-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LJy9FB3C9qNy+Q2/cBP6XQ7r+HnFOhT7njLaV0RVpY66ac+SYFPlfS1MiC80L94v 8jj5DzuWVEajj3OlkMZNjg== 0000930413-96-000082.txt : 19960311 0000930413-96-000082.hdr.sgml : 19960311 ACCESSION NUMBER: 0000930413-96-000082 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960308 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE RETIREMENT EQUITIES FUND CENTRAL INDEX KEY: 0000777535 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 136022042 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04415 FILM NUMBER: 96532611 BUSINESS ADDRESS: STREET 1: 730 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129164905 MAIL ADDRESS: STREET 1: 730 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017 N-30D 1 ANNUAL REPORT ANNUAL REPORT - -------------------------------------------------------------------------------- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT AUDITED FINANCIAL STATEMENTS INCLUDING STATEMENT OF INVESTMENTS DECEMBER 31, 1995 - -------------------------------------------------------------------------------- As required by the Investment Company Act of 1940, CREF provides its participants with this year-end annual report of the financial condition and portfolio holdings of the Stock Account. CREF also provides an annual report to participants in the six other CREF accounts. Semi-annual reports are also provided each year toward the end of August. - -------------------------------------------------------------------------------- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT INDEX TO AUDITED FINANCIAL STATEMENTS DECEMBER 31, 1995 - -------------------------------------------------------------------------------- Page ---- Report of Management Responsibility ...................................... 2 Report of Independent Auditors ........................................... 3 Audited Financial Statements: Statement of Assets and Liabilities .................................... 4 Statement of Operations ................................................ 5 Statements of Changes in Net Assets .................................... 6 Notes to Financial Statements .......................................... 7 Statement of Investments ............................................... 12 Participant Voting Results ............................................... 50 -1- - -------------------------------------------------------------------------------- REPORT OF MANAGEMENT RESPONSIBILITY To the Participants of College Retirement Equities Fund: The accompanying financial statements of the Stock Account of College Retirement Equities Fund ("CREF") are the responsibility of management. They have been prepared in accordance with generally accepted accounting principles and have been presented fairly and objectively in accordance with such principles. CREF has established and maintains a strong system of internal controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management's authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, CREF's internal audit personnel provide a continuing review of the internal controls and operations of the CREF Accounts, and the internal Auditor regularly reports to the Audit Committee of the CREF Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Deloitte & Touche LLP. The independent auditors' report, which appears on the following page, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the CREF Board of Trustees, consisting of trustees who are not officers of CREF, meets regularly with management, representatives of Deloitte & Touche LLP and internal auditing personnel to review matters relating to financial reporting, internal controls and auditing. In addition to the annual audit of the financial statements of all CREF Accounts, the New York State Insurance Department, other state insurance departments and the Securities and Exchange Commission regularly examine the financial statements of the CREF Accounts as part of their periodic corporate examinations. /s/ John H. Biggs -------------------------------- Chairman and Chief Executive Officer /s/ Thomas W. Jones -------------------------------- Vice Chairman, President and Chief Operating Officer /s/ Richard L. Gibbs -------------------------------- Executive Vice President and Principal Accounting Officer -2- Deloitte & Touche LLP - ------------ -------------------------------------------------------- [LOGO] Two World Financial Center Telephone: (212) 436-2000 New York, New York 10281-1414 Facsimile: (212) 436-5000 REPORT OF INDEPENDENT AUDITORS To the Participants and Board of Trustees of College Retirement Equities Fund: We have audited the accompanying statement of assets and liabilities, including the statement of investments, of the Stock Account of College Retirement Equities Fund ("CREF") as of December 31, 1995, the related statements of operations for the year then ended and of changes in net assets for each of the years in the two year period then ended. These financial statements are the responsibility of CREF's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned at December 31, 1995, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the financial position of the Stock Account of CREF at December 31, 1995, the results of its operations and the changes in its net assets for the above-stated periods, in conformity with generally accepted accounting principles. /S/ Deloitte & Toche LLP February 6, 1996 - --------------- DELOITTE TOUCHE TOHMATSU INTERNATIONAL - --------------- -3- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1995
ASSETS Portfolio investments, at cost ....................................... $44,503,997,087 Net unrealized appreciation of portfolio investments ................. 25,699,335,481 --------------- Portfolio investments, at value ...................................... 70,203,332,568 Cash ................................................................. 20,634,089 Dividends and interest receivable .................................... 134,438,595 Receivable from securities transactions .............................. 333,015,778 Amounts due from TIAA ................................................ 11,110,003 --------------- TOTAL ASSETS 70,702,531,033 --------------- LIABILITIES Deposits for securities loaned-Note 4 ................................ 949,705,474 Due to banks-Note 4 ................................................. 7,012,994 Payable for securities transactions .................................. 375,528,680 --------------- TOTAL LIABILITIES 1,332,247,148 --------------- NET ASSETS Accumulation Fund .................................................... 57,876,350,382 Annuity Fund ......................................................... 11,493,933,503 --------------- TOTAL NET ASSETS $69,370,283,885 =============== NUMBER OF ACCUMULATION UNITS OUTSTANDING-Notes 5 and 6 ................. 632,802,980 =============== NET ASSET VALUE, PER ACCUMULATION UNIT-Note 5 .......................... $91.46 ====== See notes to financial statements.
-4- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1995 INVESTMENT INCOME Income: Dividends ................................................ $ 1,397,091,722 Interest ................................................. 37,153,764 ---------------- TOTAL INCOME 1,434,245,486 ---------------- Expenses-Note 3: Investment ............................................... 57,118,512 Operating ................................................ 149,045,228 ---------------- TOTAL EXPENSES 206,163,740 Fees paid indirectly ..................................... (380,429) ---------------- NET EXPENSES 205,783,311 ---------------- INVESTMENT INCOME-NET 1,228,462,175 ---------------- REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS-Note 4 Net realized gain on: Portfolio investments .................................. 1,808,625,045 Futures transactions ................................... 57,150,217 Foreign currency transactions .......................... 2,887,111 ---------------- Net realized gain 1,868,662,373 ---------------- Net change in unrealized appreciation (depreciation) on: Portfolio investments .................................. 13,327,950,415 Futures transactions ................................... (4,089,953) Translation of assets (other than portfolio investments) and liabilities in foreign currencies ................ (725,756) ---------------- Net change in unrealized appreciation 13,323,134,706 ---------------- NET REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS 15,191,797,079 ---------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 16,420,259,254 ================ See notes to financial statements -5- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT STATEMENTS OF CHANGES IN NET ASSETS
Years Ended December 31, --------------------------------- 1995 1994 ------------- ------------- FROM OPERATIONS Investment income-net................................................ $ 1,228,462,175 $ 1,128,172,222 Net realized gain on total investments............................... 1,868,662,373 2,493,715,226 Net change in unrealized appreciation (depreciation) on total investments.................................................. 13,323,134,706 (3,671,319,655) --------------- --------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 16,420,259,254 (49,432,207) --------------- --------------- FROM PARTICIPANT TRANSACTIONS Premiums............................................................. 2,244,897,088 2,196,938,476 --------------- --------------- Disbursements and transfers: Net transfers to TIAA.............................................. 359,202,304 190,633,668 Net transfers to other CREF Accounts............................... 551,347,519 912,058,265 Annuity payments................................................... 853,948,681 771,379,292 Withdrawals and repurchases........................................ 690,669,089 561,624,079 Death benefits..................................................... 91,070,246 78,684,679 --------------- --------------- TOTAL DISBURSEMENTS AND TRANSFERS, NET 2,546,237,839 2,514,379,983 --------------- --------------- NET DECREASE IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS (301,340,751) (317,441,507) --------------- --------------- NET INCREASE (DECREASE) IN NET ASSETS 16,118,918,503 (366,873,714) NET ASSETS Beginning of year.................................................... 53,251,365,382 53,618,239,096 --------------- --------------- End of year.......................................................... $69,370,283,885 $53,251,365,382 =============== ===============
See notes to financial statements. -6- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT NOTES TO FINANCIAL STATEMENTS NOTE 1--ORGANIZATION College Retirement Equities Fund ("CREF") was formed to aid and strengthen nonprofit educational and research organizations by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940 as an open-end, diversified management investment company. It consists of seven investment portfolios. The accompanying financial statements are those of the Stock Account ("Account"), which invests primarily in equity securities. The six other investment portfolios of CREF, which are not included in these financial statements, include a Money Market Account, which invests in money market instruments; a Bond Market Account, which invests in a broad range of fixed-income securities; a Social Choice Account, which invests in a diversified portfolio of equity and fixed-income securities while giving special consideration to certain social criteria; a Global Equities Account, which invests in equity securities of foreign and domestic companies; a Growth Account, which invests in a diversified portfolio of equity securities that present opportunities for growth; and an Equity Index Account, which invests in a diversified portfolio of equity securities selected to track the overall United States stock market. TIAA-CREF Investment Management, Inc. ("Investment Management"), a subsidiary of Teachers Insurance and Annuity Association ("TIAA"), a companion organization, is registered with the Commission as an investment adviser and provides investment advisory services for the CREF Accounts pursuant to an Investment Management Services Agreement with CREF. TIAA-CREF Individual & Institutional Services, Inc. ("Services"), a subsidiary of TIAA which is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc., provides administrative services for the CREF Accounts and performs distribution functions for CREF's certificates pursuant to a Principal Underwriting and Administrative Services Agreement with CREF. NOTE 2--SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant accounting policies consistently followed by the Account, which are in conformity with generally accepted accounting principles. VALUATION OF INVESTMENTS: Securities listed or traded on any United States national securities exchange are valued at the last sales price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the last sales price, or at the mean of the last bid and asked prices if no sale is reported. All other over-the-counter securities are valued at the mean of the last bid and asked prices, except for bonds which are valued at the most recent bid price or the equivalent quoted yield of such bonds. Short-term money market instruments are stated at market value. Foreign investments are valued at the closing price in the principal market where they are traded; local currencies are converted into U.S. dollars as described below under Foreign Currency Transactions and Translation. Stock index futures and options which are traded on commodities exchanges are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. ACCOUNTING FOR INVESTMENTS: Securities transactions are accounted for as of the date the securities are purchased or sold (trade date). Interest income is recorded as earned and, for short-term money market instruments, includes accrual of discount and amortization of premium. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon as the Account is informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the average cost basis. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION: Foreign investments, bank deposits and forward currency contracts are valued in U.S. dollars, based on the exchange rate at the end of the period. Investments traded in foreign currencies are translated at exchange rates prevailing on the respective dates traded. Income is translated at approximate rates prevailing when earned. Asset and liability accounts that are denominated in a foreign currency are adjusted to reflect the exchange rate at the end of the period. The cumulative impact of changes in foreign exchange rates on portfolio invest-ments sold during the period is reflected in the net realized gain (loss) on portfolio investments. The cumulative impact of changes in foreign exchange rates on portfolio -7- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT NOTES TO FINANCIAL STATEMENTS--(Continued) NOTE 2-SIGNIFICANT ACCOUNTING POLICIES-(Continued) investments held at the end of the period is reflected in the net change in unrealized appreciation (depreciation) on portfolio investments. Currency gains and losses arising from the settlement of forward currency contracts, changes in exchange rates between the trade and settlement dates of portfolio investment transactions, and changes in exchange rates between the accrual and receipt dates for dividend and interest income are recorded as net realized gains (losses) on foreign currency transactions. For assets other than portfolio investments and liabilities, changes in foreign exchange rates are reflected in the net change in unrealized appreciation (depreciation) on translation of assets (other than portfolio investments) and liabilities in foreign currencies. SECURITIES LENDING: The Account has a program to lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. When portfolio securities are loaned, the Account receives additional income on the collateral and continues to receive income on the securities loaned. Additionally, any change in the market value of the securities loaned is recognized by the Account. The Account may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower of securities fail financially. COVERED CALL OPTIONS WRITTEN: The Account writes (sells) covered call options to provide protection against adverse movements in the price of securities in the portfolio. When an option is written, an amount equal to the premium received is recorded as a liability; the liability is adjusted on a daily basis to the current market price of the option written and an unrealized gain or loss is recorded. Premiums received from writing options which expire unexercised are recognized as realized gains from option transactions on the expiration date. Premiums received from writing options which are exercised are added to the proceeds from the sale of the underlying securities in recognizing the net realized gain or loss on portfolio investments. In writing options, it is assumed that the option may be exercised at any time prior to the expiration of the Account's obligation as a writer, and that in such circumstances the net proceeds of the sale of the underlying securities pursuant to the call option may be below the prevailing market value. FUTURES CONTRACTS: The Account purchases futures contracts for the purpose of acquiring a position in a security or group of securities which it intends to purchase at a later date, or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses from futures transactions by "marking-to-market" on a daily basis to reflect the market value of the contract at the end of each day's trading. Variation margin payments are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, a realized gain or loss from futures transactions is recorded, equal to the net variation margin received or paid over the period of the contract. The contractual amounts under futures contracts reflect the extent of the Account's exposure to off-balance sheet risk. The credit risk to such contracts is limited to the failure of the exchange or board of trade which acts as the counterparty to the Account's futures transactions. FORWARD CURRENCY CONTRACTS: The Account enters into forward currency contracts to purchase or sell foreign currency to accommodate foreign investment transactions. Forward currency contracts are "marked-to-market" at the end of each day's trading. Daily changes in the value of such contracts are reflected in the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies. When the contract is closed, payment is made or received and a realized gain or loss on foreign currency transactions is recognized, equal to the difference between the cost of the closing transaction and the basis in the contract. The Account may also enter into a forward currency contract to offset an existing contract. Forward currency contracts are entered into directly with a counterparty and the Account is exposed to the risk of default of such counterparty. The maximum potential loss from such risk is the aggregate face value in U.S. dollars at the time the contract is opened. There is no daily margin requirement for such contracts. -8- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT NOTES TO FINANCIAL STATEMENTS--(Continued) NOTE 2-SIGNIFICANT ACCOUNTING POLICIES-(Concluded) SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS: The Account may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Account to the risk that the transaction may not be consummated. FEDERAL INCOME TAXES: CREF is a nonprofit educational organization exempt from federal income taxation under the Internal Revenue Code ("Code"). Accordingly, CREF is not a "Regulated Investment Company" under Subchapter M of the Code and the net investment income and net realized capital gains of CREF's Accounts are not taxable. Any nonpension related income is subject to federal income taxation as unrelated business income; however, for the years covered by these financial statements there was no such income. NOTE 3--MANAGEMENT AGREEMENTS All services necessary for the operation of CREF's Accounts are provided, at cost, by Investment Management and Services. Such services are provided in accordance with an Investment Management Services Agreement between CREF and Investment Management, and in accordance with a Principal Underwriting and Administrative Services Agreement between CREF and Services (see Note 1). Investment Management and Services receive management fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to each Account's actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly. Investment Management and Services generally pay directly for all third-party services provided for the benefit of the CREF Accounts. "Soft-dollar" arrangements for brokerage and other services are generally not utilized by the CREF Accounts. However, certain custodial fees are reduced based on the level of average cash balances on deposit with a custodian bank during the period. The amount by which custodial fees were reduced under these expense offset agreements is reflected in the accompanying Statement of Operations as "Fees paid indirectly". NOTE 4--INVESTMENTS At December 31, 1995, the value of securities loaned was $2,167,018,851 and collateral received in connection therewith was comprised of cash of $949,705,474, letters of credit of $1,021,490,000 and United States government securities amounting to $321,864,708. At December 31, 1995, the due to banks balance resulted from securities transactions which were settled and paid by January 2, 1996. At December 31, 1995, net unrealized appreciation of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows: Gross unrealized appreciation of portfolio investments............................. $26,984,535,296 Gross unrealized depreciation of portfolio investments............................. 1,285,199,815 --------------- NET UNREALIZED APPRECIATION OF PORTFOLIO INVESTMENTS............................... $25,699,335,481 ===============
During 1995 the Account engaged in transactions in futures contracts in the Standard & Poor's 500 Index with the following results: Futures contracts open at December 31, 1995, at cost............................... $ 237,450,653 Net unrealized depreciation........................................................ $ (2,439,653) ------------- Futures contracts open at December 31, 1995, at value.............................. $ 235,011,000 ============= Net realized gain on futures contracts closed...................................... $ 57,150,217 Net change in unrealized depreciation.............................................. $ (4,089,953) Number of futures contracts open at December 31, 1995.............................. 760 Average fair value of futures contracts based o n daily balances during the year............................................... $ 197,448,378
-9- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT NOTES TO FINANCIAL STATEMENTS--(Continued) NOTE 4-INVESTMENTS-(Concluded) For the year ended December 31, 1995, transactions in covered call options written were as follows: Number of Contracts Premiums --------- ---------- Options outstanding at December 31, 1994..................................... -- -- Options written.............................................................. 4,300 $1,817,039 Options terminated in closing purchase transactions.......................... -- -- Options expired.............................................................. -- -- Options exercised............................................................ (4,300) (1,817,039) -------- ---------- Options outstanding at December 31, 1995..................................... -- $ -- ======== ==========
Companies in which the Account held 5% or more of the outstanding voting shares are defined as "affiliated" in the Investment Company Act of 1940. At December 31, 1995, the total value of investments in affiliated companies was $1,082,434,442. For the year ended December 31, 1995, total dividend income and the net realized loss relating to such investments were $18,417,571 and $6,228,985, respectively. During 1994, the Account sold its wholly-owned subsidiary, College Retirement Equities Fund B.V., a foreign investment company. The effect of this transaction on the accompanying Statement of Changes in Net Assets for the year ended December 31, 1994 was to increase the net realized gain by $59,184,115 and decrease the unrealized appreciation by $66,564,355. Purchases and sales of portfolio securities, other than short-term money market instruments, for the year ended December 31, 1995, were as follows: Purchases: Unaffiliated issuers ...................................... $11,003,225,763 Affiliated issuers ........................................ 83,766,725 --------------- TOTAL PURCHASES $11,086,992,488 =============== Sales: Unaffiliated issuers ...................................... $ 9,737,788,620 Affiliated issuers ........................................ 118,400,761 --------------- TOTAL SALES $ 9,856,189,381 =============== -10- COLLEGE RETIREMENT EQUITIES FUND STOCK ACCOUNT NOTES TO FINANCIAL STATEMENTS--(Concluded) NOTE 5--CONDENSED FINANCIAL INFORMATION Selected condensed financial information for an Accumulation Unit of the Account is presented below. For the Years Ended December 31, ---------------------------------------------------------------- 1995 1994 1993 1992 1991 ---- ---- ---- ---- ---- Per Accumulation Unit Data: Investment income.................... $ 1.885 $ 1.699 $ 1.606 $ 1.523 $ 1.552 Expenses............................. .271 .223 .210 .181 .184 ------- ------- ------- ------- ------- Investment income--net............... 1.614 1.476 1.396 1.342 1.368 Net realized and unrealized gain (loss) on investments......... 19.984 (1.557) 7.139 2.294 11.994 ------- ------- ------- ------- ------- Net increase (decrease) in Accumulation Unit Value.............. 21.598 (.081) 8.535 3.636 13.362 Accumulation Unit Value: Beginning of year.................... 69.862 69.943 61.408 57.772 44.410 ------- ------- ------- ------- ------- End of year.......................... $91.460 $69.862 $69.943 $61.408 $57.772 ======= ======= ======= ======= ======= Ratios to Average Net Assets: Expenses............................. 0.34% 0.32% 0.32% 0.31% 0.36% Investment income--net............... 2.00% 2.11% 2.14% 2.32% 2.65% Portfolio turnover rate................ 16.25% 18.77% 22.93% 16.29% 22.47% Thousands of Accumulation Units outstanding at end of year........... 632,803 637,435 642,528 645,564 640,298
NOTE 6--ACCUMULATION UNITS Changes in the number of Accumulation Units outstanding were as follows: Years Ended December 31, --------------------------- 1995 1994 ----------- ----------- Accumulation Units: Credited for premiums ..................................................... 27,995,571 31,350,733 Cancelled for transfers, disbursements and amounts applied to the Annuity Fund...................................... (32,627,261) (36,444,412) Outstanding: Beginning of year...................................................... 637,434,670 642,528,349 ----------- ----------- End of year............................................................ 632,802,980 637,434,670 =========== ===========
-11- COLLEGE RETIREMENT EQUITIES FUND STATEMENT OF INVESTMENTS--STOCK ACCOUNT DECEMBER 31, 1995 SUMMARY BY INDUSTRY VALUE % -------------- ------ BONDS CORPORATE BONDS AUTOMOTIVE & RELATED .............. $ 125,988 0.00% BANKS ............................. 32,419,664 0.05 BROADCASTERS ...................... 8,765,762 0.01 CONGLOMERATES ..................... 96,799 0.00 ELECTRICAL EQUIPMENT .............. 208,845 0.00 ENVIRONMENTAL CONTROL ............. 4,331,730 0.01 FINANCIAL--MISCELLANEOUS .......... 1,610,960 0.00 HEALTHCARE--DRUGS ................. 10,650,000 0.02 INSURANCE--MULTI-LINE, PROPERTY & CASUALTY .............. 3,979,780 0.00 LEISURE TIME ...................... 595,797 0.00 RETAIL--GENERAL MERCHANDISE ....... 5,586,755 0.01 -------------- ------ TOTAL CORPORATE BONDS (Cost $ 57,563,633) ............... 68,372,080 0.10 -------------- ------ GOVERNMENT BONDS GOVERNMENT BONDS .................. 416,406 0.00 -------------- ------ TOTAL GOVERNMENT BONDS (Cost $ 381,469) .................. 416,406 0.00 -------------- ------ TOTAL BONDS (Cost $ 57,945,102) ................ 68,788,486 0.10 -------------- ------ PREFERRED STOCK AUTOMOTIVE & RELATED .............. 1,916,003 0.00 BANKS ............................. 2,040,904 0.00 BEVERAGES ......................... 584,345 0.00 BUSINESS SERVICES ................. 12,886,894 0.02 CHEMICALS--MAJOR .................. 7,677,389 0.01 CHEMICALS--SPECIALTY .............. 61,759 0.00 COMMUNICATION EQUIPMENT & SERVICES ............. 15,512,159 0.02 CONGLOMERATES ..................... 352,255 0.00 CONSTRUCTION-- MATERIALS & BUILDERS ............ 380,375 0.00 COSMETICS ......................... 21,574 0.00 FINANCIAL--MISCELLANEOUS .......... 351,327 0.00 FOODS ............................. 170,679 0.00 FOREST PRODUCTS ................... 3,054,198 0.00 HEALTHCARE--DRUGS ................. 10,028,565 0.02 HEALTHCARE--SERVICE ............... 10,470,630 0.02 HOUSEHOLD--DURABLE GOODS .......... 173,802 0.00 HOUSEHOLD--PRODUCTS ............... 34,547 0.00 INSURANCE--MULTI-LINE, PROPERTY & CASUALTY ............. 125,300 0.00 MACHINERY ......................... 2,103,947 0.00 METALS--NON-FERROUS ............... 113,168 0.00 METALS--STEEL ..................... 10,375,626 0.02 PAPER ............................. 60,775,000 0.09 PETROLEUM-- EXPLORATION & PRODUCTION ......... 90,833 0.00 PETROLEUM--INTEGRATED ............. 720,783 0.00 PUBLISHING--NEWSPAPER ............. 9,753,113 0.02 PUBLISHING--OTHER ................. 9,537,825 0.01 RETAIL--GENERAL MERCHANDISE ....... 229,876 0.00 TOBACCO ........................... 36,547,875 0.05 UTILITIES--ELECTRIC ............... 6,294,566 0.01 UTILITIES--GAS & PIPELINE ......... 672,709 0.00 UTILITIES--OTHER .................. 100,524 0.00 UTILITIES--TELEPHONE .............. 24,378,409 0.04 -------------- ------ TOTAL PREFERRED STOCK (Cost $ 188,357,421) ............... 227,536,959 0.33 -------------- ------ COMMON STOCK AEROSPACE ......................... 843,359,652 1.22 AIR TRANSPORTATION ................ 340,819,556 0.49 AUTOMOTIVE & RELATED .............. 1,696,783,729 2.45 BANKS ............................. 6,051,719,663 8.72 BEVERAGES ......................... 1,741,777,584 2.51 BROADCASTERS ...................... 729,662,259 1.05 BUSINESS SERVICES ................. 885,475,021 1.28 CHEMICALS--MAJOR .................. 1,376,940,021 1.98 CHEMICALS--SPECIALTY .............. 1,344,687,582 1.94 COMMUNICATION EQUIPMENT & SERVICES ............ 1,219,387,805 1.76 COMPUTER SERVICE .................. 1,795,776,188 2.58 CONGLOMERATES ..................... 1,676,088,544 2.42 CONSTRUCTION-- MATERIALS & BUILDERS ............ 882,766,461 1.27 CONTAINERS ........................ 75,244,668 0.11 COSMETICS ......................... 342,206,573 0.49 ELECTRICAL EQUIPMENT .............. 2,951,143,345 4.25 ELECTRICAL EQUIPMENT-- COMPONENTS DIVERSIFIED .......... 1,724,438,252 2.49 ELECTRICAL EQUIPMENT-- INSTRUMENTS ..................... 398,014,007 0.57 ENVIRONMENTAL CONTROL ............. 262,623,048 0.38 FINANCIAL--MISCELLANEOUS .......... 2,371,489,727 3.42 FOODS ............................. 1,499,894,992 2.16 FOREST PRODUCTS ................... 512,404,520 0.74 HEALTHCARE--DRUGS ................. 4,058,418,714 5.85 HEALTHCARE--HOSPITAL SUPPLY ....... 1,095,672,165 1.57 HEALTHCARE--OTHER ................. 695,365,287 1.00 HEALTHCARE--SERVICE ............... 956,658,487 1.38 HOUSEHOLD-- CONSUMER ELECTRONICS ............ 160,156,967 0.23 HOUSEHOLD--DURABLE GOODS .......... 250,805,572 0.36 HOUSEHOLD--PRODUCTS ............... 928,545,446 1.34 INSURANCE--BROKERS & OTHER ........ 211,899,872 0.31 INSURANCE--LIFE ................... 396,624,290 0.57 INSURANCE--MULTI-LINE, PROPERTY & CASUALTY ............. 2,306,494,023 3.32 LEISURE TIME ...................... 900,966,490 1.30 MACHINERY ......................... 1,380,008,003 1.99 METALS--ALUMINIUM ................. 157,703,449 0.23 METALS--GOLD ...................... 284,203,042 0.41 METALS--NON-FERROUS ............... 324,075,541 0.46 METALS--STEEL ..................... 483,533,299 0.70 MISCELLANEOUS MATERIALS & COMMODITIES ......... 32,611,425 0.05 OFFICE EQUIPMENT .................. 2,167,971,648 3.13 PAPER ............................. 719,122,257 1.04 PETROLEUM-- EXPLORATION & PRODUCTION ........ 603,478,584 0.86 PETROLEUM--INTEGRATED ............. 3,224,882,611 4.65 PETROLEUM--SERVICE ................ 517,352,220 0.75 PHOTOGRAPHY ....................... 250,187,529 0.36 See notes to financial statements. -12- COLLEGE RETIREMENT EQUITIES FUND STATEMENT OF INVESTMENTS--STOCK ACCOUNT DECEMBER 31, 1995 SUMMARY BY INDUSTRY VALUE % --------------- ------ PROPERTY--REAL ESTATE ............. $ 716,011,834 1.03% PUBLISHING--NEWSPAPER ............. 359,025,231 0.52 PUBLISHING--OTHER ................. 657,714,947 0.95 RAILROAD .......................... 666,143,000 0.96 RESTAURANTS & HOTELS .............. 679,556,872 0.98 RETAIL--FOOD ...................... 461,478,178 0.67 RETAIL--GENERAL MERCHANDISE ....... 2,464,192,127 3.55 TEXTILE & APPAREL ................. 321,399,410 0.46 TOBACCO ........................... 1,259,904,559 1.82 TRADING COMPANIES ................. 142,212,450 0.21 TRUCKERS & SHIPPING ............... 214,242,932 0.31 UTILITIES--ELECTRIC ............... 2,816,740,775 4.06 UTILITIES--GAS & PIPELINE ......... 669,544,246 0.97 UTILITIES--OTHER .................. 31,544,421 0.05 UTILITIES--TELEPHONE .............. 4,314,688,457 6.21 --------------- ------ TOTAL COMMON STOCK (Cost $ 42,954,305,341) ............ 68,603,839,557 98.89 --------------- ------ SHORT TERM INVESTMENTS BANK NOTES ........................ 50,070,995 0.07 BANKERS ACCEPTANCES ............... 55,726,811 0.08 CERTIFICATES OF DEPOSIT ........... 75,014,065 0.11 COMMERCIAL PAPER .................. 905,541,855 1.31 EURO CERTIFICATES OF DEPOSIT ...... 20,005,248 0.02 GOVERNMENT AGENCIES ............... 23,883,903 0.03 MEDIUM TERM NOTES ................. 25,000,124 0.04 U.S. TREASURY NOTES ............... 52,945,405 0.08 VARIABLE RATE NOTES ............... 94,978,000 0.14 -------------- ------ TOTAL SHORT TERM INVESTMENTS (Cost $ 1,303,389,223) ............. 1,303,166,406 1.88 --------------- ------ ROUNDING ......................... 1,160 0.00 --------------- ------ TOTAL PORTFOLIO (Cost $ 44,503,997,087) ............ 70,203,332,568 101.20 OTHER ASSETS & LIABILITIES, NET .. (833,048,683) (1.20) --------------- ------ NET ASSETS .......................... $69,370,283,885 100.00% =============== ====== See notes to financial statements. -13- COLLEGE RETIREMENT EQUITIES FUND STATEMENT OF INVESTMENTS--STOCK ACCOUNT DECEMBER 31, 1995 SUMMARY BY COUNTRY VALUE % --------------- ------- DOMESTIC: UNITED STATES .................. $57,100,996,851 81.33% --------------- ------ TOTAL DOMESTIC ................... 57,100,996,851 81.33 --------------- ------ FOREIGN: ARGENTINA ...................... 14,819,100 0.02 AUSTRALIA ...................... 380,879,601 0.54 AUSTRIA ........................ 14,449,675 0.02 BELGIUM ........................ 91,624,201 0.13 BRAZIL ......................... 36,890,258 0.05 CANADA ......................... 329,674,153 0.47 CHILE .......................... 48,157,712 0.07 CHINA .......................... 37,642,564 0.05 DENMARK ........................ 62,425,896 0.09 FINLAND ........................ 65,507,674 0.09 FRANCE ......................... 556,817,588 0.79 GERMANY ........................ 490,457,547 0.70 HONG KONG ...................... 1,036,978,787 1.48 INDIA .......................... 15,075,517 0.02 INDONESIA ...................... 34,823,295 0.05 IRELAND ........................ 4,548,942 0.01 ITALY .......................... 209,207,776 0.30 JAPAN .......................... 3,997,122,609 5.70 KOREA .......................... 104,330,466 0.15 MALAYSIA ....................... 197,212,107 0.28 MEXICO ......................... 26,520,468 0.04 MISCELLANEOUS .................. 31,714,965 0.05 NETHERLANDS .................... 616,025,088 0.88 NEW ZEALAND .................... 209,772,929 0.30 NORWAY ......................... 74,046,665 0.11 PHILIPPINES .................... 20,779,629 0.03 PORTUGAL ....................... 7,780,000 0.01 SINGAPORE ...................... 150,142,239 0.21 SOUTH AFRICA ................... 29,710,014 0.04 SPAIN .......................... 199,585,741 0.28 SWEDEN ......................... 295,888,124 0.42 SWITZERLAND .................... 721,646,454 1.03 THAILAND ....................... 78,296,324 0.11 UNITED KINGDOM ................. 1,608,615,203 2.29 --------------- ------ TOTAL FOREIGN 11,799,169,311 16.81 --------------- ------ SHORT TERM INVESTMENTS 1,303,166,406 1.86 --------------- ------ TOTAL PORTFOLIO $70,203,332,568 100.00% =============== ====== See notes to financial statements. -14- COLLEGE RETIREMENT EQUITIES FUND STATEMENT OF INVESTMENTS--STOCK ACCOUNT DECEMBER 31, 1995 PAR VALUE VALUE -------- --------- BONDS--0.10% CORPORATE BONDS--0.10% AUTOMOTIVE & RELATED--0.00% MICHELIN S.A. CV 2,333(1) 2.500%, 01/01/01 ................ $ 125,988 ---------- BANKS--0.05% BANGKOK BANK PUBLIC CO LTD CV 5,000,000 3.250%, 03/03/04 ................ 5,325,000 BANK OF TOKYO CV 226,000,000(2) 6.100%, 03/31/97 ................ 3,956,664 MITSUBISHI BK CV 20,000,000 3.000%, 11/30/02 ................ 23,138,000 ---------- 32,419,664 ---------- BROADCASTERS--0.01% VIACOM INTERNATIONAL, INC (SUBORDINATED DEB) 8,615,000 8.000%, 07/07/06 ................ 8,765,762 ---------- CONGLOMERATES--0.00% BRIERLEY INVESTMENTS LTD CV NOTES 129,875(3) 9.000%, 06/30/98 ................ 96,799 ---------- ELECTRICAL EQUIPMENT--0.00% OLIVETTI S.P.A. CV 255,000(4) 7.500%, 01/01/99 ................ 208,845 ---------- ENVIRONMENTAL CONTROL--0.01% WMX TECHNOLOGIES, INC (SUBORDINATED CV NOTES) 4,979,000 2.000%, 01/24/05 ................ 4,331,730 ---------- FINANCIAL--MISCELLANEOUS--0.00% FINANCE ONE PUBLIC CO LTD 57,578(5) 3.750%, 03/15/01 ................ 1,610,960 ---------- HEALTHCARE--DRUGS--0.02% IVAX CORP CV 10,000,000 6.500%, 11/15/01 ................ 10,650,000 ---------- INSURANCE--MULTI-LINE, PROPERTY & CASUALTY--0.00% AXA S.A. CV 20,729(1) 4.500%, 01/01/99 ................ 1,475,041 7,176(1) 6.000%, 01/01/01 ................ 2,504,739 ---------- 3,979,780 ---------- LEISURE TIME--0.00% SKIS ROSSIGNOL S.A. CV 1,250(1) 3.000%, 04/01/01 ................ 595,797 ---------- RETAIL--GENERAL MERCHANDISE--0.01% CARSON PIRIE SCOTT CO (SUBORDINATED NOTES) 1,103,444 13.000%, 03/28/05 ............... 1,106,755 GOLDLION CAPITAL CV 4,000,000 4.875%, 02/01/99 ................ 4,480,000 ---------- 5,586,755 ---------- TOTAL CORPORATE BONDS (Cost $57,563,633) ................. 68,372,080 ---------- GOVERNMENT BONDS--0.00% U.S. GOVERNMENT BONDS--0.00% U.S. TREASURY BOND 325,000 11.750%, 02/15/01 ............... 416,406 ---------- TOTAL GOVERNMENT BONDS (Cost $381,469) ..................... 416,406 TOTAL BONDS (Cost $57,945,102) .................. 68,788,486 ---------- ---------------- (1) DENOMINATED IN FRENCH FRANCS (2) DENOMINATED IN JAPANESE YEN (3) DENOMINATED IN NEW ZEALAND DOLLARS (4) DENOMINATED IN ITALIAN LIRE (5) DENOMINATED IN THAILAND BAHTS SHARES ------- PREFERRED STOCK--0.33% AUTOMOTIVE & RELATED--0.00% 15,800 PIRELLI PNEUS S.A. ................. 22,269 7,800 VOLKSWAGENWERKE AG. ................ 1,893,734 ---------- 1,916,003 ---------- BANKS--0.00% 2,710,000 BANCO ITAU S.A. .................... 755,566 2,900 BANK AUSTRIA AG. ................... 138,800 127,270,692 BRADESCO S.A. ...................... 1,112,964 858,800 UNIBANCO S.A. ...................... 33,574 ---------- 2,040,904 ---------- BEVERAGES--0.00% 1,419,924 BRAHMA S.A. ........................ 584,345 ---------- BUSINESS SERVICES--0.02% 85,000 SAP (VORZUG) AG. ................... 12,886,894 ---------- CHEMICALS--MAJOR--0.01% 170,000 COPENE-PETROQUIMICA DO NORDESTE S.A. 75,903 80,000 o FRESENIUS VORZUG AG ................ 7,601,486 ---------- 7,677,389 ---------- CHEMICALS--SPECIALTY--0.00% 20,700,000 o FERTILIZANTES FOSFATADOS S.A. ..... 61,759 ---------- COMMUNICATION-- EQUIPMENT & SERVICES--0.02% 393,900 NOKIA AB OY SERIES A ............... 15,512,159 ---------- CONGLOMERATES--0.00% 21,329 TELEDYNE, INC SERIES E ............. 306,604 53,705 TRAFALGAR HOUSE PLC 6% CV .......... 45,651 ---------- 352,255 ---------- CONSTRUCTION--MATERIALS & BUILDERS--0.00% 661,000 CIM ITAU S.A. ...................... 157,769 2,800,000 DURATEX S.A. ....................... 97,366 582 DYCKERHOFF ZEMENTWERKE AG. ......... 125,240 ---------- 380,375 ---------- See notes to financial statements. -15- SHARES VALUE ------ ------- COSMETICS-0.00% 40 WELLA GROUP AG. .................... $ 21,574 ---------- FINANCIAL-MISCELLANEOUS-0.00% 11,145 EVEREN CAPITAL CORP SERIES A ....... 273,052 3,100 PHOENIX DUFF & PHELPS CORP ......... 78,275 ---------- 351,327 ---------- FOODS-0.00% 4,600,000 CEVAL ALIMENTOS .................... 52,530 57,361,445 o PERDIGAO COMERCIO E INDUSTRIA ...... 88,520 40,000 SADIA CONCORDIA S.A. ............... 29,629 ---------- 170,679 ---------- FOREST PRODUCTS-0.00% 1,752,666 ARACRUZ CELULOSE S.A. .............. 2,740,795 173,750 KLABIN FABRICADORA S.A. ............ 157,304 5,510 KONINKLIJKE NV ..................... 28,527 6,200,000 VOTORANTIM CELULOSE E PAPEL S.A. ... 127,572 ---------- 3,054,198 ---------- HEALTHCARE-DRUGS-0.02% 1,428,570 #+o AFFYMETRIX, INC SERIES A SR CV .................... 6,428,565 800,000 #o AFFYMETRIX, INC SERIES B CV ....................... 3,600,000 ---------- 10,028,565 ---------- HEALTHCARE-SERVICE-0.02% 374,080 FHP INTERNATIONAL CORP SERIES A CV . 9,959,880 113,500 o MEDIQ, INC SERIES A ................ 510,750 ---------- 10,470,630 ---------- HOUSEHOLD-DURABLE GOODS-0.00% 620,000 BRASMOTOR S.A. ..................... 123,107 25,400,000 REFRIGERACAO PARANA S.A. ........... 50,695 ---------- 173,802 ---------- HOUSEHOLD-PRODUCTS-0.00% 2,300,000 BOMBRIL S.A. ....................... 34,547 ---------- INSURANCE-MULTI-LINE, PROPERTY & CASUALTY-0.00% 23,604 INTERNATIONALE NEDERLANDEN GROEP NV ............. 125,300 ---------- MACHINERY-0.00% 1,100,000 o BELGO MINEIRA S.A. ................. 61,676 5,000 o FAG KUGELFISCHER (GEORGE) SCHAFER & CO ...................... 623,559 340,000 o IOCHE-MAXION PFD ................... 37,078 6,300 MAN AG. (NON-VTG) .................. 1,362,293 20,000 PIRELLI CABOS S.A. ................. 19,341 ---------- 2,103,947 ---------- METALS-NON-FERROUS-0.00% 8,800,000 PARANAPANEMA S.A. .................. 113,168 ---------- METALS-STEEL-0.02% 73,902,000 ACESITA PN ......................... 429,574 231,000,000 COMPANHIA SIDERURGICA DE TUBARAO S.A. ...................... 3,762,069 175,000 o CONFAB INDUSTRIAL S.A. ............. 70,216 USINAS SIDERGIACAS DE MINAS GERAIS . 882,654 31,779,000 VALE DO RIO DOCE CIA ............... 5,231,113 ---------- 10,375,626 ---------- PAPER-0.09% 2,600,000 JAMES RIVER CORP OF VIRGINIA SERIES P ......................... 60,775,000 ---------- PETROLEUM-EXPLORATION & PRODUCTION-0.00% 10,900,000 IPIRANGA S.A. ...................... 90,833 ---------- PETROLEUM-INTEGRATED-0.00% 8,442,000 PETROBRAS S.A. ..................... 720,783 ---------- PUBLISHING-NEWSPAPER-0.02% 2,063,581 NEWS CORP LTD (LTD-VTG) ............ 9,655,765 36,150 o RURAL PRESS (LTD-VTG) .............. 97,348 ---------- 9,753,113 ---------- PUBLISHING - OTHER-0.01% 210,200 HARCOURT GENERAL, INC SERIES A $.64 9,537,825 ---------- RETAIL-GENERAL MERCHANDISE-0.00% 9,800,000 o LOJAS AMERICANAS S.A. .............. 229,876 ---------- TOBACCO-0.05% 5,733,000 RJR NABISCO HOLDINGS CORP SERIES C . 36,547,875 ---------- UTILITIES-ELECTRIC-0.01% 2,250,893 ELECTROBRAS S.A. SERIES B .......... 609,038 200,000 o NORTHERN ELECTRIC PLC .............. 334,585 19,147 RHEIN-WESTFALEN ELECTRIC AG. (NON-VTG) ......................... 5,350,943 ---------- 6,294,566 ---------- UTILITIES-GAS & PIPELINE-0.00% 30,412,697 CEMIG S.A. ......................... 672,709 ---------- UTILITIES-OTHER-0.00% 59,400 o WELSH WATER ........................ 100,524 ---------- UTILITIES-TELEPHONE-0.04% 240,468 o CELLULAR COMMUNICATIONS, INC CV .... 11,963,283 232,000 SPRINT CORP ........................ 8,816,000 72,590,224 TELEBRAS S.A. ...................... 3,495,086 707,181 TELESP S.A. ........................ 104,040 ---------- 24,378,409 ---------- TOTAL PREFERRED STOCK (Cost $188,357,421) ................227,536,959 ---------- COMMON STOCK-98.89% AEROSPACE-1.22% 179,350 AAR CORP ........................... 3,945,700 193,825 o ALLIANT TECHSYSTEMS, INC ........... 9,812,390 194,788 AVIALL, INC NEW .................... 1,826,137 3,640,923 BOEING CO .......................... 285,357,340 1,116,690 BRITISH AEROSPACE PLC .............. 13,818,169 22,737 o BRITISH AEROSPACE PLC WTS 11/15/00 . 110,140 516,100 EG & G, INC ........................ 12,515,425 6,800 o FABBRICA ITALIANA APPARECCHIATURE .. 23,519 326,300 FLIGHTSAFETY INTERNATIONAL, INC .... 16,396,575 312,200 GENERAL DYNAMICS CORP .............. 18,458,825 1,472,540 GENERAL MOTORS CORP (CLASS H) ...... 72,338,527 401,600 KAMAN CORP (CLASS A) ............... 4,467,800 1,598,064 LOCKHEED MARTIN CORP ............... 126,247,056 820,100 MCDONNELL DOUGLAS CORP ............. 75,449,200 429,200 NORTHROP GRUMMAN CORP .............. 27,468,800 485,900 OEA, INC ........................... 14,516,262 369,600 o ORBITAL SCIENCES CORP .............. 4,712,400 234,950 PRECISION CASTPARTS CORP ........... 9,339,262 2,503,940 RAYTHEON CO ........................ 118,311,165 700 o ROHR, INC .......................... 10,062 3,894,159 ROLLS ROYCE LTD .................... 11,427,074 1,400 SAGEM S.A. ......................... 787,240 126,800 SMITHS INDUSTRIES PLC .............. 1,252,091 8,512 SOCIETE EUROPEENNE DE PROPULISIAN S.A................................ 581,332 48,800 SPAR AEROSPACE LTD ................. 742,430 110,300 o TECH-SYM CORP ...................... 3,515,812 59,533 THOMSON-CSF ........................ 1,328,094 210,400 o WHITTAKER CORP ..................... 4,576,200 See notes to financial statements. 16 SHARES VALUE ------ ------- AEROSPACE-(Continued) 292,700 o WYMAN-GORDON CO .................... $ 4,024,625 ----------- 843,359,652 ----------- AIR TRANSPORTATION-0.49% 72,000 o AIR CANADA, INC .................... 245,472 228,962 AIR EXPRESS INTERNATIONAL CORP ..... 5,266,126 602,000 AIR NEW ZEALAND LTD (CLASS B) ...... 2,046,655 325,300 AIRBORNE FREIGHT CORP .............. 8,661,112 434,000 o ALASKA AIRLINES GROUP, INC ......... 7,052,500 1,300 ALL NIPPON AIRWAYS CO LTD .......... 12,980 869,100 o AMR CORP ........................... 64,530,675 290,598 ATLANTIC SOUTHEAST AIRLINES, INC ... 6,247,857 1,100 o AUSTRIAN AIRLINES .................. 182,958 1,760,000 BRITISH AIRWAYS PLC ................ 12,733,804 200 o CANADIAN AIRLINES CORP ............. 491 4,000 o CANADIAN AIRLINES CORP WTS 4/22/99 . 73 1,185,000 CATHAY PACIFIC AIRWAYS LTD ......... 1,808,407 322,200 COMAIR HOLDINGS, INC ............... 8,659,125 85,200 o CONTINENTAL AIRLINES, INC (CLASS B) 3,706,200 3,200 DANSKE LUFTFARTSELSKAB ............. 279,465 707,343 DELTA AIRLINES, INC ................ 52,254,964 481,300 o FEDERAL EXPRESS CORP ............... 35,556,037 399,950 HARPER GROUP ....................... 7,099,112 2,467,721 o JAPAN AIRLINES CO LTD .............. 16,386,629 22,983 KLM (ROYAL DUTCH AIRLINES) ......... 808,583 114,757 o KOREAN AIR LINES ................... 4,023,472 13,899 LUFTHANSA AG. ...................... 1,917,874 286,000 MALAYSIAN AIRLINE SYSTEM BERHAD .... 929,303 110,400 MALAYSIAN HELICOPTER SERVICES BERHAD ............................ 142,619 22,080 o MALAYSIAN HELICOPTER SERVICES BERHAD WTS 6/11/00 ....... 8,957 642,000 o MESA AIRLINES, INC ................. 5,778,000 379,800 o NORTHWEST AIRLINES CORP (CLASS A) .. 19,369,800 428,000 SINGAPORE INTERNATIONAL AIRLINES LTD (FR) ................. 3,994,063 21,300 SKYWEST, INC ....................... 274,237 1,213,800 SOUTHWEST AIRLINES CO .............. 28,220,850 5,000 o SWISS AIR TRANSPORT CO (REGD) ...... 3,649,951 833,200 o U.S. AIR GROUP, INC ................ 11,039,900 122,230 o UAL CORP NEW ....................... 21,818,055 247,000 o VALUJET, INC ....................... 6,113,250 ----------- 340,819,556 ----------- AUTOMOTIVE & RELATED-2.45% 484,100 ALLEN GROUP, INC ................... 10,831,737 119,700 o AMERICREDIT CORP ................... 1,630,912 578,000 APOGEE ENTERPRISES, INC ............ 9,826,000 144,500 ARVIN INDUSTRIES, INC .............. 2,384,250 70,400 AUTOLIV AB ......................... 4,121,563 174,400 BANDAG, INC ........................ 9,439,400 199,100 BANDAG, INC (CLASS A) .............. 10,552,300 3,557,262 BBA GROUP PLC ...................... 15,989,099 2,800 BEKAERT S.A. ....................... 2,314,309 200 BORG-WARNER AUTOMOTIVE, INC ........ 6,400 246,100 BREED TECHNOLOGIES, INC ............ 4,552,850 215,000 o BREMBO S.P.A. ...................... 2,496,343 1,831,100 BRIDGESTONE CORP ................... 29,111,120 2,969,079 CHRYSLER CORP ...................... 164,412,749 59,221 o CIA INTERAMERICA DE AUTOMO (RENAULT).......................... 307,979 36,980 CONTINENTAL AG. .................... 516,733 1,728,100 COOPER TIRE & RUBBER CO ............ 42,554,462 294,600 CUMMINS ENGINE CO, INC ............. 10,900,200 87,000 CYCLE & CARRIAGE LTD ............... 867,232 1,000,000 DAIHATSU MOTOR CO LTD .............. 5,351,088 70,436 DAIMLER BENZ AG. ................... 35,530,514 928,280 DANA CORP .......................... 27,152,190 320,300 DANAHER CORP ....................... 10,169,525 31,000 o DETROIT DIESEL CORP ................ 577,375 319,800 DONALSON, INC ...................... 8,034,975 815,734 EATON CORP ......................... 43,743,735 481,500 ECHLIN, INC ........................ 17,574,750 90,000 EDARAN OTOMOBIL NASIONAL ........... 677,038 7,500 FABRICA DE AUTOMOVILES RENAULT S.A. 124,263 55,400 FEDERAL-MOGUL CORP ................. 1,087,225 5,143,995 FIAT S.P.A. ........................ 16,722,098 1,333,334 FIAT S.P.A. (PRIV) ................. 2,436,001 269,998 FIAT S.P.A. DI RISP ................ 477,126 9,449,748 FORD MOTOR CO ...................... 274,042,692 737,235 GENCORP, INC ....................... 9,031,128 6,901,669 GENERAL MOTORS CORP ................ 364,925,748 1,045,800 GENUINE PARTS CO ................... 42,877,800 1,202,452 GOODYEAR TIRE & RUBBER CO .......... 54,561,259 323,350 GRACO, INC ......................... 9,862,175 948,600 GUEST KEEN NETTLEFOLDS LTD ......... 11,473,083 733,500 HARLEY DAVIDSON, INC ............... 21,088,125 366,000 HAYES WHEELS INTERNATIONAL, INC .... 9,378,750 1,387,000 HONDA MOTOR CO LTD ................. 28,639,081 51,000 INVESTOR AB SERIES B FREE .......... 1,685,279 103,800 o KIRBY CORP ......................... 1,686,750 962,920 LAIRD GROUP PLC .................... 5,785,764 159,800 o LEAR SEATING CORP .................. 4,634,200 56,000 LEX SERVICE GROUP LTD .............. 266,053 1,498,359 LUCAS INDUSTRIES PLC ............... 4,210,697 340,000 MICHELIN S.A. (CLASS B) ............ 13,577,748 1,780,000 MITSUBISHI MOTORS CO LTD ........... 14,511,724 501,000 MODINE MANUFACTURING CO ............ 12,024,000 1,046,300 o NAVISTAR INTERNATIONAL CORP ........ 10,986,150 164,360 NGK INSULATORS LTD ................. 1,641,105 346,337 NIPPON DENSO CO LTD ................ 6,479,764 6,171,000 NISSAN MOTOR CORP LTD .............. 47,438,587 354,300 PACCAR, INC ........................ 14,924,887 7,922 PENDRAGON PLC ...................... 33,455 81,634 PEUGEOT S.A. ....................... 10,783,262 2,214,999 o PIRELLI S.P.A. ..................... 2,860,671 34,800 POLARIS INDUSTRIES, INC ............ 1,022,250 205,000 PROTON ............................. 722,627 2,600,000 PT GADJAH TUNGGAL (FR) ............. 1,448,655 140,000 RENAULT ............................ 4,036,395 610,437 SAFETY-KLEEN CORP .................. 9,538,078 1,133,500 SHANGHAI AUOTMATIC INSTRUMENT CO LTD SERIES B ........ 204,030 416,600 SHANGHAI DIESEL ENGINE CO LTD SERIES B ......................... 154,142 8,659,600 SHANGHAI FOREVER BICYCLES CO LTD SERIES B .......................... 1,246,982 545,875 SIMPSON INDUSTRIES, INC ............ 4,912,875 46,600 SMITH (A.O.) CORP .................. 966,950 379,700 SNAP-ON, INC ....................... 17,181,425 417,500 SOGEFI S.P.A. ...................... 885,079 462,650 SPARTAN MOTORS, INC ................ 5,089,150 71,100 STANDARD MOTOR PRODUCTS, INC (CLASS A) ........................ 1,066,500 98,043 STANDARD PRODUCTS CO ............... 1,728,007 92,000 SUPERIOR INDUSTRIES INTERNATIONAL, INC .............................. 2,426,500 20,000 SYLEA .............................. 1,447,704 237,653 T & N PLC .......................... 597,747 275,000 TAN CHONG MOTOR HOLDINGS BERHAD .... 271,859 462,850 o TBC CORP ........................... 3,992,081 6,056,477 TOYOTA MOTOR CORP .................. 128,578,158 122,000 TRANSPRO, INC ...................... 1,296,250 102,000 UMW HOLDINGS BERHAD ................ 273,178 25,000 VALEO .............................. 1,159,390 34,740 VOLKSWAGENWERKE AG. ................ 11,640,686 See notes to financial statements. 17 SHARES VALUE ------ ------- AUTOMOTIVE & RELATED (Continued) 143,000 VOLVO AB SERIES A .................. $ 2,945,277 701,380 VOLVO AB SERIES B FREE ............. 14,392,951 255,050 WABASH NATIONAL CORP ............... 5,674,862 200 WBL CORP LTD ....................... 463 ------------- 1,696,783,729 ------------- BANKS-8.72% 2,028,700 ABBEY NATIONAL PLC ................. 20,032,471 573,415 ABN-AMRO HOLDINGS NV ............... 26,147,220 40,049 ADVANCE BANK AUSTRALIA LTD ......... 321,162 279,509 ALLIED IRISH BANK .................. 1,523,219 119,854 AMALGAMATED BANKS OF SOUTH AFRICA .. 673,984 467,000 AMMB HOLDINGS BERHAD ............... 5,333,991 410,225 AMSOUTH BANCORP .................... 16,562,834 125,750 ANCHOR BANCORP WISCONSIN, INC ...... 4,511,281 243,000 ARGENTARIA S.A. .................... 10,015,245 4,679,540 ASAHI BANK ......................... 58,972,498 1,751,000 ASHIKAGA BANK ...................... 10,931,380 9,000 o ASSA ABLOY AB SERIES B ............. 84,196 72,000 ASSOCIATED BANC-CORP ............... 2,947,500 1,078,920 AUSTRALIAN & NEW ZEALAND BANKING GROUP LTD ................. 5,064,460 5,771,505 BANC ONE CORP ...................... 217,874,313 1,843,500 BANCA COMMERCIALE ITALIANA S.P.A. .. 3,937,162 1,200,000 BANCA FIDEURAM S.P.A. .............. 1,387,260 220,000 o BANCA POPOLARE MILANO .............. 880,110 940,000 BANCO AMBROSIANO VENETO ............ 2,561,265 407,987 BANCO BILBAO VIZCAYA S.A. (REGD) ... 14,696,471 72,973 BANCO CENTRALE HISPANOAMERICANO S.A. 1,479,730 128,654 BANCO DE GALICIA BUENOS AIRES S.A. SERIES A ......... 669,067 50,000 BANCO DE VALENCIA S.A. (REGD) ...... 700,655 102,665 o BANCO ESPANOL DE CREDITO S.A. ...... 710,864 76,151 BANCO FRANCES DEL RIO DE LA PLATA S.A................................ 674,003 40,000 BANCO INTERCONTINENTAL ESPANOLA S.A. 3,890,696 75,000 BANCO LATINO AMERICANO DE EXPORTACIONES S.A. (CLASS E) .. 3,487,500 36,250 BANCO POPULAR ESPANOLA S.A. (REGD) . 6,684,351 276,014 # BANCO SANTANDER S.A. ............... 13,855,866 261,250 BANCORP HAWAII, INC ................ 9,372,343 400,000 BANGKOK BANK PCL (FR) .............. 3,429,907 23,800 BANK AUSTRIA AG. ................... 1,923,739 1,494,750 BANK BALI (FR) ..................... 2,318,880 21,000 o BANK BALI (FR) WTS 8/29/00 ......... 9,177 1,212,888 BANK OF BOSTON CORP ................ 56,096,070 367,495 BANK OF EAST ASIA LTD .............. 1,318,895 358,131 BANK OF MELBOURNE LTD .............. 1,864,895 353,000 BANK OF MONTREAL ................... 8,023,320 1,873,918 BANK OF NEW YORK CO, INC ........... 91,353,502 222,111 BANK OF NOVA SCOTIA ................ 4,844,787 7,000 BANK OF OKINAWA LTD ................ 253,788 3,355,129 BANK OF TOKYO LTD .................. 58,869,563 466,586 BANK OF YOKOHAMA LTD ............... 3,822,006 595,300 BANK SOUTH CORP .................... 18,082,237 4,927,507 BANKAMERICA CORP ................... 319,056,078 671,974 BANKERS TRUST NEW YORK CORP ........ 44,686,271 49,247 BANPONCE CORP NEW .................. 1,908,321 72,558 BANQUE NATIONALE DE PARIS .......... 3,277,386 48,863 BANQUE PARIBAS ..................... 2,682,693 18,100 BARCLAYS BANK ...................... 16,995 3,087,889 BARCLAYS PLC ....................... 35,429,555 2,354,829 BARNETT BANKS, INC ................. 138,934,911 430,800 BAYBANKS, INC ...................... 42,326,100 305,680 BAYERISCHE HYPOTHEKEN- UND-WECHSEL BANK .................. 7,720,491 354,010 BAYERISCHE VEREINSBANK AG. ......... 10,536,460 1,056,400 BOATMENS BANCSHARES, INC ........... 43,180,350 2,975,843 #o BRADESCO S.A. RTS .................. 4,898 154,020 o CALIFORNIA FEDERAL BANK GOODWILL CERT ..................... 760,473 325,202 CANADIAN IMPERIAL BANK OF COMMERCE . 9,686,442 744,621 CAPITAL ONE FINANCIAL CORP ......... 17,777,826 132,700 CCB FINANCIAL CORP ................. 7,364,850 299,150 CENTRAL FIDELITY BANKS, INC ........ 9,572,800 660,080 CHARTER ONE FINANCIAL, INC ......... 20,214,950 1,674,160 CHASE MANHATTAN CORP ............... 101,495,950 100,164 o CHASE MANHATTAN CORP WTS 6/30/96 ... 2,616,784 2,560,079 CHEMICAL BANKING CORP .............. 150,404,641 2,243,045 CHIBA BANK LTD ..................... 20,221,992 673,000 o CHO HUNG BANK ...................... 7,833,497 57,400 CITFED BANCORP, INC ................ 1,980,300 3,757,083 CITICORP ........................... 252,663,831 120,600 CITIZENS BANCORP MARYLAND .......... 3,889,350 1,082,158 COMERICA, INC ...................... 43,421,589 2,954,000 COMMERCE ASSET HOLDINGS BERHAD ..... 14,892,167 325,666 o COMMERCE ASSET HOLDINGS BERHAD (TRUST RECEIPTS) 6/27/98 .......... 840,139 175,100 COMMERCE BANCORP INC ............... 3,874,087 987 COMMERCE BANCSHARES, INC ........... 37,752 60,178 COMPAGNIE DE SUEZ .................. 2,485,625 392,500 COMPASS BANCSHARES, INC ............ 12,952,500 1,501,700 CORESTATES FINANCIAL CORP .......... 56,876,887 211,246 CREDIT COMMERCIAL DE FRANCE ........ 10,794,470 7,999 CREDIT NATIONAL S.A. ............... 588,823 6,500 CREDITANSTALT-BANKVEREIN ........... 334,339 11,000 CREDITANSTALT-BAVKVEREIN (STAMM) ... 610,589 2,044,000 CREDITO ITALIANO S.P.A. ............ 2,382,282 592,408 CRESTAR FINANCIAL CORP ............. 35,026,123 1 #o CRESTARAN INTERNATIONAL INVESTMENT BV ..................... 0 279,278 CS HOLDINGS (REGAL) ................ 28,699,586 134,000 CULLEN FROST BANKERS, INC .......... 6,700,000 420,730 o DAEGU BANK LTD ..................... 6,182,459 1,500,000 DAH SING FINANCIAL HOLDINGS LTD .... 3,491,883 6,447,199 DAI-ICHI KANGO BANK LTD ............ 126,873,268 590,000 o DAIWA BANK LTD ..................... 4,775,749 11,700 DAUPHIN DEPOSIT CORP ............... 336,375 2,609,000 DCB HOLDINGS BERHAD ................ 7,604,020 78,000 o DCB HOLDINGS BERHAD WTS 12/28/99 ... 77,416 64,989 DEN DANSKE BANK AF 1871 ............ 4,491,293 7,600 DEPOSIT GUARANTY CORP .............. 338,200 835,700 DEUTSCHE BANK AG. .................. 39,685,995 20,000 o DEUTSCHE PFAND BRIES-UND-HYPOTHEKEN 778,313 256,250 DEVELOPMENT BANK OF SINGAPORE LTD (FR) ......................... 3,188,407 72,300 o DIME BANCORP, INC .................. 840,487 595,240 DRESDNER BANK AG. .................. 15,927,972 355,450 FIFTH THIRD BANCORP ................ 26,036,712 499,500 FIRST AMERICAN BANK CORP ........... 22,165,312 1,550,708 FIRST BANK SYSTEM, INC ............. 76,953,884 2,941,913 FIRST CHICAGO NBD CORP ............. 116,205,563 384,594 FIRST COMMERCE CORP ................ 12,307,008 914,248 FIRST FIDELITY BANCORP NEW ......... 68,911,443 98,700 FIRST HAWAIIAN, INC ................ 2,961,000 936,777 FIRST INTERSTATE BANCORP ........... 127,870,060 104,000 FIRST NATIONAL BANK HOLDINGS LTD ... 955,699 758,050 FIRST SECURITY CORP ................ 29,184,925 521,900 FIRST TENNESSEE NATIONAL CORP ...... 31,574,950 1,997,400 FIRST UNION CORP ................... 111,105,375 472,150 FIRST VIRGINIA BANKS, INC .......... 19,712,262 550,700 FIRSTAR CORP NEW ................... 21,821,487 2,300 FIRSTIER FINANCIAL, INC ............ 101,200 234,300 FIRSTMERIT CORP .................... 7,029,000 2,534,368 FLEET FINANCIAL GROUP, INC NEW ..... 103,275,496 See notes to financial statements. 18 SHARES VALUE ------ ------- BANKS-(Continued) 18,995 o FLEET FINANCIAL GROUP, INC NEW WTS 1/18/96 ....................... $ 280,176 122,300 FOURTH FINANCIAL CORP .............. 5,006,656 5,499,882 FUJI BANK LTD ...................... 121,560,151 23,551 GENERALE DE BANQUE S.A. ............ 8,162,442 279 GENERALE DE BANQUE S.A. NPV (VVPR) . 99,067 39,000 o GRUPO FINANCIERO BANAMEX ACCIVAL S.A. SERIES B ............. 65,396 144,987 GRUPO FINANCIERO BANAMEX ACCIVAL S.A. SERIES L ............. 215,646 393,000 o GRUPO FINANCIERO BANCOMER S.A. SERIES B .......................... 109,662 904,000 GUNMA BANK ......................... 9,727,347 6,550,319 HANG SENG BANK LTD ................. 58,664,874 28,310,000 o HANG SENG BANK WTS 11/1/96 ......... 6,041,151 384,000 o HANIL BANK ......................... 4,098,401 195,400 HIBERNIA CORP (CLASS A) ............ 2,100,550 100,800 HIGO FAMILY BANK ................... 811,038 147,000 HOKKAIDO BANK LTD .................. 498,756 1,005,205 HOKURIKU BANK LTD .................. 6,304,663 12,152,000 HONG KONG CHINESE BANK ............. 3,732,564 6,853,027 HSBC HOLDINGS LTD .................. 103,696,529 352,551 HSBC HOLDINGS LTD (HONG KONG) ...... 5,375,180 1,245,673 HSBC HOLDINGS LTD (UNITED KINGDOM) . 19,456,360 1,028,546 HUNTINGTON BANCSHARES, INC ......... 24,685,104 177,400 o IMPERIAL BANCORP ................... 4,346,300 4,131,250 INDUSTRIAL BANK OF JAPAN LTD ....... 125,351,296 250,000 INSTITUTO BANCARIO SAN PAOLO DI TURINO ......................... 1,480,500 690,000 ISTITUTO MOBILIARE ITALIANO S.P.A. . 4,347,000 982,000 IYO BANK LTD ....................... 7,377,618 2,193,914 JOYO BANK .......................... 17,652,275 2,472,219 KEYCORP NEW ........................ 89,617,938 349,980 o KOOKMIN BANK ....................... 6,451,076 96,222 o KOOKMIN BANK NEW ................... 1,736,422 332,700 o KOREA FIRST BANK ................... 2,959,067 22,069 KREDIETBANK NV ..................... 6,029,055 5,697,684 LLOYDS TSB GROUP PLC ............... 29,325,233 192,500 o LONG ISLAND BANCORP, INC ........... 5,077,187 423,000 MAGNA GROUP, INC ................... 10,046,250 448,500 MALAYAN BANKING BERHAD ............. 3,780,190 1,725,000 MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE ............... 2,296,377 575,000 o MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE RTS ........... 199,291 1,270,400 o MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE WTS 11/07/99 .. 655,464 658,920 MARSHALL & ILSLEY CORP ............. 17,131,920 698,800 MEDIOBANCA S.P.A. .................. 4,840,482 1,658,268 MELLON BANK CORP ................... 89,131,905 478,775 MERCANTILE BANCORP, INC ............ 22,023,650 154,700 MERCANTILE BANKSHARES CORP ......... 4,312,262 771,236 MERIDIAN BANCORP, INC .............. 35,862,474 8,000 MICHINOKU BANK LTD ................. 63,747 354,000 MIDLANTIC CORP ..................... 23,231,250 1,000 MITSUBISHI BANK LTD ................ 23,556 2,668,200 MITSUBISHI TRUST & BANKING CORP .... 44,488,712 2,002,700 MITSUI TRUST & BANKING CO LTD ...... 21,938,016 2,032,643 MORGAN (J.P.) & CO, INC ............ 163,119,600 115,800 N S BANCORP ........................ 4,487,250 4,869,943 NATIONAL AUSTRALIA BANK LTD ........ 43,835,281 354,000 NATIONAL BANK OF CANADA ............ 2,887,493 1,204,027 NATIONAL CITY CORP ................. 39,883,394 2,855,000 NATIONSBANK CORP ................... 198,779,375 44,602 NEDCOR LTD ......................... 770,793 10,000 o NORDBANKEN AB ...................... 173,522 64,600 o NORTH FORK BANCORP, INC ............ 1,631,150 598,450 NORTHERN TRUST CORP ................ 33,513,200 3,240,318 NORWEST CORP ....................... 106,930,494 494,500 OLD KENT FINANCIAL CORP ............ 20,336,312 2,191,200 OVERSEAS-CHINESE BANKING CORP LTD (FR) ..................... 27,419,061 2,165,364 PNC BANK CORP ...................... 69,832,989 114,900 PREMIER BANCORP, INC ............... 2,685,787 72,300 PROVIDENT BANCORP, INC ............. 3,398,100 98,200 PROVIDENT BANKSHARES CORP .......... 2,896,900 321,000 PT BANK DANAMON (FR) ............... 420,831 400,000 o PT BANK NISP (FR) .................. 244,720 360,266 PUBLIC BANK BERHAD (FR) ............ 689,599 250,500 RCSB FINANCIAL, INC ................ 5,949,375 629,960 REGIONS FINANCIAL CORP ............. 27,088,280 327,250 REPUBLIC BANCORP, INC .............. 3,517,937 450,325 REPUBLIC NEW YORK CORP ............. 27,976,440 532,160 ROYAL BANK OF CANADA ............... 12,144,211 1,623,244 ROYAL BANK OF SCOTLAND PLC ......... 14,768,657 7,080,300 SAKURA BANK ........................ 89,913,720 500,850 SANWA BANK LTD ..................... 10,196,003 158,000 SEVENTY-SEVEN (77) BANK LTD ........ 1,450,474 1,895,660 SHIZUOKA BANK LTD .................. 23,889,486 1,234,008 SIGNET BANKING CORP ................ 29,307,690 757,000 SKANDINAVISKA ENSKILDA BANKEN SERIES A ................... 6,282,263 88,000 SKANDINAVISKA ENSKILDA BANKEN SERIES C FREE .............. 657,272 110,040 SOCIETE GENERALE S.A. .............. 13,612,959 1,082,545 SOUTHERN NATIONAL CORP ............. 28,416,806 723,630 SOUTHTRUST CORP .................... 18,543,018 400 o SOVEREIGN BANCORP, INC ............. 4,050 439,500 ST. PAUL BANCORP, INC .............. 11,207,250 6,600 STANDARD BANK INVESTMENT CORP LTD .. 316,829 92,400 STAR BANC CORP ..................... 5,497,800 789,800 STATE STREET BOSTON CORP ........... 35,541,000 6,457,895 SUMITOMO BANK LTD .................. 137,100,206 1,242,001 SUMITOMO TRUST & BANKING CO LTD .... 17,578,338 389,890 SUMMIT BANCORP ..................... 12,281,535 1,098,240 SUNTRUST BANKS, INC ................ 75,229,440 174,200 SVENSKA HANDELSBANKEN SERIES A ..... 3,627,311 238,500 SVENSKA HANDELSBANKEN SERIES B FREE 4,786,274 48,654 SWISS BANK CORP (BR) ............... 19,914,858 1,461 o SWISS BANK CORP (BR) WTS 6/30/98 ... 28,884 28,040 SWISS BANK CORP (REGD) ............. 5,738,609 6,900 SYNOVUS FINANCIAL CORP ............. 196,650 1,415,000 TOHO BANK LTD ...................... 10,219,172 3,809,038 TOKAI BANK LTD ..................... 53,171,732 1,653,217 U.S. BANCORP ....................... 55,589,421 33,800 U.S. TRUST CORP NEW ................ 1,681,550 429,200 UJB FINANCIAL CORP ................. 15,343,900 93,000 UNI BANKDANMARK AS (CLASS A) ....... 4,614,753 37,781 UNION BANK OF SWITZERLAND (BR) ..... 41,041,311 4,545 UNION BANK OF SWITZERLAND (REGD) ... 1,034,839 583,000 UNION PLANTERS CORP ................ 18,583,125 464,666 o UNITAS BANK FINLAND SERIES A ....... 1,177,128 406,890 UNITED OVERSEAS BANK LTD (FR) ...... 3,912,129 2,000,000 o UNITED OVERSEAS BANK LTD (FR) WTS 6/17/97 ....................... 8,059,389 1,444,380 WACHOVIA CORP NEW .................. 66,080,385 1,757,049 WASHINGTON FEDERAL, INC ............ 45,024,380 1,468,200 WASHINGTON MUTUAL, INC ............. 42,394,275 See notes to financial statements. 19 SHARES VALUE ------ ------- BANKS-(Continued) 585,154 WELLS FARGO & CO ................... $126,393,264 5,077,409 WESTPAC BANKING CORP ............... 22,511,423 75,100 WILMINGTON TRUST CORP .............. 2,318,712 90,488 WING LUNG BANK LTD ................. 506,727 620,000 YAMAGUCHI BANK LTD ................. 10,578,092 634,000 YAMANASHI CHUO BANK LTD ............ 6,330,375 2,340,342 YASUDA TRUST & BANKING CO LTD ...... 13,861,925 54,900 ZIONS BANCORP ...................... 4,405,725 ------------- 6,051,719,663 ------------- BEVERAGES-2.51% 1,600,000 ALLIED DOMECQ PLC .................. 13,041,840 2,630,722 ANHEUSER BUSCH COS, INC ............ 175,929,533 2,121,080 ARTHUR GUINESS & SONS PLC .......... 15,609,714 180,400 ASAHI BREWERIES LTD ................ 2,133,533 1,216,600 BASS LTD ........................... 13,581,141 1,880 BRAU UND BRUNNEN AG. ............... 285,027 467,800 BROWN FORMAN, INC (CLASS B) ........ 17,074,700 366 BUENOS AIRES EMBOTELLADORA S.A. (CLASS B) ...... 386,168 63,449 CARLSBERG BREWERIES AS (CLASS A) ... 3,549,108 23,581 CARLSBERG BREWERIES AS (CLASS B) ... 1,319,036 49,500 CHRISTIAN DIOR S.A. ................ 5,344,237 290,100 COCA COLA BOTTLING CO CONSOLIDATED . 10,153,500 11,782,799 COCA COLA CO ....................... 874,872,825 961,300 COCA COLA ENTERPRISES, INC ......... 25,714,775 195,566 COCA-COLA AMATIL LTD ............... 1,561,017 194,400 COORS ADOLPH CO (CLASS B) .......... 4,301,100 337,000 DELTA CORP ......................... 564,150 46,700 o EL AGUILA S.A. ..................... 286,786 395,000 FOMENTO ECONOMICO MEXICANO S.A. DE CV SERIES B .................... 888,943 5,877,396 FOSTERS BREWING GROUP LTD .......... 9,662,550 90,000 FRASER & NEAVE LTD ................. 1,145,281 3,256,365 GRAND METROPOLITAN PLC ............. 23,459,061 478,800 o GRUPO MODELO S.A. SERIES C ......... 2,268,166 940,000 GUINESS ANCHOR BERHAD .............. 1,762,269 106,053 HEINEKEN NV ........................ 18,834,302 111,666 HERMES INTERNATIONAL S.A. .......... 21,006,581 78,000 KIRIN BEVERAGE CORP ................ 1,051,023 619,175 KIRIN BREWERY CO LTD ............... 7,322,784 4,816,600 LION NATHAN LTD .................... 11,494,189 180,501 LOUIS VUITTON-MOET HENNESSY ........ 37,646,653 16,000 MOLSON CO LTD (CLASS A) ............ 263,949 1,000 MOLSON CO LTD (CLASS B) ............ 16,680 7,236,893 PEPSICO, INC ....................... 404,361,396 19,680 PERNOD-RICARD S.A. ................. 1,119,914 143,500 SAPPORO BREWERIES LTD .............. 1,335,445 238,857 SCOTTISH & NEWCASTLE PLC ........... 2,273,306 249,900 SEAGRAMS CO LTD .................... 8,611,559 335,700 SEAGRAMS CO LTD (U.S.) ............. 11,623,612 80,706 SOUTH AFRICAN BREWERIES LTD ........ 2,955,495 21,000 VINA CONCHA Y TORO S.A. ADR ........ 378,000 482,000 YAKULT HONSHA CO LTD ............... 6,588,236 ------------- 1,741,777,584 ------------- BROADCASTERS-1.05% 106,000 ASATSU, INC ........................ 4,459,627 303,050 o ASSOCIATED GROUP, INC (CLASS A) .... 5,720,068 303,050 o ASSOCIATED GROUP, INC (CLASS B) .... 5,757,950 998,456 AUSTEREO LTD ....................... 1,411,227 102,900 BHC COMMUNICATIONS, INC (CLASS A) .. 9,724,050 6,292 CANAL PLUS S.A. .................... 1,181,076 1,258,920 CAPITAL CITIES/ABC, INC ............ 155,319,255 221,700 CITICASTERS, INC ................... 5,237,662 174,700 o CLEAR CHANNEL COMMUNICATIONS, INC .. 7,708,637 707,800 COMCAST CORP (CLASS A) ............. 12,474,975 1,037,668 COMCAST CORP (CLASS A) SPL ......... 18,872,586 36,338 o DATA BROADCASTING CORP ............. 449,682 96,300 o EVERGREEN MEDIA CORP (CLASS A) ..... 3,081,600 501,405 GAYLORD ENTERTAINMENT CO ........... 13,913,988 682,500 HARTE-HANKS COMMUNICATIONS, INC .... 13,479,375 272,457 o HERITAGE MEDIA CORP (CLASS A) NEW .. 6,981,710 402,900 o INFINITY BROADCASTING CORP (CLASS A).......................... 15,008,025 120,000 o KATZ MEDIA GROUP, INC .............. 2,115,000 377,600 o KING WORLD PRODUCTIONS, INC ........ 14,679,200 1,248,199 o LIBERTY MEDIA GROUP (CLASS A) ...... 33,545,348 289,569 o LIN TELEVISION CORP ................ 8,614,677 30,000 METROPOLE TELEVISION S.A. .......... 2,527,348 20,500 NIPPON TELEVISION NETWORK CORP ..... 5,484,865 61,000 o ROGERS COMMUNICATIONS (CLASS B) .... 682,051 671,665 SCRIPPS (E.W.) CO (CLASS A) ........ 26,446,809 61,500 TCA CABLE TV, INC .................. 1,698,937 67,200 TELE METROPOLE, INC (CLASS B) ...... 973,092 5,270,497 o TELE-COMMUNICATIONS, INC (CLASS A) NEW ..................... 104,751,127 93,067 TELEVISION FRANCAISE (TFI) ......... 9,990,830 1,356,350 TOKYO BROADCASTING SYSTEMS, INC .... 22,352,376 638,400 TURNER BROADCASTING SYSTEMS, INC (CLASS A) ............ 16,518,600 504,000 TURNER BROADCASTING SYSTEMS, INC (CLASS B) ............ 13,104,000 62,400 TV4 AB SERIES A FREE ............... 1,082,779 346,000 UNITED TELEVISION, INC ............. 31,226,500 469,487 o VIACOM, INC (CLASS A) .............. 21,537,716 2,680,048 o VIACOM, INC (CLASS B) .............. 126,967,274 246,144 o VIACOM, INC (CLASS B) WTS 7/07/97 .. 707,664 147,686 o VIACOM, INC (CLASS B) WTS 7/07/99 .. 812,273 216,800 o WESTWOOD ONE, INC .................. 3,062,300 ------------- 729,662,259 ------------- BUSINESS SERVICES-1.28% 68,900 o ACCUSTAFF, INC ..................... 3,031,600 2,816 o ADIA S.A. (BR) ..................... 460,074 241,600 o ADIA S.A. ADR ...................... 4,892,400 711,530 ADVO, INC .......................... 18,499,780 69,400 o ALLIANCE SEMICONDUCTOR CORP ........ 806,775 517,800 o ALLWASTE, INC ...................... 2,459,550 23,000 o ALTERNATIVE RESOURCES CORP ......... 695,750 322,600 o AMERICA ONLINE, INC ................ 12,097,500 652,430 AMERICAN BUSINESS PRODUCTS, INC .... 18,594,255 99,200 o ATRIA SOFTWARE INC ................. 3,881,200 537,500 AUTODESK, INC ...................... 18,409,375 343,400 BANTA CORP ......................... 15,109,600 1,631,000 BET PLC ............................ 3,216,009 960,200 BLOCK (H&R), INC ................... 38,888,100 789,500 o BOSTON LIFE SCIENCES, INC .......... 592,125 98,000 o CABLEVISION SYSTEMS CORP (CLASS A) . 5,316,500 673,000 o CALGENE, INC ....................... 3,112,625 421,400 CARLTON COMMUNICATIONS PLC ......... 6,320,206 180,900 o CATALINA MARKETING CORP ............ 11,351,475 272,800 o CHECKPOINT SYSTEMS, INC ............ 10,195,900 112,800 CHUBB SECURITY PLC ................. 557,799 357,400 CINTAS CORP ........................ 15,904,300 407,900 o COMPUTERVISION CORP ................ 6,271,462 172,900 o CORPORATE EXPRESS, INC ............. 5,208,612 204,100 o CORRECTIONS CORP OF AMERICA ........ 7,577,212 200,500 o CREDENCE SYSTEMS CORP .............. 4,586,437 161,300 CROSS (A.T.) CO (CLASS A) .......... 2,439,662 835,400 DELUXE CORP ........................ 24,226,600 13,500 o DEVRY, INC ......................... 364,500 41,900 o DIALOGIC CORP ...................... 1,613,150 382,250 DIEBOLD, INC ....................... 21,167,093 See notes to financial statements. 20 SHARES VALUE ------ ------- BUSINESS SERVICES-(Continued) 84,300 o DOUBLETREE CORP .................... $ 2,212,875 435,700 +o DUPLEX PRODUCTS, INC ............... 3,540,062 58,250 ECCO S.A. .......................... 8,825,935 1,628,606 ELECTROCOMPONENTS PLC .............. 9,102,865 438,550 ENNIS BUSINESS FORMS, INC .......... 5,372,237 28,000 ESSELTE AB SERIES B FREE ........... 420,376 8,400 o FLUGHAFEN WIEN AG .................. 567,195 148,800 o FORE SYSTEMS, INC .................. 8,853,600 322,600 o FRANKLIN QUEST CO .................. 6,290,700 154,043 GETRONICS NV ....................... 7,206,797 24,600 o GROUNDWATER TECHNOLOGY, INC ........ 344,400 40,953 GUILBERT S.A. ...................... 4,815,042 491,900 HARLAND (JOHN H.) CO ............... 10,268,412 755,000 HAYS PLC ........................... 4,395,798 235,000 HENDERSON INVESTMENT LTD ........... 192,991 23,500 o HENDERSON INVESTMENT LTD WTS 3/31/96 ....................... 361 296,100 HUNT MANUFACTURING CO .............. 5,144,737 630,950 IDEON GROUP, INC ................... 6,388,368 259,900 o INFORMATION RESOURCES, INC ......... 3,216,262 22,300 o INSO CORP .......................... 947,750 167,500 o INTERIM SERVICES, INC .............. 5,820,625 1,274,900 INTERPUBLIC GROUP OF COS, INC ...... 55,298,787 10,800 ISS INTERNATIONAL SERVICE SYSTEM AS SERIES B ....................... 243,594 447,393 KELLY SERVICES, INC (CLASS A) ...... 12,415,155 33,600 LIBERTY PROPERTY TRUST ............. 697,200 304,300 MACNEAL-SCHWENDLER CORP ............ 4,868,800 221,600 o MAIL BOXES ETC ..................... 2,770,000 765,000 MANPOWER, INC ...................... 21,515,625 123,200 o MCAFEE ASSOCIATES, INC ............. 5,405,400 665,673 MERCURY ASSETS MANAGEMENT GROUP PLC ............. 8,991,657 45,000 o MERCURY INTERACTIVE ................ 821,250 489,000 o MERISEL, INC ....................... 2,139,375 87,500 o MICRO WAREHOUSE, INC ............... 3,784,375 133,608 MOORE CORP LTD ..................... 2,510,233 125,554 MOORE CORP LTD (U.S.) .............. 2,338,443 120,100 NASHUA CORP ........................ 1,636,362 47,700 o NATIONAL AUTO CREDIT, INC .......... 775,125 308,600 o NATIONAL EDUCATION CORP ............ 2,507,375 469,249 NATIONAL SERVICE INDUSTRIES, INC ... 15,191,936 325,200 NEW ENGLAND BUSINESS SERVICES, INC . 7,113,750 254,800 o NU KOTE HOLDING, INC (CLASS A) ..... 4,331,600 1,551,598 o OFFICE DEPOT, INC .................. 30,644,060 567,979 OLSTEN CORP ........................ 22,435,170 614,000 OMNICOM GROUP, INC ................. 22,871,500 78,600 o OPTICAL DATA SYSTEMS, INC .......... 1,984,650 435,212 PAYCHEX, INC ....................... 21,706,198 166,200 PHH CORP ........................... 7,769,850 479,925 PREMIER INDUSTRIAL CORP NEW ........ 11,758,162 23,076 PROSEGUR COMPANIA DE SEGURIDAD S.A. 572,548 2,200 PUBLICITAS HOLDINGS S.A. (REGD) .... 2,150,864 188,300 o QUARTERDECK CORP ................... 5,178,250 700,000 RENTOKIL GROUP PLC ................. 3,640,847 3,093,400 REUTERS HOLDINGS PLC ............... 28,336,595 287,600 o ROBERT HALF INTERNATIONAL, INC ..... 12,043,250 404,550 ROLLINS, INC ....................... 8,950,668 40,750 SAP AG. ............................ 6,334,717 28,000 SCRIBONA AB SERIES B FREE .......... 299,967 264,727 SECOM CO LTD ....................... 18,425,772 9,000 SECURITAS AB SERIES B FREE ......... 427,770 542,150 SENSORMATIC ELECTRONICS CORP ....... 9,419,856 781,250 SERVICE CORP INTERNATIONAL ......... 34,375,000 25,604 SLIGOS ............................. 2,115,123 2,150 SOCIETE GENERAL DE SURVEILLANCE (BR)............................... 4,278,698 330,300 o SOFTWARE PUBLISHING CORP ........... 1,094,118 1,166 SOPHUS BERENDSEN AS (CLASS A) ...... 131,285 54,950 SOPHUS BEREBDSEN AS (CLASS B) ...... 6,196,986 268,000 STANDARD REGISTER, INC ............. 5,393,500 217,500 o STRATACOM, INC ..................... 15,986,250 491,500 o SUNGARD DATA SYSTEMS, INC .......... 14,007,750 105,000 o THERMOLASE CORP .................... 2,716,875 2,900 o TIVOLI SYSTEMS, INC ................ 97,875 68,800 TOKYO DOME ......................... 1,180,496 122,300 TOKYO TOKEIBA CO LTD ............... 509,797 35,000 TOTAL SYSTEM SERVICES, INC ......... 1,067,500 355,500 TRUE NORTH COMMUNICATIONS, INC ..... 6,576,750 323,600 TSENG LABORATORIES, INC ............ 3,033,750 366,500 UNIFIRST CORP ...................... 6,597,000 254,700 o UNION CORP ......................... 4,711,950 36,248 UNITED STATIONERS, INC ............. 1,005,882 151,500 VALSPAR CORP ....................... 6,760,687 271,600 o VERIFONE, INC ...................... 7,774,550 298,000 o VOLT INFORMATION SCIENCES, INC ..... 8,120,500 117,700 WACKENHUT CORP SERIES A ............ 2,118,600 255,025 WACKENHUT CORP SERIES B ............ 3,952,887 236,300 WALLACE COMPUTER SERVICES, INC ..... 12,907,887 39,800 o WONDERWARE CORP .................... 681,575 ------------ 885,475,021 ------------ CHEMICALS-MAJOR-1.98% 56,900 AECI LTD ........................... 343,382 31,000 AGA AB SERIES A FREE ............... 427,996 43,500 AGA AB SERIES B FREE ............... 600,575 1,028,300 AIR PRODUCTS & CHEMICALS, INC ...... 54,242,825 119,017 AKZO NOBEL NV ...................... 13,779,265 236,500 ARCO CHEMICAL CO ................... 11,499,812 79,960 BASF AG. ........................... 17,848,974 105,295 BAYER AG. .......................... 27,844,744 1,132,075 BOC GROUP PLC ...................... 15,836,513 87,000 CALOR GROUP PLC .................... 345,795 4,800 o CLARIANT LTD ....................... 1,576,778 159,000 COURTAULDS PLC ..................... 1,004,734 3,771 DEGUSSA AG. ........................ 1,259,372 2,395,600 DOW CHEMICAL CO .................... 168,590,350 4,482,661 DU PONT (E.I.) DE NEMOURS & CO ..... 313,225,937 126,000 DU PONT CANADA, INC (CLASS A) ...... 2,217,172 794,248 EASTMAN CHEMICAL CO ................ 49,739,781 126,962 ENGLISH CHINA CLAYS PLC ............ 624,874 32,800 xo ERCROS S.A. ........................ 23,251 32,800 o ERCROS S.A. RTS .................... 270 239,900 GOODRICH (B.F.) CO ................. 16,343,187 1,222,000 HERCULES, INC ...................... 68,890,250 28,700 HOECHST AG. ........................ 7,800,116 706,000 ICI AUSTRALIA LTD .................. 5,409,492 295,342 IMPERIAL CHEMICAL INDUSTRY PLC ..... 3,498,721 61,608 IMPERIAL CHEMICAL INDUSTRY PLC ADR NEW ........................... 2,880,174 7,859 LAIR LIQUIDE ....................... 1,303,271 18,125 # LAIR LIQUIDE (REGD) ................ 3,005,698 818,477 LILLY INDUSTRIES, INC (CLASS A) .... 10,435,581 126,600 MISSISSIPPI CHEMICAL CORP .......... 2,943,450 7,556,433 MITSUBISHI CHEMICAL CORP ........... 36,772,534 1,859,500 MITSUBISHI GAS CHEMICAL CO, INC .... 8,382,086 338,667 MITSUI TOATSU CHEMICALS, INC ....... 1,362,460 1,022,900 MONSANTO CO ........................ 125,305,250 4,260,000 o MONTEDISON S.P.A. .................. 2,855,563 1,380,000 o MONTEDISON S.P.A. WTS 1/19/97 ...... 118,238 400,000 o MONTEFIBRE ORD ..................... 244,440 113,000 NIPPON OIL & FATS CO LTD ........... 614,531 82,600 NIPPON SHOKUBAI KAGAK KOGYO CO LTD . 808,731 See notes to financial statements. 21 SHARES VALUE ------ ------- CHEMICALS-MAJOR-(Continued) 199,900 OLIN CORP .......................... $14,842,575 21,889 o POLIFIN LTD ........................ 35,125 3,088,500 PPG INDUSTRIES, INC ................ 141,298,875 1,406,980 PRAXAIR, INC ....................... 47,309,702 38,500 o QUINTILES TRANSNATIONAL CORP ....... 1,578,500 200,000 o RHODIA-STER S.A. GDR ............... 1,850,000 127,833 RHONE-POULENC S.A. (CLASS A) ....... 2,741,984 502,500 ROHM & HAAS CO ..................... 32,348,437 163,984 SASOL LTD .......................... 1,342,731 5,650,000 o SHOWA DENKO K.K. ................... 17,745,836 13,795 SOLVAY ET CIE S.A. ................. 7,488,126 2,470,160 SUMITOMO CHEMICAL CO LTD ........... 12,332,051 420 TOSHIBA CHEMICAL CORP .............. 3,485 514,000 o UBE INDUSTRIES LTD ................. 1,943,259 1,250 UCB NV ............................. 1,660,723 2,510,280 UNION CARBIDE CORP ................. 94,135,500 299,000,000 WHITE MARTINS S.A. .................. 298,384 69,134,000 YIZHENG CHEMICAL FIBER CO (CLASS H) 15,557,394 41,476 ZENECA GROUP PLC ADR ............... 2,421,161 ------------- 1,376,940,021 ------------- CHEMICALS-SPECIALTY-1.94% 375,500 o AIRGAS, INC ........................ 12,485,375 478,200 ALBEMARLE CORP ..................... 9,265,125 2,798,404 ASAHI CHEMICAL INDUSTRY CO LTD ..... 21,430,905 161,400 BETZ LABORATORIES, INC ............. 6,617,400 163,200 CALGON CARBON CORP ................. 1,958,400 179,400 CAMBREX CORP ....................... 7,422,675 220,900 CHEMED CORP ........................ 8,587,487 308,121 COMMERCIAL METALS CO ............... 7,625,994 336,800 CROMPTON & KNOWLES CORP ............ 4,462,600 142,919 o CYTEC INDUSTRIES, INC .............. 8,914,572 1,749,000 DAICEL CHEMICAL INDUSTRIES LTD ..... 9,952,471 782,380 DAINIPPON INK & CHEMICAL, INC ...... 3,648,092 202,000 o DENKI KAGKU KOGYO .................. 734,320 170,000 DEXTER CORP ........................ 4,016,250 601,800 o ECOGEN, INC ........................ 865,087 704,800 ECOLAB, INC ........................ 21,144,000 1,167,555 ENGELHARD CORP ..................... 25,394,321 5,900,000 o ENTE NAZIONALE IDROCARBURI ......... 20,629,350 1,168,700 ETHYL CORP ......................... 14,608,750 223,650 FERRO CORP ......................... 5,199,862 314,600 FIRST MISSISSIPPI CORP ............. 8,336,900 315,700 FOSTER WHEELER CORP ................ 13,417,250 130,160 FULLER (H.B.) CO ................... 4,523,060 252,300 GEON CO ............................ 6,149,812 225,000 GEORGIA GULF CORP .................. 6,918,750 7,237,300 + GRACE (W.R.) & CO .................. 427,905,362 650,500 GREAT LAKES CHEMICAL CORP .......... 46,836,000 3,746 ICN PHARMACEUTICALS, INC NEW ....... 72,110 1,194,600 IMC GLOBAL, INC .................... 48,829,275 147,000 KANEKA CORP ........................ 927,686 539,000 KANSAI PAINT CO LTD ................ 2,508,031 97,300 KUREHA CHEMICAL INDUSTRY CO LTD .... 457,464 513,790 LAWTER INTERNATIONAL, INC .......... 5,972,808 120,237 LEARONAL, INC ...................... 2,765,451 491,400 LOCTITE CORP ....................... 23,341,500 529,900 LUBRIZOL CORP ...................... 14,770,962 454,000 LYONDELL PETROCHEMICAL CO .......... 10,385,250 4,294,250 + MALLINCKRODT GROUP, INC ............ 156,203,343 76,450 o MCWHORTER TECHNOLOGIES, INC ........ 1,127,637 1,000 o METHANEX CORP ...................... 7,331 606,600 MILLIPORE CORP ..................... 24,946,425 2,157,500 MORTON INTERNATIONAL, INC .......... 77,400,312 701,300 o MYCOGEN CORP ....................... 11,922,100 650,700 NALCO CHEMICAL CORP ................ 19,602,337 21,100 NCH CORP ........................... 1,218,525 2,331 NORIT NV ........................... 27,481 171,000 NOVA CORP .......................... 1,379,134 230,000 NOVA CORP (U.S.) ................... 1,840,000 111,900 PENWEST LTD ........................ 2,769,525 150,500 PETROLITE CORP ..................... 4,289,250 61,000 POTASH CORP OF SASKATCHEWAN, INC ... 4,327,115 400,000 POTASH CORP OF SASKATCHEWAN, INC (U.S.) ............................ 28,350,000 363,600 RAYCHEM CORP ....................... 20,679,750 590,906 RPM, INC ........................... 9,749,949 20,000 o SAES GETTERS S.P.A. ................ 350,280 501,477 SCHULMAN A, INC .................... 11,283,232 433,200 o SEALED AIR CORP .................... 12,183,750 1,050,920 SEKISUI CHEMICAL CO LTD ............ 15,485,180 134,342 SHIN-ETSU CHEMICAL CO LTD .......... 2,786,946 340,900 SIGMA ALDRICH CORP ................. 16,874,550 244,600 o STERLING CHEMICALS, INC ............ 1,987,375 281,200 THIOKOL CORP ....................... 9,525,650 240,000 o TOSOH CORP ......................... 1,156,300 302,330 TREDEGAR INDUSTRIES, INC ........... 9,825,725 700,700 VIGORO CORP ........................ 43,268,225 123,300 WD-40 CO ........................... 5,055,300 246,900 WELLMAN, INC ....................... 5,616,975 546,000 WITCO CORP ......................... 15,970,500 473,052 ZERO CORP .......................... 8,396,673 ------------- 1,344,687,582 ------------- COMMUNICATION EQUIPMENT & SERVICES-1.76% 2,679,979 o 3COM CORP .......................... 124,954,020 6,128,915 o AIRTOUCH COMMUNICATIONS, INC ....... 173,141,848 162,500 ALLGON AB SERIES B FREE ............ 2,255,790 13,125 #o AMERICAN SATELLITE NETWORK WTS 6/30/99 ....................... 0 447,900 AMTECH CORP ........................ 2,295,487 375,075 o ANDREW CORP ........................ 14,346,618 140,900 o ANTEC CORP ......................... 2,536,200 167,800 o ARCH COMMUNICATIONS GROUP, INC ..... 4,027,200 331,200 o ASCEND COMMUNICATIONS INC .......... 26,868,600 179,800 o AVID TECHNOLOGIES, INC ............. 3,416,200 296,650 +o AYDIN CORP ......................... 4,486,831 677,093 o BRINKER INTERNATIONAL, INC ......... 10,241,031 45,500 o BROADBAND TECHNOLOGIES, INC ........ 739,375 451,900 o CABLETRON SYSTEMS, INC ............. 36,603,900 421,900 o CALIFORNIA MICROWAVE, INC .......... 7,014,087 223,300 o CASCADE COMMUNICATIONS CORP ........ 19,036,325 39,000 o CELLSTAR CORP ...................... 1,014,000 180,801 o CELLULAR COMMUNICATIONS INTERNATIONAL, INC ................ 7,729,242 715,800 CENTURY TELEPHONE ENTERPRISES, INC . 22,726,650 3,532,500 o CISCO SYSTEMS, INC ................. 263,612,812 324,800 o COMPRESSION LABORATORIES, INC ...... 2,030,000 324,400 COMSAT CORP SERIES 1 ............... 6,041,950 1,836,364 CORNING, INC ....................... 58,763,648 417,100 o DIGI INTERNATIONAL, INC ............ 7,924,900 216,500 o DIGITAL MICROWAVE CORP ............. 2,165,000 1,128,588 o DSC COMMUNICATIONS CORP ............ 41,616,682 32,400 o DSP COMMUNICATIONS, INC ............ 1,413,450 298,600 o DYNATECH CORP ...................... 5,076,200 45,000 ERICSSON S.P.A. .................... 567,000 1,990,350 ERICSSON TELFON (L.M.) AB SERIES B . 39,041,849 250,000 o FILMES LUSOMUNDO (NON-VTG) ......... 2,317,797 17,000 o FIREFOX COMMUNICATIONS, INC ........ 399,500 312,100 o GENERAL DATACOMM INDUSTRIES, INC ... 5,344,712 See notes to financial statements. 22 SHARES VALUE ------ ------- COMMUNICATION EQUIPMENT & SERVICES-(Continued) 894,000 o GEOTEK COMMUNICATIONS, INC ......... $ 5,643,375 529,175 HARRIS CORP ........................ 28,906,184 20 o INTELLICALL, INC ................... 75 92,400 o INTERDIGITAL COMMUNICATIONS CORP ... 681,450 473,422 o INTERNATIONAL CABLETEL, INC ........ 11,598,839 963,400 o LCI INTERNATIONAL, INC ............. 19,749,700 250,800 o MACROMEDIA, INC .................... 13,104,300 126,300 o MFS COMMUNICATIONS CO, INC ......... 6,725,475 70,724 o MILLICOM INTERNATIONAL CELLULAR S.A. 2,157,082 488,800 o MITEL CORP ......................... 3,177,200 85,000 o NERA AS ............................ 2,771,395 7,000 o NETCOM ON-LINE COMMUNICATION SERVICES INC ........ 252,000 314,500 o NETWORK EQUIPMENT TECHNOLOGIES ..... 8,609,437 476,200 o NEW WORLD COMMUNICATIONS GROUP, INC ......... 8,333,500 129,000 o NEWBRIDGE NETWORKS ................. 5,343,869 288,000 NOKIA AB SERIES SERIES K ........... 11,408,041 109,700 NORTHERN TELECOMMUNICATIONS LTD .... 4,695,169 199,409 NORTHERN TELECOMMUNICATIONS LTD (U.S.) ............................ 8,574,587 3,045,600 o NOVELL, INC ........................ 43,399,800 157,960 o OCTEL COMMUNICATIONS CORP .......... 5,094,210 464,000 o PAGING NETWORK, INC ................ 11,310,000 40,000 o PAIRGAIN TECHNOLOGIES, INC ......... 2,190,000 468,800 o PICTURETEL CORP NEW ................ 20,217,000 472,800 o QUALCOMM, INC ...................... 20,330,400 54,838 o SAMSUNG ELECTRONICS CO ............. 9,966,751 19,243 o SAMSUNG ELECTRONICS CO NEW ......... 3,472,591 770,100 SCIENTIFIC-ATLANTA, INC ............ 11,551,500 267,500 SIRTI S.P.A. ....................... 1,503,243 1,010,200 o TECH DATA CORP ..................... 15,153,000 309,600 o TELCO SYSTEMS, INC ................. 3,289,500 490,000 o TELESP S.A. ........................ 70,828 759,200 o TELLABS, INC ....................... 28,090,400 112,000 o VANGUARD CELLULAR SYSTEMS, INC ..... 2,268,000 ------------- 1,219,387,805 ------------- COMPUTER SERVICE-2.58% 31,800 o 3DO CO ............................. 318,000 310,000 o ACER INC GDR ....................... 4,030,000 79,500 o ACXIOM CORP ........................ 2,176,312 868,300 o ADAPTEC, INC ....................... 35,600,300 526,700 o ADC TELECOMMUNICATIONS, INC ........ 19,224,550 470,744 ADOBE SYSTEMS, INC ................. 29,186,128 542,350 o AMERICAN MANAGEMENT SYSTEMS, INC ... 16,270,500 238,000 o AMERICAN SOFTWARE, INC (CLASS A) ... 1,547,000 1,348,800 AUTOMATIC DATA PROCESSING, INC ..... 100,148,400 137,900 o BANYAN SYSTEMS, INC ................ 1,413,475 1,798,438 o BAY NETWORKS, INC .................. 73,960,762 324,000 o BBN CORP ........................... 13,324,500 217,700 o BISYS GROUP, INC ................... 6,694,275 489,800 o BMC SOFTWARE, INC .................. 20,938,950 382,737 o BORLAND INTERNATIONAL, INC ......... 6,315,160 137,000 o BOSTON TECHNOLOGY, INC ............. 1,746,750 202,700 o BRODERBUND SOFTWARE, INC ........... 12,314,025 385,058 o CADENCE DESIGN SYSTEMS, INC ........ 16,172,436 62,300 o CAMBRIDGE TECHNOLOGY PARTNERS, INC ..................... 3,582,250 110,100 o CDW COMPUTER CENTERS, INC .......... 4,459,050 593,726 o CERIDIAN CORP ...................... 24,491,197 458,675 o CHEYENNE SOFTWARE, INC 11,982,884 35,300 o CHUNG HO COMPUTER CO ............... 3,549,132 67,200 o COMPUSA, INC ....................... 2,091,600 3,298,725 COMPUTER ASSOCIATES INTERNATIONAL, INC ................ 187,614,984 468,900 o COMPUTER SCIENCES CORP ............. 32,940,225 40,000 o COMPUTRON SOFTWARE, INC ............ 720,000 23,000 o COMPUWARE CORP ..................... 425,500 151,300 o CONTINUM, INC ...................... 5,976,350 26,000 CSK ................................ 814,102 108,500 o CYRIX CORP ......................... 2,495,500 110,400 o DAVIDSON & ASSOCIATES, INC ......... 2,428,800 200,300 o DST SYSTEMS, INC ................... 5,708,550 562,900 o ELECTRONIC ARTS .................... 14,705,762 1,591,400 o EMC CORP ........................... 24,467,775 193,900 o EXABYTE CORP ....................... 2,835,787 1,169,534 FIRST DATA CORP .................... 78,212,586 610,575 o FISERV, INC ........................ 18,317,250 133,500 o FTP SOFTWARE, INC .................. 3,871,500 3,275,144 GENERAL MOTORS CORP (CLASS E) ...... 170,307,488 55,000 o GROUP AXIME S.A. ................... 4,239,851 709,380 HBO & CO ........................... 54,356,242 250,000 o HOGAN SYSTEMS, INC ................. 3,406,250 26,000 o HYPERION SOFTWARE CORP ............. 552,500 3,000 o INES CORP .......................... 54,964 586,365 o INTERGRAPH CORP .................... 9,235,248 4,500 o INTERSOLV INC ...................... 57,937 207,200 o INTUIT, INC ........................ 16,161,600 321,100 o LANDMARK GRAPHICS CORP ............. 7,465,575 283,100 o MARCAM CORP ........................ 4,317,275 78,000 o MEDIC COMPUTER SYSTEMS, INC ........ 4,719,000 448,300 o MENTOR GRAPHICS CORP ............... 8,181,475 246,750 o MICROCHIP TECHNOLOGY, INC .......... 9,006,375 55,300 o MICRON ELECTRONICS, INC ............ 594,475 2,953,250 o MICROSOFT CORP ..................... 259,147,687 70,200 MIROKU JYOHO SERVICES .............. 1,163,687 1,290,000 o MISYS PLC .......................... 11,416,267 238,950 NATIONAL COMPUTER SYSTEMS, INC ..... 4,510,181 258,300 NATIONAL DATA CORP ................. 6,392,925 249,100 o NETMANAGE, INC ..................... 5,791,575 225,500 o NETWORK GENERAL CORP ............... 7,526,062 3,002,350 o ORACLE CORP ........................ 127,224,581 655,200 o PARAMETRIC TECHNOLOGY CORP ......... 43,570,800 143,600 o PEOPLESOFT, INC .................... 6,174,800 186,200 o PLATINUM TECHNOLOGY, INC ........... 3,421,425 106,000 o POLICY MANAGEMENT SYSTEMS CORP ..... 5,048,250 142,400 o PROGRESS SOFTWARE CORP ............. 5,340,000 174,100 o QLOGIC CORP ........................ 1,327,512 1,349,100 o READ-RITE CORP ..................... 31,366,575 850,800 REYNOLDS & REYNOLDS CO (CLASS A) ... 33,074,850 97,150 o SAFEGUARD SCIENTIFICS INC .......... 4,808,925 797,500 o SAGE GROUP PLC ..................... 4,024,145 240,000 o SANTECH ............................ 1,063,608 25,400 o SECURITY DYNAMICS TECHNOLOGIES, INC 1,384,300 50,000 o SEER TECHNOLOGIES, INC ............. 625,000 651,400 SEI CORP ........................... 14,167,950 198,700 SHARED MEDICAL SYSTEMS CORP ........ 10,804,312 86,300 o SHIVA CORP ......................... 6,278,325 142,200 o SIERRA ON-LINE, INC ................ 4,088,250 283,000 o SILICONWARE PRECISION IND GDR ...... 4,669,500 153,600 o SOFTKEY INTERNATIONAL, INC ......... 3,552,000 316,034 o STERLING SOFTWARE, INC ............. 19,712,620 251,200 o STRUCTURAL DYNAMICS RESEARCH CORP .. 7,379,000 1,041,200 o SYBASE, INC ........................ 37,483,200 427,000 o SYMANTEC CORP ...................... 9,927,750 85,100 o SYNOPSYS, INC ...................... 3,233,800 538,612 SYSTEM SOFTWARE ASSOCIATES, INC .... 11,714,811 274,700 o SYSTEMS & COMPUTER TECHNOLOGY CORP . 5,459,662 7,440 o TAK WING INVESTMENT HOLDINGS WTS 10/31/96 ...................... 216 See notes to financial statements. 23 SHARES VALUE ------ ------- COMPUTER SERVICE-(Continued) 239,800 TELXON CORP ........................ $5,425,475 51,400 o ZEBRA TECHNOLOGY CORP .............. 1,747,600 ------------- 1,795,776,188 ------------- CONGLOMERATES-2.42% 3,300 ACKERMANS & VAN HAAREN ............. 548,319 19,340 AGIV AG. ........................... 408,068 910,200 ALCO STANDARD CORP ................. 41,527,875 435,000 ALEXANDER & BALDWIN, INC ........... 10,005,000 5,954,804 ALLIED SIGNAL, INC ................. 282,853,190 53,250 AMER GROUP SERIES A ................ 832,682 532,608 AMERICAN FINANCIAL GROUP, INC ...... 16,311,120 15,486 ANGLO AMERICAN INDUSTRIAL CORP ..... 704,102 20,600 ANGLOVAAL HOLDINGS LTD ............. 881,525 62,000 ANGLOVAAL INDUSTRIES LTD ........... 467,700 3,160 ARTEMIS S.A. ....................... 132,069 94,000 AVIR FINANZARIA S.P.A. ............. 592,200 62,700 BARLOW LTD ......................... 894,363 30 o BERKSHIRE HATHAWAY, INC ............ 963,000 660,000 BRADY (W.H.) CO (CLASS A) .......... 17,820,000 109,500 BRASCAN LTD (CLASS A) .............. 1,926,828 21,726,198 BRIERLEY INVESTMENTS LTD ........... 17,187,551 5,293,437 BRIERLEY INVESTMENTS LTD (AUSTRALIA)........................ 4,174,055 6,840,572 BTR LTD ............................ 34,942,011 53,058 o BTR LTD WTS 11/30/96 ............... 53,957 53,553 o BTR LTD WTS 11/30/97 ............... 56,539 42,115 o BTR LTD WTS 4/30/98 ................ 13,567 648,495 CHINA VANKE CO LTD SERIES B ........ 239,027 3,142,600 o COLTEC INDUSTRIES, INC ............. 36,532,725 334,950 o CONCORD EFS, INC ................... 14,151,637 1,062,650 COOKSON GROUP PLC .................. 5,048,603 180,500 o COPYTELE, INC ...................... 1,737,312 5,000 CORPORACION FINANCIERE ALBA S.A. ... 307,876 146,011 CRANE CO ........................... 5,384,155 33,900 CURTISS WRIGHT CORP ................ 1,822,125 76,000 DE BEERS CENTENARY LINK (UNITS) .... 2,303,663 139,000 o DESC SOCIEDAD DE FOMENTO INDUSTRIAL S.A. DE CV SERIES B .... 510,539 62,000 o DYNACTION .......................... 1,153,664 8,800 o EST ASIATIQUE ...................... 176,253 350,000 o FABER GROUP BERHAD ................. 299,133 4,200 FIRST NATIONAL BANCORP GAINESVILLE . 134,400 19,100 GENTING INTERNATIONAL .............. 31,133 46,174 GEVAERT PHOTO-PRODUCTION NV ........ 2,902,550 42,360 GRANDE HOLDINGS LTD ................ 24,104 31,550 GROUPE BRUXELLES LAMBERT S.A. ...... 4,288,149 885 GROUPE BRUXELLES LAMBERT S.A. NPV (VVPR) ....................... 121,488 2,655 o GROUPE BRUXELLES LAMBERT S.A. NPV (VVPR) WTS 12/20/98 .......... 26,162 93,000 GRUPO INDUSTRIAL ALFA S.A. SERIES A 1,194,939 8,842,062 HANSON PLC ......................... 26,426,757 118,034 HANSON PLC ADR ..................... 1,800,018 207,721 o HANSON PLC WTS 9/30/97 ............. 18,544 310,783 HARRISON & CROSSFIELD PLC .......... 772,034 39,000,500 HUTCHINSON WHAMPOA LTD ............. 237,567,485 10,000 IFIL FINANZIARIA DI PARTECIPAZIONI . 30,744 1,038,436 ITT INDUSTRIES, INC ................ 24,922,464 727,984 JARDINE MATHESON HOLDINGS LTD ...... 4,986,690 340,914 JOHNSON CONTROLS, INC .............. 23,437,837 170,000 KEPPEL CORP ........................ 1,514,316 750,000 o KEPPEL CORP WTS 6/30/97 ............ 3,419,938 6,450,000 KINGBOARD CHEMICAL HOLDINGS LTD .... 1,317,991 20,000 LAGARDERE GROUPE ................... 368,060 20,000 o LAGARDERE GROUPE WTS 6/30/97 ....... 7,606 168,000 LAND & GENERAL BERHAD .............. 363,922 31,500 LION LAND BERHAD ................... 31,264 355,988 o LITTON INDUSTRIES, INC ............. 15,841,466 867,500 LOEWS CORP ......................... 67,990,312 3,000,852 LONRHO PLC ......................... 8,200,056 50,134,000 + LUKS INDUSTRIAL CO ................. 5,122,186 540,000 MALAYAN UNITED INDUSTRIES BERHAD ... 438,125 350,000 MALAYSIA MINING CORP BERHAD ........ 504,529 2,000,000 MALAYSIAN RESOURCES CORP BERHAD .... 3,213,864 92,183 MALBAK LTD ......................... 638,491 1,002,605 MARK IV INDUSTRIES, INC ............ 19,801,448 3,407,400 MINNESOTA MINING & MANUFACTURING CO .................. 225,740,250 307,000 MULTI-PURPOSE HOLDINGS BERHAD ...... 449,799 102,118 MURRAY & ROBERTS HOLDINGS LTD ...... 721,311 130,000 NAMPAK LTD ......................... 722,123 442,046 NOBLEZA-PICCARDO SDAD INDUSTRIAL COMERCIAL Y FINANCIERA ............ 2,343,078 3,000 NOMA INDUSTRIES LTD (CLASS A) ...... 11,547 2,678,812 PACIFIC DUNLOP LTD ................. 6,277,219 62,600 POWER CORP OF CANADA ............... 946,642 71,000 PREMIER GROUP HOLDINGS LTD ......... 116,856 161,000 QUEBECOR, INC (CLASS B) ............ 2,405,144 1,468,700 ROCKWELL INTERNATIONAL CORP ........ 77,657,512 250,000 o SASIB ORD .......................... 1,102,500 308,240 SHANGHAI OUTER GAOQIAO CO LTD SERIES B .......................... 112,815 1,151,400 SIME DARBY BERHAD .................. 3,061,029 504,844 SKELLERUP GROUP LTD ................ 775,657 144,000 o SOCIEDAD COMERCIAL DEL PLATA S.A. .. 381,638 32,360,000 + SOUTH CHINA HOLDINGS ............... 6,989,094 52,046,000 + SOUTH CHINA INDUSTRIES LTD ......... 6,394,504 1,897,824 SOUTHCORP HOLDINGS LTD ............. 4,418,906 289,600 STANDEX INTERNATIONAL CORP ......... 9,484,400 20,640 SUPERFOS AS ........................ 1,806,276 1,926,000 SWIRE PACIFIC LTD (CLASS A) ........ 14,945,259 405,400 TELEDYNE, INC ...................... 10,388,375 703,200 TEXTRON, INC ....................... 47,466,000 33,812 TONGAAT HULETT GROUP LTD ........... 575,050 310,754 o TRAFALGAR HOUSE PLC ................ 133,887 636,500 TRW, INC ........................... 49,328,750 2,608,000 TYCO INTERNATIONAL LTD ............. 92,910,000 33,813 o U.S. INDUSTRIES, INC ............... 621,313 1,080,000 UNITED INDUSTRIAL CORP ............. 1,061,294 27,000 o UNITED INDUSTRIAL CORP WTS 7/05/99 . 9,925 1,115,500 UNITED TECHNOLOGIES CORP ........... 105,833,062 1,073,346 WHITMAN CORP ....................... 24,955,294 1,072,753 WILLIAMS HOLDINGS PLC .............. 5,463,024 1,596,000 YTL CORP BERHAD .................... 10,057,506 ------------- 1,676,088,544 ------------- CONSTRUCTION-MATERIALS & BUILDERS-1.27% 11,454,000 + ACME LANDIS HOLDINGS LTD ........... 933,240 600,000 ACP INDUSTRIES BERHAD .............. 2,575,818 950,158 ADELAIDE BRIGHTON HOLDINGS LTD ..... 848,187 224,202 AKER AS SERIES A ................... 2,980,788 2,978 AKER AS SERIES B ................... 36,293 90,000 AMEC PLC ........................... 131,349 9,900 ANGLO-ALPHA LTD .................... 388,342 300,550 o AOKI CONSTRUCTION CO LTD ........... 1,261,559 159,700 APASCO S.A. ........................ 654,967 404,100 ARMSTRONG WORLD INDUSTRIES, INC .... 25,054,200 20,000 ASANO SLATE CO ..................... 62,817 175,100 ATKINSON (GUY F.) CO OF CALIFORNIA . 1,751,000 153,400 o AVATAR HOLDINGS, INC ............... 5,369,000 329,800 BARRATT DEVELOPMENTS LTD ........... 1,264,757 1,660 BILFINGER & BERGER AG. ............. 629,763 See notes to financial statements. 24 SHARES VALUE ------ ------- CONSTRUCTION-MATERIALS & BUILDERS-(Continued) 2,206,822 BLUE CIRCLE INDUSTRIES PLC ......... $11,735,118 2,628,011 BORAL LTD .......................... 6,646,923 5,459 BOUYGUES S.A. ...................... 550,643 928,500 BPB INDUSTRIES PLC ................. 4,353,599 59,100 BUTLER MANUFACTURING CO ............ 2,319,675 416,600 CALMAT CO .......................... 7,602,950 123,228 CAMAS PLC .......................... 141,579 243,325 CARADON PLC ........................ 738,572 281,600 CARLISLE COS, INC .................. 11,369,600 88 CARPETS INTERNATIONAL THAILAND (FR) 384 140,028 o CASTLE & COOKE, INC ................ 2,345,469 6,500 CBR NV ............................. 2,633,797 7,100 o CBR NV WTS 12/20/96 ................ 41,253 537,100 o CDI CORP ........................... 9,667,800 159,120 o CEMENTOS MEXICANOS S.A. CPO ........ 526,614 208,062 CEMEX S.A. (CLASS A) (REGD) ....... 688,590 357,750 CEMEX S.A. (CLASS B) ............... 1,300,066 239,500 CENTEX CORP ........................ 8,322,625 638,200 o CHAMPION ENTERPRISES, INC .......... 19,704,425 598,000 CHICHIBU ONODA CEMENT CORP ......... 3,194,153 3,991,780 CHINA SOUTHERN GLASS SERIES B ...... 1,703,634 233,000 CHIYODA CORP ....................... 2,303,876 69,940 o CHONGGU HOUSING & CONSTRUCTION ..... 1,730,931 1,219,858 CLAYTON HOMES, INC ................. 26,074,464 32,555 COLAS S.A. ......................... 5,458,560 9,928 o COSTAIN GROUP PLC .................. 10,944 145,922 CRH PLC ............................ 1,101,074 82 o CRISTALERIA ESPANOLA S.A. .......... 4,596 2,724,250 CSR LTD ............................ 8,876,374 222,097 DAITO TRUST CONSTRUCTION CO LTD .... 2,626,670 1,451,000 DAIWA HOUSE INDUSTRY CO LTD ........ 23,912,189 189,900 DEBARTOLO REALTY CORP .............. 2,468,700 738 DLW AG. ............................ 111,888 23,626 o DONG-AH CONSTRUCTION INDUSTRIES CO NEW ................. 807,028 26,586 DRAGADOS Y CONSTRUCCIONES S.A. ..... 349,541 485,236 o DRAVO CORP ......................... 5,822,832 30,000,000 o ENGINEERING & EQUIPMENT CORP ....... 1,738,454 36,900 EUROC INDUSTRIA AB SERIES A ........ 985,501 539,200 FASTENAL CO ........................ 22,781,200 350,500 FLEETWOOD ENTERPRISES, INC ......... 9,025,375 214,500 FLORIDA ROCK INDUSTRIES, INC ....... 6,274,125 33,962 FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A. .................... 2,603,523 360 o FORBO HOLDINGS AG. (REGD) .......... 154,236 603,300 FUJITA CORP ........................ 2,725,349 397,300 o GENLYTE GROUP, INC ................. 2,681,775 176,200 GILBERT ASSOCIATES, INC (CLASS A) .. 2,202,500 2,388 GLAVERBEL S.A. ..................... 251,134 58 GLAVERBEL STRIP NPV (VVPR) ......... 9 138,800 GRANITE CONSTRUCTION, INC .......... 4,372,200 381,000 HASEKO CORP ........................ 1,540,153 566,600 HAZAMA-GUMI LTD .................... 2,416,752 1,570 HEIDELBERGER ZEMENT AG. ............ 987,215 100,198 HEPWORTH PLC ....................... 496,260 7,007 HOCHTIEF AG. ....................... 2,996,078 4,921 HOLDERBANK FINANCIERE GLARUS AG. (BR) ................... 3,784,725 1,300 HOLDERBANK FINANCIERE GLARUS AG. (REGD) ................. 199,965 1,244 HOLLANDSCHE BETON GROEP NV (H.B.G.) ....................... 190,119 4,000,000 o HUAXIN CEMENT CO LTD SERIES B ...... 1,072,000 101,000 HUME INDUSTRIES BERHAD ............. 485,309 147,000 o HYUNDAI ENGINEERING & CONSTRUCTION CO ................... 6,745,594 4,246 o HYUNDAI ENGINEERING & CONSTRUCTION CO NEW ............... 191,558 37,231 IMETAL S.A. ........................ 4,453,558 325,000 o IMPREGILO S.P.A. ................... 274,365 97,853 INAX CORP .......................... 929,615 154,000 ITALCEMENTI S.P.A. ................. 921,690 9,000 o ITALCEMENTI S.P.A. WTS 12/31/96 .... 1,417 129,200 o JACOBS ENGINEERING GROUP, INC ...... 3,230,000 401,144 JAMES HARDIE INDUSTRIES LTD ........ 692,313 17,000 o JENNINGS INDUSTRIES LTD ............ 1,138 245,970 JGC CONSTRUCTION CORP .............. 2,599,032 53,700 JUSTIN INDUSTRIES, INC ............. 590,700 3,241,756 KAJIMA CORP ........................ 32,054,094 217,998 KANDENKO ........................... 2,726,121 1,132,105 KAUFMAN & BROAD HOME CORP .......... 16,840,061 4,000,000 KEDAH CEMENT HOLDINGS .............. 6,868,848 213,664 KINDEN CORP ........................ 3,645,415 26,000 KOMATSU CONSTRUCTION CO LTD ........ 122,241 313,000 KUMAGAI GUMI (HONG KONG) LTD ....... 226,687 804,279 KUMAGAI GUMI CO LTD ................ 3,235,622 263,555 LAFARGE CORP ....................... 4,941,656 29,896 LAFARGE S.A. (BR) .................. 1,928,674 4,933 LAFARGE S.A. (SPANISH CERTS) ....... 315,136 43,811 LAING (JOHN) (CLASS A) ............. 188,418 77,500 LAPEYRE ............................ 3,866,678 150,000 o LEGRIS S.A. ........................ 4,889,068 567,287 LEIGHTON HOLDINGS LTD .............. 1,477,016 821,000 LENNAR CORP ........................ 20,627,625 40,000 MAEDA ROAD CONSTRUCTION CO LTD ..... 740,621 750,000 MALAYAN CEMENT BERHAD .............. 1,429,697 135,689 MARLEY PLC ......................... 233,844 1,395,800 MASCO CORP ......................... 43,793,225 1,000 MATSUO BRIDGE CO LTD ............... 6,688 27,000 MCALPINE (ALFRED) PLC .............. 62,041 689,292 MEDUSA CORP ........................ 18,266,238 58,510 MEYER INTERNATIONAL PLC ............ 350,652 286,484 MISAWA HOMES CO LTD ................ 2,521,675 6,041,136 o NEW WORLD INFRASTRUCTURE ........... 11,563,152 139,000 NIHON CEMENT CO LTD ................ 929,751 406,300 NIPPON HODO CO LTD ................. 6,892,676 281,000 NISHIMATSU CONSTRUCTION CO LTD ..... 3,296,056 397,500 OAKWOOD HOMES CORP ................. 15,254,062 875 OCP CONSTRUCCIONES S.A. ............ 24,595 315,320 OHBAYASHI-GUM LTD .................. 2,506,503 101,280 OHKI CONSTRUCTION CO LTD ........... 696,102 324,740 OKUMURA CORP ....................... 2,959,147 105,000 ORIENTAL CONSTRUCTION .............. 2,239,314 503,400 o OWENS CORNING FIBERGLAS CORP NEW ... 22,590,075 135,000 PENTA OCEAN CONSTRUCTION CO LTD .... 1,046,952 558,333 o PILECON ENGINEERING BERHAD WTS 7/06/99 ....................... 180,320 2,710,342 PILKINGTON PLC ..................... 8,500,315 677,585 o PILKINGTON PLC (FULLY PD) .......... 2,125,077 2,449,600 PIONEER INTERNATIONAL LTD .......... 6,323,233 41,800 PITTWAY CORP ....................... 2,774,475 167,613 PITTWAY CORP (CLASS A) ............. 11,355,780 331,100 PLY-GEM INDUSTRIES, INC ............ 5,380,375 26,630 o POHANG IRON & STEEL CO ............. 1,740,331 18,088 PORTLAND VALDERRIVAS S.A. .......... 1,140,610 550,000 o PT SEMEN GRESIK (FR) ............... 1,538,240 606,248 PULTE CORP ......................... 20,385,089 957,150 REDLAND PLC ........................ 5,780,816 See notes to financial statements. 25 SHARES VALUE ------ ------- CONSTRUCTION-MATERIALS & BUILDERS-(Continued) 95,200 REPUBLIC GROUP, INC ................ $ 1,332,800 659,250 RMC GROUP PLC ...................... 10,143,395 244,696 RUGBY GROUP PLC .................... 417,906 352,300 RYLAND GROUP, INC .................. 4,932,200 529,550 SANKYO ALUMINIUM INDUSTRY CO LTD ... 2,838,802 95,000 SANWA SHUTTER CORP ................. 689,776 45,280 o SCHNEIDER S.A. ..................... 1,549,917 1,748,850 SEKISUI HOUSE LTD .................. 22,378,424 190,000 o SEMAPA SOC INV E GESTAO-SGPS ....... 2,034,976 1,787,000 SHERWIN-WILLIAMS CO ................ 72,820,250 2,900,000 SHIMIZU CORP ....................... 29,518,230 65,000 o SHOKUSEN JUTAKO .................... 238,181 132,200 SKANSKA AB SERIES B FREE ........... 4,548,035 123,900 SKYLINE CORP ....................... 2,570,925 6,000 o SOLA INTERNATIONAL, INC ............ 151,500 34,993 ST. GOBAIN ......................... 3,820,929 71,300 STARRETT (L.S.) CO (CLASS A) ....... 1,844,887 34,000 STARRETT (L.S.) CO (CLASS B) ....... 879,750 175,700 STONE & WEBSTER, INC ............... 6,303,237 900 STRABAG BAU AG. .................... 160,658 509,495 SUMITOMO FORESTRY CO LTD ........... 7,803,690 407,000 SUMITOMO OSAKA CEMENT CO ........... 1,893,819 471,000 SUNGEI WAY HOLDINGS BERHAD ......... 1,697,381 34,000 SUZUNUI INDUSTRY CO LTD ............ 184,573 1,501,000 TAISEI CORP ........................ 10,025,428 750 TAKASHIMA & CO LTD ................. 3,373 1,685,977 TARMAC PLC ......................... 2,696,177 177,750 TAYLOR WOODROW PLC ................. 324,270 138,494 TEXAS INDUSTRIES, INC .............. 7,340,182 177,000 TIME ENGINEERING BERHAD ............ 411,303 76,000 TOA CORP ........................... 559,925 525,000 o TODA CONSTRUCTION CO ............... 4,554,968 93,000 TOSTEM CORP ........................ 3,092,289 138,790 TOTO LTD ........................... 1,937,419 21,000 TOYO EXTERIOR CORP ................. 517,077 210,000 o UNICEM S.P.A. ORD .................. 1,131,165 12,450 UNILAND CEMENTERA S.A. ............. 567,518 222,000 UNITED ENGINEERING BERHAD .......... 1,416,463 200,000 URALITA S.A. ....................... 1,813,460 48,200 o USG CORP ........................... 1,446,000 359,900 VULCAN MATERIALS CO ................ 20,739,237 6,252,000 WAI KEE HOLDINGS LTD ............... 784,307 2,180,400 o WAI KEE HOLDINGS LTD WTS 12/31/96 .. 14,381 670,100 WEBB DEL CORP ...................... 13,485,762 2,340 WIENERBERGER BAUSTOFF AG. .......... 464,719 373,100 WILSON (CONNOLLY) HOLDINGS PLC ..... 970,285 131,000 WIMPEY (GEORGE) LTD ................ 292,882 1,008,021 WOLSELEY PLC ....................... 7,058,390 ----------- 882,766,461 ----------- CONTAINERS-0.11% 212,204 o ALLTRISTA CORP ..................... 3,819,672 437,796 BALL CORP .......................... 12,039,390 80 CARNAUDMETALBOX PLC ................ 3,649 41,838 CARNAUDMETALBOX S.A. ............... 1,916,308 97,300 CCL INDUSTRIES, INC (CLASS B) ...... 811,487 5,691,840 CHINA MERCHANT SHEKOU PORT SERVICE CO LTD (CLASS B) .......... 2,061,135 216,600 CLACOR, INC ........................ 4,413,225 950,483 o CROWN CORK & SEAL CO, INC .......... 39,682,665 194,200 o GAYLORD CONTAINER CO ............... 1,565,737 299,600 o OWENS ILLINOIS, INC ................ 4,344,200 195,200 WEST CO, INC ....................... 4,587,200 ---------- 75,244,668 ---------- COSMETICS-0.49% 19,500 ALBERTO CULVER CO (CLASS A) ........ 594,750 313,800 ALBERTO CULVER CO (CLASS B) ........ 10,786,875 763,616 AVON PRODUCTS, INC ................. 57,557,556 1,780 BEIERSDORF AG. ..................... 1,224,971 412,300 CARTER WALLACE, INC ................ 4,689,912 82,500 CARTER WALLACE, INC (CLASS B) ...... 938,437 29,691 CLARINS S.A. ....................... 2,829,158 3,928,038 GILLETTE CO ........................ 204,748,980 156,100 HELENE CURTIS INDUSTRIES, INC ...... 4,936,662 719,200 INTERNATIONAL FLAVORS & FRAGRANCES, INC ................... 34,521,600 166,900 o JAN BELL MARKETING, INC ............ 417,250 25,180 LOREAL ............................. 6,750,019 238,900 OPTICAL COATING LABORATORIES, INC .. 2,657,762 356,334 SHISEIDO & CO LTD .................. 4,248,791 744,400 WINDMERE CORP ...................... 5,303,850 3,098 #o WINDMERE CORP WTS 1/19/98 .......... 0 ----------- 342,206,573 ----------- ELECTRICAL EQUIPMENT-4.25% 16,526,400 +ACMA LTD ........................... 54,912,778 290,000 o ADVANCED LIGHTING TECHNOLOGIES, INC. 2,900,000 118,100 ADVANTEST CORP ..................... 6,067,765 67,537 ALCATEL ALSTHOM .................... 5,830,510 121,000 ALPS ELECTRIC CO LTD ............... 1,395,839 29,000 ALVIS PLC .......................... 63,035 108,000 AMCOL HOLDINGS LTD ................. 297,773 881,300 o AMERICAN POWER CONVERSION CORP ..... 8,372,350 413,000 AMETEK, INC ........................ 7,743,750 1,147,800 AMSTRAD PLC ........................ 3,492,865 692,723 o ASEA AB SERIES A ................... 67,418,160 113,600 ASEA AB SERIES B ................... 11,073,079 271,575 BALDOR ELECTRIC CO ................. 5,465,446 11,076 BARCO NV ........................... 1,313,466 69,220 BBC BROWN, BOVERI & CIE AG. (BR) ... 80,607,259 13,900 BBC BROWN, BOVERI & CIE AG. (REGD) . 3,152,775 237,200 BELDEN, INC ........................ 6,107,900 147,345 BICC LTD ........................... 631,399 558,238 BOWTHORPE HOLDINGS PLC ............. 3,640,225 1,327 CATENA ............................. 18,009 72,300 o COMVERSE TECHNOLOGY, INC ........... 1,446,000 65,674 DELTA PLC .......................... 406,842 2,175,700 DURACELL INTERNATIONAL, INC ........ 112,592,475 117,500 o ELECTRO SCIENTIFIC INDUSTRIES, INC.. 3,436,875 1,958,385 EMERSON ELECTRIC CO ................ 160,097,973 206,894 o ESCO ELECTRONICS CORP (TRUST RECEIPTS) .................. 1,939,631 625,000 EUROTHERM PLC ...................... 5,327,358 62,300 EXIDE CORP ......................... 2,858,012 330 FUJITSU BUSINESS SYSTEMS LTD ....... 8,701 3,543,424 FUJITSU LTD ........................ 39,502,445 21,085,622 GENERAL ELECTRIC CO ................ 1,518,164,784 6,759,506 GENERAL ELECTRIC CO (UNITED KINGDOM)................... 37,256,572 3,092,600 + GENERAL SIGNAL CORP ................ 100,122,925 449,200 GRAINGER (W.W.), INC ............... 29,759,500 900 HITACHI ELECTRONICS LTD ............ 11,167 8,485,491 HITACHI LTD ........................ 85,548,683 1,200,100 HONEYWELL, INC ..................... 58,354,862 174,538 HUBBELL, INC (CLASS B) ............. 11,475,873 470,900 JUNO LIGHTING, INC ................. 7,534,400 25,000 KODENSHA CO LTD .................... 271,432 156,666 LEADER UNIVERSAL HOLDINGS BERHAD ... 357,882 73,000 LEGRAND S.A. ....................... 11,284,731 299,400 o MAGNETEK, INC ...................... 2,432,625 4,810,000 MITSUBISHI ELECTRIC CORP ........... 34,644,708 See notes to financial statements. 26 SHARES VALUE ------ ------- ELECTRICAL EQUIPMENT-(Continued) 3,536,301 NIPPON ELECTRIC CORP (N.E.C.) ...... $43,193,936 2,000 NKT HOLDINGS ....................... 93,828 90,900 o OAK INDUSTRIES, INC NEW ............ 1,704,375 3,595,000 o OLIVETTI S.P.A. .................... 2,883,154 800,125 OYL INDUSTRIES BERHAD .............. 6,208,140 272,000 PACIFIC SCIENTIFIC CO .............. 6,732,000 6,070,702 PHILIPS ELECTRONICS NV ............. 219,637,257 1,214,681 RACAL ELECTRONICS PLC .............. 5,374,854 48,830 REUNERT LTD ........................ 334,865 71,800 o SANMINA CORP ....................... 3,724,625 6,325,490 SHANGHAI SHANGLING ELECTRIC CO SERIES B .......................... 3,871,199 82,401 SIEMENS AG. ........................ 45,193,060 937,500 SUMITOMO ELECTRIC INDUSTRIES CO .... 11,269,275 310,700 o SYMBOL TECHNOLOGIES, INC ........... 12,272,650 900,000 TECNOST S.P.A. ..................... 1,474,200 253,800 THOMAS & BETTS CORP ................ 18,717,750 193,430 TOKYO ELECTRON CO LTD .............. 7,500,441 3,420,900 WESTINGHOUSE ELECTRIC CORP ......... 56,444,850 477,000 WOODHEAD INDUSTRIES, INC ........... 6,797,250 251,000 YOKOGAWA ELECTRIC .................. 2,374,797 ------------- 2,951,143,345 ------------- ELECTRICAL EQUIPMENT- COMPONENTS DIVERSIFIED-2.49% 788,750 o ADVANCED MICRO DEVICES, INC ........ 13,014,375 103,700 o ALANTEC CORP ....................... 6,040,525 431,300 o ALTERA CORP ........................ 21,457,175 230,701 AMERICAN ANNUITY GROUP, INC ........ 2,739,574 1,848,282 AMP, INC ........................... 70,927,821 153,300 o AMPHENOL CORP (CLASS A) ............ 3,717,525 555,600 o ANALOG DEVICES, INC ................ 19,654,350 14,400 o APPLIED INNOVATION, INC ............ 169,200 1,055,282 o ARROW ELECTRONICS, INC ............. 45,509,036 88,000 ASTEC LTD .......................... 156,439 496,800 o ATMEL CORP ......................... 11,115,900 250,850 AUGAT, INC ......................... 4,295,806 296,300 AVNET, INC ......................... 13,259,425 156,000 AVX CORP ........................... 4,134,000 293,987 o BELL INDUSTRIES, INC ............... 6,614,707 489,800 o BURR BROWN CORP .................... 12,489,900 145,900 CAE, INC ........................... 1,109,841 335,900 o CHIPS & TECHNOLOGIES, INC .......... 3,023,100 569,200 o CIRRUS LOGIC, INC .................. 11,241,700 290,400 CORE INDUSTRIES, INC ............... 3,738,900 63,000 o COREL CORP ......................... 819,891 78,996 CTS CORP ........................... 2,982,099 88,000 CUBIC CORP ......................... 2,508,000 590,200 o CYPRESS SEMICONDUCTOR CORP ......... 7,525,050 328,100 DALLAS SEMICONDUCTOR CORP .......... 6,808,075 246,160 o DOVATRON INTERNATIONAL, INC ........ 8,307,900 284,300 o EXAR CORP .......................... 4,193,425 323,500 FISHER SCIENTIFIC INTERNATIONAL, INC................................ 10,796,812 250,168 FKI PLC ............................ 640,877 1,257,200 o GENERAL INSTRUMENT CORP NEW ........ 29,387,050 42,000 o GEWISS S.P.A. ...................... 529,200 23,798 o HARRIS COMPUTER SYSTEMS CORP ....... 321,273 55,000 HELIX TECHNOLOGY CORP .............. 2,172,500 15,511 HIROSE ELECTRIC CO LTD ............. 893,159 49,631 HOYA CORP .......................... 1,707,986 30,400 o HUTCHINSON TECHNOLOGY, INC ......... 1,284,400 36,972,000 + INNOVATIVE INTERNATIONAL HOLDINGS LTD ...................... 10,878,030 756,600 o INTEGRATED DEVICE TECHNOLOGY, INC .. 9,741,225 7,821,700 INTEL CORP ......................... 443,881,475 372,600 o INTERNATIONAL RECTIFIER CORP ....... 9,315,000 140,000 JOHNSON ELECTRIC HOLDINGS LTD ...... 249,863 447,400 o KEMET CORP ......................... 10,681,675 373,500 o KENT ELECTRONICS CORP .............. 21,803,062 33,300 KEYENCE CORP ....................... 3,841,441 381,156 KYOCERA CORP ....................... 28,340,084 147,200 o LAM RESEARCH CORP .................. 6,734,400 435,150 o LATTICE SEMICONDUCTOR .............. 14,196,768 602,600 LINEAR TECHNOLOGY CO ............... 23,652,050 1,100 o LINOTYPE HELL AG. .................. 113,358 485,800 LOGICON, INC ....................... 13,359,500 1,088,400 o LSI LOGIC CORP ..................... 35,645,100 25,400 o MARSHALL INDUSTRIES, INC ........... 815,975 453,700 o MAXIM INTEGRATED PRODUCTS .......... 17,467,450 164,150 o METHODE ELECTRONICS, INC (CLASS A) . 2,339,137 1,947,500 MICRON TECHNOLOGY, INC ............. 77,169,687 1,533,000 MINEBEA CO LTD ..................... 12,869,541 220,897 MOLEX, INC ......................... 7,013,479 266,210 MOLEX, INC (CLASS A) ............... 8,152,681 5,204,400 MOTOROLA, INC ...................... 296,650,800 205,500 MURATA MANUFACTURING CO LTD ........ 7,570,044 981,850 o NATIONAL SEMICONDUCTOR CORP ........ 21,846,162 1,164,000 NGK SPARK PLUG CO LTD .............. 14,668,960 950 NIHON DEMPA KOGYO CO LTD ........... 21,273 273,000 NIPPON ELECTRIC GLASS CO LTD ....... 5,187,065 70,000 NITTO DENKO CORP ................... 1,085,728 197,000 o NOKIA CORP ADR A ................... 7,658,375 993,944 OMRON TATEISI ELECTRONICS CO ....... 22,931,997 62,200 OXFORD INSTRUMENTS GROUP PLC ....... 391,115 36,000 PIONEER-STANDARD ELECTRONICS, INC .. 477,000 140,000 o ROGERS CORP ........................ 3,045,000 358,800 ROHM ............................... 20,277,947 426,300 o S3, INC ............................ 7,513,537 92,000 o SGL CARBON AG. ..................... 7,134,777 179,016 o SGS-THOMSON MICROELECTRONICS NV .... 6,863,406 258,200 o SIERRA SEMICONDUCTOR CORP .......... 3,582,525 165,800 o STANDARD MICROSYSTEMS CORP ......... 2,735,700 286,000 o SUWA INTERNATIONAL HOLDINGS LTD .... 14,240 191,600 o SYMMETRICOM, INC ................... 2,634,500 45,000 TAIYO YUDEN CO LTD ................. 484,215 294,000 TDK CORP ........................... 15,019,689 1,602,300 TEXAS INSTRUMENTS, INC ............. 82,919,025 242,500 o TRICORD SYSTEMS, INC ............... 727,500 155,400 o TRIMBLE NAVIGATION LTD ............. 2,894,325 225,800 o U.S. ROBOTICS CORP ................. 19,813,950 249,600 o UNITRODE CORP ...................... 7,051,200 10,167 o UNITRODE CORP WTS 8/21/97 .......... 38,126 198,000 o VICOR CORP ......................... 3,960,000 453,992 o VISHAY INTERTECHNOLOGY, INC ........ 14,300,748 481,600 o VLSI TECHNOLOGY, INC ............... 8,729,000 253,800 o WESTERN DIGITAL CORP ............... 4,536,675 95,075 WYLE ELECTRONICS ................... 3,339,509 803,700 XILINX, INC ........................ 24,512,850 280,500 o ZILOG, INC ......................... 10,273,312 ---------- 1,724,438,252 ---------- ELECTRICAL EQUIPMENT- INSTRUMENTS-0.57% 220,900 ANALOGIC CORP ...................... 4,086,650 1,519,200 o APPLIED MATERIALS, INC ............. 59,818,500 190,000 o ASAHI OPTICAL CO LTD ............... 904,353 180,626 o AURA SYSTEMS, INC .................. 1,016,021 167,587 BECKMAN INSTRUMENTS, INC NEW ....... 5,928,390 138,123 CANON SALES CO, INC ................ 3,682,152 2,124,536 CANON, INC ......................... 38,513,121 122,660 CITIZEN WATCH CO LTD ............... 939,362 See notes to financial statements. 27 SHARES VALUE ------ ------- ELECTRICAL EQUIPMENT- INSTRUMENTS-(Continued) 241,100 o COHERENT, INC ...................... $ 9,764,550 263,000 o DAI NIPPON SCREEN MANUFACTURING CO LTD .............. 2,309,866 263,319 DANIEL INDUSTRIES, INC ............. 3,752,295 260,600 o DESTEC ENERGY, INC ................. 3,583,250 66,300 o DIONEX CORP ........................ 3,762,525 193,200 o ELECTROGLAS, INC ................... 4,733,400 262,200 o ELECTRONICS FOR IMAGING, INC ....... 11,471,250 194,600 o ESTERLINE CORP ..................... 4,597,425 140,804 FLUKE CORP ......................... 5,315,351 1,454,711 FUJI PHOTO FILM CO LTD ............. 42,023,865 60,000 o HUNG CHANG PRODUCTS CO ............. 2,954,388 253,000 o INPUT/OUTPUT, INC .................. 14,610,750 28,000 o JEOL LTD ........................... 238,317 450,500 o KLA INSTRUMENT CORP ................ 11,741,156 608,000 KONIKA ............................. 4,408,676 552,200 o KULICHE & SOFFA INDUSTRIES, INC .... 12,838,650 1,152,900 LORAL CORP ......................... 40,783,837 51,900 o LTX CORP ........................... 473,587 391,000 NIKON CORP ......................... 5,306,495 94,205 OLYMPUS OPTICAL CO LTD ............. 913,223 359,653 PERKIN-ELMER CORP .................. 13,576,900 1,277,863 RICOH CO LTD ....................... 13,997,992 302,000 SEIKO CORP ......................... 2,678,743 425,000 o SILICON VALLEY GROUP, INC .......... 10,731,250 228,800 TEKTRONIX, INC ..................... 11,239,800 224,200 o TENCOR INSTRUMENTS ................. 5,464,875 684,038 o TERADYNE, INC ...................... 17,100,950 70,875 o THERMO INSTRUMENT SYSTEMS, INC ..... 2,392,031 32,000 o THREE-FIVE SYSTEMS, INC ............ 540,000 135,950 VARIAN ASSOCIATES, INC ............. 6,491,612 120,400 WATKINS-JOHNSON CO ................. 5,267,500 462,300 X RITE, INC ........................ 6,529,987 84,908 YAMAHA CORP ........................ 1,530,962 ----------- 398,014,007 ----------- ENVIRONMENTAL CONTROL-0.38% 279,837 o AIR & WATER TECHNOLOGIES CORP (CLASS A) ......................... 1,714,001 176,685 AMERICAN ECOLOGY CORP .............. 574,226 1,400,275 BROWNING FERRIS INDUSTRIES, INC .... 41,308,112 463,240 o CLEAN HARBORS, INC ................. 1,158,100 231,800 o HANDEX CORP ........................ 1,187,975 639,875 INTERNATIONAL TECHNOLOGY CORP ...... 1,679,671 827,984 OGDEN CORP ......................... 17,698,158 227,500 o OHM CORP ........................... 1,677,812 78,700 o OMEGA ENVIRONMENTAL, INC ........... 265,612 176,300 o REPUBLIC INDUSTRIES, INC ........... 6,368,837 460,749 o ROLLINS ENVIRONMENTAL SERVICES, INC 1,324,653 224,500 o SANIFILL, INC ...................... 7,492,687 286,700 o TETRA TECHNOLOGIES, INC ............ 4,981,412 128,100 o U.S. FILTER CORP ................... 3,410,662 222,542 o U.S.A. WASTE SERVICES, INC ......... 4,200,480 155,600 o UNITED WASTE SYSTEMS, INC .......... 5,796,100 401,600 o WESTERN WASTE INDUSTRIES ........... 10,993,800 262,400 o WESTON (ROY F.), INC (CLASS A) NEW . 1,344,800 1,417,432 WHEELABRATOR TECHNOLOGIES, INC NEW . 23,741,986 4,124,057 WMX TECHNOLOGIES, INC .............. 123,206,202 464,700 o YORK RESEARCH CORP ................. 2,497,762 5,335 #o YORK RESEARCH CORP (CLASS B) WTS ... 0 ----------- 262,623,048 ----------- FINANCIAL-MISCELLANEOUS-3.42% 353,400 ADVANTA CORP (CLASS A) ............. 13,517,550 388,900 ADVANTA CORP (CLASS B) ............. 14,146,237 2,460,300 AHMANSON (H.F.) & CO ............... 65,197,950 157,200 AMBAC, INC ......................... 7,368,750 4,574,299 AMERICAN EXPRESS CO ................ 189,261,621 2,021,042 AMERICAN GENERAL CORP .............. 70,483,839 140,300 ASTORIA FINANCIAL CORP ............. 6,401,187 6,100 o AVALON PROPERTIES, INC ............. 131,150 393,200 BANGKOK FIRST INVESTMENT & TRUST PUBLIC CO LTD (FR) ......... 3,402,817 144,700 BAY VIEW CAPITAL CORP .............. 4,123,950 1,220,736 BEAR STEARNS COS, INC .............. 24,262,128 549,800 BENEFICIAL CORP .................... 25,634,425 1,540,200 o CALIFORNIA FEDERAL BANK ............ 24,258,150 321,300 CAPSTEAD MORTGAGE CORP ............. 7,349,737 611,000 CASH AMERICA INTERNATIONAL, INC .... 3,360,500 674,350 o CATELLUS DEVELOPMENT CORP .......... 4,046,100 36,979 CETELEM ............................ 6,948,919 25,400 o CMAC INVESTMENT CORP ............... 1,117,600 1,531,608 CMIC FINANCE & SECURITIES PUBLIC CO LTD (FR) ................ 4,864,141 589,600 o COAST SAVINGS FINANCIAL, INC ....... 20,414,900 387,825 COMDISCO, INC ...................... 8,774,540 63,706 COMPAGNIE BANCAIRE S.A. ............ 7,138,508 1,437,674 COUNTRYWIDE CREDIT INDUSTRIES, INC . 31,269,409 23,313 CREDIT FONCIER DE FRANCE (BR) ...... 337,503 51,000 CREDIT SAISON CO ................... 1,216,209 400,200 CWM MORTGAGE HOLDINGS INC .......... 6,803,400 3,133,108 DAIWA SECURITIES CO LTD ............ 47,988,311 1,714,686 DEAN WITTER DISCOVER & CO .......... 80,590,242 22,600 DEVELOPERS DIVERSIFIED REALTY CORP . 678,000 10,333 DUFF & PHELPS CREDIT RATING CO ..... 148,536 107,700 EATON VANCE CORP ................... 3,042,525 479,200 EDWARDS (A.G.), INC ................ 11,440,900 66,800 EQUITY RESIDENTIAL PROPERTY TRUST .. 2,045,750 1,102 EURAFRANCE ......................... 370,675 1,559,900 FEDERAL HOME LOAN MORTGAGE CORP .... 130,251,650 2,788,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION ....................... 346,060,500 4,000,000 FINANCE ONE CO, LTD (FR) ........... 23,342,424 575,780 o FINANCE ONE CO, LTD (FR) WTS 3/15/99............................ 3,702,884 475,000 FINOVA GROUP, INC .................. 22,918,750 543,800 FIRST FINANCIAL CORP (WISCONSIN) ... 12,507,400 3,500 FIRST HUNGARY FUND LTD (UNITS) ..... 3,746,085 1,598,400 o FIRST NIS REGION 2ND P/P ........... 9,590,400 423,700 FIRST USA, INC ..................... 18,801,687 424,000 FRANKLIN RESOURCES, INC ............ 21,359,000 223,600 o GARTNER GROUP, INC (CLASS A) NEW ... 10,704,850 54,000 GENBEL SOUTH AFRICA LTD ............ 165,162 22,500 GENERAL GROWTH PROPERTIES, INC ..... 466,875 35,440 o GENTRA, INC ........................ 34,559 1,518,800 o GLENDALE FEDERAL SAVINGS BANK, INC NEW ..................... 26,579,000 85,400 GLIMCHER REALTY TRUST .............. 1,473,150 1,264,500 GOLDEN WEST FINANCIAL CORP ......... 69,863,625 3,171,540 GREAT WESTERN FINANCIAL CORP ....... 80,874,270 3,016,900 GREEN TREE FINANCIAL CORP .......... 79,570,737 4,800 o HANG LUNG DEVELOPMENT CO LTD WTS 10/31/97 ...................... 720 104,800 HEALTH AND RETIREMENT PROPERTY TRUST .................... 1,703,000 273,900 #o HEIZER CORP (LIQUIDATING TRUST) .... 113,394 43,700 HIGHWOODS PROPERTIES, INC .......... 1,234,525 67,000 HITACHI CREDIT CORP ................ 1,214,561 See notes to financial statements. 28 SHARES VALUE ------ ------- FINANCIAL-MISCELLANEOUS-(Continued) 125,333 HONG LEONG CREDIT BERHAD ........... $ 621,975 820,068 HOUSEHOLD INTERNATIONAL, INC ....... 48,486,520 40,000 o IMPERIAL THRIFT AND LOAN ASSOCIATION ....................... 490,000 2,000 INCENTIVE AB SERIES A FREE ......... 87,515 800 INCENTIVE AB SERIES B FREE ......... 35,006 200,000 o INVESCO PLC ADR .................... 7,750,000 30,145 o INVESTORS FINANCIAL SERVICES CORP .. 625,508 5,794 o INVESTORS FINANCIAL SERVICES CORP (CLASS A) ......................... 120,225 61,000 JACCS CO ........................... 632,727 720 JAPAN ASSOCIATED FINANCE CO ........ 76,078 868,942 LEHMAN BROTHERS HOLDINGS, INC ...... 18,465,017 215,000 o LG SECURITIES ...................... 3,824,463 91,500 MARYLAND FEDERAL BANCORP ........... 2,745,000 600,000 MBF CAPITAL BERHAD ................. 607,325 1,385,250 MBNA CORP .......................... 51,081,093 426,600 o MEDAPHIS CORP ...................... 15,784,200 367,100 MEDITRUST CORP ..................... 12,802,612 11,895 o MERCAPITAL S.A. .................... 114,719 922,200 MERCURY FINANCE CO ................. 12,219,150 1,800,396 MERRILL LYNCH & CO, INC ............ 91,820,196 220,453 MERRY LAND & INVESTMENT CO, INC .... 5,208,202 483,400 MORGAN STANLEY GROUP, INC .......... 38,974,125 197,100 MULTI-CREDIT CORP OF THAILAND PLC (FR)........................... 1,126,724 1,600,000 NATIONAL FINANCE & SECURITIES PLC (FR)........................... 7,558,499 734,600 #o NATIONAL FINANCE & SECURITIES PLC (FR) WTS 11/15/99 ............. 554,080 3,500,000 NAVA FINANCE & SECURITIES PLC (FR) CO LTD (FR) ....................... 10,559,668 22,900 NEW PLAN REALTY TRUST .............. 500,937 600 NICE NICHIEI CO LTD ................ 2,367 34,362 NICHIEI CO LTD (OTC) ............... 2,564,910 1,600,000 NIKKO SECURITIES CO LTD ............ 20,628,832 385,000 NIPPON SHINPAN CO LTD .............. 2,911,108 4,972,744 NOMURA SECURITIES CO LTD ........... 108,463,005 4,313 NPM HOLDINGS NV .................... 158,734 68,200 o OLYMPIC FINANCIAL LTD .............. 1,108,250 141,000 ORIENT CORP ........................ 800,976 246,187 ORIX CORP .......................... 10,142,781 112 ORREFORS KOSTA BODA AB ............. 1,673 16,547 o PACIFIC CREST CAPITAL, INC ......... 119,965 568,300 PAINE WEBBER GROUP INC ............. 11,366,000 19,900 PENNCORP FINANCIAL GROUP, INC ...... 584,562 31,000 PHOENIX DUFF & PHELPS CORP ......... 213,125 261,400 PIONEER GROUP, INC ................. 7,123,150 55,000 PMI GROUP, INC ..................... 2,488,750 302,600 PRICE (T. ROWE) ASSOCIATES, INC .... 14,903,050 123,000 PROMISE CO ......................... 5,926,039 676,454 PROVIDENT FINANCIAL PLC ............ 8,601,649 30,000 PUBLIC STORAGE, INC ................ 570,000 97,162 QUICK & REILLY GROUP, INC .......... 1,991,821 34,803 RIT CAPITAL PARTNERS PLC ........... 114,014 977,300 SALOMON, INC ....................... 34,694,150 539,760 SCHROEDERS LTD ..................... 11,464,269 1,236,400 SCHWAB (CHARLES) CORP .............. 24,882,550 254,100 SECURITY CAPITAL PACIFIC TRUST ..... 5,018,475 37,000 SFFED CORP ......................... 1,172,437 25,600 SPIEKER PROPERTIES, INC ............ 643,200 262,000 o SSANGYOUNG INVESTMENT & SECURITIES CO ..................... 4,728,052 132,500 ST. FRANCIS CAPITAL CORP ........... 3,080,625 140,692 ST. JAMESS PLACE CAPITAL ........... 226,083 50,000 o STADSHYPOTER AB SERIES A ........... 1,003,411 340,300 +STEWART INFORMATION SERVICES CORP .. 7,316,450 3,100 STORAGE USA, INC ................... 101,137 290,000 STUDENT LOAN CORP .................. 9,860,000 1,353,750 STUDENT LOAN MARKETING ASSOCIATION . 89,178,281 71 o TAIPEI FUND (CLASS B) IDR .......... 5,183,000 611,000 TCF FINANCIAL CORP ................. 20,239,375 403,675 THE MONEY STORE, INC ............... 6,307,421 1,400 UNITED ASSET MANAGEMENT CORP ....... 53,725 308,000 UNITED COS FINANCIAL CORP .......... 8,123,500 58,000 o UNITED DOMINION REALTY TRUST ....... 870,000 306,400 VALUE LINE, INC .................... 11,796,400 90,150 WHITNEY HOLDING CORP ............... 2,794,650 3,170,600 YAMAICHI SECURITIES CO LTD ......... 24,680,844 ------------- 2,371,489,727 ------------- FOODS-2.16% 1,000 AARHUS OLIEFABRIK AS (CLASS A) ..... 57,740 1,700 AARHUS OLIEFABRIK AS (CLASS B) ..... 95,091 492,610 AJINOMOTO CO LTD ................... 5,491,665 5,402,571 ARCHER DANIELS MIDLAND CO .......... 97,246,278 36,000 ARNOTTS LTD ........................ 241,023 1,087,200 ASSOCIATED BRITISH FOODS PLC ....... 6,228,671 3,720 AULT FOODS LTD ..................... 41,253 56,820 BAGLEY S.A. (CLASS B) .............. 123,311 700 BONGRAIN S.A. ...................... 395,051 447,289 BRL HARDY LTD ...................... 715,387 1,233,349 BURNS PHILP & CO LTD ............... 2,761,639 22,000 o C.G. SMITH LTD ..................... 168,975 1,289,280 CADBURY SCHWEPPES LTD .............. 10,649,236 1,291,500 CAMPBELL SOUP CO ................... 77,490,000 479,314 CARDINAL HEALTH, INC ............... 26,242,441 419,600 CHIQUITA BRANDS INTERNATIONAL, INC . 5,769,500 2,140,304 CONAGRA, INC ....................... 88,287,540 1,221,000 CPC INTERNATIONAL, INC ............. 83,791,125 22,500 DANISCO AS ......................... 1,088,053 28,480 DANONE GROUP ....................... 4,705,415 422,650 DEAN FOODS CO ...................... 11,622,875 207,800 DEKALB GENETICS CORP (CLASS B) ..... 9,376,975 95,000 o DEL MONTE ROYAL FOODS .............. 131,600 420,084 DOLE FOOD, INC ..................... 14,702,940 326,500 DREYERS GRAND ICE CREAM, INC ....... 10,856,125 9,331 ERIDANIA BEGHIN SAY ................ 1,602,706 384,000 EZAKI GLICO CO LTD ................. 3,715,051 771,050 FLOWERS INDUSTRIES, INC ............ 9,348,981 1,541,300 GENERAL MILLS, INC ................. 89,010,075 471,400 o GENERAL NUTRITION COS, INC ......... 10,842,200 162,600 GOLDEN ENTERPRISES, INC ............ 1,321,125 1,941,340 GOODMAN FIELDER LTD ................ 1,949,619 210,000 GRUPO INDUSTRIAL BIMBO S.A. DE CV SERIES A .................... 869,436 550,000 o GRUPO INDUSTRIAL MASECA SERIES B ... 335,496 2,869,350 HEINZ (H.J.) CO .................... 95,047,218 625,000 o HERDEZ S.A. SERIES B ............... 136,275 528,648 HERSHEY FOODS CORP ................. 34,362,120 100,000 HOHNEN OIL CO LTD .................. 558,374 787,700 HORMEL FOODS CORP .................. 19,397,112 153,400 HOUSE FOODS CORP ................... 2,765,930 268,800 IBP, INC ........................... 13,574,400 408,800 o INTERNATIONAL DAIRY QUEEN, INC (CLASS A) ......................... 9,300,200 341,600 INTERNATIONAL MULTIFOODS CORP ...... 6,874,700 366,000 ITOHAM FOODS, INC .................. 2,767,443 261,900 o J & J SNACK FOODS CORP ............. 2,880,900 494,115 KATOKICHI CO LTD ................... 10,298,394 1,018,800 KELLOGG CO ......................... 78,702,300 65,000 o KERRY GROUP CLASS A ................ 504,595 See notes to financial statements. 29 SHARES VALUE ------ ------- FOODS-(Continued) 88,301 KIKKOMAN CORP ...................... $ 650,552 5,500 KOIPE S.A. ......................... 321,889 5,000 KORN-OG FODERSTOF KOMPAGNIET AS .... 216,528 312,032 LANCE, INC ......................... 5,109,524 171,500 LEDESMA S.A. ....................... 219,541 4,119 MAPLE LEAF FOODS, INC .............. 18,497 57,000 MARUDAI FOOD CO LTD ................ 408,892 124,000 o MARUHA CORP ........................ 419,517 792,600 MCCORMICK & CO, INC ................ 19,121,475 129,700 MEIJI MILK PRODUCTS CO LTD ......... 777,018 183,000 MEIJI SEIKA KAISHA LTD ............. 1,103,429 252,675 MICHAEL FOODS, INC ................. 2,937,346 115,000 MIDWEST GRAIN PRODUCTS, INC ........ 1,610,000 30,679 MOLINOS RIO DE LA PLATA S.A. (CLASS B).......................... 251,592 119,900 NABISCO HOLDINGS CORP (CLASS A) .... 3,911,737 53,500 o NBTY, INC .......................... 254,125 96,000 NESTLE MALAYSIA BERHAD ............. 703,269 60,120 NESTLE S.A. (REGD) ................. 66,666,462 132,000 NICHIREI CORP ...................... 857,337 149,000 NIPPON BEET SUGAR MANUFACTURING CO LTD .............. 661,537 236,200 NIPPON MEAT PACKERS, INC ........... 3,434,584 122,000 o NIPPON SUISAN KAISHA LTD ........... 504,999 140,000 NISSIN FOOD PRODUCTS CO LTD ........ 3,284,327 83,350 NUTRICIA NV ........................ 6,748,688 89,500 ORKLA AS (CLASS A) ................. 4,462,167 7,748 ORKLA AS (CLASS B) ................. 370,347 475,000 PARMALAT FINANZIARIA ............... 412,366 12,300 o PASCUAL HERMANOS S.A. .............. 7,097 2,638,555 o PERDIGAO COMERICO E INDUSTRIA ...... 2,714 631,800 PIONEER-HI-BRED INTERNATIONAL, INC . 35,143,875 350,000 o POWER PACIFIC LTD................... 39,054 436,039 Q.P. CORP .......................... 3,800,038 1,230,132 QUAKER OATS CO ..................... 42,439,554 608,343 o RALCORP HOLDINGS, INC .............. 14,752,317 935,391 RALSTON PURINA GROUP ............... 58,345,013 125,500 RICHFOOD HOLDINGS, INC ............. 3,357,125 4,078,600 SARA LEE CORP ...................... 130,005,375 391,500 SAVANNAH FOODS & INDUSTRIES, INC ... 4,453,312 169,000 SHINOBU FOOD PRODUCTS CO LTD ....... 1,073,077 95,986 o SME-SOCIETA MERIDIONALE FINANZIARIA 196,228 194,600 o SMITHFIELD FOODS, INC .............. 6,178,550 232,400 SMITH'S FOOD & DRUG CENTERS, INC (CLASS B) ......................... 5,868,100 191,700 SMUCKER, (J.M.) CO (CLASS A) ....... 4,217,400 199,400 SMUCKER, (J.M.) CO (CLASS B) ....... 3,838,450 894,950 SNOW BRAND MILK .................... 5,725,925 325,100 +o SPAGHETTI WAREHOUSE, INC ........... 1,625,500 2,812 ST. LOUIS .......................... 747,489 88,000 TAKARA SHUZO CO LTD ................ 841,982 154,335 TATE & LYLE PLC .................... 1,131,008 208,200 TCBY ENTERPRISES, INC .............. 832,800 28,000 TIGER OATS LTD ..................... 483,884 347,750 TOOTSIE ROLL INDUSTRIES, INC ....... 13,779,593 1,441,200 TYSON FOODS, INC ................... 37,651,350 97,900 UNIGATE PLC ........................ 624,718 1,335,400 UNILEVER LTD ....................... 27,430,315 274,800 UNILEVER NV CERTIFICATES ........... 38,654,706 227,980 UNITED BISCUITS HOLDINGS PLC ....... 906,142 423,420 UNIVERSAL FOODS CORP ............... 16,989,727 8,420 VISCOFAN S.A. ...................... 99,944 97,600 WESTON (GEORGE) LTD ................ 3,595,866 630,800 WRIGLEY (WM) JR CO ................. 33,117,000 373,800 WRIGLEY (WM) JR CO (CLASS B) ....... 19,624,500 92,300 YAMAZAKI BAKING CO LTD ............. 1,717,931 80,000 YOMEISHU SEIZO CO LTD .............. 715,029 ------------- 1,499,894,992 ------------- FOREST PRODUCTS-0.74% 1,669,872 AMCOR LTD .......................... 11,801,068 350,000 o ARACRUZ CELLULOSE S.A. ADR ......... 2,712,500 335,000 ARJO WIGGINS APPLETON PLC .......... 858,199 2,920,700 o ASIA PACIFIC RESOURCES INTERNATIONAL HOLDINGS (CLASS A) .. 13,873,325 122,000 AVENOR, INC ........................ 2,090,880 19,000 #o BIRKA KRAFT ........................ 180,614 673,732 BOISE CASCADE CORP ................. 23,327,970 64,632 CANFOR CORP ........................ 704,891 17,348,377 CARTER HOLT HARVEY LTD ............. 37,429,817 480,000 CARTIERE BURGO S.P.A. .............. 2,396,520 859,490 CHAMPION INTERNATIONAL CORP ........ 36,098,580 503,680 o DOMTAR, INC ........................ 3,840,560 150,300 o DOMTAR, INC ........................ 1,170,861 47,300 DONOHUE, INC (CLASS A) ............. 554,879 80,000 EMPRESA NATIONAL DE CELULOSAS S.A. . 1,299,096 69,174 o FIBREBOARD CORP NEW ................ 1,547,768 14,540,100 FLETCHER CHALLENGE LTD ............. 33,557,300 8,704,207 FLETCHER CHALLENGE LTD (FORESTS DIVISION) ................ 12,405,966 33,000 FLETCHER CHALLENGE CANADA LTD (CLASS A) ......................... 526,248 900,900 GEORGIA-PACIFIC CORP ............... 61,824,262 134,345 HOKUSHIN CO LTD .................... 1,601,878 80,340 KONINKLIJKE KNP BT NV .............. 2,064,753 19,000 o KORSNAS AB SERIES A ................ 272,354 436,000 KYMMENE OY ......................... 11,547,141 1,035,136 LOUISIANA PACIFIC CORP ............. 25,102,048 48,400 MACMILLAN BLOEDEL LTD .............. 598,834 30,000 o MADERAS Y SINTETICOS S.A. ADR ...... 585,000 54,000 MO OCH DOMSJO AB SERIES B FREE ..... 2,305,885 88,800 NORSKE SKOG INDUSTRIER (CLASS A) ... 2,614,196 2,400 o NORSKE SKOGINDUSTRIER (CLASS B) .... 66,475 2,500 o PAPIERWERKE WALDHOF-ASCHAFFENBURG .. 372,039 33,400 POPE & TALBOT, INC ................. 442,550 257,300 POTLATCH CORP ...................... 10,292,000 634,000 PT SUMALINDO LESTARI (FR) .......... 512,557 546,084 RAYONIER, INC ...................... 18,225,553 176,000 o REPAP ENTERPRISES INC. ............. 774,250 746,500 REPOLA (UPM) ....................... 14,097,231 204,974 REXAM PLC .......................... 1,126,578 345,900 SCA AB SERIES B .................... 5,375,828 396,000 SMURFIT (JEFFERSON) GROUP PLC ...... 940,689 113,000 o STONE CONSOLIDATED CORP ............ 1,449,887 553,450 STORA KOPPARBERG BERGSLAGS SERIES A FREE ..................... 6,513,742 153,550 STORA KOPPARBERG BERGSLAGS SERIES B FREE ..................... 1,841,935 77,142 TABLEROS DE FIBRAS S.A. SERIES B ... 852,081 85,000 o TEMBEC INC. CLASS A ................ 677,744 331,400 TJ INTERNATIONAL, INC .............. 6,130,900 25,000 UNIPAPEL S.A. ...................... 469,851 2,367,450 WEYERHAEUSER CO .................... 102,392,212 799,236 WILLAMETTE INDUSTRIES, INC ......... 44,957,025 ----------- 512,404,520 ----------- HEALTHCARE-DRUGS-5.85% 372,900 o ALLIANCE PHARMACEUTICAL CORP ....... 5,080,762 22,900 o ALPHA BETA TECHNOLOGY, INC ......... 283,387 802,300 o ALZA CORP .......................... 19,856,925 2,861,201 AMERICAN HOME PRODUCTS CORP ........ 277,536,497 See notes to financial statements. 30 SHARES VALUE ------ ------- HEALTHCARE-DRUGS-(Continued) 2,587,500 o AMGEN, INC ........................ $153,632,812 236,425 ARBOR DRUGS, INC ................... 4,964,925 12,487 ARES-SERONO S.A. SERIES B .......... 8,789,838 1,900,080 ASTRA AB SERIES A FREE ............. 75,975,809 169,900 ASTRA AB SERIES B FREE ............. 6,742,278 110,000 BANYU PHARMACEUTICAL CO LTD ........ 1,354,251 289,642 BERGEN BRUNSWIG CORP (CLASS A) ..... 7,204,844 107,500 o BIO RAD LABORATORIES, INC (CLASS A) 4,568,750 312,600 o BIO TECHNOLOGY GENERAL CORP ........ 1,426,237 17,000 o BIOCHEM PHARMACEUTICALS, INC ....... 682,418 378,900 o BIOGEN, INC ........................ 23,302,350 99,300 o BIOMIRA, INC ....................... 360,389 184,027 BLOCK DRUG, INC (CLASS A) .......... 6,394,938 4,801,640 BRISTOL MYERS SQUIBB CO ............ 412,340,835 523,800 xo CAMBRIDGE BIOTECH CORP ............. 229,162 119,100 o CELLPRO, INC ....................... 1,905,600 741,200 o CENTOCOR, INC ...................... 22,884,550 175,100 o CEPHALON, INC ...................... 7,135,325 762,067 o CHIRON CORP ........................ 84,208,403 326,180 CHUGAI PHARMACEUTICAL CO LTD ....... 3,127,207 12,000 CIBA-GEIGY AG. (BR) ................ 10,532,716 35,924 CIBA-GEIGY AG. (REGD) .............. 31,687,538 398,100 COLLAGEN CORP ...................... 8,409,862 9,700 o COPLEY PHARMACEUTICAL, INC ......... 133,375 204,300 o CYGNUS, INC ........................ 4,571,212 536,082 o CYTOGEN CORP ....................... 2,814,430 261,468 DAIICHI SEIYAKU .................... 3,725,966 950 DAINIPPON PHARMACEUTICAL CO LTD .... 9,034 357,270 DR. REDDYS LABORATORIES LTD GDR .... 2,458,017 55,100 o DURA PHARMACEUTICALS, INC .......... 1,914,725 527,373 EISAI CO LTD ....................... 9,253,360 32,577 ELF SANOFI S.A. .................... 2,090,975 124,095 o ENZO BIOCHEMICAL, INC. ............. 2,388,828 430,100 o FOREST LABORATORIES, INC ........... 19,462,025 615,000 FUJISAWA PHARMACUEUTICAL CO LTD .... 5,902,191 221,900 o GENENTECH, INC ..................... 11,760,700 88,180 o GENETICS INSTITUTE, INC (DEPOSITORY SHARES) ............... 4,717,630 4,047 #o GENSET ............................. 4,965,134 303,450 o GENSIA, INC ........................ 1,593,112 267,900 o GENZYME CORP ....................... 16,710,262 35,302 o GENZYME CORP (TISSUE REPAIR DIVISION).......................... 560,419 184,800 o GILEAD SCIENCES, INC ............... 5,913,600 6,361,682 GLAXO WELLCOME PLC ................. 90,375,899 97,482 HAFSLUND NYCOMED AS (CLASS A) ...... 2,553,493 25,802 HAFSLUND NYCOMED AS (CLASS B) ...... 655,451 171,500 o IMMUNE RESPONSE CORP ............... 953,968 548,300 o IMMUNEX CORP NEW ................... 9,046,950 607,600 o IMMUNOMEDICS, INC .................. 3,645,600 169,600 o INTERNEURON PHARMACEUTICALS, INC ... 4,324,800 1,737,659 IVAX CORP .......................... 49,523,281 24,050 KISSEI PHARMACEUTICALS CO LTD ...... 727,398 190,080 KYOWA HAKKO KOGYO .................. 1,794,727 4,591,810 LILLY (ELI) & CO ................... 258,289,312 310,300 o LIPOSOME CO, INC ................... 6,206,000 447,200 #o MARTEK BIOSCIENCES CORP ............ 11,291,800 140,210 #o MARTEK BIOSCIENCES CORP WTS 5/18/98 2,150,821 479,400 MCKESSON CORP NEW .................. 24,269,625 1,000,000 o MEDEVA PLC ......................... 4,160,968 188,000 o MEDIMMUNE, INC ..................... 3,760,000 102,400 o MEDISENSE, INC ..................... 3,238,400 66,000 o MERCK & CO KGAA DEMS ............... 2,697,549 13,771,077 MERCK & CO, INC .................... 905,448,312 68,450 MOCHIDA PHARMACEUTICAL CO LTD ...... 948,882 210,550 o MOLECULAR BIOSYSTEMS, INC .......... 1,447,531 1,114,450 MYLAN LABORATORIES, INC ............ 26,189,575 175,472 o NEXSTAR PHARMACEUTICALS, INC ....... 2,851,420 308,700 o NORTH AMERICAN VACCINE, INC ........ 4,360,387 67,410 NOVO NORDISK AS (CLASS B) .......... 9,244,229 33,418 ONO PHARMACEUTICAL CO LTD .......... 1,286,097 5,519,100 PFIZER, INC ........................ 347,703,300 313,242 o PHARMACEUTICAL RESOURCES, INC ...... 2,349,315 2,281,485 o PHARMACIA & UPJOHN, INC ............ 88,407,543 33,200 o PROTEIN DESIGN LABORATORIES, INC ... 767,750 515,000 RANBAXY LABORATORIES LTD GDR ....... 12,617,500 230,000 o REGENERON PHARMACEUTICALS, INC ..... 2,932,500 244,300 o REPLIGEN CORP ...................... 274,837 268,200 RHONE-POULENC RORER, INC ........... 14,281,650 8,000 RIKEN VITAMIN CO LTD ............... 124,858 370,500 o ROBERTS PHARMACEUTICAL CORP ........ 6,576,375 1,905 ROCHE HOLDINGS AG. (BR) ............ 26,736,544 12,735 ROCHE HOLDINGS AG. (GENUSSCHEINE) .. 100,987,957 14,648 ROCHE HOLDINGS AG. (GENUSSCHEINE) (U.S.) ............................ 116,157,958 231 o ROUSSEL UCLAF S.A. ................. 39,204 150,000 ROUSSEL UCLAF S.A. ADR ............. 12,688,500 13,500 SANDOZ AG. (BR) .................... 12,459,369 47,720 SANDOZ AG. (REGD) .................. 43,792,740 456,713 SANKYO CO LTD ...................... 10,271,511 428 SANTEN PHARMACEUTICAL CO LTD ....... 9,708 309,500 o SCHERER (R.P.) CORP ................ 15,204,187 77,170 SCHERING AG. ....................... 5,123,642 3,772,956 SCHERING-PLOUGH CORP ............... 206,569,341 777,750 o SCIOS-NOVA, INC .................... 3,354,046 113,900 o SEPRACOR, INC ...................... 2,092,912 556,500 o SEQUUS PHARMACEUTICALS, INC ........ 7,930,125 359,950 SHIONOGI & CO LTD .................. 3,032,249 836,298 SMITHKLINE BEECHAM PLC (CLASS A) ... 9,218,897 49,800 SMITHKLINE BEECHAM PLC (UNITS) ADR . 2,763,900 4,182,500 SMITHKLINE BEECHAM/BECKMAN (UNITS) . 45,586,121 7,300 o SOMATOGEN, INC ..................... 137,787 211,800 o SYNCOR INTERNATIONAL CORP NEW ...... 1,429,650 40,375 SYNTHELABO ......................... 2,532,879 139,700 TAISHO PHARMACEUTICAL CO LTD ....... 2,762,673 1,665,100 TAKEDA CHEMICAL INDUSTRY LTD ....... 27,440,514 377,702 TANABE SEIYAKU CO LTD .............. 2,720,452 1,000 TEIKOKU HORMON ..................... 14,541 543,250 o THERMEDICS, INC .................... 15,075,187 634,856 o U.S. BIOSCIENCE, INC ............... 2,936,209 1,298,900 WARNER-LAMBERT CO .................. 126,155,662 424,400 o WATSON PHARMACEUTICALS, INC ........ 20,795,600 456,603 o XOMA CORP .......................... 1,598,110 471,485 YAMANOUCHI PHARMACEUTICAL CO ....... 10,146,677 1,634,092 ZENECA GROUP PLC ................... 31,612,156 ------------- 4,058,418,714 ------------- HEALTHCARE-HOSPITAL SUPPLY-1.57% 7,212,388 ABBOTT LABORATORIES ................ 301,117,199 611,472 BARD (C.R.), INC ................... 19,719,972 2,639,566 BAXTER INTERNATIONAL, INC .......... 110,531,826 723,906 BECTON DICKINSON & CO .............. 54,292,950 276,600 o C-CUBE MICROSYSTEMS, INC ........... 17,287,500 9,200 o CNS, INC ........................... 139,150 352,600 DENTSPLY INTERNATIONAL, INC NEW .... 14,104,000 929,513 GUIDANT CORP ....................... 39,271,924 43,500 o HAEMONETICS CORP ................... 772,125 159,423 o HEALTHDYNE TECHNOLOGIES, INC ....... 1,833,364 294,800 o IMMUCOR, INC ....................... 2,726,900 51,000 o ISOLYSER CO, INC ................... 714,000 5,677,399 JOHNSON & JOHNSON .................. 486,127,289 424,512 OWENS & MINOR, INC NEW ............. 5,412,528 249,550 o PATTERSON DENTAL CO ................ 6,737,850 See notes to financial statements. 31 SHARES VALUE ------ ------- HEALTHCARE-HOSPITAL SUPPLY -(Continued) 405,000 o PHYSICIAN SALES & SERVICE, INC ..... $11,542,500 298,900 o PYXIS CORP ......................... 4,371,412 4,050 RADIOMETER AS (CLASS B) ............ 290,851 132,500 o TECNOL MEDICAL PRODUCTS, INC ....... 2,385,000 463,800 U.S. SURGICAL CORP ................. 9,913,725 367,200 o VENTRITEX, INC ..................... 6,380,100 ---------- 1,095,672,165 ---------- HEALTHCARE-OTHER-1.00% 300,800 o ACUSON CORP ........................ 3,722,400 287,260 o ADVANCED TECHNOLOGY LABORATORIES, INC ................. 7,037,870 9,800 o ADVANCED TISSUE SCIENCE CO ......... 99,225 625,550 ALLERGAN, INC ...................... 20,330,375 71,800 o AMERICAN DRUG CO ................... 26,925 71,800 o AMERICAN DRUG CO WTS 8/05/96 ....... 4,487 159,900 o AMERICAN MEDICAL RESPONSE, INC ..... 5,196,750 233,500 o AMSCO INTERNATIONAL, INC ........... 3,473,312 150,500 o APPLIED BIOSCIENCE INTERNATIONAL, INC................................ 1,015,875 287,100 ARROW INTERNATIONAL, INC ........... 11,412,225 216,433 BALLARD MEDICAL PRODUCTS ........... 3,868,739 678,100 BAUSCH & LOMB, INC ................. 26,869,712 326,746 o BENSON EYECARE CORP ................ 2,940,714 432,900 o BIOCRAFT LABORATORIES, INC ......... 5,735,925 887,300 o BIOMET, INC ........................ 15,860,487 400,100 o BIOWHITTAKER, INC .................. 3,050,762 958,878 o BOSTON SCIENTIFIC CORP ............. 46,985,022 426,241 CAREMARK INTERNATIONAL, INC ........ 7,725,618 206,900 o CIRCON CORP ........................ 4,189,725 133,812 o CORAM HEALTHCARE CORP .............. 585,427 110,900 o CORDIS CORP ........................ 11,145,450 275,600 o COVENTRY CORP ...................... 5,684,250 174,000 o DATASCOPE CORP ..................... 4,176,000 191,900 DIAGNOSTIC PRODUCTS CORP ........... 7,268,212 181,300 o E-Z-EM, INC (CLASS A) .............. 1,767,675 201,933 o E-Z-EM, INC (CLASS B) .............. 1,943,605 784,996 o ENZON, INC ......................... 1,668,116 102,963 o EPITOPE, INC ....................... 1,698,889 8,600 ESSILOR INTERNATIONAL .............. 1,645,966 91,200 o GENESIS HEALTH VENTURES, INC ....... 3,328,800 60,000 o HEART TECHNOLOGY, INC .............. 1,972,500 531,000 HILLENBRAND INDUSTRIES, INC ........ 17,987,625 130,000 o HUMAN GENOME SCIENCES, INC ......... 4,972,500 545,000 o IDEXX LABORATORIES, INC ............ 25,615,000 1,329,300 o INFORMIX CORP ...................... 39,879,000 30,000 #o INTERNATIONAL HYDRON (LIQUIDATING TRUST) ............... 600 58,400 KINETIC CONCEPTS, INC .............. 700,800 143,760 KURAYA CORP ........................ 2,146,158 2,975,000 o LONDON INTERNATIONAL GROUP PLC ..... 5,912,300 146,772 #o LYNX THERAPEUTICS, INC ............. 29,354 165,700 o MEDCO RESEARCH, INC ................ 1,719,137 2,065,172 MEDTRONIC, INC ..................... 115,391,485 617,400 MENTOR CORP ........................ 14,200,200 32,600 o MYRIAD GENETICS, INC ............... 1,063,575 393,108 o NELLCOR PURITAN BENNETT, INC ....... 22,800,264 536,600 o OXFORD HEALTH PLANS, INC ........... 39,641,325 1,131,926 PALL CORP .......................... 30,420,511 16,200 o PHYSICIAN RELIANCE NETWORK, INC .... 643,950 135,900 o QUANTUM HEALTH RESOURCES, INC ...... 1,333,518 194,000 o RESEARCH MEDICAL, INC .............. 5,238,000 16,000 SAGAMI RUBBER INDUSTRIES CO LTD .... 113,225 200,000 o SEQUANA THERAPEUTICS, INC .......... 4,675,000 383,860 o SPACELABS MEDICAL, INC ............. 11,035,975 745,650 o ST. JUDE MEDICAL, INC .............. 32,062,950 159,000 o STERIS CORP ........................ 5,127,750 725,400 STEWART ENTERPRISES, INC (CLASS A) . 26,839,800 337,600 STRYKER CORP ....................... 17,724,000 472,400 o SUMMIT TECHNOLOGY, INC ............. 15,943,500 196,879 SUN-S, INC ......................... 2,003,972 110,600 o SUNRISE MEDICAL, INC ............... 2,046,100 762,400 o SYBRON INTERNATIONAL CORP .......... 18,107,000 212,600 o SYNETIC, INC ....................... 6,191,975 35,800 o TARGET THERAPEUTICS, INC ........... 1,530,450 81,000 o THERMO CARDIOSYSTEMS, INC .......... 6,257,250 71,600 o THERMOTREX CORP .................... 3,580,000 ----------- 695,365,287 ----------- HEALTHCARE-SERVICE-1.38% 195,200 ADAC LABORATORIES, INC NEW ......... 2,366,800 94,100 o AMERISOURCE HEALTH CORP (CLASS A) .. 3,105,300 1,066,500 o APRIA HEALTHCARE GROUP, INC ........ 30,128,625 768,161 o BEVERLY ENTERPRISES ................ 8,161,710 200,200 o CERNER CORP ........................ 4,104,100 163,900 o COASTAL PHYSICIAN GROUP, INC ....... 2,212,650 4,176,333 COLUMBIA/HCA HEALTHCARE CORP ....... 211,948,899 76,200 o COMMUNITY HEALTH SYSTEMS, INC ...... 2,714,625 465,262 o COMMUNITY PSYCHIATRIC CENTERS ...... 5,699,459 3,000 o EXTENDICARE, INC ................... 62,138 64,000 o EXTENDICARE, INC (CLASS A) ......... 680,402 225,764 o FHP INTERNATIONAL CORP ............. 6,434,274 492,650 o FOUNDATION HEALTH CORP ............. 21,183,950 303,200 o FOXMEYER HEALTH CORP ............... 8,110,600 362,900 o GMIS, INC .......................... 4,717,700 169,300 o HEALTH CARE & RETIREMENT CORP ...... 5,925,500 514,600 o HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) NEW ..................... 13,443,925 273,000 o HEALTH SYSTEMS INTERNATIONAL, INC .. 8,770,125 337,927 o HEALTHCARE COMPARE CO .............. 14,699,824 245,000 o HEALTHDYNE INFORMATION ENTERPRISES ....................... 566,562 245,000 o HEALTHDYNE, INC .................... 2,113,125 770,600 o HEALTHSOURCE, INC .................. 27,741,600 384,900 o HEALTHSOUTH CORP ................... 11,210,212 58,457 o HEALTHWISE OF AMERICA, INC ......... 2,279,823 326,719 o HORIZON/CMS HEALTHCARE CORP ........ 8,249,654 1,822,032 o HUMANA, INC ........................ 49,878,126 2,200 o I-STAT CORP ........................ 71,500 193,100 INTEGRATED HEALTH SERVICES, INC .... 4,827,500 200 o INTEGRATED SILICON SOLUTION, INC ... 3,346 205,400 INVACARE CORP ...................... 5,186,350 331,560 o LABORATORY CORP OF AMERICA HOLDINGS .................. 3,108,375 75,098 o LABORATORY CORP OF AMERICA HOLDINGS WTS 4/28/00 ....................... 51,629 570,600 o LINCARE HOLDINGS, INC .............. 14,265,000 60,200 o MAGELLAN HEALTH SERVICES, INC ...... 1,444,800 488,950 MANOR CARE, INC .................... 17,113,250 40,000 o MAXICARE HEALTH PLANS, INC ......... 1,075,000 1,800 o MEDPARTNERS/MULLIKIN, INC .......... 59,400 1,667,200 o MID ATLANTIC MEDICAL SERVICES, INC . 40,429,600 61,600 o MULTICARE COS, INC ................. 1,478,400 251,100 o NOVACARE, INC ...................... 1,286,887 412,400 OMNICARE, INC ...................... 18,454,900 528,270 o ORNDA HEALTHCORP ................... 12,282,277 845,000 o OWEN HEALTHCARE, INC ............... 23,343,125 419,000 o PACIFIC PHYSICIAN SERVICES, INC .... 7,542,000 230,446 o PACIFICARE HEALTH SYSTEMS, INC (CLASS A) ......................... 20,048,802 172,346 o PACIFICARE HEALTH SYSTEMS, INC (CLASS B) ......................... 14,994,102 179,000 o PEDIATRIC SERVICES OF AMERICA, INC . 2,819,250 See notes to financial statements. 32 SHARES VALUE ------ ------- HEALTHCARE-HOSPITAL SERVICE -(Continued) 206,625 o PHYCOR, INC ........................ $10,447,476 409,400 o PHYSICIAN CORP OF AMERICA .......... 6,959,800 18,000 o PHYSICIANS HEALTH SERVICES, INC .... 666,000 40,200 o RENAL TREATMENT CENTERS, INC ....... 1,768,800 218,700 SAFEGUARD HEALTH ENTERPRISES, INC .. 2,542,387 359,650 SURGICAL CARE AFFILIATES, INC ...... 12,228,100 1,132,528 o TENET HEALTHCARE CORP .............. 23,499,956 251,100 o TOKOS MEDICAL CORP ................. 2,291,287 15,289 o TRANSPORT HOLDINGS, INC (CLASS A) .. 623,026 1,550,945 U.S. HEALTHCARE, INC ............... 72,118,942 1,683,544 UNITED HEALTHCARE CORP ............. 110,272,132 594,132 o VALUE HEALTH, INC .................. 16,338,630 745,988 o VENCOR, INC ........................ 24,244,610 97,500 VITAL SIGNS, INC ................... 2,571,562 612,133 o VIVRA, INC ......................... 15,379,841 258,700 o WELLPOINT HEALTH NETWORKS, INC (CLASS A) ......................... 8,310,737 ----------- 956,658,487 ----------- HOUSEHOLD- CONSUMER ELECTRONICS-0.23% 309,000 CASIO COMPUTER CO LTD .............. 3,025,400 1,100 FUJI DENKI REIKI CO LTD ............ 14,715 211,680 HARMAN INTERNATIONAL INDUSTRIES, INC................................ 8,493,660 4,162,854 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ................. 67,795,907 60,335 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ADR ............. 9,925,107 70,582 PIONEER ELECTRONIC CORP ............ 1,293,179 2,744,400 SANYO ELECTRIC CO LTD .............. 15,829,507 476,120 SHARP CORP ......................... 7,615,587 689,220 SONY CORP .......................... 41,357,238 207,800 SUN TELEVISION & APPLIANCES, INC ... 857,175 460 o VICTOR CO OF JAPAN LTD ............. 5,841 573,622 o ZENITH ELECTRONICS CORP ............ 3,943,651 ----------- 160,156,967 ----------- HOUSEHOLD-DURABLE GOODS-0.36% 154,862 BASSETT FURNITURE INDUSTRIES, INC .. 3,600,541 717,800 BLACK & DECKER CORP ................ 25,302,450 701,800 CERAMCO CORP LTD ................... 821,317 171,200 DYNAMICS CORP OF AMERICA ........... 4,194,400 103,674 ELECTROLUX AB SERIES B ............. 4,262,790 728,768 EMAIL LTD .......................... 1,734,817 174,800 FEDDERS CORP ....................... 1,005,100 152,950 FEDDERS CORP (CLASS A) ............. 650,037 1,452,738 FISHER & PAYKEL INDUSTRIES LTD ..... 4,416,570 575,200 o GENTEX CORP ........................ 12,654,400 38,500 INDUSTRIE NATUZZI S.P.A. ADR ....... 1,746,937 241,567 LADD FURNITURE, INC ................ 3,170,566 1,006,600 LEGGETT & PLATT, INC ............... 24,410,050 1,225,303 MAYTAG CO .......................... 24,812,385 29,400 NATIONAL PRESTO INDUSTRIES, INC .... 1,168,650 1,681,862 NEWELL COS, INC .................... 43,518,179 47,670 RINNAI CORP ........................ 1,113,692 982,500 SHAW INDUSTRIES, INC ............... 14,491,875 480,200 STANLEY WORKS ...................... 24,730,300 890,500 SUNBEAM CORP ....................... 13,580,125 249,000 TAKARA STANDARD CO ................. 2,848,291 686,800 WHIRLPOOL CORP ..................... 36,572,100 ----------- 250,805,572 ----------- HOUSEHOLD-PRODUCTS-1.34% 54,000 AMWAY JAPAN CO ..................... 2,282,355 209,413 APTARGROUP, INC .................... 7,826,810 37,400 ARMOR ALL PRODUCTS CORP ............ 677,875 11,636 BIC ................................ 1,184,894 8,500 #o BRANDED CONSUMER PRODUCTS SERIES B . $ 119,277 126,700 CHURCH & DWIGHT CO, INC ............ 2,343,950 476,633 CLOROX CO .......................... 34,138,838 1,418,086 COLGATE PALMOLIVE CO ............... 99,620,541 929,200 DIAL CORP .......................... 27,527,550 60,500 EKCO GROUP, INC .................... 355,437 259,500 o FIRST ALERT, INC ................... 2,238,187 224,900 FIRST BRANDS CORP .................. 10,710,862 162,200 GENERAL HOUSEWARES CORP ............ 1,398,975 105,000 o GIBSON GREETINGS, INC .............. 1,680,000 245,183 KAO CORP ........................... 3,042,309 375,453 LANCASTER COLONY CORP .............. 13,985,624 470,916 LION CORP .......................... 2,780,121 76,296 NORITAKE CO LTD .................... 650,120 443,200 o PERRIGO CO ......................... 5,263,000 586,800 PREMARK INTERNATIONAL, INC ......... 29,706,750 7,354,508 PROCTER & GAMBLE CO ................ 610,424,164 1,406,700 RUBBERMAID, INC .................... 35,870,850 344,200 o SCOTTS CO (CLASS A) ................ 6,668,875 3,222,540 SHANGHAI WINGSUNG STATIONARY CO LTD SERIES B ........ 631,617 1,100 SMH AG. (BR) ....................... 659,598 36,570 SMH AG. (REGD) ..................... 4,798,877 165,800 STANHOME, INC ...................... 4,828,925 263,300 TAMBRANDS, INC ..................... 12,572,575 167,080 THOMAS INDUSTRIES, INC ............. 3,926,380 25,000 UNI CHARM CORP ..................... 630,110 ----------- 928,545,446 ----------- INSURANCE-BROKERS & OTHER-0.31% 476,800 ALEXANDER & ALEXANDER SERVICES, INC 9,059,200 134,100 o CIS TECHNOLOGIES, INC .............. 435,825 153,200 CRAWFORD & CO (CLASS A) ............ 2,451,200 126,000 CRAWFORD & CO (CLASS B) ............ 2,047,500 1,588,698 EQUIFAX, INC ....................... 33,958,419 492,100 GALLAGHER (ARTHUR J.) & CO ......... 18,330,725 174,500 GREAT FINANCIAL CORP ............... 4,100,750 1,038,436 o ITT HARTFORD GROUP, INC ............ 50,234,341 443,400 JOHN ALDEN FINANCIAL CORP .......... 9,255,975 80,000 LIFE PARTNERS GROUP, INC ........... 1,090,000 646,160 MARSH & MCLENNAN COS, INC .......... 57,346,700 265,600 MBIA, INC .......................... 19,920,000 17,100 o QUORUM HEALTH GROUP, INC ........... 376,200 283,272 WILLIS CORROON GROUP PLC ADR ....... 3,293,037 ----------- 211,899,872 ----------- INSURANCE-LIFE-0.57% 279,500 AMERICAN NATIONAL INSURANCE CO ..... 18,586,750 859,000 AON CORP ........................... 42,842,625 417,800 ARGONAUT GROUP, INC ................ 13,578,500 82,000 BERKLEY (W.R.) CORP ................ 4,407,500 103,100 CONSECO, INC ....................... 6,456,637 329,100 EQUITABLE COS, INC ................. 7,898,400 116,900 EQUITABLE IOWAS COS NEW ............ 3,755,412 371,106 FIRST COLONY CORP .................. 9,416,814 125,000 o IRISH LIFE PLC ..................... 479,365 633,450 JEFFERSON-PILOT CORP ............... 29,455,425 1,412,861 LEGAL & GENERAL GROUP PLC .......... 14,697,173 58,888 LIBERTY LIFE ASSOCIATION OF AFICA LTD................................ 1,825,359 18,000 METROPOLITAN LIFE LTD .............. 281,443 24,600 PROTECTIVE LIFE CORP ............... 768,750 605,575 o PROVIDENT COS, INC ................. 20,513,853 950,600 PROVIDIAN CORP ..................... 38,736,950 3,240,722 PRUDENTIAL CORP PLC ................ 20,880,911 452,278 RELIANCE GROUP HOLDINGS, INC ....... 3,900,897 554,400 RELIASTAR FINANCIAL CORP ........... 24,601,500 268,384 SEAFIELD CAPITAL CORP .............. 9,125,056 See notes to financial statements. 33 SHARES VALUE ------ ------- INSURANCE-LIFE-(Continued) 690,037 SUNAMERICA, INC .................... $32,776,757 1,031,750 TORCHMARK CORP ..................... 46,686,687 489,100 UNUM CORP .......................... 26,900,500 334,850 USLIFE CORP ........................ 10,003,643 291,308 WASHINGTON NATIONAL CORP ........... 8,047,383 ----------- 396,624,290 ----------- INSURANCE-MULTI-LINE, PROPERTY & CASUALTY-3.32% 313,400 o 20TH CENTURY INDUSTRIES ............ 6,228,825 1,800 AACHENER & MUNCHENER BERTEIL (REGD) 1,358,206 966,850 AETNA LIFE & CASUALTY CO ........... 66,954,362 1,577,382 AFLAC, INC ......................... 68,418,944 9,300 o AGF UNION-FENIX .................... 74,360 16,966 ALLEANZA ASSICURAZIONI (S/S) NON CV 119,177 127,262 o ALLEGHANY CORP (DELAWARE) .......... 25,197,876 31,182 ALLIANZ AG. (REGD) ................. 60,913,105 2,600 ALLMERICA PROPERTY & CASUALTY COS, INC ................. 70,200 3,429,153 ALLSTATE CORP ...................... 141,023,917 710,300 AMERICAN BANKERS INSURANCE GROUP, INC .............. 27,701,700 3,826,584 AMERICAN INTERNATIONAL GROUP, INC .. 353,959,020 59,000 AMERICAN RE CORP ................... 2,411,625 1,472,075 ASSICURAZIONI GENERALI S.P.A. ...... 35,658,808 112,062 o ASSICURAZIONI GENERALI S.P.A. WTS 4/30/01 ....................... 2,400,368 15,295 ASSUR STAD ROTTERDAM NV ............ 456,054 317,283 AXA S.A. ........................... 21,409,539 134,800 AYUDHYA INSURANCE CO LTD (FR) ...... 877,611 427,357 C.E. HEATH INTERNATIONAL HOLDINGS LTD ...................... 686,687 19,000 CHIYODA FIRE & MARINE INSURANCE CO LTD .................. 108,669 1,413,300 CHUBB CORP ......................... 136,736,775 666,278 CIGNA CORP ......................... 68,793,203 284,274 CINCINNATI FINANCIAL CORP .......... 18,548,878 430,200 o CNA FINANCIAL CORP ................. 48,827,700 1,202 COLONIA KONZERN AG. (REGD) ......... 1,007,755 1,221,873 COMMERICAL UNION ASSURANCE CO LTD .................. 11,913,662 36,383 CORPORACION MAPFRE S.A. ............ 2,036,355 2,900 ERSTE ALLGEMEINE VERSICHERUNGS AG. ................. 869,660 162,792 FAI INSURANCES LTD ................. 88,403 161,644 FIRST AMERICAN FINANCIAL CORP ...... 4,323,977 407,400 FOREMOST CORP OF AMERICA ........... 20,675,550 54,484 FORTIS AG. ......................... 6,618,439 1,312 o FORTIS AG. NPV (VVPR) .............. 157,146 663,520 FREMONT GENERAL CORP ............... 24,384,360 5,428 o GEFION FINANCE CORP ................ 60,724 451,110 GEICO CORP ......................... 31,521,311 835,140 GENERAL ACCIDENT PLC ............... 8,441,115 1,562,800 GENERAL REINSURANCE CORP ........... 242,234,000 5,520 o GROUPE DES ASSURANCES NATIONALE .... 202,040 1,085,756 GUARDIAN ROYAL EXCHANGE ASSURANCE PLC ..................... 4,652,655 3,000 x HAFNIA HOLDINGS AS (CLASS A) (REGD) 0 2,490 x HAFNIA HOLDINGS AS (CLASS B) (REGD) 0 211,800 HARTFORD STEAM BOILER & INSURANCE CO ...................... 10,590,000 2,500,000 INSTITUTO NAZIONALE DELLE ASSICURAZION ...................... 3,315,375 268,300 o INSURANCE AUTO AUCTIONS, INC ....... 2,884,225 600,231 INTERNATIONALE NEDERLANDEN GROEP NV .......................... 40,137,684 335,890 KEMPER CORP ........................ 16,668,541 50,000 KOA FIRE & MARINE INSURANCE CO LTD . 306,330 248,740 LAWYERS TITLE CORP ................. 4,757,152 965,500 LINCOLN NATIONAL CORP .............. 51,895,625 2,506,000 MALAYSIA ASSURANCE ALLIANCE BERHAD ............................ 11,350,536 29,298 MAPFRE VIDA ........................ 1,738,824 54,400 MERCURY GENERAL CORP NEW ........... 2,597,600 124,300 MGIC INVESTMENT CORP ............... 6,743,275 28,500 o MILANO ASSICURAZIONI ............... 95,071 7,125 o MILANO ASSICURAZIONI DI RISP ....... 11,221 327,300 MITSUI TAISHO MARINE & FIRE CO LTD . 2,335,214 10,276 MUNCHENER RUECKVERSICHERUNGS- GESELLSCHAFT (REGD) (P/P) ......... 22,400,014 364 o MUNCHENER RUECKVERSICHERUNGS- GESELLSCHAFT (REGD) (P/P) WTS 3/13/98 ....................... 49,845 770,700 NAC RE CORP ........................ 27,745,200 181,000 NICHIDO FIRE & MARINE INSURANCE CO LTD ............................ 1,456,329 3,158,650 NIPPON FIRE & MARINE INSURANCE CO LTD ............................ 21,433,967 484,600 OHIO CASUALTY CORP ................. 18,778,250 501,260 OLD REPUBLIC INTERNATIONAL CORP .... 17,794,730 694,006 ORION CAPITAL CORP ................. 30,102,510 2,770,000 o PACIFIC & ORIENT BERHAD ............ 8,727,848 492,150 PROGRESSIVE CORP ................... 24,053,831 119,000 PRUDENTIAL REINSURANCE HOLDINGS INC ...................... 2,781,625 403,150 QBE INSURANCE GROUP LTD ............ 1,865,398 417,200 RAS S.P.A. ......................... 4,742,875 19,600 o RAS S.P.A. WTS 12/31/97 ............ 81,126 812,593 ROYAL INSURANCE PLC ................ 4,819,433 16,650 ROYALE BELGE VIE ACCIDENTS ......... 3,332,269 1,209,000 SAFECO CORP ........................ 41,710,500 200,000 SAI S.P.A. ......................... 2,046,870 6,000 SAMPO INSURANCE CO SERIES A ........ 321,956 5,000 o SAMSUNG FIRE & MARINE INSURANCE .... 2,481,325 25,414 SCHWEIZERISCHE RUCKVERSICHERUNG (REGD) ............................ 29,638,983 230 o SCHWEIZERISCHE RUCKVERSICHERUNG (REGD) NEW ........................ 259,841 231,489 SEDGWICK GROUP LTD ................. 434,885 595,500 SELECTIVE INSURANCE GROUP, INC ..... 21,140,250 46,230 o SHINDONGAH FIRE & MARINE INSURANCE . 1,543,393 106,333 SKANDIA (FORSAKRING) SERIE FRIA .... 2,879,984 906,640 ST. PAUL COS, INC NOTES ............ 50,431,850 1,631,365 SUMITOMO MARINE & FIRE INSURANCE CO 13,410,655 500,000 SUN ALLIANCE GROUP PLC ............. 2,899,480 3,082,822 TOKIO MARINE & FIRE INSURANCE CO LTD................................ 40,344,583 587,200 TRANSAMERICA CORP .................. 42,792,200 3,013,914 TRAVELERS GROUP, INC ............... 189,499,842 451,000 o UNI-STOREBRAND AS SERIES A ......... 2,498,370 80,000 o UNION DES ASSURANCES DE PARIS ...... 2,092,218 56,519 UNION DES ASSURANCES FEDERALES ..... 6,760,781 48,600 o UNITED INSURANCE COS, INC .......... 917,325 559,900 UNITRIN, INC ....................... 26,875,200 475,000 o USF&G CORP ......................... 8,015,625 730,750 WILLIS CORROON GROUP PLC ........... 1,599,733 73,990 ZURICH INSURANCE CO (REGD) ......... 22,183,490 ------------- 2,306,494,023 ------------- LEISURE TIME-1.30% 190,900 o ACCLAIM ENTERTAINMENT, INC ......... 2,362,387 123,750 o AMC ENTERTAINMENT, INC ............. 2,892,656 464,358 ANTHONY INDUSTRIES, INC ............ 10,680,234 902,200 ARCTCO, INC ........................ 11,728,600 194,600 o ARGOSY GAMING CORP ................. 1,483,825 96,100 o ATARI CORP ......................... 132,137 410,000 o AUTOTOTE CORP (CLASS A) ............ 1,204,375 See notes to financial statements. 34 SHARES VALUE ------ ------- LEISURE TIME-(Continued) 268,200 o BALLY ENTERTAINMENT CORP ........... $ 3,754,800 29,000 o BELL SPORTS CORP ................... 232,000 99,791 o BERLITZ INTERNATIONAL, INC NEW ..... 1,646,551 1,077,100 BRUNSWICK CORP ..................... 25,850,400 399,500 CALLAWAY GOLF CO ................... 9,038,687 1,049,400 CARNIVAL CORP (CLASS A) ............ 25,579,125 96,750 o CASINO AMERICA, INC ................ 592,593 153,800 o CASINO MAGIC CORP .................. 480,625 1,514 o CHRIS CRAFT INDUSTRIES, INC ........ 65,480 955,384 o CIRCUS CIRCUS ENTERPRISES, INC ..... 26,631,329 295,600 COACHMEN INDUSTRIES, INC ........... 6,429,300 118,300 o COBRA GOLF, INC .................... 4,214,437 405,000 o COMPASS GROUP PLC .................. 3,077,990 6,180,200 DISNEY (WALT) CO ................... 364,631,800 1,733,352 FORTE PLC .......................... 8,894,423 472,400 o GALOOB LEWIS TOYS, INC ............. 5,550,700 54,918 GAUMONT S.A. ....................... 3,537,299 44,080 o GC COS, INC ........................ 1,476,680 1,436,500 GENTING BERHAD ..................... 11,994,411 492,300 o GRAND CASINOS, INC ................. 11,445,975 303,000 o GTECH HOLDINGS CORP ................ 7,878,000 725,500 o HARRAHS ENTERTAINMENT, INC ......... 17,593,375 788,076 HASBRO, INC ........................ 24,430,356 169,000 HEIWA CORP ......................... 4,406,989 242,900 o HOLLYWOOD ENTERTAINMENT CORP ....... 2,034,287 219,500 o HOLLYWOOD PARK, INC ................ 2,208,718 337,125 HUFFY CORP ......................... 3,413,390 1,351,588 INTERNATIONAL GAME TECHNOLOGY ...... 14,698,519 1,038,436 o ITT CORP (NEW) ..................... 55,037,108 350,600 JOSTENS, INC ....................... 8,502,050 279,500 KIMBALL INTERNATIONAL, INC (CLASS B).......................... 7,057,375 90 KOEI CO LTD ........................ 3,123 36,000 o KONAMI CO .......................... 1,005,073 2,155,073 LADBROKE GROUP PLC ................. 4,901,840 407,500 MAGNUM CORP BERHAD ................. 770,382 1,978,287 MATTEL, INC ........................ 60,832,325 459,200 o MIRAGE RESORT, INC ................. 15,842,400 112,800 NAMCO LTD .......................... 3,761,582 33,060 o NATIONAL GAMING CORP ............... 392,587 67,000 NINTENDO CO LTD .................... 5,098,559 270,600 OUTBOARD MARINE CORP ............... 5,513,475 535,800 o PLAYERS INTERNATIONAL, INC ......... 5,726,362 304,100 o PRESIDENT CASINOS, INC ............. 532,175 167,000 o PRIMADONNA RESORTS, INC ............ 2,463,250 1,903,005 RANK ORGANIZATION PLC .............. 13,768,461 102,600 o REGAL CINEMAS, INC ................. 3,052,350 31,700 SANKYO CO LTD ...................... 1,475,039 63,700 o SCIENTIFIC GAMES HOLDINGS CORP ..... 2,404,675 170,012 SEGA ENTERPRISES LTD ............... 9,394,149 54,000 SHIMANO, INC ....................... 952,726 37,300 SHOCHIKU CO LTD .................... 408,592 28,400 o SHOWBOAT, INC ...................... 749,050 12,000 SKIS ROSSIGNOL S.A. ................ 3,292,913 126,750 xo SLM INTERNATIONAL, INC ............. 138,632 87,850 SONY MUSIC ENTERTAINMENT ........... 4,598,736 288,500 o SPORTS & RECREATION, INC ........... 2,055,562 243,100 o STATION CASINOS, INC ............... 3,555,337 270,200 STRUM RUGER & CO, INC .............. 7,396,725 793,062 THORN EMI LTD ...................... 18,678,943 62,814 TOHO CO LTD ........................ 10,047,162 600 o TUCSON ELECTRIC POWER CO. .......... 1,950 511,100 WINNEBAGO INDUSTRIES, INC .......... 3,961,025 553,000 o WMS INDUSTRIES, INC ................ 9,055,375 40,116 ZODIAC S.A. ........................ 6,266,969 ----------- 900,966,490 ----------- MACHINERY-1.99% 229,200 ACME CLEVELAND CORP NEW ............ 4,297,500 47,400 AGCO CORP .......................... 2,417,400 36,600 AIDA ENGINEERING LTD ............... 281,001 119,744 AMADA CO LTD ....................... 1,184,014 315,220 AMADA METRECS CO LTD ............... 5,041,975 38,200 AMANO CORP ......................... 481,404 84,000 # AMSTEEL CORP WTS 5/19/00 ........... 0 349,010 ATLAS COPCO AB SERIES A FREE ....... 5,371,500 24,500 ATLAS COPCO AB SERIES B FREE ....... 369,678 1,352,844 AUSTRALIAN NATIONAL INDUSTRIES LTD . 1,006,380 288,525 BEARINGS, INC NEW .................. 8,439,356 539,335 o BJ SERVICES CO ..................... 15,640,715 21,700 o BJ SERVICES CO WTS 4/13/00 ......... 165,462 12,000 BOMBARDIER, INC (CLASS A) .......... 160,569 392,252 BOMBARDIER, INC (CLASS B) .......... 5,176,728 6,000 o BREMER VULKAN AG. .................. 167,051 335,472 BRIGGS & STRATTON CORP ............. 14,551,098 166,000 BROTHERS INDUSTRIES LTD ............ 902,763 166,900 BW/IP, INC (CLASS A) ............... 2,753,850 1,860,600 CATERPILLAR, INC ................... 109,310,250 321,100 CINCINNATI MILACRON, INC ........... 8,428,875 99,600 COBHAM GROUP PLC ................... 728,349 594,400 o COGNEX CORP ........................ 20,655,400 215,250 COMMERCIAL INTERTECH CORP .......... 3,901,406 33,000 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A. ............. 1,169,681 284,298 o COOPER CAMERON CORP ................ 10,092,579 790,045 COOPER INDUSTRIES, INC ............. 29,034,153 515,505 DAIFUKU CO LTD ..................... 7,296,065 118,000 DAIKIN INDUSTRIES .................. 1,155,330 700,000 DANIELI & CO ....................... 4,410,000 4,659,773 DEERE & CO ......................... 164,256,998 41,000 DENYO CO LTD ....................... 468,995 7,046,000 DONGFANG ELECTRICAL MACHINERY SERIES H ............... 1,890,848 1,199,600 DOVER CORP ......................... 44,235,250 45,700 DURIRON, INC ....................... 1,068,237 237,560 EBARA CORP ......................... 3,477,389 1,400 o FAG KUGELFISCHER (GEORGE) SCHAFER & CO ...................... 180,954 537,984 FANUC LTD .......................... 23,312,019 409,014 FEDERAL SIGNAL CORP ................ 10,583,237 53,000 FINNING LTD ........................ 757,753 140 FISCHER (GEORGE) LTD (BR) .......... 182,497 28 FISCHER (GEORGE) LTD (REGD) ........ 7,056 3,700 FLS INDUSTRIES AS (CLASS B) ........ 287,080 2,372,767 +o FMC CORP NEW ....................... 160,458,368 157,800 o FSI INTERNATIONAL, INC ............. 3,195,450 2,200 FUJI TEC ........................... 23,246 288,500 GATX CORP .......................... 14,028,312 269,600 GIDDINGS & LEWIS, INC .............. 4,448,400 250,000 GOULDS PUMPS, INC .................. 6,250,000 253,700 GREENFIELD INDUSTRIES, INC ......... 7,928,125 7,000,000 HARBIN POWER EQUIPMENT CO LTD SERIES H ...................... 1,032,045 341,800 HARNISCHFEGER INDUSTRIES, INC ...... 11,364,850 170,400 HARSCO CORP ........................ 9,904,500 370,000 o HITACHI CONSTRUCTION MACHINERY CO LTD .................. 4,483,475 1,042,200 ILLINOIS TOOL WORKS, INC ........... 61,489,800 136,800 IMI PLC ............................ 697,719 943 INDUSTRIE-WERKE KARLSRUHE AUGSBURG AG. ...................... 171,957 936,400 INGERSOLL-RAND CO .................. 32,891,050 118,000 o INTEGRATED PROCESS EQUIPMENT CORP .................... 2,773,000 See notes to financial statements. 35 SHARES VALUE ------ ------- MACHINERY-(Continued) 100,000 o IRO AB ............................. $ 1,131,667 400,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES .................. 1,686,756 10,100 o JLG INDUSTRIES, INC ................ 300,475 436,896 JOHNSON MATTHEY PLC ................ 3,547,638 97,000 KALMAR INDUSTRIES AB ............... 1,609,985 352,000 KATO SPRING WORKS CO LTD ........... 1,747,091 301,500 KAYDON CORP ........................ 9,158,062 500,077 KENNAMETAL, INC .................... 15,877,444 191,317 KEYSTONE INTERNATIONAL, INC ........ 3,826,340 21,750 o KLOECKNER HUMBOLDT-DEUTZ AG. ....... 133,572 1,645,950 KOMATSU LTD ........................ 13,562,463 577,660 KOMORI CORP ........................ 14,559,573 81,000 KOYO SEIKO CO LTD .................. 738,101 1,759,000 KUBOTA LTD ......................... 11,339,411 47,000 KURITA WATER INDUSTRIES LTD ........ 1,252,949 29,698 KVAERNER INDUSTRIER AS ............. 1,052,901 3,935 KVAERNER INDUSTRIER AS (CLASS B) ... 132,036 191,300 LAWSON PRODUCTS, INC ............... 4,686,850 11,693 LINDE AG. .......................... 6,837,872 39,000 o MADECO S.A. ADR .................... 1,053,000 17,900 MAGNA INTERNATIONAL, INC ........... 771,043 132,130 o MAKINO MILLING MACHINE CO LTD ...... 1,132,287 67,500 MAKITA ELECTRIC WORKS LTD .......... 1,079,669 15,800 MAN AG. (STAMM) .................... 4,283,102 209,900 MANITOWOC, INC ..................... 6,428,187 71,102 MANNESMANN AG. ..................... 22,687,280 125,300 MEASUREX CORP ...................... 3,539,725 11,000 o METRA SERIES B (LOHJA) ............. 453,456 98,700 MINE SAFETY APPLIANCE CO ........... 4,737,600 7,509,000 MITSUBISHI HEAVY INDUSTRIES LTD .... 59,908,018 292,700 o MOLTEN METAL TECHNOLOGY, INC ....... 9,549,337 150,000 MORI SEIKI CO LTD .................. 3,388,053 442,600 +NEWPORT CORP ....................... 3,596,125 131,000 o NIIGATA ENGINEERING CO ............. 413,991 5,000 NIKKO CO LTD ....................... 40,957 63,680 NIPPON SHARYO LTD .................. 614,227 196,800 NORDSON CORP ....................... 11,070,000 245,600 o NOVELLUS SYSTEMS, INC .............. 13,262,400 318,600 NSK LTD ............................ 2,316,381 1,085,700 NTN TOYO BEARING CO LTD ............ 7,262,095 445,900 o OKUMA CORP ......................... 4,171,265 743,800 PARKER-HANNIFIN CORP ............... 25,475,150 25,236,000 POKPHAND (C.P.) CO LTD ............. 10,117,614 90 RHEINELEKTRA AG. ................... 68,539 149,000 ROPER INDUSTRIES, INC NEW .......... 5,475,750 500 SAKAI HEAVY INDUSTRIES LTD ......... 3,344 58,000 SANDEN CORP ........................ 372,210 60 SCHINDLER HOLDINGS LTD (BR) ........ 302,424 58 SCHINDLER HOLDINGS LTD (PT CERT) ... 60,232 160 SCHINDLER HOLDINGS LTD (REGD) ...... 172,416 87,000 SEMBAWANG CORP ..................... 482,821 720 SHIN NIPPON MACHINERY CO LTD ....... 5,395 36,011 SIDEL .............................. 11,236,635 384,221 SMITH (HOWARD) LTD ................. 1,814,969 141,900 STEWART & STEVENSON SERVICES, INC .. 3,582,975 17,257 STORK NV ........................... 428,437 64,894 o STRATTEC SECURITY CORP ............. 1,151,868 525 SULZER WINTERTHUR AG. (PT CERT) .... 280,590 840 SULZER WINTERTHUR AG. (REGD) ....... 481,793 249,760 o SUMITOMO HEAVY INDUSTRIES LTD ...... 898,255 273,800 SUNDSTRAND CORP .................... 19,268,675 20,000 SVENSKA KULLAGERFABRIKEN AB SERIES A FREE ..................... 378,731 27,000 SVENSKA KULLAGERFABRIKEN AB SERIES B .......................... 517,398 126,000 o TAKUMA CO .......................... 1,722,236 149,500 TECUMSEH PRODUCTS CO (CLASS A) ..... 7,736,625 31,600 TECUMSEH PRODUCTS CO (CLASS B) ..... 1,651,100 254,350 TELEFLEX, INC ...................... 10,428,350 226,000 TENNANT CO ......................... 5,395,750 600,587 o THERMO ELECTRON CORP ............... 31,230,524 859,118 TI GROUP PLC ....................... 6,122,447 430,209 TIMKIN CO .......................... 16,455,494 226,250 o TOMRA SYSTEMS AS ................... 1,790,485 243,750 TORO CO ............................ 8,013,281 61,600 TOYO KANETSU K.K. .................. 315,892 410,000 o TOYODA MACHINE WORKS LTD ........... 3,954,667 120,250 TOYOTA AUTOMATIC LOOM WORKS LTD .... 2,156,551 2,542,000 TRACTORS MALAYSIA HOLDINGS BERHAD .. 3,644,302 80,600 TRIMAS CORP ........................ 1,521,325 428,700 TRINITY INDUSTRIES, INC ............ 13,504,050 299,300 TRINOVA CORP ....................... 8,567,462 79,000 TSUBAKIMOTO CHAIN CO ............... 475,577 200 TSUBAKIMOTO MACHINERY & ENGINE CO LTD ..................... 1,207 281,000 TSUGAMI CORP ....................... 1,569,032 23,000 TUBEMAKERS OF AUSTRALIA LTD ........ 71,347 97,100 o ULTRATECH STEPPER, INC ............. 2,500,325 49,400 VALMET OY SERIES A ................. 1,240,062 459,800 o VARITY CORP NEW .................... 17,070,075 1,694,400 VICKERS PLC ........................ 6,682,042 654,600 WATTS INDUSTRIES, INC (CLASS A) .... 15,219,450 1,150 YOKOHAMA RUBBER CO LTD ............. 6,967 567,200 YORK INTERNATIONAL CORP ............ 26,658,400 24,958 ZARDOYA OTIS S.A. .................. 2,725,906 356,600 ZURN INDUSTRIES, INC ............... 7,622,325 ------------- 1,380,008,003 ------------- METALS-ALUMINIUM-0.23% 619,400 o ACX TECHNOLOGIES, INC .............. 9,368,425 235,100 ALCAN ALUMINIUM CO LTD ............. 7,304,324 35,065 ALCAN ALUMINIUM CO LTD (U.S.) ...... 1,091,398 536,297 o ALUMAX, INC ........................ 16,424,095 889,500 ALUMINUM CO OF AMERICA ............. 47,032,312 583 ALUSUISSE LONZA HOLDINGS AG. (BR) .. 463,076 57,112 ALUSUISSE LONZA HOLDINGS AG. (REGD) ............................ 45,363,998 123,600 INTERNATIONAL ALUMINUM CORP ........ 3,553,500 27,000 o KAISER ALUMINUN CORP ............... 351,000 428,290 REYNOLDS METALS CO ................. 24,251,921 83,440 TOYO SEIKAN KAISHA LTD ............. 2,499,400 ----------- 157,703,449 ----------- METALS-GOLD-0.41% 4,000 AGNICO EAGLE MINES LTD ............. 50,223 503,501 o AMAX GOLD, INC ..................... 3,650,382 2,822,679 BARRICK GOLD CORP .................. 74,454,768 144,000 BARRICK GOLD CORP (U.S.) ........... 3,800,867 1,334,150 BATTLE MOUNTAIN GOLD CO ............ 11,340,275 63,200 BEATRIX MINES LTD .................. 567,768 37,000 CAMBIOR, INC ....................... 403,530 161,000 o DELTA GOLD NL ...................... 390,443 35,000 DOMINION MINING LTD ................ 18,225 31,700 DRIEFONTEIN CONSOLIDATED LTD ....... 402,174 45,000 ECHO BAY MINES LTD ................. 470,159 294,800 ECHO BAY MINES LTD (U.S.) .......... 3,058,550 152,035 o FIRSTMISS GOLD, INC ................ 3,382,778 561,628 FREEPORT MCMORAN COPPER & GOLD, INC (CLASS A) ............. 15,725,584 778,464 FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) ............. 21,894,300 17,300 GOLD FIELD OF SOUTH AFRICA LTD ..... 517,268 See notes to financial statements. 36 SHARES VALUE ------ ------- METALS-GOLD-(Continued) 41,000 GOLD MINES OF KALGOORLIE LTD ....... $ 38,124 102,000 o GOLDEN KNIGHT RESOURCES, INC ....... 588,936 6,222 o GOLDFIELDS LTD ..................... 15,644 63,200 HARTEBEESTFONTEIN GOLD MINING CO LTD ..................... 159,495 1,158,750 HOMESTAKE MINING CO ................ 18,105,468 23,300 KLOOF GOLD MINING CO LTD ........... 223,700 628,233 NEWCREST MINING LTD ................ 2,645,158 124,900 NEWMONT GOLD CO .................... 5,464,375 757,382 NEWMONT MINING CORP ................ 34,271,535 13,000 o PEGASUS GOLD, INC .................. 181,098 224,800 PLACER DOME, INC ................... 5,439,111 134,148 PLACER DOME, INC (U.S.) ............ 3,236,320 230,000 o RAYROCK YELLOWKNIFE RESOURCES, INC .................... 1,728,500 5,894,199 SANTE FE PACIFIC GOLD CORP ......... 71,467,162 4,700 o SOUTHVAAL HOLDINGS LTD ............. 130,215 8,000 o WESTERN AREAS GOLD MINING CO ....... 136,606 7,300 WESTERN DEEP LEVELS LTD ............ 244,301 ----------- 284,203,042 ----------- METALS-NON-FERROUS-0.46% 86,200 ABERFOYLE LTD ...................... 189,166 23,100 AMCOL INTERNATIONAL CORP ........... 329,175 190,300 ASARCO, INC ........................ 6,089,600 221,000 ASHLAND COAL, INC .................. 4,723,875 893,000 ASHTON MINING LTD .................. 1,295,390 171,200 BMC INDUSTRIES, INC ................ 3,980,400 391,300 BRUSH WELLMAN, INC ................. 6,749,925 70,300 CAMECO CORP ........................ 2,615,827 32,000 COMINCO LTD ........................ 656,940 1,839,771 CRA LTD ............................ 27,016,275 748,894 CYPRUS AMAX MINERALS CO ............ 19,564,855 196,441 ERAMET ............................. 12,853,716 149,269 FREEPORT MCMORAN, INC .............. 5,522,953 182,000 FUJIKURA LTD ....................... 1,190,907 706,000 FURUKAWA ELECTRIC CO LTD ........... 3,456,201 187,398 GREEN (A.P.) INDUSTRIES, INC ....... 3,654,261 487,000 o GRUPO MEXICO S.A. SERIES B ......... 2,060,508 935,700 o HECLA MINING CO .................... 6,432,937 97 HITACHI CABLE LTD .................. 687 88,236 HULLAS DEL COTO CORTES ............. 1,013,897 17,300 IMPALA PLATINUM HOLDINGS LTD ....... 315,581 35,000 INCO LTD ........................... 1,157,985 87,060 INCO LTD (U.S.) .................... 2,894,745 907,200 o MAGMA COPPER CO .................... 25,288,200 281,684 MAPCO, INC ......................... 15,386,988 4,879,681 MIM HOLDINGS LTD ................... 6,751,790 1,446,000 MITSUBISHI MATERIALS ............... 7,499,375 298,000 o MITSUI MINING & SMELTING CO LTD .... 1,195,968 87,300 o MUELLER INDUSTRIES, INC ............ 2,553,525 1,222,000 NIKKO KYODO CO ..................... 4,098,739 50,000 NIPPON DENKO CO LTD ................ 189,517 213,380 NIPPON LIGHT METAL CO LTD .......... 1,224,555 320,800 NORANDA, INC ....................... 6,615,224 2,208,933 NORTH LTD .......................... 6,162,094 28,000 OGLEBAY NORTON CO .................. 1,043,000 285,600 o OREGON METALLURICAL CORP ........... 3,248,700 339,700 OUTOKUMPU OY SERIES A .............. 5,398,023 188,000 o OUTOKUMPU OY SERIES A WTS 6/28/96 .. 7,360 17,500 PALABORA MINING CO LTD ............. 273,625 49,800 PENN VIRGINIA CORP ................. 1,606,050 589,900 PHELPS DODGE CORP .................. 36,721,275 424,700 PITTSTON SERVICES GROUP ............ 13,324,962 1,539,265 QCT RESOURCES LTD .................. 1,729,039 741,489 RGC LTD ............................ 3,695,677 79,000 RIO ALGOM LTD ...................... 1,469,775 150,000 RIO TINTO ZINC CORP LTD PLC (BR) ... 2,196,152 1,560,693 RIO TINTO ZINC CORP LTD PLC (REGD) . 22,680,515 24,387 RUSTENBERG PLATINUM HOLDINGS LTD ... 401,377 67,000 o SHERRITT, INC ...................... 865,808 68,000 SOCIEDAD QUIMICA Y MINERA DE CHILE ADR ......................... 3,196,000 121,000 STRAITS TRADING CO ................. 284,001 959,400 SUMITOMO METAL MINING CO LTD ....... 8,630,793 353,054 o SUNSHINE MINING & REFINING CO ...... 485,449 1,977 o SUNSHINE MINING & REFINING CO WTS 3/03/99 ....................... 988 122,800 TECK CORP LTD (CLASS B) ............ 2,397,207 34,880 TRELLEBORG AB SERIES B FREE ........ 376,305 27,000 o UNION MINIERE ...................... 1,802,755 6,000 o VA TECHNOLOGIE AG BR ............... 762,616 3,227,844 WMC LTD ............................ 20,746,308 ----------- 324,075,541 ----------- METALS-STEEL-0.70% 44,770 ACERINOX S.A. ...................... 4,528,109 134,000 o ACINDAR S.A. (CLASS B) ............. 95,149 242,831 o ACME METALS, INC ................... 3,460,341 224,700 AK STEEL HOLDING CORP .............. 7,695,975 126,500 ALLEGHENY LUDLUM CORP .............. 2,340,250 504,000 AMSTEEL CORP BERHAD ................ 375,171 22,500 o ARBED S.A. ......................... 2,415,906 133,700 AVESTA SHEFFIELD AB ................ 1,180,170 1,308,900 o BETHLEHEM STEEL CORP ............... 18,324,600 150,000 o BINDURA NICKEL ..................... 217,302 378,500 BIRMINGHAM STEEL CORP .............. 5,630,187 48,300 o BOHLER-UDDEHOLM (BR) ............... 3,693,029 1,641,000 BRITISH STEEL PLC .................. 4,146,571 124,700 CARPENTER TECHNOLOGY CORP .......... 5,128,287 117,450 CBI INDUSTRIES, INC ................ 3,861,168 94,081 CLEVELAND CLIFFS, INC .............. 3,857,321 108,000 CO STEEL, INC ...................... 1,949,924 143,000 COMPANHIA SIDERURGICA DE TUBARAO S.A. ADR ............... 2,806,375 25,200,000 COMPANIA SIDERURGICA NACIONAL S.A. . 518,518 22,000 o CONSOLIDATED METALLURGICAL INDUSTRIES LTD .................... 81,470 174,000 DAIDO STEEL CO LTD ................. 877,113 272,000 DOFASCO, INC ....................... 3,440,136 6,000 ELKEM AS ........................... 67,899 34,000 o FALCK ORD .......................... 75,505 367,100 FANSTEEL, INC ...................... 2,523,812 630 o GRUPO SIDEK S.A. DE CV SERIES L .... 388 280,000 o GRUPO SIMEC S.A. SERIES B .......... 96,301 617,175 HANNA (M.A.) CO .................... 17,280,900 100,000 o INCHON IRON & STEEL CO ............. 3,789,660 485,500 INLAND STEEL INDUSTRIES, INC ....... 12,198,187 33,200 IPSCO, INC ......................... 696,789 1,854,078 ISCOR LTD .......................... 1,668,188 1,000 o IVACO, INC (CLASS A) ............... 3,226 352,000 o JAPAN METALS & CHEMICALS CO ........ 1,938,179 990,000 o JAPAN STEEL WORKS LTD .............. 2,831,132 3,419,360 KAWASAKI STEEL CORP ................ 11,933,019 4,776,620 o KOBE STEEL LTD ..................... 14,771,152 800,400 o LTV CORP NEW ....................... 11,005,500 54,900 LUKENS, INC ........................ 1,578,375 425,945 o MATERIAL SCIENCES CORP ............. 6,335,931 148,000 o MITSUBISHI STEEL MANUFACTURING CO LTD ............................ 774,744 108,750 NATIONAL IRON & STEEL MILLS LTD .... 222,958 12,763,000 NIPPON STEEL CORP .................. 43,798,480 10,644,920 o NKK CORP ........................... 28,687,335 878,800 NUCOR CORP ......................... 50,201,450 37 SHARES VALUE ------ ------- METALS-STEEL-(Continued) 179,800 OREGON STEEL MILLS ................. $ 2,517,200 12,050 PREUSSAG AKTIEGESELLSCHAFT AG. ..... 3,375,989 124,800 QUANEX CORP ........................ 2,418,000 500,000 o RAUTARUUKKI SERIES K ............... 3,051,448 100,000 o REPUBLIC ENGINEERED STEELS, INC .... 462,500 198,400 ROUGE STEEL CO (CLASS A) ........... 4,712,000 6,770,200 o SAHAVIRIYA STEEL INDUSTRIES PCL (FR)........................... 9,003,573 52,000 SAMANCOR LTD ....................... 656,151 64,500 SANDVIK AB SERIES B FREE ........... 1,133,817 170,000 SVENSKT STAL AB SERIES B ........... 1,718,625 43,000 STELCO, INC (CLASS A) .............. 189,163 80 SUMIKIN BUSSAN KAISHA LTD .......... 333 4,576,080 o SUMITOMO METAL INDUSTRIES LTD ...... 13,884,842 24,490 o THYSSEN AG. ........................ 4,458,952 300,000 TOKYO STEEL MANUFACTURING CO LTD ... 5,525,580 250,000 USINAS SIDERUGICAS DE MINAS GERAIS ADR ........................ 2,043,750 5,556,390 o USINOR SACILOR ..................... 73,566,327 823,064 USX-U.S. STEEL GROUP ............... 25,309,218 115,000 o VOEST-ALPINE STAHL AG .............. 3,300,202 167,600 o WOLVERINE TUBE, INC ................ 6,285,000 989,612 WORTHINGTON INDUSTRIES, INC ........ 20,596,299 1,300,000 YODOGAWA STEEL WORKS LTD ........... 10,207,782 950 YOKOGAWA BRIDGE CORP ............... 14,366 ----------- 483,533,299 ----------- MISCELLANEOUS MATERIALS & COMMODITIES-0.05% 5,700 ANGLO AMERICAN COAL CORP LTD ....... 359,621 1,080,050 ASAHI GLASS CO LTD ................. 12,040,505 900,000 GOLDEN HOPE PLANTATIONS BERHAD ..... 1,502,954 600,000 HIGHLANDS & LOWLANDS BERHAD ........ 964,159 4,000,000 INDUSTRIAL OXYGEN, INC BERHAD ...... 3,922,805 1,669,000 ISLAND & PENINSULAR BERHAD ......... 4,009,808 1,600,000 KUALA LUMPUR KEPONG BERHAD ......... 5,072,865 179,000 NIPPON SHEET GLASS CO LTD .......... 779,116 120,000 PERLIS PLANTATIONS BERHAD .......... 375,738 11,735 PLASTIC OMNIUM S.A. ................ 806,248 96,000 PLAYMATES PROPERTIES HOLDINGS LTD .. 11,422 48,000 VIDR SMARINA S.A. .................. 162,963 66,000 VIDRALA S.A. ....................... 2,603,221 ---------- 32,611,425 ---------- OFFICE EQUIPMENT-3.13% 945,200 o AMDAHL CORP ........................ 8,034,200 995,800 APPLE COMPUTER, INC ................ 31,741,125 443,633 o APPLIED MAGNETICS CORP ............. 8,262,664 89,300 o ASPECT TELECOMMUNICATIONS .......... 2,991,550 305,241 o AST RESEARCH, INC .................. 2,594,548 609,988 AVERY DENNISON CORP ................ 30,575,648 2,406,500 o COMPAQ COMPUTER CORP ............... 115,512,000 694,200 o CONNER PERIPHERALS, INC ............ 14,578,200 355,550 o CONTROL DATA SYSTEMS, INC .......... 6,977,668 504,600 xo CRAY COMPUTER CORP ................. 2,523 245,100 o CRAY RESEARCH, INC ................. 6,066,225 58,000 DANKA BUSINESS SYSTEMS ADR ......... 2,146,000 497,300 o DATA GENERAL CORP .................. 6,837,875 582,700 o DELL COMPUTER CORP ................. 20,175,987 10,000 DIAMOND LEASE CO LTD ............... 135,716 1,413,600 o DIGITAL EQUIPMENT CORP ............. 90,647,100 224,200 o DREXLER TECHNOLOGY CORP ............ 3,419,050 174,100 o EMULEX CORP NEW .................... 1,784,525 133,400 o EVANS & SUTHERLAND COMPUTER CORP ... 2,968,150 157,200 o FILENET CORP ....................... 7,388,400 396,475 GERBER SCIENTIFIC, INC ............. 6,442,718 3,428,104 HEWLETT-PACKARD CO ................. 287,103,710 194,300 HON INDUSTRIES, INC ................ 4,517,475 6,331,200 *INTERNATIONAL BUSINESS MACHINES CORP ............................. 580,887,600 32,700 o IOMEGA CORPORATION ................. 1,590,037 191,000 KOKUYO CO LTD ...................... 4,443,729 350,200 o KOMAG, INC ......................... 16,152,975 6,500,000 LAMEX HOLDINGS ..................... 1,605,619 486,500 o MAXTOR CORP ........................ 3,223,062 425,000 o MICROPOLIS CORP .................... 1,593,750 25,600 o MICROS SYSTEMS, INC ................ 1,260,800 361,100 MILLER (HERMAN), INC ............... 10,833,000 9,395 OCE VAN DER GRINTEN NV ............. 571,986 4,429,296 PITNEY BOWES, INC .................. 208,176,912 472,400 o QMS, INC ........................... 2,125,800 373,200 o QUANTUM CORP ....................... 6,017,850 510,800 o SCI SYSTEMS, INC ................... 15,834,800 615,000 o SEAGATE TECHNOLOGY, INC ............ 29,212,500 869,600 o SEQUENT COMPUTER SYSTEMS, INC ...... 12,609,200 237,700 SHELBY WILLIAMS INDUSTRIES, INC .... 2,792,975 1,368,188 o SILICON GRAPHICS, INC .............. 37,625,170 295,500 x SMITH CORONA CORP .................. 32,321 621,300 o SOLECTRON CORP ..................... 27,414,862 453,323 o STORAGE TECHNOLOGY CORP ............ 10,823,086 144,900 o STRATUS COMPUTER, INC .............. 5,017,162 1,630,200 o SUN MICROSYSTEMS, INC .............. 74,377,875 1,115,100 o TANDEM COMPUTERS, INC .............. 11,847,937 1,501,800 o UNISYS CORP ........................ 8,447,625 720,900 o VIKING OFFICE PRODUCTS, INC ........ 33,521,850 533,908 o WANG LABORATORIES, INC ............. 8,876,220 2,847,824 XEROX CORP ......................... 390,151,888 ------------- 2,167,971,648 ------------- PAPER-1.04% 77,900 ALBANY INTERNATIONAL CORP (CLASS A) NEW ..................... 1,411,937 525,900 BEMIS, INC ......................... 13,476,187 310,043 BOWATER, INC ....................... 11,006,526 492,100 CARAUSTAR INDUSTRIES, INC .......... 9,842,000 252,100 CHESAPEAKE CORP .................... 7,468,462 258,700 CONSOLIDATED PAPERS, INC ........... 14,519,537 72,805 o CROWN VANTAGE, INC ................. 1,037,471 98,000 o DAISHOWA PAPER MANUFACTURING CO .... 760,009 269,600 FEDERAL PAPER BOARD CO, INC ........ 13,985,500 17,500 o FORT HOWARD CORP ................... 393,750 333,700 GLATFELTER (P.H.) CO ............... 5,714,612 143,000 HONSHU PAPER CO LTD ................ 876,104 2,258,164 INTERNATIONAL PAPER CO ............. 85,527,961 728,050 JAMES RIVER CORP OF VIRGINIA ....... 17,564,206 222,700 o JEFFERSON SMURFIT CORP ............. 2,115,650 3,703,873 KIMBERLY-CLARK CORP ................ 306,495,490 125,200 KIMBERLY CLARK DE MEXICO S.A. DE CV SERIES A .................... 1,891,407 711,400 LONGVIEW FIBRE CO .................. 11,560,250 485,354 MEAD CORP .......................... 25,359,746 758,900 MITSUBISHI PAPER MILLS LTD ......... 4,568,558 243,100 MOSINEE PAPER MILLS CORP ........... 6,259,825 683,500 NEW OJI PAPER CO LTD ............... 6,188,542 1,244,000 NIPPON PAPER INDUSTRIES CO ......... 8,646,543 278,700 PENTAIR, INC ....................... 13,865,325 200,000 o PORTUCEL INDUSTRIA EMPRESA ......... 1,184,838 3,062,000 o PT FAJAR SURYA WISEA (FR) .......... 1,438,451 192,000 o RENGO CO LTD ....................... 1,284,261 45,900 SAPPI LTD .......................... 705,088 88,000 o SETTSU CORP ........................ 277,248 504,100 o SHOREWOOD PACKAGING CORP ........... 7,183,425 910,665 SONOCO PRODUCTS CO ................. 23,904,956 See notes to financial statements. 38 SHARES VALUE ------ ------- PAPER-(Continued) 7,900 ST. JOE PAPER CO ................... $ 434,500 773,649 STONE CONTAINER CORP ............... 11,121,204 573,614 TEMPLE-INLAND, INC ................. 25,310,717 743,400 UNION CAMP CORP .................... 35,404,425 463,463 WAUSAU PAPER MILLS CO .............. 12,629,366 998,493 WESTVACO CORP ...................... 27,708,180 ----------- 719,122,257 ----------- PETROLEUM-EXPLORATION & PRODUCTION-0.86% 775,100 AMERADA HESS CORP .................. 41,080,300 509,164 ANADARKO PETROLEUM CORP ............ 27,558,501 248,742 o ANDERSON EXPLORATION LTD ........... 2,553,258 3,926,088 + APACHE CORP ........................ 115,819,596 782,500 ASHLAND, INC ....................... 27,485,312 184,970 ASTRA CIA AREGENTINA S.A. SERIES B . 342,228 358,460 o BARNETT RESOURCES CORP ............. 10,529,762 25,200 o BENTON OIL & GAS CO ................ 378,000 1,322,231 BURLINGTON RESOURCES, INC .......... 51,897,566 143,000 CALTEX AUSTRALIA LTD ............... 564,865 81,000 o CANADIAN NATURAL RESOURCES LTD ..... 1,187,771 46,800 o CHESAPEAKE ENERGY CORP ............. 1,556,100 56,000 o CORIMON S.A. ADR ................... 210,000 53,400 DEVON ENERGY CORP .................. 1,361,700 120,000 o DONGYANG NYLON ..................... 4,145,424 12,116 ENGEN LTD .......................... 91,397 800,300 ENRON OIL & GAS CO ................. 19,207,200 488,480 o EQUITY OIL CO ...................... 2,869,820 33,298 HARDY OIL & GAS PLC ................ 104,947 108,100 KCS ENERGY, INC .................... 1,621,500 457,700 KERR-MCGEE CORP .................... 29,063,950 402,870 LONDON & SCOTTISH MARINE OIL PLC ... 1,094,617 329,400 LOUISIANA LAND & EXPLORATION CO .... 14,123,025 214,800 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) .................... 3,973,800 304,700 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS B) .................... 5,713,125 100,000 o MORGAN HYDROCARBON, INC ............ 304,274 568,180 MURPHY OIL CORP .................... 23,579,470 741,200 NOBLE AFFILIATES, INC .............. 22,143,350 25,400 o NORTHSTAR ENERGY CORP .............. 260,723 827,000 o NOVUS PETROLEUM LIMITED ............ 996,632 3,000 o NUMAC ENERGY, INC .................. 13,197 500 o OCELOT ENERGY (CLASS B) ............ 3,665 844,100 o ORYX ENERGY CO ..................... 11,289,837 232,000 PARKER & PARSLEY PETROLEUM CO ...... 5,104,000 415,400 PENNZOIL CO ........................ 17,550,650 101,000 PETRO-CANADA ENTERPRISES ........... 1,166,325 525,300 POGO PRODUCING CO .................. 14,839,725 92,100 RANGER OIL LTD ..................... 573,979 34,000 o RENAISSANCE ENERGY LTD ............. 847,569 108,000 o RIGEL ENERGY CORP .................. 970,013 363,500 o RIGEL ENERGY CORP (U.S.) ........... 3,203,343 39,000 SAGA PETROLEUM AS SERIES A ......... 521,595 3,796,110 o SANTA FE ENERGY RESOURCES, INC ..... 36,537,558 1,300 o SCEPTRE RESOURCES LTD .............. 7,863 579,400 o SEAGULL ENERGY CORP ................ 12,891,650 374,174 o SOUTHDOWN, INC ..................... 7,296,393 104,015 o TALISMAN ENERGY, INC ............... 2,106,764 479,055 o TEJAS GAS CORP ..................... 25,330,033 660,915 o TESORO PETROLEUM CORP .............. 5,700,391 312,595 TOTAL PETROLEUM (NORTH AMERICA) LTD 3,047,801 388,135 o TRITON ENERGY CORP ................. 22,269,245 693,000 UNION TEXAS PETROLEUM HOLDINGS, INC ..................... 13,426,875 26,800 o UNITED MERIDIAN CORP ............... 465,650 13,700 o WASCANA ENERGY, INC. ............... 129,325 429,000 WISER OIL CO ....................... 5,148,000 6,500,000 ZHENHAI REFINING & CHEMICAL CO LTD . 1,218,925 ----------- 603,478,584 ----------- PETROLEUM-INTEGRATED-4.65% 31,000 ALBERTA ENERGY LTD ................. 497,195 5,536,000 AMOCO CORP ......................... 397,900,000 734,302 o AMPOLEX LTD ........................ 1,605,966 19,200 ARABIAN OIL CO LTD ................. 800,336 1,423,615 ATLANTIC RICHFIELD CO .............. 157,665,361 10,538,296 BRITISH PETROLEUM PLC .............. 88,189,877 12,300 BRITISH PETROLEUM PLC ADR .......... 1,256,137 5,260,106 BROKEN HILL PROPRIETARY CO LTD ..... 74,346,864 88,175 BURMAH CASTROL PLC ................. 1,278,650 159,500 CANADIAN OCCIDENTAL PETROLEUM LTD ..................... 5,233,249 5,647,500 CHEVRON CORP ....................... 296,493,750 2,268,000 COSMO OIL CO LTD ................... 12,400,099 570,778 DIAMOND SHAMROCK, INC .............. 14,768,880 110,000 ESSO MALAYSIA BERHAD ............... 290,271 11,178,277 EXXON CORP ......................... 895,659,444 434,038 GETTY PETROLEUM CORP ............... 5,859,513 29,461 o GULF CANADA RESOURCES LTD .......... 121,503 265,254 IMPERIAL OIL LTD ................... 9,602,554 15,000 KANTO NATURAL GAS DEVELOPMENT CO LTD ................ 115,600 100 o LYNX ENERGY SERVICES CORP (CLASS B) ......................... 494 420,000 MITSUBISHI OIL CO LTD .............. 3,733,547 3,622,099 MOBIL CORP ......................... 405,675,088 851,300 NIPPON OIL CO LTD .................. 5,347,621 76,000 NORCEN ENERGY RESOURCES LTD ........ 1,142,313 426,777 NORSK HYDRO AS ..................... 17,967,802 5,775,047 OCCIDENTAL PETROLEUM CORP .......... 123,441,629 10,125 OMV AKTIENGESELLS .................. 879,727 30,977 PETROFINA S.A. ..................... 9,546,787 1,638 o PETROFINA S.A. WTS 6/03/97 ......... 20,036 3,388,317 PHILLIPS PETROLEUM CO .............. 115,626,317 493,100 QUAKER STATE OIL REFINING CORP ..... 6,225,387 564,674 REPSOL S.A. ........................ 18,502,065 991,900 ROYAL DUTCH PETROLEUM CO ........... 138,721,125 330,000 ROYAL DUTCH PETROLEUM CO ADR ....... 46,571,250 860,000 SAIPEM AG. ......................... 1,982,988 1,427,328 SANTOS LTD ......................... 4,172,831 124,000 SHELL REFINERY BERHAD .............. 358,960 116,247 SOCIETE NATIONALE ELF AQUITAINE .... 8,576,199 653,242 SUN CO, INC ........................ 17,882,499 116,000 SUNCOR, INC ........................ 3,635,899 113,000 TEIKOKU OIL CO LTD ................. 762,413 2,331,400 TEXACO, INC ........................ 183,014,900 1,680 TONEN CORP ......................... 24,591 406,377 TOTAL PETROLES ..................... 27,462,949 108,032 TOTAL S.A. ADR ..................... 3,673,088 2,142,056 UNOCAL CORP ........................ 62,387,381 2,357,521 USX-MARATHON GROUP, INC NEW ........ 45,971,659 568,100 WOODSIDE PETROLEUM LTD ............. 2,907,553 71,000 YPF SOCIEDAD ANONIMA (CLASS D) ..... 1,526,652 141,300 YPF SOCIEDAD ANONIMA (CLASS D) ADR . 3,055,612 ------------- 3,224,882,611 ------------- See notes to financial statements. 39 SHARES VALUE ------ ------- PETROLEUM-SERVICE-0.75% 1,117,780 BAKER HUGHES, INC .................. $27,245,887 848,500 CABOT CORP ......................... 45,712,937 63,900 CAMCO INTERNATIONAL, INC ........... 1,789,200 185,495 o CLIFFS DRILLING CO ................. 2,759,238 500,000 o DIAMOND OFFSHORE DRILLING, INC ..... 16,875,000 1,451,120 DRESSER INDUSTRIES, INC ............ 35,371,050 734,650 o ENSCO INTERNATIONAL, INC ........... 16,896,950 900,000 FAR EAST LEVINGSTON- SHIP BUILDING LTD ................. 4,231,179 747,500 FLUOR CORP ......................... 49,335,000 423,220 o GLOBAL INDUSTRIAL TECHNOLOGIES, INC ................. 7,988,277 1,283,900 o GLOBAL MARINE, INC NEW ............. 11,234,125 852,517 HALLIBURTON CO ..................... 43,158,673 238,600 HELMERICH & PAYNE, INC ............. 7,098,350 280,000 IHC CALAND NV ...................... 9,431,719 11,768 KONINKLIJKE PAKHOED HOLDINGS NV .... 323,728 178,900 o MATRIX SERVICE CO .................. 760,325 165,600 MCDERMOTT INTERNATIONAL, INC ....... 3,643,200 83,061 o MCMORAN OIL & GAS CO ............... 285,522 988,000 o NABORS INDUSTRIES, INC ............. 10,991,500 1,444,979 o NOBLE DRILLING CORP ................ 13,004,811 534,600 o OCEANEERING INTERNATIONAL, INC ..... 6,882,975 1,112,500 o PARKER DRILLING CO ................. 6,814,062 43,500 o PETROLEUM GEO-SERVICES ............. 1,080,939 519,969 o POOL ENERGY SERVICES CO ............ 4,939,705 734,700 o PRIDE PETROLEUM SERVICES, INC ...... 7,806,187 176,800 o READING & BATES CORP ............... 2,652,000 878,300 o ROWAN COS, INC ..................... 8,673,212 384,700 o RPC, INC ........................... 3,510,387 526,030 SCHLUMBERGER LTD ................... 36,427,577 1,221,428 SMEDVIG AS ......................... 24,745,154 911,600 o SMITH INTERNATIONAL, INC ........... 21,422,600 110,600 SONAT OFFSHORE DRILLING, INC ....... 4,949,350 70,000 TECHNIP S.A. ....................... 4,823,636 693,400 TIDEWATER, INC ..................... 21,842,100 288,300 TOSCO CORP ......................... 10,991,437 21,135 o TRANSOCEAN DRILLING AS ............. 366,293 59,300 ULTRAMAR CORP ...................... 1,526,975 395,500 o VARCO INTERNATIONAL, INC ........... 4,746,000 108,500 VASTAR RESOURCES, INC .............. 3,444,875 335,901 o WEATHERFORD ENTERRA, INC ........... 9,699,141 433,088 o WESTERN ATLAS, INC ................. 21,870,944 ----------- 517,352,220 ----------- PHOTOGRAPHY-0.36% 10,000,000 CHINA HONG KONG PHOTO PRODUCTS ..... 5,658,143 263,700 CPI CORP ........................... 4,219,200 2,998,696 EASTMAN KODAK CO ................... 200,912,632 530,208 POLAROID CORP ...................... 25,118,604 151,100 o PRESSTEK, INC ...................... 14,278,950 ----------- 250,187,529 ----------- PROPERTY-REAL ESTATE-1.03% 149,600 BRITISH LAND PLC ................... 884,944 28,936,508 CHEUNG KONG HOLDINGS LTD ........... 176,263,726 1,053,840 CITY DEVELOPMENT LTD ............... 7,673,777 27,726 o CITY DEVELOPMENT LTD WTS 7/18/98 ... 145,049 2,454 COMPAGNIE IMMOBILIERE DE BELGIQUE .. 183,445 183,000 CRESCENT REAL ESTATE EQUITIES, INC . 6,244,875 500 DAIBIRU CORP ....................... 5,670 424,000 DAIKYO, INC ........................ 3,164,897 2,475,000 DBS LAND LTD ....................... 8,363,737 260,418 GENERAL PROPERTY TRUST ............. 461,065 130,640 GREAT PORTLAND ESTATES PLC ......... 352,927 117,026 HAMMERSON PLC ...................... 640,473 498,000 HANG LUNG DEVELOPMENT CO LTD ....... 792,191 6,566,000 HENDERSON LAND DEVELOPMENT CO LTD .. 39,571,518 16,334,998 HON KWOK LAND INVESTMENT CO LTD .... 4,700,510 240 HONG KONG LAND HOLDINGS LTD ........ 444 1,898,571 HOPEWELL HOLDINGS LTD .............. 1,092,654 158,500 HOTEL PROPERTIES LTD ............... 245,397 400,000 HYSAN DEVELOPEMENT CO LTD .......... 1,057,911 2,000,000 IOI PROPERTIES BERHAD .............. 5,001,971 96,707 IRSA S.A. .......................... 243,726 50,000 o JAPAN INDUSTRIAL LAND DEVELOPMENT .. 1,929,106 13,650 KIMCO REALTY CORP .................. 371,962 212,300 LAND SECURITIES PLC ................ 2,033,736 170,000 LANDMARKS HOLDINGS BERHAD .......... 226,309 6,900,000 LARUT CONSOLIDATED BERHAD .......... 9,511,622 609,277 LEND LEASE CORP LTD ................ 8,838,202 163,320 MEPC PLC ........................... 1,001,604 3,819,750 MITSUBISHI ESTATE CO LTD ........... 47,766,966 2,313,072 MITSUI FUDOSAN CO LTD .............. 28,477,108 24,682,877 NEW WORLD DEVELOPMENT CO LTD ....... 107,577,537 12,038,000 o NEW WORLD DEVELOPMENT CO LTD WTS 4/05/96 ....................... 21,951,761 39,000 OSAKA STADIUM CO LTD ............... 347,820 1,563,500 o PT JAYA REAL PROPERTY (FR) ......... 4,201,984 7,670,000 RYODEN DEVELOPMENT LTD ............. 1,636,723 23,750 SCHRODERS PROPERTY FUND ............ 38,868 5,000 SEFIMEG ............................ 332,276 500,000 SELANGOR PROPERTIES BERHAD ......... 478,535 10,785 SIMCO .............................. 1,025,462 480 o SIMCO (REGD) NEW ................... 43,601 400,000 SINO THAI ENGINEERING & CONSTRUCTION CO (FR) ............ 2,937,652 159,900 SLOUGH ESTATES PLC ................. 543,691 4,499 o STOCKLAND TRUST (UNITS) NEW ........ 10,040 111,000 STOCKLAND TRUST GROUP (UNITS) ...... 255,975 178,200 STRAITS STEAMSHIP CO LTD ........... 602,189 400,000 o SUMITOMO REALTY & DEVELOPMENT CO LTD................................ 2,830,648 15,073,159 SUN HUNG KAI PROPERTIES LTD ........ 123,299,333 16,456,394 TAI CHEUNG HOLDINGS LTD ............ 12,663,319 74,400 TAK WING INVESTMENT HOLDINGS LTD ... 11,161 623,800 TAUBMAN CENTERS, INC ............... 6,238,000 14,414,625 TIAN AN CHINA INVESTMENTS CO LTD ... 1,789,659 915,700 o TOLL BROTHERS, INC ................. 21,061,100 637 o TRIZEC CORP LTD WTS 7/25/99 ........ 663 1,500 UNIBAIL S.A. ....................... 155,198 5,000,000 UNITED OVERSEAS LAND LTD ........... 9,508,665 228,196 VALLEHERMOSO S.A. .................. 4,241,699 25,400 WASHINGTON REAL ESTATE INVESTMENT TRUST .................. 403,225 752,200 WEINGARTEN REALTY INVESTORS, INC ... 28,583,600 15,400 WELLSFORD RESIDENTIAL PROPERTY TRUST .................... 354,200 1,448,323 WESTFIELD TRUST (UNITS) ............ 2,607,326 62,340 o WESTFIELD TRUST (UNITS) NEW ........ 107,802 878,200 WHARF HOLDINGS LTD ................. 2,924,600 ----------- 716,011,834 ----------- PUBLISHING-NEWSPAPER-0.52% 19,655 AGENCE HAVAS ....................... 1,561,387 510,000 o AUSTRALIAN PROVINCIAL NEWSPAPER HOLDINGS ................ 815,686 662,600 BELO (A.H.) CORP SERIES A .......... 23,025,350 180,400 BELO (A.H.) CORP SERIES B .......... 6,268,900 210,900 CENTRAL NEWSPAPERS, INC (CLASS A) ......................... 6,616,987 See notes to financial statements. 40 SHARES VALUE ------ ------- PUBLISHING-NEWSPAPER-(Continued) 473,789 o COX COMMUNICATIONS, INC (CLASS A) NEW ..................... $ 9,238,885 57,600 DOW JONES & CO, INC ................ 2,296,800 419,700 DOW JONES & CO, INC (CLASS B) ...... 16,735,537 7,970 EDIPRESSE S.A. (BR) ................ 2,147,127 1,371,200 GANNETT CO, INC .................... 84,157,400 70,000 GTC TRANSCONTINENTAL GROUP LTD (CLASS A) ............... 551,726 435,900 KNIGHT-RIDDER, INC ................. 27,243,750 441,900 MEDIA GENERAL, INC (CLASS A) ....... 13,422,712 922,216 NEW YORK TIMES CO (CLASS A) ........ 27,320,649 5,266,848 NEWS CORP LTD ...................... 28,131,299 152,400 NEWS CORP LTD ADR (LTD-VTG) ........ 2,933,700 600,000 ORIENTAL PRESS GROUP LTD ........... 182,353 725,600 PEARSON PLC ........................ 7,029,775 72,300 RURAL PRESS LTD .................... 212,446 137,280 SINGAPORE PRESS HOLDINGS (FR) ...... 2,426,300 98,459 TIMES MIRROR CO (SERIES A) NEW ..... 3,335,298 762,159 TIMES MIRROR CO (SERIES C) NEW ..... 25,818,136 724,600 TRIBUNE CO NEW ..................... 44,291,175 249,000 o VALASSIS COMMUNICATIONS, INC ....... 4,357,500 60,400 WASHINGTON POST CO (CLASS B) ....... 17,032,800 312,850 WILSON & HORTON LTD ................ 1,871,553 ----------- 359,025,231 ----------- PUBLISHING-OTHER-0.95% 37,500 o AMERICAN BUSINESS INFORMATION, INC . 726,562 652,300 AMERICAN GREETINGS CORP (CLASS A) .. 18,019,787 369,500 BOWNE & CO, INC .................... 7,390,000 280,800 CCH, INC (CLASS A) ................. 15,514,200 100,100 CCH, INC (CLASS B) (NON-VTG) ....... 5,518,012 988,964 DAI NIPPON PRINTING CO LTD ......... 16,777,279 92,233 DE LA RUE CO PLC ................... 932,238 1,141,900 DONNELLEY (R.R.) & SONS CO ......... 44,962,312 1,650,839 DUN & BRADSTREET CORP .............. 106,891,825 2,048,500 ELSEVIER UTIGEVERSMIJ NV ........... 27,345,686 53,267 FILIPACCHI MEDIAS .................. 8,539,272 5,714 o FILIPACCHI MEDIAS WTS 9/30/96 ...... 69,519 41,700 o GAKKEN CO LTD ...................... 274,883 80,000 GRUPO ANAYA S.A. ................... 1,754,110 382,108 HARCOURT GENERAL, INC .............. 16,000,772 183,500 HOUGHTON MIFFLIN CO ................ 7,890,500 624,200 LEE ENTERPRISES, INC ............... 14,356,600 14,400 LEE ENTERPRISES, INC (CLASS B) ..... 331,200 94,800 o MARVEL ENTERTAINMENT GROUP, INC .... 1,232,400 551,400 MCGRAW HILL COS, INC ............... 48,040,725 116,500 MEREDITH CORP ...................... 4,878,437 164,600 MEREDITH CORP (CLASS B) ............ 6,892,625 185,000 MONDADORI (ARNOLDO) EDITORE S.P.A. . 1,603,728 191,550 PLENUM PUBLISHING CORP ............. 7,470,450 375,900 READER'S DIGEST ASSOCIATION, INC (CLASS A) (NON-VTG) ............... 19,264,875 1,425,110 REED INTERNATIONAL PLC ............. 21,727,985 241,000 o SCHOLASTIC CORP .................... 18,737,750 350,000 SOUTH CHINA MORNING POST ........... 213,877 31,000 SOUTHAM, INC ....................... 329,569 143,750 THOMAS NELSON, INC ................. 1,868,750 928,100 THOMSON CORP ....................... 12,929,034 4,439,469 TIME WARNER, INC ................... 168,144,888 2,307,800 TOPPAN PRINTING CO ................. 30,425,665 42,800 VERENIGDE NEDERLANDSE UITGEVERSBED ...................... 5,881,625 177,800 o WESTERN PUBLISHING GROUP, INC ...... 1,400,175 141,276 WOLTERS KLUWER NV .................. 13,377,632 ----------- 657,714,947 ----------- RAILROAD-0.96% 971,128 BURLINGTON NORTHERN SANTA FE CORP ..................... 75,747,984 374,700 CANADIAN PACIFIC LTD ............... 6,833,835 210,300 CANADIAN PACIFIC LTD (U.S.) ........ 3,811,687 717,100 CONRAIL, INC ....................... 50,197,000 3,846,322 CSX CORP ........................... 175,488,441 1,000 EAST JAPAN RAILWAY ................. 4,866,388 76,600 FLORIDA EAST COAST INDUSTRIES, INC . 5,227,950 367,377 o HANKYU CORP ........................ 2,012,164 212,700 ILLINOIS CENTRAL CORP SERIES A ..... 8,162,362 649,700 KANSAS CITY SOUTHERN INDUSTRIES, INC ................... 29,723,775 211,200 KEIHIN ELECTRIC EXPRESS RAILWAY .... 1,267,323 650 KEIO TEITO ELECTRIC RAILWAY CO LTD . 3,786 650,729 KINKI NIPPON RAILWAY CO LTD ........ 4,920,370 336,861 NAGOYA RAILROAD CO LTD ............. 1,698,075 168,000 NANKAI ELECTRIC RAILWAY CO ......... 1,140,014 2,189,160 NIPPON EXPRESS CO LTD .............. 21,094,386 1,355,912 NORFOLK SOUTHERN CORP .............. 107,625,515 303,280 ODAKYU ELECTRIC RAILWAY CO LTD ..... 2,072,697 185,400 SAGAMI RAILWAY CO .................. 803,378 567,900 o SOUTHERN PACIFIC RAIL CORP ......... 13,629,600 366,209 TOBU RAILWAY CO LTD ................ 2,293,319 677,149 TOKYU CORP ......................... 4,785,361 1,889,165 UNION PACIFIC CORP ................. 124,684,890 30,000 o UNION SWITCH & SIGNAL, INC ......... 195,000 271,600 o WISCONSIN CENTRAL TRANSIT CORP ..... 17,857,700 ----------- 666,143,000 ----------- RESTAURANTS & HOTELS-0.98% 10,032 ACCOR S.A. ......................... 1,300,538 378,000 APPLE SOUTH, INC ................... 8,127,000 270,350 APPLEBEES INTERNATIONAL, INC ....... 6,150,462 810,900 o AZTAR CORP ......................... 6,487,200 428,282 BOB EVANS FARMS, INC ............... 8,137,358 440,500 o BOSTON CHICKEN, INC ................ 14,151,062 809,200 o BUFFETS, INC ....................... 11,126,500 291,672 CKE RESTAURANTS, INC ............... 4,666,752 2,629 o CLUB MEDITERRANEE S.A. ............. 210,190 398,625 CRACKER BARREL OLD COUNTRY STORE, INC ........................ 6,876,281 1,790,100 DARDEN RESTAURANTS, INC ............ 21,257,437 19,700 o DAVE & BUSTERS, INC ................ 238,862 170,177 FRISCHS RESTAURANTS, INC ........... 1,531,593 51,995 FUJITA KANKO, INC .................. 1,149,210 62,590 GENKI SUSHI CO ..................... 1,516,868 162,000 HARBOUR CENTRE DEVELOPMENT LTD ..... 187,514 449,300 o HFS INC ............................ 36,730,275 312,600 HILTON HOTELS CORP ................. 19,224,900 313,000 HONG KONG & SHANGHAI HOTELS LTD .... 453,375 1,131,900 o HOST MARRIOTT CORP ................. 14,997,675 31,000 KERSAF INVESTMENT LTD .............. 391,167 754,900 LA QUINTA INNS, INC ................ 20,665,387 163,900 o LONE STAR STEAKHOUSE SALOON, INC ... 6,289,662 421,650 LUBYS CAFETERIA, INC ............... 9,381,712 1,166,500 MARRIOTT INTERNATIONAL, INC ........ 44,618,625 6,610,500 MCDONALDS CORP ..................... 298,298,812 200,000 MIRAMAR HOTEL & INVESTMENT CO LTD .. 421,612 295,472 MORRISON RESTAURANTS, INC .......... 4,136,608 34 MOS FOOD SERVICES, INC ............. 870 322,700 o NPC INTERNATIONAL INC .............. 2,339,575 16,000 o OUTBACK STEAKHOUSE, INC ............ 574,000 50,000 OVERSEAS UNION ENTERPRISES LTD ..... 252,739 See notes to financial statements. 41 SHARES VALUE ------ ------- RESTAURANTS & HOTELS-(Continued) 20,000 o OVERSEAS UNION ENTERPRISES LTD WTS 7/20/98 ....................... $ 36,762 657,064 + PICCADILLY CAFETERIAS, INC ......... 6,242,108 352,550 o PROMUS HOTEL CORP .................. 7,844,237 7,000 QUICK RESTAURANTS S.A. ............. 655,285 1,971,000 RESORTS WORLD BERHAD ............... 10,557,546 262,900 o RIO HOTEL & CASINO, INC ............ 3,121,937 607,650 o RYANS FAMILY STEAK HOUSES, INC ..... 4,253,550 178,175 SBARRO, INC ........................ 3,830,762 2,703 SHANGRI-LA HOTELS BERHAD ........... 2,629 316,750 o SHONEYS, INC ....................... 3,246,687 243,800 o SHOWBIZ PIZZA TIME, INC NEW ........ 2,956,075 42,100 SKYLARK CO LTD ..................... 775,423 1,333 SODEXHO S.A. ....................... 392,499 229,750 o SONIC CORP ......................... 4,365,250 185,000 SUN INTERNATIONAL SOUTH AFRICA ..... 304,485 1,570,100 SYSCO CORP ......................... 51,028,250 1,107,000 +o TPI ENTERPRISES, INC ............... 3,459,375 319,100 o VICORP RESTAURANTS, INC ............ 3,111,225 1,010,869 WENDYS INTERNATIONAL, INC .......... 21,480,966 ----------- 679,556,872 ----------- RETAIL-FOOD-0.67% 175,688 AHOLD NV ........................... 7,178,314 1,746,400 ALBERTSONS, INC .................... 57,412,900 1,327,016 AMERICAN STORES CO, NEW ............ 35,497,678 2,127,447 ARGYLL GROUP PLC ................... 11,230,452 2,600,000 o ASDA GROUP PLC ..................... 4,460,619 10,878 o BRUNOS, INC ........................ 114,219 61,168 CARREFOUR SUPERMARKETS ............. 37,159,813 16,256 CASINO GUICH-PERRACHON ............. 474,334 30,000 CENTROS COMERCIALES CONTINENTE S.A. ................... 677,574 109,000 CENTROS COMERCIALES PRYCA S.A. ..... 2,286,649 2,350 COLRUYT S.A. ....................... 645,991 151,500 DELCHAMPS, INC ..................... 3,086,812 60,750 DELHAIZE FRERES NV ................. 2,530,738 2,300 DOCKS DE FRANCE, SA ................ 349,902 229,097 FLEMING COS, INC ................... 4,725,125 1,099,050 FOOD LION, INC (CLASS A) ........... 6,285,192 1,599,350 FOOD LION, INC (CLASS B) ........... 9,096,303 485,900 GIANT FOOD, INC (CLASS A) .......... 15,305,850 216,500 GREAT ATLANTIC & PACIFIC TEA CO, INC................................ 4,979,500 512,900 HANNAFORD BROTHERS, INC ............ 12,630,162 988,504 o KROGER CO .......................... 37,068,900 5,000 MARUETSU, INC ...................... 40,714 234,700 NASH-FINCH CO ...................... 4,283,275 95,700 OSHAWA GROUP LTD (CLASS A) ......... 1,683,995 38,800 PRIMISTERES REYNOIRD S.A. .......... 2,657,805 9,300 PROMODES S.A. ...................... 2,188,793 18,574 o PROVIGO, INC ....................... 112,351 130,926 QUALITY FOOD CENTERS, INC .......... 2,880,372 822,800 RUDDICK CORP ....................... 9,462,200 305,937 RYKOFF-SEXTON, INC ................. 5,353,897 983,200 o SAFEWAY, INC NEW ................... 50,634,800 3,365,021 SAINSBURY (J) PLC .................. 20,532,409 62,600 SCOTTS HOSPITALITY, INC ............ 355,708 904 SEIYO FOOD SYSTEMS ................. 8,167 459,524 SIZZLER INTERNATIONAL, INC ......... 1,952,977 1,333,000 o SOUTHLAND CORP ..................... 4,415,562 213,300 o STARBUCKS CORP ..................... 4,479,300 502,700 o STOP & SHOP COS, INC NEW ........... 11,624,937 526,100 SUPER FOOD SERVICES, INC ........... 6,839,300 733,700 SUPERVALU, INC ..................... 23,111,550 4,041,260 TESCO PLC .......................... 18,635,147 355,200 o VONS COS, INC ...................... 10,034,400 156,500 WEIS MARKETS, INC .................. 4,421,125 612,132 WINN DIXIE STORES, INC ............. 22,572,367 ----------- 461,478,178 ----------- RETAIL-GENERAL MERCHANDISE-3.55% 388,500 o 50-OFF STORES, INC ................. 364,218 70,000 o ADIDAS AG .......................... 3,712,012 29,000 AOYAMA TRADING CO LTD .............. 927,715 1,386,000 o APPLIED INTERNATIONAL HOLDINGS LTD . 127,267 277,200 o APPLIED INTERNATIONAL HOLDINGS LTD WTS 12/30/99 ...................... 14,340 201,900 o APS HOLDING CORP ................... 4,542,750 767,010 ARGOS PLC .......................... 7,097,523 157,000 o ASICS CORP ......................... 480,938 5,749 ASKO DEUTSCHE KAUFHAUS AG. ......... 3,012,473 1,381,100 o AUTOZONE, INC ...................... 39,879,262 14,000 o BABY SUPERSTORE, INC ............... 798,000 207,200 o BARNES & NOBLE, INC ................ 6,008,800 1,650 BAZAR DE LHOTEL DE VILLE ........... 125,845 50,533 o BEN FRANKLIN RETAIL STORES, INC .... 138,965 410,400 o BEST BUY, INC ...................... 6,669,000 930 BEST DENKI CO LTD .................. 13,793 390,200 BIG B, INC ......................... 3,902,000 108,300 BLAIR CORP ......................... 3,424,987 652,012 o BOMBAY, INC ........................ 4,156,576 1,719,800 BOOTS CO LTD ....................... 15,647,146 213,800 o BORDERS GROUP, INC ................. 3,955,300 188,800 BROWN GROUP, INC ................... 2,690,400 373,987 o BURLINGTON COAT FACTORY WAREHOUSE CORP .................... 3,833,366 2,639,615 BURTON GROUP ....................... 5,512,168 229,500 xo CALDOR CORP ........................ 745,875 218,000 CANADIAN TIRE, INC (CLASS A) ....... 2,377,558 550,000 o CARPETRIGHT PLC .................... 3,620,663 132,547 o CARSON PIRIE SCOTT & CO ............ 2,634,371 923,800 CASEYS GENERAL STORES, INC ......... 20,208,125 44,998 CASTORAMA-DUBOIS INVESTISSEMENTS ... 7,379,283 696,700 CHARMING SHOPPES, INC .............. 2,003,012 40 CHIYODA CO ......................... 930 1,600,000 o CIFRA S.A. DE CV SERIES B .......... 1,665,413 434,000 o CIFRA S.A. DE CV SERIES C .......... 439,351 1,796,700 CIRCUIT CITY STORES, INC ........... 49,633,837 287,800 CLAIRES STORES, INC ................ 5,072,475 48,275 CLAIRES STORES, INC (CLASS A) ...... 850,846 540,000 xo CLOTHESTIME, INC ................... 337,500 2,821,223 COLES MYER LTD ..................... 8,793,585 968 COMPTOIRS MODERNES ................. 314,716 477,900 o CONSOLIDATED STORES CORP ........... 10,394,325 575,000 o CONTROLADORA COMERCIAL MEXICANA S.A. SERIES B ............ 380,597 45,000 CORTEFIEL S.A. ..................... 1,179,573 1,662,385 o CUC INTERNATIONAL, INC ............. 56,728,888 23,200 o CYRK, INC .......................... 226,200 1,141,550 DAIEI, INC ......................... 13,832,732 501,500 DAIICHI CORP ....................... 11,862,160 112,380 DAIMARU, INC ....................... 871,529 24,600 DART GROUP CORP (CLASS A) .......... 2,300,100 582,815 DAYTON HUDSON CORP ................. 43,711,125 35,000 o DE RIGO SPA ADR 144A ............... 796,250 220,500 DEB SHOPS, INC ..................... 757,968 6,731,000 DICKSON CONCEPTS LTD ............... 6,267,697 1,141,900 DILLARD DEPARTMENT STORES (CLASS A) ......................... 32,544,150 1,510,431 DIXONS GROUP PLC ................... 10,459,124 535,485 DOLLAR GENERAL CORP ................ 11,111,313 12,000 DOUGLAS HOLDINGS AG. ............... 424,230 432,200 o DRESS BARN, INC .................... 4,267,975 See notes to financial statements. 42 SHARES VALUE ------ ------- RETAIL-GENERAL MERCHANDISE -(Continued) 162,300 DUTY FREE INTERNATIONAL, INC ....... $ 2,596,800 114 o DYLEX LTD .......................... 146 38 o DYLEX LTD WTS 5/31/98 .............. 8 348,700 o ECKERD CORP ........................ 15,560,737 98,500 x EDISON BROTHERS STORES, INC ........ 184,687 238,000 o EGGHEAD, INC ....................... 1,532,125 56,700 o ETHAN ALLEN INTERIORS, INC ......... 1,155,262 221,300 o FABRI-CENTERS OF AMERICA (CLASS A) . 2,932,225 245,800 o FABRI-CENTERS OF AMERICA (CLASS B) . 2,642,350 358,900 FAMILY DOLLAR STORES, INC .......... 4,934,875 611,777 FAYS, INC .......................... 4,588,327 1,011,849 o FEDERATED DEPARTMENT STORES, INC ... 27,825,847 692,200 FINGERHUT COS, INC ................. 9,604,275 60,009 FOSCHINI LTD ....................... 469,142 1,026,800 GAP, INC ........................... 43,125,600 585,000 GEORGETOWN HOLDINGS BERHAD ......... 861,717 11,830,000 GIORDANO HOLDINGS LTD .............. 10,097,749 16,606,000 o GOLDLION HOLDINGS CO LTD ........... 12,134,151 518,500 o GOOD GUYS, INC ..................... 4,666,500 278,300 o GOTTSCHALKS, INC ................... 1,461,075 30,000 GRAND OPTICAL-PHOTOSERVICE ......... 2,932,214 1,898,400 GREAT UNIVERSAL STORES PLC ......... 20,190,072 107,000 o GUCCI GROUP ADR .................... 4,159,625 295,500 o GYMBOREE CORP ...................... 6,094,687 560,000 HALLENSTEIN GLASSON HOLDINGS ....... 1,113,029 270,678 HANCOCK FABRICS, INC ............... 2,436,102 191,275 HANDLEMAN CO ....................... 1,099,831 75,700 HANKYU DEPARTMENT STORES, INC ...... 1,122,768 257,975 o HANOVER DIRECT, INC ................ 403,085 220,715 HECHINGER CO (CLASS A) ............. 965,628 166,225 HECHINGER CO (CLASS B) ............. 810,346 451,987 HEILIG MEYERS CO ................... 8,305,261 78,700 HENNES & MAURITZ AB SERIES B ....... 4,393,736 4,433,233 HOME DEPOT, INC .................... 212,241,029 475,300 o HOME SHOPPING NETWORK, INC ......... 4,277,700 251,400 xo HOUSE OF FABRICS, INC .............. 94,275 284,900 INTELLIGENT ELECTRONICS, INC ....... 1,709,400 800 o INTERCO, INC NEW ................... 7,200 94,000 ISETAN ............................. 1,549,101 145,671 ISHIGURO HOMA CORP ................. 2,584,206 749,248 ITO-YOKADO CO LTD .................. 46,194,016 96,050 JACOBSON STORES, INC ............... 864,450 12,500,000 JOYCE BOUTIQUE HOLDINGS ............ 2,909,902 357,350 JUSCO CO LTD ....................... 9,318,565 3,648,500 K MART CORP ........................ 26,451,625 14,600 KARSTADT AG. ....................... 5,967,306 11,000 KAUFHOF HOLDING AG. ................ 3,358,487 37,000 KESKO .............................. 460,987 1,226,685 KINGFISHER PLC ..................... 10,322,667 319,900 o KOHLS CORP ......................... 16,794,750 205,100 o LANDS END, INC ..................... 2,794,487 289,000 LAOX CO LTD ........................ 5,827,257 143,200 o LECHTERS, INC ...................... 921,850 2,470,500 LIMITED, INC ....................... 42,924,937 30,000 LOBLAW COS LTD ..................... 679,119 238,321 LONGS DRUG STORES CORP ............. 11,409,617 1,284,600 LOWES COS, INC ..................... 43,034,100 190,490 o LURIA (L.) & SON, INC .............. 976,261 240,800 o MAC FRUGALS BARGAINS CLOSE-OUT, INC .................... 3,371,200 4,976,400 MARKS & SPENCER PLC ................ 34,768,613 221,853 MARUI CO LTD ....................... 4,623,882 235,000 o MATSUZAKAYA ........................ 2,984,297 2,201,070 MAY DEPARTMENT STORES CO ........... 92,995,207 1,030,500 MELVILLE CORP ...................... 31,687,875 75,600 o MENS WAREHOUSE, INC ................ 1,946,700 200,000 MERCANTILE STORES CO, INC .......... 9,250,000 1,637 MERKUR HOLDINGS AG. (REGD) ......... 359,920 140,200 o MEYER (FRED), INC .................. 3,154,500 129,200 o MICHAELS STORES, INC ............... 1,776,500 20,900 o MICROAGE, INC ...................... 169,812 479,900 MITSUKOSHI LTD ..................... 4,512,586 12,000 MIZUNO CORP ........................ 104,113 11,900 o MOVIE GALLERY, INC ................. 362,950 166,992 MR MAX CORP ........................ 3,221,452 506,000 o MUSICLAND STORES CORP .............. 2,150,500 274,249 NEIMAN-MARCUS GROUP, INC ........... 6,444,851 1,384,600 NEXT PLC ........................... 9,802,768 113,400 NICHII CO LTD ...................... 1,506,040 5,060 NISSEN CO LTD ...................... 118,704 2,109,000 NORDSTROM, INC ..................... 85,414,500 158,700 o OFFICEMAX, INC ..................... 3,550,912 209,390 OPSM PROTECTOR LTD ................. 327,106 37,844,000 PACIFIC CONCORD HOLDINGS ........... 5,628,475 1,822,900 PENNEY, (J.C.) CO, INC ............. 86,815,612 580,700 PEP BOYS-MANNY, MOE & JACK ......... 14,880,437 43,900 PEPKOR LTD ......................... 273,961 180,500 o PETRIE STORES CORP ................. 496,375 350,250 o PETSMART, INC ...................... 10,857,750 38,000 PICKN PAY STORES LTD ............... 152,187 585,961 PIER 1 IMPORTS, INC ................ 6,665,306 11,038 PINAULT PRINTEMPS REDOUTE .......... 2,205,116 96,000 PLAYMATES TOYS HOLDINGS LTD ........ 19,120 76,000 POLYGRAM NV ........................ 4,039,171 1,737,335 o PRICE/COSTCO, INC .................. 26,494,358 889,100 o REVCO (D.S.), INC NEW .............. 25,117,075 240,884 o REX STORES CORP .................... 4,275,691 740,958 RITE AID CORP ...................... 25,377,811 24,000 ROBINSON & CO LTD .................. 100,106 400,000 ROSS STORES, INC ................... 7,650,000 1,582,300 ROUSE CO ........................... 32,239,362 2,400 ROYAL CO LTD ....................... 39,086 42,650 RUSS BERRIE & CO, INC .............. 538,456 2,861,100 SEARS PLC .......................... 4,619,829 2,984,300 SEARS ROEBUCK & CO ................. 116,387,700 92,430 SEIYU LTD .......................... 1,146,901 81,500 SENSHUKAI CO LTD ................... 1,335,203 569,112 o SERVICE MERCHANDISE, INC ........... 2,845,560 677,486 SEVEN-ELEVEN JAPAN CO LTD .......... 47,811,758 5,084,560 SHANGHAI FRIENDSHIP & OVERSEAS CHINESE CO LTD SERIES B ........... 2,521,941 20,000 SHIMACHU CO ........................ 641,742 101,500 SHIMAMAURA CO LTD .................. 3,925,924 503,700 SOTHEBYS HOLDINGS, INC (CLASS A) ... 7,177,725 887,912 o STAPLES, INC ....................... 21,642,855 211,000 o STEIN MART, INC .................... 2,321,000 1,930,000 STOREHOUSE PLC ..................... 9,948,439 146,735 STRAWBRIDGE & CLOTHIER (CLASS A) ... 3,521,640 489,600 STRIDE RITE CORP ................... 3,672,000 585,000 o SUNGLASS HUT INTERNATIONAL, INC .... 13,893,750 249,400 o SYMS CORP .......................... 1,870,500 1,159,000 TAKASHIMAYA CO LTD ................. 18,538,320 24,500 TALBOTS, INC ....................... 704,375 703,401 TANDY CORP ......................... 29,191,141 62,700 TIFFANY & CO NEW ................... 3,158,512 32,600 o TIMBERLAND CO ...................... 647,925 809,280 TJX COS, INC NEW ................... 15,275,160 375,900 o TOPPS, INC ......................... 1,926,487 2,627,750 o TOYS R US, INC ..................... 57,153,562 126,000 o TRANS WORLD ENTERTAINMENT CORP ..... 252,000 See notes to financial statements. 43 SHARES VALUE ------ ------- RETAIL-GENERAL MERCHANDISE -(Continued) 300,000 UNY CO LTD ......................... $ 5,641,908 161,626 VENTURE STORES, INC ................ 545,487 397,550 o WABAN, INC ......................... 7,454,062 15,123,376 WAL-MART STORES, INC ............... 338,385,538 2,270,800 WALGREEN CO ........................ 67,840,150 515,275 o WILLIAMS-SONOMA, INC ............... 9,532,587 39,769 WOOLTRU LTD ........................ 220,908 69,385 WOOLTRU LTD (CL.N) NON RST.V ....... 380,661 1,025,500 WOOLWORTH CORP ..................... 13,331,500 100,400 XEBIO CO LTD ....................... 3,552,463 87,000 o ZALE CORP .......................... 1,402,875 ------------- 2,464,192,127 ------------- TEXTILE & APPAREL-0.46% 92,855 o ALGODONERA DE SAN ANTINIO S.A. ..... 587,830 130,400 ANGELICA CORP ...................... 2,673,200 157,800 o ANN TAYLOR STORES CORP ............. 1,617,450 200 ATSUGI NYLON CO .................... 924 245,000 BENETTON GROUP S.P.A. .............. 2,915,671 466,500 CATO CORP (CLASS A) NEW ............ 3,615,375 23,130 CHARGEURS S.A. ..................... 4,644,443 532,800 CML GROUP, INC ..................... 2,730,600 289,800 COATS VIYELLA PLC .................. 787,401 107,900 o CONE MILLS CORP .................... 1,213,875 42,000 COURTAULDS TEXTILES PLC ............ 232,144 90,674 DAWSON INTERNATIONAL PLC ........... 152,042 43,700 DOMINION TEXTILES, INC ............. 216,273 17 ESCADA AG. (STAMM) ................. 3,088 109,500 FAB INDUSTRIES, INC ................ 3,490,312 122,100 o FIELDCREST CANNON, INC ............. 2,029,912 523,400 o FRUIT OF THE LOOM, INC (CLASS A) ... 12,757,875 315,200 G & K SERVICES, INC (CLASS A) ...... 8,037,600 120,900 o GENESCO, INC ....................... 423,150 272,705 GUILFORD MILLS, INC ................ 5,556,364 277,200 o HARTMARX CORP ...................... 1,212,750 1,420,000 o INNER MONGOLIA ERDOS CASHMERE CO, LTD .................. 531,080 144,300 o JUST FOR FEET INC .................. 5,158,725 202,420 o KANEBO LTD ......................... 502,338 587,850 KELLWOOD CO ........................ 11,977,443 172,000 o KOHAP LTD .......................... 2,239,250 111,000 KURABO INDUSTRIES LTD .............. 425,033 132,250 KURARAY CO LTD ..................... 1,448,695 756,300 LIZ CLAIBORNE, INC ................. 20,987,325 222,000 MARZOTTO & FIGLI S.P.A. ............ 1,327,271 120,750 o NAUTICA ENTERPRISES, INC ........... 5,282,812 608,300 NIKE, INC (CLASS B) ................ 42,352,887 401,200 o NINE WEST GROUP, INC ............... 15,045,000 93,000 NISSHINBO INDUSTRY, INC ............ 901,542 562,000 ONWARD KASHIYMA CO LTD ............. 9,152,687 141,500 OSHKOSH B GOSH, INC (CLASS A) ...... 2,476,250 161,600 OXFORD INDUSTRIES, INC ............. 2,706,800 40,400 o PARAGON TRADE BRANDS, INC .......... 944,350 536,588 PHILLIPS-VAN HEUSEN CORP ........... 5,298,806 1,000,000 PT INDO RAMA SYNTHETICS (FR) ....... 3,616,175 809,300 REEBOK INTERNATIONAL LTD ........... 22,862,725 114,228 o RENOWN, INC ........................ 397,530 455,300 RUSSELL CORP ....................... 12,634,575 888 SALAMANDER AG. ..................... 139,593 282,000 o SANRIO CO LTD ...................... 3,253,112 259,900 SPRING INDUSTRIES, INC ............. 10,753,362 6,000 o ST. JOHN KNITS, INC ................ 318,750 411,000 TEIJIN LTD ......................... 2,103,675 337,600 TOKYO STYLE CO LTD ................. 5,792,669 1,676,000 TORAY INDUSTRIES, INC .............. 11,048,057 892,000 TOYOBO CO LTD ...................... 3,208,054 109,900 o TULTEX CORP ........................ 453,337 714,325 UNIFI, INC ......................... 15,804,440 200,000 o UNITIKA LTD ........................ 608,783 523,800 VF CORP ............................ 27,630,450 186,000 o WESTPOINT STEVENS, INC ............. 3,731,625 400,950 WOLVERINE WORLD WIDE, INC .......... 12,629,925 150,000 ZUCCHI S.P.A. ...................... 756,000 ----------- 321,399,410 ----------- TOBACCO-1.82% 1,621,600 AMERICAN BRANDS, INC ............... 72,363,900 5,683,797 B.A.T. INDUSTRIES LTD .............. 50,079,963 744,150 DIMON, INC ......................... 13,115,643 287,800 o EMPRESAS LA MODERNA A NPV .......... 1,109,366 500,000 o HM SAMPOERNA ....................... 5,200,300 314,000 IMASCO LTD ......................... 6,100,890 35,328 NOBLEZA-PICCARDO S.A. (CLASS B) .... 134,259 10,345,800 PHILIP MORRIS COS, INC ............. 936,294,900 5,733,000 R.J. REYNOLDS BERHAD ............... 13,209,162 54,700 REMBRANDT GROUP LTD ................ 525,168 2,477,946 RJR NABISCO HOLDINGS CORP .......... 76,506,582 171,620 ROTHMANS HOLDINGS LTD .............. 702,174 117,000 ROTHMANS OF PALL MALL BERHAD ....... 963,096 244,890 o SCHWEITZER-MAUDUIT INTERNATIONAL, INC ................ 5,663,081 79,478 SOUZA CRUZ S.A. .................... 448,086 241,520 o STANDARD COMMERCIAL CORP ........... 2,385,010 15,000 TABACALERA S.A. SERIES A (REGD) .... 568,767 400,000 UNIVERSAL CORP ..................... 9,750,000 1,941,100 UST, INC ........................... 64,784,212 ------------- 1,259,904,559 ------------- TRADING COMPANIES-0.21% 65,000 INCHCAPE BERHAD .................... 208,625 7,123,350 ITOCHU CORP ........................ 47,992,359 685,540 IWATANI & CO LTD ................... 3,655,093 3,407,950 MARUBENI CORP ...................... 18,467,497 2,753,000 MITSUBISHI CORP .................... 33,893,229 3,569,664 MITSUI & CO LTD .................... 31,351,516 800 RYOSAN CO LTD ...................... 22,024 330,195 STELUX HOLDINGS INTERNATIONAL LTD .. 84,553 641,310 SUMITOMO CORP ...................... 6,527,702 968 TACHIBANA SHOKAI LTD ............... 9,852 ----------- 142,212,450 ----------- TRUCKERS & SHIPPING-0.31% 320 ACTINOR SHIPPING AS ................ 7,546 6,000 AISIN SEIKI CO LTD ................. 79,103 490,800 o AMERICAN FREIGHTWAYS CORP .......... 5,092,050 584,006 AMERICAN PRESIDENT COS LTD ......... 13,432,138 692,500 ARNOLD INDUSTRIES, INC ............. 12,032,187 72,400 BERGESEN AS SERIES A ............... 1,443,847 691,652 BRAMBLES INDUSTRIES LTD ............ 7,717,798 306 DAMPSKIBSSELSKABET AF 1912 (CLASS B) ......................... 5,852,751 331 DAMPSKIBSSELSKABET SVENDBORG (CLASS B) ......................... 9,138,022 595,000 o DUAL INVESTMENT (NON-VTG) SERIES B . 4,331,986 329,087 o HEARTLAND EXPRESS, INC ............. 6,499,468 348,650 HUNT (J.B.) TRANSPORT SERVICES, INC 5,839,887 45,000 JURONG SHIPYARD LTD ................ 346,765 169,000 KAMIGUMI CO LTD .................... 1,623,541 1,124,000 o KAWASAKI KISEN KAISHA LTD .......... 3,573,906 9,000 KON NEDLLOYD NV .................... 204,353 6,000 LAIDLAW, INC (CLASS A) ............. 61,038 340,000 LAIDLAW, INC (CLASS B) ............. 3,427,672 393,700 o LANDSTAR SYSTEM, INC ............... 10,531,475 See notes to financial statements. 44 SHARES VALUE ------ ------- TRUCKERS & SHIPPING-(Continued) 1,000 o LAURITZEN J. HOLDINGS (CLASS B) .... $ 110,068 85,500 o M.S. CARRIERS, INC ................. 1,710,000 476,000 MALAYSIAN INTERNATIONAL SHIPPING CO (FR) .................. 1,246,711 71,900 MITSUBISHI WAREHOUSE & TRANSPORTATION CO LTD ............. 1,122,167 342,960 MITSUI ENGINEERING & SHIP BUILDING CO LTD ................... 954,175 473,080 o MITSUI OSK LINES LTD ............... 1,517,978 1,239,000 MITSUI SOKO ........................ 9,944,997 595,000 o MOSVOLD SHIPPING LTD ............... 452,033 17,142 o NCL HOLDINGS AS .................... 13,565 199,000 NEPTUNE ORIENT LINES LTD ........... 223,690 481,840 NIPPON YUSEN K.K. .................. 2,797,903 64,720 OCEAN GROUP PLC .................... 389,878 1,199,200 o OMI, INC ........................... 7,794,800 446,360 OVERSEAS SHIPHOLDING GROUP, INC .... 8,480,840 641,000 PARK MAY BERHAD .................... 1,312,800 244,512 PENINSULAR & ORIENTAL STEAM NAVIGATION CO ..................... 1,807,035 233,500 ROADWAY SERVICES, INC .............. 11,412,312 729,352 RYDER SYSTEMS, INC ................. 18,051,462 122,000 SAFMARINE & RENNIES HOLDINGS LTD ... 443,423 1,005,000 SEINO TRANSPORTATION CO LTD ........ 16,854,473 249,000 SENKO CO LTD ....................... 1,530,353 300 SHURGARD STORAGE CENTERS, INC ...... 8,100 37,254 SOCIETE ANOMYNE DE GERANCE & D'ARMENENT ...................... 1,272,143 273,200 o SWIFT TRANSPORTATION CO, INC ....... 4,166,300 1,440,000 o TNT FINANCE LTD .................... 1,906,764 61,700 TRANSPORTATION DEVELOPMENT GROUP PLC ......................... 179,137 79,824 TRENCOR LTD ........................ 416,035 511,100 WERNER ENTERPRISES, INC ............ 10,349,775 9,500 XTRA CORP .......................... 403,750 1,107,306 YAMATO TRANSPORT CO LTD ............ 13,203,095 236,900 YELLOW CORP ........................ 2,931,637 ----------- 214,242,932 ----------- UTILITIES-ELECTRIC-4.06% 761,800 ALLEGHENY POWER .................... 21,806,525 1,547,597 AMERICAN ELECTRIC POWER CO, INC ..................... 62,677,678 1,003,600 ATLANTIC ENERGY, INC ............... 19,319,300 1,182,524 BALTIMORE GAS & ELECTRIC CO ........ 33,701,934 395,350 BLACK HILLS CORP ................... 9,784,912 705,186 BOSTON EDISON CO ................... 20,802,987 1,405,436 CAROLINA POWER & LIGHT CO .......... 48,487,542 1,759,659 CENTERIOR ENERGY CORP .............. 15,616,973 1,892,600 CENTRAL & SOUTH WEST CORP .......... 52,756,225 60,900 CENTRAL HUDSON GAS & ELECTRIC CORP ................... 1,880,287 448,464 CENTRAL LOUISIANA ELECTRIC, INC .... 12,052,470 299,238 CENTRAL MAINE POWER CO ............. 4,301,546 66,000 CHILECTRA S.A. ADR ................. 3,300,000 57,200 CHILGENER S.A. ADR ................. 1,430,000 860,400 CHINA LIGHT & POWER CO LTD ......... 3,961,378 1,493,398 CINERGY CORP ....................... 45,735,313 434,909 CIPSCO, INC ........................ 16,961,451 313,842 o CITIZENS UTILITIES CO (CLASS B) .... 3,962,255 1,925,300 CMS ENERGY CORP .................... 57,518,337 2,292,200 CONSOLIDATED EDISON CO OF NEW YORK, INC .................. 73,350,400 22,488,075 CONSOLIDATED ELECTRIC POWER ASIA LTD .................... 40,862,461 638,600 DELMARVA POWER & LIGHT CO .......... 14,528,150 1,458,518 DETROIT EDISON CO .................. 50,318,871 1,417,800 DOMINION RESOURCES, INC ............ 58,484,250 629,550 DPL, INC ........................... 15,581,362 973,193 DQE, INC ........................... 29,925,684 1,825,100 DUKE POWER CO ...................... 86,464,112 357,240 EAST MIDLANDS ELECTRICITY PLC ...... 3,699,520 515,200 EASTERN UTILITIES ASSOCIATES ....... 12,171,600 1,049,000 EDISON ............................. 4,520,350 843,500 xo EL PASO ELECTRIC CO ................ 286,790 75,451 ELECTRABEL NV ...................... 18,048,796 2,000 ELECTRABEL NV (VVPR) ............... 475,706 10,747,766 ELECTROBRAS S.A. ................... 2,908,090 488,000 EMPRESA NACIONAL DE ELECTRIDAD S.A. ................ 27,635,152 172,000 EMPRESA NACIONAL DE ELECTRIDAD S.A. ADR ............ 3,913,000 64,000 ENERSIS S.A. ADR ................... 1,824,000 2,135,404 ENTERGY CORP NEW ................... 62,460,567 634,339 FLORIDA PROGRESS CORP .............. 22,439,742 1,570,448 FPL GROUP, INC ..................... 72,829,526 1,509,600 GENERAL PUBLIC UTILITIES CORP ...... 51,326,400 382,491 HAWAIIAN ELECTRIC INDUSTRIES, INC .. 14,821,526 25 HONG KONG ELECTRIC CO LTD .......... 81 2,458,400 HOUSTON INDUSTRIES, INC ............ 59,616,200 250,000 o HUANENG POWER INTERNATIONAL, INC SERIES N ADR ...................... 3,593,750 1,757,397 IBERDROLA 1 S.A. ................... 16,079,708 481,200 IDAHO POWER CO ..................... 14,436,000 1,390,852 ILLINOVA CORP ...................... 41,725,560 461,000 IPALCO ENTERPRISES, INC ............ 17,575,625 1,449,914 KANSAI ELECTRIC POWER CO, INC ...... 35,138,665 587,834 KANSAS CITY POWER & LIGHT CO ....... 15,357,163 309,000 o KOREA ELECTRIC POWER CORP .......... 12,267,670 19,000 KU ENERGY CORP ..................... 570,000 358,000 LONDON ELECTRICITY PLC ............. 3,190,468 1,034,600 LONG ISLAND LIGHTING CO ............ 16,941,575 388,600 LOUISVILLE GAS & ELECTRIC ENERGY CORP ....................... 16,418,350 31,500 MIDAMERICAN ENERGY CO .............. 527,625 405,402 MINNESOTA POWER & LIGHT CO ......... 11,503,281 460,606 MONTANA POWER CO ................... 10,421,210 999,241 o NATIONAL GRID GROUP ................ 3,095,086 2,331,900 NATIONAL POWER PLC ................. 16,274,183 844,900 NEVADA POWER CO .................... 18,799,025 600,243 NEW ENGLAND ELECTRIC SYSTEMS CO .... 23,784,628 492,086 NEW YORK STATE ELECTRIC & GAS CORP . 12,732,725 1,492,300 NIAGARA MOHAWK POWER CORP .......... 14,363,387 644,979 NIPSCO INDUSTRIES, INC ............. 24,670,446 977,000 NORTHEAST UTILITIES CO ............. 23,814,375 176,923 NORTHERN ELECTRIC PLC .............. 1,722,310 585,200 NORTHERN STATES POWER CO ........... 28,747,950 1,794,792 OHIO EDISON CO ..................... 42,177,612 380,329 OKLAHOMA GAS & ELECTRIC CO ......... 16,354,147 12,000 OESTERREICHISCHE ELEKTRIZITAETSWIRSCHAFTS AG. ...... 722,102 4,580,540 PACIFIC GAS & ELECTRIC CO .......... 129,972,822 2,141,500 PACIFICORP ......................... 45,506,875 4,698,702 PAUL F LUZ S.A. .................... 227,684 2,168,100 PECO ENERGY CO ..................... 65,314,012 957,400 PINNACLE WEST CAPITAL CORP ......... 27,525,250 750,900 PORTLAND GENERAL CORP .............. 21,869,962 634,700 POTOMAC ELECTRIC POWER CO .......... 16,660,875 1,045,672 PP&L RESOURCES, INC ................ 26,141,800 578,592 PUBLIC SERVICE CO OF COLORADO ...... 20,467,692 1,483,162 o PUBLIC SERVICE CO OF NEW MEXICO .... 26,140,730 See notes to financial statements. 45 SHARES VALUE ------ ------- UTILITIES-ELECTRIC-(Continued) 2,296,046 PUBLIC SERVICE ENTERPRISE GROUP, INC ........................ $70,316,408 319,903 PUGET SOUND POWER & LIGHT CO ....... 7,437,744 53,392 RHEIN-WESTFALEN ELECTRIC AG. (STAMM) ........................... 19,397,651 700 ROCHESTER GAS & ELECTRIC CORP ...... 15,837 894,590 SAN DIEGO GAS & ELECTRIC CO ........ 21,246,512 677,900 SCANA CORP ......................... 19,404,887 5,002,310 SCE CORP ........................... 88,791,002 1,667,800 SCOTTISH POWER PLC ................. 9,580,877 104,000 SEEBOARD PLC ....................... 849,334 560,503 SEVILLANA DE ELECTRICIDAD .......... 4,352,253 178,544 SHUN TAK ENTERPRISES CORP LTD ...... 125,845 78,000 o SIERRA PACIFIC RESOURCES ........... 1,823,250 5,905,962 SOUTHERN CO ........................ 145,434,314 60,000 SOUTHERN ELECTRICITY PLC ........... 842,130 447,083 SOUTHWESTERN PUBLIC SERVICE CO ..... 14,641,968 1,843,252 TECO ENERGY, INC ................... 47,233,332 1,200,000 TENAGA NASIONAL BERHAD ............. 4,726,272 2,300,507 TEXAS UTILITIES CO ................. 94,608,350 636,603 TOHOKU ELECTRIC POWER CO, INC ...... 15,366,361 555,574 TOKYO ELECTRIC POWER CO, INC ....... 14,864,626 17,038 TRACTEBEL NV ....................... 7,178,784 66,000 TRANSALTA CORP ..................... 707,713 2,447,470 UNICOM CORP ........................ 80,154,642 858,400 UNION ELECTRIC CO .................. 35,838,200 100,000 UNION ELECTRICA FENOSA S.A. ........ 601,739 182,400 UNITED ILLUMINATING CO ............. 6,817,200 178,939 UTILICORP UNITED, INC .............. 5,256,333 797,230 VEBA AG. ........................... 33,921,147 24,346 VIAG AG. ........................... 9,780,590 84,700 WASHINGTON WATER POWER CO .......... 1,482,250 818,829 WESTERN RESOURCES, INC ............. 27,328,417 815,681 WISCONSIN ENERGY CORP .............. 24,980,230 419,200 WPS RESOURCES CORP ................. 14,252,800 ------------- 2,816,740,775 ------------- UTILITIES-GAS & PIPELINE-0.97% 154,300 o AMERICAN STANDARD COS, INC ......... 4,320,400 25,600 ATLANTA GAS LIGHT CO ............... 505,600 302,494 ATMOS ENERGY CORP .................. 6,957,362 6,320,400 BRITISH GAS CORP PLC ............... 24,925,154 335,650 BROOKLYN UNION GAS CO .............. 9,817,762 794,700 CABOT OIL & GAS CORP (CLASS A) ..... 11,622,487 909,137 o COASTAL CORP ....................... 33,865,353 276,000 o COLUMBIA GAS SYSTEMS, INC .......... 12,109,500 760,200 CONSOLIDATED NATURAL GAS CO ........ 34,494,075 20 o DAE HAN CITY GAS ................... 1,031 217,338 EASTERN ENTERPRISES ................ 7,661,164 325,045 EL PASO NATURAL GAS CO NEW ......... 9,223,151 6,287 ENERGIA E INDUSTRIAS ARAGONESAS S.A. ................... 23,994 2,013,000 ENRON CORP ......................... 76,745,625 633,200 ENSERCH CORP ....................... 10,289,500 493,075 EQUITABLE RESOURCES, INC ........... 15,408,593 75,041 GAS NATURAL SDG S.A. ............... 11,690,840 42,032 GENERALE DES EAUX .................. 4,201,909 1,171,614 HONG KONG & CHINA GAS CO LTD ....... 1,886,469 258,700 o IONICS, INC ........................ 11,253,450 2,032 IPL ENERGY, INC .................... 47,488 76,000 IPL ENERGY, INC (U.S.) ............. 1,767,000 1,540,000 ITALGAS S.P.A. ..................... 4,686,066 21,753 LYONNAISE DES EAUX-DUMEZ ........... 2,097,236 1,126,376 MCN CORP ........................... 26,188,242 119,000 NATIONAL FUEL GAS CO ............... 4,001,375 65,500 NEW JERSEY RESOURCES CORP .......... 1,973,187 561,940 NICOR, INC ......................... 15,453,350 11,600 NORTHWEST NATURAL GAS CO ........... 382,800 252,100 ONEOK, INC ......................... 5,766,787 1,538,925 OSAKA GAS CO LTD ................... 5,325,847 816,540 PACIFIC ENTERPRISES, INC ........... 23,067,255 1,509,183 PANHANDLE EASTERN CORP ............. 42,068,476 283,815 PEOPLES ENERGY CORP ................ 9,011,126 603,656 o PRIMARK CORP ....................... 18,109,680 654,840 QUESTAR CORP ....................... 21,937,140 922,800 SONAT, INC ......................... 32,874,750 30,500 SOUTHWESTERN ENERGY CO ............. 388,875 1,511,288 TENNECO, INC ....................... 74,997,667 1,152,766 TOKYO GAS CO LTD ................... 4,067,668 322,600 TRANS CANADA PIPELINES LTD ......... 4,464,461 15,000 TRANS CANADA PIPELINES LTD (U.S.) .. 206,250 2,286 UGI CORP NEW ....................... 47,434 373,800 VALERO ENERGY CORP ................. 9,158,100 29,800 WASHINGTON ENERGY CO ............... 555,025 641,600 WASHINGTON GAS LIGHT CO ............ 13,152,800 115,000 WESTCOAST ENERGY, INC .............. 1,686,341 61,600 WESTERN GAS RESOURCES, INC ......... 993,300 1,030,665 WILLIAMS COS, INC .................. 45,220,426 508,700 YANKEE ENERGY SYSTEMS, INC ......... 12,844,675 ----------- 669,544,246 ----------- UTILITIES-OTHER-0.05% 81,948 AGUAS DE BARCELONA S.A. ............ 2,445,300 1,638 o AGUAS DE BARCELONA S.A. NEW ........ 48,337 521,100 ANGLIAN WATER PLC .................. 4,894,812 439,936 AUTOPISTAS CONCESIONARIA ESPANOLA S.A. ..................... 5,004,421 713,424 NORTH WEST WATER PLC ............... 6,823,198 327,632 SOUTHERN WATER PLC ................. 3,499,728 717,619 THAMES WATER PLC ................... 6,261,664 213,333 WELSH WATER PLC .................... 2,566,961 ---------- 31,544,421 ---------- UTILITIES TELEPHONE-6.21% 1,346,874 ALLTEL CORP ........................ 39,732,783 131,300 o AMERICAN MOBILE SATELLITE CORP ..... 4,021,062 5,060,448 AMERITECH CORP NEW ................. 298,566,432 14,340,503 AT & T CORP ........................ 928,547,569 442,100 BCE, INC ........................... 15,315,812 15,621 BCE, INC (U.S.) .................... 538,924 3,899,744 BELL ATLANTIC CORP ................. 260,795,380 8,891,810 BELLSOUTH CORP ..................... 386,793,735 10,897,410 BRITISH TELECOMMUNICATIONS PLC ..... 59,894,388 3,667,919 CABLE & WIRELESS PLC ............... 26,196,130 285,883 o CELLULAR COMMUNICATIONS OF PUERTO RICO, INC .................. 7,933,253 584,100 CINCINNATI BELL, INC ............... 20,297,475 22,500 o COMMNET CELLULAR, INC .............. 649,687 391,900 COMPANIA TELECOM DE CHILE S.A. ADR . 32,478,712 1,976 DDI CORP ........................... 15,324,275 1,961,100 FRONTIER CORP ...................... 58,833,000 469,625 o GLENAYRE TECHNOLOGIES, INC ......... 29,234,156 2,650 GN STORE NORD ...................... 212,783 8,605,712 GTE CORP ........................... 378,651,328 4,600,000 HONG KONG TELECOMMUNICATIONS LTD ... 8,209,804 921,600 KONINKLIJKE PTT NEDERLAND .......... 33,515,841 110,000 o KOREA MOBILE TELECOMMUNUNICATIONS CORP GDR .......................... 4,867,500 757,100 LINCOLN TELECOMMUNICATIONS CO ...... 15,993,737 6,307,500 MCI COMMUNICATIONS CORP ............ 164,783,437 748,100 o MOBILE TELECOMMUNICATIONS TECHNOLOGIES CORP ................. 15,990,637 See notes to financial statements. 46 SHARES VALUE ------ ------- UTILITIES TELEPHONE-(Continued) 686,500 o NEXTEL COMMUNICATIONS, INC (CLASS A) ......................... $10,125,875 2,126 NIPPON TELEGRAPH & TELEPHONE CORP .. 17,208,885 3,844,444 NYNEX CORP ......................... 207,599,976 3,924,215 PACIFIC TELESIS GROUP .............. 131,951,729 351,800 PHILIPPINE LONG DISTANCE TELEPHONE CO ADR .................. 19,041,175 119,000 o PORTUGAL TELECOM S.A. .............. 2,242,389 7,628,680 SBC COMMUNICATIONS, INC ............ 438,649,100 611,800 SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORP ........... 24,319,050 3,047,919 SPRINT CORP ........................ 121,535,770 750,000 STET-SOCIETA FINANZIARIA TELEFONICA 2,121,525 276,000 o TECHNOLOGY RESOURCES INDUSTRIES BERHAD .................. 815,281 1,175,000 o TELECOM ITALIA MOBILE DRNC ......... 1,236,217 12,145,026 o TELECOM ITALIA MOBILE S.P.A. ....... 21,385,569 235,400 TELE DANMARK AS (CLASS B) .......... 12,870,099 19,091,760 TELECOM CORP OF NEW ZEALAND ........ 82,382,471 12,215,026 TELECOM ITALIA S.P.A. .............. 19,007,801 1,525,000 TELECOM ITALIA S.P.A. DI RISP ...... 1,865,776 1,505,441 TELEFONICA DE ARGENTINA S.A. (CLASS B) ......................... 4,065,097 1,637,959 TELEFONICA DE ESPANA S.A. .......... 22,682,849 5,680,500 TELEFONOS DE MEXICO S.A. SERIES L .. 9,112,402 1,509,000 TELEKOM MALAYSIA BERHAD ............ 11,767,708 318,030 TELEPHONE & DATA SYSTEMS, INC ...... 12,562,185 209,700 TELUS CORP ......................... 2,460,005 4,035,246 U.S. WEST COMMUNICATIONS GROUP ..... 144,260,044 3,971,146 o U.S. WEST MEDIA GROUP .............. 75,451,774 5,474,416 VODAFONE GROUP PLC ................. 19,591,527 2,581,513 o WORLDCOM, INC ...................... 90,998,338 ------------- 4,314,688,457 ------------- TOTAL COMMON STOCK (Cost $ 42,954,305,341) 68,603,839,557 PAR VALUE ----- SHORT TERM INVESTMENTS-1.88% BANK NOTES-0.07% NATIONAL BANK OF DETROIT 50,000,000 * 6.150%, 05/08/96 ................ 50,070,995 ---------- BANKERS ACCEPTANCES-0.08% CORE STATES BANK N.A./ PHILADELPHIA NATIONAL BANK 10,000,000 5.680%, 01/22/96 ................ 9,966,155 FIRST NATIONAL BANK OF CHICAGO 37,000,000 5.640%, 02/06/96 ................ 36,789,130 NATIONAL CITY BANK OF CLEVELAND 5,000,000 # 5.730%, 01/11/96 ................ 4,991,859 NATIONS BANK OF TEXAS 4,000,000 5.630%, 02/02/96 ................ 3,979,667 ---------- 55,726,811 ---------- CERTIFICATES OF DEPOSIT-0.11% CREDIT SUISSE 45,000,000 # 5.700%, 02/15/96 ................ 45,007,411 MELLON BANK, N.A. 15,000,000 5.700%, 02/29/96 ................ 15,003,723 NATIONAL WESTMINSTER BANK, U.S.A. 15,000,000 5.810%, 01/31/96 ................ 15,002,931 ---------- 75,014,065 ---------- COMMERCIAL PAPER-1.31% AMERICAN EXPRESS CREDIT CORP 35,000,000 5.580%, 03/22/96 ................ 34,551,884 ARIZONA PUBLIC SERVICE CO 45,600,000 6.000%, 02/09/96 ................ 45,298,129 B.B.V. FINANCE (DELAWARE) INC 11,000,000 5.680%, 02/05/96 ................ 10,935,429 CIESCO LP 49,000,000 5.650%, 02/09/96 ................ 48,680,382 CIT GROUP HOLDINGS, INC 5,000,000 5.680%, 02/09/96 ................ 4,967,394 25,000,000 5.350%, 04/02/96 ................ 24,645,243 COCA COLA CO 18,000,000 # 5.520%, 02/16/96 ................ 17,865,379 2,700,000 5.600%, 02/16/96 ................ 2,679,818 28,100,000 *# 5.520%, 03/11/96 ................ 27,782,688 COLUMBIA/HCA HEALTHCARE CORP 15,000,000 # 6.030%, 01/02/96 ................ 14,995,842 8,500,000 # 6.060%, 01/16/96 ................ 8,477,531 CONAGRA, INC 37,000,000 6.000%, 01/26/96 ................ 36,840,816 CORPORATE ASSET FUNDING CORP, INC 5,594,000 5.680%, 02/02/96 ................ 5,563,895 DILLARD INVESTMENT CO, INC 36,500,000 5.850%, 01/11/96 ................ 36,434,095 DUPONT (E.I.) DE NEMOURS & CO 40,150,000 5.820%, 01/12/96 ................ 40,070,861 ELI LILLY & CO 30,000,000 5.680%, 02/23/96 ................ 29,742,532 FORD MOTOR CREDIT CO 3,800,000 * 5.690%, 01/12/96 ................ 3,792,482 15,000,000 5.680%, 02/2/96 ................. 14,919,275 6,000,000 5.650%, 02/14/96 ................ 5,957,076 GENERAL ELECTRIC CAPITAL CORP 6,000,000 5.670%, 01/31/96 ................ 5,969,659 GENERAL MOTORS ACCEPTANCE CORP 12,000,000 5.730%, 02/02/96 ................ 11,934,870 GOLDMAN SACHS GROUP, LP 30,000,000 * 5.700%, 02/09/96 ................ 29,804,399 8,000,000 5.720%, 02/09/96 ................ 7,947,848 HOUSEHOLD FINANCE CORP 18,000,000 5.750%, 01/04/96 ................ 17,989,580 31,000,000 5.680%, 01/30/96 ................ 30,848,306 IBM CREDIT CORP 4,000,000 5.800%, 01/26/96 ................ 3,983,057 MCI COMMUNICATIONS CORP 7,000,000 5.480%, 03/26/96 ................ 6,905,966 MCKENNA TRIANGLE NATIONAL CORP 15,000,000 5.750%, 01/25/96 ................ 14,938,866 20,000,000 5.600%, 02/05/96 ................ 19,882,510 MERRILL LYNCH & CO, INC 10,000,000 5.630%, 02/29/96 ................ 9,904,616 MORGAN STANLEY GROUP, INC 25,000,000 5.550%, 02/22/96 ................ 24,789,235 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE 29,000,000 5.670%, 01/26/96 ................ 28,876,958 NATIONSBANK CORP 21,000,000 5.650%, 02/15/96 ................ 20,846,430 PENNEY (J.C.) FUNDING CORP 45,000,000 * 5.660%, 02/9/96 ................. 44,706,498 PHH CORP 30,000,000 5.700%, 01/19/96 ................ 29,906,951 11,000,000 5.520%, 02/23/96 ................ 10,905,497 See notes to financial statements. 47 PAR VALUE VALUE ------ ------- COMMERCIAL PAPER-(Continued) PHILIP MORRIS COS, INC 9,700,000 5.620%, 01/9/96 .................$ 9,685,541 25,000,000 5.550%, 01/26/96 ................ 24,893,763 ST. PAUL COS 49,500,000 5.880%, 01/02/96 ................ 49,486,524 SOUTHERN CALIFORNIA EDISON CO 30,000,000 5.470%, 03/26/96 ................ 29,596,982 TEXAS UTILITIES ELECTRIC CO 9,000,000 5.970%, 01/12/96 ................ 8,981,915 XEROX CORP 19,000,000 5.450%, 03/13/96 ................ 18,779,335 XEROX CREDIT CORP 30,000,000 * 5.620%, 02/16/96 ................ 29,775,798 ----------- 905,541,855 ----------- EURO CERTIFICATES OF DEPOSIT-0.02% ABBEY NATIONAL TREASURY SERVICES 20,000,000 *# 5.650%, 03/15/96 ................ 20,005,248 ---------- GOVERNMENT AGENCIES-0.03% FEDERAL HOME LOAN BANK 10,000,000 6.015%, 06/03/96 ................ 10,029,648 FEDERAL HOME LOAN MORTGAGE CORP 14,000,000 * 5.470%, 03/07/96 ................ 13,854,255 ---------- 23,883,903 ---------- MEDIUM TERM NOTES-0.04% MORGAN GUARANTY TRUST CO 25,000,000 6.080%, 05/16/96 ................ 25,000,124 ---------- U.S. TREASURY NOTES-0.08% U.S. TREASURY NOTES 20,000,000 4.000%, 01/31/96 ............... 19,972,060 18,000,000 4.625%, 02/29/96 ............... 17,980,382 15,000,000 5.125%, 03/31/96 ............... 14,992,963 ---------- 52,945,405 ---------- VARIABLE RATE NOTES-0.14% BOATMANS BANK KANSAS CITY 25,000,000 5.923%, 06/12/96 ................ 24,992,500 FEDERAL FARM CREDIT BANKS 5,000,000 5.800%, 05/06/96 ................ 5,001,500 FORD MOTOR CREDIT CO 15,000,000 6.012%, 09/15/96 ................ 14,997,000 GENERAL ELECTRIC CAPITAL CORP 10,000,000 * 5.650%, 05/15/96 ................ 9,996,000 GENERAL MOTORS ACCEPTANCE CORP 5,000,000 6.013%, 02/22/96 ................ 4,999,000 GOLDMAN SACHS GROUP, LP 10,000,000 # 6.107%, 02/15/96 ................ 9,997,000 PNC BANK, N.A. 10,000,000 5.937%, 03/14/96 ................ 9,998,000 WACHOVIA BANK OF NORTH CAROLINA 15,000,000 * 5.750%, 01/16/96 ................ 14,997,000 ---------- 94,978,000 ---------- TOTAL SHORT TERM INVESTMENTS (Cost $ 1,303,389,223)... 1,303,166,406 --------------- ROUNDING................ 1,160 TOTAL PORTFOLIO (Cost $ 44,503,997,087).. $70,203,332,568 =============== ________________ o NON-INCOME PRODUCING + AFFILIATE HOLDING x IN BANKRUPTCY # RESTRICTED * ALL OR A PORTION OF THIS SECURITY HAS BEEN SEGREGATED BY THE CUSTODIAN TO COVER MARGIN OR OTHER REQUIREMENTS ON OPEN FUTURES CONTRACTS, COVERED CALL OPTIONS WRITTEN AND SECURITIES PURCHASED ON A DELAYED DELIVERY BASIS. 48
COLLEGE RETIREMENT EQUITIES FUND TRANSACTIONS WITH AFFILIATED COMPANIES - STOCK ACCOUNT JANUARY 1, 1995 - DECEMBER 31, 1995 VALUE AT PURCHASES SALES DECEMBER 31, ---------------- -------------------- ISSUE 1994 SHARES COST SHARES PROCEEDS ----- --------------- ------ ---- ------ -------- + ACMA LTD ............................ $ 45,166,467 2,754,400 - - ACME LANDIS HOLDINGS LTD ............ 1,376,788 - - - AFFYMETRIX INC, SERIES A SR CV ...... 4,999,995 - - - APACHE CORP ......................... ** 695,000 $18,885,640 79,700 $2,391,126 ~* ASIA PACIFIC RESOURCES INTERNATIONAL ** 1,350,000 10,125,000 - - AYDIN CORP .......................... 3,706,237 - - 5,900 87,872 * CHAMPION TECHNOLOGY HOLDINGS ........ 24,915,791 2,590,000 474,786 122,325,139 10,563,409 * CLIFFS DRILLING CO .................. 2,621,366 - - 20,700 258,460 * CONTEL CELLULAR, INC ................ 12,947,550 - - 519,200 13,239,600 DUPLEX PRODUCTS, INC ................ 3,796,100 - - 10,900 91,858 FMC CORP NEW ........................ ** 568,400 41,268,813 - - GENERAL SIGNAL CORP ................. 96,896,812 116,800 4,144,858 64,100 2,354,659 * GMIS, INC ........................... 10,598,250 - - 153,900 3,213,688 * GOLDTRON LTD ........................ 31,705,109 - - 23,130,000 19,289,630 GRACE (W.R.) & CO ................... 304,349,550 3,900 156,078 646,200 37,422,487 INNOVATIVE INTERNATIONAL HOLDINGS LTD 10,393,480 420,000 66,963 - - * LAMEX HOLDINGS ...................... ** 3,172,000 1,421,116 4,646,000 1,309,211 * LENNAR CORP ......................... ** 91,200 1,536,704 72,500 1,412,983 * LINKFUL INTERNATIONAL HOLDINGS ...... 4,332,064 - - 49,290,000 3,673,859 LUKS INDUSTRIAL CO .................. 7,388,777 1,126,000 140,503 2,962,000 360,587 MALLINCKRODT GROUP, INC ............. 127,185,343 56,700 1,870,827 19,700 603,280 NEWPORT CORP ........................ 3,667,300 - - 30,600 249,256 ~* OWEN HEALTHCARE, INC ................ ** 75,000 1,198,125 - - * PARAGON TRADE BRANDS, INC ........... 8,209,700 - - 67,100 968,812 PICCADILLY CAFETERIAS, INC .......... 4,461,064 99,431 798,362 - - * SAFEGUARD HEALTH ENTERPRISES, INC ... 2,161,725 - - 15,000 175,950 * SANTE FE PACIFIC GOLD CORP .......... 94,758,699 156,300 1,678,950 1,283,600 16,634,296 SOUTH CHINA HOLDINGS ................ 6,441,046 - - - - SOUTH CHINA INDUSTRIES LTD .......... 6,856,142 - - 1,000,000 115,619 SPAGHETTI WAREHOUSE, INC ............ 1,591,687 - - 1,400 7,570 STEWART INFORMATION SERVICES CORP ... 5,953,200 - - 46,900 940,161 TPI ENTERPRISES, INC ................ 4,930,550 - - 165,400 849,794 * UNION CORP .......................... 4,218,500 - - 52,100 803,710 * WHITE MARTIN S.A .................... 834,861 - - 17,650,000 225,246 * WISER OIL CO ........................ 7,062,300 - - 63,900 830,111 * YANKEE ENERGY SYSTEMS, INC .......... 11,542,725 - - 15,500 327,527 ------------- ----------- ------------ TOTAL AFFILIATED TRANSACTIONS ............. $ 855,069,178 $83,766,725 $118,400,761 ============= =========== ============ REALIZED DIVIDEND ISSUE GAIN (LOSS) INCOME ----- ----------- ---------- + ACMA LTD ............................ - $ 893,939 ACME LANDIS HOLDINGS LTD ............ - 112,548 AFFYMETRIX INC, SERIES A SR CV ...... - - APACHE CORP ......................... $ 579,720 549,652 ~* ASIA PACIFIC RESOURCES INTERNATIONAL - - AYDIN CORP .......................... (22,062) - * CHAMPION TECHNOLOGY HOLDINGS ........ (19,562,450) - * CLIFFS DRILLING CO .................. 23,733 - * CONTEL CELLULAR, INC ................ 3,187,547 - DUPLEX PRODUCTS, INC ................ (66,856) - FMC CORP NEW ........................ - - GENERAL SIGNAL CORP ................. 330,108 2,205,336 * GMIS, INC ........................... 1,308,690 - * GOLDTRON LTD ........................ 1,327,812 240,056 GRACE (W.R.) & CO ................... 14,341,818 8,886,867 INNOVATIVE INTERNATIONAL HOLDINGS LTD - 658,849 * LAMEX HOLDINGS ...................... (16,867) - * LENNAR CORP ......................... 691,041 66,734 * LINKFUL INTERNATIONAL HOLDINGS ...... (8,379,775) 127,438 LUKS INDUSTRIAL CO .................. (374,657) 64,810 MALLINCKRODT GROUP, INC ............. 135,154 2,464,041 NEWPORT CORP ........................ (252,251) 17,908 ~* OWEN HEALTHCARE, INC ................ - - * PARAGON TRADE BRANDS, INC ........... (1,131,058) - PICCADILLY CAFETERIAS, INC .......... - 308,563 * SAFEGUARD HEALTH ENTERPRISES, INC ... 4,010 - * SANTE FE PACIFIC GOLD CORP .......... 1,834,814 371,189 SOUTH CHINA HOLDINGS ................ - 418,394 SOUTH CHINA INDUSTRIES LTD .......... (57,999) 437,396 SPAGHETTI WAREHOUSE, INC ............ (11,298) - STEWART INFORMATION SERVICES CORP ... 408,930 76,701 TPI ENTERPRISES, INC ................ (369,729) - * UNION CORP .......................... (124,212) - * WHITE MARTIN S.A .................... 67,924 - * WISER OIL CO ........................ (152,192) 189,920 * YANKEE ENERGY SYSTEMS, INC .......... 51,120 327,230 ------------- ------------- TOTAL AFFILIATED TRANSACTIONS ............. $ (6,228,985) $18,417.571 ============= =============
** Not an Affiliate as of January 1, 1995 * Not an Affiliate as of December 31, 1995 + Stock Split ~ Shares outstanding increased 49 COLLEGE RETIREMENT EQUITIES FUND Participant Voting Results December 31, 1995 -------------------------- CREF's annual meeting was held on November 13, 1995. The annual meeting involved the election of trustees. The five trustees elected to four-year terms at the annual meeting were: Gary P. Brinson (21,305,622,077 (95.3%) votes were cast in favor, 1,029,004,469 (4.6%) votes were cast in opposition and 15,503,835 (0.1%) abstained). Nancy L. Jacob (21,341,155,654 (95.5%) votes were cast in favor, 993,470,892 (4.4%) votes were cast in opposition and 15,503,835 (0.1%) abstained). Martin L. Leibowitz (21,307,198,822 (95.3%) votes were cast in favor, 1,027,427,724 (4.6%) votes were cast in opposition and 15,503,835 (0.1%) abstained). Jay O. Light (21,314,334,602 (95.3%) votes were cast in favor, 1,020,291,943 (4.6%) votes were cast in opposition and 15,503,835 (0.1%) abstained). Eugene C. Sit (21,274,659,307 (95.2%) votes were cast in favor, 1,059,967,238 (4.7%) votes were cast in opposition and 15,503,835 (0.1%) abstained). The other trustees currently in office are Robert H. Atwell, Elizabeth E. Bailey, John H. Biggs, Andrew F. Brimmer, Joyce A. Fecske, Edes P. Gilbert, Stuart Tse Kong Ho, Thomas W. Jones, Marjorie Fine Knowles, Robert M. Lovell, Jr., Robert C. Merton, Stephen A. Ross, Maceo K. Sloan, Harry K. Spindler, and David K. Storrs. One shareholder proposal was submitted to a vote of CREF Participants, asking CREF to divest its holdings in tobacco manufacturers. For the Stock Account, 3,912,404,083 (19.8%) votes were cast in favor, 14,594,030,288 (73.8%) votes were cast in opposition and 1,257,784,135 (6.4%) abstained. The proposal was defeated. For the Global Equities Account, 226,245,897 (23.3%) votes were cast in favor, 685,691,846 (70.4%) votes were cast in opposition and 61,318,545 (6.3%) abstained. The proposal was defeated. For the Growth Account, 62,918,340 (20.7%) votes were cast in favor, 223,083,832 (73.6%) votes were cast in opposition and 17,389,817 (5.7%) abstained. The proposal was defeated. For the Equity Index Account, 18,247,591 (22.3%) votes were cast in favor, 58,982,001 (72.1%) votes were cast in opposition and 4,621,124 (5.6%) abstained. The proposal was defeated. Shareholders also ratified the election of Deloitte & Touche LLP as the independent auditors for CREF for the fiscal year ending December 31, 1995. 21,504, 572,175 (96.2%) votes were cast in favor, 377,093,778 (1.7%) votes were cast in opposition and 468,464,428 (2.1%) abstained. 50 COLLEGE RETIREMENT EQUITIES FUND 730 Third Avenue New York, NY 10017-3206 212/490-9000 [logo] Printed on recycled paper -----END PRIVACY-ENHANCED MESSAGE-----