N-30D 1 0001.txt ANNUAL REPORT College Retirement Equities Fund [Graphic Omitted] 2000 Annual Report -------------------------------------------------------------------------------- o Stock o Global Equities o Growth | College Retirement Equities Fund CONTENTS | 2000 ANNUAL REPORT ------------------------------------------------------------ LETTER FROM THE CHAIRMAN 1 LETTER FROM THE VICE CHAIRMAN 2 MANAGEMENT/STATUS OF THE ACCOUNTS Stock Account 4 Global Equities Account 6 Growth Account 8 AUDITED STATEMENT OF INVESTMENTS Stock Account 10 Global Equities Account 48 Growth Account 61 AUDITED FINANCIAL STATEMENTS Report of Management Responsibility 75 Report of Audit Committee 75 Report of Independent Auditors 76 Statements of Assets and Liabilities 77 Statements of Operations 77 Statements of Changes in Net Assets 78 Notes to Financial Statements 78 PARTICIPANT VOTING RESULTS 83 TRUSTEES AND SENIOR MANAGEMENT 84 FOR MORE INFORMATION 85 ------------------------------------------------------------ TIAA-CREF Individual 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 800 842-2733, extension 5509. TIAA-CREF Investment Management serves as investment manager to CREF. (c)2001 TIAA-CREF FROM THE CHAIRMAN: [Graphic omitted] John H. Biggs, Chairman, President, and Chief Executive Officer Throughout 2000 we worked hard at TIAA-CREF to give you additional tools for managing your retirement portfolio. To the relief of most American investors, the year 2000 has come to a close. Volatility in stock prices was extraordinary, and major domestic and foreign stock markets declined. The hope that the varying cycles of foreign and U.S. returns might soften the overall ebb and flow of investing returns disappointed us: Foreign markets slipped even more than those in the U.S. Many investors in the stock market had been lulled into thinking there was little risk in stock investing. Returns were remarkable for the last five years -- indeed, returns have been excellent for the last eighteen years -- and many new investors did not recall the extended slump of the 1970s. Many ask us to predict results for 2001 or to advise whether "to get out" of the stock market -- or "to get in." We cannot give much specific help on such a question. I am reminded of the wonderful ambiguity of Abraham Lincoln's statement in his 1865 second inaugural address, regarding the progress of the Civil War: "With high hopes for the future, no prediction in regard to it is ventured." Much is promising in the U.S. and, indeed, in the global economy. Government surpluses that no one dreamed of a decade ago, recent economic growth, the lowest unemployment in years, rapid implementation of new information technology, relatively low inflation -- all these are bright signs. In other countries, inflation is low and economic discipline much greater than expected. Indeed we are entitled to "high hopes for the future." And yet there are concerns. Economic forecasting is a notoriously unreliable basis for human actions. Who would have predicted the electricity problems of California or the nationwide natural gas shortages? And will investors see the world as we might hope it to be? Accordingly, the wise investor hears Lincoln's second clause: "no prediction in regard to it is ventured." Tested and reliable guides to investing do exist, but they are hard to follow in times of deep discouragement or high elation. First, adopt a carefully considered plan and stick to it. Second, explore your personal reactions to losses (gains are easy) and your unique personal attitude to risk. Another aspect of "carefully considered" is looking for diversification of assets and thereby minimizing risk. Throughout 2000 we worked hard at TIAA-CREF to give you additional tools for managing your retirement portfolio. We expanded our asset allocation and product selection guidance to cover not just your TIAA-CREF retirement accounts but also mutual funds, tuition savings plans, personal annuities, and life insurance programs. Our TIAA-CREF Web Center now has more financial information than ever. For example, we moved our retirement income illustrations to the Web, so that you can estimate your retirement income based on your accumulations. You can select an income starting date, income option, assumed investment earnings rate, and the birth date of your joint annuitant; the software projects your yearly income in retirement, with elegant charts that permit easy comparison. The system is already the second most popular feature of the Web Center ("how much is my account worth" is the most popular!). We also rounded out the TIAA-CREF product line with our new Keogh plan, which permits educators to build an additional pension accumulation using self-employment income (for example, book royalties, consulting fees, and lecture honoraria). This joins our SRA, Rollover IRA, and Roth and Classic IRAs as additional, voluntary ways to invest in TIAA-CREF's broad menu of investment options. We find that most participants are very pleased with the new quarterly statement of their retirement portfolio. Potentially confusing figures are made clear and easy to read. We passed another milestone in 2000: Over 10,000 institutions now participate in TIAA-CREF. Our purpose is to serve educators, directly or through their employing institutions. By far the most effective way has been through the generous retirement plans that prevail in education. It is one chief advantage for an educator: an "industry" that places high value on responsible and adequate pension arrangements. We at TIAA-CREF take pride in more than eighty years of providing these plans. The CREF accounts in this report derive from our important innovation in creating the first variable annuity in 1952. We believe they continue to serve you well in this time of volatile markets. /s/ JOHN H. BIGGS ----------------- John H. Biggs Chairman, President, and Chief Executive Officer From the Vice Chairman: [Graphic Omitted] Martin L. Leibowitz, Vice Chairman and Chief Investment Officer When investing for a long-term goal, it's important to spread your assets among several asset classes, since stocks, bonds, real estate, and other types of investments often perform differently in any given year. During the year ending December 31, 2000, the CREF Stock, Global Equities, and Growth Accounts weathered one of the most volatile equity markets in recent memory. After five consecutive years in which the S&P 500 stock index posted gains of more than 20 percent each year, last year saw a much more erratic market for equities, with generally dismal returns and explosive bouts of volatility. The United States entered 2000 with the nation's gross domestic product growing at the highest rate in the previous ten years. In fact, some experts feared the economy might be "overheating," which could send inflation levels climbing. With this in mind, the Federal Reserve Board, which had already boosted interest rates repeatedly during 1999, raised them three more times in early 2000 in an effort to moderate growth. Other factors also affected the economy: Petroleum prices reached a ten-year peak; the ratio of personal debt payments to income soared to levels not seen since 1987; at one point, the euro, the new European currency, had declined by more than 20 percent; and inflation began to rise, from 2.7 percent in 1999 to 3.4 percent in 2000. Not surprisingly, these trends, in combination with rising interest rates, contributed to a drop in annualized GDP growth to 1.4 percent by the end of 2000. At the same time, stock prices as a group declined worldwide. In the United States, the S&P 500 was down 9.10 percent by year's end; the Russell 3000(R) Index, which tracks a broader range of domestic stocks, fell 7.46 percent; and the Russell 3000(R) Growth Index, which includes a large component of technology stocks, dropped 22.42 percent. Foreign stock markets suffered, too, with the Morgan Stanley Capital International World Index registering a 13.18 percent loss. European stocks in particular showed the effects of the weak euro. With exchange rates factored in, the 7.44 percent decline in London stocks amounted to 14.60 percent in dollars. Perhaps the most dramatic development in equities was the bursting of the bubble in technology stocks, which left the Nasdaq composite index down 39.3 percent for the year. Meanwhile, investors flocked to the safety of fixed-income investments just as the U.S. Treasury began to reduce its issuance of government debt. The Lehman Brothers Aggregate Bond Index, which tracks the performance of more than 6,000 government, corporate, and mortgage-backed bonds, posted a return of 11.63 percent for the year. Indeed, demand for -------------------------------------------------------------------------------- MORNINGSTAR RATINGS OF CREF ACCOUNTS as of 12/31/2000
Overall 3 Years 5 Years 10 Years ---------------------------------------------------------------------------------------------------- DOMESTIC EQUITY ACCOUNTS (Out of 3,974) (Out of 3,974) (Out of 2,954) (Out of 1,216) CREF Stock *** *** **** *** CREF Equity Index **** *** **** -- CREF Growth **** *** **** -- CREF Social Choice **** *** **** **** ---------------------------------------------------------------------------------------------------- INTERNATIONAL EQUITY ACCOUNT (Out of 980) (Out of 980) (Out of 662) -- CREF Global Equities **** **** **** -- ---------------------------------------------------------------------------------------------------- FIXED-INCOME ACCOUNT (Out of 1,062) (Out of 1,062) (Out of 885) (Out of 477) CREF Bond Market ***** ***** ***** **** ----------------------------------------------------------------------------------------------------
Source: Morningstar, Inc. 12/31/2000. Morningstar is an independent service that rates mutual funds and variable annuities. Morningstar does not rate money market accounts. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating(TM) metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receives 5 stars, the next 22.5% receives 4 stars, the next 35% receives 3 stars, the next 22.5% receives 2 stars, and the bottom 10% receives 1 star. The Overall Morningstar Rating(TM) for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Each fund is rated exclusively against U.S.-domiciled funds within its broad asset class. Past performance is no guarantee of future results. -------------------------------------------------------------------------------- 2 o College Retirement Equities Fund 2000 ANNUAL REPORT TOTAL RETURNS for the year ended December 31, 2000 -------------------------------------------------------------------------------- CREF STOCK ACCOUNT -8.43% CREF Composite Index -8.63 Russell 3000(R) Index -7.46 Morgan Stanley Capital International EAFE + Canada Index -13.37 Lipper Growth and Income Fund Index 0.39 -------------------------------------------------------------------------------- CREF GLOBAL EQUITIES ACCOUNT -16.19% Morgan Stanley Capital International World Index -13.18 Lipper Global Fund Index -8.50 -------------------------------------------------------------------------------- CREF GROWTH ACCOUNT -20.56% Russell 3000(R) Growth Index -22.42 Lipper Growth Fund Index -10.88 -------------------------------------------------------------------------------- PLEASE SEE PAGES 5, 7, AND 9 FOR MORE DETAILED PERFORMANCE INFORMATION. THE RUSSELL 3000(R) 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. 30-year U.S. Treasury bonds was so strong that their yields fell below those of shorter-term bonds. Readers may remember seeing my article, "Please Check Your Asset Allocation Seat Belt," in the August 1998 issue of THE PARTICIPANT. One of my main points was that, when investing for a long-term goal like retirement, it's important to spread your assets among several asset classes, since stocks, bonds, real estate, and other types of investments often perform differently in any given year. In 2000, the world's financial markets dramatically demonstrated the truth of this statement. It was a year when diversification often made the difference between positive and negative returns in people's retirement portfolios. In this difficult economic environment, the CREF Stock and Growth Accounts performed well in comparison with their benchmarks. In addition, the CREF Global Equities Account and the CREF Growth Account each received a 4-star Overall Morningstar Rating(TM) as of December 31, 2000. (See the Morningstar table on the facing page.) The table above shows the total return (gains and losses plus investment income) for these CREF accounts during 2000, compared with total returns for their performance benchmarks and for the average fund categories that best match their investment objectives, as measured by Lipper Analytical Services, Inc. Performance details for all three accounts appear on the pages immediately following this letter. Rates of return for equities during 2000 were disappointing, and we recognize that this affects both long-term equity investors, whose accumulations have grown considerably in recent years, and new investors, who may have been introduced to equities during this last year. Both groups would do well to remember that long-term returns historically have been neither as low as the 9.10 percent decline in the S&P 500 Index during 2000 nor as high as gains of more than 20 percent posted by the index in each of the previous five years. Of course, as with any investment, past performance is no guarantee of future results. As always, it is also important to bear in mind the continual effect of low expenses on total returns. While returns are unpredictable, expenses are not. In 2000, the expense charges of the CREF accounts reported on ranged from 0.31 percent to 0.35 percent, as a percentage of assets. According to Lipper Analytical Services, Inc., these remain the lowest expenses for all variable annuity funds with comparable investment objectives, and they compare very favorably to most mutual funds. /s/ MARTIN L. LEIBOWITZ ------------------------ Martin L. Leibowitz Vice Chairman and Chief Investment Officer -------------------------------------------------------------------------------- THIS REPORT CONTAINS DETAILED EXPLANATIONS OF THE 2000 INVESTMENT RESULTS FOR THE CREF STOCK, GLOBAL EQUITIES, AND GROWTH ACCOUNTS. A COMPANION REPORT PROVIDES SIMILAR INFORMATION FOR THE CREF MONEY MARKET, INFLATION-LINKED BOND, BOND MARKET, SOCIAL CHOICE, AND EQUITY INDEX ACCOUNTS--THE OTHER FIVE ACCOUNTS AVAILABLE UNDER CREF VARIABLE ANNUITIES. AN ANNUAL REPORT AND A 10-K REPORT FOR THE TIAA REAL ESTATE ACCOUNT ARE AVAILABLE ON REQUEST. FOR HISTORICAL AND CURRENT PERFORMANCE INFORMATION FOR ALL OF OUR PRODUCTS, VISIT THE TIAA-CREF WEB CENTER AT WWW.TIAA-CREF.ORG, OR CALL OUR AUTOMATED TELEPHONE SERVICE (SEE PAGE 85). -------------------------------------------------------------------------------- 2000 ANNUAL REPORT College Retirement Equities Fund o 3 STOCK ACCOUNT INVESTMENT OBJECTIVE The CREF Stock Account seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks. PORTFOLIO PROFILE The account uses TIAA-CREF's Dual Investment Management Strategy(SM), which combines stock selection and quantitative techniques. The account is divided into three segments: o The domestic Enhanced Index segment is designed to track the U.S. equity markets as a whole, as represented by the Russell 3000(R) Index. The segment doesn't invest in all 3,000 stocks in the index but instead uses a sampling technique to create a portfolio that closely matches the overall investment characteristics of the index, including yield and industry weight. This segment also employs special valuation and trading techniques to try to beat the performance of the Russell 3000. o The domestic Stock Selection segment contains a relatively small number of stocks that are individually selected for their investment potential. o The third segment invests in foreign stocks and other foreign equity securities, using both enhanced indexing and stock selection techniques. It tracks the Morgan Stanley Capital International Europe, Australasia, and Far East plus Canada Index (MSCI EAFE+Canada). PERFORMANCE IN 2000 The CREF Stock Account ended 2000 with a total return of -8.43 percent. Although it posted negative returns for the year, the account fared better than the -8.63 percent return of its composite performance benchmark, a weighted average of the Russell 3000 and the MSCI EAFE+Canada indexes. We use a composite benchmark to measure account performance because the Stock Account contains both domestic and foreign stocks. However, the account lagged behind the 0.39 percent average return of similar funds as measured by the Lipper Growth and Income Fund Index. While the U.S. economy continued to grow in 2000, with real (inflation-adjusted) gross domestic product (GDP) up 5 percent for the year, growth slowed markedly in the second half of the year to just 1.4 percent in the fourth quarter. This was the lowest quarterly rate since the second quarter of 1995. At the same time, Consumer Price Index (CPI) inflation rose $10,000 over Ten Years [The following table represents a line chart in the printed report.] Stock Russell 300(R) MSCI EAFE+Canada Account Index Index 12/31/90 10000 10000 10000 12/31/91 12919 13275 10985 12/31/92 13931 14802 9834 12/31/93 16397 16750 14074 12/31/94 15783 16639 13401 12/31/95 21142 22921 15631 12/31/96 25624 28636 16090 12/31/97 31392 35944 17709 12/31/98 39276 45898 20175 12/31/99 44397 51565 24237 12/31/2000 42496 49665 22354 The graph assumes a $10,000 investment in the CREF Stock Account, on January 1, 1991. It shows that, by the end of 2000, the investment would have grown to $42,496. For comparison, the graph shows how $10,000 investments in the Stock Account's benchmarks did over the same period. -------------------------------------------------------------------------------- to an annual rate of 3.4 percent, compared with 2.7 percent in 1999, partly because of higher energy prices. The dramatic slowing of the U.S. economy was the result of a combination of factors. Consumer demand, which in 1999 and early 2000 was abnormally high, slowed to more sustainable levels. Soaring energy prices squeezed business profits and sapped consumers' ability to spend on non-energy goods and services. The Federal Reserve raised interest rates three times to head off inflation risks from higher energy prices and tight labor markets. The decline in equity markets, principally the technology-laden Nasdaq, reduced household wealth, while a strong dollar exacerbated the foreign trade deficit by making imports cheaper and U.S. exports less competitive on world markets. Global equity markets, which gave up gains posted early in 2000, showed a loss of about 13 percent by year-end, as measured by the MSCI EAFE+Canada Index. Nearly half of the decline occurred in the fourth quarter, precipitated by disappointing profit results and warnings, and led by a rapid decline in the growth of demand in the U.S. Global technology stocks were particularly hard hit. Against this backdrop, the CREF Stock Account outpaced its composite benchmark because the performance of its domestic holdings versus the Russell 3000 more than offset the underperformance of its international holdings versus the MSCI EAFE+Canada Index. Positive contributions to performance came from the account's investments in diversified U.S. companies, such as Tyco International; healthcare companies, including 4 o College Retirement Equities Fund 2000 ANNUAL REPORT Merck & Company, Cardinal Health, and Pfizer; and financial services companies, such as Allstate. These investments more than compensated for the poor performance of Microsoft and other large-capitalization technology companies. Many technology stocks suffered disproportionately as investors shifted to less volatile industry sectors with slower growth rates and lower relative valuations. Other positive contributions to returns came from the account's holdings in international consumer durable companies, such as Nissan Motor. Compared with the MSCI EAFE + Canada Index, the account's underweight positions in large, formerly state-owned telecommunications companies, including Deutsche Telekom and France Telecom, also boosted returns. However, these were not enough to offset a slight overweight in international technology stocks. In 2000, about 30 percent of the account's domestic and foreign investments were held in the Stock Selection subportfolio (actively managed), while 70 percent were held in the Enhanced Index subportfolio (managed using quantitative techniques). The world's first variable annuity, the CREF Stock Account was introduced on July 1, 1952. -------------------------------------------------------------------------------- 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 plus Canada Index, representing foreign stock markets. For a comparison with the account's performance, you might combine these two, weighting them according to the size of the account segments that track the two benchmarks. At year-end, 80 percent of the account tracked the Russell 3000, and 20 percent tracked 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. The Standard & Poor's 500 Stock Index covers only about 75 percent. -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION AS of 12/31/2000 [Table below represents pie chart in the printed piece] Domestic Enhanced Index Segment 61.8% ---------------------------------------- International Segment 20.4% ---------------------------------------- Domestic Active Segment 17.6% ---------------------------------------- Short-term Investments 0.2% ---------------------------------------- -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 12/31/2000 ------------------------------------------------------------------ SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS ------------------------------------------------------------------ General Electric Co 72.2 $3,461.4 2.89 Exxon Mobil Corp 30.2 2,623.3 2.19 Pfizer, Inc 46.0 2,117.7 1.77 Cisco Systems, Inc 53.1 2,032.6 1.70 Citigroup, Inc 38.8 1,982.3 1.66 SBC Communications, Inc 35.0 1,670.5 1.40 Merck & Co, Inc. 17.3 1,623.6 1.36 Intel Corp 50.7 1,525.1 1.27 American Int'l Group, Inc 14.5 1,427.6 1.19 Microsoft Corp 30.4 1,317.5 1.10 -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS of 12/31/2000 -------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND RATES OF TOTAL RETURN(1) 1 YEAR 5 YEARS 10 YEARS --------------------------------------------------------------------------- STOCK ACCOUNT -8.43% 15.59% 15.57% Russell 3000 Index -7.46 17.39 17.38 MSCI EAFE + Canada Index -13.37 7.54 8.38 Lipper Growth and Income Fund Index 0.39 14.32 15.14 -------------------------------------------------------------------------------- CUMULATIVE RATES OF TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS 10 YEARS ANNUAL EXPENSES (IN BILLIONS) -------------------------------------------------------------------------------- -8.43% 106.35% 324.96% 0.31% $119.6 -7.46 122.97 396.65 -13.37 43.85 123.54 0.39 95.29 309.44 (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 UNITS YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. -------------------------------------------------------------------------------- 2000 ANNUAL REPORT College Retirement Equities Fund o 5 GLOBAL EQUITIES ACCOUNT INVESTMENT OBJECTIVE The CREF Global Equities Account seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio consisting primarily of foreign and domestic common stocks. PORTFOLIO PROFILE o The account invests at least 65 percent of its assets in equity securities of foreign and domestic companies. Typically, at least 40 percent of its assets is invested in foreign securities and at least 25 percent in domestic securities, as we deem appropriate. The remaining 35 percent is distributed between foreign and domestic securities. o The account uses TIAA-CREF's Dual Investment Management Strategy (see page 4). The benchmark for its Enhanced Index portion--and for the account itself--is the Morgan Stanley Capital International (MSCI) World Index. For its Stock Selection segment, we select individual stocks and let the account's country and regional asset allocation evolve from that stock selection. o Investments are allocated to specific countries or regions based on several factors, including the attractiveness of particular markets and the size of a country's or a region's equity markets compared with the value of global markets. PERFORMANCE IN 2000 For 2000, the CREF Global Equities Account posted a total return of -16.19 percent, compared with the -13.18 percent return of its performance benchmark, the MSCI World Index, and the -8.50 percent average return of similar funds, as measured by the Lipper Global Fund Index. Because of its strong growth orientation, the account was more negatively affected than its benchmark by the major corrections in growth stocks during the second and fourth quarters. Although the account posted lower year-end returns than those of its benchmark, its long-term performance remains better than the MSCI World Index and the Lipper index (see table on facing page). Mirroring the slowdown in the U.S. economy in 2000, world equity markets declined in value by 13 percent, as measured by the MSCI World Index. European equity markets outperformed the world index, posting -8.39 percent as the euro strengthened against the U.S. dollar and the British pound remained strong. The Far East had the weakest returns, falling -27.09 percent. This reflected concerns about the effects of a $10,000 SINCE 5/1/1992 INCEPTION [The following table represents a line chart in the printed report.] Global Equities MSCI World Account Index 5/1/92 10000 10000 12/31/92 10321 10213 12/31/93 14398 13293 12/31/94 13478 12907 12/31/95 16894 16106 12/31/96 20093 18168 12/31/97 23906 21361 12/31/98 28364 26407 12/31/99 36096 30436 12/31/2000 31342 28034 The graph assumes a $10,000 investment in the CREF Global Equities Account, on May 1, 1992. It shows that, by the end of 2000, the investment would have grown to $31,342. For comparison, the graph shows how a $10,000 investment in the MSCI World Index, the Global Equities Account's benchmark, did over the same period. -------------------------------------------------------------------------------- slowdown in global growth on demand for the region's exports, as well as uneasiness about the prospects for a sustained recovery in Japan. As investors moved away from technology toward more-stable growth sectors, food, beverage, and tobacco became the strongest global sector. The move by investors away from technology was even greater in Asia and Europe than in the U.S. Like its benchmark, the Global Equities Account suffered from regional economic trends. Although returns from the account's North American investments surpassed the benchmark, they were not high enough to offset below-average returns in its European and Asian holdings, a result of underweights in domestic stocks and overweights in European and Asian equities as compared with the benchmark. Within our North American holdings, overweight positions and selected stock investments in healthcare and financial services contributed positively to account performance. Holdings in companies such Ciena Corp., a telecommunications equipment company, helped offset the generally poor performance of the technology sector. These positive factors more than compensated for negative factors affecting the account's North American portfolio: underweight positions in consumer stocks, such as Coca-Cola and Philip Morris, and holdings in certain telecommunications companies. The account's European holdings underperformed the comparable portion of the MSCI World benchmark largely because we had more technology, media, and telecommunica- 6 College Retirement Equities Fund 2000 ANNUAL REPORT tions holdings than the benchmark and fewer investments in the healthcare and utility sectors, which performed better than the broader markets. The account's Asian holdings underperformed primarily because of selections within consumer cyclical stocks and underweights in Honda and Matsushita Electric. Although stock selection within the Asian technology sector enhanced performance, it did not compensate for the portfolio's significant overweight in technology. An underweight position in Asian financial services stocks also had an adverse effect on performance. In 2000, about 75 percent of the account's portfolio was held in the Stock Selection subportfolio (actively managed), while 25 percent was held in the Enhanced Index subportfolio (managed using quantitative techniques). The CREF Global Equities Account continues to seek out undervalued companies in every region of the world and invest in them when the right opportunity arises. -------------------------------------------------------------------------------- THE ACCOUNT'S BENCHMARK The benchmark we use for the CREF Global Equities Account is the Morgan Stanley Capital International (MSCI) World Index. This index is an aggregate of 51 country indices--23 developed markets and 28 emerging markets. MSCI calculates indices by applying full market capitalization weights (price multiplied by the number of shares outstanding) for the securities in the index. MSCI calculates regional indices using GDP weightings for countries. In constructing its country indices, MSCI defines the securities listed (i.e., available for trading) in each country, sorts them into industry groups, and selects the largest ones within each industry (by market capitalization) until it has 60 percent of each industry represented. It deletes stocks without sufficient liquidity and corrects for cross-ownership among stocks in the index, then weights them all by market capitalization for each stock. -------------------------------------------------------------------------------- DIVERSIFICATION AMONG WORLD MARKETS AS OF 12/31/2000 [Table below represents pie chart in the printed piece] United States 47.0% ---------------------------- United Kingdom 14.4% ---------------------------- Japan 9.1% ---------------------------- Netherlands 6.3% ---------------------------- France 3.2% ---------------------------- Germany 2.9% ---------------------------- Canada 2.4% ---------------------------- 21 Others 14.7% ---------------------------- -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 12/31/2000 -------------------------------------------------------------------------------- SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS COUNTRY ----------------------------------------------------------------------------- General Electric Co 4.4 $210.9 2.52 United States Exxon Mobil Corp 1.8 154.5 1.85 United States Pfizer, Inc 3.2 145.4 1.74 United States Cisco Systems, Inc 3.3 125.6 1.50 United States Marconi Plc 11.0 118.5 1.42 United Kingdom Citigroup, Inc 2.3 118.1 1.41 United States Spirent Plc 12.1 110.7 1.32 United Kingdom Nokia Corp 2.4 108.3 1.30 Finland Unilever NV 1.7 108.1 1.29 Netherlands Merck & Co, Inc 1.2 107.7 1.29 United States -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 12/31/2000 -------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND RATES OF TOTAL RETURN(1) 1 YEAR 5 YEARS SINCE INCEPTION(2 -------------------------------------------------------------------------------- GLOBAL EQUITIES ACCOUNT -16.19% 13.55% 14.07% MSCI World Index -13.18 12.12 12.61 Lipper Global Fund Index -8.50 13.19 12.52 -------------------------------------------------------------------------------- CUMULATIVE RATES OF TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS SINCE INCEPTION(2) ANNUAL EXPENSES (IN BILLIONS) -------------------------------------------------------------------------------- -16.19% 88.77% 213.42% 0.35% $8.4 -13.18 77.17 180.34 -8.50 85.76 177.98 (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 UNITS YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. (2)INCEPTION DATE: 5/1/1992 -------------------------------------------------------------------------------- 2000 ANNUAL REPORT College Retirement Equities Fund o 7 GROWTH ACCOUNT INVESTMENT OBJECTIVE The CREF Growth Account seeks a favorable long-term rate of return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for exceptional growth. PORTFOLIO PROFILE o The account invests at least 80 percent of its assets in common stocks and other equity securities. o The account uses TIAA-CREF's Dual Investment Management Strategy (see page 4). The Enhanced Index portion aims to exceed the Russell 3000 Growth Index(R). o The Stock Selection segment can invest in companies of all sizes, including: large, well-known, established companies, particularly when we believe they have new or innovative products, services, or processes that enhance future earnings; smaller, less-seasoned companies with growth potential; and companies in new and emerging areas of the economy. o The account can buy foreign securities and other instruments if we believe they have superior investment potential. Depending on the investment opportunities, the account may have up to 60 percent of its assets in foreign securities. PERFORMANCE IN 2000 The CREF Growth Account completed 2000 with a total return of -20.56 percent. This was 1.86 percentage points ahead of its performance benchmark, the Russell 3000 Growth Index, but 9.68 percentage points behind other funds in the Lipper Growth Fund Index. One reason the account's performance trailed its peers is that the Russell 3000 Growth Index is more heavily weighted toward rapidly growing companies than broad market indexes such as the S&P 500 Index, which was down only 9.10 percent for the year. Many funds in the Lipper index use the S&P 500 as their benchmark. Like similar funds, the CREF Growth Account was hard hit by the slowing U.S. economy and the accompanying volatility in stock values as a whole. Contributing to market volatility were the loss of investor confidence in faltering technology stocks within the Nasdaq, staple investments for many growth funds; interest rate hikes by the Federal Reserve, concerned by signs of an overheating economy early in the year; and a drop in the high consumer spending of the past few years to more historically normal levels. $10,000 SINCE 4/29/1994 INCEPTION [The following table represents a line chart in the printed report.] Growth Russell 3000(R) Account Growth Index 4/1/94 10000 10000 12/31/94 10590 10823 12/31/95 14594 14957 12/31/96 18895 18876 12/31/97 23315 23389 12/31/98 31836 32563 12/31/99 38227 39379 12/31/2000 31779 31965 The graph assumes a $10,000 investment in the CREF Growth Account, on April 29, 1994. It shows that, by the end of 2000, the investment would have grown to $31,779. For comparison, the graph shows how a $10,000 investment in the Russell 3000 Growth Index, the Growth Account's benchmark, did over the same period. -------------------------------------------------------------------------------- Within this changing economic environment, the account's strong performance as compared with the benchmark resulted from successful stock selection in the consumer sector. An overweight position in Safeway (up 76 percent for the year) paid off, while an underweight position in Procter & Gamble (down 47 percent) also contributed to performance. The account's investments in Tyco International, which is not in the Russell 3000 Growth Index, boosted returns as well. During the year, the stock's value recovered from earlier accounting concerns, and investors began to favor Tyco and other companies with stable, diversified growth profiles. Additionally, our technology stock picks were strong enough to compensate for that industry's overall weakness. Tech stocks contributing to performance included Ciena Corp., a telecommunications equipment supplier. The account's positive results, compared with the benchmark, more than compensated for other factors that affected relative performance negatively. These included stock selections in certain consumer cyclicals, such as Clear Channel Communications and other entertainment and media companies. A slight underweight in the healthcare sector also dampened returns, although this was partially offset by investments in well-performing individual stocks such as Cardinal Health. On average, during 2000, individual stock picks made up about 58 percent of the Growth Account's portfolio (Stock Selection subportfolio), while we used quantitative techniques 8 o College Retirement Equities Fund 2000 ANNUAL REPORT to manage the other 42 percent (Enhanced Index subportfolio). Although some opportunities for advantageous stock selection continued throughout the year, we decreased the actively managed portion to 51 percent because of escalating market volatility and increased the enhanced index segment to 49 percent in the fourth quarter. This enhanced the portfolio's diversity, which helps mitigate the negative effects of volatility on performance. -------------------------------------------------------------------------------- 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 Index, which comprehensively measures the U.S. stock market. The Growth Index consists of companies in the Russell 3000 with higher price-to-book ratios and higher forecasted growth rates. -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION AS OF 12/31/2000 [Table below represents pie chart in the printed piece] ----------------------------- Technology 46.3% ----------------------------- Healthcare 21.7% ----------------------------- Producer Durables 8.1% ----------------------------- Consumer Cyclical 7.7% ----------------------------- Consumer Non-cyclical 5.8% ----------------------------- Utilities 3.3% ----------------------------- Financial Services 2.3% ----------------------------- Other 4.8% ----------------------------- -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 12/31/2000 -------------------------------------------------------------------------------- SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS -------------------------------------------------------------------------------- General Electric Co 20.8 $996.3 7.30 Pfizer, Inc 17.1 785.1 5.75 Cisco Systems, Inc 16.7 640.6 4.69 Intel Corp 17.0 511.4 3.75 EMC Corp 7.1 474.5 3.48 Microsoft Corp 10.1 439.0 3.22 Oracle Corp 13.7 399.3 2.93 Int'l Business Machines Corp 3.3 277.2 2.03 Merck & Co, Inc 2.6 241.3 1.77 Wal-Mart Stores, Inc 4.4 231.7 1.70 -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 12/31/2000 -------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND RATES OF TOTAL RETURN(1) 1 YEAR 5 YEAR SINCE INCEPTION(2) -------------------------------------------------------------------------------- GROWTH ACCOUNT -20.56% 17.66% 18.96% Russell 3000 Growth Index -22.42 17.08 19.06 Lipper Growth Fund Index -10.88 16.62 17.27 -------------------------------------------------------------------------------- CUMULATIVE RATES OF TOTAL RETURN(1) NET ASSET 1 YEAR 5 YEARS SINCE INCEPTION(2) ANNUAL EXPENSES (IN BILLIONS) -------------------------------------------------------------------------------- -20.56% 125.46% 219.06% 0.31% $13.6 -22.42 119.96 220.92 -10.88 115.69 189.43 (1)PAST PERFORMANCE SHOULDN'T BE TAKEN AS A GUARANTEE OF THE SAME FUTURE RATES THE OF RETURN FROM THE GROWTH ACCOUNT. FUTURE RETURNS WILL FLUCTUATE, AS WILL VALUE OF INVESTMENT PRINCIPAL. THE UNITS YOU OWN MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL VALUE UPON REDEMPTION. (2)INCEPTION DATE: 4/29/1994 -------------------------------------------------------------------------------- 2000 ANNUAL REPORT College Retirement Equities Fund o 9 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SUMMARY BY COUNTRY VALUE (000) % ------------ ------- DOMESTIC UNITED STATES ............. $ 94,206,051 77.71% ------------ -------- TOTAL DOMESTIC ............ 94,206,051 77.71 ------------ -------- FOREIGN ARGENTINA ................. 2,889 0.00 AUSTRALIA ................. 563,357 0.46 AUSTRIA ................... 22,040 0.02 BELGIUM ................... 250,624 0.21 BERMUDA ................... 1,251,641 1.03 BRAZIL .................... 56,274 0.05 CANADA .................... 1,150,019 0.95 DENMARK ................... 149,175 0.12 FINLAND ................... 757,084 0.62 FRANCE .................... 2,339,200 1.93 GERMANY ................... 1,818,195 1.50 GREECE .................... 18,780 0.02 HONG KONG ................. 317,289 0.26 HUNGARY ................... 4,603 0.00 INDIA ..................... 188,747 0.16 IRELAND ................... 219,401 0.18 ISRAEL .................... 1,604 0.00 ITALY ..................... 951,845 0.79 JAPAN ..................... 4,481,938 3.70 LUXEMBOURG ................ 7,386 0.01 MALAYSIA .................. 1,002 0.00 MEXICO .................... 60,765 0.05 NETHERLANDS ............... 1,806,504 1.49 NEW ZEALAND ............... 21,686 0.02 NORWAY .................... 96,281 0.08 PORTUGAL .................. 64,115 0.05 SINGAPORE ................. 251,782 0.21 SOUTH AFRICA .............. 61,989 0.05 SPAIN ..................... 606,168 0.50 SWEDEN .................... 525,199 0.43 SWITZERLAND ............... 1,635,055 1.35 TAIWAN .................... 5,471 0.00 UNITED KINGDOM ............ 4,550,369 3.75 ------------ -------- TOTAL FOREIGN ............. 24,238,477 19.99 SHORT TERM INVESTMENTS .... 2,790,229 2.30 ------------ -------- TOTAL PORTFOLIO ........... $121,234,757 100.00% ============ ======== ------------------ PRINCIPAL VALUE (000) ----------- ------------ BONDS--0.04% CORPORATE BONDS--0.04% AEROSPACE AND DEFENSE--0.00% BAE SYSTEMS PLC 428,481 (1) 7.450%, 11/30/03 ................................. $ 576 ------- TOTAL AEROSPACE AND DEFENSE....................... 576 ------- CONSUMER CYCLICAL--0.02% EXCEL LEGACY CORP $ 6,000 9.000%, 11/05/04 ................................. 5 3,000 10.000%, 11/05/04 ................................ 2 SEGA CORP 20,000,000 (2)e0.000%, 03/31/03 ................................. 115 SONY CORP 630,000,000 (2)e1.400%, 03/31/05 ................................. 11,475 TOWER AUTOMOTIVE, INC 8,000,000 5.000%, 08/01/04 ................................. 5,443 UGLY DUCKLING CORP (SUB DEB) 413,400 12.000%, 10/23/03 ................................ 413 ------- TOTAL CONSUMER CYCLICAL .......................... 17,453 ------- FINANCIAL SERVICES--0.01% BANCA INTESA S.P.A. (CV DEB) 210,884 (3) 4.700%, 01/01/03 ................................. 358 BANCA INTESA (CV DEB) (RISP) 16,220 (3) 3.500%, 01/01/03 ................................. 42 FUJI BANK 2,580,000,000 (2) 0.250%, 02/01/02 ................................. 17,430 ------- TOTAL FINANCIAL SERVICES ......................... 17,830 ------- TECHNOLOGY--0.01% INTERNATIONAL RECTIFIER CORP 3,000,000 4.250%, 07/15/07 ................................. 1,988 SOLECTRON CORP 19,100,000 0.000%, 11/20/20 ................................. 9,789 ------- TOTAL TECHNOLOGY ................................. 11,777 ------- TOTAL CORPORATE BONDS (COST $41,298) ................................... 47,636 ------- GOVERNMENT BONDS--0.00% U.S. TREASURY BOND 325,000 11.750%, 02/15/01 ................................ 327 ------- TOTAL GOVERNMENT BOND (COST $381) ...................................... 327 ------- BONDS (COST $41,679) ................................... 47,963 ------- -------------- (1) Denominated in British Pounds (2) Denominated in Japanese Yen (3) Denominated in Italian Lira SHARES ------ PREFERRED STOCK--0.19% BASIC INDUSTRIES--0.01% 1,670 BUHRMANN NV .................................. 5 900,000 COPENE-PETROQUIMICA DO NORDESTE S.A .......... 277 60,973 DYCKERHOFF ZEMENTWERKE AG .................... 1,085 58,800 FREEPORT-MCMORAN COPPER & GOLD ............... 588 132,287 SEALED AIR CORP (CLASS A) .................... 4,266 475,800 USINAS SIDER MINAS GERAIS S.A ................ 2,142 88,032 * VALE DO RIO DOCE NAVEGACAO S.A SERIES A ..................................... 2,143 ------------ TOTAL BASIC INDUSTRIES ....................... 10,506 ------------ CONSUMER CYCLICAL--0.05% 210,200 HARCOURT GENERAL, INC SERIES A ............... 16,585 5,680 HUGO BOSS AG ................................. 1,520 12,017 MAN AG ....................................... 239 4,669,317 NEWS CORP LTD ( LTD- VOTE) ................... 33,213 115,446 * O'SULLIVAN INDUSTRIES HOLDINGS, INC .......... 49 18,300 PRICE ENTERPRISES, INC ....................... 265 118,791 * PROSIEBEN SAT.1 MEDIA AG ..................... 3,536 37,841 e VOLKSWAGEN AG ................................ 1,158 ------------ TOTAL CONSUMER CYCLICAL ...................... 56,565 ------------ CONSUMER NON-CYCLICAL--0.00% 8,300,000 BOMBRIL S.A .................................... 74 15,255,500 COMPANHIA DE BEDIDAS DAS AMERICAS .............. 3,677 ------------ TOTAL CONSUMER NON-CYCLICAL .................... 3,751 ------------ ENERGY--0.01% 82,969,707 CEMIG S.A ...................................... 1,200 205,239 PETROBRAS S.A .................................. 4,818 ------------ TOTAL ENERGY ................................... 6,018 ------------ 10 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- FINANCIAL SERVICES--0.03% 22,520,000 BANCO ITAU S.A ............................... 2,137 7,100,000 BANESPA S.A. SERV TECNICOS E ADMIN ........... 218 657,424,171 BRADESCO S.A ................................. 4,720 44,034 * CORRECTIONS CORP OF AMERICA (CLASS B) ........ 319 161 * CRIIMI MAE, INC .............................. 1 23,604 * INTERNATIONALE NEDERLANDEN GROEP NV .......... 78 18,432 KIMCO REALTY CORP SERIES D ................... 503 205,000 MARSCHOLLER LAUT UND PARTNER ................. 22,423 11,020 * PRIME RETAIL, INC ............................ 65 ------------ TOTAL FINANCIAL SERVICES ..................... 30,464 ------------ HEALTH CARE--0.01% 941,176 * ADVANCED MEDICINE SERIES C ................... 8,471 444,445 * ADVANCED MEDICINE SERIES D ................... 4,000 816,100 * FRESENIUS MEDICAL CARE HOLDINGS .............. 24 8,534 e MEDIQ, INC SERIES ............................ 2 2,758,725 f* NETGENICS, IND CV SERIES D ................... 6,345 ------------ TOTAL HEALTH CARE ............................ 18,842 ------------ TECHNOLOGY--0.02% 185,108 SAP AG ....................................... 26,209 9,807 SUPERIOR TRUST I SERIES A .................... 66 ------------ TOTAL TECHNOLOGY ............................. 26,275 ------------ TRANSPORTATION--0.02% 495,900 UNION PACIFIC CAPITAL TRUST .................. 23,183 ------------ TOTAL TRANSPORTATION ......................... 23,183 ------------ UTILITIES--0.04% 668,800 COMCAST CORP 10/15/29 ........................ 28,758 50,000 * COMCAST CORP 11/15/29 ........................ 1,942 23,122,930 ELECTROBRAS S.A. SERIES B .................... 427 147,565,624 EMBRATEL PARTICIPACOES S.A ................... 2,240 169,544,371 TELECENTROESTE CELULAR PART S.A .............. 589 242,267,124 TELECENTRO-SUL PARTICIPACOES S.A ............. 2,783 211,923,134 TELENORTE-LESTE PARTICIPACOES S.A ............ 4,564 66,270,911 TELESP CELULAR S.A ........................... 698 190,267,124 TELESUL CELULAR PARTICIPACOES S.A ............ 503 150,000 * VIATEL FIN TRUST ............................. 887 ------------ TOTAL UTILITIES .............................. 43,391 ------------ TOTAL PREFERRED STOCK (COST $ 217,144) ............................. 218,995 ------------ COMMON STOCK--98.77% AEROSPACE AND DEFENSE--0.91% 161,225 AAR CORP ..................................... 2,035 76,900 * ALLIANT TECHSYSTEMS, INC ..................... 5,133 100,800 * ARMOR HOLDINGS, INC .......................... 1,758 5,605,086 BAE SYSTEMS PLC .............................. 31,984 5,519,682 BOEING CO .................................... 364,299 635,760 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) ....... 14,464 50,000 EMPRESA BRASILEIRA DE AERONAUTICA S.A ........ 317 1,931,674 GENERAL DYNAMICS CORP ........................ 150,671 7,998,585 * GENERAL MOTORS CORP (CLASS H) ................ 183,967 47,373 HEICO CORP ................................... 740 130,030 * HEXCEL CORP .................................. 1,162 126,900 KAMAN CORP (CLASS A) ......................... 2,141 2,392,762 LOCKHEED MARTIN CORP ......................... 81,234 25,700 * MOOG, INC (CLASS A) .......................... 745 196,050 e* MOTIENT CORP ................................. 784 359,975 NORTHROP GRUMMAN CORP ........................ 29,878 186,617 * ORBITAL SCIENCES CORP ........................ 770 140,142 * PANAMSAT CORP ................................ 4,861 180,200 * PEGASUS COMMUNICATIONS CORP .................. 4,640 270,200 PERKINELMER, INC ............................. 28,371 233,500 PRECISION CAST PARTS CORP .................... 9,822 1,101,798 RAYTHEON CO (CLASS A) ........................ 31,952 830,151 RAYTHEON CO (CLASS B) ........................ 25,787 223,050 * REMEC, INC ................................... 2,147 13,544,141 * ROLLS-ROYCE PLC .............................. 40,110 767,414 SMITH GROUP PLC .............................. 9,263 169,701 * TELEDYNE TECHNOLOGIES, INC ................... 4,009 942,382 THALES.EX THOMSON CFS ........................ 45,169 70,130 * TRIUMPH GROUP, INC ........................... 2,875 48,648 * ZODIAC S.A ................................... 13,429 ------------ TOTAL AEROSPACE AND DEFENSE .................. 1,094,517 ------------ BASIC INDUSTRIES--3.29% 726,350 ABITIBI CONSOLIDATED, INC .................... 6,674 88,365 ACCIONA S.A .................................. 3,236 73,450 ACERINOX S.A ................................. 2,241 22,940 b* ACME METALS, INC ............................. 0 54,267 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A ................................ 1,279 88,940 b,e* AGRIBIOTECH, INC ............................. 0 240,700 AGRIUM, INC .................................. 3,469 1,402,726 AIR PRODUCTS & CHEMICALS, INC ................ 57,512 293,550 * AIRGAS, INC .................................. 2,000 321,339 AK STEEL HOLDINGS CORP ....................... 2,812 1,821,735 AKZO NOBEL NV ................................ 97,836 181,570 * ALBANY INTERNATIONAL CORP (CLASS A) NEW ...... 2,440 139,506 ALBEMARLE CORP ............................... 3,453 690,527 ALCAN ALUMINIUM CO LTD (CANADA) .............. 23,608 67,546 * ALCAN ALUMINIUM LTD (SWITZERLAND) ............ 2,376 8,616,575 ALCOA, INC ................................... 288,655 563,651 ALLEGHENY TECHNOLOGIES, INC .................. 8,948 110,334 * ALLTRISTA CORP ............................... 1,490 164,150 AMCOL INTERNATIONAL CORP ..................... 780 448,652 e AMCOR LTD .................................... 1,308 431,448 * AMERICAN STANDARD COS, INC ................... 21,276 158,722 ANGLO AMERICAN PLATINUM CORP LTD ............. 7,380 41,187 ANGLOGOLD LTD ................................ 1,202 224,864 APTARGROUP, INC .............................. 6,605 87,600 ARACRUZ CELLULOSE S.A. (SPON ADR) ............ 1,309 113,445 ARCH CHEMICALS, INC .......................... 2,014 345,389 ARCH COAL, INC ............................... 4,879 222,084 e ARMSTRONG HOLDINGS, INC ...................... 458 1,282,000 e ASAHI GLASS CO LTD ........................... 10,586 6,892,000 ASAHI KASEI CORP ............................. 39,711 34,301 ASKO OYJ SERIES A ............................ 604 106,205 ASSIDOMAN AB ................................. 2,139 75,000 ASTRAZENECA PLC (SPONS ADR) .................. 3,863 83,168 ASTRUIANA DE ZINC S.A. MINES ................. 726 176,700 b* ATKINSON (G.F.) CO OF CALIFORNIA ............. 0 42,800 * AVATAR HOLDINGS, INC ......................... 904 3,600 e* AVIATION SALES CO ............................ 9 195,536 BALL CORP .................................... 9,007 293,214 BARRATT DEVELOPMENTS PLC ..................... 1,301 826,713 BARRICK GOLD CORP ............................ 13,546 52,000 BARRICK GOLD CORP (U.S.) ..................... 852 1,475,959 e BASF AG ...................................... 67,141 888,550 * BATTLE MOUNTAIN GOLD CO ...................... 1,499 1,011,489 e BAYER AG ..................................... 53,277 277,200 BEMIS CO ..................................... 9,304 178,198 BERKELEY GROUP PLC ........................... 2,010 817,732 * BETHLEHEM STEEL CORP ......................... 1,431 4,695,412 BHP LTD ...................................... 49,461 47,281 BILFINGER & BERGER BAU AG .................... 577 597,297 BLACK & DECKER CORP .......................... 23,444 647,629 BLUE CIRCLE INDUSTRIES PLC ................... 4,266 539,787 BOC GROUP PLC ................................ 8,200 22,143 BOHLER-UDDEHOLM AG. (BR) ..................... 717 271,632 BOISE CASCADE CORP ........................... 9,134 843,218 e BORAL LTD .................................... 970 373,496 BOWATER, INC ................................. 21,056 72,700 BRUSH ENGINEERED MATERIALS, INC .............. 1,468 256,527 * BUCKEYE TECHNOLOGIES, INC .................... 3,607 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 11 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- BASIC INDUSTRIES--(CONTINUED) 68,103 BUDERUS AG ................................... $ 1,426 89,944 e BUHRMANN NV .................................. 2,411 532,900 CABOT CORP ................................... 14,055 157,579 * CABOT MICROELECTRONICS CORP .................. 8,184 212,881 CALGON CARBON CORP ........................... 1,211 145,500 CAMBREX CORP ................................. 6,584 268,500 CAMECO CORP .................................. 4,692 212,100 CARAUSTAR INDUSTRIES, INC .................... 1,988 800 * CARBIDE/GRAPHITE GROUP, INC .................. 2 176,100 CARLISLE COS, INC ............................ 7,561 117,922 CARPENTER TECHNOLOGY CORP .................... 4,127 600 CARRILLION PLC ............................... 1 3,611,497 CARTER HOLT HARVEY LTD ....................... 2,621 63,000 CCL INDUSTRIES, INC (CLASS B) ................ 367 392,000 * CELGENE CORP ................................. 12,740 274,448 CEMENTIR S.P.A ............................... 390 1,462,077 CEMEX S.A. DE CV-CPO ......................... 5,288 42,500 CENTEX CONSTRUCTION PRODUCTS, INC ............ 1,161 284,662 CENTEX CORP .................................. 10,693 3,600 CENTURY ALUMINUM CO .......................... 41 253,003 * CHAMPION ENTERPRISES, INC .................... 696 36,900 CHEMED CORP .................................. 1,241 129,000 CHEMFIRST, INC ............................... 2,846 90,100 CHESAPEAKE CORP .............................. 1,853 1,000 * CHIYODA CORP ................................. 1 120,570 CIMPOR CIMENTOS DE PORTUGAL .................. 3,011 159,750 CLARCOR, INC ................................. 3,305 581,614 CLAYTON HOMES, INC ........................... 6,689 66,381 CLEVELAND CLIFFS, INC ........................ 1,431 19,000 e* COEUR D'ALENE MINES CORP ..................... 18 279,949 * COLLINS & AIKMAN CORP ........................ 1,172 152,600 * COMFORT SYSTEMS U.S.A., INC .................. 324 303,638 COMINCO LTD .................................. 5,064 91,021 COMMERCIAL METALS CO ......................... 2,025 97,075,000 COMPANIA SIDERURGICA NACIONAL S.A ............ 3,091 495,690 CONSOL ENERGY, INC ........................... 13,848 4,523,550 CORUS GROUP PLC .............................. 4,764 137,427 CRH PLC (IRELAND) ............................ 2,557 3,520,509 CRH PLC (UNITED KINGDOM) ..................... 65,621 686,934 CROMPTON CORP ................................ 7,213 42,500 * CROSSMANN COMMUNITIES, INC ................... 893 847,375 CROWN CORK & SEAL CO, INC .................... 6,302 3,305 b* CROWN VANTAGE, INC ........................... 0 951,777 e CSR LTD ...................................... 2,475 237,157 * CYTEC INDUSTRIES, INC ........................ 9,471 4,641,714 DAICEL CHEMICAL INDUSTRIES LTD ............... 14,104 1,076,000 DAINIPPON INK & CHEMICAL, INC ................ 3,204 149,241 DAITO TRUST CONSTRUCTION CO LTD .............. 2,679 1,043,000 DAIWA HOUSE INDUSTRY CO LTD .................. 6,485 301,900 * DAL-TILE INTERNATIONAL, INC .................. 4,283 96,525 * DEL WEBB CORP ................................ 2,823 882,074 * DELTA GOLD LTD ............................... 564 62,808 DELTIC TIMBER CORP ........................... 1,500 674,000 DENKI KAGKU KOGYO ............................ 2,319 135,400 * DIONEX CORP .................................. 4,671 142,764 DOFASCO, INC ................................. 1,910 432,200 DOMTAR, INC .................................. 3,899 4,371,249 DOW CHEMICAL CO .............................. 160,097 980,360 DRAGADOS Y CONSTRUCCIONES S.A ................ 10,677 347,507 DSM NV ....................................... 12,173 6,930,707 DU PONT (E.I.) DE NEMOURS & CO ............... 334,840 5,308 DYCKERHOFF AG ................................ 127 407,780 e* EARTHSHELL CORP .............................. 522 521,798 EASTMAN CHEMICAL CO .......................... 25,438 4 * ECOGEN, INC .................................. 0 633,950 ECOLAB, INC .................................. 27,379 111,750 ELCOR CORP ................................... 1,886 69,051 ELKEM AS ..................................... 1,104 49,600 e* EMCOR GROUP, INC ............................. 1,265 344,477 * ENCOMPASS SERVICES CORP ...................... 1,744 6,050 * ENCORE WIRE CORP ............................. 35 84,500 * ENERGY CONVERSION DEVICES, INC ............... 1,711 660,455 ENGELHARD CORP ............................... 13,457 13,213 ERAMET ....................................... 540 202,000 ETHYL CORP ................................... 290 2,100 b* FAMILY GOLF CENTERS, INC ..................... 0 202,571 FERRO CORP ................................... 4,659 190,600 FLEETWOOD ENTERPRISES, INC ................... 2,001 1,015,935 * FLETCHER CHALLENGE LTD (BUILDING DIVISION) ... 881 1,132,663 * FLETCHER CHALLENGE LTD (FORESTS DIVISION) .... 140 93,638 FLORIDA ROCK INDUSTRIES, INC ................. 3,664 420,500 * FLUOR CORP (NEW) ............................. 13,903 136,167 * FMC CORP ..................................... 9,761 20,800 * FOAMEX INTERNATIONAL, INC .................... 112 236,644 FOMENTO CONSTRUCCIONES Y CONTRATAS S.A ....... 4,488 2,857 FORBO HOLDINGS AG. (REGD) .................... 1,287 225,602 FOSTER WHEELER CORP .......................... 1,184 588,328 * FREEPORT - MCMORAN COPPER & GOLD, INC (CLASS A) .................................. 4,854 150,364 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) .................................... 1,287 1,000 * FUJITA CORP .................................. 0 78,524 FULLER (H.B.) CO ............................. 3,098 531,188 * GAYLORD CONTAINER CORP (CLASS A) ............. 531 34,160 GENTEK, INC .................................. 564 185,081 GEORGIA GULF CORP ............................ 3,158 1,195,057 GEORGIA-PACIFIC CORP (PACKING GROUP) ......... 37,196 470,100 GEORGIA-PACIFIC CORP (TIMBER GROUP) .......... 14,074 98,500 GIBRALTAR STEEL CORP ......................... 1,730 168,548 GLATFELTER (P.H.) CO ......................... 2,098 6,738 e GLAVERBEL S.A ................................ 505 58 e GLAVERBEL STRIP NPV (VVPR) ................... 0 200,000 GOLD FIELDS LTD .............................. 679 514,618 GOODRICH (B.F.) CO ........................... 18,719 382,300 * GRACE W.R. & CO .............................. 1,219 111,849 GRANITE CONSTRUCTION, INC .................... 3,237 279,500 GREAT LAKES CHEMICAL CORP .................... 10,394 50,400 GREIF BROTHERS CORP (CLASS A) ................ 1,436 47,941 GRUPO EMPRESARIAL ENCE S.A ................... 783 1,994,996 HANSON PLC ................................... 13,679 202,000 * HASEKO CORP .................................. 64 1,000 * HAZAMA-GUMI LTD .............................. 0 34,500 * HECLA MINING CO .............................. 17 23,132 HEIDELBERGER ZEMENT AG. (BELGIUM) ............ 1,019 54,607 HEIDELBERGER ZEMENT AG. (GERMANY) ............ 2,487 23,132 HEIDELBERGER ZEMENT AG. (STRIP VVPR) ......... 0 629,850 HERCULES, INC ................................ 12,007 974,000 HIMACHAL FUTURISTIC COMMUNICATIONS LTD ....... 26,583 83,074 HOCHTIEF AG .................................. 1,630 13,123 HOLDERBANK FINANCIERE GLARUS AG (BR) SERIES B .............................. 15,791 1,352 HOLDERBANK FINANCIERE GLARUS AG (REGD) SERIES B ............................ 442 1,570,424 HOMESTAKE MINING CO .......................... 6,576 311,566 HORTON (D.R.), INC ........................... 7,614 490,979 ICN PHARMACEUTICALS, INC ..................... 15,067 235,752 ILUKA RESOURCES LTD .......................... 542 538,492 IMC GLOBAL, INC .............................. 8,380 56,785 IMERYS S.A ................................... 6,451 56,891 IMPALA PLATINUM HOLDINGS LTD ................. 2,899 529,369 IMPERIAL CHEMICAL INDUSTRIES PLC ............. 4,365 726,510 IMPREGILO S.P.A .............................. 396 621,245 INAX CORP .................................... 3,139 12 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- BASIC INDUSTRIES--(CONTINUED) 700,858 * INCO LTD CO .................................. $ 11,712 560,000 * INCO LTD CO (U.S.) ........................... 9,386 112,800 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ....... 4,498 191,200 * INTEGRATED ELECTRICAL SERVICES, INC .......... 1,135 2,839,987 INTERNATIONAL PAPER CO ....................... 115,907 158,800 * INTERNATIONAL SPECIALTY PRODUCTS, INC ........ 1,062 62,600 INTERPOOL, INC ............................... 1,068 252,588 * ISCOR LTD .................................... 417 342,000 * ISHIHARA SANGYO KAISHA LTD ................... 611 160,293 e ITALCEMENTI S.P.A ............................ 1,341 72,574 ITALCEMENTI S.P.A. (S/S) ..................... 290 123,450 * IVEX PACKAGING CORP .......................... 1,350 144,497 * JACOBS ENGINEERING GROUP, INC ................ 6,674 392,145 JAMES HARDIE INDUSTRIES LTD .................. 784 550,000 * JAPAN STEEL WORKS LTD ........................ 443 2,936,002 JEFFERSON SMURFIT GROUP PLC .................. 5,789 187,000 e JGC CONSTRUCTION CORP ........................ 1,276 452,330 JOHNSON MATTHEY PLC .......................... 7,129 157,100 * KAISER ALUMINUM CORP ......................... 579 644,000 KAJIMA CORP .................................. 1,788 750 KANDENKO CO LTD .............................. 4 360,000 e KANEKA CORP .................................. 3,408 280,259 KAUFMAN & BROAD HOME CORP .................... 9,441 2,796,000 KAWASAKI STEEL CORP .......................... 2,889 112,937 KEMIRA OYJ ................................... 573 3,059,255 KIMBERLY-CLARK CORP .......................... 216,259 589,000 KINDEN CORP .................................. 3,378 8,000 * KOMATSU CONSTRUCTION CO LTD .................. 9 544,000 KUREHA CHEMICAL INDUSTRY CO LTD .............. 1,305 181,823 LAFARGE CORP ................................. 4,296 34,880 e LAFARGE S.A. (BR) ............................ 2,924 31,420 f LAFARGE S.A. (REGD) .......................... 2,634 72,368 f LAFARGE S.A. (REGD) 2001 ..................... 6,068 122,781 L'AIR LIQUIDE ................................ 18,318 36,242 f L'AIR LIQUIDE S.A. (REGD) .................... 5,407 60,500 * L'AIR LIQUIDE S.A. (REGD) 2001 ............... 9,026 372,219 LEIGHTON HOLDINGS LTD ........................ 1,305 285,334 LENNAR CORP .................................. 10,343 112,073 LENNOX INTERNATIONAL, INC .................... 869 3,900 LENZING AG ................................... 293 50,781 e LINDE AG ..................................... 2,465 900 LIQUI-BOX CORP ............................... 34 147,259 * LONE STAR TECHNOLOGIES, INC .................. 5,669 303,700 LONGVIEW FIBRE CO ............................ 4,100 4,595 LONMIN PLC ................................... 67 3,449 LONZA AG. (REGD) ............................. 2,005 584,605 LOUISIANA PACIFIC CORP ....................... 5,919 628,013 e LTV CORP ..................................... 216 311,831 LUBRIZOL CORP ................................ 8,030 456,711 LYONDELL CHEMICAL CO ......................... 6,993 98,100 MACDERMID, INC ............................... 1,864 300,000 MAEDA ROAD CONSTRUCTION CO LTD ............... 1,222 300,694 MARTIN MARIETTA MATERIALS, INC ............... 12,719 2,607,220 MASCO CORP ................................... 66,973 420,500 MASSEY ENERGY CO ............................. 5,361 93,400 * MATTSON TECHNOLOGY, INC ...................... 963 12,200 MAYR-MELNHOF KARTON AG ....................... 538 127,800 MDC HOLDINGS, INC ............................ 4,211 672,532 MEAD CORP .................................... 21,101 147,300 METALS U.S.A., INC ........................... 414 636,100 * METHANEX CORP ................................ 4,087 322,124 METRIS COS, INC .............................. 8,476 371,824 MILLENNIUM CHEMICAL, INC ..................... 6,739 2,799,377 e MIM HOLDINGS LTD ............................. 1,805 98,900 MINERALS TECHNOLOGIES, INC ................... 3,381 836 MISAWA HOMES CO LTD .......................... 2 3,405,000 MITSUBISHI CHEMICAL CORP ..................... 8,975 1,091,000 MITSUBISHI GAS CHEMICAL CO, INC .............. 3,296 1,337,000 e MITSUBISHI MATERIALS CORP .................... 3,196 861,000 MITSUBISHI PAPER MILLS LTD ................... 1,802 400 MITSUI CHEMICALS, INC ........................ 2 641,000 MITSUI MINING & SMELTING CO LTD .............. 4,939 46,100 * MOBILE MINI, INC ............................. 1,060 214,100 * MUELLER INDUSTRIES, INC ...................... 5,741 275,100 * NAMPAK LTD ................................... 405 450 NATIONAL IRON & STEEL MILLS LTD .............. 1 130,650 NATIONAL STEEL CORP (CLASS B) ................ 155 15,800 NCH CORP ..................................... 600 106,500 * NCI BUILDING SYSTEMS, INC .................... 2,004 1,136 NEW WORLD INFRASTUCTURE LTD .................. 1 407,936 NEWCREST MINING LTD .......................... 991 954,816 NEWMONT MINING CORP .......................... 16,292 480,500 NEXFOR, INC .................................. 2,271 1,000 * NIPPON DENKO CO LTD .......................... 1 1,616,000 NIPPON LIGHT METAL CO LTD .................... 1,231 543,000 NIPPON OIL & FATS CO LTD ..................... 1,113 1,629,000 NIPPON PAPER INDUSTRIES CO ................... 9,714 431,000 NIPPON SHEET GLASS CO LTD .................... 5,261 170,000 NIPPON SHOKUBAI CO LTD ....................... 652 8,123,000 NIPPON STEEL CORP ............................ 13,444 658,000 e NISHIMATSU CONSTRUCTION CO LTD ............... 2,247 200 e NKK CORP ..................................... 0 124,000 NL INDUSTRIES, INC ........................... 3,007 623,700 NORANDA, INC ................................. 6,208 1,134,770 NORMANDY MINING LTD .......................... 612 36,795 NORSKE SKOGINDUSTRIER ASA SERIES A ........... 1,548 2,400 NORSKE SKOGINDUSTRIER ASA .................... 79 53,500 * NORTEK, INC .................................. 1,267 750,153 NOVAR PLC .................................... 2,252 68,279 * NOVOZYMES A/S (CLASS B) ...................... 1,366 100,700 * NS GROUP, INC ................................ 952 408,354 NUCOR CORP ................................... 16,207 56,143 * NVR, INC ..................................... 6,939 275,705 * OAK TECHNOLOGY, INC .......................... 2,395 135,490 * OAKLEY, INC .................................. 1,829 1,252,000 OBAYASHI CORP ................................ 5,394 1,408,334 OJI PAPER CO LTD ............................. 7,276 616,000 OKUMURA CORP ................................. 2,077 214,490 OLIN CORP .................................... 4,746 115,600 OM GROUP, INC ................................ 6,315 204,624 OMNOVA SOLUTIONS, INC ........................ 1,228 568,750 * ONESTEEL LTD ................................. 300 188,345 ORICA LTD .................................... 603 175,890 e OUTOKUMPU OYJ SERIES A ....................... 1,329 302,058 b,e OWENS CORNING CO ............................. 245 935,981 * OWENS ILLINOIS, INC .......................... 5,323 237,800 * PACKAGING CORP OF AMERICA .................... 3,835 995,046 * PACTIV CORP .................................. 12,314 71,325 * PALM HARBOR HOMES, INC ....................... 1,123 366,315 PAPERLINX LTD ................................ 674 165,334 PECHINEY S.A ................................. 7,558 7,100 PENN ENGINEERING & MANUFACTURING CORP ........ 250 29,200 PENN VIRGINIA CORP ........................... 969 284,000 PENTA OCEAN CONSTRUCTION CO LTD .............. 331 271,200 PENTAIR, INC ................................. 6,560 50 * PENWEST PHARMACEUTICALS CO ................... 1 530,619 PHELPS DODGE CORP ............................ 29,615 100 * PHILIP SERVICES CORP ......................... 0 1,220,558 * PILKINGTON PLC ............................... 2,024 692,675 PLACER DOME, INC ............................. 6,664 21,448 PLACER DOME, INC (U.S.) ...................... 206 279,600 e PLUM CREEK TIMBER CO, INC .................... 7,270 545,584 POLYONE CORP ................................. 3,205 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 13 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- BASIC INDUSTRIES--(CONTINUED) 76,900 POPE & TALBOT, INC ........................... $ 1,293 31,154 PORTLAND VALDERRIVAS S.A ..................... 597 79,788 PORTUCEL INDUSTRIA EMPRESA ................... 543 157,737 POTASH CORP OF SASKATCHEWAN, INC ............. 12,319 85,000 POTASH CORP OF SASKATCHEWAN, INC (U.S.) ...... 6,657 93,059 POTLATCH CORP ................................ 3,123 931,700 PPG INDUSTRIES, INC .......................... 43,149 1,167,680 PRAXAIR, INC ................................. 51,816 1,000 PRESTIGE PROPERTY HOLDINGS LTD ............... 0 176,361 PULTE CORP ................................... 7,440 85,129 QUANEX CORP .................................. 1,713 182,425 e RAUTARUUKKI OYJ SERIES K ..................... 654 159,939 RAYONIER, INC ................................ 6,368 1,038,020 * RELIANCE INDUSTRIES LTD ...................... 7,529 121,050 RELIANCE STEEL & ALUMINUM CO ................. 2,996 733,425 REXAM PLC .................................... 2,465 17,730 RHI AG ....................................... 350 889,394 e RIO TINTO LTD ................................ 14,549 2,618,934 RIO TINTO LTD PLC (REGD) ..................... 46,085 76,365 RMC GROUP PLC ................................ 672 72,000 ROCK-TENN CO (CLASS A) ....................... 536 1,259,094 ROHM & HAAS CO ............................... 45,721 347,057 RPM, INC ..................................... 2,972 95,400 * RTI INTERNATIONAL METALS, INC ................ 1,365 133,337 RYERSON TULL, INC ............................ 1,100 86,300 RYLAND GROUP, INC ............................ 3,517 550 e* SANKYO ALUMINIUM INDUSTRY CO LTD ............. 0 428,000 SANWA SHUTTER CORP ........................... 858 42,189 e SAPA AB ...................................... 617 153,929 SAPPI LTD .................................... 1,100 474,984 SASOL LTD .................................... 3,071 836,590 e SCA AB SERIES B .............................. 17,777 175,677 SCHULMAN (A.), INC ........................... 2,020 162,000 * SCICLONE PHARMACEUTICALS, INC ................ 648 310,367 * SEALED AIR CORP .............................. 9,466 1,207,000 SEKISUI CHEMICAL CO LTD ...................... 3,435 1,008,150 SEKISUI HOUSE LTD ............................ 9,225 235,800 * SHAW GROUP, INC .............................. 11,790 741,111 SHERWIN-WILLIAMS CO .......................... 19,500 549,000 SHIMIZU CORP ................................. 1,625 1,863,745 SHIN-ETSU CHEMICAL CO LTD .................... 71,808 24,700 SHO-BOND CORP ................................ 340 1,255,378 * SHOWA DENKO K.K .............................. 1,715 471,914 SIGMA ALDRICH CORP ........................... 18,552 12,100 * SILGAN HOLDINGS, INC ......................... 109 49,800 * SIMPSON MANUFACTURING CO, INC ................ 2,540 102,511 e SKANSKA AB SERIES B FREE ..................... 4,237 51,518 SKYLINE CORP ................................. 976 579,079 SMURFIT (JEFFERSON) GROUP PLC ................ 1,112 2,782,336 * SMURFIT-STONE CONTAINER CORP ................. 41,561 5,399,571 SNIA S.P.A ................................... 11,660 604,880 SOLUTIA, INC ................................. 7,259 76,634 SOLVAY S.A ................................... 4,274 598,161 SONOCO PRODUCTS CO ........................... 12,935 43,234 SONS OF GWALIA LTD ........................... 148 112,100 SOUTHERN PERU COPPER CORP .................... 1,443 91,300 SPARTECH CORP ................................ 1,877 400 * SPECIAL METALS CORP .......................... 1 188,426 COMPAGNIE DE SAINT-GOBAIN S.A ................ 29,598 176,400 ST. JOE CO ................................... 3,881 139,951 STANDARD-PACIFIC CORP ........................ 3,271 435,636 STANLEY WORKS CO ............................. 13,586 34,000 f STARRETT (L.S.) CO (CLASS B) ................. 799 252,300 * STEEL DYNAMICS, INC .......................... 2,775 252,412 * STILLWATER MINING CO ......................... 9,932 55,919 b* STONE & WEBSTER, INC ......................... 70 175,378 * STORA ENSO OYJ (SPONS ADR) ................... 2,061 2,515,000 SUMITOMO CHEMICAL CO LTD ..................... 12,487 274,000 SUMITOMO FORESTRY CO LTD ..................... 1,931 8,102,000 * SUMITOMO METAL INDUSTRIES LTD ................ 4,611 771,000 e SUMITOMO METAL MINING CO LTD ................. 4,037 352,687 SUMITOMO OSAKA CEMENT CO LTD ................. 1,180 6,800 b* SUNSHINE MINING & REFINING CO ....... ........ 0 18,000 * SUZUNUI INDUSTRY CO LTD ...................... 19 79,050 e SVENSKT STAL AB (SAAB) SERIES A .............. 754 142,387 e SVENSKT STAL AB SERIES B ..................... 1,290 71,603 * SYNGENTA AG .................................. 3,844 9,319 * SYNGENTA AG. ADR ............................. 102 2,440,200 TAIHEIYO CEMENT CORP ......................... 4,188 1,769,000 TAISEI CORP .................................. 3,547 638,568 TAYLOR WOODROW PLC ........................... 1,703 292,116 * TECHNE CORP .................................. 10,534 114,400 TECK CORP LTD (CLASS B) ...................... 1,082 229,890 TEMPLE-INLAND, INC ........................... 12,328 120,471 TEXAS INDUSTRIES, INC ........................ 3,614 702,199 e THYSSENKRUPP AG .............................. 10,878 1,000 TOA CORP ..................................... 1 360,000 TODA CONSTRUCTION CO ......................... 1,649 124,066 * TOLL BROTHERS, INC ........................... 5,071 4,881,000 TOSOH CORP ................................... 13,378 278,380 TOSTEM CORP .................................. 3,459 440,500 e TOTO LTD ..................................... 3,144 483,900 TOYO SEIKAN KAISHA LTD ....................... 7,881 349,730 * TRANSURBAN GROUP ............................. 886 152,769 TREDEGAR CORP ................................ 2,664 134,522 e TRELLEBORG AB SERIES B FREE .................. 969 33,700 * TREX CO, INC ................................. 849 64,000 TUBOS DE ACERO DE MEXICO S.A ................. 879 593,000 UBE INDUSTRIES LTD ........................... 1,335 686,438 UNION CARBIDE CORP ........................... 36,939 29,718 e UNION MINIERE GROUP S.A ...................... 1,116 82,700 UNIVERSAL FOREST PRODUCTS, INC ............... 1,096 236,474 e UPM-KYMMENE OYJ .............................. 8,115 168,220 URALITA S.A .................................. 963 78,100 * URS CORP ..................................... 1,147 1,500 US AGGREGATES, INC ........................... 12 508,620 USEC, INC .................................... 2,193 241,920 e USG CORP ..................................... 5,443 286,252 USINOR ....................................... 3,779 504,653 USX-US STEEL GROUP, INC ...................... 9,084 54,520 * VELOCITYHSI, INC ............................. 1 138,060 VINCI ........................................ 8,490 1,744 VOEST-ALPINE STAHL AG ........................ 48 536,183 VULCAN MATERIALS CO .......................... 25,670 165,300 * WASHINGTON GROUP INTERNATIONAL, INC .......... 1,353 17,039 * WASHINGTON GROUP INTERNATIONAL, INC WT 03/11/03 .................................. 34 116,000 WATSCO, INC .................................. 1,336 301,532 WAUSAU-MOSINEE PAPER CORP .................... 3,053 126,400 WD-40 CO ..................................... 2,457 32,300 * WEIRTON STEEL CORP ........................... 38 187,700 WELLMAN, INC ................................. 2,651 62,487 WEST PHARMACEUTICAL SERVICES, INC ............ 1,535 638,521 WESTVACO CORP ................................ 18,637 1,554,354 WEYERHAEUSER CO .............................. 78,883 61,820 WIENERBERGER BAUSTOFF AG ..................... 1,110 540,372 WILLAMETTE INDUSTRIES, INC ................... 25,364 395,505 WIMPEY (GEORGE) LTD .......................... 886 4,469,275 e WMC LTD ...................................... 19,017 753,806 WOLSELEY PLC ................................. 5,180 84,200 * WOLVERINE TUBE, INC .......................... 1,010 420,912 WORTHINGTON INDUSTRIES, INC .................. 3,394 178,900 YORK INTERNATIONAL CORP ...................... 5,490 ------------ TOTAL BASIC INDUSTRIES ....................... 3,931,851 ------------ 14 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- CONSUMER CYCLICAL--8.45% 73,466 * 99 CENTS ONLY STORES ......................... $ 2,011 103,400 AARON RENTS, INC ............................. 1,454 484,408 * ABERCROMBIE & FITCH CO (CLASS A) ............. 9,688 171,183 * ACCLAIM ENTERTAINMENT, INC ................... 59 385,532 ACCOR S.A .................................... 16,289 28,504 ACKERLEY GROUP, INC .......................... 257 4,600 * ACME COMMUNICATION, INC ...................... 42 305,835 * ACNEILSEN CORP ............................... 11,087 2,300 ADVANCED MARKETING SERVICES, INC ............. 40 5,200 * AFTERMARKET TECHNOLOGY CORP .................. 11 621,383 AIRTOURS PLC ................................. 1,866 7,400 * ALEXANDERS, INC .............................. 501 7,700 * AMERCO ....................................... 151 30,900 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC ................................ 245 61,600 e* AMERICAN CLASSIC VOYAGES CO .................. 862 124,130 * AMERICAN EAGLE OUTFITTERS, INC ............... 5,244 349,649 AMERICAN GREETINGS CORP (CLASS A) ............ 3,300 62,900 * AMERICAN HOMESTAR CORP ....................... 12 514,020 * AMERICREDIT CORP ............................. 14,007 170,700 * AMES DEPARTMENT STORES, INC .................. 245 500 * AMF BOWLING, INC ............................. 0 66,900 * ANCHOR GAMING CO ............................. 2,609 96,170 * ANN TAYLOR STORES CORP ....................... 2,398 181,600 AOYAMA TRADING CO LTD ........................ 1,296 10 APOGEE ENTERPRISES, INC ...................... 0 394,162 * APOLLO GROUP, INC (CLASS A) .................. 19,388 150,957 * APPLEBEE'S INTERNATIONAL, INC ................ 4,746 155,700 b* APS HOLDINGS CORP (CLASS A) .................. 1 199,000 ARCTIC CAT, INC .............................. 2,313 126,100 * ARGOSY GAMING CO ............................. 2,420 404,994 ARISTOCRAT LEISURE LTD ....................... 1,163 405,943 ARVINMERITOR, INC ............................ 4,618 63,700 * ASATSU, INC .................................. 1,534 1,000 * ASICS CORP ................................... 1 16,392,067 * AT & T CORP - LIBERTY MEDIA (CLASS A) ........ 222,317 12,800 AUTOBACS SEVEN CO LTD ........................ 267 348,935 AUTOGRILL S.P.A .............................. 4,292 2,738,347 AUTOLIV, INC ................................. 43,642 1,250,000 AUTOLIV, INC ADR ............................. 19,607 129,283 * AVIS GROUP HOLDINGS, INC ..................... 4,210 219,072 * AZTAR CORP ................................... 2,834 161,129 e* BALLY TOTAL FITNESS HOLDINGS CORP ............ 5,458 3,400 BANDAG, INC .................................. 138 73,900 BANDAG, INC (CLASS A) ........................ 2,476 93,100 BARNES GROUP, INC ............................ 1,850 1,230,377 * BASS PLC ..................................... 13,399 2,262 BASSETT FURNITURE INDUSTRIES, INC ............ 25 316,747 BBA GROUP PLC ................................ 1,751 136,275 * BE FREE, INC ................................. 298 3,100 * BEASLEY BROADCAST GROUP, INC (CLASS A) ....... 26 16,100 * BEBE STORES, INC ............................. 344 1,448,516 * BED BATH & BEYOND, INC ....................... 32,411 19,575 BEKAERT S.A .................................. 916 351,800 f BELO (A.H.) CORP (CLASS B) ................... 5,629 206,265 BELO (A.H.) CORP SERIES A .................... 3,300 38,533 b* BEN FRANKLIN RETAIL STORES, INC .............. 0 1,648,230 e BENETTON GROUP S.P.A ......................... 3,436 77,691 * BERLITZ INTERNATIONAL, INC ................... 626 25,811 BHC COMMUNICATIONS, INC (CLASS A) ............ 3,336 186,000 BLOCKBUSTER, INC (CLASS A) ................... 1,558 208,282 BOB EVANS FARMS, INC ......................... 4,439 130,000 * BOCA RESORTS, INC (CLASS A) .................. 1,869 140,450 BORGWARNER, INC .............................. 5,618 212,081 BOWNE & CO, INC .............................. 2,240 223,745 * BOYD GAMING CORP ............................. 769 216,000 * BOYDS COLLECTION LTD ......................... 2,012 313 BREMBO S.P.A ................................. 3 784,895 * BRIDGESTONE CORP ............................. 7,148 379,093 * BRINKER INTERNATIONAL, INC ................... 16,017 2,299,422 * BRITISH SKY BROADCASTING GROUP PLC ........... 38,505 108,130 BROWN SHOE CO, INC ........................... 1,406 478,815 BRUNSWICK CORP ............................... 7,871 20,200 * BUCA, INC .................................... 297 46,350 * BUCKLE, INC .................................. 814 412,823 BULGARI S.P.A ................................ 5,078 100,924 BURLINGTON COAT FACTORY WAREHOUSE CORP ....... 1,911 49,000 BUSH INDUSTRIES, INC (CLASS A) ............... 570 229,500 b,e* CALDOR CORP .................................. 0 461,500 CALLAWAY GOLF CO ............................. 8,595 92,300 CANADIAN TIRE CORP (CLASS A) ................. 1,143 139,820 CANAL PLUS S.A ............................... 501 3,124,338 * CARLTON COMMUNICATIONS PLC ................... 28,516 16,300 CARNIVAL CORP (CLASS A) ...................... 502 250,000 CASIO COMPUTER CO LTD ........................ 2,113 305,736 * CATALINA MARKETING CORP ...................... 11,905 140,800 CATO CORP (CLASS A) .......................... 1,936 219,025 CBRL GROUP, INC .............................. 3,984 182,150 * CEC ENTERTAINMENT, INC ....................... 6,216 87,200 * CENTRAL GARDEN & PET CO ...................... 600 70,200 * CHAMPIONSHIP AUTO RACING TEAMS, INC .......... 1,474 432,700 * CHARMING SHOPPES, INC ........................ 2,596 80,604 * CHICO'S FAS, INC ............................. 1,683 102,300 * CHILDREN'S PLACE RETAIL STORES, INC .......... 2,072 319,078 * CHOICE HOTELS INTERNATIONAL, INC ............. 4,367 97,172 CHRIS CRAFT INDUSTRIES, INC .................. 6,462 102,960 CHRISTIAN DIOR S.A ........................... 4,935 13,700 * CHURCHILL DOWNS, INC ......................... 408 144,848 * CITADEL COMMUNICATIONS CORP .................. 1,738 148,100 CLAIRE'S STORES, INC ......................... 2,657 108,618 CLAIRE'S STORES, INC (CLASS A) ............... 1,948 5,343,630 * CLEAR CHANNEL COMMUNICATIONS, INC ............ 258,832 214,700 * CLEAR CHANNEL COMMUNICATIONS, INC WTS 09/18/01 ................................. 1,396 12,435 CLUB MEDITERRANEE S.A ........................ 1,061 28,100 b* CML GROUP, INC ............................... 0 70,600 COACHMEN INDUSTRIES, INC ..................... 741 45,400 * COLDWATER CREEK, INC ......................... 1,410 2,677,376 COLES MYER LTD ............................... 10,379 49,900 * COLUMBIA SPORTSWEAR CO ....................... 2,483 991,000 COMFORT GROUP LTD ............................ 317 52,436 * CONSOLIDATED PRODUCTS, INC ................... 360 625,006 * CONSOLIDATED STORES CORP ..................... 6,641 624,183 CONTINENTAL AG ............................... 9,904 368,620 COOPER TIRE & RUBBER CO ...................... 3,917 248,900 * COPART, INC .................................. 5,351 76,273 CORTEFIEL S.A ................................ 1,268 63,200 * CORUS ENTERTAINMENT, INC (CLASS B) ........... 1,641 159,754 * COX RADIO, INC (CLASS A) ..................... 3,604 57,987 CPI CORP ..................................... 1,160 3,300 * CROWN MEDIA HOLDINGS, INC (CLASS A) .......... 67 32,492 * CSS INDUSTRIES, INC .......................... 690 117,823 * CUMULUS MEDIA, INC (CLASS A) ................. 427 356,000 CYCLE & CARRIAGE LTD ......................... 682 253,000 e* DAIEI, INC ................................... 405 119,315 DAIMARU, INC ................................. 347 44,523 DAIMLERCHRYSLER (U.S.A.) ..................... 1,834 851,571 e DAIMLERCHRYSLER AG ........................... 36,139 891,683 DANA CORP .................................... 13,654 606,678 DANAHER CORP ................................. 41,482 758,225 DARDEN RESTAURANTS, INC ...................... 17,344 329,322 * DATA BROADCASTING CORP ....................... 1,153 2,049,079 e DAVID JONES LTD .............................. 1,566 20,520 * DAY RUNNER, INC .............................. 6 123,722 * DELCO REMY INTERNATIONAL , INC ............... 1,067 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 15 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- CONSUMER CYCLICAL--(CONTINUED) 3,570,534 DELPHI AUTOMOTIVE SYSTEMS CORP ..............$ 40,169 3,070,693 DENSO CORP ................................... 66,415 4,868 DIETEREN S.A ................................. 1,071 43,825 * DIGITAL IMPACT, INC .......................... 103 512,500 DILLARD'S, INC (CLASS A) ..................... 6,054 74,950 e DIRECT FOCUS, INC ............................ 2,516 98 * DISCOUNT AUTO PARTS, INC ..................... 1 13,200,836 DISNEY (WALT) CO ............................. 381,999 3,715,685 DIXONS GROUP PLC (NEW) ....................... 12,433 969,725 DOLLAR GENERAL CORP .......................... 18,304 142,218 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC ......... 2,667 648,245 * DOLLAR TREE STORES, INC ...................... 15,882 256,300 DONALDSON CO, INC ............................ 7,128 608,548 DONNELLEY (R.R.) & SONS CO ................... 16,431 62,855 DOUGLAS HOLDINGS AG .......................... 2,302 39,900 DOVER DOWNS ENTERTAINMENT, INC ............... 446 5,120 DOW JONES & CO, INC .......................... 290 306,300 f DOW JONES & CO, INC (CLASS B) ................ 17,344 92,900 * DRESS BARN, INC .............................. 2,694 71,493 * DURA AUTOMOTIVE SYSTEMS, INC ................. 375 1,886,210 EASTMAN KODAK CO ............................. 74,270 4,184 b* EDISON BROTHERS STORES WTS 09/26/05 .......... 0 1,392,831 ELSEVIER UTIGEVERSMIJ NV ..................... 20,479 206,069 e* EM.TV & MERCHANDISING AG ..................... 1,136 3,501,680 EMI GROUP PLC ................................ 28,769 211,836 * EMMIS COMMUNICATIONS CORP (CLASS A) .......... 6,077 8,400 ENESCO GROUP, INC ............................ 39 143,377 * ENTERCOM COMMUNICATIONS CORP ................. 4,938 119,900 EQUITY INNS, INC ............................. 742 2,160,000 ESPRIT HOLDINGS LTD .......................... 1,842 115,000 EXIDE CORP ................................... 877 424,980 * EXTENDED STAY AMERICA, INC ................... 5,461 115,535 FACTSET RESEARCH SYSTEMS, INC ................ 4,283 247,800 * FAIRFIELD COMMUNITIES, INC ................... 3,485 753,580 FAMILY DOLLAR STORES, INC .................... 16,155 1,200,000 FAMILYMART CO LTD ............................ 30,315 13,000 FAST RETAILING CO LTD ........................ 2,548 171,370 FEDDERS CORP ................................. 793 153,550 FEDDERS CORP (CLASS A) ....................... 643 398,523 e FEDERAL-MOGUL CORP ........................... 922 1,693,962 * FEDERATED DEPARTMENT STORES, INC ............. 59,289 277,415 FELCOR LODGING TRUST, INC .................... 6,641 397,472 e FIAT S.P.A ................................... 9,800 36,666 FIAT S.P.A. (PRIV) ........................... 616 29,699 FIAT S.P.A. DI RISP .......................... 429 1,144,000 FIRST CAPITAL CORP LTD ....................... 924 274,025 FISHER & PAYKEL INDUSTRIES LTD ............... 968 41,054 FLORIDA EAST COAST INDUSTRIES, INC (CLASS B) . 1,404 113,969 * FOOTSTAR, INC ................................ 5,641 10,647,008 FORD MOTOR CO (NEW) .......................... 249,539 66,900 FOREST CITY ENTERPRISES, INC (CLASS A) ....... 2,622 87,775 * FOSSIL, INC .................................. 1,271 80,840 FOUR SEASONS HOTELS, INC ..................... 5,129 836,000 * FOX ENTERTAINMENT GROUP, INC (CLASS A) ....... 14,944 7,800 FRED'S, INC .................................. 164 109,684 FRISCHS RESTAURANTS, INC ..................... 1,645 50 FUJI DENKI REIKI CO LTD ...................... 0 2,517,500 e FUJI PHOTO FILM CO LTD ....................... 105,374 523 FUJI TELEVISION NETWORK, INC ................. 3,645 118,600 G & K SERVICES, INC (CLASS A) ................ 3,336 1,694,371 GANNETT CO, INC .............................. 106,851 3,283,682 GAP, INC ..................................... 83,734 28,975 * GAYLORD ENTERTAINMENT CO ..................... 605 18,331 b* GC COS, INC .................................. 37 26,914 * GEMSTAR-TV GUIDE INTERNATIONAL, INC .......... 1,241 200,224 GENCORP, INC ................................. 1,927 3,225,789 GENERAL MOTORS CORP .......................... 164,314 131,500 * GENESCO, INC ................................. 3,214 467,450 * GENTEX CORP .................................. 8,706 1,008,400 GENUINE PARTS CO ............................. 26,407 1,712,000 GIORDANO INTERNATIONAL LTD ................... 790 689,093 GKN PLC ...................................... 7,278 82 * GOLDEN BOOKS FAMILY ENTERTAINMENT, INC WTS 01/27/02 ............................... 0 748,269 GOODYEAR TIRE & RUBBER CO .................... 17,203 71,200 * GOTTSCHALKS, INC ............................. 294 117,081 GRACO, INC ................................... 4,844 2,867,056 * GRANADA COMPASS PLC .......................... 31,200 2,456,375 GREAT UNIVERSAL STORES PLC ................... 19,282 800 GREY GLOBAL GROUP, INC ....................... 520 96,900 * GROUP 1 AUTOMOTIVE, INC ...................... 908 910,000 * GRUPO ELEKTRA, S.A. DE C.V ................... 720 2,020,000 * GRUPO TELEVISA S.A. DE C.V. (PT CERT) ........ 4,562 312,263 GRUPPO EDITORALE LESPRESSO S.P.A ............. 2,703 42,800 * GUESS ?, INC ................................. 227 135,100 * GUITAR CENTER, INC ........................... 1,537 729,000 GUNZE LTD .................................... 2,522 160,084 * HANDLEMAN CO ................................. 1,201 97,000 HANKYU DEPARTMENT STORES, INC ................ 429 548,074 * HANOVER DIRECT, INC .......................... 206 129,405 HARCOURT GENERAL, INC ........................ 7,402 195,060 HARMAN INTERNATIONAL INDUSTRIES, INC ......... 7,120 788,374 * HARRAH'S ENTERTAINMENT, INC .................. 20,793 242,505 HARTE-HANKS, INC ............................. 5,744 96,900 HAVERTY FURNITURE COS, INC ................... 957 105,320 * HAYES LEMMERZ INTERNATIONAL, INC ............. 704 133,440 * HEARST-ARGYLE TELEVISION, INC ................ 2,727 1,275,968 HENNES & MAURITZ AB SERIES B ................. 19,744 1,696,376 HERO HONDA MOTORS LTD ........................ 31,798 118,995 HERTZ CORP (CLASS A) ......................... 4,061 2,654,484 HILTON GROUP PLC ............................. 8,287 1,835,302 HILTON HOTELS CORP ........................... 19,271 541,800 * HISPANIC BROADCASTING CORP ................... 13,816 223,840 HOLLINGER INTERNATIONAL, INC ................. 3,553 207,400 * HOLLYWOOD ENTERTAINMENT CORP ................. 220 88,262 * HOLLYWOOD MEDIA CORP ......................... 342 4,302,000 e HONDA MOTOR CO LTD ........................... 160,478 883,783 HONG KONG & SHANGHAI HOTELS LTD .............. 487 106,200 * HOT TOPIC, INC ............................... 1,746 156,800 HOUGHTON MIFFLIN CO .......................... 7,272 120,100 HUDSON'S BAY CO .............................. 1,175 119,600 * IHOP CORP (NEW) .............................. 2,594 27,500 * IMPCO TECHNOLOGIES, INC ...................... 330 23,593 * IMPRESA SGPS S.A ............................. 143 681,733 INDEPENDENT NEWS & MEDIA PLC ................. 1,856 1,850,837 * INFINITY BROADCASTING CORP (CLASS A) ......... 51,708 55,803 * INFORMATION HOLDINGS, INC .................... 1,308 449,300 * INTELECT COMMUNICATIONS, INC ................. 168 484,178 * INTERNATIONAL GAME TECHNOLOGY CO ............. 23,241 164,900 INTERNATIONAL SPEEDWAY CORP (CLASS A) ........ 6,266 2,015,765 INTERPUBLIC GROUP OF COS, INC ................ 85,796 170,650 * INTERTAN, INC ................................ 1,984 547,234 INTIMATE BRANDS, INC (CLASS A) ............... 8,209 103,494 * INTRANET SOLUTIONS, INC ...................... 5,278 264,000 ISETAN CO LTD ................................ 2,786 144,850 * ISLE OF CAPRI CASINOS, INC ................... 1,539 929,355 ITO-YOKADO CO LTD ............................ 46,387 241,165 * JACK IN THE BOX, INC ......................... 7,099 50 * JACOBSON STORES, INC ......................... 0 121,750 * JAKKS PACIFIC, INC ........................... 1,111 127,512 JD GROUP LTD ................................. 673 1,141 JELMOLI HOLDINGS AG. (BR) .................... 1,690 194,900 * JO-ANN STORES, INC (CLASS B) ................. 828 16 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- CONSUMER CYCLICAL--(CONTINUED) 144,318 JOHNNIC COMMUNICATIONS LTD ................... $ 2,459 657,528 JOHNSON CONTROLS, INC ........................ 34,191 709,655 * JONES APPAREL GROUP, INC ..................... 22,842 190,086 * JOURNAL REGISTER CO .......................... 3,053 236,100 b* JUMBOSPORTS, INC ............................. 0 46,868 JURYS DOYLE HOTEL PLC ........................ 398 300,000 JUSCO CO LTD ................................. 6,515 2,338,000 * K MART CORP .................................. 12,421 5 * K2, INC ...................................... 0 36,100 KADOKAWA SHOTEN PUBLISHING CO LTD ............ 958 611,215 * KANEBO LTD ................................... 1,515 139,160 e KARSTADT QUELLE AG ........................... 4,312 147,490 KELLWOOD CO .................................. 3,116 60,550 * KENNETH COLE PRODUCTIONS, INC (CLASS A) ...... 2,437 154,105 e KESCO OYJ .................................... 1,555 110,508 * KEY3MEDIA GROUP, INC ......................... 1,347 269,596 KIMBALL INTERNATIONAL, INC (CLASS B) ......... 3,909 3,205,563 KINGFISHER PLC ............................... 23,835 73,572 * KIRBY CORP ................................... 1,545 396,825 KNIGHT-RIDDER, INC ........................... 22,569 1,903,356 * KOHL'S CORP .................................. 116,105 202,612 KONAMI CO LTD ................................ 15,205 18,000 e* KRISPY KREME DOUGHNUT CORP ................... 1,494 3,724 KUONI REISEN HOLDING (REGD) (CLASS B) ........ 1,609 1,372,000 e KURARAY CO LTD ............................... 12,831 232,055 LAGARDERE SCA ................................ 13,465 285,721 * LAMAR ADVERTISING CO (CLASS A) ............... 11,027 148,000 LANDRY'S SEAFOOD RESTAURANTS, INC ............ 1,471 77,964 LANDS' END, INC .............................. 1,958 64,200 LASALLE HOTEL PROPERTIES ..................... 975 323,013 LA-Z-BOY, INC ................................ 5,087 371,088 * LEAR CORP .................................... 9,208 237,606 LEE ENTERPRISES, INC ......................... 7,084 14,400 f LEE ENTERPRISES, INC (CLASS B) ............... 429 1,139,398 LEGGETT & PLATT, INC ......................... 21,577 57,125 * LEICA GEOSYSTEMS AG .......................... 17,626 93,765 LIBBEY, INC .................................. 2,848 88,000 * LIBERTY DIGITAL, INC (CLASS A) ............... 446 14,100 * LIBERTY LIVEWIRE CORP (CLASS A) .............. 108 1,138,149 * LIBERTY SATELLITE & TECHNOLOGY, INC .......... 3,592 66,766 * LIFEMINDERS, INC ............................. 234 8,213,384 LIMITED, INC ................................. 140,141 330,702 LINENS`NTHINGS ............................... 9,136 371,450 LIZ CLAIBORNE, INC ........................... 15,462 69,692 * LODGENET ENTERTAINMENT CORP .................. 1,228 146,819 LONE STAR STEAKHOUSE & SALOON, INC ........... 1,413 131,391 LUBY'S, INC .................................. 788 190,490 b* LURIA (L.) & SON, INC ........................ 0 894,311 LVMH MOET HENNESSY LOUIS VUITTON S.A ......... 59,197 58,900 * MADDEN STEVEN, LTD ........................... 449 179,872 MAN AG ....................................... 4,560 362,484 * MANDALAY RESORT GROUP ........................ 7,952 77,815 MARCUS CORP .................................. 1,080 20,476 * MARKETWATCH.COM, INC ......................... 61 5,178,084 * MARKS & SPENCER PLC .......................... 14,387 1,237,500 MARRIOTT INTERNATIONAL, INC (CLASS A) ........ 52,284 55,638 e* MARTHA STEWART LIVING OMNIMEDIA, INC ......... 1,116 431,000 MARUI CO LTD ................................. 6,510 3,819 * MARVEL ENTERPRISES (CLASS A) WTS 10/02/01 .... 0 6,468 e* MARVEL ENTERPRISES (CLASS C) WTS 10/02/02 .... 0 5,228,576 e MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ........ 124,992 603,350 e MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ADR .... 14,103 1,850,882 MAY DEPARTMENT STORES CO ..................... 60,616 402,588 MAYTAG CO .................................... 13,009 121,735 MCCLATCHY CO (CLASS A) ....................... 5,189 10,081,007 MCDONALD'S CORP .............................. 342,754 1,108,750 MCGRAW HILL COS, INC ......................... 65,000 111,389 MEDIA GENERAL, INC (CLASS A) ................. 4,055 2,266,928 MEDIASET S.P.A ............................... 27,052 169,650 * MEN'S WEARHOUSE, INC ......................... 4,623 20,100 MEREDITH CORP ................................ 647 320,900 f MEREDITH CORP (CLASS B) ...................... 10,329 98,697 * METRO-GOLDWYN-MAYER, INC ..................... 1,610 250,716 e MGM MIRAGE ................................... 7,067 194,700 * MICHAELS STORES, INC ......................... 5,160 204,123 MICHELIN S.A. (CLASS B) ...................... 7,388 103,100 * MICROS SYSTEMS, INC .......................... 1,882 90,857 MIDAS, INC ................................... 1,085 157,678 * MIDWAY GAMES, INC ............................ 1,120 158,024 * MIH HOLDINGS LTD ............................. 374 500 MIRAMAR HOTEL & INVESTMENT CO LTD ............ 0 600,000 MITSUBISHI RAYON CO LTD ...................... 1,802 196,000 e* MITSUKOSHI LTD ............................... 800 61,396 * MODERN TIMES GROUP (CLASS B) ................. 1,627 125,070 MODINE MANUFACTURING CO ...................... 2,595 348 MOEVENPICK HOLDINGS (BR) ..................... 172 268,831 * MOHAWK INDUSTRIES, INC ....................... 7,359 91,925 * MONACO COACH CORP ............................ 1,626 230,932 MONDADORI (ARNOLDO) EDITORE S.P.A ............ 2,147 206,183 * MSC INDUSTRIAL DIRECT CO (CLASS A) ........... 3,724 805,800 e MYCAL CORP ................................... 1,729 111,676 MYERS INDUSTRIES, INC ........................ 1,619 129,409 * MYPOINTS.COM, INC ............................ 154 48,004 NAMCO LTD .................................... 883 80,000 NASPERS LTD SERIES N ......................... 325 80,600 NATIONAL GOLF PROPERTIES, INC ................ 1,657 28,000 NATIONAL PRESTO INDUSTRIES, INC .............. 859 170,600 * NAUTICA ENTERPRISES, INC ..................... 2,599 202,049 e* NBC INTERNET, INC ............................ 707 196,149 * NEIMAN MARCUS GROUP, INC (CLASS A) ........... 6,976 29,448 * NEIMAN MARCUS GROUP, INC (CLASS B) ........... 975 133,605 e* NETCENTIVES, INC ............................. 509 22,446 * NETRATINGS, INC .............................. 330 1,023,648 NEW YORK TIMES CO (CLASS A) .................. 41,010 5,267,812 NEWS CORP LTD ................................ 40,983 457,000 NGK INSULATORS LTD ........................... 6,055 581,050 NIKE, INC (CLASS B) .......................... 32,430 302,900 NINTENDO CO LTD .............................. 47,716 85,910 NIPPON TELEVISION NETWORK CORP ............... 29,113 71,849,500 * NISSAN MOTOR CO LTD .......................... 413,986 48 e* NISSEN CO LTD ................................ 0 740,000 NISSHINBO INDUSTRIES, INC .................... 3,370 546,136 NORDSTROM, INC ............................... 9,933 83,500 * NPC INTERNATIONAL, INC ....................... 903 50,750 * O'CHARLEY'S, INC ............................. 904 1,146,755 OMNICOM GROUP, INC ........................... 95,037 18,100 * ON COMMAND CORP .............................. 158 88,001 * ON2.COM, INC ................................. 51 248,000 ONWARD KASHIYMA CO LTD ....................... 2,063 205,300 * O'REILLY AUTOMOTIVE, INC ..................... 5,492 111,500 ORIENTAL LAND CO LTD ......................... 7,469 3,936,160 * ORIENTAL PRESS GROUP ......................... 575 106,200 OSHKOSH B'GOSH, INC (CLASS A) ................ 1,965 86,400 OSHKOSH TRUCK CORP ........................... 3,802 383,350 * OUTBACK STEAKHOUSE, INC ...................... 9,919 166,000 OVERSEAS UNION ENTERPRISES LTD ............... 651 841,986 * P & O PRINCESS CRUISES PLC ................... 3,559 37,800 e* P.F. CHANGS CHINA BISTRO, INC ................ 1,188 164,007 * PACIFIC SUNWEAR CALIFORNIA, INC .............. 4,203 86 * PANAVISION, INC (NEW) ........................ 0 120,390 * PAPA JOHN'S INTERNATIONAL, INC ............... 2,679 1,541,927 * PARK PLACE ENTERTAINMENT CORP ................ 18,407 48,700 e* PARKERVISION, INC ............................ 1,784 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 17 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- CONSUMER CYCLICAL--(Continued) 139,827 * PAYLESS SHOESOURCE, INC ...................... $ 9,893 4,387,659 PEARSON PLC .................................. 104,213 19,560 * PENN NATIONAL GAMING, INC .................... 199 1,342,638 PENNEY, (J.C.) CO, INC ....................... 14,601 129,336 PENTON MEDIA, INC ............................ 3,476 139,077 PEPKOR LTD ................................... 55 77,300 * PERFORMANCE FOOD GROUP CO .................... 3,963 183,600 PETRIE STORES CORP (LIQUIDATING TRUST) ....... 172 61,198 PEUGEOT CITROEN S.A .......................... 13,922 125,233 PHILLIPS VAN HEUSEN CORP ..................... 1,628 323,858 * PICCADILLY CAFETERIAS, INC ................... 445 568,873 * PICK'N PAY STORES LTD SERIES N ............... 1,033 671,479 PIER 1 IMPORTS, INC .......................... 6,925 236,145 PINAULT-PRINTEMPS-REDOUTE S.A ................ 50,751 157,700 * PINNACLE ENTERTAINMENT, INC .................. 2,129 278,037 * PINNACLE SYSTEMS, INC ........................ 2,051 228,729 PIONEER CORP ................................. 6,109 11,260,759 e PIRELLI S.P.A ................................ 40,071 93,017 e* PIXAR, INC ................................... 2,791 757 e* PLANET HOLLYWOOD WTS 05/09/03 ................ 5 26,964 * PLAYBOY ENTERPRISES, INC (CLASS B) ........... 268 1,000 PLAYMATES INTERACTIVE ENTERTAINMENT .......... 0 140,293 POLARIS INDUSTRIES, INC ...................... 5,577 262,408 POLAROID CORP ................................ 1,525 340,900 * POLO RALPH LAUREN CORP ....................... 7,606 134,300 POLYMER GROUP, INC ........................... 722 57,934 * PRESIDENT CASINOS, INC ....................... 13 179,400 * PRESSTEK, INC ................................ 1,884 675 * PRICESMART, INC .............................. 22 267,871 * PRIME HOSPITALITY CORP ....................... 3,114 225,600 PRIMEDIA LTD (N SHS) ......................... 164 1,065,182 e* PRIMEDIA, INC ................................ 12,716 19,044 * PRIVATE MEDIA GROUP .......................... 147 117,733 PUBLICIS GROUPE S.A .......................... 3,978 1,335 PUBLIGROUPE S.A .............................. 643 19,335 PULITZER, INC ................................ 906 98,200 QUEBECOR WORLD, INC .......................... 2,458 136,900 * QUICKSILVER, INC ............................. 2,652 284,975 * RADIO ONE, INC (CLASS A) ..................... 3,046 15,400 * RADIO ONE, INC (CLASS D) ..................... 169 1,491,039 RANK GROUP PLC ............................... 3,898 636,310 READER'S DIGEST ASSOCIATION, INC ) (CLASS A (NON-VOTE) ........................ 24,896 260,410 * REEBOK INTERNATIONAL LTD ..................... 7,120 5,376,431 REED INTERNATIONAL PLC ....................... 56,219 500 * REGAL HOTELS INTERNATIONAL LTD ............... 0 6,929 * REGENT COMMUNICATIONS, INC ................... 41 747,100 * REGIONAL CABLESYSTEMS, INC ................... 5,844 189,500 REGIS CORP ................................... 2,748 2,944,804 e RENAULT S.A .................................. 153,451 100 e* RENOWN, INC .................................. 0 100,200 * RENT-A-CENTER, INC ........................... 3,457 2,668,421 REUTERS GROUP PLC ............................ 45,162 21,500 RIVIANA FOODS, INC ........................... 422 960 ROBINSON & CO LTD ............................ 2 167,025 ROGERS COMMUNICATIONS, INC (CLASS B) ......... 2,813 478,660 ROSS STORES, INC ............................. 8,077 418,900 ROUSE CO ..................................... 10,682 1,400 * ROYAL APPLIANCE MANUFACTURING CO, INC ........ 6 918 RTL GROUP .................................... 75 368,268 RUBY TUESDAY, INC ............................ 5,616 171,000 RUSSELL CORP ................................. 2,640 199,050 * RYAN'S FAMILY STEAK HOUSES, INC .............. 1,879 3,377 * SAGA COMMUNICATIONS, INC (CLASS A) ........... 50 800,880 * SAKS, INC .................................... 8,009 74,025 * SALEM COMMUNICATIONS CORP .................... 1,106 61,000 e* SALTON, INC .................................. 1,262 112,908 * SAMSONITE CORP ............................... 155 273,200 SANKYO CO LTD ................................ 7,057 71,700 SANRIO CO LTD ................................ 1,256 2,192,000 e SANYO ELECTRIC CO LTD ........................ 18,235 117,123 SCHIBSTED ASA ................................ 1,441 90,400 * SCHOLASTIC CORP .............................. 8,012 96,600 * SCOTTS CO (CLASS A) .......................... 3,568 81,250 * SCP POOL CORP ................................ 2,443 154,165 SCRIPPS (E.W.) CO (CLASS A) .................. 9,693 2,217,860 SEARS ROEBUCK & CO ........................... 77,071 37,700 e* SEGA CORP .................................... 367 71,739 * SEIYU LTD .................................... 190 110,800 e SEVEN-ELEVEN JAPAN CO LTD .................... 6,307 1,939,500 SHANGRI-LA ASIA LTD .......................... 2,101 56,000 SHANGRI-LA ASIA LTD (SINGAPORE) .............. 60 1,570,000 e SHARP CORP ................................... 18,945 654,680 SHAW INDUSTRIES, INC ......................... 12,398 196,400 SHIMACHU CO LTD .............................. 2,322 50,600 SHIMAMAURA CO LTD ............................ 2,778 136,800 * SHIMANO, INC ................................. 2,689 167,000 * SHOPKO STORES, INC ........................... 835 209,416 * SHOPRITE HOLDINGS LTD ........................ 219 30,520 f* SILVERSTONE BERHAD ........................... 0 90,163 * SINCLAIR BROADCASTING GROUP, INC (CLASS A ) .. 904 604,846 SINGAPORE PRESS HOLDINGS LTD ................. 8,930 232,946 * SIRIUS SATELLITE RADIO, INC .................. 6,974 3,264,838 * SIX FLAGS, INC ............................... 56,114 257,000 e SKYLARK CO LTD ............................... 7,201 127,825 SMITH (A.O.) CORP ............................ 2,181 361,400 SNAP-ON, INC ................................. 10,074 58,964 e SODEXHO ALLIANCE S.A ......................... 10,923 151,651 * SODEXHO MARRIOTT SERVICES, INC ............... 3,355 281,314 SOL MELIA S.A ................................ 2,908 80,700 * SONIC AUTOMOTIVE, INC ........................ 555 176,937 * SONIC CORP ................................... 4,125 1,418,311 e SONY CORP .................................... 98,115 245,500 e SOTHEBY'S HOLDINGS, INC (CLASS A) ............ 5,693 2,880,000 SOUTH CHINA MORNING POST LTD ................. 2,142 75,415 * SPANISH BROADCASTING SYSTEM, INC ............. 377 33,950 SPARTAN MOTORS, INC .......................... 57 66,400 * SPEEDWAY MOTORSPORTS, INC .................... 1,594 78,700 SPIEGEL, INC (CLASS A) ....................... 339 108,400 * SPORTSLINE.COM, INC .......................... 576 76,273 SPRING INDUSTRIES, INC (CLASS A) ............. 2,474 206,767 * SPX CORP ..................................... 22,370 1,218,428 * STARBUCKS CORP ............................... 53,915 199,905 * STATION CASINOS, INC ......................... 2,986 307,506 STEELCASE, INC (CLASS A) ..................... 4,267 156,100 * STEIN MART, INC .............................. 1,815 38,150 STOCKMANN AB SERIES A ........................ 408 5,478 STOCKMANN AB SERIES B ........................ 53 93,385 * STONERIDGE, INC .............................. 630 344,400 STRAITS TRADING CO ........................... 350 259,300 STRIDE RITE CORP ............................. 1,815 116,200 STRUM, RUGER & CO, INC ....................... 1,097 509,255 * STUDIO CANAL ................................. 4,973 207,800 b* SUN TELEVISION & APPLIANCES, INC ............. 0 575,057 e* SUNBEAM CORP ................................. 180 241,800 * SUNGLASS HUT INTERNATIONAL, INC .............. 1,239 105,600 SUPERIOR INDUSTRIES INTERNATIONAL, INC ....... 3,333 103,309 * SYLVAN LEARNING SYSTEMS, INC ................. 1,530 3,921,600 SYSCO CORP ................................... 117,648 56,800 * SYSTEMAX, INC ................................ 71 1,239,511 TABCORP HOLDINGS LTD ......................... 7,559 1,000 TAKARA STANDARD CO ........................... 4 562,000 TAKASHIMAYA CO LTD ........................... 3,824 18 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- CONSUMER CYCLICAL--(Continued) 199,400 TALBOTS, INC ................................. $ 9,098 2,000 TAN CHONG INTERNATIONAL LTD .................. 0 31,700 TANGER FACTORY OUTLET CENTERS, INC ........... 723 7,994,160 TARGET CORP .................................. 257,812 50 * TBC CORP ..................................... 0 1,439,000 TEIJIN LTD ................................... 7,434 1,160,000 * TELE ATLAS BV ................................ 16,173 178,231 * TELEPIZZA S.A ................................ 422 673,700 TELEVISION BROADCASTS LTD .................... 3,541 204,069 TENNECO AUTOMOTIVE, INC ...................... 612 164,375 * THE CHEESECAKE FACTORY, INC .................. 6,308 303,169 THE WAREHOUSE GROUP LTD ...................... 805 1,422,522 THOMSON CORP ................................. 54,363 36,956 THOR INDUSTRIES, INC ......................... 730 113,953 * THQ, INC ..................................... 2,778 832,352 TIFFANY & CO ................................. 26,323 73,920 * TIMBERLAND CO (CLASS A) ...................... 4,943 8,001,348 TIME WARNER, INC ............................. 417,990 1,548,666 TJX COS, INC ................................. 42,975 213,000 TOEI CO LTD .................................. 750 29,340 e TOHO CO LTD .................................. 4,049 129,000 TOKYO BROADCASTING SYSTEMS, INC .............. 3,818 226,000 TOKYO STYLE CO LTD ........................... 2,074 620,692 * TOO, INC ..................................... 7,759 262,790 * TOPPS, INC ................................... 2,414 2,295,000 TORAY INDUSTRIES, INC ........................ 8,641 236,500 * TOWER AUTOMOTIVE, INC ........................ 2,129 492,000 TOYOBO CO LTD ................................ 978 4,680,220 e TOYOTA MOTOR CORP ............................ 149,587 82,500 * TOYS `R' US JAPAN LTD ........................ 9,464 1,107,000 a* TPI ENTERPRISES, INC ......................... 6 50 * TRACK DATA CORP .............................. 0 69,538 * TRADEHOLD LTD ................................ 50 48,200 e* TRENDWEST RESORTS, INC ....................... 1,301 1,083,173 TRIBUNE CO ................................... 45,764 907,471 * TRICON GLOBAL RESTAURANTS, INC ............... 29,947 290,200 TRUE NORTH COMMUNICATIONS, INC ............... 12,334 540,871 TRW, INC ..................................... 20,959 831,769 * U.S.A. NETWORKS, INC ......................... 16,168 281,825 * UNIFI, INC ................................... 2,519 182,091 UNITED BUSINESS MEDIA PLC .................... 2,312 143,100 UNITED TELEVISION, INC ....................... 16,600 63,400 * UNIVERSAL ELECTRONICS, INC ................... 979 903,170 * UNIVISION COMMUNICATIONS, INC (CLASS A) ...... 36,974 288,000 UNY CO LTD ................................... 3,077 75 * URBAN OUTFITTERS, INC ........................ 1 527,369 V.F. CORP .................................... 19,112 21,531 * VAIL RESORTS, INC ............................ 505 321,285 * VALASSIS COMMUNICATIONS, INC ................. 10,141 92,204 VALEO S.A .................................... 4,117 8,073 VALORA HOLDINGS AG. (REGD) ................... 1,726 74,100 * VALUE CITY DEPARTMENT STORES, INC ............ 389 69,000 * VANS, INC .................................... 1,169 831,100 * VENATOR GROUP, INC ........................... 12,882 82,084 VENDEX KBB NV ................................ 1,076 173,626 b* VENTURE STORES, INC .......................... 0 863,974 * VIACOM, INC (CLASS A) ........................ 40,607 8,004,234 * VIACOM, INC (CLASS B) ........................ 374,198 109,403 * VICORP RESTAURANTS, INC ...................... 1,942 1,225,855 VISTEON CORP ................................. 14,097 1,653,714 e VIVENDI UNIVERSAL ............................ 108,842 311,948 * VIVENDI UNIVERSAL S.A. (SPON ADR) ............ 20,374 318,853 e VOLKSWAGEN AG ................................ 16,885 46,512 VOLVO AB SERIES A ............................ 764 354,912 e VOLVO AB SERIES B FREE ....................... 5,887 108,250 WABASH NATIONAL CORP ......................... 934 450,055 WACOAL CORP .................................. 3,752 3,330,000 * WAL-MART DE MEXICO S.A. DE CV ................ 6,619 20,492,548 WAL-MART STORES, INC ......................... 1,088,667 315,899 WARNACO GROUP, INC (CLASS A) ................. 533 21,305 WASHINGTON POST CO (CLASS B) ................. 13,143 593,269 WENDY'S INTERNATIONAL, INC ................... 15,573 233,200 e WESTPOINT STEVENS, INC ....................... 1,747 368,633 * WESTWOOD ONE, INC ............................ 7,119 442,542 WHIRLPOOL CORP ............................... 21,104 268,901 WILEY (JOHN) & SONS, INC (CLASS A) ........... 5,781 208,050 * WILLIAMS-SONOMA, INC ......................... 4,161 11,100 * WILSONS LEATHER EXPERTS, INC ................. 155 126,662 * WINK COMMUNICATIONS, INC ..................... 760 80,196 WINNEBAGO INDUSTRIES, INC .................... 1,408 133,700 * WMS INDUSTRIES, INC .......................... 2,691 1,928,036 e WOLTERS KLUWER NV ............................ 52,569 206,587 WOLVERINE WORLD WIDE, INC .................... 3,150 49,000 WOODWARD GOVERNOR CO ......................... 2,193 2 WOOLTRU LTD .................................. 0 325,039 WOOLWORTHS HOLDINGS LTD ...................... 125 1,560,858 WOOLWORTHS LTD ............................... 7,303 36,300 e WORLD CO LTD ................................. 1,373 72,100 * WORLD WRESTLING FEDERATION ENTERTAINMENT, INC ......................... 1,154 2,230,779 WPP GROUP PLC ................................ 29,058 175 WPP GROUP PLC (SPON ADR) ..................... 11 47,600 * XM SATELLITE RADIO HOLDINGS, INC (CLASS A) ... 765 58,161 * YOUNG BROADCASTING, INC (CLASS A) ............ 1,947 1,000 * YOUTHSTREAM MEDIA NETWORKS, INC .............. 1 217,297 * ZALE CORP .................................... 6,315 176,738 * ZOMAX, INC ................................... 806 ------------ TOTAL CONSUMER CYCLICAL ...................... 10,112,587 ------------ CONSUMER NON-CYCLICAL--7.94% 41,400 * 1-800-FLOWERS.COM, INC ....................... 171 186,300 * 7-ELEVEN, INC ................................ 1,630 93,696 e ADIDAS SALOMON AG ............................ 5,806 127,516 AGFA GEVAERT NV .............................. 3,040 60,519 * AGRIBRANDS INTERNATIONAL, INC ................ 3,238 565,600 AJINOMOTO CO LTD ............................. 7,355 14,100 ALBERTO CULVER CO (CLASS A) .................. 514 201,167 ALBERTO CULVER CO (CLASS B) .................. 8,612 1,653,243 ALBERTSONS, INC .............................. 43,811 305,232 e ALTADIS ...................................... 4,671 3,532,662 e ALTADIS S.A .................................. 54,727 1,071,328 e* AMAZON.COM, INC .............................. 16,673 89,000 * AMERICAN ITALIAN PASTA CO (CLASS A) .......... 2,386 5,451,557 ANHEUSER-BUSCH COS, INC ...................... 248,046 138,892 * APPLICA, INC ................................. 677 3,955,294 ARCHER DANIELS MIDLAND CO .................... 59,329 55 ARIAKE JAPAN CO LTD .......................... 3 1,752,000 * ASAHI BREWERIES LTD .......................... 17,873 10,800 * ASIA FOOD & PROPERTIES LTD WTS 07/12/0 ....... 0 102,700 * AURORA FOODS, INC ............................ 250 21,200 AUSTRIA TABAKWERKE AG ........................ 1,175 790,100 * AUTOZONE, INC ................................ 22,518 1,447,288 AVON PRODUCTS, INC ........................... 69,289 74,914 e AZUCARERA EBRO AGRICOLAS S.A ................. 854 48,511 BANG & OLUFSEN HOLDINGS AS (CLASS B) ......... 1,757 308,540 * BARNES & NOBLE, INC .......................... 8,176 116,500 * BARNESANDNOBLE.COM, INC ...................... 153 165,463 BEIERSDORF AG ................................ 17,167 1,030,950 * BEST BUY CO, INC ............................. 30,477 479,046 * BJ'S WHOLESALE CLUB, INC ..................... 18,383 59,373 BLOCK DRUG, INC (CLASS A) .................... 3,128 222,775 BLYTH, INC ................................... 5,374 3,017,782 BOOTS CO LTD ................................. 27,453 482,900 * BORDERS GROUP, INC ........................... 5,644 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 19 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- CONSUMER NON-CYCLICAL--(Continued) 43,505 * BOSTON BEER CO, INC (CLASS A) ................ $ 383 589,476 e BRITISH AMERICAN TOBACCO AUSTRALIA LTD ....... 4,324 10,984,390 BRITISH AMERICAN TOBACCO PLC ................. 83,642 395,982 BRL HARDY LTD ................................ 1,745 272,347 BROWN FORMAN, INC (CLASS B) .................. 18,111 798,013 * BUNZL PLC .................................... 4,893 79,900 e* BUY.COM, INC ................................. 52 60,000 * C TWO-NETWORK CO LTD ......................... 3,730 2,063,818 CADBURY SCHWEPPES LTD ........................ 14,274 176,100 * CADIZ, INC ................................... 1,574 1,665,350 CAMPBELL SOUP CO ............................. 57,663 46,104 * CARLSBERG BREWERIES AS (CLASS A) ............. 2,552 11,781 * CARLSBERG BREWERIES AS (CLASS B) ............. 694 908,882 CARREFOUR SUPERMARCHE S.A .................... 57,089 39,173 CARTER WALLACE, INC .......................... 1,307 82,500 f CARTER WALLACE, INC (CLASS B) ................ 2,753 400,350 * CASEY'S GENERAL STORES, INC .................. 5,980 7,983 CASINO ADPS .................................. 521 207,922 CASINO GUICHARD-PERRACHON S.A ................ 20,966 312,780 * CDW COMPUTER CENTERS, INC .................... 8,719 40,100 * CHEAP TICKETS, INC ........................... 391 170,000 * CHIQUITA BRANDS INTERNATIONAL, INC ........... 170 233,707 CHURCH & DWIGHT CO, INC ...................... 5,200 9,315 CIE FINANC RICHEMONT (UNITS) (CLASS A) ....... 24,919 1,108,706 CIRCUIT CITY STORES-CIRCUIT CITY GROUP ....... 12,750 2,699,423 CLOROX CO .................................... 95,830 1,774,448 e COCA COLA AMATIL LTD ......................... 4,617 210,700 COCA COLA BOTTLING CO CONSOLIDATED ........... 7,980 12,188,189 COCA COLA CO ................................. 742,718 1,483,700 COCA COLA ENTERPRISES, INC ................... 28,190 3,424,936 COLGATE PALMOLIVE CO ......................... 221,080 35,420 COLRUYT S.A .................................. 1,563 3,133,980 CONAGRA FOODS, INC ........................... 81,483 90,205 * CONSTELLATION BRANDS, INC (CLASS A) .......... 5,300 292,517 COORS (ADOLPH) CO (CLASS B) .................. 23,493 206,725 CORN PRODUCTS INTERNATIONAL, INC ............. 6,008 67,520 CORTICEIRA AMORIM S.A ........................ 68 133,000 * COST PLUS, INC ............................... 3,907 2,815,828 * COSTCO WHOLESALE CORP ........................ 112,457 4,123,067 CVS CORP ..................................... 247,126 52,234 DANISCO AS ................................... 2,149 195,799 DEAN FOODS CO ................................ 6,009 42,300 DEB SHOPS, INC ............................... 571 209,200 * DEL MONTE FOODS CO ........................... 1,517 70 DELHAIZE AMERICA, INC (CLASS A) .............. 1 770,850 DELHAIZE AMERICA, INC (CLASS B) .............. 13,875 84,946 DELHAIZE FRERES NV ........................... 4,040 232,209 DELTA & PINE LAND CO ......................... 4,862 13,911,054 DIAGEO PLC ................................... 155,852 510,107 DIAL CORP .................................... 5,611 291,257 DOLE FOOD CO ................................. 4,769 89,144 DREYERS GRAND ICE CREAM, INC ................. 2,875 123,900 e* DRUGSTORE.COM, INC ........................... 112 100,400 e* DUANE READE, INC ............................. 3,068 248,728 EARTHGRAINS CO ............................... 4,601 74 * EGGHEAD.COM, INC ............................. 0 745,762 e ELECTROLUX AB SERIES B ....................... 9,682 24,700 * ELECTRONICS BOUTIQUE HOLDINGS CORP ........... 432 493,629 * ENERGIZER HOLDINGS, INC ...................... 10,551 5,100 e* ENVISION DEVELOPMENT CORP .................... 13 60,472 e ESSILOR INTERNATIONAL S.A .................... 19,730 232,900 ETHAN ALLEN INTERIORS, INC ................... 7,802 345,235 e* ETOYS, INC ................................... 65 37,000 * EXPEDIA, INC (CLASS A) ....................... 354 2,700 e EZAKI GLICO CO LTD ........................... 16 85,500 * FACTORY 2-U STORES, INC ...................... 2,832 300 FARMER BROTHERS CO ........................... 62 164,300 FASTENAL CO .................................. 9,016 143,700 FLEMING COS, INC ............................. 1,697 587,325 FLOWERS INDUSTRIES, INC ...................... 9,250 947,000 FOMENTO ECONOMICO MEXICA (NEW) ............... 2,829 5,399,825 e FOSTER'S BREWING GROUP LTD ................... 14,163 347,800 FRASER & NEAVE LTD (ORD) ..................... 1,344 291,298 * FURNITURE BRANDS INTERNATIONAL, INC .......... 6,135 1,800 * GAIAM, INC ................................... 28 2,371,902 GALLAHER GROUP PLC ........................... 15,058 1,641,636 GENERAL MILLS, INC ........................... 73,155 8,140,712 GILLETTE CO .................................. 294,083 15,688 * GIVAUDAN AG. (REGD) .......................... 4,148 112,679 GOLDEN ENTERPRISES, INC ...................... 401 2,116,246 e GOODMAN FIELDER LTD .......................... 1,482 187,400 b* GRAND UNION CO ............................... 1 102,700 GREAT ATLANTIC & PACIFIC TEA CO, INC ......... 719 151,524 GREENCORE GROUP PLC .......................... 398 186,426 e GROUPE DANONE ................................ 28,111 755,000 GRUPO INDUSTRIAL BIMBO S.A. DE CV SERIES A ... 1,061 2,038,000 GRUPO MODELO S.A. SERIES C ................... 5,409 176,300 * HAIN CELESTIAL GROUP, INC .................... 5,730 836,146 HASBRO, INC .................................. 8,884 1,497,139 HEINEKEN NV .................................. 90,595 2,024,728 HEINZ (H.J.) CO .............................. 96,048 4,133 HERBALIFE INTERNATIONAL, INC (CLASS A) ....... 32 53,366 HERBALIFE INTERNATIONAL, INC (CLASS B) ....... 400 567,588 HERSHEY FOODS CORP ........................... 36,538 3,632 * HOLSTEN-BRAUEREI AG. (NEW) ................... 71 16,499,043 HOME DEPOT, INC .............................. 753,800 432,314 HORMEL FOODS CORP ............................ 8,052 245,000 HOUSE FOODS CORP ............................. 3,197 144,000 HUGHES SUPPLY, INC ........................... 2,583 488,647 IBP, INC ..................................... 13,071 10,900 INGLES MARKETS, INC (CLASS A) ................ 110 215,693 * INSIGHT ENTERPRISES, INC ..................... 3,869 810,000 * INTERBREW S.A ................................ 28,230 267,800 INTERFACE, INC (CLASS A) ..................... 2,327 97,400 INTERNATIONAL MULTIFOODS CORP ................ 1,978 208,411 INTERSTATE BAKERIES CORP ..................... 2,931 599,147 * INTERNATIONAL FLAVORS & FRAGRANCES, INC ...... 12,170 301 ITOHAM FOODS, INC ............................ 1 5,430,121 * J SAINSBURY PLC .............................. 32,203 2,039 JAPAN TOBACCO, INC ........................... 15,819 84,036 JERONIMO MARTINS SGPS S.A .................... 868 47,450 b JUSTFORFEET, INC ............................. 0 3,406,055 e KAO CORP ..................................... 99,021 136,700 KATOKICHI CO LTD ............................. 3,591 104,218 KEEBLER FOODS CO ............................. 4,319 1,186,500 KELLOGG CO ................................... 31,146 84,750 KERRY GROUP (CLASS A) ........................ 1,094 65,000 KERRY GROUP PLC (CLASS A) .................... 790 223,000 * KIKKOMAN CORP ................................ 1,652 848,000 KIMBERLY CLARK DE MEXICO S.A. DE CV SERIES A . 2,348 3,719,000 * KIRIN BREWERY CO LTD ......................... 33,315 314,000 KOSE CORP .................................... 10,531 5,183,456 * KROGER CO .................................... 140,277 192,029 LANCASTER COLONY CORP ........................ 5,389 149,032 LANCE, INC ................................... 1,886 498,046 e LAUDER (ESTEE) CO (CLASS A) .................. 21,821 4,475,600 LI & FUNG LTD ................................ 8,148 116,298 LONGS DRUG STORES CORP ....................... 2,806 1,181,257 LOREAL S.A ................................... 101,259 1,997,230 LOWE'S COS, INC .............................. 88,877 412,200 e MATSUMOTOKIYSOHI CO LTD ...................... 11,334 3,214,829 MATTEL, INC .................................. 46,422 398,500 MCCORMICK & CO, INC (NON-VOTE) ............... 14,371 53,400 * MEADE INSTRUMENTS CO ......................... 350 20 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- CONSUMER NON-CYCLICAL--(Continued) 269,000 MEIJI MILK PRODUCTS CO LTD ................... $ 1,178 606,708 MEIJI SEIKA KAISHA LTD ....................... 3,469 766,285 METRO AG ..................................... 35,254 656,258 * METRO CASH & CARRY LTD ....................... 89 87,075 MICHAEL FOODS, INC ........................... 2,623 67,400 MIDWEST GRAIN PRODUCTS, INC .................. 590 164,000 MIKUNI COCA COLA BOTTLING CO LTD ............. 1,687 487,800 MILLER (HERMAN), INC ......................... 14,024 155,197 MOLSON, INC (A SHS) .......................... 4,443 1,000 MOLSON, INC (B SHS) .......................... 28 263,482 * MUSICLAND STORES CORP ........................ 3,261 76,300 * NATURES SUNSHINE PRODUCTS, INC ............... 520 332,130 * NBTY, INC .................................... 1,578 69,331 NESTLE S.A. (REGD) ........................... 161,722 171,100 * NETWORK COMMERCE, INC ........................ 128 2,204,189 NEWELL RUBBERMAID, INC ....................... 50,145 520,000 NICHIREI CORP ................................ 2,186 385,000 e NIPPON MEAT PACKERS, INC ..................... 5,246 1,066,000 NIPPON SUISAN KAISHA LTD ..................... 1,662 395,000 NISSHIN FLOUR MILLING CO LTD ................. 3,355 288,709 NISSIN FOOD PRODUCTS CO LTD .................. 7,053 157,000 NORITAKE CO LTD .............................. 843 269,762 * NU SKIN ENTERPRISES, INC (CLASS A) ........... 1,433 1,271,978 e NUMICO NV .................................... 64,012 1,962,497 * OFFICE DEPOT, INC ............................ 13,983 548,200 * OFFICEMAX, INC ............................... 1,576 80,800 ONEIDA LTD ................................... 1,500 13,300 e* ONVIA.COM, INC ............................... 11 215,621 ORKLA ASA .................................... 4,254 7,977 OSTERREICHISCHE BRAU-BETEILIGUNGS ............ 345 57,500 OYJ HARTWALL ABP ............................. 1,107 691 * PARAGON TRADE BRANDS WTS 01/28/10 ............ 2 197 * PARAGON TRADE BRANDS, INC (NEW) .............. 2 1,303,024 e PARMALAT FINANZIARIA S.P.A ................... 2,110 59,400 * PARTY CITY CORP .............................. 190 2,698 * PASCUAL HERMANOS S.A ......................... 0 28,650 * PC CONNECTION, INC ........................... 297 278,305 PEP BOYS MANNY, MOE, & JACK CO ............... 1,009 692,142 PEPSI BOTTLING GROUP, INC .................... 27,642 13,490,924 PEPSICO, INC ................................. 668,644 252,564 e PERNOD-RICARD S.A ............................ 17,429 374,757 * PERRIGO CO ................................... 3,103 673,000 * PETSMART, INC ................................ 1,935 19,759,012 PHILIP MORRIS COS, INC ....................... 869,397 78,900 PILGRIM'S PRIDE CORP (CLASS B) ............... 616 89,400 * PLAYTEX PRODUCTS, INC ........................ 860 350,000 b POWER PACIFIC LTD ............................ 0 408,982 e* PRICELINE.COM, INC ........................... 537 8,605,553 PROCTER & GAMBLE CO .......................... 674,998 35,000 f* PROMET BERHAD ................................ 3 681 Q.P. CORP JAPAN .............................. 6 778,087 QUAKER OATS CO ............................... 75,766 1,222,975 RADIOSHACK CORP .............................. 52,359 151,707 RAISIO GROUP PLC ............................. 279 170,343 * RALCORP HOLDINGS, INC ........................ 2,789 6,259,438 RALSTON PURINA CO ............................ 163,528 325,500 REMGRO LTD ................................... 2,227 54,906 e* REVLON, INC (CLASS A) ........................ 272 4,200 * RICA FOODS, INC .............................. 23 459,016 RINASCENTE S.P.A ............................. 2,711 2,243,253 e* RITE AID CORP ................................ 5,328 662,149 RJR REYNOLDS TOBACCO HOLDINGS, INC ........... 32,280 46,600 * ROBERT MONDAVI CORP (CLASS A) ................ 2,522 4,280,456 e ROYAL AHOLD NV ............................... 138,090 102,800 RUDDICK CORP ................................. 1,176 58,750 RUSS BERRIE & CO, INC ........................ 1,241 3,844,336 * SAFEWAY, INC ................................. 240,271 472,150 SAPPORO BREWERIES LTD ............... ........ 1,385 5,349,901 SARA LEE CORP ................................ 131,407 84,756 SCHWEITZER-MAUDUIT INTERNATIONAL, INC ........ 1,623 114,500 * SCIQUEST.COM, INC ............................ 150 20 SEABOARD CORP ................................ 3 6,966 SEB S.A ...................................... 379 62,800 * SEMINIS, INC (CLASS A) ....................... 39 263,832 SENSIENT TECHNOLOGIES CORP ................... 6,002 1,599,340 e SHISEIDO & CO LTD ............................ 17,856 82,900 * SKECHERS USA, INC (CLASS A) .................. 1,285 106,950 SLI, INC ..................................... 688 63,300 * SMART & FINAL, INC ........................... 538 333,600 * SMITHFIELD FOODS, INC ........................ 10,141 79,600 SMUCKER (J.M) CO ............................. 2,225 571,000 SNOW BRAND MILK PRODUCTS CO .................. 1,965 123,923 SOBEYS, INC .................................. 2,063 2,754 SOCIETE BIC S.A .............................. 108 332,355 SONAE SGPS S.A ............................... 374 1,595,188 * SONAE SGPS S.A. BABY SHS ..................... 1,752 511,038 SOUTH AFRICAN BREWERIES LTD .................. 3,591 63,878 SOUZA CRUZ S.A ............................... 282 175,500 * STAMPS.COM, INC .............................. 488 2,810,306 * STAPLES, INC ................................. 33,197 22,285 STEPAN CO .................................... 528 158,150 * SUIZA FOODS CORP ............................. 7,591 754,390 SUPERVALU, INC ............................... 10,467 347,010 e SWEDISH MATCH AB ............................. 1,353 313,796 e TAKARA SHUZO CO LTD .......................... 5,485 664,477 * TATE & LYLE PLC .............................. 2,472 12,716,828 TESCO PLC .................................... 51,813 6,061 THE SWATCH GROUP AG. (BR) .................... 7,574 58,915 THE SWATCH GROUP AG. (REGD) .................. 15,379 108,577 THOMAS INDUSTRIES, INC ....................... 2,524 158,091 * TICKETMASTER ONLINE-CITYSEARCH, INC (CLASS B) 1,324 11,400 TIGER BRANDS LTD ............................. 98 199,486 TOOTSIE ROLL INDUSTRIES, INC ................. 9,189 1,404,663 * TOYS 'R' US, INC ............................. 23,440 199,587 * TRANS WORLD ENTERTAINMENT CORP ............... 1,784 48,300 * TRIARC COS, INC .............................. 1,171 66,000 * TUESDAY MORNING CORP ......................... 351 352,690 TUPPERWARE CORP .............................. 7,208 96,000 * TWEETER HOME ENTERTAINMENT GROUP, INC ........ 1,170 719,260 TYSON FOODS, INC (CLASS A) ................... 9,171 74,100 UNI CHARM CORP ............................... 3,763 10,110,804 UNILEVER LTD ................................. 86,543 2,553,884 UNILEVER NV CERTIFICATE ...................... 161,615 34,700 * UNITED AUTO GROUP, INC ....................... 232 33,600 * UNITED NATURAL FOODS, INC .................... 592 168,196 UNIVERSAL CORP ............................... 5,887 933,767 UST, INC ..................................... 26,204 13,000 b,e* VALUE AMERICA, INC ........................... 0 233,300 * VALUEVISION INTERNATIONAL, INC (CLASS A) ..... 2,945 62,985 e VECTOR GROUP LTD ............................. 996 6,212,492 WALGREEN CO .................................. 259,760 688,779 WATERFORD WEDGWOOD PLC (UNITS) ............... 808 102,831 WEIS MARKETS, INC ............................ 3,940 324,628 WESTON (GEORGE) LTD .......................... 18,177 79,100 * WHITEHALL JEWELLERS, INC ..................... 559 680,182 WHITMAN CORP ................................. 11,138 144,700 e* WHOLE FOODS MARKET, INC ...................... 8,845 120,100 * WILD OATS MARKETS, INC ....................... 510 448,432 WINN DIXIE STORES, INC ....................... 8,688 98,300 WRIGLEY (WM) JR CO ........................... 9,418 373,800 f WRIGLEY (WM) JR CO (CLASS B) ................. 35,815 213,000 YAKULT HONSHA CO LTD ......................... 2,481 440,000 YAMAZAKI BAKING CO LTD ....................... 3,063 87,200 e* YANKEE CANDLE, INC ........................... 965 ------------ TOTAL CONSUMER NON-CYCLICAL .................. 9,496,299 ------------ SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 21 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- ENERGY--5.86% 321,990 ALBERTA ENERGY CO LTD ........................ $ 15,392 471,318 AMERADA HESS CORP ............................ 34,436 1,584,338 ANADARKO PETROLEUM CORP ...................... 112,615 413,144 * ANDERSON EXPLORATION LTD ..................... 9,366 814,488 APACHE CORP .................................. 57,065 394,397 ASHLAND, INC ................................. 14,155 66,200 * ATWOOD OCEANICS, INC ......................... 2,900 2,208,231 BAKER HUGHES, INC ............................ 91,780 168,855 * BARRETT RESOURCES CORP ....................... 9,593 90,268 * BASIN EXPLORATION, INC ....................... 2,302 99,878 * BELCO OIL & GAS CORP ......................... 1,242 89,844 BERRY PETROLEUM CO (CLASS A) ................. 1,202 8,133,429 BG GROUP PLC ................................. 31,832 401,510 * BJ SERVICES CO ............................... 27,654 34,579,345 BP AMOCO PLC ................................. 278,935 1,247,684 BP AMOCO PLC (SPONS ADR) ..................... 59,733 175,124 * BROWN (TOM), INC ............................. 5,757 5,782,872 BURLINGTON RESOURCES, INC .................... 292,035 145,662 CABOT OIL & GAS CORP (CLASS A) ............... 4,543 134,367 * CAL DIVE INTERNATIONAL, INC .................. 3,578 1,700 * CALLON PETROLEUM CORP ........................ 28 203,925 * CANADIAN HUNTER EXPLORATION LTD .............. 5,580 361,134 * CANADIAN NATURAL RESOURCES LTD ............... 9,978 29,060 CARBO CERAMICS, INC .......................... 1,088 10,759,793 CENTRICA PLC ................................. 41,669 658,394 * CHESAPEAKE ENERGY CORP ....................... 6,666 4,169,082 CHEVRON CORP ................................. 352,027 24,229 * CLAYTON WILLIAMS ENERGY, INC ................. 654 35,366 COFLEXIP S.A ................................. 4,496 1,947 b* COHO ENERGY, INC ............................. 6 111,891 * COMSTOCK RESOURCES, INC ...................... 1,650 4,488,852 CONOCO, INC (CLASS B) ........................ 129,896 13,080 * CONTOUR ENERGY CO ............................ 16 256,296 * COOPER CAMERON CORP .......................... 16,932 1,639,000 COSMO OIL CO LTD ............................. 2,913 449,357 CROSS TIMBERS OIL CO ......................... 12,470 95,726 * DENBURY RESOURCES, INC ....................... 1,053 528,874 DEVON ENERGY CORP (NEW) ...................... 32,245 1,680,400 DIAMOND OFFSHORE DRILLING, INC ............... 67,216 54,300 * DRIL-QUIP, INC ............................... 1,856 168,096 * EEX CORP ..................................... 819 284,690 ENBRIDGE, INC ................................ 8,283 145,676 ENBRIDGE, INC (U.S.) ......................... 4,170 921,585 ENSCO INTERNATIONAL, INC ..................... 31,391 23,751,718 e ENTE NAZIONALE IDROCARBURI S.P.A ............. 151,643 670,521 EOG RESOURCES, INC ........................... 36,669 125,180 * EQUITY OIL CO ................................ 438 77,085 * EVERGREEN RESOURCES, INC ..................... 2,977 30,174,200 EXXON MOBIL CORP ............................. 2,623,270 1,128,869 FLETCHER CHALLENGE LTD (ENERGY DIVISION) ..... 4,271 155,122 * FOREST OIL CORP .............................. 5,720 2,188 * FOREST OIL CORP WTS 02/15/04 ................. 33 2,188 * FOREST OIL CORP WTS 02/15/05 ................. 31 218,123 FORTUM OYJ ................................... 891 191,580 * FRIEDE GOLDMAN HALTER, INC ................... 683 73,254 * FRONTIER OIL CORP ............................ 504 721,594 e GAS NATURAL SDG S.A .......................... 13,144 411,700 * GLOBAL INDUSTRIES LTD ........................ 5,635 957,624 * GLOBAL MARINE, INC ........................... 27,173 741,450 * GRANT PRIDECO, INC ........................... 16,266 1,063,499 * GREY WOLF, INC ............................... 6,248 444,200 * GULF CANADA RESOURCES LTD .................... 2,262 10,840 * GULF ISLAND FABRICATION, INC ................. 197 2,463,428 HALLIBURTON CO ............................... 89,299 371,700 * HANOVER COMPRESSOR CO ........................ 16,564 339,249 HELMERICH & PAYNE, INC ....................... 14,885 8,001,683 HONG KONG & CHINA GAS CO LTD ................. 11,746 165,100 * HORIZON OFFSHORE, INC ........................ 3,261 52,030 * HOUSTON EXPLORATION CO ....................... 1,984 100,069 * HS RESOURCES, INC ............................ 4,240 64,459 IHC CALAND NV ................................ 3,026 987,140 IMPERIAL OIL LTD ............................. 25,927 230,881 * INPUT/OUTPUT, INC ............................ 2,352 672,679 e ITALGAS S.P.A ................................ 6,726 350,000 * JAPAN ENERGY CORP ............................ 542 614,635 KERR-MCGEE CORP .............................. 41,142 546,544 * KEY ENERGY SERVICES, INC ..................... 5,705 42,900 * KEY PRODUCTION CO ............................ 1,440 50,018 KONINKLIJKE VOPAK NV ......................... 1,052 14,656,266 * LATTICE GROUP PLC ............................ 33,059 1,132,281 LASMO PLC .................................... 3,383 119,543 * LOUIS DREYFUS NATURAL GAS CORP ............... 5,477 418,191 * MARINE DRILLING COS, INC ..................... 11,187 161,200 * MAVERICK TUBE CORP ........................... 3,647 90,219 * MCMORAN EXPLORATION CO ....................... 1,195 94,850 * MERIDIAN RESOURCE CORP ....................... 818 46,869 MIDCOAST ENERGY RESOURCES, INC ............... 1,022 136,911 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) .................................... 8,386 294,083 MURPHY OIL CORP .............................. 17,774 843,373 * NABORS INDUSTRIES, INC ....................... 49,886 236,847 * NATIONAL-OILWELL, INC ........................ 9,163 216,362 * NEWFIELD EXPLORATION CO ...................... 10,264 395,722 NEXEN, INC ................................... 9,748 2,832,925 NIPPON MITSUBISHI OIL CO ..................... 13,644 565,100 NOBLE AFFILIATES, INC ........................ 25,995 660,754 * NOBLE DRILLING CORP .......................... 28,702 237,812 NORSK HYDRO AS ............................... 10,059 161,000 NOVA CHEMICALS CORP .......................... 3,012 1,358,816 * NOVUS PETROLEUM LTD .......................... 1,359 102,324 * NUEVO ENERGY CO .............................. 1,771 2,014,087 OCCIDENTAL PETROLEUM CORP .................... 48,842 1,018,641 * OCEAN ENERGY, INC (NEW) ...................... 17,699 116,628 * OCEANEERING INTERNATIONAL, INC ............... 2,267 22,469 OMV AKTIENGESELLS AG ......................... 1,740 3,019,000 OSAKA GAS CO LTD ............................. 9,173 389,086 * PARKER DRILLING CO ........................... 1,970 51,262 PATINA OIL & GAS CORP ........................ 1,230 191,178 * PATTERSON ENERGY, INC ........................ 7,121 90,065 * PENNACO ENERGY, INC .......................... 1,768 452,420 PENNZOIL-QUAKER STATE CO ..................... 5,825 400,380 PETROBRAS S.A ................................ 9,958 12,700 PETRO-CANADA (NON-RESIDENT) .................. 323 970,645 PETRO-CANADA (VARIABLE- VTG) ................. 24,654 94,190 * PETROLEUM GEO-SERVICES ASA ................... 1,239 1,130,729 PHILLIPS PETROLEUM CO ........................ 64,310 590,112 * PIONEER NATURAL RESOURCES CO ................. 11,618 92,033 * PLAINS RESOURCES, INC ........................ 1,944 229,183 POGO PRODUCING CO ............................ 7,133 44,800 * PRECISION DRILLING CORP ...................... 1,678 428,433 * PRIDE INTERNATIONAL, INC ..................... 10,550 52,838 * PRIMA ENERGY CORP ............................ 1,849 19,729 * PRIZE ENERGY CORP ............................ 409 259,732 * PURE RESOURCES, INC .......................... 5,260 1,148,780 * R & B FALCON CORP ............................ 26,350 1,094,319 REPSOL YPF S.A ............................... 17,487 575,479 * ROWAN COS, INC ............................... 15,538 7,195,634 ROYAL DUTCH PETROLEUM CO ..................... 440,895 250,000 ROYAL DUTCH PETROLEUM CO (NY REGD)ADR ........ 15,141 459,336 RPC, INC ..................................... 6,660 26,000 SANTA FE INTERNATIONAL CORP .................. 834 1,364,708 SANTOS LTD ................................... 4,565 721,600 SCHLUMBERGER LTD ............................. 57,683 22 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- ENERGY--(Continued) 108,000 * SEACOR SMIT, INC ............................. $ 5,684 105,159 * SEITEL, INC .................................. 1,939 50 * SERVAL GROWTH FUND TRUST (UNITS) ............. 0 614,000 SHOWA SHELL SEKIYU K.K ....................... 2,575 65,544 SMEDVIG AS SERIES A .......................... 624 14,101 * SMEDVIG AS (CLASS B) ......................... 114 355,214 * SMITH INTERNATIONAL, INC ..................... 26,486 66,300 * SPINNAKER EXPLORATION CO ..................... 2,818 193,598 ST. MARY LAND & EXPLORATION CO ............... 6,449 111,600 * STONE ENERGY CORP ............................ 7,204 424,913 SUNCOR ENERGY, INC ........................... 10,835 615,371 SUNOCO, INC .................................. 20,730 248,625 * SUPERIOR ENERGY SERVICES, INC ................ 2,859 123,400 * SWIFT ENERGY CO .............................. 4,643 8,442 TECHNIP S.A .................................. 1,225 395,176 TEIKOKU OIL CO LTD ........................... 1,647 182,881 * TESORO PETROLEUM CORP ........................ 2,126 3,059,214 TEXACO, INC .................................. 190,054 324,765 TIDEWATER, INC ............................... 14,411 4,535,000 e TOKYO GAS CO LTD ............................. 13,422 728,325 TOSCO CORP ................................... 24,718 2,777,692 TOTAL FINA ELF S.A ........................... 413,103 156,663 TOTAL FINA ELF S.A. SERIES B ................. 23,226 163,377 TOTAL FINA S.A. (STRIP VVPR) ................. 2 2,025 * TOTAL FINA WTS 08/05/03 ...................... 62 801,210 TRANS CANADA PIPELINES LTD ................... 9,175 150,287 * TRANSMONTAIGNE, INC .......................... 413 139,701 TRANSOCEAN SEDCO FOREX, INC .................. 6,426 32 * TRANSTEXAS GAS CORP (CLASS A) ................ 0 128,797 * TRICO MARINE SERVICES, INC ................... 1,988 35 * TRITON ENERGY LTD ............................ 1 411,843 * TULLOW OIL PLC ............................... 406 584,599 ULTRAMAR DIAMOND SHAMROCK CORP ............... 18,049 178,400 * UNIT CORP .................................... 3,378 46,900 * UNIVERSAL COMPRESSION HOLDINGS, INC .......... 1,768 1,506,279 UNOCAL CORP .................................. 58,274 2,019,889 USX-MARATHON GROUP, INC ...................... 56,052 162,756 * UTI ENERGY CORP .............................. 5,351 418,000 VALERO ENERGY CORP ........................... 15,544 323,756 * VARCO INTERNATIONAL, INC (NEW) ............... 7,042 170,002 * VERITAS DGC, INC ............................. 5,491 278,340 VINTAGE PETROLEUM, INC ....................... 5,984 769,250 * WEATHERFORD INTERNATIONAL, INC ............... 36,347 330,897 WESTCOAST ENERGY, INC ........................ 7,975 593,200 WOODSIDE PETROLEUM LTD ....................... 4,861 ------------ TOTAL ENERGY ................................. 7,011,908 ------------ FINANCIAL SERVICES--19.54% 116,500 21ST CENTURY INSURANCE GROUP ................. 1,660 783,237 * 3I GROUP PLC ................................. 14,485 5,560,428 * ABBEY NATIONAL PLC ........................... 101,252 2,127,643 ABN-AMRO HOLDINGS NV ......................... 48,383 433,221 ABSA GROUP LTD ............................... 1,637 2,161,810 ACE LTD ...................................... 91,742 529,200 ACOM CO LTD .................................. 39,065 62,444 ADVANTA CORP (CLASS A) ....................... 550 103,197 ADVANTA CORP (CLASS B) ....................... 742 3,181,503 AEGON NV ..................................... 131,612 158,285 * AFFILIATED MANAGERS GROUP, INC ............... 8,686 1,509,201 AFLAC, INC ................................... 108,945 36,200 * AFRICAN LIFE ASSURANCE CO LTD ................ 55 300 AIFUL CORP ................................... 25 23,400 ALABAMA NATIONAL BANCORP ..................... 529 73,198 ALEXANDRIA REAL ESTATE EQUITIES, INC ......... 2,722 135,700 ALFA CORP .................................... 2,493 42,211 ALLEGHANY CORP (DELAWARE) .................... 8,674 464,034 ALLIANZ AG. (REGD) ........................... 174,578 317,440 ALLIED CAPITAL CORP .......................... 6,627 432,346 ALLIED IRISH BANKS PLC (UNITED KINGDOM) ...... 5,039 2,658,035 ALLIED IRISH BANKS PLC (IRELAND) ............. 30,821 300,931 ALLMERICA FINANCIAL CORP ..................... 21,817 10,281,833 ALLSTATE CORP ................................ 447,902 272,000 ALPHA BANK S.A ............................... 9,368 500,600 AMB PROPERTY CORP ............................ 12,922 492,650 AMBAC FINANCIAL GROUP, INC ................... 28,728 177,200 AMCORE FINANCIAL, INC ........................ 3,666 127,600 AMERICAN CAPITAL STRATEGIES LTD .............. 3,214 8,274,051 AMERICAN EXPRESS CO .......................... 454,556 189,808 AMERICAN FINANCIAL GROUP, INC ................ 5,042 79,300 AMERICAN FINANCIAL HOLDINGS, INC ............. 1,636 1,405,182 AMERICAN GENERAL CORP ........................ 114,522 38,900 AMERICAN INDUSTRIAL PROPERTIES REIT .......... 477 14,484,436 AMERICAN INTERNATIONAL GROUP, INC ............ 1,427,622 104,700 AMERICAN NATIONAL INSURANCE CO ............... 7,643 424,480 e* AMERITRADE HOLDINGS CORP (CLASS A) ........... 2,971 49,200 AMLI RESIDENTIAL PROPERTIES TRUST ............ 1,215 418,685 AMP DIVERSIFIED PROPERTY TRUST ............... 570 2,491,256 e AMP LTD ...................................... 27,994 76,900 * AMPAL-AMERICAN ISRAEL CORP (CLASS A) ......... 466 3,440 * AMRESCO, INC ................................. 5 2,250,504 AMSOUTH BANCORPORATION ....................... 34,320 1,985,927 AMVESCAP PLC ................................. 40,761 256,131 * ANC RENTAL CORP .............................. 896 609,700 ANCHOR BANCORP WISCONSIN, INC ................ 9,755 11,200 ANDOVER BANCORP, INC ......................... 386 1,422,575 AON CORP ..................................... 48,723 416,583 APARTMENT INVESTMENT & MANAGEMENT CO (CLASS A) .................................. 20,803 62,800 * ARCH CAPITAL GROUP LTD ....................... 942 445,753 ARCHSTONE COMMUNITIES TRUST .................. 11,478 369,800 ARDEN REALTY GROUP, INC ...................... 9,291 41,200 AREA BANCSHARES CORP ......................... 680 197,152 ARGONAUT GROUP, INC .......................... 4,140 146,700 b* ARM FINANCIAL GROUP, INC (CLASS A) ........... 0 5,619,486 ASAHI BANK LTD ............................... 19,142 762,000 * ASHIKAGA BANK LTD ............................ 1,321 5,366,761 e ASSICURAZIONI GENERALI S.P.A ................. 213,143 542,939 ASSOCIATED BANC-CORP ......................... 16,492 314,281 * ASSOCIATES FIRST CAP. RESIDUAL VALUE ......... 5 1,120,655 ASTORIA FINANCIAL CORP ....................... 60,866 1,146,908 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD ... 9,165 2,049,549 * AUTONATION, INC .............................. 12,297 396,541 AVALONBAY COMMUNITIES, INC ................... 19,877 444,727 e AXA .......................................... 64,303 76,581 * AXA (SPON ADR) ............................... 5,499 619,000 e AXA ASIA PACIFIC HOLDINGS LTD ................ 1,031 162,019 BA HOLDINGS AG ............................... 8,914 119,096 BAADER WERTPAPIERHANDELSBANK AG .............. 1,789 12,200 BALDWIN & LYONS, INC (CLASS B) ............... 284 485,403 e BANCA COMMERCIALE ITALIANA S.P.A ............. 3,327 7,197,697 e BANCA DI ROMA ................................ 7,812 1,056,002 e BANCA INTESA RISP S.P.A ...................... 3,054 22,008,267 e BANCA INTESA S.P.A ........................... 105,797 507,403 * BANCA INTESA S.P.A. PUT WTS 11/15/02 ......... 457 3,612,656 e BANCA POPOLARE DI MILANO ..................... 17,977 1,314 BANCFIRST CORP ............................... 52 64,880 * BANCO AMBROS VENETO RISP WTS 05/31/02 ........ 37 843,540 * BANCO AMBROS VENETO WTS 05/31/02 ............. 879 3,912,187 BANCO COMERCIAL PORTUGUES S.A. (REGD) ........ 20,753 328,155 BANCO ESPIRITO SANTO S.A. (REGD) ............. 5,515 79,961 BANCO FRANCES S.A ............................ 549 8,548,310 BANCO SANTANDER CENTRAL HISPANO S.A .......... 91,496 462,488 BANCORPSOUTH, INC ............................ 5,637 583,344 BANCWEST CORP ................................ 15,240 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 23 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- FINANCIAL SERVICES--(Continued) 15,234,114 BANK OF AMERICA CORP ......................... $ 698,865 2,016,437 BANK OF EAST ASIA LTD ........................ 5,209 717,000 e BANK OF FUKUOKA LTD .......................... 3,064 21,700 BANK OF GRANITE CORP ......................... 505 3,471,344 BANK OF IRELAND .............................. 34,809 653,849 BANK OF MONTREAL ............................. 34,216 4,580,274 BANK OF NEW YORK CO, INC ..................... 252,774 1,189,216 BANK OF NOVA SCOTIA .......................... 34,204 4,350,087 e BANK OF TOKYO MITSUBISHI LTD ................. 43,311 1,895,656 BANK OF YOKOHAMA LTD ......................... 8,615 7,026,194 BANK ONE CORP ................................ 257,334 165,950 BANK UNITED CORP (CLASS A) ................... 11,316 106,100 e BANKATLANTIC BANCORP, INC (CLASS A) .......... 398 1,109,731 BANKNORTH GROUP, INC ......................... 22,125 8,226 BANNER CORP .................................. 125 2,671,157 BARCLAYS PLC ................................. 82,676 165,267 BAY VIEW CAPITAL CORP ........................ 1,033 2,111,513 e BAYERISCHE HYPO-UND VEREINSBANK AG ........... 118,553 3,097,818 BB&T CORP .................................... 115,587 5,907,206 BCO BILBAO VIZCAYA ARGENTARIA S.A ............ 87,908 544,202 BEAR STEARNS COS, INC ........................ 27,584 112,000 BEDFORD PROPERTY INVESTORS, INC .............. 2,268 104,750 BERKLEY (W.R.) CORP .......................... 4,943 2,154,052 BIPOP-CARIRE S.P.A ........................... 14,056 107,000 * BLACKROCK, INC ............................... 4,494 79,900 BLANCH (E.W.) HOLDINGS, INC .................. 1,393 1,009,056 BNP PARIBAS GROUP ............................ 88,582 1,539,100 BOE LTD ...................................... 909 75,315 * BOK FINANCIAL CORP ........................... 1,600 346,300 BOSTON PROPERTIES, INC ....................... 15,064 102,727 BOYKIN LODGING CO ............................ 873 1,092,656 BPI-SGPS S.A. (REGD) ......................... 3,426 21,016,246 * BANCO BRADESCO S.A. PFD RTS .................. 70 230,500 BRANDYWINE REALTY TRUST ...................... 4,768 272,700 BRE PROPERTIES, INC (CLASS A) ................ 8,641 1,157,101 BRITISH LAND CO PLC .......................... 8,210 190,600 BROOKFIELD PROPERTIES CORP ................... 3,350 36,500 BROOKLINE BANCORP, INC ....................... 420 132,284 BROWN & BROWN, INC ........................... 4,630 50,500 BSB BANCORP, INC ............................. 665 49,141 * BTG PLC ...................................... 1,064 170,900 BURNHAM PACIFIC PROPERTIES, INC .............. 790 520,800 C.I. FUND MANAGEMENT, INC .................... 5,704 1,920 * CALIFORNIA FEDERAL BANK GOODWILL CERT ........ 4 244,572 CAMDEN PROPERTY TRUST ........................ 8,193 1,057,728 CANADIAN IMPERIAL BANK OF COMMERCE ........... 32,746 1,402,365 * CANARY WHARF GROUP PLC ....................... 10,212 85,700 CAPITAL AUTOMOTIVE REIT ...................... 1,184 1,200 CAPITAL CITY BANK GROUP, INC ................. 30 1,185,463 CAPITAL ONE FINANCIAL CORP ................... 78,018 2,991,000 * CAPITALAND LTD ............................... 5,175 209,300 CAPITOL FEDERAL FINANCIAL .................... 3,506 44,500 CAPSTEAD MORTGAGE CORP ....................... 484 460,100 CARRAMERICA REALTY CORP ...................... 14,407 151,048 CASH AMERICA INTERNATIONAL, INC .............. 661 566,950 * CATELLUS DEVELOPMENT CORP .................... 9,922 29,900 CATHAY BANCORP, INC .......................... 1,764 122,000 * CB RICHARD ELLIS SERVICES GROUP, INC ......... 1,784 152,446 CBL & ASSOCIATES PROPERTIES, INC ............. 3,859 128,600 * CCC INFORMATION SERVICES GROUP, INC .......... 804 41 CENTENNIAL BANCORP ........................... 0 100 CENTER TRUST, INC ............................ 0 137,100 CENTERPOINT PROPERTIES CORP .................. 6,478 247,385 CENTURA BANKS, INC ........................... 11,936 22,200 CENTURY SOUTH BANKS, INC ..................... 748 9,874,272 CGNU PLC ..................................... 159,597 108,400 CHARLES E. SMITH RESIDENTIAL REALTY, INC ..... 5,095 65,152 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO ..... 876 5,194,152 CHARTER ONE FINANCIAL, INC ................... 149,981 136,700 CHATEAU COMMUNITIES, INC ..................... 4,161 98,500 CHELSEA PROPERTY GROUP, INC .................. 3,632 34,935 CHEMICAL FINANCIAL CORP ...................... 817 946 CHEUNG KONG HOLDINGS LTD ..................... 12 540 CHIBA BANK LTD ............................... 2 864 * CHINESE ESTATES LTD .......................... 0 209,842 CHITTENDEN CORP .............................. 6,361 950 CHIYODA FIRE & MARINE INSURANCE CO LTD ....... 3 289,200 * CHOICEPOINT, INC ............................. 18,961 1,083,391 CHUBB CORP ................................... 93,713 1,132,300 CHUO MITSUI TRUST & BANKING CO LTD ........... 3,490 887,985 CINCINNATI FINANCIAL CORP .................... 35,131 1,244,500 CIT GROUP, INC (CLASS A) ..................... 25,046 38,821,908 CITIGROUP, INC ............................... 1,982,344 273,752 CITIZENS BANKING CORP (MICHIGAN) ............. 7,956 3,700 CITY BANK LYNNWOOD (WASHINGTON) .............. 79 3,548,326 CITY DEVELOPMENTS LTD ........................ 16,473 66 CITY HOLDINGS CO ............................. 0 248,000 CITY NATIONAL CORP ........................... 9,626 131,100 * CNA FINANCIAL CORP ........................... 5,080 76,100 CNA SURETY CORP .............................. 1,084 118,500 * CNP ASSURANCES ............................... 4,750 62,500 * COAST FEDERAL LITIGATION CONTINGENT RTS ...... 86 618,000 COLONIAL BANCGROUP, INC ...................... 6,644 131,500 COLONIAL PROPERTIES TRUST .................... 3,427 886,174 COMDISCO, INC ................................ 10,136 1,633,008 COMERICA, INC ................................ 96,960 220,090 COMMERCE BANCORP, INC ........................ 15,049 397,351 COMMERCE BANCSHARES, INC ..................... 16,887 117,640 COMMERCE GROUP, INC .......................... 3,197 196,440 COMMERCIAL BANK OF GREECE .................... 9,412 369,675 COMMERCIAL FEDERAL CORP ...................... 7,186 87,499 COMMERCIAL NET LEASE REALTY, INC ............. 891 5,700 COMMONWEALTH BANCORP, INC .................... 88 2,946,670 COMMONWEALTH BANK OF AUSTRALIA ............... 50,604 318,900 COMMUNITY FIRST BANKSHARES, INC .............. 6,019 56,791 COMMUNITY TRUST BANCORP, INC ................. 845 885,900 COMPASS BANCSHARES, INC ...................... 21,151 100,200 e* COMPUCREDIT CORP ............................. 1,816 2,134,323 e CONSECO, INC ................................. 28,146 67,100 b,e* CONTIFINANCIAL CORP .......................... 1 165,600 CORNERSTONE REALTY INCOME TRUST, INC ......... 1,749 57,400 * CORONATION HOLDINGS LTD (N SHS) .............. 793 34,379 CORPORACION MAPFRE S.A ....................... 655 710,487 * CORRECTIONS CORP OF AMERICA .................. 244 56,300 CORUS BANKSHARES, INC ........................ 2,786 605,829 COUNTRYWIDE CREDIT INDUSTRIES, INC ........... 30,443 234,008 COUSINS PROPERTIES, INC ...................... 6,538 2,800 CPB, INC ..................................... 78 233,100 CRAWFORD & CO (CLASS A) ...................... 2,375 160,000 CRAWFORD & CO (CLASS B) ...................... 1,860 254,900 * CREDIT ACCEPTANCE CORP ....................... 1,529 1,731,566 CREDIT LYONNAIS S.A .......................... 60,479 220,643 e CREDIT SAISON CO LTD ......................... 4,724 406,160 CREDIT SUISSE GROUP (REGD) ................... 77,197 30,200 b,e* CREDITRUST CORP .............................. 8 542,300 CRESCENT REAL ESTATE EQUITIES CO ............. 12,066 28,910 * CRESECENT OPERATING, INC ..................... 18 1 f CRESTARAN INTERNATIONAL INVESTMENT ........... 0 99,460 * CRESTLINE CAPITAL CORP ....................... 2,561 2,689 b* CRIIMI MAE, INC .............................. 2 111,900 * CSK AUTO CORP ................................ 434 417,000 CULLEN FROST BANKERS, INC .................... 17,436 85,993 CVB FINANCIAL CORP ........................... 1,462 24 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- FINANCIAL SERVICES--(Continued) 10,000 * DAH SING FINANCIAL GROUP ..................... $ 54 117,138 e* DAIKYO, INC .................................. 174 76,800 DAIN RAUSCHER CORP ........................... 7,272 500,000 * DAI-TOKYO FIRE & MARINE INSURANCE CO ......... 1,493 3,301,000 DAIWA BANK LTD ............................... 5,405 2,467,852 e DAIWA SECURITIES GROUP, INC .................. 25,781 2,003,000 DAO HENG BANK GROUP LTD ...................... 11,376 1,863,258 DBS GROUP HOLDINGS LTD ....................... 21,061 93,527 * DELPHI FINANCIAL GROUP, INC (CLASS A) ........ 3,601 1,030,491 DEN DANSKE BANK AF 1871 ...................... 18,536 937,821 e DEUTSCHE BANK AG. (REGD) ..................... 78,190 373,700 DEVELOPERS DIVERSIFIED REALTY CORP ........... 4,975 180,000 DIAMOND LEASE CO LTD ......................... 1,852 661,500 DIME BANCORP, INC ............................ 19,556 105,500 DIME COMMUNITY BANCSHARES .................... 2,664 101,000 * DLJ DIRECT, INC .............................. 379 6,914,513 e DNB HOLDING ASA .............................. 37,244 203,800 DORAL FINANCIAL CORP ......................... 4,929 127,795 DOWNEY FINANCIAL CORP ........................ 7,029 2,576,499 e DRESDNER BANK AG. (REGD) ..................... 112,003 197,418 e DROTT AB SERIES B ............................ 2,720 776,925 DUKE-WEEKS REALTY CORP ....................... 19,132 1,256,009 * E TRADE GROUP, INC ........................... 9,263 49,778 * FIRST RUSSIAN FRONTIER SERIES A WTS 06/30/01 . 6 248,893 * EAST EUROPEAN FRONTIER TRUST PLC ............. 1,948 139,400 EAST WEST BANCORP, INC ....................... 3,476 96,400 EASTGROUP PROPERTIES, INC .................... 2,157 369,800 EATON VANCE CORP ............................. 11,926 431,142 EDWARDS (A.G.), INC .......................... 20,452 11,500 * ELECTRO RENT CORP ............................ 162 162,400 ENHANCE FINANCIAL SERVICES GROUP, INC ........ 2,507 94,800 ENTERTAINMENT PROPERTIES TRUST ............... 1,043 2,046,113 EQUITY OFFICE PROPERTIES TRUST ............... 66,754 765,851 EQUITY RESIDENTIAL PROPERTIES TRUST CO ....... 42,361 222,000 ERIE INDEMNITY CO (CLASS A) .................. 6,618 108,600 ESSEX PROPERTY TRUST, INC .................... 5,946 5,730 SOCIETE EURAFRANCE S.A ....................... 4,164 909 * EVERGO CHINA HOLDINGS LTD .................... 0 24,765 F & M BANCORP, INC (MARYLAND) ................ 511 140,122 F & M NATIONAL CORP .......................... 3,661 70,745 F.N.B. CORP .................................. 1,486 9,100 * FAIRFAX FINANCIAL HOLDINGS LTD ............... 1,384 7,800 FARMERS CAPITAL BANK CORP .................... 215 130,794 FBL FINANCIAL GROUP, INC (CLASS A) ........... 2,281 235,600 FEDERAL REALTY INVESTMENT TRUST .............. 4,476 602,700 FEDERATED INVESTORS, INC (CLASS B) ........... 17,554 124,762 FEDSURE HOLDINGS LTD ......................... 514 4,141,376 FGLMC ........................................ 285,237 376,239 FIDELITY NATIONAL FINANCIAL, INC ............. 13,897 2,258,010 FIFTH THIRD BANCORP .......................... 134,916 63,400 * FINANCIAL FEDERAL CORP ....................... 1,514 375,801 FINOVA GROUP, INC ............................ 352 347,348 FIRST AMERICAN CORP .......................... 11,419 148,200 FIRST BANCORP (PUERTO RICO) .................. 3,501 3,000 FIRST BUSEY CORP ............................. 60 119,900 FIRST CHARTER CORP ........................... 1,784 32,600 FIRST CITIZENS BANCSHARES, INC (CLASS A) ..... 2,632 233,642 FIRST COMMONWEALTH FINANCIAL CORP ............ 2,336 55,700 FIRST FEDERAL CAPITAL CORP ................... 808 121,038 FIRST FINANCIAL BANCORP ...................... 2,058 8,320 FIRST FINANCIAL BANKSHARES, INC .............. 262 6,000 FIRST FINANCIAL CORP (INDIANA) ............... 192 68,200 FIRST FINANCIAL HOLDINGS, INC ................ 1,343 2,485 * FIRST HUNGARY FUND LTD (CLASS A) ............. 4,603 36,900 FIRST INDIANA CORP ........................... 867 27,950 FIRST MERCHANTS CORP ......................... 634 246,669 FIRST MIDWEST BANCORP, INC ................... 7,092 26,500 FIRST NIAGARA FINANCIAL GROUP, INC ........... 287 1,598,400 FIRST NIS REGIONAL FUND (FULLY PD) ........... 6,394 115,600 FIRST SENTINEL BANCORP, INC .................. 1,329 39,853 FIRST SOURCE CORP ............................ 727 816,047 FIRST TENNESSEE NATIONAL CORP ................ 23,614 7,023,311 FIRST UNION CORP ............................. 195,336 335,455 FIRST VIRGINIA BANKS, INC .................... 16,102 42,400 FIRST WASHINGTON REALTY TRUST, INC ........... 1,094 8,243,584 FIRSTAR CORP ................................. 191,663 231,700 * FIRSTFED FINANCIAL CORP ...................... 7,487 497,920 FIRSTMERIT CORP .............................. 13,312 365,812 e* FIRSTPLUS FINANCIAL GROUP, INC ............... 37 2,849,350 FIRSTRAND LTD ................................ 3,162 11,121,256 FLEETBOSTON FINANCIAL CORP ................... 417,742 6,307,181 FNMA ......................................... 547,148 221,702 e FORENINGSSPARBANKEN AB ....................... 3,395 2,060,072 FORTIS B ..................................... 66,923 51,968 * FORTIS B CVG 07/20/01 ........................ 307 462,027 FORTIS B NPV (STRIP VVPR) .................... 4 363,174 FRANCHISE FINANCE CORP OF AMERICA ............ 8,466 882,000 FRANKLIN RESOURCES, INC ...................... 33,604 345,460 FREMONT GENERAL CORP ......................... 972 139,400 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC (CLASS A) .................................. 915 38,400 FRONTIER FINANCIAL CORP ...................... 962 600 * FRONTIER INSURANCE GROUP, INC ................ 0 159,596 * FRONTLINE CAPITAL GROUP, INC ................. 2,122 1,200,000 FUJI FIRE & MARINE INSURANCE CO LTD .......... 2,039 417,743 FULTON FINANCIAL CORP ........................ 9,634 35,000 * GABELLI ASSET MANAGEMENT, INC (CLASS A) ...... 1,162 146,200 GABLES RESIDENTIAL TRUST ..................... 4,094 231,300 GALLAGHER (ARTHUR J.) & CO ................... 14,716 1,520,853 * GANDEL RETAIL TRUST .......................... 953 219,413 * GARTNER GROUP, INC (CLASS A) ................. 1,514 240,938 * GARTNER GROUP, INC (CLASS B) ................. 1,528 99,300 GBC BANCORP .................................. 3,811 24,822 GECINA ....................................... 2,377 295,200 GENERAL GROWTH PROPERTIES, INC ............... 10,683 2,304,798 GENERAL PROPERTY TRUST ....................... 3,544 6,853 GENERALI HOLDING VIENNA AG ................... 1,177 80 GLACIER BANCORP, INC ......................... 1 177,800 GLENBOROUGH REALTY TRUST, INC ................ 3,089 142,800 GLIMCHER REALTY TRUST ........................ 1,785 172,000 GOLD BANC CORP, INC .......................... 806 1,582,639 GOLDEN STATE BANCORP, INC .................... 49,754 4,800 * GOLDEN STATE BANCORP, INC WTS 01/27/02 ....... 6 746,200 GOLDEN WEST FINANCIAL CORP ................... 50,369 160,501 GREAT AMERICAN FINANCIAL RESOURCES, INC ...... 3,070 78,630 GREAT LAKES REIT, INC ........................ 1,366 207,798 * GREAT PORTLAND ESTATES PLC ................... 913 255,700 GREATER BAY BANCORP .......................... 10,484 524,458 GREENPOINT FINANCIAL CORP .................... 21,470 3,852,000 * GRUPO FINANCIERO BANAMEX ACC SER O ........... 6,334 60,000 * GRUPO FINANCIERO GALICIA S.A. SERIES B ....... 90 670,000 GUNMA BANK LTD ............................... 3,280 3,000 f,b HAFNIA HOLDINGS AS (CLASS A) ................. 0 2,490 f,b HAFNIA HOLDINGS AS (CLASS B) ................. 0 12,077,738 HALIFAX GROUP PLC ............................ 119,707 375,583 HAMMERSON PLC ................................ 2,589 39,500 HANCOCK HOLDINGS CO .......................... 1,511 2,100,500 HANG LUNG DEVELOPMENT CO LTD ................. 1,872 2,705,446 HANG SENG BANK LTD ........................... 36,420 58,209 HARBOR FLORIDA BANCSHARES, INC ............... 869 26,563 * HARBOR GLOBAL CO LTD ......................... 133 158,000 HARLEYSVILLE GROUP, INC ...................... 4,622 16,234 HARLEYSVILLE NATIONAL CORP ................... 563 2,033,407 HARTFORD FINANCIAL SERVICES GROUP, INC ....... 143,609 238,700 HCC INSURANCE HOLDINGS, INC .................. 6,430 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 25 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- FINANCIAL SERVICES--(Continued) 305,214 HEALTH CARE PROPERTY INVESTORS, INC .......... $ 9,118 162,427 HEALTH CARE REIT, INC ........................ 2,639 240,300 HEALTHCARE REALTY TRUST, INC ................. 5,106 218,108 HELLER FINANCIAL, INC (CLASS A) .............. 6,693 2,102,000 HENDERSON LAND DEVELOPMENT CO LTD ............ 10,699 1,086,231 HIBERNIA CORP (CLASS A) ...................... 13,849 370,900 HIGHWOODS PROPERTIES, INC .................... 9,226 75,862 HILB, ROGAL & HAMILTON CO .................... 3,025 905,000 HITACHI CREDIT CORP .......................... 17,236 1,490,000 * HOKURIKU BANK LTD ............................ 3,105 125,218 HOME PROPERTIES OF NEW YORK, INC ............. 3,498 51,262 * HOMEFED CORP ................................. 44 240 HONG KONG LAND HOLDINGS LTD .................. 1 355,900 HOOPER HOLMES, INC ........................... 3,936 1,482,449 HOPEWELL HOLDINGS LTD ........................ 575 217,032 HORACE MANN EDUCATORS CORP ................... 4,639 118 * HORIZON GROUP PROPERTIES, INC ................ 0 312,100 HOSPITALITY PROPERTIES TRUST ................. 7,061 1,182,589 HOST MARRIOTT CORP (NEW) ..................... 15,300 543,500 HOTEL PROPERTIES LTD ......................... 461 2,839,758 HOUSEHOLD INTERNATIONAL, INC ................. 156,187 845,500 HRPT PROPERTIES TRUST ........................ 6,394 3,590,487 HSBC HOLDINGS PLC (HONG KONG) ................ 53,168 17,931,871 HSBC HOLDINGS PLC (UNITED KINGDOM) ........... 263,848 100,400 HUDSON CITY BANCORP, INC ..................... 2,033 460,230 HUDSON UNITED BANCORP ........................ 9,636 1,477,883 HUNTINGTON BANCSHARES, INC ................... 23,923 1,715,384 HYSAN DEVELOPMENT CO LTD ..................... 2,419 26,400 * IMC MORTGAGE CO .............................. 0 306,492 IMPERIAL BANCORP ............................. 8,045 11,600 * IMPERIAL CREDIT INDUSTRIES, INC .............. 5 417,000 INDEPENDENCE COMMUNITY BANK CORP ............. 6,646 70,704 INDEPENDENT BANK CORP ........................ 884 518,425 * INDYMAC BANCORP, INC ......................... 15,294 1,087,146 ING GROEP NV ................................. 86,843 192,300 INNKEEPERS U.S.A. TRUST ...................... 2,127 127,144 * INSIGNIA FINANCIAL GROUP, INC ................ 1,510 50 * INSPIRE INSURANCE SOLUTIONS, INC ............. 0 27,300 * INSURANCE AUTO AUCTIONS, INC ................. 328 62,451 INTEGRA BANK CORP ............................ 1,596 64,187 INTERNATIONAL BANCSHARES CORP ................ 2,190 40,000 * INTERNATIONAL BANK OF ASIA ................... 11 95 * INTERSTATE HOTELS CORP ....................... 0 46,500 INVESTEC GROUP LTD ........................... 1,548 160,788 * INVESTMENT TECHNOLOGY GROUP, INC ............. 6,713 200,656 INVESTORS FINANCIAL SERVICES CORP ............ 17,256 109,042 IRISH LIFE & PERMANENT PLC (UNITED KINGDOM) ........................... 1,348 155,626 IRISH LIFE AND PERMANENT PLC ................. 1,929 196,100 IRT PROPERTY CO .............................. 1,593 66,400 IRWIN FINANCIAL CORP ......................... 1,407 509,591 ISTAR FINANCIAL, INC ......................... 10,033 52,100 * ITT EDUCATIONAL SERVICES, INC ................ 1,146 180,400 JDN REALTY CORP .............................. 1,905 98,900 JEFFERIES GROUP, INC (NEW) ................... 3,091 656,396 JEFFERSON-PILOT CORP ......................... 49,066 3,835,820 JOHN HANCOCK FINANCIAL SERVICES, INC ......... 144,323 39,074 JOHN NUVEEN CO (CLASS A) ..................... 2,247 182,100 * JONES LANG LA SALLE .......................... 2,527 1,481,305 JOYO BANK .................................... 4,709 12,936,624 JP MORGAN CHASE & CO ......................... 750,200 83,000 JP REALTY, INC ............................... 1,307 4,336 * JULIUS BAER HOLDINGS AG. SERIES B ............ 23,734 29,500 KANSAS CITY LIFE INSURANCE CO ................ 1,044 803,100 KBC BANCASSURANCE HOLDINGS NV ................ 34,783 2,729,640 KEYCORP ...................................... 76,430 171,526 KILROY REALTY CORP ........................... 4,813 302,850 KIMCO REALTY CORP ............................ 13,382 471,568 * KNIGHT TRADING GROUP, INC .................... 6,572 129,500 KOGER EQUITY, INC ............................ 2,015 100 KONOVER PROPERTY TRUST, INC .................. 0 219,200 * LABRANCHE & CO, INC .......................... 6,699 1,045,559 LAND SECURITIES PLC .......................... 13,159 58,640 LANDAMERICA FINANCIAL GROUP, INC ............. 2,371 1,100 b* LEASING SOLUTIONS, INC ....................... 0 5,254,983 LEGAL & GENERAL GROUP PLC .................... 14,483 329,532 LEGG MASON, INC .............................. 17,959 2,050,438 LEHMAN BROTHERS HOLDINGS, INC ................ 138,661 1,193,502 LEND LEASE CORP LTD .......................... 11,102 224,700 LEUCADIA NATIONAL CORP ....................... 7,963 15,300 LEXINGTON CORPORATE PROPERTIES TRUST ......... 181 58,614 LIBERTY CORP ................................. 2,385 31,600 LIBERTY FINANCIAL COS, INC ................... 1,408 152,325 LIBERTY LIFE ASSOCIATION OF AFRICA LTD ....... 1,358 1,062,400 LINCOLN NATIONAL CORP ........................ 50,265 20,666,961 LLOYDS TSB GROUP PLC ......................... 218,576 171,560 LNR PROPERTY CORP ............................ 3,774 19,330 * LOCAL FINANCIAL CORP ......................... 254 360 * LTC HEALTHCARE, INC .......................... 0 586,089 M & T BANK CORP .............................. 39,854 188,400 MACERICH CO .................................. 3,615 287,900 MACK-CALI REALTY CORP ........................ 8,223 308,900 MACKENZIE FINANCIAL CORP ..................... 5,604 214,100 MAF BANCORP, INC ............................. 6,088 110,100 MANUFACTURED HOME COMMUNITIES, INC ........... 3,193 2,282,778 MANULIFE FINANCIAL CORP ...................... 71,356 23,400 * MARKEL CORP .................................. 4,235 153,969 e MARSCHOLLEK LAUT UND PARTNER ................. 16,841 1,553,169 MARSH & MCLENNAN COS, INC .................... 181,721 610,858 MARSHALL & ILSLEY CORP ....................... 31,050 577,187 MBIA, INC .................................... 42,784 4,640,107 MBNA CORP .................................... 171,394 64,600 MEDALLION FINANCIAL CORP ..................... 945 135,233 MEDICAL ASSURANCE, INC ....................... 2,257 1,152,676 e MEDIOBANCA S.P.A ............................. 13,074 871,582 * MEDITRUST CORP PAIRED ........................ 2,233 6,806,722 MELLON FINANCIAL CORP ........................ 334,806 454,039 MERCANTILE BANKSHARES CORP ................... 19,609 70,400 MERCHANTS NEW YORK BANCORP, INC .............. 1,764 99,100 MERCURY GENERAL CORP ......................... 4,348 230,942 MERISTAR HOSPITALITY CORP .................... 4,547 6,284,784 MERRILL LYNCH & CO, INC ...................... 428,544 13,335 * MERRY LAND PROPERTIES, INC ................... 74 7,212,926 METROPOLITAN LIFE INSURANCE CO ............... 252,452 443,250 * METROPOLITAN LIFE LTD ........................ 574 158,986 METROVACESA S.A .............................. 2,305 3,555 * MFN FINANCIAL CORP ........................... 16 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 ..... 1 699,400 MGIC INVESTMENT CORP ......................... 47,166 50,525 MID-AMERICA APARTMENT COMMUNITIES, INC ....... 1,140 49,181 MID-AMERICA BANCORP .......................... 1,119 11,591 MIDLAND CO ................................... 322 16,600 MID-STATE BANCSHARES ......................... 589 95,874 MILLS CORP ................................... 1,588 728,206 * MIRVAC GROUP ................................. 1,443 17,100 MISSISSIPPI VALLEY BANCSHARES, INC ........... 502 6,061,000 MITSUBISHI ESTATE CO LTD ..................... 64,750 7,375,889 MITSUBISHI TRUST & BANKING CORP .............. 50,766 1,150,000 MITSUI FUDOSAN CO LTD ........................ 11,430 4,977,050 e MITSUI TAISHO MARINE & FIRE CO LTD ........... 28,546 12,084 MIZUHO HOLDINGS, INC ......................... 74,917 245,200 MONY GROUP, INC .............................. 12,122 26 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- FINANCIAL SERVICES--(Continued) 165,100 MORGAN KEEGAN, INC ........................... $ 4,375 8,208,846 MORGAN STANLEY DEAN WITTER & CO .............. 650,551 380,075 e MUENCHENER RUECKVER AG. (REGD) ............... 135,604 3,638,332 NATIONAL AUSTRALIA BANK LTD .................. 58,249 444,984 NATIONAL BANK OF CANADA ...................... 7,881 3,775,299 NATIONAL CITY CORP ........................... 108,540 1,214,885 NATIONAL COMMERCE BANCORP .................... 30,068 131,100 NATIONAL HEALTH INVESTORS, INC ............... 967 17,669 NATIONAL PENN BANCSHARES, INC ................ 357 3,600 * NATIONAL WESTERN LIFE INSURANCE CO ........... 371 146,700 * NATIONSRENT, INC ............................. 229 137,700 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A) . 6,541 271,800 NATIONWIDE HEALTH PROPERTIES, INC ............ 3,499 62,109 NBT BANCORP, INC ............................. 908 148,222 NEDCOR LTD ................................... 3,348 149,389 * NETBANK, INC ................................. 980 196,700 NEUBERGER BERMAN, INC ........................ 15,945 534,320 NEW PLAN EXCEL REALTY TRUST .................. 7,013 3,275,936 * NEW WORLD DEVELOPMENT CO LTD ................. 3,969 189,100 * NEXTCARD, INC ................................ 1,513 188,400 e NICHIEI CO LTD (KYOTO) ....................... 1,001 3,000 NIKKO SECURITIES CO LTD ...................... 23 665,000 NIPPON SHINPAN CO LTD ........................ 844 280,600 NISSAN FIRE & MARINE INSURANCE CO LTD ........ 944 5,110,000 NOMURA SECURITIES CO LTD ..................... 91,953 4,781,264 e NORDEA AB .................................... 36,231 917,579 e NORDIC BALTIC HOLDING AB ..................... 7,156 1,002,828 NORTH FORK BANCORP, INC ...................... 24,632 1,370,486 NORTHERN TRUST CORP .......................... 111,780 43,600 NORTHWEST BANCORP, INC ....................... 395 97,100 NY COMMUNITY BANCORP ......................... 3,568 81,300 OCEANFIRST FINANCIAL CORP .................... 2,002 180,838 * OCWEN FINANCIAL CORP ......................... 1,153 349,500 OHIO CASUALTY CORP ........................... 3,495 837,108 OLD KENT FINANCIAL CORP ...................... 36,623 331,411 OLD NATIONAL BANCORP ......................... 9,922 759,450 OLD REPUBLIC INTERNATIONAL CORP .............. 24,302 13,000 OMEGA FINANCIAL CORP ......................... 351 237,000 * ORIENT CORP .................................. 291 53,866 ORIENTAL FINANCIAL GROUP, INC ................ 717 159,800 ORIX CORP .................................... 16,036 1,774,129 OVERSEAS CHINESE BANKING CORP LTD ............ 13,199 10,000 * OVERSEAS UNION BANK LTD ...................... 47 146,700 PACIFIC CAPITAL BANCORP ...................... 4,126 537,600 PACIFIC CENTURY FINANCIAL CORP ............... 9,509 47 PACIFIC CREST CAPITAL, INC ................... 1 109,100 PACIFIC GULF PROPERTIES, INC ................. 668 71,250 PACIFIC NORTHWEST BANCORP .................... 984 90,938 PAN PACIFIC RETAIL PROPERTIES, INC ........... 2,029 28,137 PARK NATIONAL CORP ........................... 2,524 617,000 PARKWAY HOLDINGS LTD ......................... 1,139 56,946 PARKWAY PROPERTIES, INC ...................... 1,691 50,900 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST .... 973 159,350 PEOPLES BANK OF BRIDGEPORT CO ................ 4,123 517,000 b PERIGRINE INVESTMENT HOLDINGS, INC ........... 0 85,000 PFF BANCORP, INC ............................. 1,774 46,500 e* PHILADELPHIA CONSOLIDATED HOLDINGS CORP ...... 1,436 264,006 PHOENIX INVESTMENT PARTNERS LTD .............. 4,142 16,300 * PICO HOLDINGS, INC ........................... 203 17,200 PMA CAPITAL CORP (CLASS A) ................... 297 143,051 PMI GROUP, INC ............................... 9,683 1,776,189 PNC FINANCIAL SERVICES GROUP, INC ............ 129,773 35,851 e POHJOLA GROUP INSURANCE CO LTD SERIES B ...... 1,582 864,192 POPULAR, INC ................................. 22,739 222,577 POST PROPERTIES, INC ......................... 8,361 93,070 PREMIER NATIONAL BANCORP, INC ................ 1,937 224,500 PRENTISS PROPERTIES TRUST .................... 6,047 155,700 PRESIDENTIAL LIFE CORP ....................... 2,326 47,900 PRIME GROUP REALTY TRUST ..................... 689 50 * PROFESSIONALS GROUP, INC ..................... 1 353,750 PROGRESSIVE CORP ............................. 36,657 536,460 PROLOGIS TRUST ............................... 11,936 496,900 PROMISE CO LTD ............................... 35,244 31,630 PROMISTAR FINANCIAL CORP ..................... 550 300,200 PROTECTIVE LIFE CORP ......................... 9,681 168,604 PROVIDENT BANKSHARES CORP .................... 3,520 148,200 PROVIDENT FINANCIAL GROUP, INC ............... 5,558 239,695 PROVIDENT FINANCIAL GROUPPLC ................. 3,541 1,683,496 PROVIDIAN FINANCIAL CORP ..................... 96,801 1,800,577 PRUDENTIAL PLC ............................... 28,968 86,748 PS BUSINESS PARKS, INC ....................... 2,412 563,180 PUBLIC STORAGE, INC .......................... 13,692 888,380 QBE INSURANCE GROUP LTD ...................... 4,882 17,000 R&G FINANCIAL CORP (CLASS B) ................. 242 162,920 RADIAN GROUP, INC ............................ 12,229 664,695 e RAS S.P.A .................................... 10,366 253,906 RAYMOND JAMES FINANCIAL CORP ................. 8,855 143,000 REALTY INCOME CORP ........................... 3,557 253,211 RECKSON ASSOCIATES REALTY CORP ............... 6,675 7,267 REDWOOD TRUST, INC ........................... 129 183,200 REGENCY REALTY CORP .......................... 4,340 1,332,190 REGIONS FINANCIAL CORP ....................... 36,385 120,275 REINSURANCE GROUP OF AMERICA, INC ............ 4,270 393,878 * RELIANCE GROUP HOLDINGS, INC ................. 2 312,344 REPUBLIC BANCORP, INC ........................ 3,377 293,874 REPUBLIC SECURITY FINANCIAL CORP ............. 2,121 20,032 RESOURCE AMERICA, INC (CLASS A) .............. 230 25 e* RESOURCE BANCSHARES MORTGAGE GROUP, INC ...... 0 159,300 RFS HOTEL INVESTORS, INC ..................... 2,081 191,500 RICHMOND COUNTY FINANCIAL CORP ............... 5,003 119,200 RIGGS NATIONAL CORP .......................... 1,661 30,900 RLI CORP ..................................... 1,381 450,990 ROSLYN BANCORP, INC .......................... 12,318 19,816,152 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC ..... 169,616 1,367,707 ROYAL BANK OF CANADA ......................... 46,304 3,596,079 * ROYAL BANK OF SCOTLAND PLC ................... 84,982 102,100 S & T BANCORP, INC ........................... 2,208 715,460 SAFECO CORP .................................. 23,521 27,880 SAI S.P.A. (S/S) (NON-VOTE) CV ............... 248 53,858 e SAI S.P.A .................................... 1,067 9,948,244 SAKURA BANK LTD .............................. 60,108 255,740 e SAMPO-LEONIA INSURANCE SERIES A .............. 13,807 1,918,997 e SAN PAOLO-IMI S.P.A .......................... 31,026 16,800 SANDY SPRING BANCORP, INC .................... 382 1,043,500 SANLAM LTD ................................... 1,318 34,440 SANTANDER BANCORP ............................ 663 765 SANWA BANK LTD ............................... 5 1,500 * SANYO SHINPAN FINANCE CO LTD ................. 44 21,700 SAUL CENTERS, INC ............................ 404 1,502,041 SCHRODERS PLC (NEW) .......................... 29,640 6,399,000 SCHWAB (CHARLES) CORP ........................ 181,572 50,667 SCPIE HOLDINGS, INC .......................... 1,197 153,300 SEACOAST FINANCIAL SERVICES CORP ............. 1,840 189,900 * SECURITY CAPITAL GROUP, INC (CLASS B) ........ 3,810 223,836 SEI INVESTMENTS CO ........................... 25,070 357,700 SELECTIVE INSURANCE GROUP, INC ............... 8,674 81,110 SENIOR HOUSING PROPERTIES TRUST .............. 755 314,000 SEVENTY-SEVEN (77) BANK LTD .................. 1,790 962,000 SHIZUOKA BANK LTD ............................ 8,752 158,832 e SHOHKOH FUND & CO LTD ........................ 16,412 96 SHORELINE FINANCIAL CORP ..................... 1 308,950 * SILICON VALLEY BANCSHARES .................... 10,678 29,981 SIMCO S.A. (REGD) ............................ 2,072 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 27 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- FINANCIAL SERVICES--(Continued) 800 SIMMONS FIRST NATIONAL CORP (CLASS A) ........ $ 18 606,660 SIMON PROPERTY GROUP, INC .................... 14,560 6,031,429 SINO LAND CO LTD ............................. 3,151 944,201 SKANDIA FORSAKRINGS AB ....................... 15,361 1,353,335 e SKANDINAVISKA ENSKILDA BANKEN SERIES A ....... 14,917 532,463 SKY FINANCIAL GROUP, INC ..................... 8,919 135,400 SL GREEN REALTY CORP ......................... 3,791 739,209 SLOUGH ESTATES PLC ........................... 4,538 841,460 SOCIETE GENERALE S.A ......................... 52,301 159,107 SOUTH FINANCIAL GROUP, INC ................... 2,108 936,155 SOUTHTRUST CORP .............................. 38,090 185,600 * SOUTHWEST BANCORP OF TEXAS, INC .............. 7,969 95,881 e SOUTHWEST SECURITIES GROUP, INC .............. 2,481 1,125,056 SOVEREIGN BANCORP, INC ....................... 9,141 70,300 SOVRAN SELF STORAGE, INC ..................... 1,397 365,100 SPIEKER PROPERTIES, INC ...................... 18,301 2,839,422 ST. PAUL COS, INC ............................ 154,216 145,200 STANCORP FINANCIAL GROUP, INC ................ 6,933 37,801 STANDARD BANK INVESTMENT CORP LTD ............ 152 1,279,217 STARWOOD HOTELS & RESORTS WORLDWIDE, INC ..... 45,092 36,700 STATE AUTO FINANCIAL CORP .................... 656 945,100 STATE STREET CORP ............................ 117,391 235,300 STATEN ISLAND BANCORP, INC ................... 5,030 153,700 STERLING BANCSHARES, INC ..................... 3,036 91,500 * STEWART INFORMATION SERVICES CORP ............ 2,030 1,246,020 STILWELL FINANCIAL, INC ...................... 49,140 244,340 STOCKLAND TRUST GROUP (UNITS) ................ 530 9,100 * STOCKWALK GROUP, INC ......................... 19 165,900 STORAGE U.S.A., INC .......................... 5,267 2,237,195 STOREBRAND ASA SERIES A ...................... 15,856 15,700 STUDENT LOAN CORP ............................ 855 397,300 SUMISHO LEASE CO ............................. 3,305 2,816,818 e SUMITOMO BANK LTD ............................ 28,933 3,941,028 e SUMITOMO MARINE & FIRE INSURANCE CO .......... 25,434 8,536,000 SUMITOMO REALTY & DEVELOPMENT CO LTD ......... 42,979 991,276 SUMMIT BANCORP ............................... 37,854 153,924 SUMMIT PROPERTIES, INC ....................... 4,002 99,900 SUN COMMUNITIES, INC ......................... 3,347 3,780,969 SUN HUNG KAI PROPERTIES LTD .................. 37,689 905,689 SUN LIFE FINANCIAL SERVICES OF CANADA ........ 24,120 431,843 e SUNCORP-METWAY LTD ........................... 2,586 196,293 b* SUNTERRA CORP ................................ 4 1,632,486 SUNTRUST BANKS, INC .......................... 102,847 13,300 b* SUPERIOR NATIONAL INSURANCE GROUP, INC ....... 1 188,650 SUSQUEHANNA BANCSHARES, INC .................. 3,113 1,055,900 SVENSKA HANDELSBANKEN SERIES A ............... 18,073 323,659 SVENSKA HANDELSBANKEN SERIES B FREE .......... 5,488 106,285 SWISS REINSURANCE CO ......................... 254,809 1,554,294 SYNOVUS FINANCIAL CORP ....................... 41,869 200,176 * SYNTROLEUM CORP .............................. 3,403 572,400 T ROWE PRICE GROUP, INC ...................... 24,193 269,500 TAKEFUJI CORP ................................ 16,991 225,230 TAUBMAN CENTERS, INC ......................... 2,463 417,450 TCF FINANCIAL CORP ........................... 18,603 473,000 * TD WATERHOUSE GROUP .......................... 6,265 101,640 TEXAS REGIONAL BANCSHARES, INC (CLASS A) ..... 3,303 1,477,500 THE GOLDMAN SACHS GROUP, INC ................. 158,000 98 THORNBURG MORTGAGE, INC ...................... 1 5,550 THREE RIVERS BANCORP, INC .................... 46 4,981,609 e TOKAI BANK LTD ............................... 21,593 4,258,000 TOKIO MARINE & FIRE INSURANCE CO LTD ......... 48,807 1,000 * TOKYO TATEMONO CO LTD ........................ 2 32,484 * TOPDANMARK AS ................................ 646 2,076,900 TORCHMARK CORP ............................... 79,831 85,700 TORONTO DOMINION BANK ........................ 2,479 95,300 TOWN & COUNTRY TRUST ......................... 1,840 144,280 * TRAMMELL CROW CO ............................. 1,948 72,607 TRANSATLANTIC HOLDINGS, INC .................. 7,687 85,200 * TRIAD GUARANTY, INC .......................... 2,822 110,400 TRIZEC HAHN CORP ............................. 1,709 98,400 TRUST CO OF NEW JERSEY ....................... 1,236 281,020 TRUSTCO BANK CORP (NEW YORK) ................. 3,425 288,502 TRUSTMARK CORP ............................... 6,059 131,000 TUCKER ANTHONY SUTRO CORP .................... 3,218 5,913,918 U.S. BANCORP ................................. 172,612 17,815 U.S.B. HOLDINGS CO, INC ...................... 224 49,474 e UBS AG. (BR) ................................. 8,084 574,291 e UBS AG. (REGD) ............................... 93,736 9,800 UCBH HOLDINGS, INC ........................... 457 400 * U-CYBER TECHNOLOGY HOLDINGS LTD .............. 0 223,600 * UICI ......................................... 1,328 96,101 UMB FINANCIAL CORP ........................... 3,592 17,062 UNIBAIL S.A .................................. 2,719 22,000,000 * UNIBANCO UNIAO DE BANCO BRASILEIROS SA ....... 1,263 484,200 * UNICAPITAL CORP .............................. 1 11,915,194 UNICREDITO ITALIANO S.P.A .................... 62,313 835,635 UNION PLANTERS CORP .......................... 29,874 367,219 UNIONBANCAL CORP ............................. 8,836 173,200 UNITED BANKSHARES, INC ....................... 3,681 134,700 UNITED COMMUNITY FINANCIAL CORP (OHIO) ....... 934 7,800 b* UNITED COS FINANCIAL CORP .................... 1 714,177 UNITED DOMINION REALTY TRUST, INC ............ 7,722 38,654 UNITED NATIONAL BANCORP ...................... 742 1,462,195 UNITED OVERSEAS BANK LTD ..................... 10,962 417,000 UNITED OVERSEAS LAND LTD ..................... 373 192,685 * UNITED RENTALS, INC .......................... 2,589 448,200 * UNITEDGLOBALCOM, INC (CLASS A) ............... 6,107 270,508 UNITRIN, INC ................................. 10,989 1,165,126 UNUMPROVIDENT CORP ........................... 31,313 123,317 INMOBILIARIA URBIS SA ........................ 551 946,490 USA EDUCATION, INC ........................... 64,361 200 USBANCORP, INC ............................... 1 32,446 VALHI, INC ................................... 373 603,851 e VALLEHERMOSO S.A ............................. 3,674 398,777 VALLEY NATIONAL BANCORP ...................... 13,284 222,600 VALUE LINE, INC .............................. 7,694 3,580 * VONTOBEL HOLDINGS AG. (CLASS B) .............. 9,941 455,600 VORNADO REALTY TRUST ......................... 17,455 119,700 W HOLDING CO, INC ............................ 1,392 1,306,412 WACHOVIA CORP ................................ 75,935 520,075 WADDELL & REED FINANCIAL, INC (CLASS A) ...... 19,568 39,689 WADDELL & REED FINANCIAL, INC (CLASS B) ...... 1,488 370,000 WASHINGTON FEDERAL, INC ...................... 10,522 3,426,590 WASHINGTON MUTUAL, INC ....................... 181,823 229,500 WASHINGTON REAL ESTATE INVESTMENT TRUST ...... 5,422 40 * WAYPOINT FINANCIAL CORP ...................... 0 252,696 e WCM BETEILIGUNGS & GRUNDBESITZ AG ............ 3,796 301,984 WEBSTER FINANCIAL CORP ....................... 8,550 175,032 WEINGARTEN REALTY INVESTORS, INC ............. 7,658 12,089,935 WELLS FARGO CO ............................... 673,258 50 * WELLSFORD REAL PROPERTIES, INC ............... 1 75,300 WESBANCO, INC ................................ 1,770 6,340 WESCO FINANCIAL CORP ......................... 1,786 9,213 WEST COAST BANCORP (OREGON) .................. 90 242,400 WESTAMERICA BANCORP .......................... 10,423 34,920 WESTCORP ..................................... 524 171,000 WESTFIELD AMERICA, INC ....................... 2,469 2,044,465 WESTFIELD TRUST (UNITS) ...................... 3,858 50,208 * WESTFIELD TRUST (UNITS) (NEW) ................ 95 5,155,967 * WESTPAC BANKING CORP ......................... 37,803 49,000 * WFS FINANCIAL, INC ........................... 907 3,927,445 WHARF HOLDINGS LTD ........................... 9,542 28 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- FINANCIAL SERVICES--(Continued) 135,000 WHITNEY HOLDINGS CORP ........................ $ 4,902 200,000 WILMINGTON TRUST CORP ........................ 12,413 5,000 WING HANG BANK LTD ........................... 18 5,002 WING LUNG BANK LTD ........................... 20 952,000 WING TAI HOLDINGS LTD ........................ 692 479,495 * WIT SOUNDVIEW GROUP, INC ..................... 1,723 822,552 * WYNDHAM INTERNATIONAL, INC (CLASS A) ......... 1,439 1,112,844 XL CAPITAL LTD (CLASS A) ..................... 97,235 1,793,000 b* YAMAICHI SECURITIES CO LTD ................... 31 2,430,000 YASUDA FIRE & MARINE INSURANCE CO ............ 14,023 41,342 ZENITH NATIONAL INSURANCE CORP ............... 1,214 471,661 ZIONS BANCORP ................................ 29,449 290,211 * ZURICH FINANCIAL SERVICES AG ................. 174,968 ------------ TOTAL FINANCIAL SERVICES ..................... 23,375,865 ------------ HEALTH CARE--13.74% 9,955,913 ABBOTT LABORATORIES CO ....................... 482,240 382,300 * ABGENIX, INC ................................. 22,580 81,300 * ABIOMED, INC ................................. 1,972 62,800 * ACCREDO HEALTH, INC .......................... 3,152 60,300 * ACLARA BIOSCIENCES, INC ...................... 656 122,300 * ADVANCE PCS .................................. 5,565 353,800 * ADVANCED TISSUE SCIENCES, INC ................ 1,072 1,016,260 AETNA, INC (NEW) ............................. 41,730 262,100 e* AFFYMETRIX, INC .............................. 19,510 99,900 * ALBANY MOLECULAR RESEARCH, INC ............... 6,156 79,200 * ALEXION PHARMACEUTICALS, INC ................. 5,143 321,200 e* ALKERMES, INC ................................ 10,078 72 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS A) 2 772,644 ALLERGAN, INC ................................ 74,802 268,900 * ALLIANCE PHARMACEUTICAL CORP ................. 2,319 19,200 * ALLOS THERAPEUTICS, INC ...................... 155 113,100 * ALLSCRIPTS, INC .............................. 1,057 22,900 * ALPHA BETA TECHNOLOGY, INC ................... 0 106,625 ALPHARMA, INC (CLASS A) ...................... 4,678 1,102,140 * ALZA CORP .................................... 46,841 9,620,767 AMERICAN HOME PRODUCTS CORP .................. 611,400 119,900 * AMERICAN HOMEPATIENT, INC .................... 26 123,100 * AMERIPATH, INC ............................... 3,078 265,700 * AMERISOURCE HEALTH CORP (CLASS A) ............ 13,418 8,032,345 * AMGEN, INC ................................... 513,568 263,300 * AMYLIN PHARMACEUTICALS, INC .................. 2,073 236,300 * ANDRX CORP ................................... 13,676 28,940 e* ANTIGENICS, INC .............................. 320 73,500 * APHTON CORP .................................. 1,323 617,620 * APOGENT TECHNOLOGIES, INC .................... 12,661 1,263,112 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) ...... 118,811 356,352 * APPLERA CORP (CELERA GENOMICS GROUP) ......... 12,806 238,253 * APRIA HEALTHCARE GROUP, INC .................. 7,088 105,300 * ARADIGM CORP ................................. 1,540 142,350 * ARIAD PHARMACEUTICAL, INC .................... 676 65,594 ARROW INTERNATIONAL, INC ..................... 2,471 106,400 e* ARTHROCARE CORP .............................. 2,075 21,100 * ASPECT MEDICAL SYSTEMS, INC .................. 182 2,019,378 ASTRAZENECA PLC .............................. 100,589 1,497,955 ASTRAZENECA PLC (UNITED KINGDOM) ............. 75,521 69,800 * ATS MEDICAL, INC ............................. 990 140,430 * AURORA BIOSCIENCE CORP ....................... 4,415 294,000 * AVANT IMMUNOTHERAPEUTICS, INC ................ 2,021 295,600 * AVATEX CORP (CLASS A) ........................ 118 1,429,341 AVENTIS S.A .................................. 125,478 98,000 e* AVIGEN, INC .................................. 2,034 114,415 e* AVIRON, INC .................................. 7,644 59 * AXYS PHARMACEUTICALS, INC .................... 0 20,373 * BACOU U.S.A., INC ............................ 530 1,000,000 BANYU PHARMACEUTICAL CO LTD .................. 22,636 323,325 BARD (C.R.), INC ............................. 15,055 97,100 * BARR LABORATORIES, INC ....................... 7,082 300,423 BAUSCH & LOMB, INC ........................... 12,148 1,769,263 * BAXTER INTERNATIONAL, INC .................... 156,248 97,100 * BAXTER INTERNATIONAL, INC CVR ................ 5 16,701,055 f* BB BIOVENTURES L.P. .......................... 47,475 292,474 BECKMAN COULTER, INC ......................... 12,266 1,392,824 BECTON DICKINSON & CO ........................ 48,227 856,554 BERGEN BRUNSWIG CORP (CLASS A) ............... 13,559 601,461 * BEVERLY ENTERPRISES, INC ..................... 4,924 168,621 BINDLEY WESTERN INDUSTRIES, INC .............. 7,008 240,000 * BIOCHEM PHARMA, INC .......................... 7,606 76,300 * BIOCRYST PHARMACEUTICALS, INC ................ 505 873,239 * BIOGEN, INC .................................. 52,449 283,813 * BIOMARIN PHARMACEUTICAL, INC ................. 2,749 904,714 BIOMET, INC .................................. 35,906 80,400 e* BIOPURE CORP ................................. 1,608 66,456 * BIO-RAD LABORATORIES, INC (CLASS A) .......... 2,113 77,800 * BIOSITE DIAGNOSTICS, INC ..................... 3,146 326,400 * BIO-TECHNOLOGY GENERAL CORP .................. 2,305 117,400 * BIOVAIL CORP ................................. 4,560 155,470 * BIOVAIL CORP (CANADA) ........................ 6,045 1,900 * BONE CARE INTERNATIONAL, INC ................. 33 1,842,550 * BOSTON SCIENTIFIC CORP ....................... 25,220 14,604,044 BRISTOL MYERS SQUIBB CO ...................... 1,079,787 100 * BRITESMILE, INC .............................. 0 102,698 * CALIPER TECHNOLOGIES CORP .................... 4,827 5,305,826 CARDINAL HEALTH, INC ......................... 528,593 168,700 * CARDIODYNAMICS INTERNATIONAL CORP ............ 580 1,228,881 * CAREMARK RX, INC ............................. 16,667 198,867 * CELL GENESYS, INC ............................ 4,537 126,999 e* CELL PATHWAYS, INC ........................... 603 172,900 * CELL THERAPEUTICS, INC ....................... 7,791 305,140 * CELLTECH GROUP PLC ........................... 5,392 66,300 * CELSION CORP ................................. 66 251,899 e* CEPHALON, INC ................................ 15,948 147,800 * CERNER CORP .................................. 6,836 54,800 * CERUS CORP ................................... 4,124 75 * CHATTEM, INC ................................. 0 701,128 * CHIRON CORP .................................. 31,200 82,300 * CHROMAVISION MEDICAL SYSTEMS, INC ............ 216 304,000 CHUGAI PHARMACEUTICAL CO LTD ................. 5,058 978,272 CIGNA CORP ................................... 129,425 40,500 * CLOSURE MEDICAL CORP ......................... 1,458 98,845 COCHLEAR LTD ................................. 2,004 149,480 * COHERENT, INC ................................ 4,858 40,200 * COLLATERAL THERAPEUTICS, INC ................. 711 144,500 * COLUMBIA LABORATORIES, INC ................... 623 85,400 * CONMED CORP .................................. 1,462 161,800 * CONNETICS CORP ............................... 738 91,275 COOPER COS, INC .............................. 3,640 325,300 e* COR THERAPEUTICS, INC ........................ 11,446 32 b* CORAM HEALTHCARE CORP ........................ 0 244,487 e* CORIXA CORP .................................. 6,815 18,400 * CORVEL CORP .................................. 637 339,716 * COVANCE, INC ................................. 3,652 349,800 * COVENTRY HEALTH CARE, INC .................... 9,335 8,200 b* CPX CORP ..................................... 1 64,050 * CRYOLIFE, INC ................................ 1,938 278,913 CSL LTD ...................................... 6,054 158,300 * CUBIST PHARMACEUTICALS, INC .................. 4,591 151,700 * CURAGEN CORP ................................. 4,143 90 * CURIS, INC ................................... 1 92,700 * CV THERAPEUTICS, INC ......................... 6,559 1,967 * CYBEAR GROUP, INC ............................ 1 289,600 e* CYBER-CARE, INC .............................. 615 111,400 * CYBERONICS, INC .............................. 2,590 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 29 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- HEALTH CARE--(Continued) 148,600 e* CYGNUS, INC .................................. $ 724 398,709 * CYTOGEN CORP ................................. 934 243,700 * CYTYC CORP ................................... 15,246 448,286 DAIICHI PHARMACEUTICAL CO LTD ................ 13,347 72,700 DATASCOPE CORP ............................... 2,490 436,700 * DAVITA, INC .................................. 7,478 188,950 * DENDRITE INTERNATIONAL, INC .................. 4,228 256,300 DENTSPLY INTERNATIONAL, INC .................. 10,028 66,516 DIAGNOSTIC PRODUCTS CORP ..................... 3,633 54,400 * DIAMETRICS MEDICAL, INC ...................... 323 63,750 * DIGENE CORP .................................. 2,849 46,000 * DIVERSA CORP ................................. 825 728,645 DR. REDDYS LABORATORIES LTD (DEMAT) .......... 19,855 56,000 * DURECT CORP .................................. 672 81,700 * DUSA PHARMACEUTICALS, INC .................... 1,374 58,900 * DVI, INC ..................................... 1,005 30,500 * EBENX CORP ................................... 206 230,652 * ECLIPSYS CORP ................................ 5,651 341,519 * EDWARDS LIFESCIENCES CORP .................... 6,062 462,036 EISAI CO LTD ................................. 16,183 249,800 * ELAN CORP CONTINGENT VALUE RIGHT ............. 195 588 * ELAN CORP PLC ................................ 29 430,203 e* ELAN CORP PLC (SPON ADR) ..................... 20,139 90,800 * EMISPHERE TECHNOLOGIES, INC .................. 2,270 36,700 * ENDO PHARMACEUTICAL HOLDINGS, INC ............ 220 75,000 * ENDO PHARMACEUTICALS, INC WTS 12/31/02 ....... 19 59,900 * ENDOCARE, INC ................................ 764 85,770 e* ENTREMED, INC ................................ 1,480 143,682 * ENZO BIOCHEM, INC ............................ 3,574 265,046 * ENZON, INC ................................... 16,449 50,025 * EXELIXIS, INC ................................ 732 115,200 * EXPRESS SCRIPTS, INC ......................... 11,779 169,000 * E-Z-EM, INC (CLASS A) ........................ 972 231,367 * E-Z-EM, INC (CLASS B) ........................ 1,446 304,358 F.H. FAULDING & CO LTD ....................... 1,997 8,770 FABRICA ESP DE PRODUCTO QUIMICO Y FARM ....... 106 295,476 * FIRST HEALTH GROUP CORP ...................... 13,758 208,700 * FISHER SCIENTIFIC INTERNATIONAL, INC ......... 7,696 70,000 * FIVE STAR PRODUCTS, INC ...................... 8 506,692 * FOREST LABORATORIES, INC ..................... 67,327 328,200 b,e* FPA MEDICAL MANAGEMENT, INC .................. 0 193,640 e FRESENIUS MEDICAL CARE AG .................... 15,817 648,981 GAMBRO AB (CLASS A) .......................... 4,711 81,581 GAMBRO AB (CLASS B) .......................... 584 75,605 GEHE AG ...................................... 2,893 159,550 * GENE LOGIC, INC .............................. 2,932 1,968,400 * GENENTECH, INC ............................... 160,425 1,400,000 f* GENESOFT SERIES C FINANCING .................. 7,000 131,700 * GENOME THERAPEUTICS CORP ..................... 918 2,830 * GENOMIC SOLUTIONS, INC ....................... 22 105,000 e* GENTA, INC ................................... 840 55,611 * GENZYME CORP (BIOSURGERY DIVISION) ........... 483 562,381 * GENZYME CORP (GENERAL DIVISION) .............. 50,579 52 * GENZYME-MOLECULAR ONCOLOGY ................... 0 130,800 e* GERON CORP ................................... 2,019 280,310 * GILEAD SCIENCES, INC ......................... 23,248 22,421,112 * GLAXOSMITHKLINE PLC .......................... 633,011 64,500 e* GLIATECH, INC ................................ 262 11,300 b* GRAHAM-FIELD HEALTH PRODUCTS, INC ............ 1 2,496,719 * GUIDANT CORP ................................. 134,667 75,200 * GUILFORD PHARMACEUTICALS, INC ................ 1,354 221,405 * H. LUNDBECK A/S .............................. 21,723 150,200 * HAEMONETICS CORP ............................. 4,637 3,218,299 HCA-THE HEALTHCARE CO ........................ 141,637 5,606,900 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) NEW .............................. 116,343 610,475 * HEALTH NET, INC .............................. 15,987 2,148,991 * HEALTHSOUTH CORP ............................. 35,055 246,400 HILLENBRAND INDUSTRIES, INC .................. 12,690 765,340 * HUMAN GENOME SCIENCES, INC ................... 53,048 936,600 * HUMANA, INC .................................. 14,283 60,700 * HYSEQ, INC ................................... 873 239,750 * ICOS CORP .................................... 12,452 210,400 * IDEC PHARMACEUTICALS CORP .................... 39,884 195,800 * IDEXX LABORATORIES, INC ...................... 4,308 82,400 * IDX SYSTEMS CORP ............................. 2,060 59,100 e* IGEN INTERNATIONAL, INC ...................... 728 156,900 * ILEX ONCOLOGY, INC ........................... 4,128 227,700 * IMATRON, INC ................................. 313 408,500 * IMCLONE SYSTEMS, INC ......................... 17,974 6,500 * IMMUCOR, INC ................................. 17 151,300 * IMMUNE RESPONSE CORP ......................... 397 1,670,491 * IMMUNEX CORP ................................. 67,864 193,902 * IMMUNOGEN, INC ............................... 4,157 199,400 * IMMUNOMEDICS, INC ............................ 4,287 95,000 * IMPATH, INC .................................. 6,318 1,631,553 IMS HEALTH, INC .............................. 44,052 76,900 * INAMED CORP .................................. 1,572 348,730 * INCYTE GENOMICS, INC ......................... 8,675 75 * INFOCURE CORP ................................ 0 190,100 e* INHALE THERAPEUTIC SYSTEMS, INC .............. 9,600 2,981 * INNOVATIVE CLINICAL SOLUTIONS LTD (NEW) ...... 2 24,590 INSTRUMENTARIUM OYJ SERIES B FREE ............ 485 339,563 b* INTEGRATED HEALTH SERVICES, INC .............. 17 175,040 * INTEGRATED SILICON SOLUTION, INC ............. 2,516 41,600 * INTERMUNE PHARMACEUTICALS, INC ............... 1,856 30,000 f* INTERNATIONAL HYDRON (LIQUIDATING TRUST) ..... 1 45,100 * INTRABIOTICS PHARMACEUTICALS, INC ............ 434 145,700 INVACARE CORP ................................ 4,990 217,294 * INVITROGEN CORP .............................. 18,769 226,000 e* ISIS PHARMACEUTICALS, INC .................... 2,401 51,300 * I-STAT CORP .................................. 1,356 877,388 * IVAX CORP .................................... 33,604 9,416,692 JOHNSON & JOHNSON CO ......................... 989,341 92,000 e KAKEN PHARMACEUTICAL CO LTD .................. 510 720,074 * KING PHARMACEUTICALS, INC .................... 37,219 90 e KISSEI PHARMACEUTICALS CO LTD ................ 2 268,000 KOBAYASHI PHARMACEUTICAL CO LTD .............. 13,940 40,600 * KOS PHARMACEUTICALS, INC ..................... 716 89,650 * KV PHARMACEUTICAL CO (CLASS B) ............... 2,174 992,000 KYOWA HAKKO KOGYO ............................ 6,862 164,626 * LABONE, INC .................................. 947 121,338 * LABORATORY CORP OF AMERICA HOLDINGS .......... 21,355 98 LANDAUER, INC ................................ 2 32,745 * LCA-VISION, INC .............................. 35 59,300 * LEXICON GENETICS, INC ........................ 986 193,557 * LIFEPOINT HOSPITALS, INC ..................... 9,702 335,500 * LIGAND PHARMACEUTICALS CO (CLASS A) .......... 4,697 6,761,605 LILLY (ELI) & CO ............................. 629,252 241,400 * LINCARE HOLDINGS, INC ........................ 13,775 28,100 e* LUMINEX CORP ................................. 732 60,800 * LYNX THERAPEUTICS, INC ....................... 547 539,052 * MANOR CARE, INC .............................. 11,118 914,924 b* MARINER POST-ACUTE NETWORK, INC .............. 39 1,285,150 a,e* MARTEK BIOSCIENCES CORP ...................... 15,743 25 * MATRIA HEALTHCARE, INC ....................... 0 141,600 * MATRIX PHARMACEUTICALS, INC .................. 2,425 20 * MAXICARE HEALTH PLANS, INC ................... 0 126,100 e* MAXIM PHARMACEUTICALS, INC ................... 804 67,665 * MAXIMUS, INC ................................. 2,364 44,400 * MAXYGEN, INC ................................. 1,088 1,688,462 MCKESSON HBOC, INC ........................... 60,599 90,800 MDS, INC ..................................... 1,342 30 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- HEALTH CARE--(Continued) 416,200 * MEDAREX, INC ................................. $ 16,960 15,966 b* MEDICAL RESOURCES, INC ....................... 0 172,202 * MEDICIS PHARMACEUTICAL CORP (CLASS A) ........ 10,181 1,331,522 * MEDIMMUNE, INC ............................... 63,497 81,661 * MEDQUIST, INC ................................ 1,307 9,034,324 MEDTRONIC, INC ............................... 545,447 124,100 MENTOR CORP .................................. 2,420 496,696 MERCK & CO KGAA .............................. 21,918 17,340,993 MERCK & CO, INC .............................. 1,623,550 100,200 * MGI PHARMA, INC .............................. 1,653 206,500 * MID ATLANTIC MEDICAL SERVICES, INC ........... 4,091 1,150,236 * MILLENNIUM PHARMACEUTICALS, INC .............. 71,171 308,100 MILLIPORE CORP ............................... 19,410 266,390 * MINIMED, INC ................................. 11,197 81,800 * MIRAVANT MEDICAL TECHNOLOGIES ................ 759 84,600 * MOLECULAR DEVICES CORP ....................... 5,790 17,683 MORRISON MANAGEMENT SPECIALISTS, INC ......... 617 7,634,072 f* MPM BIOVENTURES II-QP, LP .................... 6,296 642,334 MYLAN LABORATORIES, INC ...................... 16,179 109,160 * MYRIAD GENETICS, INC ......................... 9,033 165,100 * NABI, INC .................................... 764 85,300 * NANOGEN, INC ................................. 768 32 * NATIONAL HEALTHCARE CORP ..................... 0 63,900 e* NCS HEALTHCARE, INC (CLASS A) ................ 6 79,700 e* NEOFORMA.COM, INC ............................ 65 15,400 * NEOPROBE CORP ................................ 6 121,200 * NEORX CORP ................................... 636 66,200 * NEOSE TECHNOLOGIES, INC ...................... 2,185 50,000 f* NETGENICS, INC STOCK OPTIONS 03/20/08 ........ 85 120,500 * NEUROCRINE BIOSCIENCES, INC .................. 3,992 74,200 * NEUROGEN CORP ................................ 2,606 157,400 b* NEUROMEDICAL SYSTEMS, INC .................... 14 36,685 * NEXELL THERAPEUTICS, INC ..................... 111 75 NICHII GAKKAN CO ............................. 2 126,068 NOVARTIS AG. (REGD) .......................... 222,885 115,600 * NOVEN PHARMACEUTICALS, INC ................... 4,321 189,913 NOVO NORDISK AS (CLASS B) .................... 34,041 96,600 * NOVOSTE CORP ................................. 2,657 125,500 * NPS PHARMACEUTICALS, INC ..................... 6,024 995,310 NYCOMED AMERSHAM PLC ......................... 8,289 94,300 * OCULAR SCIENCES, INC ......................... 1,096 2 * OMEGA WORLDWIDE, INC ......................... 0 549,100 OMNICARE, INC ................................ 11,874 129,200 * ON ASSIGNMENT, INC ........................... 3,682 171,000 ONO PHARMACEUTICAL CO LTD .................... 6,693 63 * ORASURE TECHNOLOGIES, INC .................... 1 26,500 * ORATEC INTERVENTIONS, INC .................... 136 37,000 e* ORCHID BIOSCIENCES, INC ...................... 518 242,700 * ORGANOGENESIS, INC ........................... 2,182 60,707 ORION-YHTYMA OYJ (CLASS B) ................... 1,357 251,700 * ORTHODONTIC CENTERS OF AMERICA, INC .......... 7,866 162,012 * OSI PHARMACEUTICALS, INC ..................... 12,981 206,214 OWENS & MINOR, INC ........................... 3,660 453,753 * OXFORD HEALTH PLANS, INC ..................... 17,923 181,448 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ..... 2,722 66,500 * PACKARD BIOSCIENCE CO ........................ 773 686,476 PALL CORP .................................... 14,631 56 b* PARACELSUS HEALTHCARE CORP ................... 0 29,700 * PARADIGM GENETICS, INC ....................... 297 147,600 * PAREXEL INTERNATIONAL CORP ................... 1,596 284,450 * PATTERSON DENTAL CO .......................... 9,636 176,973 * PER SE TECHNOLOGIES, INC ..................... 617 1,307 * PER SE TECHNOLOGIES, INC WTS 07/08/03 ........ 0 405,500 * PEREGRINE PHARMACEUTICALS, INC ............... 380 46,037,282 PFIZER, INC .................................. 2,117,715 110,712 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC ...... 5,501 7,752,147 PHARMACIA CORP ............................... 472,881 137,200 * PHARMACOPEIA, INC ............................ 2,993 96,900 * PHARMACYCLICS, INC ........................... 3,319 2,500 * PHOTOGEN TECHNOLOGIES, INC ................... 4 23,900 b* PHP HEALTHCARE CORP .......................... 0 101,595 * PHYAMERICA PHYSICIAN GROUP, INC .............. 8 1,087 * PHYCOR, INC .................................. 0 5,794 b* PHYSICIANS RESOURCE GROUP, INC ............... 0 62,600 * POLYMEDIA CORP ............................... 2,089 76 * POSSIS MEDICAL, INC .......................... 0 65,400 * PRAECIS PHARMACEUTICALS, INC ................. 1,913 192,414 * PRIORITY HEALTHCARE CORP (CLASS A) ........... 7,853 7,600 * PRIORITY HEALTHCARE CORP (CLASS B) ........... 310 74,900 * PROCURENET, INC .............................. 11 24,700 * PROFESSIONAL DETAILING, INC .................. 2,612 244,902 * PROTEIN DESIGN LABORATORIES, INC ............. 21,276 182,800 * PROVINCE HEALTHCARE CO ....................... 7,198 408,756 * PSS WORLD MEDICAL, INC ....................... 2,044 188,337 * QIAGEN N.V ................................... 6,843 147,923 * QLT PHOTOTHERAPEUTICS, INC ................... 4,141 192,695 * QUEST DIAGNOSTICS, INC ....................... 27,363 670,724 * QUINTILES TRANSNATIONAL CORP ................. 14,043 422,400 * QUORUM HEALTH GROUP, INC ..................... 6,653 1,989,500 RANBAXY LABORATORIES LTD (DEMAT) ............. 28,641 246,700 * REGENERON PHARMACEUTICALS, INC ............... 8,700 77,000 * REHABCARE GROUP, INC ......................... 3,956 281,800 * RENAL CARE GROUP, INC ........................ 7,727 115,050 * RES-CARE, INC ................................ 518 175,900 e* RESMED, INC .................................. 7,014 199,678 * RESPIRONICS, INC ............................. 5,691 35,484 * RESPONSE ONCOLOGY, INC ....................... 9 49,600 * RIBOZYME PHARMACEUTICALS, INC ................ 710 30 * RIGHTCHOICE MANAGED CARE, INC ................ 1 6 ROCHE HOLDINGS AG. (BR) ...................... 74 27,959 ROCHE HOLDINGS AG. (GENUSSCHEINE) ............ 284,852 59,500 b,e* SABRATEK CORP ................................ 9 211,500 * SAFEGUARD HEALTH ENTERPRISES, INC ............ 198 98,900 * SANGSTAT MEDICAL CORP ........................ 1,174 742,196 SANKYO CO LTD ................................ 17,808 1,187,679 SANOFI-SYNTHELABO S.A ........................ 79,173 625,500 e SANTEN PHARMACEUTICAL CO LTD ................. 12,379 142,400 * SCHEIN (HENRY), INC .......................... 4,931 883,871 e SCHERING AG .................................. 50,207 10,542,562 SCHERING-PLOUGH CORP ......................... 598,290 50 * SCIOS, INC ................................... 1 76,800 * SCOTT TECHNOLOGIES, INC ...................... 1,718 401,100 e* SEPRACOR, INC ................................ 32,138 32,300 * SEQUENOM, INC ................................ 452 42,000 * SERONO S.A. ADR .............................. 1,005 101,898 SERONO S.A. (CLASS B) ........................ 98,094 1,596,515 * SERVICE CORP INTERNATIONAL ................... 2,794 411,000 SHIONOGI & CO LTD ............................ 8,386 53 * SHIRE PHARMACEUTICALS GROUP PLC ADR .......... 2 325,381 * SICOR, INC ................................... 4,698 1,761,154 f* SKYLINE VENTURE PARTNERS QUALIFIED II, LP .... 1,529 977,992 SMITH & NEPHEW PLC ........................... 4,529 9,749 * SOLA INTERNATIONAL, INC ...................... 40 20,900 e* SONIC INNOVATIONS, INC ....................... 140 55,356 e* SONOSITE, INC ................................ 706 60 * SPACELABS MEDICAL, INC ....................... 1 284,054 * SSL INTERNATIONAL PLC ........................ 2,122 450,858 * ST. JUDE MEDICAL, INC ........................ 27,700 15,900 * STAAR SURGICAL CO ............................ 200 53,200 e* STAR SCIENTIFIC, INC ......................... 130 63,400 * STERICYCLE, INC .............................. 2,417 394,244 * STERIS CORP .................................. 6,357 535,000 STEWART ENTERPRISES, INC (CLASS A) ........... 1,020 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 31 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- HEALTH CARE--(Continued) 921,660 * STRYKER CORP ................................. $ 46,627 368,766 b,e* SUN HEALTHCARE GROUP, INC .................... 11 342,280 * SUN PHARMACEUTICALS INDUSTRIES LTD (NEW) ..... 3,938 112,770 e* SUNRISE ASSISTED LIVING, INC ................. 2,819 291,000 e* SUNRISE TECHNOLOGIES INTERNATIONAL, INC ...... 518 152,900 * SUPERGEN, INC ................................ 2,121 63,800 * SURMODICS, INC ............................... 2,349 199,406 * SYBRON DENTAL SPECIALITES, INC ............... 3,365 147 * SYNAVANT, INC ................................ 1 112,600 * SYNCOR INTERNATIONAL CORP .................... 4,096 30,379 * SYNGENTA AG .................................. 1,629 631,000 TAISHO PHARMACEUTICAL CO LTD ................. 17,074 2,719,000 TAKEDA CHEMICAL INDUSTRIES LTD ............... 160,950 46,300 * TANOX, INC ................................... 1,814 161,971 * TARGETED GENETICS CORP ....................... 1,083 3,486,203 TENET HEALTHCARE CORP ........................ 154,918 915,600 TERUMO CORP .................................. 20,044 21,900 TEVA PHARMACEUTICAL INDUSTRIES LTD (SPON ADR) ................................... 1,604 247,900 * TEXAS BIOTECHNOLOGY CORP ..................... 2,129 168,500 * THERAGENICS CORP ............................. 843 40,200 * THERMO CARDIOSYSTEMS, INC .................... 352 29,500 e* THORATEC LABORATORIES CORP ................... 325 137,700 * TITAN PHARMACEUTICALS, INC ................... 4,870 120,000 e* TRANSKARYOTIC THERAPIES, INC ................. 4,373 214,457 * TRIAD HOSPITALS, INC ......................... 6,983 199,800 * TRIANGLE PHARMACEUTICALS, INC ................ 987 250,100 * TRIGON HEALTHCARE, INC ....................... 19,461 102,200 * TRIMERIS, INC ................................ 5,608 80,300 * TULARIK, INC ................................. 2,364 127,600 * TWINLAB CORP ................................. 215 133,619 UCB S.A ...................................... 4,953 94,550 * UNITED THERAPEUTICS CORP ..................... 1,395 3,698,348 UNITEDHEALTH GROUP, INC ...................... 226,986 174,200 * UNIVERSAL HEALTH SERVICES, INC (CLASS B) ..... 19,467 398,052 * US ONCOLOGY, INC ............................. 2,513 141,000 * VALENTIS, INC ................................ 1,005 185,328 * VARIAN MEDICAL SYSTEMS, INC .................. 12,591 177,128 * VARIAN, INC .................................. 6,000 191,800 * VASOMEDICAL, INC ............................. 420 46,700 e* VAXGEN, INC .................................. 911 147,888 b* VENCOR, INC .................................. 8 82,300 e* VENTANA MEDICAL SYSTEMS, INC ................. 1,523 362,856 VENTAS, INC .................................. 2,041 90,999 * VENTIV HEALTH, INC ........................... 1,143 362,100 * VERTEX PHARMACEUTICALS, INC .................. 25,890 115,500 * VICAL, INC ................................... 2,137 377,484 * VISX, INC .................................... 3,940 33,600 VITAL SIGNS, INC ............................. 1,079 209,800 e* VIVUS, INC ................................... 452 766,740 * WATERS CORP .................................. 64,023 521,284 * WATSON PHARMACEUTICALS, INC .................. 26,683 1,591,101 * WEBMD CORP ................................... 12,629 516,403 * WELLPOINT HEALTH NETWORKS, INC ............... 59,515 68,251 WILLIAM DEMANT AS ............................ 3,134 3 * XOMA LTD ..................................... 0 64,500 X-RITE, INC .................................. 504 517,849 e YAMANOUCHI PHARMACEUTICAL CO LTD ............. 22,401 134,809 e ZELTIA S.A ................................... 1,576 33,702 e* ZELTIA S.A. (NEW) ............................ 394 49,600 * ZOLL MEDICAL CORP ............................ 1,739 ------------ TOTAL HEALTH CARE ............................ 16,435,376 ------------ OTHER--2.84% 54,400 e* 4 KIDS ENTERTAINMENT, INC .................... 486 15,700 ABM INDUSTRIES, INC .......................... 481 94,100 e* ACACIA RESEARCH CORP ......................... 1,676 41,791 ADECCO S.A. (REGD) ........................... 26,305 20,335 ADECCO S.A. ADR .............................. 1,590 109,000 * ADMINSTAFF, INC .............................. 2,965 112,230 * ADVO, INC .................................... 4,980 233,434 ALEXANDER & BALDWIN, INC ..................... 6,128 32,578 AMER GROUP LTD PLC SERIES A .................. 856 360,163 ASSA ABLOY AB SERIES B ....................... 7,043 801,617 AUCKLAND INTERNATIONAL AIRPORT LTD ........... 1,114 172,900 BANTA CORP ................................... 4,395 82,717 e BARLOWORLD LTD ............................... 520 87,800 * BELL & HOWELL CO ............................. 1,449 287,200 BENESSE CORP ................................. 10,663 15 * BERKSHIRE HATHAWAY, INC (CLASS B) ............ 35 125,022 BIDVEST GROUP LTD ............................ 754 586,100 BLOCK (H&R), INC ............................. 24,250 184,100 BRADY CORP (CLASS A) ......................... 6,225 173,281 BRASCAN CORP (CLASS A) ....................... 2,532 512,156 BRIERLEY INVESTMENTS LTD ..................... 63 2,582,277 * BRIERLEY INVESTMENTS LTD (SINGAPORE) ......... 335 62,000 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ........ 1,620 2,600,730 * BAA PLC ...................................... 24,009 3,264,463 CAPITA GROUP PLC ............................. 24,382 109,200 * CAREER EDUCATION CORP ........................ 4,272 64,848 * CDI CORP ..................................... 948 4,586,895 * CENDANT CORP ................................. 44,149 72,300 CENTRAL PARKING CORP ......................... 1,446 440,300 * CENTURY BUSINESS SERVICES, INC ............... 495 134,000 * CGI GROUP, INC (CLASS A) ..................... 535 336,898 * CHUBB PLC .................................... 795 768,951 CINTAS CORP .................................. 40,899 4,300,000 CITIC PACIFIC LTD ............................ 15,243 34 * COMPUTER LEARNING CENTERS, INC ............... 0 52,600 * CORINTHIAN COLLEGES, INC ..................... 1,996 37,405 CORPORACION FINANCIERE ALBA S.A .............. 869 111,000 * CORPORATE EXECUTIVE BOARD CO ................. 4,414 71,000 * COSTAR GROUP, INC ............................ 1,677 306,189 CRANE CO ..................................... 8,707 32,000 CURTISS WRIGHT CORP .......................... 1,488 447,000 e DAIWA KOSHO LEASE CO LTD ..................... 1,209 123,566 DCC PLC ...................................... 1,323 251,416 DE BEERS CENTENARY AG. (UNITS) ............... 6,642 18,230 * DE LA RUE CO PLC ............................. 112 38,900 * DELTEK SYSTEMS, INC .......................... 165 5,625,000 * DEUTSCHE POST AG ............................. 120,995 355,029 * DEVRY, INC ................................... 13,402 713,796 e DIMENSION DATA HOLDINGS PLC .................. 4,847 1,124,272 DOVER CORP ................................... 45,603 435,869 * DUN & DRADSTREET CORP (NEW) .................. 11,278 60,000 * EDISON SCHOOLS, INC .......................... 1,890 119,500 * EDUCATION MANAGEMENT CORP .................... 4,272 400,615 * ELECTROCOMPONENTS PLC ........................ 3,962 67,200 e* E-LOAN, INC .................................. 34 35,700 * ESCO TECHNOLOGIES, INC ....................... 739 30,611 * OSTASIATISKE KOMPAGNI ........................ 662 34,600 * FIREARMS TRAINING SYSTEMS, INC ............... 3 105,130 * FIRST CONSULTING GROUP, INC .................. 499 243,100 FIRST INDUSTRIAL REALTY TRUST, INC ........... 8,265 15,729 FLUGHAFEN WIEN AG ............................ 595 65,200 * FORRESTER RESEARCH, INC ...................... 3,264 980,371 FORTUNE BRANDS, INC .......................... 29,411 123,400 * FRITZ COS, INC ............................... 748 48,300 FUJI SOFT ABC, INC ........................... 3,117 29,200 b* GENESIS DIRECT, INC .......................... 0 103,398 * GENTIVA HEALTH SERVICES, INC ................. 1,383 210,257 * GETTY IMAGES, INC ............................ 6,728 99 * GLOBAL SOURCES LTD ........................... 1 32 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- OTHER--(Continued) 8,472 GRANDE HOLDINGS LTD .......................... $ 7 18,304 GROUP 4 FALCK A/S ............................ 2,441 385 GROUPE BRUX LAMBERT NPV (STRIP VVPR) ......... 0 86,793 GROUPE BRUXELLES LAMBERT S.A ................. 20,617 549,000 * GRUPO CARSO S.A. DE CV SERIES A .............. 1,360 1,109,000 GRUPO INDUSTRIAL ALFA S.A. SERIES A .......... 1,524 218,779 * GTECH HOLDINGS CORP .......................... 4,499 142,577 HAGEMEYER NV ................................. 3,179 53,800 * HALL KINION & ASSOCIATES, INC ................ 1,083 338,950 * HA-LO INDUSTRIES, INC ........................ 763 299,095 HARLAND (JOHN H.) CO ......................... 4,225 6,005 * HAVAS ADVERTISING S.A. ADR ................... 85 299,000 HAW PAR CORP LTD ............................. 624 3,519,280 HAYS PLC ..................................... 20,292 112,100 * HEIDRICK & STRUGGLES INTERNATIONAL,INC ....... 4,715 13,039,817 HONEYWELL INTERNATIONAL, INC ................. 616,946 33,500 * HOTEL RESERVATIONS NETWORK, INC (CLASS A) .... 951 99,600 * HOTJOBS.COM LTD .............................. 1,139 5,783,767 HUTCHINSON WHAMPOA LTD ....................... 72,113 200,403 IMPERIAL HOLDINGS LTD ........................ 1,596 320,000 INDUSTRIAS PENOLES S.A.-CP ................... 216 155,100 * INFOUSA, INC ................................. 523 36,417 * ISS - INTERNATIONAL SERVICE SYSTEM A/S ....... 2,478 3,038,400 e* ITOCHU CORP .................................. 14,154 507,111 ITT INDUSTRIES, INC .......................... 19,651 1,000 IWATANI INTERNATIONAL CORP ................... 2 66,889 * JOHNNIC HOLDINGS LTD ......................... 736 132,800 JOHNS MANVILLE CORP .......................... 1,718 119,515 KELLY SERVICES, INC (CLASS A) ................ 2,824 5,901,900 KEPPEL CORP LTD .............................. 11,504 336,898 * KIDDE PLC .................................... 362 122,050 KOBENHAVNS LUFTHAVNE AS ...................... 10,440 193,000 * KORN FERRY INTERNATIONAL ..................... 4,101 196,375 * LABOR READY, INC ............................. 650 399,300 LIBERTY PROPERTY TRUST CO .................... 11,405 159,669 * LITTON INDUSTRIES, INC ....................... 12,564 399,920 LOEWS CORP ................................... 41,417 162,958 * LONHRO AFRICA PLC ............................ 43 31,700 * MANAGEMENT NETWORK GROUP, INC ................ 376 460,500 MANPOWER, INC ................................ 17,499 2,210,900 * MARUBENI CORP ................................ 5,227 62,900 MATTHEWS INTERNATIONAL CORP (CLASS A) ........ 1,985 24,100 MCGRATH RENTCORP ............................. 467 50,000 MEFOS LTD .................................... 366 44,200 MEITEC CORP .................................. 1,417 927 * MELCO INTERNATIONAL DEVELOPMENT LTD .......... 0 54,700 * MEMBERWORKS, INC ............................. 1,162 354,100 * METROMEDIA INTERNATIONAL GROUP, INC .......... 921 2,288,000 MITSUBISHI CORP .............................. 16,870 2,330,000 e MITSUI & CO LTD .............................. 14,670 60,900 * MODEM MEDIA, INC ............................. 202 614,800 * MODIS PROFESSIONAL SERVICES, INC ............. 2,536 968,439 MOODY'S CORP ................................. 24,877 61,770 * NATIONAL AUTO CREDIT, INC .................... 21 264,249 NATIONAL SERVICE INDUSTRIES, INC ............. 6,788 218,100 * NAVIGANT CONSULTING CO ....................... 832 117,000 * NCO GROUP, INC ............................... 3,554 79,900 NEW ENGLAND BUSINESS SERVICES, INC ........... 1,458 81,200 * NEW HORIZONS WORLDWIDE, INC .................. 1,127 102,256 NIPPON KANZAI CO LTD ......................... 1,298 254,800 b* NU KOTE HOLDINGS, INC (CLASS A) .............. 0 76,763 OCE NV ....................................... 1,225 134,300 * OFFSHORE LOGISTICS, INC ...................... 2,894 500 * OIS OPTICAL IMAGING SYSTEMS, INC ............. 0 74,363 e OM GRUPPEN AB ................................ 1,836 35,600 * ORGANIC, INC ................................. 29 102,600 OYO CORP ..................................... 1,087 2,633,194 PACIFIC DUNLOP LTD ........................... 2,195 375,000 PEREZ COMPANC S.A. (CLASS B) ................. 578 85 * PFSWEB, INC .................................. 0 317,612 PITTSTON CO .................................. 6,313 485,959 POWER CORP OF CANADA ......................... 11,971 113,438 * PREPAID LEGAL SERVICES, INC .................. 2,893 320,135 e PREUSSAG AKTIEGESELLSCHAFT AG ................ 11,602 100 * PRIVATE BUSINESS, INC ........................ 0 120,100 * PROSOFTTRAINING.COM .......................... 1,456 8,600 * PROTECTION ONE, INC .......................... 8 50 * PROVANT, INC ................................. 0 132,200 QUEBECOR, INC (CLASS B) ...................... 2,200 127,127 * R.H. DONNELLEY CORP .......................... 3,091 958,500 * READSOFT AB (CLASS B) ........................ 5,486 145,593 * RENT WAY, INC ................................ 646 4,115,510 RENTOKIL INITIAL PLC ......................... 14,201 1,172,700 * ROBERT HALF INTERNATIONAL, INC ............... 31,077 233,014 ROLLINS, INC ................................. 4,675 35 * RWD TECHNOLOGIES, INC ........................ 0 116,173 * SCHOOL SPECIALTY, INC ........................ 2,331 388,600 SECOM CO LTD ................................. 25,351 609,040 SECURITAS AB SERIES B FREE ................... 11,296 1,833,058 SERVICEMASTER CO ............................. 21,080 379,700 SOFTBANK CORP ................................ 13,200 60,800 e* SOURCE INFORMATION MANAGEMENT CO ............. 228 25,996,000 * SOUTH CHINA INDUSTRIES LTD ................... 1,067 804,207 e SOUTHCORP LTD ................................ 2,187 356,500 * SPHERION CORP ................................ 4,033 75,200 STANDARD REGISTER, INC ....................... 1,072 98,282 STANDEX INTERNATIONAL CORP ................... 2,027 1,427,000 * STAR CRUISES LTD ............................. 999 41,900 * STARTEK, INC ................................. 644 279,195 * STELUX HOLDINGS INTERNATIONAL LTD ............ 8 20,400 STRAYER EDUCATION, INC ....................... 521 1,956,000 SUMITOMO CORP ................................ 14,079 5,637 SURVEILLANCE S.A. SOCIETE DE ................. 1,739 2,534,500 SWIRE PACIFIC LTD (CLASS A) .................. 18,278 17,250 SWISSLOG HOLDING AG. (REGD) .................. 7,558 117,300 * SYMYX TECHNOLOGIES, INC ...................... 4,223 52,700 * SYNDER COMMUNICATIONS, INC ................... 30 28,890 * TEJON RANCH CO ............................... 556 28,890 * TEJON RANCH CO RTS 01/08/01 .................. 1 150,400 * TELETECH HOLDINGS, INC ....................... 2,764 606,300 * TERREMARK WORLDWIDE, INC ..................... 455 791,972 TEXTRON, INC ................................. 36,827 93,157 e TIS INC ...................................... 4,633 417,530 * TMP WORLDWIDE, INC ........................... 22,964 1,506,839 TNT POST GROUP NV ............................ 36,445 473,000 * TOKYO DOME CORP .............................. 1,740 1,000 TOKYO TOKEIBA CO LTD ......................... 1 68,300 TONGAAT HULETT GROUP LTD ..................... 344 105,000 TOPPAN FORMS CO LTD .......................... 1,572 160 * TOWNE SERVICES, INC .......................... 0 25,200 TRANS COSMOS ................................. 1,092 89,200 e* TRAVELOCITY.COM, INC ......................... 1,082 19,130,100 TYCO INTERNATIONAL LTD ....................... 1,061,721 488,279 U.S. INDUSTRIES, INC ......................... 3,906 63,600 * U.S. LEC CORP (CLASS A) ...................... 306 51,400 * UNIROYAL TECHNOLOGY CORP ..................... 321 1,249,000 UNITED INDUSTRIAL CORP ....................... 612 192,996 * UNITED STATIONERS, INC ....................... 4,632 5,184,741 UNITED TECHNOLOGIES CORP ..................... 407,650 173,900 VALSPAR CORP ................................. 5,596 88,958 VEDIOR NV .................................... 1,073 143,089 e* VENTRO CORP .................................. 143 491,900 VIAD CORP .................................... 11,314 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 33 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- OTHER--(Continued) 2,600 * WACKENHUT CORP (CLASS A) ..................... $ 35 168,302 * WACKENHUT CORP (CLASS B) ..................... 1,452 161,700 WALTER INDUSTRIES, INC ....................... 1,213 387,850 e WESFARMERS LTD ............................... 3,488 366,851 e* WORLD ACCESS, INC ............................ 883 59,400 e* WORLDWIDE XCEED GROUP, INC ................... 7 ------------ TOTAL OTHER .................................. 3,402,780 ------------ PRODUCER DURABLES--5.47% 341,506 ABB LTD ...................................... 35,072 72,246 ABB LTD (SWITZERLAND) ........................ 7,702 256,384 ACTUANT CORP ................................. 769 90,200 * ADVANCED LIGHTING TECHNOLOGIES, INC .......... 598 185,329 e ADVANTEST CORP ............................... 17,365 364,100 AGCO CORP .................................... 4,415 1,084,730 * ALLIED WASTE INDUSTRIES, INC ................. 15,796 750,000 AMADA CO LTD ................................. 5,582 238,000 AMANO CORP ................................... 1,811 106,385 * AMERICAN ECOLOGY CORP ........................ 226 21,300 AMERICAN STATES WATER CO ..................... 785 558,542 AMERICAN WATER WORKS CO, INC ................. 16,407 207,000 AMETEK, INC .................................. 5,369 2,043,000 e ANRITSU CORP ................................. 48,302 168,311 APPLIED INDUSTRIAL TECHNOLOGIES, INC ......... 3,461 66,400 * APPLIED SCIENCE AND TECHNOLOGY, INC .......... 797 84 * APW LTD ...................................... 3 88,100 * ASTEC INDUSTRIES, INC ........................ 1,162 503,015 ATLAS COPCO AB SERIES A FREE ................. 11,009 88,745 e ATLAS COPCO AB SERIES B FREE ................. 1,858 218,600 * AZURIX CORP .................................. 1,790 93,933 BALDOR ELECTRIC CO ........................... 1,984 99,470 BALFOUR BEATTY PLC ........................... 178 10,729 * BARCO (NEW) NV ............................... 805 21,458 * BARCONET NV .................................. 175 144,300 BELDEN, INC .................................. 3,662 14,690 BEWCKISER WASSER TECHNIK AG .................. 488 1,155 * BLOUNT INTERNATIONAL, INC .................... 9 48,000 BOMBARDIER, INC (CLASS A) .................... 746 3,415,886 BOMBARDIER, INC (CLASS B) .................... 52,648 135,391 BRIGGS & STRATTON CORP ....................... 6,008 101,600 * BROOKS AUTOMATION, INC ....................... 2,851 1,385 BROTHERS INDUSTRIES LTD ...................... 3 61,100 CALIFORNIA WATER SERVICE GROUP ............... 1,650 109,900 * CASELLA WASTE SYSTEMS, INC (CLASS A) ......... 955 17,964 * CATAYTICA ENERGY SYSTEMS ..................... 310 2,006,900 CATERPILLAR, INC ............................. 94,951 408,300 e* CHARTERED SEMICONDUCTOR MANUFACTURING LTD ADR ........................ 10,769 1,208,000 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD (SINGAPORE) ................ 3,302 371,840 * CLEAN HARBORS, INC ........................... 662 214,500 * COGNEX CORP .................................. 4,746 123,400 * COINSTAR, INC ................................ 1,882 55,500 COLUMBUS MCKINNON CORP ....................... 493 61,612 e CONECTIV, INC (CLASS A) ...................... 789 2,355,945 COOPER INDUSTRIES, INC ....................... 108,226 19,786 * COORSTEK, INC ................................ 621 214,800 CUMMINS ENGINE CO, INC ....................... 8,149 64,650 * CUNO, INC .................................... 1,733 43,100 * CYBEROPTICS CORP ............................. 730 235,000 DAIFUKU CO LTD ............................... 1,375 900,000 DAIKIN INDUSTRIES LTD ........................ 17,338 176 DAISEKI CO LTD ............................... 3 1,565,473 DEERE & CO ................................... 71,718 253,853 * DYCOM INDUSTRIES, INC ........................ 9,123 376,834 EATON CORP ................................... 28,333 458,000 EBARA CORP ................................... 4,977 2,675,070 EMERSON ELECTRIC CO .......................... 210,829 158,392 FAG KUGELFISCHER (GEORG) SCHAEFER AG ......... 1,086 149,800 * FANSTEEL, INC ................................ 646 330,120 FANUC LTD .................................... 22,461 232,114 FEDERAL SIGNAL CORP .......................... 4,555 11,573 FISCHER (GEORGE) LTD (REGD) .................. 3,285 536,093 FKI PLC ...................................... 1,762 269,010 * FLOWSERVE CORP ............................... 5,750 41,669 FLS INDUSTRIES AS (CLASS B) .................. 598 11,700 FRANKLIN ELECTRIC CO, INC .................... 801 60,700 e* FUELCELL ENERGY, INC ......................... 4,162 89,700 FUJI MACHINE MANUFACTURING CO ................ 2,404 4,872,524 FUJITSU LTD .................................. 71,851 237,000 FUTABA CORP .................................. 7,326 79,391 * GARDNER DENVER, INC .......................... 1,691 278,500 GATX CORP .................................... 13,890 182,229 GENERAL CABLE CORP ........................... 809 72,206,322 GENERAL ELECTRIC CO .......................... 3,461,391 43,800 * GENLYTE GROUP, INC ........................... 1,040 489,500 GRAINGER (W.W.), INC ......................... 17,867 100,000 * GRUPO AUXILIAR METALURGICO S.A ............... 2,404 2,962,904 HARLEY DAVIDSON, INC ......................... 117,775 273,600 b* HARNISCHFEGER INDUSTRIES, INC ................ 16 235,600 HARSCO CORP .................................. 5,816 7,503,230 HITACHI LTD .................................. 66,885 826,000 * HITACHI ZOSEN CORP ........................... 629 202,976 HUBBELL, INC (CLASS B) ....................... 5,379 51,000 * IBIS TECHNOLOGY CORP ......................... 982 150,130 IDEX CORP .................................... 4,973 1,568,776 ILLINOIS TOOL WORKS, INC ..................... 93,440 1,659,000 * IMAGINATION TECHNOLOGIES GROUP PLC ........... 5,626 459,480 IMI PLC ...................................... 1,627 799,987 INGERSOLL-RAND CO ............................ 33,499 18,320,126 * INVENSYS PLC ................................. 42,829 95,000 * IONICS, INC .................................. 2,696 1,475,000 * ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO LTD .. 3,152 226,190 JLG INDUSTRIES, INC .......................... 2,403 15 * JUNO LIGHTING, INC (W/I) ..................... 0 1,707,000 * KAWASAKI HEAVY INDUSTRIES LTD ................ 1,824 174,600 KAYDON CORP .................................. 4,343 187,334 KENNAMETAL, INC .............................. 5,456 1,564,311 KOMATSU LTD .................................. 6,918 165,000 KOMORI CORP .................................. 2,745 270,898 e KONE CORP SERIES B ........................... 18,949 5,456,731 KONINKLIJKE PHILIPS ELECTRONICS NV ........... 199,912 281,000 KOYO SEIKO CO LTD ............................ 2,005 1,558,467 KUBOTA CORP .................................. 4,749 4,098 * KUDELSKI S.A. (BR) ........................... 4,552 185,000 KURITA WATER INDUSTRIES LTD .................. 2,422 92,037 * KVAERNER INDUSTRIER AS SERIES A .............. 652 91,800 LAWSON PRODUCTS, INC ......................... 2,496 192,000 LINCOLN ELECTRIC HOLDINGS CO ................. 3,768 28,850 LINDSAY MANUFACTURING CO ..................... 653 125,600 * LITTELFUSE, INC .............................. 3,595 3,615 * LOGITECH INTERNATIONAL ....................... 915 245,800 * MABUCHI MOTOR CO LTD ......................... 25,054 185,598 MAGNA INTERNATIONAL, INC (CLASS A) ........... 7,772 73,574 * MAGNETEK, INC ................................ 956 170,000 e MAKINO MILLING MACHINE CO LTD ................ 890 97,000 MAKITA CORP .................................. 680 148,562 MANITOWOC CO, INC ............................ 4,308 138,500 * MECHANICAL TECHNOLOGY, INC ................... 485 118,402 METSO OYJ .................................... 1,323 212,252 MILACRON, INC ................................ 3,409 213,000 MINE SAFETY APPLIANCE CO ..................... 5,352 2,375,618 MINNESOTA MINING & MANUFACTURING CO .......... 286,262 34 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- PRODUCER DURABLES--(Continued) 750 e MIRAI INDUSTRY CO LTD ........................ $ 6 2,608,000 MITSUBISHI ELECTRIC CORP ..................... 16,055 5,247,532 MITSUBISHI HEAVY INDUSTRIES LTD .............. 22,883 2,002,000 * MITSUI ENGINEERING & SHIP BUILDING CO LTD .... 1,841 200,800 b,e* MOLTEN METAL TECHNOLOG\Y, INC ................ 0 249,000 MORI SEIKI CO LTD ............................ 2,765 37,457 NACCO INDUSTRIES, INC (CLASS A) .............. 1,636 163,245 * NATIONAL INSTRUMENTS CORP .................... 7,928 299,235 * NAVISTAR INTERNATIONAL CORP .................. 7,836 26,544 * NEG MICON A/S ................................ 1,569 175,200 * NEWPARK RESOURCES, INC ....................... 1,675 187,903 NEWPORT NEWS SHIPBUILDING, INC ............... 9,771 2,344,296 NIPPON ELECTRIC CORP ......................... 42,904 4,675 NKT HOLDINGS AS .............................. 1,089 176,344 NORDSON CORP ................................. 4,497 1,104,000 NSK LTD ...................................... 6,757 992,000 NTN TOYO BEARING CO LTD ...................... 3,084 288,988 * OGDEN CORP ................................... 4,443 195,487 OKUMA CORP ................................... 618 3,095 b,e* OMEGA ENVIRONMENTAL, INC ..................... 0 431,200 PACCAR, INC .................................. 21,237 129,109 PACE MICRO TECHNOLOGY PLC .................... 878 772,522 PARKER-HANNIFIN CORP ......................... 34,088 192,885 PHILADELPHIA SUBURBAN CORP ................... 4,726 70,600 * PHOTON DYNAMICS, INC ......................... 1,589 1,507,491 PITNEY BOWES, INC ............................ 49,936 50,300 e* PLUG POWER, INC .............................. 739 2,000 * POKPHAND (C.P.) CO LTD ....................... 0 296,604 * POWER-ONE, INC ............................... 11,660 78,860 PRIMEX TECHNOLOGIES, INC ..................... 2,514 159,650 * QUANTA SERVICES, INC ......................... 5,139 164,600 * RAYOVAC CORP ................................. 2,335 129,600 REGAL-BELOIT CORP ............................ 2,211 4,233,616 * REPUBLIC SERVICES, INC (CLASS A) ............. 72,765 507,197 REUNERT LTD .................................. 871 19,600 ROBBINS & MYERS, INC ......................... 473 2,516,742 ROCKWELL INTERNATIONAL CORP .................. 119,860 278,447 ROLLINS TRUCK LEASING CORP ................... 2,228 195,840 ROPER INDUSTRIES, INC ........................ 6,475 385,348 b* SAFETY-KLEEN CORP ............................ 29 136,000 SANDEN CORP .................................. 632 234,817 e* SANDVIK AB ................................... 5,649 100,000 SANSO ELECTRIC CO LTD ........................ 530 83,300 SAUER-DANFOSS, INC ........................... 781 833 SCHINDLER HOLDINGS LTD (PT CERT) ............. 1,287 1,550 SCHINDLER HOLDINGS LTD (REGD) ................ 2,438 188,430 SCHNEIDER ELECTRIC S.A ....................... 13,746 1,230,804 SEMBCORP INDUSTRIES LTD ...................... 1,207 16,079 * SEQUA CORP (CLASS A) ......................... 585 13,174 * SGL CARBON AG ................................ 703 1,601,385 e SIEMENS AG. (REGD) ........................... 209,368 6,267,000 SINGAPORE TECHNOLOGIES ENGINEERING LTD ....... 10,084 4,600 SJW CORP ..................................... 469 165,300 SMC CORP ..................................... 21,278 104,400 SMITH (HOWARD) LTD ........................... 487 77,429 * SPS TECHNOLOGIES, INC ........................ 4,244 1,600 STARRETT (L.S.) CO (CLASS A) ................. 38 207,500 STEWART & STEVENSON SERVICES, INC ............ 4,711 94 * STRATTEC SECURITY CORP ....................... 3 3,191 SULZER WINTERTHUR AG. (REGD) ................. 2,302 699,000 SUMITOMO HEAVY INDUSTRIES LTD ................ 1,090 105,100 e* SUPERCONDUCTOR TECHNOLOGIES, INC ............. 381 80,604 e SVENSKA KULLAGERFABRIKEN AB SERIES B ......... 1,217 150,951 * SVENSKA KULLAGERFABRIKEN AB SERIES A FREE .... 2,104 72,000 TAKUMA CO LTD ................................ 496 47,510 * TANDBERG ASA ................................. 436 67,900 TECUMSEH PRODUCTS CO (CLASS A) ............... 2,848 31,300 TECUMSEH PRODUCTS CO (CLASS B) ............... 1,205 233,500 TELEFLEX, INC ................................ 10,318 111,200 TENNANT CO ................................... 5,338 150,600 * TEREX CORP ................................... 2,438 207,468 * TETRA TECH, INC .............................. 6,613 1,778,641 * THERMO ELECTRON CORP ......................... 52,915 1,700 * THERMO FIBERTEK, INC ......................... 6 344,133 THOMAS & BETTS CORP .......................... 5,571 314,553 TIMKEN CO .................................... 4,758 250,750 TOKYO ELECTRON CO LTD ........................ 13,789 50,000 TOMOE ENGINEERING CO LTD ..................... 320 439,364 TOMRA SYSTEMS AS ............................. 8,520 81,050 TORO CO ...................................... 2,974 7,200,000 TOSHIBA CORP ................................. 48,168 22 TOWA CORP .................................... 0 637,900 e TOYODA AUTOMATIC LOOM WORKS LTD .............. 12,568 209,400 TRINITY INDUSTRIES, INC ...................... 5,235 317,000 TSUBAKIMOTO CHAIN CO ......................... 955 21,800 * U.S. PLASTIC LUMBER CORP ..................... 27 122,300 UNITED DOMINION INDUSTRIES LTD ............... 1,458 252,388 * UNOVA, INC ................................... 915 13,349 VA TECHNOLOGIE AG. (BR) ...................... 401 174,600 e* VALENCE TECHNOLOGY, INC ...................... 1,626 40,300 VALMONT INDUSTRIES, INC ...................... 741 122,964 e VESTAS WIND SYSTEMS A/S ...................... 6,651 161,452 WABTEC CORP .................................. 1,897 47,802 WARTSILA OYJ SERIES B ........................ 884 102,300 * WASTE CONNECTIONS, INC ....................... 3,382 3,875,444 WASTE MANAGEMENT, INC ........................ 107,544 700 * WASTEMASTERS, INC ............................ 0 100,000 WATTS INDUSTRIES, INC (CLASS A) .............. 1,388 201,800 * WESTON (ROY F.), INC (CLASS A) ............... 908 4,091,788 XEROX CORP ................................... 18,925 402,000 YOKOGAWA ELECTRIC CORP ....................... 3,397 550 e YOKOHAMA RUBBER CO LTD ....................... 1 21,793 ZARDOYA OTIS S.A ............................. 191 ------------ TOTAL PRODUCER DURABLES ...................... 6,547,702 ------------ TECHNOLOGY--19.56% 139,000 * 24/7 MEDIA, INC .............................. 74 1,938,201 * 3COM CORP .................................... 16,475 194,200 * 3DFX INTERACTIVE, INC ........................ 49 155,300 * 3DO CO ....................................... 408 77,800 e* ABOUT.COM, INC ............................... 2,096 142,500 * ACCRUE SOFTWARE, INC ......................... 356 68,700 e* ACT MANUFACTURING, INC ....................... 1,082 119,900 * ACTEL CORP ................................... 2,900 26,518 * ACTERNA CORP ................................. 358 338,600 * ACTUATE CORP ................................. 6,476 420,560 * ACXIOM CORP .................................. 16,376 461,040 * ADAPTEC, INC ................................. 4,726 215,411 * ADAPTIVE BROADBAND CORP ...................... 1,319 4,616,273 * ADC TELECOMMUNICATIONS, INC .................. 83,670 53,400 * ADE CORP ..................................... 941 51,800 * ADEPT TECHNOLOGY, INC ........................ 751 1,446,718 ADOBE SYSTEMS, INC ........................... 84,181 114,666 * ADTRAN, INC .................................. 2,437 251,622 e* ADVA AG. OPTICAL NETWORKING .................. 14,529 309,332 * ADVANCED DIGITAL INFORMATION CORP ............ 7,115 70,300 * ADVANCED ENERGY INDUSTRIES, INC .............. 1,582 491,759 * ADVANCED FIBRE COMMUNICATIONS, INC ........... 8,882 1,792,000 * ADVANCED MICRO DEVICES, INC .................. 24,752 55,200 * ADVANTAGE LEARNING SYSTEMS, INC .............. 1,856 155,200 * ADVENT SOFTWARE, INC ......................... 6,218 316,850 * AEROFLEX, INC ................................ 9,134 129,554 e* AETHER SYSTEMS, INC .......................... 5,069 251,500 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) .. 15,263 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 35 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- TECHNOLOGY--(Continued) 35,400 * AGENCY.COM LTD ............................... $ 137 149,740 * AGILE SOFTWARE CORP .......................... 7,393 2,760,913 * AGILENT TECHNOLOGIES, INC .................... 151,160 55,438 * AIRGATE PCS, INC ............................. 1,968 36,600 * AIRNET COMMUNICATION CORP .................... 247 245,130 e* AKAMAI TECHNOLOGIES, INC ..................... 5,163 59,900 * ALASKA COMMUNICATION SYSTEMS GROUP, INC ...... 434 2,416,682 e ALCATEL ...................................... 137,276 22,191 * ALCATEL O (OPTRONICS) ........................ 979 136,566 e ALCATEL S.A. (SPON ADR) ...................... 7,639 2,293,200 e* ALDATA SOLUTIONS OYJ ......................... 14,146 136,100 e* ALLAIRE CORP ................................. 685 162,785 * ALLEN TELECOM, INC ........................... 2,920 119,323 * ALLIANCE SEMICONDUCTOR CORP .................. 1,350 303,545 e* ALLIED RISER COMMUNICATION CORP .............. 617 231,027 * ALPHA INDUSTRIES, INC ........................ 8,548 300 * ALPINE GROUP, INC ............................ 1 1,122,000 e ALPS ELECTRIC CO LTD ......................... 17,115 7,806,066 * ALTERA CORP .................................. 205,397 16,574 * AMDOCS LTD ................................... 1,098 16,898,947 * AMERICA ONLINE, INC .......................... 588,083 229,145 * AMERICAN MANAGEMENT SYSTEMS, INC ............. 4,540 14,309 b* AMERICAN PAD & PAPER CO ...................... 0 1,049,482 * AMERICAN POWER CONVERSION CORP ............... 12,987 119,900 * AMERICAN SUPERCONDUCTOR CORP ................. 3,425 18,100 * AMERICAN TECHNICAL CERAMICS CORP ............. 181 332,493 * AMERICAN TELESOURCE INTERNATIONAL, INC ....... 125 706,640 * AMKOR TECHNOLOGY, INC ........................ 10,964 215,390 * AMPHENOL CORP (CLASS A) ...................... 8,441 193,510 * ANADIGICS, INC ............................... 3,169 2,170,940 * ANALOG DEVICES, INC .......................... 111,125 57,400 ANALOGIC CORP ................................ 2,558 121,500 ANALYSTS INTERNATIONAL CORP .................. 463 117,461 * ANAREN MICROWAVE, INC ........................ 7,892 561,726 * ANDREW CORP .................................. 12,218 158,300 * ANICOM, INC .................................. 0 183,265 * ANIXTER INTERNATIONAL, INC ................... 3,963 197,700 * ANSWERTHINK, INC ............................. 717 174,483 * ANTEC CORP ................................... 1,380 125,930 * APAC CUSTOMER SERVICES, INC .................. 464 63,900 * APERIAN, INC ................................. 42 1,823,682 * APPLE COMPUTER, INC .......................... 27,127 2,369 b* APPLIED MAGNETICS CORP ....................... 0 5,930,080 * APPLIED MATERIALS, INC ....................... 226,455 2,400,270 * APPLIED MICRO CIRCUITS CORP .................. 180,133 39,400 e* APPLIEDTHEORY CORP ........................... 79 345,296 * APTECH LTD GDR (144A) ........................ 1,329 404,078 * ARCH WIRELESS, INC ........................... 253 104,744 * ARCH WIRELESS, INC WTS 09/01/01 .............. 2 59,600 * AREMISSOFT CORP .............................. 2,544 1,031,917 * ARIBA, INC ................................... 55,337 1,355,697 * ARM HOLDINGS PLC ............................. 10,247 684,564 * ARROW ELECTRONICS, INC ....................... 19,596 308,014 * ART TECHNOLOGY GROUP, INC .................... 9,414 164,181 * ARTESYN TECHNOLOGIES, INC .................... 2,606 17,817 * ASCOM HOLDING AG ............................. 1,165 100 * ASHTON TECHNOLOGY GROUP, INC ................. 0 30,100 * ASIAINFO HOLDINGS, INC ....................... 282 105,900 * ASK JEEVES, INC .............................. 258 882,900 e* ASM INTERNATIONAL NV ......................... 8,911 1,666,450 * ASM LITHOGRAPHY HOLDINGS NV .................. 37,848 6,221,500 ASM PACIFIC TECHNOLOGY LTD ................... 8,854 333,444 * ASPECT COMMUNICATIONS CORP ................... 2,683 160,400 * ASPEN TECHNOLOGY, INC ........................ 5,333 208,488 * ASYST TECHNOLOGIES, INC ...................... 2,802 183,400 * ATI TECHNOLOGIES, INC ........................ 1,044 2,532,999 * ATMEL CORP ................................... 29,446 139,500 * ATMI, INC .................................... 2,720 25,182 * AURA SYSTEMS, INC ............................ 8 308,000 AUTODESK, INC ................................ 8,297 3,780,481 AUTOMATIC DATA PROCESSING, INC ............... 239,352 25,800 e* AVANEX CORP .................................. 1,537 232,900 * AVANT CORP ................................... 4,265 1,558,611 * AVAYA, INC ................................... 16,073 18,800 e* AVENUE A, INC ................................ 34 642,331 AVERY DENNISON CORP .......................... 35,248 6,631 e* AVICI SYSTEMS, INC ........................... 163 138,800 * AVID TECHNOLOGY, INC ......................... 2,535 632,160 AVNET, INC ................................... 13,591 221,159 * AVOCENT CORP ................................. 5,971 149,846 * AVT CORP ..................................... 745 323,200 AVX CORP ..................................... 5,292 97,187 * AWARE, INC ................................... 1,725 108,700 * AXT, INC ..................................... 3,594 50 * AZTEC TECHNOLOGY PARTNERS, INC ............... 0 92,400 * BARRA, INC ................................... 4,354 2,431,390 * BEA SYSTEMS, INC ............................. 163,663 35,800 BEL FUSE, INC (CLASS B) ...................... 1,217 275,089 * BENCHMARK ELECTRONICS, INC ................... 6,207 255,700 * BILLING CONCEPTS CORP ........................ 511 233,800 * BINDVIEW DEVELOPMENT CORP .................... 2,199 336,600 * BISYS GROUP, INC ............................. 17,545 118,037 * BLACK BOX CORP ............................... 5,703 80,500 * BLUESTONE SOFTWARE, INC ...................... 1,218 1,340,239 * BMC SOFTWARE, INC ............................ 18,763 329,328 * BOOKHAM TECHNOLOGY PLC ....................... 4,674 51,700 * BOTTOMLINE TECHNOLOGIES, INC ................. 1,328 44,900 * BRAUN CONSULTING, INC ........................ 166 73,400 e* BREAKAWAY SOLUTIONS, INC ..................... 64 357,539 * BRIGHTPOINT, INC ............................. 1,251 107,900 * BRIO TECHNOLOGY, INC ......................... 455 183,300 * BROADBASE SOFTWARE, INC ...................... 1,146 839,650 * BROADCOM CORP (CLASS A) ...................... 70,531 1,116,400 * BROADVISION, INC ............................. 13,187 1,747,858 * BROCADE COMMUNICATIONS SYSTEMS, INC .......... 160,475 140 * BROKAT AG. (SPON ADR) ........................ 1 74,800 * BROOKTROUT, INC .............................. 708 68,100 * BSQUARE CORP ................................. 409 33,210 e* BUSINESS OBJECTS S.A. (SPON ADR) ............. 1,881 159,800 C&D TECHNOLOGIES, INC ........................ 6,901 266,813 * CABLE DESIGN TECHNOLOGIES CO ................. 4,486 1,049,500 * CABLETRON SYSTEMS, INC ....................... 15,808 83,476 * CACHEFLOW, INC ............................... 1,424 56,300 * CACI INTERNATIONAL, INC (CLASS A) ............ 1,296 1,474,799 * CADENCE DESIGN SYSTEMS, INC .................. 40,557 378,500 CAE, INC ..................................... 6,149 28,300 * CAIS INTERNET, INC ........................... 27 600 * CALDERA SYSTEMS, INC ......................... 1 98,800 * CALICO COMMERCE, INC ......................... 96 79,137 * CALIFORNIA AMPLIFIER, INC .................... 732 315,200 * CAMBRIDGE TECHNOLOGY PARTNERS, INC ........... 827 25,300 e* CAMINUS CORP ................................. 588 175 CANON SALES CO, INC .......................... 2 2,050,000 * CANON, INC ................................... 71,804 149,891 CAP GEMINI S.A ............................... 24,178 49,800 * CARREKER CORP ................................ 1,731 68,312 * CARRIER ACCESS CORP .......................... 615 30 * CATAPULT COMMUNICATIONS CORP ................. 1 1,600 * C-BRIDGE INTERNET SOLUTIONS, INC ............. 6 163,150 * C-COR.NET CORP ............................... 1,586 266,600 * C-CUBE MICROSYSTEMS, INC (NEW) ............... 3,283 67,939 * CELERITEL, INC ............................... 2,590 504,865 * CELESTICA, INC ............................... 27,226 36 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- TECHNOLOGY--(Continued) 90 * CELLULAR TECHNICAL SERVICES CO ............... $ 0 9,800 * CENTENNIAL COMMUNICATIONS CORP ............... 184 23,500 e* CENTILUM COMMUNICATIONS, INC ................. 523 2,127,677 * CERIDIAN CORP ................................ 42,421 45,600 * CERTICOM CORP ................................ 911 1,050 * CHART INDUSTRIES, INC ........................ 5 297,550 * CHECKFREE CORP ............................... 12,646 166,300 * CHECKPOINT SYSTEMS, INC ...................... 1,237 44,600 * CHOICE ONE COMMUNICATIONS, INC ............... 415 27,600 * CHORDIANT SOFTWARE, INC ...................... 82 185,500 b* CHS ELECTRONICS, INC ......................... 0 268,000 * CIBER, INC ................................... 1,307 2,542,182 * CIENA CORP ................................... 206,552 364,745 * CIRRUS LOGIC, INC ............................ 6,839 53,140,359 * CISCO SYSTEMS, INC ........................... 2,032,619 495,000 CITIZEN WATCH CO LTD ......................... 3,611 77,200 CITIZENS ELECTRONICS CO LTD .................. 3,853 999,363 * CITRIX SYSTEMS, INC .......................... 22,486 139,927 * CLARENT CORP ................................. 1,583 91,200 * CLARUS CORP .................................. 638 46,900 * CLICK2LEARN. COM, INC ........................ 457 76,000 * C-MAC INDUSTRIES, INC ........................ 3,390 453,245 CMG PLC ...................................... 6,060 1,250,185 e* CMGI, INC .................................... 6,993 470,839 * CNET NETWORKS, INC ........................... 7,533 35,500 * COGNIZANT TECHNOLOGY SOLUTIONS CORP .......... 1,289 190,972 * COGNOS, INC .................................. 3,560 123,400 COHU, INC .................................... 1,720 128,617 * COM21, INC ................................... 603 1,129,750 * COMMERCE ONE, INC ............................ 28,597 231,663 * COMMSCOPE, INC ............................... 3,837 14,960,244 COMPAQ COMPUTER CORP ......................... 225,152 357,900 COMPAREX HOLDINGS LTD ........................ 396 155,287 * COMPLETE BUSINESS SOLUTIONS, INC ............. 1,601 2,717,953 COMPUTER ASSOCIATES INTERNATIONAL, INC ....... 53,000 185,300 * COMPUTER HORIZONS CORP ....................... 452 147,985 * COMPUTER NETWORK TECHNOLOGY CORP ............. 4,264 1,248,894 * COMPUTER SCIENCES CORP ....................... 75,090 902,298 COMPUTERSHARE LTD ............................ 4,326 1,695,008 * COMPUWARE CORP ............................... 10,594 10,600 COMPX INTERNATIONAL, INC ..................... 95 956,840 * COMVERSE TECHNOLOGY, INC ..................... 103,937 125,600 * CONCORD CAMERA CORP .......................... 2,072 102,900 * CONCORD COMMUNICATIONS, INC .................. 900 1,373,101 * CONCORD EFS, INC ............................. 60,331 311,000 * CONCURRENT COMPUTER CORP ..................... 1,672 1,371,254 * CONEXANT SYSTEMS, INC ........................ 21,083 67,400 * CONVERA CORP ................................. 1,196 71,706 * CONVERGENT COMMUNICATIONS, INC ............... 43 32,179 * CONVERGYS CORP ............................... 1,458 200 * COOLSAVINGS.COM, INC ......................... 0 331,144 e* COPPER MOUNTAIN NETWORKS, INC ................ 1,956 46 * CORECOMM LTD ................................. 0 122,800 * COREL CORP ................................... 204 24,200 * CORILLIAN CORP ............................... 290 5,369,085 CORNING, INC ................................. 283,555 104,048 * CORSAIR COMMUNICATIONS, INC .................. 741 110,412 e* CORVIS CORP .................................. 2,629 20,000 * COSINE COMMUNICATIONS, INC ................... 278 850,412 e* COVAD COMMUNICATIONS GROUP, INC .............. 1,408 74,100 CREATIVE TECHNOLOGY LTD ...................... 842 317,320 * CREDENCE SYSTEMS CORP ........................ 7,298 346,495 e* CREE, INC .................................... 12,311 259,426 * CRITICAL PATH, INC ........................... 7,977 54,086 e* CROSSROADS SYSTEMS, INC ...................... 254 309,900 * CSG SYSTEMS INTERNATIONAL, INC ............... 14,546 37,800 CSK CORP ..................................... 550 91,450 * CTC COMMUNICATIONS GROUP, INC ................ 423 128,084 CTS CORP ..................................... 4,667 72,380 CUBIC CORP ................................... 1,859 4,894 * CYBERGUARD CORP .............................. 9 1,179,700 a* CYBERPLEX, INC ............................... 2,906 110,100 * CYBERSOURCE CORP ............................. 261 102,900 * CYLINK CORP .................................. 222 193,958 * CYMER, INC ................................... 4,991 36,100 * CYPRESS COMMUNICATIONS, INC .................. 33 749,900 * CYPRESS SEMICONDUCTOR CORP ................... 14,764 40,200 * CYSIE, INC ................................... 166 1,739,662 e DAI NIPPON PRINTING CO LTD ................... 25,912 215,879 e* DAI NIPPON SCREEN MANUFACTURING CO LTD ....... 1,038 57,100 * DALEEN TECHNOLOGIES, INC ..................... 214 424,670 DALLAS SEMICONDUCTOR CORP .................... 10,882 159,704 DASSAULT SYSTEMS S.A ......................... 10,946 74,300 * DATA RETURN CORP ............................. 279 97,590 * DATASTREAM SYSTEMS, INC ...................... 952 58,520 * DAVOX CORP ................................... 571 70,100 * DDI CORP ..................................... 1,910 34,390 DELIAS CORP (CLASS A) ........................ 48 16,078,001 * DELL COMPUTER CORP ........................... 280,360 52,286 * DELTATHREE, INC .............................. 62 453,529 DELUXE CORP .................................. 11,461 121,750 * DIAMONDCLUSTER INTERNATIONAL, INC (CLASS A) .. 3,713 417,762 DIEBOLD, INC ................................. 13,943 127,100 * DIGEX, INC ................................... 2,860 5 * DIGI INTERNATIONAL, INC ...................... 0 48,800 e* DIGIMARC CORP ................................ 805 181,700 * DIGITAL COURIER TECHNOLOGIES, INC ............ 76 113,000 * DIGITAL INSIGHT CO ........................... 2,041 417,281 e* DIGITAL ISLAND, INC .......................... 1,695 116,100 * DIGITAL RIVER, INC ........................... 276 26,200 * DIGITALTHINK INC ............................. 447 53,900 * DIGITAS, INC ................................. 273 462,463 * DMC STRATEX NETWORKS, INC .................... 6,937 146,267 * DOBSON COMMUNICATIONS CORP (CLASS A) ......... 2,139 193,800 * DOCUMENTUM, INC .............................. 9,629 63,366 * DOT HILL SYSTEMS CORP ........................ 246 562,882 * DOUBLECLICK, INC ............................. 6,192 67 * DREXLER TECHNOLOGY CORP ...................... 1 57,500 * DSET CORP .................................... 103 172,599 * DSP GROUP, INC ............................... 3,633 431,664 * DST SYSTEMS, INC ............................. 28,921 41,898 * DUPONT PHOTOMASKS, INC ....................... 2,214 557,500 * DYNARC ....................................... 1,595 396,000 * E.PIPHANY, INC ............................... 21,359 722,578 * EBAY, INC .................................... 23,845 104,920 e* ECHELON CORP ................................. 1,685 143,700 e* EGAIN COMMUNICATIONS CORP .................... 445 76,382 e* EGLOBE, INC .................................. 5 140,674 * EIDOS PLC .................................... 452 111,600 * ELANTEC SEMICONDUCTOR, INC ................... 3,097 189,200 * ELECTRO SCIENTIFIC INDUSTRIES, INC ........... 5,298 128,900 * ELECTROGLAS, INC ............................. 1,974 698,474 * ELECTRONIC ARTS, INC ......................... 29,772 2,461,445 ELECTRONIC DATA SYSTEMS CORP ................. 142,148 240,159 * ELECTRONICS FOR IMAGING, INC ................. 3,347 26,709 ELMOS SEMICONDUCTOR AG ....................... 639 273,700 * ELOYALTY CORP ................................ 1,770 291,500 ELTEK ASA .................................... 7,041 115,000 * EMACHINES, INC ............................... 43 139,800 * EMAGIN CORP .................................. 296 25,400 * EMBARCADERO TECHNOLOGIES, INC ................ 1,143 17,104,186 * EMC CORP ..................................... 1,137,428 154,700 * EMCORE CORP .................................. 7,271 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 37 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- TECHNOLOGY--(Continued) 234,100 e* E-MEDSOFT.COM ................................ $ 146 41,680 e* EMERGE INTERACTIVE, INC (CLASS A) ............ 151 60,129 * EMPLOYEE SOLUTIONS, INC ...................... 0 440,600 * EMULEX CORP .................................. 35,220 192,200 e* ENGAGE, INC .................................. 144 11,525 * ENTRADA NETWORKS, INC ........................ 20 224,130 * ENTRUST TECHNOLOGIES, INC .................... 2,914 90,306 * EPCOS AG ..................................... 7,885 47,357 e* EPICEDGE, INC ................................ 18 29 * EPICOR SOFTWARE CORP ......................... 0 29,700 * EPLUS, INC ................................... 338 102,700 * EPRESENCE, INC ............................... 446 11,500 * EPRISE CORP .................................. 21 839,398 EQUIFAX, INC ................................. 24,080 2,221,569 ERG LTD ...................................... 3,381 12,148,531 ERICSSON TELEFON (LM) AB SERIES B ............ 138,410 55,000 * ESPEED, INC (CLASS A) ........................ 863 164,621 * ESS TECHNOLOGY, INC .......................... 844 109,320 * ESTERLINE TECHNOLOGIES CORP .................. 2,870 1,300 * EXABYTE CORP ................................. 4 197,400 * EXAR CORP .................................... 6,116 55,500 * EXCEL TECHNOLOGY, INC ........................ 1,107 146,600 * EXCELON CORP ................................. 220 184,100 * EXCHANGE APPLICATIONS, INC ................... 224 1,348,669 * EXCITE AT HOME ............................... 7,460 3,032,440 * EXODUS COMMUNICATIONS, INC ................... 60,649 42,393 * EXTENDED SYSTEMS, INC ........................ 495 25,000 * EXTENSITY, INC ............................... 150 291,118 * EXTREME NETWORKS, INC ........................ 11,390 79,700 * F.Y.I., INC .................................. 2,939 86,882 e* F5 NETWORKS, INC ............................. 825 86,042 FAIR ISSAC & CO, INC ......................... 4,388 413,700 * FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC (CLASS A) .................................. 5,973 84,100 * FEI CO ....................................... 1,913 57,200 e* FIBERNET TELECOM GROUP, INC .................. 315 50 * FIDELITY HOLDINGS, INC ....................... 0 208,100 * FILENET CORP ................................. 5,671 557,058 * FINISAR CORP ................................. 16,155 32,300 * FIREPOND, INC ................................ 305 2,554,400 FIRST DATA CORP .............................. 134,585 51,100 * FIRSTWORLD COMMUNICATIONS, INC (CLASS B) ..... 34 757,593 * FISERV, INC .................................. 35,938 857,566 * FLEXTRONICS INTERNATIONAL LTD ................ 24,441 87,007 e* FOCAL COMMUNICATIONS CORP .................... 609 730,255 * FOUNDRY NETWORKS, INC ........................ 10,954 23,000 * FREEMARKETS, INC ............................. 437 157,600 * FSI INTERNATIONAL, INC ....................... 1,320 3,521,000 e FUJIKURA LTD ................................. 26,392 2,535,000 FURUKAWA ELECTRIC CO LTD ..................... 44,285 236,700 e* FUTURELINK CORP .............................. 155 113,550 FUTURIS CORP LTD ............................. 114 59,600 * GADZOOX NETWORKS, INC ........................ 125 328,600 GALILEO INTERNATIONAL, INC ................... 6,572 79,200 * GASONICS INTERNATIONAL CORP .................. 1,455 1,008,976 * GATEWAY, INC ................................. 18,151 95,900 * GEAC COMPUTER CORP LTD ....................... 153 1,700,000 * GEMPLUS INTERNATIONAL S.A .................... 15,163 57 * GENERAL DATACOMM INDUSTRIES, INC ............. 0 20 * GENERAL MAGIC, INC ........................... 0 215,200 * GENERAL SEMICONDUCTOR, INC ................... 1,345 171,100 * GENRAD, INC .................................. 1,711 111,200 * GENZYME TRANSGENICS CORP ..................... 1,592 87,100 * GEOWORKS CORP ................................ 256 125,895 GERBER SCIENTIFIC, INC ....................... 1,078 371,797 GETRONICS NV ................................. 2,185 129,600 * GLOBALNETFINANCIAL.COM, INC .................. 194 239,279 * GLOBESPAN, INC ............................... 6,580 112,200 * GLOBIX CORP .................................. 309 63,900 e* GOAMERICA, INC ............................... 343 22,691 * GOLDEN TELECOM, INC .......................... 116 144,046 e* GOTO.COM, INC ................................ 1,053 1,262 * GRADCO SYSTEMS, INC .......................... 1 81,816 * GREAT PLAINS SOFTWARE, INC ................... 3,850 15,527 * GRIC COMMUNICATIONS, INC ..................... 33 138,962 * GRIFFON CORP ................................. 1,094 1,304,500 * GSI LUMONICS, INC ............................ 10,509 347,632 * HARMONIC, INC ................................ 1,977 363,149 HARRIS CORP .................................. 11,121 167,900 HELIX TECHNOLOGY CORP ........................ 3,975 11,215,803 HEWLETT-PACKARD CO ........................... 353,999 42,600 * HI/FN, INC ................................... 1,172 31,463 HICKORY TECH CORP ............................ 645 185,100 * HIGH SPEED ACCESS CORP ....................... 197 124,000 HIROSE ELECTRIC CO LTD ....................... 11,944 167,680 * HNC SOFTWARE, INC ............................ 4,978 313,800 * HOMESTORE.COM, INC ........................... 6,315 339,800 HON INDUSTRIES, INC .......................... 8,665 130,000 * HOSIDEN CORP ................................. 4,895 207,500 HOYA CORP .................................... 15,263 148,970 * HUTCHINSON TECHNOLOGY, INC ................... 2,048 74,300 * HYPERCOM CORP ................................ 232 201,400 * HYPERION SOLUTIONS CORP ...................... 3,109 1,235,106 * I2 TECHNOLOGIES, INC ......................... 67,159 60,500 * IBASIS, INC .................................. 250 63,500 * IBEAM BROADCASTING CORP ...................... 67 6,782 * I-DATA INTERNATIONAL A/S ..................... 435 161,000 * IDENTIX, INC ................................. 1,264 199,785 * IGATE CAPITAL CORP ........................... 574 54,000 * II-VI, INC ................................... 820 889,700 IKON OFFICE SOLUTIONS, INC ................... 2,224 128,032 * ILLUMINET HOLDINGS, INC ...................... 2,937 205,082 * IMATION CORP ................................. 3,179 74,700 * IMMERSION CORP ............................... 561 71,900 * IMPSAT FIBER NETWORKS, INC ................... 315 182,550 * IMRGLOBAL CORP ............................... 981 238,841 b* INACOM CORP .................................. 0 73,600 * INDUS INTERNATIONAL, INC ..................... 156 47,800 * INET TECHNOLOGIES, INC ....................... 1,936 193,735 * INFOCUS CORP ................................. 2,858 37,420 * INFOGRAMES, INC .............................. 208 302,100 * INFONET SERVICES CORP (CLASS B) .............. 1,511 307,200 * INFORMATICA CORP ............................. 12,154 125,700 * INFORMATION ARCHITECTS CORP .................. 228 1,424,109 * INFORMIX CORP ................................ 4,228 14,100 e* INFORTE CORP ................................. 194 1,218,281 * INFOSPACE.COM, INC ........................... 10,774 406,050 * INGRAM MICRO, INC (CLASS A) .................. 4,568 477,646 * INKTOMI CORP ................................. 8,538 274,460 * INPRISE CORP ................................. 1,518 77,200 * INTEGRATED CIRCUIT SYSTEMS, INC .............. 1,279 580,934 * INTEGRATED DEVICE TECHNOLOGY, INC ............ 19,243 50,730,610 INTEL CORP ................................... 1,525,089 220,764 * INTELIDATA TECHNOLOGIES CORP ................. 573 84,200 * INTERACT COMMERCE CORP ....................... 705 26,800 * INTERACTIVE INTELLIGENCE, INC ................ 647 47,036 * INTERCEPT GROUP, INC ......................... 1,255 319,251 * INTERDIGITAL COMMUNICATIONS CORP ............. 1,726 239,465 * INTERGRAPH CORP .............................. 1,437 280,800 e* INTERLIANT, INC .............................. 895 61,500 * INTERLINK ELECTRONICS, INC ................... 780 48,284 * INTERLOGIX, INC .............................. 911 416,952 * INTERNAP NETWORK SERVICES CORP ............... 3,023 38 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- TECHNOLOGY--(Continued) 13,585,680 INTERNATIONAL BUSINESS MACHINES CORP ......... $ 1,154,783 164,400 * INTERNATIONAL FIBERCOM, INC .................. 812 398,500 * INTERNATIONAL RECTIFIER CORP ................. 11,955 1,006,156 e* INTERNET CAPITAL GROUP, INC .................. 3,301 338,200 e* INTERNET INITIATIVE JAPAN, INC (SPON ADR) .... 3,097 284,100 e* INTERNET PICTURES CORP ....................... 275 164,600 * INTERNET SECURITY SYSTEMS, INC ............... 12,911 67,722 * INTERNET.COM CORP ............................ 402 10,194 e* INTERSHOP COMMUNICATIONS AG .................. 321 137,400 * INTERSIL HOLDINGS CORP ....................... 3,152 366,300 * INTERTRUST TECHNOLOGIES CORP ................. 1,236 188,175 * INTERVOICE-BRITE, INC ........................ 1,364 114,100 * INTERWORLD CORP .............................. 57 200,575 * INTERWOVEN, INC .............................. 13,225 114,000 e* INTRAWARE, INC ............................... 167 88,600 * INTRUSION.COM, INC ........................... 421 1,009,880 * INTUIT, INC .................................. 39,827 1,646,551 * IOMEGA CORP .................................. 5,549 19,830 * IONA TECHNOLOGIES PLC ........................ 1,434 213,381 IRON MOUNTAIN, INC ........................... 7,922 37,500 * ITXC CORP .................................... 260 124,095 e* IVILLAGE, INC ................................ 132 250,800 * IXL ENTERPRISES, INC ......................... 251 29,463 * IXYS CORP .................................... 431 371,600 * J.D. EDWARDS & CO ............................ 6,619 33 * J2 GLOBAL COMMUNICATIONS, INC ................ 0 615,768 * JABIL CIRCUIT, INC ........................... 15,625 172,700 JACK HENRY & ASSOCIATES, INC ................. 10,729 500 * JAPAN SATELLITE CORP ......................... 2,982 126,850 * JDA SOFTWARE GROUP, INC ...................... 1,657 217,500 * JDS UNIPHASE CORP (CANADA) ................... 9,630 5,966,999 * JDS UNIPHASE CORP ............................ 248,749 36,856 * JNI CORP ..................................... 836 5,268,880 * JOHNSON ELECTRIC HOLDINGS LTD ................ 8,106 100 * JPM CO ....................................... 0 96,100 * JTS CORP ..................................... 0 1,559,420 * JUNIPER NETWORKS, INC ........................ 196,584 115,267 e* JUNO ONLINE SERVICES, INC .................... 76 117,096 e* JUPITER MEDIA METRIX, INC .................... 1,090 435,487 * KANA COMMUNICATIONS, INC ..................... 5,008 330,755 * KEANE, INC ................................... 3,225 42,790 KEITHLEY INSTRUMENTS, INC .................... 1,843 579,806 * KEMET CORP ................................... 8,770 186,800 * KENT ELECTRONICS CORP ........................ 3,082 56,730 KEYENCE CORP ................................. 13,909 98,500 * KEYNOTE SYSTEMS, INC ......................... 1,397 146,795 * KFORCE.COM, INC .............................. 450 1,158,951 * KLA-TENCOR CORP .............................. 39,042 219,000 KOKUYO CO LTD ................................ 3,256 872 * KOMAG, INC ................................... 1 121,000 KONICA CORP .................................. 991 399,168 * KOPIN CORP ................................... 4,416 79,600 * KRONOS, INC .................................. 2,463 191,701 * KULICKE & SOFFA INDUSTRIES, INC .............. 2,157 402,500 KYOCERA CORP ................................. 43,951 141,000 e KYOWA EXEO CORP .............................. 1,456 769,992 * LAM RESEARCH CORP ............................ 11,165 88,000 * LANTE CORP ................................... 138 533,100 * LATTICE SEMICONDUCTOR CORP ................... 9,796 59,790 * LCC INTERNATIONAL, INC (CLASS A) ............. 650 34 * LEAPNET, INC ................................. 0 200 * LEARN2.COM, INC .............................. 0 47,800 * LEARNING TECHNOLOGY PLC ...................... 62 62,200 * LEARNING TREE INTERNATIONAL, INC ............. 3,079 453,220 * LEGATO SYSTEMS, INC .......................... 3,371 34,100 * LEVEL 8 SYSTEMS, INC ......................... 208 1,826,566 * LEXMARK INTERNATIONAL, INC ................... 80,940 271,470 * LIBERATE TECHNOLOGIES ........................ 3,699 98,875 * LIGHTBRIDGE, INC ............................. 1,298 86,900 * LIGHTPATH TECHNOLOGIES, INC .................. 1,206 35,100 * LIGHTSPAN, INC ............................... 50 4,424,767 LINEAR TECHNOLOGY CORP ....................... 204,645 23,400 * LIVEPERSON, INC .............................. 25 2,906,992 LOGICA PLC ................................... 75,993 117,372 LONDON BRIDGE SOFTWARE HOLDINGS PLC .......... 579 243,500 * LOOKSMART LTD ................................ 594 22,400 * LOUDEYE TECHNOLOGIES, INC .................... 27 2,885,600 * LSI LOGIC CORP ............................... 49,315 327,165 * LTX CORP ..................................... 4,238 25,292,318 LUCENT TECHNOLOGIES, INC ..................... 341,446 312,938 * MACROMEDIA, INC .............................. 19,011 203,625 * MACROVISION CORP ............................. 15,071 247,800 e* MAIL.COM, INC ................................ 178 272,461 * MAIL-WELL, INC ............................... 1,175 31,200 * MANHATTAN ASSOCIATES, INC .................... 1,330 276,852 * MANUGISTICS GROUP, INC ....................... 15,781 73,150 * MAPINFO CORP ................................. 3,456 800,077 * MARCHFIRST, INC .............................. 1,200 9,407,032 * MARCONI PLC .................................. 101,035 85,900 * MARIMBA, INC ................................. 387 159,725 * MASTEC, INC .................................. 3,195 32,700 * MATRIXONE, INC ............................... 595 3,236,934 * MAXIM INTEGRATED PRODUCTS, INC ............... 154,766 390,825 * MAXTOR CORP .................................. 2,186 36,300 * MCAFEE.COM CORP .............................. 182 58,300 * MCK COMMUNICATIONS, INC ...................... 492 59,962 * MCSI, INC .................................... 1,282 62,300 * MEDIA 100 INC ................................ 160 57,300 e* MEDIALOGIC/MEDSCAPE, INC ..................... 133 70,900 e* MEDIAPLEX, INC ............................... 58 122,000 MELCO, INC ................................... 2,553 197,100 * MEMC ELECTRONIC MATERIALS, INC ............... 1,909 379,000 * MENTOR GRAPHICS CORP ......................... 10,399 30 * MERANT PLC (SPON ADR) ........................ 0 146,800 * MERCATOR SOFTWARE, INC ....................... 789 121,874 * MERCURY COMPUTER SYSTEMS, INC ................ 5,660 467,090 * MERCURY INTERACTIVE CORP ..................... 42,155 691 * MERISEL, INC ................................. 0 217,269 * MERKANTILDATA ASA ............................ 845 11,000 * MESSAGEMEDIA, INC ............................ 5 45,600 * META GROUP, INC .............................. 296 57,600 * METASOLV, INC ................................ 526 37,026 * METAWAVE COMMUNICATIONS CORP ................. 338 224,650 METHODE ELECTRONICS, INC (CLASS A) ........... 5,153 97,614 e* METRICOM, INC ................................ 982 11,200 * METRO INFORMATION SERVICES, INC .............. 64 442,181 * METROCALL, INC ............................... 207 242,400 * METTLER-TOLEDO INTERNATIONAL, INC ............ 13,181 371,660 * MICREL, INC .................................. 12,520 157,000 b* MICROAGE, INC ................................ 5 754,618 * MICROCHIP TECHNOLOGY, INC .................... 16,554 420,100 * MICROMUSE, INC ............................... 25,357 210,500 * MICRON ELECTRONICS, INC ...................... 822 2,861,168 * MICRON TECHNOLOGY, INC ....................... 101,571 64,600 * MICROSEMI CORP ............................... 1,797 30,374,368 * MICROSOFT CORP ............................... 1,317,488 194,926 e* MICROSTRATEGY, INC ........................... 1,852 70,400 e* MICROVISION, INC ............................. 1,232 351,000 e MINEBEA CO LTD ............................... 3,252 87,050 e* MIPS TECHNOLOGIES, INC (CLASS A) ............. 2,323 146,417 * MIPS TECHNOLOGIES, INC (CLASS B) ............. 3,731 813,344 MISYS PLC .................................... 8,019 41,500 * MKS INSTRUMENTS, INC ......................... 643 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 39 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- TECHNOLOGY--(Continued) 722,433 MOLEX, INC ................................... $ 25,646 200,465 MOLEX, INC (CLASS A) ......................... 5,099 14 * MOMENTUM BUSINESS APPLICATIONS, INC .......... 0 331,600 MORITEX CORP ................................. 14,170 15,582,929 MOTOROLA, INC ................................ 315,554 121,900 e* MP3.COM, INC ................................. 438 272,409 e* MPOWER COMMUNICATIONS CORP ................... 1,396 345,880 * MRV COMMUNICATIONS, INC ...................... 4,626 190,080 * MTI TECHNOLOGY CORP .......................... 748 96,200 * MULTEX.COM, INC .............................. 1,275 468,275 MURATA MANUFACTURING CO LTD .................. 54,947 27,300 * NANOMETRICS, INC ............................. 377 208,955 NATIONAL DATA CORP ........................... 7,653 97,600 * NATIONAL INFORMATION CONSORTIUM, INC ......... 149 85,290 * NATIONAL PROCESSING, INC ..................... 1,450 1,209,785 * NATIONAL SEMICONDUCTOR CORP .................. 24,347 762,000 NATSTEEL ELECTRONICS LTD ..................... 3,450 228,236 * NATURAL MICROSYSTEMS CORP .................... 2,254 1,550 * NAVIGANT INTERNATIONAL, INC .................. 13 33,552 e* NAVISIONDAMGAARD A/S ......................... 599 67,200 * NAVISITE, INC ................................ 158 514,600 * NCR CORP ..................................... 25,280 4,860 * NEOMAGIC CORP ................................ 14 38,300 * NEON SYSTEMS, INC ............................ 239 116,098 NERA ASA ..................................... 507 440 NET ONE SYSTEMS CO LTD ....................... 10,981 77,200 * NET PERCEPTIONS, INC ......................... 162 24,600 * NET.GENESIS CORP ............................. 80 62,243 * NET2PHONE, INC ............................... 459 20,300 * NETCREATIONS, INC ............................ 139 153,950 * NETEGRITY, INC ............................... 8,371 3,200 * NETGURU.COM, INC ............................. 13 154,300 * NETIQ CORP ................................... 13,482 290,830 * NETMANAGE, INC ............................... 273 53,900 * NETOBJECTS, INC .............................. 25 83,350 * NETOPIA, INC ................................. 359 37,300 * NETPLIANCE, INC .............................. 20 184,120 * NETRO CORP ................................... 1,277 85,600 * NETSCOUT SYSTEMS, INC ........................ 856 36,400 e* NETSILICON, INC .............................. 135 21,400 e* NETSOL INTERNATIONAL, INC .................... 150 35,200 * NETSOLVE, INC ................................ 268 77,776 * NETWORK ACCESS SOLUTIONS CORP ................ 49 2,000,930 * NETWORK APPLIANCE, INC ....................... 128,435 870,480 * NETWORK ASSOCIATES, INC ...................... 3,645 122,790 * NETWORK EQUIPMENT TECHNOLOGIES, INC .......... 790 81,500 * NETWORK PERIPHERALS, INC ..................... 525 221,600 * NETZERO, INC ................................. 194 95,400 * NEW ERA OF NETWORKS, INC ..................... 560 48,343 e* NEW FOCUS, INC ............................... 1,680 167,598 NEWPORT CORP ................................. 13,175 119,638 e* NEXT LEVEL COMMUNICATIONS, INC ............... 1,361 208,766 * NEXTEL PARTNERS, INC (CLASS A) ............... 3,510 669,644 e NGK SPARK PLUG CO LTD ........................ 9,793 55,800 e* NHANCEMENT TECHNOLOGIES, INC ................. 276 503,000 * NICHICON CORP ................................ 6,959 34,200 e NIDEC CORP ................................... 1,617 600 NIHON DEMPA KOGYO CO LTD ..................... 19 479,007 * NIIT LTD ..................................... 16,347 615,000 NIKON CORP ................................... 6,581 50,900 e* NIKU CORP .................................... 372 178,000 e NIPPON COMSYS CORP ........................... 3,195 189,100 NITTO DENKO CORP ............................. 5,133 13,797,953 NOKIA OYJ .................................... 615,358 1,000,000 NOKIA CORP (SPON ADR) ........................ 43,500 6,708,672 NORTEL NETWORKS CORP ......................... 215,508 79,539 NORTEL NETWORKS CORP (U.S.) .................. 2,550 19,768 NORTH PITTSBURGH SYSTEMS, INC ................ 217 280,800 * NOVA CORP (GEORGIA) .......................... 5,598 71,600 * NOVADIGM, INC ................................ 452 1,687,329 * NOVELL, INC .................................. 8,806 833,891 * NOVELLUS SYSTEMS, INC ........................ 29,968 79,800 NTELOS, INC .................................. 1,406 300 NTT DATA COMMUNICATIONS SYSTEM CORP .......... 1,997 48,200 e* NUANCE COMMUNICATIONS, INC ................... 2,079 6,665 * NUCENTRIX BROADBAND NETWORKS, INC ............ 75 34,700 * NUMERICAL TECHNOLOGIES, INC .................. 627 268,118 e* NVIDIA CORP .................................. 8,785 200,300 * NX NETWORKS, INC ............................. 125 113,500 * NYFIX, INC ................................... 2,745 122,400 * OBJECTIVE SYSTEMS INTEGRATORS, INC ........... 2,157 1,717,000 OLYMPUS OPTICAL CO LTD ....................... 29,694 5,218,000 OMNI INDUSTRIES LTD .......................... 7,674 177,000 OMRON CORP ................................... 3,681 927,296 * ON SEMICONDUCTOR CORP ........................ 4,868 123,500 * ONYX SOFTWARE CORP ........................... 1,359 212,700 * OPEN MARKET, INC ............................. 233 263,435 * OPEN TELECOMMUNICATIONS LTD .................. 165 512,000 * OPEN TEXT CORP ............................... 10,993 91 * OPENTV CORP .................................. 1 404,690 * OPENWAVE SYSTEMS, INC ........................ 19,400 20,942 e* OPTICAL CABLE CORP ........................... 190 10,976 * OPTICOM ASA .................................. 697 43,380 * OPUS360 CORP ................................. 14 35,687,555 * ORACLE CORP .................................. 1,037,170 59,973 * OSICOM TECHNOLOGIES, INC ..................... 963 31,700 * OTG SOFTWARE, INC ............................ 512 89,374 * PACKETEER, INC ............................... 1,106 104,580 * PAC-WEST TELECOMM, INC ....................... 359 3,424,449 * PALM, INC .................................... 96,955 96,920 * PARADYNE NETWORKS, INC ....................... 176 1,573,721 * PARAMETRIC TECHNOLOGY CORP ................... 21,147 95,200 PARK ELECTROCHEMICAL CORP .................... 2,921 235,825 * PAXAR CORP ................................... 2,402 187,752 * PAXSON COMMUNICATIONS CORP ................... 2,241 2,103,183 PAYCHEX, INC ................................. 102,267 450,615 * P-COM, INC ................................... 1,380 76,611 * PC-TEL, INC .................................. 824 4,600 * PEC SOLUTIONS, INC ........................... 37 137,150 * PEGASUS SOLUTIONS, INC ....................... 951 38,300 * PEGASYSTEMS, INC ............................. 89 1,222,315 * PEOPLESOFT, INC .............................. 45,455 823,165 * PEREGRINE SYSTEMS, INC ....................... 16,258 126,900 * PERICOM SEMICONDUCTOR CORP ................... 2,348 11,000 * PERITUS SOFTWARE SERVICES, INC ............... 1 316,000 * PEROT SYSTEMS CORP (CLASS A) ................. 2,903 63,300 * PERSISTENCE SOFTWARE, INC .................... 281 21,667 PHOENIX MECANO AG ............................ 14,373 141,500 * PHOENIX TECHNOLOGIES LTD ..................... 1,908 167,825 * PHOTRONICS, INC .............................. 3,933 111,200 b* PHYSICIAN COMPUTER NETWORK, INC .............. 0 1 * PICTURETEL CORP .............................. 0 95,400 PIONEER-STANDARD ELECTRONICS, INC ............ 1,049 35,200 * PIXELWORKS, INC .............................. 788 259,625 * PLANTRONICS, INC ............................. 12,202 214,118 * PLEXUS CORP .................................. 6,507 92,300 * PLX TECHNOLOGY, INC .......................... 767 972,950 * PMC-SIERRA, INC .............................. 76,498 311,026 * POLYCOM, INC ................................. 10,011 666,674 * PORTAL SOFTWARE, INC ......................... 5,229 165,400 * POWER INTEGRATIONS, INC ...................... 1,902 173,800 * POWERTEL, INC ................................ 10,765 264,935 * POWERWAVE TECHNOLOGIES, INC .................. 15,499 40 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- TECHNOLOGY--(Continued) 24,200 * PREDICTIVE SYSTEMS, INC ...................... $ 173 11,000 * PREVIEW SYSTEMS, INC ......................... 34 102,950 * PRI AUTOMATION, INC .......................... 1,930 71,900 * PRIMUS KNOWLEDGE SOLUTIONS, INC .............. 467 88,900 * PROBUSINESS SERVICES, INC .................... 2,361 29,900 e* PROCOM TECHNOLOGY, INC ....................... 388 109,055 * PRODIGY COMMUNICATIONS CORP (CLASS A) ........ 164 245,950 * PROFIT RECOVERY GROUP INTERNATIONAL, INC ..... 1,568 195,900 * PROGRESS SOFTWARE CORP ....................... 2,828 77,000 * PROJECT SOFTWARE & DEVELOPMENT, INC .......... 827 178,200 * PROXICOM, INC ................................ 735 136,499 * PROXIM, INC .................................. 5,869 555,048 PSION PLC .................................... 2,375 16 * PTEK HOLDINGS, INC ........................... 0 205,692 * PUMA TECHNOLOGY, INC ......................... 855 128,300 e* PURCHASEPRO.COM, INC ......................... 2,245 538,051 * QLOGIC CORP .................................. 41,430 606,000 * QPL INTERNATIONAL HOLDINGS LTD ............... 348 76,200 * QRS CORP ..................................... 976 4,757,899 * QUALCOMM, INC ................................ 391,040 885,700 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP ..... 11,791 505,450 * QUANTUM CORP-HARD DISK DRIVE GROUP ........... 4,044 113,100 * QUEST SOFTWARE, INC .......................... 3,174 135,000 * QUICKLOGIC CORP .............................. 937 106,100 * QUINTUS CORP ................................. 315 130,700 e* QUOKKA SPORTS, INC ........................... 74 97,233 * RADIANT SYSTEMS, INC ......................... 1,993 81,900 * RADISYS CORP ................................. 2,119 125,100 * RAINBOW TECHNOLOGIES, INC .................... 1,978 467,673 * RAMBUS, INC .................................. 16,895 84,900 * RAMP NETWORKS, INC ........................... 486 60 * RAMTRON INTERNATIONAL CORP ................... 0 278,410 * RARE MEDIUM GROUP, INC ....................... 2,670 1,091,019 * RATIONAL SOFTWARE CORP ....................... 42,482 79,500 * RAZORFISH, INC (CLASS (A) .................... 129 50 * READ RITE CORP ............................... 0 379,459 * REALNETWORKS, INC ............................ 3,297 567,898 * RED HAT, INC ................................. 3,549 788,047 * REDBACK NETWORKS, INC ........................ 32,310 104,500 * REDIFF.COM INDIA LTD ADR ..................... 261 29,500 * REGISTER.COM, INC ............................ 207 156,100 * REMEDY CORP .................................. 2,585 18 * RENAISSANCE WORLDWIDE, INC ................... 0 59,500 * RESEARCH FRONTIERS, INC ...................... 1,041 266,886 * RETEK, INC ................................... 6,505 436,900 REYNOLDS & REYNOLDS CO (CLASS A) ............. 8,847 710,260 * RF MICRO DEVICES, INC ........................ 19,488 206,600 * ROBOTIC VISION SYSTEMS, INC .................. 568 99,500 * ROGERS CORP .................................. 4,086 434,634 ROHM CO ...................................... 82,588 222,000 * RSA SECURITY, INC ............................ 11,738 30,700 * RUDOLPH TECHNOLOGIES, INC .................... 927 57,164 * RURAL CELLULAR CORP (CLASS A) ................ 1,693 363,758 * S1 CORP ...................................... 1,910 23,000 e* SABA SOFTWARE, INC ........................... 362 661,800 * SAFEGUARD SCIENTIFICS, INC ................... 4,384 171,000 * SAGA SYSTEMS, INC ............................ 1,956 1,682,667 SAGE GROUP PLC ............................... 7,710 45,485 e SAGEM S.A.(NEW) ............................. 6,081 92,100 * SAGENT TECHNOLOGY, INC ....................... 127 78,400 * SANCHEZ COMPUTER ASSOCIATES, INC ............. 647 324,500 * SANDISK CORP ................................. 9,005 1,220,926 * SANMINA CORP ................................. 93,553 238,160 SAP AG ....................................... 27,683 465,774 * SAPIENT CORP ................................. 5,560 45,711 * SATCON TECHNOLOGY CO ......................... 451 5,000,000 * SATYAM COMPUTER SERVICES LTD ................. 34,571 95,146 * SAVVIS COMMUNICATIONS CORP ................... 83 159,675 * SAWTEK, INC .................................. 7,375 67,900 * SBS TECHNOLOGIES, INC ........................ 2,033 846,450 * SCI SYSTEMS, INC ............................. 22,325 165,120 e* SCIENT CORP .................................. 537 19,300 * SCIENTIFIC LEARNING CORP ..................... 81 923,500 SCIENTIFIC-ATLANTA, INC ...................... 30,071 78,073 e* SCM MICROSYSTEMS, INC ........................ 2,576 554,064 * SDL, INC ..................................... 82,105 95,263 * SEACHANGE INTERNATIONAL, INC ................. 1,935 150,000 * SECURE COMPUTING CORP ........................ 1,481 24,300 * SEEBEYOND TECHNOLOGY CORP .................... 249 25,200 * SELECTICA, INC ............................... 610 811,384 SEMA PLC ..................................... 3,573 100 SEMA PLC ADR ................................. 1 91,600 * SEMITOOL, INC ................................ 887 463,720 * SEMTECH CORP ................................. 10,231 421,550 * SENSORMATIC ELECTRONICS CORP ................. 8,457 13,600 * SEQUOIA SOFTWARE CORP ........................ 26 91,150 * SERENA SOFTWARE, INC ......................... 3,120 2,154,018 * SIEBEL SYSTEMS, INC .......................... 145,665 1,190,804 * SILICON GRAPHICS, INC ........................ 4,763 187,700 * SILICON IMAGE, INC ........................... 1,021 21,100 e* SILICON LABORATORIES, INC .................... 303 434,804 e* SILICON STORAGE TECHNOLOGY, INC .............. 5,136 201,700 * SILICON VALLEY GROUP, INC .................... 5,799 35,400 * SILICONIX, INC ............................... 797 453,328 SILICONWARE PRECISION INDUSTRIES ADR ......... 1,133 70,100 * SILVERSTREAM SOFTWARE, INC ................... 1,446 168,000 SINGAPORE COMPUTER SYSTEMS LTD ............... 218 139,700 * SIPEX CORP ................................... 3,344 276,588 * SITEL CORP ................................... 795 40,765 * SMARTDISK CORP ............................... 158 20,834 * SMARTFORCE PLC ADR ........................... 783 23,700 * SMARTSERV ONLINE, INC ........................ 168 167,100 * SOFTNET SYSTEMS, INC ......................... 303 7,226,294 * SOLECTRON CORP ............................... 244,971 171,011 * SOMERA COMMUNICATIONS, INC ................... 1,486 62,100 * SONIC FOUNDRY, INC ........................... 82 539,140 * SONICBLUE, INC ............................... 2,224 130,600 * SONICWALL, INC ............................... 2,122 583,947 * SONUS NETWORKS, INC .......................... 14,745 68,339 * SPECTRALINK CORP ............................. 987 20,700 * SPECTRA-PHYSICS LASERS, INC .................. 523 171,661 * SPEEDFAM-IPEC, INC ........................... 1,041 45,500 * SPSS, INC .................................... 1,004 247,900 * SR TELECOM, INC .............................. 520 3,023,601 e ST MICROELECTRONICS NV ....................... 132,007 48,500 * STANDARD MICROSYSTEM, INC .................... 982 24,223 e* STANFORD MICRODEVICES, INC ................... 872 277,545 * STARBASE CORP ................................ 650 216,400 * STARMEDIA NETWORK, INC ....................... 409 46,423 * STONESOFT OYJ ................................ 670 520,446 * STORAGE TECHNOLOGY CORP ...................... 4,684 206,600 * STRUCTURAL DYNAMICS RESEARCH CORP ............ 2,066 3,673,500 e SUMITOMO ELECTRIC INDUSTRIES CO .............. 60,282 24,299,508 * SUN MICROSYSTEMS, INC ........................ 677,349 721,122 * SUNGARD DATA SYSTEMS, INC .................... 33,983 117,545 SUPERIOR TELECOM, INC ........................ 228 47,200 * SUPERTEX, INC ................................ 933 125,900 * SVI HOLDINGS, INC ............................ 126 31,300 * SWITCHBOARD, INC ............................. 93 527,255 * SYBASE, INC .................................. 10,446 562,048 * SYCAMORE NETWORKS, INC ....................... 20,936 139,500 * SYKES ENTERPRISES, INC ....................... 619 475,877 * SYMANTEC CORP ................................ 15,882 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 41 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- TECHNOLOGY--(Continued) 910,200 SYMBOL TECHNOLOGIES, INC ..................... $ 32,767 139,750 * SYMMETRICOM, INC ............................. 1,363 317,591 * SYNOPSYS, INC ................................ 15,066 100,650 * SYNTEL, INC .................................. 579 16 b* SYSTEM SOFTWARE ASSOCIATES, INC .............. 0 194,132 * SYSTEMS & COMPUTER TECHNOLOGY CORP ........... 2,390 1,805,000 * TAIWAN SEMICONDUCTOR ......................... 4,338 103,060 TAIYO YUDEN CO LTD ........................... 3,447 156,600 * TAKE-TWO INTERACTIVE SOFTWARE, INC ........... 1,801 72,800 * TANNING TECHNOLOGY, INC ...................... 268 340,825 * TECH DATA CORP ............................... 9,218 166,376 TECHNITROL, INC .............................. 6,842 259,300 * TECHNOLOGY SOLUTIONS CO ...................... 551 235,913 * TEKELEC ...................................... 7,077 559,400 TEKTRONIX, INC ............................... 18,845 13,392 * TELAXIS COMMUNICATIONS CORP .................. 24 99,900 * TELCOM SEMICONDUCTOR, INC .................... 1,136 191,307 * TELECORP PCS, INC (CLASS A) .................. 4,280 3,136,318 * TELLABS, INC ................................. 177,202 62,478 * TELOCITY, INC ................................ 125 79,600 * TENFOLD CORP ................................. 119 1,090,913 * TERADYNE, INC ................................ 40,637 200,369 e* TERAYON COMMUNICATION SYSTEMS, INC ........... 814 10,500,404 TEXAS INSTRUMENTS, INC ....................... 497,457 838,800 * THE DESCARTES SYSTEMS GROUP, INC ............. 19,825 28 * THEGLOBE.COM, INC ............................ 0 70,600 * THERMA-WAVE, INC ............................. 988 238,782 e* THOMSON MULTIMEDIA ........................... 11,174 88,100 * THREE-FIVE SYSTEMS, INC ...................... 1,586 748,135 * TIBCO SOFTWARE, INC .......................... 35,864 74,579 TIETOENATOR CORP ............................. 2,122 278,692 * TITAN CORP ................................... 4,529 85,807 e* TIVO, INC .................................... 461 81,008 * TOLLGRADE COMMUNICATIONS, INC ................ 2,957 985,000 TOPPAN PRINTING CO LTD ....................... 8,582 117,799 TOTAL SYSTEM SERVICES, INC ................... 2,636 194,500 * TRANSACTION SYSTEMS ARCHITECTS, INC (CLASS A) 2,249 23,500 e* TRANSCRYPT INTERNATIONAL, INC ................ 6 502,000 * TRANSWITCH CORP .............................. 19,641 350,000 * TREND MICRO, INC ............................. 25,346 102,300 * TRICORD SYSTEMS, INC ......................... 850 400 TRIGYN TECHNOLOGIES LTD ...................... 2 134,949 * TRIMBLE NAVIGATION LTD ....................... 3,239 385,788 * TRIQUINT SEMICONDUCTOR, INC .................. 16,854 99,300 * TRIZETTO GROUP, INC .......................... 1,657 51,600 * TUMBLEWEED COMMUNICATIONS CORP ............... 883 76,300 e* TURNSTONE SYSTEMS, INC ....................... 567 75,000 * TUT SYSTEMS, INC ............................. 619 128,689 * U.S. OFFICE PRODUCTS CO ...................... 6 280,900 * UCAR INTERNATIONAL, INC ...................... 2,739 25,100 * ULTICOM, INC ................................. 855 41,000 * ULTIMATE ELECTRONICS, INC .................... 899 131,756 * ULTRATECH STEPPER, INC ....................... 3,409 5,631 * UNAXIS HOLDING AG ............................ 1,268 27,300 * UNIFY CORP ................................... 8 29,300 * UNIGRAPHICS SOLUTIONS, INC ................... 478 1,762,100 * UNISYS CORP .................................. 25,771 67,700 * UNIVERSAL ACCESS, INC ........................ 542 77,000 * UNIVERSAL DISPLAY CORP ....................... 553 14,100 e* UPROAR, INC .................................. 14 80,445 * US INTERACTIVE, INC .......................... 23 68,900 * US WIRELESS CORP ............................. 301 140,525 e* USINTERNETWORKING, INC ....................... 703 59,900 * UTSTARCOM, INC ............................... 928 71,640 e* VA LINUX SYSTEMS, INC ........................ 582 8,900 * VALUECLICK, INC .............................. 44 187,378 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC .............................. 4,450 342,000 VARITRONIX INTERNATIONAL LTD ................. 311 36,200 * VASCO DATA SECURITY INTERNATIONAL, INC ....... 195 154,072 * VEECO INSTRUMENTS, INC ....................... 6,182 2,824,000 VENTURE MANUFACTURING LTD (SINGAPORE) ........ 18,892 1,208,290 * VERISIGN, INC ................................ 89,640 2,435,492 * VERITAS SOFTWARE CORP ........................ 213,106 210,100 * VERITY, INC .................................. 5,056 23,800 * VERSATA, INC ................................. 213 164,400 * VERTEL CORP .................................. 385 37,700 e* VERTEX INTERACTIVE, INC ...................... 236 462,059 * VERTICALNET, INC ............................. 3,076 65,700 * VIADOR, INC .................................. 86 107,300 e* VIALINK CO ................................... 302 209,400 * VIANT CORP ................................... 831 260,100 * VIASYSTEMS GROUP, INC ........................ 2,162 41,800 * VICINITY CORP ................................ 124 123,400 * VICOR CORP ................................... 3,748 133,400 * VIEWPOINT CORP ............................... 725 1,153,266 * VIGNETTE CORP ................................ 20,759 391,487 * VISHAY INTERTECHNOLOGY, INC .................. 5,921 186,100 * VISUAL NETWORKS, INC ......................... 605 1,084,660 * VITESSE SEMICONDUCTOR CORP ................... 59,995 418,600 * VITRIA TECHNOLOGY, INC ....................... 3,244 22,200 * VOLT INFORMATION SCIENCES, INC ............... 461 56 * VTEL CORP .................................... 0 43,600 * VYYO, INC .................................... 267 231,300 WALLACE COMPUTER SERVICES, INC ............... 3,932 261,866 * WALT DISNEY INTERNET GROUP ................... 1,129 61,337 * WATCHGUARD TECHNOLOGIES, INC ................. 1,940 270,100 * WAVE SYSTEMS CORP (CLASS A) .................. 1,215 298,213 * WAVECOM S.A .................................. 20,999 75,923 e* WEBMETHODS, INC .............................. 6,752 24,400 * WEBSENSE, INC ................................ 354 81,800 * WEBTRENDS CORP ............................... 2,367 1,187,634 * WEBVAN GROUP, INC ............................ 557 141,800 * WESCO INTERNATIONAL, INC ..................... 1,028 232,574 * WESTELL TECHNOLOGIES, INC (CLASS A) .......... 712 1,191,800 e* WESTERN DIGITAL CORP ......................... 2,905 86,500 * WHITE ELECTRONIC DESIGNS CORP ................ 560 355,360 * WIND RIVER SYSTEMS, INC ...................... 12,127 67,650 e* WIRELESS FACILITIES, INC ..................... 2,452 332,073 WM-DATA AB SERIES B .......................... 1,594 55,200 e* WOMEN.COM NETWORKS ........................... 12 184,100 WOODHEAD INDUSTRIES, INC ..................... 3,613 2,067 * WORKFLOW MANAGEMENT, INC ..................... 14 3,444,676 * XILINX, INC .................................. 158,886 157,500 * XIRCOM, INC .................................. 2,441 44,700 * XPEDIOR, INC ................................. 13 188,962 e* XYBERNAUT CORP ............................... 319 1,423,872 * YAHOO, INC ................................... 42,805 490,984 YAMAHA CORP .................................. 4,815 14 * ZAP.COM CORP ................................. 0 147,500 * ZEBRA TECHNOLOGIES CORP (CLASS A) ............ 6,018 1,440 f* ZEBRA TECHNOLOGIES CORP (CLASS B) ............ 59 99 * ZENGINE, INC ................................. 1 282,100 * ZI CORP ...................................... 2,207 97,455 e* ZIXIT CORP ................................... 853 97,000 e* ZORAN CORP ................................... 1,504 37,312 e* Z-TEL TECHNOLOGIES, INC ...................... 194 76,400 * ZYGO CORP .................................... 2,161 ------------ TOTAL TECHNOLOGY ............................. 23,399,735 ------------ TRANSPORTATION--1.13% 312,646 * AIR CANADA, INC .............................. 2,852 275,600 AIRBORNE, INC ................................ 2,687 343,100 * AIRTRAN HOLDINGS, INC ........................ 2,487 42 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- TRANSPORTATION--(Continued) 141,729 * ALASKA AIR GROUP, INC ........................ $ 4,216 1,398,953 e* ALITALIA S.P.A ............................... 2,515 750 e* ALL NIPPON AIRWAYS CO LTD .................... 3 191,880 * AMERICA WEST HOLDINGS CORP (CLASS B) ......... 2,458 4,095 * AMERICAN FREIGHTWAYS CORP .................... 114 2,400,563 * AMR CORP ..................................... 94,072 11,000 * ARKANSAS BEST CORP ........................... 201 224,200 ARNOLD INDUSTRIES, INC ....................... 4,036 103,700 * ATLANTIC COAST AIRLINES HOLDINGS, INC ........ 4,239 102,200 * ATLAS AIR, INC ............................... 3,334 30,250 AUSTRIAN AIRLINES/OEST LUFTV AG .............. 349 187,786 * BALLARD POWER SYSTEMS, INC ................... 11,815 98 * BE AEROSPACE, INC ............................ 2 39,705 e BERGESEN AS SERIES A ......................... 621 102,157 BERGESEN D.Y. AS (CLASS B) ................... 1,471 628,048 BRAMBLES INDUSTRIES LTD ...................... 14,658 844,067 BRITISH AIRWAYS PLC .......................... 4,924 2,570,069 BURLINGTON NORTHERN SANTA FE CORP ............ 72,765 499,800 C.H. ROBINSON WORLDWIDE, INC ................. 15,712 716,957 CANADIAN PACIFIC LTD ......................... 20,406 5,657,800 CATHAY PACIFIC AIRWAYS LTD ................... 10,445 2,325 CENTRAL JAPAN RAILWAY CO ..................... 14,312 7,783 CMB CIE MARITIME BELGE S.A ................... 585 282,500 CNF, INC ..................................... 9,552 150 * CONSOLIDATED FREIGHTWAYS CORP ................ 1 267,300 * CONTINENTAL AIRLINES, INC (CLASS B) .......... 13,799 1,235,072 CSX CORP ..................................... 32,035 1,348 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ......... 11,700 1,156 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ....... 13,523 728,986 DELTA AIRLINES, INC .......................... 36,586 1,602,903 e DEUTSCHE LUFTHANSA AG. (REGD) ................ 40,619 6,028 EAST JAPAN RAILWAY CO ........................ 35,366 169,600 * EGL, INC ..................................... 4,060 308,887 EXEL PLC ..................................... 4,383 295,300 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC .. 15,854 1,761,762 * FEDEX CORP ................................... 70,400 17,488 FINNLINES OYJ ................................ 296 179,701 FLORIDA EAST COAST INDUSTRIES, INC (CLASS A) . 6,447 82,100 * FORWARD AIR CORP ............................. 3,063 121,000 * FRONTIER AIRLINES, INC ....................... 3,743 73,239 * FRONTLINE LTD ................................ 988 429,000 * GROUPE AIR FRANCE ............................ 10,070 750 e HANKYU CORP .................................. 2 110,107 * HEARTLAND EXPRESS, INC ....................... 2,512 132,950 HUNT (J.B.) TRANSPORT SERVICES, INC .......... 2,235 2,831,400 JAPAN AIRLINES CO LTD ........................ 12,967 549,000 KAMIGUMI CO LTD .............................. 2,452 345,055 * KANSAS CITY SOUTHERN INDUSTRIES, INC ......... 3,494 410,025 KAWASAKI KISEN KAISHA LTD .................... 618 934,000 e KEIHIN ELECTRIC EXPRESS RAILWAY CO LTD ....... 3,713 1,898,203 KINKI NIPPON RAILWAY CO LTD .................. 7,912 47,100 * KLM (ROYAL DUTCH AIRLINES) NV ................ 1,083 85,000 * KNIGHT TRANSPORTATION, INC ................... 1,636 65,394 * LANDSTAR SYSTEM, INC ......................... 3,625 116,950 * M.S. CARRIERS, INC ........................... 3,830 40 * MARINE TRANSPORT CORP ........................ 0 601,092 MAYNE NICKLESS LTD ........................... 1,951 249,700 * MESA AIR GROUP, INC .......................... 1,748 73,000 * MESABA HOLDINGS, INC ......................... 917 84,059 * MIDWEST EXPRESS HOLDINGS, INC ................ 1,235 139,000 MITSUBISHI LOGISTICS CORP .................... 1,217 526 MITSUI OSK LINES LTD ......................... 1 1,000 MITSUI-SOKO CO LTD ........................... 2 875 NAGOYA RAILROAD CO LTD ....................... 2 2,003,237 * NEPTUNE ORIENT LINES LTD ..................... 1,571 1,376,000 NIPPON EXPRESS CO LTD ........................ 8,314 2,257,800 NIPPON YUSEN KABUSHIKI KAISHA ................ 9,332 2,269,236 NORFOLK SOUTHERN CORP ........................ 30,209 181,200 * NORTHWEST AIRLINES CORP (CLASS A) ............ 5,459 19,100 * OMI CORP (NEW) ............................... 123 160,360 OVERSEAS SHIPHOLDING GROUP, INC .............. 3,678 9,605,188 PENINSULAR & ORIENTAL STEAM NAVIGATION CO .... 45,484 4,361,484 * RAILTRACK GROUP PLC .......................... 60,265 84,850 ROADWAY EXPRESS, INC ......................... 1,798 313,196 * RYANAIR HOLDINGS PLC ......................... 3,382 578,881 * RYANAIR HOLDINGS PLC (SPON ADR) .............. 32,236 425,052 RYDER SYSTEM, INC ............................ 7,066 930,343 SABRE HOLDINGS CORP .......................... 40,121 127,750 SAIRGROUP .................................... 20,379 44,488 e SAS DANMARK AS ............................... 456 43,000 e SAS NORGE ASA SERIES B ....................... 456 464,000 SEINO TRANSPORTATION CO LTD .................. 1,954 126,200 SHURGARD STORAGE CENTERS, INC ................ 3,084 74,000 SINGAPORE AIRLINES LTD ....................... 721 6,251,000 SINGAPORE AIRLINES LTD (LR) .................. 62,005 254,000 SKYWEST, INC ................................. 7,303 3,026,932 SOUTHWEST AIRLINES CO ........................ 101,493 3,248,330 STAGECOACH HOLDINGS PLC ...................... 3,203 288,875 * SWIFT TRANSPORTATION CO, INC ................. 5,723 853,000 TOBU RAILWAY CO LTD .......................... 2,510 1,473,000 TOKYU CORP ................................... 7,945 344,400 * U.S. AIRWAYS GROUP, INC ...................... 13,970 246,867 UAL CORP ..................................... 9,612 1,412,621 UNION PACIFIC CORP ........................... 71,691 612,300 UNITED PARCEL SERVICE, INC (CLASS B) ......... 36,011 158,700 USFREIGHTWAYS CORP ........................... 4,773 166,702 WERNER ENTERPRISES, INC ...................... 2,834 285,500 * WISCONSIN CENTRAL TRANSIT CORP ............... 4,300 71,300 * XTRA CORP .................................... 3,422 4,588,878 YAMATO TRANSPORT CO LTD ...................... 84,384 166,000 * YELLOW CORP .................................. 3,380 ------------ TOTAL TRANSPORTATION ......................... 1,357,563 ------------ UTILITIES--10.04% 224,750 * ACTV, INC .................................... 955 973,300 * ADELPHIA BUSINESS SOLUTIONS, INC ............. 4,137 374,751 * ADELPHIA COMMUNICATIONS CORP (CLASS A) ....... 19,347 159,600 * ADVANCED RADIO TELECOM CORP .................. 165 1,974,400 * AES CORP ..................................... 109,332 316,700 AGL RESOURCES, INC ........................... 6,987 269,293 e AGUAS DE BARCELONA S.A ....................... 3,289 62,500 * ALAMOSA PCS HOLDINGS, INC .................... 500 645,358 ALLEGHENY ENERGY, INC ........................ 31,098 672,682 * ALLEGIANCE TELECOM, INC ...................... 14,978 334,010 ALLETE ....................................... 8,288 464,393 ALLIANT ENERGY CORP .......................... 14,803 1,812,904 ALLTEL CORP .................................. 113,193 855,381 AMEREN CORP .................................. 39,615 4,724,616 AMERICAN ELECTRIC POWER CO, INC .............. 219,695 903,120 * AMERICAN TOWER CORP (CLASS A) ................ 34,206 2,679 * AQUAS DE BARCELONA S.A. (NEW) ................ 34 62,700 * ARGUSS COMMUNICATIONS, INC ................... 572 26,387,495 AT & T CORP .................................. 456,834 2,576,950 e* AT&T WIRELESS GROUP .......................... 44,613 209,384 ATMOS ENERGY CORP ............................ 5,104 92,100 * AUDIOVOX CORP (CLASS A) ...................... 829 821,013 e AUSTRALIA GAS LIGHT CO ....................... 5,805 1,078,080 AUTROSTRADE S.P.A ............................ 7,136 299,000 AVISTA CORP .................................. 6,130 295,349 AWG PLC ...................................... 2,537 104,527,040 * AWG PLC REDEEMABLE SHS ....................... 133 1,490,370 BCE, INC ..................................... 42,965 11,361,532 BELLSOUTH CORP ............................... 465,113 145,169 BLACK HILLS CORP ............................. 6,496 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 43 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- UTILITIES--(Continued) 311,754 e BOUYGUES S.A ................................. $ 14,123 5,230,000 BRASIL TELECOM PARTICIPACOES S.A ............. 47 276,669 BRISA-AUTO ESTRADAS DE PORTUGAL S.A .......... 2,468 11,992,622 BRITISH ENERGY PLC ........................... 46,220 10,808,696 * BRITISH TELECOMMUNICATIONS PLC ............... 92,355 1,358,488 * BROADWING, INC ............................... 30,991 3,897,900 * CABLE & WIRELESS OPTUS LTD ................... 8,058 9,795,319 CABLE & WIRELESS PLC ......................... 132,129 60,500 CABLE & WIRELESS PLC (SPON ADR) .............. 2,412 614,150 * CABLEVISION SYSTEMS CORP (CLASS A) ........... 52,164 1,746,400 * CALPINE CORP ................................. 78,697 324,000 * CARRIER 1 INTERNATIONAL S.A ADR .............. 992 62,800 CASCADE NATURAL GAS CORP ..................... 1,181 792,110 CENTURYTEL, INC .............................. 28,318 99,800 CH ENERGY GROUP, INC ......................... 4,466 540,850 * CHARTER COMMUNICATIONS (CLASS A) ............. 12,271 1,018,498 CINERGY CORP ................................. 35,775 1,559,244 * CITIZENS COMMUNICATIONS CO ................... 20,465 140,964 CLECO CORP ................................... 7,718 3,557,321 CLP HOLDINGS LTD ............................. 17,741 573,080 CMS ENERGY CORP .............................. 18,159 2,123,196 COASTAL CORP ................................. 187,505 229,005 * COLT TELECOM GROUP PLC ....................... 4,926 681,300 e* COMCAST CORP (CLASS A) ....................... 28,146 4,613,710 * COMCAST CORP (CLASS A) SPECIAL ............... 192,622 60,533 * COMMONWEALTH TELEPHONE ENTERPRISES, INC ...... 2,119 515,245 CONECTIV, INC ................................ 10,337 1,235,100 CONSOLIDATED EDISON, INC ..................... 47,551 798,771 CONSTELLATION ENERGY GROUP, INC .............. 35,995 623,275 CONTACT ENERGY LTD ........................... 731 733,609 * COX COMMUNICATIONS, INC (CLASS A) ............ 34,159 546,700 * CROWN CASTLE INTERNATIONAL CORP .............. 14,795 54,200 CT COMMUNICATIONS, INC ....................... 762 3,762,356 e DEUTSCHE TELEKOM AG .......................... 113,392 71,477 * DIGITAL LIGHTWAVE, INC ....................... 2,265 133,108 * DITECH COMMUNICATIONS CORP ................... 2,138 1,385,832 DOMINION RESOURCES, INC ...................... 92,851 755,639 DPL, INC ..................................... 25,078 328,363 DQE, INC ..................................... 10,754 166,200 * DSL.NET, INC ................................. 88 2,625,671 DTE ENERGY CO ................................ 102,237 2,557,886 DUKE ENERGY CORP ............................. 218,060 1,442,406 DYNEGY, INC (CLASS A) ........................ 80,865 2,678,286 e E.ON AG ...................................... 162,949 394,200 e* E.SPIRE COMMUNICATIONS, INC .................. 197 515,392 * EARTHLINK, INC ............................... 2,593 2,274,752 EDISON INTERNATIONAL CO ...................... 35,543 146,800 e* EFFICIENT NETWORKS, INC ...................... 2,092 2,014,018 * EIRCOM PLC ................................... 5,106 316,314 * EL PASO ELECTRIC CO .......................... 4,175 1,266,910 EL PASO ENERGY CORP .......................... 90,742 60,085 ELECTRABEL NV ................................ 13,584 2,000 ELECTRABEL S.A. (STRIP VVPR) ................. 0 67,000 * ELECTRIC LIGHTWAVE, INC (CLASS A) ............ 222 4,962,207 ELECTRICIDADE DE PORTUGAL S.A ................ 16,400 239,520,360 ELECTROBRAS S.A .............................. 4,428 63,500,000 EMBRATEL PARTICIPACOES S.A ................... 733 83,781 EMPIRE DISTRICT ELECTRIC CO .................. 2,204 2,656,264 e ENDESA S.A ................................... 45,265 8,995,563 e ENEL S.P.A ................................... 34,966 215,500 ENERGEN CORP ................................. 6,936 9,394,958 * ENERGIS PLC .................................. 63,154 673,772 ENERGY EAST CORP ............................. 13,265 4,423,866 ENRON CORP ................................... 367,734 1,192,445 ENTERGY CORP ................................. 50,455 212,801 EQUITABLE RESOURCES, INC ..................... 14,204 2,224,919 EXELON CORP .................................. 156,212 2,487,934 FIRSTENERGY CORP ............................. 78,525 979,948 FPL GROUP, INC ............................... 70,311 1,281,232 e FRANCE TELECOM S.A ........................... 110,611 228,500 * GENERAL COMMUNICATION, INC (CLASS A) ......... 1,600 883,000 b* GEOTEK COMMUNICATIONS, INC ................... 1 362,737 * GLENAYRE TECHNOLOGIES, INC ................... 1,281 134 * GLOBAL CROSSING LTD .......................... 2 1,221,400 e GLOBAL TELESYSTEMS, INC ...................... 992 651,273 GPU, INC ..................................... 23,975 70,510 HAFSLUND AS SERIES A ......................... 352 46,402 HAFSLUND AS SERIES B ......................... 132 183,193 HAWAIIAN ELECTRIC INDUSTRIES, INC ............ 6,812 25 HONG KONG ELECTRIC CO LTD .................... 0 2,667,781 IBERDROLA S.A ................................ 33,439 394,825 b* ICG COMMUNICATIONS, INC ...................... 51 234,400 IDACORP, INC ................................. 11,500 144,600 * IDT CORP ..................................... 2,946 145,100 * INSIGHT COMMUNICATIONS CO, INC ............... 3,410 343,263 e* INTERMEDIA COMMUNICATIONS, INC ............... 2,467 1,168,923 * INTERNATIONAL POWER PLC ...................... 4,383 130,825 INTER-TEL, INC ............................... 1,006 455,734 IPALCO ENTERPRISES, INC ...................... 11,023 307,500 * ITC DELTACOM, INC ............................ 1,658 1,091,810 KANSAI ELECTRIC POWER CO, INC ................ 18,538 360,404 KANSAS CITY POWER & LIGHT CO ................. 9,889 847,590 KEYSPAN CORP ................................. 35,917 774,050 KINDER MORGAN, INC ........................... 40,396 1,280,801 e KPN NV ....................................... 14,743 193,200 * L-3 COMMUNICATIONS HOLDINGS, INC ............. 14,876 119,200 LACLEDE GAS CO ............................... 2,786 75,100 * LATITUDE COMMUNICATIONS, INC ................. 291 167,594 * LEAP WIRELESS INTERNATIONAL, INC ............. 4,190 2,458,508 * LEVEL 3 COMMUNICATIONS, INC .................. 80,670 97,800 MADISON GAS & ELECTRIC CO .................... 2,213 123,000 e M-CELL LTD ................................... 411 2,601,598 * MCLEODUSA, INC (CLASS A) ..................... 36,748 509,039 MCN ENERGY GROUP, INC ........................ 14,094 265,179 MDU RESOURCES GROUP, INC ..................... 8,618 59,100 * MEDIACOM COMMUNICATIONS CORP ................. 1,016 2,104,592 * METROMEDIA FIBER NETWORK, INC (CLASS A) ...... 21,309 523,812 MONTANA POWER CO ............................. 10,869 699,036 NATIONAL FUEL GAS CO ......................... 43,996 4,208,542 * NATIONAL GRID GROUP PLC ...................... 38,255 51,300 * NEON COMMUNICATIONS, INC ..................... 333 65,600 * NET2000 COMMUNICATIONS, INC .................. 113 131,522 * NETCOM AB SERIES B ........................... 5,464 324,200 * NETWORK PLUS CORP ............................ 811 108,900 NEW JERSEY RESOURCES CORP .................... 4,710 2,890,760 * NEXTEL COMMUNICATIONS, INC (CLASS A) ......... 71,546 958,700 * NIAGARA MOHAWK HOLDINGS, INC ................. 15,998 267,540 NICOR, INC ................................... 11,554 28,733 NIPPON TELEGRAPH & TELEPHONE CORP ............ 207,070 1,191,422 NISOURCE, INC ................................ 36,636 314,962 * NISOURCE, INC (SAILS) ........................ 866 734,500 NORTHEAST UTILITIES CO ....................... 17,812 520,800 * NORTHPOINT COMMUNICATIONS GROUP, INC ......... 179 153,200 NORTHWEST NATURAL GAS CO ..................... 4,060 135,292 NORTHWESTERN CORP ............................ 3,129 225,600 * NRG ENERGY, INC .............................. 6,275 376,968 NSTAR ........................................ 16,163 1,586,557 * NTL, INC ..................................... 37,978 656 NTT DOCOMO, INC .............................. 11,316 77,900 NUI CORP ..................................... 2,507 476,144 OGE ENERGY CORP .............................. 11,636 171,643 ONEOK, INC ................................... 8,260 27,682 OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG . 2,807 44 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- UTILITIES--(Continued) 73,500 OTTER TAIL POWER CO .......................... $ 2,040 15,906,729 * PACIFIC CENTURY CYBERWORKS LTD ............... 10,299 248,799 PEOPLES ENERGY CORP .......................... 11,134 3,650,188 PG&E CORP .................................... 73,004 182,034 PIEDMONT NATURAL GAS CO, INC ................. 6,951 215,200 * PINNACLE HOLDINGS, INC ....................... 1,950 489,234 PINNACLE WEST CAPITAL CORP ................... 23,300 961,549 PORTUGAL TELECOM S.A ......................... 8,793 767,400 POTOMAC ELECTRIC POWER CO .................... 18,962 770,110 PPL CORP ..................................... 34,799 1,306,575 * PRICE COMMUNICATIONS CORP .................... 21,967 181,600 e* PRIMUS TELECOMMUNICATIONS GROUP, INC ......... 420 1,179,695 PROGRESS ENERGY, INC ......................... 58,026 496,039 * PROGRESS ENERGY, INC- CVO .................... 223 1,021,423 e* PSINET, INC .................................. 734 209,724 PUBLIC SERVICE CO OF NEW MEXICO .............. 5,623 1,208,628 PUBLIC SERVICE ENTERPRISE GROUP, INC ......... 58,770 586,331 PUGENT ENERGY, INC ........................... 16,307 316,199 e* QS COMMUNICATIONS AG ......................... 1,182 507,080 QUESTAR CORP ................................. 15,244 6,301,789 * QWEST COMMUNICATIONS INTERNATIONAL , INC ..... 258,373 957,200 * RCN CORP ..................................... 6,042 1,580,915 RELIANT ENERGY, INC .......................... 68,473 206,497 e RGS ENERGY GROUP, INC ........................ 6,698 781,316 * RHEIN-WESTFALEN ELECTRIC AG. (STAMM) ......... 34,662 413,701 * RHYTHMS NETCONNECTIONS, INC .................. 465 125,000 e* RSL COMMUNICATIONS LTD (CLASS A) ............. 21 144,700 * SBA COMMUNICATIONS CORP ...................... 5,942 34,984,529 SBC COMMUNICATIONS, INC ...................... 1,670,511 551,967 SCANA CORP ................................... 16,318 906,903 * SCOTTISH & SOUTHERN ENERGY PLC ............... 8,399 2,940,059 * SCOTTISH POWER PLC ........................... 23,233 37,405 e SEMCO ENERGY, INC ............................ 582 1,467,630 SEMPRA ENERGY ................................ 34,122 146 SHUN TAK HOLDINGS LTD ........................ 0 2,557,843 SIERRA PACIFIC RESOURCES (NEW) ............... 41,085 6,930,513 * SINGAPORE TELECOMMUNICATIONS LTD ............. 10,751 93,200 e* SMARTALK TELESERVICES, INC ................... 0 936,276 SONERA GROUP OYJ ............................. 16,966 52,600 SOUTH JERSEY INDUSTRIES, INC ................. 1,565 4,659,996 SOUTHERN CO .................................. 154,945 229,472 SOUTHERN UNION CO ............................ 6,081 153,700 SOUTHWEST GAS CORP ........................... 3,362 149,600 SOUTHWESTERN ENERGY CO ....................... 1,552 354,600 * SPECTRASITE HOLDINGS, INC .................... 4,698 4,372,442 SPRINT CORP (FON GROUP) ...................... 88,815 1,702,600 * SPRINT CORP (PCS GROUP) ...................... 34,797 15 * STAR TELECOMMUNICATIONS, INC ................. 0 124,257 SUEZ LYONNAISE DES EAUX (STRIP VVPR) ......... 1 123,614 SUEZ LYONNAISE DES EAUX ...................... 22,574 682,074 SUEZ LYONNAISE DES EAUX S.A .................. 124,558 101,921 SWISSCOM AG. (REGD) .......................... 26,510 411,600 * TALK.COM, INC ................................ 592 1,732,048 TECO ENERGY, INC ............................. 56,075 9,993,797 e TELECOM ITALIA S.P.A ......................... 79,757 243,837 e TELE DANMARK AS .............................. 9,938 5,230,000 TELECENTROESTE CELULAR PART S.A .............. 25 446,000 TELECOM ARGENTINA S.A. (CLASS B) ............. 1,358 4,741,730 e TELECOM CORP OF NEW ZEALAND LTD .............. 10,092 5,763,193 e TELECOM ITALIA S.P.A ......................... 63,742 749,304 TELECOM ITALIA RISP .......................... 4,503 12,140,874 * TELEFONICA DE ESPANA S.A ..................... 200,624 5,564 * TELEFONICA S.A. (SPON ADR) ................... 278 9,616,000 TELEFONOS DE MEXICO S.A. SERIES L ............ 21,617 108,700 b* TELEGROUP, INC ............................... 0 176,048 * TELEKOM AUSTRIA AG ........................... 992 68,230,000 TELENORTE-LESTE PARTICIPACOES S.A ............ 1,120 305,730 TELEPHONE & DATA SYSTEMS, INC ................ 27,516 5,230,347 TELESP CELULAR PARTICIPACOES S.A ............. 36 188,330,000 TELESUL CELULAR PARTICIPACOES S.A ............ 385 1,371,583 * TELIA AB ..................................... 7,050 147,000 e* TELIGENT, INC (CLASS A) ...................... 285 15,634,374 TELSTRA CORP ................................. 55,803 115 TERRA NETWORK S.A. (SPON ADR) ................ 1 348,175 * TIME WARNER TELECOM, INC (CLASS A) ........... 22,087 76,587 e* TISCALI S.P.A ................................ 1,298 698,000 TOHOKU ELECTRIC POWER CO, INC ................ 9,333 1,789,778 e TOKYO ELECTRIC POWER CO, INC ................. 44,431 368,700 TRANSALTA CORP ............................... 5,400 207,200 * TRITON PCS HOLDINGS, INC (CLASS A) ........... 7,032 3,480,525 TXU CORP ..................................... 154,231 81,921 e* U.S. CELLULAR CORP ........................... 4,936 160,724 UGI CORP ..................................... 4,068 83,600 UIL HOLDINGS CORP ............................ 4,159 571,428 UNION ELECTRICA FENOSA S.A ................... 10,489 186,720 UNISOURCE ENERGY CORP HOLDINGS CO ............ 3,513 754,735 * UNITED UTILITIES PLC ......................... 7,497 64,500 b* USN COMMUNICATIONS, INC ...................... 0 624,849 UTILICORP UNITED, INC ........................ 19,370 382,359 VECTREN CORP ................................. 9,798 325,500 VENFIN LTD ................................... 866 16,945,758 VERIZON COMMUNICATIONS ....................... 849,406 86,900 * VIA NET.WORKS, INC ........................... 331 96,600 * VIASAT, INC .................................. 1,268 1,926,745 e* VIATEL, INC .................................. 7,165 1,387,534 f VIDESH SANCHAR NIGAM LTD (SPONADR) ........... 17,894 199,150 * VIRATA CORP .................................. 2,166 910,000 * VIVENDI ENVIRONNEMENT ........................ 39,730 48,973 * VIVENDI UNIVERSAL WTS 05/02/01 ............... 88 130,406,417 * VODAFONE GROUP PLC ........................... 478,182 2,035,416 VODAFONE GROUP PLC (SPON ADR) ................ 72,893 1,472,446 * VOICESTREAM WIRELESS CORP .................... 148,165 280,800 * WEBLINK WIRELESS, INC ........................ 965 82,800 * WEST CORP .................................... 2,329 103,100 WESTERN GAS RESOURCES, INC ................... 3,473 292,810 WESTERN RESOURCES, INC ....................... 7,265 411,943 * WESTERN WIRELESS CORP (CLASS A) .............. 16,143 284,772 WGL HOLDINGS, INC ............................ 8,668 228,000 e* WILLIAMS COMMUNICATIONS GROUP, INC ........... 2,679 2,814,374 WILLIAMS COS, INC ............................ 112,399 585,310 * WINSTAR COMMUNICATIONS, INC .................. 6,841 744,181 WISCONSIN ENERGY CORP ........................ 16,791 21,153,431 * WORLDCOM, INC ................................ 297,470 79,100 e* WORLDGATE COMMUNICATIONS, INC ................ 302 204,300 e* WORLDPAGES.COM, INC .......................... 549 173,572 WPS RESOURCES CORP ........................... 6,390 5,496,751 XCEL ENERGY, INC ............................. 159,749 2,481,568 * XO COMMUNICATIONS, INC (CLASS A) ............. 44,203 52,735 * YORK RESEARCH CORP ........................... 58 ------------ TOTAL UTILITIES .............................. 12,011,387 ------------ TOTAL COMMON STOCK (COST $ 79,524,601) ........................ 118,177,570 ------------ PRINCIPAL --------- SHORT TERM INVESTMENTS--2.33% BANKERS ACCEPTANCES--0.02% SOUTHTRUST BANK, NA $ 30,000,000 6.150%, 03/06/01 ............................. 29,997 ------------ CERTIFICATES OF DEPOSIT--0.12% CITIBANK, N.A. 18,000,000 d 7.390%, 05/30/01 ............................. 18,074 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 45 STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) ---------- ---------- CERTIFICATES OF DEPOSIT--(Continued) DEUTSCHE BANK $ 15,000,000 d 6.695%, 02/05/01 ............................. $ 14,996 30,000,000 d 7.080%, 05/04/01 ............................. 30,064 ROYAL BANK OF CANADA 30,000,000 d 6.750%, 04/17/01 ............................. 30,019 TORONTO DOMINION BANK 50,000,000 d 6.690%, 02/02/01 ............................. 49,985 ------------ 143,138 ------------ COMMERCIAL PAPER--1.33% ASSET SECURITIZATION COOP CORP 25,000,000 c 6.530%, 01/22/01 ............................. 24,901 63,304,000 c 6.550%, 01/23/01 ............................. 63,041 BELLSOUTH CAPITAL FUNDING CORP 16,000,000 c 6.510%, 01/05/01 ............................. 15,985 18,400,000 c 6.400%, 02/07/01 ............................. 18,275 BETA FINANCE, INC 7,500,000 c,d 6.510%, 02/28/01 ............................. 7,423 CAMPBELL SOUP CO 8,750,000 6.520%, 01/05/01 ............................. 8,742 CANADIAN IMPERIAL HOLDINGS, INC 50,000,000 6.550%, 01/17/01 ............................. 49,846 CANADIAN WHEAT BOARD 8,000,000 6.450%, 02/20/01 ............................. 7,928 CATERPILLAR FINANCIAL SERVICES CORP 5,000,000 6.550%, 01/03/01 ............................. 4,997 CIESCO LP 50,000,000 c 6.550%, 01/03/01 ............................. 49,972 25,000,000 d 6.550%, 01/12/01 ............................. 24,945 20,015,000 6.470%, 01/26/01 ............................. 19,921 COLGATE-PALMOLIVE CO 18,600,000 c 6.300%, 02/15/01 ............................. 18,449 CONAGRA, INC 25,000,000 d 7.300%, 01/26/01 ............................. 24,851 CORPORATE ASSET FUNDING CORP, INC 20,000,000 c 6.530%, 01/17/01 ............................. 19,939 40,000,000 c 6.530%, 01/24/01 ............................. 39,826 20,000,000 c 6.420%, 02/05/01 ............................. 19,872 20,000,000 c,d 6.520%, 02/06/01 ............................. 19,868 COX COMMUNICATIONS, INC 25,000,000 c 7.450%, 01/09/01 ............................. 24,949 CVS CORP 25,000,000 c 6.850%, 01/05/01 ............................. 24,977 EASTMAN KODAK CO 12,800,000 c 6.530%, 01/08/01 ............................. 12,781 ENTERPRISE FUNDING CORP 9,582,000 6.620%, 01/12/01 ............................. 9,561 EQUILON ENTERPRISES LLC 29,000,000 6.520%, 01/02/01 ............................. 28,989 10,700,000 6.540%, 01/11/01 ............................. 10,678 25,000,000 6.400%, 02/09/01 ............................. 24,822 FEDEX CORP 20,000,000 c 7.150%, 01/03/01 ............................. 19,926 11,586,000 c 7.320%, 01/16/01 ............................. 11,544 GENERAL ELECTRIC CAPITAL CORP 50,000,000 6.530%, 01/05/01 ............................. 49,954 GOVCO, INC 11,760,000 c 6.570%, 02/01/01 ............................. 11,693 10,000,000 c 6.550%, 02/06/01 ............................. 9,934 31,931,000 c,d 6.540%, 02/09/01 ............................. 31,703 16,250,000 c,d 6.530%, 02/20/01 ............................. 16,104 10,000,000 c 6.470%, 02/21/01 ............................. 9,908 20,000,000 c 6.520%, 02/26/01 ............................. 19,799 JOHNSON & JOHNSON 17,370,000 6.350%, 02/01/01 ............................. 17,271 20,400,000 c 6.200%, 03/12/01 ............................. 20,146 KIMBERLY-CLARK WORLDWIDE, INC 27,500,000 c 6.350%, 02/14/01 ............................. 27,281 15,700,000 c 6.350%, 02/22/01 ............................. 15,553 MORGAN STANLEY DEAN WITTER 30,000,000 6.600%, 01/08/01 ............................. 29,956 MOTIVA ENTERPRISES LLC 20,000,000 6.520%, 01/02/01 ............................. 19,993 NATIONAL RURAL UTILITIES COOP FINANCE 19,000,000 6.530%, 01/19/01 ............................. 18,935 25,000,000 d 6.380%, 03/14/01 ............................. 24,681 NEWELL RUBBERMAID, INC 6,000,000 c 6.480%, 02/27/01 ............................. 5,939 PACCAR FINANCIAL CORP 29,600,000 6.450%, 01/31/01 ............................. 29,436 33,200,000 6.470%, 01/31/01 ............................. 33,017 PARK AVENUE RECEIVABLES CORP 14,000,000 c 6.680%, 01/03/01 ............................. 13,992 25,000,000 c 6.600%, 01/08/01 ............................. 24,963 15,000,000 c 6.600%, 01/10/01 ............................. 14,973 45,496,000 c 6.650%, 01/12/01 ............................. 45,396 PARKER HANNIFIN CORP 28,250,000 c 6.550%, 01/24/01 ............................. 28,127 PFIZER, INC 50,000,000 c,d 6.510%, 01/10/01 ............................. 49,908 PRAXAIR, INC 10,000,000 7.600%, 01/19/01 ............................. 9,956 PREFERRED RECEIVABLES FUNDING CORP 15,000,000 c 6.590%, 01/11/01 ............................. 14,970 RECEIVABLES CAPITAL CORP 31,388,000 c 6.610%, 01/11/01 ............................. 31,325 20,287,000 c 6.560%, 01/16/01 ............................. 20,228 30,000,000 c 6.600%, 01/22/01 ............................. 29,881 11,088,000 c 6.580%, 01/25/01 ............................. 11,038 SALOMON SMITH BARNEY HOLDINGS, INC 20,000,000 6.600%, 01/03/01 ............................. 19,989 20,000,000 6.600%, 01/04/01 ............................. 19,985 SBC COMMUNICATIONS INC 16,000,000 c 6.520%, 01/16/01 ............................. 15,954 12,000,000 c 6.400%, 02/06/01 ............................. 11,921 SIGMA FINANCE INC 20,000,000 c,d 6.630%, 01/12/01 ............................. 19,956 10,000,000 c,d 6.540%, 02/14/01 ............................. 9,921 11,500,000 c 6.500%, 02/27/01 ............................. 11,382 TEXAS UTILITIES CO 20,000,000 c 7.000%, 01/04/01 ............................. 19,982 25,000,000 c 7.350%, 01/18/01 ............................. 24,896 THE STANLEY WORKS 11,600,000 c 6.300%, 03/01/01 ............................. 11,478 TORONTO DOMINION HOLDINGS (U.S.) 40,400,000 6.590%, 01/12/01 ............................. 40,311 VERIZON NETWORK FUNDING CORP 25,000,000 6.550%, 01/04/01 ............................. 24,982 50,000,000 6.470%, 02/02/01 ............................. 49,706 23,560,000 6.410%, 02/07/01 ............................. 23,400 ------------ 1,596,931 ------------ MEDIUM TERM NOTES--0.08% BETA FINANCE, INC 25,000,000 7.440%, 05/31/01 ............................. 25,073 20,000,000 d 7.470%, 06/05/01 ............................. 20,062 SIGMA FINANCE, INC 25,000,000 d 7.400%, 05/25/01 ............................. 25,065 20,000,000 7.050%, 07/17/01 ............................. 20,040 ------------ 90,240 ------------ 46 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) ---------- ---------- U.S. GOVERNMENT AND AGENCIES--0.61% FEDERAL FARM CREDIT BANK (FFCB) $ 20,515,000 6.260%, 01/23/01 ............................ $ 20,433 19,850,000 5.900%, 01/03/01 ............................ 19,839 27,000,000 6.330%, 01/17/01 ............................ 26,920 34,325,000 6.220%, 01/18/01 ............................ 34,217 80,000,000 6.210%, 01/24/01 ............................ 79,665 63,175,000 6.220%, 01/26/01 ............................ 62,888 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 22,200,000 5.150%, 01/02/01 ............................ 22,191 39,460,000 6.410%, 01/02/01 ............................ 39,447 24,425,000 6.430%, 01/02/01 ............................ 24,417 27,925,000 6.450%, 01/02/01 ............................ 27,916 20,000,000 6.460%, 01/02/01 ............................ 19,993 87,908,000 6.420%, 01/09/01 ............................ 87,770 50,000,000 6.330%, 01/16/01 ............................ 49,861 40,765,000 6.210%, 01/23/01 ............................ 40,601 27,900,000 6.230%, 01/30/01 ............................ 27,755 32,540,000 d 6.410%, 01/30/01 ............................ 32,371 18,500,000 d 6.420%, 02/15/01 ............................ 18,353 36,000,000 6.180%, 02/20/01 ............................ 35,683 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 9,185,000 6.340%, 01/18/01 ............................ 9,156 30,105,000 6.320%, 01/25/01 ............................ 29,974 1,675,000 6.420%, 02/08/01 ............................ 1,664 14,563,000 d 6.425%, 02/08/01 .......................... 14,465 ------------ 725,579 ------------ VARIABLE RATE NOTES--0.17% AMERICAN TELEPHONE & TELEGRAPH CO 25,000,000 d 5.990%, 03/08/01 ............................ 24,963 BANC ONE CORP 10,000,000 6.905%, 01/16/01 ............................ 10,001 BETA FINANCE, INC 15,000,000 6.150%, 04/25/01 ............................ 14,999 FORD MOTOR CREDIT CORP. 18,000,000 d 6.850%, 08/27/01 ............................ 18,009 GENERAL MOTORS ACCEPTANCE CORP 25,000,000 d 6.890%, 02/23/01 ............................ 25,005 20,875,000 d 6.528%, 03/30/01 ............................ 20,879 HOUSEHOLD FINANCE CORP 10,000,000 d 6.408%, 03/29/01 ............................ 9,995 HUNTINGTON NATIONAL BANK 20,000,000 6.810%, 02/02/01 ............................ 20,000 NATIONAL CITY CORP 10,500,000 6.780%, 04/23/01 ............................ 10,500 VODAFONE AIRTOUCH 50,000,000 d 6.620%, 06/05/01 ............................ 49,993 ------------ 204,344 ------------ TOTAL SHORT TERM INVESTMENTS (COST $ 2,790,379) ........................... $ 2,790,229 ------------ TOTAL PORTFOLIO--101.33% (COST $ 82,573,803) .......................... 121,234,757 OTHER ASSETS & LIABILITIES, NET--(1.33)% ..... (1,587,762) ------------ NET ASSETS--100.00% .......................... $119,646,995 ============ ---------- * 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. 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 December 31, 2000, the value of these securities amounted to $181,391,380 or 0.15% of net assets. Additional information on each restricted security is as follows: ACQUISITION ACQUISITION SECURITY DATE COST ---------- ----------- ----------- BB BIOVENTURES L.P. 03/24/98 $14,031,085 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) 07/31/86 9,098,531 GENESOFT SERIES C FINANCING 06/20/00 7,000,000 INTERNATIONAL HYDRON (LIQUIDATING TRUST) 11/13/97 0 LEE ENTERPRISES, INC (CLASS B) 03/31/86 60,768 MEREDITH CORP (CLASS B) 12/30/86 1,893,160 MPM BIOVENTURES II-QP, LP 02/28/00 7,200,001 NETGENICS, INC, CVSERIESD 03/20/98 5,517,450 NETGENICS, INC STOCK OPTIONS 03/20/08 06/08/98 0 STARRETT (L. S.) CO (CLASS B) 10/07/88 798,235 VIDESH SANCHAR NIGAM LTD (SPONS GDR) 09/13/00 17,546,373 WRIGLEY (WM) JR CO (CLASS B) 04/30/86 2,007,603 ZEBRA TECHNOLOGIES CORP (CLASS B) 10/29/98 43,234 HAFNIA HOLDINGS AS (REGD) (CLASS A) 08/30/91 136,697 HAFNIA HOLDINGS AS (REGD) (CLASS B) 07/29/88 159,638 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 LAFARGE S.A. (REGD) 04/03/97 1,867,017 LAFARGE S.A. (REGD) 2001 01/05/99 5,852,242 PROMET BERHAD 12/30/98 6,669 SILVERSTONE BERHAD 12/30/98 1,173 SKYLINE VENTURES PARTNERS QUALIFIEDII, LP 02/15/00 1,687,500 ----------- $90,629,969 =========== TRANSACTIONS WITH AFFILIATED COMPANIES - JANUARY 1, 2000--DECEMBER 31, 2000 --------------------------------------------------------------------------------
VALUE AT SHARES AT VALUE AT DECEMBER 31, PURCHASE SALES REALIZED DIVIDEND DECEMBER 31, DECEMBER 31, ISSUE 1999 COST PROCEEDS GAIN (LOSS) INCOME 2000 2000 ----- ------------ ----------- ----------- ------------ -------- --------- ----------- ADERA AB (CLASS B)** ** $15,589,022 $ 4,329,447 $(10,436,546) -- * * BAY VIEW CAPITAL CORP $14,038,091 -- -- -- $197,894 * * CYBERPLEX, INC ** 693,246 -- -- -- 1,179,700 $ 2,906,052 MARTEK BIOSCIENCES 15,403,800 26,357 -- -- -- 1,285,150 15,743,088 NOCOME AB (B SHS) ** -- 2,308,879 (4,448,934) -- * * REGIONAL CABLESYSTEM ** 1,369,105 -- -- -- * * TPI ENTERPRISES, INC 12,177 -- -- -- -- 1,107,000 5,535 WESTEL GROUP LTD ** 1,920,891 3,675,177 (931,101) -- -- * ----------- ----------- ----------- ------------ -------- ----------- $29,454,068 $19,598,621 $10,313,503 $(15,816,581) $197,894 $18,654,675 =========== =========== =========== ============ ======== ===========
---------- ** Not an Affiliate as of December 31, 1999 * Not an Affiliate as of December 31, 2000 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 47 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SUMMARY BY COUNTRY Value (000) % ---------- ----- DOMESTIC UNITED STATES .................................. $4,011,027 47.02% ---------- ------ TOTAL DOMESTIC ................................. 4,011,027 47.02 ---------- ------ FOREIGN AUSTRALIA ................................... 93,114 1.09 AUSTRIA ..................................... 2,103 0.02 BELGIUM ..................................... 32,769 0.38 BERMUDA ..................................... 114,258 1.34 CANADA ...................................... 201,380 2.36 DENMARK ..................................... 8,242 0.10 FINLAND ..................................... 113,855 1.33 FRANCE ...................................... 271,941 3.19 GERMANY ..................................... 248,803 2.92 HONG KONG ................................... 82,620 0.97 INDIA ....................................... 5,011 0.06 IRELAND ..................................... 6,320 0.07 ISRAEL ...................................... 30,574 0.36 ITALY ....................................... 131,263 1.54 JAPAN ....................................... 772,108 9.05 MALAYSIA .................................... 503 0.01 NETHERLANDS ................................. 539,031 6.32 NEW ZEALAND ................................. 1,036 0.01 NORWAY ...................................... 3,799 0.04 PORTUGAL .................................... 4,879 0.06 SINGAPORE ................................... 30,212 0.35 SOUTH AFRICA ................................ 13,845 0.16 SPAIN ....................................... 41,402 0.49 SWEDEN ...................................... 95,793 1.12 SWITZERLAND ................................. 61,309 0.72 THAILAND .................................... 599 0.01 UNITED KINGDOM .............................. 1,224,918 14.36 ---------- ------ TOTAL FOREIGN .................................. 4,131,687 48.43 SHORT TERM INVESTMENTS ......................... 388,283 4.55 ---------- ------ TOTAL PORTFOLIO ................................ $8,530,997 100.00% ========== ====== ---------- PRINCIPAL VALUE (000) --------- ----------- CORPORATE BONDS--0.05% AEROSPACE AND DEFENSE--0.00% BAE SYSTEMS PLC 21,776 (1) 7.450%, 11/30/03 ......................... $ 29 ------------ TOTAL AEROSPACE AND DEFENSE ................... 29 ------------ FINANCIAL SERVICES--0.00% BANCA INTESA S.P.A. (CVDEB) 35,899 (3) 4.700%, 01/01/03 ......................... 61 ------------ TOTAL FINANCIAL SERVICES ................... 61 ------------ TECHNOLOGY--0.05% MAYAN NETWORKS $ 4,500,000 5.250%, 11/01/05 ........................... 4,500 ------------ TOTAL TECHNOLOGY ........................... 4,500 ------------ TOTAL CORPORATE BONDS (Cost $4,585) .............................. 4,590 ------------ ---------- (1) Denominated in British Pounds (3) Denominated in Italian Lira SHARES VALUE (000) ------ ----------- PREFERRED STOCK--0.42% BASIC INDUSTRIES--0.30% 9,257 DYCKERHOFF ZEMENTWERKE AG .................... $ 165 372,840 HENKEL KGAA .................................. 24,504 ------------ TOTAL BASIC INDUSTRIES ....................... 24,669 ------------ CONSUMER CYCLICAL--0.09% 273 ESCADA AG .................................... 30 502 HUGO BOSS AG ................................. 134 301 MAN AG ....................................... 6 864,783 NEWS CORP LTD ( LTD- VOTE) ................... 6,151 12,719 * PROSIEBEN SAT.1 MEDIA AG ..................... 379 28,389 e VOLKSWAGEN AG ................................ 869 ------------ TOTAL CONSUMER CYCLICAL ...................... 7,569 ------------ TECHNOLOGY--0.03% 19,382 SAP AG ....................................... 2,744 ------------ TOTAL TECHNOLOGY ............................. 2,744 ------------ TOTAL PREFERRED STOCK (Cost $36,941) ............................. 34,982 ------------ COMMON STOCK--96.88% AEROSPACE AND DEFENSE--1.19% 280,266 BAE SYSTEMS PLC .............................. 1,599 88,777 BOEING CO .................................... 5,859 1,500 COBHAM GROUP PLC ............................. 23 2,935,754 * EUROPEAN AERONAUTIC DEFENSE AND SPACE ........ 65,216 158,072 GENERAL DYNAMICS CORP ........................ 12,330 545,457 * GENERAL MOTORS CORP (CLASS H) ................ 12,546 26,100 RAYTHEON CO (CLASS B) ........................ 811 2,975 * ROLLS-ROYCE PLC .............................. 9 44,001 SMITH GROUP PLC .............................. 531 11,577 THALES.EX THOMSON CFS ........................ 555 503 * ZODIAC S.A ................................... 139 ------------ TOTAL AEROSPACE AND DEFENSE .................. 99,618 ------------ BASIC INDUSTRIES--4.93% 45,050 ABITIBI CONSOLIDATED, INC .................... 414 2,710 ACERINOX S.A ................................. 83 8,064 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A ................................ 190 10,500 AGRIUM, INC .................................. 151 25,000 AIR PRODUCTS & CHEMICALS, INC ................ 1,025 28,571 AKZO NOBEL NV ................................ 1,534 30,393 ALCAN ALUMINIUM CO LTD ....................... 1,039 88,752 ALCOA, INC ................................... 2,973 20,700 ALLEGHENY TECHNOLOGIES, INC .................. 329 35,668 e AMCOR LTD .................................... 104 8,442 * AMEC PLC ..................................... 44 78,800 ANGLO AMERICAN PLATINUM CORP LTD ............. 3,664 27,800 e ARMSTRONG HOLDINGS, INC ...................... 57 149,000 e ASAHI GLASS CO LTD ........................... 1,230 162,000 ASAHI KASEI CORP ............................. 933 3,100 ASKO OYJ SERIES A ............................ 55 10,883 ASSIDOMAN AB ................................. 219 9,744 ASTRUIANA DE ZINC S.A. MINES ................. 85 42,326 BARRATT DEVELOPMENTS PLC ..................... 188 19,066 BARRICK GOLD CORP ............................ 312 19,500 BARRICK GOLD CORP (U.S.) ..................... 319 66,133 e BASF AG ...................................... 3,008 1,836,406 e BAYER AG ..................................... 96,728 25,655 BERKELEY GROUP PLC ........................... 289 4,500 * BETHLEHEM STEEL CORP ......................... 8 180,013 BHP LTD ...................................... 1,896 11,009 BILFINGER & BERGER BAU AG .................... 134 12,442 BLACK & DECKER CORP .......................... 488 50,222 BLUE CIRCLE INDUSTRIES PLC ................... 331 48 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- BASIC INDUSTRIES--(Continued) 55,078 BOC GROUP PLC ................................ $ 837 500 BOHLER-UDDEHOLM AG (BR) ...................... 16 3,868 * BOLIDEN LTD ADR .............................. 3 92,490 e BORAL LTD .................................... 106 6,719 BUDERUS AG ................................... 141 11,520 e BUHRMANN NV .................................. 309 2,500 CAMECO CORP .................................. 44 236 CARRILLION PLC ............................... 0 206,814 CARTER HOLT HARVEY LTD ....................... 150 24,000 CEMENTIR S.P.A ............................... 34 5,600 CENTEX CORP .................................. 210 13,950 CIMPOR CIMENTOS DE PORTUGAL .................. 348 3,565 CIN-CORPARACAO INDUSTRIAL DO NORTE S.A ....... 11 5,600 CLAYTON HOMES, INC ........................... 64 17,959 COMINCO LTD .................................. 300 1,329,000 CONSOL ENERGY, INC ........................... 37,129 187,580 CORUS GROUP PLC .............................. 198 39,569 CRH PLC (IRELAND) ............................ 736 90,546 e CSR LTD ...................................... 235 104,286 DAICEL CHEMICAL INDUSTRIES LTD ............... 317 40,000 DAINIPPON INK & CHEMICAL, INC ................ 119 18,059 DAITO TRUST CONSTRUCTION CO LTD .............. 324 82,000 DAIWA HOUSE INDUSTRY CO LTD .................. 510 59,000 * DELTA GOLD LTD ............................... 38 7,096 DOFASCO, INC ................................. 95 23,600 DOMTAR, INC .................................. 213 722,249 DOW CHEMICAL CO .............................. 26,452 41,561 DRAGADOS Y CONSTRUCCIONES S.A ................ 453 722,987 DU PONT (E.I.) DE NEMOURS & CO ............... 34,929 1,634 DYCKERHOFF AG ................................ 39 5,000 ELKEM AS ..................................... 80 53,000 * FLETCHER CHALLENGE LTD (BUILDING DIVISION) ... 46 131,060 * FLETCHER CHALLENGE LTD (FORESTS DIVISION) .... 16 10,064 FOMENTO CONSTRUCCIONES Y CONTRATAS S.A ....... 191 173 FORBO HOLDINGS AG (REGD) ..................... 78 23,000 * FUJITA CORP .................................. 7 5,700 GEORGIA-PACIFIC CORP (PACKING GROUP) ......... 177 700 e GLAVERBEL S.A ................................ 52 15,466 GOLDFIELDS LTD ............................... 15 19,645 GRUPO EMPRESARIAL ENCE S.A ................... 321 37,923 HANSON PLC ................................... 260 1,200 HEIDELBERGER ZEMENT AG. (BELGIUM) ............ 53 9,466 HEIDELBERGER ZEMENT AG. (GERMANY) ............ 431 1,200 HEIDELBERGER ZEMENT AG. (STRIP VVPR) ......... 0 14,853 HOCHTIEF AG .................................. 291 949 HOLDERBANK FINANCIERE GLARUS AG. (REGD) SERIES B ..................................... 1,142 2,753 HOLLANDSCHE BETON GROEP NV (H.B.G.) .......... 28 10,600 HOMESTAKE MINING CO .......................... 44 21,776 ILUKA RESOURCES LTD .......................... 50 1,752 IMERYS S.A ................................... 199 57,941 IMPERIAL CHEMICAL INDUSTRIES PLC ............. 478 127,000 IMPREGILO S.P.A .............................. 69 55,755 INAX CORP .................................... 282 14,281 * INCO LTD CO .................................. 239 4,329,100 * INCO LTD CO (U.S.) ........................... 72,556 43,516 INTERNATIONAL PAPER CO ....................... 1,776 4,500 INVESTIMENTOS PARTICIPACOES E GESTAO ......... 24 38,000 * ISHIHARA SANGYO KAISHA LTD ................... 68 22,200 e ITALCEMENTI S.P.A ............................ 186 28,359 JAMES HARDIE INDUSTRIES LTD .................. 57 3,000 * JAPAN METALS & CHEMICALS CO .................. 3 37,000 * JAPAN STEEL WORKS LTD ........................ 30 20,272 JARVIS PLC ................................... 66 122,185 JEFFERSON SMURFIT GROUP PLC .................. 241 1,485,000 e JGC CONSTRUCTION CORP ........................ 10,130 25,806 JOHNSON MATTHEY PLC .......................... 407 5,000 KAJIMA CORP .................................. 14 250 KANDENKO CO LTD .............................. 1 11,000 e KANEKA CORP .................................. 104 211,000 KAWASAKI STEEL CORP .......................... 218 11,380 KEMIRA OYJ ................................... 58 57,911 KIMBERLY-CLARK CORP .......................... 4,094 71,000 KINDEN CORP .................................. 407 45,000 KUREHA CHEMICAL INDUSTRY CO LTD .............. 108 2,680 e LAFARGE S.A. (BR) ............................ 225 8,021 f LAFARGE S.A. (REGD) 2001 ..................... 673 1,155 L'AIR LIQUIDE ................................ 172 2,588 f L'AIR LIQUIDE S.A. (REGD) .................... 386 5,364 f * L'AIR LIQUIDE S.A. (REGD) 2001 ............... 800 34,737 LEIGHTON HOLDINGS LTD ........................ 122 3,897 e LINDE AG ..................................... 189 1 LONMIN PLC ................................... 0 237 LONZA AG (REGD) .............................. 138 5,000 MAEDA ROAD CONSTRUCTION CO LTD ............... 20 39,300 MASCO CORP ................................... 1,010 1,616 MAYR-MELNHOF KARTON AG ....................... 71 3,800 MEAD CORP .................................... 119 8,249,766 e MIM HOLDINGS LTD ............................. 5,318 2,164 MISAWA HOMES CO LTD .......................... 6 229,000 MITSUBISHI CHEMICAL CORP ..................... 604 26,000 MITSUBISHI GAS CHEMICAL CO, INC .............. 79 138,000 e MITSUBISHI MATERIALS CORP .................... 330 99,000 MITSUBISHI PAPER MILLS LTD ................... 207 1,000 MITSUI CHEMICALS, INC ........................ 5 41,000 MITSUI MINING & SMELTING CO LTD .............. 316 1,770 NEW WORLD INFRASTUCTURE LTD .................. 1 45,754 NEWCREST MINING LTD .......................... 111 12,400 NEWMONT MINING CORP .......................... 212 192,000 NIPPON LIGHT METAL CO LTD .................... 146 11,000 NIPPON OIL & FATS CO LTD ..................... 23 104,000 NIPPON PAPER INDUSTRIES CO ................... 620 41,000 NIPPON SHEET GLASS CO LTD .................... 500 11,000 NIPPON SHOKUBAI CO LTD ....................... 42 578,000 NIPPON STEEL CORP ............................ 957 60,000 e NISHIMATSU CONSTRUCTION CO LTD ............... 205 4,000 e* NKK CORP ..................................... 2 26,900 NORANDA, INC ................................. 268 81,688 NORMANDY MINING LTD .......................... 44 5,184 NORSKE SKOGINDUSTRIER ASA SERIES A ........... 218 45,317 NOVAR PLC .................................... 136 8,464 * NOVOZYMES A/S (CLASS B) ...................... 169 4,400 NUCOR CORP ................................... 175 90,000 OBAYASHI CORP ................................ 388 87,666 OJI PAPER CO LTD ............................. 453 58,000 OKUMURA CORP ................................. 196 53,552 * ONESTEEL LTD ................................. 28 4,097 ORICA LTD .................................... 13 16,257 e OUTOKUMPU OYJ SERIES A ....................... 123 24,800 b,e OWENS CORNING CO ............................. 20 13,000 * OWENS ILLINOIS, INC .......................... 74 35,288 PAPERLINX LTD ................................ 65 12,254 PECHINEY S.A ................................. 560 2,000 PENTA OCEAN CONSTRUCTION CO LTD .............. 2 11,700 PHELPS DODGE CORP ............................ 653 284,016 * PILKINGTON PLC ............................... 471 34,429 PLACER DOME, INC ............................. 331 1,038 PORTLAND VALDERRIVAS S.A ..................... 20 7,944 PORTUCEL INDUSTRIA EMPRESA ................... 54 4,063 POTASH CORP OF SASKATCHEWAN, INC ............. 317 17,791 PRAXAIR, INC ................................. 789 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 49 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- BASIC INDUSTRIES--(Continued) 1,000 PRESTIGE PROPERTY HOLDINGS LTD ............... $ 0 2,700 PULTE CORP ................................... 114 12,000 e RAUTARUUKKI OYJ SERIES K ..................... 43 19,120 RENO DE MEDICI S.P.A ......................... 34 59,608 * RESOLUTE SAMANTHA LTD ........................ 3 52,515 REXAM PLC .................................... 177 2,677 RHI AG ....................................... 53 32,837 e RIO TINTO LTD ................................ 537 106,169 RIO TINTO LTD PLC (REGD) ..................... 1,868 6,995 RMC GROUP PLC ................................ 62 20,250 ROHM & HAAS CO ............................... 735 38,000 e* SANKYO ALUMINIUM INDUSTRY CO LTD ............. 21 28,000 SANWA SHUTTER CORP ........................... 56 2,850 e SAPA AB ...................................... 42 219,800 SAPPI LTD .................................... 1,571 50,000 e* SATO KOGYO CO LTD ............................ 20 23,839 e SCA AB SERIES B .............................. 507 8,500 * SEALED AIR CORP .............................. 259 148,000 SEKISUI CHEMICAL CO LTD ...................... 421 42,900 SEKISUI HOUSE LTD ............................ 393 7,300 SHERWIN-WILLIAMS CO .......................... 192 3,230,000 SHIMIZU CORP ................................. 9,560 238,255 SHIN-ETSU CHEMICAL CO LTD .................... 9,180 1,000 SHO-BOND CORP ................................ 14 82,622 * SHOWA DENKO K.K .............................. 113 11,685 e SKANSKA AB SERIES B FREE ..................... 483 1,065,686 * SMURFIT-STONE CONTAINER CORP ................. 15,919 60,372 SNIA S.P.A ................................... 130 3,060 * SOCIEDADE DE CONSTRUCOES SOARES DA COS ....... 7 8,756 SOLVAY S.A ................................... 488 9,375 COMPAGNIE DE SAINT-GOBAIN S.A ................ 1,473 16,000 STANLEY WORKS CO ............................. 499 26,500 STELCO, INC (CLASS A) ........................ 64 179,000 SUMITOMO CHEMICAL CO LTD ..................... 889 15,000 SUMITOMO FORESTRY CO LTD ..................... 106 777,000 * SUMITOMO METAL INDUSTRIES LTD ................ 442 59,000 e SUMITOMO METAL MINING CO LTD ................. 309 7,313 SUMITOMO OSAKA CEMENT CO LTD ................. 24 7,625 e SVENSKT STAL AB (SAAB) SERIES A .............. 73 2,450 e SVENSKT STAL AB SERIES B ..................... 22 10,588 * SYNGENTA AG .................................. 568 182,200 TAIHEIYO CEMENT CORP ......................... 313 50,000 TAISEI CORP .................................. 100 74,983 TAYLOR WOODROW PLC ........................... 200 10,500 TECK CORP LTD (CLASS B) ...................... 99 49,619 e THYSSENKRUPP AG .............................. 769 64,000 TODA CONSTRUCTION CO ......................... 293 2,000 TOSOH CORP ................................... 5 15,000 TOSTEM CORP .................................. 186 13,700 e TOTO LTD ..................................... 98 33,600 TOYO SEIKAN KAISHA LTD ....................... 547 31,387 * TRANSURBAN GROUP ............................. 79 11,900 e TRELLEBORG AB SERIES B FREE .................. 86 25,000 UBE INDUSTRIES LTD ........................... 56 13,500 UNION CARBIDE CORP ........................... 726 2,400 e UNION MINIERE GROUP S.A ...................... 90 25,049 e UPM-KYMMENE OYJ .............................. 860 30,219 URALITA S.A .................................. 173 1,100 e USG CORP ..................................... 25 5,903 USINOR ....................................... 78 14,345 VINCI ........................................ 882 2,700 VULCAN MATERIALS CO .......................... 129 1,146 * WASHINGTON GROUP INTERNATIONAL, INC WTS 03/11/03 ................................. 2 319,948 WEYERHAEUSER CO .............................. 16,237 9,000 WIENERBERGER BAUSTOFF AG ..................... 162 17,400 WIMPEY (GEORGE) LTD .......................... 39 1,180,942 e WMC LTD ...................................... 5,025 88,820 WOLSELEY PLC ................................. 610 42,600 WORTHINGTON INDUSTRIES, INC .................. 343 ------------ TOTAL BASIC INDUSTRIES ....................... 412,146 ------------ CONSUMER CYCLICAL--11.71% 19,173 ACCOR S.A .................................... 810 42,187 AIRTOURS PLC ................................. 127 27,900 AOYAMA TRADING CO LTD ........................ 199 42,595 ARISTOCRAT LEISURE LTD ....................... 122 8,900 * ASATSU, INC .................................. 214 254,456 * AT & T CORP - LIBERTY MEDIA (CLASS A) ........ 3,451 1,000 AUTOBACS SEVEN CO LTD ........................ 21 24,319 AUTOGRILL S.P.A .............................. 299 548,550 AUTOLIV, INC ................................. 8,743 86,226 * BASS PLC ..................................... 939 11,866 BBA GROUP PLC ................................ 66 2,000 BEKAERT S.A .................................. 94 195,374 e BENETTON GROUP S.P.A ......................... 407 86,105 * BRIDGESTONE CORP ............................. 784 169,430 * BRITISH SKY BROADCASTING GROUP PLC ........... 2,837 16,900 BRUNSWICK CORP ............................... 278 28,093 BULGARI S.P.A ................................ 346 9,300 CALLAWAY GOLF CO ............................. 173 7,900 CANADIAN TIRE CORP (CLASS A) ................. 98 11,266 CANAL PLUS S.A ............................... 40 122,400 e CAPCOM CO LTD ................................ 4,201 104,846 * CARLTON COMMUNICATIONS PLC ................... 957 59,065 CARNIVAL CORP (CLASS A) ...................... 1,820 20,000 CASIO COMPUTER CO LTD ........................ 169 80 * CHARLES VOGELE HOLDING AG .................... 12 383,876 * CLEAR CHANNEL COMMUNICATIONS, INC ............ 18,594 298 CLUB MEDITERRANEE S.A ........................ 25 110,535 COLES MYER LTD ............................... 428 27,000 COMFORT GROUP LTD ............................ 9 32,570 CONTINENTAL AG ............................... 517 16,934 CORTEFIEL S.A ................................ 281 67,000 CYCLE & CARRIAGE LTD ......................... 128 11,000 e* DAIEI, INC ................................... 18 685 DAIMARU, INC ................................. 2 6,485 DAIMLERCHRYSLER (U.S.A.) ..................... 267 90,366 e DAIMLERCHRYSLER AG ........................... 3,835 5,200 DANA CORP .................................... 80 97,516 e DAVID JONES LTD .............................. 75 60,698 DELPHI AUTOMOTIVE SYSTEMS CORP ............... 683 103,307 DENSO CORP ................................... 2,234 748 DIETEREN S.A ................................. 165 815,232 DISNEY (WALT) CO ............................. 23,591 198,028 DIXONS GROUP PLC (NEW) ....................... 663 90 * DOLLFUS-MIEG & CIE S.A ....................... 1 7,523 DOUGLAS HOLDINGS AG .......................... 275 6,056 DOW JONES & CO, INC .......................... 343 21,000 EASTMAN KODAK CO ............................. 827 6,698,915 ELSEVIER UTIGEVERSMIJ NV ..................... 98,495 13,091 e* EM.TV & MERCHANDISING AG ..................... 72 83,396 EMI GROUP PLC ................................ 685 2,953,407 ESPRIT HOLDINGS LTD .......................... 2,518 48,084 e FIAT S.P.A ................................... 1,186 143,000 FIRST CAPITAL CORP LTD ....................... 115 10,300 FISHER & PAYKEL INDUSTRIES LTD ............... 36 163,412 FORD MOTOR CO (NEW) .......................... 3,830 3,460 FOUR SEASONS HOTELS, INC ..................... 220 52,000 e FUJI PHOTO FILM CO LTD ..................... 2,177 32 FUJI TELEVISION NETWORK, INC ................. 223 3,000 * FUJITA KANKO, INC ............................ 14 27,249 GANNETT CO, INC .............................. 1,718 50 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- CONSUMER CYCLICAL--(Continued) 84,755 GAP, INC ..................................... $ 2,161 40,419 * GEMSTAR-TV GUIDE INTERNATIONAL, INC .......... 1,864 56,462 GENERAL MOTORS CORP .......................... 2,876 5,500 GENUINE PARTS CO ............................. 144 14,841,400 GIORDANO INTERNATIONAL LTD ................... 6,850 75,411 GKN PLC ...................................... 796 8,300 GOODYEAR TIRE & RUBBER CO .................... 191 4,648,165 * GRANADA COMPASS PLC .......................... 50,583 112,908 GREAT UNIVERSAL STORES PLC ................... 886 33,636 * GRUPPO EDITORALE LESPRESSO S.P.A ............. 291 32,000 GUNZE LTD .................................... 111 54,000 HANKYU DEPARTMENT STORES, INC ................ 239 12,100 * HARRAH'S ENTERTAINMENT, INC .................. 319 82,801 HENNES & MAURITZ AB SERIES B ................. 1,281 109,532 HILTON GROUP PLC ............................. 342 47,000 HILTON HOTELS CORP ........................... 494 96,000 e HONDA MOTOR CO LTD ........................... 3,581 77,000 HONG KONG & SHANGHAI HOTELS LTD .............. 42 12,300 HUDSON'S BAY CO .............................. 120 70,678 INDEPENDENT NEWS & MEDIA PLC ................. 192 35,700 INTERPUBLIC GROUP OF COS, INC ................ 1,519 28,000 ISETAN CO LTD ................................ 295 309,645 ITO-YOKADO CO LTD ............................ 15,455 193 JELMOLI HOLDINGS AG. (BR) .................... 286 12,641 JOHNSON CONTROLS, INC ........................ 657 13,300 * JONES APPAREL GROUP, INC ..................... 428 8,000 JURYS DOYLE HOTEL PLC ........................ 68 23,000 JUSCO CO LTD ................................. 499 1,600 KADOKAWA SHOTEN PUBLISHING CO LTD ............ 42 3,785 * KANEBO LTD ................................... 9 8,381 e KARSTADT QUELLE AG ........................... 260 8,600 e KESCO OYJ .................................... 87 124,750 KINGFISHER PLC ............................... 928 304,338 KONAMI CO LTD ................................ 22,839 78 KUONI REISEN HOLDING (REGD) (CLASS B) ........ 34 24,000 e KURARAY CO LTD ............................... 224 11,123 LAGARDERE SCA ................................ 645 1,510 LEX SERVICE GROUP LTD ........................ 9 20 * LIBERTY SATELLITE & TECHNOLOGY, INC .......... 0 40,958 LIMITED, INC ................................. 699 615,991 LINENS 'N THINGS, INC ........................ 17,017 8,000 LIZ CLAIBORNE, INC ........................... 333 47,157 LVMH MOET HENNESSY LOUIS VUITTON S.A ......... 3,121 26,020 MAN AG ....................................... 660 243,512 * MARKS & SPENCER PLC .......................... 677 22,300 MARRIOTT INTERNATIONAL, INC (CLASS A) ........ 942 35,000 MARUI CO LTD ................................. 529 707,529 e MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ........ 16,914 28,050 MAY DEPARTMENT STORES CO ..................... 919 11,100 MAYTAG CO .................................... 359 648,830 MCDONALD'S CORP .............................. 22,060 16,500 MCGRAW HILL COS, INC ......................... 967 119,022 MEDIASET S.P.A ............................... 1,420 20,932 MICHELIN S.A. (CLASS B) ...................... 758 5,000 MITSUBISHI RAYON CO LTD ...................... 15 7,000 e* MITSUKOSHI LTD ............................... 29 7,006 * MODERN TIMES GROUP (CLASS B) ................. 186 26,431 MONDADORI (ARNOLDO) EDITORE S.P.A ............ 246 103,200 e MYCAL CORP ................................... 221 96 NAMCO LTD .................................... 2 4,000 * NCL HOLDINGS AS .............................. 6 18,900 NEW YORK TIMES CO (CLASS A) .................. 757 500,852 NEWS CORP LTD ................................ 3,897 53,000 NGK INSULATORS LTD ........................... 702 29,104 NIKE, INC (CLASS B) .......................... 1,624 121,300 NINTENDO CO LTD .............................. 19,109 2,432,500 * NISSAN MOTOR CO LTD .......................... 14,016 61,000 NISSHINBO INDUSTRIES, INC .................... 278 23,000 NITTO BOSEKI CO LTD .......................... 28 17,800 OMNICOM GROUP, INC ........................... 1,475 14,000 ONWARD KASHIYMA CO LTD ....................... 116 9,000 ORIENTAL LAND CO LTD ......................... 603 448,000 * ORIENTAL PRESS GROUP ......................... 65 26,000 OVERSEAS UNION ENTERPRISES LTD ............... 102 61,020 * P & O PRINCESS CRUISES PLC ................... 258 29,600 * PARK PLACE ENTERTAINMENT CORP ................ 353 2,672,867 PEARSON PLC .................................. 63,484 10 PENNEY, (J.C.) CO, INC ....................... 0 6,320 PEUGEOT CITROEN S.A .......................... 1,438 12,171 PINAULT-PRINTEMPS-REDOUTE S.A ................ 2,616 21,000 PIONEER CORP ................................. 561 13,279,662 e PIRELLI S.P.A ................................ 47,255 1,000 PLAYMATES INTERACTIVE ENTERTAINMENT .......... 0 12,211 PUBLICIS GROUPE S.A .......................... 413 131 PUBLIGROUPE S.A .............................. 63 77,527 RANK GROUP PLC ............................... 203 13,700 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) ................................... 536 111,864 REED INTERNATIONAL PLC ....................... 1,170 5,767,096 REUTERS GROUP PLC ............................ 97,607 1,200 ROBINSON & CO LTD ............................ 3 16,275 ROGERS COMMUNICATIONS, INC (CLASS B) ......... 274 202,000 e SANYO ELECTRIC CO LTD ........................ 1,680 8,000 SCHIBSTED ASA ................................ 98 55,073 SEARS ROEBUCK & CO ........................... 1,914 200 e* SEGA CORP .................................... 2 261 * SEIYU LTD .................................... 1 954 SELFRIDGES PLC ............................... 4 92,000 e SEVEN-ELEVEN JAPAN CO LTD .................... 5,236 194,200 SHANGRI-LA ASIA LTD .......................... 210 26,338 SHANGRI-LA ASIA LTD (SINGAPORE) .............. 28 99,000 e SHARP CORP ................................... 1,195 3,000 SHAW INDUSTRIES, INC ......................... 57 14,300 SHIMACHU CO LTD .............................. 169 2,500 SHIMAMAURA CO LTD ............................ 137 12,100 * SHIMANO, INC ................................. 238 14,280 f* SILVERSTONE BERHAD ........................... 0 40,977 SINGAPORE PRESS HOLDINGS LTD ................. 605 548,052 * SIX FLAGS, INC ............................... 9,420 15,000 e SKYLARK CO LTD ............................... 420 2,696 e SODEXHO ALLIANCE S.A ......................... 499 14,200 SOL MELIA S.A ................................ 147 325,058 e SONY CORP .................................... 22,487 244,000 SOUTH CHINA MORNING POST LTD ................. 181 4,200 STOCKMANN AB SERIES B ........................ 41 30,360 STRAITS TRADING CO ........................... 31 62,800 SYSCO CORP ................................... 1,884 480,853 TABCORP HOLDINGS LTD ......................... 2,932 55,000 TAKASHIMAYA CO LTD ........................... 374 1,000 TAN CHONG INTERNATIONAL LTD .................. 0 1,133,521 TARGET CORP .................................. 36,556 90,000 TEIJIN LTD ................................... 465 15,300 * TELEPIZZA S.A ................................ 36 46,600 TELEVISION BROADCASTS LTD .................... 245 34,600 THE WAREHOUSE GROUP LTD ...................... 92 60,228 THOMSON CORP ................................. 2,302 389,624 TIME WARNER, INC ............................. 20,354 24,000 TOEI CO LTD .................................. 84 1,910 e TOHO CO LTD .................................. 264 245,000 TOKYO BROADCASTING SYSTEMS, INC .............. 7,251 16,000 TOKYO STYLE CO LTD ........................... 147 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 51 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- CONSUMER CYCLICAL--(Continued) 181,000 TORAY INDUSTRIES, INC ........................ $ 682 83,000 TOYOBO CO LTD ................................ 165 1,610,860 e TOYOTA MOTOR CORP ............................ 51,486 607,243 TRIBUNE CO ................................... 25,656 9 * TRICON GLOBAL RESTAURANTS, INC ............... 0 700 TRW, INC ..................................... 27 25,000 UNY CO LTD ................................... 267 4,300 V.F. CORP .................................... 156 8,710 VALEO S.A .................................... 389 1,365 VALORA HOLDINGS AG. (REGD) ................... 292 9,335 VENDEX KBB NV ................................ 122 419,439 * VIACOM, INC (CLASS B) ........................ 19,609 6,658 VISTEON CORP ................................. 77 77,921 e VIVENDI UNIVERSAL ............................ 5,129 35,411 * VIVENDI UNIVERSAL S.A. ADR (SPON ADR) ........ 2,313 20,053 e VOLKSWAGEN AG ................................ 1,062 43,975 e VOLVO AB SERIES B FREE ....................... 729 19,945 WACOAL CORP .................................. 166 2,025,599 WAL-MART STORES, INC ......................... 107,610 4,300 WHIRLPOOL CORP ............................... 205 26,836 e WOLTERS KLUWER NV ............................ 732 1,427,887 WOOLWORTHS LTD ............................... 6,681 1,600 e WORLD CO LTD ................................. 61 106,907 WPP GROUP PLC ................................ 1,393 ------------ TOTAL CONSUMER CYCLICAL ...................... 979,065 ------------ CONSUMER NON-CYCLICAL--7.83% 5,580 e ADIDAS SALOMON AG ............................ 346 13,512 AGFA GEVAERT NV .............................. 322 5 * AGRIBRANDS INTERNATIONAL, INC ................ 0 1,211,000 AJINOMOTO CO LTD ............................. 15,747 38,015 ALBERTSON'S, INC ............................. 1,007 25,045 e ALTADIS ...................................... 383 10,175 e ALTADIS S.A. ................................. 158 35,100 e* AMAZON.COM, INC .............................. 546 10,891 AMSTRAD PLC .................................. 21 622,874 ANHEUSER-BUSCH COS, INC ...................... 28,341 101,130 ARCHER DANIELS MIDLAND CO .................... 1,517 37,000 * ASAHI BREWERIES LTD .......................... 377 10,900 * ASIA FOOD & PROPERTIES LTD WTS 07/12/01 ...... 0 3,057 AUSTRIA TABAKWERKE AG ........................ 169 414,368 AVON PRODUCTS, INC ........................... 19,838 20,060 e AZUCARERA EBRO AGRICOLAS S.A ................. 229 900 BANG & OLUFSEN HOLDINGS AS (CLASS B) ......... 33 10,607 BEIERSDORF AG ................................ 1,100 109,749 BOOTS CO LTD ................................. 998 24,425 e BRITISH AMERICAN TOBACCO AUSTRALIA LTD ....... 179 225,171 BRITISH AMERICAN TOBACCO PLC ................. 1,715 20,000 BUNKYODO CO LTD .............................. 116 202,548 CADBURY SCHWEPPES LTD ........................ 1,401 48,754 CAMPBELL SOUP CO ............................. 1,688 6,708 * CARLSBERG BREWERIES AS (CLASS A) ............. 371 70,427 CARREFOUR SUPERMARCHE S.A .................... 4,424 9,838 CASINO GUICHARD-PERRACHON S.A ................ 992 586,800 CLOROX CO .................................... 20,831 87,453 * COATS VIYELLA PLC ............................ 50 87,066 e COCA COLA AMATIL LTD ......................... 227 255,564 COCA COLA CO ................................. 15,573 336,474 COLGATE PALMOLIVE CO ......................... 21,719 4,308 COLRUYT S.A .................................. 190 35,644 CONAGRA FOODS, INC ........................... 927 19,530 CORTICEIRA AMORIM S.A ........................ 20 41,180 * COSTCO WHOLESALE CORP ........................ 1,645 179,890 CVS CORP ..................................... 10,782 743 DAIRY FARM INTERNATIONAL HOLDINGS LTD ........ 0 7,415 DANISCO AS ................................... 305 5,716 DELHAIZE FRERES NV ........................... 272 343,493 DIAGEO PLC ................................... 3,848 338 DOLMEN COMPUTER APPLICATIONS NV .............. 5 37,586 e ELECTROLUX AB SERIES B ....................... 488 84 ERIDANIA BEGHIN-SAY S.A ...................... 7 1,755 e ESSILOR INTERNATIONAL S.A .................... 573 500 e EZAKI GLICO CO LTD ........................... 3 1,795,703 e FOSTER'S BREWING GROUP LTD ................... 4,710 41,000 FRASER & NEAVE LTD (ORD) ..................... 158 4,413 * FYFFES PLC ................................... 4 15,012 GENERAL MILLS, INC ........................... 669 383,313 GILLETTE CO .................................. 13,847 894 * GIVAUDAN AG. (REGD) .......................... 236 208,953 e GOODMAN FIELDER LTD .......................... 146 35,400 GREENCORE GROUP PLC .......................... 93 14,506 e GROUPE DANONE ................................ 2,187 30,931 HEINEKEN NV .................................. 1,872 30,965 HEINZ (H.J.) CO .............................. 1,469 429 * HOLSTEN-BRAUEREI AG. (NEW) ................... 8 1,091,784 HOME DEPOT, INC .............................. 49,881 2,000 HOUSE FOODS CORP ............................. 26 588,700 * INTERBREW S.A ................................ 20,517 14,400 * INTERNATIONAL FLAVORS & FRAGRANCES, INC ...... 293 160,100 ITO EN LTD ................................... 11,594 699 ITOHAM FOODS, INC ............................ 2 6,767,491 * J SAINSBURY PLC .............................. 40,134 199 JAPAN TOBACCO, INC ........................... 1,544 10,163 JERONIMO MARTINS SGPS S.A .................... 105 73,000 e KAO CORP ..................................... 2,122 643,000 KATOKICHI CO LTD ............................. 16,891 18,280 KERRY GROUP (CLASS A) ........................ 236 11,000 * KIKKOMAN CORP ................................ 81 107,000 * KIRIN BREWERY CO LTD ......................... 959 82,442 * KROGER CO .................................... 2,231 5,625,400 LI & FUNG LTD ................................ 10,241 64,877 LOREAL S.A ................................... 5,561 392,742 LOWES COS, INC ............................... 17,477 37,700 MATTEL, INC .................................. 544 3,000 MEIJI MILK PRODUCTS CO LTD ................... 13 292 MEIJI SEIKA KAISHA LTD ....................... 2 583,892 METRO AG ..................................... 26,863 3,903 MOLSON, INC (A SHS) .......................... 112 3,925 NESTLE S.A. (REGD) ........................... 9,156 378,894 NEWELL RUBBERMAID, INC ....................... 8,620 64,000 NICHIREI CORP ................................ 269 37,000 e NIPPON MEAT PACKERS, INC ..................... 504 125,000 NIPPON SUISAN KAISHA LTD ..................... 195 31,000 NISSHIN FLOUR MILLING CO LTD ................. 263 16,191 NISSIN FOOD PRODUCTS CO LTD .................. 396 3,000 NORITAKE CO LTD .............................. 16 23,081 ORKLA ASA .................................... 455 400 OSTERREICHISCHE BRAU-BETEILIGUNGS ............ 17 7,905 OYJ HARTWALL ABP ............................. 152 175,322 e PARMALAT FINANZIARIA S.P.A ................... 284 8,505 e PERNOD-RICARD S.A ............................ 587 223,446 PHILIP MORRIS COS, INC ....................... 9,832 269,236 PROCTER & GAMBLE CO .......................... 21,118 319 Q.P. CORP JAPAN .............................. 3 8,100 QUAKER OATS CO ............................... 789 19,100 RADIOSHACK CORP .............................. 818 18,900 RAISIO GROUP PLC ............................. 35 24,200 RALSTON PURINA CO ............................ 632 38,420 RINASCENTE S.P.A ............................. 227 49,300 e* RITE AID CORP ................................ 117 2,569,463 e ROYAL AHOLD NV ............................... 82,892 66,850 SAPPORO BREWERIES LTD ........................ 196 52 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- CONSUMER NON-CYCLICAL--(Continued) 73,498 SARA LEE CORP ................................ $ 1,805 534 SEB S.A ...................................... 29 43,700 e SHISEIDO & CO LTD ............................ 488 4,600 SOBEYS, INC .................................. 77 800 SOCIETE BIC S.A .............................. 31 1 SONAE SGPS S.A ............................... 0 238,650 * SONAE SGPS S.A. BABY SHS ..................... 262 47,945 * STAPLES, INC ................................. 566 31,600 SUPERVALU, INC ............................... 438 52,001 e SWEDISH MATCH AB ............................. 203 17,204 e TAKARA SHUZO CO LTD .......................... 301 33,628 * TATE & LYLE PLC .............................. 125 655,463 TESCO PLC .................................... 2,671 456,000 THAI UNION FROZEN PRODUCTS (FR) .............. 599 54 THE SWATCH GROUP AG. (BR) .................... 67 2,356 THE SWATCH GROUP AG. (REGD) .................. 615 17,300 * TOYS `R' US, INC ............................. 289 5,500 UNI CHARM CORP ............................... 279 267,893 UNILEVER LTD ................................. 2,293 1,708,493 UNILEVER NV CERTIFICATE ...................... 108,117 3,403 * UNIQ PLC ..................................... 12 4,180 VISCOFAN S.A ................................. 18 101,724 WALGREEN CO .................................. 4,253 80,564 WATERFORD WEDGWOOD PLC (UNITS) ............... 95 13,072 WESTON (GEORGE) LTD .......................... 732 3,000 YAKULT HONSHA CO LTD ......................... 35 40,000 YAMAZAKI BAKING CO LTD ....................... 278 ------------ TOTAL CONSUMER NON-CYCLICAL .................. 654,562 ------------ ENERGY--5.10% 14,610 ALBERTA ENERGY CO LTD ........................ 698 13,000 * ANDERSON EXPLORATION LTD ..................... 295 868,396 BAKER HUGHES, INC ............................ 36,093 376,902 BG GROUP PLC ................................. 1,475 5,385,225 BP AMOCO PLC ................................. 43,440 20,755 BP AMOCO PLC (SPONS ADR) ..................... 994 488,897 BURLINGTON RESOURCES, INC .................... 24,689 13,200 * CANADIAN NATURAL RESOURCES LTD ............... 365 371,994 CENTRICA PLC ................................. 1,441 63,191 CHEVRON CORP ................................. 5,336 1,984 COFLEXIP S.A ................................. 252 498,346 CONOCO, INC (CLASS B) ........................ 14,421 136,000 COSMO OIL CO LTD ............................. 242 15,432 ENBRIDGE, INC ................................ 449 794,295 e ENTE NAZIONALE IDROCARBURI S.P.A ............. 5,071 1,776,641 EXXON MOBIL CORP ............................. 154,457 38,200 FLETCHER CHALLENGE LTD (ENERGY DIVISION) .......................... 145 12,238 FORTUM OYJ ................................... 50 37 * FRIEDE GOLDMAN HALTER, INC ................... 0 29,106 e GAS NATURAL SDG S.A .......................... 530 17,700 * GLOBAL MARINE, INC ........................... 502 49,447 * GULF CANADA RESOURCES LTD .................... 252 40,869 HALLIBURTON CO ............................... 1,482 455,309 HONG KONG & CHINA GAS CO LTD ................. 668 183 * HUSKY ENERGY, INC ............................ 2 1,508,402 a IHC CALAND NV ................................ 70,812 38,824 IMPERIAL OIL LTD ............................. 1,020 35,733 e ITALGAS S.P.A ................................ 357 41,000 * JAPAN ENERGY CORP ............................ 64 7,426 KONINKLIJKE VOPAK NV ......................... 156 376,902 * LATTICE GROUP PLC ............................ 850 131,308 LASMO PLC .................................... 392 16,385 NEXEN, INC ................................... 404 178,900 NIPPON MITSUBISHI OIL CO ..................... 862 27,350 NORSK HYDRO AS ............................... 1,157 73,100 OCCIDENTAL PETROLEUM CORP .................... 1,773 2,912 OMV AKTIENGESELLS AG ......................... 226 91,000 OSAKA GAS CO LTD ............................. 277 26,655 PETRO-CANADA (VARIABLE- VTG) ................. 677 14,434 * PETROLEUM GEO-SERVICES ASA ................... 190 4,300 * PRECISION DRILLING CORP ...................... 161 118,809 REPSOL YPF S.A ............................... 1,899 487,160 ROYAL DUTCH PETROLEUM CO ..................... 29,850 56,717 SANTOS LTD ................................... 190 60,200 SCHLUMBERGER LTD ............................. 4,812 34,000 SHOWA SHELL SEKIYU K.K ....................... 143 6,000 SMEDVIG AS SERIES A .......................... 57 20,641 SUNCOR ENERGY, INC ........................... 526 948 TECHNIP S.A .................................. 138 824 TEIKOKU OIL CO LTD ........................... 3 292,000 e TOKYO GAS CO LTD ............................. 864 56,447 TOTAL FINA ELF S.A ........................... 8,395 10,800 TOTAL FINA S.A. (STRIP VVPR) ................. 0 17,514 TOTAL FINA ELF S.A. SERIES B ................. 2,596 47,664 TRANS CANADA PIPELINES LTD ................... 546 19,611 TRANSOCEAN SEDCO FOREX, INC .................. 902 35,428 * TULLOW OIL PLC ............................... 35 32,675 UNOCAL CORP .................................. 1,264 41,765 USX-MARATHON GROUP, INC ...................... 1,159 15,326 WESTCOAST ENERGY, INC ........................ 369 ------------ TOTAL ENERGY ................................. 426,475 ------------ FINANCIAL SERVICES--15.85% 60,994 * 3I GROUP PLC ................................. 1,128 1,190,039 ABBEY NATIONAL PLC ........................... 21,670 146,322 ABN-AMRO HOLDINGS NV ......................... 3,327 627,312 ACE LTD ...................................... 26,622 13,600 ACOM CO LTD .................................. 1,004 132,816 AEGON NV ..................................... 5,494 400 AEGON NV ARS ................................. 17 25,147 AFLAC, INC ................................... 1,815 29 ALLEANZA ASSICURAZIONI (S/S) (NON CV) ........ 0 24,349 ALLIANZ AG. (REGD) ........................... 9,161 129,919 ALLIED IRISH BANKS PLC ....................... 1,506 72,604 ALLSTATE CORP ................................ 3,163 135,655 AMERICAN EXPRESS CO .......................... 7,453 973,788 AMERICAN INTERNATIONAL GROUP, INC ............ 95,979 66,632 AMP DIVERSIFIED PROPERTY TRUST ............... 91 605,676 e AMP LTD ...................................... 6,806 77,896 AMVESCAP PLC ................................. 1,599 19,250 AON CORP ..................................... 659 285,514 ASAHI BANK LTD ............................... 973 209,000 * ASHIKAGA BANK LTD ............................ 362 124,386 e ASSICURAZIONI GENERALI S.P.A ................. 4,940 431 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD ... 3 38,812 e AXA .......................................... 5,612 11,602 BA HOLDINGS AG ............................... 638 50,388 e BANCA COMMERCIALE ITALIANA S.P.A ............. 345 513,063 e BANCA DI ROMA ................................ 557 101,600 e BANCA INTESA RISP S.P.A ...................... 294 5,611,213 e BANCA INTESA S.P.A ........................... 26,974 28,388 * BANCA INTESA S.P.A. PUT WTS 11/15/02 ......... 26 31,500 e BANCA POPOLARE DI MILANO ..................... 157 143,600 * BANCO AMBROSIANO VENETO WTS 05/31/02 ......... 150 211,117 BANCO COMERCIAL PORTUGUES S.A. (REGD) ........ 1,120 19,044 BANCO ESPIRITO SANTO S.A. (REGD) ............. 320 424,263 BANCO SANTANDER CENTRAL HISPANO S.A .......... 4,541 928,613 BANK OF AMERICA CORP ......................... 42,600 150,423 BANK OF EAST ASIA LTD ........................ 389 44,000 e BANK OF FUKUOKA LTD .......................... 188 27,851 BANK OF MONTREAL ............................. 1,457 75,732 BANK OF NEW YORK CO, INC ..................... 4,179 52,020 BANK OF NOVA SCOTIA .......................... 1,496 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 53 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- FINANCIAL SERVICES--(Continued) 1,912,490 e BANK OF TOKYO MITSUBISHI LTD ................. $ 19,041 130,344 BANK OF YOKOHAMA LTD ......................... 592 130,507 BANK ONE CORP ................................ 4,780 176,377 BARCLAYS PLC ................................. 5,459 37,333 e BAYERISCHE HYPO-UND VEREINSBANK AG ........... 2,096 289,658 BCO BILBAO VIZCAYA ARGENTARIA S.A ............ 4,311 83,909 BENI STABILI S.P.A ........................... 40 163,397 BIPOP-CARIRE S.P.A ........................... 1,066 47,543 BNP PARIBAS GROUP ............................ 4,174 70,132 BPI-SGPS S.A. (REGD) ......................... 220 84,414 BRITISH LAND CO PLC .......................... 599 48,333 * BTG PLC ...................................... 1,047 16,400 C.I. FUND MANAGEMENT, INC .................... 180 40,289 CANADIAN IMPERIAL BANK OF COMMERCE ........... 1,247 90,604 * CANARY WHARF GROUP PLC ....................... 660 1,917,250 * CAPITALAND LTD ............................... 3,317 222,878 CGNU PLC ..................................... 3,602 7,460 CHIBA BANK LTD ............................... 29 1 * CHINESE ESTATES LTD .......................... 0 18,000 CHUBB CORP ................................... 1,557 84,400 CHUO MITSUI TRUST & BANKING CO LTD ........... 260 2,313,425 CITIGROUP, INC ............................... 118,129 73,225 CITY DEVELOPMENTS LTD ........................ 340 26 COMMERZBANK AG ............................... 1 128,548 COMMONWEALTH BANK OF AUSTRALIA ............... 2,208 7,171 COUNTRYWIDE CREDIT INDUSTRIES, INC ........... 360 36,018 CREDIT LYONNAIS S.A .......................... 1,258 16,862 e CREDIT SAISON CO LTD ......................... 361 30,082 CREDIT SUISSE GROUP (REGD) ................... 5,718 18,300 CRESCENT REAL ESTATE EQUITIES CO ............. 407 1,862 e* DAIKYO, INC .................................. 3 323,000 DAIWA BANK LTD ............................... 529 152,148 e DAIWA SECURITIES GROUP, INC .................. 1,589 581,844 DBS GROUP HOLDINGS LTD ....................... 6,577 66,513 DEN DANSKE BANK AF 1871 ...................... 1,196 65,464 e DEUTSCHE BANK AG. (REGD) ..................... 5,458 82,565 e DNB HOLDING ASA .............................. 445 480,861 e DRESDNER BANK AG. (REGD) ..................... 20,904 12,855 e DROTT AB SERIES B ............................ 177 30,778 EQUITY OFFICE PROPERTIES TRUST ............... 1,004 13,200 EQUITY RESIDENTIAL PROPERTIES TRUST CO ....... 730 622 SOCIETE EURAFRANCE S.A ....................... 452 626 * EVERGO CHINA HOLDINGS LTD .................... 0 1,500 * FAIRFAX FINANCIAL HOLDINGS LTD ............... 228 79,946 FIRST UNION CORP ............................. 2,223 1,314,169 FIRSTAR CORP ................................. 30,554 738,429 FLEETBOSTON FINANCIAL CORP ................... 27,737 101,527 FNMA ......................................... 8,807 71,974 FORTIS B ..................................... 2,338 4,662 * FORTIS B CVG 07/20/01 ........................ 28 73,446 FORTIS B NPV (STRIP VVPR) .................... 1 162,919 * GANDEL RETAIL TRUST .......................... 102 210,438 GENERAL PROPERTY TRUST ....................... 324 1,069 GENERALI HOLDING VIENNA AG ................... 184 16,988 * GREAT PORTLAND ESTATES PLC ................... 75 14,000 GUNMA BANK LTD ............................... 69 200,490 HALIFAX GROUP PLC ............................ 1,987 3,506 HAMMERSON PLC ................................ 24 181,000 HANG LUNG DEVELOPMENT CO LTD ................. 161 188,513 HANG SENG BANK LTD ........................... 2,538 19,747 HARTFORD FINANCIAL SERVICES GROUP, INC ....... 1,395 126,000 HENDERSON LAND DEVELOPMENT CO LTD ............ 641 386,000 HITACHI CREDIT CORP .......................... 7,352 192,000 * HOKURIKU BANK LTD ............................ 400 128,000 HOPEWELL HOLDINGS LTD ........................ 50 3,500 HOST MARRIOTT CORP (NEW) ..................... 45 58,000 HOTEL PROPERTIES LTD ......................... 49 45,514 HOUSEHOLD INTERNATIONAL, INC ................. 2,503 217,810 HSBC HOLDINGS PLC (HONG KONG) ................ 3,225 701,709 HSBC HOLDINGS PLC (UNITED KINGDOM) ........... 10,325 118,468 HYSAN DEVELOPMENT CO LTD ..................... 167 96,159 ING GROEP NV ................................. 7,681 32,872 IRISH LIFE AND PERMANENT PLC ................. 407 1,183,398 JOHN HANCOCK FINANCIAL SERVICES, INC ......... 44,525 107,415 JOYO BANK .................................... 341 843,764 JP MORGAN CHASE & CO ......................... 40,769 30,339 KBC BANCASSURANCE HOLDINGS NV ................ 1,314 51,600 KEYCORP ...................................... 1,445 56,573 LAND SECURITIES PLC .......................... 712 616,637 LEGAL & GENERAL GROUP PLC .................... 1,699 153,200 LEHMAN BROTHERS HOLDINGS, INC ................ 10,360 38,378 LEND LEASE CORP LTD .......................... 357 15,800 LINCOLN NATIONAL CORP ........................ 748 5,629,638 LLOYDS TSB GROUP PLC ......................... 59,540 7,900 MACKENZIE FINANCIAL CORP ..................... 143 1,726,303 MANULIFE FINANCIAL CORP ...................... 53,961 25,700 MARSH & MCLENNAN COS, INC .................... 3,007 9,900 MBIA, INC .................................... 734 77,734 MBNA CORP .................................... 2,871 57,008 e MEDIOBANCA S.P.A ............................. 647 482,177 MELLON FINANCIAL CORP ........................ 23,717 229,328 MERRILL LYNCH & CO, INC ...................... 15,637 849,600 METROPOLITAN LIFE INSURANCE CO ............... 29,736 2,302,000 * METROPOLITAN LIFE LTD ........................ 2,980 18,047 METROVACESA S.A .............................. 262 86,392 * MIRVAC GROUP ................................. 171 1,599,000 MITSUBISHI ESTATE CO LTD ..................... 17,082 164,111 MITSUBISHI TRUST & BANKING CORP .............. 1,130 69,000 MITSUI FUDOSAN CO LTD ........................ 686 82,000 e MITSUI TAISHO MARINE & FIRE CO LTD ........... 470 911 MIZUHO HOLDINGS, INC ......................... 5,648 225,570 MORGAN STANLEY DEAN WITTER & CO .............. 17,876 16,765 e MUENCHENER RUECKVER AG. (REGD) ............... 5,981 455,194 NATIONAL AUSTRALIA BANK LTD .................. 7,288 16,181 NATIONAL BANK OF CANADA ...................... 287 40,763 NATIONAL CITY CORP ........................... 1,172 230,377 * NEW WORLD DEVELOPMENT CO LTD ................. 279 17,900 e NICHIEI CO LTD (KYOTO) ....................... 95 87,000 NIPPON SHINPAN CO LTD ........................ 110 1,010,000 NOMURA SECURITIES CO LTD ..................... 18,175 184,397 e NORDEA AB .................................... 1,397 32,450 NORDEA AB ADR ................................ 256 86,672 e NORDIC BALTIC HOLDING AB ..................... 676 1,600,000 OLD MUTUAL PLC ............................... 3,968 84,000 * ORIENT CORP .................................. 103 8,000 ORIX CORP .................................... 803 122,925 OVERSEAS CHINESE BANKING CORP LTD ............ 914 52,000 PARKWAY HOLDINGS LTD ......................... 96 373,325 PNC FINANCIAL SERVICES GROUP, INC ............ 27,276 5,369 e POHJOLA GROUP INSURANCE CO LTD SERIES B ...... 237 12,500 PROMISE CO LTD ............................... 887 22,415 PROVIDENT FINANCIAL PLC ...................... 331 186,933 PRUDENTIAL PLC ............................... 3,007 853,964 QBE INSURANCE GROUP LTD ...................... 4,693 69,914 e RAS S.P.A .................................... 1,090 8,450,089 ROYAL & SUN ALLIANCE INSURANCE GRP PLC ....... 72,328 59,203 ROYAL BANK OF CANADA ......................... 2,004 1,214,286 * ROYAL BANK OF SCOTLAND GROUP PLC ............. 1,496 2,613,560 * ROYAL BANK OF SCOTLAND PLC ................... 61,763 5,500 SAFECO CORP .................................. 181 54 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- FINANCIAL SERVICES--(Continued) 7,409 e SAI S.P.A .................................... $ 147 1,502,756 SAKURA BANK LTD .............................. 9,080 6,454 e SAMPO-LEONIA INSURANCE SERIES A .............. 348 1,219,062 e SAN PAOLO-IMI S.P.A .......................... 19,710 238,000 SANKEI BUILDING CO LTD (THE) ................. 752 235 SANWA BANK LTD ............................... 2 23,795 SCHRODERS PLC (NEW) .......................... 470 133,622 SCHWAB (CHARLES) CORP ........................ 3,792 54,000 SHIZUOKA BANK LTD ............................ 491 600 SIMCO S.A. (REGD) ............................ 41 21,300 SIMON PROPERTY GROUP, INC .................... 511 434,197 SINO LAND CO LTD ............................. 227 102,850 SKANDIA FORSAKRINGS AB ....................... 1,673 67,342 e SKANDINAVISKA ENSKILDA BANKEN SERIES A ....... 742 17,730 SLOUGH ESTATES PLC ........................... 109 44,417 SOCIETE GENERALE S.A ......................... 2,761 21,800 ST. PAUL COS, INC ............................ 1,184 18,500 STARWOOD HOTELS & RESORTS WORLDWIDE, INC ..... 652 15,900 STATE STREET CORP ............................ 1,975 25,308 STOCKLAND TRUST GROUP (UNITS) ................ 55 35,055 STOREBRAND ASA SERIES A ...................... 248 1,672,932 e SUMITOMO BANK LTD ............................ 17,184 38,972 e SUMITOMO MARINE & FIRE INSURANCE CO .......... 252 743,785 SUN HUNG KAI PROPERTIES LTD .................. 7,414 39,811 SUN LIFE FINANCIAL SERVICES OF CANADA ........ 1,060 37,282 e SUNCORP-METWAY LTD ........................... 223 42,695 SUNTRUST BANKS, INC .......................... 2,690 61,921 SVENSKA HANDELSBANKEN SERIES A ............... 1,060 11,000 SVENSKA HANDELSBANKEN SERIES B FREE .......... 187 1,573 SWISS REINSURANCE CO ......................... 3,771 14,500 TAKEFUJI CORP ................................ 914 257,000 e TOKAI BANK LTD ............................... 1,114 1,806,000 TOKIO MARINE & FIRE INSURANCE CO LTD ......... 20,701 14,000 * TOKYO TATEMONO CO LTD ........................ 23 2,900 * TOPDANMARK AS ................................ 58 12,900 TRIZEC HAHN CORP ............................. 200 64,786 U.S. BANCORP ................................. 1,891 43,715 e UBS AG. (REGD) ............................... 7,136 200 UNIBAIL S.A .................................. 32 505,430 UNICREDITO ITALIANO S.P.A .................... 2,643 101,744 UNITED OVERSEAS BANK LTD ..................... 763 42,200 UNITED OVERSEAS LAND LTD ..................... 38 23,300 UNUMPROVIDENT CORP ........................... 626 40,382 INMOBILIARIA URBIS SA ........................ 180 43,866 e VALLEHERMOSO S.A ............................. 267 30,700 WACHOVIA CORP ................................ 1,784 56,344 WASHINGTON MUTUAL, INC ....................... 2,990 20,335 e WCM BETEILIGUNGS & GRUNDBESITZ AG ............ 305 172,273 WELLS FARGO CO ............................... 9,593 194,593 WESTFIELD TRUST (UNITS) ...................... 367 8,862 * WESTFIELD TRUST (UNITS) (NEW) ................ 17 178,779 * WESTPAC BANKING CORP ......................... 1,311 251,045 WHARF HOLDINGS LTD ........................... 610 122,000 WING TAI HOLDINGS LTD ........................ 89 164,571 XL CAPITAL LTD (CLASS A) ..................... 14,379 383,000 b* YAMAICHI SECURITIES CO LTD ................... 7 7,944 * ZURICH FINANCIAL SERVICES AG ................. 4,789 ------------ TOTAL FINANCIAL SERVICES ..................... 1,325,657 ------------ HEALTH CARE--10.98% 150,975 ABBOTT LABORATORIES CO ....................... 7,313 11,231 AETNA, INC (NEW) ............................. 461 582,281 AMERICAN HOME PRODUCTS CORP .................. 37,004 701,052 * AMGEN, INC ................................... 44,824 20,700 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) ...... 1,947 5,800 * APPLERA CORP (CELERA GENOMICS GROUP) ......... 208 81,492 ASTRAZENECA PLC .............................. 4,059 96,915 ASTRAZENECA PLC (UNITED KINGDOM) ............. 4,886 77,018 AVENTIS S.A .................................. 6,761 454,593 * BAXTER INTERNATIONAL, INC .................... 40,146 21,200 BECTON DICKINSON & CO ........................ 734 9,800 * BIOCHEM PHARMA, INC .......................... 311 14,400 * BIOVAIL CORP ................................. 559 1,063,611 BRISTOL MYERS SQUIBB CO ...................... 78,641 598,669 CARDINAL HEALTH, INC ......................... 59,642 21,200 * CELLTECH GROUP PLC ........................... 375 15,000 CHUGAI PHARMACEUTICAL CO LTD ................. 250 22,370 CIGNA CORP ................................... 2,960 250,484 COCHLEAR LTD ................................. 5,078 275,255 CSL LTD ...................................... 5,975 32,714 DAIICHI PHARMACEUTICAL CO LTD ................ 974 29,424 * DURECT CORP .................................. 353 32,000 EISAI CO LTD ................................. 1,121 10,062 * ELAN CORP PLC ................................ 489 21,164 e* ELAN CORP PLC (SPON ADR) ..................... 991 28,589 F.H. FAULDING & CO LTD ....................... 188 9,934 e FRESENIUS MEDICAL CARE AG .................... 811 322,000 e FUJISAWA PHARMACEUTICAL CO LTD ............... 10,658 32,764 GAMBRO AB (CLASS A) .......................... 238 7,000 GAMBRO AB (CLASS B) .......................... 50 2,075 GEHE AG ...................................... 79 3,509,881 * GLAXOSMITHKLINE PLC .......................... 99,094 61,500 HCA-THE HEALTHCARE CO ........................ 2,707 1,062,545 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) NEW ................................ 22,048 39,851 * HEALTHSOUTH CORP ............................. 650 29,800 IMS HEALTH, INC .............................. 805 3,380 INSTRUMENTARIUM OYJ SERIES B FREE ............ 67 143,083 JOHNSON & JOHNSON CO ......................... 15,033 4,000 e KAKEN PHARMACEUTICAL CO LTD .................. 22 69,000 KYOWA HAKKO KOGYO ............................ 477 389,112 LILLY (ELI) & CO ............................. 36,212 400 b* LOEWEN GROUP, INC ............................ 0 27,730 MCKESSON HBOC, INC ........................... 995 13,800 MDS, INC ..................................... 204 119,100 MEDTRONIC, INC ............................... 7,191 18,624 MERCK & CO KGAA .............................. 822 1,150,364 MERCK & CO, INC .............................. 107,703 6,925 NOVARTIS AG. (REGD) .......................... 12,243 7,510 NOVO NORDISK AS (CLASS B) .................... 1,346 68,593 NYCOMED AMERSHAM PLC ......................... 571 1,417 * ORION-YHTYMA OYJ SERIES A .................... 32 4,609 ORION-YHTYMA OYJ (CLASS B) ................... 103 3,000 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) .................................. 45 3,161,135 PFIZER, INC .................................. 145,412 126,199 PHARMACIA CORP ............................... 7,698 12,841 * QIAGEN N.V ................................... 467 7,177 * QLT PHOTOTHERAPEUTICS, INC ................... 201 1,000 RADIOMETER AS (CLASS B) ...................... 24 44 ROCHE HOLDINGS AG. (BR) ...................... 546 862 ROCHE HOLDINGS AG. (GENUSSCHEINE) ............ 8,782 869,100 SANKYO CO LTD ................................ 20,852 68,327 SANOFI-SYNTHELABO S.A ........................ 4,555 23,348 e SCHERING AG .................................. 1,326 12,700 * SERVICE CORP INTERNATIONAL ................... 22 281,000 SHIONOGI & CO LTD ............................ 5,733 63,223 SMITH & NEPHEW PLC ........................... 293 26,160 * SSL INTERNATIONAL PLC ........................ 195 90 * SYNAVANT, INC ................................ 0 2,025 * SYNGENTA AG .................................. 109 35,000 TAISHO PHARMACEUTICAL CO LTD ................. 947 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 55 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- HEALTH CARE--(Continued) 556,000 TAKEDA CHEMICAL INDUSTRIES LTD ............... $ 32,912 1,179,432 TENET HEALTHCARE CORP ........................ 52,411 18,000 TERUMO CORP .................................. 394 63,000 * TRIMERIS, INC ................................ 3,457 15,042 UCB S.A ...................................... 558 33,200 UNITEDHEALTH GROUP, INC ...................... 2,038 6,400 * WELLPOINT HEALTH NETWORKS, INC ............... 738 8,053 WILLIAM DEMANT AS ............................ 370 34,964 e YAMANOUCHI PHARMACEUTICAL CO LTD ............. 1,512 15,289 e* ZELTIA S.A ................................... 179 3,822 e* ZELTIA S.A. (NEW) ............................ 45 ------------ TOTAL HEALTH CARE ............................ 918,232 ------------ OTHER--3.71% 1,702 ADECCO S.A. (REGD) ........................... 1,071 3,000 AMER GROUP LTD PLC SERIES A .................. 79 2,871,422 ASSA ABLOY AB SERIES B ....................... 56,147 54,200 AUCKLAND INTERNATIONAL AIRPORT LTD ........... 75 4,300 BENESSE CORP ................................. 160 19,025 BLOCK (H&R), INC ............................. 787 24,769 BRASCAN CORP (CLASS A) ....................... 362 445,200 * BRIERLEY INVESTMENTS LTD (SINGAPORE) ......... 58 116,874 * BAA PLC ...................................... 1,079 58,741 CAPITA GROUP PLC ............................. 439 70,679 * CENDANT CORP ................................. 680 23,800 * CGI GROUP, INC (CLASS A) ..................... 95 52,316 * CHUBB PLC .................................... 123 79,000 e DAIWA KOSHO LEASE CO LTD ..................... 214 9,381 DCC PLC ...................................... 100 537,214 e DIMENSION DATA HOLDINGS PLC .................. 3,648 18,500 DOVER CORP ................................... 750 50,784 * ELECTROCOMPONENTS PLC ........................ 502 3,000 ESSELTE AB SERIES B FREE ..................... 15 1,600 * OSTASIATISKE KOMPAGNI ........................ 35 2,078 FLUGHAFEN WIEN AG ............................ 79 115,950 FUGRO NV ..................................... 7,485 2,900 FUJI SOFT ABC, INC ........................... 187 2,409 GROUP 4 FALCK A/S ............................ 321 2,537 GROUPE BRUXELLES LAMBERT S.A ................. 603 11,434 HAGEMEYER NV ................................. 255 24,000 HAW PAR CORP LTD ............................. 50 3,053,528 HAYS PLC ..................................... 17,607 200,180 HONEYWELL INTERNATIONAL, INC ................. 9,471 1,816,382 HUTCHINSON WHAMPOA LTD ....................... 22,647 248,841 IMPERIAL HOLDINGS LTD ........................ 1,982 2,000 INCHCAPE MOTORS .............................. 1 4,598 * ISS - INTERNATIONAL SERVICE SYSTEM A/S ....... 313 200,000 e* ITOCHU CORP .................................. 932 4,000 ITT INDUSTRIES, INC .......................... 155 103,500 KEPPEL CORP LTD .............................. 202 52,316 * KIDDE PLC .................................... 56 59,913 * LONHRO AFRICA PLC ............................ 16 7,600 MANPOWER, INC ................................ 289 157,000 * MARUBENI CORP ................................ 371 5,900 MEITEC CORP .................................. 189 1,100 * MELCO INTERNATIONAL DEVELOPMENT LTD .......... 0 122,000 MITSUBISHI CORP .............................. 900 137,000 e MITSUI & CO LTD .............................. 863 17,400 MOODYS CORP .................................. 447 11,580 OCE NV ....................................... 185 9,109 e OM GRUPPEN AB ................................ 225 14,700 OYO CORP ..................................... 156 153,413 PACIFIC DUNLOP LTD ........................... 128 22,041 POWER CORP OF CANADA ......................... 543 17,246 e PREUSSAG AKTIEGESELLSCHAFT AG ................ 625 7,600 QUEBECOR, INC (CLASS B) ...................... 126 219,216 RENTOKIL INITIAL PLC ......................... 756 20,200 * ROBERT HALF INTERNATIONAL, INC ............... 535 21,900 SECOM CO LTD ................................. 1,429 34,008 SECURITAS AB SERIES B FREE ................... 631 8,300 SERVICEMASTER CO ............................. 95 35,200 SOFTBANK CORP ................................ 1,224 100 SOPHUS BERENDSEN (CLASS B) (NEW) ............. 3 73,818 e SOUTHCORP LTD ................................ 201 11,000 * STELUX HOLDINGS INTERNATIONAL LTD ............ 0 117,000 SUMITOMO CORP ................................ 842 653 SURVEILLANCE S.A. SOCIETE DE ................. 201 152,300 SWIRE PACIFIC LTD (CLASS A) .................. 1,098 23,463 TEXTRON, INC ................................. 1,091 212,843 e TIS INC ...................................... 10,586 45,649 TNT POST GROUP NV ............................ 1,104 83,000 * TOKYO DOME CORP .............................. 305 2,000 TRANS COSMOS ................................. 87 1,276,301 TYCO INTERNATIONAL LTD ....................... 70,835 185,000 UNITED INDUSTRIAL CORP ....................... 91 459,692 UNITED TECHNOLOGIES CORP ..................... 36,143 4,079,381 VEDIOR NV .................................... 49,217 36,457 e WESFARMERS LTD ............................... 328 400 * YTL CORP BERHAD .............................. 1 ------------ TOTAL OTHER .................................. 310,631 ------------ PRODUCER DURABLES--4.69% 24,082 ABB LTD ...................................... 2,473 6,614 ABB LTD (SWITZERLAND) ........................ 705 10,410 e ADVANTEST CORP ............................... 975 2,030 AGIV AG ...................................... 22 21,900 * ALLIED WASTE INDUSTRIES, INC ................. 319 52,000 AMADA CO LTD ................................. 387 14,000 AMANO CORP ................................... 107 169,000 e ANRITSU CORP ................................. 3,996 2,000 ATLAS COPCO AB SERIES A FREE ................. 44 20,235 e ATLAS COPCO AB SERIES B FREE ................. 424 12,261 BALFOUR BEATTY PLC ........................... 22 1,300 * BARCO (NEW) NV ............................... 98 2,600 * BARCONET NV .................................. 21 2,220 BEWCKISER WASSER TECHNIK AG .................. 74 132,122 BOMBARDIER, INC (CLASS B) .................... 2,036 9,594 b* BREMER VULKAN VERBUND AG ..................... 3 615 BROTHERS INDUSTRIES LTD ...................... 1 29,900 CATERPILLAR, INC ............................. 1,415 114,000 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD (SINGAPORE) ................ 312 10,100 COOPER INDUSTRIES, INC ....................... 464 13,000 DAIFUKU CO LTD ............................... 76 34,000 DAIKIN INDUSTRIES LTD ........................ 655 5,000 DANIELI & CO ................................. 21 31,800 DEERE & CO ................................... 1,457 800 EATON CORP ................................... 60 28,000 EBARA CORP ................................... 304 40,700 EMERSON ELECTRIC CO .......................... 3,208 1,995 * EFACEC CAPITAL SGPS S.A ...................... 13 5,931 FAG KUGELFISCHER (GEORG) SCHAEFER AG ......... 41 101,400 FANUC LTD .................................... 6,899 1,007 FISCHER (GEORGE) LTD (REGD) .................. 286 47,972 FKI PLC ...................................... 158 4,000 FLS INDUSTRIES AS (CLASS B) .................. 57 3,300 FUJI MACHINE MANUFACTURING CO ................ 88 190,476 FUJITSU LTD .................................. 2,809 4,399,521 GENERAL ELECTRIC CO .......................... 210,902 11,200 GRAINGER (W.W.), INC ......................... 409 29,402 HARLEY DAVIDSON, INC ......................... 1,169 338,000 HITACHI LTD .................................. 3,013 6,000 * HITACHI ZOSEN CORP ........................... 5 56 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- PRODUCER DURABLES--(Continued) 31,477 ILLINOIS TOOL WORKS, INC ..................... $ 1,875 39,174 IMI PLC ...................................... 139 13,313 INGERSOLL-RAND CO ............................ 557 359,991 * INVENSYS PLC ................................. 842 63,000 * ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO LTD .. 135 223,000 * KAWASAKI HEAVY INDUSTRIES LTD ................ 238 88,689 KOMATSU LTD .................................. 392 14,000 KOMORI CORP .................................. 233 2,631 e KONE CORP SERIES B ........................... 184 1,720,285 KONINKLIJKE PHILIPS ELECTRONICS NV ........... 63,024 9,000 KOYO SEIKO CO LTD ............................ 64 102,533 KUBOTA CORP .................................. 312 482 * KUDELSKI S.A. (BR) ........................... 535 11,000 KURITA WATER INDUSTRIES LTD .................. 144 11,438 * KVAERNER INDUSTRIER AS SERIES A .............. 81 237 * LOGITECH INTERNATIONAL ....................... 60 8,202 MAGNA INTERNATIONAL, INC (CLASS A) ........... 343 1,000 e MAKINO MILLING MACHINE CO LTD ................ 5 12,000 MAKITA CORP .................................. 84 17,103 METSO OYJ .................................... 191 41,452 MINNESOTA MINING & MANUFACTURING CO .......... 4,995 233,000 MITSUBISHI ELECTRIC CORP ..................... 1,434 2,776,468 MITSUBISHI HEAVY INDUSTRIES LTD .............. 12,108 152,000 * MITSUI ENGINEERING & SHIP BUILDING CO LTD .... 140 16,000 MORI SEIKI CO LTD ............................ 178 5,000 * NAVISTAR INTERNATIONAL CORP .................. 131 673,704 NIPPON ELECTRIC CORP ......................... 12,330 743 NKT HOLDINGS AS .............................. 173 75,000 NSK LTD ...................................... 459 45,000 NTN TOYO BEARING CO LTD ...................... 140 6,513 OKUMA CORP ................................... 21 13,012 PACE MICRO TECHNOLOGY PLC .................... 88 11,200 PARKER-HANNIFIN CORP ......................... 494 17,100 ROCKWELL INTERNATIONAL CORP .................. 814 26,227 e* SANDVIK AB ................................... 631 1,129 SANITEC OYJ .................................. 9 277 SCHINDLER HOLDINGS LTD (REGD) ................ 436 19,842 SCHNEIDER ELECTRIC S.A ....................... 1,448 82,000 SEMBCORP INDUSTRIES LTD ...................... 80 1,054 * SGL CARBON AG ................................ 56 58,807 e SIEMENS AG. (REGD) ........................... 7,689 4,120,500 SINGAPORE TECHNOLOGIES ENGINEERING LTD ....... 6,630 112,000 SMC CORP ..................................... 14,417 13,638 SMITH (HOWARD) LTD ........................... 64 2,674 STORK NV ..................................... 34 311 SULZER WINTERTHUR AG. (REGD) ................. 224 14,616 SVENKA KULLAGERFABRIKEN AB SERIES B .......... 221 5,206 * TANDBERG ASA ................................. 48 17,900 TOKYO ELECTRON CO LTD ........................ 984 17,103 TOMRA SYSTEMS AS ............................. 332 338,000 TOSHIBA CORP ................................. 2,261 100 e TOYODA AUTOMATIC LOOM WORKS LTD .............. 2 5,000 * TSUGAMI CORP ................................. 14 4,500 UNITED DOMINION INDUSTRIES LTD ............... 54 2,019 VA TECHNOLOGIE AG. (BR) ...................... 61 11,294 e VESTAS WIND SYSTEMS A/S ...................... 611 7,169 WARTSILA OYJ SERIES B ........................ 133 60,169 WASTE MANAGEMENT, INC ........................ 1,670 56,274 XEROX CORP ................................... 260 834,000 e* YASKAWA ELECTRIC CORP ........................ 5,412 23,000 YOKOGAWA ELECTRIC CORP ....................... 194 ------------ TOTAL PRODUCER DURABLES ...................... 392,446 ------------ TECHNOLOGY--21.23% 24,000 ADOBE SYSTEMS, INC ........................... 1,397 45,019 * AGILENT TECHNOLOGIES, INC .................... 2,465 11,200 e* AKAMAI TECHNOLOGIES, INC ..................... 236 1,835,747 e ALCATEL ...................................... 104,277 145,071 e ALCATEL S.A. (SPON ADR) ...................... 8,115 17,000 e ALPS ELECTRIC CO LTD ......................... 259 660,947 * AMERICA ONLINE, INC .......................... 23,001 20,100 * AMERICAN POWER CONVERSION CORP ............... 249 30,900 * APPLE COMPUTER, INC .......................... 460 363,250 * APPLIED MATERIALS, INC ....................... 13,872 24,000 * ARIBA, INC ................................... 1,287 6,794,118 * ARM HOLDINGS PLC ............................. 51,354 6,000 ASAHI OPTICAL CO LTD ......................... 13 1,442 * ASCOM HOLDING AG ............................. 94 42,264 * ASM LITHOGRAPHY HOLDINGS NV .................. 960 54,000 ASM PACIFIC TECHNOLOGY LTD ................... 77 21,300 * ATI TECHNOLOGIES, INC ........................ 121 60,532 AUTOMATIC DATA PROCESSING, INC ............... 3,832 87,954 * AVAYA, INC ................................... 907 11,400 AVERY DENNISON CORP .......................... 626 37,200 * BEA SYSTEMS, INC ............................. 2,504 25,300 * BMC SOFTWARE, INC ............................ 354 23,483 * BROADCOM CORP (CLASS A) ...................... 1,973 27,300 * BROADVISION, INC ............................. 322 5,400 CAE, INC ..................................... 88 449,000 * CANON, INC ................................... 15,727 11,022 CAP GEMINI S.A ............................... 1,778 19,735 * CELESTICA, INC ............................... 1,064 772,264 * CERIDIAN CORP ................................ 15,397 800 * CERTICOM CORP ................................ 16 228,908 * CHECK POINT SOFTWARE TECHNOLOGIES LTD ........ 30,574 185,469 * CIENA CORP ................................... 15,069 3,283,833 * CISCO SYSTEMS, INC ........................... 125,607 46,000 CITIZEN WATCH CO LTD ......................... 336 30,153 CMG PLC ...................................... 403 29,600 e* CMGI, INC .................................... 166 9,228 * COGNOS, INC .................................. 172 332,800 * COMMERCE ONE, INC ............................ 8,424 1,444,511 COMPAQ COMPUTER CORP ......................... 21,740 58,135 COMPUTER ASSOCIATES INTERNATIONAL, INC ....... 1,134 16,800 * COMPUTER SCIENCES CORP ....................... 1,010 386,846 COMPUTERSHARE LTD ............................ 1,855 24,500 * COREL CORP ................................... 41 378,850 CORNING, INC ................................. 20,008 21,179 e* CORVIS CORP .................................. 504 9,500 CREATIVE TECHNOLOGY LTD ...................... 108 4,400 CSK CORP ..................................... 64 67,000 e DAI NIPPON PRINTING CO LTD ................... 998 4,121 e* DAI NIPPON SCREEN MANUFACTURING CO LTD ....... 20 11,328 DASSAULT SYSTEMS S.A ......................... 776 906,418 * DELL COMPUTER CORP ........................... 15,806 26,800 * EBAY, INC .................................... 884 59,960 * EIDOS PLC .................................... 193 2,000 ELEC & ELTEK INTERNATIONAL HOLDINGS LTD ...... 0 13,100 * ELECTRONIC ARTS, INC ......................... 558 49,192 ELECTRONIC DATA SYSTEMS CORP ................. 2,841 1,231,627 * EMC CORP ..................................... 81,903 6,319 * EPCOS AG ..................................... 552 12,500 EQUIFAX, INC ................................. 359 1,462,915 ERG LTD ...................................... 2,227 1,709,504 ERICSSON TELEFON (LM) AB SERIES B ............ 19,477 545,800 * EXODUS COMMUNICATIONS, INC ................... 10,916 40,962 FIRST DATA CORP .............................. 2,158 12,650 * FOUNDRY NETWORKS, INC ........................ 190 540,000 e FUJIKURA LTD ................................. 4,048 438,000 FURUKAWA ELECTRIC CO LTD ..................... 7,652 28,190 FUTURIS CORP LTD ............................. 28 4,100 GALILEO INTERNATIONAL, INC ................... 82 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 57 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- TECHNOLOGY--(Continued) 26,100 * GEAC COMPUTER CORP LTD ....................... $ 42 39,266 GETRONICS NV ................................. 231 185,000 * GLOBESPAN, INC ............................... 5,088 196,828 HEWLETT-PACKARD CO ........................... 6,212 3,400 HIROSE ELECTRIC CO LTD ....................... 327 157,800 HOYA CORP .................................... 11,607 26,800 * IMMSI S.P.A .................................. 24 394,162 * INFONET SERVICES CORP (CLASS B) .............. 1,971 27,000 * INFOSPACE.COM, INC ........................... 239 13,200 * INKTOMI CORP ................................. 236 3,399,780 INTEL CORP ................................... 102,206 674,128 INTERNATIONAL BUSINESS MACHINES CORP ......... 57,301 20,200 * INTUIT, INC .................................. 797 2,240 * IONA TECHNOLOGIES PLC ........................ 162 1,047,446 * JDS UNIPHASE CORP ............................ 43,665 12,825,800 * JOHNSON ELECTRIC HOLDINGS LTD ................ 19,732 1,000 KOKUYO CO LTD ................................ 15 20,000 KONICA CORP .................................. 164 20,600 KYOCERA CORP ................................. 2,249 2,000 e KYOWA EXEO CORP .............................. 21 24,800 * LEARNING TECHNOLOGY PLC ...................... 32 142,354 LINEAR TECHNOLOGY CORP ....................... 6,584 2,105,314 LOGICA PLC ................................... 55,036 2,052 LONDON BRIDGE SOFTWARE HOLDINGS PLC .......... 10 850,999 * LSI LOGIC CORP ............................... 14,544 1,045,248 LUCENT TECHNOLOGIES, INC ..................... 14,111 11,036,602 * MARCONI PLC .................................. 118,538 22,256 * MERKANTILDATA ASA ............................ 87 253,275 * MICRON TECHNOLOGY, INC ....................... 8,991 2,476,961 * MICROSOFT CORP ............................... 107,438 27,000 e MINEBEA CO LTD ............................... 250 26,288 MISYS PLC .................................... 259 122,000 MORITEX CORP ................................. 5,213 734,160 MOTOROLA, INC ................................ 14,867 111,525 MURATA MANUFACTURING CO LTD .................. 13,086 51,000 NATSTEEL ELECTRONICS LTD ..................... 231 2,700 e* NAVISIONDAMGAARD A/S ......................... 48 300 NET ONE SYSTEMS CO LTD ....................... 7,487 552,356 e NGK SPARK PLUG CO LTD ........................ 8,077 3,500 e NIDEC CORP ................................... 165 42,000 NIKON CORP ................................... 449 3,000 e NIPPON COMSYS CORP ........................... 54 11,000 NITTO DENKO CORP ............................. 299 2,429,104 NOKIA OYJ .................................... 108,333 270,208 NORTEL NETWORKS CORP ......................... 8,680 1,040,461 NORTEL NETWORKS CORP (U.S.) .................. 33,360 38,000 * NOVELL, INC .................................. 198 40,000 OLYMPUS OPTICAL CO LTD ....................... 692 48,000 OMNI INDUSTRIES LTD .......................... 71 18,000 OMRON CORP ................................... 374 494,242 * ON SEMICONDUCTOR CORP ........................ 2,595 629 * OPTICOM ASA .................................. 40 2,744,716 * ORACLE CORP .................................. 79,768 7,430 OXFORD INSTRUMENTS GROUP PLC ................. 20 56,148 * PALM, INC .................................... 1,590 29,100 * PARAMETRIC TECHNOLOGY CORP ................... 391 37,200 PAYCHEX, INC ................................. 1,809 27,812 * PEOPLESOFT, INC .............................. 1,034 205,064 * PMC-SIERRA, INC .............................. 16,123 18,700 * PORTAL SOFTWARE, INC ......................... 147 25,463 PSION PLC .................................... 109 90,000 * QPL INTERNATIONAL HOLDINGS LTD ............... 52 325,130 * QUALCOMM, INC ................................ 26,722 18,600 * RATIONAL SOFTWARE CORP ....................... 724 1,077 RICOH CO LTD ................................. 20 39,366 ROHM CO ...................................... 7,480 117,487 SAGE GROUP PLC ............................... 538 5,083 e SAGEM S.A.(NEW) .............................. 680 400,959 * SANMINA CORP ................................. 30,723 9,950 SAP AG ....................................... 1,157 11,400 * SAPIENT CORP ................................. 136 536,020 * SATYAM COMPUTER SERVICES LTD ................. 3,706 4,000 * SEIKO CORP ................................... 14 20,700 * SEIKOH GIKEN CO LTD .......................... 4,785 58,570 SEMA PLC ..................................... 258 42,000 * SIEBEL SYSTEMS, INC .......................... 2,840 8,000 SINGAPORE COMPUTER SYSTEMS LTD ............... 10 931,317 * SOLECTRON CORP ............................... 31,572 12,148,293 SPIRENT PLC .................................. 110,697 88,962 e ST MICROELECTRONICS NV ....................... 3,884 2,976 * STONESOFT OYJ ................................ 43 593,000 e SUMITOMO ELECTRIC INDUSTRIES CO .............. 9,731 231,544 * SUN MICROSYSTEMS, INC ........................ 6,454 6,000 SUWA INTERNATIONAL HOLDINGS LTD .............. 0 8,940 TAIYO YUDEN CO LTD ........................... 299 172,672 TEXAS INSTRUMENTS, INC ....................... 8,180 5,000 * THE DESCARTES SYSTEMS GROUP, INC ............. 118 9,700 TIETOENATOR CORP ............................. 276 89,000 TOPPAN PRINTING CO LTD ....................... 775 13,863 * TRANSMETA CORP ............................... 326 37,000 VARITRONIX INTERNATIONAL LTD ................. 34 35,000 VENTURE MANUFACTURING LTD (SINGAPORE) ........ 234 19,300 * VERISIGN, INC ................................ 1,432 26 * VERITAS SOFTWARE CORP ........................ 2 23,000 * VIGNETTE CORP ................................ 414 7,700 * WALT DISNEY INTERNET GROUP ................... 33 46,000 WM-DATA AB SERIES B .......................... 221 193,440 * YAHOO, INC ................................... 5,815 43,016 YAMAHA CORP .................................. 422 ------------ TOTAL TECHNOLOGY ............................. 1,775,994 ------------ TRANSPORTATION--1.17% 10,897 * AIR CANADA, INC .............................. 99 155,978 e* ALITALIA S.P.A ............................... 280 6,000 e* ALL NIPPON AIRWAYS CO LTD .................... 20 438,160 * AMR CORP ..................................... 17,170 1,500 AUSTRIAN AIRLINES/OEST LUFTV AG .............. 17 8,714 * BALLARD POWER SYSTEMS, INC ................... 548 10,212 BERGESEN D.Y. AS (CLASS B) ................... 147 21,911 BRAMBLES INDUSTRIES LTD ...................... 511 108,538 BRITISH AIRWAYS PLC .......................... 633 30,789 BURLINGTON NORTHERN SANTA FE CORP ............ 872 34,343 CANADIAN PACIFIC LTD ......................... 977 360,000 CATHAY PACIFIC AIRWAYS LTD ................... 665 202 CENTRAL JAPAN RAILWAY CO ..................... 1,243 700 CMB CIE MARITIME BELGE S.A ................... 53 160,202 * CONTINENTAL AIRLINES, INC (CLASS B) .......... 8,270 9,300 CSX CORP ..................................... 241 111 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ......... 963 77 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ....... 901 13,800 DELTA AIRLINES, INC .......................... 693 48,597 e DEUTSCHE LUFTHANSA AG. (REGD) ................ 1,231 404 EAST JAPAN RAILWAY CO ........................ 2,370 18,926 EXEL PLC ..................................... 269 30,572 * FEDEX CORP ................................... 1,222 2,200 FINNLINES OYJ ................................ 37 4,156 * FRONTLINE LTD ................................ 56 400 * HAI SUN HUP WTS 05/10/02 ..................... 0 100 HONG KONG AIRCRAFT ENGINEERING CO LTD ........ 0 486 IRISH CONTINENTAL GROUP PLC .................. 3 173,600 JAPAN AIRLINES CO LTD ........................ 795 29,000 KAMIGUMI CO LTD .............................. 130 58 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- TRANSPORTATION--(Continued) 975 KAWASAKI KISEN KAISHA LTD .................... $ 1 69,000 e KEIHIN ELECTRIC EXPRESS RAILWAY CO LTD ....... 274 100,797 KINKI NIPPON RAILWAY CO LTD .................. 420 5,439 * KLM (ROYAL DUTCH AIRLINES) NV ................ 125 1,812 * LEIF HOEGH & CO .............................. 15 497,000 MALAYSIAN AIRLINE SYSTEM BERHAD .............. 502 1,257,978 MAYNE NICKLESS LTD ........................... 4,083 2,000 MITSUBISHI LOGISTICS CORP .................... 18 474 MITSUI OSK LINES LTD ......................... 1 12,000 MITSUI-SOKO CO LTD ........................... 23 125 NAGOYA RAILROAD CO LTD ....................... 0 91,124 * NEPTUNE ORIENT LINES LTD ..................... 71 103,000 NIPPON EXPRESS CO LTD ........................ 622 145,000 NIPPON YUSEN KABUSHIKI KAISHA ................ 599 65,500 NORFOLK SOUTHERN CORP ........................ 872 65,179 PENINSULAR & ORIENTAL STEAM NAVIGATION CO .... 309 52,986 * RAILTRACK GROUP PLC .......................... 732 35,553 * RYANAIR HOLDINGS PLC ......................... 384 287,074 SABRE HOLDINGS CORP .......................... 12,380 104 SAIRGROUP .................................... 17 4,200 e SAS DANMARK AS ............................... 43 3,000 e SAS NORGE ASA SERIES B ....................... 32 73,000 SEINO TRANSPORTATION CO LTD .................. 307 20,000 SINGAPORE AIRLINES LTD ....................... 195 760,500 SINGAPORE AIRLINES LTD (LR) .................. 7,544 237,894 SOUTHWEST AIRLINES CO ........................ 7,977 226,385 STAGECOACH HOLDINGS PLC ...................... 223 228 TEEKAY SHIPPING CORP ......................... 9 9,000 TOBU RAILWAY CO LTD .......................... 26 3,252,000 TOKYU CORP ................................... 17,542 1,500 * U.S. AIRWAYS GROUP, INC ...................... 61 25,100 UNION PACIFIC CORP ........................... 1,274 800 * UNITOR AS .................................... 5 36,000 * VAN DER HORST LTD ............................ 0 54,122 YAMATO TRANSPORT CO LTD ...................... 995 ------------ TOTAL TRANSPORTATION ......................... 98,097 ------------ UTILITIES--8.49% 45,800 * AES CORP ..................................... 2,536 23,567 e AGUAS DE BARCELONA S.A ....................... 288 711,476 AMERICAN ELECTRIC POWER CO, INC .............. 33,084 323 * AQUAS DE BARCELONA S.A. (NEW) ................ 4 1,814,636 AT & T CORP .................................. 31,416 37,300 e* AT&T WIRELESS GROUP .......................... 646 864,155 e AUSTRALIA GAS LIGHT CO ....................... 6,110 7,255 AUTOPISTAS CONCESIONARIA ESPANOLA S.A ........ 63 116,001 AUTROSTRADE S.P.A ............................ 768 42,865 AWG PLC ...................................... 368 15,554,560 * AWG PLC REDEEMABLE SHS ....................... 20 79,472 BCE, INC ..................................... 2,291 171,152 BELLSOUTH CORP ............................... 7,007 33,269 e BOUYGUES S.A ................................. 1,507 43,864 BRISA-AUTO ESTRADAS DE PORTUGAL S.A .......... 391 655,733 * BRITISH TELECOMMUNICATIONS PLC ............... 5,603 402,528 * BROADWING, INC ............................... 9,183 2,591,025 CABLE & WIRELESS PLC ......................... 34,950 103,209 * CHINA MOBILE LTD (HONG KONG)(SPON ADR) ....... 2,800 100 CHUBU ELECTRIC POWER CO, INC ................. 2 217,799 CLP HOLDINGS LTD ............................. 1,086 183,508 COASTAL CORP ................................. 16,206 2,528,691 * COLT TELECOM GROUP PLC ....................... 54,394 18,700 CONSTELLATION ENERGY GROUP, INC .............. 843 87,294 CONTACT ENERGY LTD ........................... 102 59,400 * COX COMMUNICATIONS, INC (CLASS A) ............ 2,766 568,659 e DEUTSCHE TELEKOM AG .......................... 17,139 24,439 DOMINION RESOURCES, INC ...................... 1,637 929,642 DTE ENERGY CO ................................ 36,198 27,023 DUKE ENERGY CORP ............................. 2,304 68,923 e E.ON AG ...................................... 4,193 59,400 EDISON INTERNATIONAL CO ...................... 928 227,385 * EIRCOM PLC ................................... 576 20,700 EL PASO ENERGY CORP .......................... 1,483 5,566 ELECTRABEL NV ................................ 1,258 10,950 ELECTRABEL S.A. (STRIP VVPR) ................. 2 305,067 ELECTRICIDADE DE PORTUGAL S.A ................ 1,008 93,174 e ENDESA S.A ................................... 1,588 732,742 e ENEL S.P.A ................................... 2,848 448,723 ENRON CORP ................................... 37,300 50,200 ENTERGY CORP ................................. 2,124 39,366 EXELON CORP .................................. 2,764 405,488 FIRSTENERGY CORP ............................. 12,798 10,700 FPL GROUP, INC ............................... 768 146,521 e FRANCE TELECOM S.A ........................... 12,649 300 HAFSLUND AS SERIES A ......................... 1 99,816 IBERDROLA S.A ................................ 1,251 13,406 INNOGY HOLDINGS PLC .......................... 39 117,747 * INTERNATIONAL POWER PLC ...................... 441 90,390 KANSAI ELECTRIC POWER CO, INC ................ 1,535 94,632 e KPN NV ....................................... 1,089 35,800 * LEVEL 3 COMMUNICATIONS, INC .................. 1,175 53,600 * METROMEDIA FIBER NETWORK, INC (CLASS A) ...... 543 60,199 * NATIONAL GRID GROUP PLC ...................... 547 14,534 * NETCOM AB SERIES B ........................... 604 75,976 * NEXTEL COMMUNICATIONS, INC (CLASS A) ......... 1,880 5,838 NIPPON TELEGRAPH & TELEPHONE CORP ............ 42,073 11 NISOURCE, INC ................................ 0 1,649 * NISOURCE, INC (SAILS) ........................ 5 201 NTT DOCOMO, INC .............................. 3,467 3,321 OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG . 337 1,391,808 * PACIFIC CENTURY CYBERWORKS LTD ............... 901 515,524 PG&E CORP .................................... 10,310 106,671 PORTUGAL TELECOM S.A ......................... 975 11,210 PPL CORP ..................................... 507 735,914 * PRICE COMMUNICATIONS CORP .................... 12,373 11,400 PROGRESS ENERGY, INC ......................... 561 564,805 e* PSINET, INC .................................. 406 180,600 * QWEST COMMUNICATIONS INTERNATIONAL , INC ..... 7,405 296,927 * RCN CORP ..................................... 1,874 29,900 RELIANT ENERGY, INC .......................... 1,295 64,428 * RHEIN-WESTFALEN ELECTRIC AG. (STAMM) ......... 2,858 1,532,198 SBC COMMUNICATIONS, INC ...................... 73,167 295,473 * SCOTTISH POWER PLC ........................... 2,335 64,418 SEMPRA ENERGY ................................ 1,498 637,687 * SINGAPORE TELECOMMUNICATIONS LTD ............. 989 74,484 SONERA GROUP OYJ ............................. 1,350 58,600 SOUTHERN CO .................................. 1,948 8,400 SUEZ LYONNAISE (STRIP VVPR) .................. 0 9,043 SUEZ LYONNAISE DES EAUX ...................... 1,651 12,544 SUEZ LYONNAISE DES EAUX ...................... 2,291 7,299 SWISSCOM AG. (REGD) .......................... 1,899 746,839 e TELECOM ITALIA S.P.A ......................... 5,960 22,117 e TELE DANMARK AS .............................. 901 175,393 e TELECOM CORP OF NEW ZEALAND LTD .............. 373 401,843 e TELECOM ITALIA S.P.A ......................... 4,444 14,000 TELECOM ITALIA RISP .......................... 84 1,265,830 * TELEFONICA DE ESPANA S.A ..................... 20,917 32,036 * TELEFONICA S.A. (SPON ADR) ................... 1,602 151,314 * TELIA AB ..................................... 778 767,587 TELSTRA CORP ................................. 2,740 938 TELUS CORP (NON-VOTE) ........................ 25 8,487 e* TISCALI S.P.A ................................ 144 270,487 * TNPC, INC .................................... 2,654 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 59 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ---------- ---------- UTILITIES--(Continued) 54,100 TOHOKU ELECTRIC POWER CO, INC ................ $ 723 152,083 e TOKYO ELECTRIC POWER CO, INC ................. 3,775 12,300 TRANSALTA CORP ............................... 180 246,174 TXU CORP ..................................... 10,909 107,868 * TYCOM LTD .................................... 2,414 38,593 UNION ELECTRICA FENOSA S.A ................... 708 36,911 * UNITED UTILITIES PLC ......................... 367 273,263 VERIZON COMMUNICATIONS ....................... 13,697 1,014,966 e* VIATEL, INC .................................. 3,774 101,177 f VIDESH SANCHAR NIGAM LTD ..................... 1,305 24,394 * VIVENDI UNIVERSAL WTS 05/02/01 ............... 44 17,811,465 * VODAFONE GROUP PLC ........................... 65,320 42,782 VODAFONE GROUP PLC (SPON ADR) ................ 1,532 334,232 * WESTERN WIRELESS CORP (CLASS A) .............. 13,098 46,800 WILLIAMS COS, INC ............................ 1,869 1,017,133 * WORLDCOM, INC ................................ 14,303 ------------ TOTAL UTILITIES .............................. 710,219 ------------ TOTAL COMMON STOCK (Cost $ 7,896,986) ........................... 8,103,142 ------------ PRINCIPAL ------- SHORT TERM INVESTMENTS--4.64% COMMERCIAL PAPER--1.68% $ 9,600,000 c BELLSOUTH CAPITAL FUNDING CORP 6.400%, 02/07/01 ........................... 9,535 3,500,000 c,d BETA FINANCE, INC 6.620%, 01/19/01 ........................... 3,488 7,234,000 c CIESCO LP 6.620%, 01/03/01 ........................... 7,230 9,000,000 d CONAGRA, INC 7.070%, 01/05/01 ........................... 8,990 9,600,000 c CORPORATE ASSET FUNDING CORP, INC 6.350%, 02/16/01 ........................... 9,520 8,100,000 c ENTERPRISE FUNDING CORP 6.630%, 01/04/01 ........................... 8,094 9,600,000 EQUILON ENTERPRISES LLC 6.540%, 01/11/01 ........................... 9,581 9,600,000 c,d GOVCO, INC 6.540%, 02/09/01 ........................... 9,532 9,600,000 c JOHNSON & JOHNSON 6.200%, 03/12/01 ........................... 9,481 5,650,000 c MCDONALD'S CORP 6.500%, 01/04/01 ........................... 5,646 9,600,000 MORGAN STANLEY DEAN WITTER 6.600%, 01/08/01 ........................... 9,586 1,894,000 c NORFOLK SOUTHERN CORP 7.250%, 01/16/01 ........................... 1,887 9,600,000 PACCAR FINANCIAL CORP 6.470%, 01/31/01 ........................... 9,547 9,600,000 c,d PARK AVENUE RECEIVABLES CORP 6.530%, 02/06/01 ........................... 9,537 9,600,000 PRAXAIR, INC 7.320%, 01/30/01 ........................... 9,540 9,600,000 SALOMON SMITH BARNEY HOLDINGS, INC 6.600%, 01/02/01 ........................... 9,597 9,600,000 TORONTO DOMINION HOLDINGS (U.S.) 6.590%, 01/12/01 ........................... 9,579 ------------ 140,370 ------------ MEDIUM TERM NOTE--0.11% $ 9,200,000 d GENERAL MOTORS ACCEPTANCE CORP 6.700%, 04/30/01 ........................... $ 9,204 ----------- U.S. GOVERNMENT AND AGENCIES--2.85% FEDERAL HOME LOAN BANK (FHLB) 11,450,000 5.000%, 01/02/01 ............................. 11,445 5,950,000 6.330%, 01/17/01 ............................. 5,932 16,270,000 6.220%, 01/18/01 ............................. 16,219 40,000,000 6.210%, 01/24/01 ............................. 39,832 50,000,000 6.220%, 01/26/01 ............................. 49,773 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 13,000,000 6.430%, 01/02/01 ............................. 12,996 20,000,000 d 6.420%, 01/09/01 ............................. 19,969 27,325,000 d 6.210%, 01/23/01 ............................. 27,215 10,000,000 d 6.230%, 01/30/01 ............................. 9,948 33,495,000 d 6.415%, 02/15/01 ............................. 33,230 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 3,920,000 6.330%, 01/10/01 ............................. 3,913 8,275,000 6.430%, 01/25/01 ............................. 8,237 ----------- 238,709 ----------- TOTAL SHORT TERM INVESTMENTS (Cost $388,328) .............................. 388,283 ----------- TOTAL PORTFOLIO--101.99% (Cost $8,326,840) ............................ 8,530,997 OTHER ASSETS & LIABILITIES, NET--(1.99%) ....... (167,310) ----------- NET ASSETS--100.00% ............................ $ 8,363,687 =========== ---------- * Non-income producing a Affiliated holding b In bankruptcy c Commerical paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. 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 December 31, 2000, the value of these securities amounted to $3,163,830 or 0.04% of net assets. Additional information on each restricted security is as follows: ACQUISITION ACQUISITION SECURITY DATE COST -------- ----------- ----------- VIDESH SANCHAR NIGAM LTD (SPONS GDR) 09/13/00 $4,107,705 L'AIR LIQUIDE S.A. (REGD) 10/29/96 344,498 L'AIR LIQUIDE S.A. (REGD) 2001 01/05/99 741,186 LAFARGE S.A. (REGD) 2001 01/05/99 691,748 SILVERSTONE BERHAD 12/30/98 804 ---------- $5,885,941 ========== TRANSACTIONS WITH AFFILIATED COMPANIES - JANUARY 1, 2000--DECEMBER 31, 2000 --------------------------------------------------------------------------------
VALUE AT SHARES AT VALUE AT DECEMBER 31, PURCHASE SALES REALIZED DIVIDEND DECEMBER 31, DECEMBER 31, ISSUE 1999 COST PROCEEDS GAIN (LOSS) INCOME 2000 2000 ----- ------------ ----------- ----------- ------------ -------- --------- ----------- IHC CALAND NV * $54,142,088 $41,897,280 $11,424,077 $2,156,974 1,508,402 $70,811,932 ----- ----------- ----------- ------------ -------- --------- ----------- TOTAL AFFILIATED TRANSACTION $ 0 $54,142,088 $41,897,280 $11,424,077 $2,156,974 $70,811,932 ===== =========== =========== ============ ========== ===========
---------- * Not an affiliate as of December 31, 1999 60 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CORPORATE BONDS--0.07% CONSUMER CYCLICAL--0.00% $ 6,500 UGLY DUCKLING CORP (SUBDEB) 12.000%, 10/23/03 .......................... $ 7 ------------ TOTAL CONSUMER CYCLICAL .................... 7 ------------ TECHNOLOGY--0.07% MAYAN NETWORKS 9,360,000 5.250%, 11/01/05 .......................... 9,360 ------------ TOTAL TECHNOLOGY ........................... 9,360 ------------ TOTAL CORPORATE BONDS (Cost $9,368) .............................. 9,367 ------------ SHARES ----- PREFERRED STOCK--0.00% BASIC INDUSTRIES --0.00% 3,895 SEALED AIR CORP (CLASS A) .................. 125 ------------ TOTAL BASIC INDUSTRIES ..................... 125 ------------ HEALTH CARE--0.00% 32,800 * FRESENIUS MEDICAL CARE HOLDINGS ............ 1 ------------ TOTAL HEALTH CARE .......................... 1 ------------ TECHNOLOGY--0.00% 264 SUPERIOR TRUST I SERIES A .................. 2 ------------ TOTAL TECHNOLOGY ........................... 2 ------------ TOTAL PREFERRED STOCK (Cost $186) .............................. 128 ------------ COMMON STOCK--99.18% AEROSPACE AND DEFENSE--0.65% 8,400 * ALLIANT TECHSYSTEMS, INC ..................... 561 12,200 * ARMOR HOLDINGS, INC .......................... 213 53,330 BOEING CO .................................... 3,520 117,100 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) ....... 2,664 3,413,800 * GENERAL MOTORS CORP (CLASS H) ................ 78,517 31,500 e* MOTIENT CORP ................................. 126 27,500 * ORBITAL SCIENCES CORP ........................ 113 16,687 * PANAMSAT CORP ................................ 579 15,100 * PEGASUS COMMUNICATIONS CORP .................. 389 5,100 PERKINELMER, INC ............................. 536 46,000 * REMEC, INC ................................... 443 37,400 * TELEDYNE TECHNOLOGIES, INC ................... 884 ------------ TOTAL AEROSPACE AND DEFENSE .................. 88,545 ------------ BASIC INDUSTRIES--0.26% 15,400 AMCOL INTERNATIONAL CORP ..................... 73 5,994 APTARGROUP, INC .............................. 176 209,200 * BATTLE MOUNTAIN GOLD CO ...................... 353 10,700 * BUCKEYE TECHNOLOGIES, INC .................... 150 8,600 CABOT CORP ................................... 227 6,780 * CABOT MICROELECTRONICS CORP .................. 352 25,800 CAMBREX CORP ................................. 1,167 7,600 CARLISLE COS, INC ............................ 326 63,700 * CELGENE CORP ................................. 2,070 3,000 * COLLINS & AIKMAN CORP ........................ 13 31,600 CONSOL ENERGY, INC ........................... 883 88,652 CROMPTON CORP ................................ 931 64,600 * DAL-TILE INTERNATIONAL, INC .................. 917 1,900 DELTIC TIMBER CORP ........................... 45 27,500 * DIONEX CORP .................................. 949 32,500 * EARTHSHELL CORP .............................. 42 25,901 ECOLAB, INC .................................. 1,119 17,400 ELCOR CORP ................................... 294 18,175 * ENCOMPASS SERVICES CORP ...................... 92 18,350 * ENERGY CONVERSION DEVICES, INC ............... 372 12,632 FERRO CORP ................................... 291 5,700 FLORIDA ROCK INDUSTRIES, INC ................. 223 53,104 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS A) .................................. 438 100,250 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) .................................. 858 32,700 * GAYLORD CONTAINER CORP (CLASS A) ............. 33 5,800 GENTEK, INC .................................. 96 17,900 GEORGIA GULF CORP ............................ 305 39,500 GEORGIA-PACIFIC CORP (TIMBER GROUP) .......... 1,183 200 GIBRALTAR STEEL CORP ......................... 4 31,700 * GRACE W.R. & CO .............................. 101 41,200 HOMESTAKE MINING CO .......................... 173 4,859 HORTON (D.R.), INC ........................... 119 3 ICN PHARMACEUTICALS, INC ..................... 0 30 IMC GLOBAL, INC .............................. 0 21,700 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ....... 865 10,500 * INTEGRATED ELECTRICAL SERVICES, INC .......... 62 14,100 * IVEX PACKAGING CORP .......................... 154 300 LIQUI-BOX CORP ............................... 11 27,500 * LONE STAR TECHNOLOGIES, INC .................. 1,059 20,300 MACDERMID, INC ............................... 386 18,800 * MATTSON TECHNOLOGY, INC ...................... 194 12,900 METALS U.S.A., INC ........................... 36 72,400 METRIS COS, INC .............................. 1,905 9,500 * MOBILE MINI, INC ............................. 219 3,000 * MUELLER INDUSTRIES, INC ...................... 80 24,390 NEWMONT MINING CORP .......................... 416 5,500 NL INDUSTRIES, INC ........................... 133 5,718 * NVR, INC ..................................... 707 54,200 * OAK TECHNOLOGY, INC .......................... 471 16,900 * OAKLEY, INC .................................. 228 1,300 OLIN CORP .................................... 29 4,400 OM GROUP, INC ................................ 240 32,900 * PACKAGING CORP OF AMERICA .................... 531 400 PENN ENGINEERING & MANUFACTURING CORP ........ 14 56,500 PENN VIRGINIA CORP ........................... 1,875 2,600 RELIANCE STEEL & ALUMINUM CO ................. 64 37,300 * SCICLONE PHARMACEUTICALS, INC ................ 149 89,395 * SEALED AIR CORP .............................. 2,727 33,436 * SHAW GROUP, INC .............................. 1,672 5,685 * SIMPSON MANUFACTURING CO, INC ................ 290 400 SKYLINE CORP ................................. 8 70,755 SOLUTIA, INC ................................. 849 11,300 SPARTECH CORP ................................ 232 18,200 * STEEL DYNAMICS, INC .......................... 200 45,400 * STILLWATER MINING CO ......................... 1,786 44,500 * TECHNE CORP .................................. 1,605 18,548 TREDEGAR CORP ................................ 323 6,800 * TREX CO, INC ................................. 171 9,900 WATSCO, INC .................................. 114 13,100 WD-40 CO ..................................... 255 5,800 WILLAMETTE INDUSTRIES, INC ................... 272 ------------ TOTAL BASIC INDUSTRIES ....................... 34,707 ------------ CONSUMER CYCLICAL--7.67% 15,733 * 99 CENTS ONLY STORES ......................... 431 116,454 * ABERCROMBIE & FITCH CO (CLASS A) ............. 2,329 11,850 * ACCLAIM ENTERTAINMENT, INC ................... 4 16,200 ACKERLEY GROUP, INC .......................... 146 51,400 * ACNEILSEN CORP ............................... 1,863 6,500 ADVANCED MARKETING SERVICES, INC ............. 113 2,100 * ALEXANDERS, INC .............................. 142 2,500 * AMERICAN AXLE & MANUFACTURING HLDS,INC ....... 20 9,200 * AMERICAN CLASSIC VOYAGES CO .................. 129 26,000 * AMERICAN EAGLE OUTFITTERS, INC ............... 1,099 91,800 * AMERICREDIT CORP ............................. 2,502 5,700 * ANN TAYLOR STORES CORP ....................... 142 97,738 * APOLLO GROUP, INC (CLASS A) .................. 4,807 20,140 * APPLEBEE'S INTERNATIONAL, INC ................ 633 25,300 * ARGOSY GAMING CO ............................. 485 9,358 ARVINMERITOR, INC ............................ 106 2,500,310 * AT & T CORP - LIBERTY MEDIA (CLASS A) ........ 33,910 2,481 * AVIS GROUP HOLDINGS, INC ..................... 81 7,600 * AZTAR CORP ................................... 98 28,000 e* BALLY TOTAL FITNESS HOLDINGS CORP ............ 949 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 61 STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(Continued) 28,300 * BE FREE, INC ................................. $ 62 300 * BEASLEY BROADCAST GROUP, INC (CLASS A) ....... 2 7,200 * BEBE STORES, INC ............................. 154 280,740 * BED BATH & BEYOND, INC ....................... 6,282 7,900 BLOCKBUSTER, INC (CLASS A) ................... 66 28,000 * BOYDS COLLECTION LTD ......................... 261 7,200 * BUCA, INC .................................... 106 72,000 CALLAWAY GOLF CO ............................. 1,341 57,600 * CATALINA MARKETING CORP ...................... 2,243 27,033 * CEC ENTERTAINMENT, INC ....................... 923 1,900 * CENTRAL GARDEN & PET CO ...................... 13 11,000 * CHAMPIONSHIP AUTO RACING TEAMS, INC .......... 231 16,300 * CHICO'S FAS, INC ............................. 340 19,900 e* CHILDREN'S PLACE RETAIL STORES, INC .......... 403 65,078 * CHOICE HOTELS INTERNATIONAL, INC ............. 891 46,200 * CITADEL COMMUNICATIONS CORP .................. 554 33,447 CLAIRE'S STORES, INC ......................... 600 1,269,883 * CLEAR CHANNEL COMMUNICATIONS, INC ............ 61,510 5,000 * CLEAR CHANNELCOMMUNICATIONS, INC WTS 09/18/01 ............................... 33 4,500 * COLDWATER CREEK, INC ......................... 140 8,600 * COLUMBIA SPORTSWEAR CO ....................... 428 61,300 * CONSOLIDATED STORES CORP ..................... 651 44,000 * COPART, INC .................................. 946 34,100 * COX RADIO, INC (CLASS A) ..................... 769 8,200 CPI CORP ..................................... 164 6,100 * CROWN MEDIA HOLDINGS, INC (CLASS A) .......... 124 14,804 DANAHER CORP ................................. 1,012 5,700 * DIGITAL IMPACT, INC .......................... 13 12,350 * DIRECT FOCUS, INC ............................ 414 1,502,900 DISNEY (WALT) CO ............................. 43,490 196,256 DOLLAR GENERAL CORP .......................... 3,704 134,025 * DOLLAR TREE STORES, INC ...................... 3,284 19,657 DONALDSON CO, INC ............................ 547 8,600 DOVER DOWNS ENTERTAINMENT, INC ............... 96 21,700 DOW JONES & CO, INC .......................... 1,229 13,700 * EMMIS COMMUNICATIONS CORP (CLASS A) .......... 393 1,300 EXIDE CORP ................................... 10 16,500 * EXTENDED STAY AMERICA, INC ................... 212 26,496 FACTSET RESEARCH SYSTEMS, INC ................ 982 23,600 * FAIRFIELD COMMUNITIES, INC ................... 332 125,900 FAMILY DOLLAR STORES, INC .................... 2,699 5,800 FEDDERS CORP ................................. 27 5,800 * FINE HOST CORP ............................... 0 4,400 * FOOTSTAR, INC ................................ 218 9,600 FOREST CITY ENTERPRISES, INC (CLASS A) ....... 376 14,725 * FOSSIL, INC .................................. 213 50,700 * FOX ENTERTAINMENT GROUP, INC (CLASS A) ....... 906 5,750 G & K SERVICES, INC (CLASS A) ................ 162 661,632 GAP, INC ..................................... 16,872 471,600 * GEMSTAR-TV GUIDE INTERNATIONAL, INC .......... 21,753 25,400 * GENESCO, INC ................................. 621 80,700 * GENTEX CORP .................................. 1,503 22,973 GRACO, INC ................................... 951 100 GREY GLOBAL GROUP, INC ....................... 65 12,800 * GROUP 1 AUTOMOTIVE, INC ...................... 120 6,100 * GUESS ?, INC ................................. 32 24,800 * GUITAR CENTER, INC ........................... 282 93,700 * HANOVER DIRECT, INC .......................... 35 30 HARCOURT GENERAL, INC ........................ 2 9,400 HARMAN INTERNATIONAL INDUSTRIES, INC ......... 343 5,600 HARTE-HANKS, INC ............................. 133 14,400 * HAYES LEMMERZ INTERNATIONAL, INC ............. 96 8,600 * HEARST-ARGYLE TELEVISION, INC ................ 176 93,200 * HISPANIC BROADCASTING CORP ................... 2,377 23,900 * HOLLYWOOD ENTERTAINMENT CORP ................. 25 6,000 * HOLLYWOOD MEDIA CORP ......................... 23 19,600 * HOT TOPIC, INC ............................... 322 17,400 HOUGHTON MIFFLIN CO .......................... 807 3,600 * IMPCO TECHNOLOGIES, INC ...................... 43 132,725 * INFINITY BROADCASTING CORP (CLASS A) ......... 3,708 10,500 * INFORMATION HOLDINGS, INC .................... 246 82,100 * INTELECT COMMUNICATIONS, INC ................. 31 80,199 * INTERNATIONAL GAME TECHNOLOGY CO ............. 3,850 10,300 INTERNATIONAL SPEEDWAY CORP (CLASS A ) ....... 391 1,391,351 INTERPUBLIC GROUP OF COS, INC ................ 59,219 30,000 * INTERTAN, INC ................................ 349 101,150 INTIMATE BRANDS, INC (CLASS A) ............... 1,517 20,200 * INTRANET SOLUTIONS, INC ...................... 1,030 31,600 * ISLE OF CAPRI CASINOS, INC ................... 336 42,104 * JACK IN THE BOX, INC ......................... 1,239 12,250 * JAKKS PACIFIC, INC ........................... 112 29,038 * JONES APPAREL GROUP, INC ..................... 935 8,728 * KENNETH COLE PRODUCTIONS, INC (CLASS A) ...... 351 12,900 * KEY3MEDIA GROUP, INC ......................... 157 12,200 * KIRBY CORP ................................... 256 359,302 * KOHL'S CORP .................................. 21,917 30,000 * LAMAR ADVERTISING CO (CLASS A) ............... 1,158 1,189 LANDRY'S SEAFOOD RESTAURANTS, INC ............ 12 13,600 LANDS' END, INC .............................. 342 41,656 LEE ENTERPRISES, INC ......................... 1,242 6,500 LIBBEY, INC .................................. 197 20,300 * LIBERTY DIGITAL, INC (CLASS A) ............... 103 600 * LIBERTY LIVEWIRE CORP (CLASS A) .............. 5 34,900 * LIFEMINDERS, INC ............................. 122 64,312 LIMITED, INC ................................. 1,097 47,100 LINENS 'N THINGS, INC ........................ 1,301 7,100 * LODGENET ENTERTAINMENT CORP .................. 125 9,400 * MADDEN STEVEN, LTD ........................... 72 5,400 * MARKETWATCH.COM, INC ......................... 16 12,000 MARRIOTT INTERNATIONAL, INC (CLASS A) ........ 507 13,600 * MARTHA STEWART LIVING OMNIMEDIA, INC ......... 273 368 * MARVEL ENTERPRISES (CLASS A) WTS 10/02/01 .... 0 623 * MARVEL ENTERPRISES (CLASS C) WTS 10/02/02 .... 0 23,636 * MEN'S WEARHOUSE, INC ......................... 644 22,400 MEREDITH CORP ................................ 721 7,862 e MGM MIRAGE ................................... 222 31,000 * MICHAELS STORES, INC ......................... 822 19,800 * MICROS SYSTEMS, INC .......................... 361 21,366 MIDAS, INC ................................... 255 17,900 * MIDWAY GAMES, INC ............................ 127 3,793 * MOHAWK INDUSTRIES, INC ....................... 104 21,300 * MSC INDUSTRIAL DIRECT CO (CLASS A) ........... 385 32,600 * MYPOINTS.COM, INC ............................ 39 32 * NEIMAN MARCUS GROUP, INC (CLASS A) ........... 1 9 * NEIMAN MARCUS GROUP, INC (CLASS B) ........... 0 25,900 * NETCENTIVES, INC ............................. 99 894,700 NIKE, INC (CLASS B) .......................... 49,935 5,100 * NPC INTERNATIONAL, INC ....................... 55 4,800 * O'CHARLEY'S, INC ............................. 86 1,056,489 OMNICOM GROUP, INC ........................... 87,557 4,300 * ON COMMAND CORP .............................. 38 16,600 * ON2.COM, INC ................................. 10 16,600 * O'REILLY AUTOMOTIVE, INC ..................... 444 6,200 OSHKOSH B'GOSH, INC (CLASS A) ................ 115 5,700 OSHKOSH TRUCK CORP ........................... 251 14,800 * OUTBACK STEAKHOUSE, INC ...................... 383 6,800 * P.F. CHANGS CHINA BISTRO, INC ................ 214 38,087 * PACIFIC SUNWEAR CALIFORNIA, INC .............. 976 19,130 * PAPA JOHN'S INTERNATIONAL, INC ............... 426 9,500 * PARKERVISION, INC ............................ 348 8,100 * PENN NATIONAL GAMING, INC .................... 83 4,800 PENTON MEDIA, INC ............................ 129 10,600 * PERFORMANCE FOOD GROUP CO .................... 543 9,545 PIER 1 IMPORTS, INC .......................... 98 2,600 * PINNACLE ENTERTAINMENT, INC .................. 35 54,100 * PINNACLE SYSTEMS, INC ........................ 399 15,900 * PIXAR, INC ................................... 477 8,900 * PLAYBOY ENTERPRISES, INC (CLASS B) ........... 88 24,355 POLARIS INDUSTRIES, INC ...................... 968 62 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(Continued) 3,900 * POLO RALPH LAUREN CORP ....................... $ 87 30,400 * PRESSTEK, INC ................................ 319 200 * PRICESMART, INC .............................. 7 81,839 * PRIMEDIA, INC ................................ 977 13,800 * PRIVATE MEDIA GROUP .......................... 107 13,419 * QUICKSILVER, INC ............................. 260 110,056 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) ....................... 4,306 12,000 * REGENT COMMUNICATIONS, INC ................... 71 18,700 REGIS CORP ................................... 271 15,250 * RENT-A-CENTER, INC ........................... 526 56,400 RUBY TUESDAY, INC ............................ 860 5,475 * SAGA COMMUNICATIONS, INC (CLASS A) ........... 81 11,550 * SALTON, INC .................................. 239 11,600 * SCHOLASTIC CORP .............................. 1,028 12,400 * SCOTTS CO (CLASS A) .......................... 458 16,800 * SCP POOL CORP ................................ 505 3,100 * SINCLAIR BROADCASTING GROUP, INC (CLASS A ) .. 31 43,300 * SIRIUS SATELLITE RADIO, INC .................. 1,296 32,400 * SIX FLAGS, INC ............................... 557 10,300 * SONIC AUTOMOTIVE, INC ........................ 71 29,925 * SONIC CORP ................................... 698 32,400 e SOTHEBY'S HOLDINGS, INC (CLASS A) ............ 751 37,200 * SPANISH BROADCASTING SYSTEM, INC ............. 186 13,200 * SPEEDWAY MOTORSPORTS, INC .................... 317 3,000 SPIEGEL, INC (CLASS A) ....................... 13 14,400 * SPORTSLINE.COM, INC .......................... 77 204,900 * STARBUCKS CORP ............................... 9,067 39,900 * STATION CASINOS, INC ......................... 596 12,800 * STEIN MART, INC .............................. 149 14,000 STRIDE RITE CORP ............................. 98 6,100 * SUNBEAM CORP ................................. 2 41,850 * SUNGLASS HUT INTERNATIONAL, INC .............. 214 6,775 * SYLVAN LEARNING SYSTEMS, INC ................. 100 423,656 SYSCO CORP ................................... 12,710 6,400 TALBOTS, INC ................................. 292 183,710 TARGET CORP .................................. 5,925 31,550 * THE CHEESECAKE FACTORY, INC .................. 1,211 9,500 * THQ, INC ..................................... 232 112,800 TIFFANY & CO ................................. 3,567 20,800 * TIMBERLAND CO (CLASS A) ...................... 1,391 2,044,040 TIME WARNER, INC ............................. 106,781 165,877 TJX COS, INC ................................. 4,603 4,729,000 TOEI CO LTD .................................. 16,647 30,386 * TOO, INC ..................................... 380 48,300 * TOPPS, INC ................................... 444 2,500 * TRENDWEST RESORTS, INC ....................... 68 1 TRIBUNE CO ................................... 0 60,715 * TRICON GLOBAL RESTAURANTS, INC ............... 2,004 6,504 TRUE NORTH COMMUNICATIONS, INC ............... 276 14,734 * U.S.A. NETWORKS, INC ......................... 286 4,800 UNITED TELEVISION, INC ....................... 557 15,900 * UNIVERSAL ELECTRONICS, INC ................... 245 194,800 * UNIVISION COMMUNICATIONS, INC (CLASS A) ...... 7,975 3,200 * VAIL RESORTS, INC ............................ 75 60,500 * VALASSIS COMMUNICATIONS, INC ................. 1,910 8,800 * VANS, INC .................................... 149 24,392 * VIACOM, INC (CLASS A) ........................ 1,146 2,817,040 * VIACOM, INC (CLASS B) ........................ 131,697 9,300 WABASH NATIONAL CORP ......................... 80 4,361,120 WAL-MART STORES, INC ......................... 231,685 32,700 WESTPOINT STEVENS, INC ....................... 245 52,300 WILEY (JOHN) & SONS, INC (CLASS A) ........... 1,124 39,817 * WILLIAMS-SONOMA, INC ......................... 796 7,000 * WILSONS LEATHER EXPERTS, INC ................. 98 26,300 * WINK COMMUNICATIONS, INC ..................... 158 7,956 * WMS INDUSTRIES, INC .......................... 160 7,300 * WORLD WRESTLING FEDERATION ENTERTAINMENT, INC ........................... 117 14,300 * XM SATELLITE RADIO HOLDINGS, INC (CLASS A) ... 230 10,700 * YOUNG BROADCASTING, INC (CLASS A) ............ 358 17,630 * ZALE CORP .................................... 512 31,900 * ZOMAX, INC ................................... 146 ------------ TOTAL CONSUMER CYCLICAL ...................... 1,046,385 ------------ CONSUMER NON-CYCLICAL--5.78% 1,400 * 1-800-FLOWERS.COM, INC ....................... 6 13,320 * 7-ELEVEN, INC ................................ 117 5,900 ALBERTO CULVER CO (CLASS B) .................. 253 224,392 * AMAZON.COM, INC .............................. 3,492 8,200 * AMERICAN ITALIAN PASTA CO (CLASS A) .......... 220 124,136 ANHEUSER-BUSCH COS, INC ...................... 5,648 1,073,900 AVON PRODUCTS, INC ........................... 51,413 13,500 * BARNES & NOBLE, INC .......................... 358 13,900 * BARNESANDNOBLE.COM, INC ...................... 18 204,600 * BEST BUY CO, INC ............................. 6,048 12,200 * BJ'S WHOLESALE CLUB, INC ..................... 468 36,660 BLYTH, INC ................................... 884 13,300 * BORDERS GROUP, INC ........................... 155 5,100 * BUY.COM, INC ................................. 3 36,700 * CADIZ, INC ................................... 328 140,956 CAMPBELL SOUP CO ............................. 4,881 7,100 CARTER WALLACE, INC .......................... 237 28,241 * CASEY'S GENERAL STORES, INC .................. 422 61,120 * CDW COMPUTER CENTERS, INC .................... 1,704 6,900 * CHEAP TICKETS, INC ........................... 67 43,600 CHURCH & DWIGHT CO, INC ...................... 970 175,000 CIRCUIT CITY STORES-CIRCUIT CITY GROUP ....... 2,013 900 COCA COLA BOTTLING CO CONSOLIDATED ........... 34 2,088,308 COCA COLA CO ................................. 127,256 113,558 COCA COLA ENTERPRISES, INC ................... 2,158 447,704 COLGATE PALMOLIVE CO ......................... 28,899 4,400 * CONSTELLATION BRANDS, INC (CLASS A) .......... 259 24,900 * COST PLUS, INC ............................... 731 67,900 * COSTCO WHOLESALE CORP ........................ 2,712 158,539 CVS CORP ..................................... 9,502 16,900 * DEL MONTE FOODS CO ........................... 123 5 DELHAIZE AMERICA, INC (CLASS A) .............. 0 38,300 DELTA & PINE LAND CO ......................... 802 39,500 DIAL CORP .................................... 435 18,700 DREYERS GRAND ICE CREAM, INC ................. 603 20,800 * DUANE READE, INC ............................. 636 6,456 EARTHGRAINS CO ............................... 119 8,200 * ELECTRONICS BOUTIQUE HOLDINGS CORP ........... 144 14,900 ETHAN ALLEN INTERIORS, INC ................... 499 71,600 * ETOYS, INC ................................... 13 4,500 * EXPEDIA, INC (CLASS A) ....................... 43 14,700 * FACTORY 2-U STORES, INC ...................... 487 33,470 FASTENAL CO .................................. 1,837 9,090 * FURNITURE BRANDS INTERNATIONAL, INC .......... 191 800 * GAIAM, INC ................................... 12 154,104 GENERAL MILLS, INC ........................... 6,867 1,884,306 GILLETTE CO .................................. 68,071 37,800 * HAIN CELESTIAL GROUP, INC .................... 1,229 2,784,405 HOME DEPOT, INC .............................. 127,213 39,613 * INSIGHT ENTERPRISES, INC ..................... 711 3,500 KEEBLER FOODS CO ............................. 145 97,503 KELLOGG CO ................................... 2,559 475,380 * KROGER CO .................................... 12,865 105,454 LAUDER (ESTEE) CO (CLASS A) .................. 4,620 220,025 LOWE'S COS, INC .............................. 9,791 10,000 * MEADE INSTRUMENTS CO ......................... 66 86,800 MILLER (HERMAN), INC ......................... 2,496 21,317 * MUSICLAND STORES CORP ........................ 264 64,600 * NBTY, INC .................................... 307 32,500 * NETWORK COMMERCE, INC ........................ 24 1,786,900 NEWELL RUBBERMAID, INC ....................... 40,652 28,281 * OFFICE DEPOT, INC ............................ 202 9,200 ONEIDA LTD ................................... 171 13,400 * ONVIA.COM, INC ............................... 11 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 63 STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER NON-CYCLICAL--(Continued) 6,500 * PC CONNECTION, INC ........................... $ 67 48,200 PEPSI BOTTLING GROUP, INC .................... 1,925 180,454 PEPSICO, INC ................................. 8,944 67,640 * PETSMART, INC ................................ 194 12,900 * PLAYTEX PRODUCTS, INC ........................ 124 70,000 * PRICELINE.COM, INC ........................... 92 74,541 QUAKER OATS CO ............................... 7,258 1,872,216 RADIOSHACK CORP .............................. 80,154 15,300 e* REVLON, INC (CLASS A) ........................ 76 2,300 * RICA FOODS, INC .............................. 12 1,433,138 * SAFEWAY, INC ................................. 89,571 382,562 SARA LEE CORP ................................ 9,397 14,000 * SCIQUEST.COM, INC ............................ 18 20,700 * SKECHERS USA, INC (CLASS A) .................. 321 11,000 SLI, INC ..................................... 71 366,865 * STAPLES, INC ................................. 4,334 11,600 * TICKETMASTER ONLINE-CITYSEARCH, INC (CLASS B) 97 6,000 * TRANS WORLD ENTERTAINMENT CORP ............... 54 12,900 * TRIARC COS, INC .............................. 313 16,000 * TUESDAY MORNING CORP ......................... 85 38,717 TUPPERWARE CORP .............................. 791 18,200 * TWEETER HOME ENTERTAINMENT GROUP, INC ........ 222 7,200 * UNITED NATURAL FOODS, INC .................... 127 67,200 UST, INC ..................................... 1,886 42,400 * VALUEVISION INTERNATIONAL, INC (CLASS A) ..... 535 13,053 VECTOR GROUP LTD ............................. 206 1,053,830 WALGREEN CO .................................. 44,063 13,550 * WHITEHALL JEWELLERS, INC ..................... 96 28,800 * WHOLE FOODS MARKET, INC ...................... 1,760 14,550 * WILD OATS MARKETS, INC ....................... 62 17,400 * YANKEE CANDLE, INC ........................... 192 ------------ TOTAL CONSUMER NON-CYCLICAL .................. 788,511 ------------ ENERGY--0.76% 71,400 ANADARKO PETROLEUM CORP ...................... 5,075 69,879 APACHE CORP .................................. 4,896 9,783 * ATWOOD OCEANICS, INC ......................... 429 125,402 BAKER HUGHES, INC ............................ 5,212 31,200 * BARNETT RESOURCES CORP ....................... 1,773 8,400 * BASIN EXPLORATION, INC ....................... 214 822 * BELCO OIL & GAS CORP ......................... 10 37,400 BERRY PETROLEUM CO (CLASS A) ................. 500 81,700 * BJ SERVICES CO ............................... 5,627 9,700 CABOT OIL & GAS CORP (CLASS A) ............... 303 28,200 * CAL DIVE INTERNATIONAL, INC .................. 751 3,500 * CALLON PETROLEUM CORP ........................ 58 6,800 CARBO CERAMICS, INC .......................... 255 147,800 * CHESAPEAKE ENERGY CORP ....................... 1,496 8,600 * CLAYTON WILLIAMS ENERGY, INC ................. 232 50,515 * COOPER CAMERON CORP .......................... 3,337 58,200 CROSS TIMBERS OIL CO ......................... 1,615 16,100 * DENBURY RESOURCES, INC ....................... 177 17,112 DEVON ENERGY CORP (NEW) ...................... 1,043 10,559 DIAMOND OFFSHORE DRILLING, INC ............... 422 13,700 * DRIL-QUIP, INC ............................... 468 6,833 * EEX CORP ..................................... 33 47,839 ENSCO INTERNATIONAL, INC ..................... 1,630 68,900 EOG RESOURCES, INC ........................... 3,768 13,100 * EVERGREEN RESOURCES, INC ..................... 506 11,400 * FOREST OIL CORP .............................. 420 31,800 * FRONTIER OIL CORP ............................ 219 9,614 * GLOBAL INDUSTRIES LTD ........................ 132 90,600 * GLOBAL MARINE, INC ........................... 2,571 8,500 * GRANT PRIDECO, INC ........................... 186 213,500 * GREY WOLF, INC ............................... 1,254 1,700 * GULF ISLAND FABRICATION, INC ................. 31 281,648 HALLIBURTON CO ............................... 10,210 56,700 * HANOVER COMPRESSOR CO ........................ 2,527 13,400 HELMERICH & PAYNE, INC ....................... 588 5,600 * HORIZON OFFSHORE, INC ........................ 111 13,900 * HOUSTON EXPLORATION CO ....................... 530 18,600 * HS RESOURCES, INC ............................ 788 112,700 * KEY ENERGY SERVICES, INC ..................... 1,176 3,500 * KEY PRODUCTION CO ............................ 117 24,200 * LOUIS DREYFUS NATURAL GAS CORP ............... 1,109 42,300 * MARINE DRILLING COS, INC ..................... 1,132 20,400 * MAVERICK TUBE CORP ........................... 462 28,600 * MERIDIAN RESOURCE CORP ....................... 247 23,200 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) .................................. 1,421 25,500 MURPHY OIL CORP .............................. 1,541 117,800 * NABORS INDUSTRIES, INC ....................... 6,968 38,000 * NEWFIELD EXPLORATION CO ...................... 1,803 106,537 * NOBLE DRILLING CORP .......................... 4,628 5,700 * OCEANEERING INTERNATIONAL, INC ............... 111 40,600 * PATTERSON ENERGY, INC ........................ 1,512 18,100 * PENNACO ENERGY, INC .......................... 355 21,600 * PLAINS RESOURCES, INC ........................ 456 48,400 POGO PRODUCING CO ............................ 1,506 6,700 * PRIDE INTERNATIONAL, INC ..................... 165 10,350 * PRIMA ENERGY CORP ............................ 362 39,600 * PURE RESOURCES, INC .......................... 802 134,800 * R & B FALCON CORP ............................ 3,092 56,834 * ROWAN COS, INC ............................... 1,535 500 RPC, INC ..................................... 7 45,900 * SMITH INTERNATIONAL, INC ..................... 3,422 9,000 * SPINNAKER EXPLORATION CO ..................... 383 31,700 ST. MARY LAND & EXPLORATION CO ............... 1,056 20,563 * STONE ENERGY CORP ............................ 1,327 52,900 * SUPERIOR ENERGY SERVICES, INC ................ 608 23,400 * SWIFT ENERGY CO .............................. 880 27,800 TIDEWATER, INC ............................... 1,234 21,000 * UNIT CORP .................................... 398 4,200 * UNIVERSAL COMPRESSION HOLDINGS, INC .......... 158 35,400 * UTI ENERGY CORP .............................. 1,164 25,900 * VERITAS DGC, INC ............................. 837 27,800 VINTAGE PETROLEUM, INC ....................... 598 34,900 * WEATHERFORD INTERNATIONAL, INC ............... 1,649 ------------ TOTAL ENERGY ................................. 103,618 ------------ FINANCIAL SERVICES--2.27% 75 ADVANTA CORP (CLASS A) ....................... 1 11,964 * AFFILIATED MANAGERS GROUP, INC ............... 657 26,174 AFLAC, INC ................................... 1,889 3,500 ALEXANDRIA REAL ESTATE EQUITIES, INC ......... 130 400 AMERICAN CAPITAL STRATEGIES LTD .............. 10 162,838 AMERICAN EXPRESS CO .......................... 8,946 85,200 * AMERITRADE HOLDINGS CORP (CLASS A) ........... 596 10,900 * AMPAL-AMERICAN ISRAEL CORP (CLASS A) ......... 66 12,087 * ANC RENTAL CORP .............................. 42 400 ANCHOR BANCORP WISCONSIN, INC ................ 6 123,800 * AUTONATION, INC .............................. 743 3,700 BANK OF GRANITE CORP ......................... 86 18,200 * BLACKROCK, INC ............................... 764 2,700 BLANCH (E.W.) HOLDINGS, INC .................. 47 27,800 BROWN & BROWN, INC ........................... 973 208,108 CAPITAL ONE FINANCIAL CORP ................... 13,696 1,000 CAPSTEAD MORTGAGE CORP ....................... 11 78,883 * CATELLUS DEVELOPMENT CORP .................... 1,380 1,700 CATHAY BANCORP, INC .......................... 100 20,100 * CCC INFORMATION SERVICES GROUP, INC .......... 126 22,500 CHARLES E. SMITH RESIDENTIAL REALTY, INC ..... 1,058 5,500 CHATEAU COMMUNITIES, INC ..................... 167 3,200 CHELSEA PROPERTY GROUP, INC .................. 118 7,537 CHITTENDEN CORP .............................. 228 38,407 * CHOICEPOINT, INC ............................. 2,518 1,115,015 CITIGROUP, INC ............................... 56,935 500 CITY BANK LYNNWOOD (WASHINGTON) .............. 11 13,900 COMDISCO, INC ................................ 159 64 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(Continued) 20,739 COMMERCE BANCORP, INC ........................ $ 1,418 15,000 * COMPUCREDIT CORP ............................. 272 35,910 COUSINS PROPERTIES, INC ...................... 1,003 23,804 CRAWFORD & CO (CLASS B) ...................... 277 21,699 * CSK AUTO CORP ................................ 84 9,700 CULLEN FROST BANKERS, INC .................... 406 12,531 CVB FINANCIAL CORP ........................... 213 1,600 DAIN RAUSCHER CORP ........................... 152 25,400 * DLJ DIRECT, INC .............................. 95 192,123 * E TRADE GROUP, INC ........................... 1,417 79,148 EATON VANCE CORP ............................. 2,553 700 F & M BANCORP, INC (MARYLAND) ................ 14 6,216 FEDERAL REALTY INVESTMENT TRUST .............. 118 102,250 FEDERATED INVESTORS, INC (CLASS B) ........... 2,978 58,047 FIFTH THIRD BANCORP .......................... 3,468 6,900 * FINANCIAL FEDERAL CORP ....................... 165 17,117 FIRST BANCORP (PUERTO RICO) .................. 404 1,000 FIRST BUSEY CORP ............................. 20 1,900 FIRST COMMONWEALTH FINANCIAL CORP ............ 19 29,870 FIRST FINANCIAL BANCORP ...................... 508 2,900 FIRST MIDWEST BANCORP, INC ................... 83 84,704 FIRSTAR CORP ................................. 1,969 10,400 FRONTIER FINANCIAL CORP ...................... 261 31,230 * FRONTLINE CAPITAL GROUP, INC ................. 415 27,200 FULTON FINANCIAL CORP ........................ 627 2,500 * GABELLI ASSET MANAGEMENT, INC (CLASS A) ...... 83 25,700 GALLAGHER (ARTHUR J.) & CO ................... 1,635 76,015 * GARTNER GROUP, INC (CLASS A) ................. 525 11,334 * GARTNER GROUP, INC (CLASS B) ................. 72 3,800 GBC BANCORP .................................. 146 600 GOLD BANC CORP, INC .......................... 3 46,500 GREATER BAY BANCORP .......................... 1,907 5 HARLEYSVILLE NATIONAL CORP ................... 0 4,000 HEALTH CARE PROPERTY INVESTORS, INC .......... 120 16,000 HILB, ROGAL & HAMILTON CO .................... 638 77,100 HOOPER HOLMES, INC ........................... 853 11,904 IMPERIAL BANCORP ............................. 312 700 INTERNATIONAL BANCSHARES CORP ................ 24 2 * INTERSTATE HOTELS CORP ....................... 0 33,300 * INVESTMENT TECHNOLOGY GROUP, INC ............. 1,390 35,600 INVESTORS FINANCIAL SERVICES CORP ............ 3,062 16,000 * ITT EDUCATIONAL SERVICES, INC ................ 352 100 JEFFERSON SAVINGS BANCORP, INC ............... 2 7,509 JOHN NUVEEN CO (CLASS A) ..................... 432 23,996 * JONES LANG LA SALLE .......................... 333 783,400 JP MORGAN CHASE & CO ......................... 35,596 101,400 * KNIGHT TRADING GROUP, INC .................... 1,413 19,000 * LABRANCHE & CO, INC .......................... 581 11,300 MANUFACTURED HOME COMMUNITIES, INC ........... 328 3,000 * MARKEL CORP .................................. 543 597,670 MBNA CORP .................................... 22,076 5,600 MEDALLION FINANCIAL CORP ..................... 82 11,200 MERCHANTS NEW YORK BANCORP, INC .............. 281 645,567 METROPOLITAN LIFE INSURANCE CO ............... 22,595 18,704 MILLS CORP ................................... 310 2,400 MISSISSIPPI VALLEY BANCSHARES, INC ........... 71 8,279 NATIONAL PENN BANCSHARES, INC ................ 167 2,000 NBT BANCORP, INC ............................. 29 19,400 * NETBANK, INC ................................. 127 23,000 * NEXTCARD, INC ................................ 184 6,850 NY COMMUNITY BANCORP ......................... 252 9,700 ORIENTAL FINANCIAL GROUP, INC ................ 129 23,500 PACIFIC CAPITAL BANCORP ...................... 661 10,846 PARK NATIONAL CORP ........................... 973 345,604 PROVIDIAN FINANCIAL CORP ..................... 19,872 78 RECKSON ASSOCIATES REALTY CORP ............... 2 1,040 ROSLYN BANCORP, INC .......................... 28 18,900 S & T BANCORP, INC ........................... 409 2,800 SAUL CENTERS, INC ............................ 52 1,296,354 SCHWAB (CHARLES) CORP ........................ 36,784 44,900 SEI INVESTMENTS CO ........................... 5,029 2,600 SENIOR HOUSING PROPERTIES TRUST .............. 24 1,050 SHORELINE FINANCIAL CORP ..................... 16 35,100 * SILICON VALLEY BANCSHARES .................... 1,213 12,500 * SOUTHWEST BANCORP OF TEXAS, INC .............. 537 14,783 STATE STREET CORP ............................ 1,836 19,400 STERLING BANCSHARES, INC ..................... 383 150,064 STILWELL FINANCIAL, INC ...................... 5,918 1,400 * STOCKWALK GROUP, INC ......................... 3 36,900 SYNOVUS FINANCIAL CORP ....................... 994 39,300 * SYNTROLEUM CORP .............................. 668 45,200 T ROWE PRICE GROUP, INC ...................... 1,910 33,700 * TD WATERHOUSE GROUP .......................... 447 7,040 TEXAS REGIONAL BANCSHARES, INC (CLASS A) ..... 229 395,600 TORCHMARK CORP ............................... 15,206 19,300 TOWN & COUNTRY TRUST ......................... 373 5,100 * TRIAD GUARANTY, INC .......................... 169 57,545 TRUSTCO BANK CORP (NEW YORK) ................. 701 3,055 U.S.B. HOLDINGS CO, INC ...................... 38 400 UCBH HOLDINGS, INC ........................... 19 23,702 UNITED BANKSHARES, INC ....................... 504 3,200 UNITED NATIONAL BANCORP ...................... 61 14,059 * UNITED RENTALS, INC .......................... 189 17,200 * UNITEDGLOBALCOM, INC (CLASS A) ............... 234 36,384 USA EDUCATION, INC ........................... 2,474 2,300 VALHI, INC ................................... 26 2,000 VALUE LINE, INC .............................. 69 99,850 WADDELL & REED FINANCIAL, INC (CLASS A) ...... 3,757 15,127 WASHINGTON REAL ESTATE INVESTMENT TRUST ...... 357 16 WELLS FARGO CO ............................... 1 13,800 WESTAMERICA BANCORP .......................... 593 101,500 * WIT SOUNDVIEW GROUP, INC ..................... 365 ------------ TOTAL FINANCIAL SERVICES ..................... 310,179 ------------ HEALTH CARE--21.67% 176,842 ABBOTT LABORATORIES CO ....................... 8,566 80,400 * ABGENIX, INC ................................. 4,749 17,300 * ABIOMED, INC ................................. 420 14,000 * ACCREDO HEALTH, INC .......................... 703 10,300 * ACLARA BIOSCIENCES, INC ...................... 112 30,900 * ADVANCE PCS .................................. 1,406 73,350 * ADVANCED TISSUE SCIENCES, INC ................ 222 33,500 AETNA, INC (NEW) ............................. 1,376 46,200 * AFFYMETRIX, INC .............................. 3,439 22,600 * ALBANY MOLECULAR RESEARCH, INC ............... 1,393 18,000 * ALEXION PHARMACEUTICALS, INC ................. 1,169 60,600 * ALKERMES, INC ................................ 1,901 158,000 ALLERGAN, INC ................................ 15,296 60,400 * ALLIANCE PHARMACEUTICAL CORP ................. 521 4,300 * ALLOS THERAPEUTICS, INC ...................... 35 22,300 * ALLSCRIPTS, INC .............................. 208 29,900 ALPHARMA, INC (CLASS A) ...................... 1,312 204,600 * ALZA CORP .................................... 8,696 1,643,063 AMERICAN HOME PRODUCTS CORP .................. 104,417 300 * AMERICAN RETIREMENT CORP ..................... 1 8,700 * AMERIPATH, INC ............................... 218 61,800 * AMERISOURCE HEALTH CORP (CLASS A) ............ 3,121 2,591,296 * AMGEN, INC ................................... 165,681 60,150 * AMYLIN PHARMACEUTICALS, INC .................. 474 42,500 * ANDRX CORP ................................... 2,460 16,200 * APHTON CORP .................................. 292 88,375 * APOGENT TECHNOLOGIES, INC .................... 1,812 251,700 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) ...... 23,676 57,100 * APPLERA CORP (CELERA GENOMICS GROUP) ......... 2,052 41,800 * APRIA HEALTHCARE GROUP, INC .................. 1,244 21,000 * ARADIGM CORP ................................. 307 31,400 * ARIAD PHARMACEUTICAL, INC .................... 149 4,040 ARROW INTERNATIONAL, INC ..................... 152 23,000 * ARTHROCARE CORP .............................. 449 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 65 STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(Continued) 3,300 * ASPECT MEDICAL SYSTEMS, INC .................. $ 28 23,900 * ATS MEDICAL, INC ............................. 339 24,200 * AURORA BIOSCIENCE CORP ....................... 761 58,900 * AVANT IMMUNOTHERAPEUTICS, INC ................ 405 14,100 * AVIGEN, INC .................................. 293 20,900 * AVIRON, INC .................................. 1,396 24,250 * BARR LABORATORIES, INC ....................... 1,769 3,000 BAUSCH & LOMB, INC ........................... 121 200 * BAXTER INTERNATIONAL, INC CVR ................ 0 7,800 BECKMAN COULTER, INC ......................... 327 9,500 BINDLEY WESTERN INDUSTRIES, INC .............. 395 14,400 * BIOCRYST PHARMACEUTICALS, INC ................ 95 177,900 * BIOGEN, INC .................................. 10,685 17,700 * BIOMARIN PHARMACEUTICAL, INC ................. 171 28,850 BIOMET, INC .................................. 1,145 16,200 * BIOPURE CORP ................................. 324 17,500 * BIOSITE DIAGNOSTICS, INC ..................... 708 64,100 * BIO-TECHNOLOGY GENERAL CORP .................. 453 40 * BIOVAIL CORP ................................. 2 2,200 * BONE CARE INTERNATIONAL, INC ................. 38 269,400 * BOSTON SCIENTIFIC CORP ....................... 3,687 2,066,146 BRISTOL MYERS SQUIBB CO ...................... 152,766 5,900 * CALIPER TECHNOLOGIES CORP .................... 277 1,926,472 CARDINAL HEALTH, INC ......................... 191,925 34,500 * CARDIODYNAMICS INTERNATIONAL CORP ............ 119 274,606 * CAREMARK RX, INC ............................. 3,724 26,517 * CELL PATHWAYS, INC ........................... 126 35,200 * CELL THERAPEUTICS, INC ....................... 1,586 54,600 * CELSION CORP ................................. 55 36,173 * CEPHALON, INC ................................ 2,290 20,200 * CERNER CORP .................................. 934 8,200 * CERUS CORP ................................... 617 85,816 * CHIRON CORP .................................. 3,819 7,900 * CHROMAVISION MEDICAL SYSTEMS, INC ............ 21 7,400 * CLOSURE MEDICAL CORP ......................... 266 32,100 * COHERENT, INC ................................ 1,043 9,200 * COLLATERAL THERAPEUTICS, INC ................. 163 23,800 * COLUMBIA LABORATORIES, INC ................... 103 1,600 * CONMED CORP .................................. 27 34,800 * CONNETICS CORP ............................... 159 15,000 COOPER COS, INC .............................. 598 58,200 * COR THERAPEUTICS, INC ........................ 2,048 45,661 * CORIXA CORP .................................. 1,273 5,900 * CORVEL CORP .................................. 204 12,863 * COVANCE, INC ................................. 138 16,200 * CRYOLIFE, INC ................................ 490 32,400 * CUBIST PHARMACEUTICALS, INC .................. 940 33,600 * CURAGEN CORP ................................. 918 4 * CURIS, INC ................................... 0 18,900 * CV THERAPEUTICS, INC ......................... 1,337 58,900 * CYBER-CARE, INC .............................. 125 19,400 * CYBERONICS, INC .............................. 451 22,400 * CYGNUS, INC .................................. 109 90,200 * CYTOGEN CORP ................................. 211 44,250 * CYTYC CORP ................................... 2,768 10,800 DATASCOPE CORP ............................... 370 4,000 * DAVITA, INC .................................. 69 36,000 * DENDRITE INTERNATIONAL, INC .................. 806 4,800 DIAGNOSTIC PRODUCTS CORP ..................... 262 18,400 * DIAMETRICS MEDICAL, INC ...................... 109 12,800 * DIGENE CORP .................................. 572 8,200 * DIVERSA CORP ................................. 147 14,000 * DUSA PHARMACEUTICALS, INC .................... 235 6,100 * EBENX CORP ................................... 41 37,700 * ECLIPSYS CORP ................................ 924 13,384 * EDWARDS LIFESCIENCES CORP .................... 238 28,800 * ELAN CORP CONTINGENT VALUE RIGHT ............. 23 17,129 * ELAN CORP PLC (SPON ADR) ..................... 802 17,400 * EMISPHERE TECHNOLOGIES, INC .................. 435 7,800 * ENDO PHARMACEUTICAL HOLDINGS, INC ............ 47 14,300 * ENDO PHARMACEUTICALS, INC WTS 12/31/02 ....... 4 11,300 * ENDOCARE, INC ................................ 144 17,400 * ENTREMED, INC ................................ 300 26,800 * ENZO BIOCHEM, INC ............................ 667 49,700 * ENZON, INC ................................... 3,085 10,500 * EXELIXIS, INC ................................ 154 13,000 * EXPRESS SCRIPTS, INC ......................... 1,329 57,804 * FIRST HEALTH GROUP CORP ...................... 2,691 23,372 * FISHER SCIENTIFIC INTERNATIONAL, INC ......... 862 105,300 * FOREST LABORATORIES, INC ..................... 13,992 2,475 b* FPA MEDICAL MANAGEMENT, INC .................. 0 10 FRESENIUS MEDICAL CARE AG. ADR ............... 0 31,500 * GENE LOGIC, INC .............................. 579 465,100 * GENENTECH, INC ............................... 37,906 27,000 * GENOME THERAPEUTICS CORP ..................... 188 3,000 * GENOMIC SOLUTIONS, INC ....................... 23 21,100 * GENTA, INC ................................... 169 9,912 * GENZYME CORP (BIOSURGERY DIVISION) ........... 86 57,987 * GENZYME CORP (GENERAL DIVISION) .............. 5,215 25,400 * GERON CORP ................................... 392 8,383 * GILEAD SCIENCES, INC ......................... 695 1,297,600 GLAXOSMITHKLINE PLC ADR ...................... 72,666 10,100 * GLIATECH, INC ................................ 41 675,418 * GUIDANT CORP ................................. 36,430 1,298,900 a* GUILFORD PHARMACEUTICALS, INC ................ 23,380 20,700 * HAEMONETICS CORP ............................. 639 225,800 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) NEW .............................. 4,685 144,800 * HUMAN GENOME SCIENCES, INC ................... 10,036 12,500 * HYSEQ, INC ................................... 180 49,200 * ICOS CORP .................................... 2,555 39,800 * IDEC PHARMACEUTICALS CORP .................... 7,545 42,300 * IDEXX LABORATORIES, INC ...................... 931 11,400 * IDX SYSTEMS CORP ............................. 285 11,700 * IGEN INTERNATIONAL, INC ...................... 144 29,575 * ILEX ONCOLOGY, INC ........................... 778 99,600 * IMATRON, INC ................................. 137 77,600 * IMCLONE SYSTEMS, INC ......................... 3,414 26,200 * IMMUNE RESPONSE CORP ......................... 69 473,751 * IMMUNEX CORP ................................. 19,246 44,100 * IMMUNOGEN, INC ............................... 945 38,200 * IMMUNOMEDICS, INC ............................ 821 19,300 * IMPATH, INC .................................. 1,283 355,912 IMS HEALTH, INC .............................. 9,610 12,400 * INAMED CORP .................................. 253 65,500 * INCYTE GENOMICS, INC ......................... 1,629 40,800 * INHALE THERAPEUTIC SYSTEMS, INC .............. 2,060 30,000 * INTEGRATED SILICON SOLUTION, INC ............. 431 8,000 * INTERMUNE PHARMACEUTICALS, INC ............... 357 2,700 INVACARE CORP ................................ 92 19,029 * INVITROGEN CORP .............................. 1,644 39,720 * ISIS PHARMACEUTICALS, INC .................... 422 19,000 * I-STAT CORP .................................. 502 167,649 * IVAX CORP .................................... 6,421 92,822 JOHNSON & JOHNSON CO ......................... 9,752 151,218 * KING PHARMACEUTICALS, INC .................... 7,816 11,500 * KOS PHARMACEUTICALS, INC ..................... 203 21,375 * KV PHARMACEUTICAL CO (CLASS B) ............... 518 21,100 * LABORATORY CORP OF AMERICA HOLDINGS .......... 3,714 11,300 * LEXICON GENETICS, INC ........................ 188 37,104 * LIFEPOINT HOSPITALS, INC ..................... 1,860 55,040 * LIGAND PHARMACEUTICALS CO (CLASS A) .......... 771 2,141,862 LILLY (ELI) & CO ............................. 199,327 47,280 * LINCARE HOLDINGS, INC ........................ 2,698 4,700 * LUMINEX CORP ................................. 122 11,400 * LYNX THERAPEUTICS, INC ....................... 103 30,450 * MATRIX PHARMACEUTICALS, INC .................. 521 28,300 * MAXIM PHARMACEUTICALS, INC ................... 180 13,320 * MAXIMUS, INC ................................. 465 66 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(Continued) 9,700 * MAXYGEN, INC ................................. $ 238 34,894 MCKESSON HBOC, INC ........................... 1,252 86,600 * MEDAREX, INC ................................. 3,529 35,700 * MEDICIS PHARMACEUTICAL CORP (CLASS A) ........ 2,111 253,325 * MEDIMMUNE, INC ............................... 12,080 15,714 * MEDQUIST, INC ................................ 251 2,935,573 MEDTRONIC, INC ............................... 177,235 23,500 MENTOR CORP .................................. 458 2,577,315 MERCK & CO, INC .............................. 241,301 19,500 * MGI PHARMA, INC .............................. 322 25,800 * MID ATLANTIC MEDICAL SERVICES, INC ........... 511 226,800 * MILLENNIUM PHARMACEUTICALS, INC .............. 14,033 55,800 MILLIPORE CORP ............................... 3,515 49,200 * MINIMED, INC ................................. 2,068 19,000 * MIRAVANT MEDICAL TECHNOLOGIES ................ 176 19,000 * MOLECULAR DEVICES CORP ....................... 1,300 14,310 MORRISON MANAGEMENT SPECIALISTS, INC ......... 500 16,429 MYLAN LABORATORIES, INC ...................... 414 23,700 * MYRIAD GENETICS, INC ......................... 1,961 40,400 * NABI, INC .................................... 187 16,600 * NANOGEN, INC ................................. 149 25,400 * NEOFORMA.COM, INC ............................ 21 28,200 * NEORX CORP ................................... 148 13,100 * NEOSE TECHNOLOGIES, INC ...................... 432 23,900 * NEUROCRINE BIOSCIENCES, INC .................. 792 16,100 * NEUROGEN CORP ................................ 566 7,700 * NEXELL THERAPEUTICS, INC ..................... 23 22,680 * NOVEN PHARMACEUTICALS, INC ................... 848 18,800 * NOVOSTE CORP ................................. 517 27,100 * NPS PHARMACEUTICALS, INC ..................... 1,301 14,000 * OCULAR SCIENCES, INC ......................... 163 30,700 OMNICARE, INC ................................ 664 25,400 * ON ASSIGNMENT, INC ........................... 724 4,500 * ORATEC INTERVENTIONS, INC .................... 23 7,600 * ORCHID BIOSCIENCES, INC ...................... 106 40,800 * ORGANOGENESIS, INC ........................... 367 48,500 * ORTHODONTIC CENTERS OF AMERICA, INC .......... 1,516 33,600 * OSI PHARMACEUTICALS, INC ..................... 2,692 102,830 * OXFORD HEALTH PLANS, INC ..................... 4,062 15,288 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ..... 229 10,000 * PACKARD BIOSCIENCE CO ........................ 116 5,800 * PARADIGM GENETICS, INC ....................... 58 16,800 * PAREXEL INTERNATIONAL CORP ................... 182 48,400 * PATTERSON DENTAL CO .......................... 1,640 34,066 * PER SE TECHNOLOGIES, INC ..................... 119 87,775 * PEREGRINE PHARMACEUTICALS, INC ............... 82 17,066,994 PFIZER, INC .................................. 785,082 16,618 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC ...... 826 1,223,363 PHARMACIA CORP ............................... 74,625 23,800 * PHARMACOPEIA, INC ............................ 519 19,400 * PHARMACYCLICS, INC ........................... 664 2,800 * PHOTOGEN TECHNOLOGIES, INC ................... 5 12,600 * POLYMEDIA CORP ............................... 421 27,100 * PRIORITY HEALTHCARE CORP (CLASS B) ........... 1,106 31,572 * PROCURENET, INC .............................. 5 5,700 * PROFESSIONAL DETAILING, INC .................. 603 51,400 * PROTEIN DESIGN LABORATORIES, INC ............. 4,465 31,350 * PROVINCE HEALTHCARE CO ....................... 1,234 19,900 * QUEST DIAGNOSTICS, INC ....................... 2,826 46,552 * QUINTILES TRANSNATIONAL CORP ................. 975 22,500 * REGENERON PHARMACEUTICALS, INC ............... 793 15,700 * REHABCARE GROUP, INC ......................... 807 53,950 * RENAL CARE GROUP, INC ........................ 1,479 14,300 * RES-CARE, INC ................................ 64 36,600 * RESMED, INC .................................. 1,459 23,200 * RESPIRONICS, INC ............................. 661 11,600 * RIBOZYME PHARMACEUTICALS, INC ................ 166 17,900 * SANGSTAT MEDICAL CORP ........................ 213 3,526,732 SCHERING-PLOUGH CORP ......................... 200,142 14,200 * SCOTT TECHNOLOGIES, INC ...................... 318 64,150 * SEPRACOR, INC ................................ 5,140 4,500 * SEQUENOM, INC ................................ 63 62,478 * SICOR, INC ................................... 902 3,000 * SONIC INNOVATIONS, INC ....................... 20 9,083 * SONOSITE, INC ................................ 116 11,651 * ST. JUDE MEDICAL, INC ........................ 716 15,100 * STAAR SURGICAL CO ............................ 190 6,900 * STAR SCIENTIFIC, INC ......................... 17 14,200 * STERICYCLE, INC .............................. 541 172,578 * STRYKER CORP ................................. 8,731 13,100 * SUNRISE ASSISTED LIVING, INC ................. 328 55,600 * SUNRISE TECHNOLOGIES INTERNATIONAL, INC ...... 99 30,800 * SUPERGEN, INC ................................ 427 14,000 * SURMODICS, INC ............................... 515 29,458 * SYBRON DENTAL SPECIALITES, INC ............... 497 23,600 * SYNCOR INTERNATIONAL CORP .................... 858 9,900 * TANOX, INC ................................... 388 28,700 * TARGETED GENETICS CORP ....................... 192 1,683,400 TENET HEALTHCARE CORP ........................ 74,806 48,900 * TEXAS BIOTECHNOLOGY CORP ..................... 420 18,100 * THERAGENICS CORP ............................. 91 16,500 * THERMO CARDIOSYSTEMS, INC .................... 144 17,700 * THORATEC LABORATORIES CORP ................... 195 27,600 * TITAN PHARMACEUTICALS, INC ................... 976 21,300 * TRANSKARYOTIC THERAPIES, INC ................. 776 23,604 * TRIAD HOSPITALS, INC ......................... 769 17,200 * TRIANGLE PHARMACEUTICALS, INC ................ 85 18,800 * TRIMERIS, INC ................................ 1,032 13,000 * TULARIK, INC ................................. 383 17,800 * UNITED THERAPEUTICS CORP ..................... 263 41,400 UNITEDHEALTH GROUP, INC ...................... 2,541 13,500 * UNIVERSAL HEALTH SERVICES, INC (CLASS B) ..... 1,509 33,400 * VALENTIS, INC ................................ 238 38,200 * VARIAN MEDICAL SYSTEMS, INC .................. 2,595 38,700 * VARIAN, INC .................................. 1,311 58,800 * VASOMEDICAL, INC ............................. 129 5,400 * VAXGEN, INC .................................. 105 12,100 * VENTANA MEDICAL SYSTEMS, INC ................. 224 37,700 VENTAS, INC .................................. 212 19,766 * VENTIV HEALTH, INC ........................... 248 70,680 * VERTEX PHARMACEUTICALS, INC .................. 5,054 23,200 * VICAL, INC ................................... 429 67,900 * VISX, INC .................................... 709 2,200 VITAL SIGNS, INC ............................. 71 34,700 * VIVUS, INC ................................... 75 154,400 * WATERS CORP .................................. 12,892 61,257 * WATSON PHARMACEUTICALS, INC .................. 3,136 172,681 * WEBMD CORP ................................... 1,371 7,600 X-RITE, INC .................................. 59 10,100 * ZOLL MEDICAL CORP ............................ 354 ------------ TOTAL HEALTH CARE ............................ 2,957,613 ------------ OTHER--2.40% 10,000 e* 4 KIDS ENTERTAINMENT, INC .................... 89 18,400 * ACACIA RESEARCH CORP ......................... 328 23,400 * ADMINSTAFF, INC .............................. 636 9,500 * ADVO, INC .................................... 422 18,164 * BELL & HOWELL CO ............................. 300 5,800 BLOCK (H&R), INC ............................. 240 14,100 BRADY CORP (CLASS A) ......................... 477 13,400 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ........ 350 19,900 * CAREER EDUCATION CORP ........................ 779 208,497 * CENDANT CORP ................................. 2,007 11,200 CENTRAL PARKING CORP ......................... 224 52,700 * CENTURY BUSINESS SERVICES, INC ............... 59 142,250 CINTAS CORP .................................. 7,566 10,600 * CORINTHIAN COLLEGES, INC ..................... 402 22,600 * CORPORATE EXECUTIVE BOARD CO ................. 899 4,900 * COSTAR GROUP, INC ............................ 116 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 67 STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- OTHER--(Continued) 2,600 * DELTEK SYSTEMS, INC .......................... $ 11 72,552 * DEVRY, INC ................................... 2,739 54,900 * DUN & DRADSTREET CORP (NEW) .................. 1,421 1,500 * EDISON SCHOOLS, INC .......................... 47 27,100 * EDUCATION MANAGEMENT CORP .................... 969 600 * ESCO TECHNOLOGIES, INC ....................... 12 12,700 * FIRST CONSULTING GROUP, INC .................. 60 13,100 * FORRESTER RESEARCH, INC ...................... 656 13,900 * FRITZ COS, INC ............................... 84 6,600 * GENTIVA HEALTH SERVICES, INC ................. 88 19,600 * GETTY IMAGES, INC ............................ 627 26,400 * GTECH HOLDINGS CORP .......................... 543 10,100 * HALL KINION & ASSOCIATES, INC ................ 203 31,900 * HA-LO INDUSTRIES, INC ........................ 72 9,140 HARLAND (JOHN H.) CO ......................... 129 23,081 * HEIDRICK & STRUGGLES INTERNATIONAL, INC ...... 971 1,232,286 HONEYWELL INTERNATIONAL, INC ................. 58,303 6,100 * HOTEL RESERVATIONS NETWORK, INC (CLASS A) .... 173 21,300 * HOTJOBS.COM LTD .............................. 244 22,000 * INFOUSA, INC ................................. 74 45,300 * KORN FERRY INTERNATIONAL ..................... 963 33,800 * LABOR READY, INC ............................. 112 7,700 * MANAGEMENT NETWORK GROUP, INC ................ 91 7,300 MANPOWER, INC ................................ 277 14,300 MATTHEWS INTERNATIONAL CORP (CLASS A) ........ 451 6,400 MCGRATH RENTCORP ............................. 124 10,800 * MEMBERWORKS, INC ............................. 230 11,500 * METROMEDIA INTERNATIONAL GROUP, INC .......... 30 7,400 * MODEM MEDIA, INC ............................. 25 28,100 * MODIS PROFESSIONAL SERVICES, INC ............. 116 12,950 * NAVIGANT CONSULTING CO ....................... 49 14,200 * NCO GROUP, INC ............................... 431 23,300 * PREPAID LEGAL SERVICES, INC .................. 594 23,400 * PROSOFTTRAINING.COM .......................... 284 33,900 * R.H. DONNELLEY CORP .......................... 824 23,000 * RENT WAY, INC ................................ 102 214,084 * ROBERT HALF INTERNATIONAL, INC ............... 5,673 19,042 ROLLINS, INC ................................. 382 11,848 * SCHOOL SPECIALTY, INC ........................ 238 7,100 * SOURCE INFORMATION MANAGEMENT CO ............. 27 10,900 * SPHERION CORP ................................ 123 8,500 * STARTEK, INC ................................. 131 7,600 STRAYER EDUCATION, INC ....................... 194 25,100 * SYMYX TECHNOLOGIES, INC ...................... 904 13,925 * SYNDER COMMUNICATIONS, INC ................... 8 5,400 * TEJON RANCH CO ............................... 104 5,400 * TEJON RANCH CO RTS 01/08/01 .................. 0 31,600 * TELETECH HOLDINGS, INC ....................... 581 134,800 * TERREMARK WORLDWIDE, INC ..................... 101 75,800 * TMP WORLDWIDE, INC ........................... 4,169 14,300 * TRAVELOCITY.COM, INC ......................... 173 3,321,000 TYCO INTERNATIONAL LTD ....................... 184,316 16,900 * U.S. LEC CORP (CLASS A) ...................... 81 16,400 * UNIROYAL TECHNOLOGY CORP ..................... 103 21,400 * UNITED STATIONERS, INC ....................... 514 531,300 UNITED TECHNOLOGIES CORP ..................... 41,773 28,800 VALSPAR CORP ................................. 927 23,400 * VENTRO CORP .................................. 23 20,500 VIAD CORP .................................... 472 7,500 * WACKENHUT CORP (CLASS A) ..................... 101 44,400 * WORLD ACCESS, INC ............................ 107 11,200 * WORLDWIDE XCEED GROUP, INC ................... 1 ------------ TOTAL OTHER .................................. 328,249 ------------ PRODUCER DURABLES--8.07% 26,500 ACTUANT CORP ................................. 80 13,000 * ADVANCED LIGHTING TECHNOLOGIES, INC .......... 86 35,800 AMETEK, INC .................................. 929 15,700 * APPLIED SCIENCE AND TECHNOLOGY, INC .......... 188 16,700 * ASTEC INDUSTRIES, INC ........................ 220 7,500 * AZURIX CORP .................................. 61 4,400 BELDEN, INC .................................. 112 11,000 * BLOUNT INTERNATIONAL, INC .................... 85 7,700 BRIGGS & STRATTON CORP ....................... 342 20,100 * BROOKS AUTOMATION, INC ....................... 564 11,800 * CASELLA WASTE SYSTEMS, INC (CLASS A) ......... 103 4,897 * CATAYTICA ENERGY SYSTEMS ..................... 84 44,100 * COGNEX CORP .................................. 976 23,600 * COINSTAR, INC ................................ 360 3,100 * COORSTEK, INC ................................ 97 11,700 * CUNO, INC .................................... 314 9,400 * CYBEROPTICS CORP ............................. 159 44,650 * DYCOM INDUSTRIES, INC ........................ 1,605 2,800 FRANKLIN ELECTRIC CO, INC .................... 192 12,300 * FUELCELL ENERGY, INC ......................... 843 20,784,173 GENERAL ELECTRIC CO .......................... 996,341 1,652,820 HARLEY DAVIDSON, INC ......................... 65,700 9,800 * IBIS TECHNOLOGY CORP ......................... 189 7,700 IDEX CORP .................................... 255 9,500 LINDSAY MANUFACTURING CO ..................... 215 19,300 * LITTELFUSE, INC .............................. 552 20,472 MANITOWOC CO, INC ............................ 594 26,700 * MECHANICAL TECHNOLOGY, INC ................... 93 30,650 * NATIONAL INSTRUMENTS CORP .................... 1,488 76,600 * NEWPARK RESOURCES, INC ....................... 732 15,100 NEWPORT NEWS SHIPBUILDING, INC ............... 785 11,000 NORDSON CORP ................................. 281 3,382 PHILADELPHIA SUBURBAN CORP ................... 83 14,400 * PHOTON DYNAMICS, INC ......................... 324 3 PITNEY BOWES, INC ............................ 0 11,400 e* PLUG POWER, INC .............................. 167 513,900 * POWER-ONE, INC ............................... 20,203 24,550 * QUANTA SERVICES, INC ......................... 790 31,500 * RAYOVAC CORP ................................. 447 21,600 * REPUBLIC SERVICES, INC (CLASS A) ............. 371 36,570 ROPER INDUSTRIES, INC ........................ 1,209 400 SJW CORP ..................................... 41 22,000 * SUPERCONDUCTOR TECHNOLOGIES, INC ............. 80 14,133 TELEFLEX, INC ................................ 625 9,300 TENNANT CO ................................... 446 41,800 * TETRA TECH, INC .............................. 1,332 5,900 * THERMO FIBERTEK, INC ......................... 20 35,100 * VALENCE TECHNOLOGY, INC ...................... 327 7,900 VALMONT INDUSTRIES, INC ...................... 145 7,578 WABTEC CORP .................................. 89 16,700 * WASTE CONNECTIONS, INC ....................... 552 ------------ TOTAL PRODUCER DURABLES ...................... 1,101,876 ------------ TECHNOLOGY--46.30% 14,300 * 24/7 MEDIA, INC .............................. 8 290,727 * 3COM CORP .................................... 2,471 31,300 * 3DO CO ....................................... 82 17,200 * ABOUT.COM, INC ............................... 463 30,000 * ACCRUE SOFTWARE, INC ......................... 75 12,800 * ACT MANUFACTURING, INC ....................... 202 26,420 * ACTEL CORP ................................... 639 67,500 * ACTUATE CORP ................................. 1,291 75,460 * ACXIOM CORP .................................. 2,938 22,100 * ADAPTEC, INC ................................. 227 48,200 * ADAPTIVE BROADBAND CORP ...................... 295 924,886 * ADC TELECOMMUNICATIONS, INC .................. 16,764 11,700 * ADEPT TECHNOLOGY, INC ........................ 170 288,820 ADOBE SYSTEMS, INC ........................... 16,806 22,835 * ADTRAN, INC .................................. 485 46,900 * ADVANCED DIGITAL INFORMATION CORP ............ 1,079 14,500 * ADVANCED ENERGY INDUSTRIES, INC .............. 326 88,950 * ADVANCED FIBRE COMMUNICATIONS, INC ........... 1,607 218,400 * ADVANCED MICRO DEVICES, INC .................. 3,017 12,400 * ADVANTAGE LEARNING SYSTEMS, INC .............. 417 68 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(Continued) 32,200 * ADVENT SOFTWARE, INC ......................... $ 1,290 68,300 * AEROFLEX, INC ................................ 1,969 25,900 * AETHER SYSTEMS, INC .......................... 1,013 13,427 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) .. 815 3,900 * AGENCY.COM LTD ............................... 15 30,000 * AGILE SOFTWARE CORP .......................... 1,481 691,563 * AGILENT TECHNOLOGIES, INC .................... 37,863 11,700 * AIRGATE PCS, INC ............................. 415 5,300 * AIRNET COMMUNICATION CORP .................... 36 52,012 * AKAMAI TECHNOLOGIES, INC ..................... 1,096 29,300 * ALLAIRE CORP ................................. 147 23,700 * ALLIANCE SEMICONDUCTOR CORP .................. 268 43,700 * ALPHA INDUSTRIES, INC ........................ 1,617 477,600 * ALTERA CORP .................................. 12,567 3,479,768 * AMERICA ONLINE, INC .......................... 121,096 40,475 * AMERICAN MANAGEMENT SYSTEMS, INC ............. 802 184,000 * AMERICAN POWER CONVERSION CORP ............... 2,277 23,800 * AMERICAN SUPERCONDUCTOR CORP ................. 680 3,900 * AMERICAN TECHNICAL CERAMICS CORP ............. 39 56,800 * AMERICAN TELESOURCE INTERNATIONAL, INC ....... 21 133,800 * AMKOR TECHNOLOGY, INC ........................ 2,076 48,000 * AMPHENOL CORP (CLASS A) ...................... 1,881 35,300 * ANADIGICS, INC ............................... 578 1,550,334 * ANALOG DEVICES, INC .......................... 79,358 15,100 ANALYSTS INTERNATIONAL CORP .................. 58 26,200 * ANAREN MICROWAVE, INC ........................ 1,760 68,675 * ANDREW CORP .................................. 1,494 2,656 * ANIXTER INTERNATIONAL, INC ................... 57 38,500 * ANSWERTHINK, INC ............................. 140 21,700 * ANTEC CORP ................................... 172 27,200 * APAC CUSTOMER SERVICES, INC .................. 100 4,466 * APERIAN, INC ................................. 3 84,300 * APPLE COMPUTER, INC .......................... 1,254 972,374 * APPLIED MATERIALS, INC ....................... 37,133 1,183,212 * APPLIED MICRO CIRCUITS CORP .................. 88,796 7,000 * APPLIEDTHEORY CORP ........................... 14 101,032 * ARCH WIRELESS, INC ........................... 63 345 * ARCH WIRELESS, INC WTS 09/01/01 .............. 0 12,200 * AREMISSOFT CORP .............................. 521 451,200 * ARIBA, INC ................................... 24,196 69,300 * ART TECHNOLOGY GROUP, INC .................... 2,118 40,325 * ARTESYN TECHNOLOGIES, INC .................... 640 5,500 * ASIAINFO HOLDINGS, INC ....................... 52 25,200 * ASK JEEVES, INC .............................. 61 50,300 * ASPECT COMMUNICATIONS CORP ................... 405 35,000 * ASPEN TECHNOLOGY, INC ........................ 1,164 36,900 * ASYST TECHNOLOGIES, INC ...................... 496 483,200 * ATMEL CORP ................................... 5,617 27,300 * ATMI, INC .................................... 532 17,520 AUTODESK, INC ................................ 472 543,674 AUTOMATIC DATA PROCESSING, INC ............... 34,421 7,700 * AVANEX CORP .................................. 459 38,380 * AVANT CORP ................................... 703 279,749 * AVAYA, INC ................................... 2,885 5,500 * AVENUE A, INC ................................ 10 7,100 AVERY DENNISON CORP .......................... 390 58,043 * AVOCENT CORP ................................. 1,567 29,000 * AVT CORP ..................................... 144 20,800 AVX CORP ..................................... 341 20,600 * AWARE, INC ................................... 366 22,900 * AXT, INC ..................................... 757 19,200 * BARRA, INC ................................... 905 1,212,000 * BEA SYSTEMS, INC ............................. 81,583 18,800 * BENCHMARK ELECTRONICS, INC ................... 424 28,400 * BILLING CONCEPTS CORP ........................ 57 47,100 * BINDVIEW DEVELOPMENT CORP .................... 443 53,900 * BISYS GROUP, INC ............................. 2,810 22,440 * BLACK BOX CORP ............................... 1,084 15,500 * BLUESTONE SOFTWARE, INC ...................... 234 290,123 * BMC SOFTWARE, INC ............................ 4,062 10,400 * BOTTOMLINE TECHNOLOGIES, INC ................. 267 14,300 * BRAUN CONSULTING, INC ........................ 53 16,900 * BREAKAWAY SOLUTIONS, INC ..................... 15 62,189 * BRIGHTPOINT, INC ............................. 218 15,300 * BRIO TECHNOLOGY, INC ......................... 65 45,600 * BROADBASE SOFTWARE, INC ...................... 285 173,100 * BROADCOM CORP (CLASS A) ...................... 14,540 234,000 * BROADVISION, INC ............................. 2,764 678,100 * BROCADE COMMUNICATIONS SYSTEMS, INC .......... 62,258 15,200 * BROOKTROUT, INC .............................. 144 15,800 * BSQUARE CORP ................................. 95 31,806 C&D TECHNOLOGIES, INC ........................ 1,374 14,900 * CABLE DESIGN TECHNOLOGIES CO ................. 251 92,300 * CABLETRON SYSTEMS, INC ....................... 1,390 16,400 * CACHEFLOW, INC ............................... 280 8,000 * CACI INTERNATIONAL, INC (CLASS A) ............ 184 75,400 * CADENCE DESIGN SYSTEMS, INC .................. 2,074 7,800 * CAIS INTERNET, INC ........................... 8 7,100 * CALDERA SYSTEMS, INC ......................... 14 14,700 * CALICO COMMERCE, INC ......................... 14 16,500 * CALIFORNIA AMPLIFIER, INC .................... 153 41,500 * CAMBRIDGE TECHNOLOGY PARTNERS, INC ........... 109 5,000 * CAMINUS CORP ................................. 116 11,200 * CARREKER CORP ................................ 389 10,600 * CARRIER ACCESS CORP .......................... 95 6,500 * C-BRIDGE INTERNET SOLUTIONS, INC ............. 25 33,100 * C-COR.NET CORP ............................... 322 14,000 * CELERITEL, INC ............................... 534 6,600 * CENTENNIAL COMMUNICATIONS CORP ............... 124 3,800 * CENTILUM COMMUNICATIONS, INC ................. 85 1,633,800 * CERIDIAN CORP ................................ 32,574 63,560 * CHECKFREE CORP ............................... 2,701 13,600 * CHOICE ONE COMMUNICATIONS, INC ............... 127 7,100 * CHORDIANT SOFTWARE, INC ...................... 21 48,416 * CIBER, INC ................................... 236 1,528,900 * CIENA CORP ................................... 124,223 62,250 * CIRRUS LOGIC, INC ............................ 1,167 16,747,572 * CISCO SYSTEMS, INC ........................... 640,595 209,380 * CITRIX SYSTEMS, INC .......................... 4,711 26,360 * CLARENT CORP ................................. 298 22,400 * CLARUS CORP .................................. 157 10,100 * CLICK2LEARN. COM, INC ........................ 98 248,273 * CMGI, INC .................................... 1,389 55,700 * CNET NETWORKS, INC ........................... 891 7,600 * COGNIZANT TECHNOLOGY SOLUTIONS CORP .......... 276 23,300 COHU, INC .................................... 325 25,800 * COM21, INC ................................... 121 231,200 * COMMERCE ONE, INC ............................ 5,852 49,533 * COMMSCOPE, INC ............................... 820 2,026,696 COMPAQ COMPUTER CORP ......................... 30,502 27,500 * COMPLETE BUSINESS SOLUTIONS, INC ............. 284 531,136 COMPUTER ASSOCIATES INTERNATIONAL, INC ....... 10,357 8,465 * COMPUTER HORIZONS CORP ....................... 21 29,600 * COMPUTER NETWORK TECHNOLOGY CORP ............. 853 130,218 * COMPUTER SCIENCES CORP ....................... 7,829 235,640 * COMPUWARE CORP ............................... 1,473 1,400 COMPX INTERNATIONAL, INC ..................... 13 197,022 * COMVERSE TECHNOLOGY, INC ..................... 21,402 26,200 * CONCORD CAMERA CORP .......................... 432 19,200 * CONCORD COMMUNICATIONS, INC .................. 168 255,728 * CONCORD EFS, INC ............................. 11,236 64,100 * CONCURRENT COMPUTER CORP ..................... 345 261,786 * CONEXANT SYSTEMS, INC ........................ 4,025 13,150 * CONVERA CORP ................................. 233 10,500 * CONVERGENT COMMUNICATIONS, INC ............... 6 14,620 * CONVERGYS CORP ............................... 662 54,600 * COPPER MOUNTAIN NETWORKS, INC ................ 322 1,456 * CORECOMM LTD ................................. 7 4,000 * CORILLIAN CORP ............................... 48 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 69 STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(Continued) 1,842,354 CORNING, INC ................................. $ 97,299 22,100 * CORSAIR COMMUNICATIONS, INC .................. 157 62,700 * CREDENCE SYSTEMS CORP ........................ 1,442 72,400 * CREE, INC .................................... 2,572 25,600 * CRITICAL PATH, INC ........................... 787 11,200 * CROSSROADS SYSTEMS, INC ...................... 53 62,600 * CSG SYSTEMS INTERNATIONAL, INC ............... 2,938 17,250 * CTC COMMUNICATIONS GROUP, INC ................ 80 32,900 CTS CORP ..................................... 1,199 500 CUBIC CORP ................................... 13 19,100 * CYBERSOURCE CORP ............................. 45 22,900 * CYLINK CORP .................................. 49 34,300 * CYMER, INC ................................... 883 1,500 * CYPRESS COMMUNICATIONS, INC .................. 1 111,200 * CYPRESS SEMICONDUCTOR CORP ................... 2,189 6,000 * CYSIE, INC ................................... 25 10,900 * DALEEN TECHNOLOGIES, INC ..................... 41 52,900 DALLAS SEMICONDUCTOR CORP .................... 1,356 11,700 * DATA RETURN CORP ............................. 44 23,400 * DATASTREAM SYSTEMS, INC ...................... 228 18,600 * DAVOX CORP ................................... 181 13,000 * DDI CORP ..................................... 354 5,889,462 * DELL COMPUTER CORP ........................... 102,697 11,200 * DELTATHREE, INC .............................. 13 24,550 * DIAMONDCLUSTER INTERNATIONAL, INC (CLASS A) .. 749 31,400 * DIGEX, INC ................................... 707 10,000 * DIGIMARC CORP ................................ 165 500 * DIGITAL COURIER TECHNOLOGIES, INC ............ 0 24,500 * DIGITAL INSIGHT CO ........................... 443 90,500 * DIGITAL ISLAND, INC .......................... 368 21,600 * DIGITAL RIVER, INC ........................... 51 4,800 * DIGITALTHINK INC ............................. 82 11,000 * DIGITAS, INC ................................. 56 87,200 * DMC STRATEX NETWORKS, INC .................... 1,308 14,000 * DOBSON COMMUNICATIONS CORP (CLASS A) ......... 205 38,200 * DOCUMENTUM, INC .............................. 1,898 128,492 * DOUBLECLICK, INC ............................. 1,413 12,000 * DSET CORP .................................... 22 31,800 * DSP GROUP, INC ............................... 669 26,800 * DST SYSTEMS, INC ............................. 1,796 6,100 * DUPONT PHOTOMASKS, INC ....................... 322 84,950 * E.PIPHANY, INC ............................... 4,582 148,600 * EBAY, INC .................................... 4,904 23,545 * ECHELON CORP ................................. 378 28,800 * EGAIN COMMUNICATIONS CORP .................... 89 25,000 * ELANTEC SEMICONDUCTOR, INC ................... 694 31,700 * ELECTRO SCIENTIFIC INDUSTRIES, INC ........... 888 21,200 * ELECTROGLAS, INC ............................. 325 136,800 * ELECTRONIC ARTS, INC ......................... 5,831 264,700 ELECTRONIC DATA SYSTEMS CORP ................. 15,286 35,100 * ELECTRONICS FOR IMAGING, INC ................. 489 54,400 * ELOYALTY CORP ................................ 352 45,200 * EMACHINES, INC ............................... 17 26,300 * EMAGIN CORP .................................. 56 4,800 * EMBARCADERO TECHNOLOGIES, INC ................ 216 7,135,912 * EMC CORP ..................................... 474,538 29,500 * EMCORE CORP .................................. 1,387 47,500 * E-MEDSOFT.COM ................................ 30 7,180 * EMERGE INTERACTIVE, INC (CLASS A) ............ 26 445 * EMPLOYEE SOLUTIONS, INC ...................... 0 87,400 * EMULEX CORP .................................. 6,987 44,800 * ENGAGE, INC .................................. 34 50,700 * ENTRUST TECHNOLOGIES, INC .................... 659 11,100 * EPICEDGE, INC ................................ 4 4,400 * EPLUS, INC ................................... 50 6,500 * EPRISE CORP .................................. 12 168,400 EQUIFAX, INC ................................. 4,831 2,516,800 ERICSSON TELEFON (LM) SERIES B (SPON ADR) .... 28,157 9,300 * ESPEED, INC (CLASS A) ........................ 146 29,800 * ESS TECHNOLOGY, INC .......................... 153 45,120 * EXAR CORP .................................... 1,398 11,300 * EXCEL TECHNOLOGY, INC ........................ 225 33,400 * EXCELON CORP ................................. 50 37,600 * EXCHANGE APPLICATIONS, INC ................... 46 122,778 * EXCITE AT HOME ............................... 679 1,151,650 * EXODUS COMMUNICATIONS, INC ................... 23,033 7,600 * EXTENDED SYSTEMS, INC ........................ 89 4,200 * EXTENSITY, INC ............................... 25 56,200 * EXTREME NETWORKS, INC ........................ 2,199 13,300 * F.Y.I., INC .................................. 490 15,900 * F5 NETWORKS, INC ............................. 151 11,985 FAIR ISSAC & CO, INC ......................... 611 53,600 * FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC (CLASS A) .................................. 774 16,300 * FEI CO ....................................... 371 10,900 * FIBERNET TELECOM GROUP, INC .................. 60 40,597 * FILENET CORP ................................. 1,106 118,900 * FINISAR CORP ................................. 3,448 5,500 * FIREPOND, INC ................................ 52 6,500 * FIRSTWORLD COMMUNICATIONS, INC (CLASS B) ..... 4 102,712 * FISERV, INC .................................. 4,872 21,000 * FOCAL COMMUNICATIONS CORP .................... 147 619,964 * FOUNDRY NETWORKS, INC ........................ 9,299 1,600 * FREEMARKETS, INC ............................. 30 17,900 * FSI INTERNATIONAL, INC ....................... 150 4,400 * FUTURELINK CORP .............................. 3 12,800 * GADZOOX NETWORKS, INC ........................ 27 16,400 * GASONICS INTERNATIONAL CORP .................. 301 227,100 * GATEWAY, INC ................................. 4,086 45,900 * GENERAL SEMICONDUCTOR, INC ................... 287 22,200 * GENZYME TRANSGENICS CORP ..................... 318 20,500 * GEOWORKS CORP ................................ 60 8,500 * GLOBALNETFINANCIAL.COM, INC .................. 13 40,500 * GLOBESPAN, INC ............................... 1,114 20,500 * GLOBIX CORP .................................. 56 13,500 * GOAMERICA, INC ............................... 73 2,100 * GOLDEN TELECOM, INC .......................... 11 32,600 * GOTO.COM, INC ................................ 238 15,400 * GREAT PLAINS SOFTWARE, INC ................... 725 10,900 * GRIC COMMUNICATIONS, INC ..................... 23 2,500 * GRIFFON CORP ................................. 20 60,246 * HARMONIC, INC ................................ 343 13,800 HARRIS CORP .................................. 423 26,500 HELIX TECHNOLOGY CORP ........................ 627 764,052 HEWLETT-PACKARD CO ........................... 24,115 8,900 * HI/FN, INC ................................... 245 2,300 HICKORY TECH CORP ............................ 47 38,040 * HNC SOFTWARE, INC ............................ 1,129 53,200 * HOMESTORE.COM, INC ........................... 1,071 28,500 HON INDUSTRIES, INC .......................... 727 6,600 * HUTCHINSON TECHNOLOGY, INC ................... 91 37,990 * HYPERION SOLUTIONS CORP ...................... 586 719,590 * I2 TECHNOLOGIES, INC ......................... 39,128 12,200 * IBASIS, INC .................................. 50 7,800 * IBEAM BROADCASTING CORP ...................... 8 31,300 * IDENTIX, INC ................................. 246 37,267 * IGATE CAPITAL CORP ........................... 107 13,400 * II-VI, INC ................................... 204 23,700 * ILLUMINET HOLDINGS, INC ...................... 544 14,500 * IMMERSION CORP ............................... 109 13,800 * IMPSAT FIBER NETWORKS, INC ................... 60 22,700 * IMRGLOBAL CORP ............................... 122 11,600 * INET TECHNOLOGIES, INC ....................... 470 34,400 * INFOCUS CORP ................................. 507 51,200 * INFONET SERVICES CORP (CLASS B) .............. 256 63,952 * INFORMATICA CORP ............................. 2,530 31,800 * INFORMATION ARCHITECTS CORP .................. 58 6,000 * INFORTE CORP ................................. 83 257,860 * INFOSPACE.COM, INC ........................... 2,280 70 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(Continued) 6,800 * INGRAM MICRO, INC (CLASS A) .................. $ 77 97,000 * INKTOMI CORP ................................. 1,734 9,900 * INPRISE CORP ................................. 55 13,400 * INTEGRATED CIRCUIT SYSTEMS, INC .............. 222 120,200 * INTEGRATED DEVICE TECHNOLOGY, INC ............ 3,982 17,012,122 INTEL CORP ................................... 511,427 44,300 * INTELIDATA TECHNOLOGIES CORP ................. 115 7,100 * INTERACT COMMERCE CORP ....................... 59 5,700 * INTERACTIVE INTELLIGENCE, INC ................ 138 9,300 * INTERCEPT GROUP, INC ......................... 248 64,186 * INTERDIGITAL COMMUNICATIONS CORP ............. 347 55,900 * INTERLIANT, INC .............................. 178 11,600 * INTERLINK ELECTRONICS, INC ................... 147 92,200 * INTERNAP NETWORK SERVICES CORP ............... 668 3,261,700 INTERNATIONAL BUSINESS MACHINES CORP ......... 277,245 33,400 * INTERNATIONAL FIBERCOM, INC .................. 165 58,500 * INTERNATIONAL RECTIFIER CORP ................. 1,755 55,200 * INTERNET PICTURES CORP ....................... 53 31,700 * INTERNET SECURITY SYSTEMS, INC ............... 2,486 12,300 * INTERNET.COM CORP ............................ 73 24,400 * INTERSIL HOLDINGS CORP ....................... 560 74,300 * INTERTRUST TECHNOLOGIES CORP ................. 251 37,800 * INTERVOICE-BRITE, INC ........................ 274 19,100 * INTERWORLD CORP .............................. 10 41,700 * INTERWOVEN, INC .............................. 2,750 19,900 * INTRAWARE, INC ............................... 29 16,900 * INTRUSION.COM, INC ........................... 80 142,585 * INTUIT, INC .................................. 5,623 256,992 * IOMEGA CORP .................................. 866 22,280 IRON MOUNTAIN, INC ........................... 827 10,200 * ITXC CORP .................................... 71 46,600 * IXL ENTERPRISES, INC ......................... 47 7,300 * IXYS CORP .................................... 107 47,700 * J.D. EDWARDS & CO ............................ 850 2,394 * J2 GLOBAL COMMUNICATIONS, INC ................ 1 142,364 * JABIL CIRCUIT, INC ........................... 3,612 36,500 JACK HENRY & ASSOCIATES, INC ................. 2,268 7,650 * JDA SOFTWARE GROUP, INC ...................... 100 1,753,707 * JDS UNIPHASE CORP ............................ 73,108 7,200 * JNI CORP ..................................... 163 663,600 * JUNIPER NETWORKS, INC ........................ 83,655 18,700 * JUNO ONLINE SERVICES, INC .................... 12 22,738 * JUPITER MEDIA METRIX, INC .................... 212 91,652 * KANA COMMUNICATIONS, INC ..................... 1,054 44,500 * KEANE, INC ................................... 434 10,400 KEITHLEY INSTRUMENTS, INC .................... 448 97,180 * KEMET CORP ................................... 1,470 25,900 * KENT ELECTRONICS CORP ........................ 427 20,000 * KEYNOTE SYSTEMS, INC ......................... 284 23,250 * KFORCE.COM, INC .............................. 71 213,500 * KLA-TENCOR CORP .............................. 7,192 74,700 * KOPIN CORP ................................... 826 14,400 * KRONOS, INC .................................. 446 51,300 * KULICKE & SOFFA INDUSTRIES, INC .............. 577 150,212 * LAM RESEARCH CORP ............................ 2,178 19,300 * LANTE CORP ................................... 30 93,944 * LATTICE SEMICONDUCTOR CORP ................... 1,726 14,400 * LCC INTERNATIONAL, INC (CLASS A) ............. 157 13,600 * LEARNING TREE INTERNATIONAL, INC ............. 673 102,960 * LEGATO SYSTEMS, INC .......................... 766 8,800 * LEVEL 8 SYSTEMS, INC ......................... 54 155,402 * LEXMARK INTERNATIONAL, INC ................... 6,886 62,000 * LIBERATE TECHNOLOGIES ........................ 845 19,900 * LIGHTBRIDGE, INC ............................. 261 18,300 * LIGHTPATH TECHNOLOGIES, INC .................. 254 380,800 LINEAR TECHNOLOGY CORP ....................... 17,612 1,300 * LIVEPERSON, INC .............................. 1 48,700 * LOOKSMART LTD ................................ 119 1,845,800 * LSI LOGIC CORP ............................... 31,545 56,600 * LTX CORP ..................................... 733 8,784,886 LUCENT TECHNOLOGIES, INC ..................... 118,596 62,900 * MACROMEDIA, INC .............................. 3,821 41,200 * MACROVISION CORP ............................. 3,049 29,100 * MAIL.COM, INC ................................ 21 17,200 * MAIL-WELL, INC ............................... 74 6,100 * MANHATTAN ASSOCIATES, INC .................... 260 59,800 * MANUGISTICS GROUP, INC ....................... 3,409 16,100 * MAPINFO CORP ................................. 761 90,123 * MARCHFIRST, INC .............................. 135 15,800 * MARIMBA, INC ................................. 71 22,875 * MASTEC, INC .................................. 458 6,300 * MATRIXONE, INC ............................... 115 341,200 * MAXIM INTEGRATED PRODUCTS, INC ............... 16,314 75,000 * MAXTOR CORP .................................. 420 7,400 * MCAFEE.COM CORP .............................. 37 10,900 * MCK COMMUNICATIONS, INC ...................... 92 10,700 * MCSI, INC .................................... 229 10,000 * MEDIA 100 INC ................................ 26 19,300 * MEDIAPLEX, INC ............................... 16 15,300 * MEMC ELECTRONIC MATERIALS, INC ............... 148 76,600 * MENTOR GRAPHICS CORP ......................... 2,102 28,000 * MERCATOR SOFTWARE, INC ....................... 151 26,400 * MERCURY COMPUTER SYSTEMS, INC ................ 1,226 95,800 * MERCURY INTERACTIVE CORP ..................... 8,646 7,600 * META GROUP, INC .............................. 49 10,900 * METASOLV, INC ................................ 99 4,800 * METAWAVE COMMUNICATIONS CORP ................. 44 36,000 METHODE ELECTRONICS, INC (CLASS A) ........... 826 19,500 * METRICOM, INC ................................ 196 65,700 * METROCALL, INC ............................... 31 46,209 * METTLER-TOLEDO INTERNATIONAL, INC ............ 2,513 70,200 * MICREL, INC .................................. 2,365 142,207 * MICROCHIP TECHNOLOGY, INC .................... 3,120 96,450 * MICROMUSE, INC ............................... 5,822 26,600 * MICRON ELECTRONICS, INC ...................... 104 1,483,800 * MICRON TECHNOLOGY, INC ....................... 52,675 12,900 * MICROSEMI CORP ............................... 359 10,122,094 * MICROSOFT CORP ............................... 439,046 30,900 e* MICROSTRATEGY, INC ........................... 294 13,700 * MICROVISION, INC ............................. 240 46,000 * MIPS TECHNOLOGIES, INC (CLASS A) ............. 1,228 5,200 * MKS INSTRUMENTS, INC ......................... 81 124,415 MOLEX, INC ................................... 4,417 1 * MOMENTUM BUSINESS APPLICATIONS, INC .......... 0 1,147,755 MOTOROLA, INC ................................ 23,242 59,237 * MPOWER COMMUNICATIONS CORP ................... 304 76,200 * MRV COMMUNICATIONS, INC ...................... 1,019 37,200 * MTI TECHNOLOGY CORP .......................... 146 19,100 * MULTEX.COM, INC .............................. 253 5,500 * NANOMETRICS, INC ............................. 76 5,400 NATIONAL DATA CORP ........................... 198 16,600 * NATIONAL INFORMATION CONSORTIUM, INC ......... 25 216,831 * NATIONAL SEMICONDUCTOR CORP .................. 4,364 44,500 * NATURAL MICROSYSTEMS CORP .................... 439 11,500 * NAVISITE, INC ................................ 27 16,400 * NCR CORP ..................................... 806 4,700 * NEON SYSTEMS, INC ............................ 29 14,400 * NET PERCEPTIONS, INC ......................... 30 6,900 * NET.GENESIS CORP ............................. 22 10,500 * NET2PHONE, INC ............................... 77 3,200 * NETCREATIONS, INC ............................ 22 31,050 * NETEGRITY, INC ............................... 1,688 4,600 * NETGURU.COM, INC ............................. 18 32,700 * NETIQ CORP ................................... 2,857 25,000 * NETMANAGE, INC ............................... 23 13,800 * NETOBJECTS, INC .............................. 6 16,200 * NETOPIA, INC ................................. 70 2,400 * NETPLIANCE, INC .............................. 1 43,300 * NETRO CORP ................................... 300 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 71 STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(Continued) 15,200 * NETSCOUT SYSTEMS, INC ........................ $ 152 8,300 * NETSILICON, INC .............................. 31 4,000 * NETSOL INTERNATIONAL, INC .................... 28 5,000 * NETSOLVE, INC ................................ 38 17,400 * NETWORK ACCESS SOLUTIONS CORP ................ 11 752,400 * NETWORK APPLIANCE, INC ....................... 48,295 126,694 * NETWORK ASSOCIATES, INC ...................... 531 18,300 * NETWORK PERIPHERALS, INC ..................... 118 30,200 * NETZERO, INC ................................. 26 27,600 * NEW ERA OF NETWORKS, INC ..................... 162 5,700 * NEW FOCUS, INC ............................... 198 36,250 NEWPORT CORP ................................. 2,850 19,600 * NEXT LEVEL COMMUNICATIONS, INC ............... 223 14,600 * NHANCEMENT TECHNOLOGIES, INC ................. 72 9,600 * NIKU CORP .................................... 70 783,500 NOKIA CORP (SPON ADR) ........................ 34,082 5,700 NORTH PITTSBURGH SYSTEMS, INC ................ 63 51,300 * NOVA CORP (GEORGIA) .......................... 1,023 13,600 * NOVADIGM, INC ................................ 86 106,950 * NOVELL, INC .................................. 558 1,817,862 * NOVELLUS SYSTEMS, INC ........................ 65,329 15,800 NTELOS, INC .................................. 278 6,000 * NUANCE COMMUNICATIONS, INC ................... 259 1,000 * NUCENTRIX BROADBAND NETWORKS, INC ............ 11 6,700 * NUMERICAL TECHNOLOGIES, INC .................. 121 58,600 * NVIDIA CORP .................................. 1,920 43,900 * NX NETWORKS, INC ............................. 27 25,400 * NYFIX, INC ................................... 614 24,100 * OBJECTIVE SYSTEMS INTEGRATORS, INC ........... 425 1,098,337 * ON SEMICONDUCTOR CORP ........................ 5,766 25,000 * ONYX SOFTWARE CORP ........................... 275 38,800 * OPEN MARKET, INC ............................. 42 82,208 * OPENWAVE SYSTEMS, INC ........................ 3,941 7,200 * OPTICAL CABLE CORP ........................... 65 70 * OPUS360 CORP ................................. 0 13,739,732 * ORACLE CORP .................................. 399,311 5,700 * OSICOM TECHNOLOGIES, INC ..................... 92 5,200 * OTG SOFTWARE, INC ............................ 84 20,000 * PACKETEER, INC ............................... 248 20,880 * PAC-WEST TELECOMM, INC ....................... 72 673,603 * PALM, INC .................................... 19,071 19,400 * PARADYNE NETWORKS, INC ....................... 35 232,034 * PARAMETRIC TECHNOLOGY CORP ................... 3,118 42,800 * PAXSON COMMUNICATIONS CORP ................... 511 402,582 PAYCHEX, INC ................................. 19,576 94,600 * P-COM, INC ................................... 290 14,700 * PC-TEL, INC .................................. 158 900 * PEC SOLUTIONS, INC ........................... 7 177,840 * PEOPLESOFT, INC .............................. 6,613 170,812 * PEREGRINE SYSTEMS, INC ....................... 3,374 24,800 * PERICOM SEMICONDUCTOR CORP ................... 459 68,300 * PEROT SYSTEMS CORP (CLASS A) ................. 628 12,500 * PERSISTENCE SOFTWARE, INC .................... 55 27,700 * PHOENIX TECHNOLOGIES LTD ..................... 374 26,800 * PHOTRONICS, INC .............................. 628 6,600 * PIXELWORKS, INC .............................. 148 58,300 * PLANTRONICS, INC ............................. 2,740 53,400 * PLEXUS CORP .................................. 1,623 17,200 * PLX TECHNOLOGY, INC .......................... 143 480,286 * PMC-SIERRA, INC .............................. 37,762 59,500 * POLYCOM, INC ................................. 1,915 137,900 * PORTAL SOFTWARE, INC ......................... 1,082 31,900 * POWER INTEGRATIONS, INC ...................... 367 31,300 * POWERTEL, INC ................................ 1,939 53,000 * POWERWAVE TECHNOLOGIES, INC .................. 3,101 4,025 * PREDICTIVE SYSTEMS, INC ...................... 29 3,800 * PREVIEW SYSTEMS, INC ......................... 12 24,900 * PRI AUTOMATION, INC .......................... 467 14,000 * PRIMUS KNOWLEDGE SOLUTIONS, INC .............. 91 17,300 * PROBUSINESS SERVICES, INC .................... 460 6,400 * PROCOM TECHNOLOGY, INC ....................... 83 21,235 * PRODIGY COMMUNICATIONS CORP (CLASS A) ........ 32 45,650 * PROFIT RECOVERY GROUP INTERNATIONAL, INC ..... 291 36,300 * PROGRESS SOFTWARE CORP ....................... 524 13,800 * PROJECT SOFTWARE & DEVELOPMENT, INC .......... 148 34,700 * PROXICOM, INC ................................ 143 31,300 * PROXIM, INC .................................. 1,346 39,480 * PUMA TECHNOLOGY, INC ......................... 164 24,900 * PURCHASEPRO.COM, INC ......................... 436 105,675 * QLOGIC CORP .................................. 8,137 12,400 * QRS CORP ..................................... 159 2,024,800 * QUALCOMM, INC ................................ 166,413 74,750 * QUANTUM CORP-HARD DISK DRIVE GROUP ........... 598 25,300 * QUEST SOFTWARE, INC .......................... 710 23,000 * QUICKLOGIC CORP .............................. 160 18,400 * QUINTUS CORP ................................. 55 16,900 * QUOKKA SPORTS, INC ........................... 10 19,050 * RADIANT SYSTEMS, INC ......................... 391 17,700 * RADISYS CORP ................................. 458 26,800 * RAINBOW TECHNOLOGIES, INC .................... 424 94,164 * RAMBUS, INC .................................. 3,402 15,500 * RAMP NETWORKS, INC ........................... 89 44,800 * RARE MEDIUM GROUP, INC ....................... 361 225,458 * RATIONAL SOFTWARE CORP ....................... 8,779 13,300 * RAZORFISH, INC (CLASS A) ..................... 22 81,500 * REALNETWORKS, INC ............................ 708 81,900 * RED HAT, INC ................................. 512 227,400 * REDBACK NETWORKS, INC ........................ 9,323 6,700 * REGISTER.COM, INC ............................ 47 30,780 * REMEDY CORP .................................. 510 11,700 * RESEARCH FRONTIERS, INC ...................... 205 162,300 * RESEARCH IN MOTION LTD ....................... 12,984 56,513 * RETEK, INC ................................... 1,378 139,200 * RF MICRO DEVICES, INC ........................ 3,819 45,950 * ROBOTIC VISION SYSTEMS, INC .................. 126 17,300 * ROGERS CORP .................................. 710 29,300 * RSA SECURITY, INC ............................ 1,549 5,800 * RUDOLPH TECHNOLOGIES, INC .................... 175 10,900 * RURAL CELLULAR CORP (CLASS A) ................ 323 29,693 * S1 CORP ...................................... 156 4,500 * SABA SOFTWARE, INC ........................... 71 12,700 * SAFEGUARD SCIENTIFICS, INC ................... 84 32,500 * SAGA SYSTEMS, INC ............................ 372 16,900 * SAGENT TECHNOLOGY, INC ....................... 23 14,400 * SANCHEZ COMPUTER ASSOCIATES, INC ............. 119 57,700 * SANDISK CORP ................................. 1,601 952,698 * SANMINA CORP ................................. 73,000 90,600 * SAPIENT CORP ................................. 1,082 10,300 * SATCON TECHNOLOGY CO ......................... 102 14,800 * SAVVIS COMMUNICATIONS CORP ................... 13 29,500 * SAWTEK, INC .................................. 1,363 7,400 * SBS TECHNOLOGIES, INC ........................ 222 139,800 * SCI SYSTEMS, INC ............................. 3,687 35,800 * SCIENT CORP .................................. 116 700 * SCIENTIFIC LEARNING CORP ..................... 3 197,900 SCIENTIFIC-ATLANTA, INC ...................... 6,444 15,500 * SCM MICROSYSTEMS, INC ........................ 512 191,700 * SDL, INC ..................................... 28,408 20,200 * SEACHANGE INTERNATIONAL, INC ................. 410 30,400 * SECURE COMPUTING CORP ........................ 300 3,700 * SEEBEYOND TECHNOLOGY CORP .................... 38 4,800 * SELECTICA, INC ............................... 116 17,300 * SEMITOOL, INC ................................ 168 81,800 * SEMTECH CORP ................................. 1,805 25,300 * SENSORMATIC ELECTRONICS CORP ................. 508 9,000 * SEQUOIA SOFTWARE CORP ........................ 17 17,250 * SERENA SOFTWARE, INC ......................... 591 1,213,392 * SIEBEL SYSTEMS, INC .......................... 82,056 35,200 * SILICON IMAGE, INC ........................... 191 72 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(Continued) 3,900 * SILICON LABORATORIES, INC .................... $ 56 93,000 * SILICON STORAGE TECHNOLOGY, INC .............. 1,099 5,500 * SILICON VALLEY GROUP, INC .................... 158 5,200 * SILICONIX, INC ............................... 117 14,100 * SILVERSTREAM SOFTWARE, INC ................... 291 27,200 * SIPEX CORP ................................... 651 56,853 * SITEL CORP ................................... 163 9,800 * SMARTDISK CORP ............................... 38 5,500 * SMARTSERV ONLINE, INC ........................ 39 2,726,108 * SOLECTRON CORP ............................... 92,415 36,600 * SOMERA COMMUNICATIONS, INC ................... 318 16,900 * SONIC FOUNDRY, INC ........................... 22 108,850 * SONICBLUE, INC ............................... 449 27,400 * SONICWALL, INC ............................... 445 14,500 * SONUS NETWORKS, INC .......................... 366 12,900 * SPECTRALINK CORP ............................. 186 4,400 * SPECTRA-PHYSICS LASERS, INC .................. 111 14,600 * SPEEDFAM-IPEC, INC ........................... 89 10,700 * SPSS, INC .................................... 236 4,400 * STANFORD MICRODEVICES, INC ................... 158 57,600 * STARBASE CORP ................................ 135 43,800 * STARMEDIA NETWORK, INC ....................... 83 7,713,840 * SUN MICROSYSTEMS, INC ........................ 215,023 44,850 * SUNGARD DATA SYSTEMS, INC .................... 2,114 11,600 * SUPERTEX, INC ................................ 229 18,700 * SVI HOLDINGS, INC ............................ 19 13,200 * SWITCHBOARD, INC ............................. 39 217,556 * SYCAMORE NETWORKS, INC ....................... 8,104 23,100 * SYKES ENTERPRISES, INC ....................... 103 86,743 * SYMANTEC CORP ................................ 2,895 175,047 SYMBOL TECHNOLOGIES, INC ..................... 6,302 21,730 * SYMMETRICOM, INC ............................. 212 35,502 * SYNOPSYS, INC ................................ 1,684 8,600 * SYNTEL, INC .................................. 49 37,700 * SYSTEMS & COMPUTER TECHNOLOGY CORP ........... 464 13,500 * TAKE-TWO INTERACTIVE SOFTWARE, INC ........... 155 16,700 * TANNING TECHNOLOGY, INC ...................... 62 15,271 * TECH DATA CORP ............................... 413 27,800 TECHNITROL, INC .............................. 1,143 33,900 * TECHNOLOGY SOLUTIONS CO ...................... 72 52,800 * TEKELEC ...................................... 1,584 4,900 * TELAXIS COMMUNICATIONS CORP .................. 9 19,700 * TELCOM SEMICONDUCTOR, INC .................... 224 22,224 * TELECORP PCS, INC (CLASS A) .................. 497 3,100 * TELESCAN, INC ................................ 3 1,509,076 * TELLABS, INC ................................. 85,263 20,500 * TELOCITY, INC ................................ 41 12,300 * TENFOLD CORP ................................. 18 211,400 * TERADYNE, INC ................................ 7,875 52,500 * TERAYON COMMUNICATION SYSTEMS, INC ........... 213 4,256,268 TEXAS INSTRUMENTS, INC ....................... 201,641 11,200 * THERMA-WAVE, INC ............................. 157 25,400 * THREE-FIVE SYSTEMS, INC ...................... 457 153,500 * TIBCO SOFTWARE, INC .......................... 7,358 63,700 * TITAN CORP ................................... 1,035 20,200 * TIVO, INC .................................... 109 14,400 * TOLLGRADE COMMUNICATIONS, INC ................ 526 44,800 TOTAL SYSTEM SERVICES, INC ................... 1,002 22,020 * TRANSACTION SYSTEMS ARCHITECTS, INC (CLASS A) 255 99,400 * TRANSWITCH CORP .............................. 3,889 20,000 * TRICORD SYSTEMS, INC ......................... 166 28,100 * TRIMBLE NAVIGATION LTD ....................... 674 78,300 * TRIQUINT SEMICONDUCTOR, INC .................. 3,421 23,800 * TRIZETTO GROUP, INC .......................... 397 30,200 * TUMBLEWEED COMMUNICATIONS CORP ............... 517 8,100 * TURNSTONE SYSTEMS, INC ....................... 60 19,450 * TUT SYSTEMS, INC ............................. 160 5,300 * ULTICOM, INC ................................. 181 9,600 * ULTIMATE ELECTRONICS, INC .................... 211 13,400 * ULTRATECH STEPPER, INC ....................... 347 10,800 * UNIGRAPHICS SOLUTIONS, INC ................... 176 186,000 * UNISYS CORP .................................. 2,720 12,100 * UNIVERSAL ACCESS, INC ........................ 97 17,600 * UNIVERSAL DISPLAY CORP ....................... 127 19,390 * US INTERACTIVE, INC .......................... 5 15,200 * US WIRELESS CORP ............................. 67 27,050 * USINTERNETWORKING, INC ....................... 135 9,500 * VA LINUX SYSTEMS, INC ........................ 77 1,500 * VALUECLICK, INC .............................. 7 37,900 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC ........................... 900 6,700 * VASCO DATA SECURITY INTERNATIONAL, INC ....... 36 29,400 * VEECO INSTRUMENTS, INC ....................... 1,180 539,387 * VERISIGN, INC ................................ 40,016 1,475,868 * VERITAS SOFTWARE CORP ........................ 129,138 33,400 * VERITY, INC .................................. 804 5,000 * VERSATA, INC ................................. 45 36,900 * VERTEL CORP .................................. 86 14,400 * VERTEX INTERACTIVE, INC ...................... 90 109,300 * VERTICALNET, INC ............................. 728 3,700 * VIADOR, INC .................................. 5 27,900 * VIALINK CO ................................... 78 47,700 * VIANT CORP ................................... 189 50,600 * VIASYSTEMS GROUP, INC ........................ 421 7,600 * VICINITY CORP ................................ 23 22,000 * VICOR CORP ................................... 668 26,400 * VIEWPOINT CORP ............................... 144 238,500 * VIGNETTE CORP ................................ 4,293 18,694 * VISHAY INTERTECHNOLOGY, INC .................. 283 35,900 * VISUAL NETWORKS, INC ......................... 117 215,700 * VITESSE SEMICONDUCTOR CORP ................... 11,931 89,400 * VITRIA TECHNOLOGY, INC ....................... 693 6,300 * VYYO, INC .................................... 39 51,990 * WALT DISNEY INTERNET GROUP ................... 224 13,800 * WATCHGUARD TECHNOLOGIES, INC ................. 436 54,300 * WAVE SYSTEMS CORP (CLASS A) .................. 244 16,664 * WEBMETHODS, INC .............................. 1,482 4,300 * WEBSENSE, INC ................................ 62 15,200 * WEBTRENDS CORP ............................... 440 101,200 * WEBVAN GROUP, INC ............................ 47 16,300 * WESCO INTERNATIONAL, INC ..................... 118 34,365 * WESTELL TECHNOLOGIES, INC (CLASS A) .......... 105 61,800 * WESTERN DIGITAL CORP ......................... 151 15,700 * WHITE ELECTRONIC DESIGNS CORP ................ 102 72,031 * WIND RIVER SYSTEMS, INC ...................... 2,458 17,000 * WIRELESS FACILITIES, INC ..................... 616 700 WOODHEAD INDUSTRIES, INC ..................... 14 1,133,800 * XILINX, INC .................................. 52,297 30,800 * XIRCOM, INC .................................. 477 6,300 * XPEDIOR, INC ................................. 2 39,100 * XYBERNAUT CORP ............................... 66 552,448 * YAHOO, INC ................................... 16,608 29,700 * ZEBRA TECHNOLOGIES CORP (CLASS A) ............ 1,212 270 f* ZEBRA TECHNOLOGIES CORP (CLASS B) ............ 11 14,900 * ZIXIT CORP ................................... 130 20,400 * ZORAN CORP ................................... 316 12,300 * Z-TEL TECHNOLOGIES, INC ...................... 64 15,300 * ZYGO CORP .................................... 433 ------------ TOTAL TECHNOLOGY ............................. 6,319,053 ------------ TRANSPORTATION--0.10% 35,900 * AIRTRAN HOLDINGS, INC ........................ 260 19,400 * ATLANTIC COAST AIRLINES HOLDINGS, INC ........ 793 16,700 * ATLAS AIR, INC ............................... 545 79,200 C.H. ROBINSON WORLDWIDE, INC ................. 2,490 17,500 * EGL, INC ..................................... 419 51,300 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC .. 2,754 17,400 * FORWARD AIR CORP ............................. 649 20,600 * FRONTIER AIRLINES, INC ....................... 637 4,600 * HEARTLAND EXPRESS, INC ....................... 105 31,541 * KANSAS CITY SOUTHERN INDUSTRIES, INC ......... 319 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 73 STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TRANSPORTATION--(Continued) 3,000 * KNIGHT TRANSPORTATION, INC ................... $ 58 10,300 * LANDSTAR SYSTEM, INC ......................... 571 9,450 * MESA AIR GROUP, INC .......................... 66 24,100 * MESABA HOLDINGS, INC ......................... 303 18,700 * NORTHWEST AIRLINES CORP (CLASS A) ............ 563 9,884 SABRE HOLDINGS CORP .......................... 426 53,200 SKYWEST, INC ................................. 1,530 13,775 * SWIFT TRANSPORTATION CO, INC ................. 273 25,500 * U.S. AIRWAYS GROUP, INC ...................... 1,034 8,400 UNITED PARCEL SERVICE, INC (CLASS B) ......... 494 ------------ TOTAL TRANSPORTATION ......................... 14,289 ------------ UTILITIES--3.25% 37,600 * ACTV, INC .................................... 160 39,900 * ADELPHIA BUSINESS SOLUTIONS, INC ............. 170 39,900 * ADVANCED RADIO TELECOM CORP .................. 41 370,036 * AES CORP ..................................... 20,491 12,300 * ALAMOSA PCS HOLDINGS, INC .................... 98 130,700 * ALLEGIANCE TELECOM, INC ...................... 2,910 38,695 ALLTEL CORP .................................. 2,416 1,115,674 * AMERICAN TOWER CORP (CLASS A) ................ 42,256 8,200 * ARGUSS COMMUNICATIONS, INC ................... 75 206,500 * AT&T WIRELESS GROUP .......................... 3,575 10,300 BLACK HILLS CORP ............................. 461 51,996 * CABLEVISION SYSTEMS CORP (CLASS A) ........... 4,416 993,000 * CALPINE CORP ................................. 44,747 6 * COMCAST CORP (CLASS A) SPECIAL ............... 0 9,733 * COMMONWEALTH TELEPHONE ENTERPRISES,INC ....... 341 74,869 * COX COMMUNICATIONS, INC (CLASS A) ............ 3,486 100 CT COMMUNICATIONS, INC ....................... 1 12,900 * DIGITAL LIGHTWAVE, INC ....................... 409 25,650 * DITECH COMMUNICATIONS CORP ................... 412 37,200 * DSL.NET, INC ................................. 20 224,190 DYNEGY, INC (CLASS A) ........................ 12,569 51,900 * E.SPIRE COMMUNICATIONS, INC .................. 26 48,846 * EARTHLINK, INC ............................... 246 34,800 * EFFICIENT NETWORKS, INC ...................... 496 6,700 * ELECTRIC LIGHTWAVE, INC (CLASS A) ............ 22 814,166 ENRON CORP ................................... 67,647 9,900 b* GEOTEK COMMUNICATIONS, INC ................... 0 7,750 * GLENAYRE TECHNOLOGIES, INC ................... 27 245,400 GLOBAL TELESYSTEMS, INC ...................... 199 130,798 b* ICG COMMUNICATIONS, INC ...................... 17 29,000 * IDT CORP ..................................... 591 24,500 * INSIGHT COMMUNICATIONS CO, INC ............... 576 49,200 * INTERMEDIA COMMUNICATIONS, INC ............... 354 19,400 INTER-TEL, INC ............................... 149 61,400 * ITC DELTACOM, INC ............................ 331 9,400 * L-3 COMMUNICATIONS HOLDINGS, INC ............. 724 22,500 * LATITUDE COMMUNICATIONS, INC ................. 87 32,250 * LEAP WIRELESS INTERNATIONAL, INC ............. 806 230,150 * LEVEL 3 COMMUNICATIONS, INC .................. 7,552 479,003 * MCLEODUSA, INC (CLASS A) ..................... 6,766 7,800 * MEDIACOM COMMUNICATIONS CORP ................. 134 361,134 * METROMEDIA FIBER NETWORK, INC (CLASS A) ...... 3,656 7,200 * NEON COMMUNICATIONS, INC ..................... 47 11,200 * NET2000 COMMUNICATIONS, INC .................. 19 11,900 * NETWORK PLUS CORP ............................ 30 1,402,100 * NEXTEL COMMUNICATIONS, INC (CLASS A) ......... 34,702 29,000 * NORTHPOINT COMMUNICATIONS GROUP, INC ......... 10 8,000 * NRG ENERGY, INC .............................. 223 1,600 OTTER TAIL POWER CO .......................... 44 52,600 * PRICE COMMUNICATIONS CORP .................... 884 39,100 * PRIMUS TELECOMMUNICATIONS GROUP, INC ......... 90 168,986 * PSINET, INC .................................. 121 552,223 * QWEST COMMUNICATIONS INTERNATIONAL , INC ..... 22,641 61,600 * RHYTHMS NETCONNECTIONS, INC .................. 69 32,200 * SBA COMMUNICATIONS CORP ...................... 1,322 602,100 SBC COMMUNICATIONS, INC ...................... 28,750 2,142,400 * SPRINT CORP (PCS GROUP) ...................... 43,785 82,700 * TALK.COM, INC ................................ 119 19,100 * TELIGENT, INC (CLASS A) ...................... 37 65,800 * TIME WARNER TELECOM, INC (CLASS A) ........... 4,174 42,900 * TRITON PCS HOLDINGS, INC (CLASS A) ........... 1,456 126,909 * TYCOM LTD .................................... 2,840 9,400 * U.S. CELLULAR CORP ........................... 566 16,100 * VIA NET.WORKS, INC ........................... 61 18,800 * VIASAT, INC .................................. 247 38,290 * VIATEL, INC .................................. 142 32,600 * VIRATA CORP .................................. 355 272,356 * VOICESTREAM WIRELESS CORP .................... 27,406 44,500 * WEBLINK WIRELESS, INC ........................ 153 11,600 * WEST CORP .................................... 326 69,900 * WESTERN WIRELESS CORP (CLASS A) .............. 2,739 38,000 * WILLIAMS COMMUNICATIONS GROUP, INC ........... 447 109,200 * WINSTAR COMMUNICATIONS, INC .................. 1,276 2,477,880 * WORLDCOM, INC ................................ 34,845 16,100 * WORLDGATE COMMUNICATIONS, INC ................ 61 254,187 * XO COMMUNICATIONS, INC (CLASS A) ............. 4,528 ------------ TOTAL UTILITIES .............................. 443,975 ------------ TOTAL COMMON STOCK (Cost $14,167,748) ......................... 13,537,000 ------------ PRINCIPAL --------- SHORT TERM INVESTMENTS--0.64% U.S. GOVERNMENT AND AGENCIES--0.64% FEDERAL HOME LOAN BANK (FHLB) $ 4,450,000 6.220%, 01/19/01 ............................. 4,435 15,000,000 d 6.210%, 01/24/01 ............................. 14,937 36,575,000 6.220%, 01/26/01 ............................. 36,409 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 11,437,000 d 6.410%, 01/02/01 ............................. 11,435 5,085,000 d 6.430%, 01/09/01 ............................. 5,077 15,000,000 d 6.170%, 02/20/01 ............................. 14,869 ------------ TOTAL SHORT TERM INVESTMENTS (Cost $87,175) .............................. 87,162 ------------ TOTAL PORTFOLIO--99.89% (Cost $14,264,477) .......................... 13,633,657 OTHER ASSETS & LIABILITIES, NET--0.11% ........ 15,030 ------------ NET ASSETS--100.00% ........................... $ 13,648,687 ============ ---------- * Non-income producing a Affiliated holding 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. f Restricted security--Investment in security not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2000, the value of this security amounted to $11,015 or 0.00% of net assets. Additional information on the restricted security is as follows: SECURITY ACQUISITION DATE ACQUISITION COST ---------------------------- ---------------- ---------------- ZEBRA TECHNOLOGIES CORP (CLASS B) 10/29/98 $8,133 ====== TRANSACTIONS WITH AFFILIATED COMPANIES - JANUARY 1, 2000--DECEMBER 31, 2000 --------------------------------------------------------------------------------
VALUE AT SHARES AT VALUE AT DECEMBER 31, PURCHASE SALES REALIZED DIVIDEND DECEMBER 31, DECEMBER 31, ISSUE 1999 COST PROCEEDS GAIN (LOSS) INCOME 2000 2000 ----- ------------ --------- ----------- ------------ -------- --------- ----------- GUILFORD PHARMACEUTICALS, INC $ 23,665,700 $ 383,675 $ 2,276,523 $ 236,392 -- 1,298,900 $23,380,200 ------------ --------- ----------- ------------ -------- - ----------- TOTAL AFFILIATED TRANSACTION $ 23,665,700 $ 383,675 $ 2,276,523 $ 236,392 $ 0 $23,380,200 ============ ========= =========== ============ ======== ===========
74 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS Report of Management Responsibility To the Participants of College Retirement Equities Fund: The accompanying financial statements of the Stock, Global Equities and Growth Accounts of College Retirement Equities Fund ("CREF") are the responsibility of management. They have been prepared in accordance with accounting principles generally accepted in the United States and have been presented fairly and objectively in accordance with such principles. CREF has established and maintains a strong system of internal controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management's authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, CREF's internal audit personnel provide a continuing review of the internal controls and operations of the CREF Accounts, and the internal Auditor regularly reports to the Audit Committee of the CREF Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Ernst & Young LLP. For the periods covered by these financial statements, all services provided by Ernst &Young LLP for CREF were limited exclusively to auditing. It is CREF's policy that any non-audit services be obtained from a firm other than the external financial audit firm. The independent auditors' report, which appears on the following page, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the CREF Board of Trustees, consisting of trustees who are not officers of CREF, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls, and auditing. In addition to the annual audit of the financial statements of all the CREF Accounts by the independent auditing firm, the New York State Insurance Department, other state insurance departments and the Securities and Exchange Commission perform periodic examinations of the CREF Accounts' operations. /s/ John H. Biggs /s/ Richard L. Gibbs ----------------------- ---------------------------- Chairman, President and Executive Vice President and Chief Executive Officer Principal Accounting Officer Report of the Audit Committee To the Participants of College Retirement Equities Fund: The Audit Committee oversees the financial reporting process of the College Retirement Equities Fund ("CREF") on behalf of CREF's Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee's responsibilities. All members of the Audit Committee ("Committee") are independent, as defined under the listing standards of the New York Stock Exchange. Management has the primary responsibility for CREF's financial statements, development and maintenance of a strong system of internal controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in connection with their respective audits. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements. The Committee has also discussed the audited financial statements with Ernst & Young LLP, the independent auditing firm responsible for expressing an opinion on the conformity of these audited financial statements with generally accepted accounting principles. The discussion with Ernst & Young LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by CREF, the clarity of the financial statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors' independence from management and CREF, and has received a written disclosure regarding such independence, as required by the Independence Standards Board. Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities. Maceo K. Sloan, Audit Committee Chair Martin J. Gruber, Audit Committee Member Nestor V. Santiago, Audit Committee Member David K. Storrs, Audit Committee Member February 12, 2001 2000 CREF Annual Report o 75 Report of Independent Auditors To the Participants and Board of Trustees of College Retirement Equities Fund: We have audited the accompanying statements of assets and liabilities, including the statements of investments, of the Stock, Global Equities and Growth Accounts (three of the Accounts comprising the College Retirement Equities Fund ("CREF")) as of December 31, 2000, and the related statements of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF's management. Our responsibility is to express an opinion on these financial statements based on our audits. The condensed financial information for the year ended December 31, 1996 was audited by other auditors, whose report dated February 6, 1997 expressed an unqualified opinion on such condensed financial information. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2000 by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Stock, Global Equities and Growth Accounts of CREF at December 31, 2000, the results of their operations for the year then ended, and the changes in their net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States. /s/ Ernst & Young LLP New York, New York February 5, 2001 76 o 2000 CREF Annual Report Statements of Assets and Liabilities -------------------------------------------------------------------------------- December 31, 2000 (amounts in thousands, except Stock Global Equities Growth amounts per accumulation unit) Account Account Account -------------------------------------------------------------------------------- ASSETS Portfolio investments, at cost $ 82,573,803 $ 8,326,840 $14,264,477 Net unrealized appreciation (depreciation) of portfolio investments 38,660,954 204,157 (630,820) ------------ ----------- ----------- Portfolio investments, at value 121,234,757 8,530,997 13,633,657 Cash 96,577 18,088 19 Dividends and interest receivable 119,257 7,243 6,514 Receivable from securities transactions 209,065 27,655 5,957 Amounts due from TIAA 8,623 5,599 10,176 Other 38 17 21 ------------ ----------- ----------- TOTAL ASSETS 121,668,317 8,589,599 13,656,344 ------------ ----------- ----------- LIABILITIES Deposits for securities loaned--Note 4 1,740,578 153,952 1,000 Payable for securities transactions 280,744 71,960 6,657 ------------ ----------- ----------- TOTAL LIABILITIES 2,021,322 225,912 7,657 ------------ ----------- ----------- NET ASSETS Accumulation Fund 99,101,438 8,078,272 13,274,726 Annuity Fund 20,545,557 285,415 373,961 ------------ ----------- ----------- TOTAL NET ASSETS $119,646,995 $ 8,363,687 $13,648,687 ============ =========== =========== THOUSANDS OF ACCUMULATION UNITS OUTSTANDING--NOTES 5 AND 6 525,111 99,622 166,751 ============ =========== =========== NET ASSET VALUE, PER ACCUMULATION UNIT--NOTE 5 $ 188.72 $ 81.09 $ 79.61 ============ =========== =========== See Notes to Financial Statements -------------------------------------------------------------------------------- Statements of Operations -------------------------------------------------------------------------------- Year Ended December 31, 2000 Stock Global Equities Growth (amounts in thousands) Account Account Account -------------------------------------------------------------------------------- INVESTMENT INCOME Income: Interest $ 100,267 $ 8,247 $ 17,844 Dividends 1,493,926 88,473 61,233 ------------ ----------- ----------- TOTAL INCOME 1,594,193 96,720 79,077 ------------ ----------- ----------- Expenses--Note 3: Investment 113,528 12,498 14,730 Operating 289,970 20,755 35,047 ------------ ----------- ----------- TOTAL EXPENSES 403,498 33,253 49,777 ------------ ----------- ----------- INVESTMENT INCOME--NET 1,190,695 63,467 29,300 ------------ ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS--NOTE 4 Net realized gain (loss) on: Portfolio investments 10,268,509 912,707 901,464 Futures transactions (81,147) 4,324 (15,516) Foreign currency transactions (14,745) (9,249) (86) ------------ ----------- ----------- NET REALIZED GAIN 10,172,617 907,782 885,862 ------------ ----------- ----------- Net change in unrealized appreciation (depreciation) on: Portfolio investments (22,329,336) (2,558,517) (4,548,065) Futures transactions (130,053) (19,550) (21,845) Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies 545 117 -- ------------ ----------- ----------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (22,458,844) (2,577,950) (4,569,910) ------------ ----------- ----------- NET REALIZED AND UNREALIZED LOSS ON TOTAL INVESTMENTS (12,286,227) (1,670,168) (3,684,048) ------------ ----------- ----------- NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(11,095,532) $(1,606,701) $(3,654,748) ============ =========== =========== See Notes to Financial Statements 2000 CREF Annual Report o 77 Statements of Changes in Net Assets
----------------------------------------------------------------------------------------------------------------------------------- Years Ended December 31, Stock Global Equities Growth (amounts in thousands) Account Account Account ----------------------------------------------------------------------------------------------------------------------------------- 2000 1999 2000 1999 2000 1999 ------------ ------------ ---------- ---------- ----------- ----------- FROM OPERATIONS Investment income--net $ 1,190,695 $ 1,313,837 $ 63,467 $ 57,088 $ 29,300 $ 38,416 Net realized gain on total investments 10,172,617 13,615,617 907,782 658,584 885,862 849,924 Net change in unrealized appreciation (depreciation) on total investments (22,458,844) 9,385,791 (2,577,950) 1,586,719 (4,569,910) 2,207,795 ------------ ------------ ---------- ---------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (11,095,532) 24,315,245 (1,606,701) 2,302,391 (3,654,748) 3,096,135 ------------ ------------ ---------- ---------- ----------- ----------- FROM PARTICIPANT TRANSACTIONS Premiums 2,948,528 2,923,099 767,263 588,294 1,553,417 1,218,001 ------------ ------------ ---------- ---------- ----------- ----------- Disbursements and transfers: Net transfers to (from) TIAA 605,550 824,793 (37,262) (47,905) (183,242) (143,065) Net transfers to (from) other CREF Accounts 2,457,780 2,880,467 (458,246) (148,605) (2,500,825) (1,720,316) Annuity payments 2,409,192 2,038,160 42,466 28,055 63,723 32,772 Withdrawals and death benefits 2,466,820 2,132,893 223,356 136,630 440,797 235,247 ------------ ------------ ---------- ---------- ----------- ----------- TOTAL DISBURSEMENTS AND TRANSFERS, NET 7,939,342 7,876,313 (229,686) (31,825) (2,179,547) (1,595,362) ------------ ------------ ---------- ---------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS (4,990,814) (4,953,214) 996,949 620,119 3,732,964 2,813,363 ------------ ------------ ---------- ---------- ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS (16,086,346) 19,362,031 (609,752) 2,922,510 78,216 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 year $119,646,995 $135,733,341 $8,363,687 $8,973,439 $13,648,687 $13,570,471 ============ ============ ========== ========== =========== ===========
-------------------------------------------------------------------------------- See Notes to Financial Statements Note 1--Organization -------------------------------------------------------------------------------- The purpose of College Retirement Equities Fund ("CREF"), as stated in its charter, is to aid and strengthen nonprofit educational and research organizations, governmental entities and other nonprofit institutions 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, Inflation-Linked Bond, Bond Market, 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 prices if no sale is reported. All other over-the-counter securities are val- 78 o 2000 CREF Annual Report Notes to Financial Statements (CONTINUED) -------------------------------------------------------------------------------- Note 2--Significant Accounting Policies (CONTINUED) -------------------------------------------------------------------------------- ued 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/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index 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/index. 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, which are identified in the accompanying statement of investments, if any, may not be sold except in exempt transactions or in a public offering regis- 2000 CREF Annual Report o 79 Notes to Financial Statements (CONTINUED) -------------------------------------------------------------------------------- Note 2--Significant Accounting Policies (CONCLUDED) -------------------------------------------------------------------------------- tered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. FEDERAL INCOME TAXES CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code ("Code"), not as a regulated investment company under Subchapter M of the Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. Note 3--Management Agreements -------------------------------------------------------------------------------- Services necessary for the operation of the CREF Accounts are provided, at cost, by Investment Management and Services. Such services are provided in accordance with an Investment Management Agreement between CREF and Investment Management, and in accordance with a Principal Underwriting and Administrative Services Agreement between CREF and Services (see Note 1). Investment Management and Services receive management fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to each Account's actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly. Note 4--Investments -------------------------------------------------------------------------------- At December 31, 2000, the market value of securities loaned and collateral received in connection therewith was comprised as follow: -------------------------------------------------------------------------------- Stock Global Equities Growth Account Account Account -------------------------------------------------------------------------------- Market value of securities loaned $1,650,732,093 $145,207,358 $ 885,275 Cash collateral 1,740,577,628 153,952,089 1,000,000 At December 31, 2000, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows: -------------------------------------------------------------------------------- Net Unrealized Gross Unrealized Gross Unrealized Appreciation Appreciation of Depreciation of (Depreciation) of Portfolio Portfolio Portfolio Investments Investments Investments -------------------------------------------------------------------------------- Stock Account $46,231,618,885 $7,570,665,276 $ 38,660,953,609 Global Equities Account 1,216,135,135 1,011,977,805 204,157,330 Growth Account 2,103,567,775 2,734,387,706 (630,819,931) At December 31, 2000, the Stock, Global Equities and Growth Accounts held 1,719, 360 and 77 open futures contracts, respectively, in the Standard & Poor's 500 Index, expiring in March 2001, with a value of $573,716,250, $120,150,000 and $25,698,750, respectively, and an unrealized loss of $18,076,830, $3,515,935 and $752,012, 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 Globe Equities Growth Account Account Account -------------------------------------------------------------------------------- Value of affiliated companies at December 31, 2000: $ 18,654,675 $70,811,932 $23,380,200 For the year ended December 31, 2000: Dividend income 197,894 2,156,974 -- Realized gain (loss) (15,816,581) 11,424,077 236,392 Purchases and sales of portfolio securities for the Stock, Global Equities, and Growth Accounts for the year ended December 31, 2000, other than short-term money market instruments,were as follows: -------------------------------------------------------------------------------- Stock Global Equities Growth Account Account Account -------------------------------------------------------------------------------- Purchases: Unaffiliated companies $41,983,114,994 $10,253,562,118 $10,054,732,981 Affiliated companies 19,598,621 54,142,088 383,675 --------------- --------------- --------------- Total Purchases $42,002,713,615 $10,307,704,206 $10,055,116,656 =============== =============== =============== Sales: Unaffiliated companies $42,591,164,998 $ 8,925,038,894 $ 5,728,847,969 Affiliated companies 10,313,503 41,897,280 2,276,523 --------------- --------------- --------------- Total Sales $42,601,478,50 $ 8,966,936,174 $ 5,731,124,492 =============== =============== =============== 80 o 2000 CREF Annual Report Notes to Financial Statements (CONTINUED) -------------------------------------------------------------------------------- Note 5--Condensed Financial Information -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below. -------------------------------------------------------------------------------- For the Years Ended December 31, 2000 1999 1998 1997 1996 -------------------------------------------------------------------------------- STOCK ACCOUNT Per Accumulation Unit data: Investment income $ 2.472 $ 2.567 $ 2.381 $ 2.317 $ 2.114 Expenses .626 .607 .521 .387 .304 -------- -------- -------- -------- -------- Investment income--net 1.846 1.960 1.860 1.930 1.810 Net realized and unrealized gain (loss) on total investments (19.231) 34.478 29.795 26.864 15.953 -------- -------- -------- -------- -------- Net increase (decrease) in Accumulation Unit Value (17.385) 36.438 31.655 28.794 17.763 Accumulation Unit Value: Beginning of year 206.110 169.672 138.017 109.223 91.460 -------- -------- -------- -------- -------- End of year $188.725 $206.110 $169.672 $138.017 $109.223 ======== ======== ======== ======== ======== Total return (8.43%) 21.48% 22.94% 26.36% 19.42% Ratios to Average Net Assets: Expenses 0.31% 0.33% 0.34% 0.31% 0.31% Investment income--net 0.91% 1.07% 1.23% 1.55% 1.82% Portfolio turnover rate 32.65% 29.26% 34.63% 23.25% 19.57% Thousands of Accumulation Units outstanding at end of year 525,111 543,589 565,999 597,531 620,498 -------------------------------------------------------------------------------- For the Years Ended December 31, 2000 1999 1998 1997 1996 -------------------------------------------------------------------------------- GLOBAL EQUITIES ACCOUNT Per Accumulation Unit data: Investment income $ .946 $ .959 $ .902 $ .848 $ .751 Expenses .325 .300 .268 .205 .167 ------- ------- ------- ------- ------- Investment income--net .621 .659 .634 .643 .584 Net realized and unrealized gain (loss) on total investments (16.281) 24.976 10.508 8.650 7.138 ------- ------- ------- ------- ------- Net increase (decrease) in Accumulation Unit Value (15.660) 25.635 11.142 9.293 7.722 Accumulation Unit Value: Beginning of year 96.750 71.115 59.973 50.680 42.958 ------- ------- ------- ------- ------- End of year $81.090 $96.750 $71.115 $59.973 $50.680 ======= ======= ======= ======= ======= Total return (16.19%) 36.05% 18.58% 18.34% 17.98% Ratios to Average Net Assets: Expenses 0.35% 0.39% 0.41% 0.38% 0.37% Investment income--net 0.68% 0.85% 0.97% 1.19% 1.28% Portfolio turnover rate 98.06% 81.30% 103.31% 98.70% 88.84% Thousands of Accumulation Units outstanding at end of year 99,622 89,492 81,825 84,645 80,016 2000 CREF Annual Report o 81 Notes to Financial Statements (CONCLUDED) -------------------------------------------------------------------------------- Note 5--Condensed Financial Information (CONCLUDED) -------------------------------------------------------------------------------- For the Years Ended December 31, 2000 1999 1998 1997 1996 -------------------------------------------------------------------------------- GROWTH ACCOUNT Per Accumulation Unit data: Investment income $ .509 $ .592 $ .482 $ .527 $ .484 Expenses .320 .278 .244 .155 .119 ------- -------- ------- ------- ------- Investment income--net .189 .314 .238 .372 .365 Net realized and unrealized gain (loss) on total investments (20.788) 24.276 18.475 12.219 8.638 ------- -------- ------- ------- ------- Net increase (decrease) in Accumulation Unit Value (20.599) 24.590 18.713 12.591 9.003 Accumulation Unit Value: Beginning of year 100.207 75.617 56.904 44.313 35.310 ------- -------- ------- ------- ------- End of year $79.608 $100.207 $75.617 $56.904 $44.313 ======= ======== ======= ======= ======= Total return (20.56%) 32.52% 32.89% 28.41% 25.50% Ratios to Average Net Assets: Expenses 0.31% 0.34% 0.38% 0.34% 0.35% Investment income--net 0.18% 0.38% 0.37% 0.82% 1.07% Portfolio turnover rate 37.18% 69.26% 97.57% 53.27% 38.51% Thousands of Accumulation Units outstanding at end of year 166,751 131,646 98,862 80,370 53,201 Note 6--Accumulation Units -------------------------------------------------------------------------------- Changes in the number of Accumulation Units outstanding were as follows: -------------------------------------------------------------------------------- For the Years Ended December 31, 2000 1999 -------------------------------------------------------------------------------- STOCK ACCOUNT Accumulation Units: Credited for premiums 14,575,232 16,072,388 Cancelled for transfers, disbursements and amounts applied to the Annuity Fund (33,053,106) (38,482,574) Outstanding: Beginning of year 543,588,715 565,998,901 ----------- ----------- End of year 525,110,841 543,588,715 =========== =========== GLOBAL EQUITIES ACCOUNT Accumulation Units: Credited for premiums 8,345,880 7,627,214 Credited for transfers, disbursements and amounts applied to the Annuity Fund 1,783,202 39,926 Outstanding: Beginning of year 89,492,474 81,825,334 ----------- ----------- End of year 99,621,556 89,492,474 =========== =========== GROWTH ACCOUNT Accumulation Units: Credited for premiums 15,549,879 14,715,714 Credited for transfers, disbursements and amounts applied to the Annuity Fund 19,554,443 18,068,242 Outstanding: Beginning of year 131,646,197 98,862,241 ----------- ----------- End of year 166,750,519 131,646,197 =========== =========== 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. Certain TIAA-CREF Mutual Funds and certain TIAA-CREF Institutional Mutual Funds, all 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 year ended December 31, 2000, there were no borrowings under this credit facility. During January 2001, TIAA-CREF Life Funds and TIAA Separate Account VA-1, both of which are managed by Teachers Advisors, Inc., also began to share in the credit facility. 82 o 2000 CREF Annual Report Participant Voting Results CREF'S ANNUAL MEETING WAS HELD ON NOVEMBER 14, 2000. THE TRUSTEES ELECTED TO FOUR-YEAR TERMS AT THE ANNUAL MEETING WERE: John H. Biggs, 42,355,850,659 (98.33 percent) votes were cast in favor, and 717,622,392 (1.67 percent) votes were withheld. Martin J. Gruber, 42,389,649,983 (98.41 percent) votes were cast in favor, and 683,823,068 (1.59 percent) votes were withheld. Marjorie Fine Knowles, 42,318,494,944 (98.25 percent) votes were cast in favor, and 754,978,057 (1.75 percent) votes were withheld. Robert W. Vishny, 42,401,998,626 (98.44 percent) votes were cast in favor, and 671,474,425 (1.56 percent) votes were withheld. CREF PARTICIPANTS ALSO RATIFIED THE ELECTION OF ERNST & YOUNG LLP AS THE INDEPENDENT AUDITORS FOR CREF for the fiscal year ending December 31, 2000. 42,008,559,256 (97.53 percent) votes were cast in favor, 395,278,394 (.92 percent) votes were against, and 669,583,864 (1.55 percent) abstained. CREF PARTICIPANTS VOTED ON TWO PARTICIPANT PROPOSALS. ONE PROPOSAL SUBMITTED RELATED TO COMPANIES SUPPORTING GUN CONTROL. All accounts were eligible to vote on this proposal. The proposal was defeated. FOR THE GROWTH ACCOUNT, 457,502,099 (11.93 percent) votes were cast in favor, 3,239,395,749 (84.50 percent) votes were against, and 136,977,390 (3.57 percent) abstained. The proposal was defeated. FOR THE GLOBAL EQUITIES ACCOUNT, 247,461,713 (11.16 percent) votes were cast in favor, 1,892,345,270 (85.34 percent) votes were against, and 77,586,948 (3.50 percent) abstained. The proposal was defeated. FOR THE EQUITY INDEX ACCOUNT, 141,809,743 (11.64 percent) votes were cast in favor, 1,032,675,514 (84.78 percent) votes were against, and 43,597,422 (3.58 percent) abstained. The proposal was defeated. FOR THE STOCK ACCOUNT, 3,652,190,819 (11.16 percent) votes were cast in favor, 27,835,040,647 (85.00 percent) votes were against, and 1,257,926,423 (3.84 percent) abstained. The proposal was defeated. FOR THE MONEY MARKET ACCOUNT, 152,248,829 (11.14 percent) votes were cast in favor, 1,163,821,291 (85.11 percent) votes were against, and 51,304,463 (3.75 percent) abstained. The proposal was defeated. FOR THE BOND MARKET ACCOUNT, 77,943,990 (10.95 percent) votes were cast in favor, 606,635,038 (85.25 percent) votes were against, and 27,065,739 (3.80 percent) abstained. The proposal was defeated. FOR THE SOCIAL CHOICE ACCOUNT, 116,187,306 (12.92 percent) votes were cast in favor, 746,604,055 (83.01 percent) votes were against, and 36,617,252 (4.07 percent) abstained. The proposal was defeated. FOR THE INFLATION-LINKED BOND ACCOUNT, 7,911,917 (9.83 percent) votes were cast in favor, 68,734,440 (85.40 percent) votes were against, and 3,837,449 (4.77 percent) abstained. The proposal was defeated. ONE PROPOSAL SUBMITTED RELATED TO CREF's tobacco investments. All accounts except the Social Choice Account were eligible to vote on this proposal. The proposal was defeated. FOR THE GROWTH ACCOUNT, 898,133,156 (23.43 percent) votes were cast in favor, 2,796,908,456 (72.95 percent) votes were against, and 138,833,625 (3.62 percent) abstained. The proposal was defeated. FOR THE GLOBAL EQUITIES ACCOUNT, 489,268,392 (22.07 percent) votes were cast in favor, 1,627,496,278 (73.40 percent) votes were against, and 100,629,261 (4.53 percent) abstained. The proposal was defeated. FOR THE EQUITY INDEX ACCOUNT, 284,083,777 (23.32 percent) votes were cast in favor, 883,408,593 (72.52 percent) votes were against, and 50,590,309 (4.16 percent) abstained. The proposal was defeated. FOR THE STOCK ACCOUNT, 6,773,283,035 (20.68 percent) votes were cast in favor, 24,161,760,571 (73.79 percent) votes were against, and 1,810,114,281 (5.53 percent) abstained. The proposal was defeated. FOR THE MONEY MARKET ACCOUNT, 288,466,987 (21.10 percent) votes were cast in favor, 1,012,297,527 (74.03 percent) votes were against, and 66,610,068 (4.87 percent) abstained. The proposal was defeated. FOR THE BOND MARKET ACCOUNT, 157,662,679 (22.15 percent) votes were cast in favor, 516,294,529 (72.55 percent) votes were against, and 37,687,559 (5.30 percent) abstained. The proposal was defeated. FOR THE INFLATION-LINKED BOND ACCOUNT, 16,338,654 (20.30 percent) votes were cast in favor, 60,891,433 (75.66 percent) votes were against, and 3,253,719 (4.04 percent) abstained. The proposal was defeated. 2000 CREF Annual Report o 83 2001 TRUSTEES AND SENIOR MANAGEMENT 2001 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 Alair Ane Townsend VICE PRESIDENT/PUBLISHER Crain's New York Business 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 2001 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 Ruth Simms Hamilton PROFESSOR OF SOCIOLOGY AND DIRECTOR OF AFRICAN DIASPORA RESEARCH PROJECT, MICHIGAN STATE UNIVERSITY Rochelle B. Lazarus CHAIRMAN AND CHIEF EXECUTIVE OFFICER, OGILVY & MATHER WORLDWIDE Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER, TIAA AND CREF Robert M. O'Neil DIRECTOR, THE THOMAS JEFFERSON CENTER FOR THE PROTECTION OF FREE EXPRESSION, UNIVERSITY PROFESSOR AND PROFESSOR OF LAW, UNIVERSITY OF VIRGINIA Leonard S. Simon VICE CHAIRMAN, CHARTER ONE FINANCIAL INC. Ronald L. Thompson CHAIRMAN AND CHIEF EXECUTIVE OFFICER, MIDWEST STAMPING CO. Paul R. Tregurtha CHAIRMAN AND CHIEF EXECUTIVE OFFICER, MORMAC MARINE GROUP, INC. AND MORAN TRANSPORTATION COMPANY, INC., VICE CHAIRMAN, INTERLAKE STEAMSHIP COMPANY William H. Waltrip CHAIRMAN, TECHNOLOGY SOLUTIONS COMPANY Rosalie J. Wolf FORMER TREASURER AND CHIEF INVESTMENT OFFICER, THE ROCKEFELLER FOUNDATION 2001 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 ACTING PRESIDENT, INDEPENDENT EDUCATIONAL SERVICES Martin J. Gruber NOMURA PROFESSOR OF FINANCE, LEONARD N. STERN SCHOOL OF BUSINESS, NEW YORK UNIVERSITY 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 Stephen A. Ross FRANCO MODIGLIANI PROFESSOR OF FINANCE AND ECONOMICS, SLOAN SCHOOL OF MANAGEMENT, MASSACHUSETTS INSTITUTE OF TECHNOLOGY Nestor V. Santiago VICE PRESIDENT AND CHIEF INVESTMENT OFFICER, HOWARD HUGHES MEDICAL INSTITUTE 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 2001 SENIOR MANAGEMENT -------------------------------------------------------------------------------- John H. Biggs CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER Mary Ann Werner PRESIDENT, SHARED SERVICES James A. Wolf PRESIDENT, RETIREMENT SERVICES Martin E. Galt, III PRESIDENT, TIAA-CREF INVESTMENT PRODUCTS Bertram L. Scott PRESIDENT, TIAA-CREF LIFE INSURANCE COMPANY EXECUTIVE VICE PRESIDENTS -------------------------------------------------------------------------------- C. Victoria Apter INFORMATION TECHNOLOGY 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 Frances Nolan RETIREMENT SERVICES ADMINISTRATION Deanne J. Shallcross MARKETING David A. Shunk CONSULTING SERVICES John A. Somers TIAA INVESTMENTS Charles H. Stamm GENERAL COUNSEL 84 o 2000 CREF Annual Report FOR MORE INFORMATION TIAA-CREF WEB CENTER --------------------------------------------------------------------------- www.tiaa-cref.org 24 HOURS A DAY, 7 DAYS A WEEK Account performance, personal account information and transactions, and product information AUTOMATED TELEPHONE SERVICE --------------------------------------------------------------------------- 800 842-2252 24 HOURS A DAY, 7 DAYS A WEEK Account performance, personal account information and transactions, and product information PERSONAL ASSISTANCE... TELEPHONE COUNSELING CENTER --------------------------------------------------------------------------- 800 842-2776 8 A.M. TO 11 P.M. ET, MONDAY - FRIDAY 9 A.M. TO 6 P.M. ET, SATURDAY AND SUNDAY Retirement saving and planning, annuity options and payments, and tax reporting PLANNING AND SERVICE CENTER --------------------------------------------------------------------------- 800 223-1200 8 A.M. TO 11 P.M. ET, MONDAY - FRIDAY 9 A.M. TO 6 P.M. ET, SATURDAY TIAA-CREF Mutual Funds and after-tax personal annuities 8 A.M. TO 11 P.M. ET, MONDAY - FRIDAY Life and long-term care insurance TIAA-CREF TRUST COMPANY, FSB --------------------------------------------------------------------------- 888 842-9001 9 A.M. TO 6 P.M. ET, MONDAY - FRIDAY Asset management, trust administration, estate planning, planned giving, and endowment management TIAA-CREF TUITION FINANCING, INC. --------------------------------------------------------------------------- 888 381-8283 8 A.M. TO 8 P.M. ET, MONDAY - FRIDAY State tuition financing programs FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS --------------------------------------------------------------------------- 800 842-2755 8 A.M. TO 11 P.M. ET, MONDAY - FRIDAY 2000 CREF Annual Report o 85 [TIAA 730 Third Avenue ----------------- LOGO] New York, NY 10017-3206 PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF ----------------- CAR-3FUND-2/2001 [RECYCLE LOGO] Printed on recycled paper College Retirement Equities Fund [Graphic Omitted] 2000 Annual Report -------------------------------------------------------------------------------- o Money Market o Inflation-Linked Bond o Bond Market o Social Choice o Equity Index | College Retirement Equities Fund CONTENTS | 2000 ANNUAL REPORT -------------------------------------------------------------------------------- LETTER FROM THE CHAIRMAN 1 LETTER FROM THE VICE CHAIRMAN 2 MANAGEMENT/STATUS OF THE ACCOUNTS Money Market Account 4 Inflation-Linked Bond Account 5 Bond Market Account 6 Social Choice Account 8 Equity Index Account 10 AUDITED STATEMENT OF INVESTMENTS Money Market Account 11 Inflation-Linked Bond Account 14 Bond Market Account 14 Social Choice Account 19 Equity Index Account 25 AUDITED FINANCIAL STATEMENTS Report of Management Responsibility 48 Report of Audit Committee 48 Report of Independent Auditors 49 Statements of Assets and Liabilities 50 Statements of Operations 50 Statements of Changes in Net Assets 51 Notes to Financial Statements 51 PARTICIPANT VOTING RESULTS 58 TRUSTEES AND SENIOR MANAGEMENT 59 FOR MORE INFORMATION 61 -------------------------------------------------------------------------------- TIAA-CREF Individual 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 800 842-2733, extension 5509. TIAA-CREF Investment Management serves as investment manager to CREF. (C)2001 TIAA-CREF FROM THE CHAIRMAN: [Graphic Omitted] John H. Biggs, Chairman, President, and Chief Executive Officer Throughout 2000 we worked hard at TIAA-CREF to give you additional tools for managing your retirement portfolio. To the relief of most American investors, the year 2000 has come to a close. Volatility in stock prices was extraordinary, and major domestic and foreign stock markets declined. The hope that the varying cycles of foreign and U.S. returns might soften the overall ebb and flow of investing returns disappointed us: Foreign markets slipped even more than those in the U.S. Many investors in the stock market had been lulled into thinking there was little risk in stock investing. Returns were remarkable for the last five years -- indeed, returns have been excellent for the last eighteen years -- and many new investors did not recall the extended slump of the 1970s. Many ask us to predict results for 2001 or to advise whether "to get out" of the stock market -- or "to get in." We cannot give much specific help on such a question. I am reminded of the wonderful ambiguity of Abraham Lincoln's statement in his 1865 second inaugural address, regarding the progress of the Civil War: "With high hopes for the future, no prediction in regard to it is ventured." Much is promising in the U.S. and, indeed, in the global economy. Government surpluses that no one dreamed of a decade ago, recent economic growth, the lowest unemployment in years, rapid implementation of new information technology, relatively low inflation -- all these are bright signs. In other countries, inflation is low and economic discipline much greater than expected. Indeed we are entitled to "high hopes for the future." And yet there are concerns. Economic forecasting is a notoriously unreliable basis for human actions. Who would have predicted the electricity problems of California or the nationwide natural gas shortages? And will investors see the world as we might hope it to be? Accordingly, the wise investor hears Lincoln's second clause: "no prediction in regard to it is ventured." Tested and reliable guides to investing do exist, but they are hard to follow in times of deep discouragement or high elation. First, adopt a carefully considered plan and stick to it. Second, explore your personal reactions to losses (gains are easy) and your unique personal attitude to risk. Another aspect of "carefully considered" is looking for diversification of assets and thereby minimizing risk. Throughout 2000 we worked hard at TIAA-CREF to give you additional tools for managing your retirement portfolio. We expanded our asset allocation and product selection guidance to cover not just your TIAA-CREF retirement accounts but also mutual funds, tuition savings plans, personal annuities, and life insurance programs. Our TIAA-CREF Web Center now has more financial information than ever. For example, we moved our retirement income illustrations to the Web, so that you can estimate your retirement income based on your accumulations. You can select an income starting date, income option, assumed investment earnings rate, and the birth date of your joint annuitant; the software projects your yearly income in retirement, with elegant charts that permit easy comparison. The system is already the second most popular feature of the Web Center ("how much is my account worth" is the most popular!). We also rounded out the TIAA-CREF product line with our new Keogh plan, which permits educators to build an additional pension accumulation using self-employment income (for example, book royalties, consulting fees, and lecture honoraria). This joins our SRA, Rollover IRA, and Roth and Classic IRAs as additional, voluntary ways to invest in TIAA-CREF's broad menu of investment options. We find that most participants are very pleased with the new quarterly statement of their retirement portfolio. Potentially confusing figures are made clear and easy to read. We passed another milestone in 2000: Over 10,000 institutions now participate in TIAA-CREF. Our purpose is to serve educators, directly or through their employing institutions. By far the most effective way has been through the generous retirement plans that prevail in education. It is one chief advantage for an educator: an "industry" that places high value on responsible and adequate pension arrangements. We at TIAA-CREF take pride in more than eighty years of providing these plans. The CREF accounts in this report derive from our important innovation in creating the first variable annuity in 1952. We believe they continue to serve you well in this time of volatile markets. /s/ JOHN H. BIGGS ----------------- John H. Biggs Chairman, President, and Chief Executive Officer FROM THE VICE CHAIRMAN: [Graphic Omitted] Martin L. Leibowitz, Vice Chairman and Chief Investment Officer When investing for a long-term goal, it's important to spread your assets among several asset classes, since stocks, bonds, real estate, and other types of investments often perform differently in any given year. During the year ending December 31, 2000, the CREF Bond, Inflation-Linked Bond, and Money Market Accounts benefited from a greatly improved market for fixed-income investments. Equity markets, however, declined during the year, affecting both the CREF Equity Index Account and the Social Choice Account, which contains a mix of equities and fixed-income securities. The United States entered 2000 with the nation's gross domestic product growing at the highest rate in the previous ten years. In fact, some experts feared the economy might be "overheating," which could send inflation levels climbing. With this in mind, the Federal Reserve Board, which had already boosted interest rates repeatedly during 1999, raised them three more times in early 2000 in an effort to moderate growth. Other factors played an important role: Petroleum prices reached a ten-year peak; the ratio of personal debt payments to income soared to levels not seen since 1987; at one point, the euro, the new European currency, had declined by more than 20 percent; and inflation began to rise, from 2.7 percent in 1999 to 3.4 percent in 2000. Not surprisingly, these trends, in combination with rising interest rates, contributed to a drop in the annualized GDP growth to 1.4 percent by the end of 2000. At the same time, stock prices as a group declined worldwide. In the United States, the S&P 500 was down 9.10 percent by year's end; the Russell 3000(R) Index, which tracks a broader range of domestic stocks, fell 7.46 percent; and the Russell 3000(R) Growth Index, which includes a large component of technology stocks, dropped 22.42 percent. Foreign stock markets fared worse, with the Morgan Stanley Capital International World Index registering a 13.18 percent loss. European stocks in particular suffered from the effects of the weak euro. With exchange rates factored in, the 7.44 percent decline in London stocks amounted to 14.60 percent in dollars. Perhaps the most dramatic development was the bursting of the bubble in technology stocks, which left the Nasdaq composite index down 39.3 percent for the year. Meanwhile, investors flocked to the safety of fixed-income investments just as the U.S. Treasury began to reduce its issuance of government debt. The Lehman Brothers Aggregate Bond Index, which tracks the performance of more than 6,000 government, corporate, and mortgage-backed bonds, posted a return of 11.63 percent for the year. Indeed, demand for 30-year U.S. -------------------------------------------------------------------------------- MORNINGSTAR RATINGS OF CREF ACCOUNTS as of 12/31/2000
Overall 3 Years 5 Years 10 Years ----------------------------------------------------------------------------------------------------------------------------------- DOMESTIC EQUITY ACCOUNTS (Out of 3,974) (Out of 3,974) (Out of 2,954) (Out of 1,216) CREF Stock *** *** **** *** CREF Equity Index **** *** **** -- CREF Growth **** *** **** -- CREF Social Choice **** *** **** **** ----------------------------------------------------------------------------------------------------------------------------------- INTERNATIONAL EQUITY ACCOUNT (Out of 980) (Out of 980) (Out of 662) -- CREF Global Equities **** **** **** -- ----------------------------------------------------------------------------------------------------------------------------------- FIXED-INCOME ACCOUNT (Out of 1,062) (Out of 1,062) (Out of 885) (Out of 477) CREF Bond Market ***** ***** ***** **** -----------------------------------------------------------------------------------------------------------------------------------
Source: Morningstar, Inc. 12/31/2000. Morningstar is an independent service that rates mutual funds and variable annuities. Morningstar does not rate money market accounts. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating(a) metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receives 5 stars, the next 22.5% receives 4 stars, the next 35% receives 3 stars, the next 22.5% receives 2 stars, and the bottom 10% receives 1 star. The Overall Morningstar Rating(a) for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Each fund is rated exclusively against U.S.-domiciled funds within its broad asset class. Past performance is no guarantee of future results. -------------------------------------------------------------------------------- 2 o College Retirement Equities Fund 2000 ANNUAL REPORT TOTAL RETURNS for the year ended December 31, 2000 -------------------------------------------------------------------------------- CREF MONEY MARKET ACCOUNT 6.36% iMoneyNet Money Fund Report Averages - All Taxable 5.88 Lipper Money Market Funds Average 5.70 -------------------------------------------------------------------------------- CREF INFLATION-LINKED BOND ACCOUNT 12.76% Salomon Smith Barney Inflation-Linked Securities Index 13.10 -------------------------------------------------------------------------------- CREF BOND MARKET ACCOUNT 11.75% Lehman Brothers Aggregate Bond Index 11.63 Lipper Intermediate Investment Grade Debt Index 10.58 -------------------------------------------------------------------------------- CREF SOCIAL CHOICE ACCOUNT 0.34% Standard & Poor's 500 Index -9.10 Lehman Brothers Aggregate Bond Index 11.63 Lipper Balanced Fund Index 2.39 -------------------------------------------------------------------------------- CREF Equity Index Account -7.59% Russell 3000(R) Index -7.46 PLEASE SEE PAGES 4, 5, 7, 9, AND 10 FOR MORE DETAILED PERFORMANCE INFORMATION. -------------------------------------------------------------------------------- THE RUSSELL 3000(R) 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. Treasury bonds was so strong that their yields fell below those of shorter-term bonds. Readers may remember seeing my article, "Please Check Your Asset Allocation Seat Belt," in the August 1998 issue of THE PARTICIPANT. One of the main points was that, when investing for a long-term goal like retirement, it's important to spread your assets among several asset classes, since stocks, bonds, real estate, and other types of investments often perform differently in any given year. In 2000, the world's financial markets dramatically demonstrated the truth of this statement. It was a year when diversification often made the difference between positive and negative returns in people's retirement portfolios. While many fixed-income investments posted strong returns during the year, the CREF Bond Market Account performed exceptionally well. As of December 31, 2000, it had a 5-star Overall Morningstar RatingTM. In addition, the CREF Social Choice and Equity Index Accounts each received a 4-star Overall Morningstar RatingTM as of December 31, 2000. (See the table on the facing page; Morningstar does not rate money market or inflation-indexed bond accounts.) The table at left shows the total return (gains and losses plus investment income) for these CREF accounts during 2000, compared with total returns for their benchmarks and for the average fund categories that best match their investment objectives, as measured by Lipper Analytical Services, Inc. The CREF Money Market Account outpaced its benchmark and outperformed its peer group by 0.66 percentage points. The Social Choice Account produced returns that were below those of its composite benchmark because of restrictions on its holdings, as explained in the account's performance report. Performance details for all five accounts appear on the pages immediately following this letter. Rates of return for equities during 2000 were disappointing, and we recognize that this affects both long-term equity investors, whose accumulations have grown considerably in recent years, and new investors, who may have been introduced to equities during this last year. Both groups would do well to remember that long-term returns historically have been neither as low as the 9.10 percent decline in the S&P 500 Index during 2000 nor as high as gains of more than 20 percent posted by the index in each of the previous five years. Of course, as with any investment, past performance is no guarantee of future results. As always, it is also important to bear in mind the continual effect of low expenses on total returns. While returns are unpredictable, expenses are not. In 2000, the expense charges of the CREF accounts reported on ranged from 0.28 percent to 0.33 percent, as a percentage of assets. According to Lipper Analytical Services, Inc., these remain the lowest expenses for all variable annuity funds with comparable investment objectives, and they compare very favorably to most mutual funds. /s/ MARTIN L. LEIBOWITZ ----------------------- Martin L. Leibowitz Vice Chairman and Chief Investment Officer -------------------------------------------------------------------------------- This report contains detailed explanations of the 2000 investment results for the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index Accounts. A companion report provides similar information for the CREF Stock, Global Equities, and Growth Accounts--the other three accounts available under CREF variable annuities. An annual report and a 10-K report for the TIAA Real Estate Account are available on request. For historical and current performance information for all of our products, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call our Automated Telephone Service (see page 61). -------------------------------------------------------------------------------- 2000 ANNUAL REPORT College Retirement Equities Fund o 3 MONEY MARKET ACCOUNT INVESTMENT OBJECTIVE The CREF Money Market Account seeks high current income consistent with maintaining liquidity and preserving capital. PORTFOLIO PROFILE o The account invests in "first-tier" money market securities, which are ranked in the highest category by nationally recognized statistical rating organizations. o Most of the account's assets are invested in securities or other instruments maturing in 397 days or less. o The account's average weighted maturity is 90 days or less. PERFORMANCE IN 2000 In 2000, the CREF Money Market Account posted an annual total return of 6.36 percent. Virtually since its inception on April 1, 1988, the account has led its benchmark, iMoneyNet Fund Report AveragesTM-All Taxable, which returned 5.88 percent in 2000. It also beat the 5.70 percent year-end return of the Lipper Money Market Funds Average. Concerned with the overheating economy, the Federal Reserve Board raised short-term interest rates three times early in 2000, a total of 1 percent. While the economy remained strong for the first nine months of the year with this restricted monetary policy, by the fourth quarter, it had begun to slow. As a result, the Federal Reserve decided to move toward an easing policy in December. To enhance the credit quality of the account's portfolio, we increased our holdings in U.S. government agency securities and decreased our investments in bank liabilities and commercial paper. We also increased our holdings in floating/variable rate securities. As of December 26, 2000, the account's weighted average maturity was 45 days, compared with 49 days for iMoneyNet. $10,000 OVER TEN YEARS [The following table represents a line chart in the printed report.] Money iMoneyNet Money Market Fund Report(TM) Account -- All Taxable 12/31/90 10000 10000 12/31/91 10663 10607 12/31/92 11052 10955 12/31/93 11390 11252 12/31/94 11882 11700 12/31/95 12574 12341 12/31/96 13235 12948 12/31/97 13970 13611 12/31/98 14719 14290 12/31/99 15463 14960 12/31/2000 16368 15771 The graph assumes a $10,000 investment in the CREF Money Market Account on January 1, 1991. It shows that, by the end of 2000, the investment would have grown to $16,368. 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 COMPOSITION AS OF 12/31/2000 [The following table represents a pie chart in the printed report.] Commercial Paper 66.0% Floating/Variable Rate Notes 15.9% U.S. Government Agencies 6.8% Certificates of Deposit 5.7% Bank Notes - U.S. Banks 3.6% Medium-term Notes 1.7% Other Short-term Notes 0.3% -------------------------------------------------------------------------------- NET ANNUALIZED YIELD FOR THE 7 DAYS ENDING 12/26/2000 Current Yield Effective Yield --------------------------------------------------------------- MONEY MARKET ACCOUNT 6.38% 6.58% iMoneyNet Fund Report Averages-All Taxable 5.96 6.14 -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 12/31/2000
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF RATES OF TOTAL RETURN(1) TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS ANNUAL EXPENSES (IN BILLIONS) ----------------------------------------------------------------------------------------------------------------------------------- Money Market Account 6.36% 5.52% 5.05% 6.36% 30.79% 63.68% 0.28% $6.7 iMoneyNet Money Fund Report Averages - All Taxable 5.88 5.11 4.66 5.88 28.35 57.69 Lipper Money Market Funds Average 5.70 5.00 4.62 5.70 27.62 57.06
(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 units you own may be worth more or less than their original value upon redemption. -------------------------------------------------------------------------------- 4 o College Retirement Equities Fund 2000 ANNUAL REPORT INFLATION-LINKED BOND ACCOUNT INVESTMENT OBJECTIVE The CREF Inflation-Linked Bond Account seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds. PORTFOLIO PROFILE o The account invests primarily in U.S. Treasury Inflation-Indexed Securities (TIIS), as well as inflation-indexed securities issued by U.S. corporations and foreign governments. o Unlike conventional bonds, the principal value of inflation-indexed securities varies, while the interest they pay remains fixed to maturity. Also, they are expected to rise in value during periods of accelerating inflation. PERFORMANCE IN 2000 With a total return of 12.76 percent in 2000, the CREF Inflation-Linked Bond Account outperformed all other CREF accounts. Its return was slightly less that the 13.10 percent return of its performance benchmark, the Salomon Smith Barney Inflation-Linked Securities Index. This difference is largely the result of the account's 0.29 percent expense charge (the index doesn't factor in expenses). The Inflation-Linked Bond Account had a stellar year in 2000. First, inflation continued to rise. Second, in early February, the U.S. Treasury Department announced it was going to eliminate the April auction of the 30-year inflation-linked bond. Anticipating that the Treasury would cut back the size of remaining auctions, investors purchased these securities expecting that future supplies might be limited. The increased demand drove up the market price of these securities and, along with it, the value of the account's portfolio. Throughout the year, the account's duration varied from the Salomon Smith Barney index by no more than two-tenths of a year. At year-end, the account's duration was 8.85 years, compared with 8.86 years for the index. Our continuing strategy is to maintain a similar overall duration as that of the benchmark. $10,000 SINCE 5/1/1997 INCEPTION [The following table represents a line chart in the printed report.] Salomon Smith Barney Inflation-Linked Inflation-Linked Bond Account Securities Index 5/1/97 10000 10000 12/31/97 10306 10335 12/31/98 10742 10815 12/31/99 10896 11006 12/31/2000 12222 12329 The graph assumes a $10,000 investment in the CREF Inflation-Linked Bond Account, on May 1, 1997. It shows that, by the end of 2000, the investment would have grown to $12,222. For comparison, the graph shows how a $10,000 investment in the Salomon Smith Barney Inflation-Linked Securities Index, the Inflation-Linked Bond Account's benchmark, did over the same period. -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION AS OF 12/31/2000 [The following table represents a pie chart in the printed report.] Inflation-linked Notes 57.9% Inflation-linked Bonds 42.0% Short-term Investments 0.1% -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 12/31/2000
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF RATES OF TOTAL RETURN(1) TOTAL RETURN(1) NET ASSETS 1 YEAR SINCE INCEPTION(2) 1 YEAR SINCE INCEPTION(2) ANNUAL EXPENSES (IN BILLIONS) ----------------------------------------------------------------------------------------------------------------------------------- INFLATION-LINKED BOND ACCOUNT 12.76% 5.61% 12.76% 22.22% 0.29% $0.49 Salomon Smith Barney Inflation-Linked Securities Index 13.10 5.97 13.10 23.76
(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 units you own may be worth more or less than their original value upon redemption. (2) Inception date: 5/1/1997 -------------------------------------------------------------------------------- ANNUAL REPORT College Retirement Equities Fund o 5 BOND MARKET ACCOUNT INVESTMENT OBJECTIVE The CREF Bond Market Account seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital. PORTFOLIO PROFILE o The account invests primarily in a broad range of debt securities. The majority of its assets are in U.S. Treasury and agency securities, corporate bonds, and mortgage-backed or other asset-backed securities. o Most holdings are investment-grade securities rated in the top four credit categories by Moody's Investors Service or Standard & Poor's, or ones that we determine are of comparable quality. o The account is managed to track the Lehman Brothers Aggregate Bond Index. We will overweight or underweight individual securities or sectors as compared with their weights in the Lehman Index depending on where we find undervalued, overlooked, or misunderstood issues that we believe offer the potential for superior returns compared with those of the index. PERFORMANCE IN 2000 The CREF Bond Market Account was one of the strongest- performing CREF accounts in 2000. The account ended the year with a total return of 11.75 percent, topping the performance of both its target benchmarks. It beat the 11.63 percent return of the Lehman Brothers Aggregate Bond Index and the 10.58 percent average return for similar funds, as measured by the Lipper Intermediate Investment Grade Debt Index. In 2000, investment-grade bonds produced their highest returns since 1995, based on the Lehman Brothers Aggregate Bond Index. To combat an overheating economy and to ease inflationary pressures, the Federal Reserve raised interest rates three times during the first half of the year. These rate hikes, plus a surging stock market, helped keep the lid on bond prices during the first two quarters. However, the bond market experienced a major reversal in mid-year. At that time, the economic slowdown, turbulence in the equity markets, and investor anticipation that the Fed would soon cut interest rates drove up demand--and prices-- for bonds. By year-end, overall bond yields had declined by over 1 percentage point: Yields for two-year U.S. Treasury notes fell to 5.09 percent; 5-year notes to 4.97 percent; 10-year notes to 5.11 percent; and 30-year bond yields to 5.46 percent. $10,000 OVER TEN YEARS [The following table represents a line chart in the printed report.] Lehman Brothers Bond Market Aggregate Account Bond Index 12/31/90 10000 10000 12/31/91 11386 11443 12/31/92 12716 12698 12/31/93 14085 13858 12/31/94 13525 13538 12/31/95 15784 15832 12/31/96 16224 16348 12/31/97 17951 18101 12/31/98 19368 19563 12/31/99 18944 19201 12/31/2000 21265 21504 The graph assumes a $10,000 investment in the CREF Bond Market Account, on January 1, 1991. It shows that, by the end of 2000, the investment would have grown to $21,265. For comparison, the graph shows how a $10,000 investment in the Lehman Brothers Aggregate Bond Index, the Bond Market Account's benchmark, did over the same period. -------------------------------------------------------------------------------- In contrast, the spread sectors--U.S. Agency, corporate, mortgage-backed, and commercial mortgage-backed--did not do as well as Treasury securities of similar duration. (The spread is the difference between the yield of a bond and a Treasury security of similar duration.) Concerns about interest-rate hikes, the slowing economy, and the possibility of higher inflation led to lower returns. Only asset-backed securities posted higher returns than Treasury securities of similar duration. The strong performance of the CREF Bond Market Account in relation to the Lehman Brothers benchmark and to similar funds resulted from a number of positive steps we took during the year. Throughout 2000, we maintained an overweight position in well-performing asset-backed securities, while our holdings in U.S. inflation-linked notes significantly enhanced returns, as investors looked to these securities to provide protection against rising energy and labor costs. Conversely, we reduced the account's overweight positions in underperforming corporate and agency securities early in the year, making them roughly equivalent to the benchmark weights. We also avoided securities issued by companies that had experienced significant deterioration in their credit quality. As always, we kept the duration of the account to within 2 percent of the benchmark. Ranging from 4.80 years to 5.01 years, the account's duration was 4.87 years at year-end. Passing its ten-year milestone in 2000, the CREF Bond Market Account was first introduced on March 1, 1990. 6 o College Retirement Equities Fund 2000 ANNUAL REPORT -------------------------------------------------------------------------------- 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 6,000 taxable government, investment grade, and mortgage-backed securities. -------------------------------------------------------------------------------- RATINGS OF LONG-TERM BONDS AS OF 12/31/2000 The bonds we buy are typically of high credit quality; the majority carry ratings of A or higher from the major rating agencies. At year-end, the quality ratings of the account's long-term debt holdings were as follows: RATING PERCENT ----------------------- U.S. TREASURY AND AGENCY SECURITIES (NOT RATED) 29.5 INVESTMENT GRADE Mortgage-backed Securities Aaa/AAA 41.2 Other Long-term Debt Aaa/AAA 10.1 Aa/AA 4.1 A/A 8.1 Baa/BBB 6.8 Below Investment Grade Ba/BB 0.2 The account's short-term securities primarily represent purchases that had not yet closed at year-end, plus collateral for bonds lent under our securites lending program. -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION AS OF 12/31/2000 [The following table represents a pie chart in the printed report.] Mortgage-backed and Other Asset-backed Securities 46.6% U.S. Treasury and Agency Securities 29.1% Corporate Bonds 20.2% Foreign Government and Foreign Corporate Bonds Denominated in U.S. Dollars 2.3% Investments Maturing in Less Than a Year 1.8% -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 12/31/2000 MARKET PERCENT COUPON MATURITY PRINCIPAL VALUE OF NET ISSUER RATE DATE (000) (000) ASSETS -------------------------------------------------------------------------------- U.S. Treasury Note 5.750% 08/15/10 $213,095 $223,317 6.89 FNMA MBS 7.0000 1/25/30 149,000 149,232 4.60 FNMA Note 6.375 10/15/02 124,700 126,317 3.90 FGLMC MBS 7.500 01/25/31 101,100 101,633 3.13 FGLMC MBS 7.000 01/25/30 88,500 88,694 2.74 FHLMC Note 5.750 04/15/08 86,500 85,527 2.64 FGLMC MBS 6.500 09/01/29 83,041 81,951 2.53 FNMA MBS 7.000 01/25/15 77,750 78,576 2.42 FGLMC MBS 8.000 01/25/31 70,250 72,028 2.22 U.S. Treasury Strip 0.000 11/15/21 231,450 71,127 2.19 FNMA: Federal National Mortgage Association; FGLMC: Federal Home Loan Mortgage Corporation Gold; FHLMC: Federal Home Loan Mortgage Corporation; MBS: Mortgage-backed Securities -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 12/31/2000
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF RATES OF TOTAL RETURN(1) TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS ANNUAL EXPENSES (IN BILLIONS) --------------------------------------------------------------------------------------------------------------------------------- BOND MARKET ACCOUNT 11.75% 6.27% 7.84% 11.75% 35.54% 112.65% 0.33% $3.2 Lehman Brothers Aggregate Bond Index 11.63 6.46 7.96 11.63 36.73 115.04 Lipper Intermediate Investment Grade Debt Index 10.58 5.86 7.52 10.58 32.91 106.45
(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 units you own may be worth more or less than their original value upon redemption. -------------------------------------------------------------------------------- 000 Annual Report College Retirement Equities Fund o 7 SOCIAL CHOICE ACCOUNT INVESTMENT OBJECTIVE The CREF Social Choice Account seeks 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. PORTFOLIO PROFILE o The account is a balanced account: Its assets are invested primarily in a diversified set of equities, fixed-income securities, and short-term debt instruments. o The account invests only in companies that are suitable from a financial perspective and whose activities are consistent with the account's social criteria. PERFORMANCE IN 2000 The CREF Social Choice Account posted a total return of 0.34 percent in 2000. A balanced account, Social Choice outperformed the -0.81 percent return of its composite benchmark. The composite benchmark is composed of 60 percent S&P 500 Index and 40 percent Lehman Brothers Aggregate Bond Index, the same percentages of stock and bond investments within the account's portfolio. Nevertheless, the account's returns trailed the 2.39 percent return of other balanced accounts, as measured by the Lipper Balanced Fund Index. During the year, the equity segment of the account performed better than its benchmark, the S&P 500 Index. Positive contributions came from the account's overweight positions, versus the benchmark, in Citigroup, American International Group, and other financial services companies, which outperformed the broader market. While many large capitalization names in the energy sector, such as Exxon Mobil, fail the account's environmental screen, Anadarko Petroleum, an energy stock that did pass the screen, contributed positively to performance. In relation to the S&P 500 Index, these gains more than offset underweights or a complete absence of investments in certain sectors that outperformed the broader market. For example, the account does not invest in Philip Morris or similar consumer companies, which performed well during the year. Also, the account does not invest in defense contractors and therefore could not benefit from such well-performing companies as Honeywell, Tyco International, and Boeing. 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 -------------------------------------------------------------------------------- $10,000 OVER TEN YEARS [The following table represents a line chart in the printed report.] Lehman Brothers Social Choice S&P 500 Aggregate Account Index Bond Index 12/31/90 10000 10000 10000 12/31/91 12312 12802 11443 12/31/92 14079 14158 12698 12/31/93 15562 15981 13858 12/31/94 15400 16066 13538 12/31/95 19912 22278 15832 12/31/96 23375 28146 16348 12/31/97 28235 35720 18101 12/31/98 34050 47325 19563 12/31/99 35785 52222 19201 12/31/2000 36932 49979 21504 The graph assumes a $10,000 investment in the CREF Social Choice Account, on January 1, 1991. It shows that, by the end of 2000, the investment would have grown to $36,932. For comparison, the graph shows how $10,000 investments in the Social Choice Account's benchmarks did over the same period. -------------------------------------------------------------------------------- short-term investments. Generally, there is little or no difference in performance between fixed-income investments that are screened for social criteria and those that are not. This is because there are still enough investment opportunities to closely track the Lehman Brothers index. In early 2000, the TIAA-CREF Committees on Corporate Governance and Social Responsibility voted to add a gambling screen to the account's social criteria. The CREF Social Choice Account now has six screens (see box on facing page). The largest fund in the U.S. to use social criteria to screen investments, the CREF Social Choice Account was introduced on March 1, 1990. -------------------------------------------------------------------------------- THE ACCOUNT'S BENCHMARKS The benchmarks we use for the two components of the Social Choice Account are the S&P 500 Index, representing the U.S. stock market, and the Lehman Brothers Aggregate Bond Index, representing fixed-income investments. -------------------------------------------------------------------------------- 8 o College Retirement Equities Fund 2000 ANNUAL REPORT PORTFOLIO COMPOSITION AS OF 12/31/2000 [The following table represents a pie chart in the printed report.] U.S. Stocks 59.6% Long-term Bonds 40.0% Short-term Investments 0.4% -------------------------------------------------------------------------------- SOCIAL CRITERIA Currently, the CREF Social Choice Account does not invest in companies that: o engage in activities that result or are likely to result in significant damage to the environment o have a significant portion of their business in weapons manufacturing o have a significant portion of their business in gaming or gambling operations o produce and market alcoholic beverages or tobacco products o produce nuclear energy, or o have operations in Northern Ireland and have not adopted the MacBride Principles (a fair employment code for U.S. firms operating in Northern Ireland) or have not operated consistently with such principles and in compliance with the Fair Employment Act of 1989 (Northern Ireland). -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 12/31/2000 PRINCIPAL/ MARKET PERCENT COUPON MATURITY SHARES VALUE OF NET ISSUER RATE DATE (000) (000) ASSETS -------------------------------------------------------------------------- FGLMC MBS 7.000% 01/25/30 $104,000 $104,228 2.45 FNMA Notes 6.375 10/15/02 $ 81,500 82,557 1.94 FNMA MBS 7.000 01/25/30 $ 73,900 74,015 1.74 Citigroup, Inc 1,378 70,378 1.65 GNMA MBS 8.500 10/20/30 $ 66,599 68,514 1.61 American Int'l Group, Inc 656 64,666 1.52 Cisco Systems, Inc 1,652 63,174 1.48 U.S. Treasury Note 5.750 08/15/10 $ 56,875 59,603 1.40 Merck & Co, Inc 619 57,991 1.36 Wal-Mart Stores, Inc 1,033 54,889 1.29 FGLMC: Federal Home Loan Mortgage Corporation Gold; FNMA: Federal National Mortgage Association; GNMA: Government National Mortgage Association; MBS: Mortgage-backed Securities -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 12/31/2000
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF RATES OF TOTAL RETURN(1) TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS ANNUAL EXPENSES (IN BILLIONS) --------------------------------------------------------------------------------------------------------------------------------- SOCIAL CHOICE ACCOUNT 0.34% 13.68% 13.96% 0.34% 89.87% 269.32% 0.30% $4.3 S&P 500 Index -9.10 18.33 17.46 -9.10 131.98 399.79 Lehman Brothers Aggregate Bond Index 11.63 6.46 7.96 11.63 36.73 115.04 Lipper Balanced Fund Index 2.39 11.80 12.45 2.39 74.64 223.40
(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 units you own may be worth more or less than their original value upon redemption. -------------------------------------------------------------------------------- 2000 ANNUAL REPORT College Retirement Equities Fund o 9 EQUITY INDEX ACCOUNT INVESTMENT OBJECTIVE The CREF Equity Index Account seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the U.S., as represented by the Russell 3000(R), a broad stock market index. PORTFOLIO PROFILE o The account's benchmark is the Russell 3000 Index. o The account uses a sampling approach to create a portfolio that closely matches the overall investment characteristics of the index, without investing in all 3,000 stocks. -------------------------------------------------------------------------------- THE ACCOUNT'S BENCHMARK The Russell 3000(R) is an unmanaged index of stocks of the 3,000 largest (based on market capitalization) publicly traded U.S. companies. The Russell 3000 Index is a trademark and servicemark of the Frank Russell Company. No CREF account is promoted, endorsed, sponsored, or sold by, or affiliated with the Frank Russell Company. -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS as of 12/31/2000 SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS -------------------------------------------------------------------------------- General Electric Co 3.8 $182.0 3.65 Exxon Mobil Corp 1.3 115.8 2.32 Pfizer, Inc 2.4 111.3 2.23 Cisco Systems, Inc 2.7 105.0 2.11 Citigroup, Inc 1.9 98.4 1.98 Merck & Co, Inc 0.9 82.7 1.66 Intel Corp 2.6 77.2 1.55 American Int'l Group, Inc 0.8 75.9 1.52 Microsoft Corp 1.5 66.1 1.33 SBC Communications, Inc 1.3 61.9 1.24 -------------------------------------------------------------------------------- $10,000 SINCE 4/29/1994 INCEPTION [The following table represents a line chart in the printed report.] Equity Index Russell 3000(R) Account Index 5/1/94 10000 10000 12/31/94 10504 10525 12/31/95 14393 14499 12/31/96 17943 18113 12/31/97 22439 22736 12/31/98 28636 29032 12/31/99 32155 32617 12/31/2000 30936 31415 The graph assumes a $10,000 investment in the CREF Equity Index Account, on April 29, 1994. It shows that, by the end of 2000, the investment would have grown to $30,936. For comparison, the graph shows how a $10,000 investment in the Russell 3000, the Equity Index Account's benchmark, did over the same period. -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION AS OF 12/31/2000 [The following table represents a pie chart in the printed report.] Technology 22.1% Financial Services 18.1% Healthcare 15.1% Utilities 9.9% Consumer Non-cyclical 8.2% Consumer Cyclical 7.9% Producer Durables 5.7% Energy 5.1% Other 7.9% -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 12/31/2000
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF RATES OF TOTAL RETURN(1) TOTAL RETURN(1) NET ASSETS 1 YEAR 5 YEARS Since Inception(1) 1 YEAR 5 YEARS Since Inception(1) ANNUAL EXPENSES (IN BILLIONS) ----------------------------------------------------------------------------------------------------------------------------------- EQUITY INDEX ACCOUNT -7.59% 17.19% 18.51% -7.59% 121.03% 211.00% 0.28% $5.0 Russell 3000 Index -7.46 17.39 18.77 -7.46 122.97 215.71
(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 units you own may be worth more or less than their original value upon redemption. (2) Inception date: 4/29/1994 -------------------------------------------------------------------------------- 10 o College Retirement Equities Fund 2000 ANNUAL REPORT STATEMENT OF INVESTMENTS - MONEY MARKET ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ---------- SHORT TERM INVESTMENTS--99.52% BANK NOTES--1.98% BANK OF AMERICA $ 20,000,000 6.700%, 03/05/01 .............................. $ 20,009 BETA FINANCE, INC 6,000,000 6.750%, 10/11/01 .............................. 6,030 CC (USA), INC. 25,000,000 6.750%, 10/16/01 .............................. 25,129 FIRST TENNESSEE NATIONAL BANK 25,000,000 6.760%, 02/26/01 .............................. 25,002 FIRST UNION NATIONAL BANK, CHARLOTTE 25,000,000 7.000%, 07/18/01 .............................. 25,099 NATIONAL CITY CORP 10,000,000 6.980%, 08/02/01 .............................. 10,045 WACHOVIA BANK, NATIONAL ASSOCIATION 21,000,000 5.400%, 03/15/01 .............................. 20,959 ------------ 132,273 ------------ BANKERS ACCEPTANCES--1.57% AMERICAN EXPRESS CREDIT CORP 50,000,000 6.170%, 07/13/01 .............................. 50,015 FIRST TENNESSEE NATIONAL BANK 25,000,000 6.200%, 02/22/01 .............................. 25,000 IBM CREDIT CORP 30,000,000 6.640%, 10/29/01 .............................. 30,066 ------------ 105,081 ------------ CERTIFICATES OF DEPOSIT--5.72% ABN AMRO BANK NV 20,000,000 6.720%, 03/02/01 .............................. 19,999 BANK OF AMERICA 29,000,000 6.740%, 02/20/01 .............................. 29,007 25,000,000 6.640%, 04/12/01 .............................. 25,023 BANK OF NOVA SCOTIA 25,000,000 6.640%, 01/19/01 .............................. 24,999 CANADIAN IMPERIAL BANK OF COMMERCE 50,000,000 6.650%, 01/16/01 .............................. 49,999 DEUTSCHE BANK 20,000,000 6.700%, 02/05/01 .............................. 19,995 15,000,000 6.700%, 02/14/01 .............................. 14,997 DRESDNER BANK 30,000,000 6.650%, 01/09/01 .............................. 29,999 25,000,000 6.650%, 01/11/01 .............................. 25,000 19,900,000 6.650%, 01/12/01 .............................. 19,900 RABOBANK 25,000,000 6.960%, 07/16/01 .............................. 25,098 SOCIETE GENERALE 10,000,000 6.740%, 03/16/01 .............................. 10,002 25,000,000 6.750%, 04/17/01 .............................. 25,016 SOUTH TRUST BANK 14,000,000 6.690%, 03/14/01 .............................. 14,007 TORONTO DOMINION HOLDINGS (U.S.) 50,000,000 6.640%, 04/12/01 .............................. 50,045 ------------ 83,086 ------------ COMMERCIAL PAPER--65.98% AMERICAN HONDA FINANCE CORP 15,000,000 6.530%, 02/09/01 .............................. 14,894 15,000,000 6.500%, 02/13/01 .............................. 14,884 12,000,000 6.500%, 02/16/01 .............................. 11,900 AMERICAN TELEPHONE & TELEGRAPH CO 30,000,000 6.520%, 01/12/01 .............................. 29,939 25,000,000 6.510%, 02/14/01 .............................. 24,801 ASSET SECURITIZATION COOP CORP 56,000,000 6.530%, 01/17/01 .............................. 55,832 31,000,000 6.550%, 01/17/01 .............................. 30,907 50,000,000 c 6.550%, 01/18/01 .............................. 49,843 14,000,000 c 6.550%, 01/19/01 .............................. 13,953 BARCLAYS U.S. FUNDING CORP 50,000,000 6.630%, 01/04/01 .............................. 49,972 BEAR STEARNS CO, INC 45,000,000 6.530%, 01/12/01 .............................. 44,909 BELLSOUTH CAPITAL FUNDING CORP 50,000,000 6.520%, 01/11/01 .............................. 49,909 45,000,000 6.510%, 01/12/01 .............................. 44,909 BRITISH TELECOMMUNICATION PLC 15,000,000 6.520%, 01/23/01 .............................. 14,939 25,000,000 6.880%, 02/12/01 .............................. 24,810 CAMPBELL SOUP CO 15,000,000 c 6.280%, 09/27/01 .............................. 14,325 25,000,000 c 6.260%, 10/10/01 .............................. 23,821 CC (USA), INC 25,000,000 c 6.570%, 01/12/01 .............................. 24,948 25,000,000 6.570%, 01/16/01 .............................. 24,931 14,000,000 c 6.520%, 02/13/01 .............................. 13,891 CIESCO LP 15,000,000 6.590%, 01/03/01 .............................. 14,995 10,000,000 6.550%, 01/09/01 .............................. 9,985 100,000,000 6.530%, 01/23/01 .............................. 99,594 25,000,000 6.520%, 02/07/01 .............................. 24,833 COCA-COLA ENTERPRISES, INC 30,000,000 6.510%, 01/19/01 .............................. 29,900 21,000,000 6.490%, 01/26/01 .............................. 20,905 24,500,000 c 6.510%, 02/28/01 .............................. 24,247 CORPORATE ASSET FUNDING CORP, INC 50,000,000 c 6.600%, 01/05/01 .............................. 49,963 50,000,000 c 6.550%, 01/12/01 .............................. 49,899 10,000,000 c 6.550%, 01/19/01 .............................. 9,967 33,000,000 c 6.550%, 01/22/01 .............................. 32,872 7,600,000 c 6.420%, 02/05/01 .............................. 7,553 CREDIT SUISSE FIRST BOSTON, INC 34,000,000 6.500%, 01/05/01 .............................. 33,975 12,000,000 c 6.630%, 01/16/01 .............................. 11,967 19,800,000 6.530%, 02/26/01 .............................. 19,603 36,000,000 6.490%, 03/12/01 .............................. 35,553 50,000,000 6.480%, 03/15/01 .............................. 49,359 DAIMLERCHRYSLER NORTH AMERICA HOLDING 50,000,000 6.570%, 01/29/01 .............................. 49,742 29,000,000 6.500%, 02/07/01 .............................. 28,806 25,000,000 6.490%, 02/08/01 .............................. 24,828 40,000,000 6.520%, 02/16/01 .............................. 39,668 DELAWARE FUNDING CORP 17,000,000 c 6.650%, 01/04/01 .............................. 16,991 35,209,000 c 6.600%, 01/08/01 .............................. 35,164 50,000,000 c 6.600%, 01/12/01 .............................. 49,899 21,000,000 c 6.580%, 01/16/01 .............................. 20,942 10,056,000 c 6.600%, 01/17/01 .............................. 10,027 16,500,000 c 6.480%, 02/07/01 .............................. 16,389 DEUTSCHE BANK FINANCIAL, INC 50,000,000 6.520%, 02/08/01 .............................. 49,656 DUPONT (E.I.) DE NEMOURS & CO 50,000,000 6.510%, 01/10/01 .............................. 49,919 EASTMAN KODAK CO 25,000,000 6.490%, 02/20/01 .............................. 24,777 25,055,000 6.490%, 02/21/01 .............................. 24,827 ENTERPRISE FUNDING CORP 9,000,000 c 6.480%, 02/02/01 .............................. 8,948 27,000,000 c 6.520%, 02/16/01 .............................. 26,776 24,145,000 c 6.510%, 02/23/01 .............................. 23,917 EQUILON ENTERPRISES LLC 7,400,000 6.470%, 01/11/01 .............................. 7,386 24,400,000 6.530%, 01/18/01 .............................. 24,323 25,000,000 6.510%, 02/09/01 .............................. 24,824 24,000,000 6.490%, 02/16/01 .............................. 23,800 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 11 STATEMENT OF INVESTMENTS - MONEY MARKET ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ---------- COMMERCIAL PAPER--(CONTINUED) FORTUNE BRANDS $ 4,000,000 c 6.550%, 01/10/01 .............................. $ 3,993 29,000,000 c 6.520%, 01/16/01 .............................. 28,920 20,000,000 c 6.550%, 01/16/01 .............................. 19,945 25,000,000 c 6.520%, 01/17/01 .............................. 24,926 20,000,000 6.510%, 01/18/01 .............................. 19,937 25,000,000 c 6.520%, 01/26/01 .............................. 24,885 13,000,000 6.500%, 02/28/01 .............................. 12,866 15,000,000 6.480%, 03/09/01 .............................. 14,822 GENERAL ELECTRIC CAPITAL CORP 14,600,000 6.520%, 01/11/01 .............................. 14,573 31,500,000 6.520%, 01/16/01 .............................. 31,413 48,000,000 6.500%, 02/05/01 .............................. 47,690 16,000,000 6.520%, 02/06/01 .............................. 15,895 42,000,000 6.510%, 02/08/01 .............................. 41,711 GENERAL MOTORS ACCEPTANCE CORP 50,000,000 6.520%, 01/18/01 .............................. 49,843 50,000,000 6.500%, 02/09/01 .............................. 49,647 7,000,000 6.400%, 05/11/01 .............................. 6,847 GOLDMAN SACHS GROUP, LP 42,400,000 6.550%, 01/12/01 .............................. 42,315 23,600,000 6.480%, 01/19/01 .............................. 23,522 22,000,000 6.510%, 01/19/01 .............................. 21,927 GOVCO, INC 27,000,000 c 6.540%, 02/09/01 .............................. 26,809 50,000,000 c 6.520%, 02/15/01 .............................. 49,593 25,000,000 c 6.520%, 02/16/01 .............................. 24,792 50,000,000 c 6.500%, 02/27/01 .............................. 49,493 HARLEY-DAVIDSON FUNDING CORP 17,000,000 6.530%, 02/26/01 .............................. 16,831 HEINZ(H.J.) CO 21,600,000 6.510%, 02/07/01 .............................. 21,455 50,000,000 6.500%, 02/08/01 .............................. 49,656 HONEYWELL INTERNATIONAL 25,000,000 6.450%, 03/30/01 .............................. 24,622 INTERNATIONAL LEASE FINANCE CORP 44,000,000 c 6.500%, 01/24/01 .............................. 43,813 22,450,000 6.560%, 01/31/01 .............................. 22,326 30,000,000 c 6.490%, 02/13/01 .............................. 29,767 50,000,000 6.450%, 03/20/01 .............................. 49,316 J.P.MORGAN & CO 5,000,000 6.550%, 01/08/01 .............................. 4,994 50,000,000 6.530%, 01/30/01 .............................. 49,737 MERCK &CO, INC 44,000,000 6.530%, 01/31/01 .............................. 43,757 MERRILL LYNCH & CO, INC 50,000,000 6.530%, 01/19/01 .............................. 49,834 MORGAN STANLEY DEAN WITTER 17,200,000 6.650%, 01/12/01 .............................. 17,165 50,000,000 6.530%, 01/18/01 .............................. 49,846 10,000,000 6.350%, 03/15/01 .............................. 9,872 MOTIVA ENTERPRISES LLC 36,000,000 c 6.530%, 01/29/01 .............................. 35,817 MOTOROLA CREDIT CORP 25,000,000 c 6.450%, 03/29/01 .............................. 24,619 MOTOROLA, INC 28,500,000 6.320%, 03/21/01 .............................. 28,105 NATIONAL RURAL UTILITIES COOP FINANCE 37,500,000 6.490%, 01/29/01 .............................. 37,307 26,000,000 6.460%, 03/08/01 .............................. 25,695 40,000,000 6.440%, 03/23/01 .............................. 39,432 NEWELL RUBBERMAID, INC 18,400,000 6.500%, 01/19/01 .............................. 18,340 35,000,000 c 6.520%, 01/26/01 .............................. 34,845 25,000,000 6.540%, 01/30/01 .............................. 24,868 40,000,000 c 6.580%, 01/30/01 .............................. 39,785 25,000,000 6.500%, 02/09/01 .............................. 24,824 PACCAR FINANCIAL CORP 15,000,000 6.530%, 01/11/01 .............................. 14,973 25,000,000 6.550%, 01/12/01 .............................. 24,950 12,000,000 c 6.500%, 01/18/01 .............................. 11,962 15,000,000 c 6.520%, 02/05/01 .............................. 14,903 30,000,000 6.500%, 02/12/01 .............................. 29,772 15,000,000 6.340%, 03/13/01 .............................. 14,811 PARK AVENUE RECEIVABLES CORP 28,600,000 c 6.670%, 01/08/01 .............................. 28,563 25,000,000 c 6.600%, 01/11/01 .............................. 24,954 38,000,000 c 6.600%, 01/19/01 .............................. 37,875 35,000,000 c 6.630%, 01/24/01 .............................. 34,852 24,000,000 c 6.530%, 02/07/01 .............................. 23,839 PFIZER, INC 48,000,000 c 6.510%, 01/11/01 .............................. 47,913 PREFERRED RECEIVABLES FUNDING CORP 40,000,000 c 6.580%, 01/10/01 .............................. 39,934 39,500,000 c 6.580%, 01/22/01 .............................. 39,347 41,000,000 c 6.600%, 01/30/01 .............................. 40,782 30,000,000 c 6.460%, 02/08/01 .............................. 29,795 RECEIVABLES CAPITAL CORP 9,400,000 c 6.650%, 01/04/01 .............................. 9,395 22,500,000 c 6.640%, 01/08/01 .............................. 22,471 36,141,000 c 6.530%, 01/12/01 .............................. 36,068 56,853,000 c 6.600%, 01/16/01 .............................. 56,697 26,000,000 c 6.520%, 02/14/01 .............................. 25,793 SAINT PAUL COS 28,000,000 6.500%, 01/26/01 .............................. 27,874 SALOMON SMITH BARNEY HOLDINGS, INC 19,000,000 6.650%, 01/02/01 .............................. 18,996 6,000,000 6.600%, 01/05/01 .............................. 5,996 SBC COMMUNICATIONS, INC 30,000,000 c 6.520%, 01/05/01 .............................. 29,978 34,000,000 c 6.520%, 01/10/01 .............................. 33,944 33,620,000 c 6.580%, 01/11/01 .............................. 33,559 16,000,000 6.530%, 01/19/01 .............................. 15,948 23,100,000 c 6.490%, 02/12/01 .............................. 22,924 SIGMA FINANCE, INC 25,000,000 c 6.500%, 02/16/01 .............................. 24,792 STANLEY WORKS 26,000,000 6.530%, 02/01/01 .............................. 25,852 UBS FINANCE, INC (DELAWARE) 6,000,000 6.500%, 01/02/01 .............................. 5,999 VENTURES BUSINESS TRUST 40,000,000 c 6.600%, 01/22/01 .............................. 39,845 VERIZON GLOBAL FUNDING 10,500,000 6.540%, 01/24/01 .............................. 10,456 29,500,000 6.520%, 02/01/01 .............................. 29,334 VERIZON NETWORK FUNDING CORP 35,000,000 6.550%, 01/23/01 .............................. 34,858 25,000,000 6.560%, 01/30/01 .............................. 24,866 50,000,000 6.500%, 02/16/01 .............................. 49,585 VIRGINIA ELECTRIC &POWER CO 10,000,000 6.540%, 01/12/01 .............................. 9,980 16,000,000 6.550%, 01/12/01 .............................. 15,968 50,000,000 6.550%, 01/19/01 .............................. 49,836 50,000,000 6.520%, 02/02/01 .............................. 49,710 25,000,000 6.500%, 02/05/01 .............................. 24,839 VODAFONE AIRTOUCH PLC 34,000,000 c 6.570%, 01/12/01 .............................. 33,932 41,000,000 c 6.600%, 01/31/01 .............................. 40,774 ------------ 4,417,582 ------------ 12 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - MONEY MARKET ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ---------- MEDIUM TERM NOTES--1.65% BETA FINANCE, INC $15,000,000 6.810%, 02/26/01 .............................. $ 14,990 20,000,000 6.800%, 04/25/01 .............................. 19,998 25,000,000 7.440%, 05/31/01 .............................. 25,073 CC (USA), INC 50,000,000 6.940%, 08/15/01 .............................. 50,120 ------------ 110,181 ------------ U.S. GOVERNMENT AND AGENCIES--6.76% FEDERAL HOME LOAN BANK (FHLB) 25,000,000 6.300%, 01/17/01 .............................. 24,930 50,000,000 6.170%, 02/23/01 .............................. 49,540 44,000,000 6.300%, 04/11/01 .............................. 43,254 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 3,000,000 6.430%, 01/11/01 .............................. 2,995 23,100,000 6.250%, 02/06/01 .............................. 22,956 74,000,000 6.210%, 02/13/01 .............................. 73,451 25,000,000 6.220%, 02/13/01 .............................. 24,814 25,000,000 6.250%, 02/13/01 .............................. 24,813 25,000,000 6.330%, 03/23/01 .............................. 24,650 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 37,000,000 6.180%, 02/12/01 .............................. 36,733 57,000,000 6.280%, 04/05/01 .............................. 56,091 50,000,000 6.320%, 04/12/01 .............................. 49,144 19,750,000 6.340%, 06/18/01 .............................. 19,208 ------------ 452,579 ------------ VARIABLE RATE NOTES--15.86% AMERICAN EXPRESS CENTURION BANK 25,000,000 6.160%, 06/26/01 .............................. 25,008 20,000,000 6.170%, 07/17/01 .............................. 20,006 AMERICAN HONDA FINANCE CORP 25,000,000 6.790%, 01/10/01 .............................. 25,001 10,000,000 6.840%, 05/21/01 .............................. 10,002 20,000,000 6.750%, 08/17/01 .............................. 19,998 25,000,000 6.720%, 08/28/01 .............................. 24,998 25,000,000 6.710%, 09/13/01 .............................. 25,003 ASSOCIATES CORP OF NORTH AMERICA 32,000,000 6.680%, 06/14/01 .............................. 32,019 BANCONE CORP 10,000,000 6.490%, 03/30/01 .............................. 10,000 25,000,000 6.440%, 04/04/01 .............................. 25,012 15,000,000 6.950%, 08/09/01 .............................. 15,021 12,500,000 6.780%, 09/04/01 .............................. 12,509 15,000,000 6.770%, 09/17/01 .............................. 15,028 34,000,000 6.780%, 09/27/01 .............................. 34,020 BETA FINANCE, INC 25,000,000 6.730%, 01/23/01 .............................. 24,999 25,000,000 6.700%, 02/15/01 .............................. 24,998 25,000,000 6.750%, 10/15/01 .............................. 25,003 CARGILL, INC 10,000,000 5.710%, 07/10/01 .............................. 10,008 CATERPILLAR FINANCIAL SERVICES CORP 15,000,000 6.600%, 04/02/01 .............................. 15,001 CIT GROUP HOLDINGS, INC 25,000,000 6.630%, 06/06/01 .............................. 24,980 10,000,000 6.710%, 07/16/01 .............................. 9,992 CITIGROUP, INC 25,000,000 5.850%, 06/06/01 .............................. 25,000 FCC NATIONAL BANK 25,000,000 6.760%, 03/02/01 25,000 FIRST UNION NATIONAL BANK (CHARLOTTE) 30,000,000 6.200%, 02/15/01 .............................. 29,989 25,000,000 6.220%, 05/08/01 .............................. 24,988 FLEET FINANCIAL GROUP, INC 20,000,000 6.880%, 08/24/01 ............................... 20,022 FLEET NATIONAL BANK (BANK BOSTON) 25,000,000 6.650%, 03/09/01 .............................. 25,005 50,000,000 6.600%, 03/27/01 .............................. 50,015 10,000,000 6.960%, 08/10/01 .............................. 10,015 FORD MOTOR CREDIT CORP 15,000,000 6.850%, 02/13/01 .............................. 15,000 24,000,000 6.860%, 09/03/01 .............................. 24,024 HOUSEHOLD FINANCE CORP 10,000,000 6.730%, 12/07/01 .............................. 10,000 HUNTINGTON NATIONAL BANK (OHIO) 25,000,000 6.860%, 10/29/01 .............................. 25,025 IBM CORP 10,000,000 6.740%, 05/21/01 .............................. 10,001 KEY BANK 10,000,000 6.260%, 01/30/01 .............................. 10,000 25,000,000 6.920%, 07/13/01 .............................. 25,020 12,000,000 7.110%, 10/26/01 .............................. 12,036 NATIONAL CITY CORP 65,000,000 6.780%, 04/23/01 .............................. 65,000 SIGMA FINANCE, INC 25,000,000 6.720%, 05/25/01 .............................. 25,003 25,000,000 6.710%, 08/29/01 .............................. 25,008 50,000,000 6.710%, 10/23/01 .............................. 49,970 25,000,000 6.190%, 12/13/01 .............................. 24,990 STUDENT LOAN MARKETING ASSOCIATION 50,000,000 5.690%, 08/14/01 .............................. 49,995 UNILEVER CAPITAL CORP 35,000,000 6.710%, 09/07/01 .............................. 35,000 WACHOVIA BANK, NATIONAL ASSOCIATION 12,125,000 5.820%, 10/09/01 .............................. 12,142 WESTDEUTSCHE LANDESBANK (NEW YORK) 6,000,000 6.640%, 10/17/01 .............................. 5,998 ------------ 1,062,852 ------------ TOTAL SHORT TERM INVESTMENTS (COST $6,662,702) .............................. 6,663,634 ------------ TOTAL PORTFOLIO--99.52% (COST $6,662,702) .............................. 6,663,634 OTHER ASSETS & LIABILITIES, NET--0.48% .......... 32,154 ------------ NET ASSETS--100.00% ............................. $ 6,695,788 ============ ---------- c Commercial paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 13 STATEMENT OF INVESTMENTS - INFLATION LINKED BOND ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ---------- GOVERNMENT BONDS--98.52% U.S. TREASURY SECURITIES--98.52% U.S. TREASURY INFLATION INDEXED $74,219,215 l 3.630%, 07/15/02 .............................. $ 74,300 69,993,360 l 3.380%, 01/15/07 .............................. 68,659 71,373,877 l 3.630%, 01/15/08 .............................. 70,827 66,565,112 l 3.880%, 01/15/09 .............................. 67,106 72,174,281 l 3.630%, 04/15/28 .............................. 70,799 82,173,929 l 3.880%, 04/15/29 .............................. 84,228 U.S. TREASURY NOTE 46,789,972 4.250%, 01/15/10 .............................. 48,617 ------------ TOTAL GOVERNMENT BONDS (Cost $476,967) ............................... 484,536 ------------ SHORT TERM INVESTMENT--0.12% COMMERCIAL PAPER--0.12% PARK AVENUE RECEIVABLES CORP 615,000 c 6.550%, 01/02/01 .............................. 615 ------------ TOTAL SHORT TERM INVESTMENTS (Cost $615) ................................... 615 ------------ TOTAL PORTFOLIO--98.64% (Cost $477,582) ............................... 485,151 OTHER ASSETS & LIABILITIES, NET--1.36% .......... 6,687 ------------ NET ASSETS--100.00% ............................. $491,838 ============ --------------- c Commercial paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. (l) Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. STATEMENT OF INVESTMENTS - BOND MARKET ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ---------- BONDS--98.18% CORPORATE BONDS--28.23% AEROSPACE AND DEFENSE--0.85% BOEING CO DEB $ 5,000,000 7.250%, 06/15/25 ................... A1 $ 5,202 5,000,000 6.630%, 02/15/38 ................... A1 4,745 LOCKHEED MARTIN CORP DEB 5,000,000 8.500%, 12/01/29 ................... BAA3 5,659 RAYTHEON CO DEB 7,600,000 6.150%, 11/01/08 ................... BAA1 7,256 5,000,000 7.000%, 11/01/28 ................... BAA2 4,616 ------------ TOTAL AEROSPACE AND DEFENSE 27,478 ------------ ASSET BACKED--6.04% ADVANTA MORTGAGE LOAN TRUST SERIES 1998-1 (CLASS A3) 10,633,770 6.270%, 12/25/17 ................... AAA 10,594 CIT EQUIPMENT COLLATERAL SERIES 2000-2 (CLASS A3) 6,500,000 6.840%, 06/20/04 ................... AAA 6,588 DISCOVER CARD MASTER TRUST SERIES 2000-9 (CLASS A) 9,400,000 6.350%, 01/15/06 ................... AAA 9,556 GE CAPITAL MORTGAGE SERVICES, INC SERIES 1999-HE1 (CLASS A3) 20,300,000 6.040%, 06/25/20 ................... AAA 20,203 GREENPOINT MANUFACTURED HOUSING SERIES 1999-5 (CLASS A2) 21,000,000 7.080%, 02/15/18 ................... AAA 21,362 GREEN TREE HOME EQUITY LOAN TRUST SERIES 1999-A (CLASS A2) 9,000,000 5.780%, 02/15/14 ................... AAA 8,963 GREEN TREE HOME EQUITY LOAN TRUST SERIES 1998-C (CLASS A3) 18,612,994 6.180%, 07/15/29 ................... AAA 18,603 NAVISTAR FINANCIAL CORP OWNER TRUST SERIES 2000-A (CLASS A4) 16,750,000 7.340%, 01/15/07 ................... AAA 17,295 NEWCOURT EQUIPMENT TRUST SECURITIES SERIES 1999-1 (CLASS A4) 23,500,000 7.180%, 10/20/05 ................... AAA 24,036 RESIDENTIAL ASSET SECURITIES CORP SERIES 2000-KS4 (CLASS AI6) 11,000,000 7.440%, 09/25/31 .................... AAA 11,216 RESIDENTIAL ASSET SECURITIES CORP SERIES 2000-KSI (CLASS AI3) 12,000,000 7.740%, 10/25/25 ................... AAA 12,154 RESIDENTIAL ASSET SECURITIES CORP SERIES 2000-KS5 (CLASS AI3) 7,000,000 7.040%, 05/25/26 ................... AAA 7,085 RESIDENTIAL ASSET SECURITIIES CORP SERIES 1999-KSC2 (CLASS AI9) 3,300,000 7.150%, 07/25/30 ................... AAA 3,390 RESIDENTIAL ASSET SECURITIES CORP SERIES 1999-KS3 (CLASS AI3) 12,000,000 7.180%, 01/25/25 ................... AAA 12,160 SAXON ASSET SECURITIES TRUST SERIES 1999-3 (CLASS AF6) 5,000,000 7.530%, 06/25/14 ................... AAA 5,141 VANDERBILT MORTGAGE FINANCE SERIES 1999-D (CLASS 1A2) 7,500,000 6.820%, 08/07/12 ................... AAA 7,607 ------------ TOTAL ASSET BACKED 195,953 ------------ CONSUMER CYCLICAL--3.55% CSC HOLDINGS, INC NOTE 2,150,000 8.130%, 08/15/09 ................... BA2 2,191 CLEAR CHANNEL COMMUNICATION (SR NOTE) 5,000,000 7.250%, 09/15/03 ................... BAA3 5,038 DAIMLER-CHRYSLER NA HOLDINGS (MEDIUM TERM NOTE) 13,500,000 6.670%, 02/15/02 ................... A1 13,437 11,500,000 6.840%, 10/15/02 ................... A1 11,493 FORD MOTOR CO NOTE 5,000,000 7.450%, 07/16/31 ................... A1 4,628 FORD MOTOR CREDIT CO 10,000,000 7.600%, 08/01/05 ................... A2 10,285 GENERAL MOTORS CORP NOTE 5,000,000 6.380%, 05/01/08 ................... A2 4,766 5,000,000 6.750%, 05/01/28 ................... A2 4,363 TIME WARNER, INC NOTE 10,000,000 8.110%, 08/15/06 ................... BA1 10,705 TIME WARNER, INC (PASS-THRU CERT) 10,000,000 g 6.100%, 12/30/01 ................... BAA3 9,954 TIME WARNER, INC DEB 5,915,000 9.130%, 01/15/13 ................... BAA3 6,875 ---------- + As provided by Moody's Investors Services (Unaudited) 14 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - BOND MARKET ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ---------- CONSUMER CYCLICAL--(CONTINUED) UNILEVER NV CAPITAL CORP (GUARANTEE NOTE) $ 8,000,000 6.880%, 11/01/05 ................... A1 $ 8,259 6,500,000 7.130%, 11/01/10 ................... A1 6,809 WAL-MART STORES NOTE 5,000,000 7.550%, 02/15/30 ................... AA2 5,537 WALT DISNEY CO (SR NOTE) 11,000,000 5.130%, 12/15/03 ................... A2 10,757 ------------ TOTAL CONSUMER CYCLICAL .............. 115,097 ------------ CONSUMER NON-CYCLICAL--0.49% DIAGEO CAPITAL PLC (GUARANTEE NOTE) 5,000,000 6.630%, 06/24/04 ................... A1 5,046 PROCTER & GAMBLE CO NOTE 5,000,000 5.250%, 09/15/03 ................... AA2 4,930 5,000,000 8.000%, 10/26/29 ................... AA2 5,771 ------------ TOTAL CONSUMER NON-CYCLICAL .......... 15,747 ------------ ENERGY--2.63% ALBERTA ENERGY CO LTD NOTE 6,000,000 e 8.130%, 09/15/30 ................... BAA1 6,404 AMERADA HESS CORP DEB 5,000,000 7.880%, 10/01/29 ................... BAA1 5,242 BAKER HUGHS, INC (SR NOTE) 5,000,000 6.250%, 01/15/09 ................... A2 4,934 COASTAL CORP (SR NOTE) 11,490,000 10.000%, 02/01/01 .................. BAA2 11,513 8,100,000 7.500%, 08/15/06 ................... BAA2 8,444 CONOCO, INC (SR NOTE) 9,250,000 5.900%, 04/15/04 ................... A3 9,185 10,000,000 6.950%, 04/15/29 ................... A3 9,743 ENRON CORP NOTE 5,000,000 g 8.000%, 08/15/05 ................... BAA1 5,317 K N ENERGY, INC (SR NOTE) 6,000,000 6.450%, 11/30/01 ................... BAA2 5,984 NORSK HYDRO A/S DEB 5,000,000 7.150%, 01/15/29 ................... A2 4,820 OCCIDENTAL PETROLEUM (SR NOTES) 5,000,000 8.450%, 02/15/29 ................... BAA3 5,507 PHILLIPS PETE NOTE 4,000,000 8.500%, 05/25/05 ................... BAA2 4,327 WILLIAMS COS, INC NOTE 4,000,000 6.200%, 08/01/02 ................... BAA2 3,985 ------------ TOTAL ENERGY ......................... 85,405 ------------ FINANCIAL SERVICES--5.35% ABBEY NATIONAL PLC DEB 5,000,000 7.950%, 10/26/29 ................... AA2 5,287 ALLSTATE CORP (SR NOTE) 5,000,000 7.200%, 12/01/09 ................... A1 5,161 ASSOCIATED P & C HOLDINGS, INC (SR NOTE) 5,000,000 6.750%, 07/15/03 ................... BAA1 5,052 BANK OF AMERICA CORP (SR NOTE) 5,000,000 7.130%, 09/15/06 ................... AA2 5,133 3,000,000 7.800%, 02/15/10 ................... AA3 3,122 BANK ONE CORP (SUB NOTE) 8,000,000 7.880%, 08/01/10 ................... A1 8,334 BELLSOUTH CAPITAL FUNDING 4,000,000 7.880%, 02/15/30 ................... AA3 4,124 CAITHNESS COSO FUND CORP NOTE 2,460,637 g 6.800%, 12/15/01 ................... BA1 2,443 CITIGROUP, INC (SUB NOTE) 10,000,000 7.450%, 06/06/02 ................... AA2 10,185 14,000,000 7.250%, 10/01/10 ................... AA3 14,480 E.I. DU PONT DE NEMOURS 5,000,000 6.500%, 01/15/28 ................... AA3 4,633 FIRST UNION CORP NOTE 5,000,000 7.550%, 08/18/05 ................... A1 5,156 FLEET BOSTON CORP (SUB NOTE) 5,000,000 e 7.380%, 12/01/09 ................... A3 5,152 GENERAL MOTORS ACCEPTANCE CORP 5,000,000 7.480%, 02/28/03 ................... A2 5,102 10,000,000 7.500%, 07/15/05 ................... A2 10,288 GOLDMAN SACHS AND CO 5,000,000 6.650%, 05/15/09 ................... A1 4,871 HOUSEHOLD FINANCE CO 5,000,000 6.880%, 03/01/03 ................... A2 5,050 5,000,000 5.880%, 02/01/09 ................... A2 4,595 INTERAMERICAN DEVELOPMENT 5,000,000 e 7.380%, 01/15/10 ................... AAA 5,463 MERRILL LYNCH & CO NOTE 3,000,000 6.880%, 11/15/18 ................... AA3 2,816 MORGAN STANLEY DEAN WITTER 10,000,000 7.130%, 01/15/03 ................... AA3 10,179 5,000,000 7.750%, 06/15/05 ................... AA3 5,261 NORWEST FINANCIAL, INC (SR NOTE) 5,000,000 6.700%, 09/22/04 ................... AA3 5,059 QWEST CAPITAL FUNDING 7,000,000 7.900%, 08/15/10 ................... BAA1 7,279 ROYAL BANK OF SCOTLAND GROUP 5,500,000 6.400%, 04/01/09 ................... A1 5,338 SUNTRUST BANK ATLANTA 6,480,000 7.250%, 09/15/06 ................... A1 6,659 U.S. WEST CAPITAL FUNDING, INC (GUARANTEE NOTE) 7,800,000 6.130%, 07/15/02 ................... A3 7,731 5,000,000 g 6.750%, 12/01/05 ................... A1 5,050 VERIZON GLOBAL FUNDING CORP 1,500,000 g 7.250%, 12/01/10 ................... A1 1,531 3,000,000 g 7.750%, 12/01/30 ................... A1 3,075 ------------ TOTAL FINANCIAL SERVICES ............. 173,609 ------------ HEALTH CARE--0.61% ELI LILLY &CONOTE 5,000,000 7.130%, 06/01/25 ................... AA3 5,194 JOHNSON & JOHNSON CO 5,000,000 6.950%, 09/01/29 ................... AAA 5,196 MERCK & CO, INC DEB 5,000,000 6.400%, 03/01/28 ................... AAA 4,848 5,000,000 5.950%, 12/01/28 ................... AAA 4,563 ------------ TOTAL HEALTH CARE .................... 19,801 ------------ OTHER--0.31% UNITED TECHNOLOGIES CORP DEB 9,500,000 e 7.500%, 09/15/29 ................... A2 10,140 ------------ TOTAL OTHER .......................... 10,140 ------------ ---------- + As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 15 STATEMENT OF INVESTMENTS - BOND MARKET ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ---------- OTHER MORTGAGE BACKED SECURITIES--1.93% BANC OF AMERICA COMMERCIAL MORTGAGE SERIES 2000-2 (CLASS A2) $ 15,000,000 7.200%, 05/15/10 ................... AAA $ 15,705 CS FIRST BOSTON MORTGAGE SECURITIES CORP SERIES 1997-C2 (CLASS A2) 13,690,00 6.520%, 07/17/07 ................... AAA 13,858 GENERAL ELECTRIC CAPITAL COMMERCIAL MORTGAGE CORP SERIES 2000-1 (CLASS A2) 15,000,000 6.500%, 12/15/10 ................... AAA 14,995 LB-UBS COMMERCIAL MORTGAGE TRUST SERIES 2000-C5 (CLASS A1) 18,000,000 6.410%, 01/15/10 ................... AAA 18,171 ------------ 62,729 ------------ PRODUCER DURABLES--0.45% CATERPILLAR, INC DEB 4,788,000 9.750%, 06/01/19 ................... A2 5,002 GENERAL ELECTRIC CAPITAL 9,500,00 6.650%, 09/03/02 ................... AAA 9,598 ------------ TOTAL PRODUCER DURABLES ............... 14,600 ------------ TRANSPORTATION--0.63% BURLINGTON NORTHERN SANTA FE DEB 5,000,000 7.130%, 12/15/10 ................... BAA2 5,083 CONTINENTAL AIRLINES 3,500,000 7.710%, 04/02/21 ................... AA3 3,657 UNION PACIFIC CORP NOTE 4,400,000 7.600%, 05/01/05 ................... BAA3 4,581 UNITED AIRLINES 7,000,000 7.190%, 04/01/11 ................... AA2 7,140 ------------ TOTAL TRANSPORTATION .................. 20,461 ------------ UTILITIES--5.38% ALABAMA POWER CO (SR NOTE) 5,000,000 7.130%, 08/15/04 .................. A2 5,099 AT&T CORP 10,000,000 6.000%, 03/15/09 .................. A1 8,945 BELLSOUTH TELECOMMUNICATION NOTE 5,000,000 6.500%, 06/15/05 .................. AAA 5,012 BRITISH TELECOM PLC 5,000,000 8.130%, 12/15/10 .................. A2 5,055 CLEVELAND ELECTRIC 5,000,000 6.860%, 10/01/08 .................. BAA3 4,939 CONSOLIDATED EDISON NOTE 5,000,000 6.380%, 04/01/03 .................. A1 5,015 CONSUMERS ENERGY CO DEB 5,000,000 6.200%, 05/01/03 .................. BAA3 4,886 DPL, INC 5,000,000 8.250%, 03/01/07 .................. BAA1 5,203 EL PASO ELECTRIC CO (FIRST MORTGAGE BOND) 5,000,000 8.900%, 02/01/06 .................. BAA3 5,390 EL PASO ENERGY CORP 3,000,000 e 6.950%, 12/15/07 .................. BAA2 3,004 5,000,000 8.050%, 10/15/30 .................. BAA2 5,262 FLORIDA POWER & LIGHT 5,000,000 6.880%, 12/01/05 .................. AA3 5,124 GENERAL ELECTRIC CAPTIAL CORP (MEDIUM TERM NOTE) 10,000,000 5.650%, 03/31/03 .................. AAA 9,923 5,000,000 7.380%, 01/19/10 .................. AAA 5,398 GEORGIA POWER CO (SR NOTE) 10,000,000 5.500%, 12/01/05 ................... A2 9,632 GTE CALIFORNIA 5,000,000 7.650%, 03/15/07 .................. A2 5,239 JONES INTERCABLE, INC (SR NOTE) 12,500,000 9.630%, 03/15/02 .................. BAA3 12,890 LENFEST COMMUNICATIONS (SUB NOTE) 5,000,000 8.250%, 02/15/08 .................. BAA3 5,304 MONONGAHELA POWER CO (FIRST MORTGAGE BOND) 3,000,000 8.630%, 11/01/21 .................. A1 3,142 NATIONAL RURAL UTILITIES TRUST 5,000,000 5.000%, 10/01/02 .................. AA3 4,920 NIAGARA MOHAWK POWER (FIRST MORTGAGE BOND) 4,500,000 5.880%, 09/01/02 .................. BAA2 4,448 NISOURCE FINANCE CORP 5,000,000 7.880%, 11/15/10 .................. BAA2 5,230 OHIO EDISON CO 8,700,000 7.380%, 09/15/02 .................. BAA1 8,825 PUGET SOUND ENERGY, INC (SR NOTE) 5,000,000 7.020%, 12/01/27 .................. BAA1 4,609 SOUTHERN ENERGY 5,000,000 g 7.900%, 07/15/09 .................. BAA2 5,042 SPRINT CAPITAL CORP (GUARANTEE NOTE) 12,500,000 7.630%, 06/10/02 .................. BAA1 12,534 5,500,000 6.880%, 11/15/28 .................. BAA1 4,447 TELEFONICA EUROPE BV 5,000,000 e 8.250%, 09/15/30 .................. A2 4,993 WORLDCOM, INC 5,000,000 g 7.380%, 01/15/06 .................. A3 5,028 ------------ TOTAL UTILITIES ..................... 174,538 ------------ TOTAL CORPORATE BONDS (COST $905,017) ................... 915,558 ------------ GOVERNMENT BONDS--69.95% AGENCY SECURITIES--8.03% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 3,000,000 7.100%, 04/10/07 .................. AAA 3,192 86,500,000 5.750%, 04/15/08 .................. AAA 85,527 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 124,700,000 e 6.375%, 10/15/02 .................. AAA 126,317 5,000,000 6.850%, 09/12/05 .................. AAA 4,986 15,000,000 e 7.130%, 03/15/07 .................. AAA 16,013 21,430,000 7.250%, 05/15/30 .................. AAA 24,390 ------------ 260,425 ------------ FOREIGN GOVERNMENT BONDS--2.29% BRITISH COLUMBIA NOTE 13,000,000 5.380%, 10/29/08 .................. AA2 12,449 CANADA GOVERNMENT 5,500,000 6.750%, 08/28/06 .................. AA2 5,750 ONTARIO ELECTRICITY FINANCIAL 5,000,000 6.100%, 01/30/08 .................. AA3 4,974 ONTARIO PROVINCE CANADA 10,000,000 7.380%, 01/27/03 .................. AA3 10,307 13,400,000 e 7.000%, 08/04/05 .................. AA3 13,975 UNITED MEXICAN STATES NOTE 5,000,000 e 8.500%, 02/01/06 .................. BAA3 5,050 2,000,000 e 9.880%, 02/01/10 .................. BAA3 2,152 ---------- + As provided by Moody's Investors Services (Unaudited) 16 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - BOND MARKET ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ---------- FOREIGN GOVERNMENT BONDS--(CONTINUED) QUEBEC PROVINCE CANADA $ 3,500,000 7.000%, 01/30/07 ................... A2 $ 3,634 10,000,000 7.500%, 09/15/29 ................... A2 10,672 REPUBLIC OF KOREA 5,000,000 e 8.880%, 04/15/08 ................... BAA2 5,385 ------------ 74,348 ------------ OTHER GOVERNMENT BONDS--0.67% TENNESSEE VALLEY AUTHORITY 19,380,000 7.130%, 05/01/30 ................... AAA 21,630 ------------ 21,630 ------------ MORTGAGE BACKED SECURITIES--38.53% FEDERAL HOME LOAN MORTGAGE CORP GOLD (FGLMC) 8,704,563 d 6.500%, 01/01/29 .............................. 8,596 68,680,838 d 6.500%, 02/01/29 .............................. 67,822 83,040,955 d 6.500%, 09/01/29 .............................. 81,951 88,500,000 h 7.000%, 01/25/30 .............................. 88,694 70,250,000 h 8.000%, 01/25/30 .............................. 72,028 9,009,091 8.500%, 05/01/30 .............................. 9,302 9,656,422 8.500%, 08/01/30 .............................. 9,970 29,772,870 7.000%, 10/01/20 .............................. 30,005 48,250,000 h 6.500%, 02/25/30 .............................. 47,617 100,100,000 h 7.500%, 01/25/31 .............................. 101,633 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 2,059,628 7.000%, 09/01/10 .............................. 2,087 3,756,273 6.000%, 04/01/11 .............................. 3,729 9,924,818 7.000%, 07/01/13 .............................. 10,033 1,569,480 7.000%, 05/01/23 .............................. 1,579 7,774,797 6.500%, 06/01/29 .............................. 7,673 212,065 8.500%, 09/01/30 .............................. 219 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 800,189 7.500%, 08/01/01 .............................. 798 1,757,549 6.000%, 12/01/02 .............................. 1,744 853,508 6.000%, 12/01/08 .............................. 850 8,287,419 6.500%, 05/01/09 .............................. 8,337 1,865,053 7.500%, 11/01/10 .............................. 1,909 1,258,438 8.000%, 06/01/11 .............................. 1,296 321,984 8.000%, 07/01/11 .............................. 332 45,650,813 d 6.000%, 12/01/13 .............................. 45,094 44,500,000 h 6.500%, 01/25/15 .............................. 44,486 77,750,000 h 7.000%, 01/25/15 .............................. 78,576 3,969,064 7.500%, 02/01/15 .............................. 4,053 17,044,665 7.500%, 04/01/15 .............................. 17,407 894,735 6.500%, 02/01/16 .............................. 884 867,322 6.500%, 03/01/16 .............................. 858 980,318 6.500%, 04/01/16 .............................. 982 15,004,036 6.000%, 01/01/19 .............................. 14,682 1,689,108 6.000%, 02/01/19 .............................. 1,653 5,152,862 8.000%, 03/01/23 .............................. 5,324 8,842,060 8.000%, 07/01/24 .............................. 9,099 1,561,095 9.000%, 11/01/25 .............................. 1,617 10,114,863 d 6.500%, 10/01/28 .............................. 9,982 35,285,374 6.500%, 02/01/29 .............................. 34,822 12,999,831 6.500%, 03/01/29 .............................. 12,829 149,000,000 h 7.000%, 01/25/30 .............................. 149,232 21,353,449 8.500%, 05/01/30 .............................. 22,001 28,046,519 8.500%, 08/01/30 .............................. 28,958 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) 146,325 8.500%, 10/15/09 .............................. 151 555,757 8.500%, 12/15/09 .............................. 573 1,930,930 9.000%, 12/15/09 .............................. 2,015 605,219 8.500%, 01/15/10 .............................. 625 84,948 9.000%, 06/15/16 .............................. 90 108,102 9.000%, 08/15/16 .............................. 114 281,792 9.000%, 09/15/16 .............................. 297 51,634 9.000%, 10/15/16 .............................. 54 99,710 9.000%, 11/15/16 .............................. 105 315,527 9.000%, 12/15/16 .............................. 333 1,366,628 9.500%, 12/15/16 .............................. 1,456 102,290 9.000%, 07/15/17 .............................. 108 147,185 9.000%, 06/15/20 .............................. 155 4,598,671 6.500%, 09/15/23 .............................. 4,569 2,877,671 6.500%, 01/15/24 .............................. 2,859 1,802,604 6.500%, 03/15/24 .............................. 1,790 11,640,956 d 6.500%, 05/15/24 .............................. 11,561 1,498,513 8.000%, 06/15/24 .............................. 1,541 3,757,263 6.500%, 09/15/24 .............................. 3,731 53,000,000 h 7.500%, 01/20/30 .............................. 53,911 27,536,319 8.500%, 09/20/30 .............................. 28,328 61,879,635 8.500%, 10/20/30 .............................. 63,659 15,686,179 8.500%, 11/20/30 .............................. 16,137 14,099,824 8.500%, 12/20/30 .............................. 14,505 ------------ 1,249,410 ------------ U.S. TREASURY SECURITIES--20.43% U.S.TREASURY BOND 50,000,000 8.880%, 02/15/19 .............................. 68,711 33,575,000 7.130%, 02/15/23 .............................. 40,007 7,050,000 e 6.130%, 08/15/29 .............................. 7,668 37,200,000 e 6.250%, 05/15/30 .............................. 41,501 U.S. TREASURY INFLATION INDEXED 64,565,671 e,l 3.380%, 01/15/07 .............................. 63,335 37,043,776 l3.630%, 01/15/08 ............................. 36,760 U.S.TREASURY NOTE 8,200,000 e 5.500%, 01/31/03 .............................. 8,250 21,820,000 e 6.750%, 05/15/05 .............................. 23,245 15,000,000 e 6.880%, 05/15/06 .............................. 16,226 22,128,296 4.250%, 01/15/10 .............................. 22,993 32,000,000 e 11.750%, 02/15/10 ............................. 39,444 213,095,000 e 5.750%, 08/15/10 .............................. 223,317 U.S.TREASURY STRIP 231,450,000 0.000%, 11/15/21 .............................. 71,127 ------------ 662,584 ------------ TOTAL GOVERNMENT BONDS (Cost $ 2,209,567) ............................ 2,268,397 ------------ TOTAL BONDS (Cost $ 3,114,584) ............................ 3,183,955 ------------ SHORT TERM INVESTMENTS--31.58% COMMERCIAL PAPER--20.69% ALUMINUM CO OF AMERICA 30,000,000 d 6.510%, 01/16/01 ............................... 29,913 BELLSOUTH CAPITAL FUNDING CORP 3,685,000 c 6.500%, 01/04/01 ............................... 3,682 9,990,000 c 6.500%, 01/17/01 ............................... 9,959 CATERPILLAR FINANCIAL SERVICES CORP 50,000,000 6.570%, 01/02/01 ............................... 49,982 CIESCO LP 25,600,000 c,d 6.550%, 01/03/01 ............................... 25,586 11,500,000 d 6.600%, 01/04/01 ............................... 11,492 COCA-COLA ENTERPRISES, INC 5,995,000 c,d 6.540%, 01/12/01 ............................... 5,982 ---------- + As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 17 STATEMENT OF INVESTMENTS - BOND MARKET ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ---------- COMMERCIAL PAPER--(CONTINUED) CONAGRA, INC $ 25,000,000 d 7.500%, 01/08/01 .............................. $ 24,955 CORPORATE ASSET FUNDING CORP, IN. 12,473,000 c 6.600%, 01/03/01 .............................. 12,466 COX COMMUNICATIONS, INC 23,869,000 c,d 7.500%, 01/12/01 .............................. 23,803 DELPHI AUTOMOTIVE SYSTEMS CORP 29,700,000 c,d 7.470%, 01/10/01 .............................. 29,633 20,300,000 c,d 7.470%, 01/12/01 .............................. 20,244 ENTERPRISE FUNDING CORP 7,536,000 c,d 6.650%, 01/05/01 .............................. 7,529 EQUILON ENTERPRISES LLC 1,890,000 6.520%, 01/02/01 .............................. 1,889 GOLDMAN SACHS AND CO 9,000,000 d 6.550%, 01/12/01 .............................. 8,980 GOVCO, INC 34,710,000 c 6.530%, 01/25/01 .............................. 34,553 HARLEY-DAVIDSON FUNDING CORP 15,000,000 c 6.630%, 01/05/01 .............................. 14,986 9,800,000 c 6.630%, 01/11/01 .............................. 9,780 INGERSOLL RAND CO 8,000,000 c 7.400%, 01/16/01 .............................. 7,971 MCI WORLDCOM, INC 14,137,000 c 7.450%, 01/16/01 .............................. 14,085 10,000,000 c,d 7.550%, 01/16/01 .............................. 9,963 MORGAN STANLEY DEAN WITTER 25,000,000 6.650%, 01/03/01 .............................. 24,986 PARK AVENUE RECEIVABLES CORP 48,110,000 c,d 6.620%, 01/03/01 .............................. 48,084 PFIZER, INC 50,000,000 c,d 6.510%, 01/11/01 .............................. 49,899 PRAXAIR, INC 25,000,000 d 7.580%, 01/16/01 .............................. 24,908 RECEIVABLES CAPITAL CORP 12,000,000 c,d 6.660%, 01/04/01 .............................. 11,991 2,000,000 c 6.630%, 01/16/01 .............................. 1,994 SALOMON BROTHERS 35,000,000 d 6.550%, 01/16/01 .............................. 34,897 VENTURES BUSINESS TRUST 50,000,000 c,d 6.630%, 01/05/01 .............................. 49,954 VERIZON GLOBAL FUNDING 14,900,000 d 6.600%, 01/11/01 .............................. 14,870 VERIZON NETWORK FUNDING CORP 10,500,000 6.590%, 01/05/01 .............................. 10,490 8,500,000 d 6.600%, 01/16/01 .............................. 8,475 VODAFONE AIRTOUCH PLC 7,888,000 c 6.550%, 01/02/01 .............................. 7,885 25,000,000 c,d 6.550%, 01/16/01 .............................. 24,931 ------------ 670,797 ------------ INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED--10.89% COMMERCIAL PAPER Associates Corp NA 15,000,000 6.631%, 01/19/01 .............................. 14,952 J.P. Morgan & Co 4,779,938 6.602%, 02/02/01 .............................. 4,753 REPURCHASE AGREEMENTS Credit Suisse First Boston, 6.550% DATED12/29/00, DUE01/02/01 IN THE AMOUNT OF $25,017,945 (FULLY COLLATERALIZED BY HIGH GRADE DEBT OBLIGATIONS: 25,000,000 TOTAL MARKET VALUE $26,250,328) ............ 25,000 JP MORGAN SECURITIES, INC, 6.450% DATED 12/29/00, DUE 01/02/01 IN THE AMOUNT OF $88,522,528 (FULLY COLLATERALIZED BY U.S. GOVERNMENT AND AGENCY SECURITIES: 88,460,000 TOTAL MARKET VALUE $90,229,246) ............ 88,460 TIME DEPOSITS Abbey National Bank (London) 25,000,000 6.670%, 01/02/01 ............................... 25,000 ABN AMRO Holdings (Copenhagen) 25,000,000 6.660%, 01/08/01 .............................. 25,000 Bank of Nova Scotia (London) 25,000,000 6.660%, 01/24/01 .............................. 25,000 Barclays Bank Plc (London) 25,000,000 6.640%, 01/02/01 .............................. 25,000 Commerzbank Ltd (Frankfurt) 25,000,000 6.650%, 01/29/01 .............................. 25,000 DResdner Bank (Frankfurt) 25,000,000 6.660%, 01/08/01 .............................. 25,000 Morgan Guaranty Trust Co (Toronto) 25,000,000 6.650%, 01/04/01 .............................. 25,000 National Westminster Bank Plc (London) 25,000,000 6.660%, 01/08/01 .............................. 25,000 Royal Bank of Canada (Cayman) 20,000,000 6.560%, 02/01/01 .............................. 20,000 ------------ 353,165 ------------ TOTAL SHORT TERM INVESTMENTS (Cost $1,024,128) ............................. 1,023,962 ------------ TOTAL PORTFOLIO--129.76% (Cost $4,138,712) ............................. 4,207,917 OTHER ASSETS & LIABILITIES, NET--(29.76)% ....... (965,141) ------------ NET ASSETS--100.00% ............................. $3,242,776 =========== ---------- c Commercial paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. 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 buyers. At December 31, 2000, the value of these securities amounted to $37,440,363 or 1.15% of net assets h These securities were purchased on a delayed delivery basis. l Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. 18 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - SOCIAL CHOICE ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ---------- BONDS--39.87% CORPORATE BONDS--11.79% ASSET BACKED--2.29% CAPITAL ONE MASTER TRUST SERIES 2000-2 (CLASS A) $ 10,000,000 7.200%, 08/15/08 ................... AAA $ 10,474 CHASE MANHATTAN AUTO OWNER TRUST SERIES 2000-A (CLASS A4) 10,000,000 6.260%, 06/15/07 ................... AAA 10,108 CONSECO FINANCE SECURITIZATIONS CORP SERIES 2000-1 (CLASS A2) 16,500,000 7.190%, 05/01/31 ................... AAA 16,675 CITIBANK CREDIT CARD MASTER TRUST SERIES 1997-2 (CLASS B) 3,000,000 6.700%, 02/15/04 ................... A1 3,013 FLEETWOOD CREDIT GRANTOR TRUST SERIES 1993-B (CLASS A) 1,115,134 4.950%, 08/15/08 ................... AAA 1,101 FIRST U.S.A. CREDIT CARD MASTER TRUST SERIES 1998-9 (CLASS A) 12,000,000 5.280%, 09/18/06 ................... AAA 11,809 GREENPOINT MANUFACTURED HOUSING SERIES 1999-1 (CLASS A2) 16,250,000 6.010%, 08/15/15 ................... AAA 16,214 HOUSEHOLD AUTOMOTIVE TRUST SERIES 2000-2 (CLASS A3) 4,500,000 7.340%, 11/17/04 ................... AAA 4,618 MBNA MASTER CREDIT CARD TRUST SERIES 2000-I (CLASS A) 12,000,000 6.900%, 01/15/08 ................... AAA 12,405 MBNA MASTER CREDIT CARD TRUST SERIES 1999-M (CLASS A) 2,500,000 6.600%, 04/16/07 ................... AAA 2,554 NATIONSCREDIT GRANTOR TRUST SERIES 1997-2 (CLASS A1) 1,701,513 6.350%, 04/15/14 ................... AAA 1,705 NATIONSBANK CREDIT CARD MASTER TRUST SERIES 1993-2 (CLASS B) 7,000,000 6.250%, 12/15/05 ................... A2 6,998 ------------ TOTAL ASSET BACKED ................... 97,674 ------------ CONSUMER CYCLICAL--1.49% A.H. BELO CORP DEB 5,000,000 7.250%, 09/15/27 ................... BAA3 4,114 CLEAR CHANNEL COMMUNICATION (SR NOTE) 5,500,000 7.250%, 09/15/03 ................... BAA3 5,542 6,000,000 e 7.650%, 09/15/10 ................... BAA3 6,055 DILLARDS, INC NOTE 5,000,000 5.790%, 11/15/01 ................... BAA1 4,620 FEDERATED DEPT STORE NOTE 6,000,000 6.300%, 04/01/09 ................... BAA2 5,338 MCDONALD'S CORP NOTE 10,000,000 6.000%, 06/23/02 ................... AA2 9,981 SEARS ROEBUCK ACCEPTANCE CORP (MEDIUM TERM NOTE) 5,000,000 6.990%, 09/30/02 ................... A2 5,025 TIME WARNER, INC DEB 5,000,000 9.125%, 01/15/13 ................... BAA3 5,812 VIACOM, INC (GAURANTEE NOTE) 5,000,000 7.700%, 07/30/10 ................... BAA1 5,237 WAL-MART STORES NOTE 6,275,000 8.000%, 09/15/06 ................... AA2 6,874 WALT DISNEY CO NOTE 5,000,000 5.250%, 11/10/03 ................... A2 4,911 ------------ TOTAL CONSUMER CYCLICAL .............. 63,509 ------------ CONSUMER NON-CYCLICAL--0.38% ALBERTSONS, INC 7,720,000 7.450%, 08/01/29 ................... A2 6,920 COCA-COLA ENTERPRISES NOTE 5,000,000 e,g 7.125%, 09/30/09 ................... A2 5,218 SAFEWAY, INC NOTE 4,000,000 7.000%, 09/15/02 ................... BAA2 4,038 ------------ TOTAL CONSUMER NON-CYCLICAL .......... 16,176 ------------ ENERGY--1.18% BURLINGTON RESOURCES 5,000,000 7.375%, 03/01/29 ................... A3 5,007 CONSOLIDATED NATURAL GAS NOTE 5,000,000 7.250%, 10/01/04 ................... A2 5,133 EL PASO ENERGY CORP 5,000,000 6.750%, 05/15/09 ................... BAA2 4,949 EL PASO NATURAL GAS CO NOTE 5,000,000 6.750%, 11/15/03 ................... BAA2 5,043 HALLIBURTON CO 5,000,000 8.750%, 02/15/21 ................... AA3 5,722 SONAT, INC NOTE 5,000,000 6.750%, 10/01/07 ................... BAA1 4,969 TRANSCONTINENTAL GAS 5,000,000 6.125%, 01/15/05 ................... BA1 4,939 UNION PACIFIC RESOURCES NOTE 5,515,000 6.750%, 05/15/08 ................... BAA1 5,557 WILLIAMS COS, INC NOTE 4,000,000 6.200%, 08/01/02 ................... BAA2 3,985 5,000,000 7.625%, 07/15/19 ................... BAA2 4,948 ------------ TOTAL ENERGY ......................... 50,252 ------------ FINANCIAL SERVICES--3.01% ALLSTATE CORP (SR NOTE) 4,500,000 7.875%, 05/01/05 ................... A1 4,775 ARISTAR, INC (SR NOTE) 5,000,000 5.850%, 01/27/04 ................... A3 4,902 ASSOCIATES CORP NA (SR NOTE) 5,000,000 6.250%, 11/01/08 ................... AA3 4,845 BANK ONE CORP (SUB NOTE) 4,000,000 7.625%, 08/01/05 ................... AA3 4,142 5,000,000 e 7.875%, 08/01/10 ................... A1 5,208 BANKBOSTON NA (SUB NOTE) 4,000,000 6.375%, 04/15/08 ................... A2 3,878 CITIGROUP, INC (SUB NOTE) 5,000,000 7.250%, 10/01/10 ................... AA3 5,171 5,000,000 7.875%, 05/15/25 ................... AA2 5,259 FIRST UNION CORP (SUB NOTE) 10,000,000 6.300%, 04/15/08 ................... A2 9,559 FLEET BOSTON CORP (SUB NOTE) 5,000,000 7.375%, 12/01/09 ................... A3 5,152 GOLDMAN SACHS GROUP, INC DEB 5,000,000 7.625%, 08/17/05 ................... A1 5,213 HOUSEHOLD FINANCE CORP NOTE 5,000,000 8.000%, 05/09/05 ................... A2 5,243 HOUSEHOLD FINANCE CORP NOTE 9,000,000 7.000%, 08/01/03 ................... A2 9,084 ---------- + As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 19 STATEMENT OF INVESTMENTS - SOCIAL CHOICE ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ---------- FINANCIAL SERVICES--(CONTINUED) INTERNATIONAL LEASE FINANCE CORP NOTE $ 5,000,000 5.950%, 06/01/01 ................... A1 $ 4,998 MERRILL LYNCH & CO NOTE 5,000,000 6.875%, 11/15/18 ................... AA3 4,694 MORGAN STANLEY DEAN WITTER, INC (SR NOTE) 10,000,000 5.625%, 04/12/02 ................... AA3 9,938 NATIONSBANK (SUB NOTE) 10,000,000 6.875%, 02/15/05 ................... AA3 10,138 PNC FUNDING CORP (GUARANTEE NOTE) 5,600,000 7.500%, 11/01/09 ................... A3 5,787 SALOMON SMITH BARNEY HOLDINGS NOTE 5,000,000 6.375%, 10/01/04 ................... AA3 4,989 VERIZON GLOBAL FUNDING CORP NOTE 5,000,000 g 6.750%, 12/01/05 ................... A1 5,050 WELLS FARGO FINANCIAL (SR NOTE) 5,000,000 e 7.000%, 11/01/05 ................... AA2 5,136 WELLS FARGO & CO (SR NOTE) 5,000,000 e 7.250%, 08/24/05 ................... AA2 5,186 ------------ TOTAL FINANCIAL SERVICES ............. 128,347 ------------ HEALTH CARE--0.46% ELI LILLY & CO NOTE 5,000,000 7.125%, 06/01/25 ................... AA3 5,194 JOHNSON & JOHNSON CO DEB 9,215,000 6.950%, 09/01/29 ................... AAA 9,575 MERCK & CO, INC DEB 5,440,000 5.950%, 12/01/28 ................... AAA 4,964 ------------ TOTAL HEALTH CARE .................... 19,733 ------------ OTHER MORTAGE BACKED SECURITIES--0.95% BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES 2000-WF2 (CLASS A1) 10,963,686 7.110%, 09/15/09 ................... AAA 11,386 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES 1999-WF2 (CLASS A2) 4,000,000 7.080%, 06/15/09 ................... AAA 4,166 CHASE MANHATTAN BANK-FIRST UNION NATIONAL SERIES 1999-1 (CLASS A1) 13,107,132 7.134%, 07/15/07 ................... AAA 13,572 SALOMON BROTHERS MORTGAGE SECURITIES SERIES 2000-C3 (CLASS A2) 11,250,000 6.592%, 10/18/10 ................... AAA 11,326 ------------ 40,450 ------------ PRODUCER DURABLES--0.13% EMERSON ELECTRIC CO 5,000,000 7.875%, 06/01/05 ................... AA1 5,361 ------------ TOTAL PRODUCER DURABLES .............. 5,361 ------------ TECHNOLOGY--0.42% ELECTRONIC DATA SYSTEMS NOTE 4,000,000 6.850%, 10/15/04 ................... A1 4,068 5,500,000 7.450%, 10/15/29 ................... A1 5,557 HEWLETT-PACKARD CO 3,500,000 7.150%, 06/15/05 ................... AA2 3,605 IBMDEB 5,000,000 6.500%, 01/15/28 ................... A1 4,556 ------------ TOTAL TECHNOLOGY ..................... 17,786 ------------ TRANSPORTATION--0.29% DELTA AIRLINES, INC SERIES 1992-B1 (PASS-THRU CERT) 2,107,966 8.270%, 09/23/07 ................... BAA1 2,120 DELTA AIRLINES, INC DEB 4,650,140 8.950%, 01/12/12 ................... BAA1 4,940 NORFOLK SOUTHERN 5,000,000 7.800%, 05/15/27 ................... BAA1 5,102 ------------ TOTAL TRANSPORTATION ................. 12,162 ------------ UTILITIES--1.19% BELLSOUTH TELECOMMUNICATIONS NOTE 8,000,000 6.000%, 06/15/02 ................... AAA 7,936 NEW ENGLAND TELEPHONE &TELEGRAPH 5,000,000 7.650%, 06/15/07 ................... AA2 5,240 NEW YORK TELEPHONE CO DEB 7,000,000 9.375%, 07/15/31 ................... A2 7,467 NISOURCE FINANCE CORP 5,000,000 g 7.500%, 11/15/03 ................... BAA2 5,073 SPRINT CAPITAL CORP (GUARANTEE NOTE) 10,000,000 7.625%, 06/10/02 ................... BAA1 10,027 2,000,000 5.875%, 05/01/04 ................... BAA1 1,921 10,000,000 6.875%, 11/15/28 ................... BAA1 8,086 WORLDCOM, INC NOTE 5,000,000 g 7.375%, 01/15/06 ................... A3 5,028 ------------ TOTAL UTILITIES ...................... 50,778 ------------ TOTAL CORPORATE BONDS (Cost $493,994) .................... 502,228 ------------ GOVERNMENT BONDS--28.08% AGENCY SECURITIES--3.60% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 6,000,000 6.250%, 07/15/04 ................... AAA 6,106 23,000,000 e 5.750%, 04/15/08 ................... AAA 22,741 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 81,500,000 e 6.375%, 10/15/02 ................... AAA 82,557 10,000,000 e 7.125%, 03/15/07 ................... AAA 10,675 27,460,000 7.250%, 05/15/30 ................... AAA 31,253 ------------ 153,332 ------------ FOREIGN GOVERNMENT BONDS--0.76% ALBERTA PROVINCE CANADA 10,000,000 4.875%, 10/29/03 AA2 9,716 ONTARIO PROVINCE CANADA 5,000,000 7.625%, 06/22/04 AA3 5,268 QUEBEC PROVINCE CANADA 5,500,000 7.000%, 01/30/07 A2 5,711 11,000,000 7.500%, 09/15/29 A2 11,739 ------------ 32,434 ------------ ---------- + As provided by Moody's Investors Services (Unaudited) 20 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - SOCIAL CHOICE ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ---------- MORTGAGE BACKED SECURITIES--17.60% FEDERAL HOME LOAN MORTGAGE CORP GOLD (FGLMC) $12,680,850 6.500%, 01/01/29 .............................. $ 12,522 14,899,238 d 6.500%, 03/01/29 .............................. 14,704 51,765,969 d 6.500%, 09/01/29 .............................. 51,086 104,000,000 h 7.000%, 01/25/30 .............................. 104,228 46,000,000 h 7.500%, 01/25/30 .............................. 46,704 50,000,000 h 8.000%, 01/25/30 .............................. 51,266 3,770,453 8.500%, 05/01/30 .............................. 3,893 5,930,924 8.500%, 08/01/30 .............................. 6,124 18,592,685 d 8.500%, 08/01/30 .............................. 19,197 24,810,726 d 7.000%, 10/01/20 .............................. 25,004 36,500,000 h 6.500%, 02/25/30 .............................. 36,021 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 2,568,327 6.000%, 03/01/11 .............................. 2,554 628,164 7.000%, 05/01/23 .............................. 632 40,566,009 d 6.500%, 06/01/29 .............................. 40,033 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 1,757,549 6.000%, 12/01/02 .............................. 1,744 102,417 8.500%, 02/01/05 .............................. 103 682,850 7.500%, 06/01/11 .............................. 698 491,665 8.000%, 06/01/11 .............................. 506 643,963 8.000%, 07/01/11 .............................. 663 113,810 7.500%, 08/01/11 .............................. 116 221,643 7.500%, 09/01/11 .............................. 227 611,683 7.500%, 10/01/11 .............................. 626 4,792,355 7.000%, 04/01/12 .............................. 4,849 3,169,148 6.500%, 09/01/12 .............................. 3,173 20,961,356 d 6.000%, 12/01/13 .............................. 20,706 117,879 8.500%, 11/01/14 .............................. 122 15,000,000 h 6.500%, 01/25/15 .............................. 14,995 51,575,000 h 7.000%, 01/25/15 .............................. 52,123 7,647,882 6.000%, 01/01/19 .............................. 7,484 7,237,156 6.000%, 02/01/19 .............................. 7,082 1,413,214 8.000%, 03/01/23 .............................. 1,460 2,446,301 d 8.000%, 07/01/24 .............................. 2,517 73,900,000 h 7.000%, 01/25/30 .............................. 74,015 8,683,231 8.500%, 05/01/30 .............................. 8,946 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) 217,458 8.500%, 09/15/09 .............................. 224 253,938 8.500%, 10/15/09 .............................. 262 105,898 8.500%, 12/15/09 .............................. 109 1,866,959 9.000%, 12/15/09 .............................. 1,948 1,558,593 d 9.000%, 12/15/17 .............................. 1,644 131,577 9.000%, 03/15/20 .............................. 139 72,940 9.000%, 08/15/20 .............................. 77 1,454,769 d 8.000%, 06/15/22 .............................. 1,498 654,261 6.500%, 08/15/23 .............................. 650 389,900 6.500%, 09/15/23 .............................. 387 9,976,420 d 6.500%, 12/15/28 .............................. 9,864 47,500,000 h 7.500%, 01/20/30 .............................. 48,317 66,599,270 8.500%, 10/20/30 .............................. 68,514 ------------ 749,756 ------------ U.S. TREASURY SECURITIES--6.12% U.S.TREASURY BOND 10,000,000 e 8.125%, 08/15/19 .............................. 12,927 39,023,000 d 7.125%, 02/15/23 .............................. 46,498 200,000 6.125%, 08/15/29 .............................. 218 15,800,000 d,e 6.250%, 05/15/30 .............................. 17,627 U.S. TREASURY INFLATION INDEXED 22,565,043 e,l 3.375%, 01/15/07 .............................. 22,135 U.S. TREASURY NOTE 56,875,000 e 5.750%, 08/15/10 .............................. 59,603 5,500,000 e 6.750%, 05/15/05 .............................. 5,859 10,000,000 6.875%, 05/15/06 .............................. 10,817 20,267,038 4.250%, 01/15/10 .............................. 21,059 15,000,000 11.750%, 02/15/10 ............................. 18,497 U.S. TREASURY STRIP 147,800,000 0.000%, 11/15/21 .............................. 45,420 ------------ 260,660 ------------ TOTAL GOVERNMENT BONDS (Cost $1,166,704) ............................. 1,196,182 ------------ TOTAL BONDS (Cost $1,660,698) ............................. 1,698,410 ------------ SHARES ------ COMMON STOCK--59.60% BASIC INDUSTRIES--1.27% 189,200 AIR PRODUCTS & CHEMICALS, INC ................. 7,757 165,152 * BIRMINGHAM STEEL CORP ......................... 165 57,000 CABOT CORP .................................... 1,503 15,987 * CABOT MICROELECTRONICS CORP ................... 830 353,400 CROWN CORK & SEAL CO, INC ..................... 2,628 93,000 ECOLAB, INC ................................... 4,016 13,000 FLEETWOOD ENTERPRISES, INC .................... 137 19,150 FULLER (H.B.) CO .............................. 756 224,300 MASCO CORP .................................... 5,762 9,100 NCH CORP ...................................... 346 127,000 NUCOR CORP .................................... 5,040 89,150 POLYONE CORP .................................. 524 189,000 PPG INDUSTRIES, INC ........................... 8,753 71,962 SCHULMAN (A.), INC ............................ 828 86,200 SIGMA ALDRICH CORP ............................ 3,389 138,050 SONOCO PRODUCTS CO ............................ 2,985 482,317 * STORA ENSO OYJ (SPONS ADR) .................... 5,667 39,100 WD-40 CO ...................................... 760 272,050 WORTHINGTON INDUSTRIES, INC ................... 2,193 ------------ TOTAL BASIC INDUSTRIES ........................ 54,039 ------------ CONSUMER CYCLICAL--5.00% 5,902 * ABERCROMBIE & FITCH CO (CLASS A) .............. 118 1,000 * AMERCO ........................................ 20 135,496 * AT & T CORP - LIBERTY MEDIA (CLASS A) ......... 1,838 24,100 BANDAG, INC ................................... 978 138,700 * CLEAR CHANNEL COMMUNICATIONS, INC ............. 6,718 102,200 DARDEN RESTAURANTS, INC ....................... 2,338 334,100 DELPHI AUTOMOTIVE SYSTEMS CORP ................ 3,759 591,225 DISNEY (WALT) CO .............................. 17,109 41,000 DOW JONES & CO, INC ........................... 2,322 62,400 e FEDERAL-MOGUL CORP ............................ 144 1,000 * FEDERATED DEPARTMENT STORES, INC .............. 35 155,300 GANNETT CO, INC ............................... 9,794 182,330 GAP, INC ...................................... 4,649 191,850 GENUINE PARTS CO .............................. 5,024 44,500 GRACO, INC .................................... 1,841 148,600 * K MART CORP ................................... 789 11,300 KNIGHT-RIDDER, INC ............................ 643 20,900 * KOHL'S CORP ................................... 1,275 14,400 LIMITED, INC .................................. 246 15,800 LIZ CLAIBORNE, INC ............................ 658 50,400 MAY DEPARTMENT STORES CO ...................... 1,651 473,800 MCDONALD'S CORP ............................... 16,109 148,100 MCGRAW HILL COS, INC .......................... 8,682 19,300 MODINE MANUFACTURING CO ....................... 400 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 21 STATEMENT OF INVESTMENTS - SOCIAL CHOICE ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CONSUMER CYCLICAL--(CONTINUED) 42,200 NEW YORK TIMES CO (CLASS A) ................... $ 1,691 92,700 NIKE, INC (CLASS B) ........................... 5,174 59,200 OMNICOM GROUP, INC ............................ 4,906 60,200 PENNEY, (J.C.) CO, INC ........................ 655 20,600 ROUSE CO ...................................... 525 104,800 SEARS ROEBUCK & CO ............................ 3,642 260,400 SYSCO CORP .................................... 7,812 136,800 TARGET CORP ................................... 4,412 357,407 TIME WARNER, INC .............................. 18,671 43,363 TRIBUNE CO .................................... 1,832 15,700 V.F. CORP ..................................... 569 391,044 * VIACOM, INC (CLASS B) ......................... 18,281 1,033,200 WAL-MART STORES, INC .......................... 54,889 63,400 WHIRLPOOL CORP ................................ 3,023 ------------ TOTAL CONSUMER CYCLICAL ....................... 213,222 ------------ CONSUMER NON-CYCLICAL--6.04% 136,058 ALBERTSON'S, INC .............................. 3,606 96,700 AVON PRODUCTS, INC ............................ 4,630 35,500 * BEST BUY CO, INC .............................. 1,049 179,100 CAMPBELL SOUP CO .............................. 6,201 122,200 CLOROX CO ..................................... 4,338 648,600 COCA COLA CO .................................. 39,524 96,100 COCA COLA ENTERPRISES, INC .................... 1,826 227,900 COLGATE PALMOLIVE CO .......................... 14,711 53,300 * COSTCO WHOLESALE CORP ......................... 2,129 84,176 CVS CORP ...................................... 5,045 143,600 GENERAL MILLS, INC ............................ 6,399 303,000 GILLETTE CO ................................... 10,946 72,150 HASBRO, INC ................................... 767 179,450 HEINZ (H.J.) CO ............................... 8,513 67,700 HERSHEY FOODS CORP ............................ 4,358 562,050 HOME DEPOT, INC ............................... 25,679 62,500 INTERNATIONAL FLAVORS & FRAGRANCES, INC ....... 1,270 163,700 KELLOGG CO .................................... 4,297 159,800 * KROGER CO ..................................... 4,325 71,400 LOWE'S COS, INC ............................... 3,177 215,291 MATTEL, INC ................................... 3,109 5,800 MCCORMICK & CO, INC (NON-VOTE) ................ 209 165,283 NEWELL RUBBERMAID, INC ........................ 3,760 418,200 PEPSICO, INC .................................. 20,727 410,400 PROCTER & GAMBLE CO ........................... 32,191 60,600 QUAKER OATS CO ................................ 5,901 39,194 RADIOSHACK CORP ............................... 1,678 24,500 RALSTON PURINA CO ............................. 640 110,800 * SAFEWAY, INC .................................. 6,925 45,950 * TOYS `R' US, INC .............................. 767 174,714 UNILEVER NV (NEW YORK SHS) .................... 10,996 21,790 * VLASIC FOODS INTERNATIONAL, INC ............... 5 277,900 WALGREEN CO ................................... 11,620 58,400 WHITMAN CORP .................................. 956 53,400 WRIGLEY (WM) JR CO ............................ 5,116 ------------ TOTAL CONSUMER NON-CYCLICAL ................... 257,390 ------------ ENERGY--2.33% 182,069 ANADARKO PETROLEUM CORP ....................... 12,941 115,300 APACHE CORP ................................... 8,078 188,200 BAKER HUGHES, INC ............................. 7,822 32,200 * BJ'S SERVICES CO .............................. 2,218 215,700 BURLINGTON RESOURCES, INC ..................... 10,893 78,836 DEVON ENERGY CORP (NEW) ....................... 4,807 109,575 * GRANT PRIDECO, INC ............................ 2,404 216,500 HALLIBURTON CO ................................ 7,848 121,700 HELMERICH & PAYNE, INC ........................ 5,340 94,100 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) .. 5,764 138,500 MURPHY OIL CORP ............................... 8,371 81,000 * NABORS INDUSTRIES, INC ........................ 4,791 76,247 NOBLE AFFILIATES, INC ......................... 3,507 60,566 * NOBLE DRILLING CORP ........................... 2,631 76,300 * PARKER DRILLING CO ............................ 386 81,700 * ROWAN COS, INC ................................ 2,206 25,500 * SMITH INTERNATIONAL, INC ...................... 1,901 118,617 TRANSOCEAN SEDCO FOREX, INC ................... 5,456 42,875 * WEATHERFORD INTERNATIONAL, INC ................ 2,026 ------------ TOTAL ENERGY .................................. 99,390 ------------ FINANCIAL SERVICES--12.60% 1,400 ADVANTA CORP (CLASS A) ........................ 12 73,688 AEGON NV ARS .................................. 3,053 52,700 AFLAC, INC .................................... 3,804 255,306 ALLSTATE CORP ................................. 11,122 478,600 AMERICAN EXPRESS CO ........................... 26,293 152,800 AMERICAN GENERAL CORP ......................... 12,453 656,094 AMERICAN INTERNATIONAL GROUP, INC ............. 64,666 544,448 BANK OF AMERICA CORP .......................... 24,977 211,786 BANK OF NEW YORK CO, INC ...................... 11,688 332,967 BANK ONE CORP ................................. 12,195 1,900 BEAR STEARNS COS, INC ......................... 96 41,100 CAPITAL ONE FINANCIAL CORP .................... 2,705 49,700 CHUBB CORP .................................... 4,299 1,378,274 CITIGROUP, INC ................................ 70,378 10,500 * CNA FINANCIAL CORP ............................ 407 56,053 e CONSECO, INC .................................. 739 27,700 CRESCENT REAL ESTATE EQUITIES CO .............. 616 18,400 EQUITY OFFICE PROPERTIES TRUST ................ 600 231,700 FHLMC ......................................... 15,958 102,050 FIFTH THIRD BANCORP ........................... 6,097 357,052 FIRST UNION CORP .............................. 9,931 209,100 FIRSTAR CORP .................................. 4,862 251,034 FLEETBOSTON FINANCIAL CORP .................... 9,429 362,100 FNMA .......................................... 31,412 16,369 * GARTNER GROUP, INC (CLASS B) .................. 104 232,235 HOUSEHOLD INTERNATIONAL, INC .................. 12,773 18,200 JEFFERSON-PILOT CORP .......................... 1,360 457,964 JP MORGAN CHASE & CO .......................... 30,113 48,900 KEYCORP ....................................... 1,369 119,420 MARSH & MCLENNAN COS, INC ..................... 13,972 249,125 MBNA CORP ..................................... 9,202 112,700 MELLON FINANCIAL CORP ......................... 5,543 251,200 MERRILL LYNCH & CO, INC ....................... 17,129 308,696 MORGAN STANLEY DEAN WITTER & CO ............... 24,464 182,213 NATIONAL CITY CORP ............................ 5,239 36,900 NORTHERN TRUST CORP ........................... 3,010 104,600 PNC FINANCIAL SERVICES GROUP, INC ............. 7,642 73,600 PROVIDIAN FINANCIAL CORP ...................... 4,232 1,400 SAFECO CORP ................................... 46 323,100 SCHWAB (CHARLES) CORP ......................... 9,168 11,300 SIMON PROPERTY GROUP, INC ..................... 271 7,100 ST. PAUL COS, INC ............................. 386 27,700 STATE STREET CORP ............................. 3,441 99,000 SUNTRUST BANKS, INC ........................... 6,237 8,400 THE GOLDMAN SACHS GROUP, INC .................. 898 203,462 U.S. BANCORP .................................. 5,939 74,900 USA EDUCATION, INC ............................ 5,093 60,900 WACHOVIA CORP ................................. 3,540 138,916 WASHINGTON MUTUAL, INC ........................ 7,371 96,900 WEINGARTEN REALTY INVESTORS, INC .............. 4,239 471,140 WELLS FARGO CO ................................ 26,237 ------------ TOTAL FINANCIAL SERVICES ...................... 536,810 ------------ 22 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - SOCIAL CHOICE ACCOUNT - DECEMBER 31, 2000 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- HEALTH CARE--8.81% 14,000 AETNA, INC (NEW) .............................. $ 575 2,235 * ALLERGAN SPECIALTY THERAPEUTICS, INC (CLASS A) 65 57,400 ALLERGAN, INC ................................. 5,557 106,800 * ALZA CORP ..................................... 4,539 266,100 * AMGEN, INC .................................... 17,014 49,900 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) ....... 4,694 30,800 BAUSCH & LOMB, INC ............................ 1,245 122,200 * BAXTER INTERNATIONAL, INC ..................... 10,792 150,900 BECTON DICKINSON & CO ......................... 5,225 61,180 BERGEN BRUNSWIG CORP (CLASS A) ................ 968 80,250 BIOMET, INC ................................... 3,185 118,800 * BOSTON SCIENTIFIC CORP ........................ 1,626 572,985 BRISTOL MYERS SQUIBB CO ....................... 42,365 84,700 CARDINAL HEALTH, INC .......................... 8,438 69,200 CIGNA CORP .................................... 9,155 5,980 * EDWARDS LIFESCIENCES CORP ..................... 106 21,300 * FOREST LABORATORIES, INC ...................... 2,830 8,630 * GENZYME CORP (BIOSURGERY DIVISION) ............ 75 20,000 * GENZYME CORP (GENERAL DIVISION) ............... 1,799 16,076 * GENZYME-MOLECULAR ONCOLOGY .................... 148 108,200 * GUIDANT CORP .................................. 5,836 235,755 HCA-THE HEALTHCARE CO ......................... 10,376 28,600 HILLENBRAND INDUSTRIES, INC ................... 1,473 18,500 * HUMANA, INC ................................... 282 138,800 IMS HEALTH, INC ............................... 3,748 24,700 * IVAX CORP ..................................... 946 425,800 JOHNSON & JOHNSON CO .......................... 44,736 12,408 * LIFEPOINT HOSPITALS, INC ...................... 622 305,800 LILLY (ELI) & CO .............................. 28,459 66,800 MCKESSON HBOC, INC ............................ 2,397 351,600 MEDTRONIC, INC ................................ 21,228 619,400 MERCK & CO, INC ............................... 57,991 42,700 MYLAN LABORATORIES, INC ....................... 1,076 836,300 PFIZER, INC ................................... 38,470 71,108 PHARMACIA CORP ................................ 4,338 403,400 SCHERING-PLOUGH CORP .......................... 22,893 12,398 * ST. JUDE MEDICAL, INC ......................... 762 6,940 * SYNAVANT, INC ................................. 33 123,300 TENET HEALTHCARE CORP ......................... 5,479 12,408 * TRIAD HOSPITALS, INC .......................... 404 57,800 UNITEDHEALTH GROUP, INC ....................... 3,547 ------------ TOTAL HEALTH CARE ............................. 375,497 ------------ OTHER--0.32% 151 * BERKSHIRE HATHAWAY, INC (CLASS A) ............. 10,721 22 * BERKSHIRE HATHAWAY, INC (CLASS B) ............. 52 29,750 * DUN & BRADSTREET CORP (NEW) ................... 770 59,100 MOODY'S CORP .................................. 1,518 20,220 * R.H. DONNELLEY CORP ........................... 492 ------------ TOTAL OTHER ................................... 13,553 ------------ PRODUCER DURABLES--2.07% 32,300 BALDOR ELECTRIC CO ............................ 682 131,500 COOPER INDUSTRIES, INC ........................ 6,041 31,300 CUMMINS ENGINE CO, INC ........................ 1,187 106,200 DEERE & CO .................................... 4,865 224,300 EMERSON ELECTRIC CO ........................... 17,678 66,200 GRAINGER (W.W.), INC .......................... 2,416 99,700 HARLEY DAVIDSON, INC .......................... 3,963 150,700 ILLINOIS TOOL WORKS, INC ...................... 8,976 89,900 INGERSOLL-RAND CO ............................. 3,765 253,922 MINNESOTA MINING & MANUFACTURING CO ........... 30,598 35,400 NORDSON CORP .................................. 903 137,200 PITNEY BOWES, INC ............................. 4,545 63,000 THOMAS & BETTS CORP ........................... 1,020 293,900 XEROX CORP .................................... 1,359 ------------ TOTAL PRODUCER DURABLES ....................... 87,998 ------------ TECHNOLOGY--13.61% 68,200 * 3COM CORP ..................................... 580 188,900 * ADC TELECOMMUNICATIONS, INC ................... 3,424 109,900 * ADVANCED MICRO DEVICES, INC ................... 1,518 94,205 * AGILENT TECHNOLOGIES, INC ..................... 5,158 132,600 * ALTERA CORP ................................... 3,489 532,400 * AMERICA ONLINE, INC ........................... 18,528 63,700 * AMERICAN POWER CONVERSION CORP ................ 788 108,500 * ANALOG DEVICES, INC ........................... 5,554 96,600 * APPLE COMPUTER, INC ........................... 1,437 239,100 * APPLIED MATERIALS, INC ........................ 9,131 310,400 AUTOMATIC DATA PROCESSING, INC ................ 19,652 63,991 * AVAYA, INC .................................... 660 131,800 AVERY DENNISON CORP ........................... 7,233 48,800 AVNET, INC .................................... 1,049 57,500 * BROADCOM CORP (CLASS A) ....................... 4,830 1,651,600 * CISCO SYSTEMS, INC ............................ 63,174 442,310 COMPAQ COMPUTER CORP .......................... 6,657 126,625 COMPUTER ASSOCIATES INTERNATIONAL, INC ........ 2,469 231,000 CORNING, INC .................................. 12,200 603,270 * DELL COMPUTER CORP ............................ 10,520 24,300 DELUXE CORP ................................... 614 10,462 DIEBOLD, INC .................................. 349 150,200 ELECTRONIC DATA SYSTEMS CORP .................. 8,674 519,900 * EMC CORP ...................................... 34,573 104,400 FIRST DATA CORP ............................... 5,501 82,700 * GATEWAY, INC .................................. 1,488 501,200 HEWLETT-PACKARD CO ............................ 15,819 50,900 IKON OFFICE SOLUTIONS, INC .................... 127 7,840 * IMATION CORP .................................. 122 1,647,800 INTEL CORP .................................... 49,537 445,100 INTERNATIONAL BUSINESS MACHINES CORP .......... 37,834 105,200 * LSI LOGIC CORP ................................ 1,798 838,900 LUCENT TECHNOLOGIES, INC ...................... 11,325 12,900 * MERCURY INTERACTIVE CORP ...................... 1,164 161,592 * MICRON TECHNOLOGY, INC ........................ 5,737 1,218,900 * MICROSOFT CORP ................................ 52,870 81,512 MOLEX, INC .................................... 2,894 86,400 * NATIONAL SEMICONDUCTOR CORP ................... 1,739 70,900 * NETWORK APPLIANCE, INC ........................ 4,551 757,200 NORTEL NETWORKS CORP (U.S.) ................... 24,278 82,200 * NOVELL, INC ................................... 429 1,258,872 * ORACLE CORP ................................... 36,586 136,254 * PALM, INC ..................................... 3,858 124,800 PAYCHEX, INC .................................. 6,068 172,800 * QUALCOMM, INC ................................. 14,202 39,300 * SENSORMATIC ELECTRONICS CORP .................. 788 91,400 * SIEBEL SYSTEMS, INC ........................... 6,181 175,500 * SOLECTRON CORP ................................ 5,949 764,852 * SUN MICROSYSTEMS, INC ......................... 21,320 116,900 * TELLABS, INC .................................. 6,605 472,100 TEXAS INSTRUMENTS, INC ........................ 22,366 89,900 * VERITAS SOFTWARE CORP ......................... 7,866 19,734 * VISHAY INTERTECHNOLOGY, INC ................... 298 100,700 * XILINX, INC ................................... 4,645 124,700 * YAHOO, INC .................................... 3,749 ------------ TOTAL TECHNOLOGY .............................. 579,955 ------------ TRANSPORTATION--0.51% 16,000 * ALASKA AIR GROUP, INC ......................... 476 79,900 * AMR CORP ...................................... 3,131 59,400 ARNOLD INDUSTRIES, INC ........................ 1,069 37,600 DELTA AIRLINES, INC ........................... 1,887 76,400 * FEDEX CORP .................................... 3,053 338,100 NORFOLK SOUTHERN CORP ......................... 4,501 3,400 RYDER SYSTEM, INC ............................. 57 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 23 STATEMENT OF INVESTMENTS - SOCIAL CHOICE ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TRANSPORTATION--(CONTINUED) 51,239 SABRE HOLDINGS CORP ........................... $ 2,210 149,343 SOUTHWEST AIRLINES CO ......................... 5,007 5,618 * U.S. AIRWAYS GROUP, INC ....................... 228 2,300 UAL CORP ...................................... 90 ----------- TOTAL TRANSPORTATION .......................... 21,709 ----------- UTILITIES--7.04% 500 AGL RESOURCES, INC ............................ 11 46,700 ALLTEL CORP ................................... 2,916 925,509 AT & T CORP ................................... 16,023 538,200 BELLSOUTH CORP ................................ 22,033 6,300 * COMCAST CORP (CLASS A) ........................ 260 207,700 * COMCAST CORP (CLASS A) SPECIAL ................ 8,671 94,890 * COX COMMUNICATIONS, INC (CLASS A) ............. 4,418 168,800 EL PASO ENERGY CORP ........................... 12,090 336,900 ENRON CORP .................................... 28,005 80,693 EQUITABLE RESOURCES, INC ...................... 5,386 35,400 * GLENAYRE TECHNOLOGIES, INC .................... 125 162,100 * GLOBAL CROSSING LTD ........................... 2,320 109,100 IDACORP, INC .................................. 5,353 199,857 KEYSPAN CORP .................................. 8,469 88,133 MCN ENERGY GROUP, INC ......................... 2,440 54,600 NATIONAL FUEL GAS CO .......................... 3,436 125,600 * NEXTEL COMMUNICATIONS, INC (CLASS A) .......... 3,109 87,700 NICOR, INC .................................... 3,788 397,031 NISOURCE, INC ................................. 12,200 87,001 * NISOURCE, INC (SAILS) ......................... 239 260,400 OGE ENERGY CORP ............................... 6,364 66,000 PEOPLES ENERGY CORP ........................... 2,954 300,800 POTOMAC ELECTRIC POWER CO ..................... 7,433 273,300 PUGENT ENERGY, INC ............................ 7,601 287,834 * QWEST COMMUNICATIONS INTERNATIONAL, INC ....... 11,801 861,904 SBC COMMUNICATIONS, INC ....................... 41,156 291,295 SCOTTISH POWER PLC ADR ........................ 8,830 191,000 SPRINT CORP (FON GROUP) ....................... 3,880 156,800 * SPRINT CORP (PCS GROUP) ....................... 3,205 246,500 TECO ENERGY, INC .............................. 7,980 666,764 VERIZON COMMUNICATIONS ........................ 33,422 87,505 VODAFONE GROUP PLC (SPON ADR) ................. 3,134 303,900 WILLIAMS COS, INC ............................. 12,137 609,113 * WORLDCOM, INC ................................. 8,566 ----------- TOTAL UTILITIES ............................... 299,755 ----------- TOTAL COMMON STOCK (Cost $1,584,683) ............................ 2,539,318 ----------- PRINCIPAL --------- SHORT-TERM INVESTMENTS--13.83% COMMERCIAL PAPER--9.63% ALBERTSON'S, INC $23,785,000 c 7.750%, 01/16/01 ............................... 23,717 BELLSOUTH CAPITAL FUNDING CORP 50,000,000 c 6.530%, 01/05/01 ............................... 49,954 COX COMMUNICATIONS, INC 25,600,000 c 7.500%, 01/04/01 ............................... 25,583 GILLETTE CO 3,000,000 c 6.500%, 01/12/01 ............................... 2,993 GOLDMAN SACHS AND CO 47,900,000 d 6.550%, 01/12/01 ............................... 47,794 JOHNSON & JOHNSON 31,130,000 6.350%, 02/01/01 ............................... 30,952 PFIZER, INC 30,000,000 c 6.510%, 01/11/01 ............................... 29,939 6,250,000 c 6.500%, 01/17/01 ............................... 6,231 PRAXAIR, INC 20,000,000 d 7.330%, 01/05/01 ............................... 19,982 SAFEWAY, INC 21,031,000 c,d 7.100%, 01/11/01 ............................. 20,989 SALOMON BROTHERS 50,000,000 d 6.600%, 01/03/01 ............................... 49,972 SBC COMMUNICATIONS, INC 18,700,000 c,d 6.520%, 01/04/01 ............................. 18,686 12,325,000 c,d 6.520%, 01/16/01 ............................. 12,289 VERIZON NETWORK FUNDING CORP 13,000,000 d 6.590%, 01/05/01 ............................... 12,988 10,000,000 d 6.550%, 01/08/01 ............................... 9,985 VODAFONE AIRTOUCH PLC 29,612,000 c 6.550%, 01/02/01 ............................... 29,601 WALT DISNEY CO 18,627,000 d 6.350%, 01/16/01 ............................... 18,576 ----------- 410,231 ----------- U.S. GOVERNMENT AND AGENCY--0.44% FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 18,855,000 d 6.420%, 01/09/01 ............................... 18,825 ----------- 18,825 ----------- INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED--3.76% COMMERCIAL PAPER Gannett CO 16,000,000 6.622%, 01/19/01 ............................... 15,949 J.P. Morgan & Co 20,220,062 6.602%, 02/02/01 ............................... 20,106 REPURCHASE AGREEMENTS CREDIT SUISSE FIRST BOSTON, 6.550% DATED12/29/00, DUE 01/02/01 IN THE AMOUNT OF $23,956,184 (FULLY COLLATERALIZED BY HIGH GRADE DEBT OBLIGATIONS: 23,939,000 TOTAL MARKET VALUE $25,136,264) ................. 23,939 JP MORGAN SECURITIES, INC, 6.450% DATED 12/29/00, DUE 01/02/01 IN THE AMOUNT OF $75,053,014 (FULLY COLLATERALIZED BY U.S. GOVERNMENT AND AGENCY SECURITIES: 75,000,000 TOTAL MARKET VALUE $76,500,039) ............... 75,000 TIME DEPOSITS Bank of America 25,000,000 6.660%, 01/24/01 ............................... 25,000 ----------- 159,994 ----------- TOTAL SHORT TERM INVESTMENTS (Cost $589,113) ................................ 589,050 ----------- TOTAL PORTFOLIO--113.30% (Cost $3,834,494) ............................. 4,826,778 OTHER ASSETS & LIABILITIES, NET--(13.30%) ....... (566,365) ----------- NET ASSETS--100.00% ............................. $4,260,413 =========== ---------- * Non-income producing c Commercial paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. 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 buyers. At December 31, 2000, the value of these securities amounted to $20,368,750 or 0.48% of net assets. h These securities were purchased on a delayed delivery basis. l Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. ---------- OTHER INFORMATION (UNAUDITED) The composition of long-term debt holdings as a percentage of total value of investment in debt securities, is as follows: MOODY'S RATING AAA, AA, A 33.89% BAA 6.33% BA 0.29% U.S. Government obligations represent 59.49% of the long-term debt portfolio value and are not note reflected in the above ratings. 24 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- PREFERRED STOCK--0.01% BASIC INDUSTRIES--0.01% 8,835 SEALED AIR CORP (CLASS A) ..................... $ 285 ----------- TOTAL BASIC INDUSTRIES ........................ 285 ----------- CONSUMER CYCLICAL--0.00% 6,303 * O'SULLIVAN INDUSTRIES HOLDINGS, INC ........... 3 ----------- TOTAL CONSUMER CYCLICAL ....................... 3 ----------- HEALTH CARE--0.00% 11,200 * FRESENIUS MEDICAL CARE HOLDINGS ............... 0 ----------- TOTAL HEALTH CARE ............................. 0 ----------- OTHER--0.00% 1,122 PREMIER FARNELL PLC CV ADR .................... 21 ----------- TOTAL OTHER ................................... 21 ----------- TOTAL PREFERRED STOCK (Cost $455) .................................. 309 ----------- COMMON STOCK--98.44% AEROSPACE AND DEFENSE--1.01% 11,450 AAR CORP ...................................... 145 5,400 * ALLIANT TECHSYSTEMS, INC ...................... 360 6,500 * ARMOR HOLDINGS, INC ........................... 113 340,252 BOEING CO ..................................... 22,457 37,300 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) ........ 849 62,800 GENERAL DYNAMICS CORP ......................... 4,898 263,242 * GENERAL MOTORS CORP (CLASS H) ................. 6,055 3,100 HEICO CORP .................................... 48 8,200 * HEXCEL CORP ................................... 73 7,700 KAMAN CORP (CLASS A) .......................... 130 143,814 LOCKHEED MARTIN CORP .......................... 4,882 1,400 * MOOG, INC (CLASS A) ........................... 41 18,500 * MOTIENT CORP .................................. 74 27,440 NORTHROP GRUMMAN CORP ......................... 2,278 16,300 * ORBITAL SCIENCES CORP ......................... 67 11,010 * PANAMSAT CORP ................................. 382 11,600 * PEGASUS COMMUNICATIONS CORP ................... 299 18,900 PERKINELMER, INC .............................. 1,985 18,900 PRECISION CAST PARTS CORP ..................... 795 26,588 RAYTHEON CO (CLASS A) ......................... 771 105,200 RAYTHEON CO (CLASS B) ......................... 3,268 14,400 * REMEC, INC .................................... 139 11,731 * TELEDYNE TECHNOLOGIES, INC .................... 277 4,387 * TRIUMPH GROUP, INC ............................ 180 ----------- TOTAL AEROSPACE AND DEFENSE ................... 50,566 ----------- BASIC INDUSTRIES--3.12% 87,711 AIR PRODUCTS & CHEMICALS, INC ................. 3,596 20,300 * AIRGAS, INC ................................... 138 31,839 AK STEEL HOLDINGS CORP ........................ 279 6,984 * ALBANY INTERNATIONAL CORP (CLASS A) NEW 94 10,300 ALBEMARLE CORP ................................ 255 330,732 ALCOA, INC .................................... 11,080 27,810 ALLEGHENY TECHNOLOGIES, INC ................... 441 10,800 AMCOL INTERNATIONAL CORP ...................... 51 26,727 * AMERICAN STANDARD COS, INC .................... 1,318 13,600 APTARGROUP, INC ............................... 400 7,450 ARCH CHEMICALS, INC ........................... 132 11,267 ARCH COAL, INC ................................ 159 13,800 ARMSTRONG HOLDINGS, INC ....................... 28 11,135 BALL CORP ..................................... 513 67,014 * BATTLE MOUNTAIN GOLD CO ....................... 113 18,613 BEMIS CO ...................................... 625 70,286 * BETHLEHEM STEEL CORP .......................... 123 31,773 BLACK & DECKER CORP ........................... 1,247 20,700 BOISE CASCADE CORP ............................ 696 19,169 BOWATER, INC .................................. 1,081 6,300 BRUSH ENGINEERED MATERIALS, INC ............... 127 10,200 * BUCKEYE TECHNOLOGIES, INC ..................... 143 40,000 CABOT CORP .................................... 1,055 11,436 * CABOT MICROELECTRONICS CORP ................... 594 15,600 CALGON CARBON CORP ............................ 89 9,582 CAMBREX CORP .................................. 434 10,200 CARAUSTAR INDUSTRIES, INC ..................... 96 11,500 CARLISLE COS, INC ............................. 494 7,000 CARPENTER TECHNOLOGY CORP ..................... 245 27,800 * CELGENE CORP .................................. 904 3,000 CENTEX CONSTRUCTION PRODUCTS, INC ............. 82 22,478 CENTEX CORP ................................... 844 100 CENTURY ALUMINUM CO ........................... 1 16,100 * CHAMPION ENTERPRISES, INC ..................... 44 4 * CHASE INDUSTRIES, INC ......................... 0 3,500 CHEMED CORP ................................... 118 6,600 CHEMFIRST, INC ................................ 146 7,100 CHESAPEAKE CORP ............................... 146 9,300 CLARCOR, INC .................................. 192 37,720 CLAYTON HOMES, INC ............................ 434 4,200 CLEVELAND CLIFFS, INC ......................... 91 17,100 * COLLINS & AIKMAN CORP ......................... 72 14,644 * COMFORT SYSTEMS U.S.A., INC ................... 31 5,100 COMMERCIAL METALS CO .......................... 113 9,600 CONSOL ENERGY, INC ............................ 268 43,757 CROMPTON CORP ................................. 459 3,000 * CROSSMANN COMMUNITIES, INC .................... 63 47,953 CROWN CORK & SEAL CO, INC ..................... 357 15,400 * CYTEC INDUSTRIES, INC ......................... 615 21,000 * DAL-TILE INTERNATIONAL, INC ................... 298 6,233 * DEL WEBB CORP ................................. 182 5,757 DELTIC TIMBER CORP ............................ 137 8,500 * DIONEX CORP ................................... 293 259,442 DOW CHEMICAL CO ............................... 9,502 368,690 DU PONT (E.I.) DE NEMOURS & CO ................ 17,812 11,400 * EARTHSHELL CORP ............................... 15 29,300 EASTMAN CHEMICAL CO ........................... 1,428 42,300 ECOLAB, INC ................................... 1,827 7,300 ELCOR CORP .................................... 123 3,500 * EMCOR GROUP, INC .............................. 89 21,715 * ENCOMPASS SERVICES CORP ....................... 110 6,000 * ENERGY CONVERSION DEVICES, INC ................ 122 48,800 ENGELHARD CORP ................................ 994 29,400 ETHYL CORP .................................... 42 13,500 FERRO CORP .................................... 311 12,200 FLEETWOOD ENTERPRISES, INC .................... 128 6,600 FLORIDA ROCK INDUSTRIES, INC .................. 258 28,952 * FLUOR CORP (NEW) .............................. 957 9,600 * FMC CORP ...................................... 688 14,300 FOSTER WHEELER CORP ........................... 75 17,692 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS A) ......................... 146 34,533 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) ......................... 296 5,047 FULLER (H.B.) CO .............................. 199 19,400 * GAYLORD CONTAINER CORP (CLASS A) .............. 19 4,034 GENTEK, INC ................................... 67 12,600 GEORGIA GULF CORP ............................. 215 85,879 GEORGIA-PACIFIC CORP (PACKING GROUP) .......... 2,673 30,600 GEORGIA-PACIFIC CORP (TIMBER GROUP) ........... 916 2,700 GIBRALTAR STEEL CORP .......................... 47 9,700 GLATFELTER (P.H.) CO .......................... 121 37,268 GOODRICH (B.F.) CO ............................ 1,356 24,100 * GRACE W.R. & CO ............................... 77 7,200 GRANITE CONSTRUCTION, INC ..................... 208 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 25 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BASIC INDUSTRIES--(CONTINUED) 17,400 GREAT LAKES CHEMICAL CORP ..................... $ 647 2,200 GREIF BROTHERS CORP (CLASS A) ................. 63 41,000 HERCULES, INC ................................. 782 99,700 HOMESTAKE MINING CO ........................... 417 21,473 HORTON (D.R.), INC ............................ 525 30,366 ICN PHARMACEUTICALS, INC ...................... 932 37,024 IMC GLOBAL, INC ............................... 576 7,200 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ........ 287 8,400 * INTEGRATED ELECTRICAL SERVICES, INC ........... 50 183,127 INTERNATIONAL PAPER CO ........................ 7,474 5,700 * INTERNATIONAL SPECIALTY PRODUCTS, INC ......... 38 500 INTERPOOL, INC ................................ 9 7,600 * IVEX PACKAGING CORP ........................... 83 8,600 * JACOBS ENGINEERING GROUP, INC ................. 397 13,500 * KAISER ALUMINUM CORP .......................... 50 17,800 KAUFMAN & BROAD HOME CORP ..................... 600 204,170 KIMBERLY-CLARK CORP ........................... 14,433 11,533 LAFARGE CORP .................................. 272 18,578 LENNAR CORP ................................... 673 14,600 LENNOX INTERNATIONAL, INC ..................... 113 1,000 LIQUI-BOX CORP ................................ 37 9,000 * LONE STAR TECHNOLOGIES, INC ................... 347 19,700 LONGVIEW FIBRE CO ............................. 266 39,600 LOUISIANA PACIFIC CORP ........................ 401 41,400 LTV CORP ...................................... 14 19,895 LUBRIZOL CORP ................................. 512 29,900 LYONDELL CHEMICAL CO .......................... 458 6,800 MACDERMID, INC ................................ 129 17,868 MARTIN MARIETTA MATERIALS, INC ................ 756 172,822 MASCO CORP .................................... 4,439 28,952 MASSEY ENERGY CO .............................. 369 6,600 * MATTSON TECHNOLOGY, INC ....................... 68 8,000 MDC HOLDINGS, INC ............................. 264 35,944 MEAD CORP ..................................... 1,128 15,200 METALS U.S.A., INC ............................ 43 23,202 METRIS COS, INC ............................... 611 24,600 MILLENNIUM CHEMICAL, INC ...................... 446 7,700 MINERALS TECHNOLOGIES, INC .................... 263 3,500 * MOBILE MINI, INC .............................. 81 13,400 * MUELLER INDUSTRIES, INC ....................... 359 12,566 NATIONAL STEEL CORP (CLASS B) ................. 15 900 NCH CORP ...................................... 34 6,700 * NCI BUILDING SYSTEMS, INC ..................... 126 64,130 NEWMONT MINING CORP ........................... 1,094 7,800 NL INDUSTRIES, INC ............................ 189 3,500 * NORTEK, INC ................................... 83 9,300 * NS GROUP, INC ................................. 88 30,600 NUCOR CORP .................................... 1,214 3,400 * NVR, INC ...................................... 420 16,800 * OAK TECHNOLOGY, INC ........................... 146 11,400 * OAKLEY, INC ................................... 154 14,600 OLIN CORP ..................................... 323 9,050 OM GROUP, INC ................................. 494 12,700 OMNOVA SOLUTIONS, INC ......................... 76 22,600 b OWENS CORNING CO .............................. 18 54,800 * OWENS ILLINOIS, INC ........................... 312 17,700 * PACKAGING CORP OF AMERICA ..................... 285 64,630 * PACTIV CORP ................................... 800 8,750 * PALM HARBOR HOMES, INC ........................ 138 2,000 PENN ENGINEERING & MANUFACTURING CORP ......... 71 2,700 PENN VIRGINIA CORP ............................ 90 18,600 PENTAIR, INC .................................. 450 30,113 PHELPS DODGE CORP ............................. 1,681 19,200 e PLUM CREEK TIMBER CO, INC ..................... 499 37,075 POLYONE CORP .................................. 218 5,200 POPE & TALBOT, INC ............................ 87 10,800 POTLATCH CORP ................................. 362 65,600 PPG INDUSTRIES, INC ........................... 3,038 60,550 PRAXAIR, INC .................................. 2,687 11,500 PULTE CORP .................................... 485 5,200 QUANEX CORP ................................... 105 10,300 RAYONIER, INC ................................. 410 6,500 RELIANCE STEEL & ALUMINUM CO .................. 161 6,500 ROCK-TENN CO (CLASS A) ........................ 48 38,348 ROHM & HAAS CO ................................ 1,393 39,037 RPM, INC ...................................... 334 7,100 * RTI INTERNATIONAL METALS, INC ................. 102 7,790 RYERSON TULL, INC ............................. 64 5,100 RYLAND GROUP, INC ............................. 208 16,775 SCHULMAN (A.), INC ............................ 193 14,000 * SCICLONE PHARMACEUTICALS, INC ................. 56 22,869 * SEALED AIR CORP ............................... 698 13,400 * SHAW GROUP, INC ............................... 670 52,131 SHERWIN-WILLIAMS CO ........................... 1,372 30,880 SIGMA ALDRICH CORP ............................ 1,214 3,100 * SIMPSON MANUFACTURING CO, INC ................. 158 3,200 SKYLINE CORP .................................. 61 49,727 * SMURFIT-STONE CONTAINER CORP .................. 743 39,456 SOLUTIA, INC .................................. 473 38,023 SONOCO PRODUCTS CO ............................ 822 8,300 SOUTHERN PERU COPPER CORP ..................... 107 5,800 SPARTECH CORP ................................. 119 11,500 ST. JOE CO .................................... 253 9,015 STANDARD-PACIFIC CORP ......................... 211 30,900 STANLEY WORKS CO .............................. 964 14,900 * STEEL DYNAMICS, INC ........................... 164 14,750 * STILLWATER MINING CO .......................... 580 3,200 b * STONE & WEBSTER, INC .......................... 4 15,800 * TECHNE CORP ................................... 570 17,434 TEMPLE-INLAND, INC ............................ 935 8,000 TEXAS INDUSTRIES, INC ......................... 240 7,800 * TOLL BROTHERS, INC ............................ 319 9,200 TREDEGAR CORP ................................. 160 2,100 * TREX CO, INC .................................. 53 45,800 UNION CARBIDE CORP ............................ 2,465 2,700 UNIVERSAL FOREST PRODUCTS, INC ................ 36 2,500 * URS CORP ...................................... 37 32,700 USEC, INC ..................................... 141 16,800 USG CORP ...................................... 378 30,800 USX-US STEEL GROUP, INC ....................... 554 35,600 VULCAN MATERIALS CO ........................... 1,704 12,684 * WASHINGTON GROUP INTERNATIONAL, INC ........... 104 7,638 WATSCO, INC ................................... 88 20,025 WAUSAU-MOSINEE PAPER CORP ..................... 203 5,000 WD-40 CO ...................................... 97 12,300 WELLMAN, INC .................................. 174 4,724 WEST PHARMACEUTICAL SERVICES, INC ............. 116 38,350 WESTVACO CORP ................................. 1,119 83,597 WEYERHAEUSER CO ............................... 4,243 38,300 WILLAMETTE INDUSTRIES, INC .................... 1,798 4,600 * WOLVERINE TUBE, INC ........................... 55 28,840 WORTHINGTON INDUSTRIES, INC ................... 233 14,400 YORK INTERNATIONAL CORP ....................... 442 ----------- TOTAL BASIC INDUSTRIES ........................ 155,397 ----------- CONSUMER CYCLICAL--7.86% 4,666 * 99 CENTS ONLY STORES 128 6,325 AARON RENTS, INC 89 35,282 * ABERCROMBIE & FITCH CO (CLASS A) 706 4,600 ACKERLEY GROUP, INC 41 26 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 3,800 * ACME COMMUNICATION, INC .......................... $ 35 20,666 * ACNEILSEN CORP ................................... 749 2,800 ADVANCED MARKETING SERVICES, INC ................. 49 1,200 * ALEXANDERS, INC .................................. 81 2,500 * AMERCO ........................................... 49 2,700 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC ...... 21 2,000 * AMERICAN CLASSIC VOYAGES CO ...................... 28 8,800 * AMERICAN EAGLE OUTFITTERS, INC ................... 372 24,300 AMERICAN GREETINGS CORP (CLASS A) ................ 229 29,800 * AMERICREDIT CORP ................................. 812 17,800 * AMES DEPARTMENT STORES, INC ...................... 26 5,000 * ANCHOR GAMING CO ................................. 195 9,657 * ANN TAYLOR STORES CORP ........................... 241 28,687 * APOLLO GROUP, INC (CLASS A) ...................... 1,411 9,000 * APPLEBEE'S INTERNATIONAL, INC .................... 283 12,900 ARCTIC CAT, INC .................................. 150 7,700 * ARGOSY GAMING CO ................................. 148 27,024 ARVINMERITOR, INC ................................ 307 987,830 * AT & T CORP - LIBERTY MEDIA (CLASS A) ............ 13,397 36,999 AUTOLIV, INC ..................................... 590 8,200 * AVIS GROUP HOLDINGS, INC ......................... 267 14,400 * AZTAR CORP ....................................... 186 9,214 * BALLY TOTAL FITNESS HOLDINGS CORP ................ 312 5,700 BANDAG, INC ...................................... 231 5,852 BARNES GROUP, INC ................................ 116 11,600 * BE FREE, INC ..................................... 25 900 * BEBE STORES, INC ................................. 19 88,800 * BED BATH & BEYOND, INC ........................... 1,987 37,600 BELO (A.H.) CORP SERIES A ........................ 602 1,600 BHC COMMUNICATIONS, INC (CLASS A) ................ 207 11,600 BLOCKBUSTER, INC (CLASS A) ....................... 97 19,800 BOB EVANS FARMS, INC ............................. 422 10,100 * BOCA RESORTS, INC (CLASS A) ...................... 145 9,161 BORGWARNER, INC .................................. 366 13,300 BOWNE & CO, INC .................................. 140 12,800 * BOYD GAMING CORP ................................. 44 19,500 * BOYDS COLLECTION LTD ............................. 182 25,000 * BRINKER INTERNATIONAL, INC ....................... 1,056 6,500 BROWN SHOE CO, INC ............................... 85 31,393 BRUNSWICK CORP ................................... 516 2,700 * BUCA, INC ........................................ 40 3,300 * BUCKLE, INC ...................................... 58 6,520 BURLINGTON COAT FACTORY WAREHOUSE CORP ........... 123 3,561 BUSH INDUSTRIES, INC (CLASS A) ................... 41 28,794 CALLAWAY GOLF CO ................................. 536 18,300 * CATALINA MARKETING CORP .......................... 713 8,300 CATO CORP (CLASS A) .............................. 114 21,500 CBRL GROUP, INC .................................. 391 10,250 * CEC ENTERTAINMENT, INC ........................... 350 9,939 * CENTRAL GARDEN & PET CO .......................... 68 4,300 * CHAMPIONSHIP AUTO RACING TEAMS, INC .............. 90 36,100 * CHARMING SHOPPES, INC ............................ 217 5,100 * CHICO'S FAS, INC ................................. 106 7,700 * CHILDREN'S PLACE RETAIL STORES, INC .............. 156 20,000 * CHOICE HOTELS INTERNATIONAL, INC ................. 274 6,482 CHRIS CRAFT INDUSTRIES, INC ...................... 431 4,300 * CHURCHILL DOWNS, INC ............................. 128 14,100 * CITADEL COMMUNICATIONS CORP ...................... 169 15,400 CLAIRE'S STORES, INC ............................. 276 183,925 * CLEAR CHANNEL COMMUNICATIONS, INC ................ 8,909 4,300 * CLEAR CHANNELCOMMUNICATIONS, INC WTS 09/18/01 .... 28 8,400 COACHMEN INDUSTRIES, INC ......................... 88 1,700 * COLDWATER CREEK, INC ............................. 53 3,000 * COLUMBIA SPORTSWEAR CO ........................... 149 7,947 * CONSOLIDATED PRODUCTS, INC ....................... 55 42,403 * CONSOLIDATED STORES CORP ......................... 451 24,300 COOPER TIRE & RUBBER CO .......................... 258 14,300 * COPART, INC ...................................... 307 12,200 * COX RADIO, INC (CLASS A) ......................... 275 2,628 CPI CORP ......................................... 53 2,900 * CROWN MEDIA HOLDINGS, INC (CLASS A) .............. 59 2,086 * CSS INDUSTRIES, INC .............................. 44 12,700 * CUMULUS MEDIA, INC (CLASS A) ..................... 46 56,518 DANA CORP ........................................ 865 36,160 DANAHER CORP ..................................... 2,472 46,300 DARDEN RESTAURANTS, INC .......................... 1,059 26,400 * DATA BROADCASTING CORP ........................... 92 7,700 * DELCO REMY INTERNATIONAL , INC ................... 66 214,010 DELPHI AUTOMOTIVE SYSTEMS CORP ................... 2,408 2,600 * DIGITAL IMPACT, INC .............................. 6 34,200 DILLARD'S, INC (CLASS A) ......................... 404 4,900 * DIRECT FOCUS, INC ................................ 164 798,878 DISNEY (WALT) CO ................................. 23,118 70,215 DOLLAR GENERAL CORP .............................. 1,325 9,300 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC ............. 174 41,237 * DOLLAR TREE STORES, INC .......................... 1,010 14,900 DONALDSON CO, INC ................................ 414 34,700 DONNELLEY (R.R.) & SONS CO ....................... 937 4,400 DOVER DOWNS ENTERTAINMENT, INC ................... 49 16,300 DOW JONES & CO, INC .............................. 923 7,100 * DRESS BARN, INC .................................. 206 4,900 * DURA AUTOMOTIVE SYSTEMS, INC ..................... 26 115,419 EASTMAN KODAK CO ................................. 4,545 12,900 * EMMIS COMMUNICATIONS CORP (CLASS A) .............. 370 10,500 * ENTERCOM COMMUNICATIONS CORP ..................... 362 13,400 EQUITY INNS, INC ................................. 83 7,200 EXIDE CORP ....................................... 55 26,900 * EXTENDED STAY AMERICA, INC ....................... 346 7,700 FACTSET RESEARCH SYSTEMS, INC .................... 285 17,900 * FAIRFIELD COMMUNITIES, INC ....................... 252 55,100 FAMILY DOLLAR STORES, INC ........................ 1,181 7,200 FEDDERS CORP ..................................... 33 29,600 FEDERAL-MOGUL CORP ............................... 68 77,413 * FEDERATED DEPARTMENT STORES, INC ................. 2,709 17,904 FELCOR LODGING TRUST, INC ........................ 429 2,656 FLORIDA EAST COAST INDUSTRIES, INC (CLASS B) ..... 91 7,169 * FOOTSTAR, INC .................................... 355 706,317 FORD MOTOR CO (NEW) .............................. 16,554 5,100 FOREST CITY ENTERPRISES, INC (CLASS A) ........... 200 5,250 * FOSSIL, INC ...................................... 76 47,700 * FOX ENTERTAINMENT GROUP, INC (CLASS A) ........... 853 1,350 FRED'S, INC ...................................... 28 9,000 G & K SERVICES, INC (CLASS A) .................... 253 100,847 GANNETT CO, INC .................................. 6,360 208,991 GAP, INC ......................................... 5,329 6,630 * GAYLORD ENTERTAINMENT CO ......................... 138 12,700 GENCORP, INC ..................................... 122 205,178 GENERAL MOTORS CORP .............................. 10,451 8,200 * GENESCO, INC ..................................... 200 28,300 * GENTEX CORP ...................................... 527 65,996 GENUINE PARTS CO ................................. 1,728 60,262 GOODYEAR TIRE & RUBBER CO ........................ 1,385 7,650 GRACO, INC ....................................... 317 200 GREY GLOBAL GROUP, INC ........................... 130 4,700 * GROUP 1 AUTOMOTIVE, INC .......................... 44 2,600 * GUESS ?, INC ..................................... 14 8,400 * GUITAR CENTER, INC ............................... 96 9,800 * HANDLEMAN CO ..................................... 74 39,100 * HANOVER DIRECT, INC .............................. 15 21,200 HARCOURT GENERAL, INC ............................ 1,213 13,200 HARMAN INTERNATIONAL INDUSTRIES, INC ............. 482 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 27 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 44,608 * HARRAH'S ENTERTAINMENT, INC ...................... $ 1,177 16,200 HARTE-HANKS, INC ................................. 384 6,200 HAVERTY FURNITURE COS, INC ....................... 61 6,560 * HAYES LEMMERZ INTERNATIONAL, INC ................. 44 10,267 * HEARST-ARGYLE TELEVISION, INC .................... 210 7,600 HERTZ CORP (CLASS A) ............................. 259 126,218 HILTON HOTELS CORP ............................... 1,325 32,900 * HISPANIC BROADCASTING CORP ....................... 839 15,100 HOLLINGER INTERNATIONAL, INC ..................... 240 11,400 * HOLLYWOOD ENTERTAINMENT CORP ..................... 12 3,000 * HOLLYWOOD MEDIA CORP ............................. 12 7,000 * HOT TOPIC, INC ................................... 115 10,100 HOUGHTON MIFFLIN CO .............................. 468 7,200 * IHOP CORP (NEW) .................................. 156 1,700 * IMPCO TECHNOLOGIES, INC .......................... 20 113,023 * INFINITY BROADCASTING CORP (CLASS A) ............. 3,158 3,500 * INFORMATION HOLDINGS, INC ........................ 82 11,700 * INTELECT COMMUNICATIONS, INC ..................... 4 27,644 * INTERNATIONAL GAME TECHNOLOGY CO ................. 1,327 10,433 INTERNATIONAL SPEEDWAY CORP (CLASS A ) ........... 396 117,676 INTERPUBLIC GROUP OF COS, INC .................... 5,009 10,500 * INTERTAN, INC .................................... 122 31,580 INTIMATE BRANDS, INC (CLASS A) ................... 474 6,400 * INTRANET SOLUTIONS, INC .......................... 326 9,600 * ISLE OF CAPRI CASINOS, INC ....................... 102 14,800 * JACK IN THE BOX, INC ............................. 436 7,300 * JAKKS PACIFIC, INC ............................... 67 32,800 JOHNSON CONTROLS, INC ............................ 1,706 38,009 * JONES APPAREL GROUP, INC ......................... 1,223 17,200 * JOURNAL REGISTER CO .............................. 276 183,498 * K MART CORP ...................................... 975 9,100 KELLWOOD CO ...................................... 192 2,800 * KENNETH COLE PRODUCTIONS, INC (CLASS A) .......... 113 7,600 * KEY3MEDIA GROUP, INC ............................. 93 11,900 KIMBALL INTERNATIONAL, INC (CLASS B) ............. 173 9,200 * KIRBY CORP ....................................... 193 26,500 KNIGHT-RIDDER, INC ............................... 1,507 114,500 * KOHL'S CORP ...................................... 6,985 1,200 * KRISPY KREME DOUGHNUT CORP ....................... 100 19,350 * LAMAR ADVERTISING CO (CLASS A) ................... 747 8,700 LANDRY'S SEAFOOD RESTAURANTS, INC ................ 86 5,400 LANDS' END, INC .................................. 136 4,100 LASALLE HOTEL PROPERTIES ......................... 62 22,900 LA-Z-BOY, INC .................................... 361 24,452 * LEAR CORP ........................................ 607 16,800 LEE ENTERPRISES, INC ............................. 501 74,920 LEGGETT & PLATT, INC ............................. 1,419 5,900 LIBBEY, INC ...................................... 179 10,500 * LIBERTY DIGITAL, INC (CLASS A) ................... 53 4,175 * LIFEMINDERS, INC ................................. 15 122,628 LIMITED, INC ..................................... 2,092 15,300 LINENS `N THINGS, INC ............................ 423 19,900 LIZ CLAIBORNE, INC ............................... 828 4,600 * LODGENET ENTERTAINMENT CORP ...................... 81 10,600 LONE STAR STEAKHOUSE & SALOON, INC ............... 102 8,800 LUBY'S, INC ...................................... 53 5,800 * MADDEN STEVEN, LTD ............................... 44 22,476 * MANDALAY RESORT GROUP ............................ 493 5,700 MARCUS CORP ...................................... 79 74,100 MARRIOTT INTERNATIONAL, INC (CLASS A) ............ 3,131 3,500 * MARTHA STEWART LIVING OMNIMEDIA, INC ............. 70 165 * MARVEL ENTERPRISES (CLASS A) WTS 10/02/01 ........ 0 280 * MARVEL ENTERPRISES (CLASS C) WTS 10/02/02 ........ 0 115,500 MAY DEPARTMENT STORES CO ......................... 3,783 29,300 MAYTAG CO ........................................ 947 7,100 MCCLATCHY CO (CLASS A) ........................... 303 504,900 MCDONALD'S CORP .................................. 17,167 74,598 MCGRAW HILL COS, INC ............................. 4,373 7,847 MEDIA GENERAL, INC (CLASS A) ..................... 286 12,250 * MEN'S WEARHOUSE, INC ............................. 334 14,100 MEREDITH CORP .................................... 454 7,326 * METRO-GOLDWYN-MAYER, INC ......................... 120 22,766 MGM MIRAGE ....................................... 642 12,400 * MICHAELS STORES, INC ............................. 329 6,600 * MICROS SYSTEMS, INC .............................. 120 6,033 MIDAS, INC ....................................... 72 12,659 * MIDWAY GAMES, INC ................................ 90 7,900 MODINE MANUFACTURING CO .......................... 164 16,200 * MOHAWK INDUSTRIES, INC ........................... 443 6,500 * MONACO COACH CORP ................................ 115 13,600 * MSC INDUSTRIAL DIRECT CO (CLASS A) ............... 246 5,989 MYERS INDUSTRIES, INC ............................ 87 8,300 * MYPOINTS.COM, INC ................................ 10 5,800 NATIONAL GOLF PROPERTIES, INC .................... 119 3,200 NATIONAL PRESTO INDUSTRIES, INC .................. 98 13,500 * NAUTICA ENTERPRISES, INC ......................... 206 18,400 * NBC INTERNET, INC ................................ 64 7,400 * NEIMAN MARCUS GROUP, INC (CLASS A) ............... 263 7,201 * NEIMAN MARCUS GROUP, INC (CLASS B) ............... 239 8,600 * NETCENTIVES, INC ................................. 33 1,300 * NETRATINGS, INC .................................. 19 62,900 NEW YORK TIMES CO (CLASS A) ...................... 2,520 30,447 NIKE, INC (CLASS B) .............................. 1,699 38,100 NORDSTROM, INC ................................... 693 600 * NPC INTERNATIONAL, INC ........................... 6 5,300 * O'CHARLEY'S, INC ................................. 94 67,700 OMNICOM GROUP, INC ............................... 5,611 2,800 * ON COMMAND CORP .................................. 25 3,300 * ON2.COM, INC ..................................... 2 14,600 * O'REILLY AUTOMOTIVE, INC ......................... 391 1,700 OSHKOSH B'GOSH, INC (CLASS A) .................... 31 5,500 OSHKOSH TRUCK CORP ............................... 242 27,100 * OUTBACK STEAKHOUSE, INC .......................... 701 2,400 * P.F. CHANGS CHINA BISTRO, INC .................... 75 12,050 * PACIFIC SUNWEAR CALIFORNIA, INC .................. 309 7,050 * PAPA JOHN'S INTERNATIONAL, INC ................... 157 97,552 * PARK PLACE ENTERTAINMENT CORP .................... 1,165 3,100 * PARKERVISION, INC ................................ 114 8,426 * PAYLESS SHOESOURCE, INC .......................... 596 3,100 * PENN NATIONAL GAMING, INC ........................ 32 99,598 PENNEY, (J.C.) CO, INC ........................... 1,083 8,000 PENTON MEDIA, INC ................................ 215 5,800 * PERFORMANCE FOOD GROUP CO ........................ 297 11,300 PHILLIPS VAN HEUSEN CORP ......................... 147 38,155 PIER 1 IMPORTS, INC .............................. 393 8,400 * PINNACLE ENTERTAINMENT, INC ...................... 113 17,500 * PINNACLE SYSTEMS, INC ............................ 129 6,100 * PIXAR, INC ....................................... 183 13 * PLANET HOLLYWOOD WTS 05/09/03 .................... 0 7,700 * PLAYBOY ENTERPRISES, INC (CLASS B) ............... 77 9,900 POLARIS INDUSTRIES, INC .......................... 394 17,200 POLAROID CORP .................................... 100 20,500 * POLO RALPH LAUREN CORP ........................... 457 7,000 POLYMER GROUP, INC ............................... 38 10,600 * PRESSTEK, INC .................................... 111 200 * PRICESMART, INC .................................. 7 19,400 * PRIME HOSPITALITY CORP ........................... 226 63,761 * PRIMEDIA, INC .................................... 761 1,000 * PRIVATE MEDIA GROUP .............................. 8 3,300 PULITZER, INC .................................... 155 1,775 QUEBECOR, INC (CLASS B) .......................... 45 28 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 8,500 * QUICKSILVER, INC ................................ $ 165 16,400 * RADIO ONE, INC (CLASS A) ........................ 175 7,200 * RADIO ONE, INC (CLASS D) ........................ 79 39,210 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VOTE) ........................... 1,534 16,990 * REEBOK INTERNATIONAL LTD ........................ 465 1,000 * REGENT COMMUNICATIONS, INC ...................... 6 13,100 REGIS CORP ...................................... 190 6,500 * RENT-A-CENTER, INC .............................. 224 1,200 RIVIANA FOODS, INC .............................. 24 32,400 ROSS STORES, INC ................................ 547 26,600 ROUSE CO ........................................ 678 23,600 RUBY TUESDAY, INC ............................... 360 10,300 RUSSELL CORP .................................... 159 17,200 * RYAN'S FAMILY STEAK HOUSES, INC ................. 162 2,300 * SAGA COMMUNICATIONS, INC (CLASS A) .............. 34 53,903 * SAKS, INC ....................................... 539 3,100 * SALEM COMMUNICATIONS CORP ....................... 46 3,900 * SALTON, INC ..................................... 81 5,500 * SCHOLASTIC CORP ................................. 487 5,900 * SCOTTS CO (CLASS A) ............................. 218 5,600 * SCP POOL CORP ................................... 168 10,000 SCRIPPS (E.W.) CO (CLASS A) ..................... 629 115,970 SEARS ROEBUCK & CO .............................. 4,030 42,540 SHAW INDUSTRIES, INC ............................ 806 12,400 * SHOPKO STORES, INC .............................. 62 17,300 * SINCLAIR BROADCASTING GROUP, INC (CLASS A) ...... 174 13,100 * SIRIUS SATELLITE RADIO, INC ..................... 392 8,850 SMITH (A.O.) CORP ............................... 151 22,150 SNAP-ON, INC .................................... 617 12,400 * SODEXHO MARRIOTT SERVICES, INC .................. 274 7,300 * SONIC AUTOMOTIVE, INC ........................... 50 10,050 * SONIC CORP ...................................... 234 16,000 e SOTHEBY'S HOLDINGS, INC (CLASS A) ............... 371 11,500 * SPANISH BROADCASTING SYSTEM, INC ................ 58 5,500 * SPEEDWAY MOTORSPORTS, INC ....................... 132 9,600 SPIEGEL, INC (CLASS A) .......................... 41 9,100 * SPORTSLINE.COM, INC ............................. 48 4,900 SPRING INDUSTRIES, INC (CLASS A) ................ 159 12,087 * SPX CORP ........................................ 1,308 70,300 * STARBUCKS CORP .................................. 3,111 13,100 * STATION CASINOS, INC ............................ 196 29,300 STEELCASE, INC (CLASS A) ........................ 407 12,800 * STEIN MART, INC ................................. 149 4,400 * STONERIDGE, INC ................................. 30 16,700 STRIDE RITE CORP ................................ 117 8,600 STRUM, RUGER & CO, INC .......................... 81 37,726 * SUNBEAM CORP .................................... 12 2,819 * SUNBEAM CORP WTS 08/24/03 ....................... 0 14,700 * SUNGLASS HUT INTERNATIONAL, INC ................. 75 7,200 SUPERIOR INDUSTRIES INTERNATIONAL, INC .......... 227 11,650 * SYLVAN LEARNING SYSTEMS, INC .................... 173 256,052 SYSCO CORP ...................................... 7,682 12,900 * SYSTEMAX, INC ................................... 16 8,500 TALBOTS, INC .................................... 388 3,000 TANGER FACTORY OUTLET CENTERS, INC .............. 68 345,000 TARGET CORP ..................................... 11,126 11,306 TENNECO AUTOMOTIVE, INC ......................... 34 10,250 * THE CHEESECAKE FACTORY, INC ..................... 393 2,500 THOR INDUSTRIES, INC ............................ 49 7,650 * THQ, INC ........................................ 186 54,524 TIFFANY & CO .................................... 1,724 7,000 * TIMBERLAND CO (CLASS A) ......................... 468 419,423 TIME WARNER, INC ................................ 21,911 114,000 TJX COS, INC .................................... 3,164 11,759 * TOO, INC ........................................ 147 16,000 * TOPPS, INC ...................................... 147 17,500 * TOWER AUTOMOTIVE, INC ........................... 158 900 * TRENDWEST RESORTS, INC .......................... 24 74,773 TRIBUNE CO ...................................... 3,159 55,890 * TRICON GLOBAL RESTAURANTS, INC .................. 1,844 19,000 TRUE NORTH COMMUNICATIONS, INC .................. 808 38,500 TRW, INC ........................................ 1,492 40,960 * U.S.A. NETWORKS, INC ............................ 796 20,500 * UNIFI, INC ...................................... 183 1,500 UNITED TELEVISION, INC .......................... 174 5,200 * UNIVERSAL ELECTRONICS, INC ...................... 80 62,000 * UNIVISION COMMUNICATIONS, INC (CLASS A) ......... 2,538 34,800 V.F. CORP ....................................... 1,261 7,700 * VAIL RESORTS, INC ............................... 180 20,700 * VALASSIS COMMUNICATIONS, INC .................... 653 5,800 * VALUE CITY DEPARTMENT STORES, INC ............... 30 4,800 * VANS, INC ....................................... 81 52,600 * VENATOR GROUP, INC .............................. 815 12,920 * VIACOM, INC (CLASS A) ........................... 607 398,077 * VIACOM, INC (CLASS B) ........................... 18,610 49,905 VISTEON CORP .................................... 574 7,700 WABASH NATIONAL CORP ............................ 66 1,045,742 WAL-MART STORES, INC ............................ 55,555 20,400 WARNACO GROUP, INC (CLASS A) .................... 34 1,400 WASHINGTON POST CO (CLASS B) .................... 864 35,200 WENDY'S INTERNATIONAL, INC ...................... 924 15,600 WESTPOINT STEVENS, INC .......................... 117 23,000 * WESTWOOD ONE, INC ............................... 444 25,600 WHIRLPOOL CORP .................................. 1,221 17,300 WILEY (JOHN) & SONS, INC (CLASS A) .............. 372 16,500 * WILLIAMS-SONOMA, INC ............................ 330 1,000 * WILSONS LEATHER EXPERTS, INC .................... 14 8,100 * WINK COMMUNICATIONS, INC ........................ 49 5,100 WINNEBAGO INDUSTRIES, INC ....................... 90 8,900 * WMS INDUSTRIES, INC ............................. 179 17,362 WOLVERINE WORLD WIDE, INC ....................... 265 3,200 WOODWARD GOVERNOR CO ............................ 143 4,600 * WORLD WRESTLING FEDERATION ENTERTAINMENT, INC .............................. 74 4,600 * XM SATELLITE RADIO HOLDINGS, INC (CLASS A) ...... 74 5,500 * YOUNG BROADCASTING, INC (CLASS A) ............... 184 13,400 * ZALE CORP ....................................... 389 10,600 * ZOMAX, INC ...................................... 48 -------- TOTAL CONSUMER CYCLICAL ........................... 391,581 -------- CONSUMER NON-CYCLICAL--8.23% 11,720 * 7-ELEVEN, INC ................................... 103 3,960 * AGRIBRANDS INTERNATIONAL, INC ................... 212 13,700 ALBERTO CULVER CO (CLASS B) ..................... 587 109,980 ALBERTSON'S, INC ................................ 2,914 71,200 * AMAZON.COM, INC ................................. 1,108 8,600 * AMERICAN ITALIAN PASTA CO (CLASS A) ............. 231 345,632 ANHEUSER-BUSCH COS, INC ......................... 15,726 9,633 * APPLICA, INC .................................... 47 230,043 ARCHER DANIELS MIDLAND CO ....................... 3,451 2,200 * AURORA FOODS, INC ............................... 5 48,024 * AUTOZONE, INC ................................... 1,369 90,696 AVON PRODUCTS, INC .............................. 4,342 19,700 * BARNES & NOBLE, INC ............................. 522 11,541 * BARNESANDNOBLE.COM, INC ......................... 15 64,000 * BEST BUY CO, INC ................................ 1,892 25,900 * BJ'S WHOLESALE CLUB, INC ........................ 994 4,874 BLOCK DRUG, INC (CLASS A) ....................... 257 13,100 BLYTH, INC ...................................... 316 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 29 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER NON-CYCLICAL--(CONTINUED) 29,867 * BORDERS GROUP, INC ................................. $ 349 17,850 BROWN FORMAN, INC (CLASS B) ........................ 1,187 2,100 * BUY.COM, INC ....................................... 1 11,200 * CADIZ, INC ......................................... 100 105,551 CAMPBELL SOUP CO ................................... 3,655 7,700 CARTER WALLACE, INC ................................ 257 24,000 * CASEY'S GENERAL STORES, INC ........................ 359 19,000 * CDW COMPUTER CENTERS, INC .......................... 530 3,200 * CHEAP TICKETS, INC ................................. 31 14,200 * CHIQUITA BRANDS INTERNATIONAL, INC ................. 14 14,600 CHURCH & DWIGHT CO, INC ............................ 325 78,430 CIRCUIT CITY STORES-CIRCUIT CITY GROUP ............. 902 90,056 CLOROX CO .......................................... 3,197 1,000 COCA COLA BOTTLING CO CONSOLIDATED ................. 38 767,794 COCA COLA CO ....................................... 46,787 95,400 COCA COLA ENTERPRISES, INC ......................... 1,813 219,584 COLGATE PALMOLIVE CO ............................... 14,174 204,371 CONAGRA FOODS, INC ................................. 5,314 5,900 * CONSTELLATION BRANDS, INC (CLASS A) ................ 347 13,700 COORS (ADOLPH) CO (CLASS B) ........................ 1,100 13,375 CORN PRODUCTS INTERNATIONAL, INC ................... 389 8,000 * COST PLUS, INC ..................................... 235 170,900 * COSTCO WHOLESALE CORP .............................. 6,825 149,514 CVS CORP ........................................... 8,961 13,500 DEAN FOODS CO ...................................... 414 19,900 * DEL MONTE FOODS CO ................................. 144 51,233 DELHAIZE AMERICA, INC (CLASS B) .................... 922 14,633 DELTA & PINE LAND CO ............................... 306 32,300 DIAL CORP .......................................... 355 17,200 DOLE FOOD CO ....................................... 282 6,100 DREYERS GRAND ICE CREAM, INC ....................... 197 7,736 * DUANE READE, INC ................................... 236 16,160 EARTHGRAINS CO ..................................... 299 2,000 * ELECTRONICS BOUTIQUE HOLDINGS CORP ................. 35 36,466 * ENERGIZER HOLDINGS, INC ............................ 779 15,000 ETHAN ALLEN INTERIORS, INC ......................... 503 20,900 * ETOYS, INC ......................................... 4 2,500 * EXPEDIA, INC (CLASS A) ............................. 24 4,800 * FACTORY 2-U STORES, INC ............................ 159 100 FARMER BROTHERS CO ................................. 21 10,700 FASTENAL CO ........................................ 587 15,100 FLEMING COS, INC ................................... 178 38,150 FLOWERS INDUSTRIES, INC ............................ 601 18,800 * FURNITURE BRANDS INTERNATIONAL, INC ................ 396 108,122 GENERAL MILLS, INC ................................. 4,818 403,622 GILLETTE CO ........................................ 14,581 7,900 GREAT ATLANTIC & PACIFIC TEA CO, INC ............... 55 12,500 * HAIN CELESTIAL GROUP, INC .......................... 406 65,527 HASBRO, INC ........................................ 696 132,609 HEINZ (H.J.) CO .................................... 6,291 4,100 HERBALIFE INTERNATIONAL, INC (CLASS A) ............. 31 2,000 HERBALIFE INTERNATIONAL, INC (CLASS B) ............. 15 36,137 HERSHEY FOODS CORP ................................. 2,326 887,450 HOME DEPOT, INC .................................... 40,545 29,200 HORMEL FOODS CORP .................................. 544 9,000 HUGHES SUPPLY, INC ................................. 161 31,000 IBP, INC ........................................... 829 1,500 INGLES MARKETS, INC (CLASS A) ...................... 15 12,350 * INSIGHT ENTERPRISES, INC ........................... 222 20,200 INTERFACE, INC (CLASS A) ........................... 175 6,400 INTERNATIONAL MULTIFOODS CORP ...................... 130 14,500 INTERSTATE BAKERIES CORP ........................... 204 38,140 * INTERNATIONAL FLAVORS & FRAGRANCES, INC ............ 775 7,500 KEEBLER FOODS CO ................................... 311 84,100 KELLOGG CO ......................................... 2,208 314,954 * KROGER CO .......................................... 8,523 12,250 LANCASTER COLONY CORP .............................. 344 13,500 LANCE, INC ......................................... 171 35,620 LAUDER (ESTEE) CO (CLASS A) ........................ 1,561 11,400 LONGS DRUG STORES CORP ............................. 275 131,016 LOWES COS, INC ..................................... 5,830 163,192 MATTEL, INC ........................................ 2,356 26,100 MCCORMICK & CO, INC (NON-VOTE) ..................... 941 3,100 * MEADE INSTRUMENTS CO ............................... 20 7,200 MICHAEL FOODS, INC ................................. 217 29,400 MILLER (HERMAN), INC ............................... 845 11,278 * MUSICLAND STORES CORP .............................. 140 22,670 * NBTY, INC .......................................... 108 101,951 NEWELL RUBBERMAID, INC ............................. 2,319 14,700 * NU SKIN ENTERPRISES, INC (CLASS A) ................. 78 113,625 * OFFICE DEPOT, INC .................................. 810 44,021 * OFFICEMAX, INC ..................................... 127 5,141 ONEIDA LTD ......................................... 95 1,750 * PC CONNECTION, INC ................................. 18 17,838 PEP BOYS MANNY, MOE, & JACK CO ..................... 65 35,900 PEPSI BOTTLING GROUP, INC .......................... 1,434 553,205 PEPSICO, INC ....................................... 27,418 26,000 * PERRIGO CO ......................................... 215 41,700 * PETSMART, INC ...................................... 120 863,004 PHILIP MORRIS COS, INC ............................. 37,972 1,900 PILGRIM'S PRIDE CORP (CLASS B) ..................... 15 10,900 * PLAYTEX PRODUCTS, INC .............................. 105 22,800 * PRICELINE.COM, INC ................................. 30 501,900 PROCTER & GAMBLE CO ................................ 39,368 50,200 QUAKER OATS CO ..................................... 4,888 70,300 RADIOSHACK CORP .................................... 3,010 10,700 * RALCORP HOLDINGS, INC .............................. 175 117,400 RALSTON PURINA CO .................................. 3,067 8,700 * REVLON, INC (CLASS A) .............................. 43 2,600 * RICA FOODS, INC .................................... 14 126,345 * RITE AID CORP ...................................... 300 39,461 RJR REYNOLDS TOBACCO HOLDINGS, INC ................. 1,924 3,000 * ROBERT MONDAVI CORP (CLASS A) ...................... 162 14,100 RUDDICK CORP ....................................... 161 4,700 RUSS BERRIE & CO, INC .............................. 99 180,122 * SAFEWAY, INC ....................................... 11,258 318,800 SARA LEE CORP ...................................... 7,831 5,760 SCHWEITZER-MAUDUIT INTERNATIONAL, INC .............. 110 11,900 * SCIQUEST.COM, INC .................................. 16 18,400 SENSIENT TECHNOLOGIES CORP ......................... 419 8,900 * SKECHERS USA, INC (CLASS A) ........................ 138 6,650 SLI, INC ........................................... 43 2,200 * SMART & FINAL, INC ................................. 19 20,800 * SMITHFIELD FOODS, INC .............................. 632 9,000 SMUCKER (J.M) CO ................................... 252 18,600 * STAMPS.COM, INC .................................... 52 173,862 * STAPLES, INC ....................................... 2,054 1,200 STEPAN CO .......................................... 28 10,500 * SUIZA FOODS CORP ................................... 504 51,083 SUPERVALU, INC ..................................... 709 5,200 THOMAS INDUSTRIES, INC ............................. 121 8,400 * TICKETMASTER ONLINE-CITYSEARCH, INC (CLASS B) ...... 70 12,940 TOOTSIE ROLL INDUSTRIES, INC ....................... 596 80,594 * TOYS `R' US, INC ................................... 1,345 11,800 * TRANS WORLD ENTERTAINMENT CORP ..................... 105 4,800 * TRIARC COS, INC .................................... 116 3,600 * TUESDAY MORNING CORP ............................... 19 22,000 TUPPERWARE CORP .................................... 450 6,000 * TWEETER HOME ENTERTAINMENT GROUP, INC .............. 73 46,700 TYSON FOODS, INC (CLASS A) ......................... 595 4,200 * UNITED AUTO GROUP, INC ............................. 28 30 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER NON-CYCLICAL--(CONTINUED) 3,400 * UNITED NATURAL FOODS, INC .......................... $ 60 11,200 UNIVERSAL CORP ..................................... 392 62,300 UST, INC ........................................... 1,748 3,600 b * VALUE AMERICA, INC ................................. 0 14,700 * VALUEVISION INTERNATIONAL, INC (CLASS A) ........... 186 4,515 e VECTOR GROUP LTD ................................... 71 388,300 WALGREEN CO ........................................ 16,236 6,200 WEIS MARKETS, INC .................................. 238 5,050 * WHITEHALL JEWELLERS, INC ........................... 36 51,600 WHITMAN CORP ....................................... 845 10,000 * WHOLE FOODS MARKET, INC ............................ 611 7,950 * WILD OATS MARKETS, INC ............................. 34 33,336 WINN DIXIE STORES, INC ............................. 646 31,400 WRIGLEY (WM) JR CO ................................. 3,009 5,600 * YANKEE CANDLE, INC ................................. 62 -------- TOTAL CONSUMER NON-CYCLICAL ........................ 409,881 -------- ENERGY--5.12% 29,600 AMERADA HESS CORP .................................. 2,163 94,799 ANADARKO PETROLEUM CORP ............................ 6,738 43,357 APACHE CORP ........................................ 3,038 26,672 ASHLAND, INC ....................................... 957 3,900 * ATWOOD OCEANICS, INC ............................... 171 113,035 BAKER HUGHES, INC .................................. 4,698 11,100 * BARRETT RESOURCES CORP ............................. 631 5,300 * BASIN EXPLORATION, INC ............................. 135 3,800 * BELCO OIL & GAS CORP ............................... 47 5,171 BERRY PETROLEUM CO (CLASS A) ....................... 69 28,488 * BJ SERVICES CO ..................................... 1,962 11,400 * BROWN (TOM), INC ................................... 375 82,308 BURLINGTON RESOURCES, INC .......................... 4,157 10,100 CABOT OIL & GAS CORP (CLASS A) ..................... 315 9,400 * CAL DIVE INTERNATIONAL, INC ........................ 250 2,400 * CALLON PETROLEUM CORP .............................. 40 1,900 CARBO CERAMICS, INC ................................ 71 45,900 * CHESAPEAKE ENERGY CORP ............................. 465 247,305 CHEVRON CORP ....................................... 20,882 1,900 * CLAYTON WILLIAMS ENERGY, INC ....................... 51 8,300 * COMSTOCK RESOURCES, INC ............................ 122 25,500 CONOCO, INC (CLASS A) .............................. 730 213,341 CONOCO, INC (CLASS B) .............................. 6,174 20,614 * COOPER CAMERON CORP ................................ 1,362 26,925 CROSS TIMBERS OIL CO ............................... 747 6,100 * DENBURY RESOURCES, INC ............................. 67 35,554 DEVON ENERGY CORP (NEW) ............................ 2,168 24,700 DIAMOND OFFSHORE DRILLING, INC ..................... 988 3,500 * DRIL-QUIP, INC ..................................... 120 17,014 * EEX CORP ........................................... 83 52,850 ENSCO INTERNATIONAL, INC ........................... 1,800 40,300 EOG RESOURCES, INC ................................. 2,204 5,800 * EVERGREEN RESOURCES, INC ........................... 224 1,332,191 EXXON MOBIL CORP ................................... 115,817 10,560 * FOREST OIL CORP .................................... 389 66 * FOREST OIL CORP WTS 02/15/04 ....................... 1 66 * FOREST OIL CORP WTS 02/15/05 ....................... 1 12,394 * FRIEDE GOLDMAN HALTER, INC ......................... 44 10,400 * FRONTIER OIL CORP .................................. 72 27,100 * GLOBAL INDUSTRIES LTD .............................. 371 61,500 * GLOBAL MARINE, INC ................................. 1,745 41,415 * GRANT PRIDECO, INC ................................. 909 68,900 * GREY WOLF, INC ..................................... 405 875 * GULF ISLAND FABRICATION, INC ....................... 16 169,057 HALLIBURTON CO ..................................... 6,128 25,300 * HANOVER COMPRESSOR CO .............................. 1,127 19,000 HELMERICH & PAYNE, INC ............................. 834 3,000 * HORIZON OFFSHORE, INC .............................. 59 3,300 * HOUSTON EXPLORATION CO ............................. 126 6,200 * HS RESOURCES, INC .................................. 263 104 * HVIDE MARINE, INC WTS A 12/14/03 ................... 0 15,100 * INPUT/OUTPUT, INC .................................. 154 36,072 KERR-MCGEE CORP .................................... 2,415 37,000 * KEY ENERGY SERVICES, INC ........................... 386 4,200 * KEY PRODUCTION CO .................................. 141 8,000 * LOUIS DREYFUS NATURAL GAS CORP ..................... 367 22,400 * MARINE DRILLING COS, INC ........................... 599 7,400 * MAVERICK TUBE CORP ................................. 167 6,021 * MCMORAN EXPLORATION CO ............................. 80 6,900 * MERIDIAN RESOURCE CORP ............................. 60 3,700 MIDCOAST ENERGY RESOURCES, INC ..................... 81 7,900 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) ........................................ 484 17,200 MURPHY OIL CORP .................................... 1,040 53,002 * NABORS INDUSTRIES, INC ............................. 3,135 20,963 * NATIONAL-OILWELL, INC .............................. 811 15,400 * NEWFIELD EXPLORATION CO ............................ 731 21,400 NOBLE AFFILIATES, INC .............................. 984 51,300 * NOBLE DRILLING CORP ................................ 2,228 6,800 * NUEVO ENERGY CO .................................... 118 141,029 OCCIDENTAL PETROLEUM CORP .......................... 3,420 63,906 * OCEAN ENERGY, INC (NEW) ............................ 1,110 7,800 * OCEANEERING INTERNATIONAL, INC ..................... 152 29,200 * PARKER DRILLING CO ................................. 148 5,300 PATINA OIL & GAS CORP .............................. 127 14,200 * PATTERSON ENERGY, INC .............................. 529 8,300 * PENNACO ENERGY, INC ................................ 163 29,944 PENNZOIL-QUAKER STATE CO ........................... 386 81,522 PHILLIPS PETROLEUM CO .............................. 4,637 37,700 * PIONEER NATURAL RESOURCES CO ....................... 742 5,900 * PLAINS RESOURCES, INC .............................. 125 15,500 POGO PRODUCING CO .................................. 482 25,000 * PRIDE INTERNATIONAL, INC ........................... 616 3,400 * PRIMA ENERGY CORP .................................. 119 1,300 * PRIZE ENERGY CORP .................................. 27 19,100 * PURE RESOURCES, INC ................................ 387 67,586 * R & B FALCON CORP .................................. 1,550 31,400 * ROWAN COS, INC ..................................... 848 4,800 RPC, INC ........................................... 70 6,500 * SEACOR SMIT, INC ................................... 342 8,700 * SEITEL, INC ........................................ 160 19,300 * SMITH INTERNATIONAL, INC ........................... 1,439 3,600 * SPINNAKER EXPLORATION CO ........................... 153 10,700 ST. MARY LAND & EXPLORATION CO ..................... 356 6,348 * STONE ENERGY CORP .................................. 410 32,700 SUNOCO, INC ........................................ 1,102 17,000 * SUPERIOR ENERGY SERVICES, INC ...................... 196 7,650 * SWIFT ENERGY CO .................................... 288 11,500 * TESORO PETROLEUM CORP .............................. 134 210,825 TEXACO, INC ........................................ 13,098 21,327 TIDEWATER, INC ..................................... 946 55,247 TOSCO CORP ......................................... 1,875 1,620 * TOTAL FINA WTS 08/05/03 ............................ 49 9,300 * TRANSMONTAIGNE, INC ................................ 26 9,200 * TRICO MARINE SERVICES, INC ......................... 142 33,194 ULTRAMAR DIAMOND SHAMROCK CORP ..................... 1,025 12,200 * UNIT CORP .......................................... 231 3,000 * UNIVERSAL COMPRESSION HOLDINGS, INC ................ 113 92,896 UNOCAL CORP ........................................ 3,594 119,200 USX-MARATHON GROUP, INC ............................ 3,308 10,800 * UTI ENERGY CORP .................................... 355 19,900 VALERO ENERGY CORP ................................. 740 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 31 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ENERGY--(CONTINUED) 23,117 * VARCO INTERNATIONAL, INC (NEW) ................... $ 503 11,100 * VERITAS DGC, INC ................................. 359 18,600 VINTAGE PETROLEUM, INC ........................... 400 42,015 * WEATHERFORD INTERNATIONAL, INC ................... 1,985 --------- TOTAL ENERGY ..................................... 255,259 --------- FINANCIAL SERVICES--18.06% 23,500 21ST CENTURY INSURANCE GROUP ..................... 335 8,299 ADVANTA CORP (CLASS A) ........................... 73 8,500 * AFFILIATED MANAGERS GROUP, INC ................... 466 101,540 AFLAC, INC ....................................... 7,330 2,100 ALABAMA NATIONAL BANCORP ......................... 48 5,000 ALEXANDRIA REAL ESTATE EQUITIES, INC ............. 186 10,400 ALFA CORP ........................................ 191 1,760 ALLEGHANY CORP (DELAWARE) ........................ 362 30,900 ALLIED CAPITAL CORP .............................. 645 20,256 ALLMERICA FINANCIAL CORP ......................... 1,469 279,716 ALLSTATE CORP .................................... 12,185 26,500 AMB PROPERTY CORP ................................ 684 36,494 AMBAC FINANCIAL GROUP, INC ....................... 2,128 11,300 AMCORE FINANCIAL, INC ............................ 234 9,200 AMERICAN CAPITAL STRATEGIES LTD .................. 232 509,636 AMERICAN EXPRESS CO .............................. 27,998 13,800 AMERICAN FINANCIAL GROUP, INC .................... 367 6,100 AMERICAN FINANCIAL HOLDINGS, INC ................. 126 96,332 AMERICAN GENERAL CORP ............................ 7,851 3,700 AMERICAN INDUSTRIAL PROPERTIES REIT .............. 45 770,126 AMERICAN INTERNATIONAL GROUP, INC ................ 75,906 3,500 AMERICAN NATIONAL INSURANCE CO ................... 256 27,100 * AMERITRADE HOLDINGS CORP (CLASS A) ............... 190 6,100 AMLI RESIDENTIAL PROPERTIES TRUST ................ 151 4,000 * AMPAL-AMERICAN ISRAEL CORP (CLASS A) ............. 24 143,601 AMSOUTH BANCORPORATION ........................... 2,190 17,002 * ANC RENTAL CORP .................................. 60 8,100 ANCHOR BANCORP WISCONSIN, INC .................... 130 1,900 ANDOVER BANCORP, INC ............................. 65 87,226 AON CORP ......................................... 2,987 25,764 APARTMENT INVESTMENT & MANAGEMENT CO (CLASS A) ...................................... 1,287 31,179 ARCHSTONE COMMUNITIES TRUST ...................... 803 22,700 ARDEN REALTY GROUP, INC .......................... 570 4,050 AREA BANCSHARES CORP ............................. 67 6,600 ARGONAUT GROUP, INC .............................. 139 26,233 ASSOCIATED BANC-CORP ............................. 797 14,700 * ASSOCIATES FIRST CAP. RESIDUAL VALUE ............. 0 17,145 ASTORIA FINANCIAL CORP ........................... 931 128,416 * AUTONATION, INC .................................. 770 25,422 AVALONBAY COMMUNITIES, INC ....................... 1,274 222 * AXA (SPON ADR) ................................... 16 3,800 BALDWIN & LYONS, INC (CLASS B) ................... 88 306 BANCFIRST CORP ................................... 12 32,237 BANCORPSOUTH, INC ................................ 393 38,900 BANCWEST CORP .................................... 1,016 630,298 BANK OF AMERICA CORP ............................. 28,915 3,500 BANK OF GRANITE CORP ............................. 81 282,920 BANK OF NEW YORK CO, INC ......................... 15,614 442,802 BANK ONE CORP .................................... 16,218 12,400 BANK UNITED CORP (CLASS A) ....................... 846 55,334 BANKNORTH GROUP, INC ............................. 1,103 10,500 BAY VIEW CAPITAL CORP ............................ 66 153,230 BB&T CORP ........................................ 5,717 40,752 BEAR STEARNS COS, INC ............................ 2,066 7,900 BEDFORD PROPERTY INVESTORS, INC .................. 160 6,550 BERKELEY (W.R.) CORP ............................. 309 6,900 * BLACKROCK, INC ................................... 290 5,572 BLANCH (E.W.) HOLDINGS, INC ...................... 97 4,031 * BOK FINANCIAL CORP ............................... 86 26,000 BOSTON PROPERTIES, INC ........................... 1,131 7,000 BOYKIN LODGING CO ................................ 60 12,900 BRANDYWINE REALTY TRUST .......................... 267 17,300 BRE PROPERTIES, INC (CLASS A) .................... 548 1,300 BROOKLINE BANCORP, INC ........................... 15 8,500 BROWN & BROWN, INC ............................... 298 3,500 BSB BANCORP, INC ................................. 46 11,800 BURNHAM PACIFIC PROPERTIES, INC .................. 55 470 * CALIFORNIA FEDERAL BANK GOODWILL CERT ............ 1 14,600 CAMDEN PROPERTY TRUST ............................ 489 7,900 CAPITAL AUTOMOTIVE REIT .......................... 109 300 CAPITAL CITY BANK GROUP, INC ..................... 7 75,176 CAPITAL ONE FINANCIAL CORP ....................... 4,948 27,600 CAPITOL FEDERAL FINANCIAL ........................ 462 6,700 CAPSTEAD MORTGAGE CORP ........................... 73 25,300 CARRAMERICA REALTY CORP .......................... 792 9,769 CASH AMERICA INTERNATIONAL, INC .................. 43 40,500 * CATELLUS DEVELOPMENT CORP ........................ 709 2,900 CATHAY BANCORP, INC .............................. 171 8,497 * CB RICHARD ELLIS SERVICES GROUP, INC ............. 124 9,502 CBL & ASSOCIATES PROPERTIES, INC ................. 241 7,100 * CCC INFORMATION SERVICES GROUP, INC .............. 44 7,900 CENTERPOINT PROPERTIES CORP ...................... 373 15,069 CENTURA BANKS, INC ............................... 727 4,200 CENTURY SOUTH BANKS, INC ......................... 141 8,200 CHARLES E. SMITH RESIDENTIAL REALTY, INC ......... 385 6,000 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO ......... 81 80,361 CHARTER ONE FINANCIAL, INC ....................... 2,320 8,200 CHATEAU COMMUNITIES, INC ......................... 250 6,100 CHELSEA PROPERTY GROUP, INC ...................... 225 4,468 CHEMICAL FINANCIAL CORP .......................... 104 10,329 CHITTENDEN CORP .................................. 313 15,364 * CHOICEPOINT, INC ................................. 1,007 66,493 CHUBB CORP ....................................... 5,752 57,709 CINCINNATI FINANCIAL CORP ........................ 2,283 76,500 CIT GROUP, INC (CLASS A) ......................... 1,540 1,926,887 CITIGROUP, INC ................................... 98,392 17,948 CITIZENS BANKING CORP (MICHIGAN) ................. 522 3,000 CITY BANK LYNNWOOD (WASHINGTON) .................. 64 15,500 CITY NATIONAL CORP ............................... 602 9,200 * CNA FINANCIAL CORP ............................... 357 9,618 CNA SURETY CORP .................................. 137 6,600 * COAST FEDERAL LITIGATION CONTINGENT RTS .......... 9 37,700 COLONIAL BANCGROUP, INC .......................... 405 8,500 COLONIAL PROPERTIES TRUST ........................ 222 43,741 COMDISCO, INC .................................... 500 59,800 COMERICA, INC .................................... 3,551 11,970 COMMERCE BANCORP, INC ............................ 818 24,010 COMMERCE BANCSHARES, INC ......................... 1,020 9,800 COMMERCE GROUP, INC .............................. 266 20,800 COMMERCIAL FEDERAL CORP .......................... 404 14,087 COMMERCIAL NET LEASE REALTY, INC ................. 144 18,900 COMMUNITY FIRST BANKSHARES, INC .................. 357 46,325 COMPASS BANCSHARES, INC .......................... 1,106 4,700 * COMPUCREDIT CORP ................................. 85 124,077 CONSECO, INC ..................................... 1,636 14,900 CORNERSTONE REALTY INCOME TRUST, INC ............. 157 40,600 * CORRECTIONS CORP OF AMERICA ...................... 14 3,500 CORUS BANKSHARES, INC ............................ 173 43,919 COUNTRYWIDE CREDIT INDUSTRIES, INC ............... 2,207 15,118 COUSINS PROPERTIES, INC .......................... 422 1,200 CPB, INC ......................................... 33 8,159 CRAWFORD & CO (CLASS B) .......................... 95 32 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 4,800 * CREDIT ACCEPTANCE CORP ........................... $ 29 34,500 CRESCENT REAL ESTATE EQUITIES CO ................. 768 1,040 * CRESECENT OPERATING, INC ......................... 1 6,610 * CRESTLINE CAPITAL CORP ........................... 170 7,500 * CSK AUTO CORP .................................... 29 19,800 CULLEN FROST BANKERS, INC ........................ 828 4,567 CVB FINANCIAL CORP ............................... 78 4,700 DAIN RAUSCHER CORP ............................... 445 5,642 * DELPHI FINANCIAL GROUP, INC (CLASS A) ............ 217 23,700 DEVELOPERS DIVERSIFIED REALTY CORP ............... 316 46,500 DIME BANCORP, INC ................................ 1,375 4,400 DIME COMMUNITY BANCSHARES ........................ 111 7,800 * DLJ DIRECT, INC .................................. 29 13,953 DORAL FINANCIAL CORP ............................. 337 8,160 DOWNEY FINANCIAL CORP ............................ 449 48,736 DUKE-WEEKS REALTY CORP ........................... 1,200 85,015 * E TRADE GROUP, INC ............................... 627 8,700 EAST WEST BANCORP, INC ........................... 217 6,300 EASTGROUP PROPERTIES, INC ........................ 141 22,500 EATON VANCE CORP ................................. 726 31,450 EDWARDS (A.G.), INC .............................. 1,492 1,800 * ELECTRO RENT CORP ................................ 25 11,000 ENHANCE FINANCIAL SERVICES GROUP, INC ............ 170 5,600 ENTERTAINMENT PROPERTIES TRUST ................... 62 115,728 EQUITY OFFICE PROPERTIES TRUST ................... 3,776 50,268 EQUITY RESIDENTIAL PROPERTIES TRUST CO ........... 2,780 23,800 ERIE INDEMNITY CO (CLASS A) ...................... 710 7,000 ESSEX PROPERTY TRUST, INC ........................ 383 1,445 F & M BANCORP, INC (MARYLAND) .................... 30 9,467 F & M NATIONAL CORP .............................. 247 7,906 F.N.B. CORP ...................................... 166 100 * FARM FAMILY HOLDINGS, INC ........................ 4 1,400 FARMERS CAPITAL BANK CORP ........................ 39 3,953 FBL FINANCIAL GROUP, INC (CLASS A) ............... 69 15,100 FEDERAL REALTY INVESTMENT TRUST .................. 287 31,900 FEDERATED INVESTORS, INC (CLASS B) ............... 929 265,741 FHLMC ............................................ 18,303 20,370 FIDELITY NATIONAL FINANCIAL, INC ................. 752 144,801 FIFTH THIRD BANCORP .............................. 8,652 4,100 * FINANCIAL FEDERAL CORP ........................... 98 21,909 FINOVA GROUP, INC ................................ 21 21,000 FIRST AMERICAN CORP .............................. 690 10,700 FIRST BANCORP (PUERTO RICO) ...................... 253 700 FIRST BUSEY CORP ................................. 14 4,200 FIRST CHARTER CORP ............................... 62 2,800 FIRST CITIZENS BANCSHARES, INC (CLASS A) ......... 226 21,922 FIRST COMMONWEALTH FINANCIAL CORP ................ 219 3,900 FIRST FEDERAL CAPITAL CORP ....................... 57 13,084 FIRST FINANCIAL BANCORP .......................... 222 3,160 FIRST FINANCIAL BANKSHARES, INC .................. 99 1,400 FIRST FINANCIAL CORP (INDIANA) ................... 45 4,100 FIRST FINANCIAL HOLDINGS, INC .................... 81 1,300 FIRST INDIANA CORP ............................... 31 3,100 FIRST MERCHANTS CORP ............................. 70 15,600 FIRST MIDWEST BANCORP, INC ....................... 449 3,000 FIRST NIAGARA FINANCIAL GROUP, INC ............... 32 11,500 FIRST SENTINEL BANCORP, INC ...................... 132 2,908 FIRST SOURCE CORP ................................ 53 49,300 FIRST TENNESSEE NATIONAL CORP .................... 1,427 380,166 FIRST UNION CORP ................................. 10,573 17,650 FIRST VIRGINIA BANKS, INC ........................ 847 3,200 FIRST WASHINGTON REALTY TRUST, INC ............... 83 364,035 FIRSTAR CORP ..................................... 8,464 6,550 * FIRSTFED FINANCIAL CORP .......................... 212 31,088 FIRSTMERIT CORP .................................. 831 351,600 FLEETBOSTON FINANCIAL CORP ....................... 13,207 390,595 FNMA ............................................. 33,884 21,675 FRANCHISE FINANCE CORP OF AMERICA ................ 505 61,391 FRANKLIN RESOURCES, INC .......................... 2,339 22,000 FREMONT GENERAL CORP ............................. 62 9,701 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC (CLASS A) ...................................... 64 5,000 FRONTIER FINANCIAL CORP .......................... 125 10,116 * FRONTLINE CAPITAL GROUP, INC ..................... 135 28,224 FULTON FINANCIAL CORP ............................ 651 2,100 * GABELLI ASSET MANAGEMENT, INC (CLASS A) .......... 70 8,800 GABLES RESIDENTIAL TRUST ......................... 246 14,600 GALLAGHER (ARTHUR J.) & CO ....................... 929 17,294 * GARTNER GROUP, INC (CLASS A) ..................... 119 12,190 * GARTNER GROUP, INC (CLASS B) ..................... 77 4,100 GBC BANCORP ...................................... 157 19,900 GENERAL GROWTH PROPERTIES, INC ................... 720 11,500 GLENBOROUGH REALTY TRUST, INC .................... 200 9,100 GLIMCHER REALTY TRUST ............................ 114 13,600 * GOLDEN STATE BANCORP WTS ......................... 16 26,100 GOLDEN STATE BANCORP, INC ........................ 821 49,000 GOLDEN WEST FINANCIAL CORP ....................... 3,308 5,600 GREAT AMERICAN FINANCIAL RESOURCES, INC .......... 107 4,500 GREAT LAKES REIT, INC ............................ 78 15,300 GREATER BAY BANCORP .............................. 627 32,838 GREENPOINT FINANCIAL CORP ........................ 1,344 2,800 HANCOCK HOLDINGS CO .............................. 107 6,200 HARBOR FLORIDA BANCSHARES, INC ................... 93 6,300 HARLEYSVILLE GROUP, INC .......................... 184 1,821 HARLEYSVILLE NATIONAL CORP ....................... 63 86,200 HARTFORD FINANCIAL SERVICES GROUP, INC ........... 6,088 16,300 HCC INSURANCE HOLDINGS, INC ...................... 439 18,316 HEALTH CARE PROPERTY INVESTORS, INC .............. 547 11,201 HEALTH CARE REIT, INC ............................ 182 15,300 HEALTHCARE REALTY TRUST, INC ..................... 325 13,909 HELLER FINANCIAL, INC (CLASS A) .................. 427 60,668 HIBERNIA CORP (CLASS A) .......................... 774 22,400 HIGHWOODS PROPERTIES, INC ........................ 557 5,000 HILB, ROGAL & HAMILTON CO ........................ 199 8,073 HOME PROPERTIES OF NEW YORK, INC ................. 226 25,100 HOOPER HOLMES, INC ............................... 278 16,800 HORACE MANN EDUCATORS CORP ....................... 359 19,300 HOSPITALITY PROPERTIES TRUST ..................... 437 73,323 HOST MARRIOTT CORP (NEW) ......................... 949 180,978 HOUSEHOLD INTERNATIONAL, INC ..................... 9,954 50,200 HRPT PROPERTIES TRUST ............................ 380 20,600 HUDSON CITY BANCORP, INC ......................... 417 20,911 HUDSON UNITED BANCORP ............................ 438 96,224 HUNTINGTON BANCSHARES, INC ....................... 1,558 14,418 IMPERIAL BANCORP ................................. 378 25,800 INDEPENDENCE COMMUNITY BANK CORP ................. 411 2,479 INDEPENDENT BANK CORP ............................ 31 26,155 * INDYMAC BANCORP, INC ............................. 772 13,200 INNKEEPERS U.S.A. TRUST .......................... 146 6,800 * INSIGNIA FINANCIAL GROUP, INC .................... 81 700 * INSURANCE AUTO AUCTIONS, INC ..................... 8 6,450 INTEGRA BANK CORP ................................ 165 4,500 INTERNATIONAL BANCSHARES CORP .................... 154 10,657 * INVESTMENT TECHNOLOGY GROUP, INC ................. 445 11,400 INVESTORS FINANCIAL SERVICES CORP ................ 980 12,000 IRT PROPERTY CO .................................. 98 2,600 IRWIN FINANCIAL CORP ............................. 55 32,725 ISTAR FINANCIAL, INC ............................. 644 5,300 * ITT EDUCATIONAL SERVICES, INC .................... 117 13,650 JDN REALTY CORP .................................. 144 9,300 JEFFERIES GROUP, INC (NEW) ....................... 291 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 33 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 39,375 JEFFERSON-PILOT CORP .............................. $ 2,943 38,600 JOHN HANCOCK FINANCIAL SERVICES, INC .............. 1,452 2,600 JOHN NUVEEN CO (CLASS A) .......................... 150 11,000 * JONES LANG LA SALLE ............................... 153 560,372 JP MORGAN CHASE & CO .............................. 32,806 5,700 JP REALTY, INC .................................... 90 1,300 KANSAS CITY LIFE INSURANCE CO ..................... 46 163,139 KEYCORP ........................................... 4,568 10,400 KILROY REALTY CORP ................................ 292 18,850 KIMCO REALTY CORP ................................. 833 33,500 * KNIGHT TRADING GROUP, INC ......................... 467 8,500 KOGER EQUITY, INC ................................. 132 14,100 * LABRANCHE & CO, INC ............................... 431 5,200 LANDAMERICA FINANCIAL GROUP, INC .................. 210 23,632 LEGG MASON, INC ................................... 1,288 92,340 LEHMAN BROTHERS HOLDINGS, INC ..................... 6,244 14,400 LEUCADIA NATIONAL CORP ............................ 510 4,700 LEXINGTON CORPORATE PROPERTIES TRUST .............. 56 6,100 LIBERTY CORP ...................................... 248 5,200 LIBERTY FINANCIAL COS, INC ........................ 232 73,300 LINCOLN NATIONAL CORP ............................. 3,468 9,450 LNR PROPERTY CORP ................................. 208 35,356 M & T BANK CORP ................................... 2,404 12,800 MACERICH CO ....................................... 246 18,100 MACK-CALI REALTY CORP ............................. 517 12,680 MAF BANCORP, INC .................................. 361 6,900 MANUFACTURED HOME COMMUNITIES, INC ................ 200 2,200 * MARKEL CORP ....................................... 398 103,980 MARSH & MCLENNAN COS, INC ......................... 12,166 39,856 MARSHALL & ILSLEY CORP ............................ 2,026 38,294 MBIA, INC ......................................... 2,839 283,905 MBNA CORP ......................................... 10,487 4,500 MEDALLION FINANCIAL CORP .......................... 66 9,102 MEDICAL ASSURANCE, INC ............................ 152 53,763 * MEDITRUST CORP PAIRED ............................. 138 187,004 MELLON FINANCIAL CORP ............................. 9,198 26,705 MERCANTILE BANKSHARES CORP ........................ 1,153 5,100 MERCHANTS NEW YORK BANCORP, INC ................... 128 10,200 MERCURY GENERAL CORP .............................. 448 14,000 MERISTAR HOSPITALITY CORP ......................... 276 308,600 MERRILL LYNCH & CO, INC ........................... 21,043 108,300 METROPOLITAN LIFE INSURANCE CO .................... 3,791 279 * MFN FINANCIAL CORP ................................ 1 324 * 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 ............................... 3 40,700 MGIC INVESTMENT CORP .............................. 2,745 7,800 MID-AMERICA APARTMENT COMMUNITIES, INC ............ 176 2,921 MID-AMERICA BANCORP ............................... 66 300 MIDLAND CO ........................................ 8 3,800 MID-STATE BANCSHARES .............................. 135 5,890 MILLS CORP ........................................ 98 1,600 MISSISSIPPI VALLEY BANCSHARES, INC ................ 47 17,900 MONY GROUP, INC ................................... 885 8,300 MORGAN KEEGAN, INC ................................ 220 436,652 MORGAN STANLEY DEAN WITTER & CO ................... 34,605 233,146 NATIONAL CITY CORP ................................ 6,703 77,880 NATIONAL COMMERCE BANCORP ......................... 1,928 7,400 NATIONAL HEALTH INVESTORS, INC .................... 55 4,877 NATIONAL PENN BANCSHARES, INC ..................... 98 500 * NATIONAL WESTERN LIFE INSURANCE CO ................ 52 9,000 * NATIONSRENT, INC .................................. 14 9,100 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A) ...... 432 17,400 NATIONWIDE HEALTH PROPERTIES, INC ................. 224 6,015 NBT BANCORP, INC .................................. 88 10,200 * NETBANK, INC ...................................... 67 14,500 NEUBERGER BERMAN, INC ............................. 1,175 33,415 NEW PLAN EXCEL REALTY TRUST ....................... 439 12,300 * NEXTCARD, INC ..................................... 98 65,568 NORTH FORK BANCORP, INC ........................... 1,611 79,820 NORTHERN TRUST CORP ............................... 6,510 2,400 NORTHWEST BANCORP, INC ............................ 22 7,700 NY COMMUNITY BANCORP .............................. 283 4,000 OCEANFIRST FINANCIAL CORP ......................... 99 13,000 * OCWEN FINANCIAL CORP .............................. 83 22,900 OHIO CASUALTY CORP ................................ 229 52,385 OLD KENT FINANCIAL CORP ........................... 2,292 22,360 OLD NATIONAL BANCORP .............................. 669 44,925 OLD REPUBLIC INTERNATIONAL CORP ................... 1,438 2,200 OMEGA FINANCIAL CORP .............................. 59 3,533 ORIENTAL FINANCIAL GROUP, INC ..................... 47 10,100 PACIFIC CAPITAL BANCORP ........................... 284 30,200 PACIFIC CENTURY FINANCIAL CORP .................... 534 7,200 PACIFIC GULF PROPERTIES, INC ...................... 44 4,900 PACIFIC NORTHWEST BANCORP ......................... 68 8,986 PAN PACIFIC RETAIL PROPERTIES, INC ................ 201 3,445 PARK NATIONAL CORP ................................ 309 3,900 PARKWAY PROPERTIES, INC ........................... 116 4,700 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ......... 90 10,500 PEOPLES BANK OF BRIDGEPORT CO ..................... 272 4,500 PFF BANCORP, INC .................................. 94 2,600 * PHILADELPHIA CONSOLIDATED HOLDINGS CORP ........... 80 14,694 PHOENIX INVESTMENT PARTNERS LTD ................... 231 500 * PICO HOLDINGS, INC ................................ 6 5,100 PMA CAPITAL CORP (CLASS A) ........................ 88 11,450 PMI GROUP, INC .................................... 775 110,739 PNC FINANCIAL SERVICES GROUP, INC ................. 8,091 52,070 POPULAR, INC ...................................... 1,370 15,133 POST PROPERTIES, INC .............................. 568 6,100 PREMIER NATIONAL BANCORP, INC ..................... 127 13,800 PRENTISS PROPERTIES TRUST ......................... 372 9,100 PRESIDENTIAL LIFE CORP ............................ 136 3,500 PRIME GROUP REALTY TRUST .......................... 50 20,316 PROGRESSIVE CORP .................................. 2,105 35,193 PROLOGIS TRUST .................................... 783 4,255 PROMISTAR FINANCIAL CORP .......................... 74 20,600 PROTECTIVE LIFE CORP .............................. 664 10,888 PROVIDENT BANKSHARES CORP ......................... 227 8,400 PROVIDENT FINANCIAL GROUP, INC .................... 315 108,988 PROVIDIAN FINANCIAL CORP .......................... 6,267 8,800 PS BUSINESS PARKS, INC ............................ 245 31,852 PUBLIC STORAGE, INC ............................... 774 13,486 RADIAN GROUP, INC ................................. 1,012 15,400 RAYMOND JAMES FINANCIAL CORP ...................... 537 10,100 REALTY INCOME CORP ................................ 251 21,113 RECKSON ASSOCIATES REALTY CORP .................... 531 12,700 REGENCY REALTY CORP ............................... 301 83,830 REGIONS FINANCIAL CORP ............................ 2,290 7,000 REINSURANCE GROUP OF AMERICA, INC ................. 249 31,100 * RELIANCE GROUP HOLDINGS, INC ...................... 0 18,914 REPUBLIC BANCORP, INC ............................. 205 18,600 REPUBLIC SECURITY FINANCIAL CORP .................. 134 11,600 RFS HOTEL INVESTORS, INC .......................... 152 10,300 RICHMOND COUNTY FINANCIAL CORP .................... 269 11,800 RIGGS NATIONAL CORP ............................... 164 3,000 RLI CORP .......................................... 134 27,735 ROSLYN BANCORP, INC ............................... 758 9,600 S & T BANCORP, INC ................................ 208 48,700 SAFECO CORP ....................................... 1,601 34 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 2,100 SANDY SPRING BANCORP, INC ........................ $ 48 2,700 SANTANDER BANCORP ................................ 52 3,800 SAUL CENTERS, INC ................................ 71 412,855 SCHWAB (CHARLES) CORP ............................ 11,715 4,400 SCPIE HOLDINGS, INC .............................. 104 9,600 SEACOAST FINANCIAL SERVICES CORP ................. 115 12,700 * SECURITY CAPITAL GROUP, INC (CLASS B) ............ 255 14,400 SEI INVESTMENTS CO ............................... 1,613 11,200 SELECTIVE INSURANCE GROUP, INC ................... 272 9,320 SENIOR HOUSING PROPERTIES TRUST .................. 87 1,311 SHORELINE FINANCIAL CORP ......................... 20 16,300 * SILICON VALLEY BANCSHARES ........................ 563 39,956 SIMON PROPERTY GROUP, INC ........................ 959 32,501 SKY FINANCIAL GROUP, INC ......................... 544 8,300 SL GREEN REALTY CORP ............................. 232 16,467 SOUTH FINANCIAL GROUP, INC ....................... 218 64,400 SOUTHTRUST CORP .................................. 2,620 10,900 * SOUTHWEST BANCORP OF TEXAS, INC .................. 468 8,161 SOUTHWEST SECURITIES GROUP, INC .................. 211 85,960 SOVEREIGN BANCORP, INC ........................... 698 6,000 SOVRAN SELF STORAGE, INC ......................... 119 22,500 SPIEKER PROPERTIES, INC .......................... 1,128 82,681 ST. PAUL COS, INC ................................ 4,491 12,200 STANCORP FINANCIAL GROUP, INC .................... 583 72,926 STARWOOD HOTELS & RESORTS WORLDWIDE, INC ......... 2,571 2,600 STATE AUTO FINANCIAL CORP ........................ 46 61,800 STATE STREET CORP ................................ 7,676 14,300 STATEN ISLAND BANCORP, INC ....................... 306 10,000 STERLING BANCSHARES, INC ......................... 198 4,000 * STEWART INFORMATION SERVICES CORP ................ 89 85,100 STILWELL FINANCIAL, INC .......................... 3,356 10,300 STORAGE U.S.A., INC .............................. 327 2,000 STUDENT LOAN CORP ................................ 109 66,471 SUMMIT BANCORP ................................... 2,538 9,580 SUMMIT PROPERTIES, INC ........................... 249 6,700 SUN COMMUNITIES, INC ............................. 224 98,459 SUNTRUST BANKS, INC .............................. 6,203 16,380 SUSQUEHANNA BANCSHARES, INC ...................... 270 97,687 SYNOVUS FINANCIAL CORP ........................... 2,631 13,900 * SYNTROLEUM CORP .................................. 236 39,700 T ROWE PRICE GROUP, INC .......................... 1,678 12,800 TAUBMAN CENTERS, INC ............................. 140 30,700 TCF FINANCIAL CORP ............................... 1,368 23,200 * TD WATERHOUSE GROUP .............................. 307 5,720 TEXAS REGIONAL BANCSHARES, INC (CLASS A) ......... 186 69,000 THE GOLDMAN SACHS GROUP, INC ..................... 7,379 48,200 TORCHMARK CORP ................................... 1,853 6,100 TOWN & COUNTRY TRUST ............................. 118 9,600 * TRAMMELL CROW CO ................................. 130 6,750 TRANSATLANTIC HOLDINGS, INC ...................... 715 5,100 * TRIAD GUARANTY, INC .............................. 169 5,300 TRUST CO OF NEW JERSEY ........................... 67 23,540 TRUSTCO BANK CORP (NEW YORK) ..................... 287 22,100 TRUSTMARK CORP ................................... 464 6,643 TUCKER ANTHONY SUTRO CORP ........................ 163 287,962 U.S. BANCORP ..................................... 8,405 3,486 U.S.B. HOLDINGS CO, INC .......................... 44 11 UBS AG. (REGD) ................................... 2 3,600 UCBH HOLDINGS, INC ............................... 168 10,300 * UICI ............................................. 61 6,094 UMB FINANCIAL CORP ............................... 228 51,543 UNION PLANTERS CORP .............................. 1,843 21,821 UNIONBANCAL CORP ................................. 525 13,700 UNITED BANKSHARES, INC ........................... 291 12,600 UNITED COMMUNITY FINANCIAL CORP (OHIO) ........... 87 39,207 UNITED DOMINION REALTY TRUST, INC ................ 424 5,549 UNITED NATIONAL BANCORP .......................... 106 12,511 * UNITED RENTALS, INC .............................. 168 28,400 * UNITEDGLOBALCOM, INC (CLASS A) ................... 387 17,300 UNITRIN, INC ..................................... 703 80,607 UNUMPROVIDENT CORP ............................... 2,166 62,791 USA EDUCATION, INC ............................... 4,270 4,600 VALHI, INC ....................................... 53 23,133 VALLEY NATIONAL BANCORP .......................... 771 23,700 VORNADO REALTY TRUST ............................. 908 16,600 W HOLDING CO, INC ................................ 193 77,906 WACHOVIA CORP .................................... 4,528 31,587 WADDELL & REED FINANCIAL, INC (CLASS A) .......... 1,188 19,837 WASHINGTON FEDERAL, INC .......................... 564 204,880 WASHINGTON MUTUAL, INC ........................... 10,871 15,200 WASHINGTON REAL ESTATE INVESTMENT TRUST .......... 359 18,800 WEBSTER FINANCIAL CORP ........................... 532 10,200 WEINGARTEN REALTY INVESTORS, INC ................. 446 657,121 WELLS FARGO CO ................................... 36,593 6,400 WESBANCO, INC .................................... 150 430 WESCO FINANCIAL CORP ............................. 121 13,900 WESTAMERICA BANCORP .............................. 598 3,840 WESTCORP ......................................... 58 13,000 WESTFIELD AMERICA, INC ........................... 188 1,000 * WFS FINANCIAL, INC ............................... 19 9,000 WHITNEY HOLDINGS CORP ............................ 327 12,500 WILMINGTON TRUST CORP ............................ 776 38,700 * WIT SOUNDVIEW GROUP, INC ......................... 139 53,789 * WYNDHAM INTERNATIONAL, INC (CLASS A) ............. 94 3,500 ZENITH NATIONAL INSURANCE CORP ................... 103 33,300 ZIONS BANCORP .................................... 2,079 -------- TOTAL FINANCIAL SERVICES ......................... 900,042 -------- HEALTH CARE--15.06% 592,724 ABBOTT LABORATORIES CO ........................... 28,710 25,500 * ABGENIX, INC ..................................... 1,506 5,600 * ABIOMED, INC ..................................... 136 4,600 * ACCREDO HEALTH, INC .............................. 231 3,800 * ACLARA BIOSCIENCES, INC .......................... 41 10,000 * ADVANCE PCS ...................................... 455 24,300 * ADVANCED TISSUE SCIENCES, INC .................... 74 53,037 AETNA, INC (NEW) ................................. 2,178 14,500 * AFFYMETRIX, INC .................................. 1,079 7,100 * ALBANY MOLECULAR RESEARCH, INC ................... 438 5,800 * ALEXION PHARMACEUTICALS, INC ..................... 377 19,400 * ALKERMES, INC .................................... 609 50,314 ALLERGAN, INC .................................... 4,871 18,800 * ALLIANCE PHARMACEUTICAL CORP ..................... 162 1,900 * ALLOS THERAPEUTICS, INC .......................... 15 7,500 * ALLSCRIPTS, INC .................................. 70 9,541 ALPHARMA, INC (CLASS A) .......................... 419 72,408 * ALZA CORP ........................................ 3,077 502,170 AMERICAN HOME PRODUCTS CORP ...................... 31,913 8,400 * AMERIPATH, INC ................................... 210 19,700 * AMERISOURCE HEALTH CORP (CLASS A) ................ 995 393,900 * AMGEN, INC ....................................... 25,185 21,400 * AMYLIN PHARMACEUTICALS, INC ...................... 169 14,400 * ANDRX CORP ....................................... 833 1,400 * ANTIGENICS, INC .................................. 15 4,900 * APHTON CORP ...................................... 88 40,000 * APOGENT TECHNOLOGIES, INC ........................ 820 80,100 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) .......... 7,534 22,400 * APPLERA CORP (CELERA GENOMICS GROUP) ............. 805 15,200 * APRIA HEALTHCARE GROUP, INC ...................... 452 6,900 * ARADIGM CORP ..................................... 101 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 35 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 9,600 * ARIAD PHARMACEUTICAL, INC ........................... $ 46 4,300 ARROW INTERNATIONAL, INC ............................ 162 7,500 * ARTHROCARE CORP ..................................... 146 1,400 * ASPECT MEDICAL SYSTEMS, INC ......................... 12 4,200 * ASSISTED LIVING CONCEPTS, INC ....................... 1 8,400 * ATS MEDICAL, INC .................................... 119 7,800 * AURORA BIOSCIENCE CORP .............................. 245 18,800 * AVANT IMMUNOTHERAPEUTICS, INC ....................... 129 6,300 * AVIGEN, INC ......................................... 131 7,900 * AVIRON, INC ......................................... 528 19,413 BARD (C.R.), INC .................................... 904 7,800 * BARR LABORATORIES, INC .............................. 569 19,100 BAUSCH & LOMB, INC .................................. 772 111,713 * BAXTER INTERNATIONAL, INC ........................... 9,866 2,200 * BAXTER INTERNATIONAL, INC CVR ....................... 0 21,000 BECKMAN COULTER, INC ................................ 881 96,678 BECTON DICKINSON & CO ............................... 3,347 51,434 BERGEN BRUNSWIG CORP (CLASS A) ...................... 814 39,272 * BEVERLY ENTERPRISES, INC ............................ 322 9,928 BINDLEY WESTERN INDUSTRIES, INC ..................... 413 4,800 * BIOCRYST PHARMACEUTICALS, INC ....................... 32 56,300 * BIOGEN, INC ......................................... 3,382 4,500 * BIOMARIN PHARMACEUTICAL, INC ........................ 44 75,200 BIOMET, INC ......................................... 2,985 5,100 * BIOPURE CORP ........................................ 102 3,133 * BIO-RAD LABORATORIES, INC (CLASS A) ................. 100 5,300 * BIOSITE DIAGNOSTICS, INC ............................ 214 20,800 * BIO-TECHNOLOGY GENERAL CORP ......................... 147 2,500 * BONE CARE INTERNATIONAL, INC ........................ 43 107,742 * BOSTON SCIENTIFIC CORP .............................. 1,475 749,352 BRISTOL MYERS SQUIBB CO ............................. 55,405 1,900 * CALIPER TECHNOLOGIES CORP ........................... 89 106,961 CARDINAL HEALTH, INC ................................ 10,656 5,800 * CARDIODYNAMICS INTERNATIONAL CORP ................... 20 87,619 * CAREMARK RX, INC .................................... 1,188 12,900 * CELL GENESYS, INC ................................... 294 10,400 * CELL PATHWAYS, INC .................................. 49 11,100 * CELL THERAPEUTICS, INC .............................. 500 17,300 * CELSION CORP ........................................ 17 15,596 * CEPHALON, INC ....................................... 987 9,700 * CERNER CORP ......................................... 449 3,800 * CERUS CORP .......................................... 286 41,328 * CHIRON CORP ......................................... 1,839 4,900 * CHROMAVISION MEDICAL SYSTEMS, INC ................... 13 59,637 CIGNA CORP .......................................... 7,890 2,400 * CLOSURE MEDICAL CORP ................................ 86 10,300 * COHERENT, INC ....................................... 335 2,500 * COLLATERAL THERAPEUTICS, INC ........................ 44 9,100 * COLUMBIA LABORATORIES, INC .......................... 39 5,500 * CONMED CORP ......................................... 94 11,100 * CONNETICS CORP ...................................... 51 5,500 COOPER COS, INC ..................................... 219 18,800 * COR THERAPEUTICS, INC ............................... 662 15,321 * CORIXA CORP ......................................... 427 1,700 * CORVEL CORP ......................................... 59 21,850 * COVANCE, INC ........................................ 235 22,700 * COVENTRY HEALTH CARE, INC ........................... 606 5,850 * CRYOLIFE, INC ....................................... 177 10,300 * CUBIST PHARMACEUTICALS, INC ......................... 299 10,900 * CURAGEN CORP ........................................ 298 6,100 * CV THERAPEUTICS, INC ................................ 432 18,400 * CYBER-CARE, INC ..................................... 39 6,400 * CYBERONICS, INC ..................................... 149 9,200 * CYGNUS, INC ......................................... 45 28,600 * CYTOGEN CORP ........................................ 67 14,200 * CYTYC CORP .......................................... 888 5,000 DATASCOPE CORP ...................................... 171 28,010 * DAVITA, INC ......................................... 480 11,750 * DENDRITE INTERNATIONAL, INC ......................... 263 16,700 DENTSPLY INTERNATIONAL, INC ......................... 653 5,100 DIAGNOSTIC PRODUCTS CORP ............................ 279 2,500 * DIAMETRICS MEDICAL, INC ............................. 15 4,200 * DIGENE CORP ......................................... 188 2,900 * DIVERSA CORP ........................................ 52 5,100 * DUSA PHARMACEUTICALS, INC ........................... 86 3,700 * DVI, INC ............................................ 63 1,800 * EBENX CORP .......................................... 12 14,110 * ECLIPSYS CORP ....................................... 346 22,122 * EDWARDS LIFESCIENCES CORP ........................... 393 14,300 * ELAN CORP CONTINGENT VALUE RIGHT .................... 11 6,200 * EMISPHERE TECHNOLOGIES, INC ......................... 155 2,100 * ENDO PHARMACEUTICALS, INC WTS 12/31/02 ...... ....... 1 3,800 * ENDOCARE, INC ....................................... 48 5,900 * ENTREMED, INC ....................................... 102 8,584 * ENZO BIOCHEM, INC ................................... 214 15,800 * ENZON, INC .......................................... 981 3,500 * EXELIXIS, INC ....................................... 51 8,200 * EXPRESS SCRIPTS, INC ................................ 838 18,500 * FIRST HEALTH GROUP CORP ............................. 861 15,300 * FISHER SCIENTIFIC INTERNATIONAL, INC ................ 564 33,400 * FOREST LABORATORIES, INC ............................ 4,438 5,400 b * FPA MEDICAL MANAGEMENT, INC ......................... 0 10,400 * GENE LOGIC, INC ..................................... 191 82,600 * GENENTECH, INC ...................................... 6,732 8,300 * GENOME THERAPEUTICS CORP ............................ 58 500 * GENOMIC SOLUTIONS, INC .............................. 4 6,800 * GENTA, INC .......................................... 54 4,772 * GENZYME CORP (BIOSURGERY DIVISION) .................. 41 37,878 * GENZYME CORP (GENERAL DIVISION) ..................... 3,407 8,300 * GERON CORP .......................................... 128 17,847 * GILEAD SCIENCES, INC ................................ 1,480 3,400 * GLIATECH, INC ....................................... 14 117,264 * GUIDANT CORP ........................................ 6,325 9,800 * HAEMONETICS CORP .................................... 303 203,062 HCA-THE HEALTHCARE CO ............................... 8,937 92,003 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) NEW ..................................... 1,909 39,571 * HEALTH NET, INC ..................................... 1,036 145,909 * HEALTHSOUTH CORP .................................... 2,380 17,337 HILLENBRAND INDUSTRIES, INC ......................... 893 46,100 * HUMAN GENOME SCIENCES, INC .......................... 3,195 59,775 * HUMANA, INC ......................................... 912 4,500 * HYSEQ, INC .......................................... 65 15,700 * ICOS CORP ........................................... 815 12,600 * IDEC PHARMACEUTICALS CORP ........................... 2,388 13,100 * IDEXX LABORATORIES, INC ............................. 288 5,800 * IDX SYSTEMS CORP .................................... 145 3,600 * IGEN INTERNATIONAL, INC ............................. 44 9,500 * ILEX ONCOLOGY, INC .................................. 250 34,500 * IMATRON, INC ........................................ 47 24,600 * IMCLONE SYSTEMS, INC ................................ 1,082 9,300 * IMMUNE RESPONSE CORP ................................ 24 91,000 * IMMUNEX CORP ........................................ 3,697 14,600 * IMMUNOGEN, INC ...................................... 313 12,200 * IMMUNOMEDICS, INC ................................... 262 6,000 * IMPATH, INC ......................................... 399 112,556 IMS HEALTH, INC ..................................... 3,039 4,900 * INAMED CORP ......................................... 100 20,900 * INCYTE GENOMICS, INC ................................ 520 13,300 * INHALE THERAPEUTIC SYSTEMS, INC ..................... 672 11,300 * INTEGRATED SILICON SOLUTION, INC .................... 162 36 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 2,800 * INTERMUNE PHARMACEUTICALS, INC ..................... $ 125 2,700 * INTRABIOTICS PHARMACEUTICALS, INC .................. 26 9,400 INVACARE CORP ...................................... 322 15,508 * INVITROGEN CORP .................................... 1,340 14,800 * ISIS PHARMACEUTICALS, INC .......................... 157 6,200 * I-STAT CORP ........................................ 164 53,088 * IVAX CORP .......................................... 2,033 532,627 JOHNSON & JOHNSON CO ............................... 55,959 48,176 * KING PHARMACEUTICALS, INC .......................... 2,490 3,700 * KOS PHARMACEUTICALS, INC ........................... 65 6,983 * KV PHARMACEUTICAL CO (CLASS B) ..................... 169 6,518 * LABORATORY CORP OF AMERICA HOLDINGS ................ 1,147 3,800 * LEXICON GENETICS, INC .............................. 63 12,271 * LIFEPOINT HOSPITALS, INC ........................... 615 20,300 * LIGAND PHARMACEUTICALS CO (CLASS A) ................ 284 363,100 LILLY (ELI) & CO ................................... 33,791 15,300 * LINCARE HOLDINGS, INC .............................. 873 1,700 * LUMINEX CORP ....................................... 44 4,400 * LYNX THERAPEUTICS, INC ............................. 40 30,650 * MANOR CARE, INC .................................... 632 9,900 * MATRIX PHARMACEUTICALS, INC ........................ 170 8,600 * MAXIM PHARMACEUTICALS, INC ......................... 55 4,300 * MAXIMUS, INC ....................................... 150 2,800 * MAXYGEN, INC ....................................... 69 108,557 MCKESSON HBOC, INC ................................. 3,896 27,600 * MEDAREX, INC ....................................... 1,125 11,500 * MEDICIS PHARMACEUTICAL CORP (CLASS A) .............. 680 80,630 * MEDIMMUNE, INC ..................................... 3,845 5,548 * MEDQUIST, INC ...................................... 89 459,657 MEDTRONIC, INC ..................................... 27,752 7,900 MENTOR CORP ........................................ 154 883,776 MERCK & CO, INC .................................... 82,744 6,300 * MGI PHARMA, INC .................................... 104 16,500 * MID ATLANTIC MEDICAL SERVICES, INC ................. 327 72,300 * MILLENNIUM PHARMACEUTICALS, INC .................... 4,474 17,700 MILLIPORE CORP ..................................... 1,115 16,300 * MINIMED, INC ....................................... 685 5,200 * MIRAVANT MEDICAL TECHNOLOGIES ...................... 48 6,200 * MOLECULAR DEVICES CORP ............................. 424 4,950 MORRISON MANAGEMENT SPECIALISTS, INC ............... 173 47,750 MYLAN LABORATORIES, INC ............................ 1,203 7,500 * MYRIAD GENETICS, INC ............................... 621 12,900 * NABI, INC .......................................... 60 7,000 * NANOGEN, INC ....................................... 63 5,200 * NEOFORMA.COM, INC .................................. 4 9,900 * NEORX CORP ......................................... 52 4,200 * NEOSE TECHNOLOGIES, INC ............................ 139 8,200 * NEUROCRINE BIOSCIENCES, INC ........................ 272 5,300 * NEUROGEN CORP ...................................... 186 15,100 b * NEUROMEDICAL SYSTEMS, INC .......................... 1 2,700 * NEXELL THERAPEUTICS, INC ........................... 8 7,300 * NOVEN PHARMACEUTICALS, INC ......................... 273 6,100 * NOVOSTE CORP ....................................... 168 9,000 * NPS PHARMACEUTICALS, INC ........................... 432 6,100 * OCULAR SCIENCES, INC ............................... 71 35,100 OMNICARE, INC ...................................... 759 8,800 * ON ASSIGNMENT, INC ................................. 251 2,600 * ORATEC INTERVENTIONS, INC .......................... 13 2,300 * ORCHID BIOSCIENCES, INC ............................ 32 13,150 * ORGANOGENESIS, INC ................................. 118 15,600 * ORTHODONTIC CENTERS OF AMERICA, INC ................ 488 11,100 * OSI PHARMACEUTICALS, INC ........................... 889 12,600 OWENS & MINOR, INC ................................. 224 32,300 * OXFORD HEALTH PLANS, INC ........................... 1,276 11,003 * PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ........... 165 4,500 * PACKARD BIOSCIENCE CO .............................. 52 46,700 PALL CORP .......................................... 995 1,900 * PARADIGM GENETICS, INC ............................. 19 9,800 * PAREXEL INTERNATIONAL CORP ......................... 106 18,500 * PATTERSON DENTAL CO ................................ 627 11,467 * PER SE TECHNOLOGIES, INC ........................... 40 180 * PER SE TECHNOLOGIES, INC WTS 07/08/03 .............. 0 32,000 * PEREGRINE PHARMACEUTICALS, INC ..................... 30 2,419,625 PFIZER, INC ....................................... 111,303 7,100 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC. ........... 353 493,938 PHARMACIA CORP .................................... 30,130 7,800 * PHARMACOPEIA, INC .................................. 170 6,100 * PHARMACYCLICS, INC ................................. 209 1,000 * PHOTOGEN TECHNOLOGIES, INC ......................... 2 3,900 * POLYMEDIA CORP ..................................... 130 3,200 * PRAECIS PHARMACEUTICALS, INC ....................... 94 5,570 * PRIORITY HEALTHCARE CORP (CLASS A) ................. 227 3,100 * PRIORITY HEALTHCARE CORP (CLASS B) ................. 127 10,100 * PROCURENET, INC .................................... 2 1,600 * PROFESSIONAL DETAILING, INC ........................ 169 16,400 * PROTEIN DESIGN LABORATORIES, INC ................... 1,425 11,800 * PROVINCE HEALTHCARE CO ............................. 465 26,625 * PSS WORLD MEDICAL, INC ............................. 133 11,075 * QUEST DIAGNOSTICS, INC ............................. 1,573 44,012 * QUINTILES TRANSNATIONAL CORP ....................... 922 27,050 * QUORUM HEALTH GROUP, INC ........................... 426 7,200 * REGENERON PHARMACEUTICALS, INC ..................... 254 5,000 * REHABCARE GROUP, INC ............................... 257 17,500 * RENAL CARE GROUP, INC .............................. 480 8,100 * RES-CARE, INC ...................................... 36 11,800 * RESMED, INC ........................................ 471 12,700 * RESPIRONICS, INC ................................... 362 3,300 * RIBOZYME PHARMACEUTICALS, INC ...................... 47 6,000 * SANGSTAT MEDICAL CORP .............................. 71 8,600 * SCHEIN (HENRY), INC ................................ 298 560,260 SCHERING-PLOUGH CORP ............................... 31,795 5,000 * SCOTT TECHNOLOGIES, INC ............................ 112 26,300 * SEPRACOR, INC ...................................... 2,107 1,900 * SEQUENOM, INC ...................................... 27 103,593 * SERVICE CORP INTERNATIONAL ......................... 181 16,800 * SICOR, INC ......................................... 243 1,200 * SONIC INNOVATIONS, INC ............................. 8 3,433 * SONOSITE, INC ...................................... 44 32,112 * ST. JUDE MEDICAL, INC .............................. 1,973 5,100 * STAAR SURGICAL CO .................................. 64 1,000 * STAR SCIENTIFIC, INC ............................... 2 5,300 * STERICYCLE, INC .................................... 202 25,820 * STERIS CORP ........................................ 416 38,500 STEWART ENTERPRISES, INC (CLASS A) ................. 73 55,200 * STRYKER CORP ....................................... 2,793 6,900 * SUNRISE ASSISTED LIVING, INC ....................... 173 19,300 * SUNRISE TECHNOLOGIES INTERNATIONAL, INC. ........... 34 9,900 * SUPERGEN, INC ...................................... 137 4,600 * SURMODICS, INC ..................................... 169 13,333 * SYBRON DENTAL SPECIALITES, INC ..................... 225 8,300 * SYNCOR INTERNATIONAL CORP .......................... 302 2,950 * TANOX, INC ......................................... 116 10,100 * TARGETED GENETICS CORP ............................. 68 119,873 TENET HEALTHCARE CORP .............................. 5,327 15,800 * TEXAS BIOTECHNOLOGY CORP ........................... 136 11,600 * THERAGENICS CORP ................................... 58 6,500 * THERMO CARDIOSYSTEMS, INC .......................... 57 5,900 * THORATEC LABORATORIES CORP ......................... 65 8,900 * TITAN PHARMACEUTICALS, INC ......................... 315 7,600 * TRANSKARYOTIC THERAPIES, INC ....................... 277 13,071 * TRIAD HOSPITALS, INC ............................... 426 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 37 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 12,300 * TRIANGLE PHARMACEUTICALS, INC ..................... $ 61 14,400 * TRIGON HEALTHCARE, INC ............................ 1,121 6,000 * TRIMERIS, INC ..................................... 329 4,200 * TULARIK, INC ...................................... 124 10,600 * TWINLAB CORP ...................................... 18 5,500 * UNITED THERAPEUTICS CORP .......................... 81 124,600 UNITEDHEALTH GROUP, INC ........................... 7,647 9,000 * UNIVERSAL HEALTH SERVICES, INC (CLASS B) .......... 1,006 27,366 * US ONCOLOGY, INC .................................. 173 11,300 * VALENTIS, INC ..................................... 81 12,100 * VARIAN MEDICAL SYSTEMS, INC ....................... 822 12,400 * VARIAN, INC ....................................... 420 19,200 * VASOMEDICAL, INC .................................. 42 3,100 * VAXGEN, INC ....................................... 60 4,900 * VENTANA MEDICAL SYSTEMS, INC ...................... 91 21,915 VENTAS, INC ....................................... 123 6,300 * VENTIV HEALTH, INC ................................ 79 22,500 * VERTEX PHARMACEUTICALS, INC ....................... 1,609 7,600 * VICAL, INC ........................................ 141 20,300 * VISX, INC ......................................... 212 2,100 VITAL SIGNS, INC .................................. 67 12,400 * VIVUS, INC ........................................ 27 49,300 * WATERS CORP ....................................... 4,117 37,693 * WATSON PHARMACEUTICALS, INC ....................... 1,929 104,544 * WEBMD CORP ........................................ 830 23,534 * WELLPOINT HEALTH NETWORKS, INC .................... 2,712 7,800 X-RITE, INC ....................................... 61 3,300 * ZOLL MEDICAL CORP ................................. 116 ---------- TOTAL HEALTH CARE ................................. 750,223 ---------- OTHER--1.39% 3,400 * 4 KIDS ENTERTAINMENT, INC ......................... 30 6,343 ABM INDUSTRIES, INC ............................... 194 6,100 * ACACIA RESEARCH CORP .............................. 109 6,948 * ADMINSTAFF, INC ................................... 189 6,700 * ADVO, INC ......................................... 297 17,800 ALEXANDER & BALDWIN, INC .......................... 467 9,800 BANTA CORP ........................................ 249 5,600 * BELL & HOWELL CO .................................. 92 35,221 BLOCK (H&R), INC .................................. 1,457 7,300 BRADY CORP (CLASS A) .............................. 247 4,500 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ............. 118 7,300 * CAREER EDUCATION CORP ............................. 286 4,500 * CDI CORP .......................................... 66 277,664 * CENDANT CORP ...................................... 2,673 4,550 CENTRAL PARKING CORP .............................. 91 20,500 * CENTURY BUSINESS SERVICES, INC .................... 23 46,650 CINTAS CORP ....................................... 2,481 3,400 * CORINTHIAN COLLEGES, INC .......................... 129 7,300 * CORPORATE EXECUTIVE BOARD CO ...................... 290 4,600 * COSTAR GROUP, INC ................................. 109 20,125 CRANE CO .......................................... 572 1,500 CURTISS WRIGHT CORP ............................... 70 23,000 * DEVRY, INC ........................................ 868 77,700 DOVER CORP ........................................ 3,152 31,074 * DUN & BRADSTREET CORP (NEW) ....................... 804 5,500 * EDISON SCHOOLS, INC ............................... 173 7,800 * EDUCATION MANAGEMENT CORP ......................... 279 4,300 * ESCO TECHNOLOGIES, INC ............................ 89 8,581 * FIRST CONSULTING GROUP, INC ....................... 41 14,800 FIRST INDUSTRIAL REALTY TRUST, INC ................ 503 4,300 * FORRESTER RESEARCH, INC ........................... 215 59,100 FORTUNE BRANDS, INC ............................... 1,773 7,600 * FRITZ COS, INC .................................... 46 3,670 * GENTIVA HEALTH SERVICES, INC ...................... 49 14,000 * GETTY IMAGES, INC ................................. 448 14,500 * GTECH HOLDINGS CORP ............................... 298 3,500 * HALL KINION & ASSOCIATES, INC ..................... 70 22,750 * HA-LO INDUSTRIES, INC ............................. 51 11,800 HARLAND (JOHN H.) CO .............................. 167 7,300 * HEIDRICK & STRUGGLES INTERNATIONAL,INC ............ 307 305,156 HONEYWELL INTERNATIONAL, INC ...................... 14,438 2,100 * HOTEL RESERVATIONS NETWORK, INC (CLASS A) ......... 60 6,800 * HOTJOBS.COM LTD ................................... 78 12,400 * INFOUSA, INC ...................................... 42 30,900 ITT INDUSTRIES, INC ............................... 1,197 11,900 JOHNS MANVILLE CORP ............................... 154 6,200 KELLY SERVICES, INC (CLASS A) ..................... 146 14,400 * KORN FERRY INTERNATIONAL .......................... 306 12,800 * LABOR READY, INC .................................. 42 26,000 LIBERTY PROPERTY TRUST CO ......................... 743 12,500 * LITTON INDUSTRIES, INC ............................ 984 25,166 LOEWS CORP ........................................ 2,606 1,900 * MANAGEMENT NETWORK GROUP, INC ..................... 23 28,900 MANPOWER, INC ..................................... 1,098 4,800 MATTHEWS INTERNATIONAL CORP (CLASS A) ............. 152 3,200 MCGRATH RENTCORP .................................. 62 4,400 * MEMBERWORKS, INC .................................. 94 26,900 * METROMEDIA INTERNATIONAL GROUP, INC ............... 70 3,700 * MODEM MEDIA, INC .................................. 12 34,677 * MODIS PROFESSIONAL SERVICES, INC .................. 143 61,848 MOODYS CORP ....................................... 1,589 15,700 NATIONAL SERVICE INDUSTRIES, INC .................. 403 17,000 * NAVIGANT CONSULTING CO ............................ 65 7,300 * NCO GROUP, INC .................................... 222 4,616 NEW ENGLAND BUSINESS SERVICES, INC ................ 84 10,700 * OFFSHORE LOGISTICS, INC ........................... 231 2,000 * ORGANIC, INC ...................................... 2 19,596 PITTSTON CO ....................................... 389 7,200 * PREPAID LEGAL SERVICES, INC ....................... 184 7,600 * PROSOFTTRAINING.COM ............................... 92 12,689 * R.H. DONNELLEY CORP ............................... 309 8,857 * RENT WAY, INC ..................................... 39 67,800 * ROBERT HALF INTERNATIONAL, INC .................... 1,797 7,800 ROLLINS, INC ...................................... 156 6,625 * SCHOOL SPECIALTY, INC ............................. 133 114,350 SERVICEMASTER CO .................................. 1,315 3,500 * SOURCE INFORMATION MANAGEMENT CO .................. 13 26,200 * SPHERION CORP ..................................... 296 2,900 STANDARD REGISTER, INC ............................ 41 6,800 STANDEX INTERNATIONAL CORP ........................ 140 2,900 * STARTEK, INC ...................................... 45 2,800 STRAYER EDUCATION, INC ............................ 72 8,100 * SYMYX TECHNOLOGIES, INC ........................... 292 25 * SYNDER COMMUNICATIONS, INC ........................ 0 2,300 * TEJON RANCH CO .................................... 44 2,300 * TEJON RANCH CO RTS 01/08/01 ....................... 0 10,000 * TELETECH HOLDINGS, INC ............................ 184 30,400 * TERREMARK WORLDWIDE, INC .......................... 23 45,772 TEXTRON, INC ...................................... 2,128 24,600 * TMP WORLDWIDE, INC ................................ 1,353 6,000 * TRAVELOCITY.COM, INC .............................. 73 31,800 U.S. INDUSTRIES, INC .............................. 254 4,000 * U.S. LEC CORP (CLASS A) ........................... 19 5,500 * UNIROYAL TECHNOLOGY CORP .......................... 34 12,400 * UNITED STATIONERS, INC ............................ 298 167,474 UNITED TECHNOLOGIES CORP .......................... 13,168 14,100 VALSPAR CORP ...................................... 454 9,500 * VENTRO CORP ....................................... 10 35,100 VIAD CORP ......................................... 807 5,800 * WACKENHUT CORP (CLASS A) .......................... 78 38 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- OTHER--(CONTINUED) 12,900 WALTER INDUSTRIES, INC ............................. $ 97 27,400 * WORLD ACCESS, INC .................................. 66 4,100 * WORLDWIDE XCEED GROUP, INC ......................... 1 -------- TOTAL OTHER ........................................ 69,022 -------- PRODUCER DURABLES--5.72% 24,820 ACTUANT CORP ....................................... 74 5,500 * ADVANCED LIGHTING TECHNOLOGIES, INC ................ 36 22,700 AGCO CORP .......................................... 275 74,915 * ALLIED WASTE INDUSTRIES, INC ....................... 1,091 3,800 AMERICAN STATES WATER CO ........................... 140 37,364 AMERICAN WATER WORKS CO, INC ....................... 1,098 12,200 AMETEK, INC ........................................ 316 8,830 APPLIED INDUSTRIAL TECHNOLOGIES, INC ............... 182 4,100 * APPLIED SCIENCE AND TECHNOLOGY, INC ................ 49 5,800 * ASTEC INDUSTRIES, INC .............................. 76 14,300 * AZURIX CORP ........................................ 117 9,366 BALDOR ELECTRIC CO ................................. 198 9,300 BELDEN, INC ........................................ 236 10,886 * BLOUNT INTERNATIONAL, INC .......................... 84 8,500 BRIGGS & STRATTON CORP ............................. 377 7,200 * BROOKS AUTOMATION, INC ............................. 202 5,307 CALIFORNIA WATER SERVICE GROUP ..................... 143 7,000 * CASELLA WASTE SYSTEMS, INC (CLASS A) ............... 61 82 * CATAYTICA ENERGY SYSTEMS ........................... 1 132,208 CATERPILLAR, INC ................................... 6,255 13,900 * COGNEX CORP ........................................ 308 7,700 * COINSTAR, INC ...................................... 117 2,700 COLUMBUS MCKINNON CORP ............................. 24 4,287 e CONECTIV, INC (CLASS A) ............................ 55 33,073 COOPER INDUSTRIES, INC ............................. 1,519 1,275 * COORSTEK, INC ...................................... 40 15,800 CUMMINS ENGINE CO, INC ............................. 599 5,100 * CUNO, INC .......................................... 137 2,600 * CYBEROPTICS CORP ................................... 44 89,717 DEERE & CO ......................................... 4,110 16,025 * DYCOM INDUSTRIES, INC .............................. 576 27,200 EATON CORP ......................................... 2,045 163,346 EMERSON ELECTRIC CO ................................ 12,874 17,300 FEDERAL SIGNAL CORP ................................ 340 14,305 * FLOWSERVE CORP ..................................... 306 800 FRANKLIN ELECTRIC CO, INC .......................... 55 4,000 * FUELCELL ENERGY, INC ............................... 274 4,600 * GARDNER DENVER, INC ................................ 98 18,200 GATX CORP .......................................... 908 11,350 GENERAL CABLE CORP ................................. 50 3,797,387 GENERAL ELECTRIC CO ................................ 182,037 3,700 * GENLYTE GROUP, INC ................................. 88 28,383 GRAINGER (W.W.), INC ............................... 1,036 115,900 HARLEY DAVIDSON, INC ............................... 4,607 15,200 HARSCO CORP ........................................ 375 21,350 HUBBELL, INC (CLASS B) ............................. 566 3,900 * IBIS TECHNOLOGY CORP ............................... 75 11,500 IDEX CORP .......................................... 381 93,785 ILLINOIS TOOL WORKS, INC ........................... 5,586 58,000 INGERSOLL-RAND CO .................................. 2,429 6,200 * IONICS, INC ........................................ 176 15,600 JLG INDUSTRIES, INC ................................ 166 11,700 KAYDON CORP ........................................ 291 11,587 KENNAMETAL, INC .................................... 337 1,500 LAWSON PRODUCTS, INC ............................... 41 13,200 LINCOLN ELECTRIC HOLDINGS CO ....................... 259 3,800 LINDSAY MANUFACTURING CO ........................... 86 7,700 * LITTELFUSE, INC .................................... 220 10,000 * MAGNETEK, INC ...................................... 130 9,450 MANITOWOC CO, INC .................................. 274 8,100 * MECHANICAL TECHNOLOGY, INC ......................... 28 13,000 MILACRON, INC ...................................... 209 3,300 MINE SAFETY APPLIANCE CO ........................... 83 151,100 MINNESOTA MINING & MANUFACTURING CO ................ 18,208 2,600 NACCO INDUSTRIES, INC (CLASS A) .................... 114 10,600 * NATIONAL INSTRUMENTS CORP .......................... 515 22,500 * NAVISTAR INTERNATIONAL CORP ........................ 589 26,500 * NEWPARK RESOURCES, INC ............................. 253 12,606 NEWPORT NEWS SHIPBUILDING, INC ..................... 656 10,500 NORDSON CORP ....................................... 268 18,900 * OGDEN CORP ......................................... 291 26,900 PACCAR, INC ........................................ 1,325 44,454 PARKER-HANNIFIN CORP ............................... 1,962 16,976 PHILADELPHIA SUBURBAN CORP ......................... 416 4,500 * PHOTON DYNAMICS, INC ............................... 101 97,600 PITNEY BOWES, INC .................................. 3,233 3,100 * PLUG POWER, INC .................................... 46 19,700 * POWER-ONE, INC ..................................... 774 5,900 PRIMEX TECHNOLOGIES, INC ........................... 188 11,750 * QUANTA SERVICES, INC ............................... 378 10,500 * RAYOVAC CORP ....................................... 149 8,000 REGAL-BELOIT CORP .................................. 136 66,700 * REPUBLIC SERVICES, INC (CLASS A) ................... 1,146 2,400 ROBBINS & MYERS, INC ............................... 58 58,744 ROCKWELL INTERNATIONAL CORP ........................ 2,798 18,100 ROLLINS TRUCK LEASING CORP ......................... 145 11,700 ROPER INDUSTRIES, INC .............................. 387 1,100 SAUER-DANFOSS, INC ................................. 10 3,563 * SEQUA CORP (CLASS A) ............................... 130 600 SJW CORP ........................................... 61 4,800 * SPS TECHNOLOGIES, INC .............................. 263 200 STARRETT (L.S.) CO (CLASS A) ....................... 5 10,600 STEWART & STEVENSON SERVICES, INC .................. 241 8,000 * SUPERCONDUCTOR TECHNOLOGIES, INC ................... 29 6,100 TECUMSEH PRODUCTS CO (CLASS A) ..................... 256 14,600 TELEFLEX, INC ...................................... 645 3,400 TENNANT CO ......................................... 163 9,960 * TEREX CORP ......................................... 161 13,512 * TETRA TECH, INC .................................... 431 119,722 * THERMO ELECTRON CORP ............................... 3,562 3,700 * THERMO FIBERTEK, INC ............................... 13 21,905 THOMAS & BETTS CORP ................................ 355 18,663 TIMKEN CO .......................................... 282 4,500 TORO CO ............................................ 165 14,400 TRINITY INDUSTRIES, INC ............................ 360 19,200 * UNOVA, INC ......................................... 70 12,200 * VALENCE TECHNOLOGY, INC ............................ 114 6,700 VALMONT INDUSTRIES, INC ............................ 123 12,154 WABTEC CORP ........................................ 143 7,500 * WASTE CONNECTIONS, INC ............................. 248 237,291 WASTE MANAGEMENT, INC .............................. 6,585 5,800 WATTS INDUSTRIES, INC (CLASS A) .................... 80 254,300 XEROX CORP ......................................... 1,176 -------- TOTAL PRODUCER DURABLES ............................ 284,777 -------- TECHNOLOGY--22.11% 10,400 * 24/7 MEDIA, INC .................................... 6 133,840 * 3COM CORP .......................................... 1,138 12,400 * 3DFX INTERACTIVE, INC .............................. 3 9,200 * 3DO CO ............................................. 24 6,000 * ABOUT.COM, INC ..................................... 162 8,500 * ACCRUE SOFTWARE, INC ............................... 21 4,200 * ACT MANUFACTURING, INC ............................. 66 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 39 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 8,600 * ACTEL CORP ........................................ $ 208 21,800 * ACTUATE CORP ...................................... 417 26,460 * ACXIOM CORP ....................................... 1,030 37,850 * ADAPTEC, INC ...................................... 388 14,400 * ADAPTIVE BROADBAND CORP ........................... 88 295,414 * ADC TELECOMMUNICATIONS, INC ....................... 5,354 1,700 * ADE CORP .......................................... 30 3,600 * ADEPT TECHNOLOGY, INC ............................. 52 91,788 ADOBE SYSTEMS, INC ................................ 5,341 7,800 * ADTRAN, INC ....................................... 166 19,700 * ADVANCED DIGITAL INFORMATION CORP ................. 453 4,700 * ADVANCED ENERGY INDUSTRIES, INC ................... 106 29,200 * ADVANCED FIBRE COMMUNICATIONS, INC ................ 527 119,614 * ADVANCED MICRO DEVICES, INC ....................... 1,652 3,900 * ADVANTAGE LEARNING SYSTEMS, INC ................... 131 10,100 * ADVENT SOFTWARE, INC .............................. 405 22,000 * AEROFLEX, INC ..................................... 634 8,100 * AETHER SYSTEMS, INC ............................... 317 13,740 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) ....... 834 2,000 * AGENCY.COM LTD .................................... 8 9,500 * AGILE SOFTWARE CORP ............................... 469 173,572 * AGILENT TECHNOLOGIES, INC ......................... 9,503 3,800 * AIRGATE PCS, INC .................................. 135 2,100 * AIRNET COMMUNICATION CORP ......................... 14 16,465 * AKAMAI TECHNOLOGIES, INC .......................... 347 3,800 * ALASKA COMMUNICATION SYSTEMS GROUP, INC ........... 28 9,200 * ALLAIRE CORP ...................................... 46 10,685 * ALLEN TELECOM, INC ................................ 192 10,900 * ALLIANCE SEMICONDUCTOR CORP ....................... 123 25,600 * ALLIED RISER COMMUNICATION CORP ................... 52 13,900 * ALPHA INDUSTRIES, INC ............................. 514 151,400 * ALTERA CORP ....................................... 3,984 894,235 * AMERICA ONLINE, INC ............................... 31,119 15,825 * AMERICAN MANAGEMENT SYSTEMS, INC .................. 314 62,600 * AMERICAN POWER CONVERSION CORP .................... 775 7,700 * AMERICAN SUPERCONDUCTOR CORP ...................... 220 900 * AMERICAN TECHNICAL CERAMICS CORP .................. 9 20,800 * AMERICAN TELESOURCE INTERNATIONAL, INC ............ 8 42,100 * AMKOR TECHNOLOGY, INC ............................. 653 14,600 * AMPHENOL CORP (CLASS A) ........................... 572 11,400 * ANADIGICS, INC .................................... 187 136,812 * ANALOG DEVICES, INC ............................... 7,003 2,000 ANALOGIC CORP ..................................... 89 7,950 ANALYSTS INTERNATIONAL CORP ....................... 30 8,500 * ANAREN MICROWAVE, INC ............................. 571 30,887 * ANDREW CORP ....................................... 672 8,700 * ANIXTER INTERNATIONAL, INC ........................ 188 12,400 * ANSWERTHINK, INC .................................. 45 8,500 * ANTEC CORP ........................................ 67 5,400 * APAC CUSTOMER SERVICES, INC ....................... 20 1,566 * APERIAN, INC ...................................... 1 124,300 * APPLE COMPUTER, INC ............................... 1,849 309,244 * APPLIED MATERIALS, INC ............................ 11,809 97,622 * APPLIED MICRO CIRCUITS CORP ....................... 7,326 3,100 * APPLIEDTHEORY CORP ................................ 6 50,963 * ARCH WIRELESS, INC ................................ 32 8,987 * ARCH WIRELESS, INC WTS 09/01/01 ................... 0 4,000 * AREMISSOFT CORP ................................... 171 63,200 * ARIBA, INC ........................................ 3,389 37,571 * ARROW ELECTRONICS, INC ............................ 1,075 20,500 * ART TECHNOLOGY GROUP, INC ......................... 627 12,400 * ARTESYN TECHNOLOGIES, INC ......................... 197 1,800 * ASIAINFO HOLDINGS, INC ............................ 17 7,700 * ASK JEEVES, INC ................................... 19 19,600 * ASPECT COMMUNICATIONS CORP ........................ 158 11,300 * ASPEN TECHNOLOGY, INC ............................. 376 12,700 * ASYST TECHNOLOGIES, INC ........................... 171 154,500 * ATMEL CORP ........................................ 1,796 8,600 * ATMI, INC ......................................... 168 19,800 AUTODESK, INC ..................................... 533 241,793 AUTOMATIC DATA PROCESSING, INC .................... 15,309 2,500 * AVANEX CORP ....................................... 149 15,000 * AVANT CORP ........................................ 275 106,435 * AVAYA, INC ........................................ 1,098 1,000 * AVENUE A, INC ..................................... 2 36,995 AVERY DENNISON CORP ............................... 2,030 10,000 * AVID TECHNOLOGY, INC .............................. 183 35,216 AVNET, INC ........................................ 757 16,606 * AVOCENT CORP ...................................... 448 9,300 * AVT CORP .......................................... 46 15,800 AVX CORP .......................................... 259 6,400 * AWARE, INC ........................................ 114 7,700 * AXT, INC .......................................... 255 5 * AZTEC TECHNOLOGY PARTNERS, INC .................... 0 6,450 * BARRA, INC ........................................ 304 145,400 * BEA SYSTEMS, INC .................................. 9,787 3,200 BEL FUSE, INC (CLASS B) ........................... 109 7,441 * BENCHMARK ELECTRONICS, INC ........................ 168 16,200 * BILLING CONCEPTS CORP ............................. 32 14,800 * BINDVIEW DEVELOPMENT CORP ......................... 139 21,600 * BISYS GROUP, INC .................................. 1,126 7,200 * BLACK BOX CORP .................................... 348 8,200 * BLUESTONE SOFTWARE, INC ........................... 124 93,407 * BMC SOFTWARE, INC ................................. 1,308 3,700 * BOTTOMLINE TECHNOLOGIES, INC ...................... 95 3,100 * BRAUN CONSULTING, INC ............................. 11 4,600 * BREAKAWAY SOLUTIONS, INC .......................... 4 20,500 * BRIGHTPOINT, INC .................................. 72 6,600 * BRIO TECHNOLOGY, INC .............................. 28 13,000 * BROADBASE SOFTWARE, INC ........................... 81 55,200 * BROADCOM CORP (CLASS A) ........................... 4,637 73,700 * BROADVISION, INC .................................. 871 84,500 * BROCADE COMMUNICATIONS SYSTEMS, INC ............... 7,758 4,700 * BROOKTROUT, INC ................................... 45 4,400 * BSQUARE CORP ...................................... 26 9,944 C&D TECHNOLOGIES, INC ............................. 429 16,700 * CABLE DESIGN TECHNOLOGIES CO ...................... 281 62,076 * CABLETRON SYSTEMS, INC ............................ 935 6,000 * CACHEFLOW, INC .................................... 102 4,310 * CACI INTERNATIONAL, INC (CLASS A) ................. 99 93,665 * CADENCE DESIGN SYSTEMS, INC ....................... 2,576 700 * CAIS INTERNET, INC ................................ 1 5,800 * CALICO COMMERCE, INC .............................. 6 6,100 * CALIFORNIA AMPLIFIER, INC ......................... 56 19,800 * CAMBRIDGE TECHNOLOGY PARTNERS, INC ................ 52 1,600 * CAMINUS CORP ...................................... 37 4,200 * CARREKER CORP ..................................... 146 3,500 * CARRIER ACCESS CORP ............................... 32 1,400 * C-BRIDGE INTERNET SOLUTIONS, INC .................. 5 11,100 * C-COR.NET CORP .................................... 108 16,900 * C-CUBE MICROSYSTEMS, INC (NEW) .................... 208 4,500 * CELERITEL, INC .................................... 172 400 * CENTENNIAL COMMUNICATIONS CORP .................... 8 1,500 * CENTILUM COMMUNICATIONS, INC ...................... 33 48,620 * CERIDIAN CORP ..................................... 969 20,100 * CHECKFREE CORP .................................... 854 10,800 * CHECKPOINT SYSTEMS, INC ........................... 80 8,200 * CHOICE ONE COMMUNICATIONS, INC .................... 76 17,200 * CIBER, INC ........................................ 84 108,800 * CIENA CORP ........................................ 8,840 21,600 * CIRRUS LOGIC, INC ................................. 405 40 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 2,745,526 * CISCO SYSTEMS, INC ................................ $105,016 66,400 * CITRIX SYSTEMS, INC ............................... 1,494 8,701 * CLARENT CORP ...................................... 98 6,600 * CLARUS CORP ....................................... 46 3,000 * CLICK2LEARN. COM, INC ............................. 29 82,644 * CMGI, INC ......................................... 462 32,642 * CNET NETWORKS, INC ................................ 522 2,600 * COGNIZANT TECHNOLOGY SOLUTIONS CORP ............... 94 7,600 COHU, INC ......................................... 106 9,300 * COM21, INC ........................................ 44 73,820 * COMMERCE ONE, INC ................................. 1,869 18,433 * COMMSCOPE, INC .................................... 305 650,610 COMPAQ COMPUTER CORP .............................. 9,792 9,408 * COMPLETE BUSINESS SOLUTIONS, INC .................. 97 174,872 COMPUTER ASSOCIATES INTERNATIONAL, INC ............ 3,410 12,250 * COMPUTER HORIZONS CORP ............................ 30 9,200 * COMPUTER NETWORK TECHNOLOGY CORP .................. 265 60,925 * COMPUTER SCIENCES CORP ............................ 3,663 122,900 * COMPUWARE CORP .................................... 768 1,500 COMPX INTERNATIONAL, INC .......................... 13 62,920 * COMVERSE TECHNOLOGY, INC .......................... 6,835 9,100 * CONCORD CAMERA CORP ............................... 150 6,300 * CONCORD COMMUNICATIONS, INC ....................... 55 82,443 * CONCORD EFS, INC .................................. 3,622 20,841 * CONCURRENT COMPUTER CORP .......................... 112 87,602 * CONEXANT SYSTEMS, INC ............................. 1,347 4,200 * CONVERA CORP ...................................... 75 2,000 * CONVERGENT COMMUNICATIONS, INC .................... 1 5,137 * CONVERGYS CORP .................................... 233 16,300 * COPPER MOUNTAIN NETWORKS, INC ..................... 96 614 * CORECOMM LTD ...................................... 3 1,600 * CORILLIAN CORP .................................... 19 338,716 CORNING, INC ...................................... 17,888 6,300 * CORSAIR COMMUNICATIONS, INC ....................... 45 54,550 * COVAD COMMUNICATIONS GROUP, INC ................... 90 20,000 * CREDENCE SYSTEMS CORP ............................. 460 23,200 * CREE, INC ......................................... 824 17,600 * CRITICAL PATH, INC ................................ 541 3,500 * CROSSROADS SYSTEMS, INC ........................... 16 20,000 * CSG SYSTEMS INTERNATIONAL, INC .................... 939 5,850 * CTC COMMUNICATIONS GROUP, INC ..................... 27 10,512 CTS CORP .......................................... 383 2,000 CUBIC CORP ........................................ 51 9,800 * CYBERSOURCE CORP .................................. 23 7,000 * CYLINK CORP ....................................... 15 11,000 * CYMER, INC ........................................ 283 2,100 * CYPRESS COMMUNICATIONS, INC ....................... 2 46,000 * CYPRESS SEMICONDUCTOR CORP ........................ 906 2,300 * CYSIE, INC ........................................ 9 2,000 * DALEEN TECHNOLOGIES, INC .......................... 8 23,000 DALLAS SEMICONDUCTOR CORP ......................... 589 4,700 * DATA RETURN CORP .................................. 18 5,900 * DATASTREAM SYSTEMS, INC ........................... 58 3,700 * DAVOX CORP ........................................ 36 4,800 * DDI CORP .......................................... 131 843,260 * DELL COMPUTER CORP ................................ 14,704 3,300 * DELTATHREE, INC ................................... 4 27,700 DELUXE CORP ....................................... 700 7,800 * DIAMONDCLUSTER INTERNATIONAL, INC (CLASS A) ....... 238 27,275 DIEBOLD, INC ...................................... 910 8,700 * DIGEX, INC ........................................ 196 3,100 * DIGIMARC CORP ..................................... 51 6,500 * DIGITAL COURIER TECHNOLOGIES, INC ................. 3 8,000 * DIGITAL INSIGHT CO ................................ 145 26,000 * DIGITAL ISLAND, INC ............................... 106 8,600 * DIGITAL RIVER, INC ................................ 20 1,600 * DIGITALTHINK INC .................................. 27 3,400 * DIGITAS, INC ...................................... 17 28,100 * DMC STRATEX NETWORKS, INC ......................... 422 9,500 * DOBSON COMMUNICATIONS CORP (CLASS A) .............. 139 12,300 * DOCUMENTUM, INC ................................... 611 4,200 * DOT HILL SYSTEMS CORP ............................. 16 41,038 * DOUBLECLICK, INC .................................. 451 3,600 * DSET CORP ......................................... 6 10,300 * DSP GROUP, INC .................................... 217 28,100 * DST SYSTEMS, INC .................................. 1,883 2,100 * DUPONT PHOTOMASKS, INC ............................ 111 27,000 * E.PIPHANY, INC .................................... 1,456 47,100 * EBAY, INC ......................................... 1,554 7,700 * ECHELON CORP ...................................... 124 8,700 * EGAIN COMMUNICATIONS CORP ......................... 27 8,050 * ELANTEC SEMICONDUCTOR, INC ........................ 223 10,300 * ELECTRO SCIENTIFIC INDUSTRIES, INC ................ 288 8,500 * ELECTROGLAS, INC .................................. 130 50,200 * ELECTRONIC ARTS, INC .............................. 2,140 154,719 ELECTRONIC DATA SYSTEMS CORP ...................... 8,935 19,100 * ELECTRONICS FOR IMAGING, INC ...................... 266 17,625 * ELOYALTY CORP ..................................... 114 4,000 * EMACHINES, INC .................................... 2 8,800 * EMAGIN CORP ....................................... 19 1,600 * EMBARCADERO TECHNOLOGIES, INC ..................... 72 835,602 * EMC CORP .......................................... 55,568 9,400 * EMCORE CORP ....................................... 442 11,600 * E-MEDSOFT.COM ..................................... 7 2,410 * EMERGE INTERACTIVE, INC (CLASS A) ................. 9 154 * EMPLOYEE SOLUTIONS, INC ........................... 0 27,900 * EMULEX CORP ....................................... 2,230 13,300 * ENGAGE, INC ....................................... 10 16,300 * ENTRUST TECHNOLOGIES, INC ......................... 212 2,200 * EPICEDGE, INC ..................................... 1 1,800 * EPLUS, INC ........................................ 20 11,000 * EPRESENCE, INC .................................... 48 54,109 EQUIFAX, INC ...................................... 1,552 3,400 * ESPEED, INC (CLASS A) ............................. 53 10,300 * ESS TECHNOLOGY, INC ............................... 53 6,600 * ESTERLINE TECHNOLOGIES CORP ....................... 173 14,700 * EXAR CORP ......................................... 455 3,400 * EXCEL TECHNOLOGY, INC ............................. 68 9,500 * EXCELON CORP ...................................... 14 12,600 * EXCHANGE APPLICATIONS, INC ........................ 15 85,154 * EXCITE AT HOME .................................... 471 161,300 * EXODUS COMMUNICATIONS, INC ........................ 3,226 3,300 * EXTENDED SYSTEMS, INC ............................. 39 1,400 * EXTENSITY, INC .................................... 8 18,400 * EXTREME NETWORKS, INC ............................. 720 5,000 * F.Y.I., INC ....................................... 184 6,500 * F5 NETWORKS, INC .................................. 62 4,400 FAIR ISSAC & CO, INC .............................. 224 22,300 * FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC (CLASS A) ....................................... 322 5,300 * FEI CO ............................................ 121 2,000 * FIBERNET TELECOM GROUP, INC ....................... 11 13,200 * FILENET CORP ...................................... 360 37,400 * FINISAR CORP ...................................... 1,085 2,500 * FIREPOND, INC ..................................... 24 155,359 FIRST DATA CORP ................................... 8,185 47,275 * FISERV, INC ....................................... 2,243 6,400 * FOCAL COMMUNICATIONS CORP ......................... 45 25,100 * FOUNDRY NETWORKS, INC ............................. 377 1,400 * FREEMARKETS, INC .................................. 27 11,000 * FSI INTERNATIONAL, INC ............................ 92 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 41 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 14,500 * FUTURELINK CORP ................................. $ 10 7,800 * GADZOOX NETWORKS, INC ........................... 16 19,600 GALILEO INTERNATIONAL, INC ...................... 392 6,300 * GASONICS INTERNATIONAL CORP ..................... 116 70,260 * GATEWAY, INC .................................... 1,264 13,200 * GENERAL SEMICONDUCTOR, INC ...................... 83 11,300 * GENRAD, INC ..................................... 113 7,300 * GENZYME TRANSGENICS CORP ........................ 104 5,300 * GEOWORKS CORP ................................... 16 10,400 GERBER SCIENTIFIC, INC .......................... 89 6,100 * GLOBALNETFINANCIAL.COM, INC ..................... 9 12,900 * GLOBESPAN, INC .................................. 355 7,000 * GLOBIX CORP ..................................... 19 9,300 * GOAMERICA, INC .................................. 50 3,200 * GOLDEN TELECOM, INC ............................. 16 9,800 * GOTO.COM, INC ................................... 72 4,900 * GREAT PLAINS SOFTWARE, INC ...................... 231 10,900 * GRIFFON CORP .................................... 86 19,231 * HARMONIC, INC ................................... 109 26,400 HARRIS CORP ..................................... 809 8,600 HELIX TECHNOLOGY CORP ........................... 204 633,634 HEWLETT-PACKARD CO .............................. 19,999 3,000 * HI/FN, INC ...................................... 83 1,800 HICKORY TECH CORP ............................... 37 19,000 * HIGH SPEED ACCESS CORP .......................... 20 12,250 * HNC SOFTWARE, INC ............................... 364 18,400 * HOMESTORE.COM, INC .............................. 370 20,400 HON INDUSTRIES, INC ............................. 520 9,300 * HUTCHINSON TECHNOLOGY, INC ...................... 128 3,800 * HYPERCOM CORP ................................... 12 12,290 * HYPERION SOLUTIONS CORP ......................... 190 76,110 * I2 TECHNOLOGIES, INC ............................ 4,138 5,100 * IBASIS, INC ..................................... 21 3,800 * IBEAM BROADCASTING CORP ......................... 4 10,000 * IDENTIX, INC .................................... 79 13,500 * IGATE CAPITAL CORP .............................. 39 4,600 * II-VI, INC ...................................... 70 55,200 IKON OFFICE SOLUTIONS, INC ...................... 138 8,500 * ILLUMINET HOLDINGS, INC ......................... 195 13,300 * IMATION CORP .................................... 206 4,900 * IMMERSION CORP .................................. 37 4,200 * IMPSAT FIBER NETWORKS, INC ...................... 18 8,050 * IMRGLOBAL CORP .................................. 43 4,500 * INDUS INTERNATIONAL, INC ........................ 10 3,000 * INET TECHNOLOGIES, INC .......................... 122 14,600 * INFOCUS CORP .................................... 215 2,740 * INFOGRAMES, INC ................................. 15 21,300 * INFONET SERVICES CORP (CLASS B) ................. 107 20,800 * INFORMATICA CORP ................................ 823 10,300 * INFORMATION ARCHITECTS CORP ..................... 19 106,300 * INFORMIX CORP ................................... 316 800 * INFORTE CORP .................................... 11 76,418 * INFOSPACE.COM, INC .............................. 676 25,300 * INGRAM MICRO, INC (CLASS A) ..................... 285 30,600 * INKTOMI CORP .................................... 547 21,000 * INPRISE CORP .................................... 116 4,900 * INTEGRATED CIRCUIT SYSTEMS, INC ................. 81 39,700 * INTEGRATED DEVICE TECHNOLOGY, INC ............... 1,315 2,566,920 INTEL CORP ...................................... 77,168 14,700 * INTELIDATA TECHNOLOGIES CORP .................... 38 5,400 * INTERACT COMMERCE CORP .......................... 45 1,600 * INTERACTIVE INTELLIGENCE, INC ................... 39 3,100 * INTERCEPT GROUP, INC ............................ 83 20,500 * INTERDIGITAL COMMUNICATIONS CORP ................ 111 16,100 * INTERGRAPH CORP ................................. 97 18,500 * INTERLIANT, INC ................................. 59 4,000 * INTERLINK ELECTRONICS, INC ...................... 51 1,052 * INTERLOGIX, INC ................................. 20 29,300 * INTERNAP NETWORK SERVICES CORP .................. 212 672,256 INTERNATIONAL BUSINESS MACHINES CORP ............ 57,142 10,900 * INTERNATIONAL FIBERCOM, INC ..................... 54 23,600 * INTERNATIONAL RECTIFIER CORP .................... 708 65,100 * INTERNET CAPITAL GROUP, INC ..................... 214 17,400 * INTERNET PICTURES CORP .......................... 17 10,200 * INTERNET SECURITY SYSTEMS, INC .................. 800 4,400 * INTERNET.COM CORP ............................... 26 7,900 * INTERSIL HOLDINGS CORP .......................... 181 24,200 * INTERTRUST TECHNOLOGIES CORP .................... 82 12,800 * INTERVOICE-BRITE, INC ........................... 93 6,600 * INTERWORLD CORP ................................. 3 13,300 * INTERWOVEN, INC ................................. 877 8,200 * INTRAWARE, INC .................................. 12 2,200 * INTRUSION.COM, INC .............................. 10 66,753 * INTUIT, INC ..................................... 2,633 102,961 * IOMEGA CORP ..................................... 347 14,170 IRON MOUNTAIN, INC .............................. 526 2,600 * ITXC CORP ....................................... 18 14,600 * IXL ENTERPRISES, INC ............................ 15 4,800 * IXYS CORP ....................................... 70 21,000 * J.D. EDWARDS & CO ............................... 374 1,542 * J2 GLOBAL COMMUNICATIONS, INC ................... 0 43,600 * JABIL CIRCUIT, INC .............................. 1,106 11,700 JACK HENRY & ASSOCIATES, INC .................... 727 8,100 * JDA SOFTWARE GROUP, INC ......................... 106 301,410 * JDS UNIPHASE CORP ............................... 12,565 2,500 * JNI CORP ........................................ 57 78,800 * JUNIPER NETWORKS, INC ........................... 9,934 6,900 * JUNO ONLINE SERVICES, INC ....................... 5 7,292 * JUPITER MEDIA METRIX, INC ....................... 68 29,024 * KANA COMMUNICATIONS, INC ........................ 334 21,700 * KEANE, INC ...................................... 212 3,300 KEITHLEY INSTRUMENTS, INC ....................... 142 33,400 * KEMET CORP ...................................... 505 10,900 * KENT ELECTRONICS CORP ........................... 180 6,400 * KEYNOTE SYSTEMS, INC ............................ 91 8,661 * KFORCE.COM, INC ................................. 27 71,500 * KLA-TENCOR CORP ................................. 2,409 24,200 * KOPIN CORP ...................................... 268 4,750 * KRONOS, INC ..................................... 147 18,500 * KULICKE & SOFFA INDUSTRIES, INC ................. 208 47,500 * LAM RESEARCH CORP ............................... 689 5,100 * LANTE CORP ...................................... 8 33,800 * LATTICE SEMICONDUCTOR CORP ...................... 621 3,800 * LCC INTERNATIONAL, INC (CLASS A) ................ 41 4,200 * LEARNING TREE INTERNATIONAL, INC ................ 208 33,214 * LEGATO SYSTEMS, INC ............................. 247 2,000 * LEVEL 8 SYSTEMS, INC ............................ 12 49,300 * LEXMARK INTERNATIONAL, INC ...................... 2,185 18,300 * LIBERATE TECHNOLOGIES ........................... 249 6,600 * LIGHTBRIDGE, INC ................................ 87 5,800 * LIGHTPATH TECHNOLOGIES, INC ..................... 80 121,300 LINEAR TECHNOLOGY CORP .......................... 5,610 15,400 * LOOKSMART LTD ................................... 38 400 * LOUDEYE TECHNOLOGIES, INC ....................... 0 120,944 * LSI LOGIC CORP .................................. 2,067 19,600 * LTX CORP ........................................ 254 1,279,830 LUCENT TECHNOLOGIES, INC ........................ 17,278 20,200 * MACROMEDIA, INC ................................. 1,227 13,800 * MACROVISION CORP ................................ 1,021 15,300 * MAIL.COM, INC ................................... 11 15,800 * MAIL-WELL, INC .................................. 68 42 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 1,700 * MANHATTAN ASSOCIATES, INC ....................... $ 72 17,800 * MANUGISTICS GROUP, INC .......................... 1,015 5,350 * MAPINFO CORP .................................... 253 57,598 * MARCHFIRST, INC ................................. 86 5,100 * MARIMBA, INC .................................... 23 7,550 * MASTEC, INC ..................................... 151 2,100 * MATRIXONE, INC .................................. 38 108,900 * MAXIM INTEGRATED PRODUCTS, INC .................. 5,207 24,600 * MAXTOR CORP ..................................... 138 2,100 * MCAFEE.COM CORP ................................. 11 3,600 * MCK COMMUNICATIONS, INC ......................... 30 3,900 * MCSI, INC ....................................... 83 3,800 * MEDIA 100, INC .................................. 10 3,800 * MEDIALOGIC/MEDSCAPE, INC ........................ 9 7,400 * MEDIAPLEX, INC .................................. 6 13,500 * MEMC ELECTRONIC MATERIALS, INC .................. 131 24,600 * MENTOR GRAPHICS CORP ............................ 675 10,300 * MERCATOR SOFTWARE, INC .......................... 55 8,200 * MERCURY COMPUTER SYSTEMS, INC ................... 381 30,800 * MERCURY INTERACTIVE CORP ........................ 2,780 2,000 * META GROUP, INC ................................. 13 3,600 * METASOLV, INC ................................... 33 2,700 * METAWAVE COMMUNICATIONS CORP .................... 25 13,600 METHODE ELECTRONICS, INC (CLASS A) .............. 312 8,920 * METRICOM, INC ................................... 90 26,600 * METROCALL, INC .................................. 12 14,788 * METTLER-TOLEDO INTERNATIONAL, INC ............... 804 22,700 * MICREL, INC ..................................... 765 45,200 * MICROCHIP TECHNOLOGY, INC ....................... 992 27,000 * MICROMUSE, INC .................................. 1,630 13,200 * MICRON ELECTRONICS, INC ......................... 52 183,718 * MICRON TECHNOLOGY, INC .......................... 6,522 4,100 * MICROSEMI CORP .................................. 114 1,524,920 * MICROSOFT CORP .................................. 66,143 10,000 * MICROSTRATEGY, INC .............................. 95 4,400 * MICROVISION, INC ................................ 77 6,600 * MIPS TECHNOLOGIES, INC (CLASS A) ................ 176 9,224 * MIPS TECHNOLOGIES, INC (CLASS B) ................ 235 2,400 * MKS INSTRUMENTS, INC ............................ 37 53,290 MOLEX, INC ...................................... 1,892 1,014 * MOMENTUM BUSINESS APPLICATIONS, INC ............. 11 836,770 MOTOROLA, INC ................................... 16,945 7,700 * MP3.COM, INC .................................... 28 18,950 * MPOWER COMMUNICATIONS CORP ...................... 97 24,000 * MRV COMMUNICATIONS, INC ......................... 321 12,800 * MTI TECHNOLOGY CORP ............................. 50 6,200 * MULTEX.COM, INC ................................. 82 2,100 * NANOMETRICS, INC ................................ 29 12,500 NATIONAL DATA CORP .............................. 458 7,000 * NATIONAL INFORMATION CONSORTIUM, INC ............ 11 2,300 * NATIONAL PROCESSING, INC ........................ 39 68,092 * NATIONAL SEMICONDUCTOR CORP ..................... 1,370 13,500 * NATURAL MICROSYSTEMS CORP ....................... 133 4,100 * NAVISITE, INC ................................... 10 36,700 * NCR CORP ........................................ 1,803 2,300 * NEON SYSTEMS, INC ............................... 14 4,600 * NET PERCEPTIONS, INC ............................ 10 4,200 * NET2PHONE, INC .................................. 31 3,700 * NETCREATIONS, INC ............................... 25 9,900 * NETEGRITY, INC .................................. 538 10,300 * NETIQ CORP ...................................... 900 10,058 * NETMANAGE, INC .................................. 9 500 * NETOBJECTS, INC ................................. 0 6,400 * NETOPIA, INC .................................... 28 13,200 * NETRO CORP ...................................... 92 5,600 * NETSCOUT SYSTEMS, INC ........................... 56 2,100 * NETSILICON, INC ................................. 8 1,200 * NETSOL INTERNATIONAL, INC ....................... 8 4,500 * NETSOLVE, INC ................................... 34 500 * NETWORK ACCESS SOLUTIONS CORP ................... 0 121,100 * NETWORK APPLIANCE, INC .......................... 7,773 53,068 * NETWORK ASSOCIATES, INC ......................... 222 8,300 * NETWORK EQUIPMENT TECHNOLOGIES, INC ............. 53 5,600 * NETWORK PERIPHERALS, INC ........................ 36 9,900 * NETZERO, INC .................................... 9 9,600 * NEW ERA OF NETWORKS, INC ........................ 56 2,200 * NEW FOCUS, INC .................................. 76 11,600 NEWPORT CORP .................................... 912 6,100 * NEXT LEVEL COMMUNICATIONS, INC .................. 69 13,900 * NEXTEL PARTNERS, INC (CLASS A) .................. 234 6,900 * NHANCEMENT TECHNOLOGIES, INC .................... 34 3,300 * NIKU CORP ....................................... 24 95 NORTEL NETWORKS CORP (U.S.) ..................... 3 3,400 NORTH PITTSBURGH SYSTEMS, INC ................... 37 20,295 * NOVA CORP (GEORGIA) ............................. 405 3,500 * NOVADIGM, INC ................................... 22 127,800 * NOVELL, INC ..................................... 667 50,000 * NOVELLUS SYSTEMS, INC ........................... 1,797 4,300 NTELOS, INC ..................................... 76 1,900 * NUANCE COMMUNICATIONS, INC ...................... 82 3,200 * NUCENTRIX BROADBAND NETWORKS, INC ............... 36 2,100 * NUMERICAL TECHNOLOGIES, INC ..................... 38 17,400 * NVIDIA CORP ..................................... 570 15,300 * NX NETWORKS, INC ................................ 10 8,200 * NYFIX, INC ...................................... 198 7,600 * OBJECTIVE SYSTEMS INTEGRATORS, INC .............. 134 11,600 * ON SEMICONDUCTOR CORP ........................... 61 8,100 * ONYX SOFTWARE CORP .............................. 89 17,600 * OPEN MARKET, INC ................................ 19 26,137 * OPENWAVE SYSTEMS, INC ........................... 1,253 1,200 * OPTICAL CABLE CORP .............................. 11 55 * OPUS360 CORP .................................... 0 1,630,320 * ORACLE CORP ..................................... 47,381 3,800 * OSICOM TECHNOLOGIES, INC ........................ 61 2,100 * OTG SOFTWARE, INC ............................... 34 6,700 * PACKETEER, INC .................................. 83 6,260 * PAC-WEST TELECOMM, INC .......................... 22 216,391 * PALM, INC ....................................... 6,127 10,800 * PARADYNE NETWORKS, INC .......................... 20 91,732 * PARAMETRIC TECHNOLOGY CORP ...................... 1,233 5,350 PARK ELECTROCHEMICAL CORP ....................... 164 15,025 * PAXAR CORP ...................................... 153 12,603 * PAXSON COMMUNICATIONS CORP ...................... 150 126,315 PAYCHEX, INC .................................... 6,142 30,800 * P-COM, INC ...................................... 94 4,900 * PC-TEL, INC ..................................... 53 9,800 * PEGASUS SOLUTIONS, INC .......................... 68 81,722 * PEOPLESOFT, INC ................................. 3,039 55,150 * PEREGRINE SYSTEMS, INC .......................... 1,089 8,100 * PERICOM SEMICONDUCTOR CORP ...................... 150 22,300 * PEROT SYSTEMS CORP (CLASS A) .................... 205 3,800 * PERSISTENCE SOFTWARE, INC ....................... 17 9,100 * PHOENIX TECHNOLOGIES LTD ........................ 123 9,500 * PHOTRONICS, INC ................................. 223 12,050 PIONEER-STANDARD ELECTRONICS, INC ............... 133 2,200 * PIXELWORKS, INC ................................. 49 18,800 * PLANTRONICS, INC ................................ 884 15,200 * PLEXUS CORP ..................................... 462 6,100 * PLX TECHNOLOGY, INC ............................. 51 61,200 * PMC-SIERRA, INC ................................. 4,812 18,800 * POLYCOM, INC .................................... 605 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 43 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 35,100 * PORTAL SOFTWARE, INC .............................. $ 275 10,400 * POWER INTEGRATIONS, INC ........................... 120 10,000 * POWERTEL, INC ..................................... 619 16,600 * POWERWAVE TECHNOLOGIES, INC ....................... 971 1,500 * PREDICTIVE SYSTEMS, INC ........................... 11 8,100 * PRI AUTOMATION, INC ............................... 152 4,600 * PRIMUS KNOWLEDGE SOLUTIONS, INC ................... 30 5,600 * PROBUSINESS SERVICES, INC ......................... 149 3,100 * PROCOM TECHNOLOGY, INC ............................ 40 7,440 * PRODIGY COMMUNICATIONS CORP (CLASS A) ............. 11 15,550 * PROFIT RECOVERY GROUP INTERNATIONAL, INC .......... 99 12,800 * PROGRESS SOFTWARE CORP ............................ 185 5,000 * PROJECT SOFTWARE & DEVELOPMENT, INC ............... 54 11,000 * PROXICOM, INC ..................................... 45 10,000 * PROXIM, INC ....................................... 430 12,300 * PUMA TECHNOLOGY, INC .............................. 51 8,100 * PURCHASEPRO.COM, INC .............................. 142 34,444 * QLOGIC CORP ....................................... 2,652 4,700 * QRS CORP .......................................... 60 256,100 * QUALCOMM, INC ..................................... 21,048 56,635 * QUANTUM CORP-DLT & STORAGE SYSTEMS GROUP .......... 754 33,067 * QUANTUM CORP-HARD DISK DRIVE GROUP ................ 265 7,300 * QUEST SOFTWARE, INC ............................... 205 7,900 * QUICKLOGIC CORP ................................... 55 6,400 * QUINTUS CORP ...................................... 19 700 * QUOKKA SPORTS, INC ................................ 0 6,300 * RADIANT SYSTEMS, INC .............................. 129 5,600 * RADISYS CORP ...................................... 145 8,100 * RAINBOW TECHNOLOGIES, INC ......................... 128 30,000 * RAMBUS, INC ....................................... 1,084 5,600 * RAMP NETWORKS, INC ................................ 32 17,250 * RARE MEDIUM GROUP, INC ............................ 160 72,184 * RATIONAL SOFTWARE CORP ............................ 2,811 5,774 * RAZORFISH, INC (CLASS (A) ......................... 9 25,400 * REALNETWORKS, INC ................................. 221 31,400 * RED HAT, INC ...................................... 196 40,700 * REDBACK NETWORKS, INC ............................. 1,669 2,100 * REGISTER.COM, INC ................................. 15 10,100 * REMEDY CORP ....................................... 167 3,800 * RESEARCH FRONTIERS, INC ........................... 67 18,243 * RETEK, INC ........................................ 445 28,600 REYNOLDS & REYNOLDS CO (CLASS A) .................. 579 44,200 * RF MICRO DEVICES, INC ............................. 1,213 13,200 * ROBOTIC VISION SYSTEMS, INC ....................... 36 5,700 * ROGERS CORP ....................................... 234 14,350 * RSA SECURITY, INC ................................. 759 1,900 * RUDOLPH TECHNOLOGIES, INC ......................... 57 3,600 * RURAL CELLULAR CORP (CLASS A) ..................... 107 21,590 * S1 CORP ........................................... 113 1,400 * SABA SOFTWARE, INC ................................ 22 44,500 * SAFEGUARD SCIENTIFICS, INC ........................ 295 11,000 * SAGA SYSTEMS, INC ................................. 126 7,900 * SAGENT TECHNOLOGY, INC ............................ 11 5,800 * SANCHEZ COMPUTER ASSOCIATES, INC .................. 48 19,900 * SANDISK CORP ...................................... 552 58,180 * SANMINA CORP ...................................... 4,458 28,800 * SAPIENT CORP ...................................... 344 2,700 * SATCON TECHNOLOGY CO .............................. 27 2,000 * SAVVIS COMMUNICATIONS CORP ........................ 2 9,300 * SAWTEK, INC ....................................... 430 4,600 * SBS TECHNOLOGIES, INC ............................. 138 55,754 * SCI SYSTEMS, INC .................................. 1,471 11,800 * SCIENT CORP ....................................... 38 61,300 SCIENTIFIC-ATLANTA, INC ........................... 1,996 5,200 * SCM MICROSYSTEMS, INC ............................. 172 30,200 * SDL, INC .......................................... 4,475 6,500 * SEACHANGE INTERNATIONAL, INC ...................... 132 10,200 * SECURE COMPUTING CORP ............................. 101 1,600 * SEEBEYOND TECHNOLOGY CORP ......................... 16 1,600 * SELECTICA, INC .................................... 39 5,700 * SEMITOOL, INC ..................................... 55 25,200 * SEMTECH CORP ...................................... 556 27,300 * SENSORMATIC ELECTRONICS CORP ...................... 548 1,600 * SEQUOIA SOFTWARE CORP ............................. 3 5,800 * SERENA SOFTWARE, INC .............................. 199 131,932 * SIEBEL SYSTEMS, INC ............................... 8,922 83,868 * SILICON GRAPHICS, INC ............................. 335 12,600 * SILICON IMAGE, INC ................................ 69 1,200 * SILICON LABORATORIES, INC ......................... 17 28,900 * SILICON STORAGE TECHNOLOGY, INC ................... 341 13,000 * SILICON VALLEY GROUP, INC ......................... 374 2,400 * SILICONIX, INC .................................... 54 4,500 * SILVERSTREAM SOFTWARE, INC ........................ 93 8,400 * SIPEX CORP ........................................ 201 17,700 * SITEL CORP ........................................ 51 3,400 * SMARTSERV ONLINE, INC ............................. 24 10,900 * SOFTNET SYSTEMS, INC .............................. 20 216,804 * SOLECTRON CORP .................................... 7,350 10,900 * SOMERA COMMUNICATIONS, INC ........................ 95 3,600 * SONIC FOUNDRY, INC ................................ 5 35,100 * SONICBLUE, INC .................................... 145 9,000 * SONICWALL, INC .................................... 146 5,400 * SONUS NETWORKS, INC ............................... 136 4,500 * SPECTRALINK CORP .................................. 65 1,300 * SPECTRA-PHYSICS LASERS, INC ....................... 33 9,789 * SPEEDFAM-IPEC, INC ................................ 59 3,300 * SPSS, INC ......................................... 73 5,800 * STANDARD MICROSYSTEM, INC ......................... 117 1,500 * STANFORD MICRODEVICES, INC ........................ 54 23,300 * STARBASE CORP ..................................... 55 13,600 * STARMEDIA NETWORK, INC ............................ 26 36,400 * STORAGE TECHNOLOGY CORP ........................... 328 13,800 * STRUCTURAL DYNAMICS RESEARCH CORP ................. 138 1,245,020 * SUN MICROSYSTEMS, INC ............................. 34,705 50,500 * SUNGARD DATA SYSTEMS, INC ......................... 2,380 3,321 SUPERIOR TELECOM, INC ............................. 6 3,000 * SUPERTEX, INC ..................................... 59 7,400 * SVI HOLDINGS, INC ................................. 7 33,400 * SYBASE, INC ....................................... 662 37,600 * SYCAMORE NETWORKS, INC ............................ 1,401 8,600 * SYKES ENTERPRISES, INC ............................ 38 27,600 * SYMANTEC CORP ..................................... 921 55,987 SYMBOL TECHNOLOGIES, INC .......................... 2,016 9,000 * SYMMETRICOM, INC .................................. 88 21,772 * SYNOPSYS, INC ..................................... 1,033 5,400 * SYNTEL, INC ....................................... 31 2,437 b * SYSTEM SOFTWARE ASSOCIATES, INC .................. 0 12,400 * SYSTEMS & COMPUTER TECHNOLOGY CORP ................ 153 10,400 * TAKE-TWO INTERACTIVE SOFTWARE, INC ................ 120 4,400 * TANNING TECHNOLOGY, INC ........................... 16 20,500 * TECH DATA CORP .................................... 554 9,100 TECHNITROL, INC ................................... 374 16,525 * TECHNOLOGY SOLUTIONS CO ........................... 35 17,200 * TEKELEC ........................................... 516 31,700 TEKTRONIX, INC .................................... 1,068 1,000 * TELAXIS COMMUNICATIONS CORP ....................... 2 7,100 * TELCOM SEMICONDUCTOR, INC ......................... 81 14,188 * TELECORP PCS, INC (CLASS A) ....................... 317 600 * TELESCAN, INC ..................................... 1 131,438 * TELLABS, INC ...................................... 7,426 4,100 * TENFOLD CORP ...................................... 6 44 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 67,000 * TERADYNE, INC ................................... $ 2,496 15,000 * TERAYON COMMUNICATION SYSTEMS, INC .............. 61 662,942 TEXAS INSTRUMENTS, INC .......................... 31,407 4,400 * THERMA-WAVE, INC ................................ 62 8,200 * THREE-FIVE SYSTEMS, INC ......................... 148 49,000 * TIBCO SOFTWARE, INC ............................. 2,349 20,400 * TITAN CORP ...................................... 332 6,900 * TIVO, INC ....................................... 37 4,600 * TOLLGRADE COMMUNICATIONS, INC ................... 168 14,400 TOTAL SYSTEM SERVICES, INC ...................... 322 12,600 * TRANSACTION SYSTEMS ARCHITECTS, INC (CLASS A) ... 146 31,500 * TRANSWITCH CORP ................................. 1,232 8,400 * TRICORD SYSTEMS, INC ............................ 70 8,900 * TRIMBLE NAVIGATION LTD .......................... 214 25,000 * TRIQUINT SEMICONDUCTOR, INC ..................... 1,092 7,800 * TRIZETTO GROUP, INC ............................. 130 3,500 * TUMBLEWEED COMMUNICATIONS CORP .................. 60 2,300 * TURNSTONE SYSTEMS, INC .......................... 17 5,800 * TUT SYSTEMS, INC ................................ 48 17,100 * UCAR INTERNATIONAL, INC ......................... 167 1,700 * ULTICOM, INC .................................... 58 3,200 * ULTIMATE ELECTRONICS, INC ....................... 70 8,000 * ULTRATECH STEPPER, INC .......................... 207 2,200 * UNIGRAPHICS SOLUTIONS, INC ...................... 36 120,074 * UNISYS CORP ..................................... 1,756 4,400 * UNIVERSAL ACCESS, INC ........................... 35 5,000 * UNIVERSAL DISPLAY CORP .......................... 36 6,175 * US INTERACTIVE, INC ............................. 2 6,100 * US WIRELESS CORP ................................ 27 9,025 * USINTERNETWORKING, INC .......................... 45 3,900 * UTSTARCOM, INC .................................. 60 3,400 * VA LINUX SYSTEMS, INC ........................... 28 12,200 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC ............................... 290 1,000 * VASCO DATA SECURITY INTERNATIONAL, INC .......... 5 9,300 * VEECO INSTRUMENTS, INC .......................... 373 74,380 * VERISIGN, INC ................................... 5,518 150,077 * VERITAS SOFTWARE CORP ........................... 13,132 11,000 * VERITY, INC ..................................... 265 1,400 * VERSATA, INC .................................... 13 12,600 * VERTEL CORP ..................................... 30 4,800 * VERTEX INTERACTIVE, INC ......................... 30 33,100 * VERTICALNET, INC ................................ 220 3,900 * VIADOR, INC ..................................... 5 5,000 * VIALINK CO ...................................... 14 15,600 * VIANT CORP ...................................... 62 16,900 * VIASYSTEMS GROUP, INC ........................... 140 4,000 * VICINITY CORP ................................... 12 7,400 * VICOR CORP ...................................... 225 8,600 * VIEWPOINT CORP .................................. 47 75,900 * VIGNETTE CORP ................................... 1,366 21,706 * VISHAY INTERTECHNOLOGY, INC ..................... 328 11,100 * VISUAL NETWORKS, INC ............................ 36 68,700 * VITESSE SEMICONDUCTOR CORP ...................... 3,800 25,400 * VITRIA TECHNOLOGY, INC .......................... 197 3,100 * VOLT INFORMATION SCIENCES, INC .................. 64 2,800 * VYYO, INC ....................................... 17 14,300 WALLACE COMPUTER SERVICES, INC .................. 243 20,185 * WALT DISNEY INTERNET GROUP ...................... 87 4,500 * WATCHGUARD TECHNOLOGIES, INC .................... 142 17,800 * WAVE SYSTEMS CORP (CLASS A) ..................... 80 5,220 * WEBMETHODS, INC ................................. 464 1,700 * WEBSENSE, INC ................................... 25 4,900 * WEBTRENDS CORP .................................. 142 81,079 * WEBVAN GROUP, INC ............................... 38 9,200 * WESCO INTERNATIONAL, INC ........................ 67 12,300 * WESTELL TECHNOLOGIES, INC (CLASS A) ............. 38 64,900 * WESTERN DIGITAL CORP ............................ 158 5,800 * WHITE ELECTRONIC DESIGNS CORP ................... 38 23,456 * WIND RIVER SYSTEMS, INC ......................... 800 5,400 * WIRELESS FACILITIES, INC ........................ 196 1,500 * WOMEN.COM NETWORKS .............................. 0 4,300 WOODHEAD INDUSTRIES, INC ........................ 84 108,600 * XILINX, INC ..................................... 5,009 10,200 * XIRCOM, INC ..................................... 158 2,000 * XPEDIOR, INC .................................... 1 12,200 * XYBERNAUT CORP .................................. 21 97,184 * YAHOO, INC ...................................... 2,922 9,600 * ZEBRA TECHNOLOGIES CORP (CLASS A) ............... 392 6,100 * ZIXIT CORP ...................................... 53 6,500 * ZORAN CORP ...................................... 101 2,300 * Z-TEL TECHNOLOGIES, INC ......................... 12 4,900 * ZYGO CORP ....................................... 139 ---------- TOTAL TECHNOLOGY .................................. 1,101,544 ---------- TRANSPORTATION--0.91% 18,300 AIRBORNE, INC ................................... 178 22,000 * AIRTRAN HOLDINGS, INC ........................... 160 9,400 * ALASKA AIR GROUP, INC ........................... 280 12,600 * AMERICA WEST HOLDINGS CORP (CLASS B) ............ 161 291 * AMERICAN FREIGHTWAYS CORP ....................... 8 57,511 * AMR CORP ........................................ 2,254 5,900 * ARKANSAS BEST CORP .............................. 108 7,800 ARNOLD INDUSTRIES, INC .......................... 140 6,400 * ATLANTIC COAST AIRLINES HOLDINGS, INC ........... 262 5,950 * ATLAS AIR, INC .................................. 194 152,525 BURLINGTON NORTHERN SANTA FE CORP ............... 4,318 32,200 C.H. ROBINSON WORLDWIDE, INC .................... 1,012 18,527 CNF, INC ........................................ 626 13,300 * CONTINENTAL AIRLINES, INC (CLASS B) ............. 687 82,952 CSX CORP ........................................ 2,152 46,958 DELTA AIRLINES, INC ............................. 2,357 10,650 * EGL, INC ........................................ 255 18,200 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC ..... 977 109,000 * FEDEX CORP ...................................... 4,356 11,100 FLORIDA EAST COAST INDUSTRIES, INC (CLASS A) .... 398 5,300 * FORWARD AIR CORP ................................ 198 6,900 * FRONTIER AIRLINES, INC .......................... 213 5,000 * HEARTLAND EXPRESS, INC .......................... 114 6,200 HUNT (J.B.) TRANSPORT SERVICES, INC ............. 104 22,150 * KANSAS CITY SOUTHERN INDUSTRIES, INC ............ 224 4,000 * LANDSTAR SYSTEM, INC ............................ 222 5,200 * M.S. CARRIERS, INC .............................. 170 12,400 * MESA AIR GROUP, INC ............................. 87 9,800 * MESABA HOLDINGS, INC ............................ 123 5,221 * MIDWEST EXPRESS HOLDINGS, INC ................... 77 146,658 NORFOLK SOUTHERN CORP ........................... 1,952 12,900 * NORTHWEST AIRLINES CORP (CLASS A) ............... 389 9,600 OVERSEAS SHIPHOLDING GROUP, INC ................. 220 6,400 ROADWAY EXPRESS, INC ............................ 136 22,700 RYDER SYSTEM, INC ............................... 377 48,803 SABRE HOLDINGS CORP ............................. 2,105 11,300 SHURGARD STORAGE CENTERS, INC ................... 276 18,200 SKYWEST, INC .................................... 523 191,689 SOUTHWEST AIRLINES CO ........................... 6,427 16,375 * SWIFT TRANSPORTATION CO, INC .................... 324 23,914 * U.S. AIRWAYS GROUP, INC ......................... 970 19,535 UAL CORP ........................................ 761 94,785 UNION PACIFIC CORP .............................. 4,810 39,700 UNITED PARCEL SERVICE, INC (CLASS B) ............ 2,335 SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 45 STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TRANSPORTATION--(CONTINUED) 10,000 USFREIGHTWAYS CORP ................................ $ 301 13,375 WERNER ENTERPRISES, INC ........................... 227 18,600 * WISCONSIN CENTRAL TRANSIT CORP .................. 280 4,800 * XTRA CORP ....................................... 230 9,200 * YELLOW CORP ..................................... 187 ---------- TOTAL TRANSPORTATION .............................. 45,245 ---------- UTILITIES--9.85% 14,100 * ACTV, INC ....................................... 60 11,700 * ADELPHIA BUSINESS SOLUTIONS, INC ................ 50 27,911 * ADELPHIA COMMUNICATIONS CORP (CLASS A) .......... 1,441 11,600 * ADVANCED RADIO TELECOM CORP ..................... 12 126,600 * AES CORP ........................................ 7,010 20,700 AGL RESOURCES, INC .............................. 457 6,000 * ALAMOSA PCS HOLDINGS, INC ....................... 48 42,270 ALLEGHENY ENERGY, INC ........................... 2,037 41,600 * ALLEGIANCE TELECOM, INC ......................... 926 28,400 ALLETE .......................................... 705 30,134 ALLIANT ENERGY CORP ............................. 961 119,737 ALLTEL CORP ..................................... 7,476 52,513 AMEREN CORP ..................................... 2,432 122,942 AMERICAN ELECTRIC POWER CO, INC ................. 5,717 53,980 * AMERICAN TOWER CORP (CLASS A) ................... 2,044 4,600 * ARGUSS COMMUNICATIONS, INC ...................... 42 1,438,158 AT & T CORP ..................................... 24,898 138,100 * AT&T WIRELESS GROUP ............................. 2,391 12,278 ATMOS ENERGY CORP ............................... 299 5,900 * AUDIOVOX CORP (CLASS A) ......................... 53 17,900 AVISTA CORP ..................................... 367 715,858 BELLSOUTH CORP .................................. 29,305 8,728 BLACK HILLS CORP ................................ 391 82,632 * BROADWING, INC .................................. 1,885 35,954 * CABLEVISION SYSTEMS CORP (CLASS A) .............. 3,054 106,596 * CALPINE CORP .................................... 4,803 4,200 CASCADE NATURAL GAS CORP ........................ 79 53,825 CENTURYTEL, INC ................................. 1,924 6,300 CH ENERGY GROUP, INC ............................ 282 32,000 * CHARTER COMMUNICATIONS (CLASS A) ................ 726 57,223 CINERGY CORP .................................... 2,010 101,426 * CITIZENS COMMUNICATIONS CO ...................... 1,331 8,600 CLECO CORP ...................................... 471 46,100 CMS ENERGY CORP ................................. 1,461 73,900 COASTAL CORP .................................... 6,526 2,800 * COMCAST CORP (CLASS A) .......................... 116 340,036 * COMCAST CORP (CLASS A) SPECIAL .................. 14,197 4,066 * COMMONWEALTH TELEPHONE ENTERPRISES, INC ......... 142 30,925 CONECTIV, INC ................................... 620 80,919 CONSOLIDATED EDISON, INC ........................ 3,115 57,279 CONSTELLATION ENERGY GROUP, INC ................. 2,581 51,958 * COX COMMUNICATIONS, INC (CLASS A) ............... 2,419 37,900 * CROWN CASTLE INTERNATIONAL CORP ................. 1,026 6,300 CT COMMUNICATIONS, INC .......................... 89 4,200 * DIGITAL LIGHTWAVE, INC .......................... 133 9,900 * DITECH COMMUNICATIONS CORP ...................... 159 91,148 DOMINION RESOURCES, INC ......................... 6,107 49,378 DPL, INC ........................................ 1,639 24,500 DQE, INC ........................................ 802 12,900 * DSL.NET, INC .................................... 7 54,593 DTE ENERGY CO ................................... 2,126 141,051 DUKE ENERGY CORP ................................ 12,025 87,010 DYNEGY, INC (CLASS A) ........................... 4,878 18,500 * E.SPIRE COMMUNICATIONS, INC ..................... 9 28,447 * EARTHLINK, INC .................................. 143 125,700 EDISON INTERNATIONAL CO ......................... 1,964 11,000 * EFFICIENT NETWORKS, INC ......................... 157 20,808 * EL PASO ELECTRIC CO ............................. 275 83,122 EL PASO ENERGY CORP ............................. 5,954 3,100 * ELECTRIC LIGHTWAVE, INC (CLASS A) ............... 10 6,700 EMPIRE DISTRICT ELECTRIC CO ..................... 176 10,286 ENERGEN CORP .................................... 331 42,464 ENERGY EAST CORP ................................ 836 283,140 ENRON CORP ...................................... 23,536 86,353 ENTERGY CORP .................................... 3,654 12,500 EQUITABLE RESOURCES, INC ........................ 834 122,524 EXELON CORP ..................................... 8,602 87,236 FIRSTENERGY CORP ................................ 2,753 68,000 FPL GROUP, INC .................................. 4,879 8,500 * GENERAL COMMUNICATION, INC (CLASS A) ............ 60 9,900 b * GEOTEK COMMUNICATIONS, INC ...................... 0 24,387 * GLENAYRE TECHNOLOGIES, INC ...................... 86 78,600 e GLOBAL TELESYSTEMS, INC ......................... 64 43,421 GPU, INC ........................................ 1,598 12,500 HAWAIIAN ELECTRIC INDUSTRIES, INC ............... 465 17,149 b * ICG COMMUNICATIONS, INC ....................... 2 14,300 IDACORP, INC .................................... 702 8,800 * IDT CORP ........................................ 179 15,800 * INSIGHT COMMUNICATIONS CO, INC .................. 371 19,300 * INTERMEDIA COMMUNICATIONS, INC .................. 139 7,800 INTER-TEL, INC .................................. 60 30,000 IPALCO ENTERPRISES, INC ......................... 726 19,400 * ITC DELTACOM, INC ............................... 105 23,500 KANSAS CITY POWER & LIGHT CO .................... 645 51,504 KEYSPAN CORP .................................... 2,182 43,800 KINDER MORGAN, INC .............................. 2,286 11,900 * L-3 COMMUNICATIONS HOLDINGS, INC ................ 916 7,200 LACLEDE GAS CO .................................. 168 4,700 * LATITUDE COMMUNICATIONS, INC .................... 18 10,250 * LEAP WIRELESS INTERNATIONAL, INC ................ 256 111,400 * LEVEL 3 COMMUNICATIONS, INC ..................... 3,655 4,700 MADISON GAS & ELECTRIC CO ....................... 106 164,694 * MCLEODUSA, INC (CLASS A) ........................ 2,326 34,500 MCN ENERGY GROUP, INC ........................... 955 24,650 MDU RESOURCES GROUP, INC ........................ 801 7,600 * MEDIACOM COMMUNICATIONS CORP .................... 131 133,744 * METROMEDIA FIBER NETWORK, INC (CLASS A) ......... 1,354 40,400 MONTANA POWER CO ................................ 838 15,000 NATIONAL FUEL GAS CO ............................ 944 2,300 * NEON COMMUNICATIONS, INC ........................ 15 6,600 * NETWORK PLUS CORP ............................... 17 7,300 NEW JERSEY RESOURCES CORP ....................... 316 186,800 * NEXTEL COMMUNICATIONS, INC (CLASS A) ............ 4,623 63,700 * NIAGARA MOHAWK HOLDINGS, INC .................... 1,063 17,400 NICOR, INC ...................................... 751 79,587 NISOURCE, INC ................................... 2,447 17,762 * NISOURCE, INC (SAILS) ........................... 49 55,800 NORTHEAST UTILITIES CO .......................... 1,353 33,700 * NORTHPOINT COMMUNICATIONS GROUP, INC ............ 12 10,400 NORTHWEST NATURAL GAS CO ........................ 276 8,800 NORTHWESTERN CORP ............................... 204 11,000 * NRG ENERGY, INC ................................. 306 20,589 NSTAR ........................................... 883 103,765 * NTL, INC ........................................ 2,484 4,900 NUI CORP ........................................ 158 29,600 OGE ENERGY CORP ................................. 723 11,480 ONEOK, INC ...................................... 552 9,100 OTTER TAIL POWER CO ............................. 253 13,500 PEOPLES ENERGY CORP ............................. 604 147,965 PG&E CORP ....................................... 2,959 12,004 PIEDMONT NATURAL GAS CO, INC .................... 458 13,400 * PINNACLE HOLDINGS, INC .......................... 121 46 o 2000 CREF Annual Report SEE NOTES TO FINANCIAL STATEMENTS STATEMENT OF INVESTMENTS - EQUITY INDEX ACCOUNT - DECEMBER 31, 2000 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- UTILITIES--(CONTINUED) 32,400 PINNACLE WEST CAPITAL CORP ..................... $ 1,543 42,800 POTOMAC ELECTRIC POWER CO ...................... 1,058 55,532 PPL CORP ....................................... 2,509 17,100 * PRICE COMMUNICATIONS CORP ...................... 287 10,400 * PRIMUS TELECOMMUNICATIONS GROUP, INC ........... 24 77,608 PROGRESS ENERGY, INC ........................... 3,817 34,100 * PROGRESS ENERGY, INC- CVO ...................... 15 57,581 * PSINET, INC .................................... 41 13,300 PUBLIC SERVICE CO OF NEW MEXICO ................ 357 82,023 PUBLIC SERVICE ENTERPRISE GROUP, INC ........... 3,988 32,640 PUGENT ENERGY, INC ............................. 908 30,500 QUESTAR CORP ................................... 917 390,103 * QWEST COMMUNICATIONS INTERNATIONAL , INC ....... 15,994 22,900 * RCN CORP ....................................... 145 93,849 RELIANT ENERGY, INC ............................ 4,065 13,300 e RGS ENERGY GROUP, INC .......................... 431 22,800 * RHYTHMS NETCONNECTIONS, INC .................... 26 10,400 * SBA COMMUNICATIONS CORP ........................ 427 1,297,245 SBC COMMUNICATIONS, INC ........................ 61,943 36,000 SCANA CORP ..................................... 1,064 6,900 e SEMCO ENERGY, INC .............................. 107 77,941 SEMPRA ENERGY .................................. 1,812 29,829 SIERRA PACIFIC RESOURCES (NEW) ................. 479 1,000 * SMARTALK TELESERVICES, INC ..................... 0 2,400 SOUTH JERSEY INDUSTRIES, INC ................... 71 249,415 SOUTHERN CO .................................... 8,293 13,506 SOUTHERN UNION CO .............................. 358 11,900 SOUTHWEST GAS CORP ............................. 260 15,700 SOUTHWESTERN ENERGY CO ......................... 163 22,400 * SPECTRASITE HOLDINGS, INC ...................... 297 271,432 SPRINT CORP (FON GROUP) ........................ 5,513 200,366 * SPRINT CORP (PCS GROUP) ........................ 4,095 25,385 * TALK.COM, INC .................................. 36 48,200 TECO ENERGY, INC ............................... 1,560 19,955 TELEPHONE & DATA SYSTEMS, INC .................. 1,796 6,900 * TELIGENT, INC (CLASS A) ........................ 13 21,000 * TIME WARNER TELECOM, INC (CLASS A) ............. 1,332 13,600 * TRITON PCS HOLDINGS, INC (CLASS A) ............. 462 100,982 TXU CORP ....................................... 4,475 5,200 * U.S. CELLULAR CORP ............................. 313 11,010 UGI CORP ....................................... 279 5,500 UIL HOLDINGS CORP .............................. 274 12,640 UNISOURCE ENERGY CORP HOLDINGS CO .............. 238 35,826 UTILICORP UNITED, INC .......................... 1,111 23,430 VECTREN CORP ................................... 600 1,042,493 VERIZON COMMUNICATIONS ......................... 52,211 4,500 * VIA NETWORKS, INC .............................. 17 6,100 * VIASET, INC .................................... 80 4,846 e* VIATEL, INC ................................... 18 12,700 * VIRATA CORP .................................... 138 87,250 * VOICESTREAM WIRELESS CORP ...................... 8,780 17,400 * WEBLINK WIRELESS, INC .......................... 60 5,300 * WEST CORP ...................................... 149 7,600 WESTERN GAS RESOURCES, INC ..................... 256 26,600 WESTERN RESOURCES, INC ......................... 660 22,200 * WESTERN WIRELESS CORP (CLASS A) ................ 870 17,700 WGL HOLDINGS, INC .............................. 539 14,900 * WILLIAMS COMMUNICATIONS GROUP, INC ............. 175 169,316 WILLIAMS COS, INC .............................. 6,762 36,000 * WINSTAR COMMUNICATIONS, INC .................... 421 46,100 WISCONSIN ENERGY CORP .......................... 1,040 1,102,350 * WORLDCOM, INC .................................. 15,502 5,000 * WORLDGATE COMMUNICATIONS, INC .................. 19 13,300 * WORLDPAGES.COM, INC ............................ 36 10,100 WPS RESOURCES CORP ............................. 372 130,106 XCEL ENERGY, INC ............................... 3,781 138,835 * XO COMMUNICATIONS, INC (CLASS A) ............... 2,473 ---------- TOTAL UTILITIES ................................ 490,588 ---------- TOTAL COMMON STOCK (Cost $ 3,765,715) ............................. 4,904,125 ---------- PRINCIPAL ----------- SHORT TERM INVESTMENTS--1.55% COMMERCIAL PAPER--0.18% CONAGRA, INC $ 4,500,000 7.300%, 01/26/01 ............................... 4,473 PARK AVENUE RECEIVABLES CORP 4,500,000 c 6.620%, 01/03/01 ............................... 4,498 ---------- 8,971 ---------- U.S. GOVERNMENT AND AGENCIES--1.37% FEDERAL HOME LOAN BANK (FHLB) 10,000,000 6.430%, 01/03/01 ............................... 9,995 13,445,000 6.220%, 01/19/01 ............................... 13,400 17,250,000 6.220%, 01/26/01 ............................... 17,172 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 8,050,000 6.465%, 01/02/01 ............................... 8,047 20,000,000 6.170%, 02/20/01 ............................... 19,824 ---------- 68,438 ---------- TOTAL SHORT TERM INVESTMENTS (Cost $77,428) ................................. 77,409 ---------- TOTAL PORTFOLIO--100% (Cost $3,843,598) .............................. 4,981,843 OTHER ASSETS & LIABILITIES, NET--0.00% ......... (10) ---------- NET ASSETS--100.00% ............................ $4,981,833 ========== ---------------- * Non-income producing b In bankruptcy c Commercial paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. e All or a portion of these securities are out on loan. SEE NOTES TO FINANCIAL STATEMENTS 2000 CREF Annual Report o 47 REPORT OF MANAGEMENT RESPONSIBILITY TO THE PARTICIPANTS OF COLLEGE RETIREMENT EQUITIES FUND: The accompanying financial statements of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts of College Retirement Equities Fund ("CREF") are the responsibility of management. They have been prepared in accordance with accounting principles generally accepted in the United States and have been presented fairly and objectively in accordance with such principles. CREF has established and maintains a strong system of internal controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management's authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, CREF's internal audit personnel provide a continuing review of the internal controls and operations of the CREF Accounts, and the internal Auditor regularly reports to the Audit Committee of the CREF Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Ernst & Young LLP. For the periods covered by these financial statements all services provided by Ernst & Young LLP for CREF were limited exclusively to auditing. It is CREF's policy that any non-audit services be obtained from a firm other than the external financial audit firm. The independent auditors' report, which appears on the following page, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the CREF Board of Trustees, consisting of trustees who are not officers of CREF, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls, and auditing. In addition to the annual audit of the financial statements of all the CREF Accounts by the independent auditing firm, the New York State Insurance Department, other state insurance departments and the Securities and Exchange Commission perform periodic examinations of the CREF Accounts' operations. /s/ JOHN H. BIGGS /s/ RICHARD L. MILLS ----------------------- ---------------------------- John H. Biggs Richard L. Mills Chairman, President and Executive Vice President and Chief Executive Officer Principal Accounting Officer -------------------------------------------------------------------------------- REPORT OF THE AUDIT COMMITTEE TO THE PARTICIPANTS OF COLLEGE RETIREMENT EQUITIES FUND: The Audit Committee oversees the financial reporting process of the College Retirement Equities Fund ("CREF") on behalf of CREF's Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee's responsibilities. All members of the Audit Committee ("Committee") are independent, as defined under the listing standards of the New York Stock Exchange. Management has the primary responsibility for CREF's financial statements, development and maintenance of a strong system of internal controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in connection with their respective audits. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements. The Committee has also discussed the audited finan cial statements with Ernst & Young LLP, the independent auditing firm responsible for expressing an opinion on the conformity of these audited financial statements with generally accepted accounting principles. The discussion with Ernst & Young LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by CREF, the clarity of the financial statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors' independence from management and CREF, and has received a written disclosure regarding such independence, as required by the Independence Standards Board. Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities. Maceo K. Sloan, Audit Committee Chair Martin J. Gruber, Audit Committee Member Nestor V. Santiago, Audit Committee Member David K. Storrs, Audit Committee Member February 12, 2001 48 o 2000 CREF Annual Report REPORT OF INDEPENDENT AUDITORS TO THE PARTICIPANTS AND BOARD OF TRUSTEES OF COLLEGE RETIREMENT EQUITIES FUND: We have audited the accompanying statements of assets and liabilities, including the statements of investments, of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts (five of the Accounts comprising the College Retirement Equities Fund ("CREF")) as of December 31, 2000, and the related statements of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF's management. Our responsibility is to express an opinion on these financial statements based on our audits. The condensed financial information for the year ended December 31, 1996 was audited by other auditors, whose report dated February 6, 1997 expressed an unqualified opinion on such condensed financial information. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial state ments. Our procedures included confirmation of securities owned as of December 31, 2000 by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts of CREF at December 31, 2000, the results of their operations for the year then ended, and the changes in their net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States. /s/ ERNST & YOUNG LLP -------------------- Ernst & Young LLP New York, New York February 5, 2001 -------------------------------------------------------------------------------- 2000 CREF Annual Report o 49 STATEMENTS OF ASSETS AND LIABILITIES
------------------------------------------------------------------------------------------------------------------------------------ Inflation- DECEMBER 31, 2000 Money Market Linked Bond Market Social Choice Equity Index (AMOUNTS IN THOUSANDS, EXCEPT AMOUNTS PER ACCUMULATION UNIT) Account Bond Account Account Account Account ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Portfolio investments, at cost $6,662,702 $477,582 $4,138,712 $3,834,494 $3,843,598 Net unrealized appreciation of portfolio investments 932 7,569 69,205 992,284 1,138,245 ---------- -------- ---------- ---------- ---------- Portfolio investments, at value 6,663,634 485,151 4,207,917 4,826,778 4,981,843 Cash 192 9 1,065 290 365 Dividends and interest receivable 29,817 6,883 36,149 18,874 4,265 Receivable from securities transactions 5 54 15,905 14,664 1,886 Amounts due from TIAA 2,127 273 1,435 2,839 4,336 Other 13 -- -- 10 6 ---------- -------- ---------- ---------- ---------- TOTAL ASSETS 6,695,788 492,370 4,262,471 4,863,455 4,992,701 ---------- -------- ---------- ---------- ---------- LIABILITIES Deposits for securities loaned--Note 4 -- -- 353,165 159,994 459 Payable for securities transactions -- 532 666,530 443,048 10,409 TOTAL LIABILITIES -- 532 1,019,695 603,042 10,868 NET ASSETS Accumulation Fund 6,458,517 472,607 3,167,409 4,096,975 4,829,281 Annuity Fund 237,271 19,231 75,367 163,438 152,552 ---------- -------- ---------- ---------- ---------- TOTAL NET ASSETS $6,695,788 $491,838 $3,242,776 $4,260,413 $4,981,833 ========== ======== ========== ========== ========== THOUSANDS OF ACCUMULATION UNITS OUTSTANDING--NOTES 5 AND 6 315,206 15,188 54,745 42,550 62,018 ========== ======== ========== ========== ========== NET ASSET VALUE, PER ACCUMULATION UNIT--NOTE 5 $ 20.49 $ 31.12 $ 57.86 $ 96.29 $ 77.87 ========== ======== ========== ========== ==========
See Notes to Financial Statements -------------------------------------------------------------------------------- STATEMENTS OF OPERATIONS
------------------------------------------------------------------------------------------------------------------------------------ Inflation- DECEMBER 31, 2000 Money Market Linked Bond Market Social Choice Equity Index (AMOUNTS IN THOUSANDAS) Account Bond Account Account Account Account ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME Income: Interest $ 427,585 $ 19,226 $ 195,487 $ 110,430 $ 5,922 Dividends -- 53 13 28,751 58,167 ---------- -------- ---------- ---------- ---------- TOTAL INCOME 427,585 19,279 195,500 139,181 64,089 ---------- -------- ---------- ---------- ---------- Expenses--Note 3: Investment 3,779 196 2,980 3,044 2,921 Operating 14,840 563 6,370 9,276 11,238 ---------- -------- ---------- ---------- ---------- TOTAL EXPENSES 18,619 759 9,350 12,320 14,159 ---------- -------- ---------- ---------- ---------- INVESTMENT INCOME--NET 408,966 18,520 186,150 126,861 49,930 ---------- -------- ---------- ---------- ---------- REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS--Note 4 Net realized gain (loss) on: Portfolio investments (84) 170 (5,333) 133,263 104,253 Futures transactions -- -- -- -- (6,141) ---------- -------- ---------- ---------- ---------- NET REALIZED GAIN (LOSS) (84) 170 (5,333) 133,263 98,112 ---------- -------- ---------- ---------- ---------- Net change in unrealized appreciation on: Portfolio investments 2,285 12,946 141,264 (250,031) (545,529) Futures transactions -- -- -- -- (5,070) ---------- -------- ---------- ---------- ---------- NET CHANGE IN UNREALIZED APPRECIATION 2,285 12,946 141,264 (250,031) (550,599) ---------- -------- ---------- ---------- ---------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS 2,201 13,116 135,931 (116,768) (452,487) ---------- -------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 411,167 $ 31,636 $ 322,081 $ 10,093 $ (402,557) ========== ======== ========== ========== ==========
See Notes to Financial Statements 50 o 2000 CREF Annual Report STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------------------------------------- YEARS ENDED DECEMBER 31, Money Market Inflation-Linked Bond Bond Market (AMOUNTS IN THOUSANDS) Account Account Account --------------------------------------------------------------------------------------------------------------- 2000 1999 2000 1999 2000 1999 ---------- ---------- --------- --------- ---------- ----------- FROM OPERATIONS Investment income--net $ 408,966 $ 314,441 $ 18,520 $ 8,416 $ 186,150 $ 183,398 Net realized gain (loss) on total investments (84) (66) 170 (1,115) (5,333) (128,310) Net change in unrealized appreciation (depreciation) on total investments 2,285 (1,516) 12,946 (4,303) 141,264 (90,945) ---------- ---------- --------- --------- ---------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 411,167 312,859 31,636 2,998 322,081 (35,857) ---------- ---------- --------- --------- ---------- ----------- FROM PARTICIPANT TRANSACTIONS Premiums 546,170 543,321 31,144 18,319 210,214 244,985 ---------- ---------- --------- --------- ---------- ----------- Disbursements and transfers: Seed money withdrawn -- -- -- 54,990 -- Net transfers to (from) TIAA 189,304 122,638 (7,829) 225 29,885 49,715 Net transfers to (from) other CREF Accounts 538,768 (912,804) (291,146) (37,581) 46,184 199,767 Annuity payments 50,428 40,863 1,596 786 15,557 12,322 Withdrawals and death benefits 535,292 469,305 9,391 3,651 103,175 97,945 ---------- ---------- --------- --------- ---------- ----------- TOTAL DISBURSEMENTS AND TRANSFERS, NET 1,313,792 (279,998) (287,988) 22,071 194,801 359,749 ---------- ---------- --------- --------- ---------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS (767,622) 823,319 319,132 (3,752) 15,413 (114,764) ---------- ---------- --------- --------- ---------- ----------- NET INCREASE (DECREASE) IN NET ASSETS (356,455) 1,136,178 350,768 (754) 337,494 (150,621) NET ASSETS Beginning of year 7,052,243 5,916,065 141,070 141,824 2,905,282 3,055,903 ---------- ---------- --------- --------- ---------- ----------- End of year $6,695,788 $7,052,243 $ 491,838 $ 141,070 $3,242,776 $2,905,282 ========== ========== ========= ========= ========== =========== --------------------------------------------------- Social Choice Equity Index Account Account -------------------------------------------------- 2000 1999 2000 1999 ---------- --------- ---------- ---------- $ 126,861 $ 108,021 $ 49,930 $ 44,087 133,263 48,121 98,112 78,144 (250,031) 232,654 (550,599) 697,350 ---------- --------- ---------- ---------- 10,093 388,796 (402,557) 819,581 ---------- --------- ---------- ---------- 393,221 425,340 578,120 564,292 ---------- --------- ---------- ---------- 11,263 (2,162) (35,454) (51,726) 145,176 (54,777) 62,309 (206,151) 20,032 15,279 21,863 15,675 93,391 71,842 129,714 93,355 ---------- --------- ---------- ---------- 269,862 30,182 178,432 (148,847) ---------- --------- ---------- ---------- 123,359 395,158 399,688 713,139 ---------- --------- ---------- ---------- 133,452 783,954 (2,869) 1,532,720 4,126,961 3,343,007 4,984,702 3,451,982 ---------- ---------- ----------- ---------- $4,260,413 $4,126,961 $4,981,833 $4,984,702 ========== ========== =========== ==========
See Notes to Financial Statements -------------------------------------------------------------------------------- NOTE 1--ORGANIZATION -------------------------------------------------------------------------------- The purpose of College Retirement Equities Fund ("CREF"), as stated in its charter, is to aid and strengthen nonprofit educational and research organizations, governmental entities and other nonprofit institutions 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 in the Inflation-Linked Bond Account 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 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 Securities Dealers, Inc., provides administrative services for the CREF Accounts and performs distribution functions for CREF's 2000 CREF Annual Report o 51 NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- NOTE 1--ORGANIZATION (CONCLUDED) -------------------------------------------------------------------------------- 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. INCOME RECOGNITION In November 2000, the American Institute of Certified Public Accountants ("AICPA") issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The revised version of the Guide is effective for financial statements issued for fiscal years beginning after December 15, 2000 and will require investment companies to amortize premiums and discounts on all fixed income securities. The Accounts currently do not amortize premiums or discounts on fixed income securities with over 60 days to maturity. On January 1, 2001, the Accounts will be required to record a cumulative adjustment to reflect the amortization of premiums and discounts on existing fixed income securities. The adjustment for the Bond Market Account totaling $840,900 will reduce investment cost, thereby increasing unrealized appreciation but having no impact on total net assets. The adjustment for the Inflation-Linked Bond and Social Choice Accounts totaling $453,200 and $299,600, respectively, will increase investment cost, thereby reducing unrealized appreciation but having no impact on total net assets. These adjustments will have no effect on net assets or unit values. DOLLAR ROLL TRANSACTIONS The Accounts may enter into dollar rolls in which the Account sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period the Account forgoes principal and interest paid on the securities. The Accounts record dollar rolls as financing transactions. Dollar rolls can enhance the Account's return by earning a spread between the yield on the underlying securities and short-term interest rates. 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. REPURCHASE AGREEMENTS The Accounts may enter into repurchase agreements with qualified institutions. Repurchase agreements involve the purchase of securities from an institution, subject to the seller's agreement to repurchase and the Accounts' agreement to resell such securities at a mutually-agreed upon price. Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed-upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Accounts will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Accounts maintain the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller. 52 o 2000 CREF Annual Report 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. 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/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index 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/index. Futures con tracts 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, which are identified in the accompanying statement of investments, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. FEDERAL INCOME TAXES CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code ("Code"), not as a regulated investment company under Subchapter M of the Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. NOTE 3--MANAGEMENT AGREEMENTS ------------------------------------------------------------------------------- Services necessary for the operation of the CREF Accounts are provided, at cost, by Investment Management and Services. Such services are provided in accordance with an Investment Management Services Agreement between CREF and Investment Management, and in accordance with a Principal Underwriting and Administrative Services Agreement between CREF and Services (see Note 1). Investment Management and Services receive management fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to each Account's actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly. NOTE 4--INVESTMENTS ------------------------------------------------------------------------------- At December 31, 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 $345,660,462 $156,332,173 $442,000 Cash collateral 354,828,980 160,246,833 459,000 2000 CREF Annual Report o 53 NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- NOTE 4--INVESTMENTS (CONCLUDED) -------------------------------------------------------------------------------- At December 31, 2000, net unrealized appreciation of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows: -------------------------------------------------------------------------------- Gross Gross Unrealized Unrealized Net Unrealized Appreciation of Depreciation of Appreciation Portfolio Portfolio of Portfolio Investments Investments Investments -------------------------------------------------------------------------------- Money Market Account $ 1,199,250 $ 267,096 $ 932,154 Inflation-Linked Bond Account 7,569,380 114 7,569,266 Bond Market Account 77,186,554 7,981,244 69,205,310 Social Choice Account 1,196,912,796 204,629,084 992,283,712 Equity Index Account 1,579,694,387 441,449,006 1,138,245,381 At December 31, 2000 the Equity Index Account held 160 open futures contracts in the Standard & Poor's 500 Index, expiring in March 2001, with a value of $53,400,000 and an unrealized loss of $1,562,637. 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 Equity Index Accounts for the year ended December 31, 2000, other than short-term money market instruments, were as follows: -------------------------------------------------------------------------------- Inflation-Linked Bond Market Bond Account Account -------------------------------------------------------------------------------- Purchases $381,544,366 $10,025,470,746 Sales 45,585,741 9,843,239,584 -------------------------------------------------------------------------------- Social Choice Equity Index Account Account -------------------------------------------------------------------------------- Purchases $4,722,605,707 $980,474,372 Sales 4,453,222,772 467,998,440 NOTE 5--CONDENSED FINANCIAL INFORMATION -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below. -------------------------------------------------------------------------------- FOR THE YEARS ENDED DECEMBER 31, 2000 1999 1998 1997 1996 -------------------------------------------------------------------------------- MONEY MARKET ACCOUNT Per Accumulation Unit data: Investment income $ 1.273 $ .976 $ .998 $ .953 $ .880 Expenses .055 .057 .054 .046 .049 ------- ------- ------- ------- -------- Investment income--net 1.218 .919 .944 .907 .831 Net realized and unrealized gain (loss) on total investments .007 (.005) .005 .001 (.003) ------- ------- ------- ------- -------- Net increase in Accumulation Unit Value 1.225 .914 .949 .908 .828 Accumulation Unit Value: Beginning of year 19.265 18.351 17.402 16.494 15.666 ------- ------- ------- ------- -------- End of year $20.490 $19.265 $18.351 $17.402 $16.494 ======= ======= ======= ======= ======== Total return 6.36% 4.98% 5.45% 5.51% 5.28% Ratios to Average Net Assets: Expenses 0.28% 0.30% 0.30% 0.27% 0.30% Investment income--net 6.12% 4.90% 5.27% 5.35% 5.16% Portfolio turnover rate n/a n/a n/a n/a n/a Thousands of Accumulation Units outstanding at end of year 315,206 354,754 312,358 233,116 218,292 54 o 2000 CREF Annual Report NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- NOTE 5--CONDENSED FINANCIAL INFORMATION (CONTINUED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- JANUARY 13, 1997 FOR THE YEARS ENDED (DATE ESTABLISHED) TO DECEMBER 31, 2000 1999 1998 DECEMBER 31, 1997(a) -------------------------------------------------------------------------------- INFLATION-LINKED BOND ACCOUNT Per Accumulation Unit data: Investment income $ 2.113 $ 1.730 $ 1.256 $ 1.031 Expenses .083 .099 .086 .067 ------- ------- ------- ------- Investment income--net 2.030 1.631 1.170 .964 Net realized and unrealized gain (loss) on total investments 1.491 (1.062) (.260) .154 ------- ------- ------- ------- Net increase in Accumulation Unit Value 3.521 .569 .910 1.118 Accumulation Unit Value: Beginning of period 27.597 27.028 26.118 25.000 ------- ------- ------- ------- End of period $31.118 $27.597 $27.028 $26.118 ======= ======= ======= ======= Total return 12.76% 2.10% 3.48% 4.47% Ratios to Average Net Assets: Expenses 0.29% 0.36% 0.33% 0.25% Investment income--net 6.97% 5.99% 4.50% 3.60% Portfolio turnover rate 17.17% 54.35% 40.98% 63.56% Thousands of Accumulation Units outstanding at end of period 15,188 4,757 5,112 3,626 (a) The percentages shown for this period are not annualized. ------------------------------------------------------------------------ FOR THE YEARS ENDED DECEMBER 31, 2000 1999 1998 1997 1996 ------------------------------------------------------------------------ BOND MARKET ACCOUNT Per Accumulation Unit data: Investment income $ 3.636 $ 3.289 $ 3.156 $ 3.081 $ 3.039 Expenses .174 .166 .158 .134 .126 ------- ------- ------- ------- ------- Investment income--net 3.462 3.123 2.998 2.947 2.913 Net realized and unrealized gain (loss) on total investments 2.621 (3.711) 1.150 1.266 (1.600) ------- ------- ------- ------- ------- Net increase (decrease) in Accumulation Unit Value 6.083 (.588) 4.148 4.213 1.313 Accumulation Unit Value: Beginning of year 51.775 52.363 48.215 44.002 42.689 ------- ------- ------- ------- ------- End of year $57.858 $51.775 $52.363 $48.215 $44.002 ======= ======= ======= ======= ======= Total return 11.75% (1.12%) 8.60% 9.57% 3.08% Ratios to Average Net Assets: Expenses 0.33% 0.32% 0.32% 0.29% 0.30% Investment income--net 6.50% 6.03% 5.98% 6.44% 6.86% Portfolio turnover rate 377.44%(a) 656.58% 525.32% 398.77% 145.27% Thousands of Accumulation Units outstanding at end of year 54,745 54,918 57,481 31,654 22,611 (a) DURING 2000, THE BOND MARKET ACCOUNT BEGAN STRUCTURING DOLLAR ROLLS AS FINANCING TRANSACTIONS (SEE NOTE 2). HAD THESE TRANSACTIONS BEEN TREATED FOR THE ENTIRE YEAR AS PURCHASES AND SALES, RATHER THAN AS FINANCING TRANSACTIONS, THE PORTFOLIO TURNOVER RATE FOR THE YEAR ENDED DECEMBER 31, 2000 WOULD HAVE BEEN 552.94% 2000 CREF Annual Report o 55 NOTES TO FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- NOTE 5--CONDENSED FINANCIAL INFORMATION (CONTINUED) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FOR THE YEARS ENDED DECEMBER 31, 2000 1999 1998 1997 1996 -------------------------------------------------------------------------------- SOCIAL CHOICE ACCOUNT Per Accumulation Unit data: Investment income $ 3.188 $ 2.898 $ 2.679 $ 2.396 $ 2.068 Expenses .282 .293 .249 .193 .158 ------- ------- ------- ------- ------- Investment income--net 2.906 2.605 2.430 2.203 1.910 Net realized and unrealized gain (loss) on total investments (2.582) 6.752 11.159 12.223 5.968 ------- ------- ------- ------- ------- Net increase in Accumulation Unit Value 0.324 9.357 13.589 14.426 7.878 Accumulation Unit Value: Beginning of year 95.962 86.605 73.016 58.590 50.712 ------- ------- ------- ------- ------- End of year $96.286 $95.962 $86.605 $73.016 $58.590 ======= ======= ======= ======= ======= Total return 0.34% 10.80% 18.61% 24.62% 15.53% Ratios to Average Net Assets: Expenses 0.30% 0.32% 0.31% 0.30% 0.30% Investment income--net 3.04% 2.88% 3.07% 3.37% 3.58% Portfolio turnover rate 117.10%(a) 206.44% 147.90% 91.87% 40.93% Thousands of Accumulation Units outstanding at end of year 42,550 41,355 37,211 30,554 25,841 (a) DURING 2000, THE SOCIAL CHOICE ACCOUNT BEGAN STRUCTURING DOLLAR ROLLS AS FINANCING TRANSACTIONS (SEE NOTE 2). HAD THESE TRANSACTIONS BEEN TREATED FOR THE ENTIRE YEAR AS PURCHASES AND SALES, RATHER THAN AS FINANCING TRANSACTIONS, THE PORTFOLIO TURNOVER RATE FOR THE YEAR ENDED DECEMBER 31, 2000 WOULD HAVE BEEN 196.05%. ----------------------------------------------------------------------- FOR THE YEARS ENDED DECEMBER 31, 2000 1999 1998 1997 1996 ----------------------------------------------------------------------- EQUITY INDEX ACCOUNT Per Accumulation Unit data: Investment income $ 1.055 $ 1.012 $ .953 $ .826 $ .773 Expenses .233 .225 .190 .141 .106 ------- ------- ------- ------- ------- Investment income--net .822 .787 .763 .685 .667 Net realized and unrealized gain (loss) on total investments (7.216) 13.733 12.789 12.672 6.936 ------- ------- ------- ------- ------- Net increase (decrease) in Accumulation Unit Value (6.394) 14.520 13.552 13.357 7.603 Accumulation Unit Value: Beginning of year 84.263 69.743 56.191 42.834 35.231 ------- ------- ------- ------- ------- End of year $77.869 $84.263 $69.743 $56.191 $42.834 ======= ======= ======= ======= ======= Total return (7.59%) 20.82% 24.12% 31.18% 21.58% Ratios to Average Net Assets: Expenses 0.28% 0.30% 0.31% 0.30% 0.30% Investment income--net 0.98% 1.05% 1.24% 1.47% 1.87% Portfolio turnover rate 9.42% 4.89% 3.98% 3.50% 7.85% Thousands of Accumulation Units outstanding at end of year 62,018 57,249 47,997 35,368 20,725 NOTE 6--ACCUMULATION UNITS -------------------------------------------------------------------------------- Changes in the number of Accumulation Units outstanding were as follows: ------------------------------------------------------------------------------- FOR THE YEARS ENDED DECEMBER 31, 2000 1999 ------------------------------------------------------------------------------- MONEY MARKET ACCOUNT Accumulation Units: Credited for premiums 27,486,983 28,892,854 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (67,034,275) 13,502,586 Outstanding: Beginning of year 354,753,756 312,358,316 ----------- ----------- End of year 315,206,464 354,753,756 =========== =========== 56 o 2000 CREF Annual Report NOTES TO FINANCIAL STATEMENTS (CONCLUDED) -------------------------------------------------------------------------------- NOTE 6--ACCUMULATION UNITS (CONCLUDED) ----------------------------------------------------------------------- FOR THE YEARS ENDED DECEMBER 31, 2000 1999 ----------------------------------------------------------------------- INFLATION-LINKED BOND ACCOUNT Accumulation Units: Credited for premiums 1,049,662 666,353 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund 9,380,914 (1,020,975) Outstanding: Beginning of year 4,757,205 5,111,827 ----------- ----------- End of year 15,187,781 4,757,205 =========== =========== BOND MARKET ACCOUNT Accumulation Units: Credited for premiums 3,896,511 4,733,126 Cancelled for transfers, disbursements and amounts applied to the Annuity Fund (4,070,259) (7,295,377) Outstanding: Beginning of year 54,918,369 57,480,620 ----------- ----------- End of year 54,744,621 54,918,369 =========== =========== SOCIAL CHOICE ACCOUNT Accumulation Units: Credited for premiums 4,061,512 4,704,406 Cancelled for transfers, disbursements and amounts applied to the Annuity Fund (2,866,237) (561,018) Outstanding: Beginning of year 41,354,693 37,211,305 ----------- ----------- End of year 42,549,968 41,354,693 =========== =========== EQUITY INDEX ACCOUNt Accumulation Units: Credited for premiums 6,914,130 7,530,295 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (2,145,348) 1,722,141 Outstanding: Beginning of year 57,249,316 47,996,880 ----------- ----------- End of year 62,018,098 57,249,316 =========== =========== NOTE 7--LIN 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. Certain TIAA-CREF Mutual Funds and certain TIAA-CREF Institutional Mutual Funds, all 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 year ended December 31, 2000, there were no borrowings under this credit facility. During January 2001, TIAA-CREF Life Funds and TIAA Separate Account VA-1, both of which are managed by Teachers Advisors, Inc., also began to share in the credit facility. 2000 CREF Annual Report o 57 PARTICIPANT VOTING RESULTS CREF'S ANNUAL MEETING WAS HELD ON NOVEMBER 14, 2000. THE TRUSTEES ELECTED TO FOUR-YEAR TERMS AT THE ANNUAL MEETING WERE: John H. Biggs, 42,355,850,659 (98.33 percent) votes were cast in favor, and 717,622,392 (1.67 percent) votes were withheld. Martin J. Gruber, 42,389,649,983 (98.41 percent) votes were cast in favor, and 683,823,068 (1.59 percent) votes were withheld. Marjorie Fine Knowles, 42,318,494,944 (98.25 percent) votes were cast in favor, and 754,978,057 (1.75 percent) votes were withheld. Robert W. Vishny, 42,401,998,626 (98.44 percent) votes were cast in favor, and 671,474,425 (1.56 percent) votes were withheld. CREF PARTICIPANTS ALSO RATIFIED THE ELECTION OF ERNST & YOUNG LLP AS THE INDEPENDENT AUDITORS FOR CREF for the fiscal year ending December 31, 2000. 42,008,559,256 (97.53 percent) votes were cast in favor, 395,278,394 (.92 percent) votes were against, and 669,583,864 (1.55 percent) abstained. CREF PARTICIPANTS VOTED ON TWO PARTICIPANT PROPOSALS. ONE PROPOSAL SUBMITTED RELATED TO COMPANIES SUPPORTING GUN CONTROL. All accounts were eligible to vote on this proposal. The proposal was defeated. FOR THE GROWTH ACCOUNT, 457,502,099 (11.93 percent) votes were cast in favor, 3,239,395,749 (84.50 percent) votes were against, and 136,977,390 (3.57 percent) abstained. The proposal was defeated. FOR THE GLOBAL EQUITIES ACCOUNT, 247,461,713 (11.16 percent) votes were cast in favor, 1,892,345,270 (85.34 percent) votes were against, and 77,586,948 (3.50 percent) abstained. The proposal was defeated. FOR THE EQUITY INDEX ACCOUNT, 141,809,743 (11.64 percent) votes were cast in favor, 1,032,675,514 (84.78 percent) votes were against, and 43,597,422 (3.58 percent) abstained. The proposal was defeated. FOR THE STOCK ACCOUNT, 3,652,190,819 (11.16 percent) votes were cast in favor, 27,835,040,647 (85.00 percent) votes were against, and 1,257,926,423 (3.84 percent) abstained. The proposal was defeated. FOR THE MONEY MARKET ACCOUNT, 152,248,829 (11.14 percent) votes were cast in favor, 1,163,821,291 (85.11 percent) votes were against, and 51,304,463 (3.75 percent) abstained. The proposal was defeated. FOR THE BOND MARKET ACCOUNT, 77,943,990 (10.95 percent) votes were cast in favor, 606,635,038 (85.25 percent) votes were against, and 27,065,739 (3.80 percent) abstained. The proposal was defeated. FOR THE SOCIAL CHOICE ACCOUNT, 116,187,306 (12.92 percent) votes were cast in favor, 746,604,055 (83.01 percent) votes were against, and 36,617,252 (4.07 percent) abstained. The proposal was defeated. FOR THE INFLATION-LINKED BOND ACCOUNT, 7,911,917 (9.83 percent) votes were cast in favor, 68,734,440 (85.40 percent) votes were against, and 3,837,449 (4.77 percent) abstained. The proposal was defeated. ONE PROPOSAL SUBMITTED RELATED TO CREF'S TOBACCO INVESTMENTS. All accounts except the Social Choice Account were eligible to vote on this proposal. The proposal was defeated. FOR THE GROWTH ACCOUNT, 898,133,156 (23.43 percent) votes were cast in favor, 2,796,908,456 (72.95 percent) votes were against, and 138,833,625 (3.62 percent) abstained. The proposal was defeated. FOR THE GLOBAL EQUITIES ACCOUNT, 489,268,392 (22.07 percent) votes were cast in favor, 1,627,496,278 (73.40 percent) votes were against, and 100,629,261 (4.53 percent) abstained. The proposal was defeated. FOR THE EQUITY INDEX ACCOUNT, 284,083,777 (23.32 percent) votes were cast in favor, 883,408,593 (72.52 percent) votes were against, and 50,590,309 (4.16 percent) abstained. The proposal was defeated. FOR THE STOCK ACCOUNT, 6,773,283,035 (20.68 percent) votes were cast in favor, 24,161,760,571 (73.79 percent) votes were against, and 1,810,114,281 (5.53 percent) abstained. The proposal was defeated. FOR THE MONEY MARKET ACCOUNT, 288,466,987 (21.10 percent) votes were cast in favor, 1,012,297,527 (74.03 percent) votes were against, and 66,610,068 (4.87 percent) abstained. The proposal was defeated. FOR THE BOND MARKET ACCOUNT, 157,662,679 (22.15 percent) votes were cast in favor, 516,294,529 (72.55 percent) votes were against, and 37,687,559 (5.30 percent) abstained. The proposal was defeated. FOR THE INFLATION-LINKED BOND ACCOUNT, 16,338,654 (20.30 percent) votes were cast in favor, 60,891,433 (75.66 percent) votes were against, and 3,253,719 (4.04 percent) abstained. The proposal was defeated. 58 o 2000 CREF Annual Report 2001 TRUSTEES AND SENIOR MANAGEMENT 2001 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 Alair Ane Townsend VICE PRESIDENT/PUBLISHER CRAIN'S NEW YORK BUSINESS 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 2001 Trustees of TIAA ------------------------------------------------------------------------------- David Alexander PRESIDENT EMERITUS, POMONA COLLEGE Marcus Alexis BOARD OF TRUSTEES PROFESSOR OF ECONOMIC 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 Ruth Simms Hamilton PROFESSOR OF SOCIOLOGY AND DIRECTOR OF AFRICAN DIASPORA RESEARCH PROJECT, MICHIGAN STATE UNIVERSITY Rochelle B. Lazarus CHAIRMAN AND CHIEF EXECUTIVE OFFICER, OGILVY & MATHER WORLDWIDE Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER, TIAA AND CREF Robert M. O'Neil DIRECTOR, THE THOMAS JEFFERSON CENTER FOR THE PROTECTION OF FREE EXPRESSION, UNIVERSITY PROFESSOR AND PROFESSOR OF LAW, UNIVERSITY OF VIRGINIA Leonard S. Simon VICE CHAIRMAN, CHARTER ONE FINANCIAL INC. Ronald L. Thompson CHAIRMAN AND CHIEF EXECUTIVE OFFICER, MIDWEST STAMPING CO. Paul R. Tregurtha CHAIRMAN AND CHIEF EXECUTIVE OFFICER, MORMAC MARINE GROUP, INC. AND MORAN TRANSPORTATION COMPANY, INC., VICE CHAIRMAN, INTERLAKE STEAMSHIP COMPANY William H. Waltrip CHAIRMAN, TECHNOLOGY SOLUTIONS COMPANY Rosalie J. Wolf FORMER TREASURER AND CHIEF INVESTMENT OFFICER, THE ROCKEFELLER FOUNDATION 2001 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, AN ACTING PRESIDENT, INDEPENDENT EDUCATIONAL SERVICES Martin J. Gruber NOMURA PROFESSOR OF FINANCE, LEONARD N. STERN SCHOOL OF BUSINESS, NEW YORK UNIVERSITY 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 Stephen A. Ross FRANCO MODIGLIANI PROFESSOR OF FINANCE AND ECONOMICS, SLOAN SCHOOL OF MANAGEMENT, MASSACHUSETTS INSTITUTE OF TECHNOLOGY Nestor V. Santiago VICE PRESIDENT AND CHIEF INVESTMENT OFFICER, HOWARD HUGHES MEDICAL INSTITUTE 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 2001 SENIOR MANAGEMENT -------------------------------------------------------------------------------- John H. Biggs CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER Mary Ann Werner PRESIDENT, SHARED SERVICES James A. Wolf PRESIDENT, RETIREMENT SERVICES Martin E. Galt, III PRESIDENT, TIAA-CREF INVESTMENT PRODUCTS Bertram L. Scott PRESIDENT, TIAA-CREF LIFE INSURANCE COMPANY EXECUTIVE VICE PRESIDENTS -------------------------------------------------------------------------------- C. Victoria Apter INFORMATION TECHNOLOGY 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 Frances Nolan RETIREMENT SERVICES ADMINISTRATION Deanne J. Shallcross MARKETING David A. Shunk CONSULTING SERVICES John A. Somers TIAA INVESTMENTS Charles H. Stamm GENERAL COUNSEL 2000 CREF Annual Report o 59 [This page intentionally left blank.] 60 o 2000 CREF Annual Report FOR MORE INFORMATION TIAA-CREF WEB CENTER -------------------------------------------------------------------------------- www.tiaa-cref.org 24 HOURS A DAY, 7 DAYS A WEEK Account performance, personal account information and transactions, and product information AUTOMATED TELEPHONE SERVICE -------------------------------------------------------------------------------- 800 842-2252 24 HOURS A DAY, 7 DAYS A WEEK Account performance, personal account information and transactions, and product information PERSONAL ASSISTANCE... TELEPHONE COUNSELING CENTER -------------------------------------------------------------------------------- 800 842-2776 8 A.M. TO 11 P.M. ET, MONDAY - FRIDAY 9 A.M. TO 6 P.M. ET, SATURDAY AND SUNDAY Retirement saving and planning, annuity options and payments, and tax reporting PLANNING AND SERVICE CENTER -------------------------------------------------------------------------------- 800 223-1200 8 A.M. TO 11 P.M. ET, MONDAY - FRIDAY 9 A.M. TO 6 P.M. ET, SATURDAY TIAA-CREF Mutual Funds and after-tax personal annuities 8 A.M. TO 11 P.M. ET, MONDAY - FRIDAY Life and long-term care insurance TIAA-CREF TRUST COMPANY, FSB -------------------------------------------------------------------------------- 888 842-9001 9 A.M. TO 6 P.M. ET, MONDAY - FRIDAY Asset management, trust administration, estate planning, planned giving, and endowment management TIAA-CREF TUITION FINANCING, INC. -------------------------------------------------------------------------------- 888 381-8283 8 A.M. TO 8 P.M. ET, MONDAY - FRIDAY State tuition financing programs FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS -------------------------------------------------------------------------------- 800 842-2755 8 A.M. TO 11 P.M. ET, MONDAY - FRIDAY 2000 CREF Annual Report o 61 ------------------- [TIAA LOGO OMITTED] 730 Third Avenue PRESORTED New York, NY 10017-3206 STANDARD U.S. POSTAGE PAID TIAA-CREF ------------------- CAR-5fund-2/2001 [Recycle Logo] Printed on recycled paper