Report of Independent Auditors


To the Participants and Board of Trustees of
College Retirement Equities Fund

In planning and performing our audit of the financial statements of College
Retirement Equities Fund (comprising, respectively, the Stock, Money Market,
Bond Market, Social Choice, Global Equities, Growth, Equity Index and
Inflation-Linked Bond Accounts) for the year ended December 31, 2000, we
considered its internal control, including control activities for safeguarding
securities, to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on internal control.

The management of College Retirement Equities Fund is responsible for
establishing and maintaining internal control.  In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of control.  Generally, internal
controls that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly presented
in conformity with accounting principles generally accepted in the United
States. Those internal controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.

Because of inherent limitations in internal control, misstatements due to
errors or fraud may occur and not be detected.  Also, projections of any
evaluation of internal control to future periods are subject to the risk that
it may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants.  A
material weakness is a condition in which the design or operation of one or
more of the specific internal control components does not reduce to a
relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions.  However, we noted no matters involving
internal control, including control activities for safeguarding securities,
and its operation that we consider to be material weaknesses as defined above
at December 31, 2000.

This report is intended solely for the information and use of the Board of
Trustees and management of College Retirement Equities Fund, and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.



                                                    ERNST & YOUNG LLP

February 5, 2001