<PAGE> 1
SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
FINANCIAL STATEMENTS (UNAUDITED)
INCLUDING
STATEMENT OF INVESTMENTS
JUNE 30, 1998
As required by the Investment Company Act of 1940, TIAA Separate
Account VA-1 provides its contractowners with this semi-annual
report of its financial condition and portfolio holdings. An
annual report for TIAA Separate Account VA-1 is also provided each
year toward the end of February.
[TIAA LOGO]
<PAGE> 2
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
INDEX TO UNAUDITED FINANCIAL STATEMENTS
JUNE 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
Statement of Assets and Liabilities......................... 2
Statement of Operations..................................... 3
Statements of Changes in Net Assets......................... 4
Notes to Financial Statements............................... 5
Statement of Investments.................................... 7
</TABLE>
- 1 -
<PAGE> 3
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JUNE 30, 1998
(amounts in thousands, except per accumulation unit amount)
<TABLE>
<S> <C>
ASSETS
Investments, at cost...................................... $469,561
Net unrealized appreciation of investments................ 224,006
--------
Investments, at value..................................... 693,567
Cash...................................................... 61
Dividends and interest receivable......................... 710
Amounts due from General Account.......................... 6,798
Receivable from securities transactions................... 2
--------
TOTAL ASSETS 701,138
--------
LIABILITIES
Payable for securities transactions....................... 1,931
--------
TOTAL LIABILITIES 1,931
--------
NET ASSETS--Accumulation Fund............................... $699,207
========
NUMBER OF ACCUMULATION UNITS OUTSTANDING--Notes 5 and 6..... 11,081
======
NET ASSET VALUE, PER ACCUMULATION UNIT--Note 5.............. $63.10
======
</TABLE>
See notes to financial statements.
- 2 -
<PAGE> 4
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED JUNE 30, 1998
(amounts in thousands)
<TABLE>
<S> <C>
INVESTMENT INCOME
Income:
Dividends.............................................. $ 4,530
Interest............................................... 67
-------
TOTAL INCOME 4,597
-------
Expenses--Note 3:
Investment advisory charges............................ 931
Administrative expenses................................ 620
Mortality and expense risk charges..................... 310
-------
EXPENSES BEFORE WAIVER 1,861
Investment advisory charges waived--Note 3............. (713)
-------
NET EXPENSES 1,148
-------
INVESTMENT INCOME--NET 3,449
-------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS--Note 4
Net realized gain on investments....................... 1,654
Net change in unrealized appreciation on investments... 79,135
-------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 80,789
-------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $84,238
=======
</TABLE>
See notes to financial statements.
- 3 -
<PAGE> 5
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
(amounts in thousands)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1998 1997
----------- ------------
(UNAUDITED)
<S> <C> <C>
FROM OPERATIONS
Investment income--net................................... $ 3,449 $ 5,695
Net realized gain on investments......................... 1,654 7,108
Net change in unrealized appreciation on investments..... 79,135 96,189
-------- --------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 84,238 108,992
-------- --------
FROM CONTRACTOWNER TRANSACTIONS
Premiums................................................. 76,341 154,463
Net contractowner transfers from fixed account........... 5,882 9,216
Withdrawals.............................................. (8,409) (10,917)
Death benefits........................................... (2,576) (1,068)
-------- --------
NET INCREASE IN NET ASSETS RESULTING
FROM CONTRACTOWNER TRANSACTIONS 71,238 151,694
-------- --------
NET INCREASE IN NET ASSETS 155,476 260,686
NET ASSETS
Beginning of year........................................ 543,731 283,045
-------- --------
End of period............................................ $699,207 $543,731
======== ========
</TABLE>
See notes to financial statements.
- 4 -
<PAGE> 6
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--ORGANIZATION
TIAA Separate Account VA-1 ("VA-1") is a segregated investment account of
Teachers Insurance and Annuity Association of America ("TIAA") and was organized
on February 16, 1994 under the insurance laws of the State of New York for the
purpose of issuing and funding variable annuity contracts. VA-1 was registered
with the Securities and Exchange Commission ("Commission") effective November 1,
1994 as an open-end, diversified management investment company under the
Investment Company Act of 1940. Currently, VA-1 consists of a single investment
portfolio, the Stock Index Account ("Account"), which invests in a diversified
portfolio of equity securities selected to track the overall United States stock
market.
Teachers Advisors, Inc. ("Advisors"), an indirect subsidiary of TIAA, which is
registered with the Commission as an investment adviser, provides investment
advisory services for VA-1 pursuant to an Investment Management Agreement
between TIAA, Advisors and VA-1. TIAA provides all administrative services for
VA-1 pursuant to an Administrative Services Agreement with VA-1. The contracts
are distributed primarily by Teachers Personal Investors Services, Inc.
("TPIS"), also an indirect 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.
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
followed by the Account, which are in conformity with generally accepted
accounting principles.
VALUATION OF INVESTMENTS: Securities listed or traded on any United States
national securities exchange are valued at the last sales price as of the close
of the principal securities exchange on which such securities are traded or, if
there is no sale, at the mean of the last bid and asked prices on such exchange.
Securities traded only in the over-the-counter market and quoted in the NASDAQ
National Market System are valued at the last sales price, or at the mean of the
last bid and asked prices if no sale is reported. All other over-the-counter
securities are valued at the mean of the last bid and asked prices. Short-term
money market instruments are stated at market value. Portfolio securities for
which market quotations are not readily available are valued at fair value as
determined in good faith under the direction of and in accordance with the
responsibilities of the Management Committee of VA-1.
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. Realized gains and losses on security transactions are
accounted for on the average cost basis.
FEDERAL INCOME TAXES: Based on provisions of the Internal Revenue Code, no
federal taxes are attributable to the net investment experience of the Account.
NOTE 3--MANAGEMENT AGREEMENTS
Daily charges are deducted from the net assets of the Account for services
required to manage investments, administer the separate account and the
contracts, and to cover certain insurance risks borne by TIAA. The Investment
Management Agreement sets the investment advisory charge at an annual rate of
0.30% of the net assets of the Account. Currently, Advisors has agreed to waive
a portion of such fee, so that the daily deduction is equivalent to an annual
charge of 0.07% of the net assets of the Account. The Administrative Services
Agreement sets the administrative expense charge at an annual rate of 0.20% of
the net assets of the Account. TIAA also imposes a daily charge for bearing
certain mortality and expense risks in connection with the contracts equivalent
to an annual rate of 0.10% of the net assets of the Account.
NOTE 4--INVESTMENTS
At June 30, 1998, the net unrealized appreciation on investments was
$224,005,887, consisting of gross unrealized appreciation of $238,619,556 and
gross unrealized depreciation of $14,613,669.
Purchases and sales of securities, other than short-term money market
instruments, for the six months ended June 30, 1998, were $70,027,998 and
$2,449,658, respectively.
- 5 -
<PAGE> 7
TIAA SEPARATE ACCOUNT VA-1
STOCK INDEX ACCOUNT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)-(CONCLUDED)
NOTE 5--CONDENSED FINANCIAL INFORMATION
Selected condensed financial information for an Accumulation Unit of the Account
is presented below.
<TABLE>
<CAPTION>
OCTOBER 3,
SIX MONTHS 1994
ENDED YEARS ENDED DECEMBER 31, (DATE ESTABLISHED)
JUNE 30, --------------------------- TO DECEMBER 31,
1998(1) 1997 1996 1995 1994(1)
----------- ------- ------- ------- ------------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
Per Accumulation Unit Data:
Investment income..................... $ .440 $ .847 $ .807 $ .745 $ .206
Expenses.............................. .110 .182 .150 .170 .034
------- ------- ------- ------- -------
Investment income--net................ .330 .665 .657 .575 .172
Net realized and unrealized gain on
investments........................ 7.855 12.429 6.755 8.565 .099
------- ------- ------- ------- -------
Net increase in Accumulation Unit
Value.............................. 8.185 13.094 7.412 9.140 .271
Accumulation Unit Value:
Beginning of period................ 54.917 41.823 34.411 25.271 25.000
------- ------- ------- ------- -------
End of period...................... $63.102 $54.917 $41.823 $34.411 $25.271
======= ======= ======= ======= =======
Total return............................ 14.91% 31.31% 21.54% 36.17% 1.08%
Ratios to Average Net Assets:
Expenses (2).......................... 0.18% 0.37% 0.40% 0.55% 0.13%
Investment income--net................ 0.55% 1.36% 1.74% 1.87% 0.68%
Portfolio turnover rate................. 0.39% 2.39% 4.55% 0.98% 0.04%
Thousands of Accumulation Units
outstanding at end of period.......... 11,081 9,901 6,768 2,605 1,171
</TABLE>
(1) The percentages shown for this period are not annualized.
(2) Advisors has agreed to waive a portion of its investment advisory fee.
Without this waiver, the Account's expense ratio for the periods listed would
have been higher (see Note 3).
NOTE 6--ACCUMULATION UNITS
Changes in the number of Accumulation Units outstanding were as follows:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1998 1997
----------- ------------
(UNAUDITED)
<S> <C> <C>
Accumulation Units:
Credited for premiums..................................... 1,279,120 3,195,114
Credited (cancelled) for transfers and disbursements...... (99,597) (61,762)
Outstanding:
Beginning of year...................................... 9,901,048 6,767,696
---------- ---------
End of period.......................................... 11,080,571 9,901,048
========== =========
</TABLE>
- 6 -
<PAGE> 8
TIAA SEPARATE ACCOUNT VA-1
STATEMENT OF INVESTMENTS--STOCK INDEX ACCOUNT (UNAUDITED)
JUNE 30, 1998
SUMMARY BY INDUSTRY
(000)
<TABLE>
<CAPTION>
VALUE %
-------- --------
<S> <C> <C>
PREFERRED STOCK
INSTRUMENTS AND RELATED PRODUCTS... $ 0 0.00%
INSURANCE CARRIERS................. 29 0.00
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS......................... 96 0.01
-------- -----
TOTAL PREFERRED STOCK
(Cost $128)....................... 125 0.01
-------- -----
COMMON STOCK
AGRICULTURAL PRODUCTION-CROPS...... 887 0.13
AGRICULTURAL SERVICES.............. 46 0.01
AMUSEMENT AND RECREATION
SERVICES......................... 859 0.12
APPAREL AND ACCESSORY STORES....... 3,809 0.54
APPAREL AND OTHER TEXTILE
PRODUCTS......................... 1,386 0.20
AUTO REPAIR, SERVICES AND
PARKING.......................... 622 0.09
AUTOMOTIVE DEALERS AND SERVICE
STATIONS......................... 720 0.10
BUILDING MATERIALS AND GARDEN
SUPPLIES......................... 5,102 0.73
BUSINESS SERVICES.................. 38,263 5.47
CHEMICALS AND ALLIED PRODUCTS...... 89,635 12.82
COAL MINING........................ 74 0.01
COMMUNICATIONS..................... 60,996 8.72
DEPOSITORY INSTITUTIONS............ 64,517 9.23
EATING AND DRINKING PLACES......... 5,138 0.73
EDUCATIONAL SERVICES............... 329 0.05
ELECTRIC, GAS, AND SANITARY
SERVICES......................... 30,257 4.33
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT........................ 45,891 6.56
ENGINEERING AND MANAGEMENT
SERVICES......................... 719 0.10
FABRICATED METAL PRODUCTS.......... 8,989 1.29
FOOD AND KINDRED PRODUCTS.......... 33,098 4.73
FOOD STORES........................ 4,658 0.67
FURNITURE AND FIXTURES............. 1,004 0.14
FURNITURE AND HOMEFURNISHING
STORES........................... 1,284 0.18
GENERAL BUILDING CONTRACTORS....... 743 0.11
GENERAL MERCHANDISE STORES......... 14,689 2.10
HEALTH SERVICES.................... 6,708 0.96
HEAVY CONSTRUCTION, EXCEPT
BUILDING......................... 289 0.04
HOLDING AND OTHER INVESTMENT
OFFICES.......................... 8,878 1.27
HOTELS AND OTHER LODGING PLACES.... 3,331 0.48
INDUSTRIAL MACHINERY AND
EQUIPMENT........................ 42,239 6.04
INSTRUMENTS AND RELATED PRODUCTS... 15,926 2.28
INSURANCE AGENTS, BROKERS AND
SERVICE.......................... 2,111 0.30
</TABLE>
<TABLE>
<CAPTION>
VALUE %
-------- --------
<S> <C> <C>
INSURANCE CARRIERS................. $ 32,013 4.58%
LEATHER AND LEATHER PRODUCTS....... 339 0.05
LEGAL SERVICES..................... 60 0.01
LOCAL AND INTERURBAN PASSENGER
TRANSIT.......................... 181 0.03
LUMBER AND WOOD PRODUCTS........... 1,835 0.26
METAL MINING....................... 1,248 0.18
MISCELLANEOUS MANUFACTURING
INDUSTRIES....................... 4,326 0.62
MISCELLANEOUS RETAIL............... 7,420 1.06
MOTION PICTURES.................... 5,005 0.72
NONDEPOSITORY INSTITUTIONS......... 20,386 2.92
NONMETALLIC MINERALS, EXCEPT
FUELS............................ 498 0.07
OIL AND GAS EXTRACTION............. 27,921 3.99
PAPER AND ALLIED PRODUCTS.......... 6,348 0.91
PERSONAL SERVICES.................. 1,652 0.24
PETROLEUM AND COAL PRODUCTS........ 9,810 1.40
PRIMARY METAL INDUSTRIES........... 4,028 0.58
PRINTING AND PUBLISHING............ 8,983 1.28
RAILROAD TRANSPORTATION............ 3,571 0.51
REAL ESTATE........................ 743 0.11
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS......................... 5,593 0.80
SECURITY AND COMMODITY BROKERS..... 8,735 1.25
SOCIAL SERVICES.................... 98 0.01
SPECIAL TRADE CONTRACTORS.......... 164 0.02
STONE, CLAY, AND GLASS PRODUCTS.... 2,651 0.38
TEXTILE MILL PRODUCTS.............. 917 0.13
TOBACCO PRODUCTS................... 7,215 1.03
TRANSPORTATION BY AIR.............. 4,356 0.62
TRANSPORTATION EQUIPMENT........... 23,165 3.31
TRANSPORTATION SERVICES............ 560 0.08
TRUCKING AND WAREHOUSING........... 608 0.09
WATER TRANSPORTATION............... 475 0.07
WHOLESALE TRADE-DURABLE GOODS...... 2,259 0.32
WHOLESALE TRADE-NONDURABLE GOODS... 4,382 0.63
-------- -----
TOTAL COMMON STOCK
(Cost $466,733)................... 690,742 98.79
-------- --------
SHORT TERM INVESTMENTS
U.S. GOVERNMENT & AGENCIES......... 2,700 0.39
-------- --------
TOTAL SHORT TERM INVESTMENTS
(Cost $2,700)..................... 2,700 0.39
-------- --------
TOTAL PORTFOLIO
(Cost $469,561)................... 693,567 99.19
OTHER ASSETS AND LIABILITIES, NET... 5,640 0.81
-------- --------
NET ASSETS.......................... $699,207 100.00%
======== ========
</TABLE>
See notes to financial statements.
- 7 -
<PAGE> 9
TIAA SEPARATE ACCOUNT VA-1
STATEMENT OF INVESTMENTS--STOCK INDEX ACCOUNT (UNAUDITED)
JUNE 30, 1998
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
PREFERRED STOCK--0.01%
INSTRUMENTS AND RELATED
PRODUCTS--0.00%
3,500 - FRESENIUS MEDICAL CARE (CLASS D). $ 0
--------
INSURANCE CARRIERS--0.00%
389 AETNA, INC (CLASS C)............... 29
--------
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS--0.01%
2,280 SEALED AIR CORP (CLASS A).......... 96
--------
TOTAL PREFERRED STOCK
(Cost $128)........................ 125
--------
COMMON STOCK--98.79%
AGRICULTURAL PRODUCTION-
CROPS--0.13%
2,300 DEKALB GENETICS CORP (CLASS B)..... 218
2,754 DELTA & PINE LAND CO............... 123
13,200 PIONEER-HI-BRED INTERNATIONAL, INC. 546
--------
887
--------
AGRICULTURAL SERVICES--0.01%
1,900 - MYCOGEN CORP..................... 46
--------
AMUSEMENT AND RECREATION
SERVICES--0.12%
600 - ANCHOR GAMING CO................. 47
5,222 - ASCENT ENTERTAINMENT GROUP, INC.. 58
3,000 - BOYD GAMING CORP................. 17
1,200 CARNIVAL CORP (CLASS A)............ 48
2,200 - FLORIDA PANTHERS HOLDINGS, INC... 43
2,200 - GRAND CASINOS, INC............... 37
6,100 - HARRAHS ENTERTAINMENT, INC....... 142
10,700 - MIRAGE RESORT, INC............... 228
8,150 - PLAYERS INTERNATIONAL, INC....... 40
1,000 - PREMIER PARKS, INC............... 67
1,000 - SFX ENTERTAINMENT, INC (CLASS A). 46
1,100 - SPEEDWAY MOTORSPORTS, INC........ 28
2,300 - WESTWOOD ONE, INC................ 58
--------
859
--------
APPAREL AND ACCESSORY STORES--0.54%
12,083 - ABERCROMBIE & FITCH CO (CLASS A). 532
2,300 - ANN TAYLOR STORES CORP........... 49
600 - BUCKLE, INC (THE)................ 18
13,800 - CHARMING SHOPPES, INC............ 66
3,350 CLAIRES STORES, INC................ 69
20,350 GAP, INC........................... 1,254
1,000 - GOODYS FAMILY CLOTHING, INC...... 55
4,400 INTIMATE BRANDS, INC (CLASS A)..... 121
2,050 - JUST FOR FEET, INC............... 58
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
10,300 LIMITED, INC...................... $ 341
1,350 - MENS WAREHOUSE, INC............. 45
3,300 NORDSTROM, INC.................... 255
2,624 - PAYLESS SHOESOURCE, INC......... 193
4,300 - SAKS HOLDINGS, INC.............. 119
2,000 - STAGE STORES, INC............... 91
1,600 - STEIN MART, INC................. 22
900 TALBOTS, INC...................... 24
20,600 TJX COS, INC...................... 497
--------
3,809
--------
APPAREL AND OTHER TEXTILE
PRODUCTS--0.20%
4,200 AUTHENTIC FITNESS CORP............ 66
5,900 - FRUIT OF THE LOOM, INC (CLASS A) 196
2,000 - GYMBOREE CORP................... 30
4,400 - JONES APPAREL GROUP, INC........ 161
2,500 KELLWOOD CO....................... 89
4,500 LIZ CLAIBORNE, INC................ 235
2,700 - NAUTICA ENTERPRISES, INC........ 72
6,800 VF CORP........................... 350
4,400 WARNACO GROUP, INC (CLASS A)...... 187
--------
1,386
--------
AUTO REPAIR, SERVICES AND
PARKING--0.09%
1,400 BORG-WARNER AUTOMOTIVE, INC....... 67
1,200 - BUDGET GROUP, INC............... 38
1,350 CENTRAL PARKING CORP.............. 63
1,800 HERTZ CORP (CLASS A).............. 80
2,633 MIDAS, INC........................ 53
2,600 - RENTERS CHOICE, INC............. 74
8,250 ROLLINS TRUCK LEASING CORP........ 102
4,600 RYDER SYSTEM, INC................. 145
--------
622
--------
AUTOMOTIVE DEALERS AND SERVICE
STATIONS--0.10%
9,400 - AUTOZONE, INC................... 300
6,300 CIRCUIT CITY STORES-CIRCUIT CITY
GROUP............................ 295
2,300 - INSURANCE AUTO AUCTIONS, INC.... 32
3,900 PEP BOYS MANNY, MOE, & JACK CO.... 74
300 - UGLY DUCKLING CORP.............. 3
900 - WEST MARINE, INC................ 16
--------
720
--------
BUILDING MATERIALS AND GARDEN
SUPPLIES--0.73%
1,500 - EAGLE HARDWARE & GARDEN, INC.... 35
1,800 FASTENAL CO....................... 84
49,500 HOME DEPOT, INC................... 4,112
19,400 LOWES COS, INC.................... 787
2,800 OAKWOOD HOMES CORP................ 84
--------
5,102
--------
BUSINESS SERVICES--5.47%
400 - ABACUS DIRECT CORP.............. 21
2,100 - ABR INFORMATION SERVICES, INC... 50
</TABLE>
See notes to financial statements.
- 8 -
<PAGE> 10
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
BUSINESS SERVICES--(continued)
5,583 - ACCUSTAFF, INC.................. $ 174
3,933 - ACNEILSEN CORP.................. 99
3,200 - ACXIOM CORP..................... 80
4,700 ADOBE SYSTEMS, INC................ 199
3,600 - ADVO, INC....................... 101
3,300 - AFFILIATED COMPUTER SERVICES,
INC (CLASS A).................... 127
3,000 - ALTERNATIVE RESOURCES CORP...... 37
13,900 AMERICA ONLINE, INC............... 1,473
1,100 - AMERICAN BUSINESS INFORMATION,
INC (CLASS A).................... 17
2,500 - AMERICAN BUSINESS INFORMATION,
INC (CLASS B).................... 40
2,650 - AMERICAN MANAGEMENT SYSTEMS,
INC.............................. 79
1,500 ANALYSTS INTERNATIONAL CORP....... 43
2,800 - ANIXTER INTERNATIONAL, INC...... 53
1,000 - APAC TELESERVICES, INC.......... 6
1,000 - ARBOR SOFTWARE CORP............. 31
700 - ASPECT DEVELOPMENT, INC......... 53
1,600 - ASPEN TECHNOLOGY, INC........... 81
2,800 AUTODESK, INC..................... 108
19,900 AUTOMATIC DATA PROCESSING, INC.... 1,450
1,900 - AVANT CORP...................... 47
1,220 - AZTEC TECHNOLOGY PARTNERS,
INC.............................. 9
900 - BARRA, INC...................... 22
1,000 - BEA SYSTEMS, INC................ 23
3,400 - BILLING CONCEPTS CORP........... 53
2,100 - BISYS GROUP, INC................ 86
13,800 - BMC SOFTWARE, INC............... 717
800 - BOOLE & BABBAGE, INC............ 19
1,600 - BRODERBUND SOFTWARE, INC........ 37
13,850 - CADENCE DESIGN SYSTEMS, INC..... 433
2,500 - CAMBRIDGE TECHNOLOGY PARTNERS,
INC.............................. 137
1,000 - CARIBINER INTERNATIONAL, INC.... 18
1,400 - CATALINA MARKETING CORP......... 73
1,200 - CDI CORP........................ 32
4,700 - CERIDIAN CORP................... 276
1,500 - CERNER CORP..................... 42
3,300 - CHECKFREE HOLDINGS CORP......... 97
2,600 - CHECKPOINT SYSTEMS, INC......... 37
980 - CHOICEPOINT, INC................ 50
1,800 - CIBER, INC...................... 68
2,600 - CITRIX SYSTEMS, INC............. 178
1,900 - CLARIFY, INC.................... 26
2,400 - COGNEX CORP..................... 44
10,300 COGNIZANT CORP.................... 649
7,500 COMDISCO, INC..................... 143
800 - COMPLETE BUSINESS SOLUTIONS,
INC.............................. 29
28,000 COMPUTER ASSOCIATES INTERNATIONAL,
INC.............................. 1,556
2,250 - COMPUTER HORIZONS CORP.......... 83
9,996 - COMPUTER SCIENCES CORP.......... 640
2,200 COMPUTER TASK GROUP, INC.......... 74
10,100 - COMPUWARE CORP.................. 516
1,700 - CSG SYSTEMS INTERNATIONAL,
INC.............................. 80
6,060 - CYBERGUARD CORP................. 58
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
800 - DATA DIMENSIONS, INC............ $ 14
1,200 - DOCUMENTUM, INC................. 58
2,000 - DST SYSTEMS, INC................ 112
9,800 DUN & BRADSTREET CORP............. 353
2,900 - E TRADE GROUP, INC.............. 67
4,200 - ELECTRONIC ARTS, INC............ 227
22,600 ELECTRONIC DATA SYSTEMS CORP...... 904
3,400 - ELECTRONICS FOR IMAGING, INC.... 72
7,000 - EMPLOYEE SOLUTIONS, INC......... 27
1,700 - ENVOY CORP...................... 81
9,300 EQUIFAX, INC...................... 338
1,500 FAIR ISSAC & CO, INC.............. 57
3,600 - FILENET CORP.................... 104
26,106 FIRST DATA CORP................... 870
5,250 - FISERV, INC..................... 223
5,200 - FORE SYSTEMS, INC............... 138
5,800 - FORTE SOFTWARE, INC............. 35
3,200 - GARTNER GROUP, INC (CLASS A).... 112
100 - GEOTEL COMMUNICATIONS CORP...... 4
2,200 - GT INTERACTIVE SOFTWARE CORP.... 17
2,900 - GTECH HOLDINGS CORP............. 98
2,400 - HARBINGER CORP.................. 58
28,800 HBO & CO.......................... 1,015
2,600 - HCIA, INC....................... 33
2,300 - HEALTH MANAGEMENT SYSTEMS,
INC.............................. 26
1,600 - HNC SOFTWARE.................... 65
1,500 - HYPERION SOFTWARE CORP.......... 43
1,200 - I2 TECHNOLOGIES, INC............ 42
500 - IDX SYSTEMS CORP................ 23
2,000 - INDUSTRI-MATEMATIK INTERNATIONAL
CORP............................. 22
1,700 - INFORMATION MANAGEMENT
RESOURCES, INC................... 57
1,400 - INFORMATION RESOURCES, INC...... 26
9,500 - INFORMIX CORP................... 75
2,300 - INSO CORP....................... 31
1,300 - INTEGRATED SYSTEMS, INC......... 20
3,400 - INTERIM SERVICES, INC........... 109
2,000 - INTERNATIONAL NETWORK
SERVICES......................... 82
8,650 INTERPUBLIC GROUP OF COS, INC..... 525
1,700 - INTERVOICE, INC................. 30
2,800 - INTUIT, INC..................... 172
2,400 - ITRON, INC...................... 31
4,300 - KEANE, INC...................... 241
2,300 KELLY SERVICES, INC (CLASS A)..... 81
2,250 - LAMAR ADVERTISING CO (CLASS A).. 81
3,400 - LEARNING CO, INC................ 101
2,200 - LEGATO SYSTEMS, INC............. 86
1,000 - LHS GROUP, INC.................. 66
1,100 - LYCOS, INC...................... 83
2,500 - MACROMEDIA, INC................. 47
4,700 MANPOWER, INC..................... 135
1,400 - MANUGISTICS GROUP, INC.......... 35
1,000 - MASTECH CORP.................... 28
100 - MEDQUIST, INC................... 3
5,500 - MENTOR GRAPHICS CORP............ 58
600 - MERCURY INTERACTIVE CORP........ 27
2,550 - METAMOR WORLDWIDE, INC.......... 90
800 - METRO INFORMATION SERVICES, INC. 31
</TABLE>
See notes to financial statements.
- 9 -
<PAGE> 11
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
BUSINESS SERVICES--(continued)
2,700 - METROMEDIA INTERNATIONAL GROUP,
INC.............................. $ 32
101,500 - MICROSOFT CORP.................. 11,000
3,157 - MIDWAY GAMES, INC............... 49
2,000 NATIONAL DATA CORP................ 88
8,000 - NETMANAGE, INC.................. 24
4,037 - NETSCAPE COMMUNICATIONS CORP.... 109
2,000 - NETWORK APPLIANCE, INC.......... 78
7,099 - NETWORKS ASSOCIATES, INC........ 340
10,500 NEWELL COS, INC................... 523
1,100 NORRELL CORP...................... 22
1,400 - NOVA CORP/GEORGIA............... 50
23,400 - NOVELL, INC..................... 298
1,600 - OBJECTIVE SYSTEMS INTEGRATORS,
INC.............................. 12
4,114 OLSTEN CORP....................... 46
11,000 OMNICOM GROUP, INC................ 549
51,275 - ORACLE CORP..................... 1,259
3,975 - OUTDOOR SYSTEMS, INC............ 111
7,900 - PAGING NETWORK, INC............. 111
17,810 - PARAMETRIC TECHNOLOGY CORP...... 483
8,700 PAYCHEX, INC...................... 354
1,200 - PAYMENTECH, INC................. 25
700 - PEGASYSTEMS, INC................ 19
10,400 - PEOPLESOFT, INC................. 489
3,000 - PERSONNEL GROUP OF AMERICA,
INC.............................. 60
4,200 #- PHYSICIAN COMPUTER NETWORK,
INC.............................. 7
2,600 PITTSTON BRINKS GROUP CO.......... 96
4,600 - PLATINUM TECHNOLOGY, INC........ 131
3,000 - PMT SERVICES, INC............... 76
2,400 - POLICY MANAGEMENT SYSTEMS CORP.. 94
1,129 - PRIMARK CORP.................... 35
800 - PROGRESS SOFTWARE CORP.......... 33
900 - PROJECT SOFTWARE & DEVELOPMENT,
INC.............................. 18
4,600 - PSINET, INC..................... 60
1,400 - REMEDY CORP..................... 24
5,900 - ROBERT HALF INTERNATIONAL, INC.. 330
2,000 ROLLINS, INC...................... 41
2,800 - ROMAC INTERNATIONAL, INC........ 85
1,600 - SAPIENT CORP.................... 84
1,600 SHARED MEDICAL SYSTEMS CORP....... 118
5,492 - SIEBEL SYSTEMS, INC............. 177
4,700 - SITEL CORP...................... 31
1,100 - SNYDER COMMUNICATIONS, INC...... 48
3,300 SOTHEBYS HOLDINGS, INC (CLASS A).. 74
700 - SPS TRANSACTION SERVICES, INC... 22
900 - STAFFMARK, INC.................. 33
5,811 - STERLING COMMERCE, INC.......... 282
4,300 - STERLING SOFTWARE, INC.......... 127
2,300 - STRUCTURAL DYNAMICS RESEARCH
CORP............................. 53
5,100 - SUNGARD DATA SYSTEMS, INC....... 196
5,000 - SYBASE, INC..................... 35
800 - SYKES ENTERPRISES, INC.......... 16
3,600 - SYMANTEC CORP................... 94
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
4,000 - SYNOPSYS, INC................... $ 183
4,000 - SYSTEM SOFTWARE ASSOCIATES,
INC.............................. 29
2,000 - SYSTEMS & COMPUTER TECHNOLOGY
CORP............................. 54
4,500 - SYSTEMSOFT CORP................. 7
3,000 - TCSI CORP....................... 18
2,250 - TECHNOLOGY SOLUTIONS CO......... 71
2,000 - TELETECH HOLDINGS, INC.......... 25
2,250 TOTAL SYSTEM SERVICES, INC........ 47
1,800 - TRANSACTION SYSTEM
ARCHITECTURE..................... 69
1,900 TRUE NORTH COMMUNICATIONS, INC.... 56
800 - U.S. RENTALS, INC............... 32
2,000 - USCS INTERNATIONAL, INC......... 41
2,600 - VANSTAR CORP.................... 38
1,000 - VANTIVE CORP (THE).............. 21
2,475 - VERITAS SOFTWARE CORP........... 102
1,200 - VIASOFT, INC.................... 19
1,400 - VISIO CORP...................... 67
900 - VOLT INFORMATION SCIENCES,
INC.............................. 24
2,400 - WANG LABORATORIES, INC.......... 61
1,700 - WHITTMAN HART, INC.............. 82
1,850 - WIND RIVER SYSTEMS, INC......... 66
1,000 XTRA CORP......................... 61
1,750 - YAHOO, INC...................... 276
--------
38,263
--------
CHEMICALS AND ALLIED
PRODUCTS--12.82%
105,500 ABBOTT LABORATORIES CO............ 4,312
3,400 - ADVANCED TISSUE SCIENCE CO...... 15
2,200 - AGOURON PHARMACEUTICALS, INC.... 67
13,400 AIR PRODUCTS & CHEMICALS, INC..... 536
3,500 - AIRGAS, INC..................... 50
2,300 ALBEMARLE CORP.................... 51
1,800 ALBERTO CULVER CO (CLASS B)....... 52
2,600 - ALKERMES, INC................... 46
3,580 ALLEGIANCE CORP................... 183
995 - ALLERGAN SPECIALTY THERAPEUTICS,
INC (CLASS A).................... 10
3,900 ALLERGAN, INC..................... 181
3,300 - ALLIANCE PHARMACEUTICAL CORP.... 14
5,200 - ALZA CORP....................... 225
88,400 AMERICAN HOME PRODUCTS CORP....... 4,575
17,200 - AMGEN, INC...................... 1,124
11,300 - AMYLIN PHARMACEUTICALS, INC..... 43
1,200 - APHTON CORP..................... 20
700 ARCO CHEMICAL CO.................. 40
8,200 AVON PRODUCTS, INC................ 636
1,300 - BARR LABORATORIES, INC.......... 52
1,700 BETZDEARBORN, INC................. 70
3,800 - BIO-TECHNOLOGY GENERAL CORP..... 27
4,800 - BIOGEN, INC..................... 235
67,600 BRISTOL MYERS SQUIBB CO........... 7,770
4,200 CABOT CORP........................ 136
8,300 CALGON CARBON CORP................ 82
400 - CAMBREX CORP.................... 11
4,500 - CENTOCOR, INC................... 163
5,400 CHEMFIRST, INC.................... 136
12,040 - CHIRON CORP..................... 189
2,700 CHURCH & DWIGHT CO, INC........... 87
</TABLE>
See notes to financial statements.
- 10 -
<PAGE> 12
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
CHEMICALS AND ALLIED
PRODUCTS--(continued)
4,700 CLOROX CO......................... $ 448
20,300 COLGATE PALMOLIVE CO.............. 1,786
4,600 - COLUMBIA LABORATORIES, INC...... 26
2,600 CORDANT TECHNOLOGIES, INC......... 120
4,925 - COVANCE, INC.................... 111
800 - CREATIVE BIOMOLECULES, INC...... 4
3,360 - CRESCENDO PHARMACEUTICALS CORP.. 43
4,500 CROMPTON & KNOWLES CORP........... 113
3,000 - CYTEC INDUSTRIES, INC........... 133
1,500 DEXTER CORP....................... 48
7,000 DIAL CORP......................... 182
15,500 DOW CHEMICAL CO................... 1,499
77,000 DU PONT (E.I.) DE NEMOURS & CO.... 5,746
2,900 - DURA PHARMACEUTICALS, INC....... 65
4,700 EASTMAN CHEMICAL CO............... 293
7,400 ECOLAB, INC....................... 229
908 - ELAN CORP PLC ADR............... 58
500 - EMISPHERE TECHNOLOGIES, INC..... 6
7,200 ETHYL CORP........................ 44
2,550 FERRO CORP........................ 65
2,000 - FMC CORP........................ 136
5,600 - FOREST LABORATORIES, INC........ 200
5,022 - FREEPORT-MCMORAN SULPHUR, INC... 67
1,411 FULLER (H.B.) CO.................. 78
1,000 - GENSIA SICOR, INC............... 4
5,000 - GENZYME CORP (GENERAL DIVISION). 128
160 - GENZYME CORP
(TISSUE REPAIR DIVISION)......... 1
2,300 GEORGIA GULF CORP................. 52
2,000 - GILEAD SCIENCES, INC............ 64
3,500 GREAT LAKES CHEMICAL CORP......... 138
2,850 HANNA (M.A.) CO................... 52
6,100 HERCULES, INC..................... 251
2,000 - HUMAN GENOME SCIENCES, INC...... 71
4,351 ICN PHARMACEUTICALS, INC.......... 199
1,700 - IDEC PHARMACEUTICALS CORP....... 40
2,200 - IDEXX LABORATORIES, INC......... 55
9,780 IMC GLOBAL, INC................... 295
666 - IMC GLOBAL, INC WTS 12/22/00.... 2
1,800 - IMMUNEX CORP.................... 119
2,100 - INTERNATIONAL SPECIALTY
PRODUCTS, INC.................... 39
3,000 - INTERNEURON PHARMACEUTICALS,
INC.............................. 11
7,000 INTERNATIONAL FLAVORS &
FRAGRANCES, INC.................. 304
4,600 - ISIS PHARMACEUTICALS, INC....... 63
6,100 - IVAX CORP....................... 56
91,302 JOHNSON & JOHNSON CO.............. 6,734
1,900 JONES PHARMACEUTICAL, INC......... 63
2,200 LAUDER (ESTEE) CO (CLASS A)....... 153
3,400 LAWTER INTERNATIONAL, INC......... 37
1,400 LIFE TECHNOLOGIES, INC............ 44
1,700 - LIGAND PHARMACEUTICALS CO
(CLASS A)........................ 22
62,092 LILLY (ELI) & CO.................. 4,102
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
4,500 - LIPOSOME CO, INC................ $ 24
3,700 LUBRIZOL CORP..................... 112
1,600 MACDERMID, INC.................... 45
7,500 - MATRIX PHARMACEUTICALS, INC..... 33
1,300 - MEDICIS PHARMACEUTICAL CORP
(CLASS A)........................ 47
1,900 - MEDIMMUNE, INC.................. 119
8,574 - MEDPARTNERS, INC................ 69
81,200 MERCK & CO, INC................... 10,861
5,200 MILLENNIUM CHEMICAL, INC.......... 176
1,000 - MILLENNIUM PHARMACEUTICALS,
INC.............................. 14
1,800 MINERALS TECHNOLOGIES, INC........ 92
2,700 MISSISSIPPI CHEMICAL CORP......... 44
8,000 MORTON INTERNATIONAL, INC......... 200
7,900 MYLAN LABORATORIES, INC........... 237
1,800 - NABI, INC....................... 5
4,000 NALCO CHEMICAL CORP............... 141
3,800 NATURES SUNSHINE PRODUCTS, INC.... 86
7,900 - NBTY, INC....................... 145
2,900 - NEXSTAR PHARMACEUTICALS, INC.... 29
1,600 NL INDUSTRIES, INC................ 32
875 - OCTEL CORP...................... 17
3,200 OLIN CORP......................... 133
1,900 OM GROUP, INC..................... 78
2,125 - ORGANOGENESIS, INC.............. 42
1,600 - PAREXEL INTERNATIONAL CORP...... 58
4,300 - PERRIGO CO...................... 43
88,200 PFIZER, INC....................... 9,586
2,100 - PHARMACEUTICAL PRODUCT
DEVELOPMENT...................... 46
34,080 PHARMACIA & UPJOHN, INC........... 1,572
10,200 PRAXAIR, INC...................... 477
91,900 PROCTER & GAMBLE CO............... 8,369
1,600 - PROTEIN DESIGN LABORATORIES,
INC.............................. 39
800 - REVLON, INC (CLASS A)........... 41
4,400 - ROBERTS PHARMACEUTICAL CORP..... 101
2,500 ROHM & HAAS CO.................... 260
6,531 RPM, INC.......................... 111
1,000 - SANGSTAT MEDICAL CORP........... 31
1,600 - SCHERER (R.P.) CORP............. 142
49,700 SCHERING-PLOUGH CORP.............. 4,554
3,300 SCHULMAN (A.), INC................ 65
3,400 - SCOTTS CO (CLASS A)............. 127
4,400 - SEQUUS PHARMACEUTICALS, INC..... 50
9,100 SHERWIN-WILLIAMS CO............... 301
6,500 SIGMA ALDRICH CORP................ 228
1,900 - TWINLAB CORP.................... 83
8,000 UNION CARBIDE CORP................ 427
600 - U.S.A. DETERGENTS, INC.......... 10
2,400 VALSPAR CORP...................... 95
2,200 - VERTEX PHARMACEUTICALS, INC..... 50
55,200 WARNER-LAMBERT CO................. 3,830
5,600 - WATSON PHARMACEUTICALS, INC..... 261
2,000 WELLMAN, INC...................... 45
3,800 WITCO CORP........................ 111
600 - ZILA, INC....................... 4
--------
89,635
--------
</TABLE>
See notes to financial statements.
- 11 -
<PAGE> 13
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
COAL MINING--0.01%
1,900 ARCH COAL, INC.................... $ 47
1,600 ZEIGLER COAL HOLDING CO........... 27
--------
74
--------
COMMUNICATIONS--8.72%
7,766 - 360 COMMUNICATIONS CO........... 249
37,800 - AIRTOUCH COMMUNICATIONS, INC.... 2,209
2,900 ALIANT COMMUNICATIONS, INC........ 80
11,800 ALLTEL CORP....................... 549
1,400 - AMERICAN TOWER SYSTEMS (CLASS A) 35
74,300 AMERITECH CORP.................... 3,334
5,800 - ARCH COMMUNICATIONS GROUP, INC.. 23
110,100 AT & T CORP....................... 6,289
106,710 BELL ATLANTIC CORP................ 4,869
67,300 BELLSOUTH CORP.................... 4,518
900 BHC COMMUNICATIONS, INC (CLASS A). 126
300 - CABLE MICHIGAN, INC............. 12
2,000 - CABLEVISION SYSTEMS CORP
(CLASS A)........................ 167
47,906 CBS CORP.......................... 1,521
1,350 - CELLULAR COMMUNICATIONS
INTERNATIONAL, INC............... 67
5,250 CENTURY TELEPHONE ENTERPRISES,
INC.............................. 241
9,300 - CHANCELLOR MEDIA CORP (CLASS A). 462
1,548 - CHRIS CRAFT INDUSTRIES, INC..... 85
8,400 CINCINNATI BELL, INC.............. 240
4,770 - CLEAR CHANNEL COMMUNICATIONS,
INC.............................. 521
24,389 COMCAST CORP (CLASS A) SPECIAL.... 990
1,300 - COMMONWEALTH TELEPHONE
ENTERPRISES...................... 34
3,700 COMSAT CORP SERIES 1.............. 105
4,191 - COX COMMUNICATIONS, INC
(CLASS A)........................ 203
2,439 - EXCEL COMMUNICATIONS, INC....... 56
10,700 FRONTIER CORP..................... 337
2,654 GAYLORD ENTERTAINMENT CO.......... 86
65,600 GTE CORP.......................... 3,649
1,600 - HEFTEL BROADCASTING CORP
(CLASS A)........................ 72
3,300 - HIGHWAYMASTER COMMUNICATIONS,
INC.............................. 14
3,000 - INTERMEDIA COMMUNICATIONS,
INC.............................. 126
2,000 - IXC COMMUNICATIONS, INC......... 97
3,400 - JACOR COMMUNICATIONS, INC....... 201
1,400 - JACOR COMMUNICATIONS, INC WTS
09/18/01......................... 10
1,000 - JONES INTERCABLE, INC (CLASS A). 25
22,018 - LIBERTY MEDIA GROUP (CLASS A)... 855
88,482 LUCENT TECHNOLOGIES, INC.......... 7,361
1,150 - MASTEC, INC..................... 27
38,600 MCI COMMUNICATIONS CORP........... 2,244
2,400 - MCLEODUSA, INC (CLASS A)........ 93
40,700 - MEDIA ONE GROUP, INC............ 1,788
15,100 - NEXTEL COMMUNICATIONS, INC
(CLASS A)........................ 376
2,100 - NTL, INC........................ 112
900 - PACIFIC GATEWAY EXCHANGE, INC... 36
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
1,769 - PANAMSAT CORP................... $ 101
2,600 - POWERTEL, INC................... 48
1,700 - PREMIERE TECHNOLOGIES, INC...... 14
8,423 - QWEST COMMUNICATIONS
INTERNATIONAL, INC............... 294
2,400 - RCN CORP........................ 47
124,518 SBC COMMUNICATIONS, INC........... 4,981
1,200 - SINCLAIR BROADCASTING GROUP, INC
(CLASS A)........................ 35
5,400 - SKYTEL COMMUNICATIONS, INC...... 126
4,000 SOUTHERN NEW ENGLAND
TELECOMMUNICATIONS CORP.......... 262
28,900 SPRINT CORP....................... 2,037
1,600 TCA CABLE TV, INC................. 96
12,380 - TCI SATELLITE ENTERTAINMENT
(CLASS A)........................ 73
2,800 - TEL-SAVE HOLDINGS, INC.......... 41
1,400 - TELE-COMMUNICATIONS
INTERNATIONAL (CLASS A).......... 28
41,066 - TELE-COMMUNICATIONS, INC
(CLASS A)........................ 1,578
27,268 - TELECOM-TCI VENTURES GROUP
(CLASS A)........................ 547
3,478 TELEPHONE & DATA SYSTEMS, INC..... 137
3,045 - TELEPORT COMMUNICATIONS GROUP,
INC (CLASS A).................... 165
2,100 - U.S. CELLULAR CORP.............. 65
600 UNITED TELEVISION, INC............ 69
1,000 - UNITED VIDEO SATELLITE GROUP,
INC.............................. 40
1,600 - UNIVISION COMMUNICATIONS, INC... 60
33,611 U.S. WEST, INC.................... 1,580
6,450 - U.S.A. NETWORKS, INC............ 162
4,700 - VANGUARD CELLULAR SYSTEMS, INC.. 89
4,300 - VIACOM, INC (CLASS A)........... 252
16,100 - VIACOM, INC (CLASS B)........... 938
2,500 - WEST TELESERVICES CORP.......... 30
2,400 - WINSTAR COMMUNICATIONS, INC..... 103
51,693 - WORLDCOM, INC................... 2,504
--------
60,996
--------
DEPOSITORY INSTITUTIONS--9.23%
3,500 ALBANK FINANCIAL CORP............. 247
6,675 AMSOUTH BANCORP................... 262
5,240 ASSOCIATED BANC-CORP.............. 197
2,500 ASTORIA FINANCIAL CORP............ 134
47,454 BANC ONE CORP..................... 2,649
3,800 BANCORPSOUTH, INC................. 80
200 - BANK OF GRANITE CORP............ 6
25,000 BANK OF N.Y. CO, INC.............. 1,517
2,300 BANK UNITED CORP (CLASS A)........ 110
46,800 BANKAMERICA CORP.................. 4,045
2,000 BANKATLANTIC BANCORP, INC
(CLASS B)........................ 26
19,670 BANKBOSTON CORP................... 1,094
6,445 BANKERS TRUST CORP................ 748
900 - BAY VIEW CAPITAL CORP........... 29
8,974 BB&T CORP......................... 607
300 - CBT CORP........................ 10
1,600 CCB FINANCIAL CORP................ 170
2,100 CENTURA BANKS, INC................ 131
8,498 CHARTER ONE FINANCIAL, INC........ 286
</TABLE>
See notes to financial statements.
- 12 -
<PAGE> 14
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
DEPOSITORY
INSTITUTIONS--(continued)
57,540 CHASE MANHATTAN CORP.............. $ 4,344
30,946 CITICORP CO....................... 4,619
2,400 CITIZENS BANKING CORP
(MICHIGAN)....................... 81
2,400 CITY NATIONAL CORP................ 89
3,092 CNB BANCSHARES, INC............... 148
3,200 COLONIAL BANCGROUP, INC........... 103
10,200 COMERICA, INC..................... 676
3,570 COMMERCE BANCORP, INC............. 209
3,465 COMMERCE BANCSHARES, INC.......... 169
2,550 COMMERCIAL FEDERAL CORP........... 81
3,400 COMMUNITY FIRST BANKSHARES, INC... 89
400 COMMUNITY TRUST BANCORP, INC...... 13
4,200 COMPASS BANCSHARES, INC........... 190
5,662 - CONCORD EFS, INC................ 148
7,007 CRESTAR FINANCIAL CORP............ 382
1,900 CULLEN FROST BANKERS, INC......... 103
6,800 DIME BANCORP, INC................. 204
630 DOWNEY FINANCIAL CORP............. 21
4,500 F & M NATIONAL CORP............... 131
12,750 FIFTH THIRD BANCORP............... 803
6,944 FIRST AMERICAN CORP............... 334
19,153 FIRST CHICAGO NBD CORP............ 1,697
700 FIRST CITIZENS BANCSHARES, INC
(CLASS A)........................ 70
2,814 FIRST COMMERCIAL CORP............. 195
3,000 FIRST COMMONWEALTH FINANCIAL
CORP............................. 85
5,292 FIRST FINANCIAL BANCORP........... 137
2,200 FIRST HAWAIIAN, INC............... 80
2,500 FIRST MIDWEST BANCORP, INC........ 110
11,400 FIRST SECURITY CORP............... 244
400 - FIRST SOURCE BANCORP, INC....... 4
8,000 FIRST TENNESSEE NATIONAL CORP..... 253
3,500 FIRST VIRGINIA BANKS, INC......... 179
7,100 FIRSTAR CORP...................... 270
2,200 FIRSTBANK PUERTO RICO............. 57
5,000 FIRSTMERIT CORP................... 146
18,767 FLEET FINANCIAL GROUP, INC........ 1,567
4,683 FRANCHISE FINANCE CORP OF
AMERICA.......................... 121
5,527 FULTON FINANCIAL CORP............. 140
3,400 - GOLDEN STATE BANCORP, INC....... 101
3,400 - GOLDEN STATE BANCORP, INC
LIT WTS 01/01/01................. 18
2,800 GOLDEN WEST FINANCIAL CORP........ 298
4,600 GREENPOINT FINANCIAL CORP......... 173
6,850 H.F. AHMANSON & CO................ 486
1,200 HARRIS FINANCIAL, INC............. 26
9,119 HIBERNIA CORP (CLASS A)........... 184
2,575 HUBCO, INC........................ 92
12,755 HUNTINGTON BANCSHARES, INC........ 427
1,000 IBS FINANCIAL CORP................ 19
2,505 - IMPERIAL BANCORP................ 75
28,700 KEYCORP........................... 1,022
3,750 KEYSTONE FINANCIAL, INC........... 139
2,300 LONG ISLAND BANCORP, INC.......... 140
498 M & T BANK CORP................... 276
2,850 MAF BANCORP, INC.................. 104
3,200 MAGNA GROUP, INC.................. 181
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
6,859 MARSHALL & ILSLEY CORP............ $ 350
28,437 MBNA CORP......................... 938
17,100 MELLON BANK CORP.................. 1,191
8,296 MERCANTILE BANCORP, INC........... 418
4,255 MERCANTILE BANKSHARES CORP........ 148
300 - MERCHANTS NEW YORK BANCORP...... 11
11,800 MORGAN (J.P.) & CO, INC........... 1,382
600 NATIONAL BANCORP OF ALASKA, INC... 19
22,886 NATIONAL CITY CORP................ 1,625
3,800 NATIONAL COMMERCE BANCORP......... 159
65,663 NATIONSBANK CORP.................. 5,023
10,348 NORTH FORK BANCORP, INC........... 253
7,400 NORTHERN TRUST CORP............... 564
51,100 NORWEST CORP...................... 1,910
1,000 - OCEAN FINANCIAL CORP............ 19
2,400 - OCWEN FINANCIAL CORP............ 65
5,991 OLD KENT FINANCIAL CORP........... 215
4,031 OLD NATIONAL BANCORP.............. 192
3,493 ONE VALLEY BANCORP, INC........... 127
5,400 PACIFIC CENTURY FINANCIAL CORP.... 130
700 PARK NATIONAL CORP................ 71
2,300 PEOPLES BANK OF BRIDGEPORT CO..... 80
8,268 PEOPLES HERITAGE FINANCIAL GROUP,
INC.............................. 195
19,850 PNC BANK CORP..................... 1,068
4,731 POPULAR, INC...................... 315
2,100 PROVIDENT BANKSHARES CORP......... 62
2,800 PROVIDENT FINANCIAL GROUP......... 128
3,900 QUEENS COUNTY BANCORP, INC........ 170
9,156 REGIONS FINANCIAL CORP............ 376
7,000 REPUBLIC NEW YORK CORP............ 441
1,600 RIGGS NATIONAL CORP............... 47
4,300 - ROSLYN BANCORP, INC............. 96
1,500 S & T BANCORP, INC................ 83
10,550 SOUTHTRUST CORP................... 459
10,140 SOVEREIGN BANCORP, INC............ 166
4,875 ST. PAUL BANCORP, INC............. 110
5,900 STAR BANC CORP.................... 377
10,400 STATE STREET CORP................. 723
11,467 SUMMIT BANCORP.................... 545
14,300 SUNTRUST BANKS, INC............... 1,163
2,300 SUSQUEHANNA BANCSHARES, INC....... 86
14,625 SYNOVUS FINANCIAL CORP............ 347
5,500 TCF FINANCIAL CORP................ 162
1,700 - TR FINANCIAL CORP............... 71
600 - TRANS FINANCIAL, INC............ 34
5,400 TRUSTMARK CORP.................... 118
49,936 U.S. BANCORP...................... 2,147
1,900 U.S. TRUST CORP................... 145
1,500 UMB FINANCIAL CORP................ 74
4,796 UNION PLANTERS CORP............... 282
600 UNIONBANCAL CORP.................. 58
2,000 UNITED BANKSHARES, INC............ 68
2,500 UST CORP.......................... 66
4,698 VALLEY NATIONAL BANCORP........... 136
13,836 WACHOVIA CORP..................... 1,169
3,593 WASHINGTON FEDERAL, INC........... 99
24,988 WASHINGTON MUTUAL, INC............ 1,085
3,400 WEBSTER FINANCIAL CORP............ 113
5,024 WELLS FARGO & CO.................. 1,854
</TABLE>
See notes to financial statements.
- 13 -
<PAGE> 15
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
DEPOSITORY
INSTITUTIONS--(continued)
3,300 - WESTAMERICA BANCORP............. $ 106
2,200 - WESTERNBANK PUERTO RICO......... 37
1,400 WHITNEY HOLDINGS CORP............. 71
2,300 WILMINGTON TRUST CORP............. 140
4,400 ZIONS BANCORP..................... 234
--------
64,517
--------
EATING AND DRINKING PLACES--0.73%
2,100 APPLE SOUTH, INC.................. 27
3,000 - APPLEBEES INTERNATIONAL, INC.... 67
3,400 BOB EVANS FARMS, INC.............. 72
8,300 - BOSTON CHICKEN, INC............. 13
5,100 - BRINKER INTERNATIONAL, INC...... 98
3,100 - BUFFETS, INC.................... 49
3,300 CKE RESTAURANTS, INC.............. 136
4,000 CRACKER BARREL OLD COUNTRY STORE,
INC.............................. 127
8,500 DARDEN RESTAURANTS, INC........... 135
2,800 - FOODMAKER, INC.................. 47
1,400 - LANDRYS SEAFOOD RESTAURANTS,
INC.............................. 25
1,800 - LONE STAR STEAKHOUSE & SALOON,
INC.............................. 25
3,000 LUBYS CAFETERIA, INC.............. 53
46,000 MCDONALDS CORP.................... 3,174
5,866 MORRISON HEALTH CARE, INC......... 111
3,300 - OUTBACK STEAKHOUSE, INC......... 129
1,300 - PAPA JOHNS INTERNATIONAL, INC... 51
1,900 - PLANET HOLLYWOOD, INC
(CLASS A)........................ 13
1,350 - RAINFOREST CAFE, INC............ 19
700 - RARE HOSPITALITY INTERNATIONAL,
INC.............................. 10
7,800 RUBY TUESDAY, INC................. 121
4,100 - RYANS FAMILY STEAK HOUSES,
INC.............................. 42
1,500 - SBARRO, INC..................... 41
600 - SHOWBIZ PIZZA TIME, INC......... 24
8,740 - TRICON GLOBAL RESTAURANTS,
INC.............................. 277
3,160 - U.S. FOODSERVICE, INC........... 111
6,000 WENDYS INTERNATIONAL, INC......... 141
--------
5,138
--------
EDUCATIONAL SERVICES--0.05%
3,300 - APOLLO GROUP, INC (CLASS A)..... 109
4,600 - DEVRY, INC...................... 101
1,200 - ITT EDUCATIONAL SERVICES, INC... 39
800 - LEARNING TREE INTERNATIONAL,
INC.............................. 16
1,950 - SYLVAN LEARNING SYSTEMS, INC.... 64
--------
329
--------
ELECTRIC, GAS, AND SANITARY
SERVICES--4.33%
9,500 - AES CORP........................ 499
4,300 AGL RESOURCES, INC................ 85
7,100 ALLEGHENY ENERGY, INC............. 214
6,900 - ALLIED WASTE INDUSTRIES, INC.... 166
14,560 AMEREN CORP....................... 579
12,300 AMERICAN ELECTRIC POWER CO, INC... 558
4,600 - AMERICAN STANDARD COS, INC...... 206
4,400 AMERICAN WATER WORKS CO, INC...... 136
2,468 ATMOS ENERGY CORP................. 75
8,500 BALTIMORE GAS & ELECTRIC CO....... 264
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
3,200 BEC ENERGY........................ $ 133
12,700 BROWNING FERRIS INDUSTRIES, INC... 441
4,700 - CALENERGY, INC.................. 141
9,200 CAROLINA POWER & LIGHT CO......... 399
11,500 CENTRAL & SOUTH WEST CORP......... 309
2,100 CENTRAL HUDSON GAS & ELECTRIC
CORP............................. 96
11,645 CENTRAL MAINE POWER CO............ 227
2,000 CILCORP, INC...................... 96
8,500 CINERGY CORP...................... 298
11,257 - CITIZENS UTILITIES CO (CLASS B). 108
2,300 CLECO CORP........................ 68
6,200 CMS ENERGY CORP................... 273
6,600 COASTAL CORP...................... 461
5,800 COMMONWEALTH ENERGY SYSTEM CO..... 219
16,225 CONECTIV, INC..................... 333
537 CONECTIV, INC (CLASS A)........... 19
14,700 CONSOLIDATED EDISON CO OF N.Y.,
INC.............................. 677
600 - CTG RESOURCES, INC.............. 14
11,900 DOMINION RESOURCES, INC........... 485
9,000 DPL, INC.......................... 163
4,800 DQE, INC.......................... 173
8,600 DTE ENERGY CO..................... 347
24,433 DUKE ENERGY CORP.................. 1,448
8,200 EASTERN UTILITIES ASSOCIATION
CO............................... 215
24,100 EDISON INTERNATIONAL CO........... 712
7,702 EL PASO NATURAL GAS CO............ 295
900 - ENERGEN CORP.................... 18
4,600 ENERGY EAST CORP.................. 191
13,800 ENTERGY CORP...................... 397
3,100 EQUITABLE RESOURCES, INC.......... 95
200 ETOWN CORP........................ 8
14,602 FIRSTENERGY CORP.................. 449
5,200 FLORIDA PROGRESS CORP............. 214
10,900 FPL GROUP, INC.................... 687
7,600 GPU, INC.......................... 287
2,300 HAWAIIAN ELECTRIC INDUSTRIES,
INC.............................. 91
18,203 HOUSTON INDUSTRIES, INC........... 562
2,600 IDAHO POWER CO.................... 90
4,400 ILLINOVA CORP..................... 132
2,500 INDIANA ENERGY, INC............... 75
5,450 INTERSTATE ENERGY CORP............ 177
3,700 IPALCO ENTERPRISES, INC........... 164
4,200 KANSAS CITY POWER & LIGHT CO...... 122
1,900 KN ENERGY, INC.................... 103
19,600 - LAIDLAW ENVIRONMENTAL SERVICES,
INC.............................. 71
8,943 LOUISVILLE GAS & ELECTRIC ENERGY
CORP............................. 242
12,436 - MARKETSPAN CORP................. 372
4,800 MCN ENERGY GROUP, INC............. 119
2,400 MDU RESOURCES GROUP, INC.......... 86
5,800 MIDAMERICAN ENERGY HOLDINGS CO.... 125
2,800 MINNESOTA POWER, INC.............. 111
4,100 MONTANA POWER CO.................. 142
2,400 NATIONAL FUEL GAS CO.............. 105
4,200 NEVADA POWER CO................... 108
6,485 NEW CENTURY ENERGIES, INC......... 295
</TABLE>
See notes to financial statements.
- 14 -
<PAGE> 16
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
ELECTRIC, GAS, AND SANITARY
SERVICES--(continued)
4,200 NEW ENGLAND ELECTRIC SYSTEMS CO... $ 182
9,100 - NIAGARA MOHAWK POWER CORP....... 136
2,700 NICOR, INC........................ 108
7,200 NIPSCO INDUSTRIES, INC............ 202
9,800 - NORTHEAST UTILITIES CO.......... 166
8,400 NORTHERN STATES POWER CO.......... 240
2,850 NORTHWEST NATURAL GAS CO.......... 80
300 NUI CORP.......................... 8
3,700 OGDEN CORP........................ 102
5,400 OGE ENERGY CORP................... 146
1,605 ONEOK, INC........................ 64
6,400 ORANGE & ROCKLAND UTILITY, INC.... 344
200 OTTER TAIL POWER CO............... 7
17,800 PACIFICORP........................ 403
27,100 PECO ENERGY CO.................... 791
2,000 PEOPLES ENERGY CORP............... 77
27,429 PG&E CORP......................... 866
3,329 PIEDMONT NATURAL GAS CO, INC...... 112
5,100 PINNACLE WEST CAPITAL CORP........ 230
7,200 POTOMAC ELECTRIC POWER CO......... 180
9,300 PP&L RESOURCES, INC............... 211
3,500 PUBLIC SERVICE CO OF NEW MEXICO... 79
13,500 PUBLIC SERVICE ENTERPRISE GROUP,
INC.............................. 465
5,478 PUGET SOUND ENERGY, INC........... 147
20,500 - REPUBLIC INDUSTRIES, INC........ 513
2,900 ROCHESTER GAS & ELECTRIC CORP..... 93
6,300 SCANA CORP........................ 188
13,418 - SEMPRA ENERGY................... 372
2,900 SIERRA PACIFIC RESOURCES.......... 105
1,400 - SIG CORP, INC................... 45
7,700 SONAT, INC........................ 297
1,200 SOUTHERN CALIFORNIA WATER CO...... 33
46,600 SOUTHERN CO....................... 1,290
6,200 SOUTHWEST GAS CORP................ 152
1,800 - SUPERIOR SERVICES, INC.......... 54
7,000 TECO ENERGY, INC.................. 188
15,367 TEXAS UTILITIES CO................ 640
12,497 - U.S.A. WASTE SERVICES, INC...... 617
2,637 UGI CORP.......................... 66
13,200 UNICOM CORP....................... 463
3,900 - UNISOURCE ENERGY CORP HOLDING
CO............................... 61
3,900 UNITED ILLUMINATING CO............ 197
3,500 UNITED WATER RESOURCES, INC....... 63
3,075 UTILICORP UNITED, INC............. 116
2,700 WASHINGTON GAS LIGHT CO........... 72
5,500 WASHINGTON WATER POWER CO......... 123
30,270 WASTE MANAGEMENT, INC............. 1,059
1,700 WESTERN GAS RESOURCES, INC........ 25
3,900 WESTERN RESOURCES, INC............ 151
5,000 WICOR, INC........................ 116
27,333 WILLIAMS COS, INC................. 922
7,400 WISCONSIN ENERGY CORP............. 225
2,900 WPS RESOURCES CORP................ 95
--------
30,257
--------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT--6.56%
4,000 - ACTEL CORP...................... $ 43
8,900 - ADC TELECOMMUNICATIONS, INC..... 325
1,400 - ADTRAN, INC..................... 37
5,000 - ADVANCED FIBRE COMMUNICATIONS... 200
8,900 - ADVANCED MICRO DEVICES, INC..... 152
1,600 - ALLEN TELECOM, INC.............. 19
6,100 - ALTERA CORP..................... 180
4,900 - AMERICAN POWER CONVERSION
CORP............................. 147
2,400 AMETEK, INC....................... 70
13,900 AMP, INC.......................... 478
1,600 - ANADIGICS, INC.................. 22
10,466 - ANALOG DEVICES, INC............. 257
5,475 - ANDREW CORP..................... 99
3,000 - ANTEC CORP...................... 70
2,300 - APPLIED MAGNETICS CORP.......... 18
2,700 - ARTESYN TECHNOLOGIES, INC....... 43
11,680 - ASCEND COMMUNICATIONS, INC...... 579
3,300 - ASPECT TELECOMMUNICATIONS
CORP............................. 90
6,700 - ATMEL CORP...................... 91
2,000 - AVID TECHNOLOGIES, INC.......... 67
1,500 AVX CORP.......................... 24
3,466 BALDOR ELECTRIC CO................ 84
2,400 - BERG ELECTRICS CORP............. 47
2,300 BMC INDUSTRIES, INC............... 20
2,250 - BURR BROWN CORP................. 47
9,800 - CHYRON CORP..................... 36
6,700 - CIENA CORP...................... 466
700 - COHERENT COMMUNICATIONS SYSTEMS
CORP............................. 33
3,175 - COMVERSE TECHNOLOGY, INC........ 165
6,635 COOPER INDUSTRIES, INC............ 365
2,000 - CYMER, INC...................... 32
5,200 - CYPRESS SEMICONDUCTOR CORP...... 43
2,000 DALLAS SEMICONDUCTOR CORP......... 62
2,800 - DIGITAL MICROWAVE CORP.......... 20
1,600 - DII GROUP, INC.................. 27
7,900 - DSC COMMUNICATIONS CORP......... 237
2,400 - DSP COMMUNICATIONS, INC......... 33
29,900 EMERSON ELECTRIC CO............... 1,805
200 - ESTERLINE CORP.................. 4
1,900 EXIDE CORP........................ 32
7,500 - GENERAL DATACOMM INDUSTRIES,
INC.............................. 38
221,500 GENERAL ELECTRIC CO............... 20,157
6,900 - GENERAL INSTRUMENT CORP......... 188
3,725 - GENERAL SEMICONDUCTOR, INC...... 37
17,200 - GEOTEK COMMUNICATIONS, INC...... 3
4,125 - GLENAYRE TECHNOLOGIES, INC...... 44
1,200 - HADCO CORP...................... 28
1,335 HARMAN INTERNATIONAL INDUSTRIES,
INC.............................. 51
5,400 HARRIS CORP....................... 241
2,900 - HMT TECHNOLOGY CORP............. 24
1,700 - HUTCHINSON TECHNOLOGY, INC...... 46
6,400 - INTEGRATED DEVICE TECHNOLOGY,
INC.............................. 46
114,900 INTEL CORP........................ 8,517
500 INTER-TEL, INC.................... 8
3,900 - INTERNATIONAL RECTIFIER CORP.... 33
</TABLE>
See notes to financial statements.
- 15 -
<PAGE> 17
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
ELECTRONIC AND OTHER ELECTRIC
EQUIPMENT--(continued)
800 - JABIL CIRCUIT, INC.............. $ 26
3,500 - KEMET CORP...................... 46
2,100 KUHLMAN CORP...................... 83
1,400 - LATTICE SEMICONDUCTOR CORP...... 40
5,175 - LEVEL ONE COMMUNICATIONS, INC... 122
5,100 LINEAR TECHNOLOGY CO.............. 308
4,500 - LITTLEFUSE, INC................. 114
8,900 - LSI LOGIC CORP.................. 205
4,600 - MAGNETEK, INC................... 72
8,200 - MAXIM INTEGRATED PRODUCTS....... 260
6,200 MAYTAG CO......................... 306
1,200 - MEMC ELECTRONIC MATERIALS,
INC.............................. 12
2,100 METHODE ELECTRONICS, INC
(CLASS A)........................ 33
800 - MICREL, INC..................... 26
3,225 - MICROCHIP TECHNOLOGY, INC....... 84
11,700 - MICRON TECHNOLOGY, INC.......... 290
5,337 MOLEX, INC........................ 133
40,700 MOTOROLA, INC..................... 2,139
1,400 - MRV COMMUNICATIONS, INC......... 29
10,202 - NATIONAL SEMICONDUCTOR CORP..... 135
1,900 - NEOMAGIC CORP................... 29
1,500 - OAK INDUSTRIES, INC............. 53
2,300 - OMNIPOINT CORP.................. 53
2,800 - P-COM, INC...................... 26
4,500 - PAIRGAIN TECHNOLOGIES, INC...... 78
4,500 - PICTURETEL CORP................. 42
1,000 PITTWAY CORP (CLASS A)............ 74
2,400 - PLANTRONICS, INC................ 124
2,400 - PMC-SIERRA, INC................. 113
1,800 - POWERWAVE TECHNOLOGIES, INC..... 30
2,100 - PREMISYS COMMUNICATIONS, INC.... 52
1,000 - RAMBUS, INC..................... 61
3,100 - READ RITE CORP.................. 28
3,700 - S3, INC......................... 19
1,900 - SANDISK CORP.................... 26
3,000 - SANMINA CORP.................... 130
700 - SAWTEK, INC..................... 10
4,100 - SCI SYSTEMS, INC................ 154
5,100 SCIENTIFIC-ATLANTA, INC........... 129
4,800 - SENSORMATIC ELECTRONICS CORP.... 67
1,600 - SMART MODULAR TECHNOLOGIES,
INC.............................. 23
800 - SPEEDFAM INTERNATIONAL, INC..... 15
3,600 SYMBOL TECHNOLOGIES, INC.......... 136
1,600 - TEKELEC......................... 72
10,800 - TELLABS, INC.................... 774
25,800 TEXAS INSTRUMENTS, INC............ 1,504
10,775 - THERMO ELECTRON CORP............ 368
3,399 THOMAS & BETTS CORP............... 167
2,500 - UCAR INTERNATIONAL, INC......... 73
2,200 - UNITRODE CORP................... 25
2,000 - VICOR CORP...................... 28
3,300 - VIDEOSERVER, INC................ 40
3,168 - VISHAY INTERTECHNOLOGY, INC..... 57
1,700 - VISX, INC....................... 101
4,900 - VITESSE SEMICONDUCTOR CORP...... 151
2,900 - VLSI TECHNOLOGY, INC............ 49
4,100 WHIRLPOOL CORP.................... 282
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
1,800 - WORLD ACCESS, INC............... $ 54
4,800 - XILINX, INC..................... 163
1,300 x- ZENITH ELECTRONICS CORP........ 0
1,400 - ZORAN CORP...................... 18
--------
45,891
--------
ENGINEERING AND MANAGEMENT
SERVICES--0.10%
1,500 BLOUNT INTERNATIONAL, INC......... 43
2,600 - CEPHALON, INC................... 20
5,200 - CORRECTIONS CORP OF AMERICA..... 122
2,600 - ICOS CORP....................... 50
1,300 - INCYTE PHARMACEUTICALS, INC..... 44
1,600 - JACOBS ENGINEERING GROUP, INC... 51
5,200 - MEDAPHIS CORP................... 31
17,000 - NEUROMEDICAL SYSTEMS, INC....... 12
400 - NFO WORLDWIDE, INC.............. 7
3,600 - QUINTILES TRANSNATIONAL CORP.... 177
2,200 - RENAISSANCE WORLDWIDE, INC...... 48
600 - SCIOS, INC...................... 5
2,000 - TRANSKARYOTIC THERAPIES, INC.... 52
3,600 - U.S. BIOSCIENCE, INC............ 29
1,200 - WACKENHUT CORRECTIONS CORP...... 28
--------
719
--------
FABRICATED METAL PRODUCTS--1.29%
1,900 AEROQUIP-VICKERS, INC............. 111
1,000 - ALLIANT TECHSYSTEMS, INC........ 63
2,000 - AMERICAN SAFETY RAZOR CO........ 29
1,600 APTARGROUP, INC................... 100
2,094 BALL CORP......................... 84
1,600 - COLEMAN CO, INC................. 19
2,500 CRANE CO.......................... 121
7,100 CROWN CORK & SEAL CO, INC......... 337
75,978 GILLETTE CO....................... 4,307
3,100 HARSCO CORP....................... 142
4,260 HUBBELL, INC (CLASS B)............ 177
13,300 ILLINOIS TOOL WORKS, INC.......... 887
9,800 MASCO CORP........................ 593
2,100 MASCOTECH, INC.................... 50
3,150 - MILLER INDUSTRIES, INC.......... 24
6,850 PARKER-HANNIFIN CORP.............. 261
1,400 PRIMEX TECHNOLOGIES, INC.......... 72
9,900 ROCKWELL INTERNATIONAL CORP....... 476
9,100 - ROHN INDUSTRIES, INC............ 43
3,850 SNAP-ON, INC...................... 140
7,000 - SOLECTRON CORP.................. 294
4,200 STANLEY WORKS CO.................. 175
2,700 STRUM, RUGER & CO, INC............ 45
1,300 - TOWER AUTOMOTIVE, INC........... 56
9,600 TRANSPRO, INC..................... 71
5,000 TRINITY INDUSTRIES, INC........... 208
3,300 VALMONT INDUSTRIES................ 66
1,900 - WYMAN-GORDON CO................. 38
--------
8,989
--------
FOOD AND KINDRED PRODUCTS--4.73%
1,880 - AGRIBRANDS INTERNATIONAL, INC... 57
31,900 ANHEUSER BUSCH COS, INC........... 1,505
38,157 ARCHER DANIELS MIDLAND CO......... 739
19,300 BESTFOODS, INC.................... 1,121
1,600 BROWN FORMAN, INC (CLASS B)....... 103
</TABLE>
See notes to financial statements.
- 16 -
<PAGE> 18
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
FOOD AND KINDRED
PRODUCTS--(continued)
17,200 CAMPBELL SOUP CO.................. $ 914
1,000 - CANANDAIGUA BRANDS, INC
(CLASS A)........................ 49
5,066 - CASTLE & COOKE, INC............. 96
2,800 CHIQUITA BRANDS INTERNATIONAL,
INC.............................. 39
153,800 COCA COLA CO...................... 13,150
14,300 COCA COLA ENTERPRISES, INC........ 561
31,600 CONAGRA, INC...................... 1,001
2,900 COORS (ADOLPH) CO (CLASS B)....... 99
3,875 - CORN PRODUCTS INTERNATIONAL,
INC.............................. 131
2,400 DEAN FOODS CO..................... 132
2,800 DOLE FOOD, INC.................... 139
2,600 DREYERS GRAND ICE CREAM, INC...... 52
1,608 EARTHGRAINS CO.................... 90
5,950 FLOWERS INDUSTRIES, INC........... 122
11,007 GENERAL MILLS, INC................ 753
24,500 HEINZ (H.J.) CO................... 1,375
6,200 HERSHEY FOODS CORP................ 428
2,700 HORMEL FOODS CORP................. 93
6,100 IBP, INC.......................... 111
3,000 INTERSTATE BAKERIES CORP.......... 100
14,900 KELLOGG CO........................ 560
1,950 LANCASTER COLONY CORP............. 74
1,900 LANCE, INC........................ 43
4,000 MCCORMICK & CO, INC (NON-VOTE).... 143
1,000 MICHAEL FOODS, INC................ 29
3,500 NABISCO HOLDINGS CORP (CLASS A)... 126
101,400 PEPSICO, INC...................... 4,176
8,900 QUAKER OATS CO.................... 489
2,500 - RALCORP HOLDINGS, INC........... 47
7,200 RALSTON PURINA CO................. 841
800 RIVIANA FOODS, INC................ 18
20,001 RJR NABISCO HOLDINGS CORP......... 475
31,800 SARA LEE CORP..................... 1,779
2,600 - SMITHFIELD FOODS, INC........... 79
1,133 TOOTSIE ROLL INDUSTRIES, INC...... 87
1,300 - TRIARC COS, INC................. 29
9,600 TYSON FOODS, INC.................. 208
3,800 UNIVERSAL FOODS CORP.............. 84
1,680 - VLASIC FOODS INTERNATIONAL,
INC.............................. 34
6,800 WHITMAN CORP...................... 156
200 WORTHINGTON FOODS, INC............ 4
6,700 WRIGLEY (WM) JR CO................ 657
--------
33,098
--------
FOOD STORES--0.67%
14,700 ALBERTSONS, INC................... 762
15,000 AMERICAN STORES CO................ 363
39 x- BRUNOS, INC.................... 0
1,100 - DOMINICKS SUPERMARKETS, INC..... 49
22,300 FOOD LION, INC (CLASS B).......... 224
5,500 - GENERAL NUTRITION COS, INC...... 171
3,800 GIANT FOOD, INC (CLASS A)......... 164
1,200 GREAT ATLANTIC & PACIFIC TEA CO,
INC.............................. 40
2,300 HANNAFORD BROTHERS, INC........... 101
15,700 - KROGER CO....................... 673
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
32,404 - SAFEWAY, INC.................... $ 1,318
14,100 - SOUTHLAND CORP.................. 39
5,900 - STARBUCKS CORP.................. 315
1,100 WEIS MARKETS, INC................. 40
1,600 - WHOLE FOODS MARKET, INC......... 97
5,900 WINN DIXIE STORES, INC............ 302
--------
4,658
--------
FURNITURE AND FIXTURES--0.14%
1,700 BASSETT FURNITURE INDUSTRIES,
INC.............................. 48
4,200 - FURNITURE BRANDS INTERNATIONAL,
INC.............................. 118
3,600 HON INDUSTRIES, INC............... 122
2,600 KIMBALL INTERNATIONAL, INC
(CLASS B)........................ 47
1,200 - KNOLL, INC...................... 35
1,200 LA-Z-BOY, INC..................... 68
11,600 LEGGETT & PLATT, INC.............. 290
6,000 MILLER (HERMAN), INC.............. 146
5,250 U.S. INDUSTRIES, INC.............. 130
--------
1,004
--------
FURNITURE AND HOMEFURNISHING
STORES--0.18%
3,000 - BED BATH & BEYOND, INC.......... 155
4,600 - BEST BUY, INC................... 166
5,400 - COMPUSA, INC.................... 98
2,000 ETHAN ALLEN INTERIORS, INC........ 100
3,800 HEILIG MEYERS CO.................. 47
3,600 - LINENS N THINGS, INC............ 110
3,000 - MUSICLAND STORES CORP........... 42
4,200 PIER 1 IMPORTS, INC............... 100
3,900 SUNBEAM CORP...................... 40
6,600 TANDY CORP........................ 350
2,400 - WILLIAMS-SONOMA, INC............ 76
--------
1,284
--------
GENERAL BUILDING CONTRACTORS--0.11%
3,400 CENTEX CORP....................... 128
2,400 HILLENBRAND INDUSTRIES, INC....... 144
3,900 HORTON (D.R.), INC................ 81
2,700 KAUFMAN & BROAD HOME CORP......... 86
2,200 LENNAR CORP....................... 65
3,200 PULTE CORP........................ 96
2,400 - TOLL BROTHERS, INC.............. 69
3,900 - WALTER INDUSTRIES, INC.......... 74
--------
743
--------
GENERAL MERCHANDISE STORES--2.10%
800 - 99 CENTS ONLY STORES............ 33
500 - AMES DEPARTMENT STORES, INC..... 13
2,800 - BJS WHOLESALE CLUB, INC......... 114
2,400 x- CALDOR CORP.................... 1
5,400 CASEYS GENERAL STORES, INC........ 89
6,909 - CONSOLIDATED STORES CORP........ 250
14,500 - COSTCO COS, INC................. 914
29,200 DAYTON HUDSON CORP................ 1,416
6,500 DILLARDS, INC (CLASS A)........... 269
6,996 DOLLAR GENERAL CORP............... 277
4,350 - DOLLAR TREE STORES, INC......... 177
</TABLE>
See notes to financial statements.
- 17 -
<PAGE> 19
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
GENERAL MERCHANDISE
STORES--(continued)
7,600 FAMILY DOLLAR STORES, INC......... $ 141
13,770 - FEDERATED DEPARTMENT STORES,
INC.............................. 741
8,904 - FRED MEYER, INC................. 378
3,100 HARCOURT GENERAL, INC............. 184
5,800 - HOMEBASE, INC................... 46
35,000 - K MART CORP..................... 674
8,800 - KOHLS CORP...................... 457
15,100 MAY DEPARTMENT STORES CO.......... 989
1,200 MERCANTILE STORES CO, INC......... 95
1,500 - NEIMAN-MARCUS GROUP, INC........ 65
14,745 PENNEY (J.C.) CO, INC............. 1,066
6,500 - PROFFITTS, INC.................. 262
3,100 ROSS STORES, INC.................. 133
678 - SCHOOL SPECIALTY, INC........... 11
2,900 - SHOPKO STORES, INC.............. 99
7,600 - VENATOR GROUP, INC.............. 145
93,000 WAL-MART STORES, INC.............. 5,650
--------
14,689
--------
HEALTH SERVICES--0.96%
1,500 - ACCESS HEALTH, INC.............. 38
1,000 - AMERICAN ONCOLOGY RESOURCES,
INC.............................. 12
3,800 - APRIA HEALTHCARE GROUP, INC..... 25
6,800 - BEVERLY ENTERPRISES, INC........ 94
6,050 - CLINTRIALS, INC................. 29
41,538 COLUMBIA/HCA HEALTHCARE CORP...... 1,210
3,700 - CONCENTRA MANAGED CARE, INC..... 96
4,800 - COVENTRY HEALTH CARE, INC....... 71
200 - CURATIVE HEALTH SERVICES, INC... 6
700 - EXPRESS SCRIPTS, INC............ 56
4,000 - FIRST HEALTH GROUP CORP......... 114
2,200 - GENESIS HEALTH VENTURES, INC.... 55
2,750 - HEALTH CARE & RETIREMENT CORP... 108
8,700 - HEALTH MANAGEMENT ASSOCIATES,
INC (CLASS A).................... 291
25,698 - HEALTHSOUTH CORP................ 686
9,400 - HUMANA, INC..................... 293
2,977 - INTEGRATED HEALTH SERVICES,
INC.............................. 112
20,752 - LABORATORY CORP OF AMERICA
HOLDINGS......................... 48
260 - LABORATORY CORP OF AMERICA
HOLDINGS WTS 04/28/00............ 0
2,463 - LCA-VISION, INC................. 7
3,400 - LINCARE HOLDINGS, INC........... 143
2,200 - MAGELLAN HEALTH SERVICES, INC... 56
2,900 MANOR CARE, INC................... 111
3,600 - MARINER HEALTH GROUP, INC....... 60
3,100 - MAXICARE HEALTH PLANS, INC...... 21
2,200 - MID ATLANTIC MEDICAL SERVICES,
INC.............................. 25
2,700 - NATIONAL SURGERY CENTERS, INC... 78
3,500 - NOVACARE, INC................... 41
5,000 OMNICARE, INC..................... 191
2,000 - ORTHODONTIC CENTERS OF AMERICA,
INC.............................. 42
6,530 - PARAGON HEALTH NETWORK, INC..... 105
800 - PEDIATRIX MEDICAL GROUP, INC.... 30
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
5,150 - PHARMERICA, INC................. $ 62
3,800 - PHYCOR, INC..................... 63
2,800 - PHYSICIAN RELIANCE NETWORK,
INC.............................. 32
6,600 - PHYSICIANS RESOURCE GROUP,
INC.............................. 30
6,000 - PSS WORLD MEDICAL, INC.......... 88
5,362 - QUEST DIAGNOSTICS, INC.......... 117
4,950 - QUORUM HEALTH GROUP, INC........ 131
2,100 - RENAL CARE GROUP, INC........... 93
2,850 - SIERRA HEALTH SERVICES, INC..... 72
3,300 - SUN HEALTHCARE GROUP, INC....... 48
19,825 - TENET HEALTHCARE CORP........... 620
5,569 - TOTAL RENAL CARE HOLDINGS,
INC.............................. 192
11,600 UNITED HEALTHCARE CORP............ 737
2,500 - UNIVERSAL HEALTH SERVICES,
INC.............................. 146
3,241 - VENCOR, INC..................... 23
--------
6,708
--------
HEAVY CONSTRUCTION, EXCEPT
BUILDING--0.04%
4,600 FLUOR CORP........................ 235
2,500 FOSTER WHEELER CORP............... 54
--------
289
--------
HOLDING AND OTHER INVESTMENT
OFFICES--1.27%
3,800 AMBAC FINANCIAL GROUP, INC........ 222
3,800 - APARTMENT INVESTMENT &
MANAGEMENT CO.................... 150
5,700 ARDEN REALTY GROUP, INC........... 147
6,996 AVALON BAY COMMUNITIES, INC....... 266
5,300 BRE PROPERTIES, INC (CLASS A)..... 138
5,300 CAMDEN PROPERTY TR................ 158
4,459 CAPSTEAD MORTGAGE CORP............ 37
5,200 CARRAMERICA REALTY CORP........... 148
4,700 CHATEAU PROPERTIES, INC........... 135
1,300 - COAST FEDERAL LITIGATION
CONTINGENT RTS................... 20
2,400 COLONIAL PROPERTIES TR............ 74
7,700 CORNERSTONE PROPERTIES, INC....... 136
3,400 COUSINS PROPERTIES, INC........... 102
6,900 CRESCENT REAL ESTATE EQUITIES,
INC.............................. 232
400 - CRESECENT OPERATING, INC........ 7
6,200 CRIIMI MAE, INC................... 86
3,000 CROWN AMERICAN REALTY TR.......... 29
3,600 DEVELOPERS DIVERSIFIED REALTY
CORP............................. 141
5,800 DUKE REALTY INVESTMENTS, INC...... 137
6,979 DYNEX CAPITAL, INC................ 78
4,950 EQUITY OFFICE PROPERTIES TR....... 140
6,750 EQUITY RESIDENTIAL PROPERTIES TR
CO............................... 320
3,000 EVEREST REINSURANCE HOLDINGS,
INC.............................. 115
4,700 FEDERAL REALTY INVESTMENT TR...... 113
2,900 FELCOR SUITE HOTELS, INC.......... 91
3,700 FIRST INDUSTRIAL REALTY TR, INC... 118
3,900 GENERAL GROWTH PROPERTIES, INC.... 146
3,600 GLENBOROUGH REALTY TR, INC........ 95
8,300 HEALTH & RETIREMENT PROPERTY TR... 156
</TABLE>
See notes to financial statements.
- 18 -
<PAGE> 20
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
HOLDING AND OTHER INVESTMENT
OFFICES--(continued)
4,700 HEALTH CARE PROPERTY INVESTORS,
INC.............................. $ 169
3,500 HIGHWOODS PROPERTIES, INC......... 113
4,300 HOSPITALITY PROPERTIES TR......... 138
7,023 INDYMAC MORTGAGE HOLDINGS, INC.... 160
3,800 KILROY REALTY CORP................ 95
4,100 KIMCO REALTY CORP................. 168
5,200 LIBERTY PROPERTY TR CO............ 133
4,300 MACERICH CO (THE)................. 126
4,100 MACK-CALI REALTY CORP............. 141
2,767 MEDITRUST CORP PAIRED............. 77
4,400 MERIDIAN INDUSTRIAL TR, INC....... 101
5,716 MERRY LAND & INVESTMENT CO, INC... 120
3,100 NATIONAL HEALTH INVESTORS, INC.... 103
4,900 NATIONWIDE HEALTH PROPERTIES,
INC.............................. 117
5,926 NEW PLAN REALTY TR................ 145
4,300 OMEGA HEALTHCARE INVESTORS, INC... 151
8,137 PATRIOT AMERICAN HOSPITALITY,
INC.............................. 195
3,600 POST PROPERTIES, INC.............. 139
4,000 PRENTISS PROPERTIES TR............ 97
5,400 PUBLIC STORAGE, INC............... 151
4,300 REALTY INCOME CORP................ 113
4,300 RECKSON ASSOCIATES REALTY CORP.... 102
344 - RECKSON SERVICES INDUSTRIES,
INC.............................. 1
1,800 REDWOOD TR, INC................... 32
1,500 RFS HOTEL INVESTORS, INC.......... 29
1,600 - SAUL CENTERS, INC............... 28
4,587 SECURITY CAPITAL ATLANTIC, INC.... 102
5,590 SECURITY CAPITAL INDUSTRIAL TR.... 140
5,385 SECURITY CAPITAL PACIFIC TR....... 121
4,500 SHURGARD STORAGE CENTERS, INC..... 125
8,164 SIMON DEBARTOLO GROUP, INC........ 265
4,300 SPIEKER PROPERTIES, INC........... 167
5,695 STARWOOD HOTELS & RESORTS TR...... 275
3,600 STORAGE U.S.A., INC............... 126
9,500 TAUBMAN CENTERS, INC.............. 135
2,800 TRINET CORPORATE REALTY TR, INC... 95
9,505 UNITED DOMINION REALTY TR, INC.... 132
3,241 - VENTAS, INC..................... 45
5,300 VORNADO REALTY TR................. 210
1,200 WALDEN RESIDENTIAL PROPERTIES,
INC.............................. 29
8,600 WASHINGTON REAL ESTATE INVESTMENT
TR............................... 149
3,000 - WELLSFORD REAL PROPERTIES,
INC.............................. 42
2,100 WESTFIELD AMERICA, INC............ 39
--------
8,878
--------
HOTELS AND OTHER LODGING
PLACES--0.48%
6,600 - AZTAR CORP...................... 45
2,700 - BRISTOL HOTEL CO................ 66
1,900 - CAPSTAR HOTEL CO................ 53
55,938 - CENDANT CORP.................... 1,168
6,000 - CHOICE HOTELS INTERNATIONAL,
INC.............................. 81
5,300 - CIRCUS CIRCUS ENTERPRISES,
INC.............................. 90
4,300 - EXTENDED STAY AMERICA, INC...... 48
11,300 HILTON HOTELS CORP................ 322
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
4,766 - HOMESTEAD VILLAGE, INC.......... $ 57
10,400 - HOST MARRIOTT CORP.............. 185
2,760 - HOST MARRIOTT SERVICES CORP..... 40
3,675 LA QUINTA INNS, INC............... 78
12,700 MARRIOTT INTERNATIONAL
(CLASS A)........................ 411
1,200 - MGM GRAND, INC.................. 38
1,200 - PRIMADONNA RESORTS, INC......... 17
3,200 - PRIME HOSPITALITY CORP.......... 56
6,768 - PROMUS HOTEL CORP............... 261
3,500 - RED ROOF INNS, INC.............. 59
1,500 - SIGNATURE RESORTS, INC.......... 25
2,625 - SODEXHO MARRIOTT SERVICES,
INC.............................. 76
3,000 - STATION CASINOS, INC............ 44
4,300 - SUNBURST HOSPITALITY CORP....... 30
2,800 - TRUMP HOTEL & CASINO RESORT,
INC.............................. 20
2,300 - VAIL RESORTS, INC............... 61
--------
3,331
--------
INDUSTRIAL MACHINERY AND
EQUIPMENT--6.04%
24,342 - 3COM CORP....................... 747
8,000 - ADAPTEC, INC.................... 115
4,700 AGCO CORP......................... 97
9,100 - APPLE COMPUTER, INC............. 261
25,000 - APPLIED MATERIALS, INC.......... 738
2,400 - APPLIED POWER, INC (CLASS A).... 83
6,800 - AUSPEX SYSTEMS, INC............. 37
11,100 BAKER HUGHES, INC................. 384
4,900 - BANCTEC, INC.................... 113
15,202 - BAY NETWORKS, INC............... 490
1,600 - BELL & HOWELL CO................ 41
5,300 BLACK & DECKER CORP............... 323
1,400 - BLACK BOX CORP.................. 46
6,400 BRUNSWICK CORP.................... 158
4,100 - C-CUBE MICROSYSTEMS, INC........ 76
6,600 - CABLETRON SYSTEMS, INC.......... 89
2,700 CAMCO INTERNATIONAL, INC.......... 210
5,100 CASE CORP......................... 246
24,700 CATERPILLAR, INC.................. 1,306
2,400 CINCINNATI MILACRON, INC.......... 58
4,900 - CIRRUS LOGIC, INC............... 55
68,850 - CISCO SYSTEMS, INC.............. 6,339
3,500 - COLTEC INDUSTRIES, INC.......... 70
105,984 COMPAQ COMPUTER CORP.............. 3,007
3,542 - COOPER CAMERON CORP............. 181
9,000 - COPYTELE, INC................... 20
2,500 CUMMINS ENGINE CO, INC............ 128
3,400 - DATA GENERAL CORP............... 51
16,500 DEERE & CO........................ 872
35,800 - DELL COMPUTER CORP.............. 3,323
1,400 - DETROIT DIESEL CORP............. 30
700 - DIALOGIC CORP................... 21
3,200 - DIAMOND MULTIMEDIA SYSTEMS,
INC.............................. 22
4,750 DIEBOLD, INC...................... 137
2,800 DONALDSON CO, INC................. 66
14,700 DOVER CORP........................ 503
11,500 - DRESSER INDUSTRIES, INC......... 507
500 - DUPONT PHOTOMASKS, INC.......... 17
1,400 EASTERN ENTERPRISES CO............ 60
5,200 EATON CORP........................ 404
2,500 - ELECTROGLAS, INC................ 33
</TABLE>
See notes to financial statements.
- 19 -
<PAGE> 21
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
INDUSTRIAL MACHINERY AND
EQUIPMENT--(continued)
33,400 - EMC CORP........................ $ 1,497
4,200 - ENCAD, INC...................... 57
1,600 - ETEC SYSTEMS, INC............... 56
2,800 FLOWSERVE CORP.................... 69
4,400 - GATEWAY 2000, INC............... 223
2,900 GENERAL SIGNAL CORP............... 104
6,100 - GLOBAL INDUSTRIAL TECHNOLOGIES,
INC.............................. 88
3,300 GRACO, INC........................ 115
3,300 HARNISCHFEGER INDUSTRIES, INC..... 93
54,700 HEWLETT-PACKARD CO................ 3,275
5,600 HUSSMANN INTERNATIONAL, INC....... 104
2,850 IDEX CORP......................... 98
4,030 - IMATION CORP.................... 67
3,800 - IN FOCUS SYSTEMS, INC........... 27
10,550 INGERSOLL-RAND CO................. 465
3,500 - INTERGRAPH CORP................. 30
64,700 INTERNATIONAL BUSINESS MACHINES
CORP............................. 7,428
16,300 - IOMEGA CORP..................... 96
1,400 - IONICS, INC..................... 52
3,200 JLG INDUSTRIES, INC............... 65
2,600 KAYDON CORP....................... 92
1,860 KENNAMETAL, INC................... 78
3,300 - KOMAG, INC...................... 18
2,100 - KULICHE & SOFFA INDUSTRIES,
INC.............................. 36
2,300 - LAM RESEARCH CORP............... 44
4,600 - LEXMARK INTERNATIONAL GROUP
(CLASS A)........................ 281
300 LINDSAY MANUFACTURING CO.......... 8
2,000 - LITTON INDUSTRIES, INC.......... 118
1,750 MANITOWOC, INC.................... 71
1,100 - MICRON ELECTRONICS, INC......... 13
2,100 - MOHAWK INDUSTRIES, INC.......... 67
6,100 x- MOLTEN METAL TECHNOLOGY, INC... 1
2,250 - NATIONAL INSTRUMENTS CORP....... 80
287 - NCR CORP........................ 9
4,000 - NETWORK EQUIPMENT TECHNOLOGIES,
INC.............................. 63
1,300 NORDSON CORP...................... 61
2,000 - NOVELLUS SYSTEMS, INC........... 71
1,600 - OAKLEY, INC..................... 21
7,400 PALL CORP......................... 152
3,375 - PAXAR CORP...................... 39
2,800 PENTAIR, INC...................... 119
2,700 - PHOTRONICS, INC................. 60
19,100 PITNEY BOWES, INC................. 919
2,000 - PRESSTEK, INC................... 22
1,000 - PRI AUTOMATION, INC............. 17
7,200 - QUANTUM CORP.................... 149
4,883 - RATIONAL SOFTWARE CORP.......... 74
2,600 ROPER INDUSTRIES, INC............. 68
2,100 - SAFEGUARD SCIENTIFICS, INC...... 88
16,048 - SEAGATE TECHNOLOGY, INC......... 382
2,000 - SECURITY DYNAMICS TECHNOLOGIES,
INC.............................. 37
3,200 - SEQUENT COMPUTER SYSTEMS, INC... 39
3,800 - SHIVA CORP...................... 32
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
13,208 - SILICON GRAPHICS, INC........... $ 160
2,300 - SILICON VALLEY GROUP, INC....... 37
1,350 - SLI, INC........................ 35
2,400 - SMITH INTERNATIONAL, INC........ 84
200 - SPS TECHNOLOGIES, INC........... 12
2,500 STEWART & STEVENSON SERVICES,
INC.............................. 45
7,600 - STORAGE TECHNOLOGY CORP......... 330
1,800 - STRATUS COMPUTER, INC........... 46
25,600 - SUN MICROSYSTEMS, INC........... 1,112
2,000 TECUMSEH PRODUCTS CO (CLASS A).... 106
1,200 - THERMO FIBERTEK, INC............ 12
3,529 TIMKEN CO......................... 109
9,810 - U.S. FILTER CORP................ 275
2,400 - ULTRATECH STEPPER, INC.......... 47
15,600 - UNISYS CORP..................... 441
5,600 - UNOVA, INC...................... 120
2,200 - VARCO INTERNATIONAL, INC........ 44
5,400 - WESTERN DIGITAL CORP............ 64
5,900 - XIRCOM, INC..................... 92
2,700 - XYLAN CORP...................... 80
2,600 YORK INTERNATIONAL CORP........... 113
1,700 - ZEBRA TECHNOLOGY CORP........... 73
--------
42,239
--------
INSTRUMENTS AND RELATED
PRODUCTS--2.28%
1,400 - ACUSON CORP..................... 25
1,300 - ADVANCED ENERGY INDUSTRIES,
INC.............................. 15
1,800 - AFFYMETRIX, INC................. 43
1,400 ARROW INTERNATIONAL, INC.......... 38
4,200 - ARTERIAL VASCULAR ENGINEERING,
INC.............................. 150
2,500 - ATL ULTRASOUND, INC............. 114
2,400 BALLARD MEDICAL PRODUCTS CO....... 43
3,500 BARD (C.R.), INC.................. 133
3,100 BAUSCH & LOMB, INC................ 155
18,500 BAXTER INTERNATIONAL, INC......... 996
1,800 BECKMAN COULTER, INC.............. 105
7,600 BECTON DICKINSON & CO............. 590
6,300 - BIOMET, INC..................... 208
8,042 - BOSTON SCIENTIFIC CORP.......... 576
1,600 - COHERENT, INC................... 27
1,900 - COLE NATIONAL CORP (CLASS A).... 76
1,500 - CREDENCE SYSTEMS CORP........... 29
1,900 - CYTEC CORP...................... 31
3,000 DENTSPLY INTERNATIONAL, INC....... 75
1,400 - DEPUY, INC...................... 40
2,800 - DIONEX CORP..................... 74
850 - DYNATECH CORP................... 3
22,000 EASTMAN KODAK CO.................. 1,607
2,900 EG & G, INC....................... 87
1,900 - GENRAD, INC..................... 38
9,912 GUIDANT CORP...................... 707
2,500 - HAEMONETICS CORP................ 40
8,400 HONEYWELL, INC.................... 702
13,400 - IMATRON, INC.................... 37
2,600 - INPUT/OUTPUT, INC............... 46
2,200 INVACARE CORP..................... 56
5,400 JOHNSON CONTROLS, INC............. 309
5,800 - KLA-TENCOR CORP................. 161
</TABLE>
See notes to financial statements.
- 20 -
<PAGE> 22
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
INSTRUMENTS AND RELATED
PRODUCTS--(continued)
4,600 MALLINCKRODT, INC................. $ 137
31,600 MEDTRONIC, INC.................... 2,015
2,300 MENTOR CORP....................... 56
3,000 MILLIPORE CORP.................... 82
2,400 MTS SYSTEMS CORP.................. 39
1,000 - NEOPROBE CORP................... 3
3,000 - ORBITAL SCIENCES CORP........... 112
3,200 PERKIN-ELMER CORP................. 199
500 - PHYSIO-CONTROL INTERNATIONAL
CORP............................. 13
2,400 POLAROID CORP..................... 85
6,218 RAYTHEON CO (CLASS A)............. 358
14,100 RAYTHEON CO (CLASS B)............. 834
3,100 - RESPIRONICS, INC................ 48
1,000 - SCOTT TECHNOLOGIES, INC
(CLASS A)........................ 15
2,300 - SEPRACOR, INC................... 95
1,500 - SOFAMOR DANEK GROUP, INC........ 130
1,033 - SONOSIGHT, INC.................. 8
5,888 - ST. JUDE MEDICAL, INC........... 217
2,400 - STERIS CORP..................... 153
4,700 - STRYKER CORP.................... 180
10,050 - SUMMIT TECHNOLOGY, INC.......... 55
6,800 - SUNRISE MEDICAL, INC............ 102
6,200 - SYBRON INTERNATIONAL CORP....... 157
1,500 - SYNETIC, INC.................... 86
3,550 TEKTRONIX, INC.................... 126
5,400 - TERADYNE, INC................... 144
2,000 - THERAGENICS CORP................ 52
1,900 - THERMEDICS, INC................. 24
1,300 - THERMO CARDIOSYSTEMS, INC....... 30
1,125 - THERMO INSTRUMENT SYSTEMS,
INC.............................. 30
1,100 - THERMOQUEST CORP................ 16
1,200 - THERMOTREX CORP................. 21
3,900 - TRIMBLE NAVIGATION LTD.......... 63
4,500 U.S. SURGICAL CORP................ 205
2,400 - UNIPHASE CORP................... 151
2,000 VARIAN ASSOCIATES, INC............ 78
1,000 - VEECO INSTRUMENTS, INC.......... 25
2,200 - VIVUS, INC...................... 13
1,800 - WATERS CORP..................... 106
5,900 X RITE, INC....................... 81
22,100 XEROX CORP........................ 2,246
--------
15,926
--------
INSURANCE AGENTS, BROKERS AND
SERVICE--0.30%
4,206 ALLMERICA FINANCIAL CORP.......... 273
9,350 AON CORP.......................... 657
1,350 BERKLEY (W.R.) CORP............... 54
2,500 GALLAGHER (ARTHUR J.) & CO........ 112
16,800 MARSH & MCLENNAN COS, INC......... 1,015
--------
2,111
--------
INSURANCE CARRIERS--4.58%
3,000 20TH CENTURY INDUSTRIES........... 86
9,167 AETNA, INC........................ 698
17,100 AFLAC, INC........................ 518
300 - ALLEGHANY CORP (DELAWARE)....... 70
2,700 ALLIED GROUP, INC................. 126
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
25,778 ALLSTATE CORP..................... $ 2,360
1,500 - AMERICAN ANNUITY GROUP, INC..... 36
2,600 AMERICAN BANKERS INSURANCE GROUP,
INC.............................. 156
2,000 AMERICAN FINANCIAL GROUP, INC..... 87
40,350 AMERICAN INTERNATIONAL GROUP,
INC.............................. 5,891
200 AMERICAN NATIONAL INSURANCE CO.... 21
2,100 - AMERIN CORP..................... 61
2,000 AMERUS LIFE HOLDINGS, INC
(CLASS A)........................ 65
2,000 ARGONAUT GROUP, INC............... 63
900 CAPITAL RE CORP................... 64
2,400 - CENTURY BUSINESS SERVICES,
INC.............................. 48
900 - CHICAGO TITLE CORP.............. 42
11,000 CHUBB CORP........................ 884
14,700 CIGNA CORP........................ 1,014
10,988 CINCINNATI FINANCIAL CORP......... 422
1,600 CITIZENS CORP..................... 50
1,800 CMAC INVESTMENT CORP.............. 111
1,500 - CNA FINANCIAL CORP.............. 70
1,700 COMMERCE GROUP, INC............... 66
12,432 CONSECO, INC...................... 581
3,060 - DELPHI FINANCIAL GROUP, INC..... 172
3,200 ENHANCE FINANCIAL SERVICES GROUP,
INC.............................. 108
5,600 EQUITABLE COS, INC................ 420
300 ERIE INDEMNITY CO (CLASS A)....... 9
900 EXECUTIVE RISK, INC............... 66
4,400 FBL FINANCIAL GROUP, INC
(CLASS A)........................ 113
1,900 FIDELITY NATIONAL FINANCIAL,
INC.............................. 76
3,100 FINANCIAL SECURITY ASSURANCE
HOLDINGS LTD..................... 182
1,950 FIRST AMERICAN FINANCIAL CORP..... 176
6,500 - FOUNDATION HEALTH SYSTEMS
(CLASS A)........................ 171
1,400 - FPA MEDICAL MANAGEMENT, INC..... 2
1,650 FREMONT GENERAL CORP.............. 89
2,200 FRONTIER INSURANCE GROUP, INC..... 50
5,200 GENERAL REINSURANCE CORP.......... 1,318
1,200 HARLEYSVILLE GROUP, INC........... 25
7,100 HARTFORD FINANCIAL SERVICES GROUP,
INC.............................. 812
2,100 HARTFORD LIFE, INC (CLASS A)...... 120
2,000 HCC INSURANCE HOLDINGS, INC....... 44
3,420 - HIGHLANDS INSURANCE GROUP,
INC.............................. 63
2,800 HORACE MANN EDUCATORS CORP........ 97
1,850 HSB GROUP, INC.................... 99
6,450 JEFFERSON-PILOT CORP.............. 374
2,500 JOHN ALDEN FINANCIAL CORP......... 55
1,100 LIBERTY CORP...................... 55
1,400 LIBERTY FINANCIAL COS, INC........ 48
900 - LIFE RE CORP.................... 75
1,000 LIFE U.S.A. HOLDING, INC.......... 13
6,100 LINCOLN NATIONAL CORP............. 557
4,600 LOEWS CORP........................ 401
300 - MARKEL CORP..................... 53
6,141 MBIA, INC......................... 460
2,000 MERCURY GENERAL CORP.............. 129
</TABLE>
See notes to financial statements.
- 21 -
<PAGE> 23
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
INSURANCE CARRIERS--(continued)
7,500 MGIC INVESTMENT CORP.............. $ 428
1,500 NAC RE CORP....................... 80
800 NATIONWIDE FINANCIAL SERVICES, INC
(CLASS A)........................ 41
1,800 OHIO CASUALTY CORP................ 80
8,400 OLD REPUBLIC INTERNATIONAL CORP... 246
2,000 ORION CAPITAL CORP................ 112
7,400 - OXFORD HEALTH PLANS, INC........ 113
512 - PACIFICARE HEALTH SYSTEMS, INC
(CLASS A)........................ 43
2,352 - PACIFICARE HEALTH SYSTEMS, INC
(CLASS B)........................ 208
5,800 PENNCORP FINANCIAL GROUP, INC..... 119
6,100 - PHYMATRIX CORP.................. 54
1,400 PMI GROUP, INC.................... 103
5,300 PRESIDENTIAL LIFE CORP............ 113
3,400 PROGRESSIVE CORP.................. 479
3,800 PROTECTIVE LIFE CORP.............. 139
4,200 PROVIDENT COS, INC................ 145
5,200 PROVIDIAN FINANCIAL CORP.......... 409
3,050 REINSURANCE GROUP OF AMERICA,
INC.............................. 180
3,400 RELIANCE GROUP HOLDINGS, INC...... 60
5,570 RELIASTAR FINANCIAL CORP.......... 267
8,800 SAFECO CORP....................... 399
3,400 SELECTIVE INSURANCE GROUP, INC.... 76
15,222 ST. PAUL COS, INC................. 640
11,250 SUNAMERICA, INC................... 646
3,300 TIG HOLDINGS, INC................. 76
8,900 TORCHMARK CORP.................... 407
3,700 TRANSAMERICA CORP................. 426
1,200 TRANSATLANTIC HOLDINGS, INC....... 93
77,798 TRAVELERS GROUP, INC.............. 4,717
3,900 TRAVELERS PROPERTY CASUALTY
CORP............................. 167
600 TRENWICK GROUP, INC............... 23
3,100 - TRIGON HEALTHCARE, INC.......... 112
2,400 - UICI............................ 65
1,800 UNITED WISCONSIN SERVICES, INC.... 51
1,900 UNITRIN, INC...................... 132
8,600 UNUM CORP......................... 477
1,100 VESTA INSURANCE GROUP, INC........ 23
567 - WELLPOINT HEALTH NETWORKS,
INC.............................. 42
--------
32,013
--------
LEATHER AND LEATHER PRODUCTS--0.05%
3,165 - FOOTSTAR, INC................... 152
1,800 - NINE WEST GROUP, INC............ 48
680 - SAMSONITE CORP.................. 7
3,500 STRIDE RITE CORP.................. 53
3,625 WOLVERINE WORLD WIDE, INC......... 79
--------
339
--------
LEGAL SERVICES--0.01%
1,900 - PREPAID LEGAL SERVICES, INC..... 60
--------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
LOCAL AND INTERURBAN PASSENGER
TRANSIT--0.03%
1,000 - GREYHOUND LINES, INC............ $ 6
6,300 VIAD CORP......................... 175
--------
181
--------
LUMBER AND WOOD PRODUCTS--0.26%
3,500 - CHAMPION ENTERPRISES, INC....... 103
5,206 CLAYTON HOMES, INC................ 99
5,542 DELTIC TIMBER CORP................ 139
5,400 GEORGIA-PACIFIC CORP
(PACKAGING GROUP)................ 318
7,100 GEORGIA-PACIFIC CORP
(TIMBER GROUP)................... 164
6,000 LOUISIANA PACIFIC CORP............ 110
2,000 RAYONIER, INC..................... 92
1,500 UNIVERSAL FOREST PRODUCTS, INC.... 25
12,700 WEYERHAEUSER CO................... 587
6,200 WILLAMETTE INDUSTRIES, INC........ 198
--------
1,835
--------
METAL MINING--0.18%
12,800 BATTLE MOUNTAIN GOLD CO........... 76
3,000 CLEVELAND CLIFFS, INC............. 161
3,000 - COEUR D'ALENE MINES CORP........ 20
5,700 CYPRUS AMAX MINERALS CO........... 76
3,900 FREEPORT-MCMORAN COPPER & GOLD,
INC (CLASS A).................... 56
5,463 FREEPORT-MCMORAN COPPER & GOLD,
INC (CLASS B).................... 83
2,200 - GETCHELL GOLD CORP.............. 34
9,400 - HECLA MINING CO................. 50
7,800 HOMESTAKE MINING CO............... 81
8,804 - KINROSS GOLD CORP............... 29
600 NEWMONT GOLD CO................... 15
12,096 NEWMONT MINING CORP............... 286
3,400 PHELPS DODGE CORP................. 194
3,200 - STILLWATER MINING CO............ 87
--------
1,248
--------
MISCELLANEOUS MANUFACTURING
INDUSTRIES--0.62%
2,500 ARMSTRONG WORLD INDUSTRIES, INC... 168
2,150 - BLYTH INDUSTRIES, INC........... 71
1,900 BRADY (W.H.) CO (CLASS A)......... 53
4,600 CALLAWAY GOLF CO.................. 91
1,900 - ESS TECHNOLOGY.................. 9
2,800 - GALOOB TOYS, INC................ 28
7,200 HASBRO, INC....................... 283
2,100 - HEXCEL CORP..................... 48
6,400 INTERNATIONAL GAME TECHNOLOGY
CO............................... 155
2,400 JOSTENS, INC...................... 57
2,300 K2, INC........................... 41
500 - LYDALL, INC..................... 7
19,493 MATTEL, INC....................... 825
28,100 MINNESOTA MINING & MANUFACTURING
CO............................... 2,309
</TABLE>
See notes to financial statements.
- 22 -
<PAGE> 24
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
MISCELLANEOUS MANUFACTURING
INDUSTRIES--(continued)
500 NACCO INDUSTRIES, INC (CLASS A)... $ 65
2,100 TIFFANY & CO...................... 101
3,500 - WMS INDUSTRIES, INC............. 15
--------
4,326
--------
MISCELLANEOUS RETAIL--1.06%
1,000 - AMAZON.COM, INC................. 100
3,000 - BARNES & NOBLE, INC............. 112
4,700 - BORDERS GROUP, INC.............. 174
600 - BRYLANE, INC.................... 28
400 - CDW COMPUTER CENTERS, INC....... 20
25,542 CVS CORP.......................... 995
1,600 ENESCO GROUP, INC................. 49
5,000 FINGERHUT COS, INC................ 165
1,000 - GARDEN RIDGE CORP............... 19
1,000 - GLOBAL DIRECTMAIL CORP.......... 13
1,100 - LANDS END, INC.................. 35
2,500 LONGS DRUG STORES CORP............ 72
1,500 - MICHAELS STORES, INC............ 53
4,800 - MICRO WAREHOUSE, INC............ 74
2,800 - MSC INDUSTRIAL DIRECT CO
(CLASS A)........................ 80
10,100 - OFFICE DEPOT, INC............... 319
8,550 - OFFICEMAX, INC.................. 141
4,000 - PETCO ANIMAL SUPPLIES, INC...... 80
7,200 - PETSMART, INC................... 72
16,420 RITE AID CORP..................... 617
24,500 SEARS ROEBUCK & CO................ 1,496
23,500 - SERVICE MERCHANDISE, INC........ 37
16,475 - STAPLES, INC.................... 477
6,800 - SUNGLASS HUT INTERNATIONAL,
INC.............................. 75
2,250 - THE SPORTS AUTHORITY, INC....... 34
18,087 - TOYS R US, INC.................. 426
6,000 - VIKING OFFICE PRODUCTS, INC..... 188
344 - VITALINK PHARMACY SERVICES,
INC.............................. 8
32,900 WALGREEN CO....................... 1,359
3,200 - ZALE CORP....................... 102
--------
7,420
--------
MOTION PICTURES--0.72%
45,678 DISNEY (WALT) CO.................. 4,799
2,100 - HOLLYWOOD ENTERTAINMENT CORP.... 28
3,400 - KING WORLD PRODUCTIONS, INC..... 87
1,100 - PIXAR, INC...................... 66
2,700 - SPELLING ENTERTAINMENT GROUP,
INC.............................. 25
--------
5,005
--------
NONDEPOSITORY INSTITUTIONS--2.92%
1,500 AAMES FINANCIAL CORP.............. 21
1,325 ADVANTA CORP (CLASS A)............ 29
31,500 AMERICAN EXPRESS CO............... 3,591
16,240 AMERICAN GENERAL CORP............. 1,156
2,200 - AMERICREDIT CORP................ 79
2,800 - AMRESCO, INC.................... 82
3,700 - ARCADIA FINANCIAL LTD........... 28
23,058 ASSOCIATES FIRST CAPITAL CORP..... 1,773
3,300 BENEFICIAL CORP................... 506
500 CAPITAL ONE FINANCIAL CORP........ 62
2,100 - CITYSCAPE FINANCIAL CORP........ 0
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
300 - CONTIFINANCIAL CORP............. $ 7
6,925 COUNTRYWIDE CREDIT INDUSTRIES,
INC.............................. 351
1,600 - CREDIT ACCEPTANCE CORP.......... 14
500 - DORAL FINANCIAL CORP............ 9
70,800 FEDERAL NATIONAL MORTGAGE
ASSOCIATION...................... 4,301
3,400 FINOVA GROUP, INC................. 193
62,978 FIRST UNION CORP.................. 3,668
1,500 - FIRSTPLUS FINANCIAL GROUP,
INC.............................. 54
46,100 FREDDIE MAC....................... 2,170
300 FUND AMERICAN ENTERPRISES
HOLDINGS, INC.................... 44
8,600 GREEN TREE FINANCIAL CORP......... 368
20,615 HOUSEHOLD INTERNATIONAL, INC...... 1,026
1,000 - IMC MORTGAGE CO................. 11
2,100 - IMPERIAL CREDIT INDUSTRIES,
INC.............................. 49
2,900 - LEUCADIA NATIONAL CORP.......... 96
2,000 - LONG BEACH FINANCIAL CORP....... 22
6,450 - MERCURY FINANCE CO.............. 1
500 METRIS COS, INC................... 32
3,325 - OMEGA WORLDWIDE, INC............ 25
1,800 SIRROM CAPITAL CORP............... 47
10,950 SLM HOLDING CORP.................. 537
2,200 UNITED COS FINANCIAL CORP......... 34
--------
20,386
--------
NONMETALLIC MINERALS, EXCEPT
FUELS--0.07%
3,400 CALMAT CO......................... 75
2,600 JOHNS MANVILLE CORP............... 39
3,079 MARTIN MARIETTA MATERIALS, INC.... 139
425 POTASH CORP OF SASKATCHEWAN, INC.. 32
2,000 VULCAN MATERIALS CO............... 213
--------
498
--------
OIL AND GAS EXTRACTION--3.99%
64,800 AMOCO CORP........................ 2,697
3,700 ANADARKO PETROLEUM CORP........... 249
5,200 APACHE CORP....................... 164
1,200 - ATWOOD OCEANICS, INC............ 48
2,000 - BARNETT RESOURCES CORP.......... 75
900 BELCO OIL & GAS CORP.............. 8
2,800 - BENTON OIL & GAS CO............. 30
4,400 - BJ SERVICES CO.................. 128
700 BRITISH PETROLEUM CO PLC ADR...... 62
2,600 - BROWN (TOM), INC................ 49
11,245 BURLINGTON RESOURCES, INC......... 484
4,300 CABOT OIL & GAS CORP (CLASS A).... 86
2,900 CHESAPEAKE ENERGY CORP............ 12
1,000 - CLIFFS DRILLING CO.............. 33
5,400 COLUMBIA ENERGY GROUP............. 300
5,800 CONSOLIDATED NATURAL GAS CO....... 341
3,525 CROSS TIMBERS OIL CO.............. 67
1,500 DEVON ENERGY CORP................. 52
4,200 DIAMOND OFFSHORE DRILLING, INC.... 168
7,347 - EEX CORP........................ 69
3,400 ENRON OIL & GAS CO................ 69
9,000 ENSCO INTERNATIONAL, INC.......... 156
5,630 - EVI WEATHERFORD, INC............ 209
</TABLE>
See notes to financial statements.
- 23 -
<PAGE> 25
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
OIL AND GAS EXTRACTION--(continued)
166,600 EXXON CORP........................ $ 11,881
1,400 - FORCENERGY GAS EXPLORATION,
INC.............................. 25
5,700 - FOREST OIL CORP................. 82
5,000 - GLOBAL INDUSTRIES LTD........... 84
9,100 - GLOBAL MARINE, INC.............. 170
11,800 - GREY WOLF, INC.................. 38
17,532 HALLIBURTON CO.................... 781
8,600 - HARKEN ENERGY CORP.............. 41
3,300 HELMERICH & PAYNE, INC............ 73
2,000 KCS ENERGY, INC................... 23
2,800 KERR-MCGEE CORP................... 162
1,600 - LOUIS DREYFUS NATURAL GAS
CORP............................. 30
3,400 - MARINE DRILLING CO, INC......... 54
4,900 MITCHELL ENERGY & DEVELOPMENT CORP
(CLASS A)........................ 98
52,700 MOBIL CORP........................ 4,038
6,800 - NABORS INDUSTRIES, INC.......... 135
2,100 NEW JERSEY RESOURCES CORP......... 75
2,800 - NEWFIELD EXPLORATION CO......... 70
6,000 - NEWPARK RESOURCES, INC.......... 67
7,100 NGC CORP.......................... 89
3,200 NOBLE AFFILIATES, INC............. 122
7,900 - NOBLE DRILLING CORP............. 190
1,400 - NUEVO ENERGY CO................. 45
23,100 OCCIDENTAL PETROLEUM CORP......... 624
7,366 - OCEAN ENERGY, INC............... 144
2,000 - OCEANEERING INTERNATIONAL,
INC.............................. 36
6,900 - ORYX ENERGY CO.................. 153
4,500 - PARKER DRILLING CO.............. 32
1,900 - PATTERSON ENERGY, INC........... 19
15,400 PHILLIPS PETROLEUM CO............. 742
6,700 PIONEER NATURAL RESOURCES CO...... 160
2,600 POGO PRODUCING CO................. 65
3,300 - POOL ENERGY SERVICES CO......... 49
3,300 - PRIDE INTERNATIONAL, INC........ 56
5,000 QUESTAR CORP...................... 98
12,938 - R & B FALCON CORP............... 293
4,700 - ROWAN COS, INC.................. 91
500 - ROYAL DUTCH PETROLEUM CO ADR
(N.Y. REGD)...................... 27
2,500 - RUTHERFORD-MORAN OIL CORP....... 50
6,400 - SANTA FE ENERGY RESOURCES,
INC.............................. 69
600 - SCHLUMBERGER LTD................ 41
3,900 - SEAGULL ENERGY CORP............. 65
3,900 SNYDER OIL CORP................... 78
2,830 - SWIFT ENERGY CO................. 45
1,600 - TITAN EXPLORATION, INC.......... 14
6,300 TRANSOCEAN OFFSHORE, INC.......... 280
4,500 - TRANSTEXAS GAS CORP............. 40
3,200 - TUBOSCOPE, INC.................. 63
15,914 UNION PACIFIC RESOURCES GROUP,
INC.............................. 279
1,000 VASTAR RESOURCES, INC............. 44
1,300 - VERITAS DGC, INC................ 65
2,600 VINTAGE PETROLEUM, INC............ 49
2,600 - WESTERN ATLAS, INC.............. 221
--------
27,921
--------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
PAPER AND ALLIED PRODUCTS--0.91%
5,000 - AMERICAN PAD & PAPER CO......... $ 23
6,600 AVERY DENNISON CORP............... 355
3,200 BEMIS, INC........................ 131
3,400 BOISE CASCADE CORP................ 111
2,300 BOWATER, INC...................... 109
3,600 - BUCKEYE TECHNOLOGIES, INC....... 85
1,800 CARAUSTAR INDUSTRIES, INC......... 52
5,900 CHAMPION INTERNATIONAL CORP....... 290
1,400 CHESAPEAKE CORP................... 55
3,800 CONSOLIDATED PAPERS, INC.......... 104
4,960 - CROWN VANTAGE, INC.............. 52
2,800 FIRST BRANDS CORP................. 72
9,325 FORT JAMES CORP................... 415
2,000 GLATFELTER (P.H.) CO.............. 32
19,714 INTERNATIONAL PAPER CO............ 848
1,400 - JEFFERSON SMURFIT CORP.......... 22
38,100 KIMBERLY-CLARK CORP............... 1,748
3,400 LONGVIEW FIBRE CO................. 48
3,000 - MAIL-WELL, INC.................. 65
5,700 MEAD CORP......................... 181
5,000 - PLAYTEX PRODUCTS, INC........... 80
1,500 POTLATCH CORP..................... 63
2,240 SCHWEITZER-MAUDUIT INTERNATIONAL,
INC.............................. 65
700 - SHOREWOOD PACKAGING CORP........ 11
6,231 SONOCO PRODUCTS CO................ 188
1,800 ST. JOE CORP...................... 49
5,600 - STONE CONTAINER CORP............ 88
3,400 TEMPLE-INLAND, INC................ 183
10,700 TENNECO, INC...................... 407
4,000 UNION CAMP CORP................... 199
2,000 WAUSAU-MOSINEE PAPER CORP......... 46
5,350 WESTVACO CORP..................... 151
1,000 - ZOLTEK COS, INC................. 20
--------
6,348
--------
PERSONAL SERVICES--0.24%
6,000 BLOCK (H&R), INC.................. 253
4,200 CINTAS CORP....................... 214
2,600 - EQUITY CORP INTERNATIONAL....... 62
1,800 G & K SERVICES, INC (CLASS A)..... 79
2,900 NATIONAL SERVICE INDUSTRIES,
INC.............................. 148
1,300 REGIS CORP........................ 38
16,200 SERVICE CORP INTERNATIONAL........ 695
5,800 STEWART ENTERPRISES, INC
(CLASS A)........................ 154
1,200 - THERMOLASE CORP................. 9
--------
1,652
--------
PETROLEUM AND COAL PRODUCTS--1.40%
5,600 AMERADA HESS CORP................. 304
3,800 ASHLAND, INC...................... 196
21,600 ATLANTIC RICHFIELD CO............. 1,688
44,100 CHEVRON CORP...................... 3,663
600 FINA, INC (CLASS A)............... 39
3,400 LYONDELL PETROCHEMICAL CO......... 103
2,600 MURPHY OIL CORP................... 132
2,700 PENNZOIL CO....................... 137
4,900 QUAKER STATE OIL REFINING CORP.... 80
</TABLE>
See notes to financial statements.
- 24 -
<PAGE> 26
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
PETROLEUM AND COAL
PRODUCTS--(continued)
4,600 SUN CO, INC....................... $ 179
36,016 TEXACO, INC....................... 2,150
10,248 TOSCO CORP........................ 301
5,926 ULTRAMAR DIAMOND SHAMROCK CORP.... 187
15,845 UNOCAL CORP....................... 566
2,400 VALERO ENERGY CORP................ 80
200 WD-40 CO.......................... 5
--------
9,810
--------
PRIMARY METAL INDUSTRIES--0.58%
3,200 AK STEEL HOLDINGS CORP............ 57
9,508 ALLEGHENY TELEDYNE, INC........... 217
1,349 - ALUMAX, INC..................... 63
10,300 ALUMINUM CO OF AMERICA............ 679
6,300 - ARMCO, INC...................... 40
2,600 ASARCO, INC....................... 58
1,800 BELDEN, INC....................... 55
7,800 - BETHLEHEM STEEL CORP............ 97
5,100 BIRMINGHAM STEEL CORP............. 63
1,950 - CABLE DESIGN TECHNOLOGIES CO.... 40
1,600 CARPENTER TECHNOLOGY CORP......... 80
2,300 - COMMSCOPE, INC.................. 37
1,300 - ENCORE WIRE CORP................ 21
6,150 ENGELHARD CORP.................... 125
1,000 - ESSEX INTERNATIONAL, INC........ 24
2,550 GENERAL CABLE CORP................ 74
3,600 INLAND STEEL INDUSTRIES, INC...... 101
1,900 INTERMET CORP..................... 34
2,700 J & L SPECIALTY STEEL, INC........ 16
1,900 - KAISER ALUMINUN CORP............ 18
1,800 - LONE STAR TECHNOLOGIES, INC..... 27
6,800 LTV CORP.......................... 65
2,600 - MUELLER INDUSTRIES, INC......... 97
5,200 NUCOR CORP........................ 239
4,100 OREGON STEEL MILLS, INC........... 76
1,500 PRECISION CAST PARTS CORP......... 80
4,500 REYNOLDS METALS CO................ 252
2,000 - RMI TITANIUM CO................. 46
3,600 STANDEX INTERNATIONAL CORP........ 107
2,900 - STEEL DYNAMICS, INC............. 40
1,600 TEXAS INDUSTRIES, INC............. 85
1,500 TITANIUM METALS CORP.............. 33
20,000 USX-MARATHON GROUP, INC........... 686
4,900 USX-US STEEL GROUP, INC........... 162
1,500 - WOLVERINE TUBE, INC............. 57
5,100 WORTHINGTON INDUSTRIES, INC....... 77
--------
4,028
--------
PRINTING AND PUBLISHING--1.28%
4,000 AMERICAN GREETINGS CORP
(CLASS A)........................ 204
1,300 - APPLIED GRAPHICS TECHNOLOGIES,
INC.............................. 59
2,300 BANTA CORP........................ 71
4,800 BELO (A.H.) CORP SERIES A......... 117
600 - BIG FLOWER HOLDINGS, INC........ 18
2,100 BOWNE & CO, INC................... 95
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
900 CENTRAL NEWSPAPERS, INC
(CLASS A)........................ $ 63
3,900 DELUXE CORP....................... 140
5,400 DONNELLEY (R.R.) & SONS CO........ 247
3,200 DOW JONES & CO, INC............... 178
4,200 - FRANKLIN COVEY CO............... 81
18,800 GANNETT CO, INC................... 1,336
1,000 - GIBSON GREETINGS, INC........... 25
2,100 HARLAND (JOHN H.) CO.............. 36
4,400 HARTE-HANKS, INC.................. 114
2,500 HOLLINGER INTERNATIONAL, INC...... 43
2,400 HOUGHTON MIFFLIN CO............... 76
3,800 - JOURNAL REGISTER CO............. 64
5,100 KNIGHT-RIDDER, INC................ 281
2,900 LEE ENTERPRISES, INC.............. 89
2,900 x- MARVEL ENTERTAINMENT GROUP,
INC.............................. 1
6,000 MCGRAW HILL COS, INC.............. 489
800 MEDIA GENERAL, INC (CLASS A)...... 39
2,800 MEREDITH CORP..................... 131
600 NEW ENGLAND BUSINESS SERVICES,
INC.............................. 19
5,400 NEW YORK TIMES CO (CLASS A)....... 428
7,482 NEWS CORP LTD ADR (LTD-VOTE)...... 211
8,600 - PRIMEDIA, INC................... 117
4,800 READER'S DIGEST ASSOCIATION, INC
(CLASS A) (NON-VOTE)............. 130
3,300 REYNOLDS & REYNOLDS CO (CLASS A).. 60
1,000 - SCHOLASTIC CORP................. 40
2,800 SCRIPPS (E.W.) CO (CLASS A)....... 153
1,200 STANDARD REGISTER, INC............ 42
30,600 TIME WARNER, INC.................. 2,614
4,400 TIMES MIRROR CO SERIES A.......... 277
6,100 TRIBUNE CO........................ 420
1,800 - VALASSIS COMMUNICATIONS, INC.... 69
2,400 WALLACE COMPUTER SERVICES, INC.... 57
400 WASHINGTON POST CO (CLASS B)...... 230
813 - WORKFLOW MANAGEMENT, INC........ 7
3,200 - WORLD COLOR PRESS, INC.......... 112
--------
8,983
--------
RAILROAD TRANSPORTATION--0.51%
10,740 BURLINGTON NORTHERN SANTA FE
CORP............................. 1,055
50 - CANADIAN NATIONAL RAILWAY CO.... 3
14,700 CSX CORP.......................... 669
400 FLORIDA EAST COAST INDUSTRIES,
INC.............................. 12
7,300 KANSAS CITY SOUTHERN INDUSTRIES,
INC.............................. 362
25,300 NORFOLK SOUTHERN CORP............. 754
14,482 UNION PACIFIC CORP................ 639
3,500 - WISCONSIN CENTRAL TRANSIT
CORP............................. 77
--------
3,571
--------
REAL ESTATE--0.11%
4,800 - CATELLUS DEVELOPMENT CORP....... 85
6,140 - ECHELON INTERNATIONAL CORP...... 162
3,200 - FAIRFIELD COMMUNITIES, INC...... 61
600 - INSIGNIA FINANCIAL GROUP, INC... 15
</TABLE>
See notes to financial statements.
- 25 -
<PAGE> 27
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
REAL ESTATE--(continued)
4,800 - LNR PROPERTY CORP............... $ 123
4,000 ROUSE CO.......................... 126
355 - SECURITY CAPITAL GROUP, INC
WTS 09/18/98..................... 0
4,100 WEINGARTEN REALTY INVESTORS,
INC.............................. 171
--------
743
--------
RUBBER AND MISCELLANEOUS PLASTIC
PRODUCTS--0.80%
1,800 BANDAG, INC....................... 70
2,200 CARLISLE COS, INC................. 95
4,600 COOPER TIRE & RUBBER CO........... 95
4,900 FOAMEX INTERNATIONAL, INC......... 85
1,900 GENCORP, INC...................... 48
4,550 GOODRICH (B.F.) CO................ 226
10,000 GOODYEAR TIRE & RUBBER CO......... 644
4,800 - GRACE, W.R. & CO................ 82
4,508 MARK IV INDUSTRIES, INC........... 97
40,300 MONSANTO CO....................... 2,252
8,600 NIKE, INC (CLASS B)............... 419
3,600 PREMARK INTERNATIONAL, INC........ 116
5,400 RAYCHEM CORP...................... 160
3,007 - REEBOK INTERNATIONAL LTD........ 83
9,300 RUBBERMAID, INC................... 309
2,600 - SAFESKIN CORP................... 107
5,472 - SEALED AIR CORP................. 201
7,960 SOLUTIA, INC...................... 228
4,800 STANDARD PRODUCTS CO.............. 135
700 TREDEGAR INDUSTRIES, INC.......... 59
2,900 TUPPERWARE CORP................... 82
--------
5,593
--------
SECURITY AND COMMODITY
BROKERS--1.25%
9,524 BEAR STEARNS COS, INC............. 542
1,600 DONALDSON, LUFKIN, & JENRETTE,
INC.............................. 81
1,700 EATON VANCE CORP.................. 79
6,350 EDWARDS (A.G.), INC............... 271
1,400 EVEREN CAPITAL CORP............... 39
11,200 FRANKLIN RESOURCES, INC........... 605
1,300 - HAMBRECHT & QUIST GROUP......... 47
1,400 JEFFERIES GROUP, INC.............. 57
1,733 LEGG MASON, INC................... 100
7,800 LEHMAN BROTHERS HOLDINGS, INC..... 605
1,000 MCDONALD & CO INVESTMENTS......... 33
23,000 MERRILL LYNCH & CO, INC........... 2,122
2,900 MORGAN KEEGAN, INC................ 75
30,455 MORGAN STANLEY, DEAN WITTER, &
CO............................... 2,783
7,100 PAINE WEBBER GROUP, INC........... 305
3,400 PIONEER GROUP, INC................ 89
6,800 PRICE (T. ROWE) ASSOCIATES, INC... 255
2,850 RAYMOND JAMES FINANCIAL CORP...... 85
12,200 SCHWAB (CHARLES) CORP............. 397
700 SEI INVESTMENT CO................. 43
4,700 UNITED ASSET MANAGEMENT CORP...... 122
--------
8,735
--------
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
SOCIAL SERVICES--0.01%
2,600 - ALTERNATIVE LIVING SERVICES,
INC.............................. $ 70
800 - SUNRISE ASSISTED LIVING, INC.... 28
--------
98
--------
SPECIAL TRADE CONTRACTORS--0.02%
2,600 APOGEE ENTERPRISES, INC........... 40
4,000 GEON CO........................... 92
3,500 - WESTELL TECHNOLOGIES, INC
(CLASS A)........................ 32
--------
164
--------
STONE, CLAY, AND GLASS
PRODUCTS--0.38%
1,500 - ACX TECHNOLOGIES, INC........... 33
1,900 CENTEX CONSTRUCTION PRODUCTS,
INC.............................. 73
15,400 CORNING, INC...................... 535
3,900 - DAL-TILE INTERNATIONAL, INC..... 38
1,700 - DEPARTMENT 56, INC.............. 60
2,028 LAFARGE CORP...................... 80
2,400 LIBBEY, INC....................... 92
400 LONE STAR INDUSTRIES, INC......... 31
1,500 MEDUSA CORP....................... 94
2,700 OWENS CORNING CO.................. 110
8,100 - OWENS ILLINOIS, INC............. 362
11,800 PPG INDUSTRIES, INC............... 821
1,700 - SOLA INTERNATIONAL, INC......... 56
1,600 SOUTHDOWN, INC.................... 114
2,800 - USG CORP........................ 152
--------
2,651
--------
TEXTILE MILL PRODUCTS--0.13%
1,809 ALBANY INTERNATIONAL CORP
(CLASS A)........................ 43
4,500 - BURLINGTON INDUSTRIES, INC...... 63
4,600 GUILFORD MILLS, INC............... 92
3,400 INTERFACE, INC (CLASS A).......... 69
3,000 RUDDICK CORP...................... 54
2,500 RUSSELL CORP...................... 75
7,500 SHAW INDUSTRIES, INC.............. 132
1,300 SPRING INDUSTRIES, INC............ 60
1,800 ST. JOHN KNITS, INC............... 70
3,700 UNIFI, INC........................ 127
4,000 - WESTPOINT STEVENS, INC.......... 132
--------
917
--------
TOBACCO PRODUCTS--1.03%
10,900 FORTUNE BRANDS, INC............... 419
1,600 - GENERAL CIGAR HOLDINGS, INC
(CLASS A)........................ 16
165,400 PHILIP MORRIS COS, INC............ 6,513
9,900 UST, INC.......................... 267
--------
7,215
--------
TRANSPORTATION BY AIR--0.62%
2,500 - AIRTRAN HOLDINGS, INC........... 19
1,300 - ALASKA AIR GROUP, INC........... 71
4,400 - AMERICA WEST HOLDINGS CORP
(CLASS B)........................ 126
12,200 - AMR CORP........................ 1,016
1,600 ASA HOLDINGS, INC................. 79
700 - ATLAS AIR, INC.................. 24
</TABLE>
See notes to financial statements.
- 26 -
<PAGE> 28
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
TRANSPORTATION BY AIR--(continued)
3,887 COMAIR HOLDINGS, INC.............. $ 120
3,300 - CONTINENTAL AIRLINES, INC
(CLASS B)........................ 201
4,800 DELTA AIRLINES, INC............... 620
1,000 - EAGLE U.S.A. AIRFREIGHT, INC.... 35
10,020 - FDX CORP........................ 629
400 - MIDWEST EXPRESS HOLDINGS, INC... 14
5,200 - NORTHWEST AIRLINES CORP
(CLASS A)........................ 201
2,000 - OFFSHORE LOGISTICS, INC......... 36
1,800 PITTSTON BAX GROUP................ 28
14,450 SOUTHWEST AIRLINES CO............. 428
5,400 - U.S. AIRWAYS GROUP, INC......... 428
3,600 - UAL CORP........................ 281
--------
4,356
--------
TRANSPORTATION EQUIPMENT--3.31%
1,000 - AFTERMARKET TECHNOLOGY CORP..... 19
33,200 ALLIED SIGNAL, INC................ 1,473
4,200 ARCTIC CAT, INC................... 41
1,300 ARVIN INDUSTRIES, INC............. 47
6,384 AUTOLIV, INC...................... 202
2,000 - BE AEROSPACE, INC............... 58
67,854 BOEING CO......................... 3,024
900 - BREED TECHNOLOGIES, INC......... 14
37,100 CHRYSLER CORP..................... 2,092
200 COACHMEN INDUSTRIES, INC.......... 5
6,300 DANA CORP......................... 337
4,200 DANAHER CORP...................... 154
3,900 ECHLIN, INC....................... 191
3,500 FEDERAL SIGNAL CORP............... 85
2,600 FEDERAL-MOGUL CORP................ 176
1,600 FLEETWOOD ENTERPRISES, INC........ 64
76,600 FORD MOTOR CO..................... 4,519
7,000 GENERAL DYNAMICS CORP............. 326
48,626 GENERAL MOTORS CORP............... 3,249
6,900 - GENERAL MOTORS CORP (CLASS H)... 325
6,600 - GENTEX CORP..................... 120
4,700 - GULFSTREAM AEROSPACE CORP....... 219
1,252 - HALTER MARINE GROUP, INC........ 19
9,800 HARLEY DAVIDSON, INC.............. 380
2,440 - HAYES LEMMERZ INTERNATIONAL,
INC.............................. 97
7,600 ITT INDUSTRIES, INC............... 284
4,300 - LEAR CORP....................... 221
11,196 LOCKHEED MARTIN CORP.............. 1,185
3,066 MERITOR AUTOMOTIVE, INC........... 74
2,200 MODINE MANUFACTURING CO........... 76
500 - MOTIVEPOWER INDUSTRIES, INC..... 12
4,600 - NAVISTAR INTERNATIONAL CORP..... 133
2,900 NEWPORT NEWS SHIPBUILDING, INC.... 78
3,677 NORTHROP GRUMMAN CORP............. 379
1,100 - OEA, INC........................ 18
4,200 PACCAR, INC....................... 219
2,500 POLARIS INDUSTRIES, INC........... 94
3,300 REGAL-BELOIT CORP................. 94
1,400 SMITH (A.O.) CORP................. 72
900 - SPX CORP........................ 58
5,200 SUNDSTRAND CORP................... 298
1,400 SUPERIOR INDUSTRIES INTERNATIONAL,
INC.............................. 39
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
2,800 TELEFLEX, INC..................... $ 106
8,700 TEXTRON, INC...................... 624
7,400 TRW, INC.......................... 404
15,300 UNITED TECHNOLOGIES CORP.......... 1,415
1,400 WABASH NATIONAL CORP.............. 36
700 - WALBRO CORP..................... 10
--------
23,165
--------
TRANSPORTATION SERVICES--0.08%
2,925 AIR EXPRESS INTERNATIONAL CORP.... 78
3,000 AIRBORNE FREIGHT CORP............. 105
1,100 - COACH U.S.A., INC............... 50
1,600 EXPEDITORS INTERNATIONAL OF
WASHINGTON....................... 70
2,400 - FRITZ COS, INC.................. 32
3,200 GATX CORP......................... 140
610 - NAVIGANT INTERNATIONAL, INC..... 5
2,100 - SABRE GROUP HOLDINGS, INC....... 80
--------
560
--------
TRUCKING AND WAREHOUSING--0.09%
2,500 - AMERICAN FREIGHTWAYS CORP....... 25
2,900 CNF TRANSPORTATION, INC........... 123
5,750 - CONSOLIDATED FREIGHTWAYS CORP... 80
1,000 - COVENANT TRANSPORT, INC
(CLASS A)........................ 20
1,400 - HEARTLAND EXPRESS, INC.......... 28
1,800 HUNT (J.B.) TRANSPORT SERVICES,
INC.............................. 64
2,200 ROADWAY EXPRESS, INC.............. 42
2,250 - SWIFT TRANSPORTATION CO, INC.... 45
2,100 USFREIGHTWAYS CORP................ 69
3,250 WERNER ENTERPRISES, INC........... 62
2,700 - YELLOW CORP..................... 50
--------
608
--------
WATER TRANSPORTATION--0.07%
3,300 ALEXANDER & BALDWIN, INC.......... 96
3,000 - KIRBY CORP...................... 76
950 - MARINE TRANSPORT CORP........... 4
9,500 - OMI CORP........................ 76
2,100 OVERSEAS SHIPHOLDING GROUP, INC... 43
900 - SEACOR SMIT, INC................ 55
3,800 TIDEWATER, INC.................... 125
--------
475
--------
WHOLESALE TRADE-DURABLE
GOODS--0.32%
1,800 AAR CORP.......................... 53
6,200 - ARROW ELECTRONICS, INC.......... 135
2,600 AVNET, INC........................ 142
1,500 BRIGGS & STRATTON CORP............ 56
6,250 - BRIGHTPOINT, INC................ 91
1,800 - CELLSTAR CORP................... 23
1,900 - CHS ELECTRONICS, INC............ 34
3,800 COMMERCIAL METALS CO.............. 117
10,150 GENUINE PARTS CO.................. 351
4,800 GRAINGER (W.W.), INC.............. 239
2,600 - HA-LO INDUSTRIES, INC........... 81
1,300 - HUGHES SUPPLY, INC.............. 48
2,900 - INGRAM MICRO, INC (CLASS A)..... 128
1,900 - KENT ELECTRONICS CORP........... 35
</TABLE>
See notes to financial statements.
- 27 -
<PAGE> 29
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
WHOLESALE TRADE-DURABLE
GOODS--(continued)
1,900 - MARSHALL INDUSTRIES, INC........ $ 52
3,700 - NATIONAL-OILWELL, INC........... 99
2,700 - OAK TECHNOLOGY, INC............. 12
5,500 OWENS & MINOR, INC................ 55
2,850 - PATTERSON DENTAL CO............. 104
3,900 - QUALCOMM, INC................... 219
400 - RELIANCE STEEL & ALUMINUM CO.... 15
4,300 - SODAK GAMING, INC............... 27
3,100 - TECH DATA CORP.................. 133
100 - VWR SCIENTIFIC PRODUCTS CORP.... 2
20 WESCO FINANCIAL CORP.............. 8
--------
2,259
--------
WHOLESALE TRADE-NONDURABLE
GOODS--0.63%
1,800 - AMERISOURCE HEALTH CORP
(CLASS A)........................ 118
3,175 BERGEN BRUNSWIG CORP (CLASS A).... 147
600 BINDLEY WESTERN INDUSTRIES, INC... 20
700 - BOISE CASCADE OFFICE PRODUCTS
CORP............................. 11
1,320 - BURLINGTON COAT FACTORY
WAREHOUSE CORP................... 30
7,173 CARDINAL HEALTH, INC.............. 672
2,300 - CENTRAL GARDEN & PET CO......... 72
8,800 - CORPORATE EXPRESS, INC.......... 112
2,900 DIMON, INC........................ 33
21,461 ENRON CORP........................ 1,160
2,721 FLEMING COS, INC.................. 48
1,533 HERBALIFE INTERNATIONAL, INC
(CLASS A)........................ 38
1,566 HERBALIFE INTERNATIONAL, INC
(CLASS B)........................ 32
300 HUNT CORP......................... 7
8,700 IKON OFFICE SOLUTIONS, INC........ 127
4,800 MCKESSON CORP..................... 390
3,000 - REXALL SUNDOWN, INC............. 106
3,450 RICHFOOD HOLDINGS, INC............ 71
</TABLE>
<TABLE>
<CAPTION>
VALUE
SHARES (000)
--------------------- --------
<C> <S> <C>
1,500 RUSS BERRIE & CO, INC............. $ 38
900 - SCHEIN (HENRY), INC............. 42
1,200 - SUIZA FOODS CORP................ 72
3,900 SUPERVALU, INC.................... 173
22,000 SYSCO CORP........................ 564
2,600 TERRA INDUSTRIES, INC............. 23
1,525 - U.S. OFFICE PRODUCTS CO......... 30
5,050 UNISOURCE WORLDWIDE, INC.......... 55
1,700 - UNITED STATIONERS, INC.......... 110
2,600 UNIVERSAL CORP.................... 81
--------
4,382
--------
TOTAL COMMON STOCK
(Cost $466,733)................... 690,742
--------
<CAPTION>
PRINCIPAL
----------
<C> <S> <C>
SHORT TERM INVESTMENTS--0.39%
U.S. GOVERNMENT & AGENCIES--0.39%
$2,700,000 FEDERAL HOME LOAN BANK
5.400 7/1/98..................... 2,700
--------
TOTAL SHORT TERM INVESTMENTS
(Cost $2,700)..................... 2,700
--------
TOTAL PORTFOLIO
(Cost $469,561)................... $693,567
========
</TABLE>
- ---------------
- - Non-income producing
x In bankruptcy
# Restricted securities--Investment in securities not registered under the
Securities Act of 1933 or not publicly traded on foreign markets. At June 30,
1998, the value of this security amounted to $6,628 or 0.00% of net assets.
Additional information on the restricted security is as follows:
<TABLE>
<CAPTION>
ACQUISITION ACQUISITION
SECURITY DATE COST
------------------------------ ----------- -----------
<S> <C> <C>
PHYSICIAN COMPUTER NETWORK,
INC......................... 06/04/96 $28,018
-------
$28,018
=======
</TABLE>
See notes to financial statements.
- 28 -
<PAGE> 30
<TABLE>
<CAPTION>
<S> <C> <C>
TEACHERS INSURANCE AND
ANNUITY ASSOCIATION
[TIAA LOGO] 730 Third Avenue BULK RATE
New York, NY 10017-3206 US POSTAGE
PAID
TIAA-CREF
</TABLE>
[RECYCLE LOGO]
Printed on recycled paper
VA-1SAFIN-8/98
