC ................................. 55
31,700 VORNADO REALTY TRUST ........................ 1,102
15,200 WASHINGTON REAL ESTATE INVESTMENT TRUST ..... 272
8,900 WEINGARTEN REALTY INVESTORS, INC ............ 359
4,050 * WELLSFORD REAL PROPERTIES, INC .............. 61
5,300 WESTERN PROPERTIES TRUST .................... 63
13,000 WESTFIELD AMERICA, INC ...................... 175
1,000 WFS FINANCIAL, INC .......................... 17
156 * WILSHIRE FINANCIAL SERVICES GROUP, INC ...... 0
----------
132,110
----------
INSURANCE--3.02%
31,400 21ST CENTURY INSURANCE GROUP ................ 495
8,883 * ACCEPTANCE INSURANCE COS, INC ............... 44
52,737 AETNA, INC .................................. 3,385
98,340 AFLAC, INC .................................. 4,517
10,400 ALFA CORP ................................... 182
1,660 * ALLEGHANY CORP (DELAWARE) ................... 279
19,856 ALLMERICA FINANCIAL CORP .................... 1,040
276,116 ALLSTATE CORP ............................... 6,144
25,763 AMBAC FINANCIAL GROUP, INC .................. 1,412
13,900 AMERICAN FINANCIAL GROUP, INC ............... 345
91,832 AMERICAN GENERAL CORP ....................... 5,602
478,518 AMERICAN INTERNATIONAL GROUP, INC ........... 56,226
3,500 AMERICAN NATIONAL INSURANCE CO .............. 179
5,400 AMERUS LIFE HOLDINGS, INC (CLASS A) ......... 111
82,626 AON CORP .................................... 2,567
2,600 ARCH CAPITAL GROUP LTD ...................... 39
6,400 ARGONAUT GROUP, INC ......................... 110
10,100 b* ARM FINANCIAL GROUP, INC (CLASS A) .......... 0
67,200 AXA FINANCIAL, INC .......................... 2,285
3,800 BALDWIN & LYONS, INC (CLASS B) .............. 65
6,350 BERKLEY (W.R.) CORP ......................... 119
22 BERKSHIRE HATHAWAY, INC (CLASS B) ........... 39
5,572 BLANCH (E.W.) HOLDINGS, INC ................. 113
3,800 BROWN & BROWN, INC .......................... 198
64,493 CHUBB CORP .................................. 3,966
60,737 CIGNA CORP .................................. 5,679
55,909 CINCINNATI FINANCIAL CORP ................... 1,758
7,500 * CNA FINANCIAL CORP .......................... 255
9,618 CNA SURETY CORP ............................. 115
9,800 COMMERCE GROUP, INC ......................... 289
118,777 CONSECO, INC ................................ 1,158
6,059 CRAWFORD & CO (CLASS B) ..................... 67
5,642 * DELPHI FINANCIAL GROUP, INC ................. 191
11,000 ENHANCE FINANCIAL SERVICES GROUP, INC ....... 158
21,900 ERIE INDEMNITY CO (CLASS A) ................. 690
1,100 * FARM FAMILY HOLDINGS, INC ................... 34
5,000 FBL FINANCIAL GROUP, INC (CLASS A) .......... 79
17,370 FIDELITY NATIONAL FINANCIAL, INC ............ 318
7,500 FINANCIAL SECURITY ASSURANCE HOLDINGS LTD ... 569
20,900 FIRST AMERICAN CORP ......................... 299
18,500 * FIRST HEALTH GROUP CORP ..................... 607
37,271 * FOUNDATION HEALTH SYSTEMS (CLASS A) ......... 485
2,800 * FPIC INSURANCE GROUP, INC ................... 44
22,000 FREMONT GENERAL CORP ........................ 87
11,470 FRONTIER INSURANCE GROUP, INC ............... 7
13,400 GALLAGHER (ARTHUR J.) & CO .................. 563
4,100 GREAT AMERICAN FINANCIAL RESOURCES, INC ..... 73
6,300 HARLEYSVILLE GROUP, INC ..................... 106
79,200 HARTFORD FINANCIAL SERVICES GROUP, INC ...... 4,430
16,300 HCC INSURANCE HOLDINGS, INC ................. 308
2,200 * HEALTHAXIS, INC ............................. 8
4,700 HILB, ROGAL & HAMILTON CO ................... 163
8,002 HOMEFED CORP ................................ 5
16,800 HORACE MANN EDUCATORS CORP .................. 252
10,650 HSB GROUP, INC .............................. 331
58,075 * HUMANA, INC ................................. 283
38,075 JEFFERSON-PILOT CORP ........................ 2,149
1,300 KANSAS CITY LIFE INSURANCE CO ............... 35
5,200 LANDAMERICA FINANCIAL GROUP, INC ............ 119
5,800 LIBERTY CORP ................................ 244
4,800 LIBERTY FINANCIAL COS, INC .................. 105
72,200 LINCOLN NATIONAL CORP ....................... 2,608
26,666 LOEWS CORP .................................. 1,600
1,600 * MARKEL CORP ................................. 227
99,880 MARSH & MCLENNAN COS, INC ................... 10,431
9,800 MAXICARE HEALTH PLANS, INC .................. 9
36,394 MBIA, INC ................................... 1,754
9,102 * MEDICAL ASSURANCE, INC ...................... 102
10,100 MERCURY GENERAL CORP ........................ 239
38,700 MGIC INVESTMENT CORP ........................ 1,761
14,500 * MID ATLANTIC MEDICAL SERVICES, INC .......... 196
300 MIDLAND CO .................................. 7
17,100 MONY GROUP, INC ............................. 578
200 * NATIONAL WESTERN LIFE INSURANCE CO .......... 14
8,500 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A) 279
21,800 OHIO CASUALTY CORP .......................... 232
45,825 OLD REPUBLIC INTERNATIONAL CORP ............. 756
31,900 * OXFORD HEALTH PLANS, INC .................... 760
13,703 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) .... 825
700 * PENN TREATY AMERICAN CORP ................... 12
2,600 * PHILADELPHIA CONSOLIDATED HOLDINGS CORP ..... 44
5,100 PMA CAPITAL CORP (CLASS A) .................. 97
12,150 PMI GROUP, INC .............................. 577
9,100 PRESIDENTIAL LIFE CORP ...................... 126
2,500 * PROFESSIONALS GROUP, INC .................... 61
19,416 PROGRESSIVE CORP ............................ 1,437
20,600 PROTECTIVE LIFE CORP ........................ 548
13,286 RADIAN GROUP, INC ........................... 688
7,000 REINSURANCE GROUP OF AMERICA, INC ........... 211
31,100 RELIANCE GROUP HOLDINGS, INC ................ 23
31,112 RELIASTAR FINANCIAL CORP .................... 1,631
2,600 RLI CORP .................................... 90
46,400 SAFECO CORP ................................. 922
4,400 SCPIE HOLDINGS, INC ......................... 90
11,200 SELECTIVE INSURANCE GROUP, INC .............. 213
9,500 * SIERRA HEALTH SERVICES, INC ................. 30
82,581 ST. PAUL COS, INC ........................... 2,818
5,100 STANCORP FINANCIAL GROUP, INC ............... 164
2,600 STATE AUTO FINANCIAL CORP ................... 31
3,000 STEWART INFORMATION SERVICES CORP ........... 44
47,800 TORCHMARK CORP .............................. 1,180
SEE NOTES TO FINANCIAL STATEMENTS
36 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
INSURANCE--(Continued)
6,350 TRANSATLANTIC HOLDINGS, INC ................. $ 532
3,353 TRENWICK GROUP, INC ......................... 49
4,200 * TRIAD GUARANTY, INC ......................... 96
14,300 * TRIGON HEALTHCARE, INC ...................... 737
10,300 * UICI ........................................ 68
1,300 UNITED FIRE & CASULTY CO .................... 20
1,500 UNITED WISCONSIN SERVICES, INC .............. 8
54,200 UNITEDHEALTH GROUP, INC ..................... 4,648
17,700 UNITRIN, INC ................................ 520
75,707 UNUMPROVIDENT CORP .......................... 1,519
22,934 * WELLPOINT HEALTH NETWORKS, INC .............. 1,661
430 WESCO FINANCIAL CORP ........................ 88
3,400 ZENITH NATIONAL INSURANCE CORP .............. 72
----------
154,958
----------
SECURITIES AND COMMODITIES--1.76%
2,000 ADVEST GROUP, INC ........................... 42
8,500 * AFFILIATED MANAGERS GROUP, INC .............. 387
24,900 * AMERITRADE HOLDINGS CORP (CLASS A) .......... 289
41,652 BEAR STEARNS COS, INC ....................... 1,734
4,600 DAIN RAUSCHER CORP .......................... 304
5,200 DLJ DIRECT .................................. 37
12,400 DONALDSON, LUFKIN & JENRETTE, INC ........... 526
76,915 * E TRADE GROUP, INC .......................... 1,269
10,900 EATON VANCE CORP ............................ 504
33,050 EDWARDS (A.G.), INC ......................... 1,289
20,800 FEDERATED INVESTORS, INC .................... 729
59,791 FRANKLIN RESOURCES, INC ..................... 1,816
9,701 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC ....... 79
5,757 * INVESTMENT TECHNOLOGY GROUP, INC ............ 227
10,400 INVESTORS FINANCIAL SERVICES CORP ........... 413
7,300 JEFFERIES GROUP, INC (NEW) .................. 147
2,500 JOHN NUVEEN CO (CLASS A) .................... 105
28,100 * KNIGHT TRADING GROUP, INC ................... 838
21,632 LEGG MASON, INC ............................. 1,082
44,320 LEHMAN BROTHERS HOLDINGS, INC ............... 4,191
140,600 MERRILL LYNCH & CO, INC ..................... 16,169
10,600 MORGAN KEEGAN, INC .......................... 156
422,052 MORGAN STANLEY DEAN WITTER & CO ............. 35,136
3,900 * NATIONAL DISCOUNT BROKERS GROUP, INC ........ 124
51,900 PAINE WEBBER GROUP, INC ..................... 2,361
14,694 PHOENIX INVESTMENT PARTNERS LTD ............. 154
10,000 * PIONEER GROUP, INC .......................... 424
37,600 PRICE (T. ROWE) ASSOCIATES, INC ............. 1,598
16,000 RAYMOND JAMES FINANCIAL CORP ................ 360
413,155 SCHWAB (CHARLES) CORP ....................... 13,892
1,000 SIEBERT FINANCIAL CORP ...................... 7
4,510 SOUTHWEST SECURITIES GROUP, INC ............. 168
22,300 THE GOLDMAN SACHS GROUP, INC ................ 2,116
5,743 TUCKER ANTHONY SUTRO CORP ................... 103
19,300 UNITED ASSET MANAGEMENT CORP ................ 451
31,587 WADDELL & REED FINANCIAL, INC (CLASS A) ..... 1,036
----------
90,263
----------
TOTAL FINANCE ............................... 706,804
----------
FOODS AND RELATED--4.54%
BEVERAGES, OTHER FOOD PRODUCTS--4.06%
11,720 * 7-ELEVEN, INC ............................... 161
7,000 * ADVANTICA RESTAURANT GROUP, INC ............. 7
14,900 b* AGRIBIOTECH, INC ............................ 0
3,960 * AGRIBRANDS INTERNATIONAL, INC ............... 166
156,180 ALBERTSONS, INC ............................. 5,193
8,600 * AMERICAN ITALIAN PASTA CO (CLASS A) ......... 178
167,166 ANHEUSER-BUSCH COS, INC ..................... 12,485
9,000 APPLEBEES INTERNATIONAL, INC ................ 273
222,860 ARCHER DANIELS MIDLAND CO ................... 2,187
2,200 * AURORA FOODS, INC ........................... 9
11,800 AVADO BRANDS, INC ........................... 18
6,600 * BERINGER WINE ESTATES HOLDINGS, INC (CLASS 233
102,645 BESTFOODS, INC .............................. 7,108
20,800 BOB EVANS FARMS, INC ........................ 311
11,100 b* BOSTON CHICKEN, INC ...................... 0
23,800 * BRINKER INTERNATIONAL, INC .................. 696
18,150 BROWN FORMAN, INC (CLASS B) ................. 976
14,500 * BUFFETS, INC ................................ 184
4,000 * BUSH BOAKE ALLEN, INC ....................... 175
11,200 * CADIZ, INC .................................. 90
118,351 CAMPBELL SOUP CO ............................ 3,447
5,900 * CANANDAIGUA BRANDS, INC (CLASS A) ........... 298
21,500 CBRL GROUP, INC ............................. 316
9,850 * CEC ENTERTAINMENT, INC ...................... 252
9,939 * CENTRAL GARDEN & PET CO ..................... 89
14,200 CHIQUITA BRANDS INTERNATIONAL, INC .......... 56
17,718 CKE RESTAURANTS, INC ........................ 53
1,000 COCA COLA BOTTLING CO CONSOLIDATED .......... 46
845,494 COCA COLA CO ................................ 48,563
86,500 COCA COLA ENTERPRISES, INC .................. 1,411
181,373 CONAGRA, INC ................................ 3,457
7,947 * CONSOLIDATED PRODUCTS, INC .................. 72
12,900 COORS (ADOLPH) CO (CLASS B) ................. 780
12,775 CORN PRODUCTS INTERNATIONAL, INC ............ 339
46,300 DARDEN RESTAURANTS, INC ..................... 752
2,300 * DAVE & BUSTERS, INC ......................... 14
13,900 DEAN FOODS CO ............................... 440
16,500 * DEL MONTE FOODS CO .......................... 112
43,133 DELHAIZE AMERICA, INC (CLASS B) ............. 663
14,033 DELTA & PINE LAND CO ........................ 352
24,400 DIMON, INC .................................. 52
17,200 DOLE FOOD, INC .............................. 241
5,500 DREYERS GRAND ICE CREAM, INC ................ 116
15,860 EARTHGRAINS CO .............................. 308
100 FARMER BROTHERS CO .......................... 18
35,650 FLOWERS INDUSTRIES, INC ..................... 711
60,200 FORTUNE BRANDS, INC ......................... 1,388
108,122 GENERAL MILLS, INC .......................... 4,136
200 * GRAND UNION CO .............................. 0
7,900 GREAT ATLANTIC & PACIFIC TEA CO, INC ........ 131
9,900 * HAIN CELESTIAL GROUP, INC ................... 363
11,500 HANNAFORD BROTHERS, INC ..................... 827
130,109 HEINZ (H.J.) CO ............................. 5,692
35,037 HERSHEY FOODS CORP .......................... 1,699
3,300 * HINES HORTICULTURE, INC ..................... 22
29,200 HORMEL FOODS CORP ........................... 491
71,323 HOST MARRIOTT CORP (NEW) .................... 669
31,000 IBP, INC .................................... 479
6,600 * IHOP CORP (NEW) ............................. 111
1,500 INGLES MARKETS, INC (CLASS A) ............... 16
11,700 * INTERNATIONAL HOME FOODS, INC ............... 245
3,600 INTERNATIONAL MULTIFOODS CORP ............... 62
14,500 INTERSTATE BAKERIES CORP .................... 203
2,200 * J & J SNACK FOODS CORP ...................... 39
14,800 * JACK IN THE BOX, INC ........................ 364
7,300 KEEBLER FOODS CO ............................ 271
80,500 KELLOGG CO .................................. 2,395
306,354 * KROGER CO ................................... 6,759
12,250 LANCASTER COLONY CORP ....................... 239
13,500 LANCE, INC .................................. 122
8,700 LANDRYS SEAFOOD RESTAURANTS, INC ............ 74
10,600 LONE STAR STEAKHOUSE & SALOON, INC .......... 107
8,800 LUBYS, INC .................................. 70
25,300 MCCORMICK & CO, INC (NON-VOTE) .............. 822
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 37
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
BEVERAGES, OTHER FOOD PRODUCTS--(Continued)
497,400 MCDONALD'S CORP ............................. $ 16,383
7,200 MICHAEL FOODS, INC .......................... 176
4,950 MORRISON MANAGEMENT SPECIALISTS, INC ........ 140
120,883 NABISCO GROUP HOLDINGS ...................... 3,135
18,200 NABISCO HOLDINGS CORP (CLASS A) ............. 956
600 NPC INTERNATIONAL, INC ...................... 5
2,700 O'CHARLEY'S, INC ............................ 37
26,100 * OUTBACK STEAKHOUSE, INC ..................... 763
2,200 * P.F. CHANGS CHINA BISTRO, INC ............... 70
9,350 * PAPA JOHNS INTERNATIONAL, INC ............... 229
36,400 PEPSI BOTTLING GROUP, INC ................... 1,062
533,105 PEPSICO, INC ................................ 23,690
3,300 * PERFORMANCE FOOD GROUP CO ................... 106
1,900 PILGRIMS PRIDE CORP (CLASS B) ............... 14
7,100 b* PLANET HOLLYWOOD, INC (CLASS A) ............. 0
43,600 QUAKER OATS CO .............................. 3,275
50 * RAINFOREST CAFE, INC ........................ 0
10,500 * RALCORP HOLDINGS, INC ....................... 129
112,400 RALSTON PURINA CO ........................... 2,241
1,200 RIVIANA FOODS, INC .......................... 21
2,600 * ROBERT MONDAVI CORP (CLASS A) ............... 80
22,800 RUBY TUESDAY, INC ........................... 286
14,100 RUDDICK CORP ................................ 167
17,200 * RYANS FAMILY STEAK HOUSES, INC .............. 145
175,422 * SAFEWAY, INC ................................ 7,916
327,400 SARA LEE CORP ............................... 6,323
11,200 * SHONEYS, INC ................................ 14
2,200 * SMART & FINAL, INC .......................... 17
20,200 * SMITHFIELD FOODS, INC ....................... 567
9,000 SMUCKER, (J.M.) CO (CLASS A) ................ 173
10,800 SODEXHO MARRIOTT SERVICES, INC .............. 173
5,700 * SONIC CORP .................................. 167
67,400 * STARBUCKS CORP .............................. 2,574
11,700 * SUIZA FOODS CORP ............................ 572
51,483 SUPERVALU, INC .............................. 981
123,176 SYSCO CORP .................................. 5,189
21,000 * TERRA INDUSTRIES, INC ....................... 22
9,450 * THE CHEESECAKE FACTORY CO ................... 260
12,340 TOOTSIE ROLL INDUSTRIES, INC ................ 432
4,400 * TRIARC COS, INC ............................. 90
56,490 * TRICON GLOBAL RESTAURANTS, INC .............. 1,596
45,200 TYSON FOODS, INC ............................ 396
3,100 * UNITED NATURAL FOODS, INC ................... 43
11,200 UNIVERSAL CORP .............................. 237
18,400 UNIVERSAL FOODS CORP ........................ 340
12,900 * VETERINARY CENTERS OF AMERICA, INC .......... 177
31,700 VIAD CORP ................................... 864
10,200 * VLASIC FOODS INTERNATIONAL, INC ............. 17
6,200 WEIS MARKETS, INC ........................... 203
38,400 WENDY'S INTERNATIONAL, INC .................. 684
50,500 WHITMAN CORP ................................ 625
9,600 * WHOLE FOODS MARKET, INC ..................... 397
5,550 * WILD OATS MARKETS, INC ...................... 70
34,336 WINN DIXIE STORES, INC ...................... 491
7,553 * WLR FOODS, INC .............................. 35
28,400 WRIGLEY (WM) JR CO .......................... 2,277
3,900 * ZAPATA CORP ................................. 12
-----------
208,248
-----------
TOBACCO--0.48%
847,904 PHILIP MORRIS COS, INC ...................... 22,522
41,761 RJR REYNOLDS TOBACCO HOLDINGS, INC .......... 1,167
64,200 UST, INC .................................... 943
4,300 VECTOR GROUP LTD ............................ 63
-----------
24,695
-----------
TOTAL FOODS AND RELATED ..................... 232,943
-----------
HEALTH--12.28%
DRUGS AND PHARMACEUTICALS--10.00%
574,024 ABBOTT LABORATORIES CO ...................... 25,580
8,800 * ABGENIX, INC ................................ 1,055
2,200 * ALBANY MOLECULAR RESEARCH, INC .............. 120
2,100 * ALGOS PHARMACEUTICAL CORP ................... 32
18,400 * ALKERMES, INC ............................... 867
7,185 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS.. 130
49,514 ALLERGAN, INC ............................... 3,689
7,641 ALPHARMA, INC (CLASS A) ..................... 476
31,604 * ALZA CORP ................................... 1,869
483,170 AMERICAN HOME PRODUCTS CORP ................. 28,386
17,900 * AMERISOURCE HEALTH CORP (CLASS A) ........... 555
380,400 * AMGEN, INC .................................. 26,723
12,800 * ANDRX CORP .................................. 818
3,700 * ANESTA CORP ................................. 92
34,000 * AVATEX CORP (CLASS A) ....................... 18
7,900 * AVIRON, INC ................................. 244
7,200 * BARR LABORATORIES, INC ...................... 323
49,334 BERGEN BRUNSWIG CORP (CLASS A) .............. 271
9,928 BINDLEY WESTERN INDUSTRIES, INC ............. 262
55,400 * BIOGEN, INC ................................. 3,573
6,800 * BIOMATRIX, INC .............................. 154
19,300 * BIO-TECHNOLOGY GENERAL CORP ................. 255
730,752 BRISTOL MYERS SQUIBB CO ..................... 42,566
103,661 CARDINAL HEALTH, INC ........................ 7,671
77,019 * CAREMARK RX, INC ............................ 525
7,800 * CELL PATHWAYS, INC .......................... 183
11,600 * CEPHALON, INC ............................... 695
2,200 * CHATTEM, INC ................................ 30
5,000 * CHIREX, INC ................................. 100
37,628 * CHIRON CORP ................................. 1,787
9,100 * COLUMBIA LABORATORIES, INC .................. 52
8,800 * COR THERAPEUTICS, INC ....................... 751
6,600 * CORIXA CORP ................................. 283
7,100 * COULTER PHARMACEUTICALS, INC ................ 146
2,955 * CRESCENDO PHARMACEUTICALS CORP .............. 59
142,814 CVS CORP .................................... 5,713
5,100 DIAGNOSTIC PRODUCTS CORP .................... 163
7,736 * DUANE READE, INC ............................ 199
16,000 * DURA PHARMACEUTICALS, INC ................... 230
7,200 * DURAMED PHARMACEUTICALS, INC ................ 39
15,000 * ENZON, INC .................................. 638
31,000 * FOREST LABORATORIES, INC .................... 3,131
4,700 * GELTEX PHARMACEUTICALS, INC ................. 96
31,200 * GENZYME CORP (GENERAL DIVISION) ............. 1,854
95 * GENZYME CORP (TISSUE REPAIR DIVISION) ....... 0
93 * GENZYME-MOLECULAR ONCOLOGY .................. 1
16,347 * GILEAD SCIENCES, INC ........................ 1,163
9,300 * HEMISPHERX BIOPHARMA, INC ................... 52
4,100 HERBALIFE INTERNATIONAL, INC (CLASS A) ...... 36
2,000 HERBALIFE INTERNATIONAL, INC (CLASS B) ...... 16
20,100 * HUMAN GENOME SCIENCES, INC .................. 2,681
28,766 ICN PHARMACEUTICALS, INC .................... 800
14,900 * ICOS CORP ................................... 656
16,300 * IDEC PHARMACEUTICALS CORP ................... 1,912
13,100 * IDEXX LABORATORIES, INC ..................... 300
3,500 * IGEN INTERNATIONAL, INC ..................... 58
11,400 * IMCLONE SYSTEMS, INC ........................ 871
84,700 * IMMUNEX CORP ................................ 4,187
5,900 * INHALE THERAPEUTIC SYSTEMS .................. 599
2,800 * INVITROGEN CORP ............................. 211
12,300 * ISIS PHARMACEUTICALS, INC ................... 178
50,888 * IVAX CORP ................................... 2,112
515,227 JOHNSON & JOHNSON CO ........................ 52,489
20,050 JONES PHARMACEUTICAL, INC ................... 801
SEE NOTES TO FINANCIAL STATEMENTS
38 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ ----------
DRUGS AND PHARMACEUTICALS--(Continued)
16,420 * KING PHARMACEUTICALS, INC ................... $ 720
3,922 * KV PHARMACEUTICAL CO (CLASS B) .............. 107
18,100 * LIGAND PHARMACEUTICALS CO (CLASS A) ......... 239
351,000 LILLY (ELI) & CO ............................ 35,056
11,400 LONGS DRUG STORES CORP ...................... 248
39,300 LYONDELL CHEMICAL CO ........................ 658
6,100 * MACROCHEM CORP (DELAWARE) ................... 30
24,900 MALLINCKRODT, INC ........................... 1,082
104,057 MCKESSON HBOC, INC .......................... 2,179
10,300 * MEDICIS PHARMACEUTICAL CORP (CLASS A) ....... 587
67,530 * MEDIMMUNE, INC .............................. 4,997
852,676 MERCK & CO, INC ............................. 65,336
33,900 * MILLENNIUM PHARMACEUTICALS, INC ............. 3,793
47,150 MYLAN LABORATORIES, INC ..................... 860
5,800 NATURES SUNSHINE PRODUCTS, INC .............. 41
22,670 * NBTY, INC ................................... 145
5,100 * NCS HEALTHCARE, INC (CLASS A) ............... 4
4,400 * NEUROGEN CORP ............................... 127
14,700 * NU SKIN ENTERPRISES, INC (CLASS A) .......... 85
33,800 OMNICARE, INC ............................... 306
10,950 * ORGANOGENESIS, INC .......................... 125
5,500 * PATHOGENESIS CORP ........................... 143
2,331,825 PFIZER, INC ................................. 111,928
4,200 * PHARMACEUTICAL RESOURCES, INC ............... 22
6,800 * PHARMACYCLICS, INC .......................... 415
2,785 * PRIORITY HEALTHCARE CORP (CLASS A) .......... 207
7,100 * PROTEIN DESIGN LABORATORIES, INC ............ 1,171
6,200 * REGENERON PHARMACEUTICALS, INC .............. 185
92,045 RITE AID CORP ............................... 604
2,500 * SAFESCIENCE, INC ............................ 13
5,500 * SANGSTAT MEDICAL CORP ....................... 159
1,700 * SCHEIN PHARMACEUTICAL, INC .................. 37
542,360 SCHERING-PLOUGH CORP ........................ 27,389
27,000 * SEPRACOR, INC ............................... 3,257
8,550 * SEROLOGICALS CORP ........................... 43
43 SHIRE PHARMACEUTICALS GROUP PLC ADR ......... 2
32,500 * SICOR, INC .................................. 260
36,780 SIGMA ALDRICH CORP .......................... 1,076
8,500 * SUPERGEN, INC ............................... 308
3,200 * SYNCOR INTERNATIONAL CORP ................... 230
7,400 * TECHNE CORP ................................. 962
11,600 * THERAGENICS CORP ............................ 99
9,100 * TRANSKARYOTIC THERAPIES, INC ................ 334
10,700 * TRIANGLE PHARMACEUTICALS, INC ............... 97
10,600 * TWINLAB CORP ................................ 68
6,300 * VENTIV HEALTH, INC .......................... 70
10,000 * VERTEX PHARMACEUTICALS, INC ................. 1,054
7,000 * VICAL, INC .................................. 135
372,300 WALGREEN CO ................................. 11,983
35,576 * WATSON PHARMACEUTICALS, INC ................. 1,912
4,724 WEST PHARMACEUTICAL SERVICES, INC ........... 102
1,500 ZILA, INC ................................... 6
------------
512,522
------------
MEDICAL EQUIPMENT AND SUPPLIES--1.96%
9,736 * ACUSON CORP ................................. 131
6,700 * AFFYMETRIX, INC ............................. 1,106
121,272 * AGILENT TECHNOLOGIES, INC ................... 8,944
8,400 * ALARIS MEDICAL, INC ......................... 15
2,000 ANALOGIC CORP ............................... 80
1,600 * APPLIED ANALYTICAL INDUSTRIES, INC .......... 15
4,200 ARROW INTERNATIONAL, INC .................... 141
18,613 BARD (C.R.), INC ............................ 896
19,600 BAUSCH & LOMB, INC .......................... 1,517
107,313 BAXTER INTERNATIONAL, INC ................... 7,545
2,200 * BAXTER INTERNATIONAL, INC RTS ............... 0
9,900 BECKMAN COULTER, INC ........................ 578
92,778 BECTON DICKINSON & CO ....................... 2,662
38,800 BIOMET, INC ................................. 1,491
3,033 * BIO-RAD LABORATORIES, INC (CLASS A) ......... 76
100,042 * BOSTON SCIENTIFIC CORP ...................... 2,195
2,400 * BRITESMILE, INC ............................. 11
2,000 * CLOSURE MEDICAL CORP ........................ 46
11,800 * CNS, INC .................................... 56
13,000 * COGNEX CORP ................................. 673
9,000 * COHERENT, INC ............................... 755
7,400 COHU, INC ................................... 200
2,500 COLE NATIONAL CORP (CLASS A) ................ 18
4,400 * CONMED CORP ................................. 114
5,200 COOPER COS, INC ............................. 189
1,600 b* CPX CORP ................................. 0
15,800 * CREDENCE SYSTEMS CORP ....................... 872
1,900 CUBIC CORP .................................. 36
6,400 * CYBERONICS, INC ............................. 77
13,500 * CYTYC CORP .................................. 721
5,000 DATASCOPE CORP .............................. 180
18,100 DENTSPLY INTERNATIONAL, INC ................. 558
8,500 * DIONEX CORP ................................. 227
6,806 * DYNATECH CORP ............................... 123
3,900 * ECLIPSE SURGICAL TECHNOLOGY, INC ............ 17
21,022 * EDWARDS LIFESCIENCES CORP ................... 389
8,184 * ENZO BIOCHEMICAL, INC ....................... 565
11,300 * GENRAD, INC ................................. 102
3,400 * GLIATECH, INC ............................... 69
113,364 * GUIDANT CORP ................................ 5,612
9,400 * HAEMONETICS CORP ............................ 197
5,800 * HANGER ORTHOPEDIC GROUP, INC ................ 29
3,000 * IMPATH, INC ................................. 163
15,100 * INPUT/OUTPUT, INC ........................... 127
9,400 INVACARE CORP ............................... 247
31,600 JOHNSON CONTROLS, INC ....................... 1,621
67,400 * KLA-TENCOR CORP ............................. 3,947
2,818 * LABORATORY CORP OF AMERICA HOLDINGS ......... 217
17,100 * LTX CORP .................................... 597
8,100 * MECHANICAL TECHNOLOGY, INC .................. 122
12,687 * MEDICAL MANAGER CORP ........................ 432
434,757 MEDTRONIC, INC .............................. 21,656
7,700 MENTOR CORP ................................. 209
13,988 * METTLER-TOLEDO INTERNATIONAL, INC ........... 560
16,700 MILLIPORE CORP .............................. 1,259
3,300 MINE SAFETY APPLIANCES CO ................... 79
7,700 * MINIMED, INC ................................ 909
2,400 * MKS INSTRUMENTS, INC ........................ 94
3,500 * MOLECULAR DEVICES CORP ...................... 242
4,000 MTS SYSTEMS CORP ............................ 25
4,900 * NOVOSTE CORP ................................ 299
6,100 * OCULAR SCIENCES, INC ........................ 72
7,200 * OSTEOTECH, INC .............................. 76
19,300 * PE CORP-CELERA GENOMICS GROUP ............... 1,805
77,000 PE CORP-PE BIOSYSTEMS GROUP ................. 5,072
18,200 PERKINELMER, INC ............................ 1,203
15,175 * QUEST DIAGNOSTICS, INC ...................... 1,134
10,800 * RESMED, INC ................................. 289
11,300 * RESPIRONICS, INC ............................ 203
2,000 b* SABRATEK CORP ............................ 0
5,000 * SCOTT TECHNOLOGIES, INC ..................... 86
9,900 * SOLA INTERNATIONAL, INC ..................... 48
33 SONOSITE, INC ............................... 1
30,812 * ST. JUDE MEDICAL, INC ....................... 1,414
24,620 * STERIS CORP ................................. 219
53,200 STRYKER CORP ................................ 2,328
18,950 * SUMMIT TECHNOLOGY, INC ...................... 358
SEE NOTES TO FINANCIAL STATEMENTS
39 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
MEDICAL EQUIPMENT AND SUPPLIES--(Continued)
12,700 * SUNRISE MEDICAL, INC ............................ $ 62
16,700 * SUNRISE TECHNOLOGIES INTERNATIONAL, INC ......... 167
38,200 * SYBRON INTERNATIONAL CORP ....................... 757
16,650 TEKTRONIX, INC .................................. 1,232
13,800 TELEFLEX, INC ................................... 493
63,300 * TERADYNE, INC ................................... 4,653
7,500 * THERMEDICS, INC ................................. 75
6,500 * THERMO CARDIOSYSTEMS, INC ....................... 65
57,550 * THERMO ELECTRON CORP ............................ 1,212
6,468 * THERMO INSTRUMENT SYSTEMS, INC .................. 121
11,100 * VARIAN MEDICAL SYSTEMS, INC ..................... 434
11,300 * VARIAN, INC ..................................... 521
3,800 * VEECO INSTRUMENTS, INC .......................... 278
4,900 * VENTANA MEDICAL SYSTEMS, INC .................... 115
20,000 * VISX, INC ....................................... 561
23,100 * WATERS CORP ..................................... 2,883
6,400 * WESLEY JESSEN VISIONCARE, INC ................... 240
7,800 X RITE, INC ..................................... 71
----------
100,281
----------
MEDICAL FACILITIES MANAGEMENT--0.32%
1,700 * ACCREDO HEALTH, INC ............................. 59
6,800 * ADVANCE PARADIGM, INC ........................... 139
12,400 * ALTERRA HEALTHCARE CORP ......................... 25
700 * AMERICAN HOMEPATIENT, INC ....................... 0
9,500 * AMERICAN RETIREMENT CORP ........................ 53
6,500 * AMERIPATH, INC .................................. 58
20,400 * APRIA HEALTHCARE GROUP, INC ..................... 250
4,200 * ASSISTED LIVING CONCEPTS, INC ................... 3
28,572 * BEVERLY ENTERPRISES, INC ........................ 80
6,236 * CAREMATRIX CORP ................................. 3
200,262 COLUMBIA/HCA HEALTHCARE CORP .................... 6,083
19,000 * COVENTRY HEALTH CARE, INC ....................... 253
7,800 * EXPRESS SCRIPTS, INC ............................ 485
5,400 b*FPA MEDICAL MANAGEMENT, INC ..................... 0
11,600 b*GENESIS HEALTH VENTURES, INC .................... 2
3,670 * GENTIVA HEALTH SERVICES, INC .................... 30
92,003 * HEALTH MANAGEMENT ASSOCIATES, INC
(CLASS A) (NEW) ................................. 1,202
140,309 * HEALTHSOUTH CORP ................................ 1,008
21,600 HOOPER HOLMES, INC .............................. 173
8,300 INNOVATIVE CLINICAL SOLUTIONS LTD ............... 1
20,048 b*INTEGRATED HEALTH SERVICES, INC ................. 3
12,000 * LASER VISION CENTERS, INC ....................... 74
13,222 * LCA-VISION, INC ................................. 32
10,871 * LIFEPOINT HOSPITALS, INC ........................ 242
14,600 * LINCARE HOLDINGS, INC ........................... 360
190 LTC HEALTHCARE, INC ............................. 0
9,400 * MAGELLAN HEALTH SERVICES, INC ................... 12
28,850 * MANOR CARE, INC ................................. 202
33,899 MARINER POST-ACUTE NETWORK, INC ................. 5
10,500 * MATRIA HEALTHCARE, INC .......................... 48
16,900 * NAHC, INC ....................................... 1
100 * NATIONAL HEALTHCARE CORP ........................ 1
15,500 * ORTHODONTIC CENTERS OF AMERICA, INC ............. 351
6,100 * PEDIATRIX MEDICAL GROUP, INC .................... 71
35,700 * PHYAMERICA PHYSICIAN GROUP, INC ................. 5
26,525 * PHYCOR, INC ..................................... 17
12,900 b* PHYSICIANS RESOURCE GROUP, INC .................. 0
5,700 * PROVINCE HEALTHCARE CO .......................... 206
23,950 * QUORUM HEALTH GROUP, INC ........................ 247
16,300 * RENAL CARE GROUP, INC ........................... 399
8,100 * RES-CARE, INC ................................... 44
19,700 b* SUN HEALTHCARE GROUP, INC .................... 1
6,700 * SUNRISE ASSISTED LIVING, INC .................... 124
115,273 TENET HEALTHCARE CORP ........................... 3,112
33,210 * TOTAL RENAL CARE HOLDINGS, INC .................. 199
11,071 * TRIAD HOSPITALS, INC ............................ 268
8,500 * UNIVERSAL HEALTH SERVICES, INC .................. 557
21,166 * US ONCOLOGY, INC ................................ 106
12,615 b* VENCOR, INC .................................. 1
----------
16,595
----------
TOTAL HEALTH .................................... 629,398
----------
INDUSTRIAL MACHINERY--5.52%
ELECTRICAL--4.21%
11,900 AMETEK, INC ..................................... 208
8,100 * ANICOM, INC ..................................... 30
8,700 * ANIXTER INTERNATIONAL, INC ...................... 231
3,600 * ARGUSS COMMUNICATIONS, INC ...................... 68
35,171 * ARROW ELECTRONICS, INC .......................... 1,090
16,208 AVNET, INC ...................................... 960
11,566 BALDOR ELECTRIC CO .............................. 215
5,852 BARNES GROUP, INC ............................... 95
20,500 * BRIGHTPOINT, INC ................................ 177
9,144 C&D TECHNOLOGIES, INC ........................... 517
17,800 * CELLSTAR CORP ................................... 50
30,373 COOPER INDUSTRIES, INC .......................... 989
9,800 * ELECTRO SCIENTIFIC INDUSTRIES, INC .............. 432
159,246 EMERSON ELECTRIC CO ............................. 9,614
39,466 * ENERGIZER HOLDINGS, INC ......................... 720
6,900 EXIDE CORP ...................................... 55
800 FRANKLIN ELECTRIC CO, INC ....................... 54
3,662,187 GENERAL ELECTRIC CO ............................. 194,096
3,700 * GENLYTE GROUP, INC .............................. 78
27,083 GRAINGER (W.W.), INC ............................ 834
5,900 * HMT TECHNOLOGY CORP ............................. 9
18,150 HUBBELL, INC (CLASS B) .......................... 463
7,100 HUGHES SUPPLY, INC .............................. 140
339 * JUNO LIGHTING, INC (W/I) ........................ 2
10,500 * KENT ELECTRONICS CORP ........................... 313
21,500 * KOMAG, INC ...................................... 38
7,200 * LITTELFUSE, INC ................................. 353
3,500 LSI INDUSTRIES, INC ............................. 53
12,800 * MAGNETEK, INC ................................... 102
1,400 * MOOG, INC (CLASS A) ............................. 37
16,100 NATIONAL SERVICE INDUSTRIES, INC ................ 314
8,550 PIONEER-STANDARD ELECTRONICS, INC ............... 126
1,392 PREMIER FARNELL PLC ADR ......................... 20
9,900 * RAYOVAC CORP .................................... 222
56,044 ROCKWELL INTERNATIONAL CORP ..................... 1,765
6,650 SLI, INC ........................................ 81
10,600 STEWART & STEVENSON SERVICES, INC ............... 160
21,305 THOMAS & BETTS CORP ............................. 407
5,200 THOMAS INDUSTRIES, INC .......................... 92
16,300 * UCAR INTERNATIONAL, INC ......................... 213
8,200 * VICOR CORP ...................................... 285
9,200 * WESCO INTERNATIONAL, INC ........................ 88
1,600 WOODWARD GOVERNOR CO ............................ 45
500 * ZOLTEK COS, INC ................................. 4
----------
215,845
----------
OTHER INDUSTRIAL EQUIPMENT--1.31%
2,100 * A.S.V., INC ..................................... 30
11,450 AAR CORP ........................................ 137
1,000 AG-CHEM EQUIPMENT CO, INC ....................... 7
21,800 AGCO CORP ....................................... 267
25,827 * AMERICAN STANDARD COS, INC ...................... 1,059
8,830 APPLIED INDUSTRIAL TECHNOLOGIES, INC ............ 145
294,944 * APPLIED MATERIALS, INC .......................... 26,729
14,220 APPLIED POWER, INC (CLASS A) .................... 476
4,700 * ASTEC INDUSTRIES, INC ........................... 119
11,000 * ASYST TECHNOLOGIES, INC ......................... 377
SEE NOTES TO FINANCIAL STATEMENTS
40 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
OTHER INDUSTRIAL EQUIPMENT--(Continued)
7,900 * ATMI, INC ....................................... $ 367
4,500 * AVIATION SALES CO ............................... 28
108,535 BAKER HUGHES, INC ............................... 3,473
31,273 BLACK & DECKER CORP ............................. 1,229
8,500 BRIGGS & STRATTON CORP .......................... 291
4,000 * BROOKS AUTOMATION, INC .......................... 256
33,693 BRUNSWICK CORP .................................. 558
100 CASCADE CORP .................................... 1
128,908 CATERPILLAR, INC ................................ 4,367
3,000 CMI CORP (CLASS A) .............................. 11
2,700 COLUMBUS MCKINNON CORP .......................... 37
19,214 * COOPER CAMERON CORP ............................. 1,268
14,900 CUMMINS ENGINE CO, INC .......................... 406
5,100 * CUNO, INC ....................................... 118
85,617 DEERE & CO ...................................... 3,168
5,100 DETROIT DIESEL CORP ............................. 75
14,700 DONALDSON CO, INC ............................... 290
74,800 DOVER CORP ...................................... 3,034
3,300 * DRIL-QUIP, INC .................................. 154
100 DT INDUSTRIES, INC .............................. 1
8,500 * ELECTROGLAS, INC ................................ 183
6,200 * ESTERLINE TECHNOLOGIES CORP ..................... 92
5,400 * FAIRCHILD CORP (CLASS A) ........................ 26
7,200 FEDDERS CORP .................................... 42
13,705 FLOWSERVE CORP .................................. 206
11,000 * FSI INTERNATIONAL, INC .......................... 239
4,600 * GARDNER DENVER, INC ............................. 82
6,350 GRACO, INC ...................................... 206
41,815 * GRANT PRIDECO, INC .............................. 1,045
15,200 b* HARNISCHFEGER INDUSTRIES, INC ................ 5
10,300 IDEX CORP ....................................... 325
60,000 INGERSOLL-RAND CO ............................... 2,415
6,200 * IONICS, INC ..................................... 190
14,600 JLG INDUSTRIES, INC ............................. 173
11,700 KAYDON CORP ..................................... 246
10,437 KENNAMETAL, INC ................................. 224
8,900 * KULICKE & SOFFA INDUSTRIES, INC ................. 528
46,000 * LAM RESEARCH CORP ............................... 1,725
1,500 LAWSON PRODUCTS, INC ............................ 37
13,200 LINCOLN ELECTRIC HOLDINGS CO .................... 188
3,800 LINDSAY MANUFACTURING CO ........................ 75
9,450 MANITOWOCCO, INC ................................ 253
13,000 MILACRON, INC ................................... 189
9,900 * MSC INDUSTRIAL DIRECT CO (CLASS A) .............. 207
2,600 NACCO INDUSTRIES, INC (CLASS A) ................. 91
20,363 * NATIONAL-OILWELL, INC ........................... 669
4,900 NORDSON CORP .................................... 248
44,700 * NOVELLUS SYSTEMS, INC ........................... 2,528
45,000 PALL CORP ....................................... 833
17,700 PENTAIR, INC .................................... 628
10,600 * PRESSTEK, INC ................................... 173
7,300 * PRI AUTOMATION, INC ............................. 477
2,400 ROBBINS & MYERS, INC ............................ 55
11,200 ROPER INDUSTRIES, INC ........................... 287
1,100 SAUER-DANFOSS, INC .............................. 11
12,000 * SILICON VALLEY GROUP, INC ....................... 311
18,300 * SMITH INTERNATIONAL, INC ........................ 1,332
4,000 * SPECIALTY EQUIPMENT COS, INC .................... 109
9,089 * SPEEDFAM-IPEC, INC .............................. 165
7,400 STANDEX INTERNATIONAL CORP ...................... 117
2,400 STARRETT (L.S.) CO (CLASS A) .................... 42
6,600 TECUMSEH PRODUCTS CO (CLASS A) .................. 252
3,000 TENNANT CO ...................................... 113
8,960 * TEREX CORP ...................................... 127
3,700 * THERMO FIBERTEK, INC ............................ 18
18,363 TIMKEN CO ....................................... 342
4,500 TORO CO ......................................... 148
7,700 * ULTRATECH STEPPER, INC .......................... 115
19,200 * UNOVA, INC ...................................... 140
14,400 YORK INTERNATIONAL CORP ......................... 364
----------
67,074
----------
TOTAL INDUSTRIAL MACHINERY ...................... 282,919
----------
MEDIA AND LEISURE--3.74%
BROADCASTING--2.85%
20,811 * ADELPHIA COMMUNICATIONS CORP (CLASS A) .......... 976
4,000 * AMC ENTERTAINMENT, INC .......................... 20
58,403 * AMFM, INC ....................................... 4,030
1,400 BHC COMMUNICATIONS, INC (CLASS A) ............... 213
45,854 * CABLEVISION SYSTEMS CORP (CLASS A) .............. 3,112
1,584 * CARMIKE CINEMAS, INC (CLASS A) .................. 6
6,182 * CHRIS CRAFT INDUSTRIES, INC ..................... 408
8,300 * CITADEL COMMUNICATIONS CORP ..................... 290
98,261 * CLEAR CHANNEL COMMUNICATIONS, INC ............... 7,370
4,300 CLEAR CHANNEL COMMUNICATIONS, INC
WTS 09/18/01 .................................... 51
2,800 * COMCAST CORP (CLASS A) .......................... 109
292,436 * COMCAST CORP (CLASS A) SPECIAL .................. 11,844
54,358 * COX COMMUNICATIONS, INC (CLASS A) ............... 2,477
9,900 * COX RADIO, INC (CLASS A) ........................ 277
12,700 * CUMULUS MEDIA, INC .............................. 116
767,978 DISNEY (WALT) CO ................................ 29,807
16,700 * EMMIS COMMUNICATIONS (CLASS A) .................. 691
8,700 * ENTERCOM COMMUNICATIONS CORP .................... 424
49,400 * FOX ENTERTAINMENT GROUP, INC .................... 1,501
6,630 GAYLORD ENTERTAINMENT CO ........................ 143
1,700 * GC COS, INC ..................................... 38
2,750 GRAY COMMUNICATIONS SYSTEMS, INC ................ 27
8,467 * HEARST-ARGYLE TELEVISION, INC ................... 165
30,600 * HISPANIC BROADCASTING CORP ...................... 1,014
11,400 * HOLLYWOOD ENTERTAINMENT CORP .................... 90
109,523 * INFINITY BROADCASTING CORP (CLASS A) ............ 3,991
7,326 * METRO-GOLDWYN-MAYER, INC ........................ 191
21,100 * METROMEDIA INTERNATIONAL GROUP, INC ............. 100
8,800 * MOVIE GALLERY, INC .............................. 34
2,800 * ON COMMAND CORP ................................. 40
60 * PAC-WEST TELECOMM, INC .......................... 1
15,610 * PANAMSAT CORP ................................... 682
10,503 * PAXSON COMMUNICATIONS CORP ...................... 84
8,200 * PEGASUS COMMUNICATIONS CORP ..................... 402
5,500 * PIXAR, INC ...................................... 194
16,700 * PRICE COMMUNICATIONS CORP ....................... 393
3,800 * RADIO ONE, INC .................................. 112
7,200 * RADIO ONE, INC (CLASS D) ........................ 159
2,300 * SAGA COMMUNICATIONS, INC (CLASS A) .............. 51
12,100 * SINCLAIR BROADCAST GROUP, INC (CLASS A) ......... 133
8,700 * SIRIUS SATELLITE RADIO, INC ..................... 386
16,540 * TCI SATELLITE ENTERTAINMENT (CLASS A) ........... 144
442,323 TIME WARNER, INC ................................ 33,617
13,800 * TV GUIDE, INC ................................... 473
41,160 * U.S.A. NETWORKS, INC ............................ 890
2,100 UNITED TELEVISION, INC .......................... 270
36,300 * UNITEDGLOBALCOM, INC (CLASS A) .................. 1,697
29,500 * UNIVISION COMMUNICATIONS, INC ................... 3,053
2,200 * VALLEY MEDIA, INC ............................... 8
12,920 * VIACOM, INC (CLASS A) ........................... 883
482,477 * VIACOM, INC (CLASS B) ........................... 32,899
5,500 * YOUNG BROADCASTING, INC (CLASS A) ............... 141
----------
146,227
----------
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 41
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
LODGING/GAMING/RECREATION--0.28%
21,165 * AMF BOWLING, INC ................................ $ 4
2,300 * ANCHOR GAMING CO ................................ 110
7,100 * ARGOSY GAMING CORP .............................. 102
14,400 * AZTAR CORP ...................................... 223
8,614 * BALLY TOTAL FITNESS HOLDINGS CORP ............... 219
7,900 * BOCA RESORTS, INC (CLASS A) ..................... 78
12,800 * BOYD GAMING CORP ................................ 71
3,200 * CHAMPIONSHIP AUTO RACING TEAMS, INC ............. 82
19,300 * CHOICE HOTELS INTERNATIONAL, INC ................ 192
2,600 CHURCHILL DOWNS, INC ............................ 61
6,610 * CRESTLINE CAPITAL CORP .......................... 113
4,400 DOVER DOWNS ENTERTAINMENT, INC .................. 62
25,800 * EXTENDED STAY AMERICA, INC ...................... 239
23,000 b* FAMILY GOLF CENTERS, INC ..................... 5
47,208 * HARRAH'S ENTERTAINMENT, INC ..................... 988
108,918 HILTON HOTELS CORP .............................. 1,021
9,633 INTERNATIONAL SPEEDWAY CORP (CLASS A ) .......... 399
69 * INTERSTATE HOTELS CORP .......................... 0
37 * LAKES GAMING, INC ............................... 0
7,000 * LODGIAN, INC .................................... 17
24,676 * MANDALAY RESORT GROUP ........................... 494
5,700 MARCUS CORP ..................................... 69
71,100 MARRIOTT INTERNATIONAL, INC (CLASS A) ........... 2,564
12,600 * MERISTAR HOTELS & RESORTS, INC .................. 36
8,266 MGM GRAND, INC .................................. 266
96,052 * PARK PLACE ENTERTAINMENT CORP ................... 1,171
8,400 * PINNACLE ENTERTAINMENT, INC ..................... 163
19,400 * PRIME HOSPITALITY CORP .......................... 183
21,000 * SFX ENTERTAINMENT, INC (CLASS A) ................ 952
12,600 SIX FLAGS, INC .................................. 287
5,500 * SPEEDWAY MOTORSPORTS, INC ....................... 127
70,226 STARWOOD HOTELS & RESORTS WORLDWIDE ............. 2,287
8,600 * STATION CASINOS, INC ............................ 215
2,400 * STEINWAY MUSICAL INSTRUMENTS, INC ............... 40
1,433 * SUNBURST HOSPITALITY CORP ....................... 6
12,100 b* SUNTERRA CORP ................................ 3
900 * TRENDWEST RESORTS, INC .......................... 15
400 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) ........... 2
7,700 * VAIL RESORTS, INC ............................... 126
25,600 * WESTWOOD ONE, INC ............................... 874
41,089 * WYNDHAM INTERNATIONAL, INC ...................... 103
----------
13,969
----------
PUBLISHING--0.61%
21,900 AMERICAN GREETINGS CORP (CLASS A) ............... 416
11,500 * APPLIED GRAPHICS TECHNOLOGIES, INC .............. 49
9,800 BANTA CORP ...................................... 186
35,800 BELO (A.H.) CORP SERIES A ....................... 620
13,300 BOWNE & CO, INC ................................. 134
11,500 CENTRAL NEWSPAPERS, INC (CLASS A) ............... 727
4,100 * CONSOLIDATED GRAPHICS, INC ...................... 38
2,086 * CSS INDUSTRIES, INC ............................. 43
26,700 DELUXE CORP ..................................... 629
34,300 DONNELLEY (R.R.) & SONS CO ...................... 774
17,100 DOW JONES & CO, INC ............................. 1,253
10,000 * FRANKLIN COVEY CO ............................... 69
99,147 GANNETT CO, INC ................................. 5,930
11,800 HARLAND (JOHN H.) CO ............................ 176
17,600 HARTE-HANKS, INC ................................ 440
2,700 HOLLINGER INTERNATIONAL, INC .................... 37
10,000 HOUGHTON MIFFLIN CO ............................. 467
1,300 * INFORMATION HOLDINGS, INC ....................... 48
15,700 * JOURNAL REGISTER CO ............................. 287
30,100 KNIGHT-RIDDER, INC .............................. 1,601
16,800 LEE ENTERPRISES, INC ............................ 392
6,600 MCCLATCHY CO (CLASS A) .......................... 219
72,098 MCGRAW HILL COS, INC ............................ 3,893
7,786 MEDIA GENERAL, INC (CLASS A) .................... 378
13,500 MEREDITH CORP ................................... 456
4,416 NEW ENGLAND BUSINESS SERVICES, INC .............. 72
63,000 NEW YORK TIMES CO (CLASS A) ..................... 2,489
14,125 * PAXAR CORP ...................................... 169
7,300 PENTON MEDIA, INC ............................... 256
7,100 * PLAYBOY ENTERPRISES, INC (CLASS B) .............. 91
54,661 * PRIMEDIA, INC ................................... 1,244
2,800 PULITZER, INC ................................... 118
1,775 QUEBECOR WORLD .................................. 43
12,689 * R.H. DONNELLEY CORP ............................. 246
33,310 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE) .......................... 1,324
26,800 REYNOLDS & REYNOLDS CO (CLASS A) ................ 489
300 SCHAWK, INC (CLASS A) ........................... 3
5,000 * SCHOLASTIC CORP ................................. 306
4,800 * SCIENTIFIC GAMES HOLDINGS CORP .................. 118
9,700 SCRIPPS (E.W.) CO (CLASS A) ..................... 478
2,900 STANDARD REGISTER, INC .......................... 41
8,822 TIMES MIRROR CO SERIES A ........................ 800
20,900 * TOPPS, INC ...................................... 240
68,400 TRIBUNE CO ...................................... 2,394
12,000 WALLACE COMPUTER SERVICES, INC .................. 119
1,300 WASHINGTON POST CO (CLASS B) .................... 621
16,300 WILEY (JOHN) & SONS, INC (CLASS A) .............. 367
70 * WORKFLOW MANAGEMENT, INC ........................ 1
9,700 * ZIFF-DAVIS, INC -ZD ............................. 87
----------
31,378
----------
TOTAL MEDIA AND LEISURE ......................... 191,574
----------
RETAIL AND WHOLESALE--2.61%
GENERAL MERCHANDISE STORES--2.61%
4,466 * 99 CENTS ONLY STORES ............................ 178
5,300 * ACTION PERFORMANCE COS, INC ..................... 38
68,000 * AMAZON.COM, INC ................................. 2,469
9,800 * AMES DEPARTMENT STORES, INC ..................... 76
13,100 ARMSTRONG HOLDINGS, INC ......................... 201
19,700 * BARNES & NOBLE, INC ............................. 438
10,600 * BARNESANDNOBLE.COM, INC ......................... 69
600 * BARNETT, INC .................................... 6
25,400 * BJ'S WHOLESALE CLUB, INC ........................ 838
12,500 BLYTH, INC ...................................... 369
27,767 * BORDERS GROUP, INC .............................. 432
19,500 * BOYDS COLLECTION LTD ............................ 166
7,300 BRADY CORP (CLASS A) ............................ 237
1,300 b* CALDOR CORP ..................................... 0
27,894 CALLAWAY GOLF CO ................................ 455
24,000 CASEYS GENERAL STORES, INC ...................... 249
8,669 CASH AMERICA INTERNATIONAL, INC ................. 64
18,200 * CDW COMPUTER CENTERS, INC ....................... 1,138
2,600 b* CML GROUP, INC ............................... 0
1,700 * COLDWATER CREEK, INC ............................ 51
40,603 * CONSOLIDATED STORES CORP ........................ 487
7,300 * COST PLUS, INC .................................. 209
163,800 * COSTCO WHOLESALE CORP ........................... 5,405
1,300 * DELIA*S, INC .................................... 3
36,700 DILLARDS, INC (CLASS A) ......................... 450
2,400 * DIRECT FOCUS, INC ............................... 118
64,415 DOLLAR GENERAL CORP ............................. 1,256
36,337 * DOLLAR TREE STORES, INC ......................... 1,438
7,951 * EGGHEAD.COM, INC ................................ 23
8,600 ELDER BEERMAN STORES CORP ....................... 35
6,500 ENESCO GROUP, INC ............................... 31
2,800 * ETOYS, INC ...................................... 18
SEE NOTES TO FINANCIAL STATEMENTS
42 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
GENERAL MERCHANDISE STORES--(Continued)
4,400 * FACTORY 2-U STORES, INC ......................... $ 166
53,100 FAMILY DOLLAR STORES, INC ....................... 1,039
10,100 FASTENAL CO ..................................... 511
1,100 * FATBRAIN.COM, INC ............................... 7
76,513 * FEDERATED DEPARTMENT STORES, INC ................ 2,582
900 * FINLAY ENTERPRISES, INC ......................... 12
2,600 FRIEDMANS, INC (CLASS A) ........................ 13
2,300 * GENESIS DIRECT, INC ............................. 0
18,350 HA-LO INDUSTRIES, INC ........................... 103
9,400 * HANDLEMAN CO .................................... 118
38,500 * HANOVER DIRECT, INC ............................. 60
18,700 HARCOURT GENERAL, INC ........................... 1,017
68,427 HASBRO, INC ..................................... 1,031
8,200 * HEXCEL CORP ..................................... 78
11,700 * HOMEBASE, INC ................................... 18
8,300 * IDENTIX, INC .................................... 130
7,500 * INSIGHT ENTERPRISES, INC ........................ 445
29,344 * INTERNATIONAL GAME TECHNOLOGY CO ................ 778
5,400 * JAKKS PACIFIC, INC .............................. 80
5,800 * JO-ANN STORES, INC (CLASS A) .................... 41
800 b* JUMBOSPORTS, INC ............................. 0
179,198 * K MART CORP ..................................... 1,221
110,000 * KOHLS CORP ...................................... 6,119
5,400 * LANDS END, INC .................................. 180
5,571 * LYDALL, INC ..................................... 59
165 * MARVEL ENTERPRISES (CLASS A) WTS 10/02/01 ....... 0
280 * MARVEL ENTERPRISES (CLASS C) WTS 10/02/02 ....... 0
155,692 MATTEL, INC ..................................... 2,053
120,700 MAY DEPARTMENT STORES CO ........................ 2,897
10,100 * MICHAELS STORES, INC ............................ 463
147,700 MINNESOTA MINING & MANUFACTURING CO ............. 12,185
7,000 * NAVARRE CORP .................................... 9
9,000 * NEIMAN MARCUS GROUP, INC (CLASS A) .............. 266
7,201 * NEIMAN MARCUS GROUP, INC (CLASS B) .............. 200
3,500 b* NU KOTE HOLDINGS, INC (CLASS A) .............. 0
120,125 * OFFICE DEPOT, INC ............................... 751
44,021 * OFFICEMAX, INC .................................. 220
1,300 PARTY CITY CORP ................................. 4
2,550 * PC CONNECTION, INC .............................. 145
82,898 PENNEY, (J.C.) CO, INC .......................... 1,528
6,900 * PETCO ANIMAL SUPPLIES, INC ...................... 135
40,900 * PETSMART, INC ................................... 138
4,700 RUSS BERRIE & CO, INC ........................... 90
54,003 * SAKS, INC ....................................... 567
8,200 * SCHEIN (HENRY), INC ............................. 141
4,800 * SCP POOL CORP ................................... 113
117,470 SEARS ROEBUCK & CO .............................. 3,832
32,100 b* SERVICE MERCHANDISE CO, INC .................. 3
9,500 * SHOP AT HOME, INC ............................... 44
12,400 * SHOPKO STORES, INC .............................. 191
9,600 SPIEGEL, INC (CLASS A) .......................... 82
172,462 * STAPLES, INC .................................... 2,652
14,700 * SUNGLASS HUT INTERNATIONAL, INC ................. 121
12,900 * SYSTEMAX, INC ................................... 50
167,800 TARGET CORP ..................................... 9,732
21,612 TIFFANY & CO .................................... 1,459
86,894 * TOYS R US, INC .................................. 1,265
1,700 * TRACTOR SUPPLY CO ............................... 28
1,700 * TUESDAY MORNING CORP ............................ 18
9,431 * U.S. OFFICE PRODUCTS CO ......................... 4
3,600 * VALUE AMERICA, INC .............................. 4
5,800 * VALUE CITY DEPARTMENT STORES, INC ............... 55
13,600 * VALUEVISION INTERNATIONAL, INC .................. 326
50,100 * VENATOR GROUP, INC .............................. 514
1,007,442 WAL-MART STORES, INC ............................ 58,054
5,050 * WHITEHALL JEWELLERS, INC ........................ 94
8,900 * WMS INDUSTRIES, INC ............................. 137
12,900 * ZALE CORP ....................................... 471
----------
TOTAL RETAIL AND WHOLESALE ...................... 133,796
----------
TECHNOLOGY--20.54%
COMMUNICATIONS EQUIPMENT--1.85%
3,100 * ACT NETWORKS, INC ............................... 47
15,800 * ACTV, INC ....................................... 236
13,700 * ADAPTIVE BROADBAND CORP ......................... 503
124,007 * ADC TELECOMMUNICATIONS, INC ..................... 10,401
7,300 * ADTRAN, INC ..................................... 437
27,000 * ADVANCED FIBRE COMMUNICATIONS, INC .............. 1,223
10,085 * ALLEN TELECOM, INC .............................. 178
42,780 * AMERICAN TOWER CORP (CLASS A) ................... 1,783
15,720 * AMPEX CORP (CLASS A) ............................ 27
10,700 * ANCOR COMMUNICATIONS, INC ....................... 383
29,887 * ANDREW CORP ..................................... 1,003
8,800 * ANTEC CORP ...................................... 366
18,600 * ASPECT COMMUNICATIONS CORP ...................... 731
4,700 * BROOKTROUT, INC ................................. 103
3,500 * CARRIER ACCESS CORP ............................. 185
11,100 * C-COR.NET CORP .................................. 300
8,800 b* CELLNET DATA SYSTEMS, INC .................... 0
10,200 * CHECKPOINT SYSTEMS, INC ......................... 77
400 CIDCO, INC ...................................... 1
51,700 * CIENA CORP ...................................... 8,618
17,233 * COMMSCOPE, INC .................................. 707
51,220 * COMVERSE TECHNOLOGY, INC ........................ 4,763
3,300 * COPPER MOUNTAIN NETWORKS, INC ................... 291
25,000 * DIGITAL MICROWAVE CORP .......................... 953
60,300 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) .......... 1,996
22,800 * ELOT, INC ....................................... 43
2,300 * ESHARE COMMUNICATIONS, INC ...................... 16
9,900 b* GEOTEK COMMUNICATIONS, INC ................... 0
23,687 * GLENAYRE TECHNOLOGIES, INC ...................... 250
7,000 * GLOBIX CORP ..................................... 205
4,900 HARMON INDUSTRIES, INC .......................... 65
21,031 * HARMONIC, INC ................................... 521
29,200 HARRIS CORP ..................................... 956
1,900 * INET TECHNOLOGIES, INC .......................... 103
19,500 * INTERDIGITAL COMMUNICATIONS CORP ................ 323
1,052 * INTERLOGIX, INC ................................. 14
7,600 INTER-TEL, INC .................................. 122
11,600 * INTERVOICE-BRITE, INC ........................... 76
1,500 * ITRON, INC ...................................... 12
11,900 * L-3 COMMUNICATIONS HOLDINGS, INC ................ 679
5,420 * METRICOM, INC ................................... 151
790,970 MOTOROLA, INC ................................... 22,988
27,600 * P-COM, INC ...................................... 157
14,700 * PICTURETEL CORP ................................. 39
6,100 * PLANTRONICS, INC ................................ 705
8,400 * POLYCOM, INC .................................... 790
16,000 * POWERWAVE TECHNOLOGIES, INC ..................... 704
242,400 * QUALCOMM, INC ................................... 14,544
58,000 SCIENTIFIC-ATLANTA, INC ......................... 4,321
4,600 * SCM MICROSYSTEMS, INC ........................... 279
25,600 * SENSORMATIC ELECTRONICS CORP .................... 405
10,500 * TEKELEC ......................................... 506
123,638 * TELLABS, INC .................................... 8,461
14,900 * TERAYON COMMUNICATION SYSTEMS, INC .............. 957
5,300 * TUT SYSTEMS, INC ................................ 304
13,300 * WEBLINK WIRELESS, INC ........................... 176
7,300 * WESTELL TECHNOLOGIES, INC (CLASS A) ............. 110
21,900 * WORLD ACCESS, INC ............................... 242
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 43
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
COMMUNICATIONS EQUIPMENT--(Continued)
4,400 * YOUTHSTREAM MEDIA NETWORKS, INC ................. $ 26
6,100 * ZIXIT CORP ...................................... 281
----------
94,843
----------
COMPUTERS AND OFFICE EQUIPMENT--18.17%
128,240 * 3COM CORP ....................................... 7,390
7,200 * 3DFX INTERACTIVE, INC ........................... 56
1,600 * ABOUT.COM, INC .................................. 50
16,100 * ACCLAIM ENTERTAINMENT, INC ...................... 23
9,000 * ACTIVISION, INC ................................. 59
9,000 * ACTUATE CORP .................................... 480
21,560 * ACXIOM CORP ..................................... 588
37,850 * ADAPTEC, INC .................................... 861
44,044 ADOBE SYSTEMS, INC .............................. 5,726
18,900 * ADVANCED DIGITAL INFORMATION CORP ............... 301
3,900 * ADVANTAGE LEARNING SYSTEMS, INC ................. 60
9,900 * ADVENT SOFTWARE, INC ............................ 639
13,040 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) ..... 431
4,800 * ALLAIRE CORP .................................... 176
1,000 ALTERNATIVE RESOURCES CORP ...................... 2
81 AMDOCS LTD ...................................... 6
851,535 * AMERICA ONLINE, INC ............................. 44,918
15,325 * AMERICAN MANAGEMENT SYSTEMS, INC ................ 503
7,950 ANALYSTS INTERNATIONAL CORP ..................... 74
6,700 * APEX, INC ....................................... 293
118,400 * APPLE COMPUTER, INC ............................. 6,201
3,100 * APPLIEDTHEORY CORP .............................. 47
100 * ARIS CORP ....................................... 0
6,500 * ASHTON TECHNOLOGY GROUP, INC .................... 18
9,000 * ASPEN TECHNOLOGY, INC ........................... 347
5,700 * AURA SYSTEMS, INC ............................... 1
12,400 * AUSPEX SYSTEMS, INC ............................. 61
2,300 * AUTOBYTEL.COM, INC .............................. 14
19,800 AUTODESK, INC ................................... 687
231,793 AUTOMATIC DATA PROCESSING, INC .................. 12,415
14,100 * AVANT CORP ...................................... 264
9,300 * AVT CORP ........................................ 69
6,800 * AWARE, INC ...................................... 348
10,600 * AXENT TECHNOLOGIES, INC ......................... 263
5 * AZTEC TECHNOLOGY PARTNERS, INC .................. 0
3,400 * BARRA, INC ...................................... 169
116,800 * BEA SYSTEMS, INC ................................ 5,774
5,500 * BELL & HOWELL CO ................................ 133
6,300 * BEYOND.COM CORP ................................. 8
13,100 * BILLING CONCEPTS CORP ........................... 58
12,100 * BINDVIEW DEVELOPMENT CORP ....................... 145
10,000 * BISYS GROUP, INC ................................ 615
7,000 * BLACK BOX CORP .................................. 554
90,307 * BMC SOFTWARE, INC ............................... 3,295
2,600 * BOTTOMLINE TECHNOLOGIES, INC .................... 89
6,600 * BRIO TECHNOLOGY, INC ............................ 140
65,800 * BROADVISION, INC ................................ 3,343
5,000 * BROCADE COMMUNICATIONS SYSTEMS, INC ............. 917
58,676 * CABLETRON SYSTEMS, INC .......................... 1,482
4,310 * CACI INTERNATIONAL, INC (CLASS A) ............... 84
90,765 * CADENCE DESIGN SYSTEMS, INC ..................... 1,849
2,300 * CAIS INTERNET, INC .............................. 32
19,000 * CAMBRIDGE TECHNOLOGY PARTNERS, INC .............. 166
7,100 * CCC INFORMATION SERVICES GROUP, INC ............. 75
14,800 * C-CUBE MICROSYSTEMS, INC (NEW) .................. 290
50 CELLULAR TECHNICAL SERVICES CO .................. 0
46,320 * CERIDIAN CORP ................................... 1,115
11,500 * CERNER CORP ..................................... 313
11,100 b* CHS ELECTRONICS, INC ......................... 1
16,400 * CIBER, INC ...................................... 217
23,300 * CIRRUS LOGIC, INC ............................... 373
2,572,126 * CISCO SYSTEMS, INC .............................. 163,491
63,600 * CITRIX SYSTEMS, INC ............................. 1,204
18,400 * CNET NETWORKS, INC .............................. 452
2,600 * COGNIZANT TECHNOLOGY SOLUTIONS CORP ............. 86
42,041 COMDISCO, INC ................................... 938
624,310 COMPAQ COMPUTER CORP ............................ 15,959
8,708 * COMPLETE BUSINESS SOLUTIONS, INC ................ 153
18,600 * COMPUCOM SYSTEMS, INC ........................... 30
169,972 COMPUTER ASSOCIATES INTERNATIONAL, INC .......... 8,700
12,250 * COMPUTER HORIZONS CORP .......................... 165
8,700 * COMPUTER NETWORK TECHNOLOGY CORP ................ 151
58,425 * COMPUTER SCIENCES CORP .......................... 4,364
7,500 COMPUTER TASK GROUP, INC ........................ 38
114,000 * COMPUWARE CORP .................................. 1,183
5,600 * CONCORD COMMUNICATIONS, INC ..................... 223
4,900 * CONCUR TECHNOLOGIES, INC ........................ 21
19,141 * CONCURRENT COMPUTER CORP ........................ 251
4,937 * CONVERGYS CORP .................................. 256
2,900 * COSTAR GROUP, INC ............................... 73
5,000 * COTELLIGENT, INC ................................ 28
17,700 * CSG SYSTEMS INTERNATIONAL, INC .................. 992
6,400 * CYBERCASH, INC .................................. 30
7,400 CYBERGUARD CORP ................................. 46
5,700 * CYBEX COMPUTER PRODUCTS CORP .................... 242
10,900 * DATA BROADCASTING CORP .......................... 69
5,700 * DATASTREAM SYSTEMS, INC ......................... 71
787,660 * DELL COMPUTER CORP .............................. 38,841
11,150 * DENDRITE INTERNATIONAL, INC ..................... 371
25,875 DIEBOLD, INC .................................... 721
5,900 * DIGITAL RIVER, INC .............................. 45
5,800 * DOCUMENTUM, INC ................................. 518
9,600 * DSP GROUP, INC .................................. 538
13,400 * DST SYSTEMS, INC ................................ 1,020
26,490 * EARTHLINK, INC .................................. 409
2,300 * EARTHWEB, INC ................................... 32
7,000 * ECHELON CORP .................................... 406
12,610 * ECLIPSYS CORP ................................... 95
5,800 * EFAX.COM, INC ................................... 7
23,200 * ELECTRONIC ARTS, INC ............................ 1,692
127,819 ELECTRONIC DATA SYSTEMS CORP .................... 5,273
17,700 * ELECTRONICS FOR IMAGING, INC .................... 448
16,725 * ELOYALTY CORP ................................... 213
793,202 * EMC CORP ........................................ 61,027
13,000 * EMULEX CORP ..................................... 854
3,000 * ENGINEERING ANIMATION, INC ...................... 28
7,000 * ENTRUST TECHNOLOGIES, INC ....................... 579
17,724 * EPICOR SOFTWARE CORP ............................ 44
11,000 * EPRESENCE, INC .................................. 80
4,900 * EXABYTE CORP .................................... 22
4,200 * EXCALIBUR TECHNOLOGIES CORP ..................... 168
8,200 * EXCHANGE APPLICATIONS, INC ...................... 218
50,854 * EXCITE AT HOME .................................. 1,055
8,200 * EXTREME NETWORKS, INC ........................... 865
7,000 FACTSET RESEARCH SYSTEMS, INC ................... 198
12,500 * FILENET CORP .................................... 230
152,959 FIRST DATA CORP ................................. 7,591
44,975 * FISERV, INC ..................................... 1,945
14,400 * FISHER SCIENTIFIC INTERNATIONAL, INC ............ 356
16 * FRONTLINE CAPITAL GROUP, INC .................... 0
12,190 * GARTNER GROUP, INC (CLASS B) .................... 120
56,660 * GATEWAY, INC .................................... 3,215
10,400 GERBER SCIENTIFIC, INC .......................... 120
2,500 * GLOBAL IMAGING SYSTEMS, INC ..................... 26
256 * GLOBAL SOURCES LTD .............................. 6
20,185 * GO.COM .......................................... 241
8,700 * GO2NET, INC ..................................... 438
4,100 * GREAT PLAINS SOFTWARE, INC ...................... 80
SEE NOTES TO FINANCIAL STATEMENTS
44 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
COMPUTERS AND OFFICE EQUIPMENT--(Continued)
14,500 * GTECH HOLDINGS CORP ............................. $ 329
500 * HEALTH MANAGEMENT SYSTEMS, INC .................. 2
18,147 * HEALTHEON/WEBMD CORP ............................ 269
318,967 HEWLETT-PACKARD CO .............................. 39,831
9,050 * HNC SOFTWARE, INC ............................... 559
3,800 * HYPERCOM CORP ................................... 55
11,490 * HYPERION SOLUTIONS CORP ......................... 373
35,255 * I2 TECHNOLOGIES, INC ............................ 3,676
4,400 * IDX SYSTEMS CORP ................................ 62
12,700 * IGATE CAPITAL CORP .............................. 175
54,200 IKON OFFICE SOLUTIONS, INC ...................... 210
13,300 * IMATION CORP .................................... 391
6,950 * IMRGLOBAL CORP .................................. 91
112,956 IMS HEALTH, INC ................................. 2,033
15,780 b* INACOM CORP .................................. 1
2,500 INDUS INTERNATIONAL, INC ........................ 21
13,200 * INFOCURE CORP ................................... 74
8,300 * INFOCUS CORP .................................... 267
2,740 * INFOGRAMES, INC ................................. 22
6,900 * INFORMATICA CORP ................................ 565
12,200 * INFORMATION RESOURCES, INC ...................... 48
97,100 * INFORMIX CORP ................................... 722
42,400 * INFOSPACE.COM, INC .............................. 2,343
12,400 * INFOUSA, INC .................................... 81
23,200 * INGRAM MICRO, INC (CLASS A) ..................... 405
28,400 * INKTOMI CORP .................................... 3,358
2,000 * INTERACT COMMERCE CORP .......................... 24
16,100 * INTERGRAPH CORP ................................. 122
657,356 INTERNATIONAL BUSINESS MACHINES CORP ............ 72,022
55,353 * INTUIT, INC ..................................... 2,290
98,461 * IOMEGA CORP ..................................... 394
9,700 * ISS GROUP, INC .................................. 958
6,000 * IVILLAGE, INC ................................... 51
16,100 * J.D. EDWARDS & CO ............................... 243
10,400 JACK HENRY & ASSOCIATES, INC .................... 521
7,000 * JDA SOFTWARE GROUP, INC ......................... 134
500 * JTS CORP ........................................ 0
2,300 * JUNO ONLINE SERVICES, INC ....................... 25
20,500 * KEANE, INC ...................................... 443
4,350 * KRONOS, INC ..................................... 113
31,900 * LANIER WORLDWIDE, INC ........................... 32
16,200 * LEARN2.COM, INC ................................. 32
2,800 b* LEASING SOLUTIONS, INC ....................... 0
30,514 * LEGATO SYSTEMS, INC ............................. 462
47,400 * LEXMARK INTERNATIONAL, INC ...................... 3,188
8,800 * LHS GROUP, INC .................................. 304
31,500 * LYCOS, INC ...................................... 1,701
15,500 * MACROMEDIA, INC ................................. 1,499
10,800 * MACROVISION CORP ................................ 690
1,500 * MANHATTAN ASSOCIATES, INC ....................... 38
7,700 * MANUGISTICS GROUP, INC .......................... 360
5,700 * MAPICS, INC ..................................... 33
4,800 * MARIMBA, INC .................................... 67
800 * MARKETWATCH.COM, INC ............................ 15
24,600 * MAXTOR CORP ..................................... 260
2,900 * MCSI, INC ....................................... 75
12,900 * MEDQUIST, INC ................................... 439
26,200 * MENTOR GRAPHICS CORP ............................ 521
2,050 * MERANT PLC ADR .................................. 21
6,500 * MERCATOR SOFTWARE, INC .......................... 447
7,500 * MERCURY COMPUTER SYSTEMS, INC ................... 242
29,100 * MERCURY INTERACTIVE CORP ........................ 2,815
23,700 * MERISEL, INC .................................... 18
1,600 * METRO INFORMATION SERVICES, INC ................. 16
8,100 * MICROMUSE, INC .................................. 1,340
12,700 * MICRON ELECTRONICS, INC ......................... 159
6,000 * MICROS SYSTEMS, INC ............................. 111
1,425,820 * MICROSOFT CORP .................................. 114,066
30,400 e* MICROSTRATEGY, INC .............................. 912
12,659 * MIDWAY GAMES, INC ............................... 102
4,300 * MIPS TECHNOLOGIES, INC .......................... 183
1,014 * MOMENTUM BUSINESS APPLICATIONS, INC ............. 7
11,100 * MTI TECHNOLOGY CORP ............................. 89
4,700 * MULTEX.COM, INC ................................. 118
11,600 NATIONAL COMPUTER SYSTEMS, INC .................. 571
12,200 NATIONAL DATA CORP .............................. 281
8,900 * NATIONAL INSTRUMENTS CORP ....................... 388
4,300 * NCO GROUP, INC .................................. 99
2,300 * NEON SYSTEMS, INC ............................... 43
3,600 * NET PERCEPTIONS, INC ............................ 57
58 NETMANAGE, INC .................................. 0
3,900 * NETOBJECTS, INC ................................. 36
2,800 * NETOPIA, INC .................................... 113
100,600 * NETWORK APPLIANCE, INC .......................... 8,098
7,500 * NETWORK EQUIPMENT TECHNOLOGIES, INC ............. 75
5,600 * NETWORK PERIPHERALS, INC ........................ 94
50,768 * NETWORKS ASSOCIATES, INC ........................ 1,034
9,300 * NEW ERA OF NETWORKS, INC ........................ 395
120,600 * NOVELL, INC ..................................... 1,116
4,200 * OMEGA RESEARCH, INC ............................. 13
6,900 * ONEMAIN.COM, INC ................................ 78
4,700 * ONHEALTH NETWORK CO ............................. 11
5,200 * ONYX SOFTWARE CORP .............................. 154
13,100 * OPEN MARKET, INC ................................ 181
811,760 * ORACLE CORP ..................................... 68,239
11,100 OWENS & MINOR, INC .............................. 191
99,232 * PARAMETRIC TECHNOLOGY CORP ...................... 1,092
9,250 * PATTERSON DENTAL CO ............................. 472
121,515 PAYCHEX, INC .................................... 5,104
800 * PCORDER.COM, INC ................................ 6
10,400 * PEGASYSTEMS, INC ................................ 52
76,622 * PEOPLESOFT, INC ................................. 1,283
6,967 * PER SE TECHNOLOGIES, INC ........................ 65
31,650 * PEREGRINE SYSTEMS, INC .......................... 1,098
18,700 * PEROT SYSTEMS CORP (CLASS A) .................... 206
7,700 * PERVASIVE SOFTWARE, INC ......................... 43
10,700 * PHOENIX TECHNOLOGIES LTD ........................ 175
12,200 f* PHYSICIAN COMPUTER NETWORK, INC ................. 0
97,000 PITNEY BOWES, INC ............................... 3,880
12,600 * POLICY MANAGEMENT SYSTEMS CORP .................. 194
5,800 * PORTAL SOFTWARE, INC ............................ 370
13,100 * PRICELINE.COM, INC .............................. 498
5,406 * PRIMARK CORP .................................... 201
10,100 f* PROCURENET, INC .............................. 2
4,940 * PRODIGY COMMUNICATIONS CORP (CLASS A) ........... 52
11,500 * PROGRESS SOFTWARE CORP .......................... 206
4,700 * PROJECT SOFTWARE & DEVELOPMENT, INC ............. 85
8,100 * PROXICOM, INC ................................... 388
4,600 * PROXIM, INC ..................................... 455
4,900 * PROXYMED, INC ................................... 8
51,481 * PSINET, INC ..................................... 1,293
25,825 * PSS WORLD MEDICAL, INC .......................... 174
7,700 * PUBLICARD, INC .................................. 25
2,800 * QAD, INC ........................................ 11
4,200 * QRS CORP ........................................ 103
5,200 * QUADRAMED CORP .................................. 13
61,635 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP ........ 597
33,067 * QUANTUM CORP-HARD DISK DRIVE GROUP .............. 366
6,000 * RADIANT SYSTEMS, INC ............................ 144
3,800 * RADISYS CORP .................................... 216
18,800 * RARE MEDIUM GROUP, INC .......................... 343
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 45
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
COMPUTERS AND OFFICE EQUIPMENT--(Continued)
33,292 * RATIONAL SOFTWARE CORP .......................... $ 3,094
5,774 * RAZORFISH, INC .................................. 93
24,600 * REALNETWORKS, INC ............................... 1,244
9,100 * REMEDY CORP ..................................... 507
13,450 * RSA SECURITY, INC ............................... 931
47,203 SABRE HOLDINGSCORP .............................. 1,345
39,600 * SAFEGUARD SCIENTIFICS, INC ...................... 1,270
10,400 * SAGA SYSTEMS, INC ............................... 129
5,400 * SAGENT TECHNOLOGY, INC .......................... 77
5,800 * SANCHEZ COMPUTER ASSOCIATES, INC ................ 138
18,700 * SANDISK CORP .................................... 1,144
6,700 * SANTA CRUZ OPERATION, INC ....................... 43
10,000 * SAPIENT CORP .................................... 1,069
2,300 * SCIENT CORP ..................................... 101
83,017 * SEAGATE TECHNOLOGY, INC ......................... 4,566
13,500 SEI INVESTMENTS CO .............................. 537
5,700 * SERENA SOFTWARE, INC ............................ 259
9,200 SHARED MEDICAL SYSTEMS CORP ..................... 671
53,416 * SIEBEL SYSTEMS, INC ............................. 8,737
66,568 * SILICON GRAPHICS, INC ........................... 250
9,400 * SOFTNET SYSTEMS, INC ............................ 90
3,500 SOURCE INFORMATION MANAGEMENT CO ................ 53
4,900 * SOURCE MEDIA, INC ............................... 19
6,600 * SPORTSLINE.COM, INC ............................. 113
2,500 * SPSS, INC ....................................... 73
6,100 * SPYGLASS, INC ................................... 191
8,300 * SS&C TECHNOLOGIES, INC .......................... 35
2,600 * STARMEDIA NETWORK, INC .......................... 49
35,300 * STORAGE TECHNOLOGY CORP ......................... 386
12,800 * STRUCTURAL DYNAMICS RESEARCH CORP ............... 193
587,660 * SUN MICROSYSTEMS, INC ........................... 53,440
44,700 * SUNGARD DATA SYSTEMS, INC ....................... 1,386
7,400 * SVI HOLDINGS, INC ............................... 38
32,900 * SYBASE, INC ..................................... 757
7,700 * SYKES ENTERPRISES, INC .......................... 99
20,500 * SYMANTEC CORP ................................... 1,106
50,537 SYMBOL TECHNOLOGIES, INC ........................ 2,729
22,772 * SYNOPSYS, INC ................................... 787
5,400 * SYNTEL, INC ..................................... 54
2,437 * SYSTEM SOFTWARE ASSOCIATES, INC ................. 0
11,700 * SYSTEMS & COMPUTER TECHNOLOGY CORP .............. 234
19,100 * TECH DATA CORP .................................. 832
16,525 * TECHNOLOGY SOLUTIONS CO ......................... 102
1,700 * TENFOLD CORP .................................... 28
1,200 * THESTREET.COM, INC .............................. 7
6,550 * THQ, INC ........................................ 80
8,400 * TICKETMASTER ONLINE-CITYSEARCH, INC ............. 134
13,100 TOTAL SYSTEM SERVICES, INC ...................... 208
8,300 * TRACK DATA CORP ................................. 11
12,000 * TRANSACTION SYSTEMS ARCHITECTS, INC ............. 206
13,800 * TYLER TECHNOLOGIES, INC ......................... 35
2,200 * UNIGRAPHICS SOLUTIONS, INC ...................... 43
113,674 * UNISYS CORP ..................................... 1,655
8,425 * USINTERNETWORKING, INC .......................... 172
25,800 * VERIO, INC ...................................... 1,431
42,380 * VERISIGN, INC ................................... 7,480
147,700 * VERITAS SOFTWARE CORP ........................... 16,692
11,500 * VERITY, INC ..................................... 437
30,900 * VIGNETTE CORP ................................... 1,607
9,200 * VISUAL NETWORKS, INC ............................ 262
15,400 * WAVE SYSTEMS CORP (CLASS A) ..................... 244
4,600 * WEBTRENDS CORP .................................. 178
51,400 * WESTERN DIGITAL CORP ............................ 257
21,156 * WIND RIVER SYSTEMS, INC ......................... 801
9,500 * XIRCOM, INC ..................................... 451
94,184 * YAHOO, INC ...................................... 11,667
9,400 * ZEBRA TECHNOLOGIES CORP ......................... 417
6,300 * ZIFF-DAVIS, INC -ZDNET .......................... 57
----------
931,642
----------
TECHNOLOGY--0.20%
61,100 * BEST BUY CO, INC ................................ 3,865
6,073 * CDNOW, INC ...................................... 19
74,630 CIRCUIT CITY STORES-CIRCUIT CITY GROUP .......... 2,477
5,100 * CYBERIAN OUTPOST, INC ........................... 25
1,600 * ELECTRONICS BOUTIQUE HOLDINGS CORP .............. 26
8,200 * GUITAR CENTER, INC .............................. 86
10,300 * INTERTAN, INC ................................... 121
11,278 * MUSICLAND STORES CORP ........................... 84
68,100 RADIOSHACK CORP ................................. 3,226
11,800 * TRANS WORLD ENTERTAINMENT CORP .................. 143
3,800 * TWEETER HOME ENTERTAINMENT GROUP, INC ........... 115
----------
10,187
----------
INSTRUMENTS AND RELATED PRODUCTS--0.32%
3,300 * ANACOMP, INC .................................... 10
10,000 * AVID TECHNOLOGIES, INC .......................... 120
10,800 * CYMER, INC ...................................... 516
114,519 EASTMAN KODAK CO ................................ 6,814
11,400 * LITTON INDUSTRIES, INC .......................... 479
14,100 * PINNACLE SYSTEMS, INC ........................... 317
16,600 POLAROID CORP ................................... 300
26,588 RAYTHEON CO (CLASS A) ........................... 517
96,700 RAYTHEON CO (CLASS B) ........................... 1,861
9,000 * TRIMBLE NAVIGATION LTD .......................... 439
244,200 XEROX CORP ...................................... 5,067
----------
16,440
----------
TOTAL TECHNOLOGY ................................ 1,053,112
----------
TRANSPORTATION--3.04%
AEROSPACE AND DEFENSE--0.17%
3,600 * ALLIANT TECHSYSTEMS, INC ........................ 243
60,500 GENERAL DYNAMICS CORP ........................... 3,161
37,168 GOODRICH (B.F.) CO .............................. 1,266
126,270 LOCKHEED MARTIN CORP ............................ 3,133
11,406 NEWPORT NEWS SHIPBUILDING, INC .................. 419
13,500 * ORBITAL SCIENCES CORP ........................... 165
8,600 STURM, RUGER & CO, INC .......................... 76
9,131 * TELEDYNE TECHNOLOGIES, INC ...................... 153
----------
8,616
----------
AIR TRANSPORTATION--0.86%
17,800 AIRBORNE FREIGHT CORP ........................... 337
200 * AIRNET SYSTEMS, INC ............................. 1
19,000 * AIRTRAN HOLDINGS, INC ........................... 79
9,100 * ALASKA AIR GROUP, INC ........................... 247
14,000 * AMERICA WEST HOLDINGS CORP (CLASS B) ............ 240
54,111 * AMR CORP ........................................ 1,431
2,000 * AMTRAN, INC ..................................... 25
5,100 * ATLANTIC COAST AIRLINES HOLDINGS ................ 162
5,250 * ATLAS AIR, INC .................................. 188
3,047 * AVIALL, INC ..................................... 15
7,000 * BE AEROSPACE, INC ............................... 48
336,352 BOEING CO ....................................... 14,064
5,900 b* BREED TECHNOLOGIES, INC ......................... 2
15,800 * CONTINENTAL AIRLINES, INC (CLASS B) ............. 743
46,858 DELTA AIRLINES, INC ............................. 2,369
5,550 * EGL, INC ........................................ 171
106,100 * FEDEX CORP ...................................... 4,032
5,800 * FRONTIER AIRLINES, INC .......................... 83
1,200 HEICO CORP ...................................... 17
4,500 KAMAN CORP (CLASS A) ............................ 48
6,200 * KELLSTROM INDUSTRIES, INC ....................... 29
3,600 b* KITTY HAWK, INC ................................. 2
SEE NOTES TO FINANCIAL STATEMENTS
46 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
AIR TRANSPORTATION--(Continued)
9,200 * MESA AIR GROUP, INC ............................. $ 51
9,800 * MESABA HOLDINGS, INC ............................ 94
5,221 * MIDWEST EXPRESS HOLDINGS, INC ................... 112
24,940 NORTHROP GRUMMAN CORP ........................... 1,652
10,800 * NORTHWEST AIRLINES CORP (CLASS A) ............... 329
10,700 * OFFSHORE LOGISTICS, INC ......................... 154
3,663 * SEQUA CORP (CLASS A) ............................ 140
7,500 SKYWEST, INC .................................... 278
182,689 SOUTHWEST AIRLINES CO ........................... 3,460
45,472 TEXTRON, INC .................................... 2,470
13,600 * TRANS WORLD AIRLINES, INC ....................... 30
3,187 * TRIUMPH GROUP, INC .............................. 89
22,914 * U.S. AIRWAYS GROUP, INC ......................... 894
10,035 UAL CORP ........................................ 584
164,974 UNITED TECHNOLOGIES CORP ........................ 9,713
----------
44,383
----------
AUTOS, TIRES AND RELATED PRODUCTS--1.54%
5,100 * AFTERMARKET TECHNOLOGY CORP ..................... 43
2,700 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC ..... 38
9,500 ARVIN INDUSTRIES, INC ........................... 165
36,999 AUTOLIV, INC .................................... 890
136,016 * AUTONATION, INC ................................. 961
53,624 * AUTOZONE, INC ................................... 1,180
8,200 * AVIS GROUP HOLDINGS, INC ........................ 154
6,200 BANDAG, INC ..................................... 150
9,161 BORGWARNER, INC ................................. 322
8,700 * BUDGET GROUP, INC ............................... 36
7,050 CENTRAL PARKING CORP ............................ 167
8,100 CLARCOR, INC .................................... 161
8,400 COACHMEN INDUSTRIES, INC ........................ 97
24,300 COOPER TIRE & RUBBER CO ......................... 270
13,300 * COPART, INC ..................................... 213
7,500 * CSK AUTO CORP ................................... 57
60,318 DANA CORP ....................................... 1,278
34,460 DANAHER CORP .................................... 1,704
7,700 * DELCO REMY INTERNATIONAL , INC (CLASS A) ........ 64
207,510 DELPHI AUTOMOTIVE SYSTEMS CORP .................. 3,022
2,700 * DISCOUNT AUTO PARTS, INC ........................ 27
9,300 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC ............ 171
4,900 * DURA AUTOMOTIVE SYSTEMS, INC .................... 53
26,600 EATON CORP ...................................... 1,782
16,900 FEDERAL SIGNAL CORP ............................. 279
24,900 FEDERAL-MOGUL CORP .............................. 238
12,200 FLEETWOOD ENTERPRISES, INC ...................... 174
419,342 FORD MOTOR CO ................................... 18,032
9,800 GENCORP, INC .................................... 78
193,979 GENERAL MOTORS CORP ............................. 11,263
98,113 * GENERAL MOTORS CORP (CLASS H) ................... 8,609
4,034 GENTEK, INC ..................................... 45
27,600 * GENTEX CORP ..................................... 693
65,196 GENUINE PARTS CO ................................ 1,304
56,262 GOODYEAR TIRE & RUBBER CO ....................... 1,125
4,700 * GROUP 1 AUTOMOTIVE, INC ......................... 56
112,800 HARLEY DAVIDSON, INC ............................ 4,343
6,560 * HAYES LEMMERZ INTERNATIONAL, INC ................ 79
7,600 HERTZ CORP (CLASS A) ............................ 213
295,056 HONEYWELL INTERNATIONAL, INC .................... 9,940
169 IMPERIAL PARKING CORP ........................... 3
700 * INSURANCE AUTO AUCTIONS, INC .................... 15
32,200 ITT INDUSTRIES, INC ............................. 978
2,500 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC ............. 17
1,700 * KROLL-O'GARA CO ................................. 11
14,500 MASCOTECH, INC .................................. 157
25,233 MERITOR AUTOMOTIVE, INC ......................... 278
6,033 MIDAS, INC ...................................... 121
7,400 * MILLER INDUSTRIES, INC .......................... 13
7,500 MODINE MANUFACTURING CO ......................... 203
6,500 * MONACO COACH CORP ............................... 89
5,460 * NATIONAL AUTO CREDIT, INC ....................... 5
2,500 * NATIONAL R.V. HOLDINGS, INC ..................... 26
23,400 * NAVISTAR INTERNATIONAL CORP ..................... 727
14,600 * OREILLY AUTOMOTIVE, INC ......................... 203
5,200 OSHKOSH TRUCK CORP .............................. 186
26,600 PACCAR, INC ..................................... 1,056
17,838 PEP BOYS MANNY, MOE, & JACK CO .................. 107
7,700 REGAL-BELOIT CORP ............................... 124
17,700 ROLLINS TRUCK LEASING CORP ...................... 123
22,800 RYDER SYSTEM, INC ............................... 432
6,300 SIMPSON INDUSTRIES, INC ......................... 47
8,850 SMITH (A.O.) CORP ............................... 185
11,487 * SPX CORP ........................................ 1,389
2,800 STANDARD MOTOR PRODUCTS, INC (CLASS A) .......... 24
4,400 * STONERIDGE, INC ................................. 39
7,200 SUPERIOR INDUSTRIES INTERNATIONAL, INC .......... 185
7,800 * TBC CORP ........................................ 36
11,306 TENNECO AUTOMOTIVE, INC ......................... 59
2,500 THOR INDUSTRIES, INC ............................ 53
1,675 TRANSPRO, INC ................................... 8
37,900 TRW, INC ........................................ 1,644
4,200 * UNITED AUTO GROUP, INC .......................... 38
54,904 * VISTEON CORP .................................... 666
7,700 WABASH NATIONAL CORP ............................ 92
2,500 * WEST MARINE, INC ................................ 17
4,700 WINNEBAGO INDUSTRIES, INC ....................... 61
3,086 WYNNS INTERNATIONAL, INC ........................ 70
----------
78,963
----------
RAILROADS--0.32%
5,400 * ABC-NACO, INC ................................... 43
167,725 BURLINGTON NORTHERN SANTA FE CORP ............... 3,847
80,552 CSX CORP ........................................ 1,707
11,100 FLORIDA EAST COAST INDUSTRIES, INC .............. 444
18,000 GATX CORP ....................................... 612
41,100 KANSAS CITY SOUTHERN INDUSTRIES, INC ............ 3,645
141,958 NORFOLK SOUTHERN CORP ........................... 2,112
14,400 TRINITY INDUSTRIES, INC ......................... 266
91,785 UNION PACIFIC CORP .............................. 3,413
15,254 WABTEC CORP ..................................... 158
18,600 * WISCONSIN CENTRAL TRANSIT CORP .................. 242
----------
16,489
----------
TRUCKING AND RELATED SERVICES--0.11%
9,700 * AMERICAN FREIGHTWAYS CORP ....................... 141
15,400 ARCTIC CAT, INC ................................. 183
6,500 ARNOLD INDUSTRIES, INC .......................... 78
15,400 C.H. ROBINSON WORLDWIDE, INC .................... 762
2,600 * CAREY INTERNATIONAL, INC ........................ 36
1,500 * CHEAP TICKETS, INC .............................. 18
3,800 CIRCLE INTERNATIONAL GROUP, INC ................. 95
15,727 CNF TRANSPORTATION, INC ......................... 358
10,950 * CONSOLIDATED FREIGHTWAYS CORP ................... 44
4,800 * COVENANT TRANSPORT, INC (CLASS A) ............... 38
17,600 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC ..... 836
5,200 * FORWARD AIR CORP ................................ 208
7,600 * FRITZ COS, INC .................................. 78
19,100 GALILEO INTERNATIONAL, INC ...................... 399
4,300 * HEARTLAND EXPRESS, INC .......................... 72
700 * HUB GROUP, INC (CLASS A) ........................ 10
6,200 HUNT (J.B.) TRANSPORT SERVICES, INC ............. 96
12,070 * IRON MOUNTAIN, INC .............................. 410
4,000 * LANDSTAR SYSTEM, INC ............................ 238
5,200 * M.S. CARRIERS, INC .............................. 92
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 47
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
TRUCKING AND RELATED SERVICES--(Continued)
52 * NAVIGANT INTERNATIONAL, INC ..................... $ 1
9,900 POLARIS INDUSTRIES, INC ......................... 317
6,400 ROADWAY EXPRESS, INC ............................ 150
15,475 * SWIFT TRANSPORTATION CO, INC .................... 217
10,000 * TRAVELOCITY.COM, INC ............................ 164
500 * U.S. XPRESS ENTERPRISES, INC (CLASS A) .......... 4
10,700 USFREIGHTWAYS CORP .............................. 263
13,375 WERNER ENTERPRISES, INC ......................... 155
9,200 * YELLOW CORP ..................................... 136
----------
5,599
----------
WATER TRANSPORTATION--0.04%
19,800 ALEXANDER & BALDWIN, INC ........................ 437
2,000 * AMERICAN CLASSIC VOYAGES CO ..................... 41
3,400 * GULFMARK OFFSHORE, INC .......................... 83
104 * HVIDE MARINE, INC WTS A 12/14/2003 .............. 0
8,800 * KIRBY CORP ...................................... 187
70 * MARINE TRANSPORT CORP ........................... 0
9,000 OVERSEAS SHIPHOLDING GROUP, INC ................. 222
7,200 * SEACOR SMIT, INC ................................ 279
19,827 TIDEWATER, INC .................................. 714
2,700 * TRICO MARINE SERVICES, INC ...................... 34
----------
1,997
----------
TOTAL TRANSPORTATION ............................ 156,047
----------
UTILITIES--11.50%
TELEPHONE--8.74%
300 @TRACK COMMUNICATIONS, INC ...................... 1
6,900 * ADELPHIA BUSINESS SOLUTIONS, INC ................ 160
13,300 * ADVANCED RADIO TELECOM CORP ..................... 195
39,800 * ALLEGIANCE TELECOM, INC ......................... 2,547
111,937 ALLTEL CORP ..................................... 6,933
33 * ARCH COMMUNICATIONS GROUP, INC .................. 0
8,987 * ARCH COMMUNICATIONS GROUP, INC WTS 09/01/03 ..... 8
1,166,316 AT & T CORP ..................................... 36,885
954,030 * AT & T CORP - LIBERTY MEDIA GROUP (CLASS A) ..... 23,135
696,958 BELLSOUTH CORP .................................. 29,708
78,932 BROADWING, INC .................................. 2,047
11,900 * CAPROCK COMMUNICATIONS CORP ..................... 232
51,425 CENTURYTEL, INC ................................. 1,478
4,300 CFW COMMUNICATIONS CO ........................... 161
6,300 * COM21, INC ...................................... 158
3,366 * COMMONWEALTH TELEPHONE ENTERPRISES,INC .......... 158
7,444 COMSAT CORP ..................................... 175
50,150 * COVAD COMMUNICATIONS GROUP, INC ................. 809
32,900 * CROWN CASTLE INTERNATIONAL CORP ................. 1,201
6,300 CT COMMUNICATIONS, INC .......................... 179
18,500 * E.SPIRE COMMUNICATIONS, INC ..................... 125
3,100 * ELECTRIC LIGHTWAVE, INC (CLASS A) ............... 58
152,800 * EXODUS COMMUNICATIONS, INC ...................... 7,038
8,500 * GENERAL COMMUNICATION, INC (CLASS A) ............ 44
16,334 * GLOBAL CROSSING LTD ............................. 430
71,700 GLOBAL TELESYSTEMS, INC ......................... 865
356,883 GTE CORP ........................................ 22,216
17,149 * ICG COMMUNICATIONS, INC ......................... 378
7,400 * IDT CORP ........................................ 251
18,000 * INTERMEDIA COMMUNICATIONS, INC .................. 536
9,400 * INTERNATIONAL FIBERCOM, INC ..................... 240
5,200 * INTRAWARE, INC .................................. 84
17,600 * ITC DELTACOM, INC ............................... 393
1,100 * LATITUDE COMMUNICATIONS, INC .................... 12
3,200 * LAUNCH MEDIA, INC ............................... 30
9,250 * LEAP WIRELESS INTERNATIONAL, INC ................ 435
106,100 * LEVEL 3 COMMUNICATIONS, INC ..................... 9,337
17,300 * LIBERTY DIGITAL, INC (CLASS A) .................. 519
1,195,930 LUCENT TECHNOLOGIES, INC ........................ 70,859
149,900 * MCLEODUSA, INC (CLASS A) ........................ 3,101
235,900 * MEDIA ONE GROUP, INC ............................ 15,717
80,544 * METROMEDIA FIBER NETWORK, INC(CLASS A) .......... 3,197
8,800 * MGC COMMUNICATIONS, INC ......................... 527
7,900 * MOTIENT CORP .................................... 124
136,700 * NEXTEL COMMUNICATIONS, INC (CLASS A) ............ 8,364
125,635 * NEXTLINK COMMUNICATIONS, INC .................... 4,766
3,400 NORTH PITTSBURGH SYSTEMS, INC ................... 50
1,800 * NORTHEAST OPTIC NETWORK, INC .................... 111
5,500 * NORTHPOINT COMMUNICATIONS GROUP, INC ............ 62
52,265 * NTL, INC ........................................ 3,129
5,370 * PACIFIC GATEWAY EXCHANGE, INC ................... 18
34,000 * PAGING NETWORK, INC ............................. 24
9,500 * POWERTEL, INC ................................... 674
10,400 * PRIMUS TELECOMMUNICATIONS GROUP, INC ............ 259
21,400 * PTEK HOLDINGS, INC .............................. 70
45,078 * QWEST COMMUNICATIONS INTERNATIONAL , INC ........ 2,240
16,400 * RCN CORP ........................................ 416
22,800 * RHYTHMS NETCONNECTIONS, INC ..................... 286
1,259,845 SBC COMMUNICATIONS, INC ......................... 54,454
1,000 * SMARTALK TELESERVICES, INC ...................... 0
255,532 SPRINT CORP (FON GROUP) ......................... 13,032
175,266 * SPRINT CORP (PCS GROUP) ......................... 10,428
16,900 * STAR TELECOMMUNICATIONS, INC .................... 43
14,885 * TALK.COM, INC ................................... 87
20,103 TELEPHONE & DATA SYSTEMS, INC ................... 2,015
8,900 * TELIGENT, INC ................................... 210
7,000 * TIME WARNER TELECOM, INC ........................ 451
6,000 * U.S. CELLULAR CORP .............................. 378
4,000 * U.S. LEC CORP (CLASS A) ......................... 68
187,661 U.S. WEST, INC .................................. 16,092
572,596 VERIZON COMMUNICATION ........................... 29,095
4,846 * VIATEL, INC ..................................... 138
65,250 * VOICESTREAM WIRELESS CORP ....................... 7,588
16,800 * WESTERN WIRELESS CORP (CLASS A) ................. 916
31,200 * WINSTAR COMMUNICATIONS, INC ..................... 1,057
1,061,950 * WORLDCOM, INC ................................... 48,717
4,000 * WORLDGATE COMMUNICATIONS, INC ................... 71
4,200 * WORLDPAGES.COM, INC ............................. 25
----------
448,020
----------
ELECTRIC, GAS AND OTHER--2.76%
107,000 * AES CORP ........................................ 4,882
20,800 AGL RESOURCES, INC .............................. 332
41,770 ALLEGHENY ENERGY, INC ........................... 1,143
28,634 ALLIANT ENERGY CORP ............................. 744
70,715 * ALLIED WASTE INDUSTRIES, INC .................... 707
50,113 AMEREN CORP ..................................... 1,691
116,742 AMERICAN ELECTRIC POWER CO, INC ................. 3,458
2,500 AMERICAN STATES WATER CO ........................ 74
35,309 AMERICAN WATER WORKS CO, INC .................... 883
11,360 ATMOS ENERGY CORP ............................... 199
16,900 AVISTA CORP ..................................... 295
7,228 BLACK HILLS CORP ................................ 163
4,207 CALIFORNIA WATER SERVICE GROUP .................. 102
46,248 * CALPINE CORP .................................... 3,041
3,000 CASCADE NATURAL GAS CORP ........................ 50
5,000 * CASELLA WASTE SYSTEMS, INC (CLASS A) ............ 54
6,200 CH ENERGY GROUP, INC ............................ 210
54,023 CINERGY CORP .................................... 1,374
95,926 * CITIZENS COMMUNICATIONS CO ...................... 1,655
8,300 CLECO CORP ...................................... 278
28,080 CMP GROUP, INC .................................. 823
39,300 CMS ENERGY CORP ................................. 870
66,200 COASTAL CORP .................................... 4,030
26,891 COLUMBIA ENERGY GROUP ........................... 1,765
23,325 CONECTIV, INC ................................... 363
SEE NOTES TO FINANCIAL STATEMENTS
48 o 2000 CREF Semi-Annual Report
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
SHARES VALUE (000)
------ -----------
ELECTRIC, GAS AND OTHER--(Continued)
4,287 CONECTIV, INC (CLASS A) ......................... $ 104
79,919 CONSOLIDATED EDISON INC ......................... 2,368
54,879 CONSTELLATION ENERGY GROUP ...................... 1,787
58,108 CP&L ENERGY, INC ................................ 1,856
3,030 CTG RESOURCES, INC .............................. 111
87,448 DOMINION RESOURCES, INC ......................... 3,749
56,578 DPL, INC ........................................ 1,241
26,500 DQE, INC ........................................ 1,047
51,893 DTE ENERGY CO ................................... 1,586
135,451 DUKE ENERGY CORP ................................ 7,636
46,255 DYNEGY, INC ..................................... 3,160
9,900 EASTERN ENTERPRISES CO .......................... 624
126,300 EDISON INTERNATIONAL CO ......................... 2,589
20,508 * EL PASO ELECTRIC CO ............................. 229
75,422 EL PASO ENERGY CORP ............................. 3,842
5,700 EMPIRE DISTRICT ELECTRIC CO ..................... 126
9,086 ENERGEN CORP .................................... 198
47,308 ENERGY EAST CORP ................................ 902
87,453 ENTERGY CORP .................................... 2,378
12,100 EQUITABLE RESOURCES, INC ........................ 584
2,300 ETOWN CORP ...................................... 153
85,336 FIRSTENERGY CORP ................................ 1,995
33,600 FLORIDA PROGRESS CORP ........................... 1,575
65,200 FPL GROUP, INC .................................. 3,227
44,521 GPU, INC ........................................ 1,205
11,800 HAWAIIAN ELECTRIC INDUSTRIES, INC ............... 387
13,800 IDACORP, INC .................................... 445
28,100 IPALCO ENTERPRISES, INC ......................... 566
23,700 KANSAS CITY POWER & LIGHT CO .................... 533
49,104 KEYSPAN CORP .................................... 1,510
37,400 KINDER MORGAN, INC .............................. 1,293
6,800 LACLEDE GAS CO .................................. 131
47,305 LOUISVILLE GAS & ELECTRIC ENERGY CORP ........... 1,129
4,700 MADISON GAS & ELECTRIC CO ....................... 93
30,700 MCN ENERGY GROUP, INC ........................... 656
20,750 MDU RESOURCES GROUP, INC ........................ 449
27,800 MINNESOTA POWER, INC ............................ 481
3,800 b* MOLTEN METAL TECHNOLOGY, INC ................. 0
38,700 MONTANA POWER CO ................................ 1,367
14,200 NATIONAL FUEL GAS CO ............................ 692
42,585 NEW CENTURY ENERGIES, INC ....................... 1,278
7,300 NEW JERSEY RESOURCES CORP ....................... 278
24,900 * NEWPARK RESOURCES, INC .......................... 235
68,700 * NIAGARA MOHAWK HOLDINGS, INC .................... 958
17,000 NICOR, INC ...................................... 555
44,600 NISOURCE, INC ................................... 831
55,000 NORTHEAST UTILITIES CO .......................... 1,196
55,900 NORTHERN STATES POWER CO ........................ 1,128
10,400 NORTHWEST NATURAL GAS CO ........................ 233
8,000 NORTHWESTERN CORP ............................... 185
24,889 NSTAR ........................................... 1,013
4,200 NUI CORP ........................................ 113
18,700 OGDEN CORP ...................................... 168
28,300 OGE ENERGY CORP ................................. 524
11,480 ONEOK, INC ...................................... 298
7,900 OTTER TAIL POWER CO ............................. 166
67,500 PECO ENERGY CO .................................. 2,721
12,900 PEOPLES ENERGY CORP ............................. 418
137,265 PG&E CORP ....................................... 3,380
12,930 PHILADELPHIA SUBURBAN CORP ...................... 265
11,298 PIEDMONT NATURAL GAS CO, INC .................... 300
31,000 PINNACLE WEST CAPITAL CORP ...................... 1,050
43,200 POTOMAC ELECTRIC POWER CO ....................... 1,080
52,532 PPL CORP ........................................ 1,152
13,200 PUBLIC SERVICE CO OF NEW MEXICO ................. 204
79,723 PUBLIC SERVICE ENTERPRISE GROUP, INC ............ 2,760
30,940 PUGET SOUND ENERGY, INC ......................... 659
29,300 QUESTAR CORP .................................... 568
92,249 RELIANT ENERGY, INC ............................. 2,727
23,200 * REPUBLIC SERVICES, INC (CLASS A) ................ 371
13,300 RGS ENERGY GROUP, INC ........................... 296
38,600 SCANA CORP ...................................... 931
6,300 SEMCO ENERGY, INC ............................... 82
73,741 SEMPRA ENERGY ................................... 1,254
28,729 SIERRA PACIFIC RESOURCES (NEW) .................. 361
600 SJW CORP ........................................ 71
2,400 SOUTH JERSEY INDUSTRIES, INC .................... 62
242,415 SOUTHERN CO ..................................... 5,651
13,506 * SOUTHERN UNION CO ............................... 214
10,400 SOUTHWEST GAS CORP .............................. 182
17,200 SOUTHWESTERN ENERGY CO .......................... 108
5,200 * STERICYCLE, INC ................................. 125
46,400 TECO ENERGY, INC ................................ 931
96,582 TXU CORP ........................................ 2,849
8,000 * U.S. LIQUIDS, INC ............................... 44
11,010 UGI CORP ........................................ 226
79,800 UNICOM CORP ..................................... 3,087
12,640 UNISOURCE ENERGY CORP ........................... 190
5,600 UNITED ILLUMINATING CO .......................... 245
10,100 UNITED WATER RESOURCES, INC ..................... 352
34,846 UTILICORP UNITED, INC ........................... 693
22,230 VECTREN CORP .................................... 383
16,900 WASHINGTON GAS LIGHT CO ......................... 407
5,000 * WASTE CONNECTIONS, INC .......................... 99
228,891 WASTE MANAGEMENT, INC ........................... 4,349
31,000 * WASTEMASTERS, INC ............................... 9
5,400 WESTERN GAS RESOURCES, INC ...................... 113
23,900 WESTERN RESOURCES, INC .......................... 370
162,716 WILLIAMS COS, INC ............................... 6,782
44,200 WISCONSIN ENERGY CORP ........................... 876
9,700 WPS RESOURCES CORP .............................. 292
----------
141,638
----------
TOTAL UTILITIES ................................. 589,658
----------
TOTAL COMMON STOCK
(COST $3,352,117) ............................... 5,020,379
----------
PRINCIPAL
------------
SHORT TERM INVESTMENTS--1.89%
U.S. GOVERNMENT AND AGENCIES--1.89%
FEDERAL HOME LOAN BANK (FHLB)
$20,000,000 6.500%, 07/03/00 ................................ 19,989
4,575,000 6.480%, 07/06/00 ................................ 4,570
18,560,000 d 6.430%, 07/07/00 ................................ 18,536
FEDERAL HOME LOAN MORTGAGE CORP (FHLMC)
25,350,000 d 6.400%, 07/05/00 ................................ 25,328
10,000,000 d 6.410%, 07/18/00 ................................ 9,968
17,520,000 d 6.415%, 07/18/00 ................................ 17,463
1,125,000 6.440%, 08/02/00 ................................ 1,118
------------
96,972
------------
TOTAL SHORT TERM INVESTMENTS
(COST $96,991) ................................ 96,972
------------
TOTAL PORTFOLIO--99.81%
(COST $3,449,562) ............................. 5,117,823
OTHER ASSETS & LIABILITIES, NET--0.19% .......... 9,845
------------
NET ASSETS--100.00% ......................... $5,127,668
============
SEE NOTES TO FINANCIAL STATEMENTS
2000 CREF Semi-Annual Report o 49
<PAGE>
Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000
--------------------------------------------------------------------------------
----------
* Non-income producing
b In bankruptcy
d All or a portion of these securities have been segregated by the Custodian to
cover margin or other requirements on open future contracts.
e All or a portion of this security is out on loan.
f Restricted securities-Investment in securities not registered under the
Securities Act of 1933 or not publicly traded on foreign markets. At June 30,
2000, 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 NETWORKS, INC 01/22/96 $75,341
PROCURENET, INC 04/19/99 973
-------
$76,314
=======
SEE NOTES TO FINANCIAL STATEMENTS
50 o 2000 CREF Semi-Annual Report
<PAGE>
Statements of Assets and Liabilities (Unaudited)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
June 30, 2000 Money Inflation- Bond Social Equity
(amounts in thousands, except per Market Linked Market Choice Index
accumulation unit amounts) Account Bond Account Account Account Account
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS
Portfolio investments, at cost $6,617,611 $ 242,319 $3,828,108 $3,550,470 $3,449,562
Net unrealized appreciation (depreciation)
of portfolio investments (1,633) (808) (14,092) 1,187,406 1,668,261
---------- ---------- ---------- ---------- ----------
Portfolio investments, at value 6,615,978 241,511 3,814,016 4,737,876 5,117,823
Cash 5,634 1,048 -- 4,187 551
Dividends and interest receivable 13,661 3,513 33,465 20,682 3,939
Receivable from securities transactions 3 -- 205,587 61,809 507
Amounts due from TIAA 6,433 178 2,311 3,883 5,674
Other 1,054 52 246 788 699
---------- ---------- ---------- ---------- ----------
TOTAL ASSETS 6,642,763 246,302 4,055,625 4,829,225 5,129,193
---------- ---------- ---------- ---------- ----------
LIABILITIES
Deposits for securities loaned -- -- 322,093 109,532 1,050
Amounts due to banks -- -- 4,500 -- --
Payable for securities transactions 36,979 1,044 939,430 514,036 475
Amounts due to TIAA -- -- -- -- --
---------- ---------- ---------- ---------- ----------
TOTAL LIABILITIES 36,979 1,044 1,266,023 623,568 1,525
---------- ---------- ---------- ---------- ----------
NET ASSETS
Accumulation Fund 6,381,124 233,382 2,726,207 4,042,952 4,965,240
Annuity Fund 224,660 11,876 63,395 162,705 162,428
---------- ---------- ---------- ---------- ----------
TOTAL NET ASSETS $6,605,784 $ 245,258 $2,789,602 $4,205,657 $5,127,668
========== ========== ========== ========== ==========
THOUSANDS OF ACCUMULATION
UNITS OUTSTANDING--NOTES 5 AND 6 321,730 7,929 50,693 41,196 58,494
========== ========== ========== ========== ==========
NET ASSET VALUE, PER ACCUMULATION UNIT--NOTE 5 $ 19.83 $ 29.43 $ 53.78 $ 98.14 $ 84.89
========== ========== ========== ========== ==========
See Notes to Financial Statements
-----------------------------------------------------------------------------------------------------------------------------------
Statements of Operations (Unaudited)
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Money Inflation- Bond Social Equity
Six Months Ended June 30, 2000 Market Linked Market Choice Index
(amounts in thousands) Account Bond Account Account Account Account
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest $ 204,324 $ 6,944 $ 93,464 $ 52,510 $ 2,831
Dividends -- -- -- 14,318 28,326
---------- ---------- ---------- ---------- ----------
TOTAL INCOME 204,324 6,944 93,464 66,828 31,157
---------- ---------- ---------- ---------- ----------
Expenses--Note 3:
Investment 1,784 44 1,520 1,288 1,235
Operating 7,605 208 3,150 4,646 5,645
---------- ---------- ---------- ---------- ----------
TOTAL EXPENSES 9,389 252 4,670 5,934 6,880
---------- ---------- ---------- ---------- ----------
INVESTMENT INCOME--NET 194,935 6,692 88,794 60,894 24,277
---------- ---------- ---------- ---------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
TOTAL INVESTMENTS--NOTE 4
Net realized gain (loss) on:
Portfolio investments (65) (63) (42,880) 85,290 34,886
Futures transactions -- -- -- -- 481
---------- ---------- ---------- ---------- ----------
NET REALIZED GAIN (LOSS) (65) (63) (42,880) 85,290 35,367
---------- ---------- ---------- ---------- ----------
Net change in unrealized appreciation
(depreciation) on:
Portfolio investments (280) 4,569 57,967 (54,908) (15,514)
Futures transactions -- -- -- -- (4,689)
---------- ---------- ---------- ---------- ----------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) (280) 4,569 57,967 (54,908) (20,203)
---------- ---------- ---------- ---------- ----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON TOTAL INVESTMENTS (345) 4,506 15,087 30,382 15,164
---------- ---------- ---------- ---------- ----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 194,590 $ 11,198 $ 103,881 $ 91,276 $ 39,441
========== ========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements
2000 CREF Semi-Annual Report o 51
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
(amounts in Money Market Inflation-Linked Bond Bond Market Social Choice Equity Index
thousands) Account Account Account Account Account
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Six Months Year Six Months Year Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended
June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999 2000 1999 2000 1999
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS
Investment
income--net $ 194,935 $ 314,441 $ 6,692 $ 8,416 $ 88,794 $ 183,398 $ 60,894 $ 108,021 $ 24,277 $ 44,087
Net realized
gain (loss)
on total
investments (65) (66) (63) (1,115) (42,880) (128,310) 85,290 48,121 35,367 78,144
Net change in
unrealized
appreciation
(deprecia-
tion) on
total
investments (280) (1,516) 4,569 (4,303) 57,967 (90,945) (54,908) 232,654 (20,203) 697,350
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
NET INCREASE
(DECREASE)
IN NET
ASSETS
RESULTING
FROM
OPERATIONS 194,590 312,859 11,198 2,998 103,881 (35,857) 91,276 388,796 39,441 819,581
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
FROM
PARTICIPANT
TRANSACTIONS
Premiums 267,877 543,321 12,363 18,319 108,035 244,985 200,697 425,340 298,554 564,292
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Disbursements
and transfers:
Seed money
withdrawn -- -- -- 54,990 -- -- -- -- -- --
Net transfers
to (from)
TIAA 122,668 122,638 714 225 34,228 49,715 4,982 (2,162) (31,538) (51,726)
Net transfers
to (from)
other CREF
Accounts 475,433 (912,804) (83,688) (37,581) 232,146 199,767 153,017 (54,777) 150,816 (206,151)
Annuity
payments 21,025 40,863 561 786 6,382 12,322 8,909 15,279 9,041 15,675
Withdrawals
and death
benefits 289,800 469,305 1,786 3,651 54,840 97,945 46,369 71,842 66,710 93,355
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL
DISBURSE-
MENTS AND
TRANSFERS,
NET 908,926 (279,998) (80,627) 22,071 327,596 359,749 213,277 30,182 195,029 (148,847)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
NET INCREASE
(DECREASE)
IN NET
ASSETS
RESULTING
FROM
PARTICIPANT
TRANSAC-
TIONS (641,049) 823,319 92,990 (3,752) (219,561) (114,764) (12,580) 395,158 103,525 713,139
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
NET INCREASE
(DECREASE)
IN NET
ASSETS (446,459) 1,136,178 104,188 (754) (115,680) (150,621) 78,696 783,954 142,966 1,532,720
NET ASSETS
Beginning
of year 7,052,243 5,916,065 141,070 141,824 2,905,282 3,055,903 4,126,961 3,343,007 4,984,702 3,451,982
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
End of
period $6,605,784 $7,052,243 $ 245,258 $ 141,070 $2,789,602 $2,905,282 $4,205,657 $4,126,961 $5,127,668 $4,984,702
========== ========== ========== ========== ========== ========== ========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements
--------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited)
NOTE 1--ORGANIZATION
--------------------------------------------------------------------------------
College Retirement Equities Fund ("CREF") was formed to aid and strengthen
nonprofit educational and research organizations by providing their employees
with variable retirement benefits. CREF is registered with the Securities and
Exchange Commission ("Commission") under the Investment Company Act of 1940
as an open-end, diversified management investment company. It consists of
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, are
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, which is
registered with the Commission as a broker-dealer and is a member of the
National Association of
52 o 2000 CREF Semi-Annual Report
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
--------------------------------------------------------------------------------
NOTE 1--ORGANIZATION(CONCLUDED)
--------------------------------------------------------------------------------
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.
2000 CREF Semi-Annual Report o 53
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
--------------------------------------------------------------------------------
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES (CONCLUDED)
--------------------------------------------------------------------------------
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 that 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 June 30, 2000, the market value of securities loaned and collateral
received in connection therewith was comprised as follows:
--------------------------------------------------------------------------------
Bond Market Social Choice Equity Index
Account Account Account
--------------------------------------------------------------------------------
Market value of
securities loaned $308,637,962 $105,303,080 $ 978,000
Cash collateral 322,093,037 109,532,096 1,050,000
At June 30, 2000, 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 $ 118,387 $ 1,751,448 $ (1,633,061)
Inflation-Linked
Bond Account 690,196 1,498,198 (808,002)
Bond Market Account 20,194,103 34,285,989 (14,091,886)
Social Choice Account 1,294,700,435 107,294,084 1,187,406,351
Equity Index Account 1,994,854,154 326,593,370 1,668,260,784
At June 30, 2000 the Equity Index Account held 160 open futures contracts in
the Standard & Poor's 500 Index, expiring in September 2000, with a value of
$58,724,000 and an unrealized loss of $1,181,294.
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 six months ended
June 30, 2000, were as follows:
--------------------------------------------------------------------------------
Inflation-Linked Bond Market
Bond Account Account
--------------------------------------------------------------------------------
Purchases $113,991,216 $5,550,585,269
Sales $ 11,648,420 $5,688,833,515
--------------------------------------------------------------------------------
Social Choice Equity Index
Account Account
--------------------------------------------------------------------------------
Purchases $2,565,228,666 $363,150,714
Sales $2,513,317,447 $194,866,429
54 o 2000 CREF Semi-Annual Report
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
--------------------------------------------------------------------------------
NOTE 5--CONDENSED FINANCIAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------
Selected condensed financial information for an Accumulation Unit of each
Account is presented below.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Six Months For the Years Ended December 31,
Ended -------------------------------------------------------------
June 30, 2000 (1) 1999 1998 1997 1996 1995
---------------- ------- ------- ------- ------- -------
(Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MONEY MARKET ACCOUNT
Per Accumulation Unit Data:
Investment income $ .597 $ .976 $ .998 $ .953 $ .880 $ .910
Expenses .027 .057 .054 .046 .049 .048
------- ------- ------- ------- ------- -------
Investment income-net .570 .919 .944 .907 .831 .862
Net realized and unrealized gain (loss)
on total investments (.001) (.005) .005 .001 (.003) .009
------- ------- ------- ------- ------- -------
Net increase in
Accumulation Unit Value .569 .914 .949 .908 .828 .871
Accumulation Unit Value:
Beginning of year $19.265 18.351 17.402 16.494 15.666 14.795
------- ------- ------- ------- ------- -------
End of period $19.834 $19.265 $18.351 $17.402 $16.494 $15.666
======= ======= ======= ======= ======= =======
Total return 2.95% 4.98% 5.45% 5.51% 5.28% 5.88%
Ratios to Average Net Assets:
Expenses 0.14% 0.30% 0.30% 0.27% 0.30% 0.32%
Investment income-net 2.91% 4.90% 5.27% 5.35% 5.16% 5.64%
Portfolio turnover rate n/a n/a n/a n/a n/a n/a
Thousands of Accumulation Units
outstanding at end of period 321,730 354,754 312,358 233,116 218,292 193,181
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
for the Years Ended January 13, 1997
Six Months December 31, (Date Established)
Ended --------------------- to December 31,
June 30, 2000 (1) 1999 1998 1997 (1)
---------------- ------- ------- -------
(Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INFLATION-LINKED BOND ACCOUNT
Per Accumulation Unit Data:
Investment income $ 1.056 $ 1.730 $ 1.256 $ 1.031
Expenses .039 .099 .086 .067
------- ------- ------- -------
Investment income-net 1.017 1.631 1.170 .964
Net realized and unrealized gain (loss)
on total investments .821 (1.062) (.260) .154
------- ------- ------- -------
Net increase in
Accumulation Unit Value 1.838 .569 .910 1.118
Accumulation Unit Value:
Beginning of period $27.597 27.028 26.118 25.000
------- ------- ------- -------
End of period $29.435 $27.597 $27.028 $26.118
======= ======= ======= =======
Total return 6.66% 2.10% 3.48% 4.47%
Ratios to Average Net Assets:
Expenses 0.14% 0.36% 0.33% 0.25%
Investment income-net 3.71% 5.99% 4.50% 3.60%
Portfolio turnover rate 27.14% 54.35% 40.98% 63.56%
Thousands of Accumulation Units
outstanding at end of period 7,929 4,757 5,112 3,626
</TABLE>
(1) THE PERCENTAGES SHOWN FOR THIS PERIOD ARE NOT ANNUALIZED.
2000 CREF Semi-Annual Report o 55
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONCLUDED)
--------------------------------------------------------------------------------
NOTE 5--CONDENSED FINANCIAL INFORMATION (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Six Months For the Years Ended December 31,
Ended -------------------------------------------------------------
June 30, 2000 (1) 1999 1998 1997 1996 1995
---------------- ------- ------- ------- ------- -------
(Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
BOND MARKET ACCOUNT
Per Accumulation Unit Data:
Investment income $ 1.764 $ 3.289 $ 3.156 $ 3.081 $ 3.039 $ 2.863
Expenses .088 .166 .158 .134 .126 .123
------- ------- ------- ------- ------- -------
Investment income-net 1.676 3.123 2.998 2.947 2.913 2.740
Net realized and unrealized gain (loss)
on total investments .328 (3.711) 1.150 1.266 (1.600) 3.722
------- ------- ------- ------- ------- -------
Net increase (decrease) in
Accumulation Unit Value 2.004 (.588) 4.148 4.213 1.313 6.462
Accumulation Unit Value:
Beginning of year 51.775 52.363 48.215 44.002 42.689 36.227
------- ------- ------- ------- ------- -------
End of period 53.779 51.775 $52.363 $48.215 $44.002 $42.689
======= ======= ======= ======= ======= =======
Total return 3.87% (1.12%) 8.60% 9.57% 3.08% 17.84%
Ratios to Average Net Assets:
Expenses 0.17% 0.32% 0.32% 0.29% 0.30% 0.31%
Investment income-net 3.21% 6.03% 5.98% 6.44% 6.86% 6.93%
Portfolio turnover rate 501.86% 656.58% 525.32% 398.77% 145.27% 185.11%
Thousands of Accumulation Units
outstanding at end of period 50,693 54,918 57,481 31,654 22,611 19,522
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Six Months For the Years Ended December 31,
Ended -------------------------------------------------------------
June 30, 2000 (1) 1999 1998 1997 1996 1995
---------------- ------- ------- ------- ------- -------
(Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SOCIAL CHOICE ACCOUNT
Per Accumulation Unit Data:
Investment income $ 1.562 $ 2.898 $ 2.679 $ 2.396 $ 2.068 $ 1.832
Expenses .139 .293 .249 .193 .158 .144
------- ------- ------- ------- ------- -------
Investment income-net 1.423 2.605 2.430 2.203 1.910 1.688
Net realized and unrealized gain
on total investments .754 6.752 11.159 12.223 5.968 9.863
------- ------- ------- ------- ------- -------
Net increase in
Accumulation Unit Value 2.177 9.357 13.589 14.426 7.878 11.551
Accumulation Unit Value:
Beginning of year $95.962 86.605 73.016 58.590 50.712 39.161
------- ------- ------- ------- ------- -------
End of period $98.139 $95.962 $86.605 $73.016 $58.590 $50.712
======= ======= ======= ======= ======= =======
Total Return 2.27% 10.80% 18.61% 24.62% 15.53% 29.49%
Ratios to Average Net Assets:
Expenses 0.15% 0.32% 0.31% 0.30% 0.30% 0.32%
Investment income-net 1.49% 2.88% 3.07% 3.37% 3.58% 3.75%
Portfolio turnover rate 147.33% 206.44% 147.90% 91.87% 40.93% 52.65%
Thousands of Accumulation Units
outstanding at end of period 41,196 41,355 37,211 30,554 25,841 22,196
</TABLE>
(1) The percentages shown for this period are not annualized.
56 o 2000 CREF Semi-Annual Report
<PAGE>
NOTE 5--CONDENSED FINANCIAL INFORMATION (CONCLUDED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Six Months For the Years Ended December 31,
Ended -------------------------------------------------------------
June 30, 2000 (1) 1999 1998 1997 1996 1995
---------------- ------- ------- ------- ------- -------
(Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
EQUITY INDEX ACCOUNT
Per Accumulation Unit Data:
Investment income $ .524 $ 1.012 $ .953 $ .826 $ .773 $ .755
Expenses .116 .225 .190 .141 .106 .100
------- ------- ------- ------- ------- -------
Investment income-net .408 .787 .763 .685 .667 .655
Net realized and unrealized gain
on total investments .214 13.733 12.789 12.672 6.936 8.703
------- ------- ------- ------- ------- -------
Net increase in
Accumulation Unit Value .622 14.520 13.552 13.357 7.603 9.358
Accumulation Unit Value:
Beginning of year $84.263 69.743 56.191 42.834 35.231 25.873
------- ------- ------- ------- ------- -------
End of period $84.885 $84.263 $69.743 $56.191 $42.834 $35.231
======= ======= ======= ======= ======= =======
Total return 0.74% 20.82% 24.12% 31.18% 21.58% 36.17%
Ratios to Average Net Assets:
Expenses 0.14% 0.30% 0.31% 0.30% 0.30% 0.34%
Investment income-net 0.49% 1.05% 1.24% 1.47% 1.87% 2.22%
Portfolio turnover rate 7.92% 4.89% 3.98% 3.50% 7.85% 8.31%
Thousands of Accumulation Units
outstanding at end of period 58,494 57,249 47,997 35,368 20,725 10,911
</TABLE>
(1) THE PERCENTAGES SHOWN FOR THIS PERIOD ARE NOT ANNUALIZED.
NOTE 6-ACCUMULATION UNITS
--------------------------------------------------------------------------------
Changes in the number of Accumulation Units outstanding were as follows:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Money Market Inflation-Linked Bond Bond Market
Account Account Account
--------------------------- ----------------------- ---------------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
June 30, December 31, June 30, December 31, June 30, December 31,
2000 1999 2000 1999 2000 1999
--------------------------- ----------------------- ----------------------------
(Unaudited) (Unaudited) (Unaudited)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Accumulation Units:
Credited for premiums 13,704,995 28,892,854 430,826 666,353 2,059,419 4,733,126
Credited (cancelled) for
transfers, disbursements and
amounts applied to the
Annuity Fund (46,728,979) 13,502,586 2,740,686 (1,020,975) (6,284,629) (7,295,377)
Outstanding:
Beginning of year 354,753,756 12,358,316 4,757,205 5,111,827 54,918,369 57,480,620
------------ ---------- --------- ---------- ----------- -----------
End of period 321,729,772 54,753,756 7,928,717 4,757,205 50,693,159 54,918,369
============ ========== ========= ========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Social Choice Equity Index
Account Account
------------------------- ------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
June 30, December 31, June 30, December 31,
2000 1999 2000 1999
------------------------- ------------------------
(Unaudited) (Unaudited)
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Accumulation Units:
Credited for premiums 2,096,473 4,704,406 3,565,599 7,530,295
Credited (cancelled) for
transfers, disbursements and
amounts applied to the
Annuity Fund (2,254,776) (561,018) (2,321,193) 1,722,141
Outstanding:
Beginning of year 41,354,693 37,211,305 57,249,316 47,996,880
---------- ---------- ---------- ----------
End of period 41,196,390 41,354,693 58,493,722 57,249,316
========== ========== ========== ==========
</TABLE>
2000 CREF Semi-Annual Report o 57
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONCLUDED)
--------------------------------------------------------------------------------
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 six months ended June 30, 2000, there were no
borrowings under this credit facility.
58 o 2000 CREF Semi-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.
Paul A. Volcker
FORMER CHAIRMAN, FEDERAL RESERVE BOARD, AND
FREDERICK H. SCHULTZ PROFESSOR OF INTERNATIONAL
ECONOMIC POLICY EMERITUS, PRINCETON UNIVERSITY
Clifton R. Wharton, Jr.
FORMER CHAIRMAN AND CHIEF EXECUTIVE OFFICER,
TIAA AND CREF
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, AND
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, AND
VICE CHAIRMAN, INTERLAKE STEAMSHIP COMPANY
William H. Waltrip
CHAIRMAN, TECHNOLOGY SOLUTIONS COMPANY
Rosalie J. Wolf
FORMER 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
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
* Also trustees of TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual
Funds
2000 SENIOR MANAGEMENT
--------------------------------------------------------------------------------
John H. Biggs
CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER
Martin L. Leibowitz
VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER
John J. McCormack
GROUP 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
Richard L. Gibbs
FINANCE AND PLANNING
Don Harrell
EXTERNAL AFFAIRS
Ira J. Hoch
SHARED SERVICES ADMINISTRATION
Matina S. Horner
HUMAN RESOURCES
Harry I. Klaristenfeld
CHIEF ACTUARY, TIAA AND CREF
Frances Nolan
RETIREMENT SERVICES ADMINISTRATION
Deanne J. Shallcross
MARKETING
David A. Shunk
CONSULTING SERVICES
John A. Somers
TIAA INVESTMENTS
Charles H. Stamm
LAW AND GENERAL COUNSEL
2000 CREF Semi-Annual Report o 59
<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
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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
statements and annual annuity benefits reports, receiving annuity payments,
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800 223-1200
8 A.M. TO 11 P.M. ET MONDAY - FRIDAY
For answers to questions about TIAA-CREF Mutual Funds, Personal Annuities,
Long-Term Care Insurance, and 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
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For hearing- or speech-impaired participants.
2000 CREF Semi-Annual Report o 61
<PAGE>
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