-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VeToJmD8e5eMGWGJ7oEiP3UU+3pEmjrT13UM9Uvu6YcstkAfCc9xxNnl3f+00R6w wLB+m0Kf0ovfWA7STXiV2g== 0000930413-97-000096.txt : 19970228 0000930413-97-000096.hdr.sgml : 19970228 ACCESSION NUMBER: 0000930413-97-000096 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970227 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE RETIREMENT EQUITIES FUND CENTRAL INDEX KEY: 0000777535 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 136022042 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04415 FILM NUMBER: 97546158 BUSINESS ADDRESS: STREET 1: 730 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129164905 MAIL ADDRESS: STREET 1: 730 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017 N-30D 1 N-30D ANNUAL REPORT ================================================================================ COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT AUDITED FINANCIAL STATEMENTS INCLUDING STATEMENT OF INVESTMENTS DECEMBER 31, 1996 - -------------------------------------------------------------------------------- As required by the Investment Company Act of 1940, CREF provides its participants with this year-end annual report of the financial condition and portfolio holdings of the Stock Account. CREF also provides an annual report to participants in the six other CREF accounts. Semi-annual reports are also provided each year toward the end of August. - -------------------------------------------------------------------------------- [GRAPHIC CONTAINING LOGO] CREF COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT INDEX TO AUDITED FINANCIAL STATEMENTS DECEMBER 31, 1996 - -------------------------------------------------------------------------------- Page ---- Report of Management Responsibility..................................... 2 Report of Independent Auditors.......................................... 3 Audited Financial Statements: Statement of Assets and Liabilities................................... 4 Statement of Operations............................................... 5 Statements of Changes in Net Assets................................... 6 Notes to Financial Statements......................................... 7 Statement of Investments.............................................. 11 Participant Voting Results.............................................. 53 1 [GRAPHIC CONTAINING LOGO] CREF - -------------------------------------------------------------------------------- REPORT OF MANAGEMENT RESPONSIBILITY To the Participants of College Retirement Equities Fund: The accompanying financial statements of the Stock Account of College Retirement Equities Fund ("CREF") are the responsibility of management. They have been prepared in accordance with generally accepted accounting principles and have been presented fairly and objectively in accordance with such principles. CREF has established and maintains a strong system of internal controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management's authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, CREF's internal audit personnel provide a continuing review of the internal controls and operations of the CREF Accounts and the internal Auditor regularly reports to the Audit Committee of the CREF Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Deloitte & Touche LLP. The independent auditors' report, which appears on the following page, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the CREF Board of Trustees, consisting of trustees who are not officers of CREF, meets regularly with management, representatives of Deloitte & Touche LLP and internal auditing personnel to review matters relating to financial reporting, internal controls and auditing. In addition to the annual audit of the financial statements of all CREF Accounts, the New York State Insurance Department, other state insurance departments and the Securities and Exchange Commission regularly examine the financial statements of the CREF Accounts as part of their periodic corporate examinations. /s/ John H. Biggs -------------------------------- Chairman and Chief Executive Officer /s/ Thomas W. Jones -------------------------------- Vice Chairman, President and Chief Operating Officer /s/ Richard L. Gibbs -------------------------------- Executive Vice President and Principal Accounting Officer -2- [GRAPHIC LOGO OF DELOITTE & TOUCHE LLP] ------------------------------------------------------- Two World Financial Center Telephone (212) 436-2000 New York, New York 10281-1414 Facsimile (212) 436-5000 REPORT OF INDEPENDENT AUDITORS To the Participants and Board of Trustees of College Retirement Equities Fund: We have audited the accompanying statement of assets and liabilities, including the statement of investments, of the Stock Account of College Retirement Equities Fund ("CREF") as of December 31, 1996, and the related statements of operations for the year then ended and of changes in net assets for each of the years in the two year period then ended. These financial statements are the responsibility of CREF's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned at December 31, 1996, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the financial position of the Stock Account of CREF at December 31, 1996, the results of its operations and the changes in its net assets for the above-stated periods, in conformity with generally accepted accounting principles. /s/ Deloitte & Touche LLP - ------------------------- February 6, 1997 - ---------------- DELOITTE TOUCHE TOHMATSU INTERNATIONAL - ---------------- -3-
COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1996 ASSETS Portfolio investments, at cost......................................... $52,068,002,137 Net unrealized appreciation of portfolio investments................... 31,465,118,145 --------------- Portfolio investments, at value........................................ 83,533,120,282 Cash................................................................... 29,525,264 Dividends and interest receivable...................................... 144,913,655 Receivable from securities transactions................................ 773,298,694 Amounts due from TIAA.................................................. 8,688,602 --------------- TOTAL ASSETS 84,489,546,497 --------------- LIABILITIES Deposits for securities loaned--Note 4.................................. 2,410,856,328 Due to banks--Note 4.................................................... 16,609,406 Payable for securities transactions.................................... 715,635,449 --------------- TOTAL LIABILITIES 3,143,101,183 --------------- NET ASSETS Accumulation Fund...................................................... 67,772,813,739 Annuity Fund........................................................... 13,573,631,575 --------------- TOTAL NET ASSETS $81,346,445,314 =============== NUMBER OF ACCUMULATION UNITS OUTSTANDING--Notes 5 and 6................... 620,498,335 =========== NET ASSET VALUE, PER ACCUMULATION UNIT--Note 5 ........................... $109.22 =======
See notes to financial statements. -4- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1996
INVESTMENT INCOME Income: Dividends...................................................................... $ 1,487,760,929 Interest....................................................................... 106,224,449 --------------- TOTAL INCOME 1,593,985,378 --------------- Expenses--Note 3: Investment....................................................................... 61,960,030 Operating........................................................................ 167,623,315 --------------- TOTAL EXPENSES 229,583,345 --------------- INVESTMENT INCOME--NET 1,364,402,033 --------------- REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS--Note 4 Net realized gain (loss) on: Portfolio investments........................................................ 6,239,058,650 Futures transactions......................................................... (2,882,096) Foreign currency transactions................................................ (3,627,531) --------------- Net realized gain 6,232,549,023 --------------- Net change in unrealized appreciation on: Portfolio investments........................................................ 5,765,782,664 Futures transactions......................................................... 2,439,653 Translation of assets (other than portfolio investments) and liabilities in foreign currencies..................................... 215,543 --------------- Net change in unrealized appreciation 5,768,437,860 --------------- NET REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS 12,000,986,883 --------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $13,365,388,916 ===============
See notes to financial statements. -5- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, --------------------------------- 1996 1995 ------------- ------------- FROM OPERATIONS Investment income--net .............................................. $ 1,364,402,033 $ 1,228,462,175 Net realized gain on total investments .............................. 6,232,549,023 1,868,662,373 Net change in unrealized appreciation on total investments .............................................. 5,768,437,860 13,323,134,706 ---------------- ---------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 13,365,388,916 16,420,259,254 ---------------- ---------------- FROM PARTICIPANT TRANSACTIONS Premiums ............................................................ 2,394,187,360 2,244,897,088 ---------------- ---------------- Disbursements and transfers: Net transfers to TIAA ............................................. 365,944,585 359,202,304 Net transfers to other CREF Accounts .............................. 1,277,299,446 551,347,519 Annuity payments .................................................. 1,105,208,681 853,948,681 Withdrawals and repurchases ....................................... 938,057,019 690,669,089 Death benefits .................................................... 96,905,116 91,070,246 ---------------- ---------------- TOTAL DISBURSEMENTS AND TRANSFERS, NET 3,783,414,847 2,546,237,839 ---------------- ---------------- NET DECREASE IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS (1,389,227,487) (301,340,751) ---------------- ---------------- NET INCREASE IN NET ASSETS 11,976,161,429 16,118,918,503 NET ASSETS Beginning of year ................................................. 69,370,283,885 53,251,365,382 ---------------- ---------------- End of year ....................................................... $ 81,346,445,314 $ 69,370,283,885 ================ ================
See notes to financial statements. -6- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT NOTES TO FINANCIAL STATEMENTS NOTE 1--ORGANIZATION College Retirement Equities Fund ("CREF") was formed to aid and strengthen nonprofit educational and research organizations by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940 as an open-end, diversified management investment company. It consists of seven investment portfolios. The accompanying financial statements are those of the Stock Account ("Account"), which invests primarily in equity securities. The six other investment portfolios of CREF, which are not included in these financial statements, include a Money Market Account, which invests in money market instruments; a Bond Market Account, which invests in a broad range of fixed-income securities; a Social Choice Account, which invests in a diversified portfolio of equity and fixed-income securities while giving special consideration to certain social criteria; a Global Equities Account, which invests in equity securities of foreign and domestic companies; a Growth Account, which invests in a diversified portfolio of equity securities that present opportunities for growth; and an Equity Index Account, which invests in a diversified portfolio of equity securities selected to track the overall United States stock market. TIAA-CREF Investment Management, Inc. ("Investment Management"), a subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), a companion organization, is registered with the Commission as an investment adviser and provides investment advisory services for the CREF Accounts pursuant to an Investment Management Services Agreement with CREF. TIAA-CREF Individual & Institutional Services, Inc. ("Services"), a subsidiary of TIAA which is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc., provides administrative services for the CREF Accounts and performs distribution functions for CREF's certificates pursuant to a Principal Underwriting and Administrative Services Agreement with CREF. NOTE 2--SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant accounting policies consistently followed by the Account, which are in conformity with generally accepted accounting principles. VALUATION OF INVESTMENTS: Securities listed or traded on any United States national securities exchange are valued at the last sales price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the last sales price, or at the mean of the last bid and asked prices if no sale is reported. All other over-the-counter securities are valued at the mean of the last bid and asked prices, except for bonds which are valued at the most recent bid price or the equivalent quoted yield of such bonds. Short-term money market instruments are stated at market value. Foreign investments are valued at the closing price in the principal market where they are traded; local currencies are converted into U.S. dollars as described below under Foreign Currency Transactions and Translation. Stock index futures and options which are traded on commodities exchanges are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned and, for short-term money market instruments, includes accrual of discount and amortization of premium. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon as the Account is informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the average cost basis. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: Foreign investments, bank deposits and forward foreign currency contracts are valued in U.S. dollars, based on the exchange rate at the end of the period. Investments traded in foreign currencies are translated at exchange rates prevailing on the respective dates traded. Income is translated at approximate rates prevailing when earned. Asset and liability accounts that are denominated in a foreign currency are adjusted to reflect the exchange rate at the end of the period. The cumulative impact of changes in foreign exchange rates on portfolio investments sold during the period is reflected in the net realized gain (loss) on portfolio investments. The cumulative impact of changes in foreign exchange rates on portfolio investments held at the end of the period is reflected in the net change in unrealized appreciation (depreciation) on portfolio investments. Currency gains and -7- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT NOTES TO FINANCIAL STATEMENTS--(CONTINUED) NOTE 2--SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED) losses arising from the settlement of forward foreign currency contracts, changes in exchange rates between the trade and settlement dates of portfolio investment transactions, and changes in exchange rates between the accrual and receipt dates for dividend and interest income are recorded as net realized gains (losses) on foreign currency transactions. For assets other than portfolio investments and liabilities, changes in foreign exchange rates are reflected in the net change in unrealized appreciation (depreciation) on translation of assets (other than portfolio investments) and liabilities in foreign currencies. SECURITIES LENDING: The Account has a program to lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Account continues to receive income on the securities loaned and receives additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Account. Although each transaction is collateralized, the Account would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. COVERED CALL OPTIONS WRITTEN: The Account writes (sells) covered call options to provide protection against adverse movements in the price of securities in the portfolio. When an option is written, an amount equal to the premium received is recorded as a liability; the liability is adjusted on a daily basis to the current market price of the option written and an unrealized gain or loss is recorded. Premiums received from writing options which expire unexercised are recognized as realized gains from option transactions on the expiration date. Premiums received from writing options which are exercised are added to the proceeds from the sale of the underlying securities in recognizing the net realized gain or loss on portfolio investments. In writing options, it is assumed that the option may be exercised at any time prior to the expiration of the Account's obligation as a writer, and that in such circumstances the net proceeds of the sale of the underlying securities pursuant to the call option may be below the prevailing market value. FUTURES CONTRACTS: The Account purchases futures contracts for the purpose of acquiring a position in a security or group of securities which it intends to purchase at a later date, or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. The Account sells futures contracts for the purpose of offsetting changes in market value while withdrawing from a specific market. A financial futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses from futures transactions by "marking-to-market" on a daily basis to reflect the market value of the contract at the end of each day's trading. Variation margin payments are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, a realized gain or loss from futures transactions is recorded, equal to the net variation margin received or paid over the period of the contract. The contractual amounts under futures contracts reflect the extent of the Account's exposure to off-balance sheet risk. The credit risk to such contracts is limited to the failure of the exchange or board of trade which acts as the counterparty to the Account's futures transactions. FORWARD FOREIGN CURRENCY CONTRACTS: The Account enters into forward foreign currency contracts to purchase or sell foreign currency to accommodate foreign investment transactions. Forward foreign currency contracts are "marked-to-market" at the end of each day's trading. Daily changes in the value of such contracts are reflected in the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies. When the contract is closed, payment is received or made and a realized gain or loss on foreign currency transactions is recognized, equal to the difference between the cost of the closing transaction and the basis in the contract. The Account may also enter into a forward foreign currency contract to offset an existing contract. Forward foreign currency contracts are entered into directly with a counterparty and the Account is exposed to the risk of default of such counterparty. The maximum potential loss from such risk is the aggregate face value in U.S. dollars at the time the contract is opened. There is no daily margin requirement for such contracts. SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Account may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Account to the risk that the transaction may not be consummated. -8- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT NOTES TO FINANCIAL STATEMENTS--(CONTINUED) NOTE 2--SIGNIFICANT ACCOUNTING POLICIES--(CONCLUDED) RESTRICTED SECURITIES: Restricted securities held by the Account may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. FEDERAL INCOME TAXES: CREF is a nonprofit educational organization exempt from federal income taxation under the Internal Revenue Code ("Code"). Accordingly, CREF is not a "Regulated Investment Company" under Subchapter M of the Code and the net investment income and net realized capital gains of CREF's Accounts are not taxable income to the organization. Any nonpension related income is subject to federal income taxation as unrelated business income; however, for the periods covered by these financial statements there was no such income. NOTE 3--MANAGEMENT AGREEMENTS All services necessary for the operation of CREF's Accounts are provided, at cost, by Investment Management and Services. Such services are provided in accordance with an Investment Management Services Agreement between CREF and Investment Management, and in accordance with a Principal Underwriting and Administrative Services Agreement between CREF and Services (see Note 1). Investment Management and Services receive management fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to each Account's actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly. NOTE 4--INVESTMENTS At December 31, 1996, the value of securities loaned was $4,293,642,879 and collateral received in connection therewith was comprised of cash of $2,410,856,328, letters of credit of $1,578,545,000 and United States government securities amounting to $472,491,359. At December 31, 1996, the due to banks balance resulted from securities transactions which were settled and paid by January 2, 1997. At December 31, 1996, net unrealized appreciation of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:
Gross unrealized appreciation of portfolio investments ..................... $33,262,972,135 Gross unrealized depreciation of portfolio investments ..................... 1,797,853,990 --------------- NET UNREALIZED APPRECIATION OF PORTFOLIO INVESTMENTS ....................... $31,465,118,145 ===============
Companies in which the Account held 5% or more of the outstanding voting shares are defined as "affiliated" in the Investment Company Act of 1940. At December 31, 1996, the total investments in affiliated companies was $588,718,263. For the year ended December 31, 1996, total dividend income and the net realized gain relating to such investments were $11,221,962 and $108,867,354, respectively. Purchases and sales of portfolio securities, other than short-term money market instruments, for the year ended December 31, 1996, were as follows:
Purchases: Unaffiliated issuers ..................................................... $14,280,896,630 Affiliated issuers ....................................................... 42,247,628 --------------- TOTAL PURCHASES ......................................................... $14,323,144,258 =============== Sales: Unaffiliated issuers ..................................................... $16,315,478,074 Affiliated issuers ....................................................... 257,991,792 --------------- TOTAL SALES ............................................................. $16,573,469,866 ===============
-9- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT NOTES TO FINANCIAL STATEMENTS--(CONCLUDED) NOTE 5--CONDENSED FINANCIAL INFORMATION Selected condensed financial information for an Accumulation Unit of the Account is presented below.
FOR THE YEARS ENDED DECEMBER 31, ---------------------------------------------------------------- 1996 1995 1994 1993 1992 ------- ------- ------- ------- ------- Per Accumulation Unit Data: Investment income.................... $ 2.114 $ 1.885 $ 1.699 $ 1.606 $ 1.523 Expenses............................. .304 .271 .223 .210 .181 -------- ------- ------- ------- ------- Investment income--net................ 1.810 1.614 1.476 1.396 1.342 Net realized and unrealized gain (loss) on investments......... 15.953 19.984 (1.557) 7.139 2.294 -------- ------- ------- ------- ------- Net increase (decrease) in Accumulation Unit Value.............. 17.763 21.598 (.081) 8.535 3.636 Accumulation Unit Value: Beginning of year.................... 91.460 69.862 69.943 61.408 57.772 -------- ------- ------- ------- ------- End of year.......................... $109.223 $91.460 $69.862 $69.943 $61.408 ======== ======= ======= ======= ======= Total return........................... 19.42% 30.92% (0.12%) 13.90% 6.29% Ratios to Average Net Assets: Expenses............................. 0.31% 0.34% 0.32% 0.32% 0.31% Investment income--net................ 1.82% 2.00% 2.11% 2.14% 2.32% Portfolio turnover rate................ 19.57% 16.25% 18.77% 22.93% 16.29% Thousands of Accumulation Units outstanding at end of year........... 620,498 632,803 637,435 642,528 645,564
NOTE 6--ACCUMULATION UNITS Changes in the number of Accumulation Units outstanding were as follows:
YEARS ENDED DECEMBER 31, ----------------------------- 1996 1995 ----------- ----------- Accumulation Units: Credited for premiums................................................... 24,089,810 27,995,571 Cancelled for transfers, disbursements and amounts applied to the Annuity Fund................................... (36,394,455) (32,627,261) Outstanding: Beginning of year..................................................... 632,802,980 637,434,670 ----------- ----------- End of year........................................................... 620,498,335 632,802,980 =========== ===========
See notes to financial statements. -10- COLLEGE RETIREMENT EQUITIES FUND STATEMENT OF INVESTMENTS--STOCK ACCOUNT DECEMBER 31, 1996 SUMMARY BY INDUSTRY VALUE % ------------ --------- BONDS CORPORATE BONDS AUTOMOTIVE & RELATED ............. $ 382,838 0.00% BANKS ............................ 11,673,835 0.01 BROADCASTERS ..................... 8,335,012 0.01 CONGLOMERATES .................... 111,959 0.00 ENVIRONMENTAL CONTROL ............ 4,642,917 0.01 FINANCIAL--MISCELLANEOUS ......... 39,711 0.00 HEALTHCARE--DRUGS ................ 9,550,000 0.01 INSURANCE--LIFE .................. 39,462 0.00 INSURANCE--MULTI-LINE, PROPERTY & CASUALTY ............ 3,877,111 0.01 LEISURE TIME ..................... 633,559 0.00 METALS--STEEL .................... 93,614 0.00 OFFICE EQUIPMENT ................. 172,823 0.00 PETROLEUM--SERVICE ............... 1,895,000 0.00 RETAIL--GENERAL MERCHANDISE ...... 425,630 0.00 TRUCKERS & SHIPPING .............. 3,265,946 0.01 UTILITIES--GAS & PIPELINE ........ 212,261 0.00 --------------- ------------- TOTAL CORPORATE BONDS (Cost $43,757,744) ............. 45,351,678 0.06 --------------- ------------- GOVERNMENT BONDS U.S. GOVERNMENT BONDS .......... 390,000 0.00 --------------- ------------- TOTAL GOVERNMENT BONDS (Cost $381,469) ................ 390,000 0.00 --------------- ------------- TOTAL BONDS (Cost $44,139,213) ............. 45,741,678 0.06 --------------- ------------- PREFERRED STOCK AUTOMOTIVE & RELATED ............. 11,270,773 0.01 BANKS ............................ 3,033,094 0.00 BEVERAGES ........................ 825,364 0.00 BUSINESS SERVICES ................ 14,788,134 0.02 CHEMICALS--MAJOR ................. 65,441 0.00 CHEMICALS--SPECIALTY ............. 83,668 0.00 COMMUNICATION EQUIPMENT & SERVICES 7,740,469 0.01 CONGLOMERATES .................... 188,624 0.00 CONSTRUCTION--MATERIALS & BUILDERS 479,090 0.00 COSMETICS ........................ 21,179 0.00 FINANCIAL--MISCELLANEOUS ......... 2,041,321 0.00 FOODS ............................ 524,330 0.00 FOREST PRODUCTS .................. 3,077,239 0.01 HEALTHCARE--SERVICE .............. 25,818,808 0.03 HOUSEHOLD--DURABLE GOODS ......... 94,398 0.00 HOUSEHOLD--PRODUCTS .............. 37,628 0.00 INSURANCE--BROKERS & OTHER ....... 1,527,480 0.00 INSURANCE--MULTI-LINE, PROPERTY & CASUALTY ............ 126,630 0.00 MACHINERY ........................ 294,395 0.00 METALS--NON-FERROUS .............. 94,427 0.00 METALS--STEEL .................... 10,757,933 0.01 PAPER ............................ 81,900,000 0.10 PETROLEUM--EXPLORATION & PRODUCTION ..................... 158,291 0.00 PETROLEUM--INTEGRATED ............ 1,577,115 0.00 PUBLISHING--NEWSPAPER ............ 9,411,518 0.01 PUBLISHING--OTHER ................ 11,561,000 0.02 RETAIL--GENERAL MERCHANDISE ...... 2,628,217 0.00 UTILITIES--ELECTRIC .............. 11,680,943 0.02 UTILITIES--GAS & PIPELINE ........ 1,036,097 0.00 UTILITIES--OTHER ................. 104,446 0.00 UTILITIES--TELEPHONE ............. 6,066,626 0.01 --------------- ------------- TOTAL PREFERRED STOCK (Cost $151,322,296) ............ 209,014,678 0.25 --------------- ------------- COMMON STOCK AEROSPACE ........................ 1,076,786,226 1.32 AIR TRANSPORTATION ............... 390,360,662 0.48 AUTOMOTIVE & RELATED ............. 1,954,998,808 2.40 BANKS ............................ 7,283,517,069 8.95 BEVERAGES ........................ 2,081,720,964 2.56 BROADCASTERS ..................... 591,906,511 0.73 BUSINESS SERVICES ................ 1,153,946,987 1.42 CHEMICALS--MAJOR ................. 1,694,448,928 2.08 CHEMICALS--SPECIALTY ............. 943,104,872 1.16 COMMUNICATION EQUIPMENT & SERVICES ........... 2,269,964,475 2.79 COMPUTER SERVICE ................. 2,507,090,094 3.08 CONGLOMERATES .................... 1,952,626,098 2.40 CONSTRUCTION-- MATERIALS & BUILDERS ........... 850,039,341 1.05 CONTAINERS ....................... 109,672,699 0.13 COSMETICS ........................ 469,075,465 0.58 ELECTRICAL EQUIPMENT ............. 3,076,070,913 3.78 ELECTRICAL EQUIPMENT--COMPONENTS DIVERSIFIED .................... 2,563,727,043 3.15 ELECTRICAL EQUIPMENT--INSTRUMENTS 377,786,927 0.46 ENVIRONMENTAL CONTROL ............ 349,987,209 0.43 FINANCIAL--MISCELLANEOUS ......... 2,917,724,597 3.59 FOODS ............................ 1,548,300,388 1.90 FOREST PRODUCTS .................. 379,016,024 0.47 HEALTHCARE--DRUGS ................ 4,519,330,869 5.55 HEALTHCARE--HOSPITAL SUPPLY ...... 1,250,076,640 1.54 HEALTHCARE--OTHER ................ 638,797,820 0.79 HEALTHCARE--SERVICE .............. 1,285,810,497 1.58 HOUSEHOLD--CONSUMER ELECTRONICS .. 169,641,525 0.21 HOUSEHOLD--DURABLE GOODS ......... 313,649,370 0.39 HOUSEHOLD--PRODUCTS .............. 1,464,789,275 1.80 INSURANCE--BROKERS & OTHER ....... 192,535,365 0.24 INSURANCE--LIFE .................. 477,925,730 0.59 INSURANCE--MULTI-LINE, PROPERTY & CASUALTY ............ 2,445,574,030 3.01 LEISURE TIME ..................... 971,779,751 1.19 MACHINERY ........................ 1,402,984,607 1.73 METALS--ALUMINUM ................. 191,887,601 0.24 METALS--GOLD ..................... 228,960,671 0.28 METALS--NON-FERROUS .............. 293,615,239 0.36 METALS--STEEL .................... 385,845,838 0.47 MISCELLANEOUS MATERIALS & COMMODITIES .................... 52,226,283 0.06 OFFICE EQUIPMENT ................. 2,785,076,211 3.42 PAPER ............................ 432,806,469 0.53 PETROLEUM--EXPLORATION & PRODUCTION ..................... 797,695,209 0.98 PETROLEUM--INTEGRATED ............ 4,009,960,468 4.93 PETROLEUM--SERVICE ............... 793,726,986 0.98 PHOTOGRAPHY ...................... 271,219,084 0.33 See notes to financial statements. -11- COLLEGE RETIREMENT EQUITIES FUND STATEMENT OF INVESTMENTS--STOCK ACCOUNT DECEMBER 31, 1996 SUMMARY BY INDUSTRY (CONTINUED) VALUE % --------------- ------ PROPERTY--REAL ESTATE ........... $ 540,475,491 0.66% PUBLISHING--NEWSPAPER ........... 410,888,163 0.51 PUBLISHING--OTHER ............... 519,454,824 0.64 RAILROAD ........................ 709,223,915 0.87 RESTAURANTS & HOTELS ............ 935,345,867 1.15 RETAIL--FOOD .................... 554,772,990 0.68 RETAIL--GENERAL MERCHANDISE ..... 2,911,568,907 3.58 TEXTILE & APPAREL ............... 387,757,659 0.48 TOBACCO ......................... 1,177,148,533 1.45 TRADING COMPANIES ............... 115,437,328 0.14 TRUCKERS & SHIPPING ............. 237,624,537 0.29 UTILITIES--ELECTRIC ............. 2,861,476,561 3.52 UTILITIES--GAS & PIPELINE ....... 777,349,283 0.96 UTILITIES--OTHER ................ 15,660,337 0.02 UTILITIES--TELEPHONE ............ 4,329,501,252 5.32 ---------------- ------------- TOTAL COMMON STOCK (Cost $46,993,767,214) ........ 78,401,473,485 96.38 ---------------- ------------- SHORT TERM INVESTMENTS BANK NOTES ...................... 69,972,300 0.09 BANKERS ACCEPTANCES ............. 152,899,250 0.19 CERTIFICATES OF DEPOSIT ......... 253,871,120 0.31 COMMERCIAL PAPER ................ 2,227,827,375 2.74 MEDIUM TERM BONDS ............... 161,141,402 0.20 U.S. GOVERNMENTS & AGENCIES ..... 1,603,707,241 1.97 U.S. TREASURY BILLS ............. 87,462,990 0.11 VARIABLE RATE NOTES ............. 320,007,500 0.39 ---------------- ------------- TOTAL SHORT TERM INVESTMENTS (Cost $4,878,773,414) ......... 4,876,889,178 6.00 ---------------- ------------- ROUNDING ...................... 1,263 0.00 ---------------- ------------- TOTAL PORTFOLIO (Cost $52,068,002,137) ........ 83,533,120,282 102.69 OTHER ASSETS & LIABILITIES, NET (2,186,674,968) (2.69) ---------------- ------------- NET ASSETS ........................ $ 81,346,445,314 100.00% ================ ============= See notes to financial statements. -12- COLLEGE RETIREMENT EQUITIES FUND STATEMENT OF INVESTMENTS--STOCK ACCOUNT DECEMBER 31, 1996 SUMMARY BY COUNTRY VALUE % --------------- ------ DOMESTIC: UNITED STATES ................... $66,750,997,921 79.91% --------------- ------ TOTAL DOMESTIC 66,750,997,921 79.91 --------------- ------ FOREIGN: ARGENTINA ....................... 17,250,969 0.02 AUSTRALIA ....................... 446,121,057 0.53 AUSTRIA ......................... 8,314,760 0.01 BELGIUM ......................... 105,453,489 0.13 BRAZIL .......................... 38,800,681 0.05 CANADA .......................... 350,799,757 0.42 CHILE ........................... 56,621,911 0.07 CHINA ........................... 18,063,029 0.02 DENMARK ......................... 70,728,518 0.09 FINLAND ......................... 77,705,087 0.09 FRANCE .......................... 730,864,937 0.87 GERMANY ......................... 766,935,587 0.92 HONG KONG ....................... 689,811,779 0.83 INDIA ........................... 932,603 0.00 INDONESIA ....................... 103,362,741 0.12 IRELAND ......................... 5,910,413 0.01 ITALY ........................... 478,803,868 0.57 JAPAN ........................... 3,175,063,974 3.80 KOREA ........................... 41,805,301 0.05 LUXEMBOURG ...................... 1,285,000 0.00 MALAYSIA ........................ 222,313,422 0.27 MEXICO .......................... 20,185,622 0.02 MISCELLANEOUS ................... 30,032,256 0.04 NETHERLANDS ..................... 649,891,445 0.78 NEW ZEALAND ..................... 136,871,443 0.16 NORWAY .......................... 86,356,145 0.10 PHILIPPINES ..................... 33,930,810 0.04 PORTUGAL ........................ 17,993,769 0.02 SINGAPORE ....................... 211,438,959 0.25 SOUTH AFRICA .................... 27,207,392 0.03 SPAIN ........................... 267,685,449 0.32 SWEDEN .......................... 413,977,772 0.50 SWITZERLAND ..................... 668,470,958 0.80 THAILAND ........................ 47,921,160 0.06 UNITED KINGDOM .................. 1,886,321,120 2.26 --------------- ------------- TOTAL FOREIGN ..................... 11,905,233,183 14.25 --------------- ------------- TOTAL SHORT TERM .................. 4,876,889,178 5.84 --------------- ------------- TOTAL PORTFOLIO ................... $83,533,120,282 100.00% =============== ============= See notes to financial statements. -13- COLLEGE RETIREMENT EQUITIES FUND STATEMENT OF INVESTMENTS--STOCK ACCOUNT DECEMBER 31, 1996 PAR VALUE VALUE ----- ----- BONDS--0.06% CORPORATE BONDS--0.06% AUTOMOTIVE & RELATED--0.00% DAIMLER BENZ AG.(W/W) 314(1) 4.125%, 07/05/03 ........... $ 245,519 MICHELIN S.A. CV 2,333(2) 2.500%, 01/01/01 ........... 137,319 ------------ 382,838 ------------ BANKS--0.01% BANGKOK BANK PUBLIC CO LTD CV 6,000,000 3.250%, 03/03/04 .......... 5,865,000 BANK OF TOKYO CV 226,000,000(3) 6.100%, 03/31/97 .......... 3,146,335 SIAM COMMERCIAL BANK PUBLIC CO LTD (SUBORDINATED CV BONDS) 3,000,000 3.250%, 01/24/04 ........... 2,662,500 ------------ 11,673,835 ------------ BROADCASTERS--0.01% VIACOM INTERNATIONAL, INC (SUBORDINATED DEB) 8,615,000 8.000%, 07/07/06 ........... 8,335,012 ------------ CONGLOMERATES--0.00% BRIERLEY INVESTMENTS LTD 129,875(4) (CV NOTES) 9.000%, 06/30/98 111,959 ------------ ENVIRONMENTAL CONTROL--0.01% WMX TECHNOLOGIES, INC (SUBORDINATED CV NOTES) 4,979,000 2.000%, 01/24/05 ........... 4,642,917 ------------ FINANCIAL--MISCELLANEOUS--0.00% VALUE REALISATION TRUST 24,621 (CV LOAN STK) 1.400%, 09/30/06 39,711 ------------ HEALTHCARE--DRUGS--0.01% IVAX CORP CV 10,000,000 6.500%, 11/15/01 .......... 9,550,000 ------------ INSURANCE--LIFE--0.00% LIBERTY LIFE INTERNATIONAL 35,000 TRUST CV 6.500%, 09/30/04 .. 39,462 ------------ INSURANCE--MULTI-LINE, PROPERTY & CASUALTY--0.01% AXA S.A. CV 54,513(2) 4.500%, 01/01/99 ........... 3,837,760 CORPORACION MAPFRE S.A. 449(6) (CV NOTES) 8.500%, 02/27/99 39,351 ------------ 3,877,111 ------------ LEISURE TIME--0.00% SKIS ROSSIGNOL S.A. CV 1,250(2) 3.000%, 04/01/01 ........... 633,559 ------------ METALS--STEEL--0.00% ~PREUSSAG AG. (W/W) 126(1) 5.750%, 05/17/01 ........... 93,614 ------------ OFFICE EQUIPMENT--0.00% OLIVETTI S.P.A. CV 255,000(5) 7.500%, 01/01/99 ........... 172,823 ------------ PETROLEUM--SERVICE--0.00% FAR EAST LEVINGSTONE SHIPBUILDING LTD CV 2,000,000 1.500%, 05/02/01 ........... $ 1,895,000 ------------ RETAIL-- GENERAL MERCHANDISE--0.00% o CASTORAMA DUBOIS INVESTISSEMENT S.A. CV 1,799 3.150%, 01/01/03 ........... 425,630 ------------ TRUCKERS & SHIPPING--0.01% YAMATO TRANSPORT CO LTD CV 340,000,000(3) 1.700%, 09/30/02 ........... 3,265,946 ------------ UTILITIES--GAS & PIPELINE--0.00% LYONNAISE DES EAUX S.A. 1,812(2) (CV NOTES) 4.000%, 01/01/06 212,261 ------------ TOTAL CORPORATE BONDS (Cost $43,757,744) ........... 45,351,678 ------------ GOVERNMENT BONDS--0.00% U.S. GOVERNMENT BONDS--0.00% U.S. TREASURY BOND 325,000 11.750%, 02/15/01 ......... 390,000 ------------ TOTAL GOVERNMENT BONDS (Cost $381,469) ............... 390,000 ------------ TOTAL BONDS (Cost $44,139,213) ............ 45,741,678 ------------ (1) DENOMINATED IN GERMANY DEUTSCHE MARKS (2) DENOMINATED IN FRENCH FRANCS (3) DENOMINATED IN JAPANESE YEN (4) DENOMINATED IN NEW ZEALAND DOLLARS (5) DENOMINATED IN ITALIAN DOLLARS (6) DENOMINATED IN SPANISH PESATA
SHARES VALUE ------ ----- PREFERRED STOCK--0.25% AUTOMOTIVE & RELATED--0.01% 15,800 PIRELLI PNEUS S.A ........................... 39,838 4,000 oPORSCHE AG .................................. 3,529,945 24,000 VOLKSWAGEN AG ............................... 7,700,990 ------------ 11,270,773 ------------ BANKS--0.00% 2,920,000 BANCO ITAU S.A .............................. 1,264,555 2,900 BANK AUSTRIA AG ............................. 112,366 210,456,038 BRADESCO S.A ................................ 1,525,102 1 ~oCRESTARAN INTERNATIONAL INVESTMENT B.V. ............................. 0 4,017,600 UNIBANCO S.A ................................ 131,071 ------------ 3,033,094 ------------ BEVERAGES--0.00% 1,509,924 BRAHMA S.A .................................. 825,364 ------------ BUSINESS SERVICES--0.02% 106,000 SAP AG ...................................... 14,788,134 ------------ CHEMICALS--MAJOR--0.00% 170,000 COPENE-PETROQUIMICA DO NORDESTE S.A. ............................... 65,441 ------------ CHEMICALS--SPECIALTY--0.00% 20,700,000 FERTILIZANTES FOSFATADOS S.A................. 83,668 ------------
See notes to financial statements. -14-
SHARES VALUE ------ ----- COMMUNICATION EQUIPMENT & SERVICES--0.01% 136,025 AIRTOUCH COMMUNICATIONS, INC CV (CLASS B) ................................... $ 3,706,681 87,358 AIRTOUCH COMMUNICATIONS, INC CV (CLASS C) ................................... 3,952,949 60,000,000 oSHARP S.A.-EQUIPMENT ELECTRONIC ............. 80,839 ------------- 7,740,469 ------------- CONGLOMERATES--0.00% 175,000 oCONFAB INDUSTRIAL S.A ....................... 188,624 ------------- CONSTRUCTION--MATERIALS & BUILDERS--0.00% 521,000 CIM ITAU S.A ................................ 182,994 2,900,000 DURATEX S.A ................................. 108,844 679 DYCKERHOFF ZEMENTWERKE AG ................... 187,252 ------------- 479,090 ------------- COSMETICS--0.00% 40 WELLA GROUP AG. ............................. 21,179 ------------- FINANCIAL--MISCELLANEOUS--0.00% 75 oFUJI INTL FINANCE TRUST SERIES .............. 1,963,821 3,100 PHOENIX DUFF & PHELPS CORP .................. 77,500 ------------- 2,041,321 ------------- FOODS--0.00% 16,100,000 CEVAL ALIMENTOS ............................. 140,996 114,361,44 PERDIGAO S.A. COMERCIO E INDUSTRIA .......... 220,116 212,000 SADIA CONCORDIA S.A ......................... 163,218 ------------- 524,330 ------------- FOREST PRODUCTS--0.01% 1,752,666 ARACRUZ CELULOSE S.A ........................ 2,850,548 173,750 KLABIN FABRICADORA S.A ...................... 160,523 1,670 KONINKLIJKE NV .............................. 8,273 3,300,000 VOTORANTIM CELULOSE E PAPEL S.A ............. 57,895 ------------- 3,077,239 ------------- HEALTHCARE--SERVICE--0.03% 109,372 AETNA, INC CV 6.25% ......................... 8,681,402 374,080 FHP INTERNATIONAL CORP SERIES A CV .......... 11,409,440 24,000 FRESENIUS AG ................................ 4,952,305 837,300 oFRESENIUS MEDICAL CARE (CLASS D) ............ 108,849 113,500 oMEDIQ, INC SERIES A ......................... 666,812 ------------- 25,818,808 ------------- HOUSEHOLD--DURABLE GOODS--0.00% 340,000 BRASMOTOR S.A ............................... 94,398 ------------- HOUSEHOLD--PRODUCTS--0.00% 2,300,000 BOMBRIL S.A ................................. 37,628 ------------- INSURANCE--BROKERS & OTHER--0.00% 11,000 MARSCHOLLEK LAUTENSCHLAEGER UND PARTNER AG. ............................. 1,527,480 ------------- INSURANCE--MULTI-LINE, PROPERTY & CASUALTY--0.00% 23,604 INTERNATIONALE NEDERLANDEN GROEP NV .................................... 126,630 ------------- MACHINERY--0.00% 1,100,000 BELGO MINEIRA S.A ........................... 70,926 900 MAN AG. (NON-VTG) ........................... 180,163 20,000 oPIRELLI CABOS S.A ........................... 43,306 ------------- 294,395 ------------- METALS--NON-FERROUS--0.00% 8,800,000 oPARANAPANEMA S.A ............................ 94,427 ------------- METALS--STEEL--0.01% 77,597,100 CIA ACOS ESPECIAIS ITABIR-ACESITA ........... 182,959 231,000,00 COMPANHIA SIDERURGICA DE TUBARAO S.A ................................ 3,559,146 4,100,000 oMET GERDAU S.A .............................. 92,724 1,086,000 USINAS SIDERGIACAS DE MINAS GERAIS .......... 1,107,843 302,132 VALE DO RIO DOCE CIA ........................ 5,815,261 ------------- 10,757,933 ------------- PAPER--0.10% 2,600,000 JAMES RIVER CORP OF VIRGINIA SERIES P ................................... 81,900,000 ------------- PETROLEUM--EXPLORATION & PRODUCTION--0.00% 10,900,000 IPIRANGA S.A ................................. 158,291 ------------- PETROLEUM--INTEGRATED--0.00% 9,902,000 PETROBRAS S.A ............................... 1,577,115 ------------- PUBLISHING--NEWSPAPER--0.01% 2,092,299 NEWS CORP LTD (LTD-VTG) ..................... 9,306,713 36,150 RURAL PRESS LTD ............................. 104,805 ------------- 9,411,518 ------------- PUBLISHING--OTHER--0.02% 210,200 HARCOURT GENERAL, INC SERIES A $.64 ......... 11,561,000 ------------- RETAIL--GENERAL MERCHANDISE--0.00% 50,800 KMART CORP CV ............................... 2,476,500 4,500,000 LOJAS AMERICANAS S.A ........................ 59,330 2,000,000 oLOJAS RENNER S.A ............................ 92,387 ------------- 2,628,217 ------------- UTILITIES--ELECTRIC--0.02% 2,455,893 ELECTROBRAS S.A. SERIES B ................... 912,303 50,000 NORTHERN ELECTRIC PLC ....................... 90,271 316,470 RHEIN-WESTFALEN ELECTRIC AG ................. 10,678,369 ------------- 11,680,943 ------------- UTILITIES--GAS & PIPELINE--0.00% 30,412,697 CEMIG S.A ................................... 1,036,097 ------------- UTILITIES--OTHER--0.00% 59,400 HYDER PLC ................................... 104,446 ------------- UTILITIES--TELEPHONE--0.01% 72,590,224 TELEBRAS S.A ................................ 5,588,698 2,207,181 TELESP S.A .................................. 477,928 ------------- 6,066,626 ------------- TOTAL PREFERRED STOCK (Cost $151,322,296) .......................... 209,014,678 ------------- COMMON STOCK--96.38% AEROSPACE--1.32% 149,550 AAR CORP .................................... 4,523,887 168,125 oALLIANT TECHSYSTEMS, INC .................... 9,246,875 220,000 ASIA AIR SURVEY CO LTD ...................... 1,584,470 222,788 oAVIALL, INC NEW ............................. 2,060,789 3,454,507 BOEING CO ................................... 367,473,182 2,231,616 BRITISH AEROSPACE PLC ....................... 48,882,745 7,134 oBRITISH AEROSPACE PLC WTS 11/15/00 .......... 92,600 692,600 COBHAM GROUP PLC ............................ 7,259,634 730,400 EG & G, INC ................................. 14,699,300 6,800 oFABBRICA ITALIANA APPARECCHIATURE ........... 22,327 313,300 GENERAL DYNAMICS CORP ....................... 22,087,650 1,760,840 GENERAL MOTORS CORP (CLASS H) ............... 99,047,250 318,900 oHEXCEL CORP ................................. 5,182,125 401,600 KAMAN CORP (CLASS A) ........................ 5,220,800 1,517,231 LOCKHEED MARTIN CORP ........................ 138,826,636 1,727,300 MCDONNELL DOUGLAS CORP ...................... 110,547,200 470,000 NORTHROP GRUMMAN CORP ....................... 38,892,500 336,900 OEA, INC .................................... 15,413,175 359,100 oORBITAL SCIENCES CORP ....................... 6,194,475 213,750 PRECISION CAST PARTS CORP ................... 10,607,343 2,614,740 RAYTHEON CO ................................. 125,834,362 19,400 oROHR, INC ................................... 438,925 6,051,989 ROLLS ROYCE LTD ............................. 26,668,679 1,400 SAGEM S.A ................................... 842,886 126,800 SMITHS INDUSTRIES PLC ....................... 1,738,112 34,800 SPAR AEROSPACE LTD .......................... 318,625 60,700 oTECH-SYM CORP ............................... 1,805,825 60,616 THOMSON-CSF ................................. 1,962,312 221,700 oWHITTAKER CORP .............................. 2,798,962 292,700 oWYMAN-GORDON CO ............................. 6,512,575 -------------- 1,076,786,226 --------------
See notes to financial statements. -15-
SHARES VALUE ------ ----- AIR TRANSPORTATION--0.48% 204,000 oAIR CANADA, INC ............................. $ 922,739 133,062 AIR EXPRESS INTERNATIONAL CORP .............. 4,291,249 388,000 AIR NEW ZEALAND LTD (CLASS B) ............... 1,052,777 158,100 AIRBORNE FREIGHT CORP ....................... 3,695,587 318,200 oALASKA AIR GROUP, INC ....................... 6,682,200 1,300 ALL NIPPON AIRWAYS CO LTD ................... 9,788 659,700 AMERICA WEST AIRLINES, INC (CLASS B) ........ 10,472,737 864,600 oAMR CORP .................................... 76,192,875 260,498 ATLANTIC SOUTHEAST AIRLINES, INC ............ 5,698,393 61,100 oATLAS AIR, INC .............................. 2,917,525 1,100 oAUSTRIAN AIRLINES/OEST LUFTV AG ............. 167,442 3,321,212 BRITISH AIRWAYS PLC ......................... 34,414,138 200 oCANADIAN AIRLINES CORP ...................... 318 4,000 oCANADIAN AIRLINES CORP WTS 4/22/99 .......... 72 11,185,000 CATHAY PACIFIC AIRWAYS LTD .................. 17,641,433 402,000 COMAIR HOLDINGS, INC ........................ 9,648,000 241,500 oCONTINENTAL AIRLINES, INC (CLASS B) ......... 6,822,375 558,543 DELTA AIRLINES, INC ......................... 39,586,735 1,000 oEXPEDITORS INTERNATIONAL OF WASHINGTON ................................. 23,000 697,400 oFEDERAL EXPRESS CORP ........................ 31,034,300 102,850 HARPER GROUP, INC .......................... 2,442,687 4,810,721 oJAPAN AIRLINES CO LTD ....................... 25,488,282 22,983 KLM (ROYAL DUTCH AIRLINES) NV ............... 645,724 138,887 KOREAN AIR LINES CO ......................... 2,135,943 388,990 LUFTHANSA AG ................................ 5,300,621 286,000 MALAYSIAN AIRLINE SYSTEM BERHAD ............. 741,753 110,400 MALAYSIAN HELICOPTER SERVICES BERHAD ..................................... 131,142 22,080 oMALAYSIAN HELICOPTER SERVICES BERHAD WTS 6/11/00 ......................... 9,267 583,400 oMESA AIR GROUP, INC ......................... 3,937,950 456,900 oNORTHWEST AIRLINES CORP (CLASS A) ........... 17,876,212 617,221 QUANTAS AIRWAYS LTD ......................... 1,029,543 50,500 oSABRE GROUP HOLDINGS, INC ................... 1,407,687 18,488 SAS DANMARK AS .............................. 228,792 428,000 SINGAPORE INTERNATIONAL AIRLINES LTD (FR) .......................... 3,885,899 200 SKYWEST, INC ................................ 2,775 985,600 SOUTHWEST AIRLINES CO ....................... 21,806,400 2,295 oSWISS AIR TRANSPORT CO (REGD) ............... 1,850,972 748,500 oU.S. AIR GROUP, INC ......................... 17,496,187 502,920 oUAL CORP NEW ................................ 31,432,500 192,100 oVALUJET, INC ................................ 1,236,643 -------------- 390,360,662 -------------- AUTOMOTIVE & RELATED--2.40% 401,900 oALLEN GROUP, INC ............................ 8,942,275 133,000 oAMERICREDIT CORP ............................ 2,726,500 277,800 APOGEE ENTERPRISES, INC ..................... 11,042,550 117,400 ARVIN INDUSTRIES, INC ....................... 2,905,650 140,800 AUTOLIV AB .................................. 6,165,680 51,000 BANDAG, INC ................................. 2,416,125 199,100 BANDAG, INC (CLASS A) ....................... 9,108,825 4,500 oBAYERISCHE MOTOREN WERKE AG ................. 3,133,150 168,248 BBA GROUP PLC ............................... 1,019,246 2,900 BEKAERT S.A ................................. 1,839,650 85,300 BORG-WARNER AUTOMOTIVE, INC ................. 3,284,050 219,700 BREED TECHNOLOGIES, INC ..................... 5,712,200 215,000 BREMBO S.P.A ................................ 3,020,384 1,371,100 BRIDGESTONE CORP ............................ 25,986,458 5,167,158 CHRYSLER CORP ............................... 170,516,214 43,143 oCIA INTERAMERICA DE AUTOMO (RENAULT) .................................. 204,970 136,980 CONTINENTAL AG .............................. 2,462,101 815,300 COOPER TIRE & RUBBER CO ..................... 16,102,175 2,041,666 COWIE GROUP PLC ............................. 14,097,898 354,300 CUMMINS ENGINE CO, INC ...................... 16,297,800 1,017,000 CYCLE & CARRIAGE LTD ........................ 12,432,576 1,000,000 DAIHATSU MOTOR CO LTD ....................... 5,298,225 886,360 oDAIMLER BENZ AG ............................. 60,965,633 1,090,180 DANA CORP ................................... 35,567,122 192,700 DANAHER CORP ................................ 8,984,637 1,288,337 DENSO CORP .................................. 30,966,274 31,000 oDETROIT DIESEL CORP ......................... 713,000 306,700 DONALDSON CO, INC ........................... 10,274,450 711,734 EATON CORP .................................. 49,643,446 486,900 ECHLIN, INC ................................. 15,398,212 90,000 EDARAN OTOMOBIL NASIONAL BERHAD ............. 899,821 165,000 EXEDY CORP .................................. 2,046,924 226,900 EXIDE CORP .................................. 5,218,700 7,500 FABRICA DE AUTOMOVILES RENAULT S.A .......... 157,988 161,300 FEDERAL-MOGUL CORP .......................... 3,548,600 7,663,995 FIAT S.P.A .................................. 23,146,950 639,998 FIAT S.P.A. DI RISP ......................... 1,120,175 1,015,334 FIAT S.P.A. (PRIV) .......................... 1,673,564 9,678,048 FORD MOTOR CO ............................... 308,487,780 591,535 GENCORP, INC ................................ 10,721,571 6,253,576 GENERAL MOTORS CORP ......................... 348,636,862 812,700 GENUINE PARTS CO ............................ 36,165,150 1,554,652 GOODYEAR TIRE & RUBBER CO ................... 79,870,246 405,125 GRACO, INC .................................. 9,925,562 1,284,750 GUEST KEEN NETTLEFOLDS LTD .................. 22,007,912 696,800 HARLEY DAVIDSON, INC ........................ 32,749,600 36,360 oHAYES WHEELS INTERNATIONAL, INC ............. 1,399,860 1,610,000 HONDA MOTOR CO LTD .......................... 45,910,196 4,900,000 INCHCAPE PLC ................................ 22,850,133 88,500 INTERMET CORP ............................... 1,427,062 103,800 oKIRBY CORP .................................. 2,050,050 1,802,920 LAIRD GROUP PLC ............................. 12,279,641 1,302,000 oLEAR CORP ................................... 44,430,750 56,000 LEX SERVICE GROUP LTD ....................... 304,748 381,814 oLUCASVARITY PLC ............................. 1,453,811 343,469 MICHELIN S.A. (CLASS B) ..................... 18,505,352 428,500 MODINE MANUFACTURING CO ..................... 11,462,375 728,700 oNAVISTAR INTERNATIONAL CORP ................. 6,649,387 164,360 NGK INSULATORS LTD .......................... 1,557,557 4,605,000 NISSAN MOTOR CO LTD ......................... 26,659,634 187,500 PACCAR, INC ................................. 12,750,000 7,922 PENDRAGON PLC ............................... 46,432 205,000 PERUSAHAAN OTOMOBIL NASIONAL BERHAD ..................................... 1,298,752 81,634 PEUGEOT S.A ................................. 9,170,238 5,294,999 PIRELLI S.P.A ............................... 9,807,767 240,500 POLARIS INDUSTRIES, INC ..................... 5,711,875 312,666 PT STEADY SAFE TRANSPORTATION (FR) .......... 400,079 37,000 oRENTERS CHOICE, INC ......................... 536,500 42,000 oSAFESKIN CORP ............................... 2,047,500 705,437 SAFETY-KLEEN CORP ........................... 11,551,530 50,000 SCANIA AB SERIES A .......................... 1,244,876 50,000 SCANIA AB SERIES B .......................... 1,248,537 458,675 SIMPSON INDUSTRIES, INC ..................... 4,995,259 38,600 SMITH (A.O.) CORP ........................... 1,153,175 496,300 SNAP-ON, INC ................................ 17,680,687 476,050 SPARTAN MOTORS, INC ......................... 3,213,337 58,400 STANDARD MOTOR PRODUCTS, INC (CLASS A) .................... 810,300 73,943 STANDARD PRODUCTS CO ........................ 1,885,546 118,900 SUPERIOR INDUSTRIES INTERNATIONAL, INC ......................... 2,749,562 237,653 T & N PLC ................................... 705,616 275,000 TAN CHONG MOTOR HOLDINGS BERHAD ............. 466,046 400,450 oTBC CORP .................................... 3,003,375 1,050,000 oTHAI ENGINE MANUFACTURING FR ................ 8,149,467 6,270,477 TOYOTA MOTOR CORP ........................... 179,887,130 122,000 TRANSPRO, INC ............................... 1,113,250 102,000 UMW HOLDINGS BERHAD ......................... 476,578 100,223 VALEO S.A ................................... 6,168,990 52,740 VOLKSWAGEN AG ............................... 21,902,272 143,000 VOLVO AB SERIES A ........................... 3,120,538 627,380 VOLVO AB SERIES B FREE ...................... 13,828,476 245,250 WABASH NATIONAL CORP ........................ 4,506,468 521,000 ZEXEL CORP .................................. 2,823,213 --------------- 1,954,998,808 ---------------
See notes to financial statements. -16-
SHARES VALUE ------ ----- BANKS--8.95% 903,700 ABBEY NATIONAL PLC .......................... $ 11,830,738 584,233 ABN-AMRO HOLDINGS NV ........................ 37,962,680 72,616 ADVANCE BANK AUSTRALIA LTD .................. 403,752 284,207 ALLIED IRISH BANK ........................... 1,904,112 205,326 AMALGAMATED BANKS OF SOUTH AFRICA ........... 1,053,514 934,000 AMMB HOLDINGS BERHAD ........................ 7,840,344 410,225 AMSOUTH BANCORP ............................. 19,844,634 125,750 ANCHOR BANCORP WISCONSIN, INC ............... 4,495,562 143,000 ARGENTARIA S.A .............................. 6,387,421 3,740,540 ASAHI BANK LTD .............................. 33,191,494 1,504,000 ASHIKAGA BANK LTD ........................... 7,242,940 9,000 ASSA ABLOY AB SERIES B ...................... 163,444 72,000 ASSOCIATED BANC CORP ........................ 3,060,000 1,145,631 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD .................................. 7,216,099 3,957,178 BANC ONE CORP ............................... 170,158,654 3,043,500 BANCA COMMERCIALE ITALIANA S.P.A ............ 5,527,239 115,000 BANCA POPOLARE DI BERGAMO ................... 1,891,750 750,000 BANCA POPOLARE DI MILANO .................... 3,799,950 1,240,000 BANCO AMBROSIANO VENETO S.P.A ............... 2,978,108 407,987 BANCO BILBAO VIZCAYA S.A. (REGD) ............ 21,987,594 72,973 BANCO CENTRALE HISPANOAMERICANO S.A. ...................... 1,870,989 38,600 BANCO DE A. EDWARDS S.P.A. ADR .............. 692,387 174,048 BANCO DE GALICIA BUENOS AIRES S.A. SERIES A ................................... 1,046,237 50,000 BANCO DE VALENCIA S.A. (REGD) ............... 974,454 102,665 oBANCO ESPANOL DE CREDITO S.A ................ 793,234 87,573 BANCO FRANCES DEL RIO DE LA PLATA S.A. ........................... 818,971 20,000 BANCO INTERCONTINENTAL ESPANOLA S.A. .............................. 3,095,188 98,300 BANCO LATINO AMERICANO DE EXPORTACIONES S.A. (CLASS E)............... 4,988,725 41,000 oBANCO OHIGGINS ADR .......................... 950,687 10,625 BANCO POPULAR ESPANOLA S.A. (REGD) .......... 2,082,967 296,014 BANCO SANTANDER S.A ......................... 18,911,529 262,950 BANCORP HAWAII, INC ......................... 11,043,900 23,800 BANK AUSTRIA AG ............................. 1,756,535 12,383,664 BANK INTERNATIONAL INDONESIA (FR) ........... 12,179,023 2,780 oBANK OF AUSTRIA NEW ......................... 204,405 441,425 BANK OF AYUDHYA PUBLIC CO LTD (FR) .......... 1,032,987 440,994 BANK OF EAST ASIA LTD ....................... 1,961,232 381,699 BANK OF MELBOURNE LTD ....................... 2,592,219 343,400 BANK OF MONTREAL ............................ 10,923,057 3,301,236 BANK OF NEW YORK CO, INC .................... 111,416,715 302,711 BANK OF NOVA SCOTIA ......................... 10,125,698 7,000 BANK OF OKINAWA LTD ......................... 236,998 7,478,602 BANK OF TOKYO MITSUBISHI LTD ................ 138,520,535 562,586 BANK OF YOKOHAMA LTD ........................ 3,635,008 4,783,107 BANKAMERICA CORP ............................ 477,114,923 1,835,100 BANKBOSTON CORP ............................. 117,905,175 1,201,874 BANKERS TRUST NEW YORK CORP ................. 103,661,632 101,213 BANPONCE CORP NEW ........................... 3,415,938 200,715 BANQIE DE PARIBAS S.A ....................... 13,547,523 73,777 BANQUE NATIONALE DE PARIS ................... 2,849,583 2,713,800 BARCLAYS PLC ................................ 46,464,480 3,821,158 BARNETT BANKS, INC .......................... 157,145,122 570,680 BAYERISCHE HYPOTHEKEN-UND WECHSEL-BANK ............................... 17,237,783 592,010 BAYERISCHE VEREINSBANK AG ................... 24,278,127 1,095,100 BOATMENS BANCSHARES, INC .................... 70,633,950 154,020 oCALIFORNIA FEDERAL BANK GOODWILL CERT .............................. 2,156,280 286,418 CANADIAN IMPERIAL BANK OF COMMERCE .......... 12,631,474 189,821 CAPITAL ONE FINANCIAL CORP .................. 6,833,556 132,700 CCB FINANCIAL CORP .......................... 9,056,775 448,725 CENTRAL FIDELITY BANKS, INC ................. 11,554,668 647,429 CHARTER ONE FINANCIAL, INC .................. 27,192,018 4,737,475 CHASE MANHATTAN CORP NEW .................... 422,819,643 1,335,045 CHIBA BANK LTD .............................. 9,086,116 86,100 CITFED BANCORP, INC ......................... 2,841,300 5,169,283 CITICORP CO ................................. 532,436,149 120,600 CITIZENS BANCORP MARYLAND ................... 7,477,200 255,400 CITY NATIONAL CORP .......................... 5,523,025 973,658 COMERICA, INC ............................... 50,995,337 2,954,000 COMMERCE ASSET HOLDINGS BERHAD .............. 22,223,707 325,666 oCOMMERCE ASSET HOLDINGS BERHAD (TRUST RECEIPTS) 6/27/98 ................... 1,573,202 183,855 COMMERCE BANCORP, INC ....................... 6,067,215 9,136 COMMERCE BANCSHARES, INC .................... 422,540 134,000 oCOMMERZBANK AG .............................. 3,399,778 62,587 COMPAGNIE DE SUEZ S.A ....................... 2,655,744 415,000 COMPASS BANCSHARES, INC ..................... 16,496,250 2,509,898 CORESTATES FINANCIAL CORP ................... 130,200,958 215,401 CREDIT COMMERCIAL DE FRANCE S.A ............. 9,943,875 12,000 oCREDIT COMMUNAL HOLDINGS DEXIA .............. 1,093,684 8,264 CREDIT NATIONAL S.A ......................... 474,971 6,500 CREDITANSTALT-BANKVEREIN (VORZUG) ........... 299,828 11,000 CREDITANSTALT-BAVKVEREIN (STAMM) ............ 743,852 3,144,000 CREDITO ITALIANO S.P.A ...................... 3,446,540 523,604 CRESTAR FINANCIAL CORP ...................... 38,943,047 232,856 CS HOLDINGS (REGD) .......................... 23,843,997 334,400 CULLEN FROST BANKERS, INC ................... 11,118,800 199 DAI-ICHI KANGO BANK LTD ..................... 2,863 11,700 DAUPHIN DEPOSIT CORP ........................ 386,100 2,609,000 DCB HOLDINGS BERHAD ......................... 8,935,988 78,000 oDCB HOLDINGS BERHAD WTS 12/28/99 ............ 117,362 89,289 DEN DANSKE BANK AF 1871 ..................... 7,189,856 31,200 DEPOSIT GUARANTY CORP ....................... 967,200 755,700 DEUTSCHE BANK AG ............................ 35,257,164 256,250 DEVELOPMENT BANK OF SINGAPORE LTD (FR) ......................... 3,462,340
See notes to financial statements. -17-
SHARES VALUE ------ ----- BANKS--(CONTINUED) 357,300 oDIME BANCORP, INC ........................... $ 5,270,175 775,240 DRESDNER BANK AG ............................ 23,190,289 519,675 FIFTH THIRD BANCORP ......................... 32,642,085 89,500 FIRST AMERICAN CORP ......................... 5,157,437 1,210,738 FIRST BANK SYSTEM, INC ...................... 82,632,868 3,181,013 FIRST CHICAGO NBD CORP ...................... 170,979,448 432,686 FIRST COMMERCE CORP ......................... 16,820,668 164,400 FIRST HAWAIIAN, INC ......................... 5,754,000 180,000 FIRST MIDWEST BANCORP, INC .................. 5,872,500 145,000 FIRST NATIONAL BANK HOLDINGS LTD ............ 709,886 379,814 FIRST OF AMERICA BANK CORP .................. 22,836,316 1,143,575 FIRST SECURITY CORP ......................... 38,595,656 1,114,000 FIRST TENNESSEE NATIONAL CORP ............... 41,775,000 2,938,477 FIRST UNION CORP ............................ 217,447,298 468,150 FIRST VIRGINIA BANKS, INC ................... 22,412,681 545,800 FIRSTAR CORP NEW ............................ 28,654,500 234,300 FIRSTMERIT CORP ............................. 8,317,650 5,125,040 FLEET FINANCIAL GROUP, INC NEW .............. 255,611,370 131,000 FORT WAYNE NATIONAL CORP .................... 4,978,000 4,492,882 FUJI BANK LTD ............................... 65,413,441 2,520 GENERALE DE BANQUE S.A. NPV STRIP VVPR ................................. 1,428 25,651 GENERALE DE BANQUE S.A ...................... 9,185,821 141,000 oGRUPO FINANCIERO BANAMEX ACCIVAL S.A. DE CV SERIES B ................ 297,691 159,506 oGRUPO FINANCIERO BANAMEX ACCIVAL S.A. DE CV SERIES L ................ 314,069 462,000 oGRUPO FINANCIERO BANCOMER S.A. SERIES B ................................... 184,871 3,200,000 oGRUPO FINANCIERO PROBURSA S.A. DE CV ........................ 162,602 814,000 GUNMA BANK LTD .............................. 7,082,736 2,550,319 HANG SENG BANK LTD .......................... 30,992,772 479,335 HIBERNIA CORP (CLASS A) ..................... 6,351,188 167,800 HIGO FAMILY BANK LTD ........................ 1,117,446 147,000 HOKKAIDO BANK LTD ........................... 312,802 1,005,205 HOKURIKU BANK LTD ........................... 4,918,789 209,120 oHOUSING & COMMERCIAL BANK, KOREA ............ 2,919,189 6,357,709 HSBC HOLDINGS LTD ........................... 136,030,628 712,804 HSBC HOLDINGS LTD (HONG KONG) ............... 15,516,129 1,569,332 HSBC HOLDINGS LTD (UNITED KINGDOM) .......... 35,073,907 1,173,135 HUNTINGTON BANCSHARES, INC .................. 30,941,435 545,738 oIMPERIAL BANCORP ............................ 13,097,712 450,500 oIMPERIAL CREDIT INDUSTRIES, INC ............. 9,460,500 3,994,160 INDUSTRIAL BANK OF JAPAN LTD ................ 69,163,473 1,269,000 INSTITUTO BANCARIO SAN PAOLO DI TURINO ............................ 7,765,518 14,900 oINVESTEC BANK LTD ........................... 364,734 2,120,000 ISTITUTO MOBILIARE ITALIANO S.P.A ........... 18,134,480 2,000,305 JOYO BANK ................................... 12,028,374 2,364,919 KEYCORP NEW ................................. 119,428,409 336,911 KOOKMIN BANK ................................ 4,663,218 20,869 KREDIETBANK NV .............................. 6,832,777 6,563,294 LLOYDS TSB GROUP PLC ........................ 48,352,748 411,800 LONG ISLAND BANCORP, INC .................... 14,413,000 592,000 MAGNA GROUP, INC ............................ 17,464,000 448,500 MALAYAN BANKING BERHAD ...................... 4,972,478 1,725,000 MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE ........................ 3,210,253 1,270,400 oMALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE WTS 11/07/99 ........... 1,363,208 658,920 MARSHALL & ILSLEY CORP ...................... 22,815,105 898,800 MEDIOBANCA S.P.A ............................ 4,840,694 1,568,068 MELLON BANK CORP ............................ 111,332,828 482,675 MERCANTILE BANCORP, INC ..................... 24,797,428 168,393 MERCANTILE BANKSHARES CORP .................. 5,388,576 464,665 oMERITA LTD .................................. 1,441,682 8,800 MICHINOKU BANK LTD .......................... 61,028 2,491,200 MITSUBISHI TRUST & BANKING CORP ............. 33,265,616 1,847,700 MITSUI TRUST & BANKING CO LTD ............... 14,405,731 1,514,543 MORGAN (J.P.) & CO, INC ..................... 147,857,260 3,886,146 NATIONAL AUSTRALIA BANK LTD ................. 45,684,133 213,000 NATIONAL BANK OF CANADA ..................... 2,152,220 1,205,419 NATIONAL CITY CORP .......................... 54,093,177 3,308,532 NATIONSBANK CORP ............................ 323,409,003 73,698 NEDCOR LTD .................................. 1,008,372 51,000 oNORDBANKEN AB ............................... 1,542,401 320,500 NORTH FORK BANCORP, INC ..................... 11,417,812 1,638,100 NORTHERN TRUST CORP ......................... 59,381,125 3,114,718 NORWEST CORP ................................ 135,490,233 464,125 OLD KENT FINANCIAL CORP ..................... 22,161,968 18,600 ONBANCORP, INC .............................. 690,525 1,950,320 OVERSEAS-CHINESE BANKING CORP LTD (FR) ...................... 24,260,469 43,400 oPEOPLES BANK OF BRIDGEPORT CO ............... 1,253,175 379,610 PEOPLES HERITAGE FINANCIAL GROUP, INC ................................. 10,629,080 295,000 PHILIPPINE COMMERCIAL INTERNATIONAL BANK ......................... 3,869,790 190,000 oPHILIPPINE NATIONAL BANK .................... 2,257,615 3,440,264 PNC BANK CORP ............................... 129,439,933 103,110 PROVIDENT BANKSHARES CORP ................... 4,021,290 5,000,000 PT BANK DAGANG NASIONAL INDONESIA (FR) ............................. 5,076,000 480,354 PUBLIC BANK BERHAD (FR) ..................... 1,017,577 250,600 RCSB FINANCIAL, INC ......................... 7,267,400 631,852 REGIONS FINANCIAL CORP ...................... 32,658,850 359,975 REPUBLIC BANCORP, INC ....................... 4,184,709 489,925 REPUBLIC NEW YORK CORP ...................... 39,990,128 51,800 oRIGGS NATIONAL CORP ......................... 893,550 446,160 ROYAL BANK OF CANADA ........................ 15,656,444 343,854 ROYAL BANK OF SCOTLAND PLC .................. 3,315,844 5,770,300 SAKURA BANK LTD ............................. 41,160,819 850 SANWA BANK LTD .............................. 11,569 158,000 SEVENTY-SEVEN (77) BANK LTD ................. 1,293,111 1,327,660 SHIZUOKA BANK LTD ........................... 14,068,482 1,200,067 SIGNET BANKING CORP ......................... 36,902,060 794,000 SKANDINAVISKA ENSKILDA BANKEN SERIES A ................................... 8,140,024 88,000 SKANDINAVISKA ENSKILDA BANKEN SERIES C FREE .............................. 844,172 113,020 SOCIETE GENERALE S.A ........................ 12,195,928 1,105,848 SOUTHERN NATIONAL CORP ...................... 40,086,990 879,430 SOUTHTRUST CORP ............................. 30,670,121 278,320 SOVEREIGN BANCORP, INC ...................... 3,652,950 432,500 ST. PAUL BANCORP, INC ....................... 12,704,687 50,000 STADSHYPOTEK AB SERIES A .................... 1,369,363 6,600 STANDARD BANK INVESTMENT CORP LTD ........... 259,625 1,434,735 STANDARD CHARTERED PLC ...................... 17,653,333 134,300 STANDARD FEDERAL BANCORP .................... 7,638,312 92,400 STAR BANC CORP .............................. 8,489,250 702,900 STATE STREET BOSTON CORP .................... 45,337,050 5,638,895 SUMITOMO BANK LTD ........................... 81,127,064 1 SUMITOMO TRUST & BANKING CO LTD ............. 9 839,321 SUMMIT BANCORP .............................. 36,720,293 1,844,880 SUNTRUST BANKS, INC ......................... 90,860,340 174,200 SVENSKA HANDELSBANKEN SERIES A .............. 5,000,476 209,500 SVENSKA HANDELSBANKEN SERIES B FREE ......... 5,768,316 97,081 SWISS BANK CORP (REGD) ...................... 18,399,709 3,730 oSWISS BANK CORP (REGD) WTS 6/30/00 .......... 10,277 96,550 SYNOVUS FINANCIAL CORP ...................... 3,101,668 3,505,038 TOKAI BANK LTD .............................. 36,537,041 1,127,617 U.S. BANCORP ................................ 50,672,288 33,800 U.S. TRUST CORP NEW ......................... 2,670,200 85,500 UNI BANKDANMARK AS (CLASS A) ................ 4,420,736 28,046 UNION BANK OF SWITZERLAND (BR) .............. 24,499,537 4,545 UNION BANK OF SWITZERLAND (REGD) ............ 797,101 589,124 UNION PLANTERS CORP ......................... 22,975,836 406,890 UNITED OVERSEAS BANK LTD (FR) ............... 4,537,803 2,000,000 oUNITED OVERSEAS BANK LTD (FR) WTS 6/17/97 ................................ 7,063,192 288,000 UST CORP .................................... 5,940,000 1,381,080 WACHOVIA CORP NEW ........................... 78,031,020 1,271,853 WASHINGTON FEDERAL, INC ..................... 33,704,104 1,055,500 WASHINGTON MUTUAL, INC ...................... 45,716,343 862,681 WELLS FARGO & CO ............................ 232,708,199 100,000 WESTAMERICA BANCORP ......................... 5,775,000 5,077,409 WESTPAC BANKING CORP ........................ 28,876,179 75,100 WILMINGTON TRUST CORP ....................... 2,966,450 108,585 WING LUNG BANK LTD .......................... 736,999 301,000 YAMAGUCHI BANK LTD .......................... 4,408,295 1,693,342 YASUDA TRUST & BANKING CO LTD ............... 7,162,777 83,800 ZIONS BANCORP ............................... 8,715,200 --------------- 7,283,517,069 ---------------
See notes to financial statements. -18-
SHARES VALUE ------ ----- BEVERAGES--2.56% 3,973,244 ANHEUSER BUSCH COS, INC ..................... 158,929,760 821,080 ARTHUR GUINESS & SONS PLC ................... 6,428,397 170,400 ASAHI BREWERIES LTD ......................... 1,761,595 1,463,600 BASS LTD .................................... 20,563,247 1,880 oBRAU UND BRUNNEN AG ......................... 127,602 430,700 BROWN FORMAN, INC (CLASS B) ................. 19,704,525 63,449 CARLSBERG BREWERIES AS (CLASS A) ............ 4,280,913 23,581 CARLSBERG BREWERIES AS (CLASS B) ............ 1,591,013 400,000 CARLSBERG BREWERIES MALAYSIA BERHAD ..................................... 2,961,788 3,020 oCHO SUN BREWERY CO LTD ...................... 76,812 63,500 CHRISTIAN DIOR S.A .......................... 10,223,412 277,600 COCA COLA BOTTLING CO CONSOLIDATED .......... 13,533,000 21,379,898 COCA COLA CO ................................ 1,125,117,132 672,400 COCA COLA ENTERPRISES, INC .................. 32,611,400 152,923 COCA-COLA AMATIL LTD ........................ 1,633,727 87,800 COMPANIA CERVECERIAS UNIDAS S.A. ADR ............................ 1,415,775 194,400 COORS (ADOLPH) CO (CLASS B) ................. 3,693,600 52,000 oCOTT CORP ................................... 373,677 100,000 DELTA CORP................................... 351,120 46,700 oEL AGUILA S.A ............................... 223,675 152,000 FOMENTO ECONOMICO MEXICANO S.A. DE CV SERIES B ............... 521,343 5,877,396 FOSTERS BREWING GROUP LTD ................... 11,904,459 108,000 FRASER & NEAVE LTD .......................... 1,111,809 1,898,353 GRAND METROPOLITAN PLC ...................... 14,911,310 237,500 GRUPO MODELO S.A. SERIES C .................. 1,378,784 1,000,000 GUINESS ANCHOR BERHAD ....................... 2,454,958 106,053 HEINEKEN NV ................................. 18,748,430 76,666 HERMES INTERNATIONAL S.A .................... 21,235,476 884,175 KIRIN BREWERY CO LTD ........................ 8,683,571 1,849,930 LION NATHAN LTD ............................. 4,431,274 148,001 LVMH MOET HENNESSY LOUIS VUITTON ............ 41,250,549 64,000 MOLSON CO LTD (CLASS A) ..................... 1,003,866 1,000 MOLSON CO LTD (CLASS B) ..................... 15,503 17,835,986 PEPSICO, INC ................................ 521,702,590 19,680 PERNOD-RICARD S.A ........................... 1,086,434 143,500 SAPPORO BREWERIES LTD ....................... 1,186,802 238,857 SCOTTISH & NEWCASTLE PLC .................... 2,806,109 222,400 SEAGRAMS CO LTD ............................. 8,802,214 241,400 SEAGRAMS CO LTD (U.S.) ...................... 9,354,250 92,002 SOUTH AFRICAN BREWERIES LTD ................. 2,330,563 51,000 VINA CONCHA Y TORO S.A. ADR ................. 1,198,500 --------------- 2,081,720,964 --------------- BROADCASTERS--0.73% 130,600 oAMERICAN RADIO SYSTEMS CORP ................. 3,558,850 230 ~oANTENA 3 DE TELEVISION GDR .................. 6,012,016 222,850 oASSOCIATED GROUP, INC (CLASS A) ............. 6,852,637 303,050 oASSOCIATED GROUP, INC (CLASS B) ............. 9,015,737 36,200 AUDIOFINA.................................... 1,709,472 178,800 oBELL CABLEMEDIA PLC ADR ..................... 2,771,400 88,400 oBHC COMMUNICATIONS, INC (CLASS A) ........... 8,961,550 700,000 BRITISH SKY BROADCASTING GROUP PLC .......... 6,253,090 60,390 CANAL PLUS S.A .............................. 13,312,093 232,750 CARLTON COMMUNICATIONS PLC .................. 2,049,279 453,400 oCLEAR CHANNEL COMMUNICATIONS, INC ........... 16,379,075 707,800 COMCAST CORP (CLASS A) ...................... 12,474,975 2,021,835 COMCAST CORP (CLASS A) SPL .................. 36,013,935 36,338 oDATA BROADCASTING CORP ...................... 254,366 212,250 oEVERGREEN MEDIA CORP (CLASS A) .............. 5,306,250 581,005 GAYLORD ENTERTAINMENT CO .................... 13,290,489 213,000 oGENERAL CABLE PLC ADR ....................... 3,514,500 82,000 oGRUPO TELEVISA S.A. DE CV (PT CERT) ......... 1,052,087 615,900 HARTE-HANKS COMMUNICATIONS, INC ............. 17,091,225 683,414 oHERITAGE MEDIA CORP (CLASS A) NEW ........... 7,688,407 788,400 oINFINITY BROADCASTING CORP (CLASS A) ........ 26,509,950 214,700 oJACOR COMMUNICATIONS, INC WTS 9/18/01 ................................ 429,400 120,000 oKATZ MEDIA GROUP, INC ....................... 1,350,000 291,700 oKING WORLD PRODUCTIONS, INC ................. 10,756,437 1,312,699 oLIBERTY MEDIA GROUP (CLASS A) ............... 37,493,965 254,469 oLIN TELEVISION CORP ......................... 10,751,315 1,875,454 oMEDIASET S.P.A .............................. 8,638,341 31,700 oNASIONALE PERS BEPERK SERIES N .............. 293,110 500 NIPPON TELEVISION NETWORK CORP .............. 150,762 32,000 NRJ S.A ..................................... 4,050,163 271,700 oROGERS COMMUNICATIONS, INC (CLASS B) ................................... 2,002,020 550,000 SCOTTISH TELEVISION PLC ..................... 6,334,376 524,565 SCRIPPS (E.W.) CO (CLASS A) ................. 18,359,775 148,800 TCA CABLE TV, INC ........................... 4,482,600 578,749 oTCI SATELLITE ENTERTAINMENT (CLASS A) ....... 5,715,146 47,800 oTELE METROPOLE, INC (CLASS B) ............... 624,220 6,047,497 oTELE-COMMUNICATIONS, INC (CLASS A) NEW............................... 78,995,429 170,000 TELEVISION BROADCASTS LTD ................... 679,118 71,870 TELEVISION FRANCAISE (TFI) .................. 6,856,871 1,147,350 TOKYO BROADCASTING SYSTEMS, INC ............. 17,495,423 342,400 UNITED TELEVISION, INC ...................... 29,489,200 469,487 oVIACOM, INC (CLASS A) ....................... 16,197,301 3,630,848 oVIACOM, INC (CLASS B) ....................... 126,625,824 246,144 oVIACOM, INC (CLASS B) WTS 7/07/97 ........... 7,692 147,686 oVIACOM, INC (CLASS B) WTS 7/07/99 ........... 369,215 221,800 oWESTWOOD ONE, INC ........................... 3,687,425 --------------- 591,906,511 ---------------
See notes to financial statements. -19-
SHARES VALUE ------ ----- BUSINESS SERVICES--1.42% 554,215 oACCUSTAFF, INC .............................. $11,707,791 575,479 oACNEILSEN CORP .............................. 8,704,119 2,544 oADECCO S.A .................................. 642,508 17,644 ADECCO S.A. (BR) ............................ 4,414,944 236,100 ADECCO S.A. ADR ............................. 7,363,368 470,330 ADVO, INC ................................... 6,584,620 16,150,000 AEGIS GROUP PLC ............................. 16,858,871 136,200 oAFFILIATED COMPUTER SERVICES, INC (CLASS A)..................... 4,051,950 19,655 AGENCE HAVAS S.A ............................ 1,376,167 90,900 oALLIANCE SEMICONDUCTOR CORP ................. 647,662 525,100 oALLWASTE, INC ............................... 2,691,137 122,000 oALTERNATIVE RESOURCES CORP .................. 2,119,750 692,600 oAMERICA ONLINE, INC ......................... 23,028,950 514,430 AMERICAN BUSINESS PRODUCTS, INC.............. 12,925,053 474,775 oAPOLLO GROUP, INC (CLASS A) ................. 15,875,289 78,800 oASPEN TECHNOLOGY, INC ....................... 6,323,700 315,100 AUTODESK, INC ............................... 8,822,800 45,455 B.I.S. S.A .................................. 4,660,210 299,100 BANTA CORP .................................. 6,841,912 739,300 BLOCK (H&R), INC ............................ 21,439,700 790,500 oBOSTON LIFE SCIENCES, INC ................... 543,468 126,100 oCABLEVISION SYSTEMS CORP (CLASS A) .......... 3,861,812 585,000 oCALGENE, INC ................................ 2,925,000 360,300 oCATALINA MARKETING CORP ..................... 19,861,537 508,400 oCHECKPOINT SYSTEMS, INC ..................... 12,582,900 114,778 CHUBB SECURITY PLC .......................... 641,309 99,300 oCIBER, INC .................................. 2,979,000 326,900 CINTAS CORP ................................. 19,205,375 1,723,739 COGNIZANT CORP .............................. 56,883,387 123,300 oCOMPUTER HORIZONS CORP ...................... 4,747,050 681,500 oCOMPUTERVISION CORP ......................... 6,303,875 155,950 oCORESTAFF, INC .............................. 3,694,065 395,800 oCORPORATE EXPRESS, INC ...................... 11,651,362 625,400 oCORRECTIONS CORP OF AMERICA ................. 19,152,875 286,000 oCREDENCE SYSTEMS CORP ....................... 5,755,750 161,300 CROSS (A.T.) CO (CLASS A) ................... 1,875,112 788,500 DELUXE CORP ................................. 25,823,375 27,000 oDEVRY, INC .................................. 634,500 102,100 oDIALOGIC CORP ............................... 3,216,150 436,475 DIEBOLD, INC ................................ 27,443,365 217,200 oDOUBLETREE CORP ............................. 9,774,000 173,961 ELECTROCOMPONENTS PLC ....................... 1,375,371 13,300 oENCAD, INC .................................. 548,625 438,550 ENNIS BUSINESS FORMS, INC ................... 4,933,687 28,000 ESSELTE AB SERIES B FREE .................... 619,215 345,800 FIRST INDUSTRIAL REALTY TRUST, INC .......... 10,503,675 8,400 FLUGHAFEN WIEN AG ........................... 427,767 488,800 oFORE SYSTEMS, INC ........................... 16,069,300 261,300 oFRANKLIN QUEST CO ........................... 5,487,300 57,900 oFRITZ COS, INC .............................. 738,225 184,000 oGATEWAY 2000, INC ........................... 9,855,500 622,040 GETRONICS NV ................................ 16,865,360 41,523 GUILBERT S.A ................................ 8,106,837 124,200 HARLAND (JOHN H.) CO ........................ 4,098,600 34,000 oHCIA, INC ................................... 1,173,000 258,500 HENDERSON INVESTMENT LTD .................... 309,129 169,400 HUNT MANUFACTURING CO ....................... 3,070,375 259,900 oINFORMATION RESOURCES, INC .................. 3,638,600 103,300 oINSO CORP ................................... 4,106,175 234,300 oINTERIM SERVICES, INC ....................... 8,317,650 1,165,600 INTERPUBLIC GROUP OF COS, INC ............... 55,366,000 10,800 INTERNATIONAL SERVICE SYSTEM AS SERIES B.......................... 283,781 66,200 oITRON, INC .................................. 1,175,050 80,000 oKCI KONESCRANES INTERNATIONAL ............... 2,516,817 379,193 KELLY SERVICES, INC (CLASS A) ............... 10,238,211 90,000 KOKUSAI KOGYO CO ............................ 922,666 213,400 LIBERTY PROPERTY TRUST CO ................... 5,495,050 304,300 MACNEAL-SCHWENDLER CORP ..................... 2,396,362 221,600 oMAIL BOXES ETC .............................. 4,986,000 907,300 MANPOWER, INC ............................... 29,487,250 332,350 oMCAFEE ASSOCIATES, INC ...................... 14,623,400 45,000 oMERCURY INTERACTIVE CORP .................... 585,000 501,200 oMERISEL, INC ................................ 830,112 228,100 oMICRO WAREHOUSE, INC ........................ 2,680,175 1,307,880 MISYS PLC ................................... 24,989,224 125,908 MOORE CORP LTD .............................. 2,608,729 39,654 MOORE CORP LTD (U.S.) ....................... 807,950 118,200 oNASHUA CORP ................................. 1,418,400 52,470 oNATIONAL AUTO CREDIT, INC ................... 629,640 367,700 oNATIONAL EDUCATION CORP ..................... 5,607,425 444,849 NATIONAL SERVICE INDUSTRIES, INC ............ 16,626,231 93,800 NEW ENGLAND BUSINESS SERVICES, INC .......... 2,016,700 63,600 NIPPON KANZAI CO LTD ........................ 1,643,742 254,800 oNU KOTE HOLDING, INC (CLASS A) .............. 2,611,700 1,283,398 oOFFICE DEPOT, INC ........................... 22,780,314 500 oOIS OPTICAL IMAGING SYSTEMS, INC ............ 781 574,394 OLSTEN CORP ................................. 8,687,709 828,400 OMNICOM GROUP, INC .......................... 37,899,300 86,600 oOPTICAL DATA SYSTEMS, INC ................... 1,039,200 578,318 PAYCHEX, INC ................................ 29,747,232 332,400 PHH CORP .................................... 14,293,200 523,700 PITTSTON BRINKS GROUP CO .................... 14,139,900 170,000 oPRICER AB SERIES B .......................... 4,182,783 415,380 PROSEGUR COMPANIA DE SEGURIDAD S.A .......... 3,832,129 344,771 oPURE ATRIA CORP ............................. 8,533,082 212,900 oQUARTERDECK CORP ............................ 878,212 109,600 oREMEDY CORP ................................. 5,891,000 3,742,400 REUTERS HOLDINGS PLC ........................ 48,128,833 544,600 oROBERT HALF INTERNATIONAL, INC .............. 18,720,625 436,350 ROLLINS, INC ................................ 8,727,000 85,000 SAP AG ...................................... 11,555,055 28,000 SCRIBONA AB SERIES B FREE ................... 313,708 133,727 SECOM CO LTD ................................ 8,075,927 159,000 SECURITAS AB SERIES B FREE .................. 4,622,371 473,950 SENSORMATIC ELECTRONICS CORP ................ 7,938,662 1,556,500 SERVICE CORP INTERNATIONAL .................. 43,582,000 26,057 SLIGOS S.A .................................. 3,408,238 2,698 SOCIETE GENERAL DE SURVEILLANCE (BR) ........ 6,610,385 1,282 SOPHUS BERENDSEN AS (CLASS A) ............... 165,169 55,165 SOPHUS BERENDSEN AS (CLASS B) ............... 7,088,616 217,200 STANDARD REGISTER, INC ...................... 7,059,000 515,000 oSUNGARD DATA SYSTEMS, INC ................... 20,342,500 48,350 oSYLVAN LEARNING SYSTEMS, INC ................ 1,377,975 96,400 oTHERMOLASE CORP ............................. 1,518,300 68,800 TOKYO DOME CORP ............................. 1,197,278 122,300 TOKYO TOKEIBA CO LTD ........................ 395,105 70,000 TOTAL SYSTEM SERVICES, INC .................. 1,881,250 253,500 oTRACOR, INC ................................. 5,386,875 294,800 TRUE NORTH COMMUNICATIONS, INC .............. 6,448,750 319,900 oTSENG LABORATORIES, INC ..................... 999,687 352,200 UNIFIRST CORP ............................... 7,484,250 254,700 oUNION CORP .................................. 5,826,262 36,248 oUNITED STATIONERS, INC ...................... 706,836 140,300 VALSPAR CORP ................................ 7,944,487 228,800 oVERIFONE, INC ............................... 6,749,600 278,100 oVOLT INFORMATION SCIENCES, INC .............. 12,166,875 90,400 WACKENHUT CORP SERIES A ..................... 1,559,400 348,206 WACKENHUT CORP SERIES B ..................... 5,310,141 71,000 oWACKENHUT CORRECTIONS CORP .................. 1,420,000 171,100 WALLACE COMPUTER SERVICES, INC .............. 5,902,950 68,000 oWIND RIVER SYSTEMS, INC ..................... 3,221,500 39,800 oWONDERWARE CORP ............................. 353,847 7,000,000 WPP GROUP PLC ................................ 30,426,914 --------------- 1,153,946,987 ---------------
See notes to financial statements. -20-
SHARES VALUE ------ ----- CHEMICALS--MAJOR--2.08% 56,900 AECI LTD .................................... $ 316,279 31,000 AGA AB SERIES A FREE ........................ 467,634 43,500 AGA AB SERIES B FREE ........................ 649,825 940,100 AIR PRODUCTS & CHEMICALS, INC ............... 64,984,412 119,017 AKZO NOBEL NV ............................... 16,237,735 142,700 ARCADIAN CORP ............................... 3,781,550 93,500 ARCO CHEMICAL CO ............................ 4,581,500 1,216,600 BASF AG ..................................... 46,797,761 1,261,950 BAYER AG .................................... 51,424,593 1,320,232 BOC GROUP PLC ............................... 19,735,099 314,900 oCHEMFIRST, INC (W/I) ........................ 7,282,062 159,000 COURTAULDS PLC .............................. 1,070,700 21,771 DEGUSSA AG .................................. 9,839,399 2,347,000 DOW CHEMICAL CO ............................. 183,946,125 4,608,461 DU PONT (E.I.) DE NEMOURS & CO .............. 434,923,506 12,000 DU PONT CANADA, INC (CLASS A) ............... 279,711 11,000 DYNO INDUSTRIER AS .......................... 279,073 935,948 EASTMAN CHEMICAL CO ......................... 51,711,127 126,962 ENGLISH CHINA CLAYS PLC ..................... 418,244 65,600 xoERCROS S.A .................................. 40,346 445,700 GOODRICH (B.F.) CO .......................... 18,050,850 724,700 HERCULES, INC ............................... 31,343,275 217,000 HOECHST AG .................................. 10,236,776 706,000 ICI AUSTRALIA LTD ........................... 7,654,589 295,342 IMPERIAL CHEMICAL INDUSTRY PLC .............. 3,884,143 28,760 ~L'AIR LIQUIDE S.A. (REGD) ................... 4,480,953 637,377 LILLY INDUSTRIES, INC (CLASS A) ............. 11,632,130 231,777 MISSISSIPPI CHEMICAL CORP ................... 5,562,648 4,466,433 MITSUBISHI CHEMICAL CORP .................... 14,429,370 2,299,500 MITSUBISHI GAS CHEMICAL CO, INC ............. 8,260,850 395,667 MITSUI TOATSU CHEMICALS, INC ................ 1,203,260 4,796,400 MONSANTO CO ................................. 186,460,050 8,808,000 oMONTEDISON S.P.A ............................ 5,992,716 343,000 NIPPON OIL & FATS CO LTD .................... 1,483,382 103,600 NIPPON SHOKUBAI KAGAK KOGYO CO LTD .......... 767,562 102,500 oOAK TECHNOLOGY, INC ......................... 1,153,125 460,800 OLIN CORP ................................... 17,337,600 3,230,400 PPG INDUSTRIES, INC ......................... 181,306,200 3,058,180 PRAXAIR, INC ................................ 141,058,552 96,300 oQUINTILES TRANSNATIONAL CORP ................ 6,379,875 200,000 RHODIA-STER S.A. GDR ........................ 562,500 130,743 RHONE-POULENC S.A. (CLASS A) ................ 4,448,801 424,100 ROHM & HAAS CO .............................. 34,617,162 187,984 SASOL LTD ................................... 2,230,484 3,636,000 oSHOWA DENKO K.K ............................. 8,332,221 20,000 oSK KAKEN CO LTD ............................. 399,736 13,045 SOLVAY ET CIE S.A ........................... 7,977,511 2,470,160 SUMITOMO CHEMICAL CO LTD .................... 9,767,716 420 TOSHIBA CHEMICAL CORP ....................... 2,243 395,000 UBE INDUSTRIES LTD .......................... 1,116,159 1,000 UCB S.A ..................................... 2,603,561 1,115,880 UNION CARBIDE CORP .......................... 45,611,595 299,000,00 WHITE MARTINS S.A ........................... 431,623 69,134,000 YIZHENZ CHEMICAL FIBER CO (CLASS H) ......... 16,803,029 25,000 ZENECA GROUP PLC ADR ........................ 2,100,000 --------------- 1,694,448,928 --------------- CHEMICALS--SPECIALTY--1.16% 65,325 oAGRIUM INC .................................. 891,206 916,100 oAIRGAS, INC ................................. 20,154,200 337,390 ALBEMARLE CORP .............................. 6,115,193 207,000 ARONKASEI CO LTD ............................ 1,587,141 2,146,404 ASAHI CHEMICAL INDUSTRY CO LTD .............. 12,130,273 161,400 BETZDEARBORN, INC ........................... 9,441,900 163,200 CALGON CARBON CORP .......................... 1,999,200 273,000 CAMBREX CORP ................................ 8,940,750 219,600 CHEMED CORP ................................. 8,015,400 315,121 COMMERCIAL METALS CO ........................ 9,493,020 351,800 CROMPTON & KNOWLES CORP ..................... 6,772,150 468,057 oCYTEC INDUSTRIES, INC ....................... 19,014,815 293,000 DAICEL CHEMICAL INDUSTRIES LTD .............. 1,370,637 1,293,380 DAINIPPON INK & CHEMICAL, INC ............... 4,780,119 202,000 DENKI KAGKU KOGYO ........................... 495,965 170,000 DEXTER CORP ................................. 5,418,750 120,360 oECOGEN, INC ................................. 300,900 466,300 ECOLAB, INC ................................. 17,544,537 1,068,855 ENGELHARD CORP .............................. 20,441,851 931,500 ETHYL CORP .................................. 8,965,687 190,750 FERRO CORP .................................. 5,412,531 232,900 FOSTER WHEELER CORP ......................... 8,646,412 112,515 FULLER (H.B.) CO ............................ 5,288,205 220,500 GEON CO ..................................... 4,327,312 377,300 GEORGIA GULF CORP ........................... 10,139,937 837,300 GRACE (W.R.) & CO ........................... 43,330,275 654,700 GREAT LAKES CHEMICAL CORP ................... 30,607,225 250,346 ICN PHARMACEUTICALS, INC NEW ................ 4,913,040 1,960,420 IMC GLOBAL, INC ............................. 76,701,432 89,900 oINTERNATIONAL SPECIALTY PRODUCTS, INC .............................. 1,101,275 211,000 KANEKA CORP ................................. 1,077,934 1,156,000 KANSAI PAINT CO LTD ......................... 5,178,648 55,000 oKEMIRA OY ................................... 692,124 110,000 KONISHI CO LTD .............................. 2,492,319 364,300 KUREHA CHEMICAL INDUSTRY CO LTD ............. 1,453,099 366,090 LAWTER INTERNATIONAL, INC ................... 4,621,886 120,237 LEARONAL, INC ............................... 2,765,451 172,900 LOCTITE CORP ................................ 10,525,287 397,700 LUBRIZOL CORP ............................... 12,328,700 346,000 LYONDELL PETROCHEMICAL CO ................... 7,612,000 4,114,950 +MALLINCKRODT, INC ........................... 181,572,168 76,450 oMCWHORTER TECHNOLOGIES, INC ................. 1,748,793 162,000 oMETHANEX CORP ............................... 1,471,437 2,250,000 oMORGAN CRUCIBLE CO PLC ...................... 16,749,348 1,867,100 MORTON INTERNATIONAL, INC ................... 76,084,325 562,400 oMYCOGEN CORP ................................ 12,091,600 479,800 NALCO CHEMICAL CORP ......................... 17,332,775 21,100 NCH CORP .................................... 1,271,275 2,377 NORIT NV .................................... 32,155 254,200 NOVA CORP ................................... 2,253,249 330,000 NOVA CORP (U.S.) ............................ 2,887,500 111,900 PENWEST LTD ................................. 1,958,250 117,800 PETROLITE CORP .............................. 5,654,400 46,000 POTASH CORP OF SASKATCHEWAN, INC ............ 3,916,391 400,000 POTASH CORP OF SASKATCHEWAN, INC (U.S.) ..... 34,000,000 522,500 RAYCHEM CORP ................................ 41,865,312 240,000 RIKEN VINYL INDUSTRY CO ..................... 1,701,634 586,906 RPM, INC .................................... 9,977,402 303,177 SCHULMAN (A.), INC .......................... 7,427,836 433,200 oSEALED AIR CORP ............................. 18,031,950 836,920 SEKISUI CHEMICAL CO LTD ..................... 8,435,776 327,663 SHIN-ETSU CHEMICAL CO LTD ................... 5,956,143 341,900 SIGMA ALDRICH CORP .......................... 21,347,381 315,000 oSKW TROSTBERG AG ............................ 8,545,939 266,400 THIOKOL CORP ................................ 11,921,400 352,000 oTOSOH CORP .................................. 1,203,894 306,995 TREDEGAR INDUSTRIES, INC .................... 12,318,174 123,300 WD-40 CO .................................... 6,290,227 260,100 WELLMAN, INC ................................ 4,454,212 456,200 WITCO CORP .................................. 13,914,100 380,052 ZERO CORP ................................... 7,601,040 --------------- 943,104,872 ---------------
See notes to financial statements. -21-
SHARES VALUE ------ ----- COMMUNICATION EQUIPMENT & SERVICES--2.79% 788,873 o360 COMMUNICATIONS CO ....................... $ 18,242,688 3,418,279 o3COM CORP ................................... 250,816,221 108,550 oACC CORP .................................... 3,283,637 5,000 oAIPHONE CO LTD .............................. 99,072 7,528,815 oAIRTOUCH COMMUNICATIONS, INC ................ 190,102,578 88,536 oALLEGRO NEW MEDIA, INC ...................... 343,077 162,500 ALLGON AB SERIES B FREE ..................... 3,914,951 13,125 ~oAMERICAN SATELLITE NETWORK WTS 6/30/99................................. 0 447,900 oAMTECH CORP ................................. 2,960,341 557,412 oANDREW CORP ................................. 29,577,674 123,100 oANTEC CORP .................................. 1,107,900 73,800 oAPAC TELESERVICES, INC ...................... 2,832,075 248,700 oARCH COMMUNICATIONS GROUP, INC .............. 2,331,562 1,430,100 oASCEND COMMUNICATIONS, INC .................. 88,844,962 187,600 oAVID TECHNOLOGIES, INC ...................... 1,946,350 254,650 oAYDIN CORP .................................. 2,387,343 715,993 oBRINKER INTERNATIONAL, INC .................. 11,455,888 54,500 oBROADBAND TECHNOLOGIES, INC ................. 803,875 250,600 oCABLE DESIGN TECHNOLOGIES CO ................ 7,799,925 1,101,700 oCABLETRON SYSTEMS, INC ...................... 36,631,525 300,800 oCALIFORNIA MICROWAVE, INC ................... 4,474,400 647,800 oCASCADE COMMUNICATIONS CORP ................. 35,709,975 825,200 CELLNET DATA SYSTEMS, INC ................... 12,068,550 39,000 oCELLSTAR CORP ............................... 702,000 44,201 oCELLULAR COMMUNICATIONS INTERNATIONAL, INC........................... 1,281,829 604,300 CENTURY TELEPHONE ENTERPRISES, INC .......... 18,657,762 22,100 oCHYRON CORP ................................. 63,537 53,400 oCIDCO, INC .................................. 934,500 7,224,300 oCISCO SYSTEMS, INC .......................... 459,646,087 200,000 oCOLT TELECOM GROUP PLC ADR .................. 3,850,000 283,600 oCOMPRESSION LABORATORIES, INC ............... 1,081,225 324,400 COMSAT CORP SERIES 1 ........................ 7,988,350 1,794,964 CORNING, INC ................................ 83,017,085 334,200 oDIGI INTERNATIONAL, INC ..................... 3,174,900 227,600 oDIGITAL MICROWAVE CORP ...................... 6,344,350 1,003,888 oDSC COMMUNICATIONS CORP ..................... 17,944,498 415,300 oDSP COMMUNICATIONS, INC ..................... 8,046,437 219,700 oDYNATECH CORP ............................... 9,721,725 1,843,350 ERICSSON TELEFON (LM) AB SERIES B ........... 56,963,599 430,000 oERICSSON TELEFON (LM) AB SERIES B ADR........ 12,980,625 319,200 oGENERAL DATACOMM INDUSTRIES, INC ............ 3,351,600 811,800 oGEOTEK COMMUNICATIONS, INC .................. 5,784,075 489,875 HARRIS CORP ................................. 33,617,671 9,600 oHIGHWAYMASTER COMMUNICATIONS, INC ........... 174,000 104,000 oICG COMMUNICATIONS, INC ..................... 1,833,000 96,900 oINTERDIGITAL COMMUNICATIONS CORP ............ 557,175 61,200 oINTERMEDIA COMMUNICATIONS, INC .............. 1,575,900 469,622 oINTERNATIONAL CABLETEL, INC ................. 11,857,955 72,000 oJACOR COMMUNICATIONS, INC ................... 1,971,000 144,200 KOREA MOBILE TELECOMMUNICATIONS CORP ADR................. 1,856,575 580 oKOREA MOBILE TELECOMMUNICATIONS CORP..................... 312,879 848,000 oLCI INTERNATIONAL, INC ...................... 18,232,000 41,600 oLG INFORMATION & COMMUNICATIONS ............. 2,657,491 4,201 oLG INFORMATION & COMMUNICATIONS NEW ......... 297,690 820,800 oLORAL SPACE & COMMUNICATIONS LTD ............ 15,082,200 5,041,218 LUCENT TECHNOLOGIES, INC .................... 233,156,332 250,000 FILMES LUSOMUNDO (NON-VTG) .................. 2,280,114 375,600 oMACROMEDIA, INC ............................. 6,760,800 52,900 oMASTEC, INC ................................. 2,803,700 3,341,711 oMFS COMMUNICATIONS CO, INC .................. 182,123,249 110,724 oMILLICOM INTERNATIONAL CELLULAR S.A ......... 3,557,008 488,800 oMITEL CORP .................................. 3,055,000 63,750 NERA AS ..................................... 2,755,500 9,500 oNETCOM ON-LINE COMMUNICATION SERVICE, INC ................. 123,500 195,800 oNETWORK EQUIPMENT TECHNOLOGIES, INC............................ 3,230,700 406,800 oNEW WORLD COMMUNICATIONS GROUP, INC.................................. 10,271,700 207,800 oNEWBRIDGE NETWORKS CORP ..................... 5,889,711 288,000 NOKIA AB SERIES K ........................... 16,621,407 119,700 NORTHERN TELECOMMUNICATIONS LTD ..................... 7,440,312 217,409 NORTHERN TELECOMMUNICATIONS LTD (U.S.)............... 13,452,181 2,744,400 oNOVELL, INC ................................. 25,986,037 538,120 oOCTEL COMMUNICATIONS CORP ................... 9,417,100 1,025,000 oOMNIPOINT CORP .............................. 19,731,250 393,900 oOY NOKIA AB SERIES A ........................ 22,818,701 172,700 oP-COM, INC .................................. 5,116,237 819,400 oPAGING NETWORK, INC ......................... 12,495,850 535,800 oPAIRGAIN TECHNOLOGIES, INC .................. 16,308,412 601,200 oPANAMSAT CORP ............................... 16,833,600 73,312 oPHARMACEUTICAL PRODUCT DEVELOPMENT, INC............................ 1,851,128 275,500 oPICTURETEL CORP NEW ......................... 7,163,000 254,600 oPMT SERVICES, INC ........................... 4,455,500 4,000 oPREMIERE TECHNOLOGIES, INC .................. 100,000 238,800 oPREMISYS COMMUNICATIONS, INC ................ 8,059,500 336,300 oQUALCOMM, INC ............................... 13,409,962 25,100 oRENAISSANCE COMMUNICATIONS CORP ............. 897,325 31,191 SAMSUNG ELECTRONICS CO ....................... 1,678,902 15,962 oSAMSUNG ELECTRONICS CO NEW .................. 819,524 850,400 SCIENTIFIC-ATLANTA, INC ..................... 12,756,000 89,000 SIRTI S.P.A ................................. 538,770 196,600 oSITEL CORP .................................. 2,776,975 533,900 oTECH DATA CORP .............................. 14,615,512 123,500 oTEL-SAVE HOLDINGS, INC ...................... 3,581,500 244,500 oTELCO SYSTEMS, INC .......................... 4,645,500 84,300 oTELE-COMMUNICATIONS INTERNATIONAL (CLASS A) .................... 1,116,975 1,373,100 oTELLABS, INC ................................ 51,662,887 237,000 oVANGUARD CELLULAR SYSTEMS, INC .............. 3,732,750 750,300 oVIATEL, INC ................................. 6,752,700 86,600 oWESTELL TECHNOLOGIES, INC (CLASS A) ......... 1,980,975 278,400 oWINSTAR COMMUNICATIONS, INC ................. 5,846,400 --------------- 2,269,964,475 ---------------
See notes to financial statements. -22-
SHARES VALUE ------ ----- COMPUTER SERVICE--3.08% 37,800 o3DO CO ...................................... $ 181,912 380,900 oACXIOM CORP ................................. 9,141,600 1,133,900 oADAPTEC, INC ................................ 45,356,000 970,700 oADC TELECOMMUNICATIONS, INC ................. 30,213,037 623,644 ADOBE SYSTEMS, INC .......................... 23,308,694 664,125 oAMERICAN MANAGEMENT SYSTEMS, INC ............ 16,271,062 238,000 oAMERICAN SOFTWARE, INC (CLASS A) ............ 1,517,250 171,500 oAUSPEX SYSTEMS, INC ......................... 1,993,687 2,734,700 AUTOMATIC DATA PROCESSING, INC .............. 117,250,262 81,900 oAVANT CORP .................................. 2,600,325 200,000 oBAAN CO NV .................................. 7,029,720 137,900 oBANYAN SYSTEMS, INC ......................... 620,550 1,749,438 oBAY NETWORKS, INC ........................... 36,519,518 203,600 oBBN CORP .................................... 4,581,000 55,400 oBDM INTERNATIONAL, INC ...................... 3,005,450 234,400 oBISYS GROUP, INC ............................ 8,687,450 863,600 oBMC SOFTWARE, INC ........................... 35,731,450 322,837 oBORLAND INTERNATIONAL, INC .................. 1,755,426 137,000 oBOSTON TECHNOLOGY, INC ...................... 3,938,750 178,500 oBRODERBUND SOFTWARE, INC .................... 5,310,375 297,800 oC-CUBE MICROSYSTEMS, INC .................... 10,999,987 751,137 oCADENCE DESIGN SYSTEMS, INC ................. 29,857,695 233,800 oCAMBRIDGE TECHNOLOGY PARTNERS, INC .......... 7,846,912 76,300 oCDW COMPUTER CENTERS, INC ................... 4,525,543 760,126 oCERIDIAN CORP ............................... 30,785,103 249,000 oCHECKFREE CORP .............................. 4,264,125 166,000 oCITRIX SYSTEMS, INC ......................... 6,484,375 76,200 oCLARIFY, INC ................................ 3,657,600 925,800 oCOMPUSA, INC ................................ 19,094,625 4,065,137 COMPUTER ASSOCIATES INTERNATIONAL, INC .......................... 202,240,565 637,634 oCOMPUTER SCIENCES CORP ...................... 52,365,692 40,000 oCOMPUTRON SOFTWARE, INC ..................... 60,000 369,000 oCOMPUWARE CORP .............................. 18,496,125 58,000 CSK CORP .................................... 1,518,996 124,100 oCYRIX CORP .................................. 2,202,775 50,000 oDASSAULT SYSTEMS S.A ........................ 2,301,491 13,700 oDOCUMENTUM, INC ............................. 462,375 287,400 oDST SYSTEMS, INC ............................ 9,017,175 354,000 oELECTRONIC ARTS, INC ........................ 10,597,875 3,215,744 ELECTRONIC DATA SYSTEMS CORP ................ 139,080,928 2,112,500 oEMC CORP .................................... 69,976,562 172,000 oEMPLOYEE SOLUTIONS, INC ..................... 3,526,000 184,600 oEXABYTE CORP ................................ 2,469,025 2,705,368 FIRST DATA CORP ............................. 98,745,932 456,075 oFISERV, INC ................................. 16,760,756 139,900 oFORTE SOFTWARE, INC ......................... 4,581,725 201,000 oFRONTEC AB SERIES B ......................... 3,473,643 133,500 oFTP SOFTWARE, INC ........................... 801,000 35,488 oGROUP AXIME S.A ............................. 4,095,712 213,000 oGT INTERACTIVE SOFTWARE CORP ................ 1,517,625 960,728 HBO & CO .................................... 57,043,225 158,900 oHMT TECHNOLOGY CORP ......................... 2,385,983 186,200 oHNC SOFTWARE ................................ 5,818,750 26,000 oHYPERION SOFTWARE CORP ...................... 552,500 443,610 oIMATION CORP ................................ 12,476,531 3,000 INES CORP ................................... 43,678 1,568,400 oINFORMIX CORP ............................... 31,956,150 16,175 oINTEGRATED SYSTEMS CONSULTING GROUP ........................... 222,406 152,900 oINTEGRATED SYSTEMS, INC ..................... 3,975,400 213,165 oINTERGRAPH CORP ............................. 2,184,941 500 oINTERSOLV, INC .............................. 4,625 285,300 oINTUIT, INC ................................. 8,986,950 96,100 oJTS CORP .................................... 318,331 1,402,200 oLEARNING CO, INC ............................ 20,156,625 101,800 oLEGATO SYSTEMS, INC ......................... 3,321,225 350,000 oLOXLEY PUBLIC CO LTD (FR) ................... 2,306,968 284,100 oMARCAM CORP ................................. 3,693,300 282,600 oMEDIC COMPUTER SYSTEMS, INC ................. 11,392,312 515,000 oMENTOR GRAPHICS CORP ........................ 5,021,250 282,650 oMICROCHIP TECHNOLOGY, INC ................... 14,379,818 195,300 oMICRON ELECTRONICS, INC ..................... 3,796,143 6,823,300 oMICROSOFT CORP .............................. 563,775,162 200 MIROKO JYOHO SERVICE CO LTD ................. 3,635 238,950 NATIONAL COMPUTER SYSTEMS, INC .............. 6,093,225 270,242 NATIONAL DATA CORP .......................... 11,755,527 384,600 oNETMANAGE, INC .............................. 2,307,600 250,500 oNETSCAPE COMMUNICATIONS CORP ................ 14,247,187 11,600 oNETWORK APPLIANCE INC ....................... 590,150 598,700 oNETWORK GENERAL CORP ........................ 18,110,675 57,000 NIDEC CORP .................................. 1,939,667 167 NTT DATA COMMUNICATIONS SYSTEM CORP ................................ 4,877,209 106,000 oOBJECTIVE SYSTEMS INTEGRATORS, INC .......... 2,530,750 5,080,825 oORACLE CORP ................................. 212,124,443 1,340,600 oPARAMETRIC TECHNOLOGY CORP .................. 68,873,325 489,400 oPEOPLESOFT, INC ............................. 23,460,612 191,400 oPHYSICIAN COMPUTER NETWORK, INC ............. 1,626,900 91,400 oPIXAR, INC .................................. 1,188,200 606,400 oPLATINUM TECHNOLOGY, INC .................... 8,262,200 111,400 oPOLICY MANAGEMENT SYSTEMS CORP .............. 5,138,325 130,400 oPROGRESS SOFTWARE CORP ...................... 2,608,000 97,600 oPSINET, INC ................................. 1,061,400 174,100 oQLOGIC CORP ................................. 4,483,075 432,500 oRATIONAL SOFTWARE CORP ...................... 17,110,781 387,800 oREAD RITE CORP .............................. 9,791,950 1,073,300 REYNOLDS & REYNOLDS CO (CLASS A) ............ 27,905,800 220,900 oSAFEGUARD SCIENTIFICS, INC .................. 7,013,575 33,500 oSCOPUS TECHNOLOGY, INC ...................... 1,557,750 285,700 oSECURITY DYNAMICS TECHNOLOGIES, INC ......... 8,999,550 555,300 SEI CORP .................................... 12,355,425 198,700 SHARED MEDICAL SYSTEMS CORP ................. 9,785,975 248,400 oSHIVA CORP .................................. 8,662,950 169,800 oSILICONWARE PRECISION INDUSTRIES GDR ............................. 1,884,780 427,633 oSTERLING COMMERCE, INC ...................... 15,074,063 309,334 oSTERLING SOFTWARE, INC ...................... 9,782,687 368,000 oSTRUCTURAL DYNAMICS RESEARCH CORP ........... 7,360,000 452,700 oSYBASE, INC ................................. 7,554,431 520,200 oSYMANTEC CORP ............................... 7,542,900 280,000 oSYNOPSYS, INC ............................... 12,950,000 365,862 SYSTEM SOFTWARE ASSOCIATES, INC ............. 3,887,283 230,700 oSYSTEMS & COMPUTER TECHNOLOGY CORP ............................ 3,691,200 157,500 oSYSTEMSOFT CORP ............................. 2,342,812 201,600 oTECHNOLOGY SOLUTIONS CO ..................... 8,366,400 203,600 TELXON CORP ................................. 2,494,100 114,600 TKC CORP .................................... 2,715,017 226,300 oTRANSACTION SYSTEM ARCHITECTURE ............. 7,524,475 184,100 oVANSTAR CORP ................................ 4,510,450 119,400 oVANTIVE CORP ................................ 3,731,250 7,000,000 oVENTURE MANUFACTURING (SINGAPORE) LTD ............................ 17,414,915 137,650 oVERITAS SOFTWARE CORP ....................... 6,848,087 169,700 oVIASOFT INC ................................. 8,018,325 53,500 oVIDEOSERVER, INC ............................ 2,273,750 89,500 oVISIO CORP .................................. 4,430,250 14,800 oYAHOO INC ................................... 251,600 57,400 oZEBRA TECHNOLOGY CORP ....................... 1,341,725 --------------- 2,507,090,094 ---------------
See notes to financial statements. -23-
SHARES VALUE ------ ----- CONGLOMERATES--2.40% 2,700 ACKERMANS & VAN HAAREN ...................... $ 474,307 19,340 oAGIV AG ..................................... 279,853 901,600 ALCO STANDARD CORP .......................... 46,545,100 435,000 ALEXANDER & BALDWIN, INC .................... 10,875,000 5,002,404 ALLIED SIGNAL, INC .......................... 335,161,068 435,708 AMERICAN FINANCIAL GROUP, INC ............... 16,447,977 19,136 ANGLO AMERICAN INDUSTRIAL CORP .............. 693,435 20,600 ANGLOVAAL HOLDINGS LTD ...................... 612,163 98,000 ANGLOVAAL INDUSTRIES LTD .................... 443,120 289,900 oANIXTER INTERNATIONAL, INC .................. 4,674,637 3,160 oARTEMIS S.A ................................. 77,795 62,700 BARLOW LTD .................................. 556,289 30 oBERKSHIRE HATHAWAY, INC (CLASS A) ........... 1,023,000 42,000 oBLYTH INDUSTRIES, INC ....................... 1,916,250 641,800 BRADY (W.H.) CO (CLASS A) ................... 15,804,325 109,500 BRASCAN LTD (CLASS A) ....................... 2,436,527 9,219,198 BRIERLEY INVESTMENTS LTD .................... 8,533,713 5,293,437 BRIERLEY INVESTMENTS LTD (AUSTRALIA) ................................ 4,919,355 9,544,760 BTR PLC ..................................... 46,388,411 53,553 oBTR PLC WTS 11/30/97 ........................ 30,701 42,115 oBTR PLC WTS 11/26/98 ........................ 4,684 38,400 CALI REALTY CORP ............................ 1,185,600 836,148 CHARTER PLC ................................. 10,595,815 2,168,900 oCOLTEC INDUSTRIES, INC ...................... 40,937,987 755,337 oCONCORD EFS, INC ............................ 21,338,270 361,000 oCOPYTELE, INC ............................... 1,782,437 5,000 CORPORACION FINANCIERE ALBA S.A. ............ 504,332 395,866 CRANE CO .................................... 11,480,114 33,900 CURTISS WRIGHT CORP ......................... 1,707,712 105,000 DE BEERS CENTENARY AG. (UNITS) .............. 3,008,011 61,000 oDESC SOCIEDAD DE FOMENTO INDUSTRIAL S.A. DE CV SERIES B ............. 333,207 1,729 oDESC S.A. DE CV SERIES C .................... 9,433 8,800 oEST ASIATIQUE ............................... 190,950 70,000 oFABER GROUP BERHAD .......................... 66,521 85,000 GENCOR LTD .................................. 308,925 759,100 GENTING INTERNATIONAL PLC ................... 1,821,840 46,174 GEVAERT PHOTO-PRODUCTION NV ................. 3,198,029 42,360 GRANDE HOLDINGS LTD ......................... 15,607 32,435 GROUPE BRUXELLES LAMBERT S.A ................ 4,171,269 385 GROUPE BRUXELLES LAMBERT S.A NPV (VVPR) STRIP ........................... 96 1,155 oGROUPE BRUXELLES LAMBERT S.A. NPV (VVPR) WTS 12/20/98 .................... 11,272 317,000 oGRUPO CARSO S.A. DE CV SERIES A ............. 1,679,236 197,551 GRUPO INDUSTRIAL ALFA S.A. SERIES A ......... 921,004 4,373,463 HANSON PLC .................................. 6,099,710 342,620 oHANSON PLC WTS 9/30/97 ...................... 2,931 310,783 HARRISON & CROSSFIELD PLC ................... 710,010 13,500,500 HUTCHINSON WHAMPOA LTD ...................... 106,031,327 10,000 IFIL FINANZIARIA DI PARTECIPAZIONI .......... 30,366 110,000 oINDUSTRIAS PENOLES S.A ...................... 389,864 1,150,236 ITT INDUSTRIES, INC ......................... 28,180,782 2,197,500 JARDINE MATHESON HOLDINGS LTD ............... 14,503,500 11,300 JOHNNIES INDUSTRIAL CORP LTD ................ 123,206 319,414 JOHNSON CONTROLS, INC ....................... 26,471,435 1,030,000 KEPPEL CORP ................................. 8,026,159 20,414 LAGARDERE S.C.A ............................. 559,158 20,000 oLAGARDERE S.C.A. WTS 6/30/97 ................ 20,389 168,000 LAND & GENERAL BERHAD ....................... 402,454 31,500 LION LAND BERHAD ............................ 32,553 488,288 oLITTON INDUSTRIES, INC ...................... 23,254,716 659,800 LOEWS CORP .................................. 62,186,150 313,754 LONRHO PLC .................................. 668,474 7,922,000 oLUKS INDUSTRIAL CO LTD ...................... 778,370 540,000 MALAYAN UNITED INDUSTRIES BERHAD ............ 401,979 700,000 MALAYSIA MINING CORP BERHAD ................. 809,344 94,183 MALBAK LTD .................................. 412,773 864,990 MARK IV INDUSTRIES, INC ..................... 19,570,398 8,927 MELCO INTERNATIONAL DEVELOPMENT LTD ............................ 3,116 391,300 oMETROMEDIA INTERNATIONAL GROUP, INC ................................. 3,864,087 30,519 oMILLENNIUM CHEMICAL, INC .................... 541,712 4,545,600 MINNESOTA MINING & MANUFACTURING CO ........................... 376,716,600 307,000 MULTI-PURPOSE HOLDINGS BERHAD ............... 595,644 307,000 ~oMULTI-PURPOSE HOLDINGS BERHAD RTS ........... 1,215 116,418 MURRAY & ROBERTS HOLDINGS LTD ............... 261,333 3,000 NOMA INDUSTRIES LTD (CLASS A) ............... 7,704 2,678,812 PACIFIC DUNLOP LTD .......................... 6,808,897 499,511 NOBLEZA-PICCARDO SDAD INDUSTRIAL COMERCIAL Y FINANCIERA ..................... 3,512,264 129,800 POWER CORP OF CANADA ........................ 2,604,143 71,448 PREMIER GROUP HOLDINGS LTD .................. 93,176 123,700 QUEBECOR, INC (CLASS B) ..................... 2,066,629 1,552,000 oROCKWELL INTERNATIONAL CORP NEW ............. 94,478,000 116,800 SCHULLER CORP ............................... 1,241,000 1,151,400 SIME DARBY BERHAD ........................... 4,536,299 106,000 oSOCIEDAD COMERCIAL DEL PLATA S.A ............ 271,414 32,360,000 +SOUTH CHINA HOLDINGS LTD .................... 8,199,788 52,046,000 +SOUTH CHINA INDUSTRIES LTD .................. 7,401,472 1,035,802 SOUTHCORP HOLDINGS LTD ...................... 3,290,950 289,600 STANDEX INTERNATIONAL CORP .................. 8,941,400 2,640 SUPERFOS AS ................................. 333,417 4,876,000 SWIRE PACIFIC LTD (CLASS A) ................. 46,490,453 565,200 TEXTRON, INC ................................ 53,270,100 25,099 TONGAAT HULETT GROUP LTD .................... 304,514 20,000 TRENWICK GROUP, INC ......................... 925,000 1,385,200 TRW, INC .................................... 68,567,400 2,897,700 TYCO INTERNATIONAL LTD ...................... 153,215,887 369,313 oU.S. INDUSTRIES, INC ........................ 12,695,133 1,080,000 UNITED INDUSTRIAL CORP ...................... 911,066 27,000 oUNITED INDUSTRIAL CORP WTS 7/05/99 .......... 7,624 1,991,200 UNITED TECHNOLOGIES CORP .................... 131,419,200 915,100 VIAD CORP ................................... 15,099,150 1,156,346 WHITMAN CORP ................................ 26,451,414 241,600 WILLIAMS HOLDINGS PLC ....................... 1,420,201 2,460,000 YTL CORP BERHAD ............................. 13,247,271 --------------- 1,952,626,098 --------------- CONSTRUCTION--MATERIALS & BUILDERS--1.05% 600,000 ACP INDUSTRIES BERHAD ....................... 3,777,467 13,934 ADELAIDE BRIGHTON HOLDINGS LTD .............. 18,925 2,978 AKER AS SERIES B ............................ 60,162 9,900 ALPHA LTD NPV ............................... 161,913 90,000 AMEC PLC .................................... 142,465 530,550 oAOKI CONSTRUCTION CO LTD .................... 1,101,535 72,700 APASCO S.A .................................. 498,706 208,700 ARMSTRONG WORLD INDUSTRIES, INC ............. 14,504,650 20,000 oASANO SLATE CO LTD .......................... 51,862 192,700 oATKINSON (G.F.) CO OF CALIFORNIA ............ 2,023,350 153,400 oAVATAR HOLDINGS, INC ........................ 4,908,800 99,750 BARRATT DEVELOPMENTS LTD .................... 431,022 16,600 BILFINGER & BERGER AG ....................... 608,591 307,034 BLUE CIRCLE INDUSTRIES PLC .................. 1,865,266 3,453,628 BORAL LTD ................................... 9,820,715 5,619 BOUYGUES S.A ................................ 581,484 209,500 BPB PLC ..................................... 1,374,914 60,100 BUTLER MANUFACTURING CO ..................... 2,434,050 386,300 CALMAT CO ................................... 7,243,125 123,228 CAMAS PLC ................................... 153,942
See notes to financial statements. -24-
SHARES VALUE ------ ----- CONSTRUCTION--MATERIALS & BUILDERS--(CONTINUED) 5,008,416 CARADON PLC ................................. $ 20,484,456 211,900 CARLISLE COS, INC ........................... 12,819,950 149,028 oCASTLE & COOKE, INC ......................... 2,365,819 34,000 CBR NV ...................................... 3,088,069 281,700 oCDI CORP .................................... 7,993,237 23,916 oCEMENTERA ARGENTINA S.A ..................... 117,211 208,062 CEMEX S.A. (CLASS A) (REGD) ................. 745,346 41,750 CEMEX S.A. (CLASS B) ........................ 164,412 159,120 CEMEX S.A. DE CV-CPO ........................ 573,052 340,400 CENTEX CORP ................................. 12,807,550 1,063,500 oCHAMPION ENTERPRISES, INC ................... 20,738,250 783,000 CHICHIBU ONODA CEMENT CORP .................. 3,325,553 149,000 CHIYODA CORP ................................ 964,009 100,000 oCIMENTOS DE PORTUGAL ........................ 2,150,005 1,137,197 CLAYTON HOMES, INC .......................... 15,352,159 1,698 COLAS S.A ................................... 244,960 17,900 COMMERCIAL NET LEASE REALTY, INC ............ 284,162 9,928 oCOSTAIN GROUP PLC ........................... 7,815 148,410 CRH PLC ..................................... 1,532,733 82 CRISTALERIA ESPANOLA S.A .................... 6,430 2,536,250 CSR LTD ..................................... 8,863,990 110,000 CTI ENGINEERING CO LTD ...................... 2,321,742 470,082 DAITO TRUST CONSTRUCTION CO LTD ............. 5,224,185 1,090,000 DAIWA HOUSE INDUSTRY CO LTD ................. 13,991,621 738 oDLW AG ...................................... 44,775 2,799,900 oDMCI HOLDINGS, INC .......................... 1,836,445 500,000 oDOMINION BRIDGE CORP ........................ 1,156,250 26,586 DRAGADOS Y CONSTRUCCIONES S.A ............... 408,786 210,236 oDRAVO CORP .................................. 2,969,583 152,400 oEAGLE HARDWARE & GARDEN, INC ................ 3,162,300 40,000 oEMPRESAS ICA SOCIEDAD CONTROLADORA S.A. .......................... 588,924 243,000 FASTENAL CO ................................. 11,117,250 350,500 FLEETWOOD ENTERPRISES, INC .................. 9,638,750 2,985,025 FLETCHER CHALLENGE LTD (BUILDING DIVISION) ........................ 9,175,101 214,500 FLORIDA ROCK INDUSTRIES, INC ................ 7,024,875 33,962 FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A .............................. 3,159,308 360 FORBO HOLDINGS AG. (REGD) ................... 144,772 1,756,300 FUJITA CORP ................................. 5,038,464 390,100 oGENLYTE GROUP, INC .......................... 4,876,250 182,100 GILBERT ASSOCIATES, INC (CLASS A) ........... 2,503,875 2,388 GLAVERBEL S.A ............................... 277,034 58 oGLAVERBEL NPV STRIP (VVPR) .................. 5 212,100 GRANITE CONSTRUCTION, INC ................... 4,029,900 298,000 oHASEKO CORP ................................. 795,853 1,379,600 HAZAMA-GUMI LTD ............................. 3,815,166 15,700 HEIDELBERGER ZEMENT AG ...................... 1,268,346 103,430 HEPWORTH PLC ................................ 448,694 32,200 HOCHTIEF AG ................................. 1,274,543 1,300 HOLDERBANK FINANCIERE GLARUS AG. (BR) ............................ 186,848 3,881 HOLDERBANK FINANCIERE GLARUS AG. (REGD) .......................... 2,763,060 1,244 HOLLANDSCHE BETON GROEP NV .................. 257,386 61,100 oHORTON (D.R.), INC .......................... 664,462 101,000 HUME INDUSTRIES BERHAD ...................... 635,873 154,210 oHYUNDIA ENGINEERING & CONSTRUCTIONS CO ........................... 3,575,636 8,978 oHYUNDAI ENGINEERING & CONSTRUCTIONS NEW .......................... 197,550 37,231 IMETAL S.A .................................. 5,485,676 325,000 oIMPREGILO S.P.A ............................. 252,343 211,853 INAX CORP ................................... 1,565,947 65,000 ITALCEMENTI S.P.A ........................... 363,545 40,000 ITALCEMENTI S.P.A. (S/S) .................... 97,778 129,200 oJACOBS ENGINEERING GROUP, INC ............... 3,052,350 411,699 JAMES HARDIE INDUSTRIES LTD ................. 1,294,969 91,700 JANNOCK LTD ................................. 1,297,861 194,000 JAPAN FOUNDATION ENGINEERING CO ............. 2,523,678 13,800 JDN REALTY CORP ............................. 381,225 191,970 JGC CONSTRUCTION CORP ....................... 1,437,170 117,700 JUSTIN INDUSTRIES, INC ...................... 1,353,550 1,418,756 KAJIMA CORP ................................. 10,120,298 120,797 KANDENKO CO LTD ............................. 1,144,732 1,206,605 KAUFMAN & BROAD HOME CORP ................... 15,535,039 4,000,000 KEDAH CEMENT HOLDINGS BERHAD ................ 7,919,220 395,862 KINDEN CORP ................................. 5,013,216 26,000 KOMATSU CONSTRUCTION CO LTD ................. 118,938 2,020,279 KUMAGAI GUMI CO LTD ......................... 4,995,149 124,000 KUMAGAI GUMI (HONG KONG) LTD ................ 144,278 24,800 oKUMAGAI GUMI (HONG KONG) LTD WTS 6/30/98 ................................ 10,580 20,000 oKYUNDENKO CO LTD ............................ 206,760 280,153 LAFARGE CORP ................................ 5,638,079 30,768 LAFARGE S.A. (BR) ........................... 1,842,362 5,060 LAFARGE S.A. (SPANISH CERTS) ................ 295,649 45,218 LAING (JOHN) (CLASS A) ...................... 216,281 77,500 LAPEYRE S.A ................................. 4,442,369 9,768 LEIGHTON HOLDINGS LTD ....................... 41,897 590,200 LENNAR CORP ................................. 16,082,950 525,000 MAEDA CORP .................................. 3,876,103 86,000 MAEDA ROAD CONSTRUCTION CO LTD .............. 992,792 750,000 MALAYAN CEMENT BERHAD ....................... 1,722,430 22,200 MANUFACTURED HOME COMMUNITIES, INC ........................... 516,150 140,749 MARLEY PLC .................................. 304,692 1,044,807 MARTIN MARIETTA MATERIALS, INC .............. 24,291,762 1,175,300 MASCO CORP .................................. 42,310,800 1,000 MATSUO BRIDGE CO LTD ........................ 4,479 27,000 MCALPINE (ALFRED) PLC ....................... 58,911 579,792 MEDUSA CORP ................................. 19,930,350 54,824 MEYER INTERNATIONAL PLC ..................... 339,160 118,650 oMILLER INDUSTRIES, INC ...................... 2,373,000 576,484 MISAWA HOMES CO LTD ......................... 4,022,791 3,201,136 oNEW WORLD INFRASTRUCTURE LTD ................ 9,352,993 288,000 NIHON CEMENT CO LTD ......................... 1,466,341 300 NIPPON HODO CO LTD .......................... 3,463 568,000 NISHIMATSU CONSTRUCTION CO LTD .............. 4,942,253 582,900 OAKWOOD HOMES CORP .......................... 13,333,837 1,071,320 OBAYASHI CORP ............................... 7,217,407 875 OCP CONSTRUCCIONES S.A ...................... 24,789 101,280 OHKI CONSTRUCTION CO LTD .................... 393,509 98,000 OKAMATO INDUSTRIES, INC ..................... 463,504 821,740 OKUMURA CORP ................................ 4,983,820 500 ORIENTAL CONSTRUCTION CO .................... 6,418 496,700 OWENS CORNING CO ............................ 21,171,837 135,000 PENTA OCEAN CONSTRUCTION CO LTD ............. 600,120 558,333 oPILECON ENGINEERING BERHAD WTS 7/06/99 ................................ 207,813 401,160 PILKINGTON PLC .............................. 1,074,380 2,188,600 PIONEER INTERNATIONAL LTD ................... 6,519,018 62,700 PITTWAY CORP ................................ 3,268,237 256,519 PITTWAY CORP (CLASS A) ...................... 13,723,766 342,900 PLY-GEM INDUSTRIES, INC ..................... 4,243,387 18,088 PORTLAND VALDERRIVAS S.A .................... 1,215,389 2,762,000 PT SEMEN CIBINONG (FR) ...................... 7,214,413 1,880,000 PT SEMEN GRESIK (FR) ........................ 6,043,824
See notes to financial statements. -25-
SHARES VALUE ------ ----- CONSTRUCTION--MATERIALS & BUILDERS--(CONTINUED) 395,848 PULTE CORP .................................. $ 12,172,326 223,121 REDLAND PLC ................................. 1,399,395 95,200 REPUBLIC GROUP, INC ......................... 1,487,500 853,250 RMC GROUP PLC ............................... 14,565,163 244,696 RUGBY GROUP PLC ............................. 397,810 331,000 RYLAND GROUP, INC ........................... 4,551,250 349,550 SANKYO ALUMINIUM INDUSTRY CO LTD ............ 1,373,186 152,000 SANWA SHUTTER CORP .......................... 1,132,700 36,900 EUROC INDUSTRIA AB SERIES A ................. 1,351,056 141,785 SCHNEIDER S.A ............................... 6,542,703 1,589,850 SEKISUI HOUSE LTD ........................... 16,161,938 190,000 SEMAPA SOC INV E GESTAO - SGPS .............. 3,408,255 473,200 SHERWIN-WILLIAMS CO ......................... 26,499,200 1,750,000 SHIMIZU CORP ................................ 13,040,956 59,000 oSHOKUSEN JUTAKO SOGO ........................ 132,662 565,560 SIMON DEBARTOLO GROUP, INC .................. 17,532,360 172,200 SKANSKA AB SERIES B FREE .................... 7,603,746 154,800 SKYLINE CORP ................................ 3,831,300 151,000 oSOLA INTERNATIONAL, INC ..................... 5,738,000 135,836 ST. GOBAIN S.A .............................. 19,178,191 71,300 STARRETT (L.S.) CO (CLASS A) ................ 2,023,137 34,000 STARRETT (L.S.) CO (CLASS B) ................ 964,750 131,200 STONE & WEBSTER, INC ........................ 4,132,800 900 oSTRABAG BAU AG .............................. 57,231 70,495 SUMITOMO FORESTRY CO LTD .................... 856,313 862,000 SUMITOMO OSAKA CEMENT CO LTD ................ 2,844,207 942,000 SUNGEI WAY HOLDINGS BERHAD .................. 2,797,464 94,200 oSUNGEI WAY HOLDINGS BERHAD RTS .............. 111,898 34,000 SUZUNUI INDUSTRY CO LTD ..................... 143,525 2,107,000 TAISEI CORP ................................. 10,891,083 750 TAKASHIMA & CO LTD .......................... 2,998 385,977 TARMAC PLC .................................. 647,311 9,151,750 TAYLOR WOODROW PLC .......................... 24,118,540 124,794 TEXAS INDUSTRIES, INC ....................... 6,317,696 265,500 TIME ENGINEERING BERHAD ..................... 491,997 76,000 TOA CORP .................................... 396,772 86,000 TOMOE ENGINEERING CO LTD .................... 1,044,654 439,000 TOSTEM CORP ................................. 12,102,352 445,790 TOTO LTD .................................... 5,069,434 72,000 TOYO ENGINEERING CO ......................... 321,305 54,000 TOYO EXTERIOR CORP .......................... 800,161 310,000 oUNICEM S.P.A ................................ 2,019,402 12,450 UNILAND CEMENTERA S.A ....................... 497,721 266,100 UNITED ENGINEERING BERHAD ................... 2,402,327 200,000 URALITA S.A ................................. 1,560,664 181,800 oUSG CORP .................................... 6,158,475 306,500 VULCAN MATERIALS CO ......................... 18,658,187 589,900 WEBB (DELAWARE) CORP ........................ 9,659,612 2,340 WIENERBERGER BAUSTOFF AG .................... 453,341 81,100 WILSON (CONNOLLY) HOLDINGS PLC .............. 229,691 146,000 WIMPEY (GEORGE) LTD ......................... 316,060 227,035 WOLSELEY PLC ................................ 1,794,985 --------------- 850,039,341 --------------- CONTAINERS--0.13% 212,204 oALLTRISTA CORP .............................. 5,464,253 2,015,994 oASIAN TERMINALS, INC ........................ 364,107 397,953 BALL CORP ................................... 10,346,778 97,300 CCL INDUSTRIES, INC (CLASS B) ............... 1,064,784 216,600 CLARCOR, INC ................................ 4,792,275 884,583 CROWN CORK & SEAL CO, INC ................... 48,099,200 35,000 FP CORP ..................................... 919,651 275,400 oGAYLORD CONTAINER CO ........................ 1,686,825 870,000 oOWENS ILLINOIS, INC ......................... 19,792,500 440,500 oPLM AB ...................................... 7,612,636 200,000 SHIBUYA KOGYO ............................... 2,291,590 175,000 SPARTECH CORP ............................... 1,946,875 187,300 WEST CO, INC ................................ 5,291,225 --------------- 109,672,699 --------------- COSMETICS--0.58% 19,500 ALBERTO CULVER CO (CLASS A) ................. 804,375 211,200 ALBERTO CULVER CO (CLASS B) ................. 10,137,600 1,461,632 AVON PRODUCTS, INC .......................... 83,495,728 83,600 BEIERSDORF AG ............................... 4,128,193 284,300 CARTER WALLACE, INC ......................... 4,442,187 82,500 CARTER WALLACE, INC (CLASS B) ............... 1,289,062 33,402 CLARINS S.A ................................. 4,889,380 3,914,738 GILLETTE CO ................................. 304,370,879 631,300 INTERNATIONAL FLAVORS & FRAGRANCES, INC ............................ 28,408,500 166,900 oJAN BELL MARKETING, INC ..................... 344,231 19,600 LAUDER (ESTEE) CO (CLASS A) ................. 997,150 27,698 LOREAL S.A .................................. 10,410,454 245,900 OPTICAL COATING LABORATORIES, INC ........... 2,643,425 556,334 SHISEIDO & CO LTD ........................... 6,422,375 3,098 ~oWINDMERE CORP WTS 1/19/98 ................... 16,651 487,400 WINDMERE-DURABLE HOLDING, INC ............... 6,275,275 --------------- 469,075,465 --------------- ELECTRICAL EQUIPMENT--3.78% 882,723 ABB AB SERIES A ............................. 99,545,660 400,700 ABB AB SERIES B ............................. 45,304,757 74,866 ABB ASEA BROWN BOVERI LTD (BR) .............. 92,829,882 4,391 ABB ASEA BROWN BOVERI LTD (REGD) ............ 1,059,491 50,000 oADVANCED LIGHTING TECHNOLOGIES, INC ......... 1,212,500 100,910 ADVANTEST CORP .............................. 4,720,514 108,640 ALCATEL ALSTHOM CIE GEN ..................... 8,709,920 29,000 ALVIS PLC ................................... 66,749 108,000 AMCOL HOLDINGS LTD .......................... 202,287 822,200 oAMERICAN POWER CONVERSION CORP .............. 22,404,950 379,400 AMETEK, INC ................................. 8,441,650 285,000 ANRITSU CORP ................................ 3,069,093 341,400 BELDEN, INC ................................. 12,631,800 174,135 BICC LTD .................................... 825,452 1,327 CATENA CORP ................................. 9,763 213,000 CMK CORP .................................... 2,752,492 425,000 DAIWA INDUSTRIES LTD ........................ 3,364,803 65,674 DELTA PLC ................................... 429,883 1,273,600 DURACELL INTERNATIONAL, INC ................. 88,992,800 1,679,085 EMERSON ELECTRIC CO ......................... 162,451,473 330 FUJITSU BUSINESS SYSTEMS LTD ................ 7,192 83,000 FUJITSU DENSO ............................... 2,903,082 2,736,424 FUJITSU LTD ................................. 25,460,236 17,496,122 GENERAL ELECTRIC CO ......................... 1,729,929,062 7,515,994 GENERAL ELECTRIC CO (UNITED KINGDOM) ........ 49,133,300 2,549,300 +GENERAL SIGNAL CORP ......................... 108,982,575 313,800 GRAINGER (W.W.), INC ........................ 25,182,450 900 HITACHI ELECTRONICS LTD ..................... 7,714 4,013,491 HITACHI LTD ................................. 37,342,322 193,000 HITACHI MAXELL LTD .......................... 4,256,499 1,013,800 HONEYWELL, INC .............................. 66,657,350 443,876 HUBBELL, INC (CLASS B) ...................... 19,197,637 411,500 JUNO LIGHTING, INC .......................... 6,584,000 32,500 KODENSHA CO LTD ............................. 274,387 156,666 LEADER UNIVERSAL HOLDINGS BERHAD ............ 328,778 95,000 MABUCHI MOTOR CO LTD ........................ 4,771,417 15,000 MARUWA CERAMIC CO LTD ....................... 285,587 125,000 MIRAI INDUSTRY CO LTD ....................... 3,392,156 4,007,000 MITSUBISHI ELECTRIC CORP .................... 23,819,010 2,083,301 NIPPON ELECTRIC CORP (N.E.C.) ............... 25,126,693 220,000 NITTO ELECTRIC WORKS ........................ 3,714,788 2,000 NKT HOLDINGS AS ............................. 118,666 3,399,702 PHILIPS ELECTRONICS NV ...................... 137,576,216 94,397 REUNERT LTD ................................. 312,806 100,000 oSANSO ELECTRIC CO LTD ....................... 1,688,540 800,010 SIEMENS AG .................................. 37,635,916 859,500 SUMITOMO ELECTRIC INDUSTRIES CO ............. 11,995,439 957,233 THOMAS & BETTS CORP ......................... 42,477,214 328,430 TOKYO ELECTRON CO LTD ....................... 10,044,456 6,322,800 WESTINGHOUSE ELECTRIC CORP .................. 125,665,650 330,000 YAMATAKE HONEYWELL CO LTD ................... 5,316,316 796,000 YOKOGAWA ELECTRIC CORP ...................... 6,857,540 --------------- 3,076,070,913 ---------------
See notes to financial statements. -26-
SHARES VALUE ------ ----- ELECTRICAL EQUIPMENT-- COMPONENTS DIVERSIFIED--3.15% 16,526,400 +ACMA LTD .................................... $ 35,680,364 2,129,600 oACMA LTD WTS 7/24/01 ........................ 1,362,589 836,350 oADVANCED MICRO DEVICES, INC ................. 21,536,012 391,100 oALTERA CORP ................................. 28,428,081 230,701 AMERICAN ANNUITY GROUP, INC ................. 3,258,651 70,000 oAMERICAN SUPERCONDUCTOR CORP ................ 743,750 1,595,182 AMP, INC .................................... 61,215,109 308,300 oAMPHENOL CORP (CLASS A) ..................... 6,859,675 1,259,000 oANALOG DEVICES, INC ......................... 42,648,625 420,282 oARROW ELECTRONICS, INC ...................... 22,485,087 88,000 ASTEC LTD ................................... 237,186 1,041,500 oATMEL CORP .................................. 34,499,687 218,700 AVNET, INC .................................. 12,739,275 20,000 AVX CORP .................................... 430,000 271,575 BALDOR ELECTRIC CO .......................... 6,687,534 11,876 BARCO INDUSTRIES NV ......................... 2,048,863 308,686 oBELL INDUSTRIES, INC ........................ 6,598,163 76,367 BOWTHORPE HOLDINGS PLC ...................... 590,704 274,800 oBURR BROWN CORP ............................. 7,144,800 269,900 CAE, INC .................................... 2,037,983 335,900 oCHIPS & TECHNOLOGIES, INC ................... 6,130,175 444,800 oCIRRUS LOGIC, INC ........................... 6,894,400 127,000 oCOMPUCOM SYSTEMS, INC ....................... 1,365,250 48,300 oCOMPUTER PRODUCTS, INC ...................... 941,850 151,400 oCOMVERSE TECHNOLOGY, INC .................... 5,724,812 290,400 CORE INDUSTRIES, INC ........................ 4,791,600 63,000 oCOREL CORP .................................. 464,215 78,996 CTS CORP .................................... 3,377,079 130,000 CUBIC CORP .................................. 3,006,250 95,394 oCYBERGUARD CORP ............................. 1,156,652 516,100 oCYPRESS SEMICONDUCTOR CORP .................. 7,289,912 319,400 DALLAS SEMICONDUCTOR CORP ................... 7,346,200 192,360 oDII GROUP, INC .............................. 4,472,370 117,500 oELECTRO SCIENTIFIC INDUSTRIES, INC .......... 3,055,000 206,894 ESCO ELECTRONICS CORP (TRUST RECEIPTS) ........................... 2,068,940 183,000 oESS TECHNOLOGY .............................. 5,146,875 100,500 oETEC SYSTEMS, INC ........................... 3,844,125 269,500 oEXAR CORP ................................... 4,177,250 296,600 FISHER SCIENTIFIC INTERNATIONAL, INC ........ 13,977,275 1,322,200 oGENERAL INSTRUMENT CORP NEW ................. 28,592,575 42,000 GEWISS S.P.A ................................ 552,720 78,400 oHADCO CORP .................................. 3,841,600 55,000 HELIX TECHNOLOGY CORP ....................... 1,595,000 33,511 HIROSE ELECTRIC CO LTD ...................... 1,937,158 203,631 HOYA CORP ................................... 7,981,978 30,400 oHUTCHINSON TECHNOLOGY, INC .................. 2,310,400 5,734,000 INNOVATIVE INTERNATIONAL HOLDINGS LTD ............................... 2,409,234 586,200 oINTEGRATED DEVICE TECHNOLOGY, INC ........... 7,986,975 8,025,400 INTEL CORP .................................. 1,050,825,812 298,000 oINTERNATIONAL RECTIFIER CORP ................ 4,544,500 1,000 oJABIL CIRCUIT, INC .......................... 40,000 140,000 JOHNSON ELECTRIC HOLDINGS LTD ............... 387,328 115,000 oKATSURAGAWA ELECTRIC CO ..................... 812,394 90,000 KDK CORP .................................... 582,287 482,900 oKEMET CORP .................................. 11,227,425 525,200 oKENT ELECTRONICS CORP ....................... 13,523,900 300 KEYENCE CORP ................................ 36,958 333,156 KYOCERA CORP ................................ 20,722,403 171,200 oLAM RESEARCH CORP ........................... 4,815,000 325,750 oLATTICE SEMICONDUCTOR CORP .................. 14,984,500 76,500 LEGRAND S.A ................................. 13,007,996 784,600 LINEAR TECHNOLOGY CO ........................ 34,424,325 465,800 LOGICON, INC ................................ 17,001,700 925,500 oLSI LOGIC CORP .............................. 24,757,125 299,400 oMAGNETEK, INC ............................... 3,854,775 40,400 oMARSHALL INDUSTRIES, INC .................... 1,237,250 232,000 MATSUSHITA-KOTOBUKI ELECTRONICS INDUSTRIES ..................... 6,036,013 1,399,100 oMAXIM INTEGRATED PRODUCTS ................... 60,511,075 174,700 oMEMC ELECTRONIC MATERIALS, INC .............. 3,930,750 300,450 METHODE ELECTRONICS, INC (CLASS A) .......... 6,084,112 1,324,000 MICRON TECHNOLOGY, INC ...................... 38,561,500 1,533,000 MINEBEA CO LTD .............................. 12,784,177 224,197 MOLEX, INC .................................. 8,771,707 266,210 MOLEX, INC (CLASS A) ........................ 9,483,731 4,768,600 MOTOROLA, INC ............................... 292,672,825 60,900 oMRV COMMUNICATIONS, INC ..................... 1,324,575 315,500 MURATA MANUFACTURING CO LTD ................. 10,464,425 1,079,250 oNATIONAL SEMICONDUCTOR CORP ................. 26,306,718 676,000 NGK SPARK PLUG CO LTD ....................... 7,396,149 950 NIHON DEMPA KOGYO CO LTD .................... 15,386 70,000 NITTO DENKO CORP ............................ 1,025,185 89,300 oOAK INDUSTRIES, INC NEW ..................... 2,053,900 523,944 OMRON CORP .................................. 9,840,035 22,200 OXFORD INSTRUMENTS GROUP PLC ................ 159,561 270,400 PACIFIC SCIENTIFIC CO ....................... 3,042,000 36,000 PIONEER-STANDARD ELECTRONICS, INC ........... 472,500 114,228 RACAL ELECTRONICS PLC ....................... 503,356 140,000 oROGERS CORP ................................. 3,797,500 325,100 ROHM CO ..................................... 21,285,597 660,700 oS3, INC ..................................... 10,736,375 70,000 SAES GETTERS S.P.A .......................... 1,082,410 60,000 oSAES GETTERS S.P.A. ADR ..................... 727,500 54,350 oSAMSUNG DISPLAY DEVICES CO .................. 3,105,499 196,000 oSANMINA CORP ................................ 11,074,000 108,500 SGL CARBON AG ............................... 13,658,422 179,016 oSGS-THOMSON MICROELECTRONICS NV ............. 12,637,309 382,700 oSIERRA SEMICONDUCTOR CORP ................... 5,740,500 76,000 oSTANDARD MICROSYSTEMS CORP .................. 722,000 286,000 SUWA INTERNATIONAL HOLDINGS LTD ............. 12,571 245,200 oSYMBOL TECHNOLOGIES, INC .................... 10,850,100 191,600 oSYMMETRICOM, INC ............................ 3,808,050 286,000 TAIYO YUDEN CO LTD .......................... 3,991,501 275,000 TB WOODS CORP ............................... 2,956,250 90,800 oTCSI CORP ................................... 567,500 153,000 TDK CORP .................................... 9,951,617 1,484,300 TEXAS INSTRUMENTS, INC ...................... 94,624,125 242,500 oTRICORD SYSTEMS, INC ........................ 363,750 155,500 oTRIMBLE NAVIGATION LTD ...................... 1,788,250 764,500 oU.S. ROBOTICS CORP .......................... 55,044,000 110,700 oUCAR INTERNATIONAL INC ...................... 4,165,087 132,200 oUNIPHASE CORP ............................... 6,940,500 243,900 oUNITRODE CORP ............................... 7,164,562 10,167 oUNITRODE CORP WTS 8/21/97 ................... 47,022 207,000 oVICOR CORP .................................. 3,454,312 418,671 oVISHAY INTERTECHNOLOGY, INC ................. 9,786,434 144,200 oVITESSE SEMICONDUCTOR CORP .................. 6,561,100 297,500 oVLSI TECHNOLOGY, INC ........................ 7,102,812 9,285,000 VTECH HOLDINGS LTD .......................... 16,685,328 182,900 oWATERS CORP ................................. 5,555,587 272,000 oWEG S.A ..................................... 128,264 495,800 oWESTERN DIGITAL CORP ........................ 28,198,625 481,000 WOODHEAD INDUSTRIES, INC .................... 6,613,750 95,075 WYLE ELECTRONICS ............................ 3,755,462 718,100 oXILINX, INC ................................. 26,435,056 180,400 oZILOG, INC .................................. 4,712,950 --------------- 2,563,727,043 ---------------
See notes to financial statements. -27-
SHARES VALUE ------ ----- ELECTRICAL EQUIPMENT-- INSTRUMENTS--0.46% 136,000 ALPS ELECTRIC CO LTD ........................ $ 1,476,266 195,900 ANALOGIC CORP ............................... 6,562,650 30,000 oANSALDO SIGNAL N.V .......................... 221,250 1,351,800 oAPPLIED MATERIALS, INC ...................... 48,580,312 50,000 oASAHI OPTICAL CO LTD ........................ 199,437 180,626 oAURA SYSTEMS, INC ........................... 395,119 181,987 BECKMAN INSTRUMENTS, INC NEW ................ 6,983,751 7,670 CANON SALES CO, INC ......................... 170,478 2,268,236 CANON, INC .................................. 50,024,584 543,660 CITIZEN WATCH CO LTD ........................ 3,887,413 204,700 oCOHERENT, INC ............................... 8,648,575 599,000 DAI NIPPON SCREEN MANUFACTURING CO LTD ....................... 4,412,129 290,119 DANIEL INDUSTRIES, INC ...................... 4,279,255 233,000 oDESTEC ENERGY, INC .......................... 3,640,625 132,600 oDIONEX CORP ................................. 4,641,000 193,200 oELECTROGLAS, INC ............................ 3,115,350 209,900 oELECTRONICS FOR IMAGING, INC ................ 17,264,275 8,000 oEPIC DESIGN TECHNOLOGY, INC ................. 200,000 182,700 oESTERLINE CORP .............................. 4,773,037 79,004 FLUKE CORP .................................. 3,525,553 1,182,711 FUJI PHOTO FILM CO LTD ...................... 38,922,191 12,700 oGENRAD, INC ................................. 295,275 60,000 HEUNG CHANG PRODUCTS CO ..................... 3,549,000 506,500 oINPUT/OUTPUT, INC ........................... 9,370,250 28,000 oJEOL LTD .................................... 162,823 479,000 oKLA INSTRUMENTS CORP ........................ 17,004,500 981,000 KONICA CORP ................................. 6,490,609 273,200 oKULICHE & SOFFA INDUSTRIES, INC ............. 5,190,800 51,900 oLTX CORP .................................... 304,912 100,000 NIKON CORP .................................. 1,240,560 407,205 OLYMPUS OPTICAL CO LTD ...................... 3,858,878 271,553 PERKIN-ELMER CORP ........................... 15,987,682 421,863 RICOH CO LTD ................................ 4,833,685 103,000 SATO CORP ................................... 2,005,399 43,000 SEIKO CORP .................................. 263,015 130,000 oSIEBE PLC ................................... 2,407,114 258,200 oSILICON VALLEY GROUP, INC ................... 5,196,275 323,900 TEKTRONIX, INC .............................. 16,599,875 265,400 oTENCOR INSTRUMENTS .......................... 6,999,925 492,538 oTERADYNE, INC ............................... 12,005,613 88,593 oTHERMO INSTRUMENT SYSTEMS, INC .............. 2,934,643 32,000 oTHREE-FIVE SYSTEMS, INC ..................... 412,000 2,026,800 TOPPAN PRINTING CO LTD ...................... 25,318,278 204,050 VARIAN ASSOCIATES, INC ...................... 10,381,043 118,700 WATKINS-JOHNSON CO .......................... 2,908,150 379,300 X RITE, INC ................................. 6,258,450 228,908 YAMAHA CORP ................................. 3,884,923 --------------- 377,786,927 --------------- ENVIRONMENTAL CONTROL--0.43% 340,000 FSI HOLDINGS LTD ............................ 109,956 279,837 oAIR & WATER TECHNOLOGIES CORP (CLASS A) .................................. 1,609,062 476,500 oALLIED WASTE INDUSTRIES, INC ................ 4,407,625 176,685 oAMERICAN ECOLOGY CORP ....................... 187,727 1,822,575 BROWNING FERRIS INDUSTRIES, INC ............. 47,842,593 463,240 oCLEAN HARBORS, INC .......................... 1,042,290 190,650 oCUNO, INC ................................... 2,835,918 70,000 DAISEKI CO LTD .............................. 1,664,418 12,974 oFLUOR DANIEL GTI, INC ....................... 102,170 231,800 oHANDEX CORP ................................. 3,245,200 172,468 oINTERNATIONAL TECHNOLOGY CORP ............... 1,465,978 577,884 OGDEN CORP .................................. 10,835,325 214,200 oOHM CORP .................................... 1,820,700 600 oOMEGA ENVIRONMENTAL, INC .................... 768 950,300 oREPUBLIC INDUSTRIES, INC .................... 29,637,481 460,749 oROLLINS ENVIRONMENTAL SERVICES, INC ......... 806,310 272,300 oTETRA TECHNOLOGIES, INC ..................... 6,875,575 430,450 oU.S. FILTER CORP ............................ 13,666,787 1,210,982 oU.S.A. WASTE SERVICES, INC .................. 38,600,051 485,800 oUNITED WASTE SYSTEMS, INC ................... 16,699,375 262,400 oWESTON (ROY F.), INC (CLASS A) NEW .......... 918,400 918,732 WHEELABRATOR TECHNOLOGIES, INC NEW 14,929,395 4,482,757 WMX TECHNOLOGIES, INC ....................... 146,249,947 463,700 oYORK RESEARCH CORP .......................... 4,405,150 5,335 ~oYORK RESEARCH CORP (CLASS B) WTS 6/30/97 ................................ 17,872 3,712 ~oYORK RESEARCH CORP (CLASS C) WTS 11/4/98 ................................. 11,136 --------------- 349,987,209 --------------- FINANCIAL--MISCELLANEOUS--3.59% 134,000 AAMES FINANCIAL CORP ........................ 4,807,250 28,600,000 oABOITIZ EQUITY VENTURES, INC ................ 2,881,763 182,000 ACOM CO LTD ................................. 7,745,574 177,600 ADVANTA CORP (CLASS A) ...................... 7,592,400 388,900 ADVANTA CORP (CLASS B) ...................... 15,896,287 44,500 ALEX BROWN, INC ............................. 3,226,250 234,100 AMBAC, INC .................................. 15,538,387 3,811,299 AMERICAN EXPRESS CO ......................... 215,338,393 1,913,442 AMERICAN GENERAL CORP ....................... 78,211,941 47,200 AMERICAN HEALTH PROPERTIES, INC ............. 1,126,900 115,600 oAMRESCO, INC ................................ 3,092,300 27,700 ASSOCIATED ESTATES REALTY CORP .............. 657,875 353,700 ASSOCIATES FIRST CAPITAL CORP ............... 15,607,012 280,600 ASTORIA FINANCIAL CORP ...................... 10,347,125 273,300 AVALON PROPERTIES, INC ...................... 7,857,375 250,000 oBA MERCHANT SERVICES, INC (CLASS A) ......... 4,468,750 1,900,000 BANCA FIDEURAM S.P.A ........................ 4,169,417 393,200 BANGKOK FIRST INVESTMENT & TRUST PUBLIC CO LTD (FR) .................. 1,403,206 145,274 BAY VIEW CAPITAL CORP ....................... 6,155,985 155,588 BEACON PROPERTIES CORP ...................... 5,698,410 1,256,222 BEAR STEARNS COS, INC ....................... 35,017,188 553,300 BENEFICIAL CORP ............................. 35,065,387 39,700 BERKSHIRE REALTY CO, INC .................... 392,037 10,300 BRADLEY REAL ESTATE, INC .................... 185,400 67,400 BRE PROPERTIES, INC (CLASS A) ............... 1,668,150 1,585,800 oCALIFORNIA FEDERAL BANCORP, INC ............. 38,852,100
See notes to financial statements. -28-
SHARES VALUE ------ ----- FINANCIAL--MISCELLANEOUS--(CONTINUED) 24,200 CAMDEN PROPERTY TRUST ....................... $ 692,725 675,663 CAPSTEAD MORTGAGE CORP ...................... 16,215,912 28,200 CARR REALTY CORP ............................ 824,850 205,900 CASE CORP ................................... 11,221,550 165,448 CASH AMERICA INTERNATIONAL, INC ............. 1,406,308 957,350 oCATELLUS DEVELOPMENT CORP ................... 10,889,856 39,500 CBL & ASSOCIATES PROPERTIES, INC ............ 1,022,062 31,500 CENTERPOINT PROPERTIES CORP ................. 1,031,625 2,520 CETELEM S.A ................................. 290,836 15,300 CHELSEA GCA REALTY, INC ..................... 529,762 95,400 oCITYSCAPE FINANCIAL CORP .................... 2,504,250 53,400 CMAC INVESTMENT CORP ........................ 1,962,450 712,400 oCOAST SAVINGS FINANCIAL, INC ................ 26,091,650 115,000 COLLECTIVE BANCORP, INC ..................... 4,039,375 387,825 COMDISCO, INC ............................... 12,313,443 96,872 COMPAGNIE BANCAIRE S.A ...................... 11,440,983 1,410,084 COUNTRYWIDE CREDIT INDUSTRIES, INC .......... 40,363,654 79,300 oCREDIT ACCEPTANCE CORP ...................... 1,863,550 51,000 CREDIT SAISON CO LTD ........................ 1,137,955 737,900 CWM MORTGAGE HOLDINGS, INC .................. 15,864,850 2,139,108 DAIWA SECURITIES CO LTD ..................... 18,981,267 1,513,286 DEAN WITTER, DISCOVER & CO .................. 100,255,197 33,900 DEVELOPERS DIVERSIFIED REALTY CORP .......... 1,258,537 533 DUFF & PHELPS CREDIT RATING CO .............. 12,858 52,000 DUKE REALTY INVESTMENTS, INC ................ 2,002,000 116,000 EATON VANCE CORP ............................ 5,524,500 42,289 oECHELON INTERNATIONAL CORP .................. 660,765 616,900 EDWARDS (A.G.), INC ......................... 20,743,262 78,800 oENVOY CORP .................................. 2,955,000 304,800 EQUITY RESIDENTIAL PROPERTIES TRUST CO ........................ 12,573,000 1,157 EURAFRANCE S.A .............................. 498,959 16,200 EVANS WITHYCOMBE RESIDENTIAL, INC ........... 340,200 14,600 EXCEL REALTY TRUST, INC ..................... 370,475 1,668,400 FEDERAL HOME LOAN MORTGAGE CORP ............. 183,732,550 10,665,600 FEDERAL NATIONAL MORTGAGE ASSOCIATION ....................... 397,293,600 27,500 FEDERAL REALTY INVESTMENT TRUST ............. 745,937 3,814,800 FINANCE ONE CO, LTD (FR) .................... 7,253,260 248,200 FINOVA GROUP, INC ........................... 15,946,850 843,250 FIRST FINANCIAL CORP (WISCONSIN) ............ 20,659,625 3,620 oFIRST HUNGARY FUND LTD (CLASS A) ............ 3,557,989 1,598,400 oFIRST NIS REGIONAL FUND (FULLY PD) .......... 18,781,200 400,000 oFIRST RUSSIAN FRONTIER TRUST PLC ............ 3,901,764 1,212,200 FIRST USA, INC .............................. 41,972,425 187,358 FRANCHISE FINANCE CORP OF AMERICA ........... 5,175,764 409,200 FRANKLIN RESOURCES, INC ..................... 27,979,050 449,800 oGARTNER GROUP, INC (CLASS A) NEW ............ 17,514,087 129,500 GENERAL GROWTH PROPERTIES, INC .............. 4,176,375 35,440 oGENTRA, INC ................................. 58,950 1,706,700 oGLENDALE FEDERAL SAVINGS BANK, INC NEW....................... 39,680,775 112,100 GLIMCHER REALTY TRUST ....................... 2,466,200 859,400 GOLDEN WEST FINANCIAL CORP .................. 54,249,625 174,500 GREAT FINANCIAL CORP ........................ 5,082,312 2,603,500 GREAT WESTERN FINANCIAL CORP ................ 75,501,500 2,057,500 GREEN TREE FINANCIAL CORP ................... 79,470,937 2,964,800 H.F. AHMANSON & CO .......................... 96,356,000 4,800 oHANG LUNG DEVELOPMENT CO LTD WTS 10/31/97 ............................... 1,427 417,700 HEALTH AND RETIREMENT PROPERTY TRUST ............................. 8,092,937 11,800 HEALTH CARE REIT, INC ....................... 289,100 31,700 HEALTHCARE REALTY TRUST, INC ................ 840,050 273,900 ~oHEIZER CORP (LIQUIDATING TRUST) ............. 113,394 106,200 HIGHWOODS PROPERTIES, INC ................... 3,584,250 125,333 HONG LEONG CREDIT BERHAD .................... 789,068 774,554 HOUSEHOLD INTERNATIONAL, INC ................ 71,452,606 2,000 INCENTIVE AB SERIES A FREE .................. 144,991 800 INCENTIVE AB SERIES B FREE .................. 57,996 14,140 oINVESCO FUNDING PLC ADR ..................... 625,695 70,700 INVESCO PLC ADR ............................. 3,137,312 35,939 INVESTORS FINANCIAL SERVICES CORP ........... 997,307 21,600 INVESTORS GROUP INC ......................... 425,475 40,000 oITLA CAPITAL CORP ........................... 600,000 581,000 JACCS CO .................................... 4,504,783 720 JAPAN ASSOCIATED FINANCE CO ................. 56,755 31,000 JP REALTY, INC .............................. 802,125 913,342 LEHMAN BROTHERS HOLDINGS, INC ............... 28,656,105 1,425,000 LONDON FORFAITING CO PLC .................... 7,352,386 43,500 MACERICH CO (THE) ........................... 1,136,437 96,075 MARYLAND FEDERAL BANCORP .................... 3,338,606 600,000 MBF CAPITAL BERHAD .......................... 974,064 1,643,975 MBNA CORP ................................... 68,224,962 821,500 MEDITRUST CORP .............................. 32,860,000 11,895 MERCAPITAL S.A .............................. 105,166 73,480 MERCURY ASSETS MANAGEMENT GROUP PLC ....................... 1,563,655 1,212,200 MERCURY FINANCE CO .......................... 14,849,450 1,657,796 MERRILL LYNCH & CO, INC ..................... 135,110,374 471,299 MERRY LAND & INVESTMENT CO, INC ............. 10,132,928 4,300 MGI PROPERTIES, INC ......................... 94,600 893,200 MORGAN STANLEY GROUP, INC ................... 51,024,050 102,800 NATIONAL FINANCE & SECURITIES PUBLIC CO LTD (FR) ......................... 192,451 36,100 NATIONAL HEALTH INVESTORS, INC .............. 1,367,287 87,800 NATIONWIDE HEALTH PROPERTIES, INC ........... 2,129,150 2,668,700 NAVA FINANCE & SECURITIES PUBLIC CO LTD (FR) ......................... 3,668,983 274,659 NEW PLAN REALTY TRUST ....................... 6,969,472 150,000 NEWCOURT CREDIT GROUP, INC .................. 5,176,185 600 NICE NICHIEI CO LTD ......................... 1,333 848,000 NIPPON SHINPAN CO LTD ....................... 4,748,588 3,457,744 NOMURA SECURITIES CO LTD .................... 51,831,928 4,313 NPM HOLDINGS NV ............................. 165,808 282,600 oOLYMPIC FINANCIAL LTD ....................... 4,062,375 822,000 ORIENT CORP ................................. 4,411,793 27,187 ORIX CORP ................................... 1,128,921 16,547 oPACIFIC CREST CAPITAL, INC .................. 190,290 664,000 PAINE WEBBER GROUP, INC ..................... 18,675,000 269,400 PENNCORP FINANCIAL GROUP, INC ............... 9,698,400 250,000 PEREGRINE INVESTMENT HOLDINGS LTD ........... 428,246 25,000 oPEREGRINE INVESTMENT HOLDINGS LTD WTS 5/15/98 ................................ 7,999 170,000 PERPETUAL PLC ............................... 6,654,817 485,000 PHATRA THANAKIT CO LTD (FR) ................. 1,361,949 7,900 PHOENIX, DUFF & PHELPS CORP ................. 56,287 242,800 PIONEER GROUP, INC .......................... 5,766,500 179,100 PMI GROUP, INC .............................. 9,917,662 40,100 POST PROPERTIES, INC ........................ 1,614,025 45,000 POWER FINANCIAL CORP ........................ 1,602,100 483,800 PRICE (T. ROWE) ASSOCIATES, INC ............. 21,045,300 147,000 PROMISE CO LTD .............................. 7,218,508 109,925 PROVIDENT FINANCIAL PLC ..................... 945,276 177,000 PUBLIC STORAGE, INC ......................... 5,487,000 97,162 QUICK & REILLY GROUP, INC ................... 2,902,714 64,000 oRAC FINANCIAL GROUP, INC .................... 1,352,000 140,000 oRASHID HUSSAIN BERHAD ....................... 925,756 27,600 REALTY INCOME CORP .......................... 658,950 7,600 REGENCY REALTY CORP ......................... 199,500 18,000 RESOURCE MORTGAGE CAPITAL CORP .............. 528,750 336,600 RFS HOTEL INVESTORS, INC .................... 6,647,850
See notes to financial statements. -29-
SHARES VALUE ------ ----- FINANCIAL--MISCELLANEOUS--(CONTINUED) 34,803 RIT CAPITAL PARTNERS PLC .................... $ 139,068 192,500 ROOSEVELT FINANCIAL GROUP, INC .............. 4,042,500 924,700 SALOMON, INC ................................ 43,576,487 79,760 SCHROEDERS LTD .............................. 2,067,873 891,200 SCHWAB (CHARLES) CORP ....................... 28,518,400 76,000 oSEACOR HOLDINGS, INC ........................ 4,788,000 469,500 SECURITY CAPITAL PACIFIC TRUST .............. 10,739,812 46,600 SOUTH WEST PROPERTY TRUST, INC .............. 786,375 167,500 SPIEKER PROPERTIES, INC ..................... 6,030,000 140,692 oST JAMES PLACE CAPITAL PLC .................. 237,154 132,500 ST. FRANCIS CAPITAL CORP .................... 3,445,000 213,400 STEWART INFORMATION SERVICES CORP ........... 4,428,050 55,000 STORAGE USA, INC ............................ 2,069,375 290,000 STUDENT LOAN CORP ........................... 10,802,500 1,162,050 STUDENT LOAN MARKETING ASSOCIATION .......... 108,215,906 21,500 SUMMIT PROPERTIES, INC ...................... 475,687 28,500 SUN COMMUNITIES, INC ........................ 983,250 600,300 TCF FINANCIAL CORP .......................... 26,113,050 329,875 THE MONEY STORE, INC ........................ 9,112,796 6,300 THORNBURG MORTGAGE ASSET CORP ............... 134,662 426,600 TIG HOLDINGS, INC ........................... 14,451,075 12,100 TOWN & COUNTRY TRUST ........................ 176,962 23,300 TRINET CORPORATE REALTY TRUST, INC .......... 827,150 122,000 UNITED ASSET MANAGEMENT CORP ................ 3,248,250 373,700 UNITED COS FINANCIAL CORP ................... 9,949,762 496,300 UNITED DOMINION REALTY TRUST CO ............. 7,692,650 289,000 VALUE LINE, INC ............................. 12,788,250 46,897 oVALUE REAL'N TRUST .......................... 60,191 12,000 VORNADO REALTY TRUST ........................ 630,000 90,150 WHITNEY HOLDING CORP ........................ 3,189,056 875,600 YAMAICHI SECURITIES CO LTD .................. 3,884,796 --------------- 2,917,724,597 --------------- FOODS--1.90% 1,000 AARHUS OLIEFABRIK AS (CLASS A) .............. 51,704 1,700 AARHUS OLIEFABRIK AS (CLASS B) .............. 88,185 534,610 AJINOMOTO CO LTD ............................ 5,434,684 5,901,574 ARCHER DANIELS MIDLAND CO ................... 129,834,628 123,000 ARIAKE JAPAN CO LTD ......................... 3,941,879 36,000 ARNOTTS LTD ................................. 241,626 365,200 ASSOCIATED BRITISH FOODS PLC ................ 3,027,963 3,720 AULT FOODS LTD .............................. 51,700 62,749 BAGLEY S.A. (CLASS B) ....................... 128,661 770 BONGRAIN S.A ................................ 297,258 463,469 BRL HARDY LTD ............................... 1,133,850 1,726,228 BURNS PHILP & CO LTD ........................ 3,071,360 427,978 CADBURY SCHWEPPES LTD ....................... 3,607,063 839,200 CAMPBELL SOUP CO ............................ 67,345,800 328,900 CHIQUITA BRANDS INTERNATIONAL, INC .......... 4,193,475 1,972,304 CONAGRA, INC ................................ 98,122,124 1,889,300 CPC INTERNATIONAL, INC ...................... 146,420,750 40,500 CULTOR OY SERIES 2 .......................... 2,082,557 22,500 DANISCO AS .................................. 1,365,507 29,042 DANONE GROUP ................................ 4,038,885 331,750 DEAN FOODS CO ............................... 10,698,937 91,000 DEL MONTE ROYAL FOODS LTD ................... 91,437 529,684 DOLE FOOD, INC .............................. 17,943,045 307,000 DREYERS GRAND ICE CREAM, INC ................ 8,903,000 97,032 EARTHGRAINS CO .............................. 5,069,922 9,331 ERIDANIA BEGHIN-SAY S.A ..................... 1,498,688 557,000 EZAKI GLICO CO LTD .......................... 4,798,555 95,986 oFINANZIARIA AUTOGRILL S.P.A ................. 92,843 538,950 FLOWERS INDUSTRIES, INC ..................... 11,587,425 5,000 oG.I.B. HOLDINGS LTD ......................... 223,837 1,801,100 GENERAL MILLS, INC .......................... 114,144,712 847,900 oGENERAL NUTRITION COS, INC .................. 14,308,312 162,600 GOLDEN ENTERPRISES, INC ..................... 1,260,150 3,628,801 GOODMAN FIELDER LTD ......................... 4,496,476 90,000 GRUPO INDUSTRIAL BIMBO S.A .................. DE CV SERIES A ............................. 537,349 272,000 GRUPO INDUSTRIAL MASECA SERIES B ............ 344,838 2,689,450 HEINZ (H.J.) CO ............................. 96,147,837 33,000 HERDEZ S.A. SERIES B ........................ 9,054 686,696 HERSHEY FOODS CORP .......................... 30,042,950 516,200 HORMEL FOODS CORP ........................... 13,937,400 273,400 HOUSE FOODS CORP ............................ 4,404,487 100,000 HUDSON FOODS, INC ........................... 1,900,000 66,500 HUTECH NORIN CO LTD ......................... 1,798,898 697,600 IBP, INC .................................... 16,916,800 340,300 oINTERNATIONAL DAIRY QUEEN, INC (CLASS A) ....................... 6,806,000 294,100 INTERNATIONAL MULTIFOODS CORP ............... 5,330,562 40,000 INTERSTATE BAKERIES CORP .................... 1,965,000 757,000 ITOHAM FOODS, INC ........................... 4,682,476 256,900 oJ & J SNACK FOODS CORP ...................... 3,468,150 350,115 KATOKICHI CO LTD ............................ 6,786,541 659,200 KELLOGG CO .................................. 43,260,000 1,200,666 KENTUCKY FRIED CHICKEN BERHAD ............... 4,944,335 333,333 oKENTUCKY FRIED CHICKEN BERHAD WTS 9/30/01 ................................ 398,600 65,000 KERRY GROUP (CLASS A) ....................... 661,845 103,301 KIKKOMAN CORP ............................... 609,607 5,500 KOIPE S.A ................................... 317,130 5,000 KORN-OG FODERSTOF KOMPAGNIET AS ............. 202,486 250,000 LA DORIA S.P.A .............................. 970,550 213,632 LANCE, INC .................................. 3,845,376 171,500 LEDESMA S.A ................................. 214,417 4,119 MAPLE LEAF FOODS, INC ....................... 27,796 54,000 MARUDAI FOOD CO LTD ......................... 287,964 124,000 oMARUHA CORP ................................. 355,730 759,900 MCCORMICK & CO, INC (NON-VTG) ............... 17,905,143 110,000 oMEFOS LTD ................................... 1,184,562 290,700 MEIJI MILK PRODUCTS CO LTD .................. 1,477,584 295,000 MEIJI SEIKA KAISHA LTD ...................... 1,527,396 252,675 MICHAEL FOODS, INC .......................... 3,221,606 115,000 oMIDWEST GRAIN PRODUCTS, INC ................. 1,955,000 101,438 MOLINOS RIO DE LA PLATA S.A. (CLASS B) ...... 361,191 285,500 NABISCO HOLDINGS CORP (CLASS A) ............. 11,098,812 80,800 NATURES SUNSHINE PRODUCTS, INC .............. 1,454,400 123,500 oNBTY, INC ................................... 2,346,500 96,000 NESTLE MALAYSIA BERHAD ...................... 771,648 46,476 NESTLE S.A. (REGD) .......................... 49,736,411 132,000 NICHIREI CORP ............................... 640,232 271,000 NIPPON BEET SUGAR MANUFACTURING CO LTD ....................... 1,003,905 617,200 NIPPON MEAT PACKERS, INC .................... 7,975,767 122,000 oNIPPON SUISAN KAISHA LTD .................... 430,922 99,000 NISSIN FOOD PRODUCTS CO LTD ................. 2,106,625 64,157 NUTRICIA NV ................................. 9,735,938 71,500 ORKLA AS SERIES A ........................... 4,982,843 7,748 ORKLA AS SERIES B ........................... 491,423 5,030,000 PARMALAT FINANZIARIA S.P.A .................. 7,678,596 12,300 oPASCUAL HERMANOS S.A ........................ 6,241 2,638,555 PERDIGAO S.A. COMERICO E INDUSTRIA .......... 4,570 485,100 PIONEER-HI-BRED INTERNATIONAL, INC .......... 33,957,000 350,000 oPOWER PACIFIC LTD ........................... 17,236 18,574 oPROVIGO, INC ................................ 75,206 2,000,000 oPT CHAROEN POKPHAND INDONESIA (FR) .......... 2,263,050 5,120,000 oPT INDOFOOD SUKSES MAKMUR (FR) .............. 10,179,072 575,739 Q.P. CORP ................................... 4,662,392 1,015,332 QUAKER OATS CO .............................. 38,709,532 30,000 oRAISION TEHTAAT OY .......................... 1,887,612
See notes to financial statements. -30-
SHARES VALUE ------ ----- FOODS--(CONTINUED) 608,043 oRALCORP HOLDINGS, INC ....................... $ 12,844,908 837,991 RALSTON PURINA CO ........................... 61,487,589 267,900 RICHFOOD HOLDINGS, INC ...................... 6,496,575 57,500 oSANDERSON FARMS, INC ........................ 963,125 92,000 oSANTISTA ALIMENTOS S.A ...................... 213,376 3,856,000 SARA LEE CORP ............................... 143,636,000 309,100 SAVANNAH FOODS & INDUSTRIES, INC ............ 4,172,850 22,000 SMITH (C.G) LTD ............................. 107,471 174,600 oSMITHFIELD FOODS, INC ....................... 6,634,800 50,131 SMITH'S FOOD & DRUG CENTERS, INC (CLASS B) .................................. 1,554,061 101,900 SMUCKER, (J.M.) CO (CLASS A) ................ 1,795,987 199,400 SMUCKER, (J.M.) CO (CLASS B) ................ 3,190,400 929,950 SNOW BRAND MILK PRODUCTS CO ................. 5,247,545 207,100 oSPAGHETTI WAREHOUSE, INC .................... 1,087,275 2,812 ST. LOUIS S.A ............................... 698,834 88,000 TAKARA SHUZO CO LTD ......................... 617,867 158,193 TATE & LYLE PLC ............................. 1,283,192 208,200 TCBY ENTERPRISES, INC ....................... 832,800 41,700 TIGER OATS LTD .............................. 579,475 264,682 TOOTSIE ROLL INDUSTRIES, INC ................ 10,488,024 455,500 TYSON FOODS, INC ............................ 15,600,875 97,900 UNIGATE PLC ................................. 696,113 336,000 UNILEVER LTD ................................ 8,144,829 274,800 UNILEVER NV CERTIFICATES .................... 48,548,358 234,091 UNITED BISCUITS HOLDINGS PLC ................ 841,259 308,720 UNIVERSAL FOODS CORP ........................ 10,882,380 8,420 VISCOFAN S.A ................................ 122,992 97,600 WESTON (GEORGE) LTD ......................... 4,760,018 71,500 oWHOLE FOODS MARKET, INC ..................... 1,608,750 442,200 WRIGLEY (WM) JR CO .......................... 24,873,750 373,800 WRIGLEY (WM) JR CO (CLASS B) ................ 21,026,250 119,300 YAMAZAKI BAKING CO LTD ...................... 1,901,373 300,000 YOMEISHU SEIZO CO LTD ....................... 2,295,036 200 YOSHINOYA D&C CO LTD ........................ 2,446,660 --------------- 1,548,300,388 --------------- FOREST PRODUCTS--0.47% 1,906,872 AMCOR LTD ................................... 12,253,343 350,000 ARACRUZ CELLULOSE S.A. ADR .................. 2,887,500 335,000 ARJO WIGGINS APPLETON PLC ................... 1,026,181 2,220,700 oASIA PACIFIC RESOURCES INTERNATIONAL HOLDINGS (CLASS A) ........... 12,491,437 60,300 AVENOR, INC ................................. 893,039 477,232 BOISE CASCADE CORP .......................... 15,152,116 10,168,977 CARTER HOLT HARVEY LTD ...................... 23,065,131 53,280 CARTIERE BURGO S.P.A ........................ 245,407 595,290 CHAMPION INTERNATIONAL CORP ................. 25,746,292 119,000 oCOLLINS & AIKMAN CORP ....................... 743,750 90,800 DOMTAR, INC ................................. 768,424 393,680 DOMTAR, INC (U.S.) .......................... 3,247,860 47,300 DONOHUE, INC (CLASS A) ...................... 854,070 69,174 oFIBREBOARD CORP NEW ......................... 2,334,622 2,176,648 FLETCHER CHALLENGE LTD (ENERGY DIVISION) .......................... 6,305,879 4,589,760 FLETCHER CHALLENGE LTD (FORESTS DIVISION) ......................... 7,686,204 647,400 GEORGIA-PACIFIC CORP ........................ 46,612,800 125 HOKUSHIN CO LTD ............................. 846 77,000 oINTERNATIONAL FOREST PRODUCTS LTD ........... 603,888 80,340 KONINKLIJKE KNP BT NV ....................... 1,750,965 19,000 oKORSNAS AB SERIES A ......................... 320,006 766,736 LOUISIANA PACIFIC CORP ...................... 16,197,298 48,400 MACMILLAN BLOEDEL LTD ....................... 633,821 51,800 MADERAS Y SINTETICOS S.A. ADR ............... 725,200 71,000 MO OCH DOMSJO AB SERIES B FREE .............. 1,996,488 10,600 NORSKE SKOGINDUSTRIER SERIES A .............. 353,587 2,400 NORSKE SKOGINDUSTRIER SERIES B .............. 73,104 2,500 PAPIERWERKE WALDHOF-ASCHAFFENBURG AG. .................. 332,554 33,400 POPE & TALBOT, INC .......................... 530,225 200,000 PORTUCEL INDUSTRIA EMPRESA 144A ............. 1,159,380 221,200 POTLATCH CORP ............................... 9,511,600 452,884 RAYONIER, INC ............................... 17,379,423 7,000 oREPAP ENTERPRISES, INC ...................... 19,763 204,974 REXAM PLC ................................... 1,264,533 319,900 SCA AB SERIES B ............................. 6,488,901 95,000 SLOCAN FOREST PRODUCTS LTD .................. 1,074,268 405,825 SMURFIT (JEFFERSON) GROUP PLC ............... 1,204,937 113,000 oSTONE CONSOLIDATED CORP ..................... 1,615,816 454,450 STORA KOPPARBERG BERGSLAGS SERIES A FREE .............................. 6,256,351 75,550 STORA KOPPARBERG BERGSLAGS SERIES B FREE .............................. 1,029,021 77,142 TABLEROS DE FIBRAS S.A. SERIES B ............ 794,710 331,400 TJ INTERNATIONAL, INC ....................... 7,705,050 927,900 oUPM-KYMMENE OY .............................. 19,427,735 1,759,450 WEYERHAEUSER CO ............................. 83,353,943 501,236 WILLAMETTE INDUSTRIES, INC .................. 34,898,556 --------------- 379,016,024 --------------- HEALTHCARE--DRUGS--5.55% 1,507,991 +oAFFYMETRIX, INC ............................. 30,442,568 105,400 oAGOURON PHARMACEUTICALS, INC ................ 7,140,850 377,800 oALLIANCE PHARMACEUTICAL CORP ................ 5,147,525 22,900 oALPHA BETA TECHNOLOGY, INC .................. 241,881 686,000 oALZA CORP ................................... 17,750,250 5,364,202 AMERICAN HOME PRODUCTS CORP ................. 314,476,342 2,941,600 oAMGEN, INC .................................. 159,949,500 102,549 oAQUILA BIOPHARMACEUTICALS, INC .............. 499,926 466,337 ARBOR DRUGS, INC ............................ 8,102,605 12,057 ARES-SERONO S.A. SERIES B ................... 11,466,188 1,232,580 ASTRA AB SERIES A FREE ...................... 60,834,813 144,400 ASTRA AB SERIES B FREE ...................... 6,957,773 491,000 BANYU PHARMACEUTICAL CO LTD ................. 6,852,543 437,642 BERGEN BRUNSWIG CORP (CLASS A) .............. 12,472,797 161,250 oBIO-RAD LABORATORIES, INC (CLASS A) ......... 4,837,500 315,400 oBIO-TECHNOLOGY GENERAL CORP ................. 4,139,625 17,000 oBIOCHEM PHARMACEUTICALS, INC ................ 847,705 545,900 oBIOGEN, INC ................................. 21,153,625 99,300 oBIOMIRA, INC ................................ 481,757 145,154 BLOCK DRUG, INC (CLASS A) ................... 6,677,084 4,953,540 BRISTOL MYERS SQUIBB CO ..................... 538,697,475 750,000 oBRITISH BIOTECH PLC ......................... 2,637,541 127,300 oCELLPRO, INC ................................ 1,591,250 734,000 oCENTOCOR, INC ............................... 26,240,500 289,200 oCEPHALON, INC ............................... 5,928,600 4,092,668 oCHIRON CORP ................................. 76,225,941 764,180 CHUGAI PHARMACEUTICAL CO LTD ................ 6,385,908 373,400 COLLAGEN CORP ............................... 6,814,550 700 oCOPLEY PHARMACEUTICAL, INC .................. 6,475 229,200 oCYGNUS, INC ................................. 3,323,400 524,982 oCYTOGEN CORP ................................ 2,887,401 210,468 DAIICHI PHARMACEUTICAL CO LTD ............... 3,372,518 950 DAINIPPON PHARMACEUTICAL CO LTD ............. 8,020 257,270 oDR. REDDYS LABORATORIES LTD GDR ............. 932,603 294,600 oDURA PHARMACEUTICALS, INC ................... 14,067,150 461,641 EISAI CO LTD ................................ 9,067,644 145,241 ELF SANOFI S.A .............................. 14,415,696
See notes to financial statements. -31-
SHARES VALUE ------ ----- HEALTHCARE--DRUGS--(CONTINUED) 154,269 oENZO BIOCHEMICAL, INC ....................... $ 2,796,125 155,939 F.H. FAULDING & CO LTD ...................... 1,054,068 47,000 oFDM PHARMACEUTICAL CO ....................... 1,808,108 503,200 oFOREST LABORATORIES, INC .................... 16,479,800 40,000 FUJISAWA PHARMACUEUTICAL CO LTD ............. 358,384 40,500 oGENENTECH, INC .............................. 2,171,812 94,280 oGENETICS INSTITUTE, INC (DEPOSITORY SHARES) ........................ 7,990,230 404,700 +oGENSET S.A .................................. 18,994,144 283,381 oGENSIA, INC ................................. 1,310,637 745,800 oGENZYME CORP (GENERAL DIVISION) ............. 16,221,150 35,302 oGENZYME CORP (TISSUE REPAIR DIVISION) ................... 251,526 299,200 oGILEAD SCIENCES, INC ........................ 7,480,000 4,049,682 GLAXO WELLCOME PLC .......................... 65,698,493 13,410 HAFSLUND AS SERIES A ........................ 98,704 25,802 HAFSLUND AS SERIES B ........................ 176,581 277,000 HUMAN GENOME SCIENCES, INC .................. 11,287,750 150,800 oIMMUNE RESPONSE CORP ........................ 1,244,100 436,800 oIMMUNEX CORP NEW ............................ 8,517,600 614,500 oIMMUNOMEDICS, INC ........................... 3,379,750 3,000 oINCYTE PHARMACEUTICALS, INC ................. 154,500 395,400 oINTERNEURON PHARMACEUTICALS, INC ............ 10,280,400 106,900 oISIS PHARMACEUTICALS, INC ................... 1,924,200 1,745,959 IVAX CORP ................................... 17,896,079 163,800 JONES MEDICAL INDUSTRIES, INC ............... 5,999,175 21,555 KISSEI PHARMACEUTICALS CO LTD ............... 427,101 190,080 KYOWA HAKKO KOGYO ........................... 1,447,584 25,000 LABORATORIO CHILE ADR ....................... 412,500 5,133,610 LILLY (ELI) & CO ............................ 374,753,530 459,600 oLIPOSOME CO, INC ............................ 8,789,850 447,200 ~oMARTEK BIOSCIENCES CORP. .................... 8,944,000 140,210 ~oMARTEK BIOSCIENCES CORP WTS 5/18/98 ................................ 1,414,718 23,500 oMATRIX PHARMACEUTICALS, INC ................. 143,937 459,400 MCKESSON CORP NEW ........................... 25,726,400 188,000 oMEDIMMUNE, INC .............................. 3,196,000 66,000 MERCK & CO KGAA ............................. 2,372,590 10,374,517 MERCK & CO, INC ............................. 822,180,472 187,500 oMILLENNIUM PHARMACEUTICALS, INC ............. 3,257,812 450 MOCHIDA PHARMACEUTICAL CO LTD ............... 4,341 210,550 oMOLECULAR BIOSYSTEMS, INC ................... 1,368,575 1,335,450 MYLAN LABORATORIES, INC ..................... 22,368,787 100,000 MYRIAD GENETICS, INC ........................ 2,525,000 38,900 oNEUROGEN CORP ............................... 748,825 306,572 oNEXSTAR PHARMACEUTICALS, INC ................ 4,598,580 271,500 oNORTH AMERICAN VACCINE, INC ................. 6,583,875 26,300 oNOVARTIS AG. (BR) ........................... 30,005,678 172,638,000 oNOVARTIS AG. (REGD) ......................... 197,091,313 62,210 NOVO NORDISK AS (CLASS B) ................... 11,706,088 13,410 oNYCOMED AS SERIES A ......................... 204,759 25,802 oNYCOMED AS SERIES B ......................... 395,995 418 ONO PHARMACEUTICAL CO LTD ................... 12,423 24,700 oPAREXEL INTERNATIONAL CORP .................. 1,275,137 5,339,100 PFIZER, INC ................................. 442,477,912 313,242 oPHARMACEUTICAL RESOURCES, INC ............... 1,096,347 4,100,085 PHARMACIA & UPJOHN, INC ..................... 162,465,867 34,400 oPROTEIN DESIGN LABORATORIES, INC ............ 1,255,600 145,000 oREGENERON PHARMACEUTICALS, INC .............. 2,338,125 244,300 oREPLIGEN CORP ............................... 290,106 392,400 RHONE-POULNEC RORER, INC .................... 30,656,250 100,000 oRIBOZYME PHARMACEUTICALS, INC ............... 1,100,000 128,000 RIKEN VITAMIN CO LTD ........................ 1,654,080 213,700 oROBERTS PHARMACEUTICAL CORP ................. 2,404,125 1,299 ROCHE HOLDINGS AG. (BR) ..................... 14,607,471 9,897 ROCHE HOLDINGS AG. (GENUSSCHEINE) ........... 76,762,971 75,231 ROUSSEL UCLAF S.A ........................... 22,096,962 571,713 SANKYO CO LTD ............................... 16,155,008 215,000 SANTEN PHARMACEUTICAL CO LTD ................ 4,445,340 332,700 oSCHERER (R.P.) CORP ......................... 16,718,175 64,170 SCHERING AG ................................. 5,408,916 3,657,356 SCHERING-PLOUGH CORP ........................ 236,813,801 779,550 oSCIOS, INC .................................. 4,786,928 224,600 oSEPRACOR, INC ............................... 3,733,975 200,000 oSEQUANA THERAPEUTICS, INC ................... 3,350,000 477,300 oSEQUUS PHARMACEUTICALS, INC ................. 7,636,800 225,950 SHIONOGI & CO LTD ........................... 1,609,804 3,522,206 SMITHKLINE BEECHAM/BECKMAN LTD .............. 48,793,026 132,400 oSOMATOGEN, INC .............................. 1,456,400 211,800 oSYNCOR INTERNATIONAL CORP NEW ............... 2,832,825 40,375 SYNTHELABO S.A .............................. 4,356,844 160,700 TAISHO PHARMACEUTICAL CO LTD ................ 3,779,495 1,083,100 TAKEDA CHEMICAL INDUSTRIES LTD .............. 22,674,102 702 TANABE SEIYAKU CO LTD ....................... 5,461 1,000 TEIKOKU HORMONE MANUFACTURING ............... 11,199 322,000 TERUMO CORP ................................. 4,355,227 445,050 oTHERMEDICS, INC ............................. 8,066,531 260,128 oU.S. BIOSCIENCE, INC ........................ 3,284,116 153,400 oVERTEX PHARMACEUTICALS, INC ................. 6,174,350 2,175,000 WARNER-LAMBERT CO ........................... 163,125,000 417,500 oWATSON PHARMACEUTICALS, INC ................. 18,761,406 366,603 oXOMA CORP ................................... 1,878,840 663,485 YAMANOUCHI PHARMACEUTICAL CO LTD ............ 13,603,897 982,592 ZENECA GROUP PLC ............................ 27,702,872 --------------- 4,519,330,869 --------------- HEALTHCARE--HOSPITAL SUPPLY--1.54% 6,416,188 ABBOTT LABORATORIES CO ...................... 325,621,541 503,993 ALLEGIANCE CORP ............................. 13,922,806 699,572 BARD (C.R.), INC ............................ 19,588,016 2,371,566 BAXTER INTERNATIONAL, INC ................... 97,234,206 1,187,912 BECTON DICKINSON & CO ....................... 51,525,683 700 oCNS, INC .................................... 10,062 258,600 DENTSPLY INTERNATIONAL, INC NEW ............. 12,283,500 1,179,500 DEPUY, INC .................................. 23,884,875 684,413 GUIDANT CORP ................................ 39,011,541 125,100 oGULF SOUTH MEDICAL SUPPLY, INC .............. 3,205,687 26,800 oHAEMONETICS CORP ............................ 505,850 159,423 oHEALTHDYNE TECHNOLOGIES, INC ................ 1,414,879 49,400 HOGY MEDICAL CO ............................. 1,919,370 294,800 oIMMUCOR, INC ................................ 2,874,300 123,000 oISOLYSER CO, INC ............................ 861,000 11,159,854 JOHNSON & JOHNSON CO ........................ 555,202,736 1,113,800 MILLIPORE CORP .............................. 46,083,475 124,300 oNEUROMEDICAL SYSTEMS, INC ................... 1,646,975 110,000 oNOBEL BIOCARE AB ............................ 1,933,219 396,412 OWENS & MINOR, INC NEW ...................... 4,063,223 250,550 oPATTERSON DENTAL CO ......................... 7,078,037 306,600 oPHYSICIAN SALES & SERVICE, INC .............. 4,407,375 4,050 RADIOMETER AS (CLASS B) ..................... 240,298 31,500 oSCHEIN (HENRY), INC ......................... 1,082,812 195,500 oSOFAMOR DANEK GROUP, INC .................... 5,962,750 163,500 oTECNOL MEDICAL PRODUCTS, INC ................ 2,472,937 432,300 U.S. SURGICAL CORP .......................... 17,021,812 366,200 oVENTRITEX, INC .............................. 9,017,675 --------------- 1,250,076,640 ---------------
See notes to financial statements. -32-
SHARES VALUE ------ ----- HEALTHCARE--OTHER--0.79% 117,600 oACCESS HEALTH, INC .......................... $ 5,262,600 344,000 oACUSON CORP ................................. 8,385,000 247,060 oADVANCED TECHNOLOGY LABORATORIES, INC .......................... 7,658,860 310,100 oADVANCED TISSUE SCIENCE CO .................. 2,965,331 680,250 ALLERGAN, INC ............................... 24,233,906 71,800 oAMERICAN DRUG CO ............................ 17,950 71,800 oAMERICAN DRUG CO WTS 8/05/98 ................ 4,308 225,200 oAMERICAN MEDICAL RESPONSE, INC .............. 7,319,000 247,100 ARROW INTERNATIONAL, INC .................... 7,104,125 216,433 BALLARD MEDICAL PRODUCTS CO ................. 4,031,064 555,800 BAUSCH & LOMB, INC .......................... 19,453,000 161,373 oBEC GROUP, INC .............................. 847,208 1,279,800 BIOMET, INC ................................. 19,356,975 400,100 oBIOWHITTAKER, INC ........................... 3,200,800 985,778 oBOSTON SCIENTIFIC CORP ...................... 59,146,680 203,900 oCIRCON CORP ................................. 3,109,475 85,500 oCLINTRIALS INC .............................. 1,945,125 133,812 oCORAM HEALTHCARE CORP ....................... 669,060 341,900 oCOVENTRY CORP ............................... 3,167,918 134,400 oDATASCOPE CORP .............................. 2,688,000 172,200 DIAGNOSTIC PRODUCTS CORP .................... 4,455,675 181,300 oE-Z-EM, INC (CLASS A) ....................... 2,152,937 213,429 oE-Z-EM, INC (CLASS B) ....................... 2,507,790 784,996 oENZON, INC .................................. 2,305,925 102,963 oEPITOPE, INC ................................ 1,184,074 8,600 ESSILOR INTERNATIONAL ....................... 2,605,407 901,437 oFRESENIUS MEDICAL CARE AG. ADR .............. 25,352,915 109,000 FUKUDA DENSHI CO ............................ 2,413,319 282,200 oGENESIS HEALTH VENTURES, INC ................ 8,783,475 286,800 HILLENBRAND INDUSTRIES, INC ................. 10,396,500 385,200 oIDEXX LABORATORIES, INC ..................... 13,867,200 30,000 ~oINTERNATIONAL HYDRON (LIQUIDATING TRUST) ........................ 600 37,600 KINETIC CONCEPTS, INC ....................... 460,600 760 KURAYA CORP ................................. 9,952 9,204,829 LONDON INTERNATIONAL GROUP PLC .............. 26,227,452 14,677 oLYNX THERAPEUTICS, INC ...................... 58,708 630,100 oMEDAPHIS CORP ............................... 7,049,243 165,700 oMEDCO RESEARCH, INC ......................... 1,739,850 2,008,772 MEDTRONIC, INC .............................. 136,596,496 414,000 MENTOR CORP ................................. 12,213,000 762,216 oNELLCOR PURITAN BENNETT, INC ................ 16,673,475 867,526 PALL CORP ................................... 22,121,913 77,900 oPHYMATRIX CORP .............................. 1,110,075 331,800 oPHYSICIAN RELIANCE NETWORK, INC ............. 2,571,450 190,000 oPHYSICIAN SUPPORT SYSTEMS, INC .............. 3,657,500 37,000 PIGEON CORP ................................. 516,383 219,000 oRESEARCH MEDICAL, INC ....................... 5,037,000 16,000 SAGAMI RUBBER INDUSTRIES CO LTD ............. 94,420 308,360 oSPACELABS MEDICAL, INC ...................... 6,321,380 580,450 oST. JUDE MEDICAL, INC ....................... 24,741,681 436,272 oSTERIS CORP ................................. 18,977,832 722,100 STEWART ENTERPRISES, INC (CLASS A) .......... 24,551,400 605,200 STRYKER CORP ................................ 18,080,350 328,200 oSUMMIT TECHNOLOGY, INC ...................... 1,805,100 879 SUN-S, INC .................................. 5,709 108,300 oSUNRISE MEDICAL, INC ........................ 1,719,262 716,400 oSYBRON INTERNATIONAL CORP ................... 23,641,200 223,900 oSYNETIC, INC ................................ 10,859,150 117,800 oTARGET THERAPEUTICS, INC .................... 4,947,600 142,900 oTHERMO CARDIOSYSTEMS, INC ................... 4,287,000 75,500 oTHERMOTREX CORP ............................. 2,066,812 112,100 oVIVUS, INC .................................. 4,063,625 --------------- 638,797,820 --------------- HEALTHCARE--SERVICE--1.58% 195,200 ADAC LABORATORIES, INC NEW .................. 4,660,400 2,357,921 AETNA, INC .................................. 188,633,680 682,300 oAMERISOURCE HEALTH CORP (CLASS A) ........... 32,920,975 419,400 oAPRIA HEALTHCARE GROUP, INC ................. 7,863,750 755,761 oBEVERLY ENTERPRISES CO ...................... 9,635,952 1,784,609 CARDINAL HEALTH, INC ........................ 103,953,474 174,100 oCERNER CORP ................................. 2,698,550 1,934,181 oCHIROSCIENCE GROUP PLC ...................... 11,088,379 163,900 oCOASTAL PHYSICIAN GROUP, INC ................ 573,650 6,306,499 COLUMBIA/HCA HEALTHCARE CORP ................ 256,989,834 6,000 oEXTENDICARE INC (MULTI-VTG) ................. 70,912 64,000 oEXTENDICARE INC (SUB-VTG)(CLASS A) .......... 754,067 69,564 oFHP INTERNATIONAL CORP ...................... 2,582,563 500,850 oFOUNDATION HEALTH CORP ...................... 15,901,987 303,200 oFOXMEYER HEALTH CORP ........................ 492,700 21,000 FRESENIUS AG ................................ 4,224,254 256,600 oHEALTH CARE & RETIREMENT CORP ............... 7,345,175 35,100 HEALTH CARE PROPERTY INVESTORS, INC ......... 1,228,500 771,900 oHEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) NEW .............. 17,367,750 132,300 oHEALTH MANAGEMENT SYSTEMS, INC .............. 1,852,200 453,200 oHEALTH SYSTEMS INTERNATIONAL, INC ........... 11,216,700 433,927 oHEALTHCARE COMPARE CO ....................... 18,387,656 245,000 oHEALTHDYNE INFORMATION ENTERPRISES .......... 1,347,500 502,800 oHEALTHSOURCE, INC ........................... 6,599,250 1,208,625 oHEALTHSOUTH CORP ............................ 46,683,140 426,919 oHORIZON/CMS HEALTHCARE CORP ................. 5,389,852 1,586,932 oHUMANA, INC ................................. 30,350,074 200 oI-STAT CORP ................................. 4,750 195,200 INTEGRATED HEALTH SERVICES, INC ............. 4,758,000 200 oINTEGRATED SILICON SOLUTION, INC ............ 1,725 208,400 INVACARE CORP ............................... 5,731,000 358,160 oLABORATORY CORP OF AMERICA HOLDINGS ........................... 1,029,710 75,098 oLABORATORY CORP OF AMERICA HOLDINGS WTS 4/28/00 ............... 7,040 467,000 oLINCARE HOLDINGS, INC ....................... 19,147,000 157,000 oLIVING CENTERS OF AMERICA, INC .............. 4,356,750 305,300 oMAGELLAN HEALTH SERVICES, INC ............... 6,831,087 518,050 MANOR CARE, INC ............................. 13,987,350 329,500 oMARINER HEALTH GROUP, INC ................... 2,759,562 500,100 oMATRIA HEALTHCARE, INC ...................... 2,375,475 57,000 oMAXICARE HEALTH PLANS, INC .................. 1,268,250 47,000 oMDS INC, (CLASS B) .......................... 809,221 3,200,157 oMEDPARTNERS, INC ............................ 67,203,297 299,800 oMID ATLANTIC MEDICAL SERVICES, INC .............................. 4,009,825 78,590 MORRISON HEALTH CARE, INC ................... 1,159,202 96,300 oMULTICARE COS, INC .......................... 1,950,075 42,600 NICHII GAKKAN CO ............................ 2,121,254 376,700 oNOVACARE, INC ............................... 4,143,700 155,700 oOCCUSYSTEMS, INC ............................ 4,203,900 620,200 OMNICARE, INC ............................... 19,923,925 602,670 oORNDA HEALTHCORP ............................ 17,628,097 206,000 oORTHODONTIC CENTERS OF AMERICA, INC ......... 3,296,000 371,100 oOWEN HEALTHCARE, INC ........................ 9,834,150 872,000 oOXFORD HEALTH PLANS, INC .................... 51,066,500 230,446 oPACIFICARE HEALTH SYSTEMS, INC (CLASS A) .................................. 18,723,737 59,646 oPACIFICARE HEALTH SYSTEMS, INC (CLASS B) .................................. 5,084,821 75,500 oPEDIATRIX MEDICAL GROUP, INC ................ 2,793,500 462,287 oPHYCOR, INC ................................. 13,117,393 270,600 oPHYSICIAN CORP OF AMERICA ................... 2,706,000 24,700 oPHYSICIANS HEALTH SERVICES, INC (CLASS A) .................................. 364,325 205,200 oPHYSICIANS RESOURCE GROUP INC ............... 3,642,300 188,000 oRENAL TREATMENT CENTERS, INC ................ 4,794,000 123,900 oROTECH MEDICAL CORP ......................... 2,601,900 218,700 oSAFEGUARD HEALTH ENTERPRISES, INC ........... 3,827,250 73,900 oSIERRA HEALTH SERVICES, INC ................. 1,819,787 375,700 oSUN HEALTHCARE GROUP, INC ................... 5,071,950 384,000 oSUNQUEST INFORMATION SYSTEMS, INC ........... 5,472,000 2,052,728 oTENET HEALTHCARE CORP ....................... 44,903,425 30,400 oTOTAL RENAL CARE HOLDINGS, INC .............. 1,102,000 392,597 oTRANSITIONAL HOSPITALS CORP ................. 3,778,746 1,433,394 UNITED HEALTHCARE CORP ...................... 64,502,730 209,500 oUNIVERSAL HEALTH SERVICES, INC .............. 5,996,937 375,932 oVALUE HEALTH, INC ........................... 7,330,674 676,588 oVENCOR, INC ................................. 21,397,095 89,400 oVISX, INC ................................... 1,977,975 97,500 VITAL SIGNS, INC ............................ 2,535,000 576,133 oVIVRA, INC .................................. 15,915,674 172,553 oWELLPOINT HEALTH NETWORKS, INC .............. 5,931,509 --------------- 1,285,810,497 ---------------
See notes to financial statements. -33-
SHARES VALUE ------ ----- HOUSEHOLD--CONSUMER ELECTRONICS--0.21% 619,000 CASIO COMPUTER CO LTD ....................... $ 4,778,085 1,155 FUJI DENKI REIKI CO LTD ..................... 10,845 249,880 HARMAN INTERNATIONAL INDUSTRIES, INC ............................ 13,899,575 3,571,854 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD .......................... 58,158,176 60,335 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ADR ...................... 9,849,688 164,582 PIONEER ELECTRONIC CORP ..................... 3,133,501 2,744,400 SANYO ELECTRIC CO LTD ....................... 11,348,642 741,120 SHARP CORP .................................. 10,534,835 745,220 SONY CORP ................................... 48,728,333 207,800 SUN TELEVISION & APPLIANCES, INC ............ 493,525 294,000 UNIDEN CORP ................................. 3,875,199 460 VICTOR CO OF JAPAN LTD ...................... 4,557 443,822 oZENITH ELECTRONICS CORP ..................... 4,826,564 --------------- 169,641,525 --------------- HOUSEHOLD--DURABLE GOODS--0.39% 147,662 BASSETT FURNITURE INDUSTRIES, INC ........... 3,617,719 871,800 BLACK & DECKER CORP ......................... 26,262,975 1,051,800 CERAMCO CORP LTD ............................ 1,003,322 171,200 DYNAMICS CORP OF AMERICA .................... 4,836,400 108,674 ELECTROLUX AB SERIES B ...................... 6,302,719 1,606,308 EMAIL LTD ................................... 5,192,874 174,800 FEDDERS CORP ................................ 1,092,500 152,950 FEDDERS CORP (CLASS A) ...................... 764,750 907,544 FISHER & PAYKEL INDUSTRIES LTD .............. 3,559,051 684,500 oGENTEX CORP ................................. 13,775,562 131,000 INDUSTRIE NATUZZI S.P.A. ADR ................ 3,013,000 237,567 oLADD FURNITURE, INC ......................... 3,474,417 1,068,200 LEGGETT & PLATT, INC ........................ 36,986,425 1,236,803 MAYTAG CO ................................... 24,426,859 29,400 NATIONAL PRESTO INDUSTRIES, INC ............. 1,098,825 1,433,662 NEWELL COS, INC ............................. 45,160,353 670 RINNAI CORP ................................. 13,448 987,900 SHAW INDUSTRIES, INC ........................ 11,607,825 559,800 STANLEY WORKS CO ............................ 15,114,600 2,833,400 SUNBEAM CORP ................................ 72,960,050 574,000 TAKARA STANDARD CO .......................... 4,771,934 613,700 WHIRLPOOL CORP .............................. 28,613,762 --------------- 313,649,370 --------------- HOUSEHOLD--PRODUCTS--1.80% 47,800 AMSTRAD PLC ................................. 119,837 800 AMWAY JAPAN CO .............................. 25,638 519,413 APTARGROUP, INC ............................. 18,309,308 11,636 BIC S.A ..................................... 1,741,325 1,500 oBRIGHTPOINT, INC ............................ 44,625 123,400 CHURCH & DWIGHT CO, INC ..................... 2,822,775 281,133 CLOROX CO ................................... 28,218,724 1,263,186 COLGATE PALMOLIVE CO ........................ 116,528,908 973,200 DIAL CORP ................................... 14,354,700 60,500 EKCO GROUP, INC ............................. 264,687 259,500 oFIRST ALERT, INC ............................ 875,812 395,300 FIRST BRANDS CORP ........................... 11,216,637 162,200 GENERAL HOUSEWARES CORP ..................... 1,581,450 12,300 HERBALIFE INTERNATIONAL, INC ................ 401,287 1,063,183 KAO CORP .................................... 12,365,084 3,776,173 KIMBERLY-CLARK CORP ......................... 359,680,478 80,000 KIMBERLY CLARK DE MEXICO S.A DE CV SERIES A ............................. 1,580,290 270,053 LANCASTER COLONY CORP ....................... 12,422,438 940,916 LION CORP ................................... 4,660,945 150,000 MOVADO GROUP, INC ........................... 4,087,500 504,296 NORITAKE CO LTD ............................. 4,196,796 440,400 oPERRIGO CO .................................. 4,018,650 564,800 PREMARK INTERNATIONAL, INC .................. 12,566,800 8,500 ~oPRIPPS RINGES AB ............................ 115,773 7,100,808 PROCTER & GAMBLE CO ......................... 763,336,860 1,058,100 RUBBERMAID, INC ............................. 24,071,775 301,300 oSCOTTS CO (CLASS A) ......................... 5,988,337 1,100 SMH AG. (BR) ................................ 675,827 22,532 SMH AG. (REGD) .............................. 3,204,955 120,400 STANHOME, INC ............................... 3,190,600 770,380 oSWEDISH MATCH CO ............................ 2,707,842 263,300 TAMBRANDS, INC .............................. 10,762,387 204,880 THOMAS INDUSTRIES, INC ...................... 4,276,870 574,600 TUPPERWARE CORP ............................. 30,812,925 38,000 UNI CHARM CORP .............................. 929,730 63,200 oUSA DETERGENTS, INC ......................... 2,630,700 --------------- 1,464,789,275 --------------- INSURANCE--BROKERS & OTHER--0.24% 96,600 oABR INFORMATION SERVICES, INC ............... 3,803,625 155,000 ACE LTD ..................................... 9,319,375 502,400 ALEXANDER & ALEXANDER SERVICES, INC ......... 8,729,200 153,200 CRAWFORD & CO (CLASS A) ..................... 3,312,950 126,000 CRAWFORD & CO (CLASS B) ..................... 2,882,250 1,315,098 EQUIFAX, INC ................................ 40,274,876 376,100 GALLAGHER (ARTHUR J.) & CO .................. 11,659,100 373,600 JOHN ALDEN FINANCIAL CORP ................... 6,911,600 16,500 oMARSCHOLLEK LAUT UND PARTNER ................ 2,580,299 542,360 MARSH & MCLENNAN COS, INC ................... 56,405,440 359,900 MBIA, INC ................................... 36,439,875 65,200 NORRELL CORP ................................ 1,776,700 283,700 oQUORUM HEALTH GROUP, INC .................... 8,440,075 --------------- 192,535,365 --------------- INSURANCE--LIFE--0.59% 252,200 AMERICAN NATIONAL INSURANCE CO .............. 18,599,750 224,200 oAMERIN CORP ................................. 5,773,150 759,300 AON CORP .................................... 47,171,512 406,300 ARGONAUT GROUP, INC ......................... 12,493,725 164,700 BERKLEY (W.R.) CORP ......................... 8,358,525 560,606 CONSECO, INC ................................ 35,738,632 370,000 EQUITABLE COS, INC .......................... 9,111,250 190,100 EQUITABLE OF IOWA COS NEW ................... 8,720,837 130,599 IRISH LIFE PLC .............................. 606,786 632,950 JEFFERSON-PILOT CORP ........................ 35,840,793 505,347 LEGAL & GENERAL GROUP PLC ................... 3,217,057 74,375 LIBERTY LIFE ASSOCIATION OF AFRICA LTD ................................. 1,864,340 500,000 oMEDIOLANUM S.P.A ............................ 4,724,440 180,000 METROPOLITAN LIFE LTD ....................... 257,829 24,600 PROTECTIVE LIFE CORP ........................ 980,925 305,875 PROVIDENT COS, INC .......................... 14,796,703 967,900 PROVIDIAN CORP .............................. 49,725,862 1,371,215 PRUDENTIAL CORP PLC ......................... 11,533,343 636,578 RELIANCE GROUP HOLDINGS, INC ................ 5,808,774 469,015 RELIASTAR FINANCIAL CORP .................... 27,085,616 266,384 SEAFIELD CAPITAL CORP ....................... 10,322,380 13,500 SOUTHERN LIFE ASSOCIATION LTD ............... 115,446 957,774 SUNAMERICA, INC ............................. 42,501,221 903,350 TORCHMARK CORP .............................. 45,619,175 700,600 UNUM CORP ................................... 50,618,350 262,050 USLIFE CORP ................................. 8,713,162 41,600 VESTA INSURANCE GROUP, INC .................. 1,305,200 291,719 WASHINGTON NATIONAL CORP .................... 8,022,272 431,100 WESTERN NATIONAL CORP ....................... 8,298,675 --------------- 477,925,730 ---------------
See notes to financial statements. -34-
SHARES VALUE ------ ----- INSURANCE--MULTI-LINE, PROPERTY & CASUALTY--3.01% 307,200 20TH CENTURY INDUSTRIES ..................... $ 5,184,000 1,800 AACHENER & MUNCHENER BERTEIL (REGD) ............................. 1,284,796 1,488,523 AFLAC, INC .................................. 63,634,358 9,300 oAGF UNION-FENIX ............................. 81,865 18,662 ALLEANZA ASSICURAZIONI (S/S) NON CV ......... 93,324 127,207 oALLEGHANY CORP (DELAWARE) ................... 26,967,884 33,482 ALLIANZ AG. (REGD) .......................... 60,832,896 147,300 ALLIED GROUP, INC ........................... 4,805,662 145,700 ALLMERICA FINANCIAL CORP .................... 4,880,950 600 ALLMERICA PROPERTY & CASUALTY COS, INC ........................... 18,225 5,369,153 ALLSTATE CORP ............................... 310,739,729 552,600 AMERICAN BANKERS INSURANCE GROUP, INC ................................. 28,251,675 3,267,984 AMERICAN INTERNATIONAL GROUP, INC ........... 353,759,268 2,125,283 ASSICURAZIONI GENERALI S.P.A ................ 40,205,041 62,062 oASSICURAZIONI GENERALI S.P.A. WTS 4/30/01 ................................ 1,100,551 15,725 ASSUR STAD ROTTERDAM NV ..................... 620,891 405,053 AXA S.A ..................................... 25,711,209 134,800 AYUDHYA INSURANCE CO LTD (FR) ............... 1,040,978 19,000 CHIYODA FIRE & MARINE INSURANCE CO LTD ........................... 85,770 1,440,000 CHUBB CORP .................................. 77,400,000 826,978 CIGNA CORP .................................. 112,985,869 298,487 CINCINNATI FINANCIAL CORP ................... 19,364,344 205,600 oCNA FINANCIAL CORP .......................... 21,999,200 46,220 COLONIA KONZERN AG. (REGD) .................. 3,808,927 283,154 COMMERICAL UNION ASSURANCE CO LTD ........................... 3,311,977 7,625 CORPORACION MAPFRE S.A ...................... 463,692 2,900 EA-GENERALI AG .............................. 856,126 479,200 EVEREST REINSURANCE HOLDINGS, INC .............................. 13,777,000 125,706 FAI INSURANCES LTD .......................... 71,890 7,850 oFAIRFAX FINANCIAL HOLDINGS LTD .............. 1,660,829 166,744 FIRST AMERICAN FINANCIAL CORP ............... 6,857,347 387,400 FOREMOST CORP OF AMERICA .................... 23,244,000 57,156 FORTIS AG ................................... 9,158,870 1,761 oFORTIS AG NPV (STRIP VVPR) .................. 887 733,580 FREMONT GENERAL CORP ........................ 22,740,980 5,428 oGEFION FINANCE CORP ......................... 115,941 817,700 GENERAL REINSURANCE CORP .................... 128,992,175 1,992,369 GIO AUSTRALIAN HOLDINGS LTD ................. 5,095,774 5,520 oGROUPE DES ASSURANCES NATIONALE ............. 111,487 393,884 GUARDIAN ROYAL EXCHANGE ASSURANCE PLC .............................. 1,883,980 3,000 xoHAFNIA HOLDINGS AS (REGD) (CLASS A) ......... 0 2,490 xoHAFNIA HOLDINGS AS (REGD) (CLASS B) ......... 0 211,800 HARTFORD STEAM BOILER & INSURANCE CO ............................... 9,822,225 11,700 HCC INSURANCE HOLDINGS, INC ................. 280,800 85,331 oHIGHLANDS INSURANCE GROUP, INC .............. 1,727,952 452,033 HIH WINTERHUR INTERNATIONAL HOLDINGS LTD ............................... 1,131,006 110,600 HORACE MANN EDUCATORS CORP .................. 4,465,475 1,527,372 ING GROEP NV ................................ 54,921,157 9,600,000 INSTITUTO NAZIONALE DELLE ASSICURAZION ............................... 12,481,996 268,300 oINSURANCE AUTO AUCTIONS, INC ................ 2,548,850 35,000 INTEGON CORP ................................ 621,250 961,236 ITT HARTFORD GROUP, INC ..................... 64,883,430 50,000 KOA FIRE & MARINE INSURANCE CO LTD .......... 242,081 248,740 LAWYERS TITLE CORP .......................... 4,881,522 1,194,100 LINCOLN NATIONAL CORP ....................... 62,690,250 3,216,000 MALAYSIA ASSURANCE ALLIANCE BERHAD .......... 15,662,950 29,298 MAPFRE VIDA S.A ............................. 2,027,187 48,500 MERCURY GENERAL CORP NEW .................... 2,546,250 240,300 MGIC INVESTMENT CORP ........................ 18,262,800 53,800 MID OCEAN LTD ............................... 2,824,500 28,500 MILANO ASSICURAZIONI ........................ 77,637 7,125 MILANO ASSICURAZIONI DI RISP ................ 13,314 804,300 MITSUI TAISHO MARINE & FIRE CO LTD .......... 4,316,794 10,676 MUNCHENER RUECKVERSICHERUNGS- GESELLSCHAFT (REGD) (P/P) .................. 26,636,305 364 oMUNCHENER RUECKVERSICHERUNGS- GESELLSCHAFT (REGD) (P/P) WTS 3/13/98 ...... 76,054 613,200 NAC RE CORP ................................. 20,772,150 229,550 NICHIDO FIRE & MARINE INSURANCE CO LTD ........................... 1,305,198 2,592,650 NIPPON FIRE & MARINE INSURANCE CO LTD ........................... 11,726,231 387,500 OHIO CASUALTY CORP .......................... 13,756,250 834,590 OLD REPUBLIC INTERNATIONAL CORP ....................................... 22,325,282 558,606 ORION CAPITAL CORP .......................... 34,144,791 3,975,000 PACIFIC & ORIENT BERHAD ..................... 9,601,064 374,850 PROGRESSIVE CORP ............................ 25,255,518 962,926 QBE INSURANCE GROUP LTD ..................... 5,070,969 458,919 RAS S.P.A ................................... 4,272,857 19,600 oRAS S.P.A. WTS 12/31/97 ..................... 54,166 3,352,007 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC .................................. 25,497,807 19,000 ROYALE BELGE VIE ACCIDENTS .................. 3,917,934 1,102,300 SAFECO CORP ................................. 43,471,956 50,000 SAI S.P.A ................................... 460,600 6,000 SAMPO INSURANCE CO SERIES A ................. 472,554 18,935 SCHWEIZERISCHE RUCKVERSICHERUNG (REGD)...................................... 20,150,530 231,489 SEDGWICK GROUP LTD .......................... 520,933 531,000 SELECTIVE INSURANCE GROUP, INC .............. 20,178,000 171,833 SKANDIA FORSAKRINGS AB ...................... 4,857,032 945,240 ST. PAUL COS, INC ........................... 55,414,695 454,000 oUNI-STOREBRAND AS SERIES A .................. 2,630,684 PROPERTY & CASUALTY--(CONTINUED) 2,423,365 SUMITOMO MARINE & FIRE INSURANCE CO .......................... 15,031,648 3,141,822 TOKIO MARINE & FIRE INSURANCE CO LTD ........ 29,502,808 666,600 TRANSAMERICA CORP ........................... 52,661,400 6,118,428 TRAVELERS GROUP, INC ........................ 277,623,670 184,600 TRAVELERS/AETNA PROPERTY CASUALTY CORP .............................. 6,530,225 100,500 oUICI ........................................ 3,266,250 128,501 UNION DES ASSURANCES DE PARIS S.A ........... 3,200,906 59,950 UNION DES ASSURANCES FEDERALES .............. 7,380,161 406,800 UNITRIN, INC ................................ 22,679,100 475,600 USF&G CORP .................................. 9,928,150 170,750 WILLIS CORROON GROUP PLC .................... 410,547 54,722 ZURICH INSURANCE CO (REGD) .................. 15,159,812 --------------- 2,445,574,030 ---------------
See notes to financial statements. -35-
SHARES VALUE ------ ----- LEISURE TIME--1.19% 146,100 oACCLAIM ENTERTAINMENT, INC .................. $ 474,825 134,750 oAMC ENTERTAINMENT, INC ...................... 1,937,031 64,300 oANCHOR GAMING CO ............................ 2,588,075 788,700 ARCTIC CAT, INC ............................. 7,788,412 187,200 oARGOSY GAMING CORP .......................... 865,800 500 AUTHENTIC FITNESS CORP ...................... 6,000 427,000 oAUTOTOTE CORP (CLASS A) ..................... 613,812 67,050 oBALLY TOTAL FITNESS HOLDINGS CORP ........... 532,209 44,000 oBELL SPORTS CORP ............................ 264,000 99,791 oBERLITZ INTERNATIONAL, INC NEW .............. 2,083,137 3,000 oBOYD GAMING CORP ............................ 24,750 1,051,300 BRUNSWICK CORP .............................. 25,231,200 505,800 CALLAWAY GOLF CO ............................ 14,541,750 1,051,100 CARNIVAL CORP (CLASS A) ..................... 34,686,300 96,750 oCASINO AMERICA, INC ......................... 308,390 219,300 oCASINO MAGIC CORP ........................... 541,396 33,060 oCHARTWELL LEISURE, INC ...................... 454,575 559 oCHRIS CRAFT INDUSTRIES, INC ................. 23,408 958,384 oCIRCUS CIRCUS ENTERPRISES, INC .............. 32,944,450 227,300 COACHMEN INDUSTRIES, INC .................... 6,449,637 6,766,410 DISNEY (WALT) CO ............................ 471,111,296 246,540 EMI GROUP PLC ............................... 5,822,273 282,000 oGALOOB TOYS, INC ............................ 3,948,000 55,118 GAUMONT S.A ................................. 4,558,884 44,080 oGC COS, INC ................................. 1,526,270 236,500 GENTING BERHAD .............................. 1,629,419 687,227 GRANADA GROUP LTD (CLASS A) ................. 10,131,684 434,500 oGRAND CASINOS, INC .......................... 5,865,750 366,400 oGTECH HOLDINGS CORP ......................... 11,724,800 1,044,600 oHARRAHS ENTERTAINMENT, INC .................. 20,761,425 721,576 HASBRO, INC ................................. 28,051,267 212,500 oHOLLYWOOD ENTERTAINMENT CORP ................ 3,931,250 219,500 oHOLLYWOOD PARK, INC ......................... 3,292,500 290,525 HUFFY CORP .................................. 4,176,296 944,188 INTERNATIONAL GAME TECHNOLOGY CO ............ 17,231,431 526,600 JOSTENS, INC ................................ 11,124,425 424,358 K2, INC ..................................... 11,669,845 274,100 KIMBALL INTERNATIONAL, INC (CLASS B) ........ 11,340,887 36,000 KONAMI CO LTD ............................... 1,225,053 800 KUONI REISEN HOLDINGS (REGD) (CLASS B) .................................. 1,936,253 5,921,024 LADBROKE GROUP PLC .......................... 23,406,417 611,250 MAGNUM CORP BERHAD .......................... 1,185,952 2,279,558 MATTEL, INC ................................. 63,257,734 1,141,200 oMIRAGE RESORT, INC .......................... 24,678,450 49,800 NAMCO LTD ................................... 1,523,045 14,300 NATIONAL GOLF PROPERTIES, INC ............... 452,237 86,000 NINTENDO CO LTD ............................. 6,141,978 178,100 OUTBOARD MARINE CORP ........................ 2,938,650 370,500 oPLAYERS INTERNATIONAL, INC .................. 1,991,437 347,600 oPRESIDENT CASINOS, INC ...................... 238,975 143,000 oPRIMADONNA RESORTS, INC ..................... 2,431,000 339,000 oRANK GROUP PLC .............................. 2,526,469 353,200 oREGAL CINEMAS, INC .......................... 10,860,900 25,000 SALOMON S.A ................................. 2,139,916 700 SANKYO CO LTD ............................... 20,443 63,700 oSCIENTIFIC GAMES HOLDINGS CORP .............. 1,703,975 99,012 SEGA ENTERPRISES LTD ........................ 3,326,654 54,000 SHIMANO, INC ................................ 916,463 37,300 SHOCHIKU CO LTD ............................. 321,339 28,400 SHOWBOAT, INC ............................... 489,900 126,750 xoSLM INTERNATIONAL, INC ...................... 13,942 68,800 oSODAK GAMING, INC ........................... 1,057,800 850 SONY MUSIC ENTERTAINMENT INC ................ 33,538 17,000 oSPEEDWAY MOTORSPORTS, INC ................... 357,000 57,100 oSPELLING ENTERTAINMENT GROUP, INC ........... 421,112 288,500 oSPORTS & RECREATION, INC .................... 2,235,875 284,900 oSTATION CASINOS, INC ........................ 2,884,612 360,700 STRUM, RUGER & CO, INC ...................... 6,988,562 2,108,000 oSYDNEY HARBOUR CASINO HOLDINGS LTD .......... 3,248,305 125,000 oTABCORP HOLDINGS LTD ........................ 595,725 1,015,349 oTHORN PLC ................................... 4,369,980 44,754 TOHO CO LTD ................................. 6,477,335 279,400 oTRUMP HOTEL & CASINO RESORT, INC ............ 3,352,800 506,500 WINNEBAGO INDUSTRIES, INC ................... 3,672,125 474,100 oWMS INDUSTRIES, INC ......................... 9,482,000 622,049 ZIMBABWE SUN LTD ............................ 232,783 40,601 ZODIAC S.A .................................. 12,386,158 --------------- 971,779,751 --------------- MACHINERY--1.73% 334,700 AGCO CORP ................................... 9,580,787 36,600 AIDA ENGINEERING LTD ........................ 231,121 391,744 AMADA CO LTD ................................ 3,037,387 220 AMADA METRECS CO LTD ........................ 2,009 44,200 AMANO CORP .................................. 472,170 284,010 ATLAS COPCO AB SERIES A FREE ................ 6,863,169 24,500 ATLAS COPCO AB SERIES B FREE ................ 595,636 3,182,844 AUSTRALIAN NATIONAL INDUSTRIES LTD .......... 3,160,166 295,225 BEARINGS, INC NEW ........................... 8,229,396 12,000 BOMBARDIER, INC (CLASS A) ................... 221,930 392,252 BOMBARDIER, INC (CLASS B) ................... 7,240,076 6,000 xoBREMER VULKAN AG ............................ 9,538 302,072 BRIGGS & STRATTON CORP ...................... 13,291,168 433,000 BROTHERS INDUSTRIES LTD ..................... 1,865,147 172,000 BW/IP HOLDINGS, INC ......................... 2,838,000 1,862,300 CATERPILLAR, INC ............................ 140,138,075 343,700 CINCINNATI MILACRON, INC .................... 7,518,437 266,000 oCOGNEX CORP ................................. 4,921,000 190,650 COMMERCIAL INTERTECH CORP ................... 2,597,606 33,000 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A .......................... 1,248,223 282,198 oCOOPER CAMERON CORP ......................... 21,588,147 692,145 COOPER INDUSTRIES, INC ...................... 29,156,608 198,505 DAIFUKU CO LTD .............................. 2,496,776 390,000 DAIKIN INDUSTRIES LTD ....................... 3,460,645 265,000 DANIELI & CO ................................ 2,179,625 3,515,973 DEERE & CO .................................. 142,836,403 142,000 DELTA & PINE LAND CO ........................ 4,544,000 889,100 DOVER CORP .................................. 44,677,275 214,900 DURIRON CO, INC ............................. 5,829,162 199,560 EBARA CORP .................................. 2,596,006 19,000 FAG KUGELFISCHER (GEORG) SCHAEFER AG ................................ 258,289 419,984 FANUC LTD ................................... 13,423,381
See notes to financial statements. -36-
SHARES VALUE ------ ----- MACHINERY--(C0NTINUED) 409,014 FEDERAL SIGNAL CORP ......................... $ 10,583,237 53,000 FINNING LTD ................................. 1,127,124 140 FISCHER (GEORGE) LTD (BR) ................... 144,921 28 FISCHER (GEORGE) LTD (REGD) ................. 5,734 2,915,873 FKI PLC ..................................... 10,079,665 3,700 FLS INDUSTRIES AS (CLASS B) ................. 473,562 2,367,267 +oFMC CORP NEW ................................ 166,004,598 172,800 oFSI INTERNATIONAL, INC ...................... 2,592,000 2,200 FUJI TEC CO LTD ............................. 21,985 20,000 oFUKUSIMA INDUSTRIES ......................... 513,454 193,200 GATX CORP ................................... 9,370,200 221,600 GIDDINGS & LEWIS, INC ....................... 2,853,100 353,900 GOULDS PUMPS, INC ........................... 8,117,581 311,900 GREENFIELD INDUSTRIES, INC .................. 9,551,937 442,600 HARNISCHFEGER INDUSTRIES, INC ............... 21,300,125 207,400 HARSCO CORP ................................. 14,206,900 720,000 ILLINOIS TOOL WORKS, INC .................... 57,510,000 136,800 IMI PLC ..................................... 879,067 943 INDUSTRIE-WERKE KARLSRUHE AUGSBURG AG ................................ 223,343 819,500 INGERSOLL-RAND CO ........................... 36,467,750 118,000 oINTEGRATED PROCESS EQUIPMENT CORP ........... 2,124,000 26,000 oINTERVOICE, INC ............................. 318,500 510,700 JLG INDUSTRIES, INC ......................... 8,171,200 30,000 KALMAR INDUSTRIES AB ........................ 498,682 220,800 KAYDON CORP ................................. 10,405,200 366,020 KENNAMETAL, INC ............................. 14,229,027 253,317 KEYSTONE INTERNATIONAL, INC ................. 5,098,004 21,750 oKLOECKNER HUMBOLDT-DEUTZ AG ................. 98,793 1,661,950 KOMATSU LTD ................................. 13,601,814 239,660 KOMORI CORP ................................. 5,079,090 354,000 KOYO SEIKO CO LTD ........................... 2,927,721 2,881,000 KUBOTA CORP ................................. 13,874,276 51,700 KURITA WATER INDUSTRIES LTD ................. 1,042,225 12,735 KVAERNER INDUSTRIER AS SERIES A ............. 619,258 3,935 KVAERNER INDUSTRIER AS SERIES B ............. 170,700 157,500 LAWSON PRODUCTS, INC ........................ 3,445,312 11,693 LINDE AG .................................... 7,132,189 20,000 oLUCASVARITY PLC ADR ......................... 760,000 61,500 MADECO S.A. ADR ............................. 1,491,375 79,600 MAGNA INTERNATIONAL, INC .................... 4,428,028 98,130 MAKINO MILLING MACHINE CO LTD ............... 624,743 130,500 MAKITA CORP ................................. 1,821,297 15,800 MAN AG. (STAMM) ............................. 3,824,150 215,550 MANITOWOC, INC .............................. 8,729,775 81,602 MANNESMANN AG ............................... 35,317,968 125,300 MEASUREX CORP ............................... 3,007,200 11,000 METRA CO SERIES B ........................... 615,752 98,700 MINE SAFETY APPLIANCE CO .................... 5,255,775 7,430,000 MITSUBISHI HEAVY INDUSTRIES LTD ............. 58,888,694 290,000 MIURA KOGYO ................................. 3,672,574 283,500 oMOLTEN METAL TECHNOLOGY, INC ................ 3,331,125 210,000 MORI SEIKI CO LTD ........................... 2,894,640 414,600 NEWPORT CORP ................................ 3,679,575 316,037 oNEWPORT NEWS SHIPBUILDING, INC .............. 4,740,555 131,000 oNIIGATA ENGINEERING CO LTD .................. 365,655 5,000 NIKKO CO LTD ................................ 29,764 69,680 NIPPON SHARYO LTD ........................... 498,243 64,000 NITTO KOHKI CO LTD .......................... 2,288,144 186,800 NORDSON CORP ................................ 11,908,500 116,900 oNOVELLUS SYSTEMS, INC ....................... 6,334,518 647,600 NSK LTD ..................................... 3,916,509 604,700 NTN TOYO BEARING CO LTD ..................... 3,281,979 228,900 OKUMA CORP .................................. 1,822,103 550,137 OYL INDUSTRIES BERHAD ....................... 5,772,569 781,500 PARKER-HANNIFIN CORP ........................ 30,283,125 12,736,000 POKPHAND (C.P.) CO LTD ...................... 4,980,770 90 RHEINELEKTRA AG ............................. 71,831 190,800 ROPER INDUSTRIES, INC NEW ................... 7,465,050 500 SAKAI HEAVY INDUSTRIES LTD .................. 3,114 400,000 SANDEN CORP ................................. 3,197,888 5,000 oSAURER AG. (REGD) ........................... 2,159,667 98 SCHINDLER HOLDINGS LTD (PT CERT) ............ 106,188 460 SCHINDLER HOLDINGS LTD (REGD) ............... 469,318 87,000 SEMBAWANG CORP .............................. 460,251 720 SHIN NIPPON MACHINERY CO LTD ................ 4,466 191,692 SIDEL S.A ................................... 13,163,425 28,000 SMC ......................................... 1,879,103 400,808 SMITH (HOWARD) LTD .......................... 3,295,044 220,800 STEWART & STEVENSON SERVICES, INC ........... 6,430,800 17,257 STORK NV .................................... 607,557 64,894 oSTRATTEC SECURITY CORP ...................... 1,184,315 4,679 SULZER WINTERTHUR AG. (PT CERT) ............. 2,494,910 840 SULZER WINTERTHUR AG. (REGD) ................ 483,557 249,760 oSUMITOMO HEAVY INDUSTRIES LTD ............... 757,392 551,200 SUNDSTRAND CORP ............................. 23,426,000 27,000 SVENKA KULLAGERFABRIKEN AB SERIES B ......... 638,621 20,000 SVENSKA KULLAGERFABRIKEN AB SERIES A FREE ............................... 458,407 148,000 TAKUMA CO LTD ............................... 1,619,275 164,700 TECUMSEH PRODUCTS CO (CLASS A) .............. 9,449,662 31,600 TECUMSEH PRODUCTS CO (CLASS B) .............. 1,797,250 198,150 TELEFLEX, INC ............................... 10,328,568 222,100 TENNANT CO .................................. 6,107,750 902,080 oTHERMO ELECTRON CORP ........................ 37,210,800 195,722 TI GROUP PLC ................................ 1,949,345 300,061 TIMKEN CO ................................... 13,765,298 226,250 TOMRA SYSTEMS AS ............................ 3,525,517 184,350 TORO CO ..................................... 6,728,775 61,600 TOYO KANETSU K.K ............................ 213,334 360,250 TOYOTA AUTOMATIC LOOM WORKS LTD ............. 6,734,711 2,542,000 TRACTORS MALAYSIA HOLDINGS BERHAD ........... 4,770,965 165,300 TRIMAS CORP ................................. 3,946,537 410,200 TRINITY INDUSTRIES, INC ..................... 15,382,500 312,700 TRINOVA CORP ................................ 11,374,462 331,000 TSUBAKIMOTO CHAIN CO ........................ 1,767,970 200 TSUBAKIMOTO MACHINERY & ENGINE CO LTD .............................. 847 32,000 TSUGAMI CORP ................................ 92,352 105,300 oULTRATECH STEPPER, INC ...................... 2,500,875 38,000 UNITED DOMINION INDUSTRIES LTD .............. 894,068 6,000 VA TECHNOLOGIE AG. (BR) ..................... 940,724 183,800 VALMET OY SERIES A .......................... 3,230,161 131,000 VICKERS PLC ................................. 571,659 494,000 WATTS INDUSTRIES, INC (CLASS A) ............. 11,794,250 800 YOKOHAMA RUBBER CO LTD ...................... 3,714 490,800 YORK INTERNATIONAL CORP ..................... 27,423,450 27,453 ZARDOYA OTIS S.A ............................ 3,186,985 167,700 ZURN INDUSTRIES, INC ........................ 4,381,162 --------------- 1,402,984,607 --------------- METALS--ALUMINUM--0.24% 313,000 oACX TECHNOLOGIES, INC ....................... 6,220,875 278,800 ALCAN ALUMINIUM CO LTD ...................... 9,407,234 35,065 ALCAN ALUMINIUM CO LTD (U.S.) ............... 1,179,060 406,097 oALUMAX, INC ................................. 13,553,487 1,206,000 ALUMINUM CO OF AMERICA ...................... 76,882,500 583 ALUSUISSE LONZA HOLDINGS AG. (BR) ........... 454,573 75,449 ALUSUISSE LONZA HOLDINGS AG. (REGD) ......... 59,952,436 123,600 INTERNATIONAL ALUMINUM CORP ................. 3,151,800 119,100 oKAISER ALUMINUM CORP ........................ 1,384,537 313,890 REYNOLDS METALS CO .......................... 17,695,548 83,440 TOYO SEIKAN KAISHA LTD ...................... 2,005,551 --------------- 191,887,601 ---------------
See notes to financial statements. -37-
SHARES VALUE ------ ----- METALS--GOLD--0.28% 4,000 AGNICO EAGLE MINES LTD ...................... $ 56,175 626,601 oAMAX GOLD, INC .............................. 3,994,581 109,767 oAVGOLD LIMITED .............................. 293,337 260,979 BARRICK GOLD CORP ........................... 7,473,132 60,000 BARRICK GOLD CORP (U.S.) .................... 1,725,000 1,385,550 BATTLE MOUNTAIN GOLD CO ..................... 9,525,656 63,200 BEATRIX MINES LTD ........................... 395,210 37,000 CAMBIOR, INC ................................ 545,268 102,200 COEUR DALENE MINES CORP ..................... 1,545,775 161,000 oDELTA GOLD NL ............................... 301,802 35,000 oDOMINION MINING LTD ......................... 26,132 17,500 oDOMINION MINING LTD WTS 12/31/98 ............ 6,811 31,700 DRIEFONTEIN CONSOLIDATED LTD ................ 333,772 45,000 ECHO BAY MINES LTD .......................... 298,752 294,800 ECHO BAY MINES LTD (U.S.) ................... 1,953,050 80,000 oEUOR-NEVADA MINING CORP ..................... 2,387,100 632,328 FREEPORT MCMORAN COPPER & GOLD, INC (CLASS A) ........................ 17,784,225 938,164 FREEPORT-MCMORAN COPPER & GOLD INC, (CLASS B) ........................ 28,027,649 33,000 FREESTATE CONSOLIDATED GOLDMINES LTD ............................... 241,635 383,235 oGETCHELL GOLD CORP .......................... 14,706,643 10,300 GOLD FIELD OF SOUTH AFRICA LTD .............. 284,061 102,000 oGOLDEN KNIGHT RESOURCES, INC ................ 491,135 6,222 GOLDFIELDS LTD .............................. 12,108 508,000 GREAT CENTRAL MINES LTD ..................... 1,444,545 1,132,650 HOMESTAKE MINING CO ......................... 16,140,262 23,300 KLOOF GOLD MINING CO LTD .................... 189,786 647,155 NEWCREST MINING LTD ......................... 2,570,176 118,900 NEWMONT GOLD CO ............................. 5,201,875 1,882,082 NEWMONT MINING CORP ......................... 84,223,169 1,936,939 NORMANDY MINING LTD ......................... 2,677,008 13,000 oPEGASUS GOLD, INC ........................... 99,109 100,800 PLACER DOME, INC ............................ 2,209,848 548 PLACER DOME, INC (U.S.) ..................... 11,919 3,500 PLUTONIC RESOURCES LTD ...................... 16,263 16,000 RANDFONTEIN ESTATES GOLD MINING ............. 82,779 230,000 oRAYROCK YELLOWKNIFE RESOURCES, INC .......... 1,132,632 1,279,476 SANTA FE PACIFIC GOLD CORP .................. 19,671,943 4,700 SOUTHVAAL HOLDINGS LTD ...................... 137,156 4,500 VAAL REEFS EXPLORATION & MINING CO LTD .............................. 288,615 16,753 WESTERN AREAS GOLD MINING CO ................ 231,013 7,300 WESTERN DEEP LEVELS LTD ..................... 223,564 --------------- 228,960,671 --------------- METALS--NON-FERROUS--0.36% 86,200 ABERFOYLE LTD ............................... 220,469 23,100 AMCOL INTERNATIONAL CORP .................... 363,825 251,400 ASARCO, INC ................................. 6,253,575 188,400 ASHLAND COAL, INC ........................... 5,228,100 893,000 ASHTON MINING LTD ........................... 1,553,388 338,300 BANPU PUBLIC CO LTD (FR) REGD ............... 6,359,689 362,000 BINDURA NICKEL CORP LTD ..................... 250,866 195,000 BMC INDUSTRIES, INC ......................... 6,142,500 424,900 BRUSH WELLMAN, INC .......................... 6,957,737 93,300 CAMECO CORP ................................. 3,736,899 40,800 oCOLEMAN CO, INC ............................. 561,000 125,200 COMINCO LTD ................................. 3,114,699 22,000 CONSOLIDATED METALLURGICAL INDUSTRIES LTD ............................. 73,372 920,771 CRA LTD ..................................... 14,444,526 753,094 CYPRUS AMAX MINERALS CO ..................... 17,603,572 206,031 ERAMET ...................................... 10,779,489 143,769 FREEPORT-MCMORAN, INC ....................... 4,618,579 1,502,000 FUJIKURA LTD ................................ 12,008,069 568,000 FURUKAWA ELECTRIC CO LTD .................... 2,686,432 361,196 GREEN (A.P.) INDUSTRIES, INC ................ 3,521,661 185,000 oGRUPO MEXICO S.A. SERIES B .................. 573,426 825,000 oHECLA MINING CO ............................. 4,640,625 97 HITACHI CABLE LTD ........................... 655 88,236 HULLAS DEL COTO CORTES S.A .................. 1,736,597 8,300 IMPALA PLATINUM HOLDINGS LTD ................ 82,955 35,000 INCO LTD .................................... 1,117,129 77,160 INCO LTD (U.S.) ............................. 2,459,475 1,828,000 JAPAN ENERGY CORP ........................... 4,960,689 89,209 JOHNSON MATTHEY PLC ......................... 839,648 694,368 MAPCO, INC .................................. 23,608,512 755,959 MCKECHNIE PLC ............................... 7,173,414 5,693,300 MIM HOLDINGS LTD ............................ 7,959,051 528,000 MITSUBISHI MATERIALS CORP ................... 2,128,800 211,000 MITSUI MINING & SMELTING CO LTD ............. 718,017 91,700 oMUELLER INDUSTRIES, INC ..................... 3,530,450 65,000 NIPPON DENKO CO LTD ......................... 179,751 213,380 NIPPON LIGHT METAL CO LTD ................... 875,015 372,800 NORANDA, INC ................................ 8,308,919 2,429,699 NORTH LTD ................................... 7,102,068 27,400 OGLEBAY NORTON CO ........................... 1,198,750 205,500 oOREGON METALLURICAL CORP .................... 6,627,375 1,000,000 oOROGEN MINERALS LTD ......................... 2,327,299 45,000 OUTOKUMPU OY SERIES A ....................... 766,435 49,800 PENN VIRGINIA CORP .......................... 2,328,150 666,600 PHELPS DODGE CORP ........................... 44,995,500 1,539,265 QCT RESOURCES LTD ........................... 2,078,484 540,000 QNI LTD ..................................... 1,085,172 761,092 RGC LTD ..................................... 3,379,352 100,000 RIO ALGOM LTD ............................... 2,232,435 28,200 oRMI TITANIUM CO ............................. 793,125 150,000 RTC CORP PLC (BR) ........................... 2,412,933 287,688 RTZ CORP PLC (REGD) ......................... 4,610,581 36,387 RUSTENBERG PLATINUM HOLDINGS LTD ............ 497,864 94,000 SOCIEDAD QUIMICA Y MINERA DE CHILE ADR .................................. 5,087,750 46,000 oSTILLWATER MINING CO ........................ 833,750 121,000 STRAITS TRADING CO .......................... 294,109 224,400 SUMITOMO METAL MINING CO LTD ................ 1,509,833 701,654 oSUNSHINE MINING & REFINING CO ............... 657,800 1,977 oSUNSHINE MINING & REFINING CO WTS 3/03/99 ................................ 617 50,300 TECK CORP LTD (CLASS B) ..................... 1,165,115 34,880 TRELLEBORG AB SERIES B FREE ................. 462,308 27,000 oUNION MINIERE GROUP S.A ..................... 1,827,530 3,893 oWESTAIM CORP ................................ 11,502 3,486,034 WMC LTD ..................................... 21,957,827 --------------- 293,615,239 ---------------
See notes to financial statements. -38-
SHARES VALUE ------ ----- METALS--STEEL--0.47% 44,770 ACERINOX S.A ................................ $ 6,457,037 134,000 oACINDAR S.A. (CLASS B) ...................... 187,637 242,831 oACME METALS, INC ............................ 4,704,850 254,800 AK STEEL HOLDINGS CORP ...................... 10,096,450 933,787 ALLEGHENY TELEDYNE, INC ..................... 21,477,101 504,000 AMSTEEL CORP BERHAD ......................... 375,180 84,000 oAMSTEEL CORP BERHAD WTS 5/19/00 ............. 29,269 20,500 ARBED S.A ................................... 2,226,564 26,500 oARMCO, INC .................................. 109,312 200,000 oAVESTA SHEFFIELD AB ......................... 2,152,903 869,000 oBETHLEHEM STEEL CORP ........................ 7,821,000 364,700 BIRMINGHAM STEEL CORP ....................... 6,929,300 4,400 BOHLER-UDDEHOLM AG.(BR) ..................... 314,589 1,641,000 BRITISH STEEL PLC ........................... 4,507,230 299,400 CARPENTER TECHNOLOGY CORP ................... 10,965,525 32,046,121 oCIA DE ACOS ESPECIAIS ITABIRA-ACESITA ....... 65,998 105,981 CLEVELAND CLIFFS, INC ....................... 4,808,887 108,000 CO STEEL, INC ............................... 1,914,641 17,200,000 COMPANIA SIDERURGICA NACIONAL S.A ........... 488,307 248,000 DAIDO STEEL CO LTD .......................... 918,703 318,400 DOFASCO, INC ................................ 6,016,310 6,000 ELKEM AS .................................... 99,132 47,600 FLACK S.P.A ................................. 190,273 367,100 oFANSTEEL, INC ............................... 2,294,375 421,362 HANNA (M.A.) CO ............................. 9,217,293 337,000 INLAND STEEL INDUSTRIES, INC ................ 6,740,000 33,200 IPSCO, INC .................................. 944,626 790,788 ISCOR LTD ................................... 564,666 1,000 oIVACO, INC (CLASS A) ........................ 2,371 190,700 J & L SPECIALTY STEEL, INC .................. 2,169,212 170,000 oJAPAN METALS & CHEMICALS CO ................. 565,316 990,000 oJAPAN STEEL WORKS LTD ....................... 2,251,616 2,447,360 KAWASAKI STEEL CORP ......................... 7,020,974 65,000 KITAGAWA INDUSTRIES CO LTD .................. 2,295,897 620 oKOBE STEEL LTD .............................. 1,303 615,500 LTV CORP NEW ................................ 7,309,062 62,100 LUKENS, INC ................................. 1,249,762 421,145 oMATERIAL SCIENCES CORP ...................... 7,580,610 58,000 oMITSUBISHI STEEL MANUFACTURING CO LTD ........................ 250,334 108,750 NATIONAL IRON & STEEL MILLS LTD ............. 247,229 9,194,000 NIPPON STEEL CORP ........................... 27,088,558 5,970,920 oNKK CORP .................................... 13,425,703 639,400 NUCOR CORP .................................. 32,609,400 179,800 OREGON STEEL MILLS, INC ..................... 3,011,650 46,230 POHANG IRON & STEEL CO ...................... 1,996,188 12,050 PREUSSAG AKTIEGESELLSCHAFT AG ............... 2,724,952 124,800 QUANEX CORP ................................. 3,416,400 500,000 RAUTARUUKKI SERIES K ........................ 4,610,548 100,000 oREPUBLIC ENGINEERED STEELS, INC ............. 187,500 198,400 ROUGE STEEL CO (CLASS A) .................... 4,191,200 52,000 SAMANCOR LTD ................................ 611,436 60,500 SANDVIK AB SERIES B FREE .................... 1,639,208 43,000 oSTELCO, INC (CLASS A) ....................... 263,514 80 SUMIKIN BUSSAN CORP ......................... 268 6,697,080 SUMITOMO METAL INDUSTRIES LTD ............... 16,443,173 170,000 SVENSKT STAL AB SERIES B .................... 2,838,317 42,490 THYSSEN AG .................................. 7,526,939 289,000 TOKYO STEEL MANUFACTURING CO LTD ............ 4,108,062 24,000 oTUBOS DE ACERO DE MEXICO S.A ................ 379,574 4,890,390 USINOR SACILOR S.A .......................... 71,021,060 819,164 USX-US STEEL GROUP, INC ..................... 25,701,270 223,900 oWOLVERINE TUBE, INC ......................... 7,892,475 584,212 WORTHINGTON INDUSTRIES, INC ................. 10,588,842 950 YOKOGAWA BRIDGE CORP ........................ 8,757 --------------- 385,845,838 --------------- MISCELLANEOUS MATERIALS & COMMODITIES--0.06% 8,458 ANGLO AMERICAN COAL CORP LTD ................ 641,920 1,339,050 ASAHI GLASS CO LTD .......................... 12,574,148 180,000 DAISHINKU CORP .............................. 1,411,137 900,000 GOLDEN HOPE PLANTATIONS BERHAD .............. 1,532,369 600,000 HIGHLANDS & LOWLANDS BERHAD ................. 1,002,573 4,000,000 INDUSTRIAL OXYGEN, INC BERHAD ............... 6,145,314 173,000 ISLAND & PENINSULAR BERHAD .................. 578,835 2,400,000 KUALA LUMPUR KEPONG BERHAD .................. 6,081,960 238,000 LA GIOVANNI CRESPI S.P.A .................... 856,623 140,000 NICHIHA CORP ................................ 2,472,505 1,094,000 NIPPON SHEET GLASS CO LTD ................... 3,873,596 185,000 NITTA CORP .................................. 2,310,973 80,800 oOAKLEY, INC ................................. 878,700 100,000 OILES CORP .................................. 2,998,020 150,000 PERLIS PLANTATIONS BERHAD ................... 466,244 306,233 PG INDUSTRIES ZIMBABWE LTD .................. 158,457 11,735 PLASTIC OMNIUM S.A .......................... 948,045 96,000 PRESTIGE PROPERTY HOLDINGS LTD .............. 19,237 48,000 VIDR SMARINA S.A ............................ 150,129 66,000 VIDRALA S.A ................................. 4,556,523 45,000 oVITRO S.A. ADR .............................. 247,500 500,000 WANKIE COLLIERY CO LTD ...................... 277,200 56,200 oZOLTEK COS, INC ............................. 2,044,275 --------------- 52,226,283 --------------- OFFICE EQUIPMENT--3.42% 663,100 oAMDAHL CORP ................................. 8,040,087 1,009,100 oAPPLE COMPUTER, INC ......................... 21,064,962 365,469 oAPPLIED MAGNETICS CORP ...................... 10,918,386 159,700 oASPECT TELECOMMUNICATIONS CORP .............. 10,140,950 308,041 oAST RESEARCH, INC ........................... 1,289,921 705,176 AVERY DENNISON CORP ......................... 24,945,601 89,600 oBOISE CASCADE OFFICE PRODUCTS CORP .......... 1,881,600 2,400,100 oCOMPAQ COMPUTER CORP ........................ 178,207,425 312,350 oCONTROL DATA SYSTEMS, INC ................... 6,871,700 504,600 xoCRAY COMPUTER CORP .......................... 504 569,000 oDATA GENERAL CORP ........................... 8,250,500 1,441,500 oDELL COMPUTER CORP .......................... 76,579,687 10,000 DIAMOND LEASE CO LTD ........................ 126,640 1,252,600 oDIGITAL EQUIPMENT CORP ...................... 45,563,325 224,200 oDREXLER TECHNOLOGY CORP ..................... 2,354,100 174,100 oEMULEX CORP NEW ............................. 2,742,075 133,400 oEVANS & SUTHERLAND COMPUTER CORP ............ 3,335,000 178,700 oFILENET CORP ................................ 5,718,400 434,675 GERBER SCIENTIFIC, INC ...................... 6,465,790 7,391,608 HEWLETT-PACKARD CO .......................... 371,428,302 163,300 HON INDUSTRIES, INC ......................... 5,388,900 1,500 oIN FOCUS SYSTEMS, INC ....................... 32,437 6,520,200 INTERNATIONAL BUSINESS MACHINES CORP .............................. 984,550,200 1,002,000 oIOMEGA CORP ................................. 17,409,750 704,000 KOKUYO CO LTD ............................... 17,345,785 434,200 oKOMAG, INC .................................. 11,777,675 515,400 oLEXMARK INTERNATIONAL GROUP (CLASS A) .................................. 14,237,925 32,000 oMICROCOM, INC ............................... 396,000 25,600 oMICROS SYSTEMS, INC ......................... 787,200 230,400 MILLER (HERMAN), INC ........................ 13,046,400 75,755 OCE VAN DER GRINTEN NV ...................... 8,215,776 2,778,196 PITNEY BOWES, INC ........................... 151,411,682 472,400 oQMS, INC .................................... 2,480,100 517,800 oQUANTUM CORP ................................ 14,822,025 371,000 oSCI SYSTEMS, INC ............................ 16,555,875 1,747,036 oSEAGATE TECHNOLOGY, INC ..................... 69,007,922 536,200 oSEQUENT COMPUTER SYSTEMS, INC ............... 9,517,550 257,700 SHELBY WILLIAMS INDUSTRIES, INC ............. 3,156,825 1,672,304 oSILICON GRAPHICS, INC ....................... 42,643,752 295,500 xoSMITH CORONA CORP ........................... 8,865 546,900 oSOLECTRON CORP .............................. 29,190,787 629,923 oSTORAGE TECHNOLOGY CORP ..................... 30,000,082 175,250 oSTRATUS COMPUTER, INC ....................... 4,775,562 512,000 oSTREAMLOGIC CORP ............................ 352,000 3,274,600 oSUN MICROSYSTEMS, INC ....................... 84,116,287 1,321,800 oTANDEM COMPUTERS, INC ....................... 18,174,750 246,600 oU.S. OFFICE PRODUCTS CO ..................... 8,415,225 1,995,000 oUNISYS CORP ................................. 13,466,250 896,900 oVIKING OFFICE PRODUCTS, INC ................. 23,936,018 469,308 oWANG LABORATORIES, INC ...................... 9,503,487 7,495,072 XEROX CORP .................................. 394,428,164 --------------- 2,785,076,211 ---------------
See notes to financial statements. -39-
SHARES VALUE ------ ----- PAPER--0.53% 150,000 oACCENT COLOR SCIENCES, INC .................. $ 1,275,000 202,600 ALBANY INTERNATIONAL CORP (CLASS A) NEW .............................. 4,685,125 524,500 BEMIS, INC .................................. 19,340,937 314,943 BOWATER, INC ................................ 11,849,730 496,300 CARAUSTAR INDUSTRIES, INC ................... 16,501,975 117,400 CHESAPEAKE CORP ............................. 3,683,425 283,600 CONSOLIDATED PAPERS, INC .................... 13,931,850 74,305 oCROWN VANTAGE, INC .......................... 631,592 98,000 oDAISHOWA PAPER MANUFACTURING CO LTD ....................... 424,667 825,000 FINE ART DEVELOPMENTS PLC ................... 3,642,502 4,229,296 FLETCHER CHALLENGE LTD (PAPER DIVISION) ........................... 8,696,303 347,700 oFORT HOWARD CORP ............................ 9,626,943 419,800 GLATFELTER (P.H.) CO ........................ 7,556,400 1,928,063 INTERNATIONAL PAPER CO ...................... 77,845,543 571,050 JAMES RIVER CORP OF VIRGINIA ................ 18,916,031 342,000 oJEFFERSON SMURFIT CORP ...................... 5,493,375 714,700 LONGVIEW FIBRE CO ........................... 13,132,612 492,054 MEAD CORP ................................... 28,600,638 758,900 MITSUBISHI PAPER MILLS LTD .................. 2,961,679 325,833 MOSINEE PAPER MILLS CORP .................... 11,567,071 97,000 NAMPAK LTD .................................. 385,718 1,117,000 NIPPON PAPER INDUSTRIES CO .................. 5,196,395 1,122,666 OJI PAPER CO LTD ............................ 7,089,405 524,500 PENTAIR, INC ................................ 16,915,125 3,062,000 PT FAJAR SURYA WISEA (FR) ................... 1,327,606 68,957 SAPPI LTD ................................... 619,174 88,000 oSETTSU CORP ................................. 194,078 395,700 oSHOREWOOD PACKAGING CORP .................... 7,716,150 876,265 SONOCO PRODUCTS CO .......................... 22,673,356 7,900 ST. JOE CORP ................................ 513,500 795,749 STONE CONTAINER CORP ........................ 11,836,766 393,014 TEMPLE-INLAND, INC .......................... 21,271,882 606,700 UNION CAMP CORP ............................. 28,969,925 416,828 WAUSAU PAPER MILLS CO ....................... 7,711,318 1,392,093 WESTVACO CORP ............................... 40,022,673 --------------- 432,806,469 --------------- PETROLEUM--EXPLORATION & PRODUCTION--0.98% 744,600 AMERADA HESS CORP ........................... 43,093,725 441,264 ANADARKO PETROLEUM CORP ..................... 28,571,844 208,442 oANDERSON EXPLORATION LTD .................... 2,691,632 3,322,588 APACHE CORP ................................. 117,536,550 1,431,100 ASHLAND, INC ................................ 62,789,512 241,880 ASTRA CIA AREGENTINA S.A. SERIES B .......... 462,083 241,880 oASTRA CIA AREGENTINA S.A. SERIES B RTS ...... 18,628 447,160 oBARNETT RESOURCES CORP ...................... 19,060,195 249,200 oBENTON OIL & GAS CO ......................... 5,638,150 998,431 BURLINGTON RESOURCES, INC ................... 50,295,961 129,494 oCANADIAN NATURAL RESOURCES LTD .............. 3,552,179 194,050 oCHESAPEAKE ENERGY CORP ...................... 10,794,031 56,000 ~oCORIMON S.A. ADR ............................ 71,699 239,400 DEVON ENERGY CORP ........................... 8,319,150 105,000 oELAN ENERGY INC ............................. 919,238 79,800 oENERGY VENTURES, INC ........................ 4,059,825 602,800 ENRON OIL & GAS CO .......................... 15,220,700 1,700,000 ENTERPRISE OIL PLC .......................... 18,866,226 488,480 oEQUITY OIL CO ............................... 1,495,970 195,600 oFALCON DRILLING CO, INC ..................... 7,677,300 123,200 oFLORES & RUCKS, INC ......................... 6,560,400 33,298 HARDY OIL & GAS PLC ......................... 171,233 116,800 KCS ENERGY, INC ............................. 4,175,600 253,500 KERR-MCGEE CORP ............................. 18,252,000 402,870 LONDON & SCOTTISH MARINE OIL PLC ............ 1,640,846 284,800 LOUISIANA LAND & EXPLORATION CO ............. 15,272,400 214,800 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) ............................. 4,806,150 304,700 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS B) ............................. 6,741,487 103,000 oMONTEREY RESOURCES, INC ..................... 1,660,875 325,180 MURPHY OIL CORP ............................. 18,088,137 562,900 NOBLE AFFILIATES, INC ....................... 26,948,837 841,016 NOVUS PETROLEUM LTD ......................... 1,923,894 87,900 oNUEVO ENERGY CO ............................. 4,570,800 3,000 oNUMAC ENERGY, INC ........................... 11,599 500 oOCELOT ENERGY, INC (CLASS B) ................ 3,191 981,300 oORYX ENERGY CO .............................. 24,287,175 357,300 PARKER & PARSLEY PETROLEUM CO ............... 13,130,775 404,300 PENNZOIL CO ................................. 22,842,950 342,000 PETRO-CANADA (VARIABLE- VTG) ................ 4,827,969 229,800 oPOCO PETROLEUM LTD .......................... 2,196,234 386,400 POGO PRODUCING CO ........................... 18,257,400 92,100 RANGER OIL LTD .............................. 913,810 100,000 oRANGER OIL LTD (U.S.) ....................... 987,500 141,100 oRENAISSANCE ENERGY LTD ...................... 4,802,154 363,500 oRIGEL ENERGY CORP (U.S.) .................... 3,612,281 97,000 SAGA PETROLEUM AS SERIES A .................. 1,625,424 1,489,410 oSANTA FE ENERGY RESOURCES, INC .............. 20,665,563 328,304 oSEAGULL ENERGY CORP ......................... 7,222,688 43,000 SNYDER OIL CORP ............................. 747,125 244,074 SOUTHDOWN, INC .............................. 7,596,803 29,438 oSTAMPEDER EXPLORATION LTD ................... 163,222 4,900 oSWIFT ENERGY CO ............................. 146,387 142,015 oTALISMAN ENERGY, INC ........................ 4,724,507 584,282 oTEJAS GAS CORP .............................. 27,826,430 366,215 oTESORO PETROLEUM CORP ....................... 5,127,010 322,475 TOTAL PETROLEUM (NORTH AMERICA) LTD ........................ 3,345,678 280,535 oTRITON ENERGY LTD ........................... 13,605,947 1,844,191 UNION PACIFIC RESOURCES GROUP, INC .......... 53,942,586 856,800 UNION TEXAS PETROLEUM HOLDINGS, INC ......... 19,170,900 222,000 oUNITED MERIDIAN CORP ........................ 11,488,500 116,100 VINTAGE PETROLEUM, INC ...................... 4,005,450 13,700 oWASCANA ENERGY, INC ......................... 157,919 420,900 WISER OIL CO ................................ 8,312,775 --------------- 797,695,209 --------------- PETROLEUM--INTEGRATED--4.93% 125,000 oABACAN RESOURCE CORP ........................ 1,085,937 31,000 ALBERTA ENERGY LTD .......................... 739,548 4,557,800 AMOCO CORP .................................. 366,902,900 19,200 ARABIAN OIL CO LTD .......................... 711,254 1,533,915 ATLANTIC RICHFIELD CO ....................... 203,243,737 6,797,445 BRITISH PETROLEUM PLC ....................... 81,485,435 5,590,983 BROKEN HILL PROPRIETARY CO LTD .............. 79,581,246 88,175 BURMAH CASTROL PLC .......................... 1,661,341
See notes to financial statements. -40-
SHARES VALUE ------ ----- PETROLEUM--INTEGRATED--4.93% 125,000 oABACAN RESOURCE CORP ........................ $ 1,085,937 31,000 ALBERTA ENERGY LTD .......................... 739,548 4,557,800 AMOCO CORP .................................. 366,902,900 19,200 ARABIAN OIL CO LTD .......................... 711,254 1,533,915 ATLANTIC RICHFIELD CO ....................... 203,243,737 6,797,445 BRITISH PETROLEUM PLC ....................... 81,485,435 5,590,983 BROKEN HILL PROPRIETARY CO LTD .............. 79,581,246 88,175 BURMAH CASTROL PLC .......................... 1,661,341 74,000 CALTEX AUSTRALIA LTD ........................ 272,730 173,800 CANADIAN OCCIDENTAL PETROLEUM LTD ........... 2,795,862 5,376,100 CHEVRON CORP ................................ 349,446,500 165,000 COMPANIA ESPANOLA DE PETROLEOS S.A .......... 5,023,339 2,140,000 COSMO OIL CO LTD ............................ 10,268,907 116,247 ELF AQUITANE S.A ............................ 10,560,789 26,180,000 ENTE NAZIONALE IDROCARBURI S.P.A ............ 134,107,835 110,000 ESSO MALAYSIA BERHAD ........................ 311,423 12,337,577 EXXON CORP .................................. 1,209,082,546 105,700 oFORCENERGY GAS EXPLORATION, INC ............. 3,831,625 434,038 GETTY PETROLEUM CORP ........................ 7,053,117 29,461 oGULF CANADA RESOURCES LTD ................... 214,933 210,988 IMPERIAL OIL LTD ............................ 9,928,300 15,000 KANTO NATURAL GAS DEVELOPMENT CO LTD ......................... 101,829 100 oLYNX ENERGY SERVICES CORP (CLASS B) ......... 758 805,000 MITSUBISHI OIL CO LTD ....................... 4,806,006 4,138,799 MOBIL CORP .................................. 505,968,177 1,195,300 NIPPON OIL CO LTD ........................... 6,127,018 128,200 NORCEN ENERGY RESOURCES LTD ................. 2,843,276 380,277 NORSK HYDRO AS .............................. 20,546,143 7,032,247 OCCIDENTAL PETROLEUM CORP ................... 164,378,773 10,125 OMV AKTIENGESELLS AG ........................ 1,140,513 33,677 PETROFINA S.A ............................... 10,708,215 513 oPETROFINA S.A. WTS 6/03/97 .................. 3,149 3,610,617 PHILLIPS PETROLEUM CO ....................... 159,769,802 393,800 QUAKER STATE OIL REFINING CORP .............. 5,562,425 414,674 REPSOL S.A .................................. 15,876,308 998,400 ROYAL DUTCH PETROLEUM CO .................... 174,826,924 1,352,328 SANTOS LTD .................................. 5,478,186 124,000 SHELL REFINERY BERHAD ....................... 363,333 437,000 SHOWA SHELL SEKIYU K.K ...................... 3,632,988 653,242 SUN CO, INC ................................. 15,922,773 66,000 SUNCOR, INC ................................. 2,730,136 445,000 TEIKOKU OIL CO LTD .......................... 2,411,381 2,367,100 TEXACO, INC ................................. 232,271,687 1,680 TONEN CORP .................................. 19,538 470,907 TOTAL S.A ................................... 38,224,719 1,824,852 UNOCAL CORP ................................. 74,134,612 3,253,521 USX-MARATHON GROUP, INC NEW ................. 77,677,813 145,100 WOODSIDE PETROLEUM LTD ...................... 1,059,174 71,000 YPF SOCIEDAD ANONIMA (CLASS D) .............. 1,793,108 129,600 YPF SOCIEDAD ANONIMA (CLASS D) ADR .......... 3,272,400 --------------- 4,009,960,468 --------------- PETROLEUM--SERVICE--0.98% 923,080 BAKER HUGHES, INC ........................... 31,846,260 295,835 oBJ SERVICES CO .............................. 15,087,585 21,700 oBJ SERVICES CO WTS 4/13/00 .................. 583,187 1,742,600 CABOT CORP .................................. 43,782,825 105,500 CAMCO INTERNATIONAL, INC .................... 4,866,187 154,795 oCLIFFS DRILLING CO .......................... 9,790,783 1,618,000 oDIAMOND OFFSHORE DRILLING, INC .............. 92,226,000 1,138,820 DRESSER INDUSTRIES, INC ..................... 35,303,420 713,550 oENSCO INTERNATIONAL, INC .................... 34,607,175 3,658,000 FAR EAST LEVINGSTON SHIPBUILDING LTD ........ 19,090,207 590,000 FLUOR CORP .................................. 37,022,500 377,820 oGLOBAL INDUSTRIAL TECHNOLOGIES, INC ......... 8,359,267 258,200 oGLOBAL INDUSTRIES LTD ....................... 4,808,975 1,642,200 oGLOBAL MARINE, INC NEW ...................... 33,870,375 844,236 HALLIBURTON CO .............................. 50,865,219 226,600 HELMERICH & PAYNE, INC ...................... 11,811,525 284,000 IHC CALAND NV ............................... 16,204,661 11,768 KONINKLIJKE PAKHOED HOLDINGS NV ............. 367,367 316,800 oMARINE DRILLING CO, INC ..................... 6,237,000 178,900 oMATRIX SERVICE CO ........................... 1,006,312 108,900 MCDERMOTT INTERNATIONAL, INC ................ 1,810,462 83,061 oMCMORAN OIL & GAS CO ........................ 181,695 941,400 oNABORS INDUSTRIES, INC ...................... 18,121,950 1,216,179 oNOBLE DRILLING CORP ......................... 24,171,557 447,500 oOCEANEERING INTERNATIONAL, INC .............. 7,104,062 886,400 oPARKER DRILLING CO .......................... 8,531,600 93,500 oPETROLEUM GEO-SERVICES AS ................... 3,646,045 479,769 oPOOL ENERGY SERVICES CO ..................... 7,376,448 597,000 oPRIDE PETROLEUM SERVICES, INC ............... 13,880,250 702,100 oREADING & BATES CORP ........................ 18,605,650 893,200 oROWAN COS, INC .............................. 20,208,650 384,700 oRPC, INC .................................... 5,770,500 1,340,000 SAIPEM S.P.A ................................ 6,154,405 19,030 SCHLUMBERGER LTD ............................ 1,900,621 1,221,428 SMEDVIG A/S SERIES A ........................ 26,779,784 305,357 oSMEDVIG A/S SERIES B ........................ 6,264,556 312,600 oSMITH INTERNATIONAL, INC .................... 14,027,925 70,000 TECHNIP S.A ................................. 6,557,279 629,300 TIDEWATER, INC .............................. 28,475,825 341,172 TOSCO CORP .................................. 26,995,234 136,736 TRANSOCEAN OFFSHORE, INC .................... 8,779,664 101,000 TRANSOCEAN OFFSHORE, INC (U.S.) ............. 6,325,125 118,900 oTUBOSCOPE VETCO INTERNATIONAL CORP .......... 1,842,950 761,757 ULTRAMAR DIAMOND SHAMROCK CORP .............. 24,090,565 398,800 oVARCO INTERNATIONAL, INC .................... 9,222,250 108,500 VASTAR RESOURCES, INC ....................... 4,123,000 463,601 oWEATHERFORD ENTERRA, INC .................... 13,908,030 298,188 oWESTERN ATLAS, INC .......................... 21,134,074 --------------- 793,726,986 --------------- PHOTOGRAPHY--0.33% 198,187 CPI CORP .................................... 3,319,632 2,969,396 EASTMAN KODAK CO ............................ 238,294,029 57,500 NORITSU KOKI CO LTD ......................... 2,699,725 414,108 POLAROID CORP ............................... 18,013,698 124,800 oPRESSTEK, INC ............................... 8,892,000 --------------- 271,219,084 --------------- PROPERTY--REAL ESTATE--0.66% 12,440,000 oASIA SECURITIES INTL ........................ 2,798,386 3,600,000 AYALA LAND, INC (CLASS B) ................... 4,106,484 8,000,000 oBELLE CORP .................................. 2,220,543 2,347,600 BRITISH LAND PLC ............................ 20,770,205 11,386,508 CHEUNG KONG HOLDINGS LTD .................... 101,204,848 675,913 CHINESE ESTATES LTD ......................... 751,497 303,840 CITY DEVELOPMENT LTD ........................ 2,736,904 27,726 oCITY DEVELOPMENT LTD WTS 7/18/98 ............ 194,248 2,454 oCOMPAGNIE IMMOBILIERE DE BELGIQUE S.A. .............................. 166,874 306,400 CRESCENT REAL ESTATE EQUITIES, INC .......... 16,162,600 500 DAIBIRU CORP ................................ 4,609 804,000 DAIKYO, INC ................................. 3,788,773 1,025,000 DBS LAND LTD ................................ 3,773,767 88,200 oDILIGENTIA AB ............................... 1,388,622 105,273 oEVERGO CHINA HOLDINGS LTD ................... 17,556 10,300,000 oFILINVEST LAND, INC ......................... 3,211,422 260,418 GENERAL PROPERTY TRUST ...................... 506,782 130,640 GREAT PORTLAND ESTATES PLC .................. 466,131 117,225 HAMMERSON PLC ............................... 807,443 498,000 HANG LUNG DEVELOPMENT CO LTD ................ 1,094,501 17,968,497 HON KWOK LAND INVESTMENT CO LTD ............. 6,969,009 240 HONG KONG LAND HOLDINGS LTD ................. 667 1,898,571 HOPEWELL HOLDINGS LTD ....................... 1,227,255 40,100 HOSPITALITY PROPERTIES TRUST ................ 1,162,900 158,500 HOTEL PROPERTIES LTD ........................ 256,083 400,000 HYSAN DEVELOPMENT CO LTD .................... 1,592,754
See notes to financial statements. -41-
SHARES VALUE ------ ----- PROPERTY--REAL ESTATE--(CONTINUED) 20,000 oHYSAN DEVELOPMENT CO LTD WTS 4/30/98 ................................ $ 18,099 2,000,000 IOI PROPERTIES BERHAD ....................... 6,493,760 96,707 IRSA S.A .................................... 310,491 55,000 JAPAN INDUSTRIAL LAND DEVELOPMENT ........... 1,042,415 243,150 KIMCO REALTY CORP ........................... 8,479,856 83,000 LAND & HOUSE CO LTD (FR) .................... 563,266 212,300 LAND SECURITIES PLC ......................... 2,703,018 170,000 LANDMARKS HOLDINGS BERHAD ................... 226,172 624,270 LEND LEASE CORP LTD ......................... 12,098,926 165,000 oMEIWA ESTATE CO LTD ......................... 4,122,277 163,320 MEPC PLC .................................... 1,210,189 3,038,750 MITSUBISHI ESTATE CO LTD .................... 31,152,809 1,735,072 MITSUI FUDOSAN CO LTD ....................... 17,339,268 7,782,877 NEW WORLD DEVELOPMENT CO LTD ................ 52,573,213 39,000 OSAKA STADIUM CO LTD ........................ 265,428 122,000 PATRIOT AMERICAN HSOPITALITY ................ 5,261,250 13,435,900 oPRIMETOWN PROPERTY GROUP .................... 2,809,802 3,288,000 PT JAYA REAL PROPERTY (FR) .................. 4,589,719 21,700 RECKSON ASSOCIATES REALTY CORP .............. 916,825 26,870 SCHRODERS PROPERTY FUND ..................... 49,301 5,000 SEFIMEG S.A ................................. 361,621 500,000 SELANGOR PROPERTIES BERHAD .................. 548,405 11,265 SIMCO (REGD) ................................ 981,580 479 oSIMCO (REGD) NEW ............................ 40,199 1,385,000 SINGAPORE LAND LTD .......................... 7,673,536 3,759,900 SLOUGH ESTATES PLC .......................... 17,919,572 1,551,153 STOCKLAND TRUST GROUP (UNITS) ............... 4,004,262 178,200 STRAITS STEAMSHIP CO LTD .................... 570,728 44,550 oSTRAITS STEAMSHIP CO LTD WTS 12/12/00 ............................... 48,091 861,000 SUMITOMO REALTY & DEVELOPMENT CO LTD ......................... 5,414,785 4,216,659 SUN HUNG KAI PROPERTIES LTD ................. 51,651,835 256,394 TAI CHEUNG HOLDINGS LTD ..................... 241,974 74,400 TAK WING INVESTMENT HOLDINGS LTD ............ 10,965 624,100 TAUBMAN CENTERS, INC ........................ 8,035,287 14,414,625 TIAN AN CHINA INVESTMENTS CO LTD ............ 2,068,542 231,000 oTOKYO TATEMONO CO LTD ....................... 1,034,833 929,800 oTOLL BROTHERS, INC .......................... 18,131,100 637 oTRIZEC HAHN CORP WTS 7/25/99 ................ 2,718 1,500 UNIBAIL S.A ................................. 148,880 5,000,000 UNITED OVERSEAS LAND LTD .................... 7,613,663 228,196 VALLEHERMOSO S.A ............................ 4,938,553 27,800 WASHINGTON REAL ESTATE INVESTMENT TRUST ........................... 486,500 731,300 WEINGARTEN REALTY INVESTORS, INC ............ 29,709,062 15,400 WELLSFORD RESIDENTIAL PROPERTY TRUST ............................. 373,450 3,932,244 WESTFIELD TRUST (UNITS) ..................... 7,433,647 124,002 ~oWESTFIELD TRUST (UNITS) NEW ................. 224,794 5,558,200 WHARF HOLDINGS LTD .......................... 27,737,003 4,708,000 WING TAI HOLDINGS LTD ....................... 13,462,959 --------------- 540,475,491 --------------- PUBLISHING--NEWSPAPER--0.51% 529,667 AUSTRALIAN PROVINCIAL NEWSPAPER HOLDINGS ......................... 938,193 338,000 BELO (A.H.) CORP SERIES A ................... 11,787,750 180,400 BELO (A.H.) CORP SERIES B ................... 6,291,450 167,100 CENTRAL NEWSPAPERS, INC (CLASS A) ........... 7,352,400 621,689 oCOX COMMUNICATIONS, INC (CLASS A) NEW .............................. 14,376,558 52,800 DOW JONES & CO, INC ......................... 1,788,600 416,800 DOW JONES & CO, INC (CLASS B) ............... 14,119,100 1,124,000 EMAP PLC .................................... 14,156,968 80,000 EXEL LTD .................................... 3,030,000 987,600 GANNETT CO, INC ............................. 73,946,550 646,400 KNIGHT-RIDDER, INC .......................... 24,724,800 270,000 MEDIA GENERAL, INC (CLASS A) ................ 8,167,500 698,516 NEW YORK TIMES CO (CLASS A) ................. 26,543,608 5,594,580 NEWS CORP LTD ............................... 29,506,665 152,400 NEWS CORP LTD ADR (LTD-VTG) ................. 2,686,050 39,412,000 ORIENTAL PRESS GROUP ........................ 17,706,036 60,000 oORIENTAL PRESS GROUP WTS 2/10/98 ............ 4,266 3,203,000 PEARSON PLC ................................. 41,082,297 72,300 RURAL PRESS LTD ............................. 223,968 137,280 SINGAPORE PRESS HOLDINGS LTD (FR) ........... 2,708,697 161,659 TIMES MIRROR CO (SERIES A) NEW .............. 8,042,535 762,159 TIMES MIRROR CO (SERIES C) NEW .............. 37,917,410 497,000 TRIBUNE CO NEW .............................. 39,200,875 258,000 oVALASSIS COMMUNICATIONS, INC ................ 5,450,250 57,100 WASHINGTON POST CO (CLASS B) ................ 19,135,637 --------------- 410,888,163 --------------- PUBLISHING--OTHER--0.64% 38,500 oAMERICAN BUSINESS INFORMATION, INC .......... 856,625 591,800 AMERICAN GREETINGS CORP (CLASS A) ........... 16,792,325 435,300 BOWNE & CO, INC ............................. 10,719,262 951,964 DAI NIPPON PRINTING CO LTD .................. 16,648,374 90,152 DE LA RUE CO PLC ............................ 883,236 752,900 DONNELLEY (R.R.) & SONS CO .................. 23,622,237 1,811,839 DUN & BRADSTREET CORP ....................... 43,031,176 1,868,500 ELSEVIER UTIGEVERSMIJ NV .................... 31,541,360 62,270 FILIPACCHI MEDIAS S.A ....................... 13,834,311 66,700 GAKKEN CO LTD ............................... 376,376 105,800 oGIBSON GREETINGS, INC ....................... 2,076,325 246,600 oGOLDEN BOOKS FAMILY ENTERTAINMENT, INC ......................... 2,743,425 80,000 GRUPO ANAYA S.A ............................. 1,491,472 70,000 GTC TRANSCONTINENTAL GROUP LTD (CLASS A) ........................ 510,687 290,408 HARCOURT GENERAL, INC ....................... 13,395,069 141,100 HOUGHTON MIFFLIN CO ......................... 7,989,787 98,300 oK-III COMMUNICATIONS CORP ................... 1,056,725 468,100 LEE ENTERPRISES, INC ........................ 10,883,325 14,400 LEE ENTERPRISES, INC (CLASS B) .............. 334,800 94,100 xoMARVEL ENTERTAINMENT GROUP, INC ............. 176,437 1,136,500 MCGRAW HILL COS, INC ........................ 52,421,062 70,500 MEREDITH CORP ............................... 3,718,875 164,600 MEREDITH CORP (CLASS B) ..................... 8,682,650 50,000 MONDADORI (ARNOLDO) EDITORE S.P.A ........... 406,315 150,000 NISSHA PRINTING CO .......................... 1,421,475 191,550 PLENUM PUBLISHING CORP ...................... 6,704,250 375,900 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VTG) ........................ 15,129,975 230,110 REED INTERNATIONAL PLC ...................... 4,337,566 248,100 oSCHOLASTIC CORP ............................. 16,684,725 692,000 SOUTH CHINA MORNING POST .................... 572,564 97,000 SOUTHAM, INC ................................ 1,348,106 143,750 THOMAS NELSON, INC .......................... 2,138,281 876,100 THOMSON CORP ................................ 19,334,658 4,113,087 TIME WARNER, INC ............................ 154,240,762 428,000 VERENIGDE NEDERLANDSE UITGEVERSBED ............................... 8,932,138 142,587 WOLTERS KLUWER NV ........................... 18,917,645 82,400 oWOONG JIN PUBLISHING CO ..................... 4,484,043 52,800 oWORLD COLOR PRESS, INC ...................... 1,016,400 --------------- 519,454,824 ---------------
See notes to financial statements. -42-
SHARES VALUE ------ ----- RAILROAD--0.87% 1,482,028 BURLINGTON NORTHERN SANTA FE CORP ........... $ 128,010,168 319,000 CANADIAN PACIFIC LTD ........................ 8,389,834 171,000 CANADIAN PACIFIC LTD (U.S.) NEW ............. 4,531,500 562,323 CONRAIL, INC ................................ 56,021,428 3,190,272 CSX CORP .................................... 134,788,992 5,560 EAST JAPAN RAILWAY CO ....................... 24,955,587 76,600 FLORIDA EAST COAST INDUSTRIES, INC .......... 6,692,925 367,377 HANKYU CORP ................................. 1,819,847 470,450 ILLINOIS CENTRAL CORP SERIES A .............. 15,054,400 461,300 KANSAS CITY SOUTHERN INDUSTRIES, INC ........ 20,758,500 216,726 KEIHIN ELECTRIC EXPRESS RAILWAY ............. 991,427 650 KEIO TEITO ELECTRIC RAILWAY CO LTD .......... 3,169 965,781 KINKI NIPPON RAILWAY CO LTD ................. 6,015,507 529,861 NAGOYA RAILROAD CO LTD ...................... 2,031,314 228,900 NANKAI ELECTRIC RAILWAY CO .................. 1,232,483 1,737,160 NIPPON EXPRESS CO LTD ....................... 11,882,712 1,483,212 NORFOLK SOUTHERN CORP ....................... 129,781,050 312,378 ODAKYU ELECTRIC RAILWAY CO LTD .............. 1,870,339 100,000 oRAILTRACK GROUP PLC (P/P) ................... 663,128 1,000,400 SAGAMI RAILWAY CO ........................... 3,619,747 1,728,572 STAGECOACH HOLDINGS PLC ..................... 20,677,155 365,369 TOBU RAILWAY CO LTD ......................... 1,784,719 992,149 TOKYU CORP .................................. 5,624,165 119,600 oTRANZ RAIL HOLDINGS LTD ..................... 726,780 1,566,299 UNION PACIFIC CORP .......................... 94,173,727 684,500 oWISCONSIN CENTRAL TRANSIT CORP .............. 27,123,312 --------------- 709,223,915 --------------- RESTAURANTS & HOTELS--1.15% 10,300 ACCOR S.A ................................... 1,301,665 406,200 APPLE SOUTH, INC ............................ 5,483,700 357,150 APPLEBEES INTERNATIONAL, INC ................ 9,821,625 749,400 oAZTAR CORP .................................. 5,245,800 348,782 BOB EVANS FARMS, INC ........................ 4,708,557 441,000 oBOSTON CHICKEN, INC ......................... 15,820,875 626,300 oBUFFETS, INC ................................ 5,714,987 442,650 oCHOICE HOTELS INTERNATIONAL, INC ............ 7,801,706 303,072 CKE RESTAURANTS, INC ........................ 10,910,592 2,652 CLUB MEDITERRANEE S.A ....................... 171,807 855,000 COMPASS GROUP PLC ........................... 9,035,022 508,125 CRACKER BARREL OLD COUNTRY STORE, INC ......................... 12,893,671 1,745,100 DARDEN RESTAURANTS, INC ..................... 15,269,625 19,700 oDAVE & BUSTERS, INC ......................... 396,462 35,200 EQUITY INNS, INC ............................ 457,600 350,600 oEXTENDED STAY AMERICA, INC .................. 7,055,825 368,800 FELCOR SUITE HOTELS, INC .................... 13,046,300 202,984 FRISCHS RESTAURANTS, INC .................... 3,247,744 100,995 FUJITA KANKO, INC ........................... 1,870,654 149 GENKI SUSHI CO LTD .......................... 2,567 85,000 oGROUPE PARTOUCHE S.A ........................ 6,948,716 162,000 HARBOUR CENTRE DEVELOPMENT LTD .............. 238,758 1,049,600 oHFS, INC .................................... 62,713,600 1,364,600 HILTON HOTELS CORP .......................... 35,650,175 26,083 oHK & SHANGAI HOTELS LTD WTS 12/10/98 ........ 9,778 58,384 oHOMESTEAD VILLAGE, INC ...................... 1,050,912 39,169 oHOMESTEAD VILLAGE, INC WTS .................. 318,248 339,083 HONG KONG & SHANGHAI HOTELS LTD ............. 640,024 1,167,400 oHOST MARRIOTT CORP .......................... 18,678,400 226,380 oHOST MARRIOTT SERVICES CORP ................. 2,065,717 1,017,536 oITT CORP (NEW) .............................. 44,135,624 1,024,050 LA QUINTA INNS, INC ......................... 19,584,956 141,500 oLANDRYS SEAFOOD RESTAURANTS, INC ............ 3,024,562 327,800 oLONE STAR STEAKHOUSE & SALOON, INC .......... 8,768,650 290,750 LUBYS CAFETERIA, INC ........................ 5,778,656 966,900 MARRIOTT INTERNATIONAL, INC ................. 53,421,225 6,472,200 MCDONALDS CORP .............................. 292,867,050 49,000 oMGM GRAND, INC .............................. 1,708,875 200,000 MIRAMAR HOTEL & INVESTMENT CO LTD ........... 400,774 73,868 MORRISON FRESH COOKING, INC ................. 341,639 322,700 oNPC INTERNATIONAL, INC ...................... 2,662,275 479,300 oOUTBACK STEAKHOUSE, INC ..................... 12,821,275 50,000 OVERSEAS UNION ENTERPRISES LTD .............. 250,214 20,000 oOVERSEAS UNION ENTERPRISES LTD WTS 7/20/98 ................................ 28,595 104,400 oPAPA JOHNS INTERNATIONAL, INC ............... 3,523,500 514,285 PICCADILLY CAFETERIAS, INC .................. 4,757,136 297,400 oPRIME HOSPITALITY CORP ...................... 4,795,575 355,950 oPROMUS HOTEL CORP ........................... 10,545,018 100,000 oQUALITY DINING, INC ......................... 1,787,500 83,300 oRAINFOREST CAFE, INC ........................ 1,957,550 443,000 RESORTS WORLD BERHAD ........................ 2,017,223 221,700 oRIO HOTEL & CASINO, INC ..................... 3,242,362 116,236 RUBY TUESDAY, INC ........................... 2,150,366 608,250 oRYANS FAMILY STEAK HOUSES, INC .............. 4,181,718 92,875 SBARRO, INC ................................. 2,368,312 3,300 oSCOTTS RESTAURANTS, INC ..................... 13,843 600,000 SHANGRI-LA ASIA LTD ......................... 888,167 2,703 SHANGRI-LA HOTELS BERHAD .................... 2,547 566,778 oSHONEYS, INC ................................ 3,967,446 440,900 oSHOWBIZ PIZZA TIME, INC NEW ................. 7,991,312 247,100 SKYLARK CO LTD .............................. 3,767,916 2,933 SODEXHO S.A ................................. 1,630,446 204,350 oSONIC CORP .................................. 5,210,925 185,000 SUN INTERNATIONAL SOUTH AFRICA .............. 148,316 1,318,400 SYSCO CORP .................................. 43,012,800 60,000 TEN ALLIED .................................. 584,097 9,500,000 oTHISTLE HOTELS PLC .......................... 29,507,090 1,107,000 +oTPI ENTERPRISES, INC ........................ 103,781 318,100 oVICORP RESTAURANTS, INC ..................... 4,214,825 4,322,469 WENDYS INTERNATIONAL, INC ................... 88,610,614 --------------- 935,345,867 --------------- RETAIL--FOOD--0.68% 1,717,800 ALBERTSONS, INC ............................. 61,196,625 1,105,416 AMERICAN STORES CO NEW ...................... 45,183,879 11,850,000 ASDA GROUP PLC .............................. 24,943,053 4,878 oBRUNOS, INC ................................. 84,145 80,752 CARREFOUR SUPERMARCHE S.A ................... 52,438,762 16,256 CASINO GUICHARD-PERRACHON S.A ............... 755,452 30,000 CENTROS COMERCIALES CONTINENTE S.A .......... 613,502 109,000 CENTROS COMERCIALES PRYCA S.A ............... 2,304,478 2,350 COLRUYT S.A ................................. 1,076,448 151,500 DELCHAMPS, INC .............................. 2,935,312 54,750 DELHAIZE FRERES NV .......................... 3,249,060 50,000 oDOMINICKS SUPERMARKETS, INC ................. 1,087,500 263,721 FLEMING COS, INC ............................ 4,549,187 1,099,050 FOOD LION, INC (CLASS A) .................... 10,750,082 1,842,450 FOOD LION, INC (CLASS B) .................... 18,654,806 399,400 GIANT FOOD, INC (CLASS A) ................... 13,779,300 263,700 GREAT ATLANTIC & PACIFIC TEA CO, INC ........ 8,405,437 500,300 HANNAFORD BROTHERS, INC ..................... 17,010,200 59,067 KONINKLIJKE AHOLD NV ........................ 3,687,849 1,263,604 oKROGER CO ................................... 58,757,586 50,700 LOBLAW COS LTD .............................. 523,385 355,000 MARUETSU, INC ............................... 2,419,135 234,700 NASH FINCH CO ............................... 4,987,375 84,500 OSHAWA GROUP LTD (CLASS A) .................. 1,248,358 38,800 PRIMISTERES REYNOIRD S.A .................... 2,133,745 9,300 PROMODES S.A ................................ 2,620,699 See notes to financial statements.
-43-
SHARES VALUE ------ ----- RETAIL--FOOD--(CONTINUED) 44,726 oQUALITY FOOD CENTERS, INC ................... $ 1,509,502 770,900 RUDDICK CORP ................................ 10,792,600 314,437 RYKOFF-SEXTON, INC .......................... 4,991,687 3,364,905 SAFEWAY PLC ................................. 23,263,782 1,855,300 oSAFEWAY, INC NEW ............................ 79,314,075 799,350 SAINSBURY (J) PLC ........................... 5,307,559 904 SEIYO FOOD SYSTEMS .......................... 8,021 459,524 xoSIZZLER INTERNATIONAL, INC .................. 1,321,131 1,441,800 oSOUTHLAND CORP .............................. 4,280,343 471,600 oSTARBUCKS CORP .............................. 13,499,550 622,900 SUPERVALU, INC .............................. 17,674,787 866,170 TESCO PLC ................................... 5,254,670 297,500 oVONS COS, INC ............................... 17,812,812 156,500 WEIS MARKETS, INC ........................... 4,988,437 612,132 WINN DIXIE STORES, INC ...................... 19,358,674 --------------- 554,772,990 --------------- RETAIL--GENERAL MERCHANDISE--3.58% 387,500 xo50-OFF STORES, INC .......................... 66,603 108,000 ADIDAS AG ................................... 9,320,612 179,000 AOYAMA TRADING CO LTD ....................... 4,749,621 1,386,000 oAPPLIED INTERNATIONAL HOLDINGS LTD .......... 82,425 277,200 oAPPLIED INTERNATIONAL HOLDINGS LTD WTS 12/30/99 ............................... 4,694 201,900 oAPS HOLDING CORP ............................ 3,129,450 112,942 ARGOS PLC 5/7 (P/P) ......................... 1,485,338 150,000 oASICS CORP .................................. 343,738 1,674,900 oAUTOZONE, INC ............................... 46,059,750 35,700 oBABY SUPERSTORE, INC ........................ 856,800 221,000 oBARNES & NOBLE, INC ......................... 5,967,000 1,650 BAZAR DE LHOTEL DE VILLE .................... 140,885 306,600 oBED BATH & BEYOND, INC ...................... 7,435,050 38,533 xoBEN FRANKLIN RETAIL STORES, INC ............. 2,311 353,100 oBEST BUY, INC ............................... 3,751,687 930 BEST DENKI CO LTD ........................... 10,736 111,200 BLAIR CORP .................................. 2,140,600 522,512 oBOMBAY, INC ................................. 2,416,618 419,800 BOOTS CO LTD ................................ 4,328,382 222,900 oBORDERS GROUP, INC .......................... 7,996,537 172,100 BROWN GROUP, INC ............................ 3,162,337 30,000 BULGARI S.P.A ............................... 607,992 319,787 oBURLINGTON COAT FACTORY WAREHOUSE CORP ............................. 4,157,231 4,850,000 BURTON GROUP PLC ............................ 13,009,944 229,500 xoCALDOR CORP ................................. 258,187 160,000 CANADIAN TIRE, INC (CLASS A) ................ 2,655,576 655,000 CARPETRIGHT PLC ............................. 6,501,228 132,547 oCARSON PIRIE SCOTT & CO ..................... 3,346,811 669,600 CASEYS GENERAL STORES, INC .................. 12,555,000 45,518 CASTORAMA DUBOIS S.A ........................ 7,818,642 663,600 oCHARMING SHOPPES, INC ....................... 3,359,475 40 CHIYODA CO .................................. 620 696,000 oCIFRA S.A. DE CV SERIES B ................... 852,320 249,000 oCIFRA S.A. DE CV SERIES C ................... 303,659 3,135,600 CIRCUIT CITY STORES, INC .................... 94,459,950 598,100 CLAIRES STORES, INC ......................... 7,775,300 108,618 CLAIRES STORES, INC (CLASS A) ............... 1,412,034 547,000 xoCLOTHESTIME, INC ............................ 153,843 555,100 CML GROUP, INC .............................. 1,873,462 3,274,930 COLES MYER LTD .............................. 13,474,614 968 COMPTOIRS MODERNES .......................... 521,350 674,375 oCONSOLIDATED STORES CORP .................... 21,748,593 45,000 CORTEFIEL S.A ............................... 1,349,244 2,500,000 oCOURTS (SINGAPORE) LTD ...................... 3,109,806 3,204,432 oCUC INTERNATIONAL, INC ...................... 76,105,260 793,100 CVS CORP .................................... 32,814,512 23,200 oCYRK, INC ................................... 301,600 1,366,550 DAIEI, INC .................................. 10,418,953 500 DAIICHI CORP ................................ 10,079 425,380 DAIMARU, INC ................................ 2,268,417 24,600 DART GROUP CORP (CLASS A) ................... 2,287,800 1,666,745 DAYTON HUDSON CORP .......................... 65,419,741 220,500 DEB SHOPS, INC .............................. 937,125 38,500 oDEPARTMENT 56, INC .......................... 952,875 2,400,000 DICKSON CONCEPTS LTD ........................ 8,998,027 1,467,200 DILLARD DEPARTMENT STORES, INC (CLASS A) ...................... 45,299,800 1,987,193 DIXONS GROUP PLC ............................ 18,448,707 737,806 DOLLAR GENERAL CORP ......................... 23,609,792 124,400 oDOLLAR TREE STORES, INC ..................... 4,758,300 12,000 DOUGLAS HOLDINGS AG ......................... 471,091 435,400 oDRESS BARN, INC ............................. 6,531,000 162,300 DUTY FREE INTERNATIONAL, INC ................ 2,353,350 114 oDYLEX LTD ................................... 306 38 oDYLEX LTD WTS 5/31/98 ....................... 13 328,060 oECKERD CORP ................................. 10,497,920 92,100 xoEDISON BROTHERS STORES, INC ................. 103,612 252,800 oEGGHEAD, INC ................................ 1,327,200 74,700 ETHAN ALLEN INTERIORS, INC .................. 2,875,950 187,900 oFABRI-CENTERS OF AMERICA (CLASS A) .......... 3,029,887 245,800 oFABRI-CENTERS OF AMERICA (CLASS B) .......... 3,779,175 327,800 FAMILY DOLLAR STORES, INC ................... 6,678,925 1,590,549 oFEDERATED DEPARTMENT STORES, INC ............ 54,277,484 566,700 FINGERHUT COS, INC .......................... 6,942,075 235,801 oFOOTSTAR, INC ............................... 5,865,549 150,800 oFURNITURE BRANDS INTERNATIONAL, INC ......................... 2,111,200 1,992,900 GAP, INC .................................... 60,036,112 12,606,000 GOLDLION HOLDINGS CO LTD .................... 10,348,778 476,700 oGOOD GUYS, INC .............................. 3,098,550 310,300 oGOTTSCHALKS, INC ............................ 1,629,075 92,400 GRANDOPTICAL PHOTOSERVICE S.A ............... 14,947,366 395,400 GREAT UNIVERSAL STORES PLC .................. 4,141,085 373,400 oGYMBOREE CORP ............................... 8,541,525 270,678 HANCOCK FABRICS, INC ........................ 2,808,284 191,275 oHANDLEMAN CO ................................ 1,625,837 266,700 HANKYU DEPARTMENT STORES, INC ............... 2,642,263 274,375 oHANOVER DIRECT, INC ......................... 205,781 188,815 HECHINGER CO (CLASS A) ...................... 389,430 166,225 HECHINGER CO (CLASS B) ...................... 592,176 652,287 HEILIG MEYERS CO ............................ 10,599,663 61,200 HENNES & MAURITZ AB SERIES B ................ 8,461,173 771 HOMAC CORP .................................. 13,948 4,146,233 HOME DEPOT, INC ............................. 207,829,929 1,890 oHOUSE OF FABRICS, INC ....................... 6,378 4,723 oHOUSE OF FABRICS, INC WTS ................... 9,446 194,500 oHSN, INC .................................... 4,619,375 167,400 oINTELLIGENT ELECTRONICS, INC ................ 1,339,200 1,805,200 INTIMATE BRANDS, INC (CLASS A) .............. 30,688,400 250,000 ISETAN CO ................................... 3,230,625 823,248 ITO-YOKADO CO LTD ........................... 35,745,098 249,000 IZUMIYA CO LTD .............................. 3,518,021 96,050 JACOBSON STORES, INC ........................ 888,462 67,000 oJONES APPAREL GROUP, INC .................... 2,504,125 12,500,000 JOYCE BOUTIQUE HOLDINGS ..................... 3,167,409 707,350 JUSCO CO LTD ................................ 23,948,713 3,920,000 oK MART CORP ................................. 40,670,000 3,800 KARSTADT AG ................................. 1,282,200 37,000 KESKO CO .................................... 521,002 3,327,371 KINGFISHER PLC .............................. 35,958,430 477,100 oKOHLS CORP .................................. 18,726,175
See notes to financial statements. -44-
SHARES VALUE ------ ----- RETAIL--GENERAL MERCHANDISE --(CONTINUED) 255,400 oLANDS END, INC .............................. $ 6,768,100 34,100 LAOX CO LTD ................................. 517,037 147,000 oLECHTERS, INC ............................... 744,187 1,705,805 LIMITED, INC ................................ 31,344,166 206,121 LONGS DRUG STORES CORP ...................... 10,125,694 997,300 LOWES COS, INC .............................. 35,404,150 190,490 oLURIA (L.) & SON, INC ....................... 500,036 311,200 oMAC FRUGALS BARGAINS CLOSE-OUTS, INC ............................ 8,130,100 4,541,400 MARKS & SPENCER PLC ......................... 38,159,036 968,853 MARUI CO LTD ................................ 17,444,537 2,548,370 MAY DEPARTMENT STORES CO .................... 119,136,297 132,400 oMEIKLES AFRICA LTD .......................... 195,290 120,500 oMENS WAREHOUSE, INC ......................... 2,952,250 294,800 MERCANTILE STORES CO, INC ................... 14,555,750 64,566 oMETRO AG .................................... 5,195,108 145,700 oMEYER (FRED), INC ........................... 5,172,350 76,300 oMICHAELS STORES, INC ........................ 915,600 79,900 oMICROAGE, INC ............................... 1,598,000 102,000 MINISTOP CO LTD ............................. 2,486,805 640,900 MITSUKOSHI LTD .............................. 4,538,552 12,000 MIZUNO CORP ................................. 90,767 11,900 oMOVIE GALLERY, INC .......................... 154,700 39 MR MAX CORP ................................. 517 503,500 oMUSICLAND STORES CORP ....................... 755,250 578,400 MYCAL CORP .................................. 8,371,298 239,149 oNEIMAN-MARCUS GROUP, INC .................... 6,098,299 1,977,600 NEXT PLC .................................... 19,205,714 520 NISSEN CO LTD ............................... 3,628 624,300 NORDSTROM, INC .............................. 22,123,631 581,100 oOFFICEMAX, INC .............................. 6,174,187 11,624 OPSM PROTECTOR LTD .......................... 26,960 358,823 oPAYLESS SHOESOURCE, INC ..................... 13,455,862 2,030,441 PENNEY, (J.C.) CO, INC ...................... 98,983,998 750,400 PEP BOYS MANNY, MOE, & JACK CO .............. 23,074,800 43,900 PEPKOR LTD .................................. 134,679 183,600 oPETRIE STORES CORP (LIQUIDATING TRUST) ........................ 504,900 701,800 oPETSMART, INC ............................... 15,351,875 22,600 PICK'N PAY STORES LTD ....................... 22,708 45,200 PICK'N PAY STORES LTD SERIES N .............. 41,552 595,061 PIER 1 IMPORTS, INC ......................... 10,487,950 11,038 PINAULT-PRINTEMPS-REDOUTE S.A ............... 4,369,507 96,000 PLAYMATES TOYS HOLDINGS LTD ................. 25,752 1,871,835 oPRICE/COSTCO, INC ........................... 47,029,854 167,000 oPROFFITTS, INC .............................. 6,158,125 9,213,000 PT MATAHARI PUTRA PRIMA (FR) ................ 10,717,022 186,000 oPT RAMAYANA LESTARI (FR) .................... 401,257 1,300,000 oPT RAMAYANA LESTARI (LR) .................... 2,804,490 78,500 REGIS CORP .................................. 1,275,625 601,700 oREVCO (D.S.), INC NEW ....................... 22,262,900 240,884 oREX STORES CORP ............................. 1,957,182 93,250 oREXALL SUNDOWN, INC ......................... 2,535,234 465,000 RINASCENTE S.P.A ............................ 2,692,536 3,250 oRINASCENTE S.P.A. WTS 12/31/99 .............. 1,430 1,277,563 RITE AID CORP ............................... 50,783,129 1,024,000 ROBINSON & CO LTD ........................... 4,099,511 2,476,100 ROBINSON DEPARTMENT STORE (FR) .............. 2,269,462 332,600 ROSS STORES, INC ............................ 16,630,000 1,456,000 ROUSE CO .................................... 46,228,000 2,400 ROYAL CO LTD ................................ 44,453 42,650 RUSS BERRIE & CO, INC ....................... 767,700 651,100 SEARS PLC ................................... 1,058,516 3,477,200 SEARS ROEBUCK & CO .......................... 160,385,850 485,430 SEIYU LTD ................................... 4,767,456 500 SENSHUKAI CO LTD ............................ 5,125 569,112 oSERVICE MERCHANDISE, INC .................... 2,418,726 132,234 SEVEN-ELEVEN JAPAN CO LTD ................... 7,723,748 237,000 SHIMACHU CO ................................. 6,064,012 500 SHIMAMAURA CO LTD ........................... 17,143 900,000 oSIAM MAKRO PUBLIC CO LTD .................... 3,790,994 505,000 SOTHEBYS HOLDINGS, INC (CLASS A) ............ 9,405,625 1,146,168 oSTAPLES, INC ................................ 20,702,659 118,500 oSTEIN MART, INC ............................. 2,399,625 2,217,975 STOREHOUSE PLC .............................. 9,792,701 146,735 STRAWBRIDGE & CLOTHIER (CLASS A) ............ 2,329,418 487,700 STRIDE RITE CORP ............................ 4,877,000 650,500 oSUNGLASS HUT INTERNATIONAL, INC ............. 4,716,125 249,400 oSYMS CORP ................................... 2,119,900 15,300 oTAG HEUER INTERNATIONAL S.A ................. 2,461,127 1,022,000 TAKASHIMAYA CO LTD .......................... 12,238,296 48,900 TALBOTS, INC ................................ 1,399,762 545,601 TANDY CORP .................................. 24,006,444 182,900 oTHE SPORTS AUTHORITY, INC ................... 3,978,075 220,000 oTHE WAREHOUSE GROUP LTD ..................... 528,536 125,400 TIFFANY & CO NEW ............................ 4,592,775 32,600 oTIMBERLAND CO ............................... 1,238,800 979,880 TJX COS, INC NEW ............................ 46,421,815 534,100 oTOPPS, INC .................................. 2,136,400 3,579,550 oTOYS R US, INC .............................. 107,386,500 126,000 oTRANS WORLD ENTERTAINMENT CORP .............. 899,719 57,000 oUNITED AUTO GROUP, INC ...................... 1,467,750 302,000 UNY CO LTD .................................. 5,515,667 1,637 VALORA HOLDINGS AG REGD ..................... 312,088 200,000 VENDOME LUXURY GROUP PLC (UNITS) ............ 1,822,534 173,626 oVENTURE STORES, INC ......................... 520,878 369,950 oWABAN, INC .................................. 9,618,700 13,665,776 WAL-MART STORES, INC ........................ 312,604,626 1,730,400 WALGREEN CO ................................. 69,216,000 39,100 oWEST MARINE, INC ............................ 1,104,575 310,575 oWILLIAMS-SONOMA, INC ........................ 11,297,165 1,594,800 oWOOLWORTH CORP .............................. 34,886,250 112,000 YORK-BENIMARU ............................... 3,116,562 379,500 oZALE CORP ................................... 7,257,937 --------------- 2,911,568,907 --------------- TEXTILE & APPAREL--0.48% 145,000 oALPARAGATAS S.A. INDUSTRIAL Y COMERCIAL ................................. 124,724 130,400 ANGELICA CORP ............................... 2,493,900 158,500 oANN TAYLOR STORES CORP ...................... 2,773,750 200 ATSUGI NYLON INDUSTRIAL CO LTD .............. 685 139,000 BENETTON GROUP S.P.A ........................ 1,755,155 236,700 oBURLINGTON INDUSTRIES, INC .................. 2,603,700 456,300 CATO CORP (CLASS A) NEW ..................... 2,281,500 60,130 oCHARGEURS INTERNATIONAL S.A ................. 2,972,494 289,800 COATS VIYELLA PLC ........................... 659,593 126,100 oCONE MILLS CORP ............................. 993,037 42,000 COURTAULDS TEXTILES PLC ..................... 162,436 90,674 DAWSON INTERNATIONAL PLC .................... 89,222 24,500 oDE RIGO S.P.A. ADR .......................... 223,562 168,700 DOMINION TEXTILES, INC ...................... 861,530 17 ESCADA AG. (STAMM) .......................... 2,746 109,500 FAB INDUSTRIES, INC ......................... 3,011,250 122,100 oFIELDCREST CANNON, INC ...................... 1,953,600 24,000 FILA HOLDING S.P.A. ADR ..................... 1,395,000 781,100 oFRUIT OF THE LOOM, INC (CLASS A) ............ 29,584,162 315,200 G & K SERVICES, INC (CLASS A) ............... 11,898,800 120,900 oGENESCO, INC ................................ 1,118,325 67,000 GUCCI GROUP NV ADR .......................... 4,279,625 272,705 GUILFORD MILLS, INC ......................... 7,260,770 79,000 oGUNZE LTD ................................... 409,031
See notes to financial statements. -45-
SHARES VALUE ------ ----- TEXTILE & APPAREL--(CONTINUED) 277,200 oHARTMARX CORP ............................... $ 1,559,250 2,000,000 IINER MONGOLIA ERDOS CASHMERE CO LTD ............................ 1,260,000 203,250 oJUST FOR FEET, INC .......................... 5,335,312 203,800 oKANEBO LTD .................................. 419,621 533,050 KELLWOOD CO ................................. 10,661,000 401,000 KURABO INDUSTRIES LTD ....................... 1,140,022 132,250 KURARAY CO LTD .............................. 1,219,087 559,600 LIZ CLAIBORNE, INC .......................... 21,614,550 22,000 MARZOTTO & FIGLI S.P.A ...................... 141,864 231,800 oMOHAWK INDUSTRIES, INC ...................... 5,099,600 245,200 oNAUTICA ENTERPRISES, INC .................... 6,191,300 980,600 NIKE, INC (CLASS B) ......................... 58,590,850 208,400 oNINE WEST GROUP, INC ........................ 9,664,550 50,000 NIPPON FELT CO LTD .......................... 249,835 246,000 NISSHINBO INDUSTRY, INC ..................... 1,911,599 180,000 ONWARD KASHIYMA CO LTD ...................... 2,527,641 141,500 OSHKOSH B'GOSH, INC (CLASS A) ............... 2,157,875 161,500 OXFORD INDUSTRIES, INC ...................... 3,876,000 42,100 oPARAGON TRADE BRANDS, INC ................... 1,263,000 45,130 oPATHE S.A ................................... 10,851,057 346,188 PHILLIPS VAN HEUSEN CORP .................... 4,976,452 10,801,800 PT INDO RAMA SYNTHETICS (FR) ................ 10,509,071 440,010 REEBOK INTERNATIONAL LTD .................... 18,480,420 492,228 oRENOWN, INC ................................. 1,310,328 364,500 RUSSELL CORP ................................ 10,843,875 888 SALAMANDER AG ............................... 87,584 102,000 oSANRIO CO LTD ............................... 821,612 197,500 SPRING INDUSTRIES, INC ...................... 8,492,500 86,500 ST. JOHN KNITS, INC ......................... 3,762,750 92,855 oTAVEX ALGODONERA S.A ........................ 849,504 778,000 TEIJIN LTD .................................. 3,391,449 560,600 TOKYO STYLE CO LTD .......................... 7,823,901 738,000 TORAY INDUSTRIES, INC ....................... 4,545,877 301,000 TOYOBO CO LTD ............................... 902,404 109,900 oTULTEX CORP ................................. 769,300 520,925 UNIFI, INC .................................. 16,734,715 384,000 oUNITIKA LTD ................................. 827,040 485,900 VF CORP ..................................... 32,798,250 368,800 WARNACO GROUP, INC (CLASS A) ................ 10,925,700 267,800 oWESTPOINT STEVENS, INC ...................... 8,000,525 454,025 WOLVERINE WORLD WIDE, INC ................... 13,166,725 68,600 WORLD CO LTD ................................ 2,836,747 2,236,542 ZIMBABWE SPINNERS & WEAVERS ................. 258,320 --------------- 387,757,659 --------------- TOBACCO--1.45% 1,165,400 AMERICAN BRANDS, INC ........................ 57,832,975 1,255,975 B.A.T. INDUSTRIES LTD ....................... 10,413,600 870 CIE FINANCIERE RICHEMONT AG.(UNITS A) ....... 1,218,052 528,250 DIMON, INC .................................. 12,215,781 193,800 EMPRESAS LA MODERN SERIES A NPV ............. 960,140 313,900 IMASCO LTD .................................. 7,694,635 35,328 NOBLEZA-PICCARDO S.A. (CLASS B) ............. 134,273 7,973,900 PHILIP MORRIS COS, INC ...................... 898,060,487 1,641,500 PT HANJAYA MANDALA SAMPOERNA (FR) ........... 8,748,866 3,000,000 R.J. REYNOLDS BERHAD ........................ 8,136,998 148,700 REMBRANDT GROUP LTD ......................... 1,327,250 2,479,946 RJR NABISCO HOLDINGS CORP ................... 84,318,164 171,620 ROTHMANS HOLDINGS LTD ....................... 1,104,173 117,000 ROTHMANS OF PALL MALL BERHAD ................ 1,227,677 245,090 SCHWEITZER-MAUDUIT INTERNATIONAL, INC ......................... 7,750,971 22,000 SEITA S.A ................................... 918,288 64,478 SOUZA CRUZ S.A .............................. 423,192 251,016 oSTANDARD COMMERCIAL CORP .................... 5,083,074 15,000 TABACALERA S.A. SERIES A (REGD) ............. 644,638 378,700 UNIVERSAL CORP .............................. 12,165,737 1,753,500 UST, INC .................................... 56,769,562 --------------- 1,177,148,533 --------------- TRADING COMPANIES--0.14% 65,000 INCHCAPE BERHAD ............................. 225,836 4,255,350 ITOCHU CORP ................................. 22,802,420 221,540 IWATANI & CO LTD ............................ 940,923 3,903,950 MARUBENI CORP ............................... 16,748,999 3,273,000 MITSUBISHI CORP ............................. 33,836,274 3,670,664 MITSUI & CO LTD ............................. 29,725,404 59,000 oNAGASE & CO ................................. 488,461 800 RYOSAN CO LTD ............................... 17,781 330,195 STELUX HOLDINGS INTERNATIONAL LTD ........... 85,376 1,342,310 SUMITOMO CORP ............................... 10,557,932 968 TACHIBANA SHOKAI LTD ........................ 7,922 --------------- 115,437,328 --------------- TRUCKERS & SHIPPING--0.29% 6,000 AISIN SEIKI CO LTD .......................... 95,109 377,500 oAMERICAN FREIGHTWAYS CORP ................... 4,199,687 286,106 APL LTD ..................................... 6,759,254 661,400 ARNOLD INDUSTRIES, INC ...................... 10,499,725 72,400 BERGESEN AS SERIES A ........................ 1,768,782 691,652 BRAMBLES INDUSTRIES LTD ..................... 13,487,258 158,300 CALIBER SYSTEM, INC ......................... 3,047,275 27,500 CNF TRANSPORTATION, INC ..................... 611,875 13,750 oCONSOLIDATED FREIGHTWAYS CORP ............... 122,031 306 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ........ 7,858,916 294 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ........................ 11,014,587 110,000 oHALTER MARINE GROUP, INC .................... 1,512,500 265,580 oHEARTLAND EXPRESS, INC ...................... 6,473,512 300,000 oHITACHI ZOSEN CORP .......................... 1,163,025 201,350 HUNT (J.B.) TRANSPORT SERVICES, INC ......... 2,818,900 27,000 ICB SHIPPING AB SERIES B .................... 1,192,225 45,000 JURONG SHIPYARD LTD ......................... 226,801 101,000 KAMIGUMI CO LTD ............................. 661,287 1,100,000 KAWASAKI HEAVY INDUSTRIES LTD ............... 4,539,243 1,124,000 oKAWASAKI KISEN KAISHA LTD ................... 2,556,380 9,000 KONINKLIJKE NEDLLOYD GROEP NV ............... 246,618 6,000 LAIDLAW, INC (CLASS A) ...................... 70,474 363,392 LAIDLAW, INC (CLASS B) ...................... 4,228,569 277,800 oLANDSTAR SYSTEM, INC ........................ 6,458,850 1,000 oLAURITZEN J. HOLDINGS (CLASS B) ............. 116,970 105,100 oM.S. CARRIERS, INC .......................... 1,681,600 476,000 MALAYSIAN INTERNATIONAL SHIPPING CO (FR) ........................... 1,413,580 125,900 MITSUBISHI WAREHOUSE & TRANSPORTATION CO LTD ...................... 1,626,942 342,960 oMITSUI ENGINEERING & SHIP BUILDING CO LTD ............................ 697,285 1,857,080 oMITSUI OSK LINES LTD ........................ 4,431,652 367,000 MITSUI SOKO CO LTD .......................... 2,393,410 17,142 oNCL HOLDINGS AS ............................. 28,724 199,000 NEPTUNE ORIENT LINES LTD .................... 172,140 498,840 NIPPON YUSEN KABUSHIKI KAISHA ............... 2,251,893 64,720 OCEAN GROUP PLC ............................. 537,717 1,094,400 oOMI, INC .................................... 9,576,000 427,560 OVERSEAS SHIPHOLDING GROUP, INC ............. 7,268,520 641,000 PARK MAY BERHAD ............................. 1,157,378 3,634,214 PENINSULAR & ORIENTAL STEAM NAVIGATION CO .............................. 36,693,459 214,850 PITTSTON BURLINGTON GROUP CO ................ 4,297,000 116,750 ROADWAY EXPRESS, INC ........................ 2,262,031 1,028,852 RYDER SYSTEM, INC ........................... 28,936,462 122,000 SAFMARINE & RENNIES HOLDINGS LTD ............ 273,863 804,000 SEINO TRANSPORTATION CO LTD ................. 8,865,868 29,000 SHURGARD STORAGE CENTERS, INC ............... 859,125 34,639 oSOCIETE ANOMYNE DE GERANCE & D'ARMENENT ................................. 599,659 216,200 oSWIFT TRANSPORTATION CO, INC ................ 5,080,700 61,700 TRANSPORTATION DEVELOPMENT GROUP PLC ................................... 199,031 17,000 TRANSPORT MARITIMA MEXICO SERIES L .......... 89,621 33,300 TRENCOR LTD ................................. 167,300 41,800 USFREIGHTWAYS CORP .......................... 1,146,887 640,550 WERNER ENTERPRISES, INC ..................... 11,609,968 9,500 XTRA CORP ................................... 412,062 865,006 YAMATO TRANSPORT CO LTD ..................... 8,942,432 154,600 oYELLOW CORP ................................. 2,222,375 --------------- 237,624,537 ---------------
See notes to financial statements. -46-
SHARES VALUE ------ ----- UTILITIES--ELECTRIC--3.52% 233,900 oAES CORP .................................... $ 10,876,350 1,402,900 ALLEGHENY POWER SYSTEMS, INC ................ 42,613,087 1,293,997 AMERICAN ELECTRIC POWER CO, INC ............. 53,215,626 874,400 ATLANTIC ENERGY, INC ........................ 14,974,100 120,000 oAUSTRALIA GAS LIGHT CO ...................... 682,462 1,150,524 BALTIMORE GAS & ELECTRIC CO ................. 30,776,517 395,350 BLACK HILLS CORP ............................ 11,119,218 403,086 BOSTON EDISON CO ............................ 10,832,936 1,098,836 CAROLINA POWER & LIGHT CO ................... 40,107,514 1,535,559 CENTERIOR ENERGY CORP ....................... 16,507,259 1,510,400 CENTRAL & SOUTH WEST CORP ................... 38,704,000 77,200 CENTRAL HUDSON GAS & ELECTRIC CORP .......... 2,422,150 1,134,364 +CENTRAL LOUISIANA ELECTRIC, INC ............. 31,336,805 148,938 CENTRAL MAINE POWER CO ...................... 1,731,404 66,000 CHILECTRA S.A. ADR .......................... 3,547,500 115,700 CHILGENER S.A. ADR .......................... 2,415,237 860,400 CHINA LIGHT & POWER CO LTD .................. 3,826,457 57,200 CILCORP, INC ................................ 2,094,950 1,751,998 CINERGY CORP ................................ 58,472,933 301,809 CIPSCO, INC ................................. 10,902,850 411,950 oCITIZENS UTILITIES CO (CLASS B) ............. 4,582,943 1,857,000 CMS ENERGY CORP ............................. 62,441,625 3,760,800 CONSOLIDATED EDISON CO OF NEW YORK, INC .............................. 110,003,400 15,075 CONSOLIDATED ELECTRIC POWER ASIA LTD ............................. 35,373 638,600 DELMARVA POWER & LIGHT CO ................... 13,011,475 1,239,800 DOMINION RESOURCES, INC ..................... 47,732,300 629,550 DPL, INC .................................... 15,423,975 729,793 DQE, INC .................................... 21,163,997 1,661,418 DTE ENERGY CO ............................... 53,788,407 1,503,500 DUKE POWER CO ............................... 69,536,875 86,240 EAST MIDLANDS ELECTRICITY PLC ............... 982,161 290,600 EASTERN UTILITIES ASSOCIATION CO ............ 5,049,175 6,185,510 EDISON INTERNATIONAL CO ..................... 122,937,011 2,089,000 EDISON ...................................... 13,195,795 42,714 oEL PASO ELECTRIC CO ......................... 277,641 78,251 ELECTRABEL NV ............................... 18,500,869 2,000 ELECTRABEL S.A. STRIP (VVPR) ................ 1,951 9,977,766 ELECTROBRAS S.A ............................. 3,572,060 514,840 EMPRESA NACIONAL DE ELECTRIDAD S.A .......... 36,572,750 270,000 EMPRESA NACIONAL DE ELECTRIDAD S.A. ADR ........................ 4,185,000 150,000 ENERSIS S.A. ADR ............................ 4,162,500 611,990 ENOVA CORP .................................. 13,922,772 2,149,304 ENTERGY CORP NEW ............................ 59,643,186 634,339 FLORIDA PROGRESS CORP ....................... 20,457,432 1,287,048 FPL GROUP, INC .............................. 59,204,208 1,230,700 GPU, INC .................................... 41,382,287 382,491 HAWAIIAN ELECTRIC INDUSTRIES, INC ........... 13,817,487 4,700,025 HONG KONG ELECTRIC CO LTD ................... 15,616,055 1,668,300 HOUSTON INDUSTRIES, INC ..................... 37,745,287 2,077,397 IBERDROLA S.A ............................... 29,386,691 778,800 IDAHO POWER CO .............................. 24,240,150 21,000 IES INDUSTRIES, INC ......................... 627,375 1,149,452 ILLINOVA CORP ............................... 31,609,930 669,500 IPALCO ENTERPRISES, INC ..................... 18,243,875 1,480,914 KANSAI ELECTRIC POWER CO, INC ............... 30,619,377 582,834 KANSAS CITY POWER & LIGHT CO ................ 16,610,769 257,000 KOREA ELECTRIC POWER CORP ................... 7,479,162 18,300 KU ENERGY CORP .............................. 549,000 78,857 LONDON ELECTRICITY PLC ...................... 918,321 1,127,700 LONG ISLAND LIGHTING CO ..................... 24,950,362 670,400 LOUISVILLE GAS & ELECTRIC ENERGY CORP ................................ 16,424,800 645,000 MANILA ELECTRIC CO SERIES B ................. 5,272,839 434,700 MIDAMERICAN ENERGY HOLDINGS CO .............. 6,900,862 405,402 MINNESOTA POWER & LIGHT CO .................. 11,148,555 1,594,206 MONTANA POWER CO ............................ 34,076,153 686,795 NATIONAL GRID GROUP PLC ..................... 2,297,735 1,717,900 NATIONAL POWER PLC .......................... 14,375,828 1,576,600 NEVADA POWER CO ............................. 32,320,300 783,943 NEW ENGLAND ELECTRIC SYSTEMS CO ............. 27,340,012 1,068,086 NEW YORK STATE ELECTRIC & GAS CORP .......... 23,097,359 1,337,900 oNIAGARA MOHAWK POWER CORP ................... 13,211,762 645,579 NIPSCO INDUSTRIES, INC ...................... 25,581,067 651,100 NORTHEAST UTILITIES CO ...................... 8,627,075 44,231 NORTHERN ELECTRIC PLC ....................... 491,622 588,200 NORTHERN STATES POWER CO .................... 26,983,675 1,444,792 OHIO EDISON CO .............................. 32,869,018 835,329 OKLAHOMA GAS & ELECTRIC CO .................. 34,874,985 189,900 ORANGE & ROCKLAND UTILITY, INC .............. 6,812,662 12,000 OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG. ............... 897,272 5,459,740 PACIFIC GAS & ELECTRIC CO ................... 114,654,540 2,092,200 PACIFICORP .................................. 42,890,100 4,698,702 oPAUL F LUZ S.A .............................. 556,193 27,304 oPAUL F LUZ S.A. RTS ......................... 199 2,179,900 PECO ENERGY CO .............................. 55,042,475 718,400 PINNACLE WEST CAPITAL CORP .................. 22,809,200 605,900 PORTLAND GENERAL CORP ....................... 25,447,800 634,700 POTOMAC ELECTRIC POWER CO ................... 16,343,525 2,500 oPOWERFIN S.A ................................ 381,719 1,022,772 PP&L RESOURCES, INC ......................... 23,523,756 1,118,592 PUBLIC SERVICE CO OF COLORADO ............... 43,485,264 932,562 PUBLIC SERVICE CO OF NEW MEXICO ............. 18,301,529 2,446,446 PUBLIC SERVICE ENTERPRISE GROUP, INC ................................. 66,665,653 1,089,003 PUGET SOUND POWER & LIGHT CO ................ 26,136,072 595,920 RHEIN-WESTFALEN ELECTRIC AG. (STAMM) ........ 25,211,845 165,600 ROCHESTER GAS & ELECTRIC CORP ............... 3,167,100 670,900 SCANA CORP .................................. 17,946,575 391,201 SCOTTISH POWER PLC .......................... 2,356,507 188,565 SEVILLANA DE ELECTRICIDAD S.A ............... 2,138,289 178,544 SHUN TAK ENTERPRISES CORP LTD ............... 118,875 529,000 SIERRA PACIFIC RESOURCES .................... 15,208,750 4,911,062 SOUTHERN CO ................................. 111,112,777 55,800 SOUTHERN ELECTRICITY PLC .................... 760,104 447,083 SOUTHWESTERN PUBLIC SERVICE CO .............. 15,815,561 947,252 TECO ENERGY, INC ............................ 22,852,454 4,500,000 TENAGA NASIONAL BERHAD ...................... 21,560,076 1,620,107 TEXAS UTILITIES CO .......................... 66,019,360 942,603 TOHOKU ELECTRIC POWER CO, INC ............... 18,677,207 1,190,574 TOKYO ELECTRIC POWER CO, INC ................ 26,052,259 19,638 TRACTEBEL NV ................................ 9,134,547 19,638 oTRACTEBEL NV WTS 11/15/99 ................... 284,392 204,000 TRANSALTA CORP .............................. 2,567,300 259,520 oTUCSON ELECTRIC POWER CO .................... 4,314,520 2,134,670 UNICOM CORP ................................. 57,902,923 788,100 UNION ELECTRIC CO ........................... 30,341,850 100,000 UNION ELECTRICA FENOSA S.A .................. 1,072,476 89,000 UNITED ILLUMINATING CO ...................... 2,792,375 890,364 UTILICORP UNITED, INC ....................... 24,039,828 911,230 VEBA AG ..................................... 52,624,391 26,846 VIAG AG ..................................... 10,521,692 797,600 WASHINGTON WATER POWER CO ................... 14,855,300 549,729 WESTERN RESOURCES, INC ...................... 16,972,882 815,681 WISCONSIN ENERGY CORP ....................... 21,921,426 626,000 WPL HOLDINGS, INC ........................... 17,606,250 854,200 WPS RESOURCES CORP .......................... 24,344,700 --------------- 2,861,476,561 ---------------
See notes to financial statements. -47-
SHARES VALUE ------ ----- UTILITIES--GAS & PIPELINE--0.96% 157,800 AGL RESOURCES, INC .......................... $ 3,333,525 489,200 oAMERICAN STANDARD COS, INC .................. 18,711,900 27,600 AMERICAN WATER WORKS CO, INC ................ 569,250 322,574 ATMOS ENERGY CORP ........................... 7,701,454 154,900 oBLACK BOX CORP .............................. 6,389,625 3,245,400 BRITISH GAS CORP PLC ........................ 12,468,400 356,350 BROOKLYN UNION GAS CO ....................... 10,735,043 588,600 CABOT OIL & GAS CORP (CLASS A) .............. 10,079,775 64,200 oCALENERGY, INC .............................. 2,158,725 87,000 CALOR GROUP PLC ............................. 441,438 759,737 COASTAL CORP ................................ 37,132,145 465,000 COLUMBIA GAS SYSTEMS, INC ................... 29,585,625 48,973 COMPAGNIE GENERALE DES EAUX ................. 6,057,095 673,200 CONSOLIDATED NATURAL GAS CO ................. 37,194,300 213,338 EASTERN ENTERPRISES CO ...................... 7,546,831 377,402 EL PASO NATURAL GAS CO NEW .................. 19,058,801 6,287 ENERGIA E INDUSTRIAS ARAGONESAS S.A ......... 34,800 1,741,100 ENRON CORP .................................. 75,084,937 633,200 ENSERCH CORP ................................ 14,563,600 397,775 EQUITABLE RESOURCES, INC .................... 11,833,806 65,041 GAS NATURAL SDG S.A ......................... 15,101,063 1,405,936 HONG KONG & CHINA GAS CO LTD ................ 2,717,345 117,161 oHONG KONG & CHINA GAS CO LTD WTS 11/30/97 ............................... 65,131 236,900 oIONICS, INC ................................. 11,371,200 2,156 IPL ENERGY, INC ............................. 62,838 134,378 IPL ENERGY, INC (U.S.) ...................... 3,880,164 1,540,000 ITALGAS S.P.A ............................... 6,419,382 22,224 LYONNAISE DES EAUX S.A ...................... 2,064,315 697,176 MCN CORP .................................... 20,130,957 205,100 NATIONAL FUEL GAS CO ........................ 8,460,375 68,200 NEW JERSEY RESOURCES CORP ................... 1,994,850 267,000 NGC CORP .................................... 6,207,750 366,440 NICOR, INC .................................. 13,100,230 870,760 NORAM ENERGY CORP ........................... 13,387,935 17,400 NORTHWEST NATURAL GAS CO .................... 417,600 237,162 ONEOK, INC .................................. 7,114,860 1,038,925 OSAKA GAS CO LTD ............................ 2,837,257 889,240 PACIFIC ENTERPRISES, INC .................... 27,010,665 1,143,183 PANENERGY CORP .............................. 51,443,235 338,615 PEOPLES ENERGY CORP ......................... 11,470,583 9,000 PRIMAGAZ .................................... 1,057,743 404,956 oPRIMARK CORP ................................ 10,022,661 574,140 QUESTAR CORP ................................ 21,099,645 667,300 SONAT, INC .................................. 34,365,950 30,500 SOUTHWESTERN ENERGY CO ...................... 461,312 1,496,688 oTENNECO, INC NEW ............................ 67,538,046 1,152,766 TOKYO GAS CO LTD ............................ 3,118,358 258,600 TRANS CANADA PIPELINES LTD .................. 4,527,903 15,000 TRANS CANADA PIPELINES LTD (U.S.) ........... 262,500 133,000 TRANSPORTADORA DE GAS DEL SUR S.A. SERIES B .......................... 327,245 125,000 oTRIARC COS, INC ............................. 1,437,500 324 UGI CORP NEW ................................ 7,249 449,300 VALERO ENERGY CORP .......................... 12,861,212 29,800 WASHINGTON ENERGY CO ........................ 614,625 799,600 WASHINGTON GAS LIGHT CO ..................... 18,090,950 115,000 WESTCOAST ENERGY, INC ....................... 1,925,475 61,600 WESTERN GAS RESOURCES, INC .................. 1,185,800 1,912,147 WILLIAMS COS, INC ........................... 71,705,512 505,300 YANKEE ENERGY SYSTEMS, INC .................. 10,800,787 --------------- 777,349,283 --------------- UTILITIES--OTHER--0.02% 109,000 ANGLIAN WATER PLC ........................... 1,100,537 461,932 AUTOPISTAS CONCESIONARIA ESPANOLA S.A. .............................. 6,356,886 116,000 oBILLING INFORMATION CONCEPTS CORP ........... 3,335,000 57,000 HYDER PLC ................................... 725,240 192,867 THAMES WATER PLC ............................ 2,021,576 199,592 UNITED UTILITIES PLC ........................ 2,121,098 --------------- 15,660,337 --------------- UTILITIES--TELEPHONE--5.32% 75,700 oADTRAN, INC ................................. 3,141,550 610,700 ALIANT COMMUNICATIONS, INC .................. 10,381,900 1,943,374 ALLTEL CORP ................................. 60,973,359 131,300 oAMERICAN MOBILE SATELLITE CORP .............. 1,608,425 5,132,748 AMERITECH CORP NEW .......................... 311,172,847 13,519,003 AT & T CORP ................................. 588,076,630 442,100 BCE, INC .................................... 21,061,589 21 BCE, INC (U.S.) ............................. 1,002 3,952,344 BELL ATLANTIC CORP .......................... 255,914,274 9,031,910 BELLSOUTH CORP .............................. 364,663,366 7,667,410 BRITISH TELECOMMUNICATIONS PLC .............. 51,763,286 36,500 oC-TEC CORP .................................. 885,125 7,118,075 CABLE & WIRELESS PLC ........................ 59,139,540 236,400 CABLE & WIRELESS PLC ADR .................... 5,821,350 285,883 oCELLULAR COMMUNICATIONS OF PUERTO RICO, INC ........................... 5,646,189 368,800 CINCINNATI BELL, INC ........................ 22,727,300 15,500 oCOMMNET CELLULAR, INC ....................... 432,062 300,000 COMPANIA TELECOM DE CHILE S.A. ADR .......... 30,337,500 776 DDI CORP .................................... 5,120,893 2,800,000 oDEUTSCHE TELEKOM AG ......................... 58,957,872 2,130,400 FRONTIER CORP ............................... 48,200,300 729,837 oGLENAYRE TECHNOLOGIES, INC .................. 15,737,110 2,650 GN STORE NORD AS - GN GREAT NORDIC .......... 258,310 8,738,212 GTE CORP .................................... 397,588,646 22,161,924 HONG KONG TELECOMMUNICATIONS LTD ............ 35,670,966 800,000 oHONG KONG TELECOMMUNICATIONS LTD ADR ........................................ 13,000,000 921,600 KONINKLIJKE PTT NEDERLAND NV ................ 35,110,123 6,172,700 MCI COMMUNICATIONS CORP ..................... 201,770,131 534,300 oMOBILE TELECOMMUNICATIONS TECHNOLOGIES CORP .......................... 4,541,550 99,100 oMOBILEMEDIA CORP ............................ 43,356 1,450,800 oNEXTEL COMMUNICATIONS, INC (CLASS A) ........ 18,951,075 356 NIPPON TELEGRAPH & TELEPHONE CORP ........... 2,692,773 3,854,244 NYNEX CORP .................................. 185,485,492 3,995,515 PACIFIC TELESIS GROUP CO .................... 146,835,176
See notes to financial statements. -48-
SHARES VALUE ------ ----- UTILITIES--TELEPHONE--(CONTINUED) 100,000 PHILIPPINE LONG DISTANCE TELEPHONE CO ADR ........................... $ 5,100,000 100,000 PHILIPPINE LONG DISTANCE TELEPHONE CO ADR ........................... 5,100,000 204,000 PORTUGAL TELECOM S.A ........................ 5,807,720 1,078,000 oPRICELLULAR CORP (CLASS A) .................. 12,397,000 307,500 oPT INDONESIAN SATELLITE CORP ADR ............ 8,417,812 9,098,080 SBC COMMUNICATIONS, INC ..................... 470,825,640 2,400,000 oSINGAPORE TELECOMMUNICATIONS LTD ............ 5,661,992 605,600 SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORP .................... 23,542,700 3,802,319 SPRINT CORP ................................. 151,617,470 1,860,000 STET-SOCIETA FINANZIARIA TELEFONICA ......... 8,444,772 745,000 STET-SOCIETA FINANSIARIA TELEFONICA DI RISP .................................... 2,512,326 276,000 oTECHNOLOGY RESOURCES INDUSTRIES BERHAD .......................... 544,240 18,145,026 TELECOM ITALIA MOBILE S.P.A ................. 45,787,702 5,575,000 TELECOM ITALIA MOBILE S.P.A. DI RISP ........ 7,941,977 205,900 TELE DANMARK AS (CLASS B) ................... 11,344,055 1,680,000 oTELEBRAS S.A ................................ 120,450 490,000 oTELEC DE SAO PAULO S.A ...................... 105,917 50,000 oTELECEL-COMUNICACAOES PESSOAIS .............. 3,188,295 11,187,760 TELECOM CORP OF NEW ZEALAND ................. 57,076,058 16,815,026 TELECOM ITALIA S.P.A ........................ 43,593,291 4,425,000 TELECOM ITALIA S.P.A. DI RISP ............... 8,618,484 1,505,441 TELEFONICA DE ARGENTINA S.A. (CLASS B) 3,945,044 2,102,959 TELEFONICA DE ESPANA S.A .................... 48,745,159 2,725,000 TELEFONOS DE MEXICO S.A. SERIES L ........... 4,493,220 1,509,000 TELEKOM MALAYSIA BERHAD ..................... 13,443,865 314,198 TELEPHONE & DATA SYSTEMS, INC ............... 11,389,677 200,700 TELUS CORP .................................. 2,913,787 116,000 oU.S. LONG DISTANCE CORP ..................... 928,000 4,173,546 U.S. WEST COMMUNICATIONS GROUP, INC ......... 134,596,858 4,188,846 oU.S. WEST MEDIA GROUP, INC .................. 77,493,651 1,290,110 VODAFONE GROUP PLC .......................... 5,442,141 7,084,926 oWORLDCOM, INC ............................... 184,650,882 --------------- 4,329,501,252 --------------- TOTAL COMMON STOCK (Cost $46,993,767,214) . ...................... 78,401,473,485 --------------- PAR VALUE ------- SHORT TERM INVESTMENTS--6.00% BANK NOTES--0.09% BANK ONE OF COLUMBUS, N.A. $20,000,000 5.690%, 10/28/97 ........................... 19,984,368 NATIONS BANK OF TEXAS 25,000,000 5.350%, 02/06/97 ........................... 24,995,575 NATIONSBANK, NA 25,000,000 5.660%, 04/30/97 ........................... 24,992,357 --------------- 69,972,300 --------------- BANKERS ACCEPTANCES--0.19% BANK OF MONTREAL 15,000,000 5.320%, 03/06/97 ........................... 14,850,499 12,500,000 5.320%, 03/12/97 ........................... 12,363,916 BANKERS TRUST NEW YORK CORP 1,500,000 5.290%, 04/24/97 ........................... 1,474,635 CHASE MANHATTAN BANK 8,300,000 5.320%, 01/13/97 ........................... 8,281,267 19,000,000 5.300%, 04/01/97 ........................... 18,743,532 15,498,286 5.280%, 01/24/97 ........................... 15,436,498 CITIBANK, N.A. 10,000,000 5.360%, 02/19/97 ........................... 9,925,417 FIRST NATIONAL BANK OF CHICAGO 22,000,000 5.280%, 06/04/97 ........................... 21,496,076 NATIONS BANK OF TEXAS 5,000,000 5.280%, 05/12/97 ........................... 4,902,283 NATIONSBANK SOUTH 36,000,000 5.300%, 04/07/97............................ 35,482,021 REPUBLIC NATIONAL BANK OF NEW YORK 10,000,000 5.270%, 02/07/97 ........................... 9,943,106 --------------- 152,899,250 --------------- CERTIFICATES OF DEPOSIT--0.31% BANK OF NOVA SCOTIA 25,000,000 5.370%, 01/21/97 ........................... 24,998,645 13,000,000 5.380%, 01/22/97 ........................... 12,999,155 BANKERS TRUST NEW YORK CORP 40,000,000 5.490%, 04/08/97 ........................... 39,994,540 COMMERZBANK 22,000,000 5.540%, 01/27/97 ........................... 22,000,077 19,000,000 5.410%, 06/04/97 ........................... 18,991,826 DEUTSCHE BANK 15,000,000 5.370%, 01/22/97 ........................... 14,999,148 MORGAN GUARANTY TRUST CO 25,000,000 5.380%, 02/04/97 ........................... 24,997,712 NATIONAL WESTMINSTER BANK PLC 30,000,000 5.370%, 02/03/97 ........................... 29,997,648 RABOBANK 15,000,000 5.500%, 12/05/97 ........................... 14,962,099 ROYAL BANK OF CANADA 25,000,000 5.580%, 12/11/97 ........................... 24,955,077 SOCIETE GENERALE 10,000,000 5.850%, 05/08/97 ........................... 10,005,544 15,000,000 5.560%, 11/20/97 ........................... 14,969,649 ------------ 253,871,120 ------------ COMMERCIAL PAPER--2.74% AMERICAN BRANDS, INC 21,000,000 # 5.330%, 01/17/97 ........................... 20,940,698 25,000,000 # 5.300%, 04/17/97 ........................... 24,593,547 AMERICAN EXPRESS CREDIT CORP 50,000,000 6.750%, 01/02/97 ........................... 49,981,220 50,000,000 5.300%, 02/05/97 ........................... 49,701,000 AMERICAN HOME PRODUCTS 14,000,000 # 5.330%, 01/28/97 ........................... 13,934,340 25,000,000 # 5.330%, 01/28/97 ........................... 24,882,750 ASSET SECURITIZATION COOPERATIVE CORP 3,000,000 #*5.310%, 01/29/97 ........................... 2,985,548 50,000,000 # 5.400%, 02/04/97 ........................... 49,709,305 20,000,000 # 5.330%, 03/11/97 ........................... 19,775,612 ASSOCIATES CORP OF NORTH AMERICA 50,000,000 5.300%, 01/24/97 ........................... 49,800,665 B.B.V. FINANCE (DELAWARE), INC 25,000,000 5.310%, 01/22/97 ........................... 24,908,640 25,000,000 5.310%, 01/30/97 ........................... 24,875,417 BELL ATLANTIC FINANCIAL SERVICES, INC 25,000,000 5.670%, 01/30/97 ........................... 24,875,417 BENEFICIAL CORP 50,000,000 5.310%, 02/20/97 ........................... 49,591,290 BETA FINANCE CORP 25,000,000 5.430%, 02/07/97 ........................... 24,842,195 25,000,000 # 5.300%, 02/18/97 ........................... 24,803,660 BURLINGTON NORTHERN SANTA FE 28,000,000 5.540%, 01/10/97 ........................... 27,951,621 CAMPBELL SOUP CO 25,000,000 # 5.290%, 02/07/97 ........................... 24,842,195 50,000,000 # 5.300%, 04/08/97 ........................... 49,255,470 25,000,000 5.370%, 07/14/97 ........................... 24,248,437
See notes to financial statements. -49-
PAR VALUE VALUE ------ ----- COMMERCIAL PAPER-- CANADIAN IMPERIAL HOLDINGS, INC $15,000,000 5.291%, 01/30/97 ........................... $ 14,925,250 CATERPILLAR FINANCIAL SERVICES CORP 11,000,000 5.620%, 01/16/97 ........................... 10,970,764 CIESCO LP 29,000,000 5.300%, 01/30/97 ........................... 28,855,484 25,000,000 5.300%, 02/13/97 ........................... 24,817,277 25,000,000 5.340%, 02/19/97 ........................... 24,799,652 20,000,000 5.340%, 02/19/97 ........................... 19,839,722 COLGATE-PALMOLIVE CO 35,000,000 # 5.390%, 02/05/97 ........................... 34,790,700 COLUMBIA/HCA HEALTHCARE CORP 9,000,000 # 5.600%, 01/07/97 ........................... 8,987,959 9,700,000 # 5.540%, 01/16/97 ........................... 9,673,788 20,000,000 5.530%, 01/24/97 ........................... 19,918,934 CONAGRA, INC 41,000,000 # 5.550%, 01/07/97 ........................... 40,945,150 30,000,000 5.570%, 02/07/97 ........................... 29,807,466 CSX CORP 15,000,000 # 5.520%, 01/14/97 ........................... 14,963,716 15,000,000 # 5.520%, 01/21/97 ........................... 14,946,799 15,000,000 # 5.520%, 01/23/97 ........................... 14,941,734 15,000,000 # 5.520%, 01/23/97 ........................... 14,941,734 DUPONT (E.I.) DE NEMOURS & CO 25,000,000 5.250%, 04/17/97 ........................... 24,593,547 FORD MOTOR CREDIT CO 42,000,000 5.320%, 01/21/97 ........................... 41,853,491 37,000,000 5.310%, 02/19/97 ........................... 36,703,485 GENERAL ELECTRIC CAPITAL CORP 37,000,000 5.310%, 02/18/97 ........................... 36,709,416 13,000,000 5.300%, 06/09/97 ........................... 12,681,644 GENERAL MOTORS ACCEPTANCE CORP 17,000,000 5.480%, 02/20/97 ........................... 16,861,038 25,000,000 5.330%, 05/13/97 ........................... 24,494,785 GOLDMAN SACHS GROUP, LP 21,000,000 5.400%, 01/16/97 ........................... 20,944,186 35,000,000 5.350%, 02/07/97 ........................... 34,779,073 20,000,000 5.350%, 04/25/97 ........................... 19,650,528 25,000,000 5.300%, 06/13/97 ........................... 24,372,472 GTE CORP 45,000,000 6.050%, 01/09/97 ........................... 44,930,587 IBM CORP 25,000,000 5.290%, 02/14/97 ........................... 24,813,125 MCI COMMUNICATIONS CORP 30,000,000 # 5.320%, 01/17/97 ........................... 29,915,283 30,500,000 # 5.300%, 02/20/97 ........................... 30,250,686 MCKENNA TRIANGLE NATIONAL CORP 25,000,00 # 5.310%, 01/23/97 ........................... 24,904,485 MERRILL LYNCH & CO, INC 5,000,000 5.320%, 02/07/97 ........................... 4,968,439 10,000,000 5.340%, 03/03/97 ........................... 9,900,628 40,000,000 5.300%, 04/14/97 ........................... 39,367,912 25,000,000 5.300%, 05/06/97 ........................... 24,521,375 MORGAN (J.P.) & CO 50,000,000 6.500%,01/02/97 ............................. 49,981,220 MORGAN STANLEY GROUP, INC 25,000,000 5.320%, 01/17/97 ........................... 24,929,402 25,000,000 5.320%, 02/11/97 ........................... 24,825,582 50,000,000 5.300%, 02/14/97 ........................... 49,626,250 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE 24,000,000 # 5.310%, 01/28/97 ........................... 23,888,373 NATIONSBANK CORP $10,000,000 5.350%, 02/21/97 ........................... 9,916,656 NORTHERN INDIANA PUBLIC SERVICE CAPITAL MARKET 16,100,000 5.320%, 01/22/97 ........................... 16,041,164 PFIZER, INC 5,000,000 # 5.400%, 03/03/97 ........................... 4,950,314 PHILIP MORRIS COS, INC 50,000,000 5.550%, 01/09/97 ........................... 49,923,750 30,000,000 5.290%, 01/24/97 ........................... 29,880,399 PRAXAIR, INC 40,000,000 5.480%, 01/08/97 ........................... 39,944,712 15,000,000 5.480%, 01/24/97 ........................... 14,939,200 ST PAUL COS 10,000,000 # 5.270%, 02/07/97 ........................... 9,936,878 SCHERING CORP 23,000,000 5.400%, 02/18/97 ........................... 22,819,367 27,000,000 5.400%, 02/18/97 ........................... 26,787,952 SEARS ROEBUCK ACCEPTANCE CORP 30,000,000 5.310%, 02/10/97 ........................... 29,795,682 35,000,000 5.300%, 03/12/97 ........................... 34,601,710 TEXTRON INC 25,000,000 5.480%, 01/10/97 ........................... 24,956,805 UBS FINANCE, (DELAWARE) INC 20,000,000 5.400%, 01/10/97 ........................... 19,966,112 US WEST CAPITAL FUNDING CORP, INC 20,000,000 # 5.610%, 01/07/97 ........................... 19,973,244 5,000,000 # 5.520%, 01/24/97 ........................... 4,979,733 20,000,000 # 5.520%, 01/24/97 ........................... 19,918,934 WALT DISNEY CO 35,000,000 5.300%, 01/24/97 ........................... 34,860,465 25,000,000 5.350%, 01/31/97 ........................... 24,871,265 25,000,000 5.240%, 06/09/97 ........................... 24,387,777 WHIRLPOOL FINANCE 25,000,000 7.250%, 01/02/97 ........................... 24,990,515 16,000,000 5.400%, 01/06/97 ........................... 15,981,787 29,000,000 6.100%, 01/10/97 ........................... 28,950,296 XEROX CREDIT CORP 25,000,000 5.250%, 03/04/97 ........................... 24,747,562 35,000,000 5.250%, 03/10/97 ........................... 34,612,928 --------------- 2,227,827,375 --------------- MEDIUM TERM BONDS--0.20% ABBEY NATIONAL TREASURY SERVICES 20,000,000 5.500%, 11/21/97 ........................... 19,966,000 BENEFICIAL CORP 10,000,000 6.030%, 06/17/97 ........................... 10,018,000 BETA FINANCE CORP 25,000,000 5.900%, 05/12/97 ........................... 25,017,500 CIT GROUP HOLDINGS, INC 5,000,000 8.750%, 07/01/97 ........................... 5,078,500 FIRST NATIONAL BANK OF CHICAGO 14,340,000 6.830%, 09/08/97 ........................... 14,451,852 GENERAL MOTORS ACCEPTANCE CORP 20,000,000 8.125%, 01/27/97 ........................... 20,040,000 10,000,000 8.125%, 01/27/97 ........................... 10,020,000 KEYCORP/SOCIETY 25,000,000 7.100%, 03/28/97 ........................... 25,087,500 PHILIP MORRIS COS, INC 15,000,000 9.750%, 05/01/97 ........................... 15,199,500 RABOBANK 5,500,000 5.770%, 08/26/97 ........................... 5,501,100 XEROX CORP 10,500,000 9.625%, 09/01/97 ........................... 10,761,450 --------------- 161,141,402 ---------------
See notes to financial statements. -50-
PAR VALUE VALUE ------ ----- U.S. GOVERNMENTS & AGENCIES--1.97% FEDERAL FARM CREDIT BANKS U.S. GOVERNMENTS & AGENCIES--1.97% $50,000,000 5.370%, 03/03/97 ............................. $ 49,541,890 FEDERAL HOME LOAN BANKS 89,000,000 5.300%, 01/03/97 ............................. 88,959,353 92,000,000 5.205%, 01/16/97 ............................. 91,779,200 10,000,000 5.250%, 01/23/97 ............................. 9,965,500 41,500,000 5.260%, 01/30/97 ............................. 41,313,250 75,000,000 5.470%, 01/31/97 ............................. 74,651,250 50,000,000 5.220%, 02/03/97 ............................. 49,745,000 50,000,000 5.220%, 02/20/97 ............................. 49,622,460 35,000,000 5.200%, 02/20/97 ............................. 34,735,722 3,000,000 *5.330%, 02/25/97 ............................ 2,975,126 41,040,000 5.350%, 03/31/97 ............................. 40,494,168 50,000,000 5.170%, 05/14/97 ............................. 49,022,915 50,000,000 5.170%, 06/09/97 ............................. 48,837,780 50,000,000 5.170%, 06/11/97 ............................. 48,823,250 FEDERAL HOME LOAN MORTGAGE CORP 20,000,000 5.470%, 04/01/97 ............................. 20,000,000 9,500,000 5.280%, 01/14/97 ............................. 9,480,050 50,000,000 5.430%, 01/24/97 ............................. 49,820,000 50,000,000 5.230%, 02/13/97 ............................. 49,670,000 34,344,000 5.240%, 02/13/97 ............................. 34,117,329 50,000,000 5.230%, 02/13/97 ............................. 49,670,000 34,000,000 5.210%, 02/14/97 ............................. 33,770,500 33,000,000 5.380%, 02/24/97 ............................. 32,731,277 33,000,000 5.380%, 02/24/97 ............................. 32,731,277 50,000,000 5.370%, 03/12/97 ............................. 49,475,390 38,000,000 5.350%, 03/13/97 ............................. 37,595,680 21,000,000 5.350%, 03/17/97 ............................. 20,764,146 100,000,000 6.250%, 01/02/97 ............................. 99,962,440 FEDERAL NATIONAL MORTGAGE ASSOCIATION 50,000,000 5.230%, 02/26/97 ............................. 49,578,040 23,000,000 5.250%, 01/24/97 ............................. 22,917,200 23,250,000 5.550%, 01/24/97 ............................. 23,166,300 41,000,000 5.320%, 02/04/97 ............................. 40,784,750 10,000,000 5.300%, 02/26/97 ............................. 9,915,608 26,000,000 5.460%, 02/27/97 ............................. 25,776,732 50,000,000 5.400%, 03/14/97 ............................. 49,460,610 100,000,000 5.370%, 03/24/97 ............................. 98,773,440 49,395,000 5.360%, 03/31/97 ............................. 48,738,046 35,000,000 5.200%, 05/09/97 ............................. 34,341,562 --------------- 1,603,707,241 --------------- U.S. TREASURY BILLS--0.11% U.S. TREASURY BILLS 35,000,000 5.045%, 04/24/97 ............................. 34,440,290 43,000,000 5.050%, 05/01/97 ............................. 42,265,800 11,000,000 5.080%, 06/05/97 ............................. 10,756,900 --------------- 87,462,990 --------------- VARIABLE RATE NOTES--0.39% AMERICAN EXPRESS CENTURION BANK 25,000,000 5.345%, 05/16/97 ............................. 24,992,500 20,000,000 5.345%, 06/27/97 ............................. 19,996,000 BANK OF BOSTON 25,000,000 5.530%, 01/24/97 ............................. 24,992,500 BENEFICIAL CORP 20,000,000 5.602%, 07/14/97 ............................. 20,008,000 BETA FINANCE CORP 25,000,000 5.342%, 05/15/97 ............................. 24,995,000 BOATMANS BANK KANSAS CITY 25,000,000 5.430%, 06/17/97 ............................. 25,002,500 CIT GROUP HOLDINGS, INC $15,000,000 5.475%, 02/28/97 ............................. 15,015,000 CORESTATES BANK PHILADELPHIA NATIONAL BANK 25,000,000 5.970%, 07/28/97 ............................. 24,992,500 CORPORATE ASSET FUNDING CORP 15,000,000 5.556%, 12/02/97 ............................. 14,995,500 FEDERAL FARM CREDIT BANKS 15,000,000 5.450%, 06/27/97 ............................. 14,997,000 FORD MOTOR CREDIT CO 20,000,000 5.650%, 02/18/97 ............................. 20,030,000 GENERAL MOTORS ACCEPTANCE CORP 20,000,000 5.732%, 06/02/97 ............................. 20,012,000 HOUSEHOLD FINANCE CORP 25,000,000 5.480%, 05/23/97 ............................. 24,995,000 MERRILL LYNCH & CO, INC 20,000,000 5.725%, 06/16/97 ............................. 20,004,000 PHH CORP 25,000,000 5.364%, 06/11/97 ............................. 24,980,000 --------------- 320,007,500 --------------- TOTAL SHORT TERM INVESTMENTS (Cost $4,878,773,414) ............................ $ 4,876,889,178 --------------- ROUNDING................ ........................ 1,263 --------------- TOTAL PORTFOLIO (Cost $52,068,002,137) ........................... $83,533,120,282 ===============
- ---------------- o Non-income producing + Affiliate holdings x In Bankruptcy * All or a portion of this security has been segregated by the Custodian to cover margin or other requirements on open futures contracts, covered call options written and securities purchased on a delayed delivery basis. # Commercial Paper issued under the private placement exemption under Section 4(2) of the Securities Act of 1933, as amended. ~ Restricted Securities--Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. Additional information on each holding is as follows: ACQUISITION ACQUISITION SECURITY DATE COST -------- ---- ---- AMERICAN SATELLITE NETWORK WTS 6/30/99 01/02/94 $ 0 ANTENA 3 DE TELEVISION GDR 12/12/96 5,982,300 CORIMON S.A. ADR 04/27/93 553,000 CRESTARAN INTERNATIONAL INVESTMENT BV 09/30/94 0 HEIZER CORP (LIQUIDATING TRUST) 11/19/91 0 INTERNATIONAL HYDRON (LIQUIDATING TRUST) 12/07/92 0 L'AIR LIQUIDE S.A. (REGD) 09/30/94 4,378,926 MARTEK BIOSCIENCES CORP 05/22/95 5,003,750 MARTEK BIOSCIENCES CORP WTS 5/18/98 05/22/95 117,776 MULTI-PURPOSE HOLDINGS BERHAD RTS 11/06/96 0 PREUSSAG AG. (W/W) WTS 5/17/01 05/17/96 94,529 PRIPPS RINGERS AB 11/15/93 106,034 WESTFIELD TRUST (UNITS) NEW 08/28/91 7,251,186 WINDMERE CORP WTS 1/19/98 09/02/93 0 YORK RESEARCH CORP (CLASS B) WTS 03/13/95 0 YORK RESEARCH CORP (CLASS C) WTS 11/05/96 14,848 ----------- $23,502,349 ----------- See notes to financial statements. -51-
COLLEGE RETIREMENT EQUITIES FUND TRANSACTIONS WITH AFFILIATED COMPANIES -- STOCK ACCOUNT JANUARY 1, 1996 -- DECEMBER 31, 1996 VALUE AT ISSUE DECEMBER 31, 1995 PURCHASE COST SALES PROCEEDS ----- ---------------- ------------- -------------- ACMA LTD $ 54,912,778 $ (609,180) -- ACME LANDIS HOLDINGS LTD 933,240 -- $ 643,765 AFFYMETRIX, INC ** 22,621,095 1,230 >AFFYMETRIX, INC SERIES A SR CV 6,428,565 -- 14,620,695 APACHE CORP 115,819,596 -- 5,445 AYDIN CORP 4,486,831 -- 581,073 CENTRAL LOUISIANA ELECTRIC, INC ** 6,082,584 -- DARWIN MOLECULAR CORP ** 5,999,999 10,041,823 DUPLEX PRODUCTS, INC 3,540,062 -- 770,349 FMC CORP NEW 160,458,368 5,435,307 6,393,301 GENERAL SIGNAL CORP 100,122,925 29,844 21,858,412 +GENSET S.A ** -- -- GRACE (W.R.) & CO 427,905,362 -- 177,809,344 INNOVATIVE INTERNATIONAL HOLDINGS LTD 10,878,030 -- 5,797,158 LUKS INDUSTRIAL CO 5,122,186 -- 1,173,385 MALLINCKRODT, INC 156,203,343 2,529,241 9,798,083 NEWPORT CORP 3,596,125 -- 200,840 PICCADILLY CAFETERIA, INC 6,242,108 158,738 1,661,726 SOUTH CHINA HOLDINGS LTD 6,989,094 -- -- SOUTH CHINA INDUSTRIES LTD 6,394,504 -- -- SPAGHETTI WAREHOUSE, INC 1,625,500 -- 678,301 STEWART INFORMATION SERVICES CORP 7,316,450 -- 2,368,011 TPI ENTERPRISES, INC 3,459,375 -- 3,588,851 -------------- ------------ ------------ TOTAL AFFILIATED TRANSACTIONS $1,082,434,442 $42,247,628 $257,991,792 ============== ============ ============
REALIZED DIVIDEND SHARES AT VALUE AT ISSUE GAIN (LOSS) INCOME DECEMBER 31,1996 DECEMBER 31, 1996 ----- ----------- --------- ---------------- ----------------- ACMA LTD -- $ 1,192,250 16,526,400 $ 35,680,364 ACME LANDIS HOLDINGS LTD $ (1,77,403) 51,824 * * AFFYMETRIX, INC -- -- 1,507,991 30,442,568 >AFFYMETRIX, INC SERIES A SR CV 9,620,700 -- * * APACHE CORP 899 274,826 * * AYDIN CORP (201,510) -- * * CENTRAL LOUISIANA ELECTRIC, INC -- 1,310,190 1,134,364 31,336,805 DARWIN MOLECULAR CORP 4,041,824 -- * * DUPLEX PRODUCTS, INC (685,745) -- * * FMC CORP NEW 1,697,390 -- 2,367,267 166,004,598 GENERAL SIGNAL CORP 4,620,630 2,781,000 2,549,300 108,982,575 +GENSET S.A -- -- 404,700 18,994,144 GRACE (W.R.) & CO 92,087,269 799,325 * * INNOVATIVE INTERNATIONAL HOLDINGS LT 1,556,654 549,148 * * LUKS INDUSTRIAL CO (1,342,133) -- * * MALLINCKRODT, INC 4,057,327 2,584,210 4,114,950 181,572,168 NEWPORT CORP (208,889) -- * * PICCADILLY CAFETERIA, INC (141,359) 79,891 * * SOUTH CHINA HOLDINGS LTD -- 522,832 32,360,000 8,199,788 SOUTH CHINA INDUSTRIES LTD -- 1,042,548 52,046,000 7,401,472 SPAGHETTI WAREHOUSE, INC (911,953) -- * * STEWART INFORMATION SERVICES CORP 1,026,908 33,918 * * TPI ENTERPRISES, INC (4,573,255) -- 1,107,000 103,781 ------------ ------------ ----------- ------------ TOTAL AFFILIATED TRANSACTIONS $108,867,354 $11,221,962 $588,718,263 ============ =========== ============
** Not an Affiliate as of December 31, 1995 * Not an Affiliate as of December31, 1996 > Series A shares converted to common shares, company went public. + Outstanding shares previously unavailable See notes to financial statements. -52- COLLEGE RETIREMENT EQUITIES FUND PARTICIPANT VOTING RESULTS DECEMBER 31, 1996 ----------------- CREF's annual meeting was held on November 11, 1996. The annual meeting involved the election of trustees. The five trustees elected to four-year terms at the annual meeting were: John H. Biggs: 24,388,893,088 (98.1%) votes were cast in favor, and 473,571,838 (1.9%) votes were withheld. Marjorie Fine Knowles: 24,339,609,463 (97.9%) votes were cast in favor, and 522,914,314 (2.1%) votes were withheld. Bevis Longstreth: 24,359,955,477 (98.0%) votes were cast in favor, and 502,568,300 (2.0%) votes were withheld. Robert M. Lovell, Jr.: 24,368,987,754 (98.0%) votes were cast in favor, and 493,545,176 (2.0%) votes were withheld. Robert W. Vishny: 24,404,521,617 (98.2%) votes were cast in favor, and 458,011,313 (1.8%) votes were withheld. The other trustees currently in office are Robert H. Atwell, Elizabeth E. Bailey, Gary P. Brinson, Joyce A. Fecske, Edes P. Gilbert, Stuart Tse Kong Ho, Nancy L. Jacob, Thomas W. Jones, Martin L. Leibowitz, Jay O. Light, Stephen A. Ross, Eugene C. Sit, Maceo K. Sloan, Harry K. Spindler, and David K. Storrs. One shareholder proposal was submitted to a vote of CREF participants in the Social Choice Account, recommending adoption of an additional screen for the account. On this proposal, 61,572,674 (19.3%) votes were cast in favor, 237,891,147 (74.6%) votes were cast in opposition and 19,580,459 (6.1%) abstained. The proposal was defeated. One shareholder proposal was submitted to a vote of CREF participants, that CREF adopt a specified approach regarding the executive compensation policies of companies in which CREF holds equity interests. For the Stock Account, 3,359,178,110 (15.6%) votes were cast in favor, 16,825,435,462 (78.1%) votes were cast in opposition and 1,359,844,128 (6.3%) abstained. The proposal was defeated. For the Social Choice Account, 102,737,209 (32.1%) votes were cast in favor, 196,659,162 (61.5%) votes were cast in opposition and 20,556,321 (6.4%) abstained. The proposal was defeated. For the Global Equities Account, 212,485,196 (18.2%) votes were cast in favor, 899,576,143 (77.0%) votes were cast in opposition and 55,854,513 (4.8%) abstained. The proposal was defeated. For the Growth Account, 112,110,211 (18.9%) votes were cast in favor, 453,151,980 (76.2%) votes were cast in opposition and 28,973,269 (4.9%) abstained. The proposal was defeated. For the Equity Index Account, 47,592,161 (20.3%) votes were cast in favor, 175,402,357 (74.7%) votes were cast in opposition and 11,887,003 (5.0%) abstained. The proposal was defeated. One shareholder proposal was submitted to a vote of CREF participants in accounts with investments in tobacco manufacturers, asking CREF to divest its investments in those companies. For the Stock Account, 4,750,492,664 (22.1%) votes were cast in favor, 15,492,774,677 (71.9%) votes were cast in opposition and 1,301,322,801 (6.0%) abstained. The proposal was defeated. For the Money Market Account, 196,964,280 (25.6%) votes were cast in favor, 531,154,455 (68.9%) votes were cast in opposition and 42,109,592 (5.5%) abstained. The proposal was defeated. For the Bond Market Account, 61,884,660 (26.8%) votes were cast in favor, 157,274,558 (68.1%) votes were cast in opposition and 11,856,252 (5.1%) abstained. The proposal was defeated. For the Global Equities Account, 286,247,620 (24.5%) votes were cast in favor, 826,976,701 (70.8%) votes were cast in opposition and 54,683,355 (4.7%) abstained. The proposal was defeated. For the Growth Account, 145,619,242 (24.5%) votes were cast in favor, 420,682,878 (70.8%) votes were cast in opposition and 27,941,082 (4.7%) abstained. The proposal was defeated. For the Equity Index Account, 59,860,344 (25.5%) votes were cast in favor, 163,372,385 (69.5%) votes were cast in opposition and 11,648,791 (5.0%) abstained. The proposal was defeated. Shareholders also ratified the election of Deloitte & Touche LLP as the independent auditors for CREF for the fiscal year ending December 31, 1996, 24,060,980,398 (96.8%) votes were cast in favor, 275,476,128 (1.1%) votes were cast in opposition and 526,401,984 (2.1%) abstained. -53- [GRAPHIC | College Retirement Equities Fund OF CREF | 730 Third Avenue LOGO] | New York, NY 10017-3206 | 212/490-9000 Printed on recycled paper CAR01S--2/97 EX-27 2 FDS --
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000777535 COLLEGE RETIREMENT EQUITIES FUND 1 STOCK ACCOUNT 1 YEAR DEC-31-1996 DEC-31-1996 52,068,002,137 83,533,120,282 926,900,951 0 29,525,264 84,489,546,497 715,635,449 0 2,427,465,734 3,143,101,183 0 0 620,498,335 632,802,980 0 0 0 0 0 81,346,445,314 1,487,760,929 106,224,449 0 (229,583,345) 1,364,402,033 6,232,549,023 5,768,437,860 13,365,388,916 0 0 0 0 24,089,810 (36,394,455) 0 11,976,161,429 0 0 0 0 61,960,030 0 229,583,345 74,935,131,283 91.460 1.810 15.953 0 0 0 109.223 .310 0 0
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