-----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, BcxSvXsLphg6OkTBn0WrRfzqAIwOZVm9+Ez8ky/mEXSWI6+dNFYNp7+slsOWkP+w Yb2AqNiqJdgt0EL/cquX0w== /in/edgar/work/20000823/0000930413-00-001124/0000930413-00-001124.txt : 20000922 0000930413-00-001124.hdr.sgml : 20000922 ACCESSION NUMBER: 0000930413-00-001124 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000823 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE RETIREMENT EQUITIES FUND CENTRAL INDEX KEY: 0000777535 STANDARD INDUSTRIAL CLASSIFICATION: [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: 708169 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 0001.txt SEMI-ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND [GRAPHIC OMITTED] 2000 Semi-Annual Report - -------------------------------------------------------------------------------- STOCK o GLOBAL EQUITIES o GROWTH ================================================================================ Contents Page Letter from the Chairman and Vice Chairman 1 Management/Status of the Accounts Stock Account 4 Global Equities Account 6 Growth Account 8 Statements of Investments Stock Account 10 Global Equities Account 51 Growth Account 65 Financial Statements Statements of Assets and Liabilities 82 Statements of Operations 82 Statements of Changes in Net Assets 83 Notes to Financial Statements 83 Trustees and Senior Management 92 For More Information... 93 TIAA-CREF Individual and Institutional Services distributes the CREF and TIAAReal Estate Account variable annuities. This booklet must be accompanied or preceded by current CREF and TIAA Real Estate Account prospectuses. For additional copies, call 1 800 842-2733, extension 5509. TIAA-CREF Investment Management serves as investment manager to CREF. (C)2000 TIAA-CREF ================================================================================ From the Chairman and Vice Chairman: [PHOTO OMITTED] [PHOTO OMITTED] JOHN H. BIGGS, CHAIRMAN, PRESIDENT, MARTIN L. LEIBOWITZ, VICE CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND CHIEF INVESTMENT OFFICER The past six months have been one of the most volatile periods for the securities markets in recent years. Nevertheless, our disciplined and carefully devised investment philosophy continues to serve us well, as it has in other difficult periods. Our innovative investment strategies aim to maximize performance while controlling risk. CREF was one of the first institutional investors to create stock portfolios using both indexed and actively managed components. With our Dual Investment Management StrategySM, the investment management teams for a number of our equity funds use a combination of active and quantitative techniques that aim to beat our investment objective benchmarks consistently. The indexed component enables our equity funds to stay fully invested, even when we cannot identify many investment opportunities for the actively managed portfolio segments. Like a blend of two metals to form a stronger alloy, this pragmatic balance of traditional active investment and innovative quantitative strategies has helped these funds maintain strong, long-term returns generally close to or better than those of the benchmarks. January 1 to June 30, 2000 -- the period covered by this CREF Semi-Annual Report -- has, as mentioned, tested investors' ability to adjust to market volatility. We believe that the performance of the CREF Accounts has warranted investors' trust during this difficult time. Before we turn to an overview of CREF variable annuity performance thus far in 2000, it may help to place the Accounts' behavior in a market context. From 1995 through June 2000, the market experienced a marked increase in volatility, as measured by the average number of days when the total return for the Standard & Poor's 500-Stock Index and the Nasdaq rose or fell more than 1 percent or 2 percent. The median daily change in the S&P 500 was about half a percent in the five-year period. But the number of days when the S&P moved more than 1 percent increased from 13 during 1995 to 55 so far this year (110 on an annualized basis), about 45 percent of all days the stock market was open for business. Even more dramatically, the S&P did not move more than 2 percent on any day in 1995, but through June this year had done so 23 times (46 days on an annualized basis). The median daily change in the Nasdaq from 1995 through June 2000 was about 0.75 percent. In 1995, the Nasdaq moved up or down more than 1 percent on 46 days, while in the first six months of 2000 the corresponding count was 100 days (or 200 on an annualized basis). Similarly, in 1995 the Nasdaq rose or fell more than 2 percent on only 5 days. Through June 2000, the Nasdaq has risen or fallen over 2 percent on 73 days (146 on an annualized basis). As volatility increased from 1995 to 1999, stock market returns were impressively positive. The S&P 500, for example, achieved total annual returns that were consistently in excess of 20 percent each year, including two years -- 1995 and 1997 -- in excess of 30 percent. It was only this year that volatility seemed to be accompanied by lower returns. Through June 30, 2000, the overall S&P 500 provided a generally flat return. Against this background, the CREF Stock, Global Equities, and Growth Accounts continued to post competitive performance. The CREF Growth Account received 5-star ratings for five of the six months year-to-date from the Morningstar variable annuity rating service, while the CREF Stock and Global Equities Accounts enjoyed 4-star Morningstar ratings every month (see the Morningstar sidebar on page 2). The table on page 2 shows, for each of these CREF Accounts, their year-to-date total return (gains and losses plus investment income) compared with their respective benchmarks, and with the average fund category that best matches their investment objectives (as measured by Lipper Analytical Services, Inc.). - -------------------------------------------------------------------------------- WE REMAIN COMMITTED TO DELIVERING FIRST-RATE SERVICE AND PROFESSIONAL, DISCIPLINED INVESTMENT PERFORMANCE. - -------------------------------------------------------------------------------- The CREF Growth Account outperformed its benchmark by 2.86 percent and its peer group by 4.09 percent for the first six months of 2000. The CREF Stock Account topped its international benchmark but not its domestic benchmark, and bested its peer group. The CREF Global Equities Account underperformed its benchmark and its peer group. 2000 CREF Semi-Annual Report o 1 TOTAL RETURNS .................................................................... FOR THE PERIOD JANUARY 1, 2000 THROUGH JUNE 30, 2000 .................................................................... CREF Stock Account -0.01% .................................................................... Lipper Growth and Income Fund Index -0.87% Russell 3000(R)Index 0.95% Morgan Stanley Capital International EAFE + Canada Index -2.95% .................................................................... CREF Global Equities Account -3.27% .................................................................... Lipper Global Fund Index 0.22% Morgan Stanley Capital International World Index -2.56% .................................................................... CREF Growth Account 6.90% .................................................................... Lipper Growth Fund Index 2.81% Russell 3000(R)Growth Index 4.04% THE RUSSELL 3000 INDEX IS A TRADEMARK AND SERVICE MARK OF THE FRANK RUSSELL COMPANY. NO CREF ACCOUNT IS PROMOTED, ENDORSED, SPONSORED, OR SOLD BY, OR AFFILIATED WITH THE FRANK RUSSELL COMPANY. Investment performance for other periods, plus details on the composition of the Accounts' portfolios and comments from the portfolio managers, are on the pages that immediately follow this letter. A companion booklet contains comparable performance reports and other comments for the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index Accounts -- the other five accounts available under CREF variable annuities. Year after year, the only sure thing in investing is the effect of low expenses on total returns. Expenses are the one factor affecting return that can be predicted in advance. The CREF Accounts covered here have expenses, as a percentage of net assets, that range from 0.30 to 0.34 percent. These are the lowest expenses for all variable annuity funds with comparable investment objectives, according to Lipper Analytical Services, Inc., and they compare very favorably with those of most mutual funds. NEW RETIREMENT SAVINGS OPPORTUNITIES. In 1998, we enabled par- ticipants to consolidate IRA money they had previously accumulated by rolling it over to an annuity with us. Since then, we have also introduced Roth and contributory Classic IRAs. To date, we have received in excess of $2.5 billion in IRA premiums and rollovers. This year, in response to participants' requests, we have introduced annuities for use with Keogh plan savings, beginning March 1, 2000. Keogh plans are for income that a person derives from self-employed activities, such as publishing royalties. ANNUITY INCOME INCREASES. In 2000, annuity income from all of the CREF Accounts except Bond Market increased again. For ================================================================================ MORNINGSTAR ................................................................................ MORNINGSTAR IS AN INDEPENDENT SERVICE THAT RATES MUTUAL FUNDS AND VARIABLE ANNUITIES. THE TOP 10% OF ACCOUNTS IN AN ASSET CLASS RECEIVE 5 STARS, THE NEXT 22.5% RECEIVE 4 STARS, AND THE NEXT 35% RECEIVE 3 STARS. MORNINGSTAR PROPRIETARY RATINGS REFLECT HISTORICAL RISK-ADJUSTED PERFORMANCE, AND ARE SUBJECT TO CHANGE EVERY MONTH. THEY ARE CALCULATED FROM THE ACCOUNT'S 3-, 5-, AND 10-YEAR AVERAGE ANNUAL RETURNS (IF APPLICABLE) IN EXCESS OF 90-DAY TREASURY BILL RETURNS WITH APPROPRIATE FEE ADJUSTMENTS, AND A RISK FACTOR THAT REFLECTS SUBACCOUNT PERFORMANCE BELOW 90-DAY T-BILL RETURNS. THE OVERALL STAR RATINGS ARE MORNINGSTAR'S PUBLISHED RATINGS, WHICH ARE WEIGHTED AVERAGES OF ITS 3-, 5-, AND 10-YEAR RATINGS. ACCUMULATION UNIT VALUES AND RETURNS WILL VARY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. TO ACCESS THE LATEST RATINGS ON THE TIAA-CREFWEB CENTER, GO TO WWW.TIAA-CREF.ORG/FINANCIALS/RA-MORN.HTML. ================================================================================ MORNINGSTAR RATINGS(TM) OF CREF ACCOUNTS - 06/30/00 ---------------------------------------------------
OVERALL 3 YEARS 5 YEARS 10 YEARS - --------------------------------------------------------------------------------------------------------- DOMESTIC EQUITY ACCOUNTS (OUT OF 3,039) (OUT OF 3,039) (OUT OF 2,254) (OUT OF 987) CREFStock **** *** **** **** CREF Equity Index **** **** **** -- CREFGrowth ***** **** ***** -- CREFSocial Choice **** *** **** **** - --------------------------------------------------------------------------------------------------------- INTERNATIONAL EQUITY ACCOUNT (OUT OF 716) (OUT OF 716) (OUT OF 504) -- CREFGlobal Equities **** **** **** -- - --------------------------------------------------------------------------------------------------------- FIXED-INCOME ACCOUNT (OUT OF 841) (OUT OF 841) (OUT OF 706) (OUT OF 372) CREFBond Market ***** ***** ***** **** - ---------------------------------------------------------------------------------------------------------
2 o 2000 CREF Semi-Annual Report most CREF participants receiving lifetime annuity income, CREF income changes each May 1 to reflect the investment performance of an account during the twelve-month period ending the prior March 31. Recently we introduced the alternative of monthly income changes, for those who prefer to have their variable income payments respond more immediately to market changes. Following are the annual revaluations for the CREFAccounts effective May 1, 2000: o Income from the Stock Account rose 19.95 percent. o The income increase for the Growth Account totaled 33.82 percent. This Account was the strongest performer and provides the largest increase this year. o Equity Index Account income rose 17.43 percent. o Income from the Global Equities Account went up 33.63 percent. o Income from the Social Choice Account rose 7.02 percent. o Money Market Account income increased by 1.51 percent. o Annuity income from the Bond Market Account declined by 2.61 percent. o The Inflation-Linked Bond Account income increased 2 percent. ================================================================================ ABOUT BENCHMARKS ................................................................................ IT'S WORTH REMEMBERING THAT THE VARIOUS STOCK MARKET INDEXES AREN'T STATIC TARGETS. THEY CHANGE, TOO -- IN MOST CASES THEY CHANGE ONLY ONCE A YEAR, BUT THEY DO CHANGE. USUALLY THESE CHANGES ARE NECESSITATED BY FIRMS THAT "DISAPPEAR" THROUGH MERGER; MANY OF THESE ARE STOCKS WHOSE PRICES HAD LAGGED THE REST OF THE MARKET. IN SOME CASES THE CHANGES RECOGNIZE STOCKS THAT HAVE GROWN TOO LARGE TO EXCLUDE FROM THE INDEX. IN BOTH CASES THE EFFECT OF THE CHANGES IS TO IMPART AN UPWARD "BIAS" TO THE INDEX, MAKING IT AN EVEN HARDER TARGET TO SURPASS. IN ASSESSING THE ACCOUNT'S PERFORMANCE COMPARED WITH THAT OF ITS BENCHMARK, YOU SHOULD KEEP TWO DIFFERENCES IN MIND. ONE IS THAT THE BENCHMARK HAS NO EXPENSES DEDUCTED FROM ITS PERFORMANCE, WHILE THE STOCK ACCOUNT, FOR EXAMPLE, DEDUCTS ROUGHLY 30 HUNDREDTHS OF ONE PERCENT PER YEAR FOR ALL OF ITS COSTS. THE OTHER DIFFERENCE IS THAT THE BENCHMARK DOESN'T HAVE FUNDS IN CASH OR EQUIVALENTS FOR VARIOUS INVESTMENT PURPOSES, BUT THE ACCOUNTS DO. AN EXAMPLE IS THE SHORT-TERM INVESTMENTS OF CREFSTOCK, WHICH MAKE UP 0.2% OF THE PORTFOLIO. ================================================================================ For comparison, consider the consumer price index for all urban consumers:It rose just 3.7 percent during the 12-month period that ended in June 2000. ================================================================================ EXPENSES FOR CREFSTOCK, GLOBAL EQUITIES, AND GROWTH, AS A PERCENT OF AVERAGE NET ASSETS, RANGED FROM 0.30 TO 0.34 PERCENT. THESE ARE THE LOWEST OF ALL VARIABLE ANNUITY FUNDS WITH COMPARABLE INVESTMENT OBJECTIVES. ================================================================================ INTER/ACT. We hope you've been taking advantage of our online information and transactional facility, Inter/ACT, to check on the status of your accounts, reallocate premiums, make a transfer, or perform other account transactions. We have found that most participants enjoy the ease of access to their funds that Inter/ACT provides. We are currently at work on a new service feature that will enable participants to obtain a personalized PIN number directly online for use with Inter/ACT, rather than first calling our Automated Telephone Service for the PIN. If you haven't yet visited the TIAA-CREF Web Center (www.tiaa-cref.org), or used the Inter/ACT facility, we encourage you to do so. Together the Web Center and Inter/ACT provide an immediate and efficient means of obtaining information and managing your funds with us. One word about the charts in this booklet: Graphs that show the growth of $10,000 over ten years or since the Account's inception are "semilog" graphs. Like conventional graphs, semilog graphs can show broad trends. But semilog graphs make it easier to highlight percentage changes in performance over time. We remain committed to delivering first-rate service, low expenses, financial products that serve your goals, and professional, disciplined investment performance. We look forward to reporting to you on our progress as the rest of the year unfolds. /s/ John H. Biggs /s/ Martin L. Leibowitz ----------------- ----------------------- John H. Biggs Martin L. Leibowitz CHAIRMAN, PRESIDENT, AND VICE CHAIRMAN AND CHIEF EXECUTIVE OFFICER CHIEF INVESTMENT OFFICER 2000 CREF Semi-Annual Report o 3 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 ================================================================================ The CREF Stock Account, which uses the Dual Investment Management Strategy (see page 1), is divided into three segments. The Domestic Enhanced Index segment is designed to track U.S. equity markets as a whole and invests in the Russell 3000(R) Index. This subportfolio of the Account doesn't invest in all 3,000 stocks in the Index. Rather, it uses a sampling approach to ensure that the segment closely matches the overall investment characteristics (for example, yield and industry weight) of the Index. We use the sampling technique to hold down trading costs and other expenses. This segment also uses special valuation and trading techniques to attempt to slightly outperform the Russell 3000. The Domestic Active segment contains U.S. stocks that are selected individually for their investment potential. The third segment invests in foreign stocks and other foreign equity securities (e.g., institutional mutual funds) using both enhanced indexing and active stock selection techniques. It tracks the Morgan Stanley Capital International Europe, Australasia, and Far East plus Canada Index (commonly written as MSCI EAFE+Canada). ================================================================================ 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. AS OF JUNE 30, 2000, THESE PROPORTIONS WERE 80 PERCENT FOR THE RUSSELL 3000 AND 20 PERCENT FOR THE MSCI EAFE + CANADA. WE USE THE RUSSELL 3000 TO MEASURE THE U.S. STOCK MARKET BECAUSE IT INCLUDES 98 PERCENT OF THE CAPITALIZATION OF ALL PUBLICLY TRADED U.S. STOCKS. IN CONTRAST, THE STANDARD & POOR'S 500-STOCK INDEX COVERS ONLY ABOUT 75 PERCENT. ================================================================================ $10,000 OVER TEN YEARS - -------------------------------------------------------------------------------- [Figures below represent mountain chart in printed piece.] Russell MSCI-EAFE+ 3000(R) Index Canada Index Stock Account 6/30/90 10,000 10,000 10,000 6/30/91 10,722 8,908 10,498 6/30/92 12,301 8,839 11,779 6/30/93 14,273 10,564 13,500 6/30/94 14,415 12,273 14,097 6/30/95 18,007 12,552 16,777 6/30/96 22,691 14,227 20,710 6/30/97 29,630 16,152 26,384 6/30/98 38,166 17,169 32,945 6/30/99 45,838 18,434 38,857 6/30/2000 50,238 21,899 42,789 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF STOCK ACCOUNT, ON JULY 1, 1990. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO $42,789. FOR COMPARISON, THE GRAPH SHOWS HOW $10,000 INVESTMENTS IN THE STOCK ACCOUNT'S BENCHMARKS (SEE BOX AT LEFT) DID OVER THE SAME PERIOD. For the six months ended June 30, 2000, the Account's total return was -0.01 percent. The virtually flat performance for the first half of the year resulted from a downturn in technology stocks and from interest rate increases that erased the modest gains achieved in the first quarter. First Quarter ------------- The first three months of 2000, in which the marketplace experienced often chaotic conditions, ended with broad measures of the U.S. market yielding low single-digit returns, and a composite of overseas markets virtually unchanged. Two further increases in the discount rate by the Federal Reserve were accompanied by a sharp decrease in long-term government bond interest rates. With no signs of slowing in economic growth, the government's actions created an unusual situation that added to investor uncertainty. Then late in the quarter, there was an abrupt reversal in the overwhelming preference for growth-oriented shares in the so-called "TMT space" (technology-media-telecommunications) versus "old economy/value" shares. Overall, day-to-day volatility in individual shares and in market averages at home and abroad was exceptionally high. (For a discussion of recent market volatility, please see the message from the Chairman and Vice Chairman that begins on page 1.) 4 o 2000 CREF Semi-Annual Report PERFORMANCE AT A GLANCE AS OF 6/30/00 ................................................................................
- --------------------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND CUMULATIVE RATES RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS (IN BILLIONS) - --------------------------------------------------------------------------------------------------------------------------------- Stock Account 10.12% 20.59% 15.65% 10.12% 155.05% 327.89% $133.0 Russell 3000 Index 9.60% 22.78% 17.52% 9.60% 178.99% 402.38% MSCI EAFE + Canada Index 18.79% 11.77% 8.15% 18.79% 74.47% 118.99% Lipper Growth and Income Fund Index -0.63% 16.73% 14.16% -0.63% 116.70% 275.99%
(1) PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF RETURN FROM THE STOCK ACCOUNT. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. Second Quarter -------------- During the second quarter, in a pattern reminiscent of 1999, the U.S. market experienced a sharp rotation out of growth sectors into value components during April and May, only to reverse into growth leadership in June. Interim volatility of individual issues and groups remained exceptionally high. Continued (and increasingly aggressive) efforts by the Fed to forestall inflation via interest rate increases dampened some of 1999's speculative excess, particularly in the Internet arena. Thus, the market at midyear ended up stalled near the zero return mark, and the debate as to whether value or growth stocks were most at risk from the central bank's policies remained unresolved. In this volatile environment, the Domestic Active component of the CREF Stock Account continued to avoid aggressive tilts in any particular direc- TEN LARGEST HOLDINGS AS OF 6/30/00 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARES MARKET VALUE PERCENT OF COMPANY (000,000) (000,000) NET ASSETS - -------------------------------------------------------------------------------- General Electric Co 78.2 $4,144.2 3.12% Intel Corp 26.5 3,545.7 2.67 Cisco Systems, Inc 54.3 3,454.1 2.60 Exxon Mobil Corp 31.8 2,492.9 1.87 Microsoft Corp 30.9 2,470.8 1.86 Pfizer, Inc 47.3 2,271.2 1.71 Oracle Corp 20.5 1,721.5 1.29 SBC Communications, Inc 36.7 1,586.4 1.19 International Business Machines Corp 14.5 1,585.1 1.19 Lucent Technologies, Inc 26.0 1,539.5 1.16 PORTFOLIO COMPOSITION ................................................................................ [Figures below represent pie-chart in printed piece.] Domestic Enhanced Index Segment 69.9% Domestic Active Segment 17.8% International Enhanced Index Segment 7.0% International Active Segment 13.1% Short-Term Investments 0.2% tion, and was able to achieve a modest positive variance from the Russell 3000, for both the quarter and year-to-date. Foreign markets in dollar terms likewise exhibited volatile and mixed results around a moderately declining aggregate trend. Growth sectors, which had performed very strongly in 1999 and early 2000, experienced corrections paralleling those in the United States, with Europe generally holding up somewhat better than Asia. The International Active segment of CREF Stock, following a strong 1999 and first quarter of 2000, experienced a significant reversal in the second quarter as its relatively overweight position in growth stocks versus its benchmark proved disadvantageous. 2000 CREF Semi-Annual Report o 5 Global Equities Account ================================================================================ INVESTMENT OBJECTIVE A FAVORABLE LONG-TERM RATE OF RETURN THROUGH CAPITAL APPRECIATION AND INVESTMENT INCOME FROM A BROADLY DIVERSIFIED PORTFOLIO THAT CONSISTS OF FOREIGN AND DOMESTIC COMMON STOCKS ================================================================================ The CREF Global Equities Account uses the Dual Investment Management Strategy (see page 1). For the six months ended June 30, 2000, the Account posted a return of -3.27 percent, which was 71 basis points behind the benchmark Morgan Stanley Capital International World Index and 349 basis points behind the Account's peers, as measured by the Lipper Global Fund Index. With the exception of the Asia-Pacific region, the first quarter continued 1999's positive trend, and the Account's overweight positions in technology stocks versus the benchmark for the most part benefited overall returns. In the second quarter, however, investor fears about the lofty values of Internet and other technology stocks, combined with concerns about rising interest rates, resulted in the negative overall returns posted for the first half of 2000. First Quarter ------------- Stocks from North, Central, and South American markets posted strong returns in the first quarter of 2000. Technology stocks continued to rise for most of the quarter, and the Account's semiconductor and telecommunications picks contributed substantially to performance. Notable technology overweights versus the benchmark included LSI Logic, Applied Micro Circuits, and Ciena. The Account also benefited from investments in telecommunications provider names such as PSInet and Viatel, as well as underweight positions in Johnson & Johnson and Coca-Cola, which underperformed significantly. Detractors from performance in the first quarter included an overweight position in Edison International and underweight positions in Intel, Nortel, Applied Materials, and Enron. ================================================================================ THE ACCOUNT'S BENCHMARK ................................................................................ THE BENCHMARK WE USE FOR THE CREF GLOBAL EQUITIES ACCOUNT IS THE MORGAN STANLEY CAPITAL INTERNATIONAL (MSCI) WORLD INDEX. THIS INDEX IS AN AGGREGATE OF 51 COUNTRY INDEXES - 23 DEVELOPED MARKETS AND 28 EMERGING MARKETS. MSCI CALCULATES INDEXES BY APPLYING FULL MARKET CAPITALIZATION WEIGHTS (PRICE MULTIPLIED BY THE NUMBER OF SHARES OUTSTANDING) FOR THE SECURITIES IN THE INDEX. MSCI CALCULATES REGIONAL INDEXES USING GDP WEIGHTINGS FOR COUNTRIES. IN CONSTRUCTION OF ITS COUNTRY INDEXES, MSCI DEFINES THE SECURITIES LISTED (I.E., AVAILABLE FOR TRADING) IN EACH COUNTRY, SORTS THEM INTO INDUSTRY GROUPS, AND SELECTS THE LARGEST ONES WITHIN EACH INDUSTRY (BY MARKET CAPITALIZATION) UNTIL IT HAS 60 PERCENT OF EACH INDUSTRY REPRESENTED. IT DELETES STOCKS WITHOUT SUFFICIENT LIQUIDITY AND CORRECTS FOR CROSS-OWNERSHIP AMONG STOCKS IN THE INDEX, THEN WEIGHTS THEM ALL BY MARKET CAP FOR EACH STOCK. ================================================================================ [Figures below represent mountain chart in printed piece.] $10,000 SINCE 5/1/92 INCEPTION - -------------------------------------------------------------------------------- Global Equities Account MSCI World Index 5/1/92 10,000 10,000 6/30/92 10,051 10,043 6/30/93 11,752 11,726 6/30/94 13,615 12,926 6/30/95 15,310 14,305 6/30/96 18,113 16,943 6/30/97 22,556 20,717 6/30/98 27,015 24,245 6/30/99 29,697 28,044 6/30/2000 36,173 31,463 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF GLOBAL EQUITIES ACCOUNT, ON MAY 1, 1992. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO $36,173. FOR COMPARISON, THE GRAPH SHOWS HOW A $10,000 INVESTMENT IN THE MSCI WORLD INDEX, THE GLOBAL EQUITIES ACCOUNT'S BENCHMARK (SEE BOX AT LOWER LEFT), DID OVER THE SAME PERIOD. The same sectors that drove performance in the Americas during the first quarter drove performance in Europe. The Account continued to focus on wireless communications and software. The Italian telecommunications company Tiscali performed well, as the company forged ahead with its European expansion. SAP, which is among the world's largest software companies, rebounded strongly after posting better-than- expected results. With telecommunications companies upgrading their networks and equipment to handle more data, Ericsson has provided strong business and share price performance. Reuters and semiconductor designer ARM Holdings, on the other hand, did not perform well during the first quarter. The first quarter was difficult for the Asia-Pacific region, which posted the lowest stock market performance among the three regions. Here, the Account's concentration in technology at a time when tech stocks were rising in the other regions detracted from performance. Japan and South Korea bore the brunt of the technology sell-off in Asia, and a reallocation of the Account's technology holdings from Japan to South Korea had no tangible impact. Poor performance of our holdings in Hikari Tsushin, CSK, and Softbank negatively impacted the positive contributions from our holdings in Toei, Oracle Japan, and China Telecom. Second Quarter -------------- During the second quarter of 2000, investors moved funds into less-volatile sectors such as healthcare and financial services. Though the shift happened around the world, it varied significantly by region. The Account was able to respond to this shift in the Americas, but was less well-positioned in Europe and 6 o 2000 CREF Semi-Annual Report PERFORMANCE AT A GLANCE AS OF 6/30/00 ..............................................................................
- ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND CUMULATIVE RATES RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS SINCE 5/1/92 1 YEAR 5 YEARS SINCE 5/1/92 (IN BILLIONS) INCEPTION INCEPTION - ----------------------------------------------------------------------------------------------------------------------------------- Global Equities Account 21.81% 18.76% 17.04% 21.81% 136.28% 261.73% $9.7 MSCI World Index 12.19% 17.07% 15.06% 12.19% 119.94% 214.63% Lipper Global Fund Index 22.59% 16.79% 14.61% 22.59% 117.27% 204.50%
(1) PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF RETURN FROM THE GLOBAL EQUITIES ACCOUNT. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. the Asia-Pacific region, where the rotation was quicker and more severe. The Americas posted a solid second quarter and proved the strongest-performing region year-to-date. Unlike recent quarters, the second quarter of 2000 saw more "old economy" stocks providing stronger performance than technology stocks. The Account was generally well-positioned for this change in investor sentiment with its holdings in less-volatile, consumer-oriented stocks (e.g., soft drinks), and financial service and healthcare stocks. Specific holdings that performed well were Cardinal Health, Nabisco Group, John Hancock Financial, and Schering-Plough. Among technology holdings that provided substantial performance were Sanmina and JDS Uniphase. Holdings that did not perform to our expectations were Johnson & Johnson and, contrary to its value in the first quarter of 2000, LSI Logic. As in the Americas, investors in Europe fled stocks of telecommunications companies and sought safer havens such as healthcare and financial service companies. The Account's overexposure to the former and lack of exposure to the latter meant that, whereas we had been rightly positioned in the first quarter, we were wrongly positioned in the second to take advantage of the market pullback. The share price of the mobile communications company Vodafone suffered on concerns that it overpaid for Third Generation (3G) licenses. Tiscali suffered as investors took profits after its run-up earlier in the year. Although Infineon, the German-based semiconductor manu- DIVERSIFICATION AMONG WORLD MARKETS United States 45.5% Japan 13.8% United Kingdom 13.6% Germany 4.5% Netherlands 4.1% Sweden 3.0% France 2.4% Finland 2.0% Canada 1.5% Hong Kong 1.3% 19 Others 8.3% facturer; Ahold, the Dutch food retailer; and IHC Caland, the Dutch oil services company, performed well, this did not mitigate Vodafone's and Tiscali's negative performance. The Asia-Pacific equity markets posted the weakest performance among the three regions, both in the second quarter and year-to-date, on fears of rising interest rates and a slowdown in global growth. In spite of improving economic trends in the region, the direction of U.S. interest rates still has a major impact on these equity markets. Our overweight position in Asia-Pacific, combined with our technology sector exposure, resulted in negative performance for the second quarter. In Japan, because economic news flow continued to be mixed, we have remained focused on companies with solid earnings growth prospects and global franchises such as NGK Spark Plug, maker of semiconductor packaging for Intel; Johnson Electric, a global manufacturer of micromotors; and Sumitomo Electric, producer of fiber optic cable and xDSL equipment. While we managed to avoid the Internet concept stocks, performance was negatively affected by our underweight position in the cyclical and defensive sectors and by the steep sell-offs in major holdings of NTT DoCoMo, Murata, and Ito-En. During the second quarter, we reduced our holdings in India, Taiwan, South Korea, and Australia. TEN LARGEST HOLDINGS AS OF 6/30/00
- --------------------------------------------------------------------------------------------------------------------------- SHARES MARKET VALUE PERCENT OF COMPANY (000,000) (000,000) NET ASSETS COUNTRY - --------------------------------------------------------------------------------------------------------------------------- General Electric Co 4.2 $224.2 2.32% United States Cisco Systems, Inc 3.4 214.5 2.22 United States Intel Corp 1.5 205.0 2.12 United States Vodafone Airtouch Plc 49.5 200.0 2.07 United Kingdom Ericsson Telefon (LM) ABSeriesB 8.8 175.0 1.81 Sweden Microsoft Corp 2.1 165.7 1.71 United States Nokia Oyj 2.9 150.9 1.56 Finland Exxon Mobil Corp 1.8 142.2 1.47 United States Pfizer, Inc 2.7 130.1 1.34 United States WPP Group Plc 8.3 121.3 1.25 United Kingdom
2000 CREF Semi-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 ================================================================================ The CREF Growth Account uses the Dual Investment Management Strategy (see page 1). For the six months ended June 30, 2000, the Account posted a return of 6.90 percent, which was 286 basis points ahead of its benchmark, the Russell 3000(R) Growth Index, and 409 basis points ahead of other growth funds, as measured by the Lipper Growth Fund Index. FIRST QUARTER The market continued to narrow its focus during the first quarter of 2000, with an almost exclusive focus on technology stocks. The Account was well served by being overweight in this sector, especially by its large positions in Oracle, Ciena, and many semiconductor stocks. Tyco International rebounded to close the first quarter at its all-time high. The Account also benefited from being underweight in consumer staples versus the benchmark, particularly in Procter & Gamble, which announced unexpectedly low sales and earning trends. On the other hand, the Account was negatively impacted because many consumer cyclical stocks fared poorly, and our media-related holdings generally underperformed. Another holding, Carnival Cruise, experienced a dramatic sell-off in the first quarter. THE ACCOUNT'S BENCHMARK ================================================================================ THE BENCHMARK WE USE FOR THE CREF GROWTH ACCOUNT IS THE RUSSELL 3000(R) GROWTH INDEX, REPRESENTING THE GROWTH SECTOR OF THE U.S. STOCK MARKET. THE GROWTH INDEX IS A SUBSET OF THE RUSSELL 3000, WHICH COMPREHENSIVELY MEASURES THE U.S. STOCK MARKET. THE GROWTH INDEX CONSISTS OF COMPANIES IN THE RUSSELL 3000 INDEX WITH HIGHER PRICE-TO-BOOK RATIOS AND HIGHER FORECASTED GROWTH RATES. SECOND QUARTER In the second quarter the Federal Reserve Board's determina- tion to head off inflation by raising interest rates, including a 50 basis point boost in May, had a negative impact on Wall Street. The result was increased volatility followed by declines in all of the major market indexes. The largest decline was in the technology-laden Nasdaq Index, which [Figures below represent mountain chart in printed piece.] $10,000 SINCE 4/29/94 INCEPTION ................................................................................ Russell 3000(R) Growth Index Growth Account 4/29/94 10,000 10,000 6/30/94 9,807 9,856 6/30/95 12,754 12,558 6/30/96 16,283 15,862 6/30/97 20,927 20,943 6/30/98 27,120 26,859 6/30/99 34,058 33,885 6/30/2000 42,864 42,933 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF GROWTH ACCOUNT, ON APRIL 29, 1994. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO $42,933. FOR COMPARISON, THE GRAPH SHOWS HOW A $10,000 INVESTMENT IN THE RUSSELL 3000 GROWTH INDEX, THE GROWTH ACCOUNT'S BENCHMARK (SEE BOX AT LEFT), DID OVER THE SAME PERIOD. finished the quarter down just over 13 percent. Other sectors that were down during the quarter included the consumer cyclical group, especially the media stocks, and interest-rate sensitive financial services stocks. Although the Account's portfolio remained overweight in technology, media, and telecommunications equipment, good stock selection overcame the weakness in these broader sectors and we recorded positive overall performance. Positions in EMC Corp. in the data storage area, Oracle in the enterprise software area, and Siebel Systems, another enterprise software company, all made positive contributions to performance. Four media companies made a positive contribution to overall performance: AMFM Inc., a radio company that is merging with two other holdings; Clear Channel Communications; SFX Entertainment; and Viacom, which merged with CBS Corp. In the telecommunications infrastructure area, Ciena Corp., a switch company, helped performance. Underweight positions in other consumer- oriented stocks such as the retailers and food companies also had a positive impact on performance. On the negative side, the fact that we were underweight in the healthcare sector hurt performance, although good stock selection helped mitigate the impact. In particular, Cardinal Health Inc. was a strong performer in the drug distribution area. Our under- 8 o 2000 CREF Semi-Annual Report PERFORMANCE AT A GLANCE AS OF 6/30/00 ...............................................................................
- ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND CUMULATIVE RATES RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS SINCE 4/29/94 1 YEAR 5 YEARS SINCE 4/29/94 (IN BILLIONS) INCEPTION INCEPTION - ----------------------------------------------------------------------------------------------------------------------------------- Growth Account 26.70% 27.87% 26.60% 26.70% 241.87% 329.33% $17.2 Russell 3000 Growth Index 25.86% 27.43% 26.65% 25.86% 236.08% 330.35% Lipper Growth Fund Index 17.57% 22.70% 21.57% 17.57% 178.06% 233.89%
(1) PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF RETURN FROM THE GROWTH ACCOUNT. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. weight in Johnson & Johnson hurt performance, as did underweights in consumer noncyclical stocks like Coca-Cola and Pepsico. TEN LARGEST HOLDINGS AS OF 6/30/00 - ------------------------------------------------------------------------------- SHARES MARKET VALUE PERCENT OF COMPANY (000,000) (000,000) NET ASSETS - ------------------------------------------------------------------------------- Intel Corp 7.3 $972.7 5.66% Cisco Systems, Inc 15.2 966.5 5.63 General Electric Co 15.5 823.2 4.79 Oracle Corp 8.7 729.1 4.25 Microsoft Corp 8.3 667.3 3.89 EMCCorp 6.5 502.4 2.93 Pfizer, Inc 10.4 497.4 2.90 Tyco International Ltd 10.4 492.4 2.87 Lucent Technologies, Inc 6.5 386.1 2.25 Merck & Co, Inc 4.3 327.6 1.91 PORTFOLIO COMPOSITION ................................................................................ Technology ...................................... 50.9% Consumer Products and Services .................. 32.2% Manufacturing and Materials ..................... 10.4% Utilities ....................................... 3.5% Financial ....................................... 1.9% Short-Term Investments .......................... 0.8% Other ........................................... 0.3% 2000 CREF Semi-Annual Report o 9 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SUMMARY BY COUNTRY (UNAUDITED) VALUE (000) % ---------- ----- DOMESTIC UNITED STATES ................... $103,692,638 77.37% ------------ ------- TOTAL DOMESTIC .................. 103,692,638 77.37 ------------ ------- FOREIGN ARGENTINA ....................... 3,736 0.00 AUSTRALIA ....................... 576,207 0.43 AUSTRIA ......................... 25,578 0.02 BELGIUM ......................... 222,723 0.17 BERMUDA ......................... 1,350,634 1.01 BRAZIL .......................... 64,148 0.05 CANADA .......................... 1,453,849 1.08 DENMARK ......................... 133,756 0.10 FINLAND ......................... 981,548 0.73 FRANCE .......................... 2,572,659 1.92 GERMANY ......................... 2,087,849 1.56 GREECE .......................... 19,585 0.01 HONG KONG ....................... 362,722 0.27 HUNGARY ......................... 7,173 0.01 INDIA ........................... 262,434 0.20 IRELAND ......................... 186,927 0.14 ISRAEL .......................... 28,782 0.02 ITALY ........................... 1,002,881 0.75 JAPAN ........................... 6,155,100 4.59 KOREA ........................... 111,918 0.08 LUXEMBOURG ...................... 8,999 0.01 MALAYSIA ........................ 70,744 0.05 MEXICO .......................... 73,814 0.06 NETHERLANDS ..................... 1,983,905 1.48 NEW ZEALAND ..................... 25,996 0.02 NORWAY .......................... 49,827 0.04 PORTUGAL ........................ 85,194 0.06 SINGAPORE ....................... 363,989 0.27 SOUTH AFRICA .................... 59,827 0.05 SPAIN ........................... 706,767 0.53 SWEDEN .......................... 969,244 0.72 SWITZERLAND ..................... 1,319,040 0.98 TAIWAN .......................... 4,404 0.00 UNITED KINGDOM .................. 5,035,189 3.76 ------------ ------- TOTAL FOREIGN .................. 28,367,148 21.17 SHORT TERM INVESTMENTS ......... 1,959,900 1.46 ------------ ------- TOTAL PORTFOLIO $134,019,686 100.00% ------------ ------- PRINCIPAL VALUE (000) ------- ---------- BONDS--0.04% CORPORATE BONDS--0.04% CONSTRUCTION AND REAL ESTATE--0.00% REAL ESTATE--0.00% EXCEL LEGACY CORP $6,000 9.000%, 11/05/04 ..................... $ 6 3,000 10.000%, 11/05/04 .................... 3 ------ TOTAL CONSTRUCTION AND REAL ESTATE ..... 9 ------ CONSUMER DURABLE--0.02% HOME APPLIANCES AND FURNISHINGS--0.02% SONY CORP 1,260,000,000(1) 1.400%, 03/31/05 ..................... 29,831 ------ TOTAL CONSUMER DURABLE ................. 29,831 ------ PRINCIPAL VALUE (000) ------ ------- FINANCE--0.01% BANKS, SAVINGS AND LOANS--0.01% BANCA INTESA S.P.A. (CV DEB) $ 210,884(2) 2.700%, 01/01/03 ................. $ 365 BANCA INTESA S.P.A. (CV DEB) (RISP) 16,220(2) 3.500%, 01/01/03 ................. 34 FUJI BANK 2,580,000,000(1) 0.250%, 02/01/02 ................. 18,210 ------ TOTAL FINANCE ...................... 18,609 ------ RETAIL AND WHOLESALE--0.00% GENERAL MERCHANDISE STORES--0.00% SEGA ENTERPRISES LTD 20,000,000(2) 0.000%, 03/31/03 ................. 190 ------ TOTAL RETAIL AND WHOLESALE ......... 190 ------ TRANSPORTATION--0.01% AIR TRANSPORTATION--0.00% BAE SYSTEMS PLC 428,481(3) 7.450%, 11/30/03 ................. 639 ------ AUTOS, TIRES AND RETATED PRODUCTS--0.00% UGLY DUCKLING CORP(SUBDEB) 413,400 12.000%, 10/23/03 ................. 413 ------ TRUCKING AND RELATED SERVICES--0.01% YAMATO TRANSPORT (CV DEB) 340,000,000(1) 1.700%, 09/30/02 ................. 7,915 ------ TOTAL TRANSPORTATION 8,967 ------ TOTAL CORPORATE BONDS (COST $40,510) ................... 57,606 ------ GOVERNMENT BOND--0.00% GOVERNMENT BOND--0.00% U.S. TREASURY BOND 325,000 11.750%, 02/15/01 ................. 335 ------ TOTAL GOVERNMENT BOND (COST $381) ...................... 335 ------ TOTAL BONDS (COST $40,891) ................... 57,941 ------ - ----------------- (1) Denominated in Japanese Yen. (2) Denominated in Italian Lira. (3) Denominated in British Pound. Shares ------ PREFERRED STOCK--0.26% BASIC INDUSTRIES--0.01% CHEMICALS AND PLASTIC--0.01% 8,300,000 BOMBRIL S.A. ..................... 69 12,000,000 * IPIRANGA S.A. .................... 120 2,758,725 f NETGENICS, IND CV SERIES D ....... 6,345 132,287 SEALED AIR CORP (CLASS A) ........ 6,697 ------ 13,231 ------ STEEL AND OTHER METALS--0.00% 30,200 * FREEPORT-MCMORAN COPPER & GOLD, INC 402 28,037,200 MET GERDAU S.A. ................... 606 475,800 USINAS SIDERURGICAS DE MINAS GERAIS S.A. ................ 2,200 88,032 * VALE DO RIO DOCE NAVEGACAO S.A. SERIES A .................... 2,484 ------ 5,692 ------ PAPER AND FOREST PRODUCTS--0.00% 1,670 KONINKLIJKE NV .................... 5 ------ TOTAL BASIC INDUSTRIES ............ 18,928 ------ CONSTRUCTION AND REAL ESTATE--0.00% BUILDING MATERIALS--0.00% 610,000 CIM ITAU S.A. ..................... 85 6,790 DYCKERHOFF ZEMENTWERKE AG. ........ 172 ------ 257 ------ SEE NOTES TO FINANCIAL STATEMENTS 10 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CONSTRUCTION--0.00% 5,500 * BAU HOLDING AG. ..................... $ 226 2,300,000 DURATEX S.A. ........................ 73 ------ 299 ------ REAL ESTATE--0.00% 18,300 PRICE ENTERPRISES, INC .............. 268 ------ TOTAL CONSTRUCTION AND REAL ESTATE .. 824 ------ CONSUMER DURABLE--0.00% HOME APPLIANCES AND FURNISHINGS--0.00% 115,446 * OSULLIVAN INDUSTRIES HOLDINGS, INC .. 58 ------ TEXTILE APPAREL AND ACCESSORIES--0.00% 4,200 ESCADA AG. .......................... 419 ------ TOTAL CONSUMER DURABLE 477 ------ ENERGY--0.01% OIL, GAS AND OTHER ENERGY SERVICES--0.01% 205,239 PETROBRAS S.A. ....................... 6,200 116,216 TOSCO FINANCIAL TRUST ................ 5,673 ------ TOTAL ENERGY ......................... 11,873 ------ FINANCE--0.05% BANKS, SAVINGS AND LOANS--0.01% 22,520,000 BANCO ITAU S.A. ...................... 1,979 7,100,000 BANESPA S.A. ......................... 212 724,704,176 BRADESCO S.A. ........................ 6,307 ------ 8,498 ------ CREDIT AND OTHER FINANCE--0.02% 23,604 INTERNATIONALE NEDERLANDEN GROEP NV .. 79 18,432 KIMCO REALTY CORP SERIES D ........... 483 257,813 * PRIME RETAIL, INC .................... 386 200,000 SUIZA FOODS CORP CV .................. 7,575 9,807 SUPERIOR TRUST I SERIES A ............ 261 495,900 UNION PACIFIC CAPITAL TRUST .......... 19,836 ------ 28,620 ------ INSURANCE--0.02% 45,000 MARSCHOLLER LAUT UND PARTNER ......... 22,604 ------ TOTAL FINANCE ........................ 59,722 ------ FOODS AND RELATED--0.00% BEVERAGES, OTHER FOOD PRODUCTS--0.00% 3,125,000 BRAHMA S.A. .......................... 2,650 143,000 SADIA S.A. ........................... 86 ------ TOTAL FOODS AND RELATED .............. 2,736 ------ HEALTH--0.01% DRUGS AND PHARMACEUTICALS--0.01% 941,176 * ADVANCED MEDICINE SERIES C ........... 8,000 ------ MEDICAL EQUIPMENT AND SUPPLIES--0.00% 816,100 * FRESENIUS MEDICAL CARE (CLASS D) ..... 24 ------ MEDICAL FACILITIES MANAGEMENT--0.00% 8,534 * MEDIQ, INC SERIES A .................. 2 ------ TOTAL HEALTH ......................... 8,026 ------ MEDIA AND LEISURE--0.10% BROADCASTING--0.06% 668,800 COMCAST CORP CV 10/15/29 ............. 76,912 50,000 * COMCAST CORP CV 11/15/29 ............. 5,653 ------ 82,565 ------ PUBLISHING--0.04% 4,051,170 e NEWS CORP LTD (LTD - VOTE) ........... 49,048 ------ TOTAL MEDIA AND LEISURE .............. 131,613 ------ RETAIL AND WHOLESALE--0.01% GENERAL MERCHANDISE STORES--0.01% 210,200 HARCOURT GENERAL, INC SERIES A ....... 15,299 ------ TOTAL RETAIL AND WHOLESALE ........... 15,299 ------ SHARES VALUE (000) ----- ------- TECHNOLOGY--0.04% COMPUTERS AND OFFICE EQUIPMENT--0.04% 307,500 e SAP AG. .......................... $ 57,038 ------ TOTAL TECHNOLOGY ................. 57,038 ------ TRANSPORTATION--0.01% AUTOS, TIRES AND RELATED PRODUCTS--0.01% 3,900 * PORSCHE AG ....................... 10,655 12,900 RHEINMETALL AG. .................. 121 183,000 VOLKSWAGEN AG. ................... 4,307 ------ TOTAL TRANSPORTATION ............. 15,083 ------ UTILITIES--0.02% TELEPHONE--0.02% 147,565,624 EMBRATEL PARTICIPACOES S.A. ....... 3,526 169,544,371 TELECENTROESTE CELULAR PARTICIPACOES S.A. ............... 684 242,267,124 TELECENTRO-SUL PARTICIPACOES S.A. . 3,505 211,923,133 TELENORTE-LESTE PARTICIPACOES S.A. 4,963 66,270,910 TELESP CELULAR S.A. PFD ........... 1,198 190,267,124 TELESUL CELULAR PARTICIPACOES S.A. 918 100,000 * VIATEL FINANCING TRUST CV 04/15/15 3,713 ------ 18,507 ------ ELECTRIC, GAS AND OTHER--0.00% 82,969,707 CEMIG S.A. .......................... 1,449 23,122,930 * CENTRAIS GERADORAS BRASIL ........... 29 23,122,930 ELECTROBRAS S.A. SERIES B ........... 511 5,000 HOUSTON INDUSTRIES, INC ACES ........ 622 102,000,000 * ULTRAPAR PARTICIPACOES S.A. ......... 1,038 ------ 3,649 ------ TOTAL UTILITIES ..................... 22,156 ------ TOTAL PREFERRED STOCK (COST $ 235,781) .................. 343,775 ------- COMMON STOCK--99.01% BASIC INDUSTRIES--3.80% CHEMICALS AND PLASTIC--2.47% 4,700 * AEP INDUSTRIES, INC ................... 119 115,100 AGRIUM, INC ........................... 987 1,426,326 AIR PRODUCTS & CHEMICALS, INC ......... 43,949 399,700 * AIRGAS, INC ........................... 2,273 153,306 ALBEMARLE CORP ........................ 3,028 22,700 ALBERTO CULVER CO (CLASS A) ........... 596 199,867 ALBERTO CULVER CO (CLASS B) ........... 6,108 239,164 APTARGROUP, INC ....................... 6,457 170,545 ARCH CHEMICALS, INC ................... 3,731 11,796,000 ASAHI CHEMICAL INDUSTRY CO LTD ........ 83,616 1,637,688 AVON PRODUCTS, INC .................... 72,877 1,749,270 BASF AG. .............................. 71,182 93,573 BLOCK DRUG, INC (CLASS A) ............. 3,959 4,348,681 BOC GROUP PLC ......................... 62,543 614,800 CABOT CORP ............................ 16,753 212,881 CALGON CARBON CORP .................... 1,650 144,700 CAMBREX CORP .......................... 6,512 800 * CARBIDE/GRAPHITE GROUP, INC ........... 3 184,900 CARLISLE COS, INC ..................... 8,321 54,773 CARTER WALLACE, INC ................... 1,102 82,500 f CARTER WALLACE, INC (CLASS B) ......... 1,660 63,000 CCL INDUSTRIES, INC (CLASS B) ......... 412 32,300 CHEMED CORP ........................... 910 141,300 CHEMFIRST, INC ........................ 3,409 240,800 CHURCH & DWIGHT CO, INC ............... 4,334 1,330,134 CLOROX CO ............................. 59,607 3,595,936 COLGATE PALMOLIVE CO ..................215,307 931,134 CROMPTON CORP ......................... 11,406 148,500 e CYGNUS, INC ........................... 2,116 352,157 * CYTEC INDUSTRIES, INC ................. 8,694 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 11 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ---------- CHEMICALS AND PLASTIC--(CONTINUED) 1,088,714 DAICEL CHEMICAL INDUSTRIES LTD ....... $ 3,519 1,122,000 DAINIPPON INK & CHEMICAL, INC ........ 5,292 1,066,000 DENKI KAGKU KOGYO .................... 4,735 142,760 DEXTER CORP .......................... 6,852 612,807 DIAL CORP ............................ 6,358 4,731,249 DOW CHEMICAL CO ...................... 142,825 7,585,307 DU PONT (E.I.) DE NEMOURS & CO ....... 331,857 27,900 * DYNO ASA ............................. 610 537,298 EASTMAN CHEMICAL CO .................. 25,656 14,504 * ECOGEN, INC .......................... 15 719,150 ECOLAB, INC .......................... 28,092 73,200 ETHYL CORP ........................... 183 151,567 * FMC CORP ............................. 8,791 114,500 * FOAMEX INTERNATIONAL, INC ............ 694 380 * FUEL CELL TECHNOLOGIES CORP .......... 0 83,696 FULLER (H.B.) CO ..................... 3,813 134,120 GEON CO .............................. 2,481 196,281 GEORGIA GULF CORP .................... 4,085 46,815 * GIVAUDAN AG. ......................... 14,294 414,200 * GRACE W.R. & CO ...................... 5,022 312,000 GREAT LAKES CHEMICAL CORP ............ 9,828 151,524 * GREENCORE GROUP PLC .................. 407 379,244 HANNA (M.A.) CO ...................... 3,413 589,550 HERCULES, INC ........................ 8,291 1,539,676 ILLINOIS TOOL WORKS, INC ............. 87,762 627,392 IMC GLOBAL, INC ...................... 8,156 54,157 * IMC GLOBAL, INC WTS 12/22/00 ......... 2 220,400 * INTERNATIONAL SPECIALTY PRODUCTS, INC ....................... 1,254 662,647 INTERNATIONAL FLAVORS & FRAGRANCES, INC ..................... 20,004 247,000 * ISHIHARA SANGYO KAISHA LTD ........... 416 497,000 IWATANI & CO LTD ..................... 911 139,600 JOHNS MANVILLE CORP .................. 1,841 455,000 KANEKA CORP .......................... 5,027 3,219,055 e KAO CORP ............................. 98,575 112,937 KEMIRA OY ............................ 552 86,000 KOSE CORP ............................ 2,788 620,000 KUREHA CHEMICAL INDUSTRY CO LTD ...... 1,863 36,242 f L'AIR LIQUIDE S.A. (REGD) ............ 4,746 60,500 f L'AIR LIQUIDE S.A. (REGD) 2001 ....... 7,922 452,846 e LAUDER (ESTEE) CO (CLASS A) .......... 22,388 3,837 LONZA AG. (REGD) ..................... 2,006 126,799 LOREAL S.A. .......................... 110,245 360,731 LUBRIZOL CORP ........................ 7,575 92,100 MACDERMID, INC ....................... 2,164 202,000 MALAYSIAN OXYGEN BERHAD .............. 574 30,866 * MCWHORTER TECHNOLOGIES, INC .......... 600 441,100 * METHANEX CORP ........................ 1,474 416,324 MILLENNIUM CHEMICAL, INC ............. 7,078 97,500 MINERALS TECHNOLOGIES, INC ........... 4,485 750 e MIRAI INDUSTRY CO LTD ................ 9 161,777 MISSISSIPPI CHEMICAL CORP ............ 768 2,617,000 MITSUBISHI CHEMICAL CORP ............. 10,759 1,247,000 MITSUBISHI GAS CHEMICAL CO, INC ...... 4,184 1,400 MITSUI CHEMICAL CORP ................. 10 114,233 MYERS INDUSTRIES, INC ................ 1,228 20,800 NCH CORP ............................. 753 50,000 f* NETGENICS, INC STOCK OPTIONS 03/20/08 85 130,000 NIPPON SHOKUBAI CO LTD ............... 831 135,200 NL INDUSTRIES, INC ................... 2,062 8,375 * OCTEL CORP ........................... 65 220,990 OLIN CORP ............................ 3,646 83,500 OM GROUP, INC ........................ 3,674 12,633,000 OMNI INDUSTRIES LTD .................. 20,824 236,724 OMNOVA SOLUTIONS, INC ................ 1,480 99,443 e* ORICA LTD ............................ 452 1,075,746 * PACTIV CORP ......................... 8,471 500,000 PERLOS OYJ .......................... 15,865 407,357 * PERRIGO CO .......................... 2,571 8,336,347 PHARMACIA CORP ...................... 430,885 119,800 POTASH CORP OF SASKATCHEWAN, INC .... 6,549 258,000 POTASH CORP OF SASKATCHEWAN, INC (U.S) 14,238 1,078,680 PRAXAIR, INC ........................ 40,383 8,908,253 PROCTER & GAMBLE CO ................. 509,997 125,406 e* REVLON, INC (CLASS A) ............... 792 121,700 * ROGERS CORP ......................... 4,260 716,394 ROHM & HAAS CO ...................... 24,716 740,500 * SAES GETTERS RISP S.P.A ............. 5,317 259,477 SCHULMAN (A.), INC .................. 3,130 153,400 * SCOTTS CO (CLASS A) ................. 5,599 458,692 * SEALED AIR CORP ..................... 24,024 1,309,000 SEKISUI CHEMICAL CO LTD ............. 5,048 1,670,745 SHIN-ETSU CHEMICAL CO LTD ........... 84,954 1,376,340 e SHISEIDO & CO LTD ................... 21,333 30,378 * SHOWA DENKO K.K. .................... 45 4,699 SIKA FINANZ AG. (BR) ................ 1,578 776,990 e SNIA S.P.A. ......................... 778 689,480 SOLUTIA, INC ........................ 9,480 82,150 SOLVAY ET CIE S.A. .................. 5,552 94,600 SPARTECH CORP ....................... 2,554 21,685 STEPAN CO ........................... 504 2,357,000 SUMITOMO CHEMICAL CO LTD ............ 14,213 2,535,000 TAKEDA CHEMICAL INDUSTRIES LTD ...... 166,755 1,131,000 TEIJIN LTD .......................... 5,526 1,901,000 TORAY INDUSTRIES, INC ............... 7,726 3,363,000 TOSOH CORP .......................... 17,005 158,769 TREDEGAR CORP ....................... 3,017 13,700 * TREX CO, INC ........................ 685 705,590 TUPPERWARE CORP ..................... 15,523 199,700 e* U.S. PLASTIC LUMBER CORP ............ 880 48,800 * U.S.A. DETERGENTS, INC .............. 146 1,028,000 UBE INDUSTRIES LTD .................. 3,226 619,538 UNION CARBIDE CORP .................. 30,667 580,820 USEC, INC ........................... 2,686 31,146 VALHI, INC .......................... 323 36,000 * VENTRO CORP ......................... 680 189,200 WELLMAN, INC ........................ 3,063 299,110 WESFARMERS LTD ...................... 2,388 9,661 * ZODIAC S.A. ......................... 1,974 ---------- 3,277,078 ---------- STEEL AND OTHER METALS--0.69% 94,258 ACERINOX S.A. ....................... 2,738 22,940 * ACME METALS, INC .................... 4 233,720 AK STEEL HOLDINGS CORP .............. 1,870 590,400 ALCAN ALUMINUM CO LTD ............... 18,329 9,497,358 ALCOA, INC .......................... 275,423 459,406 ALLEGHENY TECHNOLOGIES, INC ......... 8,269 112,334 * ALLTRISTA CORP ...................... 2,401 83,100 * ALPINE GROUP, INC ................... 561 10,177 * ALUSUISSE LONZA HOLDINGS AG. (REGD) . 6,653 60,600 * AMERICAN NATIONAL CAN GROUP, INC .... 1,023 165,735 * ANGLO AMERICAN PLATINUM CORP LTD .... 4,776 29,687 e ANGLOGOLD LTD ....................... 1,213 279,810 ARCH COAL, INC ...................... 2,151 107,039 * ASTRUIANA DE ZINC S.A. MINES ........ 1,026 203,787 BALL CORP ........................... 6,559 795,379 BARRICK GOLD CORP ................... 14,359 52,134 BARRICK GOLD CORP (U.S.) ............ 948 891,150 * BATTLE MOUNTAIN GOLD CO ............. 1,949 21,220 BEKAERT S.A. ........................ 1,100 155,800 BELDEN, INC ......................... 3,992 923,821 * BETHLEHEM STEEL CORP ................ 3,291 SEE NOTES TO FINANCIAL STATEMENTS 12 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- STEEL AND OTHER METALS--(CONTINUED) 200 BILLITON PLC ........................ $ 1 131,600 BIRMINGHAM STEEL CORP ............... 510 16,200 BOHLER-UDDEHOLM AG. (BR) ............ 569 3,712 * BOLIDEN LTD SDR ..................... 4 45,700 BRUSH ENGINEERED MATERIALS, INC ..... 714 33,200 BUTLER MANUFACTURING CO ............. 564 184,376 * CABLE DESIGN TECHNOLOGIES CO ........ 6,177 268,500 CAMECO CORP ......................... 3,280 122,322 CARPENTER TECHNOLOGY CORP ........... 2,584 48,274 CASTLE (A.M.) & CO .................. 401 2,500 CENTURY ALUMINUM CO ................. 27 101,400 * CHART INDUSTRIES, INC ............... 494 73,381 CLEVELAND CLIFFS, INC ............... 1,894 19,000 e* COEUR DALENE MINES CORP ............. 46 255,900 COMINCO LTD ......................... 3,515 149,221 COMMERCIAL METALS CO ................ 4,104 97,075,000 COMPANIA SIDERURGICA NACIONAL S.A. .. 3,045 3,208,545 * CORUS GROUP PLC ..................... 4,687 353,249 CRANE CO ............................ 8,588 729,375 CROWN CORK & SEAL CO, INC ........... 10,941 51,000 CURTISS WRIGHT CORP ................. 1,897 73,500 DANIELI & CO ........................ 342 494,407 DELTA GOLD LTD ...................... 368 81,200 * DIA MET MINERALS LTD (CLASS B) ...... 1,096 276,004 DOFASCO, INC ........................ 4,536 93,326 ELKEM AS ............................ 1,758 52,550 * ENCORE WIRE CORP .................... 282 531,555 ENGELHARD CORP ...................... 9,070 12,749 * ERAMET .............................. 544 139,700 FALCONBRIDGE LTD .................... 1,721 250,100 * FANSTEEL, INC ....................... 985 5,606 FISCHER (GEORGE) LTD (REGD) ......... 1,748 591,428 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS A) ....... 5,397 334,964 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) .......................... 3,098 191,429 GENERAL CABLE CORP .................. 1,555 180,540 * GERDAU METALURGICA S.A. ............. 3 101,300 GIBRALTAR STEEL CORP ................ 1,418 650,845 GKN PLC ............................. 8,306 137,862 * GRIFFON CORP ........................ 767 10,746 GROUP 4 FALCK A/S ................... 1,732 8,800 * GULF ISLAND FABRICATION, INC ........ 150 253,300 HARSCO CORP ......................... 6,459 84,600 * HECLA MINING CO ..................... 95 1,258,624 HOMESTAKE MINING CO ................. 8,653 38,423 ILUKA RESOURCES LTD ................. 110 93,560 IMCO RECYCLING, INC ................. 509 49,700 IMPALA PLATINUM HOLDINGS LTD ........ 1,849 513,000 * INCO LTD CO ......................... 7,859 580,200 * INCO LTD CO (U.S.) .................. 8,921 165,600 INTERMET CORP ....................... 1,139 116,100 INTERNATIONAL ALUMINUM CORP ......... 2,003 165,188 ISCOR LTD ........................... 281 839,000 * JAPAN STEEL WORKS LTD ............... 1,134 60,689 JOHNNIC HOLDINGS LTD ................ 832 459,209 JOHNSON MATTHEY PLC ................. 6,465 155,600 * KAISER ALUMINUM CORP ................ 622 2,993,000 KAWASAKI STEEL CORP ................. 4,300 304,000 KIAN JOO CAN FACTORY BERHAD ......... 432 19,300 * LADISH CO, INC ...................... 188 84,159 * LONE STAR TECHNOLOGIES, INC ......... 3,892 63,002 LONMIN PLC .......................... 699 713,400 e LTV CORP ............................ 2,051 288,425 MAGNETI MARELLI S.P.A. .............. 1,510 412,347 MARK IV INDUSTRIES, INC ............. 8,608 61,900 MATTHEWS INTERNATIONAL CORP (CLASS A) 1,795 111,200 * MAVERICK TUBE CORP .................. 3,239 45,662 * MAXXAM, INC ......................... 811 74,200 METALS U.S.A., INC .................. 348 2,340,626 e MIM HOLDINGS LTD .................... 1,265 1,626,000 e MITSUBISHI MATERIALS CORP ........... 6,670 586,000 e MITSUI MINING & SMELTING CO LTD ..... 4,458 268,900 * MUELLER INDUSTRIES, INC ............. 7,529 450 NATIONAL IRON & STEEL MILLS LTD ..... 1 123,400 NATIONAL STEEL CORP (CLASS B) ....... 517 108,200 * NCI BUILDING SYSTEMS, INC ........... 2,191 354,149 * NEWCREST MINING LTD ................. 957 1,225,116 NEWMONT MINING CORP ................. 26,493 1,000 NIPPON DENKO CO LTD ................. 2 1,826,000 e NIPPON LIGHT METAL CO LTD ........... 1,812 7,764,000 NIPPON STEEL CORP ................... 16,364 112,200 e* NKK CORP ............................ 72 4,675 NKT HOLDINGS AS ..................... 781 645,700 NORANDA, INC ........................ 6,319 806,866 NORMANDY MINING LTD ................. 436 38,100 * NORTEK, INC ......................... 752 1,513,706 NORTH LTD ........................... 3,590 184,000 NORTHAM PLATINUM LTD ................ 212 58,000 * NS GROUP, INC ....................... 1,214 580,500 NUCOR CORP .......................... 19,265 15,700 e OPTICAL CABLE CORP .................. 475 162,600 OREGON STEEL MILLS, INC ............. 315 292,332 OUTOKUMPU OYJ SERIES A .............. 2,802 801,022 PARKER-HANNIFIN CORP ................ 27,435 191,952 PECHINEY S.A. ....................... 8,041 450,001 PHELPS DODGE CORP ................... 16,734 771,604 PLACER DOME, INC .................... 7,239 548 PLACER DOME, INC (U.S.) ............. 5 153,050 PRECISION CAST PARTS CORP ........... 6,926 359,968 PREUSSAG AKTIEGESELLSCHAFT AG. ...... 11,663 92,460 PRIMEX TECHNOLOGIES, INC ............ 2,034 35,000 f* PROMET BERHAD ....................... 3 151,129 QUANEX CORP ......................... 2,248 208,565 RAUTARUUKKI SERIES K ................ 990 122,250 RELIANCE STEEL & ALUMINUM CO ........ 2,338 186,200 RIO ALGOM LTD ....................... 2,174 680,886 RIO TINTO LTD ....................... 11,291 2,044,016 RIO TINTO LTD PLC (REGD) ............ 33,420 51,483 ROUGE INDUSTRIES, INC (CLASS A) ..... 154 94,000 * RTI INTERNATIONAL METALS ............ 1,069 84,137 RYERSON TULL, INC ................... 873 26,550 e SANKYO ALUMINUM INDUSTRY CO LTD ..... 24 370,000 SANWA SHUTTER CORP .................. 1,203 55,153 e* SAPA AB ............................. 975 21,100 * SHAW GROUP, INC ..................... 994 41,300 * SILGAN HOLDINGS, INC ................ 405 30,520 f* SILVERSTONE BERHAD .................. 0 212,200 SMC CORP ............................ 40,011 64,089 SMITH (HOWARD) LTD .................. 314 109,500 SOUTHERN PERU COPPER CORP ........... 1,335 400 * SPECIAL METALS CORP ................. 1 77,129 * SPS TECHNOLOGIES, INC ............... 3,167 256,100 * STEEL DYNAMICS, INC ................. 2,321 263,400 STELCO, INC (CLASS A) ............... 1,209 256,198 * STILLWATER MINING CO ................ 7,142 540,000 SUMITOMO HEAVY INDUSTRIES LTD ....... 1,812 6,153,000 * SUMITOMO METAL INDUSTRIES LTD ....... 4,245 483,000 SUMITOMO METAL MINING CO LTD ........ 2,282 6,800 * SUNSHINE MINING & REFINING CO ....... 2 144,139 SUPERIOR TELECOM, INC ............... 1,432 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 13 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ---------- STEEL AND OTHER METALS--(CONTINUED) 150,650 SVENSKT STAL AB SERIES B ........... $ 1,451 79,050 SVENSKT STAL AB SERIES A (SAAB) .... 789 463,300 TECK CORP LTD (CLASS B) ............ 3,158 129,871 TEXAS INDUSTRIES, INC .............. 3,750 975,981 THYSSEN KRUPP AG. .................. 15,718 1,958 TITAN INTERNATIONAL, INC ........... 10 105,800 e TITANIUM METALS CORP ............... 496 13,800 TOKYO STEEL MANUFACTURING CO LTD ... 45 170,000 TOSTEM CORP ........................ 2,780 253,100 * TOWER AUTOMOTIVE, INC .............. 3,164 374,900 TOYO SEIKAN KAISHA LTD ............. 7,016 186,780 TRELLEBORG AB SERIES B FREE ........ 1,310 58,177 * U.S. CAN CORP ...................... 1,011 42,900 UNION MINIERE GROUP S.A. ........... 1,562 274,250 e USINOR ............................. 3,360 524,014 USX-US STEEL GROUP, INC ............ 9,727 37,300 VALMONT INDUSTRIES, INC ............ 741 11,600 * VOEST-ALPINE STAHL AG. ............. 349 114,700 WATTS INDUSTRIES, INC (CLASS A) .... 1,448 4,000,914 WMC LTD ............................ 17,951 94,500 * WOLVERINE TUBE, INC ................ 1,607 462,712 WORTHINGTON INDUSTRIES, INC ........ 4,858 -------- 922,661 -------- PAPER AND FOREST PRODUCTS--0.64% 578,500 ABITIBI CONSOLIDATED, INC .......... 5,368 442,552 e AMCOR LTD .......................... 1,552 128,200 * AMERICAN HOMESTAR CORP ............. 136 14,309 b* AMERICAN PAD & PAPER CO ............ 1 500 AMERICAN WOODMARK CORP ............. 10 111,600 ARACRUZ CELLULOSE S.A. ADR ......... 2,155 1,049,019 ARJO WIGGINS APPLETON PLC .......... 4,081 106,205 ASSIDOMAN AB ....................... 1,520 542,431 AVERY DENNISON CORP ................ 36,411 214,500 BEMIS, INC ......................... 7,213 356,032 BOISE CASCADE CORP ................. 9,212 388,896 BOWATER, INC ....................... 17,160 279,627 * BUCKEYE TECHNOLOGIES, INC .......... 6,134 88,724 BUHRMANN NV ........................ 2,547 1,066,132 BUNZL PLC .......................... 5,714 112,900 CANFOR CORP ........................ 1,002 285,200 CARAUSTAR INDUSTRIES, INC .......... 4,314 1,649,976 e CARTER HOLT HARVEY LTD ............. 1,437 236,403 * CHAMPION ENTERPRISES, INC .......... 1,152 119,600 CHESAPEAKE CORP .................... 3,543 700,214 CLAYTON HOMES, INC ................. 5,602 351,664 CONSOLIDATED PAPERS, INC ........... 12,858 15,700 CORTICEIRA AMORIM S.A. ............. 136 3,305 * CROWN VANTAGE, INC ................. 1 102,600 * DAISYTEK INTERNATIONAL CORP ........ 968 47,408 DELTIC TIMBER CORP ................. 1,013 464,100 DOMTAR, INC ........................ 4,307 462,680 e* EARTHSHELL CORP .................... 1,402 34,300 ESSELTE AB SERIES B FREE ........... 201 972,718 * FLETCHER CHALLENGE LTD (FOREST DIVISION) ................. 353 755,846 FLETCHER CHALLENGE LTD (PAPER DIVISION) .................. 868 3,679,253 FORT JAMES CORP .................... 85,083 637,788 * GAYLORD CONTAINER CO ............... 1,714 877,598 GEORGIA-PACIFIC CORP (PACKING GROUP) 23,037 515,300 GEORGIA-PACIFIC CORP (TIMBER GROUP) 11,143 238,348 GLATFELTER (P.H.) CO ............... 2,428 83,147 * GRAPHIC PACKAGING INTERNATIONAL CORP 177 43,300 GREIF BROTHERS CORP (CLASS A) ...... 1,331 42,917 GRUPO EMPRESARIAL ENCE S.A. ........ 703 3,334,386 INTERNATIONAL PAPER CO ............. 99,406 40,500 INVESTIMENTOS PARTICIPACOES E GESTAO 260 162,400 * IVEX PACKAGING CORP ................ 1,807 6,463,230 JEFFERSON SMURFIT GROUP PLC ........ 11,152 848,000 KIMBERLY CLARK DE MEXICO S.A. DE CV SERIES A ............... 2,412 3,224,255 KIMBERLY-CLARK CORP ................. 184,992 114,000 KOKUYO CO LTD ....................... 1,874 617,800 KUALA LUMPUR KEPONG BERHAD .......... 894 312,200 LONGVIEW FIBRE CO ................... 3,454 570,705 LOUISIANA PACIFIC CORP .............. 6,206 242,361 * MAIL-WELL, INC ...................... 2,090 12,200 MAYR-MELNHOF KARTON AG. ............. 579 553,732 MEAD CORP ........................... 13,982 827,000 MITSUBISHI PAPER MILLS LTD .......... 1,923 275,100 NAMPAK LTD .......................... 594 721,600 NEXFOR, INC ......................... 3,750 305,000 e NGK INSULATORS LTD .................. 3,788 1,279,000 e NIPPON PAPER INDUSTRIES CO .......... 8,752 27,600 NORSKE SKOGINDUSTRIER SERIES A ...... 791 2,400 NORSKE SKOGINDUSTRIER SERIES B ...... 58 142,100 OAKWOOD HOMES CORP .................. 258 1,285,334 OJI PAPER CO LTD .................... 8,868 44,100 * PACKAGING CORP OF AMERICA ........... 447 71,625 * PALM HARBOR HOMES, INC .............. 1,039 269,736 * PAPERLINX LTD ....................... 513 85,100 * PLAYTEX PRODUCTS, INC ............... 963 14,500 * POPE & TALBOT, INC .................. 232 95,419 PORTUCEL INDUSTRIA EMPRESA .......... 581 73,559 POTLATCH CORP ....................... 2,437 162,639 RAYONIER, INC ....................... 5,835 142,604 RENO DE MEDICI S.P.A. ............... 290 59,014 REPUBLIC GROUP, INC ................. 531 313,000 REXAM PLC ........................... 1,218 86,400 ROCK-TENN CO (CLASS A) .............. 740 153,929 SAPPI LTD ........................... 1,158 824,937 e SCA AB SERIES B ..................... 15,754 116,273 * SCHOOL SPECIALTY, INC ............... 2,158 106,356 SCHWEITZER-MAUDUIT INTERNATIONAL, INC 1,329 914,150 SEKISUI HOUSE LTD .................... 8,476 84,218 SKYLINE CORP ......................... 1,811 579,079 * SMURFIT (JEFFERSON) GROUP PLC ........ 977 2,052,746 * SMURFIT-STONE CONTAINER CORP ......... 26,429 631,961 SONOCO PRODUCTS CO ................... 12,995 204,000 ST. JOE CO ........................... 6,120 241,000 SUMITOMO FORESTRY CO LTD ............. 1,624 350,290 TEMPLE-INLAND, INC ................... 14,712 60,900 UNI CHARM CORP ....................... 3,695 247,296 * UNITED STATIONERS, INC ............... 8,006 86,800 UNIVERSAL FOREST PRODUCTS, INC ....... 1,194 233,611 e UPM-KYMMENE OYJ ...................... 5,822 358,432 WAUSAU-MOSINEE PAPER CORP ............ 3,069 570,821 WESTVACO CORP ........................ 14,163 1,666,354 WEYERHAEUSER CO ...................... 71,653 686,372 WILLAMETTE INDUSTRIES, INC ........... 18,704 --------- 856,552 --------- TOTAL BASIC INDUSTRIES ............. 5,056,291 --------- BUSINESS SERVICES--1.03% ADVERTISING AND OTHER SERVICES--1.03% 108,500 e 24/7 MEDIA, INC ..................... 1,695 110,700 AARON RENTS, INC .................... 1,391 5,300 ABM INDUSTRIES, INC ................. 122 95,000 ACCIONA S.A. ........................ 3,634 26,854 ACKERLEY GROUP, INC ................. 316 47,806 ADECCO S.A. (REGD) .................. 40,747 232,235 e ADECCO S.A. ADR ..................... 24,646 15,300 * ADMINSTAFF, INC ..................... 972 115,230 * ADVO, INC ........................... 4,840 72 * AGRITOPE, INC ....................... 0 SEE NOTES TO FINANCIAL STATEMENTS 14 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- ADVERTISING AND OTHER SERVICES--(CONTINUED) 54,300 * AHL SERVICES, INC ................... $ 333 88,830 e* AKAMAI TECHNOLOGIES, INC ............ 10,547 173,800 * ANSWERTHINK, INC .................... 2,889 22,900 * APAC CUSTOMER SERVICES, INC ......... 253 360,562 * APOLLO GROUP, INC (CLASS A) ......... 10,096 22,200 * APPNET, INC ......................... 799 21,100 e* ASK JEEVES, INC ..................... 381 25,900 * AURORA BIOSCIENCE CORP .............. 1,766 7,300 * AVENUE A, INC ....................... 64 468,000 BENESSE CORP ........................ 32,511 95,091 * BERLITZ INTERNATIONAL, INC .......... 856 645,800 BLOCK (H&R), INC .................... 20,908 868,850 * BMCMEDIA.COM ........................ 355 11,700 * BREAKAWAY SOLUTIONS, INC ............ 316 35,300 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC 755 35,500 * BROADBASE SOFTWARE, INC ............. 1,087 8,900 e* BSQUARE CORP ........................ 200 68,900 * BURNS INTERNATIONAL SERVICES CORP 861 20,900 * CALICO COMMERCE, INC ................ 340 1,031,243 CAPITA GROUP PLC .................... 25,245 19,700 * CAREER EDUCATION CORP ............... 955 21,200 * CAREERBUILDER, INC .................. 70 69,900 * CARRIAGE SERVICES, INC (CLASS A) .... 236 99,162 * CATALINA MARKETING CORP ............. 10,115 463,400 * CATALYTICA, INC ..................... 5,097 5,000 * C-BRIDGE INTERNET SOLUTIONS, INC .... 87 69,048 * CDI CORP ............................ 1,407 317,000 * CELGENE CORP ........................ 18,663 5,013,095 * CENDANT CORP ........................ 70,183 445,800 * CENTURY BUSINESS SERVICES, INC ...... 864 46,200 * CHARLES RIVER ASSOCIATES, INC ....... 814 295,850 * CHECKFREE HOLDINGS CORP ............. 15,255 644,631 CINTAS CORP ......................... 23,650 80,800 e* CIRCLE.COM .......................... 298 1,186,785 e* CMGI, INC ........................... 54,370 127,200 * COINSTAR, INC ....................... 1,280 50 * COMPUTER LEARNING CENTERS, INC ...... 0 300 * CORINTHIAN COLLEGES, INC ............ 7 29,900 * CORNELL COS, INC .................... 239 53,500 * CORPORATE EXECUTIVE BOARD CO ........ 3,203 399,316 * COVANCE, INC ........................ 3,519 72,687 CPI CORP ............................ 1,536 110,026 * CRITICAL PATH, INC .................. 6,416 85,900 * CTC COMMUNICATIONS GROUP, INC ....... 3,092 34,900 * CURAGEN CORP ........................ 1,328 354,429 * DEVRY, INC .......................... 9,370 55,550 * DIAMOND TECHNOLOGY PARTNERS, INC (CLASS A) .......................... 4,888 15,400 * DIGITAL IMPACT, INC ................. 218 542,182 * DOUBLECLICK, INC .................... 20,671 1,045,239 DUN & BRADSTREET CORP ............... 29,920 483,300 * EBAY, INC ........................... 26,249 10,600 * EBENX CORP .......................... 225 183,100 * EDGEWATER TECHOLOGY, INC ............ 1,224 122,100 * EDUCATION MANAGEMENT CORP ........... 2,205 2,600 * ELECTRO RENT CORP ................... 32 13,880 e* EMERGE INTERACTIVE, INC ............. 249 49,400 * EMPLOYEE SOLUTIONS, INC ............. 15 74,761 e* ENTREMED, INC ....................... 2,238 76,100 * F.Y.I., INC ......................... 2,564 84,742 FAIR ISSAC & CO, INC ................ 3,729 106,030 * FIRST CONSULTING GROUP, INC ......... 590 37,900 * FORRESTER RESEARCH, INC ............. 2,760 23,000 e* FREEMARKETS, INC .................... 1,091 116,300 G & K SERVICES, INC (CLASS A) ....... 2,915 293,413 GARTNER GROUP, INC (CLASS A) ........ 3,521 190,757 * GETTY IMAGES, INC .................. 7,070 82 * GOLDEN BOOKS FAMILY ENTERTAINMENT, INC ................ 0 10,000 * GRIC COMMUNICATIONS ................ 179 3,596,353 HAYS PLC ........................... 20,063 68,800 e* HEARME.COM ......................... 310 55,400 * HEIDRICK & STRUGGLES INTERNATIONAL,INC .................. 3,497 20,800 * IBASIS, INC ......................... 896 27,300 * ILEX ONCOLOGY, INC .................. 962 151,865 * INCTYE GENOMICS ..................... 12,481 63,950 * INSPIRE INSURANCE SOLUTIONS, INC .... 192 353,000 * INTERIM SERVICES, INC ............... 6,266 14,300 * INTERLIANT, INC ..................... 333 47,600 * INTERNAP NETWORK SERVICES CORP ...... 1,976 30,000 f INTERNATIONAL HYDRON (LIQUIDATING TRUST) ................ 1 114,055 * INTERNET CAPITAL GROUP, INC ......... 4,222 61,900 INTERPOOL, INC ...................... 604 1,932,115 INTERPUBLIC GROUP OF COS, INC ....... 83,081 34,253 * ISS-INTERNATIONAL SERVICE SYSTEM AS . 2,619 139,700 * IT GROUP, INC ....................... 681 49,000 * ITT EDUCATIONAL SERVICES, INC ....... 861 137,297 * JACOBS ENGINEERING GROUP, INC ....... 4,488 8,000 * JUPITER COMMUNICATIONS, INC ......... 184 96,788 * KANA COMMUNICATIONS, INC ............ 5,989 170,515 KELLY SERVICES, INC (CLASS A) ....... 3,943 100 * KENDLE INTERNATIONAL, INC ........... 1 1,800 * KEYNOTE SYSTEMS, INC ................ 127 241,499 * KFORCE.COM, INC ..................... 1,675 54,600 * KORN FERRY INTERNATIONAL ............ 1,730 180,675 * LABOR READY, INC .................... 1,197 361,650 * LAMAR ADVERTISING CO (CLASS A) ...... 15,664 43,698 LANDAUER, INC ....................... 680 106,400 * LASON, INC .......................... 266 434 * LEAPNET, INC ........................ 1 68,100 * LEARNING TREE INTERNATIONAL, INC .... 4,171 15,800 * LIFEMINDERS, INC .................... 467 37,700 * LOOKSMART LTD ....................... 697 9,700 * LUMINEX CORP ........................ 404 537,400 MANPOWER, INC ....................... 17,197 712,241 * MARCHFIRST, INC ..................... 12,998 114,200 e* MARKETING SERVICES GROUP ............ 507 70,365 * MAXIMUS, INC ........................ 1,557 15,600 e* MAXYGEN, INC ........................ 886 4,000 * MCAFEE.COM CORP ..................... 104 21,800 MCGRATH RENTCORP .................... 371 48,900 * MEDAREX, INC ........................ 4,132 22,400 e* MEDIA METRIX, INC ................... 570 76,300 * MEMBERWORKS, INC .................... 2,566 199,100 * MESSAGEMEDIA, INC ................... 697 16,700 * META GROUP, INC ..................... 321 37,600 * MODEM MEDIA, INC .................... 468 598,800 * MODIS PROFESSIONAL SERVICES, INC .... 4,566 17,600 * MYRIAD GENETICS, INC ................ 2,606 38,400 * NATIONAL EQUIPMENT SERVICES, INC .... 230 109,900 * NATIONSRENT, INC .................... 419 276,700 * NAVIGANT CONSULTING CO .............. 1,176 23,700 * NAVISITE, INC ....................... 991 79,200 * NBC INTERNET, INC ................... 990 80,400 * NEFF CORP ........................... 307 11,400 * NEOFORMA.COM, INC ................... 80 16,200 * NEOSE TECHNOLOGIES, INC ............. 681 20,800 e* NETCENTIVES, INC .................... 387 7,900 * NETRATINGS, INC ..................... 202 157,400 b* NEUROMEDICAL SYSTEMS, INC ........... 14 8,285 * NEXELL THERAPEUTICS, INC ............ 123 60,000 * NEXTERA ENTERPRISES, INC ............ 287 360,200 * NOVA CORP (GEORGIA) ................. 10,063 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 15 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ---------- ADVERTISING AND OTHER SERVICES--(CONTINUED) 1,244,610 OMNICOM GROUP, INC ................ $ 110,848 135,800 * ON ASSIGNMENT, INC ................ 4,142 17,300 * ONDISPLAY, INC .................... 1,409 6,880 e* OPUS360 CORP ...................... 25 9,000 * ORCHID BIOSCIENCES, INC ........... 342 98,700 OYO CORP .......................... 1,387 154,900 * PAREXEL INTERNATIONAL CORP ........ 1,481 118,250 * PEGASUS SOLUTIONS, INC ............ 1,286 165,648 * PERSONNEL GROUP OF AMERICA, INC ... 487 114,112 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC ................. 2,396 316,712 PITTSTON BRINKS GROUP CO .......... 4,335 65,000 * PIVOTAL CORP ...................... 1,528 125,538 * PREPAID LEGAL SERVICES, INC ....... 3,750 92,100 * PROBUSINESS SERVICES, INC ......... 2,446 23,200 * PROFESSIONAL DETAILING, INC ....... 790 229,150 * PROFIT RECOVERY GROUP INTERNATIONAL, INC ............... 3,810 20,675 PROSEGUR COMPANIA DE SEGURIDAD S.A. 243 7,100 * PROTECTION ONE, INC ............... 16 39,200 * PROVANT, INC ...................... 221 21,900 e* PURCHSEPRO.COM, INC ............... 898 695,624 * QUINTILES TRANSNATIONAL CORP ...... 9,826 34,660 * REDBACK NETWORKS, INC ............. 6,169 177,900 REGIS CORP ........................ 2,224 10,200 * REGISTER.COM, INC ................. 312 190,518 * RENAISSANCE WORLDWIDE, INC ........ 298 124,593 * RENT WAY, INC ..................... 3,637 134,400 * RENT-A-CENTER, INC ................ 3,024 4,713,810 RENTOKIL INITIAL PLC .............. 10,704 4,366,146 REUTERS GROUP PLC ................. 74,494 43,421 * RIVERDEEP GROUP PLC (ADR) ......... 841 1,080,000 * ROBERT HALF INTERNATIONAL, INC .... 30,780 276,714 ROLLINS, INC ...................... 4,116 65,635 * RWD TECHNOLOGIES, INC ............. 382 385,348 b* SAFETY-KLEEN CORP ................. 27 5,900 * SAVVIS COMMUNICATIONS CORP ........ 77 546,600 SECOM CO LTD ...................... 40,037 440,826 SECURITAS AB SERIES B FREE ........ 9,399 1,155,804 SEMBCORP INDUSTRIES LTD ........... 1,257 7,300 * SEQUENOM, INC ..................... 331 1,368,815 SERVICE CORP INTERNATIONAL, INC ... 4,363 2,005,058 SERVICEMASTER CO .................. 22,808 14,168,000 SINGAPORE TECHNOLOGIES ENGINEERING LTD .................. 20,814 292,100 * SITEL CORP ........................ 1,442 315,600 * SNYDER COMMUNICATIONS, INC ........ 7,496 23,700 * SONICWALL, INC .................... 2,087 254,000 SOTHEBY'S HOLDINGS, INC (CLASS A) . 4,445 205,200 * STAFF LEASING, INC ................ 731 44,900 * STARTEK, INC ...................... 2,262 55,919 b* STONE & WEBSTER, INC .............. 42 300 STRAYER EDUCATION, INC ............ 7 43,600 * SUPERIOR CONSULTANT HOLDINGS CORP . 207 4,445 SURVEILLANCE S.A. SOCIETE DE ...... 1,872 282,225 * SYLVAN LEARNING SYSTEMS, INC ...... 3,881 23,500 * SYMYX TECHNOLOGIES, INC ........... 1,001 28,490 TEJON RANCH CO .................... 643 133,500 * TELETECH HOLDINGS, INC ............ 4,147 222,901 * TETRA TECH, INC ................... 5,099 80,028 * THEGLOBE.COM, INC ................. 138 402,900 * TMP WORLDWIDE, INC ................ 29,739 9,900 * TRIMERIS, INC ..................... 692 271,600 TRUE NORTH COMMUNICATIONS, INC .... 11,950 23,100 * TULARIK, INC ...................... 681 88,761 UNIFIRST CORP ..................... 699 195,617 * UNITED RENTALS, INC ............... 3,350 78,700 * URS CORP .......................... 1,200 24,745 * US INTERACTIVE, INC ................ 320 400,785 * VALASSIS COMMUNICATIONS, INC ....... 15,280 173,800 e* VALENCE TECHNOLOGY, INC ............ 3,204 88,958 * VEDIOR NV .......................... 1,104 590,677 * VERTICALNET, INC ................... 21,818 51,800 * VIANT CORP ......................... 1,535 1,600 * VOLT INFORMATION SCIENCES, INC ..... 53 500 * WACKENHUT CORP SERIES A ............ 6 270,802 * WACKENHUT CORP SERIES B ............ 2,539 62,500 * WACKENHUT CORRECTIONS CORP ......... 469 129,400 * WEST TELESERVICES CORP ............. 3,275 400 * WESTAFF, INC ....................... 2 214,800 * WESTON (ROY F.), INC (CLASS A) ..... 658 3,818,445 WHARF HOLDINGS LTD ................. 6,833 19,300 e* WIRELESS FACILITIES, INC ........... 983 2,238,718 WPP GROUP PLC ...................... 32,706 78,100 e* XCEED, INC ......................... 713 84,100 * XTRA CORP .......................... 3,317 68,200 YOUNG & RUBICAM, INC ............... 3,900 14 * ZAP.COM CORP ....................... 0 ---------- TOTAL BUSINESS SERVICES ............ 1,350,043 ---------- CONSTRUCTION AND REAL ESTATE--1.99% BUILDING MATERIALS--1.55% 179,950 AMCOL INTERNATIONAL CORP ........... 2,969 209,410 APOGEE ENTERPRISES, INC ............ 739 1,297,000 ASAHI GLASS CO LTD ................. 14,526 5,000 * ASANO SLATE CO LTD ................. 6 634,108 BLUE CIRCLE INDUSTRIES PLC ......... 4,094 798,571 * BORAL LTD .......................... 1,007 650,750 BUZZI UNICEM S.P.A ................. 5,920 938,101 CARADON PLC ........................ 2,144 2,900 CARBO CERAMICS, INC ................ 102 274,448 CEMENTIR S.P.A. .................... 433 1,462,077 CEMEX S.A. DE CV-CPO ............... 6,855 52,300 CENTEX CONSTRUCTION PRODUCTS, INC .. 1,187 147,837 CIMENTOS DE PORTUGAL ............... 2,834 28,565 CIN-CORPARACAO INDUSTRIAL DO NORTE S.A ...................... 160 151,500 * COMFORT SYSTEMS U.S.A., INC ........ 606 4,886 * COORSTEK, INC ...................... 225 1,870,885 CORNING, INC ....................... 504,905 60,633 CRH PLC ............................ 1,099 3,432,568 CRH PLC (UNITED KINGDOM) ........... 62,063 1,419,710 CSR LTD ............................ 3,955 279,400 * DAL-TILE INTERNATIONAL, INC ........ 2,305 91,613 * DEPARTMENT 56, INC ................. 1,008 35,431 * DUPONT PHOTOMASKS, INC ............. 2,427 4,060 DYCKERHOFF AG. ..................... 102 130,650 ELCOR CORP ......................... 3,005 45,400 * EMCOR GROUP, INC ................... 1,053 313,577 * ENCOMPASS SERVICES CORP ............ 1,803 230,471 FERRO CORP ......................... 4,840 91,738 FLORIDA ROCK INDUSTRIES, INC ....... 3,268 6,738 e* GLAVERBEL S.A. ..................... 504 58 e* GLAVERBEL STRIP NPV (STRIPVVPR) .... 0 7,848,686 HANSON PLC ......................... 55,490 23,132 * HEIDELBERGER ZEMENT AG. (BELGIUM) .. 1,419 46,173 * HEIDELBERGER ZEMENT AG. (GERMANY) .. 2,859 23,132 * HEIDELBERGER ZEMENT AG. (STRIP VVPR) 0 371,375 * HEPWORTH PLC ....................... 1,060 12,700 HOLDERBANK FINANCIERE GLARUS AG. (BR) ................... 15,620 1,352 HOLDERBANK FINANCIERE GLARUS AG. (REGD) ................. 443 17,170,973 HOME DEPOT, INC .................... 857,475 185,800 HOYA CORP .......................... 16,682 57,344 * HUTTIG BUILDING PRODUCTS, INC ...... 237 51,419 * IMERYS S.A. ........................ 5,994 SEE NOTES TO FINANCIAL STATEMENTS 16 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- BUILDING MATERIALS--(CONTINUED) 679,341 IMPERIAL CHEMICAL INDUSTRY PLC ..... $ 5,394 445,245 INAX CORP .......................... 2,748 120,200 * INTEGRATED ELECTRICAL SERVICES, INC 616 522,410 INTRACOM S.A. ...................... 19,585 160,313 e ITALCEMENTI S.P.A. ................. 1,514 41,600 ITALCEMENTI S.P.A. (S/S) ........... 140 193,473 JAMES HARDIE INDUSTRIES LTD ........ 510 14,750 KANDENKO CO LTD .................... 64 553,000 KINDEN CORP ........................ 3,481 1,000 KYUNDENKO CO LTD ................... 3 208,080 LAFARGE CORP ....................... 4,370 74,912 LAFARGE S.A. (BR) .................. 5,845 31,420 f LAFARGE S.A. (REGD) ................ 2,452 72,368 f LAFARGE S.A. (REGD) 2001 ........... 5,647 99,365 LIBBEY, INC ........................ 3,192 239,214 LILLY INDUSTRIES, INC (CLASS A) .... 7,191 2,410,530 LOWE'S COS, INC .................... 98,982 296,494 MARTIN MARIETTA MATERIALS, INC ..... 11,989 2,981,120 MASCO CORP ......................... 53,846 29,500 * MATRIX SERVICE CO .................. 136 26,500 e MATTSON TECHNOLOGY, INC ............ 861 1,700 MIKASA, INC ........................ 19 102,256 NIPPON KANZAI CO LTD ............... 1,875 1,395,000 NIPPON SHEET GLASS CO LTD .......... 19,434 123,000 NORITAKE CO LTD .................... 687 3,095 b,e* OMEGA ENVIRONMENTAL, INC ........... 0 377,658 OWENS CORNING CO ................... 3,493 946,281 * OWENS ILLINOIS, INC ................ 11,060 276,994 PILKINGTON PLC ..................... 394 39,189 PORTLAND VALDERRIVAS S.A. .......... 733 1,160,200 PPG INDUSTRIES, INC ................ 51,411 312,566 * QUANTA SERVICES, INC ............... 17,191 9,566 RMC GROUP PLC ...................... 125 299,057 RPM, INC ........................... 3,028 25,300 * SBA COMMUNICATIONS CORP ............ 1,314 173,673 e SCHNEIDER ELECTRIC S.A. ............ 12,153 1,018,311 SHERWIN-WILLIAMS CO ................ 21,575 207,486 SOUTHDOWN, INC ..................... 11,982 201,659 ST. GOBAIN S.A. .................... 27,373 481,687 SUMITOMO OSAKA CEMENT CO LTD ....... 2,859 2,253,200 TAIHEIYO CEMENT CORP ............... 4,728 395,000 TAKARA STANDARD CO ................. 1,725 315,500 e TOTO LTD ........................... 2,427 30,000 UNITED DOMINION INDUSTRIES LTD ..... 510 300,103 USG CORP ........................... 9,116 169,500 VALSPAR CORP ....................... 5,721 544,883 VULCAN MATERIALS CO ................ 23,260 94,900 WATSCO, INC ........................ 1,186 61,820 WIENERBERGER BAUSTOFF AG. .......... 1,410 675,292 WOLSELEY PLC ....................... 3,629 ---------- 2,062,407 ---------- CONSTRUCTION--0.27% 45,955 ACS ACTIVIDADES DECONSTRUCCION Y SERVICIOSS.A. .................... 1,300 176,700 b* ATKINSON (G.F.) CO OF CALIFORNIA .... 0 200,935 AUTOPISTAS CONCESIONARIA ESPANOLA S.A. ...................... 1,755 244,391 * AUTOPISTAS CONCESIONARIA ESPANOLA S.A. RTS .................. 105 369,800 BARRATT DEVELOPMENTS PLC ............ 1,464 31,927 BERKELEY GROUP PLC .................. 302 7,587 BILFINGER & BERGER AG. .............. 103 55 * BLOUNT INTERNATIONAL, INC ........... 0 32,288 e BOUYGUES S.A. ....................... 21,666 310,600 BRISA-AUTO ESTRADAS DE PORTUGAL S.A. 2,686 369,262 CENTEX CORP ......................... 8,678 141,000 e* CHIYODA CORP ........................ 147 100,000 COLAS S.A. .......................... 4,889 72,100 * CROSSMAN COMMUNITIES, INC ............ 1,190 83,138 e* DAIKYO, INC ......................... 218 242,541 DAITO TRUST CONSTRUCTION CO LTD ..... 4,012 747,000 DAIWA HOUSE INDUSTRY CO LTD ......... 5,465 778,690 DRAGADOS Y CONSTRUCCIONES S.A. ...... 5,606 259,815 * DYCOM INDUSTRIES, INC ............... 11,951 53,952 EIFFAGE ............................. 3,062 951,800 FLETCHER CHALLENGE LTD (BUILDING DIVISION) ................ 1,013 511,389 FLUOR CORP .......................... 16,173 254,496 FOMENTO CONSTRUCCIONES Y CONTRATAS S.A .................... 4,830 246,402 FOSTER WHEELER CORP ................. 2,125 1,650,000 e* FUJITA CORP ......................... 811 117,049 GRANITE CONSTRUCTION, INC ........... 2,868 27,697 GROUPE GTM .......................... 2,602 630,000 GRUPO FERROVIAL ..................... 7,827 1,000 * HASEKO CORP ......................... 0 1,000 * HAZAMA-GUMI LTD ..................... 1 245,300 HILLENBRAND INDUSTRIES, INC ......... 7,681 85,921 HOCHTIEF AG. ........................ 2,599 36,578 * HOLLANDSCHE BETON GROEP NV (H.B.G.) . 433 382,300 HON INDUSTRIES, INC ................. 8,984 293,366 HORTON (D.R.), INC .................. 3,979 1,370,000 IJM CORP BERHAD ..................... 1,276 726,510 e IMPREGILO S.P.A. .................... 415 161,200 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ...................... 4,373 721,000 e JGC CONSTRUCTION CORP ............... 2,917 465,000 KAJIMA CORP ......................... 1,485 282,359 KAUFMAN & BROAD HOME CORP ........... 5,594 390,896 KIMBALL INTERNATIONAL, INC (CLASS B). 5,766 11,000 * KOMATSU CONSTRUCTION CO LTD ......... 15 43,000 e* KUMAGAI GUMI CO LTD ................. 26 411,188 * LEAR CORP ........................... 8,224 597,585 e LEIGHTON HOLDINGS LTD ............... 1,930 349,234 LENNAR CORP ......................... 7,072 295,000 MAEDA ROAD CONSTRUCTION CO LTD ...... 1,388 189,225 * MASTEC, INC ......................... 7,226 184,500 MDC HOLDINGS, INC ................... 3,436 558,300 MILLER (HERMAN), INC ................ 14,446 836 MISAWA HOMES CO LTD ................. 3 126,300 * MORRISON KNUDSEN CORP ............... 916 17,039 * MORRISON KNUDSEN CORP WTS 03/11/03 .. 32 3,277,089 NEWELL RUBBERMAID, INC .............. 84,385 504,000 e NISHIMATSU CONSTRUCTION CO LTD ...... 1,991 65,593 * NVR, INC ............................ 3,739 760,000 e OBAYASHI CORP ....................... 3,369 570,000 OKUMURA CORP ........................ 2,069 307,000 PENTA OCEAN CONSTRUCTION CO LTD ..... 467 200,661 PULTE CORP .......................... 4,339 84,800 RYLAND GROUP, INC ................... 1,876 330,000 SHIMIZU CORP ........................ 945 21,700 SHO-BOND CORP ....................... 324 102,834 SKANSKA AB SERIES B FREE ............ 3,664 16,560 * SOCIEDADE DE CONSTRUCOES SOARES DA COS ...................... 49 25,996,000 SOUTH CHINA INDUSTRIES LTD .......... 1,601 156,351 STANDARD-PACIFIC CORP ............... 1,564 213,806 STEELCASE, INC ...................... 3,635 3,085,000 e SUMITOMO REALTY & DEVELOPMENT CO LTD. 13,908 22,000 * SUZUNUI INDUSTRY CO LTD ............. 23 2,424,000 TAISEI CORP ......................... 3,895 808,107 * TAYLOR WOODROW PLC .................. 1,853 552,000 TOA CORP ............................ 694 202,000 TODA CONSTRUCTION CO ................ 964 128,866 * TOLL BROTHERS, INC .................. 2,642 50,000 TOMOE ENGINEERING CO LTD ............ 378 165,000 TOYO EXTERIOR CORP .................. 1,265 254,267 TRANSURBAN GROUP .................... 574 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 17 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- --------- CONSTRUCTION--(CONTINUED) 635,279 U.S. INDUSTRIES, INC ................ $ 7,703 992,000 UNITED INDUSTRIAL CORP .............. 468 13,349 VA TECHNOLOGIE AG. (BR) ............. 706 11,594 VIRCO MANUFACTURING CORP ............ 171 153,400 WALTER INDUSTRIES, INC .............. 1,755 93,125 * WEBB (DEL) CORP ..................... 1,426 211,457 WIMPEY (GEORGE) LTD ................. 368 1,945,400 YTL CORP BERHAD ..................... 2,585 -------- 358,460 -------- REAL ESTATE--0.17% 247,710 AMP DIVERSIFIED PROPERTY TRUST ...... 347 402,500 ARDEN REALTY GROUP, INC ............. 9,459 69,200 * AVATAR HOLDINGS, INC ................ 1,592 1,331,568 BRITISH LAND PLC .................... 8,164 190,600 BROOKFIELD PROPERTIES CORP .......... 2,528 115,125 * CASTLE & COOKE, INC ................. 2,223 531,250 * CATELLUS DEVELOPMENT CORP ........... 7,969 124,900 * CB RICHARD ELLIS SERVICES GROUP, INC 1,140 946 CHEUNG KONG HOLDINGS LTD ............ 10 864 * CHINESE ESTATES LTD ................. 0 615,551 * CHINESE ESTATES HOLDINGS WTS 11/24/00 7 3,774,326 CITY DEVELOPMENT LTD ................ 14,626 250,000 * CORPORACION GEO S.A. SERIES B ....... 409 474,000 e DAIWA KOSHO LEASE CO LTD ............ 1,559 1,045,000 DBS LAND LTD ........................ 1,354 909 * EVERGO CHINA HOLDINGS LTD ........... 0 1,400 * EXCEL LEGACY CORP ................... 4 272,400 * FAIRFIELD COMMUNITIES, INC .......... 2,145 1,144,000 FIRST CAPITAL CORP LTD .............. 1,092 65,400 FOREST CITY ENTERPRISES, INC (CLASS A) .......................... 2,183 952,813 * GANDEL RETAIL TRUST ................. 618 1,668,790 GENERAL PROPERTY TRUST .............. 2,695 115,699 * GREAT PORTLAND ESTATES PLC .......... 410 1,900 * GRUBB & ELLIS CO .................... 11 70,836 HAMMERSON PLC ....................... 476 1,896,500 HANG LUNG DEVELOPMENT CO LTD ........ 1,472 1,989,000 HENDERSON LAND DEVELOPMENT CO LTD ... 8,752 240 HONG KONG LAND HOLDINGS LTD ......... 0 375,449 HOPEWELL HOLDINGS LTD ............... 157 1,994,384 * HYSAN DEVELOPMENT CO LTD ............ 2,098 128,944 * INSIGNIA FINANCIAL GROUP, INC ....... 1,289 172,500 * JONES LANG LA SALLE ................. 2,307 359,560 LNR PROPERTY CORP ................... 7,011 451,704 * MEPC PLC ............................ 3,720 193,749 METROVACESA S.A. .................... 3,269 476,319 MIRVAC GROUP ........................ 969 2,418,000 MITSUBISHI ESTATE CO LTD ............ 28,521 2,188,000 MITSUI FUDOSAN CO LTD ............... 23,781 3,205,936 NEW WORLD DEVELOPMENT CO LTD ........ 3,578 1,146,000 PARKWAY HOLDINGS LTD ................ 2,930 192,400 * PINNACLE HOLDINGS, INC .............. 10,390 1,000 PRESTIGE PROPERTY HOLDINGS LTD ...... 0 173,700 * SECURITY CAPITAL GROUP, INC (CLASS B) .......................... 2,953 10,378 SIMCO (REGD) ........................ 761 4,399,429 SINO LAND CO LTD .................... 1,552 1,456,873 SLOUGH ESTATES PLC .................. 8,083 463,400 STEWART ENTERPRISES, INC (CLASS A) .. 1,636 171,646 STOCKLAND TRUST GROUP (UNITS) ....... 363 232,000 STRAITS TRADING CO .................. 260 3,879,969 SUN HUNG KAI PROPERTIES LTD ......... 27,873 573,000 e TOKYO TATEMONO CO LTD ............... 1,224 152,480 * TRAMMELL CROW CO .................... 1,639 142,900 TRIZEC HAHN CORP .................... 2,556 400 * U-CYBER TECHNOLOGY HOLDINGS LTD ..... 0 29,800 UNIBAIL S.A. ........................ 4,142 339,000 UNITED OVERSEAS LAND LTD ............ 302 211,442 * URBIS S.A. .......................... 973 503,596 e VALLEHERMOSO S.A. ................... 3,017 343,807 WCM BETEILIGUNGS & GRUNDBESITZ AG. .. 8,009 --------- 226,608 --------- TOTAL CONSTRUCTION AND REAL ESTATE 2,647,475 --------- CONSUMER DURABLE--9.30% HOME APPLIANCES AND FURNISHINGS--8.72% 131,800 * ACTEL CORP .......................... 6,013 64,800 * ADVANCED ENERGY INDUSTRIES, INC ..... 3,819 1,112,150 * ADVANCED MICRO DEVICES, INC ......... 85,914 164,129 e ADVANTEST CORP ...................... 36,687 108,900 * AEROFLEX, INC ....................... 5,411 30,000 AIWA CO LTD ......................... 481 128,100 AIXTRON AG. ......................... 17,683 118,400 * ALLIANCE SEMICONDUCTOR CORP ......... 2,908 195,100 * ALPHA INDUSTRIES, INC ............... 8,597 1,970,000 e ALPS ELECTRIC CO LTD ................ 36,680 51,500 * ALTEON WEBSYSTEMS, INC .............. 5,153 4,631,727 * ALTERA CORP ......................... 472,147 872,382 * AMERICAN POWER CONVERSION CORP ...... 35,604 95,900 * AMERICAN SUPERCONDUCTOR CORP ........ 4,627 102,700 * AMERICAN XTAL TECHNOLOGY, INC ....... 4,442 549,800 * AMKOR TECHNOLOGY, INC ............... 19,415 206,690 * AMPHENOL CORP (CLASS A) ............. 13,680 189,210 * ANADIGICS, INC ...................... 6,445 2,357,340 * ANALOG DEVICES, INC ................. 179,158 143,692 * APPLICA, INC ........................ 1,626 2,369 b* APPLIED MAGNETICS CORP .............. 0 1,809,633 * APPLIED MICRO CIRCUITS CORP ......... 178,701 218,481 * ARTESYN TECHNOLOGIES, INC ........... 6,077 486,900 * ASM INTERNATIONAL NV ................ 12,835 2,216,303 * ASM LITHOGRAPHY HOLDINGS NV ......... 95,647 1,926,000 ASM PACIFIC TECHNOLOGY LTD .......... 7,214 1,260,830 * ATMEL CORP .......................... 46,493 15,000 e* AVANEX CORP ......................... 1,433 394,400 AVX CORP ............................ 9,047 51,200 BANG & OLUFSEN HOLDINGS AS (CLASS B) 1,750 11,739 BARCO NV ............................ 1,322 26,762 BASSETT FURNITURE INDUSTRIES, INC ... 338 846,500 * BED BATH & BEYOND, INC .............. 30,686 216,900 * BENCHMARK ELECTRONICS, INC .......... 7,930 374,000 BMC INDUSTRIES, INC ................. 1,519 500 * BOMBAY, INC ......................... 1 23,050 * BOOKHAM TECHNOLOGY PLC .............. 1,342 656,250 * BROADCOM CORP (CLASS A) ............. 143,678 684,385 BROTHERS INDUSTRIES LTD ............. 1,960 194,400 * BURR BROWN CORP ..................... 16,852 39,000 BUSH INDUSTRIES, INC (CLASS A) ...... 624 36,230 * CATAPULT COMMUNICATIONS CORP ........ 365 193,600 * CELESTICA, INC ...................... 9,421 575,100 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD ADR ............................ 51,759 943,000 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD (SINGAPORE) .................... 8,236 93,200 CITIZENS ELECTRONICS CO LTD ......... 10,218 1,012,914 * CONEXANT SYSTEMS, INC ............... 49,253 150,200 * CREE, INC ........................... 20,052 140,984 CTS CORP ............................ 6,344 837,500 * CYPRESS SEMICONDUCTOR CORP .......... 35,384 376,170 DALLAS SEMICONDUCTOR CORP ........... 15,329 770,829 e ELECTROLUX AB SERIES B .............. 11,996 250,000 ELMOS SEMICONDUCTOR AG. ............. 12,701 62,800 * EMCORE CORP ......................... 7,536 3,100 * ENERGY CONVERSION DEVICES, INC ...... 79 533,050 * EPCOS AG. ........................... 53,857 173,121 * ESS TECHNOLOGY, INC ................. 2,510 170,675 * E-TEK DYNAMICS, INC ................. 45,026 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 18 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- HOME APPLIANCES AND FURNISHINGS--(CONTINUED) 262,600 ETHAN ALLEN INTERIORS, INC ......... $ 6,302 43,300 * EVANS & SUTHERLAND COMPUTER CORP ... 276 84,700 * EXAR CORP .......................... 7,385 67,700 * FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC ................ 2,742 117,300 * FINISAR CORP ....................... 3,072 294,417 FISHER & PAYKEL INDUSTRIES LTD ..... 929 70,000 * FIVE STAR PRODUCTS, INC ............ 19 70,000 * FIVE STAR PRODUCTS, INC WTS 08/05/00 3 493,022 * FLEXTRONICS INTERNATIONAL LTD ...... 33,864 1,913 FORBO HOLDINGS AG. (REGD) .......... 800 5,761,524 FUJITSU LTD ........................ 199,846 290,798 * FURNITURE BRANDS INTERNATIONAL, INC 4,398 19,600 e* GADZOOX NETWORKS, INC .............. 268 184,000 * GENERAL SEMICONDUCTOR, INC ......... 2,714 8,863,632 GILLETTE CO ........................ 309,673 42,800 * GLOBESPAN, INC ..................... 5,225 98,780 HARMAN INTERNATIONAL INDUSTRIES, INC 6,026 142,000 HAVERTY FURNITURE COS, INC ......... 1,207 110,587 HEILIG MEYERS CO ................... 131 171,000 HELIX TECHNOLOGY CORP .............. 6,669 42,800 * HI/FN, INC ......................... 1,899 7,333,230 HITACHI LTD ........................ 106,042 160,070 * HUTCHINSON TECHNOLOGY, INC ......... 2,281 12,400 * IBIS TECHNOLOGY, INC ............... 749 92,900 * INNOVEX, INC ....................... 906 674,510 * INTEGRATED DEVICE TECHNOLOGY, INC .. 40,386 39,500 * INTEGRATED SILICON SOLUTION, INC ... 1,501 26,522,391 INTEL CORP ......................... 3,545,712 395,400 * INTERNATIONAL RECTIFIER CORP ....... 22,142 28,800 * INTERSIL HOLDINGS CORP ............. 1,557 686,868 * JABIL CIRCUIT, INC ................. 34,086 89,882 JD GROUP LTD ....................... 597 4,984,036 * JDS UNIPHASE CORP .................. 597,461 10,700 e* JNI CORP ........................... 338 100 * JPM CO ............................. 1 698,006 * KEMET CORP ......................... 17,494 5,640,986 KONINKLIJKE PHILIPS ELECTRONICS NV . 267,128 176,600 * KOPIN CORP ......................... 12,230 275,100 KYOCERA CORP ....................... 46,775 123,900 * LASERSIGHT, INC .................... 472 333,000 * LATTICE SEMICONDUCTOR CORP ......... 23,019 331,013 LA-Z-BOY, INC ...................... 4,634 1,248,948 LEGGETT & PLATT, INC ............... 20,608 5,353,800 LINEAR TECHNOLOGY CO ............... 342,309 306,800 * LINENS 'N THINGS, INC .............. 8,322 3,084,800 * LSI LOGIC CORP ..................... 166,965 508,000 MALAYSIAN PACIFIC INDUSTRIES BERHAD 5,214 4,243,576 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ............................ 110,295 60,335 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ADR ........................ 15,506 3,091,634 * MAXIM INTEGRATED PRODUCTS, INC ..... 210,038 47,900 * MAXWELL TECHNOLOGIES, INC .......... 647 530,303 MAYTAG CO .......................... 19,555 272,500 * MEMC ELECTRONIC MATERIALS, INC ..... 4,905 198,950 METHODE ELECTRONICS, INC (CLASS A) . 7,684 357,160 * MICREL, INC ........................ 15,514 572,512 * MICROCHIP TECHNOLOGY, INC .......... 33,358 2,812,398 * MICRON TECHNOLOGY, INC ............. 247,667 9,400 * MICRONAS SEMICONDUCTOR HOLDING AG (REGD) ................. 5,260 12,200 * MICROSEMI CORP ..................... 414 174,418 * MIPS TECHNOLOGIES, INC (CLASS B) ... 6,715 199,920 * MMC NETWORKS, INC .................. 10,683 474,133 MOLEX, INC ......................... 22,818 209,065 MOLEX, INC (CLASS A) ............... 7,317 23,000 * MP3.COM, INC ....................... 312 283,760 e* MRV COMMUNICATIONS, INC ............ 19,083 419,975 MURATA MANUFACTURING CO LTD ........ 60,413 50,100 NATIONAL PRESTO INDUSTRIES, INC .... 1,541 1,387,799 * NATIONAL SEMICONDUCTOR CORP ........ 78,758 875,000 NATSTEEL ELECTRONICS LTD ........... 2,682 234,560 * NEOMAGIC CORP ...................... 711 900 e NIHON DEMPA KOGYO CO LTD ........... 47 2,396,296 * NIPPON ELECTRIC CORP ............... 75,418 136,000 NITTO DENKO CORP ................... 5,257 326,400 * NVIDIA CORP ........................ 20,747 63,805 * OAK TECHNOLOGY, INC ................ 1,376 500 * OIS OPTICAL IMAGING SYSTEMS, INC ... 0 11,700 * PARADYNE NETWORKS, INC ............. 381 60,100 PARK ELECTROCHEMICAL CORP .......... 2,167 47,200 e* PARKERVISION, INC .................. 2,381 16,801 PHOENIX MECANO AG. ................. 9,609 144,125 * PHOTRONICS, INC .................... 4,090 616,979 PIER 1 IMPORTS, INC ................ 6,016 206,729 PIONEER CORP ....................... 8,069 112,600 * PLEXUS CORP ........................ 12,724 80,900 * PLX TECHNOLOGY, INC ................ 3,357 826,636 * PMC-SIERRA, INC .................... 146,883 117,700 * POWER INTEGRATIONS, INC ............ 2,773 139,250 * POWER-ONE, INC ..................... 15,866 1,151,343 PROFURN LTD ........................ 679 480,928 * QLOGIC CORP ........................ 31,771 2,900 * QUANTUM EFFECT DEVICES, INC ........ 165 331,200 * RAMBUS, INC ........................ 34,114 882,150 e* READ RITE CORP ..................... 1,957 136,100 * REMEC, INC ......................... 5,699 38,800 e* RESTORATION HARDWARE, INC .......... 213 360,380 * RF MICRO DEVICES, INC .............. 31,578 427,976 ROHM CO ............................ 125,393 1,400 * ROYAL APPLIANCE MANUFACTURING CO, INC ........................... 8 323,940 * S3, INC ............................ 4,778 58,800 e* SALTON, INC ........................ 2,168 1,200,000 SAMSUNG CORP ....................... 10,342 1,132,248 * SANMINA CORP ....................... 96,807 1,841,000 SANYO ELECTRIC CO LTD .............. 16,599 236,575 * SAWTEK, INC ........................ 13,618 700,622 * SCG HOLDING CORP ................... 15,326 807,850 * SCI SYSTEMS, INC ................... 31,658 447,174 * SDL, INC ........................... 127,528 89,700 * SELECT COMFORT CORP ................ 286 239,146 * SEMTECH CORP ....................... 18,291 22,512 SEZ HOLDING AG. (REGD) ............. 20,669 1,203,000 e SHARP CORP ......................... 21,319 31,200 SHIMACHU CO LTD .................... 663 29,500 * SILICON IMAGE, INC ................. 1,471 6,900 * SILICON LABRATORIES, INC ........... 367 35,300 * SILICON STORAGE TECHNOLOGY, INC .... 3,117 35,400 * SILICONIX, INC ..................... 2,390 397,657 * SILICONWARE PRECISION INDUSTRIES GDR 4,404 50,100 * SIMPSON MANUFACTURING CO, INC ...... 2,395 138,400 * SIPEX CORP ......................... 3,832 370,300 SNAP-ON, INC ....................... 9,859 6,004,039 * SOLECTRON CORP ..................... 251,419 1,384,611 SONY CORP .......................... 129,555 2,060,598 ST MICROELECTRONICS NV ............. 130,369 418,291 STANLEY WORKS CO ................... 9,934 592,557 e* SUNBEAM CORP ....................... 2,037 13,400 * SUPERTEX, INC ...................... 673 187,060 TAIYO YUDEN CO LTD ................. 11,739 91,138 TECHNITROL, INC .................... 8,829 5,800 * TELAXIS COMMUNICATIONS CORP ........ 181 27,100 * TELCOM SEMICONDUCTOR, INC .......... 1,086 10,393,194 TEXAS INSTRUMENTS, INC ............. 713,883 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 19 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- HOME APPLIANCES AND FURNISHINGS--(CONTINUED) 406,000 e* THOMSON MULTIMEDIA ................ $ 26,387 29,600 * THREE-FIVE SYSTEMS, INC ........... 1,746 158,400 * TITAN CORP ........................ 7,088 253,750 e TOKYO ELECTRON CO LTD ............. 34,823 9,573,000 TOSHIBA CORP ...................... 108,301 205,722 e TOWA CORP ......................... 9,080 258,900 * TRANSWITCH CORP ................... 19,984 199,294 * TRIQUINT SEMICONDUCTOR, INC ....... 19,070 501,000 UNISEM (M) BERHAD ................. 3,560 17,600 * UNIVERSAL ELECTRONICS, INC ........ 432 196,528 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC .................. 12,344 558,000 VARITRONIX INTERNATIONAL LTD ...... 970 2,885,000 VENTURE MANUFACTURING LTD (SINGAPORE) 29,367 43,700 * VIRATA CORP ......................... 2,606 865,987 * VISHAY INTERTECHNOLOGY, INC ......... 32,853 927,360 * VITESSE SEMICONDUCTOR CORP .......... 68,219 529,942 WHIRLPOOL CORP ...................... 24,709 305,350 * WILLIAMS-SONOMA, INC ................ 9,905 260,800 WOODHEAD INDUSTRIES, INC ............ 4,760 4,423,264 * XILINX, INC ......................... 365,196 300,984 YAMAHA CORP ......................... 3,297 472,622 e* ZENITH ELECTRONICS CORP ............. 0 134,988 * ZOMAX, INC .......................... 1,772 ----------- 11,599,057 ----------- TEXTILE APPAREL AND ACCESSORIES--0.58% 533,308 * ABERCROMBIE & FITCH CO (CLASS A) ..... 6,500 75,677 ADIDAS SALOMON AG. ................... 4,193 210,070 * ALBANY INTERNATIONAL CORP (CLASS A) (NEW) ..................... 3,046 176,550 * AMERICAN EAGLE OUTFITTERS, INC ....... 2,472 26,970 * ANN TAYLOR STORES CORP ............... 893 182,200 AOYAMA TRADING CO LTD ................ 2,635 18,900 e* BEBE STORES, INC ..................... 158 1,598,407 e BENETTON GROUP S.P.A. ................ 3,356 176,130 BROWN SHOE CO, INC ................... 2,290 49,450 * BUCKLE, INC .......................... 581 1,190,542 BULGARI S.P.A. ....................... 15,978 102,424 BURLINGTON COAT FACTORY WAREHOUSE CORP 1,107 113,275 * BURLINGTON INDUSTRIES, INC ........... 191 97,000 CASIO COMPUTER CO LTD ................ 1,091 173,900 CATO CORP (CLASS A) .................. 2,022 7,395 CHARGEURS S.A. ....................... 425 422,300 * CHARMING SHOPPES, INC ................ 2,151 81,600 e* CHICO'S FAS, INC ..................... 1,632 109,100 e* CHILDREN'S PLACE RETAIL STORES, INC .. 2,237 309,000 CITIZEN WATCH CO LTD ................. 2,991 147,600 CLAIRE'S STORES, INC ................. 2,841 108,618 CLAIRE'S STORES, INC (CLASS A) ....... 2,091 250,395 COATS VIYELLA PLC .................... 207 261,249 * COLLINS & AIKMAN CORP ................ 1,355 55,300 * COLUMBIA SPORTSWEAR CO ............... 1,486 163,910 * DAN RIVER, INC (CLASS A) ............. 779 52,300 * DAVIDS BRIDAL, INC ................... 605 137,400 DEB SHOPS, INC ....................... 1,718 113,400 * DONNA KARAN INTERNATIONAL, INC ....... 723 66,809 DOUGLAS HOLDINGS AG. ................. 1,985 102,700 * DRESS BARN, INC ...................... 2,272 4,184 b* EDISON BROTHERS STORES WTS 09/26/05 .. 0 17 ESCADA AG. ........................... 2 2,065,000 ESPRIT HOLDINGS LTD .................. 2,146 12,396 FAB INDUSTRIES, INC .................. 132 13,000 FAST RETAILING CO LTD ................ 5,455 114,500 * FINISH LINE, INC (CLASS A) ........... 937 136,369 * FOOTSTAR, INC ........................ 4,534 97,475 * FOSSIL, INC .......................... 1,895 3,926,482 GAP, INC ............................. 122,703 349,100 * GENESCO, INC ......................... 5,607 30,600 e* GLOBAL SPORTS, INC ................... 197 109,700 * GOODY'S FAMILY CLOTHING, INC ......... 603 235,600 e GUCCI GROUP NV ....................... 22,257 29,200 * GUESS ?, INC ......................... 409 100,735 GUILFORD MILLS, INC .................. 428 782,000 GUNZE LTD ............................ 3,045 130,600 * GYMBOREE CORP ........................ 392 1,197,368 HENNES & MAURITZ AB SERIES B ......... 25,119 15,800 * HOT TOP, INC ......................... 506 274,500 INTERFACE, INC (CLASS A) ............. 1,047 406,434 INTIMATE BRANDS, INC (CLASS A) ....... 8,027 561,955 * JONES APPAREL GROUP, INC ............. 13,206 47,450 b,e* JUST FOR FEET, INC ................... 0 103,000 JUSTIN INDUSTRIES, INC ............... 2,253 464,215 * KANEBO LTD ........................... 1,439 171,790 KELLWOOD CO .......................... 3,629 32,850 * KENNETH COLE PRODUCTIONS, INC ........ 1,314 12,900 K-SWISS, INC (CLASS A) ............... 206 2,269,000 e KURARAY CO LTD ....................... 26,077 3,900 LENZING AG. .......................... 232 8,566,084 LIMITED, INC ......................... 185,242 403,600 LIZ CLAIBORNE, INC ................... 14,227 9,400 * MADDEN STEVEN, LTD ................... 62 75,800 MARZOTTO & FIGLI S.P.A. .............. 621 160,050 * MENS WEARHOUSE, INC ................. 3,571 568,000 MITSUBISHI RAYON CO LTD ............. 1,734 304,731 * MOHAWK INDUSTRIES, INC .............. 6,628 57,700 MOVADO GROUP, INC ................... 692 212,300 * NAUTICA ENTERPRISES, INC ............ 2,269 409,750 NIKE, INC (CLASS B) ................. 16,313 730,000 NISSHINBO INDUSTRY, INC ............. 3,864 1,000,000 NITTO BOSEKI CO LTD ................. 1,748 896,936 NORDSTROM, INC ...................... 21,639 63,400 * OAKLEY, INC ......................... 729 79,900 ONEIDA LTD .......................... 1,418 173,000 ONWARD KASHIYMA CO LTD .............. 2,355 109,100 OSHKOSH B'GOSH, INC (CLASS A) ....... 1,787 95,500 OXFORD INDUSTRIES, INC .............. 1,719 1,033,298 PACIFIC DUNLOP LTD .................. 924 174,575 * PACIFIC SUNWEAR CALIFORNIA, INC ..... 3,273 101,227 * PAYLESS SHOESOURCE, INC ............. 5,188 183,600 PETRIE STORES CORP (LIQUIDATING TRUST) ............................. 224 243,233 PHILLIPS VAN HEUSEN CORP ............ 2,311 15,823 e PILLOWTEX CORP ...................... 67 343,200 * POLO RALPH LAUREN CORP .............. 4,891 159,400 POLYMER GROUP, INC .................. 1,474 136,400 * QUIKSILVER, INC ..................... 2,123 275,810 * REEBOK INTERNATIONAL LTD ............ 4,396 463,100 e* RENOWN, INC ......................... 678 730,460 ROSS STORES, INC .................... 12,463 174,400 RUSSELL CORP ........................ 3,488 135,708 * SAMSONITE CORP ...................... 611 620,580 SHAW INDUSTRIES, INC ................ 7,757 58,400 SHIMAMAURA CO LTD ................... 6,839 11,200 * SHOE CARNIVAL, INC .................. 70 66,373 SPRINGS INDUSTRIES, INC ............. 2,124 174,900 * STEIN MART, INC ..................... 1,793 289,400 STRIDE RITE CORP .................... 1,773 59,700 TALBOTS, INC ........................ 3,280 4,100 * TARRANT APPAREL GROUP ............... 37 6,446 THE SWATCH GROUP AG. (BR) ........... 8,222 60,427 THE SWATCH GROUP AG. (REGD) ......... 15,812 63,460 * TIMBERLAND CO ....................... 4,494 2,202,866 TJX COS, INC ........................ 41,304 199,000 TOKYO STYLE CO LTD .................. 1,881 592,092 * TOO, INC ............................ 15,061 SEE NOTES TO FINANCIAL STATEMENTS 20 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- TEXTILE APPAREL AND ACCESSORIES--(CONTINUED) 72,000 TOYOBO CO LTD ........................ $ 142 2,200 * TROPICAL SPORTSWEAR INTERNATIONAL CORP 39 249,125 * UNIFI, INC ........................... 3,083 9,000 * UNITED RETAIL GROUP, INC ............. 77 57,300 * URBAN OUTFITTERS, INC ................ 505 527,069 V.F. CORP ............................ 12,551 316,055 * WACOAL CORP .......................... 3,226 345,799 WARNACO GROUP, INC (CLASS A) ......... 2,680 254,800 WESTPOINT STEVENS, INC ............... 2,835 67,900 * WET SEAL, INC (CLASS A) .............. 891 836,000 WING TAI HOLDINGS LTD ................ 595 159,487 WOLVERINE WORLD WIDE, INC ............ 1,575 56,800 * WORLD CO LTD ......................... 2,469 ----------- 775,652 ----------- TOTAL CONSUMER DURABLE ............ 12,374,709 ----------- ENERGY--5.19% OIL, GAS AND OTHER ENERGY SERVICES--5.19% 322,500 ALBERTA ENERGY LTD .................. 13,016 587,686 AMERADA HESS CORP ................... 36,290 1,293,928 e ANADARKO PETROLEUM CORP ............. 63,807 368,544 * ANDERSON EXPLORATION LTD ............ 6,691 2,765,088 APACHE CORP ......................... 162,622 10,400 * ARABIAN OIL CO LTD .................. 35 405,787 ASHLAND, INC ........................ 14,228 81,600 * ATWOOD OCEANICS, INC ................ 3,621 153,860 * BARNETT RESOURCES CORP .............. 4,683 94,300 * BASIN EXPLORATION, INC .............. 1,686 118,664 * BELCO OIL & GAS CORP ................ 1,009 91,224 BERRY PETROLEUM CO (CLASS A) ........ 1,551 585,210 * BJ SERVICES CO ...................... 36,576 48,628,477 BP AMOCO PLC ........................ 466,742 1,031,881 BP AMOCO PLC (SPONS ADR) ............ 58,366 3,975,715 BROKEN HILL PROPRIETARY CO LTD ...... 47,144 182,000 * BROWN (TOM), INC .................... 4,197 5,449,472 BURLINGTON RESOURCES, INC ........... 208,442 44,066 * BURMAH CASTROL PLC .................. 1,111 147,600 CABOT OIL & GAS CORP (CLASS A) ...... 3,127 71,700 * CABRE EXPLORATION LTD ............... 779 46,000 * CAL DIVE INTERNATIONAL, INC ......... 2,493 203,925 * CANADIAN HUNTER EXPLORATION, INC .... 4,328 330,994 * CANADIAN NATURAL RESOURCES LTD ...... 9,606 392,428 CANADIAN OCCIDENTAL PETROLEUM LTD ... 10,634 390,800 * CHESAPEAKE ENERGY CORP .............. 3,029 4,581,482 CHEVRON CORP ........................ 388,567 73,225 COFLEXIP S.A. ....................... 8,915 1,947 b* COHO ENERGY, INC .................... 16 28,100 * COMSTOCK RESOURCES, INC ............. 225 4,754,752 CONOCO, INC (CLASS B) ............... 116,789 707,700 CONSOL ENERGY, INC .................. 10,704 13,080 * CONTOUR ENERGY CO ................... 27 1,625,000 COSMO OIL CO LTD .................... 2,995 180,000 * CRESTAR ENERGY, INC ................. 2,739 317,750 CROSS TIMBERS OIL CO ................ 7,030 272,899 DEVON ENERGY CORP (NEW) ............. 15,334 269,400 DIAMOND OFFSHORE DRILLING, INC ...... 9,463 40 b* EAGLE GEOPHYSICAL, INC .............. 0 278,161 * EEX CORP ............................ 1,617 284,860 ENBRIDGE, INC ....................... 5,969 159,076 ENBRIDGE, INC (U.S.) ................ 3,231 4,367,766 ENRON CORP .......................... 281,721 1,121,385 ENSCO INTERNATIONAL, INC ............ 40,160 6,972,111 e ENTE NAZIONALE IDROCARBURI S.P.A. ... 40,435 520,300 EOG RESOURCES, INC .................. 17,430 304,280 * EQUITY OIL CO ....................... 865 78,400 * EVERGREEN RESOURCES, INC ............ 2,323 31,757,100 EXXON MOBIL CORP ....................2,492,932 1,101,123 FLETCHER CHALLENGE LTD (ENERGY DIVISION) .................. 3,603 226,200 * FORCENERGY GAS EXPLORATION, INC ..... 145 213,234 * FOREST OIL CORP ..................... 3,398 1,200,000 FORTUM OYJ .......................... 4,716 216,815 * FRIEDE GOLDMAN HALTER, INC .......... 1,938 9,300 * FRONTIER OIL CORP ................... 74 212,338 * GETTY PETROLEUM MARKETING, INC ...... 902 410,300 * GLOBAL INDUSTRIES LTD ............... 7,744 1,036,540 * GLOBAL MARINE, INC .................. 29,217 1,341,699 * GREY WOLF, INC ...................... 6,708 616,900 * GULF CANADA RESOURCES LTD ........... 2,873 2,657,042 HALLIBURTON CO ...................... 125,379 356,200 * HANOVER COMPRESSOR CO ............... 13,536 225,696 e* HARKEN ENERGY CORP .................. 141 297,649 HELMERICH & PAYNE, INC .............. 11,125 53,937 * HOUSTON EXPLORATION CO .............. 1,355 106,261 * HS RESOURCES, INC ................... 3,188 194,300 IHC CALAND NV ....................... 9,499 1,030,864 IMPERIAL OIL LTD .................... 25,151 32,000 * JAPAN ENERGY CORP ................... 34 525,743 KERR-MCGEE CORP ..................... 30,986 519,619 * KEY ENERGY SERVICES, INC ............ 5,001 1,384,961 LONDON & SCOTTISH MARINE OIL PLC .... 2,946 122,792 * LOUIS DREYFUS NATURAL GAS CORP ...... 3,845 444,200 * MARINE DRILLING CO, INC ............. 12,438 78,029 * MCMORAN EXPLORATION CO .............. 1,287 97,300 * MERIDIAN RESOURCE CORP .............. 553 208,311 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) .......................... 6,692 309,580 MURPHY OIL CORP ..................... 18,401 579,373 * NABORS INDUSTRIES, INC .............. 24,080 204,800 * NEW HORIZONS WORLDWIDE, INC ......... 4,758 214,800 * NEWFIELD EXPLORATION CO ............. 8,404 2,463,925 NIPPON MITSUBISHI OIL CO ............ 11,318 555,500 NOBLE AFFILIATES, INC ............... 20,692 1,008,425 * NOBLE DRILLING CORP ................. 41,535 236,182 NORSK HYDRO AS ...................... 9,947 658,545 NOVA CHEMICALS CORP ................. 14,159 2,632,258 * NOVUS PETROLEUM LTD ................. 2,783 112,800 * NUEVO ENERGY CO ..................... 2,129 2,468,647 OCCIDENTAL PETROLEUM CORP ........... 51,996 1,117,162 * OCEAN ENERGY, INC (NEW) ............. 15,850 158,900 * OCEANEERING INTERNATIONAL, INC ...... 3,019 24,030 OMV AKTIENGESELLS AG. ............... 2,096 766,386 * PARKER DRILLING CO .................. 4,742 14,600 PATINA OIL & GAS CORP ............... 303 205,100 * PATTERSON ENERGY, INC ............... 5,845 28,000 PENN VIRGINIA CORP .................. 690 482,451 PENNZOIL-QUAKER STATE CO ............ 5,820 291,580 * PETROBRAS S.A. ...................... 8,563 12,700 PETRO-CANADA (NON-RESIDENT) ......... 237 967,100 PETRO-CANADA (VARIABLE- VOTE) ....... 18,047 82,399 * PETROLEUM GEO-SERVICES AS ........... 1,412 1,452,917 PHILLIPS PETROLEUM CO ............... 73,645 745,200 * PIONEER NATURAL RESOURCES CO ........ 9,501 81,871 * PLAINS RESOURCES, INC ............... 1,310 191,100 POGO PRODUCING CO ................... 4,228 25,800 * PRECISION DRILLING CORP ............. 996 296,200 * PRIDE INTERNATIONAL, INC ............ 7,331 9,900 * PRIMA ENERGY CORP ................... 530 1,164,180 * R & B FALCON CORP ................... 27,431 500 * RANGE RESOURCES CORP ................ 2 498,000 * RANGER OIL LTD ...................... 2,655 172,050 * RENAISSANCE ENERGY LTD .............. 1,666 2,162,388 REPSOL S.A. ......................... 43,219 672,768 * ROWAN COS, INC ...................... 20,435 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual o 21 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- OIL, GAS AND OTHER ENERGY SERVICES--(CONTINUED) 7,247,956 ROYAL DUTCH PETROLEUM CO .......... $ 452,308 250,000 ROYAL DUTCH PETROLEUM CO (NY REGD) ADR .................... 15,391 593,044 RPC, INC .......................... 6,264 25,000 SANTA FE INTERNATIONAL CORP ....... 873 1,084,860 * SANTA FE SNYDER CORP .............. 12,340 1,338,661 SANTOS LTD ........................ 4,091 474,984 SASOL LTD ......................... 3,188 721,600 SCHLUMBERGER LTD .................. 53,849 148,700 * SEITEL, INC ....................... 1,208 50 * SERVAL GROWTH FUND TRUST (UNITS) .. 0 544,000 SHOWA SHELL SEKIYU K.K. ........... 2,694 32,772 SMEDVIG AS SERIES A ............... 594 98,700 ST. MARY LAND & EXPLORATION CO .... 4,152 90,500 * STONE ENERGY CORP ................. 5,407 504,200 SUNCOR ENERGY, INC ................ 11,638 607,942 SUNOCO, INC ....................... 17,896 23,800 * SUPERIOR ENERGY SERVICES, INC ..... 247 5,600 * SWIFT ENERGY CO ................... 159 117,176 * SYNTROLEUM CORP ................... 2,007 14,784 TECHNIP S.A. ...................... 1,796 385,176 * TEIKOKU OIL CO LTD ................ 1,252 199,981 * TESORO PETROLEUM CORP ............. 2,025 3,538,296 TEXACO, INC ....................... 188,414 1,014,025 TOSCO CORP ........................ 28,710 2,764,508 TOTAL FINA ELF S.A. ............... 425,599 163,377 TOTAL FINA S.A. (STRIP VVPR) ...... 2 153,677 TOTAL FINA S.A. SERIES B .......... 23,998 2,025 * TOTAL FINA WTS 08/05/03 ........... 69 154,854 * TRANSMONTAIGNE, INC ............... 948 139,701 TRANSOCEAN SEDCO FOREX, INC ....... 7,465 32 * TRANSTEXAS GAS CORP (CLASS A) ..... 0 35 * TRITON ENERGY LTD ................. 1 360,363 * TULLOW OIL PLC .................... 276 645,999 ULTRAMAR DIAMOND SHAMROCK CORP .... 16,029 1,282,001 UNION PACIFIC RESOURCES GROUP, INC 28,204 1,689,116 UNOCAL CORP ....................... 55,952 2,167,689 USX-MARATHON GROUP, INC ........... 54,328 86,300 * UTI ENERGY CORP ................... 3,463 317,400 VALERO ENERGY CORP ................ 10,077 388,356 * VARCO INTERNATIONAL, INC (NEW) .... 9,029 98,500 VASTAR RESOURCES, INC ............. 8,089 161,500 * VERITAS DGC, INC .................. 4,199 279,700 VINTAGE PETROLEUM, INC ............ 6,311 178,400 WD-40 CO .......................... 3,702 704,550 * WEATHERFORD INTERNATIONAL, INC .... 28,050 593,200 WOODSIDE PETROLEUM LTD ............ 4,630 ---------- TOTAL ENERGY ...................... 6,906,473 ---------- FINANCE--14.88% BANKS, SAVINGS AND LOANS--7.46% 7,481,244 ABBEY NATIONAL PLC ................. 89,474 2,975,649 ABN-AMRO HOLDINGS NV ............... 73,194 495,316 ABSA GROUP LTD ..................... 1,878 13,500 ALABAMA NATIONAL BANCORP ........... 267 13,900 ALLIANCE BANCORP ................... 228 429,900 ALLIED IRISH BANK .................. 3,847 4,130,941 ALLIED IRISH BANK PLC .............. 37,104 177,200 AMCORE FINANCIAL, INC .............. 3,245 525,000 AMMB HOLDINGS BERHAD ............... 1,755 2,532,404 AMSOUTH BANCORP .................... 39,885 604,500 ANCHOR BANCORP WISCONSIN, INC ...... 9,256 6,300 ANDOVER BANCORP, INC ............... 182 347,000 * ARAB MALAYSIAN FINANCE BERHAD ...... 367 20,400 AREA BANCSHARES CORP ............... 455 5,732,486 ASAHI BANK LTD ..................... 24,164 SHARES VALUE (000) ----- ------- 826,000 * ASHIKAGA BANK LTD ................... $ 1,717 677,739 ASSOCIATED BANC-CORP ................ 14,783 1,320,655 ASTORIA FINANCIAL CORP .............. 34,007 1,146,908 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD .......................... 8,821 485,403 e BANCA COMMERCIALE ITALIANA S.P.A. ... 2,727 8,365,965 e BANCA DI ROMA ....................... 10,313 2,200,154 e BANCA INTESA RISP S.P.A. ............ 5,230 25,164,066 e BANCA INTESA S.P.A. ................. 113,133 507,403 * BANCA INTESA S.P.A. PUT WTS 11/15/02 666 100,000 * BANCA NAZIONALE DEL LAVORO .......... 354 580,174 BANCA POPOLARE DI MILANO ............ 4,199 114 BANCFIRST CORP ...................... 4 11,100 BANCFIRST OHIO CORP ................. 182 64,880 * BANCO ABROS VENETO RISP WTS 05/31/02 27 843,540 * BANCO AMBROSIANO VENETO WTS 05/31/02 795 2,174,220 BANCO COMERCIAL PORTUGUES S.A. (REGD) 11,359 325,886 BANCO ESPIRITO SANTO S.A. ........... 8,029 79,961 BANCO FRANCES S.A. .................. 588 8,161,615 BANCO SANTANDER CENTRAL HISPANO S.A. 86,452 359,251 BANCORPSOUTH, INC ................... 5,052 517,144 BANCWEST CORP ....................... 8,501 196,581 BANK AUSTRIA AG. .................... 9,614 16,046,314 BANK OF AMERICA CORP ................ 689,992 2,408,337 BANK OF EAST ASIA LTD ............... 5,623 799,000 e BANK OF FUKUOKA LTD ................. 5,452 9,700 BANK OF GRANITE CORP ................ 222 350,000 BANK OF IRELAND ..................... 2,199 564,100 BANK OF MONTREAL .................... 23,794 4,552,274 BANK OF NEW YORK CO, INC ............ 211,681 1,026,644 BANK OF NOVA SCOTIA ................. 25,152 4,075,573 BANK OF SCOTLAND .................... 38,779 9,257,087 e BANK OF TOKYO MITSUBISHI LTD ........ 112,077 1,864,656 BANK OF YOKOHAMA LTD ................ 8,371 7,021,638 BANK ONE CORP ....................... 186,512 213,400 BANK UNITED CORP (CLASS A) .......... 7,509 96,700 BANKATLANTIC BANCORP, INC (CLASS B) . 568 1,113,631 BANKNORTH GROUP, INC ................ 17,052 3,760,234 BARCLAYS PLC ........................ 93,530 989,469 BAY VIEW CAPITAL CORP ............... 9,709 809,349 BAYERISCHE HYPO-UND VEREINSBANK AG. . 52,835 2,855,210 BB&T CORP ........................... 68,168 6,021,969 BCO BILBAO VIZCAYA ARGENTARIA S.A. .. 90,342 1,756,328 e BNP PARIBAS GROUP ................... 169,708 75,415 * BOK FINANCIAL CORP .................. 1,324 2,231,390 BPI-SGPS S.A. (REGD) ................ 7,914 56,758 BRENTON BANKS, INC .................. 788 15,600 BROOKLINE BANCORP, INC .............. 178 44,000 BSB BANCORP, INC .................... 883 26,330 BT FINANCIAL CORP ................... 454 73,900 * CALIFORNIA FEDERAL BANK ............. 48 72,820 * CALIFORNIA FEDERAL BANK GOODWILL CERT 109 878,757 CANADIAN IMPERIAL BANK OF COMMERCE ... 24,108 140,600 CAPITOL FEDERAL FINANCIAL ............ 1,555 20,800 CATHAY BANCORP, INC .................. 965 251,300 CCB FINANCIAL CORP ................... 9,298 37,982 * CENTENNIAL BANCORP ................... 330 247,885 CENTURA BANKS, INC ................... 8,413 11,300 CENTURY SOUTH BANKS, INC ............. 219 50,500 CFS BANCORP, INC ..................... 462 5,147,755 CHARTER ONE FINANCIAL, INC ........... 118,398 12,070,955 CHASE MANHATTAN CORP ................. 556,018 19,035 CHEMICAL FINANCIAL CORP .............. 495 7,540 e CHIBA BANK LTD ....................... 30 212,042 CHITTENDEN CORP ...................... 5,182 1,611,900 CHRISTIANIA BANK OG KREDITKASSE ...... 8,693 829,299 * CHUO MITSUI TRUST & BANKING CO LTD ... 3,621 SEE NOTES TO FINANCIAL STATEMENTS 22 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- BANKS, SAVINGS AND LOANS--(CONTINUED) 25,418,090 CITIGROUP, INC .....................$1,531,440 254,352 CITIZENS BANKING CORP (MICHIGAN) ... 4,129 10,166 CITY HOLDINGS CO ................... 60 260,600 CITY NATIONAL CORP ................. 9,056 620,300 COLONIAL BANCGROUP, INC ............ 5,583 1,068,808 COMERICA, INC ...................... 47,963 1,147,000 COMMERCE ASSET HOLDINGS BERHAD ..... 3,320 207,425 COMMERCE BANCORP, INC .............. 9,542 392,920 COMMERCE BANCSHARES, INC ........... 11,689 382,275 COMMERCIAL FEDERAL CORP ............ 5,949 10,000 COMMERZBANK AG. .................... 358 2,558,581 * COMMONWEALTH BACK OF AUSTRALIA ..... 42,537 59,400 COMMONWEALTH BANCORP, INC .......... 705 29,900 COMMUNITY BANK SYSTEM, INC ......... 663 316,800 COMMUNITY FIRST BANKSHARES, INC .... 5,168 65,891 COMMUNITY TRUST BANCORP, INC ....... 1,165 924,900 COMPASS BANCSHARES, INC ............ 15,781 58,000 CORUS BANKSHARES, INC .............. 1,533 558,461 e CREDIT SUISSE GROUP (REGD) ......... 111,445 1 f* CRESTARAN INTERNATIONAL INVESTMENT BV 0 528,600 CULLEN FROST BANKERS, INC .......... 13,909 29,193 CVB FINANCIAL CORP ................. 462 1,017,000 DAI-ICHI KANGO BANK LTD ............ 7,738 2,417,000 DAIWA BANK LTD ..................... 6,282 2,000,000 DAO HENG BANK GROUP LTD ............ 8,851 2,620,258 DBS GROUP HOLDINGS LTD ............. 33,644 91,605 DEN DANSKE BANK AF 1871 ............ 11,065 1,201,377 DEUTSCHE BANK AG. (REGD) ........... 99,502 695,500 DIME BANCORP, INC .................. 10,954 118,400 DIME COMMUNITY BANCORP, INC ........ 1,924 1,554,000 DNB HOLDING ASA .................... 6,472 127,695 DOWNEY FINANCIAL CORP .............. 3,703 1,018,478 DRESDNER BANK AG. (REGD) ........... 42,372 60,000 ERSTE BANK DER OESTER SPARK AG. .... 2,554 20,665 F & M BANCORP, INC (MARYLAND) ...... 408 136,722 F & M NATIONAL CORP ................ 2,871 67,345 F.N.B. CORP ........................ 1,389 3,000 FARMERS CAPITAL BANK CORP .......... 91 2,500 FCNB CORP .......................... 45 1,539,407 FIFTH THIRD BANCORP ................ 97,367 150,200 FIRST BANCORP (PUERTO RICO) ........ 2,788 100 FIRST BUSEY CORP ................... 2 49,800 FIRST CHARTER CORP ................. 784 31,900 FIRST CITIZENS BANCSHARES, INC (CLASS A) ......................... 1,898 193,842 FIRST COMMONWEALTH FINANCIAL CORP .. 1,757 54,200 FIRST FEDERAL CAPITAL CORP ......... 600 112,738 FIRST FINANCIAL BANCORP ............ 2,220 2,920 FIRST FINANCIAL BANKSHARES, INC .... 80 2,800 FIRST FINANCIAL CORP (INDIANA) ..... 85 67,300 FIRST FINANCIAL HOLDINGS, INC ...... 925 35,500 FIRST INDIANA CORP ................. 706 24,350 FIRST MERCHANTS CORP ............... 516 223,569 FIRST MIDWEST BANCORP, INC ......... 5,198 17,800 FIRST NIAGARA FINANCIAL GROUP, INC . 167 58,900 * FIRST REPUBLIC BANK ................ 1,174 1,288,078 FIRST SECURITY CORP ................ 17,470 92,700 FIRST SENTINEL BANCORP, INC ........ 762 22,570 FIRST SOURCE CORP .................. 354 818,847 FIRST TENNESSEE NATIONAL CORP ...... 13,562 6,441,916 FIRST UNION CORP ................... 159,840 55,100 FIRST UNITED BANCSHARES, INC ....... 837 358,955 FIRST VIRGINIA BANKS, INC .......... 12,496 52,960 FIRST WASHINGTON BANCORP, INC ...... 738 314,800 * FIRSTFED FINANCIAL CORP ............ 4,447 511,420 FIRSTMERIT CORP .................... 10,932 57,300 FLAGSTAR BANCORP, INC .............. 466 10,880,956 FLEETBOSTON FINANCIAL CORP ......... 369,953 1,075,716 FORENINGSSPARBANKEN AB ............. 15,821 15,700 FRONTIER FINANCIAL CORP ............ 288 1,969,748 e FUJI BANK LTD ...................... 15,005 402,743 FULTON FINANCIAL CORP .............. 7,124 100,100 GBC BANCORP ........................ 2,928 95,800 * GENTRA, INC ........................ 902 880 GLACIER BANCORP, INC ............... 12 8,800 GOLD BANC CORP, INC ................ 44 2,016,939 * GOLDEN STATE BANCORP, INC .......... 36,305 731,200 * GOLDEN STATE BANCORP, INC WTS 01/01/01 .................. 823 976,700 GOLDEN WEST FINANCIAL CORP ......... 39,862 300 GREAT SOUTHERN BANCORP ............. 5 46,500 GREATER BAY BANCORP ................ 2,174 548,258 GREENPOINT FINANCIAL CORP .......... 10,280 1,058,000 * GRUPO FINANCIERO BANAMEX ACCIVALS.A. DE CV ............................. 4,450 4,100,000 * GRUPO FINANCIERO BANCOMER S.A. ..... 2,083 746,000 e GUNMA BANK LTD ..................... 3,857 54,900 * HAMILTON BANCORP, INC .............. 961 36,300 HANCOCK HOLDINGS CO ................ 1,234 3,142,246 HANG SENG BANK LTD ................. 29,829 47,409 HARBOR FLORIDA BANCSHARES, INC ..... 495 8,385 HARLEYSVILLE NATIONAL CORP ......... 275 14,400 HARRIS FINANCIAL, INC .............. 89 1,073,654 HIBERNIA CORP (CLASS A) ............ 11,676 1,594,000 * HOKURIKU BANK LTD .................. 3,706 3,552,472 HSBC HOLDINGS PLC (HONG KONG) ...... 40,559 13,360,903 HSBC HOLDINGS PLC (UNITED KINGDOM) . 152,816 32,500 HUDSON RIVER BANCORP, INC .......... 386 508,400 HUDSON UNITED BANCORP .............. 11,407 1,308,085 HUNTINGTON BANCSHARES, INC ......... 20,684 392,992 * IMPERIAL BANCORP ................... 6,116 421,200 INDEPENDENCE COMMUNITY BANK CORP ... 5,581 60,604 INDEPENDENT BANK CORP .............. 686 5,377,852 e INDUSTRIAL BANK OF JAPAN LTD ....... 40,865 39,751 INTEGRA BANK CORP .................. 676 59,187 INTERNATIONAL BANCSHARES CORP ...... 1,931 68,950 INTERWEST BANCORP, INC ............. 965 46,500 INVESTEC GROUP LTD ................. 1,566 67,600 IRWIN FINANCIAL CORP ............... 976 1,568,305 JOYO BANK .......................... 6,048 871,170 KBC BANCASSURANCE HOLDINGS NV ...... 38,498 3,257,040 KEYCORP ............................ 57,405 305,232 KEYSTONE FINANCIAL, INC ............ 6,486 11,284,163 LLOYDS TSB GROUP PLC ............... 106,599 129,030 * LOCAL FINANCIAL CORP ............... 1,077 50,288 M & T BANK CORP .................... 22,630 262,900 MAF BANCORP, INC ................... 4,781 2,426,200 MALAYAN BANKING BERHAD ............. 9,832 586,858 MARSHALL & ILSLEY CORP ............. 24,355 4,817,814 MBNA CORP .......................... 130,683 6,963,722 MELLON FINANCIAL CORP .............. 253,741 471,839 MERCANTILE BANKSHARES CORP ......... 14,067 54,500 MERCHANTS NEW YORK BANCORP, INC .... 937 46,049 MID-AMERICA BANCORP ................ 1,151 100 MIDWEST BANC HOLDINGS, INC ......... 1 15,100 MISSISSIPPI VALLEY BANCSHARES ...... 366 1,766,889 MITSUBISHI TRUST & BANKING CORP .... 13,744 978,469 MORGAN (J.P.) & CO, INC ............ 107,754 3,324,594 NATIONAL AUSTRALIA BANK LTD ........ 55,687 82,700 NATIONAL BANCORP OF ALASKA, INC .... 2,967 402,184 NATIONAL BANK OF CANADA ............ 5,999 4,022,703 NATIONAL CITY CORP ................. 68,637 420,600 NATIONAL COMMERCE BANCORP .......... 6,756 2,795 NATIONAL PENN BANCSHARES, INC ...... 58 42,009 NBT BANCORP, INC ................... 449 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 23 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- BANKS, SAVINGS AND LOANS--(CONTINUED) 130,052 NEDCOR LTD ......................... $ 2,731 3,836,866 NORDIC BALTIC HOLDING (NBH) AB ..... 29,090 1,919,115 * NORDIC BALTIC HOLDING AB ........... 14,056 1,267,928 NORTH FORK BANCORP, INC ............ 19,177 1,595,286 NORTHERN TRUST CORP ................ 103,793 41,400 NORTHWEST BANCORP, INC ............. 285 84,900 OCEANFIRST FINANCIAL CORP .......... 1,565 148,038 * OCWEN FINANCIAL CORP ............... 823 786,108 OLD KENT FINANCIAL CORP ............ 21,028 308,722 OLD NATIONAL BANCORP .............. 9,049 7,800 OMEGA FINANCIAL CORP .............. 197 209,850 ONE VALLEY BANCORP, INC ........... 6,558 42,366 ORIENTAL FINANCIAL GROUP .......... 612 1,940,129 OVERSEAS CHINESE BANKING CORP LTD . 13,353 141,800 PACIFIC CAPITAL BANCORP ........... 3,554 873,500 PACIFIC CENTURY FINANCIAL CORP .... 12,775 10,937 PARK NATIONAL CORP ................ 993 162,350 PEOPLES BANK OF BRIDGEPORT CO ..... 2,983 8,500 PEOPLES HOLDINGS CO ............... 170 85,500 PFF BANCORP, INC .................. 1,560 2,154,589 PNC FINANCIAL SERVICES GROUP, INC . 100,996 859,743 POPULAR, INC ...................... 16,389 52,370 PREMIER NATIONAL BANCORP, INC ..... 681 168,304 PROVIDENT BANKSHARES CORP ......... 2,272 156,800 PROVIDENT FINANCIAL GROUP ......... 3,734 1,011,348 PROVIDIAN FINANCIAL CORP .......... 91,021 108,000 QUEENS COUNTY BANCORP, INC ........ 1,991 1,420,890 REGIONS FINANCIAL CORP ............ 28,240 285,140 REPUBLIC BANCORP, INC ............. 2,548 500 REPUBLIC BANCORP, INC (KENTUCKY) .. 5 15,800 * REPUBLIC BANCSHARES, INC .......... 190 305,974 REPUBLIC SECURITY FINANCIAL CORP .. 1,530 193,000 RICHMOND COUNTY FINANCIAL CORP .... 3,691 120,300 RIGGS NATIONAL CORP ............... 1,519 486,390 ROSLYN BANCORP, INC ............... 8,079 722,405 ROYAL BANK OF CANADA .............. 36,932 7,763,101 ROYAL BANK OF SCOTLAND PLC ........ 129,983 98,300 S & T BANCORP, INC ................ 1,794 248,058 * S1 CORP ........................... 5,783 5,238,244 SAKURA BANK LTD ................... 36,290 4,761,330 e SAN PAOLO-IMI S.P.A. .............. 84,849 11,000 SANDY SPRING BANCORP, INC ......... 225 12,040 SANTANDER BANCORP ................. 154 713,765 e SANWA BANK LTD .................... 5,707 159,300 SEACOAST FINANCIAL SERVICES CORP .. 1,513 100 SECOND BANCORP, INC ............... 2 555,000 SEVENTY-SEVEN (77) BANK LTD ....... 4,448 890,000 SHIZUOKA BANK LTD ................. 7,570 5,696 SHORELINE FINANCIAL CORP .......... 68 322,550 * SILICON VALLEY BANCSHARES ......... 13,749 6,200 SIMMONS FIRST NATIONAL CORP (CLASS A) ........................ 139 1,443,563 SKANDINAVISKA ENSKILDA BANKEN SERIES A ........................ 17,199 489,303 SKY FINANCIAL GROUP, INC .......... 7,798 827,741 SOCIETE GENERALE S.A. ............. 49,989 85,107 SOUTH FINANCIAL GROUP, INC ........ 1,234 1,134,155 SOUTHTRUST CORP ................... 25,660 176,700 * SOUTHWEST BANCORP OF TEXAS, INC ... 3,667 1,172,356 SOVEREIGN BANCORP, INC ............ 8,243 16,600 ST. FRANCIS CAPITAL CORP .......... 251 69,372 STANDARD CHARTERED PLC ............ 864 1,107,900 STATE STREET CORP ................. 117,507 247,800 STATEN ISLAND BANCORP, INC ........ 4,367 107,600 STERLING BANCSHARES, INC .......... 1,163 200 STERLING FINANCIAL CORP ........... 4 6,157,818 e SUMITOMO BANK LTD ................. 75,659 1,175,276 SUMMIT BANCORP .................... 28,941 321,533 e SUNCORP-METWAY LTD ................ 1,664 2,071,886 SUNTRUST BANKS, INC ............... 94,659 186,450 SUSQUEHANNA BANCSHARES, INC ....... 2,657 1,097,115 SVENSKA HANDELSBANKEN SERIES A .... 16,011 327,500 SVENSKA HANDELSBANKEN SERIES B FREE 4,742 1,200,994 SYNOVUS FINANCIAL CORP ............ 21,168 705,550 TCF FINANCIAL CORP ................ 18,124 92,300 TEXAS REGIONAL BANCSHARES, INC (CLASS A) .................... 2,342 41,150 THREE RIVERS BANCORP, INC ......... 270 5,004,609 e TOKAI BANK LTD .................... 24,738 85,700 TORONTO DOMINION BANK ............. 2,082 98,300 TRUST CO OF NEW JERSEY ............ 1,794 216,170 TRUSTCO BANK CORP (NEW YORK) ...... 2,702 266,202 TRUSTMARK CORP .................... 4,642 4,526,018 U.S. BANCORP ...................... 87,126 9,340 U.S.B. HOLDINGS CO, INC ........... 132 1,585,603 UBS AG. (REGD) .................... 233,048 95,501 UMB FINANCIAL CORP ................ 3,134 12,100,011 e UNICREDITO ITALIANO S.P.A. ........ 58,111 858,241 UNION PLANTERS CORP ............... 23,977 290,494 UNIONBANCAL CORP .................. 5,392 130,700 UNITED BANKSHARES, INC ............ 2,377 94,900 UNITED COMMUNITY FINANCIAL CORP (OHIO) ...................... 632 23,354 UNITED NATIONAL BANCORP ........... 429 1,518,195 UNITED OVERSEAS BANK LTD .......... 9,922 83,500 USBANCORP, INC .................... 297 404,277 VALLEY NATIONAL BANCORP ........... 9,829 118,200 W HOLDING CO, INC ................. 975 1,299,812 WACHOVIA CORP ..................... 70,515 586,700 WASHINGTON FEDERAL, INC ........... 10,707 3,550,090 WASHINGTON MUTUAL, INC ............ 102,509 310,484 WEBSTER FINANCIAL CORP ............ 6,889 12,208,517 WELLS FARGO CO .................... 473,080 62,300 WESBANCO, INC ..................... 1,511 84,149 WEST COAST BANCORP (OREGON) ....... 841 236,100 WESTAMERICA BANCORP ............... 6,168 33,120 WESTCORP .......................... 395 5,257,395 WESTPAC BANKING CORP .............. 38,036 134,400 WHITNEY HOLDINGS CORP ............. 4,595 233,300 WILMINGTON TRUST CORP ............. 9,974 2 WING LUNG BANK LTD ................ 0 476,900 ZIONS BANCORP ..................... 21,885 ---------- 9,926,281 ---------- CREDIT AND OTHER FINANCE--2.42% 14,200 e* 4 KIDS ENTERTAINMENT, INC ......... 370 338,811 * ACNEILSEN CORP .................... 7,454 529,200 ACOM CO LTD ....................... 44,615 52,244 e ADVANTA CORP (CLASS A) ............ 637 103,397 ADVANTA CORP (CLASS B) ............ 879 866,400 * AFRICAN BANK INVESTMENTS LTD ...... 1,132 16,500 AIFUL CORP ........................ 1,525 700 * ALEXANDERS, INC ................... 51 72,698 ALEXANDRIA REAL ESTATE EQUITIES, INC 2,494 291,940 ALLIED CAPITAL CORP ............... 4,963 2,105,693 ALLIED ZURICH PLC ................. 24,913 499,400 AMB PROPERTY CORP ................. 11,393 800 * AMERCO ............................ 16 8,415,351 AMERICAN EXPRESS CO ............... 438,650 2,900 AMERICAN INDUSTRIAL PROPERTIES REIT 39 470,620 * AMERICREDIT CORP .................. 8,001 44,700 AMLI RESIDENTIAL PROPERTIES TRUST . 1,053 130,100 * AMRESCO, INC ...................... 73 419,783 APARTMENT INVESTMENT & MANAGEMENT CO .................... 18,156 593,053 * ARCHSTONE COMMUNITIES TRUST ....... 12,491 55,100 ASSOCIATED ESTATES REALTY CORP .... 386 SEE NOTES TO FINANCIAL STATEMENTS 24 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- CREDIT AND OTHER FINANCE--(CONTINUED) 7,522,086 ASSOCIATES FIRST CAPITAL CORP ......$ 167,837 314,281 * ASSOCIATES FIRST CAPITAL RESIDUAL VALUE .................... 10 418,841 AVALONBAY COMMUNITIES, INC ......... 17,487 38,717 e* BARLOW LTD ......................... 233 139,600 BEDFORD PROPERTY INVESTORS, INC .... 2,591 1,539,100 * BOE LTD ............................ 874 345,600 BOSTON PROPERTIES, INC ............. 13,349 107,327 BOYKIN LODGING CO .................. 1,449 174,953 BRADLEY REAL ESTATE, INC ........... 3,729 236,400 BRANDYWINE REALTY TRUST ............ 4,521 272,600 BRE PROPERTIES, INC (CLASS A) ...... 7,871 2,582,277 BRIERLEY INVESTMENTS LTD (SINGAPORE) 403 102,900 BURNHAM PACIFIC PROPERTIES, INC .... 707 246,500 C.I. FUND MANAGEMENT, INC .......... 4,666 291,372 CAMDEN PROPERTY TRUST .............. 8,559 69,900 CANADIAN OIL SANDS TRUST (UNITS) ... 1,392 429,897 * CANARY WHARF FINANCE PLC ........... 2,398 67,000 CAPITAL AUTOMOTIVE REIT ............ 946 1,186,363 CAPITAL ONE FINANCIAL CORP ......... 52,941 55,441 CAPSTEAD MORTGAGE CORP ............. 464 495,200 CARRAMERICA REALTY CORP ............ 13,123 173,871 CBL & ASSOCIATES PROPERTIES, INC ... 4,336 43,300 CENTER TRUST, INC .................. 219 188,600 CENTERPOINT PROPERTIES CORP ........ 7,685 82,600 CHARLES E. SMITH RESIDENTIAL REALTY, INC ....................... 3,139 48,352 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE ........................ 595 136,500 CHATEAU PROPERTIES, INC ............ 3,856 98,400 CHELSEA GCA REALTY, INC ............ 3,401 300,700 * CHOICEPOINT, INC ................... 13,381 7,615 CIE FINANC RICHEMONT (UNITS) (CLASS A) ......................... 20,582 462,100 CIT GROUP, INC (CLASS A) ........... 7,509 99,400 b,e* CITYSCAPE FINANCIAL CORP ........... 1 648,500 * COAST FEDERAL LITIGATION CONTINGENT RTS .................... 1,054 161,200 COLONIAL PROPERTIES TRUST .......... 4,413 77,768 COMMERCIAL NET LEASE REALTY, INC ... 817 55,000 * COMPUCREDIT CORP ................... 1,650 1,495,374 * CONCORD EFS, INC ................... 38,880 67,100 * CONTIFINANCIAL CORP ................ 2 151,900 CORNERSTONE REALTY INCOME TRUST, INC 1,519 57,400 * CORONATION HOLDINGS LTD (N SHS) .... 897 728,694 CORPORACION FINANCIERE ALBA S.A. ... 19,279 608,095 COUNTRYWIDE CREDIT INDUSTRIES, INC . 18,433 150,564 COUSINS PROPERTIES, INC ............ 5,797 279,300 * CREDIT ACCEPTANCE CORP ............. 1,554 149,443 e CREDIT SAISON CO LTD ............... 3,475 30,200 b,e* CREDITRUST CORP .................... 40 687,900 CRESCENT REAL ESTATE EQUITIES CO ... 14,102 29,910 * CRESECENT OPERATING, INC ........... 43 2,689 b* CRIIMI MAE, INC .................... 4 161,694 CROWN AMERICAN REALTY TRUST ........ 869 386,700 DEVELOPERS DIVERSIFIED REALTY CORP . 5,776 240,100 DORAL FINANCIAL CORP ............... 2,746 399,251 DROTT AB SERIES B .................. 4,324 809,574 DUKE-WEEKS REALTY CORP ............. 18,114 58,200 * DVI, INC ........................... 931 49,778 * FIRST RUSSIAN FRONTIER SERIES A WTS 06/30/01 ............. 39 248,893 * EAST EUROPEAN FRONTIER TRUST PLC ... 1,997 143,900 EAST WEST BANCORP, INC ............. 2,069 101,300 EASTGROUP PROPERTIES, INC .......... 2,134 9,600 e* E-LOAN, INC ........................ 46 103,600 ENTERTAINMENT PROPERTIES TRUST ..... 1,431 1,046,898 EQUIFAX, INC ....................... 27,481 114,300 EQUITY INNS, INC ................... 700 2,062,112 EQUITY OFFICE PROPERTIES TRUST ...... 56,837 801,751 EQUITY RESIDENTIAL PROPERTIES TRUST CO ........................... 36,881 88,600 ESSEX PROPERTY TRUST, INC ........... 3,721 5,339 EURAFRANCE S.A. ..................... 2,567 129,066 EVEREST RE GROUP LTD ................ 4,243 22,600 * FEDERAL AGRICULTURE MORTGAGE CORP ... 329 6,521,084 FEDERAL NATIONAL MORTGAGE ASSOCIATION 340,319 253,000 FEDERAL REALTY INVESTMENT TRUST ..... 5,060 379,915 FELCOR LODGING TRUST, INC ........... 7,028 58,800 * FINANCIAL FEDERAL CORP .............. 1,022 350,900 * FINET.COM, INC ...................... 241 418,801 FINOVA GROUP, INC ................... 5,444 3,620 * FIRST HUNGARY FUND LTD (CLASS A) .... 7,173 248,800 FIRST INDUSTRIAL REALTY TRUST, INC .. 7,340 1,598,400 FIRST NIS REGIONAL FUND (FULLY PD) .. 8,999 42,000 FIRST WASHINGTON REALTY TRUST, INC .. 927 9,812,884 FIRSTAR CORP ........................ 206,684 365,812 e* FIRSTPLUS FINANCIAL GROUP, INC ...... 106 2,849,350 FIRSTRAND LTD ....................... 2,942 360,640 FRANCHISE FINANCE CORP OF AMERICA ... 8,295 4,155,124 FREDDIE MAC ......................... 168,283 146,500 GABLES RESIDENTIAL TRUST ............ 3,772 323,300 GENERAL GROWTH PROPERTIES, INC ...... 10,265 341,738 GETTY REALTY HOLDINGS CORP .......... 3,716 196,900 GLENBOROUGH REALTY TRUST, INC ....... 3,433 147,000 GLIMCHER REALTY TRUST ............... 2,113 10,800 GOLF TRUST OF AMERICA, INC .......... 171 8,472 * GRANDE HOLDINGS WTS 10/15/00 ........ 1 77,530 GREAT LAKES REIT, INC ............... 1,318 6,889 * GROUP POUR LE FINANCEMENT CONSTRUCTION ....................... 740 1,109,000 * GRUPO INDUSTRIAL ALFA S.A. SERIES A . 2,535 4,301,073 HALIFAX PLC ......................... 41,282 163,000 HAW PAR CORP LTD .................... 264 306,014 HEALTH CARE PROPERTY INVESTORS, INC . 8,339 150,817 HEALTH CARE REIT, INC ............... 2,451 249,700 HEALTHCARE REALTY TRUST, INC ........ 4,261 258,308 HELLER FINANCIAL, INC ............... 5,295 398,000 HIGHWOODS PROPERTIES, INC ........... 9,552 587,000 e HITACHI CREDIT CORP ................. 15,923 88,136 HOME PROPERTIES OF NEW YORK, INC .... 2,644 118 * HORIZON GROUP PROPERTIES, INC ....... 0 316,100 HOSPITALITY PROPERTIES TRUST ........ 7,132 2,875,519 HOUSEHOLD INTERNATIONAL, INC ........ 119,514 816,600 HRPT PROPERTIES TRUST ............... 5,002 6,934,767 HUTCHINSON WHAMPOA LTD .............. 87,182 26,400 * IMC MORTGAGE CO ..................... 1 160,000 * IMPERIAL CREDIT INDUSTRIES, INC ..... 680 761,025 INDYMAC BANCORP, INC ................ 10,321 1,956,754 ING GROEP NV ........................ 132,803 189,700 INNKEEPERS U.S.A. TRUST ............. 1,731 117,529 IRISH LIFE AND PERMANENT PLC ........ 995 109,042 IRISH LIFE AND PERMANENT PLC (U.K.) . 920 205,800 IRT PROPERTY CO ..................... 1,749 356,204 ISTAR FINANCIAL, INC ................ 7,458 62,000 JACCS CO ............................ 199 179,900 JDN REALTY CORP ..................... 1,833 86,400 JP REALTY, INC ...................... 1,539 44,550 * KEPPEL LAND WTS 12/12/00 ............ 2 172,826 KILROY REALTY CORP .................. 4,483 318,150 KIMCO REALTY CORP ................... 13,044 127,800 KOGER EQUITY, INC ................... 2,157 1,500 KONOVER PROPERTY TRUST, INC ......... 7 1,345,970 * LAND SECURITIES PLC ................. 16,098 74,600 LASALLE HOTEL PROPERTIES ............ 1,072 980,150 LEND LEASE CORP LTD ................. 12,539 262,000 * LEUCADIA NATIONAL CORP .............. 5,977 10,300 LEXINGTON CORPORATE PROPERTIES TRUST 115 387,700 LIBERTY PROPERTY TRUST CO ........... 10,056 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 25 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- CREDIT AND OTHER FINANCE--(CONTINUED) 171,300 LTC PROPERTIES, INC .................$ 1,017 188,800 MACERICH CO ......................... 4,165 383,600 e MACK-CALI REALTY CORP ............... 9,854 129,500 MANUFACTURED HOME COMMUNITIES, INC .. 3,100 49,700 MEDALLION FINANCIAL CORP ............ 767 1,251,316 MEDIOBANCA S.P.A. ................... 12,955 832,382 MEDITRUST CORP PAIRED ............... 3,121 297,181 MERISTAR HOSPITALITY CORP ........... 6,241 18,535 * MERRY LAND PROPERTIES, INC .......... 96 460,524 METRIS COS, INC ..................... 11,571 5,699,226 * METROPOLITAN LIFE INSURANCE CO ...... 120,040 3,555 e* MFN FINANCIAL CORP .................. 22 4,123 * MFN FINANCIAL CORP WTS SERIES A 03/23/02 .................. 1 4,123 * MFN FINANCIAL CORP WTS SERIES B 03/23/03 .................. 1 4,123 * MFN FINANCIAL CORP WTS SERIES C 03/23/04 .................. 1 60,000 MGI PROPERTIES, INC ................. 139 47,425 MID-AMERICA APARTMENT COMMUNITIES, INC 1,138 2,500 MID-STATE BANCSHARES ................ 68 98,431 MILLS CORP .......................... 1,852 80,600 NATIONAL GOLF PROPERTIES, INC ....... 1,703 127,400 NATIONAL HEALTH INVESTORS, INC ...... 1,401 87,490 * NATIONAL PROCESSING, INC ............ 1,094 288,100 NATIONWIDE HEALTH PROPERTIES, INC ... 4,015 150,089 e* NETBANK, INC ........................ 1,867 60,800 e* NEW CENTURY FINANCIAL CORP .......... 530 568,246 NEW PLAN EXCEL REALTY TRUST ......... 7,387 62,400 * NEXTCARD, INC ....................... 530 107,200 NICHIEI CO LTD (KYOTO) .............. 1,763 333,000 NIPPON SHINPAN CO LTD ............... 815 120,001 NORTHERN ROCK PLC ................... 618 129,398 OMEGA HEALTHCARE INVESTORS, INC ..... 582 2 * OMEGA WORLDWIDE, INC ................ 0 466,240 ORIENTAL HOLDINGS ................... 982 119,600 ORIX CORP ........................... 17,690 47 PACIFIC CREST CAPITAL, INC .......... 1 109,300 PACIFIC GULF PROPERTIES, INC ........ 2,739 58,900 PAN PACIFIC RETAIL PROPERTIES, INC .. 1,185 57,446 PARKWAY PROPERTIES, INC ............. 1,752 375,000 PC HOLDINGS ......................... 686 49,400 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST .................... 846 44,000 PLUM CREEK TIMBER CO, INC ............ 1,144 225,582 POST PROPERTIES, INC ................. 9,926 414,900 POWER CORP OF CANADA ................. 8,512 281,900 PRENTISS PROPERTIES TRUST ............ 6,766 75 * PRICESMART, INC ...................... 3 47,200 PRIME GROUP REALTY TRUST ............. 717 225,600 PRIMEDIA LTD (N SHS) ................. 168 751,787 PRISON REALTY TRUST, INC ............. 2,302 572,660 PROLOGIS TRUST ....................... 12,205 427,900 PROMISE CO LTD ....................... 33,890 466,087 PROVIDENT FINANCIAL PLC .............. 4,904 53,148 PS BUSINESS PARKS, INC ............... 1,276 597,680 PUBLIC STORAGE, INC .................. 14,008 977,000 * QPL INTERNATIONAL HOLDINGS LTD ....... 1,404 141,800 REALTY INCOME CORP ................... 3,341 358,711 RECKSON ASSOCIATES REALTY CORP ....... 8,781 10,822 REDWOOD TRUST, INC ................... 152 183,200 REGENCY REALTY CORP .................. 4,351 325,500 REMBRANDT GROUP LTD .................. 3,140 148,100 RESOURCE AMERICA, INC (CLASS A) ...... 967 25 RESOURCE BANCSHARES MORTGAGE GROUP, INC .......................... 0 172,900 RFS HOTEL INVESTORS, INC ............. 2,032 105,964 RMB HOLDINGS LTD ..................... 158 451,500 ROUSE CO ............................. 11,175 9,600 SAUL CENTERS, INC .................... 155 564,851 SCHRODERS PLC (NEW) .................. 10,159 84,410 SENIOR HOUSING PROPERTIES TRUST ...... 617 205,732 SHOHKOH FUND & CO .................... 46,472 128,800 SHURGARD STORAGE CENTERS, INC ........ 2,898 101,000 * SIERRACITIES.COM, INC ................ 379 2,183,900 SIME DARBY BERHAD .................... 2,805 814,960 SIMON PROPERTY GROUP, INC ............ 18,082 1,125,000 * SKYLINE VENTURE PARTNERS QUALIFIED II ........................ 1,125 135,000 SL GREEN REALTY CORP ................. 3,611 984,990 SLM HOLDINGS CORP .................... 36,876 71,300 SOVRAN SELF STORAGE, INC ............. 1,528 383,200 SPIEKER PROPERTIES, INC .............. 17,627 172,600 STORAGE U.S.A., INC .................. 5,092 12,900 STUDENT LOAN CORP .................... 542 2,545,000 SUMITOMO CORP ........................ 28,696 132,457 SUMMIT PROPERTIES, INC ............... 2,782 99,900 SUN COMMUNITIES, INC ................. 3,340 1,422,000 TA ENTERPRISE BERHAD ................. 460 345,300 * TAKEFUJI CORP ........................ 41,806 32,400 TANGER FACTORY OUTLET CENTERS, INC ... 761 396,130 TAUBMAN CENTERS, INC ................. 4,357 69,900 * TELESCAN, INC ........................ 511 145,603 THORNBURG MORTGAGE, INC .............. 1,047 1,428,000 e TOKYU CORP ........................... 7,072 99,800 TOWN & COUNTRY TRUST ................. 1,715 96,000 U.S. RESTAURANT PROPERTIES, INC ...... 858 582,700 * UNICAPITAL CORP ...................... 291 7,800 b* UNITED COS FINANCIAL CORP ............ 1 951,877 UNITED DOMINION REALTY TRUST, INC .... 10,471 62,800 URBAN SHOPPING CENTERS, INC .......... 2,116 405,656 * VENTAS, INC .......................... 1,293 2,945 * VORNADO OPERATING CO ................. 23 571,400 VORNADO REALTY TRUST ................. 19,856 227,400 WASHINGTON REAL ESTATE INVESTMENT TRUST .................... 4,065 265,332 WEINGARTEN REALTY INVESTORS, INC ..... 10,713 30,399 * WELLSFORD REAL PROPERTIES, INC ....... 460 57,000 WESTERN PROPERTIES TRUST ............. 677 177,000 WESTFIELD AMERICA, INC ............... 2,378 76,096 WESTFIELD TRUST (NEW UNITS) .......... 143 1,400,177 WESTFIELD TRUST (UNITS) .............. 2,725 27,300 WFS FINANCIAL, INC ................... 471 1,240 WHITE MOUNTAINS INSURANCE GROUP, INC . 198 100 WINSTON HOTELS, INC .................. 1 --------- 3,220,198 --------- INSURANCE--3.56% 95,800 21ST CENTURY INSURANCE GROUP ........ 1,509 12,000 * ACCEPTANCE INSURANCE COS, INC ....... 60 2,153,820 ACE LTD ............................. 60,307 5,510,945 * AEGON NV ............................ 196,890 74,608 AEGON NV ARS ........................ 2,658 944,960 AETNA, INC .......................... 60,655 1,529,201 AFLAC, INC .......................... 70,248 36,200 * AFRICAN LIFE ASSURANCE CO LTD ....... 138 122,400 ALFA CORP ........................... 2,142 98,811 * ALLEGHANY CORP (DELAWARE) ........... 16,600 494,691 ALLIANZ AG. (REGD) .................. 180,200 338,231 ALLMERICA FINANCIAL CORP ............ 17,715 10,702,556 ALLSTATE CORP ....................... 238,132 519,600 AMBAC FINANCIAL GROUP, INC .......... 28,481 232,708 AMERICAN FINANCIAL GROUP, INC ....... 5,774 1,621,782 AMERICAN GENERAL CORP ............... 98,929 9,878,198 AMERICAN INTERNATIONAL GROUP, INC ...1,160,688 215,100 AMERICAN NATIONAL INSURANCE CO ...... 10,970 94,630 AMERUS LIFE HOLDINGS, INC (CLASS A) . 1,952 2,257,190 AMP LTD ............................. 23,039 1,254,475 AON CORP ............................ 38,967 SEE NOTES TO FINANCIAL STATEMENTS 26 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- INSURANCE--(CONTINUED) 58,700 * ARCH CAPITAL GROUP LTD .............. $ 877 235,152 ARGONAUT GROUP, INC ................. 4,027 146,700 b* ARM FINANCIAL GROUP, INC (CLASS A) .. 2 4,023,429 e ASSICURAZIONI GENERALI S.P.A. ....... 138,461 822,807 AXA ................................. 130,143 619,000 AXA ASIA PACIFIC HOLDINGS LTD ....... 966 1,280,100 AXA FINANCIAL, INC .................. 43,523 108,850 BERKLEY (W.R.) CORP ................. 2,041 15 * BERKSHIRE HATHAWAY, INC (CLASS B) ... 26 82,300 BLANCH (E.W.) HOLDINGS, INC ......... 1,672 49,892 BROWN & BROWN, INC .................. 2,594 1,828,676 CGNU PLC ............................ 30,453 950 CHIYODA FIRE & MARINE INSURANCE CO LTD ................... 3 964,091 CHUBB CORP .......................... 59,292 1,225,872 CIGNA CORP .......................... 114,619 950,985 CINCINNATI FINANCIAL CORP ........... 29,897 106,900 * CNA FINANCIAL CORP .................. 3,635 69,500 CNA SURETY CORP ..................... 830 115,940 COMMERCE GROUP, INC ................. 3,420 21,100 COMPANHIA DE SEGUROS TRANQUILIDADE .. 667 1,541,323 e CONSECO, INC ........................ 15,028 35,931 CORPORACION MAPFRE S.A. ............. 457 235,100 CRAWFORD & CO (CLASS A) ............. 2,542 163,800 CRAWFORD & CO (CLASS B) ............. 1,802 90,227 * DELPHI FINANCIAL GROUP, INC ......... 3,062 167,300 ENHANCE FINANCIAL SERVICES GROUP, INC ................ 2,405 103,700 ERIE INDEMNITY CO (CLASS A) ......... 3,267 16,000 * FAIRFAX FINANCIAL HOLDINGS LTD ...... 1,749 1,000 * FARM FAMILY HOLDINGS, INC ........... 31 197,329 FBL FINANCIAL GROUP, INC (CLASS A) .. 3,108 129,752 FEDSURE HOLDINGS LTD ................ 632 588,939 FIDELITY NATIONAL FINANCIAL, INC .... 10,785 120,821 FINANCIAL SECURITY ASSURANCE HOLDINGS LTD ....................... 9,167 373,048 FIRST AMERICAN CORP ................. 5,339 301,876 * FIRST HEALTH GROUP CORP ............. 9,905 1,889,583 FORTIS B ............................ 55,210 51,968 FORTIS B CVG 07/20/01 ............... 371 462,027 FORTIS B NPV (STRIP VVPR) ........... 4 610,275 * FOUNDATION HEALTH SYSTEMS (CLASS A) . 7,934 60,800 e* FPIC INSURANCE GROUP, INC ........... 954 359,360 FREMONT GENERAL CORP ................ 1,415 183,740 e FRONTIER INSURANCE GROUP, INC ....... 115 185,000 GALLAGHER (ARTHUR J.) & CO .......... 7,770 6,853 GENERALI HOLDING VIENNA ............. 1,107 180,401 GREAT AMERICAN FINANCIAL RESOURCES, INC ..................... 3,191 3,000 b,f* HAFNIA HOLDINGS AS (REGD) (CLASS A) . 0 2,490 b,f* HAFNIA HOLDINGS AS (REGD) (CLASS B) . 0 162,300 HARLEYSVILLE GROUP, INC ............. 2,719 2,275,307 HARTFORD FINANCIAL SERVICES GROUP, INC ......................... 127,275 250,700 HCC INSURANCE HOLDINGS, INC ......... 4,732 61,500 e* HEALTHAXIS, INC ..................... 234 57,062 HILB, ROGAL & HAMILTON CO ........... 1,979 51,262 * HOMEFED CORP ........................ 34 185,032 HORACE MANN EDUCATORS CORP .......... 2,775 166,800 HSB GROUP, INC ...................... 5,192 991,800 * HUMANA, INC ......................... 4,835 678,096 JEFFERSON-PILOT CORP ................ 38,270 3,694,320 * JOHN HANCOCK FINANCIAL SERVICES, INC 87,509 21,900 KANSAS CITY LIFE INSURANCE CO ....... 589 374,826 LABONE, INC ......................... 2,108 88,740 LANDAMERICA FINANCIAL GROUP, INC .... 2,035 4,879,217 LEGAL & GENERAL GROUP PLC ........... 11,412 53,314 LIBERTY CORP ........................ 2,239 16,900 LIBERTY FINANCIAL COS, INC .......... 371 115,025 * LIBERTY LIFE ASSOCIATION OF AFICA LTD ....................... 1,094 1,324,900 LINCOLN NATIONAL CORP ............... 47,862 471,175 LOEWS CORP .......................... 28,271 2,060,600 MANULIFE FINANCIAL CORP ............. 36,297 24,500 * MARKEL CORP ......................... 3,470 61,500 MARSCHOLLEK LAUT UND PARTNER ........ 25,881 1,541,869 MARSH & MCLENNAN COS, INC ........... 161,029 20 * MAXICARE HEALTH PLANS, INC .......... 0 656,887 MBIA, INC ........................... 31,654 135,233 * MEDICAL ASSURANCE, INC .............. 1,521 1,300,000 MEDIOLANUM S.P.A. ................... 21,235 90,700 MERCURY GENERAL CORP ................ 2,143 658,600 e METROPOLITAN LIFE LTD ............... 860 768,000 MGIC INVESTMENT CORP ................ 34,944 167,900 * MID ATLANTIC MEDICAL SERVICES, INC .. 2,267 10,391 MIDLAND CO .......................... 255 1,069,050 e MITSUI TAISHO MARINE & FIRE CO LTD .. 5,153 230,100 MONY GROUP, INC ..................... 7,780 391,830 MUENCHENER RUECKVER AG. (REGD) ...... 124,890 200 * NATIONAL WESTERN LIFE INSURANCE CO .. 14 148,900 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A) ............ 4,895 280,600 * NISSAN FIRE & MARINE INSURANCE CO LTD ................... 809 371,400 OHIO CASUALTY CORP .................. 3,946 763,350 OLD REPUBLIC INTERNATIONAL CORP ..... 12,595 567,228 * OXFORD HEALTH PLANS, INC ............ 13,507 235,048 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) .......................... 14,147 35,700 * PENN TREATY AMERICAN CORP ........... 607 52,000 e* PHILADELPHIA CONSOLIDATED HOLDINGS CORP ...................... 874 5,400 * PICO HOLDINGS, INC .................. 76 5,100 PMA CAPITAL CORP (CLASS A) .......... 97 188,351 PMI GROUP, INC ...................... 8,947 35,851 POHJOLA INSURANCE CO LTD SERIES B ... 1,272 184,200 PRESIDENTIAL LIFE CORP .............. 2,556 10,350 * PROFESSIONALS GROUP, INC ............ 253 257,150 PROGRESSIVE CORP .................... 19,029 263,800 PROTECTIVE LIFE CORP ................ 7,024 1,681,791 PRUDENTIAL PLC ...................... 24,646 16,500 PXRE GROUP LTD ...................... 223 1,002,492 QBE INSURANCE GROUP LTD ............. 4,919 299,120 RADIAN GROUP, INC ................... 15,479 634,679 RAS S.P.A. .......................... 6,997 167,975 REINSURANCE GROUP OF AMERICA, INC ... 5,060 393,878 RELIANCE GROUP HOLDINGS, INC ........ 295 444,928 RELIASTAR FINANCIAL CORP ............ 23,331 23,700 RLI CORP ............................ 824 1,912,048 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC .......................... 12,418 819,460 SAFECO CORP ......................... 16,287 211,500 * SAFEGUARD HEALTH ENTERPRISES, INC ... 137 53,858 SAI S.P.A. .......................... 958 126,663 SAMPO INSURANCE CO SERIES A ......... 5,160 1,043,500 SANLAM LTD .......................... 1,233 43,567 SCPIE HOLDINGS, INC ................. 893 634,100 SELECTIVE INSURANCE GROUP, INC ...... 12,048 168,550 * SIERRA HEALTH SERVICES, INC ......... 537 2,800,326 SKANDIA FORSAKRINGS AB .............. 74,390 2,814,422 ST. PAUL COS, INC ................... 96,042 69,300 STANCORP FINANCIAL GROUP, INC ....... 2,226 15,100 STATE AUTO FINANCIAL CORP ........... 179 94,900 STEWART INFORMATION SERVICES CORP ... 1,388 225,195 UNI-STOREBRAND AS SERIES A .......... 1,633 1,080,028 SUMITOMO MARINE & FIRE INSURANCE CO . 6,298 318,400 * SUN LIFE FINANCIAL SERVICES OF CANADA .......................... 5,361 13,300 * SUPERIOR NATIONAL INSURANCE GROUP, INC ............... 1 47,178 e SWISS REINSURANCE ................... 96,468 3,845,000 TOKIO MARINE & FIRE INSURANCE CO LTD 44,480 32,484 * TOPDANMARK AS ....................... 534 2,107,900 TORCHMARK CORP ...................... 52,039 31,207 TRANSATLANTIC HOLDINGS, INC ......... 2,614 44,700 TRENWICK GROUP, INC ................. 651 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 27 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- INSURANCE--(CONTINUED) 85,300 * TRIAD GUARANTY, INC ................$ 1,957 205,800 * TRIGON HEALTHCARE, INC ............. 10,612 236,800 * UICI ............................... 1,554 2,152,574 UNITEDHEALTH GROUP, INC ............ 184,583 304,708 UNITRIN, INC ....................... 8,951 1,112,526 UNUMPROVIDENT CORP ................. 22,320 551,803 * WELLPOINT HEALTH NETWORKS, INC ..... 39,971 6,240 WESCO FINANCIAL CORP ............... 1,279 25,100 * WIT SOUNDVIEW GROUP, INC ........... 269 1,005,685 XL CAPITAL LTD ..................... 54,433 39,742 ZENITH NATIONAL INSURANCE CORP ..... 845 88,640 e ZURICH ALLIED AG. .................. 43,936 ---------- 4,738,573 ---------- SECURITIES AND COMMODITIES--1.44% 621,929 3I GROUP PLC ....................... 12,796 47,475 ADVEST GROUP, INC .................. 994 223,285 * AFFILIATED MANAGERS GROUP, INC ..... 10,159 22,100 AM CAP STRATEGIES .................. 528 576,980 e AMERITRADE HOLDINGS CORP (CLASS A) . 6,707 2,044,068 AMVESCAP PLC ....................... 32,802 265,700 BAADER WERTPAPIERHANDELSBANK AG. ... 8,329 773,602 BEAR STEARNS COS, INC .............. 32,201 3,000 CONSORS DISCOUNT-BROKER AG. ........ 269 33,200 DAIN RAUSCHER CORP ................. 2,191 1,833,852 DAIWA SECURITIES GROUP, INC ........ 24,265 97,900 DLJ DIRECT ......................... 698 303,700 DONALDSON, LUFKIN & JENRETTE, INC .. 12,888 1,368,153 * E TRADE GROUP, INC ................. 22,575 189,000 EATON VANCE CORP ................... 8,741 555,842 EDWARDS (A.G.), INC ................ 21,678 400,500 * EQ ONLINE OYJ ...................... 2,338 407,400 FEDERATED INVESTORS, INC ........... 14,284 1,055,900 FRANKLIN RESOURCES, INC ............ 32,073 132,400 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC ................. 1,076 78,588 * INVESTMENT TECHNOLOGY GROUP, INC ... 3,104 263,556 INVESTORS FINANCIAL SERVICES CORP .. 10,460 2,080,400 e* ITOCHU CORP ........................ 10,519 34,200 JEFFERIES GROUP, INC (NEW) ......... 690 32,674 JOHN NUVEEN CO (CLASS A) ........... 1,370 527,568 e* KNIGHT TRADING GROUP, INC .......... 15,728 345,732 LEGG MASON, INC .................... 17,287 721,319 LEHMAN BROTHERS HOLDINGS, INC ...... 68,210 3,139,000 LG INVESTMENT & SECURITIES ......... 40,818 285,800 MACKENZIE FINANCIAL CORP ........... 4,292 1,733,900 * MARUBENI CORP ...................... 5,981 2,333,242 MERRILL LYNCH & CO, INC ............ 268,323 2,048,000 MITSUBISHI CORP .................... 18,563 2,137,000 MITSUI & CO LTD .................... 16,360 194,300 MORGAN KEEGAN, INC ................. 2,866 7,387,246 MORGAN STANLEY DEAN WITTER & CO .... 614,988 83,600 * NATIONAL DISCOUNT BROKERS GROUP, INC 2,665 4,623,000 e NOMURA SECURITIES CO LTD ........... 113,384 75,637 OM GRUPPEN AB ...................... 3,398 821,552 PAINE WEBBER GROUP, INC ............ 37,381 51,700 b* PEREGRINE INVESTMENT HOLDINGS LTD .. 0 264,206 PHOENIX INVESTMENT PARTNERS LTD .... 2,774 132,818 * PIONEER GROUP, INC ................. 5,628 635,500 PRICE (T. ROWE) ASSOCIATES, INC .... 27,009 256,806 RAYMOND JAMES FINANCIAL CORP ....... 5,778 7,331,500 SCHWAB (CHARLES) CORP .............. 246,522 2,621,000 SHINKO SECURITIES CO LTD ........... 11,767 78,029 e SOUTHWEST SECURITIES GROUP, INC .... 2,907 87,000 * TD WATERHOUSE GROUP ................ 1,641 401,000 THE GOLDMAN SACHS GROUP, INC ....... 38,045 1,439,000 e TOKYO SECURITIES CO LTD ............ 5,413 175,100 TUCKER ANTHONY SUTRO CORP .......... 3,152 304,700 UNITED ASSET MANAGEMENT CORP ....... 7,122 270,100 VALUE LINE, INC .................... 10,399 612,575 WADDELL & REED FINANCIAL, INC (CLASS A) ......................... 20,100 153,189 WADDELL & REED FINANCIAL, INC (CLASS B) ......................... 4,452 1,793,000 b* YAMAICHI SECURITIES CO LTD ......... 34 ---------- 1,896,722 ---------- TOTAL FINANCE ......................19,781,774 ---------- FOODS AND RELATED--4.61% BEVERAGES, OTHER FOOD PRODUCTS--4.09% 199,500 * 7-ELEVEN, INC ...................... 2,743 42,500 * ADVANTICA RESTAURANT GROUP, INC .... 41 88,940 b,e* AGRIBIOTECH, INC ................... 2 65,619 * AGRIBRANDS INTERNATIONAL, INC ...... 2,752 632,600 AJINOMOTO CO LTD ................... 8,131 2,619,143 ALBERTSON'S, INC ................... 87,087 25,400 * AMERICAN ITALIAN PASTA CO (CLASS A) 525 2,803,851 ANHEUSER-BUSCH COS, INC ............ 209,413 184,557 APPLEBEES INTERNATIONAL, INC ....... 5,594 3,996,966 ARCHER DANIELS MIDLAND CO .......... 39,220 50 ARIAKE JAPAN CO LTD ................ 3 1,690,000 e ASAHI BREWERIES LTD ................ 20,269 10,800 * ASIA FOOD & PROPERTIES LTD WTS 07/12/02 .................. 1 24,600 * AURORA FOODS, INC .................. 98 21,200 AUSTRIA TABAKWERKE AG. ............. 789 226,748 AUTOGRILL S.P.A. ................... 2,428 210,900 e AVADO BRANDS, INC .................. 316 105,989 AZUCARERA EBRO AGRICOLAS S.A. ...... 1,270 1,311,137 BASS PLC ........................... 14,748 115,700 * BERINGER WINE ESTATES HOLDINGS, INC (CLASS B) ..................... 4,086 1,695,400 BESTFOODS, INC ..................... 117,406 241,682 BOB EVANS FARMS, INC ............... 3,610 43,505 * BOSTON BEER CO, INC (CLASS A) ...... 373 11,800 b* BOSTON CHICKEN, INC ................ 0 10,869 * BRAU UND BRUNNEN AG. ............... 467 482,893 * BRINKER INTERNATIONAL, INC ......... 14,125 181,933 BRITANNIA INDUSTRIES LTD ........... 2,439 820,455 BRL HARDY LTD ...................... 3,539 309,647 BROWN FORMAN, INC (CLASS B) ........ 16,644 262,850 * BUFFETS, INC ....................... 3,335 21,672 * BUSH BOAKE ALLEN, INC .............. 948 2,126,978 CADBURY SCHWEPPES LTD .............. 13,975 129,100 * CADIZ, INC ......................... 1,033 1,881,350 CAMPBELL SOUP CO ................... 54,794 102,505 * CANANDAIGUA BRANDS, INC (CLASS A) .. 5,170 42,978 CARLSBERG BREWERIES AS (CLASS A) ... 1,270 11,781 CARLSBERG BREWERIES AS (CLASS B) ... 359 327,000 CARLSBERG BREWERY MALAYSIA BERHAD .. 1,101 1,366,326 CARREFOUR SUPERMARCHE S.A. ......... 93,779 245,210 e CASINO GUICHARD-PERRACHON S.A. ..... 22,801 192,725 CBRL GROUP, INC .................... 2,831 284,650 * CEC ENTERTAINMENT, INC ............. 7,294 120,500 * CENTRAL GARDEN & PET CO ............ 1,081 240,000 CHEIL JEDANG CORP .................. 10,998 158,600 CHIQUITA BRANDS INTERNATIONAL, INC . 624 50,000 CHRISTIAN DIOR S.A. ................ 11,383 273,364 CKE RESTAURANTS, INC ............... 820 660,116 e COCA COLA AMATIL LTD ............... 1,288 258,800 COCA COLA BOTTLING CO CONSOLIDATED . 11,775 14,978,184 COCA COLA CO ....................... 860,309 1,699,600 COCA COLA ENTERPRISES, INC ......... 27,725 37,500 COLRUYT S.A. ....................... 1,595 16,346,000 COMPANHIA BRASILEIRA DISTRIBUICAO GROUP ................ 530 1,625,623 COMPASS GROUP PLC .................. 21,423 3,018,988 CONAGRA, INC ....................... 57,549 40,336 * CONSOLIDATED PRODUCTS, INC ......... 363 248,617 COORS (ADOLPH) CO (CLASS B) ........ 15,041 256,325 CORN PRODUCTS INTERNATIONAL, INC ... 6,793 SEE NOTES TO FINANCIAL STATEMENTS 28 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- BEVERAGES, OTHER FOOD PRODUCTS--(CONTINUED) 49,179 DANISCO AS ......................... $ 1,649 255,327 DANONE GROUP ....................... 34,021 886,025 DARDEN RESTAURANTS, INC ............ 14,398 46,050 * DAVE & BUSTERS, INC ................ 288 83,400 DCC PLC ............................ 741 230,899 DEAN FOODS CO ...................... 7,317 140,300 * DEL MONTE FOODS CO ................. 956 10,517 DELHAIZE AMERICA, INC (CLASS A) .... 186 748,150 DELHAIZE AMERICA, INC (CLASS B) .... 11,503 64,650 DELHAIZE FRERES NV ................. 3,883 218,209 DELTA & PINE LAND CO ............... 5,469 15,083,589 DIAGEO PLC (CLASS A) ............... 135,412 407,828 e DIMON, INC ......................... 867 292,157 DOLE FOOD, INC ..................... 4,090 90,144 DREYERS GRAND ICE CREAM, INC ....... 1,893 423,028 EARTHGRAINS CO ..................... 8,223 93,393 * EL AGUILA S.A. ..................... 665 1,554 e ERIDANIA BEGHIN-SAY S.A. ........... 153 9,700 e EZAKI GLICO CO LTD ................. 54 1,000,000 FAMILYMART CO LTD .................. 38,561 613,325 FLOWERS INDUSTRIES, INC ............ 12,228 947,000 FOMENTO ECONOMICO MEXICA (NEW) ..... 4,041 1,086,257 FORTUNE BRANDS, INC ................ 25,052 6,044,525 e FOSTERS BREWING GROUP LTD .......... 17,057 222,800 FRASER & NEAVE LTD ................. 792 200,384 FRISCHS RESTAURANTS, INC ........... 2,104 278,741 FYFFES PLC ......................... 289 1,677,556 GENERAL MILLS, INC ................. 64,167 124,479 GOLDEN ENTERPRISES, INC ............ 381 1,735,938 GOODMAN FIELDER LTD ................ 1,292 187,400 * GRAND UNION CO ..................... 100 115,600 GREAT ATLANTIC & PACIFIC TEA CO, INC 1,922 755,000 GRUPO INDUSTRIAL BIMBO S.A. DE CV SERIES A .................... 1,189 2,038,000 GRUPO MODELO S.A. SERIES C ......... 4,731 71,800 e* HAIN CELESTIAL GROUP, INC .......... 2,634 185,627 HANNAFORD BROTHERS, INC ............ 13,342 636,913 HEINEKEN NV ........................ 38,922 2,126,821 HEINZ (H.J.) CO .................... 93,048 664,963 HERSHEY FOODS CORP ................. 32,251 2,500 * HINES HORTICULTURE, INC ............ 17 24,700 HOLSTEN BRAUEREI AG. ............... 430 24,700 * HOLSTEN BRAUEREI AG. RTS ........... 24 500,514 HORMEL FOODS CORP .................. 8,415 1,292,689 HOST MARRIOTT CORP (NEW) ........... 12,119 224,000 HOUSE FOODS CORP ................... 3,472 456,700 IBP, INC ........................... 7,050 124,800 * IHOP CORP (NEW) .................... 2,090 8,538 IMPERIAL SUGAR CO .................. 11 236,380 * INTERNATIONAL HOME FOODS, INC ...... 4,949 107,200 INTERNATIONAL MULTIFOODS CORP ...... 1,856 246,211 e INTERSTATE BAKERIES CORP ........... 3,447 3,539,000 IOI CORP ........................... 2,785 15,301 ITOHAM FOODS, INC .................. 65 1,036,355 ITO-YOKADO CO LTD .................. 62,491 74,800 * J & J SNACK FOODS CORP ............. 1,337 277,765 * JACK IN THE BOX, INC ............... 6,840 90,866 JERONIMO MARTINS SGPS S.A. ......... 1,503 994,554 KAMPS AG. .......................... 31,938 70,000 KATOKICHI CO LTD ................... 1,776 131,106 KEEBLER FOODS CO ................... 4,867 1,254,600 KELLOGG CO ......................... 37,324 591,000 KENTUCKY FRIED CHICKEN BERHAD ...... 840 70,393 KERRY GROUP (CLASS A) .............. 924 65,000 KERRY GROUP PLC (CLASS A) .......... 839 163,000 KIKKOMAN CORP ...................... 1,259 3,521,000 e KIRIN BREWERY CO LTD ............... 44,093 6,500 * KRISPY KREME DOUGH ................. 478 5,701,356 * KROGER CO .......................... 125,786 219,029 LANCASTER COLONY CORP .............. 4,271 151,332 LANCE, INC ......................... 1,362 158,700 LANDRYS SEAFOOD RESTAURANTS, INC ... 1,349 2,049,800 LI & FUNG LTD ...................... 10,255 567,502 LION NATHAN LTD .................... 1,269 1,700 LOBLAW COS LTD ..................... 49 188,219 LONE STAR STEAKHOUSE & SALOON, INC . 1,906 140,191 LUBY'S, INC ........................ 1,122 188,777 LVMH MOET HENNESSY LOUIS VUITTON ... 78,157 430,400 MCCORMICK & CO, INC (NON-VOTE) ..... 13,988 8,307,707 MCDONALD'S CORP .................... 273,635 50,000 MEFOS LTD .......................... 506 426,000 MEIJI MILK PRODUCTS CO LTD ......... 2,295 534,708 MEIJI SEIKA KAISHA LTD ............. 3,548 927 * MELCO INTERNATIONAL DEVELOPMENT LTD 0 89,875 MICHAEL FOODS, INC ................. 2,202 97,400 * MIDWEST GRAIN PRODUCTS, INC ........ 810 163,797 MOLSON, INC (CLASS A) .............. 3,200 1,000 MOLSON, INC (CLASS B) .............. 19 6,383 MORRISON MANAGEMENT SPECIALISTS, INC 180 1,939,076 NABISCO GROUP HOLDINGS ............. 50,295 278,730 NABISCO HOLDINGS CORP (CLASS A) .... 14,633 299,700 NESTLE MALAYSIA BERHAD ............. 1,388 89,561 NESTLE S.A. (REGD) ................. 179,827 292,741 NEW UNIGATE PLC .................... 1,285 751,000 NICHIREI CORP ...................... 3,208 318,000 e NIPPON MEAT PACKERS, INC ........... 4,659 700,000 NIPPON OIL & FATS CO LTD ........... 2,051 1,043,000 NIPPON SUISAN KAISHA LTD ........... 1,912 317,000 NISSHIN FLOUR MILLING CO LTD ....... 3,176 262,909 NISSIN FOOD PRODUCTS CO LTD ........ 6,709 94,300 * NPC INTERNATIONAL, INC ............. 846 730,029 e* NUMICO NV .......................... 34,780 47,450 * O'CHARLEY'S, INC ................... 647 221,344 ORKLA ASA .......................... 4,221 7,977 OSTERREICHISCHE BRAU- AKTIENGESELLSCHAF ................. 363 407,350 * OUTBACK STEAKHOUSE, INC ............ 11,915 57,500 OYJ HARTWALL ABP ................... 1,158 38,600 * P.F. CHANGS CHINA BISTRO, INC ...... 1,233 130,790 * PAPA JOHN'S INTERNATIONAL, INC ..... 3,204 1,399,518 PARMALAT FINANZIARIA S.P.A. ........ 1,983 2,698 * PASCUAL HERMANOS S.A. .............. 1 57,900 PENFORD CORP ....................... 1,245 1,100,210 PEPSI BOTTLING GROUP, INC .......... 32,112 15,711,262 PEPSICO, INC ....................... 698,169 75,800 * PERFORMANCE FOOD GROUP CO .......... 2,426 95,504 PERNOD-RICARD S.A. ................. 5,218 441,258 PICCADILLY CAFETERIAS, INC ......... 1,241 77,300 PILGRIMS PRIDE CORP (CLASS B) ...... 551 412,807 b,e* PLANET HOLLYWOOD, INC (CLASS A) .... 4 35,000 b* POWER PACIFIC LTD .................. 0 9,681 * Q.P. CORP .......................... 81 738,304 QUAKER OATS CO ..................... 55,465 50 * RAINFOREST CAFE, INC ............... 0 151,707 RAISIO GROUP PLC ................... 301 178,643 * RALCORP HOLDINGS, INC .............. 2,188 5,435,473 RALSTON PURINA CO .................. 108,370 296,050 e* RINASCENTE S.P.A. .................. 1,686 20,500 RIVIANA FOODS, INC ................. 357 51,900 * ROBERT MONDAVI CORP (CLASS A) ...... 1,593 3,353,710 e ROYAL AHOLD NV ..................... 99,114 390,668 RUBY TUESDAY, INC .................. 4,908 98,200 RUDDICK CORP ....................... 1,160 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 29 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- BEVERAGES, OTHER FOOD PRODUCTS--(CONTINUED) 233,250 * RYAN'S FAMILY STEAK HOUSES, INC .... $ 1,968 4,259,436 * SAFEWAY, INC ....................... 192,207 2,569,445 SAINSBURY (J) PLC .................. 11,670 12,000 SAKATA SEED CORP ................... 260 38,150 SAPPORO BREWERIES LTD .............. 156 5,340,660 SARA LEE CORP ...................... 103,141 10 SEABOARD CORP ...................... 2 944,800 SEAGRAMS CO LTD .................... 55,475 40,880 e SEVEN-ELEVEN JAPAN CO LTD .......... 3,427 5,600 * SHONEYS, INC ....................... 7 165,000 SKYLARK CO LTD ..................... 6,534 47,000 * SMART & FINAL, INC ................. 361 285,600 * SMITHFIELD FOODS, INC .............. 8,015 33,008 SMUCKER, (J.M.) CO (CLASS A) ....... 635 194,700 SMUCKER, (J.M.) CO (CLASS B) ....... 3,651 345,000 SNOW BRAND MILK PRODUCTS CO ........ 1,859 107,423 SOBEYS, INC ........................ 1,780 77,601 SODEXHO ALLIANCE S.A. .............. 14,134 150,751 SODEXHO MARRIOTT SERVICES, INC ..... 2,412 197,975 * SONIC CORP ......................... 5,816 457,138 SOUTH AFRICAN BREWERIES LTD ........ 3,412 648,192 SOUTHCORP LTD ...................... 1,876 108,836 STANDARD COMMERCIAL CORP ........... 497 1,136,530 * STARBUCKS CORP ..................... 43,401 198,250 * SUIZA FOODS CORP ................... 9,689 874,190 SUPERVALU, INC ..................... 16,664 2,959,833 e SWEDISH MATCH CO ................... 9,179 2,996,361 e* SWEDISH MATCH AB RTS ............... 190 2,263,100 SYSCO CORP ......................... 95,333 343,796 TAKARA SHUZO CO LTD ................ 8,594 1,103,807 TATE & LYLE PLC .................... 5,514 109,300 e* TELEPIZZA S.A. ..................... 618 73,753 * TERRA INDUSTRIES, INC .............. 78 17,060,822 * TESCO PLC .......................... 53,077 117,975 * THE CHEESECAKE FACTORY CO .......... 3,244 84,500 * TIGER BRANDS LTD ................... 758 219,386 TOOTSIE ROLL INDUSTRIES, INC ....... 7,679 1,107,000 a* TPI ENTERPRISES, INC ............... 6 22,100 * TRIARC COS, INC .................... 453 1,107,471 * TRICON GLOBAL RESTAURANTS, INC ..... 31,286 1,122,360 TYSON FOODS, INC ................... 9,821 4,831,071 UNILEVER LTD ....................... 29,255 1,411,595 e UNILEVER NV CERTIFICATE ............ 65,019 29,900 * UNITED NATURAL FOODS, INC .......... 411 192,596 UNIVERSAL CORP ..................... 4,069 294,532 UNIVERSAL FOODS CORP ............... 5,449 204,000 UNY CO LTD ......................... 2,825 7,485 VALORA HOLDINGS AG. (REGD) ......... 2,085 131,700 * VETERINARY CENTERS OF AMERICA, INC . 1,811 516,800 VIAD CORP .......................... 14,083 136,603 * VICORP RESTAURANTS, INC ............ 2,493 183,000 * VLASIC FOODS INTERNATIONAL, INC .... 297 3,960,000 * WAL-MART DE MEXICO S.A. DE CV ...... 9,293 102,531 WEIS MARKETS, INC .................. 3,358 505,469 WENDY'S INTERNATIONAL, INC ......... 9,004 333,600 WESTON (GEORGE) LTD ................ 14,635 616,506 WHITMAN CORP ....................... 7,629 152,700 e* WHOLE FOODS MARKET, INC ............ 6,308 121,500 e* WILD OATS MARKETS, INC ............. 1,526 445,832 WINN DIXIE STORES, INC ............. 6,381 1,504,966 WOOLWORTHS LTD ..................... 5,571 60,200 WRIGLEY (WM) JR CO ................. 4,827 373,800 f WRIGLEY (WM) JR CO (CLASS B) ....... 29,974 68,000 YAKULT HONSHA CO LTD ............... 906 388,000 YAMAZAKI BAKING CO LTD ............. 3,814 ---------- 5,442,710 ---------- TOBACCO--0.52% 300,961 ALTADIS ............................. 4,616 3,637,447 ALTADIS S.A. ........................ 56,104 207,309 BRITISH AMERICAN TOBACCO AUSTRALIA LTD ...................... 1,307 327,300 BRITISH AMERICAN TOBACCO BERHAD ..... 2,670 1,840,910 BRITISH AMERICAN TOBACCO PLC ........ 12,290 2,550,000 GALLAHER GROUP PLC .................. 14,592 755,000 * GRUPO CARSO S.A. DE CV SERIES A ..... 2,677 1,757 JAPAN TOBACCO, INC .................. 15,460 20,401,139 PHILIP MORRIS COS, INC .............. 541,905 698,149 RJR REYNOLDS TOBACCO HOLDINGS, INC .. 19,505 63,878 * SOUZA CRUZ S.A. ..................... 382 1,101,417 UST, INC ............................ 16,177 10,800 e VECTOR GROUP LTD .................... 159 --------- 687,844 --------- TOTAL FOODS AND RELATED .............6,130,554 --------- HEALTH--11.40% DRUGS AND PHARMACEUTICALS--9.46% 10,191,313 ABBOTT LABORATORIES CO .............. 454,150 207,300 * ABGENIX, INC ........................ 24,847 29,600 * ADVANCED TISSUE SCIENCE, INC ........ 238 1,100,408 AKZO NOBEL NV ....................... 46,941 16,000 * ALBANY MOLECULAR RESEARCH, INC ...... 871 16,700 * ALEXION PHARMACEUTICAL .............. 1,194 75,000 * ALGOS PHARMACEUTICAL CORP ........... 1,144 356,500 * ALKERMES, INC ....................... 16,800 6,872 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS A) ...................... 124 745,044 ALLERGAN, INC ....................... 55,506 26,600 * ALLIANCE PHARMACEUTICAL CORP ........ 299 27,700 * ALLSCRIPTS .......................... 637 22,900 * ALPHA BETA TECHNOLOGY, INC .......... 0 105,100 e ALPHARMA, INC (CLASS A) ............. 6,542 313,520 * ALZA CORP ........................... 18,537 9,835,567 AMERICAN HOME PRODUCTS CORP ......... 577,840 305,400 * AMERISOURCE HEALTH CORP (CLASS A) ... 9,467 7,931,622 * AMGEN, INC .......................... 557,196 36,700 * AMYLIN PHARMACEUTICALS, INC ......... 557 212,200 * ANDRX CORP .......................... 13,564 76,000 * ANESTA CORP ......................... 1,891 8,800 * APHTON CORP ......................... 227 45,349 * AQUILA BIOPHARMACEUTICALS, INC ...... 133 2,126,524 ASTRAZENECA PLC ..................... 99,404 75,000 ASTRAZENECA PLC (SPONS ADR) ......... 3,488 1,624,893 ASTRAZENECA PLC (UNITED KINGDOM) .... 75,889 295,600 * AVATEX CORP (CLASS A) ............... 157 1,679,462 AVENTIS S.A. ........................ 123,079 141,215 e* AVIRON, INC ......................... 4,360 59 * AXYS PHARMACEUTICALS, INC ........... 0 1,000,000 * BANYU PHARMACEUTICAL CO LTD ......... 24,526 125,400 * BARR LABORATORIES, INC .............. 5,619 599,749 BAYER AG. ........................... 23,457 176,269 BEIERSDORF AG. ...................... 14,869 804,654 BERGEN BRUNSWIG CORP (CLASS A) ...... 4,426 162,021 BINDLEY WESTERN INDUSTRIES, INC ..... 4,283 211,100 * BIOCHEM PHARMA, INC ................. 5,157 835,398 * BIOGEN, INC ......................... 53,883 426,113 * BIOMARIN PHARMACEUTICAL, INC ........ 7,244 79,500 * BIOMATRIX, INC ...................... 1,799 21,800 e* BIOPURE CORP ........................ 410 344,800 * BIO-TECHNOLOGY GENERAL CORP ......... 4,547 37,300 * BIOVAIL CORP ........................ 2,068 105,000 * BIOVAIL CORP (CANADA) ............... 5,857 2,080,721 BOOTS CO LTD ........................ 15,845 28,350 * BOSTON LIFE SCIENCES, INC ........... 251 15,307,644 BRISTOL MYERS SQUIBB CO ............. 891,670 6,601,866 CARDINAL HEALTH, INC ................ 488,538 SEE NOTES TO FINANCIAL STATEMENTS 30 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- DRUGS AND PHARMACEUTICALS--(CONTINUED) 1,264,781 * CAREMARK RX, INC ....................$ 8,616 39,900 * CELL GENESYS, INC ................... 1,117 126,299 e* CELL PATHWAYS, INC .................. 2,968 28,300 * CELL THERAPEUTICS ................... 867 257,815 * CELLTECH GROUP PLC .................. 4,996 261,385 * CEPHALON, INC ....................... 15,650 58,700 * CHATTEM, INC ........................ 803 90,900 * CHIREX, INC ......................... 1,818 468,343 * CHIRON CORP ......................... 22,246 297,000 e CHUGAI PHARMACEUTICAL CO LTD ........ 5,628 93,856 CIPLA LTD ........................... 1,819 147,000 * COLUMBIA LABORATORIES, INC .......... 845 215,850 * COR THERAPEUTICS, INC ............... 18,415 93,700 * CORIXA CORP ......................... 4,023 122,400 e* COULTER PHARMACEUTICALS, INC ........ 2,509 18,000 * CREATIVE BIOMOLECULES, INC .......... 252 95 * CRESCENDO PHARMACEUTICALS CORP ...... 2 406,681 CSL LTD ............................. 8,066 6,351,267 CVS CORP ............................ 254,051 36,736 * CYTOGEN CORP ........................ 372 485,286 DAIICHI PHARMACEUTICAL CO LTD ....... 12,338 69,716 DIAGNOSTIC PRODUCTS CORP ............ 2,231 568,645 DR. REDDY'S LABORATORIES LTD (DEMAT) 16,701 15,300 * DRUGSTORE.COM, INC .................. 115 900,600 DSM NV .............................. 29,007 108,700 e* DUANE READE, INC .................... 2,799 280,300 * DURA PHARMACEUTICALS, INC ........... 4,029 136,100 * DURAMED PHARMACEUTICALS, INC ........ 740 378,036 EISAI CO LTD ........................ 12,148 540,964 e* ELAN CORP PLC ADR ................... 26,203 5,100 e* ENVISION DEVELOPMENT CORP ........... 112 171,096 * ENZON, INC .......................... 7,272 63 * EPITOPE, INC ........................ 1 169,000 * E-Z-EM, INC (CLASS A) ............... 1,099 231,367 * E-Z-EM, INC (CLASS B) ............... 1,706 328,205 F.H. FAULDING & CO LTD .............. 1,613 502,892 * FOREST LABORATORIES, INC ............ 50,792 47,132 GEHE AG. ............................ 1,514 86,000 * GELTEX PHARMACEUTICALS, INC ......... 1,758 404,600 * GENENTECH, INC ...................... 69,591 1,400,000 * GENESOFT SERIES C FINANCING ......... 7,000 485,596 * GENZYME CORP (GENERAL DIVISION) ..... 28,863 8,577 e* GENZYME CORP (TISSUE REPAIR DIVISION) .......................... 45 19 * GENZYME SURGICAL PRODUCTS ........... 0 52 * GENZYME-MOLECULAR ONCOLOGY .......... 1 322,693 * GILEAD SCIENCES, INC ................ 22,952 15,037,063 GLAXO WELLCOME PLC .................. 438,674 76,600 e* GUILFORD PHARMACEUTICALS, INC ....... 1,154 78,500 e* HEMISPHERX BIOPHARMA, INC ........... 442 7,183 HERBALIFE INTERNATIONAL, INC (CLASS A) ...................... 63 18,766 HERBALIFE INTERNATIONAL, INC (CLASS B) 148 390,370 * HUMAN GENOME SCIENCES, INC .......... 52,066 11,100 * HYSEQ, INC .......................... 504 428,079 ICN PHARMACEUTICALS, INC ............ 11,906 242,850 * ICOS CORP ........................... 10,685 196,200 * IDEC PHARMACEUTICALS CORP ........... 23,017 179,500 * IDEXX LABORATORIES, INC ............. 4,106 63,600 * IGEN INTERNATIONAL, INC ............. 1,053 257,400 * IMCLONE SYSTEMS, INC ................ 19,675 166,900 * IMMUCOR, INC ........................ 939 1,416,091 * IMMUNEX CORP ........................ 70,008 44,100 * IMMUNOMEDICS, INC ................... 1,080 72,200 e* INHALE THERAPEUTIC SYSTEMS .......... 7,326 33,700 * INVITROGEN CORP ..................... 2,534 220,200 e* ISIS PHARMACEUTICALS, INC ........... 3,193 735,888 * IVAX CORP .......................... 30,539 9,923,902 JOHNSON & JOHNSON CO ............... 1,010,998 360,150 JONES PHARMACEUTICAL, INC .......... 14,383 75,000 e KAKEN PHARMACEUTICAL CO LTD ........ 582 260,156 * KING PHARMACEUTICALS, INC .......... 11,414 4,090 e KISSEI PHARMACEUTICALS CO LTD ...... 79 223,000 KOBAYASHI PHARMACEUTICAL CO LTD .... 20,866 10,200 * KOS PHARMACEUTICALS, INC ........... 164 39,100 * KV PHARMACEUTICAL CO (CLASS B) ..... 1,063 748,000 KYOWA HAKKO KOGYO .................. 7,331 347,800 * LIGAND PHARMACEUTICALS CO (CLASS A) 4,587 6,830,805 LILLY (ELI) & CO ................... 682,227 106,498 LONGS DRUG STORES CORP ............. 2,316 711,611 LYONDELL CHEMICAL CO ............... 11,919 132,100 e* MACROCHEM CORP (DELAWARE) .......... 640 429,050 MALLINCKRODT, INC .................. 18,637 4,400 * MANNATECH, INC ..................... 10 1,285,150 a,e* MARTEK BIOSCIENCES CORP ............ 24,097 22,800 * MATRIX PHARMACEUTICALS, INC ........ 298 376,200 e MATSUMOTOKIYOSHI ................... 39,538 22,200 e* MAXIM PHARMACEUTICAL ............... 1,141 1,649,962 MCKESSON HBOC, INC ................. 34,546 45,400 MDS, INC ........................... 1,394 182,702 * MEDICIS PHARMACEUTICAL CORP (CLASS A) ......................... 10,414 1,108,822 * MEDIMMUNE, INC ..................... 82,053 394,838 MERCK & CO KGAA .................... 12,036 18,156,593 MERCK & CO, INC .................... 1,391,249 15,500 * MGI PHARMA, INC .................... 446 548,318 * MILLENNIUM PHARMACEUTICALS, INC .... 61,343 5,800 * MIRAVANT MEDICAL TECHNOLOGY ........ 129 712,934 MYLAN LABORATORIES, INC ............ 13,011 27,100 * NABI, INC .......................... 198 176,700 NATURES SUNSHINE PRODUCTS, INC ..... 1,237 336,830 * NBTY, INC .......................... 2,147 88,000 e* NCS HEALTHCARE, INC (CLASS A) ...... 66 32,600 * NEO RX CORP ........................ 615 15,400 * NEOPROBE CORP ...................... 11 62,700 * NEUROGEN CORP ...................... 1,810 146,874 NOVARTIS AG. (REGD) ................ 233,394 14,000 * NOVEN PHARMACEUTICALS, INC ......... 421 225,490 NOVO NORDISK AS (CLASS B) .......... 38,536 291,762 * NU SKIN ENTERPRISES, INC (CLASS A) . 1,678 1,170,000 NYCOMED AMERSHAM PLC ............... 11,619 565,400 OMNICARE, INC ...................... 5,124 244,700 e* ORGANOGENESIS, INC ................. 2,799 98,500 * PATHOGENESIS CORP .................. 2,561 30,350 * PENWEST PHARMACEUTICALS CO ......... 305 47,316,884 PFIZER, INC ........................ 2,271,210 39,042 * PHARMACEUTICAL RESOURCES, INC ...... 205 17,900 * PHARMACOPEIA, INC .................. 830 92,200 * PHARMACYCLICS, INC ................. 5,624 37,900 * PRAECIS PHARMACEUTICALS, INC ....... 1,056 96,207 * PRIORITY HEALTHCARE CORP (CLASS A) . 7,149 400 * PRIORITY HEALTHCARE CORP (CLASS B) . 30 182,725 * PROTEIN DESIGN LABORATORIES, INC ... 30,141 55,300 * QLT PHOTOTHERAPEUTICS, INC ......... 4,292 1,489,500 * RANBAXY LABORATORIES LTD (DEMAT) ... 19,339 233,300 * REGENERON PHARMACEUTICALS, INC ..... 6,955 15,000 * REPLIGEN CORP ...................... 94 8,500 * RIBOZYME PHARMACEUTICALS, INC ...... 219 1,902,053 e RITE AID CORP ...................... 12,482 17,296 ROCHE HOLDINGS AG. (GENUSSCHEINE) .. 168,907 48,200 e* SAFESCIENCE, INC ................... 253 98,900 * SANGSTAT MEDICAL CORP .............. 2,856 468,196 SANKYO CO LTD ...................... 10,598 1,397,520 SANOFI-SYNTHELABO S.A. ............. 66,849 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 31 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- DRUGS AND PHARMACEUTICALS--(CONTINUED) 625,500 e SANTEN PHARMACEUTICAL CO LTD .......$ 15,134 32,900 * SCHEIN PHARMACEUTICAL, INC ......... 711 645,260 SCHERING AG. ....................... 35,876 11,504,262 SCHERING-PLOUGH CORP ............... 580,965 435,850 * SCIOS, INC ......................... 2,452 454,000 e* SEPRACOR, INC ...................... 54,764 116,800 * SEROLOGICALS CORP .................. 584 411,000 SHIONOGI & CO LTD .................. 7,827 1,153 * SHIRE PHARMACEUTICALS GROUP PLC ADR 60 556,881 * SICOR, INC ......................... 4,455 568,114 SIGMA ALDRICH CORP ................. 16,617 11,049,628 SMITHKLINE BEECHAM/BECKMAN LTD ..... 144,697 460,833 SUN PHARMACEUTICAL INDUSTRIES LTD .. 5,571 342,280 SUN PHARMACEUTICAL INDUSTRIES LTD (NEW .............................. 4,122 131,900 * SUPERGEN, INC ...................... 4,781 61,500 * SYNCOR INTERNATIONAL CORP .......... 4,428 454,000 TAISHO PHARMACEUTICAL CO LTD ....... 16,305 94,700 * TECHNE CORP ........................ 12,311 7,000 TEVA PHARMACEUTICALS INDUSTRIES LTD 388 31,100 * TEXAS BIOTECHNOLOGY CORP ........... 591 175,400 * THERAGENICS CORP ................... 1,502 36,200 * TITAN PHARMACEUTICALS, INC ......... 1,557 126,900 e* TRANSKARYOTIC THERAPIES, INC ....... 4,664 204,200 * TRIANGLE PHARMACEUTICALS, INC ...... 1,851 151,300 * TWINLAB CORP ....................... 965 137,693 UCB S.A. ........................... 5,079 177,800 e* UNITED THERAPEUTICS CORP ........... 19,269 86,199 * VENTIV HEALTH, INC ................. 959 161,700 * VERTEX PHARMACEUTICALS, INC ........ 17,039 123,200 * VICAL, INC ......................... 2,372 6,183,092 WALGREEN CO ........................ 199,018 516,305 * WATSON PHARMACEUTICALS, INC ........ 27,751 79,287 WEST PHARMACEUTICAL SERVICES, INC .. 1,715 3 * XOMA LTD ........................... 0 489,849 e YAMANOUCHI PHARMACEUTICAL CO LTD ... 26,806 30,700 * ZILA, INC .......................... 117 ---------- 12,578,160 ---------- MEDICAL EQUIPMENT AND SUPPLIES--1.62% 15,400 * ABIOMED, INC ....................... 474 8,900 * ACLARA BIOSCIENCES, INC ............ 453 134,200 * ACUSON CORP ........................ 1,812 38,675 * ADAC LABORATORIES, INC ............. 928 12,600 * ADE CORP ........................... 241 159,150 * AFFYMETRIX, INC .................... 26,280 2,446,687 * AGILENT TECHNOLOGIES, INC .......... 180,443 91,300 * ALARIS MEDICAL, INC ................ 160 63,100 ANALOGIC CORP ...................... 2,524 4,800 * APPLIED ANALYTICAL INDUSTRIES, INC . 46 29,900 * ARADIGM CORP ....................... 523 70,994 ARROW INTERNATIONAL, INC ........... 2,378 20,000 * ARTHROCARE CORP .................... 1,065 27,900 * ASPECT MEDICAL SYSTEMS, INC ........ 753 19,073 * BACOU U.S.A., INC .................. 381 353,925 BARD (C.R.), INC ................... 17,033 433,723 BAUSCH & LOMB, INC ................. 33,559 1,791,363 BAXTER INTERNATIONAL, INC .......... 125,955 97,100 * BAXTER INTERNATIONAL, INC RTS ...... 15 16,701,055 f BB BIOVENTURES L.P. ................ 28,623 170,687 BECKMAN COULTER, INC ............... 9,964 1,751,724 BECTON DICKINSON & CO .............. 50,253 686,300 BIOMET, INC ........................ 26,380 69,956 * BIO-RAD LABORATORIES, INC (CLASS A) 1,749 1,878,750 * BOSTON SCIENTIFIC CORP ............. 41,215 63,700 e* BRITESMILE, INC .................... 287 66,667 e* CALIPER TECHNOLOGIES CORP .......... 3,067 83,650 CIRCOR INTERNATIONAL, INC .......... 685 40,600 e* CLOSURE MEDICAL CORP ............... 934 84,228 COCHLEAR LTD ....................... 1,454 228,700 * COGNEX CORP ........................ 11,835 145,680 * COHERENT, INC ...................... 12,219 5,000 * COHESION TECHNOLOGIES, INC ......... 59 127,000 COHU, INC .......................... 3,425 127,900 * CONMED CORP ........................ 3,309 90,375 COOPER COS, INC .................... 3,287 8,200 b* CPX CORP ........................... 1 339,312 * CREDENCE SYSTEMS CORP .............. 18,726 92,980 CUBIC CORP ......................... 1,743 112,800 * CYBERONICS, INC .................... 1,354 20,100 * CYBEROPTICS THERAPEUTICS CORP ...... 930 232,100 * CYTYC CORP ......................... 12,388 76,200 DATASCOPE CORP ..................... 2,743 278,600 DENTSPLY INTERNATIONAL, INC ........ 8,584 140,600 * DIONEX CORP ........................ 3,761 193,418 e* DYNATECH CORP ...................... 3,506 124,600 * ECLIPSE SURGICAL TECHNOLOGY, INC ... 545 462,492 * EDWARDS LIFESCIENCES CORP .......... 8,556 128,682 * ENZO BIOCHEMICAL, INC .............. 8,879 35,219 ESSILOR INTERNATIONAL S.A. ......... 10,135 252,420 FANUC LTD .......................... 25,742 166,993 e* FRESENIUS MEDICAL CARE AG. ......... 13,447 687,000 GAMBRO AB (CLASS A) ................ 5,639 94,000 GAMBRO AB (CLASS B) ................ 750 9,500 * GASONICS INTERNATIONAL CORP ........ 375 185,200 * GENRAD, INC ........................ 1,667 62,300 e* GLIATECH, INC ...................... 1,262 2,489,719 * GUIDANT CORP ....................... 123,241 150,000 * HAEMONETICS CORP ................... 3,150 138,600 * HANGER ORTHOPEDIC GROUP, INC ....... 684 18,500 * IMATRON, INC ....................... 43 812,327 IMI PLC ............................ 3,480 47,200 * IMPATH, INC ........................ 2,561 277,274 * INPUT/OUTPUT, INC .................. 2,339 151,300 INVACARE CORP ...................... 3,972 21,269,412 INVENSYS PLC ....................... 79,855 3,100 * I-STAT CORP ........................ 54 587,128 JOHNSON CONTROLS, INC .............. 30,127 75,730 KEYENCE CORP ....................... 25,051 1,327,466 * KLA-TENCOR CORP .................... 77,740 57,338 e* LABORATORY CORP OF AMERICA HOLDINGS 4,422 310,935 * LTX CORP ........................... 10,863 180,200 LUXOTTICA GROUP S.P.A. ADR ......... 2,196 137,300 * MECHANICAL TECHNOLOGY, INC ......... 2,060 214,200 * MEDICAL MANAGER CORP ............... 7,296 15,966 b,e* MEDICAL RESOURCES, INC ............. 1 9,305,224 MEDTRONIC, INC ..................... 463,516 119,700 MENTOR CORP ........................ 3,254 296,700 * METTLER-TOLEDO INTERNATIONAL, INC .. 11,868 17,500 * MICROVISION, INC ................... 858 233,400 MILLIPORE CORP ..................... 17,593 282,600 MINE SAFETY APPLIANCE CO ........... 6,782 109,195 * MINIMED, INC ....................... 12,885 41,800 * MKS INSTRUMENTS, INC ............... 1,635 60,900 * MOLECULAR DEVICES CORP ............. 4,214 120,000 MORITEX CORP ....................... 10,945 3,000,000 * MPM BIOVENTURES .................... 2,789 199,100 MTS SYSTEMS CORP ................... 1,244 22,300 * NANOGEN, INC ....................... 946 58,900 NEWPORT CORP ....................... 6,324 89,900 * NOVOSTE CORP ....................... 5,484 99,700 * OCULAR SCIENCES, INC ............... 1,171 9,100 * ORATEC INTERVENTIONS, INC .......... 304 SEE NOTES TO FINANCIAL STATEMENTS 32 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------- MEDICAL EQUIPMENT AND SUPPLIES--(CONTINUED) 88,800 * OSTEOTECH, INC ...................... $ 932 15,100 * PACKARD BIOSCIENCE .................. 257 456,652 * PE CORP-CELERA GENOMICS GROUP ....... 42,697 1,159,412 PE CORP-PE BIOSYSTEMS GROUP ......... 76,376 247,200 PERKINELMER, INC .................... 16,346 17,700 * PHOTON DYNAMICS INC ................. 1,322 76 * POSSIS MEDICAL, INC ................. 0 245,295 * QUEST DIAGNOSTICS, INC .............. 18,336 8,407 RADIOMETER AS (CLASS B) ............. 266 198,900 * RESMED, INC ......................... 5,321 198,978 * RESPIRONICS, INC .................... 3,582 29,800 * ROBOTIC VISION SYSTEMS, INC ......... 536 3,000 * RUDOLPH TECHNOLOGIES, INC ........... 116 59,500 b,e* SABRATEK CORP ....................... 9 94,100 * SCOTT TECHNOLOGIES, INC ............. 1,617 2,718,307 SMITH & NEPHEW PLC .................. 10,041 30,849 * SOLA INTERNATIONAL, INC ............. 150 12,556 * SONOSITE, INC ....................... 362 60 * SPACELABS MEDICAL, INC .............. 1 579,658 * ST. JUDE MEDICAL, INC ............... 26,592 422,044 * STERIS CORP ......................... 3,746 938,360 STRYKER CORP ........................ 41,053 301,500 * SUMMIT TECHNOLOGY, INC .............. 5,691 42,500 * SUNRISE MEDICAL, INC ................ 207 292,700 e* SUNRISE TECHNOLOGY INTERNATIONAL, INC 2,927 615,520 * SYBRON INTERNATIONAL CORP ........... 12,195 212,579 TEKTRONIX, INC ...................... 15,731 234,600 TELEFLEX, INC ....................... 8,387 1,330,413 * TERADYNE, INC ....................... 97,785 59,650 * THERMEDICS, INC ..................... 593 37,200 * THERMO CARDIOSYSTEMS, INC ........... 372 937,922 * THERMO ELECTRON CORP ................ 19,755 63,585 * THERMO INSTRUMENT SYSTEMS, INC ...... 1,192 8,100 * THERMOTREX CORP ..................... 90 136 * TREX MEDICAL CORP ................... 0 102,828 * VARIAN MEDICAL SYSTEMS, INC ......... 4,023 194,528 * VARIAN, INC ......................... 8,973 68,904 * VEECO INSTRUMENTS, INC .............. 5,047 83,300 e* VENTANA MEDICAL SYSTEMS, INC ........ 1,958 280,450 * VISX, INC ........................... 7,870 68,500 VITAL SIGNS, INC .................... 1,242 207,500 e* VIVUS, INC .......................... 1,440 327,920 * WATERS CORP ......................... 40,929 108,818 * WESLEY JESSEN VISIONCARE, INC ....... 4,087 62,498 WILLIAM DEMANT AS ................... 1,855 318,007 WILLIAMS PLC ........................ 1,854 49,400 X RITE, INC ......................... 451 404,000 YOKOGAWA ELECTRIC CORP .............. 4,047 --------- 2,153,807 --------- MEDICAL FACILITIES MANAGEMENT--0.32% 30,000 * ACCREDO HEALTH, INC ................. 1,037 119,000 * ADVANCE PARADIGM, INC ............... 2,440 134,500 e* ALTERRA HEALTHCARE CORP ............. 269 119,900 * AMERICAN HOMEPATIENT, INC ........... 41 84,678 * AMERICAN RETIREMENT CORP ............ 471 122,800 * AMERIPATH, INC ...................... 1,090 327,153 * APRIA HEALTHCARE GROUP, INC ......... 4,008 621,061 * BEVERLY ENTERPRISES, INC ............ 1,747 64,100 * CAPITAL SENIOR LIVING CORP .......... 188 162,008 e* CAREMATRIX CORP ..................... 86 3,725,099 COLUMBIA/HCA HEALTHCARE CORP ........ 113,150 32 * CORAM HEALTHCARE CORP ............... 0 371,500 * COVENTRY HEALTH CARE, INC ........... 4,951 89,100 * CURATIVE HEALTH SERVICES, INC ....... 537 28,100 * CYBER-CARE, INC ..................... 280 166,400 * EXPRESS SCRIPTS, INC ................ 10,338 328,200 b,e* FPA MEDICAL MANAGEMENT, INC ......... 0 98,398 * GENTIVA HEALTH SERVICES, INC ........ 799 7,375,000 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) .................... 96,336 4,200 HEALTHPLAN SERVICES CORP ............ 10 1,868,291 * HEALTHSOUTH CORP .................... 13,428 359,200 HOOPER HOLMES, INC .................. 2,874 92,400 * INNOVATIVE CLINICAL SOLUTIONS LTD ... 9 339,563 b* INTEGRATED HEALTH SERVICES, INC ..... 51 167,200 * LASER VISION CENTERS, INC ........... 1,035 182,383 * LCA-VISION, INC ..................... 445 212,257 * LIFEPOINT HOSPITALS, INC ............ 4,723 241,400 * LINCARE HOLDINGS, INC ............... 5,944 360 * LTC HEALTHCARE, INC ................. 0 98,600 * MAGELLAN HEALTH SERVICES, INC ....... 123 513,652 * MANOR CARE, INC ..................... 3,596 914,924 * MARINER POST-ACUTE NETWORK, INC ..... 124 212,100 * MATRIA HEALTHCARE, INC .............. 974 3,032 * NATIONAL HEALTHCARE CORP ............ 17 75 NICHII GAKKAN CO .................... 3 255,600 * ORTHODONTIC CENTERS OF AMERICA, INC . 5,783 56 * PARACELSUS HEALTHCARE CORP .......... 0 93,600 e* PEDIATRIX MEDICAL GROUP, INC ........ 1,088 23,900 b* PHP HEALTHCARE CORP ................. 0 101,595 * PHYAMERICA PHYSICIAN GROUP, INC ..... 15 631,987 * PHYCOR, INC ......................... 395 5,794 b* PHYSICIANS RESOURCE GROUP, INC ...... 0 94,600 * PROVINCE HEALTHCARE CO .............. 3,417 440,300 * QUORUM HEALTH GROUP, INC ............ 4,541 281,800 * RENAL CARE GROUP, INC ............... 6,891 116,650 * RES-CARE, INC ....................... 627 80,684 * RESPONSE ONCOLOGY, INC .............. 73 368,766 b,e* SUN HEALTHCARE GROUP, INC ........... 20 118,970 e* SUNRISE ASSISTED LIVING, INC ........ 2,201 4,120,118 TENET HEALTHCARE CORP ............... 111,243 476,100 * TOTAL RENAL CARE HOLDINGS, INC ...... 2,857 214,857 * TRIAD HOSPITALS, INC ................ 5,197 171,700 * UNIVERSAL HEALTH SERVICES, INC ...... 11,246 418,452 * US ONCOLOGY, INC .................... 2,092 147,888 b* VENCOR, INC ......................... 16 ---------- 428,826 ---------- TOTAL HEALTH ...................... 15,160,793 ---------- INDUSTRIAL MACHINERY--5.84% ELECTRICAL--3.84% 394,039 ABB LTD ............................ 45,914 68,990 ABB LTD (SWITZERLAND) .............. 8,284 15,600 e* ACT MANUFACTURING .................. 724 85,400 * ADVANCED LIGHTING TECHNOLOGIES, INC 1,580 242,300 AMETEK, INC ........................ 4,240 158,300 * ANICOM, INC ........................ 594 133,346 * ANIXTER INTERNATIONAL, INC ......... 3,534 2,043,000 e ANRITSU CORP ....................... 36,687 17,000 * ARGUSS COMMUNICATIONS, INC ......... 321 2,643,849 * ARM HOLDINGS PLC ................... 28,338 672,164 * ARROW ELECTRONICS, INC ............. 20,837 23,200 * AUDIOVOX CORP ...................... 512 327,380 AVNET, INC ......................... 19,397 74,733 BALDOR ELECTRIC CO ................. 1,392 176,900 * BALLARD POWER SYSTEMS, INC ......... 15,998 93,600 BARNES GROUP, INC .................. 1,527 400,250 * BRIGHTPOINT, INC ................... 3,465 211,100 C&D TECHNOLOGIES, INC .............. 11,927 226,200 * CELLSTAR CORP ...................... 629 2,371,445 COOPER INDUSTRIES, INC ............. 77,220 178,000 * ELECTRO SCIENTIFIC INDUSTRIES, INC . 7,838 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 33 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ELECTRICAL--(CONTINUED) 232,601 * ELECTROCOMPONENTS PLC ...............$ 2,377 2,931,920 EMERSON ELECTRIC CO ................. 177,015 10,378 * EMPRESA FABRIL DE MAQUINAS ELECTRICAS 66 1,858,224 * ENERGIZER HOLDINGS, INC ............. 33,913 664,558 * ERG LTD ............................. 5,175 149,400 e EXIDE CORP .......................... 1,195 34,600 * FIREARMS TRAINING SYSTEMS, INC ...... 9 10,400 FRANKLIN ELECTRIC CO, INC ........... 705 87,300 * FUJI MACHINE MANUFACTURING CO ....... 4,596 2,676,000 FURUKAWA ELECTRIC CO LTD ............ 56,021 107,000 FUTABA CORP ......................... 4,308 78,191,919 GENERAL ELECTRIC CO .................4,144,172 42,400 * GENLYTE GROUP, INC .................. 893 371,100 GRAINGER (W.W.), INC ................ 11,435 142,300 * HIROSE ELECTRIC CO LTD .............. 22,205 300 * HMT TECHNOLOGY CORP ................. 0 191,776 HUBBELL, INC (CLASS B) .............. 4,890 144,800 HUGHES SUPPLY, INC .................. 2,860 1,493,320 JOHNSON ELECTRIC HOLDINGS LTD ....... 14,128 8,715 * JUNO LIGHTING, INC .................. 52 177,800 * KENT ELECTRONICS CORP ............... 5,301 641,300 e* KOMAG, INC .......................... 1,122 127,100 * LITTELFUSE, INC ..................... 6,228 18,300 LSI INDUSTRIES, INC ................. 278 261,800 * MABUCHI MOTOR CO LTD ................ 33,899 1,774 * MAGNETEK, INC ....................... 14 2,239,000 MITSUBISHI ELECTRIC CORP ............ 24,293 25,000 * MOOG, INC (CLASS A) ................. 659 270,249 NATIONAL SERVICE INDUSTRIES, INC .... 5,270 962,644 e NGK SPARK PLUG CO LTD ............... 14,930 49,200 PIONEER-STANDARD ELECTRONICS, INC ... 726 14,600 e PLUG POWER, INC ..................... 913 172,600 * RAYOVAC CORP ........................ 3,862 323,197 REUNERT LTD ......................... 477 2,739,142 ROCKWELL INTERNATIONAL CORP ......... 86,283 159,000 SAMSUNG ELECTRO MECHANICS CO ........ 9,967 120,250 SAMSUNG ELECTRONICS CO LTD .......... 39,793 117,650 SLI, INC ............................ 1,427 209,700 STEWART & STEVENSON SERVICES, INC ... 3,159 3,467,500 SUMITOMO ELECTRIC INDUSTRIES CO ..... 59,580 10,000 SWISSLOG HOLDING AG. (REGD) ......... 4,920 367,633 THOMAS & BETTS CORP ................. 7,031 141,077 THOMAS INDUSTRIES, INC .............. 2,495 44,000 TUBOS DE ACERO DE MEXICO S.A. ....... 608 285,200 * UCAR INTERNATIONAL, INC ............. 3,725 126,400 * VICOR CORP .......................... 4,400 188,000 * WESCO INTERNATIONAL, INC ............ 1,798 16,900 WOODWARD GOVERNOR CO ................ 478 ---------- 5,100,609 ---------- OTHER INDUSTRIAL EQUIPMENT--2.00% 11,300 * A.S.V., INC ......................... 162 168,225 AAR CORP ............................ 2,019 388,800 AGCO CORP ........................... 4,763 23,836 AGIV AG. ............................ 257 538,000 AMADA CO LTD ........................ 4,576 477,648 * AMERICAN STANDARD COS, INC .......... 19,584 187,511 APPLIED INDUSTRIAL TECHNOLOGIES, INC 3,070 5,270,789 * APPLIED MATERIALS, INC .............. 477,665 255,984 APPLIED POWER, INC (CLASS A) ........ 8,575 23,900 * APPLIED SCIENCE & TECHNOLOGY, INC ... 618 87,700 * ASTEC INDUSTRIES, INC ............... 2,225 242,200 * ASYST TECHNOLOGIES, INC ............. 8,295 101,428 ATLAS COPCO AB SERIES A FREE ........ 1,966 88,909 ATLAS COPCO AB SERIES B FREE ........ 1,673 137,500 * ATMI, INC ........................... 6,394 58,100 e* AVIATION SALES CO ................... 359 2,077,731 BAKER HUGHES, INC ................... 66,487 647,092 BLACK & DECKER CORP ................. 25,439 144,791 BRIGGS & STRATTON CORP .............. 4,959 69,600 * BROOKS AUTOMATION, INC .............. 4,450 610,115 BRUNSWICK CORP ...................... 10,105 90,300 BUDERUS AG. ......................... 1,429 2,483,400 CATERPILLAR, INC .................... 84,125 600 CMI CORP (CLASS A) .................. 2 53,900 COLUMBUS MCKINNON CORP .............. 748 421,996 * COOPER CAMERON CORP ................. 27,852 294,300 CUMMINS ENGINE CO, INC .............. 8,020 30,450 * CUNO, INC ........................... 704 143,879 e* DAI NIPPON SCREEN MANUFACTURING CO LTD ............................. 1,372 165,000 DAIFUKU CO LTD ...................... 1,834 829,000 DAIKIN INDUSTRIES LTD ............... 19,314 1,662,373 DEERE & CO .......................... 61,508 110,400 DETROIT DIESEL CORP ................. 1,628 260,400 DONALDSON CO, INC ................... 5,143 1,289,272 DOVER CORP .......................... 52,296 54,700 * DRIL-QUIP, INC ...................... 2,557 447,000 EBARA CORP .......................... 6,071 120,700 * ELECTROGLAS, INC .................... 2,595 107,320 * ESTERLINE CORP ...................... 1,596 2,103 * FAIRCHILD CORP (CLASS A) ............ 10 238,770 FEDDERS CORP ........................ 1,388 153,550 FEDDERS CORP (CLASS A) .............. 710 342,878 FKI PLC ............................. 1,220 407,810 FLOWSERVE CORP ...................... 6,143 41,669 FLS INDUSTRIES AS (CLASS B) ......... 643 131,400 * FSI INTERNATIONAL, INC .............. 2,850 125,663 FUTURIS CORP LTD .................... 138 86,591 * GARDNER DENVER, INC ................. 1,548 109,781 GRACO, INC .......................... 3,568 598,350 * GRANT PRIDECO, INC .................. 14,959 43,100 HARDINGE, INC ....................... 450 273,600 b* HARNISCHFEGER INDUSTRIES, INC ....... 93 269,900 * HORIZON OFFSHORE, INC ............... 4,183 124,930 IDEX CORP ........................... 3,943 31,775 * INDUSTRIE-WERKE KARLSRUHE AUGSBURG AG. ....................... 503 1,132,887 INGERSOLL-RAND CO ................... 45,599 43,400 * IONICS, INC ......................... 1,329 1,144,000 * ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES 2,076 315,090 JLG INDUSTRIES, INC ................. 3,742 22,000 * JLK DIRECT DISTRIBUTION, INC (CLASS A) .......................... 113 2,436,200 JOT AUTOMATION GROUP OYJ ............ 16,324 191,700 KAYDON CORP ......................... 4,026 183,857 KENNAMETAL, INC ..................... 3,941 1,717,311 KOMATSU LTD ......................... 12,108 127,000 e KOMORI CORP ......................... 2,225 160,046 KONE CORP SERIES B .................. 9,665 245,000 KOYO SEIKO CO LTD ................... 2,133 1,908,467 KUBOTA CORP ......................... 6,944 215,775 * KULICHE & SOFFA INDUSTRIES, INC ..... 12,812 1,029,457 * LAM RESEARCH CORP ................... 38,605 4,048,693 LARSEN & TOUBRO LTD ................. 22,368 96,600 LAWSON PRODUCTS, INC ................ 2,379 26,573 LENNOX INTERNATIONAL, INC ........... 352 124,300 LINCOLN ELECTRIC HOLDINGS CO ........ 1,771 61,511 LINDE AG. ........................... 2,459 26,450 LINDSAY MANUFACTURING CO ............ 519 168,000 e MAKINO MILLING MACHINE CO LTD ....... 1,651 68,000 MAKITA CORP ......................... 650 174,662 MANITOWOC CO, INC ................... 4,672 47,802 * METRA CO SERIES B ................... 827 118,402 METSO OYJ ........................... 1,430 SEE NOTES TO FINANCIAL STATEMENTS 34 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- OTHER INDUSTRIAL EQUIPMENT--(CONTINUED) 230,052 MILACRON, INC ........................ $ 3,336 399,000 MINEBEA CO LTD ....................... 5,016 4,783,532 MITSUBISHI HEAVY INDUSTRIES LTD ...... 21,249 109,000 MORI SEIKI CO LTD .................... 1,690 170,683 * MSC INDUSTRIAL DIRECT CO (CLASS A) ... 3,574 39,857 NACCO INDUSTRIES, INC (CLASS A) ...... 1,400 345,772 * NATIONAL-OILWELL, INC ................ 11,367 88,172 NORDSON CORP ......................... 4,464 973,602 * NOVELLUS SYSTEMS, INC ................ 55,069 979,000 NSK LTD .............................. 8,605 686,000 NTN TOYO BEARING CO LTD .............. 2,937 99,487 OKUMA CORP ........................... 436 574,626 PALL CORP ............................ 10,631 267,800 PENTAIR, INC ......................... 9,507 2,000 POKPHAND (C.P.) CO LTD ............... 0 181,400 * PRESSTEK, INC ........................ 2,959 112,700 * PRI AUTOMATION, INC .................. 7,370 79,739 * PROXIMA ASA .......................... 905 10,900 ROBBINS & MYERS, INC ................. 249 234,740 ROPER INDUSTRIES, INC ................ 6,015 233,654 SANDVIK AB ........................... 4,928 100,000 SANSO ELECTRIC CO LTD ................ 662 81,300 SAUER-DANFOSS, INC ................... 803 1,758 SCHINDLER HOLDINGS LTD (PT CERT) ..... 2,638 1,449 SCHINDLER HOLDINGS LTD (REGD) ........ 2,228 4,186 SIDEL S.A ............................ 341 210,700 * SILICON VALLEY GROUP, INC ............ 5,452 414,314 * SMITH INTERNATIONAL, INC ............. 30,167 28,100 * SOMERA COMMUNICATIONS, INC ........... 383 112,300 * SPECIALTY EQUIPMENT COS, INC ......... 3,046 170,861 * SPEEDFAM-IPEC, INC ................... 3,108 109,782 STANDEX INTERNATIONAL CORP ........... 1,743 24,535 STARRETT (L.S.) CO (CLASS A) ......... 429 34,000 f STARRETT (L.S.) CO (CLASS B) ......... 595 32,611 STORK NV ............................. 444 2,000 * SULZER WINTERTHUR AG. (REGD) ......... 1,334 80,604 e SVENSKA KULLAGERFABRIKEN AB SERIES B ........................... 1,356 330,000 SVENSKA KULLAGERFABRIKEN AB SERIES A FREE ............................. 5,267 58,000 TAKUMA CO LTD ........................ 516 82,800 TECUMSEH PRODUCTS CO (CLASS A) ....... 3,162 31,300 TECUMSEH PRODUCTS CO (CLASS B) ....... 1,289 171,900 TENNANT CO ........................... 6,446 153,800 * TEREX CORP ........................... 2,172 1,500 * THERMO FIBERTEK, INC ................. 7 328,153 TIMKEN CO ............................ 6,112 159,668 TOMRA SYSTEMS AS ..................... 4,250 79,650 TORO CO .............................. 2,623 5,900 e TOYODA AUTOMATIC LOOM WORKS LTD ...... 128 427,000 TSUBAKIMOTO CHAIN CO ................. 2,179 25,766,216 TYCO INTERNATIONAL LTD ............... 1,220,674 133,456 * ULTRATECH STEPPER, INC ............... 1,985 235,488 * UNOVA, INC ........................... 1,722 87,720 VESTAS WIND SYSTEMS A/S .............. 3,235 247,900 YORK INTERNATIONAL CORP .............. 6,259 80,453 ZARDOYA OTIS S.A ..................... 716 ---------- 2,660,682 ---------- TOTAL INDUSTRIAL MACHINERY ........... 7,761,291 ---------- MEDIA AND LEISURE--3.84% BROADCASTING--2.75% 363,051 * ADELPHIA COMMUNICATIONS CORP (CLASS A) 17,018 116,650 * AMC ENTERTAINMENT, INC ............... 569 3,389,603 * AMFM, INC ............................ 233,883 230 f ANTENA 3 DE TELEVISION GDS ........... 5,497 50,900 ASATSU, INC .......................... 2,093 70,055 BHC COMMUNICATIONS, INC (CLASS A) .... 10,648 35,000 BLOCKBUSTER, INC ..................... 339 3,271,482 * BRITISH SKY BROADCASTING GROUP PLC ... 63,989 853,850 * CABLEVISION SYSTEMS CORP (CLASS A) ... 57,955 211,222 CANAL PLUS S.A ....................... 35,636 1,032,774 CARLTON COMMUNICATIONS PLC ........... 13,290 48,400 * CARMIKE CINEMAS, INC (CLASS A) ....... 188 80,881 * CHRIS CRAFT INDUSTRIES, INC .......... 5,343 69,400 * CITADEL COMMUNICATIONS CORP .......... 2,425 1,909,145 * CLEAR CHANNEL COMMUNICATIONS, INC .... 143,186 214,700 * CLEAR CHANNEL COMMUNICATIONS, INC WTS 09/18/01 ......................... 2,536 687,600 * COMCAST CORP (CLASS A) ............... 26,730 4,234,250 COMCAST CORP (CLASS A) SPECIAL ....... 171,487 237,107 * CONSTANTIN FILM AG ................... 13,081 946,309 * COX COMMUNICATIONS, INC (CLASS A) .... 43,116 172,300 * COX RADIO, INC (CLASS A) ............. 4,824 102,300 * CUMULUS MEDIA, INC ................... 933 14,271,436 DISNEY (WALT) CO ..................... 553,910 190,661 EM.TV & MERCHANDISING AG ............. 11,277 219,800 * EMMIS COMMUNICATIONS (CLASS A) ....... 9,094 146,900 * ENTERCOM COMMUNICATIONS CORP ......... 7,161 910,800 * FOX ENTERTAINMENT GROUP, INC ......... 27,666 25,706 GAYLORD ENTERTAINMENT CO ............. 553 24,431 * GC COS, INC .......................... 547 1,600 GRAY COMMUNICATIONS SYSTEMS, INC ..... 16 1,694,000 * GRUPO TELEVISA S.A. DE CV (PT CERT) .. 5,817 136,663 * HEARST-ARGYLE TELEVISION, INC ........ 2,665 494,600 * HISPANIC BROADCASTING CORP ........... 16,384 294,100 * HOLLYWOOD ENTERTAINMENT CORP ......... 2,316 870,000 * IMPRESA SGPS S.A ..................... 9,591 1,738,057 * INFINITY BROADCASTING CORP (CLASS A) . 63,330 7,800 * INSIGHT COMMUNICATIONS CO, INC ....... 122 12,700 * LODGENET ENTERTAINMENT ............... 308 15,300 * LOEWS CINEPLEX ENTERTAINMENT CORP .... 49 2,121,811 MEDIASET S.P.A ....................... 32,543 100,197 * METRO-GOLDWYN-MAYER, INC ............. 2,618 323,000 * METROMEDIA INTERNATIONAL GROUP, INC .. 1,534 104,024 * MIH HOLDINGS LTD ..................... 423 341,400 * MODERN TIMES GROUP (CLASS B) ......... 16,348 188,500 * NDS GROUP PLC ADR .................... 11,499 43,120 NIPPON TELEVISION NETWORK CORP ....... 28,120 66,320 * NIPPON TELEVISION NETWORK CORP (NEW) . 43,375 14,500 * ON COMMAND CORP ...................... 207 30,080 * PAC-WEST TELECOMM, INC ............... 602 263,842 * PANAMSAT CORP ........................ 11,527 193,800 * PAXSON COMMUNICATIONS CORP ........... 1,550 153,100 * PEGASUS COMMUNICATIONS CORP .......... 7,511 86,000 e* PIXAR, INC ........................... 3,032 1,219,775 * PRICE COMMUNICATIONS CORP ............ 28,741 9,800 * RADIO ONE, INC ....................... 290 19,600 * RADIO ONE, INC (CLASS D) ............. 432 1,880,577 RANK GROUP PLC ....................... 4,356 747,100 a* REGIONAL CABLESYSTEMS, INC ........... 7,437 269,100 * ROGERS COMMUNICATIONS, INC (CLASS B) . 7,619 1,625 * SAGA COMMUNICATIONS, INC (CLASS A) ... 36 23,900 * SINCLAIR BROADCASTING GROUP, INC (CLASS A) .......................... 263 120,246 * SIRIUS SATELLITE RADIO, INC .......... 5,328 729,000 * STUDIO CANAL ......................... 7,827 1,332,349 * TCI SATELLITE ENTERTAINMENT (CLASS A) 11,575 748,700 TELEVISION BROADCASTS LTD ............ 4,994 4,725,000 * TELEWEST COMMUNICATIONS PLC .......... 16,309 8,949,466 TIME WARNER, INC ..................... 680,159 26,100 e* TIVO, INC ............................ 914 1,586,000 TOEI CO LTD .......................... 11,617 19,340 e TOHO CO LTD .......................... 3,301 146,000 TOKYO BROADCASTING SYSTEMS, INC ...... 6,320 294,250 * TV GUIDE, INC ........................ 10,078 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 35 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BROADCASTING--(CONTINUED) 720,174 U.S.A. NETWORKS, INC ..................... $ 15,574 205,400 * UNITED TELEVISION, INC ................... 26,445 544,600 * UNITEDGLOBALCOM, INC (CLASS A) ........... 25,460 456,935 * UNIVISION COMMUNICATIONS, INC ............ 47,293 3,300 * VALLEY MEDIA, INC ........................ 12 881,374 * VIACOM, INC (CLASS A) .................... 60,264 13,885,481 * VIACOM, INC (CLASS B) .................... 946,816 128,100 * WAVO CORP ................................ 96 57,500 * YOUNG BROADCASTING, INC (CLASS A) ........ 1,477 196,001 ZEE TELEFILMS LTD (DEMAT) ................ 1,983 ---------- 3,659,477 ---------- LODGING/GAMING/RECREATION--0.33% 486,849 e ACCOR S.A ................................ 20,035 450,908 e* AMF BOWLING, INC ......................... 85 44,000 * ANCHOR GAMING CO ......................... 2,109 121,900 * ARGOSY GAMING CORP ....................... 1,752 119,784 ARISTOCRAT LEISURE LTD ................... 406 240,472 * AZTAR CORP ............................... 3,727 148,629 BALLY TOTAL FITNESS HOLDINGS CORP ........ 3,771 563,000 BERJAYA SPORTS TOTO BERHAD ............... 919 128,000 * BOCA RESORTS, INC (CLASS A) .............. 1,264 224,245 * BOYD GAMING CORP ......................... 1,247 58,700 * CHAMPIONSHIP AUTO RACING TEAMS, INC ...... 1,497 337,978 * CHOICE HOTELS INTERNATIONAL, INC ......... 3,359 7,800 e CHURCHILL DOWNS, INC ..................... 182 136,960 * CRESTLINE CAPITAL CORP ................... 2,337 25,600 DOVER DOWNS ENTERTAINMENT, INC ........... 358 1,644,482 EMI GROUP PLC ............................ 14,937 892,280 * EXTENDED STAY AMERICA, INC ............... 8,254 2,100 b,e* FAMILY GOLF CENTERS, INC ................. 0 69,000 FOUR SEASONS HOTELS, INC ................. 4,317 284,500 GENTING BERHAD ........................... 1,048 4,380,611 * GRANADA GROUP LTD (CLASS A) .............. 43,770 932,874 * HARRAH'S ENTERTAINMENT, INC .............. 19,532 1,414,523 HILTON GROUP PLC ......................... 4,968 1,622,202 HILTON HOTELS CORP ....................... 15,208 12,000 * HOLLYWOOD.COM, INC ....................... 93 883,283 HONG KONG & SHANGHAI HOTELS LTD .......... 513 243,500 HOTEL PROPERTIES LTD ..................... 217 105,900 INTERNATIONAL SPEEDWAY CORP (CLASS A ) ... 4,382 470 * INTERSTATE HOTELS CORP ................... 1 7,250 * ISLE OF CAPRI CASINOS, INC ............... 98 46,868 JURYS DOYLE HOTEL PLC .................... 281 47,000 * LAKES GAMING, INC ........................ 417 162,400 e* LODGIAN, INC ............................. 396 457,884 * MANDALAY RESORT GROUP .................... 9,158 74,415 MARCUS CORP .............................. 902 1,276,800 MARRIOTT INTERNATIONAL, INC (CLASS A) .... 46,045 52,716 e MGM GRAND, INC ........................... 1,694 500 * MIRAMAR HOTEL & INVESTMENT CO LTD ........ 0 108,200 ORIENTAL LAND CO LTD ..................... 11,075 133,000 OVERSEAS UNION ENTERPRISES LTD ........... 323 1,673,427 * PARK PLACE ENTERTAINMENT CORP ............ 20,395 13,960 * PENN NATIONAL GAMING, INC ................ 190 157,700 * PINNACLE ENTERTAINMENT, INC .............. 3,065 57,934 * PRESIDENT CASINOS, INC ................... 53 300,771 * PRIME HOSPITALITY CORP ................... 2,839 500 * REGAL HOTELS INTERNATIONAL LTD ........... 0 1,368,100 RESORTS WORLD BERHAD ..................... 3,744 243,500 SANKYO CO LTD ............................ 10,701 355,900 * SFX ENTERTAINMENT, INC (CLASS A) ......... 16,127 3,151,500 SHANGRI-LA ASIA LTD ...................... 3,719 56,000 SHANGRI-LA ASIA LTD (SINGAPORE) .......... 66 2,948,238 * SIX FLAGS, INC ........................... 67,072 132,221 * SOL MELIA S.A ............................ 1,483 64,900 * SPEEDWAY MOTORSPORTS, INC ................ 1,493 1,193,217 STARWOOD HOTELS & RESORTS WORLDWIDE ...... 38,854 157,637 * STATION CASINOS, INC ..................... 3,941 72,700 * STEINWAY MUSICAL INSTRUMENTS, INC ........ 1,200 203,893 b* SUNTERRA CORP ............................ 47 936,703 TABCORP HOLDINGS LTD ..................... 5,399 509,000 TANJONG PLC .............................. 1,219 124,000 * TOKYO DOME CORP .......................... 564 403,000 TOKYO TOKEIBA CO LTD ..................... 518 62,200 * TRENDWEST RESORTS, INC ................... 1,003 65,000 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) .... 313 16,031 e* VAIL RESORTS, INC ........................ 262 503,700 * WESTWOOD ONE, INC ........................ 17,189 478,721 * WYNDHAM INTERNATIONAL, INC ............... 1,197 ---------- 433,330 ---------- PUBLISHING--0.76% 892 * AGEFI GROUPE S.A ......................... 269 377,800 AMERICAN GREETINGS CORP (CLASS A) ........ 7,178 49,700 * APPLIED GRAPHICS TECHNOLOGIES, INC ....... 211 248,900 BANTA CORP ............................... 4,714 271,850 BELO (A.H.) CORP SERIES A ................ 4,706 351,800 f BELO (A.H.) CORP (SERIES B) .............. 6,091 234,440 BOWNE & CO, INC .......................... 2,359 200,100 CENTRAL NEWSPAPERS, INC (CLASS A) ........ 12,656 141,800 * CHARTER COMMUNCATIONS (CLASS A) .......... 2,331 544,000 CLASS EDITORI S.P.A ...................... 7,999 88,400 * CONSOLIDATED GRAPHICS, INC ............... 829 31,892 * CSS INDUSTRIES, INC ...................... 652 1,100,662 e DAI NIPPON PRINTING CO LTD ............... 19,443 20,520 * DAY RUNNER, INC .......................... 23 494,629 DELUXE CORP .............................. 11,655 591,008 DONNELLEY (R.R.) & SONS CO ............... 13,335 12,180 DOW JONES & CO, INC ...................... 892 406,300 f DOW JONES & CO, INC (CLASS B) ............ 29,761 1,369,816 ELSEVIER UTIGEVERSMIJ NV ................. 16,663 125,825 * FRANKLIN COVEY CO ........................ 873 1,000 * GAKKEN CO LTD ............................ 2 1,849,846 GANNETT CO, INC .......................... 110,644 312,695 HARLAND (JOHN H.) CO ..................... 4,671 277,200 HARTE-HANKS, INC ......................... 6,930 43,200 HOLLINGER INTERNATIONAL, INC ............. 589 114,900 HOUGHTON MIFFLIN CO ...................... 5,364 20,200 * IDG BOOKS WORLDWIDE, INC ................. 183 407,202 * INDEPENDENT NEWS & MEDIA PLC ............. 1,483 31,300 * INFORMATION HOLDINGS, INC ................ 1,158 143,600 JOHNNIC COMMUNICATIONS LTD ............... 3,486 127,938 * JOURNAL REGISTER CO ...................... 2,335 14,800 KADOKAWA SHOTEN PUBLISHING CO LTD ........ 1,497 419,100 KNIGHT-RIDDER, INC ....................... 22,291 430,081 LAGARDERE SCA ............................ 32,982 263,800 LEE ENTERPRISES, INC ..................... 6,150 14,400 f LEE ENTERPRISES, INC (CLASS B) ........... 336 4,000 * MARTHA STEWART LIVING OMNIMEDIA, INC ..... 88 72,535 MCCLATCHY CO (CLASS A) ................... 2,403 1,336,650 MCGRAW HILL COS, INC ..................... 72,179 134,354 MEDIA GENERAL, INC (CLASS A) ............. 6,525 200 MEREDITH CORP ............................ 7 320,900 f MEREDITH CORP (CLASS B) .................. 10,830 656,594 * MONDADORI (ARNOLDO) EDITORE S.P.A ........ 15,043 80,000 NASPERS LTD .............................. 667 79,300 NEW ENGLAND BUSINESS SERVICES, INC ....... 1,289 1,157,832 NEW YORK TIMES CO (CLASS A) .............. 45,734 4,809,833 e NEWS CORP LTD ............................ 66,420 731,800 * ORIENTAL PRESS GROUP ..................... 117 183,925 * PAXAR CORP ............................... 2,196 3,502,446 PEARSON PLC .............................. 111,349 SEE NOTES TO FINANCIAL STATEMENTS 36 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - --------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- PUBLISHING--(CONTINUED) 134,619 PENTON MEDIA, INC ........................ $ 4,712 1,400 * PLAYBOY ENTERPRISES, INC (CLASS B) ....... 18 937,722 * PRIMEDIA, INC ............................ 21,333 9,700 PULITZER, INC ............................ 409 98,200 QUEBECOR WORLD, INC ...................... 2,356 148,800 QUEBECOR, INC (CLASS B) .................. 4,318 94,227 * R.H. DONNELLEY CORP ...................... 1,826 595,100 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) ................... 23,655 2,221,115 REED INTERNATIONAL PLC ................... 19,335 438,000 REYNOLDS & REYNOLDS CO (CLASS A) ......... 7,994 3,500 SCHAWK, INC (CLASS A) .................... 33 59,000 SCHIBSTED ASA ............................ 1,097 479,900 * SCHOLASTIC CORP .......................... 29,334 21,459 * SCIENTIFIC GAMES HOLDINGS CORP ........... 527 178,395 SCRIPPS (E.W.) CO (CLASS A) .............. 8,786 1,500,000 SEAT-PAGINE GIALLE S.P.A ................. 5,205 588,846 SINGAPORE PRESS HOLDINGS LTD ............. 9,195 3,142,000 SOUTH CHINA MORNING POST ................. 2,439 78,500 STANDARD REGISTER, INC ................... 1,119 1,160,000 * TELE ATLAS BV ............................ 17,013 1,250,250 THOMSON CORP ............................. 42,738 22,710 TIMES MIRROR CO SERIES A ................. 2,058 121,429 TIMES MIRROR CO SERIES C ................. 11,414 214,000 TOPPAN FORMS CO LTD ...................... 5,077 650,000 TOPPAN PRINTING CO LTD ................... 6,893 232,490 * TOPPS, INC ............................... 2,674 962,724 TRIBUNE CO ............................... 33,695 253,500 WALLACE COMPUTER SERVICES, INC ........... 2,503 41,624 WASHINGTON POST CO (CLASS B) ............. 19,896 253,676 WILEY (JOHN) & SONS, INC (CLASS A) ....... 5,708 1,347,935 e WOLTERS KLUWER NV ........................ 36,050 2,067 * WORKFLOW MANAGEMENT, INC ................. 25 167,100 * ZIFF-DAVIS, INC -ZD ...................... 1,504 ---------- 1,008,527 ---------- TOTAL MEDIA AND LEISURE .................. 5,101,334 ---------- RETAIL AND WHOLESALE--2.22% GENERAL MERCHANDISE STORES--2.22% 57,666 * 99 CENTS ONLY STORES ..................... 2,299 90,800 e* ACTION PERFORMANCE COS, INC .............. 658 1,452,628 e* AMAZON.COM, INC .......................... 52,749 21,308 AMER GROUP LTD PLC SERIES A .............. 588 182,600 * AMES DEPARTMENT STORES, INC .............. 1,415 227,184 ARMSTRONG HOLDINGS, INC .................. 3,479 1,000 * ASICS CORP ............................... 1 83,000 BANDAI CO LTD ............................ 3,075 370,540 * BARNES & NOBLE, INC ...................... 8,245 189,300 * BARNESANDNOBLE.COM, INC .................. 1,236 32,800 * BARNETT, INC ............................. 336 38,533 b* BEN FRANKLIN RETAIL STORES, INC .......... 0 106,551 BIC S.A .................................. 5,240 419,146 * BJ'S WHOLESALE CLUB, INC ................. 13,832 65,300 BLAIR CORP ............................... 1,208 231,075 BLYTH, INC ............................... 6,817 487,000 * BORDERS GROUP, INC ....................... 7,579 30,600 * BOYDS COLLECTION LTD ..................... 260 305,800 BRADY CORP (CLASS A) ..................... 9,939 229,500 b,e* CALDOR CORP .............................. 1 481,000 CALLAWAY GOLF CO ......................... 7,846 460,050 CASEY'S GENERAL STORES, INC .............. 4,773 138,348 CASH AMERICA INTERNATIONAL, INC .......... 1,020 19,200 e CASINO ADPS .............................. 1,184 292,080 * CDW COMPUTER CENTERS, INC ................ 18,255 28,100 b* CML GROUP, INC ........................... 0 82,900 * COLDWATER CREEK, INC ..................... 2,497 2,339,356 COLES MYER LTD ........................... 9,009 623,706 * CONSOLIDATED STORES CORP ................. 7,484 61,013 CORTEFIEL S.A ............................ 1,329 133,000 * COST PLUS, INC ........................... 3,815 2,628,572 * COSTCO WHOLESALE CORP .................... 86,743 268,000 e* DAIEI, INC ............................... 1,008 78,315 DAIMARU, INC ............................. 275 2,098,203 e DAVID JONES LTD .......................... 1,565 224,030 DE BEERS CENTENARY AG. (UNITS) ........... 5,452 43,300 * DELIA*S, INC ............................. 103 630,900 DILLARDS, INC (CLASS A) .................. 7,729 45,700 * DIRECT FOCUS, INC ........................ 2,239 895,625 DOLLAR GENERAL CORP ...................... 17,465 582,555 * DOLLAR TREE STORES, INC .................. 23,047 234,411 * E4L, INC ................................. 190 138,974 e* EGGHEAD.COM, INC ......................... 408 103,227 ENESCO GROUP, INC ........................ 490 61,835 e* ETOYS, INC ............................... 392 77,300 * FACTORY 2-U STORES, INC .................. 2,923 771,280 FAMILY DOLLAR STORES, INC ................ 15,088 148,000 FASTENAL CO .............................. 7,493 26,000 e* FATBRAIN.COM, INC ........................ 171 1,852,862 * FEDERATED DEPARTMENT STORES, INC ......... 62,534 5,300 * FREDS, INC ............................... 95 29,200 * GENESIS DIRECT, INC ...................... 0 1,433,000 GIORDANO INTERNATIONAL LTD ............... 2,178 304,500 * GOTTSCHALKS, INC ......................... 1,922 1,992,185 GREAT UNIVERSAL STORES PLC ............... 12,818 259,464 HAGEMEYER NV ............................. 7,183 260,450 * HA-LO INDUSTRIES, INC .................... 1,465 98,278 HANCOCK FABRICS, INC ..................... 418 173,584 * HANDLEMAN CO ............................. 2,170 54,000 HANKYU DEPARTMENT STORES, INC ............ 289 504,674 * HANOVER DIRECT, INC ...................... 789 72,441 HARCOURT GENERAL, INC .................... 3,939 1,172,746 HASBRO, INC .............................. 17,664 185,030 * HEXCEL CORP .............................. 1,758 54,850 e* HOMEBASE, INC ............................ 86 260,000 HUDSONS BAY CO ........................... 2,755 143,500 * IDENTIX, INC ............................. 2,251 173,050 * INSIGHT ENTERPRISES, INC ................. 10,264 502,878 * INTERNATIONAL GAME TECHNOLOGY CO ......... 13,326 188,000 ISETAN CO LTD ............................ 2,310 32,000 * ITURF, INC ............................... 92 50 * JACOBSON STORES, INC ..................... 0 94,150 * JAKKS PACIFIC, INC ....................... 1,389 1,292 JELMOLI HOLDINGS AG. (BR) ................ 1,629 83,041 * JO-ANN STORES, INC (CLASS A) ............. 581 237,100 * JO-ANN STORES, INC (CLASS B) ............. 1,808 236,100 b* JUMBOSPORTS, INC ......................... 0 196,000 JUSCO CO LTD ............................. 3,723 2,705,900 * K MART CORP .............................. 18,434 27,905 * K2, INC .................................. 232 281,665 KARSTADT QUELLE AG ....................... 7,533 79,045 KESCO OYJ ................................ 807 3,226,332 KINGFISHER PLC ........................... 29,379 1,900,856 * KOHLS CORP ............................... 105,735 84,664 * LAND'S END, INC .......................... 2,826 190,490 b* LURIA (L.) & SON, INC .................... 1 103,600 * LYDALL, INC .............................. 1,101 4,452,437 MARKS & SPENCER PLC ...................... 15,655 402,000 MARUI CO LTD ............................. 7,713 50,866 e* MARVEL ENTERPRISES ....................... 318 3,819 * MARVEL ENTERPRISES (CLASS A) WTS 10/02/01 3 6,468 e* MARVEL ENTERPRISES (CLASS C) WTS 10/02/02 5 3,030,929 MATTEL, INC .............................. 39,970 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 37 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- GENERAL MERCHANDISE STORES--(CONTINUED) 1,831,482 MAY DEPARTMENT STORES CO ................. $ 43,956 551,393 e* METRO AG ................................. 19,451 644,655 METRO CASH & CARRY LTD ................... 399 178,100 * MICHAELS STORES, INC ..................... 8,159 2,415,818 MINNESOTA MINING & MANUFACTURING CO ...... 199,305 388,000 e* MITSUKOSHI LTD ........................... 1,724 677,800 e MYCAL CORP ............................... 2,325 72,300 e* NAVARRE CORP ............................. 95 287,049 * NEIMAN MARCUS GROUP, INC (CLASS A) ....... 8,486 30,748 * NEIMAN MARCUS GROUP, INC (CLASS B) ....... 853 255,000 NINTENDO CO LTD .......................... 44,635 48 e* NISSEN CO LTD ............................ 0 254,800 b* NU KOTE HOLDINGS, INC (CLASS A) .......... 4 3,872,797 * OFFICE DEPOT, INC ........................ 24,205 484,400 * OFFICEMAX, INC ........................... 2,422 59,400 e* PARTY CITY CORP .......................... 160 36,750 * PC CONNECTION, INC ....................... 2,095 1,206,938 PENNEY, (J.C.) CO, INC ................... 22,253 181,000 PEPKOR LTD ............................... 651 146,800 * PETCO ANIMAL SUPPLIES, INC ............... 2,881 568,300 * PETSMART, INC ............................ 1,918 568,873 PICK'N PAY STORES LTD .................... 915 266,617 e PINAULT-PRINTEMPS-REDOUTE S.A ............ 59,473 1,000 PLAYMATES INTERACTIVE ENTERTAINMENT ...... 0 17,730 RHI AG ................................... 434 800 ROBINSON & CO LTD ........................ 2 67,750 RUSS BERRIE & CO, INC .................... 1,304 893,580 * SAKS, INC ................................ 9,383 57,000 SANRIO CO LTD ............................ 1,522 151,500 * SCHEIN (HENRY), INC ...................... 2,613 77,550 * SCP POOL CORP ............................ 1,822 2,644,160 SEARS ROEBUCK & CO ....................... 86,266 52,700 e* SEGA ENTERPRISES LTD ..................... 812 30,739 e* SEIYU LTD ................................ 131 166,800 e* SHOP AT HOME, INC ........................ 779 184,000 * SHOPKO STORES, INC ....................... 2,829 2,426,000 SONAE SGPS S.A ........................... 4,279 606,500 * SONAE SGPS S.A. RTS ...................... 488 65,100 SPIEGEL, INC (CLASS A) ................... 553 21,200 * STAMPS.COM, INC .......................... 155 3,162,468 * STAPLES, INC ............................. 48,623 279,195 * STELUX HOLDINGS INTERNATIONAL LTD ........ 9 38,150 STOCKMANN AB OYJ SERIES A ................ 603 5,478 STOCKMANN B FREE ......................... 84 265,300 * SUNGLASS HUT INTERNATIONAL, INC .......... 2,180 222,900 * SYSTEMAX, INC ............................ 864 367,000 e TAKASHIMAYA CO LTD ....................... 3,427 4,229,780 TARGET CORP .............................. 245,327 211,700 THE WAREHOUSE GROUP LTD .................. 515 471,976 TIFFANY & CO ............................. 31,858 100,500 * TOYS `R' US-JAPAN LTD .................... 17,097 1,159,763 * TOYS `R' US, INC ......................... 16,889 900 * TRACTOR SUPPLY CO ........................ 15 47,800 * TUESDAY MORNING CORP ..................... 502 131,889 * U.S. OFFICE PRODUCTS CO .................. 49 50,400 e* VALUE AMERICA, INC ....................... 55 72,600 * VALUE CITY DEPARTMENT STORES, INC ........ 690 232,000 * VALUEVISION INTERNATIONAL, INC ........... 5,568 720,800 * VENATOR GROUP, INC ....................... 7,388 173,626 b* VENTURE STORES, INC ...................... 0 21,713,458 WAL-MART STORES, INC ..................... 1,251,238 688,779 WATERFORD WEDGWOOD PLC (UNITS) ........... 753 903,100 * WESTAIM CORP ............................. 10,849 77,700 * WHITEHALL JEWELLERS, INC ................. 1,447 142,000 * WMS INDUSTRIES, INC ...................... 2,192 2 WOOLTRU LTD .............................. 0 281,497 * ZALE CORP ................................ 10,275 ---------- TOTAL RETAIL AND WHOLESALE ............... 2,952,332 ---------- TECHNOLOGY--18.34% COMMUNICATIONS EQUIPMENT--2.53% 61,100 * ACT NETWORKS, INC ........................ 936 226,950 * ACTV, INC ................................ 3,390 126,780 * ADAPTIVE BROADBAND CORP .................. 4,659 2,219,226 * ADC TELECOMMUNICATIONS, INC .............. 186,138 122,924 * ADTRAN, INC .............................. 7,360 36,937 * ADVA AG OPTICAL NETWORKING ............... 21,068 524,759 * ADVANCED FIBRE COMMUNICATIONS, INC ....... 23,778 22,000 * ALAMOSA PCS HOLDINGS, INC ................ 459 172,400 * ALLEN TELECOM, INC ....................... 3,049 667,420 * AMERICAN TOWER CORP (CLASS A) ............ 27,823 214,000 * AMPEX CORP (CLASS A) ..................... 361 177,810 * ANCOR COMMUNICATIONS, INC ................ 6,359 578,108 * ANDREW CORP .............................. 19,403 88,100 * ANTEC CORP ............................... 3,662 379,823 * ASPECT TELECOMMUNICATIONS CORP ........... 14,932 74,300 * BROOKTROUT, INC .......................... 1,621 22,500 * CALIFORNIA AMPLIFIER, INC ................ 1,029 71,500 * CARRIER ACCESS CORP ...................... 3,781 157,100 * C-COR.NET CORP ........................... 4,242 824,700 b,e* CELLNET DATA SYSTEMS, INC ................ 41 283,500 * CGI GROUP, INC ........................... 2,315 166,300 * CHECKPOINT SYSTEMS, INC .................. 1,247 1,915,030 * CIENA CORP ............................... 319,212 221,763 * COMMSCOPE, INC ........................... 9,092 888,940 * COMVERSE TECHNOLOGY, INC ................. 82,671 130,540 * COPPER MOUNTAIN NETWORKS, INC ............ 11,504 21,700 * DAVOX CORP ............................... 281 12,388 e* DIGITAL LIGHTWAVE, INC ................... 1,246 411,800 * DIGITAL MICROWAVE CORP ................... 15,700 43,500 * DITECH COMMUNICATIONS .................... 4,113 1,078,560 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) ... 35,710 15,300 * EFFICIENT NETWORKS, INC .................. 1,126 13,700 * ELANTEC SEMICONDUCTOR, INC ............... 954 400,600 * ELOT, INC ................................ 751 25,900 * ESHARE COMMUNICATIONS, INC ............... 181 35,100 * FIRSTCOM CORP ............................ 529 57 * GENERAL DATACOMM INDUSTRIES, INC ......... 0 883,000 b* GEOTEK COMMUNICATIONS, INC ............... 11 302,337 * GLENAYRE TECHNOLOGIES, INC ............... 3,193 180,600 * GLOBIX CORP .............................. 5,294 85,100 HARMON INDUSTRIES, INC ................... 1,128 356,319 * HARMONIC, INC ............................ 8,819 493,249 HARRIS CORP .............................. 16,154 35,800 * INET TECHNOLOGIES, INC ................... 1,942 43,100 * INTELECT COMMUNICATIONS .................. 100 333,200 * INTERDIGITAL COMMUNICATIONS CORP ......... 5,519 12,033 * INTERLOGIX, INC .......................... 165 141,325 INTER-TEL, INC ........................... 2,270 200,800 * INTERVOICE-BRITE, INC .................... 1,318 348,000 KINSEKI LTD .............................. 5,904 207,100 * L-3 COMMUNICATIONS HOLDINGS, INC ......... 11,818 5,900 * MCK COMMUNICATIONS, INC .................. 136 83,500 * METRICOM, INC ............................ 2,328 15,984,159 MOTOROLA, INC ............................ 464,540 24,900 * NATURAL MICROSYSTEMS CORP ................ 2,800 45,500 * NETRO CORP ............................... 2,611 15,859,019 NOKIA OYJ ................................ 812,571 6,322,183 NORTEL NETWORKS CORP ..................... 438,205 436,000 e* ORCKIT COMMUNICATIONS LTD ................ 13,135 409,200 * P-COM, INC ............................... 2,327 254,501 * PICTURETEL CORP .......................... 668 SEE NOTES TO FINANCIAL STATEMENTS 38 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- COMMUNICATIONS EQUIPMENT--(CONTINUED) 106,975 * PLANTRONICS, INC ......................... $ 12,356 3,900 e PLIANT SYSTEMS, INC ...................... 24 172,363 * POLYCOM, INC ............................. 16,218 374,510 * POWERWAVE TECHNOLOGIES, INC .............. 16,478 4,838,174 * QUALCOMM, INC ............................ 290,290 159,400 * SALIENT 3 COMMUNICATIONS, INC (CLASS A) .. 1,923 1,050,700 SCIENTIFIC-ATLANTA, INC .................. 78,277 80,000 e* SCM MICROSYSTEMS, INC .................... 4,845 422,150 * SENSORMATIC ELECTRONICS CORP ............. 6,675 243,720 e SIRTI S.P.A .............................. 408 174,872 * SONUS NETWORKS, INC ...................... 27,608 246,900 * SR TELECOM, INC .......................... 1,350 123,900 e* SYCAMORE NETWORKS, INC ................... 13,675 137,700 * SYMMETRICOM, INC ......................... 3,477 155,900 * TEKELEC .................................. 7,512 3,108,324 * TELLABS, INC ............................. 212,726 436,400 * TERAYON COMMUNICATION SYSTEMS, INC ....... 28,032 20,900 * TOLLGRADE COMMUNICATIONS, INC ............ 2,769 23,500 e* TRANSCRYPT INTERNATIONAL, INC ............ 51 74,500 * TUT SYSTEMS, INC ......................... 4,274 7,000 * VIASAT, INC .............................. 380 56 * VTEL CORP ................................ 0 237,500 * WEBLINK WIRELESS, INC .................... 3,147 213,910 * WESTELL TECHNOLOGIES, INC (CLASS A) ...... 3,209 296,551 e* WORLD ACCESS, INC ........................ 3,281 83,100 * YOUTHSTREAM MEDIA NETWORKS, INC .......... 493 95,970 e* ZIXIT CORP ............................... 4,421 ---------- 3,367,578 ---------- COMPUTERS AND OFFICE EQUIPMENT--15.18% 2,248,754 * 3COM CORP ................................ 129,584 128,200 * 3DFX INTERACTIVE, INC .................... 998 36,600 * 3DO CO ................................... 287 33,700 * ABOUT.COM, INC ........................... 1,062 355,250 e* ACCLAIM ENTERTAINMENT, INC ............... 511 23,700 * ACCRUE SOFTWARE, INC ..................... 841 144,200 * ACTIVISION, INC .......................... 937 154,000 * ACTUATE CORP ............................. 8,220 335,960 * ACXIOM CORP .............................. 9,155 2,897,440 * ADAPTEC, INC ............................. 65,917 766,870 ADOBE SYSTEMS, INC ....................... 99,693 316,282 * ADVANCED DIGITAL INFORMATION CORP ........ 5,041 54,400 * ADVANTAGE LEARNING SYSTEMS, INC .......... 836 156,600 * ADVENT SOFTWARE, INC ..................... 10,101 26,200 * AETHER SYSTEMS, INC ...................... 5,371 214,200 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) 7,082 48,100 * AGILE SOFTWARE CORP ...................... 3,400 2,188,000 * ALDATA SOLUTIONS OYJ ..................... 14,892 104,200 * ALLAIRE CORP ............................. 3,829 152,000 AMANO CORP ............................... 1,701 214,414 * AMDOCS LTD ............................... 16,456 15,969,225 * AMERICA ONLINE, INC ...................... 842,377 305,345 * AMERICAN MANAGEMENT SYSTEMS, INC ......... 10,024 132,900 ANALYSTS INTERNATIONAL CORP .............. 1,238 114,450 * APEX, INC ................................ 5,007 1,726,388 * APPLE COMPUTER, INC ...................... 90,420 34,300 e* APPLIEDTHEORY CORP ....................... 515 193,900 * ARIBA, INC ............................... 19,011 38,500 * ART TECHNOLOGY GROUP ..................... 3,886 153,200 * ASHTON TECHNOLOGY GROUP, INC ............. 436 160,400 * ASPEN TECHNOLOGY, INC .................... 6,175 110,400 * ATI TECHNOLOGIES, INC .................... 931 25,182 * AURA SYSTEMS, INC ........................ 7 172,300 e* AUSPEX SYSTEMS, INC ...................... 851 58,900 e* AUTOBYTEL.COM, INC ....................... 363 266,900 AUTODESK, INC ............................ 9,258 4,202,181 AUTOMATIC DATA PROCESSING, INC ........... 225,079 126,170 * AUTOTOTE CORP (CLASS A) .................. 552 226,400 * AVANT CORP ............................... 4,241 160,800 * AVT CORP ................................. 1,186 101,300 * AWARE, INC ............................... 5,179 173,500 * AXENT TECHNOLOGIES, INC .................. 4,305 50 * AZTEC TECHNOLOGY PARTNERS, INC ........... 0 206,300 e* BAAN CO NV ............................... 564 47,100 * BARRA, INC ............................... 2,334 30,100 * BE FREE, INC ............................. 271 2,164,936 * BEA SYSTEMS, INC ......................... 107,029 97,700 * BELL & HOWELL CO ......................... 2,369 163,600 e* BEYOND.COM CORP .......................... 220 250,100 * BILLING CONCEPTS CORP .................... 1,110 232,500 * BINDVIEW DEVELOPMENT CORP ................ 2,790 158,300 * BISYS GROUP, INC ......................... 9,735 101,300 * BLACK BOX CORP ........................... 8,020 17,300 * BLUESTONE SOFTWARE, INC .................. 444 2,930,632 * BMC SOFTWARE, INC ........................ 106,922 45,300 * BOTTOMLINE TECHNOLOGIES, INC ............. 1,549 112,600 * BRIO TECHNOLOGY, INC ..................... 2,386 1,166,600 * BROADVISION, INC ......................... 59,278 164,600 * BROCADE COMMUNICATIONS SYSTEMS, INC ...... 30,202 160,000 * BUSINESS OBJECTS S.A. (SPON ADR) ......... 14,100 612,700 * CABLETRON SYSTEMS, INC ................... 15,471 30,200 * CACHEFLOW, INC ........................... 1,859 49,300 * CACI INTERNATIONAL, INC (CLASS A) ........ 961 1,701,274 * CADENCE DESIGN SYSTEMS, INC .............. 34,663 44,000 * CAIS INTERNET, INC ....................... 619 6,800 e* CALDERA SYSTEMS, INC ..................... 89 337,400 * CAMBRIDGE TECHNOLOGY PARTNERS, INC ....... 2,942 1,175 CANON SALES CO, INC ...................... 21 158,271 CAP GEMINI S.A ........................... 27,992 93,300 * CCC INFORMATION SERVICES GROUP, INC ...... 991 285,600 * C-CUBE MICROSYSTEMS, INC (NEW) ........... 5,605 1,990 * CELLULAR TECHNICAL SERVICES CO ........... 16 2,888,877 * CERIDIAN CORP ............................ 69,514 163,700 * CERNER CORP .............................. 4,461 10,200 * CERTICOM CORP ............................ 347 7,500 * CHORDIANT SOFTWARE ....................... 125 185,500 b* CHS ELECTRONICS, INC ..................... 15 267,900 * CIBER, INC ............................... 3,550 464,100 * CIRRUS LOGIC, INC ........................ 7,426 54,342,110 * CISCO SYSTEMS, INC ....................... 3,454,120 1,059,540 * CITRIX SYSTEMS, INC ...................... 20,065 27,200 * CLARENT CORP ............................. 1,945 250,396 * CNET NETWORKS, INC ....................... 6,150 38,400 * COGNIZANT TECHNOLOGY SOLUTIONS CORP ...... 1,274 566,100 * COGNOS, INC .............................. 23,382 876,374 COMDISCO, INC ............................ 19,554 110,200 e* COMMERCE ONE, INC ........................ 5,000 16,039,644 COMPAQ COMPUTER CORP ..................... 410,013 357,900 COMPAREX HOLDINGS LTD .................... 631 150,487 * COMPLETE BUSINESS SOLUTIONS, INC ......... 2,643 108,200 * COMPUCOM SYSTEMS, INC .................... 176 3,183,853 COMPUTER ASSOCIATES INTERNATIONAL, INC ... 162,973 197,800 * COMPUTER HORIZONS CORP ................... 2,658 152,100 * COMPUTER NETWORK TECHNOLOGY CORP ......... 2,643 1,205,194 * COMPUTER SCIENCES CORP ................... 90,013 100,919 COMPUTER TASK GROUP, INC ................. 511 781,436 * COMPUTERSHARE LTD ........................ 4,030 1,890,350 * COMPUWARE CORP ........................... 19,612 4,800 COMPX INTERNATIONAL, INC ................. 98 101,900 * CONCORD COMMUNICATIONS, INC .............. 4,063 85,200 * CONCUR TECHNOLOGIES, INC ................. 357 325,200 * CONCURRENT COMPUTER CORP ................. 4,268 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 39 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- COMPUTERS AND OFFICE EQUIPMENT--(CONTINUED) 379 * CONVERGYS CORP ........................... $ 20 37,500 e* COPYTELE, INC ............................ 59 69,400 * COREL CORP ............................... 269 51,400 * COSTAR GROUP, INC ........................ 1,288 79,500 * COTELLIGENT, INC ......................... 452 78,750 CREATIVE TECHNOLOGY LTD .................. 1,899 18,900 e* CROSSROADS SYSTEMS, INC .................. 477 292,700 * CSG SYSTEMS INTERNATIONAL, INC ........... 16,409 65,900 e CSK CORP ................................. 2,043 113,400 e CYBERCASH, INC ........................... 539 4,894 * CYBERGUARD CORP .......................... 31 1,023,200 * CYBERPLEX, INC ........................... 10,635 33,200 * CYBERSOURCE CORP ......................... 459 99,167 * CYBEX COMPUTER PRODUCTS CORP ............. 4,202 10,100 * CYLINK CORP .............................. 169 246,628 DASSAULT SYSTEMS S.A ..................... 23,098 126,338 * DATA BROADCASTING CORP ................... 798 201,224 DATACRAFT ASIA LTD ....................... 1,771 103,990 * DATASTREAM SYSTEMS, INC .................. 1,300 1,100 b,e* DECISIONONE HOLDINGS CORP ................ 0 16,419,810 * DELL COMPUTER CORP ....................... 809,702 188,850 * DENDRITE INTERNATIONAL, INC .............. 6,291 473,262 DIEBOLD, INC ............................. 13,192 5 * DIGI INTERNATIONAL, INC .................. 0 14,100 * DIGITAL INSIGHT CO ....................... 479 98,900 * DIGITAL RIVER, INC ....................... 760 2,464,526 * DIXONS GROUP PLC (NEW) ................... 10,037 99,700 * DOCUMENTUM, INC .......................... 8,911 267 * DREXLER TECHNOLOGY CORP .................. 3 110,950 * DSP GROUP, INC ........................... 6,213 251,232 * DST SYSTEMS, INC ......................... 19,125 3,655,000 * DVB HOLDINGS LTD ......................... 2,075 30,400 e* E.PIPHANY, INC ........................... 3,259 445,150 * EARTHLINK, INC ........................... 6,872 37,400 e* EARTHWEB, INC ............................ 524 116,800 * ECHELON CORP ............................. 6,767 231,352 * ECLIPSYS CORP ............................ 1,735 54,200 e* EFAX.COM, INC ............................ 66 786,350 * EFFNET GROUP AB .......................... 3,407 19,200 e* EGAIN COMMUNICATIONS CORP ................ 233 282,600 * ELECTRONIC ARTS, INC ..................... 20,612 2,384,245 ELECTRONIC DATA SYSTEMS CORP ............. 98,350 314,059 * ELECTRONICS FOR IMAGING, INC ............. 7,950 296,500 * ELOYALTY CORP ............................ 3,780 19,700 * EMACHINES, INC ........................... 53 17,567,286 * EMC CORP ................................. 1,351,583 30,000 * EMPRISE MANAGEMENT CONSULTING AG ......... 745 273,100 * EMULEX CORP .............................. 17,939 9,000 * ENGAGE, INC .............................. 116 74,100 e* ENGINEERING ANIMATION, INC ............... 692 112,700 * ENTRUST TECHNOLOGIES, INC ................ 9,326 263,029 * EPICOR SOFTWARE CORP ..................... 658 100,700 * EPRESENCE, INC ........................... 730 6,300 * EPRISE CORP .............................. 104 80,000 * EQUANT N.V ............................... 3,264 20,400 * EST ASIATIQUE ............................ 304 1,300 * EXABYTE CORP ............................. 6 71,500 * EXCALIBUR TECHNOLOGIES CORP .............. 2,856 25,900 * EXCELON CORP ............................. 206 145,400 * EXCHANGE APPLICATIONS, INC ............... 3,871 1,163,087 * EXCITE AT HOME ........................... 24,134 1,300 * EXTENSITY, INC ........................... 45 212,863 * EXTREME NETWORKS, INC .................... 22,457 19,900 e* F5 NETWORKS, INC ......................... 1,086 116,200 FACTSET RESEARCH SYSTEMS, INC ............ 3,283 19,850 e* FIDELITY HOLDINGS, INC ................... 25 206,000 * FILENET CORP ............................. 3,785 10,200 * FIREPOND, INC ............................ 367 3,014,200 FIRST DATA CORP .......................... 149,580 717,693 * FISERV, INC .............................. 31,040 79,800 e* FISHER SCIENTIFIC INTERNATIONAL, INC ..... 1,975 88,700 * FOUNDRY NETWORKS, INC .................... 9,757 26,496 * FRONTLINE CAPITAL GROUP, INC ............. 565 1,050 FUJI DENKI REIKI CO LTD .................. 4 69,500 FUJI SOFT ABC, INC ....................... 4,132 251,538 * GARTNER GROUP, INC (CLASS B) ............. 2,484 833,676 * GATEWAY, INC ............................. 47,311 73,300 * GEAC COMPUTER CORP LTD ................... 698 14,800 GENERAL BINDING CORP ..................... 99 20 * GENERAL MAGIC, INC ....................... 0 16,300 * GEOWORKS CORP ............................ 257 174,195 GERBER SCIENTIFIC, INC ................... 2,003 610,371 GETRONICS NV ............................. 9,449 50,700 * GLOBAL IMAGING SYSTEMS, INC .............. 532 99 * GLOBAL SOURCES LTD ....................... 3 384,566 * GO.COM ................................... 4,591 150,183 * GO2NET, INC .............................. 7,556 1,262 * GRADCO SYSTEMS, INC ...................... 2 11,300 b* GRAHAM-FIELD HEALTH PRODUCTS, INC ........ 1 64,716 * GREAT PLAINS SOFTWARE, INC ............... 1,270 393,579 * GTECH HOLDINGS CORP ...................... 8,929 497,500 e* HANDSPRING, INC .......................... 13,433 8,150 * HCL TECHNOLOGIES LTD ..................... 235 281,631 e* HEALTHEON/WEBMD CORP ..................... 4,172 6,182,248 HEWLETT-PACKARD CO ....................... 772,008 30,900 * HIGH SPEED ACCESS CORP ................... 203 701,000 * HITACHI ZOSEN CORP ....................... 636 152,680 * HNC SOFTWARE, INC ........................ 9,428 40,500 * HOMESTORE.COM, INC ....................... 1,182 74,300 * HYPERCOM CORP ............................ 1,068 202,600 * HYPERION SOLUTIONS CORP .................. 6,572 708,680 * I2 TECHNOLOGIES, INC ..................... 73,891 105,000 e* ICON MEDIALAB INTERNATIONAL AB ........... 1,329 82,000 * IDX SYSTEMS CORP ......................... 1,158 212,870 * IGATE CAPITAL CORP ....................... 2,927 919,100 IKON OFFICE SOLUTIONS, INC ............... 3,562 246,782 * IMATION CORP ............................. 7,249 186,350 * IMRGLOBAL CORP ........................... 2,434 2,258,678 IMS HEALTH, INC .......................... 40,656 238,841 b,e* INACOM CORP .............................. 14 7,500 * INDUS INTERNATIONAL, INC ................. 64 203,875 * INFOCURE CORP ............................ 1,147 152,700 * INFOCUS CORP ............................. 4,915 44,920 * INFOGRAMES, INC .......................... 365 116,500 * INFORMATICA CORP ......................... 9,546 28,000 * INFORMATION ARCHITECTS CORP .............. 194 25,200 * INFORMATION RESOURCES, INC ............... 99 2,056,000 * INFORMIX CORP ............................ 15,292 683,360 * INFOSPACE.COM, INC ....................... 37,756 31,400 INFOSYS TECHNOLOGIES LTD (DEMAT) ......... 5,862 136,700 * INFOUSA, INC ............................. 889 382,950 * INGRAM MICRO, INC (CLASS A) .............. 6,678 458,946 * INKTOMI CORP ............................. 54,270 40,437 * INPRISE CORP ............................. 248 24,590 INSTRUMENTARIUM GROUP SERIES B FREE ...... 589 36,500 * INTELIDATA TECHNOLOGIES CORP ............. 376 20,600 * INTERACT COMMERCE CORP ................... 243 199,065 * INTERGRAPH CORP .......................... 1,505 14,467,640 INTERNATIONAL BUSINESS MACHINES CORP ..... 1,585,111 235,900 e* INTERNET INITIATIVE JAPAN, INC ADR ....... 13,977 32,600 * INTERSHOP COMMUNICATIONS AG .............. 14,781 SEE NOTES TO FINANCIAL STATEMENTS 40 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- COMPUTERS AND OFFICE EQUIPMENT--(CONTINUED) 87,300 * INTERTRUST TECHNOLOGIES CORP ............. $ 1,795 14,800 e* INTERWOVEN, INC .......................... 1,628 27,800 * INTRANET SOLUTIONS ....................... 1,067 818,417 * INTUIT, INC .............................. 33,862 1,761,951 * IOMEGA CORP .............................. 7,048 150,000 * ISS GROUP, INC ........................... 14,810 153,595 e* IVILLAGE, INC ............................ 1,296 46,700 * IXL ENTERPRISES, INC ..................... 677 345,200 * J.D. EDWARDS & CO ........................ 5,200 163,800 JACK HENRY & ASSOCIATES, INC ............. 8,210 126,750 * JDA SOFTWARE GROUP, INC .................. 2,432 96,100 * JTS CORP ................................. 1 331,600 * JUNIPER NETWORKS, INC .................... 48,269 40,867 e* JUNO ONLINE SERVICES, INC ................ 439 298,055 * KEANE, INC ............................... 6,445 5,708,900 KEPPEL CORP LTD .......................... 12,349 160,712 KONAMI CO LTD ............................ 10,177 82,800 * KRONOS, INC .............................. 2,153 76,000 e KYOWA EXEO CORP .......................... 765 490,149 * LANIER WORLDWIDE, INC .................... 490 400 LEADING EDGE SYSTEMS LTD (DEMAT) ......... 8 301,900 e* LEARN2.COM, INC .......................... 594 1,100 b* LEASING SOLUTIONS, INC ................... 0 448,820 * LEGATO SYSTEMS, INC ...................... 6,788 12,000 * LEVEL 8 SYSTEMS, INC ..................... 253 1,765,466 * LEXMARK INTERNATIONAL, INC ............... 118,728 156,200 e* LHS GROUP, INC ........................... 5,389 54,600 * LIBERATE TECHNOLOGY ...................... 1,600 2,205,918 LOGICA PLC ............................... 52,230 57,591 LONDON BRIDGE SOFTWARE HOLDINGS PLC ...... 423 4,600 * LOUDEYE TECHNOLOGIES, INC ................ 80 401,442 * LYCOS, INC ............................... 21,678 219,300 * MACROMEDIA, INC .......................... 21,204 163,500 * MACROVISION CORP ......................... 10,451 113,280 * MANDATOR AB .............................. 743 41,400 * MANHATTAN ASSOCIATES, INC ................ 1,035 130,026 * MANUGISTICS GROUP, INC ................... 6,079 120,500 * MAPICS, INC .............................. 693 5,600 * MAPINFO CORP ............................. 228 85,800 * MARIMBA, INC ............................. 1,196 19,200 e* MARKETWATCH.COM, INC ..................... 361 10,600 * MATRIXONE, INC ........................... 431 437,600 * MAXTOR CORP .............................. 4,622 41,962 * MCSI, INC ................................ 1,086 61,700 * MEDICONSULT.COM, INC ..................... 93 228,200 * MEDQUIST, INC ............................ 7,759 6,600 MEITEC CORP .............................. 262 429,800 * MENTOR GRAPHICS CORP ..................... 8,542 30 * MERANT PLC ADR ........................... 0 95,000 * MERCATOR SOFTWARE, INC ................... 6,531 129,300 * MERCURY COMPUTER SYSTEMS, INC ............ 4,178 405,100 * MERCURY INTERACTIVE CORP ................. 39,193 443,100 * MERISEL, INC ............................. 332 212,963 * MERKANTILDATA ASA ........................ 1,099 12,700 * METASOLV SOFTWARE, INC ................... 559 75,900 * METRO INFORMATION SERVICES, INC .......... 759 157,000 b* MICROAGE, INC ............................ 46 127,900 * MICROMUSE, INC ........................... 21,165 214,000 * MICRON ELECTRONICS, INC .................. 2,675 106,100 * MICROS SYSTEMS, INC ...................... 1,969 30,884,638 * MICROSOFT CORP ........................... 2,470,771 490,376 e* MICROSTRATEGY, INC ....................... 14,711 150,078 * MIDWAY GAMES, INC ........................ 1,210 55,364 * MINOLTA-QMS, INC ......................... 173 73,300 e* MIPS TECHNOLOGIES, INC ................... 3,115 682,444 MISYS PLC ................................ 5,765 14 * MOMENTUM BUSINESS APPLICATIONS, INC ...... 0 177,480 * MTI TECHNOLOGY CORP ...................... 1,420 90,400 * MULTEX.COM, INC .......................... 2,277 36,800 * MYPOINTS.CO, INC ......................... 697 470,504 NAMCO LTD ................................ 16,987 198,600 NATIONAL COMPUTER SYSTEMS, INC ........... 9,781 226,755 NATIONAL DATA CORP ....................... 5,215 26,400 * NATIONAL INFO CONS ....................... 300 123,545 * NATIONAL INSTRUMENTS CORP ................ 5,390 48,435 * NAVISION SOFTWARE AS ..................... 2,023 76,700 * NCO GROUP, INC ........................... 1,774 42,100 * NEON SYSTEMS, INC ........................ 789 67,200 * NET PERCEPTIONS, INC ..................... 1,067 24,400 * NETEGRITY, INC ........................... 1,838 30 * NETMANAGE, INC ........................... 0 38,900 * NETOBJECTS, INC .......................... 355 49,850 * NETOPIA, INC ............................. 2,006 42,800 * NETRIX CORP .............................. 527 1,956,700 * NETWORK APPLIANCE, INC ................... 157,514 75,341 * NETWORK EQUIPMENT TECHNOLOGIES, INC ...... 758 79,700 * NETWORK PERIPHERALS, INC ................. 1,335 922,780 * NETWORKS ASSOCIATES, INC ................. 18,802 46,600 * NETZERO, INC ............................. 243 151,500 * NEW ERA OF NETWORKS, INC ................. 6,439 52,100 e NIDEC CORP ............................... 4,530 479,007 NIIT LTD ................................. 23,493 11,400 * NIKU CORP ................................ 385 2,500 * NOVADIGM, INC ............................ 49 1,886,021 * NOVELL, INC .............................. 17,446 600 NTT DATA COMMUNICATIONS SYSTEM CORP ...... 6,181 6,700 * NUANCE COMMUNICATIONS .................... 558 31,000 * OBJECTIVE SYSTEMS INTEGRATORS, INC ....... 331 27,300 * OMEGA RESEARCH, INC ...................... 82 222,000 OMRON CORP ............................... 6,043 18,900 e* ON2.COM, INC ............................. 97 128,700 * ONEMAIN.COM, INC ......................... 1,448 96,800 * ONHEALTH NETWORK CO ...................... 224 81,300 * ONYX SOFTWARE CORP ....................... 2,414 153,100 * OPEN MARKET, INC ......................... 2,115 933,435 * OPEN TELECOMMUNICATIONS LTD .............. 954 512,000 * OPEN TEXT CORP ........................... 11,144 334,400 e* OPENTV CORP .............................. 15,006 20,478,333 * ORACLE CORP .............................. 1,721,460 115,700 * ORBOTECH LTD ............................. 10,746 13,400 * OSICOM TECHNOLOGIES ...................... 1,134 7,900 * OTG SOFTWARE, INC ........................ 226 204,214 OWENS & MINOR, INC ....................... 3,510 8,766,000 PACIFIC CENTURY CYBERWORKS LTD ........... 17,318 19,000 * PACKETEER, INC ........................... 553 46,100 e* PALM, INC ................................ 1,539 1,210,121 * PARAMETRIC TECHNOLOGY CORP ............... 13,311 150,475 * PATTERSON DENTAL CO ...................... 7,674 1,937,618 PAYCHEX, INC ............................. 81,380 16,100 * PCORDER.COM, INC ......................... 125 18,500 * PC-TEL, INC .............................. 703 180,600 * PEGASYSTEMS, INC ......................... 903 1,350,817 PENTAMEDIA GRAPHICS LTD .................. 17,961 895,935 * PEOPLESOFT, INC .......................... 15,007 176,373 * PER SE TECHNOLOGIES, INC ................. 1,653 603,215 * PEREGRINE SYSTEMS, INC ................... 20,924 11,000 * PERITUS SOFTWARE SERVICES, INC ........... 4 314,100 * PEROT SYSTEMS CORP (CLASS A) ............. 3,455 7,300 * PERSISTENCE SOFTWARE, INC ................ 132 107,800 * PERVASIVE SOFTWARE, INC .................. 606 124,000 * PHOENIX TECHNOLOGIES LTD ................. 2,023 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 41 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- COMPUTERS AND OFFICE EQUIPMENT--(CONTINUED) 34,700 * PHONE.COM, INC ........................... $ 2,260 111,200 f* PHYSICIAN COMPUTER NETWORK, INC .......... 1 1,846,391 PITNEY BOWES, INC ........................ 73,856 374,069 * POLICY MANAGEMENT SYSTEMS CORP ........... 5,751 202,200 * PORTAL SOFTWARE, INC ..................... 12,916 6,300 * PREDICTIVE SYSTEMS, INC .................. 226 307,882 e* PRICELINE.COM, INC ....................... 11,695 9,579 * PRIMARK CORP ............................. 357 18,300 * PRIVATE BUSINESS, INC .................... 46 74,900 f* PROCURENET, INC .......................... 11 97,055 * PRODIGY COMMUNICATIONS CORP (CLASS A) .... 1,019 235,000 * PROGRESS SOFTWARE CORP ................... 4,215 81,400 * PROJECT SOFTWARE & DEVELOPMENT, INC ...... 1,465 180,000 * PROXICOM, INC ............................ 8,618 60,000 * PROXIM, INC .............................. 5,938 119,900 * PROXYMED, INC ............................ 202 1,259,757 * PSINET, INC .............................. 31,651 495,891 PSION PLC ................................ 4,797 389,056 * PSS WORLD MEDICAL, INC ................... 2,614 16,700 * PUBLICARD, INC ........................... 55 46,200 * PUMA TECHNOLOGY, INC ..................... 1,239 74,500 * QRS CORP ................................. 1,830 600,000 * QS COMMUNICATIONS AG ..................... 5,752 159,200 * QUADRAMED CORP ........................... 398 878,400 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP . 8,510 556,850 * QUANTUM CORP-HARD DISK DRIVE GROUP ....... 6,160 65,100 e* QUEST SOFTWARE, INC ...................... 3,605 100,250 * RADIANT SYSTEMS, INC ..................... 2,406 64,900 * RADISYS CORP ............................. 3,683 13,050 * RAINBOW TECHNOLOGIES, INC ................ 635 20,100 * RAMP NETWORKS, INC ....................... 239 60 * RAMTRON INTERNATIONAL CORP ............... 1 392,860 * RARE MEDIUM GROUP, INC ................... 7,072 593,643 * RATIONAL SOFTWARE CORP ................... 55,172 115,700 * RAZORFISH, INC ........................... 1,858 1,213,200 * READSOFT AB (CLASS B) .................... 7,469 464,874 * REALNETWORKS, INC ........................ 23,505 128,600 * RED HAT, INC ............................. 3,480 163,200 * REMEDY CORP .............................. 9,098 11,500 * RETEK, INC ............................... 368 149,800 * RSA SECURITY, INC ........................ 10,374 1,011,343 SABRE HOLDINGS CORP ...................... 28,823 465,800 * SAFEGUARD SCIENTIFICS, INC ............... 14,935 369,900 * SAGA SYSTEMS, INC ........................ 4,601 2,409,080 SAGE GROUP PLC ........................... 19,512 82,300 * SAGENT TECHNOLOGY, INC ................... 1,173 77,700 e* SANCHEZ COMPUTER ASSOCIATES, INC ......... 1,845 248,600 * SANDISK CORP ............................. 15,211 114,000 * SANTA CRUZ OPERATION, INC ................ 727 611,655 SAP AG ................................... 91,761 177,500 * SAPIENT CORP ............................. 18,981 1,000,000 * SATYAM COMPUTER SERVICES LTD ............. 66,708 39,800 * SCIENT CORP .............................. 1,756 1,216,335 * SEAGATE TECHNOLOGY, INC .................. 66,898 15,900 * SECURE COMPUTING CORP .................... 299 387,636 SEI INVESTMENTS CO ....................... 15,433 7,700 * SELECTICA, INC ........................... 539 1,669,703 * SEMA GROUP PLC ........................... 23,761 90,150 * SERENA SOFTWARE, INC ..................... 4,093 139,200 SHARED MEDICAL SYSTEMS CORP .............. 10,153 935,630 * SIEBEL SYSTEMS, INC ...................... 153,034 1,258,604 * SILICON GRAPHICS, INC .................... 4,720 22,300 * SILVERSTREAM SOFTWARE, INC ............... 1,288 195,000 SINGAPORE COMPUTER SYSTEMS LTD ........... 422 57,000 * SMARTFORCE PLC ADR ....................... 2,736 446,761 e SOFTBANK CORP ............................ 60,804 167,100 * SOFTNET SYSTEMS, INC ..................... 1,608 32,200 * SOFTWARE.COM, INC ........................ 4,182 11,700 * SONIC FOUNDRY, INC ....................... 246 62,800 e* SOURCE INFORMATION MANAGEMENT CO ......... 958 85,600 e* SOURCE MEDIA, INC ........................ 334 23,800 * SPLASH TECHNOLOGY HOLDINGS, INC .......... 187 104,000 * SPORTSLINE.COM, INC ...................... 1,775 39,300 * SPSS, INC ................................ 1,145 117,800 * SPYGLASS, INC ............................ 3,689 66,000 * SS&C TECHNOLOGIES, INC ................... 281 174,919 SSL INTERNATIONAL PLC .................... 1,887 49,100 * STARMEDIA NETWORK, INC ................... 927 580,246 * STORAGE TECHNOLOGY CORP .................. 6,346 208,400 * STRUCTURAL DYNAMICS RESEARCH CORP ........ 3,139 11,099,200 * SUN MICROSYSTEMS, INC .................... 1,009,334 657,222 * SUNGARD DATA SYSTEMS, INC ................ 20,374 24,500 * SUNQUEST INFORMATION SYSTEMS, INC ........ 263 142,700 * SVI HOLDINGS, INC ........................ 731 512,755 * SYBASE, INC .............................. 11,793 140,300 * SYKES ENTERPRISES, INC ................... 1,806 394,200 * SYMANTEC CORP ............................ 21,262 705,400 SYMBOL TECHNOLOGIES, INC ................. 38,092 359,467 * SYNOPSYS, INC ............................ 12,424 120,050 * SYNTEL, INC .............................. 1,201 16 * SYSTEM SOFTWARE ASSOCIATES, INC .......... 0 206,432 * SYSTEMS & COMPUTER TECHNOLOGY CORP ....... 4,129 327,900 * TECH DATA CORP ........................... 14,284 226,100 * TECHNOLOGY SOLUTIONS CO .................. 1,399 29,200 * TELXON CORP .............................. 522 28,900 * TENFOLD CORP ............................. 475 837,000 e TERUMO CORP .............................. 28,400 824,300 * THE DESCARTES SYSTMES GROUP, INC ......... 24,478 46,300 e* THESTREET.COM, INC ....................... 269 112,053 * THQ, INC ................................. 1,366 52,800 * TIBCO SOFTWARE, INC ...................... 5,662 166,591 * TICKETMASTER ONLINE-CITYSEARCH, INC ...... 2,655 67,375 e TIETOENATOR CORP ......................... 2,257 113,799 TOTAL SYSTEM SERVICES, INC ............... 1,807 81,200 * TOWNE SERVICES, INC ...................... 76 60,157 TOYO INFORMATION SYSTEMS CO LTD .......... 3,349 73,600 e* TRACK DATA CORP .......................... 94 43,500 TRANS COSMOS ............................. 6,545 205,600 * TRANSACTION SYSTEMS ARCHITECTS, INC ...... 3,521 20,000 * TRAVEL24.COM ............................. 305 92,000 * TREND MICRO, INC ......................... 15,217 51,300 * TRICORD SYSTEMS, INC ..................... 927 66,000 * TYLER TECHNOLOGIES, INC .................. 169 8,500 * ULTICOM, INC ............................. 204 35,000 * UNIGRAPHICS SOLUTIONS, INC ............... 683 3,483,100 * UNISYS CORP .............................. 50,723 230,325 e* USINTERNETWORKING, INC ................... 4,707 22,700 * VA LINUX SYSTEMS, INC .................... 976 500,450 * VERIO, INC ............................... 27,767 786,090 * VERISIGN, INC ............................ 138,745 2,623,002 * VERITAS SOFTWARE CORP .................... 296,440 165,400 * VERITY, INC .............................. 6,285 5,200 * VERSATA, INC ............................. 210 8,000 * VIA NET.WORKS, INC ....................... 124 13,000 * VIALINK CO ............................... 134 703,891 * VIGNETTE CORP ............................ 36,613 155,000 * VISUAL NETWORKS, INC ..................... 4,418 70,700 * VITRIA TECHNOLOGY, INC ................... 4,322 13,212 * VIZACOM, INC ............................. 34 3,270,000 VTECH HOLDINGS LTD ....................... 12,375 179,600 e* WAVE SYSTEMS CORP (CLASS A) .............. 2,840 SEE NOTES TO FINANCIAL STATEMENTS 42 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- COMPUTERS AND OFFICE EQUIPMENT--(CONTINUED) 6,000 e* WEBMETHODS, INC .......................... $ 943 6,300 * WEBSENSE, INC ............................ 158 82,000 * WEBTRENDS CORP ........................... 3,172 56,200 e* WEBVAN GROUP, INC ........................ 409 1,261,300 * WESTERN DIGITAL CORP ..................... 6,307 273,196 * WIND RIVER SYSTEMS, INC .................. 10,347 388,573 WM-DATA AB SERIES B ...................... 2,149 170,000 * WORLD ONLINE INTERNATIONAL NV ............ 2,053 140,000 * XIRCOM, INC .............................. 6,650 1,628,414 * YAHOO, INC ............................... 201,720 156,300 * ZEBRA TECHNOLOGIES CORP .................. 6,926 1,440 f* ZEBRA TECHNOLOGIES CORP (CLASS B) ........ 64 383,000 * ZI CORP .................................. 3,490 87,900 e* ZIFF-DAVIS, INC -ZDNET ................... 791 ---------- 20,185,055 ---------- ELECTRONIC AND OTHER TECHNOLOGY--0.20% 1,191,950 * BEST BUY CO, INC ......................... 75,391 13,000 e* BUY.COM, INC ............................. 65 389,515 * CDNOW, INC ............................... 1,205 3,022,344 CIRCUIT CITY STORES-CIRCUIT CITY GROUP ... 100,304 97,600 e* CYBERIAN OUTPOST, INC .................... 470 24,100 * ELECTRONICS BOUTIQUE HOLDINGS CORP ....... 395 134,200 * GUITAR CENTER, INC ....................... 1,409 16,300 * IDEAMALL, INC ............................ 78 153,050 * INTERTAN, INC ............................ 1,798 146,100 MEDION AG ................................ 14,986 674,782 * MUSICLAND STORES CORP .................... 5,019 1,293,875 RADIOSHACK CORP .......................... 61,297 207,800 b* SUN TELEVISION & APPLIANCES, INC ......... 1 311,087 * TRANS WORLD ENTERTAINMENT CORP ........... 3,772 68,000 * TWEETER HOME ENTERTAINMENT GROUP, INC .... 2,066 ---------- 268,256 ---------- INSTRUMENTS AND RELATED PRODUCTS--0.43% 32,200 * ANACOMP, INC ............................. 97 145,800 * AVID TECHNOLOGIES, INC ................... 1,750 1,715,000 CANON, INC ............................... 85,583 202,181 * CYMER, INC ............................... 9,654 2,274,848 EASTMAN KODAK CO ......................... 135,353 1,398,500 e FUJI PHOTO FILM CO LTD ................... 57,365 259,000 KONICA CORP .............................. 2,203 263,597 * LITTON INDUSTRIES, INC ................... 11,071 525,000 * NIKON CORP ............................... 19,500 716,063 OCE NV ................................... 11,772 1,573,000 OLYMPUS OPTICAL CO LTD ................... 28,262 86 * PANAVISION, INC (NEW) .................... 1 243,037 * PINNACLE SYSTEMS, INC .................... 5,465 285,308 POLAROID CORP ............................ 5,153 1,122,998 RAYTHEON CO (CLASS A) .................... 21,828 812,851 RAYTHEON CO (CLASS B) .................... 15,647 923 RICOH CO LTD ............................. 20 19,694 SAGEM S.A. (NEW) ......................... 23,183 23,235 * TECH-SYM CORP ............................ 653 132,400 * TRIMBLE NAVIGATION LTD ................... 6,463 6,301,580 XEROX CORP ............................... 130,758 ---------- 571,781 ---------- TOTAL TECHNOLOGY ......................... 24,392,670 ---------- TRANSPORTATION--4.31% AEROSPACE AND DEFENSE--0.15% 52,700 * ALLIANT TECHSYSTEMS, INC ................. 3,554 1,893,374 GENERAL DYNAMICS CORP .................... 98,929 551,318 GOODRICH (B.F.) CO ....................... 18,779 920,000 * KAWASAKI HEAVY INDUSTRIES LTD ............ 1,409 44,626 e* KVAERNER INDUSTRIER AS SERIES A .......... 470 5,509 * KVAERNER INDUSTRIER AS SERIES B .......... 48 22,900 * KVAERNER INDUSTRIER AS SERIES A RTS ...... 13 2,827 e* KVAERNER INDUSTRIER AS SERIES B RTS ...... 1 1,847,762 LOCKHEED MARTIN CORP ..................... 45,848 403,000 * MITSUI ENGINEERING & SHIP BUILDING CO LTD 385 188,303 NEWPORT NEWS SHIPBUILDING, INC ........... 6,920 142,417 * ORBITAL SCIENCES CORP .................... 1,736 120,800 STURM, RUGER & CO, INC ................... 1,072 133,501 * TELEDYNE TECHNOLOGIES, INC ............... 2,236 631,978 THOMSON-CSF .............................. 24,996 ---------- 206,396 ---------- AIR TRANSPORTATION--1.00% 445,000 AEROSPATIALE-MATRA ....................... 9,385 365,946 * AIR CANADA, INC .......................... 4,816 245,600 AIRBORNE FREIGHT CORP .................... 4,651 320,500 e* AIRTRAN HOLDINGS, INC .................... 1,332 153,729 * ALASKA AIR GROUP, INC .................... 4,170 1,363,709 e* ALITALIA S.P.A ........................... 2,824 1,170 e* ALL NIPPON AIRWAYS CO LTD ................ 3 201,880 * AMERICA WEST HOLDINGS CORP (CLASS B) ..... 3,457 2,421,363 * AMR CORP ................................. 64,015 1,200 * AMTRAN, INC .............................. 15 72,100 * ATLANTIC COAST AIRLINES HOLDINGS ......... 2,289 99,100 * ATLAS AIR, INC ........................... 3,555 309,000 AUCKLAND INTERNATIONAL AIRPORT LTD ....... 367 30,250 AUSTRIAN AIRLINES/OEST LUFTV AG .......... 439 108,488 * AVIALL, INC .............................. 536 8,874,139 BAE SYSTEMS PLC .......................... 55,350 7,134 * BAE SYSTEMS PLC WTS 11/15/00 ............. 114 1,051,301 BBA GROUP PLC ............................ 6,891 146,998 * BE AEROSPACE, INC ........................ 1,011 1,304,000 * BEIJING CAPITAL INTERNATIONAL AIRPORT CO LTD 248 6,499,582 BOEING CO ................................ 271,764 1,856,207 BRITISH AIRPORT AUTHORITIES PLC .......... 14,894 1,453,506 BRITISH AIRWAYS PLC ...................... 8,362 116,500 CAE, INC ................................. 1,179 5,751,800 CATHAY PACIFIC AIRWAYS LTD ............... 10,662 703,000 COBHAM GROUP PLC ......................... 10,643 211,500 * CONTINENTAL AIRLINES, INC (CLASS B) ...... 9,941 953,886 DELTA AIRLINES, INC ...................... 48,231 1,754,414 e DEUTSCHE LUFTHANSA AG. (REGD) ............ 41,204 61,995 * DUCOMMUN, INC ............................ 740 95,850 * EGL, INC ................................. 2,947 1,581,762 * FEDEX CORP ............................... 60,107 21,407 FLUGHAFEN WIEN AG ........................ 765 92,000 * FRONTIER AIRLINES, INC ................... 1,317 24,373 HEICO CORP ............................... 347 50 HEICO CORP (CLASS A) ..................... 1 2,561,400 JAPAN AIRLINES CO LTD .................... 9,756 126,400 KAMAN CORP (CLASS A) ..................... 1,351 71,900 e* KELLSTROM INDUSTRIES, INC ................ 333 51,291 KLM (ROYAL DUTCH AIRLINES) NV ............ 1,387 323,900 * MESA AIR GROUP, INC ...................... 1,792 77,900 * MESABA HOLDINGS, INC ..................... 745 87,359 * MIDWEST EXPRESS HOLDINGS, INC ............ 1,878 467,375 NORTHROP GRUMMAN CORP .................... 30,964 134,700 * NORTHWEST AIRLINES CORP (CLASS A) ........ 4,100 132,000 * OFFSHORE LOGISTICS, INC .................. 1,898 5,387,989 ROLLS-ROYCE PLC .......................... 19,128 275,095 * RYANAIR HOLDINGS PLC ..................... 2,004 654,600 * RYANAIR HOLDINGS PLC ADR ................. 23,893 4,397 SAIRGROUP ................................ 735 44,488 e SAS DANMARK AS ........................... 374 43,000 SAS NORGE ASA SERIES B ................... 362 14,379 * SEQUA CORP (CLASS A) ..................... 549 7,371,000 SINGAPORE AIRLINES LTD (LR) .............. 72,900 127,100 SKYWEST, INC ............................. 4,711 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 43 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- AIR TRANSPORTATION--(CONTINUED) 454,725 * SMITHS INDUSTRIES PLC .................... $ 5,920 2,913,632 SOUTHWEST AIRLINES CO .................... 55,177 98,200 SPAR AEROSPACE LTD ....................... 537 2,478,500 SWIRE PACIFIC LTD (CLASS A) .............. 14,498 852,672 TEXTRON, INC ............................. 46,311 278,100 e* TRANS WORLD AIRLINES, INC ................ 608 73,030 * TRIUMPH GROUP, INC ....................... 2,036 381,800 * U.S. AIRWAYS GROUP, INC .................. 14,890 782,567 UAL CORP ................................. 45,536 107,200 UNITED PARCEL SERVICE, INC (CLASS B) ..... 6,325 5,203,141 UNITED TECHNOLOGIES CORP ................. 306,335 ---------- 1,325,605 ---------- AUTOS, TIRES AND RELATED PRODUCTS--2.41% 59,900 * AFTERMARKET TECHNOLOGY CORP .............. 509 21,200 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC 301 155,700 b* APS HOLDINGS CORP ........................ 1 163,500 ARVIN INDUSTRIES, INC .................... 2,841 36,000 AUTOBACS SEVEN CO LTD .................... 1,201 1,080,149 AUTOLIV, INC ............................. 25,991 384,000 AUTOLIV, INC SDR ......................... 9,457 2,220,749 * AUTONATION, INC .......................... 15,684 47,600 * AUTOWEB.COM, INC ......................... 101 959,100 e* AUTOZONE, INC ............................ 21,100 140,083 * AVIS GROUP HOLDINGS, INC ................. 2,627 92,200 BANDAG, INC (CLASS A) .................... 2,121 1,465,000 BAYERISCHE MOTOREN WERKE (BMW) AG ........ 44,377 24,000 BOMBARDIER, INC (CLASS A) ................ 657 1,932,304 BOMBARDIER, INC (CLASS B) ................ 52,425 156,550 BORGWARNER, INC .......................... 5,499 441,875 BREMBO S.P.A ............................. 4,575 1,193,895 BRIDGESTONE CORP ......................... 25,332 165,401 * BUDGET GROUP, INC ........................ 682 20,300 CANADIAN TIRE, INC (CLASS A) ............. 306 3,700 e CENTRAL PARKING CORP ..................... 88 159,750 CLARCOR, INC ............................. 3,175 39,900 COACHMEN INDUSTRIES, INC ................. 459 963,000 COMFORT GROUP LTD ........................ 479 2,265,663 CONTINENTAL AG ........................... 38,008 401,620 COOPER TIRE & RUBBER CO .................. 4,468 319,400 * COPART, INC .............................. 5,110 126,100 * CSK AUTO CORP ............................ 954 375,000 CYCLE & CARRIAGE LTD ..................... 881 1,078,030 DAIMLERCHRYSLER AG ....................... 56,785 14,300 e DAIMLERCHRYSLER (U.S.A.) ................. 744 1,373,383 DANA CORP ................................ 29,099 650,078 DANAHER CORP ............................. 32,138 109,222 * DELCO REMY INTERNATIONAL, INC (CLASS A) .. 908 3,269,834 DELPHI AUTOMOTIVE SYSTEMS CORP ........... 47,617 834,693 DENSO CORP ............................... 20,353 5,300 DIETEREN S.A ............................. 1,346 56,498 * DISCOUNT AUTO PARTS, INC ................. 565 151,118 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC ..... 2,786 97,093 * DURA AUTOMOTIVE SYSTEMS, INC ............. 1,050 497,434 EATON CORP ............................... 33,328 211,000 EDARAN OTOMOBIL NASIONAL BERHAD .......... 666 237,914 FEDERAL SIGNAL CORP ...................... 3,926 331,023 FEDERAL-MOGUL CORP ....................... 3,165 373,920 e FIAT S.P.A ............................... 9,742 36,666 FIAT S.P.A. (PRIV) ....................... 599 29,699 FIAT S.P.A. DI RISP ...................... 410 208,400 FLEETWOOD ENTERPRISES, INC ............... 2,970 7,646,105 FORD MOTOR CO ............................ 328,783 214,224 GENCORP, INC ............................. 1,714 3,426,191 GENERAL MOTORS CORP ...................... 198,933 2,745,393 * GENERAL MOTORS CORP (CLASS H) ............ 240,908 6,560 GENTEK, INC .............................. 73 497,150 * GENTEX CORP .............................. 12,491 1,117,000 GENUINE PARTS CO ......................... 22,340 829,669 GOODYEAR TIRE & RUBBER CO ................ 16,593 98,100 * GROUP 1 AUTOMOTIVE, INC .................. 1,177 2,783,400 HARLEY DAVIDSON, INC ..................... 107,161 115,320 * HAYES LEMMERZ INTERNATIONAL, INC ......... 1,391 1,696,376 HERO HONDA MOTORS LTD .................... 37,404 128,695 HERTZ CORP (CLASS A) ..................... 3,612 3,159,000 e HONDA MOTOR CO LTD ....................... 107,783 12,690,304 HONEYWELL INTERNATIONAL, INC ............. 427,505 122,636 * IMPERIAL HOLDINGS LTD .................... 998 3,100 * INSURANCE AUTO AUCTIONS, INC ............. 65 550,136 ITT INDUSTRIES, INC ...................... 16,710 19,600 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC ...... 136 2,200 * KROLL-O'GARA CO .......................... 15 178,580 LEX SERVICE GROUP LTD .................... 899 9,900 * LITHIA MOTORS, INC (CLASS A) ............. 132 283,958 * LONHRO AFRICA PLC ........................ 82 197,500 MAGNA INTERNATIONAL, INC ................. 9,271 1,576,115 * MAHINDRA & MAHINDRA LTD .................. 7,515 344,140 MAN AG ................................... 10,573 229,200 MASCOTECH, INC ........................... 2,478 2,580,603 MERITOR AUTOMOTIVE, INC .................. 28,387 530,236 MICHELIN S.A. (CLASS B) .................. 17,083 128,657 MIDAS, INC ............................... 2,573 24,050 * MILLER INDUSTRIES, INC ................... 44 122,770 MODINE MANUFACTURING CO .................. 3,315 199,525 * MONACO COACH CORP ........................ 2,719 61,770 * NATIONAL AUTO CREDIT, INC ................ 53 59,700 * NATIONAL R.V. HOLDINGS, INC .............. 627 382,335 * NAVISTAR INTERNATIONAL CORP .............. 11,876 79,775,000 * NISSAN MOTOR CO LTD ...................... 471,236 204,900 * OREILLY AUTOMOTIVE, INC .................. 2,843 354,000 * ORIENT CORP .............................. 1,997 89,600 OSHKOSH TRUCK CORP ....................... 3,203 467,900 PACCAR, INC .............................. 18,570 278,905 PEP BOYS MANNY, MOE, & JACK CO ........... 1,673 179,112 PEUGEOT S.A .............................. 36,091 3,295,873 e PIRELLI S.P.A ............................ 8,704 2,000,000 e PIRELLI S.P.A. RISP ...................... 4,410 151,600 REGAL-BELOIT CORP ........................ 2,435 2,205,092 e RENAULT S.A .............................. 100,617 18,900 RHEINMETALL AG ........................... 241 364,047 ROLLINS TRUCK LEASING CORP ............... 2,526 445,252 RYDER SYSTEM, INC ........................ 8,432 103,000 SANDEN CORP .............................. 802 107,900 SHIMANO, INC ............................. 2,600 238,775 SIMPSON INDUSTRIES, INC .................. 1,798 151,950 SMITH (A.O.) CORP ........................ 3,181 124,750 * SPARTAN MOTORS, INC ...................... 522 186,067 * SPX CORP ................................. 22,502 47,363 STANDARD MOTOR PRODUCTS, INC (CLASS A) ... 403 108,485 * STONERIDGE, INC .......................... 949 22,194 * STRATTEC SECURITY CORP ................... 721 103,300 SUPERIOR INDUSTRIES INTERNATIONAL, INC ... 2,660 266,000 SUZUKI MOTOR CORP ........................ 3,439 2,000 TAN CHONG INTERNATIONAL LTD .............. 0 50 * TBC CORP ................................. 0 211,369 TENNECO AUTOMOTIVE, INC .................. 1,110 25,756 THOR INDUSTRIES, INC ..................... 541 464,967 TI GROUP PLC ............................. 2,534 231,000 TOYODA GOSEI CO LTD ...................... 14,693 5,483,620 e TOYOTA MOTOR CORP ........................ 250,326 71,600 TRANSPRO, INC ............................ 362 553,371 TRW, INC ................................. 24,002 SEE NOTES TO FINANCIAL STATEMENTS 44 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- AUTOS, TIRES AND RELATED PRODUCTS--(CONTINUED) 268,000 * UMW HOLDINGS BERHAD ...................... $ 578 103,400 * UNITED AUTO GROUP, INC ................... 944 270,128 VALEO S.A ................................ 14,501 1,001,104 * VISTEON CORP ............................. 12,138 591,471 VOLKSWAGEN AG ............................ 22,679 51,680 VOLVO AB SERIES A ........................ 1,090 51,680 * VOLVO AB SERIES A FREE RTS ............... 47 331,631 e VOLVO AB SERIES B FREE ................... 7,241 354,803 * VOLVO AB SERIES B FREE RTS ............... 322 93,350 WABASH NATIONAL CORP ..................... 1,114 3,700 * WEST MARINE, INC ......................... 25 88,196 WINNEBAGO INDUSTRIES, INC ................ 1,152 49,987 WYNNS INTERNATIONAL, INC ................. 1,134 550 e YOKOHAMA RUBBER CO LTD ................... 2 ---------- 3,200,115 ---------- RAILROADS--0.45% 131,000 * ABC-NACO, INC ............................ 1,048 513,748 BRAMBLES INDUSTRIES LTD .................. 15,835 2,996,569 BURLINGTON NORTHERN SANTA FE CORP ........ 68,734 675,300 CANADIAN PACIFIC LTD ..................... 17,501 1,259,272 CSX CORP ................................. 26,681 191,501 FLORIDA EAST COAST INDUSTRIES, INC ....... 7,660 302,000 GATX CORP ................................ 10,268 22,639 e HANKYU CORP .............................. 75 781,310 KANSAS CITY SOUTHERN INDUSTRIES, INC ..... 69,292 831,000 KEIHIN ELECTRIC EXPRESS RAILWAY CO LTD ... 3,134 1,782,203 KINKI NIPPON RAILWAY CO LTD .............. 7,243 103,689 MAYNE NICKLESS LTD ....................... 214 19,875 NAGOYA RAILROAD CO LTD ................... 57 1,005,000 NIPPON EXPRESS CO LTD .................... 6,184 346,000 NIPPON SHARYO LTD ........................ 726 2,295,836 NORFOLK SOUTHERN CORP .................... 34,151 107,700 PROVIDENCE AND WORCESTER RAILROAD CO ..... 821 1,027,490 * RAILTRACK GROUP PLC ...................... 15,967 1,628,996 SIEMENS AG. (REGD) ....................... 245,945 693,000 TOBU RAILWAY CO LTD ...................... 1,985 248,700 TRINITY INDUSTRIES, INC .................. 4,601 1,492,521 UNION PACIFIC CORP ....................... 55,503 265,052 WABTEC CORP .............................. 2,750 320,900 * WISCONSIN CENTRAL TRANSIT CORP ........... 4,172 ---------- 600,547 ---------- TRUCKING AND RELATED SERVICES--0.20% 159,050 AIRTOURS PLC ............................. 836 153,200 * AMERICAN FREIGHTWAYS CORP ................ 2,221 215,400 ARCTIC CAT, INC .......................... 2,558 293,100 ARNOLD INDUSTRIES, INC ................... 3,536 155,907 BIDVEST GROUP LTD ........................ 1,076 210,000 C.H. ROBINSON WORLDWIDE, INC ............. 10,395 45,000 * CAREY INTERNATIONAL, INC ................. 624 2,079 CENTRAL JAPAN RAILWAY CO ................. 11,790 28,900 * CHEAP TICKETS, INC ....................... 347 75,550 CIRCLE INTERNATIONAL GROUP, INC .......... 1,898 285,800 CNF TRANSPORTATION, INC .................. 6,502 144,750 * CONSOLIDATED FREIGHTWAYS CORP ............ 588 84,100 * COVENANT TRANSPORT, INC (CLASS A) ........ 673 6,406 EAST JAPAN RAILWAY CO .................... 37,296 302,600 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC ........................ 14,374 79,500 * FORWARD AIR CORP ......................... 3,180 124,400 * FRITZ COS, INC ........................... 1,283 350,500 GALILEO INTERNATIONAL, INC ............... 7,317 117,807 * HEARTLAND EXPRESS, INC ................... 1,966 175,850 HUNT (J.B.) TRANSPORT SERVICES, INC ...... 2,715 191,881 * IRON MOUNTAIN, INC ....................... 6,524 89,000 * KNIGHT TRANSPORTATION, INC ............... 1,296 50,018 KONINKLIJKE VOPAK NV ..................... 1,103 580 KUONI REISEN HOLDING (REGD) (CLASS B) .... 269 58,400 LAIDLAW, INC (U.S.) ...................... 22 65,494 * LANDSTAR SYSTEM, INC ..................... 3,901 134,200 * M.S. CARRIERS, INC ....................... 2,365 112,000 MITSUBISHI LOGISTICS CORP ................ 1,016 478,000 e MITSUI-SOKO CO LTD ....................... 1,044 1,550 * NAVIGANT INTERNATIONAL, INC .............. 15 1,136 e* NEW WORLD INFRASTUCTURE LTD .............. 1 210,893 POLARIS INDUSTRIES, INC .................. 6,749 100,350 ROADWAY EXPRESS, INC ..................... 2,352 434,000 SEINO TRANSPORTATION CO LTD .............. 2,190 4,125,937 STAGECOACH HOLDINGS PLC .................. 4,560 347,275 * SWIFT TRANSPORTATION CO, INC ............. 4,862 820,184 TNT POST GROUP NV ........................ 22,211 88,100 * TRAVELOCITY.COM, INC ..................... 1,443 100,600 * U.S. XPRESS ENTERPRISES, INC (CLASS A) ... 811 174,700 USFREIGHTWAYS CORP ....................... 4,291 196,577 WERNER ENTERPRISES, INC .................. 2,273 3,585,878 e YAMATO TRANSPORT CO LTD .................. 89,303 166,600 * YELLOW CORP .............................. 2,457 ---------- 272,233 ---------- WATER TRANSPORTATION--0.10% 264,734 ALEXANDER & BALDWIN, INC ................. 5,841 62,500 e* AMERICAN CLASSIC VOYAGES CO .............. 1,289 34,301 ASKO OYJ SERIES A ........................ 649 72,400 BERGESEN AS SERIES A ..................... 1,491 150,200 BERGESEN D.Y. AS (CLASS B) ............... 2,891 1,043,700 CARNIVAL CORP (CLASS A) .................. 20,352 10,100 CMB CIE MARITIME BELGE S.A ............... 533 1,684 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ..... 17,960 1,777 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ... 26,373 17,488 FINNLINES OYJ ............................ 381 28,400 IRISH CONTINENTAL GROUP PLC .............. 231 498,000 KAMIGUMI CO LTD .......................... 2,631 336,025 KAWASAKI KISEN KAISHA LTD ................ 676 67,172 * KIRBY CORP ............................... 1,427 24,500 * KONINKLIJKE NEDLLOYD GROEP NV ............ 477 41,566 * LEIF HOEGH & CO .......................... 384 26,450 * MARINE TRANSPORT CORP .................... 64 35,526 MITSUI OSK LINES LTD ..................... 83 2,229,237 * NEPTUNE ORIENT LINES LTD ................. 2,063 2,090,800 NIPPON YUSEN KABUSHIKI KAISHA ............ 10,078 255,901 OCEAN GROUP PLC .......................... 4,223 19,100 * OMI CORP (NEW) ........................... 104 218,060 OVERSEAS SHIPHOLDING GROUP, INC .......... 5,370 1,205,815 PENINSULAR & ORIENTAL STEAM NAVIGATION CO 10,332 50,400 * SEACOR SMIT, INC ......................... 1,950 300,000 STAR CRUISES PLC ......................... 1,620 23,140 TDG PLC .................................. 65 235,265 TIDEWATER, INC ........................... 8,470 18,300 * TRICO MARINE SERVICES, INC ............... 233 20,400 * UNITOR AS ................................ 150 ---------- 128,391 ---------- TOTAL TRANSPORTATION ..................... 5,733,287 ---------- UTILITIES--12.26% TELEPHONE--9.59% 15,500 * @TRACK COMMUNICATIONS, INC ............... 37 927,300 * ADELPHIA BUSINESS SOLUTIONS, INC ......... 21,502 151,100 * ADVANCED RADIO TELECOM CORP .............. 2,210 1,450,975 e ALCATEL .................................. 95,555 136,566 ALCATEL S.A. ADR ......................... 9,082 606,125 * ALLEGIANCE TELECOM, INC .................. 38,792 1,759,104 ALLTEL CORP .............................. 108,955 24,700 * ARCH COMMUNICATIONS GROUP INC ............ 161 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 45 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TELEPHONE--(CONTINUED) 104,744 * ARCH COMMUNICATIONS GROUP, INC WTS09/01/03 $ 98 23,177,737 e AT & T CORP .............................. 732,996 17,088,330 * AT & T CORP-LIBERTY MEDIA GROUP(CLASS A) . 414,392 664,400 * AT & T WIRELESS GROUP .................... 18,520 1,345,742 BCE, INC ................................. 31,879 12,278,132 BELLSOUTH CORP ........................... 523,355 5,230,000 * BRASIL TELECOM PARTICIPACOES S.A ......... 53 14,422,433 BRITISH TELECOMMUNICATIONS PLC ........... 186,463 1,024,288 BROADWING, INC ........................... 26,567 20,257,208 CABLE & WIRELESS HKT LTD ................. 44,567 3,897,900 * CABLE & WIRELESS OPTUS LTD ............... 11,655 4,318,177 CABLE & WIRELESS PLC ..................... 73,152 60,500 CABLE & WIRELESS PLC ADR ................. 3,029 72,800 * CAPROCK COMMUNICATIONS CORP .............. 1,420 797,610 CENTURYTEL, INC .......................... 22,931 81,800 CFW COMMUNICATIONS CO .................... 3,068 246,200 * COLT TELECOM GROUP PLC ................... 8,200 110,500 * COM21, INC ............................... 2,763 66,633 * COMMONWEALTH TELEPHONE ENTERPRISES, INC .. 3,136 92,938 e* CORECOMM LTD ............................. 1,812 697,000 * COVAD COMMUNICATIONS GROUP, INC .......... 11,239 432,200 * CROWN CASTLE INTERNATIONAL CORP .......... 15,775 3,700 CT COMMUNICATIONS, INC ................... 105 5,011,003 e DEUTSCHE TELEKOM AG ...................... 286,291 377,000 * DIGI.COM BERHAD .......................... 690 583,844 e* DIMENSION DATA HOLDINGS LTD .............. 4,831 33,000 * DOBSON COMMUNICATIONS CORP ............... 635 31,000 * DSL.NET, INC ............................. 320 457,500 * DYNARC ................................... 2,817 392,900 * E.SPIRE COMMUNICATIONS, INC .............. 2,652 1,739,902 EIRCOM PLC ............................... 4,670 76,100 * ELECTRIC LIGHTWAVE, INC (CLASS A) ........ 1,422 63,500,000 EMBRATEL PARTICIPACOES S.A ............... 1,183 1,317,000 * ENERGIS PLC .............................. 49,407 23,894,948 ERICSSON TELEFON (LM) AB SERIES B ........ 475,393 2,334,340 * EXODUS COMMUNICATIONS, INC ............... 107,526 20,100 * FIRSTWORLD COMMUNICATIONS ................ 211 1,945,382 e FRANCE TELECOM S.A ....................... 273,013 2,279,000 FUJIKURA LTD ............................. 15,185 206,100 * GENERAL COMMUNICATION, INC (CLASS A) ..... 1,056 578,434 * GLOBAL CROSSING LTD ...................... 15,220 1,588,344 * GLOBAL TELESYSTEMS, INC .................. 19,159 16,700 * GOAMERICA, INC ........................... 258 6,016,512 GTE CORP ................................. 374,528 458,625 * ICG COMMUNICATIONS, INC .................. 10,118 130,100 * IDT CORP ................................. 4,415 4,300 * ILLUMINET HOLDINGS, INC .................. 219 101,600 * INFONET SERVICES CORP .................... 1,213 432,613 * INTERMEDIA COMMUNICATIONS, INC ........... 12,870 138,800 * INTERNATIONAL FIBERCOM, INC .............. 3,539 113,100 e* INTRAWARE, INC ........................... 1,817 306,500 * ITC DELTACOM, INC ........................ 6,839 2,993,862 KPN NV ................................... 134,456 200,000 * KPN QWEST NV ............................. 7,899 19,100 * LATITUDE COMMUNICATIONS, INC ............. 214 63,000 * LAUNCH MEDIA, INC ........................ 583 15,800 * LCC INTERNATIONAL, INC (CLASS A) ......... 432 145,242 * LEAP WIRELESS INTERNATIONAL, INC ......... 6,826 1,616,808 * LEVEL 3 COMMUNICATIONS, INC .............. 142,279 275,800 * LIBERTY DIGITAL, INC (CLASS A) ........... 8,274 8,600 * LIGHTBRIDGE, INC ......................... 205 25,983,854 LUCENT TECHNOLOGIES, INC ................. 1,539,543 1,301,952 * MACQUARIE CORP TELECOM HOLD LTD .......... 1,602 44,200 * MAIL.COM, INC ............................ 251 2,384,898 * MARCONI PLC .............................. 31,050 123,000 M-CELL LTD ............................... 596 2,204,031 * MCLEODUSA, INC (CLASS A) ................. 45,596 4,217,678 * MEDIA ONE GROUP, INC ..................... 281,003 1,492,942 * METROMEDIA FIBER NETWORK, INC(CLASS A) ... 59,251 120,700 * MGC COMMUNICATIONS, INC .................. 7,234 82,300 * MITEL CORP ............................... 1,716 122,750 * MOTIENT CORP ............................. 1,926 17,300 * NET2000 COMMUNICATIONS, INC .............. 283 15,300 * NET2PHONE, INC ........................... 546 243,497 * NETCOM AB SERIES B ....................... 18,073 45,800 * NETWORK PLUS CORP ........................ 650 21,600 * NEXT LEVEL COMMUNICATIONS, INC ........... 1,852 2,289,200 * NEXTEL COMMUNICATIONS, INC (CLASS A) ..... 140,070 2,338,369 * NEXTLINK COMMUNICATIONS, INC ............. 88,712 161,000 e NIPPON COMSYS CORP ....................... 3,431 19,126 NIPPON TELEGRAPH & TELEPHONE CORP ........ 254,879 3,500 NORTH PITTSBURGH SYSTEMS, INC ............ 52 59,100 * NORTHEAST OPTIC NETWORK, INC ............. 3,642 97,900 * NORTHPOINT COMMUNICATIONS GROUP, INC ..... 1,095 1,078,796 e* NTL, INC ................................. 64,593 1,181 NTT DOCOMO, INC .......................... 32,035 10,189,071 e* OLIVETTI GROUP S.P.A ..................... 37,213 91,100 e* PACIFIC GATEWAY EXCHANGE, INC ............ 310 1,347,678 * PAGING NETWORK, INC ...................... 969 475,000 * PARTNER COMMUNICATIONS CO LTD ADR ........ 4,513 1,017,685 PORTUGAL TELECOM S.A ..................... 11,473 176,800 * POWERTEL, INC ............................ 12,542 182,700 * PRIMUS TELECOMMUNICATIONS GROUP, INC ..... 4,545 451,616 * PTEK HOLDINGS, INC ....................... 1,468 4,083 e PUBLICIS S.A ............................. 1,609 678,392 e* QWEST COMMUNICATIONS INTERNATIONAL, INC .. 33,708 870,400 * RCN CORP ................................. 22,086 302,801 * RHYTHMS NETCONNECTIONS, INC .............. 3,804 125,000 e* RSL COMMUNICATIONS LTD (CLASS A) ......... 1,430 36,679,429 SBC COMMUNICATIONS, INC .................. 1,586,385 8,662,513 SINGAPORE TELECOMMUNICATIONS LTD ......... 12,676 93,200 e* SMARTALK TELESERVICES, INC ............... 1 1,416,750 SONERA GROUP OYJ ......................... 64,849 13,000 * SPECTRASITE HOLDINGS, INC ................ 369 4,573,342 SPRINT CORP (FON GROUP) .................. 233,240 1,683,500 e* SPRINT CORP (PCS GROUP) .................. 100,168 234,115 * STAR TELECOMMUNICATIONS, INC ............. 593 106,668 e SWISSCOM AG. (REGD) ...................... 37,063 261,600 * TALK.COM, INC ............................ 1,521 14,285,960 e TELECOM ITALIA MOBILE S.P.A .............. 136,438 302,240 TELE DANMARK AS .......................... 20,428 5,230,000 * TELECENTROESTE CELULAR PART S.A .......... 20 446,000 TELECOM ARGENTINA S.A. (CLASS B) ......... 2,462 4,216,760 e TELECOM CORP OF NEW ZEALAND .............. 14,790 7,745,107 e TELECOM ITALIA ........................... 106,912 1,312,386 e TELECOM ITALIA RISP ...................... 8,743 10,521,774 e TELEFONICA DE ESPANA S.A ................. 226,939 741,000 TELEFONICA PUBLICIDAD E INFORMACION ...... 7,025 9,358,000 TELEFONOS DE MEXICO S.A. SERIES L ........ 26,714 121,550 * TELEGATE AG .............................. 12,584 127,827 * TELEGLOBE, INC (U.S.A.) .................. 2,692 108,700 b* TELEGROUP, INC ........................... 1 2,208,500 TELEKOM MALAYSIA BERHAD .................. 7,614 68,230,000 TELENORTE-LESTE PARTICIPACOES S.A ........ 1,324 370,930 TELEPHONE & DATA SYSTEMS, INC ............ 37,186 5,230,348 * TELESP CELULAR PARTICIPACOES S.A ......... 55 188,330,000 * TELESUL CELULAR PARTICIPACOES S.A ........ 663 1,050,000 e* TELIA AB ................................. 9,936 141,400 * TELIGENT, INC ............................ 3,341 13,189,032 TELSTRA CORP ............................. 53,689 136,475 * TIME WARNER TELECOM, INC ................. 8,786 SEE NOTES TO FINANCIAL STATEMENTS 46 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TELEPHONE--(CONTINUED) 40,000 * TRITON PCS HOLDINGS, INC (CLASS A) ....... $ 2,310 18,100 * TUMBLEWEED COMMUNICATIONS CORP ........... 921 5,300 * TURNSTONE SYSTEMS, INC ................... 878 52,021 e* U.S. CELLULAR CORP ....................... 3,277 65,500 * U.S. LEC CORP (CLASS A) .................. 1,114 3,125,967 U.S. WEST, INC ........................... 268,052 11,800 * UNIVERSAL ACCESS, INC .................... 289 64,500 b,e* USN COMMUNICATIONS, INC .................. 2 13,800 * UTSTARCOM, INC ........................... 419 12,543,414 VERIZON COMMUNICATION .................... 637,362 948,245 * VIATEL, INC .............................. 27,084 1,850,000 VIDESH SANCHAR NIGAM LTD (SPONS GDR) ..... 28,906 164,562,258 VODAFONE AIRTOUCH PLC .................... 665,179 1,842,000 e VODAFONE AIRTOUCH PLC ADR ................ 76,328 1,133,017 e* VOICESTREAM WIRELESS CORP ................ 131,766 119,600 * WAVECOM S.A .............................. 14,560 270,150 * WESTERN WIRELESS CORP (CLASS A) .......... 14,723 108,600 * WILLIAMS COMMUNICATIONS GROUP, INC ....... 3,604 664,000 * WINSTAR COMMUNICATIONS, INC .............. 22,493 22,269,281 * WORLDCOM, INC ............................ 1,021,603 68,600 e* WORLDGATE COMMUNICATIONS, INC ............ 1,218 75,600 e* WORLDPAGES.COM, INC ...................... 454 2,000 * WORLDPORT COMMUNICATIONS, INC ............ 5 13,300 e* Z-TEL TECHNOLOGIES, INC .................. 160 ---------- 12,755,399 ---------- ELECTRIC, GAS AND OTHER--2.67% 177,000 ACEA S.P.A ............................... 2,832 1,600,000 e AEM S.P.A ................................ 6,365 1,787,400 * AES CORP ................................. 81,550 357,900 AGL RESOURCES, INC ....................... 5,704 323,813 AGUAS DE BARCELONA S.A ................... 4,346 2,487 AGUAS DE BARCELONA S.A. (NEW) ............ 32 830,044 ALLEGHENY ENERGY, INC .................... 22,722 493,393 ALLIANT ENERGY CORP ...................... 12,828 1,312,230 * ALLIED WASTE INDUSTRIES, INC ............. 13,122 806,381 AMEREN CORP .............................. 27,215 131,185 * AMERICAN ECOLOGY CORP .................... 426 3,055,816 AMERICAN ELECTRIC POWER CO, INC .......... 90,529 16,200 AMERICAN STATES WATER CO ................. 482 475,280 AMERICAN WATER WORKS CO, INC ............. 11,882 396,408 ANGLIAN WATER PLC ........................ 3,661 202,301 ATMOS ENERGY CORP ........................ 3,540 476,589 e AUSTRALIA GAS LIGHT CO ................... 2,847 134,000 AVISTA CORP .............................. 2,337 20,400 * AZURIX CORP .............................. 143 1,469 BEWCKISER WASSER TECHNIK AG .............. 519 7,159,262 BG GROUP PLC ............................. 46,280 146,669 BLACK HILLS CORP ......................... 3,309 461,450 BRASCAN CORP ............................. 5,419 4,539,000 * BRITISH ENERGY PLC ....................... 12,335 58,500 CALIFORNIA WATER SERVICE GROUP ........... 1,419 964,400 * CALPINE CORP ............................. 63,409 62,900 CASCADE NATURAL GAS CORP ................. 1,050 71,900 * CASELLA WASTE SYSTEMS, INC (CLASS A) ..... 773 105,677,660 * CENTRAIS GERADORAS DO SUL (BR) ........... 128 7,981,642 CENTRICA PLC ............................. 26,644 104,400 CH ENERGY GROUP, INC ..................... 3,543 941,598 CINERGY CORP ............................. 23,952 1,427,144 * CITIZENS COMMUNICATIONS CO ............... 24,618 414,740 * CLEAN HARBORS, INC ....................... 855 141,364 CLECO CORP ............................... 4,736 3,475,621 CLP HOLDINGS LTD ......................... 16,185 216,426 CMP GROUP, INC ........................... 6,344 658,980 CMS ENERGY CORP .......................... 14,580 1,167,296 COASTAL CORP ............................. 71,059 799,461 COLUMBIA ENERGY GROUP .................... 52,465 742,845 CONECTIV, INC ............................ 11,561 62,012 e CONECTIV, INC (CLASS A) .................. 1,512 1,485,600 CONSOLIDATED EDISON, INC ................. 44,011 872,371 CONSTELLATION ENERGY GROUP ............... 28,407 634,806 CONTACT ENERGY LTD ....................... 852 923,995 CP&L ENERGY, INC ......................... 29,510 28,469 CTG RESOURCES, INC ....................... 1,044 176 DAISEKI CO LTD ........................... 4 1,628,932 DOMINION RESOURCES, INC .................. 69,840 734,139 DPL, INC ................................. 16,105 691,363 DQE, INC ................................. 27,309 1,306,471 DTE ENERGY CO ............................ 39,929 2,138,986 DUKE ENERGY CORP ......................... 120,585 871,453 DYNEGY, INC .............................. 59,531 148,738 EASTERN ENTERPRISES CO ................... 9,370 2,303,552 EDISON INTERNATIONAL CO .................. 47,223 298,914 * EL PASO ELECTRIC CO ...................... 3,344 1,085,110 EL PASO ENERGY CORP ...................... 55,273 76,707 ELECTRABEL NV ............................ 19,037 2,000 ELECTRABEL S.A. (STRIP VVPR) ............. 0 1,267,985 ELECTRICIDADE DE PORTUGAL S.A ............ 23,119 251,196,060 ELECTROBRAS S.A .......................... 5,152 61,081 EMPIRE DISTRICT ELECTRIC CO .............. 1,348 2,014,821 ENDESA S.A ............................... 39,188 13,271,886 ENEL S.P.A ............................... 59,032 295,600 ENERGEN CORP ............................. 6,448 1,010,906 ENERGY EAST CORP ......................... 19,270 1,601,945 ENTERGY CORP ............................. 43,553 241,701 EQUITABLE RESOURCES, INC ................. 11,662 2,837 ETOWN CORP ............................... 188 1,678,627 FIRSTENERGY CORP ......................... 39,238 557,839 FLORIDA PROGRESS CORP .................... 26,149 1,127,448 FPL GROUP, INC ........................... 55,809 876,271 GAS NATURAL SDG S.A ...................... 15,792 806,073 GPU, INC ................................. 21,814 385 GROUPE BRUXELLES LAMBERT NPV (STRIP VVPR) 0 92,135 GROUPE BRUXELLES LAMBERT S.A ............. 23,096 70,510 HAFSLUND AS SERIES A ..................... 326 46,402 HAFSLUND AS SERIES B ..................... 151 202,693 e HAWAIIAN ELECTRIC INDUSTRIES, INC ........ 6,651 8,215,683 HONG KONG & CHINA GAS CO LTD ............. 9,222 25 HONG KONG ELECTRIC CO LTD ................ 0 1,098,436 IBERDROLA S.A ............................ 14,215 236,000 IDACORP, INC ............................. 7,611 484,034 IPALCO ENTERPRISES, INC .................. 9,741 1,381,813 ITALGAS S.P.A ............................ 6,133 2,461,110 KANSAI ELECTRIC POWER CO, INC ............ 44,149 388,704 KANSAS CITY POWER & LIGHT CO ............. 8,746 861,590 KEYSPAN CORP ............................. 26,494 621,250 KINDER MORGAN, INC ....................... 21,472 161,000 KURITA WATER INDUSTRIES LTD .............. 3,553 119,800 LACLEDE GAS CO ........................... 2,306 814,837 LOUISVILLE GAS & ELECTRIC ENERGY CORP .... 19,454 98,500 MADISON GAS & ELECTRIC CO ................ 1,945 474,839 MCN ENERGY GROUP, INC .................... 10,150 192,479 MDU RESOURCES GROUP, INC ................. 4,162 328,410 MINNESOTA POWER, INC ..................... 5,686 200,800 b,e* MOLTEN METAL TECHNOLOGY, INC ............. 2 526,312 MONTANA POWER CO ......................... 18,585 771,536 NATIONAL FUEL GAS CO ..................... 37,612 2,903,282 * NATIONAL GRID GROUP PLC .................. 22,899 1,387,230 NATIONAL POWER PLC ....................... 8,842 871,860 NEW CENTURY ENERGIES, INC ................ 26,156 110,500 NEW JERSEY RESOURCES CORP ................ 4,206 100,000 * NEWPARK RESOURCES, INC ................... 944 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 47 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ELECTRIC, GAS AND OTHER--(CONTINUED) 987,600 * NIAGARA MOHAWK HOLDINGS, INC ............... $ 13,765 304,040 NICOR, INC ................................. 9,919 781,658 NISOURCE, INC .............................. 14,558 46,900 NORTHEAST UTILITIES CO ..................... 1,020 1,844,568 NORTHERN STATES POWER CO ................... 37,237 157,800 NORTHWEST NATURAL GAS CO ................... 3,531 134,492 NORTHWESTERN CORP .......................... 3,110 470,268 NSTAR ...................................... 19,134 94,900 NUI CORP ................................... 2,562 290,188 * OGDEN CORP ................................. 2,612 508,844 OGE ENERGY CORP ............................ 9,414 200,043 ONEOK, INC ................................. 5,189 2,853,000 OSAKA GAS CO LTD ........................... 8,224 27,429 OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG ................ 2,827 67,900 OTTER TAIL POWER CO ........................ 1,426 1,197,779 PECO ENERGY CO ............................. 48,285 370,499 PEOPLES ENERGY CORP ........................ 11,995 2,506,413 PG&E CORP .................................. 61,720 92,439 PHILADELPHIA SUBURBAN CORP ................. 1,895 400 * PHILIP SERVICE CORP ........................ 2 180,326 PIEDMONT NATURAL GAS CO, INC ............... 4,790 494,834 PINNACLE WEST CAPITAL CORP ................. 16,763 862,200 POTOMAC ELECTRIC POWER CO .................. 21,555 1,049,810 PPL CORP ................................... 23,030 231,624 PUBLIC SERVICE CO OF NEW MEXICO ............ 3,576 1,250,728 PUBLIC SERVICE ENTERPRISE GROUP, INC ....... 43,306 607,431 PUGET SOUND ENERGY, INC .................... 12,946 655,580 QUESTAR CORP ............................... 12,702 1,398,215 RELIANT ENERGY, INC ........................ 41,335 3,724,416 * REPUBLIC SERVICES, INC (CLASS A) ........... 59,591 226,397 e RGS ENERGY GROUP, INC ...................... 5,037 646,061 * RHEIN-WESTFALEN ELECTRIC AG ................ 21,800 588,167 SCANA CORP ................................. 14,190 975,000 SCOTTISH & SOUTHERN ENERGY PLC ............. 8,945 2,988,539 SCOTTISH POWER PLC ......................... 25,336 7,461 SCOTTISH POWER PLC ADR ..................... 249 32,205 e SEMCO ENERGY, INC .......................... 419 1,550,857 SEMPRA ENERGY .............................. 26,365 146 SHUN TAK ENTERPRISES CORP LTD .............. 0 564,643 SIERRA PACIFIC RESOURCES (NEW) ............. 7,093 3,800 SJW CORP ................................... 452 50,300 SOUTH JERSEY INDUSTRIES, INC ............... 1,308 3,901,396 SOUTHERN CO ................................ 90,951 235,907 * SOUTHERN UNION CO .......................... 3,730 151,500 SOUTHWEST GAS CORP ......................... 2,651 167,500 SOUTHWESTERN ENERGY CO ..................... 1,047 46,500 * STERICYCLE, INC ............................ 1,116 122,657 SUEZ LYONNAISE DES EAUX .................... 21,529 315,998 SUEZLYONNAISE DES EAUX S.A ................. 55,585 124,257 SUEZ LYONNAISE (STRIP VVPR) ................ 1 812,932 TECO ENERGY, INC ........................... 16,309 3,004,000 TENAGA NASIONAL BERHAD ..................... 9,803 419,801 THAMES WATER PLC ........................... 5,434 3,000 * THERMO ECOTEK CORP ......................... 28 595,900 TOHOKU ELECTRIC POWER CO, INC .............. 8,054 1,232,078 e TOKYO ELECTRIC POWER CO, INC ............... 30,102 3,386,000 TOKYO GAS CO LTD ........................... 9,537 792,261 TRANS CANADA PIPELINES LTD ................. 6,042 310,800 TRANSALTA CORP ............................. 3,304 1,936,664 TXU CORP ................................... 57,132 63,800 * U.S. LIQUIDS, INC .......................... 351 197,224 UGI CORP ................................... 4,043 1,319,933 UNICOM CORP ................................ 51,065 2,720,725 * UNION ELECTRICA FENOSA S.A ................. 49,423 202,120 UNISOURCE ENERGY CORP HOLDINGS CO .......... 3,032 89,400 UNITED ILLUMINATING CO ..................... 3,911 732,107 UNITED UTILITIES PLC ....................... 7,249 135,360 UNITED WATER RESOURCES, INC ................ 4,721 596,571 UTILICORP UNITED, INC ...................... 11,857 2,731,116 VEBA AG .................................... 134,568 383,359 VECTREN CORP ............................... 6,613 1,804,585 e VIVENDI S.A ................................ 159,888 48,973 e* VIVENDI S.A. WTS 05/02/01 .................. 169 293,172 WASHINGTON GAS LIGHT CO .................... 7,054 101,700 * WASTE CONNECTIONS, INC ..................... 2,009 200 * WASTE INDUSTRIES, INC ...................... 2 3,863,791 WASTE MANAGEMENT, INC ...................... 73,412 700 * WASTEMASTERS, INC .......................... 0 198,207 WESTCOAST ENERGY, INC ...................... 3,050 96,700 WESTERN GAS RESOURCES, INC ................. 2,031 237,210 WESTERN RESOURCES, INC ..................... 3,677 2,494,474 WILLIAMS COS, INC .......................... 103,988 797,381 WISCONSIN ENERGY CORP ...................... 15,798 170,972 WPS RESOURCES CORP ......................... 5,140 87,535 * YORK RESEARCH CORP ......................... 126 ----------- 3,553,648 ----------- TOTAL UTILITIES ............................ 16,309,047 ----------- TOTAL COMMON STOCK (COST $ 75,871,797) ...................... 131,658,073 ----------- PRINCIPAL - ------- SHORT TERM INVESTMENTS--1.47% BANK NOTES--0.07% BANK OF AMERICA $50,000,000 d 6.240%, 07/18/00 ......................... 49,989 40,000,000 6.550%, 12/01/00 ......................... 39,919 ----------- 89,908 ----------- BANKERS ACCEPTANCES--0.02% SOUTHRUST BANK NA 30,000,000 6.650%, 03/06/01 ......................... 29,988 ----------- CERTIFICATES OF DEPOSIT--0.13% CITIBANK NA 18,000,000 7.390%, 05/30/01 ......................... 18,026 DEUTSCHE BANK 15,000,000 6.695%, 02/05/01 ......................... 14,950 30,000,000 d 7.080%, 05/04/01 ......................... 29,956 ROYAL BANK OF CANADA 30,000,000 6.750%, 04/17/01 ......................... 29,877 TORONTO DOMINION BANK 25,000,000 6.630%, 07/25/00 ......................... 25,000 50,000,000 d 6.690%, 02/02/01 ......................... 49,834 ----------- 167,643 ----------- COMMERCIAL PAPER--0.91% ALUMINUM CO OF AMERICA 20,267,000 6.540%, 07/20/00 ......................... 20,193 ANHEUSER-BUSCH CO 1,000,000 6.200%, 10/04/00 ......................... 982 ARIZONA PUBLIC SERVICE CO 20,000,000 7.150%, 07/06/00 ......................... 19,976 ASSET SECURITIZATION COOP CORP 40,000,000 c 6.950%, 07/03/00 ......................... 39,978 15,000,000 c 6.550%, 07/11/00 ......................... 14,969 15,000,000 c 6.570%, 08/21/00 ......................... 14,858 BELL ATLANTIC FINANCIAL SERVICES, INC 35,000,000 6.610%, 08/01/00 ......................... 34,796 BELL ATLANTIC NETWORK FUNDING CORP 20,000,000 6.580%, 08/08/00 ......................... 19,858 20,000,000 6.580%, 08/15/00 ......................... 19,832 11,500,000 6.580%, 08/16/00 ......................... 11,401 SEE NOTES TO FINANCIAL STATEMENTS 48 o 2000 CREF Semi-Annual Report Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- COMMERCIAL PAPER--(CONTINUED) BETA FINANCE, INC $20,000,000 c 6.610%, 07/17/00 ......................... $ 19,938 BURLINGTON NORTHERN SANTA FE 35,000,000 c 6.950%, 07/13/00 ......................... 34,912 CIESCO LP 50,000,000 c,d 6.530%, 07/24/00 ......................... 49,781 COCA-COLA ENTERPRISES, INC 25,000,000 c 6.140%, 07/10/00 ......................... 24,954 CORPORATE ASSET FUNDING CORP, INC 25,000,000 c 6.620%, 09/08/00 ......................... 24,680 DOMINION RESOURCES, INC 30,000,000 c,d 6.810%, 07/07/00 ......................... 29,959 25,000,000 c,d 6.880%, 07/21/00 ......................... 24,900 ENTERPRISE FUNDING CORP 62,570,000 c 6.600%, 07/06/00 ......................... 62,500 9,781,000 c 6.620%, 07/24/00 ......................... 9,738 EQUILON ENTERPRISES LLC 25,000,000 6.510%, 07/19/00 ......................... 24,913 FORTUNE BRANDS, INC 21,500,000 c 6.130%, 07/19/00 ......................... 21,425 GPU, INC 23,566,000 c 7.050%, 07/14/00 ......................... 23,502 HARLEY-DAVIDSON FUNDING CORP 2,375,000 c 6.750%, 07/21/00 ......................... 2,366 HONEYWELL INTERNATIONAL 20,000,000 6.530%, 07/24/00 ......................... 19,912 23,900,000 6.540%, 08/01/00 ......................... 23,760 HOUSTON INDUSTRIES FINANCECO LP 20,000,000 c 6.950%, 07/05/00 ......................... 19,980 25,000,000 c,d 6.900%, 07/11/00 ......................... 24,947 MORGAN STANLEY DEAN WITTER 50,000,000 6.600%, 07/11/00 ......................... 49,898 MOTOROLA, INC 20,000,000 6.540%, 07/28/00 ......................... 19,898 NATIONAL RURAL UTILITIES COOP FINANCE 11,000,000 6.360%, 12/07/00 ......................... 10,675 30,000,000 6.370%, 12/12/00 ......................... 29,086 NORFOLK SOUTHERN CORP 15,000,000 6.900%, 07/17/00 ......................... 14,951 NORTHERN STATES POWER CO 13,000,000 c 6.640%, 08/21/00 ......................... 12,877 PACCAR FINANCIAL CORP 1,425,000 6.570%, 08/10/00 ........................... 1,414 PARK AVENUE RECEIVABLES CORP 66,520,000 c 6.580%, 07/10/00 ......................... 66,397 30,000,000 c 6.540%, 07/12/00 ......................... 29,933 PRAXAIR, INC 15,000,000 6.860%, 07/17/00 ......................... 14,951 PREFERRED RECEIVABLES FUNDING CORP 25,000,000 c 6.550%, 07/21/00 ......................... 24,904 RECEIVABLES CAPITAL CORP 15,150,000 c 6.640%, 08/25/00 ......................... 14,995 SALOMON SMITH BARNEY HOLDINGS, INC 35,000,000 6.500%, 07/06/00 ......................... 34,961 SBC COMMUNICATIONS, INC 20,000,000 c 6.090%, 07/07/00 ......................... 19,974 SIGMA FINANCE, INC 25,000,000 c 6.580%, 07/19/00 ......................... 24,913 TEXAS UTILITIES CO 12,015,000 c 6.900%, 07/12/00 ......................... 11,987 37,000,000 c 6.820%, 07/14/00 ......................... 36,900 10,479,000 c 6.980%, 07/14/00 ......................... 10,451 15,000,000 c 6.930%, 07/17/00 ......................... 14,951 TYCO INTERNATIONAL LTD 40,000,000 c,d 6.870%, 07/13/00 ......................... 39,899 VENTURES BUSINESS TRUST 20,000,000 c 6.550%, 07/07/00 ......................... 19,974 30,000,000 c 6.550%, 07/10/00 ......................... 29,945 VERMONT AMERICAN CORP 39,750,000 c 6.500%, 07/05/00 ......................... 39,713 ------------ 1,212,657 ------------ MEDIUM TERM BONDS--0.05% BETA FINANCE, INC 25,000,000 7.440%, 05/31/01 ......................... 25,050 20,000,000 d 7.470%, 06/05/01 ......................... 20,040 SIGMA FINANCE, INC 25,000,000 d 7.400%, 05/25/01 ......................... 25,050 ------------ 70,140 ------------ U.S. GOVERNMENT AND AGENCIES--0.15% FEDERAL HOME LOAN BANK (FHLB) 4,800,000 6.450%, 07/14/00 ......................... 4,788 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 14,000,000 5.850%, 07/05/00 ......................... 13,987 2,250,000 6.370%, 07/05/00 ......................... 2,248 9,300,000 6.390%, 07/05/00 ......................... 9,292 4,700,000 6.400%, 07/05/00 ......................... 4,696 50,000,000 6.410%, 07/18/00 ......................... 49,838 50,000,000 d 6.090%, 07/20/00 ......................... 49,820 23,005,000 6.460%, 07/25/00 ......................... 22,901 40,000,000 6.380%, 07/27/00 ......................... 39,805 5,875,000 6.460%, 09/21/00 ......................... 5,786 ------------ 203,161 ------------ VARIABLE RATE NOTES--0.14% AMERICAN TELEPHONE & TELEGRAPH CO 25,000,000 6.566%, 03/08/01 ......................... 24,988 BANC ONE CORP 10,000,000 6.416%, 01/16/01 ......................... 10,005 BETA FINANCE, INC 15,000,000 6.650%, 04/25/01 ......................... 14,997 GENERAL MOTORS ACCEPTANCE CORP 25,000,000 6.960%, 02/23/01 ......................... 25,022 20,875,000 6.870%, 03/30/01 ......................... 20,888 HOUSEHOLD FINANCE CORP 10,000,000 6.745%, 03/29/01 ......................... 9,996 HUNTINGTON NATIONAL BANK 20,000,000 6.441%, 02/02/01 ......................... 20,004 NATIONAL CITY CORP 10,500,000 6.330%, 04/23/01 ......................... 10,500 VODAFONE AIRTOUCH PLC 50,000,000 d 6.861%, 06/05/01 ......................... 50,000 ---------- 186,400 ------------ TOTAL SHORT TERM INVESTMENTS (COST $ 1,960,537) ....................... 1,959,897 ------------ TOTAL PORTFOLIO--100.78% (COST $ 78,109,006) ...................... 134,019,686 OTHER ASSETS & LIABILITIES, NET--(0.78%) . (1,035,173) ------------ NET ASSETS--100.00% ...................... $132,984,513 ============ - ---------------- * Non-income producing a Affiliated b In bankruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. d All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts. e All or a portion of these securities are out on loan. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At June 30, 2000, the value of these securities amounted to $140,643,400 or 0.11% of net assets. SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 49 Statement of Investments - STOCK ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- Additional information on each restricted security is as follows: ACQUISITION ACQUISITION SECURITY DATE COST - ---------- ----------- ----------- ANTENA 3 DE TELEVISION GDS 03/23/98 $ 5,982,300 BB BIOVENTURES L.P. 03/24/98 13,706,828 BELO (A.H.) CORP SERIES B 05/23/88 1,900,588 CARTER WALLACE, INC (CLASS B) 10/29/87 1,075,932 CRESTARAN INTERNATIONAL INVESTMENT BV 09/30/94 0 DOW JONES & CO, INC (CLASS B) 08/30/91 12,068,995 HAFNIA HOLDINGS AS (REGD) (CLASS A) 08/30/91 136,697 HAFNIA HOLDINGS AS (REGD) (CLASS B) 07/29/88 159,638 INTERNATIONAL HYDRON LIQUIDATING TRUST 11/13/97 0 LAFARGE S.A. (REGD) 04/03/97 1,867,017 LAFARGE S.A. (REGD) 2001 01/05/99 5,852,242 L'AIR LIQUIDE S.A. (REGD) 10/29/96 4,377,677 L'AIR LIQUIDE S.A. (REGD) 2001 01/05/99 8,368,396 LEE ENTERPRIESE, INC (CLASS B) 03/31/86 60,768 MEREDITH CORP (CLASS B) 12/30/86 1,893,160 NETGENICS, INC CV SERIES D 03/20/98 5,517,450 NETGENICS, INC STOCK OPTIONS 03/20/08 06/08/98 0 PHYSICIAN COMPUTER NETWORK, INC 11/13/97 1,211,798 PROCURENET, INC 04/19/99 8,168 PROMET BERHAD 12/30/98 6,669 SILVERSTONE BERHAD 12/30/98 1,173 STARRETT (L.S.) CO(CLASSB) 10/07/88 798,235 WRIGLEY (WM) JR CO (CLASS B) 04/30/86 2,007,603 ZEBRA TECHNOLOGIES CORP (CLASS B) 10/29/98 43,233 ----------- $67,044,567 ===========
- ----------------------------------------------------------------------------------------------------------------------------------- TRANSACTIONS WITH AFFILIATED COMPANIES (Unaudited) - January 1, 2000--June 30, 2000 VALUE AT REALIZED DIVIDEND SHARES AT VALUE AT ISSUE DECEMBER 31, 1999 PURCHASE COST SALES PROCEEDS GAIN (LOSS) INCOME JUNE 30, 2000 JUNE 30, 2000 ----- ----------------- ------------- -------------- ----------- ------ ------------- ------------- ADERAAB(CLASSB) ** $15,589,022 $ 4,329,447 $(10,436,547) -- * * BAY VIEW CAPITAL CORP $ 14,038,091 -- -- $197,894 * * MARTEK BIOSCIENCES 15,403,800 26,357 -- -- -- 1,285,150 $24,096,563 NOCOME AB (BSHS) ** 4,135,515 2,308,879 (4,448,933) -- * * REGIONAL CABLESYSTEM ** 1,369,105 -- -- -- 747,100 7,437,218 TPIENTERPRISES, INC 12,177 -- -- -- -- 1,107,000 5,535 WESTEL GROUP LTD ** 1,920,891 3,675,177 (931,100) -- -- * ----------- ----------- ----------- ------------ -------- ----------- $29,454,068 $23,040,890 $10,313,503 ($15,816,580) $197,894 $31,539,316 =========== =========== =========== ============ ======== ===========
- ---------- ** Not an Affiliate as of December 31, 1999 * Not an Affiliate as of June 30, 2000 SEE NOTES TO FINANCIAL STATEMENTS 50 o 2000 CREF Semi-Annual Report Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - ------------------------------------------------------------------------------- SUMMARY BY COUNTRY (UNAUDITED) VALUE (000) % ---------- ------ DOMESTIC UNITED STATES ................................... $4,404,790 45.67% ---------- ------ TOTAL DOMESTIC .................................. 4,404,790 45.67 ---------- ------ FOREIGN AUSTRALIA ................................... 93,087 0.96 AUSTRIA ..................................... 2,492 0.02 BELGIUM ..................................... 16,391 0.17 BERMUDA ..................................... 81,567 0.84 CANADA ...................................... 142,612 1.48 DENMARK ..................................... 9,729 0.10 FINLAND ..................................... 192,810 2.00 FRANCE ...................................... 228,348 2.37 GERMANY ..................................... 439,845 4.56 HONG KONG ................................... 121,318 1.26 INDIA ....................................... 9,259 0.10 IRELAND ..................................... 15,610 0.16 ISRAEL ...................................... 54,589 0.57 ITALY ....................................... 98,192 1.02 JAPAN ....................................... 1,332,388 13.81 KOREA ....................................... 9,746 0.10 MALAYSIA .................................... 2,561 0.03 NETHERLANDS ................................. 399,994 4.15 NEW ZEALAND ................................. 1,786 0.02 NORWAY ...................................... 5,293 0.05 PORTUGAL .................................... 6,888 0.07 SINGAPORE ................................... 44,264 0.46 SOUTH AMERICA ............................... 13,372 0.14 SPAIN ....................................... 70,556 0.73 SWEDEN ...................................... 286,040 2.97 SWITZERLAND ................................. 96,860 1.00 THAILAND .................................... 503 0.01 UNITED KINGDOM .............................. 1,317,397 13.66 ---------- ------ TOTAL FOREIGN ................................... 5,093,497 52.81 SHORT TERM INVESTMENTS .......................... 146,022 1.52 ---------- ------ TOTAL PORTFOLIO ................................. $9,644,309 100.00% ========== ====== ----------------------------------------------- PRINCIPAL VALUE (000) - ----------- ---------- BONDS--0.00% CORPORATE BONDS--0.00% FINANCE--0.00% BANKS, SAVINGS AND LOANS--0.00% BANCA INTESA S.P.A. (CV DEB) $35,899(1) 2.700%, 01/01/03 ............................... $ 62 ------ Total Finance .................................. 62 ------ TRANSPORTATION--0.00% AIR TRANSPORTATION--0.00% BAE SYSTEMS PLC 21,776(2) 7.450%, 11/30/03 ............................... 32 ------ Total Transportation ........................... 32 ------ TOTAL CORPORATE BONDS (COST $85) ..................................... 94 ------ TOTAL BONDS (COST $85) ..................................... 94 ------ - ---------- (1) Denominated in Italian Lira. (2) Denominated in British Pound. SHARES VALUE (000) - ----------- ---------- PREFERRED STOCK--0.93% CONSTRUCTION AND REAL ESTATE--0.00% BUILDING MATERIALS--0.00% 10,286 DYCKERHOFF ZEMENTWERKE AG ...................... $ 261 ---------- TOTAL CONSTRUCTION AND REAL ESTATE ............. 261 ---------- CONSUMER DURABLE--0.00% TEXTILE APPAREL AND ACCESSORIES--0.00% 1,100 ESCADA AG ...................................... 110 ---------- TOTAL CONSUMER DURABLE ......................... 110 ---------- MEDIA AND LEISURE--0.88% BROADCASTING--0.74% 567,789 PROSIEBEN MEDIA AG ............................. 71,301 ---------- PUBLISHING--0.14% 1,129,147 e NEWS CORP LTD ( LTD-VOTE) .................... 13,671 ---------- TOTAL MEDIA AND LEISURE ........................ 84,972 ---------- TECHNOLOGY--0.04% COMPUTERS AND OFFICE EQUIPMENT--0.04% 22,686 e SAP AG ....................................... 4,208 ---------- TOTAL TECHNOLOGY ............................... 4,208 ---------- TRANSPORTATION--0.01% AUTOS, TIRES AND RELATED PRODUCTS--0.01% 2,765 * MAN AG. (VORZUG) ............................. 57 33,230 VOLKSWAGEN AG .................................. 782 ---------- TOTAL TRANSPORTATION ........................... 839 ---------- TOTAL PREFERRED STOCK (COST $65,994)................................. 90,390 ---------- COMMON STOCK--97.20% BASIC INDUSTRIES--3.70% CHEMICALS AND PLASTIC--2.37% 10,500 AGRIUM, INC .................................... 90 47,000 AIR PRODUCTS & CHEMICALS, INC .................. 1,448 1,033,000 ASAHI CHEMICAL INDUSTRY CO LTD ................. 7,322 61,100 ASHTON MINING LTD .............................. 37 403,990 AVON PRODUCTS, INC ............................. 17,978 89,560 BASF AG ........................................ 3,644 79,533 BOC GROUP PLC .................................. 1,144 31,800 CLOROX CO ...................................... 1,425 315,746 COLGATE PALMOLIVE CO ........................... 18,905 154,286 DAICEL CHEMICAL INDUSTRIES LTD ................. 499 116,000 DAINIPPON INK & CHEMICAL, INC .................. 547 106,000 DENKI KAGKU KOGYO .............................. 471 676,323 DOW CHEMICAL CO ................................ 20,417 743,077 DU PONT (E.I.) DE NEMOURS & CO ................. 32,510 1,600 * DYNO ASA ....................................... 35 100 FANCL CORP ..................................... 10 1,074 * GIVAUDAN AG .................................... 328 35,400 * GREENCORE GROUP PLC ............................ 95 41,077 ILLINOIS TOOL WORKS, INC ....................... 2,341 24,000 IWATANI & CO LTD ............................... 44 32,000 KANEKA CORP .................................... 354 98,000 KAO CORP ....................................... 3,001 11,380 KEMIRA OY ...................................... 56 69,000 KUREHA CHEMICAL INDUSTRY CO LTD ................ 207 2,245 L'AIR LIQUIDE .................................. 294 2,588 f L'AIR LIQUIDE S.A. (REGD) ...................... 339 5,364 f L'AIR LIQUIDE S.A. (REGD) 2001 ................. 702 530 LONZA AG. (REGD) ............................... 277 8,782 LOREAL S.A ..................................... 7,636 334,000 MITSUBISHI CHEMICAL CORP ....................... 1,373 135,000 MITSUBISHI GAS CHEMICAL CO, INC ................ 453 1,000 MITSUI CHEMICAL CORP ........................... 7 3,253,300 OMNI INDUSTRIES LTD ............................ 5,363 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 51 Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- CHEMICALS AND PLASTIC--(CONTINUED) 18,699 * ORICA LTD ................................... $ 85 180,699 PHARMACIA CORP .............................. 9,340 8,500 POTASH CORP OF SASKATCHEWAN, INC ............ 465 22,191 PRAXAIR, INC ................................ 831 308,636 PROCTER & GAMBLE CO ......................... 17,669 21,050 ROHM & HAAS CO .............................. 726 12,000 * SEALED AIR CORP ............................. 629 145,000 SEKISUI CHEMICAL CO LTD ..................... 559 315,255 SHIN-ETSU CHEMICAL CO LTD ................... 16,030 59,700 SHISEIDO & CO LTD ........................... 925 79,622 * SHOWA DENKO K.K ............................. 117 700 SIKA FINANZ AG. (BR) ........................ 235 116,100 SNIA S.P.A .................................. 116 12,350 SOLVAY ET CIE S.A ........................... 835 209,000 SUMITOMO CHEMICAL CO LTD .................... 1,260 512,000 TAKEDA CHEMICAL INDUSTRIES LTD .............. 33,680 117,000 TEIJIN LTD .................................. 572 3,385,000 TORAY INDUSTRIES, INC ....................... 13,757 61,000 TOSOH CORP .................................. 308 113,000 UBE INDUSTRIES LTD .......................... 355 17,800 UNION CARBIDE CORP .......................... 881 8,986 URALITA S.A ................................. 54 46,359 WESFARMERS LTD .............................. 370 2,113 ZODIAC S.A .................................. 432 ---------- 229,583 ---------- STEEL AND OTHER METALS--0.66% 5,900 ACERINOX S.A ................................... 171 28,600 ALCAN ALUMINUM CO LTD .......................... 888 111,952 ALCOA, INC ..................................... 3,247 20,900 ALLEGHENY TECHNOLOGIES, INC .................... 376 560 * ALUSUISSE LONZA HOLDINGS AG. (REGD) ............ 366 78,800 * ANGLO AMERICAN PLATINUM CORP LTD ............... 2,271 35,300 BARRICK GOLD CORP .............................. 637 19,500 BARRICK GOLD CORP (U.S.) ....................... 355 2,000 BEKAERT S.A .................................... 104 14,400 * BETHLEHEM STEEL CORP ........................... 51 500 * BOHLER-UDDEHOLM AG. (BR) ....................... 18 3,868 * BOLIDEN LTD SDR ................................ 5 2,500 CAMECO CORP .................................... 31 20,000 COMINCO LTD .................................... 275 39,847 * CORUS GROUP PLC ................................ 58 5,000 DANIELI & CO ................................... 23 59,000 DELTA GOLD LTD ................................. 44 2,696 DOFASCO, INC ................................... 44 5,000 ELKEM AS ....................................... 94 300 FLACK S.P.A .................................... 2 796 FISCHER (GEORGE) LTD (REGD) .................... 248 93,469 GKN PLC ........................................ 1,193 15,466 GOLDFIELDS LTD ................................. 13 1,620 GROUP 4 FALCK A/S .............................. 261 867,000 HITACHI CABLE LTD .............................. 9,612 9,400 * HOMESTAKE MINING CO ............................ 65 2,926 ILUKA RESOURCES LTD ............................ 8 20,981 * INCO LTD CO .................................... 321 10,100 * INCO LTD CO (U.S.) ............................. 155 3,000 * JAPAN METALS & CHEMICALS CO .................... 4 94,000 * JAPAN STEEL WORKS LTD .......................... 127 37,531 JOHNSON MATTHEY PLC ............................ 528 290,000 KAWASAKI STEEL CORP ............................ 417 4,619 LONMIN PLC ..................................... 51 40,810 MAGNETI MARELLI S.P.A .......................... 214 253,117 MIM HOLDINGS LTD ............................... 137 160,000 e MITSUBISHI MATERIALS CORP ...................... 656 22,000 e MITSUI MINING & SMELTING CO LTD ................ 167 65,985 * NEWCREST MINING LTD ............................ 178 24,000 NEWMONT MINING CORP ............................ 519 378,000 NIPPON LIGHT METAL CO LTD ...................... 375 885,000 NIPPON STEEL CORP .............................. 1,865 4,000 * NKK CORP ....................................... 3 486 NKT HOLDINGS AS ................................ 81 26,900 NORANDA, INC ................................... 263 169,247 NORMANDY MINING LTD ............................ 91 121,306 NORTH LTD ...................................... 288 16,257 OUTOKUMPU OYJ SERIES A ......................... 156 20,500 PARKER-HANNIFIN CORP ........................... 702 17,969 PECHINEY S.A ................................... 753 11,100 PHELPS DODGE CORP .............................. 413 46,200 PLACER DOME, INC ............................... 433 14,800 PLACER DOME, INC (U.S.) ........................ 142 20,185 PREUSSAG AKTIEGESELLSCHAFT AG .................. 654 12,000 RAUTARUUKKI SERIES K ........................... 57 59,608 * RESOLUTE SAMANTHA LTD .......................... 5 10,400 RIO ALGOM LTD .................................. 121 36,900 RIO TINTO LTD .................................. 612 155,391 RIO TINTO LTD PLC (REGD) ....................... 2,541 38,000 * SANKYO ALUMINIUM INDUSTRY CO LTD ............... 34 28,000 SANWA SHUTTER CORP ............................. 91 2,850 e SAPA AB ........................................ 50 14,280 f* SILVERSTONE BERHAD ............................. 0 134,400 SMC CORP ....................................... 25,342 13,638 SMITH (HOWARD) LTD ............................. 67 35,500 STELCO, INC (CLASS A) .......................... 163 40,000 SUMITOMO HEAVY INDUSTRIES LTD .................. 134 947,000 * SUMITOMO METAL INDUSTRIES LTD .................. 653 39,000 SUMITOMO METAL MINING CO LTD ................... 184 2,450 SVENSKT STAL AB SERIES B ....................... 24 7,625 SVENSKT STAL AB SERIES A (SAAB) ................ 76 60,064 THYSSEN KRUPP AG ............................... 967 24,000 TOSTEM CORP .................................... 392 36,600 TOYO SEIKAN KAISHA LTD ......................... 685 11,900 TRELLEBORG AB SERIES B FREE .................... 83 2,400 UNION MINIERE GROUP S.A ........................ 87 5,903 e USINOR ......................................... 72 7,600 USX-US STEEL GROUP, INC ........................ 141 181,000 WMC LTD ........................................ 812 32,200 * WORTHINGTON INDUSTRIES, INC .................... 338 ---------- 63,884 ---------- PAPER AND FOREST PRODUCTS--0.67% 65,700 ABITIBI CONSOLIDATED, INC ...................... 610 66,000 AMCOR LTD ...................................... 231 121,819 ARJO WIGGINS APPLETON PLC ...................... 474 15,460 ASSIDOMAN AB ................................... 221 10,100 AVERY DENNISON CORP ............................ 678 12,740 BUHRMANN NV .................................... 366 146,839 BUNZL PLC ...................................... 787 206,814 e CARTER HOLT HARVEY LTD ......................... 180 3,700 CLAYTON HOMES, INC ............................. 30 2,100 CORTICEIRA AMORIM S.A .......................... 18 23,600 DOMTAR, INC .................................... 219 3,000 ESSELTE AB SERIES B FREE ....................... 18 131,060 * FLETCHER CHALLENGE LTD (FORESTS DIVISION) ...... 48 135,900 FLETCHER CHALLENGE LTD (PAPER DIVISION) ........ 156 752,191 FORT JAMES CORP ................................ 17,394 23,600 GEORGIA-PACIFIC CORP (PACKING GROUP) ........... 620 6,400 GRUPO EMPRESARIAL ENCE S.A ..................... 105 88,216 INTERNATIONAL PAPER CO ......................... 2,630 4,500 INVESTIMENTOS PARTICIPACOES E GESTAO ........... 29 18,000 JAYA TIASA HOLDINGS BERHAD ..................... 21 115,157 JEFFERSON SMURFIT GROUP PLC .................... 199 65,911 KIMBERLY-CLARK CORP ............................ 3,782 8,000 * KOKUYO CO LTD .................................. 131 SEE NOTES TO FINANCIAL STATEMENTS 52 o 2000 CREF Semi-Annual Report Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- PAPER AND FOREST PRODUCTS--(CONTINUED) 10,000 KUALA LUMPUR KEPONG BERHAD .....................$ 14 1,616 MAYR-MELNHOF KARTON AG ......................... 77 4,700 MEAD CORP ...................................... 119 172,000 MITSUBISHI PAPER MILLS LTD ..................... 400 44,000 e NGK INSULATORS LTD ............................. 546 145,000 NIPPON PAPER INDUSTRIES CO ..................... 992 5,184 NORSKE SKOGINDUSTRIER SERIES A ................. 149 131,666 OJI PAPER CO LTD ............................... 908 59,839 * PAPERLINX LTD .................................. 114 7,944 PORTUCEL INDUSTRIA EMPRESA ..................... 48 19,120 RENO DE MEDICI S.P.A ........................... 39 80,595 REXAM PLC ...................................... 314 219,800 * SAPPI LTD ...................................... 1,653 31,650 e SCA AB SERIES B ................................ 604 90,900 SEKISUI HOUSE LTD .............................. 843 997,777 * SMURFIT-STONE CONTAINER CORP ................... 12,846 15,000 SUMITOMO FORESTRY CO LTD ....................... 101 16,500 TEMPLE-INLAND, INC ............................. 693 5,500 UNI CHARM CORP ................................. 334 34,700 e UPM-KYMMENE OYJ ................................ 865 319,274 WEYERHAEUSER CO ................................ 13,729 ---------- 64,335 ---------- TOTAL BASIC INDUSTRIES ......................... 357,802 ---------- BUSINESS SERVICES--3.03% ADVERTISING AND OTHER SERVICES--3.03% 2,470 ADECCO S.A. (REGD) ............................. 2,105 14,700 BENESSE CORP ................................... 1,021 11,625 BLOCK (H&R), INC ............................... 376 28,100 CAPITA GROUP PLC ............................... 688 95,479 * CENDANT CORP ................................... 1,337 35,000 e* CMGI, INC ...................................... 1,603 19,528 DUN & BRADSTREET CORP .......................... 559 35,800 * EBAY, INC ...................................... 1,944 5,103,042 HAYS PLC ....................................... 28,468 38,100 INTERPUBLIC GROUP OF COS, INC .................. 1,638 4,866 * ISS-INTERNATIONAL SERVICE SYSTEM AS ............ 372 400 b* LOEWEN GROUP, INC .............................. 0 11,700 MANPOWER, INC .................................. 374 24,300 OMNICOM GROUP, INC ............................. 2,164 20,800 OYO CORP ....................................... 292 378,124 RENTOKIL INITIAL PLC ........................... 859 6,436,432 REUTERS GROUP PLC .............................. 109,816 25,600 * ROBERT HALF INTERNATIONAL, INC ................. 730 32,400 SECOM CO LTD ................................... 2,373 48,800 SECURITAS AB SERIES B FREE ..................... 1,040 202,000 SEMBCORP INDUSTRIES LTD ........................ 220 67,800 * SERVICE CORP INTERNATIONAL, INC ................ 216 49,200 SERVICEMASTER CO ............................... 560 5,516,500 SINGAPORE TECHNOLOGIES ENGINEERING LTD ......... 8,104 100 SOPHUS BERENDSEN (CLASS B) (NEW) ............... 2 520 SURVEILLANCE S.A. SOCIETE DE ................... 219 63,000 * TRIMERIS, INC .................................. 4,406 9,300 VEDIOR NV ...................................... 115 320,045 WHARF HOLDINGS LTD ............................. 573 8,305,467 WPP GROUP PLC .................................. 121,336 ---------- TOTAL BUSINESS SERVICES ........................ 293,510 ---------- CONSTRUCTION AND REAL ESTATE--2.42% BUILDING MATERIALS--1.78% 164,000 ASAHI GLASS CO LTD ............................. 1,837 98,814 BLUE CIRCLE INDUSTRIES PLC ..................... 638 134,200 BORAL LTD ...................................... 169 82,581 CARADON PLC .................................... 189 24,000 CEMENTIR S.P.A ................................. 38 16,328 CIMENTOS DE PORTUGAL ........................... 313 3,565 CIN-CORPARACAO INDUSTRIAL DO NORTE S.A ......... 20 40,100 CORNING, INC ................................... 10,822 632,579 CRH PLC ........................................ 11,437 41,139 CRH PLC (UNITED KINGDOM) ....................... 745 99,200 CSR LTD ........................................ 276 1,250 DYCKERHOFF AG .................................. 31 700 GLAVERBEL S.A .................................. 52 3,280,972 HANSON PLC ..................................... 23,196 1,200 * HEIDELBERGER ZEMENT AG. (BELGIUM) .............. 74 11,152 * HEIDELBERGER ZEMENT AG. (GERMANY) .............. 691 1,200 * HEIDELBERGER ZEMENT AG. (STRIP VVPR) ........... 0 21,908 * HEPWORTH PLC ................................... 63 1,293 HOLDERBANK FINANCIERE GLARUS AG. (BR) .......... 1,590 1,056,114 HOME DEPOT, INC ................................ 52,740 163,200 HOYA CORP ...................................... 14,653 1,473 * IMERYS S.A ..................................... 172 76,505 IMPERIAL CHEMICAL INDUSTRY PLC ................. 607 55,755 * INAX CORP ...................................... 344 28,361 e ITALCEMENTI S.P.A .............................. 268 28,359 JAMES HARDIE INDUSTRIES LTD .................... 75 250 KANDENKO CO LTD ................................ 1 81,000 KINDEN CORP .................................... 510 8,800 LAFARGE S.A. (BR) .............................. 687 8,021 f LAFARGE S.A. (REGD) 2001 ....................... 626 368,245 LOWE'S COS, INC ................................ 15,121 70,100 MASCO CORP ..................................... 1,266 1,722,000 NIPPON SHEET GLASS CO LTD ...................... 23,990 3,000 NORITAKE CO LTD ................................ 17 6,463 OWENS CORNING CO ............................... 60 19,300 * OWENS ILLINOIS, INC ............................ 226 117,072 PILKINGTON PLC ................................. 167 1,038 PORTLAND VALDERRIVAS S.A ....................... 19 36,243 PPG INDUSTRIES, INC ............................ 1,606 28,066 RMC GROUP PLC .................................. 365 1,129 SANITEC OYJ .................................... 11 26,992 e SCHNEIDER ELECTRIC S.A ......................... 1,889 24,400 SHERWIN-WILLIAMS CO ............................ 517 14,560 * ST. GOBAIN S.A ................................. 1,976 24,313 SUMITOMO OSAKA CEMENT CO LTD ................... 144 295,200 TAIHEIYO CEMENT CORP ........................... 619 56,000 TAKARA STANDARD CO ............................. 245 28,700 TOTO LTD ....................................... 221 4,500 UNITED DOMINION INDUSTRIES LTD ................. 77 1,100 USG CORP ....................................... 33 4,000 VULCAN MATERIALS CO ............................ 171 9,000 WIENERBERGER BAUSTOFF AG ....................... 205 79,253 WOLSELEY PLC ................................... 426 ---------- 172,235 ---------- CONSTRUCTION--0.40% 8,064 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A 228 58,720 AMEC PLC ....................................... 167 27,301 AUTOPISTAS CONCESIONARIA ESPANOLA S.A .......... 238 33,315 *AUTOPISTAS CONCESIONARIA ESPANOLA RTS .......... 14 12,261 BALFOUR BEATTY PLC ............................. 14 48,830 BARRATT DEVELOPMENTS PLC ....................... 193 10,000 BERKELEY GROUP PLC ............................. 95 11,009 BILFINGER & BERGER AG .......................... 149 4,059 BOUYGUES S.A ................................... 2,724 50,000 BRISA-AUTO ESTRADAS DE PORTUGAL S.A ............ 432 230 CARRILLION PLC ................................. 0 1,862 *DAIKYO, INC .................................... 5 30,059 DAITO TRUST CONSTRUCTION CO LTD ................ 497 94,000 DAIWA HOUSE INDUSTRY CO LTD .................... 688 29,099 DRAGADOS Y CONSTRUCCIONES S.A .................. 209 53,000 FLETCHER CHALLENGE LTD (BUILDING DIVISION) ..... 56 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 53 Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- CONSTRUCTION--(CONTINUED) 28,000 FLUOR CORP .....................................$ 886 19,000 FOMENTO CONSTRUCCIONES Y CONTRATAS S.A ......... 361 236,000 e* FUJITA CORP .................................... 116 64,000 GAMUDA BERHAD .................................. 74 5,700 GROUPE GTM ..................................... 535 17,385 HOCHTIEF AG .................................... 526 2,753 HOLLANDSCHE BETON GROEP NV (H.B.G.) ............ 33 127,000 e IMPREGILO S.P.A ................................ 73 79,000 e JGC CONSTRUCTION CORP .......................... 320 30,000 KAJIMA CORP .................................... 96 58,082 LEIGHTON HOLDINGS LTD .......................... 188 22,000 MAEDA ROAD CONSTRUCTION CO LTD ................. 104 2,164 MISAWA HOMES CO LTD ............................ 7 1,146 * MORRISON KNUDSEN CORP WTS 03/11/03 ............. 2 1,042,402 NEWELL RUBBERMAID, INC ......................... 26,842 60,000 e NISHIMATSU CONSTRUCTION CO LTD ................. 237 84,000 OBAYASHI CORP .................................. 372 80,000 OKUMURA CORP ................................... 290 2,000 PENTA OCEAN CONSTRUCTION CO LTD ................ 3 3,800 PULTE CORP ..................................... 82 50,000 e* SATO KOGYO ..................................... 26 18,000 SHIMIZU CORP ................................... 52 1,000 * SHO-BOND CORP .................................. 15 15,638 SKANSKA AB SERIES B FREE ....................... 557 3,060 * SOCIEDADE DE CONSTRUCOES SOARES DA COS ......... 9 254,000 TAISEI CORP .................................... 408 74,983 TAYLOR WOODROW PLC ............................. 172 24,000 TOA CORP ....................................... 30 39,000 TODA CONSTRUCTION CO ........................... 186 31,387 * TRANSURBAN GROUP ............................... 71 185,000 UNITED INDUSTRIAL CORP ......................... 87 2,019 VA TECHNOLOGIE AG. (BR) ........................ 107 24,071 WILSON (CONNOLLY) HOLDINGS PLC ................. 52 44,400 WIMPEY (GEORGE) LTD ............................ 77 400 * YTL CORP BERHAD ................................ 1 ---------- 38,706 ---------- REAL ESTATE--0.24% 9,000 AMP DIVERSIFIED PROPERTY TRUST ................. 13 46,610 BRITISH LAND PLC ............................... 286 1 * CHINESE ESTATES LTD ............................ 0 39,319 * CHINESE ESTATES HOLDINGS WTS 11/24/00 .......... 0 115,225 CITY DEVELOPMENT LTD ........................... 447 79,000 DAIWA KOSHO LEASE CO LTD ....................... 260 160,250 DBS LAND LTD ................................... 208 626 * EVERGO CHINA HOLDINGS LTD ...................... 0 82,000 * FIRST CAPITAL CORP LTD ......................... 78 237,000 GENERAL PROPERTY TRUST ......................... 383 38,800 * GREAT PORTLAND ESTATES PLC ..................... 137 13,509 HAMMERSON PLC .................................. 91 238,000 HANG LUNG DEVELOPMENT CO LTD ................... 185 189,000 HENDERSON LAND DEVELOPMENT CO LTD .............. 832 8,000 HOPEWELL HOLDINGS LTD .......................... 3 185,468 * HYSAN DEVELOPMENT CO LTD ....................... 195 26,800 * IMMSI S.P.A .................................... 38 52,200 MEPC PLC ....................................... 430 8,180 METROVACESA S.A ................................ 138 85,345 MIRVAC GROUP ................................... 174 172,000 MITSUBISHI ESTATE CO LTD ....................... 2,029 599,000 MITSUI FUDOSAN CO LTD .......................... 6,511 230,377 NEW WORLD DEVELOPMENT CO LTD ................... 257 2,410,300 PARKWAY HOLDINGS LTD ........................... 6,162 1,000 PRESTIGE PROPERTY HOLDINGS LTD ................. 0 600 SIMCO (REGD) ................................... 44 686,197 SINO LAND CO LTD ............................... 242 51,663 SLOUGH ESTATES PLC ............................. 287 25,308 STOCKLAND TRUST GROUP (UNITS) .................. 54 25,300 STRAITS TRADING CO ............................. 28 356,785 SUN HUNG KAI PROPERTIES LTD .................... 2,563 78,000 e TOKYO TATEMONO CO LTD .......................... 167 12,900 TRIZEC HAHN CORP ............................... 231 200 UNIBAIL S.A .................................... 28 42,200 UNITED OVERSEAS LAND LTD ....................... 38 21,800 * URBIS S.A ...................................... 100 27,700 e VALLEHERMOSO S.A ............................... 166 31,800 WCM BETEILIGUNGS & GRUNDBESITZ AG .............. 741 ---------- 23,546 ---------- TOTAL CONSTRUCTION AND REAL ESTATE ............... 234,487 ---------- CONSUMER DURABLE--11.57% HOME APPLIANCES AND FURNISHINGS--11.19% 13,110 ADVANTEST CORP ................................. 2,930 752,000 ALPS ELECTRIC CO LTD ........................... 14,002 27,600 * AMERICAN POWER CONVERSION CORP ................. 1,126 130,500 * APPLIED MICRO CIRCUITS CORP .................... 12,887 670,342 * ASM LITHOGRAPHY HOLDINGS NV .................... 28,929 54,000 * ASM PACIFIC TECHNOLOGY LTD ..................... 202 2,947,029 ASSA ABLOY AB SERIES B ......................... 59,471 900 BANG & OLUFSEN HOLDINGS AS (CLASS B) ........... 31 1,300 BARCO NV ....................................... 146 95,615 BROTHERS INDUSTRIES LTD ........................ 274 28,900 * CELESTICA, INC ................................. 1,406 150,000 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD (SINGAPORE) ................................ 1,310 2,000 ELEC & ELTEK INTERNATIONAL HOLDNGS LTD ......... 0 49,350 e ELECTROLUX AB SERIES B ......................... 768 494,280 * EPCOS AG ....................................... 49,940 5,931 FAG KUGELFISCHER (GEORG) SCHAEFER AG ........... 44 10,300 FISHER & PAYKEL INDUSTRIES LTD ................. 32 400 * FORBO HOLDINGS AG. (REGD) ...................... 167 1,063,476 FUJITSU LTD .................................... 36,888 26,800 * GEMSTAR INTERNATIONAL GROUP, INC ............... 1,647 688,511 GILLETTE CO .................................... 24,055 429,000 HITACHI LTD .................................... 6,204 1,209,420 * INFINEON TECHNOLOGIES AG ....................... 96,226 1,533,176 INTEL CORP ..................................... 204,966 295,700 * JDS UNIPHASE CORP .............................. 35,447 189,027 KONINKLIJKE PHILIPS ELECTRONICS NV ............. 8,951 134,400 KYOCERA CORP ................................... 22,852 795,565 * LSI LOGIC CORP ................................. 43,060 40,000 MALAYSIAN PACIFIC INDUSTRIES BERHAD ............ 411 286,529 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD .......... 7,447 16,200 MAYTAG CO ...................................... 597 69,700 * MICRON TECHNOLOGY, INC ......................... 6,138 194,025 MURATA MANUFACTURING CO LTD .................... 27,910 51,000 NATSTEEL ELECTRONICS LTD ....................... 156 1,011,704 NIPPON ELECTRIC CORP ........................... 31,841 12,000 NITTO DENKO CORP ............................... 464 31,000 PIONEER CORP ................................... 1,210 83,624 * PMC-SIERRA, INC ................................ 14,859 103,124 ROHM CO ........................................ 30,214 723,000 * SANMINA CORP ................................... 61,817 284,000 SANYO ELECTRIC CO LTD .......................... 2,561 494,242 * SCG HOLDING CORP ............................... 10,812 534 * SEB S.A ........................................ 31 144,000 SHARP CORP ..................................... 2,552 9,000 SHIMACHU CO LTD ................................ 191 6,100 SNAP-ON, INC ................................... 162 894,150 * SOLECTRON CORP ................................. 37,443 418,258 SONY CORP ...................................... 39,136 3,954,900 SPIRENT PLC .................................... 26,614 1,148,868 ST MICROELECTRONICS NV ......................... 72,686 6,000 SUWA INTERNATIONAL HOLDINGS LTD ................ 0 15,940 TAIYO YUDEN CO LTD ............................. 1,000 SEE NOTES TO FINANCIAL STATEMENTS 54 o 2000 CREF Semi-Annual Report Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- HOME APPLIANCES AND FURNISHINGS--(CONTINUED) 223,772 TEXAS INSTRUMENTS, INC .........................$ 15,370 183,700 TOKYO ELECTRON CO LTD .......................... 25,210 480,000 TOSHIBA CORP ................................... 5,430 37,000 VARITRONIX INTERNATIONAL LTD ................... 64 574,000 VENTURE MANUFACTURING LTD (SINGAPORE) .......... 5,843 13,395 WHIRLPOOL CORP ................................. 625 43,016 YAMAHA CORP .................................... 471 ---------- 1,083,226 ---------- TEXTILE APPAREL AND ACCESSORIES--0.38% 6,530 ADIDAS SALOMON AG .............................. 362 28,500 AOYAMA TRADING CO LTD .......................... 412 228,700 e BENETTON GROUP S.P.A ........................... 480 38,100 BULGARI S.P.A .................................. 511 8,000 CASIO COMPUTER CO LTD .......................... 90 4,534 CHARGEURS S.A .................................. 261 43,000 CITIZEN WATCH CO LTD ........................... 416 87,453 COATS VIYELLA PLC .............................. 72 90 * DOLLFUS-MIEG & CIE S.A ......................... 0 11,480 DOUGLAS HOLDINGS AG ............................ 341 2,991,407 ESPRIT HOLDINGS LTD ............................ 3,108 118,055 GAP, INC ....................................... 3,689 100,000 GUNZE LTD ...................................... 389 116,873 HENNES & MAURITZ AB SERIES B ................... 2,452 611,571 * JONES APPAREL GROUP, INC ....................... 14,372 30,785 * KANEBO LTD ..................................... 95 24,000 e KURARAY CO LTD ................................. 276 69,758 LIMITED, INC ................................... 1,509 8,400 LIZ CLAIBORNE, INC ............................. 296 8,000 MARZOTTO & FIGLI S.P.A ......................... 66 5,000 MITSUBISHI RAYON CO LTD ........................ 15 34,304 NIKE, INC (CLASS B) ............................ 1,366 96,000 NISSHINBO INDUSTRY, INC ........................ 508 204,000 NITTO BOSEKI CO LTD ............................ 357 12,000 ONWARD KASHIYMA CO LTD ......................... 163 153,413 PACIFIC DUNLOP LTD ............................. 137 46,000 * RENOWN, INC .................................... 67 3,000 SHAW INDUSTRIES, INC ........................... 38 5,700 SHIMAMAURA CO LTD .............................. 667 54 THE SWATCH GROUP AG. (BR) ...................... 69 3,595 THE SWATCH GROUP AG. (REGD) .................... 941 16,000 TOKYO STYLE CO LTD ............................. 151 19,000 TOYOBO CO LTD .................................. 38 36,500 V.F. CORP ...................................... 869 11,945 * WACOAL CORP .................................... 122 122,000 WING TAI HOLDINGS LTD .......................... 87 50,900 WORLD CO LTD ................................... 2,213 ---------- 37,005 ---------- TOTAL CONSUMER DURABLE ......................... 1,120,231 ---------- ENERGY--5.35% OIL, GAS AND OTHER ENERGY SERVICES--5.35% 22,300 ALBERTA ENERGY LTD ............................. 900 9,600 * ANDERSON EXPLORATION LTD ....................... 174 359,472 APACHE CORP .................................... 21,141 6,913,387 BP AMOCO PLC ................................... 66,356 255,498 BROKEN HILL PROPRIETARY CO LTD ................. 3,030 458,354 BURLINGTON RESOURCES, INC ...................... 17,532 11,500 * BURMAH CASTROL PLC ............................. 290 15,100 * CANADIAN NATURAL RESOURCES LTD ................. 438 18,050 CANADIAN OCCIDENTAL PETROLEUM LTD .............. 489 104,791 CHEVRON CORP ................................... 8,888 971 COFLEXIP S.A ................................... 118 466,536 CONOCO, INC (CLASS B) .......................... 11,459 615,700 CONSOL ENERGY, INC ............................. 9,312 143,000 COSMO OIL CO LTD ............................... 264 22,162 ENBRIDGE, INC .................................. 464 445,437 ENRON CORP ..................................... 28,731 1,070,436 e ENTE NAZIONALE IDROCARBURI S.P.A ............... 6,208 1,811,251 EXXON MOBIL CORP ............................... 142,183 54,200 FLETCHER CHALLENGE LTD (ENERGY DIVISION) ....... 177 37 * FRIEDE GOLDMAN HALTER, INC ..................... 0 26,600 * GLOBAL MARINE, INC ............................. 750 31,747 * GULF CANADA RESOURCES LTD ...................... 148 65,269 HALLIBURTON CO ................................. 3,080 2,094,610 a IHC CALAND NV .................................. 102,403 65,500 IMPERIAL OIL LTD ............................... 1,598 199,065 LONDON & SCOTTISH MARINE OIL PLC ............... 423 226,900 NIPPON MITSUBISHI OIL CO ....................... 1,042 49,070 NORSK HYDRO AS ................................. 2,067 65,100 OCCIDENTAL PETROLEUM CORP ...................... 1,371 3,635 OMV AKTIENGESELLS AG ........................... 317 32,300 PETRO-CANADA (VARIABLE - VOTE) ................. 603 14,434 * PETROLEUM GEO-SERVICES AS ...................... 247 2,900 * PRECISION DRILLING CORP ........................ 112 35,800 * RANGER OIL LTD ................................. 191 26,000 * RENAISSANCE ENERGY LTD ......................... 252 170,853 REPSOL S.A ..................................... 3,415 741,031 ROYAL DUTCH PETROLEUM CO ....................... 46,244 86,172 SANTOS LTD ..................................... 263 75,500 SCHLUMBERGER LTD ............................... 5,634 42,000 SHOWA SHELL SEKIYU K.K ......................... 208 3,000 SMEDVIG AS SERIES A ............................ 54 23,000 SUNCOR ENERGY, INC ............................. 531 948 TECHNIP S.A .................................... 115 16,824 * TEIKOKU OIL CO LTD ............................. 55 123,600 TOTAL FINA ELF S.A ............................. 19,028 10,800 TOTAL FINA S.A. (STRIP VVPR) ................... 0 20,500 TOTAL FINA S.A. SERIES B ....................... 3,201 32,211 TRANSOCEAN SEDCO FOREX, INC .................... 1,721 31,000 * TULLOW OIL PLC ................................. 24 64,694 UNOCAL CORP .................................... 2,143 86,665 USX-MARATHON GROUP, INC ........................ 2,172 ---------- TOTAL ENERGY ................................... 517,566 ---------- FINANCE--11.07% BANKS, SAVINGS AND LOANS--5.50% 234,395 ABBEY NATIONAL PLC ............................. 2,803 204,730 ABN-AMRO HOLDINGS NV ........................... 5,036 132,835 ALLIED IRISH BANK PLC .......................... 1,193 30,000 AMMB HOLDINGS BERHAD ........................... 100 397,514 ASAHI BANK LTD ................................. 1,676 243,000 * ASHIKAGA BANK LTD .............................. 505 431 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD ..... 3 50,388 BANCA COMMERCIALE ITALIANA S.P.A ............... 283 755,600 BANCA DI ROMA .................................. 931 101,600 BANCA INTESA RISP S.P.A ........................ 242 526,343 e BANCA INTESA S.P.A ............................. 2,366 28,388 * BANCA INTESA S.P.A. PUT WTS 11/15/02 ........... 37 31,500 BANCA POPOLARE DI MILANO ....................... 228 143,600 * BANCO AMBROSIANO VENETO WTS 05/31/02 ........... 135 151,855 BANCO COMERCIAL PORTUGUES S.A. (REGD) .......... 793 18,395 BANCO ESPIRITO SANTO S.A ....................... 453 912 * BANCO PINTO & SOTTO MAYOR S.A .................. 20 568,527 BANCO SANTANDER CENTRAL HISPANO S.A ............ 6,022 15,204 BANK AUSTRIA AG ................................ 744 976,761 BANK OF AMERICA CORP ........................... 42,001 231,323 BANK OF EAST ASIA LTD .......................... 540 48,000 e BANK OF FUKUOKA LTD ............................ 328 40,100 BANK OF MONTREAL ............................... 1,691 108,032 BANK OF NEW YORK CO, INC ....................... 5,023 68,592 BANK OF NOVA SCOTIA ............................ 1,680 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 55 Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- BANKS, SAVINGS AND LOANS--(CONTINUED) 2,102,490 BANK OF TOKYO MITSUBISHI LTD ...................$ 25,455 166,344 BANK OF YOKOHAMA LTD ........................... 747 154,007 BANK ONE CORP .................................. 4,091 210,573 BARCLAYS PLC ................................... 5,238 53,729 BAYERISCHE HYPO-UND VEREINSBANK AG ............. 3,507 432,194 BCO BILBAO VIZCAYA ARGENTARIA S.A .............. 6,484 64,386 e BNP PARIBAS GROUP .............................. 6,221 81,460 BPI-SGPS S.A. (REGD) ........................... 289 59,460 CANADIAN IMPERIAL BANK OF COMMERCE ............. 1,631 813,193 CHASE MANHATTAN CORP ........................... 37,458 7,460 e CHIBA BANK LTD ................................. 30 61,000 CHRISTIANIA BANK OG KREDITKASSE ................ 329 125,400 CHUO MITSUI TRUST & BANKING CO LTD ............. 548 1,207,256 CITIGROUP, INC ................................. 72,737 50 COMMERZBANK AG ................................. 2 182,221 * COMMONWEALTH BACK OF AUSTRALIA ................. 3,029 38,929 e CREDIT SUISSE GROUP (REGD) ..................... 7,769 2,000 DAI-ICHI KANGO BANK LTD ........................ 15 376,000 DAIWA BANK LTD ................................. 977 190,844 DBS GROUP HOLDINGS LTD ......................... 2,450 6,800 DEN DANSKE BANK AF 1871 ........................ 821 86,046 DEUTSCHE BANK AG. (REGD) ....................... 7,127 108,000 DNB HOLDING ASA ................................ 450 65,370 DRESDNER BANK AG. (REGD) ....................... 2,720 166,861 FIRST UNION CORP ............................... 4,140 389,535 FLEETBOSTON FINANCIAL CORP ..................... 13,244 71,600 FORENINGSSPARBANKEN AB ......................... 1,053 1,587,586 e FUJI BANK LTD .................................. 12,094 36,000 GUNMA BANK LTD ................................. 186 271,713 * HANG SENG BANK LTD ............................. 2,579 163,000 * HOKURIKU BANK LTD .............................. 379 215,504 HSBC HOLDINGS PLC (HONG KONG) .................. 2,460 950,211 HSBC HOLDINGS PLC (UNITED KINGDOM) ............. 10,868 341,668 INDUSTRIAL BANK OF JAPAN LTD ................... 2,596 123,415 JOYO BANK ...................................... 476 45,500 KBC BANCASSURANCE HOLDINGS NV .................. 2,011 85,300 KEYCORP ........................................ 1,503 752,857 LLOYDS TSB GROUP PLC ........................... 7,112 95,800 MALAYAN BANKING BERHAD ......................... 388 111,934 MBNA CORP ...................................... 3,036 451,914 MELLON FINANCIAL CORP .......................... 16,467 176,111 MITSUBISHI TRUST & BANKING CORP ................ 1,370 26,644 MORGAN (J.P.) & CO, INC ........................ 2,934 512,353 NATIONAL AUSTRALIA BANK LTD .................... 8,582 35,081 NATIONAL BANK OF CANADA ........................ 523 98,174 NATIONAL CITY CORP ............................. 1,675 101,456 * NORDIC BALTIC HOLDING AB ....................... 743 316,000 * NORDIC BALTIC HOLDING AB (NBH) ................. 2,396 32,450 NORDIC BALTIC HOLDING-FDR ...................... 237 176,925 OVERSEAS CHINESE BANKING CORP LTD .............. 1,218 29,325 PNC FINANCIAL SERVICES GROUP, INC .............. 1,375 43,800 ROYAL BANK OF CANADA ........................... 2,239 668,890 ROYAL BANK OF SCOTLAND PLC ..................... 11,200 3,298,756 SAKURA BANK LTD ................................ 22,853 2,425,908 SAN PAOLO-IMI S.P.A ............................ 43,231 235 SANWA BANK LTD ................................. 2 40,000 SEVENTY-SEVEN (77) BANK LTD .................... 321 81,000 SHIZUOKA BANK LTD .............................. 689 98,120 * SKANDINAVISKA ENSKILDA BANKEN SERIES A ......... 1,169 61,653 SOCIETE GENERALE S.A ........................... 3,723 24,000 STATE STREET CORP .............................. 2,546 1,790,932 SUMITOMO BANK LTD .............................. 22,005 57,101 e SUNCORP-METWAY LTD ............................. 296 60,195 SUNTRUST BANKS, INC ............................ 2,750 89,957 SVENSKA HANDELSBANKEN SERIES A ................. 1,313 11,000 SVENSKA HANDELSBANKEN SERIES B FREE ............ 159 372,000 e TOKAI BANK LTD ................................. 1,839 77,586 U.S. BANCORP ................................... 1,494 198,311 UBS AG. (REGD) ................................. 29,147 670,922 UNICREDITO ITALIANO S.P.A ...................... 3,222 151,744 UNITED OVERSEAS BANK LTD ....................... 992 20,100 WACHOVIA CORP .................................. 1,090 79,844 WASHINGTON MUTUAL, INC ......................... 2,305 232,073 WELLS FARGO CO ................................. 8,993 264,926 WESTPAC BANKING CORP ........................... 1,917 ---------- 532,098 ---------- CREDIT AND OTHER FINANCE--1.89% 18,500 ACOM CO LTD .................................... 1,560 231,252 ALLIED ZURICH PLC .............................. 2,736 186,155 AMERICAN EXPRESS CO ............................ 9,703 391,398 ASSOCIATES FIRST CAPITAL CORP .................. 8,733 83,909 BENI STABILI S.P.A ............................. 45 445,200 BRIERLEY INVESTMENTS LTD (SINGAPORE) ........... 70 8,200 C.I. FUND MANAGEMENT, INC ...................... 155 71,200 * CANARY WHARF FINANCE PLC ....................... 397 7,457 CORPORACION FINANCIERE ALBA S.A ................ 197 5,549 COUNTRYWIDE CREDIT INDUSTRIES, INC ............. 168 12,162 CREDIT SAISON CO LTD ........................... 283 34,300 CRESCENT REAL ESTATE EQUITIES CO ............... 703 16,053 DROTT AB SERIES B .............................. 174 21,800 EQUIFAX, INC ................................... 572 28,878 EQUITY OFFICE PROPERTIES TRUST ................. 796 15,900 EQUITY RESIDENTIAL PROPERTIES TRUST CO ......... 731 1,120 EURAFRANCE S.A ................................. 538 146,227 FEDERAL NATIONAL MORTGAGE ASSOCIATION .......... 7,631 1,232,971 FIRSTAR CORP ................................... 25,969 400 * GROUP POUR LE FINANCEMENT CONSTRUCTION ......... 43 255,648 HALIFAX PLC .................................... 2,454 12,000 HAW PAR CORP LTD ............................... 19 66,508 HOUSEHOLD INTERNATIONAL, INC ................... 2,764 3,125,382 HUTCHINSON WHAMPOA LTD ......................... 39,291 134,739 * ING GROEP NV ................................... 9,145 30,846 IRISH LIFE AND PERMANENT PLC ................... 261 109,603 LAND SECURITIES PLC ............................ 1,311 65,000 LEND LEASE CORP LTD ............................ 832 81,900 MEDIOBANCA S.P.A ............................... 848 796,513 * METROPOLITAN LIFE INSURANCE CO ................. 16,777 11,000 NICHIEI CO LTD (KYOTO) ......................... 181 30,000 NIPPON SHINPAN CO LTD .......................... 73 36,600 ORIENTAL HOLDINGS .............................. 77 151,900 ORIX CORP ...................................... 22,468 33,300 POWER CORP OF CANADA ........................... 683 16,200 PROMISE CO LTD ................................. 1,283 48,686 PROVIDENT FINANCIAL PLC ........................ 512 90,000 * QPL INTERNATIONAL HOLDINGS LTD ................. 129 21,591 SCHRODERS PLC (NEW) ............................ 388 24,900 SIMON PROPERTY GROUP, INC ...................... 552 162,000 SUMITOMO CORP .................................. 1,827 20,700 TAKEFUJI CORP .................................. 2,506 3,413,000 e TOKYU CORP ..................................... 16,903 4,789 * WESTFIELD TRUST (NEW UNITS) .................... 9 197,441 WESTFIELD TRUST (UNITS) ........................ 384 ---------- 182,881 ---------- INSURANCE--2.89% 587,236 ACE LTD ........................................ 16,443 186,333 * AEGON NV ....................................... 6,657 400 AEGON NV ARS ................................... 14 8,131 AETNA, INC ..................................... 522 38,647 AFLAC, INC ..................................... 1,775 29 ALLEANZA ASSICURAZIONI (S/S) (NON CV) .......... 0 SEE NOTES TO FINANCIAL STATEMENTS 56 o 2000 CREF Semi-Annual Report Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- INSURANCE--(CONTINUED) 33,784 ALLIANZ AG. (REGD) .............................$ 12,306 73,704 ALLSTATE CORP .................................. 1,640 674,650 AMERICAN INTERNATIONAL GROUP, INC .............. 79,271 148,459 AMP LTD ........................................ 1,515 33,150 AON CORP ....................................... 1,030 167,467 ASSICURAZIONI GENERALI S.P.A ................... 5,763 51,600 AXA ............................................ 8,162 317,318 CGNU PLC ....................................... 5,284 7,700 CHUBB CORP ..................................... 474 34,670 CIGNA CORP ..................................... 3,242 1,300 COMPANHIA DE SEGUROS TRANQUILIDADE ............. 41 8,490 CORPORACION MAPFRE S.A ......................... 108 600 * FAIRFAX FINANCIAL HOLDINGS LTD ................. 66 115,613 FORTIS B ....................................... 3,378 4,662 * FORTIS B CVG 07/20/01 .......................... 33 73,446 FORTIS B NPV (STRIP VVPR) ...................... 1 1,069 GENERALI HOLDING VIENNA ........................ 173 37,747 HARTFORD FINANCIAL SERVICES GROUP, INC ......... 2,111 1,108,934 * JOHN HANCOCK FINANCIAL SERVICES, INC ........... 26,268 795,839 LEGAL & GENERAL GROUP PLC ...................... 1,861 28,800 LINCOLN NATIONAL CORP .......................... 1,040 1,738,800 MANULIFE FINANCIAL CORP ........................ 30,629 34,100 MARSH & MCLENNAN COS, INC ...................... 3,561 22,100 MBIA, INC ...................................... 1,065 2,302,000 METROPOLITAN LIFE LTD .......................... 3,005 84,000 MITSUI TAISHO MARINE & FIRE CO LTD ............. 405 23,310 MUENCHENER RUECKVER AG. (REGD) ................. 7,430 1,600,000 OLD MUTUAL PLC ................................. 3,518 4,900 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ....... 295 5,369 POHJOLA INSURANCE CO LTD SERIES B .............. 191 251,683 PRUDENTIAL PLC ................................. 3,688 78,086 QBE INSURANCE GROUP LTD ........................ 383 100,760 RAS S.P.A ...................................... 1,111 10,352 SAI S.P.A ...................................... 184 7,906 SAMPO INSURANCE CO SERIES A .................... 322 143,715 SKANDIA FORSAKRINGS AB ......................... 3,818 29,200 ST. PAUL COS, INC .............................. 996 42,450 UNI-STOREBRAND AS SERIES A ..................... 308 93,972 SUMITOMO MARINE & FIRE INSURANCE CO ............ 548 49,400 * SUN LIFE FINANCIAL SERVICES OF CANADA .......... 832 2,093 e SWISS REINSURANCE .............................. 4,280 1,633,000 TOKIO MARINE & FIRE INSURANCE CO LTD ........... 18,891 2,900 * TOPDANMARK AS .................................. 48 23,400 UNITEDHEALTH GROUP, INC ........................ 2,007 42,100 UNUMPROVIDENT CORP ............................. 845 9,100 * WELLPOINT HEALTH NETWORKS, INC ................. 659 154,204 XL CAPITAL LTD ................................. 8,346 6,455 e ZURICH ALLIED AG ............................... 3,200 ---------- 279,743 ---------- SECURITIES AND COMMODITIES--0.79% 65,640 3I GROUP PLC ................................... 1,350 120,856 AMVESCAP PLC ................................... 1,939 167,148 DAIWA SECURITIES GROUP, INC .................... 2,212 208,000 * ITOCHU CORP .................................... 1,052 236,000 * MARUBENI CORP .................................. 814 49,714 MERRILL LYNCH & CO, INC ........................ 5,717 191,000 MITSUBISHI CORP ................................ 1,731 189,000 MITSUI & CO LTD ................................ 1,447 211,378 MORGAN STANLEY DEAN WITTER & CO ................ 17,597 1,432,000 e NOMURA SECURITIES CO LTD ....................... 35,121 11,513 OM GRUPPEN AB .................................. 517 10,000 PAINE WEBBER GROUP, INC ........................ 455 182,422 SCHWAB (CHARLES) CORP .......................... 6,134 383,000 b* YAMAICHI SECURITIES CO LTD ..................... 7 ---------- 76,093 ---------- TOTAL FINANCE .................................. 1,070,815 ---------- FOODS AND RELATED--3.90% BEVERAGES, OTHER FOOD PRODUCTS--3.76% 5 * AGRIBRANDS INTERNATIONAL, INC .................. 0 72,000 AJINOMOTO CO LTD ............................... 925 56,215 ALBERTSONS, INC ................................ 1,869 311,706 ANHEUSER-BUSCH COS, INC ........................ 23,281 158,400 ARCHER DANIELS MIDLAND CO ...................... 1,554 63,000 e ASAHI BREWERIES LTD ............................ 756 10,900 * ASIA FOOD & PROPERTIES LTD WTS 07/12/02 ........ 1 3,057 AUSTRIA TABAKWERKE AG .......................... 114 33,379 AUTOGRILL S.P.A ................................ 357 14,103 AZUCARERA EBRO AGRICOLAS S.A ................... 169 98,650 BASS PLC ....................................... 1,110 3,495 * BRAU UND BRUNNEN AG ............................ 150 372,125 CADBURY SCHWEPPES LTD .......................... 2,445 38,654 CAMPBELL SOUP CO ............................... 1,126 7,100 CARLSBERG BREWERIES AS (CLASS A) ............... 210 98,755 CARREFOUR SUPERMARCHE S.A ...................... 6,778 16,100 e CASINO GUICHARD-PERRACHON S.A .................. 1,497 106,905 COCA COLA AMATIL LTD ........................... 209 350,964 COCA COLA CO ................................... 20,158 5,780 COLRUYT S.A .................................... 246 2,302,132 COMPASS GROUP PLC .............................. 30,339 60,644 CONAGRA, INC ................................... 1,156 743 DAIRY FARM INTERNATIONAL HOLDINGS LTD .......... 0 7,415 DANISCO AS ..................................... 249 18,070 DANONE GROUP ................................... 2,408 9,381 DCC PLC ........................................ 83 7,600 DELHAIZE FRERES NV ............................. 456 476,771 DIAGEO PLC (CLASS A) ........................... 4,280 19,237 * EL AGUILA S.A .................................. 137 925 ERIDANIA BEGHIN-SAY S.A ........................ 91 500 EZAKI GLICO CO LTD ............................. 3 249,300 e FOSTERS BREWING GROUP LTD ...................... 703 41,000 FRASER & NEAVE LTD ............................. 146 40,900 FYFFES PLC ..................................... 42 37,312 GENERAL MILLS, INC ............................. 1,427 51,000 GOLDEN HOPE PLANTATIONS BERHAD ................. 57 208,240 GOODMAN FIELDER LTD ............................ 155 43,735 HEINEKEN NV .................................... 2,673 46,965 HEINZ (H.J.) CO ................................ 2,055 2,000 HOLSTEN BRAUEREI AG ............................ 35 2,000 * HOLSTEN BRAUEREI AG. RTS ....................... 2 38,800 HOST MARRIOTT CORP (NEW) ....................... 364 27,000 HOUSE FOODS CORP ............................... 419 78,000 IOI CORP ....................................... 61 65,100 ITO EN LTD ..................................... 4,818 699 ITOHAM FOODS, INC .............................. 3 233,645 ITO-YOKADO CO LTD .............................. 14,089 14,966 JERONIMO MARTINS SGPS S.A ...................... 248 3,000 KAMPS AG ....................................... 96 641,000 KATOKICHI CO LTD ............................... 16,266 21,000 * KENTUCKY FRIED CHICKEN BERHAD .................. 30 18,280 KERRY GROUP (CLASS A) .......................... 240 13,000 KIKKOMAN CORP .................................. 100 159,000 KIRIN BREWERY CO LTD ........................... 1,991 117,042 * KROGER CO ...................................... 2,582 2,215,200 LI & FUNG LTD .................................. 11,083 61,100 LION NATHAN LTD ................................ 137 14,050 LVMH MOET HENNESSY LOUIS VUITTON ............... 5,817 183,920 MCDONALD'S CORP ................................ 6,058 13,000 MEIJI MILK PRODUCTS CO LTD ..................... 70 69,292 MEIJI SEIKA KAISHA LTD ......................... 460 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 57 Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- BEVERAGES, OTHER FOOD PRODUCTS--(CONTINUED) 1,100 * MELCO INTERNATIONAL DEVELOPMENT LTD ............$ 0 12,503 MOLSON, INC (A SHS) ............................ 244 869,550 NABISCO GROUP HOLDINGS ......................... 22,554 13,000 NESTLE MALAYSIA BERHAD ......................... 60 5,518 NESTLE S.A. (REGD) ............................. 11,079 32,700 NEW UNIGATE PLC ................................ 144 24,000 NICHIREI CORP .................................. 103 29,000 NIPPON MEAT PACKERS, INC ....................... 425 44,000 NIPPON OIL & FATS CO LTD ....................... 129 125,000 NIPPON SUISAN KAISHA LTD ....................... 229 11,000 NISSHIN FLOUR MILLING CO LTD ................... 110 23,091 NISSIN FOOD PRODUCTS CO LTD .................... 589 31,351 ORKLA ASA ...................................... 598 400 OSTERREICHISCHE BRAU-AKTIENGESELLSCHAF ......... 18 7,905 OYJ HARTWALL ABP ............................... 159 215,400 PARMALAT FINANZIARIA S.P.A ..................... 305 453,962 PEPSICO, INC ................................... 20,173 12,736 PERNOD-RICARD S.A .............................. 696 319 Q.P. CORP ...................................... 3 3,200 QUAKER OATS CO ................................. 240 18,900 RAISIO GROUP PLC ............................... 38 21,500 RALSTON PURINA CO .............................. 429 38,420 e* RINASCENTE S.P.A ............................... 219 3,370,717 ROYAL AHOLD NV ................................. 99,617 159,046 SAINSBURY (J) PLC .............................. 722 850 SAPPORO BREWERIES LTD .......................... 3 81,398 SARA LEE CORP .................................. 1,572 62,100 SEAGRAMS CO LTD ................................ 3,646 500 SEAGRAMS CO LTD (U.S.) ......................... 29 92,000 SEVEN-ELEVEN JAPAN CO LTD ...................... 7,713 14,000 SKYLARK CO LTD ................................. 554 31,000 SNOW BRAND MILK PRODUCTS CO .................... 167 500 SOBEYS, INC .................................... 8 2,765 SODEXHO ALLIANCE S.A ........................... 504 109,601 SOUTHCORP LTD .................................. 317 7,222 SUPERVALU, INC ................................. 138 55,770 e SWEDISH MATCH CO ............................... 173 52,770 * SWEDISH MATCH AB RTS ........................... 3 47,800 SYSCO CORP ..................................... 2,014 37,204 TAKARA SHUZO CO LTD ............................ 930 101,003 TATE & LYLE PLC ................................ 505 15,300 e* TELEPIZZA S.A .................................. 87 1,151,169 TESCO PLC ...................................... 3,581 228,000 THAI UNION FROZEN PRODUCTS (FR) ................ 500 9 * TRICON GLOBAL RESTAURANTS, INC ................. 0 346,263 UNILEVER LTD ................................... 2,097 79,659 e UNILEVER NV CERTIFICATE ........................ 3,669 35,000 UNY CO LTD ..................................... 485 1,158 VALORA HOLDINGS AG. (REGD) ..................... 323 4,180 VISCOFAN S.A ................................... 27 21,200 WESTON (GEORGE) LTD ............................ 930 167,928 WOOLWORTHS LTD ................................. 622 6,000 YAKULT HONSHA CO LTD ........................... 80 23,000 YAMAZAKI BAKING CO LTD ......................... 226 ---------- 364,170 ---------- TOBACCO--0.14% 29,316 ALTADIS ........................................ 450 21,760 ALTADIS S.A .................................... 336 29,661 BRITISH AMERICAN TOBACCO AUSTRALIA LTD ......... 187 17,000 BRITISH AMERICAN TOBACCO BERHAD ................ 139 289,077 BRITISH AMERICAN TOBACCO PLC ................... 1,930 267 JAPAN TOBACCO, INC ............................. 2,349 50,000 JT INTERNATIONAL BERHAD ........................ 57 321,546 PHILIP MORRIS COS, INC ......................... 8,541 ---------- 13,989 ---------- TOTAL FOODS AND RELATED ........................ 378,159 ---------- HEALTH--9.69% DRUGS AND PHARMACEUTICALS--8.09% 209,975 ABBOTT LABORATORIES CO ......................... 9,357 39,139 AKZO NOBEL NV .................................. 1,670 955,403 AMERICAN HOME PRODUCTS CORP .................... 56,130 705,763 * AMGEN, INC ..................................... 49,580 81,492 ASTRAZENECA PLC ................................ 3,809 174,150 ASTRAZENECA PLC (UNITED KINGDOM) ............... 8,133 109,532 AVENTIS S.A .................................... 8,027 92,608 BAYER AG ....................................... 3,622 14,513 BEIERSDORF AG .................................. 1,224 17,600 * BIOCHEM PHARMA, INC ............................ 430 4,900 * BIOVAIL CORP ................................... 272 134,444 BOOTS CO LTD ................................... 1,024 852,220 BRISTOL MYERS SQUIBB CO ........................ 49,642 575,709 CARDINAL HEALTH, INC ........................... 42,602 23,578 * CELLTECH GROUP PLC ............................. 457 27,000 CHUGAI PHARMACEUTICAL CO LTD ................... 512 13,465 CSL LTD ........................................ 267 859,124 CVS CORP ....................................... 34,365 51,714 DAIICHI PHARMACEUTICAL CO LTD .................. 1,315 36,000 EISAI CO LTD ................................... 1,157 23,076 * F.H. FAULDING & CO LTD ......................... 113 4,921 GEHE AG ........................................ 158 4,017,953 GLAXO WELLCOME PLC ............................. 117,215 191,283 JOHNSON & JOHNSON CO ........................... 19,487 4,000 e KAKEN PHARMACEUTICAL CO LTD .................... 31 82,000 KYOWA HAKKO KOGYO COLTD ........................ 804 409,765 LILLY (ELI) & CO ............................... 40,925 989,791 LYONDELL CHEMICAL CO ........................... 16,579 37,030 MCKESSON HBOC, INC ............................. 775 6,900 MDS, INC ....................................... 212 30,785 MERCK & CO KGAA ................................ 938 1,183,722 MERCK & CO, INC ................................ 90,703 9,939 NOVARTIS AG. (REGD) ............................ 15,794 10,200 NOVO NORDISK AS (CLASS B) ...................... 1,743 52,600 NYCOMED AMERSHAM PLC ........................... 522 110,000 * OXFORD GLYCOSCIENCES PLC ....................... 3,122 2,709,756 PFIZER, INC .................................... 130,068 9,700 * QLT PHOTOTHERAPEUTICS, INC ..................... 753 32,600 e RITE AID CORP .................................. 214 50 ROCHE HOLDINGS AG. (BR) ........................ 531 1,212 ROCHE HOLDINGS AG. (GENUSSCHEINE) .............. 11,836 447,100 SANKYO CO LTD .................................. 10,120 92,357 SANOFI-SYNTHELABO S.A .......................... 4,418 31,889 SCHERING AG .................................... 1,773 398,744 SCHERING-PLOUGH CORP ........................... 20,137 42,000 SHIONOGI & CO LTD .............................. 800 785,251 * SMITHKLINE BEECHAM/BECKMAN LTD ................. 10,283 45,000 TAISHO PHARMACEUTICAL CO LTD ................... 1,616 21,400 UCB S.A ........................................ 789 139,524 WALGREEN CO .................................... 4,491 48,964 YAMANOUCHI PHARMACEUTICAL CO LTD ............... 2,679 ---------- 783,224 ---------- MEDICAL EQUIPMENT AND SUPPLIES--1.09% 61,819 * AGILENT TECHNOLOGIES, INC ...................... 4,559 432,709 BAXTER INTERNATIONAL, INC ...................... 30,425 42,400 BECTON DICKINSON & CO .......................... 1,216 115,000 COCHLEAR LTD ................................... 1,986 2,432 ESSILOR INTERNATIONAL S.A ...................... 700 233,700 FANUC LTD ...................................... 23,833 9,322 FRESENIUS MEDICAL CARE AG ...................... 751 SEE NOTES TO FINANCIAL STATEMENTS 58 o 2000 CREF Semi-Annual Report Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- MEDICAL EQUIPMENT AND SUPPLIES--(CONTINUED) 32,764 GAMBRO AB (CLASS A) ............................ $ 269 7,000 GAMBRO AB (CLASS B) ............................ 56 159,800 IMI PLC ........................................ 685 547,739 INVENSYS PLC ................................... 2,056 15,941 JOHNSON CONTROLS, INC .......................... 818 166,500 MEDTRONIC, INC ................................. 8,294 163,000 MORITEX CORP ................................... 14,866 7,430 OXFORD INSTRUMENTS GROUP PLC ................... 22 174,400 * PARIS MIKI, INC ................................ 11,373 7,200 * PE CORP-CELERA GENOMICS GROUP .................. 673 28,200 PE CORP-PE BIOSYSTEMS GROUP .................... 1,858 1,000 RADIOMETER AS (CLASS B) ........................ 32 149,834 SMITH & NEPHEW PLC ............................. 553 9,425 WILLIAM DEMANT AS .............................. 280 52,316 WILLIAMS PLC ................................... 305 34,000 YOKOGAWA ELECTRIC CORP ......................... 341 ---------- 105,951 ---------- MEDICAL FACILITIES MANAGEMENT--0.51% 75,900 COLUMBIA/HCA HEALTHCARE CORP ................... 2,305 1,250,513 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) ................................ 16,335 55,551 * HEALTHSOUTH CORP ............................... 399 1,116,005 TENET HEALTHCARE CORP .......................... 30,132 ---------- 49,171 ---------- TOTAL HEALTH ................................. 938,346 ---------- INDUSTRIAL MACHINERY--5.68% ELECTRICAL--4.35% 28,189 ABB LTD ........................................ 3,285 14,919 ABB LTD (SWITZERLAND) .......................... 1,791 8,564,040 * ARM HOLDINGS PLC ............................... 91,793 8,700 AVNET, INC ..................................... 515 10,200 * BALLARD POWER SYSTEMS, INC ..................... 922 33,800 COOPER INDUSTRIES, INC ......................... 1,101 43,000 * ELECTROCOMPONENTS PLC .......................... 439 54,900 EMERSON ELECTRIC CO ............................ 3,315 1,995 * EMPRESA FABRIL DE MAQUINAS ELECTRICAS .......... 13 1,335,477 ERG LTD ........................................ 10,400 6,700 FUJI MACHINE MANUFACTURING CO .................. 353 84,000 FURUKAWA ELECTRIC CO LTD ....................... 1,759 4,230,534 GENERAL ELECTRIC CO ............................ 224,218 5,700 * HIROSE ELECTRIC CO LTD ......................... 889 2,380,200 JOHNSON ELECTRIC HOLDINGS LTD .................. 22,519 318,000 MITSUBISHI ELECTRIC CORP ....................... 3,450 1,042,356 e NGK SPARK PLUG CO LTD .......................... 16,167 30,000 ROCKWELL INTERNATIONAL CORP .................... 945 29,450 * SAMSUNG ELECTRONICS CO LTD ..................... 9,746 100 * SGL CARBON AG .................................. 7 1,606,000 SUMITOMO ELECTRIC INDUSTRIES CO ................ 27,595 ---------- 421,222 ---------- OTHER INDUSTRIAL EQUIPMENT--1.33% 3,920 AGIV AG ........................................ 42 55,000 AMADA CO LTD ................................... 468 110,000 * APPLIED MATERIALS, INC ......................... 9,969 2,000 ATLAS COPCO AB SERIES A FREE ................... 39 27,448 ATLAS COPCO AB SERIES B FREE ................... 516 815,434 BAKER HUGHES, INC .............................. 26,094 23,942 BLACK & DECKER CORP ............................ 941 47,300 BRUNSWICK CORP ................................. 783 22,500 BUDERUS AG ..................................... 356 62,200 CATERPILLAR, INC ............................... 2,107 11,121 e DAI NIPPON SCREEN MANUFACTURING CO LTD ......... 106 9,000 * DAIFUKU CO LTD ................................. 100 46,000 DAIKIN INDUSTRIES LTD .......................... 1,072 42,700 DEERE & CO ..................................... 1,580 28,100 DOVER CORP ..................................... 1,140 40,000 EBARA CORP ..................................... 543 101,741 * FKI PLC ........................................ 362 4,000 FLS INDUSTRIES AS (CLASS B) .................... 62 28,190 FUTURIS CORP LTD ............................... 31 16,852 * INDUSTRIE-WERKE KARLSRUHE AUGSBURG AG .......... 267 21,413 INGERSOLL-RAND CO .............................. 862 147,000 * ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES ........... 267 167,689 KOMATSU LTD .................................... 1,182 7,000 e KOMORI CORP .................................... 123 2,631 KONE CORP SERIES B ............................. 159 17,000 KOYO SEIKO CO LTD .............................. 148 240,533 KUBOTA CORP .................................... 875 8,666 LINDE AG ....................................... 346 9,000 e MAKINO MILLING MACHINE CO LTD .................. 88 12,000 MAKITA CORP .................................... 115 7,169 METRA CO SERIES B .............................. 124 17,103 METSO OYJ ...................................... 207 57,000 MINEBEA CO LTD ................................. 717 566,468 MITSUBISHI HEAVY INDUSTRIES LTD ................ 2,516 6,000 MORI SEIKI CO LTD .............................. 93 86,000 NSK LTD ........................................ 756 72,000 NTN TOYO BEARING CO LTD ........................ 308 6,513 OKUMA CORP ..................................... 29 5,314 * PROXIMA ASA .................................... 60 35,549 SANDVIK AB ..................................... 750 281 SCHINDLER HOLDINGS LTD (REGD) .................. 432 2,674 STORK NV ....................................... 36 311 * SULZER WINTERTHUR AG. (REGD) ................... 208 14,616 e SVENKA KULLAGERFABRIKEN AB SERIES B ............ 246 264,300 e THK CO LTD ..................................... 13,389 11,756 TOMRA SYSTEMS AS ............................... 313 100 TOYODA AUTOMATIC LOOM WORKS LTD ................ 2 15,000 TSUBAKIMOTO CHAIN CO ........................... 77 5,000 * TSUGAMI CORP ................................... 25 1,198,321 TYCO INTERNATIONAL LTD ......................... 56,770 36,000 * VAN DER HORST LTD .............................. 0 13,220 VESTAS WIND SYSTEMS A/S ........................ 488 7,892 ZARDOYA OTIS S.A ............................... 70 ---------- 128,359 ---------- TOTAL INDUSTRIAL MACHINERY ..................... 549,581 ---------- MEDIA AND LEISURE--4.78% BROADCASTING--2.37% 30,400 * AMFM, INC ...................................... 2,098 8,000 ASATSU, INC .................................... 329 253,172 * BRITISH SKY BROADCASTING GROUP PLC ............. 4,952 15,808 CANAL PLUS S.A ................................. 2,667 57,709 CARLTON COMMUNICATIONS PLC ..................... 743 270,150 * CLEAR CHANNEL COMMUNICATIONS, INC .............. 20,261 83,600 * COX COMMUNICATIONS, INC (CLASS A) .............. 3,809 859,994 DISNEY (WALT) CO ............................... 33,379 14,033 * EM.TV & MERCHANDISING AG ....................... 830 894 FUJI TELEVISION NETWORK, INC ................... 14,026 157,728 MEDIASET S.P.A ................................. 2,419 689,600 * PRICE COMMUNICATIONS CORP ...................... 16,249 300,886 RANK GROUP PLC ................................. 697 21,600 * ROGERS COMMUNICATIONS, INC (CLASS B) ........... 612 20 * TCI SATELLITE ENTERTAINMENT (CLASS A) .......... 0 1,082,600 TELEVISION BROADCASTS LTD ...................... 7,222 371,480 e TF1 TV FRANCAISE ............................... 25,995 401,760 TIME WARNER, INC ............................... 30,534 3,221,000 TOEI CO LTD .................................... 23,593 1,510 e TOHO CO LTD .................................... 258 150,000 TOKYO BROADCASTING SYSTEMS, INC ................ 6,493 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 59 Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- BROADCASTING--(CONTINUED) 467,614 * VIACOM, INC (CLASS B) ..........................$ 31,885 ---------- 229,051 ---------- LODGING/GAMING/RECREATION--0.27% 30,132 ACCOR S.A ...................................... 1,240 39,840 ARISTOCRAT LEISURE LTD ......................... 135 298 CLUB MEDITERRANEE S.A .......................... 41 100,765 EMI GROUP PLC .................................. 915 6,200 FOUR SEASONS HOTELS, INC ....................... 388 3,000 FUJITA KANKO, INC .............................. 16 22,000 GENTING BERHAD ................................. 81 266,800 GRANADA GROUP LTD (CLASS A) .................... 2,666 18,400 * HARRAH'S ENTERTAINMENT, INC .................... 385 182,663 HILTON GROUP PLC ............................... 642 51,500 HILTON HOTELS CORP ............................. 483 77,000 * HONG KONG & SHANGHAI HOTELS LTD ................ 45 58,000 * HOTEL PROPERTIES LTD ........................... 52 8,000 JURYS DOYLE HOTEL PLC .......................... 48 34,900 MARRIOTT INTERNATIONAL, INC (CLASS A) .......... 1,259 13,900 ORIENTAL LAND CO LTD ........................... 1,423 34,000 OVERSEAS UNION ENTERPRISES LTD ................. 83 40,600 * PARK PLACE ENTERTAINMENT CORP .................. 495 69,000 RESORTS WORLD BERHAD ........................... 189 244,200 SHANGRI-LA ASIA LTD ............................ 288 26,338 SHANGRI-LA ASIA LTD (SINGAPORE) ................ 31 514,252 * SIX FLAGS, INC ................................. 11,699 14,200 * SOL MELIA S.A .................................. 159 20,500 STARWOOD HOTELS & RESORTS WORLDWIDE ............ 668 501,670 TABCORP HOLDINGS LTD ........................... 2,892 1,000 * TOKYO DOME CORP ................................ 5 9,000 TOKYO TOKEIBA CO LTD ........................... 12 ---------- 26,340 ---------- PUBLISHING--2.14% 102,000 DAI NIPPON PRINTING CO LTD ..................... 1,802 27,000 DONNELLEY (R.R.) & SONS CO ..................... 609 19,056 DOW JONES & CO, INC ............................ 1,396 94,800 ELSEVIER UTIGEVERSMIJ NV ....................... 1,153 37,449 GANNETT CO, INC ................................ 2,240 55,958 INDEPENDENT NEWS & MEDIA PLC ................... 204 800 KADOKAWA SHOTEN PUBLISHING CO LTD .............. 81 538,588 LAGARDERE SCA .................................. 41,303 20,700 MCGRAW HILL COS, INC ........................... 1,118 16,500 MONDADORI (ARNOLDO) EDITORE S.P.A .............. 378 23,300 NEW YORK TIMES CO (CLASS A) .................... 920 1,169,982 NEWS CORP LTD .................................. 16,157 3,455,692 PEARSON PLC .................................... 109,863 5,400 QUEBECOR, INC (CLASS B) ........................ 157 6,700 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) ..................................... 266 184,572 REED INTERNATIONAL PLC ......................... 1,607 8,000 SCHIBSTED ASA .................................. 149 233,100 SHOBUNSHA PUBLICATIONS, INC .................... 8,173 53,977 SINGAPORE PRESS HOLDINGS LTD ................... 843 244,000 SOUTH CHINA MORNING POST ....................... 189 82,000 THOMSON CORP ................................... 2,803 2,550 TIMES MIRROR CO SERIES A ....................... 231 102,000 TOPPAN PRINTING CO LTD ......................... 1,082 391,073 TRIBUNE CO ..................................... 13,688 37,892 WOLTERS KLUWER NV .............................. 1,013 ---------- 207,425 ---------- TOTAL MEDIA AND LEISURE ........................ 462,816 ---------- RETAIL AND WHOLESALE--2.24% GENERAL MERCHANDISE STORES--2.24% 48,500 e* AMAZON.COM, INC ................................ 1,761 3,000 AMER GROUP LTD PLC SERIES A .................... 83 8,900 ARMSTRONG HOLDINGS, INC ........................ 136 800 BIC S.A ........................................ 39 187,000 e BUNKYODO CO LTD ................................ 2,333 11,600 CALLAWAY GOLF CO ............................... 189 136,989 COLES MYER LTD ................................. 528 8,416 CORTEFIEL S.A .................................. 183 60,180 * COSTCO WHOLESALE CORP .......................... 1,986 35,000 e DAIEI, INC ..................................... 132 18,685 DAIMARU, INC ................................... 66 143,000 DAVID JONES LTD ................................ 107 1,628,700 GIORDANO INTERNATIONAL LTD ..................... 2,476 205,307 GREAT UNIVERSAL STORES PLC ..................... 1,321 14,458 HAGEMEYER NV ................................... 400 6,000 HANKYU DEPARTMENT STORES, INC .................. 32 18,200 HUDSONS BAY CO ................................. 193 509,000 ISETAN CO LTD .................................. 6,254 193 JELMOLI HOLDINGS AG. (BR) ...................... 243 27,000 JUSCO CO LTD ................................... 513 8,381 KARSTADT QUELLE AG ............................. 224 8,600 KESCO OYJ ...................................... 88 163,260 KINGFISHER PLC ................................. 1,487 413,222 MARKS & SPENCER PLC ............................ 1,453 66,000 MARUI CO LTD ................................... 1,266 8,100 MATTEL, INC .................................... 107 16,850 MAY DEPARTMENT STORES CO ....................... 404 33,454 METRO AG ....................................... 1,180 55,152 MINNESOTA MINING & MANUFACTURING CO ............ 4,550 42,000 e* MITSUKOSHI LTD ................................. 187 105,200 MYCAL CORP ..................................... 361 128,200 NINTENDO CO LTD ................................ 22,440 10 PENNEY, (J.C.) CO, INC ......................... 0 17,611 e PINAULT-PRINTEMPS-REDOUTE S.A .................. 3,928 1,000 PLAYMATES INTERACTIVE ENTERTAINMENT ............ 0 2,677 RHI AG ......................................... 66 1,000 ROBINSON & CO LTD .............................. 2 6,000 SANRIO CO LTD .................................. 160 78,973 SEARS ROEBUCK & CO ............................. 2,576 8,700 e* SEGA ENTERPRISES LTD ........................... 134 4,000 * SEIKO CORP ..................................... 21 261 * SEIYU LTD ...................................... 1 954 SELFRIDGES PLC ................................. 4 228,000 SONAE SGPS S.A ................................. 402 57,000 * SONAE SGPS S.A. RTS ............................ 46 62,945 * STAPLES, INC ................................... 968 11,000 * STELUX HOLDINGS INTERNATIONAL LTD .............. 0 4,200 STOCKMANN B FREE ............................... 64 51,000 e TAKASHIMAYA CO LTD ............................. 476 549,405 TARGET CORP .................................... 31,865 13,000 * TOYS `R' US-JAPAN LTD .......................... 2,212 31,700 * TOYS `R' US, INC ............................... 462 2,093,279 WAL-MART STORES, INC ........................... 120,625 80,564 WATERFORD WEDGWOOD PLC (UNITS) ................. 88 ---------- TOTAL RETAIL AND WHOLESALE ..................... 216,822 ---------- TECHNOLOGY--16.71% COMMUNICATIONS EQUIPMENT--2.68% 10,891 AMSTRAD PLC .................................... 36 23,800 * CGI GROUP, INC ................................. 194 786,712 MOTOROLA, INC .................................. 22,864 2,945,477 NOKIA OYJ ...................................... 150,918 395,497 NORTEL NETWORKS CORP ........................... 27,413 384,000 NORTEL NETWORKS CORP (U.S.) .................... 26,208 SEE NOTES TO FINANCIAL STATEMENTS 60 o 2000 CREF Semi-Annual Report Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- COMMUNICATIONS EQUIPMENT--(CONTINUED) 1,580,000 * OKI ELECTRIC INDUSTRY CO LTD ...................$ 12,320 320,045 * QUALCOMM, INC .................................. 19,203 30,800 SIRTI S.P.A .................................... 52 ---------- 259,208 ---------- COMPUTERS AND OFFICE EQUIPMENT--13.37% 1,437,900 * ADCORE AB ...................................... 11,148 16,800 ADOBE SYSTEMS, INC ............................. 2,184 10,000 AMANO CORP ..................................... 112 370,300 * AMDOCS LTD ..................................... 28,421 718,507 * AMERICA ONLINE, INC ............................ 37,901 40,200 * APPLE COMPUTER, INC ............................ 2,105 21,300 * ATI TECHNOLOGIES, INC .......................... 180 85,432 AUTOMATIC DATA PROCESSING, INC ................. 4,576 21,500 * BAAN CO NV ..................................... 59 34,550 * BIODATA INFORMATION TECHNOLOGY AG .............. 11,261 33,500 * BMC SOFTWARE, INC .............................. 1,222 14,921 CAP GEMINI S.A ................................. 2,639 731,000 * CERIDIAN CORP .................................. 17,590 257,800 * CHECK POINT SOFTWARE TECHNOLOGIES LTD .......... 54,589 3,375,251 * CISCO SYSTEMS, INC ............................. 214,539 15,300 * COGNOS, INC .................................... 632 1,355,882 COMPAQ COMPUTER CORP ........................... 34,660 1,348,250 COMPTEL OYJ .................................... 27,270 81,335 COMPUTER ASSOCIATES INTERNATIONAL, INC ......... 4,163 24,500 * COMPUTER SCIENCES CORP ......................... 1,830 390,010 COMPUTERSHARE LTD .............................. 2,011 13,000 CREATIVE TECHNOLOGY LTD ........................ 314 8,800 e* CSK CORP ....................................... 273 19,038 DASSAULT SYSTEMS S.A ........................... 1,783 962,475 * DELL COMPUTER CORP ............................. 47,462 169,693 * DIXONS GROUP PLC (NEW) ......................... 691 338 * DOLMEN COMPUTER APPLICATIONS NV ................ 7 7,500 * EIDOS PLC ...................................... 55 9,300 * ELECTRONIC ARTS, INC ........................... 678 68,792 ELECTRONIC DATA SYSTEMS CORP ................... 2,838 1,231,384 * EMC CORP ....................................... 94,740 1,600 * EST ASIATIQUE .................................. 24 58,462 FIRST DATA CORP ................................ 2,901 728,700 * FRAMTIDSFABRIKEN AB ............................ 10,094 7,500 FUJI SOFT ABC, INC ............................. 446 19,500 * GEAC COMPUTER CORP LTD ......................... 186 47,512 GETRONICS NV ................................... 736 6,300 * GO.COM ......................................... 75 24,223 e HANDSPRING, INC ................................ 654 138,464 HEWLETT-PACKARD CO ............................. 17,291 103,400 HITACHI SOFTWARE ENGINEERING CO LTD ............ 11,239 6,000 * HITACHI ZOSEN CORP ............................. 5 52,200 IMS HEALTH, INC ................................ 940 3,380 INSTRUMENTARIUM GROUP SERIES B FREE ............ 81 714,655 INTERNATIONAL BUSINESS MACHINES CORP ........... 78,299 97,230 e* INTERNET INITIATIVE JAPAN, INC ADR ............. 5,761 172,700 * INTERSHOP COMMUNICATIONS AG .................... 78,305 128,500 KEPPEL CORP LTD ................................ 278 254,738 KONAMI CO LTD .................................. 16,131 3,000 e KYOWA EXEO CORP ................................ 30 2,049,741 LOGICA PLC ..................................... 48,533 7,000 LONDON BRIDGE SOFTWARE HOLDINGS PLC ............ 51 1,000 MEITEC CORP .................................... 40 22,256 * MERKANTILDATA ASA .............................. 115 2,070,708 * MICROSOFT CORP ................................. 165,657 47,525 MISYS PLC ...................................... 401 5,096 NAMCO LTD ...................................... 184 2,700 * NAVISION SOFTWARE AS ........................... 113 8,000 e NIDEC CORP ..................................... 696 35,900 * NOVELL, INC .................................... 332 33,000 OMRON CORP ..................................... 898 2,897,890 * OPEN TELECOMMUNICATIONS LTD .................... 2,961 1,413,613 * ORACLE CORP .................................... 118,832 768,000 * PACIFIC CENTURY CYBERWORKS LTD ................. 1,517 36,900 * PARAMETRIC TECHNOLOGY CORP ..................... 406 52,100 PAYCHEX, INC ................................... 2,188 34,712 * PEOPLESOFT, INC ................................ 581 87,050 * PIXELPARK AG ................................... 6,008 528,690 * PSINET, INC .................................... 13,283 24,000 * PSION PLC ...................................... 232 269,311 SABRE, HOLDINGS CORP ........................... 7,675 197,912 SAGE GROUP PLC ................................. 1,603 18,922 SAP AG ......................................... 2,839 25,969 * SATAMA INTERACTIVE ............................. 101 107,204 SATYAM COMPUTER SERVICES LTD ................... 7,151 30,162 * SEAGATE TECHNOLOGY, INC ........................ 1,659 47,032 SEMA GROUP PLC ................................. 669 8,000 SINGAPORE COMPUTER SYSTEMS LTD ................. 17 167,339 e SOFTBANK CORP .................................. 22,775 28,409 SSL INTERNATIONAL PLC .......................... 306 364,000 * STONESOFT OYJ .................................. 5,792 107,235 * SUN MICROSYSTEMS, INC .......................... 9,752 30,000 TERUMO CORP .................................... 1,018 2,900 * THE DESCARTES SYSTMES GROUP, INC ............... 86 9,700 e TIETOENATOR CORP ............................... 325 214,843 TOYO INFORMATION SYSTEMS CO LTD ................ 11,960 3,500 TRANS COSMOS ................................... 527 46,000 WM-DATA AB SERIES B ............................ 254 204,483 * YAHOO, INC ..................................... 25,330 ---------- 1,294,276 ---------- ELECTRONICS AND OTHER TECHNOLOGY--0.01% 27,100 RADIOSHACK CORP ................................ 1,284 ---------- INSTRUMENTS AND RELATED PRODUCTS--0.65% 6,000 ASAHI OPTICAL CO LTD ........................... 18 610,000 CANON, INC ..................................... 30,441 40,100 EASTMAN KODAK CO ............................... 2,386 72,000 FUJI PHOTO FILM CO LTD ......................... 2,953 55,000 KONICA CORP .................................... 468 598,000 NIKON CORP ..................................... 22,212 11,580 OCE NV ......................................... 190 44,000 OLYMPUS OPTICAL CO LTD ......................... 791 6,300 RAYTHEON CO (CLASS B) .......................... 121 1,077 RICOH CO LTD ................................... 23 1,367 SAGEM S.A. (NEW) ............................... 1,609 70,974 XEROX CORP ..................................... 1,473 ---------- 62,685 ---------- TOTAL TECHNOLOGY ............................... 1,617,453 ---------- TRANSPORTATION--3.66% AEROSPACE AND DEFENSE--0.09% 18,530 b* BREMER VULKAN AG ............................... 11 155,453 GENERAL DYNAMICS CORP .......................... 8,122 101,000 * KAWASAKI HEAVY INDUSTRIES LTD .................. 155 6,300 e* KVAERNER INDUSTRIER AS SERIES A ................ 66 3,232 * KVAERNER INDUSTRIER AS SERIES A RTS ............ 2 74,000 * MITSUI ENGINEERING & SHIP BUILDING CO LTD ...... 71 15,127 THOMSON-CSF .................................... 598 ---------- 9,025 ---------- AIR TRANSPORTATION--0.91% 25,097 * AIR CANADA, INC ................................ 330 216,143 e* ALITALIA S.P.A ................................. 448 6,580 * ALL NIPPON AIRWAYS CO LTD ...................... 19 420,220 * AMR CORP ....................................... 11,110 1,500 AUSTRIAN AIRLINES/OEST LUFTV AG ................ 22 374,263 BAE SYSTEMS PLC ................................ 2,334 5,868 * BAE SYSTEMS PLC WTS 11/15/00 ................... 94 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 61 Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- AIR TRANSPORTATION--(CONTINUED) 143,477 BOEING CO ......................................$ 5,999 186,670 BRITISH AIRPORT AUTHORITIES PLC ................ 1,498 146,153 BRITISH AIRWAYS PLC ............................ 841 20,600 CAE, INC ....................................... 209 2,498,000 CATHAY PACIFIC AIRWAYS LTD ..................... 4,630 1,500 * COBHAM GROUP PLC ............................... 23 150,353 * CONTINENTAL AIRLINES, INC (CLASS B) ............ 7,067 17,300 DELTA AIRLINES, INC ............................ 875 62,800 DEUTSCHE LUFTHANSA AG. (REGD) .................. 1,475 41,072 * FEDEX CORP ..................................... 1,561 2,827 FLUGHAFEN WIEN AG .............................. 101 100 HONG KONG AIRCRAFT ENGINEERING CO LTD .......... 0 247,600 JAPAN AIRLINES CO LTD .......................... 943 7,600 KLM (ROYAL DUTCH AIRLINES) NV .................. 205 2,919 ROLLS-ROYCE PLC ................................ 10 37,037 * RYANAIR HOLDINGS PLC ........................... 270 604 SAIRGROUP ...................................... 101 4,200 e SAS DANMARK AS ................................. 35 3,000 SAS NORGE ASA SERIES B ......................... 25 39,000 SINGAPORE AIRLINES LTD ......................... 386 786,500 SINGAPORE AIRLINES LTD (LR) .................... 7,779 59,400 SMITHS INDUSTRIES PLC .......................... 773 67,494 SOUTHWEST AIRLINES CO .......................... 1,278 214,400 SWIRE PACIFIC LTD (CLASS A) .................... 1,254 25,863 TEXTRON, INC ................................... 1,405 7,795 * U.S. AIRWAYS GROUP, INC ........................ 304 133,800 UAL CORP ....................................... 7,785 448,336 UNITED TECHNOLOGIES CORP ....................... 26,396 ---------- 87,585 ---------- AUTOS, TIRES AND RELATED PRODUCTS--1.88% 1,000 AUTOBACS SEVEN CO LTD .......................... 33 90,600 BOMBARDIER, INC (CLASS B) ...................... 2,458 117,105 BRIDGESTONE CORP ............................... 2,485 3,800 CANADIAN TIRE, INC (CLASS A) ................... 57 18,000 COMFORT GROUP LTD .............................. 9 30,258 CONTINENTAL AG ................................. 508 31,000 CYCLE & CARRIAGE LTD ........................... 73 110,588 DAIMLERCHRYSLER AG ............................. 5,825 250,669 e DAIMLERCHRYSLER (U.S.A.) ....................... 13,050 15,100 DANA CORP ...................................... 320 72,698 DELPHI AUTOMOTIVE SYSTEMS CORP ................. 1,059 119,307 DENSO CORP ..................................... 2,909 748 DIETEREN S.A ................................... 190 8,200 EATON CORP ..................................... 549 63,339 FIAT S.P.A ..................................... 1,650 153,200 FORD MOTOR CO .................................. 6,588 90,862 GENERAL MOTORS CORP ............................ 5,276 174,551 * GENERAL MOTORS CORP (CLASS H) .................. 15,317 11,800 GENUINE PARTS CO ............................... 236 16,900 GOODYEAR TIRE & RUBBER CO ...................... 338 42,902 HARLEY DAVIDSON, INC ........................... 1,652 132,000 HONDA MOTOR CO LTD ............................. 4,504 200,180 HONEYWELL INTERNATIONAL, INC ................... 6,744 245,406 * IMPERIAL HOLDINGS LTD .......................... 1,998 2,000 INCHAPE MOTORS ................................. 1 15,300 ITT INDUSTRIES, INC ............................ 465 14,000 LEX SERVICE GROUP LTD .......................... 70 59,913 * LONHRO AFRICA PLC .............................. 17 12,900 MAGNA INTERNATIONAL, INC ....................... 606 21,300 e MAN AG ......................................... 654 27,612 MICHELIN S.A. (CLASS B) ........................ 890 6,200 * NAVISTAR INTERNATIONAL CORP .................... 193 572,000 * NISSAN MOTOR CO LTD ............................ 3,379 62,000 * ORIENT CORP .................................... 350 7,563 PEUGEOT S.A .................................... 1,524 276,300 e PIRELLI S.P.A .................................. 730 8,200 SHIMANO, INC ................................... 198 1,000 TAN CHONG INTERNATIONAL LTD .................... 0 85,335 TI GROUP PLC ................................... 465 119,000 TOYODA GOSEI CO LTD ............................ 7,569 1,905,260 TOYOTA MOTOR CORP .............................. 86,975 12,800 TRW, INC ....................................... 555 10,348 VALEO S.A ...................................... 555 20,058 * VISTEON CORP ................................... 243 33,167 VOLKSWAGEN AG .................................. 1,272 61,054 VOLVO AB SERIES B FREE ......................... 1,333 60,054 VOLVO AB SERIES B FREE RTS ..................... 54 ---------- 181,926 ---------- RAILROADS--0.43% 247,111 BRAMBLES INDUSTRIES LTD ........................ 7,616 74,789 BURLINGTON NORTHERN SANTA FE CORP .............. 1,715 48,900 CANADIAN PACIFIC LTD ........................... 1,267 111 HANKYU CORP .................................... 0 85,000 KEIHIN ELECTRIC EXPRESS RAILWAY CO LTD ......... 321 146,797 KINKI NIPPON RAILWAY CO LTD .................... 597 23,842 MAYNE NICKLESS LTD ............................. 49 125 NAGOYA RAILROAD CO LTD ......................... 0 2,445,000 NIPPON EXPRESS CO LTD .......................... 15,044 40,000 NIPPON SHARYO LTD .............................. 84 65,600 NORFOLK SOUTHERN CORP .......................... 976 66,146 RAILTRACK GROUP PLC ............................ 1,028 78,986 SIEMENS AG. (REGD) ............................. 11,925 9,000 TOBU RAILWAY CO LTD ............................ 26 27,700 UNION PACIFIC CORP ............................. 1,030 ---------- 41,678 ---------- TRUCKING AND RELATED SERVICES--0.27% 16,600 AIRTOURS PLC ................................... 87 344 CENTRAL JAPAN RAILWAY CO ....................... 1,951 14,300 CNF TRANSPORTATION, INC ........................ 325 524 EAST JAPAN RAILWAY CO .......................... 3,051 14,900 GALILEO INTERNATIONAL, INC ..................... 311 7,426 KONINKLIJKE VOPAK NV ........................... 164 78 KUONI REISEN HOLDING (REGD) (CLASS B) .......... 36 2,000 MITSUBISHI LOGISTICS CORP ...................... 18 64,000 MITSUI-SOKO CO LTD ............................. 140 1,770 *NEW WORLD INFRASTUCTURE LTD .................... 2 81,000 SEINO TRANSPORTATION CO LTD .................... 409 331,699 STAGECOACH HOLDINGS PLC ........................ 367 67,457 TNT POST GROUP NV .............................. 1,827 713,122 eYAMATO TRANSPORT CO LTD ........................ 17,760 ---------- 26,448 ---------- WATER TRANSPORTATION--0.08% 3,100 ASKO OYJ SERIES A .............................. 59 10,212 BERGESEN D.Y. AS (CLASS B) ..................... 197 75,265 CARNIVAL CORP (CLASS A) ........................ 1,468 700 CMB CIE MARITIME BELGE S.A ..................... 37 144 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ........... 1,536 97 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ......... 1,440 2,200 FINNLINES OYJ .................................. 48 400 *HAI SUN HUP WTS 05/10/02 ....................... 0 4,500 IRISH CONTINENTAL GROUP PLC .................... 37 38,000 KAMIGUMI CO LTD ................................ 201 26,975 KAWASAKI KISEN KAISHA LTD ...................... 54 1,900 *KONINKLIJKE NEDLLOYD GROEP NV .................. 37 1,812 *LEIF HOEGH & CO ................................ 17 474 MITSUI OSK LINES LTD ........................... 1 4,000 *NCL HOLDINGS AS ................................ 11 137,124 *NEPTUNE ORIENT LINES LTD ....................... 127 231,000 NIPPON YUSEN KABUSHIKI KAISHA .................. 1,113 17,770 OCEAN GROUP PLC ................................ 293 SEE NOTES TO FINANCIAL STATEMENTS 62 o 2000 CREF Semi-Annual Report Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- WATER TRANSPORTATION--(CONTINUED) 62,727 PENINSULAR & ORIENTAL STEAM NAVIGATION CO ......$ 537 228 TEEKAY SHIPPING CORP ........................... 7 800 * UNITOR AS ...................................... 6 ---------- 7,226 ---------- TOTAL TRANSPORTATION ........................... 353,888 ---------- UTILITIES--13.40% TELEPHONE--11.76% 718,600 * AAPT LTD ....................................... 2,364 143,782 ALCATEL ........................................ 9,469 145,071 * ALCATEL S.A. ADR ............................... 9,647 504,686 AT & T CORP .................................... 15,961 355,056 * AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) ...... 8,610 89,800 BCE, INC ....................................... 2,127 264,652 BELLSOUTH CORP ................................. 11,281 883,438 BRITISH TELECOMMUNICATIONS PLC ................. 11,422 377,520 BROADWING, INC ................................. 9,792 1,776,009 CABLE & WIRELESS HKT LTD ....................... 3,907 5,744,491 CABLE & WIRELESS PLC ........................... 97,315 24,500 * CABLE & WIRELESS PLC ADR ....................... 1,227 74,013 * CHINA MOBILE (HONG KONG) LTD-(SPONS ADR) ....... 13,160 1,731,948 * COLT TELECOM GROUP PLC ......................... 57,684 409,953 DEUTSCHE TELEKOM AG ............................ 23,422 537,214 e* DIMENSION DATA HOLDINGS LTD .................... 4,445 239,923 EIRCOM PLC ..................................... 644 8,795,368 ERICSSON TELEFON (LM) AB SERIES B .............. 174,985 185,578 FRANCE TELECOM S.A ............................. 26,044 62,000 FUJIKURA LTD ................................... 413 394,162 * INFONET SERVICES CORP .......................... 4,705 132,829 KPN NV ......................................... 5,965 1,105,628 LUCENT TECHNOLOGIES, INC ....................... 65,508 370,207 MARCONI PLC .................................... 4,820 14,164 * NETCOM AB SERIES B ............................. 1,051 6,000 NIPPON COMSYS CORP ............................. 128 5,504 NIPPON TELEGRAPH & TELEPHONE CORP .............. 73,348 365 NTT DOCOMO, INC ................................ 9,901 652,073 e OLIVETTI GROUP S.P.A ........................... 2,382 173,970 PORTUGAL TELECOM S.A ........................... 1,961 441 PUBLICIS S.A ................................... 174 103,400 e* QWEST COMMUNICATIONS INTERNATIONAL, INC ........ 5,138 278,738 * RCN CORP ....................................... 7,073 1,592,321 SBC COMMUNICATIONS, INC ........................ 68,868 871,687 * SINGAPORE TELECOMMUNICATIONS LTD ............... 1,276 101,766 SONERA GROUP OYJ ............................... 4,658 10,204 e SWISSCOM AG. (REGD) ............................ 3,545 28,167 TELE DANMARK AS ................................ 1,904 251,485 e TELECOM CORP OF NEW ZEALAND .................... 882 542,955 TELECOM ITALIA ................................. 7,495 994,260 e TELECOM ITALIA MOBILE S.P.A .................... 10,141 14,000 e TELECOM ITALIA RISP ............................ 93 1,940,403 e* TELEFONICA DE ESPANA S.A ....................... 41,852 37,600 e TELEFONICA S.A. ADR ............................ 2,409 115,000 TELEKOM MALAYSIA BERHAD ........................ 396 211,943 * TELIA AB ....................................... 2,006 1,095,097 TELSTRA CORP ................................... 4,458 1,917 TELUS CORP ..................................... 51 938 TELUS CORP (NON-VOTE) .......................... 25 368,063 VERIZON COMMUNICATION .......................... 18,702 951,086 * VIATEL, INC .................................... 27,165 134,900 VIDESH SANCHAR NIGAM LTD (SPONS GDR) ........... 2,108 49,468,718 VODAFONE AIRTOUCH PLC .......................... 199,958 176,444 e VODAFONE AIRTOUCH PLC ADR ...................... 7,311 313,300 * WESTERN WIRELESS CORP (CLASS A) ................ 17,075 1,075,830 * WORLDCOM, INC .................................. 49,354 ---------- 1,137,805 ---------- ELECTRIC, GAS AND OTHER--1.64% 61,600 * AES CORP ....................................... 2,811 22,653 AGUAS DE BARCELONA S.A ......................... 304 96 * AGUAS DE BARCELONA S.A. (NEW) .................. 1 24,900 * ALLIED WASTE INDUSTRIES, INC ................... 249 703,640 AMERICAN ELECTRIC POWER CO, INC ................ 20,845 86,215 ANGLIAN WATER PLC .............................. 796 46,102 AUSTRALIA GAS LIGHT CO ......................... 275 222 BEWCKISER WASSER TECHNIK AG .................... 78 479,569 BG GROUP PLC ................................... 3,100 27,600 BRASCAN CORP ................................... 324 618,766 CENTRICA PLC ................................... 2,066 100 CHUBU ELECTRIC POWER CO, INC ................... 2 381,000 * CINERGY CORP ................................... 9,692 312,099 CLP HOLDINGS LTD ............................... 1,453 14,063 COASTAL CORP ................................... 856 876 COLUMBIA ENERGY GROUP .......................... 57 49,000 CONSOLIDATED EDISON INC ........................ 1,452 2,433 CONSTELLATION ENERGY GROUP ..................... 79 87,294 CONTACT ENERGY LTD ............................. 117 20,200 CP&L ENERGY, INC ............................... 645 2,439 DOMINION RESOURCES, INC ........................ 105 872,550 DTE ENERGY CO .................................. 26,667 27,323 DUKE ENERGY CORP ............................... 1,540 54,900 EDISON INTERNATIONAL CO ........................ 1,125 30,100 EL PASO ENERGY CORP ............................ 1,533 8,400 ELECTRABEL NV .................................. 2,085 10,950 ELECTRABEL S.A. (STRIP VVPR) ................... 1 96,059 ELECTRICIDADE DE PORTUGAL S.A .................. 1,751 145,081 ENDESA S.A ..................................... 2,822 973,211 ENEL S.P.A ..................................... 4,329 77,600 ENTERGY CORP ................................... 2,110 30,100 FPL GROUP, INC ................................. 1,490 58,535 GAS NATURAL SDG S.A ............................ 1,055 241,900 GPU, INC ....................................... 6,546 3,600 GROUPE BRUXELLES LAMBERT S.A ................... 902 300 HAFSLUND AS SERIES A ........................... 1 689,309 HONG KONG & CHINA GAS CO LTD ................... 774 791 HYDER PLC ...................................... 4 132,517 IBERDROLA S.A .................................. 1,715 96,966 ITALGAS S.P.A .................................. 430 149,290 KANSAI ELECTRIC POWER CO, INC .................. 2,678 11,000 KURITA WATER INDUSTRIES LTD .................... 243 256,569 * NATIONAL GRID GROUP PLC ........................ 2,024 161,958 NATIONAL POWER PLC ............................. 1,032 201,000 OSAKA GAS CO LTD ............................... 579 4,400 OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG .................... 453 39,750 PECO ENERGY CO ................................. 1,602 33,200 PG&E CORP ...................................... 818 74,310 PPL CORP ....................................... 1,630 4,900 RELIANT ENERGY, INC ............................ 145 69,996 * RHEIN-WESTFALEN ELECTRIC AG .................... 2,362 159,399 SCOTTISH POWER PLC ............................. 1,351 96,318 SEMPRA ENERGY .................................. 1,637 63,000 SOUTHERN CO .................................... 1,469 10,000 SUEZ LYONNAISE DES EAUX ........................ 1,755 16,398 SUEZLYONNAISE DES EAUX S.A ..................... 2,884 8,400 * SUEZ LYONNAISE (STRIP VVPR) .................... 0 124,000 * TENAGA NASIONAL BERHAD ......................... 405 23,236 THAMES WATER PLC ............................... 301 92,400 TOHOKU ELECTRIC POWER CO, INC .................. 1,249 186,383 TOKYO ELECTRIC POWER CO, INC ................... 4,554 290,000 TOKYO GAS CO LTD ............................... 817 75,113 TRANS CANADA PIPELINES LTD ..................... 573 7,900 TRANSALTA CORP ................................. 84 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 63 Statement of Investments - GLOBAL EQUITIES ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- ELECTRIC, GAS AND OTHER--(CONTINUED) 243,693 TXU CORP ....................................... $ 7,189 15,305 UNICOM CORP .................................... 592 41,241 UNION ELECTRICA FENOSA S.A ..................... 749 68,686 UNITED UTILITIES PLC ........................... 680 97,397 VEBA AG ........................................ 4,799 80,659 VIVENDI S.A .................................... 7,148 24,394 * VIVENDI S.A. WTS 05/02/01 ...................... 84 85,069 WASTE MANAGEMENT, INC .......................... 1,616 12,272 WESTCOAST ENERGY, INC .......................... 189 63,400 WILLIAMS COS, INC .............................. 2,644 ---------- 158,522 ---------- TOTAL UTILITIES ................................ 1,296,327 ---------- TOTAL COMMON STOCK (COST $7,893,686) ............................ 9,407,803 ---------- PRINCIPAL ----------- SHORT TERM INVESTMENTS--1.51% COMMERCIAL PAPER--0.81% ASSET SECURITIZATION COOP CORP $10,000,000 c 6.950%, 07/03/00 ............................. 9,994 CORPORATE ASSET FUNDING CORP, INC 13,000,000 c 6.620%, 09/08/00 ............................. 12,834 ENTERPRISE FUNDING CORP 5,842,000 c 6.800%, 07/06/00 ............................. 5,835 FORTUNE BRANDS, INC 13,500,000 c 6.130%, 07/19/00 ............................. 13,453 HOUSTON INDUSTRIES FINANCECO LP 13,000,000 c 6.900%, 07/13/00 ............................. 12,967 PARK AVENUE RECEIVABLES CORP 13,000,000 6.540%, 07/07/00 ............................... 12,983 SIGMA FINANCE, INC 10,000,000 c 6.620%, 09/15/00 ............................. 9,859 ---------- 77,925 ---------- MEDIUM TERM BONDS--0.09% GENERAL MOTORS ACCEPTANCE CORP 9,200,000 6.700%, 04/30/01 ............................... 9,162 ---------- U.S. GOVERNMENT AND AGENCIES--0.61% FEDERAL HOME LOAN BANK (FHLB) $25,000,000 6.430%, 07/21/00 ............................... 24,905 12,178,000 6.460%, 07/26/00 ............................... 12,121 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 2,000,000 6.370%, 07/05/00 ............................... 1,998 20,000,000 6.380%, 07/25/00 ............................... 19,911 ---------- 58,935 ---------- TOTAL SHORT TERM INVESTMENTS (COST $146,045) ................................ 146,022 ---------- TOTAL PORTFOLIO--99.64% (COST $8,105,810) .............................. 9,644,309 OTHER ASSETS & LIABILITIES, NET--0.36% 35,254 ---------- NET ASSETS--100.00% ............................ $9,679,563 ========== - ---------- * Non-income producing a Affiliated holding b In bankruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. e All or a portion of these securities are out on loan. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At June 30, 2000, the value of these securities amounted to $1,677,321 or 0.02% of net assets. Additional information on each restricted security is as follows: ACQUISTION ACQUISITION SECURITY DATE COST - ---------- ------------ ----------- LAFARGE S.A. (REGD) 2001 01/05/99 $ 691,748 L'AIR LIQUIDE S.A. (REGD) 10/29/96 344,497 L'AIR LIQUIDE S.A. (REGD) 2001 01/05/99 741,186 SILVERSTONE BERHAD 12/30/98 804 ---------- $1,778,235 ==========
TRANSACTIONS WITH AFFILIATED COMPANIES (Unaudited) - January 1, 2000--June 30, 2000 - ----------------------------------------------------------------------------------------------------------------------------------- VALUE AT REALIZED DIVIDEND SHARES AT VALUE AT ISSUE DECEMBER 31, 1999 PURCHASE COST SALES PROCEEDS GAIN (LOSS) INCOME JUNE 30, 2000 JUNE 30, 2000 ------ ----------------- ------------- -------------- ----------- ----------- ------------- ------------- IHC CALAND NV * $54,142,088 $15,354,452 $ 4,329,226 $ 2,156,974 2,094,610 $102,402,550 ---------- ----------- ----------- ----------- ----------- ------------ TOTAL AFFILIATED TRANSACTION $0 $54,142,088 $15,354,452 $4,329,226 $2,156,974 $102,402,550 ========== =========== =========== ========== ========== ============
- ---------- * Not an Affiliate as of December 31, 1999 SEE NOTES TO FINANCIAL STATEMENTS 64 O 2000 CREF Semi-Annual Report Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- BOND--0.00% CORPORATE BOND--0.00% TRANSPORTATION--0.00% AUTOS, TIRES AND RELATED PRODUCTS--0.00% UGLY DUCKLING CORP (SUB DEB) $6,500 12.000%, 10/23/03 ............................ $ 7 ---------- TOTAL TRANSPORTATION ......................... 7 ----------- TOTAL CORPORATE BOND (Cost $8) .................................... 7 ----------- TOTAL BOND (Cost $8) .................................... 7 ----------- SHARES - ------ PREFERRED STOCK--0.00% BASIC INDUSTRIES--0.00% CHEMICALS AND PLASTIC--0.00% 3,895 SEALED AIR CORP (CLASS A) .................... 197 ----------- TOTAL BASIC INDUSTRIES ....................... 197 ----------- FINANCE--0.00% CREDIT AND OTHER FINANCE--0.00% 264 SUPERIOR TRUST I SERIES A .................... 7 ----------- TOTAL FINANCE ................................ 7 ----------- HEALTH--0.00% MEDICAL EQUIPMENT AND SUPPLIES--0.00% 32,800 * FRESENIUS MEDICAL CARE (CLASS D) ............. 1 ----------- TOTAL HEALTH ................................. 1 ----------- TOTAL PREFERRED STOCK (COST $186) ................................ 205 ----------- COMMON STOCK--98.83% BASIC INDUSTRIES--1.94% CHEMICALS AND PLASTIC--1.78% 500 * AEP INDUSTRIES, INC .......................... 13 9,100 * AIRGAS, INC .................................. 52 12,794 APTARGROUP, INC .............................. 345 2,900 ARCH CHEMICALS, INC .......................... 63 1,119,462 AVON PRODUCTS, INC ........................... 49,816 13,700 CABOT CORP ................................... 373 4,500 CARLISLE COS, INC ............................ 203 2,600 CARTER WALLACE, INC .......................... 52 29,800 CHURCH & DWIGHT CO, INC ...................... 536 188,210 CLOROX CO .................................... 8,434 1,921,304 COLGATE PALMOLIVE CO ......................... 115,038 33,652 CROMPTON CORP ................................ 412 13,200 * CYGNUS, INC .................................. 188 7,000 DEXTER CORP .................................. 336 70,400 DIAL CORP .................................... 730 93,620 DU PONT (E.I.) DE NEMOURS & CO ............... 4,096 91,601 ECOLAB, INC .................................. 3,578 100 * FRENCH FRAGRANCES, INC ....................... 1 3,651 FULLER (H.B.) CO ............................. 166 1,500 GEON CO ...................................... 28 11,900 GEORGIA GULF CORP ............................ 248 26,000 * GRACE W.R. & CO .............................. 315 131,325 ILLINOIS TOOL WORKS, INC ..................... 7,486 30 IMC GLOBAL, INC .............................. 0 2,233 * IMC GLOBAL, INC WTS 12/22/00 ................. 0 71,854 LAUDER (ESTEE) CO (CLASS A) .................. 3,552 11,200 MACDERMID, INC ............................... 263 4,108 MYERS INDUSTRIES, INC ........................ 44 2,500 NL INDUSTRIES, INC ........................... 38 2,600 OMNOVA SOLUTIONS, INC ........................ 16 23,700 * PACTIV CORP .................................. 187 537,863 PHARMACIA CORP ............................... 27,801 1,330,098 PROCTER & GAMBLE CO .......................... 76,148 15,300 * REVLON, INC (CLASS A) ........................ 97 30 ROHM & HAAS CO ............................... 1 18,000 * SCOTTS CO (CLASS A) .......................... 657 64,495 * SEALED AIR CORP .............................. 3,378 55 SOLUTIA, INC ................................. 1 6,500 SPARTECH CORP ................................ 176 12,848 TREDEGAR CORP ................................ 244 1,100 * TREX CO, INC ................................. 55 26,417 TUPPERWARE CORP .............................. 581 25,900 * U.S. PLASTIC LUMBER CORP ..................... 114 2,300 VALHI, INC ................................... 24 ---------- 305,886 ---------- STEEL AND OTHER METALS--0.03% 9,300 * ALPINE GROUP, INC ............................ 63 98,400 * BATTLE MOUNTAIN GOLD CO ...................... 215 7,700 BELDEN, INC .................................. 197 73 CASTLE (A.M.) & CO ........................... 1 14,073 * CHART INDUSTRIES, INC ........................ 69 53,104 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS A) .................................. 485 57,950 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) .................................. 536 11,900 GENERAL CABLE CORP ........................... 97 100 GIBRALTAR STEEL CORP ......................... 1 11,600 * LONE STAR TECHNOLOGIES, INC .................. 537 10,200 MATTHEWS INTERNATIONAL CORP (CLASS A) ........ 296 12,900 METALS U.S.A., INC ........................... 60 3,000 * MUELLER INDUSTRIES, INC ...................... 84 5,220 * NCI BUILDING SYSTEMS, INC .................... 106 90 NEWMONT MINING CORP .......................... 2 100 * NS GROUP, INC ................................ 2 1,600 * OPTICAL CABLE CORP ........................... 48 1,300 QUANEX CORP .................................. 19 2,600 RELIANCE STEEL & ALUMINUM CO ................. 50 18 * SHAW GROUP, INC .............................. 1 900 * SPS TECHNOLOGIES, INC ........................ 37 29,500 * STEEL DYNAMICS, INC .......................... 267 31,200 * STILLWATER MINING CO ......................... 870 5,719 * SUPERIOR TELECOM, INC ........................ 57 6,400 TEXAS INDUSTRIES, INC ........................ 185 4,845 * TOWER AUTOMOTIVE, INC ........................ 61 9,300 * U.S. CAN CORP ................................ 162 6,100 VALMONT INDUSTRIES, INC ...................... 121 80 WORTHINGTON INDUSTRIES, INC .................. 1 ---------- 4,630 ---------- PAPER AND FOREST PRODUCTS--0.13% 388 b* AMERICAN PAD & PAPER CO ...................... 0 2,700 AMERICAN WOODMARK CORP ....................... 55 74,100 AVERY DENNISON CORP .......................... 4,974 19,800 * BUCKEYE TECHNOLOGIES, INC .................... 434 3,400 CARAUSTAR INDUSTRIES, INC .................... 51 26,700 * CHAMPION ENTERPRISES, INC .................... 130 12,860 CLAYTON HOMES, INC ........................... 103 4,600 * DAISYTEK INTERNATIONAL CORP .................. 43 1,000 * DELTIC TIMBER CORP ........................... 21 10,000 * EARTHSHELL CORP .............................. 30 132,333 FORT JAMES CORP .............................. 3,060 28,700 * GAYLORD CONTAINER CO ......................... 77 226,084 KIMBERLY-CLARK CORP .......................... 12,972 28,800 * MAIL-WELL, INC ............................... 248 8,600 * PALM HARBOR HOMES, INC ....................... 125 12,900 * PLAYTEX PRODUCTS, INC ........................ 146 100 REPUBLIC GROUP, INC .......................... 1 14,848 * SCHOOL SPECIALTY, INC ........................ 276 56 * SMURFIT-STONE CONTAINER CORP ................. 1 4,800 ST. JOE CO ................................... 144 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 65 Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- PAPER AND FOREST PRODUCTS--(Continued) 25,210 WAUSAU-MOSINEE PAPER CORP .................... $ 216 ---------- 23,107 ---------- TOTAL BASIC INDUSTRIES ....................... 333,623 ---------- BUSINESS SERVICES--1.58% ADVERTISING AND OTHER SERVICES--1.58% 14,300 * 24/7 MEDIA, INC .............................. 223 20,300 AARON RENTS, INC ............................. 255 20,100 ABM INDUSTRIES, INC .......................... 462 12,400 ACKERLEY GROUP, INC .......................... 146 7,100 * ADMINSTAFF, INC .............................. 451 19,400 * ADVO, INC .................................... 815 600 * AGRITOPE, INC ................................ 4 8,300 * AHL SERVICES, INC ............................ 51 12 * AKAMAI TECHNOLOGIES, INC ..................... 1 27,200 * ANSWERTHINK, INC ............................. 452 60,738 * APOLLO GROUP, INC (CLASS A) .................. 1,701 25,547 BLOCK (H&R), INC ............................. 827 10,000 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ........ 214 19,600 * BURNS INTERNATIONAL SERVICES CORP ............ 245 700 * CADUS PHARMACEUTICAL CORP .................... 1 6,900 * CAREER EDUCATION CORP ........................ 335 1,500 * CAREERBUILDER, INC ........................... 5 10,800 * CARRIAGE SERVICES, INC (CLASS A) ............. 36 14,300 * CATALINA MARKETING CORP ...................... 1,459 45,400 * CATALYTICA, INC .............................. 499 5,300 * CDI CORP ..................................... 108 52,800 * CELGENE CORP ................................. 3,109 290,297 * CENDANT CORP ................................. 4,064 52,700 * CENTURY BUSINESS SERVICES, INC ............... 102 8,900 * CHARLES RIVER ASSOCIATES, INC ................ 157 30,160 * CHECKFREE HOLDINGS CORP ...................... 1,555 93,850 CINTAS CORP .................................. 3,443 14,825 * CIRCLE.COM ................................... 55 181,723 * CMGI, INC .................................... 8,325 15,400 * COINSTAR, INC ................................ 155 284 * COMPUTER LEARNING CENTERS, INC ............... 0 1,600 * CORINTHIAN COLLEGES, INC ..................... 38 5,300 * CORNELL COS, INC ............................. 42 5,500 * CORPORATE EXECUTIVE BOARD CO ................. 329 45,163 * COVANCE, INC ................................. 398 8,200 CPI CORP ..................................... 173 18,800 * CRITICAL PATH, INC ........................... 1,096 10,850 * CTC COMMUNICATIONS GROUP, INC ................ 391 48,852 * DEVRY, INC ................................... 1,292 11,150 * DIAMOND TECHNOLOGY PARTNERS, INC (CLASS A) ... 981 76,292 * DOUBLECLICK, INC ............................. 2,909 49,400 * EBAY, INC .................................... 2,683 1,800 * EDGEWATER TECHOLOGY, INC ..................... 12 17,700 * EDUCATION MANAGEMENT CORP .................... 320 300 * EDUTREK INTERNATIONAL, INC (CLASS A) ......... 0 80 * EMERGE INTERACTIVE, INC ...................... 1 11,400 * ENTREMED, INC ................................ 341 15,100 * F.Y.I., INC .................................. 509 7,685 FAIR ISSAC & CO, INC ......................... 338 12,700 * FIRST CONSULTING GROUP, INC .................. 71 4,700 * FORRESTER RESEARCH, INC ...................... 342 14,150 G & K SERVICES, INC (CLASS A) ................ 355 56,115 GARTNER GROUP, INC (CLASS A) ................. 673 27,600 * GETTY IMAGES, INC ............................ 1,023 7,900 * HEARME.COM ................................... 36 10,500 * HEIDRICK & STRUGGLES INTERNATIONAL, INC ...... 663 22,300 * INCTYE GENOMICS .............................. 1,833 4,200 * INSPIRE INSURANCE SOLUTIONS, INC ............. 13 12,200 * INTERIM SERVICES, INC ........................ 217 60 * INTERNET CAPITAL GROUP, INC .................. 2 1,770,051 INTERPUBLIC GROUP OF COS, INC ................ 76,112 10,500 * ITT EDUCATIONAL SERVICES, INC ................ 184 9,600 * JACOBS ENGINEERING GROUP, INC ................ 314 52 * KANA COMMUNICATIONS, INC ..................... 3 80 KELLY SERVICES, INC (CLASS A) ................ 2 29,886 * KFORCE.COM, INC .............................. 207 14,200 * KORN FERRY INTERNATIONAL ..................... 450 26,900 * LABOR READY, INC ............................. 178 40,400 * LAMAR ADVERTISING CO (CLASS A) ............... 1,750 5,800 LANDAUER, INC ................................ 90 11,200 * LASON, INC ................................... 28 54 * LEAPNET, INC ................................. 0 8,200 * LEARNING TREE INTERNATIONAL, INC ............. 502 3,801 MANPOWER, INC ................................ 122 103,593 * MARCHFIRST, INC .............................. 1,891 14,200 * MARKETING SERVICES GROUP ..................... 63 9,320 * MAXIMUS, INC ................................. 206 6,400 MCGRATH RENTCORP ............................. 109 2,000 * MEDIA METRIX, INC ............................ 51 9,500 * MEMBERWORKS, INC ............................. 319 26,600 * MESSAGEMEDIA, INC ............................ 93 5,100 * MODEM MEDIA, INC ............................. 63 31,700 * MODIS PROFESSIONAL SERVICES, INC ............. 242 9,300 * NATIONAL EQUIPMENT SERVICES, INC ............. 56 9,800 * NATIONSRENT, INC ............................. 37 27,750 * NAVIGANT CONSULTING CO ....................... 118 27,700 * NBC INTERNET, INC ............................ 346 6,500 * NEFF CORP .................................... 25 6,100 * NEXTERA ENTERPRISES, INC ..................... 29 32,900 * NOVA CORP (GEORGIA) .......................... 919 1,254,189 OMNICOM GROUP, INC ........................... 111,701 17,300 * ON ASSIGNMENT, INC ........................... 528 270 * OPUS360 CORP ................................. 1 18,800 * PAREXEL INTERNATIONAL CORP ................... 180 14,550 * PEGASUS SOLUTIONS, INC ....................... 158 4,400 * PERSONNEL GROUP OF AMERICA, INC .............. 13 14,418 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC ...... 303 14,800 * PREPAID LEGAL SERVICES, INC .................. 442 11,100 * PROBUSINESS SERVICES, INC .................... 295 2,700 * PROFESSIONAL DETAILING, INC .................. 92 28,950 * PROFIT RECOVERY GROUP INTERNATIONAL, INC ..... 481 6,800 * PROTECTION ONE, INC .......................... 15 5,800 * PROVANT, INC ................................. 33 94,152 * QUINTILES TRANSNATIONAL CORP ................. 1,330 7,500 * REDBACK NETWORKS, INC ........................ 1,335 23,600 REGIS CORP ................................... 295 27,100 * RENAISSANCE WORLDWIDE, INC ................... 42 16,500 * RENT WAY, INC ................................ 482 17,600 * RENT-A-CENTER, INC ........................... 396 144,884 * ROBERT HALF INTERNATIONAL, INC ............... 4,129 13,842 ROLLINS, INC ................................. 206 3,800 * RWD TECHNOLOGIES, INC ........................ 22 227,066 SERVICEMASTER CO ............................. 2,583 26,753 * SITEL CORP ................................... 132 38,100 * SNYDER COMMUNICATIONS, INC ................... 905 33,400 SOTHEBY'S HOLDINGS, INC (CLASS A) ............ 585 22,000 * STAFF LEASING, INC ........................... 78 5,600 * STARTEK, INC ................................. 282 4,800 STRAYER EDUCATION, INC ....................... 115 4,600 * SUPERIOR CONSULTANT HOLDINGS CORP ............ 22 16,675 * SYLVAN LEARNING SYSTEMS, INC ................. 229 5,400 TEJON RANCH CO ............................... 122 18,100 * TELETECH HOLDINGS, INC ....................... 562 27,400 * TETRA TECH, INC .............................. 627 13,300 * THEGLOBE.COM, INC ............................ 23 44,700 * TMP WORLDWIDE, INC ........................... 3,299 SEE NOTES TO FINANCIAL STATEMENTS 66 o 2000 CREF Semi-Annual Report Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- ADVERTISING AND OTHER SERVICES--(Continued) 21,304 TRUE NORTH COMMUNICATIONS, INC ............... $ 937 13,059 * UNITED RENTALS, INC .......................... 224 2,400 * URS CORP ..................................... 37 90 * US INTERACTIVE, INC .......................... 1 44,400 * VALASSIS COMMUNICATIONS, INC ................. 1,693 22,100 * VALENCE TECHNOLOGY, INC ...................... 407 64,000 * VERTICALNET, INC ............................. 2,364 7,500 * WACKENHUT CORP SERIES A ...................... 97 9,700 * WACKENHUT CORRECTIONS CORP ................... 73 11,600 * WEST TELESERVICES CORP ....................... 294 200 WESTAFF, INC ................................. 1 11,200 * XCEED, INC ................................... 102 28,300 YOUNG & RUBICAM, INC ......................... 1,618 ---------- TOTAL BUSINESS SERVICES ...................... 270,736 ---------- CONSTRUCTION AND REAL ESTATE--2.07% BUILDING MATERIALS--1.55% 15,400 AMCOL INTERNATIONAL CORP ..................... 254 6,600 b* AMRE, INC .................................... 0 27 * ANTHONY & SYLAN POOLS CORP ................... 0 19,300 APOGEE ENTERPRISES, INC ...................... 68 3,300 CARBO CERAMICS, INC .......................... 116 9,401 CENTEX CONSTRUCTION PRODUCTS, INC ............ 213 11,300 * COMFORT SYSTEMS U.S.A., INC .................. 45 572,418 CORNING, INC ................................. 154,481 28,600 * DAL-TILE INTERNATIONAL, INC .................. 236 5,719 * DEPARTMENT 56, INC ........................... 63 5,200 * DUPONT PHOTOMASKS, INC ....................... 356 15,500 ELCOR CORP ................................... 357 31,075 * ENCOMPASS SERVICES CORP ...................... 179 12,632 FERRO CORP ................................... 265 12,200 FLORIDA ROCK INDUSTRIES, INC ................. 435 1,904,105 HOME DEPOT, INC .............................. 95,086 10,500 * INTEGRATED ELECTRICAL SERVICES, INC .......... 54 6,500 LIBBEY, INC .................................. 209 4,719 LILLY INDUSTRIES, INC (CLASS A) .............. 142 281,525 LOWE'S COS, INC .............................. 11,560 45,750 * QUANTA SERVICES, INC ......................... 2,516 62 RPM, INC ..................................... 1 17 USG CORP ..................................... 1 6,900 VALSPAR CORP ................................. 233 9,900 WATSCO, INC .................................. 124 ---------- 266,994 ---------- CONSTRUCTION--0.51% 11,000 * BLOUNT INTERNATIONAL, INC .................... 85 25,200 CENTEX CORP .................................. 592 2,500 * CROSSMAN COMMUNITIES, INC .................... 41 31,450 * DYCOM INDUSTRIES, INC ........................ 1,447 11 FLUOR CORP ................................... 0 900 GRANITE CONSTRUCTION, INC .................... 22 2,200 HON INDUSTRIES, INC .......................... 52 5,743 HORTON (D.R.), INC ........................... 78 14,900 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ....... 404 2,000 KAUFMAN & BROAD HOME CORP .................... 40 53 LENNAR CORP .................................. 1 27,375 * MASTEC, INC .................................. 1,045 63,400 MILLER (HERMAN), INC ......................... 1,640 3,130,300 NEWELL RUBBERMAID, INC ....................... 80,605 8,818 * NVR, INC ..................................... 503 11,498 STANDARD-PACIFIC CORP ........................ 115 1,200 * TOLL BROTHERS, INC ........................... 25 3,410 VIRCO MANUFACTURING CORP ..................... 50 ---------- 86,745 ---------- REAL ESTATE--0.01% 48,683 * CATELLUS DEVELOPMENT CORP .................... 730 12,200 * CB RICHARD ELLIS SERVICES GROUP, INC ......... 111 34,100 * FAIRFIELD COMMUNITIES, INC ................... 269 9,600 FOREST CITY ENTERPRISES, INC (CLASS A) ....... 320 7,200 * INSIGNIA FINANCIAL GROUP, INC ................ 72 23,996 * JONES LANG LA SALLE .......................... 321 2,100 * PINNACLE HOLDINGS, INC ....................... 113 18,000 STEWART ENTERPRISES, INC (CLASS A) ........... 64 18,500 * TRAMMELL CROW CO ............................. 199 ---------- 2,199 ---------- TOTAL CONSTRUCTION AND REAL ESTATE ........... 355,938 ---------- CONSUMER DURABLE--14.90% HOME APPLIANCES AND FURNISHINGS--14.47% 7,820 * ACTEL CORP ................................... 357 8,300 * ADVANCED ENERGY INDUSTRIES, INC .............. 489 7,500 * ADVANCED MICRO DEVICES, INC .................. 579 17,400 * AEROFLEX, INC ................................ 865 27,500 * ALPHA INDUSTRIES, INC ........................ 1,212 129,900 * ALTEON WEBSYSTEMS, INC ....................... 12,998 146,400 * ALTERA CORP .................................. 14,924 57,100 * AMERICAN POWER CONVERSION CORP ............... 2,330 12,500 * AMERICAN SUPERCONDUCTOR CORP ................. 603 13,100 * AMERICAN XTAL TECHNOLOGY, INC ................ 567 71,100 * AMKOR TECHNOLOGY, INC ........................ 2,511 28,800 * AMPHENOL CORP (CLASS A) ...................... 1,906 24,300 * ANADIGICS, INC ............................... 828 2,263,934 * ANALOG DEVICES, INC .......................... 172,059 2,000 * APPLICA, INC ................................. 23 973,696 * APPLIED MICRO CIRCUITS CORP .................. 96,152 31,225 * ARTESYN TECHNOLOGIES, INC .................... 868 100 * ARTISAN COMPONENTS, INC ...................... 1 972,900 * ATMEL CORP ................................... 35,876 21 * AXIOHM TRANSACTION SOLUTIONS, INC ............ 0 94,620 * BED BATH & BEYOND, INC ....................... 3,430 15,100 * BENCHMARK ELECTRONICS, INC ................... 552 18,600 BMC INDUSTRIES, INC .......................... 76 6,000 * BOMBAY, INC .................................. 18 142,365 * BOOKHAM TECHNOLOGY PLC (SPONS ADR) ........... 8,435 91,200 * BROADCOM CORP (CLASS A) ...................... 19,967 32,825 * BURR BROWN CORP .............................. 2,846 9,700 * CATAPULT COMMUNICATIONS CORP ................. 98 148,286 * CONEXANT SYSTEMS, INC ........................ 7,210 23,200 * CREE, INC .................................... 3,097 22,300 CTS CORP ..................................... 1,004 54,200 * CYPRESS SEMICONDUCTOR CORP ................... 2,290 48,700 DALLAS SEMICONDUCTOR CORP .................... 1,985 9,400 * EMCORE CORP .................................. 1,128 50 * ENERGY CONVERSION DEVICES, INC ............... 1 27,000 * E-TEK DYNAMICS, INC .......................... 7,123 28,800 ETHAN ALLEN INTERIORS, INC ................... 691 31,090 * FURNITURE BRANDS INTERNATIONAL, INC .......... 470 24,300 * GENERAL SEMICONDUCTOR, INC ................... 358 1,889,706 GILLETTE CO .................................. 66,022 9,400 HAVERTY FURNITURE COS, INC ................... 80 18,200 HELIX TECHNOLOGY CORP ........................ 710 3,500 * HI/FN, INC ................................... 155 13,600 * HUTCHINSON TECHNOLOGY, INC ................... 194 198,081 * INFINEON TECHNOLOGIES AG. ADR ................ 15,698 5,300 INNOVEX, INC ................................. 52 7,276,261 INTEL CORP ................................... 972,745 21,000 * INTERNATIONAL RECTIFIER CORP ................. 1,176 88,164 * JABIL CIRCUIT, INC ........................... 4,375 1,436,136 * JDS UNIPHASE CORP ............................ 172,157 8,280 * KEMET CORP ................................... 208 25,700 * KOPIN CORP ................................... 1,780 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 67 Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- HOME APPLIANCES AND FURNISHINGS--(Continued) 13,800 * LASERSIGHT, INC .............................. $ 53 38,122 * LATTICE SEMICONDUCTOR CORP ................... 2,635 9,200 LA-Z-BOY, INC ................................ 129 253,300 LINEAR TECHNOLOGY CO ......................... 16,195 32,000 * LINENS `N THINGS, INC ........................ 868 1,662,500 * LSI LOGIC CORP ............................... 89,983 232,900 * MAXIM INTEGRATED PRODUCTS, INC ............... 15,823 5,700 * MAXWELL TECHNOLOGIES, INC .................... 77 56,200 MAYTAG CO .................................... 2,072 19,700 METHODE ELECTRONICS, INC (CLASS A) ........... 761 47,600 * MICREL, INC .................................. 2,068 100 * MICRO LINEAR CORP ............................ 1 62,905 * MICROCHIP TECHNOLOGY, INC .................... 3,665 62,300 * MICRON TECHNOLOGY, INC ....................... 5,486 26,300 * MMC NETWORKS, INC ............................ 1,405 29,515 MOLEX, INC ................................... 1,420 80,000 MURATA MANUFACTURING CO LTD .................. 11,508 31 * NATIONAL SEMICONDUCTOR CORP .................. 2 17,640 * NEOMAGIC CORP ................................ 53 71,230 * NEW FOCUS, INC ............................... 5,850 28,200 * NVIDIA CORP .................................. 1,792 2,475 * OIS OPTICAL IMAGING SYSTEMS, INC ............. 0 4 PARK ELECTROCHEMICAL CORP .................... 0 5,700 * PARKERVISION, INC ............................ 287 16,000 * PHOTRONICS, INC .............................. 454 70,245 PIER 1 IMPORTS, INC .......................... 685 14,400 * PLEXUS CORP .................................. 1,627 10,500 * PLX TECHNOLOGY, INC .......................... 436 293,000 * PMC-SIERRA, INC .............................. 52,062 18,200 * POWER INTEGRATIONS, INC ...................... 429 16,200 * POWER-ONE, INC ............................... 1,846 60,500 * QLOGIC CORP .................................. 3,997 61,364 * RAMBUS, INC .................................. 6,320 15,380 * READ RITE CORP ............................... 34 31 * RECOTON CORP ................................. 0 9,400 * RESTORATION HARDWARE, INC .................... 52 42,600 * RF MICRO DEVICES, INC ........................ 3,733 13,950 * S3, INC ...................................... 206 7,450 * SALTON, INC .................................. 275 915,998 * SANMINA CORP ................................. 78,318 19,800 * SAWTEK, INC .................................. 1,140 1,124,037 * SCG HOLDING CORP ............................. 24,588 64,400 * SCI SYSTEMS, INC ............................. 2,524 40,100 * SDL, INC ..................................... 11,436 14,000 * SELECT COMFORT CORP .......................... 45 26,700 * SEMTECH CORP ................................. 2,042 3,700 * SILICONIX, INC ............................... 250 5,185 * SIMPSON MANUFACTURING CO, INC ................ 248 17,500 * SIPEX CORP ................................... 485 2,610,908 * SOLECTRON CORP ............................... 109,332 6,100 * SUNBEAM CORP ................................. 21 9,300 TECHNITROL, INC .............................. 901 3,875,766 TEXAS INSTRUMENTS, INC ....................... 266,217 41,300 * TITAN CORP ................................... 1,848 33,050 * TRANSWITCH CORP .............................. 2,551 26,300 * TRIQUINT SEMICONDUCTOR, INC .................. 2,517 16,300 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC 1,024 94 * VISHAY INTERTECHNOLOGY, INC .................. 4 135,600 * VITESSE SEMICONDUCTOR CORP ................... 9,975 34,517 * WILLIAMS-SONOMA, INC ......................... 1,120 1,125,500 * XILINX, INC .................................. 92,924 18,000 * ZOMAX, INC ................................... 236 ---------- 2,485,314 ---------- TEXTILE APPAREL AND ACCESSORIES--0.43% 77,354 * ABERCROMBIE & FITCH CO (CLASS A) ............. 943 16,500 * AMERICAN EAGLE OUTFITTERS, INC ............... 231 14,500 * ANN TAYLOR STORES CORP ....................... 480 7,200 * BEBE STORES, INC ............................. 60 5,000 * BUCKLE, INC .................................. 59 6,000 BURLINGTON COAT FACTORY WAREHOUSE CORP ....... 65 9,200 CATO CORP (CLASS A) .......................... 107 11,000 * CHICO'S FAS, INC ............................. 220 13,300 * CHILDREN'S PLACE RETAIL STORES, INC .......... 273 33,047 CLAIRE'S STORES, INC ......................... 636 4,700 * COLUMBIA SPORTSWEAR CO ....................... 126 3,000 * DAVID'S BRIDAL, INC .......................... 35 3,400 DEB SHOPS, INC ............................... 43 2,300 * DONNA KARAN INTERNATIONAL, INC ............... 15 5,100 * FINISH LINE, INC (CLASS A) ................... 42 9,200 * FOOTSTAR, INC ................................ 306 10,325 * FOSSIL, INC .................................. 201 533,332 GAP, INC ..................................... 16,667 20,500 * GENESCO, INC ................................. 329 4,100 * GLOBAL SPORTS, INC ........................... 26 2,800 * GOODY'S FAMILY CLOTHING, INC ................. 15 5,500 * GUESS ?, INC ................................. 77 400 * GYMBOREE CORP ................................ 1 67,850 INTIMATE BRANDS, INC (CLASS A) ............... 1,340 82,438 * JONES APPAREL GROUP, INC ..................... 1,937 50 b* JUST FOR FEET, INC ........................... 0 1,728 * KENNETH COLE PRODUCTIONS, INC ................ 69 4,000 K-SWISS, INC (CLASS A) ....................... 64 14,512 LIMITED, INC ................................. 314 19,736 * MEN'S WEARHOUSE, INC ......................... 440 3,793 * MOHAWK INDUSTRIES, INC ....................... 82 5,000 MOVADO GROUP, INC ............................ 60 5,300 * NAUTICA ENTERPRISES, INC ..................... 57 987,000 NIKE, INC (CLASS B) .......................... 39,295 12,900 NORDSTROM, INC ............................... 311 19,200 * OAKLEY, INC .................................. 221 9,300 ONEIDA LTD ................................... 165 5,700 OSHKOSH B'GOSH, INC (CLASS A) ................ 93 22,087 * PACIFIC SUNWEAR CALIFORNIA, INC .............. 414 7,900 * POLO RALPH LAUREN CORP ....................... 113 16,419 * QUIKSILVER, INC .............................. 256 2,348 * REEBOK INTERNATIONAL LTD ..................... 37 31,600 ROSS STORES, INC ............................. 539 585 * SAMSONITE CORP ............................... 3 9,000 * SHOE CARNIVAL, INC ........................... 56 16,200 * STEIN MART, INC .............................. 166 26,600 STRIDE RITE CORP ............................. 163 2,200 TALBOTS, INC ................................. 121 2,300 * TARRANT APPAREL GROUP ........................ 21 7,500 * TIMBERLAND CO ................................ 531 246,277 TJX COS, INC ................................. 4,618 11,686 * TOO, INC ..................................... 297 3,300 * TROPICAL SPORTSWEAR INTERNATIONAL CORP ....... 58 6,400 * URBAN OUTFITTERS, INC ........................ 56 3,000 WARNACO GROUP, INC (CLASS A) ................. 23 26,900 WESTPOINT STEVENS, INC ....................... 299 7,800 * WET SEAL, INC (CLASS A) ...................... 102 2,700 WOLVERINE WORLD WIDE, INC .................... 27 ---------- 73,305 ---------- TOTAL CONSUMER DURABLE ....................... 2,558,619 ---------- ENERGY--0.21% OIL, GAS AND OTHER ENERGY SERVICES--0.21% 25,400 ANADARKO PETROLEUM CORP ...................... 1,253 36,379 APACHE CORP .................................. 2,140 5,483 * ATWOOD OCEANICS, INC ......................... 243 28,100 * BARRETT RESOURCES CORP ....................... 855 8,400 * BASIN EXPLORATION, INC ....................... 150 SEE NOTES TO FINANCIAL STATEMENTS 68 o 2000 CREF Semi-Annual Report Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- OIL, GAS AND OTHER ENERGY SERVICES--(Continued) 22 * BELCO OIL & GAS CORP ......................... $ 0 19,800 BERRY PETROLEUM CO (CLASS A) ................. 337 3,500 * BJ SERVICES CO ............................... 219 14,800 * BROWN (TOM), INC ............................. 341 6,900 CABOT OIL & GAS CORP (CLASS A) ............... 146 4,200 * CAL DIVE INTERNATIONAL, INC .................. 228 31,200 * CHESAPEAKE ENERGY CORP ....................... 242 12 b* COHO ENERGY, INC ............................. 0 4,900 CONSOL ENERGY, INC ........................... 74 30,700 CROSS TIMBERS OIL CO ......................... 679 21,100 DEVON ENERGY CORP (NEW) ...................... 1,186 13,859 DIAMOND OFFSHORE DRILLING, INC ............... 487 33 * EEX CORP ..................................... 0 41,966 ENRON CORP ................................... 2,707 30,239 ENSCO INTERNATIONAL, INC ..................... 1,083 8,700 * EVERGREEN RESOURCES, INC ..................... 258 19,700 * FOREST OIL CORP .............................. 314 15,742 * FRIEDE GOLDMAN HALTER, INC ................... 141 32,814 * GLOBAL INDUSTRIES LTD ........................ 619 16,100 * GLOBAL MARINE, INC ........................... 454 144,700 * GREY WOLF, INC ............................... 724 189,048 HALLIBURTON CO ............................... 8,921 38,800 * HANOVER COMPRESSOR CO ........................ 1,474 71 * MCMORAN EXPLORATION CO ....................... 1 17,100 * MERIDIAN RESOURCE CORP ....................... 97 44,000 * NABORS INDUSTRIES, INC ....................... 1,829 22,200 * NEWFIELD EXPLORATION CO ...................... 869 6,500 NOBLE AFFILIATES, INC ........................ 242 44,937 * NOBLE DRILLING CORP .......................... 1,851 43 * OCEAN ENERGY, INC (NEW) ...................... 1 5,700 * OCEANEERING INTERNATIONAL, INC ............... 108 42 * PIONEER NATURAL RESOURCES CO ................. 1 12,100 * PLAINS RESOURCES, INC ........................ 194 31,100 POGO PRODUCING CO ............................ 688 6,700 * PRIDE INTERNATIONAL, INC ..................... 166 60,500 * R & B FALCON CORP ............................ 1,426 34 * ROWAN COS, INC ............................... 1 12,563 * STONE ENERGY CORP ............................ 751 21,800 * SYNTROLEUM CORP .............................. 373 61 TOSCO CORP ................................... 2 9,171 * TRANSMONTAIGNE, INC .......................... 56 60 * TRANSTEXAS GAS CORP (CLASS A) ................ 0 15,800 USX-MARATHON GROUP, INC ...................... 396 12,794 VASTAR RESOURCES, INC ........................ 1,051 30,900 VINTAGE PETROLEUM, INC ....................... 697 10,600 WD-40 CO ..................................... 220 11,900 * WEATHERFORD INTERNATIONAL, INC ............... 474 ---------- TOTAL ENERGY ................................. 36,769 ---------- FINANCE--1.96% BANKS, SAVINGS AND LOANS--0.67% 5,400 ALABAMA NATIONAL BANCORP ..................... 107 6 BANCFIRST CORP ............................... 0 3,000 BANCFIRST OHIO CORP .......................... 49 3,700 BANK OF GRANITE CORP ......................... 85 1,815 * BOK FINANCIAL CORP ........................... 32 13,760 BRENTON BANKS, INC ........................... 191 3,515 BT FINANCIAL CORP ............................ 61 12,300 CAPITOL FEDERAL FINANCIAL .................... 136 1,700 CATHAY BANCORP, INC .......................... 79 13,543 * CENTENNIAL BANCORP ........................... 118 1,400 CENTURY SOUTH BANKS, INC ..................... 27 16,937 CHITTENDEN CORP .............................. 414 877,475 CITIGROUP, INC ............................... 52,868 8,634 CITIZENS BANKING CORP (MICHIGAN) ............. 140 5,666 CITY HOLDINGS CO ............................. 33 126 * COLUMBIA BANKING SYSTEM, INC ................. 2 12,577 COMMERCE BANCORP, INC ........................ 579 31,100 COMMUNITY FIRST BANKSHARES, INC .............. 507 12,531 CVB FINANCIAL CORP ........................... 198 7,751 F & M NATIONAL CORP .......................... 163 4,900 FARMERS CAPITAL BANK CORP .................... 149 139,965 FIFTH THIRD BANCORP .......................... 8,853 17,117 FIRST BANCORP (PUERTO RICO) .................. 318 1,900 FIRST COMMONWEALTH FINANCIAL CORP ............ 17 1,500 FIRST FEDERAL CAPITAL CORP ................... 17 29,870 FIRST FINANCIAL BANCORP ...................... 588 1,600 FIRST FINANCIAL HOLDINGS, INC ................ 22 700 FIRST MIDWEST BANCORP, INC ................... 16 6,100 FIRST SOURCE CORP ............................ 96 6,600 FIRST TENNESSEE NATIONAL CORP ................ 109 1,700 * FLAGSTAR BANCORP, INC ........................ 14 10,400 FRONTIER FINANCIAL CORP ...................... 191 1,100 GLACIER BANCORP, INC ......................... 15 9,100 GREATER BAY BANCORP .......................... 425 7,900 * HAMILTON BANCORP, INC ........................ 138 5 HARLEYSVILLE NATIONAL CORP ................... 0 2,100 HARRIS FINANCIAL, INC ........................ 13 1,800 HUDSON RIVER BANCORP, INC .................... 21 34,135 HUDSON UNITED BANCORP ........................ 766 18,104 * IMPERIAL BANCORP ............................. 282 5,500 IRWIN FINANCIAL CORP ......................... 79 100 JEFFERSON SAVINGS BANCORP, INC ............... 1 574,070 MBNA CORP .................................... 15,572 11,200 MERCHANTS NEW YORK BANCORP, INC .............. 193 2,400 MISSISSIPPI VALLEY BANCSHARES ................ 58 1,500 NATIONAL BANCORP OF ALASKA, INC .............. 54 65,600 NATIONAL COMMERCE BANCORP .................... 1,054 7,885 NATIONAL PENN BANCSHARES, INC ................ 163 44,300 NORTHERN TRUST CORP .......................... 2,882 5,100 NORTHWEST BANCORP, INC ....................... 35 9,700 ORIENTAL FINANCIAL GROUP ..................... 140 19,000 PACIFIC CAPITAL BANCORP ...................... 476 6,046 PARK NATIONAL CORP ........................... 549 3,885 PROVIDENT BANKSHARES CORP .................... 52 117,302 PROVIDIAN FINANCIAL CORP ..................... 10,557 9,150 QUEENS COUNTY BANCORP, INC ................... 169 1,000 R&G FINANCIAL CORP (CLASS B) ................. 8 40 ROSLYN BANCORP, INC .......................... 1 18,900 S & T BANCORP, INC ........................... 345 44,393 * S1 CORP ...................................... 1,035 5,100 SANDY SPRING BANCORP, INC .................... 104 4,200 SEACOAST FINANCIAL SERVICES CORP ............. 40 1,050 SHORELINE FINANCIAL CORP ..................... 12 53,715 SKY FINANCIAL GROUP, INC ..................... 856 12,987 * SOUTH FINANCIAL GROUP, INC ................... 188 22,200 * SOUTHWEST BANCORP OF TEXAS, INC .............. 461 20 SOVEREIGN BANCORP, INC ....................... 0 59,883 STATE STREET CORP ............................ 6,351 85 STATEN ISLAND BANCORP, INC ................... 1 19,400 STERLING BANCSHARES, INC ..................... 210 1,250 STERLING FINANCIAL CORP ...................... 25 103,900 SYNOVUS FINANCIAL CORP ....................... 1,831 38 TCF FINANCIAL CORP ........................... 1 6,400 TEXAS REGIONAL BANCSHARES, INC (CLASS A) ..... 162 12,600 TRUST CO OF NEW JERSEY ....................... 230 41,214 TRUSTCO BANK CORP (NEW YORK) ................. 515 3,055 U.S.B. HOLDINGS CO, INC ...................... 43 33,802 UNITED BANKSHARES, INC ....................... 615 3,900 UNITED COMMUNITY FINANCIAL CORP (OHIO) ....... 26 1,000 * UNITED NATIONAL BANCORP ...................... 18 31,950 W HOLDING CO, INC ............................ 264 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 69 Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- BANKS, SAVINGS AND LOANS--(Continued) 800 WESBANCO, INC ................................ $ 19 4,719 WEST COAST BANCORP (OREGON) .................. 47 6,000 WESTAMERICA BANCORP .......................... 157 33,200 ZIONS BANCORP ................................ 1,525 ---------- 114,962 ---------- CREDIT AND OTHER FINANCE--0.83% 32,400 * ACNEILSEN CORP ............................... 713 75 ADVANTA CORP (CLASS A) ....................... 1 1,000 * ALEXANDERS, INC .............................. 73 10,300 ALEXANDRIA REAL ESTATE EQUITIES, INC ......... 353 32,800 ALLIED CAPITAL CORP .......................... 558 636,938 AMERICAN EXPRESS CO .......................... 33,200 61,100 * AMERICREDIT CORP ............................. 1,039 200 * AMRESCO, INC ................................. 0 178,668 ASSOCIATES FIRST CAPITAL CORP ................ 3,987 49,300 BOSTON PROPERTIES, INC ....................... 1,904 161,108 CAPITAL ONE FINANCIAL CORP ................... 7,189 14,600 CHARLES E. SMITH RESIDENTIAL REALTY, INC ..... 555 100 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE ........ 1 7,800 CHATEAU PROPERTIES, INC ...................... 220 5,200 CHELSEA GCA REALTY, INC ...................... 180 28,207 * CHOICEPOINT, INC ............................. 1,255 11,400 b* CITYSCAPE FINANCIAL CORP ..................... 0 4,800 * COMPUCREDIT CORP ............................. 144 174,728 * CONCORD EFS, INC ............................. 4,543 12 COUNTRYWIDE CREDIT INDUSTRIES, INC ........... 0 17,181 COUSINS PROPERTIES, INC ...................... 661 18,300 DORAL FINANCIAL CORP ......................... 209 5,600 EAST WEST BANCORP, INC ....................... 81 115,200 EQUIFAX, INC ................................. 3,024 42 EQUITY OFFICE PROPERTIES TRUST ............... 1 5,200 * FEDERAL AGRICULTURE MORTGAGE CORP ............ 76 116,397 FEDERAL NATIONAL MORTGAGE ASSOCIATION ........ 6,074 6,216 FEDERAL REALTY INVESTMENT TRUST .............. 124 6,900 * FINANCIAL FEDERAL CORP ....................... 120 53,700 * FINET.COM, INC ............................... 37 2,400 FINOVA GROUP, INC ............................ 31 1,746,304 FIRSTAR CORP ................................. 36,782 348,152 FREDDIE MAC .................................. 14,100 2,100 GETTY REALTY HOLDINGS CORP ................... 23 54 GREAT LAKES REIT, INC ........................ 1 10,400 HEALTH CARE PROPERTY INVESTORS, INC .......... 283 45,791 HOUSEHOLD INTERNATIONAL, INC ................. 1,903 600 * IMC MORTGAGE CO .............................. 0 100 * IMPERIAL CREDIT INDUSTRIES, INC .............. 0 64,387 ISTAR FINANCIAL, INC ......................... 1,348 4,000 MANUFACTURED HOME COMMUNITIES, INC ........... 96 5,600 MEDALLION FINANCIAL CORP ..................... 86 91,800 MEDITRUST CORP PAIRED ........................ 344 47,200 METRIS COS, INC .............................. 1,186 677,767 * METROPOLITAN LIFE INSURANCE CO ............... 14,275 2,000 MID-STATE BANCSHARES ......................... 55 7,926 MILLS CORP ................................... 149 5,000 NATIONAL GOLF PROPERTIES, INC ................ 106 19,400 * NETBANK, INC ................................. 241 5,700 * NEXTCARD, INC ................................ 48 1,100 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST .... 19 13 POST PROPERTIES, INC ......................... 1 78 RECKSON ASSOCIATES REALTY CORP ............... 2 2,800 SAUL CENTERS, INC ............................ 45 2,600 SENIOR HOUSING PROPERTIES TRUST .............. 19 13,400 * SIERRACITIES.COM, INC ........................ 50 64 SIMON PROPERTY GROUP, INC .................... 1 128,484 SLM HOLDINGS CORP ............................ 4,810 9,900 * TELESCAN, INC ................................ 72 14,600 TOWN & COUNTRY TRUST ......................... 251 12,000 * UNICAPITAL CORP .............................. 6 100 b* UNITED COS FINANCIAL CORP .................... 0 19,827 WASHINGTON REAL ESTATE INVESTMENT TRUST ...... 354 2,997 WEINGARTEN REALTY INVESTORS, INC ............. 124 ---------- 143,130 ---------- INSURANCE--0.15% 40,474 AFLAC, INC ................................... 1,859 129,416 AMERICAN INTERNATIONAL GROUP, INC ............ 15,206 14,200 BLANCH (E.W.) HOLDINGS, INC .................. 288 8,500 BROWN & BROWN, INC ........................... 442 23,804 CRAWFORD & CO (CLASS B) ...................... 262 31,704 * FIRST HEALTH GROUP CORP ...................... 1,040 6,200 * FPIC INSURANCE GROUP, INC .................... 97 29,900 GALLAGHER (ARTHUR J.) & CO ................... 1,256 1,700 HCC INSURANCE HOLDINGS, INC .................. 32 8,300 * HEALTHAXIS, INC .............................. 32 9,400 HILB, ROGAL & HAMILTON CO .................... 326 22,100 HSB GROUP, INC ............................... 688 300 * MARKEL CORP .................................. 42 14,200 * MID ATLANTIC MEDICAL SERVICES, INC ........... 192 67,330 * OXFORD HEALTH PLANS, INC ..................... 1,603 2,688 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ..... 162 8,100 PROGRESSIVE CORP ............................. 599 20 PROTECTIVE LIFE CORP ......................... 1 5,339 RADIAN GROUP, INC ............................ 276 1,168 REINSURANCE GROUP OF AMERICA, INC ............ 35 1,800 STANCORP FINANCIAL GROUP, INC ................ 58 5,100 * TRIAD GUARANTY, INC .......................... 117 2,800 * UICI ......................................... 18 7,400 UNITEDHEALTH GROUP, INC ...................... 635 11,000 * WELLPOINT HEALTH NETWORKS, INC ............... 797 ---------- 26,063 ---------- SECURITIES AND COMMODITIES--0.31% 19,264 * AFFILIATED MANAGERS GROUP, INC ............... 877 52,400 * AMERITRADE HOLDINGS CORP (CLASS A) ........... 609 400 DAIN RAUSCHER CORP ........................... 26 174,423 * E TRADE GROUP, INC ........................... 2,878 23,824 EATON VANCE CORP ............................. 1,102 45,400 FEDERATED INVESTORS, INC ..................... 1,592 71,513 FRANKLIN RESOURCES, INC ...................... 2,172 18,800 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC ........ 153 9,500 * INVESTMENT TECHNOLOGY GROUP, INC ............. 375 23,600 INVESTORS FINANCIAL SERVICES CORP ............ 937 7,109 JOHN NUVEEN CO (CLASS A) ..................... 298 63,100 * KNIGHT TRADING GROUP, INC .................... 1,881 11,600 MORGAN KEEGAN, INC ........................... 171 8,800 * NATIONAL DISCOUNT BROKERS GROUP, INC ......... 281 21,400 * PIONEER GROUP, INC ........................... 907 84,100 PRICE (T. ROWE) ASSOCIATES, INC .............. 3,574 25,500 RAYMOND JAMES FINANCIAL CORP ................. 574 920,454 SCHWAB (CHARLES) CORP ........................ 30,950 11,500 SOUTHWEST SECURITIES GROUP, INC .............. 428 3,900 THE GOLDMAN SACHS GROUP, INC ................. 370 67 TUCKER ANTHONY SUTRO CORP .................... 1 20,900 UNITED ASSET MANAGEMENT CORP ................. 489 2,000 VALUE LINE, INC .............................. 77 68,650 WADDELL & REED FINANCIAL, INC (CLASS A) ...... 2,253 ---------- 52,975 ---------- TOTAL FINANCE ................................ 337,130 ---------- FOODS AND RELATED--2.59% BEVERAGES, OTHER FOOD PRODUCTS--2.42% 10,020 * 7-ELEVEN, INC ................................ 138 67,700 ALBERTSONS, INC .............................. 2,251 20,200 * AMERICAN ITALIAN PASTA CO (CLASS A) .......... 418 SEE NOTES TO FINANCIAL STATEMENTS 70 o 2000 CREF Semi-Annual Report Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- BEVERAGES, OTHER FOOD PRODUCTS--(Continued) 103,868 ANHEUSER-BUSCH COS, INC ...................... $ 7,758 20,140 APPLEBEES INTERNATIONAL, INC ................. 610 2,000 * AURORA FOODS, INC ............................ 8 100 AVADO BRANDS, INC ............................ 0 17,200 * BERINGER WINE ESTATES HOLDINGS, INC (CLASS B) 607 118,245 BESTFOODS, INC ............................... 8,188 50 b* BOSTON CHICKEN, INC .......................... 0 38 BROWN FORMAN, INC (CLASS B) .................. 2 27,000 * CADIZ, INC ................................... 216 146,356 CAMPBELL SOUP CO ............................. 4,263 900 * CANANDAIGUA BRANDS, INC (CLASS A) ............ 45 20 CBRL GROUP, INC .............................. 0 20,733 * CEC ENTERTAINMENT, INC ....................... 531 2,400 * CENTRAL GARDEN & PET CO ...................... 22 22,900 CKE RESTAURANTS, INC ......................... 69 400 COCA COLA BOTTLING CO CONSOLIDATED ........... 18 2,291,408 COCA COLA CO ................................. 131,613 195,058 COCA COLA ENTERPRISES, INC ................... 3,182 11,838 * CONSOLIDATED PRODUCTS, INC ................... 107 7,500 * DAVE & BUSTERS, INC .......................... 47 29,800 * DEL MONTE FOODS CO ........................... 203 26 DELHAIZE AMERICA, INC (CLASS B) .............. 0 30,800 DELTA & PINE LAND CO ......................... 772 92 DIMON, INC ................................... 0 10,600 DREYERS GRAND ICE CREAM, INC ................. 223 8,956 EARTHGRAINS CO ............................... 174 300 b* EINSTEIN/NOAH BAGEL CORP ..................... 0 5,800 * FINE HOST CORP ............................... 2 3,600 FLOWERS INDUSTRIES, INC ...................... 72 117,504 GENERAL MILLS, INC ........................... 4,495 1,000 * GRAND UNION CO ............................... 1 23,600 * HAIN CELESTIAL GROUP, INC .................... 866 16 HANNAFORD BROTHERS, INC ...................... 1 70,767 HEINZ (H.J.) CO .............................. 3,096 8,600 HERSHEY FOODS CORP ........................... 417 500 * HINES HORTICULTURE, INC ...................... 3 11,200 * IHOP CORP (NEW) .............................. 188 13,962 * INTERNATIONAL HOME FOODS, INC ................ 292 31,004 * JACK IN THE BOX, INC ......................... 763 15,800 KEEBLER FOODS CO ............................. 587 79,803 KELLOGG CO ................................... 2,374 684,180 * KROGER CO .................................... 15,095 50 LANCASTER COLONY CORP ........................ 1 14,500 LANCE, INC ................................... 131 189 LANDRY'S SEAFOOD RESTAURANTS, INC ............ 2 50 LONE STAR STEAKHOUSE & SALOON, INC ........... 1 520,012 MCDONALD'S CORP .............................. 17,128 9,910 MORRISON MANAGEMENT SPECIALISTS, INC ......... 279 50 NABISCO GROUP HOLDINGS ....................... 1 5,100 * NPC INTERNATIONAL, INC ....................... 46 4,800 * O'CHARLEY'S, INC ............................. 65 50,000 * OUTBACK STEAKHOUSE, INC ...................... 1,463 2,200 * P.F. CHANGS CHINA BISTRO, INC ................ 70 14,830 * PAPA JOHN'S INTERNATIONAL, INC ............... 363 77,800 PEPSI BOTTLING GROUP, INC .................... 2,271 1,188,754 PEPSICO, INC ................................. 52,825 4,800 * PERFORMANCE FOOD GROUP CO .................... 154 8,700 PILGRIMS PRIDE CORP (CLASS B) ................ 62 49,041 QUAKER OATS CO ............................... 3,684 48,412 RALSTON PURINA CO ............................ 965 3,300 RIVIANA FOODS, INC ........................... 58 38,200 RUBY TUESDAY, INC ............................ 480 2,392,538 * SAFEWAY, INC ................................. 107,963 654,362 SARA LEE CORP ................................ 12,637 31,600 * SMITHFIELD FOODS, INC ........................ 887 14,069 SODEXHO MARRIOTT SERVICES, INC ............... 225 13,550 * SONIC CORP ................................... 398 151,100 * STARBUCKS CORP ............................... 5,770 230,078 SYSCO CORP ................................... 9,692 20,650 * THE CHEESECAKE FACTORY CO .................... 568 8,216 TOOTSIE ROLL INDUSTRIES, INC ................. 288 9,600 * TRIARC COS, INC .............................. 197 62,415 * TRICON GLOBAL RESTAURANTS, INC ............... 1,763 6,200 * UNITED NATURAL FOODS, INC .................... 85 6,800 UNIVERSAL FOODS CORP ......................... 126 8,900 * VETERINARY CENTERS OF AMERICA, INC ........... 122 42,300 VIAD CORP .................................... 1,153 6,810 * VLASIC FOODS INTERNATIONAL, INC .............. 11 24,300 WHITMAN CORP ................................. 301 20,900 * WHOLE FOODS MARKET, INC ...................... 863 14,550 * WILD OATS MARKETS, INC ....................... 183 36,585 WRIGLEY (WM) JR CO ........................... 2,934 ---------- 415,932 ---------- TOBACCO--0.17% 996,173 PHILIP MORRIS COS, INC ....................... 26,461 27,016 RJR REYNOLDS TOBACCO HOLDINGS, INC ........... 755 52,500 UST, INC ..................................... 771 3,765 VECTOR GROUP LTD ............................. 56 ---------- 28,043 ---------- TOTAL FOODS AND RELATED ...................... 443,975 ---------- HEALTH--15.32% DRUGS AND PHARMACEUTICALS--13.51% 1,488,342 ABBOTT LABORATORIES CO ....................... 66,324 19,700 * ABGENIX, INC ................................. 2,361 50 * ADVANCED TISSUE SCIENCE, INC ................. 0 4,700 * ALBANY MOLECULAR RESEARCH, INC ............... 256 14,300 * ALGOS PHARMACEUTICAL CORP .................... 218 41,200 * ALKERMES, INC ................................ 1,942 108,100 ALLERGAN, INC ................................ 8,053 19,600 ALPHARMA, INC (CLASS A) ...................... 1,220 71,700 * ALZA CORP .................................... 4,239 2,568,763 AMERICAN HOME PRODUCTS CORP .................. 150,915 42,800 * AMERISOURCE HEALTH CORP (CLASS A) ............ 1,327 1,637,896 * AMGEN, INC ................................... 115,062 50 * AMYLIN PHARMACEUTICALS, INC .................. 1 28,600 * ANDRX CORP ................................... 1,828 9,100 * ANESTA CORP .................................. 226 13,700 * AVIRON, INC .................................. 423 19,050 * BARR LABORATORIES, INC ....................... 854 66,511 BERGEN BRUNSWIG CORP (CLASS A) ............... 366 18,400 BINDLEY WESTERN INDUSTRIES, INC .............. 486 124,300 * BIOGEN, INC .................................. 8,017 16,500 * BIOMATRIX, INC ............................... 373 44,000 * BIO-TECHNOLOGY GENERAL CORP .................. 580 20 * BIOVAIL CORP ................................. 1 2,622,246 BRISTOL MYERS SQUIBB CO ...................... 152,746 2,815,172 CARDINAL HEALTH, INC ......................... 208,323 161,706 * CAREMARK RX, INC ............................. 1,102 9 * CELL GENESYS, INC ............................ 0 14,817 * CELL PATHWAYS, INC ........................... 348 25,700 * CEPHALON, INC ................................ 1,539 6,400 * CHATTEM, INC ................................. 88 10,700 * CHIREX, INC .................................. 214 39,116 * CHIRON CORP .................................. 1,858 15,000 * COLUMBIA LABORATORIES, INC ................... 86 19,500 * COR THERAPEUTICS, INC ........................ 1,664 16,400 * CORIXA CORP .................................. 704 13,500 * COULTER PHARMACEUTICALS, INC ................. 277 80 * CREATIVE BIOMOLECULES, INC ................... 1 95 * CRESCENDO PHARMACEUTICALS CORP ............... 2 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 71 Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- DRUGS AND PHARMACEUTICALS--(Continued) 320,839 CVS CORP ..................................... $ 12,834 3,800 DIAGNOSTIC PRODUCTS CORP ..................... 122 12,800 * DUANE READE, INC ............................. 330 15,450 * DURA PHARMACEUTICALS, INC .................... 222 16,100 * DURAMED PHARMACEUTICALS, INC ................. 88 33,000 * ENZON, INC ................................... 1,403 200 * EPITOPE, INC ................................. 3 69,400 * FOREST LABORATORIES, INC ..................... 7,009 7,700 * GELTEX PHARMACEUTICALS, INC .................. 157 129,400 * GENENTECH, INC ............................... 22,257 22,600 * GENZYME CORP (GENERAL DIVISION) .............. 1,343 24 * GENZYME CORP (TISSUE REPAIR DIVISION) ........ 0 35 * GENZYME SURGICAL PRODUCTS .................... 0 36,383 * GILEAD SCIENCES, INC ......................... 2,588 1,362,000 * GLAXO WELLCOME PLC (SPONS ADR) ............... 78,741 1,380,200 a GUILFORD PHARMACEUTICALS, INC ................ 20,789 18,900 * HEMISPHERX BIOPHARMA, INC .................... 106 44,900 * HUMAN GENOME SCIENCES, INC ................... 5,989 57,203 ICN PHARMACEUTICALS, INC ..................... 1,591 33,000 * ICOS CORP .................................... 1,452 36,200 * IDEC PHARMACEUTICALS CORP .................... 4,247 28,600 * IDEXX LABORATORIES, INC ...................... 654 7,600 * IGEN INTERNATIONAL, INC ...................... 126 25,600 * IMCLONE SYSTEMS, INC ......................... 1,957 189,400 * IMMUNEX CORP ................................. 9,363 13,600 * INHALE THERAPEUTIC SYSTEMS ................... 1,380 5,600 * INVITROGEN CORP .............................. 421 28,320 * ISIS PHARMACEUTICALS, INC .................... 411 78,549 * IVAX CORP .................................... 3,260 1,339,222 JOHNSON & JOHNSON CO ......................... 136,433 45,175 JONES PHARMACEUTICAL, INC .................... 1,804 36,584 * KING PHARMACEUTICALS, INC .................... 1,605 8,050 * KV PHARMACEUTICAL CO (CLASS B) ............... 219 41,640 * LIGAND PHARMACEUTICALS CO (CLASS A) .......... 549 1,833,662 LILLY (ELI) & CO ............................. 183,137 66 LYONDELL CHEMICAL CO ......................... 1 13,500 * MACROCHEM CORP (DELAWARE) .................... 65 50 * MATRIX PHARMACEUTICALS, INC .................. 1 102,694 MCKESSON HBOC, INC ........................... 2,150 23,500 * MEDICIS PHARMACEUTICAL CORP (CLASS A) ........ 1,340 151,525 * MEDIMMUNE, INC ............................... 11,213 4,275,615 MERCK & CO, INC .............................. 327,619 75,400 * MILLENNIUM PHARMACEUTICALS, INC .............. 8,435 88,829 MYLAN LABORATORIES, INC ...................... 1,621 11,600 NATURES SUNSHINE PRODUCTS, INC ............... 81 3,400 * NCS HEALTHCARE, INC (CLASS A) ................ 3 80 * NOVEN PHARMACEUTICALS, INC ................... 2 34,600 * NU SKIN ENTERPRISES, INC (CLASS A) ........... 199 33,100 OMNICARE, INC ................................ 300 26,800 * ORGANOGENESIS, INC ........................... 307 10,500 * PATHOGENESIS CORP ............................ 273 10,363,494 PFIZER, INC .................................. 497,448 13,900 * PHARMACEUTICAL RESOURCES, INC ................ 73 12,900 * PHARMACYCLICS, INC ........................... 787 3,150 * PRIORITY HEALTHCARE CORP (CLASS B) ........... 234 6,300 * PROTEIN DESIGN LABORATORIES, INC ............. 1,039 8,000 * SAFESCIENCE, INC ............................. 42 12,200 * SANGSTAT MEDICAL CORP ........................ 352 6,300 * SCHEIN PHARMACEUTICAL, INC ................... 136 3,700,432 SCHERING-PLOUGH CORP ......................... 186,872 60,000 * SEPRACOR, INC ................................ 7,238 50 * SEROLOGICALS CORP ............................ 0 93 * SHIRE PHARMACEUTICALS GROUP PLC ADR .......... 5 13,878 * SICOR, INC ................................... 111 18,500 * SUPERGEN, INC ................................ 671 7,700 * SYNCOR INTERNATIONAL CORP .................... 554 16,400 * TECHNE CORP .................................. 2,132 18,100 * THERAGENICS CORP ............................. 155 16,000 * TRANSKARYOTIC THERAPIES, INC ................. 588 25,600 * TRIANGLE PHARMACEUTICALS, INC ................ 232 19,766 * VENTIV HEALTH, INC ........................... 220 2,740 * VERTEX PHARMACEUTICALS, INC .................. 289 15,600 * VICAL, INC ................................... 300 830,130 WALGREEN CO .................................. 26,720 73,500 * WATSON PHARMACEUTICALS, INC .................. 3,951 300 WEST PHARMACEUTICAL SERVICES, INC ............ 6 38 * ZILA, INC .................................... 0 ---------- 2,320,379 ---------- MEDICAL EQUIPMENT AND SUPPLIES--1.54% 17,800 * ACUSON CORP .................................. 240 14,900 * AFFYMETRIX, INC .............................. 2,460 401,163 * AGILENT TECHNOLOGIES, INC .................... 29,586 18,000 * ALARIS MEDICAL, INC .......................... 32 5,400 * APPLIED ANALYTICAL INDUSTRIES, INC ........... 52 7,540 ARROW INTERNATIONAL, INC ..................... 253 25,500 BAUSCH & LOMB, INC ........................... 1,973 54,524 BAXTER INTERNATIONAL, INC .................... 3,834 200 * BAXTER INTERNATIONAL, INC RTS ................ 0 25,500 BECKMAN COULTER, INC ......................... 1,489 141,484 BECTON DICKINSON & CO ........................ 4,059 85,500 BIOMET, INC .................................. 3,286 220,100 * BOSTON SCIENTIFIC CORP ....................... 4,828 5,600 * BRITESMILE, INC .............................. 25 4,600 * CLOSURE MEDICAL CORP ......................... 106 20 * CNS, INC ..................................... 0 29,300 * COGNEX CORP .................................. 1,516 2,500 COHU, INC .................................... 67 11,200 * CONMED CORP .................................. 290 9,000 COOPER COS, INC .............................. 327 297 b* CPX CORP ..................................... 0 35,000 * CREDENCE SYSTEMS CORP ........................ 1,932 13,600 * CYBERONICS, INC .............................. 163 29,900 * CYTYC CORP ................................... 1,596 1,300 DATASCOPE CORP ............................... 47 3,600 DENTSPLY INTERNATIONAL, INC .................. 111 17,000 * DIONEX CORP .................................. 455 58 * DYNATECH CORP ................................ 1 14,600 * ECLIPSE SURGICAL TECHNOLOGY, INC ............. 64 34,584 * EDWARDS LIFESCIENCES CORP .................... 640 18,100 * ENZO BIOCHEMICAL, INC ........................ 1,249 10 FRESENIUS MEDICAL CARE AG. ADR ............... 0 20,122 * GENRAD, INC .................................. 181 7,000 * GLIATECH, INC ................................ 142 575,218 * GUIDANT CORP ................................. 28,473 12,700 * HAEMONETICS CORP ............................. 267 9,900 * HANGER ORTHOPEDIC GROUP, INC ................. 49 6,800 * IMPATH, INC .................................. 369 2,700 INVACARE CORP ................................ 71 96,600 * KLA-TENCOR CORP .............................. 5,657 100 * LABORATORY CORP OF AMERICA HOLDINGS .......... 8 37,800 * LTX CORP ..................................... 1,321 18,300 * MECHANICAL TECHNOLOGY, INC ................... 275 30,812 * MEDICAL MANAGER CORP ......................... 1,050 2,300,273 MEDTRONIC, INC ............................... 114,582 13,700 MENTOR CORP .................................. 372 30,909 * METTLER-TOLEDO INTERNATIONAL, INC ............ 1,236 37,600 MILLIPORE CORP ............................... 2,834 17,000 * MINIMED, INC ................................. 2,006 5,200 * MKS INSTRUMENTS, INC ......................... 203 9,000 * MOLECULAR DEVICES CORP ....................... 623 11,300 * NOVOSTE CORP ................................. 689 SEE NOTES TO FINANCIAL STATEMENTS 72 o 2000 CREF Semi-Annual Report Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- MEDICAL EQUIPMENT AND SUPPLIES--(Continued) 16,600 * OCULAR SCIENCES, INC ......................... $ 195 10,300 * OSTEOTECH, INC ............................... 108 171,600 PE CORP-PE BIOSYSTEMS GROUP .................. 11,304 14,700 PERKINELMER, INC ............................. 972 23,600 * RESMED, INC .................................. 631 22,900 * RESPIRONICS, INC ............................. 412 50 * ROBOTIC VISION SYSTEMS, INC .................. 1 4,000 b* SABRATEK CORP ................................ 1 11,300 * SCOTT TECHNOLOGIES, INC ...................... 194 83 * SONOSITE, INC ................................ 2 19,151 * ST. JUDE MEDICAL, INC ........................ 879 51,100 * STERIS CORP .................................. 454 117,678 * STRYKER CORP ................................. 5,148 36,700 * SUMMIT TECHNOLOGY, INC ....................... 693 37,000 * SUNRISE TECHNOLOGIES INTERNATIONAL, INC ...... 370 83,575 * SYBRON INTERNATIONAL CORP .................... 1,656 3,033 TELEFLEX, INC ................................ 108 123,700 * TERADYNE, INC ................................ 9,092 10,700 * THERMO CARDIOSYSTEMS, INC .................... 107 11,400 * THERMO ELECTRON CORP ......................... 240 10,800 * THERMO INSTRUMENT SYSTEMS, INC ............... 203 300 * UROMED CORP .................................. 1 19,400 * VARIAN, INC .................................. 895 10,700 * VEECO INSTRUMENTS, INC ....................... 784 10,900 * VENTANA MEDICAL SYSTEMS, INC ................. 256 44,300 * VISX, INC .................................... 1,243 2,200 VITAL SIGNS, INC ............................. 40 51,900 * WATERS CORP .................................. 6,478 14,800 * WESLEY JESSEN VISIONCARE, INC ................ 556 ---------- 264,112 ---------- MEDICAL FACILITIES MANAGEMENT--0.27% 2,700 * ACCREDO HEALTH, INC .......................... 93 15,000 * ADVANCE PARADIGM, INC ........................ 308 11,000 * ALTERRA HEALTHCARE CORP ...................... 22 57,720 * AMERICAN HOMEPATIENT, INC .................... 20 8,300 * AMERICAN RETIREMENT CORP ..................... 46 8,700 * AMERIPATH, INC ............................... 77 15,323 * CAREMATRIX CORP .............................. 8 4,800 * COVENTRY HEALTH CARE, INC .................... 64 16,800 * EXPRESS SCRIPTS, INC ......................... 1,044 2,475 b* FPA MEDICAL MANAGEMENT, INC .................. 0 76 b* GENESIS HEALTH VENTURES, INC ................. 0 181,400 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A)(NEW) ............................... 2,370 35,573 * HEALTHSOUTH CORP ............................. 256 52,300 HOOPER HOLMES, INC ........................... 418 19,400 * LASER VISION CENTERS, INC .................... 120 23,253 * LCA-VISION, INC .............................. 57 15,904 * LIFEPOINT HOSPITALS, INC ..................... 354 14,780 * LINCARE HOLDINGS, INC ........................ 364 9,500 * MANOR CARE, INC .............................. 67 32,800 * ORTHODONTIC CENTERS OF AMERICA, INC .......... 742 6,876 * PEDIATRIX MEDICAL GROUP, INC ................. 80 43,050 * PHYCOR, INC .................................. 27 1,639 b* PHYSICIANS RESOURCE GROUP, INC ............... 0 10,900 * PROVINCE HEALTHCARE CO ....................... 394 90 * QUORUM HEALTH GROUP, INC ..................... 1 36,150 * RENAL CARE GROUP, INC ........................ 884 14,300 * RES-CARE, INC ................................ 77 100 b* SUN HEALTHCARE GROUP, INC .................... 0 14,100 * SUNRISE ASSISTED LIVING, INC ................. 261 1,355,800 TENET HEALTHCARE CORP ........................ 36,607 60,700 * TOTAL RENAL CARE HOLDINGS, INC ............... 364 16,204 * TRIAD HOSPITALS, INC ......................... 392 4,800 * UNIVERSAL HEALTH SERVICES, INC ............... 314 26,336 * US ONCOLOGY, INC ............................. 132 242 b* VENCOR, INC .................................. 0 ---------- 45,963 ---------- TOTAL HEALTH ................................. 2,630,454 ---------- INDUSTRIAL MACHINERY--8.76% ELECTRICAL--4.83% 200 * ADVANCED LIGHTING TECHNOLOGIES, INC .......... 4 29,100 AMETEK, INC .................................. 509 9,400 * ANICOM, INC .................................. 35 56 * ANIXTER INTERNATIONAL, INC ................... 1 13,400 * ARGUSS COMMUNICATIONS, INC ................... 253 17,700 BALDOR ELECTRIC CO ........................... 330 8,500 BARNES GROUP, INC ............................ 139 21,589 * BRIGHTPOINT, INC ............................. 187 23,806 C&D TECHNOLOGIES, INC ........................ 1,345 24,256 * CELLSTAR CORP ................................ 67 18,000 * ELECTRO SCIENTIFIC INDUSTRIES, INC ........... 793 13,004 * ENERGIZER HOLDINGS, INC ...................... 237 600 * FIREARMS TRAINING SYSTEMS, INC ............... 0 2,600 FRANKLIN ELECTRIC CO, INC .................... 176 15,532,107 GENERAL ELECTRIC CO .......................... 823,202 400 * HMT TECHNOLOGY CORP .......................... 1 2,700 * KENT ELECTRONICS CORP ........................ 80 13,750 * KOMAG, INC ................................... 24 10,700 * LITTELFUSE, INC .............................. 524 6,800 LSI INDUSTRIES, INC .......................... 103 78 * MAGNETEK, INC ................................ 1 21,400 * RAYOVAC CORP ................................. 479 14,100 SLI, INC ..................................... 171 15,000 * VICOR CORP ................................... 522 8,900 * WESCO INTERNATIONAL, INC ..................... 85 80 * ZOLTEK COS, INC .............................. 1 ---------- 829,269 ---------- OTHER INDUSTRIAL EQUIPMENT--3.93% 5,300 * A.S.V., INC .................................. 76 530 ALLIED PRODUCTS CORP ......................... 1 661,090 * APPLIED MATERIALS, INC ....................... 59,911 33,700 APPLIED POWER, INC (CLASS A) ................. 1,129 16,700 * ASTEC INDUSTRIES, INC ........................ 424 18,300 * ASYST TECHNOLOGIES, INC ...................... 627 17,600 * ATMI, INC .................................... 818 8,000 * AVIATION SALES CO ............................ 50 14,902 BAKER HUGHES, INC ............................ 477 70,400 BLACK & DECKER CORP .......................... 2,768 9,800 CMI CORP (CLASS A) ........................... 34 2,400 COLUMBUS MCKINNON CORP ....................... 33 3,015 * COOPER CAMERON CORP .......................... 199 6,900 * CUNO, INC .................................... 160 15,157 DONALDSON CO, INC ............................ 299 6,900 * DRIL-QUIP, INC ............................... 323 1,600 * ELECTROGLAS, INC ............................. 34 5,800 FEDDERS CORP ................................. 34 100 FLOWSERVE CORP ............................... 2 6,900 * FSI INTERNATIONAL, INC ....................... 150 10,773 GRACO, INC ................................... 350 10,800 * GRANT PRIDECO, INC ........................... 270 7,700 IDEX CORP .................................... 243 29,676 JLG INDUSTRIES, INC .......................... 352 1,900 * JLK DIRECT DISTRIBUTION, INC (CLASS A) ....... 10 9,000 KAYDON CORP .................................. 189 52 KENNAMETAL, INC .............................. 1 1,600 * KULICHE & SOFFA INDUSTRIES, INC .............. 95 76,412 * LAM RESEARCH CORP ............................ 2,865 6,700 LINCOLN ELECTRIC HOLDINGS CO ................. 95 6,900 LINDSAY MANUFACTURING CO ..................... 135 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 73 Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- OTHER INDUSTRIAL EQUIPMENT--(Continued) 16,672 MANITOWOC CO, INC ............................ $ 446 21,300 * MSC INDUSTRIAL DIRECT CO (CLASS A) ........... 446 5,500 NORDSON CORP ................................. 278 1,851,662 * NOVELLUS SYSTEMS, INC ........................ 104,735 19,800 * PRESSTEK, INC ................................ 323 16,100 * PRI AUTOMATION, INC .......................... 1,053 53 ROBBINS & MYERS, INC ......................... 1 24,045 ROPER INDUSTRIES, INC ........................ 616 11,700 SAUER-DANFOSS, INC ........................... 116 2,800 * SILICON VALLEY GROUP, INC .................... 72 13,900 * SMITH INTERNATIONAL, INC ..................... 1,012 8,700 * SPECIALTY EQUIPMENT COS, INC ................. 236 7,600 * SPEEDFAM-IPEC, INC ........................... 138 4,400 STANDEX INTERNATIONAL CORP ................... 70 9,300 TENNANT CO ................................... 349 14,600 * TEREX CORP ................................... 206 5,900 * THERMO FIBERTEK, INC ......................... 28 10,394,425 TYCO INTERNATIONAL LTD ....................... 492,436 9,000 * ULTRATECH STEPPER, INC ....................... 134 30 YORK INTERNATIONAL CORP ...................... 1 ---------- 674,850 ---------- TOTAL INDUSTRIAL MACHINERY ................... 1,504,119 ---------- MEDIA AND LEISURE--5.52% BROADCASTING--4.34% 37,100 * ADELPHIA COMMUNICATIONS CORP (CLASS A) ....... 1,739 18,700 * AMC ENTERTAINMENT, INC ....................... 91 770,900 * AMFM, INC .................................... 53,192 69,296 * CABLEVISION SYSTEMS CORP (CLASS A) ........... 4,703 21,600 * CITADEL COMMUNICATIONS CORP .................. 755 183,624 * CLEAR CHANNEL COMMUNICATIONS, INC ............ 13,772 5,000 * CLEAR CHANNELCOMMUNICATIONS, INC WTS 09/18/01 ................................. 59 18,400 * COMCAST CORP (CLASS A) ....................... 715 623,406 * COMCAST CORP (CLASS A) SPECIAL ............... 25,248 54,669 * COX COMMUNICATIONS, INC (CLASS A) ............ 2,491 20,300 * COX RADIO, INC (CLASS A) ..................... 568 23,900 * CUMULUS MEDIA, INC ........................... 218 2,421,647 DISNEY (WALT) CO ............................. 93,990 37,400 * EMMIS COMMUNICATIONS (CLASS A) ............... 1,547 17,000 * ENTERCOM COMMUNICATIONS CORP ................. 829 109,900 * FOX ENTERTAINMENT GROUP, INC ................. 3,338 8,600 * HEARST-ARGYLE TELEVISION, INC ................ 168 68,600 * HISPANIC BROADCASTING CORP ................... 2,272 23,900 * HOLLYWOOD ENTERTAINMENT CORP ................. 188 1,296,425 * INFINITY BROADCASTING CORP (CLASS A) ......... 47,238 4,300 * ON COMMAND CORP .............................. 61 80 * PAC-WEST TELECOMM, INC ....................... 2 15,987 * PANAMSAT CORP ................................ 698 23,500 * PAXSON COMMUNICATIONS CORP ................... 188 17,700 * PEGASUS COMMUNICATIONS CORP .................. 868 9,100 * PIXAR, INC ................................... 321 35,400 * PRICE COMMUNICATIONS CORP .................... 834 7,800 * RADIO ONE, INC ............................... 231 15,000 * RADIO ONE, INC (CLASS D) ..................... 331 5,475 * SAGA COMMUNICATIONS, INC (CLASS A) ........... 120 1,500 * SINCLAIR BROADCASTING GROUP, INC (CLASS A ) .. 17 19,100 * SIRIUS SATELLITE RADIO, INC .................. 846 60 * TCI SATELLITE ENTERTAINMENT (CLASS A) ........ 1 2,013,440 TIME WARNER, INC ............................. 153,021 5,039,000 TOEI CO LTD .................................. 36,909 30,000 * TV GUIDE, INC ................................ 1,028 11,234 * U.S.A. NETWORKS, INC ......................... 243 4,500 UNITED TELEVISION, INC ....................... 579 52,600 * UNITEDGLOBALCOM, INC (CLASS A) ............... 2,459 65,300 * UNIVISION COMMUNICATIONS, INC ................ 6,759 9,400 * VALLEY MEDIA, INC ............................ 33 24,392 * VIACOM, INC (CLASS A) ........................ 1,668 4,178,640 * VIACOM, INC (CLASS B) ........................ 284,931 21,495 * WAVO CORP .................................... 16 5,100 * YOUNG BROADCASTING, INC (CLASS A) ............ 131 ---------- 745,416 ---------- LODGING/GAMING/RECREATION--1.10% 5,295 * ANCHOR GAMING CO ............................. 254 14,300 * ARGOSY GAMING CORP ........................... 206 23,800 * BALLY TOTAL FITNESS HOLDINGS CORP ............ 604 6,700 * CHAMPIONSHIP AUTO RACING TEAMS, INC .......... 171 40,778 * CHOICE HOTELS INTERNATIONAL, INC ............. 405 5,600 * CHURCHILL DOWNS, INC ......................... 131 5,800 * CRESTLINE CAPITAL CORP ....................... 99 8,600 DOVER DOWNS ENTERTAINMENT, INC ............... 120 26,000 * EXTENDED STAY AMERICA, INC ................... 241 4,200 b* FAMILY GOLF CENTERS, INC ..................... 1 122,759 HILTON HOTELS CORP ........................... 1,151 21,100 INTERNATIONAL SPEEDWAY CORP (CLASS A ) ....... 873 2 * INTERSTATE HOTELS CORP ....................... 0 5,500 * MALIBU ENTERTAINMENT WORLDWIDE, INC .......... 1 64,700 MARRIOTT INTERNATIONAL, INC (CLASS A) ........ 2,333 4,662 MGM GRAND, INC ............................... 150 100 * PENN NATIONAL GAMING, INC .................... 1 2,600 * PINNACLE ENTERTAINMENT, INC .................. 51 2,200,075 * SFX ENTERTAINMENT, INC (CLASS A) ............. 99,691 3,452,014 * SIX FLAGS, INC ............................... 78,533 10,000 * SPEEDWAY MOTORSPORTS, INC .................... 230 22,900 STARWOOD HOTELS & RESORTS WORLDWIDE .......... 746 17,200 * STATION CASINOS, INC ......................... 430 4,486 * STEINWAY MUSICAL INSTRUMENTS, INC ............ 74 136 * SUNBURST HOSPITALITY CORP .................... 1 21,600 b* SUNTERRA CORP ................................ 5 2,500 * TRENDWEST RESORTS, INC ....................... 40 8,600 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) ........ 41 3,200 * VAIL RESORTS, INC ............................ 52 55,000 * WESTWOOD ONE, INC ............................ 1,877 62 * WYNDHAM INTERNATIONAL, INC ................... 0 ---------- 188,512 ---------- PUBLISHING--0.08% 25,312 CENTRAL NEWSPAPERS, INC (CLASS A) ............ 1,601 8,620 * CONSOLIDATED GRAPHICS, INC ................... 81 6 DELUXE CORP .................................. 0 24,900 DOW JONES & CO, INC .......................... 1,824 9,140 HARLAND (JOHN H.) CO ......................... 137 7,900 HARTE-HANKS, INC ............................. 198 8,600 HOUGHTON MIFFLIN CO .......................... 402 2,200 * IDG BOOKS WORLDWIDE, INC ..................... 20 4,200 * INFORMATION HOLDINGS, INC .................... 155 22,400 * JOURNAL REGISTER CO .......................... 409 34,356 LEE ENTERPRISES, INC ......................... 801 14,200 MCGRAW HILL COS, INC ......................... 767 2,486 MEDIA GENERAL, INC (CLASS A) ................. 121 11,800 MEREDITH CORP ................................ 398 9,300 NEW ENGLAND BUSINESS SERVICES, INC ........... 151 25 * PAXAR CORP ................................... 0 17,300 PENTON MEDIA, INC ............................ 606 16,300 * PLAYBOY ENTERPRISES, INC (CLASS B) ........... 210 51,839 * PRIMEDIA, INC ................................ 1,179 19,800 * R.H. DONNELLEY CORP .......................... 384 34,256 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) ................................... 1,362 1,900 SCHAWK, INC (CLASS A) ........................ 18 2,200 * SCHOLASTIC CORP .............................. 134 21 STANDARD REGISTER, INC ....................... 0 100 THOMAS NELSON, INC ........................... 1 14,250 TIMES MIRROR CO SERIES A ..................... 1,292 SEE NOTES TO FINANCIAL STATEMENTS 74 o 2000 CREF Semi-Annual Report Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- PUBLISHING--(Continued) 34,400 * TOPPS, INC ................................... $ 396 18 TRIBUNE CO ................................... 1 68 WALLACE COMPUTER SERVICES, INC ............... 1 37,400 WILEY (JOHN) & SONS, INC (CLASS A) ........... 842 77 * WORKFLOW MANAGEMENT, INC ..................... 1 ---------- 13,492 ---------- TOTAL MEDIA AND LEISURE ...................... 947,420 ---------- RETAIL AND WHOLESALE--1.73% GENERAL MERCHANDISE STORES--1.73% 9,633 * 99 CENTS ONLY STORES ......................... 384 10,700 * ACTION PERFORMANCE COS, INC .................. 78 151,192 * AMAZON.COM, INC .............................. 5,490 18,100 * AMES DEPARTMENT STORES, INC .................. 140 24,200 * BARNES & NOBLE, INC .......................... 538 13,900 * BARNESANDNOBLE.COM, INC ...................... 91 200 * BARNETT, INC ................................. 2 12,100 * BJ'S WHOLESALE CLUB, INC ..................... 399 34,060 BLYTH, INC ................................... 1,005 35,200 * BORDERS GROUP, INC ........................... 548 16,000 * BOYDS COLLECTION LTD ......................... 136 19,300 BRADY CORP (CLASS A) ......................... 627 23,500 CALLAWAY GOLF CO ............................. 383 39,741 CASEY'S GENERAL STORES, INC .................. 412 40,420 * CDW COMPUTER CENTERS, INC .................... 2,526 4,300 * COLDWATER CREEK, INC ......................... 130 37,600 * CONSOLIDATED STORES CORP ..................... 451 16,200 * COST PLUS, INC ............................... 465 298,000 * COSTCO WHOLESALE CORP ........................ 9,834 2,500 * DELIA*S, INC ................................. 6 4,700 * DIRECT FOCUS, INC ............................ 230 142,656 DOLLAR GENERAL CORP .......................... 2,782 84,125 * DOLLAR TREE STORES, INC ...................... 3,328 17,000 * E4L, INC ..................................... 14 20,404 * EGGHEAD.COM, INC ............................. 60 6,600 ENESCO GROUP, INC ............................ 31 5,000 * ETOYS, INC ................................... 32 9,900 * FACTORY 2-U STORES, INC ...................... 374 117,800 FAMILY DOLLAR STORES, INC .................... 2,304 22,170 FASTENAL CO .................................. 1,122 1,600 * FATBRAIN.COM, INC ............................ 11 12 * FEDERATED DEPARTMENT STORES, INC ............. 0 2,300 * GENESIS DIRECT, INC .......................... 0 41,700 * HA-LO INDUSTRIES, INC ........................ 235 93,700 * HANOVER DIRECT, INC .......................... 146 30 HARCOURT GENERAL, INC ........................ 2 17,900 * IDENTIX, INC ................................. 281 17,109 * INSIGHT ENTERPRISES, INC ..................... 1,015 4,999 * INTERNATIONAL GAME TECHNOLOGY CO ............. 132 5,082 * ITURF, INC ................................... 15 11,750 * JAKKS PACIFIC, INC ........................... 173 3,800 b* JUMBOSPORTS, INC ............................. 0 244,602 * KOHLS CORP ................................... 13,606 8,900 * LANDS END, INC ............................... 297 98 * LYDALL, INC .................................. 1 368 * MARVEL ENTERPRISES (CLASS A) WTS 10/02/01 .... 0 623 * MARVEL ENTERPRISES (CLASS C) WTS 10/02/02 .... 1 129,873 MATTEL, INC .................................. 1,713 13,600 * MICHAELS STORES, INC ......................... 623 15,700 * NAVARRE CORP ................................. 21 20,932 * NEIMAN MARCUS GROUP, INC (CLASS A) ........... 619 9 * NEIMAN MARCUS GROUP, INC (CLASS B) ........... 0 194,081 * OFFICE DEPOT, INC ............................ 1,213 17,000 * OFFICEMAX, INC ............................... 85 6,600 * PC CONNECTION, INC ........................... 376 86,640 * PETSMART, INC ................................ 292 1,100 * RACING CHAMPIONS CORP ........................ 2 36,557 * SAKS, INC .................................... 384 18,500 * SCHEIN (HENRY), INC .......................... 319 15,900 * SCP POOL CORP ................................ 374 20,800 * SHOP AT HOME, INC ............................ 97 375,765 * STAPLES, INC ................................. 5,777 29,550 * SUNGLASS HUT INTERNATIONAL, INC .............. 243 10,085 * SYSTEMAX, INC ................................ 39 308,355 TARGET CORP .................................. 17,885 45,500 TIFFANY & CO ................................. 3,071 85 * TOYS `R' US, INC ............................. 1 3,600 * TRACTOR SUPPLY CO ............................ 60 3,100 * TUESDAY MORNING CORP ......................... 33 158 * U.S. OFFICE PRODUCTS CO ...................... 0 31,100 * VALUEVISION INTERNATIONAL, INC ............... 746 3,703,520 WAL-MART STORES, INC ......................... 213,415 13,550 * WHITEHALL JEWELLERS, INC ..................... 252 13,256 * WMS INDUSTRIES, INC .......................... 205 4,230 * ZALE CORP .................................... 154 ---------- TOTAL RETAIL AND WHOLESALE ................... 297,836 ---------- TECHNOLOGY--32.95% COMMUNICATIONS EQUIPMENT--3.62% 6,100 * ACT NETWORKS, INC ............................ 93 34,400 * ACTV, INC .................................... 514 27,300 * ADAPTIVE BROADBAND CORP ...................... 1,003 277,893 * ADC TELECOMMUNICATIONS, INC .................. 23,308 17,435 * ADTRAN, INC .................................. 1,044 60,350 * ADVANCED FIBRE COMMUNICATIONS, INC ........... 2,735 1,124,674 * AMERICAN TOWER SYSTEMS (CLASS A) ............. 46,885 20,700 * AMPEX CORP (CLASS A) ......................... 35 23,600 * ANCOR COMMUNICATIONS, INC .................... 844 18,675 * ANDREW CORP .................................. 627 21,800 * ANTEC CORP ................................... 906 29,900 * ASPECT TELECOMMUNICATIONS CORP ............... 1,175 9,400 * BROOKTROUT, INC .............................. 205 7,600 * CARRIER ACCESS CORP .......................... 402 27,500 * C-COR.NET CORP ............................... 743 32,900 b* CELLNET DATA SYSTEMS, INC .................... 2 1,383,600 * CIENA CORP ................................... 230,629 32,133 * COMMSCOPE, INC ............................... 1,317 117,022 * COMVERSE TECHNOLOGY, INC ..................... 10,883 6,300 * COPPER MOUNTAIN NETWORKS, INC ................ 555 55,900 * DIGITAL MICROWAVE CORP ....................... 2,131 75,600 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) ....... 2,503 48,100 * ELOT, INC .................................... 90 4,300 * ESHARE COMMUNICATIONS, INC ................... 30 9,900 b* GEOTEK COMMUNICATIONS, INC ................... 0 50 * GLENAYRE TECHNOLOGIES, INC ................... 1 13,900 * GLOBIX CORP .................................. 407 5,500 HARMON INDUSTRIES, INC ....................... 73 46,446 * HARMONIC LIGHTWAVES, INC ..................... 1,150 4,100 * INET TECHNOLOGIES, INC ....................... 222 43,086 * INTERDIGITAL COMMUNICATIONS CORP ............. 714 824 * INTERLOGIX, INC .............................. 11 16,300 INTER-TEL, INC ............................... 262 24,700 * INTERVOICE-BRITE, INC ........................ 162 26,700 * L-3 COMMUNICATIONS HOLDINGS, INC ............. 1,524 11,300 * METRICOM, INC ................................ 315 660,255 MOTOROLA, INC ................................ 19,189 1,640,200 NOKIA OYJ ADR ................................ 81,907 42,000 * ONI SYSTEMS CORP ............................. 4,923 43,600 * P-COM, INC ................................... 248 13,100 * PLANTRONICS, INC ............................. 1,513 18,800 * POLYCOM, INC ................................. 1,769 35,600 * POWERWAVE TECHNOLOGIES, INC .................. 1,566 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 75 Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- COMMUNICATIONS EQUIPMENT--(Continued) 936,900 * QUALCOMM, INC ................................ $ 56,214 116,900 SCIENTIFIC-ATLANTA, INC ...................... 8,709 10,400 * SCM MICROSYSTEMS, INC ........................ 630 7,900 * SENSORMATIC ELECTRONICS CORP ................. 125 12,517 * SONUS NETWORKS, INC .......................... 1,976 52,556 * SYCAMORE NETWORKS, INC ....................... 5,801 20 * SYMMETRICOM, INC ............................. 1 23,200 * TEKELEC ...................................... 1,118 1,430,076 * TELLABS, INC ................................. 97,871 33,300 * TERAYON COMMUNICATION SYSTEMS, INC ........... 2,139 9,700 * TUT SYSTEMS, INC ............................. 557 30,400 * WEBLINK WIRELESS, INC ........................ 403 13,865 * WESTELL TECHNOLOGIES, INC (CLASS A) .......... 208 49,100 * WORLD ACCESS, INC ............................ 543 12,600 * YOUTHSTREAM MEDIA NETWORKS, INC .............. 75 13,300 * ZIXIT CORP ................................... 613 ---------- 621,598 ---------- COMPUTERS AND OFFICE EQUIPMENT--28.57% 186,627 * 3COM CORP .................................... 10,754 16,000 * 3DFX INTERACTIVE, INC ........................ 125 4,100 * ABOUT.COM, INC ............................... 129 41,350 * ACCLAIM ENTERTAINMENT, INC ................... 59 19,200 * ACTIVISION, INC .............................. 125 21,300 * ACTUATE CORP ................................. 1,137 50,860 * ACXIOM CORP .................................. 1,386 63,600 * ADAPTEC, INC ................................. 1,447 98,660 ADOBE SYSTEMS, INC ........................... 12,826 42,000 * ADVANCED DIGITAL INFORMATION CORP ............ 669 12,400 * ADVANTAGE LEARNING SYSTEMS, INC .............. 191 22,200 * ADVENT SOFTWARE, INC ......................... 1,432 28,527 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) .. 943 11,400 * ALLAIRE CORP ................................. 419 1,883,468 * AMERICA ONLINE, INC .......................... 99,353 36,275 * AMERICAN MANAGEMENT SYSTEMS, INC ............. 1,191 17,600 ANALYSTS INTERNATIONAL CORP .................. 164 15,400 * APEX, INC .................................... 674 16,800 * APPLE COMPUTER, INC .......................... 880 3,000 * APPLIEDTHEORY CORP ........................... 45 7,500 * ASHTON TECHNOLOGY GROUP, INC ................. 21 13,600 * ASPEN TECHNOLOGY, INC ........................ 524 200 * AURA SYSTEMS, INC ............................ 0 17,000 * AUSPEX SYSTEMS, INC .......................... 84 8,300 * AUTOBYTEL.COM, INC ........................... 51 21,420 AUTODESK, INC ................................ 743 516,474 AUTOMATIC DATA PROCESSING, INC ............... 27,664 28,880 * AVANT CORP ................................... 541 29,000 * AVT CORP ..................................... 214 13,500 * AWARE, INC ................................... 690 26,000 * AXENT TECHNOLOGIES, INC ...................... 645 67 * AZTEC TECHNOLOGY PARTNERS, INC ............... 0 11,100 * BARRA, INC ................................... 550 261,200 * BEA SYSTEMS, INC ............................. 12,913 18,164 * BELL & HOWELL CO ............................. 440 19,100 * BEYOND.COM CORP .............................. 26 30,500 * BILLING CONCEPTS CORP ........................ 135 29,500 * BINDVIEW DEVELOPMENT CORP .................... 354 24,850 * BISYS GROUP, INC ............................. 1,528 16,740 * BLACK BOX CORP ............................... 1,325 1,979,923 * BMC SOFTWARE, INC ............................ 72,236 5,700 * BOTTOMLINE TECHNOLOGIES, INC ................. 195 14,800 * BRIO TECHNOLOGY, INC ......................... 314 146,800 * BROADVISION, INC ............................. 7,459 9,800 * BROCADE COMMUNICATIONS SYSTEMS, INC .......... 1,798 22,400 * CABLETRON SYSTEMS, INC ....................... 566 9,300 * CACI INTERNATIONAL, INC (CLASS A) ............ 181 108,400 * CADENCE DESIGN SYSTEMS, INC .................. 2,209 5,200 * CAIS INTERNET, INC ........................... 73 41,500 * CAMBRIDGE TECHNOLOGY PARTNERS, INC ........... 362 17,300 * CCC INFORMATION SERVICES GROUP, INC .......... 184 31,700 * C-CUBE MICROSYSTEMS, INC (NEW) ............... 622 1,344 * CENTENNIAL TECHNOLOGIES, INC ................. 11 1,775,800 * CERIDIAN CORP ................................ 42,730 22,300 * CERNER CORP .................................. 608 36,216 * CIBER, INC ................................... 480 15,205,316 * CISCO SYSTEMS, INC ........................... 966,488 143,580 * CITRIX SYSTEMS, INC .......................... 2,719 40,800 * CNET NETWORKS, INC ........................... 1,002 4,900 * COGNIZANT TECHNOLOGY SOLUTIONS CORP .......... 163 11,100 COMDISCO, INC ................................ 248 3,116,496 COMPAQ COMPUTER CORP ......................... 79,665 18,500 * COMPLETE BUSINESS SOLUTIONS, INC ............. 325 349,236 COMPUTER ASSOCIATES INTERNATIONAL, INC ....... 17,877 25,265 * COMPUTER HORIZONS CORP ....................... 339 18,700 * COMPUTER NETWORK TECHNOLOGY CORP ............. 325 114,418 * COMPUTER SCIENCES CORP ....................... 8,546 11,578 COMPUTER TASK GROUP, INC ..................... 59 257,140 * COMPUWARE CORP ............................... 2,668 1,400 COMPX INTERNATIONAL, INC ..................... 28 45 * COMSHARE, INC ................................ 0 12,900 * CONCORD COMMUNICATIONS, INC .................. 514 11,300 * CONCUR TECHNOLOGIES, INC ..................... 47 41,500 * CONCURRENT COMPUTER CORP ..................... 545 7,020 * CONVERGYS CORP ............................... 364 4,900 * COSTAR GROUP, INC ............................ 123 13,000 * COTELLIGENT, INC ............................. 74 39,500 * CSG SYSTEMS INTERNATIONAL, INC ............... 2,214 15,400 * CYBERCASH, INC ............................... 73 12,750 * CYBEX COMPUTER PRODUCTS CORP ................. 540 25,000 * DATA BROADCASTING CORP ....................... 158 12,800 * DATASTREAM SYSTEMS, INC ...................... 160 4,965,862 * DELL COMPUTER CORP ........................... 244,879 100 * DELTEK SYSTEMS, INC .......................... 1 24,300 * DENDRITE INTERNATIONAL, INC .................. 809 13,000 * DIGITAL RIVER, INC ........................... 100 11,400 * DOCUMENTUM, INC .............................. 1,019 21,500 * DSP GROUP, INC ............................... 1,204 9,800 * DST SYSTEMS, INC ............................. 746 58,934 * EARTHLINK, INC ............................... 910 5,100 * EARTHWEB, INC ................................ 71 15,245 * ECHELON CORP ................................. 883 28,900 * ECLIPSYS CORP ................................ 217 9,000 * EFAX.COM, INC ................................ 11 52,800 * ELECTRONIC ARTS, INC ......................... 3,851 1,003,600 ELECTRONIC DATA SYSTEMS CORP ................. 41,399 40,300 * ELECTRONICS FOR IMAGING, INC ................. 1,020 34,600 * ELOYALTY CORP ................................ 441 6,530,512 * EMC CORP ..................................... 502,441 29,600 * EMULEX CORP .................................. 1,944 8,700 * ENGINEERING ANIMATION, INC ................... 81 15,600 * ENTRUST TECHNOLOGIES, INC .................... 1,291 31,900 * EPICOR SOFTWARE CORP ......................... 80 18,100 * EPRESENCE, INC ............................... 131 9,150 * EXCALIBUR TECHNOLOGIES CORP .................. 365 18,800 * EXCHANGE APPLICATIONS, INC ................... 501 118,328 * EXCITE AT HOME ............................... 2,455 147,200 * EXTREME NETWORKS, INC ........................ 15,530 15,796 FACTSET RESEARCH SYSTEMS, INC ................ 446 25,297 * FILENET CORP ................................. 465 75,661 FIRST DATA CORP .............................. 3,755 100,712 * FISERV, INC .................................. 4,356 19,472 * FISHER SCIENTIFIC INTERNATIONAL, INC ......... 482 SEE NOTES TO FINANCIAL STATEMENTS 76 o 2000 CREF Semi-Annual Report Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- COMPUTERS AND OFFICE EQUIPMENT--(Continued) 104,364 * FOUNDRY NETWORKS, INC ........................ $ 11,480 30 * FRONTLINE CAPITAL GROUP ...................... 1 11,334 * GARTNER GROUP, INC (CLASS B) ................. 112 125,700 * GATEWAY, INC ................................. 7,133 6,100 GERBER SCIENTIFIC, INC ....................... 70 11,300 * GLOBAL IMAGING SYSTEMS, INC .................. 119 40,290 * GO.COM ....................................... 481 19,400 * GO2NET, INC .................................. 976 300 * GRAHAM-FIELD HEALTH PRODUCTS, INC ............ 0 8,500 * GREAT PLAINS SOFTWARE, INC ................... 167 13,900 * GTECH HOLDINGS CORP .......................... 315 81,576 * HANDSPRING, INC .............................. 2,203 40,224 * HEALTHEON/WEBMD CORP ......................... 596 947,426 HEWLETT-PACKARD CO ........................... 118,310 20,140 * HNC SOFTWARE, INC ............................ 1,244 26,490 * HYPERION SOLUTIONS CORP ...................... 859 78,845 * I2 TECHNOLOGIES, INC ......................... 8,221 10,600 * IDX SYSTEMS CORP ............................. 150 27,767 * IGATE CAPITAL CORP ........................... 382 3,400 IKON OFFICE SOLUTIONS, INC ................... 13 15,400 * IMRGLOBAL CORP ............................... 201 244,712 IMS HEALTH, INC .............................. 4,405 1,800 b* INACOM CORP .................................. 0 100 * INDUSTRI-MATEMATIK INTERNATIONAL CORP ........ 1 26,600 * INFOCURE CORP ................................ 150 2,400 * INFOCUS CORP ................................. 77 3,240 * INFOGRAMES, INC .............................. 26 14,000 * INFORMATICA CORP ............................. 1,147 214,850 * INFORMIX CORP ................................ 1,598 94,800 * INFOSPACE.COM, INC ........................... 5,238 19,300 * INFOUSA, INC ................................. 125 23,100 * INGRAM MICRO, INC (CLASS A) .................. 403 63,400 * INKTOMI CORP ................................. 7,497 2,400 * INTERACT COMMERCE CORP ....................... 28 2,978,600 INTERNATIONAL BUSINESS MACHINES CORP ......... 326,343 112,585 * INTUIT, INC .................................. 4,658 220,592 * IOMEGA CORP .................................. 882 21,500 * ISS GROUP, INC ............................... 2,123 12,600 * IVILLAGE, INC ................................ 106 23,900 * J.D. EDWARDS & CO ............................ 360 21,900 JACK HENRY & ASSOCIATES, INC ................. 1,098 7,650 * JDA SOFTWARE GROUP, INC ...................... 147 4,800 * JUNO ONLINE SERVICES, INC .................... 52 45,200 * KEANE, INC ................................... 977 9,300 * KRONOS, INC .................................. 242 34,400 * LANIER WORLDWIDE, INC ........................ 34 27,200 * LEARN2.COM, INC .............................. 54 70,860 * LEGATO SYSTEMS, INC .......................... 1,072 106,402 * LEXMARK INTERNATIONAL, INC ................... 7,156 19,900 * LHS GROUP, INC ............................... 687 70,262 * LYCOS, INC ................................... 3,794 34,800 * MACROMEDIA, INC .............................. 3,365 23,900 * MACROVISION CORP ............................. 1,528 4,200 * MANHATTAN ASSOCIATES, INC .................... 105 9,700 * MANUGISTICS GROUP, INC ....................... 453 12,500 * MAPICS, INC .................................. 72 9,400 * MARIMBA, INC ................................. 131 2,400 * MARKETWATCH.COM, INC ......................... 45 54,400 * MAXTOR CORP .................................. 575 6,300 * MCSI, INC .................................... 163 17,100 * MEDICONSULT.COM, INC ......................... 26 28,400 * MEDQUIST, INC ................................ 966 19,600 * MENTOR GRAPHICS CORP ......................... 390 47 * MERANT PLC ADR ............................... 0 14,300 * MERCATOR SOFTWARE, INC ....................... 983 16,300 * MERCURY COMPUTER SYSTEMS, INC ................ 527 65,100 * MERCURY INTERACTIVE CORP ..................... 6,298 10,000 * METRO INFORMATION SERVICES, INC .............. 100 18,100 * MICROMUSE, INC ............................... 2,995 23,400 * MICRON ELECTRONICS, INC ...................... 293 12,500 * MICROS SYSTEMS, INC .......................... 232 8,341,479 * MICROSOFT CORP ............................... 667,318 65,200 e* MICROSTRATEGY, INC ........................... 1,956 19,900 * MIDWAY GAMES, INC ............................ 160 29,400 * MIPS TECHNOLOGIES, INC ....................... 1,250 1 * MOMENTUM BUSINESS APPLICATIONS, INC .......... 0 25,400 * MTI TECHNOLOGY CORP .......................... 203 11,600 * MULTEX.COM, INC .............................. 292 26,300 NATIONAL COMPUTER SYSTEMS, INC ............... 1,295 22,400 NATIONAL DATA CORP ........................... 515 19,350 * NATIONAL INSTRUMENTS CORP .................... 844 10,100 * NCO GROUP, INC ............................... 234 4,700 * NEON SYSTEMS, INC ............................ 88 9,400 * NET PERCEPTIONS, INC ......................... 149 5,000 * NETOBJECTS, INC .............................. 46 6,100 * NETOPIA, INC ................................. 246 224,500 * NETWORK APPLIANCE, INC ....................... 18,072 1,600 * NETWORK EQUIPMENT TECHNOLOGIES, INC .......... 16 8,100 * NETWORK PERIPHERALS, INC ..................... 136 62,194 * NETWORKS ASSOCIATES, INC ..................... 1,267 20,500 * NEW ERA OF NETWORKS, INC ..................... 871 270,050 * NOVELL, INC .................................. 2,498 11,100 * OMEGA RESEARCH, INC .......................... 33 13,800 * ONEMAIN.COM, INC ............................. 155 16,300 * ONHEALTH NETWORK CO .......................... 38 9,700 * ONYX SOFTWARE CORP ........................... 288 28,600 * OPEN MARKET, INC ............................. 395 8,673,266 * ORACLE CORP .................................. 729,096 12,371 OWENS & MINOR, INC ........................... 213 226,234 * PARAMETRIC TECHNOLOGY CORP ................... 2,489 18,700 * PATTERSON DENTAL CO .......................... 954 270,782 PAYCHEX, INC ................................. 11,373 2,600 * PCORDER.COM, INC ............................. 20 3,700 * PEGASYSTEMS, INC ............................. 19 173,840 * PEOPLESOFT, INC .............................. 2,912 23,266 * PER SE TECHNOLOGIES, INC ..................... 218 69,912 * PEREGRINE SYSTEMS, INC ....................... 2,425 41,700 * PEROT SYSTEMS CORP (CLASS A) ................. 459 12,200 * PERVASIVE SOFTWARE, INC ...................... 69 7,500 * PHOENIX TECHNOLOGIES LTD ..................... 122 2,400 f* PHYSICIAN COMPUTER NETWORK, INC .............. 0 196,303 PITNEY BOWES, INC ............................ 7,852 27,355 * POLICY MANAGEMENT SYSTEMS CORP ............... 421 10,400 * PORTAL SOFTWARE, INC ......................... 664 29,100 * PRICELINE.COM, INC ........................... 1,105 31,572 f* PROCURENET, INC .............................. 5 12,035 * PRODIGY COMMUNICATIONS CORP (CLASS A) ........ 126 25,500 * PROGRESS SOFTWARE CORP ....................... 457 10,400 * PROJECT SOFTWARE & DEVELOPMENT, INC .......... 187 13,600 * PROXICOM, INC ................................ 651 10,100 * PROXIM, INC .................................. 1,000 14,400 * PROXYMED, INC ................................ 24 116,086 * PSINET, INC .................................. 2,917 49,725 * PSS WORLD MEDICAL, INC ....................... 334 14,500 * PUBLICARD, INC ............................... 48 9,600 * QRS CORP ..................................... 236 15,300 * QUADRAMED CORP ............................... 38 17,000 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP ..... 165 40,350 * QUANTUM CORP-HARD DISK DRIVE GROUP ........... 446 13,250 * RADIANT SYSTEMS, INC ......................... 318 7,900 * RADISYS CORP ................................. 448 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 77 Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- COMPUTERS AND OFFICE EQUIPMENT--(Continued) 60 * RAMTRON INTERNATIONAL CORP ................... $ 1 32,000 * RARE MEDIUM GROUP, INC ....................... 588 74,329 * RATIONAL SOFTWARE CORP ....................... 6,908 12,800 * RAZORFISH, INC ............................... 206 54,900 * REALNETWORKS, INC ............................ 2,776 20,680 * REMEDY CORP .................................. 1,153 30,000 * RSA SECURITY, INC ............................ 2,078 105,184 SABRE HOLDINGS CORP .......................... 2,998 10,700 * SAFEGUARD SCIENTIFICS, INC ................... 343 22,900 * SAGA SYSTEMS, INC ............................ 285 11,800 * SAGENT TECHNOLOGY, INC ....................... 168 10,100 * SANCHEZ COMPUTER ASSOCIATES, INC ............. 240 41,700 * SANDISK CORP ................................. 2,552 14,100 * SANTA CRUZ OPERATION, INC .................... 90 22,300 * SAPIENT CORP ................................. 2,385 4,400 * SCIENT CORP .................................. 194 54,379 * SEAGATE TECHNOLOGY, INC ...................... 2,991 30,100 SEI INVESTMENTS CO ........................... 1,198 11,250 * SERENA SOFTWARE, INC ......................... 511 14,907 SHARED MEDICAL SYSTEMS CORP .................. 1,087 624,496 * SIEBEL SYSTEMS, INC .......................... 102,144 21,300 * SOFTNET SYSTEMS, INC ......................... 205 7,100 * SOURCE INFORMATION MANAGEMENT CO ............. 108 10,100 * SOURCE MEDIA, INC ............................ 39 14,400 * SPORTSLINE.COM, INC .......................... 246 6,200 * SPSS, INC .................................... 181 13,300 * SPYGLASS, INC ................................ 416 9,500 * SS&C TECHNOLOGIES, INC ....................... 40 3,800 * STARMEDIA NETWORK, INC ....................... 72 25,840 * STRUCTURAL DYNAMICS RESEARCH CORP ............ 389 3,222,920 * SUN MICROSYSTEMS, INC ........................ 293,084 92,900 * SUNGARD DATA SYSTEMS, INC .................... 2,880 3,100 * SUNQUEST INFORMATION SYSTEMS, INC ............ 33 18,700 * SVI HOLDINGS, INC ............................ 96 10,800 * SYBASE, INC .................................. 248 17,000 * SYKES ENTERPRISES, INC ....................... 219 38,743 * SYMANTEC CORP ................................ 2,090 112,347 SYMBOL TECHNOLOGIES, INC ..................... 6,067 47,702 * SYNOPSYS, INC ................................ 1,649 9,000 * SYNTEL, INC .................................. 90 25,600 * SYSTEMS & COMPUTER TECHNOLOGY CORP ........... 512 200 * TCSI CORP .................................... 0 14,971 * TECH DATA CORP ............................... 652 33,900 * TECHNOLOGY SOLUTIONS CO ...................... 210 3,400 * TENFOLD CORP ................................. 56 6,000 * THESTREET.COM, INC ........................... 35 14,800 * THQ, INC ..................................... 180 11,600 * TICKETMASTER ONLINE-CITYSEARCH, INC .......... 185 28,700 TOTAL SYSTEM SERVICES, INC ................... 456 13,100 * TOWNE SERVICES, INC .......................... 12 14,500 * TRACK DATA CORP .............................. 19 26,220 * TRANSACTION SYSTEMS ARCHITECTS, INC .......... 449 30,200 * TYLER TECHNOLOGIES, INC ...................... 77 93,641 * ULTICOM, INC ................................. 2,249 5,500 * UNIGRAPHICS SOLUTIONS, INC ................... 107 256,300 * UNISYS CORP .................................. 3,732 18,750 * USINTERNETWORKING, INC ....................... 383 56,100 * VERIO, INC ................................... 3,113 96,987 * VERISIGN, INC ................................ 17,118 1,158,250 * VERITAS SOFTWARE CORP ........................ 130,900 25,400 * VERITY, INC .................................. 965 68,800 * VIGNETTE CORP ................................ 3,579 20,000 * VISUAL NETWORKS, INC ......................... 570 25,100 * WAVE SYSTEMS CORP (CLASS A) .................. 397 10,800 * WEBTRENDS CORP ............................... 418 56,400 * WESTERN DIGITAL CORP ......................... 282 47,331 * WIND RIVER SYSTEMS, INC ...................... 1,793 21,400 * XIRCOM, INC .................................. 1,017 472,348 * YAHOO, INC ................................... 58,512 19,000 * ZEBRA TECHNOLOGIES CORP ...................... 842 270 f ZEBRA TECHNOLOGIES CORP (CLASS B) ............ 12 10,600 * ZIFF-DAVIS, INC -ZDNET ....................... 95 ---------- 4,906,484 ---------- TECHNOLOGY--0.59% 138,400 * BEST BUY CO, INC ............................. 8,754 13,177 * CDNOW, INC ................................... 41 124,500 CIRCUIT CITY STORES-CIRCUIT CITY GROUP ....... 4,132 8,300 * CYBERIAN OUTPOST, INC ........................ 40 3,300 * ELECTRONICS BOUTIQUE HOLDINGS CORP ........... 54 16,100 * GUITAR CENTER, INC ........................... 169 4,100 * IDEAMALL, INC ................................ 20 10,800 * INTERTAN, INC ................................ 127 30,117 * MUSICLAND STORES CORP ........................ 224 1,836,616 RADIOSHACK CORP .............................. 87,010 21,700 * TRANS WORLD ENTERTAINMENT CORP ............... 263 9,700 * TWEETER HOME ENTERTAINMENT GROUP, INC ........ 295 ---------- 101,129 ----------- INSTRUMENTS AND RELATED PRODUCTS--0.17% 8,500 * ANACOMP, INC ................................. 26 13,250 * AVID TECHNOLOGIES, INC ....................... 159 400 * CHYRON CORP .................................. 1 23,600 * CYMER, INC ................................... 1,127 31,600 * PINNACLE SYSTEMS, INC ........................ 711 17,400 * TRIMBLE NAVIGATION LTD ....................... 849 1,289,038 XEROX CORP ................................... 26,748 ---------- 29,621 ---------- TOTAL TECHNOLOGY ............................. 5,658,832 ---------- TRANSPORTATION--2.22% AEROSPACE AND DEFENSE--0.02% 7,100 * ALLIANT TECHSYSTEMS, INC ..................... 479 40,059 GENERAL DYNAMICS CORP ........................ 2,093 22,200 NEWPORT NEWS SHIPBUILDING, INC ............... 816 20,300 * ORBITAL SCIENCES CORP ........................ 247 4,700 * TELEDYNE TECHNOLOGIES, INC ................... 79 ---------- 3,714 ---------- AIR TRANSPORTATION--0.62% 35,900 * AIRTRAN HOLDINGS, INC ........................ 149 1,200 * AMTRAN, INC .................................. 15 8,300 * ATLANTIC COAST AIRLINES HOLDINGS ............. 264 15,200 * ATLAS AIR, INC ............................... 545 23,400 * BE AEROSPACE, INC ............................ 161 82,930 BOEING CO .................................... 3,468 11,800 * EGL, INC ..................................... 363 5,500 * FRONTIER AIRLINES, INC ....................... 79 2,500 HEICO CORP ................................... 36 3,300 * KELLSTROM INDUSTRIES, INC .................... 15 50 * MESA AIR GROUP, INC .......................... 0 7,600 * MESABA HOLDINGS, INC ......................... 73 6,255 * MIDWEST EXPRESS HOLDINGS, INC ................ 134 12,900 SKYWEST, INC ................................. 478 9,400 TEXTRON, INC ................................. 511 4,655 * TRIUMPH GROUP, INC ........................... 130 1,690,753 UNITED TECHNOLOGIES CORP ..................... 99,543 ---------- 105,964 ---------- AUTOS, TIRES AND RELATED PRODUCTS--1.29% 6,100 * AFTERMARKET TECHNOLOGY CORP .................. 52 2,500 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC .. 35 127,900 * AUTONATION, INC .............................. 903 SEE NOTES TO FINANCIAL STATEMENTS 78 o 2000 CREF Semi-Annual Report Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- AUTOS, TIRES AND RELATED PRODUCTS--(Continued) 3,600 * AUTOWEB.COM, INC ............................. $ 8 35,342 * AUTOZONE, INC ................................ 778 6,381 * AVIS GROUP HOLDINGS, INC ..................... 120 9,200 CENTRAL PARKING CORP ......................... 218 28,800 * COPART, INC .................................. 461 13,799 * CSK AUTO CORP ................................ 104 77,204 DANAHER CORP ................................. 3,817 4,700 * DELCO REMY INTERNATIONAL, INC (CLASS A) ...... 39 6,100 * DURA AUTOMOTIVE SYSTEMS, INC ................. 66 34,700 FEDERAL SIGNAL CORP .......................... 573 4,000 FLEETWOOD ENTERPRISES, INC ................... 57 1,047,500 * GENERAL MOTORS CORP (CLASS H) ................ 91,918 1,700 GENTEK, INC .................................. 19 60,200 * GENTEX CORP .................................. 1,513 12,800 * GROUP 1 AUTOMOTIVE, INC ...................... 154 1,793,820 HARLEY DAVIDSON, INC ......................... 69,062 14,500 * HAYES LEMMERZ INTERNATIONAL, INC ............. 175 8,000 HERTZ CORP (CLASS A) ......................... 225 1,386,586 HONEYWELL INTERNATIONAL, INC ................. 46,711 7,200 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC .......... 50 6,800 * KROLL-OGARA CO ............................... 45 3,000 * LITHIA MOTORS, INC (CLASS A) ................. 40 5,474 MASCOTECH, INC ............................... 59 13,944 MERITOR AUTOMOTIVE, INC ...................... 153 12,066 MIDAS, INC ................................... 241 13,200 * MILLER INDUSTRIES, INC ....................... 24 4,600 MODINE MANUFACTURING CO ...................... 124 12,300 * MONACO COACH CORP ............................ 168 10,100 * NATIONAL R.V. HOLDINGS, INC .................. 106 25,900 * OREILLY AUTOMOTIVE, INC ...................... 359 10,100 OSHKOSH TRUCK CORP ........................... 361 20,000 * SPX CORP ..................................... 2,419 3,624 THOR INDUSTRIES, INC ......................... 76 10,900 WINNEBAGO INDUSTRIES, INC .................... 142 9,600 WYNNS INTERNATIONAL, INC ..................... 218 ---------- 221,593 ---------- RAILROADS--0.05% 800 FLORIDA EAST COAST INDUSTRIES, INC ........... 32 91,682 KANSAS CITY SOUTHERN INDUSTRIES, INC ......... 8,131 7,578 WABTEC CORP .................................. 79 7,750 * WISCONSIN CENTRAL TRANSIT CORP ............... 101 ---------- 8,343 ---------- TRUCKING AND RELATED SERVICES--0.04% 100 * AMBASSADORS INTERNATIONAL, INC ............... 2 13,900 * AMERICAN FREIGHTWAYS CORP .................... 202 30,900 C.H. ROBINSON WORLDWIDE, INC ................. 1,530 5,100 * CAREY INTERNATIONAL, INC ..................... 71 6,900 * CHEAP TICKETS, INC ........................... 83 2,000 * COVENANT TRANSPORT, INC (CLASS A) ............ 16 500 * DISPATCH MANAGEMENT SERVICES CORP ............ 1 39,000 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC .. 1,853 11,200 * FORWARD AIR CORP ............................. 448 37,916 GALILEO INTERNATIONAL, INC ................... 791 4,600 * HEARTLAND EXPRESS, INC ....................... 77 26,480 * IRON MOUNTAIN, INC ........................... 900 3,000 * KNIGHT TRANSPORTATION, INC ................... 44 3,800 * LANDSTAR SYSTEM, INC ......................... 226 2,900 * M.S. CARRIERS, INC ........................... 51 83 * NAVIGANT INTERNATIONAL, INC .................. 1 14,955 POLARIS INDUSTRIES, INC ...................... 479 27,975 * SWIFT TRANSPORTATION CO, INC ................. 392 14,300 * TRAVELOCITY.COM, INC ......................... 234 ---------- 7,401 ---------- WATER TRANSPORTATION--0.20% 9,200 * AMERICAN CLASSIC VOYAGES CO .................. 190 1,695,976 CARNIVAL CORP (CLASS A) ...................... 33,072 16,200 * KIRBY CORP ................................... 344 34 * TRICO MARINE SERVICES, INC ................... 0 ---------- 33,606 ---------- TOTAL TRANSPORTATION ......................... 380,621 ---------- UTILITIES--7.08% TELEPHONE--6.84% 13,700 * ADELPHIA BUSINESS SOLUTIONS, INC ............. 318 20,400 * ADVANCED RADIO TELECOM CORP .................. 298 88,900 * ALLEGIANCE TELECOM, INC ...................... 5,690 93,395 ALLTEL CORP .................................. 5,785 66 * ARCH COMMUNICATIONS GROUP, INC ............... 0 345 * ARCH COMMUNICATIONS GROUP, INC WTS 09/01/03 .. 0 48 AT & T CORP .................................. 2 7,051,214 * AT & T CORP-LIBERTY MEDIA GROUP (CLASS A) .... 170,992 909,149 BROADWING, INC ............................... 23,581 26,500 * CAPROCK COMMUNICATIONS CORP .................. 517 11,000 CFW COMMUNICATIONS CO ........................ 413 13,800 * COM21, INC ................................... 345 7,733 * COMMONWEALTH TELEPHONE ENTERPRISES, INC ...... 364 6,100 * COMSAT CORP .................................. 143 94,500 * COVAD COMMUNICATIONS GROUP, INC .............. 1,524 41,300 * E.SPIRE COMMUNICATIONS, INC .................. 279 6,700 * ELECTRIC LIGHTWAVE, INC (CLASS A) ............ 125 6,281,400 ERICSSON TELEFON (LM) SERIES B ADR ........... 125,628 340,100 * EXODUS COMMUNICATIONS, INC ................... 15,666 32,001 * GLOBAL CROSSING LTD .......................... 842 160,200 GLOBAL TELESYSTEMS, INC ...................... 1,932 39,098 * ICG COMMUNICATIONS, INC ...................... 863 16,100 * IDT CORP ..................................... 546 39,900 * INTERMEDIA COMMUNICATIONS, INC ............... 1,187 21,800 * INTERNATIONAL FIBERCOM, INC .................. 556 10,900 * INTRAWARE, INC ............................... 175 39,800 * ITC DELTACOM, INC ............................ 888 1,400 * LATITUDE COMMUNICATIONS, INC ................. 16 6,900 * LAUNCH MEDIA, INC ............................ 64 18,950 * LEAP WIRELESS INTERNATIONAL, INC ............. 891 236,700 * LEVEL 3 COMMUNICATIONS, INC .................. 20,830 38,200 * LIBERTY DIGITAL, INC (CLASS A) ............... 1,146 6,516,786 LUCENT TECHNOLOGIES, INC ..................... 386,120 334,100 * MCLEODUSA, INC (CLASS A) ..................... 6,912 104,964 * MEDIA ONE GROUP, INC ......................... 6,993 180,034 * METROMEDIA FIBER NETWORK, INC (CLASS A) ...... 7,145 21,900 * MGC COMMUNICATIONS, INC ...................... 1,313 13,600 * MOTIENT CORP ................................. 213 1,105,400 * NEXTEL COMMUNICATIONS, INC (CLASS A) ......... 67,637 175,788 * NEXTLINK COMMUNICATIONS, INC ................. 6,669 5,700 NORTH PITTSBURGH SYSTEMS, INC ................ 84 3,700 * NORTHEAST OPTIC NETWORK, INC ................. 228 10,800 * NORTHPOINT COMMUNICATIONS GROUP, INC ......... 121 113,394 * NTL, INC ..................................... 6,789 10,900 * PACIFIC GATEWAY EXCHANGE, INC ................ 37 68,100 * PAGING NETWORK, INC .......................... 49 21,000 * POWERTEL, INC ................................ 1,490 23,100 * PRIMUS TELECOMMUNICATIONS GROUP, INC ......... 575 27,600 * PTEK HOLDINGS, INC ........................... 90 100,936 * QWEST COMMUNICATIONS INTERNATIONAL, INC ...... 5,015 427,000 * RCN CORP ..................................... 10,835 46,400 * RHYTHMS NETCONNECTIONS, INC .................. 583 1,608,095 SBC COMMUNICATIONS, INC ...................... 69,550 82 * SPECTRASITE HOLDINGS, INC .................... 2 26,100 * SPRINT CORP (PCS GROUP) ...................... 1,553 29,800 * STAR TELECOMMUNICATIONS, INC ................. 75 29,200 * TALK.COM, INC ................................ 170 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 79 Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) - ----------- ---------- TELEPHONE--(Continued) 19,500 * TELIGENT, INC ................................ $ 461 8,100 * TIME WARNER TELECOM, INC ..................... 521 5,600 * U.S. CELLULAR CORP ........................... 353 8,000 * U.S. LEC CORP (CLASS A) ...................... 136 180,700 U.S. WEST, INC ............................... 15,495 900,090 * VIATEL, INC .................................. 25,709 80,256 * VOICESTREAM WIRELESS CORP .................... 9,334 37,300 * WESTERN WIRELESS CORP (CLASS A) .............. 2,033 37,400 * WINSTAR COMMUNICATIONS, INC .................. 1,267 3,426,080 * WORLDCOM, INC ................................ 157,171 7,600 * WORLDGATE COMMUNICATIONS, INC ................ 135 20,400 * WORLDPAGES.COM, INC .......................... 122 12,000 * WORLDPORT COMMUNICATIONS, INC ................ 29 ---------- 1,174,620 ---------- ELECTRIC, GAS AND OTHER--0.24% 239,436 * AES CORP ..................................... 10,895 109,430 * ALLIED WASTE INDUSTRIES, INC ................. 1,094 14,600 BLACK HILLS CORP ............................. 329 100 * CALIFORNIA WATER SERVICE GROUP ............... 2 74,700 * CALPINE CORP ................................. 4,912 11,800 * CASELLA WASTE SYSTEMS, INC (CLASS A) ......... 127 6,045 DYNEGY, INC .................................. 413 2,700 EASTERN ENTERPRISES CO ....................... 170 3,200 MDU RESOURCES GROUP, INC ..................... 69 7,200 b* MOLTEN METAL TECHNOLOGY, INC ................. 0 52,800 * NEWPARK RESOURCES, INC ....................... 498 10,600 OGDEN CORP ................................... 95 1,600 OTTER TAIL POWER CO .......................... 34 1,300 PHILADELPHIA SUBURBAN CORP ................... 27 29,700 * REPUBLIC SERVICES, INC (CLASS A) ............. 475 11,655 * SOUTHERN UNION CO ............................ 184 10,400 * STERICYCLE, INC .............................. 250 12,700 * WASTE CONNECTIONS, INC ....................... 251 2,200 WASTE INDUSTRIES, INC ........................ 24 496,944 WASTE MANAGEMENT, INC ........................ 9,442 270,730 WILLIAMS COS, INC ............................ 11,285 ---------- 40,576 ---------- TOTAL UTILITIES .............................. 1,215,196 ---------- TOTAL COMMON STOCK (Cost $12,372,653) ......................... 16,971,268 ----------- PRINCIPAL ----------- SHORT TERM INVESTMENTS--1.27% BANK NOTES--0.08% BANK OF AMERICA $13,000,000 d 6.440%, 10/12/00 ........................... 12,984 ----------- CERTIFICATES OF DEPOSIT--0.15% ROYAL BANK OF CANADA 26,000,000 d 6.450%, 01/05/01 ........................... 25,904 ----------- COMMERCIAL PAPER--0.59% AMERICAN TELEPHONE & TELEGRAPH CO 13,000,000 d 6.560%, 07/11/00 ........................... 12,974 ASSET SECURITIZATION COOP CORP 10,000,000 c 6.570%, 08/21/00 ........................... 9,905 BETA FINANCE, INC 2,715,000 c 6.570%, 07/17/00 ........................... 2,707 CAMPBELL SOUP CO 4,615,000 6.540%, 07/10/00 .......................... 4,606 EQUILON ENTERPRISES LLC 10,000,000 d 6.520%, 07/24/00 .......................... 9,956 HOUSTON INDUSTRIES FINANCECO LP 13,000,000 c 7.000%, 07/13/00 .......................... 12,967 IBM CREDIT CORP 13,025,000 6.500%, 07/06/00 .......................... 13,010 PARK AVENUE RECEIVABLES CORP 10,000,000 c 6.850%, 07/07/00 .......................... 9,987 PUBLIC SERVICE CO OF COLORADO 13,000,000 6.800%, 07/18/00 .......................... 12,955 RECEIVABLES CAPITAL CORP 13,000,000 c,d 6.560%, 07/12/00 .......................... 12,971 ----------- 102,038 ----------- U.S. GOVERNMENT AND AGENCIES--0.45% FEDERAL HOME LOAN BANK (FHLB) 294,000 6.480%, 07/03/00 .......................... 294 13,630,000 6.440%, 07/21/00 .......................... 13,578 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 20,615,000 6.360%, 07/05/00 .......................... 20,597 11,975,000 d 6.410%, 07/18/00 .......................... 11,936 28,785,000 6.460%, 07/25/00 .......................... 28,655 2,235,000 6.440%, 08/02/00 .......................... 2,222 ---------- 77,282 ---------- TOTAL SHORT TERM INVESTMENTS (Cost $218,351) .............................. 218,208 ----------- TOTAL PORTFOLIO--100.10% (Cost $12,591,198) ........................... 17,189,688 OTHER ASSETS & LIABILITIES, NET--(0.10%) (17,842) ----------- NET ASSETS--100.00% .............................. $17,171,846 =========== - ---------- * Non-income producing a Affiliated holding b In bankruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. d All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts. e All or a portion of this security is out on loan. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At June 30, 2000, the value of these securities amounted to $16,724 or 0.00% of net assets. Additional information on each restricted security is as follows: ACQUISITION ACQUISITION SECURITY DATE COST - ---------- ------------- ------------- PHYSICIAN COMPUTER NETWORK, INC 12/27/95 $17,985 PROCURENET, INC 04/19/99 4,068 ZEBRA TECHNOLOGIES CORP (CLASS B) 10/29/98 8,133 ------- $30,186 ======= SEE NOTES TO FINANCIAL STATEMENTS 80 o 2000 CREF Semi-Annual Report Statement of Investments - GROWTH ACCOUNT (Unaudited) - June 30, 2000 - --------------------------------------------------------------------------------
TRANSACTIONS WITH AFFILIATED COMPANIES (Unaudited) - January 1, 2000--June 30, 2000 VALUE AT SALES REALIZED DIVIDEND SHARES AT VALUE AT ISSUE DECEMBER 31, 1999 PURCHASE COST PROCEEDS GAIN (LOSS) INCOME JUNE 30, 2000 JUNE 30, 2000 ----- ----------------- ------------- -------- ----------- -------- ------------- ------------- GUILFORD PHARMACEUTICALS, INC $23,665,700 $ 373,425 $351,612 $(96,127) -- 1,380,200 $20,789,263 ----------- --------- -------- ------- -------- ----------- TOTAL AFFILIATED TRANSACTIONS $23,665,700 $ 373,425 $351,612 ($96,127) $0 $20,789,263 =========== ========== ======== ======= ========= ===========
SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 81 Statements of Assets and Liabilities (Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------------- JUNE 30, 2000 Stock Global Equities Growth (amounts in thousands, except per accumulation unit amounts) Account Account Account - ----------------------------------------------------------------------------------------------------------------------------------- ASSETS Portfolio investments, at cost $ 78,109,006 $8,105,810 $12,591,198 Net unrealized appreciation of portfolio investments 55,910,680 1,538,499 4,598,490 ------------ ---------- ----------- Portfolio investments, at value 134,019,686 9,644,309 17,189,688 Cash 265,215 43,883 1,002 Dividends and interest receivable 107,938 5,315 5,332 Receivable from securities transactions 269,649 160,619 20,746 Amounts due from TIAA -- 9,138 24,054 Other 138,442 1,601 2,287 ------------ ---------- ----------- TOTAL ASSETS 134,800,930 9,864,865 17,243,109 ------------ ---------- ----------- LIABILITIES Deposits for securities loaned-Note 4 1,510,532 107,170 2,040 Payable for securities transactions 201,964 78,132 69,223 Amounts due to TIAA 103,921 -- -- ------------ ---------- ----------- TOTAL LIABILITIES 1,816,417 185,302 71,263 ------------ ---------- ----------- NET ASSETS Accumulation Fund 109,869,513 9,350,451 16,693,794 Annuity Fund 23,115,000 329,112 478,052 ------------ ---------- ----------- TOTAL NET ASSETS $132,984,513 $9,679,563 $17,171,846 ============ ========== =========== THOUSANDS OF ACCUMULATION UNITS OUTSTANDING--NOTES 5 AND 6 533,107 99,909 155,841 ============ ========== =========== NET ASSET VALUE, PER ACCUMULATION UNIT--NOTE 5 $206.09 $93.59 $107.12 ============ ========== =========== See Notes to Financial Statements - ----------------------------------------------------------------------------------------------------------------------------------- Statements of Operations (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- Six Moths Ended June 30, 2000 Stock Global Equities Growth (AMOUNTS IN THOUSANDS) Account Account Account - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Income: Interest $ 65,793 $ 4,856 $ 11,686 Dividends 770,922 47,581 29,040 ------------ ---------- ----------- TOTAL INCOME 836,715 52,437 40,726 ------------ ---------- ----------- Expenses--Note 3: Investment 54,207 6,790 7,205 Operating 150,485 10,868 17,232 ------------ ---------- ----------- TOTAL EXPENSES 204,692 17,658 24,437 ------------ ---------- ----------- Investment income-net 632,023 34,779 16,289 ------------ ---------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS--NOTE 4 NET REALIZED GAIN (LOSS) ON: Portfolio investments 4,569,597 878,687 363,053 Futures transactions (32,884) 7,240 (7,086) Foreign currency transactions (8,896) (5,142) 4 ------------ ---------- ----------- NET REALIZED GAIN 4,527,817 880,785 355,971 ------------ ---------- ----------- NET CHANGE IN UNREALIZED APPRECIATION ON: Portfolio investments (5,079,610) (1,224,175) 681,245 Futures transactions (119,499) (16,034) (22,636) Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies 1,296 759 -- ------------ ---------- ----------- NET CHANGE IN UNREALIZED APPRECIATION (5,197,813) (1,239,450) 658,609 ------------ ---------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS (669,996) (358,665) 1,014,580 ------------ ---------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (37,973) $ (323,886) $ 1,030,869 ============ ========== ===========
See Notes to Financial Statements 82 o 2000 CREF Semi-Annual Report Statements of Changes in Net Assets
- ----------------------------------------------------------------------------------------------------------------------------------- (amounts in thousands) Stock Global Equities Growth Account Account Account ---------------------------- -------------------------- -------------------------- Six Months Year Ended Six Months Year Ended Six Months Year Ended Ended December 31, Ended December 31, Ended December 31, June 30, 2000 1999 June 30, 2000 1999 June 30, 2000 1999 ------------- ------------ ------------- ----------- ------------- ----------- (Unaudited) (Unaudited) (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- FROM OPERATIONS Investment income-net $ 632,023 $ 1,313,837 $ 34,779 $ 57,088 $ 16,289 $ 38,416 Net realized gain on total investments 4,527,817 13,615,617 880,785 658,584 355,971 849,924 Net change in unrealized appreciation on total investments (5,197,813) 9,385,791 (1,239,450) 1,586,719 658,609 2,207,795 ------------ ------------ ---------- ---------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (37,973) 24,315,245 (323,886) 2,302,391 1,030,869 3,096,135 ------------ ------------ ---------- ---------- ----------- ----------- FROM PARTICIPANT TRANSACTIONS Premiums 1,513,421 2,923,099 395,885 588,294 795,331 1,218,001 ------------ ------------ ---------- ---------- ----------- ----------- Disbursements and transfers: Net transfers to (from) TIAA 240,507 824,793 (71,868) (47,905) (155,492) (143,065) Net transfers to (from) other CREF Accounts 1,675,372 2,880,467 (702,430) (148,605) (1,900,665) (1,720,316) Annuity payments 1,086,263 2,038,160 16,414 28,055 25,218 32,772 Withdrawals and death benefits 1,222,134 2,132,893 123,759 136,630 255,764 235,247 ------------ ------------ ---------- ---------- ----------- ----------- TOTAL DISBURSEMENTS AND TRANSFERS, NET 4,224,276 7,876,313 (634,125) (31,825) (1,775,175) (1,595,362) ------------ ------------ ---------- ---------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS (2,710,855) (4,953,214) 1,030,010 620,119 2,570,506 2,813,363 ------------ ------------ ---------- ---------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS (2,748,828) 19,362,031 706,124 2,922,510 3,601,375 5,909,498 NET ASSETS Beginning of year 135,733,341 116,371,310 8,973,439 6,050,929 13,570,471 7,660,973 ------------ ------------ ---------- ---------- ----------- ----------- End of period $132,984,513 $135,733,341 $9,679,563 $8,973,439 $17,171,846 $13,570,471 ============ ============ ========== ========== =========== ===========
See Notes to Financial Statements - -------------------------------------------------------------------------------- Notes to Financial Statements (Unaudited) NOTE 1--ORGANIZATION - -------------------------------------------------------------------------------- College Retirement Equities Fund ("CREF") was formed to aid and strengthen nonprofit educational and research organizations by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940 as an open-end, diversified management investment company. It consists of eight investment portfolios ("Accounts"). The accompanying financial statements are those of the Stock, Global Equities and Growth Accounts. The five other investment portfolios of CREF, which are not included in these financial statements, are the Money Market, Bond Market, Inflation-Linked Bond, Social Choice and Equity Index Accounts. TIAA-CREF Investment Management, LLC ("Investment Management"), a subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), a companion organization, is registered with the Commission as an investment adviser and provides investment advisory services for the CREF Accounts pursuant to an Investment Management Services Agreement with CREF. TIAA-CREF Individual & Institutional Services, Inc. ("Services"), a subsidiary of TIAA, which is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc., provides administrative services for the CREF Accounts and performs distribution functions for CREF's certificates pursuant to a Principal Underwriting and Administrative Services Agreement with CREF. TIAA provides guarantees for the CREF Accounts for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. NOTE 2--SIGNIFICANT ACCOUNTING POLICIES - -------------------------------------------------------------------------------- The preparation of financial statements may require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts, which are in conformity with accounting principles generally accepted in the United States. VALUATION OF INVESTMENTS Securities listed or traded on any United States national securities exchange are valued at the last sale price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the last sale price, or at the mean of the last bid and asked 2000 CREF Semi-Annual Report o 83 NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- NOTE 2--SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) - -------------------------------------------------------------------------------- prices if no sale is reported. All other over-the-counter securities are valued at the mean of the last bid and asked prices, except for bonds which are valued at the most recent bid price or the equivalent quoted yield of such bonds. Short-term money market instruments are stated at market value. Foreign investments are valued at the closing price in the principal market where they are traded; local currencies are converted into U.S. dollars as described below under Foreign Currency Transactions and Translation. Stock index futures and options which are traded on commodities exchanges are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. ACCOUNTING FOR INVESTMENTS Securities transactions are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned and, for short-term money market instruments, includes accrual of discount and amortization of premium. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon as the Accounts are informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the average cost basis. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION The records of the Accounts are maintained in U.S. dollars. Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. FORWARD FOREIGN CURRENCY CONTRACTS The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to-market" at the end of each day's trading. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon maturity or if the counterparties do not perform in accordance with contractual provisions. SECURITIES LENDING The Accounts may lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. COVERED CALL OPTIONS WRITTEN The Accounts may write (sell) covered call options to provide protection against adverse movements in the price of securities in the portfolio. When an option is written, an amount equal to the premium received is recorded as a liability; the liability is adjusted on a daily basis to the current market price of the option written and an unrealized gain or loss is recorded. Premiums received from writing options which expire unexercised are recognized as realized gains from option transactions on the expiration date. Premiums received from writing options which are exercised are added to the proceeds from the sale of the underlying securities in recognizing the net realized gain or loss on portfolio investments. In writing options, it is assumed that the option may be exercised at any time prior to the expiration of the Account's obligation as a writer, and that in such circumstances the net proceeds of the sale of the underlying securities pursuant to the call option may be below the prevailing market value. FUTURES CONTRACTS The Accounts may use futures contracts to manage exposure to the stock market or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument, while selling futures contracts tends to decrease exposure to the underlying instrument or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. The underlying face amount at value of any open futures contracts at the end of the period reflects exposure to the underlying instrument. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS The Accounts may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Accounts to the risk that the transaction may not be consummated. 84 o 2000 CREF Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- NOTE 2--SIGNIFICANT ACCOUNTING POLICIES (CONCLUDED) - -------------------------------------------------------------------------------- RESTRICTED SECURITIES Restricted securities held by the Accounts may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded. FEDERAL INCOME TAXES CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code ("Code"), not as a regulated investment company under Subchapter M of the Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. NOTE 3--MANAGEMENT AGREEMENTS - -------------------------------------------------------------------------------- Services necessary for the operation of the CREF Accounts are provided, at cost, by Investment Management and Services. Such services are provided in accordance with an Investment Management Agreement between CREF and Investment Management, and in accordance with a Principal Underwriting and Administrative Services Agreement between CREF and Services (see Note 1). Investment Management and Services receive management fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to each Account's actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly. NOTE 4--INVESTMENTS - -------------------------------------------------------------------------------- At June 30, 2000, the market value of securities loaned and collateral received in connection therewith was comprised as follows: - -------------------------------------------------------------------------------- Stock Global Equities Growth Account Account Account - -------------------------------------------------------------------------------- Market value of securities loaned $1,458,016,075 $102,278,085 $1,957,500 Cash collateral 1,510,531,939 107,169,936 2,040,000 At June 30, 2000, net unrealized appreciation of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows: - -------------------------------------------------------------------------------- Gross Gross Unrealized Unrealized Net Unrealized Appreciation of Depreciation of Appreciation Portfolio Portfolio of Portfolio Investments Investments Investments - ------------------------------------------------------------------------------- Stock Account $60,855,555,674 $4,944,875,640 $55,910,680,034 Global Equities Account 2,031,784,372 493,284,986 1,538,499,386 Growth Account 5,240,471,113 641,981,412 4,598,489,701 At June 30, 2000, the Stock and Growth Accounts held 1,019 and 209 open futures contracts, respectively, in the Standard & Poor's 500 Index, expiring in September 2000, with a value of $373,998,475 and $76,708,225, respectively and an unrealized loss of $7,523,370 and $1,543,067, respectively. Companies in which the Accounts held 5% or more of the outstanding voting shares are defined as "affiliated" in the Investment Company Act of 1940. Information regarding transactions with affiliated companies is as follows: - -------------------------------------------------------------------------------- Stock Global Equities Growth Account Account Account - -------------------------------------------------------------------------------- Value of affiliated companies at June 30, 2000 $ 31,539,316 $102,402,550 $ 20,789,263 For the six months ended June 30, 2000: Dividend income 197,894 2,156,974 -- Realized gain (loss) (15,816,580) 4,329,226 (96,127) Purchases and sales of portfolio securities, other than short-term money market instruments, for the Stock, Global Equities, and Growth Accounts for the six months ended June 30, 2000, were as follows: - -------------------------------------------------------------------------------- Stock Global Equities Growth Account Account Account - -------------------------------------------------------------------------------- Purchases: Unaffiliated issuers $19,780,788,884 $6,252,138,365 $4,697,945,869 Affiliated issuers 23,040,890 54,142,088 373,425 --------------- -------------- -------------- TOTAL PURCHASES $19,803,829,774 $6,306,280,453 $4,698,319,294 =============== ============== ============== Sales: Unaffiliated issuers $18,328,169,291 $4,894,951,154 $1,639,978,927 Affiliated issuers 10,313,503 15,354,452 351,612 --------------- -------------- -------------- TOTAL SALES $18,338,482,794 $4,910,305,606 $1,640,330,539 =============== ============== ============== 2000 CREF Semi-Annual Report o 85 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED) - -------------------------------------------------------------------------------- NOTE 5--CONDENSED FINANCIAL INFORMATION - -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below.
- ----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended For the Years Ended December 31, June 30, 2000(1) -------------------------------------------------------- (Unaudited) 1999 1998 1997 1996 1995 - ----------------------------------------------------------------------------------------------------------------------------------- STOCK ACCOUNT Per Accumulation Unit Data: Investment income $ 1.287 $ 2.567 $ 2.381 $ 2.317 $ 2.114 $ 1.885 Expenses .315 .607 .521 .387 .304 .271 -------- -------- -------- -------- -------- -------- Investment income--net .972 1.960 1.860 1.930 1.810 1.614 Net realized and unrealized gain (loss) on total investments (.989) 34.478 29.795 26.864 15.953 19.984 -------- -------- -------- -------- -------- -------- Net increase (decrease)in Accumulation Unit Value (.017) 36.438 31.655 28.794 17.763 21.598 Accumulation Unit Value: Beginning of year 206.110 169.672 138.017 109.223 91.460 69.862 -------- -------- -------- -------- -------- -------- End of period $206.093 $206.110 $169.672 $138.017 $109.223 $ 91.460 ======== ======== ======== ======== ======== ======== Total Return (0.01%) 21.48% 22.94% 26.36% 19.42% 30.92% Ratios to Average Net Assets: Expenses 0.15% 0.33% 0.34% 0.31% 0.31% 0.34% Investment income-net 0.48% 1.07% 1.23% 1.55% 1.82% 2.00% Portfolio turnover rate 29.25% 29.26% 34.63% 23.25% 19.57% 16.25% Thousands of Accumulation Units outstanding at end of period 533,107 543,589 565,999 597,531 620,498 632,803 - ----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended For the Years Ended December 31, June 30, 2000(1) -------------------------------------------------------- (Unaudited) 1999 1998 1997 1996 1995 - ----------------------------------------------------------------------------------------------------------------------------------- GLOBAL EQUITIES ACCOUNT Per Accumulation Unit Data: Investment income $ .516 $ .959 $ .902 $ .848 $ .751 $ .727 Expenses .173 .300 .268 .205 .167 .157 -------- -------- -------- -------- -------- -------- Investment income--net .343 .659 .634 .643 .584 .570 Net realized and unrealized gain (loss) on total investments (3.503) 24.976 10.508 8.650 7.138 6.618 -------- -------- -------- -------- -------- -------- Net increase (decrease) in Accumulation Unit Value (3.160) 25.635 11.142 9.293 7.722 7.188 Accumulation Unit Value: Beginning of year 96.750 71.115 59.973 50.680 42.958 35.770 -------- -------- -------- -------- -------- -------- End of period $ 93.590 $ 96.750 $ 71.115 $ 59.973 $ 50.680 $ 42.958 ======== ======== ======== ======== ======== ======== Total return (3.27%) 36.05% 18.58% 18.34% 17.98% 20.09% Ratios to Average Net Assets: Expenses 0.18% 0.39% 0.41% 0.38% 0.37% 0.40% Investment income-net 0.36% 0.85% 0.97% 1.19% 1.28% 1.47% Portfolio turnover rate 91.24% 81.30% 103.31% 98.70% 88.84% 67.50% Thousands of Accumulation Units outstanding at end of period 99,909 89,492 81,825 84,645 80,016 70,163
(1) THE PERCENTAGES SHOWN FOR THIS PERIOD ARE NOT ANNUALIZED. 86 o 2000 CREF Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONCLUDED) - -------------------------------------------------------------------------------- NOTE 5--CONDENSED FINANCIAL INFORMATION (CONCLUDED) - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended For the Years Ended December 31, June 30, 2000(1) -------------------------------------------------------- (Unaudited) 1999 1998 1997 1996 1995 - ----------------------------------------------------------------------------------------------------------------------------------- GROWTH ACCOUNT Per Accumulation Unit Data: Investment income $ .277 $ .592 $ .482 $ .527 $ .484 $ .417 Expenses .166 .278 .244 .155 .119 .114 -------- -------- -------- -------- -------- -------- Investment income--net .111 .314 .238 .372 .365 .303 Net realized and unrealized gain on total investments 6.803 24.276 18.475 12.219 8.638 8.891 -------- -------- -------- -------- -------- -------- Net increase in Accumulation Unit Value 6.914 24.590 18.713 12.591 9.003 9.194 Accumulation Unit Value: Beginning of year 100.207 75.617 56.904 44.313 35.310 26.116 -------- -------- -------- -------- -------- -------- End of period $107.121 $100.207 $ 75.617 $ 56.904 $ 44.313 $ 35.310 ======== ======== ======== ======== ======== ======== Total return 6.90% 32.52% 32.89% 28.41% 25.50% 35.20% Ratios to Average Net Assets: Expenses 0.16% 0.34% 0.38% 0.34% 0.35% 0.43% Investment income-net 0.11% 0.38% 0.37% 0.82% 1.07% 1.13% Portfolio turnover rate 29.35% 69.26% 97.57% 53.27% 38.51% 24.42% Thousands of Accumulation Units outstanding at end of period 155,841 131,646 98,862 80,370 53,201 32,375 (1) THE PERCENTAGES SHOWN FOR THIS PERIOD ARE NOT ANNUALIZED.
NOTE 6-ACCUMULATION UNITS - -------------------------------------------------------------------------------- Changes in the number of Accumulation Units outstanding were as follows:
- ----------------------------------------------------------------------------------------------------------------------------------- Stock Global Equities Growth Account Account Account ---------------------------- -------------------------- -------------------------- Six Months Year Ended Six Months Year Ended Six Months Year Ended Ended December 31, Ended December 31, Ended December 31, June 30, 2000 1999 June 30, 2000 1999 June 30, 2000 1999 ------------- ------------ ------------- ----------- ------------- ----------- (Unaudited) (Unaudited) (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- Accumulation Units: Credited for premiums . 7,426,584 16,072,388 4,132,590 7,627,214 7,739,384 14,715,714 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (17,908,564) (38,482,574) 6,283,809 39,926 16,455,392 18,068,242 Outstanding: Beginning of year 543,588,715 565,998,901 89,492,474 81,825,334 131,646,197 98,862,241 ------------ ------------ ---------- ---------- ----------- ----------- End of period 533,106,735 543,588,715 99,908,873 89,492,474 155,840,973 131,646,197 ============ ============ ========== ========== =========== ===========
NOTE 7--LINE OF CREDIT - -------------------------------------------------------------------------------- The Stock, Global Equities, Growth, Inflation-Linked Bond, Social Choice and Equity Index Accounts share in a $2.5 billion unsecured revolving credit facility for temporary or emergency purposes, including, without limitation, the funding of participant redemptions that otherwise might require the untimely disposition of securities. TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds, both of which are managed by Teachers Advisors, Inc., an affiliate of Investment Management , also participate in this facility. An annual commitment fee for the credit facility is borne by the participating Accounts and Funds. Interest associated with any borrowing under the facility will be charged to the borrowing Accounts or Funds at rates that are based on the Federal Funds Rate in effect during the time of the borrowing. For the six months ended June 30, 2000, there were no borrowings under this credit facility. 2000 CREF Semi-Annual Report o 87 This Page Intentionally Left Blank This Page Intentionally Left Blank This Page Intentionally Left Blank This Page Intentionally Left Blank 2000 TRUSTEES AND SENIOR MANAGEMENT 2000 BOARDS OF OVERSEERS OF TIAA AND CREF - -------------------------------------------------------------------------------- Lucius J. Barker WILLIAM BENNETT MUNRO PROFESSOR OF POLITICAL SCIENCE, STANFORD UNIVERSITY John H. Biggs CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER, TIAA AND CREF William G. Bowen PRESIDENT, THE ANDREW W. MELLON FOUNDATION Stanley O. Ikenberry PRESIDENT, AMERICAN COUNCIL ON EDUCATION Gertrude G. Michelson RETIRED SENIOR VICE PRESIDENT, R.H. MACY & CO., INC. Paul A. Volcker FORMER CHAIRMAN, FEDERAL RESERVE BOARD, AND FREDERICK H. SCHULTZ PROFESSOR OF INTERNATIONAL ECONOMIC POLICY EMERITUS, PRINCETON UNIVERSITY Clifton R. Wharton, Jr. FORMER CHAIRMAN AND CHIEF EXECUTIVE OFFICER, TIAA AND CREF 2000 TRUSTEES OF TIAA - -------------------------------------------------------------------------------- David Alexander PRESIDENT EMERITUS, POMONA COLLEGE Marcus Alexis BOARD OF TRUSTEES PROFESSOR OF ECONOMICS AND PROFESSOR OF MANAGEMENT AND STRATEGY, NORTHWESTERN UNIVERSITY John H. Biggs CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER, TIAA AND CREF Willard T. Carleton DONALD R. DIAMOND PROFESSOR OF FINANCE, COLLEGE OF BUSINESS AND PUBLIC ADMINISTRATION, UNIVERSITY OF ARIZONA Robert C. Clark DEAN AND ROYALL PROFESSOR OF LAW, HARVARD LAW SCHOOL, HARVARD UNIVERSITY Estelle A. Fishbein VICE PRESIDENT AND GENERAL COUNSEL, THE JOHNS HOPKINS UNIVERSITY Frederick R. Ford EXECUTIVE VICE PRESIDENT AND TREASURER EMERITUS, PURDUE UNIVERSITY Martin J. Gruber NOMURA PROFESSOR OF FINANCE, LEONARD N. STERN SCHOOL OF BUSINESS, NEW YORK UNIVERSITY Ruth Simms Hamilton PROFESSOR OF SOCIOLOGY AND DIRECTOR OF AFRICAN DIASPORA RESEARCH PROJECT, MICHIGAN STATE UNIVERSITY Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER, TIAA AND CREF Robert M. O'Neil DIRECTOR, THE THOMAS JEFFERSON CENTER FOR THE PROTECTION OF FREE EXPRESSION, AND UNIVERSITY PROFESSOR AND PROFESSOR OF LAW, UNIVERSITY OF VIRGINIA Leonard S. Simon VICE CHAIRMAN, CHARTER ONE FINANCIAL INC. Ronald L. Thompson CHAIRMAN AND CHIEF EXECUTIVE OFFICER, MIDWEST STAMPING CO. Paul R. Tregurtha CHAIRMAN AND CHIEF EXECUTIVE OFFICER, MORMAC MARINE GROUP, INC. AND MORAN TRANSPORTATION COMPANY, AND VICE CHAIRMAN, INTERLAKE STEAMSHIP COMPANY William H. Waltrip CHAIRMAN, TECHNOLOGY SOLUTIONS COMPANY Rosalie J. Wolf FORMER TREASURER AND CHIEF INVESTMENT OFFICER, THE ROCKEFELLER FOUNDATION 2000 TRUSTEES OF CREF* - -------------------------------------------------------------------------------- Robert H. Atwell PRESIDENT EMERITUS, AMERICAN COUNCIL ON EDUCATION AND SENIOR CONSULTANT, A. T. KEARNEY, INC. Elizabeth E. Bailey JOHN C. HOWER PROFESSOR OF PUBLIC POLICY AND MANAGEMENT, THE WHARTON SCHOOL, UNIVERSITY OF PENNSYLVANIA John H. Biggs CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER, CREF AND TIAA Joyce A. Fecske VICE PRESIDENT EMERITA, DEPAUL UNIVERSITY Edes P. Gilbert RETIRED HEAD, THE SPENCE SCHOOL, AND CONSULTANT, INDEPENDENT EDUCATION SERVICES Nancy L. Jacob PRESIDENT AND MANAGING PRINCIPAL, WINDERMERE INVESTMENT ASSOCIATES Marjorie Fine Knowles PROFESSOR OF LAW, COLLEGE OF LAW, GEORGIA STATE UNIVERSITY Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER, CREF AND TIAA Bevis Longstreth OF COUNSEL, DEBEVOISE & PLIMPTON Robert M. Lovell, Jr. FOUNDING PARTNER, FIRST QUADRANT L.P. Stephen A. Ross FRANCO MODIGLIANI PROFESSOR OF FINANCE AND ECONOMICS, SLOAN SCHOOL OF MANAGEMENT, MASSACHUSETTS INSTITUTE OF TECHNOLOGY Eugene C. Sit CHAIRMAN, CHIEF EXECUTIVE OFFICER, AND CHIEF INVESTMENT OFFICER, SIT INVESTMENT ASSOCIATES, INC. AND SIT/KIM INTERNATIONAL INVESTMENT ASSOCIATES, INC. Maceo K. Sloan CHAIRMAN AND CHIEF EXECUTIVE OFFICER, NCM CAPITAL MANAGEMENT GROUP, INC. AND SLOAN FINANCIAL GROUP, INC. David K. Storrs PRESIDENT AND CHIEF EXECUTIVE OFFICER, ALTERNATIVE INVESTMENT GROUP, L.L.C. Robert W. Vishny ERIC J. GLEACHER PROFESSOR OF FINANCE, GRADUATE SCHOOL OF BUSINESS, UNIVERSITY OF CHICAGO * Also trustees of TIAA-CREFMutual Funds and TIAA-CREFInstitutional Mutual Funds 2000 SENIOR MANAGEMENT - -------------------------------------------------------------------------------- John H. Biggs CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER John J. McCormack GROUP PRESIDENT, TIAA-CREF ENTERPRISES Mary Ann Werner PRESIDENT, SHARED SERVICES James A. Wolf PRESIDENT, RETIREMENT SERVICES EXECUTIVE VICE PRESIDENTS - -------------------------------------------------------------------------------- C. Victoria Apter CORPORATE MANAGEMENT INFORMATION SYSTEMS Scott C. Evans CREF INVESTMENTS Richard L. Gibbs FINANCE AND PLANNING Don Harrell EXTERNAL AFFAIRS Ira J. Hoch SHARED SERVICES ADMINISTRATION Matina S. Horner HUMAN RESOURCES Harry I. Klaristenfeld CHIEF ACTUARY, TIAA AND CREF Frances Nolan RETIREMENT SERVICES ADMINISTRATION Deanne J. Shallcross MARKETING David A. Shunk CONSULTING SERVICES John A. Somers TIAA INVESTMENTS Charles H. Stamm LAW AND GENERAL COUNSEL 92 o 2000 CREF Semi-Annual Report 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 statements and annual annuity benefits reports, receiving annuity payments, annuity options, and tax reports. 800 223-1200 8 A.M. TO 11 P.M. ET MONDAY - FRIDAY For answers to questions about TIAA-CREF Mutual Funds, Personal Annuities, Long-Term Care Insurance, and Life Insurance. 888 842-9001 9 A.M. TO 6 P.M. ET MONDAY - FRIDAY TIAA-CREF Trust Company, FSB. For answers to questions about the Trust Company's investment advisory, estate planning, and related trust services. 800 842-2755 8 A.M. TO 11 P.M. ET MONDAY - FRIDAY For hearing- or speech-impaired participants. 2000 CREF Semi-Annual Report o 93 [TIAA LOGO] 730 Third Avenue New York, NY 10017-3206 ----------------- PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF ----------------- CSAR-3FUND-8/00 [RECYCLE LOGO] PRINTED ON RECYCLED PAPER College Retirement Equities Fund [Graphic] 2000 Semi-Annual Report - -------------------------------------------------------------------------------- MONEY MARKET o INFLATION-LINKED BOND o BOND MARKET o SOCIAL CHOICE o EQUITY INDEX Contents Page Letter from the Chairman and Vice Chairman 1 Management/Status of the Accounts Money Market Account 4 Inflation-Linked Bond Account 5 Bond Market Account 6 Social Choice Account 8 Equity Index Account 10 Statements of Investments 11 Money Market Account 11 Inflation-Linked Bond Account 14 Bond Market Account 15 Social Choice Account 20 Equity Index Account 27 Financial Statements 51 Statements of Assets and Liabilities 51 Statements of Operations 51 Statements of Changes in Net Assets 52 Notes to Financial Statements 52 Trustees and Senior Management 59 For More Information... 61 TIAA-CREFIndividual and Institutional Services distributes the CREF and TIAA Real Estate Account variable annuities. This booklet must be accompanied or preceded by current CREF and TIAA Real Estate Account prospectuses. For additional copies, call 1 800 842-2733, extension 5509. TIAA-CREF Investment Management serves as investment manager to CREF. (C)2000 TIAA-CREF From the Chairman and Vice Chairman: [PHOTO] [PHOTO] JOHN H. BIGGS, CHAIRMAN, PRESIDENT, MARTIN L. LEIBOWITZ, VICE CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND CHIEF INVESTMENT OFFICER The past six months have been one of the most volatile periods for the securities markets in recent years. Nevertheless, our disciplined and carefully devised investment philosophy continues to serve us well, as it has in other difficult periods. Our innovative investment strategies aim to maximize performance while controlling risk. CREF was one of the first institutional investors to create stock portfolios using both indexed and actively managed components. With our Dual Investment Management StrategySM, the investment management teams for a number of our equity funds use a combination of active and quantitative techniques that aim to beat our investment objective benchmarks consistently. The indexed component enables our equity funds to stay fully invested, even when we cannot identify many investment opportunities for the actively managed portfolio segments. Like a blend of two metals to form a stronger alloy, this pragmatic balance of traditional active investment and innovative quantitative strategies has helped these funds maintain strong, long-term returns generally close to or better than those of the benchmarks. January 1 to June 30, 2000 -- the period covered by this CREF Semi-Annual Report - -- has, as mentioned, tested investors' ability to adjust to market volatility. We believe that the performance of the CREF Accounts has warranted investors' trust during this difficult time. Before we turn to an overview of CREF variable annuity performance thus far in 2000, it may help to place the Accounts' behavior in a market context. From 1995 through June 2000, the market experienced a marked increase in volatility, as measured by the average number of days when the total return for the Standard & Poor's 500-Stock Index and the Nasdaq rose or fell more than 1 percent or 2 percent. The median daily change in the S&P 500 was about half a percent in the five-year period. But the number of days when the S&P moved more than 1 percent increased from 13 during 1995 to 55 so far this year (110 on an annualized basis), about 45 percent of all days the stock market was open for business. Even more dramatically, the S&P did not move more than 2 percent on any day in 1995, but through June this year had done so 23 times (46 days on an annualized basis). The median daily change in the Nasdaq from 1995 through June 2000 was about 0.75 percent. In 1995, the Nasdaq moved up or down more than 1 percent on 46 days, while in the first six months of 2000 the corresponding count was 100 days (or 200 on an annualized basis). Similarly, in 1995 the Nasdaq rose or fell more than 2 percent on only 5 days. Through June 2000, the Nasdaq has risen or fallen over 2 percent on 73 days (146 on an annualized basis). As volatility increased from 1995 to 1999, stock market returns were impressively positive. The S&P 500, for example, achieved total annual returns that were consistently in excess of 20 percent each year, including two years -- 1995 and 1997 -- in excess of 30 percent. It was only this year that volatility seemed to be accompanied by lower returns. Through June 30, 2000, the overall S&P 500 provided a generally flat return. - -------------------------------------------------------------------------------- We remain committed to delivering first-rate service and professional, disciplined investment performance. - -------------------------------------------------------------------------------- Against this background, the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index Accounts continued to post competitive performance. The Bond Market Account received a 5-star rating every month from the Morningstar variable annuity rating service. Equity Index held strong with a 4-star rating every month, while Social Choice, following two months of 3-star ratings in January and February, rebounded to 4 stars every month March through June. (Morningstar does not rate money market and inflation-indexed bond accounts. See the Morningstar sidebar on page 2.) The table on page 2 shows, for each of the CREF Accounts, their year-to-date total return (gains and losses plus investment income) compared with their respective benchmarks, and with the average fund category that best matches their investment objectives (as measured by Lipper Analytical Services, Inc.). The CREF Money Market Account topped its benchmark and its peer group, while the Social Choice and Bond Market Accounts outperformed their peer groups. The other accounts came close to their respective performance benchmarks. 2000 CREF Semi-Annual Report o 1 TOTAL RETURNS - -------------------------------------------------------------- FOR THE PERIOD JANUARY 1, 2000 THROUGH JUNE 30, 2000 - -------------------------------------------------------------- CREF Money Market Account 2.95% - -------------------------------------------------------------- Lipper Money Market Funds Average 2.66% iMoneyNet Money Fund Report AveragesTM - All Taxable 2.74% - -------------------------------------------------------------- CREF Inflation-Linked Bond Account 6.66% - -------------------------------------------------------------- Salomon Smith Barney Inflation-Linked Securities Index 6.83% - -------------------------------------------------------------- CREF Bond Market Account 3.87% - -------------------------------------------------------------- Lipper Intermediate Investment Grade Debt Index 3.30% Lehman Brothers Aggregate Bond Index 3.99% - -------------------------------------------------------------- CREF Social Choice Account 2.27% - -------------------------------------------------------------- Lipper Balanced Fund Index 1.74% Standard & Poor's 500-Stock Index -0.42% Lehman Brothers Aggregate Bond Index 3.99% - -------------------------------------------------------------- CREF Equity Index Account 0.74% - -------------------------------------------------------------- Russell 3000(R)Index 0.95% THE RUSSELL 3000 INDEX IS A TRADEMARK AND SERVICE MARK OF THE FRANK RUSSELL COMPANY. NO CREF ACCOUNT IS PROMOTED, ENDORSED, SPONSORED, OR SOLD BY, OR AFFILIATED WITH THE FRANK RUSSELL COMPANY. Investment performance for other periods, plus details on the composition of the accounts' portfolios and comments from the portfolio managers, are on the pages that immediately follow this letter. A companion booklet contains comparable performance reports and other comments for the CREF Stock, Global Equities, and Growth Accounts -- the other three accounts available under CREF variable annuities. Year after year, the only sure thing in investing is the effect of low expenses on total returns. Expenses are the one factor affecting return that can be predicted in advance. The CREF Accounts covered here have expenses, as a percentage of net assets, that range from 0.28 to 0.31 percent. These are the lowest expenses for all variable annuity funds with comparable investment objectives, according to Lipper Analytical Services, Inc., and they compare very favorably with those of most mutual funds. NEW RETIREMENT SAVINGS OPPORTUNITIES. In 1998, we enabled par- ticipants to consolidate IRA money they had previously accumulated by rolling it over to an annuity with us. Since then, we have also introduced Roth and contributory Classic IRAs. To date, we have received in excess of $2.5 billion in IRA premiums and rollovers. This year, in response to participants' requests, we have introduced annuities for use with Keogh plan savings, beginning March 1, 2000. Keogh plans are for income that a person derives from self-employed activities, such as publishing royalties. - -------------------------------------------------------------------------------- MORNINGSTAR - -------------------------------------------------------------------------------- Morningstar is an independent service that rates mutual funds and variable annuities. The top 10% of accounts in an asset class receive 5 stars, the next 22.5% receive 4 stars, and the next 35% receive 3 stars. Morningstar proprietary ratings reflect historical risk-adjusted performance, and are subject to change every month. They are calculated from the account's 3-, 5-, and 10-year average annual returns (if applicable) in excess of 90-day Treasury bill returns with appropriate fee adjustments, and a risk factor that reflects subaccount performance below 90-day T-bill returns. The overall star ratings are Morningstar's published ratings, which are weighted averages of its 3-, 5-, and 10-year ratings. Accumulation unit values and returns will vary. Past performance is no guarantee of future results. To access the latest ratings on the TIAA-CREF~Web Center, go to www.tiaa-cref.org/financials/ra-morn.html. - --------------------------------------------------------------------------------
MORNINGSTAR RATINGSTM OF CREF ACCOUNTS - 06/30/00 - -------------------------------------------------------------------------------- OVERALL 3 YEARS 5 YEARS 10 YEARS - ----------------------------------------------------------------------------------------------------------------------------------- DOMESTIC EQUITY ACCOUNTS (OUT OF 3,039) (OUT OF 3,039) (OUT OF 2,254) (OUT OF 987) CREF Stock **** *** **** **** CREF Equity Index **** **** **** -- CREF Growth ***** **** ***** -- CREF Social Choice **** *** **** **** - ----------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EQUITY ACCOUNT (OUT OF 716) (OUT OF 716) (OUT OF 504) -- CREF Global Equities **** **** **** -- - ----------------------------------------------------------------------------------------------------------------------------------- FIXED-INCOME ACCOUNT (OUT OF 841) (OUT OF 841) (OUT OF 706) (OUT OF 372) CREF Bond Market ***** ***** ***** **** - -----------------------------------------------------------------------------------------------------------------------------------
2 o 2000 CREF Semi-Annual Report ANNUITY INCOME INCREASES. In 2000, annuity income from all of the CREF Accounts except Bond Market increased again. For most CREF participants receiving lifetime annuity income, CREF income changes each May 1 to reflect the investment performance of an account during the twelve-month period ending the prior March 31. Recently we introduced the alter- native of monthly income changes, for those who prefer to have their variable income payments respond more immediately to market changes. Following are the annual revaluations for the CREFaccounts effective May 1, 2000: o Income from the Stock Account rose 19.95 percent. o The income increase for the Growth Account totaled 33.82 percent. This account was the strongest performer and provides the largest increase this year. o Equity Index Account income rose 17.43 percent. o Income from the Global Equities Account went up 33.63 percent. o Income from the Social Choice Account rose 7.02 percent. o Money Market Account income increased by 1.51 percent. o Annuity income from the Bond Market Account declined by 2.61 percent. - -------------------------------------------------------------------------------- ABOUT BENCHMARKS - -------------------------------------------------------------------------------- It's worth remembering that the various stock market indexes aren't static targets. They change, too -- in most cases they change only once a year, but they do change. Usually these changes are necessitated by firms that "disappear" through merger; many of these are stocks whose prices had lagged the rest of the market. In some cases the changes recognize stocks that have grown too large to exclude from the index. In both cases the effect of the changes is to impart an upward "bias" to the index, making it an even harder target to surpass. In assessing the Account's performance compared with that of its benchmark, you should keep two differences in mind. One is that the benchmark has no expenses deducted from its performance, while the Stock Account, for example, deducts roughly 30 hundredths of one percent per year for all of its costs. The other difference is that the benchmark doesn't have funds in cash or equivalents for various investment purposes, but the Accounts do. An example is the short-term investments of CREF~Stock, which make up 0.2% of the portfolio. - -------------------------------------------------------------------------------- o The Inflation-Linked Bond Account income increased 2 percent. For comparison, consider the consumer price index for all urban consumers:It rose just 3.7 percent during the 12-month period that ended in June 2000. - -------------------------------------------------------------------------------- Expenses for CREF~Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index, as a percent of average net assets, ranged from 0.28 to 0.31 percent. These are the lowest of all variable annuity funds with comparable investment objectives. - -------------------------------------------------------------------------------- INTER/ACT. We hope you've been taking advantage of our online information and transactional facility, Inter/ACT, to check on the status of your accounts, reallocate premiums, make a transfer, or perform other account transactions. We have found that most participants enjoy the ease of access to their funds that Inter/ACT provides. We are currently at work on a new service feature that will enable participants to obtain a personalized PIN number directly online for use with Inter/ACT, rather than first calling our Automated Telephone Service for the PIN. If you haven't yet visited the TIAA-CREF Web Center (www.tiaa-cref.org), or used the Inter/ACT facility, we encourage you to do so. Together the Web Center and Inter/ACT provide an immediate and efficient means of obtaining information and managing your funds with us. One word about the charts in this booklet: Graphs that show the growth of $10,000 over ten years or since the account's inception are "semilog" graphs. Like conventional graphs, semilog graphs can show broad trends. But semilog graphs make it easier to highlight percentage changes in performance over time. We remain committed to delivering first-rate service, low expenses, financial products that serve your goals, and professional, disciplined investment performance. We look forward to reporting to you on our progress as the rest of the year unfolds. /s/ John H. Biggs /s/ Martin L. Leibowitz ------------------------ ------------------------ John H. Biggs Martin L. Leibowitz CHAIRMAN, PRESIDENT, AND VICE CHAIRMAN AND CHIEF EXECUTIVE OFFICER CHIEF INVESTMENT OFFICER 2000 CREF Semi-Annual Report o 3 Money Market Account - -------------------------------------------------------------------------------- Investment Objective. High current income consistent with maintaining liquidity and preserving capital - -------------------------------------------------------------------------------- During the first six months of 2000, the CREF Money Market Account had a return of 2.95 percent, outperforming the competition, the Lipper Money Market Funds Average, by 29 basis points. In the first half of this year, the Federal Open Market Committee met on four occasions and raised short-term interest rates three times. Since we believed the Federal Reserve was going to tighten rates throughout the first half of 2000, we positioned the CREF Money Market Account to have a shorter weighted average maturity than the iMoneyNet Money Fund Report - All Taxable Average. Throughout the six-month period ending June 30, the Account's weighted average maturity varied from a low of 36 days to a high of 54 days as compared with a range of 44 days to 53 days for the benchmark. Our goal during the third quarter is to have a weighted average maturity that is at least one week longer than the benchmark. From January to June 2000, we made a few asset allocation changes to the Account's composition. First, we increased our holdings in commercial paper and floating/variable rate securities to 82 percent and 9 percent respectively from 75 percent and 3 percent for the prior six months. Second, we slightly increased our holdings in bank liabilities to 8 percent from 7 percent from the prior six months. Third, we decreased our holdings in U.S. government agency securities to 1 percent from 15 percent for the prior six months. We continue to be overweighted in the commercial paper sector versus our index because commercial paper continues to provide the best relative value among the various money market asset sectors. - -------------------------------------------------------------------------------- NET ANNUALIZED YIELD FOR THE 7 DAYS ENDING 6/27/00 CURRENT YIELD EFFECTIVE YIELD - -------------------------------------------------------------------------------- Money Market Account 6.38% 6.58% iMoney Net Money Fund Report Averages -- All Taxable 5.91% 6.08% $10,000 OVER TEN YEARS - -------------------------------------------------------------------------------- [The following table represents a chart in the printed piece.] Money Market iMoney Net Money Fund Report Account Average(TM) -- All Taxable 6/30/90 $10,000 $10,000 6/30/91 10,740 10,695 6/30/92 11,272 11,176 6/30/93 11,634 11,497 6/30/94 12,015 11,831 6/30/95 12,658 12,423 6/30/96 13,350 13,064 6/30/97 14,069 13,714 6/30/98 14,849 14,422 6/30/99 15,595 15,098 6/30/2000 16,478 15,884 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF MONEY MARKET ACCOUNT ON JULY 1, 1990. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO $16,478. FOR COMPARISON, THE GRAPH SHOWS HOW A $10,000 INVESTMENT IN IMONEYNET MONEY FUND REPORT AVERAGES - ALL TAXABLE, THE MONEY MARKET ACCOUNT'S BENCHMARK, DID OVER THE SAME PERIOD. PORTFOLIO DIVERSIFICATION AS OF 6/30/00 - -------------------------------------------------------------------------------- [The following table represents a chart in the printed piece.] Commercial Paper 81.4% Variable-Rate Notes 8.8% Certificates of Deposit 5.3% Bank Notes - U.S. Banks 2.6% Medium-Term Notes 1.1% U.S. Government Agencies 0.8%
PERFORMANCE AT A GLANCE AS OF 6/30/00 - ------------------------------------------------------------------------------------------------------------------------------------ AVERAGE ANNUAL COMPOUND CUMULATIVE RATES RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS (IN BILLIONS) - ------------------------------------------------------------------------------------------------------------------------------------ Money Market Account 5.66% 5.42% 5.12% 5.66% 30.18% 64.78% $6.6 iMoneyNet Money Fund Report Averages- All Taxable 5.21% 5.04% 4.74% 5.21% 27.88% 58.84% Lipper Money Market Funds Average 5.06% 4.91% 4.69% 5.06% 27.12% 58.10%
(1) PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF RETURN FROM THE MONEY MARKET ACCOUNT. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. THE CURRENT YIELD MORE CLOSELY REFLECTS THE ACCOUNT'S EARNINGS THAN DOES THE TOTAL RETURN. 4 o 2000 CREF Semi-Annual Report Inflation-Linked Bond Account - -------------------------------------------------------------------------------- Investment Objective A long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds - fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond - -------------------------------------------------------------------------------- For the first six months of 2000, the CREF Inflation-Linked Bond Account had a total rate of return of 6.66 percent, underperforming its benchmark, the Salomon Smith Barney Inflation-Linked Index, by 17 basis points. The underperformance in the Account can be mostly attributed to expenses (16 basis points) and pricing difference versus the benchmark. Inflation-linked securities had stellar performance for the first six months of 2000. Their rate of return in this period was the highest since they were first issued in January 1997. There are several reasons why inflation-linked securities as an asset class did well for the first half of 2000. First, inflation has risen. On a year-over-year basis overall, inflation as measured by the CPI-U is 3.7 percent through the end of June. Second, accretion for inflation-linked securities has exceeded what market participants have expected. Third, the U.S. Treasury eliminated the April auction of the 30-year inflation-linked securities. Our strategy for the Account is to maintain a similar duration to that of the Salomon Smith Barney Inflation-Linked Index. At the end of June, our duration was 8.79 years versus 8.81 years for the index. At the end of June, the real yields for the 2-, 7-, 8-, 9-, 10-, 28-, and 29-year inflation-linked securities were 3.98 percent, 4.10 percent, 4.10 percent, 4.09 percent, 4.07 percent, 3.90 percent, and 3.90 percent, respectively. On July 5, the U.S. Treasury announced that they will be issuing an additional $5 billion of the outstanding 10-year U.S. inflation-linked 4.25 percent notes due January 15, 2010. - -------------------------------------------------------------------------------- HOW DO TIIS WORK? - -------------------------------------------------------------------------------- Like conventional bonds, U.S. Treasury Inflation-Indexed Securities (TIIS) pay interest at fixed intervals and return the principal at maturity. Unlike conventional bonds, the principal of a TIIS bond changes periodically (usually every six months) to match inflation as measured by the Consumer Price Index for All Urban Consumers (CPI-U). Interest is paid twice a year. The interest rate is fixed, but the amount of each interest payment varies because the rate is applied to a principal that is changing to keep up with inflation. Inflation-indexed bonds are designed to pay a "real" rate of interest - that is, a return in addition to the inflation rate. The bonds are generally issued at a fixed interest rate that is lower than that of conventional bonds of comparable maturity and quality, but they are expected to retain their value against inflation over time. - -------------------------------------------------------------------------------- $10,000 SINCE 5/1/97 INCEPTION - -------------------------------------------------------------------------------- [The following table represents a chart in the printed piece.] I-L Bond Account SSB US 1 I-L Bond Index 5/1/97 $10,000 $10,000 6/30/97 10,015 10,021 12/31/97 10,258 10,283 6/30/98 10,422 10,454 12/31/98 10,615 10,687 6/30/99 10,800 10,887 12/31/99 10,839 10,942 6/30/2000 11,561 11,689 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF INFLATION-LINKED BOND ACCOUNT, ON MAY 1, 1997. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO $11,561. FOR COMPARISON, THE GRAPH SHOWS HOW A $10,000 INVESTMENT IN THE SALOMON SMITH BARNEY INFLATION-LINKED INDEX, THE INFLATION-LINKED BOND ACCOUNT'S BENCHMARK, DID OVER THE SAME PERIOD. PORTFOLIO COMPOSITION AS OF 6/30/00 - -------------------------------------------------------------------------------- [The following table represents a chart in the printed piece.] Long-Term Bonds 99.6% Short-Term Investments 0.4%
PERFORMANCE AT A GLANCE AS OF 6/30/00 - ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND CUMULATIVE RATES RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS 1 YEAR SINCE 5/1/97 INCEPTION 1 YEAR SINCE 5/1/97 INCEPTION (IN BILLIONS) - ----------------------------------------------------------------------------------------------------------------------------------- Inflation-Linked Bond Account 7.05% 4.68% 7.05% 15.61% $0.25 Salomon Smith Barney Inflation-Linked Securities Index 7.37% 5.05% 7.37% 16.89%
(1) PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF RETURN FROM THE INFLATION-LINKED BOND ACCOUNT. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. 2000 CREF Semi-Annual Report o 5 Bond Market Account - -------------------------------------------------------------------------------- Investment Objective A favorable long-term rate of return, primarily through high current income consistent with preserving capital - -------------------------------------------------------------------------------- For the first six months of 2000, the Bond Market Account had a return of 3.87 percent, which was 12 basis points behind the Lehman Brothers Aggregate Bond Index, and 57 basis points ahead of the competition as measured by the Lipper Intermediate Investment Grade Debt Index. We began to reduce our overweight positions compared with the benchmark in corporate, agency and agency-backed securities in January, making them roughly equivalent to the benchmark. The bond portfolio, however, slightly underperformed its benchmark in the first quarter, but managed to beat the returns posted by the peer group. Relative to the benchmark, beginning with the second quarter of 2000, we had a modest overweight position in certain spread sector securities, such as mortgage-backed and asset-backed bonds. (The spread is the difference between the yield of a bond and a Treasury security of similar duration.) We had a - -------------------------------------------------------------------------------- The Account's Benchmark - -------------------------------------------------------------------------------- The benchmark we use for the CREF Bond Market Account is the Lehman Brothers Aggregate Bond Index, representing the entire U.S. bond market. The Index includes more than 5,000 taxable government, investment-grade, and mortgage-backed securities. - -------------------------------------------------------------------------------- neutral position in corporate bonds, and an underweight position in U.S. agency securities and commercial mortgage-backed securities. By the end of the second quarter, our exposure to spread sector securities was again close to neutral compared with the benchmark. Several factors led to further widening in spreads in the corporate bond, U.S. agency, and asset-backed sectors. First, the Federal Reserve was clearly in a tightening mode with the goal of slowing down the economy. $10,000 OVER TEN YEARS - -------------------------------------------------------------------------------- Bond Market Account LB Agg. Bond Index 6/30/90 $10,000 10,000 6/30/91 10,910 11,070 6/30/92 12,526 12,624 6/30/93 14,171 14,112 6/30/94 13,913 13,928 6/30/95 15,563 15,676 6/30/96 16,260 16,462 6/30/97 17,563 17,804 6/30/98 19,410 19,681 6/30/99 19,895 20,300 6/30/2000 20,823 21,227 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF BOND MARKET ACCOUNT, ON JULY 1, 1990. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO $20,823. FOR COMPARISON, THE GRAPH SHOWS HOW A $10,000 INVESTMENT IN THE LEHMAN BROTHERS AGGREGATE BOND INDEX, THE BOND MARKET ACCOUNT'S BENCHMARK (SEE BOX AT LEFT), DID OVER THE SAME PERIOD. Second, the Treasury Department was buying back long-dated treasuries (e.g., with maturities of greater than 10 years), in particular 30-year Treasuries, boosting the value of these securities versus other fixed-income securities. Spreads in the mortgage-backed and commercial mortgage-backed (CMBS) sectors were unchanged. The overall performance of the Account for the first six months of 2000 closely matched its benchmark. During this period, we also kept the Account close to its benchmark in terms of spread sector allocations and yield-curve positioning. The option-adjusted duration of the bond portfolio was within 1 percent of the benchmark throughout the quarter. 6 o 2000 CREF Semi-Annual Report
PERFORMANCE AT A GLANCE AS OF 6/30/00 AVERAGE ANNUAL COMPOUND CUMULATIVE RATES RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS (IN BILLIONS) Bond Market Account 4.66% 6.00% 7.61% 4.66% 33.80% 108.23% $2.8 Lehman Brothers Aggregate Bond Index 4.56% 6.25% 7.82% 4.56% 35.41% 112.27% Lipper Intermediate Investment Grade Debt Index 3.76% 5.68% 7.18% 3.76% 31.81% 99.96%
(1) PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF RETURN FROM THE BOND MARKET ACCOUNT. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. - -------------------------------------------------------------------------------- RATING PERCENT - -------------------------------------------------------------------------------- Investment Grade Aaa/AAA 50.3% Aa/AA 5.6 A/A 12.2 Baa/BBB 5.8 Below Investment Grade Ba/BB 0.8 B 0.0 U.S. Government and Government Agency Securities (not rated) 24.4 Money Market Instruments (not rated) 0.9 PORTFOLIO COMPOSITION AS OF 6/30/00 - -------------------------------------------------------------------------------- [The following table represents a chart in the printed piece.] Mortgage-Backed and Other Asse-Backed Securities 49.5% U.S. Government and Government Agency Securities 24.4% Corporate Bonds 21.4% Foreign Government and Foreign Corporate Bonds, Denominated in U.S. Dollars 3.3% Investments Maturing in Less Than a Year 1.4% 2000 CREF Semi-Annual Report o 7 Social Choice Account Investment Objective A favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria screens INVESTMENT STRATEGY - -------------------------------------------------------------------------------- The Social Choice Account's total return for the six months ended June 30, 2000 was 2.27 percent, 53 basis points above that of the Lipper Balanced Fund Index, which measures the results of mutual funds with similar investment objectives (ignoring the social criteria). During this period the social criteria screens did not constrain the Account's results relative to those of balanced funds that don't have these restrictions. At the end of April 2000, the Committees on Corporate Governance and Social Responsibility voted in favor of a formal gambling screen. The Account will not invest in companies that have a significant involvement in gaming or gambling operations. - -------------------------------------------------------------------------------- The Account's Benchmarks - -------------------------------------------------------------------------------- The benchmarks we use for the Social Choice Account are the S&P 500, representing the U.S. stock market, and the Lehman Brothers Aggregate Bond Index, representing fixed-income investments. - -------------------------------------------------------------------------------- Because the Account uses investment screens, not all of the stocks in the S&P500 are represented. The performance of the Account benefited by being slightly underweight compared with the S&P500 Index in the technology sector, most notably by not owning Motorola, which had a -39 percent return in the benchmark for the quarter. $10,000 OVER TEN YEARS - -------------------------------------------------------------------------------- [The following table represents a chart in the printed piece.] LB Avg. Social Choice Bond Index Account S&P 500 Index 6/30/90 10,000 10,000 10,000 6/30/91 11,070 10,845 10,740 6/30/92 12,624 12,399 12,180 6/30/93 14,112 14,533 13,840 6/30/94 13,928 14,492 14,035 6/30/95 15,676 17,302 17,694 6/30/96 16,462 20,218 22,294 6/30/97 17,804 25,134 30,030 6/30/98 19,681 30,623 39,088 6/30/99 20,300 34,813 47,983 6/30/2000 21,227 37,122 51,461 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF SOCIAL CHOICE ACCOUNT, ON JULY 1, 1990. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO $37,122. FOR COMPARISON, THE GRAPH SHOWS HOW $10,000 INVESTMENTS IN THE SOCIAL CHOICE ACCOUNT'S BENCHMARKS (SEE BOX AT LEFT) DID OVER THE SAME PERIOD. Although the portfolio had an underexposure to the energy sector, it benefited by its overweight position in oil services companies relative to the benchmark. The Account's overexposure to healthcare stocks such as Johnson &Johnson positively contributed to performance, despite not owning Warner-Lambert, which had a return of 30 percent this quarter and completed its merger with Pfizer. The Account's overweight positions in interest-rate sensitive stocks versus the benchmark, namely the financial services and utility sectors, offset the effects of our underweight positions in producer durables such as General Electric, which is the largest stock in the S&P500 and which is not held by the Account. 8 o 2000 CREF Semi-Annual Report PERFORMANCE AT A GLANCE AS OF 6/30/00
- ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND CUMULATIVE RATES RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS (IN BILLIONS) - ----------------------------------------------------------------------------------------------------------------------------------- Social Choice Account 6.63% 16.50% 14.02% 6.63% 114.55% 271.22% $4.2 S&P 500 Index 7.25% 23.80% 17.80% 7.25% 190.84% 414.61% Lehman Brothers Aggregate Bond Index 4.56% 6.25% 7.82% 4.56% 35.41% 112.27% Lipper Balanced Fund Index 4.43% 13.82% 12.21% 4.43% 91.01% 216.60%
(1) PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF RETURN FROM THE SOCIAL CHOICE ACCOUNT. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. The fixed-income portion of the Account is invested in U.S. Treasury and agency securities, mortgage-backed and asset-backed securities, corporate bonds, foreign government and foreign corporate bonds denominated in U.S. dollars, and short-term investments. The fixed-income benchmark is the Lehman Brothers Aggregate Bond Index. The social criteria screens did not constrain the fixed-income performance of the Account relative to the performance of fixed-income funds that do not have social criteria screens. TEN LARGEST HOLDINGS AS OF 6/30/00 - -------------------------------------------------------------------------------- PRINCIPAL/ MARKET PERCENT COUPON MATURITY SHARES VALUE OF NET COMPANY RATE DATE (000) (000) ASSETS - -------------------------------------------------------------------------------- U.S. Treasury Bond 8.875% 02/15/19 114,420 $147,262 3.50% Intel Corp 760 101,629 2.42 Cisco Systems, Inc 1,462 92,909 2.21 Microsoft Corp 1,110 88,824 2.11 FGLMC 7.000% 07/25/30 89,000 86,003 2.04 FNMA 7.000% 07/25/30 73,900 71,348 1.70 FGLMC 8.000% 07/25/30 62,500 62,852 1.49 Wal-Mart Stores, Inc 1,033 59,538 1.42 Citigroup, Inc 894 53,886 1.28 American International Group, Inc 446 52,381 1.25 PORTFOLIO COMPOSITION AS OF 6/30/00 - -------------------------------------------------------------------------------- [The following table represents a chart in the printed piece.] U.S. Stocks 61.4% Long-Term Bonds 38.2% Short-Term Investments 0.4% 2000 CREF Semi-Annual Report o 9 Equity Index Account - -------------------------------------------------------------------------------- Investment Objective A favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the united states, as represented by a broad stock market index - -------------------------------------------------------------------------------- What is the Russell 3000(R)? - -------------------------------------------------------------------------------- The Account uses the Russell 3000(R) Index as its benchmark. The Russell 3000 is an unmanaged index of stocks of the 3,000 largest (based on market capitalization) publicly traded U.S. companies. Russell 3000 companies represent about 98 percent of the total market capitalization of the publicly traded U.S. stock market. Frank Russell Company annually rebalances the Index. Each year on May 31, Russell ranks the 3,000 largest U.S. stocks by market capitalization. The shares outstanding for each company are adjusted so the Index includes only the segment in which investors can freely transact shares. The 1999 "reconstitution" process resulted in 450 companies being added to the Russell 3000 Index effective July 1, replacing 258 companies that were deleted. The additions exceed deletions because companies that fall out of the Index because of mergers or bankruptcies during the previous 12 months are not replaced until the reconstitution process. The additions came from 179 initial public offerings (IPOs), as well as smaller companies that "moved up." The Russell 3000 Index is a trademark and service mark of the Frank Russell Company. No CREF account is promoted, endorsed, sponsored, or sold by, or affiliated with the Frank Russell Company. - -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 6/30/00 - -------------------------------------------------------------------------------- SHARES MARKET VALUE PERCENT OF COMPANY (000,000) (000,000) NET ASSETS - -------------------------------------------------------------------------------- General Electric Co 3.7 $194.1 3.79% Intel Corp 1.2 166.0 3.23 Cisco Systems, Inc 2.6 163.5 3.19 Microsoft Corp 1.4 114.1 2.22 Pfizer, Inc 2.3 111.9 2.18 Exxon Mobil Corp 1.3 101.2 1.97 Citigroup, Inc 1.3 75.3 1.47 International Business Machines Corp 0.7 72.0 1.40 Lucent Technologies, Inc 1.2 70.9 1.38 Oracle Corp 0.8 68.2 1.33 $10,000 SINCE 4/29/94 INCEPTION - -------------------------------------------------------------------------------- [The following table represents a chart in the printed piece.] Russell 3000(R) Index Equity Index Account 4/24/94 10,000 10,000 6/30/94 9,833 9,882 6/30/95 12,284 12,287 6/30/96 15,479 15,413 6/30/97 20,213 20,095 6/30/98 26,035 25,806 6/30/99 31,269 30,987 6/30/2000 34,271 33,902 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF EQUITY INDEX ACCOUNT, ON APRIL 29, 1994. IT SHOWS THAT, BY JUNE 30, 2000, THE INVESTMENT WOULD HAVE GROWN TO $33,902. FOR COMPARISON, THE GRAPH SHOWS HOW A $10,000 INVESTMENT IN THE RUSSELL 3000, THE EQUITY INDEX ACCOUNT'S BENCHMARK (SEE BOX AT LEFT), DID OVER THE SAME PERIOD. PORTFOLIO COMPOSITION AS OF 6/30/00 - -------------------------------------------------------------------------------- Technology 30.9% Consumer Products and Services 28.6% Financial 13.2% Manufacturing and Materials 11.0% Utilities 10.3% Energy 4.3% Short-Term Investments 0.9% Transportation 0.8% PERFORMANCE AT A GLANCE AS OF 6/30/00
- ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND CUMULATIVE RATES RATES OF TOTAL RETURN(1) OF TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS SINCE 4/29/94 INCEPTION 1 YEAR 5 YEARS SINCE 4/29/94 INCEPTION (IN BILLIONS) - ----------------------------------------------------------------------------------------------------------------------------------- Equity Index Account 9.41% 22.51% 21.85% 9.41% 175.93% 239.02% $5.1 Russell 3000 Index 9.60% 22.78% 22.16% 9.60% 178.99% 244.41% - -----------------------------------------------------------------------------------------------------------------------------------
(1) PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES OF RETURN FROM THE EQUITY INDEX ACCOUNT. FUTURE RETURNS WILL FLUCTUATE, AS WILL THE VALUE OF INVESTMENT PRINCIPAL. THE SHARES YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. 10 o 2000 CREF Semi-Annual Report Statement of Investments - MONEY MARKET ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- SHORT TERM INVESTMENTS--100.15% BANK NOTES--2.25% BANK OF AMERICA $20,000,000 6.820%, 09/01/00 ................... $ 20,003 25,000,000 6.440%, 10/12/00 ................... 24,968 20,000,000 7.060%, 12/01/00 ................... 20,008 FIRST TENNESSEE NATIONAL BANK 25,000,000 6.760%, 02/26/01 ................... 24,932 HARRIS TRUST AND SAVINGS BANK 49,000,000 6.600%, 08/11/00 ................... 49,000 HUNTINGTON NATIONAL BANK 10,000,000 5.660%, 07/06/00 ................... 9,998 -------- 148,909 -------- CERTIFICATES OF DEPOSIT--4.95% ABN AMRO BANK NV 20,000,000 6.720%, 03/02/01 ................... 19,920 BANK OF AMERICA 29,000,000 6.260%, 08/07/00 ................... 28,986 BANK OF NOVA SCOTIA 25,000,000 6.680%, 09/18/00 ................... 24,997 CANADIAN IMPERIAL BANK OF COMMERCE 50,000,000 6.740%, 08/30/00 ................... 50,002 50,000,000 6.680%, 09/07/00 ................... 49,998 DEUTSCHE BANK 15,000,000 5.710%, 07/06/00 ................... 14,998 20,000,000 6.695%, 02/05/01 ................... 19,934 15,000,000 6.700%, 02/14/01 ................... 14,950 MELLON BANK NA 13,350,000 5.700%, 07/07/00 ................... 13,348 REGIONS BANK (ALABAMA) 20,000,000 6.230%, 11/06/00 ................... 19,935 SOCIETE GENERALE 10,000,000 6.735%, 03/16/01 ................... 9,963 25,000,000 6.750%, 04/17/01 ................... 24,898 TORONTO DOMINION HOLDINGS (U.S.) 10,000,000 6.620%, 07/24/00 ................... 9,999 WESTDEUTSCHE LANDESBANK 25,000,000 6.750%, 08/24/00 ................... 25,000 -------- 326,928 -------- COMMERCIAL PAPER--81.49% ABN AMRO NORTH AMERICA FINANCE, INC 18,000,000 5.960%, 08/07/00 ................... 17,877 32,000,000 6.760%, 11/27/00 ................... 31,117 AMERICAN EXPRESS CREDIT CORP 4,786,000 c 6.780%, 07/07/00 ................... 4,781 AMERICAN HONDA FINANCE CORP 20,000,000 c 6.500%, 07/07/00 ................... 19,978 20,000,000 6.500%, 07/17//00 .................. 19,941 8,800,000 6.640%, 08/10/00 ................... 8,735 20,000,000 6.640%, 08/16/00 ................... 19,829 17,500,000 6.650%, 08/21/00 ................... 17,335 25,000,000 6.640%, 08/22/00 ................... 24,760 25,000,000 6.650%, 08/31/00 ................... 24,717 AMERICAN TELEPHONE & TELEGRAPH CO 50,000,000 6.550%, 08/15/00 ................... 49,584 50,000,000 6.650%, 08/30/00 ................... 49,443 46,000,000 6.660%, 09/05/00 ................... 45,437 ASSET SECURITIZATION COOP CORP 16,000,000 c 6.520%, 07/10/00 ................... 15,974 50,000,000 c 6.560%, 07/11/00 ................... 49,909 32,000,000 c 6.550%, 08/07/00 ................... 31,781 52,297,000 c 6.670%, 08/23/00 ................... 51,784 BANK OF NOVA SCOTIA 25,000,000 6.630%, 08/28/00 ................... 24,730 BEAR STEARNS CO, INC 45,000,000 6.710%, 09/05/00 ................... 44,449 BELL ATLANTIC FINANCIAL SERVICES, INC 22,000,000 6.475%, 07/10/00 ................... 21,964 35,000,000 6.480%, 07/13/00 ................... 34,923 29,000,000 6.630%, 08/08/00 ................... 28,796 BELL ATLANTIC NETWORK FUNDING CORP 44,750,000 6.540%, 07/24/00 ................... 44,563 35,000,000 6.540%, 07/27/00 ................... 34,835 20,000,000 6.570%, 08/16/00 ................... 19,832 BELLSOUTH TELECOMMUNICATIONS, INC 10,000,000 6.540%, 07/19/00 ................... 9,967 40,000,000 6.670%, 09/26/00 ................... 39,356 BETA FINANCE, INC 30,000,000 c 6.620%, 09/11/00 ................... 29,600 10,000,000 c 6.260%, 10/10/00 ................... 9,813 BMW U.S. CAPITAL CORP 16,000,000 6.540%, 08/16/00 ................... 15,866 105,698,000 6.570%, 09/18/00 ................... 104,150 BRITISH TELECOMMUNICATION PLC 50,000,000 6.620%, 08/21/00 ................... 49,528 50,000,000 6.690%, 09/18/00 ................... 49,268 25,000,000 6.770%, 11/08/00 ................... 24,398 25,000,000 6.880%, 02/12/01 ................... 23,952 CAMPBELL SOUP CO 25,000,000 6.600%, 08/23/00 ................... 24,755 25,000,000 6.540%, 09/07/00 ................... 24,685 40,000,000 6.180%, 10/11/00 ................... 39,244 CANADIAN IMPERIAL HOLDINGS, INC 40,000,000 6.540%, 07/19/00 ................... 39,869 CIESCO LP 27,500,000 c 6.520%, 07/12/00 ................... 27,444 50,000,000 6.550%, 07/20/00 ................... 49,823 19,000,000 6.560%, 07/20/00 ................... 18,934 14,000,000 c 6.540%, 07/24/00 ................... 13,942 25,000,000 6.580%, 09/07/00 ................... 24,685 15,000,000 6.580%, 09/12/00 ................... 14,797 CIT GROUP HOLDINGS, INC 10,000,000 6.150%, 07/17/00 ................... 9,970 CLOROX CO 40,000,000 6.080%, 07/05/00 ................... 39,971 13,682,000 6.090%, 07/05/00 ................... 13,672 COCA COLA CO 50,000,000 6.500%, 07/07/00 ................... 49,946 COCA-COLA ENTERPRISES, INC 50,000,000 c 6.130%, 07/14/00 ................... 49,880 25,000,000 c 6.550%, 07/24/00 ................... 24,893 CORPORATE ASSET FUNDING CORP, INC 12,600,000 c 6.550%, 07/11/00 ................... 12,577 42,000,000 c 6.530%, 07/21/00 ................... 41,848 25,000,000 c 6.550%, 07/24/00 ................... 24,893 20,000,000 c 6.550%, 08/04/00 ................... 19,876 50,000,000 c 6.650%, 08/21/00 ................... 49,528 CREDIT SUISSE FIRST BOSTON, INC 35,000,000 6.620%, 08/14/00 ................... 34,715 25,000,000 6.580%, 09/05/00 ................... 24,694 35,000,000 6.600%, 09/11/00 ................... 34,533 50,000,000 6.580%, 09/14/00 ................... 49,304 DAIMLERCHRYSLER NORTH AMERICA HOLDINGS 25,000,000 6.130%, 08/08/00 ................... 24,824 75,000,000 6.600%, 08/28/00 ................... 74,190 26,000,000 6.560%, 09/20/00 ................... 25,610 25,000,000 6.220%, 10/10/00 ................... 24,532 - -------------------------------------------------------------------------------- SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 11 Statement of Investments - MONEY MARKET ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- COMMERCIAL PAPER--(Continued) DELAWARE FUNDING CORP $40,000,000 c 6.590%, 07/11/00 ................... $ 39,927 10,118,000 c 6.570%, 07/17/00 ................... 10,088 20,000,000 c 6.580%, 07/18/00 ................... 19,938 30,309,000 c 6.600%, 07/24/00 ................... 30,181 50,000,000 c 6.550%, 07/25/00 ................... 49,782 DEUTSCHE BANK FINANCIAL, INC 50,000,000 6.610%, 07/31/00 ................... 49,725 DUKE ENERGY CORP 44,000,000 6.900%, 07/05/00 ................... 43,966 DUPONT (E.I.) DE NEMOURS & CO 25,000,000 6.550%, 07/18/00 ................... 24,923 25,000,000 5.960%, 08/16/00 ................... 24,786 EASTMAN KODAK CO 12,750,000 6.150%, 07/17/00 ................... 12,712 15,000,000 6.150%, 07/18/00 ................... 14,953 15,000,000 6.600%, 08/14/00 ................... 14,878 45,000,000 6.630%, 08/17/00 ................... 44,607 ENTERPRISE FUNDING CORP 20,382,000 c 6.130%, 07/11/00 ................... 20,345 39,000,000 c 6.540%, 07/19/00 ................... 38,872 EQUILON ENTERPRISES LLC 39,000,000 6.520%, 07/13/00 ................... 38,915 25,000,000 6.600%, 08/15/00 ................... 24,792 40,000,000 6.560%, 09/13/00 ................... 39,452 30,000,000 6.550%, 09/18/00 ................... 29,561 17,000,000 c 6.570%, 09/19/00 ................... 16,748 FORD MOTOR CREDIT CO 10,000,000 6.720%, 07/03/00 ................... 9,996 28,900,000 6.540%, 08/07/00 ................... 28,702 FORTUNE BRANDS, INC 20,000,000 6.100%, 07/05/00 ................... 19,985 15,000,000 6.130%, 07/10/00 ................... 14,975 15,000,000 c 6.610%, 08/02/00 ................... 14,911 33,400,000 c 6.650%, 09/05/00 ................... 32,991 20,000,000 6.650%, 09/06/00 ................... 19,751 18,000,000 6.670%, 09/07/00 ................... 17,773 12,085,000 6.700%, 10/10/00 ................... 11,859 18,000,000 6.080%, 07/10/00 ................... 17,970 GENERAL ELECTRIC CAPITAL CORP 64,000,000 6.580%, 07/21/00 ................... 63,766 12,400,000 6.530%, 07/26/00 ................... 12,344 16,900,000 6.590%, 08/10/00 ................... 16,776 16,000,000 6.570%, 09/15/00 ................... 15,774 42,000,000 6.220%, 10/10/00 ................... 41,213 GENERAL MOTORS ACCEPTANCE CORP 68,000,000 6.130%, 07/05/00 ................... 67,951 32,000,000 6.140%, 07/17/00 ................... 31,905 50,000,000 6.160%, 08/10/00 ................... 49,629 GOLDMAN SACHS GROUP LP 20,000,000 6.520%, 07/05/00 ................... 19,986 69,000,000 6.580%, 07/05/00 ................... 68,950 GTE CORP 17,800,000 6.600%, 07/11/00 ................... 17,767 20,000,000 c 6.610%, 07/18/00 ................... 19,938 10,000,000 6.600%, 07/27/00 ................... 9,952 25,000,000 6.630%, 08/01/00 ................... 24,857 23,300,000 c 6.650%, 08/07/00 ................... 23,141 GTE FUNDING, INC 5,800,000 6.700%, 07/12/00 ................... 5,788 15,200,000 6.700%, 07/13/00 ................... 15,166 HARLEY-DAVIDSON FUNDING CORP 32,000,000 c 6.540%, 07/06/00 ................... 31,971 18,000,000 c 6.550%, 07/11/00 ................... 17,967 HD REAL ESTATE FUNDING CORP 25,000,000 c 6.650%, 11/06/00 ................... 24,407 25,000,000 c 6.750%, 11/06/00 ................... 24,407 HEINZ (H.J.) CO 45,000,000 6.570%, 07/21/00 ................... 44,836 HONEYWELL, INC 1,250,000 6.500%, 07/05/00 ................... 1,249 HOUSEHOLD FINANCE CORP 35,000,000 6.100%, 07/06/00 ................... 34,968 INTERNATIONAL LEASE FINANCE CORP 55,500,000 6.130%, 08/07/00 ................... 55,120 50,000,000 6.540%, 08/07/00 ................... 49,665 JOHNSON & JOHNSON CO 25,000,000 c 5.800%, 07/06/00 ................... 24,977 7,000,000 c 5.700%, 07/24/00 ................... 6,970 MCGRAW-HILL, INC 25,000,000 6.550%, 08/07/00 ................... 24,829 23,500,000 6.550%, 08/08/00 ................... 23,334 MERRILL LYNCH & CO, INC 45,000,000 6.120%, 07/11/00 ................... 44,917 15,000,000 6.130%, 07/11/00 ................... 14,972 25,000,000 6.170%, 07/11/00 ................... 24,954 MORGAN STANLEY DEAN WITTER 41,000,000 6.590%, 09/11/00 ................... 40,453 MOTIVA ENTERPRISES LLC 30,000,000 6.550%, 09/05/00 ................... 29,633 25,000,000 6.570%, 09/05/00 ................... 24,694 MOTOROLA CREDIT CORP 19,000,000 6.090%, 07/07/00 ................... 18,979 68,000,000 6.130%, 07/14/00 ................... 67,837 22,000,000 6.590%, 07/28/00 ................... 21,891 MOTOROLA, INC 25,500,000 6.580%, 07/27/00 ................... 25,376 8,000,000 6.560%, 09/11/00 ................... 7,893 NATIONAL RURAL UTILITIES COOP FINANCE 40,000,000 c 5.980%, 07/10/00 ................... 39,934 28,000,000 6.120%, 07/18/00 ................... 27,912 16,000,000 6.150%, 07/18/00 ................... 15,950 23,000,000 6.540%, 07/20/00 ................... 22,919 25,000,000 c 6.100%, 09/12/00 ................... 24,662 20,000,000 6.370%, 12/12/00 ................... 19,390 NORTHERN STATES POWER CO 30,000,000 6.470%, 07/10/00 ................... 29,952 PACCAR FINANCIAL CORP 65,000,000 6.570%, 08/10/00 ................... 64,518 30,000,000 6.640%, 08/24/00 ................... 29,700 PACIFIC GAS & ELECTRIC CO 18,400,000 6.540%, 07/14/00 ................... 18,357 PARK AVENUE RECEIVABLES CORP 7,500,000 c 6.530%, 07/06/00 ................... 7,493 14,424,000 c 6.550%, 07/12/00 ................... 14,395 50,000,000 c 6.570%, 07/14/00 ................... 49,881 50,000,000 c 6.580%, 07/19/00 ................... 49,835 9,500,000 c 6.580%, 07/20/00 ................... 9,467 PREFERRED RECEIVABLES FUNDING CORP 25,000,000 c 6.580%, 07/06/00 ................... 24,977 44,200,000 c 6.600%, 07/21/00 ................... 44,038 27,535,000 c 6.610%, 07/27/00 ................... 27,404 35,800,000 c 6.570%, 07/31/00 ................... 35,604 RECEIVABLES CAPITAL CORP 25,000,000 c 6.150%, 07/14/00 ................... 24,940 21,500,000 c 6.550%, 07/20/00 ................... 21,426 44,680,000 c 6.600%, 07/25/00 ................... 44,483 33,000,000 c 6.550%, 07/28/00 ................... 32,842 SALOMON SMITH BARNEY HOLDINGS, INC 25,000,000 6.550%, 08/07/00 ................... 24,829 SEE NOTES TO FINANCIAL STATEMENTS 12 o 2000 CREF Semi-Annual Report Statement of Investments - MONEY MARKET ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ---------- COMMERCIAL PAPER--(Continued) SBC COMMUNICATIONS, INC $50,000,000 6.610%, 08/24/00 ...................$ 49,501 18,815,000 c 6.560%, 08/29/00 ................... 18,609 SIGMA FINANCE, INC 50,000,000 c 6.670%, 08/24/00 ................... 49,501 50,000,000 c 6.620%, 09/05/00 ................... 49,388 SOUTHERN CALIFORNIA EDISON CO 16,000,000 6.100%, 07/12/00 ................... 15,968 42,000,000 6.520%, 07/12/00 ................... 41,916 22,000,000 6.570%, 09/13/00 ................... 21,698 28,000,000 6.570%, 09/18/00 ................... 27,590 STANLEY WORKS 27,000,000 c 6.130%, 07/10/00 ................... 26,955 13,000,000 c 6.125%, 07/12/00 ................... 12,974 20,000,000 c 6.540%, 07/19/00 ................... 19,935 26,000,000 c 6.580%, 08/03/00 ................... 25,841 TORONTO DOMINION HOLDINGS (U.S.) 40,000,000 6.160%, 08/04/00 ................... 39,747 VENTURES BUSINESS TRUST 36,000,000 c 6.550%, 07/10/00 ................... 35,941 35,000,000 c 6.580%, 08/18/00 ................... 34,693 VIRGINIA ELECTRIC & POWER CO 35,000,000 6.550%, 07/06/00 ................... 34,968 12,000,000 6.550%, 07/10/00 ................... 11,980 17,500,000 6.520%, 07/25/00 ................... 17,424 30,000,000 6.530%, 08/10/00 ................... 29,778 30,000,000 6.530%, 08/14/00 ................... 29,761 15,000,000 6.640%, 08/31/00 ................... 14,830 WAL-MART STORES, INC 33,000,000 c 6.550%, 07/31/00 ................... 32,820 36,000,000 6.570%, 08/01/00 ................... 35,796 31,000,000 6.560%, 09/12/00 ................... 30,581 ---------- 5,382,975 ---------- EURO CERTIFICATES OF DEPOSIT--0.38% WESTDEUTSCHE LANDESBANK 25,000,000 6.460%, 10/12/00 ................... 24,968 ---------- MEDIUM TERM BONDS--1.12% BETA FINANCE, INC 15,000,000 6.810%, 02/26/01 ................... 14,966 20,000,000 6.800%, 04/25/01 ................... 19,996 25,000,000 7.440%, 05/31/01 ................... 25,050 FLORIDA POWER & LIGHT CO 4,000,000 6.330%, 07/01/00 ................... 4,000 IBM CREDIT CORP 10,000,000 5.860%, 09/01/00 ................... 9,981 ---------- 73,993 ---------- U.S. GOVERNMENT AND AGENCIES--0.78% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 20,000,000 5.550%, 07/14/00 ................... 19,992 32,000,000 6.140%, 10/12/00 ................... 31,394 ---------- 51,386 ---------- VARIABLE RATE NOTES--9.18% AMERICAN EXPRESS CENTURION BANK 25,000,000 6.660%, 06/26/01 ................... 25,000 AMERICAN HONDA FINANCE CORP 5,000,000 6.817%, 11/20/00 ................... 5,001 10,000,000 6.888%, 05/21/01 ................... 10,005 ASSOCIATES CORP OF NORTH AMERICA 32,000,000 6.865%, 06/14/01 ................... 32,032 BANC ONE CORP 10,000,000 6.830%, 03/30/01 ................... 10,002 25,000,000 6.919%, 04/04/01 ................... 25,030 BETA FINANCE, INC 25,000,000 6.262%, 01/23/01 ................... 24,995 25,000,000 6.636%, 02/15/01 24,998 CATERPILLAR FINANCIAL SERVICES CORP 15,000,000 6.685%, 04/02/01 ................... 14,991 CIT GROUP HOLDINGS, INC 25,000,000 6.801%, 06/06/01 ................... 24,985 25,000,000 6.676%, 07/16/01 ................... 24,963 CITIGROUP, INC 25,000,000 6.600%, 06/06/01 ................... 24,993 FCC NATIONAL BANK 25,000,000 6.902%, 03/02/01 ................... 24,998 FIRST TENNESSEE NATIONAL BANK 25,000,000 6.608%, 07/17/00 ................... 25,000 25,000,000 7.170%, 02/22/01 ................... 24,990 FIRST UNION NATIONAL BANK (CHARLOTTE) 30,000,000 7.170%, 02/15/01 ................... 29,985 20,000,000 6.960%, 11/13/00 ................... 20,016 25,000,000 7.190%, 05/08/01 ................... 24,993 FLEET NATIONAL BANK 50,000,000 6.910%, 03/27/01 ................... 50,035 FORD MOTOR CREDIT CO 15,000,000 6.810%, 02/13/01 ................... 15,006 KEY BANK 10,000,000 6.827%, 08/29/00 ................... 10,000 10,000,000 7.230%, 01/30/01 ................... 10,000 NATIONAL CITY CORP 65,000,000 6.330%, 04/23/01 ................... 64,805 SIGMA FINANCE, INC 25,000,000 6.633%, 12/04/00 ................... 24,998 25,000,000 6.790%, 05/25/01 ................... 24,998 SOUTHTRUST BANK NA 10,000,000 6.692%, 10/04/00 ................... 10,000 ---------- 606,819 ---------- TOTAL SHORT TERM INVESTMENTS (COST $6,617,611) .................. 6,615,978 ---------- TOTAL PORTFOLIO--100.15% (COST $6,617,611) .................. 6,615,978 OTHER ASSETS & LIABILITIES, NET - (0.15%) ......... (10,194) ---------- NET ASSETS--100.00% ..................$6,605,784 ========== - ---------------- c Commerical Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 13 Statement of Investments - INFLATION-LINKED BOND ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ---------- GOVERNMENT BONDS--98.47% U.S. TREASURY SECURITIES--98.47% U.S. TREASURY INFLATION INDEXED $41,020,752 3.625%, 07/15/02 ................. $ 40,738 39,223,787 3.375%, 01/15/07 ................. 37,618 40,214,912 3.625%, 01/15/08 ................. 38,990 37,423,175 3.875%, 01/15/09 ................. 36,850 40,539,338 3.625%, 04/15/28 ................. 38,639 34,209,478 3.875%, 04/15/29 ................. 34,071 U.S. TREASURY NOTE 14,398,232 4.250%, 01/15/10 ................. 14,605 ---------- 241,511 ---------- TOTAL GOVERNMENT BONDS (COST $242,319) .................. 241,511 ---------- TOTAL PORTFOLIO--98.47% (COST $242,319) .................. 241,511 OTHER ASSETS & LIABILITIES, NET - 1.53% ......... 3,747 ---------- NET ASSETS--100.00% ................ $ 245,258 ========== SEE NOTES TO FINANCIAL STATEMENTS 14 o 2000 CREF Semi-Annual Report Statement of Investments - BOND MARKET ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ---------- BONDS--98.31% CORPORATE BONDS--30.69% ASSET BACKED--6.40% ADVANTA MORTGAGE LOAN TRUST SERIES 1998-1 (CLASS A3) $11,500,000 6.270%, 12/25/17 ................... AAA $ 11,345 CHASE CREDIT CARD MASTER TRUST SERIES 1997-2 (CLASS B) 10,000,000 6.450%, 04/15/03 ................... A2 9,987 GE CAPITAL MORTGAGE SERVICES, INC SERIES 1999-HE1 (CLASS A3) 20,300,000 6.035%, 06/25/20 ................... AAA 19,796 GREENPOINT MANUFACTURED HOUSING SERIES 1999-5 (CLASS A2) 21,000,000 7.080%, 02/15/18 ................... AAA 20,718 GREEN TREE HOME EQUITY LOAN TRUST SERIES 1999-A (CLASS A2) 9,000,000 5.780%, 02/15/14 ................... AAA 8,890 GREEN TREE HOME EQUITY LOAN TRUST SERIES 1998-C (CLASS A3) 26,340,000 6.180%, 07/15/29 ................... AAA 26,212 NAVISTAR FINANCIAL CORP OWNER TRUST SERIES 2000-A (CLASS A4) 16,750,000 7.340%, 01/15/07 ................... AAA 16,843 NEWCOURT EQUIPMENT TRUST SECURITIES SERIES 1999-1 (CLASS A4) 23,500,000 7.180%, 10/20/05 ................... AAA 23,469 RESIDENTIAL ASSET SECURITIES CORP SERIES 2000-KS1 (CLASS A13) 12,000,000 7.735%, 10/25/25 ................... AAA 11,976 RESIDENTIAL ASSET SECURITIES CORP SERIES 1999-KS3 (CLASS AI3) 12,000,000 7.180%, 01/25/25 ................... AAA 11,869 RESIDENTIAL ASSET SECURITIES CORP SERIES 2000-KS3 (CLASS AI6) 5,000,000 7.810%, 06/25/31 ................... AAA 5,013 SAXON ASSET SECURITIES TRUST SERIES 1999-3 (CLASS AF6) 5,000,000 7.525%, 06/25/14 ................... AAA 4,952 VANERBILT MORTGAGE FINANCE SERIES 1999-D (CLASS IA2) 7,500,000 6.815%, 08/07/12 ................... AAA 7,358 -------- TOTAL ASSET BACKED ................... 178,428 -------- BASIC INDUSTRIES--0.35% CHEMICALS AND PLASTIC--0.35% PROCTER & GAMBLE CO (UNSUB NOTE) 5,000,000 5.250%, 09/15/03 ................... AA2 4,733 ROHM & HAAS CO DEB 5,000,000 g 7.850%, 07/15/29 ................... A3 5,056 -------- TOTAL BASIC INDUSTRIES ............... 9,789 -------- ENERGY--1.49% OIL, GAS AND OTHER ENERGY SERVICES--1.49% AMERADA HESS CORP DEB 5,000,000 7.875%, 10/01/29 ................... BAA1 4,889 BAKER HUGHS, INC (SR NOTE) 5,000,000 6.250%, 01/15/09 ................... A2 4,582 CONOCO, INC (SR NOTE) 9,250,000 5.900%, 04/15/04 ................... A3 8,833 5,000,000 6.950%, 04/15/29 ................... A3 4,545 NORSK HYDRO A/S DEB 5,000,000 7.150%, 01/15/29 ................... A2 4,472 OCCIDENTAL PETROLEUM NOTE 5,000,000 8.450%, 02/15/29 ................... BAA3 5,119 PHILLIPS PETE CO NOTE 4,000,000 8.500%, 05/25/05 ................... BAA2 4,132 TOSCO CORP DEB 5,000,000 8.125%, 02/15/30 ................... BAA2 4,984 -------- TOTAL ENERGY ......................... 41,556 -------- FINANCE--8.20% BANKS, SAVINGS AND LOANS--2.74% ABBEY NATIONAL PLC (SUBDEB) 5,000,000 7.950%, 10/26/26 ................... AA2 4,942 BANK OF AMERICA NOTE 7,500,000 7.800%, 02/15/10 ................... AA3 7,462 5,000,000 7.875%, 05/16/05 ................... AA3 5,078 BARCLAYS BANK PLC (SUB NOTE) 7,000,000 7.400%, 12/15/09 ................... AA3 6,817 CITIGROUP, INC NOTE 10,000,000 7.450%, 06/06/02 ................... AA2 10,027 5,000,000 e 6.200%, 03/15/09 ................... AA2 4,588 FIRST UNION CORP NOTE 8,000,000 6.950%, 11/01/04 ................... A1 7,758 FLEET BOSTON CORP (SUB NOTE) 10,000,000 e 7.375%, 12/01/09 ................... A3 9,607 PNC FUNDING CORP 5,600,000 7.500%, 11/01/09 ................... A3 5,450 WACHOVIA CORP (SUB NOTE) 11,065,000 6.150%, 03/15/09 ................... A1 9,859 WELLS FARGO BANK NA (SUB NOTE) 5,000,000 7.800%, 06/15/10 ................... AA3 5,038 -------- 76,626 -------- CREDIT AND OTHER FINANCE--3.80% ARISTAR, INC (SR NOTE) 10,000,000 6.000%, 05/15/02 ................... A3 9,697 DAIMLERCHRYSLER NA HOLDINGS (MEDIUM TERM NOTE) 13,500,000 6.670%, 02/15/02 ................... A1 13,371 11,500,000 6.840%, 10/15/02 ................... A1 11,401 FORD MOTOR CREDIT NOTE 9,000,000 7.375%, 10/28/09 ................... A1 8,705 10,000,000 6.700%, 07/16/04 ................... A1 9,689 GENERAL ELECTRIC CAPITAL CORP (MEDIUM TERM NOTE) 9,500,000 6.650%, 09/03/02 ................... AAA 9,408 10,000,000 5.650%, 03/31/03 ................... AAA 9,604 5,000,000 7.375%, 01/19/10 ................... AAA 5,060 GENERAL MOTORS ACCEPTANCE CORP (MEDIUM TERM NOTE) 4,500,000 6.750%, 12/10/02 ................... A2 4,423 5,000,000 7.750%, 01/19/10 ................... A2 4,971 HOUSEHOLD FINANCE CO 5,000,000 6.875%, 03/01/03 ................... A2 4,894 JOHN DEERE CAPITAL CORP 10,000,000 7.000%, 10/15/02 ................... A2 9,934 NORWEST FINANCIAL, INC (SR NOTE) 5,000,000 6.700%, 09/22/04 ................... AA3 4,847 -------- 106,004 -------- INSURANCE--0.67% ALLSTATE CORP (SR NOTE) 5,000,000 7.200%, 12/01/09 ................... A1 4,780 AMERICAN GENERALFINANCE(SRNOTE) 5,000,000 8.500%, 07/01/30 ................... A2 4,999 ASSOCIATED P & C HOLDINGS, INC (SR NOTE) 5,000,000 6.750%, 07/15/03 ................... BAA1 4,815 GE GLOBAL INSURANCE NOTE 4,000,000 7.750%, 06/15/30 ................... AA1 3,976 -------- 18,570 -------- +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 15 Statement of Investments - BOND MARKET ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) -------- ------- ---------- SECURITIES AND COMMODITIES--0.99% GOLDMAN SACHS GROUP $10,000,000 e 7.800%, 01/28/10 ................... A1 $ 9,897 MERRILL LYNCH & CO NOTE 3,000,000 6.875%, 11/15/18 ................... AA3 2,646 MORGAN STANLEY DEAN WITTER 10,000,000 7.125%, 01/15/03 ................... AA3 9,936 5,000,000 7.750%, 06/15/05 ................... AA3 5,035 -------- 27,514 -------- TOTAL FINANCE ........................ 228,714 -------- OTHER MORTGAGE BACKED SECURITIES--1.46% BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES 2000-WF1 (CLASS C) 9,531,000 7.892%, 02/15/10 ................... AAA 9,698 COMMERCIAL MORTGAGE ASSET TRUST SERIES 1999-C1 (CLASS A3) 3,050,000 6.640%, 09/17/10 ................... AAA 2,877 HELLER FINANCIAL COMMERCIAL MORTGAGE ASSET SERIES 2000-PH1 (CLASS A2) 5,000,000 7.750%, 11/15/09 ................... AAA 5,076 JP MORGAN COMMERCIAL MORTGAGE FINANCIALCORP SERIES2000-C9 (CLASS A) 22,874,833 7.590%, 10/15/32 ................... AAA 23,071 -------- TOTAL OTHER MORTGAGE BACKED SECURITIES .................... 40,722 -------- FOODS AND RELATED--0.17% BEVERAGES, OTHER FOOD PRODUCTS--0.17% DIAGEO CAPITAL PLC NOTE 5,000,000 6.625%, 06/24/04 ................... A1 4,859 -------- TOTAL FOODS AND RELATED .............. 4,859 -------- HEALTH--0.46% DRUGS AND PHARMACEUTICALS--0.46% ABBOTT LABORATORIES NOTE 5,000,000 5.400%, 09/15/08 ................... AA1 4,457 JOHNSON & JOHNSON CO DEB 4,500,000 6.950%, 09/01/29 ................... AAA 4,309 MERCK & CO, INC DEB 5,000,000 5.950%, 12/01/28 ................... AAA 4,195 -------- TOTAL HEALTH ......................... 12,961 -------- INDUSTRIAL MACHINERY--0.18% OTHER INDUSTRIAL EQUIPMENT--0.18% CATERPILLAR, INC DEB 4,788,000 9.750%, 06/01/19 ................... A2 5,002 -------- TOTAL INDUSTRIAL MACHINERY ........... 5,002 -------- MEDIA AND LEISURE--2.07% BROADCASTING--1.86% CSC HOLDINGS, INC NOTE 2,150,000 8.125%, 08/15/09 ................... BA2 2,090 DISNEY (WALT) CO NOTE 10,000,000 e 7.300%, 02/08/05 ................... A2 10,076 JONES INTERCABLE, INC (SR NOTE) 12,500,000 9.625%, 03/15/02 ................... BAA3 12,753 LENFEST COMMUNICATIONS (SUB NOTE) 5,000,000 8.250%, 02/15/08 ................... BAA3 4,925 TIME WARNER ENTERTAINMENT DEB 5,000,000 10.150%, 05/01/12 ................... BAA2 5,738 TIME WARNER, INC (PASS-THRU CERT) 10,000,000 g 6.100%, 12/30/01 ................... BAA3 9,809 TIME WARNER, INC DEB 5,915,000 9.125%, 01/15/13 ................... BAA3 6,482 -------- 51,873 -------- PUBLISHING--0.21% TIMES MIRROR CO NOTE 6,000,000 6.650%, 10/15/01 ................... A2 5,957 -------- TOTAL MEDIA AND LEISURE .............. 57,830 -------- RETAIL AND WHOLESALE--0.89% GENERAL MERCHANDISE STORES--0.89% WAL-MART STORES, INC (SR NOTE) 10,000,000 e 6.150%, 08/10/01 ................... AA2 9,913 10,000,000 6.875%, 08/10/09 ................... AA2 9,769 5,000,000 7.550%, 02/15/30 ................... AA2 5,118 -------- TOTAL RETAIL AND WHOLESALE ........... 24,800 -------- TECHNOLOGY--0.79% COMPUTERS & OFFICE EQUIPMENT--0.33% COMDISCO, INC (SR NOTE) 9,500,000 6.000%, 01/30/02 ................... BAA1 9,081 -------- INSTRUMENTS AND RELATED PRODUCTS--0.46% EASTMAN KODAK CO NOTE 13,000,000 6.500%, 08/15/01 ................... A2 12,884 -------- TOTAL TECHNOLOGY ..................... 21,965 -------- TRANSPORTATION--1.22% AEROSPACE AND DEFENSE--0.18% LOCKHEED MARTIN CORPNOTE 5,000,000 e 7.950%, 12/01/05 ................... BAA3 5,029 -------- AIR TRANSPORTATION--0.72% BOEING CO DEB 10,000,000 8.100%, 11/15/06 ................... AA3 10,394 CONTINENTAL AIRLINES (PASS THRUCERT) 238,604 6.545%, 02/02/19 ................... AA3 215 UNITED TECHNOLOGIES CORP DEB 9,500,000 7.500%, 09/15/29 ................... A2 9,385 -------- 19,994 -------- AUTOS, TIRES AND RELATED PRODUCTS--0.16% GENERAL MOTORS NOTE 5,000,000 6.375%, 05/01/08 ................... A2 4,581 -------- RAILROADS--0.16% UNION PACIFIC CORP NOTE 4,400,000 7.600%, 05/01/05 ................... BAA3 4,377 -------- TOTAL TRANSPORTATION ................. 33,981 -------- UTILITIES--7.01% TELEPHONE--2.79% BELLSOUTH TELECOMMUNICATION, INC NOTE 10,000,000 6.500%, 06/15/05 ................... AAA 9,639 DEUTSCHE TELEKOM INTERNATIONAL (GUARANTEENOTE) 5,000,000 h 8.250%, 06/15/30 ................... AA2 5,037 ELECTRIC LIGHTWAVE, INC NOTE 10,000,000 g 6.050%, 05/15/04 ................... A2 9,623 GTE CALIFORNIA, INCNOTE 5,000,000 7.650%, 03/15/07 ................... A2 4,989 LUCENT TECHNOLOGIES, INC DEB 10,000,000 6.500%, 01/15/28 ................... A2 8,910 QWEST COMMUNICATIONS INTERNATIONAL, INC (SR NOTE) 6,000,000 7.500%, 11/01/08 ................... BAA1 5,742 SPRINT CAPITAL CORP (GAURANTEE NOTE) 12,500,000 7.625%, 06/10/02 ................... BAA1 12,491 5,500,000 6.875%, 11/15/28 ................... BAA1 4,781 U.S. WEST CAPITAL FUNDING, INC (GUARANTEE NOTE) 7,800,000 6.125%, 07/15/02 ................... A3 7,577 5,000,000 6.875%, 07/15/28 ................... A3 4,295 +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 16 o 2000 CREF Semi-Annual Report Statement of Investments - BOND MARKET ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) -------- ------- ---------- TELEPHONE--(Continued) VODAFONE PLC AIRTOUCH (UNSUBDEB) $ 5,000,000 7.750%, 02/15/10 ................... A2 $ 4,877 -------- 77,961 -------- ELECTRIC, GAS AND OTHER--4.22% ALABAMA POWER CO (SR NOTE) 5,000,000 7.125%, 08/15/04 ................... A2 4,946 CAITHNESS COSO FUND CORP NOTE 4,104,907 g 6.800%, 12/15/01 ................... BA1 4,042 CLEVELAND ELECTRIC TOLEDO EDISON NOTE 5,000,000 7.190%, 07/01/00 ................... BA1 5,000 CMS PANHANDLE HOLDINGS CO (SR NOTE) 10,000,000 g 6.125%, 03/15/04 ................... BAA2 9,399 COASTAL CORP (SR NOTE) 11,490,000 10.000%, 02/01/01 ................... BAA3 11,647 CONSOLIDATED EDISON NOTE 5,000,000 6.375%, 04/01/03 ................... A1 4,862 CONSUMERS ENERGY CO DEB 5,000,000 6.200%, 05/01/03 ................... BAA3 4,723 DPL, INC (SR NOTE) 5,000,000 8.250%, 03/01/07 ................... BAA1 4,984 DUKE CAPITAL NOTE 10,000,000 e 7.500%, 10/01/09 ................... A3 9,852 EL PASO ELECTRIC CO (FIRST MORTGAGE BOND) 5,000,000 8.900%, 02/01/06 ................... BA2 5,138 EL PASO ENERGY CORP (SR NOTE) 10,000,000 12.000%, 12/15/00 ................... BAA3 10,006 GEORGIA POWER CO (SR NOTE) 10,000,000 5.500%, 12/01/05 ................... A2 9,092 K N ENERGY, INC (SR NOTE) 6,000,000 6.450%, 11/30/01 ................... BAA2 5,906 MONONGAHELA POWER CO (FIRST MORTGAGE BOND) 3,000,000 8.625%, 11/01/21 ................... A1 3,154 NATIONAL RURAL UTILITIES TRUST 5,000,000 5.000%, 10/01/02 ................... AA3 4,779 NIAGARA MOHAWK POWER (FIRST MORTGAGE BOND) 4,500,000 5.875%, 09/01/02 ................... BAA3 4,334 PENN POWER & LIGHT CAPITAL FUNDING(SRNOTE) 5,000,000 7.750%, 04/15/05 ................... BAA2 4,928 PUGET SOUND ENERGY, INC (SR NOTE) 5,000,000 7.020%, 12/01/27 ................... BAA1 4,407 TEXAS - NEW MEXICO POWER (SR NOTE) 3,000,000 6.250%, 01/15/09 ................... BAA2 2,584 WILLIAMS COS, INC NOTE 4,000,000 6.200%, 08/01/02 ................... BAA2 3,892 -------- 117,675 -------- TOTAL UTILITIES ...................... 195,636 -------- TOTAL CORPORATE BONDS (COST $859,151) .................... 856,243 -------- GOVERNMENT BONDS--67.62% AGENCY SECURITIES--8.39% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 18,200,000 5.000%, 01/15/04 ................... AAA 17,048 3,000,000 7.100%, 04/10/07 ................... AAA 2,997 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 26,300,000 5.125%, 02/13/04 ................... AAA 24,685 125,500,000 e,h 7.125%, 02/15/05 ................... AAA 126,010 5,000,000 6.850%, 09/12/05 ................... AAA 4,853 57,050,000 e 7.250%, 05/15/30 ................... AAA 58,418 -------- 234,011 -------- FOREIGN GOVERNMENT BONDS--2.45% BRITISH COLUMBIA NOTE 13,000,000 5.375%, 10/29/08 .................... AA2 11,455 CANADA GOVERNMENT 5,500,000 6.750%, 08/28/06 .................... AA2 5,389 MEXICAN UNITED STATES NOTE 3,300,000 e 9.875%, 02/01/10 .................... BA1 3,449 ONTARIO ELECTRICITY FINANCIAL 5,000,000 6.100%, 01/30/08 .................... AA3 4,630 ONTARIO PROVINCE CANADA 13,400,000 7.000%, 08/04/05 .................... AA3 13,292 10,000,000 7.375%, 01/27/03 .................... AA3 10,062 QUEBEC PROVINCE CANADA 10,500,000 7.000%, 01/30/07 .................... A2 10,295 10,000,000 7.500%, 09/15/29 .................... A2 9,824 -------- 68,396 -------- MORTGAGE BACKED SECURITIES--41.08% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 2,263,933 7.000%, 09/01/10 ............................ 2,234 4,114,676 6.000%, 04/01/11 ............................ 3,925 10,802,799 7.000%, 07/01/13 ............................ 10,622 1,673,070 7.000%, 05/01/23 ............................ 1,628 FEDERAL HOME LOAN MORTGAGE CORP GOLD (FGLMC) 50,000,000 h 7.000%, 07/25/15 ............................ 49,086 9,142,998 6.500%, 01/01/29 ............................ 8,641 40,530,930 d 6.500%, 02/01/29 ............................ 38,306 50,138,496 6.500%, 09/01/29 ............................ 47,386 28,250,000 h 6.500%, 07/25/30 ............................ 26,663 96,000,000 7.000%, 07/25/30 ............................ 92,768 100,100,000 h 7.500%, 07/25/30 ............................ 98,779 116,250,000 h 8.000%, 07/25/30 ............................ 116,904 72,000,000 h 8.500%, 07/25/30 ............................ 73,474 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 918,466 7.500%, 08/01/01 ............................ 918 2,024,984 6.000%, 12/01/02 ............................ 1,977 939,312 6.000%, 12/01/08 ............................ 903 9,131,566 6.500%, 05/01/09 ............................ 8,906 2,083,246 7.500%, 11/01/10 ............................ 2,084 1,359,709 8.000%, 06/01/11 ............................ 1,375 347,795 8.000%, 07/01/11 ............................ 352 48,672,131 d 6.000%, 12/01/13 ............................ 46,108 42,768,598 d 6.500%, 12/01/13 ............................ 41,310 44,500,000 h 6.500%, 07/25/15 ............................ 42,897 912,085 6.500%, 02/01/16 ............................ 872 885,306 6.500%, 03/01/16 ............................ 847 1,075,739 6.500%, 04/01/16 ............................ 1,036 5,562,772 d 8.000%, 03/01/23 ............................ 5,619 9,547,989 d 8.000%, 07/01/24 ............................ 9,627 1,738,331 9.000%, 11/01/25 ............................ 1,790 13,666,601 6.000%, 10/01/28 ............................ 12,511 10,740,832 d 6.500%, 10/01/28 ............................ 10,141 19,115,931 d 6.000%, 01/01/29 ............................ 17,499 18,844,178 6.000%, 02/01/29 ............................ 17,250 37,099,186 6.500%, 02/01/29 ............................ 35,016 13,649,736 6.500%, 03/01/29 ............................ 12,883 7,111,186 6.000%, 05/01/29 ............................ 6,510 149,000,000 h 7.000%, 07/25/30 ............................ 143,855 53,000,000 h 7.500%, 07/25/30 .......................... 52,246 44,000,000 h 8.000%, 07/25/30 ............................ 44,186 22,750,000 8.500%, 07/25/30 ............................ 23,173 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) 164,850 8.500%, 10/15/09 ............................ 169 +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 17 Statement of Investments - BOND MARKET ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) ------- ----------- MORTGAGE BACKED SECURITIES--(Continued) $ 612,728 8.500%, 12/15/09 ............................ $ 625 2,160,755 9.000%, 12/15/09 ............................ 2,250 686,694 8.500%, 01/15/10 ............................ 701 90,860 9.000%, 06/15/16 ............................ 95 183,845 9.000%, 08/15/16 ............................ 192 308,749 9.000%, 09/15/16 ............................ 323 52,340 9.000%, 10/15/16 ............................ 55 101,189 9.000%, 11/15/16 ............................ 106 347,456 9.000%, 12/15/16 ............................ 363 1,477,386 9.500%, 12/15/16 ............................ 1,571 106,139 9.000%, 07/15/17 ............................ 111 173,824 9.000%, 06/15/20 ............................ 181 4,923,256 6.500%, 09/15/23 ............................ 4,703 3,037,873 6.500%, 01/15/24 ............................ 2,899 1,975,532 6.500%, 03/15/24 ............................ 1,885 12,369,630 d 6.500%, 05/15/24 ............................ 11,815 1,776,833 8.000%, 06/15/24 ............................ 1,800 3,981,434 6.500%, 09/15/24 ............................ 3,799 ------------ 1,145,950 ------------ OTHER MORTGAGE BACKED SECURITIES--0.07% FANNIE MAE WHOLE LOAN (FNW) 2,000,000 5.925%, 02/25/29 ............................ 1,898 ------------ U.S. TREASURY SECURITIES--15.63% TREASURY INFLATION INDEXED 4,593,336 h 3.875%, 01/15/09 ............................ 4,523 U.S. TREASURY BOND 44,830,000 12.000%, 08/15/13 ........................... 60,521 187,228,000 d,e 8.875%, 02/15/19 ............................ 240,968 14,600,000 8.000%, 11/15/21 ............................ 17,650 8,750,000 6.125%, 08/15/29 ............................ 8,838 U.S. TREASURY NOTE 5,000,000 e 5.625%, 12/31/02 ............................ 4,912 29,070,000 e 6.750%, 05/15/05 ............................ 29,747 4,750,000 6.875%, 05/15/06 ............................ 4,889 4,069,280 4.250%, 01/15/10 ............................ 4,128 17,945,000 e 6.500%, 02/15/10 ............................ 18,556 U.S. TREASURY STRIP 75,000,000 d 0.000%, 11/15/09 ............................ 41,402 ------------ 436,134 ------------ TOTAL GOVERNMENT BONDS (COST $1,897,399) .......................... 1,886,389 ----------- TOTAL BONDS (COST $2,756,550) .......................... 2,742,632 ------------ SHORT TERM INVESTMENTS--38.41% COMMERCIAL PAPER--26.86% AMERICAN ELECTRIC POWER CO 39,000,000 c 6.750%, 07/17/00 ............................ 38,873 CASE CORP 14,000,000 c,d 6.800%, 07/07/00 ............................ 13,981 CASE CREDIT CORP 35,000,000 c,d 6.800%, 07/12/00 ............................ 34,919 COASTAL CORP 2,000,000 6.770%, 07/10/00 ............................ 1,996 COX COMMUNICATIONS, INC 16,700,000 c,d 6.780%, 07/11/00 ............................ 16,664 33,000,000 c,d 6.800%, 07/17/00 ............................ 32,893 DANA CREDIT CORP 25,200,000 c,d 6.800%, 07/19/00 ............................ 25,108 21,200,000 c,d 6.800%, 07/20/00 ............................ 21,119 DANA CREDIT CORP 7,075,000 c,d 6.800%, 07/17/00 ............................ 7,052 DELPHI AUTOMOTIVE SYSTEMS CORP 30,000,000 c 6.780%, 07/07/00 ............................ 29,959 20,000,000 c 6.950%, 07/17/00 ............................ 19,935 DOMINION RESOURCES, INC 50,000,000 c,d 6.820%, 07/12/00 ............................ 49,884 ERAC U.S.A. FINANCE CO 18,000,000 c,d 6.850%, 08/02/00 ............................ 17,886 25,000,000 c,d 6.860%, 08/09/00 ............................ 24,808 FEDEX CORP 4,496,000 c 6.790%, 07/11/00 ............................ 4,486 GPU CAPITAL, INC 12,000,000 c 6.800%, 07/12/00 ............................ 11,972 33,500,000 c,d 6.900%, 07/25/00 ............................ 33,340 HOUSTON INDUSTRIES FINANCECO LP 18,000,000 c.d 6.900%, 07/10/00 ............................ 17,965 32,000,000 c,d 6.950%, 07/13/00 ............................ 31,919 NORFOLK SOUTHERN CORP 16,000,000 c 6.780%, 07/12/00 ............................ 15,963 POTLATCH CORP 11,300,000 6.830%, 07/05/00 ............................ 11,289 PRAXAIR, INC 4,426,000 6.750%, 07/14/00 ............................ 4,414 14,600,000 d 6.730%, 07/18/00 ............................ 14,550 PUBLIC SERVICES ELECTRIC & GAS CO 10,824,000 d 6.780%, 07/07/00 ............................ 10,809 18,400,000 6.780%, 07/10/00 ............................ 18,364 25,000,000 d 6.790%, 07/14/00 ............................ 24,932 SAFEWAY, INC 10,000,000 c,d 6.800%, 07/14/00 ............................ 9,973 39,965,000 c,d 6.800%, 07/17/00 ............................ 39,835 TEXAS UTILITIES CO 30,000,000 c,d 6.780%, 07/13/00 ............................ 29,924 20,000,000 c,d 6.780%, 07/14/00 ............................ 19,946 TYCO INTERNATIONAL LTD 50,000,000 c,d 6.850%, 07/17/00 ............................ 49,837 WHITMAN CORP 1,000,000 6.810%, 07/11/00 ............................ 998 23,000,000 d 6.850%, 08/04/00 ............................ 22,846 WINN-DIXIE STORES, INC 22,000,000 6.900%, 07/21/00 ............................ 21,912 XEROX CAPITAL (EUROPE) PLC 19,000,000 c 6.750%, 07/17/00 ............................ 18,940 ------------ 749,291 ------------ INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED--11.55% REPURCHASE AGREEMENTS JP MORGAN SECURITIES, INC 90,000,000 i 6.800%, DATED 06/30/00, DUE 07/03/00 ....... 90,017 MORGAN STANLEY & CO, INC 68,188,000 i 6.720%, DATED 06/30/00, DUE 07/05/00 ....... 68,201 PRUDENTIAL SECURITIES, INC 88,645,000 i 6.750%, DATED 05/17/00, DUE 12/29/00 ....... 88,846 TIME DEPOSITS BANK OF MONTREAL 25,000,000 6.810%, 07/06/00 ........................... 25,019 BARCLAYS BANK PLC (LONDON) 25,000,000 7.031%, 07/03/00 ........................... 25,005 RABOBANK NEDERLANDS NV 25,000,000 7.000%, 07/03/00 ........................... 25,005 ------------ 322,093 ------------ TOTAL SHORT TERM INVESTMENTS (COST $1,071,558) .......................... 1,071,384 ------------ TOTAL PORTFOLIO--136.72% (COST $3,828,108) 3,814,016 OTHER ASSETS & LIABILITIES, NET -- (36.72%) (1,024,414) ------------ NET ASSETS--100.00% ..........................$ 2,789,602 ============ 18 o 2000 CREF Semi-Annual Report SEE NOTES TO FINANCIAL STATEMENTS Statement of Investments - BOND MARKET ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- - ---------- c Commercial paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. d All or portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery basis. e All or a portion of these securities are out on loan. g Security is exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2000, the value of these securities amounted to $37,929 or 1.36% of net assets. h These securities were purchased on a delayed delivery basis i Repurchase agreements are fully collateralized as follows: Market Coupon Maturity Description Principal Value Rate Date ----------- --------- ------- ------ -------- J P Morgan Securities, Inc: Federal National Discount Note $ 19,869,183 $19,395,359 5.450%- 07/05/00- 6.875% 06/21/01 Federal National Mortgage Association 37,962,116 36,746,855 5.250%- 02/01/01- 7.400% 02/01/08 Federal Home Loan Mortgage Corp 2,712,263 2,689,533 5.500%- 07/05/00- 7.875% 09/14/00 Federal Home Loan Bank 26,278,875 25,949,975 4.980%- 07/28/00- 7.315% 09/27/00 Resolution Funding Corp Strip Principal 34,278,300 5,116,790 8.880% 07/03/30 Student Loan Marketing Association 1,111,050 1,110,254 0.000% 07/03/00 U.S. Treasury Bond 648,788 791,273 7.880% 01/10/21 Morgan Stanley Securities, Inc: Government National Mortgage Association 113,428,488 69,691,521 5.000%- 07/20/27- 6.125% 10/20/29 Prudential Securities, Inc: Government National Mortgage Association 225,638,747 90,417,900 5.000%- 10/20/25- 6.500% 04/20/29 see notes to financial statements 2000 CREF Semi-Annual Report o 19 Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) ------- -------- -------- BONDS CORPORATE BONDS--11.67% ASSET BACKED--2.38% CHASE CREDIT CARD MASTER TRUST SERIES 1999-3 (CLASS A) $20,000,000 6.660%, 01/15/07 ....................... AAA$ 19,620 CHASE CREDIT CARD MASTER TRUST SERIES 1997-2 (CLASS B) 8,000,000 6.450%, 04/15/03 ....................... A2 7,990 CONSECO FINANCE SECURITIZATIONS CORP SERIES 2000-1 (CLASS A2) 16,500,000 7.190%, 05/01/31 ....................... AAA 16,356 CITIBANK CREDIT CARD MASTER TRUST SERIES 1997-2 (CLASS B) 3,000,000 6.700%, 02/15/04 ....................... A1 2,963 EQUICREDIT HOME EQUITY LOAN TRUST SERIES 1999-1 (CLASS A4F) 10,000,000 6.134%, 07/20/28 ....................... AAA 8,956 FLEETWOOD CREDIT GRANTOR TRUST SERIES 1993-B (CLASS A) 1,312,443 4.950%, 08/15/08 ....................... AAA 1,263 FIRST U.S.A. CREDIT CARD MASTER TRUST SERIES 1998-9 (CLASS A) 12,000,000 5.280%, 09/18/06 ....................... AAA 11,351 GREENPOINT MANUFACTURED HOUSING SERIES 1999-1 (CLASS A2) 16,250,000 h 6.010%, 08/15/15 ..................... AAA 15,734 HOUSEHOLD AUTOMOTIVE TRUST SERIES 2000-2 (CLASS A3) 4,500,000 7.340%, 11/17/04 ....................... AAA 4,526 MBNA MASTER CREDIT CARD TRUST SERIES 1999-M (CLASS A) 2,500,000 6.600%, 04/16/07 ....................... AAA 2,446 NATIONSCREDIT GRANTOR TRUST SERIES 1997-2 (CLASS A1) 2,190,313 6.350%, 04/15/14 ....................... AAA 2,156 NATIONSBANK CREDIT CARD MASTER TRUST SERIES 1993-2 (CLASS B) 7,000,000 6.250%, 12/15/05 ....................... A2 6,722 ----------- 100,083 ----------- BUSINESS SERVICES--0.12% ADVERTISING AND OTHER SERVICES--0.12% INTERNATIONAL LEASE FINANCE CORP NOTE 5,000,000 5.950%, 06/01/01 ....................... A1 4,937 ----------- TOTAL BUSINESS SERVICES .................. 4,937 ----------- ENERGY--0.23% OIL, GAS AND OTHER ENERGY SERVICES--0.23% BURLINGTON RESOURCES 5,000,000 7.375%, 03/01/29 ....................... A3 4,638 UNION PACIFIC RESOURCES NOTE 5,515,000 6.750%, 05/15/08 .......................BAA3 5,157 ----------- TOTAL ENERGY ............................. 9,795 ----------- FINANCE--2.73% BANKS, SAVINGS AND LOANS--1.00% CHASE MANHATTAN BANK 13,524,637 7.134%, 07/15/07 ....................... AAA 13,408 FIRST UNION CORP (SUB NOTE) 10,000,000 6.300%, 04/15/08 ....................... A2 9,097 NATIONSBANK (SUB NOTE) 10,000,000 6.875%, 02/15/05 ....................... AA3 9,653 PNC FUNDING CORP NOTE 10,000,000 7.500%, 11/01/09 ....................... A3 9,732 ----------- 41,890 ----------- CREDIT AND OTHER FINANCE--0.89% ARISTAR, INC (SR NOTE) 5,000,000 5.850%, 01/27/04 ....................... A3 4,678 ASSOCIATES CORP NA (SR NOTE) 5,000,000 6.250%, 11/01/08 ....................... AA3 4,484 CAPITAL ONE BANK (SR NOTE) 3,000,000 7.080%, 10/30/01 .......................BAA3 2,955 DLJ COMMERCIAL MORTGAGE SERIES 2000-CF1 (CLASS A3) 11,250,000 7.620%, 05/10/10 ....................... AAA 11,291 HOUSEHOLD FINANCE CORP NOTE 5,000,000 e 8.000%, 05/09/05 ....................... A2 5,042 9,000,000 7.000%, 08/01/03 ....................... A2 8,817 ----------- 37,267 ----------- INSURANCE--0.28% ALLSTATE CORP 4,500,000 e 7.875%, 05/01/05 ....................... A1 4,501 USF&G CORP (SR NOTE) 7,000,000 8.375%, 06/15/01 ....................... A2 7,066 ----------- 11,567 ----------- SECURITIES AND COMMODITIES--0.56% GOLDMAN SACHS CO NOTE 5,000,000 e 7.500%, 01/28/05 ..................... A1 4,962 MERRILL LYNCH & CO NOTE 5,000,000 e 6.875%, 11/15/18 ..................... AA3 4,411 MORGAN STANLEY DEAN WITTER, INC (SR NOTE) 10,000,000 5.625%, 04/12/02 ....................... AA3 9,712 SALOMON SMITH BARNEY HOLDINGS NOTE 5,000,000 6.375%, 10/01/04 ....................... AA3 4,771 ----------- 23,856 ----------- TOTAL FINANCE ............................. 114,580 ----------- OTHER MORTGAGE BACKED SECURITIES--0.09% BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES 1999-WF2 (CLASS A2) 4,000,000 7.080%, 06/15/09 ....................... AAA 3,905 ----------- FOODS AND RELATED--1.15% BEVERAGES, OTHER FOOD PRODUCTS--1.15% ALBERTSONS, INC 7,720,000 7.450%, 08/01/29 ....................... A2 7,080 COCA-COLA ENTERPRISES NOTE 5,000,000 e,g 7.125%, 09/30/09 ...................... A2 4,852 KROGER CO NOTE 10,000,000 6.000%, 07/01/00 .......................BAA3 9,998 MCDONALD'S CORP NOTE 13,000,000 5.900%, 05/11/01 ....................... AA2 12,863 10,000,000 6.000%, 06/23/02 ....................... AA2 9,782 SAFEWAY, INC 4,000,000 7.000%, 09/15/02 .......................BAA2 3,955 ----------- TOTAL FOODS AND RELATED 48,530 ----------- HEALTH--0.21% DRUGS AND PHARMACEUTICALS--0.21% ELI LILLY DEB 5,000,000 7.125%, 06/01/25 ....................... AA3 4,841 JOHNSON & JOHNSON CO 4,000,000 6.950%, 09/01/29 ....................... AAA 3,830 ----------- TOTAL HEALTH ............................. 8,671 ----------- +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 20 o 2000 CREF Semi-Annual Report Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) ------- ------- ----------- INDUSTRIAL MACHINERY--0.12% ELECTRICAL--0.12% EMERSON ELECTRIC CO $5,000,000 e 7.875%, 06/01/05 ..................... AA1 $ 5,140 ----------- TOTAL INDUSTRIAL MACHINERY 5,140 ----------- MEDIA AND LEISURE--0.83% BROADCASTING--0.50% TELE-COMMUNICATIONS, INC DEB 5,000,000 7.875%, 08/01/13 ....................... A2 4,961 TIME WARNER ENTERTAINMENT DEB 5,000,000 10.150%, 05/01/12 .......................BAA2 5,738 TIME WARNER, INC DEB 5,000,000 9.125%, 01/15/13 .......................BAA3 5,480 WALT DISNEY CO NOTE 5,000,000 5.250%, 11/10/03 ....................... A2 4,739 ----------- 20,918 ----------- PUBLISHING--0.33% A.H. BELO NOTE 5,000,000 7.250%, 09/15/27 .......................BAA3 3,989 TIMES MIRROR CO NOTE 10,000,000 6.650%, 10/15/01 ....................... A2 9,928 ----------- 13,917 ----------- TOTAL MEDIA AND LEISURE .................. 34,835 ----------- RETAIL AND WHOLESALE--0.81% GENERAL MERCHANDISE STORES--0.81% DILLARDS, INC NOTE 5,000,000 5.790%, 11/15/01 ....................... BAA1 4,769 FEDERATED DEPARTMENT STORE 11,000,000 6.300%, 04/01/09 ....................... BAA2 9,666 SEARS ROEBUCK ACCEPTANCE CORP (MEDIUM TERM NOTE) 5,000,000 6.990%, 09/30/02 ....................... A2 4,944 WAL-MART STORES, INC (SR NOTE) 6,275,000 8.000%, 09/15/06 ....................... AA2 6,558 8,500,000 6.875%, 08/10/09 ....................... AA2 8,303 ----------- TOTAL RETAIL AND WHOLESALE ............. 34,240 ----------- TECHNOLOGY--0.51% COMPUTERS AND OFFICE EQUIPMENT--0.51% ELECTRONIC DATA SYSTEMS NOTE 10,500,000 7.450%, 10/15/29 ....................... A1 10,017 ELECTRONIC DATA SYSTEMS 4,000,000 6.850%, 10/15/04 ....................... A1 3,912 HEWLETT-PACKARD CO 7,500,000 7.150%, 06/15/05 ....................... AA2 7,514 ----------- TOTAL TECHNOLOGY ......................... 21,443 ----------- TRANSPORTATION--0.41% AIR TRANSPORTATION--0.16% DELTA AIRLINES, INC SERIES 1992-A1 (PASS-THRU CERT) 2,110,576 8.270%, 09/23/07 .......................BAA1 2,064 DELTA AIRLINES, INC DEB 4,760,176 8.950%, 01/12/12 .......................BAA1 4,770 ----------- 6,834 ----------- RAILROADS--0.25% NORFOLK SOUTHERN CORP 10,000,000 8.625%, 05/15/10 .......................BAA1 10,443 ----------- TOTAL TRANSPORTATION .................... 17,277 ----------- UTILITIES--2.08% TELEPHONE--1.30% BELLSOUTH TELECOMMUNICATIONS NOTE 8,000,000 6.000%, 06/15/02 ....................... AAA 7,824 NEW ENGLAND TELEPHONE & TELEGRAM 5,000,000 7.650%, 06/15/07 ....................... AA2 5,017 NEW YORK TELEPHONE CO DEB 7,000,000 9.375%, 07/15/31 ....................... A2 7,476 SPRINT CAPITAL CORP 10,000,000 7.625%, 06/10/02 .......................BAA1 9,993 7,000,000 5.875%, 05/01/04 .......................BAA1 6,571 10,000,000 6.875%, 11/15/28 .......................BAA1 8,693 U.S. WEST CAPITAL CORP 9,000,000 6.875%, 08/15/01 .......................BAA1 8,953 ----------- 54,527 ----------- ELECTRIC, GAS AND OTHER--0.78% CONSOLIDATED NATURAL GAS NOTE 5,000,000 7.250%, 10/01/04 ....................... A2 4,918 EL PASO ENERGY CORP 5,000,000 6.750%, 05/15/09 .......................BAA3 4,651 EL PASO NATURAL GAS CO NOTE 5,000,000 6.750%, 11/15/03 .......................BAA2 4,863 PUGET SOUND POWER & LIGHT CO (MEDIUM TERM NOTE) 5,000,000 8.060%, 06/19/06 .......................BAA1 5,079 SONAT, INC NOTE 5,000,000 6.750%, 10/01/07 .......................BAA1 4,747 WILLIAMS COS, INC NOTE 5,000,000 7.625%, 07/15/19 .......................BAA2 4,775 4,000,000 6.200%, 08/01/02 .......................BAA2 3,892 ----------- 32,925 ----------- TOTAL UTILITIES ........................... 87,452 ----------- TOTAL CORPORATE BONDS (COST $502,039) ......................... 490,888 ----------- GOVERNMENT BONDS--26.34% AGENCY SECURITIES--3.91% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 32,700,000 5.000%, 01/15/04 ....................... AAA 30,631 6,000,000 6.250%, 07/15/04 ....................... AAA 5,833 30,500,000 e 7.375%, 05/15/03 ..................... AAA 30,792 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 48,000,000 5.250%, 01/15/03 ....................... AAA 46,080 22,000,000 e 7.125%, 02/15/05 ..................... AAA 22,089 28,160,000 e 7.250%, 05/15/30 ..................... AAA 28,835 ----------- 164,260 ----------- FOREIGN GOVERNMENT BONDS--0.84% ALBERTA PROVINCE CANADA 10,000,000 e 4.875%, 10/29/03 ..................... AA2 9,354 ONTARIO PROVINCE CANADA 5,000,000 7.625%, 6/22/04 ........................ AA3 5,080 QUEBEC PROVINCE CANADA 5,500,000 7.000%, 01/30/07 ....................... A2 5,393 16,000,000 e 7.500%, 09/15/29 ..................... A2 15,719 ----------- 35,546 ----------- +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report 21 o Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) -------- ---------- MORTGAGE BACKED SECURITIES--15.62% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) $ 2,776,791 6.000%, 03/01/11 ............................ $ 2,649 669,624 7.000%, 05/01/23 ............................ 652 FEDERAL HOME LOAN MORTGAGE CORP GOLD (FGLMC) 20,000,000 h 7.000%, 07/25/15 ............................ 19,634 13,319,561 6.500%, 01/01/29 ............................ 12,588 15,590,367 6.500%, 03/01/29 ............................ 14,734 54,075,490 6.500%, 09/01/29 ............................ 51,107 16,500,000 h 6.500%, 07/25/30 ............................ 15,573 89,000,000 h 7.000%, 07/25/30 ............................ 86,003 46,000,000 h 7.500%, 07/25/30 ............................ 45,393 62,500,000 h 8.000%, 07/25/30 ............................ 62,852 49,250,000 h 8.500%, 07/25/30 ............................ 50,258 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 1,000,000 8.250%, 12/18/00 ............................ 1,006 2,024,984 6.000%, 12/01/02 ............................ 1,977 145,854 8.500%, 02/01/05 ............................ 147 762,211 7.500%, 06/01/11 ............................ 762 507,881 8.000%, 06/01/11 ............................ 513 695,583 8.000%, 07/01/11 ............................ 703 135,228 7.500%, 08/01/11 ............................ 135 271,501 7.500%, 09/01/11 ............................ 271 685,836 7.500%, 10/01/11 ............................ 685 5,318,395 7.000%, 04/01/12 ............................ 5,235 3,480,434 6.500%, 09/01/12 ............................ 3,369 22,348,648 d 6.000%, 12/01/13 ............................ 21,171 28,896,725 d 6.500%, 12/01/13 ............................ 27,911 125,342 8.500%, 11/01/14 ............................ 128 15,000,000 h 6.500%, 07/25/15 ............................ 14,460 1,525,636 d 8.000%, 03/01/23 ............................ 1,541 2,641,608 d 8.000%, 07/01/24 ............................ 2,663 4,555,534 6.000%, 10/01/28 ............................ 4,170 14,336,949 d 6.000%, 01/01/29 ............................ 13,124 7,353,821 6.000%, 02/01/29 ............................ 6,732 6,716,734 6.000%, 05/01/29 ............................ 6,149 73,900,000 h 7.000%, 07/25/30 ............................ 71,348 47,500,000 h 7.500%, 07/25/30 ............................ 46,825 37,500,000 h 8.000%, 07/25/30 ............................ 37,658 9,250,000 h 8.500%, 07/25/30 ............................ 9,422 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) 232,646 8.500%, 09/15/09 ............................ 237 271,577 8.500%, 10/15/09 ............................ 278 169,973 8.500%, 12/15/09 ............................ 174 2,089,170 9.000%, 12/15/09 ............................ 2,176 1,727,366 d 9.000%, 12/15/17 ............................ 1,806 133,284 9.000%, 03/15/20 ............................ 139 73,688 9.000%, 08/15/20 ............................ 77 1,552,492 d 8.000%, 06/15/22 ............................ 1,575 693,742 6.500%, 08/15/23 ............................ 663 450,850 6.500%, 09/15/23 ............................ 431 10,415,922 d 6.500%, 12/15/28 ............................ 9,890 ---------- 656,994 ---------- U.S. TREASURY SECURITIES--5.97% TREASURY INFLATION INDEXED 4,802,124 h 3.875%, 01/15/09 ............................ 4,729 U.S. TREASURY BOND 14,350,000 10.375%, 11/15/12 ........................... 17,644 15,000,000 e 12.000%, 08/15/13 ........................... 20,250 18,000,000 d 8.750%, 05/15/17 ............................ 22,672 114,420,000 d 8.875%, 02/15/19 ............................ 147,262 10,000,000 8.125%, 08/15/19 ............................ 12,089 2,500,000 6.125%, 08/15/29 ............................ 2,525 U.S. TREASURY NOTE 3,700,000 h 6.750%, 05/15/05 ............................ 3,786 2,575,000 e 6.000%, 08/15/09 ............................ 2,554 3,000,000 e 11.750%, 02/15/10 ........................... 3,619 U.S. TREASURY STRIP 25,000,000 0.000%, 11/15/09 ............................ 13,801 ---------- 250,931 ---------- TOTAL GOVERNMENT BONDS (COST $1,111,402) ........................... 1,107,731 ---------- TOTAL BONDS (COST $1,613,441) ........................... 1,598,619 ---------- SHARES ----- COMMON STOCK--61.08% BASIC INDUSTRIES--2.47% CHEMICALS AND PLASTIC--1.85% 189,200 AIR PRODUCTS & CHEMICALS, INC ............... 5,830 96,700 AVON PRODUCTS, INC .......................... 4,303 57,000 CABOT CORP .................................. 1,553 122,200 CLOROX CO ................................... 5,476 227,900 COLGATE PALMOLIVE CO ........................ 13,646 58,800 ECOLAB, INC ................................. 2,297 18,912 FULLER (H.B.) CO ............................ 862 89,150 HANNA (M.A.) CO ............................. 802 127,800 ILLINOIS TOOL WORKS, INC .................... 7,285 62,500 INTERNATIONAL FLAVORS & FRAGRANCES, INC ..... 1,887 9,100 NCH CORP .................................... 329 71,108 PHARMACIA CORP .............................. 3,675 143,600 PRAXAIR, INC ................................ 5,376 410,400 PROCTER & GAMBLE CO ......................... 23,495 71,962 SCHULMAN (A.), INC .......................... 868 ---------- 77,684 ---------- STEEL AND OTHER METALS--0.22% 110,852 BIRMINGHAM STEEL CORP ....................... 430 173,700 CROWN CORK & SEAL CO, INC ................... 2,606 6,510 MARK IV INDUSTRIES, INC ..................... 136 127,000 NUCOR CORP .................................. 4,215 165,450 WORTHINGTON INDUSTRIES, INC ................. 1,737 ---------- 9,124 ---------- PAPER AND FOREST PRODUCTS--0.40% 135,800 AVERY DENNISON CORP ......................... 9,116 133,200 CONSOLIDATED PAPERS, INC .................... 4,870 138,050 SONOCO PRODUCTS CO .......................... 2,839 ---------- 16,825 ---------- TOTAL BASIC INDUSTRIES ...................... 103,633 ---------- BUSINESS SERVICES--0.12% ADVERTISING AND OTHER SERVICES - 0.12% 59,100 DUN & BRADSTREET CORP ....................... 1,692 39,400 OMNICOM GROUP, INC .......................... 3,509 ---------- 5,201 ---------- TOTAL BUSINESS SERVICES ..................... 5,201 ---------- CONSTRUCTION AND REAL ESTATE--1.60% BUILDING MATERIALS--1.48% 76,900 CORNING, INC ................................ 20,753 562,050 HOME DEPOT, INC ............................. 28,067 71,400 LOWE'S COS, INC ............................. 2,932 114,500 MASCO CORP .................................. 2,068 189,000 PPG INDUSTRIES, INC ......................... 8,375 ---------- 62,195 ---------- CONSTRUCTION--0.12% 28,600 HILLENBRAND INDUSTRIES, INC ................. 896 165,283 NEWELL RUBBERMAID, INC ...................... 4,256 ---------- 5,152 ---------- TOTAL CONSTRUCTION AND REAL ESTATE .......... 67,347 ---------- 2000 CREF Semi-Annual Report o 22 SEE NOTES TO FINANCIAL STATEMENTS Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CONSUMER DURABLE--4.62% HOME APPLIANCES AND FURNISHINGS--4.36% 42,000 * ADVANCED MICRO DEVICES, INC ................. $ 3,245 37,900 ALTERA CORP ................................. 3,863 67,400 ANALOG DEVICES, INC ......................... 5,122 255,100 GILLETTE CO ................................. 8,913 760,200 INTEL CORP .................................. 101,629 55,300 LSI LOGIC CORP .............................. 2,993 134,692 * MICRON TECHNOLOGY, INC ...................... 11,861 45,212 MOLEX, INC .................................. 2,176 54,700 * NATIONAL SEMICONDUCTOR CORP ................. 3,104 135,400 * SOLECTRON CORP .............................. 5,670 384,400 TEXAS INSTRUMENTS, INC ...................... 26,403 19,734 * VISHAY INTERTECHNOLOGY, INC ................. 749 63,400 WHIRLPOOL CORP .............................. 2,956 58,400 XILINX, INC ................................. 4,822 ---------- 183,506 ---------- TEXTILE APPAREL AND ACCESSORIES--0.26% 6,60 * ABERCROMBIE & FITCH CO (CLASS A) ............ 80 182,330 GAP, INC .................................... 5,698 14,400 LIMITED, INC ................................ 311 15,800 LIZ CLAIBORNE, INC .......................... 557 92,700 NIKE, INC (CLASS B) ......................... 3,691 15,600 V.F. CORP ................................... 371 ---------- 10,708 ---------- TOTAL CONSUMER DURABLE ...................... 194,214 ---------- ENERGY--2.23% OIL, GAS AND OTHER ENERGY SERVICES--2.23% 128,800 ANADARKO PETROLEUM CORP ..................... 6,351 115,300 APACHE CORP ................................. 6,781 32,200 * BJ SERVICES CO .............................. 2,013 182,700 BURLINGTON RESOURCES, INC ................... 6,988 273,500 ENRON CORP .................................. 17,641 99,000 HALLIBURTON CO .............................. 4,672 121,700 HELMERICH & PAYNE, INC ...................... 4,549 96,300 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) .................. 3,094 141,500 MURPHY OIL CORP ............................. 8,410 81,000 * NABORS INDUSTRIES, INC ...................... 3,367 76,247 NOBLE AFFILIATES, INC ....................... 2,840 60,566 NOBLE DRILLING CORP ......................... 2,495 76,300 * PARKER DRILLING CO .......................... 472 81,700 * ROWAN COS, INC .............................. 2,482 303,800 * SANTA FE SNYDER CORP ........................ 3,456 118,617 TRANSOCEAN SEDCO FOREX, INC ................. 6,339 178,615 UNION PACIFIC RESOURCES GROUP, INC .......... 3,930 63,700 VASTAR RESOURCES, INC ....................... 5,231 40,600 WD-40 CO .................................... 842 42,875 * WEATHERFORD INTERNATIONAL, INC .............. 1,707 ---------- TOTAL ENERGY ................................ 93,660 ---------- FINANCE--10.31% BANKS, SAVINGS AND LOANS--4.56% 544,448 BANK OF AMERICA CORP ........................ 23,411 211,786 BANK OF NEW YORK CO, INC .................... 9,848 332,967 BANK ONE CORP ............................... 8,844 377,064 CHASE MANHATTAN CORP ........................ 17,369 894,378 CITIGROUP, INC .............................. 53,886 28,700 FIFTH THIRD BANCORP ......................... 1,815 344,831 FIRST UNION CORP ............................ 8,556 168,834 FLEETBOSTON FINANCIAL CORP .................. 5,740 37,700 KEYCORP ..................................... 664 245,825 MBNA CORP ................................... 6,668 28,000 MELLON FINANCIAL CORP ....................... 1,020 77,500 MORGAN (J.P.) & CO, INC ..................... 8,535 177,064 NATIONAL CITY CORP .......................... 3,021 104,600 PNC FINANCIAL SERVICES GROUP, INC ........... 4,903 30,500 PROVIDIAN FINANCIAL CORP .................... 2,745 7,200 STATE STREET CORP ........................... 764 99,000 SUNTRUST BANKS, INC ......................... 4,523 203,462 U.S. BANCORP ................................ 3,917 60,900 WACHOVIA CORP ............................... 3,304 135,516 WASHINGTON MUTUAL, INC ...................... 3,913 471,140 WELLS FARGO CO .............................. 18,257 ---------- 191,703 ---------- CREDIT AND OTHER FINANCE--2.03% 1,000 * AMERCO ...................................... 20 519,900 AMERICAN EXPRESS CO ......................... 27,100 253,300 ASSOCIATES FIRST CAPITAL CORP ............... 5,652 25,300 CAPITAL ONE FINANCIAL CORP .................. 1,129 27,700 CRESCENT REAL ESTATE EQUITIES CO ............ 568 392,800 FEDERAL NATIONAL MORTGAGE ASSOCIATION ....... 20,499 182,200 FIRSTAR CORP ................................ 3,838 231,700 FREDDIE MAC ................................. 9,384 232,207 HOUSEHOLD INTERNATIONAL, INC ................ 9,651 20,600 ROUSE CO .................................... 510 11,300 SIMON PROPERTY GROUP, INC ................... 251 74,900 SLM HOLDINGS CORP ........................... 2,804 96,900 WEINGARTEN REALTY INVESTORS, INC ............ 3,912 ---------- 85,318 ---------- INSURANCE--2.54% 73,688 AEGON NV ARS ................................ 2,625 14,000 AETNA, INC .................................. 899 21,500 AFLAC, INC .................................. 988 255,306 ALLSTATE CORP ............................... 5,681 152,800 AMERICAN GENERAL CORP ....................... 9,321 445,796 AMERICAN INTERNATIONAL GROUP, INC ........... 52,381 202 * BERKSHIRE HATHAWAY, INC (CLASS A) ........... 10,868 22 * BERKSHIRE HATHAWAY, INC (CLASS B) ........... 39 49,700 CHUBB CORP .................................. 3,057 69,200 CIGNA CORP .................................. 6,470 10,500 * CNA FINANCIAL CORP .......................... 357 56,053 CONSECO, INC ................................ 547 7,600 * HUMANA, INC ................................. 37 18,200 JEFFERSON-PILOT CORP ........................ 1,027 119,420 MARSH & MCLENNAN COS, INC ................... 12,472 1,400 SAFECO CORP ................................. 28 2,400 ST. PAUL COS, INC ........................... 82 ---------- 106,879 ---------- SECURITIES AND COMMODITIES--1.18% 125,600 MERRILL LYNCH & CO, INC ..................... 14,444 308,696 MORGAN STANLEY DEAN WITTER & CO ............. 25,699 285,300 SCHWAB (CHARLES) CORP ....................... 9,593 ---------- 49,736 ---------- TOTAL FINANCE ............................... 433,636 ---------- FOODS AND RELATED--3.54% BEVERAGES, OTHER FOOD PRODUCTS--3.54% 136,058 ALBERTSONS, INC ............................. 4,524 121,500 BESTFOODS, INC .............................. 8,414 179,100 CAMPBELL SOUP CO ............................ 5,216 648,600 COCA COLA CO ................................ 37,254 96,100 COCA COLA ENTERPRISES, INC .................. 1,568 102,200 DARDEN RESTAURANTS, INC ..................... 1,661 173,100 GENERAL MILLS, INC .......................... 6,621 208,450 HEINZ (H.J.) CO ............................. 9,120 85,600 HERSHEY FOODS CORP .......................... 4,152 170,900 KELLOGG CO .................................. 5,084 142,900 * KROGER CO ................................. 3,153 5,800 MCCORMICK & CO, INC (NON-VOTE) .............. 189 473,800 MCDONALD'S CORP ............................. 15,606 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 24 Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- BEVERAGES, OTHER FOOD PRODUCTS--(Continued) 11,600 NABISCO GROUP HOLDINGS ...................... $ 301 418,200 PEPSICO, INC ................................ 18,584 83,000 QUAKER OATS CO .............................. 6,235 7,900 RALSTON PURINA CO ........................... 158 91,000 * SAFEWAY, INC ................................ 4,106 144,700 SYSCO CORP .................................. 6,095 122,114 UNILEVER NV (NEW YORK SHS) .................. 5,251 21,790 * VLASIC FOODS INTERNATIONAL, INC ............. 35 72,300 WHITMAN CORP ................................ 895 56,000 WRIGLEY (WM) JR CO .......................... 4,491 ---------- TOTAL FOODS AND RELATED ..................... 148,713 ---------- HEALTH--7.59% DRUGS AND PHARMACEUTICALS--6.17% 2,235 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS 40 60,200 ALLERGAN, INC ............................... 4,485 57,200 * ALZA CORP ................................... 3,382 256,100 * AMGEN, INC .................................. 17,991 61,180 BERGEN BRUNSWIG CORP (CLASS A) .............. 336 493,385 BRISTOL MYERS SQUIBB CO ..................... 28,740 83,800 CARDINAL HEALTH, INC ........................ 6,201 905 * CRESCENDO PHARMACEUTICALS CORP .............. 18 84,176 CVS CORP .................................... 3,367 18,400 * FOREST LABORATORIES, INC .................... 1,858 20,000 * GENZYME CORP (GENERAL DIVISION) ............. 1,189 3,588 * GENZYME CORP (TISSUE REPAIR DIVISION) ....... 19 4,833 * GENZYME SURGICAL PRODUCTS ................... 48 19,576 * GENZYME-MOLECULAR ONCOLOGY .................. 272 24,700 * IVAX CORP ................................... 1,025 423,100 JOHNSON & JOHNSON CO ........................ 43,103 239,300 LILLY (ELI) & CO ............................ 23,900 54,500 MALLINCKRODT, INC ........................... 2,367 66,800 MCKESSON HBOC, INC .......................... 1,399 611,800 MERCK & CO, INC ............................. 46,879 43,400 MYLAN LABORATORIES, INC ..................... 792 836,300 PFIZER, INC ................................. 40,142 403,400 SCHERING-PLOUGH CORP ........................ 20,372 88,400 SIGMA ALDRICH CORP .......................... 2,586 277,900 WALGREEN CO ................................. 8,945 ---------- 259,456 ---------- MEDICAL EQUIPMENT AND SUPPLIES--1.16% 94,205 AGILENT TECHNOLOGIES, INC ................... 6,948 30,800 BAUSCH & LOMB, INC .......................... 2,383 64,600 BAXTER INTERNATIONAL, INC ................... 4,542 150,900 BECTON DICKINSON & CO ....................... 4,329 53,500 BIOMET, INC ................................. 2,056 118,800 * BOSTON SCIENTIFIC CORP ...................... 2,606 5,980 EDWARDS LIFESCIENCES CORP ................... 111 108,200 * GUIDANT CORP ................................ 5,356 347,100 MEDTRONIC, INC .............................. 17,290 42,400 PE CORP-PE BIOSYSTEMS GROUP ................. 2,793 9,898 * ST. JUDE MEDICAL, INC ....................... 454 ---------- 48,868 ---------- MEDICAL FACILITIES MANAGEMENT--0.26% 235,755 COLUMBIA/HCA HEALTHCARE CORP ................ 7,161 12,408 * LIFEPOINT HOSPITALS, INC .................... 276 123,300 TENET HEALTHCARE CORP ....................... 3,329 12,408 * TRIAD HOSPITALS, INC ........................ 300 ---------- 11,066 ---------- TOTAL HEALTH ................................ 319,390 ---------- INDUSTRIAL MACHINERY--1.26% ELECTRICAL--0.47% 24,400 AVNET, INC .................................. 1,446 15,000 BALDOR ELECTRIC CO .......................... 279 66,700 COOPER INDUSTRIES, INC ...................... 2,172 224,300 EMERSON ELECTRIC CO ......................... 13,542 66,200 GRAINGER (W.W.), INC ........................ 2,040 21,300 THOMAS & BETTS CORP ......................... 407 ---------- 19,886 ---------- OTHER INDUSTRIAL EQUIPMENT--0.79% 190,400 * APPLIED MATERIALS, INC ...................... 17,255 46,600 BAKER HUGHES, INC ........................... 1,491 30,600 CUMMINS ENGINE CO, INC ...................... 834 106,200 DEERE & CO .................................. 3,929 44,500 GRACO, INC .................................. 1,446 48,975 GRANT PRIDECO, INC .......................... 1,224 64,900 INGERSOLL-RAND CO ........................... 2,612 17,700 NORDSON CORP ................................ 896 25,500 * SMITH INTERNATIONAL, INC .................... 1,857 90,438 TIMKEN CO ................................... 1,684 ---------- 33,228 ---------- TOTAL INDUSTRIAL MACHINERY .................. 53,116 ---------- MEDIA AND LEISURE--2.68% BROADCASTING--2.06% 60,500 CLEAR CHANNEL COMMUNICATIONS, INC ........... 4,538 6,300 * COMCAST CORP (CLASS A) ...................... 245 152,700 * COMCAST CORP (CLASS A) SPECIAL .............. 6,184 94,890 * COX COMMUNICATIONS, INC (CLASS A) ........... 4,323 591,225 DISNEY (WALT) CO ............................ 22,947 357,407 TIME WARNER, INC ............................ 27,163 310,144 * VIACOM, INC (CLASS B) ....................... 21,148 ---------- 86,548 ---------- PUBLISHING--0.62% 24,300 DELUXE CORP ................................. 573 41,000 DOW JONES & CO, INC ......................... 3,003 155,300 GANNETT CO, INC ............................. 9,289 11,300 KNIGHT-RIDDER, INC .......................... 601 148,100 MCGRAW HILL COS, INC ........................ 7,997 42,200 NEW YORK TIMES CO (CLASS A) ................. 1,667 20,220 * R.H. DONNELLEY CORP ......................... 392 28,850 TIMES MIRROR CO SERIES A .................... 2,615 ---------- 26,137 ---------- TOTAL MEDIA AND LEISURE ..................... 112,685 ---------- RETAIL AND WHOLESALE--2.30% GENERAL MERCHANDISE STORES--2.30% 53,300 COSTCO WHOLESALE CORP ....................... 1,759 1,000 * FEDERATED DEPARTMENT STORES, INC ............ 34 72,150 HASBRO, INC ................................. 1,087 148,600 * K MART CORP ................................. 1,012 151,691 MATTEL, INC ................................. 2,000 50,400 MAY DEPARTMENT STORES CO .................... 1,210 253,922 MINNESOTA MINING & MANUFACTURING CO ......... 20,949 60,200 PENNEY, (J.C.) CO, INC ...................... 1,110 104,800 SEARS ROEBUCK & CO .......................... 3,419 68,400 TARGET CORP ................................. 3,967 45,950 * TOYS `R' US, INC ............................ 669 1,033,200 WAL-MART STORES, INC ........................ 59,538 ---------- TOTAL RETAIL AND WHOLESALE .................. 96,754 ---------- SEE NOTES TO FINANCIAL STATEMENTS 24 o 2000 CREF Semi-Annual Report Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TECHNOLOGY--14.17% COMMUNICATIONS EQUIPMENT--1.43% 35,400 * GLENAYRE TECHNOLOGIES, INC .................. $ 374 619,200 NORTEL NETWORKS CORP (U.S.) ................. 42,260 154,000 * QUALCOMM, INC ............................... 9,240 39,300 * SENSORMATIC ELECTRONICS CORP ................ 621 109,300 * TELLABS, INC ................................ 7,480 ---------- 59,975 ---------- COMPUTERS AND OFFICE EQUIPMENT--12.53% 68,200 3COM CORP ................................... 3,930 500,400 * AMERICA ONLINE, INC ......................... 26,396 96,600 * APPLE COMPUTER, INC ......................... 5,059 310,400 AUTOMATIC DATA PROCESSING, INC .............. 16,626 1,461,700 * CISCO SYSTEMS, INC .......................... 92,909 442,310 COMPAQ COMPUTER CORP ........................ 11,307 120,025 COMPUTER ASSOCIATES INTERNATIONAL, INC ...... 6,144 582,070 * DELL COMPUTER CORP .......................... 28,703 10,462 DIEBOLD, INC ................................ 292 127,400 ELECTRONIC DATA SYSTEMS CORP ................ 5,255 477,000 * EMC CORP .................................... 36,699 77,700 FIRST DATA CORP ............................. 3,856 16,369 * GARTNER GROUP, INC (CLASS B) ................ 162 64,100 GATEWAY, INC ................................ 3,638 247,000 HEWLETT-PACKARD CO .......................... 30,844 50,900 IKON OFFICE SOLUTIONS, INC .................. 197 7,840 * IMATION CORP ................................ 230 138,800 IMS HEALTH, INC ............................. 2,498 445,100 INTERNATIONAL BUSINESS MACHINES CORP ........ 48,766 1,110,300 * MICROSOFT CORP .............................. 88,824 46,000 NETWORK APPLIANCE, INC ...................... 3,703 82,200 NOVELL, INC ................................. 760 601,486 * ORACLE CORP ................................. 50,562 137,200 PITNEY BOWES, INC ........................... 5,488 51,239 SABRE HOLDINGS CORP ......................... 1,460 364,376 * SUN MICROSYSTEMS, INC ....................... 33,135 51,200 VERITAS SOFTWARE CORP ....................... 5,786 110,200 YAHOO, INC .................................. 13,651 ---------- 526,880 ---------- TECHNOLOGY--0.10% 35,500 BEST BUY CO, INC ............................ 2,245 39,194 RADIOSHACK CORP ............................. 1,857 ---------- 4,102 ---------- INSTRUMENTS AND RELATED PRODUCTS--0.11% 228,200 XEROX CORP .................................. 4,735 ---------- TOTAL TECHNOLOGY ............................ 595,696 ---------- TRANSPORTATION--0.51% AIR TRANSPORTATION--0.24% 16,000 * ALASKA AIR GROUP, INC ....................... 434 79,900 * AMR CORP .................................... 2,112 37,600 DELTA AIRLINES, INC ......................... 1,901 66,300 * FEDEX CORP ................................. 2,519 149,343 SOUTHWEST AIRLINES CO ....................... 2,828 5,618 * U.S. AIRWAYS GROUP, INC ..................... 219 2,300 UAL CORP .................................... 134 ---------- 10,147 ---------- AUTOS, TIRES AND RELATED PRODUCTS--0.13% 24,100 BANDAG, INC ................................. 584 49,600 FEDERAL-MOGUL CORP .......................... 474 12,000 FLEETWOOD ENTERPRISES, INC .................. 171 191,850 GENUINE PARTS CO ............................ 3,837 19,300 MODINE MANUFACTURING CO ..................... 521 3,400 RYDER SYSTEM, INC ........................... 64 ---------- 5,651 ---------- RAILROADS--0.12% 338,100 NORFOLK SOUTHERN CORP ....................... 5,029 ---------- TRUCKING AND RELATED SERVICES--0.02% 59,400 ARNOLD INDUSTRIES, INC ...................... 717 ---------- TOTAL TRANSPORTATION ........................ 21,544 ---------- UTILITIES--7.69% TELEPHONE--5.72% 33,700 ALLTEL CORP ................................. 2,087 781,298 AT & T CORP ................................. 24,709 135,496 * AT & T CORP - LIBERTY MEDIA GROUP (CLASS A) 3,286 538,200 BELLSOUTH CORP .............................. 22,941 144,700 GLOBAL CROSSING LTD ......................... 3,807 735,600 LUCENT TECHNOLOGIES, INC .................... 43,584 161,044 * MEDIA ONE GROUP, INC ...................... 10,730 125,600 NEXTEL COMMUNICATIONS, INC (CLASS A) ........ 7,685 861,904 SBC COMMUNICATIONS, INC ..................... 37,277 191,000 * SPRINT CORP (FON GROUP) ................... 9,741 151,700 SPRINT CORP (PCS GROUP) ..................... 9,026 166,444 U.S. WEST, INC .............................. 14,273 421,764 VERIZON COMMUNICATION ....................... 21,431 87,505 VODAFONE AIRTOUCH PLC ADR ................... 3,626 577,213 WORLDCOM, INC ............................... 26,480 ---------- 240,683 ---------- ELECTRIC, GAS AND OTHER--1.96% 142,494 COLUMBIA ENERGY GROUP ....................... 9,351 196,500 EL PASO ENERGY CORP ......................... 10,009 80,693 EQUITABLE RESOURCES, INC .................... 3,893 43,200 IDACORP, INC ................................ 1,393 217,757 KEYSPAN CORP ................................ 6,696 196,100 LOUISVILLE GAS & ELECTRIC ENERGY CORP ....... 4,682 88,133 MCN ENERGY GROUP, INC ....................... 1,884 87,700 NICOR, INC .................................. 2,861 228,100 NISOURCE, INC ............................... 4,248 124,500 OGE ENERGY CORP ............................. 2,303 66,000 PEOPLES ENERGY CORP ......................... 2,137 266,600 POTOMAC ELECTRIC POWER CO ................... 6,665 121,300 PUGET SOUND ENERGY, INC ..................... 2,585 289,295 SCOTTISH POWER PLC ADR ...................... 9,673 176,500 TECO ENERGY, INC ............................ 3,541 255,300 WILLIAMS COS, INC ........................... 10,646 ---------- 82,567 ---------- TOTAL UTILITIES ............................. 323,250 ---------- TOTAL COMMON STOCK (COST $1,366,487) ........................... 2,568,833 ---------- PRINCIPAL --------- SHORT TERM INVESTMENTS--13.56% COMMERCIAL PAPER--10.96% AVNET, INC $10,000,000 c,d 6.820%, 07/11/00 ........................ 9,979 20,000,000 c 6.820%, 07/14/00 .......................... 19,946 CONAGRA, INC 13,910,000 6.830%, 07/25/00 ............................ 13,843 COX COMMUNICATIONS, INC 50,000,000 c,d 6.750%, 07/10/00 ........................ 49,903 ENRON CORP 31,000,000 6.750%, 07/17/00 ............................ 30,899 FEDERATED DEPARTMENT STORES, INC 10,000,000 c 6.850%, 07/10/00 .......................... 9,981 FEDEX CORP 15,000,000 c 6.780%, 07/10/00 .......................... 14,971 3,504,000 c 6.790%, 07/11/00 .......................... 3,497 26,000,000 c,d 6.800%, 07/11/00 ........................ 25,945 GUIDANT CORP 40,000,000 d 6.750%, 07/13/00 .......................... 39,899 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 25 Statement of Investments - SOCIAL CHOICE ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- COMMERCIAL PAPER--(Continued) INGERSOLL RAND CO $30,000,000 c,d 6.750%, 07/12/00 ....................... $ 29,930 PRAXAIR, INC 18,000,000 d 6.720%, 07/17/00 ........................ 17,941 11,170,000 d 6.780%, 07/17/00 ........................ 11,134 800,000 6.730%, 07/18/00 ........................ 797 20,000,000 6.800%, 07/25/00 ........................ 19,904 RYDER SYSTEMS, INC 23,000,000 d 6.780%, 07/14/00 ........................ 22,938 21,675,000 d 6.800%, 07/14/00 ........................ 21,616 SAFEWAY, INC 4,990,000 c 7.200%, 07/05/00 ........................ 4,985 10,000,000 c 6.780%, 07/13/00 ........................ 9,975 10,000,000 c,d 6.790%, 07/14/00 ....................... 9,973 40,000,000 c,d 6.790%, 07/17/00 ....................... 39,870 WHIRLPOOL CORP 27,000,000 d 6.750%, 07/10/00 ........................ 26,948 XEROX CREDIT CORP 26,100,000 6.800%, 07/17/00 .......................... 26,018 ---------- 460,892 ---------- INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED--2.60% REPURCHASED AGREEMENTS JP MORGAN SECURITIES, INC 49,254,000 i 6.80%, DATED 06/30/00, DUE 07/03/00 ..... 49,305 PRUDENTIAL SECURITIES, INC 10,000,000 i 6.750%, DATED 05/17/00, DUE12/29/00 ..... 10,009 50,172,000 i 6.880%, DATED 07/26/99, DUE 12/29/00 .... 50,218 ---------- 109,532 ---------- TOTAL SHORT TERM INVESTMENTS (COST $570,542) ............................ 570,424 ---------- TOTAL PORTFOLIO--112.65% (COST $3,550,470) .......................... 4,737,876 OTHER ASSETS & LIABILITIES, NET -- (12.65%). (532,219) --------- NET ASSETS--100.00% ......................... $4,205,657 ========== - ------------- * Non-income producing c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. d All or a portion of these securities have been segregated by the Custodian to cover securities purchased on a delayed delivery basis. e All or a portion of these securities are out on loan. g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2000, the value of these securities amounted to $4,852 or 0.12% of net assets. h These securities were purchased on a delayed delivery basis. i Repurchased agreements are fully collateralized as follows: DESCRIPTION PRINCIPAL VALUE RATE DATE ----------- --------- ----- ---- ---- J P MORGAN SECURITIES, INC: Federal National Discount Note $ 10,873,74 $10,614,522 4.750%- 10/02/00- 7.320% 06/21/01 Federal National Mortgage Association 20,775,398 20,110,330 4.750%- 02/00/01- 8.100% 07/07/07 Federal Home Loan Mortgage Corp 1,484,331 1,471,892 5.500%- 07/05/00- 7.875% 09/14/00 Federal Home Loan Bank 14,381,552 14,201,557 4.980%- 07/26/00- 7.315% 09/15/00 Resolution Funding Corp Strip Principal 18,759,371 2,800,249 8.875% 04/15/30- Student Loan Marketing Association 608,041 607,605 0.000% 07/03/30- U.S. Treasury Bond 355,060 433,037 7.875% 02/15/21 PRUDENTIAL SECURITIES, INC: Federal National Discount Note 3,397,446 3,327,055 4.750%- 07/01/00- 7.750% 06/01/17 Federal home Loan Bank 14,848,000 14,484,207 4.675%- 07/20/00- 8.150% 01/05/05 Federal home Loan Mortgage Corp 5,197,115 5,065,656 5.500% 07/06/00- 7.375% 09/14/00 Federal National Mortgage Association 22,867,091 19,914,809 5.000%- 03/03/00- 7.550% 09/01/09 Government National Mortgage Association 25,454,200 10,200,000 5.000%- 10/20/25- 6.500% 04/20/29 Government Treasury Coupon 12,330 10,126 0.00% 05/15/01- 11/15/04 U.S. Treasury Bill 1,313,202 1,273,950 6.000% 12/28/00 U.S. Treasury Bond 27,795 26,300 8.000% 01/01/01 U.S. Treasury Note 4,014 2,951 12.000% 01/05/05 U.S. Treasury Strip 21,402,675 7,070,430 4.000%- 02/01/01- 9.875% 11/15/28 - ----------------- OTHER INFORMATION The composition of long-term debt holdings as a percentage of total value of investment in debt securities, is as follows: MOODY'S RATINGS (unaudited) AAA, AA, A 35.00% BAA 8.21% U.S. Government obligations represent 56.79% of the long-term debt portfolio value and are not reflected in the above ratings. SEE NOTES TO FINANCIAL STATEMENTS 26 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- PREFERRED STOCK--0.01% BASIC INDUSTRIES--0.01% CHEMICALS AND PLASTIC--0.01% 8,835 SEALED AIR CORP (CLASS A) ................... $ 447 ----------- TOTAL BASIC INDUSTRIES ...................... 447 ----------- CONSUMER DURABLE--0.00% HOME APPLIANCES AND FURNISHINGS--0.00% 6,303 OSULLIVAN INDUSTRIES HOLDINGS, INC .......... 3 ----------- TOTAL CONSUMER DURABLE ...................... 3 ----------- HEALTH - 0.00% MEDICAL EQUIPMENT AND SUPPLIES--0.00% 11,200 FRESENIUS MEDICAL CARE (CLASS D) ............ 0 ----------- TOTAL HEALTH ................................ 0 ----------- INDUSTRIAL MACHINERY--0.00% ELECTRICAL--0.00% 1,122 PREMIER FARNELL PLC CV ADR .................. 22 ----------- TOTAL PREFERRED STOCK (COST $454) ................................. 472 ----------- COMMON STOCK--97.91% BASIC INDUSTRIES--3.83% CHEMICALS AND PLASTIC--2.56% 1,100 * AEP INDUSTRIES, INC ......................... 28 78,511 AIR PRODUCTS & CHEMICALS, INC ............... 2,419 20,300 * AIRGAS, INC ................................. 115 10,300 ALBEMARLE CORP .............................. 203 12,600 ALBERTO CULVER CO (CLASS B) ................. 385 11,600 APTARGROUP, INC ............................. 313 7,450 ARCH CHEMICALS, INC ......................... 163 87,996 AVON PRODUCTS, INC .......................... 3,916 4,874 BLOCK DRUG, INC (CLASS A) ................... 206 35,300 CABOT CORP .................................. 962 15,600 CALGON CARBON CORP .......................... 121 9,082 CAMBREX CORP ................................ 409 300 * CARBIDE/GRAPHITE GROUP, INC ................. 1 10,900 CARLISLE COS, INC ........................... 491 7,300 CARTER WALLACE, INC ......................... 147 2,600 CHEMED CORP ................................. 73 9,400 CHEMFIRST, INC .............................. 227 14,600 CHURCH & DWIGHT CO, INC ..................... 263 87,356 CLOROX CO ................................... 3,915 213,384 COLGATE PALMOLIVE CO ........................ 12,776 43,757 CROMPTON CORP ............................... 536 8,700 * CYGNUS, INC ................................. 124 15,400 * CYTEC INDUSTRIES, INC ....................... 380 12,800 DEXTER CORP ................................. 614 33,900 DIAL CORP ................................... 352 247,842 DOW CHEMICAL CO ............................. 7,482 364,290 DU PONT (E.I.) DE NEMOURS & CO .............. 15,938 28,800 EASTMAN CHEMICAL CO ......................... 1,375 41,400 ECOLAB, INC ................................. 1,617 29,400 ETHYL CORP .................................. 74 9,700 * FMC CORP .................................... 563 4,787 FULLER (H.B.) CO ............................ 218 3,361 * GENERAL CHEMICAL GROUP, INC ................. 2 7,600 GEON CO ..................................... 141 12,600 GEORGIA GULF CORP ........................... 262 24,100 * GRACE W.R. & CO ............................. 292 18,100 GREAT LAKES CHEMICAL CORP ................... 570 17,575 HANNA (M.A.) CO ............................. 158 38,600 HERCULES, INC ............................... 543 93,885 ILLINOIS TOOL WORKS, INC .................... 5,351 36,524 IMC GLOBAL, INC ............................. 475 1,972 IMC GLOBAL, INC WTS 12/22/00 ................ 0 5,700 * INTERNATIONAL SPECIALTY PRODUCTS, INC ....... 32 38,340 INTERNATIONAL FLAVORS & FRAGRANCES, INC ..... 1,157 7,900 JOHNS MANVILLE CORP ......................... 104 32,020 LAUDER (ESTEE) CO (CLASS A) ................. 1,583 1,000 LIQUI-BOX CORP .............................. 50 19,795 LUBRIZOL CORP ............................... 416 5,300 MACDERMID, INC .............................. 125 1,800 * MCWHORTER TECHNOLOGIES, INC ................. 35 24,600 MILLENNIUM CHEMICAL, INC .................... 418 6,900 MINERALS TECHNOLOGIES, INC .................. 317 7,168 MISSISSIPPI CHEMICAL CORP ................... 34 5,445 MYERS INDUSTRIES, INC ....................... 59 900 NCH CORP .................................... 33 5,900 NL INDUSTRIES, INC .......................... 90 3,600 * OCTEL CORP .................................. 28 14,600 OLIN CORP ................................... 241 8,750 OM GROUP, INC ............................... 385 9,800 OMNOVA SOLUTIONS, INC ....................... 61 62,930 * PACTIV CORP ................................. 496 26,000 * PERRIGO CO .................................. 164 470,238 PHARMACIA CORP .............................. 24,305 58,350 PRAXAIR, INC ................................ 2,184 485,600 PROCTER & GAMBLE CO ......................... 27,801 8,700 * REVLON, INC (CLASS A) ....................... 55 5,400 * ROGERS CORP ................................. 189 35,048 ROHM & HAAS CO .............................. 1,209 17,775 SCHULMAN (A.), INC .......................... 214 7,100 * SCOTTS CO (CLASS A) ......................... 259 22,369 * SEALED AIR CORP ............................. 1,172 42,256 SOLUTIA, INC ................................ 581 5,500 SPARTECH CORP ............................... 149 1,200 STEPAN CO ................................... 28 7,800 TREDEGAR CORP ............................... 148 1,300 * TREX CO, INC ................................ 65 23,500 TUPPERWARE CORP ............................. 517 10,800 * U.S. PLASTIC LUMBER CORP .................... 48 43,600 UNION CARBIDE CORP .......................... 2,158 32,700 USEC, INC ................................... 151 4,600 VALHI, INC .................................. 48 12,300 WELLMAN, INC ................................ 199 ----------- 131,508 ----------- STEEL AND OTHER METALS--0.51% 31,839 AK STEEL HOLDINGS CORP ...................... 255 317,932 ALCOA, INC .................................. 9,220 31,410 ALLEGHENY TECHNOLOGIES, INC ................. 565 1,676 * ALLTRISTA CORP .............................. 36 4,939 * ALPINE GROUP, INC ........................... 33 11,267 ARCH COAL, INC .............................. 87 12,443 BALL CORP ................................... 401 67,014 * BATTLE MOUNTAIN GOLD CO ..................... 147 8,900 BELDEN, INC ................................. 228 48,286 * BETHLEHEM STEEL CORP ........................ 172 6,200 BRUSH ENGINEERED MATERIALS, INC ............. 97 1,200 BUTLER MANUFACTURING CO ..................... 20 10,200 * CABLE DESIGN TECHNOLOGIES CO ................ 342 6,600 CARPENTER TECHNOLOGY CORP ................... 139 3,900 CASTLE (A.M.) & CO .......................... 32 100 CENTURY ALUMINUM CO ......................... 1 1,504 * CHASE INDUSTRIES, INC ....................... 14 4,200 CLEVELAND CLIFFS, INC ....................... 108 4,600 COMMERCIAL METALS CO ........................ 127 21,625 CRANE CO .................................... 526 46,653 CROWN CORK & SEAL CO, INC ................... 700 1,500 CURTISS WRIGHT CORP ......................... 56 31,400 ENGELHARD CORP .............................. 536 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 27 Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- STEEL AND OTHER METALS--(Continued) 17,692 * FREEPORT - MCMORAN COPPER & GOLD, INC (CLASS A) ................................... $ 161 34,533 * FREEPORT - MCMORAN COPPER & GOLD, INC (CLASS B) ................................... 319 11,350 GENERAL CABLE CORP .......................... 92 2,700 GIBRALTAR STEEL CORP ........................ 38 10,900 * GRIFFON CORP ................................ 61 14,500 HARSCO CORP ................................. 370 85,500 HOMESTAKE MINING CO ......................... 588 4,400 IMCO RECYCLING, INC ......................... 24 4,900 INTERMET CORP ............................... 34 13,500 * KAISER ALUMINUM CORP ........................ 54 13,587 * KINROSS GOLD CORP ........................... 13 8,600 * LONE STAR TECHNOLOGIES, INC ................. 398 41,400 LTV CORP .................................... 119 18,513 MARK IV INDUSTRIES, INC ..................... 386 4,800 MATTHEWS INTERNATIONAL CORP (CLASS A) ....... 139 6,400 * MAVERICK TUBE CORP .......................... 186 1,200 * MAXXAM, INC ................................. 21 15,200 METALS U.S.A., INC .......................... 71 13,400 * MUELLER INDUSTRIES, INC ..................... 375 12,566 NATIONAL STEEL CORP (CLASS B) ............... 53 6,600 * NCI BUILDING SYSTEMS, INC ................... 134 61,530 NEWMONT MINING CORP ......................... 1,331 2,600 * NORTEK, INC ................................. 51 31,400 NUCOR CORP .................................. 1,042 800 * OPTICAL CABLE CORP .......................... 24 8,800 OREGON STEEL MILLS, INC ..................... 17 42,354 PARKER-HANNIFIN CORP ........................ 1,451 28,313 PHELPS DODGE CORP ........................... 1,053 1,500 PITT-DES MOINES, INC ........................ 29 8,900 PRECISION CAST PARTS CORP ................... 403 6,300 PRIMEX TECHNOLOGIES, INC .................... 139 4,700 QUANEX CORP ................................. 70 6,300 RELIANCE STEEL & ALUMINUM CO ................ 120 9,000 ROUGE INDUSTRIES, INC (CLASS A) ............. 27 2,400 * RTI INTERNATIONAL METALS .................... 27 5,090 RYERSON TULL, INC ........................... 53 5,500 * SILGAN HOLDINGS, INC ........................ 54 8,300 SOUTHERN PERU COPPER CORP ................... 101 4,800 * SPS TECHNOLOGIES, INC ....................... 197 14,100 * STEEL DYNAMICS, INC ......................... 128 13,950 * STILLWATER MINING CO ........................ 389 7,500 * SUNSHINE MINING & REFINING CO ............... 3 3,321 SUPERIOR TELECOM, INC ....................... 33 7,500 TEXAS INDUSTRIES, INC ....................... 217 4,800 TITAN INTERNATIONAL, INC .................... 26 6,400 TITANIUM METALS CORP ........................ 30 17,500 * TOWER AUTOMOTIVE, INC ....................... 219 3,300 * U.S. CAN CORP ............................... 57 31,700 USX-US STEEL GROUP, INC ..................... 588 6,700 VALMONT INDUSTRIES, INC ..................... 133 5,600 WATTS INDUSTRIES, INC (CLASS A) ............. 71 4,600 * WOLVERINE TUBE, INC ......................... 78 28,840 WORTHINGTON INDUSTRIES, INC ................. 303 ----------- 25,942 ----------- PAPER AND FOREST PRODUCTS--0.76% 8,166 b* AMERICAN PAD & PAPER CO ..................... 0 700 AMERICAN WOODMARK CORP ...................... 14 35,995 AVERY DENNISON CORP ......................... 2,416 17,713 BEMIS, INC .................................. 596 18,700 BOISE CASCADE CORP .......................... 484 18,669 BOWATER, INC ................................ 824 11,900 * BUCKEYE TECHNOLOGIES, INC ................... 261 10,200 CARAUSTAR INDUSTRIES, INC ................... 154 400 CAVALIER HOMES, INC ......................... 1 16,100 * CHAMPION ENTERPRISES, INC ................... 78 7,100 CHESAPEAKE CORP ............................. 210 37,720 CLAYTON HOMES, INC .......................... 302 20,600 CONSOLIDATED PAPERS, INC .................... 753 12,170 CROWN VANTAGE, INC .......................... 2 6,200 * DAISYTEK INTERNATIONAL CORP ................. 59 5,757 DELTIC TIMBER CORP .......................... 123 10,300 * EARTHSHELL CORP ............................. 31 78,175 FORT JAMES CORP ............................. 1,808 19,400 * GAYLORD CONTAINER CO ........................ 52 62,500 GEORGIA-PACIFIC CORP (PACKING GROUP) ........ 1,641 31,600 GEORGIA-PACIFIC CORP (TIMBER GROUP) ......... 683 9,400 GLATFELTER (P.H.) CO ........................ 96 10,400 * GRAPHIC PACKAGING INTERNATIONAL CORP ........ 22 2,200 GREIF BROTHERS CORP (CLASS A) ............... 68 176,727 INTERNATIONAL PAPER CO ...................... 5,269 6,800 * IVEX PACKAGING CORP ......................... 76 201,770 KIMBERLY-CLARK CORP ......................... 11,577 19,200 LONGVIEW FIBRE CO ........................... 212 37,700 LOUISIANA PACIFIC CORP ...................... 410 14,200 * MAIL-WELL, INC .............................. 122 38,044 MEAD CORP ................................... 961 15,300 OAKWOOD HOMES CORP .......................... 28 8,750 * PALM HARBOR HOMES, INC ...................... 127 10,600 * PLAYTEX PRODUCTS, INC ....................... 120 10,000 POTLATCH CORP ............................... 331 10,200 RAYONIER, INC ............................... 366 1,700 REPUBLIC GROUP, INC ......................... 15 6,500 ROCK-TENN CO (CLASS A) ...................... 56 5,925 * SCHOOL SPECIALTY, INC ....................... 110 5,760 SCHWEITZER-MAUDUIT INTERNATIONAL, INC ....... 72 3,200 SKYLINE CORP ................................ 69 42,527 * SMURFIT-STONE CONTAINER CORP ................ 548 37,323 SONOCO PRODUCTS CO .......................... 767 11,500 ST. JOE CO .................................. 345 17,534 TEMPLE-INLAND, INC .......................... 736 11,800 * UNITED STATIONERS, INC ...................... 382 2,700 UNIVERSAL FOREST PRODUCTS, INC .............. 37 20,025 WAUSAU-MOSINEE PAPER CORP ................... 171 32,050 WESTVACO CORP ............................... 795 83,597 WEYERHAEUSER CO ............................. 3,595 37,300 WILLAMETTE INDUSTRIES, INC .................. 1,016 ----------- 38,991 ----------- TOTAL BASIC INDUSTRIES ...................... 196,441 ----------- BUSINESS SERVICES--1.09% ADVERTISING AND OTHER SERVICES--1.09% 6,400 * 24/7 MEDIA, INC ............................. 100 6,325 AARON RENTS, INC ............................ 79 6,043 ABM INDUSTRIES, INC ......................... 139 4,600 ACKERLEY GROUP, INC ......................... 54 5,024 * ADMINSTAFF, INC ............................. 319 6,700 * ADVO, INC ................................... 281 3,800 * AHL SERVICES, INC ........................... 23 65 * AKAMAI TECHNOLOGIES, INC .................... 8 9,800 * ANSWERTHINK, INC ............................ 163 27,387 * APOLLO GROUP, INC (CLASS A) ................. 767 1,400 * BERLITZ INTERNATIONAL, INC .................. 13 36,121 BLOCK (H&R), INC ............................ 1,169 3,900 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ....... 83 5,009 * BURNS INTERNATIONAL SERVICES CORP ........... 63 800 CADUS PHARMACEUTICAL CORP ................... 1 2,600 * CAREER EDUCATION CORP ....................... 126 3,700 * CARRIAGE SERVICES, INC (CLASS A) ............ 12 5,900 * CATALINA MARKETING CORP ..................... 602 20,900 * CATALYTICA, INC ............................. 230 SEE NOTES TO FINANCIAL STATEMENTS 28 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- ADVERTISING AND OTHER SERVICES--(Continued) 4,500 * CDI CORP .................................... $ 92 23,700 * CELGENE CORP ................................ 1,395 267,464 * CENDANT CORP ................................ 3,744 20,500 * CENTURY BUSINESS SERVICES, INC .............. 40 2,200 * CHARLES RIVER ASSOCIATES, INC ............... 39 13,600 * CHECKFREE HOLDINGS CORP ..................... 701 41,950 CINTAS CORP ................................. 1,539 4,725 * CIRCLE.COM .................................. 17 81,244 * CMGI, INC ................................... 3,722 6,700 * COINSTAR, INC ............................... 67 2,600 * CORNELL COS, INC ............................ 21 3,400 * CORPORATE EXECUTIVE BOARD CO ................ 204 21,050 * COVANCE, INC ................................ 186 2,628 CPI CORP .................................... 56 8,500 * CRITICAL PATH, INC .......................... 496 4,850 * CTC COMMUNICATIONS GROUP, INC ............... 175 21,900 * DEVRY, INC .................................. 579 5,000 * DIAMOND TECHNOLOGY PARTNERS, INC (CLASS A)... 440 34,138 * DOUBLECLICK, INC ............................ 1,302 59,948 DUN & BRADSTREET CORP ....................... 1,716 22,100 * EBAY, INC ................................... 1,200 8,100 * EDGEWATER TECHOLOGY, INC .................... 54 6,800 * EDUCATION MANAGEMENT CORP ................... 123 1,800 * ELECTRO RENT CORP ........................... 22 10 EMERGE INTERACTIVE, INC ..................... 0 5,200 * ENTREMED, INC ............................... 156 3,900 * F.Y.I., INC ................................. 131 3,800 FAIR ISSAC & CO, INC ........................ 167 8,581 * FIRST CONSULTING GROUP, INC ................. 48 2,200 * FORRESTER RESEARCH, INC ..................... 160 9,000 G & K SERVICES, INC (CLASS A) ............... 226 20,394 GARTNER GROUP, INC (CLASS A) ................ 245 12,600 * GETTY IMAGES, INC ........................... 467 100 GREY ADVERTISING, INC ....................... 52 2,100 * HAGLER BAILLY, INC .......................... 11 4,000 * HEARME.COM .................................. 18 5,700 * HEIDRICK & STRUGGLES INTERNATIONAL,INC ...... 360 10,000 * INCTYE GENOMICS ............................. 822 2,200 * INSPIRE INSURANCE SOLUTIONS, INC ............ 7 19,700 * INTERIM SERVICES, INC ....................... 350 500 INTERPOOL, INC .............................. 5 111,476 INTERPUBLIC GROUP OF COS, INC ............... 4,793 8,500 * IT GROUP, INC ............................... 41 5,300 * ITT EDUCATIONAL SERVICES, INC ............... 93 8,000 * JACOBS ENGINEERING GROUP, INC ............... 262 24 * KANA COMMUNICATIONS, INC .................... 1 9,700 KELLY SERVICES, INC (CLASS A) ............... 224 200 * KENDLE INTERNATIONAL, INC ................... 2 14,000 * KFORCE.COM, INC ............................. 97 8,200 * KORN FERRY INTERNATIONAL .................... 260 12,800 * LABOR READY, INC ............................ 85 19,350 * LAMAR ADVERTISING CO (CLASS A) .............. 838 1,900 LANDAUER, INC ............................... 30 4,400 * LASON, INC .................................. 11 3,900 * LEARNING TREE INTERNATIONAL, INC ............ 239 27,800 MANPOWER, INC ............................... 890 43,198 * MARCHFIRST, INC ............................. 788 6,600 * MARKETING SERVICES GROUP .................... 29 4,100 * MAXIMUS, INC ................................ 91 3,200 MCGRATH RENTCORP ............................ 54 1,200 * MEDIA METRIX, INC ........................... 31 4,400 * MEMBERWORKS, INC ............................ 148 10,500 * MESSAGEMEDIA, INC ........................... 37 2,300 * MODEM MEDIA, INC ............................ 29 33,777 * MODIS PROFESSIONAL SERVICES, INC ............ 258 5,400 * NATIONAL EQUIPMENT SERVICES, INC ............ 32 9,000 * NATIONSRENT, INC ............................ 34 13,300 * NAVIGANT CONSULTING CO ...................... 57 12,800 * NBC INTERNET, INC ........................... 160 4,200 * NEFF CORP ................................... 16 15,100 b* NEUROMEDICAL SYSTEMS, INC ................... 1 12,000 * NORSTAN, INC ................................ 48 22,295 * NOVA CORP (GEORGIA) ......................... 623 65,800 OMNICOM GROUP, INC .......................... 5,860 7,800 * ON ASSIGNMENT, INC .......................... 238 55 * OPUS360 CORP ................................ 0 9,800 * PAREXEL INTERNATIONAL CORP .................. 94 9,800 * PEGASUS SOLUTIONS, INC ...................... 107 9,622 * PERSONNEL GROUP OF AMERICA, INC ............. 28 6,600 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC ..... 139 18,196 PITTSTON BRINKS GROUP CO .................... 249 7,100 * PREPAID LEGAL SERVICES, INC ................. 212 5,000 * PROBUSINESS SERVICES, INC ................... 133 1,100 * PROFESSIONAL DETAILING, INC ................. 37 12,850 * PROFIT RECOVERY GROUP INTERNATIONAL, INC .... 214 4,900 * PROTECTION ONE, INC ......................... 11 41,912 * QUINTILES TRANSNATIONAL CORP ................ 592 3,900 * REDBACK NETWORKS, INC ....................... 694 10,300 REGIS CORP .................................. 129 10,600 * RENAISSANCE WORLDWIDE, INC .................. 17 5,657 * RENT WAY, INC ............................... 165 6,100 * RENT-A-CENTER, INC .......................... 137 64,900 * ROBERT HALF INTERNATIONAL, INC .............. 1,850 7,800 ROLLINS, INC ................................ 116 36,175 b* SAFETY-KLEEN CORP ........................... 3 97,693 SERVICE CORP INTERNATIONAL, INC ............. 311 111,650 SERVICEMASTER CO ............................ 1,270 15,700 * SITEL CORP .................................. 78 18,900 * SNYDER COMMUNICATIONS, INC .................. 449 4,100 * SOS STAFFING SERVICES, INC .................. 13 16,000 SOTHEBY'S HOLDINGS, INC (CLASS A) ........... 280 6,500 * STAFF LEASING, INC .......................... 23 2,900 * STARTEK, INC ................................ 146 3,200 b* STONE & WEBSTER, INC ........................ 2 1,900 STRAYER EDUCATION, INC ...................... 46 1,900 * SUPERIOR CONSULTANT HOLDINGS CORP ........... 9 15,950 * SYLVAN LEARNING SYSTEMS, INC ................ 219 2,300 TEJON RANCH CO .............................. 52 8,200 * TELETECH HOLDINGS, INC ...................... 255 12,412 * TETRA TECH, INC ............................. 284 19,700 * TMP WORLDWIDE, INC .......................... 1,454 15,700 TRUE NORTH COMMUNICATIONS, INC .............. 691 2,400 UNIFIRST CORP ............................... 19 11,111 * UNITED RENTALS, INC ......................... 190 2,500 * URS CORP .................................... 38 75 * US INTERACTIVE, INC ......................... 1 20,700 * VALASSIS COMMUNICATIONS, INC ................ 789 12,200 * VALENCE TECHNOLOGY, INC ..................... 225 28,700 * VERTICALNET, INC ............................ 1,060 2,400 * VOLT INFORMATION SCIENCES, INC .............. 79 5,800 * WACKENHUT CORP SERIES A ..................... 75 3,000 * WACKENHUT CORRECTIONS CORP .................. 23 5,300 * WEST TELESERVICES CORP ...................... 134 1,600 * WESTAFF, INC ................................ 7 4,100 * XCEED, INC .................................. 37 4,800 * XTRA CORP ................................... 189 12,900 YOUNG & RUBICAM, INC ........................ 738 78 * ZAP.COM CORP ................................ 0 ----------- TOTAL BUSINESS SERVICES ..................... 55,900 ----------- SEE NOTES TO FINANCIAL STATEMENTS 29 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CONSTRUCTION AND REAL ESTATE--2.08% BUILDING MATERIALS--1.80% 9,200 AMCOL INTERNATIONAL CORP .................... $ 152 9,800 APOGEE ENTERPRISES, INC ..................... 35 1,500 CARBO CERAMICS, INC ......................... 53 3,000 CENTEX CONSTRUCTION PRODUCTS, INC ........... 68 14,644 * COMFORT SYSTEMS U.S.A., INC ................. 59 575 COORSTEK, INC ............................... 26 105,672 CORNING, INC ................................ 28,518 19,600 * DAL-TILE INTERNATIONAL, INC ................. 162 7,500 * DEPARTMENT 56, INC .......................... 83 2,100 * DUPONT PHOTOMASKS, INC ...................... 144 7,100 ELCOR CORP .................................. 163 2,600 * EMCOR GROUP, INC ............................ 60 21,715 * ENCOMPASS SERVICES CORP ..................... 125 13,500 FERRO CORP .................................. 284 6,200 FLORIDA ROCK INDUSTRIES, INC ................ 221 855,250 HOME DEPOT, INC ............................. 42,709 8,400 * INTEGRATED ELECTRICAL SERVICES, INC ......... 43 12,076 LAFARGE CORP ................................ 254 5,900 LIBBEY, INC ................................. 190 7,900 LILLY INDUSTRIES, INC (CLASS A) ............. 237 126,316 LOWES COS, INC .............................. 5,187 16,968 MARTIN MARIETTA MATERIALS, INC .............. 686 165,822 MASCO CORP .................................. 2,995 800 b* OMEGA ENVIRONMENTAL, INC .................... 0 22,600 OWENS CORNING CO ............................ 209 55,100 * OWENS ILLINOIS, INC ......................... 644 64,300 PPG INDUSTRIES, INC ......................... 2,849 800 PUERTO RICAN CEMENT CO, INC ................. 22 19,650 * QUANTA SERVICES, INC ........................ 1,081 9,600 ROHN INDUSTRIES, INC ........................ 41 39,037 RPM, INC .................................... 395 52,031 SHERWIN-WILLIAMS CO ......................... 1,102 14,192 SOUTHDOWN, INC .............................. 820 18,300 USG CORP .................................... 556 13,900 VALSPAR CORP ................................ 469 33,500 VULCAN MATERIALS CO ......................... 1,430 4,738 WATSCO, INC ................................. 59 ----------- 92,131 ----------- CONSTRUCTION--0.22% 11,186 * BLOUNT INTERNATIONAL, INC ................... 86 20,978 CENTEX CORP ................................. 493 3,000 * CROSSMAN COMMUNITIES, INC ................... 50 14,025 * DYCOM INDUSTRIES, INC ....................... 645 28,252 FLUOR CORP .................................. 893 12,600 FOSTER WHEELER CORP ......................... 109 6,800 GRANITE CONSTRUCTION, INC ................... 167 17,337 HILLENBRAND INDUSTRIES, INC ................. 543 22,300 HON INDUSTRIES, INC ......................... 524 19,700 HORTON (D.R.), INC .......................... 267 7,200 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ...... 195 18,600 KAUFMAN & BROAD HOME CORP ................... 369 11,900 KIMBALL INTERNATIONAL, INC (CLASS B) ........ 176 24,052 * LEAR CORP ................................... 481 25,278 LENNAR CORP ................................. 512 12,450 * MASTEC, INC ................................. 475 7,400 MDC HOLDINGS, INC ........................... 138 28,800 MILLER (HERMAN), INC ........................ 745 12,684 * MORRISON KNUDSEN CORP ....................... 92 103,151 NEWELL RUBBERMAID, INC ...................... 2,656 3,400 * NVR, INC .................................... 194 13,600 PULTE CORP .................................. 294 5,100 RYLAND GROUP, INC ........................... 113 7,715 STANDARD-PACIFIC CORP ....................... 77 20,000 STEELCASE, INC .............................. 340 7,600 * TOLL BROTHERS, INC .......................... 156 31,800 U.S. INDUSTRIES, INC ........................ 386 12,900 WALTER INDUSTRIES, INC ...................... 148 5,333 * WEBB (DEL) CORP ............................. 82 ----------- 11,406 ----------- REAL ESTATE--0.06% 20,300 ARDEN REALTY GROUP, INC ..................... 477 8,400 * CASTLE & COOKE, INC ......................... 162 38,100 * CATELLUS DEVELOPMENT CORP ................... 572 8,497 * CB RICHARD ELLIS SERVICES GROUP, INC ........ 78 17,900 * FAIRFIELD COMMUNITIES, INC .................. 141 5,100 FOREST CITY ENTERPRISES, INC (CLASS A) ...... 170 5,800 * INSIGNIA FINANCIAL GROUP, INC ............... 58 11,000 * JONES LANG LA SALLE ......................... 147 9,450 LNR PROPERTY CORP ........................... 184 11,800 * PINNACLE HOLDINGS, INC ...................... 637 12,700 * SECURITY CAPITAL GROUP, INC (CLASS B) ....... 216 38,500 STEWART ENTERPRISES, INC (CLASS A) .......... 136 9,600 * TRAMMELL CROW CO ............................ 103 ----------- 3,081 ----------- TOTAL CONSTRUCTION AND REAL ESTATE .......... 106,618 ----------- CONSUMER DURABLE--8.96% HOME APPLIANCES AND FURNISHINGS--8.44% 7,900 * ACTEL CORP .................................. 360 3,800 * ADVANCED ENERGY INDUSTRIES, INC ............. 224 56,107 * ADVANCED MICRO DEVICES, INC ................. 4,334 6,600 * AEROFLEX, INC ............................... 328 10,900 * ALLIANCE SEMICONDUCTOR CORP ................. 268 12,400 * ALPHA INDUSTRIES, INC ....................... 546 65,300 * ALTERA CORP ................................. 6,657 60,400 * AMERICAN POWER CONVERSION CORP .............. 2,465 5,700 * AMERICAN SUPERCONDUCTOR CORP ................ 275 6,000 * AMERICAN XTAL TECHNOLOGY, INC ............... 260 35,100 * AMKOR TECHNOLOGY, INC ....................... 1,239 13,700 * AMPHENOL CORP (CLASS A) ..................... 907 10,900 * ANADIGICS, INC .............................. 371 130,712 * ANALOG DEVICES, INC ......................... 9,934 9,633 * APPLICA, INC ................................ 109 5,400 b* APPLIED MAGNETICS CORP ...................... 0 39,100 * APPLIED MICRO CIRCUITS CORP ................. 3,861 12,100 * ARTESYN TECHNOLOGIES, INC ................... 337 81,800 * ATMEL CORP .................................. 3,016 15,800 AVX CORP .................................... 362 7,100 BASSETT FURNITURE INDUSTRIES, INC ........... 90 42,400 * BED BATH & BEYOND, INC ...................... 1,537 5,841 * BENCHMARK ELECTRONICS, INC .................. 214 8,900 BMC INDUSTRIES, INC ......................... 36 13,500 * BOMBAY, INC ................................. 40 40,800 * BROADCOM CORP (CLASS A) ..................... 8,933 14,125 * BURR BROWN CORP ............................. 1,224 3,561 BUSH INDUSTRIES, INC (CLASS A) .............. 57 1,500 * CATAPULT COMMUNICATIONS CORP ................ 15 66,302 * CONEXANT SYSTEMS, INC ....................... 3,224 10,400 * CREE, INC ................................... 1,388 10,012 CTS CORP .................................... 451 41,500 * CYPRESS SEMICONDUCTOR CORP .................. 1,753 21,800 DALLAS SEMICONDUCTOR CORP ................... 888 3,600 * EMCORE CORP ................................. 432 9,400 * ESS TECHNOLOGY, INC ......................... 136 12,100 * E-TEK DYNAMICS, INC ......................... 3,192 14,900 ETHAN ALLEN INTERIORS, INC .................. 358 6,850 * EXAR CORP ................................... 597 17,900 * FURNITURE BRANDS INTERNATIONAL, INC ......... 271 11,700 * GENERAL SEMICONDUCTOR, INC .................. 173 388,622 GILLETTE CO ................................. 13,577 SEE NOTES TO FINANCIAL STATEMENTS 30 O 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- HOME APPLIANCES AND FURNISHINGS--(Continued) 5,950 HARMAN INTERNATIONAL INDUSTRIES, INC ........$ 363 5,800 HAVERTY FURNITURE COS, INC .................. 49 21,100 HEILIG MEYERS CO ............................ 25 8,200 HELIX TECHNOLOGY CORP ....................... 320 4,400 * HI/FN, INC .................................. 195 8,800 * HUTCHINSON TECHNOLOGY, INC .................. 125 2,400 INNOVEX, INC ................................ 23 31,200 * INTEGRATED DEVICE TECHNOLOGY, INC ........... 1,868 1,238,000 INTEL CORP .................................. 165,505 22,700 * INTERNATIONAL RECTIFIER CORP ................ 1,271 39,600 * JABIL CIRCUIT, INC .......................... 1,965 221,790 * JDS UNIPHASE CORP ........................... 26,587 28,000 * KEMET CORP .................................. 702 11,500 * KOPIN CORP .................................. 796 3,800 * LASERSIGHT, INC ............................. 14 17,200 * LATTICE SEMICONDUCTOR CORP .................. 1,189 20,800 LA-Z-BOY, INC ............................... 291 71,620 LEGGETT & PLATT, INC ........................ 1,182 113,600 LINEAR TECHNOLOGY CO ........................ 7,263 14,400 * LINENS' N THINGS, INC ....................... 391 111,144 * LSI LOGIC CORP .............................. 6,016 104,500 * MAXIM INTEGRATED PRODUCTS, INC .............. 7,099 2,500 * MAXWELL TECHNOLOGIES, INC ................... 34 32,300 MAYTAG CO ................................... 1,191 13,500 * MEMC ELECTRONIC MATERIALS, INC .............. 243 13,100 METHODE ELECTRONICS, INC (CLASS A) .......... 506 21,200 * MICREL, INC ................................. 921 28,000 * MICROCHIP TECHNOLOGY, INC ................... 1,631 172,218 * MICRON TECHNOLOGY, INC ...................... 15,166 9,224 * MIPS TECHNOLOGIES, INC (CLASS B) ............ 355 11,600 * MMC NETWORKS, INC ........................... 620 37,390 MOLEX, INC .................................. 1,799 18,200 * MRV COMMUNICATIONS, INC ..................... 1,224 3,200 NATIONAL PRESTO INDUSTRIES, INC ............. 98 64,592 * NATIONAL SEMICONDUCTOR CORP ................. 3,666 9,300 * NEOMAGIC CORP ............................... 28 12,600 * NVIDIA CORP ................................. 801 49,100 OIS OPTICAL IMAGING SYSTEMS, INC ............ 0 3,300 PARK ELECTROCHEMICAL CORP ................... 119 2,100 * PARKERVISION, INC ........................... 106 8,200 * PHOTRONICS, INC ............................. 233 38,155 PIER 1 IMPORTS, INC ......................... 372 6,400 * PLEXUS CORP ................................. 723 5,300 * PLX TECHNOLOGY, INC ......................... 220 54,000 * PMC-SIERRA, INC ............................. 9,595 9,600 * POWER INTEGRATIONS, INC ..................... 226 8,050 * POWER-ONE, INC .............................. 917 27,100 * QLOGIC CORP ................................. 1,790 27,600 * RAMBUS, INC ................................. 2,843 17,900 * READ RITE CORP .............................. 40 2,300 * RECOTON CORP ................................ 24 9,200 * REMEC, INC .................................. 385 4,500 * RESTORATION HARDWARE, INC ................... 25 19,100 * RF MICRO DEVICES, INC ....................... 1,674 30,800 * S3, INC ..................................... 454 3,300 * SALTON, INC ................................. 122 54,680 * SANMINA CORP ................................ 4,675 8,800 * SAWTEK, INC ................................. 507 53,054 * SCI SYSTEMS, INC ............................ 2,079 24,300 * SDL, INC .................................... 6,930 2,600 * SELECT COMFORT CORP ......................... 8 12,000 * SEMTECH CORP ................................ 918 2,400 * SILICONIX, INC .............................. 162 2,700 * SIMPSON MANUFACTURING CO, INC ............... 129 7,500 * SIPEX CORP .................................. 208 21,450 SNAP-ON, INC ................................ 571 186,504 * SOLECTRON CORP .............................. 7,810 25,200 STANLEY WORKS CO ............................ 599 37,726 * SUNBEAM CORP ................................ 130 4,200 TECHNITROL, INC ............................. 407 606,220 TEXAS INSTRUMENTS, INC ...................... 41,640 18,700 * TITAN CORP .................................. 837 14,800 * TRANSWITCH CORP ............................. 1,142 11,800 * TRIQUINT SEMICONDUCTOR, INC ................. 1,129 12,400 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC ............................. 779 40,906 * VISHAY INTERTECHNOLOGY, INC ................. 1,552 60,700 * VITESSE SEMICONDUCTOR CORP .................. 4,465 26,800 WHIRLPOOL CORP .............................. 1,250 15,700 * WILLIAMS-SONOMA, INC ........................ 509 102,600 * XILINX, INC ................................. 8,471 8,300 * ZOMAX, INC .................................. 109 ------------ 432,845 ------------ TEXTILE APPAREL AND ACCESSORIES--0.52% 35,882 * ABERCROMBIE & FITCH CO (CLASS A) ............ 437 6,984 * ALBANY INTERNATIONAL CORP (CLASS A) (NEW) ... 101 8,800 * AMERICAN EAGLE OUTFITTERS, INC .............. 123 7,757 * ANN TAYLOR STORES CORP ...................... 257 6,000 BROWN SHOE CO, INC .......................... 78 3,300 * BUCKLE, INC ................................. 39 6,520 BURLINGTON COAT FACTORY WAREHOUSE CORP ...... 70 23,100 * BURLINGTON INDUSTRIES, INC .................. 39 8,300 CATO CORP (CLASS A) ......................... 96 36,100 * CHARMING SHOPPES, INC ....................... 184 4,400 * CHICO'S FAS, INC ............................ 88 7,700 * CHILDREN'S PLACE RETAIL STORES, INC ......... 158 14,800 CLAIRE'S STORES, INC ........................ 285 17,100 * COLLINS & AIKMAN CORP ....................... 89 3,000 * COLUMBIA SPORTSWEAR CO ...................... 81 5,300 * DAN RIVER, INC (CLASS A) .................... 25 1,100 * DAVIDS BRIDAL, INC .......................... 13 4,500 * DONNA KARAN INTERNATIONAL, INC .............. 29 7,100 * DRESS BARN, INC ............................. 157 13 b* EDISON BROTHERS STORES WTS 09/26/05 ...... 0 5,800 * FINISH LINE, INC (CLASS A) .................. 47 7,169 * FOOTSTAR, INC ............................... 238 5,150 * FOSSIL, INC ................................. 100 700 b* FRUIT OF THE LOOM LTD (CLASS A) ............. 0 239,791 GAP, INC .................................... 7,493 6,200 * GENESCO, INC ................................ 100 1,900 * GLOBAL SPORTS, INC .......................... 12 8,000 * GOODYS FAMILY CLOTHING, INC ................. 44 2,600 * GUESS ?, INC ................................ 36 3,000 GUILFORD MILLS, INC ......................... 13 9,700 * GYMBOREE CORP ............................... 29 20,200 INTERFACE, INC (CLASS A) .................... 77 30,780 INTIMATE BRANDS, INC (CLASS A) .............. 608 37,309 * JONES APPAREL GROUP, INC .................... 877 11,700 b* JUST FOR FEET, INC .......................... 0 9,200 JUSTIN INDUSTRIES, INC ...................... 201 11,900 KELLWOOD CO ................................. 251 500 KENNETH COLE PRODUCTIONS, INC ............... 20 1,200 K-SWISS, INC (CLASS A) ...................... 19 119,228 LIMITED, INC ................................ 2,578 21,100 LIZ CLAIBORNE, INC .......................... 744 8,950 * MEN'S WEARHOUSE, INC ........................ 200 16,200 * MOHAWK INDUSTRIES, INC ...................... 352 1,300 MOVADO GROUP, INC ........................... 16 13,500 * NAUTICA ENTERPRISES, INC .................... 144 31,247 NIKE, INC (CLASS B) ......................... 1,244 37,600 NORDSTROM, INC .............................. 907 13,200 * OAKLEY, INC ................................. 152 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report O 31 Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TEXTILE APPAREL AND ACCESSORIES--(Continued) 4,941 ONEIDA LTD .................................. $ 88 1,700 OSHKOSH B'GOSH, INC (CLASS A) ............... 28 1,100 OXFORD INDUSTRIES, INC ...................... 20 10,650 * PACIFIC SUNWEAR CALIFORNIA, INC ............. 200 7,626 * PAYLESS SHOESOURCE, INC ..................... 391 2,900 PETRIE STORES CORP (LIQUIDATING TRUST) ...... 4 11,300 PHILLIPS VAN HEUSEN CORP .................... 107 5,745 PILLOWTEX CORP .............................. 24 20,300 * POLO RALPH LAUREN CORP ...................... 289 7,000 POLYMER GROUP, INC .......................... 65 7,700 * QUIKSILVER, INC ............................. 120 16,790 * REEBOK INTERNATIONAL LTD .................... 268 32,400 ROSS STORES, INC ............................ 553 10,300 RUSSELL CORP ................................ 206 34 SAMSONITE CORP .............................. 0 36,340 SHAW INDUSTRIES, INC ........................ 454 900 * SHOE CARNIVAL, INC .......................... 6 4,200 SPRINGS INDUSTRIES, INC ..................... 134 12,700 b* STAGE STORES, INC ........................... 2 12,800 * STEIN MART, INC ............................. 131 16,700 STRIDE RITE CORP ............................ 102 4,200 TALBOTS, INC ................................ 231 3,500 * TIMBERLAND CO ............................... 248 113,500 TJX COS, INC ................................ 2,128 8,359 * TOO, INC .................................... 213 500 * TROPICAL SPORTSWEAR INTERNATIONAL CORP ...... 9 20,500 * UNIFI, INC .................................. 254 1,100 * UNITED RETAIL GROUP, INC .................... 9 2,300 * URBAN OUTFITTERS, INC ....................... 20 34,300 V.F. CORP ................................... 817 20,400 WARNACO GROUP, INC (CLASS A) ................ 158 15,600 WESTPOINT STEVENS, INC ...................... 174 3,700 * WET SEAL, INC (CLASS A) ..................... 49 17,362 WOLVERINE WORLD WIDE, INC ................... 171 ---------- 26,524 ---------- TOTAL CONSUMER DURABLE ...................... 459,369 ---------- ENERGY--4.40% OIL, GAS AND OTHER ENERGY SERVICES--4.40% 29,000 AMERADA HESS CORP ........................... 1,791 39,816 ANADARKO PETROLEUM CORP ..................... 1,963 37,457 APACHE CORP ................................. 2,203 25,872 ASHLAND, INC ................................ 907 3,900 * ATWOOD OCEANICS, INC ........................ 173 10,500 * BARNETT RESOURCES CORP ...................... 320 5,200 * BASIN EXPLORATION, INC ...................... 93 2,300 * BELCO OIL & GAS CORP ........................ 20 5,171 BERRY PETROLEUM CO (CLASS A) ................ 88 25,088 * BJ SERVICES CO .............................. 1,568 11,400 * BROWN (TOM), INC ............................ 263 77,208 BURLINGTON RESOURCES, INC ................... 2,953 9,700 CABOT OIL & GAS CORP (CLASS A) .............. 206 2,100 * CAL DIVE INTERNATIONAL, INC ................. 114 30,900 * CHESAPEAKE ENERGY CORP ...................... 239 241,805 CHEVRON CORP ................................ 20,508 25,500 CONOCO, INC (CLASS A) ....................... 561 207,941 CONOCO, INC (CLASS B) ....................... 5,108 8,100 CONSOL ENERGY, INC .......................... 123 2,020 * CONTOUR ENERGY CO ........................... 4 17,550 CROSS TIMBERS OIL CO ........................ 388 19,044 DEVON ENERGY CORP (NEW) ..................... 1,070 23,900 DIAMOND OFFSHORE DRILLING, INC .............. 839 283 b* EAGLE GEOPHYSICAL, INC ...................... 0 17,014 * EEX CORP .................................... 99 271,140 ENRON CORP .................................. 17,489 50,250 ENSCO INTERNATIONAL, INC .................... 1,800 20,000 EOG RESOURCES, INC .......................... 670 3,700 * EVERGREEN RESOURCES, INC .................... 110 1,289,591 EXXON MOBIL CORP ............................ 101,233 6,800 * FORCENERGY GAS EXPLORATION, INC ............. 4 13,500 * FOREST OIL CORP ............................. 215 12,394 * FRIEDE GOLDMAN HALTER, INC .................. 111 1,100 * FRONTIER OIL CORP ........................... 9 22,100 * GLOBAL INDUSTRIES LTD ....................... 417 58,600 * GLOBAL MARINE, INC .......................... 1,652 65,800 * GREY WOLF, INC .............................. 329 162,857 HALLIBURTON CO .............................. 7,685 20,800 * HANOVER COMPRESSOR CO ....................... 790 44,100 * HARKEN ENERGY CORP .......................... 28 18,000 HELMERICH & PAYNE, INC ...................... 673 2,500 * HOUSTON EXPLORATION CO ...................... 63 6,200 * HS RESOURCES, INC ........................... 186 34,772 KERR-MCGEE CORP ............................. 2,049 30,300 * KEY ENERGY SERVICES, INC .................... 292 7,000 * LOUIS DREYFUS NATURAL GAS CORP .............. 219 22,400 * MARINE DRILLING CO, INC ..................... 627 4,921 * MCMORAN EXPLORATION CO ...................... 81 6,900 * MERIDIAN RESOURCE CORP ...................... 39 11,000 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) 353 16,500 MURPHY OIL CORP ............................. 981 47,502 * NABORS INDUSTRIES, INC ...................... 1,974 13,900 * NEWFIELD EXPLORATION CO ..................... 544 20,700 NOBLE AFFILIATES, INC ....................... 771 48,600 * NOBLE DRILLING CORP ......................... 2,002 6,800 * NUEVO ENERGY CO ............................. 128 135,829 OCCIDENTAL PETROLEUM CORP ................... 2,861 61,106 * OCEAN ENERGY, INC (NEW) ..................... 867 7,500 * OCEANEERING INTERNATIONAL, INC .............. 143 29,200 * PARKER DRILLING CO .......................... 181 12,100 * PATTERSON ENERGY, INC ....................... 345 28,244 PENNZOIL-QUAKER STATE CO .................... 341 78,422 PHILLIPS PETROLEUM CO ....................... 3,975 36,200 * PIONEER NATURAL RESOURCES CO ................ 462 4,700 * PLAINS RESOURCES, INC ....................... 75 14,600 POGO PRODUCING CO ........................... 323 22,200 * PRIDE INTERNATIONAL, INC .................... 549 62,386 * R & B FALCON CORP ........................... 1,470 30,200 * ROWAN COS, INC .............................. 917 4,800 RPC, INC .................................... 51 66,965 * SANTA FE SNYDER CORP ........................ 762 8,700 * SEITEL, INC ................................. 71 4,400 ST. MARY LAND & EXPLORATION CO .............. 185 5,948 * STONE ENERGY CORP ........................... 355 32,800 SUNOCO, INC ................................. 966 6,250 * SWIFT ENERGY CO ............................. 177 9,900 * SYNTROLEUM CORP ............................. 170 10,600 * TESORO PETROLEUM CORP ....................... 107 204,325 TEXACO, INC ................................. 10,880 52,847 TOSCO CORP .................................. 1,496 1,620 * TOTAL FINA WTS 08/05/03 ..................... 55 9,300 * TRANSMONTAIGNE, INC ......................... 57 32 * TRANSTEXAS GAS CORP (CLASS A) ............... 0 31,494 ULTRAMAR DIAMOND SHAMROCK CORP .............. 781 92,492 UNION PACIFIC RESOURCES GROUP, INC .......... 2,035 89,537 UNOCAL CORP ................................. 2,966 114,100 USX-MARATHON GROUP, INC ..................... 2,860 5,200 * UTI ENERGY CORP ............................. 209 18,000 VALERO ENERGY CORP .......................... 572 26,517 * VARCO INTERNATIONAL, INC (NEW) .............. 617 6,300 VASTAR RESOURCES, INC ....................... 517 9,400 * VERITAS DGC, INC ............................ 244 16,000 VINTAGE PETROLEUM, INC ...................... 361 SEE NOTES TO FINANCIAL STATEMENTS 32 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- OIL, GAS AND OTHER ENERGY SERVICES--(Continued) 4,200 WD-40 CO .................................... $ 87 39,815 * WEATHERFORD INTERNATIONAL, INC .............. 1,585 ---------- TOTAL ENERGY ................................ 225,800 ---------- FINANCE--13.78% BANKS, SAVINGS AND LOANS--6.42% 2,100 ALABAMA NATIONAL BANCORP .................... 42 3,500 ALLIANCE BANCORP ............................ 58 12,600 AMCORE FINANCIAL, INC ....................... 231 144,401 AMSOUTH BANCORP ............................. 2,274 8,100 ANCHOR BANCORP WISCONSIN, INC ............... 124 1,900 ANDOVER BANCORP, INC ........................ 55 2,700 AREA BANCSHARES CORP ........................ 60 25,933 ASSOCIATED BANCORP .......................... 566 20,845 ASTORIA FINANCIAL CORP ...................... 537 306 BANCFIRST CORP .............................. 10 1,500 BANCFIRST OHIO CORP ......................... 25 20,300 BANCORPSOUTH, INC ........................... 285 18,500 BANCWEST CORP ............................... 304 614,398 BANK OF AMERICA CORP ........................ 26,419 3,500 BANK OF GRANITE CORP ........................ 80 272,620 BANK OF NEW YORK CO, INC .................... 12,677 425,002 BANK ONE CORP ............................... 11,289 11,900 BANK UNITED CORP (CLASS A) .................. 419 11,900 BANKATLANTIC BANCORP, INC (CLASS B) ......... 70 55,634 BANKNORTH GROUP, INC ........................ 852 5,500 BAY VIEW CAPITAL CORP ....................... 54 128,627 BB&T CORP ................................... 3,071 4,031 * BOK FINANCIAL CORP .......................... 71 3,340 BRENTON BANKS, INC .......................... 46 1,300 BROOKLINE BANCORP, INC ...................... 15 2,800 BSB BANCORP, INC ............................ 56 4,255 BT FINANCIAL CORP ........................... 73 470 * CALIFORNIA FEDERAL BANK GOODWILL CERT ....... 1 300 CAPITAL CITY BANK GROUP, INC ................ 6 30,700 CAPITOL FEDERAL FINANCIAL ................... 340 2,900 CATHAY BANCORP, INC ......................... 134 14,400 CCB FINANCIAL CORP .......................... 533 5,595 * CENTENNIAL BANCORP .......................... 49 14,369 CENTURA BANKS, INC .......................... 488 3,400 CENTURY SOUTH BANKS, INC .................... 66 6,000 CFS BANCORP, INC ............................ 55 77,178 CHARTER ONE FINANCIAL, INC .................. 1,775 454,407 CHASE MANHATTAN CORP ........................ 20,931 4,468 CHEMICAL FINANCIAL CORP ..................... 116 10,329 CHITTENDEN CORP ............................. 252 1,250,156 CITIGROUP, INC .............................. 75,322 13,948 CITIZENS BANKING CORP (MICHIGAN) ............ 226 5,377 CITY HOLDINGS CO ............................ 32 14,700 CITY NATIONAL CORP .......................... 511 38,900 COLONIAL BANCGROUP, INC ..................... 350 66 * COLUMBIA BANKING SYSTEM, INC ................ 1 58,100 COMERICA, INC ............................... 2,607 10,861 COMMERCE BANCORP, INC ....................... 500 22,577 COMMERCE BANCSHARES, INC .................... 672 23,000 COMMERCIAL FEDERAL CORP ..................... 358 3,000 COMMONWEALTH BANCORP, INC ................... 36 18,000 COMMUNITY FIRST BANKSHARES, INC ............. 294 2,936 COMMUNITY TRUST BANCORP, INC ................ 52 42,925 COMPASS BANCSHARES, INC ..................... 732 2,700 CORUS BANKSHARES, INC ....................... 71 1,200 CPB, INC .................................... 30 20,600 CULLEN FROST BANKERS, INC ................... 542 4,567 CVB FINANCIAL CORP .......................... 72 40,400 DIME BANCORP, INC ........................... 636 4,200 DIME COMMUNITY BANCORP, INC ................. 68 7,360 DOWNEY FINANCIAL CORP ....................... 213 1,445 F & M BANCORP, INC (MARYLAND) ............... 29 9,167 F & M NATIONAL CORP ......................... 193 7,906 F.N.B. CORP ................................. 163 1,400 FARMERS CAPITAL BANK CORP ................... 43 2,500 FCNB CORP ................................... 45 91,334 FIFTH THIRD BANCORP ......................... 5,777 10,700 FIRST BANCORP (PUERTO RICO) ................. 199 700 FIRST BUSEY CORP ............................ 12 3,000 FIRST CHARTER CORP .......................... 47 2,800 FIRST CITIZENS BANCSHARES, INC (CLASS A) .... 167 21,922 FIRST COMMONWEALTH FINANCIAL CORP ........... 199 3,900 FIRST FEDERAL CAPITAL CORP .................. 43 12,584 FIRST FINANCIAL BANCORP ..................... 248 3,160 FIRST FINANCIAL BANKSHARES, INC ............. 87 1,400 FIRST FINANCIAL CORP (INDIANA) .............. 43 4,100 FIRST FINANCIAL HOLDINGS, INC ............... 56 1,300 FIRST INDIANA CORP .......................... 26 3,100 FIRST MERCHANTS CORP ........................ 66 12,900 FIRST MIDWEST BANCORP, INC .................. 300 3,000 FIRST NIAGARA FINANCIAL GROUP, INC .......... 28 2,900 * FIRST REPUBLIC BANK ......................... 58 71,912 FIRST SECURITY CORP ......................... 975 11,500 FIRST SENTINEL BANCORP, INC ................. 95 2,770 FIRST SOURCE CORP ........................... 43 47,400 FIRST TENNESSEE NATIONAL CORP ............... 785 368,973 FIRST UNION CORP ............................ 9,155 9,100 FIRST UNITED BANCSHARES, INC ................ 138 17,650 FIRST VIRGINIA BANKS, INC ................... 614 2,700 FIRST WASHINGTON BANCORP, INC ............... 38 5,350 * FIRSTFED FINANCIAL CORP ..................... 76 29,388 FIRSTMERIT CORP ............................. 628 2,200 FLAGSTAR BANCORP, INC ....................... 18 334,200 FLEETBOSTON FINANCIAL CORP .................. 11,363 3,800 FRONTIER FINANCIAL CORP ..................... 70 26,124 FULTON FINANCIAL CORP ....................... 462 3,400 GBC BANCORP ................................. 99 550 GLACIER BANCORP, INC ........................ 7 800 GOLD BANC CORP, INC ......................... 4 24,100 * GOLDEN STATE BANCORP, INC ................... 434 13,600 * GOLDEN STATE BANCORP, INC WTS 01/01/01 ...... 15 51,300 GOLDEN WEST FINANCIAL CORP .................. 2,094 1,500 GREAT SOUTHERN BANCORP ...................... 26 4,900 GREATER BAY BANCORP ......................... 229 31,538 GREENPOINT FINANCIAL CORP ................... 591 1,700 * HAMILTON BANCORP, INC ....................... 30 2,800 HANCOCK HOLDINGS CO ......................... 95 3,200 HARBOR FLORIDA BANCSHARES, INC .............. 33 1,735 HARLEYSVILLE NATIONAL CORP .................. 57 4,600 HARRIS FINANCIAL, INC ....................... 28 62,996 HIBERNIA CORP (CLASS A) ..................... 685 4,000 HUDSON RIVER BANCORP, INC ................... 48 19,010 HUDSON UNITED BANCORP ....................... 427 74,840 HUNTINGTON BANCSHARES, INC .................. 1,183 14,418 * IMPERIAL BANCORP ............................ 224 25,800 INDEPENDENCE COMMUNITY BANK CORP ............ 342 2,435 INDEPENDENT BANK CORP ....................... 28 6,350 INTEGRA BANK CORP ........................... 108 4,500 INTERNATIONAL BANCSHARES CORP ............... 147 4,900 INTERWEST BANCORP, INC ...................... 69 2,600 IRWIN FINANCIAL CORP ........................ 38 163,039 KEYCORP ..................................... 2,874 17,350 KEYSTONE FINANCIAL, INC ..................... 369 4,400 * LOCAL FINANCIAL CORP ........................ 37 2,741 M & T BANK CORP ............................. 1,233 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 33 Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- BANKS, SAVINGS AND LOANS--(Continued) 14,580 MAF BANCORP, INC ............................ $ 265 34,356 MARSHALL & ILSLEY CORP ...................... 1,426 257,805 MBNA CORP ................................... 6,993 182,704 MELLON FINANCIAL CORP ....................... 6,657 24,905 MERCANTILE BANKSHARES CORP .................. 742 5,100 MERCHANTS NEW YORK BANCORP, INC ............. 88 2,836 MID-AMERICA BANCORP ......................... 71 1,900 MIDWEST BANC HOLDINGS, INC .................. 26 1,600 MISSISSIPPI VALLEY BANCSHARES ............... 39 60,265 MORGAN (J.P.) & CO, INC ..................... 6,637 5,400 NATIONAL BANCORP OF ALASKA, INC ............. 194 228,602 NATIONAL CITY CORP .......................... 3,901 33,000 NATIONAL COMMERCE BANCORP ................... 530 4,645 NATIONAL PENN BANCSHARES, INC ............... 96 4,915 NBT BANCORP, INC ............................ 53 63,068 NORTH FORK BANCORP, INC ..................... 954 76,620 NORTHERN TRUST CORP ......................... 4,985 2,400 NORTHWEST BANCORP, INC ...................... 17 4,000 OCEANFIRST FINANCIAL CORP ................... 74 13,000 * OCWEN FINANCIAL CORP ........................ 72 44,685 OLD KENT FINANCIAL CORP ..................... 1,195 19,911 OLD NATIONAL BANCORP ........................ 584 2,200 OMEGA FINANCIAL CORP ........................ 56 12,112 ONE VALLEY BANCORP, INC ..................... 379 3,533 ORIENTAL FINANCIAL GROUP .................... 51 8,200 PACIFIC CAPITAL BANCORP ..................... 206 28,900 PACIFIC CENTURY FINANCIAL CORP .............. 423 3,045 PARK NATIONAL CORP .......................... 276 8,600 PEOPLES BANK OF BRIDGEPORT CO ............... 158 2,100 PEOPLES HOLDINGS CO ......................... 42 4,500 PFF BANCORP, INC ............................ 82 108,039 PNC FINANCIAL SERVICES GROUP, INC ........... 5,064 49,789 POPULAR, INC ................................ 949 4,600 PREMIER NATIONAL BANCORP, INC ............... 60 10,488 PROVIDENT BANKSHARES CORP ................... 142 7,900 PROVIDENT FINANCIAL GROUP ................... 188 51,694 PROVIDIAN FINANCIAL CORP .................... 4,652 7,700 QUEENS COUNTY BANCORP, INC .................. 142 81,130 REGIONS FINANCIAL CORP ...................... 1,612 15,740 REPUBLIC BANCORP, INC ....................... 141 1,500 * REPUBLIC BANCSHARES, INC .................... 18 15,500 REPUBLIC SECURITY FINANCIAL CORP ............ 78 10,100 RICHMOND COUNTY FINANCIAL CORP .............. 193 13,100 RIGGS NATIONAL CORP ......................... 165 28,435 ROSLYN BANCORP, INC ......................... 472 9,600 S & T BANCORP, INC .......................... 175 19,990 * S1 CORP ..................................... 466 2,100 SANDY SPRING BANCORP, INC ................... 43 400 SANTANDER BANCORP ........................... 5 9,300 SEACOAST FINANCIAL SERVICES CORP ............ 88 2,400 SECOND BANCORP, INC ......................... 36 1,811 SHORELINE FINANCIAL CORP .................... 22 14,600 * SILICON VALLEY BANCSHARES ................... 622 2,000 SIMMONS FIRST NATIONAL CORP (CLASS A) ....... 45 28,456 SKY FINANCIAL GROUP, INC .................... 454 12,667 SOUTH FINANCIAL GROUP, INC .................. 184 61,600 SOUTHTRUST CORP ............................. 1,394 10,300 * SOUTHWEST BANCORP OF TEXAS, INC ............. 214 72,960 SOVEREIGN BANCORP, INC ...................... 513 3,000 ST. FRANCIS CAPITAL CORP .................... 45 59,500 STATE STREET CORP ........................... 6,311 14,300 STATEN ISLAND BANCORP, INC .................. 252 1,600 STERLING BANCORP ............................ 25 8,500 STERLING BANCSHARES, INC .................... 92 1,000 STERLING FINANCIAL CORP ..................... 20 64,571 SUMMIT BANCORP .............................. 1,590 117,459 SUNTRUST BANKS, INC ......................... 5,366 16,380 SUSQUEHANNA BANCSHARES, INC ................. 233 88,987 SYNOVUS FINANCIAL CORP ...................... 1,568 30,400 TCF FINANCIAL CORP .......................... 781 5,200 TEXAS REGIONAL BANCSHARES, INC (CLASS A) .... 132 5,300 TRUST CO OF NEW JERSEY ...................... 97 20,470 TRUSTCO BANK CORP (NEW YORK) ................ 256 21,700 TRUSTMARK CORP .............................. 378 277,562 U.S. BANCORP ................................ 5,343 3,486 U.S.B. HOLDINGS CO, INC ..................... 49 6,094 UMB FINANCIAL CORP .......................... 200 51,543 UNION PLANTERS CORP ......................... 1,440 11,624 UNIONBANCAL CORP ............................ 216 15,300 UNITED BANKSHARES, INC ...................... 278 12,600 UNITED COMMUNITY FINANCIAL CORP (OHIO) ...... 84 5,549 UNITED NATIONAL BANCORP ..................... 102 2,200 USBANCORP, INC .............................. 8 22,533 VALLEY NATIONAL BANCORP ..................... 548 18,000 W HOLDING CO, INC ........................... 149 74,506 WACHOVIA CORP ............................... 4,042 18,737 WASHINGTON FEDERAL, INC ..................... 342 204,980 WASHINGTON MUTUAL, INC ...................... 5,919 2,000 WASHINGTON TRUST BANCORP, INC ............... 30 15,500 WEBSTER FINANCIAL CORP ...................... 344 600,890 WELLS FARGO CO .............................. 23,284 6,400 WESBANCO, INC ............................... 155 4,312 WEST COAST BANCORP (OREGON) ................. 43 13,200 WESTAMERICA BANCORP ......................... 345 3,840 WESTCORP .................................... 46 9,000 WHITNEY HOLDINGS CORP ....................... 308 12,500 WILMINGTON TRUST CORP ....................... 534 31,200 ZIONS BANCORP ............................... 1,432 ---------- 329,473 ---------- CREDIT AND OTHER FINANCE--2.58% 1,220 * AAMES FINANCIAL CORP ........................ 1 20,666 * ACNEILSEN CORP .............................. 455 7,099 ADVANTA CORP (CLASS A) ...................... 87 1,200 * ALEXANDERS, INC ............................. 88 4,300 ALEXANDRIA REAL ESTATE EQUITIES, INC ........ 148 25,000 ALLIED CAPITAL CORP ......................... 425 27,100 AMB PROPERTY CORP ........................... 618 2,500 * AMERCO ...................................... 50 492,036 AMERICAN EXPRESS CO ......................... 25,647 3,700 AMERICAN INDUSTRIAL PROPERTIES REIT ......... 50 27,400 * AMERICREDIT CORP ............................ 466 6,100 AMLI RESIDENTIAL PROPERTIES TRUST ........... 144 37,750 * AMRESCO, INC ................................ 21 25,264 APARTMENT INVESTMENT & MANAGEMENT CO ........ 1,093 31,179 ARCHSTONE COMMUNITIES TRUST ................. 657 11,600 ASSOCIATED ESTATES REALTY CORP .............. 81 14,700 * ASSOCIATES FIRST CAPITAL RESIDUAL VALUE ..... 0 268,840 ASSOCIATES FIRST CAPITAL CORP ............... 5,998 24,222 AVALONBAY COMMUNITIES, INC .................. 1,011 7,900 BEDFORD PROPERTY INVESTORS, INC ............. 147 19,100 BOSTON PROPERTIES, INC ...................... 738 7,000 BOYKIN LODGING CO ........................... 95 9,291 BRADLEY REAL ESTATE, INC .................... 198 12,200 BRANDYWINE REALTY TRUST ..................... 233 16,300 BRE PROPERTIES, INC (CLASS A) ............... 471 10,600 BURNHAM PACIFIC PROPERTIES, INC ............. 73 14,700 CAMDEN PROPERTY TRUST ....................... 432 7,100 CAPITAL AUTOMOTIVE REIT ..................... 100 72,276 CAPITAL ONE FINANCIAL CORP .................. 3,225 6,137 CAPSTEAD MORTGAGE CORP ...................... 51 24,400 CARRAMERICA REALTY CORP ..................... 647 SEE NOTES TO FINANCIAL STATEMENTS 34 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CREDIT AND OTHER FINANCE--(Continued) 8,525 CBL & ASSOCIATES PROPERTIES, INC ............ $ 213 6,600 CENTER TRUST, INC ........................... 33 7,100 CENTERPOINT PROPERTIES CORP ................. 289 7,100 CHARLES E. SMITH RESIDENTIAL REALTY, INC .... 270 6,000 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO .... 74 9,400 CHATEAU PROPERTIES, INC ..................... 266 5,800 CHELSEA GCA REALTY, INC ..................... 200 12,664 * CHOICEPOINT, INC ............................ 564 21,300 CIT GROUP, INC (CLASS A) .................... 346 2,500 b* CITYSCAPE FINANCIAL CORP .................... 0 6,600 * COAST FEDERAL LITIGATION CONTINGENT RTS ..... 11 9,500 COLONIAL PROPERTIES TRUST ................... 260 13,272 COMMERCIAL NET LEASE REALTY, INC ............ 139 3,300 * COMPUCREDIT CORP ............................ 99 77,843 * CONCORD EFS, INC ............................ 2,024 9,500 CONTIFINANCIAL CORP ......................... 0 14,100 CORNERSTONE REALTY INCOME TRUST, INC ........ 141 42,081 COUNTRYWIDE CREDIT INDUSTRIES, INC .......... 1,276 9,574 COUSINS PROPERTIES, INC ..................... 369 4,800 * CREDIT ACCEPTANCE CORP ...................... 27 38,400 CRESCENT REAL ESTATE EQUITIES CO ............ 787 1,040 * CRESECENT OPERATING, INC .................... 1 20,201 b* CRIIMI MAE, INC ............................. 28 4,400 CROWN AMERICAN REALTY TRUST ................. 24 23,700 DEVELOPERS DIVERSIFIED REALTY CORP .......... 354 13,953 DORAL FINANCIAL CORP ........................ 160 47,760 DUKE-WEEKS REALTY CORP ...................... 1,069 3,500 * DVI, INC .................................... 56 7,400 EAST WEST BANCORP, INC ...................... 106 6,300 EASTGROUP PROPERTIES, INC ................... 133 5,400 ENTERTAINMENT PROPERTIES TRUST .............. 75 51,909 EQUIFAX, INC ................................ 1,363 13,400 EQUITY INNS, INC ............................ 82 105,328 EQUITY OFFICE PROPERTIES TRUST .............. 2,903 47,168 EQUITY RESIDENTIAL PROPERTIES TRUST CO ...... 2,170 6,500 ESSEX PROPERTY TRUST, INC ................... 273 2,700 * FEDERAL AGRICULTURE MORTGAGE CORP ........... 39 377,595 FEDERAL NATIONAL MORTGAGE ASSOCIATION ....... 19,706 13,400 FEDERAL REALTY INVESTMENT TRUST ............. 268 21,204 FELCOR LODGING TRUST, INC ................... 392 3,900 * FINANCIAL FEDERAL CORP ...................... 68 15,900 * FINET.COM, INC .............................. 11 21,909 FINOVA GROUP, INC ........................... 285 13,900 FIRST INDUSTRIAL REALTY TRUST, INC .......... 410 3,380 FIRST UNION REAL ESTATE INVESTMENTS ......... 10 3,000 FIRST WASHINGTON REALTY TRUST, INC .......... 66 360,035 FIRSTAR CORP ................................ 7,583 6,300 * FIRSTPLUS FINANCIAL GROUP, INC .............. 2 21,000 FRANCHISE FINANCE CORP OF AMERICA ........... 483 256,941 FREDDIE MAC ................................. 10,406 8,600 GABLES RESIDENTIAL TRUST .................... 221 18,800 GENERAL GROWTH PROPERTIES, INC .............. 597 1,300 GETTY REALTY HOLDINGS CORP .................. 14 11,500 GLENBOROUGH REALTY TRUST, INC ............... 201 12,100 GLIMCHER REALTY TRUST ....................... 174 2,700 GOLF TRUST OF AMERICA, INC .................. 43 4,500 GREAT LAKES REIT, INC ....................... 77 18,316 HEALTH CARE PROPERTY INVESTORS, INC ......... 499 10,485 HEALTH CARE REIT, INC ....................... 170 14,400 HEALTHCARE REALTY TRUST, INC ................ 246 16,509 HELLER FINANCIAL, INC ....................... 338 24,200 HIGHWOODS PROPERTIES, INC ................... 581 6,776 HOME PROPERTIES OF NEW YORK, INC ............ 203 18,400 HOSPITALITY PROPERTIES TRUST ................ 415 174,957 HOUSEHOLD INTERNATIONAL, INC ................ 7,272 48,400 HRPT PROPERTIES TRUST ....................... 296 5,900 * IMC MORTGAGE CO ............................. 0 9,000 * IMPERIAL CREDIT INDUSTRIES, INC ............. 38 28,555 INDYMAC BANCORP, INC ........................ 387 11,200 INNKEEPERS U.S.A. TRUST ..................... 102 10,200 IRT PROPERTY CO ............................. 87 30,725 ISTAR FINANCIAL, INC ........................ 643 13,650 JDN REALTY CORP ............................. 139 5,700 JP REALTY, INC .............................. 102 10,400 KILROY REALTY CORP .......................... 270 18,150 KIMCO REALTY CORP ........................... 744 8,500 KOGER EQUITY, INC ........................... 143 5,800 KONOVER PROPERTY TRUST, INC ................. 28 3,700 LASALLE HOTEL PROPERTIES .................... 53 14,100 LEUCADIA NATIONAL CORP ...................... 322 4,700 LEXINGTON CORPORATE PROPERTIES TRUST ........ 53 24,500 LIBERTY PROPERTY TRUST CO ................... 635 7,700 LTC PROPERTIES, INC ......................... 46 12,800 MACERICH CO ................................. 282 21,500 MACK-CALI REALTY CORP ....................... 552 8,700 MANUFACTURED HOME COMMUNITIES, INC .......... 208 3,400 MEDALLION FINANCIAL CORP .................... 52 40,663 MEDITRUST CORP PAIRED ....................... 152 17,000 MERISTAR HOSPITALITY CORP ................... 357 676 * MERRY LAND PROPERTIES, INC .................. 4 21,702 METRIS COS, INC ............................. 545 279 * MFN FINANCIAL CORP .......................... 2 324 * MFN FINANCIAL CORP WTS SERIES A 03/23/02 .... 0 324 * MFN FINANCIAL CORP WTS SERIES B 03/23/03 .... 0 324 * MFN FINANCIAL CORP WTS SERIES C 03/23/04 .... 0 4,100 MGI PROPERTIES, INC ......................... 9 7,800 * MID-AMERICA APARTMENT COMMUNITIES, INC ...... 187 3,800 MID-STATE BANCSHARES ........................ 104 5,559 MILLS CORP .................................. 105 5,800 NATIONAL GOLF PROPERTIES, INC ............... 123 7,400 NATIONAL HEALTH INVESTORS, INC .............. 81 1,000 * NATIONAL PROCESSING, INC .................... 13 17,100 NATIONWIDE HEALTH PROPERTIES, INC ........... 238 10,200 * NETBANK, INC ................................ 127 34,892 NEW PLAN EXCEL REALTY TRUST ................. 454 1,900 * NEXTCARD, INC ............................... 16 8,948 * OMEGA HEALTHCARE INVESTORS, INC ............. 40 3,379 * OMEGA WORLDWIDE, INC ........................ 12 6,400 PACIFIC GULF PROPERTIES, INC ................ 160 5,800 PAN PACIFIC RETAIL PROPERTIES, INC .......... 117 3,900 PARKWAY PROPERTIES, INC ..................... 119 4,500 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ... 77 15,060 POST PROPERTIES, INC ........................ 663 13,800 PRENTISS PROPERTIES TRUST ................... 331 2,000 PRIME GROUP REALTY TRUST .................... 30 40,600 PRISON REALTY TRUST, INC .................... 124 33,293 PROLOGIS TRUST .............................. 710 8,000 PS BUSINESS PARKS, INC ...................... 192 31,252 PUBLIC STORAGE, INC ......................... 732 9,900 REALTY INCOME CORP .......................... 233 14,613 RECKSON ASSOCIATES REALTY CORP .............. 349 5,603 REDWOOD TRUST, INC .......................... 78 12,700 REGENCY REALTY CORP ......................... 302 6,300 RESOURCE AMERICA, INC (CLASS A) ............. 41 4,700 RESOURCE BANCSHARES MORTGAGE GROUP, INC ..... 20 11,600 RFS HOTEL INVESTORS, INC .................... 136 26,200 ROUSE CO .................................... 648 3,800 SAUL CENTERS, INC ........................... 61 9,320 SENIOR HOUSING PROPERTIES TRUST ............. 68 10,600 SHURGARD STORAGE CENTERS, INC ............... 239 4,800 * SIERRACITIES.COM, INC ....................... 18 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 35 Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CREDIT AND OTHER FINANCE--(Continued) 45,456 SIMON PROPERTY GROUP, INC .................. $ 1,009 7,300 SL GREEN REALTY CORP ........................ 195 57,891 SLM HOLDINGS CORP ........................... 2,167 6,000 SOVRAN SELF STORAGE, INC .................... 129 23,200 SPIEKER PROPERTIES, INC ..................... 1,067 10,300 STORAGE U.S.A., INC ......................... 304 2,000 STUDENT LOAN CORP ........................... 84 7,958 SUMMIT PROPERTIES, INC ...................... 167 6,300 SUN COMMUNITIES, INC ........................ 211 3,000 TANGER FACTORY OUTLET CENTERS, INC .......... 71 12,800 TAUBMAN CENTERS, INC ........................ 141 4,600 * TELESCAN, INC ............................... 34 6,512 THORNBURG MORTGAGE, INC ..................... 47 5,600 TOWN & COUNTRY TRUST ........................ 96 9,600 U.S. RESTAURANT PROPERTIES, INC ............. 86 18,940 * UNICAPITAL CORP ............................. 9 7,280 b* UNITED COS FINANCIAL CORP ................... 1 38,707 UNITED DOMINION REALTY TRUST, INC ........... 426 4,400 URBAN SHOPPING CENTERS, INC ................. 148 17,315 * VENTAS, INC ................................. 55 31,700 VORNADO REALTY TRUST ........................ 1,102 15,200 WASHINGTON REAL ESTATE INVESTMENT TRUST ..... 272 8,900 WEINGARTEN REALTY INVESTORS, INC ............ 359 4,050 * WELLSFORD REAL PROPERTIES, INC .............. 61 5,300 WESTERN PROPERTIES TRUST .................... 63 13,000 WESTFIELD AMERICA, INC ...................... 175 1,000 WFS FINANCIAL, INC .......................... 17 156 * WILSHIRE FINANCIAL SERVICES GROUP, INC ...... 0 ---------- 132,110 ---------- INSURANCE--3.02% 31,400 21ST CENTURY INSURANCE GROUP ................ 495 8,883 * ACCEPTANCE INSURANCE COS, INC ............... 44 52,737 AETNA, INC .................................. 3,385 98,340 AFLAC, INC .................................. 4,517 10,400 ALFA CORP ................................... 182 1,660 * ALLEGHANY CORP (DELAWARE) ................... 279 19,856 ALLMERICA FINANCIAL CORP .................... 1,040 276,116 ALLSTATE CORP ............................... 6,144 25,763 AMBAC FINANCIAL GROUP, INC .................. 1,412 13,900 AMERICAN FINANCIAL GROUP, INC ............... 345 91,832 AMERICAN GENERAL CORP ....................... 5,602 478,518 AMERICAN INTERNATIONAL GROUP, INC ........... 56,226 3,500 AMERICAN NATIONAL INSURANCE CO .............. 179 5,400 AMERUS LIFE HOLDINGS, INC (CLASS A) ......... 111 82,626 AON CORP .................................... 2,567 2,600 ARCH CAPITAL GROUP LTD ...................... 39 6,400 ARGONAUT GROUP, INC ......................... 110 10,100 b* ARM FINANCIAL GROUP, INC (CLASS A) .......... 0 67,200 AXA FINANCIAL, INC .......................... 2,285 3,800 BALDWIN & LYONS, INC (CLASS B) .............. 65 6,350 BERKLEY (W.R.) CORP ......................... 119 22 BERKSHIRE HATHAWAY, INC (CLASS B) ........... 39 5,572 BLANCH (E.W.) HOLDINGS, INC ................. 113 3,800 BROWN & BROWN, INC .......................... 198 64,493 CHUBB CORP .................................. 3,966 60,737 CIGNA CORP .................................. 5,679 55,909 CINCINNATI FINANCIAL CORP ................... 1,758 7,500 * CNA FINANCIAL CORP .......................... 255 9,618 CNA SURETY CORP ............................. 115 9,800 COMMERCE GROUP, INC ......................... 289 118,777 CONSECO, INC ................................ 1,158 6,059 CRAWFORD & CO (CLASS B) ..................... 67 5,642 * DELPHI FINANCIAL GROUP, INC ................. 191 11,000 ENHANCE FINANCIAL SERVICES GROUP, INC ....... 158 21,900 ERIE INDEMNITY CO (CLASS A) ................. 690 1,100 * FARM FAMILY HOLDINGS, INC ................... 34 5,000 FBL FINANCIAL GROUP, INC (CLASS A) .......... 79 17,370 FIDELITY NATIONAL FINANCIAL, INC ............ 318 7,500 FINANCIAL SECURITY ASSURANCE HOLDINGS LTD ... 569 20,900 FIRST AMERICAN CORP ......................... 299 18,500 * FIRST HEALTH GROUP CORP ..................... 607 37,271 * FOUNDATION HEALTH SYSTEMS (CLASS A) ......... 485 2,800 * FPIC INSURANCE GROUP, INC ................... 44 22,000 FREMONT GENERAL CORP ........................ 87 11,470 FRONTIER INSURANCE GROUP, INC ............... 7 13,400 GALLAGHER (ARTHUR J.) & CO .................. 563 4,100 GREAT AMERICAN FINANCIAL RESOURCES, INC ..... 73 6,300 HARLEYSVILLE GROUP, INC ..................... 106 79,200 HARTFORD FINANCIAL SERVICES GROUP, INC ...... 4,430 16,300 HCC INSURANCE HOLDINGS, INC ................. 308 2,200 * HEALTHAXIS, INC ............................. 8 4,700 HILB, ROGAL & HAMILTON CO ................... 163 8,002 HOMEFED CORP ................................ 5 16,800 HORACE MANN EDUCATORS CORP .................. 252 10,650 HSB GROUP, INC .............................. 331 58,075 * HUMANA, INC ................................. 283 38,075 JEFFERSON-PILOT CORP ........................ 2,149 1,300 KANSAS CITY LIFE INSURANCE CO ............... 35 5,200 LANDAMERICA FINANCIAL GROUP, INC ............ 119 5,800 LIBERTY CORP ................................ 244 4,800 LIBERTY FINANCIAL COS, INC .................. 105 72,200 LINCOLN NATIONAL CORP ....................... 2,608 26,666 LOEWS CORP .................................. 1,600 1,600 * MARKEL CORP ................................. 227 99,880 MARSH & MCLENNAN COS, INC ................... 10,431 9,800 MAXICARE HEALTH PLANS, INC .................. 9 36,394 MBIA, INC ................................... 1,754 9,102 * MEDICAL ASSURANCE, INC ...................... 102 10,100 MERCURY GENERAL CORP ........................ 239 38,700 MGIC INVESTMENT CORP ........................ 1,761 14,500 * MID ATLANTIC MEDICAL SERVICES, INC .......... 196 300 MIDLAND CO .................................. 7 17,100 MONY GROUP, INC ............................. 578 200 * NATIONAL WESTERN LIFE INSURANCE CO .......... 14 8,500 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A) 279 21,800 OHIO CASUALTY CORP .......................... 232 45,825 OLD REPUBLIC INTERNATIONAL CORP ............. 756 31,900 * OXFORD HEALTH PLANS, INC .................... 760 13,703 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) .... 825 700 * PENN TREATY AMERICAN CORP ................... 12 2,600 * PHILADELPHIA CONSOLIDATED HOLDINGS CORP ..... 44 5,100 PMA CAPITAL CORP (CLASS A) .................. 97 12,150 PMI GROUP, INC .............................. 577 9,100 PRESIDENTIAL LIFE CORP ...................... 126 2,500 * PROFESSIONALS GROUP, INC .................... 61 19,416 PROGRESSIVE CORP ............................ 1,437 20,600 PROTECTIVE LIFE CORP ........................ 548 13,286 RADIAN GROUP, INC ........................... 688 7,000 REINSURANCE GROUP OF AMERICA, INC ........... 211 31,100 RELIANCE GROUP HOLDINGS, INC ................ 23 31,112 RELIASTAR FINANCIAL CORP .................... 1,631 2,600 RLI CORP .................................... 90 46,400 SAFECO CORP ................................. 922 4,400 SCPIE HOLDINGS, INC ......................... 90 11,200 SELECTIVE INSURANCE GROUP, INC .............. 213 9,500 * SIERRA HEALTH SERVICES, INC ................. 30 82,581 ST. PAUL COS, INC ........................... 2,818 5,100 STANCORP FINANCIAL GROUP, INC ............... 164 2,600 STATE AUTO FINANCIAL CORP ................... 31 3,000 STEWART INFORMATION SERVICES CORP ........... 44 47,800 TORCHMARK CORP .............................. 1,180 SEE NOTES TO FINANCIAL STATEMENTS 36 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- INSURANCE--(Continued) 6,350 TRANSATLANTIC HOLDINGS, INC ................. $ 532 3,353 TRENWICK GROUP, INC ......................... 49 4,200 * TRIAD GUARANTY, INC ......................... 96 14,300 * TRIGON HEALTHCARE, INC ...................... 737 10,300 * UICI ........................................ 68 1,300 UNITED FIRE & CASULTY CO .................... 20 1,500 UNITED WISCONSIN SERVICES, INC .............. 8 54,200 UNITEDHEALTH GROUP, INC ..................... 4,648 17,700 UNITRIN, INC ................................ 520 75,707 UNUMPROVIDENT CORP .......................... 1,519 22,934 * WELLPOINT HEALTH NETWORKS, INC .............. 1,661 430 WESCO FINANCIAL CORP ........................ 88 3,400 ZENITH NATIONAL INSURANCE CORP .............. 72 ---------- 154,958 ---------- SECURITIES AND COMMODITIES--1.76% 2,000 ADVEST GROUP, INC ........................... 42 8,500 * AFFILIATED MANAGERS GROUP, INC .............. 387 24,900 * AMERITRADE HOLDINGS CORP (CLASS A) .......... 289 41,652 BEAR STEARNS COS, INC ....................... 1,734 4,600 DAIN RAUSCHER CORP .......................... 304 5,200 DLJ DIRECT .................................. 37 12,400 DONALDSON, LUFKIN & JENRETTE, INC ........... 526 76,915 * E TRADE GROUP, INC .......................... 1,269 10,900 EATON VANCE CORP ............................ 504 33,050 EDWARDS (A.G.), INC ......................... 1,289 20,800 FEDERATED INVESTORS, INC .................... 729 59,791 FRANKLIN RESOURCES, INC ..................... 1,816 9,701 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC ....... 79 5,757 * INVESTMENT TECHNOLOGY GROUP, INC ............ 227 10,400 INVESTORS FINANCIAL SERVICES CORP ........... 413 7,300 JEFFERIES GROUP, INC (NEW) .................. 147 2,500 JOHN NUVEEN CO (CLASS A) .................... 105 28,100 * KNIGHT TRADING GROUP, INC ................... 838 21,632 LEGG MASON, INC ............................. 1,082 44,320 LEHMAN BROTHERS HOLDINGS, INC ............... 4,191 140,600 MERRILL LYNCH & CO, INC ..................... 16,169 10,600 MORGAN KEEGAN, INC .......................... 156 422,052 MORGAN STANLEY DEAN WITTER & CO ............. 35,136 3,900 * NATIONAL DISCOUNT BROKERS GROUP, INC ........ 124 51,900 PAINE WEBBER GROUP, INC ..................... 2,361 14,694 PHOENIX INVESTMENT PARTNERS LTD ............. 154 10,000 * PIONEER GROUP, INC .......................... 424 37,600 PRICE (T. ROWE) ASSOCIATES, INC ............. 1,598 16,000 RAYMOND JAMES FINANCIAL CORP ................ 360 413,155 SCHWAB (CHARLES) CORP ....................... 13,892 1,000 SIEBERT FINANCIAL CORP ...................... 7 4,510 SOUTHWEST SECURITIES GROUP, INC ............. 168 22,300 THE GOLDMAN SACHS GROUP, INC ................ 2,116 5,743 TUCKER ANTHONY SUTRO CORP ................... 103 19,300 UNITED ASSET MANAGEMENT CORP ................ 451 31,587 WADDELL & REED FINANCIAL, INC (CLASS A) ..... 1,036 ---------- 90,263 ---------- TOTAL FINANCE ............................... 706,804 ---------- FOODS AND RELATED--4.54% BEVERAGES, OTHER FOOD PRODUCTS--4.06% 11,720 * 7-ELEVEN, INC ............................... 161 7,000 * ADVANTICA RESTAURANT GROUP, INC ............. 7 14,900 b* AGRIBIOTECH, INC ............................ 0 3,960 * AGRIBRANDS INTERNATIONAL, INC ............... 166 156,180 ALBERTSONS, INC ............................. 5,193 8,600 * AMERICAN ITALIAN PASTA CO (CLASS A) ......... 178 167,166 ANHEUSER-BUSCH COS, INC ..................... 12,485 9,000 APPLEBEES INTERNATIONAL, INC ................ 273 222,860 ARCHER DANIELS MIDLAND CO ................... 2,187 2,200 * AURORA FOODS, INC ........................... 9 11,800 AVADO BRANDS, INC ........................... 18 6,600 * BERINGER WINE ESTATES HOLDINGS, INC (CLASS 233 102,645 BESTFOODS, INC .............................. 7,108 20,800 BOB EVANS FARMS, INC ........................ 311 11,100 b* BOSTON CHICKEN, INC ...................... 0 23,800 * BRINKER INTERNATIONAL, INC .................. 696 18,150 BROWN FORMAN, INC (CLASS B) ................. 976 14,500 * BUFFETS, INC ................................ 184 4,000 * BUSH BOAKE ALLEN, INC ....................... 175 11,200 * CADIZ, INC .................................. 90 118,351 CAMPBELL SOUP CO ............................ 3,447 5,900 * CANANDAIGUA BRANDS, INC (CLASS A) ........... 298 21,500 CBRL GROUP, INC ............................. 316 9,850 * CEC ENTERTAINMENT, INC ...................... 252 9,939 * CENTRAL GARDEN & PET CO ..................... 89 14,200 CHIQUITA BRANDS INTERNATIONAL, INC .......... 56 17,718 CKE RESTAURANTS, INC ........................ 53 1,000 COCA COLA BOTTLING CO CONSOLIDATED .......... 46 845,494 COCA COLA CO ................................ 48,563 86,500 COCA COLA ENTERPRISES, INC .................. 1,411 181,373 CONAGRA, INC ................................ 3,457 7,947 * CONSOLIDATED PRODUCTS, INC .................. 72 12,900 COORS (ADOLPH) CO (CLASS B) ................. 780 12,775 CORN PRODUCTS INTERNATIONAL, INC ............ 339 46,300 DARDEN RESTAURANTS, INC ..................... 752 2,300 * DAVE & BUSTERS, INC ......................... 14 13,900 DEAN FOODS CO ............................... 440 16,500 * DEL MONTE FOODS CO .......................... 112 43,133 DELHAIZE AMERICA, INC (CLASS B) ............. 663 14,033 DELTA & PINE LAND CO ........................ 352 24,400 DIMON, INC .................................. 52 17,200 DOLE FOOD, INC .............................. 241 5,500 DREYERS GRAND ICE CREAM, INC ................ 116 15,860 EARTHGRAINS CO .............................. 308 100 FARMER BROTHERS CO .......................... 18 35,650 FLOWERS INDUSTRIES, INC ..................... 711 60,200 FORTUNE BRANDS, INC ......................... 1,388 108,122 GENERAL MILLS, INC .......................... 4,136 200 * GRAND UNION CO .............................. 0 7,900 GREAT ATLANTIC & PACIFIC TEA CO, INC ........ 131 9,900 * HAIN CELESTIAL GROUP, INC ................... 363 11,500 HANNAFORD BROTHERS, INC ..................... 827 130,109 HEINZ (H.J.) CO ............................. 5,692 35,037 HERSHEY FOODS CORP .......................... 1,699 3,300 * HINES HORTICULTURE, INC ..................... 22 29,200 HORMEL FOODS CORP ........................... 491 71,323 HOST MARRIOTT CORP (NEW) .................... 669 31,000 IBP, INC .................................... 479 6,600 * IHOP CORP (NEW) ............................. 111 1,500 INGLES MARKETS, INC (CLASS A) ............... 16 11,700 * INTERNATIONAL HOME FOODS, INC ............... 245 3,600 INTERNATIONAL MULTIFOODS CORP ............... 62 14,500 INTERSTATE BAKERIES CORP .................... 203 2,200 * J & J SNACK FOODS CORP ...................... 39 14,800 * JACK IN THE BOX, INC ........................ 364 7,300 KEEBLER FOODS CO ............................ 271 80,500 KELLOGG CO .................................. 2,395 306,354 * KROGER CO ................................... 6,759 12,250 LANCASTER COLONY CORP ....................... 239 13,500 LANCE, INC .................................. 122 8,700 LANDRYS SEAFOOD RESTAURANTS, INC ............ 74 10,600 LONE STAR STEAKHOUSE & SALOON, INC .......... 107 8,800 LUBYS, INC .................................. 70 25,300 MCCORMICK & CO, INC (NON-VOTE) .............. 822 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 37 Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- BEVERAGES, OTHER FOOD PRODUCTS--(Continued) 497,400 MCDONALD'S CORP ............................. $ 16,383 7,200 MICHAEL FOODS, INC .......................... 176 4,950 MORRISON MANAGEMENT SPECIALISTS, INC ........ 140 120,883 NABISCO GROUP HOLDINGS ...................... 3,135 18,200 NABISCO HOLDINGS CORP (CLASS A) ............. 956 600 NPC INTERNATIONAL, INC ...................... 5 2,700 O'CHARLEY'S, INC ............................ 37 26,100 * OUTBACK STEAKHOUSE, INC ..................... 763 2,200 * P.F. CHANGS CHINA BISTRO, INC ............... 70 9,350 * PAPA JOHNS INTERNATIONAL, INC ............... 229 36,400 PEPSI BOTTLING GROUP, INC ................... 1,062 533,105 PEPSICO, INC ................................ 23,690 3,300 * PERFORMANCE FOOD GROUP CO ................... 106 1,900 PILGRIMS PRIDE CORP (CLASS B) ............... 14 7,100 b* PLANET HOLLYWOOD, INC (CLASS A) ............. 0 43,600 QUAKER OATS CO .............................. 3,275 50 * RAINFOREST CAFE, INC ........................ 0 10,500 * RALCORP HOLDINGS, INC ....................... 129 112,400 RALSTON PURINA CO ........................... 2,241 1,200 RIVIANA FOODS, INC .......................... 21 2,600 * ROBERT MONDAVI CORP (CLASS A) ............... 80 22,800 RUBY TUESDAY, INC ........................... 286 14,100 RUDDICK CORP ................................ 167 17,200 * RYANS FAMILY STEAK HOUSES, INC .............. 145 175,422 * SAFEWAY, INC ................................ 7,916 327,400 SARA LEE CORP ............................... 6,323 11,200 * SHONEYS, INC ................................ 14 2,200 * SMART & FINAL, INC .......................... 17 20,200 * SMITHFIELD FOODS, INC ....................... 567 9,000 SMUCKER, (J.M.) CO (CLASS A) ................ 173 10,800 SODEXHO MARRIOTT SERVICES, INC .............. 173 5,700 * SONIC CORP .................................. 167 67,400 * STARBUCKS CORP .............................. 2,574 11,700 * SUIZA FOODS CORP ............................ 572 51,483 SUPERVALU, INC .............................. 981 123,176 SYSCO CORP .................................. 5,189 21,000 * TERRA INDUSTRIES, INC ....................... 22 9,450 * THE CHEESECAKE FACTORY CO ................... 260 12,340 TOOTSIE ROLL INDUSTRIES, INC ................ 432 4,400 * TRIARC COS, INC ............................. 90 56,490 * TRICON GLOBAL RESTAURANTS, INC .............. 1,596 45,200 TYSON FOODS, INC ............................ 396 3,100 * UNITED NATURAL FOODS, INC ................... 43 11,200 UNIVERSAL CORP .............................. 237 18,400 UNIVERSAL FOODS CORP ........................ 340 12,900 * VETERINARY CENTERS OF AMERICA, INC .......... 177 31,700 VIAD CORP ................................... 864 10,200 * VLASIC FOODS INTERNATIONAL, INC ............. 17 6,200 WEIS MARKETS, INC ........................... 203 38,400 WENDY'S INTERNATIONAL, INC .................. 684 50,500 WHITMAN CORP ................................ 625 9,600 * WHOLE FOODS MARKET, INC ..................... 397 5,550 * WILD OATS MARKETS, INC ...................... 70 34,336 WINN DIXIE STORES, INC ...................... 491 7,553 * WLR FOODS, INC .............................. 35 28,400 WRIGLEY (WM) JR CO .......................... 2,277 3,900 * ZAPATA CORP ................................. 12 ----------- 208,248 ----------- TOBACCO--0.48% 847,904 PHILIP MORRIS COS, INC ...................... 22,522 41,761 RJR REYNOLDS TOBACCO HOLDINGS, INC .......... 1,167 64,200 UST, INC .................................... 943 4,300 VECTOR GROUP LTD ............................ 63 ----------- 24,695 ----------- TOTAL FOODS AND RELATED ..................... 232,943 ----------- HEALTH--12.28% DRUGS AND PHARMACEUTICALS--10.00% 574,024 ABBOTT LABORATORIES CO ...................... 25,580 8,800 * ABGENIX, INC ................................ 1,055 2,200 * ALBANY MOLECULAR RESEARCH, INC .............. 120 2,100 * ALGOS PHARMACEUTICAL CORP ................... 32 18,400 * ALKERMES, INC ............................... 867 7,185 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS.. 130 49,514 ALLERGAN, INC ............................... 3,689 7,641 ALPHARMA, INC (CLASS A) ..................... 476 31,604 * ALZA CORP ................................... 1,869 483,170 AMERICAN HOME PRODUCTS CORP ................. 28,386 17,900 * AMERISOURCE HEALTH CORP (CLASS A) ........... 555 380,400 * AMGEN, INC .................................. 26,723 12,800 * ANDRX CORP .................................. 818 3,700 * ANESTA CORP ................................. 92 34,000 * AVATEX CORP (CLASS A) ....................... 18 7,900 * AVIRON, INC ................................. 244 7,200 * BARR LABORATORIES, INC ...................... 323 49,334 BERGEN BRUNSWIG CORP (CLASS A) .............. 271 9,928 BINDLEY WESTERN INDUSTRIES, INC ............. 262 55,400 * BIOGEN, INC ................................. 3,573 6,800 * BIOMATRIX, INC .............................. 154 19,300 * BIO-TECHNOLOGY GENERAL CORP ................. 255 730,752 BRISTOL MYERS SQUIBB CO ..................... 42,566 103,661 CARDINAL HEALTH, INC ........................ 7,671 77,019 * CAREMARK RX, INC ............................ 525 7,800 * CELL PATHWAYS, INC .......................... 183 11,600 * CEPHALON, INC ............................... 695 2,200 * CHATTEM, INC ................................ 30 5,000 * CHIREX, INC ................................. 100 37,628 * CHIRON CORP ................................. 1,787 9,100 * COLUMBIA LABORATORIES, INC .................. 52 8,800 * COR THERAPEUTICS, INC ....................... 751 6,600 * CORIXA CORP ................................. 283 7,100 * COULTER PHARMACEUTICALS, INC ................ 146 2,955 * CRESCENDO PHARMACEUTICALS CORP .............. 59 142,814 CVS CORP .................................... 5,713 5,100 DIAGNOSTIC PRODUCTS CORP .................... 163 7,736 * DUANE READE, INC ............................ 199 16,000 * DURA PHARMACEUTICALS, INC ................... 230 7,200 * DURAMED PHARMACEUTICALS, INC ................ 39 15,000 * ENZON, INC .................................. 638 31,000 * FOREST LABORATORIES, INC .................... 3,131 4,700 * GELTEX PHARMACEUTICALS, INC ................. 96 31,200 * GENZYME CORP (GENERAL DIVISION) ............. 1,854 95 * GENZYME CORP (TISSUE REPAIR DIVISION) ....... 0 93 * GENZYME-MOLECULAR ONCOLOGY .................. 1 16,347 * GILEAD SCIENCES, INC ........................ 1,163 9,300 * HEMISPHERX BIOPHARMA, INC ................... 52 4,100 HERBALIFE INTERNATIONAL, INC (CLASS A) ...... 36 2,000 HERBALIFE INTERNATIONAL, INC (CLASS B) ...... 16 20,100 * HUMAN GENOME SCIENCES, INC .................. 2,681 28,766 ICN PHARMACEUTICALS, INC .................... 800 14,900 * ICOS CORP ................................... 656 16,300 * IDEC PHARMACEUTICALS CORP ................... 1,912 13,100 * IDEXX LABORATORIES, INC ..................... 300 3,500 * IGEN INTERNATIONAL, INC ..................... 58 11,400 * IMCLONE SYSTEMS, INC ........................ 871 84,700 * IMMUNEX CORP ................................ 4,187 5,900 * INHALE THERAPEUTIC SYSTEMS .................. 599 2,800 * INVITROGEN CORP ............................. 211 12,300 * ISIS PHARMACEUTICALS, INC ................... 178 50,888 * IVAX CORP ................................... 2,112 515,227 JOHNSON & JOHNSON CO ........................ 52,489 20,050 JONES PHARMACEUTICAL, INC ................... 801 SEE NOTES TO FINANCIAL STATEMENTS 38 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- DRUGS AND PHARMACEUTICALS--(Continued) 16,420 * KING PHARMACEUTICALS, INC ................... $ 720 3,922 * KV PHARMACEUTICAL CO (CLASS B) .............. 107 18,100 * LIGAND PHARMACEUTICALS CO (CLASS A) ......... 239 351,000 LILLY (ELI) & CO ............................ 35,056 11,400 LONGS DRUG STORES CORP ...................... 248 39,300 LYONDELL CHEMICAL CO ........................ 658 6,100 * MACROCHEM CORP (DELAWARE) ................... 30 24,900 MALLINCKRODT, INC ........................... 1,082 104,057 MCKESSON HBOC, INC .......................... 2,179 10,300 * MEDICIS PHARMACEUTICAL CORP (CLASS A) ....... 587 67,530 * MEDIMMUNE, INC .............................. 4,997 852,676 MERCK & CO, INC ............................. 65,336 33,900 * MILLENNIUM PHARMACEUTICALS, INC ............. 3,793 47,150 MYLAN LABORATORIES, INC ..................... 860 5,800 NATURES SUNSHINE PRODUCTS, INC .............. 41 22,670 * NBTY, INC ................................... 145 5,100 * NCS HEALTHCARE, INC (CLASS A) ............... 4 4,400 * NEUROGEN CORP ............................... 127 14,700 * NU SKIN ENTERPRISES, INC (CLASS A) .......... 85 33,800 OMNICARE, INC ............................... 306 10,950 * ORGANOGENESIS, INC .......................... 125 5,500 * PATHOGENESIS CORP ........................... 143 2,331,825 PFIZER, INC ................................. 111,928 4,200 * PHARMACEUTICAL RESOURCES, INC ............... 22 6,800 * PHARMACYCLICS, INC .......................... 415 2,785 * PRIORITY HEALTHCARE CORP (CLASS A) .......... 207 7,100 * PROTEIN DESIGN LABORATORIES, INC ............ 1,171 6,200 * REGENERON PHARMACEUTICALS, INC .............. 185 92,045 RITE AID CORP ............................... 604 2,500 * SAFESCIENCE, INC ............................ 13 5,500 * SANGSTAT MEDICAL CORP ....................... 159 1,700 * SCHEIN PHARMACEUTICAL, INC .................. 37 542,360 SCHERING-PLOUGH CORP ........................ 27,389 27,000 * SEPRACOR, INC ............................... 3,257 8,550 * SEROLOGICALS CORP ........................... 43 43 SHIRE PHARMACEUTICALS GROUP PLC ADR ......... 2 32,500 * SICOR, INC .................................. 260 36,780 SIGMA ALDRICH CORP .......................... 1,076 8,500 * SUPERGEN, INC ............................... 308 3,200 * SYNCOR INTERNATIONAL CORP ................... 230 7,400 * TECHNE CORP ................................. 962 11,600 * THERAGENICS CORP ............................ 99 9,100 * TRANSKARYOTIC THERAPIES, INC ................ 334 10,700 * TRIANGLE PHARMACEUTICALS, INC ............... 97 10,600 * TWINLAB CORP ................................ 68 6,300 * VENTIV HEALTH, INC .......................... 70 10,000 * VERTEX PHARMACEUTICALS, INC ................. 1,054 7,000 * VICAL, INC .................................. 135 372,300 WALGREEN CO ................................. 11,983 35,576 * WATSON PHARMACEUTICALS, INC ................. 1,912 4,724 WEST PHARMACEUTICAL SERVICES, INC ........... 102 1,500 ZILA, INC ................................... 6 ------------ 512,522 ------------ MEDICAL EQUIPMENT AND SUPPLIES--1.96% 9,736 * ACUSON CORP ................................. 131 6,700 * AFFYMETRIX, INC ............................. 1,106 121,272 * AGILENT TECHNOLOGIES, INC ................... 8,944 8,400 * ALARIS MEDICAL, INC ......................... 15 2,000 ANALOGIC CORP ............................... 80 1,600 * APPLIED ANALYTICAL INDUSTRIES, INC .......... 15 4,200 ARROW INTERNATIONAL, INC .................... 141 18,613 BARD (C.R.), INC ............................ 896 19,600 BAUSCH & LOMB, INC .......................... 1,517 107,313 BAXTER INTERNATIONAL, INC ................... 7,545 2,200 * BAXTER INTERNATIONAL, INC RTS ............... 0 9,900 BECKMAN COULTER, INC ........................ 578 92,778 BECTON DICKINSON & CO ....................... 2,662 38,800 BIOMET, INC ................................. 1,491 3,033 * BIO-RAD LABORATORIES, INC (CLASS A) ......... 76 100,042 * BOSTON SCIENTIFIC CORP ...................... 2,195 2,400 * BRITESMILE, INC ............................. 11 2,000 * CLOSURE MEDICAL CORP ........................ 46 11,800 * CNS, INC .................................... 56 13,000 * COGNEX CORP ................................. 673 9,000 * COHERENT, INC ............................... 755 7,400 COHU, INC ................................... 200 2,500 COLE NATIONAL CORP (CLASS A) ................ 18 4,400 * CONMED CORP ................................. 114 5,200 COOPER COS, INC ............................. 189 1,600 b* CPX CORP ................................. 0 15,800 * CREDENCE SYSTEMS CORP ....................... 872 1,900 CUBIC CORP .................................. 36 6,400 * CYBERONICS, INC ............................. 77 13,500 * CYTYC CORP .................................. 721 5,000 DATASCOPE CORP .............................. 180 18,100 DENTSPLY INTERNATIONAL, INC ................. 558 8,500 * DIONEX CORP ................................. 227 6,806 * DYNATECH CORP ............................... 123 3,900 * ECLIPSE SURGICAL TECHNOLOGY, INC ............ 17 21,022 * EDWARDS LIFESCIENCES CORP ................... 389 8,184 * ENZO BIOCHEMICAL, INC ....................... 565 11,300 * GENRAD, INC ................................. 102 3,400 * GLIATECH, INC ............................... 69 113,364 * GUIDANT CORP ................................ 5,612 9,400 * HAEMONETICS CORP ............................ 197 5,800 * HANGER ORTHOPEDIC GROUP, INC ................ 29 3,000 * IMPATH, INC ................................. 163 15,100 * INPUT/OUTPUT, INC ........................... 127 9,400 INVACARE CORP ............................... 247 31,600 JOHNSON CONTROLS, INC ....................... 1,621 67,400 * KLA-TENCOR CORP ............................. 3,947 2,818 * LABORATORY CORP OF AMERICA HOLDINGS ......... 217 17,100 * LTX CORP .................................... 597 8,100 * MECHANICAL TECHNOLOGY, INC .................. 122 12,687 * MEDICAL MANAGER CORP ........................ 432 434,757 MEDTRONIC, INC .............................. 21,656 7,700 MENTOR CORP ................................. 209 13,988 * METTLER-TOLEDO INTERNATIONAL, INC ........... 560 16,700 MILLIPORE CORP .............................. 1,259 3,300 MINE SAFETY APPLIANCES CO ................... 79 7,700 * MINIMED, INC ................................ 909 2,400 * MKS INSTRUMENTS, INC ........................ 94 3,500 * MOLECULAR DEVICES CORP ...................... 242 4,000 MTS SYSTEMS CORP ............................ 25 4,900 * NOVOSTE CORP ................................ 299 6,100 * OCULAR SCIENCES, INC ........................ 72 7,200 * OSTEOTECH, INC .............................. 76 19,300 * PE CORP-CELERA GENOMICS GROUP ............... 1,805 77,000 PE CORP-PE BIOSYSTEMS GROUP ................. 5,072 18,200 PERKINELMER, INC ............................ 1,203 15,175 * QUEST DIAGNOSTICS, INC ...................... 1,134 10,800 * RESMED, INC ................................. 289 11,300 * RESPIRONICS, INC ............................ 203 2,000 b* SABRATEK CORP ............................ 0 5,000 * SCOTT TECHNOLOGIES, INC ..................... 86 9,900 * SOLA INTERNATIONAL, INC ..................... 48 33 SONOSITE, INC ............................... 1 30,812 * ST. JUDE MEDICAL, INC ....................... 1,414 24,620 * STERIS CORP ................................. 219 53,200 STRYKER CORP ................................ 2,328 18,950 * SUMMIT TECHNOLOGY, INC ...................... 358 SEE NOTES TO FINANCIAL STATEMENTS 39 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- MEDICAL EQUIPMENT AND SUPPLIES--(Continued) 12,700 * SUNRISE MEDICAL, INC ............................ $ 62 16,700 * SUNRISE TECHNOLOGIES INTERNATIONAL, INC ......... 167 38,200 * SYBRON INTERNATIONAL CORP ....................... 757 16,650 TEKTRONIX, INC .................................. 1,232 13,800 TELEFLEX, INC ................................... 493 63,300 * TERADYNE, INC ................................... 4,653 7,500 * THERMEDICS, INC ................................. 75 6,500 * THERMO CARDIOSYSTEMS, INC ....................... 65 57,550 * THERMO ELECTRON CORP ............................ 1,212 6,468 * THERMO INSTRUMENT SYSTEMS, INC .................. 121 11,100 * VARIAN MEDICAL SYSTEMS, INC ..................... 434 11,300 * VARIAN, INC ..................................... 521 3,800 * VEECO INSTRUMENTS, INC .......................... 278 4,900 * VENTANA MEDICAL SYSTEMS, INC .................... 115 20,000 * VISX, INC ....................................... 561 23,100 * WATERS CORP ..................................... 2,883 6,400 * WESLEY JESSEN VISIONCARE, INC ................... 240 7,800 X RITE, INC ..................................... 71 ---------- 100,281 ---------- MEDICAL FACILITIES MANAGEMENT--0.32% 1,700 * ACCREDO HEALTH, INC ............................. 59 6,800 * ADVANCE PARADIGM, INC ........................... 139 12,400 * ALTERRA HEALTHCARE CORP ......................... 25 700 * AMERICAN HOMEPATIENT, INC ....................... 0 9,500 * AMERICAN RETIREMENT CORP ........................ 53 6,500 * AMERIPATH, INC .................................. 58 20,400 * APRIA HEALTHCARE GROUP, INC ..................... 250 4,200 * ASSISTED LIVING CONCEPTS, INC ................... 3 28,572 * BEVERLY ENTERPRISES, INC ........................ 80 6,236 * CAREMATRIX CORP ................................. 3 200,262 COLUMBIA/HCA HEALTHCARE CORP .................... 6,083 19,000 * COVENTRY HEALTH CARE, INC ....................... 253 7,800 * EXPRESS SCRIPTS, INC ............................ 485 5,400 b*FPA MEDICAL MANAGEMENT, INC ..................... 0 11,600 b*GENESIS HEALTH VENTURES, INC .................... 2 3,670 * GENTIVA HEALTH SERVICES, INC .................... 30 92,003 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) (NEW) ................................. 1,202 140,309 * HEALTHSOUTH CORP ................................ 1,008 21,600 HOOPER HOLMES, INC .............................. 173 8,300 INNOVATIVE CLINICAL SOLUTIONS LTD ............... 1 20,048 b*INTEGRATED HEALTH SERVICES, INC ................. 3 12,000 * LASER VISION CENTERS, INC ....................... 74 13,222 * LCA-VISION, INC ................................. 32 10,871 * LIFEPOINT HOSPITALS, INC ........................ 242 14,600 * LINCARE HOLDINGS, INC ........................... 360 190 LTC HEALTHCARE, INC ............................. 0 9,400 * MAGELLAN HEALTH SERVICES, INC ................... 12 28,850 * MANOR CARE, INC ................................. 202 33,899 MARINER POST-ACUTE NETWORK, INC ................. 5 10,500 * MATRIA HEALTHCARE, INC .......................... 48 16,900 * NAHC, INC ....................................... 1 100 * NATIONAL HEALTHCARE CORP ........................ 1 15,500 * ORTHODONTIC CENTERS OF AMERICA, INC ............. 351 6,100 * PEDIATRIX MEDICAL GROUP, INC .................... 71 35,700 * PHYAMERICA PHYSICIAN GROUP, INC ................. 5 26,525 * PHYCOR, INC ..................................... 17 12,900 b* PHYSICIANS RESOURCE GROUP, INC .................. 0 5,700 * PROVINCE HEALTHCARE CO .......................... 206 23,950 * QUORUM HEALTH GROUP, INC ........................ 247 16,300 * RENAL CARE GROUP, INC ........................... 399 8,100 * RES-CARE, INC ................................... 44 19,700 b* SUN HEALTHCARE GROUP, INC .................... 1 6,700 * SUNRISE ASSISTED LIVING, INC .................... 124 115,273 TENET HEALTHCARE CORP ........................... 3,112 33,210 * TOTAL RENAL CARE HOLDINGS, INC .................. 199 11,071 * TRIAD HOSPITALS, INC ............................ 268 8,500 * UNIVERSAL HEALTH SERVICES, INC .................. 557 21,166 * US ONCOLOGY, INC ................................ 106 12,615 b* VENCOR, INC .................................. 1 ---------- 16,595 ---------- TOTAL HEALTH .................................... 629,398 ---------- INDUSTRIAL MACHINERY--5.52% ELECTRICAL--4.21% 11,900 AMETEK, INC ..................................... 208 8,100 * ANICOM, INC ..................................... 30 8,700 * ANIXTER INTERNATIONAL, INC ...................... 231 3,600 * ARGUSS COMMUNICATIONS, INC ...................... 68 35,171 * ARROW ELECTRONICS, INC .......................... 1,090 16,208 AVNET, INC ...................................... 960 11,566 BALDOR ELECTRIC CO .............................. 215 5,852 BARNES GROUP, INC ............................... 95 20,500 * BRIGHTPOINT, INC ................................ 177 9,144 C&D TECHNOLOGIES, INC ........................... 517 17,800 * CELLSTAR CORP ................................... 50 30,373 COOPER INDUSTRIES, INC .......................... 989 9,800 * ELECTRO SCIENTIFIC INDUSTRIES, INC .............. 432 159,246 EMERSON ELECTRIC CO ............................. 9,614 39,466 * ENERGIZER HOLDINGS, INC ......................... 720 6,900 EXIDE CORP ...................................... 55 800 FRANKLIN ELECTRIC CO, INC ....................... 54 3,662,187 GENERAL ELECTRIC CO ............................. 194,096 3,700 * GENLYTE GROUP, INC .............................. 78 27,083 GRAINGER (W.W.), INC ............................ 834 5,900 * HMT TECHNOLOGY CORP ............................. 9 18,150 HUBBELL, INC (CLASS B) .......................... 463 7,100 HUGHES SUPPLY, INC .............................. 140 339 * JUNO LIGHTING, INC (W/I) ........................ 2 10,500 * KENT ELECTRONICS CORP ........................... 313 21,500 * KOMAG, INC ...................................... 38 7,200 * LITTELFUSE, INC ................................. 353 3,500 LSI INDUSTRIES, INC ............................. 53 12,800 * MAGNETEK, INC ................................... 102 1,400 * MOOG, INC (CLASS A) ............................. 37 16,100 NATIONAL SERVICE INDUSTRIES, INC ................ 314 8,550 PIONEER-STANDARD ELECTRONICS, INC ............... 126 1,392 PREMIER FARNELL PLC ADR ......................... 20 9,900 * RAYOVAC CORP .................................... 222 56,044 ROCKWELL INTERNATIONAL CORP ..................... 1,765 6,650 SLI, INC ........................................ 81 10,600 STEWART & STEVENSON SERVICES, INC ............... 160 21,305 THOMAS & BETTS CORP ............................. 407 5,200 THOMAS INDUSTRIES, INC .......................... 92 16,300 * UCAR INTERNATIONAL, INC ......................... 213 8,200 * VICOR CORP ...................................... 285 9,200 * WESCO INTERNATIONAL, INC ........................ 88 1,600 WOODWARD GOVERNOR CO ............................ 45 500 * ZOLTEK COS, INC ................................. 4 ---------- 215,845 ---------- OTHER INDUSTRIAL EQUIPMENT--1.31% 2,100 * A.S.V., INC ..................................... 30 11,450 AAR CORP ........................................ 137 1,000 AG-CHEM EQUIPMENT CO, INC ....................... 7 21,800 AGCO CORP ....................................... 267 25,827 * AMERICAN STANDARD COS, INC ...................... 1,059 8,830 APPLIED INDUSTRIAL TECHNOLOGIES, INC ............ 145 294,944 * APPLIED MATERIALS, INC .......................... 26,729 14,220 APPLIED POWER, INC (CLASS A) .................... 476 4,700 * ASTEC INDUSTRIES, INC ........................... 119 11,000 * ASYST TECHNOLOGIES, INC ......................... 377 SEE NOTES TO FINANCIAL STATEMENTS 40 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- OTHER INDUSTRIAL EQUIPMENT--(Continued) 7,900 * ATMI, INC ....................................... $ 367 4,500 * AVIATION SALES CO ............................... 28 108,535 BAKER HUGHES, INC ............................... 3,473 31,273 BLACK & DECKER CORP ............................. 1,229 8,500 BRIGGS & STRATTON CORP .......................... 291 4,000 * BROOKS AUTOMATION, INC .......................... 256 33,693 BRUNSWICK CORP .................................. 558 100 CASCADE CORP .................................... 1 128,908 CATERPILLAR, INC ................................ 4,367 3,000 CMI CORP (CLASS A) .............................. 11 2,700 COLUMBUS MCKINNON CORP .......................... 37 19,214 * COOPER CAMERON CORP ............................. 1,268 14,900 CUMMINS ENGINE CO, INC .......................... 406 5,100 * CUNO, INC ....................................... 118 85,617 DEERE & CO ...................................... 3,168 5,100 DETROIT DIESEL CORP ............................. 75 14,700 DONALDSON CO, INC ............................... 290 74,800 DOVER CORP ...................................... 3,034 3,300 * DRIL-QUIP, INC .................................. 154 100 DT INDUSTRIES, INC .............................. 1 8,500 * ELECTROGLAS, INC ................................ 183 6,200 * ESTERLINE TECHNOLOGIES CORP ..................... 92 5,400 * FAIRCHILD CORP (CLASS A) ........................ 26 7,200 FEDDERS CORP .................................... 42 13,705 FLOWSERVE CORP .................................. 206 11,000 * FSI INTERNATIONAL, INC .......................... 239 4,600 * GARDNER DENVER, INC ............................. 82 6,350 GRACO, INC ...................................... 206 41,815 * GRANT PRIDECO, INC .............................. 1,045 15,200 b* HARNISCHFEGER INDUSTRIES, INC ................ 5 10,300 IDEX CORP ....................................... 325 60,000 INGERSOLL-RAND CO ............................... 2,415 6,200 * IONICS, INC ..................................... 190 14,600 JLG INDUSTRIES, INC ............................. 173 11,700 KAYDON CORP ..................................... 246 10,437 KENNAMETAL, INC ................................. 224 8,900 * KULICKE & SOFFA INDUSTRIES, INC ................. 528 46,000 * LAM RESEARCH CORP ............................... 1,725 1,500 LAWSON PRODUCTS, INC ............................ 37 13,200 LINCOLN ELECTRIC HOLDINGS CO .................... 188 3,800 LINDSAY MANUFACTURING CO ........................ 75 9,450 MANITOWOCCO, INC ................................ 253 13,000 MILACRON, INC ................................... 189 9,900 * MSC INDUSTRIAL DIRECT CO (CLASS A) .............. 207 2,600 NACCO INDUSTRIES, INC (CLASS A) ................. 91 20,363 * NATIONAL-OILWELL, INC ........................... 669 4,900 NORDSON CORP .................................... 248 44,700 * NOVELLUS SYSTEMS, INC ........................... 2,528 45,000 PALL CORP ....................................... 833 17,700 PENTAIR, INC .................................... 628 10,600 * PRESSTEK, INC ................................... 173 7,300 * PRI AUTOMATION, INC ............................. 477 2,400 ROBBINS & MYERS, INC ............................ 55 11,200 ROPER INDUSTRIES, INC ........................... 287 1,100 SAUER-DANFOSS, INC .............................. 11 12,000 * SILICON VALLEY GROUP, INC ....................... 311 18,300 * SMITH INTERNATIONAL, INC ........................ 1,332 4,000 * SPECIALTY EQUIPMENT COS, INC .................... 109 9,089 * SPEEDFAM-IPEC, INC .............................. 165 7,400 STANDEX INTERNATIONAL CORP ...................... 117 2,400 STARRETT (L.S.) CO (CLASS A) .................... 42 6,600 TECUMSEH PRODUCTS CO (CLASS A) .................. 252 3,000 TENNANT CO ...................................... 113 8,960 * TEREX CORP ...................................... 127 3,700 * THERMO FIBERTEK, INC ............................ 18 18,363 TIMKEN CO ....................................... 342 4,500 TORO CO ......................................... 148 7,700 * ULTRATECH STEPPER, INC .......................... 115 19,200 * UNOVA, INC ...................................... 140 14,400 YORK INTERNATIONAL CORP ......................... 364 ---------- 67,074 ---------- TOTAL INDUSTRIAL MACHINERY ...................... 282,919 ---------- MEDIA AND LEISURE--3.74% BROADCASTING--2.85% 20,811 * ADELPHIA COMMUNICATIONS CORP (CLASS A) .......... 976 4,000 * AMC ENTERTAINMENT, INC .......................... 20 58,403 * AMFM, INC ....................................... 4,030 1,400 BHC COMMUNICATIONS, INC (CLASS A) ............... 213 45,854 * CABLEVISION SYSTEMS CORP (CLASS A) .............. 3,112 1,584 * CARMIKE CINEMAS, INC (CLASS A) .................. 6 6,182 * CHRIS CRAFT INDUSTRIES, INC ..................... 408 8,300 * CITADEL COMMUNICATIONS CORP ..................... 290 98,261 * CLEAR CHANNEL COMMUNICATIONS, INC ............... 7,370 4,300 CLEAR CHANNEL COMMUNICATIONS, INC WTS 09/18/01 .................................... 51 2,800 * COMCAST CORP (CLASS A) .......................... 109 292,436 * COMCAST CORP (CLASS A) SPECIAL .................. 11,844 54,358 * COX COMMUNICATIONS, INC (CLASS A) ............... 2,477 9,900 * COX RADIO, INC (CLASS A) ........................ 277 12,700 * CUMULUS MEDIA, INC .............................. 116 767,978 DISNEY (WALT) CO ................................ 29,807 16,700 * EMMIS COMMUNICATIONS (CLASS A) .................. 691 8,700 * ENTERCOM COMMUNICATIONS CORP .................... 424 49,400 * FOX ENTERTAINMENT GROUP, INC .................... 1,501 6,630 GAYLORD ENTERTAINMENT CO ........................ 143 1,700 * GC COS, INC ..................................... 38 2,750 GRAY COMMUNICATIONS SYSTEMS, INC ................ 27 8,467 * HEARST-ARGYLE TELEVISION, INC ................... 165 30,600 * HISPANIC BROADCASTING CORP ...................... 1,014 11,400 * HOLLYWOOD ENTERTAINMENT CORP .................... 90 109,523 * INFINITY BROADCASTING CORP (CLASS A) ............ 3,991 7,326 * METRO-GOLDWYN-MAYER, INC ........................ 191 21,100 * METROMEDIA INTERNATIONAL GROUP, INC ............. 100 8,800 * MOVIE GALLERY, INC .............................. 34 2,800 * ON COMMAND CORP ................................. 40 60 * PAC-WEST TELECOMM, INC .......................... 1 15,610 * PANAMSAT CORP ................................... 682 10,503 * PAXSON COMMUNICATIONS CORP ...................... 84 8,200 * PEGASUS COMMUNICATIONS CORP ..................... 402 5,500 * PIXAR, INC ...................................... 194 16,700 * PRICE COMMUNICATIONS CORP ....................... 393 3,800 * RADIO ONE, INC .................................. 112 7,200 * RADIO ONE, INC (CLASS D) ........................ 159 2,300 * SAGA COMMUNICATIONS, INC (CLASS A) .............. 51 12,100 * SINCLAIR BROADCAST GROUP, INC (CLASS A) ......... 133 8,700 * SIRIUS SATELLITE RADIO, INC ..................... 386 16,540 * TCI SATELLITE ENTERTAINMENT (CLASS A) ........... 144 442,323 TIME WARNER, INC ................................ 33,617 13,800 * TV GUIDE, INC ................................... 473 41,160 * U.S.A. NETWORKS, INC ............................ 890 2,100 UNITED TELEVISION, INC .......................... 270 36,300 * UNITEDGLOBALCOM, INC (CLASS A) .................. 1,697 29,500 * UNIVISION COMMUNICATIONS, INC ................... 3,053 2,200 * VALLEY MEDIA, INC ............................... 8 12,920 * VIACOM, INC (CLASS A) ........................... 883 482,477 * VIACOM, INC (CLASS B) ........................... 32,899 5,500 * YOUNG BROADCASTING, INC (CLASS A) ............... 141 ---------- 146,227 ---------- SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 41 Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- LODGING/GAMING/RECREATION--0.28% 21,165 * AMF BOWLING, INC ................................ $ 4 2,300 * ANCHOR GAMING CO ................................ 110 7,100 * ARGOSY GAMING CORP .............................. 102 14,400 * AZTAR CORP ...................................... 223 8,614 * BALLY TOTAL FITNESS HOLDINGS CORP ............... 219 7,900 * BOCA RESORTS, INC (CLASS A) ..................... 78 12,800 * BOYD GAMING CORP ................................ 71 3,200 * CHAMPIONSHIP AUTO RACING TEAMS, INC ............. 82 19,300 * CHOICE HOTELS INTERNATIONAL, INC ................ 192 2,600 CHURCHILL DOWNS, INC ............................ 61 6,610 * CRESTLINE CAPITAL CORP .......................... 113 4,400 DOVER DOWNS ENTERTAINMENT, INC .................. 62 25,800 * EXTENDED STAY AMERICA, INC ...................... 239 23,000 b* FAMILY GOLF CENTERS, INC ..................... 5 47,208 * HARRAH'S ENTERTAINMENT, INC ..................... 988 108,918 HILTON HOTELS CORP .............................. 1,021 9,633 INTERNATIONAL SPEEDWAY CORP (CLASS A ) .......... 399 69 * INTERSTATE HOTELS CORP .......................... 0 37 * LAKES GAMING, INC ............................... 0 7,000 * LODGIAN, INC .................................... 17 24,676 * MANDALAY RESORT GROUP ........................... 494 5,700 MARCUS CORP ..................................... 69 71,100 MARRIOTT INTERNATIONAL, INC (CLASS A) ........... 2,564 12,600 * MERISTAR HOTELS & RESORTS, INC .................. 36 8,266 MGM GRAND, INC .................................. 266 96,052 * PARK PLACE ENTERTAINMENT CORP ................... 1,171 8,400 * PINNACLE ENTERTAINMENT, INC ..................... 163 19,400 * PRIME HOSPITALITY CORP .......................... 183 21,000 * SFX ENTERTAINMENT, INC (CLASS A) ................ 952 12,600 SIX FLAGS, INC .................................. 287 5,500 * SPEEDWAY MOTORSPORTS, INC ....................... 127 70,226 STARWOOD HOTELS & RESORTS WORLDWIDE ............. 2,287 8,600 * STATION CASINOS, INC ............................ 215 2,400 * STEINWAY MUSICAL INSTRUMENTS, INC ............... 40 1,433 * SUNBURST HOSPITALITY CORP ....................... 6 12,100 b* SUNTERRA CORP ................................ 3 900 * TRENDWEST RESORTS, INC .......................... 15 400 * U.S. FRANCHISE SYSTEMS, INC (CLASS A) ........... 2 7,700 * VAIL RESORTS, INC ............................... 126 25,600 * WESTWOOD ONE, INC ............................... 874 41,089 * WYNDHAM INTERNATIONAL, INC ...................... 103 ---------- 13,969 ---------- PUBLISHING--0.61% 21,900 AMERICAN GREETINGS CORP (CLASS A) ............... 416 11,500 * APPLIED GRAPHICS TECHNOLOGIES, INC .............. 49 9,800 BANTA CORP ...................................... 186 35,800 BELO (A.H.) CORP SERIES A ....................... 620 13,300 BOWNE & CO, INC ................................. 134 11,500 CENTRAL NEWSPAPERS, INC (CLASS A) ............... 727 4,100 * CONSOLIDATED GRAPHICS, INC ...................... 38 2,086 * CSS INDUSTRIES, INC ............................. 43 26,700 DELUXE CORP ..................................... 629 34,300 DONNELLEY (R.R.) & SONS CO ...................... 774 17,100 DOW JONES & CO, INC ............................. 1,253 10,000 * FRANKLIN COVEY CO ............................... 69 99,147 GANNETT CO, INC ................................. 5,930 11,800 HARLAND (JOHN H.) CO ............................ 176 17,600 HARTE-HANKS, INC ................................ 440 2,700 HOLLINGER INTERNATIONAL, INC .................... 37 10,000 HOUGHTON MIFFLIN CO ............................. 467 1,300 * INFORMATION HOLDINGS, INC ....................... 48 15,700 * JOURNAL REGISTER CO ............................. 287 30,100 KNIGHT-RIDDER, INC .............................. 1,601 16,800 LEE ENTERPRISES, INC ............................ 392 6,600 MCCLATCHY CO (CLASS A) .......................... 219 72,098 MCGRAW HILL COS, INC ............................ 3,893 7,786 MEDIA GENERAL, INC (CLASS A) .................... 378 13,500 MEREDITH CORP ................................... 456 4,416 NEW ENGLAND BUSINESS SERVICES, INC .............. 72 63,000 NEW YORK TIMES CO (CLASS A) ..................... 2,489 14,125 * PAXAR CORP ...................................... 169 7,300 PENTON MEDIA, INC ............................... 256 7,100 * PLAYBOY ENTERPRISES, INC (CLASS B) .............. 91 54,661 * PRIMEDIA, INC ................................... 1,244 2,800 PULITZER, INC ................................... 118 1,775 QUEBECOR WORLD .................................. 43 12,689 * R.H. DONNELLEY CORP ............................. 246 33,310 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) .......................... 1,324 26,800 REYNOLDS & REYNOLDS CO (CLASS A) ................ 489 300 SCHAWK, INC (CLASS A) ........................... 3 5,000 * SCHOLASTIC CORP ................................. 306 4,800 * SCIENTIFIC GAMES HOLDINGS CORP .................. 118 9,700 SCRIPPS (E.W.) CO (CLASS A) ..................... 478 2,900 STANDARD REGISTER, INC .......................... 41 8,822 TIMES MIRROR CO SERIES A ........................ 800 20,900 * TOPPS, INC ...................................... 240 68,400 TRIBUNE CO ...................................... 2,394 12,000 WALLACE COMPUTER SERVICES, INC .................. 119 1,300 WASHINGTON POST CO (CLASS B) .................... 621 16,300 WILEY (JOHN) & SONS, INC (CLASS A) .............. 367 70 * WORKFLOW MANAGEMENT, INC ........................ 1 9,700 * ZIFF-DAVIS, INC -ZD ............................. 87 ---------- 31,378 ---------- TOTAL MEDIA AND LEISURE ......................... 191,574 ---------- RETAIL AND WHOLESALE--2.61% GENERAL MERCHANDISE STORES--2.61% 4,466 * 99 CENTS ONLY STORES ............................ 178 5,300 * ACTION PERFORMANCE COS, INC ..................... 38 68,000 * AMAZON.COM, INC ................................. 2,469 9,800 * AMES DEPARTMENT STORES, INC ..................... 76 13,100 ARMSTRONG HOLDINGS, INC ......................... 201 19,700 * BARNES & NOBLE, INC ............................. 438 10,600 * BARNESANDNOBLE.COM, INC ......................... 69 600 * BARNETT, INC .................................... 6 25,400 * BJ'S WHOLESALE CLUB, INC ........................ 838 12,500 BLYTH, INC ...................................... 369 27,767 * BORDERS GROUP, INC .............................. 432 19,500 * BOYDS COLLECTION LTD ............................ 166 7,300 BRADY CORP (CLASS A) ............................ 237 1,300 b* CALDOR CORP ..................................... 0 27,894 CALLAWAY GOLF CO ................................ 455 24,000 CASEYS GENERAL STORES, INC ...................... 249 8,669 CASH AMERICA INTERNATIONAL, INC ................. 64 18,200 * CDW COMPUTER CENTERS, INC ....................... 1,138 2,600 b* CML GROUP, INC ............................... 0 1,700 * COLDWATER CREEK, INC ............................ 51 40,603 * CONSOLIDATED STORES CORP ........................ 487 7,300 * COST PLUS, INC .................................. 209 163,800 * COSTCO WHOLESALE CORP ........................... 5,405 1,300 * DELIA*S, INC .................................... 3 36,700 DILLARDS, INC (CLASS A) ......................... 450 2,400 * DIRECT FOCUS, INC ............................... 118 64,415 DOLLAR GENERAL CORP ............................. 1,256 36,337 * DOLLAR TREE STORES, INC ......................... 1,438 7,951 * EGGHEAD.COM, INC ................................ 23 8,600 ELDER BEERMAN STORES CORP ....................... 35 6,500 ENESCO GROUP, INC ............................... 31 2,800 * ETOYS, INC ...................................... 18 SEE NOTES TO FINANCIAL STATEMENTS 42 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- GENERAL MERCHANDISE STORES--(Continued) 4,400 * FACTORY 2-U STORES, INC ......................... $ 166 53,100 FAMILY DOLLAR STORES, INC ....................... 1,039 10,100 FASTENAL CO ..................................... 511 1,100 * FATBRAIN.COM, INC ............................... 7 76,513 * FEDERATED DEPARTMENT STORES, INC ................ 2,582 900 * FINLAY ENTERPRISES, INC ......................... 12 2,600 FRIEDMANS, INC (CLASS A) ........................ 13 2,300 * GENESIS DIRECT, INC ............................. 0 18,350 HA-LO INDUSTRIES, INC ........................... 103 9,400 * HANDLEMAN CO .................................... 118 38,500 * HANOVER DIRECT, INC ............................. 60 18,700 HARCOURT GENERAL, INC ........................... 1,017 68,427 HASBRO, INC ..................................... 1,031 8,200 * HEXCEL CORP ..................................... 78 11,700 * HOMEBASE, INC ................................... 18 8,300 * IDENTIX, INC .................................... 130 7,500 * INSIGHT ENTERPRISES, INC ........................ 445 29,344 * INTERNATIONAL GAME TECHNOLOGY CO ................ 778 5,400 * JAKKS PACIFIC, INC .............................. 80 5,800 * JO-ANN STORES, INC (CLASS A) .................... 41 800 b* JUMBOSPORTS, INC ............................. 0 179,198 * K MART CORP ..................................... 1,221 110,000 * KOHLS CORP ...................................... 6,119 5,400 * LANDS END, INC .................................. 180 5,571 * LYDALL, INC ..................................... 59 165 * MARVEL ENTERPRISES (CLASS A) WTS 10/02/01 ....... 0 280 * MARVEL ENTERPRISES (CLASS C) WTS 10/02/02 ....... 0 155,692 MATTEL, INC ..................................... 2,053 120,700 MAY DEPARTMENT STORES CO ........................ 2,897 10,100 * MICHAELS STORES, INC ............................ 463 147,700 MINNESOTA MINING & MANUFACTURING CO ............. 12,185 7,000 * NAVARRE CORP .................................... 9 9,000 * NEIMAN MARCUS GROUP, INC (CLASS A) .............. 266 7,201 * NEIMAN MARCUS GROUP, INC (CLASS B) .............. 200 3,500 b* NU KOTE HOLDINGS, INC (CLASS A) .............. 0 120,125 * OFFICE DEPOT, INC ............................... 751 44,021 * OFFICEMAX, INC .................................. 220 1,300 PARTY CITY CORP ................................. 4 2,550 * PC CONNECTION, INC .............................. 145 82,898 PENNEY, (J.C.) CO, INC .......................... 1,528 6,900 * PETCO ANIMAL SUPPLIES, INC ...................... 135 40,900 * PETSMART, INC ................................... 138 4,700 RUSS BERRIE & CO, INC ........................... 90 54,003 * SAKS, INC ....................................... 567 8,200 * SCHEIN (HENRY), INC ............................. 141 4,800 * SCP POOL CORP ................................... 113 117,470 SEARS ROEBUCK & CO .............................. 3,832 32,100 b* SERVICE MERCHANDISE CO, INC .................. 3 9,500 * SHOP AT HOME, INC ............................... 44 12,400 * SHOPKO STORES, INC .............................. 191 9,600 SPIEGEL, INC (CLASS A) .......................... 82 172,462 * STAPLES, INC .................................... 2,652 14,700 * SUNGLASS HUT INTERNATIONAL, INC ................. 121 12,900 * SYSTEMAX, INC ................................... 50 167,800 TARGET CORP ..................................... 9,732 21,612 TIFFANY & CO .................................... 1,459 86,894 * TOYS R US, INC .................................. 1,265 1,700 * TRACTOR SUPPLY CO ............................... 28 1,700 * TUESDAY MORNING CORP ............................ 18 9,431 * U.S. OFFICE PRODUCTS CO ......................... 4 3,600 * VALUE AMERICA, INC .............................. 4 5,800 * VALUE CITY DEPARTMENT STORES, INC ............... 55 13,600 * VALUEVISION INTERNATIONAL, INC .................. 326 50,100 * VENATOR GROUP, INC .............................. 514 1,007,442 WAL-MART STORES, INC ............................ 58,054 5,050 * WHITEHALL JEWELLERS, INC ........................ 94 8,900 * WMS INDUSTRIES, INC ............................. 137 12,900 * ZALE CORP ....................................... 471 ---------- TOTAL RETAIL AND WHOLESALE ...................... 133,796 ---------- TECHNOLOGY--20.54% COMMUNICATIONS EQUIPMENT--1.85% 3,100 * ACT NETWORKS, INC ............................... 47 15,800 * ACTV, INC ....................................... 236 13,700 * ADAPTIVE BROADBAND CORP ......................... 503 124,007 * ADC TELECOMMUNICATIONS, INC ..................... 10,401 7,300 * ADTRAN, INC ..................................... 437 27,000 * ADVANCED FIBRE COMMUNICATIONS, INC .............. 1,223 10,085 * ALLEN TELECOM, INC .............................. 178 42,780 * AMERICAN TOWER CORP (CLASS A) ................... 1,783 15,720 * AMPEX CORP (CLASS A) ............................ 27 10,700 * ANCOR COMMUNICATIONS, INC ....................... 383 29,887 * ANDREW CORP ..................................... 1,003 8,800 * ANTEC CORP ...................................... 366 18,600 * ASPECT COMMUNICATIONS CORP ...................... 731 4,700 * BROOKTROUT, INC ................................. 103 3,500 * CARRIER ACCESS CORP ............................. 185 11,100 * C-COR.NET CORP .................................. 300 8,800 b* CELLNET DATA SYSTEMS, INC .................... 0 10,200 * CHECKPOINT SYSTEMS, INC ......................... 77 400 CIDCO, INC ...................................... 1 51,700 * CIENA CORP ...................................... 8,618 17,233 * COMMSCOPE, INC .................................. 707 51,220 * COMVERSE TECHNOLOGY, INC ........................ 4,763 3,300 * COPPER MOUNTAIN NETWORKS, INC ................... 291 25,000 * DIGITAL MICROWAVE CORP .......................... 953 60,300 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) .......... 1,996 22,800 * ELOT, INC ....................................... 43 2,300 * ESHARE COMMUNICATIONS, INC ...................... 16 9,900 b* GEOTEK COMMUNICATIONS, INC ................... 0 23,687 * GLENAYRE TECHNOLOGIES, INC ...................... 250 7,000 * GLOBIX CORP ..................................... 205 4,900 HARMON INDUSTRIES, INC .......................... 65 21,031 * HARMONIC, INC ................................... 521 29,200 HARRIS CORP ..................................... 956 1,900 * INET TECHNOLOGIES, INC .......................... 103 19,500 * INTERDIGITAL COMMUNICATIONS CORP ................ 323 1,052 * INTERLOGIX, INC ................................. 14 7,600 INTER-TEL, INC .................................. 122 11,600 * INTERVOICE-BRITE, INC ........................... 76 1,500 * ITRON, INC ...................................... 12 11,900 * L-3 COMMUNICATIONS HOLDINGS, INC ................ 679 5,420 * METRICOM, INC ................................... 151 790,970 MOTOROLA, INC ................................... 22,988 27,600 * P-COM, INC ...................................... 157 14,700 * PICTURETEL CORP ................................. 39 6,100 * PLANTRONICS, INC ................................ 705 8,400 * POLYCOM, INC .................................... 790 16,000 * POWERWAVE TECHNOLOGIES, INC ..................... 704 242,400 * QUALCOMM, INC ................................... 14,544 58,000 SCIENTIFIC-ATLANTA, INC ......................... 4,321 4,600 * SCM MICROSYSTEMS, INC ........................... 279 25,600 * SENSORMATIC ELECTRONICS CORP .................... 405 10,500 * TEKELEC ......................................... 506 123,638 * TELLABS, INC .................................... 8,461 14,900 * TERAYON COMMUNICATION SYSTEMS, INC .............. 957 5,300 * TUT SYSTEMS, INC ................................ 304 13,300 * WEBLINK WIRELESS, INC ........................... 176 7,300 * WESTELL TECHNOLOGIES, INC (CLASS A) ............. 110 21,900 * WORLD ACCESS, INC ............................... 242 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 43 Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- COMMUNICATIONS EQUIPMENT--(Continued) 4,400 * YOUTHSTREAM MEDIA NETWORKS, INC ................. $ 26 6,100 * ZIXIT CORP ...................................... 281 ---------- 94,843 ---------- COMPUTERS AND OFFICE EQUIPMENT--18.17% 128,240 * 3COM CORP ....................................... 7,390 7,200 * 3DFX INTERACTIVE, INC ........................... 56 1,600 * ABOUT.COM, INC .................................. 50 16,100 * ACCLAIM ENTERTAINMENT, INC ...................... 23 9,000 * ACTIVISION, INC ................................. 59 9,000 * ACTUATE CORP .................................... 480 21,560 * ACXIOM CORP ..................................... 588 37,850 * ADAPTEC, INC .................................... 861 44,044 ADOBE SYSTEMS, INC .............................. 5,726 18,900 * ADVANCED DIGITAL INFORMATION CORP ............... 301 3,900 * ADVANTAGE LEARNING SYSTEMS, INC ................. 60 9,900 * ADVENT SOFTWARE, INC ............................ 639 13,040 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) ..... 431 4,800 * ALLAIRE CORP .................................... 176 1,000 ALTERNATIVE RESOURCES CORP ...................... 2 81 AMDOCS LTD ...................................... 6 851,535 * AMERICA ONLINE, INC ............................. 44,918 15,325 * AMERICAN MANAGEMENT SYSTEMS, INC ................ 503 7,950 ANALYSTS INTERNATIONAL CORP ..................... 74 6,700 * APEX, INC ....................................... 293 118,400 * APPLE COMPUTER, INC ............................. 6,201 3,100 * APPLIEDTHEORY CORP .............................. 47 100 * ARIS CORP ....................................... 0 6,500 * ASHTON TECHNOLOGY GROUP, INC .................... 18 9,000 * ASPEN TECHNOLOGY, INC ........................... 347 5,700 * AURA SYSTEMS, INC ............................... 1 12,400 * AUSPEX SYSTEMS, INC ............................. 61 2,300 * AUTOBYTEL.COM, INC .............................. 14 19,800 AUTODESK, INC ................................... 687 231,793 AUTOMATIC DATA PROCESSING, INC .................. 12,415 14,100 * AVANT CORP ...................................... 264 9,300 * AVT CORP ........................................ 69 6,800 * AWARE, INC ...................................... 348 10,600 * AXENT TECHNOLOGIES, INC ......................... 263 5 * AZTEC TECHNOLOGY PARTNERS, INC .................. 0 3,400 * BARRA, INC ...................................... 169 116,800 * BEA SYSTEMS, INC ................................ 5,774 5,500 * BELL & HOWELL CO ................................ 133 6,300 * BEYOND.COM CORP ................................. 8 13,100 * BILLING CONCEPTS CORP ........................... 58 12,100 * BINDVIEW DEVELOPMENT CORP ....................... 145 10,000 * BISYS GROUP, INC ................................ 615 7,000 * BLACK BOX CORP .................................. 554 90,307 * BMC SOFTWARE, INC ............................... 3,295 2,600 * BOTTOMLINE TECHNOLOGIES, INC .................... 89 6,600 * BRIO TECHNOLOGY, INC ............................ 140 65,800 * BROADVISION, INC ................................ 3,343 5,000 * BROCADE COMMUNICATIONS SYSTEMS, INC ............. 917 58,676 * CABLETRON SYSTEMS, INC .......................... 1,482 4,310 * CACI INTERNATIONAL, INC (CLASS A) ............... 84 90,765 * CADENCE DESIGN SYSTEMS, INC ..................... 1,849 2,300 * CAIS INTERNET, INC .............................. 32 19,000 * CAMBRIDGE TECHNOLOGY PARTNERS, INC .............. 166 7,100 * CCC INFORMATION SERVICES GROUP, INC ............. 75 14,800 * C-CUBE MICROSYSTEMS, INC (NEW) .................. 290 50 CELLULAR TECHNICAL SERVICES CO .................. 0 46,320 * CERIDIAN CORP ................................... 1,115 11,500 * CERNER CORP ..................................... 313 11,100 b* CHS ELECTRONICS, INC ......................... 1 16,400 * CIBER, INC ...................................... 217 23,300 * CIRRUS LOGIC, INC ............................... 373 2,572,126 * CISCO SYSTEMS, INC .............................. 163,491 63,600 * CITRIX SYSTEMS, INC ............................. 1,204 18,400 * CNET NETWORKS, INC .............................. 452 2,600 * COGNIZANT TECHNOLOGY SOLUTIONS CORP ............. 86 42,041 COMDISCO, INC ................................... 938 624,310 COMPAQ COMPUTER CORP ............................ 15,959 8,708 * COMPLETE BUSINESS SOLUTIONS, INC ................ 153 18,600 * COMPUCOM SYSTEMS, INC ........................... 30 169,972 COMPUTER ASSOCIATES INTERNATIONAL, INC .......... 8,700 12,250 * COMPUTER HORIZONS CORP .......................... 165 8,700 * COMPUTER NETWORK TECHNOLOGY CORP ................ 151 58,425 * COMPUTER SCIENCES CORP .......................... 4,364 7,500 COMPUTER TASK GROUP, INC ........................ 38 114,000 * COMPUWARE CORP .................................. 1,183 5,600 * CONCORD COMMUNICATIONS, INC ..................... 223 4,900 * CONCUR TECHNOLOGIES, INC ........................ 21 19,141 * CONCURRENT COMPUTER CORP ........................ 251 4,937 * CONVERGYS CORP .................................. 256 2,900 * COSTAR GROUP, INC ............................... 73 5,000 * COTELLIGENT, INC ................................ 28 17,700 * CSG SYSTEMS INTERNATIONAL, INC .................. 992 6,400 * CYBERCASH, INC .................................. 30 7,400 CYBERGUARD CORP ................................. 46 5,700 * CYBEX COMPUTER PRODUCTS CORP .................... 242 10,900 * DATA BROADCASTING CORP .......................... 69 5,700 * DATASTREAM SYSTEMS, INC ......................... 71 787,660 * DELL COMPUTER CORP .............................. 38,841 11,150 * DENDRITE INTERNATIONAL, INC ..................... 371 25,875 DIEBOLD, INC .................................... 721 5,900 * DIGITAL RIVER, INC .............................. 45 5,800 * DOCUMENTUM, INC ................................. 518 9,600 * DSP GROUP, INC .................................. 538 13,400 * DST SYSTEMS, INC ................................ 1,020 26,490 * EARTHLINK, INC .................................. 409 2,300 * EARTHWEB, INC ................................... 32 7,000 * ECHELON CORP .................................... 406 12,610 * ECLIPSYS CORP ................................... 95 5,800 * EFAX.COM, INC ................................... 7 23,200 * ELECTRONIC ARTS, INC ............................ 1,692 127,819 ELECTRONIC DATA SYSTEMS CORP .................... 5,273 17,700 * ELECTRONICS FOR IMAGING, INC .................... 448 16,725 * ELOYALTY CORP ................................... 213 793,202 * EMC CORP ........................................ 61,027 13,000 * EMULEX CORP ..................................... 854 3,000 * ENGINEERING ANIMATION, INC ...................... 28 7,000 * ENTRUST TECHNOLOGIES, INC ....................... 579 17,724 * EPICOR SOFTWARE CORP ............................ 44 11,000 * EPRESENCE, INC .................................. 80 4,900 * EXABYTE CORP .................................... 22 4,200 * EXCALIBUR TECHNOLOGIES CORP ..................... 168 8,200 * EXCHANGE APPLICATIONS, INC ...................... 218 50,854 * EXCITE AT HOME .................................. 1,055 8,200 * EXTREME NETWORKS, INC ........................... 865 7,000 FACTSET RESEARCH SYSTEMS, INC ................... 198 12,500 * FILENET CORP .................................... 230 152,959 FIRST DATA CORP ................................. 7,591 44,975 * FISERV, INC ..................................... 1,945 14,400 * FISHER SCIENTIFIC INTERNATIONAL, INC ............ 356 16 * FRONTLINE CAPITAL GROUP, INC .................... 0 12,190 * GARTNER GROUP, INC (CLASS B) .................... 120 56,660 * GATEWAY, INC .................................... 3,215 10,400 GERBER SCIENTIFIC, INC .......................... 120 2,500 * GLOBAL IMAGING SYSTEMS, INC ..................... 26 256 * GLOBAL SOURCES LTD .............................. 6 20,185 * GO.COM .......................................... 241 8,700 * GO2NET, INC ..................................... 438 4,100 * GREAT PLAINS SOFTWARE, INC ...................... 80 SEE NOTES TO FINANCIAL STATEMENTS 44 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- COMPUTERS AND OFFICE EQUIPMENT--(Continued) 14,500 * GTECH HOLDINGS CORP ............................. $ 329 500 * HEALTH MANAGEMENT SYSTEMS, INC .................. 2 18,147 * HEALTHEON/WEBMD CORP ............................ 269 318,967 HEWLETT-PACKARD CO .............................. 39,831 9,050 * HNC SOFTWARE, INC ............................... 559 3,800 * HYPERCOM CORP ................................... 55 11,490 * HYPERION SOLUTIONS CORP ......................... 373 35,255 * I2 TECHNOLOGIES, INC ............................ 3,676 4,400 * IDX SYSTEMS CORP ................................ 62 12,700 * IGATE CAPITAL CORP .............................. 175 54,200 IKON OFFICE SOLUTIONS, INC ...................... 210 13,300 * IMATION CORP .................................... 391 6,950 * IMRGLOBAL CORP .................................. 91 112,956 IMS HEALTH, INC ................................. 2,033 15,780 b* INACOM CORP .................................. 1 2,500 INDUS INTERNATIONAL, INC ........................ 21 13,200 * INFOCURE CORP ................................... 74 8,300 * INFOCUS CORP .................................... 267 2,740 * INFOGRAMES, INC ................................. 22 6,900 * INFORMATICA CORP ................................ 565 12,200 * INFORMATION RESOURCES, INC ...................... 48 97,100 * INFORMIX CORP ................................... 722 42,400 * INFOSPACE.COM, INC .............................. 2,343 12,400 * INFOUSA, INC .................................... 81 23,200 * INGRAM MICRO, INC (CLASS A) ..................... 405 28,400 * INKTOMI CORP .................................... 3,358 2,000 * INTERACT COMMERCE CORP .......................... 24 16,100 * INTERGRAPH CORP ................................. 122 657,356 INTERNATIONAL BUSINESS MACHINES CORP ............ 72,022 55,353 * INTUIT, INC ..................................... 2,290 98,461 * IOMEGA CORP ..................................... 394 9,700 * ISS GROUP, INC .................................. 958 6,000 * IVILLAGE, INC ................................... 51 16,100 * J.D. EDWARDS & CO ............................... 243 10,400 JACK HENRY & ASSOCIATES, INC .................... 521 7,000 * JDA SOFTWARE GROUP, INC ......................... 134 500 * JTS CORP ........................................ 0 2,300 * JUNO ONLINE SERVICES, INC ....................... 25 20,500 * KEANE, INC ...................................... 443 4,350 * KRONOS, INC ..................................... 113 31,900 * LANIER WORLDWIDE, INC ........................... 32 16,200 * LEARN2.COM, INC ................................. 32 2,800 b* LEASING SOLUTIONS, INC ....................... 0 30,514 * LEGATO SYSTEMS, INC ............................. 462 47,400 * LEXMARK INTERNATIONAL, INC ...................... 3,188 8,800 * LHS GROUP, INC .................................. 304 31,500 * LYCOS, INC ...................................... 1,701 15,500 * MACROMEDIA, INC ................................. 1,499 10,800 * MACROVISION CORP ................................ 690 1,500 * MANHATTAN ASSOCIATES, INC ....................... 38 7,700 * MANUGISTICS GROUP, INC .......................... 360 5,700 * MAPICS, INC ..................................... 33 4,800 * MARIMBA, INC .................................... 67 800 * MARKETWATCH.COM, INC ............................ 15 24,600 * MAXTOR CORP ..................................... 260 2,900 * MCSI, INC ....................................... 75 12,900 * MEDQUIST, INC ................................... 439 26,200 * MENTOR GRAPHICS CORP ............................ 521 2,050 * MERANT PLC ADR .................................. 21 6,500 * MERCATOR SOFTWARE, INC .......................... 447 7,500 * MERCURY COMPUTER SYSTEMS, INC ................... 242 29,100 * MERCURY INTERACTIVE CORP ........................ 2,815 23,700 * MERISEL, INC .................................... 18 1,600 * METRO INFORMATION SERVICES, INC ................. 16 8,100 * MICROMUSE, INC .................................. 1,340 12,700 * MICRON ELECTRONICS, INC ......................... 159 6,000 * MICROS SYSTEMS, INC ............................. 111 1,425,820 * MICROSOFT CORP .................................. 114,066 30,400 e* MICROSTRATEGY, INC .............................. 912 12,659 * MIDWAY GAMES, INC ............................... 102 4,300 * MIPS TECHNOLOGIES, INC .......................... 183 1,014 * MOMENTUM BUSINESS APPLICATIONS, INC ............. 7 11,100 * MTI TECHNOLOGY CORP ............................. 89 4,700 * MULTEX.COM, INC ................................. 118 11,600 NATIONAL COMPUTER SYSTEMS, INC .................. 571 12,200 NATIONAL DATA CORP .............................. 281 8,900 * NATIONAL INSTRUMENTS CORP ....................... 388 4,300 * NCO GROUP, INC .................................. 99 2,300 * NEON SYSTEMS, INC ............................... 43 3,600 * NET PERCEPTIONS, INC ............................ 57 58 NETMANAGE, INC .................................. 0 3,900 * NETOBJECTS, INC ................................. 36 2,800 * NETOPIA, INC .................................... 113 100,600 * NETWORK APPLIANCE, INC .......................... 8,098 7,500 * NETWORK EQUIPMENT TECHNOLOGIES, INC ............. 75 5,600 * NETWORK PERIPHERALS, INC ........................ 94 50,768 * NETWORKS ASSOCIATES, INC ........................ 1,034 9,300 * NEW ERA OF NETWORKS, INC ........................ 395 120,600 * NOVELL, INC ..................................... 1,116 4,200 * OMEGA RESEARCH, INC ............................. 13 6,900 * ONEMAIN.COM, INC ................................ 78 4,700 * ONHEALTH NETWORK CO ............................. 11 5,200 * ONYX SOFTWARE CORP .............................. 154 13,100 * OPEN MARKET, INC ................................ 181 811,760 * ORACLE CORP ..................................... 68,239 11,100 OWENS & MINOR, INC .............................. 191 99,232 * PARAMETRIC TECHNOLOGY CORP ...................... 1,092 9,250 * PATTERSON DENTAL CO ............................. 472 121,515 PAYCHEX, INC .................................... 5,104 800 * PCORDER.COM, INC ................................ 6 10,400 * PEGASYSTEMS, INC ................................ 52 76,622 * PEOPLESOFT, INC ................................. 1,283 6,967 * PER SE TECHNOLOGIES, INC ........................ 65 31,650 * PEREGRINE SYSTEMS, INC .......................... 1,098 18,700 * PEROT SYSTEMS CORP (CLASS A) .................... 206 7,700 * PERVASIVE SOFTWARE, INC ......................... 43 10,700 * PHOENIX TECHNOLOGIES LTD ........................ 175 12,200 f* PHYSICIAN COMPUTER NETWORK, INC ................. 0 97,000 PITNEY BOWES, INC ............................... 3,880 12,600 * POLICY MANAGEMENT SYSTEMS CORP .................. 194 5,800 * PORTAL SOFTWARE, INC ............................ 370 13,100 * PRICELINE.COM, INC .............................. 498 5,406 * PRIMARK CORP .................................... 201 10,100 f* PROCURENET, INC .............................. 2 4,940 * PRODIGY COMMUNICATIONS CORP (CLASS A) ........... 52 11,500 * PROGRESS SOFTWARE CORP .......................... 206 4,700 * PROJECT SOFTWARE & DEVELOPMENT, INC ............. 85 8,100 * PROXICOM, INC ................................... 388 4,600 * PROXIM, INC ..................................... 455 4,900 * PROXYMED, INC ................................... 8 51,481 * PSINET, INC ..................................... 1,293 25,825 * PSS WORLD MEDICAL, INC .......................... 174 7,700 * PUBLICARD, INC .................................. 25 2,800 * QAD, INC ........................................ 11 4,200 * QRS CORP ........................................ 103 5,200 * QUADRAMED CORP .................................. 13 61,635 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP ........ 597 33,067 * QUANTUM CORP-HARD DISK DRIVE GROUP .............. 366 6,000 * RADIANT SYSTEMS, INC ............................ 144 3,800 * RADISYS CORP .................................... 216 18,800 * RARE MEDIUM GROUP, INC .......................... 343 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 45 Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- COMPUTERS AND OFFICE EQUIPMENT--(Continued) 33,292 * RATIONAL SOFTWARE CORP .......................... $ 3,094 5,774 * RAZORFISH, INC .................................. 93 24,600 * REALNETWORKS, INC ............................... 1,244 9,100 * REMEDY CORP ..................................... 507 13,450 * RSA SECURITY, INC ............................... 931 47,203 SABRE HOLDINGSCORP .............................. 1,345 39,600 * SAFEGUARD SCIENTIFICS, INC ...................... 1,270 10,400 * SAGA SYSTEMS, INC ............................... 129 5,400 * SAGENT TECHNOLOGY, INC .......................... 77 5,800 * SANCHEZ COMPUTER ASSOCIATES, INC ................ 138 18,700 * SANDISK CORP .................................... 1,144 6,700 * SANTA CRUZ OPERATION, INC ....................... 43 10,000 * SAPIENT CORP .................................... 1,069 2,300 * SCIENT CORP ..................................... 101 83,017 * SEAGATE TECHNOLOGY, INC ......................... 4,566 13,500 SEI INVESTMENTS CO .............................. 537 5,700 * SERENA SOFTWARE, INC ............................ 259 9,200 SHARED MEDICAL SYSTEMS CORP ..................... 671 53,416 * SIEBEL SYSTEMS, INC ............................. 8,737 66,568 * SILICON GRAPHICS, INC ........................... 250 9,400 * SOFTNET SYSTEMS, INC ............................ 90 3,500 SOURCE INFORMATION MANAGEMENT CO ................ 53 4,900 * SOURCE MEDIA, INC ............................... 19 6,600 * SPORTSLINE.COM, INC ............................. 113 2,500 * SPSS, INC ....................................... 73 6,100 * SPYGLASS, INC ................................... 191 8,300 * SS&C TECHNOLOGIES, INC .......................... 35 2,600 * STARMEDIA NETWORK, INC .......................... 49 35,300 * STORAGE TECHNOLOGY CORP ......................... 386 12,800 * STRUCTURAL DYNAMICS RESEARCH CORP ............... 193 587,660 * SUN MICROSYSTEMS, INC ........................... 53,440 44,700 * SUNGARD DATA SYSTEMS, INC ....................... 1,386 7,400 * SVI HOLDINGS, INC ............................... 38 32,900 * SYBASE, INC ..................................... 757 7,700 * SYKES ENTERPRISES, INC .......................... 99 20,500 * SYMANTEC CORP ................................... 1,106 50,537 SYMBOL TECHNOLOGIES, INC ........................ 2,729 22,772 * SYNOPSYS, INC ................................... 787 5,400 * SYNTEL, INC ..................................... 54 2,437 * SYSTEM SOFTWARE ASSOCIATES, INC ................. 0 11,700 * SYSTEMS & COMPUTER TECHNOLOGY CORP .............. 234 19,100 * TECH DATA CORP .................................. 832 16,525 * TECHNOLOGY SOLUTIONS CO ......................... 102 1,700 * TENFOLD CORP .................................... 28 1,200 * THESTREET.COM, INC .............................. 7 6,550 * THQ, INC ........................................ 80 8,400 * TICKETMASTER ONLINE-CITYSEARCH, INC ............. 134 13,100 TOTAL SYSTEM SERVICES, INC ...................... 208 8,300 * TRACK DATA CORP ................................. 11 12,000 * TRANSACTION SYSTEMS ARCHITECTS, INC ............. 206 13,800 * TYLER TECHNOLOGIES, INC ......................... 35 2,200 * UNIGRAPHICS SOLUTIONS, INC ...................... 43 113,674 * UNISYS CORP ..................................... 1,655 8,425 * USINTERNETWORKING, INC .......................... 172 25,800 * VERIO, INC ...................................... 1,431 42,380 * VERISIGN, INC ................................... 7,480 147,700 * VERITAS SOFTWARE CORP ........................... 16,692 11,500 * VERITY, INC ..................................... 437 30,900 * VIGNETTE CORP ................................... 1,607 9,200 * VISUAL NETWORKS, INC ............................ 262 15,400 * WAVE SYSTEMS CORP (CLASS A) ..................... 244 4,600 * WEBTRENDS CORP .................................. 178 51,400 * WESTERN DIGITAL CORP ............................ 257 21,156 * WIND RIVER SYSTEMS, INC ......................... 801 9,500 * XIRCOM, INC ..................................... 451 94,184 * YAHOO, INC ...................................... 11,667 9,400 * ZEBRA TECHNOLOGIES CORP ......................... 417 6,300 * ZIFF-DAVIS, INC -ZDNET .......................... 57 ---------- 931,642 ---------- TECHNOLOGY--0.20% 61,100 * BEST BUY CO, INC ................................ 3,865 6,073 * CDNOW, INC ...................................... 19 74,630 CIRCUIT CITY STORES-CIRCUIT CITY GROUP .......... 2,477 5,100 * CYBERIAN OUTPOST, INC ........................... 25 1,600 * ELECTRONICS BOUTIQUE HOLDINGS CORP .............. 26 8,200 * GUITAR CENTER, INC .............................. 86 10,300 * INTERTAN, INC ................................... 121 11,278 * MUSICLAND STORES CORP ........................... 84 68,100 RADIOSHACK CORP ................................. 3,226 11,800 * TRANS WORLD ENTERTAINMENT CORP .................. 143 3,800 * TWEETER HOME ENTERTAINMENT GROUP, INC ........... 115 ---------- 10,187 ---------- INSTRUMENTS AND RELATED PRODUCTS--0.32% 3,300 * ANACOMP, INC .................................... 10 10,000 * AVID TECHNOLOGIES, INC .......................... 120 10,800 * CYMER, INC ...................................... 516 114,519 EASTMAN KODAK CO ................................ 6,814 11,400 * LITTON INDUSTRIES, INC .......................... 479 14,100 * PINNACLE SYSTEMS, INC ........................... 317 16,600 POLAROID CORP ................................... 300 26,588 RAYTHEON CO (CLASS A) ........................... 517 96,700 RAYTHEON CO (CLASS B) ........................... 1,861 9,000 * TRIMBLE NAVIGATION LTD .......................... 439 244,200 XEROX CORP ...................................... 5,067 ---------- 16,440 ---------- TOTAL TECHNOLOGY ................................ 1,053,112 ---------- TRANSPORTATION--3.04% AEROSPACE AND DEFENSE--0.17% 3,600 * ALLIANT TECHSYSTEMS, INC ........................ 243 60,500 GENERAL DYNAMICS CORP ........................... 3,161 37,168 GOODRICH (B.F.) CO .............................. 1,266 126,270 LOCKHEED MARTIN CORP ............................ 3,133 11,406 NEWPORT NEWS SHIPBUILDING, INC .................. 419 13,500 * ORBITAL SCIENCES CORP ........................... 165 8,600 STURM, RUGER & CO, INC .......................... 76 9,131 * TELEDYNE TECHNOLOGIES, INC ...................... 153 ---------- 8,616 ---------- AIR TRANSPORTATION--0.86% 17,800 AIRBORNE FREIGHT CORP ........................... 337 200 * AIRNET SYSTEMS, INC ............................. 1 19,000 * AIRTRAN HOLDINGS, INC ........................... 79 9,100 * ALASKA AIR GROUP, INC ........................... 247 14,000 * AMERICA WEST HOLDINGS CORP (CLASS B) ............ 240 54,111 * AMR CORP ........................................ 1,431 2,000 * AMTRAN, INC ..................................... 25 5,100 * ATLANTIC COAST AIRLINES HOLDINGS ................ 162 5,250 * ATLAS AIR, INC .................................. 188 3,047 * AVIALL, INC ..................................... 15 7,000 * BE AEROSPACE, INC ............................... 48 336,352 BOEING CO ....................................... 14,064 5,900 b* BREED TECHNOLOGIES, INC ......................... 2 15,800 * CONTINENTAL AIRLINES, INC (CLASS B) ............. 743 46,858 DELTA AIRLINES, INC ............................. 2,369 5,550 * EGL, INC ........................................ 171 106,100 * FEDEX CORP ...................................... 4,032 5,800 * FRONTIER AIRLINES, INC .......................... 83 1,200 HEICO CORP ...................................... 17 4,500 KAMAN CORP (CLASS A) ............................ 48 6,200 * KELLSTROM INDUSTRIES, INC ....................... 29 3,600 b* KITTY HAWK, INC ................................. 2 SEE NOTES TO FINANCIAL STATEMENTS 46 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- AIR TRANSPORTATION--(Continued) 9,200 * MESA AIR GROUP, INC ............................. $ 51 9,800 * MESABA HOLDINGS, INC ............................ 94 5,221 * MIDWEST EXPRESS HOLDINGS, INC ................... 112 24,940 NORTHROP GRUMMAN CORP ........................... 1,652 10,800 * NORTHWEST AIRLINES CORP (CLASS A) ............... 329 10,700 * OFFSHORE LOGISTICS, INC ......................... 154 3,663 * SEQUA CORP (CLASS A) ............................ 140 7,500 SKYWEST, INC .................................... 278 182,689 SOUTHWEST AIRLINES CO ........................... 3,460 45,472 TEXTRON, INC .................................... 2,470 13,600 * TRANS WORLD AIRLINES, INC ....................... 30 3,187 * TRIUMPH GROUP, INC .............................. 89 22,914 * U.S. AIRWAYS GROUP, INC ......................... 894 10,035 UAL CORP ........................................ 584 164,974 UNITED TECHNOLOGIES CORP ........................ 9,713 ---------- 44,383 ---------- AUTOS, TIRES AND RELATED PRODUCTS--1.54% 5,100 * AFTERMARKET TECHNOLOGY CORP ..................... 43 2,700 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC ..... 38 9,500 ARVIN INDUSTRIES, INC ........................... 165 36,999 AUTOLIV, INC .................................... 890 136,016 * AUTONATION, INC ................................. 961 53,624 * AUTOZONE, INC ................................... 1,180 8,200 * AVIS GROUP HOLDINGS, INC ........................ 154 6,200 BANDAG, INC ..................................... 150 9,161 BORGWARNER, INC ................................. 322 8,700 * BUDGET GROUP, INC ............................... 36 7,050 CENTRAL PARKING CORP ............................ 167 8,100 CLARCOR, INC .................................... 161 8,400 COACHMEN INDUSTRIES, INC ........................ 97 24,300 COOPER TIRE & RUBBER CO ......................... 270 13,300 * COPART, INC ..................................... 213 7,500 * CSK AUTO CORP ................................... 57 60,318 DANA CORP ....................................... 1,278 34,460 DANAHER CORP .................................... 1,704 7,700 * DELCO REMY INTERNATIONAL , INC (CLASS A) ........ 64 207,510 DELPHI AUTOMOTIVE SYSTEMS CORP .................. 3,022 2,700 * DISCOUNT AUTO PARTS, INC ........................ 27 9,300 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC ............ 171 4,900 * DURA AUTOMOTIVE SYSTEMS, INC .................... 53 26,600 EATON CORP ...................................... 1,782 16,900 FEDERAL SIGNAL CORP ............................. 279 24,900 FEDERAL-MOGUL CORP .............................. 238 12,200 FLEETWOOD ENTERPRISES, INC ...................... 174 419,342 FORD MOTOR CO ................................... 18,032 9,800 GENCORP, INC .................................... 78 193,979 GENERAL MOTORS CORP ............................. 11,263 98,113 * GENERAL MOTORS CORP (CLASS H) ................... 8,609 4,034 GENTEK, INC ..................................... 45 27,600 * GENTEX CORP ..................................... 693 65,196 GENUINE PARTS CO ................................ 1,304 56,262 GOODYEAR TIRE & RUBBER CO ....................... 1,125 4,700 * GROUP 1 AUTOMOTIVE, INC ......................... 56 112,800 HARLEY DAVIDSON, INC ............................ 4,343 6,560 * HAYES LEMMERZ INTERNATIONAL, INC ................ 79 7,600 HERTZ CORP (CLASS A) ............................ 213 295,056 HONEYWELL INTERNATIONAL, INC .................... 9,940 169 IMPERIAL PARKING CORP ........................... 3 700 * INSURANCE AUTO AUCTIONS, INC .................... 15 32,200 ITT INDUSTRIES, INC ............................. 978 2,500 * KEYSTONE AUTOMOTIVE INDUSTRIES, INC ............. 17 1,700 * KROLL-O'GARA CO ................................. 11 14,500 MASCOTECH, INC .................................. 157 25,233 MERITOR AUTOMOTIVE, INC ......................... 278 6,033 MIDAS, INC ...................................... 121 7,400 * MILLER INDUSTRIES, INC .......................... 13 7,500 MODINE MANUFACTURING CO ......................... 203 6,500 * MONACO COACH CORP ............................... 89 5,460 * NATIONAL AUTO CREDIT, INC ....................... 5 2,500 * NATIONAL R.V. HOLDINGS, INC ..................... 26 23,400 * NAVISTAR INTERNATIONAL CORP ..................... 727 14,600 * OREILLY AUTOMOTIVE, INC ......................... 203 5,200 OSHKOSH TRUCK CORP .............................. 186 26,600 PACCAR, INC ..................................... 1,056 17,838 PEP BOYS MANNY, MOE, & JACK CO .................. 107 7,700 REGAL-BELOIT CORP ............................... 124 17,700 ROLLINS TRUCK LEASING CORP ...................... 123 22,800 RYDER SYSTEM, INC ............................... 432 6,300 SIMPSON INDUSTRIES, INC ......................... 47 8,850 SMITH (A.O.) CORP ............................... 185 11,487 * SPX CORP ........................................ 1,389 2,800 STANDARD MOTOR PRODUCTS, INC (CLASS A) .......... 24 4,400 * STONERIDGE, INC ................................. 39 7,200 SUPERIOR INDUSTRIES INTERNATIONAL, INC .......... 185 7,800 * TBC CORP ........................................ 36 11,306 TENNECO AUTOMOTIVE, INC ......................... 59 2,500 THOR INDUSTRIES, INC ............................ 53 1,675 TRANSPRO, INC ................................... 8 37,900 TRW, INC ........................................ 1,644 4,200 * UNITED AUTO GROUP, INC .......................... 38 54,904 * VISTEON CORP .................................... 666 7,700 WABASH NATIONAL CORP ............................ 92 2,500 * WEST MARINE, INC ................................ 17 4,700 WINNEBAGO INDUSTRIES, INC ....................... 61 3,086 WYNNS INTERNATIONAL, INC ........................ 70 ---------- 78,963 ---------- RAILROADS--0.32% 5,400 * ABC-NACO, INC ................................... 43 167,725 BURLINGTON NORTHERN SANTA FE CORP ............... 3,847 80,552 CSX CORP ........................................ 1,707 11,100 FLORIDA EAST COAST INDUSTRIES, INC .............. 444 18,000 GATX CORP ....................................... 612 41,100 KANSAS CITY SOUTHERN INDUSTRIES, INC ............ 3,645 141,958 NORFOLK SOUTHERN CORP ........................... 2,112 14,400 TRINITY INDUSTRIES, INC ......................... 266 91,785 UNION PACIFIC CORP .............................. 3,413 15,254 WABTEC CORP ..................................... 158 18,600 * WISCONSIN CENTRAL TRANSIT CORP .................. 242 ---------- 16,489 ---------- TRUCKING AND RELATED SERVICES--0.11% 9,700 * AMERICAN FREIGHTWAYS CORP ....................... 141 15,400 ARCTIC CAT, INC ................................. 183 6,500 ARNOLD INDUSTRIES, INC .......................... 78 15,400 C.H. ROBINSON WORLDWIDE, INC .................... 762 2,600 * CAREY INTERNATIONAL, INC ........................ 36 1,500 * CHEAP TICKETS, INC .............................. 18 3,800 CIRCLE INTERNATIONAL GROUP, INC ................. 95 15,727 CNF TRANSPORTATION, INC ......................... 358 10,950 * CONSOLIDATED FREIGHTWAYS CORP ................... 44 4,800 * COVENANT TRANSPORT, INC (CLASS A) ............... 38 17,600 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC ..... 836 5,200 * FORWARD AIR CORP ................................ 208 7,600 * FRITZ COS, INC .................................. 78 19,100 GALILEO INTERNATIONAL, INC ...................... 399 4,300 * HEARTLAND EXPRESS, INC .......................... 72 700 * HUB GROUP, INC (CLASS A) ........................ 10 6,200 HUNT (J.B.) TRANSPORT SERVICES, INC ............. 96 12,070 * IRON MOUNTAIN, INC .............................. 410 4,000 * LANDSTAR SYSTEM, INC ............................ 238 5,200 * M.S. CARRIERS, INC .............................. 92 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 47 Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TRUCKING AND RELATED SERVICES--(Continued) 52 * NAVIGANT INTERNATIONAL, INC ..................... $ 1 9,900 POLARIS INDUSTRIES, INC ......................... 317 6,400 ROADWAY EXPRESS, INC ............................ 150 15,475 * SWIFT TRANSPORTATION CO, INC .................... 217 10,000 * TRAVELOCITY.COM, INC ............................ 164 500 * U.S. XPRESS ENTERPRISES, INC (CLASS A) .......... 4 10,700 USFREIGHTWAYS CORP .............................. 263 13,375 WERNER ENTERPRISES, INC ......................... 155 9,200 * YELLOW CORP ..................................... 136 ---------- 5,599 ---------- WATER TRANSPORTATION--0.04% 19,800 ALEXANDER & BALDWIN, INC ........................ 437 2,000 * AMERICAN CLASSIC VOYAGES CO ..................... 41 3,400 * GULFMARK OFFSHORE, INC .......................... 83 104 * HVIDE MARINE, INC WTS A 12/14/2003 .............. 0 8,800 * KIRBY CORP ...................................... 187 70 * MARINE TRANSPORT CORP ........................... 0 9,000 OVERSEAS SHIPHOLDING GROUP, INC ................. 222 7,200 * SEACOR SMIT, INC ................................ 279 19,827 TIDEWATER, INC .................................. 714 2,700 * TRICO MARINE SERVICES, INC ...................... 34 ---------- 1,997 ---------- TOTAL TRANSPORTATION ............................ 156,047 ---------- UTILITIES--11.50% TELEPHONE--8.74% 300 @TRACK COMMUNICATIONS, INC ...................... 1 6,900 * ADELPHIA BUSINESS SOLUTIONS, INC ................ 160 13,300 * ADVANCED RADIO TELECOM CORP ..................... 195 39,800 * ALLEGIANCE TELECOM, INC ......................... 2,547 111,937 ALLTEL CORP ..................................... 6,933 33 * ARCH COMMUNICATIONS GROUP, INC .................. 0 8,987 * ARCH COMMUNICATIONS GROUP, INC WTS 09/01/03 ..... 8 1,166,316 AT & T CORP ..................................... 36,885 954,030 * AT & T CORP - LIBERTY MEDIA GROUP (CLASS A) ..... 23,135 696,958 BELLSOUTH CORP .................................. 29,708 78,932 BROADWING, INC .................................. 2,047 11,900 * CAPROCK COMMUNICATIONS CORP ..................... 232 51,425 CENTURYTEL, INC ................................. 1,478 4,300 CFW COMMUNICATIONS CO ........................... 161 6,300 * COM21, INC ...................................... 158 3,366 * COMMONWEALTH TELEPHONE ENTERPRISES,INC .......... 158 7,444 COMSAT CORP ..................................... 175 50,150 * COVAD COMMUNICATIONS GROUP, INC ................. 809 32,900 * CROWN CASTLE INTERNATIONAL CORP ................. 1,201 6,300 CT COMMUNICATIONS, INC .......................... 179 18,500 * E.SPIRE COMMUNICATIONS, INC ..................... 125 3,100 * ELECTRIC LIGHTWAVE, INC (CLASS A) ............... 58 152,800 * EXODUS COMMUNICATIONS, INC ...................... 7,038 8,500 * GENERAL COMMUNICATION, INC (CLASS A) ............ 44 16,334 * GLOBAL CROSSING LTD ............................. 430 71,700 GLOBAL TELESYSTEMS, INC ......................... 865 356,883 GTE CORP ........................................ 22,216 17,149 * ICG COMMUNICATIONS, INC ......................... 378 7,400 * IDT CORP ........................................ 251 18,000 * INTERMEDIA COMMUNICATIONS, INC .................. 536 9,400 * INTERNATIONAL FIBERCOM, INC ..................... 240 5,200 * INTRAWARE, INC .................................. 84 17,600 * ITC DELTACOM, INC ............................... 393 1,100 * LATITUDE COMMUNICATIONS, INC .................... 12 3,200 * LAUNCH MEDIA, INC ............................... 30 9,250 * LEAP WIRELESS INTERNATIONAL, INC ................ 435 106,100 * LEVEL 3 COMMUNICATIONS, INC ..................... 9,337 17,300 * LIBERTY DIGITAL, INC (CLASS A) .................. 519 1,195,930 LUCENT TECHNOLOGIES, INC ........................ 70,859 149,900 * MCLEODUSA, INC (CLASS A) ........................ 3,101 235,900 * MEDIA ONE GROUP, INC ............................ 15,717 80,544 * METROMEDIA FIBER NETWORK, INC(CLASS A) .......... 3,197 8,800 * MGC COMMUNICATIONS, INC ......................... 527 7,900 * MOTIENT CORP .................................... 124 136,700 * NEXTEL COMMUNICATIONS, INC (CLASS A) ............ 8,364 125,635 * NEXTLINK COMMUNICATIONS, INC .................... 4,766 3,400 NORTH PITTSBURGH SYSTEMS, INC ................... 50 1,800 * NORTHEAST OPTIC NETWORK, INC .................... 111 5,500 * NORTHPOINT COMMUNICATIONS GROUP, INC ............ 62 52,265 * NTL, INC ........................................ 3,129 5,370 * PACIFIC GATEWAY EXCHANGE, INC ................... 18 34,000 * PAGING NETWORK, INC ............................. 24 9,500 * POWERTEL, INC ................................... 674 10,400 * PRIMUS TELECOMMUNICATIONS GROUP, INC ............ 259 21,400 * PTEK HOLDINGS, INC .............................. 70 45,078 * QWEST COMMUNICATIONS INTERNATIONAL , INC ........ 2,240 16,400 * RCN CORP ........................................ 416 22,800 * RHYTHMS NETCONNECTIONS, INC ..................... 286 1,259,845 SBC COMMUNICATIONS, INC ......................... 54,454 1,000 * SMARTALK TELESERVICES, INC ...................... 0 255,532 SPRINT CORP (FON GROUP) ......................... 13,032 175,266 * SPRINT CORP (PCS GROUP) ......................... 10,428 16,900 * STAR TELECOMMUNICATIONS, INC .................... 43 14,885 * TALK.COM, INC ................................... 87 20,103 TELEPHONE & DATA SYSTEMS, INC ................... 2,015 8,900 * TELIGENT, INC ................................... 210 7,000 * TIME WARNER TELECOM, INC ........................ 451 6,000 * U.S. CELLULAR CORP .............................. 378 4,000 * U.S. LEC CORP (CLASS A) ......................... 68 187,661 U.S. WEST, INC .................................. 16,092 572,596 VERIZON COMMUNICATION ........................... 29,095 4,846 * VIATEL, INC ..................................... 138 65,250 * VOICESTREAM WIRELESS CORP ....................... 7,588 16,800 * WESTERN WIRELESS CORP (CLASS A) ................. 916 31,200 * WINSTAR COMMUNICATIONS, INC ..................... 1,057 1,061,950 * WORLDCOM, INC ................................... 48,717 4,000 * WORLDGATE COMMUNICATIONS, INC ................... 71 4,200 * WORLDPAGES.COM, INC ............................. 25 ---------- 448,020 ---------- ELECTRIC, GAS AND OTHER--2.76% 107,000 * AES CORP ........................................ 4,882 20,800 AGL RESOURCES, INC .............................. 332 41,770 ALLEGHENY ENERGY, INC ........................... 1,143 28,634 ALLIANT ENERGY CORP ............................. 744 70,715 * ALLIED WASTE INDUSTRIES, INC .................... 707 50,113 AMEREN CORP ..................................... 1,691 116,742 AMERICAN ELECTRIC POWER CO, INC ................. 3,458 2,500 AMERICAN STATES WATER CO ........................ 74 35,309 AMERICAN WATER WORKS CO, INC .................... 883 11,360 ATMOS ENERGY CORP ............................... 199 16,900 AVISTA CORP ..................................... 295 7,228 BLACK HILLS CORP ................................ 163 4,207 CALIFORNIA WATER SERVICE GROUP .................. 102 46,248 * CALPINE CORP .................................... 3,041 3,000 CASCADE NATURAL GAS CORP ........................ 50 5,000 * CASELLA WASTE SYSTEMS, INC (CLASS A) ............ 54 6,200 CH ENERGY GROUP, INC ............................ 210 54,023 CINERGY CORP .................................... 1,374 95,926 * CITIZENS COMMUNICATIONS CO ...................... 1,655 8,300 CLECO CORP ...................................... 278 28,080 CMP GROUP, INC .................................. 823 39,300 CMS ENERGY CORP ................................. 870 66,200 COASTAL CORP .................................... 4,030 26,891 COLUMBIA ENERGY GROUP ........................... 1,765 23,325 CONECTIV, INC ................................... 363 SEE NOTES TO FINANCIAL STATEMENTS 48 o 2000 CREF Semi-Annual Report Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ELECTRIC, GAS AND OTHER--(Continued) 4,287 CONECTIV, INC (CLASS A) ......................... $ 104 79,919 CONSOLIDATED EDISON INC ......................... 2,368 54,879 CONSTELLATION ENERGY GROUP ...................... 1,787 58,108 CP&L ENERGY, INC ................................ 1,856 3,030 CTG RESOURCES, INC .............................. 111 87,448 DOMINION RESOURCES, INC ......................... 3,749 56,578 DPL, INC ........................................ 1,241 26,500 DQE, INC ........................................ 1,047 51,893 DTE ENERGY CO ................................... 1,586 135,451 DUKE ENERGY CORP ................................ 7,636 46,255 DYNEGY, INC ..................................... 3,160 9,900 EASTERN ENTERPRISES CO .......................... 624 126,300 EDISON INTERNATIONAL CO ......................... 2,589 20,508 * EL PASO ELECTRIC CO ............................. 229 75,422 EL PASO ENERGY CORP ............................. 3,842 5,700 EMPIRE DISTRICT ELECTRIC CO ..................... 126 9,086 ENERGEN CORP .................................... 198 47,308 ENERGY EAST CORP ................................ 902 87,453 ENTERGY CORP .................................... 2,378 12,100 EQUITABLE RESOURCES, INC ........................ 584 2,300 ETOWN CORP ...................................... 153 85,336 FIRSTENERGY CORP ................................ 1,995 33,600 FLORIDA PROGRESS CORP ........................... 1,575 65,200 FPL GROUP, INC .................................. 3,227 44,521 GPU, INC ........................................ 1,205 11,800 HAWAIIAN ELECTRIC INDUSTRIES, INC ............... 387 13,800 IDACORP, INC .................................... 445 28,100 IPALCO ENTERPRISES, INC ......................... 566 23,700 KANSAS CITY POWER & LIGHT CO .................... 533 49,104 KEYSPAN CORP .................................... 1,510 37,400 KINDER MORGAN, INC .............................. 1,293 6,800 LACLEDE GAS CO .................................. 131 47,305 LOUISVILLE GAS & ELECTRIC ENERGY CORP ........... 1,129 4,700 MADISON GAS & ELECTRIC CO ....................... 93 30,700 MCN ENERGY GROUP, INC ........................... 656 20,750 MDU RESOURCES GROUP, INC ........................ 449 27,800 MINNESOTA POWER, INC ............................ 481 3,800 b* MOLTEN METAL TECHNOLOGY, INC ................. 0 38,700 MONTANA POWER CO ................................ 1,367 14,200 NATIONAL FUEL GAS CO ............................ 692 42,585 NEW CENTURY ENERGIES, INC ....................... 1,278 7,300 NEW JERSEY RESOURCES CORP ....................... 278 24,900 * NEWPARK RESOURCES, INC .......................... 235 68,700 * NIAGARA MOHAWK HOLDINGS, INC .................... 958 17,000 NICOR, INC ...................................... 555 44,600 NISOURCE, INC ................................... 831 55,000 NORTHEAST UTILITIES CO .......................... 1,196 55,900 NORTHERN STATES POWER CO ........................ 1,128 10,400 NORTHWEST NATURAL GAS CO ........................ 233 8,000 NORTHWESTERN CORP ............................... 185 24,889 NSTAR ........................................... 1,013 4,200 NUI CORP ........................................ 113 18,700 OGDEN CORP ...................................... 168 28,300 OGE ENERGY CORP ................................. 524 11,480 ONEOK, INC ...................................... 298 7,900 OTTER TAIL POWER CO ............................. 166 67,500 PECO ENERGY CO .................................. 2,721 12,900 PEOPLES ENERGY CORP ............................. 418 137,265 PG&E CORP ....................................... 3,380 12,930 PHILADELPHIA SUBURBAN CORP ...................... 265 11,298 PIEDMONT NATURAL GAS CO, INC .................... 300 31,000 PINNACLE WEST CAPITAL CORP ...................... 1,050 43,200 POTOMAC ELECTRIC POWER CO ....................... 1,080 52,532 PPL CORP ........................................ 1,152 13,200 PUBLIC SERVICE CO OF NEW MEXICO ................. 204 79,723 PUBLIC SERVICE ENTERPRISE GROUP, INC ............ 2,760 30,940 PUGET SOUND ENERGY, INC ......................... 659 29,300 QUESTAR CORP .................................... 568 92,249 RELIANT ENERGY, INC ............................. 2,727 23,200 * REPUBLIC SERVICES, INC (CLASS A) ................ 371 13,300 RGS ENERGY GROUP, INC ........................... 296 38,600 SCANA CORP ...................................... 931 6,300 SEMCO ENERGY, INC ............................... 82 73,741 SEMPRA ENERGY ................................... 1,254 28,729 SIERRA PACIFIC RESOURCES (NEW) .................. 361 600 SJW CORP ........................................ 71 2,400 SOUTH JERSEY INDUSTRIES, INC .................... 62 242,415 SOUTHERN CO ..................................... 5,651 13,506 * SOUTHERN UNION CO ............................... 214 10,400 SOUTHWEST GAS CORP .............................. 182 17,200 SOUTHWESTERN ENERGY CO .......................... 108 5,200 * STERICYCLE, INC ................................. 125 46,400 TECO ENERGY, INC ................................ 931 96,582 TXU CORP ........................................ 2,849 8,000 * U.S. LIQUIDS, INC ............................... 44 11,010 UGI CORP ........................................ 226 79,800 UNICOM CORP ..................................... 3,087 12,640 UNISOURCE ENERGY CORP ........................... 190 5,600 UNITED ILLUMINATING CO .......................... 245 10,100 UNITED WATER RESOURCES, INC ..................... 352 34,846 UTILICORP UNITED, INC ........................... 693 22,230 VECTREN CORP .................................... 383 16,900 WASHINGTON GAS LIGHT CO ......................... 407 5,000 * WASTE CONNECTIONS, INC .......................... 99 228,891 WASTE MANAGEMENT, INC ........................... 4,349 31,000 * WASTEMASTERS, INC ............................... 9 5,400 WESTERN GAS RESOURCES, INC ...................... 113 23,900 WESTERN RESOURCES, INC .......................... 370 162,716 WILLIAMS COS, INC ............................... 6,782 44,200 WISCONSIN ENERGY CORP ........................... 876 9,700 WPS RESOURCES CORP .............................. 292 ---------- 141,638 ---------- TOTAL UTILITIES ................................. 589,658 ---------- TOTAL COMMON STOCK (COST $3,352,117) ............................... 5,020,379 ---------- PRINCIPAL - ------------ SHORT TERM INVESTMENTS--1.89% U.S. GOVERNMENT AND AGENCIES--1.89% FEDERAL HOME LOAN BANK (FHLB) $20,000,000 6.500%, 07/03/00 ................................ 19,989 4,575,000 6.480%, 07/06/00 ................................ 4,570 18,560,000 d 6.430%, 07/07/00 ................................ 18,536 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 25,350,000 d 6.400%, 07/05/00 ................................ 25,328 10,000,000 d 6.410%, 07/18/00 ................................ 9,968 17,520,000 d 6.415%, 07/18/00 ................................ 17,463 1,125,000 6.440%, 08/02/00 ................................ 1,118 ------------ 96,972 ------------ TOTAL SHORT TERM INVESTMENTS (COST $96,991) ................................ 96,972 ------------ TOTAL PORTFOLIO--99.81% (COST $3,449,562) ............................. 5,117,823 OTHER ASSETS & LIABILITIES, NET--0.19% .......... 9,845 ------------ NET ASSETS--100.00% ......................... $5,127,668 ============ SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Semi-Annual Report o 49 Statement of Investments - EQUITY INDEX ACCOUNT (Unaudited) - June 30, 2000 - -------------------------------------------------------------------------------- - ---------- * Non-income producing b In bankruptcy d All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open future contracts. e All or a portion of this security is out on loan. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded on foreign markets. At June 30, 2000, the value of these securities amounted to $1,637 or 0.00% of net assets. Additional information on each restricted security is as follows: ACQUISITION ACQUISITION SECURITY DATE COST - -------- ---------- ---------- PHYSICIAN COMPUTER NETWORKS, INC 01/22/96 $75,341 PROCURENET, INC 04/19/99 973 ------- $76,314 ======= SEE NOTES TO FINANCIAL STATEMENTS 50 o 2000 CREF Semi-Annual Report Statements of Assets and Liabilities (Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------------- June 30, 2000 Money Inflation- Bond Social Equity (amounts in thousands, except per Market Linked Market Choice Index accumulation unit amounts) Account Bond Account Account Account Account - ----------------------------------------------------------------------------------------------------------------------------------- ASSETS Portfolio investments, at cost $6,617,611 $ 242,319 $3,828,108 $3,550,470 $3,449,562 Net unrealized appreciation (depreciation) of portfolio investments (1,633) (808) (14,092) 1,187,406 1,668,261 ---------- ---------- ---------- ---------- ---------- Portfolio investments, at value 6,615,978 241,511 3,814,016 4,737,876 5,117,823 Cash 5,634 1,048 -- 4,187 551 Dividends and interest receivable 13,661 3,513 33,465 20,682 3,939 Receivable from securities transactions 3 -- 205,587 61,809 507 Amounts due from TIAA 6,433 178 2,311 3,883 5,674 Other 1,054 52 246 788 699 ---------- ---------- ---------- ---------- ---------- TOTAL ASSETS 6,642,763 246,302 4,055,625 4,829,225 5,129,193 ---------- ---------- ---------- ---------- ---------- LIABILITIES Deposits for securities loaned -- -- 322,093 109,532 1,050 Amounts due to banks -- -- 4,500 -- -- Payable for securities transactions 36,979 1,044 939,430 514,036 475 Amounts due to TIAA -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES 36,979 1,044 1,266,023 623,568 1,525 ---------- ---------- ---------- ---------- ---------- NET ASSETS Accumulation Fund 6,381,124 233,382 2,726,207 4,042,952 4,965,240 Annuity Fund 224,660 11,876 63,395 162,705 162,428 ---------- ---------- ---------- ---------- ---------- TOTAL NET ASSETS $6,605,784 $ 245,258 $2,789,602 $4,205,657 $5,127,668 ========== ========== ========== ========== ========== THOUSANDS OF ACCUMULATION UNITS OUTSTANDING--NOTES 5 AND 6 321,730 7,929 50,693 41,196 58,494 ========== ========== ========== ========== ========== NET ASSET VALUE, PER ACCUMULATION UNIT--NOTE 5 $ 19.83 $ 29.43 $ 53.78 $ 98.14 $ 84.89 ========== ========== ========== ========== ========== See Notes to Financial Statements - ----------------------------------------------------------------------------------------------------------------------------------- Statements of Operations (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- Money Inflation- Bond Social Equity Six Months Ended June 30, 2000 Market Linked Market Choice Index (amounts in thousands) Account Bond Account Account Account Account - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Income: Interest $ 204,324 $ 6,944 $ 93,464 $ 52,510 $ 2,831 Dividends -- -- -- 14,318 28,326 ---------- ---------- ---------- ---------- ---------- TOTAL INCOME 204,324 6,944 93,464 66,828 31,157 ---------- ---------- ---------- ---------- ---------- Expenses--Note 3: Investment 1,784 44 1,520 1,288 1,235 Operating 7,605 208 3,150 4,646 5,645 ---------- ---------- ---------- ---------- ---------- TOTAL EXPENSES 9,389 252 4,670 5,934 6,880 ---------- ---------- ---------- ---------- ---------- INVESTMENT INCOME--NET 194,935 6,692 88,794 60,894 24,277 ---------- ---------- ---------- ---------- ---------- REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS--NOTE 4 Net realized gain (loss) on: Portfolio investments (65) (63) (42,880) 85,290 34,886 Futures transactions -- -- -- -- 481 ---------- ---------- ---------- ---------- ---------- NET REALIZED GAIN (LOSS) (65) (63) (42,880) 85,290 35,367 ---------- ---------- ---------- ---------- ---------- Net change in unrealized appreciation (depreciation) on: Portfolio investments (280) 4,569 57,967 (54,908) (15,514) Futures transactions -- -- -- -- (4,689) ---------- ---------- ---------- ---------- ---------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (280) 4,569 57,967 (54,908) (20,203) ---------- ---------- ---------- ---------- ---------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS (345) 4,506 15,087 30,382 15,164 ---------- ---------- ---------- ---------- ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 194,590 $ 11,198 $ 103,881 $ 91,276 $ 39,441 ========== ========== ========== ========== ==========
See Notes to Financial Statements 2000 CREF Semi-Annual Report o 51 Statements of Changes in Net Assets
- ----------------------------------------------------------------------------------------------------------------------------------- (amounts in Money Market Inflation-Linked Bond Bond Market Social Choice Equity Index thousands) Account Account Account Account Account ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Six Months Year Six Months Year Six Months Year Six Months Year Six Months Year Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, 2000 1999 2000 1999 2000 1999 2000 1999 2000 1999 ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- FROM OPERATIONS Investment income--net $ 194,935 $ 314,441 $ 6,692 $ 8,416 $ 88,794 $ 183,398 $ 60,894 $ 108,021 $ 24,277 $ 44,087 Net realized gain (loss) on total investments (65) (66) (63) (1,115) (42,880) (128,310) 85,290 48,121 35,367 78,144 Net change in unrealized appreciation (deprecia- tion) on total investments (280) (1,516) 4,569 (4,303) 57,967 (90,945) (54,908) 232,654 (20,203) 697,350 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 194,590 312,859 11,198 2,998 103,881 (35,857) 91,276 388,796 39,441 819,581 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- FROM PARTICIPANT TRANSACTIONS Premiums 267,877 543,321 12,363 18,319 108,035 244,985 200,697 425,340 298,554 564,292 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Disbursements and transfers: Seed money withdrawn -- -- -- 54,990 -- -- -- -- -- -- Net transfers to (from) TIAA 122,668 122,638 714 225 34,228 49,715 4,982 (2,162) (31,538) (51,726) Net transfers to (from) other CREF Accounts 475,433 (912,804) (83,688) (37,581) 232,146 199,767 153,017 (54,777) 150,816 (206,151) Annuity payments 21,025 40,863 561 786 6,382 12,322 8,909 15,279 9,041 15,675 Withdrawals and death benefits 289,800 469,305 1,786 3,651 54,840 97,945 46,369 71,842 66,710 93,355 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL DISBURSE- MENTS AND TRANSFERS, NET 908,926 (279,998) (80,627) 22,071 327,596 359,749 213,277 30,182 195,029 (148,847) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSAC- TIONS (641,049) 823,319 92,990 (3,752) (219,561) (114,764) (12,580) 395,158 103,525 713,139 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS (446,459) 1,136,178 104,188 (754) (115,680) (150,621) 78,696 783,954 142,966 1,532,720 NET ASSETS Beginning of year 7,052,243 5,916,065 141,070 141,824 2,905,282 3,055,903 4,126,961 3,343,007 4,984,702 3,451,982 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- End of period $6,605,784 $7,052,243 $ 245,258 $ 141,070 $2,789,602 $2,905,282 $4,205,657 $4,126,961 $5,127,668 $4,984,702 ========== ========== ========== ========== ========== ========== ========== ========== ========== ==========
See Notes to Financial Statements - -------------------------------------------------------------------------------- Notes to Financial Statements (Unaudited) NOTE 1--ORGANIZATION - -------------------------------------------------------------------------------- College Retirement Equities Fund ("CREF") was formed to aid and strengthen nonprofit educational and research organizations by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940 as an open-end, diversified management investment company. It consists of eight investment portfolios ("Accounts"). The accompanying financial statements are those of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts. The three other investment portfolios of CREF, which are not included in these financial statements, are the Stock, Global Equities and Growth Accounts. CREF established the Inflation-Linked Bond Account on January 13, 1997 with a $50,000,000 investment by Teachers Insurance and Annuity Association of America ("TIAA"), a companion organization, and on May 1, 1997, began to offer Accumulation Units to participants other than TIAA. TIAA's Accumulation Units shared in the pro rata investment experience and were subject to the same valuation procedures and expense deductions as all other Accumulation Units in the Account. During 1999, all of TIAA's Accumulation Units in the Inflation-Linked Bond Account were withdrawn at prevailing net asset values. TIAA-CREF Investment Management, LLC ("Investment Management"), a subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment advisory services for the CREF Accounts pursuant to an Investment Management Services Agreement with CREF. TIAA-CREF Individual & Institutional Services, Inc. ("Services"), a subsidiary of TIAA, which is registered with the Commission as a broker-dealer and is a member of the National Association of 52 o 2000 CREF Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) - -------------------------------------------------------------------------------- NOTE 1--ORGANIZATION(CONCLUDED) - -------------------------------------------------------------------------------- Securities Dealers, Inc., provides administrative services for the CREF Accounts and performs distribution functions for CREF's certificates pursuant to a Principal Underwriting and Administrative Services Agreement with CREF. TIAA provides guarantees for the CREF Accounts for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. NOTE 2--SIGNIFICANT ACCOUNTING POLICIES - -------------------------------------------------------------------------------- The preparation of financial statements may require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts, which are in conformity with accounting principles generally accepted in the United States. VALUATION OF INVESTMENTS Securities listed or traded on any United States national securities exchange are valued at the last sale price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the last sale price, or at the mean of the last bid and asked prices if no sale is reported. All other over-the-counter securities are valued at the mean of the last bid and asked prices, except for bonds which are valued at the most recent bid price or the equivalent quoted yield of such bonds. Short-term money market instruments are stated at market value or amortized cost, which approximates market value. Foreign investments are valued at the closing price in the principal market where they are traded; local currencies are converted into U.S. dollars as described below under Foreign Currency Transactions and Translation. Stock index futures and options which are traded on commodities exchanges are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. ACCOUNTING FOR INVESTMENTS Securities transactions are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned and, for short-term money market instruments, includes accrual of discount and amortization of premium. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon as the Accounts are informed of the ex-dividend date. Realized gains and losses on securities transactions are accounted for on the average cost basis. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION The records of the Accounts are maintained in U.S. dollars. Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. FORWARD FOREIGN CURRENCY CONTRACTS The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to-market" at the end of each day's trading. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon maturity or if the counterparties do not perform in accordance with contractual provisions. SECURITIES LENDING The Accounts may lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is fully collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. COVERED CALL OPTIONS WRITTEN The Accounts may write (sell) covered call options to provide protection against adverse movements in the price of securities in the portfolio. When an option is written, an amount equal to the premium received is recorded as a liability; the liability is adjusted on a daily basis to the current market price of the option written and an unrealized gain or loss is recorded. Premiums received from writing options which expire unexercised are recognized as realized gains from option transactions on the expiration date. Premiums received from writing options which are exercised are added to the proceeds from the sale of the underlying securities in recognizing the net realized gain or loss on portfolio investments. In writing options, it is assumed that the option may be exercised at any time prior to the expiration of an Account's obligation as a writer, and that in such circumstances the net proceeds of the sale of the underlying securities pursuant to the call option may be below the prevailing market value. 2000 CREF Semi-Annual Report o 53 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED) - -------------------------------------------------------------------------------- NOTE 2--SIGNIFICANT ACCOUNTING POLICIES (CONCLUDED) - -------------------------------------------------------------------------------- FUTURES CONTRACTS The Accounts may use futures contracts to manage exposure to the stock market or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument, while selling futures contracts tends to decrease exposure to the underlying instrument or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. The underlying face amount at value of any open futures contracts at the end of the period reflects exposure to the underlying instrument. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS The Accounts may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Accounts to the risk that the transaction may not be consummated. RESTRICTED SECURITIES Restricted securities held by the Accounts may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded. FEDERAL INCOME TAXES CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code ("Code"), not as a regulated investment company under Subchapter M of the Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. NOTE 3--MANAGEMENT AGREEMENTS - -------------------------------------------------------------------------------- Services necessary for the operation of the CREF Accounts are provided, at cost, by Investment Management and Services. Such services are provided in accordance with an Investment Management Services Agreement between CREF and Investment Management, and in accordance with a Principal Underwriting and Administrative Services Agreement between CREF and Services (see Note 1). Investment Management and Services receive management fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to each Account's actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly. NOTE 4--INVESTMENTS - -------------------------------------------------------------------------------- At June 30, 2000, the market value of securities loaned and collateral received in connection therewith was comprised as follows: - -------------------------------------------------------------------------------- Bond Market Social Choice Equity Index Account Account Account - -------------------------------------------------------------------------------- Market value of securities loaned $308,637,962 $105,303,080 $ 978,000 Cash collateral 322,093,037 109,532,096 1,050,000 At June 30, 2000, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows: - -------------------------------------------------------------------------------- Gross Gross Net Unrealized Unrealized Unrealized Appreciation Appreciation of Depreciation of (Depreciation) Portfolio Portfolio of Portfolio Investments Investments Investments - -------------------------------------------------------------------------------- Money Market Account $ 118,387 $ 1,751,448 $ (1,633,061) Inflation-Linked Bond Account 690,196 1,498,198 (808,002) Bond Market Account 20,194,103 34,285,989 (14,091,886) Social Choice Account 1,294,700,435 107,294,084 1,187,406,351 Equity Index Account 1,994,854,154 326,593,370 1,668,260,784 At June 30, 2000 the Equity Index Account held 160 open futures contracts in the Standard & Poor's 500 Index, expiring in September 2000, with a value of $58,724,000 and an unrealized loss of $1,181,294. Purchases and sales of portfolio securities of unaffiliated issuers, other than short-term money market instruments, for the Inflation-Linked Bond, Bond Market, Social Choice, and the Equity Index Accounts for the six months ended June 30, 2000, were as follows: - -------------------------------------------------------------------------------- Inflation-Linked Bond Market Bond Account Account - -------------------------------------------------------------------------------- Purchases $113,991,216 $5,550,585,269 Sales $ 11,648,420 $5,688,833,515 - -------------------------------------------------------------------------------- Social Choice Equity Index Account Account - -------------------------------------------------------------------------------- Purchases $2,565,228,666 $363,150,714 Sales $2,513,317,447 $194,866,429 54 o 2000 CREF Semi-Annual Report NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED) - -------------------------------------------------------------------------------- NOTE 5--CONDENSED FINANCIAL INFORMATION (CONTINUED) - -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below.
- ----------------------------------------------------------------------------------------------------------------------------------- Six Months For the Years Ended December 31, Ended ------------------------------------------------------------- June 30, 2000 (1) 1999 1998 1997 1996 1995 ---------------- ------- ------- ------- ------- ------- (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- MONEY MARKET ACCOUNT Per Accumulation Unit Data: Investment income $ .597 $ .976 $ .998 $ .953 $ .880 $ .910 Expenses .027 .057 .054 .046 .049 .048 ------- ------- ------- ------- ------- ------- Investment income-net .570 .919 .944 .907 .831 .862 Net realized and unrealized gain (loss) on total investments (.001) (.005) .005 .001 (.003) .009 ------- ------- ------- ------- ------- ------- Net increase in Accumulation Unit Value .569 .914 .949 .908 .828 .871 Accumulation Unit Value: Beginning of year $19.265 18.351 17.402 16.494 15.666 14.795 ------- ------- ------- ------- ------- ------- End of period $19.834 $19.265 $18.351 $17.402 $16.494 $15.666 ======= ======= ======= ======= ======= ======= Total return 2.95% 4.98% 5.45% 5.51% 5.28% 5.88% Ratios to Average Net Assets: Expenses 0.14% 0.30% 0.30% 0.27% 0.30% 0.32% Investment income-net 2.91% 4.90% 5.27% 5.35% 5.16% 5.64% Portfolio turnover rate n/a n/a n/a n/a n/a n/a Thousands of Accumulation Units outstanding at end of period 321,730 354,754 312,358 233,116 218,292 193,181
- ----------------------------------------------------------------------------------------------------------------------------------- for the Years Ended January 13, 1997 Six Months December 31, (Date Established) Ended --------------------- to December 31, June 30, 2000 (1) 1999 1998 1997 (1) ---------------- ------- ------- ------- (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- INFLATION-LINKED BOND ACCOUNT Per Accumulation Unit Data: Investment income $ 1.056 $ 1.730 $ 1.256 $ 1.031 Expenses .039 .099 .086 .067 ------- ------- ------- ------- Investment income-net 1.017 1.631 1.170 .964 Net realized and unrealized gain (loss) on total investments .821 (1.062) (.260) .154 ------- ------- ------- ------- Net increase in Accumulation Unit Value 1.838 .569 .910 1.118 Accumulation Unit Value: Beginning of period $27.597 27.028 26.118 25.000 ------- ------- ------- ------- End of period $29.435 $27.597 $27.028 $26.118 ======= ======= ======= ======= Total return 6.66% 2.10% 3.48% 4.47% Ratios to Average Net Assets: Expenses 0.14% 0.36% 0.33% 0.25% Investment income-net 3.71% 5.99% 4.50% 3.60% Portfolio turnover rate 27.14% 54.35% 40.98% 63.56% Thousands of Accumulation Units outstanding at end of period 7,929 4,757 5,112 3,626
(1) THE PERCENTAGES SHOWN FOR THIS PERIOD ARE NOT ANNUALIZED. 2000 CREF Semi-Annual Report o 55 NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONCLUDED) - -------------------------------------------------------------------------------- NOTE 5--CONDENSED FINANCIAL INFORMATION (CONTINUED) - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Six Months For the Years Ended December 31, Ended ------------------------------------------------------------- June 30, 2000 (1) 1999 1998 1997 1996 1995 ---------------- ------- ------- ------- ------- ------- (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- BOND MARKET ACCOUNT Per Accumulation Unit Data: Investment income $ 1.764 $ 3.289 $ 3.156 $ 3.081 $ 3.039 $ 2.863 Expenses .088 .166 .158 .134 .126 .123 ------- ------- ------- ------- ------- ------- Investment income-net 1.676 3.123 2.998 2.947 2.913 2.740 Net realized and unrealized gain (loss) on total investments .328 (3.711) 1.150 1.266 (1.600) 3.722 ------- ------- ------- ------- ------- ------- Net increase (decrease) in Accumulation Unit Value 2.004 (.588) 4.148 4.213 1.313 6.462 Accumulation Unit Value: Beginning of year 51.775 52.363 48.215 44.002 42.689 36.227 ------- ------- ------- ------- ------- ------- End of period 53.779 51.775 $52.363 $48.215 $44.002 $42.689 ======= ======= ======= ======= ======= ======= Total return 3.87% (1.12%) 8.60% 9.57% 3.08% 17.84% Ratios to Average Net Assets: Expenses 0.17% 0.32% 0.32% 0.29% 0.30% 0.31% Investment income-net 3.21% 6.03% 5.98% 6.44% 6.86% 6.93% Portfolio turnover rate 501.86% 656.58% 525.32% 398.77% 145.27% 185.11% Thousands of Accumulation Units outstanding at end of period 50,693 54,918 57,481 31,654 22,611 19,522
- ----------------------------------------------------------------------------------------------------------------------------------- Six Months For the Years Ended December 31, Ended ------------------------------------------------------------- June 30, 2000 (1) 1999 1998 1997 1996 1995 ---------------- ------- ------- ------- ------- ------- (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- SOCIAL CHOICE ACCOUNT Per Accumulation Unit Data: Investment income $ 1.562 $ 2.898 $ 2.679 $ 2.396 $ 2.068 $ 1.832 Expenses .139 .293 .249 .193 .158 .144 ------- ------- ------- ------- ------- ------- Investment income-net 1.423 2.605 2.430 2.203 1.910 1.688 Net realized and unrealized gain on total investments .754 6.752 11.159 12.223 5.968 9.863 ------- ------- ------- ------- ------- ------- Net increase in Accumulation Unit Value 2.177 9.357 13.589 14.426 7.878 11.551 Accumulation Unit Value: Beginning of year $95.962 86.605 73.016 58.590 50.712 39.161 ------- ------- ------- ------- ------- ------- End of period $98.139 $95.962 $86.605 $73.016 $58.590 $50.712 ======= ======= ======= ======= ======= ======= Total Return 2.27% 10.80% 18.61% 24.62% 15.53% 29.49% Ratios to Average Net Assets: Expenses 0.15% 0.32% 0.31% 0.30% 0.30% 0.32% Investment income-net 1.49% 2.88% 3.07% 3.37% 3.58% 3.75% Portfolio turnover rate 147.33% 206.44% 147.90% 91.87% 40.93% 52.65% Thousands of Accumulation Units outstanding at end of period 41,196 41,355 37,211 30,554 25,841 22,196
(1) The percentages shown for this period are not annualized. 56 o 2000 CREF Semi-Annual Report NOTE 5--CONDENSED FINANCIAL INFORMATION (CONCLUDED) - --------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------- Six Months For the Years Ended December 31, Ended ------------------------------------------------------------- June 30, 2000 (1) 1999 1998 1997 1996 1995 ---------------- ------- ------- ------- ------- ------- (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- EQUITY INDEX ACCOUNT Per Accumulation Unit Data: Investment income $ .524 $ 1.012 $ .953 $ .826 $ .773 $ .755 Expenses .116 .225 .190 .141 .106 .100 ------- ------- ------- ------- ------- ------- Investment income-net .408 .787 .763 .685 .667 .655 Net realized and unrealized gain on total investments .214 13.733 12.789 12.672 6.936 8.703 ------- ------- ------- ------- ------- ------- Net increase in Accumulation Unit Value .622 14.520 13.552 13.357 7.603 9.358 Accumulation Unit Value: Beginning of year $84.263 69.743 56.191 42.834 35.231 25.873 ------- ------- ------- ------- ------- ------- End of period $84.885 $84.263 $69.743 $56.191 $42.834 $35.231 ======= ======= ======= ======= ======= ======= Total return 0.74% 20.82% 24.12% 31.18% 21.58% 36.17% Ratios to Average Net Assets: Expenses 0.14% 0.30% 0.31% 0.30% 0.30% 0.34% Investment income-net 0.49% 1.05% 1.24% 1.47% 1.87% 2.22% Portfolio turnover rate 7.92% 4.89% 3.98% 3.50% 7.85% 8.31% Thousands of Accumulation Units outstanding at end of period 58,494 57,249 47,997 35,368 20,725 10,911
(1) THE PERCENTAGES SHOWN FOR THIS PERIOD ARE NOT ANNUALIZED. NOTE 6-ACCUMULATION UNITS - -------------------------------------------------------------------------------- Changes in the number of Accumulation Units outstanding were as follows:
- ----------------------------------------------------------------------------------------------------------------------------------- Money Market Inflation-Linked Bond Bond Market Account Account Account --------------------------- ----------------------- --------------------------- Six Months Year Six Months Year Six Months Year Ended Ended Ended Ended Ended Ended June 30, December 31, June 30, December 31, June 30, December 31, 2000 1999 2000 1999 2000 1999 --------------------------- ----------------------- ---------------------------- (Unaudited) (Unaudited) (Unaudited) - ----------------------------------------------------------------------------------------------------------------------------------- Accumulation Units: Credited for premiums 13,704,995 28,892,854 430,826 666,353 2,059,419 4,733,126 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (46,728,979) 13,502,586 2,740,686 (1,020,975) (6,284,629) (7,295,377) Outstanding: Beginning of year 354,753,756 12,358,316 4,757,205 5,111,827 54,918,369 57,480,620 ------------ ---------- --------- ---------- ----------- ----------- End of period 321,729,772 54,753,756 7,928,717 4,757,205 50,693,159 54,918,369 ============ ========== ========= ========== =========== ===========
- --------------------------------------------------------------------------------------------------------------------------- Social Choice Equity Index Account Account ------------------------- ------------------------ Six Months Year Six Months Year Ended Ended Ended Ended June 30, December 31, June 30, December 31, 2000 1999 2000 1999 ------------------------- ------------------------ (Unaudited) (Unaudited) - --------------------------------------------------------------------------------------------------------------------------- Accumulation Units: Credited for premiums 2,096,473 4,704,406 3,565,599 7,530,295 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (2,254,776) (561,018) (2,321,193) 1,722,141 Outstanding: Beginning of year 41,354,693 37,211,305 57,249,316 47,996,880 ---------- ---------- ---------- ---------- End of period 41,196,390 41,354,693 58,493,722 57,249,316 ========== ========== ========== ==========
2000 CREF Semi-Annual Report o 57 NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONCLUDED) - -------------------------------------------------------------------------------- NOTE 7--LINE OF CREDIT - -------------------------------------------------------------------------------- The Inflation-Linked Bond, Social Choice, Equity Index, Stock, Global Equities and Growth Accounts share in a $2.5 billion unsecured revolving credit facility for temporary or emergency purposes, including, without limitation, the funding of participant redemptions that otherwise might require the untimely disposition of securities. TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds, both of which are managed by Teachers Advisors, Inc., an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating Accounts and Funds. Interest associated with any borrowing under the facility will be charged to the borrowing Accounts or Funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the six months ended June 30, 2000, there were no borrowings under this credit facility. 58 o 2000 CREF Semi-Annual Report 2000 Trustees and Senior Management 2000 BOARDS OF OVERSEERS OF TIAA AND CREF - -------------------------------------------------------------------------------- Lucius J. Barker WILLIAM BENNETT MUNRO PROFESSOR OF POLITICAL SCIENCE, STANFORD UNIVERSITY John H. Biggs CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER, TIAA AND CREF William G. Bowen PRESIDENT, THE ANDREW W. MELLON FOUNDATION Stanley O. Ikenberry PRESIDENT, AMERICAN COUNCIL ON EDUCATION Gertrude G. Michelson RETIRED SENIOR VICE PRESIDENT, R.H. MACY & CO., INC. Paul A. Volcker FORMER CHAIRMAN, FEDERAL RESERVE BOARD, AND FREDERICK H. SCHULTZ PROFESSOR OF INTERNATIONAL ECONOMIC POLICY EMERITUS, PRINCETON UNIVERSITY Clifton R. Wharton, Jr. FORMER CHAIRMAN AND CHIEF EXECUTIVE OFFICER, TIAA AND CREF 2000 TRUSTEES OF TIAA - -------------------------------------------------------------------------------- David Alexander PRESIDENT EMERITUS, POMONA COLLEGE Marcus Alexis BOARD OF TRUSTEES PROFESSOR OF ECONOMICS AND PROFESSOR OF MANAGEMENT AND STRATEGY, NORTHWESTERN UNIVERSITY John H. Biggs CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER, TIAA AND CREF Willard T. Carleton DONALD R. DIAMOND PROFESSOR OF FINANCE, COLLEGE OF BUSINESS AND PUBLIC ADMINISTRATION, UNIVERSITY OF ARIZONA Robert C. Clark DEAN AND ROYALL PROFESSOR OF LAW, HARVARD LAW SCHOOL, HARVARD UNIVERSITY Estelle A. Fishbein VICE PRESIDENT AND GENERAL COUNSEL, THE JOHNS HOPKINS UNIVERSITY Frederick R. Ford EXECUTIVE VICE PRESIDENT AND TREASURER EMERITUS, PURDUE UNIVERSITY Martin J. Gruber NOMURA PROFESSOR OF FINANCE, LEONARD N. STERN SCHOOL OF BUSINESS, NEW YORK UNIVERSITY Ruth Simms Hamilton PROFESSOR OF SOCIOLOGY AND DIRECTOR OF AFRICAN DIASPORA RESEARCH PROJECT, MICHIGAN STATE UNIVERSITY Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER, TIAA AND CREF Robert M. O'Neil DIRECTOR, THE THOMAS JEFFERSON CENTER FOR THE PROTECTION OF FREE EXPRESSION, AND UNIVERSITY PROFESSOR AND PROFESSOR OF LAW, UNIVERSITY OF VIRGINIA Leonard S. Simon VICE CHAIRMAN, CHARTER ONE FINANCIAL INC. Ronald L. Thompson CHAIRMAN AND CHIEF EXECUTIVE OFFICER, MIDWEST STAMPING CO. Paul R. Tregurtha CHAIRMAN AND CHIEF EXECUTIVE OFFICER, MORMAC MARINE GROUP, INC. AND MORAN TRANSPORTATION COMPANY, AND VICE CHAIRMAN, INTERLAKE STEAMSHIP COMPANY William H. Waltrip CHAIRMAN, TECHNOLOGY SOLUTIONS COMPANY Rosalie J. Wolf FORMER TREASURER AND CHIEF INVESTMENT OFFICER, THE ROCKEFELLER FOUNDATION 2000 TRUSTEES OF CREF* - -------------------------------------------------------------------------------- Robert H. Atwell PRESIDENT EMERITUS, AMERICAN COUNCIL ON EDUCATION AND SENIOR CONSULTANT, A. T. KEARNEY, INC. Elizabeth E. Bailey JOHN C. HOWER PROFESSOR OF PUBLIC POLICY AND MANAGEMENT, THE WHARTON SCHOOL, UNIVERSITY OF PENNSYLVANIA John H. Biggs CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER, CREF AND TIAA Joyce A. Fecske VICE PRESIDENT EMERITA, DEPAUL UNIVERSITY Edes P. Gilbert RETIRED HEAD, THE SPENCE SCHOOL, AND CONSULTANT, INDEPENDENT EDUCATION SERVICES Nancy L. Jacob PRESIDENT AND MANAGING PRINCIPAL, WINDERMERE INVESTMENT ASSOCIATES Marjorie Fine Knowles PROFESSOR OF LAW, COLLEGE OF LAW, GEORGIA STATE UNIVERSITY Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER, CREF AND TIAA Bevis Longstreth OF COUNSEL, DEBEVOISE & PLIMPTON Robert M. Lovell, Jr. FOUNDING PARTNER, FIRST QUADRANT L.P. Stephen A. Ross FRANCO MODIGLIANI PROFESSOR OF FINANCE AND ECONOMICS, SLOAN SCHOOL OF MANAGEMENT, MASSACHUSETTS INSTITUTE OF TECHNOLOGY Eugene C. Sit CHAIRMAN, CHIEF EXECUTIVE OFFICER, AND CHIEF INVESTMENT OFFICER, SIT INVESTMENT ASSOCIATES, INC. AND SIT/KIM INTERNATIONAL INVESTMENT ASSOCIATES, INC. Maceo K. Sloan CHAIRMAN AND CHIEF EXECUTIVE OFFICER, NCM CAPITAL MANAGEMENT GROUP, INC. AND SLOAN FINANCIAL GROUP, INC. David K. Storrs PRESIDENT AND CHIEF EXECUTIVE OFFICER, ALTERNATIVE INVESTMENT GROUP, L.L.C. Robert W. Vishny ERIC J. GLEACHER PROFESSOR OF FINANCE, GRADUATE SCHOOL OF BUSINESS, UNIVERSITY OF CHICAGO * Also trustees of TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds 2000 SENIOR MANAGEMENT - -------------------------------------------------------------------------------- John H. Biggs CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER John J. McCormack GROUP PRESIDENT, TIAA-CREF ENTERPRISES Mary Ann Werner PRESIDENT, SHARED SERVICES James A. Wolf PRESIDENT, RETIREMENT SERVICES EXECUTIVE VICE PRESIDENTS - -------------------------------------------------------------------------------- C. Victoria Apter CORPORATE MANAGEMENT INFORMATION SYSTEMS Scott C. Evans CREF INVESTMENTS Richard L. Gibbs FINANCE AND PLANNING Don Harrell EXTERNAL AFFAIRS Ira J. Hoch SHARED SERVICES ADMINISTRATION Matina S. Horner HUMAN RESOURCES Harry I. Klaristenfeld CHIEF ACTUARY, TIAA AND CREF Frances Nolan RETIREMENT SERVICES ADMINISTRATION Deanne J. Shallcross MARKETING David A. Shunk CONSULTING SERVICES John A. Somers TIAA INVESTMENTS Charles H. Stamm LAW AND GENERAL COUNSEL 2000 CREF Semi-Annual Report o 59 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 statements and annual annuity benefits reports, receiving annuity payments, annuity options, and tax reports. 800 223-1200 8 A.M. TO 11 P.M. ET MONDAY - FRIDAY For answers to questions about TIAA-CREF Mutual Funds, Personal Annuities, Long-Term Care Insurance, and Life Insurance. 888 842-9001 9 A.M. TO 6 P.M. ET MONDAY - FRIDAY TIAA-CREF Trust Company, FSB. For answers to questions about the Trust Company's investment advisory, estate planning, and related trust services. 800 842-2755 8 A.M. TO 11 P.M. ET MONDAY - FRIDAY For hearing- or speech-impaired participants. 2000 CREF Semi-Annual Report o 61 ----------------- [TIAA LOGO] presorted 730 Third Avenue standard New York, NY 10017-3206 U.S. POSTAGE PAID TIAA-CREF ----------------- CSAR-5FUND-8/00 [RECYCLE LOGO] Printed on recycled paper -----END PRIVACY-ENHANCED MESSAGE-----