-----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, BymTELIskLWlXWNiPym1L5ZN/oEpfkX/aHgB1iRtTDSgvetfo2v+Z+4nPc9dzhG6 we0BRZgPn8QhMN7hXciT4g== 0000930413-00-000382.txt : 20000302 0000930413-00-000382.hdr.sgml : 20000302 ACCESSION NUMBER: 0000930413-00-000382 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000229 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: SEC FILE NUMBER: 811-04415 FILM NUMBER: 557890 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 ANNUAL REPORT [GRAPHIC OMITTED] College Retirement Equities Fund 1999 Annual Report - -------------------------------------------------------------------------------- Stock o Global Equities o Growth Contents Page Letter from the Chief Executive Officer 1 Letter from the Chief Investment Officer 2 Management/Status of the Accounts Stock Account 4 Global Equities Account 6 Growth Account 8 Audited Statement of Investments Stock Account 10 Global Equities Account 52 Growth Account 67 Audited Financial Statements Report of Management Responsibility 84 Report of Independent Auditors 84 Statements of Assets and Liabilities 85 Statements of Operations 85 Statements of Changes in Net Assets 86 Notes to Financial Statements 86 Participant Voting Results 91 Trustees and Senior Management 92 For More Information... 93 Dear Participant: 1999 was a challenging year for investors, but TIAA-CREF participants had much to smile about at its end. This volume contains performance reports and other information for three of the eight CREF accounts. A companion booklet contains comparable information for the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index Accounts - the other five accounts available under CREF variable annuities. We grouped the accounts this way to keep the cost of the reports low; this combination results in the fewest number of booklets to serve all CREF participants. You might notice that we've enhanced the content and presentation of this information. It's part of an ongoing effort to provide information in as accessible a form as you want it. Besides the eight CREF accounts, two other asset classes round out the alternatives for TIAA-CREF retirement products - the TIAA Real Estate Account and the TIAA Traditional Annuity. Both also performed well in 1999. For information on historical and current rates for all of our products, visit our Web Center or call our Automated Telephone Service (see the Inside Back Cover). An annual report for the TIAA Real Estate Account is available; ask us for the 10-K report. The TIAA Real Estate Account is not available in California. New Retirement Savings Opportunities. It has been only two years since we expanded the opportunity for participants to consolidate IRA money they had previously accumulated by rolling it over to a TIAA-CREF annuity, and little more than one year since we offered Roth and contributory classic IRAs. In 1999, we received nearly $1 billion in IRA premiums and rollovers. Now, in response to participants' requests (as IRAs were), TIAA-CREF introduces annuities for use with Keogh plan savings, beginning March 1, 2000. Keogh plans are similar to IRAs but are for income that a person derives from self-employed activities (such as publishing royalties). The TIAA-CREF Web Center. In 1999, many organizations pursued, and achieved, major productivity improvements and better customer service, driven, to some extent, by the opportunities inherent in the computer/Internet revolution. TIAA-CREF is a good example of this, with our new Web Center, introduced last fall. The new Web Center offers a broader menu of TIAA-CREF financial performance information, quote engines, interactive calculators, a reservation system for meetings and personal counseling, downloadable and on-screen product enrollment forms, and more. [PHOTO OMITTED] JOHN H. BIGGS, CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER Some of the Web Center's most impressive enhancements are in the Financial Performance menu. For example, selecting "Retirement Investments" will take you to an all-accounts view of unit values and total return data, including returns for 1-, 3-, 5-, and 10-year periods and since inception. Each account entry hyperlinks to profiles containing daily updated performance graphs over rolling 30-, 90-, and 180-day and 1-, 3-, and 5-year periods. Annuity Income Increases. Each May 1, for most CREF participants receiving lifetime annuity income, their CREF income changes to reflect the investment performance of the account in which their money is invested during the twelve-month period ending the prior March 31. (Recently we introduced the alternative of monthly income changes, and some CREF participants chose to use it.) In 1999, income from all eight of the CREF accounts increased again. - -------------------------------------------------------------------------------- ... we are committed to continuing to deliver first-rate service... and professional, disciplined investment performance. - -------------------------------------------------------------------------------- Our report on CREF's investment performance in 1999 begins with Marty Leibowitz' letter on the next two pages. As for the future, we are committed to continuing to deliver first-rate service - with a number of exciting projects in development - low expenses, products that meet your retirement and long-term investing needs, and professional, disciplined investment performance. We look forward to reporting to you on our progress as the year unfolds. /s/ John H. Biggs John H. Biggs Chairman, President, and Chief Executive Officer Dear Participant: In 1999, the bond and stock markets surprised many of the experts. A Blue Chip survey of Wall Street economists done early in 1999 found that the consensus prediction was for the U.S. economy to grow 2.2 percent. Instead it grew about 4.0 percent. Similarly, the economists' prediction was for the 30-year Treasury bond to drop to an average of 5.0 percent for the year compared to 5.6 percent in 1998. Instead the rate rose to 5.9 percent. And the consensus prediction was for the S&P 500 to rise less than 10 percent. In fact, it ended the year up over 20 percent. To be sure, the predictors came close on inflation: they expected about 2.0 percent inflation in 1999 and it turned out to be 2.2 percent. More broadly, the strong U.S. economy in 1999 overcame a number of trends that may have affected expectations. These included: o the sheer length of the 1990s economic boom, which has lasted longer than any other since the Great Depression; o substantial corporate spending to detect and eliminate Y2K bugs and ultimately unrealized investor reactions to Y2K-related uncertainties; o increased competition from reawakening overseas economies; and o price increases in oil, some other commodities, and medical care. [PHOTO OMITTED] MARTIN L. LEIBOWITZ, VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER Against this background, the CREF Stock, Global Equities, and Growth Accounts posted continued strong performance. The CREF Growth Account received 5-star ratings for most of the year from the Morningstar variable annuity rating service, while the CREF Stock and Global Equities accounts enjoyed 4-star Morningstar ratings. The accompanying table shows, for each of these CREF Accounts, their 1999 total return (gains and losses plus investment income) compared to the total return, for their benchmarks, and for the average fund category that best matches their investment objectives (as measured by Lipper Analytical Services, Inc.). - -------------------------------------------------------------------------------- ... The CREF Stock, Global Equities, and Growth Accounts posted continued strong performance. - -------------------------------------------------------------------------------- The CREF Global Equities Account bested its benchmark by a remarkable 11.0 percent and its peer group by nearly 2.4 percent. The CREF Stock Account topped its domestic benchmark but not its international benchmark. The CREF Growth Account was within about 1.3 percent of its benchmark and 4.6 percent ahead of its peer group. 2 o 1999 CREF Annual Report TOTAL RETURNS - -------------------------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1999 ================================================================================ CREF Stock Account 21.48% ================================================================================ Russell 3000 Index 20.90% Morgan Stanley Capital International EAFE + Canada Index 27.93% ================================================================================ CREF Global Equities Account 36.05% ================================================================================ Lipper Global Funds Index 33.68% Morgan Stanley Capital International World Index 24.93% ================================================================================ CREF Growth Account 32.52% ================================================================================ Lipper Growth Fund Index 27.96% Russell 3000(R)Growth Index 33.82% THE RUSSELL 3000 INDEX IS A TRADEMARK AND SERVICEMARK OF THE FRANK RUSSELL COMPANY. NO CREF ACCOUNT IS PROMOTED, ENDORSED, SPONSORED, OR SOLD BY, OR AFFILIATED WITH THE FRANK RUSSELL COMPANY. Investment performance for other periods, plus details on the composition of the accounts' portfolios and comments from the portfolio managers, are on the pages that immediately follow this letter. A companion booklet contains comparable performance reports and other comments for the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index Accounts - the other five accounts available under CREF variable annuities. The Accounts' Expenses - ------------------------------------------------------------------------------- Year after year, the only sure thing in investing is the effect of low expenses on total returns. Expenses are the one factor affecting return that can be predicted in advance. In 1999, the CREF Accounts covered here had expenses, as a percentage of net assets, that ranged from .33 to .39 percent. These - -------------------------------------------------------------------------------- ... the CREF Accounts' expenses, as a percent of average net assets, ranged from 0.33 to 0.39 percent. These are the lowest of all variable annuity funds with comparable investment objectives... - -------------------------------------------------------------------------------- are the lowest expenses for all variable annuity funds with comparable investment objectives, according to Lipper Analytical Services, Inc. and they compare very favorably to most mutual funds. /s/ Martin L. Leibowitz Martin L. Leibowitz Vice Chairman and Chief Investment Officer 1999 CREF Annual Report o 3 Stock Account ================================================================================ Investment Objective A favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks. ================================================================================ In 1999 the Stock Account's total return was 21.48 percent. The Account is divided into three segments. One segment is designed to track U.S. equity markets as a whole and invests in the Russell 3000(R) Index. The Account doesn't invest in all 3,000 stocks in the Index. Rather, it uses a sampling approach to ensure that this segment closely matches the overall investment characteristics (for example, yield and industry weight) of the Index. This segment also uses special valuation and trading techniques to attempt to slightly outperform the Russell 3000. Another segment contains U.S. stocks that are selected individually for their investment potential. The third segment invests in foreign stocks and other equity securities and it tracks the Morgan Stanley Capital International Europe, Australasia, and Far East plus Canada Index (commonly written as MSCI EAFE+Canada). Despite steadily rising interest rates and concern over possible Y2K problems, the U.S. equities market experienced a strong upsurge in the final quarter of 1999. Thus was ================================================================================ The Account's Benchmarks - -------------------------------------------------------------------------------- We use two benchmarks for the CREF Stock Account, the Russell 3000(R) Index, representing the U.S. stock market, and the Morgan Stanley Capital International Europe, Australasia, and Far East (EAFE)+Canada Index, representing international stock markets. For a comparison with the Account's performance, you might combine these two, weighting them in the proportions that the Account holds these investments. At year-end, these proportions were 78 percent for the Russell 3000 and 22 percent for the MSCI EAFE + Canada. We use the Russell 3000 to measure the U.S. stock market because it includes 98 percent of the capitalization of all publicly traded U.S. stocks. In contrast, the Standard & Poor's 500 Stock Index covers only about 75 percent. ================================================================================ $10,000 over Ten Years - -------------------------------------------------------------------------------- [LINE GRAPH OMITTED] Russell MSCI Date Stock Account 3000(R)Index EAFE+Canada Index - ---- ------------- ------------ ----------------- 10000 10000 10000 December 1990 9445.76 9494.19 7696.2 December 1991 12287.8 12689.5 8625.83 December 1992 13061.2 13917.6 7575.83 December 1993 14876.5 15431 9995.04 December 1994 14859.3 15458.4 10730.3 December 1995 19453.2 21148 11959.9 December 1996 23231.3 25762.1 12781.2 December 1997 29355.7 33950.3 13071.7 December 1998 36088.6 42144.5 15524.5 December 1999 43838.6 50954.3 19859.8 The graph assumes a $10,000 investment in the CREF Stock Account, on December 31, 1989. It shows that, by the end of 1999, the investment would have grown to $43,839. For comparison, the graph shows how $10,000 investments in the Stock Account's benchmarks (see box at left) did over the same period. achieved an unprecedented fifth consecutive year of 20 percent or greater returns for U.S. Stocks. In the actively managed domestic portion of the Account, returns achieved were healthy but slightly less than the Russell 3000 benchmark. As the year progressed (and dramatically in the closing months) a pronounced divergence developed in the performance of so-called "old economy" stocks and shares of technology companies deemed to be beneficiaries of the "new" world order, with the Internet phenomenon at its center. The lion's share of gains in the broad market indices accrued to these "growth" issues, while shares categorized as "value" stocks lagged severely. Issues found "guilty of association" with the "old" economy, even those with growth characteristics - such as health care - largely failed to participate. While not devoid of many of the technology leaders, this Account segment adopted a cautious approach toward chasing the most stratospherically valued portions of the high-tech universe. 4 o 1999 CREF Annual Report Performance at a Glance as of 12/31/99 - --------------------------------------------------------------------------------
====================================================================================================== Average Annual Compound Cumulative Rates Rates of Total Return(1) of Total Return(1) Net Assets 1 year 5 years 10 years 1 year 5 years 10 years (in billions) ====================================================================================================== Stock Account 21.48% 24.16% 15.93% 21.48% 195.03% 338.39% $135.7 Russell 3000 Index 20.90% 26.94% 17.68% 20.90% 229.62% 409.54% MSCI EAFE + Canada Index 27.93% 13.10% 7.10% 27.93% 85.08% 98.60%
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Stock Account. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. Returns in the international segment of the Account, by contrast, substantially exceeded the benchmark for that segment. A timely rotation of funds into the severely depressed Asian markets captured the benefit of the strong recovery in this region. Stock selection in both European and Asia/Pacific markets focused on growth sectors, such as technology and telecommunications, which proved to be market leaders as was true in the United States. After several years of lagging the returns of the U.S. market, overseas investments contributed a positive increment to overall Stock Account performance in 1999. It's worth remembering that the various stock market indexes aren't static targets. They change, too - in most cases they change only once a year, but they do change. Usually these changes are necessitated by firms that "disappear" Ten Largest Holdings as of 12/31/99 - -------------------------------------------------------------------------------- ================================================================================ Shares Market Value Percent of Company (000,000) (000,000) Net Assets ================================================================================ General Electric Co 25.7 $3,979.6 2.93 Microsoft Corp 30.1 3,510.2 2.59 Cisco Systems, Inc 25.5 2,730.6 2.01 Exxon Mobil Corp 31.0 2,495.2 1.84 Intel Corp 26.1 2,149.1 1.58 Lucent Technologies, Inc 28.3 2,117.1 1.56 AT&T Corp 35.2 1,787.4 1.32 International Business Machines Corp 16.4 1,766.7 1.30 SBC Communications, Inc 35.4 1,726.5 1.27 Wal-Mart Stores, Inc 21.5 1,486.5 1.10 Portfolio Composition - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Domestic Index Segment 60.4% Domestic Active Segment 17.0% International Segment 21.9% Short-term Investments 0.7% through merger; many of these are stocks whose prices had lagged the rest of the market. In some cases the changes recognize stocks that have grown too large to exclude from the index. In both cases the effect of the changes is to impart an upward "bias" to the index, making it an even harder target to surpass. In assessing the Account's performance compared to its benchmark, you should keep two differences in mind. One is that the benchmark has no expenses deducted from its performance, while the Stock Account deducts roughly 33 hundredths of one percent per year for all of its costs. The other difference is that the benchmark doesn't have funds in cash or equivalents for various investment purposes, but CREF Stock does. 1999 CREF Annual Report o 5 Global Equities Account ================================================================================ Investment Objective A favorable long-term rate of return through capital appreciation and investment income from a broadly diversified portfolio that consists of foreign and domestic common stocks. ================================================================================ For 1999 the Account posted a return of 36.05 percent, which was 11.11 percentage points ahead of the benchmark Morgan Stanley Capital International World Index and 2.37 percentage points ahead of the Account's peers, as measured by the Lipper Global Funds Index. Despite rising interest rates and Y2K concerns, the global stock markets posted double-digit returns. The Account's largest gains came from the international markets. Both in Europe and the Asia-Pacific region, stock selection was a key contributor to our performance. In Europe, we continued to focus on the growth in mobile telephones. In addition to owning mobile carriers like Mannesmann and Vodafone, we benefited from owning the fixed-line company Colt, as investors realized the importance of broadband networks. In the second half of the year, we began to extend our investments to companies that were indirect beneficiaries of the explosive global growth in handsets. We also broadened our investments to companies that supply key components to handset manufacturers - EPCOS and ST Microelectronics. Our position in the British-based media company Pearson also paid off in the fourth quarter as investors began to focus ================================================================================ The Account's Benchmark - -------------------------------------------------------------------------------- The benchmark we use for the CREF Global Equities Account is the Morgan Stanley Capital International (MSCI) World Index. This Index is an aggregate of 51 country indices - 23 developed markets and 28 emerging markets. MSCI calculates indices by applying full market capitalization weights (price multiplied by the number of shares outstanding) for the securities in the index. MSCI calculates regional indices using GDP weightings for countries. In construction of its country indices, MSCI defines the securities listed (i.e., available for trading) in each country, sorts them into industry groups, and selects the largest ones within each industry (by market capitalization) until it has 60 percent of each industry represented. It deletes stocks without sufficient liquidity and corrects for cross-ownership among stocks in the index, then weights them all by market cap for each stock. ================================================================================ $10,000 since 5/1/92 Inception - -------------------------------------------------------------------------------- [LINE GRAPH OMITTED] Global Equities MSCI World Date Account Index - ---- ------- ---------- 10000 10000 December 1992 10254.6 10182 December 1993 13889.8 12473 December 1994 13825.6 13106 December 1995 16603.6 15822 December 1996 19588.2 17955 December 1997 23180.2 20785 December 1998 27486.7 25844 December 1999 37395 32288 The graph assumes a $10,000 investment in the CREF Global Equities Account, on May 1, 1992. It shows that, by the end of 1999, the investment would have grown to $37,395. For comparison, the graph shows how a $10,000 investment in the MSCI World Index, the Global Equities Account's benchmark (see box at left), did over the same period. on the value of Pearson's content, especially its strengths in education, television production, and financial news. Some European holdings were disappointments. Investors' confidence in Railtrack suffered due to a tragic rail accident in the United Kingdom as well as continued concern surrounding regulatory issues, so we sold it. The strong performance of the stock markets in the Asia-Pacific region, together with positive stock selection in Japan (the largest country allocation in this region), enabled us to outperform the benchmark by a wide margin. Our overweights in the technology and telecom sectors proved successful. We focused on Japanese companies such as Murata Manufacturing and Rohm, producers of key components for mobile handsets for GSM and CDMA and consumer electronics. We also benefited from our investments in companies positioned to gain from the rapid growth in mobile Internet access and related technologies, such as NTT DoCoMo, Hikari Tsushin, and CSK. During the year our underweight position in Softbank detracted from our overall performance in this region. Our second largest sector holdings in this region, in consumer cyclicals (Seven-Eleven 6 o 1999 CREF Annual Report Performance at a Glance as of 12/31/99 - --------------------------------------------------------------------------------
=================================================================================================================== Average Annual Compound Cumulative Rates Rates of Total Return(1) of Total Return(1) Net Assets 1 year 5 years since inception 1 year 5 years since inception (in billions) =================================================================================================================== Global Equities Account 36.05% 22.02% 18.75% 36.05% 170.48% 273.95% $9.0 MSCI World Index 24.93% 19.76% 16.50% 24.93% 146.35% 222.89% Lipper Global Funds Index 33.68% 18.40% 15.59% 33.68% 132.66% 203.82%
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Global Equities Account. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. Japan, Konami, and Ito-En - beneficiaries of a recovery in the Japanese economy and excellent management), also contributed to the Account's strong performance. The Account's holdings in the Americas also did well, primarily due to investments in telecommunications (RCN, Viatel, Omnipoint) and telecommunications equipment (Lucent and Cisco). We also had good performance from selected technology names (BMC Software, LSI Logic, Oracle). But our investments in Tyco International and Safeway, together with our underweight positions in several telecom equipment companies, detracted from our performance. For 1999, the Global Equities Account benefited from its overweight (compared to its benchmark) in technology and underweight in financial services. Currently, the Account remains overweight in both Europe and the Asia-Pacific regions. We will continue to seek out undervalued companies in every region of the world and invest in these companies when the market presents us with the right opportunity. Ten Largest Holdings as of 12/31/99 - -------------------------------------------------------------------------------- ============================================================================= Shares Market Value Percent of Company (000,000) (000,000) Net Assets Country ============================================================================= Nokia OYJ 1.3 $232.6 2.59 Finland Microsoft Corp 1.8 207.4 2.31 United States General Electric Co 1.3 203.4 2.27 United States Mannesmann AG. (REGD) 0.8 194.1 2.16 Germany Colt Telecom Group PLC 3.3 167.8 1.87 United Kingdom Ericsson Telefon (LM) AB Series B 2.4 153.5 1.71 Sweden SAP AG. 0.3 151.0 1.68 Germany Pearson PLC 4.7 150.8 1.68 United Kingdom ST Microelectronics NV 1.0 147.9 1.65 Netherlands Cisco Systems, Inc 1.4 147.0 1.64 United States Diversification Among World Markets - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] United States 39.8% Japan 15.9% United Kingdom 15.9% Germany 7.0% Netherlands 4.0% Finland 2.8% Sweden 2.6% Spain 1.3% Bermuda 1.3% Australia 1.2% 19 Others 8.2% 1999 CREF Annual Report o 7 Growth Account ================================================================================ Investment Objective A favorable long-term rate of return, mainly through capital appreciation, primarily from a broadly diversified portfolio of common stocks that present the opportunity for exceptional growth. ================================================================================ In 1999 the Growth Account posted a return of 32.52 percent, which was 1.31 percentage points behind its benchmark, the Russell 3000 Growth Index, but 4.56 percentage points ahead of the other growth funds, as measured by the Lipper Growth Fund Index. The solid returns of the Growth Account were produced by overweights in technology stocks - especially software stocks - and in entertainment and media stocks. Other investments that contributed positive performance were wireless communication stocks, including Omnipoint, Nokia, and Ericcson, as did positions in communication semi-conductor stocks. Underweights in the large capitalization consumer staple stocks like Coca-Cola and Philip Morris helped performance, as did under owning the pharmaceutical stocks. On the negative side not having positions in Sun Microsystems and Qualcomm Corp hurt performance as did positions in the health care stocks, Mckesson HBOC and Cardinal Health. The most damage to the Account's returns however, came from Tyco International. In a volatile, momentum driven market, the stock fell due to concerns about accounting irregularities. ================================================================================ The Account's Benchmark - -------------------------------------------------------------------------------- The benchmark we use for the CREF Growth Account is the Russell 3000(R) Growth Index, representing the growth sector of the U.S. stock market. The Growth Index is a subset of the Russell 3000, which comprehensively measures the U.S. stock market. The Growth Index consists of companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth rates. ================================================================================ $10,000 since 4/29/94 Inception - -------------------------------------------------------------------------------- [LINE GRAPH OMITTED] Russell 3000(R) Date Growth Account Growth Index ---- -------------- ------------ 10000 10000 December 1994 10466.9 10640.7 December 1995 14151.6 14531.8 December 1996 17760.1 17711.9 December 1997 22806.4 22802.2 December 1998 30306.5 30786.9 December 1999 40162 41200.5 The graph assumes a $10,000 investment in the CREF Growth Account, on April 29, 1994. It shows that, by the end of 1999, the investment would have grown to $40,162. For comparison, the graph shows how a $10,000 investment in the Russell 3000 Growth Index, the Growth Account's benchmark (see box at left), did over the same period. The story of the year was investors' love affair with technology stocks. This seemed to grow more intense as fears of a Y2K economic slowdown receded during the fourth quarter. It also spread from simple "dot.com" stocks to Internet infrastructure companies, then to business-to-business software companies and finally to wireless telecommunications stocks. By the time the year was over the Nasdaq Composite Index had recorded the largest one-year gain of any U.S. market index in history. Clearly such gains are not sustainable, even if the economy is in a new paradigm. How long it will take for the market's passion for the new economy to wane is unclear. 8 o 1999 CREF Annual Report Performance at a Glance as of 12/31/99 - --------------------------------------------------------------------------------
================================================================================================================================== Average Annual Compound Cumulative Rates Rates of Total Return(1) of Total Return(1) Net Assets 1 year 5 years since inception 1 year 5 years since inception (in billions) ================================================================================================================================== Growth Account 32.52% 30.86% 27.74% 32.52% 283.71% 301.62% $ 13.6 Russell 3000 Growth Index 33.82% 31.10% 28.40% 33.82% 287.20% 313.65% Lipper Growth Fund Index 27.96% 26.27% 23.05% 27.96% 221.05% 224.77%
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Growth Account. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. U.S. growth stocks had an extraordinarily strong year in 1999; the Russell 3000(R)Growth Index gained 33.8 percent. Most of the gains came in the fourth quarter. At the beginning of the fourth quarter, the Index was up only 6.5 percent. The graph at lower right shows that, although the CREF Growth Account slightly underperformed the benchmark for the year as a whole, it outperformed the benchmark in the four months of negative returns (that is, its results were smaller drops) and also in June, one of the big "up" months. In only two months - - March and October - did the Account substantially underperform the benchmark. Ten Largest Holdings as of 12/31/99 - -------------------------------------------------------------------------------- ================================================================================ Shares Market Value Percent of Company (000,000) (000,000) Net Assets ================================================================================ Microsoft Corp 7.1 $833.7 6.14 General Electric Co 4.4 674.2 4.97 Cisco Systems, Inc 5.6 600.0 4.42 Intel Corp 6.3 516.9 3.81 Oracle Corp 4.3 476.6 3.51 Lucent Technologies, Inc 5.6 416.6 3.07 Tyco International LTD 10.6 410.8 3.03 EMC Corp 3.0 325.4 2.40 America Online, Inc 3.7 277.8 2.05 Merck & Co, Inc 3.7 248.4 1.83 Portfolio Composition - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS PRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Technology 47.4% Consumer Products and Services 31.2% Manufacturing and Materials 12.1% Utilities 5.6% Financial 2.4% Other 1.3% 1999 Month-by-Month Returns (In Percent) - -------------------------------------------------------------------------------- [BAR GRAPH OMITTED] CREF Growth Russell Month Account 3000 Growth Index ----- ------- ----------------- January 5.47% 5.77% February -4.16% -4.9% March 3.52% 5.15% April 0.87% 0.73% May -1.56% -2.83% June 7.62% 6.87% July -3.13% -3.17% August 0.93% 1.24% September -0.95% -1.83% October 4.56% 7.2% November 5.61% 5.74% December 10.83% 10.89% 1999 CREF Annual Report o 9 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Industry (000) VALUE % ------------ ----- BONDS CORPORATE BONDS AUTOMOTIVE DEALERS AND SERVICE STATIONS ..... $ 413 0.00% DEPOSITORY INSTITUTIONS ..................... 27,854 0.02 ELECTRIC, GAS, AND SANITARY SERVICES ........ 4,101 0.00 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT ..... 35,170 0.03 INSURANCE CARRIERS .......................... 2,314 0.00 MISCELLANEOUS MANUFACTURING INDUSTRIES ...... 274 0.00 REAL ESTATE ................................. 9 0.00 SECURITY AND COMMODITY BROKERS .............. 92,198 0.07 TRANSPORTATION EQUIPMENT .................... 1,073 0.00 TRUCKING AND WAREHOUSING .................... 12,304 0.01 ------------ ----- TOTAL CORPORATE BONDS (Cost $93,065) ................................ 175,710 0.13 ------------ ----- GOVERNMENT BOND GOVERNMENT BOND ............................... 344 0.00 ------------ ----- TOTAL GOVERNMENT BOND (Cost $381) ................................... 344 0.00 ------------ ----- TOTAL BONDS (Cost $93,446) ................................ 176,054 0.13 ------------ ----- PREFERRED STOCK APPAREL AND OTHER TEXTILE PRODUCTS .......... 471 0.00 BUSINESS SERVICES ........................... 74,584 0.06 CHEMICALS AND ALLIED PRODUCTS ............... 13,623 0.01 COMMUNICATIONS .............................. 74,354 0.06 DEPOSITORY INSTITUTIONS ..................... 3,905 0.00 ELECTRIC, GAS, AND SANITARY SERVICES ........ 4,397 0.00 FOOD AND KINDRED PRODUCTS ................... 1,238 0.00 FURNITURE AND FIXTURES ...................... 59 0.00 GENERAL BUILDING CONTRACTORS ................ 72 0.00 GENERAL MERCHANDISE STORES .................. 10,858 0.01 HEALTH SERVICES ............................. 13 0.00 HEAVY CONSTRUCTION, EXCEPT BUILDING ......... 199 0.00 HOLDING AND OTHER INVESTMENT OFFICES ........ 852 0.00 INSTRUMENTS AND RELATED PRODUCTS ............ 8 0.00 INSURANCE AGENTS, BROKERS AND SERVICE ....... 13,601 0.01 METAL MINING ................................ 2,437 0.00 NONDEPOSITORY INSTITUTIONS .................. 88 0.00 OIL AND GAS EXTRACTION ...................... 4,656 0.00 PAPER AND ALLIED PRODUCTS ................... 6 0.00 PETROLEUM AND COAL PRODUCTS ................. 128 0.00 PRIMARY METAL INDUSTRIES .................... 374 0.00 PRINTING AND PUBLISHING ..................... 34,495 0.03 REAL ESTATE ................................. 256 0.00 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ... 6,680 0.01 STONE, CLAY, AND GLASS PRODUCTS ............. 293 0.00 TRANSPORTATION EQUIPMENT .................... 6,268 0.00 ------------ ----- TOTAL PREFERRED STOCK (Cost $161,692) ............................... 253,915 0.19 ------------ ----- COMMON STOCK AGRICULTURAL PRODUCTION-CROPS ................. 933 0.00 AGRICULTURAL SERVICES ......................... 2,927 0.00 AMUSEMENT AND RECREATION SERVICES ............. 259,139 0.19 APPAREL AND ACCESSORY STORES .................. 606,663 0.45 APPAREL AND OTHER TEXTILE PRODUCTS ............ 158,453 0.12 AUTO REPAIR, SERVICES AND PARKING ............. 41,165 0.03 AUTOMOTIVE DEALERS AND SERVICE STATIONS ....... 69,957 0.05 BUILDING MATERIALS AND GARDEN SUPPLIES ........ 1,263,611 0.93 BUSINESS SERVICES ............................. 13,056,009 9.62 CHEMICALS AND ALLIED PRODUCTS ................. 13,159,291 9.69 COAL MINING ................................... 1,884 0.00 COMMUNICATIONS ................................ 18,613,877 13.71 DEPOSITORY INSTITUTIONS ....................... 9,625,891 7.09 EATING AND DRINKING PLACES .................... 625,742 0.46 EDUCATIONAL SERVICES .......................... 64,944 0.05 ELECTRIC, GAS, AND SANITARY SERVICES .......... 3,512,488 2.59 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT ....... 15,308,389 11.28 ENGINEERING AND MANAGEMENT SERVICES ........... 162,066 0.12 FABRICATED METAL PRODUCTS ..................... 732,413 0.54 FOOD AND KINDRED PRODUCTS ..................... 3,733,342 2.75 FOOD STORES ................................... 995,941 0.73 FORESTRY ...................................... 21,710 0.02 FURNITURE AND FIXTURES ........................ 179,154 0.13 FURNITURE AND HOMEFURNISHINGS STORES .......... 322,859 0.24 GENERAL BUILDING CONTRACTORS .................. 119,571 0.09 GENERAL MERCHANDISE STORES .................... 2,666,609 1.96 HEALTH SERVICES ............................... 389,317 0.29 HEAVY CONSTRUCTION, EXCEPT BUILDING ........... 159,505 0.11 HOLDING AND OTHER INVESTMENT OFFICES .......... 888,261 0.65 HOTELS AND OTHER LODGING PLACES ............... 151,826 0.11 INDUSTRIAL MACHINERY AND EQUIPMENT ............ 10,417,653 7.68 INSTRUMENTS AND RELATED PRODUCTS .............. 2,367,732 1.74 INSURANCE AGENTS, BROKERS AND SERVICE ......... 249,899 0.18 INSURANCE CARRIERS ............................ 5,712,135 4.21 LEATHER AND LEATHER PRODUCTS .................. 16,861 0.01 LEGAL SERVICES ................................ 2,977 0.00 LOCAL AND INTERURBAN PASSENGER TRANSIT ........ 83,071 0.06 LUMBER AND WOOD PRODUCTS ...................... 211,854 0.16 METAL MINING .................................. 374,950 0.28 MISCELLANEOUS MANUFACTURING INDUSTRIES ........ 458,731 0.34 MISCELLANEOUS RETAIL .......................... 908,112 0.67 MOTION PICTURES ............................... 996,905 0.73 NONDEPOSITORY INSTITUTIONS .................... 2,042,842 1.51 NONMETALLIC MINERALS, EXCEPT FUELS ............ 51,306 0.04 OIL AND GAS EXTRACTION ........................ 1,429,503 1.05 PAPER AND ALLIED PRODUCTS ..................... 958,432 0.71 PERSONAL SERVICES ............................. 67,913 0.05 PETROLEUM AND COAL PRODUCTS ................... 4,754,129 3.50 PIPELINES, EXCEPT NATURAL GAS ................. 10,490 0.01 PRIMARY METAL INDUSTRIES ...................... 1,158,982 0.85 PRINTING AND PUBLISHING ....................... 1,042,377 0.77 RAILROAD TRANSPORTATION ....................... 382,629 0.28 REAL ESTATE ................................... 280,565 0.21 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ..... 403,369 0.30 SECURITY AND COMMODITY BROKERS ................ 1,570,687 1.16 SOCIAL SERVICES ............................... 4,521 0.00 SPECIAL TRADE CONTRACTORS ..................... 35,499 0.03 STONE, CLAY, AND GLASS PRODUCTS ............... 600,652 0.44 TEXTILE MILL PRODUCTS ......................... 63,164 0.05 TOBACCO PRODUCTS .............................. 611,760 0.45 TRANSPORTATION BY AIR ......................... 496,776 0.37 TRANSPORTATION EQUIPMENT ...................... 4,462,549 3.29 TRANSPORTATION SERVICES ....................... 65,484 0.05 TRUCKING AND WAREHOUSING ...................... 236,700 0.17 WATER TRANSPORTATION .......................... 257,334 0.19 WHOLESALE TRADE-DURABLE GOODS ................. 227,408 0.17 WHOLESALE TRADE-NON-DURABLE GOODS ............. 763,446 0.56 ------------ ----- TOTAL COMMON STOCK (Cost $69,858,228) ............................ 130,673,334 96.27 ------------ ----- SHORT TERM INVESTMENTS BANK NOTES .................................... 100,005 0.07 CERTIFICATES OF DEPOSIT ....................... 375,574 0.28 COMMERCIAL PAPER .............................. 3,667,666 2.70 MEDIUM TERM BOND .............................. 19,970 0.02 OTHER GOVERNMENT AND AGENCIES ................. 93,705 0.07 U.S. GOVERNMENT AND AGENCIES .................. 2,214,224 1.63 VARIABLE RATE NOTES ........................... 46,496 0.03 ------------ ----- SEE NOTES TO FINANCIAL STATEMENTS 10 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Industry (000)--(Continued) VALUE % ------------ ----- TOTAL SHORT TERM INVESTMENTS (Cost $6,517,287) ............................. $ 6,517,640 4.80% ------------ ----- TOTAL PORTFOLIO (Cost $76,630,653) ............................ 137,620,943 101.39 OTHER ASSETS & LIABILITIES, NET ............... (1,887,602) (1.39) ------------ ----- NET ASSETS ....................................... $135,733,341 100.00% ============ ====== ------------------------------ Summary by Country (Unaudited) VALUE (000) % ------------ ----- DOMESTIC UNITED STATES ........................... $102,168,331 74.24% ------------ ----- TOTAL DOMESTIC .......................... 102,168,331 74.24 ------------ ----- FOREIGN ARGENTINA ............................... 12,306 0.01 AUSTRALIA ............................... 633,443 0.46 AUSTRIA ................................. 39,510 0.03 BELGIUM ................................. 249,756 0.18 BRAZIL .................................. 26,601 0.02 CANADA .................................. 1,124,579 0.82 CHILE ................................... 61,077 0.04 DENMARK ................................. 174,759 0.13 FINLAND ................................. 912,989 0.66 FRANCE .................................. 2,654,844 1.93 GERMANY ................................. 2,675,812 1.94 HONG KONG ............................... 465,291 0.34 HUNGARY ................................. 5,786 0.00 INDIA ................................... 377,484 0.27 IRELAND ................................. 250,250 0.18 ISRAEL .................................. 22,720 0.02 ITALY ................................... 1,162,077 0.84 JAPAN ................................... 7,516,787 5.46 LUXEMBOURG .............................. 7,393 0.01 MALAYSIA ................................ 70,038 0.05 NETHERLANDS ............................. 1,758,170 1.28 NEW ZEALAND ............................. 53,610 0.04 NORWAY .................................. 83,353 0.06 PORTUGAL ................................ 132,701 0.10 SINGAPORE ............................... 338,217 0.25 SOUTH AFRICA ............................ 34,411 0.03 SPAIN ................................... 814,486 0.59 SWEDEN .................................. 910,354 0.66 SWITZERLAND ............................. 1,439,260 1.05 TAIWAN .................................. 6,413 0.01 UNITED KINGDOM .......................... 4,919,683 3.57 ZIMBABWE ................................ 812 0.00 ------------ ------ TOTAL FOREIGN ........................... 28,934,972 21.03 SHORT TERM INVESTMENTS .................. 6,517,640 4.73 ------------ ------ TOTAL PORTFOLIO ......................... $137,620,943 100.00% ============ ====== ------------------------------ PRINCIPAL VALUE (000) --------- ----------- BONDS--0.13% CORPORATE BONDS--0.13% AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.00% UGLY DUCKLING CORP (SUB DEB) $ 413,400 12.000%, 10/23/03 .............. $ 413 -------- DEPOSITORY INSTITUTIONS--0.02% BANCA INTESA S.P.A. (CV DEB) 210,884(1) 2.700%, 01/01/03 ............... $ 384 BANCA INTESA S.P.A. (CV DEB) (RISP) 16,220(1) 3.500%, 01/01/03 ............... 31 FUJI BANK 2,580,000,000(2) 0.250%, 02/01/02 ............... 20,730 MITSU TRUST & BANKING (CV DEB) 983,000,000(2) 0.500%, 10/01/07 ............... 6,709 -------- 27,854 -------- ELECTRIC, GAS, AND SANITARY SERVICES--0.00% WMX TECHNOLOGIES, INC (SUB CV NOTE) $ 4,979,000 2.000%, 01/24/05 ............... 4,101 -------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--0.03% SONY CORP 950,000,000(2) 1.400%, 03/31/05 ............... 35,170 -------- INSURANCE CARRIERS--0.00% >AMP AUSTRALIA 37,957(3) 7.000%, 02/10/05 ............... 2,314 AMP REINSURANCE NOTE 1,380,277(3) 7.000%, 02/10/05 ............... 0 -------- 2,314 -------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.00% SEGA ENTERPRISES LTD 20,000,000(2) 0.000%, 03/31/03 ............... 274 -------- REAL ESTATE--0.00% EXCEL LEGACY CORP NOTE $ 6,000 9.000%, 01/01/04 .............. 6 3,000 10.000%, 01/01/04 .............. 3 -------- 9 -------- SECURITY AND COMMODITY BROKERS--0.07% MORGAN STANLEY DEAN WITTER 26,025,000 7.500%, 05/08/00 ............... 65,633 5,987,000 3.000%, 05/17/00 ............... 26,565 -------- 92,198 -------- TRANSPORTATION EQUIPMENT--0.00% BRITISH AEROSPACE PLC 674,799(4) 7.450%, 11/30/03 ............... 1,073 -------- TRUCKING AND WAREHOUSING--0.01% YAMATO TRANSPORT (CV DEB) 340,000,000(2) 1.700%, 09/30/02 ............... 12,304 -------- TOTAL CORPORATE BONDS (Cost $93,065) ................. 175,710 -------- GOVERNMENT BOND--0.00% GOVERNMENT BOND--0.00% U.S. TREASURY BOND $ 325,000 11.750%, 02/15/01 .............. 344 -------- TOTAL GOVERNMENT BOND (Cost $381) ................... 344 -------- TOTAL BONDS (Cost $93,446) ................. 176,054 -------- - ---------- (1) Denominated in Italian Lira. (2) Denominated in Japanese Yen. (3) Denominated in Australian Dollar. (4) Denominated in British Pound. SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 11 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ------ ----------- PREFERRED STOCK--0.19% APPAREL AND OTHER TEXTILE PRODUCTS--0.00% 4,200 ESCADA AG....................................... $ 471 ----------- BUSINESS SERVICES--0.06% 123,800 >*SAP AG.......................................... 74,584 ----------- CHEMICALS AND ALLIED PRODUCTS--0.01% 941,176 #*ADVANCED MEDICINE SERIES C...................... 8,000 8,300,000 * BOMBRIL S.A..................................... 64 1,713 CIN-CORPARACAO INDUSTRIAL....................... 42 2,758,725 #*NETGENICS, INC CV SERIES D...................... 5,517 ----------- 13,623 ----------- COMMUNICATIONS--0.06% 668,800 * COMCAST CORP.................................... 66,378 52,065,624 EMBRATEL PARTICIPACOES S.A...................... 1,340 66,267,124 * TELEBRAS S.A.................................... 1 73,544,371 TELECENTROESTE CELULAR PARTICIPACOES S.A........ 155 66,267,124 TELECENTRO-SUL PARTICIPACOES S.A................ 1,210 66,267,124 TELENORTE-LESTE PARTICIPACOES S.A............... 1,779 66,267,124 TELESP CELULAR S.A.............................. 1,174 66,267,124 TELESP PARTICIPACOES S.A........................ 1,607 66,267,124 TELESUDESTE CELULAR S.A......................... 490 66,267,124 TELESUL CELULAR PARTICIPACOES S.A............... 220 ----------- 74,354 ----------- DEPOSITORY INSTITUTIONS--0.00% 22,520,000 BANCO ITAU S.A.................................. 1,932 7,100,000 BANESPA S.A..................................... 252 219,454,122 BRADESCO S.A.................................... 1,721 ----------- 3,905 ----------- ELECTRIC, GAS, AND SANITARY SERVICES--0.00% 38,848,207 CEMIG S.A....................................... 871 23,122,930 CENTRAIS GERADORAS BRASIL....................... 25 23,122,930 ELECTROBRAS S.A. SERIES B....................... 552 2,491,107 ELETROPAULO METROPOLITANA....................... 161 5,000 HOUSTON INDUSTRIES, INC ACES.................... 603 70,870 RHEIN-WESTFALEN ELECTRIC AG. (NON-VOTE)......... 2,185 ----------- 4,397 ----------- FOOD AND KINDRED PRODUCTS--0.00% 1,516,000 BRAHMA S.A...................................... 1,108 143,000 * SADIA S.A....................................... 130 ----------- 1,238 ----------- FURNITURE AND FIXTURES--0.00% 115,446 * OSULLIVAN INDUSTRIES HOLDINGS, INC.............. 59 ----------- GENERAL BUILDING CONTRACTORS--0.00% 2,300,000 * DURATEX S.A..................................... 72 ----------- GENERAL MERCHANDISE STORES--0.01% 210,200 HARCOURT GENERAL, INC SERIES A.................. 10,858 ----------- HEALTH SERVICES--0.00% 8,534 * MEDIQ, INC SERIES A............................. 13 ----------- HEAVY CONSTRUCTION, EXCEPT BUILDING--0.00% 5,500 BAU HOLDING AG.................................. 199 ----------- HOLDING AND OTHER INVESTMENT OFFICES--0.00% 18,432 KIMCO REALTY CORP SERIES D...................... 393 11,020 PRIME RETAIL, INC............................... 130 9,807 SUPERIOR TRUST I SERIES A....................... 329 ----------- 852 ----------- INSTRUMENTS AND RELATED PRODUCTS--0.00% 816,100 * FRESENIUS MEDICAL CARE (CLASS D)................ 8 ----------- INSURANCE AGENTS, BROKERS AND SERVICE--0.01% 45,000 MARSCHOLLER LAUT UND PARTNER.................... 13,601 ----------- METAL MINING--0.00% 88,032 VALE DO RIO DOCE NAVEGACAO S.A. SERIES A........ 2,437 ----------- NONDEPOSITORY INSTITUTIONS--0.00% 23,604 INTERNATIONALE NEDERLANDEN GROEP NV............. 88 ----------- OIL AND GAS EXTRACTION--0.00% 18,284,900 PETROBRAS S.A................................... 4,656 ----------- PAPER AND ALLIED PRODUCTS--0.00% 1,670 KONINKLIJKE NV.................................. 6 ----------- PETROLEUM AND COAL PRODUCTS--0.00% 12,000,000 * IPIRANGA S.A.................................... 128 ----------- PRIMARY METAL INDUSTRIES--0.00% 2,718,600 MET GERDAU S.A.................................. 131 44,800 USINAS SIDER MINAS GERAIS S.A................... 243 ----------- 374 ----------- PRINTING AND PUBLISHING--0.03% 4,038,657 >NEWS CORP LTD (LTD-VOTE)........................ 34,495 ----------- REAL ESTATE--0.00% 18,300 PRICE ENTERPRISES, INC.......................... 256 ----------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.01% 132,287 SEALED AIR CORP (CLASS A)....................... 6,680 ----------- STONE, CLAY, AND GLASS PRODUCTS--0.00% 610,000 CIM ITAU S.A.................................... 85 6,790 DYCKERHOFF ZEMENTWERKE AG....................... 208 ----------- 293 ----------- TRANSPORTATION EQUIPMENT--0.00% 12,100 MAN AG.......................................... 268 12,900 RHEINMETALL AG.................................. 136 183,000 VOLKSWAGEN AG................................... 5,864 ----------- 6,268 ----------- TOTAL PREFERRED STOCK (Cost $ 161,692) ................................................ 253,915 ----------- COMMON STOCK--96.27% AGRICULTURAL PRODUCTION-CROPS--0.00% 13,809 DELTA & PINE LAND CO............................ 240 758,000 GOLDEN HOPE PLANTATIONS BERHAD.................. 682 1,300 * HINES HORTICULTURE, INC......................... 11 ----------- 933 ----------- AGRICULTURAL SERVICES--0.00% 122,700 * CADIZ, INC...................................... 1,166 69,512 CRESUD SACIFYA.................................. 68 131,500 * VETERINARY CENTERS OF AMERICA, INC.............. 1,693 ----------- 2,927 ----------- AMUSEMENT AND RECREATION SERVICES--0.19% 420,808 >*AMF BOWLING, INC................................ 1,315 92,900 * ANCHOR GAMING CO................................ 4,035 120,100 * ARGOSY GAMING CORP.............................. 1,869 147,529 >*BALLY TOTAL FITNESS HOLDINGS CORP............... 3,937 470,000 BERJAYA SPORTS TOTO BERHAD...................... 1,014 124,400 * BOCA RESORTS, INC (CLASS A)..................... 1,213 224,245 * BOYD GAMING CORP................................ 1,303 32,500 * CHAMPIONSHIP AUTO RACING TEAMS, INC............. 748 4,800 > CHURCHILL DOWNS, INC............................ 108 2,363,850 EMI GROUP PLC................................... 23,188 2,100 >*FAMILY GOLF CENTERS, INC........................ 3 5,060,040 GRANADA GROUP LTD (CLASS A)..................... 51,270 958,274 * HARRAH'S ENTERTAINMENT, INC..................... 25,334 157,600 * HOLLYWOOD PARK, INC............................. 3,536 22,200 INTERNATIONAL SPEEDWAY CORP (CLASS A)........... 1,118 50 * ISLE OF CAPRI CASINOS, INC...................... 1 52,000 * LAKES GAMING, INC............................... 413 1,324,950 MAGNUM CORP BERHAD.............................. 990 504,217 * MIRAGE RESORTS, INC............................. 7,721 735,000 * MULTI-PURPOSE HOLDINGS BERHAD................... 313 112,800 ORIENTAL LAND CO LTD............................ 9,687 60 * PENN NATIONAL GAMING, INC....................... 1 SEE NOTES TO FINANCIAL STATEMENTS 12 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- AMUSEMENT AND RECREATION SERVICES--(Continued) 13,000 * PLAYERS INTERNATIONAL, INC......................$ 107 2,951,828 * PREMIER PARKS, INC.............................. 85,234 57,934 * PRESIDENT CASINOS, INC.......................... 36 700 SANKYO CO LTD................................... 52 236,808 * SFX ENTERTAINMENT, INC (CLASS A)................ 8,569 13,600 * SPEEDWAY MOTORSPORTS, INC....................... 378 154,137 * STATION CASINOS, INC............................ 3,458 899,721 > TABCORP HOLDINGS LTD............................ 6,074 240,000 * TOKYO DOME CORP................................. 1,150 444,000 TOKYO TOKEIBA CO LTD............................ 608 188,900 * WESTWOOD ONE, INC............................... 14,356 ----------- 259,139 ----------- APPAREL AND ACCESSORY STORES--0.45% 931,808 * ABERCROMBIE & FITCH CO (CLASS A)................ 24,868 173,150 * AMERICAN EAGLE OUTFITTERS, INC.................. 7,792 167,672 * ANN TAYLOR STORES CORP.......................... 5,774 18,900 >*BEBE STORES, INC................................ 510 48,950 >*BUCKLE, INC..................................... 725 101,524 BURLINGTON COAT FACTORY WAREHOUSE CORP.......... 1,409 268,100 CATO CORP (CLASS A)............................. 3,385 99,000 * CHARMING SHOPPES, INC........................... 656 40,500 * CHICO'S FAS, INC................................ 1,524 97,300 >*CHILDRENS PLACE RETAIL STORES................... 1,599 154,700 CLAIRES STORES, INC............................. 3,461 108,618 CLAIRES STORES, INC (CLASS A)................... 2,430 52,300 >*DAVIDS BRIDAL, INC.............................. 585 161,400 DEB SHOPS, INC.................................. 2,986 106,941 DOUGLAS HOLDINGS AG............................. 4,606 102,600 * DRESS BARN, INC................................. 1,706 7,469 EDGARS CONSOLIDATED STORES LTD.................. 95 4,184 x*EDISON BROTHERS STORES, INC WTS 09/26/05........ 0 108,500 * FINISH LINE, INC (CLASS A)...................... 590 188,669 * FOOTSTAR, INC................................... 5,754 3,918,182 GAP, INC........................................ 180,236 439,700 * GENESCO, INC.................................... 5,716 109,700 * GOODYS FAMILY CLOTHING, INC..................... 590 130,600 * GYMBOREE CORP................................... 735 1,910,380 HENNES & MAURITZ AB SERIES B.................... 64,061 141,317 INTIMATE BRANDS, INC (CLASS A).................. 6,094 47,450 x>* JUST FOR FEET, INC.............................. 0 3,677,792 LIMITED, INC.................................... 159,294 156,950 * MEN'S WEARHOUSE, INC............................ 4,610 272,239 NORDSTROM, INC.................................. 7,129 174,575 * PACIFIC SUNWEAR CALIFORNIA, INC................. 5,565 195,743 * PAYLESS SHOESOURCE, INC......................... 9,200 183,600 * PETRIE STORES CORP (LIQUIDATING TRUST).......... 448 1,247,860 ROSS STORES, INC................................ 22,383 19,080 SALAMANDER AG................................... 231 58,600 > SHIMAMAURA CO LTD............................... 9,285 11,200 * SHOE CARNIVAL, INC.............................. 113 171,600 * STEIN MART, INC................................. 976 2,366,266 TJX COS, INC.................................... 48,361 579,992 * TOO, INC........................................ 10,005 1,500 * UNITED RETAIL GROUP, INC........................ 12 14,000 * URBAN OUTFITTERS, INC........................... 408 61,700 * WET SEAL, INC (CLASS A)......................... 756 ----------- 606,663 ----------- APPAREL AND OTHER TEXTILE PRODUCTS--0.12% 160,600 AOYAMA TRADING CO LTD........................... 3,440 4,643,700 > BENETTON GROUP S.P.A............................ 10,667 50,000 CHRISTIAN DIOR S.A.............................. 12,392 54,400 * COLUMBIA SPORTSWEAR CO.......................... 1,170 113,400 * DONNA KARAN INTERNATIONAL, INC.................. 744 17 ESCADA AG. ..................................... 2 27,800 * GUESS ?, INC.................................... 605 817,000 GUNZE LTD....................................... $ 2,174 713,455 * JONES APPAREL GROUP, INC........................ 19,352 171,390 KELLWOOD CO..................................... 3,331 2,353,000 KURARAY CO LTD.................................. 23,820 480,600 LIZ CLAIBORNE, INC.............................. 18,083 212,300 * NAUTICA ENTERPRISES, INC........................ 2,402 268,000 ONWARD KASHIYMA CO LTD.......................... 3,670 119,300 OSHKOSH B'GOSH, INC (CLASS A)................... 2,513 95,500 OXFORD INDUSTRIES, INC.......................... 1,892 4,961,800 PACIFIC DUNLOP LTD.............................. 7,002 13,193 x*PARAGON TRADE BRANDS, INC....................... 3 277,533 PHILLIPS VAN HEUSEN CORP........................ 2,307 4,423 > PILLOWTEX CORP.................................. 27 342,200 * POLO RALPH LAUREN CORP.......................... 5,839 125,200 * QUIKSILVER, INC................................. 1,941 414,100 >*RENOWN, INC..................................... 1,013 345,000 TOKYO STYLE CO LTD.............................. 2,835 9,300 * TOMMY HILFIGER CORP............................. 217 2,000 * TROPICAL SPORTSWARE INTERNATIONAL CORP.......... 32 550,758 VF CORP......................................... 16,523 413,055 WACOAL CORP..................................... 3,632 331,399 WARNACO GROUP, INC (CLASS A).................... 4,080 54,300 WORLD CO LTD.................................... 6,745 ----------- 158,453 ----------- AUTO REPAIR, SERVICES AND PARKING--0.03% 47,600 * AUTOWEB.COM, INC................................ 518 144,983 * AVIS RENT A CAR, INC............................ 3,706 165,401 * BUDGET GROUP, INC............................... 1,499 1,246,000 COMFORT GROUP LTD............................... 684 334,018 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC............ 7,996 130,895 HERTZ CORP (CLASS A)............................ 6,561 66,460 * IMPERIAL HOLDINGS LTD........................... 727 157,657 MIDAS, INC...................................... 3,449 61,770 * NATIONAL AUTO CREDIT, INC....................... 39 511,847 ROLLINS TRUCK LEASING CORP...................... 6,110 404,152 RYDER SYSTEM, INC............................... 9,876 ----------- 41,165 ----------- AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.05% 36,000 AUTOBACS SEVEN CO LTD........................... 1,180 1,608,349 * AUTONATION, INC................................. 14,877 771,500 * AUTOZONE, INC................................... 24,929 291,500 * BAJAJ AUTO LTD.................................. 2,218 148,300 CANADIAN TIRE, INC (CLASS A).................... 3,520 222,400 * COPART, INC..................................... 9,674 160,800 * CSK AUTO CORP................................... 2,814 67,498 * DISCOUNT AUTO PARTS, INC........................ 1,219 96,800 * GROUP 1 AUTOMOTIVE, INC......................... 1,349 402,024 LEX SERVICE GROUP LTD........................... 2,447 323,958 LONHRO AFRICA PLC............................... 162 96,200 * OREILLY AUTOMOTIVE, INC......................... 2,068 278,905 PEP BOYS MANNY, MOE, & JACK CO.................. 2,545 103,400 * UNITED AUTO GROUP, INC.......................... 924 3,700 * WEST MARINE, INC................................ 31 ----------- 69,957 ----------- BUILDING MATERIALS AND GARDEN SUPPLIES--0.93% 337,151 CRH PLC......................................... 7,269 119,300 FASTENAL CO..................................... 5,361 15,970,473 HOME DEPOT, INC................................. 1,094,976 46,920 * JUAN MINETTI S.A................................ 118 2,253,330 LOWES COS, INC.................................. 134,636 862,700 MEYER INTERNATIONAL PLC......................... 5,356 39,189 PORTLAND VALDERRIVAS S.A........................ 1,023 900 * TRACTOR SUPPLY CO............................... 14 1,938,202 WOLSELEY PLC.................................... 14,858 ----------- 1,263,611 ----------- SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 13 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--9.62% 98,800 * 24/7 MEDIA, INC................................. $ 5,558 110,400 AARON RENTS, INC................................ 1,960 4,700 ABM INDUSTRIES, INC............................. 96 34,800 * ABOUT.COM, INC.................................. 3,123 450,150 * ACCLAIM ENTERTAINMENT, INC...................... 2,307 26,354 ACKERLEY GROUP, INC............................. 478 437,311 * ACNEILSEN CORP.................................. 10,769 1,100 * ACT NETWORKS, INC............................... 10 8,200 * ACTIVISION, INC................................. 126 156,400 * ACTUATE CORP.................................... 6,706 332,160 * ACXIOM CORP..................................... 7,972 55,054 ADECCO S.A. (REGD).............................. 42,876 210,700 ADECCO S.A. ADR................................. 20,227 44,800 * ADFORCE, INC.................................... 3,198 8,400 * ADMINSTAFF, INC................................. 254 1,108,888 ADOBE SYSTEMS, INC.............................. 74,573 45,400 >*ADVANTAGE LEARNING SYSTEMS, INC................. 508 77,650 * ADVENT SOFTWARE, INC............................ 5,004 113,330 * ADVO, INC....................................... 2,692 211,900 * AFFILIATED COMPUTER SERVICES, INC(CLASS A)...... 9,747 7,400 * ALLAIRE CORP.................................... 1,083 12,000 * ALPHA SYSTEMS, INC.............................. 2,523 18,714 * AMDOCS LTD...................................... 646 15,618,822 * AMERICA ONLINE, INC............................. 1,178,245 579,645 * AMERICAN MANAGEMENT SYSTEMS, INC................ 18,186 132,400 ANALYSTS INTERNATIONAL CORP..................... 1,655 156,500 >*ANSWERTHINK CONSULTING GROUP.................... 5,360 37,400 * APPLIEDTHEORY CORP.............................. 1,038 46,000 APTECH LTD (NEW)................................ 1,864 89,000 * ARDENT SOFTWARE, INC............................ 3,471 143,600 * ASHTON TECHNOLOGY GROUP, INC.................... 924 95,000 * ASPECT DEVELOPMENT, INC......................... 6,508 30,200 * ASPEN TECHNOLOGY, INC........................... 798 58,900 >*AUTOBYTEL.COM, INC.............................. 895 333,000 AUTODESK, INC................................... 11,239 3,463,481 AUTOMATIC DATA PROCESSING, INC.................. 186,595 197,300 * AVANT CORP...................................... 2,960 74,100 * AVT CORP........................................ 3,483 22,200 * AWARE, INC...................................... 808 173,500 * AXENT TECHNOLOGIES, INC......................... 3,644 50 * AZTEC TECHNOLOGY PARTNERS, INC.................. 0 456,900 >*BAAN CO NV...................................... 6,458 40,700 * BANYAN SYSTEMS, INC............................. 814 8,500 * BARRA, INC...................................... 270 1,087,718 >*BEA SYSTEMS, INC................................ 76,072 44,000 * BEST SOFTWARE, INC.............................. 1,298 153,000 >*BEYOND.COM CORP................................. 1,195 36,289 * BFL SOFTWARE LTD................................ 913 90,500 * BILLING CONCEPTS CORP........................... 588 107,400 * BINDVIEW DEVELOPMENT CORP....................... 5,336 52,300 * BISYS GROUP, INC................................ 3,413 2,380,332 * BMC SOFTWARE, INC............................... 190,278 371,585 * BMCMEDIA.COM.................................... 705 44,500 * BOTTOMLINE TECHNOLOGIES, INC.................... 1,602 53,200 * BRIO TECHNOLOGY, INC............................ 2,234 362,900 * BROADVISION, INC................................ 61,716 59,500 >*BROCADE COMMUNICATIONS SYSTEMS, INC............. 10,532 138,628 * BUILDING ONE SERVICES CORP...................... 1,308 68,800 * BURNS INTERNATIONAL SERVICES.................... 744 80,000 * BUSINESS OBJECTS S.A. (SPONS ADR)............... 10,690 49,100 * CACI INTERNATIONAL, INC (CLASS A)............... 1,111 1,436,074 * CADENCE DESIGN SYSTEMS, INC..................... 34,466 40,700 * CAIS INTERNET, INC.............................. 1,445 157,900 * CAMBRIDGE TECHNOLOGY PARTNERS, INC.............. 4,145 159,459 > CAP GEMINI S.A.................................. 40,483 93,000 >*CAPCOM CO LTD................................... $ 4,957 1,239,400 CAPITA GROUP PLC................................ 22,614 19,200 * CAREERBUILDER, INC.............................. 124 124,562 * CATALINA MARKETING CORP......................... 14,418 57,000 * CBT GROUP PLC ADR............................... 1,910 14,800 * CCC INFORMATION SERVICES GROUP, INC............. 253 69,048 * CDI CORP........................................ 1,666 146,500 * CELL NETWORK AB................................. 4,085 1,990 * CELLULAR TECHNICAL SERVICES CO.................. 15 5,071,795 * CENDANT CORP.................................... 134,720 235,600 >*CENTURY BUSINESS SERVICES, INC.................. 1,988 2,923,877 * CERIDIAN CORP................................... 63,046 163,200 * CERNER CORP..................................... 3,213 196,250 * CHECKFREE HOLDINGS CORP......................... 20,508 266,058 * CHOICEPOINT, INC................................ 11,008 256,300 * CIBER, INC...................................... 7,048 462,270 * CITRIX SYSTEMS, INC............................. 56,859 108,400 * CLARIFY, INC.................................... 13,658 427,004 >*CMGI, INC....................................... 118,227 258,796 * CNET, INC....................................... 14,687 19,200 * COGNIZANT TECHNOLOGY SOLUTIONS.................. 2,099 341,874 COMDISCO, INC................................... 12,735 120,200 COMPAREX HOLDINGS LTD........................... 842 143,987 * COMPLETE BUSINESS SOLUTIONS, INC................ 3,618 2,930,705 COMPUTER ASSOCIATES INTERNATIONAL, INC.......... 204,966 189,600 * COMPUTER HORIZONS CORP.......................... 3,069 134,400 * COMPUTER NETWORK TECHNOLOGY CORP................ 3,083 1,149,894 * COMPUTER SCIENCES CORP.......................... 108,809 99,819 COMPUTER TASK GROUP, INC........................ 1,479 2,489,800 * COMPUWARE CORP.................................. 92,745 90,500 * CONCORD COMMUNICATIONS, INC..................... 4,016 62,200 >*CONCUR TECHNOLOGIES, INC........................ 1,804 481,779 * CONVERGYS CORP.................................. 14,815 102,300 * COREL CORP...................................... 1,546 161,800 * CORT BUSINESS SERVICES CORP..................... 2,821 27,500 * COSTAR GROUP.................................... 987 74,600 * COTELLIGENT, INC................................ 401 140,000 CREATIVE TECHNOLOGY LTD......................... 2,538 112,176 >*CRITICAL PATH, INC.............................. 10,587 766,900 * CSG SYSTEMS INTERNATIONAL, INC.................. 30,580 76,100 CSK CORP........................................ 12,356 38,600 * CTC COMMUNICATIONS GROUP........................ 1,506 91,000 * CYBERCASH, INC.................................. 842 4,894 >*CYBERGUARD CORP................................. 20 95,400 * CYBERPLEX, INC.................................. 1,201 301,100 DASSAULT SYSTEMS S.A............................ 19,626 61,038 * DATA BROADCASTING CORP.......................... 504 258,224 DATACRAFT ASIA LTD.............................. 2,143 128,790 * DATASTREAM SYSTEMS, INC......................... 3,163 60,885 * DBT ONLINE, INC................................. 1,484 1,100 >*DECISIONONE HOLDINGS CORP....................... 1 188,250 * DENDRITE INTERNATIONAL, INC..................... 6,377 106,500 * DIGITAL RIVER, INC.............................. 3,548 117,100 * DOCUMENTUM, INC................................. 7,011 160,498 >*DOUBLECLICK, INC................................ 40,616 18,600 * DSP GROUP, INC.................................. 1,730 219,532 * DST SYSTEMS, INC................................ 16,753 106,300 * EARTHLINK NETWORK, INC.......................... 4,518 37,400 * EARTHWEB, INC................................... 1,882 174,700 >*EBAY, INC....................................... 21,870 46,400 * ECHELON CORP.................................... 908 219,252 * ECLIPSYS CORP................................... 5,618 58,000 * EFFNET GROUP AB................................. 2,081 60,100 * EIDOS PLC....................................... 5,274 2,600 * ELECTRO RENT CORP............................... 30 279,200 * ELECTRONIC ARTS, INC............................ 23,453 SEE NOTES TO FINANCIAL STATEMENTS 14 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(Continued) 2,521,845 ELECTRONIC DATA SYSTEMS CORP.................... $ 168,806 352,320 * ELECTRONICS FOR IMAGING, INC.................... 20,479 49,400 * EMPLOYEE SOLUTIONS, INC......................... 34 51,600 >*ENGINEERING ANIMATION, INC...................... 452 26,000 * ENIX CORP....................................... 2,823 119,900 * ENTRUST TECHNOLOGIES, INC....................... 7,187 235,329 * EPICOR SOFTWARE CORP............................ 1,191 55,000 * EQUANT N.V...................................... 6,245 1,127,698 EQUIFAX, INC.................................... 26,571 13,600 * EXCALIBUR TECHNOLOGIES CORP..................... 281 58,700 * EXCHANGE APPLICATIONS, INC...................... 3,280 696,457 * EXCITE AT HOME.................................. 29,861 57,550 FACTSET RESEARCH SYSTEMS, INC................... 4,582 102,742 FAIR ISSAC & CO, INC............................ 5,445 200,000 * FILENET CORP.................................... 5,100 2,994,400 FIRST DATA CORP................................. 147,661 437,393 * FISERV, INC..................................... 16,758 15,900 * FORRESTER RESEARCH, INC......................... 1,095 72,300 FUJI SOFT ABC, INC.............................. 5,657 251,538 * GARTNER GROUP, INC (CLASS B).................... 3,474 20 * GENERAL MAGIC, INC.............................. 0 50,600 * GENESYS TELECOMMUNICATIONS LABORATORIES, INC.... 2,732 195,495 GERBER SCIENTIFIC, INC.......................... 4,289 237,070 GETRONICS NV.................................... 18,916 94,900 * GETTY IMAGES, INC............................... 4,638 345,966 * GO.COM.......................................... 8,238 148,383 * GO2NET, INC..................................... 12,909 8,472 * GRANDE HOLDINGS WTS 10/15/00.................... 0 60,316 * GREAT PLAINS SOFTWARE, INC...................... 4,509 160,500 * GT INTERACTIVE SOFTWARE CORP.................... 266 495,879 * GTECH HOLDINGS CORP............................. 10,909 237,300 * HARBINGER CORP.................................. 7,549 5,200 * HAVAS ADVERTISING S.A........................... 2,216 322,000 HAW PAR CORP LTD................................ 588 2,094,763 * HAYS PLC........................................ 33,351 61,531 >*HEALTHEON/WEBMD CORP............................ 2,307 5,400 * HEIDRICK & STRUGGLES INTERNATIONAL, INC......... 228 164,700 * HNC SOFTWARE.................................... 17,417 104,800 * HYPERION SOLUTIONS CORP......................... 4,559 248,310 * I2 TECHNOLOGIES, INC............................ 48,420 105,000 * ICON MEDIALAB INTERNATIONAL AB.................. 3,657 81,200 * IDX SYSTEMS CORP................................ 2,538 407,082 * IMATION CORP.................................... 13,663 302,750 * IMRGLOBAL CORP.................................. 3,803 2,245,153 IMS HEALTH, INC................................. 61,040 238,841 * INACOM CORP..................................... 1,747 210,600 >*INFOCURE CORP................................... 6,568 32,400 * INFONET SERVICES CORP........................... 851 25,400 * INFORMATICA CORP................................ 2,702 25,200 * INFORMATION RESOURCES, INC...................... 233 1,407,150 >*INFORMIX CORP................................... 16,094 172,600 * INFOSPACE COM, INC.............................. 36,936 135,300 * INFOUSA, INC.................................... 1,886 361,296 * INKTOMI CORP.................................... 32,065 37 * INPRISE CORP.................................... 0 38,600 * INTEGRATED SYSTEMS, INC......................... 1,296 74,665 * INTERGRAPH CORP................................. 350 427,400 * INTERIM SERVICES, INC........................... 10,578 80 * INTERNET CAPITAL GROUP, INC..................... 14 208,300 * INTERNET GOLD................................... 4,635 56,000 * INTERNET INITIATIVE JAPAN, INC ADR.............. 5,443 61,900 INTERPOOL, INC.................................. 460 1,729,690 INTERPUBLIC GROUP OF COS, INC................... 99,781 12,500 * INTERSHOP COMMUNICATIONS AG..................... 3,526 65,000 * INTERVU, INC.................................... 6,825 974,517 * INTUIT, INC..................................... 58,410 146,200 * ISS GROUP, INC.................................. 10,398 51,100 * ISS INTERNATIONAL SERVICE SYSTEM AS SERIES B.... 3,439 111,000 >*IVILLAGE, INC................................... 2,248 205,400 * J.D. EDWARDS & CO............................... 6,136 35,000 JACK HENRY & ASSOCIATES, INC.................... 1,879 124,750 * JDA SOFTWARE GROUP, INC......................... 2,043 571,000 JIT HOLDINGS LTD................................ 1,988 41,967 >*JUNO ONLINE SERVICES, INC....................... 1,490 265,055 * KEANE, INC...................................... 8,415 224,815 KELLY SERVICES, INC (CLASS A)................... 5,648 691,000 * KEPPEL LAND LTD................................. 1,132 44,550 * KEPPEL LAND LTD WTS 12/12/00.................... 20 138,812 KONAMI CO LTD................................... 24,778 25,000 * KORN FERRY INTERNATIONAL........................ 909 113,000 * KYOWA EXEO CORP................................. 984 180,675 * LABOR READY, INC................................ 2,191 348,288 LAGARDERE S.C.A................................. 18,948 261,000 * LAMAR ADVERTISING CO (CLASS A).................. 15,807 165,100 >*LEARN2.COM, INC................................. 542 1,100 x*LEASING SOLUTIONS, INC.......................... 0 489,420 * LEGATO SYSTEMS, INC............................. 33,678 66,000 >*LERNOUT & HAUSPIE SPEECH PRODUCTS............... 3,053 154,700 >*LHS GROUP, INC.................................. 3,800 1,083,509 * LOGICA PLC...................................... 27,940 41,400 * LONDON BRIDGE SOFTWARE HOLDINGS PLC............. 2,824 360,442 * LYCOS, INC...................................... 28,678 72,224 * M-WEB HOLDINGS LTD.............................. 45 206,900 * MACROMEDIA, INC................................. 15,130 41,100 * MACROVISION CORP................................ 3,041 43,700 * MANHATTAN ASSOCIATES, INC....................... 322 618,800 MANPOWER, INC................................... 23,282 118,726 * MANUGISTICS GROUP, INC.......................... 3,836 120,500 * MAPICS, INC..................................... 1,521 17,100 >*MAPQUEST.COM, INC............................... 386 51,600 >*MARIMBA, INC.................................... 2,377 9,400 * MARKETWATCH.COM, INC............................ 343 208,570 * MASTECH CORP.................................... 5,162 21,600 MCGRATH RENTCORP................................ 378 9,900 * MEDIA METRIX, INC............................... 354 33,400 * MEDICONSULT.COM, INC............................ 209 233,000 * MEDQUIST, INC................................... 6,014 40,000 * MEGACHIPS CORP.................................. 2,559 5,100 MEITEC CORP..................................... 162 50,100 * MEMBERWORKS, INC................................ 1,663 663,900 * MENTOR GRAPHICS CORP............................ 8,755 30 * MERANT PLC ADR.................................. 1 171,900 * MERCURY INTERACTIVE CORP........................ 18,554 248,300 MERKANTILDATA ASA............................... 3,008 108,000 * MESSAGEMEDIA, INC............................... 1,519 163,050 * METAMOR WORLDWIDE, INC.......................... 4,749 103,700 >*METRO INFORMATION SERVICES, INC................. 2,489 70,000 * MICROMUSE, INC.................................. 11,900 30,066,237 * MICROSOFT CORP.................................. 3,510,233 213,438 >*MICROSTRATEGY, INC.............................. 44,822 82,078 * MIDWAY GAMES, INC............................... 1,965 208,700 * MINDSPRING ENTERPRISES, INC..................... 5,511 665,344 MISYS PLC....................................... 10,367 18,800 * MODEM MEDIA POPPE TYSON, INC.................... 1,323 597,700 * MODIS PROFESSIONAL SERVICES..................... 8,517 14 * MOMENTUM BUSINESS APPLICATIONS, INC............. 0 63,100 >*MPATH INTERACTIVE, INC.......................... 1,680 37,900 * MULTEX.COM, INC................................. 1,426 245,304 NAMCO LTD....................................... 15,883 195,300 NATIONAL COMPUTER SYSTEMS, INC.................. 7,348 235,655 NATIONAL DATA CORP.............................. 7,998 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 15 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(Continued) 37,900 * NATIONAL EQUIPMENT SERVICES, INC................$ 237 108,700 * NATIONSRENT, INC................................ 611 53,100 * NAVISION SOFTWARE AS............................ 3,847 48,300 * NBC INTERNET, INC............................... 3,731 55,100 * NCO GROUP, INC.................................. 1,660 79,900 * NEFF CORP....................................... 509 38,700 * NEON SYSTEMS, INC............................... 1,519 53,300 * NET PERCEPTIONS, INC............................ 2,239 30 * NETMANAGE, INC.................................. 0 38,800 * NETOBJECTS, INC................................. 640 29,150 * NETOPIA, INC.................................... 1,583 970,500 * NETWORK APPLIANCE, INC.......................... 80,612 91,900 * NETWORK PERIPHERALS, INC........................ 4,342 59,700 * NETWORK SOLUTIONS, INC.......................... 12,988 924,380 * NETWORKS ASSOCIATES, INC........................ 24,669 98,000 * NEW ERA OF NETWORKS, INC........................ 4,667 178,900 * NEWBRIDGE NETWORKS CORP......................... 4,018 479,007 NIIT LTD........................................ 37,294 31,200 * NIPPON SYSTEM DEVELOPMENT CO LTD................ 4,547 357,300 * NOVA CORP (GEORGIA)............................. 11,277 1,880,486 * NOVELL, INC..................................... 75,102 300 * NTT DATA COMMUNICATIONS SYSTEM CORP............. 6,896 76,100 * OBJECTIVE SYSTEMS INTEGRATORS, INC.............. 504 430,394 OLSTEN CORP..................................... 4,869 25,100 * OMEGA RESEARCH, INC............................. 151 1,073,140 OMNICOM GROUP, INC.............................. 107,314 67,200 * ON ASSIGNMENT, INC.............................. 2,008 128,700 * ONEMAIN.COM, INC................................ 1,931 67,300 * ONHEALTH NETWORK CO............................. 601 38,700 * ONYX SOFTWARE CORP.............................. 1,432 131,900 * OPEN MARKET, INC................................ 5,952 11,438,761 * ORACLE CORP..................................... 1,281,856 1,082,346 * PARAMETRIC TECHNOLOGY CORP...................... 29,291 1,483,579 PAYCHEX, INC.................................... 59,343 16,500 * PCORDER.COM, INC................................ 842 67,700 * PEGASUS SYSTEMS, INC............................ 4,083 72,500 * PEGASYSTEMS, INC................................ 816 1,106,817 * PENTAFOUR SOFTWARE & EXPORT LTD................. 34,477 394,000 * PENTAFOUR SOFTWARE & EXPORT LTD (NEW)........... 12,258 347,235 * PEOPLESOFT, INC................................. 7,400 34,800 * PER SE TECHNOLOGIES, INC........................ 293 174,800 * PEREGRINE SYSTEMS, INC.......................... 14,716 11,000 * PERITUS SOFTWARE SERVICES, INC.................. 1 312,400 * PEROT SYSTEMS CORP (CLASS A).................... 5,936 195,848 * PERSONNEL GROUP OF AMERICA, INC................. 1,983 80,500 * PERVASIVE SOFTWARE, INC......................... 1,363 4,200 >*PHENOMEDIA AG................................... 98 37,500 * PHOENIX TECHNOLOGIES LTD........................ 593 111,200 #*PHYSICIAN COMPUTER NETWORK, INC................. 1 268,100 PITTSTON BRINKS GROUP CO........................ 5,898 372,269 * POLICY MANAGEMENT SYSTEMS CORP.................. 9,516 70,300 * PORTAL SOFTWARE, INC............................ 7,232 86,700 >*PREVIEW TRAVEL, INC............................. 4,519 203,982 >*PRICELINE.COM, INC.............................. 9,664 9,579 * PRIMARK CORP.................................... 266 1,300 * PRIVATE BUSINESS, INC........................... 6 74,900 #*PROCURENET, INC................................. 11 47,100 >*PRODIGY COMMUNICATIONS CORP..................... 913 11,700 * PROFESSIONAL DETAILING, INC..................... 350 251,800 * PROGRESS SOFTWARE CORP.......................... 14,290 75,400 * PROJECT SOFTWARE & DEVELOPMENT, INC............. 4,185 20,675 PROSEGUR COMPANIA DE SEGURIDAD S.A.............. 185 7,100 * PROTECTION ONE, INC............................. 14 89,500 * PROXICOM, INC................................... 11,126 18,500 * PROXYMED, INC................................... 180 391,211 * PSINET, INC..................................... 24,157 116,100 * PSION PLC....................................... 5,062 65,200 * QRS CORP........................................ 6,846 141,900 * QUADRAMED CORP.................................. 1,237 49,900 * RADIANT SYSTEMS, INC............................ 2,005 59,500 * RADISYS CORP.................................... 3,035 60 * RAMTRON INTERNATIONAL CORP...................... 0 224,060 * RARE MEDIUM GROUP, INC.......................... 6,792 593,843 * RATIONAL SOFTWARE CORP.......................... 29,173 55,100 >*RAZORFISH, INC.................................. 5,241 243,400 * READSOFT AB (CLASS B)........................... 4,439 232,437 * REALNETWORKS, INC............................... 27,965 200 * REDBACK NETWORKS, INC........................... 36 173,100 * REMEDY CORP..................................... 8,201 181,793 * RENT WAY, INC................................... 3,397 193,700 * RENT-A-CENTER, INC.............................. 3,838 7,000,110 RENTOKIL INITIAL PLC............................ 25,517 3,272,187 REUTERS GROUP PLC............................... 44,884 565,850 * ROBERT HALF INTERNATIONAL, INC.................. 16,162 304,714 ROLLINS, INC.................................... 4,571 323,499 * ROMAC INTERNATIONAL, INC........................ 4,347 124,600 * RSA SECURITY, INC............................... 9,657 65,635 * RWD TECHNOLOGIES, INC........................... 681 231,300 * SABRE HOLDINGS CORP............................. 11,854 317,633 * SAFETY-KLEEN CORP............................... 3,593 472,800 * SAGA SYSTEMS, INC............................... 9,426 2,339,890 * SAGE GROUP PLC.................................. 28,544 80,200 >*SAGENT TECHNOLOGY, INC.......................... 2,401 20,600 >*SALESLOGIX CORP................................. 846 66,000 >*SANCHEZ COMPUTER ASSOCIATES, INC................ 2,718 97,500 >*SANTA CRUZ OPERATION, INC....................... 2,962 149,957 SAP AG.......................................... 73,875 158,300 >*SAPIENT CORP.................................... 22,310 853,842 SATYAM COMPUTER SERVICES LTD.................... 43,556 1,250,000 * SATYAM COMPUTER SERVICES LTD (NEW).............. 63,721 40,950 * SATYAM INFOWAY LTD ADR.......................... 6,347 390,000 * SAUSAGE SOFTWARE LTD............................ 1,327 65,000 >*SCIENT CORP..................................... 5,618 656,400 SECOM CO LTD.................................... 72,227 375,000 * SECURENET LTD................................... 1,694 507,600 * SECURITAS AB SERIES B FREE...................... 9,198 162,812 SEI INVESTMENT CO............................... 19,377 760,184 * SEMA GROUP PLC.................................. 13,674 59,600 * SERENA SOFTWARE, INC............................ 1,844 160,500 SHARED MEDICAL SYSTEMS CORP..................... 8,175 756,330 * SIEBEL SYSTEMS, INC............................. 63,532 36,580 >*SILKNET SOFTWARE, INC........................... 6,063 552,000 * SILVERLINE INDUSTRIES LTD....................... 10,304 1,740,900 SIME DARBY BERHAD............................... 2,208 425,600 * SITEL CORP...................................... 2,979 292,200 >*SNYDER COMMUNICATIONS, INC...................... 5,625 181,278 * SOFTBANK CORP................................... 173,405 98,600 * SOFTNET SYSTEMS, INC............................ 2,477 25,900 SOTHEBYS HOLDINGS, INC (CLASS A)................ 777 31,000 >*SOURCE INFORMATION MANAGEMENT CO................ 519 71,500 >*SOURCE MEDIA, INC............................... 1,323 97,700 * SPORTSLINE.COM.................................. 4,897 400 * SPR, INC........................................ 2 81,500 * SPYGLASS, INC................................... 3,091 66,000 * SS&C TECHNOLOGIES, INC.......................... 429 221,000 * STAFFMARK, INC.................................. 1,671 77,000 >*STARMEDIA NETWORK, INC.......................... 3,085 43,100 * STARTEK, INC.................................... 1,562 513,577 * STERLING COMMERCE, INC.......................... 17,494 443,538 * STERLING SOFTWARE, INC.......................... 13,971 206,000 * STRUCTURAL DYNAMICS RESEARCH CORP............... 2,627 SEE NOTES TO FINANCIAL STATEMENTS 16 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(Continued) 10,020,600 * SUN MICROSYSTEMS, INC...........................$ 775,970 681,965 * SUNGARD DATA SYSTEMS, INC....................... 16,197 24,500 * SUNQUEST INFORMATION SYSTEMS, INC............... 331 11,480 * SURVEILLANCE S.A. SOCIETE DE.................... 3,540 22,300 * SVI HOLDINGS, INC............................... 268 640,555 * SYBASE, INC..................................... 10,889 144,900 * SYKES ENTERPRISES, INC.......................... 6,357 441,600 * SYMANTEC CORP................................... 25,889 470,367 * SYNOPSYS, INC................................... 31,397 138,550 >*SYNTEL, INC..................................... 2,243 16 * SYSTEM SOFTWARE ASSOCIATES, INC................. 0 204,732 * SYSTEMS & COMPUTER TECHNOLOGY CORP.............. 3,327 54,400 x*SYSTEMSOFT CORP................................. 4 89,100 * TECHNOLOGY SOLUTIONS CO......................... 2,918 120,300 * TELETECH HOLDINGS, INC.......................... 4,054 16,500 * TENFOLD CORP.................................... 659 100,000 * THE DESCARTES SYSTEMS GROUP, INC................ 2,191 69,428 * THEGLOBE.COM, INC............................... 581 49,700 >*THESTREET.COM................................... 954 133,875 >*THQ, INC........................................ 3,104 161,091 * TICKETMASTER ONLINE-CITY SEARCH, INC............ 6,192 91,900 TIETOENATOR CORP................................ 5,740 183,100 * TMP WORLDWIDE, INC.............................. 26,000 2,479,000 TOKYU CORP...................................... 6,037 109,099 > TOTAL SYSTEM SERVICES, INC...................... 1,780 81,200 * TOWNE SERVICES, INC............................. 325 102,157 TOYO INFORMATION SYSTEMS CO LTD................. 7,194 73,600 * TRACK DATA CORP................................. 750 40,800 TRANS COSMOS.................................... 17,399 151,100 * TRANSACTION SYSTEM ARCHITECTURE................. 4,231 344,800 TRUE NORTH COMMUNICATIONS, INC.................. 15,408 50,800 * TSI INTERNATIONAL SOFTWARE LTD.................. 2,877 5,300 * TYLER TECHNOLOGIES, INC......................... 29 34,700 * UNIGRAPHICS SOLUTIONS, INC...................... 937 342,417 * UNITED RENTALS, INC............................. 5,864 45 * US INTERACTIVE, INC............................. 2 101,950 >*USINTERNETWORKING, INC.......................... 7,124 515,550 * USWEB CORP...................................... 22,910 614,910 * VALASSIS COMMUNICATIONS, INC.................... 25,980 430,900 * VERIO, INC...................................... 19,902 688,700 * VERISIGN, INC................................... 131,499 1,574,135 * VERITAS SOFTWARE CORP........................... 225,298 163,400 * VERITY, INC..................................... 6,955 176,176 * VERTICALNET, INC................................ 28,893 217,700 * VIASOFT, INC.................................... 1,238 47,800 # VIGLEN TECHNOLOGY (LITIGATION NOTE)............. 0 206,168 * VIGNETTE CORP................................... 33,605 152,800 * VISIO CORP...................................... 7,258 13,212 * VIZACOM, INC.................................... 44 1,600 * VOLT INFORMATION SCIENCES, INC.................. 38 100 WACKENHUT CORP SERIES A ........................ 1 276,602 WACKENHUT CORP SERIES B......................... 2,852 129,200 >*WAVE SYSTEMS CORP (CLASS A)..................... 1,542 25,200 * WEBTRENDS CORP.................................. 2,041 190,100 * WEST TELESERVICES CORP.......................... 4,646 400 * WESTAFF, INC.................................... 3 3,952,445 WHARF HOLDINGS LTD.............................. 9,178 85,050 * WIND RIVER SYSTEMS, INC......................... 3,115 171,300 WM-DATA AB SERIES B............................. 10,602 2,177,132 WPP GROUP PLC................................... 34,486 91,900 * XTRA CORP....................................... 3,917 786,507 * YAHOO, INC...................................... 340,312 234,708 YOUNG & RUBICAM, INC............................ 16,606 14 * ZAP.COM CORP.................................... 0 66,300 * ZIFF-DAVIS, INC-ZDNET........................... 1,392 ----------- 13,056,009 ----------- CHEMICALS AND ALLIED PRODUCTS--9.69% 9,721,565 ABBOTT LABORATORIES CO.......................... 353,014 50,200 * ABGENIX, INC.................................... 6,652 4,400 >*ADVANCED TISSUE SCIENCE CO...................... 11 206,351 AGRIUM, INC..................................... 1,595 1,431,426 AIR PRODUCTS & CHEMICALS, INC................... 48,042 1,190,780 AKZO NOBEL NV................................... 59,743 6,000 * ALBANY MOLECULAR RESEARCH, INC.................. 183 153,106 ALBEMARLE CORP.................................. 2,938 22,700 ALBERTO CULVER CO (CLASS A)..................... 494 221,967 ALBERTO CULVER CO (CLASS B)..................... 5,730 52,900 * ALGOS PHARMACEUTICAL CORP....................... 582 150,400 * ALKERMES, INC................................... 7,388 6,872 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS A).. 87 865,944 ALLERGAN, INC................................... 43,081 22,900 * ALPHA BETA TECHNOLOGY, INC...................... 0 127,900 > ALPHARMA, INC (CLASS A)......................... 3,933 269,320 * ALZA CORP....................................... 9,325 10,209,767 AMERICAN HOME PRODUCTS CORP..................... 402,648 6,919,340 * AMGEN, INC...................................... 415,593 117,600 * ANDRX CORP...................................... 4,976 6,900 * ANESTA CORP..................................... 119 45,349 * AQUILA BIOPHARMACEUTICALS, INC.................. 108 207,445 ARCH CHEMICALS, INC............................. 4,343 12,418,000 ASAHI CHEMICAL INDUSTRY CO LTD.................. 63,766 2,126,524 ASTRAZENECA PLC................................. 90,075 75,000 ASTRAZENECA PLC (SPONS ADR)..................... 3,131 2,191,336 ASTRAZENECA PLC (UNITED KINGDOM)................ 90,865 1,581,472 * AVENTIS S.A..................................... 91,931 240,200 >*AVIRON, INC..................................... 3,798 1,775,388 AVON PRODUCTS, INC.............................. 58,588 59 * AXYS PHARMACEUTICALS, INC....................... 0 1,000,000 BANYU PHARMACEUTICAL CO LTD..................... 15,503 90,300 * BARR LABORATORIES, INC.......................... 2,833 1,970,975 BASF AG......................................... 101,269 845,671 BAYER AG........................................ 40,043 188,400 BEIERSDORF AG................................... 12,652 342,900 * BIO-TECHNOLOGY GENERAL CORP..................... 5,229 13,500 * BIOCHEM PHARMA, INC............................. 294 1,120,768 * BIOGEN, INC..................................... 94,705 161,500 >*BIOMARIN PHARMACEUTICAL, INC.................... 1,898 78,100 >*BIOMATRIX, INC.................................. 1,503 33,000 * BIOVAIL CORP INTERNATIONAL...................... 3,074 93,573 BLOCK DRUG, INC (CLASS A)....................... 2,901 2,508,181 BOC GROUP PLC................................... 53,864 32,550 * BOSTON LIFE SCIENCES, INC....................... 118 14,982,644 BRISTOL MYERS SQUIBB CO......................... 961,698 600,200 CABOT CORP...................................... 12,229 212,881 CALGON CARBON CORP.............................. 1,264 143,600 CAMBREX CORP.................................... 4,945 800 * CARBIDE/GRAPHITE GROUP, INC..................... 5 1,215,581 * CAREMARK RX, INC................................ 6,154 178,773 CARTER WALLACE, INC............................. 3,207 82,500 # CARTER WALLACE, INC (CLASS B)................... 1,480 32,300 >*CELL GENESYS, INC............................... 414 122,599 >*CELL PATHWAYS, INC.............................. 1,134 186,000 * CELLTECH CHIROSCIENCE PLC....................... 1,596 192,685 >*CEPHALON, INC................................... 6,660 58,700 * CHATTEM, INC.................................... 1,115 141,300 CHEMFIRST, INC.................................. 3,091 90,400 * CHIREX, INC..................................... 1,322 540,043 * CHIRON CORP..................................... 22,884 306,000 CHUGAI PHARMACEUTICAL CO LTD.................... 3,307 239,200 CHURCH & DWIGHT CO, INC......................... 6,384 4,000 CIN-CORPARACAO INDUSTRIAL DO NORTE S.A.......... 98 928,634 CK WITCO CORP................................... 12,420 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 17 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CHEMICALS AND AND ALLIED PRODUCTS--(Continued) 1,155,334 CLOROX CO....................................... $ 58,200 3,811,836 COLGATE PALMOLIVE CO............................ 247,769 87,000 * COLUMBIA LABORATORIES, INC...................... 653 146,100 * COR THERAPEUTICS, INC........................... 3,926 49,400 * CORIXA CORP..................................... 840 127,000 >*COULTER PHARMACEUTICALS, INC.................... 2,881 95 * CRESCENDO PHARMACEUTICALS CORP.................. 2 289,000 CSL LTD......................................... 4,142 148,400 >*CYGNUS, INC..................................... 2,708 457,557 * CYTEC INDUSTRIES, INC........................... 10,581 36 * CYTOGEN CORP.................................... 0 958,714 DAICEL CHEMICAL INDUSTRIES LTD.................. 2,672 715,286 DAIICHI PHARMACEUTICALS CO LTD.................. 9,298 895,000 DAINIPPON INK & CHEMICAL, INC................... 2,652 1,771,000 DENKI KAGKU KOGYO............................... 5,283 142,760 DEXTER CORP..................................... 5,675 69,716 DIAGNOSTIC PRODUCTS CORP........................ 1,708 609,707 DIAL CORP....................................... 14,824 1,414,483 DOW CHEMICAL CO................................. 189,010 900,600 DSM NV.......................................... 36,111 7,186,007 DU PONT (E.I.) DE NEMOURS & CO.................. 473,378 280,000 * DURA PHARMACEUTICALS, INC....................... 3,903 74,100 >*DURAMED PHARMACEUTICALS, INC.................... 528 27,900 DYNO ASA........................................ 697 169,000 * E-Z-EM, INC (CLASS A)........................... 1,310 231,367 * E-Z-EM, INC (CLASS B)........................... 1,764 361,998 EASTMAN CHEMICAL CO............................. 17,263 14,504 * ECOGEN, INC..................................... 18 689,350 ECOLAB, INC..................................... 26,971 449,036 EISAI CO LTD.................................... 8,630 2,397,100 >*ELAN CORP PLC ADR............................... 70,714 44,696 * ENZON, INC...................................... 1,939 63 * EPITOPE, INC.................................... 0 9,800 ETHYL CORP...................................... 39 3,606 FABRICA ESP DE PRODUCTO QUIMICO Y FARM.......... 35 7,400 * FANCL CORP...................................... 1,983 267,471 FERRO CORP...................................... 5,884 247,367 * FMC CORP........................................ 14,177 616,792 * FOREST LABORATORIES, INC........................ 37,894 72,833 FULLER (H.B.) CO................................ 4,074 44,200 GEHE AG. ....................................... 1,714 19,800 >*GELTEX PHARMACEUTICALS, INC..................... 254 615,020 * GENZYME CORP (GENERAL DIVISION)................. 27,676 8,577 * GENZYME CORP (TISSUE REPAIR DIVISION)........... 25 19 * GENZYME SURGICAL PRODUCTS....................... 0 52 * GENZYME-MOLECULAR ONCOLOGY...................... 0 143,120 GEON CO......................................... 4,651 195,981 GEORGIA GULF CORP............................... 5,965 184,393 * GILEAD SCIENCES, INC............................ 9,980 10,804,878 GLAXO WELLCOME PLC.............................. 305,316 412,700 * GRACE W.R. & CO................................. 5,726 311,800 GREAT LAKES CHEMICAL CORP....................... 11,907 287,800 GREENCORE GROUP PLC............................. 884 15,800 * GUILFORD PHARMACEUTICALS, INC................... 269 471,144 HANNA (M.A.) CO................................. 5,153 15,200 * HEMISPHERX BIOPHARMA, INC....................... 151 786,500 HERCULES, INC................................... 21,924 102,300 >*HUMAN GENOME SCIENCES, INC...................... 15,614 502,379 ICN PHARMACEUTICALS, INC........................ 12,716 210,450 * ICOS CORP....................................... 6,156 148,200 * IDEC PHARMACEUTICALS CORP....................... 14,561 135,900 * IDEXX LABORATORIES, INC......................... 2,191 13,200 >*IGEN INTERNATIONAL, INC......................... 393 597,642 IMC GLOBAL, INC................................. 9,786 54,157 * IMC GLOBAL, INC WTS 12/22/00.................... 5 149,900 * IMCLONE SYSTEMS, INC............................ 5,940 237,600 * IMMUCOR, INC.................................... 3,133 303,400 * IMMUNEX CORP.................................... 33,222 80,300 * IMMUNOMEDICS, INC............................... 984 1,169,860 IMPERIAL CHEMICAL INDUSTRY PLC.................. 12,382 23,300 >*INHALE THERAPEUTIC SYSTEMS...................... 992 222,700 * INTERNATIONAL SPECIALTY PRODUCTS, INC........... 2,046 676,947 INTERNATIONAL FLAVORS & FRAGRANCES, INC......... 25,555 16,200 * INVITROGEN CORP................................. 972 293,000 * ISHIHARA SANGYO KAISHA LTD...................... 387 177,500 >*ISIS PHARMACEUTICALS, INC....................... 1,109 579,159 * IVAX CORP....................................... 14,913 9,894,002 JOHNSON & JOHNSON CO............................ 921,379 343,600 JONES PHARMACEUTICAL, INC....................... 14,925 27,000 KAKEN PHARMACEUTICAL CO LTD..................... 150 1,447,000 KANEKA CORP..................................... 18,498 4,449,055 > KAO CORP........................................ 126,848 160,900 > KEMIRA OY....................................... 981 175,800 >*KING PHARMACEUTICALS, INC....................... 9,856 11,090 > KISSEI PHARMACEUTICALS CO LTD................... 161 38,900 KONISHI CO LTD.................................. 449 655,000 KUREHA CHEMICAL INDUSTRY CO LTD................. 1,608 33,600 * KV PHARMACEUTICAL CO (CLASS B).................. 720 672,000 KYOWA HAKKO KOGYO............................... 4,029 87,900 LABORATORIO CHILE ADR........................... 1,599 897 L'AIR LIQUIDE................................... 150 32,651 # L'AIR LIQUIDE S.A. (REGD)....................... 5,467 55,000 # L'AIR LIQUIDE S.A. (REGD) 2001.................. 9,209 566,746 LAUDER (ESTEE) CO (CLASS A)..................... 28,585 354,800 * LIGAND PHARMACEUTICALS CO (CLASS A)............. 4,568 6,963,805 LILLY (ELI) & CO................................ 463,093 239,214 LILLY INDUSTRIES, INC (CLASS A)................. 3,214 222,700 * LIPOSOME CO, INC................................ 2,718 5,583 * LONZA AG (REGD)................................. 3,394 165,127 LOREAL S.A...................................... 132,504 577,231 LUBRIZOL CORP................................... 17,822 264,611 LYONDELL CHEMICAL CO............................ 3,374 78,400 MACDERMID, INC.................................. 3,219 68,000 >*MACROCHEM CORP (DELAWARE)....................... 285 570,850 MALLINCKRODT, INC............................... 18,160 1,283,650 >+*MARTEK BIOSCIENCES CORP ........................ 15,404 30,866 * MCWHORTER TECHNOLOGIES, INC..................... 494 66,703 * MEDCO RESEARCH, INC............................. 2,005 208,502 * MEDICIS PHARMACEUTICAL CORP (CLASS A)........... 8,874 426,974 * MEDIMMUNE, INC.................................. 70,824 18,366,793 MERCK & CO, INC................................. 1,231,723 421,000 > MERCK & CO KGAA................................. 13,063 520,600 * METHANEX CORP................................... 1,419 411,624 MILLENNIUM CHEMICAL, INC........................ 8,130 116,609 * MILLENNIUM PHARMACEUTICALS, INC................. 14,226 84,000 MINERALS TECHNOLOGIES, INC...................... 3,365 161,777 MISSISSIPPI CHEMICAL CORP....................... 1,001 2,738,000 MITSUBISHI CHEMICAL CORP........................ 9,641 1,275,000 MITSUBISHI GAS CHEMICAL CO, INC................. 2,482 1,400 MITSUI CHEMICAL CORP............................ 11 5,852,347 MONSANTO CO..................................... 208,490 3,381,914 > MONTEDISON S.P.A................................ 5,537 696,034 MYLAN LABORATORIES, INC......................... 17,531 231,700 NATURES SUNSHINE PRODUCTS, INC.................. 1,854 307,530 * NBTY, INC....................................... 3,556 21,100 NCH CORP........................................ 940 15,400 * NEOPROBE CORP................................... 7 50,000 #*NETGENICS, INC STOCK OPTIONS 03/20/08........... 70 49,200 * NEUROGEN CORP................................... 812 244,000 NIPPON SHOKUBAI KAGAK KOGYO CO LTD.............. 1,129 140,000 NL INDUSTRIES, INC.............................. 2,109 SEE NOTES TO FINANCIAL STATEMENTS 18 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CHEMICALS AND ALLIED PRODUCTS--(Continued) 458,545 NOVA CHEMICALS CORP.............................$ 8,856 158,636 NOVARTIS AG. (REGD)............................. 232,942 172,120 NOVO NORDISK AS (CLASS B)....................... 22,844 1,002,800 * NYCOMED AMERSHAM PLC............................ 6,242 8,375 * OCTEL CORP...................................... 87 220,290 OLIN CORP....................................... 4,364 12,200 OM GROUP, INC................................... 420 371,824 OMNOVA SOLUTIONS, INC........................... 2,882 241,900 >*ORGANOGENESIS, INC.............................. 2,102 217,532 > ORICA LTD....................................... 1,169 33,400 * PATHOGENESIS CORP............................... 716 56,250 * PENWEST PHARMACEUTICALS CO...................... 858 407,257 * PERRIGO CO...................................... 3,258 28,156,988 PFIZER, INC..................................... 913,342 33,042 * PHARMACEUTICAL RESOURCES, INC................... 163 2,835,458 PHARMACIA & UPJOHN, INC......................... 127,596 59,400 * PHARMACYCLICS, INC.............................. 2,450 1,064,300 PPG INDUSTRIES, INC............................. 66,585 1,099,780 PRAXAIR, INC.................................... 55,333 10,395,153 PROCTER & GAMBLE CO............................. 1,138,919 103,200 * PROTEIN DESIGN LABORATORIES, INC................ 7,224 177,600 * REGENERON PHARMACEUTICALS, INC.................. 2,264 147,100 * REPLIGEN CORP................................... 460 121,506 >*REVLON, INC (CLASS A)........................... 964 203,390 >*REXALL SUNDOWN, INC............................. 2,097 30,325 ROCHE HOLDINGS AG. (GENUSSCHEINE)............... 359,969 70,000 * ROGERS CORP..................................... 2,678 466,694 ROHM & HAAS CO.................................. 18,989 143,157 RPM, INC........................................ 1,458 500 >*SAFESCIENCE, INC................................ 6 56,500 * SANGSTAT MEDICAL CORP........................... 1,681 682,196 SANKYO CO LTD................................... 14,012 1,388,734 * SANOFI-SYNTHELABO S.A........................... 57,838 625,500 > SANTEN PHARMACEUTICAL CO LTD.................... 10,309 32,400 * SCHEIN PHARMACEUTICAL, INC...................... 393 152,670 SCHERING AG..................................... 18,457 11,394,162 SCHERING-PLOUGH CORP............................ 480,691 527,177 SCHULMAN (A.), INC.............................. 8,600 155,700 * SCOTTS CO (CLASS A)............................. 6,267 1,323,000 SEKISUI CHEMICAL CO LTD......................... 5,862 98,200 >*SEPRACOR, INC................................... 9,740 116,700 * SEROLOGICALS CORP............................... 700 1,095,800 SHERWIN-WILLIAMS CO............................. 23,012 1,865,745 SHIN-ETSU CHEMICAL CO LTD....................... 80,294 650,000 SHIONOGI & CO LTD............................... 7,890 392,553 * SHIRE PHARMACEUTICALS CORP...................... 11,433 1,481,340 > SHISEIDO & CO LTD............................... 21,588 1,063,378 * SHOWA DENKO K.K................................. 1,217 502,281 * SICOR, INC...................................... 3,893 633,714 SIGMA ALDRICH CORP.............................. 19,051 6,830 SIKA FINANZ AG. (BR)............................ 2,231 13,169,516 SMITHKLINE BEECHAM/BECKMAN LTD.................. 167,992 912,290 > SNIA S.P.A...................................... 982 72,000 SOCIEDAD QUIMICA Y MINERA DE CHILE ADR.......... 2,273 4,163 SOCIEDAD QUIMICA Y MINERA SERIES A ADR.......... 131 114,450 SOLVAY ET CIE S.A............................... 9,455 21,685 STEPAN CO....................................... 507 3,010,000 SUMITOMO CHEMICAL CO LTD........................ 14,131 92,800 >*SUPERGEN, INC................................... 2,726 615,000 TAISHO PHARMACEUTICAL CO LTD.................... 18,046 2,948,000 TAKEDA CHEMICAL INDUSTRIES LTD.................. 145,612 37,400 * TECHNE CORP..................................... 2,059 1,266,000 TEIJIN LTD...................................... 4,668 3,900 * TETRA TECHNOLOGIES, INC......................... 28 177,400 * THERAGENICS CORP................................ 1,608 2,303,000 TORAY INDUSTRIES, INC........................... 8,920 1,020,000 TOSOH CORP...................................... 3,891 46,600 >*TRANSKARYOTIC THERAPIES, INC.................... 1,794 184,500 * TRIANGLE PHARMACEUTICALS, INC................... 2,364 151,300 * TWINLAB CORP.................................... 1,201 48,800 * U.S.A. DETERGENTS, INC.......................... 134 1,796,000 UBE INDUSTRIES LTD.............................. 3,742 199,293 UCB S.A......................................... 8,643 442,338 UNION CARBIDE CORP.............................. 29,526 160,000 * UNITED THERAPEUTICS CORP........................ 7,360 621,520 USEC, INC....................................... 4,351 135,900 VALSPAR CORP.................................... 5,691 85,698 * VENTIV HEALTH, INC.............................. 787 33,400 * VERTEX PHARMACEUTICALS, INC..................... 1,169 99,800 * VICAL, INC...................................... 2,988 5,245,792 WARNER-LAMBERT CO............................... 429,827 564,105 * WATSON PHARMACEUTICALS, INC..................... 20,202 187,900 WELLMAN, INC.................................... 3,500 395,110 > WESFARMERS LTD.................................. 3,251 79,287 WEST PHARMACEUTICAL SERVICES.................... 2,453 3 * XOMA LTD........................................ 0 1,608,849 > YAMANOUCHI PHARMACEUTICAL CO LTD................ 56,177 30,700 >*ZILA, INC....................................... 90 10,092 ZODIAC S.A...................................... 2,134 ----------- 13,159,291 ----------- COAL MINING--0.00% 160,366 ARCH COAL, INC.................................. 1,814 2,156 HULLAS DEL COTO CORTES S.A...................... 22 593,000 WANKIE COLLIERY CO LTD.......................... 48 ----------- 1,884 ----------- COMMUNICATIONS--13.71% 889,800 * ADELPHIA BUSINESS SOLUTIONS, INC................ 42,710 370,951 * ADELPHIA COMMUNICATIONS CORP (CLASS A).......... 24,344 36,700 * ADVANCED COMMUNICATIONS GROUP................... 500 148,600 * ADVANCED RADIO TELECOM CORP..................... 3,566 113,400 * AERIAL COMMUNICATIONS, INC...................... 6,903 328,388 > ALCATEL......................................... 75,430 154,800 * ALLEGIANCE TELECOM, INC......................... 14,280 1,579,904 ALLTEL CORP..................................... 130,638 123,200 * AMERICAN MOBILE SATELLITE CORP.................. 2,595 3,216,753 * AMFM, INC....................................... 251,711 230 #*ANTENA 3 DE TELEVISION GDS...................... 5,777 104,744 * ARCH COMMUNICATIONS GROUP WTS 09/01/03.......... 56 107,000 ASATSU, INC..................................... 7,221 357,066 * ASCENT ENTERTAINMENT GROUP, INC................. 4,530 7,007 * ASSOCIATED GROUP, INC (CLASS A)................. 639 408,500 * ASSOCIATED GROUP, INC (CLASS B)................. 37,582 35,219,835 AT&T CORP....................................... 1,787,407 6,862,072 * AT&T CORP-LIBERTY MEDIA GROUP(CLASS A).......... 389,423 1,981,242 BCE, INC........................................ 179,311 307,802 BCT TELUS COMMUNICATIONS, INC................... 7,466 275,200 BCT TELUS COMMUNICATIONS, INC (NON-VOTE)........ 6,618 12,289,314 BELL ATLANTIC CORP.............................. 756,561 12,462,132 BELLSOUTH CORP.................................. 583,384 73,555 BHC COMMUNICATIONS, INC (CLASS A)............... 11,769 3,688,582 BRITISH SKY BROADCASTING GROUP PLC.............. 59,351 18,892,365 BRITISH TELECOMMUNICATIONS PLC.................. 461,548 873,289 BROADWING, INC.................................. 32,203 3,570,337 * CABLE & WIRELESS COMMUNICATIONS PLC............. 51,309 23,169,184 CABLE & WIRELESS HKT LTD........................ 66,913 1,423,265 CABLE & WIRELESS PLC............................ 24,108 971,200 * CABLEVISION SYSTEMS CORP (CLASS A).............. 73,326 269,674 CANAL PLUS S.A.................................. 39,258 22,300 * CAPROCK COMMUNICATIONS CORP..................... 723 820,612 CARLTON COMMUNICATIONS PLC...................... 7,990 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 19 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- COMMUNICATIONS--o (Continued) 10,686,044 * CBS CORP........................................ $ 683,239 785,710 CENTURYTEL, INC................................. 37,223 49,600 CFW COMMUNICATIONS CO........................... 1,724 28,000 * CHINA TELECOM LTD (HONG KONG) (SPONS ADR)....... 3,600 78,332 * CHRIS CRAFT INDUSTRIES, INC..................... 5,650 1,218,200 CIA DE TELECOMMUNICACIONES CHILE ADR............ 22,232 32,400 * CITADEL COMMUNICATIONS CORP..................... 2,102 450,000 * CITY TELECOM LTD (HONG KONG) ................... 437 3,171,745 * CLEAR CHANNEL COMMUNICATIONS, INC............... 283,078 214,700 * CLEAR CHANNEL COMMUNICATIONS, INC WTS 09/18/01.. 3,435 246,200 * COLT TELECOM GROUP PLC.......................... 12,598 113,300 * COM 21, INC..................................... 2,542 687,600 COMCAST CORP (CLASS A).......................... 32,919 3,999,750 COMCAST CORP (CLASS A) SPECIAL.................. 202,237 66,233 * COMMONWEALTH TELEPHONE ENTERPRISES.............. 3,502 291,700 * CONCENTRIC NETWORK CORP......................... 8,988 81,825 >*CORECOMM LTD.................................... 4,858 455,700 * COVAD COMMUNICATIONS GROUP...................... 25,491 1,036,309 * COX COMMUNICATIONS, INC (CLASS A)............... 53,370 57,700 * COX RADIO, INC (CLASS A)........................ 5,756 125,200 * CROWN CASTLE INTERNATIONAL CORP................. 4,022 102,300 * CUMULUS MEDIA, INC.............................. 5,192 5,709,738 > DEUTSCHE TELEKOM AG............................. 406,686 229,945 >*DIMENSION DATA HOLDINGS LTD..................... 1,442 275,600 * E.SPIRE COMMUNICATIONS, INC..................... 1,602 3,310,986 E IRCOM PLC..................................... 14,177 75,700 * ELECTRIC LIGHTWAVE, INC (CLASS A)............... 1,419 87,900 * EMMIS COMMUNICATIONS (CLASS A).................. 10,956 443,000 * ENERGIS PLC..................................... 21,273 140,000 * ENTERCOM COMMUNICATIONS CORP.................... 9,240 6,448,117 ERICSSON TELEFON (LM) AB SERIES B............... 415,004 50,000 * ESAT TELECOM GROUP ADR.......................... 4,575 993,836 >*EXODUS COMMUNICATIONS, INC...................... 88,265 48,800 >*FLASHNET........................................ 302 884,825 * FOX ENTERTAINMENT GROUP, INC.................... 22,065 2,294,936 FRANCE TELECOM S.A.............................. 303,570 1,100 * FUJI TELEVISION NETWORK, INC.................... 15,063 411,000 > FUJIKURA LTD.................................... 1,632 25,706 GAYLORD ENTERTAINMENT CO........................ 770 206,000 * GENERAL COMMUNICATIONS (CLASS A)................ 901 161,164 * GLOBAL CROSSING LTD............................. 8,058 2,682,284 * GLOBAL TELESYSTEMS GROUP, INC................... 92,874 1,500 GRAY COMMUNICATIONS SYSTEMS, INC................ 27 6,524,712 GTE CORP........................................ 460,400 264,463 * HEARST-ARGYLE TELEVISION, INC................... 7,041 15,500 * HIGHWAYMASTER COMMUNICATIONS, INC............... 35 235,800 * HISPANIC BROADCASTING CORP...................... 21,745 200,000 * I-CABLE COMMUNICATIONS LTD...................... 5,013 788,825 * ICG COMMUNICATIONS, INC......................... 14,790 111,700 * IDT CORP........................................ 2,108 1,660,607 >*INFINITY BROADCASTING CORP (CLASS A)............ 60,093 377,513 * INTERMEDIA COMMUNICATIONS, INC.................. 14,652 137,500 * INTERNATIONAL FIBERCOM, INC..................... 1,083 102,100 * INTRAWARE, INC.................................. 8,162 157,900 * ITC DELTACOM, INC............................... 4,362 200 * JAPAN TELECOM CO LTD............................ 8,020 111,500 * JONES INTERCABLE, INC (CLASS A)................. 7,728 1,761,380 KONINKLIJKE KPN NV.............................. 171,949 110,000 * KPN QWEST NV.................................... 7,325 19,100 * LATITUDE COMMUNICATIONS, INC.................... 499 63,000 * LAUNCH MEDIA, INC............................... 1,193 130,542 * LEAP WIRELESS INTERNATIONAL, INC................ 10,248 1,723,008 * LEVEL 3 COMMUNICATIONS, INC..................... 141,071 100,500 * LIBERTY DIGITAL, INC (CLASS A).................. 7,462 28,298,815 LUCENT TECHNOLOGIES, INC........................ 2,117,105 325,000 MAHANAGAR TELEPHONE NIGAM LTD GDR............... 3,656 4,984,420 MARCONI PLC..................................... 88,170 22,122,117 * MCI WORLDCOM, INC............................... 1,173,855 309,977 >*MCLEODUSA, INC (CLASS A)........................ 18,250 3,852,078 * MEDIA ONE GROUP, INC............................ 295,888 3,188,330 > MEDIASET S.P.A.................................. 49,595 564,771 >*METROMEDIA FIBER NETWORK (CLASS A).............. 27,074 104,300 * MGC COMMUNICATIONS, INC......................... 5,293 72,224 * MIH HOLDINGS LTD................................ 410 167,200 * MODERN TIMES GROUP (CLASS B).................... 8,302 274,200 * NETCOM AB SERIES B.............................. 19,293 65,200 * NETWORK EVENT THEATER, INC...................... 1,940 1,182,500 * NEXTEL COMMUNICATIONS, INC (CLASS A)............ 121,945 684,800 >*NEXTLINK COMMUNICATIONS, INC.................... 56,881 156,000 NIPPON COMSYS CORP.............................. 3,235 38,326 NIPPON TELEGRAPH & TELEPHONE CORP............... 656,010 87,320 NIPPON TELEVISION NETWORK CORP.................. 102,488 700 NORTH PITTSBURGH SYSTEMS, INC................... 10 39,800 * NORTHEAST OPTIC NETWORK, INC.................... 2,490 120,500 * NORTHPOINT COMMUNICATIONS GROUP, INC............ 2,892 775,486 >*NTL, INC........................................ 96,742 1,804 NTT MOBILE COMMUNICATIONS....................... 69,344 5,766,436 * OLIVETTI GROUP S.P.A............................ 16,702 765,836 * OMNIPOINT CORP.................................. 92,379 1,570,000 * ONE.TEL LTD..................................... 2,415 6,680 * PAC-WEST TELECOMM, INC.......................... 177 85,200 >*PACIFIC GATEWAY EXCHANGE, INC................... 1,454 1,694,800 * PAGING NETWORK, INC............................. 1,377 151,842 * PANAMSAT CORP................................... 9,016 475,000 * PARTNER COMMUNICATIONS CO LTD ADR............... 12,291 203,200 * PAXSON COMMUNICATIONS CORP...................... 2,426 23,400 * PEGASUS COMMUNICATIONS CORP..................... 2,287 1,554,785 PORTUGAL TELECOM S.A............................ 17,058 176,800 * POWERTEL, INC................................... 17,746 451,616 * PREMIERE TECHNOLOGIES, INC...................... 3,161 1,037,475 * PRICE COMMUNICATIONS CORP....................... 28,855 146,500 * PRIMUS TELECOMMUNICATIONS GROUP, INC............ 5,604 21,600 * PUBLICIS S.A.................................... 8,160 484,492 >*QWEST COMMUNICATIONS INTERNATIONAL, INC......... 20,833 6,100 * RADIO ONE, INC.................................. 561 836,400 * RCN CORP........................................ 40,565 14,600 * REGIONAL CABLESYSTEMS, INC...................... 144 431,901 >*RHYTHMS NETCONNECTIONS, INC..................... 13,389 179,600 * ROGERS COMMUNICATIONS, INC (CLASS B)............ 4,375 125,000 * RSL COMMUNICATIONS LTD (CLASS A)................ 2,141 1,625 * SAGA COMMUNICATIONS, INC (CLASS A).............. 33 35,414,629 SBC COMMUNICATIONS, INC......................... 1,726,463 23,800 * SINCLAIR BROADCASTING GROUP, INC (CLASS A)...... 290 10,634,513 SINGAPORE TELECOMMUNICATIONS LTD................ 21,958 159,786 >*SIRIUS SATELLITE RADIO, INC..................... 7,110 93,200 >*SMARTALK TELESERVICES, INC...................... 0 133,000 * SOCEGABLE S.A................................... 8,495 12,000 * SOCIETE TELEVISION FRANCAISE ................... 6,286 2,350,059 * SONERA OYJ...................................... 161,113 3,972,242 SPRINT CORP (FON GROUP)......................... 267,382 678,750 >*SPRINT CORP (PCS GROUP)......................... 69,572 219,715 * STAR TELECOMMUNICATIONS, INC.................... 1,737 167,056 SWISSCOM AG. (REGD)............................. 67,569 314,300 * TALK.COM, INC................................... 5,579 100 >*TALK.COM, INC RTS............................... 0 1,332,349 >*TCI SATELLITE ENTERTAINMENT (CLASS A)........... 21,318 594,000 TECHNOLOGY RESOURCES INDUSTRIES BERHAD.......... 367 416,300 TELE DANMARK AS................................. 30,953 5,230,000 * TELEBRAS S.A.................................... 0 5,230,000 * TELECENTRO-SUL PARTICIPACOES S.A................ 56 5,230,000 TELECENTROESTE CELULAR PART S.A................. 8 446,000 TELECOM ARGENTINA S.A. (CLASS B)................ 3,069 SEE NOTES TO FINANCIAL STATEMENTS 20 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- COMMUNICATIONS--(Continued) 6,433,160 > TELECOM CORP OF NEW ZEALAND.....................$ 30,240 7,904,481 TELECOM ITALIA.................................. 111,487 27,819,796 > TELECOM ITALIA MOBILE S.P.A..................... 290,291 1,725,386 TELECOM ITALIA RISP............................. 10,516 1,191,441 TELEFONICA DE ARGENTINA S.A. (CLASS B).......... 3,658 8,032,170 * TELEFONICA DE ESPANA S.A........................ 200,682 567,000 * TELEFONICA PUBLICIDAD E INFORMACION............. 27,562 127,827 TELEGLOBE, INC (U.S.A.)......................... 2,900 108,700 x*TELEGROUP, INC.................................. 0 2,536,500 TELEKOM MALAYSIA BERHAD......................... 9,812 5,230,000 TELENORTE-LESTE PARTICIPACOES S.A............... 94 249,979 TELEPHONE & DATA SYSTEMS, INC................... 31,497 5,230,000 TELESP CELULAR PARTICIPACOES S.A................ 50 5,230,000 TELESP PARTICIPACOES S.A........................ 72 5,230,000 TELESUDESTE CELULAR PARTICIPACOES S.A........... 21 5,230,000 TELESUL CELULAR PARTICIPACOES S.A............... 11 201,400 * TELESYSTEM INTERNATIONAL WIRELESS, INC.......... 7,380 861,700 TELEVISION BROADCASTS LTD....................... 5,875 84,100 * TELIGENT, INC................................... 5,193 9,285,606 TELSTRA CORP.................................... 50,321 150,000 * TERRA NETWORKS S.A.............................. 8,198 2,000,000 * THUS PLC........................................ 12,530 106,375 * TIME WARNER TELECOM, INC........................ 5,312 263,000 > TOKYO BROADCASTING SYSTEMS, INC................. 8,900 191,000 * TV GUIDE, INC................................... 8,213 102,921 * U.S. CELLULAR CORP.............................. 10,389 63,300 * U.S. LEC CORP (CLASS A)......................... 2,041 3,315,267 U.S. WEST, INC.................................. 238,699 378,067 * U.S.A. NETWORKS, INC............................ 20,888 206,600 UNITED TELEVISION, INC.......................... 28,446 522,400 * UNITEDGLOBALCOM, INC (CLASS A).................. 36,895 550,735 * UNIVISION COMMUNICATIONS, INC................... 56,278 64,500 x>*USN COMMUNICATIONS, INC ........................ 0 881,374 * VIACOM, INC (CLASS A)........................... 53,268 2,367,236 * VIACOM, INC (CLASS B)........................... 143,070 970,245 * VIATEL, INC..................................... 52,029 5,354,100 VIDESH SANCHAR NIGAM LTD (SPONS GDR)............ 131,711 28,383,755 VODAFONE AIRTOUCH PLC........................... 140,587 3,576,435 > VODAFONE AIRTOUCH PLC ADR....................... 177,034 532,800 >*VOICESTREAM WIRELESS CORP....................... 75,824 128,100 >*WAVO CORP....................................... 496 331,100 * WESTERN WIRELESS CORP (CLASS A)................. 22,101 420,200 >*WINSTAR COMMUNICATIONS, INC..................... 31,620 55,300 >*WORLDGATE COMMUNICATIONS, INC................... 2,630 2,000 * WORLDPORT COMMUNICATIONS, INC................... 4 57,500 * YOUNG BROADCASTING, INC (CLASS A)............... 2,933 261,000 * ZEE TELEFILMS LTD............................... 6,552 ----------- 18,613,877 ----------- DEPOSITORY INSTITUTIONS--7.09% 3,366,095 ABBEY NATIONAL PLC.............................. 53,809 3,437,659 ABN-AMRO HOLDINGS NV............................ 85,889 197,116 ABSA GROUP LTD.................................. 884 5,500 ALABAMA NATIONAL BANCORP........................ 104 419,249 ALLIED IRISH BANK............................... 4,758 1,871,682 ALLIED IRISH BANK PLC........................... 21,345 153,100 AMCORE FINANCIAL, INC........................... 3,674 525,000 AMMB HOLDINGS BERHAD............................ 1,257 2,528,304 AMSOUTH BANCORP................................. 48,828 571,900 ANCHOR BANCORP WISCONSIN, INC................... 8,650 3,900 ANDOVER BANCORP, INC............................ 109 11,600 AREA BANCSHARES CORP............................ 284 2,321,600 ARGENTARIA, CAJA POSTAL Y BCO HIPOTECA.......... 54,566 6,037,486 > ASAHI BANK LTD.................................. 37,203 1,049,000 * ASHIKAGA BANK LTD............................... 2,093 1,040,092 ASSOCIATED BANC-CORP............................ 35,623 1,170,255 ASTORIA FINANCIAL CORP.......................... 35,620 1,653,808 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD...... 11,994 505,403 BANCA COMMERCIALE ITALIANA S.P.A................ 2,750 10,019,381 * BANCA DI ROMA................................... 12,880 8,917,620 > BANCA INTESA RISP S.P.A......................... 18,148 11,067,052 BANCA INTESA S.P.A.............................. 44,932 507,403 * BANCA INTESA S.P.A. PUT WTS 11/15/02............ 889 9,375,000 * BANCA NAZIONALE DEL LAVORO...................... 31,262 3,123,900 > BANCA POPOLARE DI MILANO........................ 24,328 14 BANCFIRST CORP.................................. 0 5,800 BANCFIRST OHIO CORP............................. 133 843,540 * BANCO AMBROSIANO VENETO WTS 05/31/02............ 720 64,880 * BANCO AMBROSIANO VENETO WTS 05/31/02 RISP....... 25 4,340,800 > BANCO BILBAO VIZCAYA S.A. (REGD)................ 61,836 2,346,360 BANCO COMERCIAL PORTUGUES S.A. (REGD)........... 13,025 28,941 * BANCO DE A. EDWARDS S.P.A. ADR.................. 481 5,922 BANCO DE GALICIA BUENOS AIRES ADR............... 117 292,330 BANCO DE GALICIA BUENOS AIRES S.A. SERIES A..... 1,453 985,787 BANCO ESPIRITO SANTO S.A........................ 27,708 99,561 BANCO FRANCES S.A............................... 787 30,700 BANCO PINTO & SOTTO MAYOR S.A................... 658 625,000 BANCO POPULAR ESPANOLA S.A. (REGD).............. 40,770 8,504,360 > BANCO SANTANDER CENTRAL HISPANO S.A............. 96,301 9,400 BANCO SANTANDER (PUERTO RICO SAN JUAN).......... 145 295,451 BANCORPSOUTH, INC............................... 4,820 578,344 BANCWEST CORP................................... 11,278 218,770 BANK AUSTRIA AG................................. 12,342 16,167,911 BANK OF AMERICA CORP............................ 811,427 2,465,537 BANK OF EAST ASIA LTD........................... 6,851 987,000 > BANK OF FUKUOKA LTD............................. 6,845 9,200 BANK OF GRANITE CORP............................ 198 350,000 * BANK OF IRELAND................................. 2,786 669,400 BANK OF MONTREAL................................ 22,774 4,374,874 BANK OF NEW YORK CO, INC........................ 174,995 1,194,544 BANK OF NOVA SCOTIA............................. 25,596 300,000 * BANK OF SCOTLAND................................ 3,483 11,097,087 > BANK OF TOKYO MITSUBISHI LTD.................... 154,560 2,030,656 BANK OF YOKOHAMA LTD............................ 9,355 7,993,138 BANK ONE CORP................................... 256,280 213,400 BANK UNITED CORP (CLASS A)...................... 5,815 87,500 BANKATLANTIC BANCORP, INC (CLASS B)............. 448 146,600 BANKNORTH GROUP, INC............................ 3,922 1,086,801 > BANQUE NATIONALE DE PARIS....................... 100,293 3,773,614 BARCLAYS PLC.................................... 108,582 989,469 + BAY VIEW CAPITAL CORP........................... 14,038 977,604 BAYERISCHE HYPO-UND VEREINSBANK AG.............. 66,775 1,840,364 BB&T CORP....................................... 50,380 22,915 * BOK FINANCIAL CORP.............................. 463 5,880,100 BPI-SGPS S.A. (REGD)............................ 25,058 14,250,055 * BRADESCO S.A. RTS............................... 4 47,058 BRENTON BANKS, INC.............................. 476 16,200 BSB BANCORP, INC................................ 312 4,830 BT FINANCIAL CORP............................... 106 73,900 * CALIFORNIA FEDERAL BANK......................... 55 72,820 * CALIFORNIA FEDERAL BANK GOODWILL CERT........... 100 996,457 CANADIAN IMPERIAL BANK OF COMMERCE.............. 23,724 19,900 CAPITOL FEDERAL FINANCIAL....................... 194 12,800 CAROLINA FIRST CORP............................. 234 8,100 CATHAY BANCORP, INC............................. 332 548,100 CCB FINANCIAL CORP.............................. 23,877 20,166 * CENTENNIAL BANCORP.............................. 217 148,100 CENTURA BANKS, INC.............................. 6,535 1,500 CENTURY SOUTH BANKS, INC........................ 34 5,098,655 CHARTER ONE FINANCIAL, INC...................... 97,512 7,861,687 CHASE MANHATTAN CORP............................ 610,755 4,700 CHEMICAL FINANCIAL CORP......................... 150 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 21 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- DEPOSITORY INSTITUTIONS--(Continued) 31,540 > CHIBA BANK LTD..................................$ 175 210,842 CHITTENDEN CORP................................. 6,246 1,311,900 CHRISTIANIA BANK OG KREDITKASSE................. 6,472 159,452 CITIZENS BANKING CORP (MICHIGAN)................ 3,568 6,666 CITY HOLDINGS CO................................ 93 260,500 CITY NATIONAL CORP.............................. 8,580 619,700 COLONIAL BANCGROUP, INC......................... 6,429 1,425,008 COMERICA, INC................................... 66,530 855,000 COMMERCE ASSET HOLDINGS BERHAD.................. 2,194 319,840 COMMERCE BANCORP, INC........................... 12,934 342,420 COMMERCE BANCSHARES, INC........................ 11,599 140,575 COMMERCIAL FEDERAL CORP......................... 2,504 1,000 COMMONWEALTH BANCORP, INC....................... 17 29,900 COMMUNITY BANK SYSTEM, INC...................... 691 300,700 COMMUNITY FIRST BANKSHARES, INC................. 4,736 53,810 COMMUNITY TRUST BANCORP, INC.................... 1,076 932,400 COMPASS BANCSHARES, INC......................... 20,804 1,310,982 * CONCORD EFS, INC................................ 33,758 31,300 CORUS BANKSHARES, INC........................... 751 642,498 CREDIT SUISSE GROUP (REGD)...................... 127,717 1 #*CRESTARAN INTERNATIONAL INVESTMENT BV........... 0 616,100 CULLEN FROST BANKERS, INC....................... 15,865 21,195 CVB FINANCIAL CORP.............................. 490 1,017,000 DAI-ICHI KANGO BANK LTD......................... 9,500 2,522,000 DAIWA BANK LTD.................................. 7,400 2,832,258 * DBS GROUP HOLDINGS LTD.......................... 46,411 135,400 DEN DANSKE BANK AF 1871 ........................ 14,853 2,879,000 DEN NORSKE BANK ASA............................. 11,830 1,278,551 * DEUTSCHE BANK AG. (REGD)........................ 108,005 687,700 DIME BANCORP, INC............................... 10,401 118,400 DIME COMMUNITY BANCORP, INC..................... 2,190 127,495 DOWNEY FINANCIAL CORP........................... 2,574 1,892,280 * DRESDNER BANK AG. (REGD)........................ 102,944 60,000 * ERSTE BANK DER OESTER SPARK AG.................. 2,660 16,065 F & M BANCORP, INC (MARYLAND)................... 325 120,122 F & M NATIONAL CORP............................. 3,311 38,339 F.N.B. CORP..................................... 853 3,000 FARMERS CAPITAL BANK CORP....................... 90 1,419,257 FIFTH THIRD BANCORP............................. 104,138 148,500 FIRST BANCORP (PUERTO RICO)..................... 3,081 11,500 FIRST CHARTER CORP.............................. 171 21,100 FIRST CITIZENS BANCSHARES, INC (CLASS A)........ 1,472 500 FIRST COMMERCE BANCSHARES, INC.................. 10 179,942 FIRST COMMONWEALTH FINANCIAL CORP............... 2,159 48,600 FIRST FEDERAL CAPITAL CORP...................... 711 91,338 FIRST FINANCIAL BANCORP......................... 1,952 920 FIRST FINANCIAL BANKSHARES, INC................. 28 2,800 FIRST FINANCIAL CORP (INDIANA).................. 116 18,500 FIRST FINANCIAL HOLDINGS, INC................... 296 29,100 FIRST INDIANA CORP.............................. 633 11,250 FIRST MERCHANTS CORP............................ 295 604,170 FIRST MIDWEST BANCORP, INC...................... 16,011 58,800 * FIRST REPUBLIC BANK............................. 1,382 1,201,978 FIRST SECURITY CORP............................. 30,688 1,700 FIRST SENTINEL BANCORP, INC..................... 13 11,770 FIRST SOURCE CORP............................... 294 750,347 FIRST TENNESSEE NATIONAL CORP................... 21,385 6,148,005 FIRST UNION CORP................................ 201,731 47,000 FIRST UNITED BANCSHARES, INC.................... 629 358,755 FIRST VIRGINIA BANKS, INC....................... 15,426 43,160 FIRST WASHINGTON BANCORP, INC................... 637 9,667,484 FIRSTAR CORP.................................... 204,226 314,800 * FIRSTFED FINANCIAL CORP......................... 4,427 443,420 FIRSTMERIT CORP................................. 10,199 57,300 FLAGSTAR BANCORP, INC........................... 988 10,712,706 FLEETBOSTON FINANCIAL CORP...................... 372,936 1,228,500 > FORENINGSSPARBANKEN AB.......................... 18,068 4,100 FRONTIER FINANCIAL CORP......................... 82 3,202,748 > FUJI BANK LTD................................... 31,106 285,475 FULTON FINANCIAL CORP........................... 5,139 100,000 GBC BANCORP..................................... 1,931 95,800 * GENTRA, INC..................................... 902 84,000 > GOLD ZACK AG.................................... 6,575 2,150,439 * GOLDEN STATE BANCORP, INC....................... 37,095 731,200 * GOLDEN STATE BANCORP, INC WTS 12/31/00.......... 640 1,077,900 GOLDEN WEST FINANCIAL CORP...................... 36,110 34,540 GRAND PREMIER FINANCIAL, INC.................... 512 100 GREAT SOUTHERN BANCORP.......................... 2 19,200 GREATER BAY BANCORP............................. 823 550,758 GREENPOINT FINANCIAL CORP....................... 13,115 977,000 > GUNMA BANK LTD.................................. 6,355 54,100 * HAMILTON BANCORP, INC........................... 960 26,000 HANCOCK HOLDINGS CO............................. 1,008 3,190,259 HANG SENG BANK LTD.............................. 36,423 7,309 HARBOR FLORIDA BANCSHARES, INC.................. 95 5,985 HARLEYSVILLE NATIONAL CORP...................... 195 3,800 HARRIS FINANCIAL, INC........................... 29 1,047,312 HIBERNIA CORP (CLASS A)......................... 11,128 1,692,000 HOKURIKU BANK LTD............................... 4,005 3,487,793 HSBC HOLDINGS PLC (HONG KONG)................... 48,906 10,082,467 HSBC HOLDINGS PLC (UNITED KINGDOM).............. 140,498 800 HUDSON RIVER BANCORP, INC....................... 8 549,300 HUDSON UNITED BANCORP........................... 14,041 1,306,985 HUNTINGTON BANCSHARES, INC...................... 31,204 1,405,357 * IMPERIAL BANCORP................................ 33,904 197,500 INDEPENDENCE COMMUNITY BANK CORP................ 2,469 46,759 INDEPENDENT BANK CORP........................... 584 6,238,852 INDUSTRIAL BANK OF JAPAN LTD.................... 60,106 47,350 INTERNATIONAL BANCSHARES CORP................... 2,095 30,950 INTERWEST BANCORP, INC.......................... 596 25,400 INVESTEC GROUP LTD.............................. 1,127 30,000 IRWIN FINANCIAL CORP............................ 534 1,625,305 JOYO BANK....................................... 7,472 31,446 JSB FINANCIAL, INC.............................. 1,631 742,670 KBC BANCASSURANCE HOLDINGS NV................... 40,029 2,711,440 KEYCORP......................................... 59,991 196,932 KEYSTONE FINANCIAL, INC......................... 4,148 12,740,055 LLOYDS TSB GROUP PLC............................ 159,325 100,830 * LOCAL FINANCIAL CORP............................ 1,046 41,088 M & T BANK CORP................................. 17,021 262,900 MAF BANCORP, INC................................ 5,504 2,098,200 MALAYAN BANKING BERHAD.......................... 7,454 592,058 MARSHALL & ILSLEY CORP.......................... 37,189 4,841,014 MBNA CORP....................................... 131,918 6,819,172 MELLON FINANCIAL CORP........................... 232,278 456,439 MERCANTILE BANKSHARES CORP...................... 14,578 5,800 MERCHANTS NEW YORK BANCORP, INC................. 99 2,033,665 > MERITA LTD...................................... 11,986 31,149 MID-AMERICA BANCORP............................. 888 11,600 MISSISSIPPI VALLEY BANCSHARES................... 313 2,148,889 MITSUBISHI TRUST & BANKING CORP................. 18,916 79,000 MITSUI TRUST & BANKING CO LTD................... 178 985,169 MORGAN (J.P.) & CO, INC......................... 124,747 3,636,852 > NATIONAL AUSTRALIA BANK LTD..................... 55,461 50,400 NATIONAL BANCORP OF ALASKA, INC................. 1,414 405,784 NATIONAL BANK OF CANADA......................... 5,180 29,851 NATIONAL CITY BANCSHARES, INC................... 750 4,125,102 NATIONAL CITY CORP.............................. 97,713 92,100 NATIONAL COMMERCE BANCORP....................... 2,090 395 NATIONAL PENN BANCSHARES, INC................... 10 87,490 * NATIONAL PROCESSING, INC........................ 776 SEE NOTES TO FINANCIAL STATEMENTS 22 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- DEPOSITORY INSTITUTIONS--(Continued) 1,080,000 * NATIONAL WESTMINSTER BANK PLC...................$ 23,194 29,309 NBT BANCORP, INC................................ 454 69,857 NEDCOR LTD...................................... 1,555 122,389 >*NETBANK, INC.................................... 2,264 3,800 NIAGARA BANCORP, INC............................ 39 1,325,090 NORTH FORK BANCORP, INC......................... 23,189 2,824,786 NORTHERN TRUST CORP............................. 149,714 24,900 NORTHWEST BANCORP, INC.......................... 173 75,200 OCEANFIRST FINANCIAL CORP....................... 1,302 135,038 * OCWEN FINANCIAL CORP............................ 844 643,262 OLD KENT FINANCIAL CORP......................... 22,755 191,251 OLD NATIONAL BANCORP............................ 6,204 3,200 OMEGA FINANCIAL CORP............................ 93 207,050 ONE VALLEY BANCORP, INC......................... 6,341 27,066 ORIENTAL FINANCIAL GROUP........................ 597 2,409,129 * OVERSEAS CHINESE BANKING CORP LTD............... 22,125 67,600 PACIFIC CAPITAL BANCORP......................... 2,079 1,040,600 PACIFIC CENTURY FINANCIAL CORP.................. 19,446 9,937 PARK NATIONAL CORP.............................. 954 39,750 PEOPLES BANK OF BRIDGEPORT CO................... 840 845,386 PEOPLES HERITAGE FINANCIAL GROUP, INC........... 12,734 8,400 PEOPLES HOLDINGS CO............................. 243 85,200 PFF BANCORP, INC................................ 1,651 2,303,689 PNC BANK CORP................................... 102,514 845,018 POPULAR, INC.................................... 23,608 5,800 PREMIER BANCSHARES, INC......................... 79 24,700 PREMIER NATIONAL BANCORP........................ 455 523,669 PROVIDENT BANKSHARES CORP....................... 9,066 156,500 PROVIDENT FINANCIAL GROUP....................... 5,614 1,149,848 PROVIDIAN FINANCIAL CORP........................ 104,708 1,971,424 PUBLIC BANK BERHAD (FR)......................... 2,044 972,532 PUBLIC BANK BERHAD (LR)......................... 850 34,600 QUEENS COUNTY BANCORP, INC...................... 939 1,369,890 REGIONS FINANCIAL CORP.......................... 34,418 7,200 RELIANCE BANCORP, INC........................... 248 805,912 REPUBLIC BANCORP, INC........................... 9,784 400 REPUBLIC BANCORP, INC (KENTUCKY)................ 3 2,000 * REPUBLIC BANCSHARES, INC........................ 25 840,750 REPUBLIC NEW YORK CORP.......................... 60,534 75,974 REPUBLIC SECURITY FINANCIAL CORP................ 544 1,517,000 RHB CAPITAL BERHAD.............................. 1,573 160,800 RICHMOND COUNTY FINANCIAL CORP.................. 2,904 120,300 RIGGS NATIONAL CORP............................. 1,586 485,990 ROSLYN BANCORP, INC............................. 8,991 732,205 ROYAL BANK OF CANADA............................ 32,085 1,715,039 ROYAL BANK OF SCOTLAND PLC...................... 30,407 75,700 S & T BANCORP, INC.............................. 1,755 183,858 * S1 CORP......................................... 14,364 6,700,244 SAKURA BANK LTD................................. 38,796 4,169,202 > SAN PAOLO-IMI S.P.A............................. 56,662 8,700 SANDY SPRING BANCORP, INC....................... 235 400,765 SANWA BANK LTD.................................. 4,872 18,100 SEACOAST FINANCIAL SERVICES CORP................ 184 654,000 > SEVENTY-SEVEN (77) BANK LTD..................... 6,851 1,520,000 SHIZUOKA BANK LTD............................... 15,581 5,125 SHORELINE FINANCIAL CORP........................ 95 225,700 * SILICON VALLEY BANCSHARES....................... 11,172 6,100 SIMMONS FIRST NATIONAL CORP (CLASS A)........... 153 1,788,244 > SKANDINAVISKA ENSKILDA BANKEN SERIES A.......... 18,095 248,623 SKY FINANCIAL GROUP, INC........................ 5,004 277,364 * SOCIETE GENERALE S.A............................ 64,548 1,581,015 SOUTHTRUST CORP................................. 59,782 43,600 * SOUTHWEST BANCORP OF TEXAS, INC................. 864 1,059,256 SOVEREIGN BANCORP, INC.......................... 7,895 280,700 ST. FRANCIS CAPITAL CORP........................ 5,228 50,000 * STANDARD CHARTERED PLC.......................... 776 993,200 STATE STREET CORP............................... 72,566 221,800 STATEN ISLAND BANCORP, INC...................... 3,992 29,600 STERLING BANCSHARES, INC........................ 331 7,951,818 > SUMITOMO BANK LTD............................... 108,809 1,120,376 SUMMIT BANCORP.................................. 34,312 363,307 SUNCORP-METWAY LTD.............................. 1,952 1,843,986 SUNTRUST BANKS, INC............................. 126,889 136,950 SUSQUEHANNA BANCSHARES, INC..................... 2,174 1,321,400 SVENSKA HANDELSBANKEN SERIES A.................. 16,636 362,500 SVENSKA HANDELSBANKEN SERIES B FREE............. 4,287 3,730 * SWISS BANK CORP WTS 06/30/00 (REGD)............. 51 892,894 SYNOVUS FINANCIAL CORP.......................... 17,746 825,550 TCF FINANCIAL CORP.............................. 20,536 203,300 * TELEBANC FINANCIAL CORP......................... 5,286 92,200 TEXAS REGIONAL BANCSHARES, INC (CLASS A)........ 2,674 5,384,609 > TOKAI BANK LTD.................................. 33,917 450,200 TORONTO DOMINION BANK........................... 12,039 908,000 * TOYO TRUST & BANKING CO LTD..................... 3,730 88,800 TRIANGLE BANCORP, INC........................... 1,721 45,500 TRUST CO OF NEW JERSEY ......................... 1,041 138,770 TRUSTCO BANK CORP............................... 1,839 149,402 TRUSTMARK CORP.................................. 3,228 4,658,718 U.S. BANCORP.................................... 110,936 115,669 U.S. TRUST CORP................................. 9,275 7,515 U.S.B. HOLDINGS CO, INC......................... 120 694,732 UBS AG. (REGD).................................. 187,624 53,201 UMB FINANCIAL CORP.............................. 2,008 216,400 UNI BANKDANMARK AS (CLASS A).................... 15,240 11,371,030 > UNICREDITO ITALIANO S.P.A....................... 55,904 1,491,502 UNION PLANTERS CORP............................. 58,821 381,547 UNIONBANCAL CORP................................ 15,047 61,900 UNITED BANKSHARES, INC.......................... 1,478 13,700 UNITED COMMUNITY FINANCIAL CORP (OHIO).......... 136 16,154 UNITED NATIONAL BANCORP......................... 358 9,197,195 * UNITED OVERSEAS BANK LTD........................ 81,152 60,500 USBANCORP, INC.................................. 711 1,331,959 UST CORP........................................ 42,290 385,026 VALLEY NATIONAL BANCORP......................... 10,781 63,700 W HOLDING CO, INC............................... 661 1,156,812 WACHOVIA CORP................................... 78,663 745,000 WASHINGTON FEDERAL, INC......................... 14,714 4,074,190 WASHINGTON MUTUAL, INC.......................... 105,929 310,484 WEBSTER FINANCIAL CORP.......................... 7,316 13,441,416 WELLS FARGO CO.................................. 543,537 32,300 WESBANCO, INC................................... 840 65,049 WEST COAST BANCORP (OREGON)..................... 878 174,300 WESTAMERICA BANCORP............................. 4,870 18,400 WESTCORP........................................ 267 6,885,742 > WESTPAC BANKING CORP............................ 47,352 163,050 WHITNEY HOLDINGS CORP........................... 6,043 197,900 WILMINGTON TRUST CORP........................... 9,549 239,000 * WING HANG BANK LTD.............................. 818 638,802 WING LUNG BANK LTD.............................. 2,589 311,600 ZIONS BANCORP................................... 18,443 ----------- 9,625,891 ----------- EATING AND DRINKING PLACES--0.46% 27,500 * ADVANTICA RESTAURANT GROUP, INC................. 48 336,957 APPLEBEES INTERNATIONAL, INC.................... 9,940 303,900 * AUTOGRILL S.P.A................................. 3,827 255,600 > AVADO BRANDS, INC............................... 1,078 478,182 BOB EVANS FARMS, INC............................ 7,382 11,800 >x*BOSTON CHICKEN, INC ............................ 1 622,293 * BRINKER INTERNATIONAL, INC...................... 14,935 518,150 * BUFFETS, INC.................................... 5,182 141,625 CBRL GROUP, INC................................. 1,374 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 23 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- EATING AND DRINKING PLACES--(Continued) 420,350 * CEC ENTERTAINMENT, INC.......................... $ 11,927 270,064 CKE RESTAURANTS, INC............................ 1,587 1,645,858 COMPASS GROUP PLC............................... 22,589 35,536 * CONSOLIDATED PRODUCTS, INC...................... 360 1,458,925 DARDEN RESTAURANTS, INC......................... 26,443 36,350 * DAVE & BUSTERS, INC............................. 298 200,384 FRISCHS RESTAURANTS, INC........................ 1,766 1,257,689 HOST MARRIOTT CORP (NEW)........................ 10,376 124,100 * IHOP CORP (NEW)................................. 2,071 301,765 * JACK IN THE BOX, INC............................ 6,243 591,000 KENTUCKY FRIED CHICKEN BERHAD................... 778 158,700 * LANDRYS SEAFOOD RESTAURANTS, INC................ 1,379 229,119 * LONE STAR STEAKHOUSE & SALOON, INC.............. 2,044 147,991 LUBYS, INC...................................... 1,683 1,085,500 MARRIOTT, INTERNATIONAL (CLASS A)............... 34,261 8,194,107 MCDONALD'S CORP................................. 330,325 8,927 * MELCO INTERNATIONAL DEVELOPMENT LTD............. 3 330 MOEVENPICK HOLDINGS (BR)........................ 164 1,576 MORRISON MANAGEMENT SPECIALISTS, INC............ 34 97,900 * NPC INTERNATIONAL, INC.......................... 771 19,950 * O'CHARLEY'S, INC................................ 262 322,750 * OUTBACK STEAKHOUSE, INC......................... 8,371 160,000 OVERSEAS UNION ENTERPRISES LTD.................. 538 37,000 * P.F. CHANGS CHINA BISTRO, INC................... 920 129,590 * PAPA JOHNS INTERNATIONAL, INC................... 3,377 437,599 PICCADILLY CAFETERIAS, INC...................... 1,750 412,807 >x*PLANET HOLLYWOOD, INC (CLASS A)................. 30 50 * RAINFOREST CAFE, INC............................ 0 260,234 RUBY TUESDAY, INC............................... 4,733 241,950 * RYANS FAMILY STEAK HOUSES, INC.................. 2,057 5,600 * SHONEYS, INC.................................... 8 239,000 > SKYLARK CO LTD.................................. 5,622 87,801 SODEXHO ALLIANCE S.A............................ 15,542 14,851 SODEXHO MARRIOTT SERVICES, INC.................. 1,493 286,575 * SONIC CORP...................................... 8,167 111,300 >*TELEPIZZA S.A................................... 471 38,750 * THE CHEESECAKE FACTORY CO....................... 1,356 1,107,000 +*TPI ENTERPRISES, INC............................ 12 1,009,171 * TRICON GLOBAL RESTAURANTS, INC.................. 38,979 468,096 * U.S. FOODSERVICE, INC........................... 7,841 10,700 VALORA HOLDINGS AG. (REGD)...................... 2,863 514,000 VIAD CORP....................................... 14,328 143,203 * VICORP RESTAURANTS, INC......................... 2,309 283,369 WENDY'S INTERNATIONAL, INC...................... 5,844 ----------- 625,742 ----------- EDUCATIONAL SERVICES--0.05% 101,362 * APOLLO GROUP, INC (CLASS A)..................... 2,034 190,800 BENESSE CORP.................................... 45,908 95,091 * BERLITZ INTERNATIONAL, INC...................... 1,634 19,200 * CAREER EDUCATION CORP........................... 737 50 * COMPUTER LEARNING CENTERS, INC.................. 0 400 * CORINTHIAN COLLEGES, INC........................ 10 350,529 * DEVRY, INC...................................... 6,529 123,400 * EDUCATION MANAGEMENT CORP....................... 1,728 48,200 * ITT EDUCATIONAL SERVICES, INC................... 744 70,500 * LEARNING TREE INTERNATIONAL, INC................ 1,974 280,425 * SYLVAN LEARNING SYSTEMS, INC.................... 3,646 ----------- 64,944 ----------- ELECTRIC, GAS, AND SANITARY SERVICES--2.59% 600,000 * ACEA S.P.A...................................... 8,342 1,100,000 * AEM S.P.A....................................... 4,411 562,650 * AES CORP........................................ 42,058 344,600 AGL RESOURCES, INC.............................. 5,858 372,913 AGUAS DE BARCELONA S.A.......................... 5,463 4,023 * AGUAS DE BARCELONA S.A. (NEW)................... 58 882,544 ALLEGHENY ENERGY, INC........................... 23,774 458,793 ALLIANT ENERGY CORP............................. 12,617 1,366,690 * ALLIED WASTE INDUSTRIES, INC.................... 12,044 842,181 AMEREN CORP..................................... 27,581 135,585 * AMERICAN ECOLOGY CORP........................... 229 1,068,956 AMERICAN ELECTRIC POWER CO, INC................. 34,340 3,000 AMERICAN STATES WATER CO........................ 108 244,490 AMERICAN WATER WORKS CO, INC.................... 5,195 344,260 ANGLIAN WATER PLC............................... 3,141 22,034 AQUARION CO..................................... 815 218,504 ATMOS ENERGY CORP............................... 4,466 1,079,304 > AUSTRALIA GAS LIGHT CO.......................... 6,315 228,300 > AVISTA CORP..................................... 3,524 163,000 * AZURIX CORP..................................... 1,457 1,800 BEWCKISER WASSER TECHNIK AG..................... 242 9,131,269 * BG GROUP PLC.................................... 58,977 145,469 BLACK HILLS CORP................................ 3,228 47,800 CALIFORNIA WATER SERVICE GROUP.................. 1,449 255,800 * CALPINE CORP.................................... 16,371 973,195 CAROLINA POWER & LIGHT CO....................... 29,622 58,800 CASCADE NATURAL GAS CORP........................ 948 61,200 * CASELLA WASTE SYSTEMS, INC (CLASS A)............ 1,155 105,677,660 * CENTRAIS GERADORAS DO SUL (BR).................. 107 1,606,100 CENTRAL & SOUTH WEST CORP....................... 32,122 7,205,972 CENTRICA PLC.................................... 20,420 104,400 CH ENERGY GROUP, INC............................ 3,445 165,000 CHILECTRA S.A. ADR.............................. 3,341 881,898 CINERGY CORP.................................... 21,276 290,844 * CITIZENS UTILITIES CO (CLASS B)................. 4,126 426,440 * CLEAN HARBORS, INC.............................. 533 141,364 CLECO CORP...................................... 4,532 2,550,420 CLP HOLDINGS LTD................................ 11,746 213,040 CMP GROUP, INC.................................. 5,872 748,480 CMS ENERGY CORP................................. 23,343 1,113,796 COASTAL CORP.................................... 39,470 815,361 COLUMBIA ENERGY GROUP........................... 51,572 892,345 > CONECTIV, INC................................... 15,003 62,012 CONECTIV, INC (CLASS A)......................... 1,837 28,100 CONNECTICUT ENERGY CORP......................... 1,092 1,142,400 CONSOLIDATED EDISON CO OF NEW YORK., INC........ 39,413 745,900 CONSOLIDATED NATURAL GAS CO..................... 48,437 1,344,971 CONSTELLATION ENERGY GROUP...................... 39,004 734,806 CONTACT ENERGY LTD.............................. 1,286 1,869 CTG RESOURCES, INC.............................. 65 160 DAISEKI CO LTD.................................. 4 1,197,100 DOMINION RESOURCES, INC......................... 46,986 1,047,475 DPL, INC........................................ 18,134 775,263 DQE, INC........................................ 26,843 1,084,571 DTE ENERGY CO................................... 34,028 2,316,486 DUKE ENERGY CORP................................ 116,114 238,598 DYNEGY, INC..................................... 5,801 138,038 EASTERN ENTERPRISES CO.......................... 7,929 125,757 EASTERN UTILITIES ASSOCIATION CO................ 3,812 2,415,352 EDISON INTERNATIONAL CO......................... 63,252 511,050 EDPERBRASCAN CORP (CLASS A)..................... 6,736 14,714 * EL PASO ELECTRIC CO............................. 144 944,010 EL PASO ENERGY CORP............................. 36,639 122,107 ELECTRABEL NV................................... 39,980 2,000 ELECTRABEL S.A. (STRIP VVPR).................... 0 1,572,985 ELECTRICIDADE DE PORTUGAL S.A................... 27,463 92,796,060 ELECTROBRAS S.A................................. 2,030 36,281 EMPIRE DISTRICT ELECTRIC CO..................... 821 411,626 > EMPRESA NACIONAL DE ELECTRIDAD S.A. ADR......... 5,840 2,148,560 ENDESA S.A...................................... 42,664 15,591,000 * ENEL S.P.A...................................... 65,342 SEE NOTES TO FINANCIAL STATEMENTS 24 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ELECTRIC, GAS, AND SANITARY SERVICES--(Continued) 295,500 ENERGEN CORP.................................... $ 5,337 1,155,721 ENERGY EAST CORP................................ 24,053 116,078 ENERSIS S.A. ADR................................ 2,728 1,414,645 ENTERGY CORP.................................... 36,427 227,501 EQUITABLE RESOURCES, INC........................ 7,593 5,437 ETOWN CORP...................................... 338 1,775,627 FIRSTENERGY CORP................................ 40,285 555,739 FLORIDA PROGRESS CORP........................... 23,515 1,198,448 FPL GROUP, INC.................................. 51,309 1,024,357 GAS NATURAL SDG S.A............................. 23,602 150,170 > GENER S.A. (SPONS ADR).......................... 2,328 707,310 GPU, INC........................................ 21,175 385 GROUPE BRUXELLES LAMBERT NPV (STRIP VVPR)....... 0 60,735 GROUPE BRUXELLES LAMBERT S.A.................... 12,237 70,510 HAFSLUND AS SERIES A............................ 426 46,402 HAFSLUND AS SERIES B............................ 179 200,193 > HAWAIIAN ELECTRIC INDUSTRIES, INC............... 5,781 6,652,712 HONG KONG & CHINA GAS CO LTD.................... 9,114 25 HONG KONG ELECTRIC CO LTD....................... 0 1,391,814 > IBERDROLA S.A................................... 19,294 280,200 IDACORP, INC.................................... 7,513 134,120 ILLINOVA CORP................................... 4,661 191,766 INDIANA ENERGY, INC............................. 3,404 174,434 IPALCO ENTERPRISES, INC......................... 2,976 1,604,240 > ITALGAS S.P.A................................... 6,077 2,820,610 KANSAI ELECTRIC POWER CO, INC................... 49,134 469,304 KANSAS CITY POWER & LIGHT CO.................... 10,354 827,590 KEYSPAN CORP.................................... 19,190 362,250 KINDER MORGAN, INC.............................. 7,313 187,000 KURITA WATER INDUSTRIES LTD..................... 2,970 119,800 LACLEDE GAS CO.................................. 2,591 788,537 LOUISVILLE GAS & ELECTRIC ENERGY CORP........... 13,750 37,100 MADISON GAS & ELECTRIC CO....................... 747 474,639 MCN ENERGY GROUP, INC........................... 11,273 169,679 MDU RESOURCES GROUP, INC........................ 3,394 272,100 * MIDAMERICAN ENERGY HOLDINGS CO.................. 9,166 120,210 MINNESOTA POWER, INC............................ 2,036 200,800 >x*MOLTEN METALTECHNOLOGY, INC..................... 3 461,212 MONTANA POWER CO................................ 16,632 825,536 NATIONAL FUEL GAS CO............................ 38,387 2,706,855 NATIONAL GRID GROUP PLC......................... 20,586 2,829,159 NATIONAL POWER PLC.............................. 16,377 662,760 NEW CENTURY ENERGIES, INC....................... 20,131 356,143 NEW ENGLAND ELECTRIC SYSTEMS CO................. 18,430 110,300 NEW JERSEY RESOURCES CORP....................... 4,309 40,900 * NEWPARK RESOURCES, INC.......................... 251 458,800 * NIAGARA MOHAWK HOLDINGS, INC.................... 6,395 393,240 NICOR, INC...................................... 12,780 514,658 NISOURCE, INC................................... 9,200 43,200 NORTHEAST UTILITIES CO.......................... 888 909,468 NORTHERN STATES POWER CO........................ 17,735 155,400 NORTHWEST NATURAL GAS CO........................ 3,409 129,292 NORTHWESTERN CORP............................... 2,844 386,568 NSTAR........................................... 15,656 132,700 NUI CORP........................................ 3,500 491,444 OGE ENERGY CORP................................. 9,337 214,833 ONEOK, INC...................................... 5,398 3,131,000 OSAKA GAS CO LTD................................ 7,534 37,700 * OESTERREICHISCHE ELEKTRIZITAETSWIRSC HAFTS AG... 5,298 19,600 OTTER TAIL POWER CO............................. 735 1,640,429 PECO ENERGY CO.................................. 57,005 381,699 PEOPLES ENERGY CORP............................. 12,787 496,000 PETRONAS GAS BERHAD............................. 1,162 2,350,513 PG&E CORP....................................... 48,186 103,041 PHILADELPHIA SUBURBAN CORP...................... 2,132 109,196 * PHILIP SERVICES CORP............................ 13 116,874 PIEDMONT NATURAL GAS CO, INC.................... 3,535 516,334 PINNACLE WEST CAPITAL CORP...................... 15,780 803,800 POTOMAC ELECTRIC POWER CO....................... 18,437 1,142,110 PP&L RESOURCES, INC............................. 26,126 231,624 PUBLIC SERVICE CO OF NEW MEXICO................. 3,764 118,502 PUBLIC SERVICE CO OF NORTH CAROLINA............. 3,829 1,641,228 PUBLIC SERVICE ENTERPRISE GROUP, INC............ 57,135 593,431 PUGET SOUND ENERGY, INC......................... 11,498 764,480 QUESTAR CORP.................................... 11,467 1,460,915 RELIANT ENERGY, INC............................. 33,418 3,189,716 * REPUBLIC SERVICES, INC (CLASS A)................ 45,852 353,497 RGS ENERGY GROUP, INC........................... 7,269 920,120 RHEIN-WESTFALEN ELECTRIC AG..................... 36,059 679,600 SCANA CORP...................................... 18,264 975,000 SCOTTISH & SOUTHERN ENERGY PLC.................. 7,781 6,669,255 SCOTTISH POWER PLC.............................. 50,506 2,617,461 SCOTTISH POWER PLC ADR.......................... 73,289 2,205 SEMCO ENERGY, INC............................... 26 1,480,705 SEMPRA ENERGY................................... 25,727 5,967,146 SHUN TAK ENTERPRISES CORP LTD................... 1,136 155,943 SIERRA PACIFIC RESOURCES (NEW).................. 2,700 146,282 SIG CORP, INC................................... 3,328 400 SJW CORP........................................ 48 50,300 SOUTH JERSEY INDUSTRIES, INC.................... 1,430 4,357,096 SOUTHERN CO..................................... 102,392 97,674 * SOUTHERN UNION CO............................... 1,868 600 SOUTHWEST GAS CORP.............................. 14 167,500 SOUTHWESTERN ENERGY CO.......................... 1,099 17,000 * STERICYCLE, INC................................. 320 175,257 SUEZ LYONNAISE DES EAUX......................... 28,232 404,133 SUEZ LYONNAISE DES EAUX S.A..................... 64,777 125,257 SUEZ LYONNAISE (STRIP VVPR)..................... 1 766,732 TECO ENERGY, INC................................ 14,232 2,365,000 TENAGA NASIONAL BERHAD.......................... 6,099 2,047,964 TEXAS UTILITIES CO.............................. 72,831 427,714 THAMES WATER PLC................................ 5,332 3,000 * THERMO ECOTEK CORP.............................. 16 76,500 TNP ENTERPRISES, INC............................ 3,156 809,800 TOHOKU ELECTRIC POWER CO, INC................... 12,039 2,036,078 > TOKYO ELECTRIC POWER CO, INC.................... 54,566 4,284,000 TOKYO GAS CO LTD................................ 10,433 938,871 TRANS CANADA PIPELINES LTD...................... 8,099 143,656 TRANS CANADA PIPELINES LTD (U.S.)............... 1,257 288,800 TRANSALTA CORP.................................. 2,820 568,500 TRANSPORTADORA DE GAS DEL SUR (CLASS B)......... 1,069 28,400 * U.S. LIQUIDS, INC............................... 238 197,224 UGI CORP........................................ 4,031 1,461,583 UNICOM CORP..................................... 48,963 1,321,700 UNION ELECTRICA FENOSA S.A...................... 23,089 202,120 * UNISOURCE ENERGY CORP HOLDINGS CO............... 2,261 68,300 UNITED ILLUMINATING CO.......................... 3,509 1,916,086 UNITED UTILITIES PLC............................ 19,909 113,900 UNITED WATER RESOURCES, INC..................... 3,894 569,853 UTILICORP UNITED, INC........................... 11,077 1,025,730 VEBA AG......................................... 49,860 1,477,296 VIAG AG......................................... 27,087 2,055,941 > VIVENDI S.A..................................... 185,688 48,973 >*VIVENDI S.A. WTS 05/02/01....................... 166 293,172 WASHINGTON GAS LIGHT CO......................... 8,062 39,400 * WASTE CONNECTIONS, INC.......................... 569 200 * WASTE INDUSTRIES, INC........................... 2 7,242,216 WASTE MANAGEMENT, INC........................... 124,476 700 * WASTEMASTERS, INC............................... 0 249,623 WESTCOAST ENERGY, INC........................... 3,988 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 25 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ELECTRIC, GAS, AND SANITARY SERVICES--(Continued) 96,400 WESTERN GAS RESOURCES, INC...................... $ 1,271 220,810 WESTERN RESOURCES, INC.......................... 3,754 138,598 WICOR, INC...................................... 4,045 2,269,974 WILLIAMS COS, INC............................... 69,376 699,281 WISCONSIN ENERGY CORP........................... 13,461 170,672 WPS RESOURCES CORP.............................. 4,288 416,000 YANKEE ENERGY SYSTEMS, INC...................... 18,278 87,535 * YORK RESEARCH CORP.............................. 328 ----------- 3,512,488 ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--11.28% 59,200 * AAVID THERMAL TECHNOLOGIES, INC................. 1,454 448,439 * ABB LTD......................................... 54,716 150,774 * ABB LTD (SWITZERLAND)........................... 18,442 131,300 * ACTEL CORP...................................... 3,151 188,100 * ACTV, INC....................................... 8,594 51,300 * ADAPTIVE BROADBAND CORP......................... 3,787 1,090,505 * ADC TELECOMMUNICATIONS, INC..................... 79,130 118,224 * ADTRAN, INC..................................... 6,081 9,250 * ADVA AG. OPTICAL NETWORKING..................... 1,752 62,400 * ADVANCED ENERGY INDUSTRIES, INC................. 3,073 604,700 * ADVANCED FIBRE COMMUNICATIONS................... 27,023 87,900 * ADVANCED LIGHTING TECHNOLOGIES, INC............. 505 500,750 * ADVANCED MICRO DEVICES, INC..................... 14,490 213,829 > ADVANTEST CORP.................................. 56,469 108,900 * AEROFLEX, INC................................... 1,130 120,000 > AIWA CO LTD..................................... 2,488 36,900 * ALLEN TELECOM, INC.............................. 427 122,000 * ALLIANCE SEMICONDUCTOR CORP..................... 2,036 93,100 * ALPHA INDUSTRIES, INC........................... 5,336 1,095,000 > ALPS ELECTRIC CO LTD............................ 16,697 1,449,000 ALSTOM.......................................... 48,319 4,930,540 * ALTERA CORP..................................... 244,370 1,432,060 * AMERICAN POWER CONVERSION CORP.................. 37,771 5,800 * AMERICAN SUPERCONDUCTOR CORP.................... 162 367,424 * AMERICAN TOWER SYSTEMS (CLASS A)................ 11,229 67,500 >*AMERICAN XTAL TECHNOLOGY, INC................... 1,177 244,300 AMETEK, INC..................................... 4,657 706,400 * AMKOR TECHNOLOGY, INC........................... 19,956 89,100 * AMPEX CORP (CLASS A)............................ 484 100,245 * AMPHENOL CORP (CLASS A)......................... 6,673 108,740 * ANADIGICS, INC.................................. 5,131 1,162,320 * ANALOG DEVICES, INC............................. 108,096 196,300 * ANCOR COMMUNICATIONS, INC....................... 13,324 709,808 * ANDREW CORP..................................... 13,442 75,500 * ANTEC CORP...................................... 2,756 2,369 * APPLIED MAGNETICS CORP.......................... 1 257,652 * APPLIED MICRO CIRCUITS CORP..................... 32,786 1,700 * ARGUSS HOLDINGS, INC............................ 22 216,181 * ARTESYN TECHNOLOGIES, INC....................... 4,540 293,124 * ASM LITHOGRAPHY HOLDINGS NV..................... 32,572 338,400 * ASPECT COMMUNICATIONS CORP...................... 13,240 760,230 * ATMEL CORP...................................... 22,474 2,200 * AUSTRIA MIKRO SYSTEM INTERNATIONAL AG........... 70 140,000 AVX CORP........................................ 6,991 26,333 BALDOR ELECTRIC CO.............................. 477 57,500 BANG & OLUFSEN HOLDINGS AS (CLASS B)............ 2,103 16,939 BARCO NV........................................ 2,372 92,300 * BENCHMARK ELECTRONICS, INC...................... 2,117 410,800 BMC INDUSTRIES, INC............................. 2,003 358,200 * BROADCOM CORP (CLASS A)......................... 97,565 70,300 * BROOKTROUT, INC................................. 1,305 742,385 BROTHERS INDUSTRIES LTD......................... 1,706 275,700 * BURR BROWN CORP................................. 9,960 179,400 C&D TECHNOLOGIES, INC........................... 7,625 49,600 * C-COR.NET CORP.................................. 3,801 75,700 >*CARRIER ACCESS CORP............................. 5,096 36,130 >*CATAPULT COMMUNICATIONS CORP.................... 359 780,000 * CCT TELECOM HOLDINGS LTD........................ 577 114,000 * CELESTICA, INC.................................. 6,356 824,700 >*CELLNET DATA SYSTEMS, INC....................... 928 218,200 * CGI GROUP, INC.................................. 9,298 445,000 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD....... 2,431 50,400 * CHECKPOINT SYSTEMS, INC......................... 513 1,717,880 * CIENA CORP...................................... 98,778 42,000 * CITIZENS ELECTRONICS CO LTD..................... 7,600 375,163 * COMMSCOPE, INC.................................. 15,124 429,220 * COMVERSE TECHNOLOGY, INC........................ 62,130 1,188,620 * CONEXANT SYSTEMS, INC........................... 78,895 1,850,645 COOPER INDUSTRIES, INC.......................... 74,835 143,640 >*COPPER MOUNTAIN NETWORKS, INC................... 7,002 112,900 * CREE RESEARCH, INC.............................. 9,639 324,684 CTS CORP........................................ 24,473 1,001,800 * CYPRESS SEMICONDUCTOR CORP...................... 32,433 192,185 DALLAS SEMICONDUCTOR CORP....................... 12,384 740 * DDI CORP........................................ 10,133 386,100 * DIGITAL MICROWAVE CORP.......................... 9,049 179,220 * DII GROUP, INC.................................. 12,719 154,400 * E-TEK DYNAMICS, INC............................. 20,786 318,100 * ECHOSTAR COMMUNICATIONS CORP (CLASS A).......... 31,015 1,021,000 ELEC & ELTEK INTERNATIONAL HOLDNGS LTD.......... 190 36,100 * ELECTRO SCIENTIFIC INDUSTRIES, INC.............. 2,635 319,360 ELECTROCOMPONENTS PLC........................... 3,535 879,970 ELECTROLUX AB SERIES B.......................... 22,157 350,000 * ELMOS SEMICONDUCTOR AG.......................... 14,457 612,334 > EMAIL LTD....................................... 970 40,400 * EMCORE CORP..................................... 1,374 2,533,470 EMERSON ELECTRIC CO............................. 145,358 10,378 EMPRESA FABRIL DE MAQUINAS ELECTRICAS........... 60 495,600 * EPCOS AG........................................ 37,197 8,900 * ESHARE TECHNOLOGIES, INC........................ 152 173,121 * ESS TECHNOLOGY, INC............................. 3,841 68,900 * EVANS & SUTHERLAND COMPUTER CORP................ 788 16,600 * EXAR CORP....................................... 977 101,600 * EXECUTONE INFORMATION SYSTEMS, INC.............. 552 149,500 > EXIDE CORP...................................... 1,243 34,600 * FIREARMS TRAINING SYSTEMS, INC.................. 17 637,017 FISHER & PAYKEL INDUSTRIES LTD.................. 2,429 50,000 * FLEXTRONICS INTERNATIONAL LTD................... 2,300 10,300 FRANKLIN ELECTRIC CO, INC....................... 723 98,000 FUJI MACHINE MANUFACTURING CO................... 7,898 5,991,524 FUJITSU LTD..................................... 273,088 1,883,000 FURUKAWA ELECTRIC CO LTD........................ 28,547 128,000 FUTABA CORP..................................... 5,634 57 * GENERAL DATACOMM INDUSTRIES, INC................ 0 25,716,193 GENERAL ELECTRIC CO............................. 3,979,581 707,400 * GENERAL INSTRUMENT CORP......................... 60,129 163,500 * GENERAL SEMICONDUCTOR, INC...................... 2,320 42,400 * GENLYTE GROUP, INC.............................. 906 883,000 x*GEOTEK COMMUNICATIONS, INC...................... 2 267,037 * GLENAYRE TECHNOLOGIES, INC...................... 3,021 69,600 * GLOBIX CORP..................................... 4,176 307 GROUPE SEB S.A.................................. 22 86,200 * HADCO CORP...................................... 4,396 98,780 HARMAN INTERNATIONAL INDUSTRIES, INC............ 5,544 77,100 HARMON INDUSTRIES, INC.......................... 935 214,716 * HARMONIC LIGHTWAVES, INC........................ 20,385 420,549 HARRIS CORP..................................... 11,223 147,200 HELIX TECHNOLOGY CORP........................... 6,596 55,900 * HI / FN, INC.................................... 2,166 114,000 HIROSE ELECTRIC CO LTD.......................... 25,545 8,228,230 HITACHI LTD..................................... 131,986 SEE NOTES TO FINANCIAL STATEMENTS 26 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(Continued) 300 * HMT TECHNOLOGY CORP.............................$ 1 118,276 HUBBELL, INC (CLASS B).......................... 3,223 148,800 * HUTCHINSON TECHNOLOGY, INC...................... 3,162 29,000 * INET TECHNOLOGIES, INC.......................... 2,026 2,800 INNOVEX, INC.................................... 26 1,015,000 * INTEGRATED DEVICE TECHNOLOGY, INC............... 29,435 26,109,166 INTEL CORP...................................... 2,149,111 154,725 INTER-TEL, INC.................................. 3,868 295,200 * INTERDIGITAL COMMUNICATIONS CORP................ 22,140 298,300 * INTERNATIONAL RECTIFIER CORP.................... 7,756 179,300 * INTERVOICE-BRITE, INC........................... 4,169 10,300 * IPC COMMUNICATIONS, INC......................... 731 10,200 * ITI TECHNOLOGIES, INC........................... 306 311,984 * JABIL CIRCUIT, INC.............................. 22,775 1,993,254 >*JDS UNIPHASE CORP............................... 321,537 1,967,320 JOHNSON ELECTRIC HOLDINGS LTD................... 12,629 100 * JPM CO.......................................... 1 8,715 * JUNO LIGHTING, INC ............................. 90 268,703 * KEMET CORP...................................... 12,108 1,000 KINSEKI LTD..................................... 11 462,000 * KOITO MANUFACTURING CO LTD...................... 2,571 678,700 * KOMAG, INC...................................... 2,121 1,651,492 KONINKLIJKE PHILIPS ELECTRONICS NV.............. 224,612 33,600 * KOPIN CORP...................................... 1,411 350,000 KYOCERA CORP.................................... 90,718 205,000 * L-3 COMMUNICATIONS HOLDINGS, INC................ 8,533 74,800 * LASERSIGHT, INC................................. 748 345,000 * LATTICE SEMICONDUCTOR CORP...................... 16,258 2,695,200 LINEAR TECHNOLOGY CO............................ 192,875 124,000 * LITTLEFUSE, INC................................. 3,009 15,500 LSI INDUSTRIES, INC............................. 335 1,355,050 * LSI LOGIC CORP.................................. 91,466 241,800 MABUCHI MOTOR CO LTD............................ 42,168 1,774 * MAGNETEK, INC................................... 14 16,400 * MAKER COMMUNICATIONS, INC....................... 701 462,000 MALAYSIAN PACIFIC INDUSTRIES BERHAD............. 2,979 4,808,467 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD........... 133,098 60,335 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ADR....... 16,833 3,019,720 * MAXIM INTEGRATED PRODUCTS....................... 142,493 300 * MAXWELL TECHNOLOGIES, INC....................... 3 669,403 MAYTAG CO....................................... 32,131 294,400 * MEMC ELECTRONIC MATERIALS, INC.................. 3,606 225,050 METHODE ELECTRONICS, INC (CLASS A).............. 7,230 172,200 * METRICOM, INC................................... 13,539 176,880 * MICREL, INC..................................... 10,071 387,875 * MICROCHIP TECHNOLOGY, INC....................... 26,545 1,470,599 * MICRON TECHNOLOGY, INC.......................... 114,339 3,189,000 MITSUBISHI ELECTRIC CORP........................ 20,586 314,220 * MMC NETWORKS, INC............................... 10,801 253,907 MOLEX, INC...................................... 14,393 167,252 MOLEX, INC (CLASS A)............................ 7,568 25,400 * MOOG, INC (CLASS A)............................. 686 4,143,833 MOTOROLA, INC................................... 610,179 79,630 >*MRV COMMUNICATIONS, INC......................... 5,007 495,375 MURATA MANUFACTURING CO LTD..................... 116,285 54,100 NATIONAL PRESTO INDUSTRIES, INC................. 1,921 1,577,099 * NATIONAL SEMICONDUCTOR CORP..................... 67,520 535,549 NATIONAL SERVICE INDUSTRIES, INC................ 15,799 5,000 * NATURAL MICROSYSTEMS CORP....................... 234 235,360 * NEOMAGIC CORP................................... 2,574 141,644 NGK SPARK PLUG CO LTD........................... 1,295 900 NIHON DEMPA KOGYO CO LTD........................ 26 3,097,296 NIPPON ELECTRIC CORP............................ 73,767 263,000 NITTO DENKO CORP................................ 13,145 3,736,288 * NOKIA OYJ....................................... 677,542 2,096,384 NORTEL NETWORKS CORP............................ 210,998 412,826 NORTEL NETWORKS CORP (U.S.)..................... 41,695 164,300 >*NVIDIA CORP..................................... 7,712 80,800 * OAK INDUSTRIES, INC............................. 8,575 134,705 * OAK TECHNOLOGY, INC............................. 1,271 500 * OIS OPTICAL IMAGING SYSTEMS, INC................ 0 86,000 * ORCKIT COMMUNICATIONS LTD....................... 2,951 399,000 >*P-COM, INC...................................... 3,529 373,300 * PAIRGAIN TECHNOLOGIES, INC...................... 5,296 60,100 PARK ELECTROCHEMICAL CORP....................... 1,596 46,500 >*PARKERVISION, INC............................... 1,430 121,100 * PHOTRONICS, INC................................. 3,466 246,801 * PICTURETEL CORP................................. 1,064 289,729 PIONEER CORP.................................... 7,651 125,400 PITTWAY CORP.................................... 5,651 181,736 PITTWAY CORP (CLASS A).......................... 8,144 105,875 * PLANTRONICS, INC................................ 7,577 158,100 * PLEXUS CORP..................................... 6,956 3,900 * PLIANT SYSTEMS, INC............................. 35 46,100 * PLX TECHNOLOGY, INC............................. 873 271,618 * PMC-SIERRA, INC................................. 43,544 155,063 * POLYCOM, INC.................................... 9,876 35,100 * POWER INTEGRATIONS, INC......................... 1,683 65,100 * POWER-ONE, INC.................................. 2,982 116,270 * POWERWAVE TECHNOLOGIES, INC..................... 6,787 233,264 * QLOGIC CORP..................................... 37,293 3,684,588 * QUALCOMM, INC................................... 648,948 616,457 * RACAL ELECTRONICS PLC........................... 5,524 15,900 >*RAMBUS, INC..................................... 1,072 169,400 * RAYOVAC CORP.................................... 3,197 1,027,250 * READ RITE CORP.................................. 4,879 110,000 * REMEC, INC...................................... 2,805 275,850 * RF MICRO DEVICES, INC........................... 18,878 465,976 ROHM CO......................................... 191,422 1,400 * ROYAL APPLIANCE MANUFACTURING CO, INC........... 7 322,640 * S3, INC......................................... 3,731 164,400 * SALIENT 3 COMMUNICATIONS (CLASS A).............. 1,151 64,200 >*SALTON, INC..................................... 2,147 286,839 * SANMINA CORP.................................... 28,648 2,112,000 SANYO ELECTRIC CO LTD........................... 8,573 427,500 * SAWTEK, INC..................................... 28,455 464,200 * SCI SYSTEMS, INC................................ 38,151 427,200 SCIENTIFIC-ATLANTA, INC......................... 23,763 78,100 >*SCM MICROSYSTEMS, INC........................... 4,994 148,834 * SDL, INC........................................ 32,446 227,900 * SEMTECH CORP.................................... 11,879 421,450 * SENSORMATIC ELECTRONICS CORP.................... 7,349 4,275 * SEZ HOLDINGS AG. (REGD)......................... 2,392 44,300 * SGL CARBON AG................................... 2,946 2,077,000 >*SHARP CORP...................................... 53,124 10,900 * SILICONIX, INC.................................. 1,433 447,657 * SILICONWARE PRECISION INDUSTRIES................ 6,413 68,200 * SIPEX CORP...................................... 1,675 283,220 > SIRTI S.P.A..................................... 1,013 92,950 * SLI, INC........................................ 1,261 1,303,688 * SOLECTRON CORP.................................. 124,013 1,285,411 SONY CORP....................................... 380,946 732,451 ST MICROELECTRONICS NV.......................... 112,752 330,400 STEWART & STEVENSON SERVICES, INC............... 3,913 3,044,500 SUMITOMO ELECTRIC INDUSTRIES CO................. 35,168 449,357 >*SUNBEAM CORP.................................... 1,882 286,000 SUWA INTERNATIONAL HOLDINGS LTD................. 18 201,100 * SYMMETRICOM, INC................................ 1,998 362,060 TAIYO YUDEN CO LTD.............................. 21,460 72,000 TDK CORP........................................ 9,937 76,438 TECHNITROL, INC................................. 3,401 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 27 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(Continued) 190,900 * TEKELEC.........................................$ 4,295 2,452,150 * TELLABS, INC.................................... 157,397 146,650 >*TERAYON COMMUNICATION SYSTEMS, INC.............. 9,211 5,009,503 TEXAS INSTRUMENTS, INC.......................... 485,296 380 * THERMICEDGE CORP................................ 0 1,412,008 THOMAS & BETTS CORP............................. 45,008 144,477 THOMAS INDUSTRIES, INC.......................... 2,953 100,000 * THOMSON MULTIMEDIA.............................. 5,390 133,100 * TITAN CORP...................................... 6,272 346,850 TOKYO ELECTRON CO LTD........................... 47,495 7,775,000 TOSHIBA CORP.................................... 59,316 268,022 > TOWA CORP....................................... 10,067 23,500 >*TRANSCRYPT INTERNATIONAL, INC................... 71 143,200 * TRANSWITCH CORP................................. 10,391 43,047 * TRIQUINT SEMICONDUCTOR, INC..................... 4,789 61,800 >*TUT SYSTEMS, INC................................ 3,314 285,200 * UCAR INTERNATIONAL, INC......................... 5,080 336,000 UNISEM (M) BERHAD............................... 2,157 45,000 * UNITED PAN-EUROPE COMMUNICATIONS NV............. 5,758 174,028 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC.. 5,917 671,000 VARITRONIX INTERNATIONAL LTD.................... 1,545 2,194,000 VENTURE MANUFACTURING LTD (SINGAPORE)........... 25,153 47,300 * VICOR CORP...................................... 1,916 544,925 * VISHAY INTERTECHNOLOGY, INC..................... 17,233 755,060 * VITESSE SEMICONDUCTOR CORP...................... 39,593 56 * VTEL CORP....................................... 0 2,090 * WATER PIK TECHNOLOGIES, INC..................... 20 177,300 * WEBLINK WIRELESS, INC........................... 2,748 5,070,600 * WESTEL GROUP LTD................................ 2,721 106,600 >*WESTELL TECHNOLOGIES, INC (CLASS A)............. 1,146 581,242 WHIRLPOOL CORP.................................. 37,817 143,392 * WINDMERE-DURABLE HOLDINGS, INC.................. 2,438 289,200 WOODHEAD INDUSTRIES, INC........................ 3,362 16,900 WOODWARD GOVERNOR CO............................ 465 290,451 >*WORLD ACCESS, INC............................... 5,591 4,247,664 * XILINX, INC..................................... 193,136 574,984 YAMAHA CORP..................................... 3,734 472,622 * ZENITH ELECTRONICS CORP......................... 0 92,600 >*ZIXIT CORP...................................... 3,669 66,744 * ZOMAX, INC...................................... 3,020 ----------- 15,308,389 ----------- ENGINEERING AND MANAGEMENT SERVICES--0.12% 72 * AGRITOPE, INC................................... 0 53,900 * AHL SERVICES, INC............................... 1,125 473,800 * CATALYTICA, INC................................. 6,426 73,400 * CELGENE CORP.................................... 5,138 2,400 * CHARLES RIVER ASSOCIATES........................ 80 80,800 >*CIRCLE.COM...................................... 995 29,400 * CORNELL CORRECTIONS, INC........................ 246 41,500 * CORPORATE EXECUTIVE BOARD CO.................... 2,319 409,816 * COVANCE, INC.................................... 4,431 5,200 >*DATA TRANSMISSION NETWORK CORP.................. 90 44,150 * DIAMOND TECHNOLOGY PARTNERS, INC (CLASS A)...... 3,794 1,029,939 DUN & BRADSTREET CORP........................... 30,383 10,700 >*ENTREMED, INC................................... 274 74,900 * F.Y.I., INC..................................... 2,547 96,030 * FIRST CONSULTING GROUP, INC..................... 1,488 31,300 * FLYCAST COMMUNICATIONS CORP..................... 4,067 163,013 GARTNER GROUP, INC (CLASS A).................... 2,486 100 * GOODWILL GROUP, INC............................. 4,890 90,800 * INCYTE PHARMACEUTICALS, INC..................... 5,448 63,950 * INSPIRE INSURANCE SOLUTIONS, INC................ 294 30,000 #*INTERNATIONAL HYDRON (LIQUIDATING TRUST)........ 1 142,105 * IT GROUP, INC................................... 1,306 143,597 * JACOBS ENGINEERING GROUP, INC................... 4,667 100 * KENDLE INTERNATIONAL, INC....................... 1 41,098 LANDAUER, INC................................... 899 106,400 * LASON, INC...................................... 1,170 76,900 * MARKETING SERVICES GROUP........................ 1,288 69,265 * MAXIMUS, INC.................................... 2,351 283,400 * NAVIGANT CONSULTING CO.......................... 3,082 157,400 x*NEUROMEDICAL SYSTEMS, INC....................... 9 60,000 * NEXTERA ENTERPRISES, INC........................ 773 17,600 * NFO WORLDWIDE, INC.............................. 394 102,400 OYO CORP........................................ 1,367 44,400 * PAREXEL INTERNATIONAL CORP...................... 524 100,512 * PHARMACEUTICAL PRODUCT DEVELOPMENT.............. 1,194 3,400 * PROBUSINESS SERVICES, INC....................... 122 171,350 * PROFIT RECOVERY GROUP INTERNATIONAL............. 4,551 582,424 * QUINTILES TRANSNATIONAL CORP.................... 10,884 168,918 * RENAISSANCE WORLDWIDE, INC...................... 1,246 3,328,804 SEMBCORP INDUSTRIES LTD......................... 4,536 732,768 SERVICEMASTER CO................................ 9,022 6,180,000 SINGAPORE TECHNOLOGIES ENGINEERING LTD.......... 9,570 207,200 * STAFF LEASING, INC.............................. 1,968 58,919 STONE & WEBSTER, INC............................ 991 43,600 * SUPERIOR CONSULTANT HOLDINGS CORP............... 621 28,090 TEJON RANCH CO.................................. 667 96,503 * TELEDYNE TECHNOLOGIES, INC...................... 911 207,168 * TETRA TECH, INC................................. 3,185 78,700 * URS CORP........................................ 1,707 115,700 * VALENCE TECHNOLOGY, INC......................... 2,198 116,800 VEDIOR NV-CVA................................... 1,200 61,000 * WACKENHUT CORRECTIONS CORP...................... 713 221,400 * WESTON (ROY F.), INC (CLASS A).................. 457 180,100 * WHITTMAN HART, INC.............................. 9,658 55,700 * XCEED, INC...................................... 2,312 ----------- 162,066 ----------- FABRICATED METAL PRODUCTS--0.54% 39,000 * ALLIANT TECHSYSTEMS, INC........................ 2,430 116,034 * ALLTRISTA CORP.................................. 2,567 201,524 BALL CORP....................................... 7,935 92,300 BARNES GROUP, INC............................... 1,506 20,800 BICC LTD........................................ 30 14,900 BOHLER-UDDEHOLM AG. (BR)........................ 688 36,700 BUTLER MANUFACTURING CO......................... 819 1,237,786 CARADON PLC..................................... 3,118 132,300 CCL INDUSTRIES, INC (CLASS B)................... 1,269 100,600 CHART INDUSTRIES, INC........................... 402 334,549 CRANE CO........................................ 6,649 872,875 CROWN CORK & SEAL CO, INC....................... 19,531 250,100 * FANSTEEL, INC................................... 969 3,428 FISCHER (GEORGE) LTD (REGD)..................... 1,184 7,956,732 GILLETTE CO..................................... 327,718 752,645 GKN PLC......................................... 11,849 88,162 * GRIFFON CORP.................................... 689 74,600 * GULF ISLAND FABRICATION, INC.................... 699 252,600 HARSCO CORP..................................... 8,020 116,100 INTERNATIONAL ALUMINUM CORP..................... 2,728 150,000 KIAN JOO CAN FACTORY BERHAD..................... 243 19,300 * LADISH CO, INC.................................. 123 363,725 MAGNETI MARELLI................................. 1,389 618,547 MARK IV INDUSTRIES, INC......................... 10,941 1,970,620 MASCO CORP...................................... 50,004 33,900 * METALS U.S.A., INC.............................. 288 106,800 * NCI BUILDING SYSTEMS, INC....................... 1,976 14,500 * NORTEK, INC..................................... 406 735,921 PARKER-HANNIFIN CORP............................ 37,762 112,160 PRIMEX TECHNOLOGIES, INC........................ 2,327 2,580,642 ROCKWELL INTERNATIONAL CORP..................... 123,548 6,104 * SANITEC OYJ..................................... 80 SEE NOTES TO FINANCIAL STATEMENTS 28 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FABRICATED METAL PRODUCTS--(Continued) 46,550 >*SANKYO ALUMINIUM INDUSTRY CO LTD................$ 43 336,000 SANWA SHUTTER CORP.............................. 1,249 200 * SHAW GROUP, INC................................. 5 37,200 * SILGAN HOLDINGS, INC............................ 498 35,600 * SIMPSON MANUFACTURING CO, INC................... 1,558 219,100 SMC CORP........................................ 48,453 401,700 SNAP-ON, INC.................................... 10,670 64,629 * SPS TECHNOLOGIES, INC........................... 2,064 407,700 STANLEY WORKS CO................................ 12,282 120,800 STRUM, RUGER & CO, INC.......................... 1,072 359,000 TAKARA STANDARD CO.............................. 1,780 328,000 TOSTEM CORP..................................... 5,887 285,300 * TOWER AUTOMOTIVE, INC........................... 4,404 433,900 TOYO SEIKAN KAISHA LTD.......................... 6,281 57,977 * U.S. CAN CORP................................... 1,152 163,600 UNITED DOMINION INDUSTRIES LTD.................. 3,206 1,300 VALMONT INDUSTRIES.............................. 21 128,900 WATTS INDUSTRIES, INC (CLASS A)................. 1,901 ----------- 732,413 ----------- FOOD AND KINDRED PRODUCTS--2.75% 45,140 >*AGRIBIOTECH, INC................................ 107 66,819 * AGRIBRANDS INTERNATIONAL, INC................... 3,074 1,325,600 AJINOMOTO CO LTD................................ 13,808 24,400 * AMERICAN ITALIAN PASTA CO (CLASS A)............. 750 3,306,818 ANHEUSER BUSCH COS, INC......................... 234,371 3,764,051 ARCHER DANIELS MIDLAND CO....................... 45,874 52,850 ARIAKE JAPAN CO LTD............................. 2,993 284,000 ASAHI BREWERIES LTD............................. 3,106 10,800 * ASIA FOOD & PROPERTIES LTD WTS 07/12/02......... 3 24,500 * AURORA FOODS, INC............................... 228 107,989 AZUCARERA EBRO AGRICOLAS S.A.................... 1,575 1,957,451 BASS PLC........................................ 24,353 31,800 >*BERINGER WINE ESTATES HOLDINGS, INC (CLASS B)... 1,268 1,786,400 BESTFOODS, INC.................................. 93,898 43,505 * BOSTON BEER CO, INC (CLASS A)................... 313 10,869 * BRAU UND BRUNNEN AG............................. 515 303,247 BROWN FORMAN, INC (CLASS B)..................... 17,361 21,672 * BUSH BOAKE ALLEN, INC........................... 532 2,833,508 CADBURY SCHWEPPES LTD........................... 17,111 1,777,100 CAMPBELL SOUP CO................................ 68,752 102,405 * CANANDAIGUA BRANDS, INC (CLASS A)............... 5,223 77,409 CARLSBERG BREWERIES AS (CLASS A)................ 2,852 11,781 CARLSBERG BREWERIES AS (CLASS B)................ 447 327,000 CARLSBERG BREWERIES BERHAD (MALAYSIA)........... 1,007 158,600 CHIQUITA BRANDS INTERNATIONAL, INC.............. 753 974,159 > COCA COLA AMATIL LTD............................ 2,652 262,800 COCA COLA BOTTLING CO CONSOLIDATED.............. 12,450 14,035,892 COCA COLA CO.................................... 817,591 1,959,445 COCA COLA ENTERPRISES, INC...................... 39,434 185,800 COMPANIA CERVECERIAS UNIDAS S.A. ADR............ 5,957 3,237,588 CONAGRA, INC.................................... 73,048 162,117 COORS (ADOLPH) CO (CLASS B)..................... 8,511 385,325 CORN PRODUCTS INTERNATIONAL, INC................ 12,619 746,600 * COTT CORP....................................... 3,967 80,300 DANISCO AS...................................... 3,132 169,261 DANONE GROUP.................................... 39,902 156,000 DCC PLC......................................... 1,163 325,599 DEAN FOODS CO................................... 12,943 134,900 * DEL MONTE FOODS CO.............................. 1,661 847,107 DELTA CORP...................................... 301 7,017,093 DIAGEO PLC (CLASS A)............................ 56,426 295,457 DOLE FOOD, INC.................................. 4,801 100,944 DREYERS GRAND ICE CREAM, INC.................... 1,716 497,428 EARTHGRAINS CO.................................. 8,021 56,036 * EL AGUILA S.A................................... 457 200,000 EMBOTELLADORA ANDINA ADR (CLASS A).............. 3,563 40,700 EMBOTELLADORA ANDINA ADR (CLASS B).............. 595 9,353 > ERIDANIA BEGHIN-SAY S.A......................... 1,006 32,700 EZAKI GLICO CO LTD.............................. 152 562,825 FLOWERS INDUSTRIES, INC......................... 8,970 1,114,957 FORTUNE BRANDS, INC............................. 36,863 6,600,858 > FOSTERS BREWING GROUP LTD....................... 18,880 527,800 FRASER & NEAVE LTD.............................. 1,948 1,732,648 GENERAL MILLS, INC.............................. 61,942 124,479 GOLDEN ENTERPRISES, INC......................... 311 4,862,215 > GOODMAN FIELDER LTD............................. 4,328 12,900 * HAIN FOOD GROUP, INC............................ 289 736,531 HEINEKEN NV..................................... 35,929 2,129,734 HEINZ (H.J.) CO................................. 84,790 360,463 HERSHEY FOODS CORP.............................. 17,122 24,700 HOLSTEN BRAUEREI AG............................. 423 365,157 HORMEL FOODS CORP............................... 14,835 227,000 > HOUSE FOODS CORP................................ 3,441 624,900 IBP, INC........................................ 11,248 8,538 IMPERIAL SUGAR CO............................... 28 255,280 * INTERNATIONAL HOME FOODS, INC................... 4,435 251,611 INTERSTATE BAKERIES CORP........................ 4,560 3,539,000 IOI CORP........................................ 2,142 35,301 > ITOHAM FOODS, INC............................... 156 107,200 * J & J SNACK FOODS CORP.......................... 2,198 170,000 KATOKICHI CO LTD................................ 3,683 243,606 * KEEBLER FOODS CO................................ 6,851 1,333,500 KELLOGG CO...................................... 41,088 192,300 KERRY GROUP (CLASS A)........................... 2,305 65,000 KERRY GROUP PLC (CLASS A)....................... 774 231,000 KIKKOMAN CORP................................... 1,534 4,104,000 KIRIN BREWERY CO LTD............................ 43,151 438,129 LANCASTER COLONY CORP........................... 14,513 220,832 LANCE, INC...................................... 2,208 1,496,902 LION NATHAN LTD................................. 3,479 252,276 * LVMH MOET HENNESSY LOUIS VUITTON................ 113,023 623,400 MCCORMICK & CO, INC (NON-VOTE).................. 18,546 50,000 MEFOS LTD....................................... 690 306,000 MEIJI MILK PRODUCTS CO LTD...................... 931 487,708 MEIJI SEIKA KAISHA LTD.......................... 2,771 98,675 MICHAEL FOODS, INC.............................. 2,430 97,400 * MIDWEST GRAIN PRODUCTS, INC..................... 718 104,197 MOLSON, INC (CLASS A)........................... 1,923 1,000 MOLSON, INC (CLASS B)........................... 19 2,217,388 NABISCO GROUP HOLDINGS.......................... 23,560 2,254,080 NABISCO HOLDINGS CORP (CLASS A)................. 71,285 186,700 NESTLE MALAYSIA BERHAD.......................... 806 93,131 NESTLE S.A. (REGD).............................. 170,621 978,000 NICHIREI CORP................................... 2,535 345,000 NIPPON MEAT PACKERS, INC........................ 4,471 707,000 NIPPON OIL & FATS CO LTD........................ 1,673 975,000 NIPPON SUISAN KAISHA LTD........................ 1,497 272,000 NISSHIN FLOUR MILLING CO LTD.................... 1,876 430,909 NISSIN FOOD PRODUCTS CO LTD..................... 10,136 326,519 NUMICO NV....................................... 12,184 394,466 ORKLA ASA....................................... 6,799 11,000 OSTERREICHISCHE BRAU-AKTIENGESELLSCHAF.......... 443 72,800 OYJ HARTWALL ABP................................ 1,056 1,820,120 PARMALAT FINANZIARIA S.P.A...................... 2,329 12,300 * PASCUAL HERMANOS S.A............................ 6 66,300 PENFORD CORP.................................... 1,144 915,061 PEPSI BOTTLING GROUP, INC....................... 15,156 15,187,213 PEPSICO, INC.................................... 535,349 105,704 PERNOD-RICARD S.A............................... 6,049 77,300 PILGRIMS PRIDE CORP (CLASS B)................... 643 350,000 x*POWER PACIFIC LTD............................... 0 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 29 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FOOD AND KINDRED PRODUCTS--(Continued) 20,681 Q.P. CORP.......................................$ 137 775,104 QUAKER OATS CO.................................. 50,866 703,800 RAISIO GROUP PLC................................ 2,787 178,643 * RALCORP HOLDINGS, INC........................... 3,562 5,822,373 RALSTON PURINA CO............................... 162,299 20,500 RIVIANA FOODS, INC.............................. 364 51,900 * ROBERT MONDAVI CORP (CLASS A)................... 1,804 12,000 SAKATA SEED CORP................................ 285 65,150 SAPPORO BREWERIES LTD........................... 210 5,778,900 SARA LEE CORP................................... 127,497 10 SEABOARD CORP................................... 2 519,000 SEAGRAMS CO LTD................................. 23,173 600 SEAGRAMS CO LTD (U.S.).......................... 27 282,800 * SMITHFIELD FOODS, INC........................... 6,787 45,908 SMUCKER, (J.M.) CO (CLASS A).................... 895 194,700 SMUCKER, (J.M.) CO (CLASS B).................... 3,164 494,000 SNOW BRAND MILK PRODUCTS CO..................... 1,991 210,738 > SOUTH AFRICAN BREWERIES LTD..................... 2,143 10,050 SOUTH AFRICAN BREWERIES LTD (SPONS ADR)......... 102 1,352,362 > SOUTHCORP LTD................................... 4,753 203,850 >*SUIZA FOODS CORP................................ 8,078 372,796 TAKARA SHUZO CO LTD............................. 5,874 1,767,020 TATE & LYLE PLC................................. 11,356 217,490 TCBY ENTERPRISES, INC........................... 829 48,900 TIGER OATS LTD.................................. 564 212,414 TOOTSIE ROLL INDUSTRIES, INC.................... 6,996 1,493,560 TYSON FOODS, INC................................ 24,270 26,400 UNICER-UNIAO CERVEIJEIRA S.A.................... 523 655,141 UNIGATE PLC..................................... 3,279 5,844,318 UNILEVER LTD.................................... 42,985 1,394,998 UNILEVER NV CERTIFICATE......................... 77,072 476,232 UNIVERSAL FOODS CORP............................ 9,703 58,200 VINA CONCHA Y TORO S.A. ADR..................... 2,204 182,800 * VLASIC FOODS INTERNATIONAL, INC................. 1,040 663,006 WHITMAN CORP.................................... 8,909 26,400 WRIGLEY (WM) JR CO.............................. 2,190 373,800 # WRIGLEY (WM) JR CO (CLASS B).................... 31,002 237,000 YAKULT HONSHA CO LTD............................ 2,063 380,000 YAMAZAKI BAKING CO LTD.......................... 4,122 ----------- 3,733,342 ----------- FOOD STORES--0.73% 997,100 * 7-ELEVEN, INC................................... 1,776 3,026,543 ALBERTSONS, INC................................. 97,606 4,878 x*BRUNO'S SUPERMARKETS, INC....................... 1 937,675 CARREFOUR SUPERMARCHE S.A....................... 172,967 308,500 > CASINO GUICHARD-PERRACHON S.A................... 35,338 54,300 COLRUYT S.A..................................... 3,118 16,346,000 * COMPANHIA BRASILEIRA DISTRIBUICAO GROUP......... 552 64,183 DELHAIZE AMERICA, INC (CLASS A)................. 1,304 747,450 DELHAIZE AMERICA, INC (CLASS B)................. 15,603 86,550 DELHAIZE FRERES NV.............................. 6,522 225,400 DISTRIBUCION Y SERVICIO S.A. ADR................ 4,395 800,000 FAMILYMART CO LTD............................... 53,208 700 * GRAND UNION CO.................................. 7 140,200 GREAT ATLANTIC & PACIFIC TEA CO, INC............ 3,908 203,727 HANNAFORD BROTHERS, INC......................... 14,121 1,026,255 ITO-YOKADO CO LTD............................... 111,418 144,866 JERONIMO MARTINS SGPS S.A....................... 3,707 175,000 >*KAMPS AG........................................ 12,077 122,500 * KAMPS AG. (NEW)................................. 8,170 2,438,775 > KONINKLIJKE AHOLD NV............................ 72,210 5,824,256 * KROGER CO....................................... 109,933 359,175 > RINASCENTE S.P.A................................ 2,305 82,600 RUDDICK CORP.................................... 1,280 4,039,736 * SAFEWAY, INC.................................... 143,663 2,282,674 SAINSBURY (J) PLC............................... 12,873 29,880 > SEVEN-ELEVEN JAPAN CO LTD....................... 4,735 643,430 * STARBUCKS CORP.................................. 15,603 20,597,577 TESCO PLC....................................... 62,610 356,000 UNY CO LTD...................................... 3,479 102,531 WEIS MARKETS, INC............................... 4,460 35,400 * WHOLE FOODS MARKET, INC......................... 1,642 104,200 >*WILD OATS MARKETS, INC.......................... 2,312 100,732 WINN DIXIE STORES, INC.......................... 2,411 3,098,716 > WOOLWORTHS LTD.................................. 10,627 ----------- 995,941 ----------- FORESTRY--0.02% 15,700 CORTICEIRA AMORIM S.A........................... 154 522,000 GEORGIA-PACIFIC CORP (TIMBER GROUP)............. 12,854 617,800 KUALA LUMPUR KEPONG BERHAD...................... 854 162,439 RAYONIER, INC................................... 7,848 ----------- 21,710 ----------- FURNITURE AND FIXTURES--0.13% 26,362 BASSETT FURNITURE INDUSTRIES, INC............... 422 39,000 BUSH INDUSTRIES, INC (CLASS A).................. 670 259,900 ETHAN ALLEN INTERIORS, INC...................... 8,333 349,498 * FURNITURE BRANDS INTERNATIONAL, INC............. 7,689 379,800 HON INDUSTRIES, INC............................. 8,332 420,596 KIMBALL INTERNATIONAL, INC (CLASS B)............ 6,940 329,100 LA-Z-BOY, INC................................... 5,533 1,367 * LADD FURNITURE, INC............................. 27 474,388 * LEAR CORP....................................... 15,180 900,448 LEGGETT & PLATT, INC............................ 19,303 707,000 MILLER (HERMAN), INC............................ 16,261 2,550,289 NEWELL RUBBERMAID, INC.......................... 73,958 336,000 * PROFURN LTD..................................... 370 88,700 * SELECT COMFORT CORP............................. 360 213,806 STEELCASE, INC.................................. 2,566 932,779 U.S. INDUSTRIES, INC............................ 13,059 11,594 VIRCO MANUFACTURING............................. 151 ----------- 179,154 ----------- FURNITURE AND HOMEFURNISHINGS STORES--0.24% 1,051,800 * BED BATH & BEYOND, INC.......................... 36,550 783,250 * BEST BUY, INC................................... 39,309 2,012 * BOMBAY, INC..................................... 9 542,215 * CDNOW, INC...................................... 5,354 2,821,900 CIRCUIT CITY STORES-CIRCUIT CITY GROUP.......... 127,162 594,486 * COMPUSA, INC.................................... 3,047 91,600 >*CYBERIAN OUTPOST, INC........................... 910 24,100 * ELECTRONICS BOUTIQUE HOLDINGS CORP.............. 434 70,000 * FIVE STAR PRODUCTS, INC......................... 13 70,000 * FIVE STAR PRODUCTS, INC WTS 08/05/00............ 2 130,400 * GUITAR CENTER, INC.............................. 1,312 153,100 HAVERTY FURNITURE COS, INC...................... 1,933 49,487 HEILIG MEYERS CO................................ 136 92,500 * INTERTAN, INC................................... 2,417 34,782 JD GROUP LTD.................................... 300 243,200 * LINENS 'N THINGS, INC........................... 7,205 30,400 * MEDION AG....................................... 2,726 778,982 * MUSICLAND STORES CORP........................... 6,573 662,179 PIER 1 IMPORTS, INC............................. 4,221 32,500 >*RESTORATION HARDWARE, INC....................... 221 61,800 SHIMACHU CO..................................... 852 207,800 x*SUN TELEVISION & APPLIANCES, INC................ 1 1,249,975 TANDY CORP...................................... 61,483 704,787 * TRANS WORLD ENTERTAINMENT CORP.................. 7,400 2,500 * TWEETER HOME ENTERTAINMENT GROUP, INC........... 89 286,950 * WILLIAMS-SONOMA, INC............................ 13,200 ----------- 322,859 ----------- SEE NOTES TO FINANCIAL STATEMENTS 30 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- GENERAL BUILDING CONTRACTORS--0.09% 29,800 AMEC PLC........................................$ 119 722,100 BARRATT DEVELOPMENTS PLC........................ 3,288 256,695 BERKELEY GROUP PLC.............................. 2,964 55 * BLOUNT INTERNATIONAL, INC....................... 1 1,324,992 CARRILLION PLC.................................. 2,428 390,462 CENTEX CORP..................................... 9,640 83,500 * CROSSMANN COMMUNITIES, INC...................... 1,294 164,138 >*DAIKYO, INC..................................... 364 249,341 DAITO TRUST CONSTRUCTION CO LTD................. 2,780 2,112,000 DAIWA HOUSE INDUSTRY CO LTD..................... 15,700 1,376,600 FLETCHER CHALLENGE LTD (BUILDING DIVISION)...... 2,028 1,732,000 >*FUJITA CORP..................................... 932 1,000 * HASEKO CORP..................................... 0 1,000 * HAZAMA-GUMI LTD................................. 1 216,600 HILLENBRAND INDUSTRIES, INC..................... 6,864 285,966 HORTON (D.R.), INC.............................. 3,950 1,370,000 IJM CORP BERHAD................................. 1,110 291,159 KAUFMAN & BROAD HOME CORP....................... 7,042 16,000 * KOMATSU CONSTRUCTION CO LTD..................... 20 616,885 > LEIGHTON HOLDINGS LTD........................... 2,382 305,552 LENNAR CORP..................................... 4,965 257,000 MDC HOLDINGS, INC............................... 4,032 836 MISAWA HOMES CO LTD............................. 3 577,000 > NISHIMATSU CONSTRUCTION CO LTD.................. 2,314 78,693 * NVR, INC........................................ 3,758 1,028,000 OBAYASHI CORP................................... 4,856 208,661 PULTE CORP...................................... 4,695 97,600 RYLAND GROUP, INC............................... 2,251 605,000 > SHIMIZU CORP.................................... 2,000 136,660 SKANSKA AB SERIES B FREE........................ 5,097 25,996,000 SOUTH CHINA INDUSTRIES LTD...................... 1,639 184,651 STANDARD-PACIFIC CORP........................... 2,031 22,000 * SUZUNUI INDUSTRY CO LTD......................... 37 2,746,000 TAISEI CORP..................................... 5,211 879,090 TAYLOR WOODROW PLC.............................. 1,902 352,000 TODA CONSTRUCTION CO............................ 1,353 149,666 * TOLL BROTHERS, INC.............................. 2,788 38,400 * U.S. HOME CORP.................................. 982 76,000 WALTER INDUSTRIES, INC.......................... 822 93,125 * WEBB (DEL) CORP................................. 2,322 756,124 WIMPEY (GEORGE) LTD............................. 1,367 1,406,400 YTL CORP BERHAD................................. 2,239 ----------- 119,571 ----------- GENERAL MERCHANDISE STORES--1.96% 2,600 * 99 CENTS ONLY STORES............................ 99 72,100 * AMES DEPARTMENT STORES, INC..................... 2,077 383,946 * BJS WHOLESALE CLUB, INC......................... 14,014 229,500 >x*CALDOR CORP .................................... 0 690,350 CASEYS GENERAL STORES, INC...................... 7,206 19,200 * CASINO ADPS..................................... 1,481 2,808,043 > COLES MYER LTD.................................. 14,460 209,906 * CONSOLIDATED STORES CORP........................ 3,411 72,511 CORTEFIEL S.A................................... 1,899 120,000 * COST PLUS, INC.................................. 4,275 1,207,686 * COSTCO WHOLESALE CORP........................... 110,201 384,000 >*DAIEI, INC...................................... 1,521 256,315 DAIMARU, INC.................................... 867 2,128,203 > DAVID JONES LTD................................. 1,922 4,038,480 DAYTON HUDSON CORP.............................. 296,576 583,700 DILLARDS, INC (CLASS A)......................... 11,783 881,386 * DIXONS GROUP PLC................................ 21,191 701,100 DOLLAR GENERAL CORP............................. 15,950 719,895 * DOLLAR TREE STORES, INC......................... 34,870 75,100 * FACTORY 2-U STORES, INC......................... 2,131 582,780 FAMILY DOLLAR STORES, INC....................... 9,507 1,648,162 * FEDERATED DEPARTMENT STORES, INC................ 83,335 95,854 FOSCHINI LTD.................................... 262 2,111,000 GIORDANO INTERNATIONAL LTD...................... 2,173 306,600 * GOTTSCHALKS, INC................................ 2,280 291,171 HAGEMEYER NV.................................... 6,744 176,000 HANKYU DEPARTMENT STORES, INC................... 930 80,981 HARCOURT GENERAL, INC........................... 3,259 54,850 >*HOMEBASE, INC................................... 168 238,200 HUDSONS BAY CO.................................. 2,827 31,000 ISETAN CO LTD................................... 227 3,450 * JACOBSON STORES, INC............................ 20 1,524 * JELMOLI HOLDINGS AG. (BR)....................... 1,819 295,000 JUSCO CO LTD.................................... 5,139 3,449,900 * K MART CORP..................................... 34,715 285,130 KARSTADT AG..................................... 11,433 116,800 KESCO OYJ....................................... 1,483 3,537,320 KINGFISHER PLC.................................. 39,239 950,778 * KOHLS CORP...................................... 68,634 190,490 x*LURIA (L.) & SON, INC........................... 1 3,787,018 MARKS & SPENCER PLC............................. 18,024 464,000 MARUI CO LTD.................................... 6,926 2,164,832 MAY DEPARTMENT STORES CO........................ 69,816 130,000 MEIKLES AFRICA LTD (ZIMBABWE)................... 128 650,213 METRO AG........................................ 34,980 984,000 >*MITSUKOSHI LTD.................................. 3,465 793,800 > MYCAL CORP...................................... 3,455 417,849 * NEIMAN MARCUS GROUP, INC (CLASS A).............. 11,674 30,748 * NEIMAN MARCUS GROUP, INC (CLASS B).............. 828 1,252,438 PENNEY, (J.C.) CO, INC.......................... 24,970 74,800 PEPKOR LTD...................................... 352 210,999 PICKN PAY STORES LTD............................ 360 305,003 PINAULT-PRINTEMPS-REDOUTE S.A................... 80,506 79,800 ROBINSON & CO LTD............................... 273 811,180 * SAKS, INC....................................... 12,624 2,199,560 SEARS ROEBUCK & CO.............................. 66,949 52,739 >*SEIYU LTD....................................... 181 169,600 * SHOPKO STORES, INC.............................. 3,901 150,200 SONAE SGPS S.A. ................................ 7,929 38,150 STOCKMANN AB OY SERIES A........................ 615 26,325 STOCKMANN B FREE................................ 379 524,000 TAKASHIMAYA CO LTD.............................. 3,608 597 TRUWORTHS INTERNATIONAL LTD..................... 1 19,800 * TUESDAY MORNING CORP............................ 365 72,600 * VALUE CITY DEPARTMENT STORES, INC............... 1,098 715,500 * VENATOR GROUP, INC.............................. 5,009 173,626 x*VENTURE STORES, INC............................. 1 21,504,208 WAL-MART STORES, INC............................ 1,486,478 1,221,079 WATERFORD WEDGWOOD PLC (UNITS).................. 1,242 111,224 WOOLTRU LTD..................................... 222 61,000 WOOLTRU LTD (CLASS N) (NON-VOTE)................ 121 ----------- 2,666,609 ----------- HEALTH SERVICES--0.29% 17,000 * ACCREDO HEALTH, INC............................. 523 95,800 * ADVANCE PARADIGM, INC........................... 2,066 69,200 * ALTERRA HEALTHCARE CORP......................... 575 119,900 * AMERICAN HOMEPATIENT, INC....................... 65 21,378 * AMERICAN RETIREMENT CORP........................ 170 107,300 * AMERIPATH, INC.................................. 879 4,200 * APPLIED ANALYTICAL INDUSTRIES, INC.............. 38 321,053 * APRIA HEALTHCARE GROUP, INC..................... 5,759 761,861 * BEVERLY ENTERPRISES, INC........................ 3,333 162,008 * CAREMATRIX CORP................................. 405 37,100 * CENTENNIAL HEALTHCARE CORP...................... 111 3,945,599 COLUMBIA/HCA HEALTHCARE CORP.................... 115,655 32 * CORAM HEALTHCARE CORP........................... 0 182,500 * COVENTRY HEALTH CARE, INC....................... 1,232 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 31 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH SERVICES--(Continued) 151,900 * CURATIVE HEALTH SERVICES, INC...................$ 1,177 94,182 * ENZO BIOCHEMICAL, INC........................... 4,244 197,000 * EXPRESS SCRIPTS, INC............................ 12,608 599,200 * EXTENDICARE, INC (CLASS A)...................... 1,799 328,200 >x*FPA MEDICAL MANAGEMENT, INC..................... 0 7,385,700 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) 98,784 4,200 HEALTHPLAN SERVICES CORP........................ 15 3,348,391 * HEALTHSOUTH CORP................................ 17,998 114,800 HOOPER HOLMES, INC.............................. 2,956 8,700 * IMPATH, INC..................................... 221 92,400 * INNOVATIVE CLINICAL SOLUTION.................... 24 339,563 * INTEGRATED HEALTH SERVICES, INC................. 31 566,580 * LABORATORY CORP OF AMERICA HOLDINGS............. 2,089 75,098 * LABORATORY CORP OF AMERICA HOLDINGS WTS 04/28/00 0 187,000 >*LASER VISION CENTERS, INC....................... 1,975 149,383 * LCA-VISION, INC................................. 700 232,957 * LIFEPOINT HOSPITALS, INC........................ 2,752 437,800 * LINCARE HOLDINGS, INC........................... 15,186 360 * LTC HEALTHCARE, INC............................. 1 95,600 * MAGELLAN HEALTH SERVICES, INC................... 603 287,752 * MANOR CARE, INC................................. 4,604 914,924 * MARINER POST-ACUTE NETWORK, INC................. 64 121,500 * MATRIA HEALTHCARE, INC.......................... 501 99,400 MDS, INC (CLASS B).............................. 2,024 15,966 >*MEDICAL RESOURCES, INC.......................... 9 3,032 * NATIONAL HEALTHCARE CORP........................ 16 50 NICHII GAKKAN CO................................ 10 25 * NICHII GAKKAN CO (NEW).......................... 4 249,500 * ORTHODONTIC CENTERS OF AMERICA, INC............. 2,978 56 * PARACELSUS HEALTHCARE CORP...................... 0 93,300 >*PEDIATRIX MEDICAL GROUP, INC.................... 653 23,900 >x*PHP HEALTHCARE CORP ............................ 0 101,595 * PHYAMERICA PHYSICIAN GROUP ,INC................. 29 640,387 * PHYCOR, INC..................................... 1,201 5,794 * PHYSICIANS RESOURCE GROUP, INC.................. 2 97,100 * PROVINCE HEALTHCARE CO.......................... 1,845 179,308 * QUEST DIAGNOSTICS, INC.......................... 5,480 435,500 * QUORUM HEALTH GROUP, INC........................ 4,056 277,800 * RENAL CARE GROUP, INC........................... 6,494 80,684 * RESPONSE ONCOLOGY, INC.......................... 91 26,100 STANCORP FINANCIAL GROUP, INC................... 657 368,766 >x*SUN HEALTHCARE GROUP,INC ....................... 15 2,094,903 * TENET HEALTHCARE CORP........................... 49,230 420,400 * TOTAL RENAL CARE HOLDINGS, INC.................. 2,811 209,857 * TRIAD HOSPITALS, INC............................ 3,174 89,800 * UNITED PAYORS & UNITED PROVIDERS, INC........... 1,487 160,100 * UNIVERSAL HEALTH SERVICES, INC.................. 5,764 431,552 * US ONCOLOGY, INC................................ 2,131 147,888 x*VENCOR, INC..................................... 13 ----------- 389,317 ----------- HEAVY CONSTRUCTION, EXCEPT BUILDING--0.11% 93,155 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. 2,210 176,700 x*ATKINSON (G.F.) CO OF CALIFORNIA................ 0 337,051 AUTOPISTAS CONCESIONARIA ESPANOLA S.A........... 3,277 23,300 BILFINGER & BERGER AG........................... 507 48,854 BOUYGUES S.A.................................... 31,057 446,700 BRISA-AUTO ESTRADAS DE PORTUGAL S.A............. 3,429 168,000 >*CHIYODA CORP.................................... 245 25,000 * COLAS S.A....................................... 5,365 830,358 DRAGADOS Y CONSTRUCCIONES S.A................... 7,328 179,102 * DYCOM INDUSTRIES, INC........................... 7,892 53,952 * EIFFAGE......................................... 3,816 21,232 ENGIL-SGPS...................................... 201 518,150 FLUOR CORP...................................... 23,770 269,196 * FOMENTO CONSTRUCCIONES Y CONTRATAS S.A.......... 5,478 258,102 FOSTER WHEELER CORP............................. 2,291 116,249 GRANITE CONSTRUCTION, INC....................... 2,143 27,370 > GROUPE GTM...................................... 2,661 630,000 * GRUPO FERROVIAL................................. 9,140 117,300 HOCHTIEF AG..................................... 4,372 46,578 HOLLANDSCHE BETON GROEP NV (H.B.G.)............. 446 104,000 HONG KONG CONSTRUCTION HOLDINGS................. 38 1,021,210 IMPREGILO S.P.A................................. 630 243,000 * INSITUFORM TECHNOLOGIES, INC (CLASS A).......... 6,865 836,000 >*JGC CONSTRUCTION CORP........................... 2,028 1,158,000 > KAJIMA CORP..................................... 3,455 83,000 >*KUMAGAI GUMI CO LTD............................. 57 1,310,000 * LARSEN & TOUBRO LTD............................. 16,611 305,000 > MAEDA ROAD CONSTRUCTION CO LTD.................. 1,477 126,150 * MASTEC, INC..................................... 5,614 95,700 * MORRISON KNUDSEN CORP........................... 748 17,039 * MORRISON KNUDSEN CORP WTS 03/11/03.............. 39 627,000 OKUMURA CORP.................................... 2,116 329,000 * PENTA OCEAN CONSTRUCTION CO LTD................. 470 35,000 SHO-BOND CORP................................... 621 16,560 SOCIEDADE DE CONSTRUCOES SOARES DA COS.......... 51 539,000 TOA CORP........................................ 733 50,000 TOMOE ENGINEERING CO LTD........................ 331 1,241,000 UNITED INDUSTRIAL CORP.......................... 700 19,600 VA TECHNOLOGIE AG. (BR)......................... 1,293 ----------- 159,505 ----------- HOLDING AND OTHER INVESTMENT OFFICES--0.65% 600 * ALEXANDERS, INC................................. 47 31,498 ALEXANDRIA REAL ESTATE EQUITIES, INC............ 1,002 3,279,398 ALLIED ZURICH PLC............................... 38,629 297,300 AMB PROPERTY CORP............................... 5,927 800 * AMERCO.......................................... 20 2,900 AMERICAN INDUSTRIAL PROPERTIES REIT............. 36 32,700 AMLI RESIDENTIAL PROPERTIES TRUST............... 660 416,283 APARTMENT INVESTMENT & MANAGEMENT CO............ 16,573 605,553 ARCHSTONE COMMUNITIES TRUST..................... 12,414 19,100 ASSOCIATED ESTATES REALTY CORP.................. 149 39,500 * ASTRA CIA ARGENTINA S.A......................... 84 408,641 AVALONBAY COMMUNITIES, INC...................... 14,021 38,717 > BARLOW LTD...................................... 279 11,627,736 #*BB BIOVENTURES L.P.............................. 14,108 139,600 BEDFORD PROPERTY INVESTORS, INC................. 2,382 698,000 > BOE LTD......................................... 680 343,200 BOSTON PROPERTIES, INC.......................... 10,682 107,327 BOYKIN LODGING CO............................... 1,174 167,910 BRADLEY REAL ESTATE, INC........................ 2,928 236,200 BRANDYWINE REALTY TRUST......................... 3,868 250,300 BRE PROPERTIES, INC (CLASS A)................... 5,679 4,162,277 * BRIERLEY INVESTMENTS LTD........................ 870 102,900 BURNHAM PACIFIC PROPERTIES, INC................. 965 291,672 CAMDEN PROPERTY TRUST........................... 7,985 146,000 * CANADIAN OIL SANDS TRUST UNITS.................. 2,594 432,800 * CANARY WHARF FINANCE PLC........................ 2,680 47,100 CAPITAL AUTOMOTIVE REIT......................... 574 423,877 CAPSTEAD MORTGAGE CORP.......................... 1,775 494,800 CARRAMERICA REALTY CORP......................... 10,453 167,044 CBL & ASSOCIATES PROPERTIES, INC................ 3,445 42,300 CENTER TRUST, INC............................... 410 193,200 CENTERPOINT PROPERTIES CORP..................... 6,931 2,500 CFS BANCORP, INC................................ 23 48,300 CHARLES E. SMITH RESIDENTIAL REALTY............. 1,709 108,800 CHATEAU PROPERTIES, INC......................... 2,822 SEE NOTES TO FINANCIAL STATEMENTS 32 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HOLDING AND OTHER INVESTMENT OFFICES--(Continued) 97,800 CHELSEA GCA REALTY, INC.........................$ 2,910 2,075 * COMPAGNIE FINANCERE RICHEMONT UNITS (CLASS A)... 4,952 648,500 * COAST FEDERAL LITIGATION CONTINGENT RTS......... 973 161,200 COLONIAL PROPERTIES TRUST....................... 3,738 72,679 COMMERCIAL NET LEASE REALTY, INC................ 722 337,000 CORNERSTONE PROPERTIES, INC..................... 4,929 55,100 CORNERSTONE REALTY INCOME TRUST, INC............ 537 24,800 CORONATION HOLDINGS LTD (N SHS)................. 567 140,311 COUSINS PROPERTIES, INC......................... 4,762 725,700 CRESCENT REAL ESTATE EQUITIES CO................ 13,335 29,910 * CRESECENT OPERATING, INC........................ 82 2,689 x*CRIIMI MAE, INC................................. 4 220,094 CROWN AMERICAN REALTY TRUST..................... 1,211 386,400 DEVELOPERS DIVERSIFIED REALTY CORP.............. 4,975 438,560 DROTT AB SERIES B............................... 5,005 755,308 DUKE-WEEKS REALTY CORP.......................... 14,729 20,000 EAST WEST BANCORP, INC.......................... 229 101,300 EASTGROUP PROPERTIES, INC....................... 1,874 103,600 ENTERTAINMENT PROPERTIES TRUST.................. 1,366 108,600 EQUITY INNS, INC................................ 733 1,842,290 EQUITY OFFICE PROPERTIES TRUST.................. 45,366 785,051 EQUITY RESIDENTIAL PROPERTIES TRUST CO.......... 33,512 57,000 ESSEX PROPERTY TRUST, INC....................... 1,938 6,209 > EURAFRANCE S.A.................................. 3,741 217,300 FEDERAL REALTY INVESTMENT TRUST................. 4,088 379,715 FELCOR LODGING TRUST, INC....................... 6,645 2,800 * FIDELITY HOLDINGS, INC.......................... 53 3,620 * FIRST HUNGARY FUND LTD (CLASS A)................ 5,786 262,700 FIRST INDUSTRIAL REALTY TRUST, INC.............. 7,208 1,598,400 FIRST NIS REGIONAL FUND (FULLY PD).............. 7,393 248,893 * FIRST RUSSIAN FRONTIER PLC ORD.................. 1,808 49,778 * FIRST RUSSIAN FRONTIER SERIES A WTS 06/30/01.... 35 400 * FIRST WASHINGTON REALTY TRUST, INC.............. 7 323,204 FRANCHISE FINANCE CORP OF AMERICA............... 7,737 59,900 GABLES RESIDENTIAL TRUST........................ 1,438 255,900 GENERAL GROWTH PROPERTIES, INC.................. 7,165 342,238 GETTY REALTY HOLDINGS CORP...................... 3,829 136,600 GLENBOROUGH REALTY TRUST, INC................... 1,827 147,000 GLIMCHER REALTY TRUST........................... 1,893 1,500 * GOLF TRUST OF AMERICA, INC...................... 25 77,530 GREAT LAKES REIT, INC........................... 1,114 4,200 * GROUP POUR LE FINANCEMENT CONSTRUCTION.......... 474 283,014 HEALTH CARE PROPERTY INVESTORS, INC............. 6,757 109,066 HEALTH CARE REIT, INC........................... 1,650 164,100 HEALTHCARE REALTY TRUST, INC.................... 2,564 384,500 HIGHWOODS PROPERTIES, INC....................... 8,940 368,000 > HITACHI CREDIT CORP............................. 7,469 19,263 HOME PROPERTIES OF NEW YORK, INC................ 529 118 * HORIZON GROUP PROPERTIES, INC................... 0 295,700 HOSPITALITY PROPERTIES TRUST.................... 5,637 816,000 HRPT PROPERTIES TRUST........................... 7,344 7,491,899 HUTCHINSON WHAMPOA LTD.......................... 108,907 125,500 IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP............................... 1,428 838,725 INDYMAC MORTGAGE HOLDINGS, INC.................. 10,694 182,200 INNKEEPERS U.S.A. TRUST......................... 1,492 205,800 IRT PROPERTY CO................................. 1,608 118,800 JDN REALTY CORP................................. 1,916 86,400 JP REALTY, INC.................................. 1,350 171,326 KILROY REALTY CORP.............................. 3,769 308,250 KIMCO REALTY CORP............................... 10,442 127,800 KOGER EQUITY, INC............................... 2,157 1,500 KONOVER PROPERTY TRUST, INC..................... 9 1,360,152 LAND SECURITIES PLC............................. 15,242 74,600 LASALLE HOTEL PROPERTIES........................ 872 1,284,738 LEND LEASE CORP LTD............................. 17,944 1,000 LEXINGTON CORPORATE PROPERTIES TRUST............ 9 311,200 LIBERTY PROPERTY TRUST CO....................... 7,547 18,800 LTC PROPERTIES, INC............................. 159 100,600 MACERICH CO..................................... 2,094 383,900 MACK-CALI REALTY CORP........................... 10,005 129,200 MANUFACTURED HOME COMMUNITIES, INC.............. 3,141 826,782 MEDITRUST CORP PAIRED........................... 4,547 309,081 MERISTAR HOSPITALITY CORP....................... 4,945 18,535 * MERRY LAND PROPERTIES, INC...................... 97 60,000 MGI PROPERTIES, INC............................. 315 6,525 MID-AMERICA APARTMENT COMMUNITIES, INC.......... 148 91,812 MILLS CORP...................................... 1,641 80,600 NATIONAL GOLF PROPERTIES, INC................... 1,592 127,400 NATIONAL HEALTH INVESTORS, INC.................. 1,895 190,400 NATIONWIDE HEALTH PROPERTIES, INC............... 2,618 538,053 NEW PLAN EXCEL REALTY TRUST..................... 8,508 120,424 OMEGA HEALTHCARE INVESTORS, INC................. 1,528 695,240 ORIENTAL HOLDINGS............................... 1,519 109,300 PACIFIC GULF PROPERTIES, INC.................... 2,213 58,900 PAN PACIFIC RETAIL PROPERTIES, INC.............. 961 56,046 PARKWAY PROPERTIES, INC......................... 1,615 25,400 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST....... 370 182,894 POST PROPERTIES, INC............................ 6,996 401,200 POWER CORP OF CANADA............................ 6,852 281,700 PRENTISS PROPERTIES TRUST....................... 5,916 75 * PRICESMART, INC................................. 3 47,200 PRIME GROUP REALTY TRUST........................ 717 92,293 PRIME RETAIL, INC............................... 519 436,687 PRISON REALTY TRUST, INC........................ 2,211 464,960 PROLOGIS TRUST.................................. 8,950 173,600 PROMISE CO LTD.................................. 8,829 45,448 PS BUSINESS PARKS, INC.......................... 1,034 666,580 PUBLIC STORAGE, INC............................. 15,123 141,800 REALTY INCOME CORP.............................. 2,925 359,111 RECKSON ASSOCIATES REALTY CORP.................. 7,711 9,883 REDWOOD TRUST, INC.............................. 124 87,200 REGENCY REALTY CORP............................. 1,744 156,700 REMBRANDT GROUP LTD............................. 1,492 172,900 RFS HOTEL INVESTORS, INC........................ 1,805 444,900 ROUSE CO........................................ 9,454 1,000 SAUL CENTERS, INC............................... 14 84,410 SENIOR HOUSING PROPERTIES TRUST................. 1,050 120,000 SHURGARD STORAGE CENTERS, INC................... 2,783 798,760 SIMON PROPERTY GROUP, INC....................... 18,322 114,200 SL GREEN REALTY CORP............................ 2,484 71,300 SOVRAN SELF STORAGE, INC........................ 1,350 369,900 SPIEKER PROPERTIES, INC......................... 13,478 1 * STANDARD BANK INVESTMENT CORP LTD............... 0 269,304 STARWOOD FINANCIAL TRUST........................ 4,561 172,400 STORAGE U.S.A., INC............................. 5,215 1,725,000 > SUMITOMO CORP................................... 16,720 111,527 SUMMIT PROPERTIES, INC.......................... 1,994 75,700 SUN COMMUNITIES, INC............................ 2,437 32,400 TANGER FACTORY OUTLET CENTERS, INC.............. 672 397,430 TAUBMAN CENTERS, INC............................ 4,272 39,300 >*TELESCAN, INC................................... 970 137,165 THORNBURG MORTGAGE ASSET CORP................... 1,132 94,300 TOWN & COUNTRY TRUST............................ 1,692 52,800 U.S. RESTAURANT PROPERTIES, INC................. 756 18,355,860 > UNIONE IMMOBILIARE S.P.A........................ 8,507 902,132 UNITED DOMINION REALTY TRUST, INC............... 8,909 62,800 URBAN SHOPPING CENTERS, INC..................... 1,703 405,556 VENTAS, INC..................................... 1,698 2,945 * VORNADO OPERATING CO............................ 18 434,200 VORNADO REALTY TRUST............................ 14,112 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 33 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HOLDING AND OTHER INVESTMENT OFFICES--(Continued) 155,876 WALDEN RESIDENTIAL PROPERTIES, INC.............. $ 3,371 226,200 WASHINGTON REAL ESTATE INVESTMENT TRUST......... 3,393 284,132 WEINGARTEN REALTY INVESTORS, INC................ 11,063 60,798 * WELLSFORD REAL PROPERTIES, INC.................. 517 57,000 WESTERN PROPERTIES TRUST........................ 545 163,400 WESTFIELD AMERICA, INC.......................... 2,012 4,244,583 WESTFIELD TRUST (UNITS)......................... 8,306 88,155 * WESTFIELD TRUST (UNITS) (NEW)................... 170 1,240 WHITE MOUNTAINS INSURANCE....................... 149 100 WINSTON HOTELS, INC............................. 1 ----------- 888,261 ----------- HOTELS AND OTHER LODGING PLACES--0.11% 443,580 ACCOR S.A....................................... 21,437 492,472 * AZTAR CORP...................................... 5,356 356,278 * CHOICE HOTELS INTERNATIONAL, INC................ 6,101 33,500 * CLUB MEDITERRANEE S.A........................... 3,874 195,260 * CRESTLINE CAPITAL CORP.......................... 4,027 954,080 * EXTENDED STAY AMERICA, INC...................... 7,275 509,500 GENTING BERHAD.................................. 1,810 2,000 HARBOUR CENTRE DEVELOPMENT LTD.................. 1 1,552,123 HILTON GROUP PLC................................ 4,969 1,007,900 HILTON HOTELS CORP.............................. 9,701 1,318,283 * HONG KONG & SHANGHAI HOTELS LTD................. 873 253,500 HOTEL PROPERTIES LTD............................ 228 470 * INTERSTATE HOTELS CORP.......................... 2 77,400 JURYS DOYLE HOTEL PLC........................... 573 900,000 LANDMARKS HOLDINGS BERHAD....................... 291 180,000 >*LODGIAN, INC.................................... 900 463,884 * MANDALAY RESORT GROUP........................... 9,336 74,415 MARCUS CORP..................................... 1,000 132,400 MEIKLES AFRICA LTD.............................. 106 111,908 * MGM GRAND, INC.................................. 5,630 1,744,500 MIRAMAR HOTEL & INVESTMENT CO LTD............... 1,874 1,517,127 * PARK PLACE ENTERTAINMENT CORP................... 18,964 318,271 * PRIME HOSPITALITY CORP.......................... 2,805 1,620,500 * REGAL HOTELS INTERNATIONAL LTD.................. 121 1,019,100 RESORTS WORLD BERHAD............................ 2,923 3,410,500 SHANGRI-LA ASIA LTD............................. 3,905 125,612 SHANGRI-LA ASIA LTD (SINGAPORE)................. 152 159,796 * SOL MELIA S.A................................... 1,811 1,330,217 STARWOOD HOTELS & RESORTS WORLDWIDE............. 31,260 197,993 * SUNTERRA CORP................................... 2,277 61,400 >*TRENDWEST RESORTS, INC.......................... 1,382 1,031 >*VAIL RESORTS, INC............................... 18 244,221 * WYNDHAM INTERNATIONAL, INC...................... 717 1,783,351 ZIMBABWE SUN LTD................................ 127 ----------- 151,826 ----------- INDUSTRIAL MACHINERY AND EQUIPMENT--7.68% 2,331,454 * 3COM CORP....................................... 109,578 118,500 * 3DFX INTERACTIVE, INC........................... 1,163 300 * A.S.V., INC..................................... 4 2,999,940 * ADAPTEC, INC.................................... 149,622 111,700 * ADVANCED DIGITAL INFORMATION CORP............... 5,431 359,200 AGCO CORP....................................... 4,827 25,356 AGIV AG......................................... 459 777,000 AMADA CO LTD.................................... 4,248 247,000 AMANO CORP...................................... 1,474 689,100 * AMERICAN STANDARD COS, INC...................... 31,612 107,600 * APEX, INC....................................... 3,470 786,544 * APPLE COMPUTER, INC............................. 80,867 2,584,900 * APPLIED MATERIALS, INC.......................... 327,475 253,849 APPLIED POWER, INC (CLASS A).................... 9,329 89,000 * ASK PROXIMA ASA................................. 622 55,300 * ASTEC INDUSTRIES, INC........................... 1,040 69,500 * ASYST TECHNOLOGIES, INC......................... 4,557 103,428 > ATLAS COPCO AB SERIES A FREE.................... 3,061 148,879 ATLAS COPCO AB SERIES B FREE.................... 4,239 64,600 * ATMI, INC....................................... 2,136 165,200 * AUSPEX SYSTEMS, INC............................. 1,693 126,170 * AUTOTOTE CORP (CLASS A)......................... 410 1,802,431 BAKER HUGHES, INC............................... 37,964 96,900 * BELL & HOWELL CO................................ 3,083 609,690 BLACK & DECKER CORP............................. 31,856 49,800 * BLACK BOX CORP.................................. 3,337 26,000 * BROOKS AUTOMATION, INC.......................... 847 937,015 BRUNSWICK CORP.................................. 20,849 91,300 BUDERUS AG...................................... 1,545 292,600 * C-CUBE MICROSYSTEMS, INC........................ 18,214 1,112,800 * CABLETRON SYSTEMS, INC.......................... 28,933 1,989,300 CATERPILLAR, INC................................ 93,621 557,000 * CIRRUS LOGIC, INC............................... 7,415 25,490,270 * CISCO SYSTEMS, INC.............................. 2,730,645 39,100 COLUMBUS MCKINNON CORP.......................... 396 14,840,544 COMPAQ COMPUTER CORP............................ 401,622 269,200 * CONCURRENT COMPUTER CORP........................ 5,031 301,096 * COOPER CAMERON CORP............................. 14,735 37,500 >*COPYTELE, INC................................... 30 396,700 CUMMINS ENGINE CO, INC.......................... 19,166 10,250 * CUNO, INC....................................... 212 62,445 * CYBEX COMPUTER PRODUCTS CORP.................... 2,529 585,879 > DAI NIPPON SCREEN MANUFACTURING CO LTD.......... 3,496 133,000 DAIFUKU CO LTD.................................. 768 900,000 DAIKIN INDUSTRIES LTD........................... 12,236 1,272,573 DEERE & CO...................................... 55,198 15,233,799 * DELL COMPUTER CORP.............................. 776,924 114,200 DETROIT DIESEL CORP............................. 2,191 50,850 * DEUTZ AG........................................ 297 641,362 DIEBOLD, INC.................................... 15,072 5 * DIGI INTERNATIONAL, INC......................... 0 258,400 DONALDSON CO, INC............................... 6,218 1,396,372 DOVER CORP...................................... 63,360 267 * DREXLER TECHNOLOGY CORP......................... 3 36,600 * DRIL-QUIP, INC.................................. 1,112 459,000 > EBARA CORP...................................... 5,118 51,000 * EFAX.COM........................................ 368 91,700 * ELECTROGLAS, INC................................ 2,327 6,421,193 * EMC CORP........................................ 701,515 303,600 * EMULEX CORP..................................... 34,155 20,400 * EST ASIATIQUE................................... 213 107,220 * ESTERLINE CORP.................................. 1,240 69,543 * ETEC SYSTEMS, INC............................... 3,121 1,300 * EXABYTE CORP.................................... 10 244,400 * EXTREME NETWORKS, INC........................... 20,407 422,920 FANUC LTD....................................... 53,816 243,570 FEDDERS CORP.................................... 1,340 153,550 FEDDERS CORP (CLASS A).......................... 787 200,300 FINNING INTERNATIONAL, INC...................... 1,866 1,960,695 FKI PLC......................................... 7,598 547,910 FLOWSERVE CORP.................................. 9,314 64,200 FLS INDUSTRIES AS (CLASS B)..................... 1,617 17,000 * FSI INTERNATIONAL, INC.......................... 196 1,437,824 FUTURIS CORP LTD................................ 2,014 89,591 * GARDNER DENVER, INC............................. 1,495 761,276 * GATEWAY, INC.................................... 54,859 14,800 GENERAL BINDING CORP............................ 174 50,600 * GLOBAL IMAGING SYSTEMS, INC..................... 620 123,481 GRACO, INC...................................... 4,430 1,262 * GRADCO SYSTEMS, INC............................. 2 46,800 HARDINGE, INC................................... 611 273,600 x*HARNISCHFEGER INDUSTRIES, INC................... 111 SEE NOTES TO FINANCIAL STATEMENTS 34 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- INDUSTRIAL MACHINERY AND EQUIPMENT--(Continued) 5,906,822 HEWLETT-PACKARD CO.............................. $ 673,009 761,000 * HITACHI ZOSEN CORP.............................. 573 275,800 * HORIZON OFFSHORE, INC........................... 1,482 521,253 HUSSMANN INTERNATIONAL, INC..................... 7,851 74,300 * HYPERCOM CORP................................... 743 45,730 IDEX CORP....................................... 1,389 415,000 * IMAGINATION TECHNOLOGIES GROUP PLC.............. 2,721 157,700 * IN FOCUS SYSTEMS, INC........................... 3,657 59,530 INDUSTRIE-WERKE KARLSRUHE AUGSBURG AG........... 1,253 920,687 INGERSOLL-RAND CO............................... 50,695 16,358,740 (0) INTERNATIONAL BUSINESS MACHINES CORP............ 1,766,744 1,500,451 >*IOMEGA CORP..................................... 5,064 1,500 * IONICS, INC..................................... 42 249,905 * IRI INTERNATIONAL CORP.......................... 1,000 1,318,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO LTD..... 1,521 377,290 JLG INDUSTRIES, INC............................. 6,013 96,100 * JTS CORP........................................ 0 190,800 KAYDON CORP..................................... 5,116 175,384 KENNAMETAL, INC................................. 5,897 5,909,900 KEPPEL CORP LTD................................. 15,466 2,101,311 KOMATSU LTD..................................... 9,660 154,000 KOMORI CORP..................................... 2,936 148,500 KONE CORP SERIES B.............................. 7,316 277,000 > KOYO SEIKO CO LTD............................... 2,387 82,800 * KRONOS, INC..................................... 4,968 2,771,467 > KUBOTA CORP..................................... 10,599 154,375 * KULICHE & SOFFA INDUSTRIES, INC................. 6,571 211,959 * LAM RESEARCH CORP............................... 23,647 715,566 * LEXMARK INTERNATIONAL GROUP (CLASS A)........... 64,759 91,300 LINCOLN ELECTRIC HOLDINGS CO.................... 1,883 94,400 LINDE AG........................................ 5,164 19,850 LINDSAY MANUFACTURING CO........................ 362 139,000 MAKINO MILLING MACHINE CO LTD................... 905 337,000 MAKITA CORP..................................... 3,032 175,562 MANITOWOC, INC.................................. 5,969 388,400 * MAXTOR CORP..................................... 2,816 134,200 * MERCURY COMPUTER SYSTEMS, INC................... 4,697 65,600 METRA CO SERIES B............................... 1,223 152,112 * METSO OYJ....................................... 1,977 187,500 * MICRON ELECTRONICS, INC......................... 2,086 137,800 * MICROS SYSTEMS, INC............................. 10,197 230,052 MILACRON, INC................................... 3,537 467,000 MINEBEA CO LTD.................................. 8,007 51,300 * MIPS TECHNOLOGIES, INC.......................... 2,668 7,017,532 MITSUBISHI HEAVY INDUSTRIES LTD................. 23,405 324,000 MORI SEIKI CO LTD............................... 4,342 105,300 * MTI TECHNOLOGY CORP............................. 3,883 39,857 NACCO INDUSTRIES, INC (CLASS A)................. 2,215 68,945 * NATIONAL INSTRUMENTS CORP....................... 2,637 33,741 * NETWORK EQUIPMENT TECHNOLOGIES, INC............. 399 33,700 > NIDEC CORP...................................... 9,724 87,372 NORDSON CORP.................................... 4,216 353,334 * NOVELLUS SYSTEMS, INC........................... 43,294 849,000 NSK LTD......................................... 5,804 818,000 NTN TOYO BEARING CO LTD......................... 2,416 161,487 OKUMA CORP...................................... 505 423,000 > OMRON CORP...................................... 9,743 36,700 * ORBOTECH LTD.................................... 2,844 188,526 PALL CORP....................................... 4,065 276,400 PENTAIR, INC.................................... 10,641 1,679,491 PITNEY BOWES, INC............................... 81,140 2,000 * POKPHAND (C.P.) CO LTD.......................... 0 43,700 * PRESSTEK, INC................................... 606 33,200 * PRI AUTOMATION, INC............................. 2,229 32,000 * PROXIM, INC..................................... 3,520 55,364 * QMS, INC........................................ $ 163 1,066,900 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP........ 16,137 548,950 * QUANTUM CORP-HARD DISK DRIVE GROUP.............. 3,808 10,900 ROBBINS & MYERS, INC............................ 247 240,640 ROPER INDUSTRIES, INC........................... 9,099 72,100 * SANDISK CORP.................................... 6,940 226,000 SANDVIK AB SERIES A............................. 7,087 83,000 SANDVIK AB SERIES B FREE........................ 2,647 100,000 SANSO ELECTRIC CO LTD........................... 665 81,300 SAUER, INC...................................... 737 1,758 SCHINDLER HOLDINGS LTD (PT CERT)................ 2,816 2,053 SCHINDLER HOLDINGS LTD (REGD)................... 3,288 1,444,235 * SEAGATE TECHNOLOGY, INC......................... 67,247 217,604 SIDEL S.A....................................... 22,471 992,604 * SILICON GRAPHICS, INC........................... 9,740 185,700 * SILICON VALLEY GROUP, INC....................... 3,296 201,614 * SMITH INTERNATIONAL, INC........................ 10,018 111,100 * SPECIALTY EQUIPMENT COS, INC.................... 2,659 147,161 * SPEEDFAM-IPEC, INC.............................. 1,904 99,900 * SPLASH TECHNOLOGY HOLDINGS, INC................. 880 124,682 STANDEX INTERNATIONAL CORP...................... 2,611 28,035 STARRETT (L.S.) CO (CLASS A).................... 629 34,000 # STARRETT (L.S.) CO (CLASS B).................... 763 579,846 * STORAGE TECHNOLOGY CORP......................... 10,691 40,711 STORK NV........................................ 595 2,500 * SULZER WINTERTHUR AG. (REGD).................... 1,625 20,000 SVENSKA KULLAGERFABRIKEN AB SERIES A FREE....... 461 114,801 SVENSKA KULLAGERFABRIKEN AB SERIES B............ 2,796 545,700 SYMBOL TECHNOLOGIES, INC........................ 34,686 58,000 TAKUMA CO LTD................................... 414 114,700 TECUMSEH PRODUCTS CO (CLASS A).................. 5,412 31,300 TECUMSEH PRODUCTS CO (CLASS B).................. 1,307 188,100 TENNANT CO...................................... 6,160 211,369 * TENNECO AUTOMOTIVE, INC......................... 1,968 153,800 * TEREX CORP...................................... 4,268 1,500 * THERMO FIBERTEK, INC............................ 11 396,053 TIMKEN CO....................................... 8,094 214,500 TOMRA SYSTEMS AS................................ 3,644 71,450 TORO CO......................................... 2,666 5,900 > TOYODA AUTOMATIC LOOM WORKS LTD................. 123 156,000 * TRICORD SYSTEMS, INC............................ 761 161,000 TSUBAKIMOTO CHAIN CO............................ 591 25,768,472 TYCO INTERNATIONAL LTD.......................... 1,001,749 26,056 * ULTRATECH STEPPER, INC.......................... 420 3,626,800 * UNISYS CORP..................................... 115,831 235,188 * UNOVA, INC...................................... 3,057 419,179 * VARCO INTERNATIONAL, INC........................ 4,270 14,200 * VESTAS WIND SYSTEMS A/S......................... 2,519 115,700 * VISUAL NETWORKS, INC............................ 9,169 4,848,000 VTECH HOLDINGS LTD.............................. 15,779 6,000 WATKINS-JOHNSON CO.............................. 240 879,300 >*WESTERN DIGITAL CORP............................ 3,682 143,300 * XIRCOM, INC..................................... 10,748 255,600 YORK INTERNATIONAL CORP......................... 7,013 110,080 ZARDOYA OTIS S.A................................ 1,083 155,700 * ZEBRA TECHNOLOGY CORP........................... 9,108 1,440 #*ZEBRA TECHNOLOGY CORP (CLASS B)................. 84 ----------- 10,417,653 ----------- INSTRUMENTS AND RELATED PRODUCTS--1.74% 134,200 * ACUSON CORP..................................... 1,686 69,875 * ADAC LABORATORIES, INC.......................... 751 144,300 * AFFYMETRIX, INC................................. 24,486 91,300 * ALARIS MEDICAL, INC............................. 171 2,100 * ANACOMP, INC.................................... 38 77,700 ANALOGIC CORP................................... 2,564 165,294 ARROW INTERNATIONAL, INC........................ 4,794 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 35 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- INSTRUMENTS AND RELATED PRODUCTS--(Continued) 143,000 * AVID TECHNOLOGIES, INC..........................$ 1,868 19,073 * BACOU U.S.A., INC............................... 287 264,625 BARD (C.R.), INC................................ 14,025 330,423 BAUSCH & LOMB, INC.............................. 22,613 1,898,563 BAXTER INTERNATIONAL, INC....................... 119,253 97,100 * BAXTER INTERNATIONAL, INC RTS................... 22 256,487 BECKMAN COULTER, INC............................ 13,049 1,573,624 BECTON DICKINSON & CO........................... 42,094 83,356 * BIO-RAD LABORATORIES, INC (CLASS A)............. 1,948 669,000 BIOMET, INC..................................... 26,760 38,324 * BOLLE, INC...................................... 194 1,555,850 * BOSTON SCIENTIFIC CORP.......................... 34,034 66,300 >*BRITESMILE, INC................................. 539 49,883 >*CALIPER TECHNOLOGIES CORP....................... 3,330 1,786,000 CANON, INC...................................... 70,923 1,122,000 CASIO COMPUTER CO LTD........................... 9,328 91,050 * CIRCOR INTERNATIONAL, INC....................... 939 412,000 CITIZEN WATCH CO LTD............................ 2,619 40,100 >*CLOSURE MEDICAL CORP............................ 516 144,600 * COGNEX CORP..................................... 5,639 116,480 * COHERENT, INC................................... 3,116 13,500 * COHESION TECHNOLOGIES, INC...................... 123 126,900 COHU, INC....................................... 3,934 193,300 * CONMED CORP..................................... 5,002 89,475 COOPER COS, INC................................. 2,695 8,200 x*CPX CORP........................................ 1 163,000 * CREDENCE SYSTEMS CORP........................... 14,100 93,980 CUBIC CORP...................................... 2,056 106,600 * CYBERONICS, INC................................. 1,699 184,496 * CYMER, INC...................................... 8,487 106,100 * CYTYC CORP...................................... 6,479 174,600 DATASCOPE CORP.................................. 6,984 348,800 DENTSPLY INTERNATIONAL, INC..................... 8,240 139,300 * DIONEX CORP..................................... 5,737 139,250 >*DYNATECH CORP................................... 940 1,893,866 EASTMAN KODAK CO................................ 125,469 53,800 * ECLIPSE SURGICAL TECHNOLOGY, INC................ 397 41,484 > ESSILOR INTERNATIONAL S.A. ..................... 12,872 140,175 * FOSSIL, INC..................................... 3,242 214,743 * FRESENIUS MEDICAL CARE AG....................... 18,368 1,672,500 > FUJI PHOTO FILM CO LTD.......................... 61,017 746,000 * GAMBRO AB (CLASS A)............................. 6,715 96,000 * GAMBRO AB (CLASS B)............................. 870 207,200 * GENRAD, INC..................................... 3,341 60,900 >*GLIATECH, INC................................... 1,012 2,290,819 * GUIDANT CORP.................................... 107,668 149,200 * HAEMONETICS CORP................................ 3,553 187,900 * HANGER ORTHOPEDIC GROUP, INC.................... 1,879 1,354,227 IMI PLC......................................... 5,860 277,274 * INPUT/OUTPUT, INC............................... 1,404 150,400 INVACARE CORP................................... 3,017 28,696,409 INVENSYS PLC.................................... 156,153 707,528 JOHNSON CONTROLS, INC........................... 40,241 73,430 KEYENCE CORP.................................... 29,806 611,783 * KLA-TENCOR CORP................................. 68,137 422,000 KONICA CORP..................................... 1,568 271,197 * LITTON INDUSTRIES, INC.......................... 13,526 222,100 * LTX CORP........................................ 4,969 98,000 LUXOTTICA GROUP S.P.A. ADR...................... 1,721 800 * MECHANICAL TECHNOLOGY, INC...................... 19 197,700 >*MEDICAL MANAGER CORP............................ 16,656 9,128,424 MEDTRONIC, INC.................................. 332,617 119,700 MENTOR CORP..................................... 3,090 334,000 * METTLER-TOLEDO INTERNATIONAL, INC............... 12,755 267,200 MILLIPORE CORP.................................. 10,321 96,000 MINE SAFETY APPLIANCE CO........................ 6,144 32,200 * MINIMED, INC.................................... 2,359 40,700 * MKS INSTRUMENTS INC............................. 1,470 200 * MOLECULAR DEVICES CORP.......................... 10 76,800 MOVADO GROUP, INC............................... 1,675 199,100 MTS SYSTEMS CORP................................ 1,543 105,600 NEWPORT CORP.................................... 4,831 1,127,000 NIKON CORP...................................... 33,069 88,800 >*NOVOSTE CORP.................................... 1,465 3,100 * OAKLEY, INC..................................... 17 105,603 OCE NV.......................................... 1,785 138,000 * OCULAR SCIENCES, INC............................ 2,605 1,498,000 OLYMPUS OPTICAL CO LTD.......................... 21,172 39,290 OPTICAL COATING LABORATORIES, INC............... 11,630 25,500 * OSTEOTECH, INC.................................. 341 86 * PANAVISION, INC (NEW)........................... 0 156,576 * PE CORP-CELERA GENOMICS GROUP................... 23,330 397,206 PE CORP-PE BIOSYSTEMS GROUP..................... 47,789 243,200 PERKINELMER, INC................................ 10,138 198,500 * PINNACLE SYSTEMS, INC........................... 8,076 284,908 POLAROID CORP................................... 5,360 76 * POSSIS MEDICAL, INC............................. 1 11,450 RADIOMETER AS (CLASS B)......................... 430 1,122,998 RAYTHEON CO (CLASS A)........................... 27,864 806,551 RAYTHEON CO (CLASS B)........................... 21,424 214,600 * RESMED, INC..................................... 8,960 196,878 * RESPIRONICS, INC................................ 1,569 712,923 > RICOH CO LTD.................................... 13,430 59,500 >*SABRATEK CORP................................... 5 38,690 >*SAGEM S.A. (NEW)................................ 26,895 98,400 * SCOTT TECHNOLOGIES, INC......................... 1,857 2,951,600 * SMITH & NEPHEW PLC.............................. 9,913 30,749 * SOLA INTERNATIONAL, INC......................... 427 6,656 * SONOSITE, INC................................... 210 60 * SPACELABS MEDICAL, INC.......................... 1 677,058 * ST. JUDE MEDICAL, INC........................... 20,777 415,244 * STERIS CORP..................................... 4,282 277,580 STRYKER CORP.................................... 19,327 299,000 * SUMMIT TECHNOLOGY, INC.......................... 3,495 42,500 * SUNRISE MEDICAL, INC............................ 263 146,800 >*SUNRISE TECHNOLOGY INTERNATIONAL, INC........... 1,734 614,020 * SYBRON INTERNATIONAL CORP....................... 15,159 23,235 * TECH-SYM CORP................................... 479 615,379 TEKTRONIX, INC.................................. 23,923 226,400 TELEFLEX, INC................................... 7,089 1,488,113 * TERADYNE, INC................................... 98,215 3,996 THE SWATCH GROUP AG. (BR)....................... 4,603 55,780 THE SWATCH GROUP AG. (REGD)..................... 12,997 59,650 * THERMEDICS, INC................................. 324 11,500 * THERMO BIOANALYSIS CORP......................... 211 4,900 * THERMO CARDIOSYSTEMS, INC....................... 32 971,522 * THERMO ELECTRON CORP............................ 14,573 1,785 * THERMO INSTRUMENT SYSTEMS, INC.................. 20 1,200 * THERMOQUEST CORP................................ 12 136 * TREX MEDICAL CORP............................... 0 57,300 * TRIMBLE NAVIGATION LTD.......................... 1,239 4,628 * VARIAN MEDICAL SYSTEMS, INC..................... 138 130,628 * VARIAN, INC..................................... 2,939 72,600 * VEECO INSTRUMENTS, INC.......................... 3,399 83,300 >*VENTANA MEDICAL SYSTEMS, INC.................... 2,072 557,600 * VISX, INC....................................... 28,856 86,500 VITAL SIGNS, INC................................ 1,979 378,200 >*VIVUS, INC...................................... 1,194 380,020 * WATERS CORP..................................... 20,141 136,518 * WESLEY JESSEN VISIONCARE, INC................... 5,171 19,200 * WILLIAM DEMANT AS............................... 1,820 SEE NOTES TO FINANCIAL STATEMENTS 36 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- INSTRUMENTS AND RELATED PRODUCTS--(Continued) 1,024,107 WILLIAMS PLC.................................... $ 4,659 45,900 X RITE, INC..................................... 287 10,674,380 XEROX CORP...................................... 242,175 571,000 YOKOGAWA ELECTRIC CORP.......................... 4,027 ----------- 2,367,732 ----------- INSURANCE AGENTS, BROKERS AND SERVICE--0.18% 42,300 BLANCH (E.W.) HOLDINGS, INC..................... 2,591 44,392 BROWN & BROWN, INC.............................. 1,701 235,100 CRAWFORD & CO (CLASS A)......................... 2,674 162,000 CRAWFORD & CO (CLASS B)......................... 2,207 308,476 * FIRST HEALTH GROUP CORP......................... 8,290 1,788,383 FORTIS B........................................ 64,537 51,968 * FORTIS B CVG 07/20/01........................... 180 486,027 * FORTIS B NPV (STRIP VVPR)....................... 5 37,700 GALLAGHER (ARTHUR J.) & CO...................... 2,441 10,080 GENERALI HOLDING VIENNA......................... 1,690 37,262 HILB, ROGAL & HAMILTON CO....................... 1,053 51,262 * HOMEFED CORP.................................... 45 375,826 LABONE, INC..................................... 2,584 61,500 MARSCHOLLEK LAUT UND PARTNER.................... 16,171 1,490,769 MARSH & MCLENNAN COS, INC....................... 142,648 619,000 * NATIONAL MUTUAL HOLDINGS LTD.................... 1,082 ----------- 249,899 ----------- INSURANCE CARRIERS--4.21% 63,400 20TH CENTURY INDUSTRIES......................... 1,224 1,800 * ACCEPTANCE INSURANCE COS, INC................... 10 228,020 ACE LTD......................................... 3,805 2,238,306 AEGON NV........................................ 216,253 37,304 AEGON NV ARS.................................... 3,563 1,519,660 AETNA, INC...................................... 84,816 1,726,801 AFLAC, INC...................................... 81,483 36,200 * AFRICAN LIFE ASSURANCE CO LTD................... 246 3,880 * AGF-ASSUR GEN DE FRANCE CVG..................... 0 112,200 ALFA CORP....................................... 1,830 100,854 * ALLEGHANY CORP (DELAWARE)....................... 18,708 581,744 ALLIANZ AG. (REGD).............................. 195,457 395,531 ALLMERICA FINANCIAL CORP........................ 22,001 10,188,406 ALLSTATE CORP................................... 244,522 541,000 AMBAC FINANCIAL GROUP, INC...................... 28,233 183,101 AMERICAN ANNUITY GROUP, INC..................... 3,296 232,508 AMERICAN FINANCIAL GROUP, INC................... 6,132 1,754,182 AMERICAN GENERAL CORP........................... 133,099 9,755,498 AMERICAN INTERNATIONAL GROUP, INC............... 1,054,813 228,700 AMERICAN NATIONAL INSURANCE CO.................. 14,580 94,830 AMERUS LIFE HOLDINGS, INC (CLASS A)............. 2,181 2,611,000 AMP LTD......................................... 28,761 1,186,925 AON CORP........................................ 47,477 237,252 ARGONAUT GROUP, INC............................. 4,715 146,700 ARM FINANCIAL GROUP, INC (CLASS A).............. 4 4,153,323 > ASSICURAZIONI GENERALI S.P.A.................... 137,244 875,763 AXA............................................. 122,109 1,284,900 AXA FINANCIAL, INC.............................. 43,526 108,650 BERKLEY (W.R.) CORP............................. 2,268 286 * BERKSHIRE HATHAWAY, INC (CLASS A)............... 16,045 15 * BERKSHIRE HATHAWAY, INC (CLASS B)............... 27 975,057 CGU PLC......................................... 15,705 204,072 CHICAGO TITLE CORP.............................. 9,438 950 CHIYODA FIRE & MARINE INSURANCE CO LTD.......... 3 909,891 CHUBB CORP...................................... 51,238 1,475,672 CIGNA CORP...................................... 118,884 937,285 CINCINNATI FINANCIAL CORP....................... 29,232 26,427,190 CITIGROUP, INC.................................. 1,468,361 106,500 * CNA FINANCIAL CORP.............................. 4,147 30,300 CNA SURETY CORP................................. 394 2,670,147 COLONIAL LTD.................................... 11,901 115,440 COMMERCE GROUP, INC............................. 3,016 24,900 COMPANHIA DE SEGUROS TRANQUILIDADE.............. 763 1,639,823 CONSECO, INC.................................... 29,312 35,931 CORPORACION MAPFRE S.A.......................... 591 52,627 * DELPHI FINANCIAL GROUP, INC..................... 1,579 167,300 ENHANCE FINANCIAL SERVICES GROUP, INC........... 2,719 96,800 ERIE INDEMNITY CO (CLASS A)..................... 3,134 220,766 EVEREST REINSURANCE HOLDINGS, INC............... 4,926 25,050 * FAIRFAX FINANCIAL HOLDINGS LTD.................. 4,244 209,029 FBL FINANCIAL GROUP, INC (CLASS A).............. 4,181 48,800 FEDSURE HOLDINGS LTD............................ 396 146,730 FIDELITY NATIONAL FINANCIAL, INC................ 2,109 189,521 FINANCIAL SECURITY ASSURANCE HOLDINGS LTD....... 9,879 373,048 FIRST AMERICAN FINANCIAL CORP................... 4,640 682,000 FOREMOST CORP OF AMERICA........................ 19,352 609,875 * FOUNDATION HEALTH SYSTEMS (CLASS A)............. 6,061 34,100 * FPIC INSURANCE GROUP, INC....................... 569 359,360 FREMONT GENERAL CORP............................ 2,650 183,740 > FRONTIER INSURANCE GROUP, INC................... 632 3,000 # HAFNIA HOLDINGS AS (REGD) (CLASS A)............. 0 2,490 # HAFNIA HOLDINGS AS (REGD) (CLASS B)............. 0 162,300 HARLEYSVILLE GROUP, INC......................... 2,313 1,215,207 HARTFORD FINANCIAL SERVICES GROUP, INC.......... 57,570 158,787 HARTFORD LIFE, INC (CLASS A).................... 6,987 76,200 HCC INSURANCE HOLDINGS, INC..................... 1,005 3,057,362 > HIH INSURANCE LTD............................... 3,062 51,632 HORACE MANN EDUCATORS CORP...................... 1,013 28,200 HSB GROUP, INC.................................. 954 435,700 * HUMANA, INC..................................... 3,567 5,260,960 > INSTITUTO NAZIONALE DELLE ASSICURAZION.......... 13,939 606,996 JEFFERSON-PILOT CORP............................ 41,427 21,900 KANSAS CITY LIFE INSURANCE CO................... 739 88,740 LANDAMERICA FINANCIAL GROUP, INC................ 1,631 14,050,772 * LEGAL & GENERAL GROUP PLC....................... 38,229 53,014 LIBERTY CORP.................................... 2,237 12,500 LIBERTY FINANCIAL COS, INC...................... 287 6,100 * LIBERTY HOLDINGS LTD............................ 191 40,574 > LIBERTY INTERNATIONAL PLC....................... 305 50,625 > LIBERTY LIFE ASSOCIATION OF AFRICA LTD.......... 584 1,168,000 LINCOLN NATIONAL CORP........................... 46,720 454,175 LOEWS CORP...................................... 27,563 1,694,000 * MANULIFE FINANCIAL CORP......................... 21,568 16,000 >*MARKEL CORP..................................... 2,480 20 * MAXICARE HEALTH PLANS, INC...................... 0 619,287 MBIA, INC....................................... 32,706 95,651 * MEDICAL ASSURANCE, INC.......................... 2,027 1,300,000 MEDIOLANUM S.P.A................................ 17,026 73,400 MERCURY GENERAL CORP............................ 1,633 296,600 > METROPOLITAN LIFE LTD........................... 516 925,100 MGIC INVESTMENT CORP............................ 55,679 109,100 * MID ATLANTIC MEDICAL SERVICES, INC.............. 907 10,391 MIDLAND CO...................................... 216 1,307,050 > MITSUI TAISHO MARINE & FIRE CO LTD.............. 7,747 54,218 MMI COS, INC.................................... 468 230,000 MONY GROUP, INC................................. 6,713 413,395 MUENCHENER RUECKVER AG. (REGD).................. 104,868 200 * NATIONAL WESTERN LIFE INSURANCE CO.............. 14 172,300 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A).... 4,814 280,600 NISSAN FIRE & MARINE INSURANCE.................. 867 371,400 > OHIO CASUALTY CORP.............................. 5,966 765,350 OLD REPUBLIC INTERNATIONAL CORP................. 10,428 930,928 * OXFORD HEALTH PLANS, INC........................ 11,811 262,248 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A)........ 13,899 35,700 * PENN TREATY AMERICAN CORP....................... 562 19,800 * PHILADELPHIA CONSOLIDATED HOLDINGS CORP......... 287 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 37 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- INSURANCE CARRIERS--(Continued) 5,100 PMA CAPITAL CORP (CLASS A)......................$ 101 298,551 PMI GROUP, INC.................................. 14,573 48,500 POHJOLA INSURANCE CO LTD SERIES B............... 2,932 206,900 PRESIDENTIAL LIFE CORP.......................... 3,802 550 * PROFESSIONALS GROUP, INC........................ 13 220,250 PROGRESSIVE CORP................................ 16,106 252,700 PROTECTIVE LIFE CORP............................ 8,039 42,700 * PROVIDENT AMERICAN CORP......................... 1,503 2,386,791 PRUDENTIAL PLC.................................. 47,018 16,500 PXRE GROUP LTD.................................. 215 1,614,838 QBE INSURANCE GROUP LTD......................... 7,504 359,120 RADIAN GROUP, INC............................... 17,148 727,059 RAS S.P.A....................................... 7,295 756,448 REINSURANCE AUSTRALIA CORP LTD.................. 262 234,475 REINSURANCE GROUP OF AMERICA, INC............... 6,507 393,478 RELIANCE GROUP HOLDINGS, INC.................... 2,631 419,356 RELIASTAR FINANCIAL CORP........................ 16,434 58,700 * RISK CAPITAL HOLDINGS, INC...................... 741 10,600 RLI CORP........................................ 360 1,912,048 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC........ 14,557 488,600 SAFECO CORP..................................... 12,154 211,500 * SAFEGUARD HEALTH ENTERPRISES, INC............... 132 189,790 SAI S.P.A....................................... 2,124 147,400 SAMPO INSURANCE CO SERIES A..................... 5,153 845,000 SANLAM LTD...................................... 1,181 38,167 SCPIE HOLDINGS, INC............................. 1,226 739,500 SELECTIVE INSURANCE GROUP, INC.................. 12,710 168,550 * SIERRA HEALTH SERVICES, INC..................... 1,127 1,551,665 SKANDIA FORSAKRINGS AB.......................... 46,921 1,436,422 ST. PAUL COS, INC............................... 48,389 103,300 STEWART INFORMATION SERVICES CORP............... 1,375 458,650 * UNI-STOREBRAND AS SERIES A...................... 3,494 1,361,028 SUMITOMO MARINE & FIRE INSURANCE CO............. 8,387 100 * SUPERIOR NATIONAL INSURANCE GROUP, INC.......... 1 35,556 SWISS REINSURANCE............................... 73,046 4,263,000 > TOKIO MARINE & FIRE INSURANCE CO LTD............ 49,827 52,900 * TOPDANMARK AS................................... 1,046 1,706,300 TORCHMARK CORP.................................. 49,589 12,607 TRANSATLANTIC HOLDINGS, INC..................... 984 601,882 TRAVELERS PROPERTY CASUALTY CORP................ 20,614 44,700 TRENWICK GROUP, INC............................. 757 85,300 * TRIAD GUARANTY, INC............................. 1,941 137,500 * TRIGON HEALTHCARE, INC.......................... 4,056 71,000 * UICI............................................ 750 2,547,274 UNITED HEALTHCARE CORP.......................... 135,324 304,708 UNITRIN, INC.................................... 11,465 958,126 UNUMPROVIDENT CORP.............................. 30,720 497,403 * WELLPOINT HEALTH NETWORKS, INC.................. 32,798 5,740 WESCO FINANCIAL CORP............................ 1,406 824,085 XL CAPITAL LTD.................................. 42,749 39,642 ZENITH NATIONAL INSURANCE CORP.................. 818 105,423 ZURICH ALLIED AG................................ 60,121 ----------- 5,712,135 ----------- LEATHER AND LEATHER PRODUCTS--0.01% 254,430 BROWN SHOE CO, INC.............................. 3,594 30,600 * GLOBAL SPORTS, INC.............................. 384 50,000 * GUCCI GROUP NV.................................. 5,768 107,000 JUSTIN INDUSTRIES, INC.......................... 1,592 135,708 * SAMSONITE CORP.................................. 789 287,900 STRIDE RITE CORP................................ 1,871 53,460 * TIMBERLAND CO................................... 2,827 3,287 WOLVERINE WORLD WIDE, INC....................... 36 ----------- 16,861 ----------- LEGAL SERVICES--0.00% 124,038 * PREPAID LEGAL SERVICES, INC..................... 2,977 ----------- LOCAL AND INTERURBAN PASSENGER TRANSIT--0.06% 200 * CAREY INTERNATIONAL, INC........................ 5 2,434 CENTRAL JAPAN RAILWAY CO........................ 15,260 8,705 EAST JAPAN RAILWAY CO........................... 46,914 729,092 LAIDLAW, INC.................................... 3,799 58,400 LAIDLAW, INC (U.S.)............................. 307 842,000 SINGAPORE BUS SERVICES LTD...................... 1,117 6,084,180 STAGECOACH HOLDINGS PLC......................... 15,669 ----------- 83,071 ----------- LUMBER AND WOOD PRODUCTS--0.16% 128,200 * AMERICAN HOMESTAR CORP.......................... 505 666 * AOKAM PERDANA BERHAD............................ 2 5,457,476 CARTER HOLT HARVEY LTD.......................... 7,126 254,703 * CHAMPION ENTERPRISES, INC....................... 2,181 786,214 CLAYTON HOMES, INC.............................. 7,223 38,908 DELTIC TIMBER CORP.............................. 851 1,821,646 * FLETCHER CHALLENGE LTD (FORESTS DIVISION)....... 733 1,333,298 GEORGIA-PACIFIC CORP (PACKING GROUP)............ 67,665 766,000 JAYA TIASA HOLDINGS BERHAD...................... 1,401 600,000 * LAND & GENERAL BERHAD........................... 265 699,405 LOUISIANA PACIFIC CORP.......................... 9,967 73,300 MASISA S.A. (SPONS ADR)......................... 944 69,400 OAKWOOD HOMES CORP.............................. 221 66,025 * PALM HARBOR HOMES, INC.......................... 1,188 1,592,150 > SEKISUI HOUSE LTD............................... 14,093 102,718 SKYLINE CORP.................................... 2,414 244,000 SUMITOMO FORESTRY CO LTD........................ 1,885 18,246 TJ INTERNATIONAL, INC........................... 766 84,700 UNIVERSAL FOREST PRODUCTS, INC.................. 1,249 74,000 WEST FRASER TIMBER CO LTD....................... 1,915 1,242,954 WEYERHAEUSER CO................................. 89,260 ----------- 211,854 ----------- METAL MINING--0.28% 89,900 * ACINDAR S.A. (CLASS B).......................... 144 7,553 ALUSUISSE LONZA HOLDINGS AG. (REGD)............. 5,569 74,835 ANGLO AMERICAN PLATINUM CORP LTD................ 2,274 528 ANGLO AMERICAN PLC.............................. 34 29,687 > ANGLOGOLD LTD................................... 1,527 104,439 * ASTRUIANA DE ZINC S.A. MINES.................... 1,347 824,279 BARRICK GOLD CORP............................... 14,647 52,134 BARRICK GOLD CORP (U.S.)........................ 922 808,950 * BATTLE MOUNTAIN GOLD CO......................... 1,668 187,600 CAMBIOR, INC.................................... 236 154,500 CAMECO CORP..................................... 2,340 92,281 CLEVELAND CLIFFS, INC........................... 2,872 100 * COEUR DALENE MINES CORP......................... 0 290,900 COMINCO LTD..................................... 6,093 482,000 DELTA GOLD LTD.................................. 733 166,498 * ECHO BAY MINES LTD.............................. 201 223,100 ELKEM AS........................................ 5,155 85,200 ERAMET.......................................... 4,893 70,000 FALCONBRIDGE LTD................................ 1,246 87,718 * FRANCO-NEVADA MINING CORP LTD................... 1,341 591,428 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS A). 10,978 1,283,564 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B). 27,115 51,435 GOLDFIELDS LTD.................................. 37 61,600 * HECLA MINING CO................................. 96 771,524 HOMESTAKE MINING CO............................. 6,028 523,291 ILUKA RESOURCES LTD............................. 1,384 27,600 > IMPALA PLATINUM HOLDINGS LTD.................... 1,117 418,600 * INCO LTD CO..................................... 9,749 SEE NOTES TO FINANCIAL STATEMENTS 38 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- METAL MINING--(Continued) 58,500 * INCO LTD CO (U.S.).............................. $ 1,375 6,589 JOHNNIES INDUSTRIAL CORP LTD.................... 77 157,676 JOHNSON MATTHEY PLC............................. 1,757 5,161,036 MIM HOLDINGS LTD................................ 5,303 1,908,000 * MITSUBISHI MATERIALS CORP....................... 4,665 526,000 MITSUI MINING & SMELTING CO LTD................. 2,485 488,284 * NEWCREST MINING LTD............................. 1,662 1,089,866 NEWMONT MINING CORP............................. 26,702 1,672,000 NIPPON LIGHT METAL CO LTD....................... 1,554 658,600 NORANDA, INC.................................... 8,817 3,222,038 NORMANDY MINING LTD............................. 2,278 5,114,106 > NORTH LTD....................................... 12,016 366,500 OUTOKUMPU OY SERIES A........................... 5,188 13,000 *#x PEGASUS GOLD, INC .............................. 0 305,501 PHELPS DODGE CORP............................... 20,507 818,700 PLACER DOME, INC................................ 8,701 24,448 PLACER DOME, INC (U.S.) ........................ 263 94,600 RIO ALGOM LTD................................... 1,436 840,169 > RIO TINTO LTD................................... 17,993 150,000 RIO TINTO PLC (BR).............................. 2,422 4,139,987 RIO TINTO PLC (REGD)............................ 99,938 374,434 SMITH (HOWARD) LTD.............................. 2,549 301,052 SONS OF GWALIA.................................. 1,005 109,500 SOUTHERN PERU COPPER CORP....................... 1,690 208,998 * STILLWATER MINING CO............................ 6,662 807,000 * SUMITOMO METAL MINING CO LTD.................... 1,800 6,800 * SUNSHINE MINING & REFINING CO................... 9 113,700 TECK CORP LTD (CLASS B)......................... 1,067 35,000 UNION MINIERE GROUP S.A......................... 1,361 4,351,172 > WMC LTD......................................... 23,922 ----------- 374,950 ----------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.34% 32,600 AMER GROUP LTD PLC SERIES A..................... 662 1,000 * ASICS CORP...................................... 1 108,800 BIC S.A......................................... 4,952 228,475 * BLYTH INDUSTRIES, INC........................... 5,612 361,100 BRADY CORP (CLASS A)............................ 12,255 1,225,800 BULGARI S.P.A................................... 11,016 471,100 CALLAWAY GOLF CO................................ 8,333 28,100 x*CML GROUP, INC.................................. 0 5,400 * DIRECT FOCUS, INC............................... 150 1,028,646 HASBRO, INC..................................... 19,609 186,530 * HEXCEL CORP..................................... 1,038 17,300 * IDENTIX, INC.................................... 157 604,088 INTERNATIONAL GAME TECHNOLOGY CO................ 12,271 78,350 * JAKKS PACIFIC, INC.............................. 1,464 415,100 JOSTENS, INC.................................... 10,092 50,205 K2, INC......................................... 383 103,500 * LYDALL, INC..................................... 686 50,866 * MARVEL ENTERPRISES.............................. 280 3,819 >*MARVEL ENTERPRISES (CLASS A)WTS 10/02/01........ 3 6,468 >*MARVEL ENTERPRISES (CLASS C)WTS 10/02/02....... 3 2,242,729 MATTEL, INC..................................... 29,436 2,721,118 MINNESOTA MINING & MANUFACTURING CO............. 266,329 355,400 NINTENDO CO LTD................................. 59,025 254,800 x*NU KOTE HOLDINGS, INC (CLASS A)................. 7 79,900 ONEIDA LTD...................................... 1,738 26,700 RHI AG.......................................... 769 67,750 RUSS BERRIE & CO, INC........................... 1,778 231,900 * SEGA ENTERPRISES LTD............................ 7,372 72,700 * STEINWAY MUSICAL INSTRUMENTS, INC............... 1,472 140,000 * WMS INDUSTRIES, INC............................. 1,838 ----------- 458,731 ----------- MISCELLANEOUS RETAIL--0.67% 1,313,128 >*AMAZON.COM, INC................................. 99,962 355,740 * BARNES & NOBLE, INC............................. 7,337 171,500 >*BARNESANDNOBLE.COM, INC......................... 2,433 42,600 * BARNETT, INC.................................... 442 87,200 BLAIR CORP...................................... 1,221 2,526,878 BOOTS CO LTD.................................... 24,563 485,600 * BORDERS GROUP, INC.............................. 7,800 6,848 CASH AMERICA INTERNATIONAL, INC................. 67 340,390 * CDW COMPUTER CENTERS, INC....................... 26,763 141,900 * COLDWATER CREEK, INC............................ 2,909 6,168,801 CVS CORP........................................ 246,366 40,600 * DELIA* S, INC................................... 294 107,500 >*DUANE READE, INC................................ 2,963 246,011 * E4L, INC........................................ 615 138,974 >*EGGHEAD.COM, INC................................ 2,250 100,827 ENESCO GROUP, INC............................... 1,115 1,035 * ETOYS, INC...................................... 27 26,000 >*FATBRAIN.COM, INC............................... 652 29,200 x*GENESIS DIRECT, INC............................. 0 2,811,868 GREAT UNIVERSAL STORES PLC...................... 16,436 114,778 HANCOCK FABRICS, INC............................ 359 362,074 * HANOVER DIRECT, INC............................. 1,313 407,750 * INSIGHT ENTERPRISES, INC........................ 16,565 32,000 >*ITURF, INC...................................... 398 83,041 * JO-ANN STORES, INC (CLASS A).................... 934 237,100 * JO-ANN STORES, INC (CLASS B).................... 2,386 236,100 x*JUMBOSPORTS, INC................................ 1 69,864 * LANDS END, INC.................................. 2,428 21,498 LONGS DRUG STORES CORP.......................... 555 51,000 MATSUMOTOKIYOSHI CO LTD......................... 3,946 297,000 * MICHAELS STORES, INC............................ 8,465 221,300 * MICRO WAREHOUSE, INC............................ 4,094 48 >*NISSEN CO LTD................................... 0 4,628,947 * OFFICE DEPOT, INC............................... 50,629 306,800 * OFFICEMAX, INC.................................. 1,687 412,000 OMNICARE, INC................................... 4,944 59,400 * PARTY CITY CORP................................. 59 23,200 * PC CONNECTION, INC.............................. 800 170,000 * PETCO ANIMAL SUPPLIES, INC...................... 2,529 332,700 * PETSMART, INC................................... 1,913 96,000 PLAYMATES TOYS HOLDINGS LTD..................... 5 141,400 * QXL.COM PLC LTD................................. 3,322 1,409,753 RITE AID CORP................................... 15,772 149,300 * SCHEIN (HENRY), INC............................. 1,988 119,000 * SHOP AT HOME, INC............................... 1,183 65,100 * SPIEGEL, INC (CLASS A).......................... 458 2,850,168 * STAPLES, INC.................................... 59,141 330,195 * STELUX HOLDINGS INTERNATIONAL LTD............... 13 265,300 * SUNGLASS HUT INTERNATIONAL, INC................. 2,985 222,900 * SYSTEMAX, INC................................... 1,895 483,576 TIFFANY & CO.................................... 43,159 1,609,241 * TOYS R US, INC.................................. 23,032 122,089 * U.S. OFFICE PRODUCTS CO......................... 382 17,739 >*UBID, INC....................................... 470 22,900 >*VALUE AMERICA, INC.............................. 116 85,000 * VALUEVISION INTERNATIONAL, INC.................. 4,872 6,233,092 WALGREEN CO..................................... 182,318 43,600 * WHITEHALL JEWELLERS, INC........................ 1,608 354,997 * ZALE CORP....................................... 17,173 ----------- 908,112 ----------- MOTION PICTURES--0.73% 115,650 * AMC ENTERTAINMENT, INC.......................... 997 75,000 * AOI ADVERTISING PROMOTION, INC.................. 1,342 48,400 * CARMIKE CINEMAS, INC (CLASS A).................. 378 14,152,936 DISNEY (WALT) CO................................ 413,973 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 39 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- MOTION PICTURES--(Continued) 199,250 EM.TV & MERCHANDISING AG........................ $ 12,847 24,431 * GC COS, INC..................................... 632 295,100 * HOLLYWOOD ENTERTAINMENT CORP.................... 4,279 13,800 * LOWES CINEPLEX ENTERTAINMENT CORP............... 81 100,197 >*METRO-GOLDWYN-MAYER, INC........................ 2,361 393,300 * METROMEDIA INTERNATIONAL GROUP, INC............. 1,868 11,500 * ON COMMAND CORP................................. 213 84,900 >*PIXAR, INC...................................... 3,003 2,128,392 * RANK GROUP PLC.................................. 6,736 317,000 SHAW BROTHER LTD (HONG KONG).................... 369 7,458,391 TIME WARNER, INC................................ 540,267 88,000 TOEI CO......................................... 487 48,240 TOHO CO LTD..................................... 7,049 3,300 * VALLEY MEDIA, INC............................... 23 ----------- 996,905 ----------- NONDEPOSITORY INSTITUTIONS--1.51% 614,200 ACOM CO LTD..................................... 60,134 52,244 > ADVANTA CORP (CLASS A).......................... 953 103,397 ADVANTA CORP (CLASS B).......................... 1,454 155,200 * AFRICAN BANK INVESTMENTS LTD.................... 320 185,000 AIFUL CORP...................................... 22,618 45,340 ALLIED CAPITAL CORP............................. 830 2,845,917 AMERICAN EXPRESS CO............................. 473,134 455,220 * AMERICREDIT CORP................................ 8,422 99,700 * AMRESCO, INC.................................... 140 319,481 * ARCADIA FINANCIAL LTD........................... 1,418 7,166,654 ASSOCIATES FIRST CAPITAL CORP................... 196,635 1,321,863 CAPITAL ONE FINANCIAL CORP...................... 63,697 46,052 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE........... 541 233,400 CIT GROUP, INC (CLASS A)........................ 4,931 99,400 >x*CITYSCAPE FINANCIAL CORP ....................... 1 45,500 * COMPUCREDIT CORP................................ 1,752 67,100 >*CONTIFINANCIAL CORP............................. 16 449,887 CORPORACION FINANCIERE ALBA S.A................. 15,392 711,629 COUNTRYWIDE CREDIT INDUSTRIES, INC.............. 17,969 279,300 >*CREDIT ACCEPTANCE CORP.......................... 1,030 223,043 CREDIT SAISON CO LTD............................ 3,883 29,900 >*CREDITRUST CORP................................. 230 237,000 DORAL FINANCIAL CORP............................ 2,918 58,100 * DVI, INC........................................ 882 1,600 * FEDERAL AGRICULTURE MORTGAGE CORP............... 32 6,074,884 FEDERAL NATIONAL MORTGAGE ASSOCIATION........... 379,301 37,600 * FINANCIAL FEDERAL CORP.......................... 858 314,600 >*FINET.COM, INC.................................. 413 410,001 FINOVA GROUP, INC............................... 14,555 96,000 * FIRST SIERRA FINANCIAL, INC..................... 1,644 365,812 >*FIRSTPLUS FINANCIAL GROUP, INC.................. 26 1,640,650 FIRSTRAND LTD................................... 2,346 4,014,124 FREDDIE MAC..................................... 188,915 6,117,276 HALIFAX PLC..................................... 67,809 241,308 HELLER FINANCIAL, INC........................... 4,841 3,013,628 HOUSEHOLD INTERNATIONAL, INC.................... 112,258 26,400 * IMC MORTGAGE CO................................. 0 102,100 * IMPERIAL CREDIT INDUSTRIES, INC................. 638 2,241,493 ING GROEP NV.................................... 135,356 376,776 IRISH LIFE & PERMANENT PLC...................... 3,568 109,042 IRISH LIFE & PERMANENT PLC (UNITED KINGDOM)..... 1,048 62,000 JACCS CO........................................ 243 261,500 LEUCADIA NATIONAL CORP.......................... 6,047 5,900 MEDALLION FINANCIAL CORP........................ 106 1,406,150 MEDIOBANCA S.P.A................................ 14,350 7,056 MERCAPITAL S.A.................................. 36 596,516 METRIS COS, INC................................. 21,288 3,555 * MFN FINANCIAL CORP.............................. 23 4,123 * MFN FINANCIAL CORP WTS SERIES A 03/23/02........ 2 4,123 * MFN FINANCIAL CORP WTS SERIES B 03/23/03........ 1 4,123 * MFN FINANCIAL CORP WTS SERIES C 03/23/04........ 1 10,300 * NEW CENTURY FINANCIAL CORP...................... 162 62,400 >*NEXTCARD, INC................................... 1,802 43,000 NICHIEI CO LTD (KYOTO).......................... 934 464,000 NIPPON SHINPAN CO LTD........................... 1,080 65,501 * NORTHERN ROCK PLC............................... 418 2 * OMEGA WORLDWIDE, INC............................ 0 118,900 ORIX CORP....................................... 26,771 47 PACIFIC CREST CAPITAL, INC...................... 1 102,800 POWER FINANCIAL CORP............................ 1,703 700 * PRISM FINANCIAL CORP............................ 4 263,959 PROVIDENT FINANCIAL PLC......................... 2,984 148,100 RESOURCE AMERICA, INC (CLASS A)................. 1,166 25 RESOURCE BANCSHARES MORTGAGE GROUP, INC......... 0 781,754 SCHROEDERS LTD.................................. 15,728 165,732 SHOHKOH FUND & CO............................... 65,570 824,490 SLM HOLDINGS CORP............................... 34,835 132,800 >x*SOUTHERN PACIFIC FUNDING CORP................... 4 12,900 STUDENT LOAN CORP............................... 643 409,800 TAKEFUJI CORP................................... 51,265 593,700 * UNICAPITAL CORP................................. 2,189 7,800 >x*UNITED COS FINANCIAL CORP....................... 1 27,300 * WFS FINANCIAL, INC.............................. 577 ----------- 2,042,842 ----------- NONMETALLIC MINERALS, EXCEPT FUELS--0.04% 179,650 AMCOL INTERNATIONAL CORP........................ 2,897 139,600 JOHNS MANVILLE CORP............................. 1,954 258,463 MARTIN MARIETTA MATERIALS, INC.................. 10,597 92,000 POTASH CORP OF SASKATCHEWAN, INC................ 4,381 208,000 POTASH CORP OF SASKATCHEWAN, INC (U.S.)......... 10,023 537,200 VULCAN MATERIALS CO............................. 21,454 ----------- 51,306 ----------- OIL AND GAS EXTRACTION--1.05% 375,700 ALBERTA ENERGY LTD.............................. 11,667 989,728 ANADARKO PETROLEUM CORP......................... 33,774 236,544 * ANDERSON EXPLORATION LTD........................ 2,816 3,633,188 APACHE CORP..................................... 134,201 82,000 * ATWOOD OCEANICS, INC............................ 3,167 89,600 * BASIN EXPLORATION, INC.......................... 1,579 118,664 * BELCO OIL & GAS CORP............................ 653 91,224 BERRY PETROLEUM CO (CLASS A).................... 1,380 352,810 * BJ SERVICES CO.................................. 14,752 21,700 * BJ SERVICES CO WTS 04/13/00..................... 1,177 2,000,000 * BRITISH-BORNEO OIL & GAS PLC.................... 4,344 134,700 * BROWN (TOM), INC................................ 1,802 4,854,672 BURLINGTON RESOURCES, INC....................... 160,508 147,000 CABOT OIL & GAS CORP (CLASS A).................. 2,361 90,000 * CABRE EXPLORATION LTD........................... 745 74,200 * CAL DIVE INTERNATIONAL, INC..................... 2,458 131,175 * CANADIAN HUNTER EXPLORATION, INC................ 2,150 242,494 * CANADIAN NATURAL RESOURCES LTD.................. 5,899 265,430 CANADIAN OCCIDENTAL PETROLEUM LTD............... 5,220 319,700 >*CHESAPEAKE ENERGY CORP.......................... 759 123,000 * COFLEXIP S.A.................................... 8,941 77,900 x*COHO ENERGY, INC................................ 33 143,450 CONSOL ENERGY, INC.............................. 1,452 13,080 * CONTOUR ENERGY CO............................... 7 70,000 * CRESTAR ENERGY, INC............................. 959 314,750 CROSS TIMBERS OIL CO............................ 2,852 265,899 DEVON ENERGY CORP (NEW)......................... 8,741 417,800 DIAMOND OFFSHORE DRILLING, INC.................. 12,769 40 x*EAGLE GEOPHYSICAL, INC.......................... 0 278,161 * EEX CORP........................................ 817 1,312,485 ENSCO INTERNATIONAL, INC........................ 30,023 603,000 EOG RESOURCES, INC.............................. 10,590 SEE NOTES TO FINANCIAL STATEMENTS 40 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- OIL AND GAS EXTRACTION--(Continued) 304,280 * EQUITY OIL CO...................................$ 342 300 * EVERGREEN RESOURCES, INC........................ 6 1,295,523 FLETCHER CHALLENGE LTD (ENERGY DIVISION)........ 3,383 226,200 x*FORCENERGY GAS EXPLORATION, INC................. 115 210,634 * FOREST OIL CORP................................. 2,778 220,915 * FRIEDE GOLDMAN HALTER, INC...................... 1,533 436,600 * GLOBAL INDUSTRIES LTD........................... 3,766 875,640 * GLOBAL MARINE, INC.............................. 14,558 1,556,899 * GREY WOLF, INC.................................. 4,476 459,800 * GULF CANADA RESOURCES LTD....................... 1,507 2,419,192 HALLIBURTON CO.................................. 97,372 187,900 >*HANOVER COMPRESSOR CO........................... 7,093 137,397 >*HARKEN ENERGY CORP.............................. 103 456,749 HELMERICH & PAYNE, INC.......................... 9,963 53,937 * HOUSTON EXPLORATION CO.......................... 1,069 106,261 * HS RESOURCES, INC............................... 1,833 201,800 IHC CALAND NV................................... 7,370 953,664 IMPERIAL OIL LTD................................ 20,401 757,443 KERR-MCGEE CORP................................. 46,961 515,519 * KEY ENERGY SERVICES, INC........................ 2,674 1,371,899 LONDON & SCOTTISH MARINE OIL PLC................ 2,608 122,792 * LOUIS DREYFUS NATURAL GAS CORP.................. 2,226 351,800 * MARINE DRILLING CO, INC......................... 7,894 77,929 * MCMORAN EXPLORATION CO.......................... 1,646 46,400 * MERIDIAN RESOURCE CORP.......................... 142 21,211 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A).. 468 207,600 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS B).. 4,476 507,973 * NABORS INDUSTRIES, INC.......................... 15,715 240,000 * NEW HORIZONS WORLDWIDE, INC..................... 2,850 52,100 * NEWFIELD EXPLORATION CO......................... 1,394 353,700 NOBLE AFFILIATES, INC........................... 7,582 1,017,525 * NOBLE DRILLING CORP............................. 33,324 3,039,216 * NOVUS PETROLEUM LTD............................. 2,884 122,500 * NUEVO ENERGY CO................................. 2,297 1,648,747 OCCIDENTAL PETROLEUM CORP....................... 35,654 1,034,762 * OCEAN ENERGY, INC (NEW)......................... 8,019 294,400 * OCEANEERING INTERNATIONAL, INC.................. 4,398 500 * OCELOT ENERGY, INC (CLASS B).................... 1 33,000 OMV AKTIENGESELLS AG............................ 3,208 889,686 * PARKER DRILLING CO.............................. 2,836 219,900 * PATTERSON ENERGY, INC........................... 2,859 28,000 PENN VIRGINIA CORP.............................. 469 148,400 * PETROLEUM GEO-SERVICES AS....................... 2,650 962,400 * PIONEER NATURAL RESOURCES CO.................... 8,601 50,900 POGO PRODUCING CO............................... 1,043 215,100 * PRIDE INTERNATIONAL, INC........................ 3,146 928,878 * R & B FALCON CORP............................... 12,308 500 RANGE RESOURCES CORP............................ 2 228,500 * RANGER OIL LTD.................................. 710 242,950 * RENAISSANCE ENERGY LTD.......................... 2,431 484,068 * ROWAN COS, INC.................................. 10,498 598,944 RPC, INC........................................ 3,444 25,000 SANTA FE INTERNATIONAL CORP..................... 647 1,083,760 * SANTA FE SNYDER CORP............................ 8,670 721,600 SCHLUMBERGER LTD................................ 40,590 148,700 * SEITEL, INC..................................... 1,004 50 * SERVAL GROWTH FUND TRUST (UNITS)................ 0 6,529,633 SHELL TRANSPORT & TRADING CO PLC................ 54,246 43,500 SMEDVIG AS SERIES A............................. 543 108,200 ST. MARY LAND & EXPLORATION CO.................. 2,678 47,900 * STONE ENERGY CORP............................... 1,706 2,400 * SWIFT ENERGY CO................................. 28 88,076 * SYNTROLEUM CORP................................. 716 2,470,765 TOTAL FINA S.A.................................. 329,815 162,677 TOTAL FINA S.A. SERIES B........................ 21,879 163,377 * TOTAL FINA S.A. (STRIP VVPR).................... 2 2,025 * TOTAL FINA WTS 08/05/03......................... 58 154,654 * TRANSMONTAIGNE, INC............................. 1,083 770,301 * TRANSOCEAN SEDCO FOREX, INC..................... 25,950 6,623 x*TRANSTEXAS GAS CORP............................. 1 35 * TRITON ENERGY LTD............................... 1 62,700 * TUBOSCOPE, INC.................................. 995 375,363 * TULLOW OIL PLC.................................. 488 1,868,191 UNION PACIFIC RESOURCES GROUP, INC.............. 23,819 86,200 * UTI ENERGY CORP................................. 1,988 108,700 VASTAR RESOURCES, INC........................... 6,413 125,300 * VERITAS DGC, INC................................ 1,754 277,900 * VINTAGE PETROLEUM, INC.......................... 3,352 435,550 * WEATHERFORD INTERNATIONAL....................... 17,395 ----------- 1,429,503 ----------- PAPER AND ALLIED PRODUCTS--0.71% 233,800 ABITIBI CONSOLIDATED, INC....................... 2,727 83,147 * ACX TECHNOLOGIES, INC........................... 889 1,452,383 > AMCOR LTD....................................... 6,781 14,309 * AMERICAN PAD & PAPER CO......................... 3 1,309,696 ARJO WIGGINS APPLETON PLC....................... 4,758 139,000 * ASSIDOMAN AB.................................... 2,265 539,231 AVERY DENNISON CORP............................. 39,296 187,600 BEMIS, INC...................................... 6,543 379,132 BOISE CASCADE CORP.............................. 15,355 129,996 BOWATER, INC.................................... 7,060 290,127 * BUCKEYE TECHNOLOGIES, INC....................... 4,316 110,980 BUHRMANN NV..................................... 1,672 1,167,120 BUNZL PLC....................................... 6,426 320,200 CARAUSTAR INDUSTRIES, INC....................... 7,685 164,970 CARTIERE BURGO S.P.A............................ 1,087 598,090 CHAMPION INTERNATIONAL CORP..................... 37,044 119,600 CHESAPEAKE CORP................................. 3,648 345,164 CONSOLIDATED PAPERS, INC........................ 10,981 3,305 * CROWN VANTAGE, INC.............................. 7 396,200 DOMTAR, INC..................................... 4,675 50 DONOHUE, INC (CLASS A).......................... 1 462,680 >*EARTHSHELL CORP................................. 1,909 42,917 EMPRESA NATIONAL DE CELULOSAS S.A............... 858 2,331,346 FLETCHER CHALLENGE LTD (PAPER DIVISION)......... 1,632 4,217,953 FORT JAMES CORP................................. 115,466 777,988 * GAYLORD CONTAINER CO............................ 5,300 291,648 GLATFELTER (P.H.) CO............................ 4,247 43,300 GREIF BROTHERS CORP (CLASS A)................... 1,288 2,207,188 INTERNATIONAL PAPER CO.......................... 124,568 40,500 INVESTIMENTOS PARTICIPACOES E GESTAO............ 332 162,400 * IVEX PACKAGING CORP............................. 1,624 7,230,215 JEFFERSON SMURFIT GROUP PLC..................... 21,852 3,481,649 KIMBERLY-CLARK CORP............................. 227,178 311,600 LONGVIEW FIBRE CO............................... 4,440 238,361 * MAIL-WELL, INC.................................. 3,218 14,800 MAYR-MELNHOF KARTON AG.......................... 686 550,032 MEAD CORP....................................... 23,892 954,000 MITSUBISHI PAPER MILLS LTD...................... 1,278 150,100 NAMPAK LTD...................................... 450 282,000 NEXFOR, INC..................................... 1,635 520,000 NGK INSULATORS LTD.............................. 3,860 1,344,000 NIPPON PAPER INDUSTRIES CO...................... 7,401 58,500 NORSKE SKOGINDUSTRIER SERIES A.................. 3,054 2,400 NORSKE SKOGINDUSTRIER SERIES B.................. 101 2,073,334 OJI PAPER CO LTD................................ 12,472 65,600 * PLAYTEX PRODUCTS, INC........................... 1,009 132,419 PORTUCEL INDUSTRIA EMPRESA...................... 911 4,959 POTLATCH CORP................................... 221 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 41 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- PAPER AND ALLIED PRODUCTS--(Continued) 203,004 RENO DE MEDICI S.P.A............................$ 552 7,000 * REPAP ENTERPRISES, INC.......................... 0 59,014 REPUBLIC GROUP, INC............................. 893 1,083,111 REXAM PLC....................................... 4,372 86,400 ROCK-TENN CO (CLASS A).......................... 1,274 63,529 SAPPI LTD....................................... 628 890,496 > SCA AB SERIES B................................. 26,404 108,556 SCHWEITZER-MAUDUIT INTERNATIONAL, INC........... 1,459 233,714 * SHOREWOOD PACKAGING CORP........................ 4,426 579,079 SMURFIT (JEFFERSON) GROUP PLC................... 1,720 3,020,054 * SMURFIT-STONE CONTAINER CORP.................... 73,991 631,561 SONOCO PRODUCTS CO.............................. 14,368 203,400 ST. JOE CO...................................... 4,945 357,290 TEMPLE-INLAND, INC.............................. 23,559 143,300 UNI CHARM CORP.................................. 8,255 316,000 > UPM-KYMMENE OY.................................. 12,734 401,432 WAUSAU-MOSINEE PAPER CORP....................... 4,692 511,221 WESTVACO CORP................................... 16,679 503,472 WILLAMETTE INDUSTRIES, INC...................... 23,380 ----------- 958,432 ----------- PERSONAL SERVICES--0.05% 694,300 BLOCK (H&R), INC................................ 30,376 69,900 * CARRIAGE SERVICES, INC (CLASS A)................ 415 374,254 CINTAS CORP..................................... 19,882 44,400 * COINSTAR, INC................................... 622 85,987 CPI CORP........................................ 1,940 116,100 G & K SERVICES, INC (CLASS A)................... 3,759 174,600 REGIS CORP...................................... 3,296 927,815 SERVICE CORP INTERNATIONAL...................... 6,437 93,961 UNIFIRST CORP................................... 1,186 ----------- 67,913 ----------- PETROLEUM AND COAL PRODUCTS--3.50% 556,286 AMERADA HESS CORP............................... 31,569 59,100 ARABIAN OIL CO LTD.............................. 1,017 404,087 ASHLAND, INC.................................... 13,310 5,575,492 ATLANTIC RICHFIELD CO........................... 482,280 21,872,572 BP AMOCO PLC.................................... 219,852 73,932 BP AMOCO PLC (SPONS ADR)........................ 4,385 4,434,136 > BROKEN HILL PROPRIETARY CO LTD.................. 58,046 83 BURMAH CASTROL PLC.............................. 2 4,266,582 CHEVRON CORP.................................... 369,593 4,585,252 CONOCO, INC (CLASS B)........................... 114,058 1,863,000 COSMO OIL CO LTD................................ 2,788 194,350 ELCOR CORP...................................... 5,855 9,522,780 > ENTE NAZIONALE IDROCARBURI S.P.A................ 52,382 30,972,200 EXXON MOBIL CORP................................ 2,495,198 1,200,000 FORTUM OYJ...................................... 5,440 62,000 JAPAN ENERGY CORP............................... 56 312,880 MURPHY OIL CORP................................. 17,951 2,914,925 NIPPON MITSUBISHI OIL CO........................ 12,830 462,182 NORSK HYDRO AS.................................. 19,396 481,451 PENNZOIL-QUAKER STATE CO........................ 4,905 12,700 PETRO-CANADA (NON-RESIDENT)..................... 179 683,100 PETRO-CANADA (VARIABLE-VOTE).................... 9,640 1,428,717 PHILLIPS PETROLEUM CO........................... 67,150 2,608,422 REPSOL S.A...................................... 60,493 5,396,545 ROYAL DUTCH PETROLEUM CO........................ 330,826 1,453,317 > SANTOS LTD...................................... 3,947 192,484 SASOL LTD....................................... 1,598 574,000 SHOWA SHELL SEKIYU K.K.......................... 2,532 264,700 SUNCOR ENERGY, INC.............................. 11,033 568,542 SUNOCO, INC..................................... 13,361 668,176 TEIKOKU OIL CO LTD.............................. 2,026 199,981 * TESORO PETROLEUM CORP........................... 2,312 3,136,766 TEXACO, INC..................................... 170,366 1,302,025 TOSCO CORP...................................... 35,399 1,067,599 ULTRAMAR DIAMOND SHAMROCK CORP.................. 24,221 1,338,190 UNOCAL CORP..................................... 44,913 2,122,289 USX-MARATHON GROUP, INC......................... 52,394 315,400 * VALERO ENERGY CORP.............................. 6,269 196,500 WD-40 CO........................................ 4,348 28,450 WOODSIDE PETROLEUM LTD.......................... 209 ----------- 4,754,129 ----------- PIPELINES, EXCEPT NATURAL GAS--0.01% 368,660 ENBRIDGE, INC................................... 7,289 159,076 ENBRIDGE, INC (U.S.)............................ 3,201 ----------- 10,490 ----------- PRIMARY METAL INDUSTRIES--0.85% 55,950 ACERINOX S.A.................................... 2,232 22,940 * ACME METALS, INC................................ 6 341,320 AK STEEL HOLDINGS CORP.......................... 6,442 588,200 ALCAN ALUMINUM CO LTD........................... 24,111 3,596,208 ALCOA, INC...................................... 298,485 373,407 ALLEGHENY TECHNOLOGIES, INC..................... 8,378 82,700 * ALPINE GROUP, INC............................... 1,065 30,720 BEKAERT S.A..................................... 1,705 154,500 BELDEN, INC..................................... 3,245 784,021 * BETHLEHEM STEEL CORP............................ 6,566 200 BILLITON PLC.................................... 1 163,000 BIRMINGHAM STEEL CORP........................... 866 3,712 * BOLIDEN LTD SDR................................. 11 45,500 BRUSH WELLMAN, INC.............................. 765 184,376 * CABLE DESIGN TECHNOLOGIES CO.................... 4,241 135,122 CARPENTER TECHNOLOGY CORP....................... 3,707 74,100 CO STEEL, INC................................... 869 14,875,000 COMPANIA SIDERURGICA NACIONAL S.A............... 576 5,575,776 * CORUS GROUP PLC................................. 14,495 51,000 CURTISS WRIGHT CORP............................. 1,881 78,500 DANIELI & CO.................................... 443 269,104 DOFASCO, INC.................................... 5,293 68,550 * ENCORE WIRE CORP................................ 523 527,755 ENGELHARD CORP.................................. 9,961 17,400 * FALCK AS........................................ 1,826 190,529 GENERAL CABLE CORP.............................. 1,441 90,270 GERDAU METALURGICA S.A.......................... 3 101,300 GIBRALTAR STEEL CORP............................ 2,368 44,000 GRANGES AB...................................... 919 93,560 IMCO RECYCLING, INC............................. 1,181 217,000 INTERMET CORP................................... 2,523 75,389 ISCOR LTD....................................... 285 1,000 * IVACO, INC (CLASS A)............................ 3 1,145,000 * JAPAN STEEL WORKS LTD........................... 1,254 152,800 * KAISER ALUMINUM CORP............................ 1,175 3,806,000 * KAWASAKI STEEL CORP............................. 6,812 14,859 * LONE STAR TECHNOLOGIES, INC..................... 414 818,900 LTV CORP........................................ 3,378 78,600 MADECO S.A. ADR................................. 874 2,014,221 * MANNESMANN AG. (REGD)........................... 486,000 61,300 MATTHEWS INTERNATIONAL CORP (CLASS A)........... 1,686 63,300 * MAVERICK TUBE CORP.............................. 1,563 46,062 * MAXXAM, INC..................................... 1,975 196,265 METAL MANUFACTURES LTD.......................... 289 340,300 * MUELLER INDUSTRIES, INC......................... 12,336 826,450 NATIONAL IRON & STEEL MILLS LTD................. 1,647 123,400 NATIONAL STEEL CORP (CLASS B)................... 918 1,000 NIPPON DENKO CO LTD............................. 1 10,693,000 NIPPON STEEL CORP............................... 24,996 226,200 >*NKK CORP........................................ 153 9,046 NKT HOLDINGS AS................................. 506 626,000 NUCOR CORP...................................... 34,313 SEE NOTES TO FINANCIAL STATEMENTS 42 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- PRIMARY METAL INDUSTRIES--(Continued) 20,000 >*OPTICAL CABLE CORP..............................$ 400 162,600 OREGON STEEL MILLS, INC......................... 1,291 133,459 PECHINEY S.A.................................... 9,539 144,050 PRECISION CAST PARTS CORP....................... 3,781 424,152 PREUSSAG AKTIEGESELLSCHAFT AG................... 23,630 35,000 #*PROMET BERHAD................................... 3 168,729 QUANEX CORP..................................... 4,303 575,200 RAUTARUUKKI SERIES K............................ 4,027 302,490 REYNOLDS METALS CO.............................. 23,178 73,383 > ROUGE INDUSTRIES, INC (CLASS A)................. 578 94,000 >*RTI INTERNATIONAL METALS........................ 705 84,137 RYERSON TULL, INC............................... 1,635 196,850 * SALZGITTER AG................................... 1,864 643,101 SIDERCA S.A. (CLASS A).......................... 1,351 30,520 #*SILVERSTONE BERHAD.............................. 0 400 * SPECIAL METALS CORP............................. 1 80,900 * STEEL DYNAMICS, INC............................. 1,289 371,700 STELCO, INC (CLASS A)........................... 2,770 844,000 >*SUMITOMO HEAVY INDUSTRIES LTD................... 2,311 7,927,000 * SUMITOMO METAL INDUSTRIES LTD................... 5,970 139,456 SUPERIOR TELECOM, INC........................... 2,153 98,050 SVENSKT STAL AB SERIES A (SSAB) ................ 1,523 40,350 SVENSKT STAL AB SERIES B........................ 593 139,771 TEXAS INDUSTRIES, INC........................... 5,949 1,275,350 * THYSSEN KRUPP AG................................ 38,867 1,958 TITAN INTERNATIONAL, INC........................ 13 105,800 > TITANIUM METALS CORP............................ 476 30,300 TOKYO STEEL MANUFACTURING CO LTD................ 107 141,580 TRELLEBORG AB SERIES B FREE..................... 1,274 158,940 USINOR.......................................... 2,986 483,714 USX-US STEEL GROUP, INC......................... 15,963 122,000 VOEST-ALPINE STAHL AG........................... 4,757 94,500 * WOLVERINE TUBE, INC............................. 1,335 462,112 WORTHINGTON INDUSTRIES, INC..................... 7,654 ----------- 1,158,982 ----------- PRINTING AND PUBLISHING--0.77% 2,800 * AGEFI GROUPE S.A................................ 1,073 124,845 AMERICAN BUSINESS PRODUCTS, INC................. 1,459 387,100 AMERICAN GREETINGS CORP (CLASS A)............... 9,145 49,700 * APPLIED GRAPHICS TECHNOLOGIES, INC.............. 429 317,200 BANTA CORP...................................... 7,157 276,270 BELO (A.H.) CORP SERIES A....................... 5,266 351,800 #BELO (A.H.) CORP SERIES B....................... 6,706 234,440 BOWNE & CO, INC................................. 3,165 215,200 CENTRAL NEWSPAPERS, INC (CLASS A)............... 8,474 88,400 * CONSOLIDATED GRAPHICS, INC...................... 1,320 31,892 * CSS INDUSTRIES, INC............................. 682 1,539,662 > DAI NIPPON PRINTING CO LTD...................... 24,547 102,600 * DAY RUNNER, INC................................. 401 680,729 DELUXE CORP..................................... 18,678 600,508 DONNELLEY (R.R.) & SONS CO...................... 14,900 4,000 DOW JONES & CO, INC............................. 272 406,300 # DOW JONES & CO, INC (CLASS B)................... 27,628 1,808,568 ELSEVIER UTIGEVERSMIJ NV........................ 21,609 101,000 * EMAP PLC........................................ 2,087 125,825 * FRANKLIN COVEY CO............................... 944 1,000 * GAKKEN CO LTD................................... 2 1,959,446 GANNETT CO, INC................................. 159,817 169,600 * GIBSON GREETINGS, INC........................... 1,521 13,300 x*GOLDEN BOOKS FAMILY ENTERTAINMENT, INC.......... 2 398,595 HARLAND (JOHN H.) CO............................ 7,299 275,600 HARTE-HANKS, INC................................ 5,994 18,800 > HOLLINGER INTERNATIONAL, INC.................... 243 72,800 HOUGHTON MIFFLIN CO............................. 3,071 2,500 * IDG BOOKS WORLDWIDE, INC........................ 29 387,889 INDEPENDENT NEWS & MEDIA PLC.................... 2,544 600 * INFORMATION HOLDINGS, INC....................... 17 70,938 * JOURNAL REGISTER CO............................. 1,095 15,000 * KADOKAWA SHOTEN PUBLISHING CO, LTD.............. 5,047 297,505 KNIGHT-RIDDER, INC.............................. 17,702 289,900 LEE ENTERPRISES, INC............................ 9,259 14,400 # LEE ENTERPRISES, INC (CLASS B).................. 460 37,135 MCCLATCHY CO (CLASS A).......................... 1,606 1,159,450 MCGRAW HILL COS, INC............................ 71,451 142,629 MEDIA GENERAL, INC (CLASS A).................... 7,417 41,400 MEREDITH CORP................................... 1,726 320,900 # MEREDITH CORP (CLASS B)......................... 13,378 399,700 MONDADORI (ARNOLDO) EDITORE S.P.A............... 12,684 89,308 MOORE CORP LTD.................................. 530 20,800 NASPERS LTD..................................... 189 79,300 NEW ENGLAND BUSINESS SERVICES, INC.............. 1,938 168,000 * NEW STRAITS TIMES PRESS BERHAD ................. 405 1,051,207 NEW YORK TIMES CO (CLASS A)..................... 51,641 6,339,048 NEWS CORP LTD................................... 61,362 51,000 * OAKHILL GROUP PLC............................... 17 21,000 ONE MEDIA CORP LTD.............................. 450 763,800 * ORIENTAL PRESS GROUP............................ 97 49,025 * PAXAR CORP...................................... 414 3,471,546 PEARSON PLC..................................... 112,334 131,319 PENTON MEDIA, INC............................... 3,152 834,100 * POLIGRFICI EDITORIALE S.P.A..................... 3,067 900,222 * PRIMEDIA, INC................................... 14,854 2,700 PULITZER, INC................................... 109 98,200 QUEBECOR PRINTING, INC.......................... 2,185 277,100 QUEBECOR, INC (CLASS B)......................... 7,362 47,527 * R.H. DONNELLEY CORP............................. 897 403,525 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) 11,803 2,347,697 REED INTERNATIONAL PLC.......................... 17,570 437,800 REYNOLDS & REYNOLDS CO (CLASS A)................ 9,851 3,500 SCHAWK, INC (CLASS A)........................... 30 232,000 SCHIBSTED ASA................................... 4,317 423,950 * SCHOLASTIC CORP................................. 26,364 16,459 * SCIENTIFIC GAMES HOLDINGS CORP.................. 273 218,995 SCRIPPS (E.W.) CO (CLASS A)..................... 9,814 34,000 * SHOBUNSHA PUBLICATIONS, INC..................... 2,128 773,846 SINGAPORE PRESS HOLDINGS LTD.................... 16,768 3,938,000 SOUTH CHINA MORNING POST........................ 3,394 78,500 STANDARD REGISTER, INC.......................... 1,521 1,404,250 THOMSON CORP.................................... 36,824 68,810 TIMES MIRROR CO SERIES A........................ 4,610 242,859 # TIMES MIRROR CO SERIES C........................ 16,272 84,000 TOPPAN FORMS CO LTD............................. 2,259 880,000 TOPPAN PRINTING CO LTD.......................... 8,779 226,590 * TOPPS, INC...................................... 2,351 1,208,034 TRIBUNE CO...................................... 66,517 253,200 WALLACE COMPUTER SERVICES, INC.................. 4,209 52,824 WASHINGTON POST CO (CLASS B).................... 29,364 200,576 WILEY (JOHN) & SONS, INC (CLASS A).............. 3,360 650,572 >*WOLTERS KLUWER NV............................... 22,022 2,067 * WORKFLOW MANAGEMENT, INC........................ 59 165,000 * ZIFF-DAVIS, INC-ZDNET........................... 2,609 ----------- 1,042,377 ----------- RAILROAD TRANSPORTATION--0.28% 598,326 BRAMBLES INDUSTRIES LTD......................... 16,496 3,234,969 BURLINGTON NORTHERN SANTA FE CORP............... 78,448 143,400 CANADIAN NATIONAL RAILWAY CO (CANADA)........... 3,780 732,300 CANADIAN PACIFIC LTD............................ 15,691 131,700 CANADIAN PACIFIC LTD (U.S.) (NEW)............... 2,840 1,275,572 CSX CORP........................................ 40,021 180,001 FLORIDA EAST COAST INDUSTRIES, INC.............. 7,515 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 43 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- RAILROAD TRANSPORTATION--(Continued) 40,639 > HANKYU CORP.....................................$ 145 757,910 KANSAS CITY SOUTHERN INDUSTRIES, INC............ 56,559 868,000 KEIHIN ELECTRIC EXPRESS RAILWAY................. 2,971 2,002,203 KINKI NIPPON RAILWAY CO LTD..................... 8,029 180,689 MAYNE NICKLESS LTD.............................. 465 51,875 NAGOYA RAILROAD CO LTD.......................... 152 1,418,000 > NIPPON EXPRESS CO LTD........................... 7,836 2,009,736 NORFOLK SOUTHERN CORP........................... 41,200 166,200 PROVIDENCE AND WORCESTER RAILROAD CO............ 1,330 1,431,488 RAILTRACK GROUP PLC............................. 24,039 1,243,000 TOBU RAILWAY CO LTD............................. 3,647 82,300 TRANZ RAIL HOLDINGS LTD......................... 153 1,533,521 UNION PACIFIC CORP.............................. 66,900 328,300 * WISCONSIN CENTRAL TRANSIT CORP.................. 4,412 ----------- 382,629 ----------- REAL ESTATE--0.21% 1,945,180 AMP DIVERSIFIED PROPERTY TRUST.................. 2,992 402,200 ARDEN REALTY GROUP, INC......................... 8,069 69,200 * AVATAR HOLDINGS, INC............................ 1,254 1,614,900 BRITISH LAND PLC................................ 10,691 190,600 BROOKFIELD PROPERTIES CORP...................... 1,993 128,725 * CASTLE & COOKE, INC............................. 1,633 376,950 * CATELLUS DEVELOPMENT CORP....................... 4,830 123,000 * CB RICHARD ELLIS SERVICES GROUP, INC............ 1,522 4,344,890 CHEUNG KONG HOLDINGS LTD........................ 55,195 4,041,864 * CHINESE ESTATES LTD............................. 832 615,551 * CHINESE ESTATES LTD~HOLDINGS WTS 11/24/00....... 52 1,449,326 CITY DEVELOPMENT LTD............................ 8,482 465,000 > DAIWA KOSHO LEASE CO LTD........................ 1,496 2,674,000 DBS LAND LTD.................................... 5,265 88,900 DILIGENTIA AB................................... 732 157,909 * EVERGO CHINA HOLDINGS LTD....................... 3 1,400 * EXCEL LEGACY CORP............................... 5 272,400 * FAIRFIELD COMMUNITIES, INC...................... 2,928 958,000 FIRST CAPITAL CORP LTD.......................... 1,277 62,700 FOREST CITY ENTERPRISES, INC (CLASS A).......... 1,756 2,254,173 GENERAL PROPERTY TRUST.......................... 3,659 102,348 GREAT PORTLAND ESTATES PLC...................... 316 1,900 * GRUBB & ELLIS CO................................ 9 269,121 HAMMERSON PLC................................... 1,862 1,804,500 HANG LUNG DEVELOPMENT CO LTD.................... 2,043 240 HONG KONG LAND HOLDINGS LTD..................... 0 1,000,449 HOPEWELL HOLDINGS LTD........................... 595 2,355,384 HYSAN DEVELOPMENT CO LTD........................ 2,985 128,744 * INSIGNIA FINANCIAL GROUP, INC................... 1,118 103,579 IRSA S.A........................................ 336 163,900 * JONES LANG LA SALLE............................. 1,946 362,960 LNR PROPERTY CORP............................... 7,214 917,000 * MALAYSIAN RESOURCES CORP BERHAD................. 601 299,900 MEPC PLC........................................ 2,252 216,603 METROVACESA S.A................................. 3,753 1,813,000 > MITSUBISHI ESTATE CO LTD........................ 17,680 1,762,000 MITSUI FUDOSAN CO LTD........................... 11,926 3,629,936 NEW WORLD DEVELOPMENT CO LTD.................... 8,172 774,000 PARKWAY HOLDINGS LTD............................ 1,756 95,200 * PINNACLE HOLDINGS, INC.......................... 4,034 96,000 PRESTIGE PROPERTY HOLDINGS LTD.................. 5 5,596 * RECKSON SERVICES INDUSTRIES, INC................ 349 55,400 * SECURITY CAPITAL GROUP, INC (CLASS B)........... 693 17,797 SIMCO (REGD).................................... 1,441 7,156,311 SINO LAND CO LTD................................ 4,120 2,232,145 * SLOUGH ESTATES PLC.............................. 12,741 221,800 STEWART ENTERPRISES, INC (CLASS A).............. 1,054 1,853,768 STOCKLAND TRUST GROUP (UNITS)................... 3,883 79,058 * STOCKLAND TRUST GROUP (UNITS) (NEW)............. 155 242,000 STRAITS TRADING CO.............................. $ 298 4,476,217 SUN HUNG KAI PROPERTIES LTD..................... 46,642 2,300,394 TAI CHEUNG HOLDINGS LTD......................... 556 74,400 * TAK WING INVESTMENT HOLDINGS LTD................ 6 760,000 > TOKYO TATEMONO CO LTD........................... 1,353 150,680 * TRAMMELL CROW CO................................ 1,752 50,000 TRIZEC HAHN CORP................................ 837 30,460 UNIBAIL S.A..................................... 3,845 474,000 UNITED OVERSEAS LAND LTD........................ 444 219,442 * URBIS S.A....................................... 995 505,596 VALLEHERMOSO S.A................................ 3,555 324,250 * WCM BETEILIGUNGS & GRUNDBESITZ AG............... 12,577 ----------- 280,565 ----------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.30% 65,800 ADIDAS SALOMON AG............................... 4,939 4,700 * AEP INDUSTRIES, INC............................. 121 254,764 APTARGROUP, INC................................. 6,401 240,484 ARMSTRONG WORLD INDUSTRIES, INC................. 8,026 92,200 BANDAG, INC (CLASS A)........................... 1,959 1,551,895 BRIDGESTONE CORP................................ 34,153 187,500 CARLISLE COS, INC............................... 6,750 2,324,824 CONTINENTAL AG.................................. 46,492 401,020 COOPER TIRE & RUBBER CO......................... 6,241 114,500 * FOAMEX INTERNATIONAL, INC....................... 952 2,250 FORBO HOLDINGS AG. (REGD)....................... 1,060 867,469 GOODYEAR TIRE & RUBBER CO....................... 24,452 1,512,276 ILLINOIS TOOL WORKS, INC........................ 102,173 571,615 MICHELIN S.A. (CLASS B)......................... 22,459 750 > MIRAI INDUSTRY CO LTD........................... 8 124,833 MYERS INDUSTRIES, INC........................... 1,966 782,500 NIKE, INC (CLASS B)............................. 38,783 2,226,000 * OMNI INDUSTRIES LTD............................. 4,035 1,035,946 * PACTIV CORP..................................... 11,007 3,875,449 > PIRELLI S.P.A................................... 10,639 2,000,000 PIRELLI S.P.A. RISP............................. 3,627 153,410 * REEBOK INTERNATIONAL LTD........................ 1,256 705,864 * SAFESKIN CORP................................... 8,559 427,592 * SEALED AIR CORP................................. 22,155 689,180 SOLUTIA, INC.................................... 10,639 94,200 SPARTECH CORP................................... 3,038 163,869 TREDEGAR CORP................................... 3,390 6,000 * TREX CO, INC.................................... 161 1,006,290 TUPPERWARE CORP................................. 17,044 27,800 >*U.S. PLASTIC LUMBER CORP........................ 214 47,387 WYNNS INTERNATIONAL, INC........................ 669 550 > YOKOHAMA RUBBER CO LTD.......................... 1 ----------- 403,369 ----------- SECURITY AND COMMODITY BROKERS--1.16% 521,068 3I GROUP PLC.................................... 9,297 47,475 ADVEST GROUP, INC............................... 872 242,185 * AFFILIATED MANAGERS GROUP, INC.................. 9,793 313,100 >*AMERITRADE HOLDINGS CORP (CLASS A).............. 6,790 624,400 * AMVESCAP PLC.................................... 7,259 978,572 BEAR STEARNS COS, INC........................... 41,834 36,900 CONNING CORP.................................... 304 36,350 * CONSORS DISCOUNT-BROKER AG...................... 3,040 21,300 DAIN RAUSCHER CORP.............................. 990 2,678,852 > DAIWA SECURITIES GROUP, INC..................... 41,896 81,200 * DLJ DIRECT...................................... 1,101 76,800 DONALDSON, LUFKIN & JENRETTE, INC............... 3,715 62,833 DUFF & PHELPS CREDIT RATING CO.................. 5,588 1,069,388 >*E TRADE GROUP, INC.............................. 27,938 189,200 EATON VANCE CORP................................ 7,190 1,119,792 EDWARDS (A.G.), INC............................. 35,903 406,400 FEDERATED INVESTORS, INC........................ 8,153 1,080,100 FRANKLIN RESOURCES, INC......................... 34,631 SEE NOTES TO FINANCIAL STATEMENTS 44 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- SECURITY AND COMMODITY BROKERS--(Continued) 176,000 FREEDOM SECURITIES CORP......................... $ 1,980 120,700 >*FRIEDMAN, BILLINGS, RAMSEY GROUP, INC........... 951 76,288 INVESTMENT TECHNOLOGY GROUP, INC................ 2,193 50,978 INVESTORS FINANCIAL SERVICES CORP............... 2,345 3,076,400 >*ITOCHU CORP..................................... 15,316 34,200 JEFFERIES GROUP, INC (NEW)...................... 752 32,674 JOHN NUVEEN CO (CLASS A)........................ 1,178 770,472 >*KNIGHT/TRIMARK GROUP, INC....................... 35,442 277,532 LEGG MASON, INC................................. 10,061 613,019 LEHMAN BROTHERS HOLDINGS, INC................... 51,915 1,966,900 MARUBENI CORP................................... 8,253 2,019,242 MERRILL LYNCH & CO, INC......................... 168,607 2,790,000 MITSUBISHI CORP................................. 21,531 2,790,000 > MITSUI & CO LTD................................. 19,511 555,800 MORGAN KEEGAN, INC.............................. 9,344 3,506,773 MORGAN STANLEY, DEAN WITTER, & CO............... 500,592 80,700 * NATIONAL DISCOUNT BROKERS GROUP, INC............ 2,128 1,775,000 * NEW JAPAN SECURITIES CO LTD..................... 4,427 420,000 * NIKKO SECURITIES CO LTD......................... 5,312 5,022,000 NOMURA SECURITIES CO LTD........................ 90,626 104,200 OM GRUPPEN AB................................... 2,268 1,253,802 PAINE WEBBER GROUP, INC......................... 48,663 517,000 x*PEREGRINE INVESTMENT HOLDINGS LTD............... 0 235,406 PHOENIX INVESTMENT PARTNERS LTD................. 1,913 12,718 * PIONEER GROUP, INC.............................. 200 700,400 PRICE (T. ROWE) ASSOCIATES, INC................. 25,871 624,456 RAYMOND JAMES FINANCIAL CORP.................... 11,670 4,682,893 SCHWAB (CHARLES) CORP........................... 179,706 76,429 SOUTHWEST SECURITIES GROUP, INC................. 2,092 602,500 * TD WATERHOUSE GROUP............................. 9,895 582,200 THE GOLDMAN SACHS GROUP, INC.................... 54,836 590,000 * TOKYO SECURITIES CO LTD......................... 2,308 236,800 > UNITED ASSET MANAGEMENT CORP.................... 4,396 270,200 VALUE LINE, INC................................. 9,727 415,050 WADDELL & REED FINANCIAL, INC (CLASS A)......... 11,258 102,793 WADDELL & REED FINANCIAL, INC (CLASS B)......... 2,583 1,700,000 >*WAKO SECURITIES CO LTD.......................... 4,506 1,901,000 x*YAMAICHI SECURITIES CO LTD...................... 37 ----------- 1,570,687 ----------- SOCIAL SERVICES--0.00% 29,800 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC........... 559 64,100 * CAPITAL SENIOR LIVING CORP...................... 325 38,800 * PROVANT, INC.................................... 980 116,650 >*RES-CARE, INC................................... 1,487 85,070 >*SUNRISE ASSISTED LIVING, INC.................... 1,170 ----------- 4,521 ----------- SPECIAL TRADE CONTRACTORS--0.03% 217,910 APOGEE ENTERPRISES, INC......................... 1,103 148,600 * COMFORT SYSTEMS U.S.A., INC..................... 1,096 45,400 * EMCOR GROUP, INC................................ 829 194,500 * GROUP MAINTENANCE AMERICA CORP.................. 2,079 86,200 * INTEGRATED ELECTRICAL SERVICES, INC............. 867 24,750 KANDENKO CO LTD................................. 130 515,000 KINDEN CORP..................................... 3,954 12,000 KYUNDENKO CO LTD................................ 42 29,500 * MATRIX SERVICE CO............................... 135 93,256 NIPPON KANZAI CO LTD............................ 2,964 3,095 >x*OMEGA ENVIRONMENTAL, INC ....................... 0 173,100 * QUANTA SERVICES, INC............................ 4,890 220,077 SCHNEIDER ELECTRIC S.A.......................... 17,283 21,900 * SERVICE EXPERTS, INC............................ 127 ----------- 35,499 ----------- STONE, CLAY, AND GLASS PRODUCTS--0.44% 3,573 AKER RGI ASA.................................... 46 105,580 AKER RGI ASA SERIES A........................... 1,424 1,655,000 ASAHI GLASS CO LTD.............................. 12,804 14,000 * ASANO SLATE CO LTD.............................. 11 1,840,385 BLUE CIRCLE INDUSTRIES PLC...................... 10,691 4,914,222 > BORAL LTD....................................... 7,591 800 CARBO CERAMICS, INC............................. 18 399,440 CEMENTIR S.P.A.................................. 511 53,600 CENTEX CONSTRUCTION PRODUCTS, INC............... 2,090 212,337 CIMENTOS DE PORTUGAL............................ 3,530 1,525,638 CORNING, INC.................................... 196,712 2,917,175 CRH PLC......................................... 62,401 95 CRISTALERIA ESPANOLA S.A........................ 4 1,012,663 > CSR LTD......................................... 2,452 159,800 * DAL-TILE INTERNATIONAL, INC..................... 1,618 104,013 * DEPARTMENT 56, INC.............................. 2,353 35,231 * DUPONT PHOTOMASKS, INC.......................... 1,700 4,060 DYCKERHOFF AG................................... 123 91,138 FLORIDA ROCK INDUSTRIES, INC.................... 3,139 11,088 > GLAVERBEL S.A................................... 957 58 GLAVERBEL S.A. NPV (STRIP VVPR)................. 0 7,003,505 HANSON PLC...................................... 58,691 23,132 * HEIDELBERGER ZEMENT AG. (BELGUIM)............... 1,725 88,781 > HEIDELBERGER ZEMENT AG. (GERMANY)............... 6,977 23,132 * HEIDELBERGER ZEMENT AG. (STRIP VVPR)............ 2 510,116 HEPWORTH PLC.................................... 1,569 14,955 HOLDERBANK FINANCIERE GLARUS AG. (BR)........... 20,476 1,352 HOLDERBANK FINANCIERE GLARUS AG. (REGD)......... 480 316,000 HOYA CORP....................................... 24,881 80,319 IMERYS S.A...................................... 11,976 619,245 INAX CORP....................................... 3,464 232,820 > ITALCEMENTI S.P.A............................... 2,815 40,000 ITALCEMENTI S.P.A. (S/S)........................ 174 844,616 > JAMES HARDIE INDUSTRIES LTD..................... 2,206 220,586 LAFARGE CORP.................................... 6,094 76,760 LAFARGE S.A. (BR)............................... 8,940 31,420 # LAFARGE S.A. (REGD)............................. 3,659 72,368 # LAFARGE S.A. (REGD) 2001 ....................... 8,428 115,465 LIBBEY, INC..................................... 3,320 672,500 MALAYAN CEMENT BERHAD........................... 196 1,700 MIKASA, INC..................................... 17 541,000 NIPPON SHEET GLASS CO LTD....................... 2,804 173,000 NORITAKE CO LTD................................. 611 606,558 OWENS CORNING CO................................ 11,714 1,014,081 * OWENS ILLINOIS, INC............................. 25,415 1,898,442 PILKINGTON PLC.................................. 2,590 1,211,787 > PIONEER INTERNATIONAL LTD....................... 3,640 334,569 PORTLAND HOLDINGS LTD........................... 101 199,141 SOUTHDOWN, INC.................................. 10,281 213,138 ST. GOBAIN S.A.................................. 40,089 1,370,687 SUMITOMO OSAKA CEMENT CO LTD.................... 1,810 432,000 * SUNWAY HOLDINGS, INC............................ 275 2,320,200 TAIHEIYO CEMENT CORP............................ 4,425 408,500 > TOTO LTD........................................ 2,469 327,120 USG CORP........................................ 15,416 131,800 VIDRALA S.A..................................... 896 85,120 WIENERBERGER BAUSTOFF AG........................ 1,851 ----------- 600,652 ----------- TEXTILE MILL PRODUCTS--0.05% 235,070 * ALBANY INTERNATIONAL CORP (CLASS A) (NEW)....... 3,644 1,396,187 BBA GROUP PLC................................... 11,272 8,375 * BURLINGTON INDUSTRIES, INC...................... 34 3,700 CHARGEURS S.A................................... 208 1,643,098 COATS VIYELLA PLC............................... 1,101 261,249 COLLINS & AIKMAN CORP........................... 1,502 163,910 * DAN RIVER, INC (CLASS A)........................ 840 12,396 FAB INDUSTRIES, INC............................. 134 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 45 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TEXTILE MILL PRODUCTS--(Continued) 100,735 GUILFORD MILLS, INC.............................$ 730 274,500 INTERFACE, INC (CLASS A)........................ 1,578 741,215 * KANEBO LTD...................................... 1,196 3,900 LENZING AG...................................... 212 87,000 MARZOTTO & FIGLI S.P.A.......................... 622 572,000 MITSUBISHI RAYON CO LTD......................... 1,387 281,131 * MOHAWK INDUSTRIES, INC.......................... 7,415 808,000 NISSHINBO INDUSTRY, INC......................... 3,651 544,000 * NITTO BOSEKI CO LTD............................. 708 161,800 POLYMER GROUP, INC.............................. 2,953 174,400 RUSSELL CORP.................................... 2,921 754,000 SHAW INDUSTRIES, INC............................ 11,640 66,273 SPRING INDUSTRIES, INC.......................... 2,647 286,000 TOYOBO CO LTD................................... 372 157,425 * UNIFI, INC...................................... 1,938 254,800 WESTPOINT STEVENS, INC.......................... 4,459 ----------- 63,164 ----------- TOBACCO PRODUCTS--0.45% 311,961 * ALTADIS......................................... 4,438 3,936,300 > ALTADIS S.A..................................... 56,312 237,309 > BRITISH AMERICAN TOBACCO AUSTRALIA LTD.......... 2,174 327,300 BRITISH AMERICAN TOBACCO BERHAD................. 2,498 2,913,198 BRITISH AMERICAN TOBACCO PLC.................... 16,546 2,550,000 GALLAHER GROUP PLC.............................. 10,705 42,040 * GENERAL CIGAR HOLDINGS, INC (CLASS A)........... 349 1,036,700 IMASCO LTD...................................... 28,581 2,556 JAPAN TOBACCO, INC.............................. 19,550 24,928 NOBLEZA-PICCARDO S.A. (CLASS B)................. 53 18,613,039 PHILIP MORRIS COS, INC.......................... 431,590 689,649 RJR REYNOLDS TOBACCO HOLDINGS, INC.............. 12,155 5,000 SEITA S.A....................................... 227 63,878 SOUZA CRUZ S.A.................................. 472 1,036,617 UST, INC........................................ 26,110 ----------- 611,760 ----------- TRANSPORTATION BY AIR--0.37% 457,046 AIR CANADA, INC................................. 3,438 172,400 AIR NEW ZEALAND LTD (CLASS B)................... 252 328,100 AIRBORNE FREIGHT CORP........................... 7,218 115,000 * AIRTRAN HOLDINGS, INC........................... 521 153,729 * ALASKA AIR GROUP, INC........................... 5,400 1,855,000 > ALITALIA S.P.A.................................. 4,420 1,170 >*ALL NIPPON AIRWAYS CO LTD....................... 3 201,880 * AMERICA WEST HOLDINGS CORP (CLASS B)............ 4,189 882,363 * AMR CORP........................................ 59,118 1,200 * AMTRAN, INC..................................... 23 4,100 * ATLANTIC COAST AIRLINES HOLDINGS................ 97 77,200 * ATLAS AIR, INC.................................. 2,118 44,469 AUSTRIAN AIRLINES/OEST LUFTV AG................. 842 108,488 * AVIALL, INC..................................... 888 2,367,572 BRITISH AIRPORT AUTHORITIES PLC................. 16,630 568,500 BRITISH AIRWAYS PLC............................. 3,709 200 * CANADIAN AIRLINES CORP.......................... 0 6,545,800 CATHAY PACIFIC AIRWAYS LTD...................... 11,663 532,300 * CONTINENTAL AIRLINES, INC (CLASS B)............. 23,621 1,129,886 DELTA AIRLINES, INC............................. 56,282 1,909,890 > DEUTSCHE LUFTHANSA AG. (REGD)................... 44,447 1,429,062 * FDX CORP........................................ 58,502 27,407 FLUGHAFEN WIEN AG............................... 953 42,300 * FRONTIER AIRLINES, INC.......................... 481 64,900 HONG KONG AIRCRAFT ENGINEERING CO LTD........... 108 3,153,400 > JAPAN AIRLINES CO LTD........................... 9,345 67,637 KLM (ROYAL DUTCH AIRLINES) NV................... 1,738 210,500 LINEA AEREA NACIONAL CHILE S.A. ADR............. 1,592 582,000 MALAYSIAN AIRLINE SYSTEM BERHAD................. 502 323,900 * MESA AIR GROUP, INC............................. 1,539 77,300 * MESABA HOLDINGS, INC............................ 884 86,759 * MIDWEST EXPRESS HOLDINGS, INC................... 2,765 139,000 * NORTHWEST AIRLINES CORP (CLASS A)............... 3,093 281,200 * OFFSHORE LOGISTICS, INC......................... 2,636 296,488 OGDEN CORP...................................... 3,539 238,005 PITTSTON BAX GROUP.............................. 2,529 245,900 * RYANAIR HOLDINGS PLC............................ 2,626 327,300 * RYANAIR HOLDINGS PLC ADR........................ 18,042 6,400 SAIRGROUP....................................... 1,288 65,388 > SAS DANMARK AS.................................. 682 53,000 SAS NORGE ASA SERIES B.......................... 576 4,485,000 SINGAPORE AIRLINES LTD (LR)..................... 50,880 93,300 SKYWEST, INC.................................... 2,612 2,831,332 SOUTHWEST AIRLINES CO........................... 45,832 3,040,200 SWIRE PACIFIC LTD (CLASS A)..................... 17,951 223,800 >*TRANS WORLD AIRLINES, INC....................... 629 284,200 * U.S. AIRWAYS GROUP, INC......................... 9,112 147,767 * UAL CORP........................................ 11,461 ----------- 496,776 ----------- TRANSPORTATION EQUIPMENT--3.29% 53,600 * ABC RAIL PRODUCTS CORP.......................... 442 20,200 * AFTERMARKET TECHNOLOGY CORP..................... 241 16,500 * AMERICAN AXLE & MANUFACTURING HOLDINGS.......... 200 257,000 ARCTIC CAT, INC................................. 2,570 163,300 ARVIN INDUSTRIES, INC........................... 4,634 717,849 AUTOLIV, INC.................................... 20,997 146,998 * BE AEROSPACE, INC............................... 1,240 6,472,032 BOEING CO....................................... 268,994 24,000 BOMBARDIER, INC (CLASS A)....................... 506 2,031,404 BOMBARDIER, INC (CLASS B)....................... 41,565 156,450 BORG-WARNER AUTOMOTIVE, INC..................... 6,336 5,450,045 * BRITISH AEROSPACE PLC........................... 36,081 7,134 * BRITISH AEROSPACE PLC WTS 11/15/00.............. 124 210,200 CAE, INC........................................ 1,436 159,750 CLARCOR, INC.................................... 2,876 11,700 COACHMEN INDUSTRIES, INC........................ 177 152,550 COMMERCIAL INTERTECH CORP....................... 1,945 233,384 CORDANT TECHNOLOGIES, INC....................... 7,702 339,000 CYCLE & CARRIAGE LTD............................ 1,048 1,129,030 DAIMLERCHRYSLER AG.............................. 87,810 740,853 DAIMLERCHRYSLER (U.S.A.)........................ 57,972 1,370,611 DANA CORP....................................... 41,033 527,778 DANAHER CORP.................................... 25,465 108,922 * DELCO REMY INTERNATIONAL, INC (CLASS A)......... 899 3,283,234 DELPHI AUTOMOTIVE SYSTEMS CORP.................. 51,711 1,483,693 DENSO CORP...................................... 35,409 61,995 * DUCOMMUN, INC................................... 674 629,334 EATON CORP...................................... 45,705 73,900 EXEDY CORP...................................... 557 81,314 FEDERAL SIGNAL CORP............................. 1,306 1,531,823 FEDERAL MOGUL CORP.............................. 30,828 508,101 FIAT S.P.A...................................... 14,512 29,699 FIAT S.P.A. DI RISP............................. 437 36,666 FIAT S.P.A. (PRIV).............................. 530 210,700 FLEETWOOD ENTERPRISES, INC...................... 4,346 6,708,105 FORD MOTOR CO................................... 358,464 214,224 GENCORP, INC.................................... 2,115 1,886,274 GENERAL DYNAMICS CORP........................... 99,501 4,281,723 GENERAL MOTORS CORP............................. 311,228 2,085,294 * GENERAL MOTORS CORP (CLASS H)................... 200,188 2,800 GENTEK, INC..................................... 29 467,950 * GENTEX CORP..................................... 12,986 1,791,718 GOODRICH (B.F.) CO.............................. 49,272 2,095,300 HARLEY DAVIDSON, INC............................ 134,230 114,220 * HAYES LEMMERZ INTERNATIONAL, INC................ 1,992 SEE NOTES TO FINANCIAL STATEMENTS 46 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TRANSPORTATION EQUIPMENT--(Continued) 1,973 HEICO CORP...................................... $ 43 50 HEICO CORP (CLASS A)............................ 1 3,067,000 > HONDA MOTOR CO LTD.............................. 113,992 12,526,004 HONEYWELL INTERNATIONAL, INC.................... 722,594 174,932 * HOWMET INTERNATIONAL, INC....................... 3,160 425,000 INCHAPE MOTORS.................................. 441 628,036 ITT INDUSTRIES, INC............................. 21,000 126,400 KAMAN CORP (CLASS A)............................ 1,627 1,408,000 KAWASAKI HEAVY INDUSTRIES LTD................... 1,873 71,900 * KELLSTROM INDUSTRIES, INC....................... 656 2,200 * KROLL-O'GARA CO................................. 36 91,669 * KVAERNER INDUSTRIER AS SERIES A................. 1,935 5,509 * KVAERNER INDUSTRIER AS SERIES B................. 97 37,400 LAIRD GROUP PLC................................. 148 1,739,762 LOCKHEED MARTIN CORP............................ 38,057 166,700 MAGNA INTERNATIONAL, INC........................ 7,075 394,900 MAN AG.......................................... 14,840 229,200 MASCOTECH, INC.................................. 2,908 2,594,403 MERITOR AUTOMOTIVE, INC......................... 50,267 6,450 * MILLER INDUSTRIES, INC.......................... 19 2,274,000 * MITSUI ENGINEERING & SHIP BUILDING CO LTD....... 1,557 118,570 MODINE MANUFACTURING CO......................... 2,964 226,725 * MONACO COACH CORP............................... 5,796 72,100 * NATIONAL R.V. HOLDINGS, INC..................... 1,388 423,135 * NAVISTAR INTERNATIONAL CORP..................... 20,046 45,903 NEWPORT NEWS SHIPBUILDING, INC.................. 1,262 94,000 NIPPON SHARYO LTD............................... 202 61,227,000 * NISSAN MOTOR CO LTD............................. 240,740 505,875 NORTHROP GRUMMAN CORP........................... 27,349 41,200 * OEA, INC........................................ 201 73,117 * ORBITAL SCIENCES CORP........................... 1,357 567,000 ORIENT CORP..................................... 1,642 24,100 OSHKOSH TRUCK CORP.............................. 706 591,900 PACCAR, INC..................................... 26,229 195,706 PEUGEOT S.A..................................... 44,441 262,093 POLARIS INDUSTRIES, INC......................... 9,501 170,100 REGAL-BELOIT CORP............................... 3,508 1,464,900 RENAULT S.A..................................... 70,632 18,900 RHEINMETALL AG.................................. 287 22,686 ROLLS ROYCE LTD................................. 78 150,000 SANDEN CORP..................................... 895 14,379 * SEQUA CORP (CLASS A)............................ 776 153,900 SHIMANO, INC.................................... 2,710 1,161,227 * SIEMENS AG. (REGD).............................. 147,756 269,775 SIMPSON INDUSTRIES, INC......................... 3,035 154,350 SMITH (A.O.) CORP............................... 3,376 5,900 SMITHS INDUSTRIES PLC........................... 88 98,200 * SPAR AEROSPACE LTD.............................. 542 139,950 SPARTAN MOTORS, INC............................. 612 196,367 * SPX CORP........................................ 15,869 50,763 STANDARD MOTOR PRODUCTS, INC (CLASS A).......... 819 108,485 * STONERIDGE, INC................................. 1,675 22,194 * STRATTEC SECURITY CORP.......................... 719 64,800 SUPERIOR INDUSTRIES INTERNATIONAL, INC.......... 1,737 266,000 SUZUKI MOTOR CORP............................... 3,879 696,497 TEXTRON, INC.................................... 53,413 412,122 THOMSON-CSF..................................... 13,614 25,756 THOR INDUSTRIES, INC............................ 784 1,581,824 TI GROUP PLC.................................... 12,132 6,863,620 > TOYOTA MOTOR CORP............................... 332,305 71,600 TRANSPRO, INC................................... 461 414,100 TRINITY INDUSTRIES, INC......................... 11,776 72,930 * TRIUMPH GROUP, INC.............................. 1,764 688,471 TRW, INC........................................ 35,757 522,000 UMW HOLDINGS BERHAD............................. 975 5,040,748 UNITED TECHNOLOGIES CORP........................ 327,649 238,370 VALEO S.A....................................... 18,395 698,361 VOLKSWAGEN AG................................... 39,364 51,680 VOLVO AB SERIES A............................... 1,307 472,070 VOLVO AB SERIES B FREE.......................... 12,220 74,550 WABASH NATIONAL CORP............................ 1,118 242,352 WESTINGHOUSE AIR BRAKE CO....................... 4,302 87,596 WINNEBAGO INDUSTRIES, INC....................... 1,757 ----------- 4,462,549 ----------- TRANSPORTATION SERVICES--0.05% 5,493 AIR EXPRESS INTERNATIONAL CORP.................. 177 580,000 * AMADEUS GLOBAL TRAVEL DISTRIBUTION S.A.......... 9,203 85,007 BIDVEST GROUP LTD............................... 830 97,600 C.H. ROBINSON WORLDWIDE, INC.................... 3,880 28,300 * CHEAP TICKETS, INC.............................. 387 75,550 CIRCLE INTERNATIONAL GROUP, INC................. 1,681 95,250 * EAGLE U.S.A. AIRFREIGHT, INC.................... 4,108 295,200 EXPEDITORS INTERNATIONAL OF WASHINGTON.......... 12,933 8,900 * FORWARD AIR CORP................................ 386 46,200 * FRITZ COS, INC.................................. 485 536,900 GALILEO INTERNATIONAL, INC...................... 16,073 424,000 GATX CORP....................................... 14,310 58 KUONI REISEN HOLDINGS (REGD) (CLASS B).......... 241 1,550 * NAVIGANT INTERNATIONAL, INC..................... 18 1,136 >*NEW WORLD INFRASTUCTURE LTD..................... 1 2,400 * TRAVEL SERVICES INTERNATIONAL, INC.............. 22 101,600 * U.S. EXPRESS ENTERPRISES, INC (CLASS A)......... 749 ----------- 65,484 ----------- TRUCKING AND WAREHOUSING--0.17% 201,200 * AMERICAN FREIGHTWAYS CORP....................... 3,257 318,100 ARNOLD INDUSTRIES, INC.......................... 4,473 285,500 CNF TRANSPORTATION, INC......................... 9,850 179,650 * CONSOLIDATED FREIGHTWAYS CORP................... 1,426 151,379 CONTAINER CORP OF INDIA......................... 839 110,100 * COVENANT TRANSPORT, INC (CLASS A)............... 1,913 116,707 * HEARTLAND EXPRESS, INC.......................... 1,838 262,650 HUNT (J.B.) TRANSPORT SERVICES, INC............. 3,636 67,400 * IRON MOUNTAIN, INC.............................. 2,650 88,900 * KNIGHT TRANSPORTATION, INC...................... 1,522 61,091 * KONINKLIJKE VOPAK NV............................ 1,452 142,394 * LANDSTAR SYSTEM, INC............................ 6,096 159,100 * M.S. CARRIERS, INC.............................. 3,799 247,000 MITSUBISHI LOGISTICS CORP....................... 1,575 111,000 MITSUI SOKO CO LTD.............................. 229 52,710 * PIERCE LEAHY CORP............................... 2,280 273,950 ROADWAY EXPRESS, INC............................ 5,924 469,000 SEINO TRANSPORTATION CO LTD..................... 2,486 389,175 * SWIFT TRANSPORTATION CO, INC.................... 6,859 1,156,718 * TNT POST GROUP NV............................... 33,154 312,400 USFREIGHTWAYS CORP.............................. 14,956 196,577 WERNER ENTERPRISES, INC......................... 2,764 3,044,878 > YAMATO TRANSPORT CO LTD......................... 117,935 344,200 * YELLOW CORP..................................... 5,787 ----------- 236,700 ----------- WATER TRANSPORTATION--0.19% 269,434 ALEXANDER & BALDWIN, INC........................ 6,146 17,900 * AMERICAN CLASSIC VOYAGES CO..................... 627 46,200 ASKO OYJ SERIES A............................... 819 72,400 BERGESEN AS SERIES A............................ 1,320 193,700 * BERGESEN D.Y. AS (CLASS B)...................... 3,314 2,011,700 CARNIVAL CORP (CLASS A)......................... 96,184 12,300 CMB CIE MARITIME BELGE S.A...................... 587 2,315 DAMPSKIBSSELSKABET AF 1912 (CLASS B)............ 27,276 2,228 DAMPSKIBSSELSKABET SVENDBORG (CLASS B).......... 37,114 26,800 FINNLINES OY.................................... 837 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 47 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- WATER TRANSPORTATION--(Continued) 48,000 IRISH CONTINENTAL GROUP PLC.....................$ 493 573,000 KAMIGUMI CO LTD................................. 2,410 481,025 KAWASAKI KISEN KAISHA LTD....................... 715 63,972 * KIRBY CORP...................................... 1,311 28,500 KONINKLIJKE NEDLLOYD GROEP NV................... 798 34,400 LEIF HOEGH & CO................................. 408 1,788,000 MALAYSIAN INTERNATIONAL SHIPPING CO (FR)........ 2,941 110,800 MALAYSIAN INTERNATIONAL SHIPPING CO (LR)........ 197 26,450 * MARINE TRANSPORT CORP........................... 69 78,526 MITSUI OSK LINES LTD............................ 132 391,168 >*NCL HOLDINGS AS................................. 1,690 2,370,237 * NEPTUNE ORIENT LINES LTD........................ 3,173 2,359,800 NIPPON YUSEN KABUSHIKI KAISHA................... 9,648 169,030 OCEAN GROUP PLC................................. 3,152 19,100 * OMI CORP (NEW).................................. 39 263,660 OVERSEAS SHIPHOLDING GROUP, INC................. 3,905 1,564,562 PENINSULAR & ORIENTAL STEAM NAVIGATION CO....... 26,097 21,100 * SEACOR SMIT, INC................................ 1,092 683,165 TIDEWATER, INC.................................. 24,594 28,140 TRANSPORT DEVELOPMENT GROUP PLC................. 93 20,400 UNITOR AS....................................... 153 ----------- 257,334 ----------- WHOLESALE TRADE-DURABLE GOODS--0.17% 140,325 AAR CORP........................................ 2,517 90,800 >*ACTION PERFORMANCE COS, INC..................... 1,044 155,100 * ANICOM, INC..................................... 659 133,346 * ANIXTER INTERNATIONAL, INC...................... 2,750 220,411 APPLIED INDUSTRIAL TECHNOLOGIES, INC............ 3,664 155,700 x*APS HOLDINGS CORP............................... 2 437,100 * ARM HOLDINGS PLC................................ 29,481 569,264 * ARROW ELECTRONICS, INC.......................... 14,445 16,226 * AURA SYSTEMS, INC............................... 6 58,100 >*AVIATION SALES CO............................... 959 126,680 AVNET, INC...................................... 7,664 38,533 x*BEN FRANKLIN RETAIL STORES, INC................. 0 12,400 * BOYDS COLLECTION LTD............................ 86 155,191 BRIGGS & STRATTON CORP.......................... 8,322 398,750 * BRIGHTPOINT, INC................................ 5,234 1,175 CANON SALES CO, INC............................. 18 48,274 CASTLE (A.M.) & CO.............................. 567 223,600 * CELLSTAR CORP................................... 2,208 185,500 >*CHS ELECTRONICS, INC............................ 209 153,821 COMMERCIAL METALS CO............................ 5,220 7,100 * COMPUCOM SYSTEMS, INC........................... 29 4,800 COMPX INTERNATIONAL, INC........................ 88 51,000 * CREAN (JAMES) PLC (UNITS)....................... 18 122,430 DE BEERS CENTENARY AG. (UNITS).................. 3,561 269,000 DICKSON CONCEPTS INTERNATIONAL LTD.............. 339 7,600 DIETEREN S.A.................................... 3,115 68,693 * DURA AUTOMOTIVE SYSTEMS, INC.................... 1,198 211,000 EDARAN OTOMOBIL NASIONAL BERHAD................. 900 2,103 * FAIRCHILD CORP (CLASS A)........................ 19 75,600 * FISHER SCIENTIFIC INTERNATIONAL, INC............ 2,731 119,800 * FOSTER (LB) CO (CLASS A)........................ 584 1,050 FUJI DENKI REIKI CO LTD......................... 5 463,500 GENUINE PARTS CO................................ 11,501 11,300 * GRAHAM-FIELD HEALTH PRODUCTS, INC............... 1 249,800 GRAINGER (W.W.), INC............................ 11,944 67,950 * HA-LO INDUSTRIES, INC........................... 510 177,584 * HANDLEMAN CO.................................... 2,375 144,800 HUGHES SUPPLY, INC.............................. 3,122 74,344 * HUTTIG BUILDING PRODUCTS, INC................... 367 917,500 IKON OFFICE SOLUTIONS, INC...................... 6,250 15,700 * INFOSYS TECHNOLOGIES LTD........................ 5,162 383,750 * INGRAM MICRO, INC (CLASS A)..................... 5,037 28,190 INSTRUMENTARIUM GROUP SERIES B FREE............. 920 22,000 * JLK DIRECT DISTRIBUTION, INC (CLASS A).......... 227 181,100 * KENT ELECTRONICS CORP........................... 4,120 15,000 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC............. 88 577,849 * LANIER WORLDWIDE, INC........................... 2,239 96,600 LAWSON PRODUCTS, INC............................ 2,234 384,700 * MERISEL, INC.................................... 505 269,055 METRO CASH & CARRY LTD.......................... 306 6,762 * MIAMI COMPUTER SUPPLY CORP...................... 251 279,000 * MICROAGE, INC................................... 977 111,183 * MSC INDUSTRIAL DIRECT CO (CLASS A).............. 1,473 271,237 * NATIONAL-OILWELL, INC........................... 4,255 72,300 * NAVARRE CORP.................................... 416 243,814 OWENS & MINOR, INC.............................. 2,179 148,775 * PATTERSON DENTAL CO............................. 6,342 900 PIONEER-STANDARD ELECTRONICS, INC............... 13 151,956 * PSS WORLD MEDICAL, INC.......................... 1,434 121,550 RELIANCE STEEL & ALUMINUM CO.................... 2,849 67,397 REUNERT LTD..................................... 93 70,100 >*SAFEGUARD SCIENTIFICS, INC...................... 11,361 141,000 SANRIO CO LTD................................... 5,213 51,400 * SCP POOL CORP................................... 1,333 154,800 SSL INTERNATIONAL PLC........................... 1,958 141,000 TAN CHONG INTERNATIONAL LTD..................... 30 50 * TBC CORP........................................ 0 307,300 * TECH DATA CORP.................................. 8,336 839,000 TERUMO CORP..................................... 22,403 59,800 WATSCO, INC..................................... 691 141,000 * WESCO INTERNATIONAL, INC........................ 1,251 ----------- 227,408 ----------- WHOLESALE TRADE-NONDURABLE GOODS--0.56% 397,500 * AIRGAS, INC..................................... 3,776 301,100 * AMERISOURCE HEALTH CORP (CLASS A)............... 4,573 27,000 AUSTRIA TABAKWERKE AG........................... 1,306 295,600 * AVATEX CORP (CLASS A)........................... 406 57,460 * BARNETT RESOURCES CORP.......................... 1,691 738,354 BERGEN BRUNSWIG CORP (CLASS A).................. 6,138 159,121 BINDLEY WESTERN INDUSTRIES, INC................. 2,397 105,900 * BOISE CASCADE OFFICE PRODUCTS CORP.............. 1,589 7,155,066 CARDINAL HEALTH, INC............................ 342,549 118,900 * CENTRAL GARDEN & PET CO......................... 1,234 32,300 CHEMED CORP..................................... 925 102,600 * DAISYTEK INTERNATIONAL CORP..................... 2,392 407,828 > DIMON, INC...................................... 1,325 3,960,066 ENRON CORP...................................... 175,728 27,476 * ERCROS S.A...................................... 13 47,300 ESSELTE AB SERIES B FREE........................ 359 403,909 F.H. FAULDING & CO LTD.......................... 2,644 475,141 FYFFES PLC...................................... 957 212,338 * GETTY PETROLEUM MARKETING, INC.................. 531 7,183 HERBALIFE INTERNATIONAL, INC (CLASS A).......... 103 66 HERBALIFE INTERNATIONAL, INC (CLASS B).......... 1 122,000 INTERNATIONAL MULTIFOODS CORP................... 1,617 513,000 IWATANI & CO LTD................................ 923 21,900 * KENNETH COLE PRODUCTIONS, INC................... 1,002 180,000 KOKUYO CO LTD................................... 2,394 1,700 LOBLAW COS LTD.................................. 41 1,640,062 MCKESSON HBOC, INC.............................. 37,004 88,000 >*NCS HEALTHCARE, INC (CLASS A)................... 212 288,262 * NU SKIN ENTERPRISES, INC (CLASS A).............. 2,612 74,800 * PERFORMANCE FOOD GROUP CO....................... 1,823 43,971 * PLAINS RESOURCES, INC........................... 550 96,207 * PRIORITY HEALTHCARE CORP (CLASS A).............. 2,784 11,700 * PRIORITY HEALTHCARE CORP (CLASS B).............. 339 115,573 * SCHOOL SPECIALTY, INC........................... 1,748 535,050 * SCIOS, INC...................................... 2,241 SEE NOTES TO FINANCIAL STATEMENTS 48 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- WHOLESALE TRADE-NONDURABLE GOODS--(Continued) 47,000 * SMART & FINAL, INC..............................$ 341 235,423 SOBEYS, INC..................................... 3,249 108,836 STANDARD COMMERCIAL CORP........................ 388 1,246,290 SUPERVALU, INC.................................. 24,926 3,097,361 SWEDISH MATCH CO................................ 10,824 60,200 * SYNCOR INTERNATIONAL CORP....................... 1,753 2,045,500 SYSCO CORP...................................... 80,932 64,753 TERRA INDUSTRIES, INC........................... 105 29,700 * UNITED NATURAL FOODS, INC....................... 356 315,696 * UNITED STATIONERS, INC.......................... 9,017 192,396 UNIVERSAL CORP.................................. 4,389 1,600 URALITA S.A..................................... 11 31,146 VALHI, INC...................................... 327 548,200 WESTON (GEORGE) LTD............................. 20,901 ----------- 763,446 ----------- TOTAL COMMON STOCK (Cost $69,858,228)................................ 130,673,334 ----------- PRINCIPAL --------- SHORT TERM INVESTMENTS--4.80% BANK NOTES--0.07% BANK OF AMERICA $50,000,000 (o) 5.920%, 02/11/00 50,004 50,000,000 (o) 5.900%, 02/16/00 50,001 ------------ 100,005 ------------ CERTIFICATES OF DEPOSIT--0.28% ABN AMRO BANK N.V. 55,000,000 5.990%, 03/20/00 54,997 BANK OF MONTREAL 50,000,000 (o) 5.890%, 01/14/00 50,011 BANK OF NOVA SCOTIA 25,000,000 6.010%, 03/02/00 25,004 BANQUE NATIONAL DE PARIS 50,000,000 6.070%, 02/23/00 50,016 50,000,000 (o) 5.995%, 03/01/00 50,000 CREDIT COMMUNAL DE BELGIUM (NEW YORK) 75,000,000 6.060%, 03/17/00 75,007 DEUTSCHE BANK 30,000,000 6.250%, 01/18/00 30,007 29,000,000 5.800%, 03/30/00 28,986 WESTDEUTSCHE LANDESBANK 11,545,000 5.990%, 03/01/00 11,546 ------------ 375,574 ------------ COMMERCIAL PAPER--2.70% ABBOTT LABORATORIES 27,000,000 6.150%, 01/18/00 26,924 73,000,000 5.250%, 01/20/00 72,772 ALLIED SIGNAL, INC 45,000,000 (o)~ 5.920%, 01/27/00 44,810 50,000,000 (o)~ 5.820%, 02/14/00 49,650 6,249,000 ~ 5.850%, 02/15/00 6,204 AMERICAN HOME PRODUCTS 26,800,000 ~ 5.000%, 01/07/00 26,780 AMERICAN TELEPHONE & TELEGRAPH CO 37,090,000 5.810%, 01/20/00 36,974 11,700,000 5.750%, 01/24/00 11,656 ANHEUSER-BUSCH CO 10,500,000 ~ 6.120%, 02/11/00 10,431 ASSET SECURITIZATION COOP CORP 62,000,000 (o)~ 5.920%, 01/31/00 61,701 38,758,000 ~ 5.850%, 02/08/00 38,523 BEAR STEARNS CO, INC 45,000,000 ~ 6.020%, 03/16/00 44,459 BELL ATLANTIC NETWORK FUNDING CORP 25,000,000 (o)~ 5.990%, 01/20/00 24,922 $25,000,000 ~ 5.950%, 01/24/00 24,906 40,000,000 ~ 5.870%, 02/16/00 39,707 BELLSOUTH CAPITAL FUNDING CORP 25,000,000 ~ 5.780%, 02/02/00 24,872 25,200,000 ~ 5.940%, 03/08/00 24,931 BELLSOUTH TELECOMMUNICATIONS, INC 25,000,000 ~ 5.900%, 02/24/00 24,785 25,300,000 ~ 6.010%, 02/25/00 25,079 CAMPBELL SOUP CO 22,580,000 ~ 6.000%, 02/04/00 22,457 68,000,000 (o)~ 5.920%, 03/03/00 67,326 CATERPILLAR FINANCIAL SERVICES CORP 16,500,000 5.900%, 01/25/00 16,436 CIESCO LP 47,419,000 (o)~ 5.850%, 01/20/00 47,271 32,438,000 ~ 5.850%, 01/25/00 32,311 21,000,000 ~ 5.930%, 02/18/00 20,839 CIT GROUP HOLDINGS, INC 50,000,000 (o) 5.810%, 02/11/00 49,673 10,500,000 5.850%, 03/16/00 10,374 COCA COLA CO 40,000,000 ~ 6.200%, 01/13/00 39,920 42,500,000 ~ 6.100%, 02/02/00 42,282 COCA COLA ENTERPRISES, INC 50,000,000 (o)~ 5.810%, 02/28/00 49,539 25,000,000 ~ 5.830%, 02/29/00 24,766 COLGATE-PALMOLIVE CO 16,100,000 (o)~ 5.850%, 01/19/00 16,052 COOPER INDUSTRIES, INC 25,386,000 ~ 6.300%, 02/08/00 25,229 30,000,000 ~ 6.300%, 02/17/00 29,770 CORPORATE ASSET FUNDING CORP, INC 25,000,000 ~ 5.900%, 01/28/00 24,891 13,625,000 ~ 5.850%, 02/02/00 13,555 18,500,000 ~ 5.850%, 02/08/00 18,388 25,000,000 (o)~ 5.850%, 02/09/00 24,844 18,722,000 ~ 5.970%, 02/09/00 18,606 DAYTON POWER & LIGHT CO 20,000,000 5.830%, 02/17/00 19,850 DELAWARE FUNDING CORP 37,077,000 ~ 5.930%, 01/13/00 37,002 25,000,000 ~ 5.880%, 01/18/00 24,930 38,576,000 ~ 5.930%, 01/18/00 38,468 DUKE ENERGY CORP 15,000,000 6.350%, 01/19/00 14,956 DUPONT (E.I.) DE NEMOURS & CO 25,000,000 5.740%, 01/24/00 24,906 25,000,000 5.740%, 01/27/00 24,895 50,000,000 (o) 5.810%, 02/09/00 49,689 ENTERPRISE FUNDING CORP 20,207,000 ~ 5.930%, 01/13/00 20,166 43,723,000 (o)~ 5.930%, 01/21/00 43,580 36,754,000 (o)~ 5.850%, 02/15/00 36,490 EQUILON ENTERPRISES LLC 5,800,000 6.250%, 01/10/00 5,791 10,000,000 (o) 5.770%, 01/12/00 9,981 40,000,000 (o) 5.730%, 02/07/00 39,764 25,000,000 5.860%, 03/03/00 24,752 20,000,000 5.860%, 03/13/00 19,770 FORD MOTOR CREDIT CORP 100,000,000 (o) 5.700%, 04/27/00 98,119 GENERAL ELECTRIC CAPITAL CORP 43,000,000 5.880%, 02/15/00 42,691 50,000,000 (o) 5.770%, 05/01/00 49,021 GENERAL MOTORS ACCEPTANCE CORP 37,500,000 6.300%, 01/21/00 37,377 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 49 STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Industry (000) PRINCIPAL --------- COMMERCIAL PAPER--(Continued) GENERAL MOTORS CORP $50,000,000 (0) 5.820%, 02/11/00 $ 49,673 GILLETTE CO 100,000,000 (0)~ 6.050%, 02/03/00 99,471 GTE FUNDING, INC 24,000,000 6.000%, 02/15/00 23,828 HEINZ (H.J.) CO 10,900,000 ~ 5.870%, 02/07/00 10,836 J.P. MORGAN & CO 10,000,000 (0) 6.150%, 01/10/00 9,985 JOHNSON & JOHNSON CO 51,000,000 ~ 5.930%, 03/10/00 50,439 50,000,000 (0)~ 5.900%, 05/01/00 49,021 LUCENT TECHNOLOGIES, INC 20,000,000 6.000%, 03/02/00 19,805 50,000,000 (0) 5.970%, 04/14/00 49,163 MCCORMICK & CO, INC 10,000,000 6.350%, 01/25/00 9,961 MCGRAW-HILL COS, INC 9,000,000 5.200%, 02/01/00 8,955 MERCK & CO, INC 50,000,000 (0)~ 5.720%, 02/03/00 49,736 MERRILL LYNCH & CO, INC 50,000,000 (0) 5.870%, 03/15/00 49,410 MONSANTO CO 20,000,000 ~ 5.820%, 02/18/00 19,847 38,744,000 (0)~ 5.790%, 03/21/00 38,247 17,500,000 (0)~ 5.820%, 03/21/00 17,276 MORGAN STANLEY DEAN WITTER 45,000,000 (0) 6.000%, 01/14/00 44,903 MOTIVA ENTERPRISES LLC 10,000,000 5.000%, 01/11/00 9,983 20,000,000 5.810%, 01/13/00 19,960 15,000,000 6.280%, 01/28/00 14,934 20,000,000 5.740%, 02/07/00 19,882 MOTOROLA CREDIT CORP 28,970,000 5.800%, 02/11/00 28,781 NATIONAL RURAL UTILITIES COOP FINANCE 10,000,000 ~ 5.780%, 02/14/00 9,930 22,000,000 ~ 5.800%, 02/18/00 21,832 35,000,000 (0)~ 5.800%, 02/24/00 34,699 33,800,000 (0)~ 5.850%, 03/17/00 33,388 NEWELL RUBBERMAID, INC 40,000,000 ~ 5.920%, 01/26/00 39,838 40,000,000 (0)~ 5.830%, 01/28/00 39,825 NORDSTROM, INC 17,000,000 5.820%, 02/22/00 16,859 PACCAR FINANCIAL CORP 16,000,000 6.500%, 01/21/00 15,948 PARK AVENUE RECEIVABLES CORP 23,282,000 ~ 6.100%, 01/18/00 23,217 56,956,000 (0)~ 5.830%, 02/15/00 56,547 20,352,000 ~ 6.000%, 02/24/00 20,177 PFIZER, INC 80,000,000 ~ 5.820%, 02/10/00 79,490 20,700,000 ~ 5.940%, 03/15/00 20,456 PITNEY BOWES CREDIT CORP 8,000,000 6.550%, 01/12/00 7,985 PREFERRED RECEIVABLES FUNDING CORP 20,000,000 ~ 6.000%, 02/14/00 19,860 RECEIVABLES CAPITAL CORP 21,359,000 ~ 6.500%, 01/12/00 21,319 26,598,000 ~ 6.670%, 01/20/00 26,515 26,348,000 ~ 5.890%, 02/10/00 26,180 12,372,000 ~ 5.860%, 02/18/00 12,277 9,719,000 ~ 5.880%, 02/25/00 9,634 SAINT PAUL COS $65,000,000 (0)~ 6.000%, 02/01/00 $ 64,676 15,800,000 (0)~ 6.000%, 02/08/00 15,704 20,000,000 ~ 5.910%, 02/11/00 19,869 SALOMON SMITH BARNEY HOLDINGS, INC 43,750,000 5.850%, 02/07/00 43,491 SBC COMMUNICATIONS, INC 30,000,000 (0)~ 5.800%, 01/27/00 29,874 70,270,000 (0)~ 5.820%, 02/07/00 69,855 TEXTRON, INC 40,000,000 6.750%, 01/11/00 39,932 40,255,000 5.900%, 01/14/00 40,167 UBS FINANCE, INC (DELAWARE) 40,000,000 6.000%, 02/23/00 39,663 VODAFONE AIRTOUCH PLC 12,000,000 ~ 7.000%, 01/06/00 11,992 50,000,000 (0)~ 7.000%, 01/07/00 49,963 38,000,000 ~ 5.900%, 02/02/00 37,805 WALT DISNEY CO 18,000,000 (0)~ 5.820%, 01/31/00 17,913 25,000,000 ~ 5.800%, 02/01/00 24,876 XEROX CAPITAL PLC (EUROPE) 5,287,000 ~ 5.250%, 01/06/00 5,284 15,000,000 ~ 5.780%, 01/24/00 14,944 35,000,000 (0)~ 5.760%, 02/10/00 34,773 ------------ 3,667,666 ------------ MEDIUM TERM BOND--0.02% BETA FINANCE, INC 20,000,000 5.100%, 02/22/00 19,970 ------------ OTHER GOVERNMENT AND AGENCIES--0.07% INTERNATIONAL BANK FOR RECONSTRUCTION 50,000,000 (0) 5.540%, 01/19/00 49,868 35,000,000 (0) 5.550%, 01/25/00 34,878 9,000,000 5.550%, 01/31/00 8,959 ------------ 93,705 ------------ U.S. GOVERNMENT AND AGENCIES--1.63% FEDERAL FARM CREDIT BANK (FFCB) 132,000,000 3.900%, 01/10/00 131,819 FEDERAL HOME LOAN BANK (FHLB) 20,200,000 5.530%, 01/26/00 20,127 16,700,000 5.530%, 01/31/00 16,623 29,000,000 5.540%, 02/01/00 28,862 8,000,000 5.520%, 02/03/00 7,960 30,000,000 (0) 4.750%, 02/04/00 29,844 50,000,000 (0) 5.450%, 02/07/00 49,718 50,000,000 (0) 5.510%, 02/08/00 49,711 23,484,000 5.530%, 02/18/00 23,310 28,770,000 5.520%, 02/22/00 28,539 62,000,000 (0) 5.520%, 02/23/00 61,493 55,000,000 (0) 5.520%, 02/25/00 54,534 42,369,000 (0) 5.530%, 02/28/00 41,991 75,000,000 (0) 5.530%, 02/29/00 74,319 100,000,000 (0) 5.575%, 04/14/00 98,346 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 25,000,000 5.520%, 01/03/00 24,990 13,589,000 5.500%, 01/10/00 13,570 50,000,000 (0) 5.450%, 01/11/00 49,924 50,000,000 (0) 5.530%, 01/12/00 49,918 7,000,000 5.570%, 01/13/00 6,987 54,500,000 (0) 5.530%, 01/14/00 54,395 50,000,000 (0) 5.150%, 01/19/00 49,868 70,000,000 (0) 5.520%, 01/28/00 69,728 21,000,000 5.050%, 01/31/00 20,903 50,000,000 5.560%, 02/02/00 49,755 50,000,000 (0) 5.460%, 02/03/00 49,748 SEE NOTES TO FINANCIAL STATEMENTS 50 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Stock Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Industry (000) PRINCIPAL VALUE --------- -------- U.S. GOVERNMENT AND AGENCIES--(Continued) FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) $25,000,000 5.510%, 02/04/00 $ 24,870 27,850,000 5.560%, 02/04/00 27,705 19,000,000 5.530%, 02/17/00 18,862 50,000,000 (0) 5.456%, 02/24/00 49,584 98,775,000 5.750%, 02/24/00 97,953 27,621,000 5.520%, 02/25/00 27,387 10,000,000 (0) 5.560%, 03/30/00 9,860 50,000,000 (0) 5.510%, 04/03/00 49,260 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 16,000,000 5.530%, 01/18/00 15,960 13,700,000 5.560%, 01/18/00 13,666 27,204,000 (0) 5.550%, 01/20/00 27,128 31,094,000 (0) 5.560%, 01/20/00 31,008 26,000,000 (0) 5.530%, 01/21/00 25,924 36,000,000 (0) 5.560%, 01/21/00 35,895 50,000,000 (0) 5.520%, 01/24/00 49,833 30,300,000 (0) 5.540%, 01/25/00 30,195 25,000,000 (0) 5.530%, 01/26/00 24,910 37,900,000 (0) 5.550%, 01/26/00 37,763 50,000,000 (0) 5.530%, 01/28/00 49,806 20,000,000 (0) 4.820%, 02/04/00 19,896 50,000,000 (0) 5.500%, 02/09/00 49,703 75,000,000 (0) 5.530%, 02/14/00 74,499 30,000,000 (0) 5.430%, 02/24/00 29,750 100,000,000 (0) 5.470%, 03/06/00 98,973 14,000,000 4.980%, 03/24/00 13,978 50,000,000 (0) 5.470%, 04/10/00 49,205 25,000,000 5.572%, 04/17/00 24,575 50,000,000 (0) 5.550%, 04/24/00 49,094 ------------ 2,214,224 ------------ VARIABLE RATE NOTES--0.03% BETA FINANCE, INC 15,000,000 6.138%, 02/04/00 14,999 CATERPILLAR FINANCIAL SERVICES CORP 19,000,000 6.198%, 02/24/00 18,998 GENERAL MOTORS ACCEPTANCE CORP 12,500,000 (0) 5.040%, 02/03/00 12,499 ------------ 46,496 ------------ TOTAL SHORT TERM INVESTMENTS (Cost $6,517,287) 6,517,640 ------------ TOTAL PORTFOLIO (Cost $76,630,653) $137,620,943 ============ - ---------- * Non-income producing + Affiliated holding x In bankruptcy ~ Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. (0) All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts. > All or a portion of these securities are out on loan. # Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 1999, the value of these securities amounted to $158,023,696 or 0.12% of net assets. Additional information on each restricted security is as follows: ACQUISITION ACQUISITION SECURITY DATE COST - ---------- ---------- ----------- ADVANCED MEDICINE SERIES C 01/25/99 $ 7,999,996 ANTENA 3 DE TELEVISION GDS 12/12/96 5,982,300 BB BIOVENTURES L.P. 05/08/97 12,999,351 BELO (A.H.) CORP SERIES B 05/23/88 1,900,588 CARTER WALLACE,INC(CLASSB) 10/29/87 1,075,932 CRESTARAN INTERNATIONAL INVESTMENT BV 09/30/94 0 DOW JONES &CO, INC (CLASSB) 07/31/86 12,068,995 HAFNIA HOLDINGS AS (REGD)(CLASS A) 08/30/91 136,697 HAFNIA HOLDINGS AS (REGD)(CLASS B) 07/29/88 159,638 INTERNATIONAL HYDRON LIQUIDATING TRUST 11/13/97 0 LAFARGE S.A. (REGD) 04/03/97 1,897,484 LAFARGE S.A. (REGD) 2001 01/05/99 5,947,744 LEE ENTERPRISES, INC (CLASS B) 03/31/86 60,768 L'AIR LIQUIDE S.A. (REGD) 10/29/96 4,377,677 L'AIR LIQUIDE S.A. (REGD) 2001 01/05/99 8,368,396 MEREDITH CORP (CLASS B) 12/30/86 1,893,160 NETGENICS, INC STOCK OPTION 03/20/08 06/08/98 0 NETGENICS, INC PFD CV SERIES D 03/20/98 5,517,450 PEGASUS GOLD, INC 11/30/90 148,513 PHYSICIAN COMPUTER NETWORK, INC 11/13/97 1,211,798 PROCURENET, INC 04/19/99 8,168 PROMET BERHAD 12/15/97 6,669 SILVERSTONE BERHAD 01/08/98 1,173 STARRETT (L.S.) CO (CLASS B) 10/07/88 798,235 TIMES MIRROR CO SERIES C 02/01/95 5,767,901 VIGLEN TECHNOLOGY (LITIGATION NOTE) 04/30/98 0 WRIGLEY (WM) JR CO (CLASS B) 04/30/86 2,007,603 ZEBRA TECHNOLOGY CORP (CLASS B) 10/29/98 43,233 ----------- $80,379,469 =========== Transactions with Affiliated Companies - January 1, 1999--December 31, 1999 - --------------------------------------------------------------------------------
VALUE AT REALIZED DIVIDEND ISSUE DECEMBER 31, 1998 PURCHASE COST SALES PROCEEDS GAIN (LOSS) INCOME BAY VIEW CAPITAL CORP ** $ 1,115,972 -- -- $ 93,570 MARTEK BIOSCIENCES $10,269,200 -- -- -- -- OMNIPOINT CORP ** 19,824,109 $24,186,900 $(1,196,510) -- SOUTH CHINA INDUSTRIES LTD 2,082,565 -- 2,163,304 (2,352,446) 33,512 TPI Enterprises, INC 4,428 -- -- -- -- ----------- ----------- ----------- ----------- ----------- $12,356,193 $20,940,081 $26,350,204 ($3,548,956) $ 127,082 =========== =========== =========== =========== =========== SHARES AT VALUE AT ISSUE DECEMBER 31, 1999 DECEMBER 31, 1999 BAY VIEW CAPITAL CORP 989,469 $14,038,091 MARTEK BIOSCIENCES 1,283,650 15,403,800 OMNIPOINT CORP * * SOUTH CHINA INDUSTRIES LTD * * TPI Enterprises, INC 1,107,000 12,177 ----------- $29,454,068 ===========
1999 CREF Annual Report o 51 STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Industry (Unaudited) Value % ---------- ------ BONDS CORPORATE BONDS DEPOSITORY INSTITUTIONS .................... $ 283 0.00% INSURANCE CARRIERS ......................... 44 0.00 TRANSPORTATION EQUIPMENT ................... 35 0.00 ---------- ------ TOTAL CORPORATE BONDS (Cost $285) ................................ 362 0.00 ---------- ------ TOTAL BONDS (Cost $285) ................................ 362 0.00 ---------- ------ PREFERRED STOCK APPAREL AND OTHER TEXTILE PRODUCTS ......... 123 0.00 BUSINESS SERVICES .......................... 150,979 1.69 CHEMICALS AND ALLIED PRODUCTS .............. 5 0.00 ELECTRIC, GAS, AND SANITARY SERVICES ....... 1,143 0.01 PRINTING AND PUBLISHING .................... 5,254 0.06 STONE, CLAY, AND GLASS PRODUCTS ............ 110 0.00 TRANSPORTATION EQUIPMENT ................... 1,065 0.01 ---------- ------ TOTAL PREFERRED STOCK (Cost $121,827) .............................. 158,679 1.77 ---------- ------ COMMON STOCK AGRICULTURAL PRODUCTION-CROPS .............. 46 0.00 AMUSEMENT AND RECREATION SERVICES .......... 6,126 0.07 APPAREL AND ACCESSORY STORES ............... 5,567 0.06 APPAREL AND OTHER TEXTILE PRODUCTS ......... 38,269 0.43 AUTO REPAIR, SERVICES AND PARKING .......... 2,656 0.03 AUTOMOTIVE DEALERS AND SERVICE STATIONS .... 151 0.00 BUILDING MATERIALS AND GARDEN SUPPLIES ..... 88,085 0.98 BUSINESS SERVICES .......................... 1,029,216 11.47 CHEMICALS AND ALLIED PRODUCTS .............. 568,515 6.33 COMMUNICATIONS ............................. 1,365,340 15.22 DEPOSITORY INSTITUTIONS .................... 340,645 3.80 EATING AND DRINKING PLACES ................. 69,976 0.78 EDUCATIONAL SERVICES ....................... 770 0.01 ELECTRIC, GAS, AND SANITARY SERVICES ....... 44,273 0.49 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT .... 1,309,478 14.59 ENGINEERING AND MANAGEMENT SERVICES ........ 8,914 0.10 FABRICATED METAL PRODUCTS .................. 112,226 1.25 FOOD AND KINDRED PRODUCTS .................. 121,766 1.36 FOOD STORES ................................ 61,387 0.68 FORESTRY ................................... 35 0.00 FURNITURE AND FIXTURES ..................... 30,334 0.34 FURNITURE AND HOMEFURNISHINGS STORES ....... 774 0.01 GENERAL BUILDING CONTRACTORS ............... 2,134 0.02 GENERAL MERCHANDISE STORES ................. 192,274 2.14 HEALTH SERVICES ............................ 52,114 0.58 HEAVY CONSTRUCTION, EXCEPT BUILDING ........ 13,695 0.15 HOLDING AND OTHER INVESTMENT OFFICES ....... 27,482 0.31 HOTELS AND OTHER LODGING PLACES ............ 2,372 0.03 INDUSTRIAL MACHINERY AND EQUIPMENT ......... 479,863 5.35 INSTRUMENTS AND RELATED PRODUCTS ........... 217,919 2.43 INSURANCE AGENTS, BROKERS AND SERVICE ...... 7,846 0.09 INSURANCE CARRIERS ......................... 228,230 2.54 LOCAL AND INTERURBAN PASSENGER TRANSIT ..... 44,800 0.50 LUMBER AND WOOD PRODUCTS ................... 2,886 0.03 METAL MINING ............................... 17,878 0.20 MISCELLANEOUS MANUFACTURING INDUSTRIES ..... 16,653 0.19 MISCELLANEOUS RETAIL ....................... 59,912 0.67 MOTION PICTURES ............................ 65,650 0.73 NONDEPOSITORY INSTITUTIONS ................. 70,571 0.79 NONMETALLIC MINERALS, EXCEPT FUELS ......... 142 0.00 OIL AND GAS EXTRACTION ..................... 84,942 0.95 PAPER AND ALLIED PRODUCTS .................. 30,756 0.34 PERSONAL SERVICES .......................... 294 0.00 PETROLEUM AND COAL PRODUCTS ................ 265,735 2.96 PIPELINES, EXCEPT NATURAL GAS .............. 367 0.00 PRIMARY METAL INDUSTRIES ................... 298,638 3.33 PRINTING AND PUBLISHING .................... 264,518 2.95 RAILROAD TRANSPORTATION .................... 9,311 0.10 REAL ESTATE ................................ 28,737 0.32 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS .. 9,773 0.11 SECURITY AND COMMODITY BROKERS ............. 66,304 0.74 SPECIAL TRADE CONTRACTORS .................. 1,076 0.01 STONE, CLAY, AND GLASS PRODUCTS ............ 66,763 0.74 TEXTILE MILL PRODUCTS ...................... 638 0.01 TOBACCO PRODUCTS ........................... 7,427 0.08 TRANSPORTATION BY AIR ...................... 32,266 0.36 TRANSPORTATION EQUIPMENT ................... 243,464 2.71 TRANSPORTATION SERVICES .................... 93,168 1.04 TRUCKING AND WAREHOUSING ................... 29,636 0.33 WATER TRANSPORTATION ....................... 6,162 0.07 WHOLESALE TRADE-DURABLE GOODS .............. 1,710 0.02 WHOLESALE TRADE-NONDURABLE GOODS ........... 40,077 0.45 ---------- ------ TOTAL COMMON STOCK (Cost $5,562,991) ............................ 8,288,732 92.37 ---------- ------ SHORT TERM INVESTMENTS COMMERCIAL PAPER ........................... 18,981 0.21 U.S. GOVERNMENT AND AGENCIES ............... 651,193 7.26 ---------- ------ TOTAL SHORT TERM INVESTMENTS (Cost $670,171) .............................. 670,174 7.47 ---------- ------ TOTAL PORTFOLIO (Cost $6,355,274) ............................ 9,117,947 101.61 OTHER ASSETS & LIABILITIES, NET ............ (144,508) (1.61) ---------- ------ NET ASSETS ..................................... $8,973,439 100.00% ========== ====== ---------------------------- Summary by Country (Unaudited) Value (000)% ---------- ------- DOMESTIC UNITED STATES .................................. $3,401,635 37.31% ---------- ------- TOTAL DOMESTIC ................................. 3,401,635 37.31 ---------- ------- FOREIGN AUSTRALIA .................................. 104,793 1.15 AUSTRIA .................................... 1,314 0.01 BELGIUM .................................... 10,007 0.11 BERMUDA .................................... 107,186 1.17 CANADA ..................................... 66,800 0.73 DENMARK .................................... 6,382 0.07 FINLAND .................................... 238,021 2.61 FRANCE ..................................... 101,473 1.11 GERMANY .................................... 596,666 6.54 HONG KONG .................................. 96,982 1.06 INDIA ...................................... 3,540 0.04 IRELAND .................................... 25,859 0.28 ISRAEL ..................................... 11,670 0.13 ITALY ...................................... 92,221 1.01 JAPAN ...................................... 1,362,639 14.95 KOREA ...................................... 12,379 0.14 MALAYSIA ................................... 2,634 0.03 NETHERLANDS ................................ 345,464 3.79 NEW ZEALAND ................................ 5,345 0.06 NORWAY ..................................... 3,760 0.04 PORTUGAL ................................... 8,219 0.09 SINGAPORE .................................. 54,818 0.60 SOUTH AFRICA ............................... 7,390 0.08 SPAIN ...................................... 112,669 1.24 SWEDEN ..................................... 224,162 2.46 SEE NOTES TO FINANCIAL STATEMENTS 52 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Country -- (Continued) (Unaudited) Value (000) % ---------- ------ SWITZERLAND ................................ $ 82,042 0.90% THAILAND ................................... 868 0.01 UNITED KINGDOM ............................. 1,360,834 14.93 ---------- ------ TOTAL FOREIGN .................................. 5,046,137 55.34 TOTAL SHORT TERM ............................... 670,174 7.35 ---------- ------ -------------------- TOTAL PORTFOLIO ................................ $9,117,947 100.00% ========== ====== ------------------------- PRINCIPAL VALUE (000) - ------------ ----------- BONDS--0.00% CORPORATE BONDS--0.00% DEPOSITORY INSTITUTIONS--0.00% BANCA INTESA S.P.A. (CV DEB) 35,899(1) 2.700%, 01/01/03 ............................ $ 65 MITSU TRUST & BANKING (CV DEB) 32,000,000(2) 0.500%, 10/01/07 ............................ 218 --------- 283 --------- INSURANCE CARRIERS--0.00% AMP AUSTRALIA 714(3) 7.000%, 02/10/05 ............................ 44 AMP REINSURANCE NOTE 25,973(3) 7.000%, 02/10/05 ............................ 0 --------- 44 --------- TRANSPORTATION EQUIPMENT--0.00% BRITISH AEROSPACE PLC 21,776(4) 7.450%, 11/30/03 ............................ 35 --------- TOTAL CORPORATE BONDS (Cost $285) ................................. 362 --------- TOTAL BONDS (Cost $285) ................................. 362 --------- - ---------- (1) Denominated in Italian Lira. (2) Denominated in Japanese Yen. (3) Denominated in Australian Dollar. (4) Denominated in British Pound. Shares ------ PREFERRED STOCK--1.77% APPAREL AND OTHER TEXTILE PRODUCTS--0.00% 1,100 ESCADA AG. .................................. 123 --------- BUSINESS SERVICES--1.69% 250,607 > SAP AG. ..................................... 150,979 --------- CHEMICALS AND ALLIED PRODUCTS--0.00% 213 CIN-CORPARACAO INDUSTRIAL ................... 5 --------- ELECTRIC, GAS, AND SANITARY SERVICES--0.01% 37,070 RHEIN-WESTFALEN ELECTRIC AG. (NON-VOTE) ..... 1,143 --------- PRINTING AND PUBLISHING--0.06% 615,169 > NEWS CORP LTD (LTD-VOTE) .................... 5,254 --------- STONE, CLAY, AND GLASS PRODUCTS--0.00% 3,600 * DYCKERHOFF ZEMENTWERKE AG. .................. 110 --------- TRANSPORTATION EQUIPMENT--0.01% 33,230 VOLKSWAGEN AG. .............................. 1,065 --------- TOTAL PREFERRED STOCK (Cost $121,827) ............................. 158,679 --------- COMMON STOCK--92.37% AGRICULTURAL PRODUCTION-CROPS--0.00% 51,000 GOLDEN HOPE PLANTATIONS BERHAD .............. $ 46 --------- AMUSEMENT AND RECREATION SERVICES--0.07% 25,945 EMI GROUP PLC ............................... 255 159,858 GRANADA GROUP LTD (CLASS A) ................. 1,620 13,000 * HARRAH'S ENTERTAINMENT, INC ................. 344 5,400 ORIENTAL LAND CO LTD ........................ 464 509,900 TABCORP HOLDINGS LTD ........................ 3,442 1,000 TOKYO TOKEIBA CO LTD ........................ 1 --------- 6,126 --------- APPAREL AND ACCESSORY STORES--0.06% 4,530 DOUGLAS HOLDINGS AG. ........................ 195 58,255 GAP, INC .................................... 2,680 51,400 HENNES & MAURITZ AB SERIES B ................ 1,724 11,729 LIMITED, INC ................................ 508 2,900 >* SHIMAMAURA CO LTD ........................... 460 --------- 5,567 --------- APPAREL AND OTHER TEXTILE PRODUCTS--0.43% 7,500 * AOYAMA TRADING CO LTD ....................... 161 117,700 BENETTON GROUP S.P.A. ....................... 270 90 * DOLLFUS-MIEG & CIE S.A. ..................... 1 1,874,000 ESPRIT HOLDINGS LTD ......................... 2,025 65,000 GUNZE LTD ................................... 173 632,700 * JONES APPAREL GROUP, INC .................... 17,162 973,000 KURARAY CO LTD .............................. 9,850 3,700 LIZ CLAIBORNE, INC .......................... 139 15,000 ONWARD KASHIYMA CO LTD ...................... 205 78,000 PACIFIC DUNLOP LTD .......................... 110 32,000 * RENOWN, INC ................................. 78 17,000 TOKYO STYLE CO LTD .......................... 140 18,945 WACOAL CORP ................................. 167 62,700 WORLD CO LTD ................................ 7,788 --------- 38,269 --------- AUTO REPAIR, SERVICES AND PARKING--0.03% 2,000 * COMFORT GROUP LTD ........................... 1 242,784 * IMPERIAL HOLDINGS LTD ....................... 2,655 --------- 2,656 --------- AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.00% 1,000 AUTOBACS SEVEN CO LTD ....................... 33 3,800 CANADIAN TIRE, INC (CLASS A) ................ 90 1,000 LEX SERVICE GROUP LTD ....................... 6 44,913 LONHRO AFRICA PLC ........................... 22 --------- 151 --------- BUILDING MATERIALS AND GARDEN SUPPLIES--0.98% 33,090 CRH PLC ..................................... 713 923,643 HOME DEPOT, INC ............................. 63,327 384,350 LOWES COS, INC .............................. 22,965 68,747 MEYER INTERNATIONAL PLC ..................... 427 2,300 PORTLAND VALDERRIVAS S.A. ................... 60 77,406 WOLSELEY PLC ................................ 593 --------- 88,085 --------- BUSINESS SERVICES--11.47% 1,270 ADECCO S.A. (REGD) .......................... 989 10,000 ADOBE SYSTEMS, INC .......................... 673 759,372 * AMERICA ONLINE, INC ......................... 57,285 33,232 AUTOMATIC DATA PROCESSING, INC .............. 1,790 12,500 * BAAN CO NV .................................. 177 332,575 * BMC SOFTWARE, INC ........................... 26,585 4,471 CAP GEMINI S.A. ............................. 1,135 2,000 * CAPITA GROUP PLC ............................ 36 53,779 * CENDANT CORP ................................ 1,429 1999 CREF Annual Report o 53 STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(Continued) 748,200 * CERIDIAN CORP ............................... $ 16,133 7,300 >* CMGI, INC ................................... 2,021 36,035 COMPUTER ASSOCIATES INTERNATIONAL, INC ...... 2,520 9,900 * COMPUTER SCIENCES CORP ...................... 937 368,000 COMPUTERSHARE LTD ........................... 1,806 3,400 * COREL CORP .................................. 51 6,000 CREATIVE TECHNOLOGY LTD ..................... 109 185,500 > CSK CORP .................................... 30,118 8,967 > DASSAULT SYSTEMS S.A. ....................... 584 925,000 DATA ADVANTAGE LTD .......................... 2,785 18,400 * DAUM COMMUNICATIONS CORP .................... 6,263 338 * DOLMEN COMPUTER APPLICATIONS NV ............. 10 7,800 >* EBAY, INC ................................... 976 800 * EIDOS PLC ................................... 70 2,500 * ELECTRONIC ARTS, INC ........................ 210 40,992 ELECTRONIC DATA SYSTEMS CORP ................ 2,744 23,000 EQUIFAX, INC ................................ 542 38,962 FIRST DATA CORP ............................. 1,921 7,530 * FREEMARKETS, INC ............................ 2,570 6,700 * FREENET.DE AG. .............................. 741 7,258,200 * FREESERVE PLC ............................... 69,147 3,200 FUJI SOFT ABC, INC .......................... 250 7,300 GETRONICS NV ................................ 582 3,200 * GO.COM ...................................... 76 132,028 * HAANSOFT, INC ............................... 6,116 2,000 HAW PAR CORP LTD ............................ 4 7,265,000 HAYS PLC .................................... 115,666 114,500 * HITACHI SOFTWARE ENGINEERING CO LTD ......... 16,687 25,500 IMS HEALTH, INC ............................. 693 394,162 * INFONET SERVICES CORP ....................... 10,347 50,000 * INTERNET INITIATIVE JAPAN, INC ADR .......... 4,859 19,600 INTERPUBLIC GROUP OF COS, INC ............... 1,131 3,100 * ISS INTERNATIONAL SERVICE SYSTEM AS SERIES B 209 130,638 KONAMI CO LTD ............................... 23,319 3,000 * KYOWA EXEO CORP ............................. 26 6,399 LAGARDERE S.C.A. ............................ 348 3,907,400 LOGICA PLC .................................. 100,759 100 * LONDON BRIDGE SOFTWARE HOLDINGS PLC ......... 7 9,300 MANPOWER, INC ............................... 350 1,000 MEITEC CORP ................................. 32 12,000 MERKANTILDATA ASA ........................... 145 1,776,840 * MICROSOFT CORP .............................. 207,446 15,100 MISYS PLC ................................... 235 6,096 NAMCO LTD ................................... 395 1,900 * NAVISION SOFTWARE AS ........................ 138 161,200 * NEWBRIDGE NETWORKS CORP ..................... 3,621 18,100 * NOVELL, INC ................................. 723 455 * NTT DATA COMMUNICATIONS SYSTEM CORP ......... 10,458 9,800 OMNICOM GROUP, INC .......................... 980 968,855 * ORACLE CORP ................................. 108,572 12,200 * PARAMETRIC TECHNOLOGY CORP .................. 330 18,900 PAYCHEX, INC ................................ 756 12,512 * PEOPLESOFT, INC ............................. 267 598,830 >* PSINET, INC ................................. 36,978 100 RATIN AS (CLASS B) .......................... 11 276,475 RENTOKIL INITIAL PLC ........................ 1,008 72,970 REUTERS GROUP PLC ........................... 1,001 4,900 * ROBERT HALF INTERNATIONAL, INC .............. 140 62,000 * SAGE GROUP PLC .............................. 756 29,993 SAP AG. ..................................... 14,776 14,600 SECOM CO LTD ................................ 1,607 3,357,700 * SECURICOR PLC ............................... 8,715 18,800 SECURITAS AB SERIES B FREE .................. 341 27,000 * SEMA GROUP PLC .............................. 486 88,200 SIME DARBY BERHAD ........................... 112 6,822 * SOFTBANK CORP ............................... 6,526 362,627 * SOLUTION 6 HOLDINGS LTD ..................... 3,940 100 SOPHUS BERENDSEN (CLASS B) (NEW) ............ 2 520 * SURVEILLANCE S.A. SOCIETE DE ................ 160 4,500 TIETOENATOR CORP ............................ 281 157,828 * TISCALI S.P.A. .............................. 64,079 81,000 TOKYU CORP .................................. 197 843 TOYO INFORMATION SYSTEMS CO LTD ............. 59 4,700 TRANS COSMOS ................................ 2,004 24,800 # VIGLEN TECHNOLOGY (LITIGATION NOTE) ......... 0 148,045 WHARF HOLDINGS LTD .......................... 344 4,000 WM-DATA AB SERIES B ......................... 248 81,600 * WPP GROUP PLC ............................... 1,293 83,820 * YAHOO, INC .................................. 36,268 --------- 1,029,216 --------- CHEMICALS AND ALLIED PRODUCTS--6.33% 90,175 ABBOTT LABORATORIES CO ...................... 3,274 8,500 AGRIUM, INC ................................. 66 16,200 AIR PRODUCTS & CHEMICALS, INC ............... 544 18,100 AKZO NOBEL NV ............................... 908 909,768 AMERICAN HOME PRODUCTS CORP ................. 35,879 345,720 * AMGEN, INC .................................. 20,765 84,000 ASAHI CHEMICAL INDUSTRY CO LTD .............. 431 40,788 ASTRAZENECA PLC ............................. 1,691 81,492 ASTRAZENECA PLC (UNITED KINGDOM) ............ 3,452 47,150 AVENTIS S.A. ................................ 2,741 17,900 AVON PRODUCTS, INC .......................... 591 43,325 BASF AG. .................................... 2,226 45,469 BAYER AG. ................................... 2,153 6,700 BEIERSDORF AG. .............................. 450 32,003 BOC GROUP PLC ............................... 687 777,104 BRISTOL MYERS SQUIBB CO ..................... 49,880 4,000 CHUGAI PHARMACEUTICAL CO LTD ................ 43 500 CIN-CORPARACAO INDUSTRIAL DO NORTE S.A ...... 12 13,300 CLOROX CO ................................... 670 560,000 COLGATE PALMOLIVE CO ........................ 36,400 7,000 CSL LTD ..................................... 100 15,286 DAICEL CHEMICAL INDUSTRIES LTD .............. 43 25,714 DAIICHI PHARMACEUTICAL CO LTD ............... 334 28,000 DAINIPPON INK & CHEMICAL, INC ............... 83 71,000 DENKI KAGKU KOGYO ........................... 212 251,449 DOW CHEMICAL CO ............................. 33,600 303,144 DU PONT (E.I.) DE NEMOURS & CO .............. 19,970 1,600 DYNO ASA .................................... 40 20,000 EISAI CO LTD ................................ 384 52,300 FANCL CORP .................................. 14,016 729,333 GLAXO WELLCOME PLC .......................... 20,609 26,400 GREENCORE GROUP PLC ......................... 81 70,782 IMPERIAL CHEMICAL INDUSTRY PLC .............. 749 8,000 INTERNATIONAL FLAVORS & FRAGRANCES, INC ..... 302 96,683 JOHNSON & JOHNSON CO ........................ 9,004 4,000 KAKEN PHARMACEUTICAL CO LTD ................. 22 23,000 KANEKA CORP ................................. 294 509,000 KAO CORP .................................... 14,512 7,380 > KEMIRA OY ................................... 45 44,000 KUREHA CHEMICAL INDUSTRY CO LTD ............. 108 5,000 KYOWA HAKKO KOGYO ........................... 30 2,332 # L'AIR LIQUIDE S.A. (REGD) ................... 390 4,877 # L'AIR LIQUIDE S.A. (REGD) 2001 .............. 817 341,191 LILLY (ELI) & CO ............................ 22,689 530 * LONZA AG. (REGD) ............................ 322 4,507 LOREAL S.A. ................................. 3,617 824,172 (0) MERCK & CO, INC ............................. 55,271 12,230 MERCK & CO KGAA ............................. 379 106,000 MITSUBISHI CHEMICAL CORP .................... 373 75,000 MITSUBISHI GAS CHEMICAL CO, INC ............. 146 1,000 MITSUI CHEMICAL CORP ........................ 8 SEE NOTES TO FINANCIAL STATEMENTS 54 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CHEMICALS AND ALLIED PRODUCTS--(Continued) 37,199 MONSANTO CO ................................. $ 1,325 184,222 MONTEDISON S.P.A. ........................... 302 4,901 NOVARTIS AG. (REGD) ......................... 7,197 6,000 NOVO NORDISK AS (CLASS B) ................... 796 49,100 * NYCOMED AMERSHAM PLC ........................ 306 11,699 ORICA LTD ................................... 63 1,089,144 PFIZER, INC ................................. 35,329 12,743 PPG INDUSTRIES, INC ......................... 797 15,791 PRAXAIR, INC ................................ 794 646,584 PROCTER & GAMBLE CO ......................... 70,841 50 ROCHE HOLDINGS AG. (BR) ..................... 816 2,523 ROCHE HOLDINGS AG. (GENUSSCHEINE) ........... 29,949 13,150 ROHM & HAAS CO .............................. 535 22,100 SANKYO CO LTD ............................... 454 44,270 * SANOFI-SYNTHELABO S.A. ...................... 1,844 5,200 SCHERING AG. ................................ 629 414,026 SCHERING-PLOUGH CORP ........................ 17,467 71,000 SEKISUI CHEMICAL CO LTD ..................... 315 19,200 SHERWIN-WILLIAMS CO ......................... 403 23,255 SHIN-ETSU CHEMICAL CO LTD ................... 1,001 28,000 SHIONOGI & CO LTD ........................... 340 25,700 > SHISEIDO & CO LTD ........................... 375 45,622 * SHOWA DENKO K.K. ............................ 52 400 SIKA FINANZ AG. (BR) ........................ 131 379,347 SMITHKLINE BEECHAM/BECKMAN LTD .............. 4,839 71,100 SNIA S.P.A. ................................. 77 6,750 SOLVAY ET CIE S.A. .......................... 558 123,000 SUMITOMO CHEMICAL CO LTD .................... 577 22,000 TAISHO PHARMACEUTICAL CO LTD ................ 646 429,000 > TAKEDA CHEMICAL INDUSTRIES LTD .............. 21,190 66,000 TEIJIN LTD .................................. 243 90,000 TORAY INDUSTRIES, INC ....................... 349 33,000 * TOSOH CORP .................................. 126 80,000 UBE INDUSTRIES LTD .......................... 167 10,800 UCB S.A. .................................... 468 1,500 UNION CARBIDE CORP .......................... 100 22,359 > WESFARMERS LTD .............................. 184 151,964 YAMANOUCHI PHARMACEUTICAL CO LTD ............ 5,306 1,000 ZODIAC S.A. ................................. 211 --------- 568,515 --------- COMMUNICATIONS--15.22% 12,367 ALCATEL ..................................... 2,841 13,100 * AMFM, INC ................................... 1,025 224,600 ASATSU, INC ................................. 15,158 1,695,230 AT & T CORP ................................. 86,033 77,128 * AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) ... 4,377 40,800 BCE, INC .................................... 3,693 10,317 BCT TELUS COMMUNICATIONS, INC ............... 250 5,538 BCT TELUS COMMUNICATIONS, INC (NON-VOTE) .... 133 105,563 BELL ATLANTIC CORP .......................... 6,499 126,752 BELLSOUTH CORP .............................. 5,934 93,435 BRITISH SKY BROADCASTING GROUP PLC .......... 1,503 1,845,497 BRITISH TELECOMMUNICATIONS PLC .............. 45,086 3,466,433 CABLE & WIRELESS HKT LTD .................... 10,011 600,000 * CABLE & WIRELESS OPTUS LTD .................. 1,999 5,864,116 CABLE & WIRELESS PLC ........................ 99,328 7,082 CANAL PLUS S.A. ............................. 1,031 303,684 * CBS CORP .................................... 19,417 109,000 * CHINA TELECOM LTD (HONG KONG) (SPONS ADR) ... 14,013 248,293 >* CLEAR CHANNEL COMMUNICATIONS, INC ........... 22,160 3,279,000 * COLT TELECOM GROUP PLC ...................... 167,786 38,900 * COX COMMUNICATIONS, INC (CLASS A) ........... 2,003 201,010 DEUTSCHE TELEKOM AG. ........................ 14,317 409,414 >* DIMENSION DATA HOLDINGS LTD ................. 2,568 213,265 EIRCOM PLC .................................. 913 2,384,600 ERICSSON TELEFON (LM) AB SERIES B ........... 153,474 68,665 FRANCE TELECOM S.A. ......................... 9,083 14,000 FUJIKURA LTD ................................ 56 2,400 GN STORE NORD AS-GN GREAT NORDIC ............ 119 15,700 * HIKARI TSUSHIN, INC ......................... 31,480 31,232 KONINKLIJKE KPN NV .......................... 3,049 213,500 * KPN QWEST NV ................................ 14,217 1,040,069 LUCENT TECHNOLOGIES, INC .................... 77,810 941,733 * MACQUARIE CORP TELECOMMUNICATIONS HOLDINGS LTD .............................. 1,529 174,799 MARCONI PLC ................................. 3,092 909,982 * MCI WORLDCOM, INC ........................... 48,286 70,900 > MEDIASET S.P.A. ............................. 1,103 6,100 * NETCOM AB SERIES B .......................... 429 344,000 NIPPON COMSYS CORP .......................... 7,133 5,007 NIPPON TELEGRAPH & TELEPHONE CORP ........... 85,703 690 NTT MOBILE COMMUNICATIONS ................... 26,523 301,968 * OLIVETTI GROUP S.P.A. ....................... 875 221,350 * OMNIPOINT CORP .............................. 26,700 451,000 * PARTNER COMMUNICATIONS CO LTD ADR ........... 11,670 99,070 PORTUGAL TELECOM S.A. ....................... 1,087 700 * PUBLICIS S.A. ............................... 264 43,900 >* QWEST COMMUNICATIONS INTERNATIONAL, INC ..... 1,888 294,875 * RCN CORP .................................... 14,301 11,600 * ROGERS COMMUNICATIONS, INC (CLASS B) ........ 283 1,398,357 SBC COMMUNICATIONS, INC ..................... 68,170 71,000 * SERVICOS TELECOMUNICACOE MULTIMEDIA S.A. .... 4,039 331,687 SINGAPORE TELECOMMUNICATIONS LTD ............ 685 43,341 SONERA GROUP OYJ ............................ 2,971 4,904 SWISSCOM AG. (REGD) ......................... 1,984 20 * TCI SATELLITE ENTERTAINMENT (CLASS A) ....... 0 16,900 TELE DANMARK AS ............................. 1,257 1,012,485 > TELECOM CORP OF NEW ZEALAND ................. 4,759 261,105 TELECOM ITALIA .............................. 3,683 470,299 > TELECOM ITALIA MOBILE S.P.A. ................ 5,248 1,000 * TELECOM ITALIA RISP ......................... 6 2,147,247 * TELEFONICA DE ESPANA S.A. ................... 53,648 115,000 TELEKOM MALAYSIA BERHAD ..................... 445 793,000 TELEVISION BROADCASTS LTD ................... 5,407 500,394 TELSTRA CORP ................................ 2,712 141,750 * TERRA NETWORKS S.A. ......................... 7,747 16,000 TOKYO BROADCASTING SYSTEMS, INC ............. 541 54,100 * VIACOM, INC (CLASS B) ....................... 3,270 701,920 * VIATEL, INC ................................. 37,640 22,458,860 VODAFONE AIRTOUCH PLC ....................... 111,241 33,425 > VODAFONE AIRTOUCH PLC ADR ................... 1,655 --------- 1,365,340 --------- DEPOSITORY INSTITUTIONS--3.80% 61,931 ABBEY NATIONAL PLC .......................... 990 96,082 ABN-AMRO HOLDINGS NV ........................ 2,401 81,661 ALLIED IRISH BANK PLC ....................... 931 30,000 AMMB HOLDINGS BERHAD ........................ 72 34,800 ARGENTARIA, CAJA POSTAL Y BCO HIPOTECA ...... 818 584,514 ASAHI BANK LTD .............................. 3,602 6,000 * ASHIKAGA BANK LTD ........................... 12 431 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD .. 3 30,389 BANCA COMMERCIALE ITALIANA S.P.A. ........... 165 341,100 * BANCA DI ROMA ............................... 438 296,530 BANCA INTESA S.P.A. ......................... 1,204 28,389 * BANCA INTESA S.P.A. PUT WTS 11/15/02 ........ 50 60,600 BANCA INTESA S.P.A. RISP .................... 123 21,500 BANCA POPOLARE DI MILANO .................... 167 143,600 * BANCO AMBROSIANO VENETO WTS 05/31/02 ........ 123 142,200 BANCO BILBAO VIZCAYA S.A. (REGD) ............ 2,026 85,955 BANCO COMERCIAL PORTUGUES S.A. (REGD) ....... 477 9,395 BANCO ESPIRITO SANTO S.A. ................... 264 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 55 STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- DEPOSITORY INSTITUTIONS--(Continued) 912 BANCO PINTO & SOTTO MAYOR S.A. .............. $ 20 252,670 BANCO SANTANDER CENTRAL HISPANO S.A. ........ 2,861 6,604 BANK AUSTRIA AG. ............................ 373 891,940 BANK OF AMERICA CORP ........................ 44,764 77,323 BANK OF EAST ASIA LTD ....................... 215 32,000 > BANK OF FUKUOKA LTD ......................... 222 18,000 BANK OF MONTREAL ............................ 612 31,532 BANK OF NEW YORK CO, INC .................... 1,261 33,992 BANK OF NOVA SCOTIA ......................... 728 1,999,490 BANK OF TOKYO MITSUBISHI LTD ................ 27,849 66,344 BANK OF YOKOHAMA LTD ........................ 306 97,007 BANK ONE CORP ............................... 3,110 31,064 BANQUE NATIONALE DE PARIS ................... 2,867 514,468 BARCLAYS PLC ................................ 14,803 25,850 BAYERISCHE HYPO-UND VEREINSBANK AG. ......... 1,766 55,460 BPI-SGPS S.A. (REGD) ........................ 236 22,160 CANADIAN IMPERIAL BANK OF COMMERCE .......... 528 299,800 CHASE MANHATTAN CORP ........................ 23,291 7,460 > CHIBA BANK LTD .............................. 41 61,000 CHRISTIANIA BANK OG KREDITKASSE ............. 301 30,000 * COMMERCE ASSET HOLDINGS BERHAD .............. 77 50 COMMERZBANK AG. ............................. 2 19,233 CREDIT SUISSE GROUP (REGD) .................. 3,823 2,000 DAI-ICHI KANGO BANK LTD ..................... 19 109,000 DAIWA BANK LTD .............................. 320 428,844 * DBS GROUP HOLDINGS LTD ...................... 7,027 4,200 DEN DANSKE BANK AF 1871 ..................... 461 61,000 DEN NORSKE BANK ASA ......................... 251 42,203 * DEUTSCHE BANK AG. (REGD) .................... 3,565 33,770 * DRESDNER BANK AG. (REGD) .................... 1,837 62,495 FIRST UNION CORP ............................ 2,051 804,000 FIRSTAR CORP ................................ 16,985 361,581 FLEETBOSTON FINANCIAL CORP .................. 12,588 30,600 > FORENINGSSPARBANKEN AB ...................... 450 1,469,586 > FUJI BANK LTD ............................... 14,273 28,000 GUNMA BANK LTD .............................. 182 110,200 HANG SENG BANK LTD .......................... 1,258 81,000 HOKURIKU BANK LTD ........................... 192 211,581 HSBC HOLDINGS PLC (HONG KONG) ............... 2,967 348,674 HSBC HOLDINGS PLC (UNITED KINGDOM) .......... 4,859 182,668 > INDUSTRIAL BANK OF JAPAN LTD ................ 1,760 66,415 JOYO BANK ................................... 305 21,200 KBC BANCASSURANCE HOLDINGS NV ............... 1,143 20,565 KEYCORP ..................................... 455 352,201 LLOYDS TSB GROUP PLC ........................ 4,405 95,800 MALAYAN BANKING BERHAD ...................... 340 61,134 MBNA CORP ................................... 1,666 476,000 MELLON FINANCIAL CORP ....................... 16,214 47,500 > MERITA LTD .................................. 280 77,111 MITSUBISHI TRUST & BANKING CORP ............. 679 1,000 MITSUI TRUST & BANKING CO LTD ............... 2 11,244 MORGAN (J.P.) & CO, INC ..................... 1,424 94,400 NATIONAL AUSTRALIA BANK LTD ................. 1,440 10,881 NATIONAL BANK OF CANADA ..................... 139 34,198 NATIONAL CITY CORP .......................... 810 64,925 * OVERSEAS CHINESE BANKING CORP LTD ........... 596 34,925 PNC BANK CORP ............................... 1,554 19,100 ROYAL BANK OF CANADA ........................ 837 81,377 ROYAL BANK OF SCOTLAND PLC .................. 1,443 3,290,756 SAKURA BANK LTD ............................. 19,054 84,209 SAN PAOLO-IMI S.P.A. ........................ 1,144 235 SANWA BANK LTD .............................. 3 35,000 > SEVENTY-SEVEN (77) BANK LTD ................. 367 47,000 SHIZUOKA BANK LTD ........................... 482 47,120 > SKANDINAVISKA ENSKILDA BANKEN SERIES A ...... 477 7,258 SOCIETE GENERALE S.A. ....................... 1,689 5,700 STATE STREET CORP ........................... 416 1,483,932 SUMITOMO BANK LTD ........................... 20,305 750,000 SUMITOMO TRUST & BANKING CO LTD ............. 5,062 13,926 SUNCORP-METWAY LTD .......................... 75 12,595 SUNTRUST BANKS, INC ......................... 867 40,700 SVENSKA HANDELSBANKEN SERIES A .............. 512 1,000 * SVENSKA HANDELSBANKEN SERIES B FREE ......... 12 5,025 * SWISS BANK CORP WTS 06/30/00 (REGD) ......... 69 159,000 TOKAI BANK LTD .............................. 1,002 61,686 U.S. BANCORP ................................ 1,469 91,719 UBS AG. (REGD) .............................. 24,770 319,300 > UNICREDITO ITALIANO S.P.A. .................. 1,570 5,350 UNI BANKDANMARK AS (CLASS A) ................ 377 56,744 * UNITED OVERSEAS BANK LTD .................... 501 9,200 WACHOVIA CORP ............................... 626 45,344 WASHINGTON MUTUAL, INC ...................... 1,179 111,673 WELLS FARGO CO .............................. 4,516 773,100 > WESTPAC BANKING CORP ........................ 5,316 21,200 WING LUNG BANK LTD .......................... 86 --------- 340,645 --------- EATING AND DRINKING PLACES--0.78% 15,800 * AUTOGRILL S.P.A. ............................ 199 4,745,542 COMPASS GROUP PLC ........................... 65,132 21,000 KENTUCKY FRIED CHICKEN BERHAD ............... 28 15,400 MARRIOTT INTERNATIONAL (CLASS A) ............ 486 86,320 MCDONALD'S CORP ............................. 3,480 37,100 * MELCO INTERNATIONAL DEVELOPMENT LTD ......... 14 8,000 SKYLARK CO LTD .............................. 188 1,464 SODEXHO ALLIANCE S.A. ....................... 259 13,300 * TELEPIZZA S.A. .............................. 56 9 * TRICON GLOBAL RESTAURANTS, INC .............. 0 500 VALORA HOLDINGS AG. (REGD) .................. 134 --------- 69,976 --------- EDUCATIONAL SERVICES--0.01% 3,200 BENESSE CORP ................................ 770 --------- ELECTRIC, GAS, AND SANITARY SERVICES--0.49% 10,400 * AES CORP .................................... 777 9,653 AGUAS DE BARCELONA S.A. ..................... 141 96 * AGUAS DE BARCELONA S.A. (NEW) ............... 1 16,400 * ALLIED WASTE INDUSTRIES, INC ................ 145 34,500 ANGLIAN WATER PLC ........................... 315 21,387 > AUSTRALIA GAS LIGHT CO ...................... 125 258,832 * BG GROUP PLC ................................ 1,672 4,300 CAROLINA POWER & LIGHT CO ................... 131 11,541 CENTRAL & SOUTH WEST CORP ................... 231 207,745 CENTRICA PLC ................................ 589 100 CHUBU ELECTRIC POWER CO, INC ................ 2 131,000 CLP HOLDINGS LTD ............................ 603 19,863 COASTAL CORP ................................ 704 5,676 COLUMBIA ENERGY GROUP ....................... 359 2,100 * CONSOLIDATED EDISON CO OF NEW YORK, INC ..... 72 7,864 CONSOLIDATED NATURAL GAS CO ................. 511 10,033 CONSTELLATION ENERGY GROUP .................. 291 3,000 * CONTACT ENERGY LTD .......................... 5 18,218 DOMINION RESOURCES, INC ..................... 715 18,076 DTE ENERGY CO ............................... 567 22,823 DUKE ENERGY CORP ............................ 1,144 20,500 EDISON INTERNATIONAL CO ..................... 537 15,200 EDPERBRASCAN CORP (CLASS A) ................. 200 5,400 EL PASO ENERGY CORP ......................... 210 4,300 ELECTRABEL NV ............................... 1,408 10,950 ELECTRABEL S.A. (STRIP VVPR) ................ 1 56,859 ELECTRICIDADE DE PORTUGAL S.A. .............. 993 71,208 ENDESA S.A. ................................. 1,414 SEE NOTES TO FINANCIAL STATEMENTS 56 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ELECTRIC, GAS, AND SANITARY SERVICES--(Continued) 466,400 * ENEL S.P.A. ................................. $ 1,955 6,400 ENTERGY CORP ................................ 165 43,461 FIRSTENERGY CORP ............................ 986 12,500 FPL GROUP, INC .............................. 535 28,500 GAS NATURAL SDG S.A. ........................ 657 63 GPU, INC .................................... 2 2,000 GROUPE BRUXELLES LAMBERT S.A. ............... 403 300 HAFSLUND AS SERIES A ........................ 2 286,190 HONG KONG & CHINA GAS CO LTD ................ 392 791 HYDER PLC ................................... 4 60,374 > IBERDROLA S.A. .............................. 837 44,700 > ITALGAS S.P.A. .............................. 169 66,190 KANSAI ELECTRIC POWER CO, INC ............... 1,153 7,000 KURITA WATER INDUSTRIES LTD ................. 111 85,899 NATIONAL GRID GROUP PLC ..................... 653 172,760 NATIONAL POWER PLC .......................... 1,000 110,000 OSAKA GAS CO LTD ............................ 265 1,900 * OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG. .............. 267 24,700 PECO ENERGY CO .............................. 858 24,000 PG&E CORP ................................... 492 39,710 PP&L RESOURCES, INC ......................... 908 18,457 PUBLIC SERVICE ENTERPRISE GROUP, INC ........ 643 10,000 RELIANT ENERGY, INC ......................... 229 7,100 RHEIN-WESTFALEN ELECTRIC AG. ................ 278 50,399 SCOTTISH POWER PLC .......................... 382 42,400 SEMPRA ENERGY ............................... 737 310,000 SHUN TAK ENTERPRISES CORP LTD ............... 59 31,800 SOUTHERN CO ................................. 747 7,400 SUEZ LYONNAISE DES EAUX ..................... 1,192 5,872 > SUEZ LYONNAISE DES EAUX S.A. ................ 941 7,400 SUEZ LYONNAISE (STRIP VVPR) ................. 0 124,000 TENAGA NASIONAL BERHAD ...................... 320 37,693 TEXAS UTILITIES CO .......................... 1,340 22,441 THAMES WATER PLC ............................ 280 47,600 TOHOKU ELECTRIC POWER CO, INC ............... 708 90,383 TOKYO ELECTRIC POWER CO, INC ................ 2,422 110,000 TOKYO GAS CO LTD ............................ 268 26,961 TRANS CANADA PIPELINES LTD .................. 233 6,900 TRANSALTA CORP .............................. 67 12,505 UNICOM CORP ................................. 419 22,000 UNION ELECTRICA FENOSA S.A. ................. 384 7,405 UNITED UTILITIES PLC ........................ 77 29,450 VEBA AG. .................................... 1,432 49,874 VIAG AG. .................................... 914 36,448 VIVENDI S.A. ................................ 3,292 24,394 * VIVENDI S.A. WTS 05/02/01 ................... 83 39,169 WASTE MANAGEMENT, INC ....................... 673 6,448 WESTCOAST ENERGY, INC ....................... 103 12,200 WILLIAMS COS, INC ........................... 373 --------- 44,273 --------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--14.59% 15,789 * ABB LTD ..................................... 1,926 4,273 * ABB LTD (SWITZERLAND) ....................... 523 6,610 ADVANTEST CORP .............................. 1,746 8,000 ALPS ELECTRIC CO LTD ........................ 122 17,700 * AMERICAN POWER CONVERSION CORP .............. 467 10,891 AMSTRAD PLC ................................. 42 9,000 * ASM LITHOGRAPHY HOLDINGS NV ................. 1,000 900 BANG & OLUFSEN HOLDINGS AS (CLASS B) ........ 33 1,000 BARCO NV .................................... 140 70,615 BROTHERS INDUSTRIES LTD ..................... 162 438,000 * CIENA CORP .................................. 25,185 2,099,000 * CLARION CO LTD .............................. 14,700 10,000 COOPER INDUSTRIES, INC ...................... 404 30,000 ELECTROCOMPONENTS PLC ....................... 332 21,350 > ELECTROLUX AB SERIES B ...................... 538 11,000 EMAIL LTD ................................... 17 24,000 EMERSON ELECTRIC CO ......................... 1,377 1,995 EMPRESA FABRIL DE MAQUINAS ELECTRICAS ....... 12 1,557,400 * EPCOS AG. ................................... 116,891 787,000 ERG LTD ..................................... 4,404 8,300 FISHER & PAYKEL INDUSTRIES LTD .............. 32 4,000 FUJI MACHINE MANUFACTURING CO. .............. 322 1,045,476 > FUJITSU LTD ................................. 47,652 49,000 FURUKAWA ELECTRIC CO LTD .................... 743 15,000 * GEMSTAR INTERNATIONAL GROUP, INC ............ 1,069 1,314,589 GENERAL ELECTRIC CO ......................... 203,433 96,900 HIROSE ELECTRIC CO LTD ...................... 21,713 2,377,000 HITACHI LTD ................................. 38,129 252,000 HITACHI MAXELL LTD .......................... 7,419 1,111,984 INTEL CORP .................................. 91,530 2,316,700 JOHNSON ELECTRIC HOLDINGS LTD ............... 14,871 22,128 KONINKLIJKE PHILIPS ELECTRONICS NV .......... 3,010 56,800 KYOCERA CORP ................................ 14,722 40,000 MALAYSIAN PACIFIC INDUSTRIES BERHAD ......... 258 55,000 * MATSUSHITA COMMUNICATIONS INDUSTRIAL CO ..... 14,525 134,183 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ....... 3,714 3,800 MAYTAG CO ................................... 182 17,500 * MICRON TECHNOLOGY, INC ...................... 1,361 166,000 MITSUBISHI ELECTRIC CORP .................... 1,072 40,737 MOTOROLA, INC ............................... 5,999 285,625 MURATA MANUFACTURING CO LTD ................. 67,048 2,356 NGK SPARK PLUG CO LTD ....................... 22 109,704 NIPPON ELECTRIC CORP ........................ 2,613 13,000 NITTO DENKO CORP ............................ 650 1,282,712 * NOKIA OYJ ................................... 232,608 87,100 NORTEL NETWORKS CORP ........................ 8,766 140,000 NORTEL NETWORKS CORP (U.S.) ................. 14,140 3,056,000 * OKI ELECTRIC INDUSTRY CO LTD ................ 17,994 492,000 PIONEER CORP ................................ 12,993 40,400 * QUALCOMM, INC ............................... 7,115 45,256 RACAL ELECTRONICS PLC ....................... 406 102,424 ROHM CO ..................................... 42,076 146,000 SANYO ELECTRIC CO LTD ....................... 593 3,100 * SGL CARBON AG. .............................. 206 980,000 SHARP CORP .................................. 25,066 20,800 > SIRTI S.P.A. ................................ 74 16,100 * SOLECTRON CORP .............................. 1,532 143,558 > SONY CORP ................................... 42,545 961,000 ST MICROELECTRONICS NV ...................... 147,935 50,000 SUMITOMO ELECTRIC INDUSTRIES CO ............. 578 8,940 TAIYO YUDEN CO LTD .......................... 530 53,636 TEXAS INSTRUMENTS, INC ...................... 5,196 202,600 TOKYO ELECTRON CO LTD ....................... 27,743 195,000 TOSHIBA CORP ................................ 1,488 27,000 VARITRONIX INTERNATIONAL LTD ................ 62 618,000 VENTURE MANUFACTURING LTD (SINGAPORE) ....... 7,085 7,795 WHIRLPOOL CORP .............................. 507 20,016 YAMAHA CORP ................................. 130 --------- 1,309,478 --------- ENGINEERING AND MANAGEMENT SERVICES--0.10% 17,928 DUN & BRADSTREET CORP 529 5,800 OYO CORP 77 81,000 SEMBCORP INDUSTRIES LTD 110 29,600 SERVICEMASTER CO 364 5,010,000 SINGAPORE TECHNOLOGIES ENGINEERING LTD 7,759 7,300 VEDIOR NV-CVA 75 --------- 8,914 --------- SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 57 STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FABRICATED METAL PRODUCTS--1.25% 1,408,500 AMERICAN NATIONAL CAN GROUP, INC ............ $ 18,311 4,003,880 > ASSA ABLOY AB SERIES B ...................... 56,296 12,261 BICC LTD .................................... 18 500 BOHLER-UDDEHOLM AG. (BR) .................... 23 48,835 CARADON PLC ................................. 123 18,900 CROWN CORK & SEAL CO, INC ................... 423 500 FISCHER (GEORGE) LTD (REGD) ................. 173 74,299 GILLETTE CO ................................. 3,060 34,826 GKN PLC ..................................... 548 26,810 MAGNETI MARELLI ............................. 102 28,300 MASCO CORP .................................. 718 5,500 PARKER-HANNIFIN CORP ........................ 282 9,600 ROCKWELL INTERNATIONAL CORP ................. 460 355 * SANITEC OYJ ................................. 5 38,000 * SANKYO ALUMINIUM INDUSTRY CO LTD ............ 35 9,000 SANWA SHUTTER CORP .......................... 33 135,000 SMC CORP .................................... 29,855 22,700 SNAP-ON, INC ................................ 603 9,500 STANLEY WORKS CO ............................ 286 46,000 * TAKARA STANDARD CO .......................... 228 16,000 TOSTEM CORP ................................. 287 18,600 TOYO SEIKAN KAISHA LTD ...................... 269 4,500 UNITED DOMINION INDUSTRIES LTD .............. 88 --------- 112,226 --------- FOOD AND KINDRED PRODUCTS--1.36% 5 * AGRIBRANDS INTERNATIONAL, INC ............... 0 41,000 AJINOMOTO CO LTD ............................ 427 293,512 ANHEUSER BUSCH COS, INC ..................... 20,803 6,000 ARCHER DANIELS MIDLAND CO ................... 73 28,000 ASAHI BREWERIES LTD ......................... 306 10,900 * ASIA FOOD & PROPERTIES LTD WTS 07/12/02 ..... 3 3,503 AZUCARERA EBRO AGRICOLAS S.A. ............... 51 61,108 BASS PLC .................................... 760 2,395 * BRAU UND BRUNNEN AG. ........................ 113 189,061 CADBURY SCHWEPPES LTD ....................... 1,142 32,554 CAMPBELL SOUP CO ............................ 1,259 5,200 CARLSBERG BREWERIES AS (CLASS A) ............ 192 60,214 COCA COLA AMATIL LTD ........................ 164 163,364 COCA COLA CO ................................ 9,516 53,544 CONAGRA, INC ................................ 1,208 10,586 * COTT CORP ................................... 56 4,900 DANISCO AS .................................. 191 5,357 DANONE GROUP ................................ 1,263 12,000 DCC PLC ..................................... 89 237,764 DIAGEO PLC (CLASS A) ........................ 1,912 2,250 * EL AGUILA S.A. .............................. 18 737 ERIDANIA BEGHIN-SAY S.A. .................... 79 500 > EZAKI GLICO CO LTD .......................... 2 1,995,300 > FOSTERS BREWING GROUP LTD ................... 5,707 15,000 FRASER & NEAVE LTD .......................... 55 9,012 GENERAL MILLS, INC .......................... 322 97,637 > GOODMAN FIELDER LTD ......................... 87 19,810 HEINEKEN NV ................................. 966 24,565 HEINZ (H.J.) CO ............................. 978 2,000 HOLSTEN BRAUEREI AG. ........................ 34 7,000 HOUSE FOODS CORP ............................ 106 78,000 IOI CORP .................................... 47 166,800 ITOEN LTD ................................... 23,313 699 ITOHAM FOODS, INC ........................... 3 574,000 KATOKICHI CO LTD ............................ 12,436 16,600 KERRY GROUP (CLASS A) ....................... 199 12,000 KIKKOMAN CORP ............................... 80 78,000 KIRIN BREWERY CO LTD ........................ 820 35,100 LION NATHAN LTD ............................. 82 6,768 LVMH MOET HENNESSY LOUIS VUITTON ............ 3,032 4,292 MEIJI SEIKA KAISHA LTD ...................... 24 5,503 MOLSON, INC (CLASS A) ....................... 102 13,000 NESTLE MALAYSIA BERHAD ...................... 56 2,782 NESTLE S.A. (REGD) .......................... 5,097 38,000 NICHIREI CORP ............................... 98 6,000 NIPPON MEAT PACKERS, INC .................... 78 60,000 NIPPON OIL & FATS CO LTD .................... 142 74,000 NIPPON SUISAN KAISHA LTD .................... 114 8,000 NISSHIN FLOUR MILLING CO LTD ................ 55 6,091 NISSIN FOOD PRODUCTS CO LTD ................. 143 23,142 ORKLA ASA ................................... 399 400 OSTERREICHISCHE BRAU-AKTIENGESELLSCHAF ...... 16 3,500 OYJ HARTWALL ABP ............................ 51 122,400 PARMALAT FINANZIARIA S.P.A. ................. 157 476,000 PEPSICO, INC ................................ 16,779 4,736 PERNOD-RICARD S.A. .......................... 271 41,100 * PULEVA S.A. ................................. 60 319 Q.P. CORP ................................... 2 10,773 QUAKER OATS CO .............................. 707 13,900 RAISIO GROUP PLC ............................ 55 23,000 RALSTON PURINA CO ........................... 641 850 SAPPORO BREWERIES LTD ....................... 3 57,098 SARA LEE CORP ............................... 1,260 27,000 SEAGRAMS CO LTD ............................. 1,206 500 SEAGRAMS CO LTD (U.S.) ...................... 22 44,000 SNOW BRAND MILK PRODUCTS CO ................. 177 538,560 > SOUTHCORP LTD ............................... 1,893 8,204 TAKARA SHUZO CO LTD ......................... 129 55,300 TATE & LYLE PLC ............................. 355 2,800 UNICER-UNIAO CERVEIJEIRA S.A. ............... 56 27,100 UNIGATE PLC ................................. 136 152,500 UNILEVER LTD ................................ 1,122 37,315 UNILEVER NV CERTIFICATE ..................... 2,062 4,180 VISCOFAN S.A. ............................... 33 19,000 YAKULT HONSHA CO LTD ........................ 165 19,000 YAMAZAKI BAKING CO LTD ...................... 206 --------- 121,766 --------- FOOD STORES--0.68% 25,015 ALBERTSONS, INC ............................. 807 23,613 CARREFOUR SUPERMARCHE S.A. .................. 4,356 6,200 > CASINO GUICHARD-PERRACHON S.A. .............. 710 3,380 COLRUYT S.A. ................................ 194 743 DAIRY FARM INTERNATIONAL HOLDINGS LTD ....... 1 3,900 DELHAIZE FRERES NV .......................... 294 219,745 ITO-YOKADO CO LTD ........................... 23,857 8,466 JERONIMO MARTINS SGPS S.A. .................. 217 41,400 KONINKLIJKE AHOLD NV ........................ 1,226 66,042 * KROGER CO ................................... 1,247 23,420 > RINASCENTE S.P.A. ........................... 150 36,652 SAINSBURY (J) PLC ........................... 207 162,000 SEVEN-ELEVEN JAPAN CO LTD ................... 25,669 631,627 TESCO PLC ................................... 1,920 24,000 UNY CO LTD .................................. 235 86,716 > WOOLWORTHS LTD .............................. 297 --------- 61,387 --------- FORESTRY--0.00% 2,100 CORTICEIRA AMORIM S.A. ...................... 21 10,000 KUALA LUMPUR KEPONG BERHAD .................. 14 --------- 35 --------- FURNITURE AND FIXTURES--0.34% 1,046,000 NEWELL RUBBERMAID, INC ...................... 30,334 --------- FURNITURE AND HOMEFURNISHINGS STORES--0.01% 8,000 SHIMACHU CO ................................. 110 13,500 TANDY CORP .................................. 664 --------- 774 --------- SEE NOTES TO FINANCIAL STATEMENTS 58 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- GENERAL BUILDING CONTRACTORS--0.02% 5,420 AMEC PLC .................................... $ 22 96,830 BARRATT DEVELOPMENTS PLC .................... 441 1,000 BERKELEY GROUP PLC .......................... 12 230 CARRILLION PLC .............................. 0 862 * DAIKYO, INC ................................. 2 13,759 DAITO TRUST CONSTRUCTION CO LTD ............. 153 29,000 DAIWA HOUSE INDUSTRY CO LTD ................. 216 35,000 FLETCHER CHALLENGE LTD (BUILDING DIVISON) ... 52 154,000 >* FUJITA CORP ................................. 83 21,700 > LEIGHTON HOLDINGS LTD ....................... 84 2,164 MISAWA HOMES CO LTD ......................... 7 32,000 NISHIMATSU CONSTRUCTION CO LTD .............. 128 43,000 OBAYASHI CORP ............................... 203 14,000 SHIMIZU CORP ................................ 46 6,900 SKANSKA AB SERIES B FREE .................... 257 120,000 TAISEI CORP ................................. 228 4,000 TAYLOR WOODROW PLC .......................... 9 11,000 TODA CONSTRUCTION CO ........................ 42 24,071 WILSON (CONNOLLY) HOLDINGS PLC .............. 61 7,400 WIMPEY (GEORGE) LTD ......................... 13 47,400 YTL CORP BERHAD ............................. 75 --------- 2,134 --------- GENERAL MERCHANDISE STORES--2.14% 72,752 > COLES MYER LTD .............................. 375 4,816 CORTEFIEL S.A. .............................. 126 14,700 * COSTCO WHOLESALE CORP ....................... 1,341 15,000 * DAIEI, INC .................................. 59 33,685 DAIMARU, INC ................................ 114 81,000 > DAVID JONES LTD ............................. 73 543,284 DAYTON HUDSON CORP .......................... 39,897 30,600 * DIXONS GROUP PLC ............................ 736 2,840,000 GIORDANO INTERNATIONAL LTD .................. 2,923 5,700 HAGEMEYER NV ................................ 132 2,000 HANKYU DEPARTMENT STORES, INC ............... 11 1,200 HUDSONS BAY CO .............................. 14 1,000 ISETAN CO LTD ............................... 7 106 * JELMOLI HOLDINGS AG. (BR) ................... 126 15,000 JUSCO CO LTD ................................ 261 7,200 KARSTADT AG. ................................ 289 6,600 KESCO OYJ ................................... 84 111,627 KINGFISHER PLC .............................. 1,238 80,813 MARKS & SPENCER PLC ......................... 385 23,000 MARUI CO LTD ................................ 343 19,750 MAY DEPARTMENT STORES CO .................... 637 16,000 METRO AG. ................................... 861 54,000 >* MITSUKOSHI LTD .............................. 190 41,200 MYCAL CORP .................................. 179 10 PENNEY, (J.C.) CO, INC ...................... 0 8,185 PINAULT-PRINTEMPS-REDOUTE S.A. .............. 2,160 50,000 > RYOHIN KEIKAKU CO LTD ....................... 10,030 39,673 SEARS ROEBUCK & CO .......................... 1,208 261 * SEIYU LTD ................................... 1 954 SELFRIDGES PLC .............................. 4 3,800 SONAE SGPS S.A. ............................. 201 4,200 STOCKMANN B FREE ............................ 61 35,000 TAKASHIMAYA CO LTD .......................... 241 1,849,740 WAL-MART STORES, INC ........................ 127,863 102,639 WATERFORD WEDGWOOD PLC (UNITS) .............. 104 --------- 192,274 -- ------ HEALTH SERVICES--0.58% 48,600 COLUMBIA/HCA HEALTHCARE CORP ................ 1,425 1,756,100 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) ........................... 23,488 27,851 * HEALTHSOUTH CORP ............................ 150 2,400 MDS, INC (CLASS B) .......................... 49 87 * QUEST DIAGNOSTICS, INC ...................... 3 1,148,900 * TENET HEALTHCARE CORP ....................... 26,999 --------- 52,114 --------- HEAVY CONSTRUCTION, EXCEPT BUILDING--0.15% 4,265 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIO S.A ....................................... 101 17,429 AUTOPISTAS CONCESIONARIA ESPANOLA S.A. ...... 169 7,800 * BILFINGER & BERGER AG. ...................... 170 1,975 BOUYGUES S.A. ............................... 1,256 29,500 BRISA-AUTO ESTRADAS DE PORTUGAL S.A. ........ 226 14,600 DRAGADOS Y CONSTRUCCIONES S.A. .............. 129 2,328 ENGIL-SGPS .................................. 22 12,500 FLUOR CORP .................................. 573 6,300 FOMENTO CONSTRUCCIONES Y CONTRATAS S.A ...... 128 32,000 * GAMUDA BERHAD ............................... 71 1,900 > GROUPE GTM .................................. 185 7,500 HOCHTIEF AG. ................................ 280 2,753 HOLLANDSCHE BETON GROEP NV (H.B.G.) ......... 26 14,000 HONG KONG CONSTRUCTION HOLDINGS ............. 5 84,000 IMPREGILO S.P.A. ............................ 52 42,000 >* JGC CONSTRUCTION CORP ....................... 102 19,000 KAJIMA CORP ................................. 57 12,000 MAEDA ROAD CONSTRUCTION CO LTD .............. 58 1,146 * MORRISON KNUDSEN CORP WTS 03/11/03 .......... 3 20,000 OKUMURA CORP ................................ 67 50,000 >* SATO KOGYO .................................. 32 1,000 SHO-BOND CORP ............................... 18 3,060 SOCIEDADE DE CONSTRUCOES SOARES DA COS ...... 9 209,400 * SOCIETE GENERALE DENTREPRISES S.A. .......... 9,810 2,000 * TOA CORP .................................... 3 124,000 UNITED INDUSTRIAL CORP ...................... 70 1,100 VA TECHNOLOGIE AG. (BR) ..................... 73 --------- 13,695 --------- HOLDING AND OTHER INVESTMENT OFFICES--0.31% 113,856 ALLIED ZURICH PLC ........................... 1,341 83,909 * BENI STABILI S.P.A. ......................... 30 323,200 * BRIERLEY INVESTMENTS LTD .................... 68 50,200 * CANARY WHARF FINANCE PLC .................... 311 8,900 DROTT AB SERIES B ........................... 102 19,178 EQUITY OFFICE PROPERTIES TRUST .............. 472 8,300 EQUITY RESIDENTIAL PROPERTIES TRUST CO ...... 354 400 > EURAFRANCE S.A. ............................. 241 400 * GROUP POUR LE FINANCEMENT CONSTRUCTION ...... 45 1,330,501 HUTCHINSON WHAMPOA LTD ...................... 19,341 5,634 LAND SECURITIES PLC ......................... 63 247,000 LEND LEASE CORP LTD ......................... 3,450 36,600 ORIENTAL HOLDINGS ........................... 80 8,400 POWER CORP OF CANADA ........................ 143 5,900 PROMISE CO LTD .............................. 300 10,300 SIMON PROPERTY GROUP, INC ................... 236 57,000 > SUMITOMO CORP ............................... 552 346,300 UNIONE IMMOBILIARE S.P.A. ................... 160 93,395 WESTFIELD TRUST (UNITS) ..................... 183 5,190 * WESTFIELD TRUST (UNITS) (NEW) ............... 10 --------- 27,482 --------- HOTELS AND OTHER LODGING PLACES--0.03% 8,385 ACCOR S.A. .................................. 405 100 * CLUB MEDITERRANEE S.A. ...................... 12 3,000 FUJITA KANKO, INC ........................... 18 22,000 GENTING BERHAD .............................. 78 117,962 HILTON GROUP PLC ............................ 378 12,300 HILTON HOTELS CORP .......................... 118 52,000 * HONG KONG & SHANGHAI HOTELS LTD ............. 34 48,000 HOTEL PROPERTIES LTD ........................ 43 8,000 JURYS DOYLE HOTEL PLC ....................... 59 125,000 MIRAMAR HOTEL & INVESTMENT CO LTD ........... 134 20,500 * PARK PLACE ENTERTAINMENT CORP ............... 256 74,000 * REGAL HOTELS INTERNATIONAL LTD .............. 6 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 59 STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HOTELS AND OTHER LODGING PLACES--(Continued) 69,000 RESORTS WORLD BERHAD ........................ $ 198 137,200 SHANGRI-LA ASIA LTD ......................... 157 26,338 SHANGRI-LA ASIA LTD (SINGAPORE) ............. 32 11,200 * SOL MELIA S.A. .............................. 127 13,500 STARWOOD HOTELS & RESORTS WORLDWIDE ......... 317 --------- 2,372 --------- INDUSTRIAL MACHINERY AND EQUIPMENT--5.35% 1,500 AGIV AG. .................................... 27 33,000 AMADA CO LTD ................................ 180 8,000 * AMANO CORP .................................. 48 10,100 * APPLE COMPUTER, INC ......................... 1,038 27,000 * APPLIED MATERIALS, INC ...................... 3,421 12,371 ATLAS COPCO AB SERIES B FREE ................ 352 481,642 BAKER HUGHES, INC ........................... 10,145 7,142 BLACK & DECKER CORP ......................... 373 13,600 BRUNSWICK CORP .............................. 303 5,900 BUDERUS AG. ................................. 100 16,600 CATERPILLAR, INC ............................ 781 1,372,534 * CISCO SYSTEMS, INC .......................... 147,033 978,000 COMPAQ COMPUTER CORP ........................ 26,467 8,441 CUMMINS ENGINE CO, INC ...................... 408 28,121 > DAI NIPPON SCREEN MANUFACTURING CO LTD ...... 168 26,000 DAIKIN INDUSTRIES LTD ....................... 353 17,200 DEERE & CO .................................. 746 494,600 * DELL COMPUTER CORP .......................... 25,225 20,300 DOVER CORP .................................. 921 7,000 EBARA CORP .................................. 78 506,310 * EMC CORP .................................... 55,314 1,600 * EST ASIATIQUE ............................... 17 200,600 FANUC LTD ................................... 25,526 178,511 FKI PLC ..................................... 692 4,000 FLS INDUSTRIES AS (CLASS B) ................. 101 20,190 FUTURIS CORP LTD ............................ 28 63,864 HEWLETT-PACKARD CO .......................... 7,277 6,000 * HITACHI ZOSEN CORP .......................... 5 4,200 INDUSTRIE-WERKE KARLSRUHE AUGSBURG AG. ...... 88 3,513 INGERSOLL-RAND CO ........................... 193 612,698 (0) INTERNATIONAL BUSINESS MACHINES CORP ........ 66,171 42,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO LTD . 48 47,500 KEPPEL CORP LTD ............................. 124 76,689 KOMATSU LTD ................................. 353 1,365 KONE CORP SERIES B .......................... 67 124,533 KUBOTA CORP ................................. 476 4,766 LINDE AG. ................................... 261 7,000 MAKITA CORP ................................. 63 3,820 METRA CO SERIES B ........................... 71 8,503 * METSO OYJ ................................... 111 326,000 MINEBEA CO LTD .............................. 5,590 308,468 MITSUBISHI HEAVY INDUSTRIES LTD ............. 1,029 14,000 MORI SEIKI CO LTD ........................... 188 44,800 > NIDEC CORP .................................. 12,926 45,000 NSK LTD ..................................... 308 37,000 NTN TOYO BEARING CO LTD ..................... 109 32,513 OKUMA CORP .................................. 102 20,000 > OMRON CORP .................................. 461 11,000 SANDVIK AB SERIES A ......................... 345 5,100 SANDVIK AB SERIES B FREE .................... 163 142 SCHINDLER HOLDINGS LTD (REGD) ............... 227 18,962 * SEAGATE TECHNOLOGY, INC ..................... 883 900 SIDEL S.A. .................................. 93 2,674 STORK NV .................................... 39 200 * SULZER WINTERTHUR AG. (REGD) ................ 130 6,600 SVENKA KULLAGERFABRIKEN AB SERIES B ......... 161 293,000 > THK CO LTD .................................. 11,836 8,000 TOMRA SYSTEMS AS ............................ 136 100 TOYODA AUTOMATIC LOOM WORKS LTD ............. 2 5,000 * TSUGAMI CORP ................................ 13 1,794,860 TYCO INTERNATIONAL LTD ...................... 69,775 36,000 * VAN DER HORST LTD ........................... 12 700 * VESTAS WIND SYSTEMS A/S ..................... 124 5,892 ZARDOYA OTIS S.A. ........................... 58 --------- 479,863 --------- INSTRUMENTS AND RELATED PRODUCTS--2.43% 6,000 ASAHI OPTICAL CO LTD ........................ 13 438,141 BAXTER INTERNATIONAL, INC ................... 27,521 20,400 BECTON DICKINSON & CO ....................... 546 466,000 > CANON, INC .................................. 18,505 7,000 CASIO COMPUTER CO LTD ....................... 58 16,000 CITIZEN WATCH CO LTD ........................ 102 115,000 COCHLEAR LTD ................................ 1,524 22,600 EASTMAN KODAK CO ............................ 1,497 412 ESSILOR INTERNATIONAL S.A. .................. 128 5,900 * FRESENIUS MEDICAL CARE AG. .................. 505 38,000 FUJI PHOTO FILM CO LTD ...................... 1,386 15,000 * GAMBRO AB (CLASS A) ......................... 135 5,000 * GAMBRO AB (CLASS B) ......................... 45 114,026 IMI PLC ..................................... 493 23,097,202 INVENSYS PLC ................................ 125,684 7,141 JOHNSON CONTROLS, INC ....................... 406 14,000 KONICA CORP ................................. 52 1,500 * LITTON INDUSTRIES, INC ...................... 75 77,600 MEDTRONIC, INC .............................. 2,828 636,000 NIKON CORP .................................. 18,662 185,000 > NORITSU KOKI CO LTD ......................... 7,057 6,310 OCE NV ...................................... 107 12,000 OLYMPUS OPTICAL CO LTD ...................... 170 7,430 OXFORD INSTRUMENTS GROUP PLC ................ 23 1,800 * PE CORP-CELERA GENOMICS GROUP ............... 268 5,300 PE CORP-PE BIOSYSTEMS GROUP ................. 638 1,000 RADIOMETER AS (CLASS B) ..................... 38 500 RAYTHEON CO (CLASS A) ....................... 12 9,400 RAYTHEON CO (CLASS B) ....................... 250 342,077 > RICOH CO LTD ................................ 6,444 465 * SAGEM S.A. (NEW) ............................ 323 39,000 * SMITH & NEPHEW PLC .......................... 131 4 * THE SWATCH GROUP AG. (BR) ................... 5 1,677 THE SWATCH GROUP AG. (REGD) ................. 391 1,100 * WILLIAM DEMANT AS ........................... 104 124,208 WILLIAMS PLC ................................ 565 49,474 XEROX CORP .................................. 1,122 15,000 YOKOGAWA ELECTRIC CORP ...................... 106 --------- 217,919 --------- INSURANCE AGENTS, BROKERS AND SERVICE--0.09% 57,113 FORTIS B .................................... 2,061 4,662 * FORTIS B CVG 07/20/01 ....................... 16 49,446 * FORTIS B NPV (STRIP VVPR) ................... 0 626 GENERALI HOLDINGS VIENNA .................... 105 13,700 MARSH & MCLENNAN COS, INC ................... 1,311 1,600,000 * OLD MUTUAL PLC .............................. 4,353 --------- 7,846 --------- INSURANCE CARRIERS--2.54% 1,235,000 ACE LTD ..................................... 20,609 185,977 AEGON NV .................................... 17,968 4,100 * AEGON NV ARS ................................ 392 10,231 AETNA, INC .................................. 571 22,247 AFLAC, INC .................................. 1,050 29 ALLEANZA ASSICURAZIONI (S/S) NON CV ......... 0 16,712 ALLIANZ AG. (REGD) .......................... 5,615 34,604 ALLSTATE CORP ............................... 830 100,482 AMERICAN INTERNATIONAL GROUP, INC ........... 10,865 497,000 AMP LTD ..................................... 5,475 SEE NOTES TO FINANCIAL STATEMENTS 60 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- INSURANCE CARRIERS--(Continued) 14,750 AON CORP .................................... $ 590 65,164 > ASSICURAZIONI GENERALI S.P.A. ............... 2,153 22,231 AXA ......................................... 3,100 84,689 CGU PLC ..................................... 1,364 14,400 CHUBB CORP .................................. 811 19,970 CIGNA CORP .................................. 1,609 1,691,185 CITIGROUP, INC .............................. 93,966 56,847 COLONIAL LTD ................................ 253 1,300 COMPANHIA DE SEGUROS TRANQUILIDADE .......... 40 2,600 CORPORACION MAPFRE S.A. ..................... 43 600 * FAIRFAX FINANCIAL HOLDINGS LTD .............. 102 13,547 HARTFORD FINANCIAL SERVICES GROUP, INC ...... 642 220,300 INSTITUTO NAZIONALE DELLE ASSICURAZION ...... 584 386,460 LEGAL & GENERAL GROUP PLC ................... 1,051 12,100 LINCOLN NATIONAL CORP ....................... 484 1,680,000 * MANULIFE FINANCIAL CORP ..................... 21,390 7,300 MBIA, INC ................................... 386 1,247,000 > METROPOLITAN LIFE LTD ....................... 2,168 64,000 > MITSUI TAISHO MARINE & FIRE CO LTD .......... 379 11,285 MUENCHENER RUECKVER AG. (REGD) .............. 2,863 900 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) .... 48 2,900 POHJOLA INSURANCE CO LTD SERIES B ........... 175 119,295 PRUDENTIAL PLC .............................. 2,350 450,829 QBE INSURANCE GROUP LTD ..................... 2,095 39,300 RAS S.P.A. .................................. 394 13,000 * SAFECO CORP ................................. 323 9,400 SAI S.P.A. .................................. 105 4,300 SAMPO INSURANCE CO SERIES A ................. 150 29,800 SKANDIA FORSAKRINGS AB ...................... 901 16,400 ST. PAUL COS, INC ........................... 552 29,450 * UNI-STOREBRAND AS SERIES A .................. 224 47,972 SUMITOMO MARINE & FIRE INSURANCE CO ......... 296 1,032 SWISS REINSURANCE ........................... 2,120 94,000 TOKIO MARINE & FIRE INSURANCE CO LTD ........ 1,099 2,900 * TOPDANMARK AS ............................... 57 17,400 UNITED HEALTHCARE CORP ...................... 924 8,300 UNUMPROVIDENT CORP .......................... 266 2,900 * WELLPOINT HEALTH NETWORKS, INC .............. 191 323,811 XL CAPITAL LTD .............................. 16,798 3,172 ZURICH ALLIED AG. ........................... 1,809 --------- 228,230 --------- LOCAL AND INTERURBAN PASSENGER TRANSIT--0.50% 167 CENTRAL JAPAN RAILWAY CO .................... 1,047 2,197 EAST JAPAN RAILWAY CO ....................... 11,840 17,986 LAIDLAW, INC ................................ 94 12,354,582 STAGECOACH HOLDINGS PLC ..................... 31,819 --------- 44,800 --------- LUMBER AND WOOD PRODUCTS--0.03% 110,814 CARTER HOLT HARVEY LTD ...................... 145 6,200 CLAYTON HOMES, INC .......................... 57 85,060 * FLETCHER CHALLENGE LTD (FORESTS DIVISION) ... 34 18,500 GEORGIA-PACIFIC CORP (PACKING GROUP) ........ 939 18,000 JAYA TIASA HOLDINGS BERHAD .................. 33 8,100 LOUISIANA PACIFIC CORP ...................... 115 73,900 SEKISUI HOUSE LTD ........................... 654 12,652 WEYERHAEUSER CO ............................. 909 --------- 2,886 --------- METAL MINING--0.20% 270 ALUSUISSE LONZA HOLDINGS AG. (REGD) ......... 199 7,300 * ASTRUIANA DE ZINC S.A. MINES ................ 94 2,000 BARRICK GOLD CORP ........................... 36 19,500 BARRICK GOLD CORP (U.S.) .................... 345 23,500 * CAMBIOR, INC ................................ 30 2,500 CAMECO CORP ................................. 38 7,800 COMINCO LTD ................................. 163 2,000 * DELTA GOLD NL ............................... 3 31,000 * ECHO BAY MINES LTD .......................... 37 5,000 ELKEM AS .................................... 116 15,466 GOLDFIELDS LTD .............................. 11 22,700 HOMESTAKE MINING CO ......................... 177 1,000 * ILUKA RESOURCES LTD ......................... 3 9,681 * INCO LTD CO ................................. 225 3,000 * INCO LTD CO (U.S.) .......................... 71 13,400 JOHNSON MATTHEY PLC ......................... 149 4,619 LONMIN PLC .................................. 47 120,015 MIM HOLDINGS LTD ............................ 123 85,000 * MITSUBISHI MATERIALS CORP ................... 208 11,000 MITSUI MINING & SMELTING CO LTD ............. 52 31,000 * NEWCREST MINING LTD ......................... 106 16,900 NEWMONT MINING CORP ......................... 414 104,000 NIPPON LIGHT METAL CO LTD ................... 97 19,400 NORANDA, INC ................................ 260 113,247 NORMANDY MINING LTD ......................... 80 1,358,306 > NORTH LTD ................................... 3,192 8,900 OUTOKUMPU OY SERIES A ....................... 126 25,200 PLACER DOME, INC ............................ 268 59,608 RESOLUTE SAMANTHA LTD ....................... 15 10,400 RIO ALGOM LTD ............................... 158 242,900 > RIO TINTO LTD ............................... 5,202 36,050 RIO TINTO PLC (BR) .......................... 582 40,606 RIO TINTO PLC (REGD) ........................ 980 11,638 SMITH (HOWARD) LTD .......................... 79 21,000 * SUMITOMO METAL MINING CO LTD ................ 47 8,800 TECK CORP LTD (CLASS B) ..................... 83 2,400 UNION MINIERE GROUP S.A. .................... 93 722,000 > WMC LTD ..................................... 3,969 --------- 17,878 --------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.19% 3,000 AMER GROUP LTD PLC SERIES A ................. 61 800 BIC S.A. .................................... 36 18,400 BULGARI S.P.A. .............................. 165 2,500 CALLAWAY GOLF CO ............................ 44 18,300 MATTEL, INC ................................. 240 33,952 MINNESOTA MINING & MANUFACTURING CO ......... 3,323 76,100 NINTENDO CO LTD ............................. 12,639 632 RHI AG. ..................................... 18 4,000 SEGA ENTERPRISES LTD ........................ 127 --------- 16,653 --------- MISCELLANEOUS RETAIL--0.67% 192,300 >* AMAZON.COM, INC ............................. 14,639 112,481 BOOTS CO LTD ................................ 1,093 852,905 CVS CORP .................................... 34,063 41,158 GREAT UNIVERSAL STORES PLC .................. 241 293,900 * QXL.COM PLC LTD ............................. 6,905 11,100 RITE AID CORP ............................... 124 33,075 * STAPLES, INC ................................ 686 32,200 * TOYS R US, INC .............................. 461 58,124 WALGREEN CO ................................. 1,700 --------- 59,912 --------- MOTION PICTURES--0.73% 148,962 DISNEY (WALT) CO ............................ 4,357 5,500 EM.TV & MERCHANDISING AG. ................... 355 27,573 RANK GROUP PLC .............................. 87 604,395 TIME WARNER, INC ............................ 43,781 3,033,000 TOEI CO ..................................... 16,791 1,910 TOHO CO LTD ................................. 279 --------- 65,650 --------- NONDEPOSITORY INSTITUTIONS--0.79% 9,800 ACOM CO LTD ................................. 959 32,385 AMERICAN EXPRESS CO ......................... 5,384 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 61 STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- NONDEPOSITORY INSTITUTIONS--(Continued) 409,212 ASSOCIATES FIRST CAPITAL CORP ............... $ 11,228 5,300 CORPORACION FINANCIERE ALBA S.A. ............ 181 842 COUNTRYWIDE CREDIT INDUSTRIES, INC .......... 21 9,162 CREDIT SAISON CO LTD ........................ 160 64,227 FEDERAL NATIONAL MORTGAGE ASSOCIATION ....... 4,010 123,648 HALIFAX PLC ................................. 1,371 34,404 HOUSEHOLD INTERNATIONAL, INC ................ 1,282 255,100 * ICICI LTD (SPONS ADR) ....................... 3,540 61,993 ING GROEP NV ................................ 3,744 31,637 IRISH LIFE AND PERMANENT PLC ................ 300 34,500 MEDIOBANCA S.P.A. ........................... 352 5,000 NICHIEI CO LTD (KYOTO) ...................... 109 3,000 NIPPON SHINPAN CO LTD ....................... 7 135,200 > ORIX CORP ................................... 30,441 25,961 SCHROEDERS LTD .............................. 522 14,050 SHOHKOH FUND & CO ........................... 5,559 11,200 TAKEFUJI CORP ............................... 1,401 --------- 70,571 --------- NONMETALLIC MINERALS, EXCEPT FUELS--0.00% 61,100 ASHTON MINING LTD ........................... 32 2,300 POTASH CORP OF SASKATCHEWAN, INC ............ 110 --------- 142 --------- OIL AND GAS EXTRACTION--0.95% 6,300 ALBERTA ENERGY LTD .......................... 196 5,700 * ANDERSON EXPLORATION LTD .................... 68 596,000 APACHE CORP ................................. 22,015 2,375 BURLINGTON RESOURCES, INC ................... 79 3,700 * CANADIAN NATURAL RESOURCES LTD .............. 90 13,576 CANADIAN OCCIDENTAL PETROLEUM LTD ........... 267 2,100 * COFLEXIP S.A. ............................... 153 36,200 FLETCHER CHALLENGE LTD (ENERGY DIVISION) .... 95 37 * FRIEDE GOLDMAN HALTER, INC .................. 0 19,400 * GLOBAL MARINE, INC .......................... 323 9,547 GULF CANADA RESOURCES LTD ................... 31 21,769 HALLIBURTON CO .............................. 876 1,195,910 IHC CALAND NV ............................... 43,675 27,800 IMPERIAL OIL LTD ............................ 595 61,766 LONDON & SCOTTISH MARINE OIL PLC ............ 117 16,300 OCCIDENTAL PETROLEUM CORP ................... 352 1,700 OMV AKTIENGESELLS AG. ....................... 165 8,800 * PETROLEUM GEO-SERVICES AS ................... 157 7,000 * RANGER OIL LTD .............................. 22 5,300 * RENAISSANCE ENERGY LTD ...................... 53 35,700 SCHLUMBERGER LTD ............................ 2,008 3,000 SMEDVIG AS SERIES A ......................... 37 200 TECHNIP S.A. ................................ 21 86,685 TOTAL FINA S.A. ............................. 11,571 11,500 TOTAL FINA S.A. (CLASS B) ................... 1,547 10,800 * TOTAL FINA S.A. (STRIP VVPR) ................ 0 12,111 * TRANSOCEAN SEDCO FOREX, INC ................. 408 16,000 * TULLOW OIL PLC .............................. 21 --------- 84,942 --------- PAPER AND ALLIED PRODUCTS--0.34% 8,300 ABITIBI CONSOLIDATED, INC ................... 97 36,000 AMCOR LTD ................................... 168 73,512 ARJO WIGGINS APPLETON PLC ................... 267 6,000 * ASSIDOMAN AB ................................ 98 6,700 AVERY DENNISON CORP ......................... 488 7,040 BUHRMANN NV ................................. 106 50,577 BUNZL PLC ................................... 278 10,800 CARTIERE BURGO S.P.A. ....................... 71 7,100 CHAMPION INTERNATIONAL CORP ................. 440 16,600 DOMTAR, INC ................................. 196 1,500 EMPRESA NATIONAL DE CELULOSAS S.A. .......... 30 106,900 FLETCHER CHALLENGE LTD (PAPER DIVISION) ..... 75 784,000 FORT JAMES CORP ............................. 21,462 25,729 INTERNATIONAL PAPER CO ...................... 1,452 4,500 INVESTIMENTOS PARTICIPACOES E GESTAO ........ 37 93,729 JEFFERSON SMURFIT GROUP PLC ................. 283 32,811 KIMBERLY-CLARK CORP ......................... 2,141 545 MAYR-MELNHOF KARTON AG. ..................... 25 1,700 * MEAD CORP ................................... 74 65,000 MITSUBISHI PAPER MILLS LTD .................. 87 4,000 NGK INSULATORS LTD .......................... 30 43,000 NIPPON PAPER INDUSTRIES CO .................. 237 3,400 NORSKE SKOGINDUSTRIER SERIES A .............. 178 88,666 OJI PAPER CO LTD ............................ 533 5,944 PORTUCEL INDUSTRIA EMPRESA .................. 41 14,120 RENO DE MEDICI S.P.A. ....................... 38 55,600 * REPAP ENTERPRISES, INC ...................... 3 29,669 REXAM PLC ................................... 120 13,550 > SCA AB SERIES B ............................. 402 5,400 TEMPLE-INLAND, INC .......................... 356 6,100 UNI CHARM CORP .............................. 351 14,700 > UPM-KYMMENE OY .............................. 592 --------- 30,756 --------- PERSONAL SERVICES--0.00% 6,725 BLOCK (H&R), INC ............................ 294 400 x* LOEWEN GROUP, INC ........................... 0 --------- 294 --------- PETROLEUM AND COAL PRODUCTS--2.96% 46,001 ATLANTIC RICHFIELD CO ....................... 3,979 5,426,854 BP AMOCO PLC ................................ 54,548 746 BP AMOCO PLC (SPONS ADR) .................... 44 993,790 > BROKEN HILL PROPRIETARY CO LTD .............. 13,009 2,500 * BURMAH CASTROL PLC .......................... 46 41,991 CHEVRON CORP ................................ 3,637 490,231 CONOCO, INC (CLASS B) ....................... 12,194 70,000 COSMO OIL CO LTD ............................ 105 513,100 > ENTE NAZIONALE IDROCARBURI S.P.A. ........... 2,822 1,597,256 EXXON MOBIL CORP ............................ 128,679 106,900 NIPPON MITSUBISHI OIL CO .................... 471 28,196 NORSK HYDRO AS .............................. 1,183 26,500 PETRO-CANADA (VARIABLE-VOTE) ................ 374 80,824 REPSOL S.A. ................................. 1,874 661,330 ROYAL DUTCH PETROLEUM CO .................... 40,542 45,775 > SANTOS LTD .................................. 124 20,000 SHOWA SHELL SEKIYU K.K. ..................... 88 5,500 SUNCOR ENERGY, INC .......................... 229 29,824 TEIKOKU OIL CO LTD .......................... 90 16,446 UNOCAL CORP ................................. 552 46,365 USX-MARATHON GROUP, INC ..................... 1,145 --------- 265,735 ------ PIPELINES, EXCEPT NATURAL GAS--0.00% 18,562 ENBRIDGE, INC ............................... 367 ------ PRIMARY METAL INDUSTRIES--3.33% 4,000 ACERINOX S.A. ............................... 160 11,300 ALCAN ALUMINUM CO LTD ....................... 463 580,390 ALCOA, INC .................................. 48,172 8,950 ALLEGHENY TECHNOLOGIES, INC ................. 201 2,000 BEKAERT S.A. ................................ 111 5,600 * BETHLEHEM STEEL CORP ........................ 47 3,868 * BOLIDEN LTD SDR ............................. 12 1,100 CO STEEL, INC ............................... 13 7,000 * CORUS GROUP PLC ............................. 18 4,000 DANIELI & CO ................................ 23 2,696 DOFASCO, INC ................................ 53 900 * FALCK AS .................................... 94 300 FLACK S.P.A. ................................ 2 SEE NOTES TO FINANCIAL STATEMENTS 62 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- PRIMARY METAL INDUSTRIES--(Continued) 2,850 GRANGES AB .................................. $ 60 3,000 * JAPAN METALS & CHEMICALS CO ................. 5 58,000 * JAPAN STEEL WORKS LTD ....................... 64 150,000 * KAWASAKI STEEL CORP ......................... 268 804,390 * MANNESMANN AG. (REGD) ....................... 194,087 1,181,000 NATIONAL IRON & STEEL MILLS LTD ............. 2,353 390,000 NIPPON STEEL CORP ........................... 912 700 NKT HOLDINGS AS ............................. 39 7,719 NUCOR CORP .................................. 423 5,048,000 * PASMINCO LTD ................................ 5,518 6,765 PECHINEY S.A. ............................... 484 772,866 PREUSSAG AKTIEGESELLSCHAFT AG. .............. 43,058 8,000 RAUTARUUKKI SERIES K ........................ 56 800 REYNOLDS METALS CO .......................... 61 14,280 #* SILVERSTONE BERHAD .......................... 0 8,700 STELCO, INC (CLASS A) ....................... 65 21,000 * SUMITOMO HEAVY INDUSTRIES LTD ............... 58 433,000 * SUMITOMO METAL INDUSTRIES LTD ............... 326 6,625 SVENSKT STAL AB SERIES A (SAAB) ............. 103 2,450 SVENSKT STAL AB SERIES B .................... 36 30,640 * THYSSEN KRUPP AG. ........................... 934 9,900 TRELLEBORG AB SERIES B FREE ................. 89 6,700 USINOR ...................................... 126 2,900 USX-US STEEL GROUP, INC ..................... 96 2,900 WORTHINGTON INDUSTRIES, INC ................. 48 --------- 298,638 --------- PRINTING AND PUBLISHING--2.95% 52,000 DAI NIPPON PRINTING CO LTD .................. 829 15,800 DONNELLEY (R.R.) & SONS CO .................. 392 6,356 DOW JONES & CO, INC ......................... 432 4,976,200 ELSEVIER UTIGEVERSMIJ NV .................... 59,457 26,849 GANNETT CO, INC ............................. 2,190 24,662 INDEPENDENT NEWS & MEDIA PLC ................ 162 500 * KADOKAWA SHOTEN PUBLISHING CO LTD ........... 168 6,500 MCGRAW HILL COS, INC ........................ 401 7,800 MONDADORI (ARNOLDO) EDITORE S.P.A. .......... 248 8,100 MOORE CORP LTD .............................. 48 9,800 NEW YORK TIMES CO (CLASS A) ................. 481 1,056,492 NEWS CORP LTD ............................... 10,227 190,000 * ORIENTAL PRESS GROUP ........................ 24 4,661,024 PEARSON PLC ................................. 150,824 6,200 QUEBECOR, INC (CLASS B) ..................... 165 93,689 REED INTERNATIONAL PLC ...................... 701 4,000 SCHIBSTED ASA ............................... 74 142,100 * SHOBUNSHA PUBLICATIONS, INC ................. 8,895 233,977 SINGAPORE PRESS HOLDINGS LTD ................ 5,070 126,000 SOUTH CHINA MORNING POST .................... 109 37,600 THOMSON CORP ................................ 986 1,600 TIMES MIRROR CO SERIES A .................... 107 39,000 TOPPAN PRINTING CO LTD ...................... 389 391,870 TRIBUNE CO .................................. 21,577 16,592 WOLTERS KLUWER NV ........................... 562 --------- 264,518 --------- RAILROAD TRANSPORTATION--0.10% 173,600 BRAMBLES INDUSTRIES LTD ..................... 4,786 58,689 BURLINGTON NORTHERN SANTA FE CORP ........... 1,423 21,500 CANADIAN PACIFIC LTD ........................ 461 7,200 CSX CORP .................................... 226 111 HANKYU CORP ................................. 0 55,000 KEIHIN ELECTRIC EXPRESS RAILWAY ............. 188 27,797 KINKI NIPPON RAILWAY CO LTD ................. 111 20,842 MAYNE NICKLESS LTD .......................... 54 125 NAGOYA RAILROAD CO LTD ...................... 0 48,000 NIPPON EXPRESS CO LTD ....................... 265 52,896 RAILTRACK GROUP PLC ......................... 888 84,000 TOBU RAILWAY CO LTD ......................... 246 15,200 UNION PACIFIC CORP .......................... 663 --------- 9,311 --------- REAL ESTATE--0.32% 48,000 AMP DIVERSIFIED PROPERTY TRUST .............. 74 8,577 BRITISH LAND PLC ............................ 57 637,618 CHEUNG KONG HOLDINGS LTD .................... 8,100 477,319 * CHINESE ESTATES LTD ......................... 98 39,319 * CHINESE ESTATES LTD HOLDINGS WTS 11/24/00 ... 3 870,225 CITY DEVELOPMENT LTD ........................ 5,093 31,000 DAIWA KOSHO LEASE CO LTD .................... 100 2,163,000 DBS LAND LTD ................................ 4,258 6,000 DILIGENTIA AB ............................... 49 91,626 * EVERGO CHINA HOLDINGS LTD ................... 2 2,000 * FIRST CAPITAL CORP LTD ...................... 3 118,005 GENERAL PROPERTY TRUST ...................... 192 36,800 * GREAT PORTLAND ESTATES PLC .................. 113 4,509 HAMMERSON PLC ............................... 31 84,000 HANG LUNG DEVELOPMENT CO LTD ................ 95 24,000 HOPEWELL HOLDINGS LTD ....................... 14 109,468 HYSAN DEVELOPMENT CO LTD .................... 139 17,300 MEPC PLC .................................... 130 6,180 METROVACESA S.A. ............................ 107 69,000 MITSUBISHI ESTATE CO LTD .................... 673 78,000 MITSUI FUDOSAN CO LTD ....................... 528 689,377 NEW WORLD DEVELOPMENT CO LTD ................ 1,552 36,000 PARKWAY HOLDINGS LTD ........................ 82 300 SIMCO (REGD) ................................ 24 284,197 SINO LAND CO LTD ............................ 164 115,700 SLOUGH ESTATES PLC .......................... 660 14,130 STOCKLAND TRUST GROUP (UNITS) ............... 30 2,178 * STOCKLAND TRUST GROUP (UNITS) (NEW) ......... 4 15,300 STRAITS TRADING CO .......................... 19 556,837 SUN HUNG KAI PROPERTIES LTD ................. 5,802 146,000 TAI CHEUNG HOLDINGS LTD ..................... 35 53,000 > TOKYO TATEMONO CO LTD ....................... 94 200 UNIBAIL S.A. ................................ 25 22,200 UNITED OVERSEAS LAND LTD .................... 21 13,800 * URBIS S.A. .................................. 63 6,100 VALLEHERMOSO S.A. ........................... 43 6,700 * WCM BETEILIGUNGS & GRUNDBESITZ AG. .......... 260 --------- 28,737 --------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.11% 1,470 ADIDAS SALOMON AG. .......................... 110 1,700 ARMSTRONG WORLD INDUSTRIES, INC ............. 57 51,105 BRIDGESTONE CORP ............................ 1,125 13,220 CONTINENTAL AG. ............................. 264 12,200 GOODYEAR TIRE & RUBBER CO ................... 344 13,877 ILLINOIS TOOL WORKS, INC .................... 938 11,834 MICHELIN S.A. (CLASS B) ..................... 465 23,504 NIKE, INC (CLASS B) ......................... 1,165 2,520,000 * OMNI INDUSTRIES LTD ......................... 4,568 113,600 > PIRELLI S.P.A. .............................. 312 8,200 * SEALED AIR CORP ............................. 425 --------- 9,773 --------- SECURITY AND COMMODITY BROKERS--0.74% 33,800 3I GROUP PLC ................................ 603 52,900 * AMVESCAP PLC ................................ 615 94,148 > DAIWA SECURITIES GROUP, INC ................. 1,472 116,000 >* ITOCHU CORP ................................. 578 66,000 MARUBENI CORP ............................... 277 19,014 MERRILL LYNCH & CO, INC ..................... 1,588 115,000 MITSUBISHI CORP ............................. 887 105,000 MITSUI & CO LTD ............................. 734 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 63 STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- SECURITY AND COMMODITY BROKERS--(Continued) 222,100 MORGAN STANLEY, DEAN WITTER, & CO ........... $ 31,705 1,406,000 NOMURA SECURITIES CO LTD .................... 25,372 7,000 OM GRUPPEN AB ............................... 152 700 PAINE WEBBER GROUP, INC ..................... 27 59,648 SCHWAB (CHARLES) CORP ....................... 2,289 275,000 x* YAMAICHI SECURITIES CO LTD .................. 5 --------- 66,304 --------- SPECIAL TRADE CONTRACTORS--0.01% 250 KANDENKO CO LTD ............................. 1 24,000 KINDEN CORP ................................. 184 11,346 SCHNEIDER ELECTRIC S.A. ..................... 891 --------- 1,076 --------- STONE, CLAY, AND GLASS PRODUCTS--0.74% 7,220 AKER RGI ASA SERIES A ....................... 97 87,000 ASAHI GLASS CO LTD .......................... 673 6,900 BLUE CIRCLE INDUSTRIES PLC .................. 40 113,176 BORAL LTD ................................... 175 7,000 CEMENTIR S.P.A. ............................. 9 12,328 CIMENTOS DE PORTUGAL ........................ 205 16,900 CORNING, INC ................................ 2,179 1,012,000 CRH PLC ..................................... 21,648 51,200 CSR LTD ..................................... 124 1,250 DYCKERHOFF AG. .............................. 38 700 GLAVERBEL S.A. .............................. 60 4,190,925 HANSON PLC .................................. 35,121 1,200 * HEIDELBERGER ZEMENT AG. (BELGIUM) ........... 89 5,052 > HEIDELBERGER ZEMENT AG. (GERMANY) ........... 397 1,200 * HEIDELBERGER ZEMENT AG. (STRIP VVPR) ........ 0 20,700 HEPWORTH PLC ................................ 64 567 HOLDERBANK FINANCIERE GLARUS AG. (BR) ....... 776 8,000 HOYA CORP ................................... 630 1,200 IMERYS S.A. ................................. 179 26,755 INAX CORP ................................... 150 13,400 > ITALCEMENTI S.P.A. .......................... 162 19,954 JAMES HARDIE INDUSTRIES LTD ................. 52 8,021 # LAFARGE S.A. (REGD) 2001 .................... 934 1,000 NIPPON SHEET GLASS CO LTD ................... 5 3,000 NORITAKE CO LTD ............................. 11 10,363 OWENS CORNING CO ............................ 200 14,700 * OWENS ILLINOIS, INC ......................... 368 330,140 PILKINGTON PLC .............................. 450 66,300 PIONEER INTERNATIONAL LTD ................... 199 2,291 RMC GROUP PLC ............................... 31 6,460 ST. GOBAIN S.A. ............................. 1,215 101,313 SUMITOMO OSAKA CEMENT CO LTD ................ 134 115,200 TAIHEIYO CEMENT CORP ........................ 220 230 TARMAC PLC .................................. 2 3,700 TOTO LTD .................................... 22 4,800 WIENERBERGER BAUSTOFF AG. ................... 104 --------- 66,763 --------- TEXTILE MILL PRODUCTS--0.01% 1,400 * CHARGEURS S.A. .............................. 79 21,453 COATS VIYELLA PLC ........................... 14 19,790 COURTAULDS TEXTILES PLC ..................... 21 20,785 * KANEBO LTD .................................. 34 7,000 MARZOTTO & FIGLI S.P.A. ..................... 50 1,000 MITSUBISHI RAYON CO LTD ..................... 2 36,000 NISSHINBO INDUSTRY, INC ..................... 163 98,000 * NITTO BOSEKI CO LTD ......................... 127 8,100 SHAW INDUSTRIES, INC ........................ 125 18,000 TOYOBO CO LTD ............................... 23 --------- 638 --------- TOBACCO PRODUCTS--0.08% 18,316 * ALTADIS ..................................... 261 25,900 > ALTADIS S.A. ................................ 371 10,107 > BRITISH AMERICAN TOBACCO AUSTRALIA LTD ...... 93 17,000 BRITISH AMERICAN TOBACCO BERHAD ............. 130 155,577 BRITISH AMERICAN TOBACCO PLC ................ 884 25,500 IMASCO LTD .................................. 703 150 JAPAN TOBACCO, INC .......................... 1,147 162,846 PHILIP MORRIS COS, INC ...................... 3,776 50,000 R.J. REYNOLDS BERHAD ........................ 62 --------- 7,427 --------- TRANSPORTATION BY AIR--0.36% 11,398 AIR CANADA, INC ............................. 86 89,800 > ALITALIA S.P.A. ............................. 214 6,580 * ALL NIPPON AIRWAYS CO LTD ................... 18 11,200 * AMR CORP .................................... 750 1,500 AUSTRIAN AIRLINES/OEST LUFTV AG. ............ 28 56,348 BRITISH AIRPORT AUTHORITIES PLC ............. 396 148 BRITISH AIRWAYS PLC ......................... 1 2,198,000 CATHAY PACIFIC AIRWAYS LTD .................. 3,916 157,000 * CONTINENTAL AIRLINES, INC (CLASS B) ......... 6,967 14,100 DELTA AIRLINES, INC ......................... 702 29,000 DEUTSCHE LUFTHANSA AG. (REGD) ............... 675 19,972 * FDX CORP .................................... 818 1,100 FLUGHAFEN WIEN AG. .......................... 38 3,200 HONG KONG AIRCRAFT ENGINEERING CO LTD ....... 5 119,600 > JAPAN AIRLINES CO LTD ....................... 354 4,200 KLM (ROYAL DUTCH AIRLINES) NV ............... 108 19,600 * RYANAIR HOLDINGS PLC ........................ 209 400 SAIRGROUP ................................... 81 4,200 > SAS DANMARK AS .............................. 44 3,000 > SAS NORGE ASA SERIES B ...................... 33 793,000 SINGAPORE AIRLINES LTD (LR) ................. 8,996 304,294 SOUTHWEST AIRLINES CO ....................... 4,926 476,400 SWIRE PACIFIC LTD (CLASS A) ................. 2,813 95 * U.S. AIRWAYS GROUP, INC ..................... 3 1,100 * UAL CORP .................................... 85 --------- 32,266 --------- TRANSPORTATION EQUIPMENT--2.71% 67,077 BOEING CO ................................... 2,788 40,600 BOMBARDIER, INC (CLASS B) ................... 831 18,530 x* BREMER VULKAN AG. ........................... 19 147,107 BRITISH AEROSPACE PLC ....................... 974 5,868 * BRITISH AEROSPACE PLC WTS 11/15/00 .......... 102 1,500 COBHAM GROUP PLC ............................ 19 17,000 CYCLE & CARRIAGE LTD ........................ 53 58,488 DAIMLERCHRYSLER AG. ......................... 4,549 242,277 > DAIMLERCHRYSLER (U.S.A.) .................... 18,958 12,700 DANA CORP ................................... 380 38,298 DELPHI AUTOMOTIVE SYSTEMS CORP .............. 603 54,307 DENSO CORP .................................. 1,296 7,600 EATON CORP .................................. 552 27,139 FIAT S.P.A. ................................. 775 66,000 FORD MOTOR CO ............................... 3,527 12,553 GENERAL DYNAMICS CORP ....................... 662 48,099 GENERAL MOTORS CORP ......................... 3,496 271,100 * GENERAL MOTORS CORP (CLASS H) ............... 26,026 9,451 HARLEY DAVIDSON, INC ........................ 605 59,000 HONDA MOTOR CO LTD .......................... 2,193 349,200 HONEYWELL INTERNATIONAL, INC ................ 20,144 1,000 INCHAPE MOTORS .............................. 1 26,000 ITT INDUSTRIES, INC ......................... 869 37,000 KAWASAKI HEAVY INDUSTRIES LTD ............... 49 6,300 * KVAERNER INDUSTRIER AS SERIES A ............. 133 5,700 MAGNA INTERNATIONAL, INC .................... 242 10,300 MAN AG. ..................................... 387 10,000 * MITSUI ENGINEERING & SHIP BUILDING CO LTD ... 7 3,800 * NAVISTAR INTERNATIONAL CORP ................. 180 SEE NOTES TO FINANCIAL STATEMENTS 64 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TRANSPORTATION EQUIPMENT--(Continued) 1,918,000 * NISSAN MOTOR CO LTD ......................... $ 7,541 31,000 ORIENT CORP ................................. 90 3,663 PEUGEOT S.A. ................................ 832 465,400 RENAULT S.A. ................................ 22,440 7,000 SHIMANO, INC ................................ 123 38,913 * SIEMENS AG. (REGD) .......................... 4,951 29,500 SMITHS INDUSTRIES PLC ....................... 441 10,700 * SPAR AEROSPACE LTD .......................... 59 8,263 TEXTRON, INC ................................ 634 6,758 THOMSON-CSF ................................. 223 28,300 TI GROUP PLC ................................ 217 1,768,260 TOYOTA MOTOR CORP ........................... 85,611 9,859 TRW, INC .................................... 512 433,523 UNITED TECHNOLOGIES CORP .................... 28,179 3,486 VALEO S.A. .................................. 269 4,280 VOLKSWAGEN AG. .............................. 241 26,300 VOLVO AB SERIES B FREE ...................... 681 --------- 243,464 --------- TRANSPORTATION SERVICES--1.04% 8,968,200 AIRTOURS PLC ................................ 55,028 2,380,000 * AMADEUS GLOBAL TRAVEL DISTRIBUTION S.A. ..... 37,764 11,100 GALILEO INTERNATIONAL, INC .................. 332 10 * KUONI REISEN HOLDINGS (REGD) (CLASS B) ...... 42 1,770 * NEW WORLD INFRASTUCTURE LTD ................. 2 --------- 93,168 --------- TRUCKING AND WAREHOUSING--0.33% 2,500 CNF TRANSPORTATION, INC ..................... 86 2,875 * KONINKLIJKE VOPAK NV ........................ 68 2,000 MITSUBISHI LOGISTICS CORP ................... 13 44,000 SEINO TRANSPORTATION CO LTD ................. 233 30,657 TNT POST GROUP NV ........................... 879 732,122 > YAMATO TRANSPORT CO LTD ..................... 28,357 --------- 29,636 --------- WATER TRANSPORTATION--0.07% 3,100 ASKO OYJ SERIES A ........................... 55 6,100 BERGESEN D.Y. AS (CLASS B) .................. 104 36,465 CARNIVAL CORP (CLASS A) ..................... 1,743 20,000 CHUAN HUP HOLDINGS LTD ...................... 5 700 CMB CIE MARITIME BELGE S.A. ................. 33 86 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ........ 1,013 58 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ...... 966 2,200 FINNLINES OY ................................ 69 43,200 * HAI SUN HUP WTS 05/10/02 .................... 9 4,500 IRISH CONTINENTAL GROUP PLC ................. 46 19,000 KAMIGUMI CO LTD ............................. 80 22,975 KAWASAKI KISEN KAISHA LTD ................... 34 1,900 KONINKLIJKE NEDLLOYD GROEP NV ............... 53 1,500 LEIF HOEGH & CO ............................. 18 56,000 MALAYSIAN INTERNATIONAL SHIPPING CO (FR) .... 92 474 MITSUI OSK LINES LTD ........................ 1 29,100 >* NCL HOLDINGS AS ............................. 126 77,124 * NEPTUNE ORIENT LINES LTD .................... 103 100,000 NIPPON YUSEN KABUSHIKI KAISHA ............... 409 2,300 OCEAN GROUP PLC ............................. 43 68,927 PENINSULAR & ORIENTAL STEAM NAVIGATION CO ... 1,150 228 TEEKAY SHIPPING CORP ........................ 4 800 UNITOR AS ................................... 6 --------- 6,162 --------- WHOLESALE TRADE-DURABLE GOODS--0.02% 12,300 * ARM HOLDINGS PLC ............................ 830 448 DIETEREN S.A. ............................... 184 3,300 GENUINE PARTS CO ............................ 82 1,430 INSTRUMENTARIUM GROUP SERIES B FREE ......... 47 5,000 SANRIO CO LTD ............................... 185 4,000 SEIKO CORP .................................. 20 10,300 SSL INTERNATIONAL PLC ....................... 130 84,000 TAN CHONG INTERNATIONAL LTD ................. 18 8,000 TERUMO CORP ................................. 214 --------- 1,710 --------- WHOLESALE TRADE-NONDURABLE GOODS--0.45% 1,600 AUSTRIA TABAKWERKE AG. ...................... 77 696,104 CARDINAL HEALTH, INC ........................ 33,326 35,612 ENRON CORP .................................. 1,580 3,000 ESSELTE AB SERIES B FREE .................... 23 15,849 F.H. FAULDING & CO LTD ...................... 104 49,500 FYFFES PLC .................................. 100 8,000 IWATANI & CO LTD ............................ 14 6,000 * KOKUYO CO LTD ............................... 80 836,000 LI & FUNG LTD ............................... 2,097 10,330 MCKESSON HBOC, INC .......................... 233 6,800 SOBEYS, INC ................................. 94 19,222 SUPERVALU, INC .............................. 384 33,770 SWEDISH MATCH CO ............................ 118 16,100 SYSCO CORP .................................. 637 228,000 THAI UNION FROZEN PRODUCTS (FR) ............. 868 3,700 URALITA S.A. ................................ 26 8,300 WESTON (GEORGE) LTD ......................... 316 --------- 40,077 --------- TOTAL COMMON STOCK (Cost $5,562,991) 8,288,732 ========= PRINCIPAL --------- SHORT TERM INVESTMENTS--7.47% COMMERCIAL PAPER--0.21% CAMPBELL SOUP CO $ 8,500,000 ~ 6.080%, 02/04/00 ............................ 8,454 NATIONAL FUEL GAS CO 4,575,000 6.200%, 02/22/00 ............................ 4,536 SBC COMMUNICATIONS, INC 6,000,000 ~ 6.300%, 01/10/00 ............................ 5,991 --------- 18,981 --------- U.S. GOVERNMENT AND AGENCIES--7.26% FEDERAL FARM CREDIT BANK (FFCB) 45,000,000 3.900%, 01/13/00 ............................ 44,920 FEDERAL HOME LOAN BANK (FHLB) 8,000,000 (0) 5.520%, 01/19/00 ............................ 7,979 10,000,000 5.620%, 02/02/00 ............................ 9,951 45,000,000 (0) 5.530%, 02/04/00 ............................ 44,766 28,000,000 (0) 5.470%, 02/11/00 ............................ 27,826 21,000,000 (0) 5.520%, 02/16/00 ............................ 20,851 32,000,000 (0) 5.520%, 02/22/00 ............................ 31,743 35,000,000 (0) 5.565%, 02/23/00 ............................ 34,714 30,000,000 (0) 5.750%, 02/25/00 ............................ 29,746 100,000 5.800%, 03/22/00 ............................ 99 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 5,341,000 5.480%, 01/13/00 ............................ 5,331 14,000,000 5.470%, 01/20/00 ............................ 13,961 20,000,000 5.050%, 01/31/00 ............................ 19,908 5,000,000 (0) 5.540%, 02/17/00 ............................ 4,964 10,000,000 (0) 5.540%, 02/24/00 ............................ 9,917 50,000,000 5.450%, 02/25/00 ............................ 49,576 7,300,000 (0) 5.470%, 03/23/00 ............................ 7,206 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 5,500,000 (0) 5.520%, 01/18/00 ............................ 5,486 8,000,000 (0) 5.530%, 01/18/00 ............................ 7,980 1,600,000 5.649%, 01/20/00 ............................ 1,596 2,000,000 (0) 5.560%, 01/21/00 ............................ 1,994 6,000,000 5.470%, 01/27/00 ............................ 5,978 33,000,000 (0) 5.520%, 02/03/00 ............................ 32,834 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 65 STATEMENT OF INVESTMENTS - GLOBAL EQUITIES ACCOUNT - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- U.S. GOVERNMENT AND AGENCIES--(Continued) FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) $ 4,000,000 4.820%, 02/04/00 .......................... $ 3,979 40,000,000 (0) 5.520%, 02/09/00 .......................... 39,763 28,000,000 (0) 5.470%, 02/10/00 .......................... 27,830 30,000,000 (0) 5.540%, 02/14/00 .......................... 29,800 35,800,000 (0) 5.600%, 02/17/00 .......................... 35,540 51,900,000 (0) 5.800%, 03/02/00 .......................... 51,399 30,000,000 (0) 5.820%, 03/02/00 .......................... 29,711 14,000,000 5.750%, 03/09/00 .......................... 13,845 ---------- 651,193 ---------- TOTAL SHORT TERM INVESTMENTS (Cost $670,171) 670,174 ---------- TOTAL PORTFOLIO (Cost $6,355,274) $9,117,947 ========== - ---------- * Non-income producing x In bankruptcy ~ Commerical Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. (o) All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts. > All or a portion of these securities are out on loan. # Restricted Securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 1999, the value of these securities amounted to $2,141,366 or 0.02% of net assets. Additional information on each restricted security is as follows: ACQUISITION ACQUISITION SECURITY DATE COST - ---------- ----------- ----------- LAFARGE S.A. (REGD) 2001 01/05/99 $ 703,036 L'AIR LIQUIDE S.A. (REGD) 10/29/96 344,497 L'AIR LIQUIDE S.A. (REGD) 2001 01/05/99 741,186 SILVERSTONE BERHAD 01/08/98 804 VIGLEN TECHNOLOGY (LITIGATION NOTE) 04/30/98 0 ---------- $1,789,523 ---------- Transactions with Affiliated Companies - January 1, 1999--December 31, 1999 - --------------------------------------------------------------------------------
VALUE AT SHARES AT VALUE AT DECEMBER 31, REALIZED DIVIDEND DECEMBER 31, DECEMBER 31, ISSUE 1998 PURCHASE COST SALES PROCEEDS GAIN (LOSS) INCOME 1999 1999 ----- ------------ ------------- -------------- ------------ ------------ ----------- ----------- IHC CALAND NV $ 97,814,831 -- $ 43,759,396 $ 18,231,173 $ 1,777,208 * * CAPITAL RE CORP ** -- 26,538,203 (3,894,173) 76,000 * * ------------ ------------ ------------ ------------ ------------ --------- --------- TOTAL AFFILIATED TRANSACTION $ 97,814,831 $ 0 $ 70,297,599 $ 14,337,000 $ 1,853,208 $ 0 ============ ============ ============ ============ ============ ========= =========
- ---------- ** Not an Affiliate as of December 31, 1998 * Not an Affiliate as of December 31, 1999 SEE NOTES TO FINANCIAL STATEMENTS 66 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Industry (000)
Value % ----------- ------ BONDS CORPORATE BONDS AUTOMOTIVE DEALERS AND SERVICE STATIONS ........ $ 7 0.00% ----------- ------ TOTAL CORPORATE BONDS (Cost $8) ........................................ 7 0.00 ----------- ------ TOTAL BONDS (Cost $8) ........................................ 7 0.00 ----------- ------ PREFERRED STOCK HOLDING AND OTHER INVESTMENT OFFICES ........... 9 0.00 INSTRUMENTS AND RELATED PRODUCTS ............... 0 0.00 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ...... 197 0.00 ----------- ------ TOTAL PREFERRED STOCK (Cost $186) ...................................... 206 0.00 ----------- ------ COMMON STOCK AGRICULTURAL PRODUCTION-CROPS .................. 276 0.00 AGRICULTURAL SERVICES .......................... 258 0.00 AMUSEMENT AND RECREATION SERVICES .............. 174,525 1.29 APPAREL AND ACCESSORY STORES ................... 30,712 0.23 APPAREL AND OTHER TEXTILE PRODUCTS ............. 2,221 0.02 AUTO REPAIR, SERVICES AND PARKING .............. 978 0.01 AUTOMOTIVE DEALERS AND SERVICE STATIONS ........ 3,001 0.02 BUILDING MATERIALS AND GARDEN SUPPLIES ......... 107,110 0.79 BUSINESS SERVICES .............................. 2,825,036 20.82 CHEMICALS AND ALLIED PRODUCTS .................. 1,407,698 10.37 COMMUNICATIONS ................................. 1,944,207 14.33 DEPOSITORY INSTITUTIONS ........................ 86,868 0.64 EATING AND DRINKING PLACES ..................... 26,841 0.20 EDUCATIONAL SERVICES ........................... 2,118 0.02 ELECTRIC, GAS, AND SANITARY SERVICES ........... 21,443 0.16 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT ........ 2,254,991 16.62 ENGINEERING AND MANAGEMENT SERVICES ............ 12,227 0.09 FABRICATED METAL PRODUCTS ...................... 28,803 0.21 FOOD AND KINDRED PRODUCTS ...................... 185,471 1.37 FOOD STORES .................................... 92,351 0.68 FURNITURE AND FIXTURES ......................... 53,447 0.39 FURNITURE AND HOMEFURNISHINGS STORES ........... 98,457 0.72 GENERAL BUILDING CONTRACTORS ................... 1,378 0.01 GENERAL MERCHANDISE STORES ..................... 158,328 1.17 HEALTH SERVICES ................................ 7,576 0.06 HEAVY CONSTRUCTION, EXCEPT BUILDING ............ 2,173 0.02 HOLDING AND OTHER INVESTMENT OFFICES ........... 3,558 0.03 HOTELS AND OTHER LODGING PLACES ................ 3,566 0.03 INDUSTRIAL MACHINERY AND EQUIPMENT ............. 1,985,508 14.63 INSTRUMENTS AND RELATED PRODUCTS ............... 183,020 1.35 INSURANCE AGENTS, BROKERS AND SERVICE .......... 1,544 0.01 INSURANCE CARRIERS ............................. 103,028 0.76 LEATHER AND LEATHER PRODUCTS ................... 657 0.00 LEGAL SERVICES ................................. 170 0.00 LOCAL AND INTERURBAN PASSENGER TRANSIT ......... 32 0.00 LUMBER AND WOOD PRODUCTS ....................... 992 0.01 METAL MINING ................................... 3,109 0.02 MISCELLANEOUS MANUFACTURING INDUSTRIES ......... 4,141 0.03 MISCELLANEOUS RETAIL ........................... 99,185 0.73 MOTION PICTURES ................................ 58,940 0.43 NONDEPOSITORY INSTITUTIONS ..................... 100,105 0.74 NONMETALLIC MINERALS, EXCEPT FUELS ............. 95 0.00 OIL AND GAS EXTRACTION ......................... 19,167 0.14 PAPER AND ALLIED PRODUCTS ...................... 19,277 0.14 PERSONAL SERVICES .............................. 4,069 0.03 PETROLEUM AND COAL PRODUCTS .................... 1,796 0.01 PRIMARY METAL INDUSTRIES ....................... 1,665 0.01 PRINTING AND PUBLISHING ........................ 9,998 0.07 RAILROAD TRANSPORTATION ........................ 5,476 0.04 REAL ESTATE .................................... 1,146 0.01 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ...... 57,631 0.42 SECURITY AND COMMODITY BROKERS ................. 29,142 0.21 SOCIAL SERVICES ................................ 268 0.00 SPECIAL TRADE CONTRACTORS ...................... 942 0.01 STONE, CLAY, AND GLASS PRODUCTS ................ 21,237 0.16 TEXTILE MILL PRODUCTS .......................... 807 0.01 TOBACCO PRODUCTS ............................... 20,211 0.15 TRANSPORTATION BY AIR .......................... 667 0.00 TRANSPORTATION EQUIPMENT ....................... 352,940 2.60 TRANSPORTATION SERVICES ........................ 3,667 0.03 TRUCKING AND WAREHOUSING ....................... 1,796 0.01 WATER TRANSPORTATION ........................... 99,189 0.73 WHOLESALE TRADE-DURABLE GOODS .................. 4,700 0.03 WHOLESALE TRADE-NONDURABLE GOODS ............... 136,884 1.01 ----------- ------ TOTAL COMMON STOCK (Cost $8,951,661) ................................ 12,868,819 94.83 ----------- ------ SHORT TERM INVESTMENTS BANK NOTE .......................................... 25,755 0.19 CERTIFICATES OF DEPOSIT .......................... 13,457 0.10 COMMERCIAL PAPER ................................. 396,677 2.92 U.S. GOVERNMENT AND AGENCIES ..................... 188,537 1.39 ----------- ------ TOTAL SHORT TERM INVESTMENTS (Cost $624,359) .................................. 624,426 4.60 ----------- ------ TOTAL PORTFOLIO (Cost $9,576,214) ................................ 13,493,458 99.43 OTHER ASSETS & LIABILITIES, NET .................. 77,013 0.57 ----------- ------ NET ASSETS ......................................... $13,570,471 100.00% =========== ======
----------
PRINCIPAL VALUE (000) --------- ---------- BONDS--0.00% CORPORATE BONDS--0.00% AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.00% UGLY DUCKLING CORP (SUB DEB) $ 6,500 12.000%, 10/23/03 ............................... $ 7 ----------- TOTAL CORPORATE BONDS (Cost $8) ....................................... 7 ----------- TOTAL BONDS (Cost $8) ....................................... 7 ----------- SHARES ------ PREFERRED STOCK--0.00% HOLDING AND OTHER INVESTMENT OFFICES--0.00% 264 SUPERIOR TRUST SERIES A ......................... 9 ----------- INSTRUMENTS AND RELATED PRODUCTS--0.00% 32,800 * FRESENIUS MEDICAL CARE (CLASS D) ................ 0 ----------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.00% 3,895 SEALED AIR CORP (CLASS A) ....................... 197 ----------- TOTAL PREFERRED STOCK (Cost $186) ..................................... 206 ----------- COMMON STOCK--94.83% AGRICULTURAL PRODUCTION-CROPS--0.00% 15,900 DELTA & PINE LAND CO ............................ 276 ----------- AGRICULTURAL SERVICES--0.00% 15,100 * CADIZ, INC ...................................... 143 8,900 * VETERINARY CENTERS OF AMERICA, INC .............. 115 ----------- 258 ----------- AMUSEMENT AND RECREATION SERVICES--1.29% 2,895 * ANCHOR GAMING CO ................................ 126 9,500 * ARGOSY GAMING CORP .............................. 148 8,600 * BALLY TOTAL FITNESS HOLDINGS CORP ............... 230
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 67 STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- AMUSEMENT AND RECREATION SERVICES--(Continued) 6,500 * CHAMPIONSHIP AUTO RACING TEAMS, INC ............. $ 150 3,400 CHURCHILL DOWNS, INC ............................ 77 3,400 DOVER DOWNS ENTERTAINMENT, INC .................. 64 4,200 * FAMILY GOLF CENTERS, INC ........................ 6 12,700 * HOLLYWOOD PARK, INC ............................. 285 10,600 INTERNATIONAL SPEEDWAY CORP (CLASS A) ........... 534 5,500 * MALIBU ENTERTAINMENT WORLDWIDE, INC ............. 1 100 * PENN NATIONAL GAMING, INC ....................... 1 3,295,914 * PREMIER PARKS, INC .............................. 95,170 2,078,875 * SFX ENTERTAINMENT, INC (CLASS A) ................ 75,229 1,700 * SPEEDWAY MOTORSPORTS, INC ....................... 47 27,700 * STATION CASINOS, INC ............................ 622 24,150 * WESTWOOD ONE, INC ............................... 1,835 ----------- 174,525 ----------- APPAREL AND ACCESSORY STORES--0.23% 55,054 * ABERCROMBIE & FITCH CO (CLASS A) ................ 1,469 12,700 * AMERICAN EAGLE OUTFITTERS, INC .................. 572 7,700 * ANN TAYLOR STORES CORP .......................... 265 9,400 * BEBE STORES, INC ................................ 254 3,200 * BUCKLE, INC ..................................... 47 14,600 BURLINGTON COAT FACTORY WAREHOUSE CORP .......... 203 9,600 CATO CORP (CLASS A) ............................. 121 5,500 * CHICO'S FAS, INC ................................ 207 12,700 * CHILDRENS PLACE RETAIL STORES ................... 209 29,747 CLAIRES STORES, INC ............................. 666 3,400 DEB SHOPS, INC .................................. 63 3,200 * FINISH LINE, INC (CLASS A) ...................... 17 12,800 * FOOTSTAR, INC ................................... 390 405,232 GAP, INC ........................................ 18,641 29,500 * GENESCO, INC .................................... 384 1,400 * GYMBOREE CORP ................................... 8 19,475 INTIMATE BRANDS, INC (CLASS A) .................. 840 10,806 LIMITED, INC .................................... 468 50 x* JUST FOR FEET, INC .............................. 0 18,936 * MEN'S WEARHOUSE, INC ............................ 556 3,500 NORDSTROM, INC .................................. 92 12,587 * PACIFIC SUNWEAR CALIFORNIA, INC ................. 401 40,200 ROSS STORES, INC ................................ 721 9,000 * SHOE CARNIVAL, INC .............................. 91 5,500 * STEIN MART, INC ................................. 31 187,377 TJX COS, INC .................................... 3,830 2,086 * TOO, INC ........................................ 36 1,800 * URBAN OUTFITTERS, INC ........................... 52 6,400 * WET SEAL, INC (CLASS A) ......................... 78 ----------- 30,712 ----------- APPAREL AND OTHER TEXTILE PRODUCTS--0.02% 2,300 * DONNA KARAN INTERNATIONAL, INC .................. 15 57,238 * JONES APPAREL GROUP, INC ........................ 1,553 5,300 * NAUTICA ENTERPRISES, INC ........................ 60 5,700 OSHKOSH B'GOSH, INC (CLASS A) ................... 120 11,900 * POLO RALPH LAUREN CORP .......................... 203 4,819 * QUIKSILVER, INC ................................. 75 15,800 WARNACO GROUP, INC (CLASS A) .................... 195 ----------- 2,221 ----------- AUTO REPAIR, SERVICES AND PARKING--0.01% 3,600 * AUTOWEB.COM, INC ................................ 39 6,881 * AVIS RENT A CAR, INC ............................ 176 700 CENTRAL PARKING CORP ............................ 13 10,000 HERTZ CORP (CLASS A) ............................ 501 11,366 MIDAS, INC ...................................... 249 ----------- 978 ----------- AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.02% 102,100 * AUTONATION, INC ................................. 944 34,242 * AUTOZONE, INC ................................... 1,106 6,000 * COPART, INC ..................................... 261 23,699 * CSK AUTO CORP ................................... 415 5,700 * GROUP 1 AUTOMOTIVE, INC ......................... 79 9,100 * OREILLY AUTOMOTIVE, INC ......................... 196 ----------- 3,001 ----------- BUILDING MATERIALS AND GARDEN SUPPLIES--0.79% 11,870 FASTENAL CO ..................................... 533 1,369,605 HOME DEPOT, INC ................................. 93,904 211,125 LOWES COS, INC .................................. 12,615 3,600 * TRACTOR SUPPLY CO ............................... 58 ----------- 107,110 ----------- BUSINESS SERVICES--20.82% 6,800 * 24/7 MEDIA, INC ................................. 383 8,100 AARON RENTS, INC ................................ 144 2,000 ABM INDUSTRIES, INC ............................. 41 3,300 * ABOUT.COM, INC .................................. 296 33,650 * ACCLAIM ENTERTAINMENT, INC ...................... 172 6,000 * ACKERLEY GROUP, INC ............................. 109 4,200 * ACNEILSEN CORP .................................. 103 4,000 * ACTIVISION, INC ................................. 61 14,400 * ACTUATE CORP .................................... 617 28,160 * ACXIOM CORP ..................................... 676 3,300 * ADFORCE, INC .................................... 236 2,400 * ADMINSTAFF, INC ................................. 73 79,160 ADOBE SYSTEMS, INC .............................. 5,324 4,400 * ADVANTAGE LEARNING SYSTEMS, INC ................. 49 11,000 * ADVENT SOFTWARE, INC ............................ 709 6,800 * ADVO, INC ....................................... 162 28,827 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) ..... 1,326 2,600 * ALLAIRE CORP .................................... 380 3,682,338 * AMERICA ONLINE, INC ............................. 277,786 38,675 * AMERICAN MANAGEMENT SYSTEMS, INC ................ 1,213 14,100 ANALYSTS INTERNATIONAL CORP ..................... 176 20,500 * ANSWERTHINK CONSULTING GROUP .................... 702 2,500 * APPLIEDTHEORY CORP .............................. 69 13,300 * ARDENT SOFTWARE, INC ............................ 519 3,100 * ASHTON TECHNOLOGY GROUP, INC .................... 20 12,600 * ASPECT DEVELOPMENT, INC ......................... 863 7,000 * ASPEN TECHNOLOGY, INC ........................... 185 8,300 * AUTOBYTEL.COM, INC .............................. 126 8,420 AUTODESK, INC ................................... 284 381,974 AUTOMATIC DATA PROCESSING, INC .................. 20,579 10,880 * AVANT CORP ...................................... 163 12,300 * AVT CORP ........................................ 578 13,200 * AWARE, INC ...................................... 480 12,600 * AXENT TECHNOLOGIES, INC ......................... 265 67 * AZTEC TECHNOLOGY PARTNERS, INC .................. 0 12,300 * BANYAN SYSTEMS, INC ............................. 246 7,600 * BARRA, INC ...................................... 241 95,600 * BEA SYSTEMS, INC ................................ 6,686 6,900 * BEST SOFTWARE, INC .............................. 204 11,800 * BEYOND.COM CORP ................................. 92 7,700 * BILLING CONCEPTS CORP ........................... 50 9,200 * BINDVIEW DEVELOPMENT CORP ....................... 457 10,050 * BISYS GROUP, INC ................................ 656 1,986,223 * BMC SOFTWARE, INC ............................... 158,774 2,700 * BOTTOMLINE TECHNOLOGIES, INC .................... 97 5,000 * BRIO TECHNOLOGY, INC ............................ 210 34,400 * BROADVISION, INC ................................ 5,850 2,600 * BROCADE COMMUNICATIONS SYSTEMS, INC ............. 460 2,600 * BUILDING ONE SERVICES CORP ...................... 25 12,500 * BURNS INTERNATIONAL SERVICES .................... 135 8,200 * CACI INTERNATIONAL, INC (CLASS A) ............... 186 89,100 * CADENCE DESIGN SYSTEMS, INC ..................... 2,138 700 * CAIS INTERNET, INC .............................. 25 19,300 * CAMBRIDGE TECHNOLOGY PARTNERS, INC .............. 507
SEE NOTES TO FINANCIAL STATEMENTS 68 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(Continued) 11,100 * CATALINA MARKETING CORP ......................... $ 1,285 11,200 * CCC INFORMATION SERVICES GROUP, INC ............. 192 4,800 * CDI CORP ........................................ 116 229,797 * CENDANT CORP .................................... 6,104 48,300 * CENTURY BUSINESS SERVICES, INC .................. 408 1,634,400 * CERIDIAN CORP ................................... 35,242 8,500 * CERNER CORP ..................................... 167 22,560 * CHECKFREE HOLDINGS CORP ......................... 2,358 14,200 * CHOICEPOINT, INC ................................ 588 21,216 * CIBER, INC ...................................... 583 51,340 * CITRIX SYSTEMS, INC ............................. 6,315 12,300 * CLARIFY, INC .................................... 1,550 46,476 * CMGI, INC ....................................... 12,868 24,600 * CNET, INC ....................................... 1,396 3,500 * COGNIZANT TECHNOLOGY SOLUTIONS .................. 383 4,400 COMDISCO, INC ................................... 164 10,000 * COMPLETE BUSINESS SOLUTIONS, INC ................ 251 258,877 COMPUTER ASSOCIATES INTERNATIONAL, INC .......... 18,105 12,965 * COMPUTER HORIZONS CORP .......................... 210 11,900 * COMPUTER NETWORK TECHNOLOGY CORP ................ 273 78,718 * COMPUTER SCIENCES CORP .......................... 7,449 8,678 COMPUTER TASK GROUP, INC ........................ 129 196,140 * COMPUWARE CORP .................................. 7,306 45 * COMSHARE, INC ................................... 0 7,400 * CONCORD COMMUNICATIONS, INC ..................... 328 5,500 * CONCUR TECHNOLOGIES, INC ........................ 160 16,120 * CONVERGYS CORP .................................. 496 2,300 * CORT BUSINESS SERVICES CORP ..................... 40 7,200 * COSTAR GROUP .................................... 258 13,000 * COTELLIGENT, INC ................................ 70 8,500 * CRITICAL PATH, INC .............................. 802 47,400 * CSG SYSTEMS INTERNATIONAL, INC .................. 1,890 10,800 * CTC COMMUNICATIONS GROUP ........................ 421 3,700 * CYBERCASH, INC .................................. 34 11,000 * DATA BROADCASTING CORP .......................... 91 15,300 * DATASTREAM SYSTEMS, INC ......................... 376 10,100 * DBT ONLINE, INC ................................. 246 100 * DELTEK SYSTEMS, INC ............................. 1 21,000 * DENDRITE INTERNATIONAL, INC ..................... 711 7,600 * DIGITAL RIVER, INC .............................. 253 6,500 * DOCUMENTUM, INC ................................. 389 19,596 * DOUBLECLICK, INC ................................ 4,959 5,100 * DSP GROUP, INC .................................. 474 10,900 * DST SYSTEMS, INC ................................ 832 9,900 * EARTHLINK NETWORK, INC .......................... 421 5,900 * EARTHWEB, INC ................................... 297 66,600 * EBAY, INC ....................................... 8,337 8,700 * ECHELON CORP .................................... 170 23,800 * ECLIPSYS CORP ................................... 610 37,200 * ELECTRONIC ARTS, INC ............................ 3,125 1,560,400 ELECTRONIC DATA SYSTEMS CORP .................... 104,449 32,800 * ELECTRONICS FOR IMAGING, INC .................... 1,907 2,400 * ENGINEERING ANIMATION, INC ...................... 21 7,400 * ENTRUST TECHNOLOGIES, INC ....................... 444 13,200 * EPICOR SOFTWARE CORP ............................ 67 82,800 EQUIFAX, INC .................................... 1,951 12,150 * EXCALIBUR TECHNOLOGIES CORP ..................... 251 4,600 * EXCHANGE APPLICATIONS, INC ...................... 257 83,128 * EXCITE AT HOME .................................. 3,564 3,948 FACTSET RESEARCH SYSTEMS, INC ................... 314 10,685 FAIR ISSAC & CO, INC ............................ 566 13,897 * FILENET CORP .................................... 354 65,361 FIRST DATA CORP ................................. 3,223 66,912 * FISERV, INC ..................................... 2,564 900 * FORRESTER RESEARCH, INC ......................... 62 11,448 * FREEMARKETS, INC ................................ 3,907 11,334 * GARTNER GROUP, INC (CLASS B) .................... 157 9,100 * GENESYS TELECOMMUNICATIONS LABORATORIESS, INC ............................. 491 10,800 GERBER SCIENTIFIC, INC .......................... 237 10,400 * GETTY IMAGES, INC ............................... 508 28,290 * GO.COM .......................................... 674 13,700 * GO2 NET, INC .................................... 1,192 8,600 * GREAT PLAINS SOFTWARE, INC ...................... 643 16,200 * GT INTERACTIVE SOFTWARE CORP .................... 27 21,900 * GTECH HOLDINGS CORP ............................. 482 26,500 * HARBINGER CORP .................................. 843 11,124 * HEALTHEON/WEBMD CORP ............................ 417 3,500 * HEIDRICK & STRUGGLES INTERNATIONAL, INC ......... 148 13,240 * HNC SOFTWARE .................................... 1,400 15,990 * HYPERION SOLUTIONS CORP ......................... 696 19,900 * I2 TECHNOLOGIES, INC ............................ 3,881 1,000 * IDX SYSTEMS CORP ................................ 31 10,200 * IMRGLOBAL CORP .................................. 128 190,912 IMS HEALTH, INC ................................. 5,190 1,800 * INACOM CORP ..................................... 13 100 * INDUSTRI-MATEMATIK INTERNATIONAL CORP ........... 1 19,700 * INFOCURE CORP ................................... 614 3,900 * INFORMATICA CORP ................................ 415 135,700 * INFORMIX CORP ................................... 1,552 15,200 * INFOSPACE.COM, INC .............................. 3,253 19,300 * INFOUSA, INC .................................... 269 43,200 * INKTOMI CORP .................................... 3,834 8,600 * INTEGRATED SYSTEMS, INC ......................... 289 20,700 * INTERIM SERVICES, INC ........................... 512 160 * INTERNET CAPITAL GROUP, INC ..................... 27 1,593,824 INTERPUBLIC GROUP OF COS, INC ................... 91,944 5,800 * INTERVU, INC .................................... 609 76,550 * INTUIT, INC ..................................... 4,588 12,700 * ISS GROUP, INC .................................. 903 15,900 * IVILLAGE, INC ................................... 322 12,800 * J.D. EDWARDS & CO ............................... 382 9,200 JACK HENRY & ASSOCIATES, INC .................... 494 7,650 * JDA SOFTWARE GROUP, INC ......................... 125 1,500 * JUNO ONLINE SERVICES, INC ....................... 53 28,000 * KEANE, INC ...................................... 889 80 KELLY SERVICES, INC (CLASS A) ................... 2 4,300 * KORN FERRY INTERNATIONAL ........................ 156 23,100 * LABOR READY, INC ................................ 280 24,300 * LAMAR ADVERTISING CO (CLASS A) .................. 1,472 18,900 * LEARN 2.COM, INC ................................ 62 204,960 * LEGATO SYSTEMS, INC ............................. 14,104 10,300 * LHS GROUP, INC .................................. 253 41,162 * LYCOS, INC ...................................... 3,275 21,200 * MACROMEDIA, INC ................................. 1,550 10,000 * MACROVISION CORP ................................ 740 8,200 * MANHATTAN ASSOCIATES, INC ....................... 60 15,401 MANPOWER, INC ................................... 579 8,400 * MANUGISTICS GROUP, INC .......................... 271 12,500 * MAPICS, INC ..................................... 158 4,300 * MARIMBA, INC .................................... 198 30,167 * MASTECH CORP .................................... 747 6,400 MCGRATH RENTCORP ................................ 112 1,800 * MEDIA METRIX, INC ............................... 64 8,000 * MEDICONSULT.COM, INC ............................ 50 9,900 * MEDQUIST, INC ................................... 772 5,000 * MEMBERWORKS, INC ................................ 166 32,300 * MENTOR GRAPHICS CORP ............................ 426 47 * MERANT PLC ADR .................................. 1 23,000 * MERCURY INTERACTIVE CORP ........................ 2,483 11,900 * MESSAGEMEDIA, INC ............................... 167
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 69 STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(Continued) 19,100 * METAMOR WORLDWIDE, INC .......................... $ 556 10,000 * METRO INFORMATION SERVICES, INC ................. 240 5,700 * MICROMUSE, INC .................................. 969 7,140,714 * MICROSOFT CORP .................................. 833,678 24,400 * MICROSTRATEGY, INC .............................. 5,124 17,800 * MIDWAY GAMES, INC ............................... 426 19,100 * MINDSPRING ENTERPRISES, INC ..................... 504 1,500 * MODEM MEDIA POPPE TYSON, INC .................... 106 41,500 * MODIS PROFESSIONAL SERVICES ..................... 591 1 * MOMENTUM BUSINESS APPLICATIONS, INC ............. 0 4,700 * MPATH INTERACTIVE, INC .......................... 125 5,600 * MULTEX.COM, INC ................................. 211 13,200 NATIONAL COMPUTER SYSTEMS, INC .................. 497 20,400 NATIONAL DATA CORP .............................. 692 6,800 * NATIONAL EQUIPMENT SERVICES, INC ................ 43 9,800 * NATIONSRENT, INC ................................ 55 4,400 * NBC INTERNET, INC ............................... 340 14,600 * NCO GROUP, INC .................................. 440 5,500 * NEFF CORP ....................................... 35 3,900 * NEON SYSTEMS, INC ............................... 153 5,000 * NET PERCEPTIONS, INC ............................ 210 1,500 * NETOBJECTS, INC ................................. 25 3,200 * NETOPIA, INC .................................... 174 83,200 * NETWORK APPLIANCE, INC .......................... 6,911 7,600 * NETWORK PERIPHERALS, INC ........................ 359 8,500 * NETWORK SOLUTIONS, INC .......................... 1,849 52,994 * NETWORKS ASSOCIATES, INC ........................ 1,414 13,400 * NEW ERA OF NETWORKS, INC ........................ 638 37,700 * NOVA CORP (GEORGIA) ............................. 1,190 204,350 * NOVELL, INC ..................................... 8,161 11,100 * OMEGA RESEARCH, INC ............................. 67 979,689 OMNICOM GROUP, INC .............................. 97,969 3,300 * ON ASSIGNMENT, INC .............................. 99 4,000 * ONEMAIN.COM, INC ................................ 60 16,300 * ONHEALTH NETWORK CO ............................. 146 4,000 * ONYX SOFTWARE CORP .............................. 148 19,200 * OPEN MARKET, INC ................................ 866 47,138 * OPENTV CORP ..................................... 3,783 4,253,405 * ORACLE CORP ..................................... 476,647 163,434 * PARAMETRIC TECHNOLOGY CORP ...................... 4,423 129,555 PAYCHEX, INC .................................... 5,182 3,800 * PCORDER.COM, INC ................................ 194 6,100 * PEGASUS SYSTEMS, INC ............................ 368 1,000 * PEGASYSTEMS, INC ................................ 11 120,540 * PEOPLESOFT, INC ................................. 2,569 9,966 * PER SE TECHNOLOGIES, INC ........................ 84 17,900 * PEREGRINE SYSTEMS, INC .......................... 1,507 19,900 * PEROT SYSTEMS CORP (CLASS A) .................... 378 4,400 * PERSONNEL GROUP OF AMERICA, INC ................. 45 6,700 * PERVASIVE SOFTWARE, INC ......................... 113 600 * PHOENIX TECHNOLOGIES LTD ........................ 9 2,400 #* PHYSICIAN COMPUTER NETWORK, INC ................. 0 15,955 * POLICY MANAGEMENT SYSTEMS CORP .................. 408 5,200 * PORTAL SOFTWARE, INC ............................ 535 9,600 * PREVIEW TRAVEL, INC ............................. 500 20,000 * PRICELINE.COM, INC .............................. 948 31,572 #* PROCURENET, INC ................................. 5 12,900 * PRODIGY COMMUNICATIONS CORP ..................... 250 13,550 * PROGRESS SOFTWARE CORP .......................... 769 5,200 * PROJECT SOFTWARE & DEVELOPMENT, INC ............. 289 6,800 * PROTECTION ONE, INC ............................. 13 6,300 * PROXICOM, INC ................................... 783 14,400 * PROXYMED, INC ................................... 140 29,918 * PSINET, INC ..................................... 1,847 9,100 * QRS CORP ........................................ 956 15,300 * QUADRAMED CORP .................................. 133 4,500 * RADIANT SYSTEMS, INC ............................ 181 3,400 * RADISYS CORP .................................... 173 160 * RAMTRON INTERNATIONAL CORP ...................... 1 13,300 * RARE MEDIUM GROUP, INC .......................... 562 51,329 * RATIONAL SOFTWARE CORP .......................... 2,522 2,800 * RAZORFISH, INC .................................. 266 20,100 * REALNETWORKS, INC ............................... 2,418 1,800 * REDBACK NETWORKS, INC ........................... 320 12,980 * REMEDY CORP ..................................... 615 17,700 * RENT WAY, INC ................................... 331 21,100 * RENT-A-CENTER, INC .............................. 418 47,342 * ROBERT HALF INTERNATIONAL, INC .................. 1,352 13,542 ROLLINS, INC .................................... 203 22,586 * ROMAC INTERNATIONAL, INC ........................ 303 20,800 * RSA SECURITY, INC ............................... 1,612 3,800 * RWD TECHNOLOGIES, INC ........................... 39 16,484 * SABRE HOLDINGS CORP ............................. 845 14,700 * SAGA SYSTEMS, INC ............................... 293 12,300 * SAGENT TECHNOLOGY, INC .......................... 368 6,200 * SANCHEZ COMPUTER ASSOCIATES, INC ................ 255 14,600 * SANTA CRUZ OPERATION, INC ....................... 443 17,600 * SAPIENT CORP .................................... 2,481 5,800 * SCIENT CORP ..................................... 501 10,300 SEI INVESTMENT CO ............................... 1,226 8,200 * SERENA SOFTWARE, INC ............................ 254 18,707 SHARED MEDICAL SYSTEMS CORP ..................... 953 612,296 * SIEBEL SYSTEMS, INC ............................. 51,433 500 * SILKNET SOFTWARE, INC ........................... 83 40,053 * SITEL CORP ...................................... 280 37,300 * SNYDER COMMUNICATIONS, INC ...................... 718 6,900 * SOFTNET SYSTEMS, INC ............................ 173 15,400 SOTHEBYS HOLDINGS, INC (CLASS A) ................ 462 5,700 * SOURCE MEDIA, INC ............................... 105 8,000 * SPORTSLINE.COM .................................. 401 50 * SPR, INC ........................................ 0 2,500 * SPSS, INC ....................................... 63 7,600 * SPYGLASS, INC ................................... 288 9,500 * SS&C TECHNOLOGIES, INC .......................... 62 7,500 * STARMEDIA NETWORK, INC .......................... 300 2,200 * STARTEK, INC .................................... 80 45,800 * STERLING COMMERCE, INC .......................... 1,560 14,743 * STERLING SOFTWARE, INC .......................... 464 15,940 * STRUCTURAL DYNAMICS RESEARCH CORP ............... 203 1,471,420 * SUN MICROSYSTEMS, INC ........................... 113,943 79,000 * SUNGARD DATA SYSTEMS, INC ....................... 1,876 3,100 * SUNQUEST INFORMATION SYSTEMS, INC ............... 42 8,700 * SVI HOLDINGS, INC ............................... 104 21,000 * SYBASE, INC ..................................... 357 11,200 * SYKES ENTERPRISES, INC .......................... 491 28,743 * SYMANTEC CORP ................................... 1,685 40,102 * SYNOPSYS, INC ................................... 2,677 10,000 * SYNTEL, INC ..................................... 162 14,700 * SYSTEMS & COMPUTER TECHNOLOGY CORP .............. 239 200 * TCSI CORP ....................................... 1 11,900 * TECHNOLOGY SOLUTIONS CO ......................... 390 9,000 * TELETECH HOLDINGS, INC .......................... 303 15,700 * THEGLOBE.COM, INC ............................... 131 6,000 * THESTREET.COM ................................... 115 19,200 * THQ, INC ........................................ 445 5,800 * TICKETMASTER ONLINE-CITYSEARCH, INC ............. 223 14,700 * TMP WORLDWIDE, INC .............................. 2,087 20,300 TOTAL SYSTEM SERVICES, INC ...................... 331 13,100 * TOWNE SERVICES, INC ............................. 52 15,020 * TRANSACTION SYSTEM ARCHITECTURE ................. 421 24,904 TRUE NORTH COMMUNICATIONS, INC .................. 1,113
SEE NOTES TO FINANCIAL STATEMENTS 70 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(Continued) 8,800 * TSI INTERNATIONAL SOFTWARE LTD .................. $ 498 9,100 * TYLER TECHNOLOGIES, INC ......................... 50 7,200 * UNIGRAPHICS SOLUTIONS, INC ...................... 194 26,659 * UNITED RENTALS, INC ............................. 457 90 * US INTERACTIVE, INC ............................. 4 6,600 * USINTERNETWORKING, INC .......................... 461 49,150 * USWEB CORP ...................................... 2,184 4,279 * VA LINUX SYSTEMS, INC ........................... 884 27,500 * VALASSIS COMMUNICATIONS, INC .................... 1,162 42,400 * VERIO, INC ...................................... 1,958 47,600 * VERISIGN, INC ................................... 9,089 679,000 * VERITAS SOFTWARE CORP ........................... 97,182 21,400 * VERITY, INC ..................................... 911 20,300 * VERTICALNET, INC ................................ 3,329 20 * VIASOFT, INC .................................... 0 14,200 * VIGNETTE CORP ................................... 2,315 17,700 * VISIO CORP ...................................... 841 5,100 * WACKENHUT CORP SERIES A ......................... 76 14,400 * WAVE SYSTEMS CORP (CLASS A) ..................... 172 3,900 * WEBTRENDS CORP .................................. 316 13,600 * WEST TELESERVICES CORP .......................... 332 200 * WESTAFF, INC .................................... 2 17,675 * WIND RIVER SYSTEMS, INC ......................... 647 197,549 * YAHOO, INC ...................................... 85,477 625,900 YOUNG & RUBICAM, INC ............................ 44,282 1,500 * ZIFF-DAVIS, INC-ZDNET ........................... 32 ----------- 2,825,036 ----------- CHEMICALS AND ALLIED PRODUCTS--10.37% 1,229,942 ABBOTT LABORATORIES CO .......................... 44,662 5,100 * ABGENIX, INC .................................... 676 50 * ADVANCED TISSUE SCIENCE CO ...................... 0 600 * ALBANY MOLECULAR RESEARCH, INC .................. 18 4,400 * ALGOS PHARMACEUTICALS CORP ...................... 48 11,900 * ALKERMES, INC ................................... 585 80,900 ALLERGAN, INC ................................... 4,025 200 * ALLIANCE PHARMACEUTICALS CORP ................... 1 12,200 ALPHARMA, INC (CLASS A) ......................... 375 47,500 * ALZA CORP ....................................... 1,645 2,287,463 AMERICAN HOME PRODUCTS CORP ..................... 90,212 632,496 * AMGEN, INC ...................................... 37,989 50 * AMYLIN PHARMACEUTICALS, INC ..................... 0 14,700 * ANDRX CORP ...................................... 622 3,400 * ANESTA CORP ..................................... 58 7,900 * AVIRON, INC ..................................... 125 154,762 AVON PRODUCTS, INC .............................. 5,107 2,400 * BARR LABORATORIES, INC .......................... 75 22,000 * BIO-TECHNOLOGY GENERAL CORP ..................... 336 95,000 * BIOGEN, INC ..................................... 8,028 2,800 * BIOMATRIX, INC .................................. 54 10 * BIOVAIL CORP INTERNATIONAL ...................... 1 2,176,946 BRISTOL MYERS SQUIBB CO ......................... 139,733 8,000 CABOT CORP ...................................... 163 110,906 * CAREMARK RX, INC ................................ 561 9 * CELL GENESYS, INC ............................... 0 11,017 * CELL PATHWAYS, INC .............................. 102 17,400 * CEPHALON, INC ................................... 601 2,600 * CHATTEM, INC .................................... 49 17,200 * CHIREX, INC ..................................... 252 30,816 * CHIRON CORP ..................................... 1,306 15,200 CHURCH & DWIGHT CO, INC ......................... 406 48,052 CK WITCO CORP ................................... 643 141,610 CLOROX CO ....................................... 7,134 360,804 COLGATE PALMOLIVE CO ............................ 23,452 7,200 * COLUMBIA LABORATORIES, INC ...................... 54 19,700 * COR THERAPEUTICS, INC ........................... 529 12,400 * CORIXA CORP ..................................... 211 11,000 * COULTER PHARMACEUTICAL, INC ..................... 250 280 * CREATIVE BIOMOLECULES, INC ...................... 1 95 * CRESCENDO PHARMACEUTICALS CORP .................. 2 9,100 * CYGNUS, INC ..................................... 166 4,300 DIAGNOSTIC PRODUCTS CORP ........................ 105 52,900 DIAL CORP ....................................... 1,286 75,920 DU PONT (E.I.) DE NEMOURS & CO .................. 5,001 10,150 * DURA PHARMACEUTICALS, INC ....................... 141 6,500 * DURAMED PHARMACEUTICALS, INC .................... 46 52,801 ECOLAB, INC ..................................... 2,066 1,683,200 * ELAN CORP PLC ADR ............................... 49,654 19,500 * ENZON, INC ...................................... 846 200 * EPITOPE, INC .................................... 1 24,332 FERRO CORP ...................................... 535 47,700 * FOREST LABORATORIES, INC ........................ 2,931 100 * FRENCH FRAGRANCES, INC .......................... 1 5,416 FULLER (H.B.) CO ................................ 303 6,000 * GELTEX PHARMACEUTICALS, INC ..................... 77 21,900 * GENZYME CORP (GENERAL DIVISION) ................. 986 24 * GENZYME CORP (TISSUE REPAIR DIVISION) ........... 0 35 * GENZYME SURGICAL PRODUCTS ....................... 0 3,900 GEORGIA GULF CORP ............................... 119 25,083 * GILEAD SCIENCES, INC ............................ 1,358 44,000 * GRACE W.R. & CO ................................. 611 1,392,100 +* GUILFORD PHARMACEUTICALS, INC ................... 23,666 13,800 * HEMISPHERX BIOPHARMA, INC ....................... 137 13,400 * HUMAN GENOME SCIENCES, INC ...................... 2,045 42,203 ICN PHARMACEUTICALS, INC ........................ 1,068 30,600 * ICOS CORP ....................................... 895 24,000 * IDEC PHARMACEUTICALS CORP ....................... 2,358 16,300 * IDEXX LABORATORIES, INC ......................... 263 2,700 * IGEN INTERNATIONAL, INC ......................... 80 30 IMC GLOBAL, INC ................................. 0 2,233 * IMC GLOBAL, INC WTS 12/22/00 .................... 0 15,600 * IMCLONE SYSTEMS, INC ............................ 618 46,500 * IMMUNEX CORP .................................... 5,092 5,800 * INHALE THERAPEUTIC SYSTEMS ...................... 247 3,000 * INVITROGEN CORP ................................. 180 15,520 * ISIS PHARMACEUTICALS, INC ....................... 97 31,233 * IVAX CORP ....................................... 804 1,060,922 JOHNSON & JOHNSON CO ............................ 98,798 18,050 JONES PHARMACEUTICALS, INC ...................... 784 11,850 * KING PHARMACEUTICALS, INC ....................... 664 5,750 * KV PHARMACEUTICALS CO (CLASS B) ................. 123 58,954 LAUDER (ESTEE) CO (CLASS A) ..................... 2,973 20,340 * LIGAND PHARMACEUTICALS CO (CLASS A) ............. 262 1,554,362 LILLY (ELI) & CO ................................ 103,365 4,719 LILLY INDUSTRIES, INC (CLASS A) ................. 63 23,000 * LIPOSOME CO, INC ................................ 281 66 LYONDELL CHEMICAL CO ............................ 1 3,100 MACDERMID, INC .................................. 127 8,200 * MACROCHEM CORP (DELAWARE) ....................... 34 50 * MATRIX PHARMACEUTICALS, INC ..................... 0 8,100 * MEDCO RESEARCH, INC ............................. 244 14,800 * MEDICIS PHARMACEUTICALS CORP (CLASS A) .......... 630 32,075 * MEDIMMUNE, INC .................................. 5,320 3,703,715 (0) MERCK & CO, INC ................................. 248,380 21,500 * MILLENNIUM PHARMACEUTICALS, INC ................. 2,623 393,763 MONSANTO CO ..................................... 14,028 59,229 MYLAN LABORATORIES, INC ......................... 1,492 11,600 NATURES SUNSHINE PRODUCTS, INC .................. 93 800 NL INDUSTRIES, INC .............................. 12 80 * NOVEN PHARMACEUTICALS, INC ...................... 1 14,000 * ORGANOGENESIS, INC .............................. 122 5,700 * PATHOGENESIS CORP ............................... 122
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 71 STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- CHEMICALS AND ALLIED PRODUCTS--(Continued) 3,051,578 PFIZER, INC ..................................... $ 98,986 13,900 * PHARMACEUTICAL RESOURCES, INC ................... 69 6,400 * PHARMACYCLICS, INC .............................. 264 1,069,798 PROCTER & GAMBLE CO ............................. 117,210 6,100 * PROTEIN DESIGN LABORATORIES, INC ................ 427 100 * REGENERON PHARMACEUTICALS, INC .................. 1 13,400 * REVLON, INC (CLASS A) ........................... 106 17,300 * REXALL SUNDOWN, INC ............................. 178 30 ROHM & HAAS CO .................................. 1 62 RPM, INC ........................................ 1 8,000 * SAFESCIENCE, INC ................................ 93 6,300 * SANGSTAT MEDICAL CORP ........................... 187 7,000 * SCHEIN PHARMACEUTICAL, INC ...................... 85 3,246,832 SCHERING-PLOUGH CORP ............................ 136,976 16,800 * SCOTTS CO (CLASS A) ............................. 676 18,800 * SEPRACOR, INC ................................... 1,865 50 * SEROLOGICALS CORP ............................... 0 11,493 * SHIRE PHARMACEUTICALS CORP ...................... 335 3,078 * SICOR, INC ...................................... 24 15,200 * SUPERGEN, INC ................................... 447 9,700 * TECHNE CORP ..................................... 534 13,200 * THERAGENICS CORP ................................ 120 14,000 * TRANSKARYOTIC THERAPIES, INC .................... 539 23,100 * TRIANGLE PHARMACEUTICALS, INC ................... 296 11,800 VALSPAR CORP .................................... 494 19,766 * VENTIV HEALTH, INC .............................. 182 2,540 * VERTEX PHARMACEUTICALS, INC ..................... 89 9,400 * VICAL, INC ...................................... 281 1,110,624 WARNER-LAMBERT CO ............................... 91,002 50,400 * WATSON PHARMACEUTICALS, INC ..................... 1,805 300 WEST PHARMACEUTICAL SERVICES .................... 9 38 * ZILA, INC ....................................... 0 ----------- 1,407,698 ----------- COMMUNICATIONS--14.33% 5,300 * ADELPHIA BUSINESS SOLUTIONS, INC ................ 254 28,100 * ADELPHIA COMMUNICATIONS CORP (CLASS A) .......... 1,844 700 * ADVANCED COMMUNICATIONS GROUP ................... 10 25,900 * ADVANCED RADIO TELECOM CORP ..................... 622 9,800 * AERIAL COMMUNICATIONS, INC ...................... 597 39,100 * ALLEGIANCE TELECOM, INC ......................... 3,607 60,595 ALLTEL CORP ..................................... 5,010 4,000 * AMERICAN MOBILE SATELLITE CORP .................. 84 2,312,400 * AMFM, INC ....................................... 180,945 66 * ARCH COMMUNICATIONS GROUP, INC .................. 0 345 * ARCH COMMUNICATIONS GROUP, INC WTS 09/01/03 ..... 0 50 * ASSOCIATED GROUP, INC (CLASS A) ................. 5 50 * ASSOCIATED GROUP, INC (CLASS B) ................. 5 1,657,252 AT & T CORP ..................................... 84,106 3,252,287 * AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) ....... 184,567 93,749 BROADWING, INC .................................. 3,457 53,096 * CABLEVISION SYSTEMS CORP (CLASS A) .............. 4,009 14,200 * CAPROCK COMMUNICATIONS CORP ..................... 461 3,526,916 * CBS CORP ........................................ 225,502 4,500 CFW COMMUNICATIONS CO ........................... 156 9,600 * CITADEL COMMUNICATIONS CORP ..................... 623 1,632,224 * CLEAR CHANNEL COMMUNICATIONS, INC ............... 145,676 5,000 * CLEAR CHANNEL COMMUNICATIONS, INC WTS 09/18/01 .. 80 9,400 * COM 21, INC ..................................... 211 18,400 COMCAST CORP (CLASS A) .......................... 881 440,766 COMCAST CORP (CLASS A) SPECIAL .................. 22,286 1,500 * COMMNET CELLULAR, INC ........................... 48 8,433 * COMMONWEALTH TELEPHONE ENTERPRISES .............. 446 28,500 * CONCENTRIC NETWORK CORP ......................... 878 34,400 * COVAD COMMUNICATIONS GROUP ...................... 1,924 23,369 * COX COMMUNICATIONS, INC (CLASS A) ............... 1,204 7,600 * COX RADIO, INC (CLASS A) ........................ 758 5,400 * CUMULUS MEDIA, INC .............................. 274 20,200 * E.SPIRE COMMUNICATIONS, INC ..................... 117 3,900 * ELECTRIC LIGHTWAVE, INC (CLASS A) ............... 73 7,400 * EMMIS COMMUNICATIONS (CLASS A) .................. 922 9,000 * ENTERCOM COMMUNICATIONS CORP .................... 594 1,619,000 ERICSSON TELEFON (LM) SERIES B ADR .............. 106,348 102,800 * EXODUS COMMUNICATIONS, INC ...................... 9,130 3,300 * FLASHNET ........................................ 20 62,600 * FOX ENTERTAINMENT GROUP, INC .................... 1,561 83 * GLOBAL CROSSING LTD ............................. 4 108,700 * GLOBAL TELESYSTEMS GROUP, INC ................... 3,764 14,000 * HEARST-ARGYLE TELEVISION, INC ................... 373 20,700 * HISPANIC BROADCASTING CORP ...................... 1,909 20,498 * ICG COMMUNICATIONS, INC ......................... 384 9,200 * IDT CORP ........................................ 174 188,225 * INFINITY BROADCASTING CORP (CLASS A) ............ 6,811 24,700 * INTERMEDIA COMMUNICATIONS, INC .................. 959 2,000 * INTERNATIONAL FIBERCOM, INC ..................... 16 10,600 * INTRAWARE, INC .................................. 847 21,800 * ITC DELTACOM, INC ............................... 602 8,800 * JONES INTERCABLE, INC (CLASS A) ................. 610 9,900 * LAUNCH MEDIA, INC ............................... 187 9,350 * LEAP WIRELESS INTERNATIONAL, INC ................ 734 165,300 * LEVEL 3 COMMUNICATIONS, INC ..................... 13,534 13,500 * LIBERTY DIGITAL, INC (CLASS A) .................. 1,002 5,569,086 LUCENT TECHNOLOGIES, INC ........................ 416,637 4,518,838 * MCI WORLDCOM, INC ............................... 239,781 61,900 * MCLEODUSA, INC (CLASS A) ........................ 3,644 78,364 * MEDIA ONE GROUP, INC ............................ 6,019 63,367 * METROMEDIA FIBER NETWORK (CLASS A) .............. 3,038 9,300 * MGC COMMUNICATIONS, INC ......................... 472 10,000 * NETWORK EVENT THEATER, INC ...................... 298 43,110 * NEXT LEVEL COMMUNICATIONS, INC .................. 3,228 98,800 * NEXTEL COMMUNICATIONS, INC (CLASS A) ............ 10,189 43,700 * NEXTLINK COMMUNICATIONS, INC .................... 3,630 5,700 NORTH PITTSBURGH SYSTEMS, INC ................... 84 3,500 * NORTHEAST OPTIC NETWORK, INC .................... 219 3,200 * NORTHPOINT COMMUNICATIONS GROUP, INC ............ 77 65,275 * NTL, INC ........................................ 8,143 437,040 * OMNIPOINT CORP .................................. 52,718 80 * PAC WEST TELECOMM, INC .......................... 2 8,500 * PACIFIC GATEWAY EXCHANGE, INC ................... 145 178,000 * PAGING NETWORK, INC ............................. 145 12,087 * PANAMSAT CORP ................................... 718 22,600 * PAXSON COMMUNICATIONS CORP ...................... 270 4,900 * PEGASUS COMMUNICATIONS CORP ..................... 479 16,100 * POWERTEL, INC ................................... 1,616 20,900 * PREMIERE TECHNOLOGIES, INC ...................... 146 14,600 * PRICE COMMUNICATIONS CORP ....................... 406 18,300 * PRIMUS TELECOMMUNICATIONS GROUP, INC ............ 700 78,536 * QWEST COMMUNICATIONS INTERNATIONAL, INC ......... 3,377 200 * RADIO ONE, INC .................................. 18 23,900 * RCN CORP ........................................ 1,159 38,200 * RHYTHMS NETCONNECTIONS, INC ..................... 1,184 2,375 * SAGA COMMUNICATIONS, INC (CLASS A) .............. 48 1,447,495 SBC COMMUNICATIONS, INC ......................... 70,565 1,500 * SINCLAIR BROADCASTING GROUP, INC (CLASS A ) ..... 18 8,700 * SIRIUS SATELLITE RADIO, INC ..................... 387 82 * SPECTRASITE HOLDINGS, INC ....................... 1 13,400 * SPRINT CORP (PCS GROUP) ......................... 1,374 16,300 * STAR TELECOMMUNICATIONS, INC .................... 129 33,300 * TALK.COM, INC ................................... 591 60 * TCI SATELLITE ENTERTAINMENT (CLASS A) ........... 1 11,600 * TELIGENT, INC ................................... 716 2,500 * TIME WARNER TELECOM, INC ........................ 125
SEE NOTES TO FINANCIAL STATEMENTS 72 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- COMMUNICATIONS--(Continued) 24,800 * TV GUIDE, INC ................................... $ 1,066 6,400 * U.S. CELLULAR CORP .............................. 646 6,600 * U.S. LEC CORP (CLASS A) ......................... 213 143,300 U.S. WEST, INC .................................. 10,318 967 * U.S.A. NETWORKS, INC ............................ 53 4,500 UNITED TELEVISION, INC .......................... 620 30,900 * UNITEDGLOBALCOM, INC (CLASS A) .................. 2,182 50,100 * UNIVISION COMMUNICATIONS, INC ................... 5,120 24,392 * VIACOM, INC (CLASS A) ........................... 1,474 121,108 * VIACOM, INC (CLASS B) ........................... 7,319 847,690 * VIATEL, INC ..................................... 45,457 33,800 * VOICESTREAM WIRELESS CORP ....................... 4,810 24,495 * WAVO CORP ....................................... 95 33,000 * WESTERN WIRELESS CORP (CLASS A) ................. 2,203 236,250 * WILLIAMS COMMUNICATIONS GROUP, INC .............. 6,836 21,100 * WINSTAR COMMUNICATIONS, INC ..................... 1,588 3,000 * WORLDGATE COMMUNICATIONS, INC ................... 143 12,000 * WORLDPORT COMMUNICATIONS, INC ................... 25 6,600 * YOUNG BROADCASTING, INC (CLASS A) ............... 337 ----------- 1,944,207 ----------- DEPOSITORY INSTITUTIONS--0.64% 6,100 ALABAMA NATIONAL BANCORP ........................ 115 6 BANCFIRST CORP .................................. 0 3,000 BANCFIRST OHIO CORP ............................. 69 3,700 BANK OF GRANITE CORP ............................ 80 515 * BOK FINANCIAL CORP .............................. 10 13,760 BRENTON BANKS, INC .............................. 139 315 BT FINANCIAL CORP ............................... 7 1,700 CATHAY BANCORP, INC ............................. 70 8,767 * CENTENNIAL BANCORP .............................. 94 1,400 CENTURY SOUTH BANKS, INC ........................ 31 19,237 CHITTENDEN CORP ................................. 570 7,634 CITIZENS BANKING CORP (MICHIGAN) ................ 171 5,666 CITY HOLDINGS CO ................................ 79 115 * COLUMBIA BANKING SYSTEM, INC .................... 2 200 * COMMERCE BANCORP, INC ........................... 8 22,000 COMMUNITY FIRST BANKSHARES, INC ................. 347 121,628 * CONCORD EFS, INC ................................ 3,132 4,585 CVB FINANCIAL CORP .............................. 106 3,551 F & M NATIONAL CORP ............................. 98 6,300 FARMERS CAPITAL BANK CORP ....................... 190 110,665 FIFTH THIRD BANCORP ............................. 8,120 14,117 FIRST BANCORP (PUERTO RICO) ..................... 293 13,970 FIRST FINANCIAL BANCORP ......................... 299 1,600 FIRST FINANCIAL HOLDINGS, INC ................... 26 2,000 FIRST SOURCE CORP ............................... 50 1,595,204 FIRSTAR CORP .................................... 33,699 3,500 FRONTIER FINANCIAL CORP ......................... 70 3,100 GREATER BAY BANCORP ............................. 133 7,900 * HAMILTON BANCORP, INC ........................... 140 5 HARLEYSVILLE NATIONAL CORP ...................... 0 2,100 HARRIS FINANCIAL, INC ........................... 16 46,935 HUDSON UNITED BANCORP ........................... 1,200 25,745 * IMPERIAL BANCORP ................................ 621 2,200 IRWIN FINANCIAL CORP ............................ 39 100 JEFFERSON SAVINGS BANCORP, INC .................. 1 445,470 MBNA CORP ....................................... 12,139 11,200 MERCHANTS NEW YORK BANCORP, INC ................. 192 2,400 MISSISSIPPI VALLEY BANCSHARES, INC .............. 65 1,500 NATIONAL BANCORP OF ALASKA, INC ................. 42 24,700 NATIONAL COMMERCE BANCORP ....................... 560 8,085 NATIONAL PENN BANCSHARES, INC ................... 203 11,700 * NETBANK, INC .................................... 216 27,800 NORTHERN TRUST CORP ............................. 1,473 5,100 NORTHWEST BANCORP, INC .......................... 35 4,100 ORIENTAL FINANCIAL GROUP ........................ 90 13,300 PACIFIC CAPITAL BANCORP ......................... 409 3,146 PARK NATIONAL CORP .............................. 302 9,400 PREMIER BANCSHARES, INC ......................... 128 4,200 PROVIDENT BANKSHARES CORP ....................... 73 90,102 PROVIDIAN FINANCIAL CORP ........................ 8,205 3,950 QUEENS COUNTY BANCORP, INC ...................... 107 40 ROSLYN BANCORP, INC ............................. 1 12,700 S & T BANCORP, INC .............................. 294 19,393 * S 1 CORP ........................................ 1,515 5,100 SANDY SPRING BANCORP, INC ....................... 138 38,615 SKY FINANCIAL GROUP, INC ........................ 777 14,600 * SOUTHWEST BANCORP OF TEXAS, INC ................. 289 20 SOVEREIGN BANCORP, INC .......................... 0 53,783 STATE STREET CORP ............................... 3,930 85 STATEN ISLAND BANCORP, INC ...................... 2 9,700 STERLING BANCSHARES, INC ........................ 109 1,250 STERLING FINANCIAL CORP ......................... 39 50,600 SYNOVUS FINANCIAL CORP .......................... 1,006 38 TCF FINANCIAL CORP .............................. 1 28,300 * TELEBANC FINANCIAL CORP ......................... 736 6,400 TEXAS REGIONAL BANCSHARES, INC (CLASS A) ........ 186 10,300 TRIANGLE BANCORP, INC ........................... 200 12,600 TRUST CO OF NEW JERSEY .......................... 288 24,314 TRUSTCO BANK CORP ............................... 322 5,600 U.S. TRUST CORP ................................. 449 2,910 U.S.B. HOLDINGS CO, INC ......................... 46 16,902 UNITED BANKSHARES, INC .......................... 404 25,150 W HOLDING CO, INC ............................... 261 4,719 WEST COAST BANCORP (OREGON) ..................... 64 6,000 WESTAMERICA BANCORP ............................. 168 23,300 ZIONS BANCORP ................................... 1,379 ----------- 86,868 ----------- EATING AND DRINKING PLACES--0.20% 23,440 APPLEBEES INTERNATIONAL, INC .................... 691 100 AVADO BRANDS, INC ............................... 0 50 x* BOSTON CHICKEN, INC ............................. 0 20 CBRL GROUP, INC ................................. 0 26,833 * CEC ENTERTAINMENT, INC .......................... 761 3,700 CKE RESTAURANTS, INC ............................ 22 11,838 * CONSOLIDATED PRODUCTS, INC ...................... 120 5,300 * DAVE & BUSTERS, INC ............................. 43 300 * EINSTEIN/NOAH BAGEL CORP ........................ 0 5,800 * FINE HOST CORP .................................. 2 6,500 * IHOP CORP (NEW) ................................. 108 42,504 * JACK IN THE BOX, INC ............................ 879 189 * LANDRYS SEAFOOD RESTAURANTS, INC ................ 2 50 * LONE STAR STEAKHOUSE & SALOON, INC .............. 0 68,600 MARRIOTT INTERNATIONAL (CLASS A) ................ 2,165 400,612 MCDONALD'S CORP ................................. 16,150 4,700 MORRISON MANAGEMENT SPECIALISTS, INC ............ 101 5,100 * NPC INTERNATIONAL, INC .......................... 40 1,500 * O CHARLEYS, INC ................................. 20 27,900 * OUTBACK STEAKHOUSE, INC ......................... 724 9,800 * P F CHANGS CHINA BISTRO, INC .................... 244 13,330 * PAPA JOHNS INTERNATIONAL, INC ................... 347 33,900 * RUBY TUESDAY, INC ............................... 617 1,669 SODEXHO MARRIOTT SERVICES, INC .................. 22 21,250 * SONIC CORP ...................................... 606 9,500 * THE CHEESECAKE FACTORY CO ....................... 333 51,415 * TRICON GLOBAL RESTAURANTS, INC .................. 1,986 6,600 * U.S. FOODSERVICE, INC ........................... 111 26,800 VIAD CORP ....................................... 747 ----------- 26,841 ----------- EDUCATIONAL SERVICES--0.02% 36,638 * APOLLO GROUP, INC (CLASS A) ..................... 735
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 73 STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- EDUCATIONAL SERVICES--(Continued) 2,400 * CAREER EDUCATION CORP ........................... $ 92 284 * COMPUTER LEARNING CENTERS, INC .................. 1 500 * CORINTHIAN COLLEGES, INC ........................ 12 22,452 * DEVRY, INC ...................................... 418 24,400 * EDUCATION MANAGEMENT CORP ....................... 342 300 * EDUTREK INTERNATIONAL, INC (CLASS A) ............ 0 2,700 * ITT EDUCATIONAL SERVICES, INC ................... 42 5,300 * LEARNING TREE INTERNATIONAL, INC ................ 148 2,700 STRAYER EDUCATION, INC .......................... 53 21,175 * SYLVAN LEARNING SYSTEMS, INC .................... 275 ----------- 2,118 ----------- ELECTRIC, GAS, AND SANITARY SERVICES--0.16% 86,468 * AES CORP ........................................ 6,463 80,730 * ALLIED WASTE INDUSTRIES, INC .................... 711 8,300 BLACK HILLS CORP ................................ 184 23,200 * CALPINE CORP .................................... 1,485 5,400 * CASELLA WASTE SYSTEMS, INC (CLASS A) ............ 102 12,964 DYNEGY, INC ..................................... 315 7,200 x* MOLTEN METAL TECHNOLOGY, INC .................... 0 15,200 * NEWPARK RESOURCES, INC .......................... 93 800 OTTER TAIL POWER CO ............................. 30 8,900 * REPUBLIC SERVICES, INC (CLASS A) ................ 128 2,200 * SOUTHERN UNION CO ............................... 42 1,300 * STERICYCLE, INC ................................. 24 600 * WASTE CONNECTIONS, INC .......................... 9 2,200 * WASTE INDUSTRIES, INC ........................... 25 344,444 WASTE MANAGEMENT, INC ........................... 5,920 193,430 WILLIAMS COS, INC ............................... 5,912 ----------- 21,443 ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--16.62% 8,200 * AAVID THERMAL TECHNOLOGIES, INC ................. 201 6,020 * ACTEL CORP ...................................... 144 16,800 * ACTV, INC ....................................... 768 5,900 * ADAPTIVE BROADBAND CORP ......................... 435 86,160 * ADC TELECOMMUNICATIONS, INC ..................... 6,252 12,035 * ADTRAN, INC ..................................... 619 8,500 * ADVANCED ENERGY INDUSTRIES, INC ................. 419 41,850 * ADVANCED FIBRE COMMUNICATIONS ................... 1,870 200 * ADVANCED LIGHTING TECHNOLOGIES, INC ............. 1 12,000 * AEROFLEX, INC ................................... 125 12,700 * ALPHA INDUSTRIES, INC ........................... 728 113,500 * ALTERA CORP ..................................... 5,625 51,500 * AMERICAN POWER CONVERSION CORP .................. 1,358 6,200 * AMERICAN SUPERCONDUCTOR CORP .................... 174 2,598,374 * AMERICAN TOWER SYSTEMS (CLASS A) ................ 79,413 8,400 * AMERICAN XTAL TECHNOLOGY, INC ................... 146 24,900 AMETEK, INC ..................................... 475 72,000 * AMKOR TECHNOLOGY, INC ........................... 2,034 13,900 * AMPEX CORP (CLASS A) ............................ 76 12,400 * AMPHENOL CORP (CLASS A) ......................... 825 8,700 * ANADIGICS, INC .................................. 411 1,404,417 * ANALOG DEVICES, INC ............................. 130,611 16,600 * ANCOR COMMUNICATIONS, INC ....................... 1,127 21,675 * ANDREW CORP ..................................... 410 11,900 * ANTEC CORP ...................................... 434 299,200 * APPLIED MICRO CIRCUITS CORP ..................... 38,073 8,300 * ARGUSS HOLDINGS, INC ............................ 108 28,625 * ARTESYN TECHNOLOGIES, INC ....................... 601 100 * ARTISAN COMPONENTS, INC ......................... 2 16,600 * ASPECT COMMUNICATIONS CORP ...................... 649 877,900 * ATMEL CORP ...................................... 25,953 21 x* AXIOHM TRANSACTION SOLUTIONS, INC ............... 0 6,000 * BENCHMARK ELECTRONICS, INC ...................... 138 19,900 BMC INDUSTRIES, INC ............................. 97 33,200 * BROADCOM CORP (CLASS A) ......................... 9,043 6,200 * BROOKTROUT, INC ................................. 115 31,025 * BURR BROWN CORP ................................. 1,121 10,403 C&D TECHNOLOGIES, INC ........................... 442 7,300 * C-COR.NET CORP .................................. 559 5,000 * CARRIER ACCESS CORP ............................. 337 10,200 * CATAPULT COMMUNICATIONS CORP .................... 101 32,900 * CELLNET DATA SYSTEMS, INC ....................... 37 1,116,400 * CIENA CORP ...................................... 64,193 27,733 * COMMSCOPE, INC .................................. 1,118 41,411 * COMVERSE TECHNOLOGY, INC ........................ 5,994 99,500 * CONEXANT SYSTEMS, INC ........................... 6,604 1,000 * COPPER MOUNTAIN NETWORKS, INC ................... 49 13,200 * CREE RESEARCH, INC .............................. 1,127 17,200 CTS CORP ........................................ 1,296 32,700 * CYPRESS SEMICONDUCTOR CORP ...................... 1,059 17,500 DALLAS SEMICONDUCTOR CORP ....................... 1,128 29,900 * DIGITAL MICROWAVE CORP .......................... 701 21,300 * DII GROUP, INC .................................. 1,512 16,300 * E-TEK DYNAMICS, INC ............................. 2,194 25,000 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) .......... 2,438 300 * EIS INTERNATIONAL, INC .......................... 2 5,000 * ELECTRO SCIENTIFIC INDUSTRIES, INC .............. 365 3,900 * EMCORE CORP ..................................... 133 50 * ENERGY CONVERSION DEVICES, INC .................. 0 2,100 * ESHARE TECHNOLOGIES, INC ........................ 36 23,100 * EXECUTONE INFORMATION SYSTEMS, INC .............. 126 28,782 * FINISAR CORP .................................... 2,587 600 * FIREARMS TRAINING SYSTEMS, INC .................. 0 700 FRANKLIN ELECTRIC CO, INC ....................... 49 4,356,669 GENERAL ELECTRIC CO ............................. 674,195 73,744 * GENERAL INSTRUMENT CORP ......................... 6,268 1,400 * GENERAL SEMICONDUCTOR, INC ...................... 20 9,900 x* GEOTEK COMMUNICATIONS, INC ...................... 0 50 * GLENAYRE TECHNOLOGIES, INC ...................... 1 7,200 * GLOBIX CORP ..................................... 432 1,000 * HADCO CORP ...................................... 51 4,800 HARMON INDUSTRIES, INC .......................... 58 15,130 * HARMONIC LIGHTWAVES, INC ........................ 1,436 12,700 HELIX TECHNOLOGY CORP ........................... 569 1,100 * HI / FN, INC .................................... 43 400 * HMT TECHNOLOGY CORP ............................. 2 6,700 * HUTCHINSON TECHNOLOGY, INC ...................... 142 500 * INET TECHNOLOGIES, INC .......................... 35 3,000 INNOVEX, INC .................................... 28 6,279,461 INTEL CORP ...................................... 516,878 16,500 INTER-TEL, INC .................................. 413 29,186 * INTERDIGITAL COMMUNICATIONS CORP ................ 2,189 6,200 * INTERNATIONAL RECTIFIER CORP .................... 161 23,300 * INTERVOICE-BRITE, INC ........................... 542 4,100 * IPC COMMUNICATIONS, INC ......................... 291 1,800 * ITI TECHNOLOGIES, INC ........................... 54 27,732 * JABIL CIRCUIT, INC .............................. 2,024 138,720 * JDS UNIPHASE CORP ............................... 22,377 2,140 * KEMET CORP ...................................... 96 13,750 * KOMAG, INC ...................................... 43 19,200 * KOPIN CORP ...................................... 806 25,200 * L-3 COMMUNICATIONS HOLDINGS, INC ................ 1,049 8,600 * LASERSIGHT, INC ................................. 86 24,222 * LATTICE SEMICONDUCTOR CORP ...................... 1,141 164,000 LINEAR TECHNOLOGY CO ............................ 11,736 15,200 * LITTLEFUSE, INC ................................. 369 3,700 LSI INDUSTRIES, INC ............................. 80 906,300 * LSI LOGIC CORP .................................. 61,175 78 * MAGNETEK, INC ................................... 1 200 * MAKER COMMUNICATIONS, INC ....................... 9 166,600 * MAXIM INTEGRATED PRODUCTS ....................... 7,861 800 * MAXWELL TECHNOLOGIES, INC ....................... 8 42,800 MAYTAG CO ....................................... 2,054 19,800 METHODE ELECTRONICS, INC (CLASS A) .............. 636
SEE NOTES TO FINANCIAL STATEMENTS 74 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(Continued) 7,600 * METRICOM, INC ................................... $ 598 21,100 * MICREL, INC ..................................... 1,201 100 * MICRO LINEAR CORP ............................... 1 34,670 * MICROCHIP TECHNOLOGY, INC ....................... 2,373 23,400 * MICRON TECHNOLOGY, INC .......................... 1,819 17,200 * MMC NETWORKS, INC ............................... 591 14,432 MOLEX, INC ...................................... 818 115,683 MOTOROLA, INC ................................... 17,034 31 * NATIONAL SEMICONDUCTOR CORP ..................... 1 7,940 * NEOMAGIC CORP ................................... 87 454,000 * NOKIA OYJ ADR ................................... 86,260 13,600 * NVIDIA CORP ..................................... 638 8,800 * OAK INDUSTRIES, INC ............................. 934 200 * OAK TECHNOLOGY, INC ............................. 2 2,475 * OIS OPTICAL IMAGING SYSTEMS, INC ................ 0 18,200 * P-COM, INC ...................................... 161 35,550 * PAIRGAIN TECHNOLOGIES, INC ...................... 504 4 PARK ELECTROCHEMICAL CORP ....................... 0 9,000 * PARKERVISION, INC ............................... 277 7,400 * PHOTRONICS, INC ................................. 212 17,100 PITTWAY CORP (CLASS A) .......................... 766 13,100 * PLANTRONICS, INC ................................ 937 14,500 * PLEXUS CORP ..................................... 638 12,900 * PLX TECHNOLOGY, INC ............................. 244 39,700 * PMC-SIERRA, INC ................................. 6,364 15,700 * POLYCOM, INC .................................... 1,000 16,200 * POWER INTEGRATIONS, INC ......................... 777 4,800 * POWER-ONE, INC .................................. 220 11,000 * POWERWAVE TECHNOLOGIES, INC ..................... 642 23,500 * QLOGIC CORP ..................................... 3,757 353,800 * QUALCOMM, INC ................................... 62,313 9,266 * RAMBUS, INC ..................................... 625 18,500 * RAYOVAC CORP .................................... 349 15,380 * READ RITE CORP .................................. 73 31 * RECOTON CORP .................................... 0 34,400 * RF MICRO DEVICES, INC ........................... 2,354 23,250 * S3, INC ......................................... 269 9,950 * SALTON, INC ..................................... 333 34,854 * SANMINA CORP .................................... 3,481 17,400 * SAWTEK, INC ..................................... 1,158 26,400 * SCI SYSTEMS, INC ................................ 2,170 40,000 SCIENTIFIC-ATLANTA, INC ......................... 2,225 5,600 * SCM MICROSYSTEMS, INC ........................... 358 13,800 * SDL, INC ........................................ 3,008 22,200 * SEMTECH CORP .................................... 1,157 9,700 * SENSORMATIC ELECTRONICS CORP .................... 169 1,600 * SILICONIX, INC .................................. 210 6,400 * SIPEX CORP ...................................... 157 9,400 * SLI, INC ........................................ 127 806,104 * SOLECTRON CORP .................................. 76,681 17,052 * SYCAMORE NETWORKS, INC .......................... 5,252 20 * SYMMETRICOM, INC ................................ 0 11,400 TECHNITROL, INC ................................. 507 17,000 * TEKELEC ......................................... 383 210,076 * TELLABS, INC .................................... 13,484 50 * TELTREND, INC ................................... 2 10,400 * TERAYON COMMUNICATION SYSTEMS, INC .............. 653 1,722,933 TEXAS INSTRUMENTS, INC .......................... 166,909 20,500 * TITAN CORP ...................................... 966 17,500 * TRANSWITCH CORP ................................. 1,270 7,400 * TRIQUINT SEMICONDUCTOR, INC ..................... 823 8,000 * TUT SYSTEMS, INC ................................ 429 7,700 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC .. 262 10,900 * VICOR CORP ...................................... 441 63 * VISHAY INTERTECHNOLOGY, INC ..................... 2 94,000 * VITESSE SEMICONDUCTOR CORP ...................... 4,929 20,300 * WEBLINK WIRELESS, INC ........................... 315 10,000 * WESTELL TECHNOLOGIES, INC (CLASS A) ............. 108 35,000 * WORLD ACCESS, INC ............................... 674 1,119,600 * XILINX, INC ..................................... 50,907 34,800 * ZENITH ELECTRONICS CORP ......................... 0 7,400 * ZIXIT CORP ...................................... 293 80 * ZOLTEK COS, INC ................................. 1 4,000 * ZOMAX, INC ...................................... 181 ----------- 2,254,991 ----------- ENGINEERING AND MANAGEMENT SERVICES--0.09% 100 * AGRITOPE, INC ................................... 0 8,300 * AHL SERVICES, INC ............................... 173 700 * CADUS PHARMACEUTICAL CORP ....................... 0 26,800 * CATALYTICA, INC ................................. 363 9,300 * CELGENE CORP .................................... 651 3,100 * CHARLES RIVER ASSOCIATES ........................ 104 14,825 * CIRCLE.COM ...................................... 183 1,000 * CORPORATE EXECUTIVE BOARD CO .................... 56 29,763 * COVANCE, INC .................................... 322 1,600 * DATA TRANSMISSION NETWORK CORP .................. 28 5,850 * DIAMOND TECHNOLOGY PARTNERS, INC (CLASS A) ...... 503 5,800 * ENTREMED, INC ................................... 149 15,100 * F.Y.I., INC ..................................... 513 12,700 * FIRST CONSULTING GROUP, INC ..................... 197 2,900 * FLYCAST COMMUNICATIONS CORP ..................... 377 51,315 GARTNER GROUP, INC (CLASS A) .................... 783 11,800 * INCYTE PHARMACEUTICALS, INC ..................... 708 3,200 * INSPIRE INSURANCE SOLUTIONS, INC ................ 15 2,400 * JACOBS ENGINEERING GROUP, INC ................... 78 5,800 LANDAUER, INC ................................... 127 6,700 * LASON, INC ...................................... 74 5,000 * MARKETING SERVICES GROUP ........................ 84 10,520 * MAXIMUS, INC .................................... 357 28,450 * NAVIGANT CONSULTING CO .......................... 309 3,000 * NEXTERA ENTERPRISES, INC ........................ 39 4,500 * NFO WORLDWIDE, INC .............................. 101 5,300 * PAREXEL INTERNATIONAL CORP ...................... 63 2,218 * PHARMACEUTICAL PRODUCT DEVELOPMENT .............. 26 3,100 * PROBUSINESS SERVICES, INC ....................... 112 13,850 * PROFIT RECOVERY GROUP INTERNATIONAL ............. 368 63,152 * QUINTILES TRANSNATIONAL CORP .................... 1,180 6,800 * RENAISSANCE WORLDWIDE, INC ...................... 50 150,666 SERVICEMASTER CO ................................ 1,855 23,200 * STAFF LEASING, INC .............................. 220 1,000 * SUPERIOR CONSULTANT HOLDINGS CORP ............... 14 5,400 TEJON RANCH CO .................................. 128 10,100 * TETRA TECH, INC ................................. 155 2,400 * URS CORP ........................................ 52 12,600 * VALENCE TECHNOLOGY, INC ......................... 239 9,700 * WACKENHUT CORRECTIONS CORP ...................... 113 20,600 * WHITTMAN HART, INC .............................. 1,105 6,100 * XCEED, INC ...................................... 253 ----------- 12,227 ----------- FABRICATED METAL PRODUCTS--0.21% 14,073 CHART INDUSTRIES, INC ........................... 56 671,106 GILLETTE CO ..................................... 27,641 12,900 * METALS U.S.A., INC .............................. 110 4,520 * NCI BUILDING SYSTEMS, INC ....................... 84 18 * SHAW GROUP, INC ................................. 0 6,385 * SIMPSON MANUFACTURING CO, INC ................... 279 900 * SPS TECHNOLOGIES, INC ........................... 29 25,745 * TOWER AUTOMOTIVE, INC ........................... 397 9,300 * U.S. CAN CORP ................................... 185 1,400 VALMONT INDUSTRIES .............................. 22 ----------- 28,803 -----------
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 75 STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- FOOD AND KINDRED PRODUCTS--1.37% 4,600 * AMERICAN ITALIAN PASTA CO (CLASS A) ............. $ 141 79,568 ANHEUSER BUSCH COS, INC ......................... 5,639 3,800 * BERINGER WINE ESTATES HOLDINGS, INC (CLASS B) ... 152 94,545 BESTFOODS, INC .................................. 4,970 38 BROWN FORMAN, INC (CLASS B) ..................... 2 103,156 CAMPBELL SOUP CO ................................ 3,991 5,700 * CANANDAIGUA BRANDS, INC (CLASS A) ............... 291 1,781,108 COCA COLA CO .................................... 103,750 155,658 COCA COLA ENTERPRISES, INC ...................... 3,133 18,100 * DEL MONTE FOODS CO .............................. 223 5,000 DREYERS GRAND ICE CREAM, INC .................... 85 17,356 EARTHGRAINS CO .................................. 280 20,000 FLOWERS INDUSTRIES, INC ......................... 319 92,104 GENERAL MILLS, INC .............................. 3,293 3,900 * HAIN FOOD GROUP, INC ............................ 87 61,867 HEINZ (H.J.) CO ................................. 2,463 13,200 HERSHEY FOODS CORP .............................. 627 24,162 * INTERNATIONAL HOME FOODS, INC ................... 420 22,700 * KEEBLER FOODS CO ................................ 638 65,103 KELLOGG CO ...................................... 2,006 50 LANCASTER COLONY CORP ........................... 2 14,500 LANCE, INC ...................................... 145 50 NABISCO GROUP HOLDINGS .......................... 1 78,400 PEPSI BOTTLING GROUP, INC ....................... 1,299 901,454 PEPSICO, INC .................................... 31,776 7,300 PILGRIMS PRIDE CORP (CLASS B) ................... 61 43,541 QUAKER OATS CO .................................. 2,857 50,312 RALSTON PURINA CO ............................... 1,402 3,300 RIVIANA FOODS, INC .............................. 59 514,862 SARA LEE CORP ................................... 11,359 23,900 * SMITHFIELD FOODS, INC ........................... 574 12,477 TOOTSIE ROLL INDUSTRIES, INC .................... 411 2,800 * TRIARC COS, INC ................................. 51 18,700 UNIVERSAL FOODS CORP ............................ 381 6,810 * VLASIC FOODS INTERNATIONAL, INC ................. 39 14,700 WHITMAN CORP .................................... 198 28,285 WRIGLEY (WM) JR CO .............................. 2,346 ----------- 185,471 ----------- FOOD STORES--0.68% 26,700 * 7-ELEVEN, INC ................................... 48 50,100 ALBERTSONS, INC ................................. 1,616 26 DELHAIZE AMERICA, INC (CLASS B) ................. 1 4,300 * GRAND UNION CO .................................. 44 16 HANNAFORD BROTHERS, INC ......................... 1 507,880 * KROGER CO ....................................... 9,586 2,180,238 * SAFEWAY, INC .................................... 77,535 106,700 * STARBUCKS CORP .................................. 2,587 11,500 * WHOLE FOODS MARKET, INC ......................... 533 18,050 * WILD OATS MARKETS, INC .......................... 400 ----------- 92,351 ----------- FURNITURE AND FIXTURES--0.39% 22,300 ETHAN ALLEN INTERIORS, INC ...................... 715 39,790 * FURNITURE BRANDS INTERNATIONAL, INC ............. 875 17,500 HON INDUSTRIES, INC ............................. 384 10,200 LA-Z-BOY, INC ................................... 171 38,800 MILLER (HERMAN), INC ............................ 892 1,734,800 NEWELL RUBBERMAID, INC .......................... 50,309 14,000 * SELECT COMFORT CORP ............................. 57 3,410 VIRCO MANUFACTURING ............................. 44 ----------- 53,447 ----------- FURNITURE AND HOMEFURNISHINGS STORES--0.72% 69,120 * BED BATH & BEYOND, INC .......................... 2,402 102,900 * BEST BUY, INC ................................... 5,164 9,177 * CDNOW, INC ...................................... 91 90,200 CIRCUIT CITY STORES-CIRCUIT CITY GROUP .......... 4,065 3,200 * COMPUSA, INC .................................... 16 4,100 * CREATIVE COMPUTERS, INC ......................... 30 5,700 * CYBERIAN OUTPOST, INC ........................... 57 3,000 * ELECTRONICS BOUTIQUE HOLDINGS CORP .............. 54 8,000 * GUITAR CENTER, INC .............................. 81 9,400 HAVERTY FURNITURE COS, INC ...................... 119 7,200 * INTERTAN, INC ................................... 188 19,100 * LINENS 'N THINGS, INC ........................... 566 36,317 * MUSICLAND STORES CORP ........................... 306 47,345 PIER 1 IMPORTS, INC ............................. 302 4,900 * RESTORATION HARDWARE, INC ....................... 33 1,698,016 TANDY CORP ...................................... 83,521 25,500 * TRANS WORLD ENTERTAINMENT CORP .................. 268 3,800 * TWEETER HOME ENTERTAINMENT GROUP, INC ........... 135 23,017 * WILLIAMS-SONOMA, INC ............................ 1,059 ----------- 98,457 ----------- GENERAL BUILDING CONTRACTORS--0.01% 10,800 * BLOUNT INTERNATIONAL, INC ....................... 172 1,000 CENTEX CORP ..................................... 25 1,200 * CROSSMANN COMMUNITIES, INC ...................... 19 13,243 HORTON (D.R.), INC .............................. 183 53 LENNAR CORP ..................................... 1 8,818 * NVR, INC ........................................ 421 22,998 STANDARD-PACIFIC CORP ........................... 253 16,300 * TOLL BROTHERS, INC .............................. 304 ----------- 1,378 ----------- GENERAL MERCHANDISE STORES--1.17% 10,600 * 99 CENTS ONLY STORES ............................ 405 8,700 * AMES DEPARTMENT STORES, INC ..................... 251 13,800 * BJ'S WHOLESALE CLUB, INC ........................ 504 37,741 CASEYS GENERAL STORES, INC ...................... 394 33,300 * CONSOLIDATED STORES CORP ........................ 541 18,000 * COST PLUS, INC .................................. 641 109,400 * COSTCO WHOLESALE CORP ........................... 9,983 228,155 DAYTON HUDSON CORP .............................. 16,755 94,225 DOLLAR GENERAL CORP ............................. 2,144 41,450 * DOLLAR TREE STORES, INC ......................... 2,008 7,200 * FACTORY 2-U STORES, INC ......................... 204 73,800 FAMILY DOLLAR STORES, INC ....................... 1,204 12 * FEDERATED DEPARTMENT STORES, INC ................ 1 30 HARCOURT GENERAL, INC ........................... 1 95,151 * KOHLS CORP ...................................... 6,869 7,532 * NEIMAN MARCUS GROUP, INC (CLASS A) .............. 210 9 * NEIMAN MARCUS GROUP, INC (CLASS B) .............. 0 22,157 * SAKS, INC ....................................... 345 2,600 * TUESDAY MORNING CORP ............................ 48 1,675,520 WAL-MART STORES, INC ............................ 115,820 ----------- 158,328 ----------- HEALTH SERVICES--0.06% 1,800 * ACCREDO HEALTH, INC ............................. 55 7,300 * ADVANCE PARADIGM, INC ........................... 157 7,500 * ALTERRA HEALTHCARE CORP ......................... 62 57,720 * AMERICAN HOMEPATIENT, INC ....................... 31 1,100 * AMERICAN RETIREMENT CORP ........................ 9 700 * AMERIPATH, INC .................................. 6 1,000 * APPLIED ANALYTICAL INDUSTRIES, INC .............. 9 15,323 * CAREMATRIX CORP ................................. 38 3,800 * COVENTRY HEALTH CARE, INC ....................... 26 10,000 * ENZO BIOCHEMICAL, INC ........................... 451 17,100 * EXPRESS SCRIPTS, INC ............................ 1,094 2,475 x* FPA MEDICAL MANAGEMENT, INC ..................... 0 76 * GENESIS HEALTH VENTURES, INC .................... 0 123,000 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) ............................... 1,645 20,273 * HEALTHSOUTH CORP ................................ 109
SEE NOTES TO FINANCIAL STATEMENTS 76 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- HEALTH SERVICES--(Continued) 18,400 HOOPER HOLMES, INC .............................. $ 474 2,500 * IMPATH, INC ..................................... 64 4 * LABORATORY CORP OF AMERICA HOLDINGS ............. 0 2,560 * LABORATORY CORP OF AMERICA HOLDINGS WTS 04/28/00 0 11,900 * LASER VISION CENTERS, INC ....................... 126 2,853 * LCA-VISION, INC ................................. 13 16,704 * LIFEPOINT HOSPITALS, INC ........................ 197 23,980 * LINCARE HOLDINGS, INC ........................... 832 7,500 * MANOR CARE, INC ................................. 120 14,100 * ORTHODONTIC CENTERS OF AMERICA, INC ............. 168 6,276 * PEDIATRIX MEDICAL GROUP, INC .................... 44 43,050 * PHYCOR, INC ..................................... 81 1,639 * PHYSICIANS RESOURCE GROUP, INC .................. 1 7,900 * PROVINCE HEALTHCARE CO .......................... 150 90 * QUORUM HEALTH GROUP, INC ........................ 1 21,950 * RENAL CARE GROUP, INC ........................... 513 100 x* SUN HEALTHCARE GROUP, INC ....................... 0 38,900 * TOTAL RENAL CARE HOLDINGS, INC .................. 260 17,904 * TRIAD HOSPITALS, INC ............................ 271 6,900 * UNITED PAYORS & UNITED PROVIDERS, INC ........... 114 11,100 * UNIVERSAL HEALTH SERVICES, INC .................. 400 11,236 * US ONCOLOGY, INC ................................ 55 242 x* VENCOR, INC ..................................... 0 ----------- 7,576 ----------- HEAVY CONSTRUCTION, EXCEPT BUILDING--0.02% 19,600 * DYCOM INDUSTRIES, INC ........................... 864 11 FLUOR CORP ...................................... 1 900 GRANITE CONSTRUCTION, INC ....................... 17 18,200 * INSITUFORM TECHNOLOGIES, INC (CLASS A) .......... 514 17,450 * MASTEC, INC ..................................... 777 ----------- 2,173 ----------- HOLDING AND OTHER INVESTMENT OFFICES--0.03% 1,000 * ALEXANDERS, INC ................................. 79 500 ALEXANDRIA REAL ESTATE EQUITIES, INC ............ 16 25,200 BOSTON PROPERTIES, INC .......................... 784 7,200 CHARLES E. SMITH RESIDENTIAL REALTY ............. 255 1,900 CHATEAU PROPERTIES, INC ......................... 49 99 CORNERSTONE PROPERTIES, INC ..................... 1 11,828 COUSINS PROPERTIES, INC ......................... 401 2,600 EAST WEST BANCORP, INC .......................... 30 16 FEDERAL REALTY INVESTMENT TRUST ................. 0 2,100 GETTY REALTY HOLDINGS CORP ...................... 23 54 GREAT LAKES REIT, INC ........................... 1 6,000 IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP ................................ 68 20,700 MEDITRUST CORP PAIRED ........................... 114 1,100 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ....... 16 13 POST PROPERTIES, INC ............................ 0 78 RECKSON ASSOCIATES REALTY CORP .................. 2 2,800 SAUL CENTERS, INC ............................... 39 64 SIMON PROPERTY GROUP, INC ....................... 1 38,487 STARWOOD FINANCIAL TRUST ........................ 652 11,300 * TELESCAN, INC ................................... 279 14,600 TOWN & COUNTRY TRUST ............................ 262 1,900 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) ........... 9 6,427 WASHINGTON REAL ESTATE INVESTMENT TRUST ......... 96 9,797 WEINGARTEN REALTY INVESTORS, INC ................ 381 ----------- 3,558 ----------- HOTELS AND OTHER LODGING PLACES--0.03% 27,178 * CHOICE HOTELS INTERNATIONAL, INC ................ 465 37,300 * EXTENDED STAY AMERICA, INC ...................... 284 102,559 HILTON HOTELS CORP .............................. 987 2 * INTERSTATE HOTELS CORP .......................... 0 7,931 * MGM GRAND, INC .................................. 399 54,300 STARWOOD HOTELS & RESORTS WORLDWIDE ............. 1,276 136 * SUNBURST HOSPITALITY CORP ....................... 1 8,500 * SUNTERRA CORP ................................... 98 2,500 * TRENDWEST RESORTS, INC .......................... 56 62 * WYNDHAM INTERNATIONAL, INC ...................... 0 ----------- 3,566 ----------- INDUSTRIAL MACHINERY AND EQUIPMENT--14.63% 141,727 * 3COM CORP ....................................... 6,661 5,400 * 3DFX INTERACTIVE, INC ........................... 53 2,600 * A.S.V., INC ..................................... 35 45,200 * ADAPTEC, INC .................................... 2,254 11,000 * ADVANCED DIGITAL INFORMATION CORP ............... 535 1,530 ALLIED PRODUCTS CORP ............................ 5 9,200 * APEX, INC ....................................... 297 7,100 * APPLE COMPUTER, INC ............................. 730 232,500 * APPLIED MATERIALS, INC .......................... 29,455 13,200 APPLIED POWER, INC (CLASS A) .................... 485 900 * ASTEC INDUSTRIES, INC ........................... 17 3,000 * ASYST TECHNOLOGIES, INC ......................... 197 9,200 * ATMI, INC ....................................... 304 7,300 * AUSPEX SYSTEMS, INC ............................. 75 702 BAKER HUGHES, INC ............................... 15 14,764 * BELL & HOWELL CO ................................ 470 40,300 BLACK & DECKER CORP ............................. 2,106 7,840 * BLACK BOX CORP .................................. 525 22,400 * C-CUBE MICROSYSTEMS, INC ........................ 1,394 22,200 * CABLETRON SYSTEMS, INC .......................... 577 1,344 * CENTENNIAL TECHNOLOGIES, INC .................... 14 5,601,115 * CISCO SYSTEMS, INC .............................. 600,019 4,100 CMI CORP ........................................ 29 2,400 COLUMBUS MCKINNON CORP .......................... 24 602,396 COMPAQ COMPUTER CORP ............................ 16,302 23,300 * CONCURRENT COMPUTER CORP ........................ 435 10,315 * COOPER CAMERON CORP ............................. 505 4,500 * CUNO, INC ....................................... 93 4,400 * CYBEX COMPUTER PRODUCTS CORP .................... 178 4,312,312 * DELL COMPUTER CORP .............................. 219,928 27,657 DONALDSON CO, INC ............................... 665 1,000 * DRIL-QUIP, INC .................................. 30 9,500 * EFAX.COM ........................................ 69 300 * ELECTROGLAS, INC ................................ 8 2,978,606 * EMC CORP ........................................ 325,413 19,100 * EMULEX CORP ..................................... 2,149 9,600 * ETEC SYSTEMS, INC ............................... 431 14,700 * EXTREME NETWORKS, INC ........................... 1,227 5,800 FEDDERS CORP .................................... 32 100 FLOWSERVE CORP .................................. 2 23,032 * FOUNDRY NETWORKS, INC ........................... 6,948 3,000 * FSI INTERNATIONAL, INC .......................... 35 92,900 * GATEWAY, INC .................................... 6,695 700 GENERAL BINDING CORP ............................ 8 11,300 * GLOBAL IMAGING SYSTEMS, INC ..................... 138 14,073 GRACO, INC ...................................... 505 791,026 HEWLETT-PACKARD CO .............................. 90,128 3,500 IDEX CORP ....................................... 106 7,400 * IN FOCUS SYSTEMS, INC ........................... 172 1,117,100 INTERNATIONAL BUSINESS MACHINES CORP ............ 120,647 152,692 * IOMEGA CORP ..................................... 515 31,776 JLG INDUSTRIES, INC ............................. 506 5,800 KAYDON CORP ..................................... 156 52 KENNAMETAL, INC ................................. 2 11,100 * KRONOS, INC ..................................... 666 500 * KULICHE & SOFFA INDUSTRIES, INC ................. 21 17,000 * LAM RESEARCH CORP ............................... 1,897 80,402 * LEXMARK INTERNATIONAL GROUP (CLASS A) ........... 7,276 5,300 LINCOLN ELECTRIC HOLDINGS CO .................... 109
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 77 STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- INDUSTRIAL MACHINERY AND EQUIPMENT--(Continued) 4,700 LINDSAY MANUFACTURING CO ........................ $ 86 23,272 MANITOWOC, INC .................................. 791 43,200 * MAXTOR CORP ..................................... 313 16,200 * MERCURY COMPUTER SYSTEMS, INC ................... 567 7,700 * MICRON ELECTRONICS, INC ......................... 86 11,300 * MICROS SYSTEMS, INC ............................. 836 7,300 * MIPS TECHNOLOGIES, INC .......................... 380 15,700 * MTI TECHNOLOGY CORP ............................. 579 21,050 * NATIONAL INSTRUMENTS CORP ....................... 805 1,600 * NETWORK EQUIPMENT TECHNOLOGIES, INC ............. 19 2,600 NORDSON CORP .................................... 125 752,154 * NOVELLUS SYSTEMS, INC ........................... 92,162 153,803 PITNEY BOWES, INC ............................... 7,431 7,600 * PRESSTEK, INC ................................... 105 9,700 * PRI AUTOMATION, INC ............................. 651 8,400 * PROXIM, INC ..................................... 924 24,800 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP ........ 375 22,150 * QUANTUM CORP-HARD DISK DRIVE GROUP .............. 154 53 ROBBINS & MYERS, INC ............................ 1 24,345 ROPER INDUSTRIES, INC ........................... 921 11,800 * SANDISK CORP .................................... 1,136 11,900 SAUER, INC ...................................... 108 41,279 * SEAGATE TECHNOLOGY, INC ......................... 1,922 4,900 * SILICON VALLEY GROUP, INC ....................... 87 11,000 * SMITH INTERNATIONAL, INC ........................ 547 8,500 * SPECIALTY EQUIPMENT COS, INC .................... 203 3,600 * SPEEDFAM-IPEC, INC .............................. 47 4,400 STANDEX INTERNATIONAL CORP ...................... 92 51,298 SYMBOL TECHNOLOGIES, INC ........................ 3,261 9,800 TENNANT CO ...................................... 321 10,900 * TEREX CORP ...................................... 302 5,900 * THERMO FIBERTEK, INC ............................ 42 10,568,225 TYCO INTERNATIONAL LTD .......................... 410,840 9,000 * ULTRATECH STEPPER, INC .......................... 145 180,700 * UNISYS CORP ..................................... 5,771 11,600 * VISUAL NETWORKS, INC ............................ 919 2,000 WATKINS-JOHNSON CO .............................. 80 23,200 * WESTERN DIGITAL CORP ............................ 97 16,500 * XIRCOM, INC ..................................... 1,238 30 YORK INTERNATIONAL CORP ......................... 1 12,800 * ZEBRA TECHNOLOGY CORP ........................... 749 270 #* ZEBRA TECHNOLOGY CORP (CLASS B) ................. 16 ----------- 1,985,508 ----------- INSTRUMENTS AND RELATED PRODUCTS--1.35% 3,500 * ACUSON CORP ..................................... 44 10,900 * AFFYMETRIX, INC ................................. 1,850 18,000 * ALARIS MEDICAL, INC ............................. 34 6,500 * ANACOMP, INC .................................... 118 4,340 ARROW INTERNATIONAL, INC ........................ 126 13,250 * AVID TECHNOLOGIES, INC .......................... 173 12,600 BAUSCH & LOMB, INC .............................. 862 44,324 BAXTER INTERNATIONAL, INC ....................... 2,784 200 * BAXTER INTERNATIONAL, INC RTS ................... 0 25,600 BECKMAN COULTER, INC ............................ 1,302 109,484 BECTON DICKINSON & CO ........................... 2,929 57,400 BIOMET, INC ..................................... 2,296 160,900 * BOSTON SCIENTIFIC CORP .......................... 3,520 5,600 * BRITESMILE, INC ................................. 46 400 * CHYRON CORP ..................................... 1 2,000 * CLOSURE MEDICAL CORP ............................ 26 20 * CNS, INC ........................................ 0 15,400 * COGNEX CORP ..................................... 601 2,400 COHU, INC ....................................... 74 10,800 * CONMED CORP ..................................... 279 7,500 COOPER COS, INC ................................. 226 297 x* CPX CORP ........................................ 0 12,600 * CREDENCE SYSTEMS CORP ........................... 1,090 10,100 * CYBERONICS, INC ................................. 161 14,800 * CYMER, INC ...................................... 681 10,300 * CYTYC CORP ...................................... 629 4,300 DATASCOPE CORP .................................. 172 19,000 DENTSPLY INTERNATIONAL, INC ..................... 449 9,200 * DIONEX CORP ..................................... 379 42 * DYNATECH CORP ................................... 0 8,000 * ECLIPSE SURGICAL TECHNOLOGY, INC ................ 59 10,325 * FOSSIL, INC ..................................... 239 10 FRESENIUS MEDICAL CARE AG. ADR .................. 0 11,522 * GENRAD, INC ..................................... 186 6,500 * GLIATECH, INC ................................... 108 488,618 * GUIDANT CORP .................................... 22,965 5,700 * HAEMONETICS CORP ................................ 136 4,800 * HANGER ORTHOPEDIC GROUP, INC .................... 48 1,000 INVACARE CORP ................................... 20 33,800 * KLA-TENCOR CORP ................................. 3,764 15,400 * LTX CORP ........................................ 345 6,500 * MECHANICAL TECHNOLOGY, INC ...................... 151 18,712 * MEDICAL MANAGER CORP ............................ 1,576 1,979,573 MEDTRONIC, INC .................................. 72,131 7,100 MENTOR CORP ..................................... 183 33,509 * METTLER-TOLEDO INTERNATIONAL, INC ............... 1,280 28,500 MILLIPORE CORP .................................. 1,101 9,900 * MINIMED, INC .................................... 725 3,600 * MKS INSTRUMENTS, INC ............................ 130 7,100 * MOLECULAR DEVICES CORP .......................... 369 5,000 MOVADO GROUP, INC ............................... 109 16,400 * NOVOSTE CORP .................................... 271 16,600 * OCULAR SCIENCES, INC ............................ 313 8,000 OPTICAL COATING LABORATORIES, INC ............... 2,368 2,700 * OSTEOTECH, INC .................................. 36 62,800 PE CORP-PE BIOSYSTEMS GROUP ..................... 7,556 1,700 * PERKINELMER, INC ................................ 71 15,200 * PINNACLE SYSTEMS, INC ........................... 618 14,500 * RESMED, INC ..................................... 605 8,400 * RESPIRONICS, INC ................................ 67 50 * ROBOTIC VISION SYSTEMS, INC ..................... 0 28,782 * RUDOLPH TECHNOLOGIES, INC ....................... 964 4,000 * SABRATEK CORP ................................... 0 11,300 * SCOTT TECHNOLOGIES, INC ......................... 213 83 * SONOSITE, INC ................................... 3 25,251 * ST. JUDE MEDICAL, INC ........................... 775 31,000 * STERIS CORP ..................................... 320 39,789 STRYKER CORP .................................... 2,770 20,500 SUMMIT TECHNOLOGY, INC .......................... 240 16,200 SUNRISE TECHNOLOGY INTERNATIONAL, INC ........... 191 54,200 SYBRON INTERNATIONAL CORP ....................... 1,338 33 TELEFLEX, INC ................................... 1 94,200 * TERADYNE, INC ................................... 6,217 4,400 * THERMO CARDIOSYSTEMS, INC ....................... 29 31,200 * THERMO ELECTRON CORP ............................ 468 10,800 * THERMO INSTRUMENT SYSTEMS, INC .................. 120 1,000 * THERMO OPTEK CORP ............................... 11 17,000 * TRIMBLE NAVIGATION LTD .......................... 368 300 * UROMED CORP ..................................... 0 7,600 * VARIAN, INC ..................................... 171 5,000 * VEECO INSTRUMENTS, INC .......................... 234 6,100 * VENTANA MEDICAL SYSTEMS, INC .................... 152 37,400 * VISX, INC ....................................... 1,935 2,700 VITAL SIGNS, INC ................................ 62 38,900 * WATERS CORP ..................................... 2,062 17,200 * WESLEY JESSEN VISIONCARE, INC ................... 651 1,117,038 XEROX CORP ...................................... 25,343 ----------- 183,020
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 77 STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- INSURANCE AGENTS, BROKERS AND SERVICE--0.01% 2,000 BLANCH (E.W.) HOLDINGS, INC ..................... $ 123 4,800 BROWN & BROWN, INC .............................. 184 23,804 CRAWFORD & CO (CLASS B) ......................... 324 14,204 * FIRST HEALTH GROUP CORP ......................... 382 5,500 GALLAGHER (ARTHUR J.) & CO ...................... 356 6,200 HILB, ROGAL & HAMILTON CO ....................... 175 ----------- 1,544 ----------- INSURANCE CARRIERS--0.76% 36,674 AFLAC, INC ...................................... 1,731 101,216 AMERICAN INTERNATIONAL GROUP, INC ............... 10,944 1,551,975 CITIGROUP, INC .................................. 86,232 500 FOREMOST CORP OF AMERICA ........................ 14 1,500 * FPIC INSURANCE GROUP, INC ....................... 25 400 HARTFORD LIFE, INC (CLASS A) .................... 18 6,900 HSB GROUP, INC .................................. 233 3,400 * MID ATLANTIC MEDICAL SERVICES, INC .............. 28 49,030 * OXFORD HEALTH PLANS, INC ........................ 622 5,888 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ........ 312 11,100 PROGRESSIVE CORP ................................ 812 20 PROTECTIVE LIFE CORP ............................ 1 3,600 * PROVIDENT AMERICAN CORP ......................... 127 11,239 RADIAN GROUP, INC ............................... 537 3,668 REINSURANCE GROUP OF AMERICA, INC ............... 102 5,100 * TRIAD GUARANTY, INC ............................. 116 1,000 * UICI ............................................ 11 14,700 UNITED HEALTHCARE CORP .......................... 781 5,800 * WELLPOINT HEALTH NETWORKS, INC .................. 382 ----------- 103,028 ----------- LEATHER AND LEATHER PRODUCTS--0.00% 100 * GLOBAL SPORTS, INC .............................. 1 8,585 * SAMSONITE CORP .................................. 50 6,500 STRIDE RITE CORP ................................ 42 10,100 * TIMBERLAND CO ................................... 534 2,700 WOLVERINE WORLD WIDE, INC ....................... 30 ----------- 657 ----------- LEGAL SERVICES--0.00% 7,100 * PREPAID LEGAL SERVICES, INC ..................... 170 ----------- LOCAL AND INTERURBAN PASSENGER TRANSIT--0.00% 1,300 * CAREY INTERNATIONAL, INC ........................ 32 ----------- LUMBER AND WOOD PRODUCTS--0.01% 1,100 AMERICAN WOODMARK CORP .......................... 27 45,600 * CHAMPION ENTERPRISES, INC ....................... 390 45,760 CLAYTON HOMES, INC .............................. 420 8,600 * PALM HARBOR HOMES, INC .......................... 155 ----------- 992 ----------- METAL MINING--0.02% 37,200 * BATTLE MOUNTAIN GOLD CO ......................... 77 53,104 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS A) ...................................... 986 70,950 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) ...................................... 1,499 90 NEWMONT MINING CORP ............................. 2 17,100 * STILLWATER MINING CO ............................ 545 ----------- 3,109 ----------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.03% 20,860 * BLYTH INDUSTRIES, INC ........................... 512 12,800 BRADY CORP (CLASS A) ............................ 434 7,000 CALLAWAY GOLF CO ................................ 124 4,700 * DIRECT FOCUS, INC ............................... 130 6,400 * IDENTIX, INC .................................... 58 18,800 INTERNATIONAL GAME TECHNOLOGY CO ................ 382 3,750 * JAKKS PACIFIC, INC .............................. 70 30,381 JOSTENS, INC .................................... 739 98 * LYDALL, INC ..................................... 1 368 * MARVEL ENTERPRISES WTS (CLASSA) 10/02/01 ........ 0 623 * MARVEL ENTERPRISES WTS (CLASS C) 10/02/02 ....... 0 103,273 MATTEL, INC ..................................... 1,355 5,500 ONEIDA LTD ...................................... 120 4,486 * STEINWAY MUSICAL INSTRUMENTS, INC ............... 91 9,556 * WMS INDUSTRIES, INC ............................. 125 ----------- 4,141 ----------- MISCELLANEOUS RETAIL--0.73% 694,792 * AMAZON.COM, INC ................................. 52,891 19,000 * BARNES & NOBLE, INC ............................. 392 4,900 * BARNESANDNOBLE.COM, INC ......................... 70 200 * BARNETT, INC .................................... 2 19,900 * BORDERS GROUP, INC .............................. 320 13,060 * CDW COMPUTER CENTERS, INC ....................... 1,027 4,300 * COLDWATER CREEK, INC ............................ 88 239,039 CVS CORP ........................................ 9,547 2,500 * DELIA*S, INC .................................... 18 4,800 * DUANE READE, INC ................................ 132 17,000 * E 4 L, INC ...................................... 43 12,304 * EGGHEAD.COM, INC ................................ 199 6,600 ENESCO GROUP, INC ............................... 73 2,400 * ETOYS, INC ...................................... 63 1,600 * FATBRAIN.COM, INC ............................... 40 2,300 x* GENESIS DIRECT, INC ............................. 0 57,500 * HANOVER DIRECT, INC ............................. 208 16,709 * INSIGHT ENTERPRISES, INC ........................ 679 5,082 * ITURF, INC ...................................... 63 3,800 x* JUMBOSPORTS, INC ................................ 0 8,800 * LANDS END, INC .................................. 306 15,700 * MICHAELS STORES, INC ............................ 447 800 * MICRO WAREHOUSE, INC ............................ 15 192,281 * OFFICE DEPOT, INC ............................... 2,103 17,000 * OFFICEMAX, INC .................................. 94 11,800 OMNICARE, INC ................................... 142 5,000 * PC CONNECTION, INC .............................. 173 52,740 * PETSMART, INC ................................... 303 17,500 * SCHEIN (HENRY), INC ............................. 233 10,200 * SHOP AT HOME, INC ............................... 101 283,865 * STAPLES, INC .................................... 5,890 15,950 * SUNGLASS HUT INTERNATIONAL, INC ................. 179 11,085 * SYSTEMAX, INC ................................... 94 35,600 TIFFANY & CO .................................... 3,177 85 * TOYS R US, INC .................................. 1 158 * U.S. OFFICE PRODUCTS CO ......................... 0 4,000 * UBID, INC ....................................... 106 21,700 * VALUE AMERICA, INC .............................. 110 22,100 * VALUEVISION INTERNATIONAL, INC .................. 1,267 623,530 WALGREEN CO ..................................... 18,238 9,500 * WHITEHALL JEWELLERS, INC ........................ 350 30 * ZALE CORP ....................................... 1 ----------- 99,185 ----------- MOTION PICTURES--0.43% 20,500 * AMC ENTERTAINMENT, INC .......................... 177 174,547 DISNEY (WALT) CO ................................ 5,105 16,400 * HOLLYWOOD ENTERTAINMENT CORP .................... 238 4,300 * ON COMMAND CORP ................................. 80 12,300 * PIXAR, INC ...................................... 435 729,352 TIME WARNER, INC ................................ 52,832 10,400 * VALLEY MEDIA, INC ............................... 73 ----------- 58,940 ----------- NONDEPOSITORY INSTITUTIONS--0.74% 75 ADVANTA CORP (CLASS A) .......................... 1 160,246 AMERICAN EXPRESS CO ............................. 26,641 44,400 * AMERICREDIT CORP ................................ 821 200 * AMRESCO, INC .................................... 0
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 79 STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- NONDEPOSITORY INSTITUTIONS--(Continued) 1,475,068 ASSOCIATES FIRST CAPITAL CORP ................... $ 40,472 119,308 CAPITAL ONE FINANCIAL CORP ...................... 5,749 100 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE ........... 1 11,400 x* CITYSCAPE FINANCIAL CORP ........................ 0 1,000 * COMPUCREDIT CORP ................................ 39 12 COUNTRYWIDE CREDIT INDUSTRIES, INC .............. 0 7,000 DORAL FINANCIAL CORP ............................ 86 1,500 * FEDERAL AGRICULTURE MORTGAGE CORP ............... 30 97,097 FEDERAL NATIONAL MORTGAGE ASSOCIATION ........... 6,062 3,400 * FINANCIAL FEDERAL CORP .......................... 78 35,600 * FINET.COM, INC .................................. 47 1,500 FINOVA GROUP, INC ............................... 53 6,000 * FIRST SIERRA FINANCIAL, INC ..................... 103 272,752 FREDDIE MAC ..................................... 12,836 47,886 HOUSEHOLD INTERNATIONAL, INC .................... 1,784 600 * IMC MORTGAGE CO ................................. 0 100 * IMPERIAL CREDIT INDUSTRIES, INC ................. 1 3,600 MEDALLION FINANCIAL CORP ........................ 65 28,900 METRIS COS, INC ................................. 1,031 11,200 * NEXTCARD, INC ................................... 323 91,884 SLM HOLDINGS CORP ............................... 3,882 1,881 x* SOUTHERN PACIFIC FUNDING CORP ................... 0 100 x* UNITED COS FINANCIAL CORP ....................... 0 ----------- 100,105 ----------- NONMETALLIC MINERALS, EXCEPT FUELS--0.00% 5,900 AMCOL INTERNATIONAL CORP ........................ 95 ----------- OIL AND GAS EXTRACTION--0.14% 26,900 ANADARKO PETROLEUM CORP ......................... 918 38,779 APACHE CORP ..................................... 1,432 11,983 * ATWOOD OCEANICS, INC ............................ 463 2,800 * BASIN EXPLORATION, INC .......................... 49 22 * BELCO OIL & GAS CORP ............................ 0 6,600 BERRY PETROLEUM CO (CLASS A) .................... 100 1,100 * BJ SERVICES CO .................................. 46 14,600 * BROWN (TOM), INC ................................ 195 5,100 * CAL DIVE INTERNATIONAL, INC ..................... 169 38,400 * CHESAPEAKE ENERGY CORP .......................... 91 500 x* COHO ENERGY, INC ................................ 0 14,700 CONSOL ENERGY, INC .............................. 149 42,900 CROSS TIMBERS OIL CO ............................ 389 1,000 DEVON ENERGY CORP (NEW) ......................... 33 15,559 DIAMOND OFFSHORE DRILLING, INC .................. 476 33 * EEX CORP ........................................ 0 43,239 ENSCO INTERNATIONAL, INC ........................ 989 1,600 * EVERGREEN RESOURCES, INC ........................ 32 15,500 * FOREST OIL CORP ................................. 204 25,142 * FRIEDE GOLDMAN HALTER, INC ...................... 174 42,614 * GLOBAL INDUSTRIES LTD ........................... 368 45,500 * GLOBAL MARINE, INC .............................. 756 147,700 * GREY WOLF, INC .................................. 425 119,248 HALLIBURTON CO .................................. 4,800 8,100 * HANOVER COMPRESSOR CO ........................... 306 71 * MCMORAN EXPLORATION CO .......................... 1 11,100 * MERIDIAN RESOURCE CORP .......................... 34 11,400 * NABORS INDUSTRIES, INC .......................... 353 4,700 * NEWFIELD EXPLORATION CO ......................... 126 12,900 NOBLE AFFILIATES, INC ........................... 277 24,337 * NOBLE DRILLING CORP ............................. 797 43 * OCEAN ENERGY, INC (NEW) ......................... 0 7,600 * OCEANEERING INTERNATIONAL, INC .................. 114 42 * PIONEER NATURAL RESOURCES CO .................... 0 7,800 POGO PRODUCING CO ............................... 160 68,500 * R & B FALCON CORP ............................... 908 34 * ROWAN COS, INC .................................. 1 5,963 * STONE ENERGY CORP ............................... 212 9,800 * SYNTROLEUM CORP ................................. 80 9,171 * TRANSMONTAIGNE, INC ............................. 64 31,100 * TRANSOCEAN SEDCO FOREX, INC ..................... 1,048 12,235 x* TRANSTEXAS GAS CORP ............................. 2 23,594 VASTAR RESOURCES, INC ........................... 1,392 14,200 * VINTAGE PETROLEUM, INC .......................... 171 21,600 * WEATHERFORD INTERNATIONAL ....................... 863 ----------- 19,167 ----------- PAPER AND ALLIED PRODUCTS--0.14% 388 * AMERICAN PAD & PAPER CO ......................... 0 49,200 AVERY DENNISON CORP ............................. 3,585 5,800 * BUCKEYE TECHNOLOGIES, INC ....................... 86 7,900 * EARTHSHELL CORP ................................. 33 109,433 FORT JAMES CORP ................................. 2,996 31,200 * GAYLORD CONTAINER CO ............................ 213 180,959 KIMBERLY-CLARK CORP ............................. 11,808 23,100 * MAIL-WELL, INC .................................. 312 56 * SMURFIT-STONE CONTAINER CORP .................... 1 20,810 WAUSAU-MOSINEE PAPER CORP ....................... 243 ----------- 19,277 ----------- PERSONAL SERVICES--0.03% 23,947 BLOCK (H&R), INC ................................ 1,048 10,800 * CARRIAGE SERVICES, INC (CLASS A) ................ 64 46,400 CINTAS CORP ..................................... 2,465 13,000 * COINSTAR, INC ................................... 182 6,150 G & K SERVICES, INC (CLASS A) ................... 199 5,900 REGIS CORP ...................................... 111 ----------- 4,069 ----------- PETROLEUM AND COAL PRODUCTS--0.01% 15,100 ELCOR CORP ...................................... 455 61 TOSCO CORP ...................................... 2 44,700 USX-MARATHON GROUP, INC ......................... 1,104 10,600 WD-40 CO ........................................ 235 ----------- 1,796 ----------- PRIMARY METAL INDUSTRIES--0.01% 3,300 * ALPINE GROUP, INC ............................... 42 13,400 BELDEN, INC ..................................... 281 200 GIBRALTAR STEEL CORP ............................ 5 2,900 * LONE STAR TECHNOLOGIES, INC ..................... 81 6,500 MATTHEWS INTERNATIONAL CORP (CLASS A) ........... 179 7,600 * MUELLER INDUSTRIES, INC ......................... 276 100 * NS GROUP, INC ................................... 1 1,500 * OPTICAL CABLE CORP .............................. 30 6,600 QUANEX CORP ..................................... 168 11,700 * STEEL DYNAMICS, INC ............................. 186 9,242 SUPERIOR TELECOM, INC ........................... 143 6,400 TEXAS INDUSTRIES, INC ........................... 272 80 WORTHINGTON INDUSTRIES, INC ..................... 1 ----------- 1,665 ----------- PRINTING AND PUBLISHING--0.07% 12,012 CENTRAL NEWSPAPERS, INC (CLASS A) ............... 473 4,720 * CONSOLIDATED GRAPHICS, INC ...................... 71 6 DELUXE CORP ..................................... 0 28,600 DOW JONES & CO, INC ............................. 1,945 440 HARLAND (JOHN H.) CO ............................ 8 7,400 HARTE-HANKS, INC ................................ 161 6,100 HOUGHTON MIFFLIN CO ............................. 257 14,100 * JOURNAL REGISTER CO ............................. 218 29,756 LEE ENTERPRISES, INC ............................ 950 15,600 MCGRAW HILL COS, INC ............................ 961 10,278 MEDIA GENERAL, INC (CLASS A) .................... 534 18,500 MEREDITH CORP ................................... 771 4,900 NEW ENGLAND BUSINESS SERVICES, INC .............. 120 25 * PAXAR CORP ...................................... 0
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 79 STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- PRINTING AND PUBLISHING--(Continued) 3,600 PENTON MEDIA, INC ............................... $ 86 16,300 * PLAYBOY ENTERPRISES, INC (CLASS B) .............. 396 30,139 * PRIMEDIA, INC ................................... 497 5,600 * R.H. DONNELLEY CORP ............................. 106 14,056 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) ........................... 411 1,900 SCHAWK, INC (CLASS A) ........................... 16 21 STANDARD REGISTER, INC .......................... 0 100 THOMAS NELSON, INC .............................. 1 18,900 TIMES MIRROR CO SERIES A ........................ 1,266 26,400 * TOPPS, INC ...................................... 274 18 TRIBUNE CO ...................................... 1 68 WALLACE COMPUTER SERVICES, INC .................. 1 28,200 WILEY (JOHN) & SONS, INC (CLASS A) .............. 472 77 * WORKFLOW MANAGEMENT, INC ........................ 2 ----------- 9,998 ----------- RAILROAD TRANSPORTATION--0.04% 71,982 KANSAS CITY SOUTHERN INDUSTRIES, INC ............ 5,372 7,750 * WISCONSIN CENTRAL TRANSIT CORP .................. 104 ----------- 5,476 ----------- REAL ESTATE--0.01% 15,783 * CATELLUS DEVELOPMENT CORP ....................... 202 12,200 * CB RICHARD ELLIS SERVICES GROUP, INC ............ 151 18,100 * FAIRFIELD COMMUNITIES, INC ...................... 195 5,700 FOREST CITY ENTERPRISES, INC (CLASS A) .......... 160 1,400 * INSIGNIA FINANCIAL GROUP, INC ................... 12 15,796 * JONES LANG LA SALLE ............................. 188 1,500 * PINNACLE HOLDINGS, INC .......................... 64 30 * RECKSON SERVICES INDUSTRIES, INC ................ 2 6,100 STEWART ENTERPRISES, INC (CLASS A) .............. 29 12,300 * TRAMMELL CROW CO ................................ 143 ----------- 1,146 ----------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.42% 500 * AEP INDUSTRIES, INC ............................. 13 12,494 APTARGROUP, INC ................................. 314 106,325 ILLINOIS TOOL WORKS, INC ........................ 7,184 100 LIQUI-BOX CORP .................................. 5 4,108 MYERS INDUSTRIES, INC ........................... 65 922,500 NIKE, INC (CLASS B) ............................. 45,721 48 * REEBOK INTERNATIONAL LTD ........................ 0 26,204 * SAFESKIN CORP ................................... 318 50,995 * SEALED AIR CORP ................................. 2,642 55 SOLUTIA, INC .................................... 1 8,400 SPARTECH CORP ................................... 271 14,648 TREDEGAR CORP ................................... 303 36,017 TUPPERWARE CORP ................................. 610 6,300 * U.S. PLASTIC LUMBER CORP ........................ 48 9,600 WYNNS INTERNATIONAL, INC ........................ 136 ----------- 57,631 ----------- SECURITY AND COMMODITY BROKERS--0.21% 17,164 * AFFILIATED MANAGERS GROUP, INC .................. 694 34,300 * AMERITRADE HOLDINGS CORP (CLASS A) .............. 744 12,600 CONNING CORP .................................... 104 1,000 DUFF & PHELPS CREDIT RATING CO .................. 89 98,908 * E TRADE GROUP, INC .............................. 2,584 17,924 EATON VANCE CORP ................................ 681 42,900 FEDERATED INVESTORS, INC ........................ 861 56,813 FRANKLIN RESOURCES, INC ......................... 1,822 67 FREEDOM SECURITIES CORP ......................... 1 5,800 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC ........... 46 3,300 INVESTMENT TECHNOLOGY GROUP, INC ................ 95 5,000 INVESTORS FINANCIAL SERVICES CORP ............... 230 7,609 JOHN NUVEEN CO (CLASS A) ........................ 274 38,600 * KNIGHT/TRIMARK GROUP, INC ....................... 1,776 9,800 MORGAN KEEGAN, INC .............................. 165 2,400 * NATIONAL DISCOUNT BROKERS GROUP, INC ............ 63 12,600 * PIONEER GROUP, INC .............................. 198 52,600 PRICE (T. ROWE) ASSOCIATES, INC ................. 1,943 16,400 RAYMOND JAMES FINANCIAL CORP .................... 306 391,502 SCHWAB (CHARLES) CORP ........................... 15,024 6,000 SOUTHWEST SECURITIES GROUP, INC ................. 164 700 THE GOLDMAN SACHS GROUP, INC .................... 66 19,200 UNITED ASSET MANAGEMENT CORP .................... 356 2,000 VALUE LINE, INC ................................. 72 28,900 WADDELL & REED FINANCIAL, INC (CLASS A) ......... 784 ----------- 29,142 ----------- SOCIAL SERVICES--0.00% 7,300 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ........... 137 1,800 * PROVANT, INC .................................... 45 4,700 * RES-CARE, INC ................................... 60 1,900 * SUNRISE ASSISTED LIVING, INC .................... 26 ----------- 268 ----------- SPECIAL TRADE CONTRACTORS--0.01% 6,600 x* AMRE, INC ....................................... 0 9,800 APOGEE ENTERPRISES, INC ......................... 50 6,000 * COMFORT SYSTEMS U.S.A., INC ..................... 44 9,500 * GROUP MAINTENANCE AMERICA CORP .................. 102 4,300 * INTEGRATED ELECTRICAL SERVICES, INC ............. 43 24,400 * QUANTA SERVICES, INC ............................ 689 2,400 * SERVICE EXPERTS, INC ............................ 14 ----------- 942 ----------- STONE, CLAY, AND GLASS PRODUCTS--0.16% 1,300 CARBO CERAMICS, INC ............................. 28 10,601 CENTEX CONSTRUCTION PRODUCTS, INC ............... 413 152,099 CORNING, INC .................................... 19,611 20,300 * DAL-TILE INTERNATIONAL, INC ..................... 206 9,119 * DEPARTMENT 56, INC .............................. 206 6,900 * DUPONT PHOTOMASKS, INC .......................... 333 5,300 FLORIDA ROCK INDUSTRIES, INC .................... 183 8,900 LIBBEY, INC ..................................... 256 17 USG CORP ........................................ 1 ----------- 21,237 ----------- TEXTILE MILL PRODUCTS--0.01% 12,693 * MOHAWK INDUSTRIES, INC .......................... 335 2,000 * PUBLICARD, INC .................................. 13 26,200 WESTPOINT STEVENS, INC .......................... 459 ----------- 807 ----------- TOBACCO PRODUCTS--0.15% 1,365 BROOKE GROUP LTD ................................ 20 798,573 PHILIP MORRIS COS, INC .......................... 18,517 1,516 RJR REYNOLDS TOBACCO HOLDINGS, INC .............. 27 65,400 UST, INC ........................................ 1,647 ----------- 20,211 ----------- TRANSPORTATION BY AIR--0.00% 9,700 * AIRTRAN HOLDINGS, INC ........................... 44 2,300 * ATLANTIC COAST AIRLINES HOLDINGS ................ 55 3,200 * ATLAS AIR, INC .................................. 88 3,700 * FRONTIER AIRLINES, INC .......................... 42 50 * MESA AIR GROUP, INC ............................. 0 7,600 * MESABA HOLDINGS, INC ............................ 87 7,155 * MIDWEST EXPRESS HOLDINGS, INC ................... 228 4,400 SKYWEST, INC .................................... 123 ----------- 667 ----------- TRANSPORTATION EQUIPMENT--2.60% 1,900 * BE AEROSPACE, INC ............................... 16 75,530 BOEING CO ....................................... 3,139 11,533 CORDANT TECHNOLOGIES, INC ....................... 381 52,204 DANAHER CORP .................................... 2,519 4,700 * DELCO REMY INTERNATIONAL, INC (CLASS A) ......... 39
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 81 STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
SHARES VALUE (000) ------ ----------- TRANSPORTATION EQUIPMENT--(Continued) 17,900 FEDERAL SIGNAL CORP ............................. $ 288 31,659 GENERAL DYNAMICS CORP ........................... 1,670 1,233,800 * GENERAL MOTORS CORP (CLASS H) ................... 118,445 1,000 GENTEK, INC ..................................... 10 29,600 * GENTEX CORP ..................................... 821 761,660 HARLEY DAVIDSON, INC ............................ 48,794 16,000 * HAYES LEMMERZ INTERNATIONAL, INC ................ 279 1,500 HEICO CORP ...................................... 33 1,253,386 HONEYWELL INTERNATIONAL, INC .................... 72,305 16,100 * HOWMET INTERNATIONAL, INC ....................... 291 1,400 * KELLSTROM INDUSTRIES, INC ....................... 13 1,900 * KROLL-O'GARA CO ................................. 31 16,474 MASCOTECH, INC .................................. 209 29,844 MERITOR AUTOMOTIVE, INC ......................... 578 500 MODINE MANUFACTURING CO ......................... 13 9,400 * MONACO COACH CORP ............................... 240 12,100 * NATIONAL R.V. HOLDINGS, INC ..................... 233 6,400 NEWPORT NEWS SHIPBUILDING, INC .................. 176 8,300 * ORBITAL SCIENCES CORP ........................... 154 900 OSHKOSH TRUCK CORP .............................. 26 23,655 POLARIS INDUSTRIES, INC ......................... 857 11,600 * SPX CORP ........................................ 937 3,324 THOR INDUSTRIES, INC ............................ 101 6,055 * TRIUMPH GROUP, INC .............................. 146 1,540,353 UNITED TECHNOLOGIES CORP ........................ 100,123 2,178 * WESTINGHOUSE AIR BRAKE CO ....................... 39 1,700 WINNEBAGO INDUSTRIES, INC ....................... 34 ----------- 352,940 ----------- TRANSPORTATION SERVICES--0.03% 750 AIR EXPRESS INTERNATIONAL CORP .................. 24 100 * AMBASSADORS INTERNATIONAL, INC .................. 1 24,000 C.H. ROBINSON WORLDWIDE, INC .................... 954 100 * CHEAP TICKETS, INC .............................. 1 7,000 * EAGLE U.S.A. AIRFREIGHT, INC .................... 302 23,500 EXPEDITORS INTERNATIONAL OF WASHINGTON .......... 1,030 3,400 * FORWARD AIR CORP ................................ 147 40,316 GALILEO INTERNATIONAL, INC ...................... 1,207 83 * NAVIGANT INTERNATIONAL, INC ..................... 1 ----------- 3,667 ----------- TRUCKING AND WAREHOUSING--0.01% 12,800 * AMERICAN FREIGHTWAYS CORP ....................... 207 2,000 * COVENANT TRANSPORT, INC (CLASS A) ............... 35 500 * DISPATCH MANAGEMENT SERVICES CORP ............... 1 2,000 * HEARTLAND EXPRESS, INC .......................... 32 12,900 * IRON MOUNTAIN, INC .............................. 507 3,000 * KNIGHT TRANSPORTATION, INC ...................... 51 3,800 * LANDSTAR SYSTEM, INC ............................ 163 2,900 * M.S. CARRIERS, INC .............................. 69 6,800 * PIERCE LEAHY CORP ............................... 294 24,775 * SWIFT TRANSPORTATION CO, INC .................... 437 ----------- 1,796 ----------- WATER TRANSPORTATION--0.73% 6,800 * AMERICAN CLASSIC VOYAGES CO ..................... 238 2,065,876 CARNIVAL CORP (CLASS A) ......................... 98,775 8,600 * KIRBY CORP ...................................... 176 34 * TRICO MARINE SERVICES, INC ...................... 0 ----------- 99,189 ----------- WHOLESALE TRADE-DURABLE GOODS--0.03% 4,900 * ACTION PERFORMANCE COS, INC ..................... 56 5,700 * ANICOM, INC ..................................... 24 56 * ANIXTER INTERNATIONAL, INC ...................... 1 25 * ANTHONY & SYLAN POOLS CORP ...................... 0 200 * AURA SYSTEMS, INC ............................... 0 1,300 * AVIATION SALES CO ............................... 21 11,000 * BOYDS COLLECTION LTD ............................ 76 22,989 * BRIGHTPOINT, INC ................................ 302 73 CASTLE (A.M.) & CO .............................. 1 19,456 * CELLSTAR CORP ................................... 192 500 * DURA AUTOMOTIVE SYSTEMS, INC .................... 9 21,272 * FISHER SCIENTIFIC INTERNATIONAL, INC ............ 768 300 * GRAHAM-FIELD HEALTH PRODUCTS, INC ............... 0 13,300 * HA-LO INDUSTRIES, INC ........................... 100 1,000 IKON OFFICE SOLUTIONS, INC ...................... 7 21,600 * INGRAM MICRO, INC (CLASS A) ..................... 284 1,900 * JLK DIRECT DISTRIBUTION, INC (CLASS A) .......... 20 3,800 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC ............. 22 6,800 * LANIER WORLDWIDE, INC ........................... 26 2,200 * MIAMI COMPUTER SUPPLY CORP ...................... 82 9,500 * MSC INDUSTRIAL DIRECT CO (CLASS A) .............. 126 17,700 * NAVARRE CORP .................................... 102 13,971 OWENS & MINOR, INC .............................. 125 16,400 * PATTERSON DENTAL CO ............................. 699 26,025 * PSS WORLD MEDICAL, INC .......................... 246 2,600 RELIANCE STEEL & ALUMINUM CO .................... 61 3,600 * SAFEGUARD SCIENTIFICS, INC ...................... 583 11,800 * SCP POOL CORP ................................... 306 11,871 * TECH DATA CORP .................................. 322 8,500 WATSCO, INC ..................................... 98 4,600 * WESCO INTERNATIONAL, INC ........................ 41 ----------- 4,700 ----------- WHOLESALE TRADE-NONDURABLE GOODS--1.01% 9,100 * AIRGAS, INC ..................................... 86 27,100 * AMERISOURCE HEALTH CORP (CLASS A) ............... 412 7,800 * BARNETT RESOURCES CORP .......................... 230 48,411 BERGEN BRUNSWIG CORP (CLASS A) .................. 402 8,000 BINDLEY WESTERN INDUSTRIES, INC ................. 121 32 * BOISE CASCADE OFFICE PRODUCTS CORP .............. 0 2,603,072 CARDINAL HEALTH, INC ............................ 124,635 1,300 * CENTRAL GARDEN & PET CO ......................... 13 92 DIMON, INC ...................................... 0 17,866 ENRON CORP ...................................... 793 4,852 * KENNETH COLE PRODUCTIONS, INC ................... 222 91,594 MCKESSON HBOC, INC .............................. 2,067 3,400 * NCS HEALTHCARE, INC (CLASS A) ................... 8 22,000 * NU SKIN ENTERPRISES, INC (CLASS A) .............. 199 3,300 * PERFORMANCE FOOD GROUP CO ....................... 80 6,700 * PLAINS RESOURCES, INC ........................... 84 7,450 * PRIORITY HEALTHCARE CORP (CLASS B) .............. 216 21,648 * SCHOOL SPECIALTY, INC ........................... 327 2,800 * SYNCOR INTERNATIONAL CORP ....................... 82 173,978 SYSCO CORP ...................................... 6,883 2,300 VALHI, INC ...................................... 24 ----------- 136,884 ----------- TOTAL COMMON STOCK (Cost $8,951,661) ............................... 12,868,819 ----------- PRINCIPAL --------- SHORT TERM INVESTMENTS--4.60% BANK NOTE--0.19% BANK OF AMERICA $25,746,000 (0) 6.400%, 01/20/00 ............................. 25,755 ----------- CERTIFICATES OF DEPOSIT--0.10% WESTDEUTSCHE LANDESBANK 13,455,000 (0) 5.990%, 03/01/00 ............................. 13,457 ----------- COMMERCIAL PAPER--2.92% ALLIED SIGNAL, INC 27,445,000 (0)~ 5.810%, 02/11/00 ............................ 27,266 AMERICAN TELEPHONE & TELEGRAPH CO 10,185,000 (0) 5.950%, 01/24/00 ............................. 10,147
SEE NOTES TO FINANCIAL STATEMENTS 82 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Growth Account - DECEMBER 31, 1999 - --------------------------------------------------------------------------------
PRINCIPAL VALUE (000) --------- ----------- COMMERCIAL PAPER--(Continued) ASSET SECURITIZATION COOP CORP $26,183,000 (0)~ 5.900%, 01/31/00 ............................ $ 26,057 BELLSOUTH TELECOMMUNICATIONS, INC 7,000,000 (0)~ 5.900%, 02/24/00 ............................ 6,940 COCA COLA ENTERPRISES, INC 19,880,000 (0)~ 5.920%, 01/28/00 ............................ 19,793 COLGATE-PALMOLIVE CO 14,000,000 (0)~ 5.850%, 02/01/00 ............................ 13,930 CORPORATE ASSET FUNDING CORP, INC 12,057,000 (0)~ 5.930%, 02/07/00 ............................ 11,986 6,765,000 (0)~ 6.020%, 02/16/00 ............................ 6,715 ENTERPRISE FUNDING CORP 13,510,000 (0)~ 5.880%, 01/18/00 ............................ 13,472 14,077,000 (0)~ 5.900%, 01/19/00 ............................ 14,035 GENERAL ELECTRIC CAPITAL CORP 10,165,000 (0) 5.880%, 02/17/00 ............................ 10,089 GILLETTE CO 13,440,000 (0)~ 5.950%, 01/13/00 ............................ 13,413 HEINZ (H.J.) CO 20,400,000 (0)~ 6.050%, 02/08/00 ............................ 20,276 IBM CREDIT CORP 22,900,000 (0) 6.000%, 03/15/00 ............................. 22,630 MCDONALD'S CORP 27,447,000 ~ 6.400%, 01/11/00 ............................... 27,400 MCGRAW-HILL COS, INC 27,400,000 (0) 6.150%, 02/14/00 ............................. 27,208 MONSANTO CO 1,256,000 (0)~ 5.790%, 03/21/00 ............................ 1,240 MORGAN STANLEY DEAN WITTER 11,520,000 (0) 6.000%, 01/14/00 ............................. 11,495 NATIONAL RURAL UTILITIES COOP FINANCE 6,700,000 (0)~ 5.850%, 03/10/00 ............................ 6,626 17,400,000 (0)~ 5.920%, 03/24/00 ............................ 17,169 RECEIVABLES CAPITAL CORP 23,045,000 ~ 5.880%, 02/10/00 .............................. 22,898 SALOMON SMITH BARNEY HOLDINGS, INC 27,446,000 (0) 5.970%, 02/02/00 ............................. 27,305 SOUTHERN CALIFORNIA EDISON CO 11,265,000 (0) 6.250%, 01/10/00 ............................. 11,248 VODAFONE AIRTOUCH PLC 27,446,000 (0)~ 6.600%, 01/25/00 ............................ 27,339 ----------- 396,677 ----------- U.S. GOVERNMENT AND AGENCIES--1.39% FEDERAL HOME LOAN BANK (FHLB) 19,640,000 (0) 5.510%, 02/09/00 ............................. 19,523 $20,000,000 (0) 5.530%, 02/22/00 ............................. 19,840 7,000,000 (0) 5.455%, 02/24/00 ............................. 6,942 14,000,000 (0) 5.750%, 03/17/00 ............................. 13,832 21,825,000 (0) 5.530%, 03/21/00 ............................. 21,550 3,000,000 (0) 5.440%, 03/24/00 ............................. 2,961 23,510,000 (0) 5.550%, 04/07/00 ............................. 23,147 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 9,000,000 (0) 5.520%, 01/28/00 ............................. 8,965 22,080,000 (0) 5.540%, 02/15/00 ............................. 21,926 685,000 (0) 5.520%, 02/25/00 ............................. 679 12,750,000 (0) 5.540%, 03/09/00 ............................. 12,613 1,600,000 5.550%, 03/16/00 ............................. 1,581 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 2,800,000 5.550%, 01/20/00 ............................. 2,792 980,000 (0) 5.580%, 01/20/00 ............................. 977 200,000 5.570%, 01/21/00 ............................. 199 1,165,000 (0) 5.470%, 01/24/00 ............................. 1,161 30,000,000 (0) 5.530%, 02/03/00 ............................. 29,849 ----------- 188,537 ----------- TOTAL SHORT TERM INVESTMENTS (Cost $624,359) ................................. 624,426 ----------- TOTAL PORTFOLIO (Cost $9,576,214) ............................... $13,493,458 ===========
- -------------------------------------------------------------------------------- * Non-income producing + Affiliated holding x In bankruptcy ~ Commerical Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. (0) All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts. # Restricted Securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 1999, the value of these securities amounted to $20,555 or 0.00% of net assets. Additional information on each restricted security is as follows: ACQUISITION ACQUISITION SECURITY DATE COST - ---------- ------------- ----------- PHYSICIAN COMPUTER NETWORK, INC ............. 12/27/95 $17,985 PROCURENET, INC ............................. 04/19/99 4,068 ZEBRA TECHNOLOGY CORP (CLASS B) ............. 10/29/98 8,133 ------- $30,186 ======= Transactions with Affiliated Companies - JANUARY 1, 1999--DECEMBER 31, 1999 ---------------------------------------------------------------------------
VALUE AT SHARES AT VALUE AT DECEMBER 31, REALIZED DIVIDEND DECEMBER 31, DECEMBER 31, ISSUE 1998 PURCHASE COST SALES PROCEEDS GAIN (LOSS) INCOME 1999 1999 ------ --------------- ------------- -------------- ----------- -------- ------------ ------------- GUILFORD PHARMACEUTICALS, INC $ 23,499,675 -- $ 2,634,458 $ (2,339,489) -- 1,392,100 $ 23,665,700 OCEAN ENERGY, INC (NEW) . 36,941,299 $ 26,763 24,170,475 (84,959,237) -- * * PREMIER PARKS, INC ........ 162,391,075 33,477,155 114,863,289 37,267,478 -- * * ------------ ------------ ------------ ------------ -------- ------------ TOTAL AFFILIATED TRANSACTION .............. $222,832,049 $ 33,503,918 $141,668,222 ($50,031,248) $ 0 $ 23,665,700 ============ ============ ============ ============ ======== ============
- ---------- * Not an Affiliate as of December 31, 1999 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 83 Report of Management Responsibility To the Participants of College Retirement Equities Fund: The accompanying financial statements of the Stock, Global Equities and Growth Accounts of College Retirement Equities Fund ("CREF") are the responsibility of management. They have been prepared in accordance with accounting principles generally accepted in the United States, and have been presented fairly and objectively in accordance with such principles. CREF has established and maintains a strong system of internal controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management's authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, CREF's internal audit personnel provide a continuing review of the internal controls and operations of the CREF Accounts, and the internal Auditor regularly reports to the Audit Committee of the CREF Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Ernst & Young LLP. The independent auditors' report, which appears below, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the CREF Board of Trustees, consisting of trustees who are not officers of CREF, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls, and auditing. In addition to the annual audit of the financial statements of all the CREF Accounts by the independent auditing firm, the New York State Insurance Department, other state insurance departments and the Securities and Exchange Commission perform periodic examinations of the CREF Accounts' operations. /s/ John H. Biggs /s/ Richard L. Gibbs Chairman, President and Executive Vice President and Chief Executive Officer Principal Accounting Officer - -------------------------------------------------------------------------------- Report of Independent Auditors To the Participants and Board of Trustees of College Retirement Equities Fund: We have audited the accompanying statements of assets and liabilities, including the statements of investments, of the Stock, Global Equities and Growth Accounts (three of the Accounts constituting the College Retirement Equities Fund ("CREF")) as of December 31, 1999, and the related statements of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF's management. Our responsibility is to express an opinion on these financial statements based on our audits. The condensed financial information for the year ended December 31, 1996 and the periods prior thereto were audited by other auditors, whose report dated February 6, 1997 expressed an unqualified opinion on such condensed financial information. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 1999 by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Stock, Global Equities and Growth Accounts of CREF at December 31, 1999, and the results of their operations for the year then ended and the changes in their net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States. /s/ Ernst & Young LLP New York, New York February 4, 2000 84 o 1999 CREF Annual Report Statements of Assets and Liabilities
- ------------------------------------------------------------------------------------------------------------------------------------ December 31, 1999 Stock Global Equities Growth (amounts in thousands, except per accumulation unit amounts) Account Account Account - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Portfolio investments, at cost $ 76,630,653 $ 6,355,274 $ 9,576,214 Net unrealized appreciation of portfolio investments 60,990,290 2,762,673 3,917,244 ------------ ------------ ------------ Portfolio investments, at value 137,620,943 9,117,947 13,493,458 Cash 18,357 35,489 2,074 Dividends and interest receivable 123,389 4,499 5,823 Receivable from securities transactions 184,069 21,272 71,356 Amounts due from TIAA -- 603 1,985 Other 117,638 1,189 1,611 ------------ ------------ ------------ TOTAL ASSETS 138,064,396 9,180,999 13,576,307 ------------ ------------ ------------ LIABILITIES Deposits for securities loaned-Note 4 2,056,693 139,038 -- Payable for securities transactions 146,134 68,522 5,836 Amounts due to TIAA 128,228 -- -- ------------ ------------ ------------ TOTAL LIABILITIES 2,331,055 207,560 5,836 ------------ ------------ ------------ NET ASSETS Accumulation Fund 112,038,798 8,658,424 13,191,923 Annuity Fund 23,694,543 315,015 378,548 ------------ ------------ ------------ TOTAL NET ASSETS $135,733,341 $ 8,973,439 $ 13,570,471 ============ ============ ============ THOUSANDS OF ACCUMULATION UNITS OUTSTANDING--Notes 5 and 6 543,589 89,492 131,646 ============ ============ ============ NET ASSET VALUE, PER ACCUMULATION UNIT--NOTE 5 $ 206.11 $ 96.75 $ 100.21 ============ ============ ============
See Notes to Financial Statements - -------------------------------------------------------------------------------- Statements of Operations
- ------------------------------------------------------------------------------------------------------------------------------------ Year ended December 31, 1999 Stock Global Equities Growth (amounts in thousands) Account Account Account - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME INCOME: Interest $ 113,875 $ 8,494 $ 22,586 Dividends 1,606,722 74,552 49,753 ----------- ---------- ---------- TOTAL INCOME 1,720,597 83,046 72,339 ----------- ---------- ---------- EXPENSES--NOTE 3: Investment 117,350 10,060 10,524 Operating 289,410 15,898 23,399 ----------- ---------- ---------- TOTAL EXPENSES 406,760 25,958 33,923 ----------- ---------- ---------- INVESTMENT INCOME-NET 1,313,837 57,088 38,416 ----------- ---------- ---------- REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS--NOTE 4 NET REALIZED GAIN (LOSS) ON: Portfolio investments 13,361,943 651,212 838,480 Futures transactions 269,038 10,750 11,444 Foreign currency transactions (15,364) (3,378) -- ----------- ---------- ---------- NET REALIZED GAIN 13,615,617 658,584 849,924 ----------- ---------- ---------- NET CHANGE IN UNREALIZED APPRECIATION ON: Portfolio investments 9,313,710 1,570,511 2,192,402 Futures transactions 72,674 16,034 15,393 Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies (593) 174 -- ----------- ---------- ---------- NET CHANGE IN UNREALIZED APPRECIATION 9,385,791 1,586,719 2,207,795 ----------- ---------- ---------- NET REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS 23,001,408 2,245,303 3,057,719 ----------- ---------- ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $24,315,245 $2,302,391 $3,096,135 =========== ========== ==========
See Notes to Financial Statements 1999 CREF Annual Report o 85 Statements of Changes in Net Assets
- ------------------------------------------------------------------------------------------------------------------------------------ Years ended December 31, 1999 and 1998 Stock Global Equities Growth (amounts in thousands) Account Account Account - ------------------------------------------------------------------------------------------------------------------------------------ ------------------------- 1999 1998 1999 1998 1999 1998 FROM OPERATIONS Investment income-net $ 1,313,837 $ 1,312,795 $ 57,088 $ 55,086 $ 38,416 $ 21,823 Net realized gain on total investments 13,615,617 11,939,214 658,584 417,277 849,924 823,510 Net change in unrealized appreciation on total investments 9,385,791 8,818,714 1,586,719 463,253 2,207,795 876,627 ------------ ------------ ---------- ---------- ----------- ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 24,315,245 22,070,723 2,302,391 935,616 3,096,135 1,721,960 ------------ ------------ ---------- ---------- ----------- ---------- FROM PARTICIPANT TRANSACTIONS Premiums 2,923,099 2,762,905 588,294 559,900 1,218,001 874,916 ------------ ------------ ---------- ---------- ----------- ---------- Disbursements and transfers: Net transfers to (from) TIAA 824,793 1,261,329 (47,905) 54,623 (143,065) (53,572) Net transfers to (from) other CREF Accounts 2,880,467 3,236,208 (148,605) 524,020 (1,720,316) (445,194) Annuity payments 2,038,160 1,701,354 28,055 23,089 32,772 17,186 Withdrawals and death benefits 2,132,893 1,812,829 136,630 109,525 235,247 108,446 ------------ ------------ ---------- ---------- ----------- ---------- TOTAL DISBURSEMENTS AND TRANSFERS, NET 7,876,313 8,011,720 (31,825) 711,257 (1,595,362) (373,134) ------------ ------------ ---------- ---------- ----------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS (4,953,214) (5,248,815) 620,119 (151,357) 2,813,363 1,248,050 ------------ ------------ ---------- ---------- ----------- ---------- NET INCREASE IN NET ASSETS 19,362,031 16,821,908 2,922,510 784,259 5,909,498 2,970,010 NET ASSETS Beginning of year 116,371,310 99,549,402 6,050,929 5,266,670 7,660,973 4,690,963 ------------ ------------ ---------- ---------- ----------- ---------- End of year $135,733,341 $116,371,310 $8,973,439 $6,050,929 $13,570,471 $7,660,973 ============ ============ ========== ========== =========== ==========
See Notes to Financial Statements - -------------------------------------------------------------------------------- Notes to Financial Statements Note 1--Organization - -------------------------------------------------------------------------------- College Retirement Equities Fund ("CREF") was formed to aid and strengthen nonprofit educational and research organizations by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940 as an open-end, diversified management investment company. It consists of eight investment portfolios ("Accounts"). The accompanying financial statements are those of the Stock, Global Equities and Growth Accounts. The five other investment portfolios of CREF, which are not included in these financial statements, include the Money Market, Bond Market, Inflation-Linked Bond, Social Choice and Equity Index Accounts. TIAA-CREF Investment Management, LLC ("Investment Management"), a subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), a companion organization, is registered with the Commission as an investment adviser and provides investment advisory services for the CREF Accounts pursuant to an Investment Management Services Agreement with CREF. TIAA-CREF Individual & Institutional Services, Inc. ("Services"), a subsidiary of TIAA, is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc., provides administrative services for the CREF Accounts and performs distribution functions for CREF's certificates pursuant to a Principal Underwriting and Administrative Services Agreement with CREF. TIAA provides guarantees for the CREF Accounts for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. Note 2--Significant Accounting Policies - -------------------------------------------------------------------------------- The preparation of financial statements may require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts, which are in conformity with accounting principles generally accepted in the Untied States. VALUATION OF INVESTMENTS Securities listed or traded on any United States national securities exchange are valued at the last sale price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the last sale price, or at the mean of the last bid and asked prices if no sale is reported. All other over-the-counter securities are valued at the mean of the last bid and asked prices, except for bonds which are valued at the most recent bid price or the equivalent 86 o CREF Annual Report Notes to Financial Statements (continued) - -------------------------------------------------------------------------------- Note 2--Significant Accounting Policies (continued) - -------------------------------------------------------------------------------- quoted yield of such bonds. Short-term money market instruments are stated at market value. Foreign investments are valued at the closing price in the principal market where they are traded; local currencies are converted into U.S. dollars as described below under Foreign Currency Transactions and Translation. Stock index futures and options which are traded on commodities exchanges are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. ACCOUNTING FOR INVESTMENTS Securities transactions are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned and, for short-term money market instruments, includes accrual of discount and amortization of premium. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon as the Accounts are informed of the ex-dividend date. Realized gains and losses on securities transactions are accounted for on the average cost basis. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION The records of the Accounts are maintained in U.S. dollars. Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. FORWARD FOREIGN CURRENCY CONTRACTS The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to-market" at the end of each day's trading. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon maturity or if the counterparties do not perform in accordance with contractual provisions. SECURITIES LENDING The Accounts may lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. COVERED CALL OPTIONS WRITTEN The Accounts may write (sell) covered call options to provide protection against adverse movements in the price of securities in the portfolio. When an option is written, an amount equal to the premium received is recorded as a liability; the liability is adjusted on a daily basis to the current market price of the option written and an unrealized gain or loss is recorded. Premiums received from writing options which expire unexercised are recognized as realized gains from option transactions on the expiration date. Premiums received from writing options which are exercised are added to the proceeds from the sale of the underlying securities in recognizing the net realized gain or loss on portfolio investments. In writing options, it is assumed that the option may be exercised at any time prior to the expiration of the Account's obligation as a writer, and that in such circumstances the net proceeds of the sale of the underlying securities pursuant to the call option may be below the prevailing market value. FUTURES CONTRACTS The Accounts may use futures contracts to manage exposure to the stock market or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument, while selling futures contracts tends to decrease exposure to the underlying instrument or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. The underlying face amount at value of any open futures contracts at the end of the period reflects exposure to the underlying instrument. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Accounts may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Accounts to the risk that the transaction may not be consummated. RESTRICTED SECURITIES Restricted securities held by the Accounts may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. 1999 CREF Annual Report o 87 Notes to Financial Statements (continued) - -------------------------------------------------------------------------------- Note 2--Significant Accounting Policies (concluded) - -------------------------------------------------------------------------------- FEDERAL INCOME TAXES CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code ("Code"), not as a regulated investment company under Subchapter M of the Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. Note 3--Management Agreements - -------------------------------------------------------------------------------- Services necessary for the operation of the CREF Accounts are provided, at cost, by Investment Management and Services. Such services are provided in accordance with an Investment Management Agreement between CREF and Investment Management, and in accordance with a Principal Underwriting and Administrative Services Agreement between CREF and Services (see Note 1). Investment Management and Services receive management fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to each Account's actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly. Note 4--Investments - -------------------------------------------------------------------------------- At December 31, 1999, the market value of securities loaned and collateral received in connection therewith was comprised as follow: - -------------------------------------------------------------------------------- Stock Global Equities Account Account - -------------------------------------------------------------------------------- Market value of securities loaned $1,997,283,617 $132,584,556 Cash collateral 2,056,693,203 139,038,404 At December 31, 1999, net unrealized appreciation of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows: - -------------------------------------------------------------------------------- Gross Gross Unrealized Unrealized Net Unrealized Appreciation of Depreciation of Appreciation Portfolio Portfolio of Portfolio Investments Investments Investments - -------------------------------------------------------------------------------- Stock Account $64,440,145,270 $3,449,855,443 $60,990,289,827 Global Equities Account 2,933,432,334 170,758,849 2,762,673,485 Growth Account 4,295,933,412 378,688,974 3,917,244,438 At December 31, 1999, the Stock, Global Equities and Growth Accounts held 8,979, 1,199 and 1,556 open futures contracts, respectively, in the Standard & Poor's 500 Index, expiring in March 2000, with a value of $3,331,657,950, $444,888,950 and $577,353,800, respectively and an unrealized gain of $111,975,877, $16,033,966 and $21,092,988, respectively. Companies in which the Accounts held 5% or more of the outstanding voting shares are defined as "affiliated" in the Investment Company Act of 1940. Information regarding transactions with affiliated companies is as follows: - -------------------------------------------------------------------------------- Stock Global Equities Growth Account Account Account - -------------------------------------------------------------------------------- Value of affiliated companies at December 31, 1999 $29,454,068 $ -- $23,665,700 For the year ended December 31, 1999: Dividend income 127,082 1,853,208 -- Realized gains (losses) (3,548,956) 14,337,000 (50,031,248) Purchases and sales of portfolio securities, other than short-term money market instruments, for the Stock, Global Equities, and Growth Accounts for the year ended December 31, 1999, were as follows: - -------------------------------------------------------------------------------- Stock Global Equities Growth Account Account Account - -------------------------------------------------------------------------------- Purchases: Unaffliliated issuers $35,104,668,607 $5,602,391,140 $8,986,570,211 Affiliated issuers 20,940,081 -- 33,503,918 --------------- -------------- -------------- Total Purchases $35,125,608,688 $5,602,391,140 $9,020,074,129 =============== ============== ============== Sales: Unaffliliated issuers $41,469,152,353 $5,268,452,756 $6,478,213,108 Affiliated issuers 26,350,204 70,297,599 141,668,222 --------------- -------------- -------------- Total Sales $41,495,502,557 $5,338,750,355 $6,619,881,330 =============== ============== ============== 88 o 1999 CREF Annual Report - -------------------------------------------------------------------------------- Note 5--Condensed Financial Information - -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below. - -------------------------------------------------------------------------------- For the Years Ended December 31, 1999 1998 1997 1996 1995 - -------------------------------------------------------------------------------- STOCK ACCOUNT Per Accumulation Unit Data: Investment income $2.567 $2.381 $2.317 $2.114 $1.885 Expenses .607 .521 .387 .304 .271 -------- -------- -------- -------- ------- Investment income--net 1.960 1.860 1.930 1.810 1.614 Net realized and unrealized gain on total investments 34.478 29.795 26.864 15.953 19.984 -------- -------- -------- -------- ------- Net increase in Accumulation Unit Value 36.438 31.655 28.794 17.763 21.598 Accumulation Unit Value: Beginning of year 169.672 138.017 109.223 91.460 69.862 -------- -------- -------- -------- ------- End of year $206.110 $169.672 $138.017 $109.223 $91.460 ======== ======== ======== ======== ======= Total return 21.48% 22.94% 26.36% 19.42% 30.92% Ratios to Average Net Assets: Expenses 0.33% 0.34% 0.31% 0.31% 0.34% Investment income--net 1.07% 1.23% 1.55% 1.82% 2.00% Portfolio turnover rate 29.26% 34.63% 23.25% 19.57% 16.25% Thousands of Accumulation Units outstanding at end of year 543,589 565,999 597,531 620,498 632,803 - -------------------------------------------------------------------------------- For the Years Ended December 31, 1999 1998 1997 1996 1995 - -------------------------------------------------------------------------------- GLOBAL EQUITIES ACCOUNT Per Accumulation Unit Data: Investment income $ .959 $ .902 $ .848 $ .751 $ .727 Expenses .300 .268 .205 .167 .157 -------- -------- -------- -------- ------- Investment income--net .659 .634 .643 .584 .570 Net realized and unrealized gain on total investments 24.976 10.508 8.650 7.138 6.618 -------- -------- -------- -------- ------- Net increase in Accumulation Unit Value 25.635 11.142 9.293 7.722 7.188 Accumulation Unit Value: Beginning of year 71.115 59.973 50.680 42.958 35.770 -------- -------- -------- -------- ------- End of year $96.750 $71.115 $59.973 $50.680 $42.958 ======== ======== ======== ======== ======= Total return 36.05% 18.58% 18.34% 17.98% 20.09% Ratios to Average Net Assets: Expenses 0.39% 0.41% 0.38% 0.37% 0.40% Investment income--net 0.85% 0.97% 1.19% 1.28% 1.47% Portfolio turnover rate 81.30% 103.31% 98.70% 88.84% 67.50% Thousands of Accumulation Units outstanding at end of year 89,492 81,825 84,645 80,016 70,163 1999 CREF Annual Report o 89 Notes to Financial Statements (concluded) - -------------------------------------------------------------------------------- Note 5--Condensed Financial Information (concluded) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- For the Years Ended December 31, 1999 1998 1997 1996 1995 - -------------------------------------------------------------------------------- GROWTH ACCOUNT Per Accumulation Unit Data: Investment income $ .592 $ .482 $ .527 $ .484 $ .417 Expenses .278 .244 .155 .119 .114 -------- -------- -------- -------- ------- Investment income--net .314 .238 .372 .365 .303 Net realized and unrealized gain on total investments 24.276 18.475 12.219 8.638 8.891 -------- -------- -------- -------- ------- Net increase in Accumulation Unit Value 24.590 18.713 12.591 9.003 9.194 Accumulation Unit Value: Beginning of year 75.617 56.904 44.313 35.310 26.116 -------- -------- -------- -------- ------- End of year $100.207 $ 75.617 $ 56.904 $ 44.313 $35.310 ======== ======== ======== ======== ======= Total return 32.52% 32.89% 28.41% 25.50% 35.20% Ratios to Average Net Assets: Expenses 0.34% 0.38% 0.34% 0.35% 0.43% Investment income--net 0.38% 0.37% 0.82% 1.07% 1.13% Portfolio turnover rate 69.26% 97.57% 53.27% 38.51% 24.42% Thousands of Accumulation Units outstanding at end of year 131,646 98,862 80,370 53,201 32,375 Note 6--Accumulation Units - -------------------------------------------------------------------------------- Changes in the number of Accumulation Units outstanding were as follows: - -------------------------------------------------------------------------------- For the Years Ended December 31, 1999 1998 - -------------------------------------------------------------------------------- STOCK ACCOUNT Accumulation Units: Credited for premiums 16,072,388 17,047,048 Cancelled for transfers, disbursements and amounts applied to the Annuity Fund (38,482,574) (48,579,351) Outstanding: Beginning of year 565,998,901 597,531,204 ------------ ----------- End of year 543,588,715 565,998,901 ============ =========== Global Equities Account Accumulation Units: Credited for premiums 7,627,214 7,906,965 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund 39,926 (10,726,495) Outstanding: Beginning of year 81,825,334 84,644,864 ------------ ----------- End of year 89,492,474 81,825,334 ============ =========== Growth Account Accumulation Units: Credited for premiums 14,715,714 11,782,117 Credited for transfers, disbursements and amounts applied to the Annuity Fund 18,068,242 6,710,301 Outstanding: Beginning of year 98,862,241 80,369,823 ------------ ----------- End of year 131,646,197 98,862,241 ============ =========== Note 7--Line of Credit - -------------------------------------------------------------------------------- The Stock, Global Equities, Growth, Inflation-Linked Bond, Social Choice and Equity Index Accounts share in a $2.5 billion unsecured revolving credit facility for temporary or emergency purposes, including, without limitation, the funding of participant redemptions that otherwise might require the untimely disposition of securities. TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds, both of which are managed by Teachers Advisors, Inc., an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating Accounts and Funds. Interest associated with any borrowing under the facility will be charged to the borrowing Accounts or Funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the year ended December 31, 1999, there were no borrowings under this credit facility. 90 o 1999 CREF Annual Report Participant Voting Results CREF'S ANNUAL MEETING WAS HELD ON NOVEMBER 9, 1999. THE TRUSTEES ELECTED TO FOUR-YEAR TERMS AT THE ANNUAL MEETING WERE: Nancy L. Jacob, 25,199,951,742.29 (97.9 percent) votes were cast in favor, and 531,984,375.18 (2.1 percent) votes were withheld. Martin L. Leibowitz, 25,225,549,559.38 (98.0 percent) votes were cast in favor, and 506,386,558.09 (2.0 percent) votes were withheld. Bevis Longstreth, 25,192,345,511.18 (97.9 percent) votes were cast in favor, and 539,590,606.29 (2.1 percent) votes were withheld. Eugene C. Sit, 25,235,466,541.76 (98.1 percent) votes were cast in favor, and 496,469,575.71 (1.9 percent) votes were withheld. The other trustees currently in office are: Robert H. Atwell, Elizabeth E. Bailey, John H. Biggs, Joyce A. Fecske, Edes P. Gilbert, Stuart Tse Kong Ho, Marjorie Fine Knowles, Robert M. Lovell, Jr., Stephen A. Ross, Maceo K. Sloan, David K. Storrs, and Robert W. Vishny. CREF PARTICIPANTS ALSO RATIFIED THE ELECTION OF ERNST & YOUNG LLP AS THE INDEPENDENT AUDITORS FOR CREF for the fiscal year ending December 31, 1999. 25,025,317,930.72 (97.3 percent) votes were cast in favor, 307,412,818.47 (1.2 percent) votes were withheld, and 399,205,368.28 (1.5 percent) abstained. CREF PARTICIPANTS VOTED ON FOUR SHAREHOLDER PROPOSALS. One proposal, submitted to a vote of CREF participants in the CREF Stock and Global Equities Accounts, advocated divesting shares of Freeport McMoRan Copper and Gold. FOR THE STOCK ACCOUNT, 3,475,022,210.65 (17.3 percent) votes were cast in favor, 15,504,190,590.18 (77.2 percent) votes were withheld, and 1,116,140,560.46 (5.5 percent) abstained. The proposal was defeated. FOR THE GLOBAL EQUITIES ACCOUNT, 205,326,876.23 (17.7 percent) votes were cast in favor, 899,874,168.17 (77.7 percent) votes were withheld, and 53,061,737.84 (4.6 percent) abstained. The proposal was defeated. ONE PROPOSAL WAS SUBMITTED TO A VOTE OF CREF PARTICIPANTS IN ACCOUNTS WITH INVESTMENTS IN TOBACCO MANUFACTURERS, asking CREF to divest its investments in those companies. FOR THE STOCK ACCOUNT, 4,253,702,140.57 (21.2 percent) votes were cast in favor, 14,939,142,791.65 (74.3 percent) votes were withheld, and 902,508,429.07 (4.5 percent) abstained. The proposal was defeated. FOR THE GLOBAL EQUITIES ACCOUNT, 265,992,498.69 (23.0 percent) votes were cast in favor, 849,159,947.74 (73.3 percent) votes were withheld, and 43,110,433.92 (3.7 percent) abstained. The proposal was defeated. FOR THE GROWTH ACCOUNT, 411,685,311.96 (24.4 percent) votes were cast in favor, 1,219,644,823.17 (72.3 percent) votes were withheld, and 55,231,433.92 (3.3 percent) abstained. The proposal was defeated. FOR THE EQUITY INDEX ACCOUNT, 183,661,519.00 (25.2 percent) votes were cast in favor, 522.319.032.49 (71.5 percent) votes were withheld, and 23,940,564.02 (3.3 percent) abstained. The proposal was defeated. FOR THE BOND MARKET ACCOUNT, 113,876,713.73 (21.9 percent) votes were cast in favor, 383,214,218.58 (73.8 percent) votes were withheld, and 22,395,788.72 (4.3 percent) abstained. The proposal was defeated. FOR THE INFLATION-LINKED BOND ACCOUNT, 4,829,563.68 (19.3 percent) votes were cast in favor, 19,365,063.10 (77.4 percent) votes were withheld, and 808,707.89 (3.3 percent) abstained. The proposal was defeated. FOR THE MONEY MARKET ACCOUNT, 210,423,070.31 (21.6 percent) votes were cast in favor, 729,310,824.53 (74.7 percent) votes were withheld, and 36,429,019.12 (3.7 percent) abstained. The proposal was defeated. ONE PROPOSAL ADVOCATED ESTABLISHING AN EQUITY INDEX ACCOUNT based on the Standard & Poor's 500(R) Stock Index. 3,361,749,954.65 (13.1 percent) votes were cast in favor, 20,975,962,311.40 (81.5 percent) votes were withheld, and 1,394,223,851.42 (5.4 percent) abstained. The proposal was defeated. ONE PROPOSAL ADVOCATED ESTABLISHING A SOCIAL CHOICE ACCOUNT that invests only in equities. 3,503,641,760.12 (13.6 percent) votes were cast in favor, 20,507,474,564.49 (79.7 percent) votes were withheld, and 1,720,819,792.86 (6.7 percent) abstained. The proposal was defeated. 1999 CREF Annual Report o 91 2000 Trustees and Senior Management 2000 Boards of Overseers of TIAA and CREF - -------------------------------------------------------------------------------- Lucius J. Barker William Bennett Munro Professor of Political Science, Stanford University John H. Biggs Chairman, President, and Chief Executive Officer, TIAA and CREF William G. Bowen President, The Andrew W. Mellon Foundation Stanley O. Ikenberry President, American Council on Education Gertrude G. Michelson Retired Senior Vice President, R.H. Macy & Co., Inc. Clifton R. Wharton, Jr. Former Chairman and Chief Executive Officer TIAA and CREF Paul A. Volcker Former Chairman, Federal Reserve Board, Frederick H. Schultz Professor of International Economic Policy Emeritus, Princeton University, and Henry Kaufman Visiting Professor, Leonard N. Stern School of Business, New York University 2000 Trustees of TIAA - -------------------------------------------------------------------------------- David Alexander President Emeritus, Pomona College Marcus Alexis Board of Trustees Professor of Economics and Professor of Management and Strategy, Northwestern University John H. Biggs Chairman, President, and Chief Executive Officer, TIAA and CREF Willard T. Carleton Donald R. Diamond Professor of Finance, College of Business and Public Administration, University of Arizona Robert C. Clark Dean and Royall Professor of Law, Harvard Law School, Harvard University Estelle A. Fishbein Vice President and General Counsel, The Johns Hopkins University Frederick R. Ford Executive Vice President and Treasurer Emeritus, Purdue University Martin J. Gruber Nomura Professor of Finance, Leonard N. Stern School of Business, New York University Ruth Simms Hamilton Professor of Sociology and Director of African Diaspora Research Project, Michigan State University Martin L. Leibowitz Vice Chairman and Chief Investment Officer, TIAA and CREF Robert M. O'Neil Director, The Thomas Jefferson Center for the Protection of Free Expression, University Professor and Professor of Law, University of Virginia Leonard S. Simon Vice Chairman, Charter One Financial Inc. Ronald L. Thompson Chairman and Chief Executive Officer, Midwest Stamping Co. Paul R. Tregurtha Chairman and Chief Executive Officer, Mormac Marine Group, Inc. and Moran Transportation Company, Vice Chairman, Interlake Steamship Company William H. Waltrip Chairman, Technology Solutions Company Rosalie J. Wolf Treasurer and Chief Investment Officer, The Rockefeller Foundation 2000 Trustees of CREF - -------------------------------------------------------------------------------- Robert H. Atwell President Emeritus, American Council on Education and Senior Consultant, A. T. Kearney, Inc. Elizabeth E. Bailey John C. Hower Professor of Public Policy and Management, The Wharton School, University of Pennsylvania John H. Biggs Chairman, President, and Chief Executive Officer, CREF and TIAA Joyce A. Fecske Vice President Emerita, DePaul University Edes P. Gilbert Retired Head, The Spence School and Consultant, Independent Education Services Stuart Tse Kong Ho Chairman and President, Capital Investment of Hawaii, Inc. and Chairman, Gannett Pacific Corporation Nancy L. Jacob President and Managing Principal, Windermere Investment Associates Marjorie Fine Knowles Professor of Law, College of Law, Georgia State University Martin L. Leibowitz Vice Chairman and Chief Investment Officer, CREF and TIAA Bevis Longstreth Of Counsel, Debevoise & Plimpton Robert M. Lovell, Jr. Founding Partner, First Quadrant L.P. Stephen A. Ross Franco Modigliani Professor of Finance and Economics, Sloan School of Management, Massachusetts Institute of Technology Eugene C. Sit Chairman, Chief Executive Officer, and Chief Investment Officer, Sit Investment Associates, Inc. and Sit/Kim International Investment Associates, Inc. Maceo K. Sloan Chairman and Chief Executive Officer, NCM Capital Management Group, Inc. and Sloan Financial Group, Inc. David K. Storrs President and Chief Executive Officer, Alternative Investment Group, L.L.C. Robert W. Vishny Eric J. Gleacher Professor of Finance, Graduate School of Business, University of Chicago 2000 Senior Management - ------------------------------------------------- John H. Biggs Chairman, President, and Chief Executive Officer Martin L. Leibowitz Vice Chairman and Chief Investment Officer John J. McCormack President, TIAA-CREF Enterprises Mary Ann Werner President, Shared Services James A. Wolf President, Retirement Services Executive Vice Presidents - -------------------------------------------------------------------------------- C. Victoria Apter Corporate Management Information Systems Scott C. Evans CREF Investments Martin E. Galt TIAA-CREF Investment Products Richard L. Gibbs Finance and Planning Don Harrell External Affairs Matina S. Horner Human Resources Frances Nolan Retirement Administration Deanne Shallcross TIAA-CREF Marketing David Shunk Consulting Services John A. Somers TIAA Investments Charles H. Stamm Law and General Counsel 92 o 1999 CREF Annual Report For More Information... Internet Access - -------------------------------------------------------------------------------- www.tiaa-cref.org 24 hours a day, 7 days a week Through our Inter/ACT system at TIAA-CREF's Web Center you can see the latest value of your annuity accumulations and recent premium history, review your premium allocation and/or change the allocation for future premiums, transfer accumulations among the accounts, and change your address. If you own TIAA-CREF Mutual Funds, you can also see your account balance and transaction records, exchange shares between funds, and buy new shares online. Automated Telephone Service - -------------------------------------------------------------------------------- 800 842-2252 24 hours a day, 7 days a week You can see TIAA's current rates of interest, the current performance of the variable annuity accounts, the latest accumulation unit values, and the amount of your total accumulations. You also can allocate future premiums and transfer accumulations. And TIAA-CREF Mutual Funds shareholders can check fund performance, check their account balances, and initiate purchases or exchanges. Personal Assistance - -------------------------------------------------------------------------------- 800 842-2776 8 a.m. to 11 p.m. ET Monday - Friday 9 a.m. to 6 p.m. ET Saturday and Sunday For answers to questions about retirement saving and planning, quarterly and annual annuity benefits reports, receiving annuity payments, annuity options, and tax reports. 800 223-1220 8 a.m. to 8 p.m. ET Monday - Friday For answers to questions about TIAA-CREF Mutual Funds, TIAA-CREF Personal Annuity Select, Teachers LongTerm Care Insurance, and TIAA life insurance. 888 842-9001 9 a.m. to 6 p.m. ET Monday - Friday TIAA-CREF Trust Company, FSB. For answers to questions about the Trust Company's investment advisory, estate planning, and related trust services. 800 842-2755 8 a.m. to 11 p.m. ET Monday - Friday For hearing- or speech-impaired participants. 1999 CREF Annual Report o 93 [LOGO] 730 Third Avenue --------------------- New York, NY 10017-3206 PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF --------------------- car-3fund-2/00 [logo] Printed on recycled paper College Retirement Equities Fund 1999 Annual Report [GRAPHIC] Money Market o Inflation-Linked Bond o Bond Market o Social Choice o Equity Index Contents Page Letter from the Chief Executive Officer 1 Letter from the Chief Investment Officer 2 Management/Status of the Accounts Money Market Account 4 Inflation-Linked Bond Account 5 Bond Market Account 6 Social Choice Account 8 Equity Index Account 10 Audited Statement of Investments Money Market Account 11 Inflation-Linked Bond Account 15 Bond Market Account 16 Social Choice Account 21 Equity Index Account 28 Audited Financial Statements Report of Management Responsibility 54 Report of Independent Auditors 54 Statements of Assets and Liabilities 55 Statements of Operations 55 Statements of Changes in Net Assets 56 Notes to Financial Statements 56 Participant Voting Results 62 Trustees and Senior Management 63 For More Information... 65 Dear Participant: 1999 was a challenging year for investors, but TIAA-CREF participants had much to smile about at its end. This volume contains performance reports and other information for five of the eight CREF accounts. A companion booklet contains comparable information for the CREF Stock, Global Equities, and Growth Accounts - - the other three accounts available under CREF variable annuities. We grouped the accounts this way to keep the cost of the report low; this combination results in the fewest number of booklets to serve all CREF participants. You might notice that we've enhanced the content and presentation of this information. It's part of an ongoing effort to provide information in as accessible a form as you want it. Besides the eight CREF accounts, two other asset classes round out the alternatives for TIAA-CREF retirement products - the TIAA Real Estate Account and the TIAA Traditional Annuity. Both also performed well in 1999. For information on historical and current rates for all of our products, visit our Web Center or call our Automated Telephone Service (see the Inside Back Cover). An annual report for the TIAA Real Estate Account is available; ask us for the 10-K report. The TIAA Real Estate Account is not available in California. New Retirement Savings Opportunities. It has been only two years since we expanded the opportunity for participants to consolidate IRA money they had previously accumulated by rolling it over to a TIAA-CREF annuity, and little more than one year since we offered Roth and contributory classic IRAs. In 1999, we received nearly $1 billion in IRA premiums and rollovers. Now, in response to participants' requests (as IRAs were), TIAA-CREF introduces annuities for use with Keogh plan savings, beginning March 1, 2000. Keogh plans are similar to IRAs but are for income that a person derives from self-employed activities (such as publishing royalties). The TIAA-CREF Web Center. In 1999, many organizations still pursued, and achieved, major productivity improvements and better customer service, driven, to some extent, by the opportunities inherent in the computer/Internet revolution. TIAA-CREF is a good example of this, with our new Web Center, introduced last fall. The new Web Center (www.tiaa-cref.org) offers a broader menu of TIAA-CREF financial performance information, quote engines, interactive calculators, a reservation system for meetings and personal counseling, downloadable and on-screen product enrollment forms, and more. Some of the Web Center's most impressive enhancements are in the Financial Performance menu. For example, selecting "Retirement Investments" will take you to an all-accounts view of unit values and total return data, including returns for 1-, 3-, 5-, and 10-year periods and since inception. Each account entry hyperlinks to profiles containing daily updated performance graphs over rolling 30-, 90-, and 180-day and 1-, 3-, and 5-year periods. [PHOTO] JOHN H. BIGGS CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER Annuity Income Increases. Each May 1, for most CREF participants receiving lifetime annuity income, their CREF income changes to reflect the investment performance of the account in which their money is invested during the twelve-month period ending the prior March 31. (Recently we introduced the alternative of monthly income changes, and some CREF participants chose to use it.) In 1999, income from all eight of the CREF accounts increased again. ================================================================================ ...we are committed to continuing to deliver first-rate service...and professional, disciplined investment performance. ================================================================================ Our report on CREF's investment performance in 1999 begins with Marty Leibowitz' letter on the next two pages. As for the future, we are committed to continuing to deliver first-rate service - with a number of exciting projects in development - low expenses, products that meet your retirement and long-term investing needs, and professional, disciplined investment performance. We look forward to reporting to you on our progress as the year unfolds. /s/ John H. Biggs John H. Biggs Chairman, President, and Chief Executive Officer Dear Participant: In 1999, the bond and stock markets surprised many of the experts. A Blue Chip survey of Wall Street economists done early in 1999 found that the consensus prediction was for the U.S. economy to grow 2.2 percent. Instead it grew about 4.0 percent. Similarly, the economists' prediction was for the 30-year Treasury bond to drop to an average of 5.0 percent for the year compared to 5.6 percent in 1998. Instead the rate rose to 5.9 percent. And the consensus prediction was for the S&P 500 to rise less than 10 percent. In fact, it ended the year up over 20 percent. To be sure, the predictors came close on inflation: they expected about 2.0 percent inflation in 1999 and it turned out to be 2.2 percent. More broadly, the strong U.S. economy in 1999 overcame a number of trends that may have affected expectations. These included: o the sheer length of the 1990s economic boom, which has lasted longer than any other since the Great Depression; o substantial corporate spending to detect and eliminate Y2K bugs and ultimately unrealized investor reactions to Y2K-related uncertainties; o increased competition from reawakening overseas economies; and o price increases in oil, some other commodities, and medical care. [PHOTO] MARTIN L. LEIBOWITZ, VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER Against this background, the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index Accounts posted continuing strong performance. The latter three accounts all received 5-star ratings for most of the year from the Morningstar variable annuity rating service (Morningstar does not rate money market and inflation bond accounts). The accompanying table shows, for each of the CREF Accounts, the 1999 total return (gains and losses plus investment income) compared to the total return for their benchmarks and for the average fund category that best matches their investment objectives (as measured by Lipper Analytical Services, Inc.). ================================================================================ ...The CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index Accounts posted continued strong performance. ================================================================================ The CREF Money Market Account bested both its benchmark and its peer group, while the Social Choice Account outperformed its Lipper peer group by nearly 2.0 percent. The other accounts came close to their respective performance benchmarks. 2 o 1999 CREF Annual Total Returns - -------------------------------------------------------------------------------- FOR THE YEAR ENDED DECEMBER 31, 1999 - -------------------------------------------------------------------------------- CREF Money Market Account 4.98% - -------------------------------------------------------------------------------- Lipper Money Market Funds Average 4.49% IBC Money Fund Report Averages - All Taxable 4.64% - -------------------------------------------------------------------------------- CREF Inflation-Linked Bond Account 2.10% - -------------------------------------------------------------------------------- Salomon Smith Barney U.S. Inflation-Linked Bond Index 2.39% - -------------------------------------------------------------------------------- CREF Bond Market Account -1.12% - -------------------------------------------------------------------------------- Lipper Intermediate Investment Grade Debt Index -0.98% Lehman Brothers Aggregate Bond Index -0.82% - -------------------------------------------------------------------------------- CREF Social Choice Account 10.80% - -------------------------------------------------------------------------------- Lipper Balanced Fund Index 8.98% Standard & Poor's 500 Stock Index 21.04% Lehman Brothers Aggregate Bond Index -0.82% - -------------------------------------------------------------------------------- CREF Equity Index Account 20.82% - -------------------------------------------------------------------------------- Russell 3000(R)Index 20.90% Investment performance for other periods, plus details on the composition of the accounts' portfolios and comments from the portfolio managers, are on the pages that immediately follow this letter. A companion booklet contains comparable performance reports and other comments for the CREF Stock, Global Equities, and Growth Accounts - the other three accounts available under CREF variable annuities. The Accounts' Expenses - -------------------------------------------------------------------------------- Year after year, the only sure thing in investing is the effect of low expenses on total returns. Expenses are the one factor affecting return that can be predicted in advance. In 1999, the CREF Accounts covered here had expenses, as a percentage of net assets, that ranged from .30 to .36 percent. ================================================================================ ...the CREF Accounts' expenses, as a percent of average net assets, ranged from 0.30 to 0.36 percent. These are the lowest of all variable annuity funds with comparable investment objectives... ================================================================================ These are the lowest expenses for all variable annuity funds with comparable investment objectives, according to Lipper Analytical Services, Inc. and they compare very favorably to most mutual funds. /s/ Martin L. Leibowitz, Martin L. Leibowitz, Vice Chairman and Chief Investment Officer 1999 CREF Annual Report o 3 Money Market Account ================================================================================ Investment Objective High current income consistent with maintaining liquidity and preserving capital. ================================================================================ The Account's returns generally reflect prevailing short-term interest rates. During the year, the Federal Reserve changed monetary policy during the second, third and fourth quarters. Each time, the "Fed" raised short-term interest rates. At year-end, the Federal Funds Rate and the Discount Rate were 5.50 percent and 5.00 percent respectively. In the fourth quarter of 1999, the weighted-average maturity for the Account varied from a low of 48 days to a high of 56 days as compared to a range of 51 days to 57 days for the IBC Money Fund Report Averages - All Taxable (the Account's benchmark). Our goal for the first quarter of 2000 is for the Account to have a weighted-average maturity that is similar to the benchmark's. Throughout 1999 we made asset allocation changes among the different sectors of money market securities whenever better relative value opportunities appeared. For example, during the third quarter and the first few weeks of the fourth quarter we slightly increased by about a percentage point each the portion of the Account's holdings in commercial paper and U.S. Treasury and government agency securities and decreased by about a percentage point each its holdings in bank liabilities and in floating/variable rate securities. In part the Account outperformed the benchmark and its peers in 1999 because it held a greater proportion of high quality commercial paper and a smaller proportion of U.S. Treasury and U.S. government agency securities than the benchmark. - -------------------------------------------------------------------------------- Net Annualized Yield for the 7 days ending 12/28/99 Current Yield Effective Yield - -------------------------------------------------------------------------------- Money Market Account 5.65% 5.81% IBC Money Fund Report Average-- All Taxable 5.13% 5.26% $10,000 over Ten Years - -------------------------------------------------------------------------------- [LINE GRAPH OMITTED] IBC Money Fund Report Money Market Averages - Date Account All Taxable ---- ------- ----------- 10,000 10,000 December 1990 10,825 10,781.68 December 1991 11,501.1 11,396.64 December 1992 11,928.1 11,783.16 December 1993 12,294.2 12,104.06 December 1994 12,794 12,559.55 December 1995 13,547 13,249.53 December 1996 14,262.5 13,903.84 December 1997 15,048.1 14,612.27 December 1998 15,868.4 15,349.16 December 1999 16,659.4 16,060.69 The graph assumes a $10,000 investment in the CREF Money Market Account on December 31, 1989. It shows that, by the end of 1999, the investment would have grown to $16,659. For comparison, the graph shows how a $10,000 investment in IBC Money Fund Report Averages - All Taxable, the Money Market Account's benchmark, did over the same period. Portfolio Diversification - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Commercial Paper 73.0% ------------------------------------------ U.S. Government Agencies 12.5% ------------------------------------------ Bank CD's 4.8% ------------------------------------------ Bank Notes - U.S. Banks 3.0% ------------------------------------------ U.S. Treasury Notes 2.3% ------------------------------------------ Medium-term Notes 2.2% ------------------------------------------ Variable Rate Notes 2.2% ------------------------------------------ Performance at a Glance as of 12/31/99 - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------- Average Annual Compound Cumulative Rates Rates of Total Return(1) of Total Return(1) Net Assets 1 year 5 years 10 years 1 year 5 years 10 years (in billions) - ----------------------------------------------------------------------------------------------------------------- Money Market Account 4.98% 5.42% 5.24% 4.98% 30.21% 66.59% $ 7.1 IBC Money Fund Report Averages - All Taxable 4.64% 5.04% 4.86% 4.64% 27.87% 60.59% Lipper Money Market Funds Average 4.95% 4.80% 4.49% 4.95% 27.33% 59.82%
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Money Market Account. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. 4 o 1999 CREF Annual Report Inflation-Linked Bond Account ================================================================================ Investment Objective A long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds -- fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond. ================================================================================ Inflation continues to rise slightly. For 1999, inflation was 2.2 percent as an annual average. The Account had a 1999 return of 2.10 percent, 0.29 percentage points behind the Salomon Smith Barney U.S. Inflation-Linked Bond Index, its benchmark. The underperformance can be attributed to expenses (the Account has investment and operations expenses deducted from its net assets, but the Index does not). During the first two months of the fourth quarter, the Account had a positive rate of return, but its return in December was negative. There are two reasons for this. One is that an unusually large quantity of inflation-linked bonds were put up for sale by the primary dealers, who were reducing all their positions in these securities for year-end, to position themselves for the next inflation-linked auction. (On January 5, 2000, the U.S. Treasury announced it would be issuing $6 billion of new 10-year inflation-linked notes that mature on January 15, 2010.) The other is that some investors sold their holdings of inflation-linked securities anticipating that real (i.e., inflation-adjusted) interest rates might go higher and that if so they would be able to buy these securities cheaper at a later date. - -------------------------------------------------------------------------------- How Do TIIS Work? - -------------------------------------------------------------------------------- Like conventional bonds, U.S. Treasury Inflation-Indexed Securities (TIIS) pay interest at fixed intervals and return the principal at maturity. Unlike conventional bonds, the principal of a TIIS bond changes periodically (usually every six months) to match inflation as measured by the Consumer Price Index for All Urban Consumers (CPI-U). Interest is paid twice a year. The interest rate is fixed, but the amount of each interest payment varies because the rate is applied to a principal that is changing to keep up with inflation. Inflation-indexed bonds are designed to pay a "real" rate of interest - that is, a return in addition to the inflation rate. The bonds are generally issued at a fixed interest rate that is lower than conventional bonds of comparable maturity and quality, but they are expected to retain their value against inflation over time. - -------------------------------------------------------------------------------- $10,000 since 5/1/97 Inception - -------------------------------------------------------------------------------- [LINE GRAPH OMITTED] Salomon Smith Barney Inflation-Linked U.S. Inflation-Linked Bond Account Bond Index ---------------- --------------------- June 1997 10014.8 10021.1 December 1997 10258.3 10282.9 June 1998 10421.9 10454.1 December 1998 10615.5 10687.1 June 1999 10800 10887.2 December 1999 10838.9 10942.4 The graph assumes a $10,000 investment in the CREF Inflation-Linked Bond Account, on May 1, 1997. It shows that, by the end of 1999, the investment would have grown to $10,839. For comparison, the graph shows how a $10,000 investment in the Salomon Smith Barney Inflation-Linked Bond Index, the Inflation-Linked Bond Account's benchmark, did over the same period. [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Portfolio Composition - ---------------------------------------- Intermediate-term Bonds 48.1% - ---------------------------------------- Long-term Bonds 29.8% - ---------------------------------------- Short-term Bonds 18.1% - ---------------------------------------- Short-term investments 2.5% - ---------------------------------------- Other Assets 1.5% - ---------------------------------------- Performance at a Glance as of 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------- Average Annual Compound Cumulative Rates Rates of Total Return(1) of Total Return(1) Net Assets 1 year since inception 1 year since inception (in billions) - -------------------------------------------------------------------------------------------------------------------------------- Inflation-Linked Bond Account 2.10% 3.06% 2.10% 8.39% $ 0.14 Salomon Smith Barney U.S. Inflation-Linked Bond Index 2.39% 3.43% 2.39% 9.42%
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Inflation-Linked Bond Account. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. 1999 CREF Annual Report o 5 Bond Market Account ================================================================================ Investment Objective A favorable long-term rate of return, primarily through high current income consistent with preserving capital. ================================================================================ For 1999 the Bond Market Account's total return was -1.12 percent, which was 0.30 percentage points lower than the benchmark Lehman Brothers Aggregate Bond Index. The difference is equal to the Account's expense charge (the Index has no expense charge). The Account was 0.14 percentage points lower than similar funds (as measured by the Lipper Intermediate Investment Grade Debt Index). Both the benchmark and the Account had negative returns in 1999, only the second year this has occurred since their respective inception dates. In the first quarter of 1999, the Account's return was reduced relative to the benchmark and the Account's peers because of the performance of one of our holdings, Loewen Group. That company experienced financial difficulties related to its rapid expansion. But in the second half of the year the Account outperformed its benchmark and its peers, offsetting almost all the earlier underperformance. --------------------------------------------------------------------------- The Account's Benchmark The benchmark we use for the CREF Bond Market Account is the Lehman Brothers Aggregate Bond Index, representing the entire U.S. bond market. The Index includes more than 5,000 taxable government, investment grade, and mortgage-backed securities. --------------------------------------------------------------------------- This "comeback" was a result of a significant shift in the Account's investment strategy in early August. We significantly increased the percentage of the portfolio invested in mortgages, corporate bonds, securities of U.S. government agencies, and asset-backed securities (the "spread sectors") relative to the proportions in the benchmark and the peer group. (Spread is the difference between the yield of a security and the yield of a U.S. Treasury security of similar duration.) We did this after witnessing a widening of spreads over the summer months. Spreads widened for three reasons: investors were concerned about the market's ability to absorb an increase in newly issued securities, the possibility that the Federal Reserve Board would increase interest rates, and were nervous about the market impact of Y2K. We believed that the widening would reverse, and when it did, in the third and fourth quarters, the Account's total return rose more than its benchmark and peer group. $10,000 since 3/1/90 Inception - -------------------------------------------------------------------------------- [LINE GRAPH OMITTED] Lehman Brothers Bond Market Aggregate Date Account Bond Index - ---- ----------- ---------- 10000 10000 December 1990 10850.8 10991.5 December 1991 12614 12750.5 December 1992 13511.5 13694.2 December 1993 15047.3 15029.3 December 1994 14447.9 14490.9 December 1995 17024.7 17286.6 December 1996 17548.4 17914.2 December 1997 19228.6 19643.7 December 1998 20883.2 21350.1 December 1999 20648.8 21174.6 The graph assumes a $10,000 investment in the CREF Bond Market Account, on March 1, 1990. It shows that, by the end of 1999, the investment would have grown to $20,649. For comparison, the graph shows how a $10,000 investment in the Lehman Brothers Aggregate Bond Index, the Bond Market Account's benchmark (see box at left), did over the same period. 6 o 1999 CREF Annual Report Performance at a Glance as of 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Average Annual Compound Cumulative Rates Rates of Total Return(1) of Total Return(1) Net Assets 1 year 5 years since inception 1 year 5 years since inception (in billions) - ------------------------------------------------------------------------------------------------------------------------------------ Bond Market Account -1.12% 7.40% 7.68% -1.12% 42.92% 107.10% $2.9 Lehman Brothers Aggregate Bond Index -0.82% 7.73% 7.92% -0.82% 45.12% 111.75% Lipper Intermediate Investment Grade Debt Index -0.98% 7.08% 7.26% -0.98% 40.76% 99.34%
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Bond Market Account. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. Why, since this strategy was successful, didn't the Account have positive returns for the year? Because interest rates rose during the year, and when interest rates rise, bond prices fall. Rates rose so much that the effect of the rise more than offset the benefit from tighter spreads. Rates rose because, citing signs of continued economic strength and hints of inflation, on June 30, the Federal Reserve raised the discount rate by 0.25 percentage point to 5.00 percent, the first of three identical rate hikes in 1999. In 1999, 2-year U.S. Treasury note yields rose from 4.54 percent to 6.24 percent, 5-years rose 1.81 percentage points to 6.36 percent, 10-years rose from 4.66 percent to 6.44 percent, and 30-years were up 1.38 percentage points to 6.48 percent. Ten Largest Holdings as of 12/31/99 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Market Percent Coupon Maturity Principal Value of Net Issuer Rate Date (000) (000) Assets - -------------------------------------------------------------------------------- FGLMC 6.500% 2/01/29 $177,040 $166,915 5.75 U.S. Treasury Bond 8.875 2/15/19 96,478 117,432 4.04 GNMA 7.000 1/25/30 103,500 99,942 3.44 FNMA 5.125 2/13/04 100,500 94,486 3.25 FGLMC 8.000 1/25/30 89,000 89,862 3.09 FGLMC 7.500 1/25/30 90,100 89,171 3.07 FGLMC 7.000 1/25/30 76,000 73,554 2.53 U.S. Treasury Bond 12.000 8/15/13 54,830 73,215 2.52 FNMA 7.000 1/25/30 75,500 72,999 2.51 FNMA 5.250 1/15/03 70,400 67,716 2.33 Portfolio Composition - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Mortgage-backed and Other Asset-backed Securities 50.1% ----------------------------------------- Corporate Bonds 25.2% ----------------------------------------- U.S. Government and Government Agency Securities 20.4% ----------------------------------------- Foreign Government and Foreign Corporate Bonds Denominated in U.S. dollars 3.6% ----------------------------------------- Money Market 0.7% ----------------------------------------- The bonds we buy are typically of high credit quality; the majority carry ratings of A or higher from the major rating agencies. At year-end, the quality ratings of the Account's long-term debt holdings were as follows: - -------------------------------------------------------------------------------- Rating Percent - -------------------------------------------------------------------------------- Investment Grade Aaa/AAA 51.2 Aa/AA 4.3 A/A 12.7 Baa/BBB 9.5 Below Investment Grade Ba/BB 1.0 B 0.2 U.S. Government obligations (not rated) 20.4 Money market instruments (not rated) 0.7 1999 CREF Annual Report o 7 Social Choice Account ================================================================================ Investment Objective A favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria. ================================================================================ Investment Strategy - -------------------------------------------------------------------------------- This is a balanced account, with assets in stocks and other equity securities, and bonds and other fixed-income securities, including money market and other short-term debt investments. The Account invests only in companies that are both suitable from a financial perspective and also whose activities are consistent with the Account's social criteria screens. When market conditions or transaction needs require, the equity portion can reach either 70 percent or 50 percent, with corresponding changes in the fixed-income portion. We can change these percentages even further if we think it is appropriate. The equities portion of the account attempts to track the Standard & Poor's 500(R) Stock (S&P 500) Index. The Account can also invest up to 15 percent of its assets in foreign securities. --------------------------------------------------------------------------- The Account's Benchmarks The benchmarks we use for the Social Choice Account are the S&P 500, representing the U.S. stock market, and the Lehman Brothers Aggregate Bond Index, representing fixed-income investments. --------------------------------------------------------------------------- The fixed-income portion of the Account attempts to track the Lehman Brothers Aggregate Bond Index. The social criteria that the Account uses are nonfundamental investment policies. This means CREF can change the criteria without approval of the Account's participants, though we will inform you if we do change them. Currently, the Account won't invest in companies and debt issuers that: $10,000 since 3/1/90 Inception - -------------------------------------------------------------------------------- [LINE GRAPH OMITTED] Lehman Brothers Social Choice S&P 500 Aggregate Date Account Stock Index Bond Index - ---- ------------- ----------- ---------- 10000 10000 10000 December 1990 10338.6 10250.5 10991.5 December 1991 12942.9 13373.6 12750.5 December 1992 14380.4 14392.2 13694.2 December 1993 15735.3 15842.9 15029.3 December 1994 15529.5 16052.2 14490.9 December 1995 20109.9 22084.2 17286.6 December 1996 23233.8 27154.8 17914.2 December 1997 28954.8 36214.5 19643.7 December 1998 34343.6 46563.3 21350.1 December 1999 38054 56362.2 21174.6 The graph assumes a $10,000 investment in the CREF Social Choice Account, on March 1, 1990. It shows that, by the end of 1999, the investment would have grown to $38,054. For comparison, the graph shows how $10,000 investments in the Social Choice Account's benchmarks (see box at left) did over the same period. o Engage in activities that result or are likely to result in significant damage to the environment; o Have a significant portion of their business in weapons manufacturing; o Produce and market alcoholic beverages or tobacco products; o Produce nuclear energy; or o Have operations in Northern Ireland and have not adopted the McBride Principles (a fair employment code for U.S. firms operating in Northern Ireland) or have not operated consistently with such principles and in compliance with the Fair Employment Act of 1989 (Northern Ireland). 8 o 1999 CREF Annual Report Performance at a Glance as of 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Average Annual Compound Cumulative Rates Rates of Total Return(1) of Total Return(1) Net Assets 1 year 5 years since inception 1 year 5 years since inception (in billions) - ------------------------------------------------------------------------------------------------------------------------------------ Social Choice Account 10.80% 19.63% 14.64% 10.80% 145.04% 283.85% $4.1 S&P 500 Index 21.04% 28.56% 19.20% 21.04% 251.12% 463.62% Lehman Brothers Aggregate Bond Index -0.82% 7.73% 7.92% -0.82% 45.12% 111.75% Lipper Balanced Fund Index 8.98% 16.33% 12.90% 8.98% 113.02% 217.92%
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Social Choice Account. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. The Account's total return in 1999 was 10.80 percent, 1.82 percentage points above the Lipper Balanced Fund Index, which measures the results of mutual funds with similar investment objectives (ignoring the social criteria). This is an interesting outcome, since it might be expected that one effect of applying the social criteria screens might be to constrain its results relative to balanced funds that don't have these restrictions. Ten Largest Holdings as of 12/31/99 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Principal/ Market Percent Coupon Maturity Shares Value of Net Company Rate Date (000) (000) Assets - -------------------------------------------------------------------------------- FGLMC 6.500% 9/01/29 $145,519 $137,196 3.32 Microsoft Corp 1,110 129,639 3.14 U.S. Treasury Bond 8.875 2/15/19 $ 77,320 94,113 2.28 FGLMC 7.000 1/25/30 $ 84,000 81,296 1.97 Cisco Systems, Inc 737 78,924 1.91 Wal-Mart Stores, Inc 1,126 77,835 1.89 Intel Corp 804 66,196 1.60 Lucent Technologies, Inc 736 55,069 1.33 American International Group, Inc 500 54,051 1.31 International Business Machines Corp 474 51,160 1.24 Portfolio Composition - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] U.S. Stocks 61.9% ----------------------------------------- Long-term Bonds 37.0% ----------------------------------------- Short-term Investments 1.1% ----------------------------------------- 1999 CREF Annual Report o 9 Equity Index Account ================================================================================ Investment Objective A favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the United States, as represented by a broad stock market index. ================================================================================ --------------------------------------------------------------------------- What is the Russell 3000? --------------------------------------------------------------------------- The Account uses the Russell 3000(R) Index as its benchmark. The Russell 3000 is an unmanaged index of stocks of the 3,000 larges (based on market capitalization) publicly traded U.S. companies. Russell 3000 companies represent about 98 percent of the total market capitalization of the publicly traded U.S. stock market. Frank Russell Company annually rebalances the Index. Each year on May 31, Russell ranks the 3,000 largest U.S. stocks by market capitalization. The shares outstanding for each company are adjusted so the Index includes only the segment in which investors can freely transact shares. The 1999 "reconstitution" process resulted in 450 companies being added to the Russell 3000 Index effective July 1, replacing 258 companies that were deleted. The additions exceed deletions because companies that fall out of the index due to mergers or bankruptcies during the previous 12 months are not replaced until the reconstitution process. The additions came from 179 initial public offerings (IPOs), as well as smaller companies that "moved up." The Russell 3000 Index is a trademark and servicemark of the Frank Russell Company. No CREF account is promoted, endorsed, sponsored, or sold by, or affiliated with the Frank Russell Company. --------------------------------------------------------------------------- Ten Largest Holdings as of 12/31/99 - -------------------------------------------------------------------------------- -------------------------------------------------------------- Shares Market Value Percent of Company (000,000) (000,000) Net Assets -------------------------------------------------------------- General Electric Co 1.2 $182.6 3.66 Microsoft Corp 1.3 157.4 3.16 Cisco Systems, Inc 1.2 124.6 2.50 Intel Corp 1.2 98.8 1.98 Exxon Mobil Corp 1.2 98.3 1.97 Lucent Technologies, Inc 1.1 84.1 1.69 International Business Machines Corp 0.6 70.1 1.41 Citigroup, Inc 1.2 67.7 1.36 Wal-Mart Stores, Inc 1.0 67.5 1.36 America Online, Inc 0.8 61.2 1.23 $10,000 since 4/29/94 Inception - -------------------------------------------------------------------------------- [LINE GRAPH OMITTED] Equity Index Russell Date Account 3000(R)Index ---- ------------ ------------ 10000 10000 December 1994 10333.6 10298.9 December 1995 14070.9 14089.5 December 1996 17107.5 17163.6 December 1997 22442.3 22618.8 December 1998 27854.9 28078.1 December 1999 33654.1 33947.5 The graph assumes a $10,000 investment in the CREF Equity Index Account, on April 29, 1994. It shows that, by the end of 1999, the investment would have grown to $33,654. For comparison, the graph shows how a $10,000 investment in the Russell 3000, the Equity Index Account's benchmark (see box at left), did over the same period. Portfolio Composition - -------------------------------------------------------------------------------- [THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.] Technology 28.4% ----------------------------------------- Consumer Products and Services 27.7% ----------------------------------------- Financial 14.0% ----------------------------------------- Manufacturing and Materials 12.6% ----------------------------------------- Utilities 11.2% ----------------------------------------- Energy 4.2% ----------------------------------------- Transportation 0.9% ----------------------------------------- Short-term Investments 1.0% ----------------------------------------- Performance at a Glance as of 12/31/99 - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Average Annual Compound Cumulative Rates Rates of Total Return(1) of Total Return(1) Net Assets 1 year 5 years since inception 1 year 5 years since inception (in billions) - ------------------------------------------------------------------------------------------------------------------------------------ Equity Index Account 20.82% 26.64% 23.82% 20.82% 225.67% 236.54% $5.0 Russell 3000 Index 20.90% 26.94% 24.12% 20.90% 229.62% 241.17%
(1) Past performance shouldn't be taken as a guarantee of the same future rates of return from the Equity Index Account. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less than their original value upon redemption. 10 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Money Market Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Industry (000) VALUE % ---------- ------ SHORT TERM INVESTMENTS BANK NOTES .................................. $ 208,266 2.95% CERTIFICATES OF DEPOSIT ..................... 336,965 4.78 COMMERCIAL PAPER ............................ 5,135,034 72.82 CORPORATE BONDS ............................. 17,940 0.25 MEDIUM TERM BONDS ........................... 136,116 1.93 U.S. GOVERNMENT AND AGENCIES ................ 878,823 12.46 U.S. TREASURY SECURITIES .................... 162,363 2.30 VARIABLE RATE NOTES ......................... 157,960 2.24 ---------- ------ TOTAL SHORT TERM INVESTMENTS (Cost $7,034,820) ........................... 7,033,467 99.73 ---------- ------ TOTAL PORTFOLIO (Cost $7,034,820) ........................... 7,033,467 99.73 OTHER ASSETS & LIABILITIES, NET ............. 18,776 0.27 ---------- ------ NET ASSETS ...................................... $7,052,243 100.00% ========== ====== ---------- PRINCIPAL VALUE (000) --------- ----------- SHORT TERM INVESTMENTS--99.73% BANK NOTES--2.95% AMERICAN EXPRESS CENTURION BANK $20,000,000 5.418%, 04/17/00 .................... $ 19,996 BANK OF AMERICA 20,000,000 6.030%, 01/06/00 .................... 20,000 25,000,000 5.950%, 02/04/00 .................... 25,001 40,000,000 5.930%, 02/28/00 .................... 40,001 FCC NATIONAL BANK 25,000,000 5.240%, 03/02/00 .................... 24,961 FIRST NATIONAL BANK OF CHICAGO 25,000,000 5.180%, 03/15/00 .................... 24,951 HUNTINGTON NATIONAL BANK 10,000,000 5.660%, 07/06/00 .................... 9,970 KEY BANK 20,000,000 5.650%, 06/26/00 .................... 19,942 SOUTHTRUST BANK NA 23,500,000 5.160%, 03/27/00 .................... 23,444 ---------- 208,266 ---------- CERTIFICATES OF DEPOSIT--4.78% BANK OF MONTREAL 20,000,000 5.890%, 02/10/00 .................... 19,994 CANADIAN IMPERIAL BANK OF COMMERCE 20,000,000 5.000%, 01/27/00 .................... 19,980 COMMERZBANK AG. 25,000,000 5.090%, 04/12/00 .................... 24,917 DEUTSCHE BANK 15,000,000 5.710%, 07/06/00 .................... 14,949 DRESDNER BANK 40,000,000 6.280%, 01/04/00 .................... 40,000 9,000,000 5.870%, 03/09/00 .................... 8,999 FIRST TENNESSEE NATIONAL BANK 30,000,000 5.710%, 01/06/00 .................... 30,000 MELLON BANK NA 13,350,000 5.700%, 07/07/00 .................... 13,312 NATIONAL WESTMINSTER BANK (NEW YORK) 25,000,000 5.175%, 03/15/00 .................... 24,947 RABOBANK 10,000,000 5.290%, 05/19/00 .................... 9,966 REGIONS BANK (ALABAMA) 20,000,000 6.230%, 11/06/00 .................... 19,943 SOCIETE GENERALE 50,000,000 5.890%, 04/06/00 .................... 49,978 TORONTO DOMINION BANK 10,000,000 5.270%, 03/02/00 .................... 9,984 WESTDEUTSCHE LANDESBANK 20,000,000 6.050%, 02/14/00 .................... 19,997 30,000,000 5.980%, 03/01/00 .................... 29,999 ---------- 336,965 ---------- COMMERCIAL PAPER--72.82% ABBEY NATIONAL NORTH AMERICA CORP 20,000,000 6.010%, 01/24/00 .................... 19,924 22,600,000 5.900%, 03/07/00 .................... 22,362 ABBOTT LABORATORIES 2,652,000 5.670%, 01/06/00 .................... 2,650 17,793,000 6.150%, 01/12/00 .................... 17,760 ABN AMRO NORTH AMERICA FINANCE, INC 30,000,000 5.840%, 03/01/00 .................... 29,712 ALABAMA POWER CO 17,000,000 6.450%, 01/13/00 .................... 16,963 AMERICAN EXPRESS CREDIT CORP 19,600,000 6.450%, 01/26/00 .................... 19,512 AMERICAN TELEPHONE & TELEGRAPH CO 8,525,000 5.900%, 01/12/00 .................... 8,510 27,460,000 6.280%, 01/28/00 .................... 27,331 34,150,000 5.870%, 02/15/00 .................... 33,889 ANHEUSER-BUSCH CO 34,000,000 6.120%, 02/11/00 ..................... 33,763 ASSET SECURITIZATION COOP CORP 5,000,000 ~ 5.980%, 01/19/00 .................... 4,985 30,000,000 ~ 5.920%, 01/24/00 .................... 29,886 30,000,000 ~ 5.920%, 01/27/00 .................... 29,871 40,000,000 ~ 5.900%, 01/31/00 .................... 39,803 27,000,000 ~ 5.930%, 02/02/00 .................... 26,856 BEAR STEARNS CO, INC 40,000,000 ~ 5.910%, 02/16/00 .................... 39,687 BELL ATLANTIC FINANCIAL SERVICES, INC 9,500,000 ~ 5.820%, 01/20/00 .................... 9,471 45,000,000 ~ 5.900%, 01/25/00 .................... 44,823 BELL ATLANTIC NETWORK FUNDING CORP 40,000,000 ~ 5.820%, 01/12/00 .................... 39,929 20,000,000 ~ 6.020%, 02/11/00 .................... 19,863 20,000,000 ~ 6.000%, 02/16/00 .................... 19,844 BELLSOUTH CAPITAL FUNDING CORP 27,950,000 ~ 5.860%, 02/24/00 .................... 27,693 23,000,000 ~ 5.920%, 03/13/00 .................... 22,736 49,000,000 ~ 5.720%, 03/16/00 .................... 48,410 BELLSOUTH TELECOMMUNICATIONS, INC 22,700,000 ~ 5.880%, 02/07/00 .................... 22,560 17,000,000 ~ 5.770%, 02/25/00 .................... 16,840 BETA FINANCE, INC 20,000,000 ~ 5.900%, 02/28/00 .................... 19,811 10,000,000 ~ 5.890%, 04/12/00 .................... 9,836 CAMPBELL SOUP CO 15,000,000 ~ 4.840%, 01/31/00 .................... 14,926 50,000,000 ~ 5.950%, 03/02/00 .................... 49,513 CANADIAN WHEAT BOARD 40,000,000 5.880%, 02/22/00 .................... 39,645 10,000,000 5.750%, 04/05/00 .................... 9,847 CIESCO LP 10,000,000 ~ 5.930%, 02/01/00 .................... 9,949 19,000,000 ~ 5.840%, 02/02/00 .................... 18,899 12,000,000 ~ 6.070%, 02/04/00 .................... 11,931 25,000,000 ~ 5.930%, 02/07/00 .................... 24,845 20,000,000 ~ 5.850%, 02/08/00 .................... 19,873 45,000,000 ~ 5.950%, 02/09/00 .................... 44,706 CIT GROUP HOLDINGS, INC 10,000,000 5.830%, 01/06/00 .................... 9,992 30,000,000 5.820%, 01/07/00 .................... 29,971 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 11 STATEMENT OF INVESTMENTS - Money Market Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- COMMERCIAL PAPER--(Continued) COCA COLA CO $20,000,000 ~ 5.800%, 02/18/00 .................... $ 19,837 21,100,000 ~ 5.980%, 03/03/00 .................... 20,891 COCA COLA ENTERPRISES, INC 25,000,000 ~ 5.450%, 02/04/00 .................... 24,871 25,000,000 ~ 5.970%, 03/03/00 .................... 24,752 COLGATE-PALMOLIVE CO 16,000,000 ~ 5.850%, 02/01/00 .................... 15,918 30,200,000 ~ 5.850%, 02/03/00 .................... 30,034 CORPORATE ASSET FUNDING CORP, INC 20,000,000 ~ 5.780%, 01/25/00 .................... 19,921 25,000,000 ~ 6.020%, 01/25/00 .................... 24,901 50,000,000 ~ 5.900%, 01/27/00 .................... 49,785 10,000,000 ~ 6.000%, 02/01/00 .................... 9,949 25,000,000 ~ 5.850%, 02/08/00 .................... 24,841 20,000,000 ~ 5.950%, 03/01/00 .................... 19,808 CREDIT SUISSE FIRST BOSTON, INC 50,000,000 ~ 5.910%, 03/06/00 .................... 49,481 DAIMLERCHRYSLER NORTH AMERICA HOLDINGS 10,000,000 5.950%, 02/07/00 .................... 9,938 25,000,000 5.820%, 02/17/00 .................... 24,800 3,800,000 5.900%, 04/14/00 .................... 3,736 DAYTON POWER & LIGHT CO 25,565,000 5.810%, 03/02/00 .................... 25,316 2,450,000 5.850%, 03/02/00 .................... 2,426 11,760,000 5.950%, 03/07/00 .................... 11,636 DELAWARE FUNDING CORP 50,000,000 ~ 5.930%, 01/13/00 .................... 49,902 30,000,000 ~ 5.850%, 01/24/00 .................... 29,886 20,000,000 ~ 5.850%, 01/28/00 .................... 19,911 34,287,000 ~ 5.920%, 01/28/00 .................... 34,134 15,000,000 ~ 6.000%, 02/04/00 .................... 14,915 DEUTSCHE BANK FINANCIAL, INC 50,000,000 5.940%, 02/01/00 .................... 49,745 DUKE ENERGY CORP 20,000,000 5.800%, 01/05/00 .................... 19,987 DUPONT 10,000,000 5.079%, 04/03/00 .................... 9,971 DUPONT (E.I.) DE NEMOURS & CO 25,000,000 5.820%, 01/19/00 .................... 24,926 18,000,000 5.880%, 01/25/00 .................... 17,929 13,000,000 5.820%, 01/26/00 .................... 12,946 25,000,000 5.750%, 02/09/00 .................... 24,836 15,000,000 5.820%, 02/09/00 .................... 14,902 20,000,000 5.700%, 02/25/00 .................... 19,812 23,000,000 5.890%, 03/14/00 .................... 22,732 ENTERPRISE FUNDING CORP 5,000,000 ~ 6.100%, 01/24/00 .................... 4,981 9,000,000 ~ 5.950%, 01/26/00 .................... 8,963 10,147,000 ~ 5.980%, 02/01/00 .................... 10,095 15,759,000 ~ 5.870%, 02/04/00 .................... 15,670 9,000,000 ~ 6.420%, 02/11/00 .................... 8,934 10,000,000 ~ 5.850%, 02/15/00 .................... 9,924 432,000 ~ 6.020%, 03/10/00 .................... 427 EQUILON ENTERPRISES LLC 14,150,000 5.770%, 01/11/00 .................... 14,127 6,740,000 6.250%, 01/11/00 .................... 6,728 4,200,000 5.900%, 01/27/00 .................... 4,182 20,000,000 5.750%, 02/10/00 .................... 19,866 14,250,000 5.760%, 02/18/00 .................... 14,134 20,000,000 5.930%, 02/23/00 .................... 19,819 30,000,000 5.940%, 03/02/00 .................... 29,708 25,000,000 5.980%, 03/09/00 .................... 24,729 FLEET NATIONAL BANK 21,000,000 5.040%, 04/17/00 .................... 21,000 FORD MOTOR CREDIT CO $20,000,000 5.800%, 01/04/00 .................... 19,990 30,000,000 5.680%, 01/26/00 .................... 29,876 90,000,000 5.500%, 02/22/00 .................... 89,285 FORTUNE BRANDS, INC 7,685,000 ~ 5.810%, 01/19/00 .................... 7,662 15,000,000 ~ 5.880%, 02/01/00 .................... 14,924 GENERAL ELECTRIC CAPITAL CORP 20,000,000 6.000%, 01/21/00 .................... 19,934 25,000,000 5.930%, 02/22/00 .................... 24,778 25,000,000 5.710%, 03/01/00 .................... 24,760 GENERAL ELECTRIC CO 42,075,000 6.280%, 02/08/00 .................... 41,796 GENERAL MOTORS ACCEPTANCE CORP 50,000,000 6.400%, 01/24/00 .................... 49,796 GEORGIA POWER CO 18,000,000 5.900%, 02/10/00 .................... 17,879 23,820,000 5.870%, 02/16/00 .................... 23,634 20,000,000 5.880%, 02/17/00 .................... 19,840 20,000,000 5.900%, 03/09/00 .................... 19,783 GILLETTE CO 32,075,000 ~ 6.250%, 01/12/00 .................... 32,014 GOLDMAN SACHS GROUP LP 15,025,000 5.930%, 03/02/00 .................... 14,879 50,000,000 5.920%, 03/10/00 .................... 49,450 20,000,000 6.000%, 04/03/00 .................... 19,700 GTE CORP 26,300,000 ~ 5.300%, 01/26/00 .................... 26,203 GTE FUNDING, INC 30,000,000 6.000%, 02/22/00 .................... 29,734 10,300,000 6.020%, 03/07/00 .................... 10,192 46,000,000 6.020%, 03/09/00 .................... 45,501 22,270,000 5.980%, 03/10/00 .................... 22,025 30,000,000 5.980%, 03/13/00 .................... 29,656 HERSHEY FOODS CORP 14,198,000 5.730%, 02/01/00 .................... 14,126 IBM CREDIT CORP 27,500,000 5.910%, 01/14/00 .................... 27,441 20,000,000 5.900%, 02/07/00 .................... 19,876 J.P. MORGAN & CO 15,000,000 6.040%, 02/02/00 .................... 14,919 14,000,000 5.940%, 02/04/00 .................... 13,921 30,000,000 5.960%, 03/20/00 .................... 29,620 JOHNSON & JOHNSON CO 5,081,000 ~ 5.880%, 03/13/00 .................... 5,023 44,425,000 ~ 5.750%, 05/26/00 .................... 43,376 9,575,000 ~ 5.700%, 06/30/00 .................... 9,294 25,000,000 ~ 5.800%, 07/06/00 .................... 24,243 7,000,000 ~ 5.700%, 07/24/00 .................... 6,768 KELLOGG CO 25,925,000 ~ 5.780%, 03/16/00 .................... 25,613 KIMBERLY-CLARK CORP 8,100,000 5.800%, 02/07/00 .................... 8,050 LUCENT TECHNOLOGIES, INC 8,240,000 ~ 5.800%, 01/11/00 .................... 8,226 25,000,000 ~ 5.750%, 02/07/00 .................... 24,845 21,255,000 ~ 5.840%, 02/17/00 .................... 21,085 47,000,000 ~ 5.700%, 03/03/00 .................... 46,534 25,000,000 ~ 5.860%, 03/24/00 .................... 24,668 20,000,000 ~ 5.840%, 04/04/00 .................... 19,697 1,000,000 ~ 5.900%, 04/12/00 .................... 984 MCCORMICK & CO, INC 10,000,000 5.900%, 01/06/00 .................... 9,992 MCDONALD'S CORP 20,100,000 ~ 6.420%, 01/19/00 .................... 20,035 SEE NOTES TO FINANCIAL STATEMENTS 12 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Money Market Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- COMMERCIAL PAPER--(Continued) MCGRAW-HILL COS, INC $18,500,000 6.050%, 02/23/00 .................... $ 18,333 33,500,000 6.000%, 03/02/00 .................... 33,173 MERCK & CO, INC 50,000,000 ~ 5.730%, 01/31/00 .................... 49,753 50,000,000 ~ 5.720%, 02/03/00 .................... 49,725 MERRILL LYNCH & CO, INC 40,000,000 5.920%, 01/21/00 .................... 39,868 49,000,000 5.970%, 02/14/00 .................... 48,636 MORGAN STANLEY DEAN WITTER 50,000,000 6.000%, 01/07/00 .................... 49,950 30,000,000 5.920%, 01/18/00 .................... 29,915 MOTIVA ENTERPRISES LLC 20,000,000 5.780%, 01/11/00 .................... 19,967 10,000,000 5.960%, 01/13/00 .................... 9,980 20,000,000 5.790%, 01/21/00 .................... 19,934 25,000,000 5.920%, 02/03/00 .................... 24,863 NATIONAL RURAL UTILITIES COOP FINANCE 17,500,000 ~ 5.780%, 02/16/00 .................... 17,363 40,015,000 ~ 5.800%, 02/22/00 .................... 39,660 50,000,000 ~ 5.800%, 02/24/00 .................... 49,539 25,000,000 ~ 5.800%, 02/25/00 .................... 24,765 18,000,000 ~ 5.850%, 03/07/00 .................... 17,810 NEWELL RUBBERMAID, INC 2,035,000 ~ 5.450%, 01/10/00 .................... 2,032 20,600,000 ~ 5.870%, 01/10/00 .................... 20,570 25,000,000 ~ 5.840%, 01/25/00 .................... 24,901 NORTHERN STATES POWER CO 20,000,000 5.860%, 02/10/00 .................... 19,866 38,000,000 5.820%, 03/08/00 .................... 37,594 30,000,000 5.850%, 03/08/00 .................... 29,679 PACCAR FINANCIAL CORP 15,000,000 5.900%, 01/11/00 .................... 14,975 10,000,000 5.950%, 01/19/00 .................... 9,970 12,500,000 5.980%, 01/19/00 .................... 12,463 6,410,000 5.950%, 01/25/00 .................... 6,385 16,025,000 5.770%, 02/10/00 .................... 15,917 25,375,000 5.800%, 02/10/00 .................... 25,205 20,000,000 5.800%, 02/17/00 .................... 19,840 10,000,000 5.980%, 03/23/00 .................... 9,869 PACIFIC GAS & ELECTRIC CO 24,629,000 6.000%, 02/14/00 .................... 24,446 PARK AVENUE RECEIVABLES CORP 43,211,000 ~ 6.150%, 01/11/00 .................... 43,137 10,000,000 ~ 6.100%, 01/18/00 .................... 9,972 7,000,000 ~ 6.250%, 01/19/00 .................... 6,978 7,000,000 ~ 5.950%, 01/24/00 .................... 6,973 13,000,000 ~ 6.000%, 02/02/00 .................... 12,931 26,376,000 ~ 5.900%, 02/15/00 .................... 26,175 43,000,000 ~ 6.150%, 02/16/00 .................... 42,664 PITNEY BOWES CREDIT CORP 92,000,000 6.550%, 01/12/00 .................... 91,816 PREFERRED RECEIVABLES FUNDING CORP 25,000,000 ~ 5.930%, 02/08/00 .................... 24,841 25,365,000 ~ 5.880%, 02/11/00 .................... 25,190 50,000,000 ~ 5.930%, 02/18/00 .................... 49,592 11,428,000 ~ 5.880%, 02/25/00 .................... 11,321 PROCTOR & GAMBLE CO 20,000,000 ~ 5.880%, 02/04/00 .................... 19,887 18,550,000 ~ 5.850%, 02/07/00 .................... 18,435 32,633,000 ~ 5.850%, 02/10/00 .................... 32,414 30,000,000 ~ 5.850%, 02/28/00 .................... 29,716 48,000,000 ~ 5.950%, 03/14/00 .................... 47,442 RECEIVABLES CAPITAL CORP 30,000,000 ~ 6.280%, 01/10/00 .................... 29,953 $12,000,000 ~ 6.020%, 01/25/00 .................... 11,953 40,000,000 ~ 5.940%, 01/26/00 .................... 39,835 27,300,000 ~ 6.170%, 01/27/00 .................... 27,178 8,194,000 ~ 6.050%, 01/28/00 .................... 8,158 14,000,000 ~ 5.910%, 02/09/00 .................... 13,908 15,000,000 ~ 5.880%, 02/15/00 .................... 14,885 SALOMON SMITH BARNEY HOLDINGS, INC 4,100,000 6.000%, 01/20/00 .................... 4,087 20,000,000 5.970%, 01/24/00 .................... 19,924 SARA LEE CORP 18,975,000 5.850%, 01/06/00 .................... 18,960 50,000,000 5.850%, 01/20/00 .................... 49,843 SBC COMMUNICATIONS, INC 20,000,000 5.800%, 01/14/00 .................... 19,957 40,000,000 5.850%, 01/24/00 .................... 39,851 48,050,000 5.730%, 03/17/00 .................... 47,464 SCHERING CORP 21,960,000 6.500%, 01/14/00 .................... 21,908 50,000,000 6.000%, 02/16/00 .................... 49,609 44,900,000 5.880%, 02/23/00 ..................... 44,494 THE STANLEY WORKS 10,000,000 ~ 5.800%, 02/17/00 .................... 9,920 TORONTO DOMINION HOLDINGS (U.S.) 25,000,000 5.870%, 02/02/00 .................... 24,867 40,000,000 5.920%, 03/30/00 .................... 39,430 UNITED TECHNOLOGIES CORP 25,000,000 ~ 5.950%, 02/09/00 .................... 24,836 VERMONT AMERICAN CORP 25,000,000 ~ 5.830%, 01/18/00 .................... 24,932 VIRGINIA ELECTRIC & POWER CO 40,000,000 6.030%, 03/08/00 .................... 39,572 30,000,000 6.010%, 03/13/00 .................... 29,656 WAL-MART STORES, INC 50,000,000 ~ 6.550%, 01/05/00 .................... 49,964 XEROX CAPITAL PLC (EUROPE) 30,000,000 5.900%, 02/11/00 .................... 29,794 ---------- 5,135,034 ---------- CORPORATE BONDS--0.25% CHRYSLER FINANCIAL CORP 6,000,000 6.375%, 01/28/00 .................... 6,000 COMMERICAL CREDIT CO 3,000,000 6.000%, 04/15/00 .................... 2,998 FLORIDA POWER & LIGHT CO 4,950,000 5.375%, 04/01/00 .................... 4,939 4,000,000 6.330%, 07/01/00 .................... 4,003 ---------- 17,940 ---------- MEDIUM TERM BONDS--1.93% ABBEY NATIONAL TREASURY SERVICES 20,000,000 5.050%, 04/17/00 .................... 19,932 BETA FINANCE, INC 10,000,000 5.130%, 01/11/00 .................... 9,997 10,000,000 5.400%, 06/01/00 .................... 9,980 CIT GROUP HOLDINGS, INC 4,850,000 6.800%, 04/17/00 .................... 4,859 CITIGROUP, INC 4,000,000 6.650%, 05/15/00 .................... 4,000 FORD MOTOR CREDIT CO 5,000,000 7.600%, 03/29/00 .................... 5,018 GENERAL MOTORS ACCEPTANCE CORP 5,500,000 6.700%, 04/17/00 .................... 5,509 IBM CREDIT CORP 10,000,000 5.860%, 09/01/00 .................... 9,970 PACCAR FINANCIAL CORP 17,000,000 5.540%, 06/15/00 .................... 16,958 5,000,000 6.390%, 06/15/00 .................... 5,006 PACIFICORP 5,000,000 7.110%, 01/20/00 .................... 5,000 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 13 STATEMENT OF INVESTMENTS - Money Market Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- MEDIUM TERM BONDS--(Continued) PEPSICO, INC $5,000,000 5.875%, 06/01/00 .................... $ 4,992 XEROX CREDIT CORP 25,000,000 5.113%, 03/21/00 .................... 24,913 10,000,000 5.320%, 03/31/00 .................... 9,982 ---------- 136,116 ---------- U.S. GOVERNMENT AND AGENCIES--12.46% FEDERAL FARM CREDIT BANK (FFCB) 200,000 4.700%, 01/28/00 .................... 199 FEDERAL HOME LOAN BANK (FHLB) 14,000,000 5.180%, 01/05/00 .................... 13,991 10,000,000 5.300%, 01/06/00 .................... 9,992 19,450,000 5.450%, 01/10/00 .................... 19,423 13,100,000 5.570%, 01/28/00 .................... 13,045 23,000,000 4.770%, 02/08/00 .................... 22,862 50,000,000 5.490%, 02/11/00 .................... 49,674 8,567,000 5.530%, 02/25/00 .................... 8,490 44,400,000 5.600%, 03/15/00 .................... 43,882 10,000,000 5.125%, 03/16/00 .................... 9,982 38,975,000 5.620%, 03/22/00 .................... 38,478 995,000 4.800%, 04/28/00 .................... 976 3,700,000 5.490%, 05/05/00 .................... 3,626 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 25,000,000 5.460%, 01/03/00 .................... 24,992 30,800,000 5.400%, 01/05/00 .................... 30,782 7,200,000 5.450%, 01/10/00 .................... 7,190 10,000,000 5.500%, 01/10/00 .................... 9,986 25,000,000 5.550%, 01/10/00 .................... 24,965 31,250,000 5.560%, 01/10/00 .................... 31,206 8,000,000 5.480%, 01/11/00 .................... 7,988 21,925,000 5.550%, 01/12/00 .................... 21,888 10,631,000 5.570%, 01/12/00 .................... 10,613 7,500,000 5.490%, 01/13/00 .................... 7,486 35,750,000 5.520%, 01/14/00 .................... 35,678 11,987,000 5.530%, 01/14/00 .................... 11,963 25,000,000 5.150%, 01/19/00 .................... 24,929 20,000,000 5.110%, 01/21/00 .................... 19,937 26,206,000 5.540%, 02/02/00 .................... 26,073 18,293,000 5.540%, 02/03/00 .................... 18,197 10,000,000 5.540%, 02/04/00 .................... 9,946 27,000,000 5.450%, 02/25/00 .................... 26,779 29,925,000 5.550%, 03/16/00 .................... 29,571 2,000,000 5.575%, 03/30/00 .................... 1,972 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 25,000,000 5.480%, 01/18/00 .................... 24,934 18,050,000 5.250%, 01/20/00 .................... 17,996 13,730,000 5.530%, 01/20/00 .................... 13,689 13,075,000 5.540%, 01/20/00 .................... 13,036 40,000,000 5.560%, 01/26/00 .................... 39,844 50,000,000 5.530%, 01/28/00 .................... 49,789 37,000,000 5.480%, 02/15/00 .................... 36,732 25,000,000 5.570%, 03/30/00 .................... 24,650 3,575,000 5.580%, 04/25/00 .................... 3,510 38,000,000 5.050%, 05/12/00 .................... 37,882 ---------- 878,823 ---------- U.S. TREASURY SECURITIES--2.30% U.S. TREASURY BILL 37,350,000 4.920%, 01/13/00 .................... 37,286 U.S. TREASURY NOTE 125,000,000 5.500%, 02/29/00 .................... 125,077 ---------- 162,363 ---------- VARIABLE RATE NOTES--2.24% AMERICAN EXPRESS CENTURION BANK 15,000,000 5.700%, 02/14/00 .................... 14,996 20,000,000 5.700%, 05/19/00 .................... 19,994 19,000,000 5.710%, 06/01/00 .................... 18,992 ASSET SECURITIZATION COOP CORP 15,000,000 6.090%, 03/10/00 .................... 14,997 BETA FINANCE, INC 20,000,000 5.090%, 04/17/00 .................... 20,000 25,000,000 5.710%, 05/25/00 .................... 24,990 CHASE MANHATTAN CORP 10,000,000 5.710%, 01/20/00 .................... 9,999 GENERAL MOTORS ACCEPTANCE CORP 14,000,000 6.452%, 03/02/00 .................... 13,997 KEY BANK 10,000,000 6.106%, 08/29/00 .................... 9,999 SOUTHTRUST 10,000,000 5.640%, 05/17/00 .................... 9,996 ---------- 157,960 ---------- TOTAL SHORT TERM INVESTMENTS (Cost $7,034,820) ................... 7,033,467 ---------- TOTAL PORTFOLIO (Cost $7,034,820) ................... $7,033,467 ========== - ---------- ~ Commerical Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. SEE NOTES TO FINANCIAL STATEMENTS 14 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Inflation-Linked Bond Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Industry (000) VALUE % ---------- ------ BONDS GOVERNMENT BONDS U.S. TREASURY SECURITIES .................... $ 135,462 96.02% ---------- ------ TOTAL GOVERNMENT BONDS (Cost $140,839) ............................. 135,462 96.02 ---------- ------ TOTAL BONDS (Cost $140,839) ............................. 135,462 96.02 ---------- ------ SHORT TERM INVESTMENT COMMERCIAL PAPER ............................ 3,548 2.52 ---------- ------ TOTAL SHORT TERM INVESTMENT (Cost $3,548) ............................... 3,548 2.52 ---------- ------ TOTAL PORTFOLIO (Cost $144,387) ............................. 139,010 98.54 OTHER ASSETS & LIABILITIES, NET ............. 2,060 1.46 ---------- ------ NET ASSETS .................................. $ 141,070 100.00% ========== ====== ---------- PRINCIPAL VALUE (000) --------- ----------- BONDS--96.02% GOVERNMENT BONDS--96.02% U.S. TREASURY SECURITIES--96.02% U.S. TREASURY INFLATION INDEXED $25,808,006 3.625%, 07/15/02 .................... $ 25,550 23,991,477 3.375%, 01/15/07 .................... 22,605 24,361,099 3.625%, 01/15/08 .................... 23,196 22,869,781 3.875%, 01/15/09 .................... 22,098 24,853,151 3.625%, 04/15/28 .................... 22,197 21,229,262 3.875%, 04/15/29 .................... 19,816 ---------- 135,462 ---------- TOTAL GOVERNMENT BONDS (Cost $140,839) ..................... 135,462 ---------- TOTAL BONDS (Cost $140,839) ..................... 135,462 ---------- SHORT TERM INVESTMENT--2.52% COMMERCIAL PAPER--2.52% XEROX CAPITAL PLC (EUROPE) 3,550,000 5.250%, 01/04/00..................... 3,548 ---------- TOTAL SHORT TERM INVESTMENT (Cost $3,548) 3,548 ---------- TOTAL PORTFOLIO (Cost $144,387)...................... $ 139,010 ========== SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 15 STATEMENT OF INVESTMENTS - Bond Market Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Industry (000) VALUE % ---------- ------ BONDS CORPORATE BONDS ASSET BACKED ................................ $ 181,718 6.25% BUSINESS SERVICES ........................... 9,693 0.33 CHEMICALS AND ALLIED PRODUCTS ............... 43,207 1.49 COMMUNICATIONS .............................. 91,093 3.14 DEPOSITORY INSTITUTIONS ..................... 62,695 2.16 ELECTRIC, GAS, AND SANITARY SERVICES ........ 130,358 4.49 FOOD AND KINDRED PRODUCTS ................... 39,328 1.35 FOOD STORES ................................. 19,505 0.67 GENERAL MERCHANDISE STORES .................. 19,651 0.68 INDUSTRIAL MACHINERY AND EQUIPMENT .......... 6,404 0.22 INSTRUMENTS AND RELATED PRODUCTS ............ 19,278 0.66 INSURANCE CARRIERS .......................... 14,497 0.50 MOTION PICTURES ............................. 12,319 0.42 NONDEPOSITORY INSTITUTIONS .................. 121,913 4.20 OTHER MORTGAGE BACKED SECURITIES ............ 89,078 3.07 PETROLEUM AND COAL PRODUCTS ................. 41,301 1.42 PRINTING AND PUBLISHING ..................... 27,944 0.96 RAILROAD TRANSPORTATION ..................... 10,282 0.35 SECURITY AND COMMODITY BROKERS .............. 25,710 0.89 TOBACCO PRODUCTS ............................ 6,097 0.21 TRANSPORTATION BY AIR ....................... 18,144 0.62 TRANSPORTATION EQUIPMENT .................... 54,658 1.88 ---------- ------ TOTAL CORPORATE BONDS (Cost $1,074,326) ........................... 1,044,873 35.96 ---------- ------ GOVERNMENT BONDS AGENCY SECURITIES ........................... 286,983 9.88 FOREIGN GOVERNMENT BONDS .................... 69,606 2.40 MORTGAGE BACKED SECURITIES .................. 1,166,380 40.15 OTHER MORTGAGE BACKED SECURITIES ............ 1,915 0.06 U.S. TREASURY SECURITIES .................... 299,325 10.30 ---------- ------ TOTAL GOVERNMENT BONDS (Cost $1,866,854) ........................... 1,824,209 62.79 ---------- ------ TOTAL BONDS (Cost $2,941,180) ........................... 2,869,082 98.75 ---------- ------ SHORT TERM INVESTMENTS CERTIFICATES OF DEPOSIT ..................... 20,301 0.70 COMMERCIAL PAPER ............................ 558,538 19.22 ---------- ------ TOTAL SHORT TERM INVESTMENTS (Cost $578,800) ............................. 578,839 19.92 ---------- ------ TOTAL PORTFOLIO (Cost $3,519,980) ........................... 3,447,921 118.67 OTHER ASSETS & LIABILITIES, NET ............. (542,639) (18.67) ---------- ------ NET ASSETS ...................................... $2,905,282 100.00% ========== ====== ---------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- BONDS--98.75% CORPORATE BONDS--35.96% ASSET BACKED--6.25% ADVANTA MORTGAGE LOAN TRUST SERIES 1998-1 (CLASS A3) $13,000,000 6.270%, 12/25/17 .................... AAA $ 12,809 BLOCK MORTGAGE FINANCE, INC SERIES 1997-1 (CLASS A-2) 90,974 6.850%, 10/25/11 .................... AAA 91 CHASE CREDIT CARD MASTER TRUST SERIES 1997-2 (CLASS B) 10,000,000 6.450%, 04/15/03 .................... A2 9,999 CHASE FUNDING MORTGAGE LOAN SERIES 1999-1 (CLASS IA2) 13,250,000 6.050%, 05/25/22 .................... AAA 12,720 COMED TRANSITIONAL FUNDING TRUST SERIES 1998-1 (CLASS A5) 9,500,000 5.440%, 03/25/07 .................... AAA 8,899 FIRST ALLIANCE MORTGAGE LOAN TRUST SERIES 1997-3 (CLASS A1) 1,927,665 6.935%, 12/20/28 .................... AAA 1,912 GE CAPITAL MORTGAGE SERVICES, INC SERIES 1999-HE1 (CLASS A3) 20,300,000 6.035%, 06/25/20 .................... AAA 19,648 GREENPOINT MANUFACTURED HOUSING SERIES 1999-5 (CLASS A2) 21,000,000 7.080%, 02/15/18 ................... AAA 20,833 GREEN TREE HOME EQUITY LOAN TRUST SERIES 1999-A (CLASS A2) 9,000,000 5.780%, 02/15/14 .................... AAA 8,882 GREEN TREE HOME EQUITY LOAN TRUST SERIES 1998-C (CLASS A3) 26,340,000 6.180%, 07/15/29 .................... AAA 26,118 MBNA MASTER CREDIT CARD TRUST SERIES 1999-M (CLASS A) 7,250,000 6.600%, 04/16/07 .................... AAA 7,124 NEWCOURT EQUIPMENT TRUST SECURITIES SERIES 1999-1 (CLASS A4) 23,500,000 7.180%, 10/20/05 .................... AAA 23,515 RESIDENTIAL ASSET SECURITIES CORP SERIES 1999-KS3 (CLASS AI3) 12,000,000 7.180%, 01/25/25 .................... AAA 11,934 RESIDENTIAL ASSET SECURITIES CORP SERIES 1999-KS4 (CLASS AI4) 10,000,000 7.220%, 11/01/06 .................... AAA 9,822 VANDERBILT MORTGAGE FINANCE SERIES 1999-D (CLASS 1A2) 7,500,000 6.815%, 08/07/12 .................... AAA 7,412 ---------- 181,718 ---------- BUSINESS SERVICES--0.33% COMDISCO, INC (SR NOTE) 10,000,000 6.000%, 01/30/02 .................... BAA1 9,693 ---------- CHEMICALS AND ALLIED PRODUCTS--1.49% ABBOTT LABORATORIES NOTE 5,000,000 5.400%, 09/15/08 .................... AA1 4,443 DOW CHEMICAL CO DEB 5,000,000 7.375%, 11/01/29 .................... A1 4,781 DUPONT (E.I.) DE NEMOURS NOTE 9,500,000 6.750%, 10/15/04 .................... AA3 9,375 PPG INDUSTRIES, INC NOTE 10,000,000 7.050%, 08/15/09 .................... A1 9,735 PROCTER & GAMBLE CO (UNSUB NOTE) 10,000,000 6.600%, 12/15/04 .................... AA2 9,882 ROHM & HAAS CO DEB 5,000,000 7.850%, 07/15/29 .................... A3 4,991 ---------- 43,207 ---------- SEE NOTES TO FINANCIAL STATEMENTS + AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED) 16 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Bond Market Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- COMMUNICATIONS--3.14% BELLSOUTH TELECOMMUNICATIONS NOTE $10,000,000 6.500%, 06/15/05 .................... AAA $ 9,704 ELECTRIC LIGHTWAVE, INC NOTE 10,000,000 ^ 6.050%, 05/15/04 .................. A2 9,521 GTE CORP DEB 10,000,000 6.940%, 04/15/28 .................... BAA1 9,060 JONES INTERCABLE, INC (SR NOTE) 12,500,000 9.625%, 03/15/02 .................... BAA3 12,991 LENFEST COMMUNICATIONS NOTE 6,000,000 8.375%, 11/01/05 .................... BA2 6,108 5,000,000 8.250%, 02/15/08 .................... B1 5,044 MCI WORLDCOM, INC (SR NOTE) 5,000,000 6.125%, 08/15/01 .................... A3 4,946 QWEST COMMUNICATIONS INTERNATIONAL, INC (SR NOTE) 7,000,000 7.500%, 11/01/08 .................... BA1 6,805 SPRINT CAPITAL CORP (GUARANTEE NOTE) 2,000,000 6.375%, 05/01/09 .................... BAA1 1,840 8,500,000 6.875%, 11/15/28 .................... BAA1 7,554 U.S. WEST CAPITAL FUNDING, INC (GUARANTEE NOTE) 10,000,000 6.875%, 08/15/01 .................... BAA1 9,909 7,800,000 6.125%, 07/15/02 .................... BAA1 7,611 ---------- 91,093 ---------- DEPOSITORY INSTITUTIONS--2.16% BARCLAYS BANK PLC (SUB NOTE) 7,000,000 7.400%, 12/15/09 .................... AA3 6,868 CHASE MANHATTAN CORP (SUB NOTE) 7,000,000 7.000%, 11/15/09 .................... A1 6,735 DIME BANCORP, INC NEW (SR NOTE) 11,000,000 6.375%, 01/30/01 .................... BA1 10,967 FIRST UNION CORP NOTE 8,000,000 6.950%, 11/01/04 .................... A1 7,849 FLEET BOSTON CORP (SUB NOTE) 10,000,000 7.375%, 12/01/09 .................... A3 9,775 PNC FUNDING CORP (GUARANTEE NOTE) 5,600,000 7.500%, 11/01/09 .................... A3 5,498 WACHOVIA CORP (SUB NOTE) 11,065,000 6.150%, 03/15/09 .................... A1 10,057 WASHINGTON MUTUAL 5,000,000 7.500%, 08/15/06 ..................... A3 4,946 ---------- 62,695 ---------- ELECTRIC, GAS, AND SANITARY SERVICES--4.49% ALABAMA POWER CO (SR NOTE) 5,000,000 7.125%, 08/15/04 .................... A2 4,998 CAITHNESS COSO FUND CORP NOTE 10,000,000 6.800%, 12/15/01 .................... BA1 9,788 CLEVELAND ELECTRIC ILLUMINATING (SR NOTE) 6,000,000 7.430%, 11/01/09 .................... BA1 5,695 CLEVELAND ELECTRIC TOLEDO 5,000,000 EDISON NOTE 7.190%, 07/01/00 .................... BA1 4,994 CMS PANHANDLE HOLDINGS CO (SR NOTE) 10,000,000 ^ 6.125%, 03/15/04 .................... BAA3 9,411 COASTAL CORP (SR NOTE) 11,490,000 10.000%, 02/01/01 ................... BAA2 11,826 CONSUMERS ENERGY CO DEB 5,000,000 6.200%, 05/01/03 .................... BAA3 4,739 EL PASO ELECTRIC CO 5,000,000 (FIRST MORTGAGE BOND) 8.900%, 02/01/06 .................... BAA3 5,202 EL PASO ENERGY CORP (SR NOTE) 10,000,000 12.000%, 12/15/00 ................... BAA2 10,247 FPL GROUP CAPITAL, INC (GUARANTEE NOTE) 5,000,000 7.375%, 06/01/09 .................... A2 4,912 GEORGIA POWER CO (SR NOTE) 10,000,000 5.500%, 12/01/05 .................... A2 9,154 KN ENERGY, INC (SR NOTE) 7,000,000 6.450%, 11/30/01 .................... BAA2 6,887 MIDAMERICAN ENERGY HOLDINGS DEB 5,000,000 8.480%, 09/15/28 .................... BAA3 5,156 MONONGAHELA POWER CO (FIRST MORTGAGE BOND) 3,000,000 8.625%, 11/01/21 .................... A1 3,155 NATIONAL RURAL UTILITIES TRUST 5,000,000 5.000%, 10/01/02 .................... AA3 4,768 NIAGARA MOHAWK POWER CO (SR NOTE) 7,560,978 7.125%, 07/01/01 .................... BAA3 7,553 NIAGARA MOHAWK POWER CO (FIRST MORTGAGE BOND) 4,500,000 5.875%, 09/01/02 .................... BAA2 4,333 PUGET SOUND ENERGY, INC (SR NOTE) 5,000,000 7.020%, 12/01/27 .................... BAA1 4,433 TEXAS-NEW MEXICO POWER (FIRST MORTGAGE BOND) 2,000,000 9.250%, 09/15/00 .................... BAA2 2,032 TEXAS-NEW MEXICO POWER (SR NOTE) 3,000,000 6.250%, 01/15/09 .................... BAA2 2,532 TXU EASTERN HOLDINGS NOTE 4,000,000 ^ 6.450%, 05/15/05 .................... NR 3,784 U.S.A. WASTE SERVICES, INC NOTE 5,000,000 6.125%, 07/15/01 .................... BA1 4,759 ---------- 130,358 ---------- FOOD AND KINDRED PRODUCTS--1.35% COCA COLA ENTERPRISES (PUTABLE ASSET TRUST) 5,000,000 ^ 6.000%, 03/15/01 ................... A2 4,960 DIAGEO CAPITAL PLC NOTE 10,000,000 6.625%, 06/24/04 .................... A1 9,789 FORTUNE BRANDS, INC (SR NOTE) 15,000,000 ^ 7.125%, 11/01/04 ................... A2 14,756 SEAGRAM JOSEPH & SONS (GUARANTEE NOTE) 10,000,000 5.790%, 04/15/01 .................... BAA3 9,823 ---------- 39,328 ---------- FOOD STORES--0.67% KROGER CO (GUARANTEE NOTE) 10,000,000 7.450%, 03/01/08 .................... BAA3 9,738 KROGER CO (SR NOTE) 5,000,000 8.000%, 09/15/29 .................... BAA3 4,865 SAFEWAY, INC NOTE 5,000,000 7.500%, 09/15/09 .................... BAA2 4,902 ---------- 19,505 ---------- GENERAL MERCHANDISE STORES--0.68% WAL-MART STORES, INC (SR NOTE) 10,000,000 6.150%, 08/10/01 .................... AA2 9,914 10,000,000 6.875%, 08/10/09 .................... AA2 9,737 ---------- 19,651 ---------- INDUSTRIAL MACHINERY AND EQUIPMENT--0.22% CATERPILLAR, INC DEB 6,150,000 9.750%, 06/01/19 .................... A2 6,404 ---------- SEE NOTES TO FINANCIAL STATEMENTS + AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED) 1999 CREF Annual Report o 17 STATEMENT OF INVESTMENTS - Bond Market Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- INSTRUMENTS AND RELATED PRODUCTS--0.66% EASTMAN KODAK CO $13,000,000 6.500%, 08/15/01 .................... A2 $ 12,907 RAYTHEON CO NOTE 7,170,000 6.150%, 11/01/08 .................... BAA2 6,371 ---------- 19,278 ---------- INSURANCE CARRIERS--0.50% ALLSTATE CORP (SR NOTE) 5,000,000 7.200%, 12/01/09 .................... A1 4,861 AMERICAN GENERAL FINANCE (SR NOTE) 5,000,000 6.750%, 11/15/04 .................... A2 4,850 ASSOCIATED P&C HOLDINGS, INC 5,000,000 (SR NOTE) 6.750%, 07/15/03 .................... BAA1 4,786 ---------- 14,497 ---------- MOTION PICTURES--0.42% TIME WARNER ENTERTAINMENT DEB 10,515,000 10.150%, 05/01/12 ................... BAA2 12,319 ---------- NONDEPOSITORY INSTITUTIONS--4.20% ARISTAR, INC (SR NOTE) 10,000,000 6.000%, 05/15/02 .................... A3 9,692 9,000,000 7.250%, 06/15/06 .................... A3 8,806 DAIMLERCHRYSLER NA HOLDINGS (MEDIUM TERM NOTE) 14,000,000 6.670%, 02/15/02 .................... A1 13,895 11,500,000 6.840%, 10/15/02 .................... A1 11,443 FINOVA CAPITAL CORP NOTE 8,000,000 7.250%, 07/12/06 .................... BAA1 7,772 GENERAL ELECTRIC CAPITAL CORP (MEDIUM TERM NOTE) 10,000,000 6.650%, 09/03/02 .................... AAA 9,925 10,000,000 5.650%, 03/31/03 .................... AAA 9,585 GENERAL MOTORS ACCEPTANCE CORP (MEDIUM TERM NOTE) 5,000,000 6.750%, 12/10/02 .................... A2 4,950 HOUSEHOLD FINANCE CORP NOTE 5,000,000 5.875%, 11/01/02 .................... A2 4,816 7,925,000 7.000%, 08/01/03 .................... A2 7,829 10,000,000 6.400%, 06/17/08 .................... A2 9,245 JOHN DEERE CAPITAL CORP NOTE 10,000,000 7.000%, 10/15/02 .................... A2 9,966 NEWCOURT CREDIT GROUP (GUARANTEE NOTE) 9,345,000 ^ 6.875%, 02/16/05 ................... A1 9,098 NORWEST FINANCIAL, INC (SR NOTE) 5,000,000 6.700%, 09/22/04 .................... AA3 4,891 ---------- 121,913 ---------- OTHER MORTGAGE BACKED SECURITIES--3.07% BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES 1999-WF2 (CLASS A2) 19,000,000 7.080%, 06/15/09 .................... AAA 18,477 COMMERCIAL MORTGAGE ASSET TRUST SERIES 1999-C1 (CLASS A3) 18,050,000 6.640%, 09/17/10 .................... AAA 16,953 CS FIRST BOSTON MORTGAGE SECURITIES CORP SERIES 1999-C1 (CLASS A2) 15,500,000 7.290%, 09/15/09 .................... AAA 15,268 MORGAN STANLEY CAPITAL SERIES 1998-WF1 (CLASS A1) 19,505,317 6.250%, 07/15/07 .................... AAA 18,767 NATIONSLINK FUNDING CORP SERIES 1999-2 (CLASS A1C) 19,899,675 7.030%, 01/20/08 .................... AAA 19,613 ---------- 89,078 ---------- PETROLEUM AND COAL PRODUCTS--1.42% AMERADA HESS CORP DEB 15,000,000 7.875%, 10/01/29 .................... BAA1 14,630 BAKER HUGHS, INC (SR NOTE) 5,000,000 6.250%, 01/15/09 .................... NR 4,528 NORSK HYDRO A/S DEB 10,000,000 7.150%, 01/15/29 .................... A2 9,052 PHILLIPS PETROLEUM CO NOTE 9,000,000 6.375%, 03/30/09 .................... A3 8,322 VALERO ENERGY CORP NOTE 5,000,000 7.375%, 03/15/06 .................... BAA3 4,769 ---------- 41,301 ---------- PRINTING AND PUBLISHING--0.96% NEWS AMERICA HOLDINGS DEB 7,500,000 8.250%, 08/10/18 .................... BAA3 7,503 TIME WARNER, INC DEB 10,000,000 ^ 6.100%, 12/30/01 .................... BAA3 9,802 5,000,000 7.250%, 10/15/17 .................... BAA3 4,667 TIMES MIRROR CO NOTE 6,000,000 6.650%, 10/15/01 .................... A2 5,972 ---------- 27,944 ---------- RAILROAD TRANSPORTATION--0.35% BURLINGTON NORTHERN SANTA FE DEB 5,000,000 6.700%, 08/01/28 .................... BAA2 4,291 UNION PACIFIC CORP DEB 4,400,000 7.600%, 05/01/05 .................... BAA3 4,412 1,532,000 8.500%, 01/15/17 .................... BAA3 1,579 ---------- 10,282 ---------- SECURITY AND COMMODITY BROKERS--0.89% GOLDMAN SACHS GROUP, INC (MEDIUM TERM NOTE) 10,000,000 7.350%, 10/01/09 .................... A1 9,762 MERRILL LYNCH & CO NOTE 6,000,000 6.875%, 11/15/18 .................... AA3 5,456 MORGAN STANLEY DEAN WITTER 10,500,000 7.125%, 01/15/03 .................... AA3 10,492 ---------- 25,710 ---------- TOBACCO PRODUCTS--0.21% RJ REYNOLDS TOBACCO HOLDINGS (GUARANTEE NOTE) 6,500,000 7.375%, 05/15/03 .................... BAA2 6,097 ---------- TRANSPORTATION BY AIR--0.62% CONTINENTAL AIRLINES (PASS THRU CERT) 9,375,979 6.545%, 02/02/19 .................... AA3 8,521 DELTA AIRLINES DEB 10,000,000 8.300%, 12/15/29 .................... BAA3 9,623 ---------- 18,144 ---------- TRANSPORTATION EQUIPMENT--1.88% BOEING CO DEB 10,000,000 8.100%, 11/15/06 .................... A1 10,333 BOMBADIER CAPITAL 5,000,000 ^ 7.300%, 12/15/02 .................... A3 4,977 FORD MOTOR CO NOTE 25,000,000 7.450%, 07/16/31 .................... A1 24,051 TRW, INC NOTE 6,240,000 6.625%, 06/01/04 .................... BAA1 6,013 SEE NOTES TO FINANCIAL STATEMENTS + AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED) 18 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Bond Market Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- TRANSPORTATION EQUIPMENT--(Continued) UNITED TECHNOLOGIES CORP DEB $ 9,500,000 7.500%, 09/15/29 .................... A2 $ 9,284 ---------- 54,658 ---------- TOTAL CORPORATE BONDS (Cost $1,074,326) ................... 1,044,873 ---------- GOVERNMENT BONDS--62.79% AGENCY SECURITIES--9.88% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 26,000,000 5.375%, 03/01/01 .................... AAA 25,687 18,400,000 5.500%, 05/15/02 .................... AAA 17,957 18,200,000 5.000%, 01/15/04 .................... AAA 17,045 1,500,000 6.250%, 07/15/04 .................... AAA 1,466 3,000,000 7.100%, 04/10/07 .................... AAA 3,001 13,100,000 6.750%, 09/15/29 .................... AAA 12,459 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 70,400,000 5.250%, 01/15/03 .................... AAA 67,716 100,500,000 5.125%, 02/13/04 .................... AAA 94,486 5,000,000 6.850%, 09/12/05 .................... AAA 4,855 47,540,000 6.250%, 05/15/29 .................... AAA 42,311 ---------- 286,983 ---------- FOREIGN GOVERNMENT BONDS--2.40% BRITISH COLUMBIA NOTE 13,000,000 5.375%, 10/29/08 .................... AA2 11,378 CANADA GOVERNMENT 5,500,000 6.750%, 08/28/06 .................... AA2 5,413 ONTARIO ELECTRICITY 5,000,000 6.100%, 01/30/08 .................... AA3 4,622 ONTARIO PROVINCE CANADA 10,000,000 5.500%, 10/01/08 .................... AA3 8,858 PROVINCE OF ONTARIO 10,000,000 7.375%, 01/27/03 .................... AA3 10,088 QUEBEC PROVINCE CANADA 15,000,000 7.000%, 01/30/07 .................... A2 14,672 5,000,000 7.500%, 07/15/23 .................... AAA 4,881 10,000,000 7.500%, 09/15/29 .................... A2 9,694 ---------- 69,606 ---------- MORTGAGE BACKED SECURITIES--40.15% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 2,490,235 7.000%, 09/01/10 .................... 2,470 4,388,812 6.000%, 04/01/11 .................... 4,197 11,522,753 7.000%, 07/01/13 .................... 11,393 1,767,488 7.000%, 05/01/23 .................... 1,721 439,316 8.500%, 06/01/27 .................... 451 796,532 8.500%, 07/01/27 .................... 818 2,540,878 8.500%, 08/01/27 .................... 2,610 FEDERAL HOME LOAN MORTGAGE CORP GOLD (FGLMC) 50,000,000 < 7.000%, 01/25/15 49,438 9,456,750 6.500%, 01/01/29 .................... 8,916 177,040,266 o 6.500%, 02/01/29 .................... 166,915 8,236,285 8.000%, 03/01/29 .................... 8,316 8,247,700 8.000%, 04/01/29 .................... 8,328 51,566,846 6.500%, 09/01/29 .................... 48,618 76,000,000 7.000%, 01/25/30 .................... 73,554 90,100,000 < 7.500%, 01/25/30 .................... 89,171 89,000,000 < 8.000%, 01/25/30 .................... 89,862 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 1,090,210 7.500%, 08/01/01 .................... 1,091 PRINCIPAL VALUE (000) --------- ----------- $ 2,196,909 6.000%, 12/01/02 .................... $ 2,156 1,023,871 6.000%, 12/01/08 .................... 984 9,991,691 6.500%, 05/01/09 .................... 9,742 2,237,300 7.500%, 11/01/10 .................... 2,251 1,457,324 8.000%, 06/01/11 .................... 1,480 378,646 8.000%, 07/01/11 .................... 385 51,429,406 6.000%, 12/01/13 .................... 48,826 45,749,622 6.500%, 10/01/14 .................... 44,405 44,500,000 6.500%, 01/25/15 .................... 43,165 1,017,676 6.500%, 02/01/16 .................... 971 902,606 6.500%, 03/01/16 .................... 861 1,173,708 6.500%, 04/01/16 .................... 1,119 5,678,846 8.000%, 03/01/23 .................... 5,748 10,250,652 8.000%, 07/01/24 .................... 10,356 4,450,280 8.500%, 12/01/24 .................... 4,568 1,902,361 9.000%, 11/01/25 .................... 1,980 18,256,380 o 8.500%, 02/01/28 .................... 18,733 260,738 8.500%, 08/01/28 .................... 267 14,132,276 6.000%, 10/01/28 .................... 12,927 36,359,689 6.500%, 10/01/28 .................... 34,257 19,709,921 6.000%, 01/01/29 .................... 18,028 19,532,967 6.000%, 02/01/29 .................... 17,866 38,213,257 6.500%, 02/01/29 .................... 36,004 14,140,571 6.500%, 03/01/29 .................... 13,323 7,277,950 6.000%, 05/01/29 .................... 6,657 75,500,000 < 7.000%, 01/25/30 .................... 72,999 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) 207,757 8.500%, 10/15/09 .................... 214 733,662 8.500%, 12/15/09 .................... 756 2,426,215 9.000%, 12/15/09 .................... 2,551 711,253 8.500%, 01/15/10 .................... 733 108,026 9.000%, 06/15/16 .................... 114 186,785 9.000%, 08/15/16 .................... 197 333,391 9.000%, 09/15/16 .................... 352 53,016 9.000%, 10/15/16 .................... 56 120,547 9.000%, 11/15/16 .................... 127 399,866 9.000%, 12/15/16 .................... 422 1,667,046 9.500%, 12/15/16 .................... 1,787 159,306 9.000%, 07/15/17 .................... 168 175,496 9.000%, 06/15/20 .................... 185 5,189,927 6.500%, 09/15/23 .................... 4,926 3,166,608 6.500%, 01/15/24 .................... 3,002 2,078,945 6.500%, 03/15/24 .................... 1,971 13,011,113 6.500%, 05/15/24 .................... 12,348 2,040,710 8.000%, 06/15/24 .................... 2,066 4,358,568 6.500%, 09/15/24 .................... 4,132 103,500,000 < 7.000%, 01/25/30 .................... 99,942 53,000,000 < 7.500%, 01/25/30 .................... 52,404 ---------- 1,166,380 ---------- OTHER MORTGAGE BACKED SECURITIES--0.06% FANNIE MAE WHOLE LOAN (FNW) 2,000,000 5.925%, 02/25/29 .................... 1,915 ---------- U.S. TREASURY SECURITIES--10.30% U.S. TREASURY BONDS 28,900,000 10.375%, 11/15/12 ................... 35,131 54,830,000 12.000%, 08/15/13 ................... 73,215 96,478,000 8.875%, 02/15/19 .................... 117,432 19,595,000 5.250%, 02/15/29 .................... 16,203 U.S. TREASURY NOTES 8,600,000 5.875%, 11/15/04 .................... 8,432 4,725,000 5.875%, 11/15/05 .................... 4,587 45,755,000 6.000%, 08/15/09 .................... 44,325 ---------- 299,325 ---------- TOTAL GOVERNMENT BONDS (Cost $1,866,854) ................... 1,824,209 ---------- TOTAL BONDS (Cost $2,941,180) ................... 2,869,082 ---------- SEE NOTES TO FINANCIAL STATEMENTS + AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED) 1999 CREF Annual Report o 19 STATEMENT OF INVESTMENTS - Bond Market Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- SHORT TERM INVESTMENTS--19.92% CERTIFICATES OF DEPOSIT--0.70% BANK OF MONTREAL $20,300,000 o 5.950%, 01/19/00 $ 20,301 ---------- COMMERCIAL PAPER--19.22% ALLIED SIGNAL, INC 30,000,000 o~ 5.790%, 01/19/00 29,911 14,500,000 o~ 5.820%, 01/19/00 14,457 AMERICAN TELEPHONE & TELEGRAPH CO 21,000,000 o 5.750%, 01/24/00 20,921 CIESCO LP 12,000,000 ~ 6.500%, 01/20/00 11,963 COCA COLA CO 815,000 ~ 5.780%, 01/19/00 813 CORPORATE ASSET FUNDING CORP, INC 50,000,000 o~ 5.920%, 01/25/00 49,805 DELAWARE FUNDING CORP 11,460,000 o~ 5.900%, 01/18/00 11,428 25,000,000 o~ 6.400%, 01/18/00 24,930 13,750,000 ^o~ 5.950%, 01/21/00 13,705 ENTERPRISE FUNDING CORP 37,950,000 o~ 6.500%, 01/19/00 37,837 GENERAL ELECTRIC CAPITAL CORP 50,000,000 o 5.840%, 01/19/00 49,852 GOLDMAN SACHS GROUP LP 50,000,000 o 6.500%, 01/25/00 49,805 GTE FUNDING, INC 20,000,000 o^ 5.870%, 01/18/00 19,944 19,645,000 o 5.870%, 01/19/00 19,587 MERRILL LYNCH & CO, INC 25,000,000 o 5.850%, 01/19/00 24,926 MOTIVA ENTERPRISES LLC 15,000,000 o 5.760%, 01/24/00 14,944 PARK AVENUE RECEIVABLES CORP 14,905,000 o~ 5.980%, 01/20/00 14,858 RECEIVABLES CAPITAL CORP 32,330,000 o~ 6.020%, 01/19/00 32,234 17,000,000 ~ 6.100%, 01/24/00 16,936 SOUTHERN CALIFORNIA EDISON CO 50,000,000 6.250%, 01/19/00 49,852 XEROX CAPITAL PLC (EUROPE) 30,000,000 o 5.780%, 01/19/00 29,905 20,000,000 o 5.810%, 01/24/00 19,925 ---------- 558,538 ---------- TOTAL SHORT TERM INVESTMENTS (Cost $578,800) 578,839 ---------- TOTAL PORTFOLIO (Cost $3,519,980) $3,447,921 ========== - ---------- ~ Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. ^ Security is exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 1999, the value of these securities amounted to $99,958,565 or 3.44% of net assets. o All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery basis. < These securities were purchased on a delayed delivery basis. SEE NOTES TO FINANCIAL STATEMENTS + AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED) 20 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- Summary by Industry (000) VALUE % ---------- ------ BONDS CORPORATE BONDS ASSET BACKED ................................ $ 88,350 2.14% BUSINESS SERVICES ........................... 15,111 0.37 CHEMICALS AND ALLIED PRODUCTS ............... 8,714 0.21 COMMUNICATIONS .............................. 80,686 1.96 DEPOSITORY INSTITUTIONS ..................... 28,738 0.70 EATING AND DRINKING PLACES .................. 22,691 0.55 ELECTRIC, GAS, AND SANITARY SERVICES ........ 24,361 0.59 FOOD AND KINDRED PRODUCTS ................... 14,805 0.36 FOOD STORES ................................. 30,940 0.75 GENERAL MERCHANDISE STORES .................. 40,181 0.97 INSURANCE CARRIERS .......................... 7,111 0.17 MOTION PICTURES ............................. 12,319 0.30 NONDEPOSITORY INSTITUTIONS .................. 58,547 1.42 OTHER MORTGAGE BACKED SECURITIES ............ 28,157 0.68 PRINTING AND PUBLISHING ..................... 15,429 0.37 RAILROAD TRANSPORTATION ..................... 14,081 0.34 SECURITY AND COMMODITY BROKERS .............. 19,032 0.46 TRANSPORTATION BY AIR ....................... 12,764 0.31 ---------- ------ TOTAL CORPORATE BONDS (Cost $546,009) ............................. 522,017 12.65 ---------- ------ GOVERNMENT BONDS AGENCY SECURITIES ........................... 177,798 4.31 FOREIGN GOVERNMENT BONDS .................... 35,316 0.85 MORTGAGE BACKED SECURITIES .................. 610,847 14.80 U.S. TREASURY SECURITIES .................... 181,051 4.39 ---------- ------ TOTAL GOVERNMENT BONDS (Cost $1,031,301) ........................... 1,005,012 24.35 ---------- ------ TOTAL BONDS (Cost $1,577,310) ........................... 1,527,029 37.00 ---------- ------ COMMON STOCK APPAREL AND ACCESSORY STORES ................ 8,651 0.21 APPAREL AND OTHER TEXTILE PRODUCTS .......... 1,062 0.03 AUTO REPAIR, SERVICES AND PARKING ........... 83 0.00 BUILDING MATERIALS AND GARDEN SUPPLIES ...... 43,244 1.05 BUSINESS SERVICES ........................... 282,345 6.84 CHEMICALS AND ALLIED PRODUCTS ............... 324,901 7.87 COMMUNICATIONS .............................. 315,259 7.64 DEPOSITORY INSTITUTIONS ..................... 149,000 3.61 EATING AND DRINKING PLACES .................. 20,952 0.51 ELECTRIC, GAS, AND SANITARY SERVICES ........ 91,841 2.23 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT ..... 158,314 3.84 ENGINEERING AND MANAGEMENT SERVICES ......... 1,743 0.04 FABRICATED METAL PRODUCTS ................... 14,715 0.36 FOOD AND KINDRED PRODUCTS ................... 115,907 2.81 FOOD STORES ................................. 9,046 0.22 FURNITURE AND FIXTURES ...................... 4,793 0.12 FURNITURE AND HOMEFURNISHINGS STORES ........ 1,928 0.05 GENERAL BUILDING CONTRACTORS ................ 906 0.02 GENERAL MERCHANDISE STORES .................. 90,419 2.19 HEALTH SERVICES ............................. 10,144 0.25 HOLDING AND OTHER INVESTMENT OFFICES ........ 4,236 0.10 INDUSTRIAL MACHINERY AND EQUIPMENT .......... 274,382 6.65 INSTRUMENTS AND RELATED PRODUCTS ............ 36,880 0.89 INSURANCE AGENTS, BROKERS AND SERVICE ....... 13,015 0.31 INSURANCE CARRIERS .......................... 147,864 3.58 MISCELLANEOUS MANUFACTURING INDUSTRIES ...... 28,562 0.69 MISCELLANEOUS RETAIL ........................ 12,152 0.29 MOTION PICTURES ............................. 43,183 1.05 NONDEPOSITORY INSTITUTIONS .................. 87,196 2.11 OIL AND GAS EXTRACTION ...................... 68,497 1.66 PAPER AND ALLIED PRODUCTS ................... 18,448 0.44 PETROLEUM AND COAL PRODUCTS ................. 9,596 0.23 PRIMARY METAL INDUSTRIES .................... 10,219 0.25 PRINTING AND PUBLISHING ..................... 32,256 0.78 RAILROAD TRANSPORTATION ..................... 8,635 0.21 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ... 13,831 0.34 SECURITY AND COMMODITY BROKERS .............. 41,747 1.01 STONE, CLAY, AND GLASS PRODUCTS ............. 10,521 0.25 TRANSPORTATION BY AIR ....................... 13,240 0.32 TRANSPORTATION EQUIPMENT .................... 1,729 0.04 TRUCKING AND WAREHOUSING .................... 835 0.02 WHOLESALE TRADE-DURABLE GOODS ............... 9,748 0.24 WHOLESALE TRADE-NONDURABLE GOODS ............ 24,299 0.59 ---------- ------ TOTAL COMMON STOCK (Cost $1,263,727) ........................... 2,556,324 61.94 ---------- ------ SHORT TERM INVESTMENTS COMMERCIAL PAPER ............................ 314,299 7.61 U.S. GOVERNMENT AND AGENCIES ................ 19,249 0.47 ---------- ------ TOTAL SHORT TERM INVESTMENTS (Cost $333,548) ............................. 333,548 8.08 ---------- ------ TOTAL PORTFOLIO (Cost $3,174,585) ........................... 4,416,901 107.02 OTHER ASSETS & LIABILITIES, NET ............. (289,940) (7.02) ---------- ------ NET ASSETS ...................................... $4,126,961 100.00% ========== ====== PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- BONDS--37.00% CORPORATE BONDS--12.65% ASSET BACKED--2.14% CHASE CREDIT CARD MASTER TRUST SERIES 1999-3 (CLASS A) $20,000,000 6.660%, 01/15/07 .................... AAA $ 19,695 CHASE CREDIT CARD MASTER TRUST SERIES 1997-2 (CLASS B) 8,000,000 6.450%, 04/15/03 .................... A2 7,999 CHASE FUNDING MORTGAGE LOAN SERIES 1999-3 (CLASS IA3) 6,000,000 7.180%, 08/25/21 .................... AAA 5,955 CHASE FUNDING MORTGAGE LOAN SERIES 1999-4 (CLASS IA3) 6,500,000 7.194%, 04/27/20 .................... AAA 6,461 CITIBANK CREDIT CARD MASTER TRUST SERIES 1999-7 (CLASS A) 12,000,000 6.650%, 11/15/04 .................... AAA 11,752 CITIBANK CREDIT CARD MASTER TRUST SERIES 1997-2 (CLASS B) 3,000,000 6.700%, 02/15/04 .................... A1 2,966 FLEETWOOD CREDIT GRANTOR TRUST SERIES 1993-B (CLASS A) 1,545,156 4.950%, 08/15/08 .................... AAA 1,465 MBNA MASTER CREDIT CARD TRUST SERIES 1999-1 (CLASS A) 19,500,000 6.400%, 01/18/05 .................... AAA 19,262 MBNA MASTER CREDIT CARD TRUST SERIES 1999-M (CLASS A) 2,500,000 6.600%, 04/16/07 .................... AAA 2,457 NATIONSCREDIT GRANTOR TRUST SERIES 1993-2 (CLASS B) 7,000,000 6.250%, 12/15/05 .................... A2 6,738 NATIONSBANK CREDIT CARD MASTER TRUST SERIES 1997-2 (CLASS A1) 2,457,905 6.350%, 04/15/14 .................... AAA 2,400 SEE NOTES TO FINANCIAL STATEMENTS + AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED) 1999 CREF Annual Report o 21 STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- ASSET BACKED--(Continued) UCFCM SERIES 1997-2 (CLASS B1) (SUB DEB) $ 6,000,000 7.370%, 02/15/18 .................... BA3 $ 1,200 ---------- 88,350 ---------- BUSINESS SERVICES--0.37% ELECTRONIC DATA SYSTEMS DEB 10,500,000 7.450%, 10/15/29 .................... A1 10,176 INTERNATIONAL LEASE FINANCE CORP NOTE 5,000,000 5.950%, 06/01/01 .................... A1 4,935 ---------- 15,111 ---------- CHEMICALS AND ALLIED PRODUCTS--0.21% JOHNSON & JOHNSON CO DEB 4,000,000 6.950%, 09/01/29 .................... AAA 3,773 PROCTER & GAMBLE CO (UNSUB NOTE) 5,000,000 6.600%, 12/15/04 .................... AA2 4,941 ---------- 8,714 ---------- COMMUNICATIONS--1.96% AMERITECH CAPITAL FUNDING CORP (GUARANTEE NOTE) 7,000,000 5.650%, 01/15/01 .................... AA3 6,935 BELLSOUTH TELECOMMUNICATIONS NOTE 8,000,000 6.000%, 06/15/02 .................... AAA 7,840 COMCAST CORP (SR SUB DEB) 5,000,000 9.500%, 01/15/08 .................... BA2 5,158 LUCENT TECHNOLOGIES, INC DEB 5,000,000 6.450%, 03/15/29 .................... A2 4,352 MCI WORLDCOM, INC (SR NOTE) 4,000,000 6.125%, 08/15/01 .................... A3 3,957 NEW YORK TELEPHONE CO DEB 7,000,000 9.375%, 07/15/31 .................... A2 7,305 SPRINT CAPITAL CORP (GUARANTEE NOTE) 7,000,000 5.875%, 05/01/04 .................... BAA1 6,602 5,000,000 6.375%, 05/01/09 .................... BAA1 4,599 10,000,000 6.875%, 11/15/28 .................... BAA1 8,887 TELE-COMMUNICATIONS, INC DEB 5,000,000 7.875%, 08/01/13 .................... A2 5,077 U.S. WEST CAPITAL FUNDING, INC (GUARANTEE NOTE) 10,000,000 6.875%, 08/15/01 .................... BAA1 9,909 VIACOM, INC (SR NOTE) 10,000,000 7.750%, 06/01/05 .................... BAA3 10,065 ---------- 80,686 ---------- DEPOSITORY INSTITUTIONS--0.70% BANK OF AMERICA (SUB NOTE) 10,000,000 6.875%, 02/15/05 .................... AA3 9,759 FIRST UNION CORP (SUB NOTE) 10,000,000 6.300%, 04/15/08 .................... A2 9,162 PNC FUNDING CORP (GUARANTEE NOTE) 10,000,000 7.500%, 11/01/09 .................... A3 9,817 ---------- 28,738 ---------- EATING AND DRINKING PLACES--0.55% MCDONALD'S CORP NOTE 13,000,000 5.900%, 05/11/01 .................... AA2 12,865 10,000,000 6.000%, 06/23/02 .................... AA2 9,826 ---------- 22,691 ---------- ELECTRIC, GAS, AND SANITARY SERVICES--0.59% CONSOLIDATED NATURAL GAS NOTE 5,000,000 7.250%, 10/01/04 .................... A2 4,961 EL PASO NATURAL GAS CO NOTE 5,000,000 6.750%, 11/15/03 .................... BAA1 4,879 PUGET SOUND POWER & LIGHT CO (MEDIUM TERM NOTE) 5,000,000 8.060%, 06/19/06 .................... BAA1 5,124 SONAT, INC NOTE 5,000,000 6.750%, 10/01/07 .................... BAA2 4,592 WILLIAMS COS, INC NOTE 5,000,000 7.625%, 07/15/19 .................... BAA2 4,805 ---------- 24,361 ---------- FOOD AND KINDRED PRODUCTS--0.36% COCA COLA ENTERPRISES NOTE 5,000,000 7.125%, 09/30/09 .................... A2 4,885 COCA COLA ENTERPRISES NOTE (PUTABLE ASSET TRUST) 10,000,000 ^ 6.000%, 03/15/01 .................... A2 9,920 ---------- 14,805 ---------- FOOD STORES--0.75% ALBERTSON'S, INC DEB 7,720,000 7.450%, 08/01/29 .................... A2 7,337 KROGER CO NOTE 10,000,000 6.000%, 07/01/00 .................... BAA3 9,935 SAFEWAY, INC NOTE 5,000,000 7.000%, 09/15/02 .................... BAA2 4,978 9,400,000 6.500%, 11/15/08 .................... BAA2 8,690 ---------- 30,940 ---------- GENERAL MERCHANDISE STORES--0.97% DILLARDS, INC NOTE 5,000,000 5.790%, 11/15/01 .................... BAA1 4,834 FEDERATED DEPARTMENT STORES NOTE 11,000,000 6.300%, 04/01/09 .................... BAA1 10,001 SEARS ROEBUCK ACCEPTANCE CORP (MEDIUM TERM NOTE) 5,000,000 6.990%, 09/30/02 .................... A3 4,914 WAL-MART STORES, INC NOTE 5,500,000 8.625%, 04/01/01 .................... AA2 5,625 6,275,000 8.000%, 09/15/06 .................... AA2 6,531 8,500,000 6.875%, 08/10/09 .................... AA2 8,276 ---------- 40,181 ---------- INSURANCE CARRIERS--0.17% USF&G CORP (SR NOTE) 7,000,000 8.375%, 06/15/01 .................... A2 7,111 ---------- MOTION PICTURES--0.30% TIME WARNER ENTERTAINMENT DEB 6,500,000 10.150%, 05/01/12 ................... BAA2 7,615 WALT DISNEY CO NOTE 5,000,000 5.250%, 11/10/03 .................... A2 4,704 ---------- 12,319 ---------- NONDEPOSITORY INSTITUTIONS--1.42% AMERICAN GENERAL FINANCE (SR NOTE) 10,000,000 5.750%, 11/01/03 .................... A2 9,458 ARISTAR, INC (SR NOTE) 5,000,000 5.850%, 01/27/04 .................... A3 4,686 5,000,000 7.250%, 06/15/06 .................... A3 4,892 ASSOCIATES CORP NA (SR NOTE) 5,000,000 6.250%, 11/01/08 .................... AA3 4,612 CAPITAL ONE BANK (SR NOTE) 3,000,000 7.080%, 10/30/01 .................... BAA2 2,971 FINOVA CAPITAL CORP NOTE 4,500,000 6.125%, 03/15/04 .................... BAA1 4,260 10,000,000 6.375%, 05/15/05 .................... BAA1 9,413 HOUSEHOLD FINANCE CORP NOTE 9,000,000 7.000%, 08/01/03 .................... A2 8,891 SEE NOTES TO FINANCIAL STATEMENTS + AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED) 22 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- NONDEPOSITORY INSTITUTIONS--(Continued) XEROX CAPITAL PLC (EUROPE) (GUARANTEE NOTE) $10,000,000 5.875%, 05/15/04 .................... A2 $ 9,364 ---------- 58,547 ---------- OTHER MORTGAGE BACKED SECURITIES--0.68% BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES 1999-WF2 (CLASS A2) 7,500,000 7.080%, 06/15/09 .................... AAA 7,293 FIRST UNION COMMERCIAL MORTGAGE TRUST SERIES 1999-C1 (CLASS A2) 12,750,000 6.070%, 10/15/08 .................... AAA 11,641 MORGAN STANLEY CAPITAL SERIES 1999-WF1 (CLASS A2) 10,000,000 6.210%, 09/15/08 .................... AAA 9,223 ---------- 28,157 ---------- PRINTING AND PUBLISHING--0.37% TIME WARNER, INC DEB 5,000,000 9.125%, 01/15/13 .................... BAA3 5,476 TIMES MIRROR CO NOTE 10,000,000 6.650%, 10/15/01 .................... A2 9,953 ---------- 15,429 ---------- RAILROAD TRANSPORTATION--0.34% NORFOLK SOUTHERN CORP (SR NOTE) 10,000,000 6.200%, 04/15/09 .................... BAA1 8,975 UNION PACIFIC RESOURCES NOTE 5,515,000 6.750%, 05/15/08 .................... BAA3 5,106 ---------- 14,081 ---------- SECURITY AND COMMODITY BROKERS--0.46% MERRILL LYNCH & CO NOTE 5,000,000 6.875%, 11/15/18 .................... AA3 4,547 MORGAN STANLEY DEAN WITTER, INC 10,000,000 (SR NOTE) 5.625%, 04/12/02 .................... AA3 9,682 SALOMON SMITH BARNEY HOLDINGS NOTE 5,000,000 6.375%, 10/01/04 .................... AA3 4,803 ---------- 19,032 ---------- TRANSPORTATION BY AIR--0.31% DELTA AIRLINES, INC DEB 4,805,890 8.950%, 01/12/12 .................... BAA1 5,071 DELTA AIRLINES, INC DEB SERIES 1992-B1 2,248,569 8.270%, 09/23/07 .................... BAA1 2,256 UNITED AIR LINES, INC DEB 4,975,000 9.750%, 08/15/21 .................... BAA3 5,437 ---------- 12,764 ---------- TOTAL CORPORATE BONDS (Cost $546,009) ..................... 522,017 ---------- GOVERNMENT BONDS--24.35% AGENCY SECURITIES--4.31% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 19,000,000 5.375%, 03/01/01 .................... AAA 18,771 47,000,000 5.500%, 05/15/02 .................... AAA 45,869 32,700,000 5.000%, 01/15/04 .................... AAA 30,626 6,000,000 6.250%, 07/15/04 .................... AAA 5,866 14,900,000 6.750%, 09/15/29 .................... AAA 14,171 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 1,000,000 8.250%, 12/18/00 .................... AAA 1,017 48,000,000 5.250%, 01/15/03 .................... AAA 46,170 17,200,000 6.250%, 05/15/29 .................... AAA 15,308 ---------- 177,798 ---------- FOREIGN GOVERNMENT BONDS--0.85% ALBERTA PROVINCE CANADA 10,000,000 4.875%, 10/29/03 .................... AA2 9,283 ONTARIO PROVINCE CANADA 5,000,000 7.625%, 06/22/04 .................... AA3 5,109 QUEBEC PROVINCE CANADA 5,500,000 7.000%, 01/30/07 .................... A2 5,380 5,000,000 7.500%, 07/15/23 .................... AAA 4,881 11,000,000 7.500%, 09/15/29 .................... A2 10,663 ---------- 35,316 ---------- MORTGAGE BACKED SECURITIES--14.80% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 2,984,217 6.000%, 03/01/11 .................... 2,854 707,413 7.000%, 05/01/23 .................... 689 148,374 8.500%, 05/01/27 .................... 152 430,151 8.500%, 07/01/27 .................... 442 2,255,091 8.500%, 08/01/27 .................... 2,316 FEDERAL HOME LOAN MORTGAGE CORP GOLD (FGLMC) 20,000,000 7.000%, 01/25/15 .................... 19,775 13,776,636 6.500%, 01/01/29 .................... 12,989 16,101,163 6.500%, 03/01/29 .................... 15,180 145,518,623 6.500%, 09/01/29 .................... 137,196 84,000,000 7.000%, 01/25/30 .................... 81,296 31,000,000 7.500%, 01/25/30 .................... 30,680 42,500,000 8.000%, 01/25/30 .................... 42,912 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 2,196,909 6.000%, 12/01/02 .................... 2,156 194,654 8.500%, 02/01/05 .................... 197 826,360 7.500%, 06/01/11 .................... 832 555,338 8.000%, 06/01/11 .................... 564 757,287 8.000%, 07/01/11 .................... 770 186,129 7.500%, 08/01/11 .................... 187 292,253 7.500%, 09/01/11 .................... 294 749,608 7.500%, 10/01/11 .................... 754 5,870,921 7.000%, 04/01/12 .................... 5,803 3,764,315 6.500%, 09/01/12 .................... 3,654 23,614,698 o 6.000%, 12/01/13 .................... 22,419 30,910,862 6.500%, 10/01/14 .................... 30,003 135,010 8.500%, 11/01/14 .................... 139 15,000,000 6.500%, 01/25/15 .................... 14,550 1,557,470 o 8.000%, 03/01/23 .................... 1,576 2,836,012 o 8.000%, 07/01/24 .................... 2,865 131,754 8.500%, 07/01/26 .................... 135 247,757 8.500%, 07/01/27 .................... 254 1,355,482 o 8.500%, 11/01/27 .................... 1,391 340,356 8.500%, 01/01/28 .................... 349 6,938,736 o 8.500%, 02/01/28 .................... 7,120 267,764 8.500%, 08/01/28 .................... 275 161,760 8.500%, 09/01/28 .................... 166 4,710,758 6.000%, 10/01/28 .................... 4,309 14,782,442 o 6.000%, 01/01/29 .................... 13,521 7,622,618 6.000%, 02/01/29 .................... 6,972 6,874,248 6.000%, 05/01/29 .................... 6,288 29,900,000 7.000%, 01/25/30 .................... 28,910 12,500,000 < 7.500%, 01/25/30 .................... 12,359 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) 338,736 8.500%, 09/15/09 .................... 349 323,327 8.500%, 10/15/09 .................... 333 175,757 8.500%, 12/15/09 .................... 181 2,345,836 9.000%, 12/15/09 .................... 2,467 1,896,666 o 9.000%, 12/15/17 .................... 2,001 134,991 9.000%, 03/15/20 .................... 142 SEE NOTES TO FINANCIAL STATEMENTS + AS PROVIDED BY MOODY'S INVESTORS SERVICES (UNAUDITED) 1999 CREF Annual Report o 23 STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- MORTGAGE BACKED SECURITIES--(Continued) GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) $ 74,370 9.000%, 08/15/20 .................... $ 78 1,758,766 o 8.000%, 06/15/22 .................... 1,783 703,002 6.500%, 08/15/23 .................... 667 458,304 6.500%, 09/15/23 .................... 435 10,681,604 o 6.500%, 12/15/28 .................... 10,024 44,000,000 7.000%, 01/25/30 .................... 42,488 35,000,000 < 7.500%, 01/25/30 .................... 34,606 ---------- 610,847 ---------- U.S. TREASURY SECURITIES--4.39% U.S. TREASURY BONDS 19,450,000 10.375%, 11/15/12 ................... 23,644 15,000,000 12.000%, 08/15/13 ................... 20,030 18,000,000 o 8.750%, 05/15/17 .................... 21,499 77,320,000 o 8.875%, 02/15/19 .................... 94,113 10,000,000 8.125%, 08/15/19 .................... 11,395 525,000 5.250%, 02/15/29 .................... 434 U.S. TREASURY NOTE 10,000,000 5.875%, 11/30/01 .................... 9,936 ---------- 181,051 ---------- TOTAL GOVERNMENT BONDS (Cost $1,031,301) ................... 1,005,012 ---------- TOTAL BONDS (Cost $1,577,310) ................... 1,527,029 ---------- SHARES - ----------- COMMON STOCK--61.94% APPAREL AND ACCESSORY STORES--0.21% 9,702 * ABERCROMBIE & FITCH CO (CLASS A) .... 259 182,430 GAP, INC ............................ 8,392 ---------- 8,651 ---------- APPAREL AND OTHER TEXTILE PRODUCTS--0.03% 15,800 LIZ CLAIBORNE, INC .................. 594 15,600 VF CORP ............................. 468 ---------- 1,062 ---------- AUTO REPAIR, SERVICES AND PARKING--0.00% 3,400 RYDER SYSTEM, INC ................... 83 ---------- BUILDING MATERIALS AND GARDEN SUPPLIES--1.05% 585,150 HOME DEPOT, INC ..................... 40,119 52,300 LOWES COS, INC ...................... 3,125 ---------- 43,244 ---------- BUSINESS SERVICES--6.84% 574,200 * AMERICA ONLINE, INC ................. 43,316 327,800 AUTOMATIC DATA PROCESSING, INC ...... 17,660 120,025 COMPUTER ASSOCIATES INTERNATIONAL, INC ................ 8,394 95,900 ELECTRONIC DATA SYSTEMS CORP ........ 6,419 16,369 * GARTNER GROUP, INC (CLASS B) ........ 226 7,840 * IMATION CORP ........................ 263 148,000 IMS HEALTH, INC ..................... 4,024 1,110,400 * MICROSOFT CORP ...................... 129,639 82,200 * NOVELL, INC ......................... 3,283 322,293 * ORACLE CORP ......................... 36,117 426,200 * SUN MICROSYSTEMS, INC ............... 33,004 ---------- 282,345 ---------- CHEMICALS AND ALLIED PRODUCTS--7.87% 189,200 AIR PRODUCTS & CHEMICALS, INC ....... 6,350 2,235 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS A) ....... 28 64,000 ALLERGAN, INC ....................... 3,184 57,200 * ALZA CORP ........................... 1,981 326,200 * AMGEN, INC .......................... 19,592 130,400 AVON PRODUCTS, INC .................. 4,303 493,685 BRISTOL MYERS SQUIBB CO ............. 31,688 57,000 CABOT CORP .......................... 1,161 145,400 CLOROX CO ........................... 7,325 245,000 COLGATE PALMOLIVE CO ................ 15,925 905 * CRESCENDO PHARMACEUTICALS CORP ...... 17 36,200 * FOREST LABORATORIES, INC ............ 2,224 18,756 FULLER (H.B.) CO .................... 1,049 27,000 * GENZYME CORP (GENERAL DIVISION) ..... 1,215 3,588 * GENZYME CORP (TISSUE REPAIR DIVISION) .................. 10 4,833 * GENZYME SURGICAL PRODUCTS ........... 28 54,976 * GENZYME-MOLECULAR ONCOLOGY .......... 385 89,150 HANNA (M.A.) CO ..................... 975 62,500 INTERNATIONAL FLAVORS & FRAGRANCES, INC ................... 2,359 23,400 * IVAX CORP ........................... 603 449,300 JOHNSON & JOHNSON CO ................ 41,841 184,700 LILLY (ELI) & CO .................... 12,283 54,500 MALLINCKRODT, INC ................... 1,734 686,800 MERCK & CO, INC ..................... 46,059 58,200 MYLAN LABORATORIES, INC ............. 1,466 9,100 NCH CORP ............................ 406 775,200 PFIZER, INC ......................... 25,146 32,255 PHARMACIA & UPJOHN, INC ............. 1,451 189,100 PPG INDUSTRIES, INC ................. 11,831 143,700 PRAXAIR, INC ........................ 7,230 454,000 PROCTER & GAMBLE CO ................. 49,741 497,300 SCHERING-PLOUGH CORP ................ 20,980 71,962 SCHULMAN (A.), INC .................. 1,174 105,000 SIGMA ALDRICH CORP ................... 3,157 ---------- 324,901 ---------- COMMUNICATIONS--7.64% 1,700 ALLTEL CORP ......................... 141 781,298 AT & T CORP ......................... 39,651 199,848 * AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) ......................... 11,341 421,764 BELL ATLANTIC CORP .................. 25,965 538,500 BELLSOUTH CORP ...................... 25,209 6,300 COMCAST CORP (CLASS A) .............. 302 152,800 COMCAST CORP (CLASS A) SPECIAL ...... 7,726 94,890 * COX COMMUNICATIONS, INC (CLASS A) ... 4,887 736,100 LUCENT TECHNOLOGIES, INC ............ 55,069 570,513 * MCI WORLDCOM, INC ................... 30,273 161,144 * MEDIA ONE GROUP, INC ................ 12,378 953,104 SBC COMMUNICATIONS, INC ............. 46,464 191,000 SPRINT CORP (FON GROUP) ............. 12,857 56,250 * SPRINT CORP (PCS GROUP) ............. 5,766 166,444 U.S. WEST, INC ...................... 11,984 166,108 * VIACOM, INC (CLASS B) ............... 10,039 307,205 VODAFONE AIRTOUCH PLC ADR ........... 15,207 ---------- 315,259 ---------- DEPOSITORY INSTITUTIONS--3.61% 544,448 BANK OF AMERICA CORP ................ 27,324 211,886 BANK OF NEW YORK CO, INC ............ 8,475 333,167 BANK ONE CORP ....................... 10,682 251,476 CHASE MANHATTAN CORP ................ 19,537 335,021 FIRST UNION CORP .................... 10,993 168,834 FLEETBOSTON FINANCIAL CORP .......... 5,878 37,700 KEYCORP ............................. 834 245,925 MBNA CORP ........................... 6,701 16,300 MELLON FINANCIAL CORP ............... 555 77,500 MORGAN (J.P.) & CO, INC ............. 9,813 171,953 NATIONAL CITY CORP .................. 4,073 104,600 PNC BANK CORP ....................... 4,655 12,000 * PROVIDIAN FINANCIAL CORP ............ 1,093 99,000 SUNTRUST BANKS, INC ................. 6,812 203,562 U.S. BANCORP ........................ 4,847 60,900 WACHOVIA CORP ....................... 4,141 135,516 WASHINGTON MUTUAL, INC .............. 3,523 471,440 WELLS FARGO CO ...................... 19,064 ---------- 149,000 ---------- SEE NOTES TO FINANCIAL STATEMENTS 24 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- EATING AND DRINKING PLACES--0.51% 102,200 DARDEN RESTAURANTS, INC ............. $ 1,852 473,800 MCDONALD'S CORP ..................... 19,100 ---------- 20,952 ---------- ELECTRIC, GAS, AND SANITARY SERVICES--2.23% 142,494 COLUMBIA ENERGY GROUP ............... 9,013 222,800 CONSOLIDATED NATURAL GAS CO ......... 14,468 347,300 EL PASO ENERGY CORP ................. 13,480 80,693 EQUITABLE RESOURCES, INC ............ 2,693 43,200 IDACORP, INC ........................ 1,158 236,657 KEYSPAN CORP ........................ 5,487 196,100 LOUISVILLE GAS & ELECTRIC ENERGY CORP ....................... 3,419 88,133 MCN ENERGY GROUP, INC ............... 2,093 87,700 NICOR, INC .......................... 2,850 228,100 NISOURCE, INC ....................... 4,077 124,500 OGE ENERGY CORP ..................... 2,366 66,000 PEOPLES ENERGY CORP ................. 2,211 266,700 POTOMAC ELECTRIC POWER CO ........... 6,117 121,300 PUGET SOUND ENERGY, INC ............. 2,350 289,495 * SCOTTISH POWER PLC ADR .............. 8,106 176,500 TECO ENERGY, INC .................... 3,276 283,900 WILLIAMS COS, INC ................... 8,677 ---------- 91,841 ---------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--3.84% 132,800 * ADVANCED MICRO DEVICES, INC ......... 3,843 15,000 BALDOR ELECTRIC CO .................. 272 224,400 EMERSON ELECTRIC CO ................. 12,875 61,900 * GLENAYRE TECHNOLOGIES, INC .......... 700 804,200 INTEL CORP .......................... 66,196 78,896 * MICRON TECHNOLOGY, INC .............. 6,134 36,170 MOLEX, INC .......................... 2,050 68,700 * NATIONAL SEMICONDUCTOR CORP ......... 2,941 140,400 * QUALCOMM, INC ....................... 24,728 39,300 * SENSORMATIC ELECTRONICS CORP ........ 685 57,200 * SOLECTRON CORP ...................... 5,441 109,300 * TELLABS, INC ........................ 7,016 192,300 TEXAS INSTRUMENTS, INC .............. 18,629 21,300 THOMAS & BETTS CORP ................. 679 63,256 * VISHAY INTERTECHNOLOGY, INC ......... 2,000 63,400 WHIRLPOOL CORP ...................... 4,125 ---------- 158,314 ---------- ENGINEERING AND MANAGEMENT SERVICES--0.04% 59,100 DUN & BRADSTREET CORP ................. 1,743 ---------- FABRICATED METAL PRODUCTS--0.36% 133,000 CROWN CORK & SEAL CO, INC ........... 2,976 233,100 GILLETTE CO ......................... 9,601 4,410 MARK IV INDUSTRIES, INC ............. 78 81,200 MASCO CORP .......................... 2,060 ---------- 14,715 ---------- FOOD AND KINDRED PRODUCTS--2.81% 154,300 BESTFOODS, INC ...................... 8,110 236,400 CAMPBELL SOUP CO .................... 9,146 693,400 COCA COLA CO ........................ 40,391 96,100 COCA COLA ENTERPRISES, INC .......... 1,934 212,600 GENERAL MILLS, INC .................. 7,600 214,150 HEINZ (H.J.) CO ..................... 8,526 89,200 HERSHEY FOODS CORP .................. 4,237 170,900 KELLOGG CO .......................... 5,266 5,800 MCCORMICK & CO, INC (NON-VOTE) ...... 173 418,400 PEPSICO, INC ........................ 14,749 105,600 QUAKER OATS CO ...................... 6,930 57,014 UNILEVER NV (NEW YORK SHS) .......... 3,104 21,790 * VLASIC FOODS INTERNATIONAL, INC ..... 124 72,300 WHITMAN CORP ........................ 972 56,000 WRIGLEY (WM) JR CO .................. 4,645 ---------- 115,907 ---------- FOOD STORES--0.22% 136,058 ALBERTSONS, INC ..................... 4,388 143,000 * KROGER CO ........................... 2,699 55,100 * SAFEWAY, INC ........................ 1,959 ---------- 9,046 ---------- FURNITURE AND FIXTURES--0.12% 165,283 NEWELL RUBBERMAID, INC .............. 4,793 ---------- FURNITURE AND HOMEFURNISHINGS STORES--0.05% 39,194 TANDY CORP .......................... 1,928 ---------- GENERAL BUILDING CONTRACTORS--0.02% 28,600 HILLENBRAND INDUSTRIES, INC ......... 906 ---------- GENERAL MERCHANDISE STORES--2.19% 68,400 DAYTON HUDSON CORP .................. 5,023 1,000 * FEDERATED DEPARTMENT STORES, INC .... 51 148,600 * K MART CORP ......................... 1,495 50,400 MAY DEPARTMENT STORES CO ............ 1,625 60,200 PENNEY, (J.C.) CO, INC .............. 1,200 104,800 SEARS ROEBUCK & CO .................. 3,190 1,126,000 WAL-MART STORES, INC ................ 77,835 ---------- 90,419 ---------- HEALTH SERVICES--0.25% 235,755 COLUMBIA/HCA HEALTHCARE CORP ........ 6,911 12,408 * LIFEPOINT HOSPITALS, INC ............ 147 123,300 * TENET HEALTHCARE CORP ............... 2,898 12,408 * TRIAD HOSPITALS, INC ................ 188 ---------- 10,144 ---------- HOLDING AND OTHER INVESTMENT OFFICES--0.10% 1,000 * AMERCO .............................. 25 20,600 ROUSE CO ............................ 438 96,900 WEINGARTEN REALTY INVESTORS, INC .... 3,773 ---------- 4,236 ---------- INDUSTRIAL MACHINERY AND EQUIPMENT--6.65% 48,300 * APPLE COMPUTER, INC ................. 4,966 114,400 * APPLIED MATERIALS, INC .............. 14,493 736,750 * CISCO SYSTEMS, INC .................. 78,924 467,510 COMPAQ COMPUTER CORP ................ 12,652 30,600 CUMMINS ENGINE CO, INC .............. 1,478 106,200 DEERE & CO .......................... 4,606 582,070 * DELL COMPUTER CORP .................. 29,686 10,462 DIEBOLD, INC ........................ 246 264,400 * EMC CORP ............................ 28,886 44,500 GRACO, INC .......................... 1,596 288,500 HEWLETT-PACKARD CO .................. 32,871 473,700 INTERNATIONAL BUSINESS MACHINES CORP 51,160 17,700 NORDSON CORP ........................ 854 137,200 PITNEY BOWES, INC ................... 6,628 70,200 * SMITH INTERNATIONAL, INC ............ 3,488 90,438 TIMKEN CO ........................... 1,848 ---------- 274,382 ---------- INSTRUMENTS AND RELATED PRODUCTS--0.89% 30,800 BAUSCH & LOMB, INC .................. 2,108 10,000 BAXTER INTERNATIONAL, INC ........... 628 152,200 BECTON DICKINSON & CO ............... 4,071 53,500 BIOMET, INC ......................... 2,140 118,800 * BOSTON SCIENTIFIC CORP .............. 2,599 126,400 * GUIDANT CORP ........................ 5,941 368,600 MEDTRONIC, INC ...................... 13,431 9,898 * ST. JUDE MEDICAL, INC ............... 304 249,400 XEROX CORP .......................... 5,658 ---------- 36,880 ---------- SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 25 STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- INSURANCE AGENTS, BROKERS AND SERVICE--0.31% 136,020 MARSH & MCLENNAN COS, INC ........... $ 13,015 ---------- INSURANCE CARRIERS--3.58% 36,844 AEGON NV ARS ........................ 3,519 5,000 AETNA, INC .......................... 279 255,306 ALLSTATE CORP ....................... 6,127 152,800 AMERICAN GENERAL CORP ............... 11,594 499,896 AMERICAN INTERNATIONAL GROUP, INC ... 54,051 202 * BERKSHIRE HATHAWAY, INC (CLASS A) ... 11,332 22 * BERKSHIRE HATHAWAY, INC (CLASS B) ... 40 49,700 CHUBB CORP .......................... 2,799 69,200 CIGNA CORP .......................... 5,575 894,978 CITIGROUP, INC ...................... 49,727 10,500 * CNA FINANCIAL CORP .................. 409 56,053 CONSECO, INC ........................ 1,002 6,400 * HUMANA, INC ......................... 52 18,200 JEFFERSON-PILOT CORP ................ 1,242 1,400 SAFECO CORP ......................... 35 2,400 ST. PAUL COS, INC ................... 81 ---------- 147,864 ---------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.69% 90,150 HASBRO, INC ......................... 1,718 151,691 MATTEL, INC ......................... 1,991 253,922 MINNESOTA MINING & MANUFACTURING CO . 24,853 ---------- 28,562 ---------- MISCELLANEOUS RETAIL--0.29% 84,176 CVS CORP ............................ 3,362 45,950 * TOYS R US, INC ...................... 658 278,000 WALGREEN CO ......................... 8,132 ---------- 12,152 ---------- MOTION PICTURES--1.05% 591,225 DISNEY (WALT) CO .................... 17,293 357,413 TIME WARNER, INC .................... 25,890 ---------- 43,183 ---------- NONDEPOSITORY INSTITUTIONS--2.11% 198,400 AMERICAN EXPRESS CO ................. 32,984 253,400 ASSOCIATES FIRST CAPITAL CORP ....... 6,953 393,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION 24,538 231,700 FREDDIE MAC ......................... 10,904 232,280 HOUSEHOLD INTERNATIONAL, INC ........ 8,652 74,900 SLM HOLDINGS CORP ................... 3,165 ---------- 87,196 ---------- OIL AND GAS EXTRACTION--1.66% 220,300 ANADARKO PETROLEUM CORP ............. 7,518 232,600 APACHE CORP ......................... 8,592 93,800 * BJ SERVICES CO ...................... 3,922 182,700 BURLINGTON RESOURCES, INC ........... 6,041 146,800 HELMERICH & PAYNE, INC .............. 3,202 95,800 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) .................... 2,114 60,200 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS B) .................... 1,298 145,700 * NABORS INDUSTRIES, INC .............. 4,508 151,947 NOBLE AFFILIATES, INC ............... 3,257 151,166 * NOBLE DRILLING CORP ................. 4,951 155,900 * PARKER DRILLING CO .................. 497 142,600 * ROWAN COS, INC ...................... 3,093 369,200 * SANTA FE SNYDER CORP ................ 2,954 122,217 * TRANSOCEAN SEDCO FOREX, INC ......... 4,117 409,815 UNION PACIFIC RESOURCES GROUP, INC .. 5,225 59,300 VASTAR RESOURCES, INC ............... 3,499 92,875 * WEATHERFORD INTERNATIONAL ........... 3,709 ---------- 68,497 ---------- PAPER AND ALLIED PRODUCTS--0.44% 151,900 AVERY DENNISON CORP ................. 11,070 133,200 CONSOLIDATED PAPERS, INC ............ 4,237 138,050 SONOCO PRODUCTS CO .................. 3,141 ---------- 18,448 ---------- PETROLEUM AND COAL PRODUCTS--0.23% 151,600 MURPHY OIL CORP ..................... 8,698 40,600 WD-40 CO ............................ 898 ---------- 9,596 ---------- PRIMARY METAL INDUSTRIES--0.25% 110,852 BIRMINGHAM STEEL CORP ............... 589 127,000 NUCOR CORP .......................... 6,961 161,150 WORTHINGTON INDUSTRIES, INC ......... 2,669 ---------- 10,219 ---------- PRINTING AND PUBLISHING--0.78% 24,300 DELUXE CORP ......................... 667 41,000 DOW JONES & CO, INC ................. 2,788 155,400 GANNETT CO, INC ..................... 12,675 11,300 KNIGHT-RIDDER, INC .................. 672 148,200 MCGRAW HILL COS, INC ................ 9,133 42,200 NEW YORK TIMES CO (CLASS A) ......... 2,073 20,220 * R.H. DONNELLEY CORP ................. 382 57,700 TIMES MIRROR CO SERIES A ............ 3,866 ---------- 32,256 ---------- RAILROAD TRANSPORTATION--0.21% 421,200 NORFOLK SOUTHERN CORP ............... 8,635 ---------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.34% 24,100 BANDAG, INC ......................... 603 127,800 ILLINOIS TOOL WORKS, INC ............ 8,634 92,700 NIKE, INC (CLASS B) ................. 4,594 ---------- 13,831 ---------- SECURITY AND COMMODITY BROKERS--1.01% 125,600 MERRILL LYNCH & CO, INC ............. 10,488 167,848 MORGAN STANLEY, DEAN WITTER, & CO ... 23,960 190,200 SCHWAB (CHARLES) CORP ............... 7,299 ---------- 41,747 ---------- STONE, CLAY, AND GLASS PRODUCTS--0.25% 81,600 CORNING, INC ........................ 10,521 ---------- TRANSPORTATION BY AIR--0.32% 16,000 * ALASKA AIR GROUP, INC ............... 562 79,900 * AMR CORP ............................ 5,353 37,600 DELTA AIRLINES, INC ................. 1,873 65,400 * FDX CORP ............................ 2,677 149,343 SOUTHWEST AIRLINES CO ............... 2,417 5,618 * U.S. AIRWAYS GROUP, INC ............. 180 2,300 * UAL CORP ............................ 178 ---------- 13,240 ---------- TRANSPORTATION EQUIPMENT--0.04% 49,600 FEDERAL-MOGUL CORP .................. 998 12,000 FLEETWOOD ENTERPRISES, INC .......... 248 19,300 MODINE MANUFACTURING CO ............. 483 ---------- 1,729 ---------- TRUCKING AND WAREHOUSING--0.02% 59,400 ARNOLD INDUSTRIES, INC .............. 835 ---------- WHOLESALE TRADE-DURABLE GOODS--0.24% 24,400 AVNET, INC .......................... 1,476 191,850 GENUINE PARTS CO .................... 4,760 66,200 GRAINGER (W.W.), INC ................ 3,165 50,900 IKON OFFICE SOLUTIONS, INC .......... 347 ---------- 9,748 ---------- WHOLESALE TRADE-NONDURABLE GOODS--0.59% 61,180 BERGEN BRUNSWIG CORP (CLASS A) ...... 509 83,800 CARDINAL HEALTH, INC ................ 4,012 282,700 ENRON CORP .......................... 12,542 66,800 MCKESSON HBOC, INC .................. 1,507 144,800 SYSCO CORP .......................... 5,729 ---------- 24,299 ---------- SEE NOTES TO FINANCIAL STATEMENTS 26 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Social Choice Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) - ----------- ----------- TOTAL COMMON STOCK (Cost $1,263,727) ................... $2,556,324 ---------- SHORT TERM INVESTMENTS--8.08% COMMERCIAL PAPER--7.61% BELL ATLANTIC FINANCIAL SERVICES, INC $14,400,000 o~ 5.800%, 01/20/00 .................... 14,355 BELLSOUTH CAPITAL FUNDING CORP 50,000,000 o~ 5.700%, 01/19/00 .................... 49,852 COCA COLA CO 4,765,000 ~ 5.780%, 01/19/00 .................... 4,751 COCA COLA ENTERPRISES, INC 30,000,000 ~ 6.330%, 01/19/00 .................... 29,911 CVS CORP 1,000,000 ~ 6.100%, 01/19/00 .................... 997 HEINZ (H.J.) CO 15,800,000 o~ 5.900%, 01/24/00 .................... 15,741 J.P. MORGAN & CO 43,000,000 6.250%, 01/18/00 .................... 42,879 MERRILL LYNCH & CO, INC 20,000,000 o 5.970%, 01/19/00 .................... 19,941 PFIZER, INC 45,540,000 o~ 5.800%, 01/19/00 .................... 45,405 SBC COMMUNICATIONS, INC 23,571,000 ^~ 5.770%, 01/18/00 .................... 23,505 WALT DISNEY CO 2,175,000 ~ 5.800%, 01/20/00 .................... 2,168 40,000,000 o~ 5.800%, 01/25/00 .................... 39,844 XEROX CAPITAL PLC (EUROPE) 25,000,000 6.200%, 01/13/00 .................... 24,950 ---------- 314,299 ---------- U.S. GOVERNMENT AGENCY--0.47% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 19,300,000 5.100%, 01/19/00 .................... 19,249 ---------- TOTAL SHORT TERM INVESTMENTS (Cost $333,548) ..................... 333,548 ---------- TOTAL PORTFOLIO (Cost $3,174,585) ................... $4,416,901 ========== - ---------- * Non-income producing ~ Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. ^ Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At December 31, 1999, the value of these securities amounted to $33,425,065 or 0.81% of net assets. o All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery basis. < These securities were purchased on a delayed delivery basis. - ---------- OTHER INFORMATION (Unaudited) The composition of long-term debt holdings as a percentage of total value of investment in debt securities, is as follows: MOODY'S RATINGS AAA, AA, A 37.61% BAA 10.12% BA 0.41% U.S. Government obligations represent 51.86% of the long-term debt portfolio value and are not reflected in the above ratings. SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 27 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- BONDS CORPORATE BONDS ELECTRIC, GAS, AND SANITARY SERVICES ........ $ 12 0.00% TOTAL CORPORATE BONDS (Cost $10) .................................. 12 0.00 ---------- ------ TOTAL BONDS (Cost $10) .................................. 12 0.00 ---------- ------ PREFERRED STOCK FURNITURE AND FIXTURES ...................... 3 0.00 INSTRUMENTS AND RELATED PRODUCTS ............ 0 0.00 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ... 446 0.01 WHOLESALE TRADE-DURABLE GOODS ............... 22 0.00 ---------- ------ TOTAL PREFERRED STOCK (Cost $454) ................................. 471 0.01 ---------- ------ COMMON STOCK AGRICULTURAL PRODUCTION-CROPS ............... 218 0.00 AGRICULTURAL SERVICES ....................... 280 0.01 AMUSEMENT AND RECREATION SERVICES ........... 5,987 0.12 APPAREL AND ACCESSORY STORES ................ 23,101 0.46 APPAREL AND OTHER TEXTILE PRODUCTS .......... 4,069 0.08 AUTO REPAIR, SERVICES AND PARKING ........... 2,217 0.04 AUTOMOTIVE DEALERS AND SERVICE STATIONS ..... 4,102 0.08 BUILDING MATERIALS AND GARDEN SUPPLIES ...... 62,741 1.26 BUSINESS SERVICES ........................... 587,425 11.79 CHEMICALS AND ALLIED PRODUCTS ............... 526,591 10.56 COAL MINING ................................. 55 0.00 COMMUNICATIONS .............................. 587,265 11.78 DEPOSITORY INSTITUTIONS ..................... 294,226 5.90 EATING AND DRINKING PLACES .................. 33,179 0.67 EDUCATIONAL SERVICES ........................ 1,453 0.03 ELECTRIC, GAS, AND SANITARY SERVICES ........ 127,351 2.56 ELECTRONIC AND OTHER ELECTRIC EQUIPMENT ..... 558,646 11.21 ENGINEERING AND MANAGEMENT SERVICES ......... 8,616 0.17 FABRICATED METAL PRODUCTS ................... 29,323 0.59 FISHING, HUNTING, AND TRAPPING .............. 18 0.00 FOOD AND KINDRED PRODUCTS ................... 141,240 2.83 FOOD STORES ................................. 22,103 0.44 FORESTRY .................................... 1,574 0.03 FURNITURE AND FIXTURES ...................... 8,741 0.18 FURNITURE AND HOMEFURNISHINGS STORES ........ 13,419 0.27 GENERAL BUILDING CONTRACTORS ................ 3,412 0.07 GENERAL MERCHANDISE STORES .................. 115,462 2.32 HEALTH SERVICES ............................. 17,416 0.35 HEAVY CONSTRUCTION, EXCEPT BUILDING ......... 2,394 0.05 HOLDING AND OTHER INVESTMENT OFFICES ........ 38,250 0.77 HOTELS AND OTHER LODGING PLACES ............. 5,432 0.11 INDUSTRIAL MACHINERY AND EQUIPMENT .......... 435,367 8.73 INSTRUMENTS AND RELATED PRODUCTS ............ 91,461 1.84 INSURANCE AGENTS, BROKERS AND SERVICE ....... 10,708 0.22 INSURANCE CARRIERS .......................... 208,619 4.19 LEATHER AND LEATHER PRODUCTS ................ 880 0.02 LEGAL SERVICES .............................. 310 0.01 LOCAL AND INTERURBAN PASSENGER TRANSIT ...... 24 0.00 LUMBER AND WOOD PRODUCTS .................... 10,226 0.21 METAL MINING ................................ 5,705 0.11 MISCELLANEOUS MANUFACTURING INDUSTRIES ...... 20,393 0.41 MISCELLANEOUS RETAIL ........................ 37,355 0.75 MOTION PICTURES ............................. 53,992 1.08 NONDEPOSITORY INSTITUTIONS .................. 86,994 1.75 NONMETALLIC MINERALS, EXCEPT FUELS .......... 2,024 0.04 OIL AND GAS EXTRACTION ...................... 35,523 0.71 PAPER AND ALLIED PRODUCTS ................... 42,160 0.85 PERSONAL SERVICES ........................... 4,128 0.08 PETROLEUM AND COAL PRODUCTS ................. 163,501 3.28 PRIMARY METAL INDUSTRIES .................... 21,915 0.44 PRINTING AND PUBLISHING ..................... 36,785 0.74 RAILROAD TRANSPORTATION ..................... 15,673 0.31 REAL ESTATE ................................. 3,199 0.06 RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS ... 14,559 0.29 SECURITY AND COMMODITY BROKERS .............. 72,496 1.45 SOCIAL SERVICES ............................. 260 0.00 SPECIAL TRADE CONTRACTORS ................... 586 0.01 STONE, CLAY, AND GLASS PRODUCTS ............. 15,938 0.32 TEXTILE MILL PRODUCTS ....................... 2,910 0.06 TOBACCO PRODUCTS ............................ 22,661 0.45 TRANSPORTATION BY AIR ....................... 18,766 0.38 TRANSPORTATION EQUIPMENT .................... 122,191 2.45 TRANSPORTATION SERVICES ..................... 3,859 0.08 TRUCKING AND WAREHOUSING .................... 3,553 0.07 WATER TRANSPORTATION ........................ 2,093 0.04 WHOLESALE TRADE-DURABLE GOODS ............... 13,137 0.26 WHOLESALE TRADE-NONDURABLE GOODS ............ 26,425 0.53 ---------- ------ TOTAL COMMON STOCK (Cost $3,148,942) ........................... 4,832,682 96.95 ---------- ------ SHORT TERM INVESTMENTS U.S. GOVERNMENT AND AGENCIES ................ 134,557 2.70 ---------- ------ TOTAL SHORT TERM INVESTMENTS (Cost $134,540) ............................. 134,557 2.70 ---------- ------ TOTAL PORTFOLIO (Cost $3,283,946) ........................... 4,967,722 99.66 OTHER ASSETS & LIABILITIES, NET ............. 16,980 0.34 ---------- ------ NET ASSETS ...................................... $4,984,702 100.00% ========== ====== ---------- PRINCIPAL VALUE (000) - ----------- ----------- BONDS--0.00% CORPORATE BONDS--0.00% ELECTRIC, GAS, AND SANITARY SERVICES--0.00% WMX TECHNOLOGIES, INC (SUB CV NOTE) $ 14,000 2.000%, 01/24/05 $ 12 ---------- TOTAL CORPORATE BONDS (Cost $10) 12 ---------- TOTAL BONDS (Cost $10) 12 ---------- SHARES - ----------- PREFERRED STOCK--0.01% FURNITURE AND FIXTURES--0.00% 6,303 * OSULLIVAN INDUSTRIES HOLDINGS, INC .. 3 ---------- INSTRUMENTS AND RELATED PRODUCTS--0.00% 11,200 * FRESENIUS MEDICAL CARE (CLASS D) .... 0 ---------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.01% 8,835 SEALED AIR CORP (CLASS A) ........... 446 ---------- WHOLESALE TRADE-DURABLE GOODS--0.00% 1,122 PREMIER FARNELL PLC CV ADR .......... 22 ---------- TOTAL PREFERRED STOCK (Cost $454) ......................... 471 ---------- SEE NOTES TO FINANCIAL STATEMENTS 28 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- COMMON STOCK--96.95% AGRICULTURAL PRODUCTION-CROPS--0.00% 12,533 DELTA & PINE LAND CO ................ $ 218 ---------- AGRICULTURAL SERVICES--0.01% 7,200 * CADIZ, INC .......................... 68 16,500 * VETERINARY CENTERS OF AMERICA, INC .. 212 ---------- 280 ---------- AMUSEMENT AND RECREATION SERVICES--0.12% 2,000 * AMERICAN SKIING CO .................. 6 21,165 * AMF BOWLING, INC .................... 66 2,300 * ANCHOR GAMING CO .................... 100 17,800 * ARGOSY GAMING CORP .................. 277 8,014 * BALLY TOTAL FITNESS HOLDINGS CORP ... 214 6,700 * BOCA RESORTS, INC (CLASS A) ......... 65 12,800 * BOYD GAMING CORP .................... 74 1,800 * CHAMPIONSHIP AUTO RACING TEAMS, INC . 41 1,500 CHURCHILL DOWNS, INC ................ 34 2,500 DOVER DOWNS ENTERTAINMENT, INC ...... 47 23,000 * FAMILY GOLF CENTERS, INC ............ 32 42,508 * HARRAH'S ENTERTAINMENT, INC ......... 1,124 6,900 * HOLLYWOOD PARK, INC ................. 155 7,733 INTERNATIONAL SPEEDWAY CORP (CLASS A) 390 3,137 * LAKES GAMING, INC ................... 25 70,600 * MIRAGE RESORTS, INC ................. 1,081 9,750 * PLAYERS INTERNATIONAL, INC .......... 80 12,600 * PREMIER PARKS, INC .................. 364 14,800 * SFX ENTERTAINMENT, INC (CLASS A) .... 536 5,500 * SPEEDWAY MOTORSPORTS, INC ........... 153 6,700 * STATION CASINOS, INC ................ 150 12,800 * WESTWOOD ONE, INC ................... 973 ---------- 5,987 ---------- APPAREL AND ACCESSORY STORES--0.46% 35,882 * ABERCROMBIE & FITCH CO (CLASS A) .... 958 8,800 * AMERICAN EAGLE OUTFITTERS, INC ...... 396 7,757 * ANN TAYLOR STORES CORP .............. 267 3,300 * BUCKLE, INC ......................... 49 6,120 BURLINGTON COAT FACTORY WAREHOUSE CORP .................... 85 8,300 CATO CORP (CLASS A) ................. 105 36,100 * CHARMING SHOPPES, INC ............... 239 1,300 * CHICO'S FAS, INC .................... 49 7,700 * CHILDRENS PLACE RETAIL STORES ....... 127 14,800 CLAIRES STORES, INC ................. 331 600 * DAVIDS BRIDAL, INC .................. 7 8,100 * DRESS BARN, INC ..................... 135 13 x* EDISON BROTHERS STORES WTS 09/26/05 . 0 5,800 * FINISH LINE, INC (CLASS A) .......... 32 9,969 * FOOTSTAR, INC ....................... 304 3,800 * GADZOOKS, INC ....................... 37 235,591 GAP, INC ............................ 10,837 6,100 * GENESCO, INC ........................ 79 8,000 * GOODYS FAMILY CLOTHING, INC ......... 43 9,700 * GYMBOREE CORP ....................... 55 18,690 INTIMATE BRANDS, INC (CLASS A) ...... 806 57,314 LIMITED, INC ........................ 2,482 11,700 x* JUST FOR FEET, INC .................. 0 8,850 * MEN'S WEARHOUSE, INC ................ 260 37,600 NORDSTROM, INC ...................... 985 1,600 * NORTH FACE, INC ..................... 7 10,650 * PACIFIC SUNWEAR CALIFORNIA, INC ..... 339 11,396 * PAYLESS SHOESOURCE, INC ............. 536 2,900 * PETRIE STORES CORP (LIQUIDATING TRUST) ............... 7 32,400 ROSS STORES, INC .................... 581 12,700 * STAGE STORES, INC ................... 29 12,800 * STEIN MART, INC ..................... 73 6,200 TALBOTS, INC ........................ 277 114,300 TJX COS, INC ........................ 2,336 7,859 * TOO, INC ............................ 136 2,300 * URBAN OUTFITTERS, INC ............... 67 3,700 * WET SEAL, INC (CLASS A) ............. 45 ---------- 23,101 ---------- APPAREL AND OTHER TEXTILE PRODUCTS--0.08% 1,900 * COLUMBIA SPORTSWEAR CO .............. 41 1,000 * DONNA KARAN INTERNATIONAL, INC ...... 7 19,500 x* FRUIT OF THE LOOM LTD (CLASS A) ..... 28 2,200 * HARTMARX CORP ....................... 9 37,309 * JONES APPAREL GROUP, INC ............ 1,012 11,900 KELLWOOD CO ......................... 231 21,100 LIZ CLAIBORNE, INC .................. 794 13,500 * NAUTICA ENTERPRISES, INC ............ 153 800 OSHKOSH B'GOSH, INC (CLASS A) ....... 17 12,000 PHILLIPS VAN HEUSEN CORP ............ 100 5,745 PILLOWTEX CORP ...................... 36 19,800 * POLO RALPH LAUREN CORP .............. 338 6,600 * QUIKSILVER, INC ..................... 102 600 * TARRANT APPAREL GROUP ............... 6 31,900 VF CORP ............................. 957 19,300 WARNACO GROUP, INC (CLASS A) ........ 238 ---------- 4,069 ---------- AUTO REPAIR, SERVICES AND PARKING--0.04% 8,200 * AVIS RENT A CAR, INC ................ 210 8,700 * BUDGET GROUP, INC ................... 79 7,050 CENTRAL PARKING CORP ................ 135 9,300 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC 223 11,000 HERTZ CORP (CLASS A) ................ 551 9,733 MIDAS, INC .......................... 213 5,460 * NATIONAL AUTO CREDIT, INC ........... 3 25,500 ROLLINS TRUCK LEASING CORP .......... 304 20,400 RYDER SYSTEM, INC ................... 499 ---------- 2,217 ---------- AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.08% 142,516 * AUTONATION, INC ..................... 1,318 54,624 * AUTOZONE, INC ....................... 1,765 2,000 * COPART, INC ......................... 87 7,500 * CSK AUTO CORP ....................... 131 2,700 * DISCOUNT AUTO PARTS, INC ............ 49 1,700 * GROUP 1 AUTOMOTIVE, INC ............. 24 12,200 * INSURANCE AUTO AUCTIONS, INC ........ 192 14,600 * OREILLY AUTOMOTIVE, INC ............. 314 17,838 PEP BOYS MANNY, MOE, & JACK CO ...... 163 4,200 * UNITED AUTO GROUP, INC .............. 38 2,500 * WEST MARINE, INC .................... 21 ---------- 4,102 ---------- BUILDING MATERIALS AND GARDEN SUPPLIES--1.26% 9,500 FASTENAL CO ......................... 427 799,350 HOME DEPOT, INC ..................... 54,805 125,216 LOWES COS, INC ...................... 7,482 1,700 * TRACTOR SUPPLY CO ................... 27 ---------- 62,741 ---------- BUSINESS SERVICES--11.79% 2,900 * 24/7 MEDIA, INC ..................... 163 5,400 * 3DO CO .............................. 49 6,325 AARON RENTS, INC .................... 112 18,043 ABM INDUSTRIES, INC ................. 368 400 * ABOUT.COM, INC ...................... 36 16,100 * ACCLAIM ENTERTAINMENT, INC .......... 83 4,600 ACKERLEY GROUP, INC ................. 83 36,466 * ACNEILSEN CORP ...................... 898 5,900 * ACTIVISION, INC ..................... 90 11,000 * ACTUATE CORP ........................ 472 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 29 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- BUSINESS SERVICES--(Continued) 29,860 * ACXIOM CORP ......................... $ 717 1,824 * ADMINSTAFF, INC ..................... 55 44,544 ADOBE SYSTEMS, INC .................. 2,996 12,400 * ADVANTAGE LEARNING SYSTEMS, INC ..... 139 7,650 * ADVENT SOFTWARE, INC ................ 493 15,400 * ADVO, INC ........................... 366 22,040 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) ......................... 1,014 1,900 * ALLAIRE CORP ........................ 278 9,300 * ALTERNATIVE RESOURCES CORP .......... 51 2,081 * AMDOCS LTD .......................... 72 811,762 * AMERICA ONLINE, INC ................. 61,237 25,525 * AMERICAN MANAGEMENT SYSTEMS, INC .... 801 7,950 ANALYSTS INTERNATIONAL CORP ......... 99 9,100 * ANSWERTHINK CONSULTING GROUP ........ 312 6,000 * APAC CUSTOMER SERVICES, INC ......... 84 3,100 * APPLIEDTHEORY CORP .................. 86 4,100 * ARDENT SOFTWARE, INC ................ 160 2,000 * ARIS CORP ........................... 24 200 * ASHTON TECHNOLOGY GROUP, INC ........ 1 6,600 * ASPECT DEVELOPMENT, INC ............. 452 8,400 * ASPEN TECHNOLOGY, INC ............... 222 900 * AUTOBYTEL.COM, INC .................. 14 18,900 AUTODESK, INC ....................... 638 221,993 AUTOMATIC DATA PROCESSING, INC ...... 11,960 10,000 * AVANT CORP .......................... 150 10,100 * AVT CORP ............................ 475 6,800 * AWARE, INC .......................... 247 7,900 * AXENT TECHNOLOGIES, INC ............. 166 4,905 * AZTEC TECHNOLOGY PARTNERS, INC ...... 22 11,000 * BANYAN SYSTEMS, INC ................. 220 1,500 * BARRA, INC .......................... 48 55,600 * BEA SYSTEMS, INC .................... 3,889 1,700 * BEST SOFTWARE, INC .................. 50 6,300 * BEYOND.COM CORP ..................... 49 13,100 * BILLING CONCEPTS CORP ............... 85 3,900 * BINDVIEW DEVELOPMENT CORP ........... 194 11,200 * BISYS GROUP, INC .................... 731 85,407 * BMC SOFTWARE, INC ................... 6,827 2,800 * BORON, LEPORE & ASSOCIATES, INC ..... 18 2,400 * BOTTOMLINE TECHNOLOGIES, INC ........ 86 5,000 * BRIO TECHNOLOGY, INC ................ 210 21,700 * BROADVISION, INC .................... 3,690 1,800 * BROCADE COMMUNICATIONS SYSTEMS, INC . 319 4,094 * BUILDING ONE SERVICES CORP .......... 39 5,009 * BURNS INTERNATIONAL SERVICES ........ 54 7,710 * CACI INTERNATIONAL, INC (CLASS A) ... 174 86,365 * CADENCE DESIGN SYSTEMS, INC ......... 2,073 19,000 * CAMBRIDGE TECHNOLOGY PARTNERS, INC .. 499 8,900 * CARDIOTHORACIC SYSTEM, INC .......... 32 5,900 * CATALINA MARKETING CORP ............. 683 5,000 * CCC INFORMATION SERVICES GROUP, INC . 86 6,700 * CDI CORP ............................ 162 50 * CELLULAR TECHNICAL SERVICES CO ...... 0 265,264 * CENDANT CORP ........................ 7,046 20,500 * CENTURY BUSINESS SERVICES, INC ...... 173 45,420 * CERIDIAN CORP ....................... 979 8,700 * CERNER CORP ......................... 171 13,100 * CHECKFREE HOLDINGS CORP ............. 1,369 10,574 * CHOICEPOINT, INC .................... 437 15,100 * CIBER, INC .......................... 415 28,600 * CITRIX SYSTEMS, INC ................. 3,518 8,500 * CLARIFY, INC ........................ 1,071 27,200 * CMGI, INC ........................... 7,531 14,400 * CNET, INC ........................... 817 1,300 * COGNIZANT TECHNOLOGY SOLUTIONS ...... 142 39,741 COMDISCO, INC ....................... 1,480 7,508 * COMPLETE BUSINESS SOLUTIONS, INC .... 189 149,175 COMPUTER ASSOCIATES INTERNATIONAL, INC ................ 10,433 12,250 * COMPUTER HORIZONS CORP .............. 198 8,700 * COMPUTER NETWORK TECHNOLOGY CORP .... 200 55,425 * COMPUTER SCIENCES CORP .............. 5,245 7,500 COMPUTER TASK GROUP, INC ............ 111 110,800 * COMPUWARE CORP ...................... 4,127 9,100 * CONCORD COMMUNICATIONS, INC ......... 404 3,400 * CONCUR TECHNOLOGIES, INC ............ 99 15,837 * CONVERGYS CORP ...................... 487 2,000 * CORT BUSINESS SERVICES CORP ......... 35 1,700 * COSTAR GROUP ........................ 61 5,000 * COTELLIGENT, INC .................... 27 4,100 * CRITICAL PATH, INC .................. 387 16,200 * CSG SYSTEMS INTERNATIONAL, INC ...... 646 7,400 * CYBERGUARD CORP ..................... 30 7,900 * DATA BROADCASTING CORP .............. 65 4,200 * DATA DIMENSIONS, INC ................ 11 4,300 * DATASTREAM SYSTEMS, INC ............. 106 2,000 * DBT ONLINE, INC ..................... 49 1,700 * DELTEK SYSTEMS, INC ................. 23 16,650 * DENDRITE INTERNATIONAL, INC ......... 564 5,900 * DIGITAL RIVER, INC .................. 197 4,500 * DOCUMENTUM, INC ..................... 269 12,519 * DOUBLECLICK, INC .................... 3,168 3,300 * DSP GROUP, INC ...................... 307 11,900 * DST SYSTEMS, INC .................... 908 5,800 * EARTHLINK NETWORK, INC .............. 247 9,700 * EBAY, INC ........................... 1,214 1,100 * ECHELON CORP ........................ 22 10,310 * ECLIPSYS CORP ....................... 264 1,800 * ELECTRO RENT CORP ................... 21 20,800 * ELECTRONIC ARTS, INC ................ 1,747 130,119 ELECTRONIC DATA SYSTEMS CORP ........ 8,710 17,700 * ELECTRONICS FOR IMAGING, INC ........ 1,029 15,900 * EMPLOYEE SOLUTIONS, INC ............. 11 3,000 * ENGINEERING ANIMATION, INC .......... 26 4,200 * ENTRUST TECHNOLOGIES, INC ........... 252 21,024 * EPICOR SOFTWARE CORP ................ 106 50,909 EQUIFAX, INC ........................ 1,200 6,500 * EXCALIBUR TECHNOLOGIES CORP ......... 134 2,000 * EXCHANGE APPLICATIONS, INC .......... 112 45,454 * EXCITE AT HOME ...................... 1,949 3,800 * EZENIA!, INC ........................ 30 2,750 FACTSET RESEARCH SYSTEMS, INC ....... 219 5,400 FAIR ISSAC & CO, INC ................ 286 11,200 * FILENET CORP ........................ 286 155,459 FIRST DATA CORP ..................... 7,666 41,975 * FISERV, INC ......................... 1,608 12,190 * GARTNER GROUP, INC (CLASS B) ........ 168 7,600 * GENERAL MAGIC, INC .................. 29 3,200 * GENESYS TELECOMMUNICATIONS LABORATORIES, INC ................. 173 13,800 GERBER SCIENTIFIC, INC .............. 303 6,600 * GETTY IMAGES, INC ................... 323 18,285 * GO.COM .............................. 435 7,400 * GO 2NET, INC ........................ 644 5,800 * GREAT PLAINS SOFTWARE, INC .......... 434 100 GREY ADVERTISING, INC ............... 40 34,700 * GT INTERACTIVE SOFTWARE CORP ........ 57 14,700 * GTECH HOLDINGS CORP ................. 323 17,100 * HARBINGER CORP ...................... 544 3,500 * HEALTH MANAGEMENT SYSTEMS, INC ...... 22 10,247 * HEALTHEON/WEBMD CORP ................ 384 1,000 * HEIDRICK & STRUGGLES INTERNATIONAL, INC ................ 42 9,500 * HNC SOFTWARE ........................ 1,005 11,490 * HYPERION SOLUTIONS CORP ............. 500 10,200 * I2 TECHNOLOGIES, INC ................ 1,989 SEE NOTES TO FINANCIAL STATEMENTS 30 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- BUSINESS SERVICES--(Continued) 3,800 * IDX SYSTEMS CORP .................... $ 119 15,200 * IKOS SYSTEMS, INC ................... 147 21,500 * IMATION CORP ........................ 722 4,850 * IMRGLOBAL CORP ...................... 61 112,956 IMS HEALTH, INC ..................... 3,071 15,780 * INACOM CORP ......................... 115 12,200 * INDUS INTERNATIONAL, INC ............ 149 6,600 * INDUSTRI-MATEMATIK INTERNATIONAL CORP 40 14,600 * INFOCURE CORP ....................... 455 2,300 * INFORMATICA CORP .................... 245 12,200 * INFORMATION RESOURCES, INC .......... 113 58,400 * INFORMIX CORP ....................... 668 6,100 * INFOSPACE.COM, INC .................. 1,305 13,900 * INFOUSA, INC ........................ 194 23,800 * INKTOMI CORP ........................ 2,112 13,200 * INPRISE CORP ........................ 146 3,000 * INSO CORP ........................... 97 11,800 * INTEGRATED SYSTEMS, INC ............. 396 3,400 * INTELLIGROUP, INC ................... 84 42,000 * INTERGRAPH CORP ..................... 197 17,800 * INTERIM SERVICES, INC ............... 441 1,900 * INTERNET CAPITAL GROUP, INC ......... 323 98,200 INTERPUBLIC GROUP OF COS, INC ....... 5,665 2,300 * INTERVU, INC ........................ 242 47,153 * INTUIT, INC ......................... 2,826 5,800 * ISS GROUP, INC ...................... 413 3,800 * IVILLAGE, INC ....................... 77 15,400 * J.D. EDWARDS & CO ................... 460 8,000 JACK HENRY & ASSOCIATES, INC ........ 430 6,500 * JDA SOFTWARE GROUP, INC ............. 106 800 * JUNO ONLINE SERVICES, INC ........... 28 19,800 * KEANE, INC .......................... 629 11,100 KELLY SERVICES, INC (CLASS A) ....... 279 5,100 * KORN FERRY INTERNATIONAL ............ 186 12,800 * LABOR READY, INC .................... 155 11,850 * LAMAR ADVERTISING CO (CLASS A) ...... 718 2,800 x* LEASING SOLUTIONS, INC .............. 0 28,014 * LEGATO SYSTEMS, INC ................. 1,928 5,900 * LHS GROUP, INC ...................... 145 27,900 * LYCOS, INC .......................... 2,220 11,400 * MACROMEDIA, INC ..................... 834 7,600 * MACROVISION CORP .................... 562 100 * MANHATTAN ASSOCIATES, INC ........... 1 23,100 MANPOWER, INC ....................... 869 5,400 * MANUGISTICS GROUP, INC .............. 174 2,300 * MAPICS, INC ......................... 29 4,400 * MARIMBA, INC ........................ 203 10,700 * MASTECH CORP ........................ 265 200 * MEDIA METRIX, INC ................... 7 11,200 * MEDQUIST, INC ....................... 289 2,300 * MEMBERWORKS, INC .................... 76 30,900 * MENTOR GRAPHICS CORP ................ 407 6,850 * MERANT PLC ADR ...................... 212 12,000 * MERCURY INTERACTIVE CORP ............ 1,295 9,600 * MESSAGEMEDIA, INC ................... 135 11,450 * METAMOR WORLDWIDE, INC .............. 333 600 * METRO INFORMATION SERVICES, INC ..... 14 3,700 * MICROMUSE, INC ...................... 629 1,348,130 * MICROSOFT CORP ...................... 157,394 13,100 * MICROSTRATEGY, INC .................. 2,751 13,859 * MIDWAY GAMES, INC ................... 332 13,600 * MINDSPRING ENTERPRISES, INC ......... 359 500 * MODEM MEDIA POPPE TYSON, INC ........ 35 33,777 * MODIS PROFESSIONAL SERVICES ......... 481 1,014 * MOMENTUM BUSINESS APPLICATIONS, INC . 8 1,300 * MPATH INTERACTIVE, INC .............. 35 2,800 * MULTEX.COM, INC ..................... 105 8,600 NATIONAL COMPUTER SYSTEMS, INC ...... 324 10,900 NATIONAL DATA CORP .................. 370 2,400 * NATIONAL EQUIPMENT SERVICES, INC .... 15 1,000 * NBC INTERNET, INC ................... 77 3,100 * NCO GROUP, INC ...................... 93 4,068 * NCR CORP ............................ 154 4,200 * NEFF CORP ........................... 27 2,300 * NEON SYSTEMS, INC ................... 90 3,600 * NET PERCEPTIONS, INC ................ 151 36,158 * NETMANAGE, INC ...................... 179 4,000 * NETOBJECTS, INC ..................... 66 2,500 * NETOPIA, INC ........................ 136 48,000 * NETWORK APPLIANCE, INC .............. 3,987 4,000 * NETWORK PERIPHERALS, INC ............ 189 5,800 * NETWORK SOLUTIONS, INC .............. 1,262 50,768 * NETWORKS ASSOCIATES, INC ............ 1,355 12,200 * NEW ERA OF NETWORKS, INC ............ 581 23,700 * NORSTAN, INC ........................ 151 21,795 * NOVA CORP (GEORGIA) ................. 688 115,800 * NOVELL, INC ......................... 4,625 3,900 * OBJECTIVE SYSTEMS INTEGRATORS, INC .. 26 5,600 * ODS NETWORKS, INC ................... 51 20,982 OLSTEN CORP ......................... 237 4,200 * OMEGA RESEARCH, INC ................. 25 62,500 OMNICOM GROUP, INC .................. 6,250 2,000 * ON ASSIGNMENT, INC .................. 60 6,600 * ONEMAIN.COM, INC .................... 99 2,600 * ONYX SOFTWARE CORP .................. 96 10,200 * OPEN MARKET, INC .................... 460 397,980 * ORACLE CORP ......................... 44,599 94,132 * PARAMETRIC TECHNOLOGY CORP .......... 2,547 76,977 PAYCHEX, INC ........................ 3,079 300 * PCORDER.COM, INC .................... 15 3,600 * PEGASUS SYSTEMS, INC ................ 217 2,600 * PEGASYSTEMS, INC .................... 29 73,622 * PEOPLESOFT, INC ..................... 1,569 6,833 * PER SE TECHNOLOGIES, INC ............ 57 9,800 * PEREGRINE SYSTEMS, INC .............. 825 14,300 * PEROT SYSTEMS CORP (CLASS A) ........ 272 18,122 * PERSONNEL GROUP OF AMERICA, INC ..... 183 8,700 * PERVASIVE SOFTWARE, INC ............. 147 10,700 * PHOENIX TECHNOLOGIES LTD ............ 169 12,200 #* PHYSICIAN COMPUTER NETWORK, INC ..... 0 14,900 PITTSTON BRINKS GROUP CO ............ 328 11,700 * POLICY MANAGEMENT SYSTEMS CORP ...... 299 700 * PORTAL SOFTWARE, INC ................ 72 3,400 * PREVIEW TRAVEL, INC ................. 177 9,900 * PRICELINE.COM, INC .................. 469 5,406 * PRIMARK CORP ........................ 150 10,100 #* PROCURENET, INC ..................... 2 9,800 * PROGRESS SOFTWARE CORP .............. 556 8,600 * PROJECT SOFTWARE & DEVELOPMENT, INC . 477 4,900 * PROTECTION ONE, INC ................. 9 2,800 * PROXICOM, INC ....................... 348 4,900 * PROXYMED, INC ....................... 48 17,968 * PSINET, INC ......................... 1,110 8,400 * QAD, INC ............................ 117 2,400 * QRS CORP ............................ 252 5,200 * QUADRAMED CORP ...................... 45 4,000 * RADIANT SYSTEMS, INC ................ 161 7,800 * RADISYS CORP ........................ 398 5,600 * RARE MEDIUM GROUP, INC .............. 191 31,992 * RATIONAL SOFTWARE CORP .............. 1,572 1,087 * RAZORFISH, INC ...................... 103 11,500 * REALNETWORKS, INC ................... 1,384 1,700 * REDBACK NETWORKS, INC ............... 302 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 31 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- BUSINESS SERVICES--(Continued) 8,400 * REMEDY CORP ......................... $ 398 600 * REMEDYTEMP, INC (CLASS A) ........... 11 5,657 * RENT WAY, INC ....................... 106 6,100 * RENT-A-CENTER, INC .................. 121 30,750 * ROBERT HALF INTERNATIONAL, INC ...... 878 7,900 ROLLINS, INC ........................ 119 10,900 * ROMAC INTERNATIONAL, INC ............ 146 11,750 * RSA SECURITY, INC ................... 911 11,700 * SABRE HOLDINGS CORP ................. 600 36,175 * SAFETY-KLEEN CORP ................... 409 9,800 * SAGA SYSTEMS, INC ................... 195 4,400 * SAGENT TECHNOLOGY, INC .............. 132 2,000 * SALESLOGIX CORP ..................... 82 6,200 * SANCHEZ COMPUTER ASSOCIATES, INC .... 255 14,100 * SANTA CRUZ OPERATION, INC ........... 428 7,600 * SAPIENT CORP ........................ 1,071 800 * SCIENT CORP ......................... 69 3,700 SEI INVESTMENT CO ................... 440 3,800 * SERENA SOFTWARE, INC ................ 118 9,200 SHARED MEDICAL SYSTEMS CORP ......... 469 45,816 * SIEBEL SYSTEMS, INC ................. 3,849 1,400 * SILKNET SOFTWARE, INC ............... 232 10,100 * SITEL CORP .......................... 71 18,900 * SNYDER COMMUNICATIONS, INC .......... 364 3,800 * SOFTNET SYSTEMS, INC ................ 95 6,600 * SOS STAFFING SERVICES, INC .......... 29 16,000 SOTHEBYS HOLDINGS, INC (CLASS A) .... 480 2,300 * SOURCE MEDIA, INC ................... 43 6,600 * SPORTSLINE.COM ...................... 331 400 * SPR, INC ............................ 2 2,500 * SPSS, INC ........................... 63 3,100 * SPYGLASS, INC ....................... 118 8,300 * SS&C TECHNOLOGIES, INC .............. 54 8,100 * STAFFMARK, INC ...................... 61 1,700 * STARMEDIA NETWORK, INC .............. 68 2,200 * STARTEK, INC ........................ 80 32,577 * STERLING COMMERCE, INC .............. 1,110 36,300 * STERLING SOFTWARE, INC .............. 1,143 12,300 * STRUCTURAL DYNAMICS RESEARCH CORP ... 157 561,660 * SUN MICROSYSTEMS, INC ............... 43,494 39,400 * SUNGARD DATA SYSTEMS, INC ........... 936 24,900 * SYBASE, INC ......................... 423 6,600 * SYKES ENTERPRISES, INC .............. 290 19,400 * SYMANTEC CORP ....................... 1,137 21,672 * SYNOPSYS, INC ....................... 1,447 7,000 * SYNTEL, INC ......................... 113 2,437 * SYSTEM SOFTWARE ASSOCIATES, INC ..... 5 11,700 * SYSTEMS & COMPUTER TECHNOLOGY CORP .. 190 48,400 x* SYSTEMSOFT CORP ..................... 4 12,200 * TCSI CORP ........................... 39 13,025 * TECHNOLOGY SOLUTIONS CO ............. 427 1,200 * TELESPECTRUM WORLDWIDE, INC ......... 9 6,400 * TELETECH HOLDINGS, INC .............. 216 1,000 * THESTREET.COM ....................... 19 5,850 * THQ, INC ............................ 136 4,800 * TICKETMASTER ONLINE-CITY SEARCH, INC 185 6,400 * TMP WORLDWIDE, INC .................. 909 9,400 TOTAL SYSTEM SERVICES, INC .......... 153 2,000 * TOWNE SERVICES, INC ................. 8 8,400 * TRACK DATA CORP ..................... 86 12,000 * TRANSACTION SYSTEM ARCHITECTURE ..... 336 13,200 TRUE NORTH COMMUNICATIONS, INC ...... 590 8,000 * TSI INTERNATIONAL SOFTWARE LTD ...... 453 5,300 * TYLER TECHNOLOGIES, INC ............. 29 2,200 * UNIGRAPHICS SOLUTIONS, INC .......... 59 8,211 * UNITED RENTALS, INC ................. 141 475 * US INTERACTIVE, INC ................. 20 4,050 * USINTERNETWORKING, INC .............. 283 26,450 * USWEB CORP .......................... 1,175 20,700 * VALASSIS COMMUNICATIONS, INC ........ 875 20,400 * VERIO, INC .......................... 942 26,800 * VERISIGN, INC ....................... 5,117 92,100 * VERITAS SOFTWARE CORP ............... 13,182 8,200 * VERITY, INC ......................... 349 10,400 * VERTICALNET, INC .................... 1,706 5,100 * VIASOFT, INC ........................ 29 7,200 * VIGNETTE CORP ....................... 1,174 8,200 * VISIO CORP .......................... 390 2,100 * VOLT INFORMATION SCIENCES, INC ...... 50 5,800 WACKENHUT CORP SERIES A ............. 87 10,800 * WAVE SYSTEMS CORP (CLASS A) ......... 129 1,800 * WEBTRENDS CORP ...................... 146 7,800 * WEST TELESERVICES CORP .............. 191 5,400 * WESTAFF, INC ........................ 45 11,400 * WIND RIVER SYSTEMS, INC ............. 418 4,800 * XTRA CORP ........................... 205 44,142 * YAHOO, INC .......................... 19,100 14,300 YOUNG & RUBICAM, INC ................ 1,012 78 * ZAP.COM CORP ........................ 0 3,000 * ZIFF-DAVIS, INC ZDNET ............... 63 ---------- 587,425 ---------- CHEMICALS AND ALLIED PRODUCTS--10.56% 546,424 ABBOTT LABORATORIES CO .............. 19,842 700 * ABGENIX INC ......................... 93 8,000 * ADVANCED TISSUE SCIENCE CO .......... 20 81,211 AIR PRODUCTS & CHEMICALS, INC ....... 2,726 100 * ALBANY MOLECULAR RESEARCH, INC ...... 3 17,200 ALBEMARLE CORP ...................... 330 23,000 ALBERTO CULVER CO (CLASS B) ......... 594 1,600 * ALGOS PHARMACEUTICAL CORP ........... 18 6,500 * ALKERMES, INC ....................... 319 7,185 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS A) ....... 91 54,814 ALLERGAN, INC ....................... 2,727 5,300 * ALLIANCE PHARMACEUTICAL CORP ........ 39 12,941 ALPHARMA, INC (CLASS A) ............. 398 31,104 * ALZA CORP ........................... 1,077 473,770 AMERICAN HOME PRODUCTS CORP ......... 18,684 372,500 * AMGEN, INC .......................... 22,373 11,400 * AMYLIN PHARMACEUTICALS, INC ......... 95 5,000 * ANDRX CORP .......................... 212 600 * APHTON CORP ......................... 9 5,250 ARCH CHEMICALS, INC ................. 110 2,100 * ARQULE, INC ......................... 22 2,700 * AVIRON, INC ......................... 43 91,196 AVON PRODUCTS, INC .................. 3,009 3,300 * AXYS PHARMACEUTICALS, INC ........... 13 3,700 * BARR LABORATORIES, INC .............. 116 14,600 * BIO-TECHNOLOGY GENERAL CORP ......... 223 54,300 * BIOGEN, INC ......................... 4,588 5,000 * BIOMATRIX, INC ...................... 96 160 * BIOVAIL CORP INTERNATIONAL .......... 15 1,462 BLOCK DRUG, INC (CLASS A) ........... 45 713,752 BRISTOL MYERS SQUIBB CO ............. 45,814 34,400 CABOT CORP .......................... 701 18,100 CALGON CARBON CORP .................. 107 9,982 CAMBREX CORP ........................ 344 1,300 * CARBIDE/GRAPHITE GROUP, INC ......... 8 77,019 * CAREMARK RX, INC .................... 390 4,700 CARTER WALLACE, INC ................. 84 3,600 * CELL GENESYS, INC ................... 46 4,000 * CELL PATHWAYS, INC .................. 37 SEE NOTES TO FINANCIAL STATEMENTS 32 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- CHEMICALS AND ALLIED PRODUCTS--(Continued) 7,000 * CEPHALON, INC ....................... $ 242 2,200 * CHATTEM, INC ........................ 42 15,700 CHEMFIRST, INC ...................... 343 2,900 * CHIREX, INC ......................... 42 35,828 * CHIRON CORP ......................... 1,518 14,600 CHURCH & DWIGHT CO, INC ............. 390 43,757 CK WITCO CORP ....................... 585 85,956 CLOROX CO ........................... 4,330 212,584 COLGATE PALMOLIVE CO ................ 13,818 9,100 * COLUMBIA LABORATORIES, INC .......... 68 6,400 * COR THERAPEUTICS, INC ............... 172 1,700 * CORIXA CORP ......................... 29 4,300 * COULTER PHARMACEUTICALS, INC ........ 98 8,455 * CRESCENDO PHARMACEUTICALS CORP ...... 155 8,700 * CYGNUS, INC ......................... 159 13,700 * CYTEC INDUSTRIES, INC ............... 317 12,800 DEXTER CORP ......................... 509 5,100 DIAGNOSTIC PRODUCTS CORP ............ 125 32,500 DIAL CORP ........................... 790 78,914 DOW CHEMICAL CO ..................... 10,545 359,190 DU PONT (E.I.) DE NEMOURS & CO ...... 23,662 14,200 * DURA PHARMACEUTICALS, INC ........... 198 3,900 * DURAMED PHARMACEUTICALS, INC ........ 28 24,400 EASTMAN CHEMICAL CO ................. 1,164 37,400 ECOLAB, INC ......................... 1,463 7,482 * ELAN CORP PLC ADR ................... 221 10,900 * ENZON, INC .......................... 473 29,400 ETHYL CORP .......................... 116 14,500 FERRO CORP .......................... 319 9,700 * FMC CORP ............................ 556 29,200 * FOREST LABORATORIES, INC ............ 1,794 4,051 FULLER (H.B.) CO .................... 227 3,100 * GELTEX PHARMACEUTICALS, INC ......... 40 3,361 GENERAL CHEMICAL GROUP, INC ......... 8 29,800 * GENZYME CORP (GENERAL DIVISION) ..... 1,341 495 * GENZYME CORP (TISSUE REPAIR DIVISION) 1 4,528 * GENZYME SURGICAL PRODUCTS ........... 26 2,193 * GENZYME-MOLECULAR ONCOLOGY .......... 15 7,500 GEON CO ............................. 244 10,900 GEORGIA GULF CORP ................... 332 15,447 * GILEAD SCIENCES, INC ................ 836 18,800 * GRACE W.R. & CO ..................... 261 18,100 GREAT LAKES CHEMICAL CORP ........... 691 15,375 HANNA (M.A.) CO ..................... 168 1,000 * HEMISPHERX BIOPHRMA, INC ............ 10 36,600 HERCULES, INC ....................... 1,020 2,600 * HESKA CORP .......................... 6 10,000 * HUMAN GENOME SCIENCES, INC .......... 1,526 26,766 ICN PHARMACEUTICALS, INC ............ 678 11,600 * ICOS CORP ........................... 339 14,000 * IDEC PHARMACEUTICALS CORP ........... 1,376 11,600 * IDEXX LABORATORIES, INC ............. 187 2,300 * IGEN INTERNATIONAL, INC ............. 68 36,524 IMC GLOBAL, INC ..................... 598 1,972 * IMC GLOBAL, INC WTS 12/22/00 ........ 0 7,400 * IMCLONE SYSTEMS, INC ................ 293 5,200 * IMMUNE RESPONSE CORP ................ 23 26,100 * IMMUNEX CORP ........................ 2,858 4,300 * INHALE THERAPEUTIC SYSTEMS .......... 183 5,700 * INTERNATIONAL SPECIALTY PRODUCTS, INC 52 7,800 * INTERNEURON PHARMACEUTICALS, INC .... 45 35,040 INTERNATIONAL FLAVORS & FRAGRANCES, INC ................... 1,323 800 * INVITROGEN CORP ..................... 48 9,500 * ISIS PHARMACEUTICALS, INC ........... 59 41,392 * IVAX CORP ........................... 1,066 498,427 JOHNSON & JOHNSON CO ................ 46,416 11,100 JONES PHARMACEUTICAL, INC ........... 482 4,950 * KING PHARMACEUTICALS, INC ........... 278 3,922 * KV PHARMACEUTICAL CO (CLASS B) ...... 84 30,520 LAUDER (ESTEE) CO (CLASS A) ......... 1,539 11,900 * LIGAND PHARMACEUTICALS CO(CLASS A) .. 153 332,600 LILLY (ELI) & CO .................... 22,118 6,100 LILLY INDUSTRIES, INC (CLASS A) ..... 82 11,800 * LIPOSOME CO, INC .................... 144 17,095 LUBRIZOL CORP ....................... 528 34,000 LYONDELL CHEMICAL CO ................ 434 5,300 MACDERMID, INC ...................... 218 4,000 * MACROCHEM CORP (DELAWARE) ........... 17 22,900 MALLINCKRODT, INC ................... 729 5,400 * MATRIX PHARMACEUTICALS, INC ......... 26 15,000 * MCWHORTER TECHNOLOGIES, INC ......... 240 1,400 * MEDCO RESEARCH, INC ................. 42 9,300 * MEDICIS PHARMACEUTICAL CORP (CLASS A) ......................... 396 19,710 * MEDIMMUNE, INC ...................... 3,269 844,076 MERCK & CO, INC ..................... 56,606 23,100 MILLENNIUM CHEMICAL, INC ............ 456 12,000 * MILLENNIUM PHARMACEUTICALS, INC ..... 1,464 9,500 MINERALS TECHNOLOGIES, INC .......... 381 1,700 * MIRAVANT MEDICAL TECHNOLOGY ......... 16 7,168 MISSISSIPPI CHEMICAL CORP ........... 44 230,742 MONSANTO CO ......................... 8,220 46,350 MYLAN LABORATORIES, INC ............. 1,167 19,800 * NABI, INC ........................... 92 5,800 NATURES SUNSHINE PRODUCTS, INC ...... 46 22,670 * NBTY, INC ........................... 262 7,000 * NEUROGEN CORP ....................... 116 5,900 NL INDUSTRIES, INC .................. 89 3,600 * OCTEL CORP .......................... 37 12,300 OLIN CORP ........................... 244 6,750 OM GROUP, INC ....................... 232 9,800 OMNOVA SOLUTIONS, INC ............... 76 8,550 * ORGANOGENESIS, INC .................. 74 5,500 * PATHOGENESIS CORP ................... 118 26,000 * PERRIGO CO .......................... 208 1,398,356 PFIZER, INC ......................... 45,359 183,648 PHARMACIA & UPJOHN, INC ............. 8,264 2,600 * PHARMACYCLICS, INC .................. 107 60,100 PPG INDUSTRIES, INC ................. 3,760 56,650 PRAXAIR, INC ........................ 2,850 470,800 PROCTER & GAMBLE CO ................. 51,582 6,600 * PROTEIN DESIGN LABORATORIES,INC ..... 462 2,200 * REGENERON PHARMACEUTICALS, INC ...... 28 10,000 * REVLON, INC (CLASS A) ............... 79 13,000 * REXALL SUNDOWN, INC ................. 134 600 * ROGERS CORP ......................... 23 44,448 ROHM & HAAS CO ...................... 1,808 32,437 RPM, INC ............................ 330 2,500 * SAFESCIENCE, INC .................... 29 4,500 * SANGSTAT MEDICAL CORP ............... 134 530,660 SCHERING-PLOUGH CORP ................ 22,387 18,775 SCHULMAN (A.), INC .................. 306 10,100 * SCOTTS CO (CLASS A) ................. 407 11,600 * SEPRACOR, INC ....................... 1,151 8,550 * SEROLOGICALS CORP ................... 51 49,531 SHERWIN-WILLIAMS CO ................. 1,040 10,843 * SHIRE PHARMACEUTICALS CORP .......... 316 21,500 * SICOR, INC .......................... 167 32,480 SIGMA ALDRICH CORP .................. 976 3,300 * SUPERGEN, INC ....................... 97 4,900 * TECHNE CORP ......................... 270 10,600 * THERAGENICS CORP .................... 96 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 33 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- CHEMICALS AND ALLIED PRODUCTS--(Continued) 3,200 * THERMOLASE CORP ..................... $ 6 5,700 * TRANSKARYOTIC THERAPIES, INC ........ 219 4,800 * TRIANGLE PHARMACEUTICALS, INC ....... 62 10,600 * TWINLAB CORP ........................ 84 1,400 * U.S.A. DETERGENTS, INC .............. 4 43,200 UNION CARBIDE CORP .................. 2,884 21,300 USEC, INC ........................... 149 11,200 VALSPAR CORP ........................ 469 6,300 * VENTIV HEALTH, INC .................. 58 10,000 * VERTEX PHARMACEUTICALS, INC ......... 350 3,000 * VICAL, INC .......................... 90 2,600 * VIROPHARMA, INC ..................... 96 309,289 WARNER-LAMBERT CO ................... 25,342 35,076 * WATSON PHARMACEUTICALS, INC ......... 1,256 9,000 WELLMAN, INC ........................ 168 7,924 WEST PHARMACEUTICAL SERVICES ........ 245 13,700 * ZILA, INC ........................... 40 7,600 * ZONAGEN, INC ........................ 33 ---------- 526,591 ---------- COAL MINING--0.00% 4,900 ARCH COAL, INC ...................... 55 ---------- COMMUNICATIONS--11.78% 4,700 * ADELPHIA BUSINESS SOLUTIONS, INC .... 226 20,711 * ADELPHIA COMMUNICATIONS CORP (CLASS A) .................... 1,359 1,400 * ADVANCED RADIO TELECOM CORP ......... 34 800 * AERIAL COMMUNICATIONS, INC .......... 49 22,700 * ALLEGIANCE TELECOM, INC ............. 2,094 118,537 ALLTEL CORP ......................... 9,802 7,900 * AMERICAN MOBILE SATELLITE CORP ...... 166 51,603 * AMFM, INC ........................... 4,038 8,987 * ARCH COMMUNICATIONS GROUP, INC WTS 09/01/03 ........... 5 1,733 * ARCH COMMUNICATIONS GROUP, INC ...... 11 14,796 * ASCENT ENTERTAINMENT GROUP, INC ..... 188 11,200 * ASSOCIATED GROUP, INC (CLASS A) ..... 1,022 1,157,757 AT & T CORP ......................... 58,756 422,396 * AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) ................... 23,971 561,496 BELL ATLANTIC CORP .................. 34,567 680,058 BELLSOUTH CORP ...................... 31,835 200 * BHC COMMUNICATIONS, INC (CLASS A) ... 32 59,132 BROADWING, INC ...................... 2,180 38,954 * CABLEVISION SYSTEMS CORP (CLASS A) .. 2,941 9,600 * CAPROCK COMMUNICATIONS CORP ......... 311 271,743 * CBS CORP ............................ 17,375 43,425 CENTURYTEL, INC ..................... 2,057 3,100 CFW COMMUNICATIONS CO ............... 108 7,702 * CHRIS CRAFT INDUSTRIES, INC ......... 556 7,200 * CITADEL COMMUNICATIONS CORP ......... 467 95,961 * CLEAR CHANNEL COMMUNICATIONS, INC ... 8,565 4,300 * CLEAR CHANNEL COMMUNICATIONS, INC WTS 09/18/01 .................. 69 5,600 * COM 21, INC ......................... 126 2,800 COMCAST CORP (CLASS A) .............. 134 265,556 COMCAST CORP (CLASS A) SPECIAL ...... 13,427 3,066 * COMMONWEALTH TELEPHONE ENTERPRISES .. 162 7,444 COMSAT CORP SERIES 1 ................ 148 16,100 * CONCENTRIC NETWORK CORP ............. 496 4,200 * CORECOMM LTD ........................ 249 24,400 * COVAD COMMUNICATIONS GROUP .......... 1,365 48,358 * COX COMMUNICATIONS, INC (CLASS A) ... 2,490 2,100 * COX RADIO, INC (CLASS A) ............ 209 12,200 * CROWN CASTLE INTERNATIONAL CORP ..... 392 800 CT COMMUNICATIONS, INC .............. 45 4,600 * CUMULUS MEDIA, INC .................. 233 17,100 * E.SPIRE COMMUNICATIONS, INC ......... 99 5,600 * EMMIS COMMUNICATIONS (CLASS A) ...... 698 6,900 * ENTERCOM COMMUNICATIONS CORP ........ 455 60,200 * EXODUS COMMUNICATIONS, INC .......... 5,347 2,400 * FLASHNET ............................ 15 45,700 * FOX ENTERTAINMENT GROUP, INC ........ 1,140 12,930 GAYLORD ENTERTAINMENT CO ............ 387 83 * GLOBAL CROSSING LTD ................. 4 62,400 * GLOBAL TELESYSTEMS GROUP, INC ....... 2,161 750 GRAY COMMUNICATIONS SYSTEMS, INC .... 13 352,283 GTE CORP ............................ 24,858 22,567 * HEARST-ARGYLE TELEVISION, INC ....... 601 2,900 HEARTLAND WIRELESS COMMUNICATIONS, INC ............... 0 4,400 * HIGHWAYMASTER COMMUNICATIONS, INC ... 10 13,100 * HISPANIC BROADCASTING CORP .......... 1,208 16,049 * ICG COMMUNICATIONS, INC ............. 301 9,300 * IDT CORP ............................ 176 100,323 * INFINITY BROADCASTING CORP (CLASS A) 3,630 20,900 * INTERMEDIA COMMUNICATIONS, INC ...... 811 5,400 * INTERNATIONAL FIBERCOM, INC ......... 43 3,300 * INTRAWARE, INC ...................... 264 17,300 * ITC DELTACOM, INC ................... 478 3,900 * JONES INTERCABLE, INC (CLASS A) ..... 270 3,200 * LAUNCH MEDIA, INC ................... 61 7,000 * LCC INTERNATIONAL, INC (CLASS A) .... 140 4,050 * LEAP WIRELESS INTERNATIONAL, INC .... 318 99,400 * LEVEL 3 COMMUNICATIONS, INC ......... 8,138 9,500 * LIBERTY DIGITAL, INC (CLASS A) ...... 705 6,300 * LORAL SPACE & COMMUNICATIONS LTD .... 153 1,124,430 LUCENT TECHNOLOGIES, INC ............ 84,121 1,020,250 * MCI WORLDCOM, INC ................... 54,137 38,500 * MCLEODUSA, INC (CLASS A) ............ 2,267 209,200 * MEDIA ONE GROUP, INC ................ 16,069 39,272 * METROMEDIA FIBER NETWORK (CLASS A) .. 1,883 7,000 * MGC COMMUNICATIONS, INC ............. 355 4,400 * NETWORK EVENT THEATER, INC .......... 131 52,500 * NEXTEL COMMUNICATIONS, INC (CLASS A) 5,414 47,700 * NEXTLINK COMMUNICATIONS, INC ........ 3,962 3,400 NORTH PITTSBURGH SYSTEMS, INC ....... 50 700 * NORTHEAST OPTIC NETWORK, INC ........ 44 2,700 * NORTHPOINT COMMUNICATIONS GROUP, INC 65 35,632 * NTL, INC ............................ 4,445 10,100 * OMNIPOINT CORP ...................... 1,218 1,060 * PAC WEST TELECOMMUNICATIONS, INC .... 28 9,470 * PACIFIC GATEWAY EXCHANGE, INC ....... 162 31,900 * PAGING NETWORK, INC ................. 26 13,810 * PANAMSAT CORP ....................... 820 10,503 * PAXSON COMMUNICATIONS CORP .......... 125 4,000 * PEGASUS COMMUNICATIONS CORP ......... 391 3,900 * POWERTEL, INC ....................... 391 21,400 * PREMIERE TECHNOLOGIES, INC .......... 150 2,200 * PRICE COMMUNICATIONS CORP ........... 61 9,600 * PRIMUS TELECOMMUNICATIONS GROUP, INC 367 42,378 * QWEST COMMUNICATIONS INTERNATIONAL , INC ............... 1,822 1,500 * RADIO ONE, INC ...................... 138 12,300 * RCN CORP ............................ 597 20,500 * RHYTHMS NETCONNECTIONS, INC ......... 636 1,233,145 SBC COMMUNICATIONS, INC ............. 60,116 14,400 * SINCLAIR BROADCASTING GROUP, INC (CLASS A) .............. 176 6,800 * SIRIUS SATELLITE RADIO, INC ......... 303 1,000 * SMARTALK TELESERVICES, INC .......... 0 247,532 SPRINT CORP (FON GROUP) ............. 16,662 90,933 * SPRINT CORP (PCS GROUP) ............. 9,321 16,900 * STAR TELECOMMUNICATIONS, INC ........ 134 15,500 * TALK.COM, INC ....................... 275 485 * TALK.COM, INC RTS ................... 0 16,540 * TCI SATELLITE ENTERTAINMENT (CLASS A) ......................... 265 9,718 TELEGLOBE, INC (U.S.) ............... 220 18,455 TELEPHONE & DATA SYSTEMS, INC ....... 2,325 SEE NOTES TO FINANCIAL STATEMENTS 34 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- COMMUNICATIONS--(Continued) 5,200 * TELIGENT, INC ....................... $ 321 5,500 * TIME WARNER TELECOM, INC ............ 275 24,600 * TV GUIDE, INC ....................... 1,058 5,900 * U.S. CELLULAR CORP .................. 596 4,000 * U.S. LEC CORP (CLASS A) ............. 129 187,961 U.S. WEST, INC ...................... 13,533 26,430 * U.S.A. NETWORKS, INC ................ 1,460 2,100 UNITED TELEVISION, INC .............. 289 33,400 * UNITEDGLOBALCOM, INC (CLASS A) ...... 2,359 26,700 * UNIVISION COMMUNICATIONS, INC ....... 2,728 12,920 * VIACOM, INC (CLASS A) ............... 781 166,986 * VIACOM, INC (CLASS B) ............... 10,092 4,846 * VIATEL, INC ......................... 260 20,500 VODAFONE AIRTOUCH PLC ADR ........... 1,015 31,200 * VOICESTREAM WIRELESS CORP ........... 4,440 3,600 * WAVO CORP ........................... 14 25,300 * WESTERN WIRELESS CORP (CLASS A) ..... 1,689 17,200 * WINSTAR COMMUNICATIONS, INC ......... 1,294 2,800 * WORLDGATE COMMUNICATIONS, INC ....... 133 7,500 * YOUNG BROADCASTING, INC (CLASS A) ... 383 ---------- 587,265 ---------- DEPOSITORY INSTITUTIONS--5.90% 1,000 ALABAMA NATIONAL BANCORP ............ 19 27,900 ALLIED IRISH BANK PLC (SPONS ADR) ... 589 15,200 AMCORE FINANCIAL, INC ............... 365 161,701 AMSOUTH BANCORP ..................... 3,123 5,600 ANCHOR BANCORP WISCONSIN, INC ....... 85 1,900 ANDOVER BANCORP, INC ................ 53 1,200 AREA BANCSHARES CORP ................ 29 40,206 ASSOCIATED BANC-CORP ................ 1,377 30,945 ASTORIA FINANCIAL CORP .............. 942 6 BANCFIRST CORP ...................... 0 1,500 BANCFIRST OHIO CORP ................. 35 18,300 BANCORPSOUTH, INC ................... 299 30,800 BANCWEST CORP ....................... 601 619,698 BANK OF AMERICA CORP ................ 31,101 2,200 BANK OF GRANITE CORP ................ 47 272,620 BANK OF NEW YORK CO, INC ............ 10,905 415,802 BANK ONE CORP ....................... 13,332 3,000 * BANK PLUS CORP ...................... 9 13,900 BANK UNITED CORP (CLASS A) .......... 379 1,200 BANKATLANTIC BANCORP, INC (CLASS A) . 5 8,000 BANKATLANTIC BANCORP, INC (CLASS B) . 41 7,810 BANKNORTH GROUP, INC ................ 209 1,000 * BANKUNITED FINANCIAL CORP (CLASS A) . 8 5,500 BAY VIEW CAPITAL CORP ............... 78 114,048 BB&T CORP ........................... 3,122 4,031 * BOK FINANCIAL CORP .................. 81 1,540 BRENTON BANKS, INC .................. 16 700 BROOKLINE BANCORP, INC .............. 7 600 BSB BANCORP, INC .................... 12 1,155 BT FINANCIAL CORP ................... 25 470 * CALIFORNIA FEDERAL BANK GOODWILL CERTIFICATE .............. 1 15,900 CAPITOL FEDERAL FINANCIAL ........... 155 4,600 CAROLINA FIRST CORP ................. 84 1,300 CATHAY BANCORP, INC ................. 53 14,400 CCB FINANCIAL CORP .................. 627 2,541 * CENTENNIAL BANCORP .................. 27 10,200 CENTURA BANKS, INC .................. 450 1,400 CENTURY SOUTH BANKS, INC ............ 31 81,578 CHARTER ONE FINANCIAL, INC .......... 1,560 302,538 CHASE MANHATTAN CORP ................ 23,503 1,875 CHEMICAL FINANCIAL CORP ............. 60 9,129 CHITTENDEN CORP ..................... 270 10,548 CITIZENS BANKING CORP (MICHIGAN) .... 236 2,777 CITY HOLDINGS CO .................... 39 14,200 CITY NATIONAL CORP .................. 468 38,900 COLONIAL BANCGROUP, INC ............. 404 1,260 * COLUMBIA BANKING SYSTEM, INC ........ 17 57,900 COMERICA, INC ....................... 2,703 9,359 COMMERCE BANCORP, INC ............... 378 21,177 COMMERCE BANCSHARES, INC ............ 717 24,200 COMMERCIAL FEDERAL CORP ............. 431 1,000 COMMONWEALTH BANCORP, INC ........... 17 1,200 COMMUNITY BANK SYSTEM, INC .......... 28 18,000 COMMUNITY FIRST BANKSHARES, INC ..... 284 1,760 COMMUNITY TRUST BANCORP, INC ........ 35 41,125 COMPASS BANCSHARES, INC ............. 918 73,043 * CONCORD EFS, INC .................... 1,881 1,200 CORUS BANKSHARES, INC ............... 29 1,200 CPB, INC ............................ 34 20,600 CULLEN FROST BANKERS, INC ........... 530 2,054 CVB FINANCIAL CORP .................. 47 46,100 DIME BANCORP, INC ................... 697 1,600 DIME COMMUNITY BANCORP, INC ......... 30 5,460 DOWNEY FINANCIAL CORP ............... 110 945 F & M BANCORP, INC (MARYLAND) ....... 19 9,167 F & M NATIONAL CORP ................. 253 7,530 F.N.B. CORP ......................... 168 1,200 FARMERS CAPITAL BANK CORP ........... 36 87,534 FIFTH THIRD BANCORP ................. 6,423 14,800 FIRST BANCORP (PUERTO RICO) ......... 307 1,600 FIRST CHARTER CORP .................. 24 2,900 FIRST CITIZENS BANCSHARES, INC (CLASS A) ......... 202 1,200 FIRST COMMERCE BANCSHARES, INC ...... 24 21,922 FIRST COMMONWEALTH FINANCIAL CORP ... 263 1,100 FIRST FEDERAL CAPITAL CORP .......... 16 12,584 FIRST FINANCIAL BANCORP ............. 269 1,560 FIRST FINANCIAL BANKSHARES, INC ..... 48 700 FIRST FINANCIAL CORP (INDIANA) ...... 29 1,900 FIRST FINANCIAL HOLDINGS, INC ....... 30 1,000 FIRST INDIANA CORP .................. 22 1,500 FIRST MERCHANTS CORP ................ 39 12,900 FIRST MIDWEST BANCORP, INC .......... 342 1,900 * FIRST REPUBLIC BANK ................. 45 70,712 FIRST SECURITY CORP ................. 1,805 8,200 FIRST SENTINEL BANCORP, INC ......... 64 770 FIRST SOURCE CORP ................... 19 45,400 FIRST TENNESSEE NATIONAL CORP ....... 1,294 355,737 FIRST UNION CORP .................... 11,673 5,900 FIRST UNITED BANCSHARES, INC ........ 79 17,650 FIRST VIRGINIA BANKS, INC ........... 759 1,700 FIRST WASHINGTON BANCORP, INC ....... 25 360,635 FIRSTAR CORP ........................ 7,618 5,350 * FIRSTFED FINANCIAL CORP ............. 75 27,688 FIRSTMERIT CORP ..................... 637 336,300 FLEETBOSTON FINANCIAL CORP .......... 11,707 2,800 FRONTIER FINANCIAL CORP ............. 56 24,880 FULTON FINANCIAL CORP ............... 448 2,300 GBC BANCORP ......................... 44 2,400 GOLD BANC CORP, INC ................. 22 48,200 * GOLDEN STATE BANCORP, INC ........... 831 13,600 * GOLDEN STATE BANCORP, INC WTS 12/31/00 ...................... 12 51,300 GOLDEN WEST FINANCIAL CORP .......... 1,719 1,650 GRAND PREMIER FINANCIAL, INC ........ 24 1,400 GREATER BAY BANCORP ................. 60 30,838 GREENPOINT FINANCIAL CORP ........... 734 1,400 * HAMILTON BANCORP, INC ............... 25 1,800 HANCOCK HOLDINGS CO ................. 70 735 HARLEYSVILLE NATIONAL CORP .......... 24 4,600 HARRIS FINANCIAL, INC ............... 35 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 35 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- DEPOSITORY INSTITUTIONS--(Continued) 64,846 HIBERNIA CORP (CLASS A) ............. $ 689 18,010 HUDSON UNITED BANCORP ............... 460 76,740 HUNTINGTON BANCSHARES, INC .......... 1,832 13,350 * IMPERIAL BANCORP .................... 322 25,800 INDEPENDENCE COMMUNITY BANK CORP .... 323 1,410 INDEPENDENT BANK CORP ............... 18 2,000 INTERNATIONAL BANCSHARES CORP ....... 89 3,100 INTERWEST BANCORP, INC .............. 60 2,600 IRWIN FINANCIAL CORP ................ 46 900 JEFFERSON SAVINGS BANCORP, INC ...... 10 300 JSB FINANCIAL, INC .................. 16 161,339 KEYCORP ............................. 3,570 17,350 KEYSTONE FINANCIAL, INC ............. 365 2,741 M & T BANK CORP ..................... 1,135 19,380 MAF BANCORP, INC .................... 406 34,356 MARSHALL & ILSLEY CORP .............. 2,158 250,705 MBNA CORP ........................... 6,832 185,904 MELLON FINANCIAL CORP ............... 6,332 21,705 MERCANTILE BANKSHARES CORP .......... 693 3,000 MERCHANTS NEW YORK BANCORP, INC ..... 51 735 MICHIGAN FINANCIAL CORP ............. 20 636 MID-AMERICA BANCORP ................. 18 1,100 MISSISSIPPI VALLEY BANCSHARES, INC .. 30 63,965 MORGAN (J.P.) & CO, INC ............. 8,100 4,400 NATIONAL BANCORP OF ALASKA, INC ..... 123 3,050 NATIONAL CITY BANCSHARES, INC ....... 77 229,077 NATIONAL CITY CORP .................. 5,426 33,000 NATIONAL COMMERCE BANCORP ........... 749 3,045 NATIONAL PENN BANCSHARES, INC ....... 77 2,315 NBT BANCORP, INC .................... 36 10,200 * NETBANK, INC ........................ 189 51,968 NORTH FORK BANCORP, INC ............. 909 73,720 NORTHERN TRUST CORP ................. 3,907 400 NORTHWEST BANCORP, INC .............. 3 10,200 * OCWEN FINANCIAL CORP ................ 64 34,214 OLD KENT FINANCIAL CORP ............. 1,210 16,277 OLD NATIONAL BANCORP ................ 528 1,500 OMEGA FINANCIAL CORP ................ 44 10,912 ONE VALLEY BANCORP, INC ............. 334 3,533 ORIENTAL FINANCIAL GROUP ............ 78 4,500 PACIFIC CAPITAL BANCORP ............. 138 26,700 PACIFIC CENTURY FINANCIAL CORP ...... 499 3,045 PARK NATIONAL CORP .................. 292 8,600 PEOPLES BANK OF BRIDGEPORT CO ....... 182 42,104 PEOPLES HERITAGE FINANCIAL GROUP, INC 634 2,100 PEOPLES HOLDINGS CO ................. 61 1,900 PFF BANCORP, INC .................... 37 108,739 PNC BANK CORP ....................... 4,839 45,501 POPULAR, INC ........................ 1,271 12,182 PREMIER BANCSHARES, INC ............. 166 9,989 PROVIDENT BANKSHARES CORP ........... 173 12,200 PROVIDENT FINANCIAL GROUP ........... 438 51,494 PROVIDIAN FINANCIAL CORP ............ 4,689 19,200 QUEENS COUNTY BANCORP, INC .......... 521 80,130 REGIONS FINANCIAL CORP .............. 2,013 700 RELIANCE BANCORP, INC ............... 24 3,740 REPUBLIC BANCORP, INC ............... 45 37,664 REPUBLIC NEW YORK CORP .............. 2,712 9,300 REPUBLIC SECURITY FINANCIAL CORP .... 67 5,200 RICHMOND COUNTY FINANCIAL CORP ...... 94 15,700 RIGGS NATIONAL CORP ................. 207 37,635 ROSLYN BANCORP, INC ................. 696 9,600 S & T BANCORP, INC .................. 223 8,990 * S1 CORP ............................. 702 2,000 SANDY SPRING BANCORP, INC ........... 54 1,125 SHORELINE FINANCIAL CORP ............ 21 11,500 * SILICON VALLEY BANCSHARES ........... 569 1,000 SIMMONS FIRST NATIONAL CORP (CLASS A) ........... 25 25,056 SKY FINANCIAL GROUP, INC ............ 504 58,000 SOUTHTRUST CORP ..................... 2,193 6,600 * SOUTHWEST BANCORP OF TEXAS, INC ..... 131 67,360 SOVEREIGN BANCORP, INC .............. 502 58,800 STATE STREET CORP ................... 4,296 11,000 STATEN ISLAND BANCORP, INC .......... 198 3,465 STERLING BANCORP .................... 55 3,500 STERLING BANCSHARES, INC ............ 39 1,000 STERLING FINANCIAL CORP ............. 31 63,871 SUMMIT BANCORP ...................... 1,956 117,659 SUNTRUST BANKS, INC ................. 8,096 16,380 SUSQUEHANNA BANCSHARES, INC ......... 260 81,487 SYNOVUS FINANCIAL CORP .............. 1,620 28,900 TCF FINANCIAL CORP .................. 719 16,300 * TELEBANC FINANCIAL CORP ............. 424 2,300 TEXAS REGIONAL BANCSHARES, INC (CLASS A) ......... 67 5,709 TRIANGLE BANCORP, INC ............... 111 2,700 TRUST CO OF NEW JERSEY .............. 62 20,470 TRUSTCO BANK CORP ................... 271 20,900 TRUSTMARK CORP ...................... 452 279,862 U.S. BANCORP ........................ 6,664 7,600 U.S. TRUST CORP ..................... 609 1,320 U.S.B. HOLDINGS CO, INC ............. 21 6,094 UMB FINANCIAL CORP .................. 230 60,043 UNION PLANTERS CORP ................. 2,368 9,550 UNIONBANCAL CORP .................... 377 14,900 UNITED BANKSHARES, INC .............. 356 1,900 UNITED COMMUNITY FINANCIAL CORP (OHIO) ............. 19 1,749 UNITED NATIONAL BANCORP ............. 39 2,200 USBANCORP, INC ...................... 26 17,700 UST CORP ............................ 562 21,460 VALLEY NATIONAL BANCORP ............. 601 18,000 W HOLDING CO, INC ................... 187 73,906 WACHOVIA CORP ....................... 5,026 18,037 WASHINGTON FEDERAL, INC ............. 356 212,880 WASHINGTON MUTUAL, INC .............. 5,535 2,000 WASHINGTON TRUST BANCORP, INC ....... 36 14,800 WEBSTER FINANCIAL CORP .............. 349 602,818 WELLS FARGO CO ...................... 24,376 4,400 WESBANCO, INC ....................... 114 2,112 WEST COAST BANCORP (OREGON) ......... 29 13,000 WESTAMERICA BANCORP ................. 363 9,000 WHITNEY HOLDINGS CORP ............... 334 12,500 WILMINGTON TRUST CORP ............... 603 36,700 ZIONS BANCORP ....................... 2,172 ---------- 294,226 ---------- EATING AND DRINKING PLACES--0.67% 7,000 * ADVANTICA RESTAURANT GROUP, INC ..... 12 22,900 APPLEBEES INTERNATIONAL, INC ........ 676 11,800 AVADO BRANDS, INC ................... 50 29,200 BOB EVANS FARMS, INC ................ 451 11,100 x* BOSTON CHICKEN, INC ................. 1 26,600 * BRINKER INTERNATIONAL, INC .......... 638 14,500 * BUFFETS, INC ........................ 145 19,600 CBRL GROUP, INC ..................... 190 8,550 * CEC ENTERTAINMENT, INC .............. 243 17,718 CKE RESTAURANTS, INC ................ 104 7,947 * CONSOLIDATED PRODUCTS, INC .......... 80 45,800 DARDEN RESTAURANTS, INC ............. 830 2,300 * DAVE & BUSTERS, INC ................. 19 49,023 HOST MARRIOTT CORP (NEW) ............ 404 6,600 * IHOP CORP (NEW) ..................... 110 13,600 * JACK IN THE BOX, INC ................ 281 8,700 * LANDRYS SEAFOOD RESTAURANTS, INC .... 76 10,600 * LONE STAR STEAKHOUSE & SALOON, INC .. 95 SEE NOTES TO FINANCIAL STATEMENTS 36 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- EATING AND DRINKING PLACES--(Continued) 19,700 LUBYS, INC .......................... $ 224 83,100 MARRIOTT INTERNATIONAL (CLASS A) .... 2,623 488,600 MCDONALD'S CORP ..................... 19,697 12,000 MORRISON MANAGEMENT SPECIALISTS, INC 259 22,700 * OUTBACK STEAKHOUSE, INC ............. 589 9,350 * PAPA JOHNS INTERNATIONAL, INC ....... 244 3,400 * PJ AMERICA, INC ..................... 53 7,100 x* PLANET HOLLYWOOD, INC (CLASS A) ..... 1 7,250 * RAINFOREST CAFE, INC ................ 29 20,700 RUBY TUESDAY, INC ................... 376 17,200 * RYANS FAMILY STEAK HOUSES, INC ...... 146 17,900 * SHONEYS, INC ........................ 25 10,800 SODEXHO MARRIOTT SERVICES, INC ...... 140 5,600 * SONIC CORP .......................... 160 4,500 * THE CHEESECAKE FACTORY CO ........... 158 52,190 * TRICON GLOBAL RESTAURANTS, INC ...... 2,016 30,380 * U.S. FOODSERVICE, INC ............... 509 28,600 VIAD CORP ........................... 797 35,300 WENDY'S INTERNATIONAL, INC .......... 728 ---------- 33,179 ---------- EDUCATIONAL SERVICES--0.03% 24,187 * APOLLO GROUP, INC (CLASS A) ......... 485 1,400 * BERLITZ INTERNATIONAL, INC .......... 24 4,700 * COMPUTER LEARNING CENTERS, INC ...... 11 27,800 * DEVRY, INC .......................... 518 3,400 * EDUCATION MANAGEMENT CORP ........... 48 3,500 * ITT EDUCATIONAL SERVICES, INC ....... 54 2,800 * LEARNING TREE INTERNATIONAL, INC .... 78 1,900 STRAYER EDUCATION, INC .............. 38 15,150 * SYLVAN LEARNING SYSTEMS, INC ........ 197 ---------- 1,453 ---------- ELECTRIC, GAS, AND SANITARY SERVICES--2.56% 48,700 * AES CORP ............................ 3,640 62,300 AGL RESOURCES, INC .................. 1,059 68,270 ALLEGHENY ENERGY, INC ............... 1,839 32,234 ALLIANT ENERGY CORP ................. 886 70,715 * ALLIED WASTE INDUSTRIES, INC ........ 623 64,313 AMEREN CORP ......................... 2,106 83,669 AMERICAN ELECTRIC POWER CO, INC ..... 2,688 32,696 AMERICAN WATER WORKS CO, INC ........ 695 4,195 AQUARION CO ......................... 155 9,035 ATMOS ENERGY CORP ................... 185 25,500 AVISTA CORP ......................... 394 4,728 BLACK HILLS CORP .................... 105 2,707 CALIFORNIA WATER SERVICE GROUP ...... 82 18,324 * CALPINE CORP ........................ 1,173 62,608 CAROLINA POWER & LIGHT CO ........... 1,906 1,000 CASCADE NATURAL GAS CORP ............ 16 5,000 * CASELLA WASTE SYSTEMS, INC (CLASS A) 94 73,856 CENTRAL & SOUTH WEST CORP ........... 1,477 8,800 CH ENERGY GROUP, INC ................ 290 52,023 CINERGY CORP ........................ 1,255 82,526 * CITIZENS UTILITIES CO (CLASS B) ..... 1,171 19,000 CLECO CORP .......................... 609 27,641 CMP GROUP, INC ...................... 762 30,400 CMS ENERGY CORP ..................... 948 58,700 COASTAL CORP ........................ 2,080 24,391 COLUMBIA ENERGY GROUP ............... 1,543 39,425 CONECTIV, INC ....................... 663 4,287 CONECTIV, INC (CLASS A) ............. 127 1,500 CONNECTICUT ENERGY CORP ............. 58 74,119 CONSOLIDATED EDISON CO OF NEW YORK., INC .................... 2,557 28,300 CONSOLIDATED NATURAL GAS CO ......... 1,838 54,479 CONSTELLATION ENERGY GROUP .......... 1,580 1,230 CTG RESOURCES, INC .................. 43 57,688 DOMINION RESOURCES, INC ............. 2,264 50,100 DPL, INC ............................ 867 23,600 DQE, INC ............................ 817 47,693 DTE ENERGY CO ....................... 1,496 118,951 DUKE ENERGY CORP .................... 5,962 29,500 DYNEGY, INC ......................... 717 11,000 EASTERN ENTERPRISES CO .............. 632 20,300 EASTERN UTILITIES ASSOCIATION CO .... 615 115,100 EDISON INTERNATIONAL CO ............. 3,014 15,208 * EL PASO ELECTRIC CO ................. 149 68,322 EL PASO ENERGY CORP ................. 2,652 1,600 EMPIRE DISTRICT ELECTRIC CO ......... 36 6,286 ENERGEN CORP ........................ 114 32,200 ENERGY EAST CORP .................... 670 75,553 ENTERGY CORP ........................ 1,945 19,400 EQUITABLE RESOURCES, INC ............ 647 1,600 ETOWN CORP .......................... 100 78,636 FIRSTENERGY CORP .................... 1,784 35,200 FLORIDA PROGRESS CORP ............... 1,489 69,500 FPL GROUP, INC ...................... 2,975 43,221 GPU, INC ............................ 1,294 15,600 HAWAIIAN ELECTRIC INDUSTRIES, INC ... 450 20,900 IDACORP, INC ........................ 560 20,400 ILLINOVA CORP ....................... 709 10,400 INDIANA ENERGY, INC ................. 185 33,600 IPALCO ENTERPRISES, INC ............. 573 29,200 KANSAS CITY POWER & LIGHT CO ........ 644 48,204 KEYSPAN CORP ........................ 1,118 17,700 KINDER MORGAN, INC .................. 357 2,300 LACLEDE GAS CO ...................... 50 45,405 LOUISVILLE GAS & ELECTRIC ENERGY CORP 792 1,500 MADISON GAS & ELECTRIC CO ........... 30 23,100 MCN ENERGY GROUP, INC ............... 549 15,450 MDU RESOURCES GROUP, INC ............ 309 16,200 * MIDAMERICAN ENERGY HOLDINGS CO ...... 546 32,600 MINNESOTA POWER, INC ................ 552 3,800 x* MOLTEN METAL TECHNOLOGY, INC ........ 0 45,400 MONTANA POWER CO .................... 1,637 11,500 NATIONAL FUEL GAS CO ................ 535 38,785 NEW CENTURY ENERGIES, INC ........... 1,178 20,200 NEW ENGLAND ELECTRIC SYSTEMS CO ..... 1,045 7,300 NEW JERSEY RESOURCES CORP ........... 285 20,000 * NEWPARK RESOURCES, INC .............. 123 64,100 * NIAGARA MOHAWK HOLDINGS, INC ........ 893 14,200 NICOR, INC .......................... 462 33,500 NISOURCE, INC ....................... 599 51,400 NORTHEAST UTILITIES CO .............. 1,057 41,400 NORTHERN STATES POWER CO ............ 807 11,900 NORTHWEST NATURAL GAS CO ............ 261 6,000 NORTHWESTERN CORP ................... 132 31,489 NSTAR ............................... 1,275 1,100 NUI CORP ............................ 29 28,200 OGE ENERGY CORP ..................... 536 10,080 ONEOK, INC .......................... 253 500 OTTER TAIL POWER CO ................. 19 72,000 PECO ENERGY CO ...................... 2,502 10,100 PEOPLES ENERGY CORP ................. 338 118,965 PG&E CORP ........................... 2,439 7,077 PHILADELPHIA SUBURBAN CORP .......... 146 10,324 PIEDMONT NATURAL GAS CO, INC ........ 312 27,400 PINNACLE WEST CAPITAL CORP .......... 837 41,200 POTOMAC ELECTRIC POWER CO ........... 945 47,632 PP&L RESOURCES, INC ................. 1,090 31,500 PUBLIC SERVICE CO OF NEW MEXICO ..... 512 4,100 PUBLIC SERVICE CO OF NORTH CAROLINA . 132 67,223 PUBLIC SERVICE ENTERPRISE GROUP, INC 2,340 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 37 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- ELECTRIC, GAS, AND SANITARY SERVICES--(Continued) 42,840 PUGET SOUND ENERGY, INC ............. $ 830 28,600 QUESTAR CORP ........................ 429 78,549 RELIANT ENERGY, INC ................. 1,797 30,900 * REPUBLIC SERVICES, INC (CLASS A) .... 444 21,300 RGS ENERGY GROUP, INC ............... 438 28,200 SCANA CORP .......................... 758 35,936 * SCOTTISH POWER PLC ADR .............. 1,006 3,800 SEMCO ENERGY, INC ................... 45 70,829 SEMPRA ENERGY ....................... 1,231 21,229 SIERRA PACIFIC RESOURCES (NEW) ...... 368 6,300 SIG CORP, INC ....................... 143 600 SOUTH JERSEY INDUSTRIES, INC ........ 17 232,415 SOUTHERN CO ......................... 5,462 6,963 * SOUTHERN UNION CO ................... 133 8,000 SOUTHWEST GAS CORP .................. 184 24,900 SOUTHWESTERN ENERGY CO .............. 163 5,200 * STERICYCLE, INC ..................... 98 41,100 TECO ENERGY, INC .................... 763 90,882 TEXAS UTILITIES CO .................. 3,232 1,300 TNP ENTERPRISES, INC ................ 54 8,000 * U.S. LIQUIDS, INC ................... 67 7,610 UGI CORP ............................ 156 69,800 UNICOM CORP ......................... 2,338 15,240 * UNISOURCE ENERGY CORP HOLDINGS CO ... 170 11,500 UNITED ILLUMINATING CO .............. 591 8,200 UNITED WATER RESOURCES, INC ......... 280 29,738 UTILICORP UNITED, INC ............... 578 10,800 WASHINGTON GAS LIGHT CO ............. 297 5,000 * WASTE CONNECTIONS, INC .............. 72 231,091 WASTE MANAGEMENT, INC ............... 3,972 31,000 * WASTEMASTERS, INC ................... 5 3,300 WESTERN GAS RESOURCES, INC .......... 44 17,900 WESTERN RESOURCES, INC .............. 304 18,000 WICOR, INC .......................... 525 143,716 WILLIAMS COS, INC ................... 4,392 32,800 WISCONSIN ENERGY CORP ............... 631 9,500 WPS RESOURCES CORP .................. 239 1,500 YANKEE ENERGY SYSTEMS, INC .......... 66 ---------- 127,351 ---------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--11.21% 4,700 * AAVID THERMAL TECHNOLOGIES, INC ..... 115 9,400 * ACTEL CORP .......................... 226 9,200 * ACTV, INC ........................... 420 8,800 * ADAPTIVE BROADBAND CORP ............. 650 49,400 * ADC TELECOMMUNICATIONS, INC ......... 3,585 11,100 * ADTRAN, INC ......................... 571 2,700 * ADVANCED ENERGY INDUSTRIES, INC ..... 133 27,100 * ADVANCED FIBRE COMMUNICATIONS ....... 1,211 2,200 * ADVANCED LIGHTING TECHNOLOGIES, INC . 13 53,807 * ADVANCED MICRO DEVICES, INC ......... 1,557 3,900 * AEROFLEX, INC ....................... 40 8,085 * ALLEN TELECOM, INC .................. 93 10,900 * ALLIANCE SEMICONDUCTOR CORP ......... 182 4,600 * ALPHA INDUSTRIES, INC ............... 264 67,200 * ALTERA CORP ......................... 3,331 60,700 * AMERICAN POWER CONVERSION CORP ...... 1,601 3,600 * AMERICAN SUPERCONDUCTOR CORP ........ 101 46,680 * AMERICAN TOWER SYSTEMS (CLASS A) .... 1,427 4,500 * AMERICAN XTAL TECHNOLOGY, INC ....... 78 15,800 AMETEK, INC ......................... 301 30,700 * AMKOR TECHNOLOGY, INC ............... 867 15,720 * AMPEX CORP (CLASS A) ................ 85 7,900 * AMPHENOL CORP (CLASS A) ............. 526 4,200 * ANADIGICS, INC ...................... 198 62,556 * ANALOG DEVICES, INC ................. 5,818 9,500 * ANCOR COMMUNICATIONS, INC ........... 645 28,987 * ANDREW CORP ......................... 549 8,200 * ANTEC CORP .......................... 299 6,600 * APPLIED INNOVATION, INC ............. 55 5,400 * APPLIED MAGNETICS CORP .............. 2 15,800 * APPLIED MICRO CIRCUITS CORP ......... 2,011 11,500 * ARTESYN TECHNOLOGIES, INC ........... 242 2,500 * ARTISAN COMPONENTS, INC ............. 52 17,600 * ASPECT COMMUNICATIONS CORP .......... 689 74,200 * ATMEL CORP .......................... 2,194 12,500 AVX CORP ............................ 624 9,866 BALDOR ELECTRIC CO .................. 179 3,441 * BENCHMARK ELECTRONICS, INC .......... 79 8,900 BMC INDUSTRIES, INC ................. 43 17,500 * BROADCOM CORP (CLASS A) ............. 4,767 1,700 * BROOKTROUT, INC ..................... 32 17,325 * BURR BROWN CORP ..................... 626 2,572 C&D TECHNOLOGIES, INC ............... 109 2,200 * C-COR.NET CORP ...................... 169 3,000 * CARRIER ACCESS CORP ................. 202 1,500 * CATAPULT COMMUNICATIONS CORP ........ 15 8,800 * CELLNET DATA SYSTEMS, INC ........... 10 9,200 * CHECKPOINT SYSTEMS, INC ............. 94 14,800 * CIDCO, INC .......................... 80 48,900 * CIENA CORP .......................... 2,812 16,033 * COMMSCOPE, INC ...................... 646 23,010 * COMVERSE TECHNOLOGY, INC ............ 3,331 57,644 * CONEXANT SYSTEMS, INC ............... 3,826 30,373 COOPER INDUSTRIES, INC .............. 1,228 2,600 * COPPER MOUNTAIN NETWORKS, INC ....... 127 10,200 * CREE RESEARCH, INC .................. 871 11,012 CTS CORP ............................ 830 37,100 * CYPRESS SEMICONDUCTOR CORP .......... 1,201 11,500 DALLAS SEMICONDUCTOR CORP ........... 741 3,700 * DAVOX CORP .......................... 73 22,000 * DIGITAL MICROWAVE CORP .............. 516 10,280 * DII GROUP, INC ...................... 730 10,800 * E-TEK DYNAMICS, INC ................. 1,454 28,000 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) .................... 2,730 3,800 * ELECTRO SCIENTIFIC INDUSTRIES, INC .. 277 1,100 * EMCORE CORP ......................... 37 156,746 EMERSON ELECTRIC CO ................. 8,993 2,300 * ESHARE TECHNOLOGIES, INC ............ 39 8,300 * ESS TECHNOLOGY, INC ................. 184 900 * EVANS & SUTHERLAND COMPUTER CORP .... 10 1,800 * EXAR CORP ........................... 106 15,200 * EXECUTONE INFORMATION SYSTEMS, INC .. 83 4,600 EXIDE CORP .......................... 38 6,400 * GENERAL DATACOMM INDUSTRIES, INC .... 42 1,180,129 GENERAL ELECTRIC CO ................. 182,625 53,200 * GENERAL INSTRUMENT CORP ............. 4,522 11,700 * GENERAL SEMICONDUCTOR, INC .......... 166 1,100 * GENLYTE GROUP, INC .................. 24 9,900 x* GEOTEK COMMUNICATIONS, INC .......... 0 18,687 * GLENAYRE TECHNOLOGIES, INC .......... 211 5,000 * GLOBIX CORP ......................... 300 4,500 * HADCO CORP .......................... 230 8,350 HARMAN INTERNATIONAL INDUSTRIES, INC 469 4,900 HARMON INDUSTRIES, INC .............. 59 9,000 * HARMONIC LIGHTWAVES, INC ............ 854 29,200 HARRIS CORP ......................... 779 7,300 HELIX TECHNOLOGY CORP ............... 327 2,300 * HI / FN, INC ........................ 89 13,000 * HMT TECHNOLOGY CORP ................. 52 16,350 HUBBELL, INC (CLASS B) .............. 446 SEE NOTES TO FINANCIAL STATEMENTS 38 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(Continued) 8,800 * HUTCHINSON TECHNOLOGY, INC .......... $ 187 1,100 * INET TECHNOLOGIES, INC .............. 77 2,400 INNOVEX, INC ........................ 23 30,900 * INTEGRATED DEVICE TECHNOLOGY, INC ... 896 2,300 * INTEGRATED SILICON SOLUTION, INC .... 38 1,200,536 INTEL CORP .......................... 98,819 6,800 INTER-TEL, INC ...................... 170 19,200 * INTERDIGITAL COMMUNICATIONS CORP .... 1,440 17,200 * INTERNATIONAL RECTIFIER CORP ........ 447 10,800 * INTERVOICE-BRITE, INC ............... 251 2,300 * IPC COMMUNICATIONS INC .............. 163 2,300 * ITI TECHNOLOGIES, INC ............... 69 6,500 * ITRON, INC .......................... 40 17,400 * JABIL CIRCUIT, INC .................. 1,270 79,400 * JDS UNIPHASE CORP ................... 12,808 739 * JUNO LIGHTING, INC .................. 8 16,400 * KEMET CORP .......................... 739 18,000 * KOMAG, INC .......................... 56 5,400 * KOPIN CORP .......................... 227 11,200 * L-3 COMMUNICATIONS HOLDINGS, INC .... 466 3,800 * LASERSIGHT, INC ..................... 38 16,000 * LATTICE SEMICONDUCTOR CORP .......... 754 55,700 LINEAR TECHNOLOGY CO ................ 3,986 9,800 * LITTLEFUSE, INC ..................... 238 2,400 * LO-JACK CORP ........................ 16 53,172 * LSI LOGIC CORP ...................... 3,589 13,000 * MAGNETEK, INC ....................... 100 99,200 * MAXIM INTEGRATED PRODUCTS ........... 4,681 1,100 * MAXWELL TECHNOLOGIES, INC ........... 11 31,300 MAYTAG CO ........................... 1,502 14,100 * MEMC ELECTRONIC MATERIALS, INC ...... 173 14,500 METHODE ELECTRONICS, INC (CLASS A) .. 466 2,420 * METRICOM, INC ....................... 190 9,600 * MICREL, INC ......................... 547 18,400 * MICROCHIP TECHNOLOGY, INC ........... 1,259 77,609 * MICRON TECHNOLOGY, INC .............. 6,034 11,600 * MMC NETWORKS, INC ................... 399 28,332 MOLEX, INC .......................... 1,606 1,400 * MOOG, INC (CLASS A) ................. 38 220,500 MOTOROLA, INC ....................... 32,469 7,300 * MRV COMMUNICATIONS, INC ............. 459 5,800 NATIONAL PRESTO INDUSTRIES, INC ..... 206 61,092 * NATIONAL SEMICONDUCTOR CORP ......... 2,616 16,200 NATIONAL SERVICE INDUSTRIES, INC .... 478 9,300 * NEOMAGIC CORP ....................... 102 2,714 NORTEL NETWORKS CORP (U.S.) ......... 274 5,100 * NVIDIA CORP ......................... 239 6,700 * OAK INDUSTRIES, INC ................. 711 6,800 * OAK TECHNOLOGY, INC ................. 64 49,100 * OIS OPTICAL IMAGING SYSTEMS, INC .... 0 16,300 * P-COM, INC .......................... 144 22,500 * PAIRGAIN TECHNOLOGIES, INC .......... 319 1,300 PARK ELECTROCHEMICAL CORP ........... 35 500 * PARKERVISION, INC ................... 15 8,200 * PHOTRONICS, INC ..................... 235 7,300 * PICTURETEL CORP ..................... 31 9,900 PITTWAY CORP (CLASS A) .............. 444 6,000 * PLANTRONICS, INC .................... 429 3,100 * PLEXUS CORP ......................... 136 5,300 * PLX TECHNOLOGY, INC ................. 100 21,900 * PMC-SIERRA, INC ..................... 3,511 7,600 * POLYCOM, INC ........................ 484 9,600 * POWER INTEGRATIONS, INC ............. 460 3,400 * POWER-ONE, INC ...................... 156 5,000 * POWERWAVE TECHNOLOGIES, INC ......... 292 13,200 * QLOGIC CORP ......................... 2,110 208,400 * QUALCOMM, INC ....................... 36,704 6,800 * RAMBUS, INC ......................... 459 9,600 * RAYOVAC CORP ........................ 181 17,900 * READ RITE CORP ...................... 85 6,300 * RECOTON CORP ........................ 57 11,700 * REMEC, INC .......................... 298 18,600 * RF MICRO DEVICES, INC ............... 1,273 17,900 * S3, INC ............................. 207 3,000 * SALTON, INC ......................... 100 20,790 * SANMINA CORP ........................ 2,076 7,800 * SAWTEK, INC ......................... 519 26,077 * SCI SYSTEMS, INC .................... 2,143 27,600 SCIENTIFIC-ATLANTA, INC ............. 1,535 4,200 * SCM MICROSYSTEMS, INC ............... 269 10,700 * SDL, INC ............................ 2,333 9,800 * SEMTECH CORP ........................ 511 28,200 * SENSORMATIC ELECTRONICS CORP ........ 492 1,100 * SILICONIX, INC ...................... 145 5,700 * SIPEX CORP .......................... 140 6,050 * SLI, INC ............................ 82 86,102 * SOLECTRON CORP ...................... 8,190 10,600 STEWART & STEVENSON SERVICES, INC ... 126 33,526 * SUNBEAM CORP ........................ 140 3,400 TECHNITROL, INC ..................... 151 15,500 * TEKELEC ............................. 349 122,488 * TELLABS, INC ........................ 7,862 4,700 * TERAYON COMMUNCIATION SYSTEMS, INC .. 295 286,560 TEXAS INSTRUMENTS, INC .............. 27,761 18,505 THOMAS & BETTS CORP ................. 590 2,000 THOMAS INDUSTRIES, INC .............. 41 15,800 * TITAN CORP .......................... 745 8,800 * TRANSWITCH CORP ..................... 639 4,500 * TRIQUINT SEMICONDUCTOR, INC ......... 501 3,300 * TUT SYSTEMS, INC .................... 177 15,400 * UCAR INTERNATIONAL, INC ............. 274 10,500 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC ................... 357 8,200 * VICOR CORP .......................... 332 24,071 * VISHAY INTERTECHNOLOGY, INC ......... 761 55,200 * VITESSE SEMICONDUCTOR CORP .......... 2,895 4,771 * WATER PIK TECHNOLOGIES, INC ......... 46 4,500 * WEBLINK WIRELESS, INC ............... 70 7,300 * WESTELL TECHNOLOGIES, INC (CLASS A) . 78 25,500 WHIRLPOOL CORP ...................... 1,659 9,633 * WINDMERE-DURABLE HOLDINGS, INC ...... 164 17,600 * WORLD ACCESS, INC ................... 339 4,400 * ZENITH ELECTRONICS CORP ............. 9 97,800 * XILINX, INC ......................... 4,449 4,400 * ZENITH ELECTRONICS CORP ............. 0 5,000 * ZIXIT CORP .......................... 198 5,300 * ZOLTEK COS, INC ..................... 46 5,000 * ZOMAX, INC .......................... 226 ---------- 558,646 ---------- ENGINEERING AND MANAGEMENT SERVICES--0.17% 3,800 * AHL SERVICES, INC ................... 79 800 * CADUS PHARMACEUTICAL CORP ........... 0 16,800 * CATALYTICA, INC ..................... 228 3,500 * CELGENE CORP ........................ 245 4,725 * CIRCLE.COM .......................... 58 2,600 * CORNELL CORRECTIONS, INC ............ 22 1,400 * CORPORATE EXECUTIVE BOARD CO ........ 78 21,050 * COVANCE, INC ........................ 228 1,700 * DATA TRANSMISSION NETWORK CORP ...... 29 2,700 * DIAMOND TECHNOLOGY .................. PARTNERS, INC (CLASS A) 232 55,948 DUN & BRADSTREET CORP ............... 1,650 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 39 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- ENGINEERING AND MANAGEMENT SERVICES--(Continued) 3,000 * ENTREMED, INC ....................... $ 77 2,200 * F.Y.I., INC ......................... 75 8,581 * FIRST CONSULTING GROUP, INC ......... 133 100 * FLYCAST COMMUNICATIONS CORP ......... 13 20,394 GARTNER GROUP, INC (CLASS A) ........ 311 3,100 * HAGLER BAILLY, INC .................. 16 7,200 * INCYTE PHARMACEUTICALS, INC ......... 432 2,200 * INSPIRE INSURANCE SOLUTIONS, INC .... 10 8,500 * IT GROUP, INC ....................... 78 6,200 * JACOBS ENGINEERING GROUP, INC ....... 202 1,200 * KENDLE INTERNATIONAL, INC ........... 12 4,400 * LASON, INC .......................... 48 6,500 * MARKETING SERVICES GROUP ............ 109 3,100 * MAXIMUS, INC ........................ 105 2,000 * META GROUP, INC ..................... 38 13,300 * NAVIGANT CONSULTING CO .............. 145 15,100 x* NEUROMEDICAL SYSTEMS, INC ........... 1 3,700 * NFO WORLDWIDE, INC .................. 83 9,800 * PAREXEL INTERNATIONAL CORP .......... 116 6,000 * PHARMACEUTICAL PRODUCT DEVELOPMENT .. 71 2,900 * PROBUSINESS SERVICES, INC ........... 104 8,850 * PROFIT RECOVERY GROUP INTERNATIONAL . 235 41,912 * QUINTILES TRANSNATIONAL CORP ........ 783 10,600 * RENAISSANCE WORLDWIDE, INC .......... 78 100,650 SERVICEMASTER CO .................... 1,239 6,500 * STAFF LEASING, INC .................. 62 1,900 * SUPERIOR CONSULTANT HOLDINGS CORP ... 27 1,200 TEJON RANCH CO ...................... 29 13,631 * TELEDYNE TECHNOLOGIES, INC .......... 129 10,312 * TETRA TECH, INC ..................... 159 2,500 * URS CORP ............................ 54 3,000 * WACKENHUT CORRECTIONS CORP .......... 35 11,800 * WHITTMAN HART, INC .................. 633 3,000 * XCEED, INC .......................... 125 ---------- 8,616 ---------- FABRICATED METAL PRODUCTS--0.59% 5,700 * ALLIANT TECHSYSTEMS, INC ............ 355 1,676 * ALLTRISTA CORP ...................... 37 2,219 AMCAST INDUSTRIAL CORP .............. 36 12,417 BALL CORP ........................... 489 5,852 BARNES GROUP, INC ................... 95 1,200 BUTLER MANUFACTURING CO ............. 27 7,400 * COLEMAN CO, INC ..................... 69 19,925 CRANE CO ............................ 396 38,153 CROWN CORK & SEAL CO, INC ........... 854 391,622 GILLETTE CO ......................... 16,130 5,500 * GRIFFON CORP ........................ 43 1,400 * GULF ISLAND FABRICATION, INC ........ 13 12,600 HARSCO CORP ......................... 400 19,413 MARK IV INDUSTRIES, INC ............. 343 117,222 MASCO CORP .......................... 2,975 1,500 * MATERIAL SCIENCES CORP .............. 15 15,300 * METALS U.S.A., INC .................. 130 4,000 * NCI BUILDING SYSTEMS, INC ........... 74 2,600 * NORTEK, INC ......................... 73 36,675 PARKER-HANNIFIN CORP ................ 1,882 7,100 PRIMEX TECHNOLOGIES, INC ............ 147 51,644 ROCKWELL INTERNATIONAL CORP ......... 2,472 40,700 * ROHN INDUSTRIES, INC ................ 117 5,500 * SILGAN HOLDINGS, INC ................ 74 600 * SIMPSON MANUFACTURING CO, INC ....... 26 19,350 SNAP-ON, INC ........................ 514 4,800 * SPS TECHNOLOGIES, INC ............... 153 23,600 STANLEY WORKS CO .................... 711 16,900 STRUM, RUGER & CO, INC .............. 150 21,500 * TOWER AUTOMOTIVE, INC ............... 332 6,700 VALMONT INDUSTRIES .................. 108 5,600 WATTS INDUSTRIES, INC (CLASS A) ..... 83 ---------- 29,323 ---------- FISHING, HUNTING, AND TRAPPING--0.00% 3,900 * ZAPATA CORP ......................... 18 ---------- FOOD AND KINDRED PRODUCTS--2.83% 14,900 * AGRIBIOTECH, INC .................... 35 9,660 * AGRIBRANDS INTERNATIONAL, INC ....... 444 8,600 * AMERICAN ITALIAN PASTA CO (CLASS A) . 264 167,966 ANHEUSER-BUSCH COS, INC ............. 11,905 239,860 ARCHER DANIELS MIDLAND CO ........... 2,923 2,200 * AURORA FOODS, INC ................... 20 5,200 * BERINGER WINE ESTATES HOLDINGS, INC (CLASS B) ........... 207 98,945 BESTFOODS, INC ...................... 5,201 7,305 * BOSTON BEER CO, INC (CLASS A) ....... 53 15,250 BROWN FORMAN, INC (CLASS B) ......... 873 4,000 * BUSH BOAKE ALLEN, INC ............... 98 118,351 CAMPBELL SOUP CO .................... 4,579 4,600 * CANANDAIGUA BRANDS, INC (CLASS A) ... 235 14,200 CHIQUITA BRANDS INTERNATIONAL, INC .. 67 1,100 COCA COLA BOTTLING CO CONSOLIDATED .. 52 818,294 COCA COLA CO ........................ 47,666 84,700 COCA COLA ENTERPRISES, INC .......... 1,705 172,273 CONAGRA, INC ........................ 3,887 10,000 COORS (ADOLPH) CO (CLASS B) ......... 525 12,675 CORN PRODUCTS INTERNATIONAL, INC .... 415 12,400 DEAN FOODS CO ....................... 493 16,500 * DEL MONTE FOODS CO .................. 203 17,200 DOLE FOOD, INC ...................... 280 9,500 DREYERS GRAND ICE CREAM, INC ........ 162 15,860 EARTHGRAINS CO ...................... 256 100 FARMER BROTHERS CO .................. 16 31,650 FLOWERS INDUSTRIES, INC ............. 504 55,100 FORTUNE BRANDS, INC ................. 1,822 113,722 GENERAL MILLS, INC .................. 4,066 3,300 * HAIN FOOD GROUP, INC ................ 74 128,709 HEINZ (H.J.) CO ..................... 5,124 34,337 HERSHEY FOODS CORP .................. 1,631 11,800 HORMEL FOODS CORP ................... 479 25,300 IBP, INC ............................ 455 9,800 * INTERNATIONAL HOME FOODS, INC ....... 170 12,100 INTERSTATE BAKERIES CORP ............ 219 5,900 * KEEBLER FOODS CO .................... 166 75,200 KELLOGG CO. ......................... 2,317 12,250 LANCASTER COLONY CORP ............... 406 15,600 LANCE, INC .......................... 156 22,000 MCCORMICK & CO, INC (NON-VOTE) ...... 655 7,200 MICHAEL FOODS, INC .................. 177 106,383 NABISCO GROUP HOLDINGS .............. 1,130 17,500 NABISCO HOLDINGS CORP (CLASS A) ..... 553 34,500 PEPSI BOTTLING GROUP, INC ........... 571 525,805 PEPSICO, INC ........................ 18,535 950 PILGRIMS PRIDE CORP (CLASS A) ....... 6 1,900 PILGRIMS PRIDE CORP (CLASS B) ....... 16 43,700 QUAKER OATS CO ...................... 2,868 10,500 * RALCORP HOLDINGS, INC ............... 209 118,400 RALSTON PURINA CO ................... 3,300 1,200 RIVIANA FOODS, INC .................. 21 2,600 * ROBERT MONDAVI CORP (CLASS A) ....... 90 329,000 SARA LEE CORP ....................... 7,259 15,000 * SMITHFIELD FOODS, INC ............... 360 6,800 SMUCKER, (J.M.) CO (CLASS A) ........ 133 13,700 * SUIZA FOODS CORP .................... 543 100 TCBY ENTERPRISES, INC ............... 0 9,287 TOOTSIE ROLL INDUSTRIES, INC ........ 306 1,700 * TRIARC COS, INC ..................... 31 SEE NOTES TO FINANCIAL STATEMENTS 40 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- FOOD AND KINDRED PRODUCTS--(Continued) 41,900 TYSON FOODS, INC .................... $ 681 21,400 UNIVERSAL FOODS CORP ................ 436 10,200 * VLASIC FOODS INTERNATIONAL, INC ..... 58 45,400 WHITMAN CORP ........................ 610 7,553 * WLR FOODS, INC ...................... 43 30,100 WRIGLEY (WM) JR CO .................. 2,496 ---------- 141,240 ---------- FOOD STORES--0.44% 59,700 * 7-ELEVEN, INC ....................... 106 154,380 ALBERTSONS, INC ..................... 4,979 37,133 DELHAIZE AMERICA, INC (CLASS B) ..... 775 1,000 * GRAND UNION CO ...................... 10 8,000 GREAT ATLANTIC & PACIFIC TEA CO, INC 223 13,900 HANNAFORD BROTHERS, INC ............. 963 1,500 INGLES MARKETS, INC (CLASS A) ....... 17 301,854 * KROGER CO ........................... 5,697 15,100 RUDDICK CORP ........................ 234 171,022 * SAFEWAY, INC ........................ 6,082 63,200 * STARBUCKS CORP ...................... 1,533 3,400 WEIS MARKETS, INC ................... 148 9,000 * WHOLE FOODS MARKET, INC ............. 417 4,350 * WILD OATS MARKETS, INC .............. 97 34,336 WINN DIXIE STORES, INC .............. 822 ---------- 22,103 ---------- FORESTRY--0.03% 38,600 GEORGIA-PACIFIC CORP (TIMBER GROUP) . 951 12,900 RAYONIER, INC ....................... 623 ---------- 1,574 ---------- FURNITURE AND FIXTURES--0.18% 7,100 BASSETT FURNITURE INDUSTRIES, INC ... 114 3,561 BUSH INDUSTRIES, INC (CLASS A) ...... 61 18,000 ETHAN ALLEN INTERIORS, INC .......... 577 17,900 * FURNITURE BRANDS INTERNATIONAL, INC . 394 22,300 HON INDUSTRIES, INC ................. 489 11,900 KIMBALL INTERNATIONAL, INC (CLASS B) 196 22,600 LA-Z-BOY, INC ....................... 380 22,652 * LEAR CORP ........................... 725 67,320 LEGGETT & PLATT, INC ................ 1,443 32,300 MILLER (HERMAN), INC ................ 743 104,451 NEWELL RUBBERMAID, INC .............. 3,029 2,600 * SELECT COMFORT CORP ................. 11 15,800 STEELCASE, INC ...................... 190 27,800 U.S. INDUSTRIES, INC ................ 389 ---------- 8,741 ---------- FURNITURE AND HOMEFURNISHINGS STORES--0.27% 40,900 * BED BATH & BEYOND, INC .............. 1,421 59,900 * BEST BUY, INC ....................... 3,006 13,500 * BOMBAY, INC ......................... 61 6,073 * CDNOW, INC .......................... 60 73,130 CIRCUIT CITY STORES-CIRCUIT CITY GROUP ........................ 3,295 31,500 * COMPUSA, INC ........................ 161 5,100 * CYBERIAN OUTPOST, INC ............... 51 8,200 * GUITAR CENTER, INC .................. 83 4,000 HAVERTY FURNITURE COS, INC .......... 51 21,100 HEILIG MEYERS CO .................... 58 2,500 * INTERTAN, INC ....................... 65 18,200 * LINENS 'N THINGS, INC ............... 539 3,892 * MAXIM GROUP, INC .................... 21 11,278 * MUSICLAND STORES CORP ............... 95 38,155 PIER 1 IMPORTS, INC ................. 243 4,500 * RESTORATION HARDWARE, INC ........... 31 68,900 TANDY CORP .......................... 3,389 11,800 * TRANS WORLD ENTERTAINMENT CORP ...... 124 200 * TWEETER HOME ENTERTAINMENT GROUP, INC 7 14,300 * WILLIAMS-SONOMA, INC ................ 658 ---------- 13,419 ---------- GENERAL BUILDING CONTRACTORS--0.07% 1,786 * BLOUNT INTERNATIONAL, INC ........... 28 20,978 CENTEX CORP ......................... 518 3,000 * CROSSMANN COMMUNITIES, INC .......... 47 15,837 HILLENBRAND INDUSTRIES, INC ......... 502 19,700 HORTON (D.R.), INC .................. 272 18,600 KAUFMAN & BROAD HOME CORP ........... 450 17,950 LENNAR CORP ......................... 292 2,900 MDC HOLDINGS, INC ................... 45 2,300 * NVR, INC ............................ 110 13,600 PULTE CORP .......................... 306 2,300 RYLAND GROUP, INC ................... 53 7,715 STANDARD-PACIFIC CORP ............... 85 15,800 * TOLL BROTHERS, INC .................. 294 5,413 * U.S. HOME CORP ...................... 138 12,900 WALTER INDUSTRIES, INC .............. 139 5,333 * WEBB (DEL) CORP ..................... 133 ---------- 3,412 ---------- GENERAL MERCHANDISE STORES--2.32% 5,000 * 99 CENTS ONLY STORES ................ 191 9,800 * AME DEPARTMENT STORES, INC .......... 282 31,100 * BJ'S WHOLESALE CLUB, INC ............ 1,135 1,300 x* CALDOR CORP ......................... 0 24,000 CASEYS GENERAL STORES, INC .......... 251 39,703 * CONSOLIDATED STORES CORP ............ 645 5,000 * COST PLUS, INC ...................... 178 80,500 * COSTCO WHOLESALE CORP ............... 7,346 160,400 DAYTON HUDSON CORP .................. 11,779 36,700 DILLARDS, INC (CLASS A) ............. 741 57,632 DOLLAR GENERAL CORP ................. 1,311 23,225 * DOLLAR TREE STORES, INC ............. 1,125 9,100 * ELDER BEERMAN STORES CORP ........... 47 3,000 * FACTORY 2-U STORES, INC ............. 85 50,300 FAMILY DOLLAR STORES, INC ........... 821 76,513 * FEDERATED DEPARTMENT STORES, INC .... 3,869 2,000 FREDS, INC .......................... 32 23,900 HARCOURT GENERAL, INC ............... 962 11,700 * HOMEBASE, INC ....................... 36 176,598 * K MART CORP ......................... 1,777 53,200 * KOHLS CORP .......................... 3,840 119,700 MAY DEPARTMENT STORES CO ............ 3,860 13,700 * NEIMAN MARCUS GROUP, INC (CLASS A) .. 383 7,201 * NEIMAN MARCUS GROUP, INC (CLASS B) .. 194 82,898 PENNEY, (J.C.) CO, INC .............. 1,653 54,003 * SAKS, INC ........................... 840 123,970 SEARS ROEBUCK & CO .................. 3,773 32,100 x* SERVICE MERCHANDISE, INC ............ 3 13,400 * SHOPKO STORES, INC .................. 308 1,700 * TUESDAY MORNING CORP ................ 31 5,800 * VALUE CITY DEPARTMENT STORES, INC ... 88 47,300 * VENATOR GROUP, INC .................. 331 977,142 WAL-MART STORES, INC ................ 67,545 ---------- 115,462 ---------- HEALTH SERVICES--0.35% 6,000 * ADVANCE PARADIGM, INC ............... 129 12,400 * ALTERRA HEALTHCARE CORP ............. 103 700 * AMERICAN HOMEPATIENT, INC ........... 0 10,500 * AMERICAN RETIREMENT CORP ............ 83 6,500 * AMERIPATH, INC ...................... 53 1,600 * APPLIED ANALYTICAL INDUSTRIES, INC .. 15 20,400 * APRIA HEALTHCARE GROUP, INC ......... 366 4,200 * ASSISTED LIVING CONCEPTS, INC ....... 9 28,272 * BEVERLY ENTERPRISES, INC ............ 124 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 41 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- HEALTH SERVICES--(Continued) 6,236 * CAREMATRIX CORP ..................... $ 16 1,700 * CENTENNIAL HEALTHCARE CORP .......... 5 9,400 * CLINTRIALS, INC ..................... 39 198,162 COLUMBIA/HCA HEALTHCARE CORP ........ 5,809 26,778 * CORAM HEALTHCARE CORP ............... 30 17,900 * COVENTRY HEALTH CARE, INC ........... 121 3,000 * CURATIVE HEALTH SERVICES, INC ....... 23 11,684 * ENZO BIOCHEMICAL, INC ............... 527 10,600 * EXPRESS SCRIPTS, INC ................ 678 5,400 x* FPA MEDICAL MANAGEMENT, INC ......... 0 12,600 * GENESIS HEALTH VENTURES, INC ........ 26 95,703 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) ................... 1,280 152,009 * HEALTHSOUTH CORP .................... 817 15,600 HOOPER HOLMES, INC .................. 402 3,000 * IMPATH, INC ......................... 76 8,300 * INNOVATIVE CLINICAL SOLUTION ........ 2 20,048 * INTEGRATED HEALTH SERVICES, INC ..... 2 28,180 * LABORATORY CORP OF AMERICA HOLDINGS . 104 244 * LABORATORY CORP OF AMERICA HOLDINGS WTS 04/28/00 ...................... 0 12,000 * LASER VISION CENTERS, INC ........... 127 13,222 * LCA-VISION, INC ..................... 62 10,871 * LIFEPOINT HOSPITALS, INC ............ 128 14,600 * LINCARE HOLDINGS, INC ............... 506 190 * LTC HEALTHCARE, INC ................. 0 9,400 * MAGELLAN HEALTH SERVICES, INC ....... 59 28,850 * MANOR CARE, INC ..................... 462 33,899 * MARINER POST-ACUTE NETWORK, INC ..... 2 6,000 * MATRIA HEALTHCARE, INC .............. 25 100 * NATIONAL HEALTHCARE CORP ............ 1 16,900 * NOVACARE, INC ....................... 3 15,500 * ORTHODONTIC CENTERS OF AMERICA, INC . 185 6,100 * PEDIATRIX MEDICAL GROUP, INC ........ 43 35,700 * PHYAMERICA PHYSICIAN GROUP, INC ..... 10 26,525 * PHYCOR, INC ......................... 50 12,900 * PHYSICIANS RESOURCE GROUP, INC ...... 4 5,800 * PROVINCE HEALTHCARE CO .............. 110 19,875 * QUEST DIAGNOSTICS, INC .............. 607 23,950 * QUORUM HEALTH GROUP, INC ............ 223 15,900 * RENAL CARE GROUP, INC ............... 372 2,300 STANCORP FINANCIAL GROUP, INC ....... 58 19,700 x* SUN HEALTHCARE GROUP, INC ........... 1 112,073 * TENET HEALTHCARE CORP ............... 2,634 33,210 * TOTAL RENAL CARE HOLDINGS, INC ...... 222 10,871 * TRIAD HOSPITALS, INC ................ 164 2,800 * UNITED PAYORS & UNITED PROVIDERS, INC 46 10,200 * UNIVERSAL HEALTH SERVICES, INC ...... 367 21,166 * US ONCOLOGY, INC .................... 105 12,615 x* VENCOR, INC ......................... 1 ---------- 17,416 ---------- HEAVY CONSTRUCTION, EXCEPT BUILDING--0.05% 10,950 * DYCOM INDUSTRIES, INC ............... 482 24,552 FLUOR CORP .......................... 1,126 12,600 FOSTER WHEELER CORP ................. 112 6,400 GRANITE CONSTRUCTION, INC ........... 118 7,200 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ....... 203 5,700 * MASTEC, INC ......................... 254 12,684 * MORRISON KNUDSEN CORP ............... 99 ---------- 2,394 ---------- HOLDING AND OTHER INVESTMENT OFFICES--0.77% 700 * ALEXANDERS, INC ..................... 55 9,500 ALEXANDRIA REAL ESTATE EQUITIES, INC 302 42,400 AMB PROPERTY CORP ................... 845 2,500 * AMERCO .............................. 63 11,600 AMLI RESIDENTIAL PROPERTIES TRUST ... 234 2,900 ANTHRACITE CAPITAL, INC ............. 18 38,164 APARTMENT INVESTMENT & MANAGEMENT CO 1,519 63,279 ARCHSTONE COMMUNITIES TRUST ......... 1,297 11,600 ASSOCIATED ESTATES REALTY CORP ...... 91 26,522 AVALONBAY COMMUNITIES, INC .......... 910 9,900 BEDFORD PROPERTY INVESTORS, INC ..... 169 13,600 BOSTON PROPERTIES, INC .............. 423 7,000 BOYKIN LODGING CO ................... 77 12,046 BRADLEY REAL ESTATE, INC ............ 210 8,000 BRANDYWINE REALTY TRUST ............. 131 26,200 BRE PROPERTIES, INC (CLASS A) ....... 594 3,200 BURNHAM PACIFIC PROPERTIES, INC ..... 30 23,900 CAMDEN PROPERTY TRUST ............... 654 3,400 CAPITAL AUTOMOTIVE REIT ............. 41 42,272 CAPSTEAD MORTGAGE CORP .............. 177 17,600 CARRAMERICA REALTY CORP ............. 372 17,582 CBL & ASSOCIATES PROPERTIES, INC .... 363 1,000 CENTER TRUST, INC ................... 10 3,600 CENTERPOINT PROPERTIES CORP ......... 129 1,300 CHARLES E. SMITH RESIDENTIAL REALTY . 46 15,800 CHATEAU PROPERTIES, INC ............. 410 1,600 CHELSEA GCA REALTY, INC ............. 48 6,600 * COAST FEDERAL LITIGATION CONTINGENT RTS .................... 10 9,500 COLONIAL PROPERTIES TRUST ........... 220 15,435 COMMERCIAL NET LEASE REALTY, INC .... 153 26,900 CORNERSTONE PROPERTIES, INC ......... 393 3,000 CORNERSTONE REALTY INCOME TRUST, INC 29 10,610 COUSINS PROPERTIES, INC ............. 360 36,100 CRESCENT REAL ESTATE EQUITIES CO .... 663 1,040 * CRESECENT OPERATING, INC ............ 3 20,201 x* CRIIMI MAE, INC ..................... 29 24,800 DEVELOPERS DIVERSIFIED REALTY CORP .. 319 45,897 DUKE-WEEKS REALTY CORP .............. 895 5,888 * DYNEX CAPITAL, INC .................. 38 1,000 * EAST WEST BANCORP, INC .............. 11 6,300 EASTGROUP PROPERTIES, INC ........... 117 2,000 ENTERTAINMENT PROPERTIES TRUST ...... 26 6,900 EQUITY INNS, INC .................... 47 83,409 EQUITY OFFICE PROPERTIES TRUST ...... 2,054 34,868 EQUITY RESIDENTIAL PROPERTIES TRUST CO ............... 1,488 13,400 FEDERAL REALTY INVESTMENT TRUST ..... 252 29,604 FELCOR LODGING TRUST, INC ........... 518 17,300 FIRST INDUSTRIAL REALTY TRUST, INC .. 475 4,480 FIRST UNION REAL ESTATE INVESTMENTS . 21 1,300 FIRST WASHINGTON REALTY TRUST, INC .. 24 24,932 FRANCHISE FINANCE CORP OF AMERICA ... 597 2,900 GABLES RESIDENTIAL TRUST ............ 70 10,500 GENERAL GROWTH PROPERTIES, INC ...... 294 1,300 GETTY REALTY HOLDINGS CORP .......... 15 22,400 GLENBOROUGH REALTY TRUST, INC ....... 300 12,100 GLIMCHER REALTY TRUST ............... 156 500 GOLF TRUST OF AMERICA, INC .......... 8 4,500 GREAT LAKES REIT, INC ............... 65 23,616 HEALTH CARE PROPERTY INVESTORS, INC . 564 7,139 HEALTH CARE REIT, INC ............... 108 11,400 HEALTHCARE REALTY TRUST, INC ........ 178 26,000 HIGHWOODS PROPERTIES, INC ........... 605 2,497 HOME PROPERTIES OF NEW YORK, INC .... 69 15,600 HOSPITALITY PROPERTIES TRUST ........ 297 46,200 HRPT PROPERTIES TRUST ............... 416 1,800 IMPAC MORTGAGE HOLDINGS, INC ........ 7 6,700 IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP .......... 76 48,655 INDYMAC MORTGAGE HOLDINGS, INC ...... 620 SEE NOTES TO FINANCIAL STATEMENTS 42 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- HOLDING AND OTHER INVESTMENT OFFICES--(Continued) 3,800 INNKEEPERS U.S.A. TRUST ............. $ 31 2,300 IRT PROPERTY CO ..................... 18 14,050 JDN REALTY CORP ..................... 227 5,700 JP REALTY, INC ...................... 89 11,200 KILROY REALTY CORP .................. 246 18,450 KIMCO REALTY CORP ................... 625 8,400 KOGER EQUITY, INC ................... 142 2,400 LEXINGTON CORPORATE PROPERTIES TRUST 22 29,200 LIBERTY PROPERTY TRUST CO ........... 708 3,300 LTC PROPERTIES, INC ................. 28 12,800 MACERICH CO ......................... 266 18,700 MACK-CALI REALTY CORP ............... 487 8,800 MANUFACTURED HOME COMMUNITIES, INC .. 214 36,163 MEDITRUST CORP PAIRED ............... 199 13,900 MERISTAR HOSPITALITY CORP ........... 222 676 * MERRY LAND PROPERTIES, INC .......... 4 4,100 MGI PROPERTIES, INC ................. 22 7,800 MID-AMERICA APARTMENT COMMUNITIES, INC .................. 176 2,630 MILLS CORP .......................... 47 5,800 NATIONAL GOLF PROPERTIES, INC ....... 115 7,400 NATIONAL HEALTH INVESTORS, INC ...... 110 17,100 NATIONWIDE HEALTH PROPERTIES, INC ... 235 33,098 NEW PLAN EXCEL REALTY TRUST ......... 523 8,328 OMEGA HEALTHCARE INVESTORS, INC ..... 106 4,700 PACIFIC GULF PROPERTIES, INC ........ 95 7,100 PAN PACIFIC RETAIL PROPERTIES, INC .. 116 3,900 PARKWAY PROPERTIES, INC ............. 112 8,300 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST .................. 121 14,987 POST PROPERTIES, INC ................ 573 21,600 PRENTISS PROPERTIES TRUST ........... 454 3,100 PRIME RETAIL, INC ................... 17 40,600 PRISON REALTY TRUST, INC ............ 206 25,993 PROLOGIS TRUST ...................... 500 3,100 PS BUSINESS PARKS, INC .............. 71 36,252 PUBLIC STORAGE, INC ................. 822 28,600 REALTY INCOME CORP .................. 590 12,713 RECKSON ASSOCIATES REALTY CORP ...... 263 5,371 REDWOOD TRUST, INC .................. 67 11,700 RFS HOTEL INVESTORS, INC ............ 122 29,800 ROUSE CO ............................ 633 700 SAUL CENTERS, INC ................... 10 4,620 SENIOR HOUSING PROPERTIES TRUST ..... 57 13,500 SHURGARD STORAGE CENTERS, INC ....... 313 42,256 SIMON PROPERTY GROUP, INC ........... 969 3,800 SL GREEN REALTY CORP ................ 83 6,000 SOVRAN SELF STORAGE, INC ............ 114 26,000 SPIEKER PROPERTIES, INC ............. 947 24,825 STARWOOD FINANCIAL TRUST ............ 420 13,300 STORAGE U.S.A., INC ................. 402 4,193 SUMMIT PROPERTIES, INC .............. 75 2,700 SUN COMMUNITIES, INC ................ 87 3,000 TANGER FACTORY OUTLET CENTERS, INC .. 62 34,700 TAUBMAN CENTERS, INC ................ 373 2,757 THORNBURG MORTGAGE ASSET CORP ....... 23 3,500 TOWN & COUNTRY TRUST ................ 63 400 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) 2 9,600 U.S. RESTAURANT PROPERTIES, INC ..... 137 61,869 UNITED DOMINION REALTY TRUST, INC ... 611 6,800 URBAN SHOPPING CENTERS, INC ......... 184 17,315 VENTAS, INC ......................... 73 975 * VORNADO OPERATING CO ................ 6 19,500 VORNADO REALTY TRUST ................ 634 4,829 WALDEN RESIDENTIAL PROPERTIES, INC .. 104 21,400 WASHINGTON REAL ESTATE INVESTMENT TRUST .................. 321 8,900 WEINGARTEN REALTY INVESTORS, INC .... 347 8,100 * WELLSFORD REAL PROPERTIES, INC ...... 69 2,800 WESTERN PROPERTIES TRUST ............ 27 13,000 WESTFIELD AMERICA, INC .............. 160 1,200 WHITE MOUNTAINS INSURANCE ........... 145 ---------- 38,250 ---------- HOTELS AND OTHER LODGING PLACES--0.11% 9,300 * AZTAR CORP .......................... 101 4,675 * BRISTOL HOTELS & RESORTS, INC ....... 24 16,100 * CHOICE HOTELS INTERNATIONAL, INC .... 276 4,510 * CRESTLINE CAPITAL CORP .............. 93 17,800 * EXTENDED STAY AMERICA, INC .......... 136 96,018 HILTON HOTELS CORP .................. 924 9,046 * HOMESTEAD VILLAGE, INC .............. 19 1,369 * INTERSTATE HOTELS CORP .............. 4 7,000 * LODGIAN, INC ........................ 35 24,676 * MANDALAY RESORT GROUP ............... 497 1,500 MARCUS CORP ......................... 20 13,900 * MERISTAR HOTELS & RESORTS, INC ...... 50 2,633 * MGM GRAND, INC ...................... 132 86,352 * PARK PLACE ENTERTAINMENT CORP ....... 1,079 21,300 * PRIME HOSPITALITY CORP .............. 188 59,226 STARWOOD HOTELS & RESORTS WORLDWIDE . 1,392 500 * SUBURBAN LODGES OF AMERICA, INC ..... 3 7,833 * SUNBURST HOSPITALITY CORP ........... 44 12,100 * SUNTERRA CORP ....................... 139 5,100 * TRUMP HOTEL & CASINO RESORT, INC .... 17 7,700 * VAIL RESORTS, INC ................... 138 41,089 * WYNDHAM INTERNATIONAL, INC .......... 121 ---------- 5,432 ---------- INDUSTRIAL MACHINERY AND EQUIPMENT--8.73% 126,140 * 3COM CORP ........................... 5,929 7,200 * 3DFX INTERACTIVE, INC ............... 71 36,050 * ADAPTEC, INC ........................ 1,798 8,200 * ADVANCED DIGITAL INFORMATION CORP ... 399 1,000 * AG-CHEM EQUIPMENT CO, INC ........... 10 21,000 AGCO CORP ........................... 282 2,376 ALAMO GROUP, INC .................... 24 2,200 ALLIED PRODUCTS CORP ................ 8 34,827 * AMERICAN STANDARD COS, INC .......... 1,598 6,000 * APEX, INC ........................... 194 57,700 * APPLE COMPUTER, INC ................. 5,932 136,360 * APPLIED MATERIALS, INC .............. 17,275 21,320 APPLIED POWER, INC (CLASS A) ........ 784 4,700 * ASTEC INDUSTRIES, INC ............... 88 4,400 * ASYST TECHNOLOGIES, INC ............. 288 5,700 * ATMI, INC ........................... 188 12,600 * AUSPEX SYSTEMS, INC ................. 129 10,100 * AUTOTOTE CORP (CLASS A) ............. 33 99,335 BAKER HUGHES, INC ................... 2,092 7,200 * BELL & HOWELL CO .................... 229 29,873 BLACK & DECKER CORP ................. 1,561 8,700 * BLACK BOX CORP ...................... 583 2,100 * BROOKS AUTOMATION, INC .............. 68 30,493 BRUNSWICK CORP ...................... 678 12,700 * C-CUBE MICROSYSTEMS, INC ............ 791 52,076 * CABLETRON SYSTEMS, INC .............. 1,354 2,238 CASCADE CORP ........................ 21 127,708 CATERPILLAR, INC .................... 6,010 22,100 * CIRRUS LOGIC, INC ................... 294 1,163,263 * CISCO SYSTEMS, INC .................. 124,615 2,700 COLUMBUS MCKINNON CORP .............. 27 617,610 COMPAQ COMPUTER CORP ................ 16,714 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 43 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- INDUSTRIAL MACHINERY AND EQUIPMENT--(Continued) 9,100 * CONCURRENT COMPUTER CORP ............ $ 170 17,414 * COOPER CAMERON CORP ................. 852 20,500 * COPYTELE, INC ....................... 17 13,100 CUMMINS ENGINE CO, INC .............. 633 2,200 * CUNO, INC ........................... 46 2,000 * CYBEX COMPUTER PRODUCTS CORP ........ 81 2,500 * CYLINK CORP ......................... 34 83,217 DEERE & CO .......................... 3,610 759,260 * DELL COMPUTER CORP .................. 38,722 5,100 DETROIT DIESEL CORP ................. 98 24,975 DIEBOLD, INC ........................ 587 3,000 * DIGI INTERNATIONAL, INC ............. 31 12,600 DONALDSON CO, INC ................... 303 73,100 DOVER CORP .......................... 3,317 1,900 * DRIL-QUIP, INC ...................... 58 2,600 DT INDUSTRIES, INC .................. 20 5,800 * EFAX.COM ............................ 42 8,500 * ELECTROGLAS, INC .................... 216 368,601 * EMC CORP ............................ 40,270 13,600 * EMULEX CORP ......................... 1,530 6,700 * ENCAD, INC .......................... 32 2,700 * ESTERLINE CORP ...................... 31 7,800 * ETEC SYSTEMS, INC ................... 350 17,300 * EXABYTE CORP ........................ 130 7,000 * EXTREME NETWORKS, INC ............... 585 4,600 FEDDERS CORP ........................ 25 13,705 FLOWSERVE CORP ...................... 233 11,000 * FSI INTERNATIONAL, INC .............. 127 800 * GARDNER DENVER, INC ................. 13 53,160 * GATEWAY, INC ........................ 3,831 300 GLEASON CORP ........................ 7 2,500 * GLOBAL IMAGING SYSTEMS, INC ......... 31 6,750 GRACO, INC .......................... 242 15,200 x* HARNISCHFEGER INDUSTRIES, INC ....... 6 315,067 HEWLETT-PACKARD CO .................. 35,898 3,000 * HORIZON OFFSHORE, INC ............... 16 18,800 HUSSMANN INTERNATIONAL, INC ......... 283 1,000 * HYPERCOM CORP ....................... 10 10,300 IDEX CORP ........................... 313 11,100 * IN FOCUS SYSTEMS, INC ............... 257 59,600 INGERSOLL-RAND CO ................... 3,282 649,456 o INTERNATIONAL BUSINESS MACHINES CORP 70,141 83,161 * IOMEGA CORP ......................... 281 6,200 * IONICS, INC ......................... 174 12,500 JLG INDUSTRIES, INC ................. 199 500 * JTS CORP ............................ 0 11,000 KAYDON CORP ......................... 295 10,293 KENNAMETAL, INC ..................... 346 7,050 * KRONOS, INC ......................... 423 8,200 * KULICHE & SOFFA INDUSTRIES, INC ..... 349 14,200 * LAM RESEARCH CORP ................... 1,584 45,700 * LEXMARK INTERNATIONAL GROUP (CLASS A) 4,136 8,800 LINCOLN ELECTRIC HOLDINGS CO ........ 182 1,600 LINDSAY MANUFACTURING CO ............ 29 7,950 MANITOWOC, INC ...................... 270 18,400 * MAXTOR CORP ......................... 133 11,400 * MERCURY COMPUTER SYSTEMS, INC ....... 399 11,500 * MICRON ELECTRONICS, INC ............. 128 8,500 * MICROS SYSTEMS, INC ................. 629 13,000 MILACRON, INC ....................... 200 5,900 * MIPS TECHNOLOGIES, INC .............. 307 8,100 * MTI TECHNOLOGY CORP ................. 299 2,600 NACCO INDUSTRIES, INC (CLASS A) ..... 144 23,800 * NATIONAL INSTRUMENTS CORP ........... 910 7,500 * NETWORK EQUIPMENT TECHNOLOGIES, INC . 89 4,400 NORDSON CORP ........................ 212 14,300 * NOVELLUS SYSTEMS, INC ............... 1,752 41,600 PALL CORP ........................... 897 14,200 PENTAIR, INC ........................ 547 100,000 PITNEY BOWES, INC ................... 4,831 10,600 * PRESSTEK, INC ....................... 147 6,800 * PRI AUTOMATION, INC ................. 456 4,100 * PROXIM, INC ......................... 451 61,635 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP ............. 932 33,067 * QUANTUM CORP-HARD DISK DRIVE GROUP .. 229 11,200 ROPER INDUSTRIES, INC ............... 424 7,100 * SANDISK CORP ........................ 683 1,000 SAUER, INC .......................... 9 79,017 * SEAGATE TECHNOLOGY, INC ............. 3,679 63,668 * SILICON GRAPHICS, INC ............... 625 10,500 * SILICON VALLEY GROUP, INC ........... 186 17,600 * SMITH INTERNATIONAL, INC ............ 875 1,400 * SPECIALTY EQUIPMENT COS, INC ........ 34 9,089 * SPEEDFAM-IPEC, INC .................. 118 7,300 * SPLASH TECHNOLOGY HOLDINGS, INC ..... 64 10,900 STANDEX INTERNATIONAL CORP .......... 228 35,300 * STORAGE TECHNOLOGY CORP ............. 651 29,125 SYMBOL TECHNOLOGIES, INC ............ 1,851 8,400 TECUMSEH PRODUCTS CO (CLASS A) ...... 396 6,800 TELXON CORP ......................... 109 2,000 TENNANT CO .......................... 66 11,306 * TENNECO AUTOMOTIVE, INC ............. 105 7,060 * TEREX CORP .......................... 196 3,700 * THERMO FIBERTEK, INC ................ 26 14,663 TIMKEN CO ........................... 300 4,500 TORO CO ............................. 168 3,878 TYCO INTERNATIONAL LTD .............. 151 3,700 * ULTRATECH STEPPER, INC .............. 60 99,974 * UNISYS CORP ......................... 3,193 19,300 * UNOVA, INC .......................... 251 21,800 * VARCO INTERNATIONAL, INC ............ 222 6,900 * VISUAL NETWORKS, INC ................ 547 30,500 * WESTERN DIGITAL CORP ................ 128 7,600 * XIRCOM, INC ......................... 570 14,400 YORK INTERNATIONAL CORP ............. 395 9,400 * ZEBRA TECHNOLOGY CORP ............... 550 ---------- 435,367 ---------- INSTRUMENTS AND RELATED PRODUCTS--1.84% 9,736 * ACUSON CORP ......................... 122 7,500 * ADAC LABORATORIES, INC .............. 81 1,300 * ADE CORP ............................ 21 7,700 * AFFYMETRIX, INC ..................... 1,307 8,400 * ALARIS MEDICAL, INC ................. 16 700 * ANACOMP, INC ........................ 13 400 ANALOGIC CORP ....................... 13 6,700 ARROW INTERNATIONAL, INC ............ 194 10,200 * AVID TECHNOLOGIES, INC .............. 133 20,313 BARD (C.R.), INC .................... 1,077 18,600 BAUSCH & LOMB, INC .................. 1,273 105,113 BAXTER INTERNATIONAL, INC ........... 6,602 2,200 * BAXTER INTERNATIONAL, INC RTS ....... 1 12,800 BECKMAN COULTER, INC ................ 651 88,478 BECTON DICKINSON & CO ............... 2,367 633 * BIO-RAD LABORATORIES, INC (CLASS A) . 15 35,600 BIOMET, INC ......................... 1,424 98,042 * BOSTON SCIENTIFIC CORP .............. 2,145 800 * BRITESMILE, INC ..................... 7 24,166 * CHYRON CORP ......................... 36 2,800 * CIRCOR INTERNATIONAL, INC ........... 29 800 * CLOSURE MEDICAL CORP ................ 10 13,300 * CNS, INC ............................ 55 SEE NOTES TO FINANCIAL STATEMENTS 44 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- INSTRUMENTS AND RELATED PRODUCTS--(Continued) 10,700 * COGNEX CORP ......................... $ 417 5,600 * COHERENT, INC ....................... 150 4,200 COHU, INC ........................... 130 5,300 COLE NATIONAL CORP (CLASS A) ........ 27 4,400 * CONMED CORP ......................... 114 7,300 COOPER COS, INC ..................... 220 1,600 x* CPX CORP ............................ 0 6,700 * CREDENCE SYSTEMS CORP ............... 580 3,700 * CYBERONICS, INC ..................... 59 10,800 * CYMER, INC .......................... 497 5,000 * CYTYC CORP .......................... 305 9,300 DATASCOPE CORP ...................... 372 18,400 DENTSPLY INTERNATIONAL, INC ......... 435 9,000 * DIONEX CORP ......................... 371 4,900 * DYNATECH CORP ....................... 33 117,219 EASTMAN KODAK CO .................... 7,766 3,900 * ECLIPSE SURGICAL TECHNOLOGY, INC .... 29 4,350 * FOSSIL, INC ......................... 101 6,283 FRESENIUS MEDICAL CARE AG. ADR ...... 178 12,800 * GENRAD, INC ......................... 206 400 * GLIATECH, INC ....................... 7 109,664 * GUIDANT CORP ........................ 5,154 9,000 * HAEMONETICS CORP .................... 214 5,800 * HANGER ORTHOPEDIC GROUP, INC ........ 58 1,700 * HOLOGIC, INC ........................ 10 15,100 * INPUT/OUTPUT, INC ................... 76 10,800 INVACARE CORP ....................... 217 3,200 * ISOLYSER CO, INC .................... 10 29,000 JOHNSON CONTROLS, INC ............... 1,649 31,700 * KLA-TENCOR CORP ..................... 3,531 9,100 * LITTON INDUSTRIES, INC .............. 454 23,500 * LTX CORP ............................ 526 2,700 * MECHANICAL TECHNOLOGY, INC .......... 63 10,987 * MEDICAL MANAGER CORP ................ 926 425,957 MEDTRONIC, INC ...................... 15,521 7,700 MENTOR CORP ......................... 199 11,988 * METTLER-TOLEDO INTERNATIONAL, INC ... 458 16,100 MILLIPORE CORP ...................... 622 300 MINE SAFETY APPLIANCE CO ............ 19 6,500 * MINIMED, INC ........................ 476 1,800 * MOLECULAR DEVICES CORP .............. 94 1,300 MOVADO GROUP, INC ................... 28 4,000 MTS SYSTEMS CORP .................... 31 2,800 * NOVOSTE CORP ........................ 46 13,200 * OAKLEY, INC ......................... 73 6,100 * OCULAR SCIENCES, INC ................ 115 3,500 OPTICAL COATING LABORATORIES,INC .... 1,036 7,200 * OSTEOTECH, INC ...................... 96 8,100 * PE CORP-CELERA GENOMICS GROUP ....... 1,207 35,600 PE CORP-PE BIOSYSTEMS GROUP ......... 4,283 21,300 PERKINELMER, INC .................... 888 6,200 * PINNACLE SYSTEMS, INC ............... 252 15,000 POLAROID CORP ....................... 282 26,588 RAYTHEON CO (CLASS A) ............... 660 95,600 RAYTHEON CO (CLASS B) ............... 2,539 4,900 * RESMED, INC ......................... 205 10,000 * RESPIRONICS, INC .................... 80 2,000 * SABRATEK CORP ....................... 0 2,900 * SCOTT TECHNOLOGIES, INC ............. 55 9,900 * SOLA INTERNATIONAL, INC ............. 137 7,333 * SONOSITE, INC ....................... 232 29,412 * ST. JUDE MEDICAL, INC ............... 903 24,620 * STERIS CORP ......................... 254 25,100 STRYKER CORP ........................ 1,748 18,950 * SUMMIT TECHNOLOGY, INC .............. 221 12,700 * SUNRISE MEDICAL, INC ................ 79 14,300 * SUNRISE TECHNOLOGY INTERNATIONAL, INC 169 36,300 * SYBRON INTERNATIONAL CORP ........... 896 14,750 TEKTRONIX, INC ...................... 573 10,800 TELEFLEX, INC ....................... 338 61,900 * TERADYNE, INC ....................... 4,085 7,500 * THERMEDICS, INC ..................... 41 6,500 * THERMO CARDIOSYSTEMS, INC ........... 43 54,150 * THERMO ELECTRON CORP ................ 812 5,868 * THERMO INSTRUMENT SYSTEMS, INC ...... 65 2,300 * THERMO OPTEK CORP ................... 26 11,422 * THERMO VISION CORP .................. 79 4,100 * THERMOQUEST CORP .................... 42 2,600 * THERMOTREX CORP ..................... 20 9,400 * TRIMBLE NAVIGATION LTD .............. 203 10,500 * VARIAN MEDICAL SYSTEMS, INC ......... 313 10,500 * VARIAN, INC ......................... 236 3,600 * VEECO INSTRUMENTS, INC .............. 169 3,000 * VENTANA MEDICAL SYSTEMS, INC ........ 75 20,000 * VISX, INC ........................... 1,035 8,500 * VIVUS, INC .......................... 27 21,000 * WATERS CORP ......................... 1,113 6,400 * WESLEY JESSEN VISIONCARE, INC ....... 242 15,600 X RITE, INC ......................... 98 240,000 XEROX CORP .......................... 5,445 ---------- 91,461 ---------- INSURANCE AGENTS, BROKERS AND SERVICE--0.22% 1,100 BALDWIN & LYONS, INC (CLASS B) ...... 24 5,572 BLANCH (E.W.) HOLDINGS, INC ......... 341 2,000 BROWN & BROWN, INC .................. 77 5,859 CRAWFORD & CO (CLASS B) ............. 80 22,900 * FIRST HEALTH GROUP CORP ............. 615 8,900 GALLAGHER (ARTHUR J.) & CO .......... 576 2,200 HILB, ROGAL & HAMILTON CO ........... 62 8,002 * HOMEFED CORP ........................ 7 93,280 MARSH & MCLENNAN COS, INC ........... 8,926 ---------- 10,708 ---------- INSURANCE CARRIERS--4.19% 28,400 20TH CENTURY INDUSTRIES ............. 548 8,883 * ACCEPTANCE INSURANCE COS, INC ....... 52 4,550 ACE LTD ............................. 76 4,930 AEGON NV ARS ........................ 471 49,637 AETNA, INC .......................... 2,770 93,640 AFLAC, INC .......................... 4,419 6,100 ALFA CORP ........................... 100 1,528 * ALLEGHANY CORP (DELAWARE) ........... 283 26,356 ALLMERICA FINANCIAL CORP ............ 1,466 283,316 ALLSTATE CORP ....................... 6,800 25,763 AMBAC FINANCIAL GROUP, INC .......... 1,345 4,100 AMERICAN ANNUITY GROUP, INC ......... 74 21,200 AMERICAN FINANCIAL GROUP, INC ....... 559 89,332 AMERICAN GENERAL CORP ............... 6,778 469,718 AMERICAN INTERNATIONAL GROUP, INC ... 50,788 7,500 * AMERICAN MEDICAL SECURITY GROUP ..... 45 1,600 AMERICAN NATIONAL INSURANCE CO ...... 102 3,800 AMERUS LIFE HOLDINGS, INC (CLASS A) . 87 89,326 AON CORP ............................ 3,573 6,400 ARGONAUT GROUP, INC ................. 127 10,100 ARM FINANCIAL GROUP, INC (CLASS A) .. 0 63,500 AXA FINANCIAL, INC .................. 2,151 9,350 BERKLEY (W.R.) CORP ................. 195 22 * BERKSHIRE HATHAWAY, INC (CLASS B) ... 40 6,900 CHICAGO TITLE CORP .................. 319 60,893 CHUBB CORP .......................... 3,429 69,537 CIGNA CORP .......................... 5,602 47,709 CINCINNATI FINANCIAL CORP ........... 1,488 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 45 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- INSURANCE CARRIERS--(Continued) 1,217,656 CITIGROUP, INC ...................... $ 67,656 9,000 * CNA FINANCIAL CORP .................. 350 11,718 CNA SURETY CORP ..................... 152 9,800 COMMERCE GROUP, INC ................. 256 117,077 CONSECO, INC ........................ 2,093 8,442 * DELPHI FINANCIAL GROUP, INC ......... 253 11,000 ENHANCE FINANCIAL SERVICES GROUP, INC 179 19,000 ERIE INDEMNITY CO (CLASS A) ......... 615 14,500 EVEREST REINSURANCE HOLDINGS, INC ... 324 10,600 FBL FINANCIAL GROUP, INC (CLASS A) .. 212 10,790 FIDELITY NATIONAL FINANCIAL, INC .... 155 10,500 FINANCIAL SECURITY ASSURANCE HOLDINGS LTD ...................... 547 20,900 FIRST AMERICAN FINANCIAL CORP ....... 260 10,200 FOREMOST CORP OF AMERICA ............ 289 36,071 * FOUNDATION HEALTH SYSTEMS (CLASS A) . 358 1,800 * FPIC INSURANCE GROUP, INC ........... 30 22,000 FREMONT GENERAL CORP ................ 162 11,470 FRONTIER INSURANCE GROUP, INC ....... 39 6,300 HARLEYSVILLE GROUP, INC ............. 90 77,800 HARTFORD FINANCIAL SERVICES GROUP, INC ............... 3,686 10,900 HARTFORD LIFE, INC (CLASS A) ........ 480 16,300 HCC INSURANCE HOLDINGS, INC ......... 215 9,150 * HIGHLANDS INSURANCE GROUP, INC ...... 87 19,100 HORACE MANN EDUCATORS CORP .......... 375 16,550 HSB GROUP, INC ...................... 560 55,675 * HUMANA, INC ......................... 456 36,475 JEFFERSON-PILOT CORP ................ 2,489 200 KANSAS CITY LIFE INSURANCE CO ....... 7 7,900 LANDAMERICA FINANCIAL GROUP, INC .... 145 4,800 LIBERTY CORP ........................ 203 4,800 LIBERTY FINANCIAL COS, INC .......... 110 68,000 LINCOLN NATIONAL CORP ............... 2,720 21,466 LOEWS CORP .......................... 1,303 1,400 * MARKEL CORP ......................... 217 11,800 * MAXICARE HEALTH PLANS, INC .......... 34 33,294 MBIA, INC ........................... 1,758 8,669 * MEDICAL ASSURANCE, INC .............. 184 10,100 MERCURY GENERAL CORP ................ 225 38,300 MGIC INVESTMENT CORP ................ 2,305 14,500 * MID ATLANTIC MEDICAL SERVICES, INC .. 121 2,200 MMI COS, INC ........................ 19 11,900 MONY GROUP, INC ..................... 347 7,300 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A) ........... 204 17,200 OHIO CASUALTY CORP .................. 276 45,825 OLD REPUBLIC INTERNATIONAL CORP ..... 624 31,900 * OXFORD HEALTH PLANS, INC ............ 405 13,703 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ............ 726 700 * PENN TREATY AMERICAN CORP ........... 11 10,300 * PENNCORP FINANCIAL GROUP, INC ....... 4 1,000 PMA CAPITAL CORP (CLASS A) .......... 20 12,150 PMI GROUP, INC ...................... 593 12,800 PRESIDENTIAL LIFE CORP .............. 235 18,216 PROGRESSIVE CORP .................... 1,332 20,600 PROTECTIVE LIFE CORP ................ 655 1,200 * PROVIDENT AMERICAN CORP ............. 42 1,700 PXRE GROUP, LTD ..................... 22 14,586 RADIAN GROUP, INC ................... 696 13,300 REINSURANCE GROUP OF AMERICA, INC ... 369 31,100 RELIANCE GROUP HOLDINGS, INC ........ 208 30,776 RELIASTAR FINANCIAL CORP ............ 1,206 2,600 * RISK CAPITAL HOLDINGS, INC .......... 33 1,000 RLI CORP ............................ 34 41,600 SAFECO CORP ......................... 1,035 4,400 SCPIE HOLDINGS, INC ................. 141 11,200 SELECTIVE INSURANCE GROUP, INC ...... 193 9,500 * SIERRA HEALTH SERVICES, INC ......... 64 77,681 ST. PAUL COS, INC ................... 2,617 2,600 STATE AUTO FINANCIAL CORP ........... 24 3,000 STEWART INFORMATION SERVICES CORP ... 40 47,800 TORCHMARK CORP ...................... 1,389 5,550 TRANSATLANTIC HOLDINGS, INC ......... 433 16,000 TRAVELERS PROPERTY CASUALTY CORP .... 548 3,353 TRENWICK GROUP, INC ................. 57 3,000 * TRIAD GUARANTY, INC ................. 68 16,400 * TRIGON HEALTHCARE, INC .............. 484 10,300 * UICI ................................ 109 600 UNITED FIRE & CASULTY CO ............ 14 54,800 UNITED HEALTHCARE CORP .............. 2,911 5,500 UNITED WISCONSIN SERVICES, INC ...... 23 17,600 UNITRIN, INC ........................ 662 73,207 UNUMPROVIDENT CORP .................. 2,347 5,400 VESTA INSURANCE GROUP, INC .......... 21 22,934 * WELLPOINT HEALTH NETWORKS, INC ...... 1,512 270 WESCO FINANCIAL CORP ................ 66 7,960 XL CAPITAL LTD ...................... 413 ---------- 208,619 ---------- LEATHER AND LEATHER PRODUCTS--0.02% 6,000 BROWN SHOE CO, INC .................. 85 1,900 * GLOBAL SPORTS, INC .................. 24 19,000 JUSTIN INDUSTRIES, INC .............. 283 1,200 K-SWISS, INC (CLASS A) .............. 22 2,134 * SAMSONITE CORP ...................... 12 14,600 STRIDE RITE CORP .................... 95 3,200 * TIMBERLAND CO ....................... 169 17,362 WOLVERINE WORLD WIDE, INC ........... 190 ---------- 880 ---------- LEGAL SERVICES--0.01% 12,900 * PREPAID LEGAL SERVICES, INC ......... 310 ---------- LOCAL AND INTERURBAN PASSENGER TRANSIT--0.00% 5,600 * RURAL/METRO CORP .................... 24 ---------- LUMBER AND WOOD PRODUCTS--0.21% 1,700 * AMERICAN HOMESTAR CORP .............. 7 6,337 CAVALIER HOMES, INC ................. 25 16,100 * CHAMPION ENTERPRISES, INC ........... 138 37,720 CLAYTON HOMES, INC .................. 347 14,857 DELTIC TIMBER CORP .................. 325 62,700 GEORGIA-PACIFIC CORP (PACKING GROUP) 3,182 37,700 LOUISIANA PACIFIC CORP .............. 537 15,300 OAKWOOD HOMES CORP .................. 49 8,750 * PALM HARBOR HOMES, INC .............. 158 200 SKYLINE CORP ........................ 5 6,400 TJ INTERNATIONAL, INC ............... 269 2,400 UNIVERSAL FOREST PRODUCTS, INC ...... 35 71,697 WEYERHAEUSER CO ..................... 5,149 ---------- 10,226 ---------- METAL MINING--0.11% 67,014 * BATTLE MOUNTAIN GOLD CO ............. 138 7,800 CLEVELAND CLIFFS, INC ............... 243 5,400 * COEUR DALENE MINES CORP ............. 19 17,692 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS A) ......................... 328 37,033 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) ......................... 782 21,400 * HECLA MINING CO ..................... 33 55,200 HOMESTAKE MINING CO ................. 431 39,187 * KINROSS GOLD CORP ................... 73 51,130 NEWMONT MINING CORP ................. 1,253 22,913 PHELPS DODGE CORP ................... 1,538 41,957 PLACER DOME, INC (U.S.) ............. 451 2,000 SOUTHERN PERU COPPER CORP ........... 31 SEE NOTES TO FINANCIAL STATEMENTS 46 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- METAL MINING--(Continued) 11,550 * STILLWATER MINING CO ................ $ 368 12,500 * SUNSHINE MINING & REFINING CO ....... 17 ---------- 5,705 ---------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.41% 11,700 * BLYTH INDUSTRIES, INC ............... 287 6,600 BRADY CORP (CLASS A) ................ 224 27,294 CALLAWAY GOLF CO .................... 483 2,600 x* CML GROUP, INC ...................... 0 2,400 * DIRECT FOCUS, INC ................... 67 69,427 HASBRO, INC ......................... 1,323 8,200 * HEXCEL CORP ......................... 46 4,600 * IDENTIX, INC ........................ 42 35,377 INTERNATIONAL GAME TECHNOLOGY CO .... 719 3,600 * JAKKS PACIFIC, INC .................. 67 17,500 JOSTENS, INC ........................ 425 5,500 K 2, INC ............................ 42 1,071 * LYDALL, INC ......................... 7 165 * MARVEL ENTERPRISES (CLASS A) WTS 10/02/01 ............ 0 280 * MARVEL ENTERPRISES (CLASS C) WTS 10/02/02 ............ 0 155,692 MATTEL, INC ......................... 2,043 146,100 MINNESOTA MINING & MANUFACTURING CO . 14,300 3,500 x* NU KOTE HOLDINGS, INC (CLASS A) ..... 0 2,941 ONEIDA LTD .......................... 64 4,700 RUSS BERRIE & CO, INC ............... 123 700 * STEINWAY MUSICAL INSTRUMENTS, INC ... 14 8,900 * WMS INDUSTRIES, INC ................. 117 ---------- 20,393 ---------- MISCELLANEOUS RETAIL--0.75% 66,200 * AMAZON.COM, INC ..................... 5,039 19,000 * BARNES & NOBLE, INC ................. 392 7,900 * BARNESANDNOBLE.COM, INC ............. 112 2,500 * BARNETT, INC ........................ 26 900 BLAIR CORP .......................... 13 26,267 * BORDERS GROUP, INC .................. 422 3,769 CASH AMERICA INTERNATIONAL, INC ..... 37 7,900 * CDW COMPUTER CENTERS, INC ........... 621 2,700 * COLDWATER CREEK, INC ................ 55 142,914 CVS CORP ............................ 5,708 1,600 * DELIA*S, INC ........................ 12 8,036 * DUANE READE, INC .................... 221 6,851 * EGGHEAD.COM, INC .................... 111 6,500 ENESCO GROUP, INC ................... 72 2,400 * ETOYS, INC .......................... 63 2,900 * FINLAY ENTERPRISES, INC ............. 42 3,000 FRIEDMANS, INC (CLASS A) ............ 23 2,300 x* GENESIS DIRECT, INC ................. 0 4,900 HANCOCK FABRICS, INC ................ 15 30,200 * HANOVER DIRECT, INC ................. 109 7,500 * INSIGHT ENTERPRISES, INC ............ 305 3,500 * JO-ANN STORES, INC (CLASS A) ........ 39 800 x* JUMBOSPORTS, INC .................... 0 5,400 * LANDS END, INC ...................... 188 14,300 LONGS DRUG STORES CORP .............. 369 10,100 * MICHAELS STORES, INC ................ 288 11,700 * MICRO WAREHOUSE, INC ................ 216 140,425 * OFFICE DEPOT, INC ................... 1,536 44,021 * OFFICEMAX, INC ...................... 242 33,800 OMNICARE, INC ....................... 406 1,300 * PARTY CITY CORP ..................... 1 400 * PC CONNECTION, INC .................. 14 6,900 * PETCO ANIMAL SUPPLIES, INC .......... 103 40,900 * PETSMART, INC ....................... 235 92,045 RITE AID CORP ....................... 1,030 8,200 * SCHEIN (HENRY), INC ................. 109 6,400 * SHOP AT HOME, INC ................... 64 9,600 * SPIEGEL, INC (CLASS A) .............. 68 168,762 * STAPLES, INC ........................ 3,502 14,700 * SUNGLASS HUT INTERNATIONAL, INC ..... 165 12,900 * SYSTEMAX, INC ....................... 110 9,250 * THE SPORTS AUTHORITY, INC ........... 19 21,412 TIFFANY & CO ........................ 1,911 86,801 * TOYS R US, INC ...................... 1,242 9,431 * U.S. OFFICE PRODUCTS CO ............. 29 1,600 * VALUE AMERICA, INC .................. 8 6,800 * VALUEVISION INTERNATIONAL, INC ...... 390 365,100 WALGREEN CO ......................... 10,679 2,300 * WHITEHALL JEWELLERS, INC ............ 85 18,800 * ZALE CORP ........................... 909 ---------- 37,355 ---------- MOTION PICTURES--1.08% 4,000 * AMC ENTERTAINMENT, INC .............. 35 1,584 * CARMIKE CINEMAS, INC (CLASS A) ...... 12 758,878 DISNEY (WALT) CO .................... 22,197 10,700 * HOLLYWOOD ENTERTAINMENT CORP ........ 155 1,726 * METRO-GOLDWYN-MAYER, INC ............ 41 21,100 * METROMEDIA INTERNATIONAL GROUP, INC . 100 8,800 * MOVIE GALLERY, INC .................. 38 5,600 * PIXAR, INC .......................... 198 430,730 TIME WARNER, INC .................... 31,201 2,200 * VALLEY MEDIA, INC ................... 15 ---------- 53,992 ---------- NONDEPOSITORY INSTITUTIONS--1.75% 6,100 * AAMES FINANCIAL CORP ................ 5 5,299 ADVANTA CORP (CLASS A) .............. 97 17,700 ALLIED CAPITAL CORP ................. 324 162,212 AMERICAN EXPRESS CO ................. 26,968 22,800 * AMERICREDIT CORP .................... 422 37,750 * AMRESCO, INC ........................ 53 14,700 * ARCADIA FINANCIAL LTD ............... 65 264,740 ASSOCIATES FIRST CAPITAL CORP ....... 7,264 72,476 CAPITAL ONE FINANCIAL CORP .......... 3,492 6,000 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE 71 14,000 CIT GROUP, INC (CLASS A) ............ 296 2,500 x* CITYSCAPE FINANCIAL CORP ............ 0 3,300 * COMPUCREDIT CORP .................... 127 9,500 * CONTIFINANCIAL CORP ................. 2 41,766 COUNTRYWIDE CREDIT INDUSTRIES, INC .. 1,055 4,800 * CREDIT ACCEPTANCE CORP .............. 18 13,953 DORAL FINANCIAL CORP ................ 172 700 * DVI, INC ............................ 11 1,200 * FEDERAL AGRICULTURE MORTGAGE CORP ... 24 373,895 FEDERAL NATIONAL MORTGAGE ASSOCIATION 23,345 1,000 * FINANCIAL FEDERAL CORP .............. 23 15,900 * FINET.COM, INC ...................... 21 21,909 FINOVA GROUP, INC ................... 778 4,800 * FIRST SIERRA FINANCIAL, INC ......... 82 6,300 * FIRSTPLUS FINANCIAL GROUP, INC ...... 0 253,141 FREDDIE MAC ......................... 11,913 17,309 HELLER FINANCIAL, INC ............... 347 172,637 HOUSEHOLD INTERNATIONAL, INC ........ 6,431 5,900 * IMC MORTGAGE CO ..................... 0 9,000 * IMPERIAL CREDIT INDUSTRIES, INC ..... 56 11,200 LEUCADIA NATIONAL CORP .............. 259 1,200 MEDALLION FINANCIAL CORP ............ 22 14,468 METRIS COS, INC ..................... 516 279 * MFN FINANCIAL CORP .................. 2 324 * MFN FINANCIAL CORP SERIES A WTS 03/23/02 ............. 0 324 * MFN FINANCIAL CORP SERIES B WTS 03/23/03 ............. 0 324 * MFN FINANCIAL CORP SERIES C WTS 03/23/04 ............. 0 1,000 * NEXTCARD, INC ....................... 29 3,379 * OMEGA WORLDWIDE, INC ................ 16 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 47 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- NONDEPOSITORY INSTITUTIONS--(Continued) 6,300 RESOURCE AMERICA, INC (CLASS A) ..... $ 50 4,700 RESOURCE BANCSHARES MORTGAGE GROUP, INC ............... 21 57,891 SLM HOLDINGS CORP ................... 2,446 2,000 STUDENT LOAN CORP ................... 100 18,940 * UNICAPITAL CORP ..................... 70 7,280 x* UNITED COS FINANCIAL CORP ........... 1 156 * WILSHIRE FINANCIAL SERVICES GROUP, INC ............... 0 ---------- 86,994 ---------- NONMETALLIC MINERALS, EXCEPT FUELS--0.04% 4,000 AMCOL INTERNATIONAL CORP ............ 65 7,900 JOHNS MANVILLE CORP ................. 111 15,068 MARTIN MARIETTA MATERIALS, INC ...... 618 1,913 POTASH CORP OF SASKATCHEWAN, INC (U.S.) .......... 92 28,500 VULCAN MATERIALS CO ................. 1,138 ---------- 2,024 ---------- OIL AND GAS EXTRACTION--0.71% 31,816 ANADARKO PETROLEUM CORP ............. 1,086 27,157 APACHE CORP ......................... 1,003 5,400 * ATWOOD OCEANICS, INC ................ 209 2,300 * BELCO OIL & GAS CORP ................ 13 11,400 * BENTON OIL & GAS CO ................. 22 5,171 BERRY PETROLEUM CO (CLASS A) ........ 78 22,868 * BJ SERVICES CO ...................... 956 160 * BJ SERVICES CO WTS 04/13/00 ......... 9 6,900 * BROWN (TOM), INC .................... 92 56,708 BURLINGTON RESOURCES, INC ........... 1,875 12,700 CABOT OIL & GAS CORP (CLASS A) ...... 204 100 * CAL DIVE INTERNATIONAL, INC ......... 3 11,000 * CHESAPEAKE ENERGY CORP .............. 26 8,000 * COMSTOCK RESOURCES, INC ............. 23 25,500 CONOCO, INC (CLASS A) ............... 631 4,500 CONSOL ENERGY, INC .................. 46 2,020 * CONTOUR ENERGY CO ................... 1 14,850 CROSS TIMBERS OIL CO ................ 135 13,344 DEVON ENERGY CORP (NEW) ............. 439 22,500 DIAMOND OFFSHORE DRILLING, INC ...... 688 283 x* EAGLE GEOPHYSICAL, INC .............. 0 17,014 * EEX CORP ............................ 50 47,350 ENSCO INTERNATIONAL, INC ............ 1,083 20,000 EOG RESOURCES, INC .................. 351 6,800 x* FORCENERGY GAS EXPLORATION, INC ..... 3 13,500 * FOREST OIL CORP ..................... 178 12,394 * FRIEDE GOLDMAN HALTER, INC .......... 86 19,200 * GLOBAL INDUSTRIES LTD ............... 166 56,800 * GLOBAL MARINE, INC .................. 944 76,900 * GREY WOLF, INC ...................... 221 153,857 HALLIBURTON CO ...................... 6,193 7,900 * HANOVER COMPRESSOR CO ............... 298 44,100 * HARKEN ENERGY CORP .................. 33 13,800 HELMERICH & PAYNE, INC .............. 301 2,500 * HS RESOURCES, INC ................... 43 6,800 x* KCS ENERGY, INC ..................... 6 26,072 KERR-MCGEE CORP ..................... 1,616 16,000 * KEY ENERGY SERVICES, INC ............ 83 6,100 * LOUIS DREYFUS NATURAL GAS CORP ...... 111 22,400 * MARINE DRILLING CO, INC ............. 503 12,921 * MCMORAN EXPLORATION CO .............. 273 6,900 * MERIDIAN RESOURCE CORP .............. 21 16,400 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) ......................... 362 48,502 * NABORS INDUSTRIES, INC .............. 1,501 11,000 * NEWFIELD EXPLORATION CO ............. 294 16,300 NOBLE AFFILIATES, INC ............... 349 46,700 * NOBLE DRILLING CORP ................. 1,529 6,800 * NUEVO ENERGY CO ..................... 128 111,229 OCCIDENTAL PETROLEUM CORP ........... 2,405 42,306 * OCEAN ENERGY, INC (NEW) ............. 328 5,600 * OCEANEERING INTERNATIONAL, INC ...... 84 33,100 * PARKER DRILLING CO .................. 106 10,300 * PATTERSON ENERGY, INC ............... 134 1,300 PENN VIRGINIA CORP .................. 22 32,700 * PIONEER NATURAL RESOURCES CO 292 12,800 POGO PRODUCING CO ................... 262 22,200 * PRIDE INTERNATIONAL, INC ............ 325 71,086 * R & B FALCON CORP ................... 942 12,700 RANGE RESOURCES CORP ................ 40 24,400 * ROWAN COS, INC ...................... 529 900 ROYAL DUTCH PETROLEUM CO (NY REGD)ADR 54 53,265 * SANTA FE SNYDER CORP ................ 426 2,267 SCHLUMBERGER LTD .................... 128 4,400 * SEITEL, INC ......................... 30 1,900 ST. MARY LAND & EXPLORATION CO ...... 47 3,848 * STONE ENERGY CORP ................... 137 10,000 * SUPERIOR ENERGY SERVICES, INC ....... 68 4,950 * SWIFT ENERGY CO ..................... 57 3,300 * SYNTROLEUM CORP ..................... 27 8,900 * TITAN EXPLORATION, INC .............. 48 1,620 * TOTAL FINA WTS 08/05/03 ............. 46 4,100 * TRANSMONTAIGNE, INC ................. 29 36,538 * TRANSOCEAN SEDCO FOREX, INC ......... 1,231 6,600 x* TRANSTEXAS GAS CORP ................. 1 2,700 * TRITON ENERGY LTD ................... 56 20,300 * TUBOSCOPE, INC ...................... 322 81,692 UNION PACIFIC RESOURCES GROUP, INC .. 1,042 6,700 * UTI ENERGY CORP ..................... 155 4,900 VASTAR RESOURCES, INC ............... 289 8,200 * VERITAS DGC, INC .................... 115 10,900 * VINTAGE PETROLEUM, INC .............. 131 33,815 * WEATHERFORD INTERNATIONAL ........... 1,350 ---------- 35,523 ---------- PAPER AND ALLIED PRODUCTS--0.85% 17,900 * ACX TECHNOLOGIES, INC ............... 191 8,166 * AMERICAN PAD & PAPER CO ............. 2 35,995 AVERY DENNISON CORP ................. 2,623 16,713 BEMIS, INC .......................... 583 16,600 BOISE CASCADE CORP .................. 672 18,869 BOWATER, INC ........................ 1,025 14,700 * BUCKEYE TECHNOLOGIES, INC ........... 219 14,000 CARAUSTAR INDUSTRIES, INC ........... 336 33,000 CHAMPION INTERNATIONAL CORP ......... 2,044 10,800 CHESAPEAKE CORP ..................... 329 20,000 CONSOLIDATED PAPERS, INC ............ 636 12,170 * CROWN VANTAGE, INC .................. 25 10,300 * EARTHSHELL CORP ..................... 42 80,575 FORT JAMES CORP ..................... 2,206 16,200 * GAYLORD CONTAINER CO ................ 110 17,800 GLATFELTER (P.H.) CO ................ 259 700 GREIF BROTHERS CORP (CLASS A) ....... 21 152,372 INTERNATIONAL PAPER CO .............. 8,599 6,800 * IVEX PACKAGING CORP ................. 68 197,335 KIMBERLY-CLARK CORP ................. 12,876 19,200 LONGVIEW FIBRE CO ................... 274 21,000 * MAIL-WELL, INC ...................... 284 34,844 MEAD CORP ........................... 1,514 15,600 * PLAYTEX PRODUCTS, INC ............... 240 9,800 POTLATCH CORP ....................... 437 6,500 ROCK-TENN CO (CLASS A) .............. 96 5,760 SCHWEITZER-MAUDUIT INTERNATIONAL, INC 77 20,550 * SHOREWOOD PACKAGING CORP ............ 389 40,427 * SMURFIT-STONE CONTAINER CORP ........ 990 SEE NOTES TO FINANCIAL STATEMENTS 48 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- PAPER AND ALLIED PRODUCTS--(Continued) 37,323 SONOCO PRODUCTS CO .................. $ 849 6,800 ST. JOE CO .......................... 165 18,634 TEMPLE-INLAND, INC .................. 1,229 20,025 WAUSAU-MOSINEE PAPER CORP ........... 234 26,450 WESTVACO CORP ....................... 863 35,600 WILLAMETTE INDUSTRIES, INC .......... 1,653 ---------- 42,160 ---------- PERSONAL SERVICES--0.08% 34,121 BLOCK (H&R), INC .................... 1,493 3,700 * CARRIAGE SERVICES, INC (CLASS A) .... 22 25,600 CINTAS CORP ......................... 1,360 1,100 * COINMACH LAUNDRY CORP ............... 12 6,700 * COINSTAR, INC ....................... 94 1,028 CPI CORP ............................ 23 9,000 G & K SERVICES, INC (CLASS A) ....... 291 6,600 REGIS CORP .......................... 125 97,693 SERVICE CORP INTERNATIONAL .......... 678 2,400 UNIFIRST CORP ....................... 30 ---------- 4,128 ---------- PETROLEUM AND COAL PRODUCTS--3.28% 23,200 AMERADA HESS CORP ................... 1,317 21,472 ASHLAND, INC ........................ 707 237,754 BP AMOCO PLC (SPONS ADR) ............ 14,102 219,305 CHEVRON CORP ........................ 18,997 331,041 CONOCO, INC (CLASS B) ............... 8,235 4,100 ELCOR CORP .......................... 124 1,220,091 EXXON MOBIL CORP .................... 98,294 2,500 * FRONTIER OIL CORP ................... 17 1,400 HOLLY CORP .......................... 19 11,600 MURPHY OIL CORP ..................... 666 24,244 PENNZOIL-QUAKER STATE CO ............ 247 66,022 PHILLIPS PETROLEUM CO ............... 3,103 25,600 SUNOCO, INC ......................... 602 9,600 * TESORO PETROLEUM CORP ............... 111 175,725 TEXACO, INC ......................... 9,544 47,147 TOSCO CORP .......................... 1,282 28,194 ULTRAMAR DIAMOND SHAMROCK CORP ...... 640 79,262 UNOCAL CORP ......................... 2,660 100,400 USX-MARATHON GROUP, INC ............. 2,479 13,200 * VALERO ENERGY CORP .................. 262 4,200 WD-40 CO ............................ 93 ---------- 163,501 ---------- PRIMARY METAL INDUSTRIES--0.44% 52,339 AK STEEL HOLDINGS CORP .............. 988 130,094 ALCOA, INC .......................... 10,798 41,810 ALLEGHENY TECHNOLOGIES, INC ......... 938 4,939 * ALPINE GROUP, INC ................... 64 14,800 BELDEN, INC ......................... 311 43,786 * BETHLEHEM STEEL CORP ................ 367 9,200 BIRMINGHAM STEEL CORP ............... 49 12,700 BRUSH WELLMAN, INC .................. 214 9,800 * CABLE DESIGN TECHNOLOGIES CO ........ 225 4,800 CARPENTER TECHNOLOGY CORP ........... 132 1,700 CENTURY ALUMINUM CO ................. 26 1,504 * CHASE INDUSTRIES, INC ............... 12 300 CURTISS WRIGHT CORP ................. 11 3,200 * ENCORE WIRE CORP .................... 24 26,800 ENGELHARD CORP ...................... 506 20,450 GENERAL CABLE CORP .................. 155 2,300 INTERMET CORP ....................... 27 13,500 * KAISER ALUMINUM CORP ................ 104 7,500 * LONE STAR TECHNOLOGIES, INC ......... 209 43,900 LTV CORP ............................ 181 2,200 MATTHEWS INTERNATIONAL CORP (CLASS A) .................... 61 3,300 * MAVERICK TUBE CORP .................. 81 1,200 * MAXXAM, INC ......................... 51 17,000 * MUELLER INDUSTRIES, INC ............. 616 13,566 NATIONAL STEEL CORP (CLASS B) ....... 101 1,900 * NS GROUP, INC ....................... 14 28,600 NUCOR CORP .......................... 1,568 8,800 OREGON STEEL MILLS, INC ............. 70 8,100 PRECISION CAST PARTS CORP ........... 213 1,400 QUANEX CORP ......................... 36 18,900 REYNOLDS METALS CO .................. 1,448 12,600 ROUGE INDUSTRIES, INC (CLASS A) ..... 99 2,400 * RTI INTERNATIONAL METALS ............ 18 8,990 RYERSON TULL, INC ................... 175 14,100 * STEEL DYNAMICS, INC ................. 225 3,225 SUPERIOR TELECOM, INC ............... 50 5,700 TEXAS INDUSTRIES, INC ............... 243 4,800 TITAN INTERNATIONAL, INC ............ 31 6,400 TITANIUM METALS CORP ................ 29 23,900 USX-US STEEL GROUP, INC ............. 789 7,200 * WHX CORP ............................ 65 4,600 * WOLVERINE TUBE, INC ................. 65 31,740 WORTHINGTON INDUSTRIES, INC ......... 526 ---------- 21,915 ---------- PRINTING AND PUBLISHING--0.74% 4,100 AMERICAN BUSINESS PRODUCTS, INC ..... 48 18,700 AMERICAN GREETINGS CORP (CLASS A) ... 442 11,500 * APPLIED GRAPHICS TECHNOLOGIES, INC .. 99 12,500 BANTA CORP .......................... 282 47,700 BELO (A.H.) CORP SERIES A ........... 909 9,200 BOWNE & CO, INC ..................... 124 17,900 CENTRAL NEWSPAPERS, INC (CLASS A) ... 705 4,100 * CONSOLIDATED GRAPHICS, INC .......... 61 386 * CSS INDUSTRIES, INC ................. 8 25,800 DELUXE CORP ......................... 708 40,800 DONNELLEY (R.R.) & SONS CO .......... 1,012 14,500 DOW JONES & CO, INC ................. 986 12,000 * FRANKLIN COVEY CO ................... 90 97,047 GANNETT CO, INC ..................... 7,915 10,000 * GIBSON GREETINGS, INC ............... 90 12,800 HARLAND (JOHN H.) CO ................ 234 17,600 HARTE-HANKS, INC .................... 383 14,400 HOLLINGER INTERNATIONAL, INC ........ 186 16,200 HOUGHTON MIFFLIN CO ................. 683 15,700 * JOURNAL REGISTER CO ................. 242 24,200 KNIGHT-RIDDER, INC .................. 1,440 16,800 LEE ENTERPRISES, INC ................ 537 4,200 MCCLATCHY CO (CLASS A) .............. 182 65,898 MCGRAW HILL COS, INC ................ 4,061 4,000 * MEDIA ARTS GROUP, INC ............... 14 8,534 MEDIA GENERAL, INC (CLASS A) ........ 444 13,200 MEREDITH CORP ....................... 550 4,416 NEW ENGLAND BUSINESS SERVICES, INC .. 108 55,600 NEW YORK TIMES CO (CLASS A) ......... 2,731 13,987 NEWS CORP LTD ....................... 468 8,625 * PAXAR CORP .......................... 73 5,300 PENTON MEDIA, INC ................... 127 43,061 * PRIMEDIA, INC ....................... 711 4,800 PULITZER, INC ....................... 194 1,775 QUEBECOR PRINTING, INC. ............. 39 14,089 * R.H. DONNELLEY CORP ................. 266 27,810 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) .............. 813 25,000 REYNOLDS & REYNOLDS CO (CLASS A) .... 563 3,300 * SCHOLASTIC CORP ..................... 205 11,800 * SCIENTIFIC GAMES HOLDINGS CORP ...... 195 SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 49 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- PRINTING AND PUBLISHING--(Continued) 9,700 SCRIPPS (E.W.) CO (CLASS A) ......... $ 435 2,900 STANDARD REGISTER, INC .............. 56 19,044 TIMES MIRROR CO SERIES A ............ 1,276 34,100 * TOPPS, INC .......................... 354 65,800 TRIBUNE CO .......................... 3,623 12,000 WALLACE COMPUTER SERVICES, INC ...... 200 2,700 WASHINGTON POST CO (CLASS B) ........ 1,501 12,800 WILEY (JOHN) & SONS, INC (CLASS A) .. 214 3,270 * WORKFLOW MANAGEMENT, INC ............ 94 6,600 * ZIFF-DAVIS, INC-ZDNET ............... 104 ---------- 36,785 ---------- RAILROAD TRANSPORTATION--0.31% 160,725 BURLINGTON NORTHERN SANTA FE CORP ... 3,898 316 CANADIAN NATIONAL RAILWAY CO ........ 8 70,152 CSX CORP ............................ 2,201 6,500 FLORIDA EAST COAST INDUSTRIES, INC .. 271 38,900 KANSAS CITY SOUTHERN INDUSTRIES, INC 2,903 125,058 NORFOLK SOUTHERN CORP ............... 2,564 83,185 UNION PACIFIC CORP .................. 3,629 14,800 * WISCONSIN CENTRAL TRANSIT CORP ...... 199 ---------- 15,673 ---------- REAL ESTATE--0.06% 33,900 ARDEN REALTY GROUP, INC ............. 680 500 * AVATAR HOLDINGS, INC ................ 9 8,400 * CASTLE & COOKE, INC ................. 107 33,900 * CATELLUS DEVELOPMENT CORP ........... 434 8,497 * CB RICHARD ELLIS SERVICES GROUP, INC 105 12,346 * ECHELON INTERNATIONAL CORP .......... 284 1,500 * EXCEL LEGACY CORP ................... 5 17,900 * FAIRFIELD COMMUNITIES, INC .......... 192 300 FOREST CITY ENTERPRISES, INC. (CLASS A) ......................... 8 4,116 * GRUBB & ELLIS CO .................... 19 2,200 * INSIGNIA FINANCIAL GROUP, INC ....... 19 11,000 * JONES LANG LA SALLE ................. 131 10,450 LNR PROPERTY CORP ................... 208 6,800 * PINNACLE HOLDINGS, INC .............. 288 4,416 * RECKSON SERVICES INDUSTRIES, INC .... 275 11,200 * SECURITY CAPITAL GROUP, INC (CLASS B) 140 38,500 STEWART ENTERPRISES, INC (CLASS A) .. 183 9,600 * TRAMMELL CROW CO .................... 112 ---------- 3,199 ---------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.29% 500 * AEP INDUSTRIES, INC ................. 13 16,400 APTARGROUP, INC ..................... 412 18,100 ARMSTRONG WORLD INDUSTRIES, INC ..... 604 6,200 BANDAG, INC ......................... 155 8,600 CARLISLE COS, INC ................... 310 19,800 COOPER TIRE & RUBBER CO ............. 308 7,700 * FOAMEX INTERNATIONAL, INC ........... 64 53,962 GOODYEAR TIRE & RUBBER CO ........... 1,521 89,685 ILLINOIS TOOL WORKS, INC ............ 6,059 2,745 MYERS INDUSTRIES, INC ............... 43 30,447 NIKE, INC (CLASS B) ................. 1,509 56,530 * PACTIV CORP ......................... 601 16,790 * REEBOK INTERNATIONAL LTD ............ 137 23,700 * SAFESKIN CORP ....................... 287 21,869 * SEALED AIR CORP ..................... 1,133 42,256 SOLUTIA, INC ........................ 652 2,400 SPARTECH CORP ....................... 77 7,800 TREDEGAR CORP ....................... 161 25,200 TUPPERWARE CORP ..................... 427 5,800 * U S PLASTIC LUMBER CORP ............. 45 2,886 WYNNS INTERNATIONAL, INC ............ 41 ---------- 14,559 ---------- SECURITY AND COMMODITY BROKERS--1.45% 2,000 ADVEST GROUP, INC ................... 37 12,800 * AFFILIATED MANAGERS GROUP, INC ...... 518 24,900 * AMERITRADE HOLDINGS CORP (CLASS A) .. 540 43,152 BEAR STEARNS COS, INC ............... 1,845 2,700 CONNING CORP ........................ 22 4,100 DAIN RAUSCHER CORP .................. 191 4,900 * DLJ DIRECT .......................... 66 11,900 DONALDSON, LUFKIN & JENRETTE, INC ... 576 600 DUFF & PHELPS CREDIT RATING CO ...... 53 68,200 * E TRADE GROUP, INC .................. 1,782 10,800 EATON VANCE CORP .................... 410 31,450 EDWARDS (A.G.), INC ................. 1,008 18,600 FEDERATED INVESTORS, INC ............ 373 59,291 FRANKLIN RESOURCES, INC ............. 1,901 5,743 FREEDOM SECURITIES CORP ............. 65 9,701 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC 76 6,057 INVESTMENT TECHNOLOGY GROUP, INC .... 174 2,600 INVESTORS FINANCIAL SERVICES CORP ... 120 4,800 JEFFERIES GROUP, INC (NEW) .......... 106 1,500 JOHN NUVEEN CO (CLASS A) ............ 54 25,600 * KNIGHT/TRIMARK GROUP, INC ........... 1,178 22,132 LEGG MASON, INC ..................... 802 44,220 LEHMAN BROTHERS HOLDINGS, INC ....... 3,745 130,200 MERRILL LYNCH & CO, INC ............. 10,872 10,600 MORGAN KEEGAN, INC .................. 178 203,326 MORGAN STANLEY, DEAN WITTER, & CO ... 29,025 5,700 * NATIONAL DISCOUNT BROKERS GROUP, INC 150 51,900 PAINE WEBBER GROUP, INC ............. 2,014 8,394 PHOENIX INVESTMENT PARTNERS LTD ..... 68 10,000 * PIONEER GROUP, INC .................. 158 35,700 PRICE (T. ROWE) ASSOCIATES, INC ..... 1,319 17,700 RAYMOND JAMES FINANCIAL CORP ........ 331 239,424 SCHWAB (CHARLES) CORP ............... 9,188 1,000 SIEBERT FINANCIAL CORP .............. 15 4,510 SOUTHWEST SECURITIES GROUP, INC ..... 123 20,700 THE GOLDMAN SACHS GROUP, INC ........ 1,950 24,700 UNITED ASSET MANAGEMENT CORP ........ 458 28,058 WADDELL & REED FINANCIAL, INC (CLASS A) ......................... 761 9,722 WADDELL & REED FINANCIAL, INC (CLASS B) ......................... 244 ---------- 72,496 ---------- SOCIAL SERVICES--0.00% 1,300 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC 24 2,700 * BROOKDALE LIVING COMMUNITIES, INC ... 33 1,500 * CAPITAL SENIOR LIVING CORP .......... 8 8,100 * RES-CARE, INC ....................... 103 6,700 * SUNRISE ASSISTED LIVING, INC ........ 92 ---------- 260 ---------- SPECIAL TRADE CONTRACTORS--0.01% 9,800 APOGEE ENTERPRISES, INC ............. 50 14,644 * COMFORT SYSTEMS U.S.A., INC ......... 108 4,800 * GROUP MAINTENANCE AMERICA CORP ...... 51 8,400 * INTEGRATED ELECTRICAL SERVICES, INC . 85 800 x* OMEGA ENVIRONMENTAL, INC ............ 0 9,100 * QUANTA SERVICES, INC ................ 257 6,017 * SERVICE EXPERTS, INC ................ 35 ---------- 586 ---------- STONE, CLAY, AND GLASS PRODUCTS--0.32% 400 AMERON INTERNATIONAL CORP ........... 16 2,600 CENTEX CONSTRUCTION PRODUCTS, INC ... 101 87,211 CORNING, INC ........................ 11,245 14,600 * DAL-TILE INTERNATIONAL, INC ......... 148 7,500 * DEPARTMENT 56, INC .................. 170 2,100 * DUPONT PHOTOMASKS, INC .............. 101 5,000 FLORIDA ROCK INDUSTRIES, INC ........ 172 SEE NOTES TO FINANCIAL STATEMENTS 50 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- STONE, CLAY, AND GLASS PRODUCTS--(Continued) 11,415 LAFARGE CORP ........................ $ 315 10,100 LIBBEY, INC ......................... 290 20,600 OWENS CORNING CO .................... 398 54,100 * OWENS ILLINOIS, INC ................. 1,356 900 PUERTO RICAN CEMENT CO, INC ......... 31 14,192 SOUTHDOWN, INC ...................... 733 18,300 USG CORP ............................ 862 ---------- 15,938 ---------- TEXTILE MILL PRODUCTS--0.06% 22,984 * ALBANY INTERNATIONAL CORP (CLASS A) NEW ................ 356 29,800 * BURLINGTON INDUSTRIES, INC .......... 119 16,700 COLLINS & AIKMAN CORP ............... 96 26,800 * CONE MILLS CORP ..................... 121 2,800 GUILFORD MILLS, INC ................. 20 20,200 INTERFACE, INC (CLASS A) ............ 116 15,400 * MOHAWK INDUSTRIES, INC .............. 406 4,700 POLYMER GROUP, INC .................. 86 10,300 RUSSELL CORP ........................ 173 40,800 SHAW INDUSTRIES, INC ................ 630 6,200 SPRING INDUSTRIES, INC .............. 248 19,300 * UNIFI, INC .......................... 238 17,200 WESTPOINT STEVENS, INC .............. 301 ---------- 2,910 ---------- TOBACCO PRODUCTS--0.45% 11,300 * GENERAL CIGAR HOLDINGS, INC (CLASS A) 94 835,304 PHILIP MORRIS COS, INC .............. 19,369 103,261 RJR REYNOLDS TOBACCO HOLDINGS, INC .. 1,820 54,700 UST, INC ............................ 1,378 ---------- 22,661 ---------- TRANSPORTATION BY AIR--0.38% 29,100 AIRBORNE FREIGHT CORP ............... 640 200 * AIRNET SYSTEMS, INC ................. 1 19,000 * AIRTRAN HOLDINGS, INC ............... 86 12,100 * ALASKA AIR GROUP, INC ............... 425 15,600 * AMERICA WEST HOLDINGS CORP (CLASS B) 324 54,111 * AMR CORP ............................ 3,625 2,000 * AMTRAN, INC ......................... 39 5,100 * ATLANTIC COAST AIRLINES HOLDINGS .... 121 3,750 * ATLAS AIR, INC ...................... 103 3,047 * AVIALL, INC ......................... 25 19,300 * CONTINENTAL AIRLINES, INC (CLASS B) . 856 48,958 DELTA AIRLINES, INC ................. 2,439 104,400 * FDX CORP ............................ 4,274 3,100 * FRONTIER AIRLINES, INC .............. 35 5,600 * KITTY HAWK, INC ..................... 39 9,200 * MESA AIR GROUP, INC ................. 44 9,800 * MESABA HOLDINGS, INC ................ 112 8,121 * MIDWEST EXPRESS HOLDINGS, INC ....... 259 12,600 * NORTHWEST AIRLINES CORP (CLASS A) ... 280 10,700 * OFFSHORE LOGISTICS, INC ............. 100 24,500 OGDEN CORP .......................... 292 6,800 PITTSTON BAX GROUP .................. 72 6,400 SKYWEST, INC ........................ 179 173,589 SOUTHWEST AIRLINES CO ............... 2,810 13,600 * TRANS WORLD AIRLINES, INC ........... 38 28,614 * U.S. AIRWAYS GROUP, INC ............. 917 8,135 * UAL CORP ............................ 631 ---------- 18,766 ---------- TRANSPORTATION EQUIPMENT--2.45% 2,900 * ABC RAIL PRODUCTS CORP .............. 24 4,100 * AFTERMARKET TECHNOLOGY CORP ......... 49 17,200 ARCTIC CAT, INC ..................... 172 16,700 ARVIN INDUSTRIES, INC ............... 474 28,399 AUTOLIV, INC ........................ 831 7,000 * BE AEROSPACE, INC ................... 59 344,652 BOEING CO ........................... 14,325 11,261 BORG-WARNER AUTOMOTIVE, INC ......... 456 5,900 x* BREED TECHNOLOGIES, INC ............. 1 5,400 CLARCOR, INC ........................ 97 9,400 COACHMEN INDUSTRIES, INC ............ 142 2,400 COMMERCIAL INTERTECH CORP ........... 31 12,400 CORDANT TECHNOLOGIES, INC ........... 409 56,318 DANA CORP ........................... 1,686 33,060 DANAHER CORP ........................ 1,595 4,000 * DELCO REMY INTERNATIONAL, INC (CLASS A) ..................... 33 192,710 DELPHI AUTOMOTIVE SYSTEMS CORP ...... 3,035 1,300 * DUCOMMUN, INC ....................... 14 25,800 EATON CORP .......................... 1,874 22,900 FEDERAL SIGNAL CORP ................. 368 24,900 FEDERAL-MOGUL CORP .................. 501 11,200 FLEETWOOD ENTERPRISES, INC .......... 231 411,642 FORD MOTOR CO ....................... 21,997 9,800 GENCORP, INC ........................ 97 56,100 GENERAL DYNAMICS CORP ............... 2,959 231,800 GENERAL MOTORS CORP ................. 16,849 37,200 * GENERAL MOTORS CORP (CLASS H) ....... 3,571 3,361 GENTEK, INC ......................... 35 27,600 * GENTEX CORP ......................... 766 34,368 GOODRICH (B.F.) CO .................. 945 54,500 HARLEY DAVIDSON, INC ................ 3,491 9,260 * HAYES LEMMERZ INTERNATIONAL, INC .... 161 1,200 HEICO CORP .......................... 26 294,356 HONEYWELL INTERNATIONAL, INC ........ 16,981 8,720 * HOWMET INTERNATIONAL, INC ........... 158 32,200 ITT INDUSTRIES, INC ................. 1,077 3,500 KAMAN CORP (CLASS A) ................ 45 6,200 * KELLSTROM INDUSTRIES, INC ........... 57 700 * KROLL O GARA CO ..................... 12 116,570 LOCKHEED MARTIN CORP ................ 2,550 14,500 MASCOTECH, INC ...................... 184 33,233 MERITOR AUTOMOTIVE, INC ............. 644 7,400 * MILLER INDUSTRIES, INC .............. 21 7,500 MODINE MANUFACTURING CO ............. 188 10,800 * MONACO COACH CORP ................... 276 2,500 * NATIONAL R.V. HOLDINGS, INC ......... 48 21,200 * NAVISTAR INTERNATIONAL CORP ......... 1,004 11,406 NEWPORT NEWS SHIPBUILDING, INC ...... 314 22,740 NORTHROP GRUMMAN CORP ............... 1,229 7,700 * OEA, INC ............................ 38 12,000 * ORBITAL SCIENCES CORP ............... 223 500 OSHKOSH TRUCK CORP .................. 15 22,600 PACCAR, INC ......................... 1,001 9,900 POLARIS INDUSTRIES, INC ............. 359 10,600 REGAL-BELOIT CORP ................... 219 1,263 * SEQUA CORP (CLASS A) ................ 68 8,850 SMITH (A.O.) CORP ................... 194 10,287 * SPX CORP ............................ 831 500 STANDARD MOTOR PRODUCTS, INC (CLASS A) ..................... 8 4,400 * STONERIDGE, INC ..................... 68 11,600 SUPERIOR INDUSTRIES INTERNATIONAL, INC ................ 311 43,372 TEXTRON, INC ........................ 3,326 17,475 TRANSPRO, INC ....................... 112 11,900 TRINITY INDUSTRIES, INC ............. 338 3,187 * TRIUMPH GROUP, INC .................. 77 34,100 TRW, INC ............................ 1,771 166,674 UNITED TECHNOLOGIES CORP ............ 10,808 5,400 WABASH NATIONAL CORP ................ 81 11,554 WESTINGHOUSE AIR BRAKE CO ........... 205 2,300 WINNEBAGO INDUSTRIES, INC ........... 46 ---------- 122,191 ---------- SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 51 STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ----------- TRANSPORTATION SERVICES--0.08% 26,050 AIR EXPRESS INTERNATIONAL CORP ...... $ 842 9,600 C.H. ROBINSON WORLDWIDE, INC ........ 382 300 * CHEAP TICKETS, INC .................. 4 3,800 CIRCLE INTERNATIONAL GROUP, INC ..... 85 4,350 * EAGLE U.S.A. AIRFREIGHT, INC ........ 188 18,600 EXPEDITORS INTERNATIONAL OF WASHINGTON .................... 815 7,600 * FRITZ COS, INC ...................... 80 21,500 GALILEO INTERNATIONAL, INC .......... 644 23,000 GATX CORP ........................... 776 2,452 * NAVIGANT INTERNATIONAL, INC ......... 29 1,000 * TRAVEL SERVICES INTERNATIONAL, INC .. 9 700 * U.S. EXPRESS ENTERPRISES, INC (CLASS A) ........ 5 ---------- 3,859 ---------- TRUCKING AND WAREHOUSING--0.07% 13,300 * AMERICAN FREIGHTWAYS CORP ........... 215 6,500 ARNOLD INDUSTRIES, INC .............. 91 12,227 CNF TRANSPORTATION, INC ............. 422 10,950 * CONSOLIDATED FREIGHTWAYS CORP ....... 87 5,300 * COVENANT TRANSPORT, INC (CLASS A) ... 92 4,300 * HEARTLAND EXPRESS, INC .............. 68 6,200 HUNT (J.B.) TRANSPORT SERVICES, INC . 86 6,400 * IRON MOUNTAIN, INC .................. 252 10,000 * LANDSTAR SYSTEM, INC ................ 428 6,200 * M.S. CARRIERS, INC .................. 148 700 * PIERCE LEAHY CORP ................... 30 6,400 ROADWAY EXPRESS, INC ................ 138 21,375 * SWIFT TRANSPORTATION CO, INC ........ 377 12,300 USFREIGHTWAYS CORP .................. 589 16,875 WERNER ENTERPRISES, INC ............. 237 17,400 * YELLOW CORP ......................... 293 ---------- 3,553 ---------- WATER TRANSPORTATION--0.04% 34,000 ALEXANDER & BALDWIN, INC ............ 776 3,400 * GULFMARK OFFSHORE, INC .............. 50 13,000 HVIDEMARINE, INC (CLASS A) .......... 0 8,800 * KIRBY CORP .......................... 180 2,270 * MARINE TRANSPORT CORP ............... 6 22,700 * OMI CORP (NEW) ...................... 47 6,700 OVERSEAS SHIPHOLDING GROUP, INC ..... 99 4,900 * SEACOR SMIT, INC .................... 254 17,127 TIDEWATER, INC ...................... 617 9,000 * TRICO MARINE SERVICES, INC .......... 64 ---------- 2,093 ---------- WHOLESALE TRADE-DURABLE GOODS--0.26% 12,450 AAR CORP ............................ 223 5,300 * ACTION PERFORMANCE COS, INC ......... 61 2,800 * ANICOM, INC ......................... 12 9,300 * ANIXTER INTERNATIONAL, INC .......... 192 10,330 APPLIED INDUSTRIAL TECHNOLOGIES, INC 172 35,171 * ARROW ELECTRONICS, INC .............. 892 5,700 * AURA SYSTEMS, INC ................... 2 4,500 * AVIATION SALES CO ................... 74 16,908 AVNET, INC .......................... 1,023 19,500 * BOYDS COLLECTION LTD ................ 135 8,500 BRIGGS & STRATTON CORP .............. 456 24,000 * BRIGHTPOINT, INC .................... 315 17,800 * CELLSTAR CORP ....................... 176 11,100 * CHS ELECTRONICS, INC ................ 12 11,900 COMMERCIAL METALS CO ................ 404 18,600 * COMPUCOM SYSTEMS, INC ............... 77 2,800 * DURA AUTOMOTIVE SYSTEMS, INC ........ 49 5,400 * FAIRCHILD CORP (CLASS A) ............ 49 10,100 * FISHER SCIENTIFIC INTERNATIONAL, INC 365 58,996 GENUINE PARTS CO .................... 1,464 24,883 GRAINGER (W.W.), INC ................ 1,190 21,050 * HA-LO INDUSTRIES, INC ............... 158 9,400 * HANDLEMAN CO ........................ 126 7,100 HUGHES SUPPLY, INC .................. 153 4,427 * HUTTIG BUILDING PRODUCTS, INC ....... 22 49,400 IKON OFFICE SOLUTIONS, INC .......... 337 23,200 * INGRAM MICRO, INC (CLASS A) ......... 305 10,500 * KENT ELECTRONICS CORP ............... 239 2,500 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC . 15 29,200 * LANIER WORLDWIDE, INC ............... 113 23,700 * MERISEL, INC ........................ 31 7,300 * MICROAGE, INC ....................... 26 16,100 * MSC INDUSTRIAL DIRECT CO (CLASS A) .. 213 14,800 * NATIONAL-OILWELL, INC ............... 232 7,000 * NAVARRE CORP ........................ 40 11,100 OWENS & MINOR, INC .................. 99 11,050 * PATTERSON DENTAL CO ................. 471 13,650 PIONEER-STANDARD ELECTRONICS, INC ... 197 1,200 * POMEROY COMPUTER RESOURCES, INC ..... 16 1,392 PREMIER FARNELL PLC ADR ............. 19 24,725 * PSS WORLD MEDICAL, INC .............. 233 3,600 RELIANCE STEEL & ALUMINUM CO ........ 84 11,100 * SAFEGUARD SCIENTIFICS, INC .......... 1,799 3,200 * SCP POOL CORP ....................... 83 13,500 * TBC CORP ............................ 84 18,600 * TECH DATA CORP ...................... 505 4,738 WATSCO, INC ......................... 55 9,200 * WESCO INTERNATIONAL, INC ............ 82 3,300 * WILMAR INDUSTRIES, INC .............. 57 ---------- 13,137 ---------- WHOLESALE TRADE-NONDURABLE GOODS--0.53% 20,300 * AIRGAS, INC ......................... 193 17,900 * AMERISOURCE HEALTH CORP (CLASS A) ... 272 34,000 * AVATEX CORP (CLASS A) ............... 47 13,700 * BARNETT RESOURCES CORP .............. 403 47,234 BERGEN BRUNSWIG CORP (CLASS A) ...... 393 5,528 BINDLEY WESTERN INDUSTRIES, INC ..... 83 3,216 * BOISE CASCADE OFFICE PRODUCTS CORP .. 48 99,961 CARDINAL HEALTH, INC ................ 4,786 9,939 * CENTRAL GARDEN & PET CO ............. 103 2,600 CHEMED CORP ......................... 74 2,900 * DAISYTEK INTERNATIONAL CORP ......... 68 41,700 DIMON, INC .......................... 136 233,440 ENRON CORP .......................... 10,359 4,100 HERBALIFE INTERNATIONAL, INC (CLASS A) ......................... 59 2,000 HERBALIFE INTERNATIONAL, INC (CLASS B) ......................... 27 3,000 INTERNATIONAL MULTIFOODS CORP ....... 40 103,157 MCKESSON HBOC, INC .................. 2,327 5,100 * NCS HEALTHCARE, INC (CLASS A) ....... 12 14,700 * NU SKIN ENTERPRISES, INC (CLASS A) .. 133 2,500 * PERFORMANCE FOOD GROUP CO ........... 61 4,700 * PLAINS RESOURCES, INC ............... 59 2,785 * PRIORITY HEALTHCARE CORP (CLASS A) .. 81 3,900 * PRIORITY HEALTHCARE CORP (CLASS B) .. 113 3,725 * SCHOOL SPECIALTY, INC ............... 56 10,600 * SCIOS, INC .......................... 44 2,200 * SMART & FINAL, INC .................. 16 51,483 SUPERVALU, INC ...................... 1,030 1,500 * SYNCOR INTERNATIONAL CORP ........... 44 115,876 SYSCO CORP .......................... 4,584 21,000 TERRA INDUSTRIES, INC ............... 34 1,800 * U.S.A. FLORAL PRODUCTS, INC ......... 4 15,100 * UNITED STATIONERS, INC .............. 431 11,200 UNIVERSAL CORP ...................... 256 4,600 VALHI, INC .......................... 48 400 WEIDER NUTRITION INTERNATIONAL, INC . 1 ---------- 26,425 ---------- TOTAL COMMON STOCK (Cost 3,148,942) 4,832,682 ---------- SEE NOTES TO FINANCIAL STATEMENTS 52 o 1999 CREF Annual Report STATEMENT OF INVESTMENTS - Equity Index Account - DECEMBER 31, 1999 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) - ----------- ----------- SHORT TERM INVESTMENTS--2.70% U.S. GOVERNMENT AND AGENCIES--2.70% FEDERAL HOME LOAN BANK (FHLB) $16,875,000 5.750%, 01/12/00 .................... $ 16,847 19,474,000 o 5.740%, 01/21/00 .................... 19,417 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 15,750,000 o 5.600%, 01/11/00 .................... 15,726 20,000,000 o 5.590%, 01/13/00 .................... 19,964 10,792,000 o 5.600%, 01/20/00 .................... 10,762 30,750,000 o 5.730%, 01/31/00 .................... 30,609 19,300,000 o 5.630%, 02/18/00 .................... 9,157 2,100,000 5.550%, 03/16/00 .................... 2,075 ---------- 134,557 ---------- TOTAL SHORT TERM INVESTMENTS (Cost $134,540) 134,557 ---------- TOTAL PORTFOLIO (Cost $3,283,946) $4,967,722 ========== - ---------- * Non-income producing x In bankruptcy o All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts. # Restricted Securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded on foreign markets. At December 31, 1999, the value of these securities amounted to $1,637 or 0.00% of net assets. Additional information on each restricted security is as follows: ACQUISITION ACQUISITION SECURITY DATE COST - -------- ----------- ----------- PHYSICIAN COMPUTER NETWORK, INC 01/22/96 $ 75,341 PROCURENET, INC 04/19/99 973 --------- $ 76,314 ========= SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 53 Report of Management Responsibility To the Participants of College Retirement Equities Fund: The accompanying financial statements of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts of College Retirement Equities Fund ("CREF") are the responsibility of management. They have been prepared in accordance with accounting principles generally accepted in the United States and have been presented fairly and objectively in accordance with such principles. CREF has established and maintains a strong system of internal controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management's authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, CREF's internal audit personnel provide a continuing review of the internal controls and operations of the Accounts, and the internal Auditor regularly reports to the Audit Committee of the CREF Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Ernst & Young LLP. The independent auditors' report, which appears below, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the CREF Board of Trustees, consisting of trustees who are not officers of CREF, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls, and auditing. In addition to the annual audit of the financial statements of all the CREF Accounts by the independent auditing firm, the New York State Insurance Department, other state insurance departments and the Securities and Exchange Commission perform periodic examinations of the CREF Accounts' operations. /s/ John H. Biggs /s/ Richard L. Gibbs Chairman, President and Executive Vice President and Chief Executive Officer Principal Accounting Officer - -------------------------------------------------------------------------------- Report of Independent Auditors To the Participants and Board of Trustees of College Retirement Equities Fund: We have audited the accompanying statements of assets and liabilities, including the statements of investments, of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts (five of the Accounts constituting the College Retirement Equities Fund ("CREF")) as of December 31, 1999, and the related statements of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF's management. Our responsibility is to express an opinion on these financial statements based on our audits. The condensed financial information for the year ended December 31, 1996 and the periods prior thereto were audited by other auditors, whose report dated February 6, 1997 expressed an unqualified opinion on such condensed financial information. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 1999 by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts of CREF at December 31, 1999, the results of their operations for the year then ended, and the changes in their net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States. /s/ Ernst & Young LLP New York, New York February 4, 2000 54 o 1999 CREF Annual Report Statements of Assets and Liabilities
- ------------------------------------------------------------------------------------------------------------------------------------ December 31, 1999 Inflation- (amounts in thousands, Money Market Linked Bond Market Social Choice Equity Index except per accumulation unit amounts) Account Bond Account Account Account Account - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Portfolio investments, at cost $ 7,034,820 $ 144,387 $ 3,519,980 $ 3,174,585 $ 3,283,946 Net unrealized appreciation (depreciation) of portfolio investments (1,353) (5,377) (72,059) 1,242,316 1,683,776 ----------- ----------- ----------- ----------- ----------- Portfolio investments, at value 7,033,467 139,010 3,447,921 4,416,901 4,967,722 Cash 1,008 32 1,062 397 483 Dividends and interest receivable 19,031 1,991 35,240 20,320 4,601 Receivable from securities transactions -- -- 20,477 -- 10,157 Amounts due from TIAA -- -- -- 514 1,074 Other 1,118 47 292 763 677 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS 7,054,624 141,080 3,504,992 4,438,895 4,984,714 ----------- ----------- ----------- ----------- ----------- LIABILITIES Payable for securities transactions -- -- 599,596 311,934 12 Amounts due to TIAA 2,381 10 114 -- -- ----------- ----------- ----------- ----------- ----------- TOTAL LIABILITES 2,381 10 599,710 311,934 12 ----------- ----------- ----------- ----------- ----------- NET ASSETS Accumulation Fund 6,834,473 131,283 2,843,426 3,968,471 4,823,999 Annuity Fund 217,770 9,787 61,856 158,490 160,703 ----------- ----------- ----------- ----------- ----------- TOTAL NET ASSETS $ 7,052,243 $ 141,070 $ 2,905,282 $ 4,126,961 $ 4,984,702 =========== =========== =========== =========== =========== THOUSANDS OF ACCUMULATION UNITS OUTSTANDING--NOTES 5 AND 6 354,754 4,757 54,918 41,355 57,249 =========== =========== =========== =========== =========== NET ASSET VALUE, PER ACCUMULATION UNIT--NOTE 5 $ 19.27 $ 27.60 $ 51.78 $ 95.96 $ 84.26 =========== =========== =========== =========== =========== See Notes to Financial Statements - ------------------------------------------------------------------------------------------------------------------------------------
Statements of Operations
- ------------------------------------------------------------------------------------------------------------------------------------ Inflation- December 31, 1999 Money Market Linked Bond Market Social Choice Equity Index (amounts in thousands) Account Bond Account Account Account Account - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME Income: Interest $ 333,723 $ 8,927 $ 192,985 $ 92,121 $ 3,094 Dividends -- -- 160 28,034 53,594 ----------- ----------- ----------- ----------- ----------- TOTAL INCOME 333,723 8,927 193,145 120,155 56,688 ----------- ----------- ----------- ----------- ----------- Expenses--Note 3: Investment 4,111 173 2,559 3,287 2,748 Operating 15,171 338 7,188 8,847 9,853 ----------- ----------- ----------- ----------- ----------- TOTAL EXPENSES 19,282 511 9,747 12,134 12,601 ----------- ----------- ----------- ----------- ----------- INVESTMENT INCOME--NET 314,441 8,416 183,398 108,021 44,087 ----------- ----------- ----------- ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS--NOTE 4 Net realized gain (loss) on: Portfolio investments (66) (1,115) (128,310) 48,121 75,975 Futures transactions -- -- -- -- 2,169 ----------- ----------- ----------- ----------- ----------- NET REALIZED GAIN (LOSS) (66) (1,115) (128,310) 48,121 78,144 ----------- ----------- ----------- ----------- ----------- Net change in unrealized appreciation (depreciation) on: Portfolio investments (1,516) (4,303) (90,945) 232,654 694,517 Futures transactions -- -- -- -- 2,833 ----------- ----------- ----------- ----------- ----------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (1,516) (4,303) (90,945) 232,654 697,350 ----------- ----------- ----------- ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS (1,582) (5,418) (219,255) 280,775 775,494 ----------- ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 312,859 $ 2,998 $ (35,857) $ 388,796 $ 819,581 =========== =========== =========== =========== ===========
SEE NOTES TO FINANCIAL STATEMENTS 1999 CREF Annual Report o 55 Statements of Changes in Net Assets
- ---------------------------------------------------------------------------------------------------------------------------- Years ended December 31 Money Market Inflation-Linked Bond Bond Market (amounts in thousands) Account Account Account - ---------------------------------------------------------------------------------------------------------------------------- 1999 1998 1999 1998 1999 1998 ----------- ----------- ----------- ----------- ----------- ----------- FROM OPERATIONS Investment income--net $ 314,441 $ 263,083 $ 8,416 $ 5,233 $ 183,398 $ 131,383 Net realized gain (loss) on total investments (66) (67) (1,115) (82) (128,310) 45,281 Net change in unrealized -appreciation (depreciation) on total investments (1,516) 1,203 (4,303) (1,275) (90,945) (1,665) ----------- ----------- ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) -IN NET ASSETS RESULTING FROM OPERATIONS 312,859 264,219 2,998 3,876 (35,857) 174,999 ----------- ----------- ----------- ----------- ----------- ----------- FROM PARTICIPANT TRANSACTIONS Premiums 543,321 433,743 18,319 10,543 244,985 217,168 ----------- ----------- ----------- ----------- ----------- ----------- Disbursements and transfers: Seed money withdrawn -- -- 54,990 -- -- -- Net transfers to (from) TIAA 122,638 76,723 225 (549) 49,715 (27,940) Net transfers to (from) other CREF Accounts (912,804) (1,466,151) (37,581) (33,075) 199,767 (1,165,693) Annuity payments 40,863 29,286 786 313 12,322 7,318 Withdrawals and death benefits 469,305 343,495 3,651 1,486 97,945 62,944 ----------- ----------- ----------- ----------- ----------- ----------- TOTAL DISBURSEMENTS AND TRANSFERS, NET (279,998) (1,016,647) 22,071 (31,825) 359,749 (1,123,371) ----------- ----------- ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) IN -NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS 823,319 1,450,390 (3,752) 42,368 (114,764) 1,340,539 ----------- ----------- ----------- ----------- ----------- ----------- -NET INCREASE (DECREASE) IN NET ASSETS 1,136,178 1,714,609 (754) 46,244 (150,621) 1,515,538 NET ASSETS Beginning of year 5,916,065 4,201,456 141,824 95,580 3,055,903 1,540,365 ----------- ----------- ----------- ----------- ----------- ----------- End of year $ 7,052,243 $ 5,916,065 $ 141,070 $ 141,824 $ 2,905,282 $ 3,055,903 =========== =========== =========== =========== =========== =========== - ---------------------------------------------------------------------------------------------- Years ended December 31 Social Choice Equity Index (amounts in thousands) Account Account - ---------------------------------------------------------------------------------------------- 1999 1998 1999 1998 ----------- ----------- ----------- ----------- FROM OPERATIONS Investment income--net $ 108,021 $ 84,650 $ 44,087 $ 33,751 Net realized gain (loss) on total investments 48,121 57,952 78,144 28,429 Net change in unrealized -appreciation (depreciation) on total investments 232,654 340,114 697,350 520,266 ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) -IN NET ASSETS RESULTING FROM OPERATIONS 388,796 482,716 819,581 582,446 ----------- ----------- ----------- ----------- FROM PARTICIPANT TRANSACTIONS Premiums 425,340 354,892 564,292 447,088 ----------- ----------- ----------- ----------- Disbursements and transfers: Seed money withdrawn -- -- -- -- Net transfers to (from) TIAA (2,162) (222) (51,726) (36,240) Net transfers to (from) other CREF Accounts (54,777) (245,594) (206,151) (404,520) Annuity payments 15,279 10,469 15,675 9,740 Withdrawals and death benefits 71,842 47,936 93,355 51,278 ----------- ----------- ----------- ----------- TOTAL DISBURSEMENTS AND TRANSFERS, NET 30,182 (187,411) (148,847) (379,742) ----------- ----------- ----------- ----------- NET INCREASE (DECREASE) IN -NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS 395,158 542,303 713,139 826,830 ----------- ----------- ----------- ----------- -NET INCREASE (DECREASE) IN NET ASSETS 783,954 1,025,019 1,532,720 1,409,276 NET ASSETS Beginning of year 3,343,007 2,317,988 3,451,982 2,042,706 ----------- ----------- ----------- ----------- End of year $ 4,126,961 $ 3,343,007 $ 4,984,702 $ 3,451,982 =========== =========== =========== ===========
See Notes to Financial Statements - -------------------------------------------------------------------------------- Notes to Financial Statements Note 1--Organization - -------------------------------------------------------------------------------- College Retirement Equities Fund ("CREF") was formed to aid and strengthen nonprofit educational and research organizations by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940 as an open-end, diversified management investment company. It consists of eight investment portfolios ("Accounts"). The accompanying financial statements are those of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts. The three other investment portfolios of CREF, which are not included in these financial statements, include the Stock, Global Equities and Growth Accounts. CREF established the Inflation-Linked Bond Account on January 13, 1997 with a $50,000,000 investment by Teachers Insurance and Annuity Association of America ("TIAA"), a companion organization, and on May 1, 1997, began to offer Accumulation Units to participants other than TIAA. TIAA's Accumulation Units shared in the pro rata investment experience and were subject to the same valuation procedures and expense deductions as all other Accumulation Units in the Account. During 1999, all of TIAA's Accumulation Units in the Inflation-Linked Bond Account were withdrawn at prevailing net asset values. TIAA-CREF Investment Management, LLC ("Investment Management"), a subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment advisory services for the CREF Accounts pursuant to an Investment Management Services Agreement with CREF. TIAA-CREF Individual & Institutional Services, Inc. ("Services"), a subsidiary of TIAA, is registered with the Commission as a broker-dealer and is a member of the National Association of 56 o 1999 CREF Annual Report Notes to Financial Statements (continued) - -------------------------------------------------------------------------------- Note 1--Organization (continued) - -------------------------------------------------------------------------------- Securities Dealers, Inc., provides administrative services for the CREF Accounts and performs distribution functions for CREF's certificates pursuant to a Principal Underwriting and Administrative Services Agreement with CREF. TIAA provides guarantees for the CREF Accounts for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. Note 2--Significant Accounting Policies - -------------------------------------------------------------------------------- The preparation of financial statements may require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts, which are in conformity with accounting principles generally accepted in the United States. VALUATION OF INVESTMENTS Securities listed or traded on any United States national securities exchange are valued at the last sale price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the last sale price, or at the mean of the last bid and asked prices if no sale is reported. All other over-the-counter securities are valued at the mean of the last bid and asked prices, except for bonds which are valued at the most recent bid price or the equivalent quoted yield of such bonds. Short-term money market instruments are stated at market value or amortized cost, which approximates market value. Foreign investments are valued at the closing price in the principal market where they are traded; local currencies are converted into U.S. dollars as described below under Foreign Currency Transactions and Translation. Stock index futures and options which are traded on commodities exchanges are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. ACCOUNTING FOR INVESTMENTS Securities transactions are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned and, for short-term money market instruments, includes accrual of discount and amortization of premium. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon as the Accounts are informed of the ex-dividend date. Realized gains and losses on securities transactions are accounted for on the average cost basis. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION The records of the Accounts are maintained in U.S. dollars. Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. FORWARD FOREIGN CURRENCY CONTRACTS The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to-market" at the end of each day's trading. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon maturity or if the counterparties do not perform in accordance with contractual provisions. SECURITIES LENDING The Accounts may lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is fully collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. COVERED CALL OPTIONS WRITTEN The Accounts may write (sell) covered call options to provide protection against adverse movements in the price of securities in the portfolio. When an option is written, an amount equal to the premium received is recorded as a liability; the liability is adjusted on a daily basis to the current market price of the option written and an unrealized gain or loss is recorded. Premiums received from writing options which expire unexercised are recognized as realized gains from option transactions on the expiration date. Premiums received from writing options which are exercised are added to the proceeds from the sale of the underlying securities in recognizing the net realized gain or loss on portfolio investments. In writing options, it is assumed that the option may be exercised at any time prior to the expiration of an Account's obligation as a writer, and that in such circumstances the net proceeds of the sale of the underlying securities pursuant to the call option may be below the prevailing market value. 1999 CREF Annual Report o 57 Notes to Financial Statements (continued) - -------------------------------------------------------------------------------- Note 1--Significant Accounting Policies (continued) - -------------------------------------------------------------------------------- FUTURES CONTRACTS The Accounts may use futures contracts to manage exposure to the stock market or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument, while selling futures contracts tends to decrease exposure to the underlying instrument or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. The underlying face amount at value of any open futures contracts at the end of the period reflects exposure to the underlying instrument. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS The Accounts may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Accounts to the risk that the transaction may not be consummated. RESTRICTED SECURITIES Restricted securities held by the Accounts may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. FEDERAL INCOME TAXES CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code ("Code"), not as a regulated investment company under Subchapter M of the Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. Note 3--Management Agreements - -------------------------------------------------------------------------------- Services necessary for the operation of the CREF Accounts are provided, at cost, by Investment Management and Services. Such services are provided in accordance with an Investment Management Services Agreement between CREF and Investment Management, and in accordance with a Principal Underwriting and Administrative Services Agreement between CREF and Services (see Note 1). Investment Management and Services receive management fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to each Account's actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly. Note 4--Investments - -------------------------------------------------------------------------------- At December 31, 1999, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows: - -------------------------------------------------------------------------------- Gross Gross Net Unrealized Unrealized Unrealized Appreciation Appreciation of Depreciation of (Depreciation) Portfolio Portfolio of Portfolio Investments Investments Investments - -------------------------------------------------------------------------------- Money Market Account $ 384,050 $ 1,736,824 $ (1,352,774) Inflation-Linked Bond Account 35 5,377,079 (5,377,044) Bond Market Account 433,397 72,492,485 (72,059,088) Social Choice Account 1,358,450,681 116,135,130 1,242,315,551 Equity Index Account 1,927,455,981 243,680,370 1,683,775,611 At December 31, 1999 the Equity Index Account held 260 open futures contracts in the Standard & Poor's 500 Index, expiring in March 2000, with a value of $96,473,000 and an unrealized gain of $3,507,290. Purchases and sales of portfolio securities of unaffiliated issuers, other than short-term money market instruments, for the Inflation-Linked Bond, Bond Market, Social Choice, and the Equity Index Accounts for the year ended December 31, 1999, were as follows: - -------------------------------------------------------------------------------- Inflation-Linked Bond Market Bond Account Account - -------------------------------------------------------------------------------- Purchases $ 77,465,688 $19,406,207,923 Sales 73,422,033 19,295,926,720 - -------------------------------------------------------------------------------- Equity Index Social Choice Account Account - -------------------------------------------------------------------------------- Purchases $ 852,441,320 $8,103,772,175 Sales 201,088,181 7,613,825,797 58 o 1999 CREF Annual Report Note 5--Condensed Financial Information - -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below.
- ---------------------------------------------------------------------------------------------------------- For the Years Ended December 31, 1999 1998 1997 1996 1995 - ---------------------------------------------------------------------------------------------------------- MONEY MARKET ACCOUNT Per Accumulation Unit Data: Investment income $.976 $.998 $.953 $.880 $.910 Expenses .057 .054 .046 .049 .048 ------- ------- ------- ------- ------- Investment income--net .919 .944 .907 .831 .862 Net realized and unrealized gain (loss) on total investments (.005) .005 .001 (.003) .009 ------- ------- ------- ------- ------- Net increase in Accumulation Unit Value .914 .949 .908 .828 .871 Accumulation Unit Value: Beginning of year 18.351 17.402 16.494 15.666 14.795 ------- ------- ------- ------- ------- End of year $19.265 $18.351 $17.402 $16.494 $15.666 ======= ======= ======= ======= ======= Total return 4.98% 5.45% 5.51% 5.28% 5.88% Ratios to Average Net Assets: Expenses 0.30% 0.30% 0.27% 0.30% 0.32% Investment income--net 4.90% 5.27% 5.35% 5.16% 5.64% Portfolio turnover rate n/a n/a n/a n/a n/a Thousands of Accumulation Units outstanding at end of year 354,754 312,358 233,116 218,292 193,181
- -------------------------------------------------------------------------------- January 13, 1997 For the Years Ended (date established) to December 31, 1999 1998 December 31, 1997(1) - -------------------------------------------------------------------------------- INFLATION-LINKED BOND ACCOUNT Per Accumulation Unit Data: Investment income $ 1.730 $ 1.256 $ 1.031 Expenses .099 .086 .067 ------- ------- ------- Investment income--net 1.631 1.170 .964 Net realized and unrealized gain (loss) on total investments (1.062) (.260) .154 ------- ------- ------- Net increase in Accumulation Unit Value .569 .910 1.118 Accumulation Unit Value: Beginning of period 27.028 26.118 25.000 ------- ------- ------- End of period $27.597 $27.028 $26.118 ======= ======= ======= Total return 2.10% 3.48% 4.47% Ratios to Average Net Assets: Expenses 0.36% 0.33% 0.25% Investment income--net 5.99% 4.50% 3.60% Portfolio turnover rate 54.35% 40.98% 63.56% Thousands of Accumulation Units outstanding at end of period 4,757 5,112 3,626
(1) THE PERCENTAGES SHOWN FOR THIS PERIOR ARE NOT ANNUALIZED. 1999 CREF Annual Report o 59 Notes to Financial Statements (concluded) - -------------------------------------------------------------------------------- Note 5--Condensed Financial Information (continued) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- For the Years Ended December 31, 1999 1998 1997 1996 1995 - -------------------------------------------------------------------------------- BOND MARKET ACCOUNT Per Accumulation Unit Data: Investment income $ 3.289 $ 3.156 $ 3.081 $ 3.039 $ 2.863 Expenses .166 .158 .134 .126 .123 ------- ------- ------- ------- ------- Investment income--net 3.123 2.998 2.947 2.913 2.740 Net realized and unrealized gain (loss) on total investments (3.711) 1.150 1.266 (1.600) 3.722 ------- ------- ------- ------- ------- Net increase (decrease) in Accumulation Unit Value (.588) 4.148 4.213 1.313 6.462 Accumulation Unit Value: Beginning of year 52.363 48.215 44.002 42.689 36.227 ------- ------- ------- ------- ------- End of year $51.775 $52.363 $48.215 $44.002 $42.689 ======= ======= ======= ======= ======= Total return (1.12%) 8.60% 9.57% 3.08% 17.84% Ratios to Average Net Assets: Expenses 0.32% 0.32% 0.29% 0.30% 0.31% Investment income--net 6.03% 5.98% 6.44% 6.86% 6.93% Portfolio turnover rate 656.58% 525.32% 398.77% 145.27% 185.11% Thousands of Accumulation Units outstanding at end of year 54,918 57,481 31,654 22,611 19,522 - -------------------------------------------------------------------------------- For the Years Ended December 31, 1999 1998 1997 1996 1995 - -------------------------------------------------------------------------------- SOCIAL CHOICE ACCOUNT Per Accumulation Unit Data: Investment income $ 2.898 $ 2.679 $ 2.396 $ 2.068 $ 1.832 Expenses .293 .249 .193 .158 .144 ------- ------- ------- ------- ------- Investment income--net 2.605 2.430 2.203 1.910 1.688 Net realized and unrealized gain on total investments 6.752 11.159 12.223 5.968 9.863 ------- ------- ------- ------- ------- Net increase in Accumulation Unit Value 9.357 13.589 14.426 7.878 11.551 Accumulation Unit Value: Beginning of year 86.605 73.016 58.590 50.712 39.161 ------- ------- ------- ------- ------- End of year $95.962 $86.605 $73.016 $58.590 $50.712 ======= ======= ======= ======= ======= Total return 10.80% 18.61% 24.62% 15.53% 29.49% Ratios to Average Net Assets: Expenses 0.32% 0.31% 0.30% 0.30% 0.32% Investment income--net 2.88% 3.07% 3.37% 3.58% 3.75% Portfolio turnover rate 206.44% 147.90% 91.87% 40.93% 52.65% Thousands of Accumulation Units outstanding at end of year 41,355 37,211 30,554 25,841 22,196 60 o 1999 CREF Annual Report Note 5--Condensed Financial Information (concluded) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- For the Years Ended December 31, 1999 1998 1997 1996 1995 - -------------------------------------------------------------------------------- EQUITY INDEX ACCOUNT Per Accumulation Unit Data: Investment income $ 1.012 $ .953 $ .826 $ .773 $ .755 Expenses .225 .190 .141 .106 .100 --------- -------- -------- -------- -------- Investment income--net .787 .763 .685 .667 .655 Net realized and unrealized gain on total investments 13.733 12.789 12.672 6.936 8.703 --------- -------- -------- -------- -------- Net increase in Accumulation Unit Value 14.520 13.552 13.357 7.603 9.358 Accumulation Unit Value: Beginning of year 69.743 56.191 42.834 35.231 25.873 --------- -------- -------- -------- -------- End of year $ 84.263 $ 69.743 $ 56.191 $ 42.834 $ 35.231 ========= ======== ======== ======== ======== Total return 20.82% 24.12% 31.18% 21.58% 36.17% Ratios to Average Net Assets: Expenses 0.30% 0.31% 0.30% 0.30% 0.34% Investment income-net 1.05% 1.24% 1.47% 1.87% 2.22% Portfolio turnover rate 4.89% 3.98% 3.50% 7.85% 8.31% Thousands of Accumulation Units outstanding at end of year 57,249 47,997 35,368 20,725 10,911 Note 6--Accumulation Units - -------------------------------------------------------------------------------- Changes in the number of Accumulation Units outstanding were as follows: - -------------------------------------------------------------------------------- For the Years Ended December 31, 1999 1998 - -------------------------------------------------------------------------------- MONEY MARKET ACCOUNT Accumulation Units: Credited for premiums 28,892,854 20,309,464 Credited for transfers, disbursements and amounts applied to the Annuity Fund 13,502,586 58,933,328 Outstanding: Beginning of year 312,358,316 233,115,524 ----------- ----------- End of year 354,753,756 312,358,316 =========== =========== - -------------------------------------------------------------------------------- For the Years Ended December 31, 1999 1998 - -------------------------------------------------------------------------------- INFLATION-LINKED BOND ACCOUNT Accumulation Units: Credited for premiums 666,353 246,599 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (1,020,975) 1,239,193 Outstanding: Beginning of year 5,111,827 3,626,035 ----------- ----------- End of year 4,757,205 5,111,827 =========== =========== BOND MARKET ACCOUNT Accumulation Units: Credited for premiums 4,733,126 3,510,276 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (7,295,377) 22,316,290 Outstanding: Beginning of year 57,480,620 31,654,054 ----------- ----------- End of year 54,918,369 57,480,620 =========== =========== SOCIAL CHOICE ACCOUNT Accumulation Units: Credited for premiums 4,704,406 3,943,919 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (561,018) 2,713,496 Outstanding: Beginning of year 37,211,305 30,553,890 ----------- ----------- End of year 41,354,693 37,211,305 =========== =========== EQUITY INDEX ACCOUNT Accumulation Units: Credited for premiums 7,530,295 5,725,242 Credited for transfers, disbursements and amounts applied to the Annuity Fund 1,722,141 6,903,285 Outstanding: Beginning of year 47,996,880 35,368,353 ----------- ----------- End of year 57,249,316 47,996,880 =========== =========== Note 7--Line of Credit - -------------------------------------------------------------------------------- The Inflation-Linked Bond, Social Choice, Equity Index, Stock, Global Equities and Growth Accounts share in a $2.5 billion unsecured revolving credit facility for temporary or emergency purposes, including, without limitation, the funding of participant redemptions that otherwise might require the untimely disposition of securities. TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds, both of which are managed by Teachers Advisors, Inc., an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating Accounts and Funds. Interest associated with any borrowing under the facility will be charged to the borrowing Accounts or Funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the year ended December 31, 1999, there were no borrowings under this credit facility. 1999 CREF Annual Report o 61 Participant Voting Results CREF'S ANNUAL MEETING WAS HELD ON NOVEMBER 9, 1999. THE TRUSTEES ELECTED TO FOUR-YEAR TERMS AT THE ANNUAL MEETING WERE: Nancy L. Jacob, 25,199,951,742.29 (97.9 percent) votes were cast in favor, and 531,984,375.18 (2.1 percent) votes were withheld. Martin L. Leibowitz, 25,225,549,559.38 (98.0 percent) votes were cast in favor, and 506,386,558.09 (2.0 percent) votes were withheld. Bevis Longstreth, 25,192,345,511.18 (97.9 percent) votes were cast in favor, and 539,590,606.29 (2.1 percent) votes were withheld. Eugene C. Sit, 25,235,466,541.76 (98.1 percent) votes were cast in favor, and 496,469,575.71 (1.9 percent) votes were withheld. The other trustees currently in office are: Robert H. Atwell, Elizabeth E. Bailey, John H. Biggs, Joyce A. Fecske, Edes P. Gilbert, Stuart Tse Kong Ho, Marjorie Fine Knowles, Robert M. Lovell, Jr., Stephen A. Ross, Maceo K. Sloan, David K. Storrs, and Robert W. Vishny. CREF PARTICIPANTS ALSO RATIFIED THE ELECTION OF ERNST & YOUNG LLP AS THE INDEPENDENT AUDITORS FOR CREF for the fiscal year ending December 31, 1999. 25,025,317,930.72 (97.3 percent) votes were cast in favor, 307,412,818.47 (1.2 percent) votes were withheld, and 399,205,368.28 (1.5 percent) abstained. CREF PARTICIPANTS VOTED ON FOUR SHAREHOLDER PROPOSALS. One proposal, submitted to a vote of CREF participants in the CREF Stock and Global Equities Accounts, advocated divesting shares of Freeport McMoRan Copper and Gold. FOR THE STOCK ACCOUNT, 3,475,022,210.65 (17.3 percent) votes were cast in favor, 15,504,190,590.18 (77.2 percent) votes were withheld, and 1,116,140,560.46 (5.5 percent) abstained. The proposal was defeated. FOR THE GLOBAL EQUITIES ACCOUNT, 205,326,876.23 (17.7 percent) votes were cast in favor, 899,874,168.17 (77.7 percent) votes were withheld, and 53,061,737.84 (4.6 percent) abstained. The proposal was defeated. ONE PROPOSAL WAS SUBMITTED TO A VOTE OF CREF PARTICIPANTS IN ACCOUNTS WITH INVESTMENTS IN TOBACCO MANUFACTURERS, asking CREF to divest its investments in those companies. FOR THE STOCK ACCOUNT, 4,253,702,140.57 (21.2 percent) votes were cast in favor, 14,939,142,791.65 (74.3 percent) votes were withheld, and 902,508,429.07 (4.5 percent) abstained. The proposal was defeated. FOR THE GLOBAL EQUITIES ACCOUNT, 265,992,498.69 (23.0 percent) votes were cast in favor, 849,159,947.74 (73.3 percent) votes were withheld, and 43,110,433.92 (3.7 percent) abstained. The proposal was defeated. FOR THE GROWTH ACCOUNT, 411,685,311.96 (24.4 percent) votes were cast in favor, 1,219,644,823.17 (72.3 percent) votes were withheld, and 55,231,433.92 (3.3 percent) abstained. The proposal was defeated. FOR THE EQUITY INDEX ACCOUNT, 183,661,519.00 (25.2 percent) votes were cast in favor, 522.319.032.49 (71.5 percent) votes were withheld, and 23,940,564.02 (3.3 percent) abstained. The proposal was defeated. FOR THE BOND MARKET ACCOUNT, 113,876,713.73 (21.9 percent) votes were cast in favor, 383,214,218.58 (73.8 percent) votes were withheld, and 22,395,788.72 (4.3 percent) abstained. The proposal was defeated. FOR THE INFLATION-LINKED BOND ACCOUNT, 4,829,563.68 (19.3 percent) votes were cast in favor, 19,365,063.10 (77.4 percent) votes were withheld, and 808,707.89 (3.3 percent) abstained. The proposal was defeated. FOR THE MONEY MARKET ACCOUNT, 210,423,070.31 (21.6 percent) votes were cast in favor, 729,310,824.53 (74.7 percent) votes were withheld, and 36,429,019.12 (3.7 percent) abstained. The proposal was defeated. ONE PROPOSAL ADVOCATED ESTABLISHING AN EQUITY INDEX ACCOUNT based on the Standard & Poor's 500(R) Stock Index. 3,361,749,954.65 (13.1 percent) votes were cast in favor, 20,975,962,311.40 (81.5 percent) votes were withheld, and 1,394,223,851.42 (5.4 percent) abstained. The proposal was defeated. ONE PROPOSAL ADVOCATED ESTABLISHING A SOCIAL CHOICE ACCOUNT that invests only in equities. 3,503,641,760.12 (13.6 percent) votes were cast in favor, 20,507,474,564.49 (79.7 percent) votes were withheld, and 1,720,819,792.86 (6.7 percent) abstained. The proposal was defeated. 62 o 1999 CREF Annual Report 2000 Trustees and Senior Management 2000 Boards of Overseers of TIAA and CREF - -------------------------------------------------------------------------------- Lucius J. Barker William Bennett Munro Professor of Political Science, Stanford University John H. Biggs Chairman, President, and Chief Executive Officer, TIAA and CREF William G. Bowen President, The Andrew W. Mellon Foundation Stanley O. Ikenberry President, American Council on Education Gertrude G. Michelson Retired Senior Vice President, R.H. Macy & Co., Inc. Clifton R. Wharton, Jr. Former Chairman and Chief Executive Officer TIAA and CREF Paul A. Volcker Former Chairman, Federal Reserve Board, Frederick H. Schultz Professor of International Economic Policy Emeritus, Princeton University, and Henry Kaufman Visiting Professor, Leonard N. Stern School of Business, New York University 2000 Trustees of TIAA - -------------------------------------------------------------------------------- David Alexander President Emeritus, Pomona College Marcus Alexis Board of Trustees Professor of Economics and Professor of Management and Strategy, Northwestern University John H. Biggs Chairman, President, and Chief Executive Officer, TIAA and CREF Willard T. Carleton Donald R. Diamond Professor of Finance, College of Business and Public Administration, University of Arizona Robert C. Clark Dean and Royall Professor of Law, Harvard Law School, Harvard University Estelle A. Fishbein Vice President and General Counsel, The Johns Hopkins University Frederick R. Ford Executive Vice President and Treasurer Emeritus, Purdue University Martin J. Gruber Nomura Professor of Finance, Leonard N. Stern School of Business, New York University Ruth Simms Hamilton Professor of Sociology and Director of African Diaspora Research Project, Michigan State University Martin L. Leibowitz Vice Chairman and Chief Investment Officer, TIAA and CREF Robert M. O'Neil Director, The Thomas Jefferson Center for the Protection of Free Expression, University Professor and Professor of Law, University of Virginia Leonard S. Simon Vice Chairman, Charter One Financial Inc. Ronald L. Thompson Chairman and Chief Executive Officer, Midwest Stamping Co. Paul R. Tregurtha Chairman and Chief Executive Officer, Mormac Marine Group, Inc. and Moran Transportation Company, Vice Chairman, Interlake Steamship Company William H. Waltrip Chairman, Technology Solutions Company Rosalie J. Wolf Treasurer and Chief Investment Officer, The Rockefeller Foundation 2000 Trustees of CREF - -------------------------------------------------------------------------------- Robert H. Atwell President Emeritus, American Council on Education and Senior Consultant, A. T. Kearney, Inc. Elizabeth E. Bailey John C. Hower Professor of Public Policy and Management, The Wharton School, University of Pennsylvania John H. Biggs Chairman, President, and Chief Executive Officer, CREF and TIAA Joyce A. Fecske Vice President Emerita, DePaul University Edes P. Gilbert Retired Head, The Spence School and Consultant, Independent Education Services Stuart Tse Kong Ho Chairman and President, Capital Investment of Hawaii, Inc. and Chairman, Gannett Pacific Corporation Nancy L. Jacob President and Managing Principal, Windermere Investment Associates Marjorie Fine Knowles Professor of Law, College of Law, Georgia State University Martin L. Leibowitz Vice Chairman and Chief Investment Officer, CREF and TIAA Bevis Longstreth Of Counsel, Debevoise & Plimpton Robert M. Lovell, Jr. Founding Partner, First Quadrant L.P. Stephen A. Ross Franco Modigliani Professor of Finance and Economics, Sloan School of Management, Massachusetts Institute of Technology Eugene C. Sit Chairman, Chief Executive Officer, and Chief Investment Officer, Sit Investment Associates, Inc. and Sit/Kim International Investment Associates, Inc. Maceo K. Sloan Chairman and Chief Executive Officer, NCM Capital Management Group, Inc. and Sloan Financial Group, Inc. David K. Storrs President and Chief Executive Officer, Alternative Investment Group, L.L.C. Robert W. Vishny Eric J. Gleacher Professor of Finance, Graduate School of Business, University of Chicago 2000 Senior Management - ---------------------- John H. Biggs Chairman, President, and Chief Executive Officer Martin L. Leibowitz Vice Chairman and Chief Investment Officer John J. McCormack President, TIAA-CREF Enterprises Mary Ann Werner President, Shared Services James A. Wolf President, Retirement Services Executive Vice Presidents - -------------------------------------------------------------------------------- C. Victoria Apter Corporate Management Information Systems Scott C. Evans CREF Investments Martin E. Galt TIAA-CREF Investment Products Richard L. Gibbs Finance and Planning Don Harrell External Affairs Matina S. Horner Human Resources Frances Nolan Retirement Administration Deanne Shallcross TIAA-CREF Marketing David Shunk Consulting Services John A. Somers TIAA Investments Charles H. Stamm Law and General Counsel 1999 CREF Annual Report o 63 For More Information... Internet Access - -------------------------------------------------------------------------------- www.tiaa-cref.org 24 hours a day, 7 days a week Through our Inter/ACT system at TIAA-CREF's Web Center you can see the latest value of your annuity accumulations and recent premium history, review your premium allocation and/or change the allocation for future premiums, transfer accumulations among the accounts, and change your address. If you own TIAA-CREF Mutual Funds, you can also see your account balance and transaction records, exchange shares between funds, and buy new shares online. Automated Telephone Service - -------------------------------------------------------------------------------- 800 842-2252 24 hours a day, 7 days a week You can see TIAA's current rates of interest, the current performance of the variable annuity accounts, the latest accumulation unit values, and the amount of your total accumulations. You also can allocate future premiums and transfer accumulations. And TIAA-CREF Mutual Funds shareholders can check fund performance, check their account balances, and initiate purchases or exchanges. Personal Assistance - -------------------------------------------------------------------------------- 800 842-2776 8 a.m. to 11 p.m. ET Monday - Friday 9 a.m. to 6 p.m. ET Saturday and Sunday For answers to questions about retirement saving and planning, quarterly and annual annuity benefits reports, receiving annuity payments, annuity options, and tax reports. 800 223-1220 8 a.m. to 8 p.m. ET Monday - Friday For answers to questions about TIAA-CREF Mutual Funds, TIAA-CREF Personal Annuity Select, Teachers Long Term Care Insurance, and TIAA life insurance. 888 842-9001 9 a.m. to 6 p.m. ET Monday - Friday TIAA-CREF Trust Company, FSB. 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