-----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, Llj7IS+cuimK+Eda2ZocGcq2hVKPUdOIIxOBZLP2b01C5j8xDxArPCxeQeoXz0eU jV3ayHWfD+yDg97YJ7IMug== 0000930413-03-000743.txt : 20030305 0000930413-03-000743.hdr.sgml : 20030305 20030305160825 ACCESSION NUMBER: 0000930413-03-000743 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20021231 FILED AS OF DATE: 20030305 EFFECTIVENESS DATE: 20030305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE RETIREMENT EQUITIES FUND CENTRAL INDEX KEY: 0000777535 IRS NUMBER: 136022042 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-04415 FILM NUMBER: 03593318 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-CSR 1 c26600_n-csr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number File No. 811-4415 ----------------- COLLEGE RETIREMENT EQUITIES FUND -------------------------------- (Exact name of registrant as specified in charter) 730 Third Avenue, New York, New York 10017 --------------------------------------------------- (Address of principal executive offices) (Zip code) Lisa Snow, Esq. c/o TIAA-CREF 730 Third Avenue, New York, New York 10017-3206 --------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-490-9000 ------------ Date of fiscal year end: December 31 ----------- Date of reporting period: December 31, 2002 ----------------- 57867-1 ITEM 1. REPORTS TO STOCKHOLDERS. December 31, 2002 [TIAA-CREF LOGO] COLLEGE RETIREMENT EQUITIES FUND Annual Report|2002 STOCK GLOBAL EQUITIES GROWTH Make this your last paper annual report! Sign up for electronic delivery. Log on to TIAA-CREF.org/profile CONTENTS LETTER FROM THE CHAIRMAN 1 LETTER FROM THE VICE CHAIRMAN 2 MANAGEMENT/STATUS OF THE ACCOUNTS Stock Account 4 Global Equities Account 6 Growth Account 8 STATEMENT OF INVESTMENTS Stock Account 10 Global Equities Account 46 Growth Account 58 FINANCIAL STATEMENTS Report of Management Responsibility 64 Report of the Audit Committee 64 Statements of Assets and Liabilities 65 Statements of Operations 65 Statements of Cash Flows 66 Statements of Changes in Net Assets 66 Notes to Financial Statements 67 Report of Independent Auditors 71 PARTICIPANT VOTING RESULTS 72 TRUSTEE AND OFFICER DISCLOSURE 74 FOR MORE INFORMATION BACK COVER This report contains detailed explanations of the investment results for the CREF Stock, Global Equities, and Growth accounts for the year ended December 31, 2002. A companion report provides similar information for the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index accounts--the other five accounts available under CREF variable annuities. A Form 10-K Annual Report for the TIAA Real Estate Account is available on request. For historical and current performance information for all of our products, visit the TIAA-CREF Web Center at TIAA-CREF.org, or call our Automated Telephone Service (see back cover). TIAA-CREF Individual and Institutional Services, Inc., distributes the CREF and TIAA Real Estate Account variable annuities. This booklet must be accompanied or preceded by current CREF and TIAA Real Estate Account prospectuses. For additional copies, call 800 842-2733, extension 5509. TIAA-CREF Investment Management serves as investment manager to CREF. (C)2003 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), New York, NY 10017 PERFORMANCE OVERVIEW AS OF 12/31/2002
AVERAGE ANNUAL COMPOUND RATES OF TOTAL RETURN(1) INCEPTION DATE 6-MONTH RETURN 1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION EQUITIES CREF Stock 8/1/52 -10.96% -20.73% -1.37% 7.69% 10.11% CREF Global Equities 5/1/92 -12.82 -21.72 -3.16 6.77 6.58 CREF Equity Index 4/29/94 -10.71 -21.76 -0.87 -- 9.20 CREF Growth 4/29/94 -9.41 -30.06 -5.48 -- 6.45 EQUITIES & FIXED INCOME CREF Social Choice 3/1/90 -2.99 -9.17 2.67 8.67 9.82 FIXED INCOME CREF Bond Market 3/1/90 6.30 10.08 7.35 7.33 8.19 CREF Inflation-Linked Bond 5/1/97 8.51 16.32 8.33 -- 7.79 CREF Money Market(2) 4/1/88 0.72 1.50 4.45 4.61 5.37 NET ANNUALIZED YIELD (7-Day Period Ended 12/31/2002) NET ANNUALIZED YIELD (30-Day Period Ended 12/31/2002) CURRENT EFFECTIVE CURRENT CREF Money Market 1.12% 1.13% CREF Bond Market 3.10%
(1) Due to market volatility, recent performance of the CREF variable annuities may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ra-performance.html, or call 800 842-2776. Past performance should not be taken as a guarantee of the same future rates of return. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less upon redemption. (2) As with all the CREF variable annuity accounts, the funds you invest in the CREF Money Market Account are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The current yield more closely reflects current earnings than does the total return. From the Chairman of TIAA-CREF [PHOTO OMITTED] HERBERT M. ALLISON, JR. Since becoming chairman of TIAA-CREF on November 1, 2002, I have been impressed by the integrity, excellence in financial products, and dedication to customers that are long-standing hallmarks of the company. It is an honor to lead this remarkable organization. TIAA-CREF's fundamental goal will remain, as always, to serve the needs of those in education and research and to be your trusted partner through good markets and bad. The past year was another period of economic uncertainty, made worse by waning investor confidence. In spite of a positive fourth quarter, stocks declined sharply for the third straight year. The downturn has upset many people's plans for retirement, especially those preparing to make the transition soon. I can assure you that we at TIAA-CREF are fully aware of the anxiety and hardship investors everywhere are facing during these difficult times. As you review your portfolio's returns and composition, please keep in mind that CREF's management of its accounts is consistent and disciplined. Our goal for each account is to outperform a broad market benchmark over time, while controlling the risk level to keep performance relatively close to that of the benchmark. Obviously, when broad markets fall, the accounts tied to those markets follow. When markets rise, our investors benefit from relatively pure exposure to a broad spectrum of securities within the benchmark's universe. The value of diversification, within and across asset classes, has never been more evident than over the past few years. CREF's fixed-income accounts provided positive returns in 2002, which helped to counterbalance the negative performance of the equities markets. Although outside the scope of this report, the TIAA Traditional Annuity and the TIAA Real Estate Account also offered participants effective tools for diversifying their retirement portfolios. The TIAA Traditional Annuity guarantees principal and a minimum interest rate, while also offering the opportunity for dividends. This account's total interest rates continue to be among the highest in the life insurance industry, and TIAA maintains triple-A ratings from all of the leading insurance industry rating agencies: Moody's, Standard & Poor's, A. M. Best, and Fitch. (TIAA's guarantees are backed by its claims-paying ability and do not extend to CREF or our other variable products.) If you'd like to take a closer look at the full range of accounts available to you and reevaluate your portfolio in light of them, I encourage you to log onto our website or speak with a TIAA-CREF consultant. Despite widespread declines in savings rates among the general public--including retirement savings--TIAA-CREF saw strong growth in new participants in 2002. The TIAA-CREF retirement system ended the year with more than 2.8 million individual participants and 14,600 participating institutions, up from 2.3 million and 12,800 in 2001. One explanation was the flight to quality by investors rattled by stock market volatility, historically low interest rates, global political tensions, and corporate scandals. During such periods, investors tend to seek out companies they know to be stable and trustworthy. TIAA-CREF has always given the highest priority to protecting the interests of its customers, through careful examination of its investments and vigilant attention to shareholder issues. Principles that TIAA-CREF has advocated for more than 30 years, such as ethical accounting practices and board independence, have now become central to restoring investor confidence. As an authority on corporate governance issues, we have been called to testify in Washington on new reform legislation. And we will continue to work on a number of fronts to promote the interests of shareholders. Changes in the law and the increasing regulatory oversight of financial markets are coinciding with the needs of investors for low-priced products, supported by helpful information, from a company they can trust. TIAA-CREF is well-positioned to meet its clients' needs during these challenging times. Even so, we have committed ourselves to reviewing all of our products and services to make sure we continue to earn our reputation for providing excellent value to our customers in keeping with their changing needs. As we make the decisions that determine our strategy going forward, we will, as always, be guided by one overriding principle: to do what serves the best interest of our participants and institutions. TIAA-CREF once again has an opportunity to pioneer change that further enhances your opportunity to build the financial future you want and deserve. I assure you that in the months and years to come we will proceed as before: with care and with dedication to you, our partners. /s/ Herbert M. Allison, Jr. Herbert M. Allison, Jr. CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER From the Vice Chairman of TIAA-CREF A third straight year of equity market declines has understandably caused considerable pain for many of us. Over the last three years, the S&P 500 Index sustained a cumulative decline of almost 38%, while the more inclusive Russell 3000 Index dropped about 36%. The Russell 3000 Growth Index, with its large component of technology companies, lost 55% during the period. The global Morgan Stanley World Index showed a loss of 42%. The largest declines occurred during 2002, when the S&P 500 lost more than 20% and the equity indexes of other industrial nations dropped substantially as well. It is worth remembering that the retreat in stock prices is rooted in events in the overall economy. The period of economic growth ending in early 2001 marked the longest continuous expansion in the United States since the Civil War. It resulted from factors that included productivity gains, increased demand from both consumers and businesses, declining inflation and interest rates, and global conditions that made investment in U.S. companies attractive. The recession of 2001 and the slower rate of growth since then have also been associated with a convergence of factors. The earlier high rates of growth have led to excess capacity in many industries, and cutbacks by companies have resulted in increased unemployment and reduced corporate spending. Corporate scandals at Enron, Worldcom, and other former and current corporate giants, have shaken investor confidence, and a widespread decrease in corporate earnings has made stock investors wary. Certain sectors, including technology, have suffered disproportionately. New investment in U.S. markets by European investors fell to about $39 billion during the third quarter of 2002, a sharp decline from the average quarterly amount of about $76 billion during 2001. Added to these factors during 2002 were the threats of additional attacks by al-Qaeda and of war in the Persian Gulf, raising the prospect of interruptions in the oil supply and foreign political instability. During 2002, these pervasive trends in the world economy and its equity markets affected virtually every fund or account that invests in stocks, here or abroad, and the CREF Stock, Global Equities and Growth accounts were no exceptions. The Stock Account closely tracked its benchmark, a weighted composite of the Russell 3000 Index and the Morgan Stanley EAFE+Canada Index, posting a loss of 20.73%, compared with a 20.26% decline in the composite index. The Global Equities Account posted a decline of 21.72%, lagging its Morgan Stanley World Index benchmark by 1.64 percentage points because of individual stock selections. Broad-based losses in all regions of the world contributed to the decline of the benchmark and the account. We continue to maintain highly disciplined risk controls for all of our accounts. Growth stocks, because of their high level of exposure to the troubled technology sector, declined more sharply. The CREF Growth Account posted a loss of 30.06% as a result of poor performance among growth stocks in general and of individual stock holdings that did not perform as we expected. This compares with the -28.04% return of the Russell 3000 Growth Index and the -27.88% return of the Russell 1000 Growth Index. For the first three quarters of the year, the CREF Growth Account used the former Russell index as its benchmark. On October 1 we replaced it with the Russell 1000 Growth Index, enabling us to align the account more closely with the large-cap growth category used by fund rating services such as Morningstar and Lipper. (The two Russell indexes have an overlap of about 93%, ensuring continuity in the fund's operation.) Equity investors are well aware of the difficulties in these markets, and we share in their discomfort. We can, however, take some legitimate comfort in several other considerations. First, the declines of the last three years came on top of the bull market of the 1990s, when S&P 500 returns averaged over 25% for five straight years (1995-1999). Investments in equities soared during that period. Second, CREF's diversified approach to equity investment prevented excessive exposure to individual stocks and sectors that suffered much worse losses than our highly diversified accounts. This was a year in which companies with household names like General Electric and Home Depot saw their share prices drop 39.2% and 52.9%, respectively, while AOL Time Warner plunged 59.2%, and the technology sector of the S&P 500 Index lost 37.6%. Our selection of stocks occurs in a disciplined framework designed to limit exposure to any one company or industry. Many of our equity accounts use TIAA-CREF's Dual Investment Management Strategy(R), which combines active and quantitative methods. This approach enables investors to benefit from the skills of active managers, who conduct in-depth research and analysis to identify individual stocks that may outperform or underperform the fund's benchmark index. At the same time, quantitative managers use financial modeling software and other tools to build a portfolio that reflects the overall risk and investment characteristics of the benchmark. 2 College Retirement Equities Fund 2002 ANNUAL REPORT [PHOTO OMITTED] MARTIN L. LEIBOWITZ TOTAL RETURNS FOR THE YEAR ENDED DECEMBER 31, 2002 - -------------------------------------------------------------------------------- CREF STOCK ACCOUNT..................................................... -20.73% CREF Composite Index................................................... -20.26 Russell 3000(R)Index................................................... -21.54 Morgan Stanley Capital International EAFE + Canada Index............... -15.50 Morningstar Large Blend (VA) category.................................. -22.41 Morningstar Foreign Stock (VA) category................................ -18.78 CREF GLOBAL EQUITIES ACCOUNT........................................... -21.72% Morgan Stanley Capital International World Index....................... -20.08 Morningstar World Stock (VA) category.................................. -22.37 CREF GROWTH ACCOUNT.................................................... -30.06% Russell 1000(R)Growth Index............................................ -27.88 Russell 3000(R)Growth Index............................................ -28.04 Morningstar Large Growth (VA) category................................. -29.02 - -------------------------------------------------------------------------------- Please see pages 4 to 9 for more detailed performance information. The Russell 3000(R) Index, Russell 3000(R) Growth Index and Russell 1000(R) Growth Index are trademarks and service marks of the Frank Russell Company. No CREF account is promoted, endorsed, sponsored, or sold by or affiliated with the Frank Russell Company. The CREF Composite Index is a weighted average of the Russell 3000 and the MSCI EAFE + Canada indexes. The benchmark indexes are unmanaged, and you cannot purchase shares in these indexes directly. The performance figures for these indexes do not reflect any investment or operating expenses. As we gain experience with this method over different market cycles, we make periodic adjustments to improve its efficiency and effectiveness. Our current focus is on achieving greater integration of our active and quantitative management efforts. Our basic application of the methodology, however, remains constant, as does its fundamental purpose: to maintain an optimal balance between risk and opportunity. Apart from the risk controls in place on individual accounts, there is another reason why many TIAA-CREF participants found themselves in better financial shape than other Americans at the end of 2002. Most of our participants have a significant level of diversification across the asset classes, considerably more than the typical individual investor. Their portfolios include accounts that invest in bonds or real estate, as well as the TIAA Traditional Annuity, which guarantees both principal and a specified rate of interest, based on TIAA's claims-paying ability, and also offers the potential for additional growth in the form of dividends. During 2002, the CREF Bond Market Account and the CREF Inflation-Linked Bond Account posted returns of 10.08% and 16.32%, respectively, while TIAA Traditional provided a crediting rate that varied from 4.50% to 8.00%, depending on when contributions were made. The TIAA Real Estate Account returned 3.41% for the year. Our participants, for the most part, have made the choice to spread their assets widely and wisely. As a result, TIAA-CREF is one of the few financial services companies that has a majority of its total assets under management invested in fixed-income and real estate investments. While the stock market declines of the last three years have been difficult to accept, we take some comfort in this diversification. Performance information for all eight CREF accounts appears on the inside front cover of this report. A discussion of the strategies that guided the CREF Stock, Global Equities and Growth accounts during the year, and of their results, appears on the following pages. A separate report for the other CREF accounts is provided to participants who have assets in them. The threat of war and the risk of deflation continue to hang over the marketplace, but many observers see today's leaner companies, operating under closer regulatory scrutiny, as well positioned for future opportunities, whenever they might appear. We cannot predict future returns, but we remain optimistic about the prospects for long-term economic growth. At TIAA-CREF we continue to maintain highly disciplined risk controls for all of our accounts to ensure that their returns are within reasonable bounds, relative to their benchmarks. Even under this year's stressful market conditions, these controls have worked well. Our goal remains to add positive value beyond the benchmark's rate of return, and I assure you that we are working hard at refining our investment process to generate the best possible returns for our participants over the long term. /s/ Martin L. Leibowitz Martin L. Leibowitz VICE CHAIRMAN OF TIAA-CREF 2002 ANNUAL REPORT College Retirement Equities Fund 3 Stock Account INVESTMENT OBJECTIVE The CREF Stock Account seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks. - -------------------------------------------------------------------------------- PORTFOLIO PROFILE The account uses TIAA-CREF's Dual Investment Management Strategy(R), which combines active management and quantitative methods. o Active managers select domestic and foreign stocks they believe offer superior returns and avoid or underweight stocks they feel are less attractive. o Quantitative managers use financial models to build an overall portfolio that reflects the risk and investment characteristics of the account's benchmarks: the Russell 3000 Index for domestic stocks, and the MSCI EAFE+Canada Index for foreign stocks. Quantitative managers may also use proprietary valuation and trading techniques to try to outperform the indices. NOTE: Foreign securities are subject to special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2002 The CREF Stock Account posted a total return of -20.73 percent, closely tracking the -20.26 percent return of its composite benchmark, a weighted average of the Russell 3000 and the MSCI EAFE + Canada indexes. (See box at right.) The account's return was greater than the -22.41 percent average return of similar variable annuities, as measured by the Morningstar Large Blend (VA) category, which tracked 2,186 funds at year's end. Both domestic and foreign stocks were down sharply during the first three quarters. Cuts in interest rates by the Federal Reserve and the European Central Bank in November gave stocks a fourth-quarter boost but not enough to erase the year's losses. The Russell 3000 Index lost 21.54 percent during 2002. The EAFE+Canada Index of foreign stocks did slightly better than domestic stocks as a group but still lost 15.50 percent for the year. The account's return differed from that of its composite benchmark because the domestic portion of the account produced a lower return than the Russell 3000 Index, even after accounting for expenses. This more than offset the positive contributions of the international portion of the account, which outperformed the MSCI EAFE+Canada Index. Within both segments of the account, these differences were caused by individual stock selections. At the end of the period, approximately 32.4 percent of the account was actively managed across both its international and domestic portions. Within the international portion of the account, country weightings were roughly comparable to those of the EAFE+Canada Index. In the domestic segment, performance relative to the benchmark was helped by a variety of holdings, including those in insurers Aetna and Safeco, health-care companies Tenet Healthcare and UnitedHealth Group, and energy companies Apache and Burlington Resources. These positive contributions were more than offset by the negative effects of other positions, including a holding in industrial conglomerate Tyco International, which, despite its positive contribution in the fourth quarter, detracted significantly from performance during the earlier part of the year. Overweights in Citigroup and Sprint PCS Group and an underweight position in Merck also detracted from relative performance. Positive contributions to performance within the international segment came from energy stocks such as Eni and Total Fina in Europe and CNOOC Ltd. in China. Other positive factors included positions in Nissan and Renault and in the French bank Credit Lyonnais. These more than compensated for the negative effects of overweight positions in companies such as Royal & SunAlliance and ASM Lithography. Underweight positions in Toyota, Vivendi Universal and Royal Bank also detracted from relative performance. - -------------------------------------------------------------------------------- The Account's Benchmarks - -------------------------------------------------------------------------------- We use two benchmarks for the CREF Stock Account: the Russell 3000 Index, representing the U.S. stock market, and the Morgan Stanley Capital International Europe, Australasia, and Far East plus Canada Index, representing foreign stock markets. For a comparison with the account's performance, you might combine these two, weighting them according to the size of the account segments that track the two benchmarks. As of December 31, 2002, about 80 percent of the account tracked the Russell 3000, and 20 percent tracked the MSCI EAFE+Canada. We use the Russell 3000 to measure the U.S. stock market because it includes 98 percent of the capitalization of all publicly traded U.S. stocks. The Standard & Poor's 500 Stock Index covers only about 75 percent. - -------------------------------------------------------------------------------- 4 College Retirement Equities Fund 2002 ANNUAL REPORT - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION BY INVESTMENT STRATEGY AS OF 12/31/2002 [The table below represents a pie chart in the printed report.] Domestic Enhanced Index Segment 61.6% International Segment 20.2% Domestic Active Segment 18.1% Short-Term Investments 0.2% $10,000 OVER TEN YEARS [The table below represents a line chart in the printed report.] MSCI EAFE+ Date Stock Account Russell 3000 Index Canada Index Dec-92 10000 10000 10000 Jan-93 10075 10098 9991 Feb-93 10145 10163 10303 Mar-93 10449 10417 11175 Apr-93 10311 10141 12209 May-93 10592 10433 12464 Jun-93 10589 10501 12273 Jul-93 10620 10483 12683 Aug-93 11044 10890 13347 Sep-93 10989 10889 13034 Oct-93 11231 11045 13463 Nov-93 10989 10874 12316 Dec-93 11390 11087 13193 Jan-94 11858 11427 14298 Feb-94 11581 11150 14234 Mar-94 11051 10663 13620 Apr-94 11199 10785 14171 May-94 11283 10903 14098 Jun-94 11057 10605 14258 Jul-94 11365 10934 14412 Aug-94 11829 11410 14769 Sep-94 11564 11167 14332 Oct-94 11757 11352 14785 Nov-94 11277 10938 14071 Dec-94 11377 11107 14164 Jan-95 11414 11351 13613 Feb-95 11828 11814 13602 Mar-95 12169 12108 14440 Apr-95 12490 12424 14973 May-95 12899 12875 14822 Jun-95 13159 13248 14582 Jul-95 13697 13780 15464 Aug-95 13734 13902 14896 Sep-95 14219 14441 15174 Oct-95 14025 14316 14776 Nov-95 14607 14951 15193 Dec-95 14894 15195 15787 Jan-96 15289 15636 15879 Feb-96 15501 15867 15926 Mar-96 15675 16026 16263 Apr-96 15978 16330 16743 May-96 16264 16748 16457 Jun-96 16243 16694 16528 Jul-96 15523 15820 16044 Aug-96 15926 16300 16105 Sep-96 16692 17187 16541 Oct-96 16947 17501 16431 Nov-96 18027 18736 17108 Dec-96 17786 18510 16871 Jan-97 18531 19535 16345 Feb-97 18569 19556 16593 Mar-97 17868 18671 16610 Apr-97 18605 19591 16712 May-97 19845 20929 17813 Jun-97 20694 21799 18765 Jul-97 22143 23508 19109 Aug-97 21152 22555 17702 Sep-97 22320 23833 18696 Oct-97 21457 23033 17285 Nov-97 22102 23915 17092 Dec-97 22475 24394 17254 Jan-98 22702 24520 17990 Feb-98 24271 26274 19161 Mar-98 25459 27576 19791 Apr-98 25701 27848 19944 May-98 25177 27160 19841 Jun-98 25840 28079 19946 Jul-98 25592 27569 20076 Aug-98 21741 23345 17512 Sep-98 22729 24938 17012 Oct-98 24545 26831 18783 Nov-98 26016 28472 19735 Dec-98 27630 30281 20492 Jan-99 28404 31310 20496 Feb-99 27408 30201 19980 Mar-99 28349 31309 20814 Apr-99 29641 32723 21706 May-99 28954 32100 20610 Jun-99 30477 33723 21416 Jul-99 29956 32700 22032 Aug-99 29701 32329 22095 Sep-99 29168 31502 22333 Oct-99 30591 33478 23196 Nov-99 31492 34415 24007 Dec-99 33564 36611 26215 Jan-00 32108 35176 24622 Feb-00 32477 35502 25320 Mar-00 34746 38284 26359 Apr-00 33417 36935 24992 May-00 32574 35897 24386 Jun-00 33561 36960 25440 Jul-00 32846 36306 24468 Aug-00 34957 38999 24787 Sep-00 33308 37233 23503 Oct-00 32839 36703 22863 Nov-00 30169 33320 21941 Dec-00 30733 33880 22709 Jan-01 31535 35039 22770 Feb-01 28727 31838 20971 Mar-01 26800 29762 19524 Apr-01 28875 32149 20861 May-01 28890 32407 20140 Jun-01 28196 31810 19371 Jul-01 27706 31285 18915 Aug-01 26247 29438 18451 Sep-01 23891 26841 16669 Oct-01 24454 27465 17119 Nov-01 26122 29581 17709 Dec-01 26464 29998 17837 Jan-02 25876 29622 16945 Feb-02 25467 29016 17048 Mar-02 26609 30288 17953 Apr-02 25470 28699 18048 May-02 25307 28367 18348 Jun-02 23560 26325 17602 Jul-02 21649 24232 15856 Aug-02 21758 24346 15831 Sep-02 19451 21787 14152 Oct-02 20931 23522 14895 Nov-02 22137 24945 15580 Dec-02 20979 23535 15076 The graph assumes a $10,000 investment in the CREF Stock Account on January 1, 1993. It shows that, by December 31, 2002, the investment would have grown to $20,979. For comparison, the graph shows how the Stock Account's benchmarks changed over the same period. PORTFOLIO COMPOSITION BY INDUSTRY AS OF 12/31/2002 [The table below represents a pie chart in the printed report.] Consumer Products and Services 35.4% Financial Services 20.5% Manufacturing and Materials 14.7% Technology 13.0% Utilities 7.9% Energy 7.0% Transportation 1.3% Short-Term Investments 0.2% TEN LARGEST HOLDINGS AS OF 12/31/2002 SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS General Electric Co 71.1 $ 1,730.3 2.29 ExxonMobil Corp 48.9 1,707.2 2.26 Microsoft Corp 30.7 1,587.3 2.10 Pfizer, Inc 45.0 1,375.6 1.82 Citigroup, Inc 34.3 1,208.2 1.60 Johnson & Johnson 18.9 1,014.1 1.34 Wal-Mart Stores, Inc 19.8 1,001.3 1.33 Int'l Business Machines Corp 12.1 937.3 1.24 American Int'l Group, Inc 14.4 835.5 1.11 Verizon Communications, Inc. 20.9 808.1 1.07 PERFORMANCE AT A GLANCE AS OF 12/31/2002
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF 2002 RATES OF TOTAL RETURN(1,2) TOTAL RETURN(1,2) ACTUAL NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS EXPENSES (IN BILLIONS) STOCK ACCOUNT -20.73% -1.37% 7.69% -20.73% -6.67% 109.77% 0.44%(3) $75.6 - ----------------------------------------------------------------------------------------------------------------------------------- Russell 3000 Index -21.54 -0.71 8.94 -21.54 -3.52 135.36 -- -- MSCI EAFE+Canada Index(4) -15.50 -2.66 4.19 -15.50 -12.62 50.77 -- -- Morningstar Large Blend (VA) category -22.41 -2.41 6.93 -22.41 -11.50 95.40 -- -- Lipper Growth and Income Fund Index -20.48 -0.82 8.28 -20.48 -2.80 125.88 -- -- Morningstar Foreign Stock (VA) category -18.78 -3.91 3.98 -18.78 -18.06 47.77 -- -- Lipper International Fund Index -16.67 -2.63 4.76 -16.67 -11.15 63.45 -- -- - -----------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the CREF Stock Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ ra-performance.html, or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Stock Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. (4) From May 31, 2001 through May 31, 2002, MSCI published two versions of this index, a "standard" and a "provisional," in order to provide a transition to a new way of calculating the index. CREF adopted the "provisional" version on July 1, 2001, and the returns shown above include "provisional" data from July 1, 2001 through May 31, 2002. As of June 1, 2002, the index was once again available in only one version. 2002 ANNUAL REPORT College Retirement Equities Fund 5 Global Equities Account INVESTMENT OBJECTIVE The CREF Global Equities Account seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio consisting primarily of foreign and domestic common stocks. PORTFOLIO PROFILE o Under normal circumstances, the account invests at least 80 percent of its assets in equity securities of foreign and domestic companies. Typically, at least 40 percent of its assets is invested in foreign securities and at least 25 percent in domestic securities. The remaining 35 percent is distributed between foreign and domestic securities, as we deem appropriate. o The account uses TIAA-CREF's Dual Investment Management Strategy(R), which combines active and quantitative methods. (See page 4.) The benchmark for its enhanced index segment--and for the account itself--is the Morgan Stanley Capital International (MSCI) World Index. For its stock selection segment, we select individual stocks while monitoring sector, country, and regional asset allocation. o Foreign securities are subject to special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2002 The CREF Global Equities Account posted a total return of -21.72 percent for 2002, compared with the -20.08 percent return of its performance benchmark, the MSCI World Index, and the -22.37 percent average return of similar variable annuities, as measured by the Morningstar World Stock (VA) category. This Morningstar category tracked 692 funds at year's end. Interest rate cuts by both the Federal Reserve and the European Central Bank in November made stock investments more attractive and produced a year-end rally. This was not enough to offset the year's earlier losses, which were largely the result of concerns about war in the Persian Gulf and about worldwide economic prospects. The fund limited its risk by keeping its holdings roughly in line with the regional segments of the benchmark. Performance was somewhat below that of the benchmark because of individual stock selections in the domestic and Asia-Pacific segments. These more than offset positive performance, relative to the benchmark, in the European segment. $10,000 OVER TEN YEARS [The table below represents a line chart in the printed report.] Date Global Equities Account MSCI World Index Dec-92 10000 10000 Jan-93 10064 10030 Feb-93 10299 10265 Mar-93 10918 10857 Apr-93 11359 11357 May-93 11588 11616 Jun-93 11461 11516 Jul-93 11677 11750 Aug-93 12336 12286 Sep-93 12141 12056 Oct-93 12903 12385 Nov-93 12390 11682 Dec-93 13545 12250 Jan-94 14041 13055 Feb-94 13707 12884 Mar-94 13003 12325 Apr-94 13316 12703 May-94 13368 12733 Jun-94 13277 12695 Jul-94 13623 12933 Aug-94 14161 13320 Sep-94 13850 12967 Oct-94 14157 13333 Nov-94 13567 12752 Dec-94 13482 12872 Jan-95 13143 12676 Feb-95 13278 12857 Mar-95 13913 13474 Apr-95 14449 13941 May-95 14598 14057 Jun-95 14930 14049 Jul-95 15676 14749 Aug-95 15446 14417 Sep-95 15781 14834 Oct-95 15351 14597 Nov-95 15882 15101 Dec-95 16191 15539 Jan-96 16475 15817 Feb-96 16683 15910 Mar-96 16892 16172 Apr-96 17331 16549 May-96 17506 16560 Jun-96 17664 16640 Jul-96 16898 16049 Aug-96 17364 16230 Sep-96 18174 16862 Oct-96 18086 16976 Nov-96 19066 17924 Dec-96 19102 17634 Jan-97 19594 17843 Feb-97 19464 18045 Mar-97 19023 17685 Apr-97 19522 18259 May-97 21049 19383 Jun-97 21996 20346 Jul-97 23155 21280 Aug-97 22213 19853 Sep-97 23423 20928 Oct-97 22395 19824 Nov-97 22482 20171 Dec-97 22605 20413 Jan-98 23313 20979 Feb-98 24596 22395 Mar-98 25773 23337 Apr-98 26046 23561 May-98 25628 23263 Jun-98 26345 23811 Jul-98 26213 23769 Aug-98 22079 20596 Sep-98 22357 20957 Oct-98 23767 22848 Nov-98 25178 24203 Dec-98 26804 25382 Jan-99 27659 25934 Feb-99 26736 25240 Mar-99 27441 26287 Apr-99 28333 27320 May-99 27348 26318 Jun-99 28959 27542 Jul-99 29322 27455 Aug-99 28942 27403 Sep-99 28962 27133 Oct-99 30309 28540 Nov-99 32607 29339 Dec-99 36466 31710 Jan-00 35200 29891 Feb-00 37361 29968 Mar-00 37858 32036 Apr-00 35617 30677 May-00 33919 29897 Jun-00 35275 30900 Jul-00 34240 30026 Aug-00 36053 30999 Sep-00 33573 29347 Oct-00 32758 28852 Nov-00 29930 27097 Dec-00 30564 27532 Jan-01 30880 28074 Feb-01 27991 25699 Mar-01 26029 23993 Apr-01 27896 25755 May-01 27571 25395 Jun-01 26540 24597 Jul-01 26011 24139 Aug-01 24708 22983 Sep-01 22515 20967 Oct-01 23130 21455 Nov-01 24440 22743 Dec-01 24598 22891 Jan-02 23729 22190 Feb-02 23327 21948 Mar-02 24443 22940 Apr-02 23597 22118 May-02 23534 22171 Jun-02 22087 20822 Jul-02 20053 19090 Aug-02 20090 19122 Sep-02 18003 17017 Oct-02 19254 18271 Nov-02 20232 19254 Dec-02 19255 18318 The graph assumes a $10,000 investment in the CREF Global Equities Account on January 1, 1993. It shows that, by December 31, 2002, the investment would have grown to $19,255. For comparison, the graph shows how the MSCI World Index, the Global Equities Account's benchmark, changed over the same period. Among the account's North American investments, positive contributions to performance, relative to the benchmark, came from holdings that included UnitedHealth Group, energy companies Burlington Resources and Apache, insurers Aetna and Safeco, and Bank of America. These positive contributions were more than offset by positions in stocks such as Baxter International, Sprint PCS Group, and Sun Microsystems, and by an underweight holding in Merck. In the European region, several holdings, including consumer companies such as British American Tobacco and the Danone Group, media companies Vivendi Universal and British Sky Broadcasting, healthcare companies Centerpulse and Nobel Biocare Holding, and energy company IHC Caland, helped performance. Underweight positions in Elan Corp and in Ericsson also enhanced relative performance. These positive contributions more than compensated for an overweight position in Credit Suisse Group and underweight holdings in EMI, STMicroelectronics, and Dutch retailer Ahold. Performance in the Asia-Pacific region benefited from holdings in cosmetic company Kose and appliance firm Rinnai and from underweight positions in Nippon Electric and Hitachi, all Japanese companies. These positives, however, were more than offset by losses from holdings in other Japanese companies such as Sony, Nippon Television, and Hankyu Department Stores, and a holding in the Australian company Brambles Industries. 6 College Retirement Equities Fund 2002 ANNUAL REPORT - -------------------------------------------------------------------------------- The Account's Benchmark - -------------------------------------------------------------------------------- The benchmark we use for the CREF Global Equities Account is the Morgan Stanley Capital International (MSCI) World Index. This index is an aggregate of 21 developed market countries. MSCI calculates indexes by applying full market capitalization weights (price multiplied by the number of shares outstanding) for the securities in the index. MSCI calculates regional indexes using GDP weightings for countries. In constructing its country indexes, MSCI defines the securities listed (i.e., available for trading) in each country, sorts them into industry groups, and selects the largest ones within each industry (by market capitalization) until it has 60 percent of each industry represented. It deletes stocks without sufficient liquidity and corrects for cross-ownership among stocks in the index, then weights them all by market capitalization for each stock. - -------------------------------------------------------------------------------- DIVERSIFICATION AMONG WORLD MARKETS AS OF 12/31/2002 [The table below represents a pie chart in the printed report.] United States 50.8 United Kingdom 10.2 Japan 8.6 Switzerland 5.7 Netherlands 3.7 France 3.4 Canada 2.5 Australia 1.9 Germany 1.7 18 other nations 6.1 Short-Term Investments 5.4 TEN LARGEST HOLDINGS AS OF 12/31/2002 PERCENT SHARES MARKET VALUE OF NET COMPANY (IN MILLIONS) (IN MILLIONS) ASSETS COUNTRY Microsoft Corp 2.6 $135.6 2.47 United States Citigroup, Inc 2.8 99.7 1.81 United States ExxonMobil Corp 2.8 98.0 1.78 United States Pfizer, Inc 3.2 97.2 1.77 United States General Electric Co 3.4 83.6 1.52 United States Johnson & Johnson 1.5 79.3 1.44 United States Wal-Mart Stores, Inc 1.4 72.6 1.32 United States Bank of America Corp 1.0 69.7 1.27 United States Int'l Business Machines Corp 0.9 68.5 1.25 United States Procter & Gamble Co 0.8 65.7 1.19 United States PORTFOLIO COMPOSITION BY INDUSTRY AS OF 12/31/2002 [The table below represents a pie chart in the printed report.] Consumer Products and Services 35.0% Financial Services 21.0% Manufaturing and Materials 16.0% Technology 10.0% Energy 9.6% Utilities 6.2% Transportation 1.0% Short-Term Investments 1.2% PERFORMANCE AT A GLANCE AS OF 12/31/2002
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES 2002 RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) ACTUAL NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS EXPENSES (IN BILLIONS) - ------------------------------------------------------------------------------------------------------------------------------------ GLOBAL EQUITIES ACCOUNT -21.72% -3.16% 6.77% -21.72% -14.82% 92.55% 0.49%(3) $ 5.5 - ------------------------------------------------------------------------------------------------------------------------------------ MSCI World Index(4) -20.08 -2.14 6.24 -20.08 -10.27 83.18 -- -- Morningstar World Stock (VA) category -22.37 -0.43 8.33 -22.37 -2.13 122.66 -- -- Lipper Global Fund Index -19.45 -0.99 6.13 -19.45 -3.28 90.17 -- -- - ------------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the CREF Global Equities Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ra-performance.html, or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Global Equities Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. (4) From May 31, 2001 through May 31, 2002, MSCI published two versions of this index, a "standard" and a "provisional," in order to provide a transition to a new way of calculating the index. CREF adopted the "provisional" version on July 1, 2001, and the returns shown above include "provisional" data from July 1, 2001 through May 31, 2002. As of June 1, 2002, the index was once again available in only one version. 2002 ANNUAL REPORT College Retirement Equities Fund 7 Growth Account INVESTMENT OBJECTIVE The CREF Growth Account seeks a favorable long-term rate of return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for exceptional growth. - -------------------------------------------------------------------------------- PORTFOLIO PROFILE The account invests at least 80 percent of its assets in common stocks and other equity securities. The account uses TIAA-CREF's Dual Investment Management Strategy(R) combining active and quantitative methods. o Active managers select stocks they believe offer exceptional growth potential and avoid or underweight stocks they feel are less attractive. Quantitative managers use financial models to build an overall portfolio that reflects the risk and investment characteristics of the account's benchmark, the Russell 1000 Growth Index. o Growth stocks are generally those of rapidly growing companies, often in emerging areas of the economy, and companies with distinctive products or promising markets. o Sixty percent of the portfolio may be invested overseas. (Foreign investments are subject to special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates.) PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2002 For 2002 the CREF Growth Account posted a total return of -30.06 percent, compared with -28.04 percent for the Russell 3000 Growth Index, its benchmark for the first three quarters of the year, and -27.88 percent for the Russell 1000 Growth Index, the fund's benchmark for the last quarter. The account's return differed from the -29.02 percent average return of similar variable annuities, as measured by the Morningstar Large Growth (VA) category, which tracked 2,694 funds at year's end. While the slow recovery in the United States contributed to a decline in domestic stocks in general during the year, growth stocks were especially hard hit. Among the stocks tracked by the Russell 3000 Index, growth stocks dropped 28.04 percent, compared with 15.52 percent for value stocks as measured by the Russell 1000 Value Index. Losses in the technology sector intensified the decline among growth stocks. The account lagged its benchmark primarily because of several individual stock selections that did not perform as expected. For the year as a whole, performance relative to the benchmark was helped by holdings that included Avon Products, health-care companies Tenet Healthcare and Anthem, and energy firm Apache. Underweight positions in AT&T Wireless Services, Electronic Data Systems, and Bristol-Myers Squibb also enhanced performance relative to the benchmark. These positive factors were more than offset by overweight holdings in Tyco International, Sprint PCS Group, Agere Systems and Microsoft. Underweight positions in Merck, Coca-Cola, Philip Morris and wireless company Qualcomm also detracted from relative performance. Throughout the year, the account's sector allocations were roughly in line with those of the benchmark. The benchmark for the CREF Growth Account changed on October 1, 2002. A detailed explanation appears below. - -------------------------------------------------------------------------------- The Account's Benchmark - -------------------------------------------------------------------------------- The benchmark currently used for the CREF Growth Account is the Russell 1000 Growth Index, representing the growth sector of the U.S. stock market. The Growth Index is a subset of the Russell 1000 Index, which measures about 90 percent of the U.S. stock market. The Growth Index consists of companies in the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. On October 1, 2002, the CREF Growth Account's performance benchmark changed from the Russell 3000 Growth Index to the Russell 1000 Growth Index. The move was designed to align the account's portfolio more closely with the large capitalization growth category used by Morningstar in its variable annuity ratings. Although dominated by large-cap growth stocks, the Russell 3000 Growth Index also contains holdings in small-cap growth stocks. However, there is considerable overlap between the two benchmarks: The Russell 1000 Growth Index accounts for about 93 percent of the capitalization of the Russell 3000 Growth Index. - -------------------------------------------------------------------------------- 8 College Retirement Equities Fund 2002 ANNUAL REPORT PORTFOLIO COMPOSITION BY INDUSTRY AS OF 12/31/2002 [The table below represents a pie chart in the printed report.] Consumer Products and Services 53.4 Technology 24.1 Financial Services 9.6 Manufacturing and Materials 8.9 Energy 1.8 Transportation 0.9 Short-Term Investments 0.7 Utilities 0.6 $10,000 SINCE 4/29/1994 INCEPTION [The table below represents a line chart in the printed report.] Russell 3000 Russell 1000 Date Growth Account Growth Index Growth Index May-94 10000 10000 10000 May-94 10114 10117 10152 Jun-94 9817 9807 9851 Jul-94 10087 10123 10188 Aug-94 10649 10705 10755 Sep-94 10503 10577 10609 Oct-94 10644 10813 10859 Nov-94 10246 10458 10511 Dec-94 10425 10641 10687 Jan-95 10590 10823 10915 Feb-95 11080 11281 11373 Mar-95 11420 11611 11704 Apr-95 11636 11857 11960 May-95 12063 12246 12376 Jun-95 12508 12754 12854 Jul-95 13047 13331 13388 Aug-95 13002 13361 13403 Sep-95 13498 13941 14021 Oct-95 13393 13879 14031 Nov-95 14082 14426 14576 Dec-95 14095 14532 14659 Jan-96 14594 14957 15150 Feb-96 14884 15270 15427 Mar-96 15007 15318 15447 Apr-96 15390 15799 15853 May-96 15925 16378 16407 Jun-96 15798 16283 16429 Jul-96 14899 15222 15467 Aug-96 15550 15687 15866 Sep-96 16597 16795 17021 Oct-96 16678 16813 17124 Nov-96 17917 17998 18409 Dec-96 17689 17712 18049 Jan-97 18895 18876 19315 Feb-97 18633 18654 19184 Mar-97 17824 17617 18146 Apr-97 18818 18667 19351 May-97 20194 20132 20747 Jun-97 20859 20927 21578 Jul-97 22517 22704 23486 Aug-97 21714 21562 22111 Sep-97 22566 22690 23200 Oct-97 21818 21796 22342 Nov-97 22440 22573 23291 Dec-97 22715 22802 23552 Jan-98 23315 23389 24256 Feb-98 24974 25176 26081 Mar-98 26028 26185 27121 Apr-98 26420 26528 27496 May-98 25442 25666 26716 Jun-98 26752 27120 28352 Jul-98 26495 26756 28164 Aug-98 21759 22563 23937 Sep-98 23450 24339 25776 Oct-98 25465 26241 27848 Nov-98 27211 28240 29966 Dec-98 30186 30787 32668 Jan-99 31836 32563 34586 Feb-99 30510 30966 33006 Mar-99 31583 32560 34745 Apr-99 31857 32797 34789 May-99 31361 31867 33720 Jun-99 33750 34058 36082 Jul-99 32695 32977 34935 Aug-99 32999 33387 35506 Sep-99 32687 32776 34760 Oct-99 34176 35137 37385 Nov-99 36092 37154 39402 Dec-99 40002 41201 43500 Jan-00 38227 39379 41461 Feb-00 40874 41840 43487 Mar-00 43823 44206 46600 Apr-00 41953 41932 44383 May-00 39583 39713 42148 Jun-00 42761 42864 45342 Jul-00 40769 40946 43452 Aug-00 44850 44693 47386 Sep-00 40404 40599 42904 Oct-00 38557 38582 40873 Nov-00 32693 32807 34848 Dec-00 31779 31965 33746 Jan-01 33859 34199 36077 Feb-01 27810 28472 29952 Mar-01 24586 25411 26693 Apr-01 27807 28617 30069 May-01 27457 28276 29626 Jun-01 26831 27732 28940 Jul-01 25986 26922 28217 Aug-01 23694 24754 25910 Sep-01 21168 22181 23323 Oct-01 22296 23405 24546 Nov-01 24555 25634 26904 Dec-01 24499 25692 26854 Jan-02 24005 25207 26379 Feb-02 22790 24121 25285 Mar-02 23662 25039 26159 Apr-02 21679 23099 24024 May-02 21107 22482 23443 Jun-02 18915 20414 21274 Jul-02 17758 19228 20105 Aug-02 17835 19282 20165 Sep-02 15972 17319 18073 Oct-02 17448 18862 19731 Nov-02 18427 19938 20803 Dec-02 17135 18561 19366 The graph assumes a $10,000 investment in the CREF Growth Account on April 29, 1994. It shows that, by December 31, 2002, the investment would have grown to $17,135. For comparison, the graph shows how the Russell 3000 Growth Index and the Russell 1000 Growth Index changed over the same period. PERCENT BY CAPITALIZATION AS OF 12/31/2002 [The table below represents a pie chart in the printed report.] Large Capitalization Stocks: Over $5 billion 88.51% Middle Capitalization Stocks: $1-$5 billion 11.01% Small Capitalization Stocks: Under $1 billion 0.48% TEN LARGEST HOLDINGS AS OF 12/31/2002 SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS Microsoft Corp 8.4 $435.9 5.63 General Electric Co 14.8 360.1 4.65 Pfizer, Inc 11.2 343.2 4.43 Johnson & Johnson 5.4 291.6 3.77 Intel Corp 15.0 233.7 3.02 Cisco Systems, Inc 15.9 208.9 2.70 Fannie Mae 3.1 199.5 2.58 Amgen, Inc 3.9 187.2 2.42 PepsiCo, Inc 4.4 186.8 2.41 Int'l Business Machines Corp 2.4 184.2 2.38 PERFORMANCE AT A GLANCE AS OF 12/31/2002
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES RATES OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) 2002 SINCE SINCE ACTUAL NET ASSETS 1 YEAR 5 YEARS INCEPTION(3) 1 YEAR 5 YEARS INCEPTION(3) EXPENSES (IN BILLIONS) - ------------------------------------------------------------------------------------------------------------------------------------ GROWTH ACCOUNT -30.06% -5.48% 6.45% -30.06% -24.57% 72.04% 0.46%(4) $ 7.7 - ------------------------------------------------------------------------------------------------------------------------------------ Russell 3000 Growth Index -28.04 -4.11 7.38 -28.04 -18.92 85.62 -- -- Russell 1000 Growth Index -27.88 -3.84 7.96 -27.88 -17.77 94.39 -- -- Morningstar Large Growth (VA) category -29.02 -2.74 7.23 -29.02 -12.99 62.90 -- -- Lipper Growth Fund Index -24.97 -1.85 7.04 -24.97 -6.87 87.64 -- -- - ------------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the CREF Growth Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ra-performance.html, or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Growth Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) Inception date: 4/29/1994 (4) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. 2002 ANNUAL REPORT College Retirement Equities Fund 9 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- Summary by Country VALUE (000) % ----------- ------ DOMESTIC: United States ................ $59,533,750 77.44% ----------- ------ TOTAL DOMESTIC ............... 59,533,750 77.44 ----------- ------ Foreign: Australia .................... 626,934 0.82 Austria ...................... 11,338 0.01 Belgium ...................... 123,372 0.16 Bermuda ...................... 183,300 0.24 Canada ....................... 815,570 1.06 Denmark ...................... 133,506 0.17 Finland ...................... 301,233 0.39 France ....................... 1,347,178 1.75 Germany ...................... 526,142 0.68 Greece ....................... 18,049 0.02 Hong Kong .................... 246,725 0.32 Hungary ...................... 3,990 0.01 India ........................ 27,310 0.04 Ireland ...................... 146,757 0.19 Italy ........................ 764,294 0.99 Japan ........................ 3,129,087 4.07 Korea ........................ 43,352 0.06 Luxembourg ................... 31,202 0.04 Malaysia ..................... 3 0.00 Netherlands .................. 844,814 1.10 New Zealand .................. 27,250 0.04 Norway ....................... 38,289 0.05 Portugal ..................... 27,155 0.04 Singapore .................... 80,975 0.11 South Africa ................. 1,550 0.00 Spain ........................ 418,376 0.54 Sweden ....................... 239,667 0.31 Switzerland .................. 1,482,178 1.93 Taiwan ....................... 12,334 0.02 United Kingdom ............... 3,737,627 4.86 ----------- ------ TOTAL FOREIGN ................ 15,389,557 20.02 SHORT TERM INVESTMENTS ....... 1,954,909 2.54 ----------- ------ TOTAL PORTFOLIO .............. $76,878,216 100.00% =========== ====== PRINCIPAL VALUE (000) --------- ------------ BONDS--0.00% CORPORATE BONDS--0.00% CONSUMER CYCLICAL--0.00% Charter Communications, Inc $ 5,000,000 5.750%, 10/15/05 ........................... $ 1,075 Ugly Duckling Corp (Sub Deb) 413,400 12.000%, 10/23/03 .......................... 413 ------------ TOTAL CONSUMER CYCLICAL 1,488 ------------ FINANCIAL SERVICES--0.00% National Health Investors, Inc 346,000 9.000%, 01/01/06 ........................... 346 ------------ TOTAL FINANCIAL SERVICES 346 ------------ TECHNOLOGY--0.00% Exodus Communications, Inc 9,949,900 j 5.250%, 02/15/08 .......................... 0 Tivo, Inc 400,000 7.000%, 08/15/06 ........................... 522 ------------ TOTAL TECHNOLOGY 522 ------------ TOTAL CORPORATE BONDS (COST $15,263) ............................. 2,356 ------------ PRINCIPAL VALUE (000) --------- ------------ GOVERNMENT BOND--0.00% U.S. TREASURY SECURITY--0.00% U.S. Treasury Note $ 325,000 5.000%, 02/15/11 ........................... $ 357 ------------ TOTAL U.S. TREASURY SECURITY 357 ------------ TOTAL GOVERNMENT BOND (COST $315) 357 ------------ TOTAL BONDS (COST $15,578) 2,713 ------------ SHARES ------ PREFERRED STOCK--0.08% BASIC INDUSTRIES--0.01% 1,670 Buhrmann NV ................................. 5 132,287 Sealed Air Corp ............................. 5,635 ------------ TOTAL BASIC INDUSTRIES 5,640 ------------ CONSUMER CYCLICAL--0.04% 35,539 Fiat S.p.A .................................. 163 13,350 Hugo Boss AG ................................ 135 4,172,044 News Corp Ltd ............................... 22,436 22,211 * Porsche AG .................................. 9,230 36,900 Prosieben Media AG .......................... 244 42,203 Volkswagen AG ............................... 1,094 ------------ TOTAL CONSUMER CYCLICAL 33,302 ------------ CONSUMER NON-CYCLICAL--0.01% 60,615 * Henkel Kgaa ................................. 3,836 ------------ TOTAL CONSUMER NON-CYCLICAL 3,836 ------------ HEALTH CARE--0.02% 18,876 Fresenius Medical Care AG ................... 574 8,534 * MEDIQ, Inc .................................. 2 941,176 * Theravance Series C ......................... 9,412 444,445 * Theravance Series D ......................... 4,444 ------------ TOTAL HEALTH CARE 14,432 ------------ TECHNOLOGY--0.00% 9,807 * Superior Trust I Series A ................... 4 ------------ TOTAL TECHNOLOGY 4 ------------ UTILITIES--0.00% 1 * Tele Norte Leste Participacoes S.A .......... 0 ------------ TOTAL UTILITIES 0 ------------ TOTAL PREFERRED STOCK (COST $60,682) ............................. 57,214 ------------ COMMON STOCK--99.09% AEROSPACE AND DEFENSE--0.86% 170,191 AAR Corp .................................... 876 165,032 * Alliant Techsystems, Inc .................... 10,290 164,281 * Armor Holdings, Inc ......................... 2,262 123,778 * Aviall, Inc ................................. 996 6,125,578 BAE Systems plc ............................. 12,228 3,994,369 Boeing Co ................................... 131,774 108,811 * DRS Technologies, Inc ....................... 3,409 45,967 * Ducommun, Inc ............................... 729 45,079 * Dynamics Research Corp ...................... 632 82,172 Engineered Support Systems, Inc ............. 3,012 242,965 e European Aeronautic Defense & Space Co ...... 2,511 1,085,544 General Dynamics Corp ....................... 86,160 508,229 Goodrich Corp ............................... 9,311 92,944 Heico Corp .................................. 986 79,267 * Herley Industries, Inc ...................... 1,380 129,900 e* Hexcel Corp ................................. 390 47,551 * Integrated Defense Technology, Inc .......... 689 153,875 Kaman Corp (Class A) ........................ 1,693 434,692 * L-3 Communications Holdings, Inc ............ 19,522 56,200 * Ladish Co, Inc .............................. 453 SEE NOTES TO FINANCIAL STATEMENTS 10 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ AEROSPACE AND DEFENSE--(CONTINUED) 2,179,917 Lockheed Martin Corp ........................ $ 125,890 95,787 * Moog, Inc (Class A) ......................... 2,973 968,304 Northrop Grumman Corp ....................... 93,925 289,200 e* Orbital Sciences Corp ...................... 1,220 594,991 PerkinElmer, Inc ............................ 4,909 285,600 Precision Castparts Corp .................... 6,926 2,142,282 Raytheon Co ................................. 65,875 379,302 * Remec, Inc .................................. 1,472 966,632 Rockwell Collins, Inc ....................... 22,484 120,270 Rolls-Royce plc ............................. 207 40,211 * Sequa Corp (Class A) ........................ 1,573 1,173,441 Smiths Group plc ............................ 13,139 204,543 * Teledyne Technologies, Inc .................. 3,207 76,543 Thales S.A .................................. 2,027 374,704 * Titan Corp .................................. 3,897 94,275 * Triumph Group, Inc .......................... 3,011 139,417 * United Defense Industries, Inc .............. 3,248 123,217 * Viasat, Inc ................................. 1,422 55,981 Zodiac S.A .................................. 1,139 ------------ TOTAL AEROSPACE AND DEFENSE 647,847 ------------ BASIC INDUSTRIES--4.74% 62,814 * Aaon, Inc ................................... 1,158 130,962 e Abitibi-Consolidated, Inc (Canada) .......... 1,006 1,000 * AC Real Estate Corp ......................... 0 24,550 * Acciona S.A ................................. 1,011 39,238 Acerinox S.A ................................ 1,441 95,214 e ACS Actividades de Construccion y Servicios S.A ........................... 3,062 26,254 e* AEP Industries, Inc ......................... 343 37,746 Aggreko plc ................................. 90 1,359,748 Air Products & Chemicals, Inc ............... 58,129 385,508 * Airgas, Inc ................................. 6,650 504,228 * AK Steel Holding Corp ....................... 4,034 212,780 Akzo Nobel NV ............................... 6,750 148,050 Albany International Corp (Class A) ......... 3,059 132,102 Albemarle Corp .............................. 3,758 877,542 Alcan, Inc (Canada) ......................... 25,735 9,400 Alcan, Inc (US) ............................. 277 4,280,591 Alcoa, Inc .................................. 97,512 21,259 Alico, Inc .................................. 565 408,100 Allegheny Technologies, Inc ................. 2,542 2,569,280 Alumina Ltd ................................. 7,089 2,713 Aluminum of Greece S.A.I.C .................. 50 138,709 Amcol International Corp .................... 805 3,822,624 Amcor Ltd ................................... 18,275 175,156 Amec plc .................................... 404 325,696 * American Standard Cos, Inc .................. 23,170 35,543 American Woodmark Corp ...................... 1,688 24,268 Ameron International Corp ................... 1,338 74,616 * Applied Films Corp .......................... 1,492 193,629 Aptargroup, Inc ............................. 6,049 2,075,592 e* Arcelor ..................................... 25,528 134,604 Arch Chemicals, Inc ......................... 2,457 292,526 Arch Coal, Inc .............................. 6,316 2,010,358 Asahi Kasei Corp ............................ 4,981 75,000 AstraZeneca plc (Spon ADR) .................. 2,632 29,851 * Avatar Holdings, Inc ........................ 687 525,033 Avery Dennison Corp ......................... 32,069 15,100 * Baker (Michael) Corp ........................ 165 315,786 Ball Corp ................................... 16,165 577,003 Barratt Developments plc .................... 3,632 1,191,768 e Barrick Gold Corp ........................... 18,369 198,340 Barrick Gold Corp (U.S.) .................... 3,056 579,875 BASF AG ..................................... 21,846 773,193 Bayer AG .................................... 16,228 278,256 Bemis Co .................................... 13,810 321,950 Berkeley Group plc .......................... 3,076 459,801 b,e* Bethlehem Steel Corp ........................ 51 9,730,273 BHP Billiton Ltd ............................ 55,613 4,678,572 BHP Billiton plc ............................ 24,988 1,248,360 * BHP Steel Ltd ............................... 2,271 480,315 Black & Decker Corp ......................... 20,601 448,512 BOC Group plc ............................... 6,412 572 Boehler-Uddeholm AG ......................... 26 231,087 Boise Cascade Corp .......................... 5,828 2,493,845 e Boral Ltd ................................... 6,109 251,259 Bowater, Inc ................................ 10,540 243,048 BPB plc ..................................... 963 110,644 * Brush Engineered Materials, Inc ............. 609 155,700 * Buckeye Technologies, Inc ................... 958 9,110 Buderus AG .................................. 212 78,363 Buhrmann NV ................................. 342 84,149 Building Materials Holding Corp ............. 1,203 37,073 Butler Manufacturing Co ..................... 717 28,660 * BWAY Corp ................................... 567 301,217 Cabot Corp .................................. 7,994 154,444 e* Cabot Microelectronics Corp ................. 7,290 230,095 Calgon Carbon Corp .......................... 1,137 148,900 Cambrex Corp ................................ 4,498 177,919 * Caraustar Industries, Inc ................... 1,687 205,446 Carlisle Cos, Inc ........................... 8,501 130,364 Carpenter Technology Corp ................... 1,623 1,099,921 Carter Holt Harvey Ltd ...................... 1,007 45,269 * Castle (A.M.) & Co .......................... 206 43,796 Centex Construction Products, Inc ........... 1,539 365,696 Centex Corp ................................. 18,358 78,982 Century Aluminum Co ......................... 585 326,664 * Champion Enterprises, Inc ................... 931 60,912 Chemed Corp ................................. 2,153 95,359 Chesapeake Corp ............................. 1,702 582,000 Cheung Kong Infrastructure Holdings Ltd ..... 996 3,317,500 e* Chiyoda Corp ................................ 5,507 109,802 Ciba Specialty Chemicals AG. (Regd) ......... 7,655 14,213 Cimpor Cimentos de Portugal S.A ............. 239 163,055 Clarcor, Inc ................................ 5,262 60,074 * Clariant AG. (Regd) ......................... 960 497,358 e* Clayton Homes, Inc .......................... 6,058 60,492 * Cleveland-Cliffs, Inc ....................... 1,201 161,837 * Collins & Aikman Corp ....................... 720 253,359 * Comfort Systems U.S.A., Inc ................. 849 164,122 Commercial Metals Co ........................ 2,665 449,460 e Compagnie De Saint-Gobain ................. 13,188 101,657 Consol Energy, Inc .......................... 1,757 2,217,176 * Corus Group plc ............................. 973 109,468 CRH plc (Ireland) ........................... 1,350 2,474,784 CRH plc (United Kingdom) .................... 30,645 767,147 Crompton Corp ............................... 4,565 1,010,074 * Crown Cork & Seal Co, Inc ................... 8,030 2,216,067 e CSR Ltd ..................................... 7,887 268,800 * Cytec Industries, Inc ....................... 7,333 646,406 D.R. Horton, Inc ............................ 11,215 4,235,779 Daicel Chemical Industries Ltd .............. 11,957 1,174,000 e* Dainippon Ink & Chemicals, Inc .............. 1,880 181,805 Daito Trust Construction Co Ltd ............. 4,022 716,221 Daiwa House Industry Co Ltd ................. 4,032 67,070 Deltic Timber Corp .......................... 1,791 183,000 Denki Kagaku Kogyo KK ....................... 399 126,949 * Dionex Corp ................................. 3,772 585,124 e Dofasco, Inc ................................ 10,359 10,846 * Dominion Homes, Inc ......................... 155 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 11 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ BASIC INDUSTRIES--(CONTINUED) 571,976 Domtar, Inc ................................. $ 5,684 4,565,638 Dow Chemical Co ............................. 135,599 33,906 * Drew Industries, Inc ........................ 544 5,203,686 Du Pont (E.I.) de Nemours & Co .............. 220,636 383,203 e* Earthshell Corp ............................. 222 406,953 Eastman Chemical Co ......................... 14,964 771,549 Ecolab, Inc ................................. 38,192 130,958 ElkCorp ..................................... 2,266 102,188 * EMCOR Group, Inc ............................ 5,417 218,270 b* Encompass Services Corp ..................... 1 83,792 * Encore Wire Corp ............................ 758 96,363 * Energy Conversion Devices, Inc .............. 944 790,201 Engelhard Corp .............................. 17,661 17,166 e Eramet ...................................... 379 980 Falconbridge Ltd ............................ 9 211,006 Ferro Corp .................................. 5,155 233,558 e* Fleetwood Enterprises, Inc .................. 1,833 673,124 Fletcher Building Ltd ....................... 1,180 615,243 * Fletcher Challenge Forests Ltd .............. 319 130,276 Florida Rock Industries, Inc ................ 4,957 636,991 Fluor Corp .................................. 17,836 183,865 * FMC Corp .................................... 5,023 137,893 * Foamex International, Inc ................... 436 177,710 e Fomento de Construcciones y Contratas S.A. .. 3,991 1,584 Forbo Holding AG. (Regd) .................... 472 887,319 * Freeport-McMoran Copper & Gold, Inc (Class A) 14,889 200 * Fujita Corp (New) ........................... 0 183,004 Georgia Gulf Corp ........................... 4,235 1,239,097 Georgia-Pacific Corp ........................ 20,024 47,823 Gibraltar Steel Corp ........................ 911 81,738 Glatfelter .................................. 1,076 75,000,000 Global Bio-Chem Technology Group Co Ltd ..... 19,956 111,000 Gold Fields Ltd (ADR) ....................... 1,550 218,935 Granite Construction, Inc ................... 3,393 250,170 Great Lakes Chemical Corp ................... 5,974 85,612 Greif Brothers Corp (Class A) ............... 2,038 343,184 Grupo Dragados S.A. ......................... 5,834 190,877 H.B. Fuller Co .............................. 4,940 1,717,174 Hanson plc .................................. 7,630 200 * Haseko Corp ................................. 0 1,000 * Hazama Corp ................................. 0 518,118 e* Hecla Mining Co ............................. 2,622 20,234 Heidelberger Zement AG. (Belgium) ........... 748 254 Heidelberger Zement AG. (Germany) ........... 9 23,132 * Heidelberger Zement AG. (Strip Vvpr) ........ 0 64,092 Hellenic Technodomiki Tev S.A. .............. 397 459,906 * Hercules, Inc ............................... 4,047 22,384 Hoganas AB (B Shs) .......................... 424 34,668 Holcim Ltd (Br) ............................. 6,293 292 * Holcim Ltd (Regd) ........................... 10 37,815 e Holmen AB (B Shs) ........................... 918 96,989 e* Hovnanian Enterprises, Inc (Class A) ........ 3,075 303,925 Iluka Resources Ltd ......................... 787 514,251 IMC Global, Inc ............................. 5,487 78,279 * Imco Recycling, Inc ......................... 636 16,171 Imerys S.A. ................................. 2,043 2,547,986 Imperial Chemical Industries plc ............ 9,435 712,620 * Inco Ltd Co ................................. 15,057 294,482 * Inco Ltd Co (U.S.) .......................... 6,249 155,716 * Insituform Technologies, Inc (Class A) ...... 2,655 208,792 * Integrated Electrical Services, Inc ......... 804 2,539,486 International Paper Co ...................... 88,806 73,851 * International Specialty Products, Inc ....... 754 40,904 Interpool, Inc .............................. 657 121,171 e* Ishihara Sangyo Kaisha Ltd .................. 125 189,631 e Italcementi S.p.A. .......................... 1,910 272,241 * Jacobs Engineering Group, Inc ............... 9,692 451,306 James Hardie Industries NV .................. 1,736 84 * Japan Steel Works Ltd ....................... 0 77,236 * Jarden Corp ................................. 1,844 1,627,084 e* JFE Holdings, Inc ........................... 19,757 566,166 JGC Corp .................................... 3,168 252,399 Johnson Matthey plc ......................... 3,251 100,000 e JSR Corp .................................... 1,004 3,373,000 e Kajima Corp ................................. 7,532 373,000 Kaneka Corp ................................. 1,996 230,369 KB Home ..................................... 9,871 4,205,780 Kimberly-Clark Corp ......................... 199,648 158,132 Kinden Corp ................................. 565 667 Kureha Chemical Industry Co Ltd ............. 2 663,494 e Lafarge S.A. (Br) ........................... 49,992 249,782 L'Air Liquide S.A. .......................... 32,949 654,417 e Leighton Holdings Ltd ....................... 3,748 280,235 Lennar Corp ................................. 14,460 290,954 Lennox International, Inc ................... 3,651 169,295 Linde AG. ................................... 6,218 29,661 e* Liquidmetal Technologies .................... 305 189,282 * Lone Star Technologies, Inc ................. 2,818 339,895 * Longview Fibre Co ........................... 2,457 471,277 Lonza Group AG. (Regd) ...................... 28,630 710,608 * Louisiana-Pacific Corp ...................... 5,728 93,998 LSI Industries, Inc ......................... 1,302 273,193 Lubrizol Corp ............................... 8,332 99,794 * Lydall, Inc ................................. 1,133 767,122 Lyondell Chemical Co ........................ 9,696 78,795 M/I Schottenstein Homes, Inc ................ 2,191 172,119 MacDermid, Inc .............................. 3,933 223,000 Maeda Road Construction Co Ltd .............. 789 2,823,114 Masco Corp .................................. 59,427 427,002 Massey Energy Co ............................ 4,150 68,403 * Material Sciences Corp ...................... 885 573,107 e Matsushita Electric Works Ltd ............... 3,545 158,026 * Mattson Technology, Inc ..................... 452 20,435 * Maui Land & Pineapple Co .................... 324 9,770 Mayr-Melnhof Karton AG. ..................... 723 128,357 MDC Holdings, Inc ........................... 4,911 1,044,273 MeadWestvaco Corp ........................... 25,804 18,200 * Mestek, Inc ................................. 326 419,174 Millennium Chemicals, Inc ................... 3,991 3,315,562 MIM Holdings Ltd ............................ 2,819 136,847 Minerals Technologies, Inc .................. 5,905 2,593,818 * Mitsubishi Chemical Corp .................... 5,180 634,540 Mitsubishi Gas Chemical Co, Inc ............. 882 1,669,785 * Mitsubishi Materials Corp ................... 1,829 321,000 * Mitsubishi Paper Mills Ltd .................. 390 717,400 Mitsui Chemicals, Inc ....................... 3,198 182,000 Mitsui Mining & Smelting Co Ltd ............. 420 85,178 * Mobile Mini, Inc ............................ 1,335 58,716 * Modtech Holdings, Inc ....................... 570 5,984,108 Monsanto Co ................................. 115,194 186,539 * Mueller Industries, Inc ..................... 5,083 230,450 NatSteel Ltd ................................ 274 114,165 * NCI Building Systems, Inc ................... 2,491 1,136 * New World Infrastucture Ltd ................. 0 546,570 Newcrest Mining Ltd ......................... 2,216 3,553,933 e Newmont Mining Corp (Australia) ............. 10,286 1,417,201 Newmont Mining Corp (US) .................... 41,141 82,000 Nippon Hodo Co Ltd .......................... 347 290,000 Nippon Kayaku Co Ltd ........................ 1,078 SEE NOTES TO FINANCIAL STATEMENTS 12 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ BASIC INDUSTRIES--(CONTINUED) 2,000 Nippon Light Metal Co Ltd ................... $ 1 416,000 Nippon Sanso Corp ........................... 1,262 68,562 Nippon Shokubai Co Ltd ...................... 288 41,713,793 * Nippon Steel Corp ........................... 48,860 1,804 Nippon Unipac Holding ....................... 7,829 320,316 e Nishimatsu Construction Co Ltd .............. 942 69,000 Nissan Chemical Industries Ltd .............. 258 59,174 NL Industries, Inc .......................... 1,006 182 NOF Corp .................................... 0 737,639 e Noranda, Inc ................................ 6,635 58,871 * Nortek Holdings, Inc ........................ 2,693 38,453 * Northwest Pipe Co ........................... 665 415,131 e Nova Chemicals Corp ......................... 7,592 95,901 Novar plc ................................... 168 1,665 * Novozymes A/S (B Shs) ....................... 35 114,565 * NS Group, Inc ............................... 747 415,850 Nucor Corp .................................. 17,175 33,226 * NVR, Inc .................................... 10,815 842 Obayashi Corp ............................... 2 64,511 Octel Corp .................................. 1,019 2,234,412 OJI Paper Co Ltd ............................ 9,603 236,000 Okumura Corp ................................ 762 337,579 Olin Corp ................................... 5,249 131,096 OM Group, Inc ............................... 902 265,916 * Omnova Solutions, Inc ....................... 1,072 2,464,644 e OneSteel Ltd ................................ 2,498 175,422 * Oregon Steel Mills, Inc ..................... 705 792,651 Orica Ltd ................................... 4,687 70,631 * Osmonics, Inc ............................... 1,196 151,473 e Outokumpu Oyj ............................... 1,319 629,506 * Owens-Illinois, Inc ......................... 9,178 296,312 * Packaging Corp Of America ................... 5,405 903,002 * Pactiv Corp ................................. 19,740 111,833 * Palm Harbor Homes, Inc ...................... 1,954 1,302,247 PaperlinX Ltd ............................... 3,732 248,663 Peabody Energy Corp ......................... 7,268 49,760 Penford Corp ................................ 701 77,510 Penn Engineering & Manufacturing Corp ....... 825 54,069 Penn Virginia Corp .......................... 1,965 92,213 * Penwest Pharmaceuticals Co .................. 977 448,688 * Phelps Dodge Corp ........................... 14,201 400,000 Pilkington plc .............................. 373 831,286 Placer Dome, Inc ............................ 9,398 210,000 e Placer Dome, Inc (U.S.) ..................... 2,415 955,674 Plum Creek Timber Co, Inc ................... 22,554 523,128 PolyOne Corp ................................ 2,051 102,847 Pope & Talbot, Inc .......................... 1,467 156,400 Posco ....................................... 15,560 196,859 e Potash Corp Of Saskatchewan ................. 12,424 188,756 Potlatch Corp ............................... 4,507 830,445 PPG Industries, Inc ......................... 41,647 875,447 Praxair, Inc ................................ 50,575 268,512 Pulte Homes, Inc ............................ 12,854 50,461 Quaker Chemical Corp ........................ 1,171 96,796 Quanex Corp ................................. 3,243 23,165 Rautaruukki Oyj ............................. 84 139,840 Rayonier, Inc ............................... 6,328 158,351 Reliance Steel & Aluminum Co ................ 3,300 157,977 Rexam plc ................................... 1,078 9,615 * RHI AG. ..................................... 74 764,069 Rio Tinto Ltd ............................... 14,607 5,416,223 Rio Tinto plc ............................... 108,123 125,000 RMC Group plc ............................... 739 69,671 Roanoke Electric Steel Corp ................. 662 76,403 Rock-Tenn Co (Class A) ...................... 1,030 1,337,459 Rohm & Haas Co .............................. 43,441 87,330 Royal Gold, Inc ............................. 2,176 78,127 * Royal Group Technologies Ltd ................ 752 579,522 RPM International, Inc ...................... 8,855 139,642 * RTI International Metals, Inc ............... 1,410 149,588 Ryerson Tull, Inc ........................... 912 166,438 Ryland Group, Inc ........................... 5,551 180,000 Sanki Engineering Co Ltd .................... 863 7,371 Sapa AB ..................................... 135 28,294 Schnitzer Steel Industries, Inc (Class A) ... 591 200,218 Schulman (A.), Inc .......................... 3,726 287,523 * Sealed Air Corp ............................. 10,725 768,456 Sekisui Chemical Co Ltd ..................... 1,988 641,234 e Sekisui House Ltd ........................... 4,539 690,000 SembCorp Marine Ltd ......................... 360 236,913 * Shaw Group, Inc ............................. 3,897 762,533 Sherwin-Williams Co ......................... 21,542 1,270,000 Shimizu Corp ................................ 3,178 2,161,016 Shin-Etsu Chemical Co Ltd ................... 70,838 562,000 e* Showa Denko KK .............................. 715 380,189 Sigma-Aldrich Corp .......................... 18,515 69,732 * Silgan Holdings, Inc ........................ 1,721 97,764 * Simpson Manufacturing Co, Inc ............... 3,216 549,023 e Skanska AB (B Shs) .......................... 3,213 41,492 Skyline Corp ................................ 1,224 959,393 * Smurfit-Stone Container Corp ................ 14,766 317,567 Snap-On, Inc ................................ 8,927 292,827 e* SNIA S.p.A. ................................. 558 712,389 Solutia, Inc ................................ 2,586 63,726 e Solvay S.A. ................................. 4,394 538,766 Sonoco Products Co .......................... 12,354 74,335 Sons of Gwalia Ltd .......................... 108 96,891 Southern Peru Copper Corp ................... 1,395 95,835 Spartech Corp ............................... 1,977 45,628 Ssab Svenskt Stal AB (Series A) ............. 539 20,187 Ssab Svenskt Stal AB (Series B) ............. 226 212,378 Standard-Pacific Corp ....................... 5,256 398,210 Stanley Works ............................... 13,770 34,000 Starrett (L.S.) Co (Class B) ................ 564 210,566 * Steel Dynamics, Inc ......................... 2,533 285,967 * Stillwater Mining Co ........................ 1,530 1,469,233 e* Stora Enso Oyj (R Shs) ...................... 15,495 188,000 e Sumitomo Bakelite Co Ltd .................... 776 2,024,140 Sumitomo Chemical Co Ltd .................... 8,000 317,000 Sumitomo Forestry Co Ltd .................... 1,659 470,498 * Sumitomo Metal Industries Ltd ............... 170 24,067 Sumitomo Metal Mining Co Ltd ................ 100 378,000 * Sumitomo Osaka Cement Co Ltd ................ 497 2,262,419 e Svenska Cellulosa AB (B Shs) ................ 76,337 244,097 * Syngenta AG. ................................ 14,132 1,121,363 Taiheiyo Cement Corp ........................ 1,417 54,801 Taisei Corp ................................. 87 495,516 Taylor Woodrow plc .......................... 1,352 177,214 Technical Olympic S.A. ...................... 606 15,175 * Technical Olympic U.S.A., Inc ............... 225 10,400 * Teck Cominco Ltd (Class B) .................. 76 226,867 Temple-Inland, Inc .......................... 10,166 529,000 Tenma Corp .................................. 4,324 230,283 * Terra Industries, Inc ....................... 352 142,066 Texas Industries, Inc ....................... 3,452 477,740 e* ThyssenKrupp AG. ............................ 5,384 12,261 Titan Cement Co S.A. ........................ 470 76,000 Toda Corp ................................... 127 271,400 Tokyo Ohka Kogyo Co Ltd ..................... 3,661 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 13 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ BASIC INDUSTRIES--(CONTINUED) 241,663 * Toll Brothers, Inc .......................... $ 4,882 323,000 Tosoh Corp .................................. 778 406,778 Tostem Inax Holding Corp .................... 6,170 457,700 Toto Ltd .................................... 1,693 297,400 Toyo Seikan Kaisha Ltd ...................... 3,546 740,194 Transurban Group ............................ 1,676 157,041 Tredegar Corp ............................... 2,356 60,932 Trelleborg AB (B Shs) ....................... 493 7,833 Tremont Corp ................................ 233 41,517 e* Trex Co, Inc ................................ 1,466 125,700 * U.S. Concrete, Inc .......................... 688 615,000 * UBE Industries Ltd .......................... 617 9,057 e Umicore ..................................... 391 14,100 Union Tool Co ............................... 358 522,300 United States Steel Corp .................... 6,853 82,035 Universal Forest Products, Inc .............. 1,749 425,611 UPM-Kymmene Oyj ............................. 13,667 25,153 * Uponor Oyj .................................. 514 144,123 * URS Corp .................................... 2,051 544,304 USEC, Inc ................................... 3,277 248,588 b,e* USG Corp .................................... 2,101 266,205 Valspar Corp ................................ 11,761 58,275 Viohalco S.A. ............................... 231 69,964 Voestalpine AG. ............................. 1,700 17,039 * Washington Group International, Inc Wts 03/11/03 0 116,972 Watsco, Inc ................................. 1,916 253,166 Wausau-Mosinee Paper Corp ................... 2,841 43,795 * WCI Communities, Inc ........................ 447 105,785 WD-40 Co .................................... 2,795 212,798 Wellman, Inc ................................ 2,871 80,022 West Pharmaceutical Services, Inc ........... 1,953 4,829,815 Weyerhaeuser Co ............................. 237,675 10,300 Wienerberger AG. ............................ 183 33,112 * William Lyon Homes, Inc ..................... 723 1,025,163 Wimpey (George) plc ......................... 4,390 2,290,863 * WMC Resources Ltd ........................... 5,444 1,098,797 Wolseley plc ................................ 9,225 452,714 Worthington Industries, Inc ................. 6,899 390,488 * WR Grace & Co ............................... 765 212,998 York International Corp ..................... 5,446 1,000 YT Realty Group Ltd ......................... 0 --------------- TOTAL BASIC INDUSTRIES 3,583,042 --------------- CONSUMER CYCLICAL--11.18% 43,088 e* 1-800 Contacts, Inc ......................... 1,188 190,565 * 99 Cents Only Stores ........................ 5,119 94,333 Aaron Rents, Inc ............................ 2,063 470,015 * Abercrombie & Fitch Co (Class A) ............ 9,617 137,788 * Acacia Research-Acacia Technologies ......... 332 458,040 e* Acclaim Entertainment, Inc .................. 302 643 * Acclaim Entertainment, Inc Wts 03/16/04 ..... 0 1,037,176 e Accor S.A. .................................. 31,412 59,879 * Acme Communication, Inc ..................... 477 104,161 Action Performance Cos, Inc ................. 1,979 998,000 Aderans Co Ltd .............................. 22,286 67,856 * Advance Auto Parts .......................... 3,318 93,920 Advanced Marketing Services, Inc ............ 1,381 200,598 e* Aeon Co Ltd ................................. 4,750 61,655 * Aeropostale, Inc ............................ 652 94,399 * AFC Enterprises, Inc ........................ 1,983 50,428 * Aftermarket Technology Corp ................. 731 12,805 * Alexander's, Inc ............................ 827 284,771 * Alliance Gaming Corp ........................ 4,850 193,581 * AMC Entertainment, Inc ...................... 1,713 71,046 e* Amerco, Inc ................................. 314 134,632 * American Axle & Manufacturing Holdings, Inc 3,153 285,115 * American Eagle Outfitters, Inc .............. 3,929 69,233 * Ameristar Casinos, Inc ...................... 976 58,433 Angelica Corp ............................... 1,207 283,812 * AnnTaylor Stores Corp ....................... 5,795 27,318,440 * AOL Time Warner, Inc ........................ 357,872 55,594 Aoyama Trading Co Ltd ....................... 766 190,459 Apogee Enterprises, Inc ..................... 1,705 305,223 Applebee's International, Inc ............... 7,078 108,417 Arctic Cat, Inc ............................. 1,735 8,750 * Arden Group, Inc (Class A) .................. 530 164,902 * Argosy Gaming Co ............................ 3,122 354,521 e Aristocrat Leisure Ltd ...................... 934 168,432 Arnoldo Mondadori Editore S.p.A. ............ 1,043 343,952 ArvinMeritor, Inc ........................... 5,734 61,500 e Asatsu-DK, Inc .............................. 1,091 17,276 * Ascent Media Group, Inc ..................... 19 44,800 Autobacs Seven Co Ltd ....................... 902 848,414 * Autogrill S.p.A. ............................ 6,606 5,477,946 a Autoliv, Inc ................................ 114,653 1,250,000 Autoliv, Inc ADR ............................ 25,607 230,761 * Aztar Corp .................................. 3,295 203,008 e* Bally Total Fitness Holding Corp ............ 1,439 23,811 Bandag, Inc ................................. 921 62,900 Bandag, Inc (Class A) ....................... 2,176 76,166 Barnes Group, Inc ........................... 1,550 66,201 Bassett Furniture Industries, Inc ........... 948 528,828 BBA Group plc ............................... 1,573 49,205 * Beasley Broadcast Group, Inc (Class A) ...... 588 29,090 * Bebe Stores, Inc ............................ 390 1,684,556 * Bed Bath & Beyond, Inc ...................... 58,168 12,224 Bekaert S.A. ................................ 554 117,762 Belo Corp (Class A) ......................... 2,511 351,800 f Belo Corp (Class B) ......................... 7,500 134,056 e Benetton Group S.p.A. ....................... 1,196 30,705 * Benihana, Inc (Class A) ..................... 415 607,508 * Big Lots, Inc ............................... 8,037 50,500 e* Billabong International Ltd ................. 198 53,662 Blair Corp .................................. 1,251 148,044 Blockbuster, Inc (Class A) .................. 1,814 234,617 Bob Evans Farms, Inc ........................ 5,478 190,237 * Boca Resorts, Inc (Class A) ................. 2,036 132,138 BorgWarner, Inc ............................. 6,662 224,286 Bowne & Co, Inc ............................. 2,680 209,417 * Boyd Gaming Corp ............................ 2,942 131,497 * Boyds Collection Ltd ........................ 874 469,631 e Bridgestone Corp ............................ 5,817 704,195 * Brinker International, Inc .................. 22,710 7,991,799 * British Sky Broadcasting Group plc .......... 82,214 56,343 * Brookstone, Inc ............................. 815 117,657 Brown Shoe Co, Inc .......................... 2,804 529,192 Brunswick Corp .............................. 10,510 98,683 * Buca, Inc ................................... 821 46,806 * Buckle, Inc ................................. 843 64,140 Bulgari S.p.A. .............................. 304 2,500,000 * Burberry Group plc .......................... 9,036 118,918 Burlington Coat Factory Warehouse Corp ...... 2,135 59,548 Bush Industries, Inc (Class A) .............. 288 711,818 e* Cablevision Systems Corp (Class A) .......... 11,916 6,066 * Cache, Inc .................................. 84 97,327 * California Pizza Kitchen, Inc ............... 2,453 354,486 Callaway Golf Co ............................ 4,697 505,667 e Canadian Tire Corp (Class A) ................ 10,387 89,003 e Canal Plus .................................. 418 12,000 e Capcom Co Ltd ............................... 181 SEE NOTES TO FINANCIAL STATEMENTS 14 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER CYCLICAL--(CONTINUED) 493,560 Carlton Communications plc .................. $ 1,067 14,377 * Carmike Cinemas, Inc ........................ 283 63,035 Cascade Corp ................................ 1,005 193,050 * Catalina Marketing Corp ..................... 3,571 96,816 Cato Corp (Class A) ......................... 2,090 305,404 CBRL Group, Inc ............................. 9,202 137,866 * CEC Entertainment, Inc ...................... 4,232 97,204 * Central Garden & Pet Co ..................... 1,799 78,071 * Championship Auto Racing Teams, Inc ......... 289 54,710 * Champps Entertainment, Inc .................. 520 78,502 * Charlotte Russe Holding, Inc ................ 833 738,575 * Charming Shoppes, Inc ....................... 3,087 666,755 e* Charter Communications, Inc (Class A) ....... 787 53,204 * Checkers Drive-In Restaurant ................ 333 30,615 * Cherokee, Inc ............................... 447 69,775 * Chicago Pizza & Brewery, Inc ................ 481 371,498 * Chico's FAS, Inc ............................ 7,025 77,649 e* Children's Place Retail Stores, Inc ......... 826 154,396 * Choice Hotels International, Inc ............ 3,505 155,378 * Christopher & Banks Corp .................... 3,224 35,350 Churchill Downs, Inc ........................ 1,350 338,138 * CKE Restaurants, Inc ........................ 1,454 214,068 Claire's Stores, Inc ........................ 4,724 108,618 f Claire's Stores, Inc (Class A) .............. 2,397 6,587,594 * Clear Channel Communications, Inc ........... 245,651 5,245 * Club Mediterranee S.A. ...................... 126 458,898 * Coach, Inc .................................. 15,107 98,133 Coachmen Industries, Inc .................... 1,551 29,289 * Coldwater Creek, Inc ........................ 562 62,254 * Cole National Corp .......................... 710 1,248,314 e Coles Myer Ltd .............................. 4,428 55,404 * Columbia Sportswear Co ...................... 2,461 11,405,679 * Comcast Corp ................................ 268,832 4,104,702 * Comcast Corp Special ........................ 92,725 3,948,887 Compass Group plc ........................... 20,979 238,585 * Continental AG. ............................. 3,668 321,026 Cooper Tire & Rubber Co ..................... 4,925 337,637 * Copart, Inc ................................. 3,998 1,056,574 * Cox Communications, Inc (Class A) ........... 30,007 195,313 * Cox Radio, Inc (Class A) .................... 4,455 48,088 CPI Corp .................................... 697 24,237 * Cross Media Marketing Corp .................. 13 166,494 * Crown Media Holdings, Inc (Class A) ......... 376 23,438 * CSS Industries, Inc ......................... 776 44,285 * Culp, Inc ................................... 376 173,775 * Cumulus Media, Inc (Class A) ................ 2,584 28,609 Cycle & Carriage Ltd ........................ 56 50,000 e* Daiei, Inc .................................. 54 275,762 Daily Mail & General Trust plc .............. 2,582 27,315 Daimaru, Inc ................................ 81 864,828 e DaimlerChrysler AG. (Regd) .................. 26,455 1 e DaimlerChrysler AG. (U.S.) .................. 0 816,129 Dana Corp ................................... 9,598 974,311 Darden Restaurants, Inc ..................... 19,925 75,904 * Dave & Buster's, Inc ........................ 657 189,172 David Jones Ltd ............................. 115 3,000,767 Delphi Corp ................................. 24,156 325,887 Denso Corp .................................. 5,347 301 * Dentsu, Inc ................................. 918 40,016,000 * Denway Motors Ltd ........................... 13,470 76,299 * Department 56, Inc .......................... 984 103,247 * DHB Industries, Inc ......................... 171 3,714 D'ieteren S.A. .............................. 503 339,745 Dillard's, Inc (Class A) .................... 5,388 1,106,767 Dixons Group plc ............................ $ 2,584 1,472,489 Dollar General Corp ......................... 17,596 162,817 * Dollar Thrifty Automotive Group, Inc ........ 3,444 712,484 * Dollar Tree Stores, Inc ..................... 17,506 214,093 Donaldson Co, Inc ........................... 7,707 35,741 Douglas Holding AG. ......................... 600 72,742 Dover Downs Gaming & Entertainment, Inc ..... 661 107,691 Dover Motorsport, Inc ....................... 501 65,038 Dow Jones & Co, Inc ......................... 2,812 206,300 f Dow Jones & Co, Inc (Class B) ............... 8,918 185,814 * Dress Barn, Inc ............................. 2,471 96,900 * Dura Automotive Systems, Inc ................ 973 1,565,941 Eastman Kodak Co ............................ 54,871 1,360,151 * EchoStar Communications Corp (Class A) ...... 30,277 4,184 b* Edison Brothers Stores, Inc Wts 12/10/05 .... 0 86,485 * Elizabeth Arden, Inc ........................ 1,280 1,978,240 EMI Group plc ............................... 4,427 195,427 * Emmis Communications Corp (Class A) ......... 4,071 236,671 e* Eniro AB .................................... 1,494 180,976 * Entercom Communications Corp ................ 8,491 218,123 * Entravision Communications Corp (Class A) ... 2,177 267,366 Equity Inns, Inc ............................ 1,610 23,619 * Escalade, Inc ............................... 472 1,556,571 Esprit Holdings Ltd ......................... 2,625 80,947 * EUniverse, Inc .............................. 460 346,634 * Extended Stay America, Inc .................. 5,113 138,613 Factset Research Systems, Inc ............... 3,919 340,966 e Fairmont Hotels & Resorts, Inc .............. 7,904 825,747 Family Dollar Stores, Inc ................... 25,772 49,470 Fast Retailing Co Ltd ....................... 1,743 1,362,149 * Federated Department Stores, Inc ............ 39,175 1 Fiat S.p.A. ................................. 0 28,786 e Fiat S.p.A. (Rnc) ........................... 126 122,147 * Finish Line, Inc (Class A) .................. 1,289 113,935 Fisher & Paykel Appliances Holdings Ltd ..... 599 161,113 Fisher & Paykel Healthcare Corp ............. 796 28,764 Fisher Communications, Inc .................. 1,516 41,054 Florida East Coast Industries, Inc (Class B) 906 3,272 Folli-Follie S.A ............................ 55 706,399 * Foot Locker, Inc ............................ 7,417 135,964 e* Footstar, Inc ............................... 946 9,437,292 Ford Motor Co ............................... 87,767 122,299 Forest City Enterprises, Inc (Class A) ...... 4,079 133,717 * Fossil, Inc ................................. 2,720 703,716 * Fox Entertainment Group, Inc (Class A) ...... 18,247 143,764 Fred's, Inc ................................. 3,695 111,104 Friedman's, Inc (Class A) ................... 964 50 Fuji Denki Reiki Co Ltd ..................... 0 2,631,380 Fuji Photo Film Co Ltd ...................... 85,813 508 Fuji Television Network, Inc ................ 2,046 130,380 G & K Services, Inc (Class A) ............... 4,616 1,358,377 Gannett Co, Inc ............................. 97,531 3,243,700 Gap, Inc .................................... 50,342 145,918 * Gaylord Entertainment Co .................... 3,006 1,156,939 * Gemstar-TV Guide International, Inc ......... 3,760 206,801 GenCorp, Inc ................................ 1,638 3,031,274 General Motors Corp ......................... 111,733 8,415,261 * General Motors Corp (Class H) ............... 90,043 146,052 * Genesco, Inc ................................ 2,721 399,292 * Gentex Corp ................................. 12,634 875,252 Genuine Parts Co ............................ 26,958 1,158,000 Giordano International Ltd .................. 453 583,388 GKN plc ..................................... 1,885 731,553 Goodyear Tire & Rubber Co ................... 4,982 108,170 * Goody's Family Clothing, Inc ................ 480 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 15 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER CYCLICAL--(CONTINUED) 250,263 Graco, Inc .................................. $ 7,170 1,807,721 Granada plc ................................. 2,321 57,451 Gray Television, Inc (Class A) .............. 681 343,843 * Greek Organization of Football Prognostics S.A. 3,644 4,376 Grey Global Group, Inc ...................... 2,674 124,479 * Group 1 Automotive, Inc ..................... 2,973 242,993 Groupe Bruxelles Lambert S.A. ............... 9,947 36,000 * Grupo Prisa S.A. ............................ 235 127,454 e* Gruppo Editoriale L'Espresso S.p.A. ......... 416 126,603 e* GSI Commerce, Inc ........................... 462 48,868 * Guess?, Inc ................................. 205 111,030 * Guitar Center, Inc .......................... 1,839 79,320 * Gulfmark Offshore, Inc ...................... 1,170 319,662 Gunze Ltd ................................... 1,177 282,600 Guocoland Ltd ............................... 116 2,145,081 GUS plc ..................................... 19,926 180,512 * Gymboree Corp ............................... 2,863 108,206 Hancock Fabrics, Inc ........................ 1,650 168,578 * Handleman Co ................................ 1,939 1,493,000 Hankyu Department Stores, Inc ............... 7,209 1,626,364 Harley-Davidson, Inc ........................ 75,138 144,911 Harman International Industries, Inc ........ 8,622 636,033 * Harrah's Entertainment, Inc ................. 25,187 241,616 * Harris Interactive, Inc ..................... 713 316,187 Harte-Hanks, Inc ............................ 5,903 280,139 Harvey Norman Holdings Ltd .................. 415 104,506 Haverty Furniture Cos, Inc .................. 1,453 89,740 * Hearst-Argyle Television, Inc ............... 2,164 16,836 Hellenic Duty Free Shops S.A. ............... 107 986,527 e Hennes & Mauritz AB (B Shs) ................. 19,021 2,176,768 Hero Honda Motors Ltd ....................... 12,132 38,659 * Hibbett Sporting Goods, Inc ................. 925 951,356 Hilton Group plc ............................ 2,558 1,688,639 Hilton Hotels Corp .......................... 21,463 49,000 Hino Motors Ltd ............................. 168 292,783 * Hispanic Broadcasting Corp .................. 6,017 319,268 Hollinger International, Inc ................ 3,244 67,717 * Hollywood Casino Corp (Class A) ............. 832 352,382 * Hollywood Entertainment Corp ................ 5,321 1,589,724 e Honda Motor Co Ltd .......................... 58,809 208,247 * Hot Topic, Inc .............................. 4,765 550,345 e Hudson's Bay Co ............................. 3,107 108,079 * iDine Rewards Network, Inc .................. 1,148 129,936 * IHOP Corp ................................... 3,118 66,511 e* IMPCO Technologies, Inc ..................... 312 555,370 Independent News & Media plc ................ 874 281,400 Independent Newspapers Ltd .................. 449 230,320 Inditex S.A. ................................ 5,441 85,728 * Information Holdings, Inc ................... 1,330 281,261 * Insight Communications Co, Inc .............. 3,482 180,529 * Interactive Data Corp ....................... 2,482 145,755 Intermet Corp ............................... 612 532,749 * International Game Technology ............... 40,446 151,384 International Speedway Corp (Class A) ....... 5,645 2,302,835 Interpublic Group Of Cos, Inc ............... 32,424 161,479 * Intertan, Inc ............................... 1,155 23,651 Intrawest Corp .............................. 275 299,621 e Isetan Co Ltd ............................... 2,055 114,310 * Isle Of Capri Casinos, Inc .................. 1,513 606,782 e Ito-Yokado Co Ltd ........................... 17,896 1,508,266 J.C. Penney Co, Inc ......................... 34,705 243,962 * Jack In The Box, Inc ........................ 4,218 146,987 * Jakks Pacific, Inc .......................... 1,980 97,694 e* Jo-Ann Stores, Inc (Class A) ................ 2,244 349,700 e John Fairfax Holdings Ltd ................... 634 447,740 Johnson Controls, Inc ....................... 35,895 24,921 * Johnson Outdoors, Inc (Class A) ............. 246 624,831 * Jones Apparel Group, Inc .................... 22,144 182,577 * Journal Register Co ......................... 3,246 121,411 * K2, Inc ..................................... 1,141 7,215 * Kanebo Ltd .................................. 7 21,037 KarstadtQuelle AG. .......................... 353 168,099 Kellwood Co ................................. 4,371 49,987 * Kenneth Cole Productions, Inc (Class A) ..... 1,015 97,616 e* Kesko Oyj (B Shs) ........................... 1,240 69,530 * Keystone Automotive Industries, Inc ......... 1,044 1,345,540 * Kia Motors Corp ............................. 9,983 223,834 Kimball International, Inc (Class B) ........ 3,190 16,488,113 Kingfisher plc .............................. 59,061 126,844 * Kirby Corp .................................. 3,474 2,085,551 b,e* Kmart Corp .................................. 417 408,268 Knight Ridder, Inc .......................... 25,823 1,566,539 * Kohl's Corp ................................. 87,648 1,370,372 e Konami Corp ................................. 31,641 181,629 Koninklijke Vendex KBB NV ................... 1,973 221,629 e* Krispy Kreme Doughnuts, Inc ................. 7,484 170,337 * Kroll, Inc .................................. 3,250 82,105 K-Swiss, Inc (Class A) ...................... 1,782 1,455 * Kuoni Reisen Holding (Regd) ................. 275 305,000 Kuraray Co Ltd .............................. 1,892 195,974 Lagardere S.C.A. ............................ 7,961 810,283 * Lamar Advertising Co ........................ 27,266 146,790 Landry's Restaurants, Inc ................... 3,118 103,693 LaSalle Hotel Properties .................... 1,452 548,400 Lawson, Inc ................................. 13,217 275,191 La-Z-Boy, Inc ............................... 6,599 365,000 * Lear Corp ................................... 12,147 217,835 f Lee Enterprises, Inc (Class A) .............. 7,302 14,400 Lee Enterprises, Inc (Class B) .............. 483 1,055,351 Leggett & Platt, Inc ........................ 23,682 104,400 Libbey, Inc ................................. 2,714 16,465,397 * Liberty Media Corp (Class A) ................ 147,201 2,160,899 Limited Brands, Inc ......................... 30,101 293,090 * Lin TV Corp (Class A) ....................... 7,137 237,918 * Linens `n Things, Inc ....................... 5,377 558,565 Liz Claiborne, Inc .......................... 16,561 72,245 * Lodgenet Entertainment Corp ................. 772 118,034 Lone Star Steakhouse & Saloon, Inc .......... 2,283 149,251 * Luby's, Inc ................................. 434 231,550 e LVMH Moet Hennessy Louis Vuitton S.A. ....... 9,513 261,027 * Mandalay Resort Group ....................... 7,990 129,521 Marcus Corp ................................. 1,839 41,651 Marine Products Corp ........................ 410 6,572,986 Marks & Spencer Group plc ................... 33,333 1,017,246 Marriott International, Inc (Class A) ....... 33,437 65,998 e* Martha Stewart Living Omnimedia, Inc (Class A) 651 210,900 Marui Co Ltd ................................ 2,065 219,500 * Mascotech, Inc (Escrow) ..................... 0 4,345,679 e Matsushita Electric Industrial Co Ltd ....... 42,845 603,350 Matsushita Electric Industrial Co Ltd (Spon ADR) 5,792 95,967 * Maxwell Shoe Co, Inc (Class A) .............. 1,115 1,443,155 May Department Stores Co .................... 33,164 432,858 Maytag Corp ................................. 12,336 3,155,000 e* Mazda Motor Corp ............................ 5,849 102,296 McClatchy Co (Class A) ...................... 5,803 7,109,392 McDonald's Corp ............................. 114,319 994,663 McGraw-Hill Cos, Inc ........................ 60,117 67,944 Media General, Inc (Class A) ................ 4,073 341,385 * Mediacom Communications Corp ................ 3,008 SEE NOTES TO FINANCIAL STATEMENTS 16 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER CYCLICAL--(CONTINUED) 474,503 e Mediaset S.p.A. ............................. $ 3,615 69,376 e* Medis Technologies Ltd ...................... 347 206,126 * Men's Wearhouse, Inc ........................ 3,535 50,060 Meredith Corp ............................... 2,058 200,900 Meredith Corp (Class B) ..................... 8,259 123,583 * Metro One Telecommunications, Inc ........... 797 216,352 * Metro-Goldwyn-Mayer, Inc .................... 2,813 381,106 * MGM Mirage .................................. 12,565 338,063 * Michaels Stores, Inc ........................ 10,581 257,460 Michelin (C.G.D.E.) (B Shs) ................. 8,878 114,533 * Micros Systems, Inc ......................... 2,568 44,391 * Midas, Inc .................................. 285 205,556 e* Midway Games, Inc ........................... 857 253,000 e* Mitsukoshi Ltd .............................. 527 65,521 e* Modern Times Group AB (B Shs) ............... 530 189,284 Modine Manufacturing Co ..................... 3,347 262,941 * Mohawk Industries, Inc ...................... 14,974 157,862 * Monaco Coach Corp ........................... 2,613 11,324 * Monarch Casino & Resort, Inc ................ 155 35,820 * Monro Muffler Brake, Inc .................... 605 14,528 * Mossimo, Inc ................................ 80 17,233 * Mothers Work, Inc ........................... 607 115,742 * Movie Gallery, Inc .......................... 1,505 171,194 * MSC Industrial Direct Co (Class A) .......... 3,039 131,060 * MTR Gaming Group, Inc ....................... 1,043 67,602 e* Multimedia Games, Inc ....................... 1,856 800 * Mycal Corp .................................. 0 126,915 Myers Industries, Inc ....................... 1,358 329,038 MyTravel Group plc .......................... 102 85,504 Namco Ltd ................................... 1,432 31,561 National Presto Industries, Inc ............. 927 167,856 * Nautica Enterprises, Inc .................... 1,865 199,689 e* Nautilus Group, Inc ......................... 2,668 176,638 * Neiman Marcus Group, Inc (Class A) .......... 5,368 17,081 * Neiman Marcus Group, Inc (Class B) .......... 467 48,146 * Netratings, Inc ............................. 347 652,088 New York Times Co (Class A) ................. 29,820 3,802,909 News Corp Ltd ............................... 24,583 300,129 Next plc .................................... 3,559 136,000 NGK Insulators Ltd .......................... 743 51,000 * NH Hoteles S.A. ............................. 438 346,737 Nike, Inc (Class B) ......................... 15,419 313,033 Nintendo Co Ltd ............................. 29,148 127,240 Nippon Television Network Corp .............. 18,978 35,630,068 Nissan Motor Co Ltd ......................... 278,026 271,000 Nisshinbo Industries, Inc ................... 941 599,317 Nordstrom, Inc .............................. 11,369 176,500 * Oakley, Inc ................................. 1,813 106,457 * O'Charley's, Inc ............................ 2,186 1,701,872 Omnicom Group, Inc .......................... 109,941 64,081 * Onward Kashiyama Co Ltd ..................... 502 193,207 * O'Reilly Automotive, Inc .................... 4,886 53,134 Oriental Land Co Ltd ........................ 3,219 68,374 Oshkosh B'gosh, Inc (Class A) ............... 1,918 103,011 Oshkosh Truck Corp .......................... 6,335 356,345 Outback Steakhouse, Inc ..................... 12,273 121,700 Overseas Union Enterprise Ltd ............... 410 38,162 Oxford Industries, Inc ...................... 979 1,335,218 P & O Princess Cruises plc .................. 9,265 107,624 * P.F. Chang's China Bistro, Inc .............. 3,907 291,894 * Pacific Sunwear Of California, Inc .......... 5,164 170,187 e* PanAmSat Corp ............................... 2,492 147,221 * Panera Bread Co (Class A) ................... 5,125 97,104 * Papa John's International, Inc .............. 2,707 377,800 Paris Miki, Inc ............................. 5,320 1,545,711 * Park Place Entertainment Corp ............... 12,984 200,000 Park24 Co Ltd ............................... 3,135 57,631 e* Parkervision, Inc ........................... 470 150,512 * Payless Shoesource, Inc ..................... 7,747 4,519,074 Pearson plc ................................. 41,796 180,540 * Penn National Gaming, Inc ................... 2,863 72,806 * Penton Media, Inc ........................... 50 242,917 * Performance Food Group Co ................... 8,249 416,030 Peugeot Citroen S.A. ........................ 16,966 153,775 Phillips-Van Heusen Corp .................... 1,778 515,128 Pier 1 Imports, Inc ......................... 9,751 69,326 e Pinault-Printemps-Redoute S.A. .............. 5,100 161,846 * Pinnacle Entertainment, Inc ................. 1,122 385,551 * Pinnacle Systems, Inc ....................... 5,247 93,791 Pioneer Corp ................................ 1,759 87,317 * Pixar, Inc .................................. 4,627 107,023 * PLATO Learning, Inc ......................... 636 91,352 * Playboy Enterprises, Inc (Class B) .......... 925 1,000 * Playmates Interactive Entertainment Ltd ..... 0 121,835 Polaris Industries, Inc ..................... 7,140 172,366 * Polo Ralph Lauren Corp ...................... 3,751 200,322 * Presstek, Inc ............................... 923 24,964 * Pricesmart, Inc ............................. 580 300,269 * Prime Hospitality Corp ...................... 2,447 932,617 * Primedia, Inc ............................... 1,921 85,599 * Private Media Group, Inc .................... 278 39,076 * Pt Multimedia Servicos de Telecomunicacoes .. e Multimedia SGPS S.A. ........................ 411 13,069 * Publicis Groupe S.A. ........................ 277 1,321 * PubliGroupe S.A. (Regd) ..................... 210 758,792 e Publishing & Broadcasting Ltd ............... 3,696 57,180 Pulitzer, Inc ............................... 2,570 77,587 * Quaker Fabric Corp .......................... 539 469,449 e Quebecor World, Inc ......................... 10,401 138,417 * Quiksilver, Inc ............................. 3,690 57,950 * Racing Champions Ertl Corp .................. 791 338,843 * Radio One, Inc (Class A) .................... 4,954 465,282 * Radio One, Inc (Class D) .................... 6,714 5,988,736 Rank Group plc .............................. 25,694 139,430 * Rare Hospitality International, Inc ......... 3,851 276,460 * Raytech Corp ................................ 1,576 540,800 Reader's Digest Association, Inc (Class A) .. 8,166 235,755 * Reebok International Ltd .................... 6,931 4,612,842 Reed Elsevier NV ............................ 56,394 2,934,261 Reed Elsevier plc ........................... 25,131 97,305 Regal Entertainment Group (Class A) ......... 2,084 500 * Regal Hotels International Ltd .............. 0 157,271 * Regent Communications, Inc .................. 929 289,146 Regis Corp .................................. 7,515 3,399,147 Renault S.A. ................................ 159,733 184,377 * Rent-A-Center, Inc .......................... 9,210 111,737 * Resources Connection, Inc ................... 2,593 989,622 Reuters Group plc ........................... 2,828 55,408 * Rex Stores Corp ............................. 566 36,205 Riviana Foods, Inc .......................... 978 416,418 Ross Stores, Inc ............................ 17,652 366,364 Ruby Tuesday, Inc ........................... 6,334 161,444 Russell Corp ................................ 2,703 314,972 * Ryan's Family Steak Houses, Inc ............. 3,575 91,374 * Saga Communications, Inc (Class A) .......... 1,736 68,000 Saizeriya Co Ltd ............................ 1,007 675,258 * Saks, Inc ................................... 7,928 63,622 * Salem Communications Corp (Class A) ......... 1,589 43,022 e* Salton, Inc ................................. 414 354,530 Sankyo Co Ltd (Gunma) ....................... 8,828 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 17 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER CYCLICAL--(CONTINUED) 21,400 Sanrio Co Ltd ............................... $ 106 1,081,099 Sanyo Electric Co Ltd ....................... 2,815 49,559 Schawk, Inc ................................. 491 24,723 * Schibsted ASA ............................... 257 148,928 * Scholastic Corp ............................. 5,354 268,841 * Scientific Games Corp (Class A) ............. 1,952 1,184,302 SCMP Group Ltd .............................. 494 106,227 * Scotts Co (Class A) ......................... 5,209 131,123 * SCP Pool Corp ............................... 3,829 147,122 Scripps (E.W.) Co (Class A) ................. 11,321 1,357,141 Sears Roebuck & Co .......................... 32,504 6,249,811 e* Seat-Pagine Gialle S.p.A. ................... 4,257 103,630 e* Sega Corp ................................... 1,022 314,739 e* Seiyu Ltd ................................... 920 233,469 e Seven-Eleven Japan Co Ltd ................... 7,122 1,225,158 Shangri-La Asia Ltd ......................... 801 56,883 Shangri-La Asia Ltd (Singapore) ............. 36 1,046,550 Sharp Corp .................................. 9,939 7,500 Shaw Communications, Inc (Class B) .......... 77 70,000 Shimachu Co Ltd ............................. 1,416 5,258 e Shimamura Co Ltd ............................ 335 43,778 e Shimano, Inc ................................ 653 48,561 * Shoe Carnival, Inc .......................... 680 192,873 * ShopKo Stores, Inc .......................... 2,401 120,396 * Shuffle Master, Inc ......................... 2,301 2,585,060 Signet Group plc ............................ 2,830 30,520 * Silverstone Berhad .......................... 0 207,227 * Sinclair Broadcast Group, Inc (Class A) ..... 2,410 436,888 Singapore Press Holdings Ltd ................ 4,584 446,523 e* Sirius Satellite Radio, Inc ................. 286 5,871,809 Six Continents plc .......................... 47,454 444,411 * Six Flags, Inc .............................. 2,538 366,717 Sky City Entertainment Group ................ 1,552 49,463 e Skylark Co Ltd .............................. 656 109,364 Smith (A.O.) Corp ........................... 2,954 124,119 * Societe Television Francaise 1 (T.F.1) ...... 3,316 40,000 e* Sodexho Alliance S.A. ....................... 923 36,750 e Sol Melia S.A. .............................. 145 133,390 * Sonic Automotive, Inc ....................... 1,984 241,354 * Sonic Corp .................................. 4,945 4,115,670 e Sony Corp ................................... 172,020 288,652 * Sotheby's Holdings, Inc (Class A) ........... 2,598 247,181 * Spanish Broadcasting System, Inc (Class A) .. 1,780 61,595 Spartan Motors, Inc ......................... 701 87,844 Speedway Motorsports, Inc ................... 2,265 164,075 e* Sports Resorts International, Inc ........... 963 134,296 * Stage Stores, Inc ........................... 2,826 47,200 Standard Motor Products, Inc ................ 614 34,217 * Stanley Furniture Co, Inc ................... 796 2,298,177 * Starbucks Corp .............................. 46,837 1,407,583 Starwood Hotels & Resorts Worldwide, Inc .... 33,416 232,000 * Station Casinos, Inc ........................ 4,106 171,112 Steelcase, Inc (Class A) .................... 1,875 149,632 * Stein Mart, Inc ............................. 913 63,602 * Steven Madden Ltd ........................... 1,149 87,832 * Stoneridge, Inc ............................. 1,045 268,175 Stride Rite Corp ............................ 1,923 138,928 Sturm Ruger & Co, Inc ....................... 1,330 141,035 Superior Industries International, Inc ...... 5,833 210,944 * Sylvan Learning Systems, Inc ................ 3,459 1,523,046 TAB Ltd ..................................... 2,599 1,839,573 TABCORP Holdings Ltd ........................ 11,032 1,816,869 e Takashimaya Co Ltd .......................... 7,119 130,784 Talbots, Inc ................................ 3,600 39,981 Tanger Factory Outlet Centers, Inc .......... 1,239 7,589,193 Target Corp ................................. 227,676 113,996 * TBC Corp .................................... 1,369 977,925 Teijin Ltd .................................. 2,340 1,110,000 * Tele Atlas NV ............................... 1,479 50,000 * Telefonica Publicidad e Informacion S.A. .... 159 103,727 e* Telepizza S.A. .............................. 82 4,865,000 Television Broadcasts Ltd ................... 15,347 261,607 * Tenneco Automotive, Inc ..................... 1,057 273,183 * The Cheesecake Factory, Inc ................. 9,876 223,701 * The Sports Authority, Inc ................... 1,566 147,866 * The Steak n Shake Co ........................ 1,479 52,533 * Thomas Nelson, Inc .......................... 526 325,223 e Thomson Corp ................................ 8,646 101,772 Thor Industries, Inc ........................ 3,504 257,183 * THQ, Inc .................................... 3,408 2,032,871 Tiffany & Co ................................ 48,606 98,302 * Timberland Co (Class A) ..................... 3,501 2,721,624 TJX Cos, Inc ................................ 53,126 22,980 Toho Co Ltd ................................. 221 90,346 e Tokyo Broadcasting System, Inc .............. 1,136 587 Tokyo Style Co Ltd .......................... 5 219,958 * Too, Inc .................................... 5,173 247,442 * Topps Co, Inc ............................... 2,153 576,234 Toray Industries, Inc ....................... 1,224 411,218 * Tower Automotive, Inc ....................... 1,850 41,000 Toyobo Co Ltd ............................... 54 5,800 Toyoda Gosei Co Ltd ......................... 109 2,386,206 Toyota Motor Corp ........................... 64,144 1,244,476 Tribune Co .................................. 56,574 34,552 * Tropical Sportswear International Corp ...... 310 232,918 TUI AG. ..................................... 3,899 1,274,689 e* U.S.A. Interactive, Inc ..................... 29,139 341,150 * Unifi, Inc .................................. 1,791 206,962 United Business Media plc ................... 966 407,043 * UnitedGlobalcom, Inc (Class A) .............. 977 90,536 * Universal Electronics, Inc .................. 882 867,412 * Univision Communications, Inc (Class A) ..... 21,252 89,172 UNY Co Ltd .................................. 872 50,783 * Urban Outfitters, Inc ....................... 1,197 56,028 * Vail Resorts, Inc ........................... 850 259,979 * Valassis Communications, Inc ................ 7,651 8,958 Valeo S.A. .................................. 281 9,252 * Valora Holding AG. .......................... 1,773 121,840 * Vans, Inc ................................... 692 215,128 * Vastera, Inc ................................ 1,216 463,670 VF Corp ..................................... 16,715 863,974 * Viacom, Inc (Class A) ....................... 35,259 10,392,421 * Viacom, Inc (Class B) ....................... 423,595 659,553 Visteon Corp ................................ 4,590 774,084 e Vivendi Universal S.A. ...................... 12,502 300,484 e Vivendi Universal S.A. (Spon ADR) ........... 4,829 257,404 VNU NV ...................................... 6,712 248,115 e Volkswagen AG. .............................. 8,983 45,082 Volvo AB (A Shs) ............................ 704 195,098 e Volvo AB (B Shs) ............................ 3,179 158,264 * Wabash National Corp ........................ 1,326 10,055 Wacoal Corp ................................. 78 19,823,348 Wal-Mart Stores, Inc ........................ 1,001,277 11,300,166 Walt Disney Co .............................. 184,306 178,733 Warehouse Group Ltd ......................... 684 20,278 Washington Post Co (Class B) ................ 14,965 588,805 Wendy's International, Inc .................. 15,939 69,456 * West Marine, Inc ............................ 951 218,557 e* Westpoint Stevens, Inc ...................... 129 SEE NOTES TO FINANCIAL STATEMENTS 18 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER CYCLICAL--(CONTINUED) 389,028 * Westwood One, Inc ........................... $ 14,534 151,959 * Wet Seal, Inc (Class A) ..................... 1,635 366,793 Whirlpool Corp .............................. 19,154 576,085 Whitbread plc ............................... 5,017 244,204 Wiley (John) & Sons, Inc (Class A) .......... 5,863 479,854 * Williams-Sonoma, Inc ........................ 13,028 88,533 * Wilsons The Leather Experts, Inc ............ 443 80,498 Winnebago Industries, Inc ................... 3,158 142,814 * WMS Industries, Inc ......................... 2,139 641,580 Wolters Kluwer NV ........................... 11,176 280,030 Wolverine World Wide, Inc ................... 4,231 59,764 Woodward Governor Co ........................ 2,600 2,522,734 Woolworths Ltd .............................. 16,194 237,600 e World Co Ltd ................................ 4,545 70,187 * World Wrestling Federation Entertainment, Inc 565 3,577,503 WPP Group plc ............................... 27,328 362,846 e* XM Satellite Radio Holdings, Inc ............ 976 1,972,791 * Yahoo!, Inc ................................. 32,255 122,600 e Yamada Denki Co Ltd ......................... 2,588 18,000 e* Yamaha Motor Co Ltd ......................... 149 89,000 Yonex Co Ltd ................................ 313 96,084 * Young Broadcasting, Inc (Class A) ........... 1,265 1,675,081 * Yum! Brands, Inc ............................ 40,570 161,918 * Zale Corp ................................... 5,165 472,622 * Zenith Electronics Corp ..................... 0 208,271 * Zomax, Inc .................................. 885 ------------ TOTAL CONSUMER CYCLICAL 8,444,001 ------------ CONSUMER NON-CYCLICAL--10.00% 61,568 * 1-800-Flowers.com, Inc (Class A) ............ 385 160,696 * 7-Eleven, Inc ............................... 1,205 81,792 * AC Moore Arts & Crafts, Inc ................. 1,040 68,369 Adidas-Salomon AG. .......................... 5,811 153,749 * AGFA Gevaert NV ............................. 3,429 1,079,059 Ajinomoto Co, Inc ........................... 11,266 14,100 Alberto-Culver Co (Class A) ................. 685 159,959 Alberto-Culver Co (Class B) ................. 8,062 1,964,162 Albertson's, Inc ............................ 43,722 1,910,272 e Altadis S.A. ................................ 43,581 1,013,196 e* Amazon.Com, Inc ............................. 19,139 340,260 * American Greetings Corp (Class A) ........... 5,376 110,848 e* American Italian Pasta Co (Class A) ......... 3,988 4,568,623 Anheuser-Busch Cos, Inc ..................... 221,121 116,486 * Applica, Inc ................................ 582 145,000 * Aramark Corp (Class B) ...................... 3,408 2,869,957 Archer Daniels Midland Co ................... 35,587 8,168 Ariake Japan Co Ltd ......................... 231 565,294 e Asahi Breweries Ltd ......................... 3,706 18,200 * Asbury Automotive Group, Inc ................ 153 147,046 * Aurora Foods, Inc ........................... 115 1,003,854 * Autonation, Inc ............................. 12,608 534,353 * Autozone, Inc ............................... 37,752 1,675,464 Avon Products, Inc .......................... 90,257 17,749 Bang & Olufsen A/S (B Shs) .................. 359 236,841 * Barnes & Noble, Inc ......................... 4,280 14,653 Beiersdorf AG. .............................. 1,630 4,413,780 * Best Buy Co, Inc ............................ 106,593 332,619 * BJ's Wholesale Club, Inc .................... 6,087 217,573 Blyth, Inc .................................. 5,822 1,411,102 Boots Co plc ................................ 13,312 473,836 * Borders Group, Inc .......................... 7,629 61,179 * Boston Beer Co, Inc (Class A) ............... 875 13,092 Bridgford Foods Corp ........................ 147 7,744,050 British American Tobacco plc ................ 77,359 152,251 e BRL Hardy Ltd ............................... 604 177,472 Brown-Forman Corp (Class B) ................. $ 11,600 4,878 * Bruno's Supermarkets, Inc ................... 0 171,636 Bunge Ltd ................................... 4,130 515,930 Bunzl plc ................................... 3,156 2,276,352 Cadbury Schweppes plc ....................... 14,182 220,226 e* Cadiz, Inc .................................. 121 1,183,345 Campbell Soup Co ............................ 27,773 5,881 Carlsberg A/S (A Shs) ....................... 241 11,419 Carlsberg A/S (B Shs) ....................... 503 524,668 * Carmax, Inc ................................. 9,381 1,175,134 e Carrefour S.A. .............................. 52,324 259,359 Casey's General Stores, Inc ................. 3,167 69,223 e Casino Guichard-Perrachon S.A. .............. 5,139 6,974 * Casino Guichard-Perrachon A Wts 12/15/03 .... 1 6,974 * Casino Guichard-Perrachon B Wts 12/15/05 .... 8 310,203 * CDW Computer Centers, Inc ................... 13,602 223,470 * Chiquita Brands International, Inc .......... 2,963 196,962 Church & Dwight Co, Inc ..................... 5,994 928,058 Circuit City Stores, Inc (Circuit City Group) 6,886 939,878 Clorox Co ................................... 38,770 1,237,596 Coca-Cola Amatil Ltd ........................ 3,673 6,365 Coca-Cola Bottling Co Consolidated .......... 411 10,914,347 Coca-Cola Co ................................ 478,267 1,253,299 Coca-Cola Enterprises, Inc .................. 27,222 29,934 Coca-Cola Hellenic Bottling Co S.A. ......... 416 13,300 Coca-Cola West Japan Co Ltd ................. 199 4,857,686 Colgate-Palmolive Co ........................ 254,688 8,102 e Colruyt S.A. ................................ 446 684,469 e Compagnie Financiere Richemont AG. (Units) (A Shs) 12,772 2,821,876 Conagra Foods, Inc .......................... 70,575 367,550 * Constellation Brands, Inc (Class A) ......... 8,715 160,242 Coors (Adolph) Co (Class B) ................. 9,815 227,754 Corn Products International, Inc ............ 6,862 137,170 * Cost Plus, Inc .............................. 3,933 2,269,802 * Costco Wholesale Corp ....................... 63,691 2,061,679 CVS Corp .................................... 51,480 70,705 Danisco A/S ................................. 2,402 170,000 Davide Campari-Milano S.p.A. ................ 5,311 689,037 * Dean Foods Co ............................... 25,563 29,401 Deb Shops, Inc .............................. 653 27,360 * DEL Laboratories, Inc ....................... 553 1,347,342 * Del Monte Foods Co .......................... 10,375 104,549 e Delhaize Group .............................. 1,944 247,355 Delta & Pine Land Co ........................ 5,049 18,565,038 Diageo plc .................................. 201,743 511,386 Dial Corp ................................... 10,417 277,313 DIMON, Inc .................................. 1,664 206,375 Dole Food Co ................................ 6,724 277,400 e Doutor Coffee Co Ltd ........................ 4,699 126,373 Dreyer's Grand Ice Cream, Inc ............... 8,967 171,621 * Drugstore.Com, Inc .......................... 412 144,760 * Duane Reade, Inc ............................ 2,461 762,541 * eBay, Inc ................................... 51,716 412,002 e Electrolux AB Series B ...................... 6,502 68,024 * Electronics Boutique Holdings Corp .......... 1,075 504,799 * Energizer Holdings, Inc ..................... 14,084 196,019 Essilor International S.A. .................. 8,074 552,488 Estee Lauder Cos (Class A) .................. 14,586 162,412 Ethan Allen Interiors, Inc .................. 5,582 51,304 e* Expedia, Inc (Class A) ...................... 3,434 8,792 e* Expedia, Inc Wts 02/04/09 ................... 315 89,110 * Factory 2-U Stores, Inc ..................... 304 110,565 * FAO, Inc .................................... 52 5,878 Farmer Brothers Co .......................... 1,816 291,966 Fastenal Co ................................. 10,917 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 19 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER NON-CYCLICAL--(CONTINUED) 35,676 * Finlay Enterprises, Inc ..................... $ 430 306,384 e Fleming Cos, Inc ............................ 2,013 149,810 Flowers Foods, Inc .......................... 2,923 4,052,713 e Foster's Group Ltd .......................... 10,269 10,930 Fourlis S.A. ................................ 11 260,231 Fraser & Neave Ltd .......................... 1,170 135,610 * FTI Consulting, Inc ......................... 5,445 428,600 e Fuji Oil Co Ltd ............................. 3,828 260,317 * Furniture Brands International, Inc ......... 6,209 36,310 * Gaiam, Inc .................................. 377 69,399 * Galyans Trading Co, Inc ..................... 694 86,900 * Gamestop Corp ............................... 852 41,973 * Gart Sports Co .............................. 812 4,193,311 General Mills, Inc .......................... 196,876 5,500,815 Gillette Co ................................. 167,005 81,534 * Givaudan S.A. (Regd) ........................ 36,560 9,743,955 e Goodman Fielder Ltd ......................... 9,767 109,265 * Great Atlantic & Pacific Tea Co, Inc ........ 881 27,694 * Green Mountain Coffee, Inc .................. 418 128,312 Greencore Group plc ......................... 343 134,004 * Groupe Danone ............................... 18,028 1,888,062 H.J. Heinz Co ............................... 62,061 156,802 * Hain Celestial Group, Inc ................... 2,383 764,847 Hasbro, Inc ................................. 8,834 483,799 Heineken NV ................................. 18,886 384,728 Herman Miller, Inc .......................... 7,079 511,516 Hershey Foods Corp .......................... 34,497 12,769,072 Home Depot, Inc ............................. 305,947 43,454 * Horizon Organic Holding Corp ................ 704 383,457 Hormel Foods Corp ........................... 8,946 18,000 House Foods Corp ............................ 170 160,313 Hughes Supply, Inc .......................... 4,380 567,007 Imperial Tobacco Group plc .................. 9,630 65,963 Ingles Markets, Inc (Class A) ............... 776 278,823 * Insight Enterprises, Inc .................... 2,317 8,280 Inter Parfums, Inc .......................... 64 99,785 * Interbrew S.A. .............................. 2,356 289,487 Interface, Inc (Class A) .................... 889 403,699 International Flavors & Fragrances, Inc ..... 14,170 108,358 * International Multifoods Corp ............... 2,296 292,564 Interstate Bakeries Corp .................... 4,462 1,100,980 ITC Ltd ..................................... 15,177 41,149 * J & J Snack Foods Corp ...................... 1,469 295,145 J.M. Smucker Co ............................. 11,750 693 Japan Tobacco, Inc .......................... 4,637 26,487 * Jeronimo Martins SGPS S.A. .................. 193 121,378 * Jill (J.) Group, Inc ........................ 1,697 3,269,477 Kao Corp .................................... 71,770 75,100 Katokichi Co, Ltd ........................... 1,126 1,259,189 Kellogg Co .................................. 43,152 28,859 Kerry Group (Class A) ....................... 386 65,000 Kerry Group plc (Class A) ................... 855 181,000 e Kinki Coca-Cola Bottling Co Ltd ............. 1,023 528,680 e Kirin Brewery Co Ltd ........................ 3,364 304,000 e Korea Tobacco & Ginseng Corp GDR ............ 2,098 242,160 Kose Corp ................................... 7,714 1,361,960 Kraft Foods, Inc (Class A) .................. 53,021 6,898,682 * Kroger Co ................................... 106,585 144,858 Lancaster Colony Corp ....................... 5,661 167,743 Lance, Inc .................................. 1,986 786,555 Li & Fung Ltd ............................... 746 72,809 * Lithia Motors, Inc (Class A) ................ 1,142 141,955 e Loblaw Cos Ltd .............................. 4,808 376,350 Loews Corp (Carolina Group) ................. 7,629 205,860 Longs Drug Stores Corp ...................... 4,270 319,554 L'Oreal S.A. ................................ 24,329 7,634,370 Lowe's Cos .................................. 286,289 139,866 e Luxottica Group S.p.A. ...................... 1,845 650,000 Luxottica Group S.p.A. (Spon ADR) ........... 8,873 47,916 * MarineMax, Inc .............................. 566 104,457 * Marvel Enterprises, Inc ..................... 938 200 Matsumotokiyoshi Co Ltd ..................... 9 2,281,546 Mattel, Inc ................................. 43,692 716,734 McCormick & Co, Inc (Non-Vote) .............. 16,628 50,000 * Meiji Dairies Corp .......................... 158 515,708 Meiji Seika Kaisha Ltd ...................... 1,517 154,794 Metro AG. ................................... 3,736 65,000 e Mikuni Coca-Cola Bottling Co Ltd ............ 444 557,241 e* Molson, Inc (A Shs) ......................... 11,799 2,000 Molson, Inc (B Shs) ......................... 42 93,113 * Monterey Pasta Co ........................... 349 61,948 Movado Group, Inc ........................... 1,165 75,591 Nash Finch Co ............................... 584 15,100 * National Beverage Corp ...................... 231 77,726 Nature's Sunshine Products, Inc ............. 755 291,752 * NBTY, Inc ................................... 5,129 1,108,921 Nestle S.A. (Regd) .......................... 234,985 39,984 e* NetFlix, Inc ................................ 440 1,368,704 Newell Rubbermaid, Inc ...................... 41,513 261,283 Nichirei Corp ............................... 733 281,784 e Nippon Meat Packers, Inc .................... 2,814 323,002 Nisshin Seifun Group, Inc ................... 2,150 305 Nissin Food Products Co Ltd ................. 7 296,458 Nu Skin Enterprises, Inc (Class A) .......... 3,549 1,707,523 * Office Depot, Inc ........................... 25,203 769,324 * OfficeMax, Inc .............................. 3,847 96,869 Oneida Ltd .................................. 1,068 137,712 Orkla ASA ................................... 2,346 8,118 e* Overstock.com, Inc .......................... 106 147,458 e* PAN Fish ASA ................................ 14 10,169 Papastratos Cigarette Co .................... 173 13,193 * Paragon Trade Brands, Inc (Escrow) .......... 0 947,047 e Parmalat Finanziaria S.p.A. ................. 2,256 42,353 * Party City Corp ............................. 508 206,351 * Pathmark Stores, Inc ........................ 1,046 40,956 * PC Connection, Inc .......................... 208 58,008 * Peets Coffee & Tea, Inc ..................... 820 63,810 * Penn Traffic Co ............................. 223 322,994 Pep Boys-Manny Moe & Jack ................... 3,747 1,861,690 Pepsi Bottling Group, Inc ................... 47,845 430,108 PepsiAmericas Inc ........................... 5,776 14,949,051 PepsiCo, Inc ................................ 631,149 547,851 Pernod-Ricard ............................... 53,065 406,917 * Perrigo Co .................................. 4,944 59,740 * Petco Animal Supplies, Inc .................. 1,400 665,256 * Petsmart, Inc ............................... 11,396 16,618,450 Philip Morris Cos, Inc ...................... 673,546 99,129 Pilgrim's Pride Corp (Class B) .............. 813 186,457 * Playtex Products, Inc ....................... 1,842 350,000 b* Power Pacific Ltd ........................... 0 842,102 * Priceline.com, Inc .......................... 1,347 101,652 * Princeton Review, Inc ....................... 503 7,970,595 Procter & Gamble Co ......................... 684,993 35,000 * Promet Berhad ............................... 3 162,381 e QP Corp ..................................... 1,286 446,534 R.J. Reynolds Tobacco Holdings, Inc ......... 18,804 986,452 RadioShack Corp ............................. 18,486 199,160 e* Ralcorp Holdings, Inc ....................... 5,007 1,174,759 Reckitt Benckiser plc ....................... 22,789 SEE NOTES TO FINANCIAL STATEMENTS 20 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER NON-CYCLICAL--(CONTINUED) 120,935 e* Restoration Hardware, Inc ................... $ 606 59,193 e* Revlon, Inc (Class A) ....................... 181 390,700 Rinnai Corp ................................. 8,906 2,124,186 e* Rite Aid Corp ............................... 5,204 61,242 * Robert Mondavi Corp (Class A) ............... 1,899 571,167 Royal Ahold NV .............................. 7,253 209,412 Ruddick Corp ................................ 2,867 62,351 Russ Berrie & Co, Inc ....................... 2,106 148,178 SABMiller plc ............................... 1,053 1,091,090 Safeway plc ................................. 3,746 2,239,822 * Safeway, Inc ................................ 52,322 5,548,473 Sainsbury (J) plc ........................... 24,899 29,579 Sanderson Farms, Inc ........................ 618 330,000 Sapporo Breweries Ltd ....................... 545 4,192,256 Sara Lee Corp ............................... 94,368 104,477 Schweitzer-Mauduit International, Inc ....... 2,560 1,001,782 Scottish & Newcastle plc .................... 7,475 2,449 Seaboard Corp ............................... 588 34,347 * Seminis, Inc (Class A) ...................... 99 291,136 Sensient Technologies Corp .................. 6,542 47,487 * Sharper Image Corp .......................... 828 205,009 * Shiseido Co Ltd ............................. 2,666 247,703 * Singapore Food Industries Ltd ............... 100 102,330 * Skechers U.S.A., Inc (Class A) .............. 869 75,534 * Smart & Final, Inc .......................... 393 701,565 * Smithfield Foods, Inc ....................... 13,919 169,500 e* Snow Brand Milk Products Co Ltd ............. 246 1,557 Societe BIC S.A. ............................ 54 417,000 * Sonae SPGS S.A. ............................. 175 1,263,931 Southcorp Ltd ............................... 3,274 224,088 * Stamps.com, Inc ............................. 1,046 74,652 Standard Commercial Corp .................... 1,351 2,411,591 * Staples, Inc ................................ 44,132 34,667 * Steinway Musical Instruments, Inc ........... 564 37,095 Stepan Co ................................... 927 100,495 * Summit America Television, Inc .............. 268 276,748 e Swedish Match AB ............................ 2,176 8,961,800 * Taiwan Semiconductor ........................ 10,980 40,800 Tasty Baking Co ............................. 355 706,497 Tate & Lyle plc ............................. 3,583 21,634,006 Tesco plc ................................... 67,567 223,588 * The Bombay Co, Inc .......................... 1,118 35,170 The Swatch Group AG. (Br) ................... 2,925 71,768 e The Swatch Group AG. (Regd) ................. 1,215 98,317 Thomas Industries, Inc ...................... 2,562 167,637 * Ticketmaster (Class B) ...................... 3,557 117,155 Tootsie Roll Industries, Inc ................ 3,594 2,634,878 * Toys "R" Us, Inc ............................ 26,349 92,070 * Tractor Supply Co ........................... 3,462 118,748 * Trans World Entertainment Corp .............. 431 88,322 * Triarc Cos, Inc ............................. 2,318 58,555 * Tuesday Morning Corp ........................ 1,001 346,054 Tupperware Corp ............................. 5,218 130,837 * Tweeter Home Entertainment Group, Inc ....... 756 1,123,898 Tyson Foods, Inc (Class A) .................. 12,610 10,100 Uni-Charm Corp .............................. 401 2,753,667 Unilever NV (Cert) .......................... 169,192 3,693,313 Unilever plc ................................ 35,140 112,165 * United Auto Group, Inc ...................... 1,399 111,011 * United Natural Foods, Inc ................... 2,814 175,123 Universal Corp .............................. 6,473 863,631 UST, Inc .................................... 28,871 151,031 * Valuevision International, Inc (Class A) .... 2,262 140,368 e Vector Group Ltd ............................ 1,631 55,258 * Virbac Corp ................................. 310 5,596,106 Walgreen Co ................................. 163,350 68,691 * Water Pik Technologies, Inc ................. 505 477,716 Waterford Wedgwood plc (Units) .............. 246 142,677 * Weight Watchers International, Inc .......... 6,559 74,352 Weis Markets, Inc ........................... 2,309 124,471 e* Weston (George) Ltd ......................... 7,111 76,675 * Whitehall Jewellers, Inc .................... 728 272,373 * Whole Foods Market, Inc ..................... 14,362 132,116 * Wild Oats Markets, Inc ...................... 1,363 466,391 Winn-Dixie Stores, Inc ...................... 7,126 143,558 Wrigley (Wm.) Jr Co ......................... 7,878 697,600 Wrigley (Wm.) Jr Co (Class B) ............... 38,284 177,000 Yakult Honsha Co Ltd ........................ 2,017 63,000 e Yamazaki Baking Co Ltd ...................... 353 168,074 * Yankee Candle Co, Inc ....................... 2,689 ------------ TOTAL CONSUMER NON-CYCLICAL 7,558,050 ------------ ENERGY--7.23% 99,507 * 3TEC Energy Corp ............................ 1,412 354,301 Amerada Hess Corp ........................... 19,504 1,297,014 Anadarko Petroleum Corp ..................... 62,127 2,860,655 Apache Corp ................................. 163,029 370,201 Ashland, Inc ................................ 10,562 60,361 * Atwood Oceanics, Inc ........................ 1,817 7,204,695 Baker Hughes, Inc ........................... 231,919 113,429 Berry Petroleum Co (Class A) ................ 1,934 2,991,803 BG Group plc ................................ 12,908 1,016,688 * BJ Services Co .............................. 32,849 47,806,420 BP plc ...................................... 328,634 2,056,427 BP plc (Spon ADR) ........................... 83,594 4,170,123 Burlington Resources, Inc ................... 177,856 188,312 Cabot Oil & Gas Corp (Class A) .............. 4,666 245,017 * Cal Dive International, Inc ................. 5,758 484,131 e Canadian Natural Resources Ltd .............. 14,342 53,004 CARBO Ceramics, Inc ......................... 1,786 16,646,812 * Centrica plc ................................ 45,827 940,330 Chesapeake Energy Corp ...................... 7,278 5,535,167 ChevronTexaco Corp .......................... 367,978 208,094 * Cimarex Energy Co ........................... 3,725 30,289,265 CNOOC Ltd ................................... 39,423 151,082 * Comstock Resources, Inc ..................... 1,404 3,522,748 ConocoPhillips .............................. 170,466 236,470 * Cooper Cameron Corp ......................... 11,781 160,350 * Denbury Resources, Inc ...................... 1,812 2,016,321 Devon Energy Corp ........................... 92,549 1,764,658 Diamond Offshore Drilling, Inc .............. 38,558 43,957 * Dril-Quip, Inc .............................. 743 250,000 * Enagas ...................................... 1,522 305,220 Enbridge, Inc ............................... 8,232 2,221,337 e EnCana Corp ................................. 68,589 52,792 * Encore Acquisition Co ....................... 972 120,741 * Energy Developments Ltd ..................... 177 130,669 * Energy Partners Ltd ......................... 1,398 16,893,737 e ENI S.p.A. .................................. 268,584 820,204 ENSCO International, Inc .................... 24,155 619,194 EOG Resources, Inc .......................... 24,718 116,669 * Evergreen Resources, Inc .................... 5,233 102,848 * Exploration Co Of Delaware, Inc ............. 306 48,861,911 Exxon Mobil Corp ............................ 1,707,235 152,814 * Forest Oil Corp ............................. 4,212 2,188 * Forest Oil Corp Wts 02/15/04 ................ 28 2,188 * Forest Oil Corp Wts 02/15/05 ................ 16 103,292 Fortum Oyj .................................. 677 173,326 Frontier Oil Corp ........................... 2,985 467,354 e* Gas Natural SDG S.A. ........................ 8,862 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 21 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ ENERGY--(CONTINUED) 86,780 Getty Realty Corp ........................... $ 1,644 451,953 * Global Industries Ltd ....................... 1,885 463,967 * Grant Prideco, Inc .......................... 5,401 1,033,048 * Grey Wolf, Inc .............................. 4,122 47,652 * Gulf Island Fabrication, Inc ................ 774 2,179,610 Halliburton Co .............................. 40,781 324,246 * Hanover Compressor Co ....................... 2,977 237,208 * Harvest Natural Resources, Inc .............. 1,566 43,720 Hellenic Petroleum S.A. ..................... 254 244,593 Helmerich & Payne, Inc ...................... 6,827 58,485 Holly Corp .................................. 1,278 4,638,199 Hong Kong & China Gas Co Ltd ................ 6,007 114,188 * Horizon Offshore, Inc ....................... 569 67,376 * Houston Exploration Co ...................... 2,062 970,032 e Husky Energy, Inc ........................... 10,113 80,136 * Hydril Co ................................... 1,889 127,041 IHC Caland NV ............................... 6,706 358,471 Imperial Oil Ltd ............................ 10,179 304,776 * Input/Output, Inc ........................... 1,295 102,000 e* Italgas S.p.A. .............................. 1,387 468,286 Kerr-McGee Corp ............................. 20,745 699,954 * Key Energy Services, Inc .................... 6,279 37,400 Lufkin Industries, Inc ...................... 877 308,468 * Magnum Hunter Resources, Inc ................ 1,835 41,090 * Magnum Hunter Resources, Inc Wts 03/21/05 ... 12 1,617,994 Marathon Oil Corp ........................... 34,447 249,249 * Maverick Tube Corp .......................... 3,248 218,657 * Meridian Resource Corp ...................... 197 354,188 Murphy Oil Corp ............................. 15,177 411,161 * National-Oilwell, Inc ....................... 8,980 225,732 * Newfield Exploration Co ..................... 8,138 65,034 Nexen, Inc .................................. 1,410 41,000 * Nippon Mining Holdings, Inc ................. 55 1,625,047 e Nippon Oil Corp ............................. 7,367 708,739 Noble Energy, Inc ........................... 26,613 217,877 * Norsk Hydro ASA ............................. 9,765 107,612 * Nuevo Energy Co ............................. 1,194 2,016,781 Occidental Petroleum Corp ................... 57,377 911,674 Ocean Energy, Inc ........................... 18,206 154,638 * Oceaneering International, Inc .............. 3,826 13,703 OMV AG. ..................................... 1,346 4,245,389 e Origin Energy Ltd ........................... 8,869 7,446,445 Osaka Gas Co Ltd ............................ 18,385 545,697 * Parker Drilling Co .......................... 1,211 164,608 Patina Oil & Gas Corp ....................... 5,210 369,184 * Patterson-UTI Energy, Inc ................... 11,138 320,500 * Penn West Petroleum Ltd ..................... 8,318 222,950 Petro-Canada ................................ 6,902 605,722 Petro-Canada (Non-Resident) ................. 18,753 16,289 * Petroleum Helicopters (Vote) ................ 483 616,374 * Pioneer Natural Resources Co ................ 15,563 154,195 * Plains Exploration & Production Co .......... 1,503 154,195 * Plains Resources, Inc ....................... 1,827 291,232 Pogo Producing Co ........................... 10,848 79,600 * Premcor, Inc ................................ 1,770 524,617 * Pride International, Inc .................... 7,817 66,200 * Prima Energy Corp ........................... 1,480 336,525 * Range Resources Corp ........................ 1,817 128,605 * Remington Oil & Gas Corp .................... 2,110 566,210 * Repsol YPF S.A. ............................. 7,487 510,627 Rowan Cos, Inc .............................. 11,591 3,693,647 e Royal Dutch Petroleum Co .................... 162,603 71,995 RPC, Inc .................................... 835 1,728,387 Santos Ltd .................................. 5,859 179,341 * Seacor Smit, Inc ............................ $ 7,981 50 * Serval Integrated Energy Services (Units) ... 0 10,306 e Shell Canada Ltd (Class A) (U.S.) ........... 321 11,850,833 Shell Transport & Trading Co plc ............ 78,032 50,000 e Showa Shell Sekiyu KK ....................... 347 14,203 Smedvig A/S (B Shs) ......................... 58 490,204 * Smith International, Inc .................... 15,990 4,946,005 * Snam Rete Gas S.p.A. ........................ 16,869 154,345 * Spinnaker Exploration Co .................... 3,403 186,612 St. Mary Land & Exploration Co .............. 4,665 123,832 Statoil ASA ................................. 1,046 142,001 * Stone Energy Corp ........................... 4,737 751,680 e Suncor Energy, Inc .......................... 11,752 331,748 Sunoco, Inc ................................. 11,007 321,519 * Superior Energy Services, Inc ............... 2,636 157,773 * Swift Energy Co ............................. 1,526 134,732 Talisman Energy, Inc ........................ 4,848 176 Teikoku Oil Co Ltd .......................... 1 434,430 * Tesoro Petroleum Corp ....................... 1,964 247,700 Tidewater, Inc .............................. 7,703 16,139,311 Tokyo Gas Co Ltd ............................ 50,592 224,084 * Tom Brown, Inc .............................. 5,625 147,000 e TonenGeneral Sekiyu KK ...................... 966 2,591,553 Total Fina Elf S.A. ......................... 370,134 163,377 * Total Fina Elf S.A. (Strip Vvpr) ............ 2 2,025 * Total Fina Elf S.A. Wts 08/05/03 ............ 50 1,741,834 e TransCanada PipeLines Ltd ................... 25,271 118,132 * Transmontaigne, Inc ......................... 548 152,031 * Trico Marine Services, Inc .................. 506 254,023 * Unit Corp ................................... 4,712 109,295 * Universal Compression Holdings, Inc ......... 2,091 1,376,046 Unocal Corp ................................. 42,079 510,859 Valero Energy Corp .......................... 18,871 444,821 * Varco International, Inc .................... 7,740 205,744 * Veritas DGC, Inc ............................ 1,625 325,229 Vintage Petroleum, Inc ...................... 3,431 304,443 * Weatherford International Ltd ............... 12,156 112,380 * Westport Resources Corp ..................... 2,338 146,920 * W-H Energy Services, Inc .................... 2,144 1,164,420 e Woodside Petroleum Ltd ...................... 8,117 60,395 World Fuel Services Corp .................... 1,238 542,357 XTO Energy, Inc ............................. 13,396 ------------ TOTAL ENERGY 5,459,849 ------------ FINANCIAL SERVICES--21.48% 91,518 1st Source Corp ............................. 1,533 165,348 21st Century Insurance Group ................ 2,070 479,035 3i Group plc ................................ 4,280 93,000 77 Bank Ltd ................................. 381 446,655 A.G. Edwards, Inc ........................... 14,722 1,596,255 e* Abbey National plc .......................... 13,312 64,360 ABC Bancorp ................................. 833 7,486,444 ABN Amro Holding NV ......................... 122,401 93,339 Acadia Realty Trust ......................... 693 801,165 Acom Co Ltd ................................. 26,330 53,690 Advanta Corp (Class A) ...................... 482 98,997 Advanta Corp (Class B) ...................... 930 3,322,175 e Aegon NV .................................... 42,742 35,700 e Aeon Credit Service Co Ltd .................. 1,297 122,772 * Affiliated Managers Group, Inc .............. 6,175 2,674,565 Aflac, Inc .................................. 80,558 216,750 Aiful Corp .................................. 8,146 2,958,000 Aioi Insurance Co Ltd ....................... 5,708 63,994 Alabama National Bancorp .................... 2,784 118,100 Alexandria Real Estate Equities, Inc ........ 5,031 243,672 Alfa Corp ................................... 2,927 SEE NOTES TO FINANCIAL STATEMENTS 22 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ FINANCIAL SERVICES--(CONTINUED) 250,000 * Alleanza Assicurazioni S.p.A. ............... $ 1,894 28,424 * Alleghany Corp .............................. 5,045 78,734 Allegiant Bancorp, Inc ...................... 1,435 354,000 Allgreen Properties Ltd ..................... 194 141,158 Allianz AG. (Regd) .......................... 13,347 513,060 e Allied Capital Corp ......................... 11,200 3,621,953 * Allied Irish Banks plc (Dublin) ............. 48,879 439,907 Allied Irish Banks plc (London) ............. 6,038 282,573 * Allmerica Financial Corp .................... 2,854 3,643,439 Allstate Corp ............................... 134,771 62,085 Alpha Bank S.A. ............................. 749 471,430 AMB Property Corp ........................... 12,898 419,616 Ambac Financial Group, Inc .................. 23,599 164,305 Amcore Financial, Inc ....................... 3,565 261,227 e American Capital Strategies Ltd ............. 5,640 10,483,212 American Express Co ......................... 370,582 157,499 American Financial Group, Inc ............... 3,634 152,832 American Financial Holdings, Inc ............ 4,567 57,511 American Home Mortgage Holdings, Inc ........ 633 14,441,789 American International Group, Inc ........... 835,457 37,560 American National Bankshares, Inc ........... 977 53,070 American National Insurance Co .............. 4,353 65,232 * American Physicians Capital, Inc ............ 1,227 693,653 e* AmeriCredit Corp ............................ 5,369 689,472 * Ameritrade Holding Corp ..................... 3,902 214,032 AmerUs Group Co ............................. 6,051 94,113 AMLI Residential Properties Trust ........... 2,003 1,900,879 AMP Diversified Property Trust .............. 2,794 2,048,956 AMP Ltd ..................................... 12,899 1,845,024 AmSouth Bancorp ............................. 35,424 5,358,306 Amvescap plc ................................ 34,333 139,939 Anchor Bancorp Wisconsin, Inc ............... 2,904 477,588 Annaly Mortgage Management, Inc ............. 8,979 305,741 Anthracite Capital, Inc ..................... 3,333 155,400 Anworth Mortgage Asset Corp ................. 1,953 1,295,617 AON Corp .................................... 24,474 468,182 Apartment Investment & Management Co (Class A) 17,547 196,654 Apex Mortgage Capital, Inc .................. 1,286 985,074 Archstone-Smith Trust ....................... 23,189 326,234 Arden Realty, Inc ........................... 7,226 146,065 e Argonaut Group, Inc ......................... 2,154 44,336 Arrow Financial Corp ........................ 1,364 540,000 * Ashikaga Bank Ltd ........................... 623 3,776,242 e Assicurazioni Generali S.p.A. ............... 77,671 396,534 Associated Banc-Corp ........................ 13,458 107,338 Associated Estates Realty Corp .............. 725 641,212 Astoria Financial Corp ...................... 17,409 4,007,755 e Australia & New Zealand Banking Group Ltd ... 39,155 122,217 Australian Stock Exchange Ltd ............... 785 325,603 AvalonBay Communities, Inc .................. 12,744 6,354,468 Aviva plc ................................... 45,319 4,340,520 e* AXA ......................................... 58,258 37,439 Baldwin & Lyons, Inc (Class B) .............. 882 86,208 Banc Corp ................................... 669 15,349,782 e Banca Intessa S.p.A. ........................ 32,377 10,912,893 e* Banca Intessa S.p.A. (Rnc) .................. 17,980 450,681 e Banca Monte dei Paschi di Siena S.p.A. ...... 1,062 274,254 * Banca Popolare di Milano .................... 999 25,099 Bancfirst Corp .............................. 1,180 9,535,240 e Banco Bilbao Vizcaya Argentaria S.A. ........ 91,257 224,672 Banco BPI-SGPS S.A. (Regd) .................. 514 921,893 Banco Comercial Portugues S.A. (Regd) ....... 2,206 48,699 Banco Espirito Santo S.A. (Regd) ............ 639 98,000 e Banco Popular Espanol ....................... 4,008 4,737,400 * Banco Santander Central Hispano S.A. ........ 32,513 435,751 Bancorpsouth, Inc ........................... 8,462 71,659 Bank Mutual Corp ............................ 1,657 11,590,327 Bank Of America Corp ........................ 806,339 1,077,052 Bank Of East Asia Ltd ....................... 1,844 784,000 e Bank Of Fukuoka Ltd ......................... 3,145 89,246 Bank Of Granite Corp ........................ 1,562 348,648 Bank Of Hawaii Corp ......................... 10,595 1,901,109 Bank Of Ireland (Dublin) .................... 19,511 2,290,230 Bank Of Ireland (London) .................... 23,529 1,572,508 e Bank Of Montreal ............................ 41,498 3,857,458 Bank Of New York Co, Inc .................... 92,425 1,452,782 e Bank of Nova Scotia ......................... 48,426 29,430 Bank Of The Ozarks, Inc ..................... 690 785,927 e Bank Of Yokohama Ltd ........................ 3,106 9,087,453 Bank One Corp ............................... 332,146 1,017 * Bank United Corp (Contingent Payment Rts) ... 0 280,254 BankAtlantic Bancorp, Inc (Class A) ......... 2,648 751,686 Banknorth Group, Inc ........................ 16,988 143,422 * Bankunited Financial Corp (Class A) ......... 2,321 69,778 Banner Corp ................................. 1,316 20,168,165 Barclays plc ................................ 125,005 416,399 * Bay View Capital Corp ....................... 2,394 259,475 Bayerische Hypo-und Vereinsbank AG. ......... 4,030 2,436,407 BB&T Corp ................................... 90,123 508,754 Bear Stearns Cos, Inc ....................... 30,220 72,919 * Beazer Homes U.S.A., Inc .................... 4,419 98,244 Bedford Property Investors, Inc ............. 2,524 206,027 Berkley (W.R.) Corp ......................... 8,161 41,163 Berkshire Hills Bancorp, Inc ................ 969 39,865 * BKF Capital Group, Inc ...................... 704 91,071 * Blackrock, Inc .............................. 3,588 1,848,469 e BNP Paribas ................................. 75,322 1,913,000 * BOC Hong Kong Holdings Ltd .................. 1,962 72,978 * BOK Financial Corp .......................... 2,364 116,598 Boston Private Financial Holdings, Inc ...... 2,316 381,592 Boston Properties, Inc ...................... 14,065 26,004 Bostonfed Bancorp, Inc ...................... 694 115,733 Boykin Lodging Co ........................... 1,080 176,642 Brandywine Realty Trust ..................... 3,853 261,886 BRE Properties, Inc (Class A) ............... 8,171 1,038,353 British Land Co plc ......................... 7,556 421,836 Brookfield Properties Corp .................. 7,631 393,348 Brookline Bancorp, Inc ...................... 4,681 246,094 Brown & Brown, Inc .......................... 7,954 24,714 Bryn Mawr Bank Corp ......................... 905 58,858 BSB Bancorp, Inc ............................ 1,234 21,927 * BTG plc ..................................... 40 22,251 California First National Bancorp ........... 285 52,785 Camden National Corp ........................ 1,277 209,346 Camden Property Trust ....................... 6,908 217,543 Canada Life Financial Corp .................. 5,548 736,986 e Canadian Imperial Bank Of Commerce .......... 20,302 799,222 Canary Wharf Group plc ...................... 3,030 142,084 Capital Automotive REIT ..................... 3,367 43,235 Capital City Bank Group, Inc ................ 1,694 1,096,890 Capital One Financial Corp .................. 32,600 811,587 CapitaLand Ltd .............................. 519 51,177 Capitol Bancorp Ltd ......................... 1,187 126,839 Capitol Federal Financial ................... 3,653 65,036 Capstead Mortgage Corp ...................... 1,603 303,174 CarrAmerica Realty Corp ..................... 7,595 82,200 Cascade Bancorp ............................. 1,136 151,862 Cash America International, Inc ............. 1,446 466,026 * Catellus Development Corp ................... 9,251 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 23 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ FINANCIAL SERVICES--(CONTINUED) 102,494 Cathay Bancorp, Inc ......................... $ 3,894 21,995 CB Bancshares, Inc .......................... 935 137,681 CBL & Associates Properties, Inc ............ 5,514 57,515 CCBT Financial Cos, Inc ..................... 1,477 80,767 * CCC Information Services Group, Inc ......... 1,434 68,584 Center Trust, Inc ........................... 535 126,313 Centerpoint Properties Corp ................. 7,219 48,624 * Central Coast Bancorp ....................... 961 20,955 Century Bancorp, Inc (Class A) .............. 556 122,764 * Ceres Group, Inc ............................ 236 81,528 CFS Bancorp, Inc ............................ 1,166 4,199,616 CFS Gandel Retail Trust ..................... 3,240 5,718,155 Charles Schwab Corp ......................... 62,042 21,033 Charter Financial Corp ...................... 654 273,318 Charter Municipal Mortgage Acceptance Co .... 4,748 2,786,502 Charter One Financial, Inc .................. 80,056 144,123 Chateau Communities, Inc .................... 3,315 191,919 Chelsea Property Group, Inc ................. 6,393 150,105 Chemical Financial Corp ..................... 4,826 1,186,242 Cheung Kong Holdings Ltd .................... 7,720 471,540 Chiba Bank Ltd .............................. 1,502 205,651 Chittenden Corp ............................. 5,240 444,872 * ChoicePoint, Inc ............................ 17,568 800,448 Chubb Corp .................................. 41,783 715,135 Cincinnati Financial Corp ................... 26,853 1,900 * Citigroup, Inc .............................. 2 34,333,152 Citigroup, Inc .............................. 1,208,184 239,471 Citizens Banking Corp ....................... 5,934 58,671 Citizens First Bancorp, Inc ................. 1,236 152,286 * Citizens, Inc ............................... 1,142 54,035 City Bank ................................... 1,337 940,802 City Developments Ltd ....................... 2,256 111,402 City Holding Co ............................. 3,147 203,940 City National Corp .......................... 8,971 94,301 * Clark/Bardes, Inc ........................... 1,815 14,155 Close Brothers Group plc .................... 127 227,035 * CNA Financial Corp .......................... 5,812 103,262 CNA Surety Corp ............................. 811 26,958 Coastal Bancorp, Inc ........................ 872 54,716 Coastal Financial Corp ...................... 746 48,079 CoBiz, Inc .................................. 714 631,652 Colonial Bancgroup, Inc ..................... 7,536 95,638 Colonial Properties Trust ................... 3,246 37,911 Columbia Bancorp ............................ 835 92,808 * Columbia Banking System, Inc ................ 1,170 1,053,924 Comerica, Inc ............................... 45,572 314,311 Commerce Bancorp, Inc ....................... 13,575 318,248 Commerce Bancshares, Inc .................... 12,504 164,254 Commerce Group, Inc ......................... 6,160 21,343 Commercial Bank Of Greece ................... 325 305,042 Commercial Federal Corp ..................... 7,123 251,612 Commercial Net Lease Realty, Inc ............ 3,857 51,732 Commonwealth Bancorp, Inc ................... 2,399 3,034,806 Commonwealth Bank of Australia .............. 46,140 4,689,472 Commonwealth Property Office Fund ........... 3,090 75,952 Community Bank System, Inc .................. 2,381 49,919 Community Banks, Inc ........................ 1,383 265,138 Community First Bankshares, Inc ............. 7,016 75,282 Community Trust Bancorp, Inc ................ 1,893 661,359 Compass Bancshares, Inc ..................... 20,681 89,247 * CompuCredit Corp ............................ 631 76,143 Connecticut Bancshares, Inc ................. 2,928 318,139 Cornerstone Realty Income Trust, Inc ........ 2,532 188,802 Corporacion Mapfre S.A. ..................... 1,532 114,482 Corporate Office Properties Trust ........... 1,606 43,350 Correctional Properties Trust ............... 941 186,030 * Corrections Corp Of America ................. 3,190 59,782 Corus Bankshares, Inc ....................... 2,610 601,555 Countrywide Financial Corp .................. 31,070 209,745 Cousins Properties, Inc ..................... 5,181 86,338 CPB, Inc .................................... 2,370 157,383 Crawford & Co (Class A) ..................... 645 57,021 Crawford & Co (Class B) ..................... 285 91,434 * Credit Acceptance Corp ...................... 583 108,301 Credit Saison Co Ltd ........................ 1,848 5,137,052 * Credit Suisse Group ......................... 111,457 28,910 * Crescent Operating, Inc ..................... 5 444,606 Crescent Real Estate Equities Co ............ 7,398 167,662 Crown American Realty Trust ................. 1,542 189,993 * CSK Auto Corp ............................... 2,090 272,280 Cullen/Frost Bankers, Inc ................... 8,904 15,508 Curtiss-Wright Corp (Class B) ............... 966 179,872 CVB Financial Corp .......................... 4,574 781,000 Daibiru Corp ................................ 2,600 5,986 * Daido Life Insurance Co Ltd ................. 12,560 138 * Daikyo, Inc ................................. 0 922,877 e Daiwa Securities Group, Inc ................. 4,098 608,456 e Danske Bank A/S ............................. 10,057 2,854,880 DBS Group Holdings Ltd ...................... 18,105 87,690 Delphi Financial Group, Inc (Class A) ....... 3,329 477,619 Deutsche Bank AG. (Regd) .................... 22,003 70,247 Deutsche Boerse AG. ......................... 2,801 676,430 Deutsche Office Trust ....................... 453 408,597 Developers Diversified Realty Corp .......... 8,985 4,479,126 e Dexia ....................................... 55,606 567,400 Diamond Lease Co Ltd ........................ 10,854 149,014 Dime Community Bancshares ................... 2,854 2,283,821 e DNB Holding ASA ............................. 10,747 315,080 Doral Financial Corp ........................ 9,011 116,529 Downey Financial Corp ....................... 4,545 118,552 e Drott AB (B Shs) ............................ 1,320 1,021,050 Duke Realty Corp ............................ 25,986 1,468,074 * E*trade Group, Inc .......................... 7,135 158,047 East West Bancorp, Inc ...................... 5,702 248,893 * Eastern European Trust plc .................. 3,005 97,496 Eastgroup Properties, Inc ................... 2,486 298,950 Eaton Vance Corp ............................ 8,445 91,395 EFG Eurobank Ergasias S.A. .................. 1,074 90,455 * Electro Rent Corp ........................... 1,096 4,346 EMC Insurance Group, Inc .................... 78 112,848 Entertainment Properties Trust .............. 2,654 2,353,945 Equity Office Properties Trust .............. 58,802 27,080 e Equity One, Inc ............................. 362 1,505,748 Equity Residential .......................... 37,011 113,336 Erie Indemnity Co (Class A) ................. 4,110 18,268 Erste Bank Der Oesterreichischen Sparkassen AG. 1,230 97,688 Essex Property Trust, Inc ................... 4,967 96,921 * Euronet Worldwide, Inc ...................... 728 66,395 F & M Bancorp ............................... 2,125 27,950 Fairfax Financial Holdings Ltd .............. 2,143 9,603,696 Fannie Mae .................................. 617,806 40,232 Farmers Capital Bank Corp ................... 1,338 76,553 FBL Financial Group, Inc (Class A) .......... 1,490 136,413 FBR Asset Investment Corp ................... 4,624 53,711 e* Federal Agricultural Mortgage Corp (Class C) 1,646 257,644 Federal Realty Investment Trust ............. 7,245 565,344 Federated Investors, Inc (Class B) .......... 14,343 303,081 FelCor Lodging Trust, Inc ................... 3,467 105,339 Fidelity Bankshares, Inc .................... 1,886 SEE NOTES TO FINANCIAL STATEMENTS 24 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ FINANCIAL SERVICES--(CONTINUED) 512,432 Fidelity National Financial, Inc ............ $ 16,823 2,883,606 Fifth Third Bancorp ......................... 168,835 78,426 * Financial Federal Corp ...................... 1,971 50,710 Financial Industries Corp ................... 722 54,084 Financial Institutions, Inc ................. 1,588 378,681 First American Corp ......................... 8,407 44,323 First Bancorp (North Carolina) .............. 1,042 221,778 First Bancorp (Puerto Rico) ................. 5,012 7,290 * First Banks America, Inc .................... 296 52,197 First Busey Corp (Class A) .................. 1,204 205,506 First Charter Corp .......................... 3,699 40,367 First Citizens Bancshares, Inc (Class A) .... 3,899 389,915 First Commonwealth Financial Corp ........... 4,484 39,257 First Community Bancorp ..................... 1,293 59,042 First Community Bancshares, Inc ............. 1,816 34,624 First Defiance Financial Corp ............... 654 43,075 First Essex Bancorp, Inc .................... 1,439 110,109 First Federal Capital Corp .................. 2,126 243,189 First Financial Bancorp ..................... 3,986 80,836 First Financial Bankshares, Inc ............. 3,072 45,217 First Financial Corp (Indiana) .............. 2,199 90,207 First Financial Holdings, Inc ............... 2,234 2,485 * First Hungary Fund Ltd ...................... 3,990 77,406 First Indiana Corp .......................... 1,434 96,104 First Merchants Corp ........................ 2,190 260,900 First Midwest Bancorp, Inc .................. 6,969 50,032 First National Corp ......................... 1,201 63,709 First Niagara Financial Group, Inc .......... 1,664 28,310 First Oak Brook Bancshares, Inc ............. 890 11,250 First Of Long Island Corp ................... 411 85,245 First Place Financial Corp .................. 1,418 71,038 * First Republic Bank ......................... 1,420 168,239 First Sentinel Bancorp, Inc ................. 2,421 18,300 First South Bancorp, Inc .................... 651 39,304 First State Bancorp ......................... 975 675,226 First Tennessee National Corp ............... 24,268 374,606 First Virginia Banks, Inc ................... 13,947 43,718 Firstfed America Bancorp, Inc ............... 1,086 117,337 * FirstFed Financial Corp ..................... 3,397 434,034 FirstMerit Corp ............................. 9,401 94,114 Flagstar Bancorp, Inc ....................... 2,033 8,823,453 FleetBoston Financial Corp .................. 214,410 68,480 Flushing Financial Corp ..................... 1,122 230,821 FNB Corp .................................... 6,355 38,639 FNB Corp (Virginia) ......................... 917 818,170 Fortis ...................................... 14,424 462,027 * Fortis (Strip Vvpr) ......................... 5 60,112 e* FPIC Insurance Group, Inc ................... 415 17,433 Franklin Financial Corp ..................... 400 892,337 Franklin Resources, Inc ..................... 30,411 6,600,195 Freddie Mac ................................. 389,742 399,033 e Fremont General Corp ........................ 1,792 137,980 e* Friedman, Billings, Ramsey Group, Inc ....... 1,291 4,010,000 Friends Provident plc ....................... 7,795 109,868 Frontier Financial Corp ..................... 2,810 2,418,000 Fuji Fire & Marine Insurance Co Ltd ......... 4,605 541,366 Fulton Financial Corp ....................... 9,561 41,486 * Gabelli Asset Management, Inc (Class A) ..... 1,246 167,777 Gables Residential Trust .................... 4,183 420,882 Gallagher (Arthur J.) & Co .................. 12,366 299,753 * Gartner, Inc (Class A) ...................... 2,758 240,938 * Gartner, Inc (Class B) ...................... 2,277 53,852 GBC Bancorp ................................. 1,043 394,227 General Growth Properties, Inc .............. 20,500 4,746,496 General Property Trust ...................... 7,938 58,251 German American Bancorp ..................... 906 121,901 e* Gjensidige Nor ASA .......................... 3,994 100,750 Glacier Bancorp, Inc ........................ 2,375 59,317 Gladstone Capital Corp ...................... 977 105,369 Glenborough Realty Trust, Inc ............... 1,878 194,615 Glimcher Realty Trust ....................... 3,454 205,232 Gold Banc Corp, Inc ......................... 2,036 706,278 Golden West Financial Corp .................. 50,718 2,401,144 Goldman Sachs Group, Inc .................... 163,518 34,880 Granite State Bankshares, Inc ............... 1,524 40,656 Great American Financial Resources, Inc ..... 699 87,585 Great Lakes REIT, Inc ....................... 1,458 122,939 Great Portland Estates plc .................. 441 39,087 Great Southern Bancorp, Inc ................. 1,436 242,588 e Greater Bay Bancorp ......................... 4,194 497,477 Greenpoint Financial Corp ................... 22,476 360,000 e Gunma Bank Ltd .............................. 1,565 325,316 Hammerson plc ............................... 2,467 89,483 Hancock Holding Co .......................... 3,995 12,648,000 Hang Lung Properties Ltd .................... 12,245 1,115,694 * Hang Seng Bank Ltd .......................... 11,875 58,399 * Hanmi Financial Corp ........................ 979 142,278 Harbor Florida Bancshares, Inc .............. 3,204 197,371 Harleysville Group, Inc ..................... 5,217 127,248 Harleysville National Corp .................. 3,400 1,252,333 Hartford Financial Services Group, Inc ...... 56,893 40,078 * Hawthorne Financial Corp .................... 1,144 8,650,393 HBOS plc .................................... 91,217 308,306 HCC Insurance Holdings, Inc ................. 7,584 307,972 Health Care Property Investors, Inc ......... 11,795 259,079 Health Care REIT, Inc ....................... 7,008 281,701 Healthcare Realty Trust, Inc ................ 8,240 3,246,118 Henderson Land Development Co Ltd ........... 9,740 119,640 Heritage Property Investment Trust .......... 2,987 3,052,194 Hibernia Corp (Class A) ..................... 58,724 320,362 Highwoods Properties, Inc ................... 7,080 203,208 Hilb, Rogal & Hamilton Co ................... 8,311 449,331 e* Hokuriku Bank Ltd ........................... 606 175,351 Home Properties Of New York, Inc ............ 6,041 514,243 e* Homestore, Inc .............................. 437 2,900,000 Hong Kong Exchanges & Clearing Ltd .......... 3,644 383,587 Hooper Holmes, Inc .......................... 2,355 238,878 Horace Mann Educators Corp .................. 3,662 343,403 Hospitality Properties Trust ................ 12,088 1,291,953 * Host Marriott Corp .......................... 11,434 164,500 Hotel Properties Ltd ........................ 88 2,250,554 Household International, Inc ................ 62,588 860,573 HRPT Properties Trust ....................... 7,091 3,770,329 HSBC Holdings plc (Hong Kong) ............... 41,216 24,432,917 HSBC Holdings plc (United Kingdom) .......... 270,032 387,930 Hudson City Bancorp, Inc .................... 7,227 101,239 Hudson River Bancorp, Inc ................... 2,506 256,879 Hudson United Bancorp ....................... 7,989 71,265 Humboldt Bancorp ............................ 748 1,266,479 Huntington Bancshares, Inc .................. 23,696 499,189 Hysan Development Co Ltd .................... 371 39,964 IberiaBank Corp ............................. 1,605 282,810 IMPAC Mortgage Holdings, Inc ................ 3,252 27,401 f* Imperial Credit Industries .................. 0 274,581 Independence Community Bank Corp ............ 6,969 19,773 * Independence Holding Co ..................... 425 86,735 Independent Bank Corp (Massachusetts) ....... 1,978 82,175 b* Independent Bank Corp (Michigan) ............ 2,487 2,790,000 * Independent Insurance Group plc ............. 0 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 25 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ FINANCIAL SERVICES--(CONTINUED) 5,000,000 Industrial & Commercial Bank Of China Ltd (Hong Kong) ............................... $ 3,911 360,507 * IndyMac Bancorp, Inc ........................ 6,666 1,834,685 ING Groep NV ................................ 31,075 165,094 Innkeepers U.S.A. Trust ..................... 1,265 131,471 * Insignia Financial Group, Inc ............... 953 193,047 Instinet Group, Inc ......................... 817 2,596,331 * Insurance Australia Group Ltd ............... 4,006 66,661 * Insurance Auto Auctions, Inc ................ 1,106 103,754 Integra Bank Corp ........................... 1,849 56,011 Interchange Financial Services Corp ......... 902 146,718 International Bancshares Corp ............... 5,788 266,961 * Investment Technology Group, Inc ............ 5,969 443,507 Investors Financial Services Corp ........... 12,148 4,600 Investors Group, Inc ........................ 78 188,790 Investors Real Estate Trust ................. 1,884 111,233 Irish Life & Permanent plc .................. 1,202 109,042 Irish Life & Permanent plc (United Kingdom) . 1,176 220,701 IRT Property Co ............................. 2,620 82,354 Irwin Financial Corp ........................ 1,359 256,683 iStar Financial, Inc ........................ 7,200 30,400 * Itla Capital Corp ........................... 1,010 301,971 * ITT Educational Services, Inc ............... 7,111 10,301,751 JP Morgan Chase & Co ........................ 247,242 237,203 JDN Realty Corp ............................. 2,597 128,462 Jefferies Group, Inc ........................ 5,392 736,726 Jefferson-Pilot Corp ........................ 28,077 1,579,917 John Hancock Financial Services, Inc ........ 44,080 112,778 John Nuveen Co (Class A) .................... 2,859 203,468 * Jones Lang LaSalle, Inc ..................... 3,129 682,034 e Joyo Bank Ltd ............................... 1,897 25,688 Kansas City Life Insurance Co ............... 974 308,838 e KBC Bancassurance Holding NV ................ 9,849 271,000 Keppel Land Ltd ............................. 152 2,155,522 KeyCorp ..................................... 54,190 97,963 Keystone Property Trust ..................... 1,662 163,560 Kilroy Realty Corp .......................... 3,770 514,890 Kimco Realty Corp ........................... 15,776 547,604 * Knight Trading Group, Inc ................... 2,623 128,328 Koger Equity, Inc ........................... 2,002 124,528 Kramont Realty Trust ........................ 1,824 913,139 * La Quinta Corp .............................. 4,018 240,359 * LaBranche & Co, Inc ......................... 6,403 76,676 Lakeland Bancorp, Inc ....................... 1,370 33,662 Lakeland Financial Corp ..................... 789 428,151 Land Securities Group plc ................... 5,411 127,273 Landamerica Financial Group, Inc ............ 4,512 2,321 Leeds Federal Bankshares, Inc ............... 74 7,281,279 Legal & General Group plc ................... 11,253 495,406 Legg Mason, Inc ............................. 24,047 1,187,542 Lehman Brothers Holdings, Inc ............... 63,284 372,914 Lend Lease Corp Ltd ......................... 2,041 47,024 * LendingTree, Inc ............................ 606 183,934 Leucadia National Corp ...................... 6,863 157,644 Lexington Corporate Properties Trust ........ 2,507 112,796 Liberty Corp ................................ 4,376 968,031 Lincoln National Corp ....................... 30,570 10,787,830 Lloyds TSB Group plc ........................ 77,458 149,543 LNR Property Corp ........................... 5,294 127,438 * Local Financial Corp ........................ 1,867 56,191 LSB Bancshares, Inc ......................... 910 94,553 LTC Properties, Inc ......................... 635 405,551 M & T Bank Corp ............................. 32,180 44,683 Macatawa Bank Corp .......................... 887 220,042 Macerich Co ................................. 6,766 249,582 Mack-Cali Realty Corp ....................... 7,562 194,911 Macquarie Bank Ltd .......................... 2,590 4,801,793 Macquarie Infrastructure Group .............. 8,652 127,903 MAF Bancorp, Inc ............................ 4,340 69,937 Main Street Banks, Inc ...................... 1,343 37,993 MainSource Financial Group, Inc ............. 912 482,800 Man Group plc ............................... 6,894 92,885 Manufactured Home Communities, Inc .......... 2,752 1,697,514 e* Manulife Financial Corp ..................... 36,952 54,797 * Markel Corp ................................. 11,261 2,868,274 Marsh & McLennan Cos, Inc ................... 132,543 1,167,375 Marshall & Ilsley Corp ...................... 31,963 25,378 MASSBANK Corp ............................... 718 2,250,492 a Max Re Capital Ltd .......................... 24,800 74,565 MB Financial, Inc ........................... 2,594 785,259 MBIA, Inc ................................... 34,441 5,531,868 MBNA Corp ................................... 105,216 138,357 MCG Capital Corp ............................ 1,486 82,023 Mediobanca S.p.A. ........................... 675 6,991 * MEEMIC Holdings, Inc ........................ 202 2,302,122 Mellon Financial Corp ....................... 60,108 536,417 Mercantile Bankshares Corp .................. 20,700 27,106 Merchants Bancshares, Inc ................... 611 131,138 Mercury General Corp ........................ 4,928 265,664 Meristar Hospitality Corp ................... 1,753 58,145 * Meritage Corp ............................... 1,957 4,292,339 Merrill Lynch & Co, Inc ..................... 162,894 1,664,107 MetLife, Inc ................................ 44,997 235,150 e Metris Cos, Inc ............................. 581 128,080 Metrovacesa S.A. ............................ 2,715 261,723 MFA Mortgage Investments, Inc ............... 2,198 4,123 * MFN Financial Corp Series B Wts 03/23/03 .... 0 4,123 * MFN Financial Corp Series C Wts 03/23/04 .... 0 544,358 MGIC Investment Corp ........................ 22,482 107,025 Mid Atlantic Realty Trust ................... 1,862 96,246 Mid-America Apartment Communities, Inc ...... 2,353 49,378 Midland Co .................................. 938 160,349 Mid-State Bancshares ........................ 2,633 55,747 Midwest Banc Holdings, Inc .................. 1,056 882 e* Millea Holdings, Inc ........................ 6,347 148,719 Mills Corp .................................. 4,363 2,435,344 Mirvac Group ................................ 5,677 96,529 Mission West Properties, Inc ................ 956 1,162,448 e Mitsubishi Estate Co Ltd .................... 8,855 4,357 Mitsubishi Tokyo Financial Group, Inc ....... 23,681 1,214,198 e Mitsui Fudosan Co Ltd ....................... 7,878 1,510,524 Mitsui Sumitomo Insurance Co Ltd ............ 6,950 179,300 e Mitsui Trust Holdings, Inc .................. 292 4,504 Mizuho Holdings, Inc ........................ 4,213 784,887 e MLP AG. ..................................... 7,907 228,905 MONY Group, Inc ............................. 5,480 5,666,644 Morgan Stanley .............................. 226,212 275,955 Muenchener Rueckver AG. (Regd) .............. 32,984 25,870 Nara Bancorp, Inc ........................... 537 19,095 NASB Financial, Inc ......................... 439 3,840,828 National Australia Bank Ltd ................. 68,668 228,903 e National Bank Of Canada ..................... 4,680 183,670 National Bank Of Greece S.A. ................ 2,602 3,414,140 National City Corp .......................... 93,274 1,100,755 National Commerce Financial Corp ............ 26,253 126,241 National Health Investors, Inc .............. 2,030 36,416 National Health Realty, Inc ................. 532 124,248 National Penn Bancshares, Inc ............... 3,299 14,419 * National Western Life Insurance Co (Class A) 1,384 109,810 Nationwide Financial Services, Inc (Class A) 3,146 SEE NOTES TO FINANCIAL STATEMENTS 26 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ FINANCIAL SERVICES--(CONTINUED) 324,833 Nationwide Health Properties, Inc ........... $ 4,850 25,804 * Navigators Group, Inc ....................... 592 40,646 NBC Capital Corp ............................ 1,024 196,833 NBT Bancorp, Inc ............................ 3,360 325,915 * NetBank, Inc ................................ 3,155 290,893 Neuberger Berman, Inc ....................... 9,742 114,138 e New Century Financial Corp .................. 2,898 528,000 New Plan Excel Realty Trust ................. 10,080 1,125,734 New World Development Co Ltd ................ 563 590,984 New York Community Bancorp, Inc ............. 17,068 1,134,694 Nikko Cordial Corp .......................... 3,825 566,000 Nipponkoa Insurance Co Ltd .................. 2,132 719,000 Nissay Dowa General Insurance Co Ltd ........ 2,684 3,381,681 Nomura Holdings, Inc ........................ 38,014 876,656 e Nordea AB (Finland) ......................... 3,938 825,402 Nordea AB (Sweden) .......................... 3,638 859,374 North Fork Bancorp, Inc ..................... 28,995 1,058,417 Northern Trust Corp ......................... 37,098 73,178 Northwest Bancorp, Inc ...................... 1,082 71,021 e Novastar Financial, Inc ..................... 2,204 13,840 * NYMAGIC, Inc ................................ 269 72,224 OceanFirst Financial Corp ................... 1,621 248,999 * Ocwen Financial Corp ........................ 697 90,830 Odyssey Re Holdings Corp .................... 1,608 339,234 * Ohio Casualty Corp .......................... 4,393 325,036 Old National Bancorp ........................ 7,898 626,615 Old Republic International Corp ............. 17,545 46,285 Old Second Bancorp, Inc ..................... 1,713 54,102 Omega Financial Corp ........................ 1,940 73,535 Oriental Financial Group, Inc ............... 1,807 359,604 ORIX Corp ................................... 23,182 1,562,074 * Oversea-Chinese Banking Corp Ltd ............ 8,691 242,655 Pacific Capital Bancorp ..................... 6,176 111,829 * Pacific Gulf Properties Liquid Trust ........ 198 100,505 Pacific Northwest Bancorp ................... 2,513 69,266 * Pacific Union Bank .......................... 797 221,101 Pan Pacific Retail Properties, Inc .......... 8,077 61,126 Park National Corp .......................... 6,039 31,289 Parkvale Financial Corp ..................... 721 395,000 Parkway Holdings Ltd ........................ 172 52,687 Parkway Properties, Inc ..................... 1,848 43,339 Partners Trust Financial Group, Inc ......... 699 39,996 Peapack Gladstone Financial Corp ............ 1,370 35,274 Pennfed Financial Services, Inc ............. 958 46,309 Pennrock Financial Services Corp ............ 1,285 88,915 Pennsylvania Real Estate Investment Trust ... 2,312 51,996 Peoples Bancorp, Inc ........................ 1,331 136,126 People's Bank ............................... 3,422 35,329 Peoples Holding Co .......................... 1,440 517,000 * Peregrine Investment Holdings Ltd ........... 0 76,960 PFF Bancorp, Inc ............................ 2,405 101,009 * Philadelphia Consolidated Holding Corp ...... 3,576 502,775 e* Phoenix Cos, Inc ............................ 3,821 53,590 * Pico Holdings, Inc .......................... 720 98,459 Piraeus Bank S.A. ........................... 622 175,721 PMA Capital Corp (Class A) .................. 2,518 892,161 PMI Group, Inc .............................. 26,801 1,421,749 PNC Financial Services Group, Inc ........... 59,571 704,144 Popular, Inc ................................ 23,800 32,799 Port Financial Corp ......................... 1,463 224,521 Post Properties, Inc ........................ 5,366 516,404 e Power Financial Corp ........................ 11,866 207,454 Prentiss Properties Trust ................... 5,867 139,742 Presidential Life Corp ...................... 1,388 121,201 * Price Legacy Corp ........................... 339 1,478,542 Principal Financial Group ................... 44,548 2,583,052 Principal Office Fund ....................... 2,182 24,061 PrivateBancorp, Inc ......................... 911 148,109 * ProAssurance Corp ........................... 3,110 1,017,826 Progressive Corp ............................ 50,515 892,080 Prologis .................................... 22,436 751,787 Promise Co Ltd .............................. 26,797 78,424 Prosperity Bancshares, Inc .................. 1,490 436,476 Protective Life Corp ........................ 12,012 20,231 Provident Bancorp, Inc ...................... 628 162,978 Provident Bankshares Corp ................... 3,767 209,384 e Provident Financial Group, Inc .............. 5,450 43,357 Provident Financial plc ..................... 415 1,429,861 * Providian Financial Corp .................... 9,280 2,921,500 Prudential Financial, Inc ................... 92,728 3,706,818 Prudential plc .............................. 26,198 69,647 PS Business Parks, Inc ...................... 2,215 556,152 Public Storage, Inc ......................... 17,969 956,533 e QBE Insurance Group Ltd ..................... 4,390 33,758 * Quaker City Bancorp, Inc .................... 1,112 96,019 R & G Financial Corp (Class B) .............. 2,232 501,220 Radian Group, Inc ........................... 18,620 89,247 RAIT Investment Trust ....................... 1,928 49,246 Ramco-Gershenson Properties ................. 973 1,392,506 e RAS S.p.A. .................................. 16,951 201,860 Raymond James Financial, Inc ................ 5,971 221,942 Realty Income Corp .......................... 7,768 137,813 Reckson Associates Realty Corp .............. 2,901 154,711 Reckson Associates Realty Corp (Class B) .... 3,466 73,372 Redwood Trust, Inc .......................... 2,032 133,510 Regency Centers Corp ........................ 4,326 1,164,316 Regions Financial Corp ...................... 38,842 94,593 Reinsurance Group Of America, Inc ........... 2,562 350,002 Republic Bancorp, Inc ....................... 4,120 47,333 Republic Bancorp, Inc (Class A) (Kentucky) .. 533 32,802 * Republic Bancshares, Inc .................... 645 3,095,818 e* Resona Holdings, Inc ........................ 1,696 100,003 Resource America, Inc (Class A) ............. 901 192,284 RFS Hotel Investors, Inc .................... 2,088 92,034 Riggs National Corp ......................... 1,426 85,096 RLI Corp .................................... 2,374 429,363 Roslyn Bancorp, Inc ......................... 7,741 425,407 Rouse Co .................................... 13,485 10,503,838 Royal & Sun Alliance Insurance Group plc .... 20,419 32,349 Royal Bancshares Of Pennsylvania (Class A) .. 692 1,623,472 e Royal Bank Of Canada ........................ 59,449 67,800 Royal Bank Of Canada (New York) ............. 2,491 5,206,008 Royal Bank Of Scotland Group plc ............ 124,712 172,781 S & T Bancorp, Inc .......................... 4,328 37,955 S.Y. Bancorp, Inc ........................... 1,408 5,550,427 Safeco Corp ................................. 192,433 505,451 e Sampo Oyj (A Shs) ........................... 3,846 96,279 Sandy Spring Bancorp, Inc ................... 3,033 1,065,822 e Sanpaolo IMI S.p.A. ......................... 6,935 57,621 Santander Bancorp ........................... 749 69,517 Saul Centers, Inc ........................... 1,655 173,570 * Saxon Capital, Inc .......................... 2,171 276,823 Schroders plc ............................... 2,277 70,985 Seacoast Banking Corp Of Florida ............ 1,337 161,641 Seacoast Financial Services Corp ............ 3,235 56,474 Second Bancorp, Inc ......................... 1,497 397,785 SEI Investments Co .......................... 10,812 173,043 Selective Insurance Group, Inc .............. 4,357 268,363 Senior Housing Properties Trust ............. 2,847 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 27 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ FINANCIAL SERVICES--(CONTINUED) 303,882 SFCG Co Ltd ................................. $ 22,022 167,168 Shizuoka Bank Ltd ........................... 1,078 235,019 * Silicon Valley Bancshares ................... 4,289 46,453 Simmons First National Corp (Class A) ....... 1,703 762,234 Simon Property Group, Inc ................... 25,969 5,362,000 Singapore Exchange Ltd ...................... 3,802 117,000 Singapore Land Ltd .......................... 213 715,984 Sino Land Co Ltd ............................ 230 76,738 Sizeler Property Investors .................. 713 665,865 e Skandia Forsakrings AB ...................... 1,773 360,977 e Skandinaviska Enskilda Banken (A Shs) ....... 3,004 394,582 Sky Financial Group, Inc .................... 7,856 175,749 SL Green Realty Corp ........................ 5,554 768,544 SLM Corp .................................... 79,821 738,058 Slough Estates plc .......................... 4,028 506,735 e Societe Generale (A Shs) .................... 29,513 1,039,529 e Sompo Japan Insurance, Inc .................. 6,071 448,504 * SoundView Technology Group, Inc ............. 673 291,446 South Financial Group, Inc .................. 6,021 1,783,659 SouthTrust Corp ............................. 44,324 187,412 * Southwest Bancorp Of Texas, Inc ............. 5,399 34,119 Southwest Bancorp, Inc ...................... 887 1,431,713 Sovereign Bancorp, Inc ...................... 20,116 83,676 Sovran Self Storage, Inc .................... 2,373 47,661 St. Francis Capital Corp .................... 1,116 166,052 St. Joe Co .................................. 4,982 1,196,887 St. Paul Cos, Inc ........................... 40,754 150,503 Stancorp Financial Group, Inc ............... 7,352 959,000 * Standard Chartered plc ...................... 10,900 80,717 State Auto Financial Corp ................... 1,251 45,871 State Bancorp, Inc .......................... 826 1,642,290 State Street Corp ........................... 64,049 370,166 Staten Island Bancorp, Inc .................. 7,455 71,115 Sterling Bancorp ............................ 1,872 253,635 Sterling Bancshares, Inc .................... 3,099 110,189 Sterling Financial Corp (Pennsylvania) ...... 2,606 76,718 * Sterling Financial Corp (Spokane) ........... 1,444 114,925 * Stewart Information Services Corp ........... 2,458 1,188,708 * Stilwell Financial, Inc ..................... 15,536 1,953,723 Stockland Trust Group ....................... 5,303 282,918 * Storebrand ASA .............................. 1,062 20,706 Student Loan Corp ........................... 2,025 77,665 Suffolk Bancorp ............................. 2,456 717,900 Sumisho Lease Co Ltd ........................ 8,294 5,977 e* Sumitomo Mitsui Financial Group Inc ......... 18,686 2,638,000 e Sumitomo Realty & Development Co Ltd ........ 10,737 731,809 Sumitomo Trust & Banking Co Ltd ............. 2,966 34,748 Summit Bancshares, Inc ...................... 678 148,612 Summit Properties, Inc ...................... 2,645 41,088 * Sun Bancorp, Inc (New Jersey) ............... 546 32,473 Sun Bancorp, Inc (Pennsylvania) ............. 594 99,738 Sun Communities, Inc ........................ 3,647 1,437,429 Sun Hung Kai Properties Ltd ................. 8,516 1,334,461 e Sun Life Financial Services Of Canada, Inc .. 22,562 809,533 Suncorp-Metway Ltd .......................... 5,083 1,238,113 SunTrust Banks, Inc ......................... 70,473 46,511 Superior Financial Corp ..................... 854 56,000 Suruga Bank Ltd ............................. 220 262,811 Susquehanna Bancshares, Inc ................. 5,477 1,077,954 e* Svenska Handelsbanken AB (A Shs) ............ 14,351 262,583 e Svenska Handelsbanken AB (B Shs) ............ 3,345 1,423,630 Swiss Reinsurance Co (Regd) ................. 93,385 94,760 e SWS Group, Inc .............................. 1,285 1,555,768 Synovus Financial Corp ...................... 30,182 149,955 * Syntroleum Corp ............................. 259 566,174 T Rowe Price Group, Inc ..................... 15,445 230,609 Takefuji Corp ............................... 13,311 195,949 Taubman Centers, Inc ........................ 3,180 667,851 TCF Financial Corp .......................... 29,178 147,549 Texas Regional Bancshares, Inc (Class A) .... 5,244 330,321 Thornburg Mortgage, Inc ..................... 6,639 19,558 TK Development .............................. 141 198,000 TOC Co Ltd .................................. 883 48,043 Tompkins Trustco, Inc ....................... 2,119 4,242 * Topdanmark A/S .............................. 123 640,501 Torchmark Corp .............................. 23,398 238,998 * Tower Ltd ................................... 263 99,263 Town & Country Trust ........................ 2,094 197,656 * Trammell Crow Co ............................ 1,779 110,062 Transatlantic Holdings, Inc ................. 7,341 5,899 * Transcontinental Realty Investors, Inc ...... 104 2,451,981 * Travelers Property Casualty Corp (Class A) .. 35,922 2,423,779 * Travelers Property Casualty Corp (Class B) .. 35,508 51,182 * Triad Guaranty, Inc ......................... 1,887 33,129 Trico Bancshares ............................ 815 441,150 Trizec Properties, Inc ...................... 4,142 56,115 Troy Financial Corp ......................... 1,514 123,376 Trust Co Of New Jersey ...................... 3,434 486,063 Trustco Bank Corp NY ........................ 5,240 228,549 Trustmark Corp .............................. 5,423 16,249,475 U.S. Bancorp ................................ 344,814 130,283 U.S. Restaurant Properties, Inc ............. 1,834 79,896 U.S.B. Holding Co, Inc ...................... 1,414 5,433,048 e* UBS AG. (Regd) (London) ..................... 264,049 114,000 * UBS AG. (Regd) (US) ......................... 5,486 130,379 UCBH Holdings, Inc .......................... 5,535 400 * U-Cyber Technology Holdings Ltd ............. 0 1,983 e* UFJ Holdings, Inc ........................... 2,005 260,018 * UICI ........................................ 4,043 110,640 UMB Financial Corp .......................... 4,233 159,465 Umpqua Holdings Corp ........................ 2,910 79,120 Unibail ..................................... 5,629 8,606,126 e UniCredito Italiano S.p.A. .................. 34,409 49,133 Union Bankshares Corp ....................... 1,339 2,724,740 Union Planters Corp ......................... 76,674 285,257 UnionBanCal Corp ............................ 11,202 253,589 United Bankshares, Inc ...................... 7,370 108,493 United Community Banks, Inc ................. 2,644 205,103 United Community Financial Corp ............. 1,774 587,958 United Dominion Realty Trust, Inc ........... 9,619 46,921 United Fire & Casualty Co ................... 1,570 122,791 United National Bancorp ..................... 2,830 1,847,861 * United Overseas Bank Ltd .................... 12,571 275,000 United Overseas Land Ltd .................... 255 275,229 * United Rentals, Inc ......................... 2,961 240,753 Unitrin, Inc ................................ 7,035 166,390 * Universal American Financial Corp ........... 968 73,238 Universal Health Realty Income Trust ........ 1,922 138,129 Unizan Financial Corp ....................... 2,728 6,836,210 UnumProvident Corp .......................... 119,907 116,371 Urstadt Biddle Properties, Inc (Class A) .... 1,289 336,616 Vallehermoso S.A. ........................... 3,497 505,293 Valley National Bancorp ..................... 13,325 9,945 Value Line, Inc ............................. 432 233,711 Vesta Insurance Group, Inc .................. 643 46,510 Virginia Financial Group, Inc ............... 1,386 396,188 Vornado Realty Trust ........................ 14,738 274,021 W Holding Co, Inc ........................... 4,497 10,506,696 Wachovia Corp ............................... 382,864 SEE NOTES TO FINANCIAL STATEMENTS 28 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ FINANCIAL SERVICES--(CONTINUED) 393,958 Waddell & Reed Financial, Inc (Class A) ..... $ 7,749 23,844 Warwick Community Bancorp ................... 676 364,721 Washington Federal, Inc ..................... 9,063 5,328,806 Washington Mutual, Inc ...................... 184,004 259,021 Washington Real Estate Investment Trust ..... 6,605 86,366 Washington Trust Bancorp, Inc ............... 1,687 252,003 Waypoint Financial Corp ..................... 4,486 93,431 * WCM Beteiligungs & Grundbesitz AG. .......... 258 264,064 Webster Financial Corp ...................... 9,189 258,000 Weingarten Realty Investors ................. 9,510 12,958,262 Wells Fargo & Co ............................ 607,354 35,082 * Wellsford Real Properties, Inc .............. 553 141,900 Wesbanco, Inc ............................... 3,319 7,445 Wesco Financial Corp ........................ 2,308 101,705 West Coast Bancorp .......................... 1,541 174,069 Westamerica Bancorp ......................... 6,994 77,275 Westcorp .................................... 1,623 32,204 Westfield Financial, Inc .................... 499 522,686 Westfield Holdings Ltd ...................... 3,959 214,566 * Westfield Trust (New) ....................... 411 4,203,108 Westfield Trust (Units) ..................... 8,213 4,902,963 Westpac Banking Corp ........................ 37,962 51,845 * WFS Financial, Inc .......................... 1,084 211,691 Whitney Holding Corp ........................ 7,056 31,731 Willow Grove Bancorp, Inc ................... 441 343,460 Wilmington Trust Corp ....................... 10,881 2 Wing Lung Bank Ltd .......................... 0 279,000 Wing Tai Holdings Ltd ....................... 84 101,737 Winston Hotels, Inc ......................... 794 97,761 Wintrust Financial Corp ..................... 3,062 71,262 * World Acceptance Corp ....................... 542 52,994 WSFS Financial Corp ......................... 1,747 1,019,848 * Wyndham International, Inc (Class A) ........ 235 1,793,000 * Yamaichi Securities Co Ltd .................. 30 38,854 Yardville National Bancorp .................. 670 53,345 Zenith National Insurance Corp .............. 1,255 482,250 Zions Bancorp ............................... 18,976 213,068 * Zurich Financial Services AG. ............... 19,878 ------------ TOTAL FINANCIAL SERVICES 16,233,750 ------------ HEALTH CARE--14.57% 73,017 e* aaiPharma, Inc .............................. 1,024 12,422,305 Abbott Laboratories ......................... 496,892 520,740 * Abgenix, Inc ................................ 3,838 93,550 e* Abiomed, Inc ................................ 341 76,913 e* Acacia Research--CombiMatrix ................ 280 222,892 * Accredo Health, Inc ......................... 7,857 216,206 e* Adolor Corp ................................. 2,966 151,465 * Advanced Medical Optics, Inc ................ 1,813 56,813 * Advanced Neuromodulation Systems, Inc ....... 1,994 448,094 * AdvancePCS .................................. 9,952 24,133 * Advisory Board Co/The ....................... 722 5,121,932 Aetna, Inc .................................. 210,614 257,763 * Affymetrix, Inc ............................. 5,900 166,077 e* Aksys Ltd ................................... 880 95,583 * Alaris Medical, Inc ......................... 583 138,229 * Albany Molecular Research, Inc .............. 2,045 1,643,066 * Alcon, Inc .................................. 64,819 272,145 * Alderwoods Group Inc ........................ 1,290 122,659 * Alexion Pharmaceuticals, Inc ................ 1,732 218,509 e* Align Technology, Inc ....................... 603 405,626 e* Alkermes, Inc ............................... 2,543 704,296 Allergan, Inc ............................... 40,582 71,920 * Alliance Imaging, Inc ....................... 381 153,243 e* Allos Therapeutics, Inc ..................... 1,152 174,969 * Allscripts Healthcare Solutions, Inc ........ 418 22,900 * Alpha-Beta Technology, Inc .................. 0 203,601 Alpharma, Inc (Class A) ..................... 2,425 102,476 Altana AG. .................................. 4,656 75,914 e* American Healthways, Inc .................... 1,328 43,926 * American Medical Security Group, Inc ........ 614 148,138 * American Medical Systems Holdings, Inc ...... 2,401 49,805 e* American Pharmaceutical Partners, Inc ....... 887 62,271 * AMERIGROUP Corp ............................. 1,887 186,861 * Ameripath, Inc .............................. 4,018 733,197 AmerisourceBergen Corp ...................... 39,820 993,846 Amersham plc ................................ 8,896 11,303,528 * Amgen, Inc .................................. 546,413 76,514 * AMN Healthcare Services, Inc ................ 1,294 134,790 * Amsurg Corp ................................. 2,754 420,845 * Amylin Pharmaceuticals, Inc ................. 6,792 309,301 * Andrx Corp .................................. 4,537 2,277,327 * Anthem, Inc ................................. 143,244 146,885 e* Antigenics, Inc ............................. 1,504 126,337 e* Aphton Corp ................................. 491 525,587 * Apogent Technologies, Inc ................... 10,932 1,180,908 Applera Corp (Applied Biosystems Group) ..... 20,713 461,247 * Applera Corp (Celera Genomics Group) ........ 4,405 110,929 * Applied Molecular Evolution ................. 227 273,028 * Apria Healthcare Group, Inc ................. 6,072 126,946 * Arena Pharmaceuticals, Inc .................. 826 186,895 * Ariad Pharmaceuticals, Inc .................. 449 138,355 * Arqule, Inc ................................. 422 111,448 * Array Biopharma, Inc ........................ 619 63,833 Arrow International, Inc .................... 2,596 142,067 * Arthrocare Corp ............................. 1,399 1,304,499 AstraZeneca plc ............................. 45,812 2,462,996 AstraZeneca plc (United Kingdom) ............ 88,027 166,067 * Atherogenics, Inc ........................... 1,231 134,945 * Atrix Laboratories, Inc ..................... 2,070 214,592 * AVANIR Pharmaceuticals (Class A) ............ 215 1,667,608 Aventis S.A. ................................ 90,649 136,144 * Avigen, Inc ................................. 777 236,600 Banyu Pharmaceutical Co Ltd ................. 2,221 265,690 Bard (C.R.), Inc ............................ 15,410 141,518 * Barr Laboratories, Inc ...................... 9,211 265,611 Bausch & Lomb, Inc .......................... 9,562 7,377,626 Baxter International, Inc ................... 206,574 97,100 * Baxter International, Inc (Contingent Value Rts) 1 17,199,208 f BB Bioventures L.P. ......................... 25,615 329,715 Beckman Coulter, Inc ........................ 9,733 1,505,528 Becton Dickinson & Co ....................... 46,205 80,795 * Benthley Pharmaceuticals, Inc ............... 650 655,269 * Beverly Enterprises, Inc .................... 1,868 751,684 * Biogen, Inc ................................. 30,112 217,247 * BioMarin Pharmaceutical, Inc ................ 1,532 1,588,843 Biomet, Inc ................................. 45,536 120,132 e* Biopure Corp ................................ 447 113,839 * Bio-Rad Laboratories, Inc (Class A) ......... 4,406 47,200 * Bio-Reference Labs, Inc ..................... 291 23,041 * Bioreliance Corp ............................ 534 82,880 e* Biosite, Inc ................................ 2,820 393,404 * Bio-Technology General Corp ................. 1,259 102,116 * Biovail Corp ................................ 2,719 61,883 * Bone Care International, Inc ................ 602 2,040,730 * Boston Scientific Corp ...................... 86,772 55,823 * Bradley Pharmaceuticals, Inc ................ 727 11,026,277 Bristol-Myers Squibb Co ..................... 255,258 92,578 e* Britesmile, Inc ............................. 31 43,332 * Bruker AXS, Inc ............................. 78 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 29 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ HEALTH CARE--(CONTINUED) 78,961 * Bruker Daltonics, Inc ....................... $ 384 160,698 * Caliper Technologies Corp ................... 482 44,642 * Cantel Medical Corp ......................... 565 364,900 * Cardiac Science, Inc ........................ 806 4,902,816 Cardinal Health, Inc ........................ 290,198 207,748 * Cardiodynamics International Corp ........... 638 1,211,040 * Caremark Rx, Inc ............................ 19,679 384,560 * Celgene Corp ................................ 8,257 221,180 * Cell Genesys, Inc ........................... 2,466 234,449 e* Cell Therapeutics, Inc ...................... 1,704 446,153 * Celltech Group plc .......................... 2,478 24,628 * Centene Corp ................................ 827 248,807 * Cephalon, Inc ............................... 12,109 172,783 * Cepheid, Inc ................................ 881 144,527 * Cerner Corp ................................. 4,518 91,231 e* Cerus Corp .................................. 1,961 227,418 * Charles River Laboratories International, Inc 8,751 71,494 * Chattem, Inc ................................ 1,469 517,746 * Chiron Corp ................................. 19,467 78,910 * Cholestech Corp ............................. 549 3,164,200 e* Chugai Pharmaceutical Co Ltd ................ 30,130 689,342 Cigna Corp .................................. 28,346 96,528 * Cima Labs, Inc .............................. 2,335 128,802 * Ciphergen Biosystems, Inc ................... 444 37,122 * Closure Medical Corp ........................ 389 59,799 * Cobalt Corp ................................. 825 63,023 Cochlear Ltd ................................ 1,383 192,420 * Coherent, Inc ............................... 3,839 19,427 Coloplast A/S (B Shs) ....................... 1,413 169,168 * Columbia Laboratories, Inc .................. 568 250,200 * Community Health Systems, Inc ............... 5,152 18,344 * Computer Programs & Systems, Inc ............ 454 100,702 * Conceptus, Inc .............................. 1,206 179,053 * Conmed Corp ................................. 3,508 205,072 * Connetics Corp .............................. 2,465 195,764 Cooper Cos, Inc ............................. 4,898 297,022 * Corixa Corp ................................. 1,898 42,102 * Corvel Corp ................................. 1,505 414,883 * Covance, Inc ................................ 10,202 209,780 * Coventry Health Care, Inc ................... 6,090 209,947 e* Cross County, Inc ........................... 2,929 104,803 e* CryoLife, Inc ............................... 716 161,305 CSL Ltd ..................................... 1,962 188,928 * Cubist Pharmaceuticals, Inc ................. 1,555 285,582 * CuraGen Corp ................................ 1,328 68,506 * Curative Health Services, Inc ............... 1,182 175,566 * CV Therapeutics, Inc ........................ 3,199 137,783 * Cyberonics, Inc ............................. 2,535 606,443 * Cytyc Corp .................................. 6,186 86,569 D&K Healthcare Resources, Inc ............... 887 262,850 Daiichi Pharmaceutical Co Ltd ............... 3,772 79,813 Datascope Corp .............................. 1,979 311,309 * DaVita, Inc ................................. 7,680 234,555 * Decode Genetics, Inc ........................ 434 108,611 * Deltagen, Inc ............................... 52 204,368 * Dendrite International, Inc ................. 1,527 354,098 Dentsply International, Inc ................. 13,186 112,416 Diagnostic Products Corp .................... 4,342 61,674 * Dianon Systems, Inc ......................... 2,942 83,679 * Digene Corp ................................. 959 111,819 * Discovery Partners International, Inc ....... 311 165,460 * Diversa Corp ................................ 1,497 47,904 * DJ Orthopedics, Inc ......................... 180 153,973 * Durect Corp ................................. 311 82,133 * DVI, Inc .................................... 620 23,576 e* Dynacq International, Inc ................... 339 283,583 * Eclipsys Corp ............................... 1,517 312,270 * Edwards Lifesciences Corp ................... 7,954 335,183 Eisai Co Ltd ................................ 7,527 41,024 * Elan Corp plc ............................... 88 348,947 e* Elan Corp plc (Spon ADR) .................... 858 41,583 * Embrex, Inc ................................. 463 134,535 * Endo Pharmaceuticals Holdings, Inc .......... 1,036 88,229 * Endocardial Solutions, Inc .................. 298 118,461 e* Endocare, Inc ............................... 408 157,447 * Enzo Biochem, Inc ........................... 2,204 288,020 * Enzon, Inc .................................. 4,816 66,357 * Eon Labs, Inc ............................... 1,255 83,201 * EPIX Medical, Inc ........................... 602 55,347 e* eResearch Technology, Inc ................... 927 185,271 * Esperion Therapeutics, Inc .................. 1,325 77,878 * Exact Sciences Corp ......................... 843 294,865 * Exelixis, Inc ............................... 2,359 328,548 * Express Scripts, Inc (Class A) .............. 15,783 518,235 * First Health Group Corp ..................... 12,619 145,220 * First Horizon Pharmaceutical ................ 1,086 280,972 * Fisher Scientific International, Inc ........ 8,452 881,310 * Forest Laboratories, Inc .................... 86,562 28,450 e Fresenius Medical Care AG. .................. 1,194 287,951 Fujisawa Pharmaceutical Co Ltd .............. 6,588 136,066 e Gambro AB (A Shs) ........................... 757 74,998 e Gambro AB (B Shs) ........................... 417 57,916 Gehe AG. .................................... 2,243 186,041 * Gene Logic, Inc ............................. 1,170 65,576 * Genencor International, Inc ................. 641 1,120,755 * Genentech, Inc .............................. 37,164 188,940 * Genesis Health Ventures, Inc ................ 2,919 1,400,000 * Genesoft Series C Financing ................. 7,000 500,000 * Genesoft Series D Financing ................. 2,000 268,627 e* Genta, Inc .................................. 2,066 245,593 * Genzyme Corp (Biosurgery Division) .......... 626 1,009,419 * Genzyme Corp (General Division) ............. 29,849 163,740 e* Geron Corp .................................. 589 890,508 * Gilead Sciences, Inc ........................ 30,277 14,112,997 GlaxoSmithKline plc ......................... 270,829 1,632,655 * Guidant Corp ................................ 50,367 157,504 * Guilford Pharmaceuticals, Inc ............... 627 1,405,804 H. Lundbeck A/S ............................. 37,338 133,575 * Haemonetics Corp ............................ 2,867 129,870 * Hanger Orthopedic Group, Inc ................ 1,708 112,571 * Harvard Bioscience, Inc ..................... 371 2,675,844 HCA, Inc .................................... 111,048 1,223,808 Health Management Associates, Inc (Class A) . 21,906 549,416 * Health Net, Inc ............................. 14,505 62,821 * Healthcare Services Group ................... 819 97,156 * HealthExtras, Inc ........................... 393 1,896,156 * Healthsouth Corp ............................ 7,964 53,739 * HealthTronics Surgical Services, Inc ........ 431 203,369 * Henry Schein, Inc ........................... 9,152 267,906 Hillenbrand Industries, Inc ................. 12,943 129,573 * Hologic, Inc ................................ 1,582 609,465 * Human Genome Sciences, Inc .................. 5,369 845,316 * Humana, Inc ................................. 8,453 450,763 ICN Pharmaceuticals, Inc .................... 4,918 267,524 * ICOS Corp ................................... 6,263 66,011 * ICU Medical, Inc ............................ 2,462 578,864 * IDEC Pharmaceuticals Corp ................... 19,201 223,887 * Idexx Laboratories, Inc ..................... 7,455 111,927 * IDX Systems Corp ............................ 1,906 SEE NOTES TO FINANCIAL STATEMENTS 30 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ HEALTH CARE--(CONTINUED) 99,361 * Igen International, Inc ..................... $ 4,258 217,752 * Ilex Oncology, Inc .......................... 1,537 153,256 * Illumina, Inc ............................... 516 261,449 * I-many, Inc ................................. 371 360,259 e* ImClone Systems, Inc ........................ 3,826 69,758 * Immucor, Inc ................................ 1,413 290,988 * Immunogen, Inc .............................. 902 269,247 * Immunomedics, Inc ........................... 1,244 113,130 * Impath, Inc ................................. 2,231 160,012 * Impax Laboratories, Inc ..................... 642 1,452,227 IMS Health, Inc ............................. 23,236 95,085 * Inamed Corp ................................. 2,929 451,057 * Incyte Genomics, Inc ........................ 2,057 253,809 * Indevus Pharmaceuticals, Inc ................ 543 369,026 * Inhale Therapeutic Systems, Inc ............. 2,982 121,602 * Integra LifeSciences Holding ................ 2,146 179,885 * Integrated Silicon Solution, Inc ............ 784 164,575 * InterMune, Inc .............................. 4,198 30,000 f* International Hydron (Liquidating Trust) .... 1 114,147 * Interpore International ..................... 731 200,333 * Intuitive Surgical, Inc ..................... 1,234 171,776 Invacare Corp ............................... 5,720 48,986 * Inverness Medical Innovations, Inc .......... 644 281,930 * Invitrogen Corp ............................. 8,833 309,581 e* Isis Pharmaceuticals, Inc ................... 2,040 770,703 * IVAX Corp ................................... 9,349 18,880,819 Johnson & Johnson ........................... 1,014,089 69,757 * Kendle International, Inc ................... 614 48,619 * Kensey Nash Corp ............................ 888 74,876 * Kindred Healthcare, Inc ..................... 1,359 1,425,475 * King Pharmaceuticals, Inc ................... 24,504 140,300 Kobayashi Pharmaceutical Co Ltd ............. 4,800 37,031 e* Kos Pharmaceuticals, Inc .................... 704 107,662 * Kosan Biosciences, Inc ...................... 654 140,260 * KV Pharmaceutical Co (Class A) .............. 3,254 83,000 Kyowa Hakko Kogyo Co Ltd .................... 344 23,365 * Kyphon, Inc ................................. 200 259,232 * La Jolla Pharmaceutical Co .................. 1,685 35,643 * LabOne, Inc ................................. 632 758,465 * Laboratory Corp Of America Holdings ......... 17,627 55,118 Landauer, Inc ............................... 1,915 10,430 * Lannett Co, Inc ............................. 171 224,195 * Lexicon Genetics, Inc ....................... 1,060 66,570 * Lifecore Biomedical, Inc .................... 571 202,021 * LifePoint Hospitals, Inc .................... 6,047 340,718 e* Ligand Pharmaceuticals, Inc (Class B) ....... 1,830 6,186,573 Lilly (Eli) & Co ............................ 392,847 549,260 * Lincare Holdings, Inc ....................... 17,368 43,400 * Lion Bioscience AG. (ADR) ................... 247 9,111 * Lion Bioscience AG. (Escrow) ................ 0 125,798 e* Luminex Corp ................................ 517 514,301 * Manor Care, Inc ............................. 9,571 1,321,031 a* Martek Biosciences Corp ..................... 33,237 41,432 * Matria Healthcare, Inc ...................... 360 113,432 * MAXIMUS, Inc ................................ 2,961 199,025 * Maxygen, Inc ................................ 1,517 1,406,346 McKesson Corp ............................... 38,014 588,995 e MDS, Inc .................................... 8,202 472,382 * Medarex, Inc ................................ 1,866 43,388 * Medcath Corp ................................ 434 55,270 e* Med-Design Corp ............................. 445 46,448 * Medical Staffing Network Holdings, Inc ...... 743 152,861 * Medicines Co ................................ 2,449 154,359 * Medicis Pharmaceutical Corp (Class A) ....... 7,667 1,720,867 * Medimmune, Inc .............................. 46,756 70,790 * MedQuist, Inc ............................... 1,434 34,617 * MedSource Technologies, Inc ................. 225 6,668,314 Medtronic, Inc .............................. 304,075 141,200 Mentor Corp ................................. 5,436 12,110,907 Merck & Co, Inc ............................. 685,598 70,408 Merck Kgaa .................................. 1,855 23,009 * Meridian Medical Technologies, Inc .......... 1,022 77,106 * Merit Medical Systems, Inc .................. 1,536 165,133 * MGI Pharma, Inc ............................. 1,197 238,328 * Mid Atlantic Medical Services, Inc .......... 7,722 1,489,902 * Millennium Pharmaceuticals, Inc ............. 11,830 251,649 * Millipore Corp .............................. 8,556 155,411 * MIM Corp .................................... 901 102,812 * Molecular Devices Corp ...................... 1,693 16,650,006 f* MPM Bioventures II-QP, LP ................... 14,251 102,841 * Mright Medical Group, Inc ................... 1,796 269,935 * Mykrolis Corp ............................... 1,971 759,596 Mylan Laboratories, Inc ..................... 26,510 158,720 * Myriad Genetics, Inc ........................ 2,317 255,048 * Nabi Biopharmaceuticals ..................... 1,581 169,377 e* Napro Biotherapeutics, Inc .................. 115 53,268 e* Nastech Pharmaceutical Co ................... 455 55,681 * National Healthcare Corp .................... 974 50,880 e* Neoforma, Inc ............................... 608 78,857 e* Neopharm, Inc ............................... 800 74,971 * Neose Technologies, Inc ..................... 665 185,272 * Neurocrine Biosciences, Inc ................. 8,460 87,892 * Neurogen Corp ............................... 319 157,400 b* Neuromedical Systems, Inc ................... 14 75 Nichii Gakkan Co ............................ 4 1 * Nobel Biocare Holding AG. (Sweden) .......... 0 241,838 * Nobel Biocare Holding AG. (Switzerland) ..... 15,549 6,213,313 Novartis AG. (Regd) ......................... 226,703 147,970 * Noven Pharmaceuticals, Inc .................. 1,366 2,200,777 * Novo Nordisk A/S (B Shs) .................... 63,582 294,827 * NPS Pharmaceuticals, Inc .................... 7,421 115,547 * Ocular Sciences, Inc ........................ 1,793 79,431 * Odyssey HealthCare, Inc ..................... 2,756 108,963 * Omega Healthcare Investors, Inc ............. 408 434,960 Omnicare, Inc ............................... 10,365 91,220 * Omnicell, Inc ............................... 242 148,292 * On Assignment, Inc .......................... 1,263 250,000 Ono Pharmaceutical Co Ltd ................... 7,500 111,980 * Onyx Pharmaceuticals, Inc ................... 651 84,154 * Option Care, Inc ............................ 670 170,900 * OraSure Technologies, Inc ................... 931 9,035 b,e* Organogenesis, Inc .......................... 1 12,802 Orion-Yhtymae OY (B Shrs) ................... 286 221,369 e* Orthodontic Centers Of America, Inc ......... 2,415 212,226 * Orthologic Corp ............................. 766 251,498 * OSI Pharmaceuticals, Inc .................... 4,125 228,649 Owens & Minor, Inc .......................... 3,754 456,972 * Oxford Health Plans, Inc .................... 16,657 230,406 * Pacificare Health Systems, Inc .............. 6,474 107,115 * Pain Therapeutics, Inc ...................... 256 577,586 Pall Corp ................................... 9,634 56 * Paracelsus Healthcare Corp .................. 0 161,870 * Parexel International Corp .................. 1,779 245,654 * Patterson Dental Co ......................... 10,745 54,699 * PDI, Inc .................................... 590 156,616 * Pediatrix Medical Group, Inc ................ 6,274 676,682 e* Peregrine Pharmaceuticals, Inc .............. 528 205,638 * Per-Se Technologies, Inc .................... 1,844 1,307 * Per-Se Technologies, Inc Wts 07/08/03 ....... 0 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 31 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ HEALTH CARE--(CONTINUED) 44,998,833 Pfizer, Inc ................................. $ 1,375,614 234,382 * Pharmaceutical Product Development, Inc ..... 6,860 122,726 * Pharmaceutical Resources, Inc ............... 3,657 7,401,856 Pharmacia Corp .............................. 309,398 149,514 * Pharmacopeia, Inc ........................... 1,334 23,900 b* PHP Healthcare Corp ......................... 0 5,794 b* Physicians Resource Group, Inc .............. 0 75,426 e* PolyMedica Corp ............................. 2,326 118,573 * Possis Medical, Inc ......................... 2,134 146,258 * Pozen, Inc .................................. 753 101,412 * PracticeWorks, Inc .......................... 801 358,541 * Praecis Pharmaceuticals, Inc ................ 1,165 88,417 * Prime Medical Services, Inc ................. 767 92,414 f* Priority Healthcare Corp (Class A) .......... 2,144 78,570 * Priority Healthcare Corp (Class B) .......... 1,823 74,900 * ProcureNet, Inc ............................. 11 53,851 * Progenics Pharmaceuticals ................... 359 601,335 * Protein Design Labs, Inc .................... 5,111 320,700 * Province Healthcare Co ...................... 3,120 28,921 * Proxymed, Inc ............................... 302 474,303 * PSS World Medical, Inc ...................... 3,244 529,238 * QLT, Inc .................................... 4,489 48,909 * QMed, Inc ................................... 306 181,641 * Quadramed Corp .............................. 476 400,683 * Quest Diagnostics, Inc ...................... 22,799 169,934 * Quidel Corp ................................. 590 603,640 * Quintiles Transnational Corp ................ 7,304 138,668 * Quovadx, Inc ................................ 336 132,814 * Radiologix, Inc ............................. 307 223,602 e* Regeneron Pharmaceuticals, Inc .............. 4,139 114,771 * RehabCare Group, Inc ........................ 2,190 258,710 * Renal Care Group, Inc ....................... 8,186 101,707 * Res-Care, Inc ............................... 369 201,286 * Resmed, Inc ................................. 6,153 221,699 * Respironics, Inc ............................ 6,747 55,400 * Ribapharm, Inc .............................. 363 193,640 * Rigel Pharmaceuticals, Inc .................. 211 66,747 * Rita Medical Systems, Inc ................... 337 2,015 Roche Holding AG. ........................... 255 2,773,181 Roche Holding AG. (Genusscheine) ............ 193,242 118,859 * Salix Pharmaceuticals Ltd ................... 831 99,637 * Sangamo Biosciences, Inc .................... 300 176,959 * Sangstat Medical Corp ....................... 2,000 1,011,026 Sankyo Co Ltd ............................... 12,686 1,616,827 Sanofi-Synthelabo S.A. ...................... 98,833 517,595 e Schering AG. ................................ 22,541 13,734,405 Schering-Plough Corp ........................ 304,904 146,350 * Schwarz Pharma AG. .......................... 5,323 213,013 * SciGen Ltd .................................. 9 307,355 e* Scios, Inc .................................. 10,014 119,421 * Seattle Genetics, Inc ....................... 370 117,545 * Select Medical Corp ......................... 1,586 466,297 * Sepracor, Inc ............................... 4,509 239,684 * Sequenom, Inc ............................... 431 144,055 * Serologicals Corp ........................... 1,585 395,929 Serono S.A. ADR ............................. 5,369 150,611 e Serono S.A. (B Shs) ......................... 80,714 1,965,811 * Service Corp International .................. 6,526 1,162,199 Shionogi & Co Ltd ........................... 16,433 394,734 * SICOR, Inc .................................. 6,257 169,481 * Sierra Health Services, Inc ................. 2,035 3,396,346 * Skyline Venture Partners Qualified II ....... 2,669 210,000 * Skyline Venture Partners Qualified III ...... 210 3,201,844 Smith & Nephew plc .......................... 19,613 292,827 e* SNIA S.p.A. ................................. 12 145,821 * Sola International, Inc ..................... 1,896 452,191 e Sonic Healthcare Ltd ........................ 1,665 72,169 * Sonic Innovations, Inc ...................... 275 94,823 * SonoSite, Inc ............................... 1,239 42,908 * Specialty Laboratories, Inc ................. 414 266,069 SSL International plc ....................... 1,103 978,616 * St. Jude Medical, Inc ....................... 38,871 220,571 * Stericycle, Inc ............................. 7,142 363,258 * Steris Corp ................................. 8,809 990,279 * Stewart Enterprises, Inc (Class A) .......... 5,517 701,408 Stryker Corp ................................ 47,079 18,941 * Sulzer Medica AG. (Regd) .................... 3,301 117,713 e* Sunrise Assisted Living, Inc ................ 2,930 193,528 e* SuperGen, Inc ............................... 703 90,792 * SurModics, Inc .............................. 2,604 19,400 Suzuken Co Ltd .............................. 468 253,439 * Sybron Dental Specialties, Inc .............. 3,764 121,294 * Syncor International Corp ................... 3,363 15,969 Synthes-Stratec, Inc ........................ 9,794 213,254 Taisho Pharmaceutical Co Ltd ................ 3,136 2,411,094 Takeda Chemical Industries Ltd .............. 100,775 165,490 * Tanox, Inc .................................. 1,498 285,765 * Techne Corp ................................. 8,164 185,305 * Telik, Inc .................................. 2,161 3,026,472 * Tenet Healthcare Corp ....................... 49,634 643,344 Terumo Corp ................................. 8,902 304,134 * Texas Biotechnology Corp .................... 426 194,969 * Theragenics Corp ............................ 786 147,166 e* Therasense, Inc ............................. 1,229 330,286 * Thoratec Corp ............................... 2,520 184,645 * Transkaryotic Therapies, Inc ................ 1,828 367,747 * Triad Hospitals, Inc ........................ 10,970 261,020 * Triangle Pharmaceuticals, Inc ............... 1,550 99,200 e* Trimeris, Inc ............................... 4,275 154,424 * TriPath Imaging, Inc ........................ 414 235,115 * Tularik, Inc ................................ 1,754 492,699 * U.S. Oncology, Inc .......................... 4,272 62,290 * U.S. Physical Therapy, Inc .................. 695 20,583 UCB S.A. .................................... 648 130,352 * Unilab Corp ................................. 2,385 109,989 * United Surgical Partners International, Inc . 1,718 105,566 e* United Therapeutics Corp .................... 1,763 1,413,189 UnitedHealth Group, Inc ..................... 118,001 339,078 * Universal Health Services, Inc (Class B) .... 15,292 87,758 * Urologix, Inc ............................... 290 352,582 * Varian Medical Systems, Inc ................. 17,488 207,661 * Varian, Inc ................................. 5,958 119,347 * VCA Antech, Inc ............................. 1,790 85,837 * Ventana Medical Systems, Inc ................ 1,979 407,766 Ventas, Inc ................................. 4,669 142,883 e* Versicor, Inc ............................... 1,542 375,577 * Vertex Pharmaceuticals, Inc ................. 5,953 177,136 * Viasys Healthcare, Inc ...................... 2,638 131,655 * Vical, Inc .................................. 457 337,770 * Visx, Inc ................................... 3,236 37,301 Vital Signs, Inc ............................ 1,115 248,045 * VitalWorks, Inc ............................. 955 221,084 * Vivus, Inc .................................. 825 640,548 * Waters Corp ................................. 13,951 543,763 * Watson Pharmaceuticals, Inc ................. 15,372 133,081 * Watson Wyatt & Co Holdings .................. 2,895 1,473,996 * WebMD Corp .................................. 12,603 756,758 * Wellpoint Health Networks, Inc .............. 53,851 103,427 * Women First Healthcare, Inc ................. 472 SEE NOTES TO FINANCIAL STATEMENTS 32 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ HEALTH CARE--(CONTINUED) 10,347,017 Wyeth ....................................... $ 386,978 113,621 X-Rite, Inc ................................. 794 533,999 Yamanouchi Pharmaceutical Co Ltd ............ 15,479 28,502 * Young Innovations, Inc ...................... 663 1,013,055 * Zimmer Holdings, Inc ........................ 42,062 59,236 * Zoll Medical Corp ........................... 2,113 55,228 * Zymogenetics, Inc ........................... 547 ------------ TOTAL HEALTH CARE 11,007,659 ------------ OTHER--2.41% 61,514 * 4Kids Entertainment, Inc .................... 1,358 254,853 ABM Industries, Inc ......................... 3,950 54,602 b,e* Actrade Financial Technologies Ltd .......... 5 275,038 Acuity Brands, Inc .......................... 3,724 127,645 e Adecco S.A. (Regd) .......................... 5,004 148,069 e* Administaff, Inc ............................ 888 126,434 * Advo, Inc ................................... 4,151 500,000 Aegis Group plc ............................. 630 273,754 Alexander & Baldwin, Inc .................... 7,060 125,000 Amadeus Global Travel Distribution S.A. (A Shs) 516 34,662 * Ambassadors Group, Inc ...................... 449 44,411 Amer Group plc .............................. 1,627 675,498 * Ansell Ltd .................................. 2,853 728,080 * Apollo Group, Inc (Class A) ................. 32,036 83,596 * Apollo Group, Inc (University Of Phoenix Online) 2,996 364,433 Assa Abloy AB (B Shs) ....................... 4,162 362,530 Auckland International Airport Ltd .......... 1,052 2,665,769 BAA plc ..................................... 21,630 167,380 Banta Corp .................................. 5,234 9,343,486 a,f Baring Vostok LP. ........................... 8,464 116,379 * Bell Microproducts, Inc ..................... 645 4,515 Bellsystem 24, Inc .......................... 882 128,632 Benesse Corp ................................ 1,442 123,039 Brady Corp (Class A) ........................ 4,103 780,629 e Brascan Corp (Class A) ...................... 15,689 73,841 * Bright Horizons Family Solutions, Inc ....... 2,076 1,225,007 Capita Group plc ............................ 4,881 241,093 * Career Education Corp ....................... 9,644 79,935 * CDI Corp .................................... 2,157 16,603,231 * Cendant Corp ................................ 174,002 117,941 Central Parking Corp ........................ 2,224 527,580 * Century Business Services, Inc .............. 1,398 2,942 * CGI Group, Inc .............................. 13 788,209 * CGI Group, Inc (Class A) .................... 3,393 48,874 * Charles River Associates, Inc ............... 692 2,277,872 Chubb plc ................................... 3,218 645,010 Cintas Corp ................................. 29,509 250,296 * Corinthian Colleges, Inc .................... 9,476 87,061 * Cornell Cos, Inc ............................ 784 248,857 * Corporate Executive Board Co ................ 7,944 85,965 * CoStar Group, Inc ........................... 1,586 23,706 Courier Corp ................................ 1,087 293,242 Crane Co .................................... 5,844 54,797 Curtiss-Wright Corp ......................... 3,497 115,511 * Daisytek International Corp ................. 916 104,198 DCC plc ..................................... 1,074 165,866 De La Rue plc ............................... 778 618,293 Deutsche Post AG. (Regd) .................... 6,495 322,843 * DeVry, Inc .................................. 5,362 1,130,034 Dover Corp .................................. 32,952 412,151 * Dun & Bradstreet Corp ....................... 14,215 133,803 * Education Management Corp ................... 5,031 220,000 Electrocomponents plc ....................... 1,016 83,303 Ennis Business Forms, Inc ................... 968 75,442 * ESCO Technologies, Inc ...................... 2,791 387,143 e* Exult, Inc .................................. 1,231 90,856 * Fidelity National Information Solutions, Inc 1,567 120,804 * First Consulting Group, Inc ................. 696 214,570 First Industrial Realty Trust, Inc .......... 6,008 1,598,400 First NIS Regional Fund ..................... 5,674 88,490 * Forrester Research, Inc ..................... 1,378 760,562 Fortune Brands, Inc ......................... 35,374 47,400 Fuji Soft ABC, Inc .......................... 749 37,081 * General Binding Corp ........................ 314 144,806 Gentiva Health Services, Inc ................ 1,276 178,704 * Getty Images, Inc ........................... 5,459 40,000 Group 4 Falck A/S ........................... 845 1,925 * Groupe Bruxelles Lambert S.A. (Strp Vvpr) ... 0 336,857 * GTECH Holdings Corp ......................... 9,385 1,209,001 H & R Block, Inc ............................ 48,602 132,264 Hagemeyer NV ................................ 958 67,429 * Hall Kinion & Associates, Inc ............... 377 195,720 Harland (John H.) Co ........................ 4,331 142,929 * Haw Par Corp Ltd ............................ 269 962,028 Hays plc .................................... 1,436 122,786 * Heidrick & Struggles International, Inc ..... 1,801 5,200 Hitachi Software Engineering Co Ltd ......... 118 333,125 HON Industries, Inc ......................... 9,421 4,246,054 Honeywell International, Inc ................ 101,905 55,462 e* Hotels.Com (Class A) ........................ 3,030 7,654,998 Hutchison Whampoa Ltd ....................... 47,903 19,389 * ICT Group, Inc .............................. 225 180,894 * infoUSA, Inc ................................ 899 77,542 e* Invision Technologies, Inc .................. 2,044 24,000 e* ISS A/S ..................................... 865 977,653 Itochu Corp ................................. 2,117 19,900 Itochu Techno-Science Corp .................. 422 131,169 * Itron, Inc .................................. 2,515 464,117 ITT Industries, Inc ......................... 28,167 110,344 Kelly Services, Inc (Class A) ............... 2,727 4,987,900 * Keppel Corp Ltd ............................. 10,640 852,284 * Kidde plc ................................... 971 55,306 Kobenhavns Lufthavne As ..................... 3,985 252,020 * Korn/Ferry International .................... 1,885 274,875 * Labor Ready, Inc ............................ 1,765 414,247 e Liberty Property Trust ...................... 13,231 25,662 * Lifeline Systems, Inc ....................... 576 721,336 Loews Corp .................................. 32,071 11,742 M.J. Maillis S.A. ........................... 50 474,907 Manpower, Inc ............................... 15,150 556,734 e* Marubeni Corp ............................... 511 195,457 Matthews International Corp (Class A) ....... 4,365 54,907 McGrath RentCorp ............................ 1,276 55,800 Meitec Corp ................................. 1,364 63,422 * Memberworks, Inc ............................ 1,140 291,941 * Metromedia International Group, Inc ......... 29 699,550 e Mitsubishi Corp ............................. 4,274 1,232,286 Mitsui & Co Ltd ............................. 5,753 736,003 Moody's Corp ................................ 30,390 634,518 * MPS Group, Inc .............................. 3,515 188,672 * MSC.Software Corp ........................... 1,457 264,720 * Navigant Consulting, Inc .................... 1,562 125,140 * NCO Group, Inc .............................. 1,996 73 NET One Systems Co Ltd ...................... 311 79,740 New England Business Services, Inc .......... 1,946 30 Nippon Kanzai Co Ltd ........................ 0 14,900 Nippon System Development Co Ltd ............ 175 254,800 b* Nu-Kote Holding, Inc (Class A) .............. 0 200 Obic Co Ltd ................................. 35 183,548 * OCE NV ...................................... 2,022 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 33 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ OTHER--(CONTINUED) 125,302 * Offshore Logistics, Inc ..................... $ 2,747 40,778 OM AB ....................................... 195 844,656 Onex Corp ................................... 8,555 22,858 * Ostasiatiske Kompagni ....................... 530 262,508 Pentair, Inc ................................ 9,070 304,793 Pittston Brink's Group ...................... 5,633 619,121 Power Corp Of Canada ........................ 14,108 94,542 e* Pre-Paid Legal Services, Inc ................ 2,477 103,580 * ProQuest Co ................................. 2,030 22,142 * Protection One, Inc ......................... 44 182,906 e* Quebecor, Inc (Class B) ..................... 1,631 189,416 * R.H. Donnelley Corp ......................... 5,552 609,673 R.R. Donnelley & Sons Co .................... 13,273 36,147 * Remedytemp, Inc (Class A) ................... 506 4,115,202 Rentokil Initial plc ........................ 14,575 170,080 * Rent-Way, Inc ............................... 595 103,187 * Right Management Consultants, Inc ........... 1,367 78,235 e* RMH Teleservices, Inc ....................... 821 830,411 * Robert Half International, Inc .............. 13,378 97,980 Rollins, Inc ................................ 2,494 99,008 * School Specialty, Inc ....................... 1,978 336,255 e* Secom Co Ltd ................................ 11,532 311,970 Securicor plc ............................... 426 379,074 e Securitas AB (B Shs) ........................ 4,525 170,000 Serco Group plc ............................. 419 1,717,421 Servicemaster Co ............................ 19,063 5,522 * SGS Societe Generale Surveillance Holdings S.A. 1,661 3,220,040 e* Softbank Corp ............................... 36,767 25,996,000 * South China Industries Ltd .................. 567 391,289 * Spherion Corp ............................... 2,622 422,801 * SPX Corp .................................... 15,834 113,318 Standard Register Co ........................ 2,040 73,592 Standex International Corp .................. 1,754 62,085 * Startek, Inc ................................ 1,714 51,060 Strayer Education, Inc ...................... 2,936 557,491 Sumitomo Corp ............................... 2,396 760,309 Supervalu, Inc .............................. 12,553 740,611 Swire Pacific Ltd (A Shs) ................... 2,830 169,161 * Symyx Technologies, Inc ..................... 2,130 3,648,011 Sysco Corp .................................. 108,674 82,410 Talx Corp ................................... 1,065 45,624 * Tejon Ranch Co .............................. 1,355 180,914 Teleflex, Inc ............................... 7,759 259,200 * TeleTech Holdings, Inc ...................... 1,882 495,021 e* Terra Networks S.A. ......................... 2,083 629,667 Textron, Inc ................................ 27,069 72,657 TIS, Inc .................................... 1,073 423,059 * TMP Worldwide, Inc .......................... 4,785 663,014 TPG NV ...................................... 10,750 33,800 e Trans Cosmos, Inc ........................... 345 8,326,339 Tyco International Ltd ...................... 142,214 442,642 * U.S. Industries, Inc ........................ 1,164 51,876 Unifirst Corp ............................... 1,048 204,955 * United Stationers, Inc ...................... 5,903 4,891,911 United Technologies Corp .................... 303,005 54,053 Vedior NV ................................... 309 594,989 Viad Corp ................................... 13,298 55,246 * Wackenhut Corrections Corp .................. 614 184,118 Walter Industries, Inc ...................... 1,994 811,028 Wesfarmers Ltd .............................. 12,148 5,169,394 Wharf Holdings Ltd .......................... 9,744 ------------ TOTAL OTHER 1,819,715 ------------ PRODUCER DURABLES--4.85% 2,043,808 3M Co ....................................... 252,002 339,466 * ABB Ltd ..................................... 965 212,227 * Active Power, Inc ........................... 378 62,582 * Actuant Corp ................................ 2,907 737,665 e Advantest Corp .............................. 33,070 370,335 * AGCO Corp ................................... 8,184 26,630 * Aixtron AG. ................................. 127 39,857 Alamo Group, Inc ............................ 488 773,480 * Allied Waste Industries, Inc ................ 7,735 177,729 Amada Co Ltd ................................ 485 52,495 Amano Corp .................................. 321 101,205 American States Water Co .................... 2,343 282,877 American Water Works Co, Inc ................ 12,865 227,373 Ametek, Inc ................................. 8,752 124,996 Applied Industrial Technologies, Inc ........ 2,362 105,331 * Astec Industries, Inc ....................... 1,046 196,232 e Atlas Copco AB (A Shs) ...................... 3,829 41,748 e Atlas Copco AB (B Shs) ...................... 740 48,230 * August Technology Corp ...................... 244 185,667 Baldor Electric Co .......................... 3,667 18,220 Balfour Beatty plc .......................... 42 4,579 Barco NV .................................... 240 386 * Beacon Power Corp ........................... 0 2 * Blount International, Inc ................... 0 46,524 Bombardier, Inc (Class A) ................... 163 2,900,799 e Bombardier, Inc (Class B) ................... 9,768 145,326 Briggs & Stratton Corp ...................... 6,172 224,921 * Brooks-PRI Automation, Inc .................. 2,578 2,000 * C.P. Pokphand Co Ltd ........................ 0 94,377 California Water Service Group .............. 2,232 503,589 * Capstone Turbine Corp ....................... 453 117,066 * Casella Waste Systems, Inc (Class A) ........ 1,041 1,897,234 Caterpillar, Inc ............................ 86,742 202,000 * Chartered Semiconductor Manufacturing Ltd ... 83 60,029 CIRCOR International, Inc ................... 954 147,859 * Coinstar, Inc ............................... 3,349 80,607 * Columbus Mckinnon Corp ...................... 308 72,473 * Consolidated Graphics, Inc .................. 1,613 211,783 Cummins, Inc ................................ 5,957 103,585 * Cuno, Inc ................................... 3,431 27,000 Daifuku Co Ltd .............................. 81 126,163 Daikin Industries Ltd ....................... 1,999 193 Daiseki Co Ltd .............................. 3 661,305 Danaher Corp ................................ 43,448 2,837,209 Deere & Co .................................. 130,086 322,586 * Dycom Industries, Inc ....................... 4,274 351,742 Eaton Corp .................................. 27,475 152,000 Ebara Corp .................................. 470 2,097,449 Emerson Electric Co ......................... 106,655 365,330 * Fanuc Ltd ................................... 16,162 306,624 Federal Signal Corp ......................... 5,955 4,684 Fischer (Georg) Ltd (Regd) .................. 474 398,036 FKI plc ..................................... 564 84,369 * Flow International Corp ..................... 215 290,296 * Flowserve Corp .............................. 4,293 10,190 * FLS Industries A/S (B Shs) .................. 81 289,501 * FMC Technologies, Inc ....................... 5,915 48,168 Franklin Electric Co, Inc ................... 2,313 227,153 e* FuelCell Energy, Inc ........................ 1,488 659,000 Fuji Electric Co Ltd ........................ 1,150 32,800 Fuji Machine Manufacturing Co Ltd ........... 310 2,211,968 Fujitsu Ltd ................................. 6,319 183,000 Futaba Corp ................................. 3,639 103,198 * Gardner Denver, Inc ......................... 2,095 225,971 GATX Corp ................................... 5,157 SEE NOTES TO FINANCIAL STATEMENTS 34 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ PRODUCER DURABLES--(CONTINUED) 71,059,803 General Electric Co ......................... $ 1,730,306 81,836 * Genlyte Group, Inc .......................... 2,550 113,172 e* Global Power Equipment Group, Inc ........... 558 46,987 Gorman-Rupp Co .............................. 1,104 152,105 * Graphic Packaging International Corp ........ 858 211,337 Harsco Corp ................................. 6,740 169,398 * Headwaters, Inc ............................. 2,627 4,459,994 Hitachi Ltd ................................. 17,100 798,000 * Hitachi Zosen Corp .......................... 168 133,380 Hoya Corp ................................... 9,340 257,756 Hubbell, Inc (Class B) ...................... 9,058 183,834 IDEX Corp ................................... 6,011 1,131,919 Illinois Tool Works, Inc .................... 73,416 123,603 * Imagistics International, Inc ............... 2,472 604,791 IMI plc ..................................... 2,556 2,798,197 Invensys plc ................................ 2,376 116,694 * Ionics, Inc ................................. 2,661 751,367 Ishikawajima-Harima Heavy Industries Co Ltd . 684 284,671 JLG Industries, Inc ......................... 2,144 299,207 * Joy Global, Inc ............................. 3,369 90,278 * Kadant, Inc ................................. 1,354 1,886,185 * Kawasaki Heavy Industries Ltd ............... 1,494 185,190 Kaydon Corp ................................. 3,928 748 * KCI Konecranes International ................ 18 229,888 Kennametal, Inc ............................. 7,927 1,298,311 e Komatsu Ltd ................................. 4,234 130,000 Komori Corp ................................. 1,322 312,775 Kone Oyj (B Shs) ............................ 9,391 3,575,720 Koninklijke Philips Electronics NV .......... 62,664 563,218 Kubota Corp ................................. 1,528 348,362 Kurita Water Industries Ltd ................. 3,508 170,686 Lafarge North America, Inc .................. 5,607 33,064 Lawson Products, Inc ........................ 1,024 216,393 Lincoln Electric Holdings, Inc .............. 5,009 70,583 Lindsay Manufacturing Co .................... 1,510 130,229 * Littelfuse, Inc ............................. 2,196 41,973 e* Logitech International S.A. (Regd) .......... 1,252 372,000 Mabuchi Motor Co Ltd ........................ 34,231 300,027 * Magna Entertainment Corp (Class A) .......... 1,860 14 Magna International, Inc (Class A) (Canada) . 1 249,322 e Magna International, Inc (Class A) (US) ..... 13,899 133,223 * Magnetek, Inc ............................... 592 178,000 e Makita Corp ................................. 1,290 165,605 Manitowoc Co, Inc ........................... 4,223 282,318 Martin Marietta Materials, Inc .............. 8,656 217,060 Metso Oyj ................................... 2,346 112,090 Milacron, Inc ............................... 667 56,984 Mine Safety Appliances Co ................... 1,838 2,556,024 * Mitsubishi Electric Corp .................... 5,902 4,369,160 Mitsubishi Heavy Industries Ltd ............. 10,677 68,000 * Mitsui Engineering & Shipbuilding Co Ltd .... 49 7,531 Mori Seiki Co Ltd ........................... 38 568,356 e Murata Manufacturing Co Ltd ................. 22,797 36,737 Nacco Industries, Inc (Class A) ............. 1,608 153,627 * National Instruments Corp ................... 4,991 263,007 * Navistar International Corp ................. 6,394 1,188,946 NEC Corp .................................... 4,448 478,090 * Newpark Resources, Inc ...................... 2,080 53,543 e* Nikon Corp .................................. 402 222,100 Nitto Denko Corp ............................ 6,326 17,346 NKT Holding A/S ............................. 181 73,630 NN, Inc ..................................... 736 1,828,519 * Nordex AG. .................................. 4,931 149,519 Nordson Corp ................................ 3,713 384,000 * Noritake Co Ltd ............................. 1,094 374,512 e NSK Ltd ..................................... 966 385,000 e NTN Corp .................................... 1,330 174,000 * Oki Electric Industry Co Ltd ................ 282 575,011 Paccar, Inc ................................. 26,525 576,444 Parker Hannifin Corp ........................ 26,591 306,814 Philadelphia Suburban Corp .................. 6,320 112,770 * Photon Dynamics, Inc ........................ 2,571 1,319,300 Pitney Bowes, Inc ........................... 43,088 90,784 e* Plug Power, Inc ............................. 408 360,641 * Power-One, Inc .............................. 2,045 219,940 * Quanta Services, Inc ........................ 770 184,393 * Rayovac Corp ................................ 2,458 153,095 Regal-Beloit Corp ........................... 3,169 868,050 * Republic Services, Inc ...................... 18,212 40,424 Richardson Electronics Ltd .................. 350 58,007 Robbins & Myers, Inc ........................ 1,067 857,198 Rockwell Automation, Inc .................... 17,753 346,657 Rohm Co Ltd ................................. 44,314 193,231 Roper Industries, Inc ....................... 7,072 59,350 Samsung Electronics Co Ltd .................. 15,712 68,506 Sanden Corp ................................. 224 380,302 e* Sandvik AB .................................. 8,489 111,000 Sansei Yusoki Co Ltd ........................ 294 100,000 Sanso Electric Co Ltd ....................... 520 77,600 e Sato Corp ................................... 1,357 66,378 Sauer-Danfoss, Inc .......................... 524 5,735 Schindler Holding AG. (Pt Cert) ............. 1,118 6,060 Schindler Holding AG. (Regd) ................ 1,140 268,568 * Schneider Electric S.A. ..................... 12,708 485,001 SembCorp Industries Ltd ..................... 220 2,277,170 e Siemens AG. ................................. 96,781 1,628,300 Singapore Technologies Engineering Ltd ...... 1,549 13,444 SJW Corp .................................... 1,049 19,385 SKF AB (A Shs) .............................. 502 114,318 e SKF AB (B Shs) .............................. 2,965 386,822 SMC Corp .................................... 36,312 72,739 * SPS Technologies, Inc ....................... 1,728 184,000 * ST Assembly Test Services Ltd ............... 122 90,000 * Stanley Electric Co Ltd ..................... 1,005 10,283 Starrett (L.S.) Co (Class A) ................ 171 184,780 Stewart & Stevenson Services, Inc ........... 2,613 21,707 * Strattec Security Corp ...................... 1,041 23 * Sulzer AG. (Regd) ........................... 3 174,000 * Sumitomo Heavy Industries Ltd ............... 97 142,060 Taiyo Yuden Co Ltd .......................... 1,506 141,000 Takuma Co Ltd ............................... 760 511,555 * Tandberg ASA ................................ 2,954 72,531 Tecumseh Products Co (Class A) .............. 3,201 31,300 Tecumseh Products Co (Class B) .............. 1,316 61,130 Tennant Co .................................. 1,993 270,939 * Terex Corp .................................. 3,018 336,063 * Tetra Tech, Inc ............................. 4,100 86,474 * Tetra Technologies, Inc ..................... 1,848 129,500 e* THK Co Ltd .................................. 1,426 292,293 * Thomas & Betts Corp ......................... 4,940 204,703 e* Thomson Corp ................................ 3,493 259,174 Timken Co ................................... 4,950 929,869 Tokyo Electron Ltd .......................... 42,078 50,000 Tomoe Engineering Co Ltd .................... 219 743,576 e Tomra Systems ASA ........................... 4,841 83,467 Toro Co ..................................... 5,334 6,692,077 * Toshiba Corp ................................ 20,978 22 * Towa Corp ................................... 0 896,673 e Toyota Industries Corp ...................... 13,487 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 35 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ PRODUCER DURABLES--(CONTINUED) 58,456 e* TRC Cos, Inc ................................ $ 768 76,383 * Trikon Technologies, Inc .................... 382 237,215 e Trinity Industries, Inc ..................... 4,498 286,407 * UNOVA, Inc .................................. 1,718 880 * VA Technologie AG. .......................... 14 138,274 Valhi, Inc .................................. 1,148 87,388 Valmont Industries, Inc ..................... 1,695 91,364 e Vestas Wind Systems A/S ..................... 910 530,014 Vulcan Materials Co ......................... 19,876 395,627 W.W. Grainger, Inc .......................... 20,395 221,112 Wabtec Corp ................................. 3,104 6,094 e* Wartsila Oyj (B Shs) ........................ 77 185,351 * Waste Connections, Inc ...................... 7,156 3,234,713 Waste Management, Inc ....................... 74,140 104,709 Watts Industries, Inc (Class A) ............. 1,648 3,822,661 e* Xerox Corp .................................. 30,772 440,493 Yokogawa Electric Corp ...................... 2,736 ------------ TOTAL PRODUCER DURABLES 3,661,305 ------------ TECHNOLOGY--12.96% 1,803,445 * 3Com Corp ................................... 8,350 53,066 * 3D Systems Corp ............................. 414 147,495 * Actel Corp .................................. 2,392 204,185 e* Acterna Corp ................................ 33 294,745 * Activision, Inc ............................. 4,300 293,105 * Actuate Corp ................................ 519 413,449 * Acxiom Corp ................................. 6,359 545,027 * Adaptec, Inc ................................ 3,079 4,084,189 * ADC Telecommunications, Inc ................. 8,536 64,055 * ADE Corp .................................... 382 1,327,137 Adobe Systems, Inc .......................... 33,059 139,687 * Adtran, Inc ................................. 4,596 414,539 * Advanced Digital Information Corp ........... 2,782 121,994 * Advanced Energy Industries, Inc ............. 1,552 448,319 * Advanced Fibre Communications, Inc .......... 7,478 1,670,567 * Advanced Micro Devices, Inc ................. 10,792 36,541 * Advanced Power Technology, Inc .............. 119 166,633 * Advent Software, Inc ........................ 2,271 414,161 * Aeroflex, Inc ............................... 2,858 234,225 * Aether Systems, Inc ......................... 881 585,434 * Affiliated Computer Services, Inc (Class A) . 30,823 4,445,386 * Agere Systems, Inc (Class A) ................ 6,401 6,508,584 * Agere Systems, Inc (Class B) ................ 9,112 251,943 * Agile Software Corp ......................... 1,950 2,338,925 * Agilent Technologies, Inc ................... 42,007 652,570 e* Akamai Technologies, Inc .................... 1,129 21,509 Alcatel O (Optronics) ....................... 71 542,977 e Alcatel S.A. ................................ 2,382 136,132 e Alcatel S.A. (Spon ADR) ..................... 604 289,595 * Alliance Data Systems Corp .................. 5,132 161,786 * Alliance Semiconductor Corp ................. 636 207,761 * Alloy, Inc .................................. 2,275 264,000 e Alps Electric Co Ltd ........................ 2,914 2,080,221 * Altera Corp ................................. 25,670 32,517 * Altiris, Inc ................................ 518 305,642 e* Altran Technologies S.A. .................... 1,466 264,836 * American Management Systems, Inc ............ 3,175 894,497 * American Power Conversion Corp .............. 13,552 140,631 * American Superconductor Corp ................ 423 561,699 * Amkor Technology, Inc ....................... 2,674 104,402 * Amphenol Corp (Class A) ..................... 3,967 202,903 * Anadigics, Inc .............................. 523 2,430,556 * Analog Devices, Inc ......................... 58,017 44,458 Analogic Corp ............................... 2,236 144,794 * Anaren Microwave, Inc ....................... 1,274 472,017 * Andrew Corp ................................. 4,852 207,863 * Anixter International, Inc .................. 4,833 166,000 e Anritsu Corp ................................ 635 296,063 * Answerthink, Inc ............................ 740 99,724 * Ansys, Inc .................................. 2,014 99,994 * Anteon International Corp ................... 2,400 156,760 * APAC Customer Services, Inc ................. 367 1,803,232 * Apple Computer, Inc ......................... 25,840 15,018,438 * Applied Materials, Inc ...................... 195,690 1,492,159 * Applied Micro Circuits Corp ................. 5,506 198,710 * Arbitron, Inc ............................... 6,657 1,756,804 e* Ariba, Inc .................................. 4,357 520,397 * ARM Holdings plc ............................ 402 414,500 * Arris Group, Inc ............................ 1,480 535,947 * Arrow Electronics, Inc ...................... 6,855 205,614 * Artesyn Technologies, Inc ................... 790 89,772 * Artisan Components, Inc ..................... 1,385 346,088 Asahi Glass Co Ltd .......................... 2,120 1,685,080 * Ascential Software Corp ..................... 4,044 191,596 e* Asiainfo Holdings, Inc ...................... 1,215 178,000 ASM Pacific Technology Ltd .................. 342 2,479,115 e* ASML Holding NV ............................. 20,709 579,710 * ASML Holding NV (New York Shs) .............. 4,846 356,657 * Aspect Communications Corp .................. 1,013 252,469 e* Aspen Technology, Inc ....................... 714 124,189 e* AstroPower, Inc ............................. 992 251,528 * Asyst Technologies, Inc ..................... 1,849 141,085 e* At Road, Inc ................................ 583 3,086,324 * Atmel Corp .................................. 6,883 186,432 * ATMI, Inc ................................... 3,453 15,538 e* Atos Origin ................................. 378 113,628 * Audiovox Corp (Class A) ..................... 1,175 562,072 Autodesk, Inc ............................... 8,038 3,849,925 Automatic Data Processing, Inc .............. 151,110 373,196 * Avanex Corp ................................. 391 1,809,567 e* Avaya, Inc .................................. 4,433 228,558 * Avenue A, Inc ............................... 663 168,174 * Avid Technology, Inc ........................ 3,860 662,402 * Avnet, Inc .................................. 7,174 293,125 * Avocent Corp ................................ 6,513 260,870 AVX Corp .................................... 2,557 649,639 * Axcelis Technologies, Inc ................... 3,644 128,941 * AXT, Inc .................................... 232 100,416 * Barra, Inc .................................. 3,046 2,450,245 * BEA Systems, Inc ............................ 28,104 1,154,546 * BearingPoint, Inc ........................... 7,966 74,382 BEI Technologies, Inc ....................... 832 62,833 Bel Fuse, Inc (Class B) ..................... 1,266 154,518 Belden, Inc ................................. 2,352 152,925 * Benchmark Electronics, Inc .................. 4,383 565,736 * Bisys Group, Inc ............................ 8,995 137,568 Black Box Corp .............................. 6,163 1,216,508 * BMC Software, Inc ........................... 20,814 398,047 * Borland Software Corp ....................... 4,896 86,658 * Boston Communications Group ................. 1,101 1,230,963 * Broadcom Corp (Class A) ..................... 18,538 3,583,449 * Brocade Communications Systems, Inc ......... 14,835 81,339 e* Business Objects ............................ 1,198 174,849 C&D Technologies, Inc ....................... 3,090 297,268 * Cable Design Technologies Corp .............. 1,754 179,234 * CACI International, Inc (Class A) ........... 6,388 1,376,815 * Cadence Design Systems, Inc ................. 16,233 70,421 * Caminus Corp ................................ 165 3,487,676 e Canon, Inc .................................. 131,372 127,311 Cap Gemini S.A. ............................. 2,910 SEE NOTES TO FINANCIAL STATEMENTS 36 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ TECHNOLOGY--(CONTINUED) 124,605 * Carreker Corp ............................... $ 564 35,298 * Catapult Communications Corp ................ 422 218,558 * C-COR.net Corp .............................. 726 337,632 * Celestica, Inc .............................. 4,712 10,891 * Celestica, Inc (US) ......................... 154 182,617 * Centillium Communications, Inc .............. 413 746,780 * Ceridian Corp ............................... 10,769 330,171 * Certegy, Inc ................................ 8,106 317,111 * Checkfree Corp .............................. 5,074 212,853 * Checkpoint Systems, Inc ..................... 2,201 307,960 * ChipPAC, Inc ................................ 1,093 229,649 * Chordiant Software, Inc ..................... 331 360,827 * Ciber, Inc .................................. 1,858 2,169,154 * CIENA Corp .................................. 11,149 470,833 * Cirrus Logic, Inc ........................... 1,356 52,135,854 * Cisco Systems, Inc .......................... 682,980 561,721 e Citizen Watch Co Ltd ........................ 2,504 919,636 * Citrix Systems, Inc ......................... 11,330 49,875 * ClearOne Communications, Inc ................ 222 832,473 * CNET Networks, Inc .......................... 2,256 223,599 * Cognex Corp ................................. 4,121 54,242 e* Cognizant Technology Solutions Corp ......... 3,918 260,675 * Cognos, Inc ................................. 6,105 141,169 Cohu, Inc ................................... 2,075 343,816 * CommScope, Inc .............................. 2,716 151,647 * Compucom Systems, Inc ....................... 851 2,320,600 Computer Associates International, Inc ...... 31,328 208,335 * Computer Horizons Corp ...................... 681 184,395 * Computer Network Technology Corp ............ 1,309 864,656 * Computer Sciences Corp ...................... 29,787 418,101 Computershare Ltd ........................... 436 1,700,298 * Compuware Corp .............................. 8,161 23,626 Compx International, Inc .................... 198 956,437 * Comverse Technology, Inc .................... 9,583 157,571 * Concord Camera Corp ......................... 856 107,433 * Concord Communications, Inc ................. 966 2,789,366 * Concord EFS, Inc ............................ 43,905 416,963 * Concurrent Computer Corp .................... 1,201 1,304,614 e* Conexant Systems, Inc ....................... 2,100 917,778 * Convergys Corp .............................. 13,904 57,536 * CoorsTek, Inc ............................... 1,470 5,556,835 e* Corning, Inc ................................ 18,393 131,738 * Covansys Corp ............................... 495 296,127 e* Cray, Inc ................................... 2,271 66,200 Creative Technology Ltd ..................... 469 398,036 * Credence Systems Corp ....................... 3,714 487,845 e* Cree, Inc ................................... 7,976 272,343 * CSG Systems International, Inc .............. 3,717 100,469 e CSK Corp .................................... 2,108 204,569 CTS Corp .................................... 1,585 107,709 Cubic Corp .................................. 1,985 160,579 * Cymer, Inc .................................. 5,179 573,619 * Cypress Semiconductor Corp .................. 3,281 1,544,845 Dai Nippon Printing Co Ltd .................. 17,093 879 e* Dainippon Screen Manufacturing Co Ltd ....... 3 94,645 * Daktronics, Inc. ............................ 1,266 20,000 e Dassault Systemes S.A. ...................... 431 125,000 * Datacraft Asia Ltd .......................... 82 108,740 * Datastream Systems, Inc ..................... 696 310,848 * DDI Corp .................................... 68 214,222 * dELiA*s Corp (Class A) ...................... 96 14,351,246 * Dell Computer Corp .......................... 383,752 334,984 Deluxe Corp ................................. 14,103 144,952 * DiamondCluster International, Inc (Class A) . 455 363,278 Diebold, Inc ................................ 14,974 62,650 * Digimarc Corp ............................... 710 188,475 * Digital Insight Corp ........................ 1,638 180,712 * Digital River, Inc .......................... 2,160 65,783 * Digitas, Inc ................................ 228 53,838 * DocuCorp International, Inc ................. 356 263,615 * Documentum, Inc ............................. 4,128 791,473 * DoubleClick, Inc ............................ 4,480 56,066 * Drexler Technology Corp ..................... 706 181,672 * DSP Group, Inc .............................. 2,874 638,871 * DST Systems, Inc ............................ 22,712 79,376 * Dupont Photomasks, Inc ...................... 1,845 428,383 * E.piphany, Inc .............................. 1,786 840,912 * Earthlink, Inc .............................. 4,583 164,818 e* Echelon Corp ................................ 1,848 105,615 * EDB Business Partner ASA .................... 282 102,895 EDO Corp .................................... 2,138 312,396 * eFunds Corp ................................. 2,846 186,945 * Electro Scientific Industries, Inc .......... 3,739 140,181 e* Electroglas, Inc ............................ 216 616,166 * Electronic Arts, Inc ........................ 30,667 2,674,405 Electronic Data Systems Corp ................ 49,289 360,775 * Electronics For Imaging, Inc ................ 5,867 63,561 * Embarcadero Technologies, Inc ............... 379 12,851,588 * EMC Corp .................................... 78,909 154,347 * Emcore Corp ................................. 338 69,690 * EMS Technologies, Inc ....................... 1,088 407,979 * Emulex Corp ................................. 7,568 308,690 * Entegris, Inc ............................... 3,180 1,079,882 * Enterasys Networks, Inc ..................... 1,685 316,334 * Entrust, Inc ................................ 1,063 63,459 * EPIQ Systems, Inc ........................... 972 992,083 Equifax, Inc ................................ 22,957 446,915 * ERG Ltd ..................................... 25 12,473,690 * Ericsson (LM) (B Shs) ....................... 8,733 151,105 e* eSpeed, Inc (Class A) ....................... 2,560 217,343 * ESS Technology, Inc ......................... 1,367 141,810 * Esterline Technologies Corp ................. 2,506 1,300 * Exabyte Corp ................................ 1 263,527 * Exar Corp ................................... 3,268 58,670 * Excel Technology, Inc ....................... 1,050 686,965 * Extreme Networks, Inc ....................... 2,246 148,608 e* F5 Networks, Inc ............................ 1,596 264,777 e Fair, Isaac & Co, Inc ....................... 11,306 580,268 * Fairchild Semiconductor International, Inc (Class A) ................................. 6,215 270,661 e* FalconStor Software, Inc .................... 1,050 164,551 * FEI Co ...................................... 2,516 235,099 * Filenet Corp ................................ 2,868 877,648 e* Finisar Corp ................................ 834 4,291,202 First Data Corp ............................. 151,951 1,052,673 * Fiserv, Inc ................................. 35,738 99,616 * Flir Systems, Inc ........................... 4,861 572,726 * Foundry Networks, Inc ....................... 4,032 260,224 e* Freemarkets, Inc ............................ 1,676 190,835 * FSI International, Inc ...................... 859 38,000 Fujikura Ltd ................................ 90 45,300 Fujitsu Support & Service, Inc .............. 527 645,660 Furukawa Electric Co Ltd .................... 1,355 559,651 e Futuris Corp Ltd ............................ 413 837,090 * Gateway, Inc ................................ 2,628 225,244 General Cable Corp .......................... 856 202,829 * Genesis Microchip, Inc ...................... 2,647 918,000 GES International Ltd ....................... 156 48,757 * Global Imaging Systems, Inc ................. 896 192,481 Global Payments, Inc ........................ 6,161 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 37 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ TECHNOLOGY--(CONTINUED) 747,397 * GlobespanVirata, Inc ........................ $ 3,296 23,413 e* GN Store Nord ............................... 68 40 * Gradco Systems, Inc ......................... 0 381,170 * GrafTech International Ltd .................. 2,272 177,637 * Griffon Corp ................................ 2,419 270,617 e* Handspring, Inc ............................. 257 389,911 * Harmonic, Inc ............................... 897 328,944 Harris Corp ................................. 8,651 176,549 Helix Technology Corp ....................... 1,977 344,627 Henry (Jack) & Associates, Inc .............. 4,149 15,267,562 Hewlett-Packard Co .......................... 265,045 129,500 e Hirose Electric Co Ltd ...................... 9,887 387,000 Hitachi Cable Ltd ........................... 965 168,945 * Hutchinson Technology, Inc .................. 3,497 222,449 * Hypercom Corp ............................... 830 221,749 * Hyperion Solutions Corp ..................... 5,692 1,474,916 * i2 Technologies, Inc ........................ 1,696 499,825 * Identix, Inc ................................ 2,574 131,262 * iGate Corp .................................. 344 70,783 * Ii-Vi, Inc .................................. 1,137 752,087 IKON Office Solutions, Inc .................. 5,377 232,933 * Imation Corp ................................ 8,171 3,648 b* InaCom Corp ................................. 0 65,141 * Inet Technologies, Inc ...................... 397 307,365 e* Infineon Technologies AG. ................... 2,258 247,180 * InFocus Corp ................................ 1,523 91,543 * Infogrames, Inc ............................. 162 385,006 * Infonet Services Corp (Class B) ............. 762 403,712 * Informatica Corp ............................ 2,325 183,284 * Information Resources, Inc .................. 293 40,067 * Inforte Corp ................................ 311 444,151 * Ingram Micro, Inc (Class A) ................. 5,485 957,529 * Inktomi Corp ................................ 1,532 59,524 * Inrange Technologies Corp (Class B) ......... 140 62,090 * Integral Systems, Inc ....................... 1,245 289,308 * Integrated Circuit Systems, Inc ............. 5,280 486,643 * Integrated Device Technology, Inc ........... 4,073 50,491,051 Intel Corp .................................. 786,146 103,409 * Intercept, Inc .............................. 1,751 363,002 * Interdigital Communications Corp ............ 5,285 330,858 * Intergraph Corp ............................. 5,876 808,008 * Interland, Inc .............................. 1,050 96,036 * Intermagnetics General Corp ................. 1,886 12,094,164 d International Business Machines Corp ........ 937,298 314,317 * International Rectifier Corp ................ 5,802 455,788 * Internet Security Systems, Inc .............. 8,355 586,865 * Intersil Corp (Class A) ..................... 8,181 121,339 Inter-Tel, Inc .............................. 2,537 463,243 * Intertrust Technologies Corp ................ 1,960 668,860 * Interwoven, Inc ............................. 1,739 32,835 Intracom S.A. ............................... 147 102,157 * Intrado, Inc ................................ 1,014 987,506 * Intuit, Inc ................................. 46,334 352,686 * Iomega Corp ................................. 2,769 314,430 * Iron Mountain, Inc .......................... 10,379 142,114 * ITXC Corp ................................... 330 179,309 * Ixia ........................................ 654 72,132 * IXYS Corp ................................... 509 550,282 * J.D. Edwards & Co ........................... 6,207 34,957 e* j2 Global Communications, Inc ............... 666 830,446 * Jabil Circuit, Inc .......................... 14,882 188,278 * JDA Software Group, Inc ..................... 1,819 6,537,771 * JDS Uniphase Corp ........................... 16,148 1,157,909 Johnson Electric Holdings Ltd ............... 1,270 1,557,334 * Juniper Networks, Inc ....................... 10,590 388,916 * Keane, Inc .................................. 3,496 42,363 Keithley Instruments, Inc ................... 530 406,665 * Kemet Corp .................................. 3,554 127,003 Keyence Corp ................................ 22,100 153,579 * Keynote Systems, Inc ........................ 1,186 144,510 * Kforce, Inc ................................. 610 1,113,381 * KLA-Tencor Corp ............................. 39,380 111,800 e Kokuyo Co Ltd ............................... 930 39,000 e Konica Corp ................................. 283 469,995 * Kopin Corp .................................. 1,842 135,126 * Kronos, Inc ................................. 4,998 806 e* Kudelski S.A. (Br) .......................... 11 337,066 * Kulicke & Soffa Industries, Inc ............. 1,928 141,998 Kyocera Corp ................................ 8,268 50,000 e Kyowa Exeo Corp ............................. 158 617,427 * Lam Research Corp ........................... 6,668 566,828 * Lattice Semiconductor Corp .................. 4,971 33,287 * Lawson Software, Inc ........................ 191 74,003 * Learning Tree International, Inc ............ 1,014 53,101 * LeCroy Corp ................................. 589 636,397 * Legato Systems, Inc ......................... 3,201 214,264 * Lexar Media, Inc ............................ 1,343 734,833 * Lexmark International, Inc .................. 44,457 716,712 * Liberate Technologies ....................... 1,025 186,275 * Lightbridge, Inc ............................ 1,146 4,303,219 Linear Technology Corp ...................... 110,679 787,045 Logica CMG plc .............................. 1,901 445,929 * Looksmart Ltd ............................... 1,106 2,083,452 * LSI Logic Corp .............................. 12,022 309,483 * LTX Corp .................................... 1,866 17,444,887 e* Lucent Technologies, Inc .................... 21,981 313,828 * Macromedia, Inc ............................. 3,342 281,940 * Macrovision Corp ............................ 4,522 123,579 * Magma Design Automation, Inc ................ 1,184 196,401 * Mail-Well, Inc .............................. 491 129,686 * Manhattan Associates, Inc ................... 3,068 48,900 * Mantech International Corp (Class A) ........ 933 101,690 e* Manufacturers Services Ltd .................. 563 391,325 e* Manugistics Group, Inc ...................... 939 90,581 * MAPICS, Inc ................................. 630 96,663 * Mapinfo Corp ................................ 536 140,919 * Mastec, Inc ................................. 416 313,489 * Matrixone, Inc .............................. 1,348 4,498,563 Maxim Integrated Products, Inc .............. 148,633 1,319,118 * Maxtor Corp ................................. 6,675 379,867 * McData Corp (Class A) ....................... 2,697 145,249 * MCSi, Inc ................................... 690 315,500 e Melco, Inc .................................. 4,599 327,554 * MEMC Electronic Materials, Inc .............. 2,480 446,987 * Mentor Graphics Corp ........................ 3,513 135,954 * Mercury Computer Systems, Inc ............... 4,149 384,032 * Mercury Interactive Corp .................... 11,387 89,833 * Merix Corp .................................. 755 401,815 * Merkantildata ASA ........................... 302 185,282 * MetaSolv, Inc ............................... 254 232,793 Methode Electronics, Inc (Class A) .......... 2,554 178,624 * Mettler-Toledo International, Inc ........... 5,727 471,391 * Micrel, Inc ................................. 4,233 1,037,201 Microchip Technology, Inc ................... 25,360 510,055 * Micromuse, Inc .............................. 1,948 2,597,480 * Micron Technology, Inc ...................... 25,299 194,397 * Microsemi Corp .............................. 1,184 30,702,224 * Microsoft Corp .............................. 1,587,305 287,162 e* Microtune, Inc .............................. 899 SEE NOTES TO FINANCIAL STATEMENTS 38 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ TECHNOLOGY--(CONTINUED) 122,996 e* MIPS Technologies, Inc (Class A) ............ $ 373 146,417 * MIPS Technologies, Inc (Class B) ............ 422 689,545 Misys plc ................................... 1,954 125,900 Mitsumi Electric Co Ltd ..................... 1,147 129,521 * MKS Instruments, Inc ........................ 2,128 530,120 Molex, Inc .................................. 12,214 200,465 Molex, Inc (Class A) ........................ 3,987 119,522 * Monolithic System Technology, Inc ........... 1,444 18,932,361 Motorola, Inc ............................... 163,765 113,943 * MRO Software, Inc ........................... 1,384 590,448 * MRV Communications, Inc ..................... 632 144,164 MTS Systems Corp ............................ 1,445 48,515 * Nanometrics, Inc ............................ 203 31,011 * Nassda Corp ................................. 348 35,363 * National Processing, Inc .................... 568 1,197,713 * National Semiconductor Corp ................. 17,978 82,735 * Navigant International, Inc ................. 1,020 111,200 * NCP Litigation Trust ........................ 0 409,762 * NCR Corp .................................... 9,728 218,556 NDCHealth Corp .............................. 4,349 113,561 * Net2Phone, Inc .............................. 460 176,653 * Netegrity, Inc .............................. 575 261,388 * NETIQ Corp .................................. 3,228 239,801 * Netro Corp .................................. 655 113,048 * Netscout Systems, Inc ....................... 492 66,553 * NetScreen Technologies, Inc ................. 1,121 1,539,074 * Network Appliance, Inc ...................... 15,391 1,131,943 * Network Associates, Inc ..................... 18,213 395,966 * New Focus, Inc .............................. 1,521 248,458 * Newport Corp ................................ 3,121 725,000 Nexans S.A. ................................. 11,580 115,813 * Next Level Communications, Inc .............. 94 581 NGK Spark Plug Co Ltd ....................... 4 101,410 * NIC, Inc .................................... 146 269,800 Nichicon Corp ............................... 3,122 26,500 e Nidec Corp .................................. 1,657 26,000 * Nippon Comsys Corp .......................... 88 444,028 Nippon Sheet Glass Co Ltd ................... 797 15,428,517 e Nokia Oyj ................................... 245,289 9,699,709 * Nortel Networks Corp ........................ 15,472 219,891 * Nortel Networks Corp (U.S.) ................. 354 89,485 * Novadigm, Inc ............................... 209 2,412,401 * Novell, Inc ................................. 8,057 861,107 * Novellus Systems, Inc ....................... 24,180 495 NTT Data Corp ............................... 1,368 96,448 * Nu Horizons Electronics Corp ................ 557 188,399 * Nuance Communications, Inc .................. 467 158,734 e* Numerical Technologies, Inc ................. 549 681,961 * Nvidia Corp ................................. 7,849 164,907 e* NYFIX, Inc .................................. 742 375,320 * Oak Technology, Inc ......................... 995 2,166,945 Olympus Optical Co Ltd ...................... 35,315 133,757 * Omnivision Technologies, Inc ................ 1,815 206,457 Omron Corp .................................. 3,065 1,966,477 * ON Semiconductor Corp ....................... 2,694 282,047 * Onyx Software Corp .......................... 437 1,166,292 * Openwave Systems, Inc ....................... 2,333 689,782 * Oplink Communications, Inc .................. 545 62,932 * Opnet Technologies, Inc ..................... 509 55,213 * Optical Communication Products, Inc ......... 60 31,095,272 * Oracle Corp ................................. 335,829 45,281 e* OSI Systems, Inc ............................ 769 51,566 * Overland Storage, Inc ....................... 752 339,013 * Overture Services, Inc ...................... 9,258 148,255 * Packeteer, Inc .............................. 1,017 193,532 * Palm, Inc ................................... 3,038 178,852 * Paradyne Networks, Inc ...................... 229 1,740,328 * Parametric Technology Corp .................. 4,386 114,536 Park Electrochemical Corp ................... 2,199 223,796 * Paxar Corp .................................. 3,301 205,598 * Paxson Communications Corp .................. 424 1,776,559 Paychex, Inc ................................ 49,566 132,192 * PC-Tel, Inc ................................. 896 74,270 * PDF Solutions, Inc .......................... 515 56,164 * PEC Solutions, Inc .......................... 1,679 168,110 * Pegasus Solutions, Inc ...................... 1,686 41,298 * Pegasystems, Inc ............................ 211 1,812,189 * Peoplesoft, Inc ............................. 33,163 136,219 * Pericom Semiconductor Corp .................. 1,132 361,531 * Perot Systems Corp (Class A) ................ 3,876 4,757 * Phoenix Mecano AG. .......................... 833 170,152 * Phoenix Technologies Ltd .................... 982 185,532 * Photronics, Inc ............................. 2,542 199,953 Pioneer-Standard Electronics, Inc ........... 1,836 220,825 * Pixelworks, Inc ............................. 1,281 77,515 * Planar Systems, Inc ......................... 1,599 251,278 * Plantronics, Inc ............................ 3,802 298,267 * Plexus Corp ................................. 2,619 111,451 * PLX Technology, Inc ......................... 436 818,022 * PMC-Sierra, Inc ............................. 4,548 515,269 * Polycom, Inc ................................ 4,905 65,070 * Pomeroy Computer Resources, Inc ............. 761 778,098 * Portal Software, Inc ........................ 629 43,927 * Powell Industries, Inc ...................... 750 179,562 * Power Integrations, Inc ..................... 3,053 425,685 * Powerwave Technologies, Inc ................. 2,299 265,949 e* PRG-Schultz International, Inc .............. 2,367 138,413 * Probusiness Services, Inc ................... 1,384 208,476 * Progress Software Corp ...................... 2,700 185,801 * Proton Energy Systems ....................... 557 787,913 e* Proxim Corp (Class A) ....................... 685 315,099 * PTEK Holdings, Inc .......................... 1,386 531,739 * QLogic Corp ................................. 18,350 94,740 * QRS Corp .................................... 625 4,182,403 * Qualcomm, Inc ............................... 152,198 878,357 * Quantum Corp ................................ 2,345 245,918 * Quest Software, Inc ......................... 2,535 42,845 Quixote Corp ................................ 774 106,152 * Radiant Systems, Inc ........................ 1,022 108,583 * Radisys Corp ................................ 866 159,407 * Rainbow Technologies, Inc ................... 1,143 291,785 * Raindance Communications, Inc ............... 942 554,532 * Rambus, Inc ................................. 3,721 888,661 * Rational Software Corp ...................... 9,233 827,491 * Read-Rite Corp .............................. 290 456,902 * RealNetworks, Inc ........................... 1,741 749,388 * Red Hat, Inc ................................ 4,429 986,783 e* Redback Networks, Inc ....................... 829 197,414 * Register.com, Inc ........................... 888 62,338 e* Renaissance Learning, Inc ................... 1,178 65,386 e* Research Frontiers, Inc ..................... 545 349,256 * Retek, Inc .................................. 950 340,781 Reynolds & Reynolds Co (Class A) ............ 8,680 743,530 * RF Micro Devices, Inc ....................... 5,450 509,759 Ricoh Co Ltd ................................ 8,364 62,000 Ricoh Elemex Corp ........................... 185 806,538 * Riverstone Networks, Inc .................... 1,710 106,350 * Rogers Corp ................................. 2,366 130,530 * Roxio, Inc .................................. 623 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 39 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ TECHNOLOGY--(CONTINUED) 314,596 * RSA Security, Inc ........................... $ 1,884 65,742 * Rudolph Technologies, Inc ................... 1,260 470,768 * S1 Corp ..................................... 2,100 797,158 * Safeguard Scientifics, Inc .................. 1,084 1,269,360 Sage Group plc .............................. 2,718 24,720 e* Sagem S.A. .................................. 1,673 94,601 * Sanchez Computer Associates, Inc ............ 272 404,652 e* Sandisk Corp ................................ 8,214 8,743,111 * Sanmina-SCI Corp ............................ 39,257 598,792 SAP AG. ..................................... 46,939 554,754 * Sapient Corp ................................ 1,137 96,542 * SBS Technologies, Inc ....................... 884 348,431 e* Scansoft, Inc ............................... 1,812 38,779 * Scansource, Inc ............................. 1,912 823,409 Scientific-Atlanta, Inc ..................... 9,766 101,188 * SCM Microsystems, Inc ....................... 430 147,292 * Seachange International, Inc ................ 906 1,249,635 * Seagate Technology--Escrow .................. 0 193,771 * Secure Computing Corp ....................... 1,242 332,969 * Seebeyond Technology Corp ................... 809 109,772 * Semitool, Inc ............................... 682 320,635 * Semtech Corp ................................ 3,501 114,523 * Serena Software, Inc ........................ 1,808 2,045,791 * Siebel Systems, Inc ......................... 15,303 1,222,775 * Silicon Graphics, Inc ....................... 1,382 383,525 * Silicon Image, Inc .......................... 2,301 175,669 e* Silicon Laboratories, Inc ................... 3,352 529,642 * Silicon Storage Technology, Inc ............. 2,140 39,785 * Siliconix, Inc .............................. 931 22,063 * Simpletech, Inc ............................. 67 172,731 * Sipex Corp .................................. 639 355,543 * Sitel Corp .................................. 427 4,716,415 * Solectron Corp .............................. 16,743 210,798 * Somera Communications, Inc .................. 569 595,956 e* SONICblue, Inc .............................. 268 313,408 * SonicWALL, Inc .............................. 1,138 1,202,396 * Sonus Networks, Inc ......................... 1,202 101,504 * Sourcecorp .................................. 1,887 109,965 * Spectralink Corp ............................ 790 169,637 e* SpeechWorks International, Inc .............. 472 556,120 Spirent plc ................................. 150 79,774 * SPSS, Inc ................................... 1,116 34,507 * SRA International, Inc (Class A) ............ 935 54,344 * SS&C Technologies, Inc ...................... 579 96,871 * Standard Microsystems Corp .................. 1,886 2,123,224 e STMicroelectronics NV ....................... 41,621 582,804 * Storage Technology Corp ..................... 12,484 425,491 * StorageNetworks, Inc ........................ 494 555,091 * Stratex Networks, Inc ....................... 1,227 48,546 * Stratos Lightwave, Inc ...................... 214 1,303,791 e Sumitomo Electric Industries Ltd ............ 8,449 33,977,874 * Sun Microsystems, Inc ....................... 105,671 1,758,003 * Sungard Data Systems, Inc ................... 41,419 3,487 * Suntron Corp ................................ 16 68,638 * Supertex, Inc ............................... 1,022 418,360 e* Surebeam Corp (Class A) ..................... 1,690 493,420 * Sybase, Inc ................................. 6,612 1,063,287 * Sycamore Networks, Inc ...................... 3,073 165,955 * Sykes Enterprises, Inc ...................... 544 914,633 * Symantec Corp ............................... 36,997 1,150,198 Symbol Technologies, Inc .................... 9,455 33,000 * Synaptics, Inc .............................. 251 374,557 * Synopsys, Inc ............................... 17,286 69,537 * Synplicity, Inc ............................. 263 35,471 * Syntel, Inc ................................. 745 33,934 Sypris Solutions, Inc ....................... 346 207,982 * Systems & Computer Technology Corp .......... 1,789 192,000 * Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR) ................................ 1,354 251,378 e* Take-Two Interactive Software, Inc .......... 5,905 88,443 e TDK Corp .................................... 3,562 267,522 * Tech Data Corp .............................. 7,212 245,121 Technitrol, Inc ............................. 3,956 317,290 * Tekelec ..................................... 3,316 417,343 * Tektronix, Inc .............................. 7,591 2,117,889 * Tellabs, Inc ................................ 15,397 508,066 * Tellium, Inc ................................ 325 883,974 * Teradyne, Inc ............................... 11,501 432,897 e* Terayon Communication Systems, Inc .......... 887 10,426,209 Texas Instruments, Inc ...................... 156,497 156,186 * Therma-Wave, Inc ............................ 164 902,071 * Thermo Electron Corp ........................ 18,150 142,192 * Three-Five Systems, Inc ..................... 917 532,853 * TIBCO Software, Inc ......................... 3,293 96,921 * Tier Technologies, Inc (Class B) ............ 1,551 104,057 * Tietoenator Corp ............................ 1,420 50,886 e* Tivo, Inc ................................... 266 138,000 TKC Corp .................................... 1,589 86,599 * Tollgrade Communications, Inc ............... 1,016 904,460 Toppan Printing Co Ltd ...................... 6,806 200,341 e Total System Services, Inc .................. 2,705 670,942 * Touch America Holdings, Inc ................. 262 223,059 * Transaction Systems Architects, Inc (Class A) 1,450 698,759 * Transmeta Corp .............................. 818 804,500 e* Trend Micro, Inc ............................ 13,762 178,264 * Trimble Navigation Ltd ...................... 2,227 48,595 * Tripos, Inc ................................. 356 866,042 * Triquint Semiconductor, Inc ................. 3,672 202,840 * Trizetto Group, Inc ......................... 1,245 90,033 * TTM Technologies, Inc ....................... 298 194,436 * Turnstone Systems, Inc ...................... 525 214,384 * Tyler Technologies, Inc ..................... 894 3,876 b* U.S. Office Products Co ..................... 0 70,297 * Ulticom, Inc ................................ 527 68,654 * Ultimate Electronics, Inc ................... 697 148,490 * Ultratech Stepper, Inc ...................... 1,461 1,140 Unaxis Holding AG. (Regd) ................... 76 1,630,880 * Unisys Corp ................................. 16,146 77,452 United Industrial Corp ...................... 1,239 141,522 * United Online, Inc .......................... 2,256 113,418 e* Universal Display Corp ...................... 895 318,909 * Utstarcom, Inc .............................. 6,324 427,111 * Valueclick, Inc ............................. 1,192 203,456 * Varian Semiconductor Equipment Associates, Inc 4,834 188,898 e* Veeco Instruments, Inc ...................... 2,184 268,200 Venture Corp Ltd ............................ 2,149 21,197 * Verint Systems, Inc ......................... 428 1,100,686 * VeriSign, Inc ............................... 8,828 2,102,471 * Veritas Software Corp ....................... 32,841 174,869 * Verity, Inc ................................. 2,342 138,908 * Vicor Corp .................................. 1,146 252,009 e* Viewpoint Corp .............................. 471 1,561,798 * Vignette Corp ............................... 1,916 70,214 * Virage Logic Corp ........................... 704 32,887 Virco Manufacturing Corp .................... 335 791,776 * Vishay Intertechnology, Inc ................. 8,852 1,322,076 * Vitesse Semiconductor Corp .................. 2,889 482,277 * Vitria Technology, Inc ...................... 362 52,514 * Volt Information Sciences, Inc .............. 898 248,190 Wallace Computer Services, Inc .............. 5,339 SEE NOTES TO FINANCIAL STATEMENTS 40 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ TECHNOLOGY--(CONTINUED) 2,399,257 * Wanadoo ..................................... $ 10,751 175,351 * WatchGuard Technologies, Inc ................ 1,119 108,500 e* Wavecom S.A. ................................ 1,537 154,069 e* WebEx Communications, Inc ................... 2,311 302,463 * webMethods, Inc ............................. 2,486 140,401 * Websense, Inc ............................... 2,999 106,043 * WESCO International, Inc .................... 582 1,307,315 * Western Digital Corp ........................ 8,354 114,869 * White Electronic Designs Corp ............... 879 140,110 * Wilson Greatbatch Technologies, Inc ......... 4,091 441,166 * Wind River Systems, Inc ..................... 1,809 156,423 * Wireless Facilities, Inc .................... 940 87,046 * Witness Systems, Inc ........................ 299 209,455 e WM-Data AB (B Shs) .......................... 183 71,620 Woodhead Industries, Inc .................... 809 92,000 Woodland Corp ............................... 182 145,455 * Xicor, Inc .................................. 543 1,986,088 * Xilinx, Inc ................................. 40,913 2,790 e* Yahoo Japan Corp ............................ 34,796 46,322 e Yamaha Corp ................................. 428 122,397 * Zebra Technologies Corp (Class A) ........... 7,013 1,440 * Zebra Technologies Corp (Class B) ........... 83 180,837 * Zoran Corp .................................. 2,544 103,580 * Zygo Corp ................................... 724 ------------ TOTAL TECHNOLOGY 9,791,652 ------------ TRANSPORTATION--1.25% 54,068 f* Air Canada .................................. 163 30,700 Air France .................................. 298 325,655 Airborne, Inc ............................... 4,829 423,701 * Airtran Holdings, Inc ....................... 1,652 164,397 * Alaska Air Group, Inc ....................... 3,559 1,004,000 e* All Nippon Airways Co Ltd ................... 1,853 1,013,213 * AMR Corp .................................... 6,687 142,165 * Arkansas Best Corp .......................... 3,694 157,969 Associated British Ports Holdings plc ....... 1,016 21,121 * ATA Holdings Corp ........................... 97 278,629 * Atlantic Coast Airlines Holdings, Inc ....... 3,352 110,286 * Atlas Air Worldwide Holdings, Inc ........... 167 28,324 Attica Enterprise Holding S.A. .............. 73 238,971 * BE Aerospace, Inc ........................... 870 32,680 e Bergesen DY A/S (A Shs) ..................... 623 1 Bergesen DY A/S (B Shs) ..................... 0 2,596,204 Brambles Industries Ltd ..................... 6,871 1,643,628 e Brambles Industries plc ..................... 4,022 1,485,040 * British Airways plc ......................... 3,228 2,249,357 Burlington Northern Santa Fe Corp ........... 58,506 354,149 C.H. Robinson Worldwide, Inc ................ 11,049 84,968 Canadian National Railway Co ................ 3,531 359,334 Canadian Imperial Holdings, Inc ............. 14,846 698,744 e Canadian Pacific Railway Ltd ................ 13,778 1,350,800 Cathay Pacific Airways Ltd .................. 1,845 421 Central Japan Railway Co .................... 2,622 235,064 CNF, Inc .................................... 7,814 4,324 Compagnie Maritime Belge S.A. ............... 233 553,703 * Continental Airlines, Inc (Class B) ......... 4,014 42,412 * Covenant Transport, Inc (Class A) ........... 804 640,134 e CP Ships Ltd ................................ 8,594 1,587,303 CSX Corp .................................... 44,937 386 e Dampskibsselskabet Af 1912 (B Shs) .......... 2,710 411 e Dampskibsselskabet Svendborg (B Shs) ........ 4,181 716,304 Delta Air Lines, Inc ........................ 8,667 328,786 * Deutsche Lufthansa AG. (Regd) ............... 3,109 38,562 DSV DE Sammenslut Vogn A/S .................. 937 9,233 e East Japan Railway Co ....................... 45,826 3,667,764 * EasyJet plc ................................. 16,179 237,963 * EGL, Inc .................................... 3,391 154,716 Exel plc .................................... 1,714 539,908 Expeditors International Of Washington, Inc . 17,628 530,702 * ExpressJet Holdings, Inc .................... 5,440 1,590,676 FedEx Corp .................................. 86,246 244,618 Firstgroup plc .............................. 927 115,238 Florida East Coast Industries, Inc (Class A) 2,674 96,448 * Forward Air Corp ............................ 1,872 195,356 * Frontier Airlines, Inc ...................... 1,321 78,109 * Genesee & Wyoming, Inc (Class A) ............ 1,590 975,000 e Hankyu Corp ................................. 2,637 179,933 * Heartland Express, Inc ...................... 4,122 133,359 * Hunt (J.B.) Transport Services, Inc ......... 3,907 696,097 * Iberia Lineas Aereas de Espana .............. 1,023 389,766 * Japan Airlines System Corp .................. 831 32,500 e* JetBlue Airways Corp ........................ 878 401,032 Kamigumi Co Ltd ............................. 1,926 400,219 * Kansas City Southern Industries, Inc ........ 4,803 25 e Kawasaki Kisen Kaisha Ltd ................... 0 231,619 e Keihin Electric Express Railway Co Ltd ...... 1,054 127,000 Keio Electric Railway Co Ltd ................ 673 611,135 e* Kinki Nippon Railway Co Ltd ................. 1,318 56,616 KLM (Royal Dutch Airlines) NV ............... 545 148,974 * Knight Transportation, Inc .................. 3,128 108,738 * Landstar System, Inc ........................ 6,346 1,743,449 Mayne Group Ltd ............................. 3,200 206,424 * Mesa Air Group, Inc ......................... 840 66,957 * Mesaba Holdings, Inc ........................ 410 87,509 * Midwest Express Holdings, Inc ............... 468 175,526 Mitsui O.S.K. Lines Ltd ..................... 364 1,800,000 Mitsui-Soko Co Ltd .......................... 3,231 1,660,900 MTR Corp .................................... 1,757 592,837 * Neptune Orient Lines Ltd .................... 314 2,574,000 Nippon Express Co Ltd ....................... 10,086 1,115,826 Nippon Yusen Kabushiki Kaisha ............... 3,761 2,022,803 Norfolk Southern Corp ....................... 40,436 1,186,255 * Northwest Airlines Corp ..................... 8,707 182,396 Overseas Shipholding Group, Inc ............. 3,265 20,208 * P.A.M. Transportation Services .............. 509 1,476,685 * Patrick Corp Ltd ............................ 10,893 1,016,376 Peninsular & Oriental Steam Navigation Co ... 2,692 189,966 * RailAmerica, Inc ............................ 1,362 78,884 Roadway Corp ................................ 2,904 304,114 * Ryanair Holdings plc ........................ 2,122 193,522 e* Ryanair Holdings plc (Spon ADR) ............. 7,578 280,699 Ryder System, Inc ........................... 6,299 863,065 * Sabre Holdings Corp ......................... 15,630 56,655 * SAS AB ...................................... 321 96,927 * SCS Transportation, Inc ..................... 961 270,000 e Seino Transportation Co Ltd ................. 1,581 416,000 SembCorp Logistics Ltd ...................... 377 225,869 Shurgard Storage Centers, Inc (Class A) ..... 7,079 761,061 Singapore Airlines Ltd ...................... 4,476 271,260 Skywest, Inc ................................ 3,545 827,000 SMRT Corp Ltd ............................... 274 4,189,910 Southwest Airlines Co ....................... 58,240 1,627,898 Stagecoach Group plc ........................ 773 868,000 e Sumitomo Warehouse Co Ltd ................... 1,792 440,208 * Swift Transportation Co, Inc ................ 8,812 96 * Swissair Group .............................. 0 121,000 * Tobu Railway Co Ltd ......................... 321 717,327 e* Tokyu Corp .................................. 2,527 312,261 * Toll Holdings Ltd ........................... 1,117 35,940 * U.S. Xpress Enterprises, Inc (Class A) ...... 315 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 41 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ TRANSPORTATION--(CONTINUED) 442,964 b,e* UAL Corp .................................... $ 633 1,362,871 Union Pacific Corp .......................... 81,595 2,038,026 United Parcel Service, Inc (Class B) ........ 128,559 180,114 USFreightways Corp .......................... 5,178 256,670 Werner Enterprises, Inc ..................... 5,526 2,005 e West Japan Railway Co ....................... 7,113 2,784,893 Yamato Transport Co Ltd ..................... 36,375 192,255 * Yellow Corp ................................. 4,843 ------------- TOTAL TRANSPORTATION 942,391 ------------- UTILITIES--7.56% 60,000 * ACEA S.p.A. ................................. 266 353,708 e* Acesa Infraestructuras S.A. Rts ............. 204 2,183,844 e* AES Corp .................................... 6,595 370,017 AGL Resources, Inc .......................... 8,991 149,688 e* AirGate PCS, Inc ............................ 93 469,804 * Alamosa Holdings, Inc ....................... 244 57,784 * Alaska Communications Systems Group, Inc .... 106 744,076 Allegheny Energy, Inc ....................... 5,625 717,552 e* Allegiance Telecom, Inc ..................... 481 185,809 * Allen Telecom, Inc .......................... 1,760 410,251 Allete, Inc ................................. 9,304 482,067 e Alliant Energy Corp ......................... 7,978 1,629,053 Alltel Corp ................................. 83,082 763,420 e Ameren Corp ................................. 31,735 1,823,819 e American Electric Power Co, Inc ............. 49,845 1,104,697 e* American Tower Corp (Class A) ............... 3,900 992,637 Aquila, Inc ................................. 1,757 7,906,734 AT&T Corp ................................... 206,445 20,525,140 * AT&T Wireless Services, Inc ................. 115,967 12,490 Athens Water Supply & Sewage Co S.A. ........ 47 275,152 Atmos Energy Corp ........................... 6,417 1,027,262 e Australian Gas Light Co Ltd ................. 6,097 353,708 e* Autopistas Concesionaria Espanola S.A. ...... 4,009 403,500 * Autoroutes Du Sud De La France .............. 9,752 6,270,400 e* Autostrade-Concessioni e Costruzioni Autostrade S.p.A. ......................... 62,380 324,715 Avista Corp ................................. 3,754 111,384 * AWG plc ..................................... 777 726,005 BCE, Inc (Canada) ........................... 13,097 162,000 e BCE, Inc (US) ............................... 2,918 10,015,720 BellSouth Corp .............................. 259,107 178,767 Black Hills Corp ............................ 4,741 178,938 e Bouygues S.A. ............................... 4,999 1,764,598 * Brisa-Auto Estradas de Portugal S.A. ........ 9,777 1,311,073 * Broadwing, Inc .............................. 4,615 38,534,524 BT Group plc ................................ 120,972 1,386,847 * Cable & Wireless plc ........................ 999 1,806,884 e* Calpine Corp ................................ 5,890 73,618 Cascade Natural Gas Corp .................... 1,472 56,591 * Centennial Communications Corp .............. 148 1,313,205 Centerpoint Energy, Inc ..................... 11,162 78,274 Central Vermont Public Service Corp ......... 1,431 774,910 CenturyTel, Inc ............................. 22,767 110,393 CH Energy Group, Inc ........................ 5,148 388,029 Chubu Electric Power Co, Inc ................ 6,932 830,584 Cinergy Corp ................................ 28,007 1,560,643 * Citizens Communications Co .................. 16,465 271,078 Cleco Corp .................................. 3,795 2,261,545 CLP Holdings Ltd ............................ 9,106 712,661 CMS Energy Corp ............................. 6,728 77,288 * Commonwealth Telephone Enterprises, Inc ..... 2,770 50,005 Connecticut Water Service, Inc .............. 1,262 1,517,721 Consolidated Edison, Inc .................... 64,989 808,680 Constellation Energy Group, Inc ............. 22,497 544,725 Contact Energy Ltd .......................... 1,131 1,374,898 * Crown Castle International Corp ............. 5,156 111,975 CT Communications, Inc ...................... 1,265 3,219,744 e Deutsche Telekom AG. (Regd) ................. 41,289 1,499,738 Dominion Resources, Inc ..................... 82,336 672,323 DPL, Inc .................................... 10,313 476,044 DQE, Inc .................................... 7,255 791,526 DTE Energy Co ............................... 36,727 4,710,616 Duke Energy Corp ............................ 92,045 1,520,813 e Dynegy, Inc (Class A) ....................... 1,795 13,380 * e.Biscom S.p.A. ............................. 383 1,682,449 * E.ON AG. .................................... 67,798 4,082,184 * Edison International ........................ 48,374 2,827,923 El Paso Corp ................................ 19,682 311,228 * El Paso Electric Co ......................... 3,424 37,169 * Electrabel S.A. ............................. 9,030 2,000 * Electrabel S.A. (Strip Vvpr) ................ 3 1,234,600 Electricidade de Portugal S.A. .............. 2,060 141,237 Empire District Electric Co ................. 2,571 673,207 e Endesa S.A. ................................. 7,877 2,868,846 e* Enel S.p.A. ................................. 14,932 225,324 Energen Corp ................................ 6,557 739,730 Energy East Corp ............................ 16,341 28,672 EnergySouth, Inc ............................ 809 250,618 b,e* Enron Corp .................................. 16 1,599,476 Entergy Corp ................................ 72,920 936,291 Equitable Resources, Inc .................... 32,808 1,658,768 Exelon Corp ................................. 87,533 1,397,745 FirstEnergy Corp ............................ 46,084 2,507 b,e* Focal Communications Corp ................... 0 13,813 b,e* Focal Communications Corp Wts 12/14/07 ...... 0 877,705 FPL Group, Inc .............................. 52,776 307,520 e France Telecom S.A. ......................... 5,383 276,969 * General Communication, Inc (Class A) ........ 1,858 883,000 b* Geotek Communications, Inc .................. 1 82,847 * Golden Telecom, Inc ......................... 1,048 336,460 Great Plains Energy, Inc .................... 7,698 652,068 * Grupo Ferrovial S.A. ........................ 16,525 178,682 Hawaiian Electric Industries, Inc ........... 7,858 410,410 Hellenic Telecommunications Organization S.A. 4,522 91,392 Hickory Tech Corp ........................... 871 1,738,011 Hong Kong Electric Holdings Ltd ............. 6,575 4,207,660 e* Iberdrola S.A. .............................. 58,947 203,054 Idacorp, Inc ................................ 5,042 155,897 * IDT Corp .................................... 2,695 106,366 * IDT Corp (Class B) .......................... 1,650 1,571,148 * International Power plc ..................... 2,422 19,642 Japan Telecom Co Ltd ........................ 60,910 1,196,803 Kansai Electric Power Co, Inc ............... 18,083 728,098 * Kelda Group plc ............................. 4,970 751,101 KeySpan Corp ................................ 26,469 473,134 Kinder Morgan, Inc .......................... 19,999 8,634,664 e* KPN NV ...................................... 56,180 371,104 Kyushu Electric Power Co, Inc ............... 5,429 127,372 Laclede Group, Inc .......................... 3,082 9,486,291 e* Level 3 Communications, Inc ................. 46,483 31,237 e* McLeod USA, Inc (Class A) ................... 26 3,030,891 e* McLeod USA, Inc (Escrow) .................... 0 367,813 MDU Resources Group, Inc .................... 9,493 2,639,153 b* Metromedia Fiber Network, Inc (Class A) ..... 26 109,029 MGE Energy, Inc ............................. 2,919 49,908 Middlesex Water Co .......................... 1,047 2,263,104 e* Mirant Corp ................................. 4,277 57,926 * NATCO Group, Inc (Class A) .................. 364 597,968 National Fuel Gas Co ........................ 12,396 7,660,618 * National Grid Transco plc ................... 56,299 SEE NOTES TO FINANCIAL STATEMENTS 42 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ UTILITIES--(CONTINUED) 180,748 New Jersey Resources Corp ................... $ 5,710 3,465,134 * Nextel Communications, Inc (Class A) ........ 40,022 396,958 * Nextel Partners, Inc (Class A) .............. 2,410 232,978 Nicor, Inc .................................. 7,928 15,146 Nippon Telegraph & Telephone Corp ........... 55,009 1,107,494 NiSource, Inc ............................... 22,150 314,962 * NiSource, Inc (Sails) ....................... 699 97,979 North Pittsburgh Systems, Inc ............... 1,336 656,352 Northeast Utilities ......................... 9,957 170,518 Northwest Natural Gas Co .................... 4,614 205,776 e Northwestern Corp ........................... 1,045 281,529 NSTAR ....................................... 12,497 906,690 b,e* NTL, Inc .................................... 15 29,730 * NTT Docomo, Inc ............................. 54,865 102,245 NUI Corp .................................... 1,765 410,809 OGE Energy Corp ............................. 7,230 112,897 * Oil States International, Inc ............... 1,456 362,443 Oneok, Inc .................................. 6,959 400,000 * Orange S.A. ................................. 2,766 165,006 Otter Tail Corp ............................. 4,439 11,486,737 * Pacific Century CyberWorks Ltd .............. 1,812 191,554 Peoples Energy Corp ......................... 7,404 771,494 Pepco Holdings, Inc ......................... 14,959 175,692 * Petroquest Energy, Inc ...................... 729 2,033,401 * PG&E Corp ................................... 28,264 208,103 Piedmont Natural Gas Co, Inc ................ 7,356 445,973 Pinnacle West Capital Corp .................. 15,203 243,311 PNM Resources, Inc .......................... 5,796 1,591,786 Portugal Telecom SGPS S.A. (Regd) ........... 10,941 855,949 PPL Corp .................................... 29,684 331,168 * Price Communications Corp ................... 4,580 1,163,874 Progress Energy, Inc ........................ 50,454 496,039 * Progress Energy, Inc (Cvo) .................. 223 89,983 * Public Power Corp ........................... 1,246 1,169,274 Public Service Enterprise Group, Inc ........ 37,534 468,996 Puget Energy, Inc ........................... 10,341 848,137 Questar Corp ................................ 23,595 61,554 * Quicksilver Resources, Inc .................. 1,381 6,933,501 * Qwest Communications International, Inc ..... 34,668 404,158 e* RCN Corp .................................... 214 1,537,117 * Reliant Resources, Inc ...................... 4,919 578,766 * RWE AG. ..................................... 14,880 17,867,661 SBC Communications, Inc ..................... 484,392 542,476 SCANA Corp .................................. 16,795 1,956,385 * Scottish & Southern Energy plc .............. 21,417 3,392,612 * Scottish Power plc .......................... 19,799 120,434 e SEMCO Energy, Inc ........................... 735 919,043 Sempra Energy ............................... 21,735 292,358 Severn Trent plc ............................ 3,266 20,705 Shenandoah Telecom Co ....................... 1,013 1,000,463 Sierra Pacific Resources .................... 6,503 7,851,530 Singapore Telecommunications Ltd ............ 5,613 909,781 e* Skyworks Solutions, Inc ..................... 7,842 80,429 South Jersey Industries, Inc ................ 2,656 5,761,080 Southern Co ................................. 163,557 252,973 * Southern Union Co ........................... 4,174 218,795 Southwest Gas Corp .......................... 5,131 65,305 Southwest Water Co .......................... 865 171,939 * Southwestern Energy Co ...................... 1,969 4,748,572 Sprint Corp (FON Group) ..................... 68,759 14,115,783 e* Sprint Corp (PCS Group) ..................... 61,827 407,128 Suez ........................................ 7,092 378,720 e* Suez S.A. ................................... 6,573 84,681 SureWest Communications ..................... 3,150 92,438 e Swisscom AG. (Regd) ......................... 26,775 151,062 * Talk America Holdings, Inc .................. 846 83,112 e TDC A/S ..................................... 2,020 922,338 e TECO Energy, Inc ............................ 14,269 72,136 e* Tele2 AB (B Shs) ............................ 1,908 7,687,901 e Telecom Corp Of New Zealand Ltd ............. 18,218 6,311,178 e Telecom Italia S.p.A. ....................... 47,884 8,799,796 e Telecom Italia S.p.A.(Rnc) .................. 44,418 11,927,172 e* Telefonica S.A. ............................. 106,765 7,121 * Telefonica S.A. (Spon ADR) .................. 189 596,589 * Telekom Austria AG. ......................... 6,041 278,430 Telephone & Data Systems, Inc ............... 13,092 3,402,679 e* Telia Sonera AB ............................. 12,809 5,146,873 Telstra Corp Ltd ............................ 12,781 382,081 TELUS Corp .................................. 4,220 6,396 TELUS Corp (Non-Vote) ....................... 65 16,884,417 TIM S.p.A. .................................. 77,076 296,037 e* Time Warner Telecom, Inc (Class A) .......... 625 149,880 e* Tiscali S.p.A. .............................. 673 345,070 Tohoku Electric Power Co, Inc ............... 5,080 1,838,382 Tokyo Electric Power Co, Inc ................ 34,933 70,300 TransAlta Corp .............................. 761 133,206 * Triton PCS Holdings, Inc (Class A) .......... 523 1,339,531 TXU Corp .................................... 25,022 84,944 * U.S. Cellular Corp .......................... 2,125 553,411 * U.S. Unwired, Inc (Class A) ................. 271 372,347 * Ubiquitel, Inc .............................. 149 185,328 UGI Corp .................................... 6,929 81,566 UIL Holdings Corp ........................... 2,844 108,313 e* Union Fenosa S.A. ........................... 1,426 193,568 Unisource Energy Corp ....................... 3,347 712,568 United Utilities plc ........................ 7,158 29,420 Unitil Corp ................................. 730 354,345 Vectren Corp ................................ 8,150 20,857,503 Verizon Communications, Inc ................. 808,094 184,612 * Vinci S.A. .................................. 10,403 209,803,273 Vodafone Group plc .......................... 382,516 14,059 Vodafone Group plc (Spon ADR) ............... 255 30,216 Vodafone-Panafon S.A. ....................... 175 99,284 * West Corp ................................... 1,648 382,961 Westar Energy, Inc .......................... 3,791 126,351 Western Gas Resources, Inc .................. 4,656 403,088 e* Western Wireless Corp (Class A) ............. 2,136 322,912 WGL Holdings, Inc ........................... 7,724 2,347,545 Williams Cos, Inc ........................... 6,338 576,658 Wisconsin Energy Corp ....................... 14,532 208,977 WPS Resources Corp .......................... 8,112 2,496,130 b* Xcel Energy, Inc ............................ 27,457 ------------ TOTAL UTILITIES 5,714,119 ------------ TOTAL COMMON STOCK (COST $72,700,012) 74,863,380 ------------ PRINCIPAL --------- SHORT TERM INVESTMENTS--2.59% CERTIFICATE OF DEPOSIT--0.04% Royal Bank Of Scotland plc $30,000,000 1.330%, 02/05/03 ........................... 29,998 ------------ TOTAL CERTIFICATE OF DEPOSIT 29,998 ------------ COMMERCIAL PAPER--2.05% Aluminum Co of America 11,600,000 1.200%, 01/02/03 ........................... 11,599 American Honda Finance Corp 32,800,000 1.710%, 01/23/03 ........................... 32,772 17,970,000 1.320%, 03/07/03 ........................... 17,927 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 43 Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ------------ COMMERCIAL PAPER--(CONTINUED) Asset Securitization Coop Corp $25,000,000 c 1.310%, 01/13/03 ........................... $ 24,988 20,000,000 c 1.320%, 02/14/03 ........................... 19,967 50,000,000 c 1.320%, 03/03/03 ........................... 49,887 Barclays U.S. Funding Corp 5,830,000 1.320%, 03/13/03 ........................... 5,815 Canadian Imperial Holdings, Inc 50,000,000 1.330%, 01/21/03 ........................... 49,962 Cargill, Inc 25,000,000 c 1.780%, 02/05/03 ........................... 24,967 36,000,000 c,d 1.320%, 02/21/03 ........................... 35,932 CC (USA), Inc 27,558,000 c 1.380%, 01/06/03 ........................... 27,552 10,000,000 c 1.780%, 01/17/03 ........................... 9,994 20,000,000 c,d 1.320%, 02/24/03 ........................... 19,960 33,304,000 c 1.350%, 02/28/03 ........................... 33,232 Ciesco LP 30,800,000 c,d 1.500%, 01/07/03 ........................... 30,792 50,000,000 c 1.330%, 02/05/03 ........................... 49,935 Citicorp 50,000,000 1.550%, 01/07/03 ........................... 49,987 51,000,000 d 1.320%, 03/11/03 ........................... 50,870 Coca-Cola Enterprises, Inc 25,000,000 c 1.310%, 02/19/03 ........................... 24,955 50,000,000 c,d 1.320%, 03/10/03 ........................... 49,874 Corporate Asset Funding Corp, Inc 36,900,000 c 1.550%, 01/07/03 ........................... 36,891 29,000,000 c 1.330%, 02/03/03 ........................... 28,964 34,000,000 c 1.340%, 02/04/03 ........................... 33,957 Edison Asset Securitization, LLC 14,500,000 c 1.320%, 01/09/03 ........................... 14,495 19,900,000 c 1.330%, 02/19/03 ........................... 19,864 Emerson Electric Co 30,270,000 c 1.180%, 01/02/03 ........................... 30,268 Enterprise Funding Corp 16,036,000 c 1.340%, 01/14/03 ........................... 16,028 34,120,000 c 1.330%, 02/19/03 ........................... 34,058 FCAR Owner Trust I 13,866,000 1.330%, 03/06/03 ........................... 13,833 General Electric Capital Corp 50,000,000 1.510%, 02/06/03 ........................... 49,933 51,000,000 1.350%, 02/20/03 ........................... 50,905 Govco, Inc 30,000,000 c 1.310%, 01/13/03 ........................... 29,985 32,000,000 c,d 1.330%, 02/21/03 ........................... 31,939 30,000,000 c 1.320%, 03/03/03 ........................... 29,932 Greyhawk Funding LLC 30,000,000 c 1.540%, 01/06/03 ........................... 29,993 55,000,000 c,d 1.780%, 01/10/03 ........................... 54,979 15,000,000 c 1.750%, 01/14/03 ........................... 14,992 Harley-Davidson Funding Corp 20,000,000 c 1.320%, 01/22/03 ........................... 19,984 Links Finance LLC 13,000,000 c 1.320%, 02/11/03 ........................... 12,980 May Department Stores Co 10,000,000 1.750%, 01/10/03 ........................... 9,996 Moriarty LLC 2,000,000 c 1.740%, 01/15/03 ........................... 1,999 Park Avenue Receivables Corp 15,000,000 c 1.320%, 01/14/03 ........................... 14,992 29,907,000 c 1.300%, 02/20/03 ........................... 29,851 Preferred Receivables Funding Corp 48,000,000 c 1.320%, 01/06/03 ........................... 47,989 Receivables Capital Corp $35,400,000 c 1.320%, 01/09/03 ........................... 35,388 SBC International, Inc 21,600,000 c 1.310%, 01/23/03 ........................... 21,582 Sigma Finance, Inc 25,000,000 c 1.770%, 01/30/03 ........................... 24,973 23,000,000 c 1.340%, 02/28/03 ........................... 22,951 Societe Generale North America, Inc 51,000,000 1.510%, 01/06/03 ........................... 50,989 15,100,000 1.330%, 02/04/03 ........................... 15,081 13,000,000 1.330%, 02/20/03 ........................... 12,976 UBS Finance, Inc (Delaware) 21,000,000 1.490%, 01/06/03 ........................... 20,995 25,000,000 1.325%, 01/09/03 ........................... 24,992 Vodafone Group plc 15,000,000 c 1.650%, 02/12/03 ........................... 14,977 13,700,000 c 1.330%, 02/13/03 ........................... 13,678 8,400,000 c 1.330%, 02/14/03 ........................... 8,386 ------------ TOTAL COMMERCIAL PAPER 1,546,742 ------------ U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--0.43% Federal Home Loan Bank (FHLB) 400,000 1.740%, 01/03/03 ........................... 400 81,000 1.735%, 01/08/03 ........................... 81 21,000,000 1.680%, 01/17/03 ........................... 20,988 55,850,000 1.250%, 01/22/03 ........................... 55,808 30,000,000 1.260%, 01/24/03 ........................... 29,975 40,000,000 d 2.850%, 04/16/03 ........................... 40,176 Federal Home Loan Mortgage Corp (FHLMC) 100,000,000 1.260%, 02/27/03 ........................... 99,802 Federal National Mortgage Association (FNMA) 1,576,000 1.740%, 01/08/03 ........................... 1,576 21,000,000 d 1.690%, 01/08/03 ........................... 20,994 10,000,000 1.240%, 01/14/03 ........................... 9,995 23,500,000 1.680%, 01/15/03 ........................... 23,488 25,000,000 1.270%, 05/07/03 ........................... 24,890 ------------ TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 328,173 ------------ VARIABLE RATE NOTES--0.07% Sigma Finance, Inc 25,000,000 1.340%, 02/18/03 24,998 25,000,000 1.418%, 10/07/03 24,998 ------------ TOTAL VARIABLE RATE NOTES 49,996 ------------ TOTAL SHORT TERM INVESTMENTS (COST $1,954,702) 1,954,909 ------------ TOTAL PORTFOLIO--101.76% (COST $74,730,974) 76,878,216 OTHER ASSETS & LIABILITIES, NET--(1.76%) (1,327,125) ------------ NET ASSETS--100.00% $ 75,551,091 ============ - ---------- * Non-income producing a Affiliated holding b In bankcruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts. e All or a portion of these securities are out on loan. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2002, the value of these securities amounted to $76,754,709 or 0.10% of net assets. j Security is in default. 44 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - STOCK ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- Additional information on each restricted security is as follows: SECURITY ACQUISITION DATE ACQUISITION COST - -------- ---------------- ---------------- Air Canada, Inc 01/23/89 $ 493,515 Baring Vostok L.P. 02/12/01 9,259,387 BB Bioventures L.P. 03/24/98 14,724,615 Belo Corp (Class B) 05/23/88 1,900,588 Claire's Stores, Inc (Class A) 12/07/92 411,235 Dow Jones & Co, Inc (Class B) 07/31/86 6,128,067 Imperial Credit Industries 12/27/01 0 International Hydron (Liquidating Trust) 11/13/97 0 Lee Enterprises, Inc (Class A) 03/31/86 60,768 MPM Bioventures II QP, LP 02/28/00 15,321,389 Priority Healthcare Corp (Class A) 01/04/99 840,339 ----------- $49,139,903 =========== For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the accounts use more specific industry categories in following their investment limitations on industry concentration. TRANSACTIONS WITH AFFILIATED COMPANIES JANUARY 1, 2002 -- DECEMBER 31, 2002 - --------------------------------------------------------------------------------
VALUE AT PURCHASE REALIZED DIVIDEND SHARES AT VALUE AT ISSUE DECEMBER 31, 2001 COST PROCEEDS GAIN (LOSS) INCOME DECEMBER 31, 2002 DECEMBER 31, 2002 - ----- ----------------- ----------- ----------- ------------ ---------- ----------------- ----------------- Autoliv, Inc $125,821,404 $ 8,295,038 $23,646,858 $ 28,942 $2,502,091 5,477,946 $114,653,410 Baring Vostok L.P. 5,092,719 4,166,667 -- -- 118,242 9,343,486 8,464,264 Bethlehem Steel Corp 3,869,269 -- 679,535 (13,280,866) -- -- * CMS Energy Corp ** 13,375,318 8,816,545 (1,783,627) 2,447,481 -- * Martek Biosciences Corp 29,544,809 564,086 2,229,380 1,257,875 -- 1,321,031 33,237,140 Max Re Capital Ltd ** 8,644,244 631,129 (160,667) 164,469 2,250,492 24,800,422 ------------ ----------- ----------- ------------ ---------- --------- ------------ TOTAL AFFILIATED TRANSACTIONS $164,328,201 $35,045,353 $36,003,447 $(13,938,343) $5,232,283 $181,155,236 ============ =========== =========== ============ ========== ============
- ---------- ** Not an Affiliate as of December 31, 2001 * Not an Affiliate as of December 31, 2002 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 45 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- Summary by Country VALUE (000) % ----------- ------ DOMESTIC: United States .................................. $2,872,765 50.77% ---------- ------ TOTAL DOMESTIC 2,872,765 50.77 ---------- ------ Foreign: Australia ...................................... 107,579 1.90 Austria ........................................ 967 0.02 Belgium ........................................ 10,095 0.18 Bermuda ........................................ 18,813 0.33 Canada ......................................... 139,273 2.46 Denmark ........................................ 7,040 0.12 Finland ........................................ 36,833 0.65 France ......................................... 193,823 3.43 Germany ........................................ 94,883 1.68 Greece ......................................... 2,646 0.05 Hong Kong ...................................... 34,965 0.62 Ireland ........................................ 15,469 0.27 Italy .......................................... 48,340 0.85 Japan .......................................... 485,776 8.59 Korea .......................................... 6,865 0.12 Luxembourg ..................................... 9,453 0.17 Netherlands .................................... 211,076 3.73 New Zealand .................................... 4,033 0.07 Norway ......................................... 4,174 0.07 Portugal ....................................... 2,610 0.05 Singapore ...................................... 16,154 0.29 South Africa ................................... 6,187 0.11 Spain .......................................... 94,658 1.67 Sweden ......................................... 32,751 0.58 Switzerland .................................... 319,780 5.65 United Kingdom ................................. 574,486 10.15 ---------- ------ TOTAL FOREIGN 2,478,729 43.81 SHORT TERM INVESTMENTS 306,734 5.42 ---------- ------ TOTAL PORTFOLIO $5,658,228 100.00% ========== ====== ------------------------------ SHARES VALUE (000) ------ ----------- PREFERRED STOCK--0.13% CONSUMER CYCLICAL--0.12% 1,127 Fiat S.p.A. ................................. $ 5 1,920 * Hugo Boss AG. ............................... 19 779,394 News Corp Ltd ............................... 4,191 4,024 * Porsche AG. ................................. 1,672 24,027 Volkswagen AG. .............................. 623 ------------ TOTAL CONSUMER CYCLICAL 6,510 ------------ CONSUMER NON-CYCLICAL--0.01% 8,994 * Henkel Kgaa ................................. 569 ------------ TOTAL CONSUMER NON-CYCLICAL 569 ------------ TOTAL PREFERRED STOCK (COST $7,858) 7,079 ------------ COMMON STOCK--97.21% AEROSPACE AND DEFENSE--0.69% 359,624 BAE Systems plc ............................. 718 88,551 Boeing Co ................................... 2,921 53,531 European Aeronautic Defense & Space Co ...... 553 317,970 General Dynamics Corp ....................... 25,237 62,535 Lockheed Martin Corp ........................ 3,611 5,357 * Northrop Grumman Corp ....................... 520 33,868 PerkinElmer, Inc ............................ 279 41,879 * Raytheon Co ................................. 1,288 46,034 Rockwell Collins, Inc ....................... 1,071 55,676 Rolls-Royce plc ............................. 96 118,157 Smiths Group plc ............................ 1,323 16,140 Zodiac S.A. ................................. 328 ------------ TOTAL AEROSPACE AND DEFENSE 37,945 ------------ BASIC INDUSTRIES--5.85% 272,020 Abitibi-Consolidated, Inc (Canada) .......... $ 2,089 2,308 * Acciona S.A. ................................ 95 7,906 Acerinox S.A. ............................... 290 16,058 ACS Actividades de Construccion y Servicios S.A. 516 320,595 Air Products & Chemicals, Inc ............... 13,705 40,238 Akzo Nobel NV ............................... 1,276 169,524 Alcan, Inc (Canada) ......................... 4,972 2,700 * Alcan, Inc (US) ............................. 80 101,458 Alcoa, Inc .................................. 2,311 1,271,260 Alumina Ltd ................................. 3,508 1,647,108 Amcor Ltd ................................... 7,874 768,634 * Arcelor ..................................... 9,453 279,642 Asahi Kasei Corp ............................ 693 19,716 Avery Dennison Corp ......................... 1,204 100,493 Barratt Developments plc .................... 633 204,412 Barrick Gold Corp ........................... 3,151 42,499 * Barrick Gold Corp (U.S.) .................... 655 67,798 BASF AG. .................................... 2,554 113,467 Bayer AG. ................................... 2,381 46,189 Berkeley Group plc .......................... 441 1,821,416 BHP Billiton Ltd ............................ 10,410 600,188 BHP Billiton plc ............................ 3,206 143,689 * BHP Steel Ltd ............................... 261 21,539 Black & Decker Corp ......................... 924 13,502 BOC Group plc ............................... 193 1,653 Boehler-Uddeholm AG. ........................ 77 137,536 Boral Ltd ................................... 337 439 BPB plc ..................................... 2 13,855 Buhrmann NV ................................. 60 236 Carillion plc ............................... 0 118,769 Carter Holt Harvey Ltd ...................... 109 3,877 Centex Corp ................................. 195 61,000 Cheung Kong Infrastructure Holdings Ltd ..... 104 11,693 Ciba Specialty Chemicals AG. (Regd) ......... 815 53,970 Compagnie De Saint-Gobain ................... 1,584 423,815 * Corus Group plc ............................. 186 62,825 CRH plc (Ireland) ........................... 775 8,452 CRH plc (United Kingdom) .................... 105 178,209 CSR Ltd ..................................... 634 2,455,221 Daicel Chemical Industries Ltd .............. 6,931 230,000 * Dainippon Ink & Chemicals, Inc .............. 368 25,595 Daito Trust Construction Co Ltd ............. 566 73,779 Daiwa House Industry Co Ltd ................. 415 106,536 Dofasco, Inc ................................ 1,886 85,600 Domtar, Inc ................................. 851 114,099 * Dow Chemical Co ............................. 3,389 149,493 Du Pont (E.I.) de Nemours & Co .............. 6,339 53,000 Fletcher Building Ltd ....................... 93 87,192 * Fletcher Challenge Forests Ltd .............. 45 25,906 Fluor Corp .................................. 725 12,660 Fomento de Construcciones y Contratas S.A. .. 284 552 Forbo Holding AG. (Regd) .................... 164 13,871 Georgia-Pacific Corp ........................ 224 23,686 Grupo Dragados S.A. ......................... 403 1,200 Heidelberger Zement AG. (Belgium) ........... 44 3,597 Heidelberger Zement AG. (Germany) ........... 133 1,200 * Heidelberger Zement AG. (Strip Vvpr) ........ 0 4,377 Hellenic Technodomiki Tev S.A. .............. 27 3,714 Hoganas AB (B Shs) .......................... 70 2,523 Holcim Ltd (Br) ............................. 458 3,487 * Holcim Ltd (Regd) ........................... 120 6,705 Holmen AB (B Shs) ........................... 163 33,534 Iluka Resources Ltd ......................... 87 3,252 Imerys S.A. ................................. 411 373,727 Imperial Chemical Industries plc ............ 1,384 86,261 * Inco Ltd Co (U.S.) .......................... 1,823 SEE NOTES TO FINANCIAL STATEMENTS 46 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ BASIC INDUSTRIES--(CONTINUED) 70,856 International Paper Co ...................... $ 2,478 310 e* Ishihara Sangyo Kaisha Ltd .................. 0 32,652 Italcementi S.p.A. .......................... 329 24,646 James Hardie Industries NV .................. 95 50,365 e* JFE Holdings, Inc ........................... 612 30,753 Johnson Matthey plc ......................... 396 1,964,000 e Kajima Corp ................................. 4,386 46,000 Kaneka Corp ................................. 246 81,084 Kimberly-Clark Corp ......................... 3,849 57,000 * Kinden Corp ................................. 204 18,803 * Lafarge S.A. (Br) ........................... 1,417 12,348 * L'Air Liquide S.A. .......................... 1,629 50,110 Leighton Holdings Ltd ....................... 287 22,556 Linde AG. ................................... 828 479,752 * Lonza Group AG. (Regd) ...................... 29,145 86,204 Masco Corp .................................. 1,815 124,893 e Matsushita Electric Works Ltd ............... 772 1,984 Mayr-Melnhof Karton AG. ..................... 147 45,905 MeadWestvaco Corp ........................... 1,134 3,007,036 MIM Holdings Ltd ............................ 2,557 317,182 * Mitsubishi Chemical Corp .................... 633 84,642 Mitsubishi Gas Chemical Co, Inc ............. 118 227,215 * Mitsubishi Materials Corp ................... 249 48,000 * Mitsubishi Paper Mills Ltd .................. 58 111,000 Mitsui Chemicals, Inc ....................... 495 35,000 Mitsui Mining & Smelting Co Ltd ............. 81 735,566 Monsanto Co ................................. 14,160 24,000 * NatSteel Ltd ................................ 29 1,770 * New World Infrastucture Ltd ................. 0 37,132 Newcrest Mining Ltd ......................... 151 56,954 Newmont Mining Corp ......................... 1,653 57,000 Nippon Kayaku Co Ltd ........................ 212 66,000 Nippon Sanso Corp ........................... 200 878,207 Nippon Steel Corp ........................... 1,029 67 Nippon Unipac Holding ....................... 291 684 Nishimatsu Construction Co Ltd .............. 2 1,000 Nissan Chemical Industries Ltd .............. 4 124,961 Noranda, Inc ................................ 1,124 28,369 Nova Chemicals Corp ......................... 519 19,849 * Nucor Corp .................................. 820 158 Obayashi Corp ............................... 0 924,588 OJI Paper Co Ltd ............................ 3,974 14,000 Okumura Corp ................................ 45 216,469 OneSteel Ltd ................................ 219 73,463 Orica Ltd ................................... 434 33,283 Outokumpu Oyj ............................... 290 111,307 PaperlinX Ltd ............................... 319 1,247 Pechiney S.A. (A Shs) ....................... 44 25,422 * Phelps Dodge Corp ........................... 805 51,318 Placer Dome, Inc ............................ 580 2,000 Placer Dome, Inc (U.S.) ..................... 23 21,841 Potash Corp Of Saskatchewan ................. 1,378 18,484 PPG Industries, Inc ......................... 927 475,241 Praxair, Inc ................................ 27,455 7,217 * RHI AG. ..................................... 56 208,367 Rio Tinto Ltd ............................... 3,983 144,031 Rio Tinto plc ............................... 2,875 30,704 Rohm & Haas Co .............................. 997 1,246 Sapa AB ..................................... 23 219,800 * Sappi Ltd ................................... 2,933 2,679 * Sealed Air Corp ............................. 100 126,544 Sekisui Chemical Co Ltd ..................... 327 106,816 Sekisui House Ltd ........................... 756 171,000 * SembCorp Marine Ltd ......................... 89 33,026 Sherwin-Williams Co ......................... 933 804,000 Shimizu Corp ................................ 2,012 400,684 Shin-Etsu Chemical Co Ltd ................... 13,134 25,000 e* Showa Denko KK .............................. 32 16,220 Sigma-Aldrich Corp .......................... 790 53,104 Skanska AB (B Shs) .......................... 311 102,628 * SNIA S.p.A. ................................. 195 10,772 Solvay S.A. ................................. 743 7,571 Ssab Svenskt Stal AB (Series A) ............. 89 3,444 Ssab Svenskt Stal AB (Series B) ............. 39 24,188 Stanley Works ............................... 836 96,181 Stora Enso Oyj (R Shs) ...................... 1,014 7,000 e Sumitomo Bakelite Co Ltd .................... 29 850,860 Sumitomo Chemical Co Ltd .................... 3,363 30,000 Sumitomo Forestry Co Ltd .................... 157 382,502 * Sumitomo Metal Industries Ltd ............... 139 11,000 Sumitomo Metal Mining Co Ltd ................ 46 31,000 * Sumitomo Osaka Cement Co Ltd ................ 41 50,701 Svenska Cellulosa AB (B Shs) ................ 1,711 18,668 Syngenta AG. ................................ 1,081 175,037 Taiheiyo Cement Corp ........................ 221 16,199 Taisei Corp ................................. 26 60,256 Taylor Woodrow plc .......................... 164 32,653 Technical Olympic S.A. ...................... 112 28,527 * ThyssenKrupp AG. ............................ 322 99,400 Tokyo Ohka Kogyo Co Ltd ..................... 1,341 10,000 Tosoh Corp .................................. 24 26,833 Tostem Inax Holding Corp .................... 407 63,700 Toto Ltd .................................... 236 36,100 Toyo Seikan Kaisha Ltd ...................... 430 10,838 Trelleborg AB (B Shs) ....................... 88 140,000 * UBE Industries Ltd .......................... 140 40,848 UPM-Kymmene Oyj ............................. 1,312 2,016 * Uponor Oyj .................................. 41 3,426 * Viohalco S.A. ............................... 14 1,146 * Washington Group International, Inc Wts 03/11/03 0 905,331 Weyerhaeuser Co ............................. 44,551 158,688 Wimpey (George) plc ......................... 680 1,248,230 * WMC Resources Ltd ........................... 2,966 1,621,461 Wolseley plc ................................ 13,613 ------------ TOTAL BASIC INDUSTRIES 321,430 ------------ CONSUMER CYCLICAL--10.60% 24,866 Accor S.A. .................................. 753 8,700 Aderans Co Ltd .............................. 194 38,402 e* Aeon Co Ltd ................................. 909 590,318 * AOL Time Warner, Inc ........................ 7,733 13,106 Aoyama Trading Co Ltd ....................... 181 12,508 Aristocrat Leisure Ltd ...................... 33 22,203 Arnoldo Mondadori Editore S.p.A. ............ 137 13,800 Asatsu-DK, Inc .............................. 245 9,400 Autobacs Seven Co Ltd ....................... 189 14,578 * Autogrill S.p.A. ............................ 114 2,005,670 Autoliv, Inc ................................ 41,979 37,934 * Bed Bath & Beyond, Inc ...................... 1,310 76 Bekaert S.A. ................................ 3 22,474 Benetton Group S.p.A. ....................... 200 86,369 e Bridgestone Corp ............................ 1,070 2,168,938 * British Sky Broadcasting Group plc .......... 22,312 22,833 Canadian Tire Corp (Class A) ................ 469 14,083 Canal Plus .................................. 66 78,086 Carlton Communications plc .................. 169 54,686 Carnival Corp ............................... 1,364 1,131,768 * Clear Channel Communications, Inc ........... 42,204 130,392 Coles Myer Ltd .............................. 463 172,137 * Comcast Corp ................................ 4,057 132,423 * Comcast Corp Special ........................ 2,991 345,074 Compass Group plc ........................... 1,833 26,301 * Continental AG. ............................. 404 656,965 * Cox Communications, Inc (Class A) ........... 18,658 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 47 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER CYCLICAL--(CONTINUED) 10,193 Cycle & Carriage Ltd ........................ $ 20 47,000 e* Daiei, Inc .................................. 51 85,181 Daily Mail & General Trust plc .............. 797 685 Daimaru, Inc ................................ 2 221,979 DaimlerChrysler AG. (Regd) .................. 6,790 10,698 e DaimlerChrysler AG. (U.S.) .................. 328 54,389 Dana Corp ................................... 640 122,756 David Jones Ltd ............................. 75 65,173 * Delphi Corp ................................. 525 83,213 Denso Corp .................................. 1,365 1,068 D'ieteren S.A. .............................. 145 7,580 * Douglas Holding AG. ......................... 127 51,484 * Eastman Kodak Co ............................ 1,804 198,647 EMI Group plc ............................... 445 24,231 * Eniro AB .................................... 153 801,551 * Esprit Holdings Ltd ......................... 1,352 16,990 Fairmont Hotels & Resorts, Inc .............. 394 704,063 Family Dollar Stores, Inc ................... 21,974 10,630 Fast Retailing Co Ltd ....................... 374 31,060 * Federated Department Stores, Inc ............ 893 35,294 Fiat S.p.A. ................................. 287 11,605 Fisher & Paykel Appliances Holdings Ltd ..... 61 11,141 Fisher & Paykel Healthcare Corp ............. 55 230,289 Ford Motor Co ............................... 2,142 670,620 Fuji Photo Film Co Ltd ...................... 21,870 89 Fuji Television Network, Inc ................ 358 37,992 Gannett Co, Inc ............................. 2,728 112,100 Gap, Inc .................................... 1,740 23,292 * Gemstar-TV Guide International, Inc ......... 76 74,060 General Motors Corp ......................... 2,730 100,584 * General Motors Corp (Class H) ............... 1,076 31,272 Genuine Parts Co ............................ 963 188,095 Giordano International Ltd .................. 74 100,537 GKN plc ..................................... 325 48,948 Goodyear Tire & Rubber Co ................... 333 321,417 Granada plc ................................. 413 3,664 * Greek Organization of Football Prognostics S.A. 39 17,388 Groupe Bruxelles Lambert S.A. ............... 712 4,535 Gruppo Editoriale L'Espresso S.p.A. ......... 15 77,338 Gunze Ltd ................................... 285 47,000 Guocoland Ltd ............................... 19 328,083 GUS plc ..................................... 3,048 959,000 e Hankyu Department Stores, Inc ............... 4,631 51,480 Harley-Davidson, Inc ........................ 2,378 20,259 * Harrah's Entertainment, Inc ................. 802 4,751 Harvey Norman Holdings Ltd .................. 7 1,589 Hellenic Duty Free Shops S.A. ............... 10 131,628 Hennes & Mauritz AB (B Shs) ................. 2,538 220,640 Hilton Group plc ............................ 593 15,700 Hilton Hotels Corp .......................... 200 9,000 Hino Motors Ltd ............................. 31 266,276 e Honda Motor Co Ltd .......................... 9,850 174,855 Hudson's Bay Co ............................. 987 57,289 Independent News & Media plc ................ 90 28,400 Independent Newspapers Ltd .................. 45 27,588 Inditex S.A. ................................ 652 10,225 * International Game Technology ............... 776 53,902 Interpublic Group Of Cos, Inc ............... 759 1,550 Intrawest Corp .............................. 18 53,079 e Isetan Co Ltd ............................... 364 55,914 Ito-Yokado Co Ltd ........................... 1,649 11,944 Johnson Controls, Inc ....................... 958 14,834 * Jones Apparel Group, Inc .................... 526 785 * Kanebo Ltd .................................. 1 25,117 Kesko Oyj (B Shs) ........................... 319 110,690 * Kia Motors Corp ............................. 821 4,879,910 Kingfisher plc .............................. 17,480 49,575 * Kohl's Corp ................................. 2,774 12,478 Konami Corp ................................. 288 38,479 Koninklijke Vendex KBB NV ................... 418 25,042 Lagardere S.C.A. ............................ 1,017 8,500 Lawson, Inc ................................. 205 334,941 * Liberty Media Corp (Class A) ................ 2,994 68,996 Limited Brands, Inc ......................... 961 5,400 Liz Claiborne, Inc .......................... 160 47,552 LVMH Moet Hennessy Louis Vuitton S.A. ....... 1,954 751,531 Marks & Spencer Group plc ................... 3,811 39,019 * Marriott International, Inc (Class A) ....... 1,283 15,000 * Marui Co Ltd ................................ 147 347,510 e Matsushita Electric Industrial Co Ltd ....... 3,426 20,334 May Department Stores Co .................... 467 45 Maytag Corp ................................. 1 197,112 * McDonald's Corp ............................. 3,170 26,164 McGraw-Hill Cos, Inc ........................ 1,581 112,732 Mediaset S.p.A. ............................. 859 18,493 Michelin (C.G.D.E.) (B Shs) ................. 638 91,000 e* Mitsukoshi Ltd .............................. 189 7,377 * Modern Times Group AB (B Shs) ............... 60 200 * Mycal Corp .................................. 0 9,396 Namco Ltd ................................... 157 11,245 New York Times Co (Class A) ................. 514 403,039 News Corp Ltd ............................... 2,605 80,986 Next plc .................................... 960 14,723 NGK Insulators Ltd .......................... 80 14,469 Nike, Inc (Class B) ......................... 643 16,467 Nintendo Co Ltd ............................. 1,533 44,810 Nippon Television Network Corp .............. 6,684 342,332 Nissan Motor Co Ltd ......................... 2,671 31,000 * Nisshinbo Industries, Inc ................... 108 32,655 Omnicom Group, Inc .......................... 2,110 18,000 * Onward Kashiyama Co Ltd ..................... 141 7,766 Oriental Land Co Ltd ........................ 471 14,000 Overseas Union Enterprise Ltd ............... 47 158,423 P & O Princess Cruises plc .................. 1,099 214,600 Paris Miki, Inc ............................. 3,022 90,535 * Park Place Entertainment Corp ............... 760 130,191 Pearson plc ................................. 1,204 64,326 Peugeot Citroen S.A. ........................ 2,623 7,305 Pinault-Printemps-Redoute S.A. .............. 537 12,638 Pioneer Corp ................................ 237 11,638 * Pt Multimedia Servicos de Telecomunicacoes Multimedia SGPS S.A. ...................... 122 6,995 * Publicis Groupe S.A. ........................ 148 318,870 * Publishing & Broadcasting Ltd ............... 1,553 163,138 * Puma AG. Rudolf Dassler Sport ............... 11,133 30,651 Quebecor World, Inc ......................... 679 67,746 Rank Group plc .............................. 291 17,200 Reader's Digest Association, Inc (Class A) .. 260 823,048 Reed Elsevier NV ............................ 10,062 460,204 Reed Elsevier plc ........................... 3,941 79,398 Renault S.A. ................................ 3,731 102,053 Reuters Group plc ........................... 292 11,850 Saizeriya Co Ltd ............................ 176 216,900 Sankyo Co Ltd (Gunma) ....................... 5,401 193,901 Sanyo Electric Co Ltd ....................... 505 20,528 SCMP Group Ltd .............................. 9 28,064 Sears Roebuck & Co .......................... 672 730,045 * Seat-Pagine Gialle S.p.A. ................... 497 12,470 e* Sega Corp ................................... 123 62,000 e* Seiyu Ltd ................................... 181 42,451 e Seven-Eleven Japan Co Ltd ................... 1,295 140,002 Shangri-La Asia Ltd ......................... 92 26,753 Shangri-La Asia Ltd (Singapore) ............. 17 SEE NOTES TO FINANCIAL STATEMENTS 48 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER CYCLICAL--(CONTINUED) 101,450 Sharp Corp .................................. $ 963 55,800 Shaw Communications, Inc (Class B) .......... 573 16,400 Shimachu Co Ltd ............................. 332 341 Shimamura Co Ltd ............................ 22 346,149 Signet Group plc ............................ 379 14,280 * Silverstone Berhad .......................... 0 40,935 Singapore Press Holdings Ltd ................ 430 95,726 Six Continents plc .......................... 774 28,300 Sky City Entertainment Group Ltd ............ 120 9,037 e Skylark Co Ltd .............................. 120 11,247 Societe Television Francaise 1 (T.F.1) ...... 300 607,895 Sony Corp ................................... 25,408 46,913 * Starbucks Corp .............................. 956 11,200 * Starwood Hotels & Resorts Worldwide, Inc .... 266 1 Stockmann AB (B Shs) ........................ 0 152,546 TAB Ltd ..................................... 260 765,200 TABCORP Holdings Ltd ........................ 4,589 1,058,131 e Takashimaya Co Ltd .......................... 4,146 133,767 Target Corp ................................. 4,013 134,075 e Teijin Ltd .................................. 321 34,600 Television Broadcasts Ltd ................... 109 76,628 Thomson Corp ................................ 2,037 5,761 Tiffany & Co ................................ 138 71,476 TJX Cos, Inc ................................ 1,395 340 Toho Co Ltd ................................. 3 14,654 e Tokyo Broadcasting System, Inc .............. 184 102,000 Toray Industries, Inc ....................... 217 704,894 Toyota Motor Corp ........................... 18,948 37,111 Tribune Co .................................. 1,687 32,937 TUI AG. ..................................... 551 4,000 UNY Co Ltd .................................. 39 1,940 Valeo S.A. .................................. 61 1,718 Valora Holding AG. .......................... 329 23,618 VF Corp ..................................... 851 211,652 * Viacom, Inc (Class B) ....................... 8,627 24,800 Visteon Corp ................................ 173 1,059,761 Vivendi Universal S.A. ...................... 17,115 46,875 e Vivendi Universal S.A. (Spon ADR) ........... 753 51,181 VNU NV ...................................... 1,335 33,621 Volkswagen AG. .............................. 1,217 1,430 Volvo AB (A Shs) ............................ 22 42,592 Volvo AB (B Shs) ............................ 694 945 Wacoal Corp ................................. 7 1,437,910 Wal-Mart Stores, Inc ........................ 72,629 263,583 * Walt Disney Co .............................. 4,299 18,667 Warehouse Group Ltd ......................... 71 14,073 Whirlpool Corp .............................. 735 44,718 Whitbread plc ............................... 389 34,895 Wolters Kluwer NV ........................... 608 330,183 Woolworths Ltd .............................. 2,120 8,600 e World Co Ltd ................................ 165 3,832,436 WPP Group plc ............................... 29,276 51,334 * Yahoo!, Inc ................................. 839 21,500 Yamada Denki Co Ltd ......................... 454 29,202 * Yum! Brands, Inc ............................ 707 ------------ TOTAL CONSUMER CYCLICAL 582,673 ------------ CONSUMER NON-CYCLICAL--10.28% 8,341 Adidas-Salomon AG. .......................... 709 16,799 * AGFA Gevaert NV ............................. 375 552,541 Ajinomoto Co, Inc ........................... 5,769 67,698 Albertson's, Inc ............................ 1,507 61,216 Altadis S.A. ................................ 1,397 42,794 e* Amazon.Com, Inc ............................. 808 125,309 Anheuser-Busch Cos, Inc ..................... 6,065 50,255 Archer Daniels Midland Co ................... 623 96,706 e Asahi Breweries Ltd ......................... 634 494,731 Avon Products, Inc .......................... 26,651 4,088 Bang & Olufsen A/S (B Shs) .................. 83 39,938 * Best Buy Co, Inc ............................ 965 129,977 Boots Co plc ................................ 1,226 1,367,310 British American Tobacco plc ................ 13,659 455,515 * BRL Hardy Ltd ............................... 1,808 64,971 Bunzl plc ................................... 397 258,074 Cadbury Schweppes plc ....................... 1,608 51,797 Campbell Soup Co ............................ 1,216 742 Carlsberg A/S (A Shs) ....................... 30 362 Carlsberg A/S (B Shs) ....................... 16 815 * Carmax, Inc ................................. 15 67,247 Carrefour S.A. .............................. 2,994 5,396 Casino Guichard-Perrachon A Wts 12/15/03 .... 401 785 * Casino Guichard-Perrachon B Wts 12/15/05 .... 1 95 * Circuit City Stores, Inc (Circuit City Group) 1 32,983 Clorox Co ................................... 1,361 88,014 Coca-Cola Amatil Ltd ........................ 261 1,152,811 Coca-Cola Co ................................ 50,516 82,990 Compagnie Financiere Richemont AG. (Units) (A Shs) 1,549 68,112 Conagra Foods, Inc .......................... 1,703 52,827 * Costco Wholesale Corp ....................... 1,482 40,728 CVS Corp .................................... 1,017 17,231 Danisco A/S ................................. 585 27,530 * Del Monte Foods Co .......................... 212 5,279 Delhaize Group .............................. 98 1,981,213 Diageo plc .................................. 21,529 147,400 e* Doutor Coffee Co Ltd ........................ 2,497 31,989 * eBay, Inc ................................... 2,169 44,027 Electrolux AB Series B ...................... 695 23,666 Essilor International S.A. .................. 975 228,904 Foster's Group Ltd .......................... 580 24,968 Fraser & Neave Ltd .......................... 112 307,400 e Fuji Oil Co Ltd ............................. 2,746 849,960 General Mills, Inc .......................... 39,906 120,425 Gillette Co ................................. 3,656 48,332 * Givaudan S.A. (Regd) ........................ 21,672 2,995,739 Goodman Fielder Ltd ......................... 3,003 25,063 Greencore Group plc ......................... 67 154,955 Groupe Danone ............................... 20,847 61,645 * H.J. Heinz Co ............................... 2,026 28,549 Heineken NV ................................. 1,114 33,210 * Hite Brewery Co Ltd ......................... 1,375 331,388 Home Depot, Inc ............................. 7,940 52,511 Imperial Tobacco Group plc .................. 892 31,454 Interbrew S.A. .............................. 743 8,840 * International Flavors & Fragrances, Inc ..... 310 137 Japan Tobacco, Inc .......................... 917 2,252 * Jeronimo Martins SGPS S.A. .................. 16 508,523 e Kao Corp .................................... 11,163 14,800 Katokichi Co, Ltd ........................... 222 16,541 Kerry Group (Class A) ....................... 221 51,320 e Kirin Brewery Co Ltd ........................ 327 157,660 Kose Corp ................................... 5,022 32,100 * Kraft Foods, Inc (Class A) .................. 1,250 104,185 * Kroger Co ................................... 1,610 213,645 Li & Fung Ltd ............................... 203 49,887 Loblaw Cos Ltd .............................. 1,690 92,545 L'Oreal S.A. ................................ 7,046 334,188 Lowe's Cos .................................. 12,532 29,490 Luxottica Group S.p.A. ...................... 389 40,754 * Mattel, Inc ................................. 780 6,000 * Meiji Seika Kaisha Ltd ...................... 18 21,388 Metro AG. ................................... 516 89,559 * Molson, Inc (A Shs) ......................... 1,896 127,110 Nestle S.A. (Regd) .......................... 26,935 33,712 Newell Rubbermaid, Inc ...................... 1,022 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 49 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER NON-CYCLICAL--(CONTINUED) 41,717 Nichirei Corp ............................... $ 117 55,216 e Nippon Meat Packers, Inc .................... 551 58,998 Nisshin Seifun Group, Inc ................... 393 1,095 Nissin Food Products Co Ltd ................. 24 30,910 Orkla ASA ................................... 526 52,216 * PAN Fish ASA ................................ 5 163,909 Parmalat Finanziaria S.p.A. ................. 390 535,364 Pepsi Bottling Group, Inc ................... 13,759 964,205 PepsiCo, Inc ................................ 40,709 14,409 Pernod-Ricard ............................... 1,396 291,645 Philip Morris Cos, Inc ...................... 11,820 764,194 Procter & Gamble Co ......................... 65,675 41,419 e QP Corp ..................................... 328 29,500 * RadioShack Corp ............................. 553 1,386,915 Reckitt Benckiser plc ....................... 26,905 256,600 Rinnai Corp ................................. 5,849 31,522 Royal Ahold NV .............................. 400 87,685 Safeway plc ................................. 301 57,068 * Safeway, Inc ................................ 1,333 296,844 Sainsbury (J) plc ........................... 1,332 24,000 e Sapporo Breweries Ltd ....................... 40 108,964 Sara Lee Corp ............................... 2,453 153,209 Scottish & Newcastle plc .................... 1,143 22,000 Shiseido Co Ltd ............................. 286 21,016 * Singapore Food Industries Ltd ............... 8 14,000 * Snow Brand Milk Products Co Ltd ............. 20 33 Societe BIC S.A. ............................ 1 106,636 Southcorp Ltd ............................... 276 63,932 * Staples, Inc ................................ 1,170 51,991 Swedish Match AB ............................ 409 204 Takara Holdings, Inc ........................ 1 173,190 Tate & Lyle plc ............................. 878 924,827 Tesco plc ................................... 2,888 830 The Swatch Group AG. (Br) ................... 69 16,505 The Swatch Group AG. (Regd) ................. 279 62,421 * Toys "R" Us, Inc ............................ 624 555,009 Unilever NV (Cert) .......................... 34,101 599,465 Unilever plc ................................ 5,704 133,688 Walgreen Co ................................. 3,902 81,030 Waterford Wedgwood plc (Units) .............. 42 26,360 * Weston (George) Ltd ......................... 1,506 38,000 Yakult Honsha Co Ltd ........................ 433 ------------ TOTAL CONSUMER NON-CYCLICAL 564,970 ------------ ENERGY--8.35% 42,025 Anadarko Petroleum Corp ..................... 2,013 665,527 Apache Corp ................................. 37,928 911,325 Baker Hughes, Inc ........................... 29,336 1,298,141 BG Group plc ................................ 5,601 9,499 * BJ Services Co .............................. 307 7,003,236 BP plc ...................................... 48,142 96,929 BP plc (Spon ADR) ........................... 3,940 608,435 Burlington Resources, Inc ................... 25,950 83,103 Canadian Natural Resources Ltd .............. 2,462 607,898 Centrica plc ................................ 1,674 155,995 ChevronTexaco Corp .......................... 10,371 2,769,000 CNOOC Ltd ................................... 3,604 18,977 Devon Energy Corp ........................... 871 15,074 Enbridge, Inc ............................... 407 224,424 EnCana Corp ................................. 6,930 7,068 Energy Developments Ltd ..................... 10 651,928 ENI S.p.A. .................................. 10,365 2,804,282 Exxon Mobil Corp ............................ 97,982 43,213 Fortum Oyj .................................. 283 38,815 Gas Natural SDG S.A. ........................ 736 30,290 * GlobalSantaFe Corp .......................... 737 40,437 Halliburton Co .............................. 757 2,502,770 Hong Kong & China Gas Co Ltd ................ 3,241 49,653 Husky Energy, Inc ........................... 518 435,646 IHC Caland NV ............................... 22,995 18,139 Imperial Oil Ltd ............................ 515 14,554 Italgas S.p.A. .............................. 198 4,952 Kerr-McGee Corp ............................. 219 28,490 Marathon Oil Corp ........................... 607 31,495 * Nabors Industries Ltd ....................... 1,111 66,443 Nexen, Inc .................................. 1,440 25,000 * Nippon Mining Holdings, Inc ................. 33 245,138 Nippon Oil Corp ............................. 1,111 6,900 * Noble Corp .................................. 243 30,958 Norsk Hydro ASA ............................. 1,388 52,863 Occidental Petroleum Corp ................... 1,504 5,151 OMV AG. ..................................... 506 1,967,203 Origin Energy Ltd ........................... 4,110 268,555 Osaka Gas Co Ltd ............................ 663 18,300 * Penn West Petroleum Ltd ..................... 475 133,325 Petro-Canada ................................ 4,128 105,113 * Repsol YPF S.A. ............................. 1,390 1,109,899 Royal Dutch Petroleum Co .................... 48,860 115,022 Santos Ltd .................................. 390 90,435 Schlumberger Ltd ............................ 3,806 65,294 Shell Canada Ltd (Class A) (U.S.) ........... 2,033 2,914,822 Shell Transport & Trading Co plc ............ 19,193 2,414 * Smith International, Inc .................... 79 196,887 * Snam Rete Gas S.p.A. ........................ 671 58,740 Statoil ASA ................................. 496 271,428 Suncor Energy, Inc .......................... 4,244 7,268 * Talisman Energy, Inc ........................ 262 254,689 Tokyo Gas Co Ltd ............................ 798 43,000 e TonenGeneral Sekiyu KK ...................... 283 251,516 Total Fina Elf S.A. ......................... 35,922 10,800 * Total Fina Elf S.A. (Strip Vvpr) ............ 0 96,606 * TransCanada PipeLines Ltd ................... 1,402 62,234 Transocean, Inc ............................. 1,444 39,905 Unocal Corp ................................. 1,220 12,479 * Weatherford International Ltd ............... 498 63,624 Woodside Petroleum Ltd ...................... 444 ------------ TOTAL ENERGY 458,846 ------------ FINANCIAL SERVICES--20.19% 86,702 3i Group plc ................................ 775 1,427,079 ABN Amro Holding NV ......................... 23,332 8,635 Acom Co Ltd ................................. 284 895,419 Aegon NV .................................... 11,520 4,000 * Aeon Credit Service Co Ltd .................. 145 58,801 Aflac, Inc .................................. 1,771 7,400 Aiful Corp .................................. 278 1,870,000 * Aioi Insurance Co Ltd ....................... 3,609 16,042 Alleanza Assicurazioni S.p.A. ............... 122 19,000 * Allgreen Properties Ltd ..................... 10 44,674 Allianz AG. (Regd) .......................... 4,224 703,812 Allied Irish Banks plc (Dublin) ............. 9,498 12,786 Allied Irish Banks plc (London) ............. 176 101,520 Allstate Corp ............................... 3,755 17,794 Alpha Bank S.A. ............................. 215 940,129 American Express Co ......................... 33,234 736,076 American International Group, Inc ........... 42,582 199,319 AMP Diversified Property Trust .............. 293 119,821 AMP Ltd ..................................... 754 101,300 Amvescap plc ................................ 649 15,825 AON Corp .................................... 299 43,000 * Ashikaga Bank Ltd ........................... 50 351,835 Assicurazioni Generali S.p.A. ............... 7,237 SEE NOTES TO FINANCIAL STATEMENTS 50 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ FINANCIAL SERVICES--(CONTINUED) 674,522 Australia & New Zealand Banking Group Ltd ... $ 6,590 3,298 * Australian Stock Exchange Ltd ............... 21 2,429 * AvalonBay Communities, Inc .................. 95 700,289 Aviva plc ................................... 4,994 417,846 AXA ......................................... 5,608 389,523 Banca Intessa S.p.A. ........................ 822 328,662 Banca Intessa S.p.A. (Rnc) .................. 541 254,902 Banca Monte dei Paschi di Siena S.p.A. ...... 601 1,075,443 Banco Bilbao Vizcaya Argentaria S.A. ........ 10,293 99,517 * Banco BPI S.A. (Regd) ....................... 228 70,201 Banco Comercial Portugues S.A. (Regd) ....... 168 5,903 Banco Espirito Santo S.A. (Regd) ............ 77 4,075,316 Banco Santander Central Hispano S.A. ........ 27,969 1,001,226 Bank Of America Corp ........................ 69,655 189,208 Bank Of East Asia Ltd ....................... 324 150,000 e Bank of Fukuoka Ltd ......................... 602 190,308 Bank Of Ireland (Dublin) .................... 1,953 137,448 Bank Of Ireland (London) .................... 1,412 148,292 Bank Of Montreal ............................ 3,913 100,396 Bank Of New York Co, Inc .................... 2,405 259,054 Bank of Nova Scotia ......................... 8,635 146,073 e Bank of Yokohama Ltd ........................ 577 767,373 Bank One Corp ............................... 28,047 2,477,596 Barclays plc ................................ 15,356 106,477 Bayerische Hypo-und Vereinsbank AG. ......... 1,654 450,382 BNP Paribas ................................. 18,352 340,500 * BOC Hong Kong Holdings Ltd .................. 349 186,683 British Land Co plc ......................... 1,358 18,792 Brookfield Properties Corp .................. 340 84,537 Canada Life Financial Corp .................. 2,156 139,377 Canadian Imperial Bank Of Commerce .......... 3,840 198,539 Canary Wharf Group plc ...................... 753 1,508,663 CapitaLand Ltd .............................. 965 254,299 * Capitalia S.p.A. ............................ 325 393,878 CFS Gandel Retail Trust ..................... 304 143,210 Charles Schwab Corp ......................... 1,554 202,704 Cheung Kong Holdings Ltd .................... 1,319 183,460 Chiba Bank Ltd .............................. 584 1 * Chinese Estates Holdings Ltd ................ 0 15,700 * Chubb Corp .................................. 820 30,300 * Cincinnati Financial Corp ................... 1,138 2,832,801 Citigroup, Inc .............................. 99,686 25,749 City Developments Ltd ....................... 62 19,026 * Close Brothers Group plc .................... 170 30,393 Comerica, Inc ............................... 1,314 2,250 Commercial Bank Of Greece ................... 34 492,034 Commonwealth Bank of Australia .............. 7,481 451,897 Commonwealth Property Office Fund ........... 298 33,864 Corporacion Mapfre S.A. ..................... 275 23,494 Countrywide Financial Corp .................. 1,213 30,204 Credit Saison Co Ltd ........................ 515 417,084 * Credit Suisse Group ......................... 9,049 14,671 Crescent Real Estate Equities Co ............ 244 3,389 * Daido Life Insurance Co Ltd ................. 7,111 162,123 Daiwa Securities Group, Inc ................. 720 105,355 Danske Bank A/S ............................. 1,741 541,222 DBS Group Holdings Ltd ...................... 3,432 162,683 Deutsche Bank AG. (Regd) .................... 7,495 14,705 Deutsche Boerse AG. ......................... 586 121,871 Deutsche Office Trust ....................... 82 97,275 Dexia ....................................... 1,208 115,800 Diamond Lease Co Ltd ........................ 2,215 132,525 DnB Holding ASA ............................. 624 12,639 Drott AB (B Shs) ............................ 141 16,143 * EFG Eurobank Ergasias S.A. .................. 190 72,236 * Equity Office Properties Trust .............. 1,804 20,572 * Equity Residential .......................... 506 1,651 Erste Bank Der Oesterreichischen Sparkassen AG. 111 987,767 Fannie Mae .................................. 63,543 72,656 * Fifth Third Bancorp ......................... 4,254 130,975 FleetBoston Financial Corp .................. 3,183 164,050 Fortis ...................................... 2,892 73,446 * Fortis (Strip Vvpr) ......................... 1 618,605 Freddie Mac ................................. 36,529 2,057,000 e* Fuji Fire & Marine Insurance Co Ltd ......... 3,917 360,109 General Property Trust ...................... 602 22,078 * Gjensidige Nor ASA .......................... 723 16,680 Golden West Financial Corp .................. 1,198 38,225 Goldman Sachs Group, Inc .................... 2,603 39,000 e Gunma Bank Ltd .............................. 170 29,877 Hammerson plc ............................... 227 1,395,000 Hang Lung Properties Ltd .................... 1,351 283,332 Hang Seng Bank Ltd .......................... 3,016 32,838 Hartford Financial Services Group, Inc ...... 1,492 1,085,952 HBOS plc .................................... 11,451 763,882 * Henderson Land Development Co Ltd ........... 2,292 132,669 * Hokuriku Bank Ltd ........................... 179 136,589 Hong Kong Exchanges & Clearing Ltd .......... 172 33,154 * Host Marriott Corp .......................... 293 52,000 Hotel Properties Ltd ........................ 28 49,154 * Household International, Inc ................ 1,367 228,718 HSBC Holdings plc (Hong Kong) ............... 2,500 2,917,147 HSBC Holdings plc (United Kingdom) .......... 32,240 9,054 Huntington Bancshares, Inc .................. 169 92,293 Hysan Development Co Ltd .................... 69 590,823 ING Groep NV ................................ 10,007 1,546,789 Insurance Australia Group Ltd ............... 2,387 1,000 * Investors Group, Inc ........................ 17 50,886 Irish Life & Permanent plc .................. 550 287,767 JP Morgan Chase & Co ........................ 6,906 10,200 Jefferson-Pilot Corp ........................ 389 52,974 * John Hancock Financial Services, Inc ........ 1,478 115,686 Joyo Bank Ltd ............................... 322 37,923 KBC Bancassurance Holding NV ................ 1,209 43,593 KeyCorp ..................................... 1,096 46,990 * Kookmin Credit Card Co Ltd .................. 1,145 12,779 Land Securities Group plc ................... 161 1,641,595 Legal & General Group plc ................... 2,537 19,489 Lehman Brothers Holdings, Inc ............... 1,039 22,805 Lend Lease Corp Ltd ......................... 125 13,421 Lincoln National Corp ....................... 424 1,385,777 Lloyds TSB Group plc ........................ 9,950 12,857 Macquarie Bank Ltd .......................... 171 314,734 Macquarie Infrastructure Group .............. 567 94,847 Man Group plc ............................... 1,354 235,457 * Manulife Financial Corp ..................... 5,126 75,130 Marsh & McLennan Cos, Inc ................... 3,472 29,937 * MBIA, Inc ................................... 1,313 175,650 MBNA Corp ................................... 3,341 14,868 Mediobanca S.p.A. ........................... 122 60,117 Mellon Financial Corp ....................... 1,570 99,042 Merrill Lynch & Co, Inc ..................... 3,759 106,600 * MetLife, Inc ................................ 2,882 19,356 Metrovacesa S.A. ............................ 410 21,346 MGIC Investment Corp ........................ 882 160 * Millea Holdings, Inc ........................ 1,151 204,119 Mirvac Group ................................ 476 170,552 Mitsubishi Estate Co Ltd .................... 1,299 536 Mitsubishi Tokyo Financial Group, Inc ....... 2,913 468,802 Mitsui Fudosan Co Ltd ....................... 3,042 196,805 Mitsui Sumitomo Insurance Co Ltd ............ 905 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 51 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ FINANCIAL SERVICES--(CONTINUED) 29,400 e Mitsui Trust Holdings, Inc .................. $ 48 858 Mizuho Holdings, Inc ........................ 803 3,811 MLP AG. ..................................... 38 128,782 Morgan Stanley .............................. 5,141 26,037 Muenchener Rueckver AG. (Regd) .............. 3,112 635,169 National Australia Bank Ltd ................. 11,356 76,862 National Bank Of Canada ..................... 1,571 37,377 National Bank Of Greece S.A. ................ 530 101,265 National City Corp .......................... 2,767 38,423 National Commerce Financial Corp ............ 916 2,302,000 New Africa Capital Ltd ...................... 1,637 271,579 New World Development Co Ltd ................ 136 177,306 Nikko Cordial Corp .......................... 598 370,000 * Nipponkoa Insurance Co Ltd .................. 1,394 467,000 * Nissay Dowa General Insurance Co Ltd ........ 1,743 266,319 Nomura Holdings, Inc ........................ 2,994 127,595 Nordea AB (Finland) ......................... 573 32,450 Nordea AB (Germany) ......................... 145 525,843 Nordea AB (Sweden) .......................... 2,317 31,990 North Fork Bancorp, Inc ..................... 1,079 20,480 Northern Trust Corp ......................... 718 1,600,000 Old Mutual plc .............................. 2,267 89,396 * ORIX Corp ................................... 5,763 460,980 Oversea-Chinese Banking Corp Ltd ............ 2,565 59,000 Parkway Holdings Ltd ........................ 26 44,543 Piraeus Bank S.A. ........................... 281 42,336 PNC Financial Services Group, Inc ........... 1,774 25,996 * Power Financial Corp ........................ 597 188,415 Principal Office Fund ....................... 159 33,863 Progressive Corp ............................ 1,681 7,913 Promise Co Ltd .............................. 282 16,686 Provident Financial plc ..................... 160 49,731 * Providian Financial Corp .................... 323 67,900 * Prudential Financial, Inc ................... 2,155 425,711 Prudential plc .............................. 3,009 47,849 QBE Insurance Group Ltd ..................... 220 115,590 RAS S.p.A. .................................. 1,407 599,182 * Resona Holdings, Inc ........................ 328 195,150 Royal & Sun Alliance Insurance Group plc .... 379 263,438 Royal Bank Of Canada ........................ 9,647 16,100 Royal Bank Of Canada (New York) ............. 592 1,302,336 Royal Bank Of Scotland Group plc ............ 1,148 1,866,716 Royal Bank Of Scotland plc .................. 44,718 668,186 Safeco Corp ................................. 23,166 23,591 Sampo Oyj (A Shs) ........................... 179 287,813 Sanpaolo IMI S.p.A. ......................... 1,873 24,802 Schroders plc ............................... 204 111,200 SFCG Co Ltd ................................. 8,059 26,000 Shizuoka Bank Ltd ........................... 168 32,300 Simon Property Group, Inc ................... 1,100 81,000 Singapore Exchange Ltd ...................... 57 16,000 Singapore Land Ltd .......................... 29 136,946 Sino Land Co Ltd ............................ 44 224,503 Skandia Forsakrings AB ...................... 598 66,497 Skandinaviska Enskilda Banken (A Shs) ....... 553 23,134 Slough Estates plc .......................... 126 97,358 Societe Generale (A Shs) .................... 5,670 118,207 Sompo Japan Insurance, Inc .................. 690 63,347 SouthTrust Corp ............................. 1,574 43,624 * St. Paul Cos, Inc ........................... 1,485 958,348 Standard Chartered plc ...................... 10,892 51,648 * State Street Corp ........................... 2,014 126,733 Stockland Trust Group ....................... 344 209,500 Sumisho Lease Co Ltd ........................ 2,420 500 * Sumitomo Mitsui Financial Group, Inc ........ 1,563 1,127,000 e* Sumitomo Realty & Development Co Ltd ........ 4,587 130,191 Sumitomo Trust & Banking Co Ltd ............. 528 193,125 Sun Hung Kai Properties Ltd ................. 1,144 319,723 Sun Life Financial Services Of Canada, Inc .. 5,406 33,083 Suncorp-Metway Ltd .......................... 208 30,754 SunTrust Banks, Inc ......................... 1,751 30,000 Suruga Bank Ltd ............................. 118 187,592 Svenska Handelsbanken AB (A Shs) ............ 2,497 20,917 Svenska Handelsbanken AB (B Shs) ............ 266 81,376 Swiss Reinsurance Co (Regd) ................. 5,338 6,101 Takefuji Corp ............................... 352 5,446 TK Development .............................. 39 19,814 Tower Ltd ................................... 22 100 * Travelers Property Casualty Corp (Class A) .. 1 97,984 * Travelers Property Casualty Corp (Class B) .. 1,435 1,308,394 U.S. Bancorp ................................ 27,764 807,037 * UBS AG. (Regd) (London) ..................... 39,222 6,756 * UBS AG. (Regd) (US) ......................... 325 392 e* UFJ Holdings, Inc ........................... 396 11,344 * Unibail ..................................... 807 1,207,590 UniCredito Italiano S.p.A. .................. 4,828 180,078 United Overseas Bank Ltd .................... 1,225 104,200 United Overseas Land Ltd .................... 97 55,493 UnumProvident Corp .......................... 973 47,225 Vallehermoso S.A. ........................... 491 911,520 Wachovia Corp ............................... 33,216 140,015 Washington Mutual, Inc ...................... 4,835 248,266 Wells Fargo & Co ............................ 11,636 34,848 Westfield Holdings Ltd ...................... 264 10,011 * Westfield Trust (New) ....................... 19 198,108 Westfield Trust (Units) ..................... 387 292,169 Westpac Banking Corp ........................ 2,262 99,000 Wing Tai Holdings Ltd ....................... 30 14,024 XL Capital Ltd (Class A) .................... 1,083 383,000 * Yamaichi Securities Co Ltd .................. 6 21,240 Zions Bancorp ............................... 836 33,611 Zurich Financial Services AG. ............... 3,136 ------------ TOTAL FINANCIAL SERVICES 1,110,209 ------------ HEALTH CARE--13.73% 198,888 Abbott Laboratories ......................... 7,956 603,121 Aetna, Inc .................................. 24,800 20,117 Altana AG. .................................. 914 126,600 Amersham plc ................................ 1,133 1,036,666 * Amgen, Inc .................................. 50,112 13,000 * Anthem, Inc ................................. 818 44,003 Applera Corp (Applied Biosystems Group) ..... 772 74,872 AstraZeneca plc ............................. 2,629 346,725 AstraZeneca plc (United Kingdom) ............ 12,392 216,961 Aventis S.A. ................................ 11,794 40,000 Banyu Pharmaceutical Co Ltd ................. 375 1,292,755 Baxter International, Inc ................... 36,197 49,875 Becton Dickinson & Co ....................... 1,531 13,437 * Biogen, Inc ................................. 538 44,534 * Biomet, Inc ................................. 1,276 42,004 * Biovail Corp ................................ 1,119 33,971 * Boston Scientific Corp ...................... 1,444 288,141 Bristol-Myers Squibb Co ..................... 6,670 737,224 Cardinal Health, Inc ........................ 43,636 84,799 * Celltech Group plc .......................... 471 15,373 * Chiron Corp ................................. 578 36,900 Chugai Pharmaceutical Co Ltd ................ 351 29,540 Cigna Corp .................................. 1,215 2,888 Cochlear Ltd ................................ 63 2,145 Coloplast A/S (B Shs) ....................... 156 SEE NOTES TO FINANCIAL STATEMENTS 52 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ HEALTH CARE--(CONTINUED) 12,805 CSL Ltd ..................................... $ 156 47,150 Daiichi Pharmaceutical Co Ltd ............... 677 40,053 Eisai Co Ltd ................................ 899 17,168 * Elan Corp plc ............................... 37 29,483 e* Elan Corp plc (Spon ADR) .................... 73 37,049 Fujisawa Pharmaceutical Co Ltd .............. 848 23,489 Gambro AB (A Shs) ........................... 131 13,654 Gambro AB (B Shs) ........................... 76 10,434 Gehe AG. .................................... 404 37,547 * Genentech, Inc .............................. 1,245 30,964 * Genzyme Corp (General Division) ............. 916 1,837,448 GlaxoSmithKline plc ......................... 35,261 42,149 * Guidant Corp ................................ 1,300 6,076 H. Lundbeck A/S ............................. 161 71,972 HCA, Inc .................................... 2,987 24,467 * Health Management Associates, Inc (Class A) . 438 58,181 * Healthsouth Corp ............................ 244 14,122 * Human Genome Sciences, Inc .................. 124 21,104 * IDEC Pharmaceuticals Corp ................... 700 21,731 IMS Health, Inc ............................. 348 1,896 Instrumentarium Oyj ......................... 76 1,476,807 Johnson & Johnson ........................... 79,319 74,666 Kyowa Hakko Kogyo Co Ltd .................... 310 136,166 Lilly (Eli) & Co ............................ 8,647 39,909 McKesson Corp ............................... 1,079 67,050 MDS, Inc .................................... 934 32,857 * Medimmune, Inc .............................. 893 161,936 Medtronic, Inc .............................. 7,384 316,290 d Merck & Co, Inc ............................. 17,905 10,431 Merck Kgaa .................................. 275 34,604 * Millennium Pharmaceuticals, Inc ............. 275 68 * Nobel Biocare Holding AG. (Sweden) .......... 4 467,106 * Nobel Biocare Holding AG. (Switzerland) ..... 30,032 734,776 Novartis AG. (Regd) ......................... 26,809 77,883 * Novo Nordisk A/S (B Shs) .................... 2,250 162,000 * Ono Pharmaceutical Co Ltd ................... 4,860 3,179,432 Pfizer, Inc ................................. 97,195 851,662 Pharmacia Corp .............................. 35,599 171,360 * QLT, Inc .................................... 1,453 11,255 * Quest Diagnostics, Inc ...................... 640 8,840 Roche Holding AG. (Br) ...................... 1,119 531,053 Roche Holding AG. (Genusscheine) ............ 37,005 74,270 Sankyo Co Ltd ............................... 932 133,045 Sanofi-Synthelabo S.A. ...................... 8,133 31,018 Schering AG. ................................ 1,351 526,100 Schering-Plough Corp ........................ 11,679 242,860 * Schwarz Pharma AG. .......................... 8,833 1,443 Serono S.A. (B Shs) ......................... 773 30,801 Shionogi & Co Ltd ........................... 436 55,258 Smith & Nephew plc .......................... 338 102,628 * SNIA S.p.A. ................................. 4 18,205 * Sonic Healthcare Ltd ........................ 67 31,336 SSL International plc ....................... 130 34,956 * St. Jude Medical, Inc ....................... 1,388 12,659 * Stryker Corp ................................ 850 127,124 * Sulzer AG. (Regd) ........................... 22,157 1,100 * Suzuken Co Ltd .............................. 27 40,674 * Synthes-Stratec, Inc ........................ 24,945 20,746 Taisho Pharmaceutical Co Ltd ................ 305 551,906 Takeda Chemical Industries Ltd .............. 23,068 52,573 * Tenet Healthcare Corp ....................... 862 352,656 Terumo Corp ................................. 4,880 4,594 UCB S.A. .................................... 145 48,475 UnitedHealth Group, Inc ..................... 4,048 3,411 * Waters Corp ................................. $ 74 106,554 * WellChoice, Inc ............................. 2,552 16,110 * Wellpoint Health Networks, Inc .............. 1,146 607,673 Wyeth ....................................... 22,727 46,514 Yamanouchi Pharmaceutical Co Ltd ............ 1,348 35,888 * Zimmer Holdings, Inc ........................ 1,490 ------------ TOTAL HEALTH CARE 754,716 ------------ OTHER--1.82% 14,366 Adecco S.A. (Regd) .......................... 563 9,230 Amer Group plc .............................. 338 66,649 * Ansell Ltd .................................. 281 423,390 Assa Abloy AB (B Shs) ....................... 4,835 26,930 Auckland International Airport Ltd .......... 78 250,863 BAA plc ..................................... 2,035 855 Bellsystem 24, Inc .......................... 167 3,368 Benesse Corp ................................ 38 44,221 * Brascan Corp (Class A) ...................... 889 51,187 Capita Group plc ............................ 204 133,448 * Cendant Corp ................................ 1,399 23,537 * CGI Group, Inc (Class A) .................... 101 350,639 Chubb plc ................................... 495 9,554 Cintas Corp ................................. 437 10,632 DCC plc ..................................... 110 74,113 Deutsche Post AG. (Regd) .................... 779 25,999 Dover Corp .................................. 758 412 Electrocomponents plc ....................... 2 12,590 Fortune Brands, Inc ......................... 586 9,400 Fuji Soft ABC, Inc .......................... 149 34,974 H & R Block, Inc ............................ 1,406 21,428 Hagemeyer NV ................................ 155 29,708 Haw Par Corp Ltd ............................ 56 1,700 Hitachi Software Engineering Co Ltd ......... 39 118,900 * Honeywell International, Inc ................ 2,854 682,151 Hutchison Whampoa Ltd ....................... 4,269 252,324 * Imperial Holdings Ltd ....................... 1,617 171,347 Itochu Corp ................................. 371 6,200 Itochu Techno-Science Corp .................. 131 18,836 ITT Industries, Inc ......................... 1,143 2,055,500 Keppel Corp Ltd ............................. 4,385 257,423 Kidde plc ................................... 293 22,087 * Manpower, Inc ............................... 705 167,000 * Marubeni Corp ............................... 153 10,500 Meitec Corp ................................. 257 145,450 Mitsubishi Corp ............................. 889 201,714 Mitsui & Co Ltd ............................. 942 25,743 Moody's Corp ................................ 1,063 11 NET One Systems Co Ltd ...................... 47 5,600 * Nippon System Development Co Ltd ............ 66 35,063 OCE NV ...................................... 386 7,318 OM AB ....................................... 35 43,544 Onex Corp ................................... 441 32,230 Power Corp Of Canada ........................ 734 6,494 * Quebecor, Inc (Class B) ..................... 58 30,135 R.R. Donnelley & Sons Co .................... 656 363,766 Rentokil Initial plc ........................ 1,288 827 * Robert Half International, Inc .............. 13 105,545 Secom Co Ltd ................................ 3,620 264,475 Securicor plc ............................... 361 79,297 Securitas AB (B Shs) ........................ 946 28,033 Servicemaster Co ............................ 311 87,555 * SGS Societe Generale Surveillance Holdings S.A. 26,342 12,960 e Softbank Corp ............................... 148 62,509 Sumitomo Corp ............................... 269 144,889 Swire Pacific Ltd (A Shs) ................... 554 102,947 Sysco Corp .................................. 3,067 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 53 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ OTHER--(CONTINUED) 70,353 * Terra Networks S.A. ......................... $ 296 7,488 Textron, Inc ................................ 322 11,743 TIS, Inc .................................... 173 3,500 * TMP Worldwide, Inc .......................... 40 34,672 TPG NV ...................................... 562 4,400 Trans Cosmos, Inc ........................... 45 874,013 Tyco International Ltd ...................... 14,928 73,272 United Technologies Corp .................... 4,538 151,171 * Wesfarmers Ltd .............................. 2,264 1,473,096 Wharf Holdings Ltd .......................... 2,777 ------------ TOTAL OTHER 100,259 ------------ PRODUCER DURABLES--4.28% 55,455 3M Co ....................................... 6,838 51,922 * ABB Ltd ..................................... 148 85,363 Advantest Corp .............................. 3,827 38,271 Amada Co Ltd ................................ 104 7,196 Atlas Copco AB (A Shs) ...................... 140 19,187 Atlas Copco AB (B Shs) ...................... 340 51,227 * Balfour Beatty plc .......................... 119 696 Barco NV .................................... 36 1,476 Bombardier, Inc (Class A) ................... 5 393,209 Bombardier, Inc (Class B) ................... 1,324 39,486 Caterpillar, Inc ............................ 1,805 126,000 * Chartered Semiconductor Manufacturing Ltd ... 52 1,115 Cooper Industries Ltd (Class A) ............. 41 16,837 Daikin Industries Ltd ....................... 267 12,724 * Danaher Corp ................................ 836 513,250 Deere & Co .................................. 23,533 9,440 Eaton Corp .................................. 737 51,278 Emerson Electric Co ......................... 2,607 15,590 Fanuc Ltd ................................... 690 1,411 Fischer (Georg) Ltd (Regd) .................. 143 142,000 Fuji Electric Co Ltd ........................ 248 5,400 Fuji Machine Manufacturing Co Ltd ........... 51 178,032 Fujitsu Ltd ................................. 509 189,800 Futaba Corp ................................. 3,775 3,434,911 General Electric Co ......................... 83,640 461,236 Hitachi Ltd ................................. 1,768 279,000 * Hitachi Zosen Corp .......................... 59 12,620 Hoya Corp ................................... 884 32,548 * Illinois Tool Works, Inc .................... 2,111 57,427 IMI plc ..................................... 243 26,747 Ingersoll-Rand Co (Class A) ................. 1,152 509,652 Invensys plc ................................ 433 112,633 Ishikawajima-Harima Heavy Industries Co Ltd . 103 20,815 * Kawasaki Heavy Industries Ltd ............... 16 238,689 Komatsu Ltd ................................. 778 14,000 Komori Corp ................................. 142 12,231 * Kone Oyj (B Shs) ............................ 367 444,281 Koninklijke Philips Electronics NV .......... 7,786 113,782 Kubota Corp ................................. 309 16,438 Kurita Water Industries Ltd ................. 166 247,662 * Logitech International S.A. (Regd) .......... 7,388 96,200 Mabuchi Motor Co Ltd ........................ 8,852 38,474 Magna International, Inc (Class A) .......... 2,145 8,000 * Makita Corp ................................. 58 12,166 Metso Oyj ................................... 132 310,976 * Mitsubishi Electric Corp .................... 718 485,840 Mitsubishi Heavy Industries Ltd ............. 1,187 69 Mori Seiki Co Ltd ........................... 0 197,244 Murata Manufacturing Co Ltd ................. 7,912 183,054 NEC Corp .................................... 685 16,457 e* Nikon Corp .................................. 124 8,400 Nitto Denko Corp ............................ 239 6,435 NKT Holding A/S ............................. 67 65,488 NSK Ltd ..................................... 169 67,000 NTN Corp .................................... 231 10,000 * Oki Electric Industry Co Ltd ................ 16 7,505 Parker Hannifin Corp ........................ 346 43,879 Pitney Bowes, Inc ........................... 1,433 41,134 Rockwell Automation, Inc .................... 852 56,143 Rohm Co Ltd ................................. 7,177 13,310 Samsung Electronics Co Ltd .................. 3,524 307,958 Sandvik AB .................................. 6,874 920 * Schindler Holding AG. (Pt Cert) ............. 179 1,400 Schindler Holding AG. (Regd) ................ 263 45,655 * Schneider Electric S.A. ..................... 2,160 8,001 SembCorp Industries Ltd ..................... 4 174,035 * Siemens AG. ................................. 7,397 177,000 Singapore Technologies Engineering Ltd ...... 168 615 SKF AB (A Shs) .............................. 16 13,589 SKF AB (B Shs) .............................. 352 55,578 e SMC Corp .................................... 5,217 8,000 * ST Assembly Test Services Ltd ............... 5 33,940 e Taiyo Yuden Co Ltd .......................... 360 27,000 Takuma Co Ltd ............................... 146 51,607 * Tandberg ASA ................................ 298 10,500 e THK Co Ltd .................................. 116 23,882 * Thomson Corp ................................ 408 79,981 Tokyo Electron Ltd .......................... 3,619 474,923 * Toshiba Corp ................................ 1,489 690,727 e Toyota Industries Corp ...................... 10,390 413 * VA Technologie AG. .......................... 7 12,992 * Vestas Wind Systems A/S ..................... 129 2,842 Vulcan Materials Co ......................... 107 11,900 W.W. Grainger, Inc .......................... 613 86,817 * Waste Management, Inc ....................... 1,990 144,012 e* Xerox Corp .................................. 1,159 45,507 Yokogawa Electric Corp ...................... 283 ------------ TOTAL PRODUCER DURABLES 235,136 ------------ TECHNOLOGY--12.70% 74,893 * ADC Telecommunications, Inc ................. 157 39,576 * Adobe Systems, Inc .......................... 986 23,650 * Advanced Micro Devices, Inc ................. 153 5,119 * Agere Systems, Inc (Class A) ................ 7 200,437 * Agere Systems, Inc (Class B) ................ 281 68,115 * Agilent Technologies, Inc ................... 1,223 682 Alcatel O (Optronics) ....................... 2 1,177,954 e* Alcatel S.A. ................................ 5,167 42,768 Alcatel S.A. (Spon ADR) ..................... 190 32,000 * Alps Electric Co Ltd ........................ 353 18,267 Altran Technologies S.A. .................... 88 15,306 * American Power Conversion Corp .............. 232 1,091,401 * Analog Devices, Inc ......................... 26,052 29,000 e Anritsu Corp ................................ 111 42,350 * Apple Computer, Inc ......................... 607 491,096 * Applied Materials, Inc ...................... 6,399 46,669 * Applied Micro Circuits Corp ................. 172 73,450 * ARM Holdings plc ............................ 57 60,912 Asahi Glass Co Ltd .......................... 373 23,000 ASM Pacific Technology Ltd .................. 44 985,615 * ASML Holding NV ............................. 8,233 180,200 * ATI Technologies, Inc ....................... 829 4,496 * Atmel Corp .................................. 10 3,083 * Atos Origin ................................. 75 78,409 Automatic Data Processing, Inc .............. 3,078 46 * Avaya, Inc .................................. 0 49,971 * BEA Systems, Inc ............................ 573 21,991 * BMC Software, Inc ........................... 376 SEE NOTES TO FINANCIAL STATEMENTS 54 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ TECHNOLOGY--(CONTINUED) 555,644 * Broadcom Corp (Class A) ..................... $ 8,368 45,588 * Brocade Communications Systems, Inc ......... 189 6,498 * Business Objects ............................ 96 60,616 * Cadence Design Systems, Inc ................. 715 305,324 e Canon, Inc .................................. 11,501 17,200 Cap Gemini S.A. ............................. 393 152,010 * Celestica, Inc .............................. 2,122 1,283 * Celestica, Inc (US) ......................... 18 25,816 * Ceridian Corp ............................... 372 12,559 * Certegy, Inc ................................ 308 67,890 * CIENA Corp .................................. 349 4,485,174 * Cisco Systems, Inc .......................... 58,756 105,279 e Citizen Watch Co Ltd ........................ 469 25,204 * Citrix Systems, Inc ......................... 311 22,525 * Cognos, Inc ................................. 528 33,117 * Computer Associates International, Inc ...... 447 26,741 * Computer Sciences Corp ...................... 921 113,842 * Compuware Corp .............................. 546 25,605 * Comverse Technology, Inc .................... 257 72,880 * Concord EFS, Inc ............................ 1,147 21,464 * Convergys Corp .............................. 325 65,504 * Corning, Inc ................................ 217 7,450 Creative Technology Ltd ..................... 53 16,531 CSK Corp .................................... 347 625,317 Dai Nippon Printing Co Ltd .................. 6,919 9,121 e* Dainippon Screen Manufacturing Co Ltd ....... 32 2,998 Dassault Systemes S.A. ...................... 65 5,000 * Datacraft Asia Ltd .......................... 3 977,749 * Dell Computer Corp .......................... 26,145 8,940 * DST Systems, Inc ............................ 318 19,158 * EDB Business Partner ASA .................... 51 21,114 * Electronic Arts, Inc ........................ 1,051 92,999 Electronic Data Systems Corp ................ 1,714 375,140 * EMC Corp .................................... 2,303 24,719 Equifax, Inc ................................ 572 2,159,652 * Ericsson (LM) (B Shs) ....................... 1,512 115,536 * First Data Corp ............................. 4,091 19,240 * Fiserv, Inc ................................. 653 8,000 Fujikura Ltd ................................ 19 8,200 Fujitsu Support & Service, Inc .............. 95 137,340 Furukawa Electric Co Ltd .................... 288 69,774 Futuris Corp Ltd ............................ 51 147,000 * GES International Ltd ....................... 25 998 * GN Store Nord ............................... 3 383,602 Hewlett-Packard Co .......................... 6,659 87,100 Hirose Electric Co Ltd ...................... 6,650 69,000 Hitachi Cable Ltd ........................... 172 49,405 * Infineon Technologies AG. ................... 363 3,914,718 Intel Corp .................................. 60,952 883,435 d International Business Machines Corp ........ 68,466 28,888 Intracom S.A. ............................... 129 30,004 * Intuit, Inc ................................. 1,408 3,608 * Iona Technologies plc ....................... 9 30,458 * Jabil Circuit, Inc .......................... 546 164,270 * JDS Uniphase Corp ........................... 406 2,634,555 Johnson Electric Holdings Ltd ............... 2,888 34,629 * Juniper Networks, Inc ....................... 235 41,927 Keyence Corp ................................ 7,296 16,240 * KLA-Tencor Corp ............................. 574 33,800 e Kokuyo Co Ltd ............................... 281 32,000 e Konica Corp ................................. 232 24,202 Kyocera Corp ................................ 1,409 5,000 e Kyowa Exeo Corp ............................. 16 37,095 Linear Technology Corp ...................... 954 142,088 Logica CMG plc .............................. $ 343 525,385 e* Lucent Technologies, Inc .................... 662 475,770 * Marconi plc ................................. 14 46,218 * Maxim Integrated Products, Inc .............. 1,527 227,900 Melco, Inc .................................. 3,322 11,446 * Mercury Interactive Corp .................... 339 71,361 * Merkantildata ASA ........................... 54 61,632 * Micron Technology, Inc ...................... 600 2,623,296 * Microsoft Corp .............................. 135,624 122,925 Misys plc ................................... 348 26,800 Mitsumi Electric Co Ltd ..................... 244 3,007,597 Motorola, Inc ............................... 26,016 45,679 * Network Appliance, Inc ...................... 457 2,419 NGK Spark Plug Co Ltd ....................... 16 177,600 Nichicon Corp ............................... 2,055 5,400 e Nidec Corp .................................. 338 97,972 Nippon Sheet Glass Co Ltd ................... 176 1,979,565 Nokia Oyj ................................... 31,472 2,699,375 * Nortel Networks Corp ........................ 4,306 92,500 * Nortel Networks Corp (U.S.) ................. 149 20,059 * Novellus Systems, Inc ....................... 563 91 NTT Data Corp ............................... 252 19,055 Olympus Optical Co Ltd ...................... 311 42,543 Omron Corp .................................. 632 528,204 * Oracle Corp ................................. 5,705 32,906 Paychex, Inc ................................ 918 37,769 * Peoplesoft, Inc ............................. 691 71 b* Peregrine Systems, Inc ...................... 0 82 * PMC-Sierra, Inc ............................. 0 14,669 * QLogic Corp ................................. 506 114,438 * Qualcomm, Inc ............................... 4,164 21,085 * Rational Software Corp ...................... 219 79,318 Ricoh Co Ltd ................................ 1,301 111,155 * Sage Group plc .............................. 238 4,732 * Sagem S.A. .................................. 320 48,847 * Sanmina-SCI Corp ............................ 219 185,687 SAP AG. ..................................... 14,556 18,863 Scientific-Atlanta, Inc ..................... 224 26,262 * Seagate Technology (Escrow) ................. 0 58,448 * Siebel Systems, Inc ......................... 437 2,163,904 * Solectron Corp .............................. 7,682 187,718 Spirent plc ................................. 51 1,104,500 STMicroelectronics NV ....................... 21,651 103,709 Sumitomo Electric Industries Ltd ............ 672 4,084,396 * Sun Microsystems, Inc ....................... 12,702 37,183 * Sungard Data Systems, Inc ................... 876 641,865 * Symantec Corp ............................... 25,963 41,153 Symbol Technologies, Inc .................... 338 13,957 e TDK Corp .................................... 562 522 * Tellabs, Inc ................................ 4 25,231 * Teradyne, Inc ............................... 328 2,177,433 Texas Instruments, Inc ...................... 32,683 13,555 * Thermo Electron Corp ........................ 273 21,318 Tietoenator Corp ............................ 291 101,540 Toppan Printing Co Ltd ...................... 764 8,000 * Trend Micro, Inc ............................ 137 1,726 Unaxis Holding AG. (Regd) ................... 115 42,323 * Unisys Corp ................................. 419 113,000 Venture Corp Ltd ............................ 906 29,704 * VeriSign, Inc ............................... 238 56,868 * Veritas Software Corp ....................... 888 35,786 WM-Data AB (B Shs) .......................... 31 66,476 * Xilinx, Inc ................................. 1,369 3,678 Yamaha Corp ................................. 34 ------------ TOTAL TECHNOLOGY 698,433 ------------ SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 55 Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- TRANSPORTATION--1.36% 10,897 f* Air Canada .................................. $ 33 12,000 Air France .................................. 116 489,363 * Alitalia S.p.A. ............................. 124 88,000 e* All Nippon Airways Co Ltd ................... 162 600 Associated British Ports Holdings plc ....... 4 507 Bergesen DY A/S (A Shs) ..................... 10 1 Bergesen DY A/S (B Shs) ..................... 0 426,153 Brambles Industries Ltd ..................... 1,128 306,115 Brambles Industries plc ..................... 749 48,411 * British Airways plc ......................... 105 37,082 Burlington Northern Santa Fe Corp ........... 965 88,066 Canadian Imperial Holdings, Inc ............. 3,638 472,400 * Canadian National Railway Co ................ 19,633 33,555 Canadian Pacific Railway Ltd ................ 662 129,000 Cathay Pacific Airways Ltd .................. 176 93 Central Japan Railway Co .................... 579 1,506 Compagnie Maritime Belge S.A. ............... 81 34,090 CP Ships Ltd ................................ 458 44,942 CSX Corp .................................... 1,272 74 * Dampskibsselskabet Af 1912 (B Shs) .......... 520 68 * Dampskibsselskabet Svendborg (B Shs) ........ 692 14,150 * Deutsche Lufthansa AG. (Regd) ............... 134 8,072 * DSV DE Sammenslut Vogn A/S .................. 196 416 East Japan Railway Co ....................... 2,065 47,706 * FedEx Corp .................................. 2,587 61,111 Firstgroup plc .............................. 232 1,051,000 * Hankyu Corp ................................. 2,843 168,459 * Iberia Lineas Aereas de Espana .............. 247 72,234 * Japan Airlines System Corp .................. 154 38,968 Kamigumi Co Ltd ............................. 187 73,381 e Keihin Electric Express Railway Co Ltd ...... 334 21,000 Keio Electric Railway Co Ltd ................ 111 82,700 e* Kinki Nippon Railway Co Ltd ................. 178 9,575 KLM (Royal Dutch Airlines) NV ............... 92 143,528 Mayne Group Ltd ............................. 263 53,474 Mitsui O.S.K. Lines Ltd ..................... 111 1,181,000 Mitsui-Soko Co Ltd .......................... 2,120 264,000 MTR Corp .................................... 279 57,124 * Neptune Orient Lines Ltd .................... 30 1,070,000 Nippon Express Co Ltd ....................... 4,193 193,974 Nippon Yusen Kabushiki Kaisha ............... 654 67,037 Norfolk Southern Corp ....................... 1,340 654,313 Patrick Corp Ltd ............................ 4,827 196,476 Peninsular & Oriental Steam Navigation Co ... 520 50,538 * Ryanair Holdings plc ........................ 353 31,701 * Sabre Holdings Corp ......................... 574 9,751 * SAS AB ...................................... 55 51,000 e* Seino Transportation Co Ltd ................. 299 40,000 SembCorp Logistics Ltd ...................... 36 92,139 Singapore Airlines Ltd ...................... 542 3,000 SMRT Corp Ltd ............................... 1 27,832 Southwest Airlines Co ....................... 387 1,133,000 e Sumitomo Warehouse Co Ltd ................... 2,339 30,673 e Tokyu Corp .................................. 108 27,398 Union Pacific Corp .......................... 1,640 57,068 United Parcel Service, Inc (Class B) ........ 3,600 2,159 * Van der Horst Ltd ........................... 0 72 West Japan Railway Co ....................... 255 768,107 Yamato Transport Co Ltd ..................... 10,033 ------------ TOTAL TRANSPORTATION 75,026 ------------ UTILITIES--7.36% 55,603 * Acesa Infrastructuras S.A. Rts .............. 32 51 * AES Corp .................................... 0 45 * Aguas de Barcelona S.A. ..................... 0 34,120 Allegheny Energy, Inc ....................... 258 20,382 Ameren Corp ................................. 847 63,080 e American Electric Power Co, Inc ............. 1,724 828,013 AT&T Corp ................................... 21,619 2,878,558 * AT&T Wireless Services, Inc ................. 16,264 2,360 Athens Water Supply & Sewage Co S.A. ........ 9 61,440 Australian Gas Light Co Ltd ................. 365 55,603 * Autopistas Concesionaria Espanola S.A. ...... 630 470,677 * Autoroutes Du Sud De La France .............. 11,375 120,240 Autostrade-Concessioni e Costruzioni Autostrade S.p.A. ......................... 1,196 69,741 BCE, Inc (Canada) ........................... 1,258 9,400 * BCE, Inc (US) ............................... 169 248,271 BellSouth Corp .............................. 6,423 30,943 Bouygues S.A. ............................... 864 102,943 Brisa-Auto Estradas de Portugal S.A. ........ 570 5,704,315 BT Group plc ................................ 17,908 544,959 Cable & Wireless plc ........................ 393 50,347 e* Calpine Corp ................................ 164 70 Centerpoint Energy, Inc ..................... 1 68,371 e Chubu Electric Power Co, Inc ................ 1,221 21,700 Cinergy Corp ................................ 732 257,998 CLP Holdings Ltd ............................ 1,039 19,478 Consolidated Edison, Inc .................... 834 6,800 Constellation Energy Group, Inc ............. 189 39,344 Contact Energy Ltd .......................... 82 296,459 Deutsche Telekom AG. (Regd) ................. 3,802 37,586 Dominion Resources, Inc ..................... 2,063 18,803 * DTE Energy Co ............................... 872 146,423 Duke Energy Corp ............................ 2,861 44,852 e Dynegy, Inc (Class A) ....................... 53 2,861 * e.Biscom S.p.A. ............................. 82 166,738 E.ON AG. .................................... 6,719 15,464 * Edison International ........................ 183 144,751 El Paso Corp ................................ 1,007 3,788 Electrabel S.A. ............................. 920 10,950 * Electrabel S.A. (Strip Vvpr) ................ 16 278,020 Electricidade de Portugal S.A. .............. 464 143,221 Endesa S.A. ................................. 1,676 620,163 Enel S.p.A. ................................. 3,228 22,518 Entergy Corp ................................ 1,027 41,960 Exelon Corp ................................. 2,214 31,811 FirstEnergy Corp ............................ 1,049 18,360 FPL Group, Inc .............................. 1,104 56,247 France Telecom S.A. ......................... 985 296,597 Grupo Ferrovial S.A. ........................ 7,517 82,993 Hellenic Telecommunications Organization S.A. 914 985,014 Hong Kong Electric Holdings Ltd ............. 3,726 1,143,305 Iberdrola S.A. .............................. 16,017 319,883 * International Power plc ..................... 493 112,097 Kansai Electric Power Co, Inc ............... 1,694 90,620 Kelda Group plc ............................. 619 31,864 KeySpan Corp ................................ 1,123 23,158 Kinder Morgan, Inc .......................... 979 355,511 * KPN NV ...................................... 2,313 61,196 Kyushu Electric Power Co, Inc ............... 895 22,292 e* Level 3 Communications, Inc ................. 109 129,322 e* Mirant Corp ................................. 244 2,989,799 National Grid Transco plc ................... 21,973 578,400 * Nextel Communications, Inc (Class A) ........ 6,681 2,165 Nippon Telegraph & Telephone Corp ........... 7,863 11,702 NiSource, Inc ............................... 234 1,649 * NiSource, Inc (Sails) ....................... 4 2,266 NTT Docomo, Inc ............................. 4,182 1,226,800 * Pacific Century CyberWorks Ltd .............. 193 47,113 * PG&E Corp ................................... 655 SEE NOTES TO FINANCIAL STATEMENTS 56 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ UTILITIES--(CONTINUED) 140,227 Portugal Telecom SGPS S.A. (Regd) ........... $ 964 35,800 PPL Corp .................................... 1,242 21,279 Progress Energy, Inc ........................ 922 10,260 * Public Power Corp ........................... 142 45,872 Public Service Enterprise Group, Inc ........ 1,472 162,273 * Qwest Communications International, Inc ..... 811 53,252 RWE AG. ..................................... 1,369 484,180 SBC Communications, Inc ..................... 13,126 281,178 Scottish & Southern Energy plc .............. 3,078 238,983 Scottish Power plc .......................... 1,395 14,818 * Sempra Energy ............................... 350 29,633 Severn Trent plc ............................ 331 850,670 Singapore Telecommunications Ltd ............ 608 115,544 Southern Co ................................. 3,280 90,822 * Sprint Corp (PCS Group) ..................... 398 41,542 Suez ........................................ 724 48,759 Suez S.A. ................................... 846 7,265 Swisscom AG. (Regd) ......................... 2,104 15,238 TDC A/S ..................................... 370 13,288 * Tele2 AB (B Shs) ............................ 352 1,372,180 Telecom Corp Of New Zealand Ltd ............. 3,252 624,380 Telecom Italia S.p.A. ....................... 4,737 289,330 Telecom Italia S.p.A.(Risp) ................. 1,460 2,474,499 * Telefonica S.A. ............................. 22,150 33,574 * Telefonica S.A. (Spon ADR) .................. 892 6,323 * Telekom Austria AG. ......................... 64 262,602 Telia Sonera AB ............................. 989 742,554 Telstra Corp Ltd ............................ 1,844 17,519 TELUS Corp .................................. 194 1,494 TELUS Corp (Non-Vote) ....................... 15 1,051,197 TIM S.p.A. .................................. 4,799 40,037 * Tiscali S.p.A. .............................. 180 72,830 Tohoku Electric Power Co, Inc ............... 1,072 744,159 Tokyo Electric Power Co, Inc ................ 14,141 2,400 TransAlta Corp .............................. 26 64,523 TXU Corp .................................... 1,205 92,087 United Utilities plc ........................ 925 1,380,274 Verizon Communications, Inc ................. 53,510 267,291 Vinci S.A. .................................. 15,063 24,727,817 Vodafone Group plc .......................... 45,084 237,030 Vodafone Group plc (Spon ADR) ............... 4,295 26,606 Williams Cos, Inc ........................... 72 88 b,e* WorldCom, Inc (MCI Group) ................... 0 ------------ TOTAL UTILITIES 404,772 ------------ TOTAL COMMON STOCK (COST $6,156,387) 5,344,415 ------------ PRINCIPAL --------- SHORT TERM INVESTMENTS--5.58% CERTIFICATE OF DEPOSIT--0.18% First Tennessee National Bank $10,000,000 1.330%, 02/24/03 ........................... 9,999 ------------ TOTAL CERTIFICATE OF DEPOSIT 9,999 ------------ COMMERCIAL PAPER--3.80% American Express Credit Corp 13,700,000 1.500%, 01/06/03 ........................... 13,697 American Honda Finance Corp 13,700,000 d 1.330%, 01/29/03 ........................... 13,685 Canadian Imperial Holdings, Inc 13,700,000 d 1.495%, 01/03/03 ........................... 13,698 Cargill, Inc 13,700,000 c 1.290%, 02/14/03 ........................... 13,678 Coca-Cola Enterprises, Inc 13,700,000 c 1.150%, 01/02/03 ........................... 13,699 Delaware Funding Corp 13,700,000 c 1.300%, 02/03/03 ........................... 13,683 Fortune Brands 10,000,000 c 1.330%, 01/14/03 ........................... 9,995 Govco, Inc 9,600,000 c 1.290%, 03/04/03 ........................... 9,578 Kitty Hawk Funding Corp 1,833,000 c 1.360%, 01/10/03 ........................... 1,832 Moriarty LLC 13,700,000 c,d 1.340%, 01/16/03 ........................... 13,692 Paccar Financial Corp 10,000,000 1.200%, 01/02/03 ........................... 9,999 Park Avenue Receivables Corp 13,700,000 c,d 1.340%, 02/05/03 ........................... 13,682 Preferred Receivables Funding Corp 10,900,000 c 1.310%, 01/14/03 ........................... 10,894 Receivables Capital Corp 13,700,000 c 1.280%, 02/12/03 ........................... 13,679 SBC International, Inc 7,700,000 c,d 1.760%, 01/22/03 ........................... 7,694 Societe Generale North America, Inc 13,000,000 d 1.520%, 01/07/03 ........................... 12,997 UBS Finance, Inc (Delaware) 10,000,000 1.350%, 01/08/03 ........................... 9,997 Vodafone Group plc 13,000,000 c,d 1.330%, 02/14/03 ........................... 12,979 ------------ TOTAL COMMERCIAL PAPER 209,158 ------------ U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--1.60% Federal Home Loan Bank (FHLB) 5,100,000 0.750%, 01/02/03 ........................... 5,100 7,500,000 1.180%, 01/02/03 ........................... 7,500 20,000,000 1.260%, 01/24/03 ........................... 19,984 5,000,000 2.850%, 04/16/03 ........................... 5,022 Federal National Mortgage Association (FNMA) 50,000,000 1.250%, 01/17/03 ........................... 49,971 ------------ TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 87,577 ------------ TOTAL SHORT TERM INVESTMENTS (COST $306,719) 306,734 ------------ TOTAL PORTFOLIO--102.92% (COST $6,470,964) 5,658,228 OTHER ASSETS & LIABILITIES, NET--(2.92%) (160,538) ------------ NET ASSETS--100.00% $ 5,497,690 ============ - ---------- * Non-income producing b In bankcruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts. e All or a portion of these securities are out on loan. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2002, the value of these securities amounted to $32,764 or 0.00% of net assets. Additional information on each restricted security is as follows: SECURITY ACQUISITION DATE ACQUISITION COST - -------- ---------------- ---------------- Air Canada, Inc 04/18/96 $100,961 ======== For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the accounts use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 57 Statement of Investments - GROWTH ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ------------ CORPORATE BOND--0.00% CONSUMER CYCLICAL--0.00% Ugly Duckling Corp (Sub Deb) $ 6,500 12.000%,10/23/03 ........................... $ 7 ------------ TOTAL CONSUMER CYCLICAL 7 ------------ TOTAL CORPORATE BOND (COST $8) 7 ------------ SHARES ------ PREFERRED STOCK--0.00% BASIC INDUSTRIES--0.00% 3,895 Sealed Air Corp ............................. 166 ------------ TOTAL BASIC INDUSTRIES 166 ------------ TECHNOLOGY--0.00% 264 * Superior Trust I Series A ................... 0 ------------ TOTAL TECHNOLOGY 0 ------------ TOTAL PREFERRED STOCK (COST $186) 166 ------------ COMMON STOCK--98.72% AEROSPACE AND DEFENSE--0.35% 58,299 e* Alliant Techsystems, Inc .................... 3,635 435,287 Boeing Co ................................... 14,360 76,755 General Dynamics Corp ....................... 6,092 65 * L-3 Communications Holdings, Inc ............ 3 14 Lockheed Martin Corp ........................ 1 80,797 PerkinElmer, Inc ............................ 667 32,294 Rockwell Collins, Inc ....................... 751 117,803 * Titan Corp .................................. 1,225 ------------ TOTAL AEROSPACE AND DEFENSE 26,734 ------------ BASIC INDUSTRIES--0.96% 9 Alcoa, Inc .................................. 0 37 * American Standard Cos, Inc .................. 3 127,212 Avery Dennison Corp ......................... 7,770 21,913 e Ball Corp ................................... 1,122 1 Barrick Gold Corp ........................... 0 137,540 Black & Decker Corp ......................... 5,899 14,949 Cabot Corp .................................. 397 37,312 Consol Energy, Inc .......................... 645 35,563 D.R. Horton, Inc ............................ 617 232,469 e Ecolab, Inc ................................. 11,507 22,902 Fluor Corp .................................. 641 32 * Freeport-McMoran Copper & Gold, Inc (Class A) 1 4,600 b* GenTek, Inc ................................. 0 61,538 * Jacobs Engineering Group, Inc ............... 2,191 471,381 Kimberly-Clark Corp ......................... 22,376 66 Lennar Corp ................................. 3 41,273 e Masco Corp .................................. 869 37 Monsanto Co ................................. 1 207,002 e Newmont Mining Corp ......................... 6,009 10,168 e* NVR, Inc .................................... 3,310 5,678 OM Group, Inc ............................... 39 33 * Packaging Dynamics Corp ..................... 0 132,667 e* Sealed Air Corp ............................. 4,948 46,309 e* Shaw Group, Inc ............................. 762 23,690 e Sigma-Aldrich Corp .......................... 1,154 79,175 e Stanley Works ............................... 2,738 28,021 Valspar Corp ................................ 1,238 ------------ TOTAL BASIC INDUSTRIES 74,240 ------------ CONSUMER CYCLICAL--10.41% 74,379 e* 99 Cents Only Stores ........................ 1,998 153,512 * Abercrombie & Fitch Co (Class A) ............ 3,141 25,330 e* Advance Auto Parts .......................... 1,239 86,561 * American Eagle Outfitters, Inc .............. 1,193 100,594 Applebee's International, Inc ............... 2,333 8,689 ArvinMeritor, Inc ........................... $ 145 526,236 * Bed Bath & Beyond, Inc ...................... 18,171 115,087 e* Big Lots, Inc ............................... 1,523 22,947 Blockbuster, Inc (Class A) .................. 281 162,319 e* Brinker International, Inc .................. 5,235 53 * Cablevision Systems Corp (Class A) .......... 1 29,167 e Callaway Golf Co ............................ 386 66,706 * Catalina Marketing Corp ..................... 1,234 14,496 CBRL Group, Inc ............................. 437 46,675 * CEC Entertainment, Inc ...................... 1,433 130,712 e* Chico's FAS, Inc ............................ 2,472 1,898,889 * Clear Channel Communications, Inc ........... 70,810 159,867 e* Coach, Inc .................................. 5,263 22,172 * Columbia Sportswear Co ...................... 985 180,000 * Comcast Corp ................................ 4,243 57,222 * Comcast Corp Special ........................ 1,293 120,660 * Copart, Inc ................................. 1,429 66 * Cox Communications, Inc (Class A) ........... 2 39,103 * Cox Radio, Inc (Class A) .................... 892 25,782 * Cumulus Media, Inc (Class A) ................ 383 312,168 Darden Restaurants, Inc ..................... 6,384 501,084 e Dollar General Corp ......................... 5,988 204,745 * Dollar Tree Stores, Inc ..................... 5,031 46,639 Donaldson Co, Inc ........................... 1,679 56,896 Dow Jones & Co, Inc ......................... 2,460 15 * EchoStar Communications Corp (Class A) ...... 0 6,535 * Emmis Communications Corp (Class A) ......... 136 56,773 e* Entercom Communications Corp ................ 2,664 29,221 e* Extended Stay America, Inc .................. 431 287,988 Family Dollar Stores, Inc ................... 8,988 96,086 * Foot Locker, Inc ............................ 1,009 107,969 e* Fox Entertainment Group, Inc (Class A) ...... 2,800 38 Gap, Inc .................................... 1 202,607 * Gemstar-TV Guide International, Inc ......... 658 12,028 * Genesisintermedia, Inc ...................... 0 136,117 * Gentex Corp ................................. 4,307 85,567 Graco, Inc .................................. 2,451 545,603 Harley-Davidson, Inc ........................ 25,207 46,589 Harman International Industries, Inc ........ 2,772 79 * Harrah's Entertainment, Inc ................. 3 81,500 Harte-Hanks, Inc ............................ 1,522 47 Hilton Hotels Corp .......................... 1 70,096 * Hispanic Broadcasting Corp .................. 1,440 685,323 e* International Game Technology ............... 52,030 24,689 International Speedway Corp (Class A) ....... 921 25 Interpublic Group Of Cos, Inc ............... 0 18,010 * Jones Apparel Group, Inc .................... 638 518,747 e* Kohl's Corp ................................. 29,024 74,563 e* Krispy Kreme Doughnuts, Inc ................. 2,518 90,517 * Lamar Advertising Co ........................ 3,046 7,069 La-Z-Boy, Inc ............................... 170 110,899 Leggett & Platt, Inc ........................ 2,489 296,084 Limited Brands, Inc ......................... 4,124 18,226 * Lin TV Corp (Class A) ....................... 444 7,416 * Mandalay Resort Group ....................... 227 78 Marriott International, Inc (Class A) ....... 3 1,800 * Mascotech, Inc (Escrow) ..................... 0 139,778 Maytag Corp ................................. 3,984 296,639 McGraw-Hill Cos, Inc ........................ 17,929 9,575 Meredith Corp ............................... 394 38,683 * Metro-Goldwyn-Mayer, Inc .................... 503 89 * MGM Mirage .................................. 3 119,395 * Michaels Stores, Inc ........................ 3,737 92,625 e* Mohawk Industries, Inc ...................... 5,275 1,007 * Morgan Group Holding Co ..................... 0 SEE NOTES TO FINANCIAL STATEMENTS 58 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - GROWTH ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ CONSUMER CYCLICAL--(CONTINUED) 33,484 * MSC Industrial Direct Co (Class A) .......... $ 594 167,053 New York Times Co (Class A) ................. 7,639 1 News Corp Ltd (Spon ADR) .................... 0 95,247 Nike, Inc (Class B) ......................... 4,236 30,202 Omnicom Group, Inc .......................... 1,951 62,054 e* O'Reilly Automotive, Inc .................... 1,569 55,971 Outback Steakhouse, Inc ..................... 1,928 25,788 e* PanAmSat Corp ............................... 378 58,308 * Performance Food Group Co ................... 1,980 55,868 Pier 1 Imports, Inc ......................... 1,058 31,720 e* Pixar, Inc .................................. 1,681 41,805 e Polaris Industries, Inc ..................... 2,450 70,059 * Radio One, Inc (Class D) .................... 1,011 50,105 Reader's Digest Association, Inc (Class A) .. 757 15,285 e Regal Entertainment Group (Class A) ......... 327 59,657 * Rent-A-Center, Inc .......................... 2,980 142,571 e Ross Stores, Inc ............................ 6,044 117,435 Ruby Tuesday, Inc ........................... 2,030 27,804 * Scholastic Corp ............................. 1,000 9,499 * Scotts Co (Class A) ......................... 466 47,485 Scripps (E.W.) Co (Class A) ................. 3,654 30,232 * Sonic Automotive, Inc ....................... 450 695,943 * Starbucks Corp .............................. 14,183 1,839,634 e Starwood Hotels & Resorts Worldwide, Inc .... 43,673 6,100 e* Sunbeam Corp ................................ 0 41,452 Talbots, Inc ................................ 1,141 1,634,596 Target Corp ................................. 49,038 90,894 * The Cheesecake Factory, Inc ................. 3,286 200,620 e Tiffany & Co ................................ 4,797 33,576 * Timberland Co (Class A) ..................... 1,196 972,251 e TJX Cos, Inc ................................ 18,978 1 Tribune Co .................................. 0 286,406 * U.S.A. Interactive, Inc ..................... 6,547 9,947 * UnitedGlobalcom, Inc (Class A) .............. 24 4 * Univision Communications, Inc (Class A) ..... 0 24,392 * Viacom, Inc (Class A) ....................... 995 1,982,369 e* Viacom, Inc (Class B) ....................... 80,801 3,568,275 Wal-Mart Stores, Inc ........................ 180,234 1 Walt Disney Co .............................. 0 124,197 Wendy's International, Inc .................. 3,362 137,728 e* Westwood One, Inc ........................... 5,146 84,023 e Wiley (John) & Sons, Inc (Class A) .......... 2,017 160,973 * Williams-Sonoma, Inc ........................ 4,370 703,786 * Yahoo!, Inc ................................. 11,507 80 * Yum! Brands, Inc ............................ 2 14,844 e* Zale Corp ................................... 474 34,800 * Zenith Electronics Corp ..................... 0 ------------ TOTAL CONSUMER CYCLICAL 805,867 ------------ CONSUMER NON-CYCLICAL--13.78% 4,150 Alberto-Culver Co (Class B) ................. 209 70 * Amazon.Com, Inc ............................. 1 647,229 Anheuser-Busch Cos, Inc ..................... 31,326 54,249 * Aramark Corp (Class B) ...................... 1,275 69 * Autozone, Inc ............................... 5 1,575,500 Avon Products, Inc .......................... 84,872 22,900 * Barnes & Noble, Inc ......................... 414 2,040,352 e* Best Buy Co, Inc ............................ 49,275 128,365 * BJ's Wholesale Club, Inc .................... 2,349 15,405 * Borders Group, Inc .......................... 248 62,434 Brown-Forman Corp (Class B) ................. 4,081 123,701 e* Carmax, Inc ................................. 2,212 106,180 e* CDW Computer Centers, Inc ................... 4,656 38,291 Church & Dwight Co, Inc ..................... 1,165 46,307 Circuit City Stores, Inc (Circuit City Group) 344 149,374 Clorox Co ................................... 6,162 2,661,580 Coca-Cola Co ................................ 116,630 92 Coca-Cola Enterprises, Inc .................. 2 860,046 Colgate-Palmolive Co ........................ 45,092 54,177 * Constellation Brands, Inc (Class A) ......... 1,285 410,647 e* Costco Wholesale Corp ....................... 11,523 42 * Del Monte Foods Co .......................... 0 2 Delhaize "Le Lion" (Spon ADR) ............... 0 88,855 Dial Corp ................................... 1,810 33,486 Dreyer's Grand Ice Cream, Inc ............... 2,376 269,464 e* eBay, Inc ................................... 18,275 21,160 * Energizer Holdings, Inc ..................... 590 137,555 Estee Lauder Cos (Class A) .................. 3,631 30,872 Ethan Allen Interiors, Inc .................. 1,061 16,722 e* Expedia, Inc (Class A) ...................... 1,119 1,519 * Expedia, Inc Wts 02/04/09 ................... 54 105,671 e Fastenal Co ................................. 3,951 89 * FTD, Inc (Class A) .......................... 1 59,223 * Furniture Brands International, Inc ......... 1,412 21,650 * Gamestop Corp ............................... 212 470,112 e General Mills, Inc .......................... 22,072 1,110,125 Gillette Co ................................. 33,703 95 H.J. Heinz Co ............................... 3 137,037 e Herman Miller, Inc .......................... 2,521 82,123 Hershey Foods Corp .......................... 5,538 3,477,536 Home Depot, Inc ............................. 83,322 58,735 e International Flavors & Fragrances, Inc ..... 2,062 49 Kellogg Co .................................. 2 131,591 e Kraft Foods, Inc (Class A) .................. 5,123 91 * Kroger Co ................................... 1 83 * Ladenburg Thalmann Financial Services, Inc .. 0 2,565,519 e Lowe's Cos .................................. 96,207 9 Mattel, Inc ................................. 0 132,249 McCormick & Co, Inc (Non-Vote) .............. 3,068 24,203 Newell Rubbermaid, Inc ...................... 734 312,382 Pepsi Bottling Group, Inc ................... 8,028 4,425,196 PepsiCo, Inc ................................ 186,832 46 * Petco Animal Supplies, Inc .................. 1 240,336 e* Petsmart, Inc ............................... 4,117 1,137,405 e Philip Morris Cos, Inc ...................... 46,099 430,492 Procter & Gamble Co ......................... 36,996 313,312 RadioShack Corp ............................. 5,871 76 * Safeway, Inc ................................ 2 592,325 Sara Lee Corp ............................... 13,333 841,823 * Staples, Inc ................................ 15,405 41,739 e* Ticketmaster (Class B) ...................... 886 45,710 Tootsie Roll Industries, Inc ................ 1,402 152,238 UST, Inc .................................... 5,089 1,844,831 Walgreen Co ................................. 53,851 469,038 e* Weight Watchers International, Inc .......... 21,562 94,499 e* Whole Foods Market, Inc ..................... 4,983 198,889 Wrigley (Wm.) Jr Co ......................... 10,915 ------------ TOTAL CONSUMER NON-CYCLICAL 1,067,346 ------------ ENERGY--1.81% 81 Amerada Hess Corp ........................... 4 26 Anadarko Petroleum Corp ..................... 1 1,010,730 Apache Corp ................................. 57,602 570,502 e Baker Hughes, Inc ........................... 18,364 282,371 e* BJ Services Co .............................. 9,123 96 Burlington Resources, Inc ................... 4 35,700 * Cimarex Energy Co ........................... 639 77,239 * Cooper Cameron Corp ......................... 3,848 62,533 e Diamond Offshore Drilling, Inc .............. 1,366 220,037 ENSCO International, Inc .................... 6,480 27,476 * Forest Oil Corp ............................. 757 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 59 Statement of Investments - GROWTH ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ ENERGY--(CONTINUED) 1 GlobalSantaFe Corp .......................... $ 0 159,975 * Grant Prideco, Inc .......................... 1,862 387,772 e Halliburton Co .............................. 7,255 2,971 * Magnum Hunter Resources, Inc Wts 03/21/05 ... 1 101,660 Murphy Oil Corp ............................. 4,356 37 * Nabors Industries Ltd ....................... 1 92,170 * National-Oilwell, Inc ....................... 2,013 47,089 * Newfield Exploration Co ..................... 1,698 58,249 e Noble Energy, Inc ........................... 2,187 225,134 Ocean Energy, Inc ........................... 4,496 120,309 e* Patterson-UTI Energy, Inc ................... 3,630 33,775 * Pioneer Natural Resources Co ................ 853 15,029 e Pogo Producing Co ........................... 560 99,730 e* Pride International, Inc .................... 1,486 97,844 e Rowan Cos, Inc .............................. 2,221 182,616 * Smith International, Inc .................... 5,957 49,352 Tidewater, Inc .............................. 1,535 87,202 * Varco International, Inc .................... 1,517 86 * Weatherford International Ltd ............... 3 15,637 XTO Energy, Inc ............................. 386 ------------ TOTAL ENERGY 140,205 ------------ FINANCIAL SERVICES--9.60% 75 Advanta Corp (Class A) ...................... 1 32,129 * Affiliated Managers Group, Inc .............. 1,616 451,026 Aflac, Inc .................................. 13,585 146,557 e Allied Capital Corp ......................... 3,199 9,650 Ambac Financial Group, Inc .................. 543 2,402,667 American Express Co ......................... 84,934 881,796 American International Group, Inc ........... 51,012 214,007 e* AmeriCredit Corp ............................ 1,656 7,173 b,e* ANC Rental Corp ............................. 0 449,694 Bank Of New York Co, Inc .................... 10,775 30,770 * Blackrock, Inc .............................. 1,212 87,034 Brown & Brown, Inc .......................... 2,813 53 Capital One Financial Corp .................. 2 114,773 * Catellus Development Corp ................... 2,278 15 CBL & Associates Properties, Inc ............ 1 1,970,254 e Charles Schwab Corp ......................... 21,377 153,114 * ChoicePoint, Inc ............................ 6,046 1,191,771 e Citigroup, Inc .............................. 41,938 104,263 e Commerce Bancorp, Inc ....................... 4,503 77,086 Doral Financial Corp ........................ 2,205 237,424 * E*trade Group, Inc .......................... 1,154 105,666 Eaton Vance Corp ............................ 2,985 3,101,954 e Fannie Mae .................................. 199,549 147,817 Federated Investors, Inc (Class B) .......... 3,750 919,406 Fifth Third Bancorp ......................... 53,831 1,163,259 Freddie Mac ................................. 68,690 2,100 b* Frontline Capital Group, Inc ................ 0 155,151 Gallagher (Arthur J.) & Co .................. 4,558 34 * Gartner, Inc (Class B) ...................... 0 13,390 Greater Bay Bancorp ......................... 232 16,280 HCC Insurance Holdings, Inc ................. 400 89 Household International, Inc ................ 2 23,167 Hudson United Bancorp ....................... 720 51 Independent Bank Corp (Massachusetts) ....... 1 1 * Interstate Hotels & Resorts, Inc ............ 0 88,649 * Investment Technology Group, Inc ............ 1,982 115,822 Investors Financial Services Corp ........... 3,172 38,806 John Nuveen Co (Class A) .................... 984 9,007 e* LaBranche & Co, Inc ......................... 240 66,335 e Legg Mason, Inc ............................. 3,220 1,008 * Markel Corp ................................. 207 932,970 Marsh & McLennan Cos, Inc ................... 43,113 21 Marshall & Ilsley Corp ...................... 1 25 MBNA Corp ................................... 0 180,488 Mellon Financial Corp ....................... 4,713 93,938 Neuberger Berman, Inc ....................... 3,146 63,933 New York Community Bancorp, Inc ............. 1,846 74,428 North Fork Bancorp, Inc ..................... 2,511 171,295 Northern Trust Corp ......................... 6,004 205,382 e Progressive Corp ............................ 10,193 37,898 e Provident Financial Group, Inc .............. 986 186,566 * Providian Financial Corp .................... 1,211 21,582 Rouse Co .................................... 684 136,181 SEI Investments Co .......................... 3,701 7,270 e* Silicon Valley Bancshares ................... 133 26 Sky Financial Group, Inc .................... 1 34 SLM Corp .................................... 4 53,899 * St. Joe Co .................................. 1,617 392,029 State Street Corp ........................... 15,289 46,081 * Stilwell Financial, Inc ..................... 602 532,279 Synovus Financial Corp ...................... 10,326 62,827 T Rowe Price Group, Inc ..................... 1,714 82,529 TCF Financial Corp .......................... 3,606 37 * Travelers Property Casualty Corp (Class A) .. 1 61 * Travelers Property Casualty Corp (Class B) .. 1 19,849 * United Rentals, Inc ......................... 214 434,899 UnumProvident Corp .......................... 7,628 131,226 Waddell & Reed Financial, Inc (Class A) ..... 2,581 538,539 Wells Fargo & Co ............................ 25,241 14,125 Westamerica Bancorp ......................... 568 ------------ TOTAL FINANCIAL SERVICES 743,008 ------------ HEALTH CARE--28.22% 3,999,463 Abbott Laboratories ......................... 159,979 79,615 e* Accredo Health, Inc ......................... 2,806 49 * Advanced Medical Optics, Inc ................ 1 132,687 * AdvancePCS .................................. 2,947 90,715 * Affymetrix, Inc ............................. 2,076 1,508,781 * Alcon, Inc .................................. 59,521 26 Allergan, Inc ............................... 1 96 AmerisourceBergen Corp ...................... 5 3,872,695 e* Amgen, Inc .................................. 187,206 25,204 * AMN Healthcare Services, Inc ................ 426 114,104 * Andrx Corp .................................. 1,674 1,797,393 * Anthem, Inc ................................. 113,056 97,563 * Apogent Technologies, Inc ................... 2,029 359,888 Applera Corp (Applied Biosystems Group) ..... 6,312 49,861 e* Barr Laboratories, Inc ...................... 3,245 2,590,384 e Baxter International, Inc ................... 72,531 200 * Baxter International, Inc (Contingent Value Rts) 0 105,090 Beckman Coulter, Inc ........................ 3,102 66,508 Becton Dickinson & Co ....................... 2,041 55 * Biogen, Inc ................................. 2 483,092 Biomet, Inc ................................. 13,845 40 * Biovail Corp ................................ 1 75 * Boston Scientific Corp ...................... 3 53,724 Bristol-Myers Squibb Co ..................... 1,244 951,641 e Cardinal Health, Inc ........................ 56,328 28 * Caremark Rx, Inc ............................ 0 136,420 * Celgene Corp ................................ 2,929 13 * Cephalon, Inc ............................... 1 50,400 * Cerner Corp ................................. 1,576 80,074 e* Charles River Laboratories International, Inc 3,081 165,745 e* Chiron Corp ................................. 6,232 64,552 e* Community Health Systems, Inc ............... 1,329 32,462 * Coventry Health Care, Inc ................... 942 217,901 * Cytyc Corp .................................. 2,223 104,750 * DaVita, Inc ................................. 2,584 SEE NOTES TO FINANCIAL STATEMENTS 60 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - GROWTH ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ HEALTH CARE--(CONTINUED) 125,764 Dentsply International, Inc ................. $ 4,683 39,362 Diagnostic Products Corp .................... 1,520 96 * Digene Corp ................................. 1 74,697 * Edwards Lifesciences Corp ................... 1,903 28,800 * Elan Corp plc (Contingent Value Rts) ........ 0 113,834 * Express Scripts, Inc (Class A) .............. 5,469 182,437 e* First Health Group Corp ..................... 4,442 53,640 * Fisher Scientific International, Inc ........ 1,613 289,106 e* Forest Laboratories, Inc .................... 28,396 114,201 e* Genentech, Inc .............................. 3,787 59 * Genzyme Corp (General Division) ............. 2 82 * Gilead Sciences, Inc ........................ 3 44 * Guidant Corp ................................ 1 77,235 HCA, Inc .................................... 3,205 434,932 e Health Management Associates, Inc (Class A) 7,785 36,603 * Health Net, Inc ............................. 966 53 * Healthsouth Corp ............................ 0 47,743 * Henry Schein, Inc ........................... 2,148 108,558 * Human Genome Sciences, Inc .................. 956 40,179 e ICN Pharmaceuticals, Inc .................... 438 27 * IDEC Pharmaceuticals Corp ................... 1 514,045 IMS Health, Inc ............................. 8,225 41,927 * Invitrogen Corp ............................. 1,314 273,130 e* IVAX Corp ................................... 3,313 5,428,354 e Johnson & Johnson ........................... 291,557 82 * King Pharmaceuticals, Inc ................... 1 2 * Laboratory Corp Of America Holdings ......... 0 70,948 * LifePoint Hospitals, Inc .................... 2,124 353,209 e Lilly (Eli) & Co ............................ 22,429 193,839 e* Lincare Holdings, Inc ....................... 6,129 74,623 * Manor Care, Inc ............................. 1,389 66 McKesson Corp ............................... 2 38,172 e* Medicis Pharmaceutical Corp (Class A) ....... 1,896 86 * Medimmune, Inc .............................. 2 2,188,518 Medtronic, Inc .............................. 99,796 1,099,020 d Merck & Co, Inc ............................. 62,216 84,916 * Mid Atlantic Medical Services, Inc .......... 2,751 24,062 * Millennium Pharmaceuticals, Inc ............. 191 87,035 * Millipore Corp .............................. 2,959 211,859 Mylan Laboratories, Inc ..................... 7,394 82,775 Omnicare, Inc ............................... 1,973 6,959 b,e* Organogenesis, Inc .......................... 1 77,433 e* Orthodontic Centers Of America, Inc ......... 845 158,547 * Oxford Health Plans, Inc .................... 5,779 11,718 Pall Corp ................................... 195 89,334 * Patterson Dental Co ......................... 3,907 11,225,348 e Pfizer, Inc ................................. 343,159 84,649 * Pharmaceutical Product Development, Inc ..... 2,478 4,227,192 Pharmacia Corp .............................. 176,697 31,572 * ProcureNet, Inc ............................. 5 106,904 * Quintiles Transnational Corp ................ 1,294 67,454 e* Renal Care Group, Inc ....................... 2,134 36,776 * Ribapharm, Inc .............................. 241 29 * Schering AG.(ADR) ........................... 1 5,596,152 e Schering-Plough Corp ........................ 124,235 123,382 * SICOR, Inc .................................. 1,956 276,552 * St. Jude Medical, Inc ....................... 10,985 118,717 * Steris Corp ................................. 2,879 152,772 e Stryker Corp ................................ 10,254 27 * Tenet Healthcare Corp ....................... 0 74 * Triad Hospitals, Inc ........................ 2 13,535 * Unilab Corp ................................. 248 434,635 UnitedHealth Group, Inc ..................... 36,292 88,745 * Universal Health Services, Inc (Class B) .... 4,002 122,489 * Varian Medical Systems, Inc ................. $ 6,075 236,770 e* Waters Corp ................................. 5,157 67,503 * Watson Pharmaceuticals, Inc ................. 1,908 257,568 * WebMD Corp .................................. 2,202 258,800 * Wellpoint Health Networks, Inc .............. 18,416 3,462,814 e Wyeth ....................................... 129,509 69 * Zimmer Holdings, Inc ........................ 3 ------------ TOTAL HEALTH CARE 2,185,117 ------------ OTHER--2.14% 213,814 * Apollo Group, Inc (Class A) ................. 9,408 26,737 * Apollo Group, Inc (University Of Phoenix Online) 958 80,997 * Career Education Corp ....................... 3,240 213,637 e Cintas Corp ................................. 9,774 102,844 * DeVry, Inc .................................. 1,708 107,295 * Dun & Bradstreet Corp ....................... 3,701 44,276 * Education Management Corp ................... 1,665 44,488 * Getty Images, Inc ........................... 1,359 67,548 * GTECH Holdings Corp ......................... 1,882 326,632 e H & R Block, Inc ............................ 13,131 11,207 HON Industries, Inc ......................... 317 59,051 Honeywell International, Inc ................ 1,417 16,871 * Hotels.Com (Class A) ........................ 922 14,139 ITT Industries, Inc ......................... 858 90,705 e Manpower, Inc ............................... 2,893 80 Moody's Corp ................................ 3 29,059 R.R. Donnelley & Sons Co .................... 633 276,869 e* Robert Half International, Inc .............. 4,460 54 * SPX Corp .................................... 2 1,195,779 e Sysco Corp .................................. 35,622 16,716 Teleflex, Inc ............................... 717 96,473 * TMP Worldwide, Inc .......................... 1,091 2,799,061 Tyco International Ltd ...................... 47,808 2,800 b* Uniroyal Technology Corp .................... 0 310,588 United Technologies Corp .................... 19,238 131,288 Viad Corp ................................... 2,934 ------------ TOTAL OTHER 165,741 ------------ PRODUCER DURABLES--5.97% 507,404 e 3M Co ....................................... 62,563 70,118 * AGCO Corp ................................... 1,550 43 * Allied Waste Industries, Inc ................ 0 49 * Beacon Power Corp ........................... 0 20,626 b* Covanta Energy Corp ......................... 0 198,895 e Danaher Corp ................................ 13,067 2,900 e* Emex Corp ................................... 0 87,777 * Flowserve Corp .............................. 1,298 14,009 * FMC Technologies, Inc ....................... 286 14,787,753 e General Electric Co ......................... 360,082 190,725 e Illinois Tool Works, Inc .................... 12,370 52,411 * National Instruments Corp ................... 1,703 262,378 Pitney Bowes, Inc ........................... 8,569 9,326 Vulcan Materials Co ......................... 350 19 Waste Management, Inc ....................... 0 ------------ TOTAL PRODUCER DURABLES 461,838 ------------ TECHNOLOGY--23.99% 2,048 b,e* ACT Manufacturing, Inc ...................... 0 98,821 * Activision, Inc ............................. 1,442 100,939 e* Acxiom Corp ................................. 1,552 95,709 * Adaptec, Inc ................................ 541 582,661 * ADC Telecommunications, Inc ................. 1,218 82,927 Adobe Systems, Inc .......................... 2,066 77,543 * Advanced Fibre Communications, Inc .......... 1,293 192,050 * Advanced Micro Devices, Inc ................. 1,241 55,304 * Advent Software, Inc ........................ 754 79,312 * Affiliated Computer Services, Inc (Class A) 4,176 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 61 Statement of Investments - GROWTH ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ TECHNOLOGY--(CONTINUED) 432,258 * Agere Systems, Inc (Class A) ................ $ 622 1,201,458 * Agere Systems, Inc (Class B) ................ 1,682 231,797 * Agilent Technologies, Inc ................... 4,163 82,624 * Alliance Data Systems Corp .................. 1,464 1 * Altera Corp ................................. 0 40,992 * American Power Conversion Corp .............. 621 99,754 e* Amkor Technology, Inc ....................... 475 34,704 * Amphenol Corp (Class A) ..................... 1,319 1,394,473 * Analog Devices, Inc ......................... 33,286 5,372,389 * Applied Materials, Inc ...................... 70,002 269,724 * Applied Micro Circuits Corp ................. 995 43,001 * Arrow Electronics, Inc ...................... 550 516,184 * Atmel Corp .................................. 1,151 95 * Auspex Systems, Inc ......................... 0 56,804 Autodesk, Inc ............................... 812 2,528,536 Automatic Data Processing, Inc .............. 99,245 83,024 e* Avaya, Inc .................................. 203 49 * BEA Systems, Inc ............................ 1 308,457 * BearingPoint, Inc ........................... 2,128 198,340 * Bisys Group, Inc ............................ 3,154 241,513 * BMC Software, Inc ........................... 4,132 84 * Brightpoint, Inc ............................ 1 28 * Broadcom Corp (Class A) ..................... 0 71 * Broadvision, Inc ............................ 0 420,615 e* Brocade Communications Systems, Inc ......... 1,741 477,818 e* Cadence Design Systems, Inc ................. 5,633 209,078 * Ceridian Corp ............................... 3,015 112,707 * Certegy, Inc ................................ 2,767 56,102 e* Checkfree Corp .............................. 898 34 * CIENA Corp .................................. 0 15,945,074 e* Cisco Systems, Inc .......................... 208,880 283,073 * Citrix Systems, Inc ......................... 3,487 8 Computer Associates International, Inc ...... 0 27,686 * Computer Sciences Corp ...................... 954 265,975 * Compuware Corp .............................. 1,277 168,370 * Comverse Technology, Inc .................... 1,687 908,879 * Concord EFS, Inc ............................ 14,306 232,883 e* Conexant Systems, Inc ....................... 375 311,600 e* Convergys Corp .............................. 4,721 28 * Corning, Inc ................................ 0 94,963 * CSG Systems International, Inc .............. 1,296 61,123 e* Cymer, Inc .................................. 1,971 170,524 * Cypress Semiconductor Corp .................. 975 1,194,654 e* Dell Computer Corp .......................... 31,945 115,852 Deluxe Corp ................................. 4,877 215,739 * DST Systems, Inc ............................ 7,670 62,814 * Electronic Arts, Inc ........................ 3,126 66 Electronic Data Systems Corp ................ 1 116,969 * Emulex Corp ................................. 2,170 1,700 * EpicEdge, Inc ............................... 0 241,166 e Equifax, Inc ................................ 5,581 90,233 Fair, Isaac & Co, Inc ....................... 3,853 195,199 * Fairchild Semiconductor International, Inc (Class A) ................................. 2,091 89,103 First Data Corp ............................. 3,155 344,727 e* Fiserv, Inc ................................. 11,703 2 b* FutureLink Corp ............................. 0 62,231 e Global Payments, Inc ........................ 1,992 58,482 Harris Corp ................................. 1,538 122,558 Henry (Jack) & Associates, Inc .............. 1,476 273,963 e* i2 Technologies, Inc ........................ 315 40,782 * Ingram Micro, Inc (Class A) ................. 504 85,355 e* Integrated Circuit Systems, Inc ............. 1,558 96,678 * Integrated Device Technology, Inc ........... 809 15,012,445 Intel Corp .................................. 233,744 9 * Internap Network Services Corp .............. 0 2,376,717 International Business Machines Corp ........ 184,196 99,535 * International Rectifier Corp ................ 1,837 138,529 * Intersil Corp (Class A) ..................... 1,931 343,063 * Intuit, Inc ................................. 16,097 72,821 e* Iron Mountain, Inc .......................... 2,404 181,026 * J.D. Edwards & Co ........................... 2,042 255,228 e* Jabil Circuit, Inc .......................... 4,574 1,074,000 e* JDS Uniphase Corp ........................... 2,653 6 * Juniper Networks, Inc ....................... 0 428,114 e* KLA-Tencor Corp ............................. 15,142 229,600 * Lam Research Corp ........................... 2,480 233,852 * Lexmark International, Inc .................. 14,148 49 Linear Technology Corp ...................... 1 47 * LSI Logic Corp .............................. 0 84,039 * Macromedia, Inc ............................. 895 1,071,986 Maxim Integrated Products, Inc .............. 35,418 138,738 e* Mercury Interactive Corp .................... 4,114 64,021 * Mettler-Toledo International, Inc ........... 2,053 112,679 * Micrel, Inc ................................. 1,012 359,558 Microchip Technology, Inc ................... 8,791 57 * Micron Technology, Inc ...................... 1 8,430,680 * Microsoft Corp .............................. 435,866 38,547 e* MKS Instruments, Inc ........................ 633 201,097 e Molex, Inc .................................. 4,633 6,508,924 Motorola, Inc ............................... 56,302 13,295 e* National Processing, Inc .................... 213 272,031 e* National Semiconductor Corp ................. 4,083 2,400 * NCP Litigation Trust ........................ 0 534,378 * Network Appliance, Inc ...................... 5,344 279,084 e* Network Associates, Inc ..................... 4,490 70 * Novellus Systems, Inc ....................... 2 231,970 e* Nvidia Corp ................................. 2,670 46 * Oplink Communications, Inc .................. 0 10,908,367 * Oracle Corp ................................. 117,810 590,274 e Paychex, Inc ................................ 16,469 35 * Peoplesoft, Inc ............................. 1 69,128 b* Peregrine Systems, Inc ...................... 6 117,879 * Perot Systems Corp (Class A) ................ 1,264 299,750 e* PMC-Sierra, Inc ............................. 1,667 136,367 * Polycom, Inc ................................ 1,298 158,783 e* QLogic Corp ................................. 5,480 45 * Qualcomm, Inc ............................... 2 270,845 * Rational Software Corp ...................... 2,814 133,901 * RealNetworks, Inc ........................... 510 117,772 e Reynolds & Reynolds Co (Class A) ............ 3,000 258,926 e* RF Micro Devices, Inc ....................... 1,898 71,524 * Sanmina-SCI Corp ............................ 321 108,879 * Seagate Technology--Escrow .................. 0 110,309 * Semtech Corp ................................ 1,205 58 * Siebel Systems, Inc ......................... 0 22 * Skillsoft plc (ADR) ......................... 0 19 * Solectron Corp .............................. 0 25,693 e* StarMedia Network, Inc ...................... 0 34,864 * Storage Technology Corp ..................... 747 13,463,931 * Sun Microsystems, Inc ....................... 41,873 367,127 e* Sungard Data Systems, Inc ................... 8,650 77,322 * Sybase, Inc ................................. 1,036 71 * Symantec Corp ............................... 3 206,633 Symbol Technologies, Inc .................... 1,699 135,590 e* Synopsys, Inc ............................... 6,257 28,332 * Tech Data Corp .............................. 764 27,873 * Tektronix, Inc .............................. 507 333,234 e* Tellabs, Inc ................................ 2,423 258,431 e* Teradyne, Inc ............................... 3,362 SEE NOTES TO FINANCIAL STATEMENTS 62 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - GROWTH ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ TECHNOLOGY--(CONTINUED) 89,709 * Thermo Electron Corp ........................ $ 1,805 67,098 e Total System Services, Inc .................. 906 15,200 b* U.S. Wireless Corp .......................... 0 98,580 * Unisys Corp ................................. 976 49 * Universal Access Global Holdings, Inc ....... 0 112,742 * Utstarcom, Inc .............................. 2,236 199,596 * VeriSign, Inc ............................... 1,601 53 * Veritas Software Corp ....................... 1 15,268 b* Viasystems Group, Inc ....................... 0 64,671 * Vishay Intertechnology, Inc ................. 723 83 * Xilinx, Inc ................................. 2 38,612 e* Zebra Technologies Corp (Class A) ........... 2,212 270 * Zebra Technologies Corp (Class B) ........... 15 ------------ TOTAL TECHNOLOGY 1,857,948 ------------ TRANSPORTATION--0.90% 120,867 C.H. Robinson Worldwide, Inc ................ 3,771 169,553 Expeditors International Of Washington, Inc 5,536 105 * JetBlue Airways Corp ........................ 3 260,425 e* Sabre Holdings Corp ......................... 4,716 60,921 Skywest, Inc ................................ 796 695,502 Southwest Airlines Co ....................... 9,667 62,481 * Swift Transportation Co, Inc ................ 1,251 702,697 e United Parcel Service, Inc (Class B) ........ 44,326 ------------ TOTAL TRANSPORTATION 70,066 ------------ UTILITIES--0.59% 1 b* Adelphia Business Solutions, Inc ............ 0 298,898 e* AES Corp .................................... 903 101,032 b* Arch Wireless, Inc .......................... 0 27 * AT&T Wireless Services, Inc ................. 0 191,514 e* Calpine Corp ................................ 624 29 * Citizens Communications Co .................. 0 1 * Deutsche Telekom AG. (ADR) .................. 0 182,083 b,e* Enron Corp .................................. 11 2,245 b* Focal Communications Corp Wts 12/14/07 ...... 0 9,900 b* Geotek Communications, Inc .................. 0 100 b* IMPSAT Fiber Networks, Inc .................. 0 59 Kinder Morgan, Inc .......................... 2 38 * Level 3 Communications, Inc ................. 0 48 * Mirant Corp ................................. 0 15,995 b* NewPower Holdings, Inc ...................... 2 1 * Nextel Communications, Inc (Class A) ........ 0 5,073 * Pinnacle Holdings, Inc (Old) ................ 0 28 * Qwest Communications International, Inc ..... 0 66 b* Spectrasite Holdings, Inc ................... 0 9,953,305 e* Sprint Corp (PCS Group) ..................... 43,597 63 Telephone & Data Systems, Inc ............... 3 874 * Vast Solutions, Inc (Class B1) .............. 0 874 * Vast Solutions, Inc (Class B2) .............. 0 874 * Vast Solutions, Inc (Class B3) .............. 0 32,149 * West Corp ................................... 534 36 Williams Cos, Inc ........................... 0 16,743 b* WorldCom, Inc (MCI Group) ................... 3 ------------ TOTAL UTILITIES 45,679 ------------ TOTAL COMMON STOCK (COST $9,576,318) 7,643,789 ------------ PRINCIPAL --------- SHORT TERM INVESTMENTS--4.16% COMMERCIAL PAPER--3.63% American Express Credit Corp $21,600,000 1.300%, 01/07/03 ........................... 21,594 Barclays U.S. Funding Corp 20,000,000 1.320%, 03/13/03 ........................... 19,948 Bristol Myers Squibb Co $21,600,000 c 1.330%, 01/14/03 ........................... 21,589 Cargill, Inc 17,500,000 c 1.300%, 01/24/03 ........................... 17,485 CC (USA), Inc 21,600,000 c,d 1.340%, 01/28/03 ........................... 21,578 Ciesco LP 21,000,000 c 1.320%, 01/16/03 ........................... 20,988 Citicorp 19,000,000 d 1.300%, 01/29/03 ........................... 18,980 Corporate Asset Funding Corp, Inc 19,150,000 c 1.340%, 01/22/03 ........................... 19,135 Delaware Funding Corp 11,600,000 c 1.330%, 01/16/03 ........................... 11,593 Govco, Inc 11,600,000 c,d 1.330%, 01/24/03 ........................... 11,590 10,000,000 c 1.320%, 02/04/03 ........................... 9,987 Greyhawk Funding LLC 21,000,000 c 1.360%, 02/10/03 ........................... 20,969 Kitty Hawk Funding Corp. 11,036,000 c 1.370%, 01/15/03 ........................... 11,030 Preferred Receivables Funding Corp 20,000,000 c 1.320%, 01/08/03 ........................... 19,994 Societe Generale North America, Inc 15,000,000 1.510%, 01/06/03 ........................... 14,997 UBS Finance, (Delaware) Inc 20,000,000 1.490%, 01/06/03 ........................... 19,996 ------------ TOTAL COMMERCIAL PAPER 281,453 ------------ U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--0.34% Federal Home Loan Bank (FHLB) 5,000,000 d 2.850%, 04/16/03 ........................... 5,022 Federal Home Loan Mortgage Corp (FHLMC) 10,500,000 1.250%, 01/21/03 ........................... 10,492 Federal National Mortgage Association (FNMA) 800,000 1.270%, 02/03/03 ........................... 799 800,000 1.260%, 02/05/03 ........................... 799 3,392,000 1.260%, 02/06/03 ........................... 3,388 5,500,000 1.270%, 05/07/03 ........................... 5,476 ------------ TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES ............................. 25,976 ------------ VARIABLE RATE NOTE--0.19% Sigma Finance, Inc 15,000,000 1.340%, 02/18/03 ........................... 14,999 ------------ TOTAL VARIABLE RATE NOTE 14,999 ------------ TOTAL SHORT TERM INVESTMENTS (COST $322,428) 322,428 ------------ TOTAL PORTFOLIO--102.88% (COST $9,898,940) 7,966,390 OTHER ASSETS & LIABILITIES, NET--(2.88)% (223,162) ------------ NET ASSETS--100% $ 7,743,228 ============ - ---------- * Non-income producing b In bankcruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts. e All or a portion of these securities are out on loan. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the accounts use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 63 Report of Management Responsibility TO THE PARTICIPANTS OF COLLEGE RETIREMENT EQUITIES FUND: The accompanying financial statements of the Stock, Global Equities and Growth Accounts of College Retirement Equities Fund ("CREF") are the responsibility of management. They have been prepared in accordance with accounting principles generally accepted in the United States and have been presented fairly and objectively in accordance with such principles. CREF has established and maintains a strong system of internal controls and disclosure 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 chief audit executive regularly reports to the Audit Committee of the CREF Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Ernst & Young LLP. To maintain auditor independence and avoid even the appearance of conflict of interest, it continues to be CREF's policy that any management advisory or consulting services be obtained from a firm other than the external financial audit firm. The independent auditor's report, which follows the notes to financial statements, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the CREF Board of Trustees, consisting of trustees who are not officers of CREF, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls and auditing. In addition to the annual audit of the financial statements of all the CREF Accounts by the independent auditing firm, the New York State Insurance Department, other state insurance departments and the Securities and Exchange Commission perform periodic examinations of the CREF Accounts' operations. /s/ /s/ Chairman, President and Executive Vice President and Chief Executive Officer Principal Accounting Officer - -------------------------------------------------------------------------------- Report of the Audit Committee TO THE PARTICIPANTS OF COLLEGE RETIREMENT EQUITIES FUND: The Audit Committee oversees the financial reporting process of College Retirement Equities Fund ("CREF") on behalf of CREF's Board of Trustees. The Audit Committee operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee's responsibilities. All members of the Audit Committee ("Committee") are independent, as defined under the listing standards of the New York Stock Exchange. Management has the primary responsibility for preparation of CREF's financial statements, development and maintenance of a strong system of internal controls and disclosure controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in advance of their respective audits of CREF. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. As required by its charter, the Committee will evaluate rotation of the external financial audit firm wherever circumstances warrant, but in no event will the formal evaluation be later than between their fifth and tenth years of service. The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity and completeness of disclosures in the financial statements. The Committee has also discussed the audited financial statements with Ernst & Young LLP, the independent auditing firm responsible for expressing an opinion on the conformity of these audited financial statements with accounting principles generally accepted in the United States. The discussion with Ernst & Young LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by CREF, the clarity and completeness of the financial statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, internal controls, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors' independence from management and CREF, and has received a written disclosure regarding such independence, as required by the Independence Standards Board. Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities. Maceo K. Sloan, Audit Committee Chair Martin J. Gruber, Audit Committee Member Nestor V. Santiago, Audit Committee Member February 19, 2003 64 College Retirement Equities Fund 2002 ANNUAL REPORT Statements of Assets and Liabilities
December 31, 2002 Stock Global Equities Growth (amounts in thousands, except amounts per accumulation unit) Account Account Account ------------ --------------- ------------ ASSETS Portfolio investments, at cost $ 74,730,974 $ 6,470,964 $ 9,898,940 Net unrealized appreciation (depreciation) of portfolio investments 2,147,242 (812,736) (1,932,550) ------------ ------------ ------------ Portfolio investments, at value (including securities loaned of $1,420,793, $182,479 and $250,535, respectively) 76,878,216 5,658,228 7,966,390 Cash 81,060 13,961 11,599 Dividends and interest receivable 116,720 6,809 16,972 Receivable from securities transactions 199,627 11,566 363 Amounts due from TIAA 27,436 5,290 12,703 ------------ ------------ ------------ Total Assets 77,303,059 5,695,854 8,008,027 ------------ ------------ ------------ LIABILITIES Deposits for securities loaned--Note 3 1,616,897 197,526 262,884 Payable for securities transactions 135,071 638 1,915 ------------ ------------ ------------ Total Liabilities 1,751,968 198,164 264,799 ------------ ------------ ------------ NET ASSETS Accumulation Fund 63,544,534 5,335,182 7,565,570 Annuity Fund 12,006,557 162,508 177,658 ------------ ------------ ------------ Total Net Assets $ 75,551,091 $ 5,497,690 $ 7,743,228 ============ ============ ============ ACCUMULATION UNITS OUTSTANDING--Notes 4 and 5 493,295 104,438 176,249 ============ ============ ============ NET ASSET VALUE PER ACCUMULATION UNIT--Note 4 $ 128.82 $ 51.08 $ 42.93 ============ ============ ============
- -------------------------------------------------------------------------------- Statements of Operations
Year Ended December 31, 2002 Stock Global Equities Growth (amounts in thousands) Account Account Account ------------ --------------- ------------ INVESTMENT INCOME Income: Interest $ 39,731 $ 4,140 $ 8,278 Dividends 1,445,491 96,540 78,246 ------------ ------------ ------------ TOTAL INCOME 1,485,222 100,680 86,524 ------------ ------------ ------------ Expenses--Note 2: Investment 106,574 10,400 12,394 Operating 275,956 19,156 28,603 Interest 49 -- 29 ------------ ------------ ------------ TOTAL EXPENSES 382,579 29,556 41,026 ------------ ------------ ------------ INVESTMENT INCOME--NET 1,102,643 71,124 45,498 ------------ ------------ ------------ REALIZED AND UNREALIZED LOSS ON TOTAL INVESTMENTS--Note 3 Net realized gain (loss) on: Portfolio investments (3,863,029) (1,127,776) (2,881,223) Futures transactions (82,529) (17,790) (9,148) Foreign currency transactions 19,975 178 -- ------------ ------------ ------------ NET REALIZED LOSS ON TOTAL INVESTMENTS (3,925,583) (1,145,388) (2,890,371) ------------ ------------ ------------ Net change in unrealized appreciation (depreciation) on: Portfolio investments (17,609,963) (417,628) (467,775) Futures transactions (4,148) (2,264) (1,037) Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies 1,405 5,919 -- ------------ ------------ ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON TOTAL INVESTMENTS (17,612,706) (413,973) (468,812) ------------ ------------ ------------ NET REALIZED AND UNREALIZED LOSS ON TOTAL INVESTMENTS (21,538,289) (1,559,361) (3,359,183) ------------ ------------ ------------ NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(20,435,646) $ (1,488,237) $ (3,313,685) ============ ============ ============
See notes to financial statements. 2002 ANNUAL REPORT College Retirement Equities Fund 65 Statements of Cash Flows
Year Ended December 31, 2002 Stock Global Equities Growth (amounts in thousands) Account Account Account ------------ --------------- ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net decrease in net assets resulting from operations $(20,435,646) $ (1,488,237) $ (3,313,685) Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used in) operating activities: Proceeds from sales of long-term securities 28,509,723 5,651,056 4,804,848 Purchases of long-term securities (26,812,442) (5,938,544) (5,124,184) (Purchases) sales of short-term investments--net 72,193 (166,439) 109,847 Increase in receivables (24,928) (1,437) (12,504) Increase (decrease) in payables 367,452 114,703 (100,817) Net realized loss on total investments 3,925,583 1,145,388 2,890,371 Net change in unrealized (appreciation) depreciation on total investments 17,612,706 413,973 468,812 ------------ ------------ ------------ Net Cash Provided by (Used in) Operating Activities 3,214,641 (269,537) (277,312) ------------ ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES: Premiums 2,962,016 688,307 1,261,778 Net transfers to TIAA (1,302,236) (33,798) (103,395) Net transfers to other CREF Accounts (1,422,112) (223,503) (636,675) Annuity payments (1,747,856) (28,923) (34,401) Withdrawals and death benefits (1,665,096) (130,181) (205,378) Proceeds from short term borrowings 385,000 -- 131,000 Repayment of short term borrowings (385,000) -- (131,000) ------------ ------------ ------------ Net Cash Provided by (Used in) Financing Activities (3,175,284) 271,902 281,929 ------------ ------------ ------------ Increase in Cash 39,357 2,365 4,617 CASH Beginning of year 41,703 11,596 6,982 ------------ ------------ ------------ End of year $ 81,060 $ 13,961 $ 11,599 ============ ============ ============ Supplemental disclosure of cash flow information: Cash paid for interest $ 49 $ -- $ 29 ============ ============ ============
- -------------------------------------------------------------------------------- Statements of Changes in Net Assets
Stock Account Global Equities Account ------------------------------ ------------------------------ Years Ended December 31, (amounts in thousands) 2002 2001 2002 2001 ------------- ------------- ------------- ------------- FROM OPERATIONS Investment income--net $ 1,102,643 $ 1,078,412 $ 71,124 $ 67,894 Net realized gain (loss) on total investments (3,925,583) 1,290,880 (1,145,388) (1,094,066) Net change in unrealized appreciation (depreciation) on total investments (17,612,706) (18,889,776) (413,973) (596,091) ------------- ------------- ------------- ------------- Net Decrease in Net Assets Resulting from Operations (20,435,646) (16,520,484) (1,488,237) (1,622,263) ------------- ------------- ------------- ------------- FROM PARTICIPANT TRANSACTIONS Premiums 2,962,016 2,831,575 688,307 687,993 ------------- ------------- ------------- ------------- Disbursements and transfers: Net transfers to TIAA 1,302,236 1,076,412 33,798 58,887 Net transfers to other CREF Accounts 1,422,112 1,640,682 223,503 468,246 Annuity payments 1,747,856 2,107,277 28,923 34,276 Withdrawals and death benefits 1,665,096 1,971,694 130,181 153,983 ------------- ------------- ------------- ------------- Total Disbursments and Transfers, Net 6,137,300 6,796,065 416,405 715,392 ------------- ------------- ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Participant Transactions (3,175,284) (3,964,490) 271,902 (27,399) ------------- ------------- ------------- ------------- Net Decrease in Net Assets (23,610,930) (20,484,974) (1,216,335) (1,649,662) NET ASSETS Beginning of year 99,162,021 119,646,995 6,714,025 8,363,687 ------------- ------------- ------------- ------------- End of year $ 75,551,091 $ 99,162,021 $ 5,497,690 $ 6,714,025 ============= ============= ============= =============
Growth Account ------------------------------ 2002 2001 ------------- ------------- $ 45,498 $ 18,731 (2,890,371) (2,369,906) (468,812) (833,210) ------------- ------------- (3,313,685) (3,184,385) ------------- ------------- 1,261,778 1,376,785 ------------- ------------- 103,395 66,101 636,675 694,179 34,401 48,021 205,378 257,802 ------------- ------------- 979,849 1,066,103 ------------- ------------- 281,929 310,682 ------------- ------------- (3,031,756) (2,873,703) 10,774,984 13,648,687 ------------- ------------- $ 7,743,228 $ 10,774,984 ============= ============= See notes to financial statements. 66 College Retirement Equities Fund 2002 ANNUAL REPORT NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- NOTE 1--SIGNIFICANT ACCOUNTING POLICIES - -------------------------------------------------------------------------------- The purpose of College Retirement Equities Fund ("CREF"), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end, diversified management investment company. It consists of eight investment portfolios ("Accounts"). The accompanying financial statements are those of the Stock, Global Equities and Growth Accounts. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States which may require the use of estimates made by management. Actual results may vary from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts. Valuation of Investments. Securities listed or traded on any United States national securities exchange are valued at the last sale price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the last sale price, or at the mean of the last bid and asked prices if no sale is reported. All other over-the-counter securities are valued at the mean of the last bid and asked prices, except for bonds which are valued at the most recent bid price or the equivalent quoted yield of such bonds. Foreign investments are valued at the closing price in the principal market where they are traded; local currencies are converted into U.S. dollars. Money market instruments are valued at fair market value. 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 (including restricted securities) 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. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board of Trustees if events that have a significant effect on their value occur between the time their price is determined and the time an Account's net asset value is calculated. Accounting for Investments. Securities transactions are accounted for as of the trade date. Interest income is recorded as earned and includes amortization of discounts and of premiums. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Accounts are informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the average cost basis. Foreign Currency Transactions and Translation. Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. Forward Foreign Currency Contracts. The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to market" at the end of each day's trading. The Accounts are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency exchange contracts which is typically limited to the unrealized gain on each open contract. Securities Lending. The Accounts may lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. Futures Contracts. The Accounts may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. Securities Purchased on a When-Issued or Delayed Delivery Basis. The Accounts may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Accounts to the risk that the transaction may not be consummated. 2002 ANNUAL REPORT College Retirement Equities Fund 67 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) - -------------------------------------------------------------------------------- Restricted Securities. Restricted securities held by the Accounts, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. Federal Income Taxes. CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code ("Code"), not as a regulated investment company under Subchapter M of the Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. NOTE 2--MANAGEMENT AGREEMENTS - -------------------------------------------------------------------------------- Investment advisory services for the CREF Accounts are provided by TIAA-CREF Investment Management, LLC ("Investment Management") in accordance with an Investment Management Service Agreement with CREF. Investment Management is a registered investment adviser and a wholly-owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), a companion organization of CREF. Administrative services for the CREF Accounts and distribution functions for CREF's certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. ("Services") in accordance with a Principal Underwriting and Administrative Services Agreement with CREF. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. The services provided by Investment Management and Services are provided at cost. 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. TIAA provides guarantees for the CREF Accounts for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. NOTE 3--INVESTMENTS - -------------------------------------------------------------------------------- At December 31, 2002, the market value of securities loaned and collateral received in connection therewith was comprised as follows: Stock Global Equities Growth Account Account Account -------------- --------------- ------------ Market value of securities loaned $1,420,793,376 $182,479,010 $250,535,415 Cash collateral 1,616,897,459 197,525,537 262,883,587 At December 31, 2002, net unrealized appreciation (depreciation) of portfolio investments for each of the Accounts, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows: Gross Gross Net Unrealized Unrealized Unrealized Appreciation Appreciation Depreciation (Depreciation) --------------- --------------- --------------- Stock Account $14,719,850,393 $12,572,608,560 $2,147,241,833 Global Equities Account 132,922,277 945,657,785 (812,735,508) Growth Account 181,846,630 2,114,396,419 (1,932,549,789) At December 31, 2002, the Stock, Global Equities and Growth Accounts held 1,173, 483 and 314 open futures contracts, respectively, in the Standard & Poor's 500 Index, expiring in March 2003, with a value of $257,737,425, $106,127,175 and $68,993,650, respectively, and an unrealized loss of $7,999,332, $2,269,817 and $1,044,354, respectively. Companies in which the Accounts held 5% or more of the outstanding voting shares are defined as "affiliated" in the Investment Company Act of 1940. Information regarding transactions with affiliated companies is as follows: Stock Account ------------ Value of affiliated companies at December 31, 2002: $181,155,236 For the year ended December 31, 2002: Dividend income $ 5,232,283 Realized loss $ 13,938,343 Purchases and sales of portfolio securities, other than short-term money market instruments, for the Accounts for the year ended December 31, 2002, were as follows: Stock Global Equities Growth Account Account Account --------------- --------------- -------------- Purchases: Unaffiliated companies $26,792,242,416 $5,929,431,026 $5,082,275,103 Affiliated companies 35,045,353 -- -- --------------- --------------- -------------- Total Purchases $26,827,287,769 $5,929,431,026 $5,082,275,103 =============== ============== ============== Sales: Unaffiliated companies $28,497,227,111 $5,655,071,468 $4,784,947,196 Affiliated companies 36,003,447 -- -- --------------- --------------- -------------- Total Sales $28,533,230,558 $5,655,071,468 $4,784,947,196 =============== ============== ============== 68 College Retirement Equities Fund 2002 ANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 4--CONDENSED FINANCIAL INFORMATION - -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below.
STOCK ACCOUNT ------------------------------------------------------------- For the Years Ended December 31, 2002 2001 2000 1999 1998 -------- -------- -------- -------- -------- Per Accumulation Unit data: Investment income $ 2.476 $ 2.432 $ 2.472 $ 2.567 $ 2.381 Expenses .638 .693 .626 .607 .521 -------- -------- -------- -------- -------- Investment income--net 1.838 1.739(a) 1.846 1.960 1.860 Net realized and unrealized gain (loss) on total investments (35.535) (27.951)(a) (19.231) 34.478 29.795 -------- -------- -------- -------- -------- Net increase (decrease) in Accumulation Unit Value (33.697) (26.212) (17.385) 36.438 31.655 Accumulation Unit Value: Beginning of year 162.513 188.725 206.110 169.672 138.017 -------- -------- -------- -------- -------- End of year $128.816 $162.513 $188.725 $206.110 $169.672 ======== ======== ======== ======== ======== Total return (20.73%) (13.89%) (8.43%) 21.48% 22.94% Ratios to Average Net Assets: Expenses 0.44% 0.41% 0.31% 0.33% 0.34% Investment income--net 1.28% 1.03%(a) 0.91% 1.07% 1.23% Portfolio turnover rate 31.19% 29.41% 32.65% 29.26% 34.63% Thousands of Accumulation Units outstanding at end of year 493,295 508,889 525,111 543,589 565,999 GLOBAL EQUITIES ACCOUNT ------------------------------------------------------------- For the Years Ended December 31, 2002 2001 2000 1999 1998 -------- -------- -------- -------- -------- Per Accumulation Unit data: Investment income $ .956 $ .985 $ .946 $ .959 $ .902 Expenses .281 .320 .325 .300 .268 -------- -------- -------- -------- -------- Investment income--net .675 .665(a) .621 .659 .634 Net realized and unrealized gain (loss) on total investments (14.853) (16.493)(a) (16.281) 24.976 10.508 -------- -------- -------- -------- -------- Net increase (decrease) in Accumulation Unit Value (14.178) (15.828) (15.660) 25.635 11.142 Accumulation Unit Value: Beginning of year 65.262 81.090 96.750 71.115 59.973 -------- -------- -------- -------- -------- End of year $ 51.084 $ 65.262 $81.090 $ 96.750 $ 71.115 ======== ======== ======= ======== ======== Total return (21.72%) (19.52%) (16.19%) 36.05% 18.58% Ratios to Average Net Assets: Expenses 0.49% 0.46% 0.35% 0.39% 0.41% Investment income--net 1.18% 0.95%(a) 0.68% 0.85% 0.97% Portfolio turnover rate 95.70% 111.91% 98.06% 81.30% 103.31% Thousands of Accumulation Units outstanding at end of year 104,438 99,558 99,622 89,492 81,825
(a) As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums and discounts on all debt securities. For the Stock Account, the effect of this change for the year ended December 31, 2001 was to increase investment income--net per Accumulation Unit by $.006, and increase net realized and unrealized loss per Accumulation Unit by $.006. For the Global Equities Account, the effect of this change for the year ended December 31, 2001 was to increase investment income--net per Accumulation Unit by $.001, and increase net realized and unrealized loss per Accumulation Unit by $.001. For the ratio of investment income--net to average net assets, there was no effect for the Stock and Global Equities Accounts for the year ended December 31, 2001. Per Accumulation Unit amounts and ratios for the periods prior to January 1, 2001 have not been restated to reflect this change in presentation. 2002 ANNUAL REPORT College Retirement Equities Fund 69 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 4--CONDENSED FINANCIAL INFORMATION (CONCLUDED) - --------------------------------------------------------------------------------
GLOBAL EQUITIES ACCOUNT ------------------------------------------------------------- For the Years Ended December 31, 2002 2001 2000 1999 1998 -------- -------- -------- -------- -------- Per Accumulation Unit data: Investment income $ .488 $ .387 $ .509 $ .592 $ .482 Expenses .231 .278 .320 .278 .244 -------- -------- -------- -------- -------- Investment income--net .257 .109(a) .189 .314 .238 Net realized and unrealized gain (loss) on total investments (18.704) (18.345)(a) (20.788) 24.276 18.475 -------- -------- -------- -------- -------- Net increase (decrease) in Accumulation Unit Value (18.447) (18.236) (20.599) 24.590 18.713 Accumulation Unit Value: Beginning of year 61.372 79.608 100.207 75.617 56.904 -------- -------- -------- -------- -------- End of year $ 42.925 $ 61.372 $ 79.608 $100.207 $ 75.617 ======== ======== ======== ======== ======== Total return (30.06%) (22.91%) (20.56%) 32.52% 32.89% Ratios to Average Net Assets: Expenses 0.46% 0.43% 0.31% 0.34% 0.38% Investment income--net 0.51% 0.17%(a) 0.18% 0.38% 0.37% Portfolio turnover rate 53.99% 44.40% 37.18% 69.26% 97.57% Thousands of Accumulation Units outstanding at end of year 176,249 171,149 166,751 131,646 98,862
(a) As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums and discounts on all debt securities. For the Growth Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income--net per Accumulation Unit by $.002, and decrease net realized and unrealized loss per Accumulation Unit by $.002. For the ratio of investment income--net to average net assets, there was no effect for the Growth Account for the year ended December 31, 2001. Per Accumulation Unit amounts and ratios for the periods prior to January 1, 2001 have not been restated to reflect this change in presentation. NOTE 5--ACCUMULATION UNITS - -------------------------------------------------------------------------------- Changes in the number of Accumulation Units outstanding were as follows:
Stock Account Global Equities Account Growth Account ------------------------ ----------------------- ------------------------- For the Years Ended December 31, 2002 2001 2002 2001 2002 2001 ----------- ----------- ---------- ---------- ----------- ----------- Accumulation Units: Credited for premiums 20,805,630 16,841,366 12,118,991 9,927,883 25,494,965 21,163,254 Cancelled for transfers, disbursements and amounts applied to the Annuity Fund (36,399,103) (33,063,363) (7,239,306) (9,991,364) (20,394,743) (16,764,739) Outstanding: Beginning of year 508,888,844 525,110,841 99,558,075 99,621,556 171,149,034 166,750,519 ----------- ----------- ---------- ---------- ----------- ----------- End of year 493,295,371 508,888,844 104,437,760 99,558,075 176,249,256 171,149,034 =========== =========== =========== ========== =========== ===========
70 College Retirement Equities Fund 2002 ANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (CONCLUDED) - -------------------------------------------------------------------------------- NOTE 6--LINE OF CREDIT - -------------------------------------------------------------------------------- The Accounts participate in a $2.25 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Investment Management, or an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During the year ended December 31, 2002, the Stock and Growth Accounts borrowed under this facility. The average daily loan balance for the Stock Account during the five day period for which the loan was outstanding amounted to $162 million and the weighted average interest rate was 2.14%. The related interest expense was $48,979. The average daily loan balance for the Growth Account during the fourteen day period for which the loan was outstanding amounted to $35 million and the weighted average interest rate was 2.12%. The related interest expense was $28,896. For the year ended December 31, 2002, there was no other borrowings under this credit facility by these Accounts. - -------------------------------------------------------------------------------- Report of Independent Auditors TO THE PARTICIPANTS AND BOARD OF TRUSTEES OF COLLEGE RETIREMENT EQUITIES FUND: We have audited the accompanying statements of assets and liabilities, including the statements of investments, of the Stock, Global Equities and Growth Accounts (three of the Accounts constituting the College Retirement Equities Fund ("CREF")) as of December 31, 2002, and the related statements of operations and cash flows for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2002 by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Stock, Global Equities and Growth Accounts of CREF at December 31, 2002, the results of their operations and cash flows for the year then ended and the changes in their net assets for each of the two years in the period then ended in conformity with accounting principles generally accepted in the United States. /s/ Ernst & Young LLP New York, New York February 7, 2003 2002 ANNUAL REPORT College Retirement Equities Fund 73 2002 CREF ELECTION RESULTS Trustees: Both nominees received between 96.89% and 96.95% of the votes cast; the average withheld was approximately 3.08%.
NOMINEE DOLLARS FOR PERCENT DOLLARS AGAINST PERCENT Nancy L. Jacob 18,714,526,805.81 96.95 588,012,312.23 3.05 Nestor V. Santiago 18,701,500,996.62 96.89 601,038,121.42 3.11
Participant Proposal I (to stop investing in companies supporting gun control)
FUND DOLLARS FOR PERCENT DOLLARS AGAINST PERCENT DOLLARS ABSTAIN PERCENT OVERALL CREF FUNDS 2,347,390,025.71 12.16 16,465,171,157.03 85.30 489,977,935.30 2.54 ================================================================================================================================ Stock Account 1,615,528,536.46 11.96 11,538,557,317.47 85.39 358,081,684.33 2.65 Money Market Account 158,610,102.00 14.97 871,018,858.72 82.24 29,532,226.71 2.79 Bond Account 119,280,446.10 12.00 849,553,795.42 85.47 25,134,243.43 2.53 Social Choice Account 85,220,416.62 12.46 586,547,394.87 85.76 12,162,554.43 1.78 Global Equities Account 96,723,413.85 11.33 737,410,068.62 86.39 19,448,879.71 2.28 Growth Account 124,858,399.77 12.05 888,886,678.61 85.80 22,210,777.71 2.15 Equity Index Account 83,337,990.67 12.01 596,189,076.21 85.90 14,549,505.28 2.09 Inflation-Linked Bond Account 63,830,720.24 13.59 397,007,967.11 84.52 8,858,063.70 1.89
Participant Proposal II (to report on social and environmental issues)
FUND DOLLARS FOR PERCENT DOLLARS AGAINST PERCENT DOLLARS ABSTAIN PERCENT OVERALL CREF FUNDS 3,623,129,107.09 18.77 14,757,149,676.03 76.45 922,260,334.92 4.78 ================================================================================================================================ Stock Account 2,350,814,368.16 17.40 10,509,050,640.76 77.77 652,302,529.34 4.83 Money Market Account 207,462,270.78 19.59 802,265,694.12 75.75 49,433,222.53 4.66 Bond Account 194,217,861.27 19.54 755,177,829.06 75.98 44,572,794.62 4.48 Social Choice Account 273,725,174.59 40.02 369,968,706.67 54.09 40,236,484.66 5.89 Global Equities Account 165,321,900.84 19.37 650,071,856.20 76.16 38,188,605.14 4.47 Growth Account 204,795,842.89 19.77 785,307,888.26 75.81 45,852,124.94 4.42 Equity Index Account 132,552,195.26 19.10 530,597,727.94 76.45 30,926,648.96 4.45 Inflation-Linked Bond Account 94,239,493.30 20.06 354,709,333.02 75.52 20,747,924.73 4.42
72 College Retirement Equities Fund 2002 ANNUAL REPORT 2002 CREF ELECTION RESULTS Participant Proposal III (to separate CEO and Chairman positions)
FUND DOLLARS FOR PERCENT DOLLARS AGAINST PERCENT DOLLARS ABSTAIN PERCENT OVERALL CREF FUNDS 4,537,163,503.54 23.51 13,430,341,656.02 69.58 1,335,033,958.48 6.91 ================================================================================================================================ Stock Account 2,997,372,098.43 22.18 9,604,410,626.08 71.12 910,384,813.75 6.74 Money Market Account 269,992,791.38 25.49 715,210,027.35 67.53 73,958,368.70 6.98 Bond Account 247,273,584.16 24.88 676,240,436.26 68.03 70,454,464.53 7.09 Social Choice Account 248,110,780.80 36.28 361,111,429.09 52.80 74,708,156.03 10.92 Global Equities Account 207,876,907.86 24.35 582,877,201.08 68.29 62,828,253.24 7.36 Growth Account 263,446,434.42 25.44 706,498,905.91 68.20 66,010,515.76 6.36 Equity Index Account 176,420,228.83 25.42 473,121,017.33 68.17 44,535,326.00 6.42 Inflation-Linked Bond Account 126,670,677.66 26.97 310,872,012.92 66.19 32,154,060.47 6.84
Participant Proposal IV (to divest CREF's tobacco-related investments)
FUND DOLLARS FOR PERCENT DOLLARS AGAINST PERCENT DOLLARS ABSTAIN PERCENT OVERALL CREF FUNDS 4,147,562,402.68 22.28 13,611,453,311.78 73.11 859,593,037.66 4.61 ================================================================================================================================ Stock Account 2,964,929,187.67 21.94 9,908,910,459.85 73.33 638,327,890.74 4.73 Money Market Account 247,712,154.91 23.38 764,565,392.26 72.19 46,883,640.26 4.43 Bond Account 227,877,822.98 22.93 724,024,313.28 72.84 42,066,348.69 4.23 Global Equities Account 193,265,188.39 22.64 622,301,313.87 72.91 38,015,859.92 4.45 Growth Account 247,423,381.86 23.89 750,064,558.63 72.40 38,467,915.60 3.71 Equity Index Account 155,927,766.65 22.47 508,912,072.24 73.32 29,236,733.27 4.21 Inflation-Linked Bond Account 110,426,900.22 23.51 332,675,201.65 70.83 26,594,649.18 5.66
2002 ANNUAL REPORT College Retirement Equities Fund 73 Management CREF TRUSTEES AND OFFICERS The following table includes certain information about CREF trustees and officers including positions held with CREF, length of office and time served and principal occupations in the last five years. The table also includes the number of portfolios in the fund complex overseen by each trustee and certain directorships held by each of them. The first table includes information about CREF's disinterested trustees and the second table includes information about CREF's interested trustees and officers. DISINTERESTED TRUSTEES
- ----------------------------------------------------------------------------------------------------------------------------------- NAME, ADDRESS POSITIONS HELD TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF OTHER DIRECTORSHIPS AND AGE WITH CREF LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS HELD BY TRUSTEE IN FUND COMPLEX OVERSEEN BY TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ MARTIN J. GRUBER Trustee Term expires 2004. Nomura Professor of 51 Director, Deutche New York University Trustee since 2000. Finance, New York Asset Management Stern School of Business University, Stern School B.T. Funds, Japan Henry Kaufman Management of Business, Formerly, Equity Fund, Inc. Education Center Chairman, Department of Singapore Equity 44 West 4th Street, Suite 988 Finance, New York Fund, Inc., the New York, NY 10012 University, Stern School Thai Equity Fund, Age: 65 of Business, and Trustee Inc. and the DB of TIAA, 1996-2000. Hedge Securities Fund, L.L.C. NANCY L. JACOB Trustee Term expires 2006. President and Managing 51 None Windermere Investment Trustee since 1979. Principal, Windermere Associates Investment Associates. 121 S.W. Morrison Street, Formerly, Chairman and Suite 925 Chief Executive Officer, Portland, OR 97204 CTC Consulting, Inc., and Age: 60 Executive Vice President, U.S. Trust of the Pacific Northwest STEPHEN A. ROSS Trustee Terms expires 2005. Franco Modigliani Professor of 51 Director, Freddie Sloan School of Management Trustee since 1981. Finance and Economics, Sloan Mac; Co-Chairman, Massachusetts Institute of School of Management, Roll & Ross Asset Technology Massachusetts Institute of Management Corp.; 77 Massachusetts Avenue Technology. Co-chairman, Roll and Principal IV Cambridge, MA 02139 & Ross Asset Management Corp. Capital, Ltd. Age: 58 Formerly, Sterling Professor of Economics and Finance, Yale School of Management, Yale University. NESTOR V. SANTIAGO Trustee Term expires 2006. Vice President and Chief 51 Director, Bank- Howard Hughes Medical Trustee since 2000. Investment Officer, Howard Fund Credit Union Institute Hughes Medical Institute. and Emerging 4000 Jones Bridge Road Formerly, Investment Advisor/ Markets Growth Chevy Chase, MD 20815 Head of Investment Office, Fund, Inc. Age: 53 International Monetary Fund MACEO K. SLOAN Trustee Term expires 2005. Chairman and Chief Executive 51 Director, SCANA NCM Capital Management Trustee since 1991. Officer, Sloan Financial Corporation and Group, Inc. Group, Inc. and NCM Capital M&F Bancorp, Inc. 103 West Main Street, Management Group, Inc., Suite 400 since 1991. Durham, NC 27701-3638 Age: 53 ROBERT W. VISHNY Trustee Term expires 2004. Eric J. Gleacher Distinguished 51 None University of Chicago Trustee since 1996. Service, Professor of Finance, Graduate School of Business University of Chicago, Graduate 1101 East 58th Street School of Business, Founding Chicago, IL 60627 Partner, LSV Asset Management. Age: 43
INTERESTED TRUSTEES AND OFFICERS
- ----------------------------------------------------------------------------------------------------------------------------------- NAME, ADDRESS POSITIONS HELD TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF OTHER DIRECTORSHIPS AND AGE WITH CREF LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS HELD BY TRUSTEE IN FUND COMPLEX OVERSEEN BY TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ HERBERT M. ALLISON, JR.(1) President and Indefinite term. Chairman, President and 51 Board Member, TIAA-CREF Chief Executive President and Chief Chief Executive Officer, Forbes.com, Inc. 730 Third Avenue Officer Executive Officer since TIAA, President and Chief New York, NY 10017-3206 2002. Executive Officer of CREF, Age: 59 TIAA-CREF Mutual Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (these funds are collec- tively referred to as the "TIAA-CREF Funds"). Formerly, President and Chief Executive Officer of University Alliance for Life-Long Learning, Inc., 2000-October 2002. National Finance Chairman, Presidential Campaign of Senator John McCain, 1999-2000. President, Chief Operating Officer and Member of the Board of Directors of Merrill Lynch & Co., Inc., 1997-1999. MARTIN L. LEIBOWITZ(1) Trustee, Vice Term as Trustee expires Vice Chairman and Chief 51 None TIAA-CREF Chairman and 2003. Trustee since Investment Officer of 730 Third Avenue Chief Invest- 1995. Vice Chairman tht TIAA-CREFF Funds and New York, NY 10017-3206 ment Officer. and Chief Invest- TIAA. Member of Board Age: 66 ment Officer since of Managers and Presi- Advisors, Inc. 1995. Indefinite term dent of TIAA-CREF Invest- as officer. ment Management, LLC ("Investment Managmeent"). Director and President of Teachers Advisors, Inc. ("Advisors"). Director of TIAA-CREF Life Insurance Company ("TIAA-CREF Life"). BEVIS LONGSTRETH(2) Trustee Term expires 2003. Retired Partner, Debvoise 51 Member of the Board 51 Trustee since 1996. & Plimpton. Formerly, of Directors of 919 Third Avenue Partner and Of Counsel of AMVESCAP, PLC and New York, NY 10022-6225 Debevoise & Plimpton, Chairman of the Age: 69 Adjunct Professor at Finance Committee Columbia University School of the Rockefeller of Law and Commissioner of Family Fund. the U.S. Securities and Exchange Commission RICHARD J. ADAMSKI(1) Vice President Indefinite term. Vice Vice President and Treas- N/A N/A TIAA-CREF and Treasurer President and Treasurer urer of the TIAA-CREF 730 Third Avenue since 1991. Funds and TIAA. Vice New York, NY 10017-3206 President and Treasurer of Age: 61 Investment Management Services, TPIS, Advisors, TIAA-CREF Life, and TIAA- CREF Tuition Financing, Inc. ("Tuition Financing") C. VICTORIA APTER(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice and of the TIAA-CREF Funds 730 Third Avenue TIAA. President since and TIAA. Formerly, Vice New York, NY 10017-3206 2000. President, Retirement Age: 60 Services, CREF and TIAA. SCOTT C. EVANS(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds 730 Third Avenue President since 1997. and TIAA. Executive Vice New York, NY 10017-3206 President of Investment Age: 43 Management and Advisors and Director of TIAA-CREF MARTIN E. GALT, III(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds 730 Third Avenue President since 2000. and TIAA and President, New York, NY 10017-3206 TIAA-CREF Investment Age: 61 Products. Formerly, Formerly, Executive Vice President and New York, NY 10017-3206 President, Institutional Investments, Bank of Age: 61 America, and Principal Investment Officer, NationsBank. Director and President of Tuition Financing and TPIS and Director of TIAA-CREF Life and TIAA-CREF Trust Company. RICHARD L. GIBBS(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since TIAA. Executive Vice New York, NY 10017-3206 1993. President, Investment Age: 55 Management, Advisors and Tuition Financing and Director of TIAA-CREF Life and Tuition Financing.
- ----------------------------------------------------------------------------------------------------------------------------------- NAME, ADDRESS POSITIONS HELD TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF OTHER DIRECTORSHIPS AND AGE WITH CREF LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS HELD BY TRUSTEE IN FUND COMPLEX OVERSEEN BY TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ DON W. HARRELL(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since TIAA. Director of TIAA- New York, NY 10017-3206 1992. CREF Life. Age: 65 IRA J. HOCH(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds Retirement President since 2000. and TIAA. Formerly, Vice 730 Third Avenue President, Retirement New York, NY 10017-3206 Services, CREF and TIAA. Age: 52 MATINA S. HORNER(1) Executive Vice Indefinite term. Executive Vice Presiden N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since 1989 TIAA. Director of TIAA-CREF New York, NY 10017-3206 Life. Age: 63 E. LAVERNE JONES(1) Vice President Indefinite term. Vice Vice President and Cor- TIAA-CREF and Corporate President and Corporate porate Secretary of the 730 Third Avenue Secretary Secretary since 1998. TIAA-CREF Funds and TIAA. New York, NY 10017-3206 Age: 53 HARRY I. KLARISTENFELD(1) Executive Vice Indefinite term. Executive Vice Executive N/A N/A TIAA-CREF President and Executive Vice Presi- President and Chief Actuary 730 Third Avenue Chief Actuary dent and Chief Actuary of the TIAA-CREF Funds and New York, NY 10017-3206 since 2000. TIAA. Formerly, Vice Age: 52 President and Chief Actuary, Retirement Services, CREF and TIAA, Executive Vice President Chief Actuary of Services FRANCES NOLAN(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds 730 Third Avenue President since 2000. and TIAA. Formerly, Vice New York, NY 10017-3206 President, Retirement Age: 45 Services, CREF and TIAA. BERTRAM L. SCOTT(1) Executive Vice Indefinite term. Executive Vice President of N/A N/A TIAA-CREF President Executive Vice the TIAA-CREF Funds and President President since 2000. TIAA and Chairman of the 730 Third Avenue Board, and Chief Executive New York, NY 10017-3206 Officer of TIAA-CREF Life. Age: 51 Formerly, President and Chief Executive Officer, Horizon Mercy. DEANNE J. SHALLCROSS(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since 1998. TIAA. Formerly, Vice New York, NY 10017-3206 President, Marketing, CREF Age: 53 and TIAA. Executive Vice President of Services. DAVID A. SHUNK(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since 1998. TIAA. Formerly, Vice New York, NY 10017-3206 President, Institutional & Age: 56 Individual Consulting Services, CREF and TIAA. President and Chief Executive Officer of Services and Director of TIAA-CREF Trust Company. JOHN A. SOMERS(1) Executive Vice Indefinite term. Vice President of the N/A N/A TIAA-CREF President Executive Vice TIAA-CREF Funds and TIAA. 730 Third Avenue President since 1996. Executive Vice President New York, NY 10017-3206 of Investment Management Age: 58 and Advisors and Director of TIAA-CREF Life. CHARLES H. STAMM(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice and General Counsel of the 730 Third Avenue President since 1988. TIAA-CREF Funds and TIAA. New York, NY 10017-3206 Trustee of Services. Age: 64 Director of TPIS, Advisors, TIAA-CREF Trust Company, Tuition Financing and TIAA-CREF Life. Member of Board of Managers of Investment Management.
- ----------------------------------------------------------------------------------------------------------------------------------- NAME, ADDRESS POSITIONS HELD TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF OTHER DIRECTORSHIPS AND AGE WITH CREF LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS HELD BY TRUSTEE IN FUND COMPLEX OVERSEEN BY TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ MARY ANN WERNER(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since 2000. TIAA and President, TIAA New York, NY 10017-3206 Shared Services. Formerly, Age: 57 Vice President, CREF and TIAA. Executive Vice President of Services and Director of TIAA-CREF Life. JAMES A. WOLF(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since 2000. TIAA and President, TIAA New York, NY 10017-3206 Retirement Services. Age: 57 Formerly, Vice President, Retirement Services, CREF and TIAA. Trustee of Services and Director of TIAA-CREF Life.
(1) The following individuals are "interested persons" under the Investment Company Act (the "Act") because they are officers of CREF: Mses. Apter, Horner, Jones, Nolan, Shallcross and Werner; and Messrs. Adamski, Allison, Evans, Galt, Gibbs, Harrell, Hoch, Klaristenfeld, Leibowitz, Scott, Shunk, Somers, Stamm and Wolf. (2) Mr. Longstreth may be considered an "interested person" under the Act because he is associated with a law firm that has acted as counsel to CREF or its affiliates. [TIAA-CREF LOGO] 730 Third Avenue New York, NY 10017-2206 ----------------- PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF ----------------- FOR MORE INFORMATION... TIAA-CREF WEB CENTER TIAA-CREF.org 24 hours a day, 7 days a week o Account performance, personal account information and transactions, product descriptions, calculators to estimate retirement income and allocate assets, and information about investment choices and income options AUTOMATED TELEPHONE SERVICE 800 842-2252 24 hours a day, 7 days a week o Account performance, personal account information and transactions, and product information TELEPHONE COUNSELING CENTER 800 842-2776 8 a.m. to 10 p.m. ET, Monday-Friday 9 a.m. to 6 p.m. ET, Saturday o Retirement saving and planning, income options and payments, and tax reporting PLANNING AND SERVICE CENTER 800 223-1200 8 a.m. to 10 p.m. ET, Monday-Friday o TIAA-CREF Mutual Funds and after-tax annuities TIAA-CREF TRUST COMPANY, FSB 888 842-9001 8 a.m. to 5 p.m. CT, Monday-Friday o Asset management, trust administration, estate planning, planned giving, and endowment management TIAA-CREF TUITION FINANCING, INC. 888 381-8283 8 a.m. to 11 p.m. ET, Monday-Friday o Tuition financing programs FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS 800 842-2755 8 a.m. to 5 p.m. ET, Monday-Friday [logo] Printed on recycled paper A10839-3FUND-02/03 December 31, 2002 [TIAA-CREF LOGO] COLLEGE RETIREMENT EQUITIES FUND Annual Report | 2002 MONEY MARKET INFLATION-LINKED BOND BOND MARKET SOCIAL CHOICE EQUITY INDEX Make this your last paper annual report! Sign up for electronic delivery. Log on to TIAA-CREF.org/profile This report contains detailed explanations of the investment results for the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index accounts for the year ending December 31, 2002. A companion report provides similar information for the CREF Stock, Global Equities, and Growth accounts--the other three accounts available under CREF variable annuities. A Form 10-K Annual Report for the TIAA Real Estate Account is available on request. For historical and current performance information for all of our products, visit the TIAA-CREF Web Center at TIAA-CREF.org, or call our Automated Telephone Service (see back cover). TIAA-CREF Individual and Institutional Services, Inc., distributes the CREF and TIAA Real Estate Account variable annuities. This booklet must be accompanied or preceded by current CREF and TIAA Real Estate Account prospectuses. For additional copies, call 800 842-2733, extension 5509. TIAA-CREF Investment Management serves as investment manager to CREF. (C)2003 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), New York, NY 10017 CONTENTS LETTER FROM THE CHAIRMAN 1 LETTER FROM THE VICE CHAIRMAN 2 MANAGEMENT/STATUS OF THE ACCOUNTS Money Market Account 4 Inflation-Linked Bond Account 5 Bond Market Account 6 Social Choice Account 8 Equity Index Account 10 STATEMENT OF INVESTMENTS Money Market Account 11 Inflation-Linked Bond Account 15 Bond Market Account 16 Social Choice Account 24 Equity Index Account 36 FINANCIAL STATEMENTS Report of Management Responsibility 61 Report of the Audit Committee 61 Statements of Assets and Liabilities 62 Statements of Operations 62 Statements of Cash Flows 63 Statements of Changes in Net Assets 64 Notes to Financial Statements 64 Report of Independent Auditors 69 PARTICIPANT VOTING RESULTS 70 TRUSTEE AND OFFICER DISCLOSURE 72 FOR MORE INFORMATION BACK COVER PERFORMANCE OVERVIEW AS OF 12/31/2002
AVERAGE ANNUAL COMPOUND RATES OF TOTAL RETURN(1) INCEPTION DATE 6-MONTH RETURN 1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION EQUITIES CREF Stock 8/1/52 -10.96% -20.73% -1.37% 7.69% 10.11% CREF Global Equities 5/1/92 -12.82 -21.72 -3.16 6.77 6.58 CREF Equity Index 4/29/94 -10.71 -21.76 -0.87 -- 9.20 CREF Growth 4/29/94 -9.41 -30.06 -5.48 -- 6.45 EQUITIES & FIXED INCOME CREF Social Choice 3/1/90 -2.99 -9.17 2.67 8.67 9.82 FIXED INCOME CREF Bond Market 3/1/90 6.30 10.08 7.35 7.33 8.19 CREF Inflation-Linked Bond 5/1/97 8.51 16.32 8.33 -- 7.79 CREF Money Market(2) 4/1/88 0.72 1.50 4.45 4.61 5.37
NET ANNUALIZED YIELD (7-Day Period Ended 12/31/2002) CURRENT EFFECTIVE CREF Money Market 1.12% 1.13% NET ANNUALIZED YIELD (30-Day Period Ended 12/31/2002) CURRENT CREF Bond Market 3.10% (1) Due to market volatility, recent performance of the CREF variable annuities may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ ra-performance.html, or call 800 842-2776. Past performance should not be taken as a guarantee of the same future rates of return. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less upon redemption. (2) As with all the CREF variable annuity accounts, the funds you invest in the CREF Money Market Account are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The current yield more closely reflects current earnings than does the total return. From the Chairman of TIAA-CREF [PHOTO OF HERBERT M. ALLISON] Since becoming chairman of TIAA-CREF on November 1, 2002, I have been impressed by the integrity, excellence in financial products, and dedication to customers that are long-standing hallmarks of the company. It is an honor to lead this remarkable organization. TIAA-CREF's fundamental goal will remain, as always, to serve the needs of those in education and research and to be your trusted partner through good markets and bad. The past year was another period of economic uncertainty, made worse by waning investor confidence. In spite of a positive fourth quarter, stocks declined sharply for the third straight year. The downturn has upset many people's plans for retirement, especially those preparing to make the transition soon. I can assure you that we at TIAA-CREF are fully aware of the anxiety and hardship investors everywhere are facing during these difficult times. As you review your portfolio's returns and composition, please keep in mind that CREF's management of its accounts is consistent and disciplined. Our goal for each account is to outperform a broad market benchmark over time, while controlling the risk level to keep performance relatively close to that of the benchmark. Obviously, when broad markets fall, the accounts tied to those markets follow. When markets rise, our investors benefit from relatively pure exposure to a broad spectrum of securities within the benchmark's universe. The value of diversification, within and across asset classes, has never been more evident than over the past few years. CREF's fixed-income accounts provided positive returns in 2002, which helped to counterbalance the negative performance of the equities markets. Although outside the scope of this report, the TIAA Traditional Annuity and the TIAA Real Estate Account also offered participants effective tools for diversifying their retirement portfolios. The TIAA Traditional Annuity guarantees principal and a minimum interest rate, while also offering the opportunity for dividends. This account's total interest rates continue to be among the highest in the life insurance industry, and TIAA maintains triple-A ratings from all of the leading insurance industry rating agencies: Moody's, Standard & Poor's, A. M. Best, and Fitch. (TIAA's guarantees are backed by its claims-paying ability and do not extend to CREF or our other variable products.) If you'd like to take a closer look at the full range of accounts available to you and reevaluate your portfolio in light of them, I encourage you to log onto our website or speak with a TIAA-CREF consultant. Despite widespread declines in savings rates among the general public--including retirement savings--TIAA-CREF saw strong growth in new participants in 2002. The TIAA-CREF retirement system ended the year with more than 2.8 million individual participants and 14,600 participating institutions, up from 2.3 million and 12,800 in 2001. One explanation was the flight to quality by investors rattled by stock market volatility, historically low interest rates, global political tensions, and corporate scandals. During such periods, investors tend to seek out companies they know to be stable and trustworthy. TIAA-CREF has always given the highest priority to protecting the interests of its customers, through careful examination of its investments and vigilant attention to shareholder issues. Principles that TIAA-CREF has advocated for more than 30 years, such as ethical accounting practices and board independence, have now become central to restoring investor confidence. As an authority on corporate governance issues, we have been called to testify in Washington on new reform legislation. And we will continue to work on a number of fronts to promote the interests of shareholders. Changes in the law and the increasing regulatory oversight of financial markets are coinciding with the needs of investors for low-priced products, supported by helpful information, from a company they can trust. TIAA-CREF is well-positioned to meet its clients' needs during these challenging times. Even so, we have committed ourselves to reviewing all of our products and services to make sure we continue to earn our reputation for providing excellent value to our customers in keeping with their changing needs. As we make the decisions that determine our strategy going forward, we will, as always, be guided by one overriding principle: to do what serves the best interest of our participants and institutions. TIAA-CREF once again has an opportunity to pioneer change that further enhances your opportunity to build the financial future you want and deserve. I assure you that in the months and years to come we will proceed as before: with care and with dedication to you, our partners. /s/ Herbert M. Allison, Jr. Herbert M. Allison, Jr. CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER From the Vice Chairman of TIAA-CREF A third straight year of equity market declines has understandably caused considerable pain for many of us. Over the last three years, the S&P 500 Index sustained a cumulative decline of almost 38%, while the more inclusive Russell 3000 Index dropped about 36%. The Russell 3000 Growth Index, with its large component of technology companies, lost 55% during the period. The global Morgan Stanley World Index showed a loss of 42%. The largest declines occurred during 2002, when the S&P 500 lost more than 20% and the equity indexes of other industrial nations dropped substantially as well. It is worth remembering that the retreat in stock prices is rooted in events in the overall economy. The period of economic growth ending in early 2001 marked the longest continuous expansion in the United States since the Civil War. It resulted from factors that included productivity gains, increased demand from both consumers and businesses, declining inflation and interest rates, and global conditions that made investment in U.S. companies attractive. The recession of 2001 and the slower rate of growth since then have also been associated with a convergence of factors. The earlier high rates of growth have led to excess capacity in many industries, and cutbacks by companies have resulted in increased unemployment and reduced corporate spending. Corporate scandals at Enron, Worldcom, and other former and current corporate giants, have shaken investor confidence, and a widespread decrease in corporate earnings has made stock investors wary. Certain sectors, including technology, have suffered disproportionately. New investment in U.S. markets by European investors fell to about $39 billion during the third quarter of 2002, a sharp decline from the average quarterly amount of about $76 billion during 2001. Added to these factors during 2002 were the threats of additional attacks by al-Qaeda and of war in the Persian Gulf, raising the prospect of interruptions in the oil supply and foreign political instability. In this turbulent environment, many investors turned to the relative safety of fixed-income investments. During 2002 $129 billion poured into bond funds, an increase of 50% over 2001. Fortunately, the bond market produced returns for the year well above its historical norms, and CREF's bond accounts fully participated in those gains. The CREF Inflation-Linked Bond Account posted a return of 16.32%, and the CREF Bond Market Account returned 10.08%. Both returns were similar to those of the accounts' benchmarks. The CREF Money Market Account outpaced its benchmark with a return of 1.50%. The pervasive trends in the world economy and its equity markets during 2002 affected virtually every fund or account that invests in stocks, here or abroad, and the CREF Equity Index and Social Choice accounts were no exceptions. The Equity Index Account, which is designed to track the broad domestic stock market, posted a return of -21.76%, closely tracking the -21.54% decline in its benchmark. The Social Choice Account was helped by the fixed-income portion of its portfolio and posted a return of -9.17%, similar to the performance of its benchmark. On July 1, the CREF Social Choice Account began using a new method of choosing investments that enables us to address a wider range of social issues. It will also allow us to select stocks from a broader range of companies, while maintaining most of the exclusionary screens used previously. In line with this new method, the benchmark for the account's equity portion changed at mid-year from the S&P 500 Index to the Russell 3000. A full explanation of the new screening process appears on page 8. Equity investors are well aware of the difficulties in the stock market, and we share in their discomfort. We can, however, take some legitimate comfort in several other considerations. First, the declines of the last three years came on top of the bull market of the 1990s, when S&P 500 returns averaged over 25% for five straight years (1995-1999). Investments in equities soared during that period. Second, CREF's diversified approach to equity investment prevented excessive exposure to individual stocks and sectors that suffered much worse losses than our highly diversified accounts. This was a year in which companies with household names like General Electric and Home Depot saw their share prices drop 39.2% and 52.9%, respectively, while AOL Time Warner plunged 59.2%, and the technology sector of the S&P 500 Index lost 37.6%. Our selection of stocks occurs in a disciplined framework designed to limit exposure to any one company or industry. Many of our equity accounts use TIAA-CREF's Dual Investment Management Strategy(R), which combines active and quantitative methods. This approach enableS investors to benefit from the skills of active managers, who conduct in-depth research and analysis to identify individual stocks that may outperform or underperform the fund's benchmark index. At the same time, quantitative managers use financial modeling software and other tools to build a portfolio that reflects the overall risk and investment characteristics of the benchmark. As we gain experience with this method over different market cycles, we make periodic adjustments to improve its efficiency and effectiveness. We continue to maintain highly disciplined risk controls for all of our accounts. 2 College Retirement Equities Fund 2002 ANNUAL REPORT [PHOTO OF MARTIN L. LEIBOWITZ] TOTAL RETURNS FOR THE YEAR ENDED DECEMBER 31, 2002 CREF MONEY MARKET ACCOUNT.............................................. 1.50% iMoneyNet Money Fund Report Averages(TM)--All Taxable.................. 1.28 CREF INFLATION-LINKED BOND ACCOUNT..................................... 16.32% Salomon Smith Barney Inflation-Linked Securities Index................. 16.71 CREF BOND MARKET ACCOUNT............................................... 10.08% Lehman Brothers Aggregate Bond Index................................... 10.26 Morningstar Intermediate-Term Bond (VA) category....................... 6.54 CREF SOCIAL CHOICE ACCOUNT............................................. -9.17% CREF Social Choice Composite Index(1).................................. -9.16 Standard & Poor's(R) 500 Index......................................... -22.10 Russell 3000(R) Index.................................................. -21.54 Lehman Brothers Aggregate Bond Index................................... 10.26 Morningstar Domestic Hybrid (VA) category.............................. -10.77 CREF EQUITY INDEX ACCOUNT.............................................. -21.76% Russell 3000(R) Index.................................................. -21.54 Please see pages 4 to 10 for more detailed performance information. The Russell 3000(R) Index is a trademark and servICe mark of the Frank Russell Company. No CREF account is promoted, endorsed, sponsored, or sold by or affiliated with the Frank Russell Company. The benchmark indexes are unmanaged. You cannot purchase shares in these indexes directly, so their performance figures do not reflect any investment or operating expenses. (1) This is a weighted average of the S&P 500 Index (the fund's equity benchmark through 6/30/02), the Russell 3000 Index (the fund's equity benchmark as of 7/1/02) and the Lehman Brothers Aggregate Bond Index. The weightings match the 60/40 proportions of the account's equity and bond holdings. Our current focus is on achieving greater integration of our active and quantitative management efforts. Our basic application of the methodology, however, remains constant, as does its fundamental purpose: to maintain an optimal balance between risk and opportunity. Apart from the risk controls in place on individual accounts, there is another reason why many TIAA-CREF participants found themselves in better financial shape than other Americans at the end of 2002. Most of our participants have a significant level of diversification across the asset classes, considerably more than the typical individual investor. Their portfolios include accounts that invest in bonds or real estate, as well as the TIAA Traditional Annuity, which guarantees both the principal and a specified rate of interest, based on TIAA's claims-paying ability, and also offers the potential for additional growth in the form of dividends. The CREF fixed-income accounts described above were not the only TIAA-CREF retirement accounts that produced positive results during 2002. TIAA Traditional provided a crediting rate that varied from 4.50% to 8.00%, depending on when contributions were made. The TIAA Real Estate Account returned 3.41% for the year. Our participants, for the most part, have made the choice to spread their assets widely and wisely. As a result, TIAA-CREF is one of the few financial services companies that has a majority of its total assets under management invested in fixed-income and real estate investments. While the stock market declines of the last three years have been difficult to accept, we take some comfort in this diversification. Performance information for all eight CREF accounts appears on the inside front cover of this report. A discussion of the strategies that guided the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index accounts during the year, and of their results, appears on the following pages. A separate report for the other CREF accounts is provided to participants who have assets in them. The threat of war and the risk of deflation continue to hang over the marketplace, but many observers see today's leaner companies, operating under closer regulatory scrutiny, as well positioned for future opportunities, whenever they might appear. We cannot predict future returns, but we remain optimistic about the prospects for long-term economic growth. At TIAA-CREF we continue to maintain highly disciplined risk controls for all of our accounts to ensure that their returns are within reasonable bounds, relative to their benchmarks. Even under this year's stressful market conditions, these controls have worked well. Our goal remains to add positive value beyond the benchmark's rate of return, and I assure you that we are working hard at refining our investment process to generate the best possible returns for our participants over the long term. /s/ Martin L. Leibowitz Martin L. Leibowitz VICE CHAIRMAN OF TIAA-CREF 2002 ANNUAL REPORT College Retirement Equities Fund 3 Money Market Account INVESTMENT OBJECTIVE The CREF Money Market Account seeks high current income consistent with maintaining liquidity and preserving capital. PORTFOLIO PROFILE o The account invests in "first-tier" money market securities--those ranked in the highest category by nationally recognized statistical rating organizations. o Most of the account's assets are invested in securities or other instruments maturing in 397 days or less. o The account's average weighted maturity is 90 days or less. PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2002 In 2002, the CREF Money Market Account posted a return of 1.50 percent, beating its benchmark, iMoneyNet Money Fund Report AveragesTM--All Taxable, which returned 1.28 percent. After 11 rate reductions in 2001, the federal funds rate stood at 1.75 percent at the start of 2002. Expectations were for short-term rate stability, with the next move likely to be an increase. In fact, rates held steady until the dramatic reduction of the federal funds rate to 1.25 percent in November. The account's asset allocation changed in 2002. Our holdings in commercial paper increased from 59 percent in the first quarter to 73 percent in the fourth. Holdings in U.S. government securities decreased from 26 percent in the first quarter to 16 percent in the fourth. We also decreased our positions in bank liabilities from 13 percent in the second quarter to 7 percent in the fourth. Holdings in floating rate securities began and finished the year at 4 percent. During 2002, the account's weighted average maturity varied from a low of 39 days to a high of 74 days, as compared with a range of 52 to 57 days for the iMoneyNet All Taxable Average. $10,000 OVER TEN YEARS [Data below were represented as a graph in the original report.] iMoneyNet Money Money Market Fund Report All Account Averages Taxable ------- ----------- ------- Dec 92 $10,000 $10,000 $10,000 Dec 93 10,307 10,307 Dec 94 10,726 10,658.9 Dec 95 11,357 11,244.47 Dec 96 11,957 11,799.76 Dec 97 12,616 12,400.98 Dec 98 13,303 13,026.36 Dec 99 13,967 13,630.21 Dec 00 14,854 14,430.62 Dec 01 15,455 14,958.69 Dec 02 15,687 15,151.28 The graph assumes a $10,000 investment in the CREF Money Market Account on January 1, 1993. It shows that, by December 31, 2002, the investment would have grown to $15,687. For comparison, the graph shows how the iMoneyNet Money Fund Report Averages-All Taxable, the Money Market Account's benchmark, changed over the same period. PORTFOLIO COMPOSITION BY INVESTMENT SECTOR AS OF 12/31/2002 [Data below were represented as a pie chart in the original report.] Commercial Paper 73.0% U.S. Government and Agencies 16.0% Certificates of Deposit 7.0% Floating/Variable Rate Notes 4.0% NET ANNUALIZED YIELD FOR THE 7 DAYS ENDING 12/31/2002 CURRENT YIELD EFFECTIVE YIELD MONEY MARKET ACCOUNT 1.12% 1.13% iMoneyNet Fund Report Averages-All Taxable 0.88 0.88 PERFORMANCE AT A GLANCE AS OF 12/31/2002
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF RATES OF TOTAL RETURN(1) TOTAL RETURN(1) 2002 ACTUAL NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS EXPENSES (IN BILLIONS) ------ ------- -------- ------ ------- -------- ----------- ------------- MONEY MARKET ACCOUNT 1.50% 4.45% 4.61% 1.50% 24.34% 56.87% 0.38%(2) $7.5 iMoneyNet Money Fund Report Averages --All Taxable 1.28 4.10 4.25 1.28 22.17 51.48 -- --
(1) Past performance should not be taken as a guarantee of the same future rates of return from the Money Market Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. An investment in the CREF Money Market Account is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. The current yield more closely reflects current earnings than does the total return. (2) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. 4 College Retirement Equities Fund 2002 ANNUAL REPORT Inflation-Linked Bond Account INVESTMENT OBJECTIVE The CREF Inflation-Linked Bond Account seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds. PORTFOLIO PROFILE o The account invests primarily in U.S. Treasury Inflation-Indexed Securities (TIIS), as well as inflation-indexed securities issued by U.S. corporations and foreign governments. o Unlike the principal value of conventional bonds, the principal value of inflation-indexed securities varies, while the coupon rate remains fixed to maturity. PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2002 In 2002 the CREF Inflation-Linked Bond Account posted a total return of 16.32 percent, closely tracking the 16.71 percent return of its performance benchmark, the Salomon Smith Barney U.S. Inflation-Linked Index. The difference between the account's return and that of the benchmark is primarily the result of the account's 0.41 percent expense charge. The index does not factor in any charges for expenses. Inflation rose slightly in 2002, which had a positive effect on TIIS returns. On a year-over-year basis, the overall inflation rate as measured by the Consumer Price Index--All Urban Index (CPI-U) was 2.4 percent. However, a large part of the extremely positive performance of TIIS in 2002 was due to the decline in real interest rates. As of December 31, 2002, the account's duration of 9.44 years remained similar to that of the benchmark. Keeping the account's duration close to that of the benchmark helped to ensure that performance closely tracked the index. $10,000 SINCE 5/1/1997 INCEPTION {Data below were represented as a graph in the original report.] Salomon Smith Barney Inflation-Linked Inflation-Linked Bond Account Securities Index ---------------- -------------------- Dec 97 $10,000 $10,000 Dec 98 10,615 10,687 Dec 99 10,839 10,942 Dec 00 12,222 12,376 Dec 01 13,159 13,357 Dec 02 15,306 15,607 The graph assumes a $10,000 investment in the CREF Inflation-Linked Bond Account on May 1, 1997. It shows that, by December 31, 2002, the investment would have grown to $15,306. For comparison, the graph shows how the Salomon Smith Barney Inflation-Linked Securities Index, the Inflation-Linked Bond Account's benchmark, changed over the same period. PORTFOLIO COMPOSITION BY MATURITY AS OF 12/31/2002 {Data below were represented as a pie chart in the original report.] 4-10 Year Bonds 68% Over 25 Year Bonds 32% PERFORMANCE AT A GLANCE AS OF 12/31/2002
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF RATES OF TOTAL RETURN(1)(2) TOTAL RETURN(1)(2) SINCE SINCE 2002 ACTUAL NET ASSETS 1 YEAR 5 YEARS INCEPTION(3) 1 YEAR 5 YEARS INCEPTION(3) EXPENSES (IN BILLIONS) ------ ------- ------------ ------- -------- ------------ ----------- ------------- INFLATION-LINKED BOND ACCOUNT 16.32% 8.33% 7.79% 16.32% 49.21% 53.06% 0.41%(4) $2.6 Salomon Smith Barney Inflation-Linked Securities Index 16.71 8.68 8.14 16.71 51.59 55.88 -- --
(1) Due to market volatility, recent performance of the CREF Inflation-Linked Bond Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ra-performance.html, or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Inflation-Linked Bond Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) Inception date: 5/1/1997 (4) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. 2002 ANNUAL REPORT College Retirement Equities Fund 5 Bond Market Account INVESTMENT OBJECTIVE The CREF Bond Market Account seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital. PORTFOLIO PROFILE o The account invests primarily in a broad range of debt securities. The majority of its assets are in U.S. Treasury and agency securities, corporate bonds, and mortgage-backed or other asset-backed securities. o Most holdings are investment-grade securities rated in the top four credit categories by Moody's Investors Service or Standard & Poor's, or securities that we determine are of comparable quality. o The account is managed to track the Lehman Brothers Aggregate Bond Index. We will overweight or underweight individual securities or sectors, in comparison with their weights in the Lehman index, depending on where we find undervalued, overlooked, or misunderstood issues that we believe offer the potential for returns superior to those of the index. PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2002 The CREF Bond Market Account returned 10.08 percent for the year, compared with 10.26 percent for its benchmark, the Lehman Brothers Aggregate Bond Index. The account significantly outpaced the average similar variable annuity as measured by Morningstar's Intermediate-Term Bond (VA) category, which returned 6.54 percent. At year's end, the Morningstar category tracked 687 funds. For the third consecutive year, fixed-income returns strongly outperformed equity returns. In a year when corporate scandals, geopolitical risk, and deflation fears dominated the financial headlines, investors flocked to the relative safety of U.S. Treasury securities, in spite of the sharp decline in interest rates. The five-year note closed the year yielding 2.73 percent, a drop of 1.57 percentage points, fueled in part by the Federal Reserve's unexpected ..50-percentage-point cut in the federal funds rate in early November. In the current uncertain economic environment, two types of debt securities performed exceptionally well. Mortgage-backed securities posted strong results in 2002 due to enormous demand from banks and insurance companies seeking the liquidity and high credit quality of these instruments. U.S. inflation-indexed securities ("TIIS") also posted another solid year in terms of performance, primarily as a result of the decline in real interest rates. Despite the comparatively strong performance of fixed income securities during the year, volatility in the corporate bond market created many challenges for portfolio managers. The CREF Bond Market Account was one of TIAA-CREF's top-performing investment options, continuing to provide a safe haven from declining stock prices. We anticipated the flight to quality, and our strong returns relative to those of the competition were due in part to our holdings in TIIS, which are not in the account's benchmark, and to our above-benchmark position in mortgage-backed securities. Both types of securities did well for the reasons outlined above. In addition, while many of our competitors maintained a significant overweight in corporate securities, our portfolio remained close to benchmark weightings in corporate bonds, and the broad diversification of our holdings in this sector minimized our exposure to losses there. Finally, keeping the duration of the account's holdings close to that of the benchmark throughout the period helped mitigate the risk of deviating too sharply from the index. The account's option-adjusted duration was 4.02 years as of December 31, 2002, compared with the benchmark's duration of 3.79 years. The Account's Benchmark The benchmark we use for the CREF Bond Market Account is the Lehman Brothers Aggregate Bond Index, representing the U.S. bond market. The index includes more than 6,900 taxable government, investment-grade corporate, and mortgage-backed securities. 6 College Retirement Equities Fund 2002 ANNUAL REPORT $10,000 OVER TEN YEARS [Data below were represented as a graph in the original report.] Lehman Brothers Bond Market Aggregate Account Bond Index ----------- --------------- Dec 92 $10,000 $10,000 Dec 93 11,137 10,975 Dec 94 10,693 10,655 Dec 95 12,600 12,623 Dec 96 12,988 13,082 Dec 97 14,231 14,345 Dec 98 15,456 15,591 Dec 99 15,282 15,462 Dec 00 17,078 17,260 Dec 01 18,432 18,718 Dec 02 20,288 20,636 The graph assumes a $10,000 investment in the CREF Bond Market Account on January 1, 1993. It shows that, by December 31, 2002, the investment would have grown to $20,288. For comparison, the graph shows how the Lehman Brothers Aggregate Bond Index, the Bond Market Account's benchmark, changed over the same period. PORTFOLIO COMPOSITION BY SECTOR AS OF 12/31/2002 [Data below were represented as a pie chart in the original report.] Mortgage-Backed and Other Asset-Backed Securities 36.5% U.S. Treasury and Agency Securities 35.0% Corporate Bonds 21.6% Investments Maturing in Less Than a Year 5.2% Foreign Government and Foreign Corporate Bonds Denominated in U.S. Dollars 1.7% The account's position in short-term securities is primarily related to long-term debt purchases that had not yet closed as of December 31, 2002, plus collateral for bonds lent under our securities lending program. RATINGS OF LONG-TERM BONDS AS OF 12/31/2002 The bonds we buy are typically of high credit quality; the majority carry ratings of A or higher from the major rating agencies. As of December 31, 2002, the quality ratings of the account's long-term debt holdings were as follows: RATING PERCENT U.S. TREASURY AND AGENCY SECURITIES (not rated) ..... 35 INVESTMENT GRADE Mortgage-Backed and Asset-Backed Securities Aaa/AAA ......... 36.5 Other Long-Term Debt Aaa/AAA ......... 0.9 Aa/AA ........... 4.5 A/A ............. 8.9 Baa/BBB ......... 7.7 BELOW INVESTMENT GRADE Ba/BB ........... 0.8 B/B ............. 0.4 TEN LARGEST HOLDINGS AS OF 12/31/2002 MARKET PERCENT COUPON MATURITY PRINCIPAL VALUE OF NET ISSUER RATE DATE (000) (000) ASSETS - ------ ------- -------- --------- -------- ------- U.S. Treasury Note 3.375% 1/15/07 $881,647 $954,797 16.50 FNMA MBS 5.500 1/25/18 229,000 237,230 4.10 FNMA MBS 6.500 1/25/32 200,000 208,188 3.60 U.S. Treasury Note 6.750 5/15/05 186,000 207,405 3.58 U.S. Treasury Strip 0.000 2/15/15 265,650 151,264 2.61 FNMA MBS 6.000 1/25/32 119,000 122,979 2.13 U.S. Treasury Bond 5.250 2/15/29 116,000 121,138 2.09 U.S. Treasury Bond 10.000 5/15/10 92,000 109,060 1.88 FNMAMBS 5.000 1/25/18 101,000 103,430 1.79 FGLMC MBS 6.500 1/25/32 86,000 89,548 1.55 FNMA: Federal National Mortgage Association; FGLMC: Federal Home Loan Mortgage Corporation Gold. PERFORMANCE AT A GLANCE AS OF 12/31/2002
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF RATES OF TOTAL RETURN(1)(2) TOTAL RETURN(1)(2) 2002 ACTUAL NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS EXPENSES (IN BILLIONS) ------ ------- -------- ------ ------- -------- ----------- ------------- BOND MARKET ACCOUNT 10.08% 7.35% 7.33% 10.08% 42.56% 102.89% 0.41%(3) $5.8 Lehman Brothers Aggregate Bond Index 10.26 7.55 7.51 10.26 43.87 106.37 -- -- Morningstar Intermediate-Term Bond (VA) category 6.54 4.61 5.78 6.54 25.29 75.40 -- -- Lipper Intermediate Investment Grade Debt Index 8.14 6.36 6.67 8.14 36.23 91.23 -- --
(1) Due to market volatility, recent performance of the CREF Bond Market Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ra-performance.html, or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Bond Market Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. 2002 ANNUAL REPORT College Retirement Equities Fund 7 Social Choice Account INVESTMENT OBJECTIVE The CREF Social Choice Account seeks a favorable long-term rate of return that reflects the investment performance of the financial markets and also gives special consideration to certain social criteria. PORTFOLIO PROFILE o The account is a balanced account--its assets are invested primarily in a diversified set of equities, fixed-income securities, and short-term debt instruments. o The account invests only in companies that are suitable from a financial perspective and whose activities are consistent with the account's social criteria. PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2002 The CREF Social Choice Account posted a total return of -9.17 percent for 2002, compared with the -9.16 percent return of its composite benchmark. (The composite benchmark is a weighted average of the Russell 3000 and S&P 500 Indices and the Lehman Brothers Aggregate Bond Index in proportions that match the 60 percent equity/40 percent bond composition of the portfolio. The composite benchmark takes into account the change in the account's benchmark, on July 1, 2002, from the S&P 500 Index to the Russell 3000 Index.) The account's return was also higher than the -10.77 percent return of similar variable annuities, as measured by the Morningstar Domestic Hybrid (VA) category, which tracked 1,077 funds at year's end. Neither the benchmark nor the Morningstar category screens investments for social criteria. Beginning with the third quarter, the account adopted a new method for screening investments. The screens in place prior to July 1 excluded securities issued by companies that: 1)fail to adhere to sound environmental practices; 2) operate in Northern Ireland without complying with certain acts and principles; 3)have significant involvement in weapons manufacturing; 4)have significant involvement in gambling operations; 5) produce and market alcohol or tobacco; or 6)produce nuclear energy. The new screens described in the box at right combine exclusionary screens with a more qualitative process for evaluating companies with respect to social criteria. As a result of the change, the fund's former equity benchmark, the S&P 500, was replaced with the Russell 3000. During 2002, certain companies were excluded from the account due to one or both sets of social screens, either for half the year or all of it, and these excluded securities affected the account's performance relative to broader (non-screened) benchmarks. The equity segment of the account benefited from social screens that prevented ownership of a number of companies that underperformed broader markets. These included shares of Tyco International, General Electric, El Paso Corporation, Wyeth Company, and Duke Energy. Excluded companies that performed well in 2002 and therefore detracted from the account's relative performance included ExxonMobil, Royal Dutch Petroleum, Pharmacia, Anheuser-Busch, and Lockheed Martin. The fixed income portion of the account is invested in U.S. Treasury and agency securities, mortgage-backed and asset-backed securities, corporate bonds, foreign-government and foreign corporate bonds denominated in U.S. dollars, and short-term investments. Generally, there is little or no difference in performance between fixed-income investments that are screened for social criteria and those that are not. Screening process adopted 7/1/2002 The account invests in stocks, bonds, and money market instruments primarily from companies in the Russell 3000 Index that pass two kinds of social screens. First, the account will exclude certain companies based on revenues derived from involvement with alcohol, tobacco, gambling, weapons production, or nuclear power. The remaining companies under consideration for investment will then be evaluated and selected based on additional criteria, such as respect for the environment and human rights, charitable giving, fair labor and governance practices, quality products, and leadership in research and development. The account continues to invest in government securities. 8 College Retirement Equities Fund 2002 ANNUAL REPORT $10,000 OVER TEN YEARS [Data below were represented as a graph in the original report.] Social Lehman Brothers Choice Russell 3000 S&P 500 Aggregate Account Index Index Bond Index ------- ------------ ------- --------------- Dec 92 $10,000 $10,000 $10,000 $10,000 Dec 93 10,942 11,008 10,975 11,087 Dec 94 10,799 11,153 10,655 11,107 Dec 95 13,984 15,345 12,623 15,195 Dec 96 16,157 18,868 13,082 18,510 Dec 97 20,135 25,163 14,345 24,394 Dec 98 23,882 32,353 15,591 30,281 Dec 99 26,462 39,162 15,462 36,611 Dec 00 26,552 35,596 17,260 33,880 Dec 01 25,286 31,365 18,718 29,998 Dec 02 22,969 24,432 20,636 23,535 The graph assumes a $10,000 investment in the CREF Social Choice Account on January 1, 1993. It shows that, by December 31, 2002, the investment would have grown to $22,969. For comparison, the graph shows how the Social Choice Account's benchmarks changed over the same period. PORTFOLIO COMPOSITION AS OF 12/31/2002 [Data below were represented as a pie chart in the original report.] U.S. Stocks 60.0% Long-Term Bonds 39.6% Short-Term Investments 0.4% The Account's Benchmarks Through June 30, 2002, the benchmarks we used for the two components of the Social Choice Account were the S&P 500 Index, representing the U.S. stock market, and the Lehman Brothers Aggregate Bond Index, representing fixed-income investments. As of July 1, 2002, the account's equity portion will seek to track the returns of the Russell 3000 Index instead of the S&P 500 Index. The fixed-income index remains unchanged. TEN LARGEST HOLDINGS AS OF 12/31/2002 This portfolio contains both stocks and bonds. For stocks, the number of shares is shown. For bonds, maturity date and amount of principal are shown. PRINCIPAL/ MARKET PERCENT COUPON MATURITY SHARES VALUE OF NET ISSUER RATE DATE (000) (000) ASSETS U.S. Treasury Note 3.375% 1/15/07 $246,014 $266,426 6.08 U.S. Treasury Note 7.250 5/15/16 70,500 90,290 2.06 Microsoft Corp na na 1,461 75,532 1.72 FNMA MBS 6.500 1/25/32 72,000 74,948 1.71 Merck & Co, Inc na na 1,242 70,319 1.60 Johnson & Johnson na na 1,304 70,036 1.60 GNMA MBS 7.000 1/15/32 63,000 66,741 1.52 FGLMC MBS 6.500 1/25/32 60,000 62,475 1.43 FNMA MBS 6.000 1/25/32 59,000 60,973 1.39 American Int'l Group, Inc na na 1,014 58,708 1.34 FNMA: Federal National Mortgage Association; GNMA: Government National Mortgage Association; FGLMC: Federal Home Loan Mortgage Corporation Gold. PERFORMANCE AT A GLANCE AS OF 12/31/2002
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF RATES OF TOTAL RETURN(1)(2) TOTAL RETURN(1)(2) 2002 ACTUAL NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS EXPENSES (IN BILLIONS) ------ ------- -------- ------ ------- -------- ----------- ------------- SOCIAL CHOICE ACCOUNT -9.17% 2.67% 8.67% -9.17% 14.07% 129.68% 0.39%(3) $4.4 Russell 3000 Index -21.54 -0.71 8.94 -21.54 -3.52 135.36 -- -- S&P 500 Index -22.10 -0.59 9.34 -22.10 -2.91 144.30 -- -- Lehman Brothers Aggregate Bond Index 10.26 7.55 7.51 10.26 43.87 106.37 -- -- Morningstar Domestic Hybrid (VA) category -10.77 1.24 5.87 -10.77 6.36 76.87 -- -- Lipper Balanced Fund Index -11.71 1.37 7.19 -11.71 7.74 102.90 -- --
(1) Due to market volatility, recent performance of the CREF Social Choice Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ra-performance.html, or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Social Choice Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. 2002 ANNUAL REPORT College Retirement Equities Fund 9 Equity Index Account INVESTMENT OBJECTIVE The CREF Equity Index Account seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the U.S., as represented by the Russell 3000 Index, a broad stock market index. PORTFOLIO PROFILE o The account's benchmark is the Russell 3000 Index. o The account may use a sampling approach to create a portfolio that closely matches the overall investment characteristics of the index, without investing in all 3,000 stocks. PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2002 The CREF Equity Index Account posted a total return of -21.76 percent for 2002, compared with the -21.54 percent return of its benchmark, the Russell 3000 Index. The index does not factor in any charge for expenses. TEN LARGEST HOLDINGS AS OF 12/31/2002 SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS ------- ------------- ------------- ---------- General Electric Co 5.2 $127.2 2.68 ExxonMobil Corp 3.6 124.5 2.62 Microsoft Corp 2.4 121.7 2.56 Pfizer, Inc 3.3 100.3 2.11 Citigroup, Inc 2.7 96.5 2.03 Johnson & Johnson 1.6 85.0 1.79 Wal-Mart Stores, Inc 1.4 72.3 1.52 American Int'l Group, Inc 1.2 69.9 1.47 Int'l Business Machines Corp 0.9 69.7 1.47 Merck & Co, Inc 1.2 67.4 1.42 $10,000 SINCE 4/29/1994 INCEPTION [Data below were represented as a graph in the original report.] Equity Index Account Russell 3000 Index -------------------- ------------------ Dec 94 $10,000 $10,000 Dec 95 13,996 14,090 Dec 96 17,017 17,164 Dec 97 22,323 22,619 Dec 98 27,707 28,078 Dec 99 33,476 33,947 Dec 00 30,936 31,415 Dec 01 27,307 27,815 Dec 02 21,364 21,932 The graph assumes a $10,000 investment in the CREF Equity Index Account on April 29, 1994. It shows that, by December 31, 2002, the investment would have grown to $21,364. For comparison, the graph shows how the Russell 3000, the Equity Index Account's benchmark, changed over the same period. PORTFOLIO COMPOSITION AS OF 12/31/2002 [Data below were represented as a pie chart in the original report.] Consumer Products and Services 36.4% Financial Services 20.4% Technology 14.9% Manufacturing and Materials 13.8% Utilities 7.0% Energy 5.6% Transportation 1.3% Short-Term Investments 0.6% PERFORMANCE AT A GLANCE AS OF 12/31/2002
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF RATES OF TOTAL RETURN(1)(2) TOTAL RETURN(1)(2) SINCE SINCE 2002 ACTUAL NET ASSETS 1 YEAR 5 YEARS INCEPTION(3) 1 YEAR 5 YEARS INCEPTION(3) EXPENSES (IN BILLIONS) ------ ------- ------------ ------- -------- ------------ ----------- ------------- EQUITY INDEX ACCOUNT -21.76% -0.87% 9.20% -21.76% -4.30% 114.78% 0.41%(5) $4.8 Russell 3000 Index(4) -21.54 -0.71 9.47 -21.54 -3.52 119.32 -- --
(1) Due to market volatility, recent performance of the CREF Equity Index Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ra-performance.html or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Equity Index Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) Inception date: 4/29/1994 (4) The Russell 3000 is an unmanaged index of stocks of about 3,000 of the largest (based on market capitalization) publicly traded U.S. companies. The Russell 3000(R) Index is a trademark and service mark of the Frank Russell Company. No CREF account is promoted, endorsed, sponsored, or sold by or affiliated with the Frank Russell Company. (5) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. 10 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - MONEY MARKET ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- CORPORATE BOND--0.13% UTILITIES--0.13% Georgia Power Co (Sr Note) $ 10,000,000 5.750%, 01/31/03 ............................. $ 10,027 ---------- TOTAL UTILITIES 10,027 ---------- TOTAL CORPORATE BOND (COST $10,253) 10,027 ---------- SHORT TERM INVESTMENTS--99.82% CERTIFICATES OF DEPOSIT--6.48% Bank Of Nova Scotia 40,000,000 1.710%, 01/02/03 ............................. 40,000 15,000,000 1.320%, 03/05/03 ............................. 15,000 Barclays Bank Plc 20,000,000 1.320%, 02/11/03 ............................. 19,999 Canadian Imperial Bank Of Commerce 45,000,000 1.700%, 01/07/03 ............................. 45,003 30,000,000 1.310%, 02/28/03 ............................. 30,000 Credit Agricole 50,000,000 1.320%, 01/22/03 ............................. 49,998 Deutsche Bank 25,000,000 2.600%, 01/06/03 ............................. 25,004 Dresdner Bank 20,000,000 1.360%, 02/20/03 ............................. 20,000 25,000,000 1.360%, 02/20/03 ............................. 25,000 First Tennessee Bank NA 17,000,000 1.760%, 01/17/03 ............................. 17,003 29,000,000 1.340%, 02/25/03 ............................. 29,002 Rabobank 25,000,000 2.460%, 02/25/03 ............................. 25,042 25,000,000 2.595%, 04/04/03 ............................. 25,080 Royal Bank Of Scotland Plc 40,000,000 1.760%, 01/21/03 ............................. 40,009 State Street Bank & Trust Co 25,000,000 1.320%, 03/11/03 ............................. 24,997 Wells Fargo 30,000,000 1.300%, 01/14/03 ............................. 29,999 WestDeutsche Landesbank 25,000,000 2.600%, 04/04/03 ............................. 25,081 -------- TOTAL CERTIFICATES OF DEPOSIT 486,217 -------- COMMERCIAL PAPER--72.97% Abbey National North America LLC 50,000,000 1.310%, 02/10/03 ............................. 49,925 50,000,000 1.315%, 02/20/03 ............................. 49,904 Abbott Laboratories 25,000,000 c 1.300%, 01/28/03 ............................. 24,974 43,000,000 c 1.300%, 02/04/03 ............................. 42,944 ABN Amro NA Finance, Inc 21,800,000 1.280%, 01/07/03 ............................. 21,794 25,000,000 1.310%, 01/14/03 ............................. 24,987 50,000,000 1.720%, 02/12/03 ............................. 49,921 40,000,000 1.740%, 03/17/03 ............................. 39,889 5,100,000 1.320%, 03/27/03 ............................. 5,084 American Express Credit Corp 25,000,000 1.310%, 01/23/03 ............................. 24,979 31,000,000 1.340%, 01/31/03 ............................. 30,964 25,000,000 1.280%, 03/25/03 ............................. 24,924 American Honda Finance Corp 15,000,000 1.740%, 01/06/03 ............................. 14,996 7,750,000 1.670%, 01/07/03 ............................. 7,748 16,500,000 1.330%, 01/10/03 ............................. 16,494 32,170,000 1.670%, 01/21/03 ............................. 32,145 14,000,000 1.330%, 02/11/03 ............................. 13,978 29,000,000 1.300%, 02/26/03 ............................. 28,939 15,000,000 1.280%, 03/06/03 ............................. 14,965 Asset Securitization Coop Corp 15,000,000 c 1.790%, 01/09/03 ............................. 14,995 34,000,000 c 1.330%, 01/13/03 ............................. 33,984 50,000,000 c 1.330%, 01/16/03 ............................. 49,970 25,000,000 c 1.340%, 01/24/03 ............................. 24,978 25,000,000 c 1.330%, 02/25/03 ............................. 24,948 Bank Of Nova Scotia 20,000,000 1.760%, 01/21/03 ............................. 19,984 Barclays U.S. Funding Corp 50,000,000 1.320%, 01/28/03 ............................. 49,947 25,000,000 1.310%, 02/28/03 ............................. 24,944 40,000,000 1.340%, 03/04/03 ............................. 39,908 Becton Dickinson & Co 25,000,000 1.710%, 01/13/03 ............................. 24,988 Bellsouth Corp 19,200,000 c 1.300%, 02/07/03 ............................. 19,174 50,000,000 c 1.300%, 02/11/03 ............................. 49,923 Beta Finance, Inc 10,300,000 c 1.750%, 01/06/03 ............................. 10,297 11,500,000 c 1.330%, 01/08/03 ............................. 11,497 8,250,000 c 1.350%, 01/22/03 ............................. 8,243 13,500,000 c 1.740%, 01/27/03 ............................. 13,486 6,000,000 c 1.330%, 02/12/03 ............................. 5,991 63,300,000 c 1.330%, 02/18/03 ............................. 63,185 BMW U.S. Capital Corp 19,339,000 1.390%, 01/09/03 ............................. 19,333 7,695,000 1.350%, 01/10/03 ............................. 7,693 Canadian Imperial Holdings, Inc 28,000,000 1.350%, 03/03/03 ............................. 27,937 25,000,000 1.320%, 03/14/03 ............................. 24,934 Canadian Wheat Board 7,820,000 1.740%, 01/23/03 ............................. 7,813 13,000,000 1.300%, 01/31/03 ............................. 12,984 19,056,000 1.500%, 02/05/03 ............................. 19,030 20,000,000 1.270%, 02/12/03 ............................. 19,968 11,700,000 1.300%, 02/20/03 ............................. 11,678 50,000,000 1.300%, 02/26/03 ............................. 49,896 8,000,000 1.620%, 03/05/03 ............................. 7,981 8,880,000 1.270%, 03/18/03 ............................. 8,855 10,000,000 1.290%, 03/20/03 ............................. 9,971 Cargill Global Funding plc 10,000,000 c 1.670%, 01/17/03 ............................. 9,993 Cargill, Inc 50,000,000 c 1.740%, 01/16/03 ............................. 49,970 31,000,000 c 1.340%, 01/24/03 ............................. 30,972 Caterpillar Financial Services Corp 8,345,000 1.200%, 01/03/03 ............................. 8,344 11,705,000 1.300%, 01/28/03 ............................. 11,693 20,000,000 1.330%, 01/29/03 ............................. 19,979 24,000,000 1.300%, 02/03/03 ............................. 23,969 CC (USA), Inc 32,700,000 c 1.380%, 01/06/03 ............................. 32,692 23,000,000 c 1.330%, 01/08/03 ............................. 22,993 4,000,000 c 1.860%, 01/10/03 ............................. 3,998 4,500,000 c 1.780%, 02/13/03 ............................. 4,493 12,000,000 c 1.330%, 02/24/03 ............................. 11,975 21,000,000 c 1.350%, 03/17/03 ............................. 20,942 31,500,000 c 1.790%, 04/23/03 ............................. 31,373 21,500,000 c 1.380%, 05/19/03 ............................. 21,395 Ciesco LP 5,500,000 1.330%, 01/21/03 ............................. 5,496 44,500,000 1.330%, 01/22/03 ............................. 44,463 10,600,000 c 1.340%, 02/03/03 ............................. 10,587 49,000,000 c 1.330%, 02/05/03 ............................. 48,937 9,650,000 c 1.340%, 02/06/03 ............................. 9,637 30,000,000 c 1.340%, 02/10/03 ............................. 29,954 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 11 Statement of Investments - MONEY MARKET ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- COMMERCIAL PAPER--(CONTINUED) Citicorp $ 35,000,000 1.770%, 01/17/03 ............................. $ 34,977 40,000,000 1.330%, 01/27/03 ............................. 39,960 30,000,000 1.320%, 01/29/03 ............................. 29,967 25,000,000 1.310%, 04/18/03 ............................. 24,904 Coca-Cola Co 48,500,000 1.300%, 03/03/03 ............................. 48,391 Coca-Cola Enterprises, Inc 25,000,000 c 1.310%, 02/19/03 ............................. 24,954 20,000,000 1.310%, 04/11/03 ............................. 19,928 15,000,000 1.310%, 04/16/03 ............................. 14,943 Corporate Asset Funding Corp, Inc 21,000,000 c 1.350%, 01/07/03 ............................. 20,994 13,000,000 c 1.350%, 01/16/03 ............................. 12,992 27,000,000 c 1.350%, 01/23/03 ............................. 26,977 26,255,000 c 1.330%, 01/27/03 ............................. 26,229 20,000,000 c 1.330%, 01/30/03 ............................. 19,978 22,000,000 c 1.330%, 02/06/03 ............................. 21,969 20,000,000 c 1.330%, 02/10/03 ............................. 19,970 Delaware Funding Corp 6,100,000 c 1.720%, 01/13/03 ............................. 6,097 5,115,000 c 1.350%, 01/15/03 ............................. 5,112 50,000,000 c 1.340%, 01/24/03 ............................. 49,955 25,000,000 c 1.350%, 01/28/03 ............................. 24,974 40,000,000 c 1.340%, 02/07/03 ............................. 39,943 Edison Asset Securitization, LLC 50,000,000 c 1.330%, 01/21/03 ............................. 49,961 2,855,000 c 1.360%, 02/12/03 ............................. 2,850 56,400,000 c 1.340%, 02/24/03 ............................. 56,283 920,000 c 1.780%, 02/25/03 ............................. 918 40,000,000 c 1.330%, 03/06/03 ............................. 39,905 Enterprise Funding Corp 5,600,000 c 1.710%, 01/09/03 ............................. 5,598 10,005,000 c 1.380%, 01/10/03 ............................. 10,001 25,000,000 c 1.340%, 01/15/03 ............................. 24,986 19,000,000 c 1.340%, 02/13/03 ............................. 18,969 5,410,000 c 1.360%, 02/18/03 ............................. 5,400 Fcar Owner Trust 50,000,000 1.780%, 01/23/03 ............................. 49,956 26,000,000 c 1.770%, 01/29/03 ............................. 25,972 30,000,000 1.340%, 02/12/03 ............................. 29,953 25,000,000 1.340%, 03/04/03 ............................. 24,943 19,000,000 1.340%, 03/18/03 ............................. 18,947 Fleet Funding Corp 9,000,000 c 1.350%, 01/10/03 ............................. 8,997 39,000,000 c 1.330%, 01/23/03 ............................. 38,966 33,500,000 c 1.780%, 01/27/03 ............................. 33,466 52,000,000 c 1.340%, 02/21/03 ............................. 51,897 16,000,000 c 1.340%, 02/24/03 ............................. 15,967 Fortune Brands, Inc 2,110,000 c 1.320%, 01/14/03 ............................. 2,109 20,000,000 c 1.340%, 01/09/03 ............................. 19,993 General Electric Capital Corp 25,000,000 1.770%, 01/03/03 ............................. 24,997 25,000,000 1.740%, 01/07/03 ............................. 24,994 30,000,000 1.340%, 02/21/03 ............................. 29,940 8,550,000 1.350%, 03/03/03 ............................. 8,531 5,150,000 1.330%, 03/07/03 ............................. 5,138 14,195,000 1.330%, 03/11/03 ............................. 14,159 15,000,000 1.280%, 04/09/03 ............................. 14,947 Gillette Co 25,000,000 c 1.650%, 02/07/03 ............................. 24,963 Govco, Inc 29,000,000 c 1.710%, 01/10/03 ............................. 28,989 12,000,000 c 1.320%, 01/16/03 ............................. 11,993 14,500,000 c 1.360%, 01/21/03 ............................. 14,488 29,000,000 c 1.330%, 02/06/03 ............................. 28,959 26,000,000 c 1.340%, 02/19/03 ............................. 25,952 26,500,000 c 1.350%, 02/21/03 ............................. 26,447 13,000,000 c 1.340%, 02/24/03 ............................. 12,973 Greyhawk Funding LLC 5,000,000 c 1.360%, 01/10/03 ............................. 4,998 37,600,000 c 1.770%, 01/14/03 ............................. 37,581 50,000,000 c 1.750%, 01/17/03 ............................. 49,967 30,000,000 c 1.330%, 02/11/03 ............................. 29,954 25,000,000 c 1.340%, 02/21/03 ............................. 24,950 Harley-Davidson Funding Corp 12,000,000 c 1.500%, 01/03/03 ............................. 11,999 14,250,000 c 1.330%, 01/27/03 ............................. 14,236 13,750,000 c 1.330%, 02/03/03 ............................. 13,732 15,000,000 c 1.320%, 02/04/03 ............................. 14,981 Home Depot Funding Corp 43,469,000 c 1.500%, 05/06/03 ............................. 43,276 50,000,000 c 1.370%, 05/20/03 ............................. 49,753 International Business Machines Corp 30,000,000 1.770%, 05/05/03 ............................. 29,868 30,650,000 1.760%, 05/07/03 ............................. 30,513 Johnson & Johnson 10,195,000 c 1.730%, 01/10/03 ............................. 10,191 30,000,000 c 1.740%, 01/24/03 ............................. 29,972 25,995,000 c 1.730%, 02/27/03 ............................. 25,939 30,000,000 c 1.290%, 03/10/03 ............................. 29,925 Kimberly-Clark Corp 15,800,000 c 1.280%, 01/28/03 ............................. 15,783 Kitty Hawk Funding Corp 4,565,000 c 1.370%, 01/15/03 ............................. 4,562 50,000,000 c 1.350%, 01/21/03 ............................. 49,961 4,730,000 c 1.360%, 01/24/03 ............................. 4,726 15,000,000 c 1.360%, 01/29/03 ............................. 14,984 15,000,000 c 1.350%, 01/30/03 ............................. 14,983 15,000,000 c 1.330%, 02/18/03 ............................. 14,973 10,000,000 c 1.330%, 03/31/03 ............................. 9,967 17,000,000 c 1.330%, 05/12/03 ............................. 16,921 Links Finance LLC 20,000,000 c 1.780%, 01/17/03 ............................. 19,987 12,000,000 c 1.790%, 01/22/03 ............................. 11,990 23,000,000 c 1.330%, 02/11/03 ............................. 22,964 50,000,000 c 1.350%, 02/19/03 ............................. 49,908 14,470,000 c 1.370%, 02/25/03 ............................. 14,440 1,380,000 c 1.380%, 06/02/03 ............................. 1,372 McGraw-Hill Cos, Inc 1,875,000 1.340%, 06/09/03 ............................. 1,864 21,500,000 1.330%, 06/12/03 ............................. 21,375 17,024,000 1.320%, 06/18/03 ............................. 16,922 24,500,000 1.320%, 06/27/03 ............................. 24,345 Merck & Co, Inc 30,000,000 1.300%, 01/13/03 ............................. 29,986 20,000,000 1.300%, 01/17/03 ............................. 19,988 Moriarty LLC 13,500,000 c 1.740%, 01/15/03 ............................. 13,492 5,000,000 c 1.500%, 01/21/03 ............................. 4,996 24,000,000 c 1.800%, 01/23/03 ............................. 23,979 50,000,000 c 1.520%, 02/04/03 ............................. 49,935 Paccar Financial Corp 6,395,000 1.300%, 01/09/03 ............................. 6,393 8,315,000 1.740%, 01/10/03 ............................. 8,312 21,700,000 1.670%, 01/13/03 ............................. 21,690 SEE NOTES TO FINANCIAL STATEMENTS 12 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - MONEY MARKET ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ---------- COMMERCIAL PAPER--(CONTINUED) Paccar Financial Corp (Continued) $ 8,080,000 1.740%, 01/16/03 ............................. $ 8,075 6,600,000 1.760%, 01/17/03 ............................. 6,596 6,630,000 1.280%, 02/11/03 ............................. 6,620 10,100,000 1.290%, 02/13/03 ............................. 10,083 2,000,000 1.310%, 02/24/03 ............................. 1,996 6,532,000 1.310%, 03/10/03 ............................. 6,516 42,960,000 1.320%, 03/13/03 ............................. 42,847 4,570,000 1.280%, 03/25/03 ............................. 4,556 14,610,000 1.385%, 08/01/03 ............................. 14,496 Park Avenue Receivables Corp 10,000,000 c 1.770%, 01/03/03 ............................. 9,999 7,025,000 c 1.420%, 01/06/03 ............................. 7,023 5,369,000 c 1.400%, 01/14/03 ............................. 5,366 28,022,000 c 1.370%, 01/27/03 ............................. 27,994 10,221,000 c 1.340%, 01/28/03 ............................. 10,210 30,000,000 c 1.340%, 01/29/03 ............................. 29,967 6,000,000 c 1.340%, 01/30/03 ............................. 5,993 25,000,000 c 1.330%, 01/31/03 ............................. 24,970 20,000,000 c 1.340%, 02/13/03 ............................. 19,967 Pfizer, Inc 6,800,000 c 1.200%, 01/03/03 ............................. 6,799 6,700,000 c 1.650%, 01/24/03 ............................. 6,694 19,700,000 c 1.310%, 01/29/03 ............................. 19,679 29,000,000 c 1.270%, 02/03/03 ............................. 28,963 46,000,000 c 1.300%, 02/12/03 ............................. 45,927 28,000,000 c 1.300%, 02/20/03 ............................. 27,946 3,415,000 c 1.320%, 02/24/03 ............................. 3,408 6,500,000 c 1.310%, 02/25/03 ............................. 6,487 4,000,000 c 1.270%, 02/28/03 ............................. 3,992 Preferred Receivables Funding Corp 14,000,000 c 1.320%, 01/06/03 ............................. 13,997 47,000,000 c 1.330%, 01/10/03 ............................. 46,983 20,000,000 c 1.330%, 01/14/03 ............................. 19,990 10,800,000 c 1.360%, 01/08/03 ............................. 10,797 33,000,000 c 1.360%, 01/15/03 ............................. 32,981 25,300,000 c 1.340%, 02/07/03 ............................. 25,264 Proctor & Gamble 50,000,000 c 1.310%, 02/14/03 ............................. 49,915 Receivables Capital Corp 24,000,000 c 1.330%, 01/07/03 ............................. 23,994 9,000,000 c 1.320%, 01/09/03 ............................. 8,997 11,068,000 c 1.330%, 01/17/03 ............................. 11,061 15,000,000 c 1.360%, 01/27/03 ............................. 14,985 50,000,000 c 1.350%, 01/31/03 ............................. 49,942 30,000,000 c 1.340%, 02/07/03 ............................. 29,958 4,800,000 c 1.330%, 02/21/03 ............................. 4,790 6,000,000 c 1.340%, 03/17/03 ............................. 5,983 Reseau Ferre De France 29,460,000 1.310%, 02/19/03 ............................. 29,406 Royal Bank Of Canada 36,435,000 1.750%, 01/24/03 ............................. 36,401 Royal Bank Of Scotland plc 3,000,000 1.350%, 01/17/03 ............................. 2,998 21,930,000 1.320%, 02/03/03 ............................. 21,902 5,600,000 1.340%, 02/27/03 ............................. 5,588 Salomon Smith Barney Holdings, Inc 850,000 1.400%, 01/09/03 ............................. 850 15,000,000 1.340%, 01/31/03 ............................. 14,983 SBC International, Inc 25,000,000 c 1.780%, 01/14/03 ............................. 24,987 24,430,000 c 1.760%, 01/22/03 ............................. 24,410 21,000,000 c 1.340%, 01/23/03 ............................. 20,982 10,500,000 c 1.350%, 01/24/03 ............................. 10,491 Sigma Finance, Inc 40,000,000 c 1.780%, 01/30/03 ............................. 39,954 34,000,000 c 1.350%, 02/04/03 ............................. 33,956 25,000,000 c 1.340%, 02/28/03 ............................. 24,944 935,000 c 1.800%, 03/07/03 ............................. 933 Societe Generale NA, Inc 15,000,000 1.755%, 02/03/03 ............................. 14,981 25,000,000 1.310%, 02/13/03 ............................. 24,959 4,640,000 1.335%, 02/21/03 ............................. 4,631 35,000,000 1.310%, 02/27/03 ............................. 34,924 30,000,000 1.330%, 03/18/03 ............................. 29,916 10,500,000 1.320%, 03/27/03 ............................. 10,467 Toronto Dominion Holdings 31,000,000 1.310%, 02/14/03 ............................. 30,947 UBS Finance, Inc (Delaware) 45,000,000 1.350%, 01/09/03 ............................. 44,985 15,150,000 1.350%, 02/03/03 ............................. 15,131 25,000,000 1.290%, 02/10/03 ............................. 24,962 5,500,000 1.300%, 02/18/03 ............................. 5,490 5,000,000 1.340%, 02/19/03 ............................. 4,991 15,500,000 1.270%, 02/27/03 ............................. 15,468 4,000,000 1.340%, 03/03/03 ............................. 3,991 8,400,000 1.340%, 03/12/03 ............................. 8,378 9,545,000 1.320%, 03/19/03 ............................. 9,518 13,070,000 1.340%, 04/03/03 ............................. 13,027 3,835,000 1.320%, 04/04/03 ............................. 3,822 Variable Funding Capital Corp 45,686,000 c 1.380%, 01/14/03 ............................. 45,663 10,015,000 c 1.340%, 02/04/03 ............................. 10,002 30,000,000 c 1.340%, 02/06/03 ............................. 29,959 50,000,000 c 1.330%, 03/05/03 ............................. 49,884 ---------- TOTAL COMMERCIAL PAPER 5,472,965 ---------- MEDIUM TERM NOTES--0.67% Link Finance LLC 25,000,000 1.330%, 11/26/03 ............................. 24,998 Sigma Finance, Inc 25,000,000 1.855%, 01/22/03 ............................. 25,000 ---------- TOTAL MEDIUM TERM NOTES 49,998 ---------- U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--16.21% Federal Farm Credit Bank (FFCB) 14,000,000 1.270%, 02/06/03 ............................. 13,982 Federal Home Loan Bank (FHLB) 25,000,000 5.125%, 01/13/03 ............................. 25,034 4,045,000 1.680%, 01/15/03 ............................. 4,043 20,000,000 1.270%, 01/29/03 ............................. 19,980 39,956,000 1.270%, 02/14/03 ............................. 39,890 19,275,000 1.270%, 03/07/03 ............................. 19,231 8,702,000 1.270%, 03/12/03 ............................. 8,681 1,500,000 1.270%, 03/28/03 ............................. 1,496 9,600,000 1.250%, 04/16/03 ............................. 9,565 25,000,000 1.270%, 04/17/03 ............................. 24,908 50,000,000 1.270%, 05/16/03 ............................. 49,764 3,945,000 2.040%, 07/01/03 ............................. 3,920 50,000,000 1.320%, 08/11/03 ............................. 49,607 Federal Home Loan Mortgage Corp (FHLMC) 91,319,000 1.645%, 01/02/03 ............................. 91,311 18,075,000 1.640%, 01/09/03 ............................. 18,069 20,000,000 1.240%, 01/30/03 ............................. 19,979 18,271,000 1.250%, 02/06/03 ............................. 18,247 17,000,000 1.255%, 02/06/03 ............................. 16,978 86,000,000 1.270%, 02/13/03 ............................. 85,863 22,375,000 1.250%, 02/19/03 ............................. 22,335 11,220,000 1.210%, 03/13/03 ............................. 11,192 69,060,000 1.280%, 03/20/03 ............................. 68,872 21,466,000 1.270%, 03/27/03 ............................. 21,402 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 13 Statement of Investments - MONEY MARKET ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--(CONTINUED) $ 500,000 2.050%, 04/24/03 ........................... $ 498 21,400,000 2.090%, 05/22/03 ........................... 21,294 8,750,000 2.100%, 06/19/03 ........................... 8,698 1,199,000 1.300%, 07/17/03 ........................... 1,191 2,000,000 1.280%, 07/18/03 ........................... 1,986 49,445,000 1.350%, 08/14/03 ........................... 49,051 33,600,000 1.690%, 09/12/03 ........................... 33,298 12,550,000 1.690%, 09/19/03 ........................... 12,434 50,000,000 1.735%, 10/09/03 ........................... 49,491 20,000,000 1.800%, 10/20/03 ........................... 19,788 2,650,000 1.490%, 10/22/03 ........................... 2,622 50,000,000 1.490%, 11/06/03 ........................... 49,440 Federal National Mortgage Association (FNMA) 50,000,000 1.735%, 01/08/03 ........................... 49,986 50,000,000 1.275%, 01/15/03 ........................... 49,974 26,795,000 1.550%, 01/22/03 ........................... 26,775 25,000,000 1.250%, 02/05/03 ........................... 24,969 50,000,000 1.275%, 02/26/03 ........................... 49,900 25,000,000 1.270%, 02/27/03 ........................... 24,948 20,948,000 1.245%, 03/05/03 ........................... 20,902 30,000,000 1.275%, 03/12/03 ........................... 29,927 20,000,000 2.500%, 04/04/03 ........................... 19,935 700,000 1.280%, 04/30/03 ........................... 697 22,500,000 2.100%, 05/30/03 ........................... 22,383 1,320,000 1.780%, 07/25/03 ........................... 1,310 ------------ TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 1,215,846 ------------ VARIABLE RATE NOTES--3.49% American Express Credit Corp (Sr Note) 25,000,000 1.424%, 04/08/03 ............................. 24,998 25,000,000 1.501%, 11/10/03 ............................. 25,010 15,100,000 1.890%, 12/17/03 ............................. 15,103 American Honda Finance Corp Note 20,000,000 1.380%, 06/12/03 ............................. 19,998 Citigroup, Inc Note 10,000,000 1.500%, 05/30/03 ............................. 10,003 Credit Suisse 50,000,000 1.786%, 09/04/03 ............................. 49,990 25,000,000 1.454%, 10/09/03 ............................. 24,990 JP Morgan Chase & Co (Sr Note) 46,500,000 1.903%, 01/30/03 ............................. 46,516 Sigma Finance, Inc 25,000,000 1.870%, 02/18/03 ............................. 24,998 Southtrust Bank NA 20,000,000 1.962%, 10/03/03 ............................. 20,037 ------------ TOTAL VARIABLE RATE NOTES 261,643 ------------ TOTAL SHORT TERM INVESTMENTS (COST $7,484,978) 7,486,669 ------------ TOTAL PORTFOLIO--99.95% (COST $7,495,231) 7,496,696 OTHER ASSETS & LIABILITIES, net--0.05% 3,429 ------------ NET ASSETS--100.00% $ 7,500,125 ============ - ----------- c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the accounts use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 14 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - INFLATION-LINKED BOND ACCOUNT - December 31, 2002 - --------------------------------------------------------------------------------
PRINCIPAL VALUE (000) --------- ------------ GOVERNMENT BONDS--98.77% U.S. TREASURY INFLATION-LINKED SECURITIES--98.77% $283,223,420 e, k3.375%, 01/15/07 .................................. $ 306,722 287,867,612 k3.625%, 01/15/08 .................................. 315,845 278,175,688 k3.875%, 01/15/09 .................................. 310,035 191,155,123 e, k4.250%, 01/15/10 .................................. 218,006 178,951,756 k3.500%, 01/15/11 .................................. 196,427 94,798,330 e, k3.375%, 01/15/12 .................................. 103,626 248,442,404 k3.000%, 07/15/12 .................................. 264,009 282,908,835 k3.625%, 04/15/28 .................................. 331,047 328,850,219 k3.875%, 04/15/29 .................................. 402,122 78,542,116 e, k3.375%, 04/15/32 .................................. 90,608 ---------- TOTAL U.S. TREASURY INFLATION-LINKED SECURITIES 2,538,447 ---------- TOTAL GOVERNMENT BONDS (COST $2,345,914) 2,538,447 ---------- SHORT TERM INVESTMENTS--6.76% COMMERCIAL PAPER--0.49% UBS FINANCE, INC (DELAWARE) 12,600,000 1.200%, 01/02/03 ................................... 12,599 ---------- TOTAL COMMERCIAL PAPER 12,599 ---------- INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED--6.27% REPURCHASE AGREEMENTS Bear Stearns & Co, 1.270% Dated 12/31/02, Due 01/02/03 In The Amount Of $11,123,392 (Fully Collateralized By High Grade Debt Obligations: 11,123,000 Total Market Value $11,403,907) ................. 11,123 Goldman Sachs & Co, 1.800% Dated 12/31/02, Due 01/02/03 In The Amount Of $25,000,819 (Fully Collateralized By High Grade Debt Obligations: 25,000,000 Total Market Value $25,500,000) ................. 25,000 Lehman Brothers, Inc, 1.180% Dated 12/31/02, Due 01/02/03 In The Amount Of $25,000,819 (Fully Collateralized By High Grade Debt Obligations: 25,000,000 Total Market Value $25,491,964) .................. 25,000 Merrill Lynch & Co, Inc, 1.230% Dated 12/31/02, Due 01/02/03 In The Amount Of $25,000,854 (Fully Collateralized By High Grade Debt Obligations: 25,000,000 Total Market Value $25,500,071) .................. 25,000 Morgan Stanley & Co, Inc, 1.220% Dated 12/31/02, Due 01/02/03 In The Amount Of $25,000,847 (Fully Collateralized By High Grade Debt Obligations: 25,000,000 Total Market Value $25,500,237) 25,000 TIME DEPOSITS Citibank NA 25,000,785 1.130%, 01/02/03 ................................... 25,001 Southtrust NA 25,000,825 1.188%, 01/02/03 ................................... 25,004 ---------- 161,128 ---------- TOTAL SHORT TERM INVESTMENTS (COST $173,726) 173,727 ---------- TOTAL PORTFOLIO--105.53% (COST $2,519,640) 2,712,174 OTHER ASSETS & LIABILITIES, NET--(5.53%) (142,140) ---------- NET ASSETS--100.00% $2,570,034 ==========
- ---------- e All or a portion of these securities are out on loan. k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 15 Statement of Investments - BOND MARKET ACCOUNT - December 31, 2002 - --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- CORPORATE BONDS--26.61% AEROSPACE AND DEFENSE--0.35% Lockheed Martin Corp Deb $ 5,000,000 8.500%, 12/01/29 .................. Baa2 $ 6,650 Raytheon Co Note 4,000,000 5.500%, 11/15/12 .................. Baa3 4,057 United Technologies Corp Deb 7,500,000 7.500%, 09/15/29 .................. A2 9,290 ---------- TOTAL AEROSPACE AND DEFENSE 19,997 ---------- ASSET BACKED--2.60% Chase Funding Loan Acquisition Trust Series 2001-C2 (Class IA2) 8,047,699 5.673%, 05/25/22 .................. Aaa 8,193 Chase Funding Mortgage Loan Series 2001-4 (Class IA3) 8,550,000 5.053%, 02/25/23 .................. Aaa 8,916 CIT Equipment Collateral Series 2000-2 (Class A3) 2,281,626 6.840%, 06/20/04 .................. Aaa 2,312 CIT Group Home Equity Loan Trust Series 2002-1 (Class AF6) 6,000,000 6.200%, 02/25/30 ................... Aaa 6,325 Citibank Credit Card Issuance Trust Series 2001-C3 (Class C3) 5,000,000 6.650%, 05/15/08 .................. Baa2 5,395 Countrywide Asset-Backed Certificates Series 2001-1 (Class AF4) 10,000,000 6.517%, 01/25/29 .................. Aaa 10,383 Countrywide Asset-Backed Certificates Series 2001-Bc1 (Class A3) 4,783,831 6.237%, 12/25/26 .................. Aaa 4,807 Detroit Edison Securitization Funding Llc Series 2001-1 (Class A3) 10,000,000 5.875%, 03/01/10 .................. Aaa 11,041 Greenpoint Manufactured Housing Series 1999-5 (Class A2) 3,222,452 7.080%, 02/15/18 .................. Aaa 3,238 MMCA Automobile Trust Series 2001-1 (Class A4) 10,000,000 5.340%, 12/15/05 .................. Aaa 10,441 Nissan Auto Receivables Owner Trust Series 2001-C (Class A4) 4,000,000 4.800%, 02/15/07 .................. Aaa 4,198 Peco Energy Transition Trust Series 1999-A (Class A6) 8,000,000 6.050%, 03/01/09 .................. Aaa 8,835 Peco Energy Transition Trust Series 1999-A (Class A7) 10,000,000 6.130%, 03/01/09 .................. Aaa 11,212 Public Service New Hampshire Funding LLC Series 2001-1 (Class A2) 12,709,395 5.730%, 11/01/10 .................. Aaa 13,815 Residential Asset Securities Corp Series 1997-Ks3 (Class AI5) 1,067,845 7.250%, 08/25/27 .................. Aaa 1,111 Residential Asset Securities Corp Series 1999-Ks2 (Class AI9) 2,956,874 7.150%, 07/25/30 .................. Aaa 3,192 Residential Asset Securities Corp Series 2000-Ks4 (Class AI6) 11,000,000 7.435%, 09/25/31 .................. Aaa 12,083 Residential Asset Securities Corp Series 2001-Ks2 (Class AI3) 2,500,000 5.751%, 03/25/27 .................. Aaa 2,553 Residential Asset Securities Corp Series 2001-Ks2 (Class AI4) 7,000,000 6.417%, 02/25/29 .................. Aaa 7,386 Residential Asset Securities Corp Series 2001-Ks2 (Class AI6) 2,000,000 6.489%, 10/25/30 .................. Aaa 2,157 Saxon Asset Securities Trust Series 1999-3 (Class AF6) 4,688,008 7.525%, 06/25/14 .................. Aaa 5,133 Vanderbilt Mortgage Finance Series 2001-A (Class A2) 7,274,783 6.120%, 02/07/15 .................. Aaa 7,437 ---------- TOTAL ASSET BACKED 150,163 ---------- BASIC INDUSTRIES--0.90% Abitibi-Consolidated, Inc 3,750,000 8.850%, 08/01/30 .................. Ba1 4,033 Archer-Daniels-Midland Deb 5,000,000 7.000%, 02/01/31 .................. A1 5,757 Beazer Homes USA, Inc (Guarantee Note) 2,000,000 e 8.375%, 04/15/12 .................. Ba2 2,060 Brascan Corp Note 5,000,000 7.125%, 06/15/12 .................. Baa3 5,355 Dow Chemical Co Note 2,250,000 e 6.000%, 10/01/12 .................. A3 2,304 Du Pont EI de Nemours & Co Note 3,000,000 e 4.750%, 11/15/12 .................. Aa3 3,093 International Paper Co Note 5,000,000 5.850%, 10/30/12 .................. Baa2 5,235 ISP Chemco, Inc (Guarantee Note) 2,000,000 10.250%, 07/01/11 ................. B2 2,070 Kennametal, Inc (Sr Note) 1,500,000 7.200%, 06/15/12 .................. Ba1 1,592 Lyondell Chemical Co (Guarantee Note) 2,000,000 9.500%, 12/15/08 .................. Ba3 1,860 Pulte Homes, Inc (Guarantee Note) 4,000,000 7.875%, 06/15/32 .................. Baa3 4,256 Von Hoffmann Press, Inc 2,000,000 10.250%, 03/15/09 ................. B2 1,870 Weyerhaeuser Co Note 3,000,000 6.000%, 08/01/06 .................. Baa2 3,190 5,000,000 5.950%, 11/01/08 .................. Baa2 5,320 4,000,000 7.375%, 03/15/32 .................. Baa2 4,338 ---------- TOTAL BASIC INDUSTRIES 52,333 ---------- CONSUMER CYCLICAL--2.98% American Achievement Corp (Guarantee Note) 2,000,000 11.625%, 01/01/07 ................. B1 2,123 AOL Time Warner, Inc (Guarantee Note) 5,800,000 6.750%, 04/15/11 .................. Baa1 6,044 3,500,000 6.625%, 05/15/29 .................. Baa1 3,209 AOL Time Warner, Inc Note 5,500,000 5.625%, 05/01/05 .................. Baa1 5,610 5,000,000 6.875%, 05/01/12 .................. Baa1 5,274 Boyd Gaming Corp (Sr Sub Note) 2,000,000 e 8.750%, 04/15/12 .................. B1 2,080 Clear Channel Communications, Inc (Sr Note) 5,000,000 7.250%, 09/15/03 .................. Baa3 5,101 Collins & Aikman Products (Guarantee Note) 2,000,000 e 10.750%, 12/31/11 ................. B1 1,905
+ As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 16 College Retirement Equities Fund 2002 ANNUAL REPORT
Statement of Investments - BOND MARKET ACCOUNT - December 31, 2002 - ----------------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ---------- CONSUMER CYCLICAL--(CONTINUED) Daimler-Chrysler NA Holding (Guarantee Note) $ 2,000,000 7.300%, 01/15/12 .................. A3 $ 2,242 7,500,000 8.500%, 01/18/31 .................. A3 9,174 Ford Motor Credit Co Note 16,500,000 7.600%, 08/01/05 .................. A3 16,830 9,500,000 6.500%, 01/25/07 .................. A3 9,389 2,000,000 7.375%, 02/01/11 .................. A3 1,952 General Motors Note 5,000,000 6.375%, 05/01/08 .................. A3 5,062 12,500,000 e 7.200%, 01/15/11 .................. A3 12,443 Inco Ltd Note 2,000,000 7.750%, 05/15/12 .................. Baa3 2,236 Hilton Hotels Corp Note 2,750,000 7.625%, 12/01/12 .................. Ba1 2,777 Kohl's Corp Bond 4,000,000 6.000%, 01/15/33 .................. A3 4,021 Mail Well I Corp (Guarantee Note) 2,000,000 9.625%, 03/15/12 .................. B1 1,780 News America Holdings Deb 8,000,000 7.700%, 10/30/25 .................. Baa3 8,137 Park Place Entertainment Corp (Sr Sub Note) 2,000,000 e 7.875%, 03/15/10 .................. Ba2 2,035 Quebecor Media, Inc (Sr Note) 2,000,000 11.125%, 07/15/11 ................. B2 1,843 Six Flags, Inc (Sr Note) 2,000,000 8.875%, 02/01/10 .................. B2 1,880 Stanley Works Note 4,750,000 4.900%, 11/01/12 .................. A2 4,850 Target Corp Note 10,000,000 5.375%, 06/15/09 .................. A2 10,716 TCA Cable TV, Inc Deb 5,000,000 6.530%, 02/01/28 .................. Baa2 5,318 Unilever Capital Corp (Guarantee Note) 8,000,000 6.875%, 11/01/05 .................. A1 8,987 5,000,000 5.900%, 11/15/32 .................. A1 5,115 United Rentals (North America), Inc (Guarantee Note) 2,000,000 e 10.750%, 04/15/08 ................. B1 1,990 Viacom, Inc Note 5,000,000 5.625%, 05/01/07 .................. A3 5,417 3,000,000 7.700%, 07/30/10 .................. A3 3,563 Walt Disney Co Note 3,000,000 5.500%, 12/29/06 .................. Baa1 3,217 8,000,000 7.550%, 02/15/30 .................. Aa2 10,069 ---------- TOTAL CONSUMER CYCLICAL 172,389 ---------- CONSUMER NON-CYCLICAL--1.99% Anheuser-Busch Cos, Inc 3,750,000 4.375%, 01/15/13 .................. A1 3,733 Bottling Group LLC (Guarantee Note) 4,000,000 4.625%, 11/15/12 .................. A3 3,998 Coinmach Corp (Sr Note) 2,000,000 9.000%, 02/01/10 .................. B2 2,098 Conagra Foods, Inc Note 7,500,000 7.875%, 09/15/10 .................. Baa1 9,010 2,500,000 8.250%, 09/15/30 .................. Baa1 3,259 Coors Brewing Co (Guarantee Note) 5,000,000 6.375%, 05/15/12 .................. Baa2 5,598 Costco Wholesale Corp (Sr Note) 4,000,000 5.500%, 03/15/07 .................. A2 4,329 Delhaize America, Inc (Guarantee Note) 2,000,000 8.125%, 04/15/11 .................. Ba1 1,910 Diageo Capital Plc (Guarantee Note) 5,000,000 6.625%, 06/24/04 .................. A1 5,353 Fosters Brewing Note 4,000,000 e 6.875%, 06/15/11 .................. Baa1 4,553 Gillette Co 5,000,000 4.125%, 08/30/07 .................. Aa3 5,231 Kellogg Co Deb 5,000,000 7.450%, 04/01/31 .................. Baa2 6,066 Kraft Foods, Inc 10,000,000 5.625%, 11/01/11 .................. A2 10,673 Kroger Co Note 5,000,000 7.800%, 08/15/07 .................. Baa3 5,741 2,500,000 8.050%, 02/01/10 .................. Baa3 2,901 Land O' Lakes, Inc (Sr Note) 2,000,000 8.750%, 11/15/11 .................. B2 1,110 Masco Corp Note 4,000,000 6.000%, 05/03/04 .................. Baa1 4,191 3,000,000 6.500%, 08/15/32 .................. Baa1 3,043 Newell Rubbermaid, Inc Note 3,500,000 6.000%, 03/15/07 .................. Baa1 3,774 PepsiCo, Inc Note 4,000,000 4.500%, 09/15/04 .................. A1 4,175 RJ Reynolds Tobacco Holdings, Inc (Guarantee Note) 2,500,000 6.500%, 06/01/07 .................. Baa2 2,608 4,000,000 7.250%, 06/01/12 .................. Baa2 4,173 Safeway, Inc Note 6,000,000 6.150%, 03/01/06 .................. Baa2 6,420 6,500,000 4.800%, 07/16/07 .................. Baa2 6,705 Sara Lee Corp Deb 4,000,000 e 6.125%, 11/01/32 .................. A3 4,212 ---------- TOTAL CONSUMER NON-CYCLICAL 114,864 ---------- ENERGY--1.29% Amerada Hess Corp Deb 2,500,000 7.875%, 10/01/29 .................. Baa2 2,876 Anadarko Finance (Guarantee Note) 5,000,000 6.750%, 05/01/11 .................. Baa1 5,650 Anadarko Petroleum Corp Note 2,500,000 5.375%, 03/01/07 .................. Baa1 2,672 Chesapeake Energy Corp (Sr Note) 1,000,000 8.500%, 03/15/12 .................. B1 1,035 1,000,000 e 9.000%, 08/15/12 .................. B1 1,060 Conoco, Inc (Sr Note) 3,000,000 6.950%, 04/15/29 .................. A3 3,383 Conoco Phillips Note 4,000,000 8.500%, 05/25/05 .................. A3 4,564 12,000,000 4.750%, 10/15/12 .................. A3 12,064 2,000,000 5.900%, 10/15/32 .................. A3 1,989 Consolidated Natural Gas Co (Sr Note) 5,000,000 6.850%, 04/15/11 .................. A3 5,648 Devon Energy Corp 4,000,000 7.950%, 04/15/32 .................. Baa2 4,778 Husky Energy, Inc Note 3,750,000 6.250%, 06/15/12 .................. Baa2 4,034 Kinder Morgan Energy Partners LP Bond 4,000,000 7.750%, 03/15/32 .................. Baa1 4,540 Northern Border Pipeline Co Note 4,500,000 6.250%, 05/01/07 .................. A3 4,721
As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 17 Statement of Investments - BOND MARKET ACCOUNT - December 31, 2002 - --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000) --------- -------- ---------- ENERGY--(CONTINUED) Petronas Capital Ltd (Guarantee Note) $ 4,000,000 7.000%, 05/22/12 .................. Baa1 $ 4,356 1,500,000 7.875%, 05/22/22 .................. Baa1 1,612 Valero Energy Corp Note 3,500,000 6.125%, 04/15/07 .................. Baa2 3,632 6,000,000 6.875%, 04/15/12 .................. Baa2 6,271 ---------- TOTAL ENERGY 74,885 ---------- FINANCIAL SERVICES--8.11% AIG Sunamerica Global Financing VI (Sr Note) 5,000,000 6.300%, 05/10/11 .................. Aaa 5,511 Allstate Corp 2,000,000 6.125%, 12/15/32 .................. A1 2,037 Associated P&C Holdings (Sr Note) 5,000,000 6.750%, 07/15/03 .................. A3 5,104 Astoria Financial Corp Note 5,000,000 5.750%, 10/15/12 .................. Baa3 4,925 Bank of America Corp (Note) 5,000,000 e 4.750%, 10/15/06 .................. Aa2 5,312 11,000,000 3.875%, 01/15/08 .................. Aa2 11,159 4,500,000 5.875%, 02/15/09 .................. Aa2 4,954 3,000,000 5.125%, 11/15/14 .................. Aa2 3,051 Bank One Corp (Sub Note) 5,000,000 4.125%, 09/01/07 .................. Aa3 5,155 2,000,000 5.250%, 01/30/13 .................. A1 2,059 Bank One NA Illinois Note 7,000,000 5.500%, 03/26/07 .................. Aa2 7,632 Barclays Bank PLC (Sub Note) 5,000,000 7.375%, 06/29/49 .................. Aa3 5,740 BB & T Corp (Sub Note) 4,000,000 6.500%, 08/01/11 .................. A2 4,520 Bear Stearns Cos, Inc Note 5,000,000 5.700%, 01/15/07 .................. A2 5,405 4,000,000 5.700%, 11/15/14 .................. A 4,091 Boston Properties, Inc 1,000,000 6.250%, 01/15/13 .................. Baa2 1,012 BRE Properties Note 3,000,000 5.750%, 09/01/09 .................. Baa2 3,105 Burlington Resource (Guarantee Note) 2,000,000 e 6.400%, 08/15/11 .................. Baa1 2,205 5,000,000 7.200%, 08/15/31 .................. Baa1 5,717 Citigroup, Inc (Sub Note) 8,500,000 e 4.125%, 06/30/05 .................. Aa1 8,849 7,000,000 7.250%, 10/01/10 .................. Aa2 8,062 10,500,000 6.500%, 01/18/11 .................. Aa1 11,765 3,500,000 5.625%, 08/27/12 .................. Aa2 3,678 Countrywide Home Loans, Inc (Guarantee Note) 4,000,000 5.625%, 07/15/09 .................. A3 4,252 Credit Suisse First Boston, Inc 8,000,000 4.625%, 01/15/08 .................. Aa3 8,109 D.R. Horton, Inc (Sr Sub Note) 2,000,000 e 9.750%, 09/15/10 .................. Ba2 2,050 Du Pont EI de Nemours & Co Deb 5,000,000 e 6.500%, 01/15/28 .................. Aa3 5,682 EOP Operating LP (Guarantee Note) 8,000,000 6.750%, 02/15/12 .................. Baa1 8,576 Equifax, Inc Note 3,500,000 4.950%, 11/01/07 .................. Baa1 3,561 Falconbridge Ltd Note 2,000,000 7.350%, 06/05/12 .................. Baa3 2,072 Ford Motor Co Deb 14,000,000 6.625%, 10/01/28 .................. Baa1 11,042 General Electric Capital Corp Note $ 9,000,000 6.000%, 06/15/12 .................. Aaa 9,689 4,500,000 e 5.450%, 01/15/13 .................. Aaa 4,674 General Electric Global Insurance Note 5,000,000 7.750%, 06/15/30 .................. A1 5,731 General Motors Acceptance Corp Note 5,000,000 5.250%, 05/16/05 .................. A2 5,031 5,000,000 e 6.125%, 09/15/06 .................. A2 5,089 6,000,000 7.750%, 01/19/10 .................. A2 6,289 10,000,000 8.000%, 11/01/31 .................. A2 10,065 Golden West Financial Corp (Sr Note) 3,000,000 4.125%, 08/15/07 .................. A1 3,078 3,500,000 4.750%, 10/01/12 .................. A1 3,520 Goldman Sachs Group, Inc Note 4,000,000 5.700%, 09/01/12 .................. Aa3 4,164 4,000,000 5.500%, 11/15/14 .................. NR 4,032 Hartford Financial Services Group (Sr Note) 5,000,000 7.900%, 06/15/10 .................. A2 5,717 Household Finance Co Note 3,250,000 e 6.500%, 01/24/06 .................. A2 3,451 3,000,000 8.000%, 07/15/10 .................. A2 3,364 3,000,000 7.000%, 05/15/12 .................. A2 3,290 10,000,000 6.375%, 11/27/12 .................. A2 10,439 Household Finance Corp (Sr Sub Note) 5,000,000 5.875%, 02/01/09 .................. A2 5,115 4,000,000 7.350%, 11/27/32 .................. NR 4,312 International Lease Finance Corp Note 7,000,000 6.375%, 03/15/09 .................. A1 7,469 Isle of Capri Casinos, Inc (Guarantee Note) 1,000,000 9.000%, 03/15/12 .................. B2 1,040 John Hancock Global Funding II Note 4,000,000 7.900%, 07/02/10 .................. Aa3 4,692 JP Morgan Chase & Co (Sub Note) 7,000,000 e 7.875%, 06/15/10 .................. A2 8,040 KeyBank National Association Note 9,000,000 5.000%, 07/17/07 .................. A1 9,473 Korea Development Bank Note 4,750,000 5.500%, 11/13/12 .................. A3 4,938 Lehman Brothers Holdings, Inc Note 5,000,000 6.250%, 05/15/06 .................. A2 5,485 4,500,000 e 6.625%, 01/18/12 .................. A2 4,984 3,500,000 5.875%, 11/15/17 .................. A2 3,578 Marsh & McLennan Cos, Inc (Sr Note) 4,500,000 5.375%, 03/15/07 .................. A2 4,830 4,500,000 6.250%, 03/15/12 .................. A2 5,025 Marshall & Isley Bank (Sr Note) 2,000,000 4.125%, 09/04/07 .................. Aa3 2,064 1,000,000 5.250%, 09/04/12 .................. A1 1,040 MBNA America Bank NA 4,000,000 5.375%, 01/15/08 .................. Baa1 4,104 Mellon Funding Corp (Guarantee Note) 5,000,000 4.875%, 06/15/07 .................. A1 5,317 Metlife, Inc 3,000,000 5.375%, 12/15/12 .................. A2 3,099 Morgan Stanley Dean Witter & Co (Sr Unsub Note) 2,500,000 6.100%, 04/15/06 .................. Aa3 2,725 5,500,000 6.600%, 04/01/12 .................. Aa3 6,078 2,000,000 7.250%, 04/01/32 .................. Aa3 2,275
As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 18 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - BOND MARKET ACCOUNT - December 31, 2002 - --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000) --------- -------- ---------- FINANCIAL SERVICES--(CONTINUED) National Rural Utility Coop Finance Note $ 3,000,000 5.750%, 08/28/09 .................. A2 $ 3,196 6,000,000 e 7.250%, 03/01/12 .................. A2 6,899 Newcourt Credit Group, Inc (Guarantee Note) 9,000,000 6.875%, 02/16/05 .................. A2 9,485 Nisource Finance Corp (Guarantee Note) 5,000,000 5.750%, 04/15/03 .................. Baa3 4,987 Pemex Project Funding Master Trust (Guarantee Note) 1,500,000 8.500%, 02/15/08 .................. Baa1 1,665 6,750,000 9.125%, 10/13/10 .................. Baa1 7,695 5,000,000 8.000%, 11/15/11 .................. Baa1 5,375 PNC Funding Corp (Guarantee Note) 5,000,000 5.750%, 08/01/06 .................. A2 5,394 Progressive Corp ( Sr Note) 3,000,000 6.375%, 01/15/12 .................. A2 3,326 3,000,000 6.250%, 12/01/32 .................. A2 3,078 Regions Financial Corp (Sub Note) 2,500,000 6.375%, 05/15/12 .................. A2 2,783 Rouse Co Note 3,500,000 7.200%, 09/15/12 .................. Baa3 3,542 Salomon Smith Barney Holding Note 13,000,000 6.500%, 02/15/08 .................. Aa1 14,495 Simon Property Group LP Note 4,000,000 e 6.350%, 08/28/12 .................. Baa2 4,153 St Paul Cos (Sr Note) 4,000,000 5.750%, 03/15/07 .................. A2 4,169 Suntrust Bank Atlanta (Sub Note) 4,500,000 7.250%, 09/15/06 .................. Aa3 5,175 Toll Brothers, Inc 4,000,000 6.875%, 11/15/12 .................. Baa3 4,119 US Bank National Association (Sub Note) 5,000,000 6.300%, 02/04/14 .................. Aa3 5,627 Washington Mutual, Inc 5,000,000 7.500%, 08/15/06 .................. A3 5,685 4,000,000 5.500%, 01/15/13 .................. A3 4,078 Wells Fargo & Co (Sub Note) 12,000,000 5.000%, 11/15/14 .................. Aa3 12,121 Wells Fargo Financial, Inc Note 2,500,000 5.875%, 08/15/08 .................. Aa2 2,774 ---------- TOTAL FINANCIAL SERVICES 469,519 ---------- HEALTH CARE--0.92% Abbott Labs Note 10,000,000 e 5.625%, 07/01/06 .................. Aa3 10,890 CVS Corp Note 4,000,000 3.875%, 11/01/07 .................. A2 4,061 HCA, Inc (Sr Note) 5,000,000 6.950%, 05/01/12 .................. Ba1 5,269 Healthsouth Corp Note 2,000,000 7.625%, 06/01/12 .................. Ba3 1,650 Johnson & Johnson Deb 5,000,000 6.950%, 09/01/29 .................. Aaa 5,975 Merck & Co, Inc Deb 10,000,000 5.950%, 12/01/28 .................. Aaa 10,559 Pfizer, Inc Note 5,000,000 e 3.625%, 11/01/04 .................. Aaa 5,172 Pharmacia Corp Note 5,000,000 5.750%, 12/01/05 .................. A1 5,455 Tenet Healthcare Corp (Sr Note) 4,000,000 6.375%, 12/01/11 .................. Baa3 3,600 Wellpoint Health Networks Note $ 1,000,000 6.375%, 01/15/12 .................. Baa1 $ 1,093 ---------- TOTAL HEALTH CARE 53,724 ---------- OTHER--0.28% Alcoa, Inc Note 2,000,000 4.250%, 08/15/07 .................. A2 2,082 3,750,000 5.375%, 01/15/13 .................. A2 3,958 Camden Property Trust Note 5,000,000 5.875%, 06/01/07 .................. Baa2 5,270 Core Investment Grade Trust 5,000,000 4.727%, 11/30/07 .................. A3 5,083 ---------- TOTAL OTHER 16,393 ---------- OTHER MORTGAGE BACKED SECURITIES--1.93% CS First Boston Mortgage Securities Corp Series 2001-CP4 (Class A4) 14,000,000 6.180%, 12/15/35 .................. Aaa 15,531 Greenwich Capital Commercial Mortgage Securities Corp 30,000,000 4.948%, 01/11/35 .................. Aaa 30,705 JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3) 25,000,000 5.376%, 07/12/37 .................. Aaa 26,322 Wachovia Bank Commercial Mortgage Trust Series 2002-C2 (Class A4) 14,000,000 4.980%, 11/15/34 .................. Aaa 14,317 Wachovia Bank Commercial Mortgage Trust Series 2002-C1 (Class A4) 14,000,000 e 6.287%, 04/15/34 .................. Aaa 15,600 Washington Mutual Series 2002-AR5 (Class 2A4) 8,910,443 5.355%, 06/25/32 .................. Aaa 9,253 ---------- TOTAL OTHER MORTGAGE BACKED SECURITIES 111,728 ---------- PRODUCER DURABLES--0.43% Allied Waste North America (Guarantee Note) 2,000,000 7.875%, 01/01/09 .................. Ba3 1,970 Canadian Natural Resources Ltd Note 5,000,000 7.200%, 01/15/32 .................. Baa1 5,676 Emerson Electric Note 5,000,000 5.625%, 11/15/13 .................. A2 5,379 Ingersoll-Rand Co Note 5,000,000 5.750%, 02/14/03 .................. A3 5,020 Waste Management, Inc Note 3,500,000 6.375%, 11/15/12 .................. Ba1 3,602 3,000,000 7.750%, 05/15/32 .................. NR 3,223 ---------- TOTAL PRODUCER DURABLES 24,870 ---------- TECHNOLOGY--0.03% Advanstar Communications, Inc (Guarantee Note) 2,000,000 e 12.000%, 02/15/11 ................. Caa1 1,563 ---------- TOTAL TECHNOLOGY 1,563 ---------- TRANSPORTATION--0.83% Burlington North Santa Fe (Sr Note) 5,000,000 5.900%, 07/01/12 .................. Baa2 5,426 Continental Airlines, Inc Note 5,000,000 6.563%, 02/15/12 .................. Aaa 5,100 Norfolk Southern Corp Note 3,500,000 7.350%, 05/15/07 .................. Baa1 4,025 5,000,000 7.250%, 02/15/31 .................. Baa1 5,798
As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 19 Statement of Investments - BOND MARKET ACCOUNT - December 31, 2002 - --------------------------------------------------------------------------------
PRINCIPAL RATINGS+ VALUE (000) --------- -------- ---------- TRANSPORTATION--(CONTINUED) Southwest Airlines Corp (Pass Thru Certificate Class A) $ 2,000,000 5.496%, 11/01/06 .................. Aa2 $ 2,066 Union Pacific Corp Note 4,400,000 7.600%, 05/01/05 .................. Baa3 4,898 5,000,000 e 5.750%, 10/15/07 .................. Baa3 5,466 5,000,000 7.250%, 11/01/08 .................. Baa3 5,834 3,500,000 6.500%, 04/15/12 .................. Baa3 3,954 Union Pacific Resources Deb 5,000,000 7.150%, 05/15/28 .................. Baa1 5,575 ---------- TOTAL TRANSPORTATION 48,142 ---------- UTILITIES--3.97% Alabama Power Co (Sr Note) 5,000,000 7.125%, 08/15/04 .................. A2 5,384 2,000,000 5.500%, 10/15/17 .................. A2 2,095 3,000,000 5.875%, 12/01/22 .................. A2 3,088 AT&T Corp (Guarantee Note) 12,948,001 8.375%, 03/15/13 .................. Baa3 14,708 AT&T Corp (Sr Note) 2,500,000 e 7.000%, 11/15/06 .................. Baa2 2,672 8,000,000 7.800%, 11/15/11 .................. Baa2 8,762 AT&T Wireless Services, Inc (Sr Note) 4,250,000 8.750%, 03/01/31 .................. Baa2 4,165 BellSouth Telecommunication Note 5,000,000 e 6.500%, 06/15/05 .................. Aa2 5,486 4,500,000 6.875%, 10/15/31 .................. Aa3 5,009 British Telecommunications plc 5,000,000 8.875%, 12/15/30 .................. Baa1 6,411 Carolina Power & Light Co Note 5,000,000 6.500%, 07/15/12 .................. Baa1 5,494 CenturyTel, Inc (Sr Note) 5,000,000 7.875%, 08/15/12 .................. Baa2 5,867 Cingular Wireless LLC (Sr Note) 2,000,000 7.125%, 12/15/31 .................. A3 2,058 Citizens Communications Co Note 2,500,000 9.250%, 05/15/11 .................. Baa2 2,925 Cleveland Electric Illumination Co (First Mortgage Bond) 5,000,000 6.860%, 10/01/08 .................. Baa2 5,399 Con Edision Co Of New York 1,000,000 4.875%, 02/01/13 .................. A1 1,014 Consolidated Edison, Inc Deb 5,000,000 6.375%, 04/01/03 .................. A1 5,056 Consumers Energy Co (Sr Note) 5,000,000 6.200%, 05/01/03 .................. Baa3 4,950 1,500,000 6.000%, 03/15/05 .................. Baa3 1,493 Detroit Edison Co (First Mortgage Bond) 7,000,000 6.125%, 10/01/10 .................. A3 7,677 Detroit Edison Co (Secured Note) 2,000,000 5.200%, 10/15/12 .................. A3 2,070 Dominon Resources, Inc 5,000,000 5.125%, 12/15/09 .................. Baa1 5,066 El Paso Electric Co (First Mortgage Bond) 5,000,000 e 8.900%, 02/01/06 .................. Baa3 5,000 Equitable Resources, Inc Deb 4,000,000 5.150%, 11/15/12 .................. A2 4,013 Firstenergy Corp Note 5,000,000 6.450%, 11/15/11 .................. Baa2 4,974 Florida Power & Light Co (First Mortgage Bond) $ 5,000,000 6.875%, 12/01/05 .................. Aa3 5,575 Georgia Power Co (Sr Note) 5,000,000 5.500%, 12/01/05 .................. A2 5,383 Gray Television, Inc (Guarantee Note) 1,000,000 9.250%, 12/15/11 .................. B3 1,076 GTE California, Inc Deb 5,000,000 7.650%, 03/15/07 .................. A1 5,693 Ingram Micro, Inc (Sr Sub Note) 2,000,000 9.875%, 08/15/08 .................. Ba2 2,110 Kinder Morgan Energy Partners LP (Sr Note) 5,000,000 7.300%, 08/15/33 .................. Baa1 5,360 Lenfest Communications (Sr Sub Note) 5,000,000 8.250%, 02/15/08 .................. Ba1 5,247 Midamerican Energy Holdings Co 5,000,000 5.875%, 10/01/12 .................. Baa3 5,069 New York State Electric & Gas Corp 2,000,000 5.500%, 11/15/12 .................. Baa2 2,003 Nisource Finance Corp (Guarantee Note) 5,000,000 7.875%, 11/15/10 .................. Baa3 5,490 Oncor Electric Delivery Co (Secured Note) 2,000,000 6.375%, 05/01/12 .................. Baa1 2,078 2,500,000 7.250%, 01/15/33 .................. Baa1 2,546 Pepco Holdings, Inc Note 4,000,000 6.450%, 08/15/12 .................. Baa1 4,242 SBC Communications, Inc Note 5,500,000 e 5.750%, 05/02/06 .................. Aa3 5,963 5,000,000 e 5.875%, 08/15/12 .................. Aa3 5,400 Southern Natural Gas Co Note 2,000,000 e 7.350%, 02/15/31 .................. Ba1 1,680 Sprint Capital Corp (Guarantee Note) 7,000,000 6.000%, 01/15/07 .................. Baa3 6,580 4,000,000 6.900%, 05/01/19 .................. Baa3 3,400 Verizon Global Funding Corp Note 10,500,000 7.375%, 09/01/12 .................. A2 12,066 2,000,000 e 7.750%, 06/15/32 .................. A2 2,317 Verizon New Jersey, Inc Deb 5,000,000 5.875%, 01/17/12 .................. Aa3 5,287 Verizon Wireless Capital LLC Note 5,000,000 5.375%, 12/15/06 .................. A3 5,223 Vodafone Group plc Note 4,500,000 7.625%, 02/15/05 .................. A2 4,969 4,000,000 6.250%, 11/30/32 .................. A2 3,990 ---------- TOTAL UTILITIES 229,583 ---------- TOTAL CORPORATE BONDS (COST $1,400,408) 1,540,153 ---------- GOVERNMENT BONDS--67.89% AGENCY SECURITIES--2.86% Federal Home Loan Mortgage Corp (FHLMC) 59,200,000 6.875%, 01/15/05 .................. Aaa 65,162 20,000,000 d 4.250%, 06/15/05 .................. Aaa 21,067 3,000,000 7.100%, 04/10/07 .................. Aaa 3,498 30,000,000 6.375%, 08/01/11 .................. Aa2 32,381 Federal National Mortgage Association (FNMA) 40,000,000 e 5.500%, 05/02/06 .................. Aa2 43,410 ---------- TOTAL AGENCY SECURITIES 165,518 ----------
As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 20 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - BOND MARKET ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ---------- FOREIGN GOVERNMENT BONDS--1.59% Canada Government Bond $ 5,500,000 e 6.750%, 08/28/06 ....................... Aaa $ 6,289 El Salvador Government International Note 4,750,000 8.500%, 07/25/11 ....................... NR 5,106 Mexico Government International Bond 5,000,000 7.500%, 01/14/12 ....................... Baa2 5,363 7,000,000 e 8.125%, 12/30/19 ....................... Baa2 7,385 Province Of British Columbia, Canada Note 5,000,000 4.625%, 10/03/06 ....................... Aa2 5,330 13,000,000 5.375%, 10/29/08 ....................... Aa2 14,337 Province Of Manitoba, Canada Note 5,000,000 4.250%, 11/20/06 ....................... Aa2 5,268 Province of Ontario, Canada Deb 5,000,000 7.000%, 08/04/05 ....................... Aa2 5,597 5,000,000 5.500%, 10/01/08 ....................... Aa2 5,538 3,500,000 5.125%, 07/17/12 ....................... Aa2 3,745 Province of Quebec, Canada Deb 10,000,000 e 6.125%, 01/22/11 ....................... A1 11,264 10,000,000 7.500%, 09/15/29 ....................... A1 12,549 Republic Of Chile Deb 4,000,000 5.625%, 07/23/07 ....................... Baa1 4,220 ---------- TOTAL FOREIGN GOVERNMENT BONDS 91,991 ---------- MORTGAGE BACKED SECURITIES--31.66% Federal Home Loan Mortgage Corp Gold (FGLMC) 898,017 7.000%, 09/01/10 ............................. 957 2,037,382 6.000%, 04/01/11 ............................. 2,150 4,494,015 7.000%, 07/01/13 ............................. 4,783 14,781,588 6.500%, 12/01/16 ............................. 15,632 15,000,000 d,h 6.000%, 12/01/17 ............................. 15,696 8,464,716 7.000%, 10/01/20 ............................. 8,971 687,483 7.000%, 05/01/23 ............................. 728 5,306,704 8.000%, 01/01/31 ............................. 5,691 8,545,653 7.000%, 10/01/31 ............................. 8,982 1,748,962 7.000%, 11/01/31 ............................. 1,838 2,456,563 7.000%, 12/01/31 ............................. 2,582 1,883,515 7.000%, 12/01/31 ............................. 1,980 2,705,679 7.000%, 12/01/31 ............................. 2,844 1,375,286 7.000%, 12/01/31 ............................. 1,446 2,963,397 7.000%, 12/01/31 ............................. 3,115 1,539,710 7.000%, 12/01/31 ............................. 1,618 1,684,914 7.000%, 12/01/31 ............................. 1,771 3,703,885 7.000%, 12/01/31 ............................. 3,893 31,024,042 7.500%, 12/01/31 ............................. 32,992 3,162,357 7.000%, 01/01/32 ............................. 3,324 963,778 7.000%, 01/01/32 ............................. 1,013 86,000,000 d,h 6.500%, 01/25/32 ............................. 89,548 5,791,346 8.000%, 02/01/32 ............................. 6,208 70,254,166 d 7.000%, 07/01/32 ............................. 73,841 31,764,678 6.500%, 09/01/32 ............................. 33,102 Federal National Mortgage Association (FNMA) 455,733 6.000%, 12/01/08 ............................. 482 4,361,536 6.500%, 05/01/09 ............................. 4,634 745,440 7.500%, 11/01/10 ............................. 796 174,563 8.000%, 06/01/11 ............................. 189 141,565 8.000%, 06/01/11 ............................. 153 181,999 8.000%, 06/01/11 ............................. 197 71,302 8.000%, 06/01/11 ............................. 77 133,593 8.000%, 07/01/11 ............................. 145 22,328,751 d 6.000%, 10/01/13 ............................. 23,526 2,444,412 7.500%, 02/01/15 ............................. 2,612 4,911,133 7.500%, 04/01/15 ............................. 5,247 5,484,736 7.500%, 04/01/15 ............................. 5,860 394,980 6.500%, 02/01/16 ............................. 417 443,729 6.500%, 03/01/16 ............................. 469 423,936 6.500%, 04/01/16 ............................. 447 18,855,091 6.500%, 09/01/16 ............................. 19,935 10,127,530 6.500%, 10/01/16 ............................. 10,707 6,232,673 6.500%, 11/01/16 ............................. 6,590 3,000,000 d,h 6.000%, 01/25/17 ............................. 3,135 2,479,284 6.000%, 11/01/17 ............................. 2,594 9,048,559 d,h 6.000%, 12/01/17 ............................. 9,469 101,000,000 d,h 5.000%, 01/25/18 ............................. 103,430 229,000,000 d,h 5.500%, 01/25/18 ............................. 237,230 9,210,379 6.000%, 01/01/19 ............................. 9,627 1,055,778 6.000%, 02/01/19 ............................. 1,104 2,505,320 8.000%, 03/01/23 ............................. 2,734 3,756,650 8.000%, 07/01/24 ............................. 4,090 667,202 9.000%, 11/01/25 ............................. 740 11,150,687 6.000%, 01/01/28 ............................. 11,586 3,280,310 6.000%, 02/01/28 ............................. 3,408 29,880,119 6.000%, 02/01/28 ............................. 31,078 119,000,000 d,h 6.000%, 01/25/32 ............................. 122,979 200,000,000 d,h 6.500%, 01/25/32 ............................. 208,188 22,725,252 6.500%, 06/01/32 ............................. 23,672 18,675,690 7.000%, 06/01/32 ............................. 19,643 11,344,769 7.000%, 06/01/32 ............................. 11,933 9,964,280 7.000%, 06/01/32 ............................. 10,481 5,558,043 7.000%, 07/01/32 ............................. 5,846 11,811,596 7.000%, 07/01/32 ............................. 12,424 5,981,847 7.000%, 07/01/32 ............................. 6,292 52,847,053 7.000%, 07/01/32 ............................. 55,585 4,503,256 7.000%, 07/01/32 ............................. 4,737 15,953,236 7.000%, 07/01/32 ............................. 16,780 80,113,269 6.500%, 10/01/32 ............................. 83,452 36,180,328 6.500%, 10/01/32 ............................. 37,688 38,872,187 6.500%, 11/01/32 ............................. 40,492 Government National Mortgage Association (GNMA) 76,683 8.500%, 10/15/09 ............................. 84 142,223 8.500%, 12/15/09 ............................. 157 129,008 8.500%, 12/15/09 ............................. 142 1,043,920 9.000%, 12/15/09 ............................. 1,139 147,475 8.500%, 01/15/10 ............................. 163 95,905 8.500%, 01/15/10 ............................. 106 47,994 9.000%, 06/15/16 ............................. 53 39,041 9.000%, 08/15/16 ............................. 43 59,577 9.000%, 09/15/16 ............................. 66 35,579 9.000%, 09/15/16 ............................. 40 68,118 9.000%, 09/15/16 ............................. 76 7,578 9.000%, 10/15/16 ............................. 8 73,927 9.000%, 11/15/16 ............................. 82 83,599 9.000%, 12/15/16 ............................. 93 57,226 9.000%, 12/15/16 ............................. 64 832,443 9.500%, 12/15/16 ............................. 935 31,245 9.000%, 07/15/17 ............................. 35 69,435 9.000%, 06/15/20 ............................. 77 2,810,806 6.500%, 09/15/23 ............................. 2,973 1,641,422 6.500%, 01/15/24 ............................. 1,736 1,035,233 6.500%, 03/15/24 ............................. 1,095 7,191,761 6.500%, 05/15/24 ............................. 7,608 665,967 8.000%, 06/15/24 ............................. 728 2,774,728 6.500%, 09/15/24 ............................. 2,935 11,127,150 6.500%, 12/15/27 ............................. 11,708 236,735 6.500%, 10/15/28 ............................. 249 8,312,389 6.500%, 11/15/28 ............................. 8,738 2,071,715 8.500%, 11/20/30 ............................. 2,241 2,288,796 8.500%, 12/20/30 ............................. 2,476 As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 21 Statement of Investments - BOND MARKET ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- MORTGAGE BACKED SECURITIES--(CONTINUED) $ 83,000,000 d,h 7.000%, 01/15/32 ............................. $ 87,928 77,000,000 d,h 6.000%, 01/15/33 ............................. 80,080 48,000,000 d,h 7.500%, 01/15/33 ............................. 51,195 15,000,000 d,h 8.000%, 01/15/33 ............................. 16,181 33,000,000 d,h 6.000%, 01/20/33 ............................. 34,351 27,000,000 d,h 7.000%, 01/20/33 ............................. 28,612 ---------- TOTAL MORTGAGE BACKED SECURITIES 1,831,802 ---------- U.S. TREASURY SECURITIES--31.78% U.S. Treasury Bond 92,000,000 e 10.000%, 05/15/10 ............................ 109,060 22,450,000 7.250%, 05/15/16 ............................. 28,752 48,000,000 5.250%, 11/15/28 ............................. 50,094 116,000,000 e 5.250%, 02/15/29 ............................. 121,138 68,000,000 6.250%, 05/15/30 ............................. 81,334 6,070,000 e 5.375%, 02/15/31 ............................. 6,614 U.S. Treasury Note 186,000,000 e 6.750%, 05/15/05 ............................. 207,405 881,647,164 e,k 3.375%, 01/15/07 ............................. 954,797 27,050,000 e 4.375%, 05/15/07 ............................. 29,045 1,510,000 e 3.250%, 08/15/07 ............................. 1,548 42,400,000 e 3.000%, 11/15/07 ............................. 42,910 650,000 e 5.500%, 05/15/09 ............................. 737 6,150,000 6.000%, 08/15/09 ............................. 7,150 46,250,000 e 4.000%, 11/15/12 ............................. 46,904 U.S. Treasury Strip 265,650,000 e 0.000%, 02/15/15 ............................. 151,264 ---------- TOTAL U.S. TREASURY SECURITIES 1,838,752 ---------- TOTAL GOVERNMENT BONDS (COST $3,919,308) 3,928,063 ---------- TOTAL BONDS (COST $5,319,716) 5,468,216 ---------- SHORT TERM INVESTMENTS--29.15% CERTIFICATE OF DEPOSIT--0.43% Toronto Dominon Bank 25,000,000 d 1.320%, 04/18/03 ............................. 24,999 ---------- TOTAL CERTIFICATE OF DEPOSIT 24,999 ---------- COMMERCIAL PAPER--19.10% Abbott Laboratories 39,300,000 1.290%, 02/11/03 ............................. 39,240 American Honda Finance Corp 25,000,000 d 1.670%, 01/21/03 ............................. 24,981 10,000,000 d 1.280%, 03/06/03 ............................. 9,976 15,000,000 d 1.320%, 03/13/03 ............................. 14,961 Asset Securitization Coop Corp 50,000,000 c,d 1.310%, 01/08/03 ............................. 49,985 Bellsouth Corp 50,000,000 1.300%, 01/23/03 ............................. 49,958 BMW US Capital Corp 50,000,000 d 1.320%, 01/21/03 ............................. 49,962 Bristol-Myers Squibb Co 27,300,000 c,d 1.330%, 01/14/03 ............................. 27,286 Campbell Soup Co 25,000,000 c,d 1.400%, 01/22/03 ............................. 24,973 Cargill, Inc 21,900,000 c,d 1.310%, 01/15/03 ............................. 21,888 23,300,000 c,d 1.330%, 01/23/03 ............................. 23,280 Ciesco LP 26,700,000 d 1.300%, 01/15/03 ............................. 26,685 21,000,000 d 1.320%, 02/11/03 ............................. 20,968 Citicorp 14,200,000 1.310%, 04/18/03 ............................. 14,145 Coca-Cola Enterprises, Inc 23,515,000 c,d 1.270%, 01/13/03 ............................. 23,503 Corporate Asset Funding Corp, Inc 11,000,000 c 1.350%, 01/07/03 ............................. 10,997 8,900,000 c 1.340%, 02/04/03 ............................. 8,889 Delaware Funding Corp 19,000,000 c,d 1.350%, 01/03/03 ............................. 18,998 25,000,000 c,d 1.320%, 01/10/03 ............................. 24,991 Edison Asset Securitization, LLC 22,000,000 c,d 1.330%, 02/20/03 ............................. 21,959 10,300,000 c,d 1.320%, 03/13/03 ............................. 10,273 Fortune Brands, Inc 10,000,000 c,d 1.320%, 01/15/03 ............................. 9,995 Gannett Co, Inc 50,000,000 d 1.320%, 01/22/03 ............................. 49,960 Govco, Inc 15,000,000 c,d 1.330%, 01/24/03 ............................. 14,987 23,900,000 c 1.290%, 03/04/03 ............................. 23,845 Greyhawk Funding LLC 35,000,000 c,d 1.540%, 01/09/03 ............................. 34,988 Kitty Hawk Funding Corp 28,200,000 c 1.360%, 01/29/03 ............................. 28,170 Links Finance LLC 20,000,000 c,d 1.780%, 01/17/03 ............................. 19,988 McGraw-Hill Cos, Inc 47,000,000 d 1.310%, 06/17/03 ............................. 46,719 Paccar Financial Corp 28,500,000 d 1.300%, 02/20/03 ............................. 28,447 19,940,000 d 1.320%, 03/13/03 ............................. 19,888 Park Avenue Receivables Corp 16,000,000 c,d 1.340%, 02/13/03 ............................. 15,974 Pitney Bowes, Inc 29,000,000 1.320%, 01/06/03 ............................. 28,994 Preferred Receivables Funding Corp 25,000,000 c,d 1.350%, 01/17/03 ............................. 24,984 20,000,000 c,d 1.330%, 01/30/03 ............................. 19,978 Receivables Capital Corp 30,000,000 c,d 1.360%, 01/15/03 ............................. 29,984 15,000,000 c,d 1.330%, 02/21/03 ............................. 14,972 Salomon Smith Barney Holdings, Inc 16,000,000 d 1.280%, 01/03/03 ............................. 15,998 SBC International, Inc 20,000,000 c,d 1.320%, 01/17/03 ............................. 19,988 30,000,000 d 1.340%, 01/24/03 ............................. 29,974 Sigma Finance, Inc 25,000,000 c,d 1.760%, 01/21/03 ............................. 24,981 Societe Generale NA, Inc 25,000,000 d 1.340%, 02/18/03 ............................. 24,955 25,000,000 c,d 1.340%, 02/26/03 ............................. 24,948 UBS Finance, Inc (Delaware) 34,800,000 d 1.300%, 01/21/03 ............................. 34,773 ---------- TOTAL COMMERCIAL PAPER 1,105,388 ---------- U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--3.58% Federal Home Loan Bank (FHLB) 30,000,000 d 1.250%, 01/22/03 ............................. 29,977 Federal Home Loan Mortgage Corp (FHLMC) 2,400,000 e 1.240%, 01/07/03 ............................. 2,399 28,300,000 d,e 1.230%, 01/17/03 ............................. 28,284 Federal National Mortgage Association (FNMA) 42,100,000 d 1.280%, 01/14/03 ............................. 42,095 31,500,000 d 1.270%, 02/07/03 ............................. 31,459 36,000,000 d 1.250%, 02/19/03 ............................. 35,939 37,000,000 d 1.270%, 03/20/03 ............................. 36,898 ---------- TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 207,051 ---------- SEE NOTES TO FINANCIAL STATEMENTS 22 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - BOND MARKET ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED--6.04% REPURCHASE AGREEMENTS Bear Stearns & Co, 1.270% Dated 12/31/02, Due 01/02/03 In The Amount Of $38,878,371 (Fully Collateralized By High Grade Debt Obligations: $ 38,877,000 Total Market Value $39,858,823) $ 38,877 Credit Suisse First Boston, 1.270% Dated 12/31/02, Due 01/02/03 In The Amount Of $85,413,145 (Fully Collateralized By High Grade Debt Obligations: 85,407,000 Total Market Value $87,115,877) 85,407 Goldman Sachs & Co, 1.180% Dated 12/31/02, Due 01/02/03 In The Amount Of $65,152,169 (Fully Collateralized By High Grade Debt Obligations: 66,150,000 Total Market Value $67,473,000) 66,150 Lehman Brothers, Inc, 1.180% Dated 12/31/02, Due 01/02/03 In The Amount Of $24,983,819 (Fully Collateralized By High Grade Debt Obligations: 24,983,000 Total Market Value $25,474,630) 24,983 Merrill Lynch & Co, Inc, 1.230% Dated 12/31/02, Due 01/02/03 In The Amount Of $68,770,350 (Fully Collateralized By High Grade Debt Obligations: 68,768,000 Total Market Value $70,143,969) 68,768 Morgan Stanley & Co, Inc, 1.220% Dated 12/31/02, Due 01/02/03 In The Amount Of $65,002,203 (Fully Collateralized By High Grade Debt Obligations: 65,000,000 Total Market Value $66,300,454) 65,000 ---------- TOTAL REPURCHASE AGREEMENTS 349,185 ---------- VALUE (000) ----------- TOTAL SHORT TERM INVESTMENTS (COST $1,660,143) $1,686,623 ---------- TOTAL PORTFOLIO--123.65% (COST $6,979,859) 7,154,839 OTHER ASSETS & LIABILITIES, NET--(23.65)% (1,368,625) ---------- NET ASSETS--100.00% $5,786,214 ========== - ---------- c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. d All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis. e All or a portion of these securities are out on loan. h These securities were purchased on a delayed delivery basis. k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the accounts use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 23 Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- BONDS--39.46% CORPORATE BONDS--11.37% ASSET BACKED SECURITIES--0.78% Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-1 (Class 1A4) $ 7,000,000 5.742%, 09/25/28 .................... Aaa $ 7,370 Countrywide Asset-Backed Certificates Series 2002-S2 (Class A5) 5,000,000 5.478%, 01/25/17 .................... Aaa 5,368 Greenpoint Manufactured Housing Series 1999-1 (Class A2) 6,314,150 6.010%, 08/15/15 .................... Aaa 6,417 Household Automotive Trust Series 2000-2 (Class A3) 4,500,000 3.680%, 04/17/06 .................... Aaa 4,572 Rider Vehicle Lease Trust Series 2001-A (Class A4) 10,000,000 5.810%, 08/15/06 .................... Aaa 10,498 ---------- TOTAL ASSET BACKED SECURITIES 34,225 ---------- CONSUMER CYCLICAL--1.54% A.H. Belo Corp Deb 5,000,000 7.250%, 09/15/27 .................... Baa3 4,948 AOL Time Warner, Inc (Guarantee Note) 5,000,000 6.750%, 04/15/11 .................... Baa1 5,210 Clear Channel Communications, Inc Note 5,000,000 7.875%, 06/15/05 .................... Baa3 5,477 Cooper Industries, Inc (Guarantee Note) 5,000,000 5.250%, 07/01/07 .................... A3 5,217 Hubbell, Inc Note 5,000,000 6.375%, 05/15/12 .................... A3 5,364 Kohl's Corp Deb 3,000,000 6.000%, 01/15/33 .................... A3 3,016 McDonald's Corp Note 5,000,000 5.750%, 03/01/12 .................... Aa3 5,397 Target Corp Note 7,500,000 5.375%, 06/15/09 .................... A2 8,037 TCA Cable TV, Inc Deb 5,000,000 6.530%, 02/01/28 .................... Baa2 5,318 Time Warner, Inc (Guarantee Note) 5,000,000 6.625%, 05/15/29 .................... Baa1 4,585 Valspar Corp Note 4,500,000 6.000%, 05/01/07 .................... Baa2 4,775 Walt Disney Co Note 5,000,000 5.250%, 11/10/03 .................... Baa1 5,125 5,000,000 5.375%, 06/01/07 .................... Baa1 5,300 ---------- TOTAL CONSUMER CYCLICAL 67,769 ---------- CONSUMER NON-CYCLICAL--1.47% Albertsons, Inc Deb 7,000,000 7.450%, 08/01/29 .................... Baa1 7,749 Bottling Group LLC (Guarantee Note) 5,000,000 4.625%, 11/15/12 .................... A3 4,998 Campbell Soup Co Note 5,000,000 5.000%, 12/03/12 .................... A3 5,106 General Mills, Inc Note 10,250,000 5.125%, 02/15/07 .................... Baa2 10,891 Gillette Co 5,000,000 4.125%, 08/30/07 .................... Aa3 5,231 Heinz (H.J.) Co Note 4,000,000 7.125%, 07/15/11 .................... A3 4,653 Kellogg Co Note 5,000,000 6.600%, 04/01/11 .................... Baa2 5,648 Kroger Co (Guarantee Note) 5,000,000 8.050%, 02/01/10 .................... Baa3 5,801 Newell Rubbermaid, Inc 2,500,000 4.625%, 12/15/09 .................... Baa1 2,550 Procter & Gamble Co (Unsub Note) 6,000,000 6.875%, 09/15/09 .................... Aa3 7,125 Safeway, Inc Note 4,155,000 7.500%, 09/15/09 .................... Baa2 4,741 ---------- TOTAL CONSUMER NON-CYCLICAL 64,493 ---------- ENERGY--0.14% Anadarko Finance (Guarantee Note) 5,515,000 6.750%, 05/01/11 .................... Baa1 6,232 ---------- TOTAL ENERGY 6,232 ---------- FINANCIAL SERVICES--4.40% America General Corp Note 5,000,000 7.500%, 08/11/10 .................... Aaa 5,931 American Express Co 5,000,000 3.750%, 11/20/07 .................... A1 5,061 Astoria Financial Corp Note 5,000,000 5.750%, 10/15/12 .................... Baa3 4,925 AvalonBay Communities, Inc 5,000,000 6.625%, 09/15/11 .................... Baa1 5,287 Bank of America Corp (Sub Note) 10,000,000 6.875%, 02/15/05 .................... Aa3 10,947 3,500,000 5.875%, 02/15/09 .................... Aa2 3,853 Bank One Corp (Sub Note) 3,000,000 5.250%, 01/30/13 .................... A1 3,088 Boston Properties, Inc 2,000,000 6.250%, 01/15/13 .................... Baa2 2,025 Charter One Bank FSB Note 5,000,000 6.375%, 05/15/12 .................... A3 5,519 Countrywide Home Loans, Inc (Guarantee Note) 5,000,000 5.625%, 05/15/07 .................... A3 5,362 First Chicago Corp 9,700,000 6.375%, 01/30/09 .................... A1 10,821 First Union Corp (Sub Note) 10,000,000 6.300%, 04/15/08 .................... A1 11,265 Goldman Sachs Group, Inc Note 4,000,000 7.625%, 08/17/05 .................... Aa3 4,497 5,000,000 5.700%, 09/01/12 .................... Aa3 5,205 Hartford Financial (Sr Note) 6,000,000 6.375%, 11/01/08 .................... A2 6,529 Hudson United Bank (Sr Note) 5,000,000 7.000%, 05/15/12 .................... Baa3 5,631 John Hancock Global Funding II Note 5,000,000 5.625%, 06/27/06 .................... Aa3 5,368 JP Morgan Chase & Co (Sub Note) 3,000,000 7.875%, 06/15/10 .................... A2 3,446 3,250,000 5.750%, 01/02/13 .................... A2 3,291 KeyBank National Association Note 5,000,000 5.000%, 07/17/07 .................... A1 5,263 Lincoln National Corp Note 4,000,000 5.250%, 06/15/07 .................... A3 4,164 MBNA Corp Note 5,000,000 6.250%, 01/17/07 .................... Baa2 5,248 Mellon Funding Corp (Guarantee Note) 2,500,000 4.875%, 06/15/07 .................... A1 2,658 5,000,000 6.400%, 05/14/11 .................... NR 5,577 Merrill Lynch & Co, Inc Note 5,000,000 6.875%, 11/15/18 .................... Aa3 5,422 As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 24 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- FINANCIAL SERVICES--(CONTINUED) National City Bank/Indiana Note $ 5,000,000 4.875%, 07/20/07 .................... Aa3 $ 5,331 Nisource Finance Co (Guarantee Note) 5,000,000 7.500%, 11/15/03 .................... Baa3 5,039 Regions Financial Corp (Sub Note) 5,000,000 6.375%, 05/15/12 .................... A2 5,566 Suntrust Banks, Inc (Sr Note) 5,000,000 5.050%, 07/01/07 .................... Aa3 5,384 Union Planters Bank NA Note 5,000,000 5.125%, 06/15/07 .................... A1 5,336 UnumProvident Corp Deb 3,000,000 7.375%, 06/15/32 .................... Baa3 2,449 US Bancorp (Sr Note) 4,500,000 5.100%, 07/15/07 .................... Aa3 4,836 US Bank National Association (Sub Note) 5,000,000 6.300%, 02/04/14 .................... Aa3 5,627 Vornado Realty Note 2,000,000 5.625%, 06/15/07 .................... Baa2 2,031 Washington Mutual, Inc 2,000,000 7.500%, 08/15/06 .................... A3 2,274 5,000,000 4.375%, 01/15/08 .................... A3 5,095 Wells Fargo & Co (Sub Note) 3,000,000 5.000%, 11/15/14 .................... Aa3 3,030 Wells Fargo Financial, Inc Note 3,750,000 5.875%, 08/15/08 .................... Aa2 4,161 ---------- TOTAL FINANCIAL SERVICES 192,542 ---------- HEALTH CARE--0.27% Merck & Co, Inc Note 6,000,000 5.250%, 07/01/06 .................... Aaa 6,491 2,000,000 5.950%, 12/01/28 .................... Aaa 2,112 UnitedHealth Group, Inc Note 3,000,000 5.200%, 01/17/07 .................... A3 3,164 ---------- TOTAL HEALTH CARE 11,767 ---------- OTHER--0.12% Alcoa, Inc Note 5,000,000 4.250%, 08/15/07 .................... A2 5,206 ---------- TOTAL OTHER 5,206 ---------- OTHER MORTGAGE BACKED SECURITIES--0.83% Banc of America Commercial Mortgage, Inc 6,000,000 5.118%, 07/11/43 .................... NR 6,233 ---------- JP Morgan Chase Commercial Mortgage Securities Corp Series 2001-CIB3 (Class A2) 11,515,000 6.044%, 11/15/35 .................... NR 12,709 JP Morgan Chase Commercial Mortgage Securities Corp Series 2001-CIBC (Class A3) 7,430,000 6.260%, 03/15/33 .................... NR 8,274 Wachovia Bank Commercial Mortgage Trust Series 2002-C1 (Class A4) 3,000,000 6.287%, 04/15/34 .................... Aaa 3,343 Wachovia Bank Commercial Mortgage Trust Series 2002-C2 (Class A4) 4,000,000 4.980%, 11/15/34 .................... Aaa 4,091 Washington Mutual Series 2002-AR5 (Class 2A4) 1,620,080 5.355%, 06/25/32 .................... Aaa 1,682 ---------- TOTAL OTHER MORTGAGE BACKED SECURITIES 36,332 ---------- PRODUCER DURABLES--0.21% Emerson Electric Co Note 8,500,000 5.750%, 11/01/11 .................... A2 9,154 ---------- TOTAL PRODUCER DURABLES 9,154 ---------- TECHNOLOGY--0.11% Deluxe Corp 5,000,000 5.000%, 12/15/12 .................... A2 5,094 ---------- TOTAL TECHNOLOGY 5,094 ---------- TRANSPORTATION--0.24% Delta Airlines, Inc Deb 4,226,524 8.950%, 01/12/12 .................... Ba1 3,011 Delta Airlines, Inc Series 1992-B1 (Pass-Thru Cert) 1,614,516 8.270%, 09/23/07 .................... Ba1 1,248 Norfolk Southern Corp Deb 5,000,000 7.800%, 05/15/27 .................... Baa1 6,092 ---------- TOTAL TRANSPORTATION 10,351 ---------- UTILITIES--1.26% AT&T Corp (Guarantee Note) 3,170,000 8.375%, 03/15/13 .................... Baa3 3,601 AT&T Corp (Sr Note) 5,000,000 7.800%, 11/15/11 .................... Baa2 5,477 5,000,000 6.500%, 03/15/13 .................... Baa2 5,016 Kinder Morgan Energy Partners LP (Sr Note) 2,500,000 7.300%, 08/15/33 .................... Baa1 2,680 New England Telephone & Telegraph Note 5,000,000 7.650%, 06/15/07 .................... Aa3 5,786 SBC Communications, Inc Note 3,500,000 5.750%, 05/02/06 .................... Aa3 3,795 5,000,000 5.875%, 08/15/12 .................... Aa3 5,400 Sprint Capital Corp (Guarantee Note) 2,000,000 7.125%, 01/30/06 .................... Baa3 1,940 5,500,000 6.900%, 05/01/19 .................... Baa3 4,675 Verizon Global Funding Corp Note 4,500,000 6.750%, 12/01/05 .................... A2 4,955 Verizon Pennsylvania Note 5,000,000 5.650%, 11/15/11 .................... Aa3 5,221 Verizon Wireless Capital LLC Note 6,500,000 5.375%, 12/15/06 .................... A3 6,785 ---------- TOTAL UTILITIES 55,331 ---------- TOTAL CORPORATE BOND (COST $406,502) 498,496 ---------- GOVERNMENT BONDS--28.09% AGENCY SECURITIES--1.46% Federal Home Loan Mortgage Corp (FHLMC) 29,000,000 5.750%, 04/15/08 .................... Aaa 32,539 Federal National Mortgage Association (FNMA) 10,000,000 5.500%, 05/02/06 .................... Aa2 10,853 1,200,000 7.125%, 03/15/07 .................... Aaa 1,404 17,000,000 6.250%, 02/01/11 .................... Aa2 19,057 ---------- TOTAL AGENCY SECURITIES 63,853 ---------- As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 25 Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- FOREIGN GOVERNMENT BONDS--0.46% Province of Quebec, Canada Deb $ 5,500,000 7.000%, 01/30/07 .................... A1 $ 6,329 11,000,000 7.500%, 09/15/29 .................... A1 13,804 ---------- TOTAL FOREIGN GOVERNMENT BONDS 20,133 ---------- MORTGAGE BACKED SECURITIES--13.84% Federal Home Loan Mortgage Corp Gold (FGLMC) 3,849,629 6.500%, 12/01/16 ............................. 4,071 4,000,000 d,h 6.000%, 12/01/17 ............................. 4,186 7,053,930 d 7.000%, 10/01/20 ............................. 7,476 275,156 7.000%, 05/01/23 ............................. 292 3,154,334 d 8.000%, 01/01/31 ............................. 3,383 6,101,860 7.000%, 10/01/31 ............................. 6,413 3,641,469 7.000%, 12/01/31 ............................. 3,827 60,000,000 h 6.500%, 01/25/32 ............................. 62,475 10,584,949 7.000%, 04/01/32 ............................. 11,125 19,009,950 7.000%, 07/01/32 ............................. 19,981 4,165,417 6.500%, 08/01/32 ............................. 4,341 Federal Home Loan Mortgage Corp (FHLMC) 1,343,993 6.000%, 03/01/11 ............................. 1,420 Federal National Mortgage Association (FNMA) 3,745 8.500%, 02/01/05 ............................. 4 302,637 7.500%, 06/01/11 ............................. 323 72,151 8.000%, 06/01/11 ............................. 78 121,028 8.000%, 06/01/11 ............................. 131 267,184 8.000%, 07/01/11 ............................. 289 98,737 7.500%, 08/01/11 ............................. 105 73,818 7.500%, 09/01/11 ............................. 79 6,825 7.500%, 09/01/11 ............................. 7 8,085 7.500%, 10/01/11 ............................. 9 234,892 7.500%, 10/01/11 ............................. 251 33,989 7.500%, 10/01/11 ............................. 36 2,210,222 7.000%, 04/01/12 ............................. 2,355 1,053,079 6.500%, 09/01/12 ............................. 1,116 47,971 8.500%, 11/01/14 ............................. 52 3,228,158 6.500%, 09/01/16 ............................. 3,413 3,460,257 6.500%, 10/01/16 ............................. 3,658 9,000,000 d,h 6.000%, 01/25/17 ............................. 9,405 11,641,479 d 6.500%, 04/01/17 ............................. 12,285 10,577,012 6.000%, 11/01/17 ............................. 11,068 16,360,512 6.000%, 11/01/17 ............................. 17,120 16,000,000 d,h 5.000%, 01/25/18 ............................. 16,385 51,000,000 d,h 5.500%, 01/25/18 ............................. 52,833 4,678,905 6.000%, 01/01/19 ............................. 4,891 4,523,589 6.000%, 02/01/19 ............................. 4,728 687,104 8.000%, 03/01/23 ............................. 750 1,039,338 8.000%, 07/01/24 ............................. 1,132 59,000,000 d,h 6.000%, 01/25/32 ............................. 60,973 72,000,000 d,h 6.500%, 01/25/32 ............................. 74,948 8,820,479 6.500%, 10/01/32 ............................. 9,188 5,588,213 6.500%, 10/01/32 ............................. 5,821 28,154,907 6.500%, 11/01/32 ............................. 29,328 Government National Mortgage Association (GNMA) 70,251 8.500%, 09/15/09 ............................. 77 178,981 8.500%, 10/15/09 ............................. 197 88,006 8.500%, 12/15/09 ............................. 97 1,009,335 9.000%, 12/15/09 ............................. 1,102 796,682 9.000%, 12/15/17 ............................. 887 64,724 9.000%, 03/15/20 ............................. 72 50,103 9.000%, 08/15/20 ............................. 56 607,112 8.000%, 06/15/22 ............................. 665 130,712 6.500%, 08/15/23 ............................. 138 319,664 6.500%, 08/15/23 ............................. 338 281,425 6.500%, 09/15/23 ............................. 298 7,308,040 d 6.500%, 10/15/28 ............................. 7,682 5,714,259 d 6.500%, 05/20/31 ............................. 5,962 63,000,000 d,h 7.000%, 01/15/32 ............................. 66,741 30,000,000 d,h 6.000%, 01/15/33 ............................. 31,200 15,000,000 d,h 7.500%, 01/15/33 ............................. 15,998 6,000,000 d,h 8.000%, 01/15/33 ............................. 6,473 4,000,000 d,h 6.000%, 01/20/33 ............................. 4,164 12,000,000 d,h 7.000%, 01/20/33 ............................. 12,716 ---------- TOTAL MORTGAGE BACKED SECURITIES 606,614 ---------- U.S. TREASURY SECURITIES--12.33% U.S. Treasury Bond 47,500,000 10.000%, 05/15/10 ............................ 56,308 70,500,000 7.250%, 05/15/16 ............................. 90,290 20,000,000 5.250%, 02/15/29 ............................. 20,886 30,000,000 6.250%, 05/15/30 ............................. 35,883 18,900,000 5.375%, 02/15/31 ............................. 20,595 U.S. Treasury Note 246,014,458 k 3.375%, 01/15/07 ............................. 266,426 11,050,000 3.000%, 11/15/07 ............................. 11,183 250,000 5.500%, 05/15/09 ............................. 284 400,000 6.000%, 08/15/09 ............................. 465 2,100,000 4.875%, 02/15/12 ............................. 2,281 3,620,000 4.375%, 08/15/12 ............................. 3,785 4,000,000 4.000%, 11/15/12 ............................. 4,057 U.S. Treasury Strip 49,000,000 0.000%, 02/15/15 ............................. 27,900 ---------- TOTAL U.S. TREASURY SECURITIES 540,343 ---------- TOTAL GOVERNMENT BONDS (COST $1,192,944) 1,230,943 ---------- TOTAL BONDS (COST $1,599,446) 1,729,439 ---------- SHARES ------ COMMON STOCK--59.92% AEROSPACE AND DEFENSE--0.05% 161,576 e Heico Corp ................................... 1,714 57,328 PerkinElmer, Inc ............................. 473 ---------- TOTAL AEROSPACE AND DEFENSE 2,187 ---------- BASIC INDUSTRIES--2.44% 192,026 e Air Products & Chemicals, Inc .............. 8,209 97,368 Amcol International Corp ..................... 565 20,670 * American Standard Cos, Inc ................... 1,470 131,800 Avery Dennison Corp .......................... 8,050 19,825 Black & Decker Corp .......................... 850 2,700 Bowater, Inc ................................. 113 4,400 * BWAY Corp .................................... 87 57,000 e Cabot Corp ................................... 1,513 16,987 * Cabot Microelectronics Corp .................. 802 41,795 * Castle (A.M.) & Co ........................... 190 18,600 Centex Construction Products, Inc ............ 654 12,500 Centex Corp .................................. 628 53,123 Century Aluminum Co .......................... 394 3,900 * Champion Enterprises, Inc .................... 11 3,300 e* Clayton Homes, Inc ........................... 40 4,475 * Cleveland-Cliffs, Inc ........................ 89 36,800 * Collins & Aikman Corp ........................ 164 3,000 Commercial Metals Co ......................... 49 149,645 * Crown Cork & Seal Co, Inc .................... 1,190 54,200 D.R. Horton, Inc ............................. 940 8,100 e* Earthshell Corp .............................. 5 97,900 Ecolab, Inc .................................. 4,846 135,300 e Engelhard Corp ............................... 3,024 189,524 e* Fleetwood Enterprises, Inc ................... 1,488 2,930 Gibraltar Steel Corp ......................... 56 1,100 Glatfelter ................................... 14 39,630 H.B. Fuller Co ............................... 1,026 As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 26 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BASIC INDUSTRIES--(CONTINUED) 5,418 * Imco Recycling, Inc .......................... $ 44 23,200 KB Home ...................................... 994 285,289 Kimberly-Clark Corp .......................... 13,543 17,600 Lennar Corp .................................. 908 68,752 e* Liquidmetal Technologies ..................... 707 10,984 * Lone Star Technologies, Inc .................. 164 4,200 Lubrizol Corp ................................ 128 11,600 M/I Schottenstein Homes, Inc ................. 322 300,673 Masco Corp ................................... 6,329 21,808 * Material Sciences Corp ....................... 282 18,573 MDC Holdings, Inc ............................ 711 85,649 e MeadWestvaco Corp ............................ 2,116 17,478 * Mueller Industries, Inc ...................... 476 62,065 * NS Group, Inc ................................ 405 64,109 Nucor Corp ................................... 2,648 74,100 * OM Group, Inc ................................ 510 55,620 * Penwest Pharmaceuticals Co ................... 590 207,056 Plum Creek Timber Co, Inc .................... 4,887 300 Pope & Talbot, Inc ........................... 4 77,277 Praxair, Inc ................................. 4,464 68,100 Pulte Homes, Inc ............................. 3,260 24,794 Reliance Steel & Aluminum Co ................. 517 82,462 Roanoke Electric Steel Corp .................. 783 99,954 e Rohm & Haas Co ............................... 3,247 115,700 e Royal Gold, Inc .............................. 2,883 128,745 Ryerson Tull, Inc ............................ 785 36,300 Ryland Group, Inc ............................ 1,211 61,513 Schnitzer Steel Industries, Inc (Class A) .... 1,286 4,300 * Sealed Air Corp .............................. 160 86,075 e Sigma-Aldrich Corp ........................... 4,192 400 * Silgan Holdings, Inc ......................... 10 10,446 Snap-On, Inc ................................. 294 126,950 Sonoco Products Co ........................... 2,911 22,700 Standard-Pacific Corp ........................ 562 56,124 Stanley Works ................................ 1,941 10,262 * Steel Dynamics, Inc .......................... 123 13,620 * Stillwater Mining Co ......................... 73 8,748 Temple-Inland, Inc ........................... 392 20,000 * Toll Brothers, Inc ........................... 404 29,200 WD-40 Co ..................................... 771 3,500 West Pharmaceutical Services, Inc ............ 85 270,750 Worthington Industries, Inc .................. 4,126 ---------- TOTAL BASIC INDUSTRIES 106,715 ---------- CONSUMER CYCLICAL--5.49% 18,300 * Acacia Research-Acacia Technologies .......... 44 43,900 * American Axle & Manufacturing Holdings, Inc .. 1,028 1,558,190 * AOL Time Warner, Inc ......................... 20,412 48,230 ArvinMeritor, Inc ............................ 804 102,996 e Autoliv, Inc ................................. 2,156 23,900 Bandag, Inc .................................. 924 64,147 Barnes Group, Inc ............................ 1,305 101,949 * Bed Bath & Beyond, Inc ....................... 3,520 39,960 * Boca Resorts, Inc (Class A) .................. 428 27,385 Brunswick Corp ............................... 544 3,498 Bush Industries, Inc (Class A) ............... 17 32,134 e* Cablevision Systems Corp (Class A) ........... 538 19,178 e Callaway Golf Co ............................. 254 600 e* Carmike Cinemas, Inc ......................... 12 1,700 * Catalina Marketing Corp ...................... 31 198,789 e* Charter Communications, Inc (Class A) ........ 235 9,500 * Coach, Inc ................................... 313 429,197 * Comcast Corp ................................. 10,116 365,769 * Comcast Corp Special ......................... 8,263 1,900 CPI Corp ..................................... 28 84,449 Dana Corp .................................... 993 153,300 Darden Restaurants, Inc ...................... 3,135 521,003 Delphi Corp .................................. 4,194 89,765 Dollar General Corp .......................... 1,073 15,723 * Dollar Tree Stores, Inc ...................... 386 41,000 Dow Jones & Co, Inc .......................... 1,772 25,900 * Dura Automotive Systems, Inc ................. 260 1,100 * Escalade, Inc ................................ 22 22,600 e* EUniverse, Inc ............................... 128 44,660 e* Extended Stay America, Inc ................... 659 45,181 Family Dollar Stores, Inc .................... 1,410 36,208 * Foot Locker, Inc ............................. 380 74,500 e* Footstar, Inc ................................ 519 312,430 Gap, Inc ..................................... 4,849 19,189 * Gaylord Entertainment Co ..................... 395 20,744 * Gentex Corp .................................. 656 191,850 Genuine Parts Co ............................. 5,909 79,050 Graco, Inc ................................... 2,265 178,187 Harley-Davidson, Inc ......................... 8,232 600 Harman International Industries, Inc ......... 36 10,200 Harte-Hanks, Inc ............................. 190 13,245 * IMPCO Technologies, Inc ...................... 62 238,070 e Interpublic Group Of Cos, Inc ................ 3,352 137,995 e J.C. Penney Co, Inc .......................... 3,175 76,289 Johnson Controls, Inc ........................ 6,116 34,060 * K2, Inc ...................................... 320 126,555 * Kohl's Corp .................................. 7,081 30,299 * Lamar Advertising Co ......................... 1,020 12,820 * Lear Corp .................................... 427 55,444 Leggett & Platt, Inc ......................... 1,244 1,203,792 * Liberty Media Corp (Class A) ................. 10,762 31,554 Liz Claiborne, Inc ........................... 936 37,739 * Luby's, Inc .................................. 110 7,273 Marcus Corp .................................. 103 4,300 Marine Products Corp ......................... 42 259,815 e May Department Stores Co ..................... 5,971 1,109,595 McDonald's Corp .............................. 17,842 131,542 McGraw-Hill Cos, Inc ......................... 7,950 300 Meredith Corp ................................ 12 183,463 * Metro-Goldwyn-Mayer, Inc ..................... 2,385 5,300 * Michaels Stores, Inc ......................... 166 1,200 * Midas, Inc ................................... 8 35,100 Modine Manufacturing Co ...................... 621 1,000 * Mossimo, Inc ................................. 6 1,105 * Neiman Marcus Group, Inc (Class A) ........... 34 2,000 * Netratings, Inc .............................. 14 61,836 New York Times Co (Class A) .................. 2,828 45,719 e Nordstrom, Inc ............................... 867 3,164 * Oakley, Inc .................................. 32 124,109 Omnicom Group, Inc ........................... 8,017 4,200 Outback Steakhouse, Inc ...................... 145 1,600 Oxford Industries, Inc ....................... 41 51,118 * Penton Media, Inc ............................ 35 45,239 * Pinnacle Systems, Inc ........................ 616 14,017 e* Pixar, Inc ................................... 743 10,500 * Presstek, Inc ................................ 48 3,898 * Prime Hospitality Corp ....................... 32 28,761 * Racing Champions Ertl Corp ................... 393 1,520 * Reebok International Ltd ..................... 45 11,241 Regal Entertainment Group (Class A) .......... 241 19,142 Ross Stores, Inc ............................. 811 3,871 Russell Corp ................................. 65 33,400 * Saks, Inc .................................... 392 10,376 Scripps (E.W.) Co (Class A) .................. 798 193,608 e Sears Roebuck & Co ........................... 4,637 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 27 Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 14,400 Spartan Motors, Inc .......................... $ 164 4,201 e* Sports Resorts International, Inc ............ 25 153,954 * Starbucks Corp ............................... 3,138 1,900 * Sylvan Learning Systems, Inc ................. 31 422,725 Target Corp .................................. 12,682 200 Thor Industries, Inc ......................... 7 29,476 Tiffany & Co ................................. 705 250,421 TJX Cos, Inc ................................. 4,888 129,682 Tribune Co ................................... 5,895 88,030 * U.S.A. Interactive, Inc ...................... 2,012 600 * Unifi, Inc ................................... 3 47,126 e* Univision Communications, Inc (Class A) ...... 1,155 3,300 * Vans, Inc .................................... 19 101,280 VF Corp ...................................... 3,651 217,700 Visteon Corp ................................. 1,515 47,397 * Wabash National Corp ......................... 397 1,027,695 Walt Disney Co ............................... 16,762 4,756 Washington Post Co (Class B) ................. 3,510 41,951 Wendy's International, Inc ................... 1,136 16,077 Whirlpool Corp ............................... 840 800 Winnebago Industries, Inc .................... 31 177,600 * Yahoo!, Inc .................................. 2,904 ---------- TOTAL CONSUMER CYCLICAL 240,450 ---------- CONSUMER NON-CYCLICAL--7.06% 290,621 Albertson's, Inc ............................. 6,469 38,881 e* Amazon.Com, Inc .............................. 734 22,591 * Autozone, Inc ................................ 1,596 96,700 Avon Products, Inc ........................... 5,209 4,500 * Barnes & Noble, Inc .......................... 81 76,282 * Best Buy Co, Inc ............................. 1,842 4,500 * BJ's Wholesale Club, Inc ..................... 82 1,700 e* Cadiz, Inc ................................... 1 178,840 Campbell Soup Co ............................. 4,197 13,400 * Carmax, Inc .................................. 240 6,079 * CDW Computer Centers, Inc .................... 267 42,694 Circuit City Stores, Inc (Circuit City Group) 317 122,200 Clorox Co .................................... 5,041 971,200 Coca-Cola Co ................................. 42,558 96,100 Coca-Cola Enterprises, Inc ................... 2,087 240,600 Colgate-Palmolive Co ......................... 12,615 211,538 * Costco Wholesale Corp ........................ 5,936 182,171 e CVS Corp ..................................... 4,549 50,729 * eBay, Inc .................................... 3,440 10,485 * Energizer Holdings, Inc ...................... 293 7,955 e* Fastenal Co .................................. 297 3,400 e Fleming Cos, Inc ............................. 22 2,400 * FTI Consulting, Inc .......................... 96 166,109 General Mills, Inc ........................... 7,799 490,553 Gillette Co .................................. 14,893 228,750 e H.J. Heinz Co ................................ 7,519 68,600 Hershey Foods Corp ........................... 4,626 933,446 Home Depot, Inc .............................. 22,365 3,000 Hormel Foods Corp ............................ 70 49,806 e International Flavors & Fragrances, Inc ...... 1,748 10,186 J.M. Smucker Co .............................. 406 153,963 Kellogg Co ................................... 5,276 436,706 * Kroger Co .................................... 6,747 291,154 Lowe's Cos ................................... 10,918 800 * Marvel Enterprises, Inc ...................... 7 296,924 Mattel, Inc .................................. 5,686 23,900 McCormick & Co, Inc (Non-Vote) ............... 554 35,911 * NBTY, Inc .................................... 631 165,283 Newell Rubbermaid, Inc ....................... 5,013 59,055 * Office Depot, Inc ............................ 872 21,100 e* Overstock.com, Inc ........................... 274 10,100 * Party City Corp .............................. 121 9,350 * Pathmark Stores, Inc ......................... 47 49,600 Pepsi Bottling Group, Inc .................... 1,275 39,400 PepsiAmericas Inc ............................ 529 750,804 PepsiCo, Inc ................................. 31,699 111,148 * Perrigo Co ................................... 1,350 587,800 Procter & Gamble Co .......................... 50,516 49,147 RadioShack Corp .............................. 921 4,200 e* Restoration Hardware, Inc .................... 21 2,600 Russ Berrie & Co, Inc ........................ 88 258,210 e* Safeway, Inc ................................. 6,032 12,958 e* Sharper Image Corp ........................... 226 700 * Smart & Final, Inc ........................... 4 151,336 * Staples, Inc ................................. 2,769 55,059 * Toys ORO Us, Inc ............................. 551 469,071 Walgreen Co .................................. 13,692 5,910 Winn-Dixie Stores, Inc ....................... 90 107,245 Wrigley (Wm.) Jr Co .......................... 5,886 ---------- TOTAL CONSUMER NON-CYCLICAL 309,190 ---------- ENERGY--2.37% 17,861 * 3TEC Energy Corp ............................. 253 256,669 e Anadarko Petroleum Corp ...................... 12,294 222,824 Apache Corp .................................. 12,699 431,641 Baker Hughes, Inc ............................ 13,895 2,949 Berry Petroleum Co (Class A) ................. 50 4,567 Cabot Oil & Gas Corp (Class A) ............... 113 73,662 Chesapeake Energy Corp ....................... 570 14,700 * Cimarex Energy Co ............................ 263 12,123 * Comstock Resources, Inc ...................... 113 6,211 * Cooper Cameron Corp .......................... 309 65,278 * Denbury Resources, Inc ....................... 738 183,163 Devon Energy Corp ............................ 8,407 63,215 * Energy Partners Ltd .......................... 676 68,361 ENSCO International, Inc ..................... 2,013 230,565 EOG Resources, Inc ........................... 9,204 43,836 * Forest Oil Corp .............................. 1,208 28,493 Frontier Oil Corp ............................ 491 157,563 * Grant Prideco, Inc ........................... 1,834 4,600 * Hanover Compressor Co ........................ 42 42,500 * Harvest Natural Resources, Inc ............... 281 27,660 Helmerich & Payne, Inc ....................... 772 2,400 * Input/Output, Inc ............................ 10 1,600 * Magnum Hunter Resources, Inc ................. 10 111,836 * Meridian Resource Corp ....................... 101 55,120 * Newfield Exploration Co ...................... 1,987 162,647 Noble Energy, Inc ............................ 6,107 34,224 * Nuevo Energy Co .............................. 380 168,175 Ocean Energy, Inc ............................ 3,358 6,273 * Patterson-UTI Energy, Inc .................... 189 6,565 * Petroleum Helicopters (Vote) ................. 195 92,524 * Pioneer Natural Resources Co ................. 2,336 46,243 * Plains Exploration & Production .............. 451 46,843 * Plains Resources, Inc ........................ 555 70,100 Pogo Producing Co ............................ 2,611 13,989 * Pride International, Inc ..................... 208 37,517 * Range Resources Corp ......................... 203 76,000 Rowan Cos, Inc ............................... 1,725 48,400 * Smith International, Inc ..................... 1,579 12,878 * Stone Energy Corp ............................ 430 143,722 Sunoco, Inc .................................. 4,769 32,074 * Swift Energy Co .............................. 310 38,100 Tidewater, Inc ............................... 1,185 13,928 * Tom Brown, Inc ............................... 350 282,942 * Transmontaigne, Inc .......................... 1,313 SEE NOTES TO FINANCIAL STATEMENTS 28 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ENERGY--(CONTINUED) 117,049 Valero Energy Corp ........................... $ 4,324 18,800 * Varco International, Inc ..................... 327 3,700 * Veritas DGC, Inc ............................. 29 31,740 Vintage Petroleum, Inc ....................... 335 37,609 * Westport Resources Corp ...................... 782 34,998 World Fuel Services Corp ..................... 717 34,594 XTO Energy, Inc .............................. 854 ---------- TOTAL ENERGY 103,955 ---------- FINANCIAL SERVICES--14.35% 1,200 21st Century Insurance Group ................. 15 27,910 A.G. Edwards, Inc ............................ 920 220,470 Aflac, Inc ................................... 6,641 80,533 e Allied Capital Corp .......................... 1,758 4,900 AMB Property Corp ............................ 134 13,100 Ambac Financial Group, Inc ................... 737 4,100 e American Capital Strategies Ltd .............. 89 614,171 American Express Co .......................... 21,711 1,014,836 American International Group, Inc ............ 58,708 1,900 American National Insurance Co ............... 156 101,055 AmSouth Bancorp .............................. 1,940 33,700 Annaly Mortgage Management, Inc .............. 634 198,412 AON Corp ..................................... 3,748 400 Apex Mortgage Capital, Inc ................... 3 123,115 Archstone-Smith Trust ........................ 2,898 6,500 Arden Realty, Inc ............................ 144 2,500 Astoria Financial Corp ....................... 68 19,167 AvalonBay Communities, Inc ................... 750 686,918 Bank Of America Corp ......................... 47,789 607,876 Bank One Corp ................................ 22,218 279,524 BB&T Corp .................................... 10,340 4,500 * Beazer Homes U.S.A., Inc ..................... 273 18,755 Boston Properties, Inc ....................... 691 13,100 Brown & Brown, Inc ........................... 423 95,459 e Capital One Financial Corp ................... 2,837 530,210 Charles Schwab Corp .......................... 5,753 34,423 Charter One Financial, Inc ................... 989 78,557 Chubb Corp ................................... 4,101 62,695 Cincinnati Financial Corp .................... 2,354 55,883 Comerica, Inc ................................ 2,416 29,357 Countrywide Financial Corp ................... 1,516 80,458 Crescent Real Estate Equities Co ............. 1,339 39,636 Duke Realty Corp ............................. 1,009 1,600 Eaton Vance Corp ............................. 45 447,714 Equity Office Properties Trust ............... 11,184 245,388 Equity Residential ........................... 6,032 29,542 Erie Indemnity Co (Class A) .................. 1,071 489,446 Fannie Mae ................................... 31,486 27,941 Federated Investors, Inc (Class B) ........... 709 273,793 e Fifth Third Bancorp .......................... 16,031 4,800 First Tennessee National Corp ................ 173 18,800 Flagstar Bancorp, Inc ........................ 406 706,927 FleetBoston Financial Corp ................... 17,178 131,317 Franklin Resources, Inc ...................... 4,475 329,002 Freddie Mac .................................. 19,428 25,110 Gallagher (Arthur J.) & Co ................... 738 16,369 * Gartner, Inc (Class B) ....................... 155 7,800 e General Growth Properties, Inc ............... 406 78,235 Golden West Financial Corp ................... 5,618 133,076 Goldman Sachs Group, Inc ..................... 9,062 17,300 Greenpoint Financial Corp .................... 782 112,245 Hartford Financial Services Group, Inc ....... 5,099 15,500 Health Care Property Investors, Inc .......... 594 1,100 Hilb, Rogal & Hamilton Co .................... 45 300,712 e* Homestore, Inc ............................... 256 367,606 e Instinet Group, Inc .......................... 1,555 1,000 International Bancshares Corp ................ 39 12,000 iStar Financial, Inc ......................... 337 948,580 JP Morgan Chase & Co ......................... 22,766 46,060 Jefferson-Pilot Corp ......................... 1,755 249,911 KeyCorp ...................................... 6,283 25,900 Kimco Realty Corp ............................ 794 10,968 e Legg Mason, Inc .............................. 532 132,630 Lincoln National Corp ........................ 4,188 6,100 LNR Property Corp ............................ 216 2,700 MAF Bancorp, Inc ............................. 92 348,360 Marsh & McLennan Cos, Inc .................... 16,098 38,399 MBIA, Inc .................................... 1,684 630,185 MBNA Corp .................................... 11,986 218,083 Mellon Financial Corp ........................ 5,694 13,200 * Meritage Corp ................................ 444 392,996 e Merrill Lynch & Co, Inc ...................... 14,914 11,900 MGIC Investment Corp ......................... 491 2,600 MONY Group, Inc .............................. 62 401,243 National City Corp ........................... 10,962 11,404 Neuberger Berman, Inc ........................ 382 26,305 New Plan Excel Realty Trust .................. 502 4,200 North Fork Bancorp, Inc ...................... 142 82,322 Northern Trust Corp .......................... 2,885 1,900 People's Bank ................................ 48 3,000 * Phoenix Cos, Inc ............................. 23 218,963 PNC Financial Services Group, Inc ............ 9,175 12,250 Popular, Inc ................................. 414 1,500 Post Properties, Inc ......................... 36 150,625 e Principal Financial Group .................... 4,538 59,370 Progressive Corp ............................. 2,947 65,424 Prologis ..................................... 1,645 353,400 * Providian Financial Corp ..................... 2,294 282,074 Prudential Financial, Inc .................... 8,953 79,119 Public Storage, Inc .......................... 2,556 89,304 Regions Financial Corp ....................... 2,979 20,600 Rouse Co ..................................... 653 9,495 Safeco Corp .................................. 329 38,580 Seacoast Banking Corp Of Florida ............. 727 36,392 SEI Investments Co ........................... 989 110,292 Simon Property Group, Inc .................... 3,758 86,217 SLM Corp ..................................... 8,954 2,000 * SoundView Technology Group, Inc .............. 3 105,480 St. Paul Cos, Inc ............................ 3,592 131,374 State Street Corp ............................ 5,124 64,820 Stilwell Financial, Inc ...................... 847 1,400 Student Loan Corp ............................ 137 167,372 SunTrust Banks, Inc .......................... 9,527 81,094 Synovus Financial Corp ....................... 1,573 101,881 * Syntroleum Corp .............................. 176 71,326 T Rowe Price Group, Inc ...................... 1,946 6,200 Transatlantic Holdings, Inc .................. 414 867,112 U.S. Bancorp ................................. 18,400 36,667 Union Planters Corp .......................... 1,032 13,596 UnionBanCal Corp ............................. 534 107,088 UnumProvident Corp ........................... 1,878 4,600 Vesta Insurance Group, Inc ................... 13 43,003 Vornado Realty Trust ......................... 1,600 2,850 W Holding Co, Inc ............................ 47 726,407 Wachovia Corp ................................ 26,470 612,562 e Washington Mutual, Inc ....................... 21,152 15,090 Waypoint Financial Corp ...................... 269 80,550 Weingarten Realty Investors .................. 2,969 808,888 Wells Fargo & Co ............................. 37,913 47,200 Westcorp ..................................... 991 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 29 Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 3,300 * WFS Financial, Inc ........................... $ 69 6,400 Zions Bancorp ................................ 252 ----------- TOTAL FINANCIAL SERVICES 628,824 ---------- HEALTH CARE--9.26% 8,229 e* aaiPharma, Inc ............................... 115 8,853 * Abgenix, Inc ................................. 65 43,222 e* Abiomed, Inc ................................. 157 10,215 e* Acacia Research-Combi Matrix ................. 37 16,500 * Accredo Health, Inc .......................... 582 23,736 * Adolor Corp .................................. 326 22,218 * Advanced Medical Optics, Inc ................. 266 18,700 * AdvancePCS ................................... 415 51,000 Aetna, Inc ................................... 2,097 16,601 e* Aksys Ltd .................................... 88 16,000 * Alaris Medical, Inc .......................... 98 4,000 * Albany Molecular Research, Inc ............... 59 5,025 * Alexion Pharmaceuticals, Inc ................. 71 35,872 e* Align Technology, Inc ........................ 99 3,967 * Alkermes, Inc ................................ 25 104,285 Allergan, Inc ................................ 6,009 6,200 e* Allos Therapeutics, Inc ...................... 47 29,572 e* Allscripts Healthcare Solutions, Inc ......... 71 101,100 Alpharma, Inc (Class A) ...................... 1,204 8,900 * Ameripath, Inc ............................... 191 443,574 * Amgen, Inc ................................... 21,442 16,862 * Amylin Pharmaceuticals, Inc .................. 272 96,422 * Andrx Corp ................................... 1,415 61,723 * Anthem, Inc .................................. 3,882 33,202 * Antigenics, Inc .............................. 340 87,634 e* Aphton Corp .................................. 341 26,918 * Apogent Technologies, Inc .................... 560 188,825 Applera Corp (Applied Biosystems Group) ...... 3,312 14,213 * Applera Corp (Celera Genomics Group) ......... 136 46,623 * Applied Molecular Evolution .................. 96 3,918 * Arena Pharmaceuticals, Inc ................... 26 16,100 * Ariad Pharmaceuticals, Inc ................... 39 24,717 * Arqule, Inc .................................. 75 5,400 * Array Biopharma, Inc ......................... 30 2,600 Arrow International, Inc ..................... 106 6,700 * Atherogenics, Inc ............................ 50 35,685 * Atrix Laboratories, Inc ...................... 547 46,700 * Avanir Pharmaceuticals (Class A) ............. 47 9,400 e* Avigen, Inc .................................. 54 17,397 Bard (C.R.), Inc ............................. 1,009 31,971 e* Barr Laboratories, Inc ....................... 2,081 30,755 Bausch & Lomb, Inc ........................... 1,107 379,181 Baxter International, Inc .................... 10,617 16,496 Beckman Coulter, Inc ......................... 487 213,472 Becton Dickinson & Co ........................ 6,551 47,699 * Benthley Pharmaceuticals, Inc ................ 384 59,370 * Biogen, Inc .................................. 2,378 44,157 * BioMarin Pharmaceutical, Inc ................. 311 143,594 Biomet, Inc .................................. 4,115 60,387 e* Biopure Corp ................................. 225 3,600 * Bio-Reference Labs, Inc ...................... 22 10,909 e* Biosite, Inc ................................. 371 17,626 * Bio-Technology General Corp .................. 56 34,305 * Bone Care International, Inc ................. 334 150,095 * Boston Scientific Corp ....................... 6,382 15,200 * Bradley Pharmaceuticals, Inc ................. 198 800 e* Britesmile, Inc .............................. 0 3,700 * Bruker Daltonics, Inc ........................ 18 65,339 * Caliper Technologies Corp .................... 196 1,800 * Cantel Medical Corp .......................... 23 4,400 * Cardiac Science, Inc ......................... 10 251,690 Cardinal Health, Inc ......................... 14,898 85,652 * Caremark Rx, Inc ............................. 1,392 22,039 e* Cell Therapeutics, Inc ....................... 160 11,828 e* Cephalon, Inc ................................ 576 2,100 * Cerus Corp ................................... 45 11,600 * Charles River Laboratories International, Inc 446 10,200 * Chattem, Inc ................................. 210 81,000 Cigna Corp ................................... 3,331 22,118 * Cima Labs, Inc ............................... 535 16,700 * Ciphergen Biosystems, Inc .................... 58 1,400 * Closure Medical Corp ......................... 15 10,100 * Cobalt Corp .................................. 139 83,298 e* Columbia Laboratories, Inc ................... 280 24,200 * Connetics Corp ............................... 291 5,000 * Covance, Inc ................................. 123 34,100 * Coventry Health Care, Inc .................... 990 15,500 * Cubist Pharmaceuticals, Inc .................. 128 22,806 * CuraGen Corp ................................. 106 5,433 * CV Therapeutics, Inc ......................... 99 10,000 * Cytyc Corp ................................... 102 8,200 D&K Healthcare Resources, Inc ................ 84 26,200 * DaVita, Inc .................................. 646 130,985 * Decode Genetics, Inc ......................... 242 309,438 e* Deltagen, Inc ................................ 149 34,950 Dentsply International, Inc .................. 1,302 41,403 Diagnostic Products Corp ..................... 1,599 3,600 * Dianon Systems, Inc .......................... 172 45,517 * Digene Corp .................................. 522 3,500 * DJ Orthopedics, Inc .......................... 13 147,670 * Durect Corp .................................. 298 3,500 * DVI, Inc ..................................... 26 16,080 * Edwards Lifesciences Corp .................... 410 1,900 * Embrex, Inc .................................. 21 34,257 * Eon Labs, Inc ................................ 648 2,936 * EPICS Medical, Inc ........................... 21 292,254 * Esperion Therapeutics, Inc ................... 2,090 10,300 * Exact Sciences Corp .......................... 112 22,144 * Express Scripts, Inc (Class A) ............... 1,064 46,114 * First Health Group Corp ...................... 1,123 30,524 * First Horizon Pharmaceutical ................. 228 107,416 * Forest Laboratories, Inc ..................... 10,550 27,000 * Gene Logic, Inc .............................. 170 2,009 * Genesis Health Ventures, Inc ................. 31 35,200 * Genta, Inc ................................... 271 143,232 * Genzyme Corp (Biosurgery Division) ........... 365 120,525 * Genzyme Corp (General Division) .............. 3,564 23,356 * Geron Corp ................................... 84 66,665 * Gilead Sciences, Inc ......................... 2,267 137,832 * Guidant Corp ................................. 4,252 78,544 * Guilford Pharmaceuticals, Inc ................ 313 27,600 e* Hanger Orthopedic Group, Inc ................. 363 2,000 * Harvard Bioscience, Inc ...................... 7 115,248 Health Management Associates, Inc (Class A) .. 2,063 53,972 * Health Net, Inc .............................. 1,425 10,785 * Henry Schein, Inc ............................ 485 53,102 Hillenbrand Industries, Inc .................. 2,565 52,576 * Human Genome Sciences, Inc ................... 463 190,400 * Humana, Inc .................................. 1,904 18,436 * ICOS Corp .................................... 432 40,735 e* IDEC Pharmaceuticals Corp .................... 1,351 28,621 * Idexx Laboratories, Inc ...................... 953 51,497 * Ilex Oncology, Inc ........................... 364 10,810 * Illumina, Inc ................................ 36 2,400 * Immucor, Inc ................................. 49 SEE NOTES TO FINANCIAL STATEMENTS 30 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 47,200 * Immunogen, Inc ............................... $ 146 44,900 * Immunomedics, Inc ............................ 207 4,300 e* Impath, Inc .................................. 85 97,808 e* Impax Laboratories, Inc ...................... 392 155,599 IMS Health, Inc .............................. 2,490 44,017 * Incyte Genomics, Inc ......................... 201 54,100 * Indevus Pharmaceuticals, Inc ................. 116 44,803 * Inhale Therapeutic Systems, Inc .............. 362 3,000 * Integra LifeSciences Holding ................. 53 5,100 Invacare Corp .................................. 170 36,581 * Inverness Medical Innovations, Inc ........... 481 8,689 * Invitrogen Corp .............................. 272 13,200 * Isis Pharmaceuticals, Inc .................... 87 164,181 * IVAX Corp .................................... 1,992 1,303,964 Johnson & Johnson ............................ 70,036 700 * Kendle International, Inc .................... 6 138,350 * King Pharmaceuticals, Inc .................... 2,378 1,500 e* Kos Pharmaceuticals, Inc ..................... 29 9,900 * Kosan Biosciences, Inc ....................... 60 19,600 * KV Pharmaceutical Co (Class A) ............... 455 17,000 * La Jolla Pharmaceutical Co ................... 111 26,200 e* Lannett Co, Inc .............................. 429 18,400 * Lexicon Genetics, Inc ........................ 87 2,800 * Lifecore Biomedical, Inc ..................... 24 41,448 * LifePoint Hospitals, Inc ..................... 1,241 46,490 * Lincare Holdings, Inc ........................ 1,470 25,220 e* Luminex Corp ................................. 104 34,964 * Manor Care, Inc .............................. 651 34,085 e* Martek Biosciences Corp ...................... 858 800 * Matria Healthcare, Inc ....................... 7 226,303 McKesson Corp ................................ 6,117 2,817 * Medarex, Inc ................................. 11 27,311 * Medicis Pharmaceutical Corp (Class A) ........ 1,357 90,177 * Medimmune, Inc ............................... 2,450 574,062 Medtronic, Inc ............................... 26,177 1,242,165 e Merck & Co, Inc .............................. 70,319 900 * Meridian Medical Technologies, Inc ........... 40 17,700 * MGI Pharma, Inc .............................. 128 30,655 * Mid Atlantic Medical Services, Inc ........... 993 101,422 * Millennium Pharmaceuticals, Inc .............. 805 11,632 * Millipore Corp ............................... 395 101,896 Mylan Laboratories, Inc ...................... 3,556 76,865 * Nabi Biopharmaceuticals ...................... 477 30,795 * Napro Biotherapeutics, Inc ................... 21 46,664 e* Nastech Pharmaceutical Co .................... 399 19,600 * Neopharm, Inc ................................ 199 34,431 * Neose Technologies, Inc ...................... 305 4,000 * Neurocrine Biosciences, Inc .................. 183 40,959 * Neurogen Corp ................................ 149 9,400 * Noven Pharmaceuticals, Inc ................... 87 3,412 * NPS Pharmaceuticals, Inc ..................... 86 29,284 Omnicare, Inc ................................ 698 6,400 * Omnicell, Inc ................................ 17 32,499 * Onyx Pharmaceuticals, Inc .................... 189 5,592 * Option Care, Inc ............................. 45 1,500 * OraSure Technologies, Inc .................... 8 3,000 e* Orthodontic Centers Of America, Inc .......... 33 8,600 * Orthologic Corp .............................. 31 6,392 * OSI Pharmaceuticals, Inc ..................... 105 1,400 Owens & Minor, Inc ........................... 23 32,723 * Oxford Health Plans, Inc ..................... 1,193 33,300 e* Pacificare Health Systems, Inc ............... 936 116,844 * Pain Therapeutics, Inc ....................... 279 29,162 * Patterson Dental Co .......................... 1,276 35,275 * PDI, Inc ..................................... 381 104,708 * Peregrine Pharmaceuticals, Inc ............... 82 5,500 * Pharmaceutical Product Development, Inc ...... 161 13,868 * Pharmaceutical Resources, Inc ................ 413 83,891 * Pozen, Inc ................................... 432 7,878 e* PracticeWorks, Inc ........................... 62 101,678 * Praecis Pharmaceuticals, Inc ................. 330 30,324 * Priority Healthcare Corp (Class B) ........... 704 19,955 * Progenics Pharmaceuticals .................... 133 23,161 * Protein Design Labs, Inc ..................... 197 2,500 * PSS World Medical, Inc ....................... 17 23,900 * Quadramed Corp ............................... 63 82,816 * Quintiles Transnational Corp ................. 1,002 12,211 * Quovadx, Inc ................................. 30 11,513 e* Regeneron Pharmaceuticals, Inc ............... 213 3,100 * Respironics, Inc ............................. 94 97,239 * Rigel Pharmaceuticals, Inc ................... 106 2,600 * Rita Medical Systems, Inc .................... 13 25,975 * Salix Pharmaceuticals Ltd .................... 182 13,900 * Sangamo Biosciences, Inc ..................... 42 16,611 e* Scios, Inc ................................... 541 88,520 * Seattle Genetics, Inc ........................ 274 55,729 * Sepracor, Inc ................................ 539 124,004 * Sequenom, Inc ................................ 223 32,480 * SICOR, Inc ................................... 515 40,858 e* Specialty Laboratories, Inc .................. 395 86,526 * St. Jude Medical, Inc ........................ 3,437 3,200 * Stericycle, Inc .............................. 104 4,600 * Steris Corp .................................. 112 92,665 Stryker Corp ................................. 6,220 10,500 e* Sunrise Assisted Living, Inc ................. 261 41,426 e* SuperGen, Inc ................................ 150 9,484 * Syncor International Corp .................... 263 16,038 * Tanox, Inc ................................... 145 11,200 * Techne Corp .................................. 320 26,200 * Telik, Inc ................................... 305 45,311 * Texas Biotechnology Corp ..................... 63 500 * Theragenics Corp ............................. 2 42,300 * Therasense, Inc .............................. 353 1,600 * Thoratec Corp ................................ 12 7,700 * Transkaryotic Therapies, Inc ................. 76 74,999 * Triad Hospitals, Inc ......................... 2,237 90,234 * Triangle Pharmaceuticals, Inc ................ 536 3,500 * Trimeris, Inc ................................ 151 26,444 * TriPath Imaging, Inc ......................... 71 45,278 e* Tularik, Inc ................................. 338 11,300 * United Therapeutics Corp ..................... 189 148,886 UnitedHealth Group, Inc ...................... 12,432 13,918 * Universal Health Services, Inc (Class B) ..... 628 1,900 * Urologix, Inc ................................ 6 19,147 * Varian Medical Systems, Inc .................. 950 16,600 e* Versicor, Inc ................................ 179 25,392 * Vertex Pharmaceuticals, Inc .................. 402 60,467 * Vical, Inc ................................... 210 1,600 Vital Signs, Inc ............................. 48 3,600 e* Vivus, Inc ................................... 13 36,643 * Waters Corp .................................. 798 96,272 * Watson Pharmaceuticals, Inc .................. 2,722 75,986 * Wellpoint Health Networks, Inc ............... 5,407 52,312 * Women First Healthcare, Inc .................. 239 95,220 * Zimmer Holdings, Inc ......................... 3,954 33,900 * Zymogenetics, Inc ............................ 336 ----------- TOTAL HEALTH CARE 405,588 ----------- SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 31 Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- OTHER--0.67% 4,500 e* Administaff, Inc ............................. $ 27 39,481 * Apollo Group, Inc (Class A) .................. 1,737 71,621 * Cintas Corp .................................. 3,277 1,700 * DeVry, Inc ................................... 28 29,750 * Dun & Bradstreet Corp ........................ 1,026 4,700 e* Exult, Inc ................................... 15 6,115 * Fidelity National Information Solutions, Inc . 105 7,900 * First Consulting Group, Inc .................. 46 1,300 * General Binding Corp ......................... 11 9,200 * Gentiva Health Services, Inc ................. 81 82,675 H & R Block, Inc ............................. 3,324 116,134 * Invision Technologies, Inc ................... 3,061 1,000 * Lifeline Systems, Inc ........................ 22 548 Manpower, Inc ................................ 17 65,014 e Moody's Corp ................................. 2,684 1,300 Pentair, Inc ................................. 45 20,220 * R.H. Donnelley Corp .......................... 593 47,129 R.R. Donnelley & Sons Co ..................... 1,026 7,500 * Rent-Way, Inc ................................ 26 54,708 * Robert Half International, Inc ............... 881 16,838 * SPX Corp ..................................... 631 6,600 Supervalu, Inc ............................... 109 302,200 Sysco Corp ................................... 9,003 31,253 Teleflex, Inc ................................ 1,340 22,822 * TMP Worldwide, Inc ........................... 258 ----------- TOTAL OTHER 29,373 ----------- PRODUCER DURABLES--2.37% 238,922 3M Co ........................................ 29,459 55,606 * Active Power, Inc ............................ 99 93,258 American Water Works Co, Inc ................. 4,241 99,250 Ametek, Inc .................................. 3,820 30,000 Baldor Electric Co ........................... 593 3,600 California Water Service Group ............... 85 325,927 * Capstone Turbine Corp ........................ 293 27,585 * Casella Waste Systems, Inc (Class A) ......... 245 1,400 * Columbus Mckinnon Corp ....................... 5 37,100 Cummins, Inc ................................. 1,044 127,030 Deere & Co ................................... 5,824 388,600 Emerson Electric Co .......................... 19,760 1,500 * Flow International Corp ...................... 4 7,700 * Flowserve Corp ............................... 114 50,032 e GATX Corp .................................... 1,142 133,900 * Global Power Equipment Group, Inc ............ 660 10,628 Harsco Corp .................................. 339 14,192 * Headwaters, Inc .............................. 220 44,185 Hubbell, Inc (Class B) ....................... 1,553 243,000 Illinois Tool Works, Inc ..................... 15,761 21,476 * Imagistics International, Inc ................ 430 2,200 Lincoln Electric Holdings, Inc ............... 51 41,300 * Magnetek, Inc ................................ 183 3,100 Milacron, Inc ................................ 18 28,000 Nordson Corp ................................. 695 15,531 Philadelphia Suburban Corp ................... 320 169,601 Pitney Bowes, Inc ............................ 5,539 3,800 * Power-One, Inc ............................... 22 2,700 * Quanta Services, Inc ......................... 9 500 SJW Corp ..................................... 39 1,800 Starrett (L.S.) Co (Class A) ................. 30 63,300 * Thomas & Betts Corp .......................... 1,070 2,986 * Unova, Inc ................................... 18 94,563 Vulcan Materials Co .......................... 3,546 82,700 W.W. Grainger, Inc ........................... 4,263 4,572 * Waste Connections, Inc ....................... 177 293,473 e* Xerox Corp ................................... 2,362 ----------- TOTAL PRODUCER DURABLES 104,033 ----------- TECHNOLOGY--9.42% 213,900 * 3Com Corp .................................... 990 1,000 * 3D Systems Corp .............................. 8 278,041 e* Acterna Corp ................................. 44 7,000 * Actuate Corp ................................. 12 434,967 * ADC Telecommunications, Inc .................. 909 20,319 * ADE Corp ..................................... 121 65,416 Adobe Systems, Inc ........................... 1,630 213,995 * Advanced Micro Devices, Inc .................. 1,382 11,984 e* Agere Systems, Inc (Class A) ................. 17 602,041 * Agere Systems, Inc (Class B) ................. 843 15,700 * Agile Software Corp .......................... 122 142,256 e* Akamai Technologies, Inc ..................... 246 162,200 * Altera Corp .................................. 2,002 73,593 * American Power Conversion Corp ............... 1,115 94,648 * American Superconductor Corp ................. 285 5,400 e* Amkor Technology, Inc ........................ 26 1,900 * Anadigics, Inc ............................... 5 117,700 * Analog Devices, Inc .......................... 2,809 1,700 Analogic Corp ................................ 85 13,300 * Andrew Corp .................................. 137 18,400 * Answerthink, Inc ............................. 46 113,310 * Apple Computer, Inc .......................... 1,624 538,200 * Applied Materials, Inc ....................... 7,013 53,100 * Artesyn Technologies, Inc .................... 204 5,685 * Artisan Components, Inc ...................... 88 21,375 e* At Road, Inc ................................. 88 358,450 Automatic Data Processing, Inc ............... 14,069 145,610 * Avanex Corp .................................. 153 110,791 e* Avaya, Inc ................................... 271 34,123 AVX Corp ..................................... 334 1,400 * Barra, Inc ................................... 42 51,566 e* BEA Systems, Inc ............................. 591 37,912 * BearingPoint, Inc ............................ 262 3,800 Belden, Inc .................................. 58 22,652 * Bisys Group, Inc ............................. 360 35,799 * BMC Software, Inc ............................ 613 79,519 * Broadcom Corp (Class A) ...................... 1,198 48,199 * Brocade Communications Systems, Inc .......... 200 2,700 * Cable Design Technologies Corp ............... 16 34,662 * Cadence Design Systems, Inc .................. 409 19,600 * Caminus Corp ................................. 46 58,807 * Ceridian Corp ................................ 848 16,919 * Certegy, Inc ................................. 415 172,716 * CIENA Corp ................................... 888 7,200 * Cirrus Logic, Inc ............................ 21 2,461,600 * Cisco Systems, Inc ........................... 32,247 72,373 e* CNET Networks, Inc ........................... 196 4,800 * Cognex Corp .................................. 88 3,200 * CommScope, Inc ............................... 25 36,234 * Computer Horizons Corp ....................... 118 31,095 * Computer Network Technology Corp ............. 221 14,100 * Compuware Corp ............................... 68 139,497 * Comverse Technology, Inc ..................... 1,398 5,085 * Concord Communications, Inc .................. 46 221,914 * Concord EFS, Inc ............................. 3,493 84,401 * Convergys Corp ............................... 1,279 537,300 * Corning, Inc ................................. 1,778 550 * Credence Systems Corp ........................ 5 5,000 * CSG Systems International, Inc ............... 68 1,800 CTS Corp ..................................... 14 103,108 e* DDI Corp ..................................... 23 2,400 * dELiA*s Corp (Class A) ....................... 1 787,470 * Dell Computer Corp ........................... 21,057 24,300 Deluxe Corp .................................. 1,023 SEE NOTES TO FINANCIAL STATEMENTS 32 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 13,233 * DiamondCluster International, Inc (Class A) .. $ 42 16,562 Diebold, Inc ................................. 683 4,007 * Digital River, Inc ........................... 48 3,789 * Digitas, Inc ................................. 13 74,453 * DST Systems, Inc ............................. 2,647 8,599 * eFunds Corp .................................. 78 32,199 * Electronic Arts, Inc ......................... 1,603 352,740 e Electronic Data Systems Corp ................. 6,501 19,883 * Embarcadero Technologies, Inc ................ 119 924,240 * EMC Corp ..................................... 5,675 25,061 * Emcore Corp .................................. 55 4,600 * Emulex Corp .................................. 85 21,862 * F5 Networks, Inc ............................. 235 300 Fair, Isaac & Co, Inc ........................ 13 10,000 e* Finisar Corp ................................. 10 106,714 * Fiserv, Inc .................................. 3,623 1,000 * FSI International, Inc ....................... 5 137,100 * Gateway, Inc ................................. 430 4,400 * General Cable Corp ........................... 17 17,864 * Global Imaging Systems, Inc .................. 328 74,974 e* Handspring, Inc .............................. 71 5,400 * Harmonic, Inc ................................ 12 2,700 Helix Technology Corp ........................ 30 20,083 Henry (Jack) & Associates, Inc ............... 242 1,100,425 e Hewlett-Packard Co ........................... 19,103 33,500 * Hypercom Corp ................................ 125 9,000 * i2 Technologies, Inc ......................... 10 55,400 e* Identix, Inc ................................. 285 140,200 IKON Office Solutions, Inc ................... 1,002 48,600 * Infonet Services Corp (Class B) .............. 96 9,400 * Informatica Corp ............................. 54 1,300 * Information Resources, Inc ................... 2 7,100 * Ingram Micro, Inc (Class A) .................. 88 92,927 * Inktomi Corp ................................. 149 2,315,010 Intel Corp ................................... 36,045 1,600 * Intercept, Inc ............................... 27 29,012 * Interdigital Communications Corp ............. 422 606,000 International Business Machines Corp ......... 46,965 6,500 * Intersil Corp (Class A) ...................... 91 53,973 * Intuit, Inc .................................. 2,532 19,416 * Iron Mountain, Inc ........................... 641 5,722 * IXYS Corp .................................... 40 32,669 * Jabil Circuit, Inc ........................... 585 419,520 * JDS Uniphase Corp ............................ 1,036 58,004 * Juniper Networks, Inc ........................ 394 5,800 * Kemet Corp ................................... 51 30,406 * KLA-Tencor Corp .............................. 1,075 2,300 * Kulicke & Soffa Industries, Inc .............. 13 800 * LeCroy Corp .................................. 9 25,500 * Lexar Media, Inc ............................. 160 36,862 * Lexmark International, Inc ................... 2,230 229,966 * LSI Logic Corp ............................... 1,327 5,800 * LTX Corp ..................................... 35 1,653,106 e* Lucent Technologies, Inc ..................... 2,083 3,200 * MAPICS, Inc .................................. 22 97,259 Maxim Integrated Products, Inc ............... 3,213 3,200 * Maxtor Corp .................................. 16 50,332 e* Mercury Interactive Corp .................... 1,492 1,500 * MetaSolv, Inc ................................ 2 1,700 * Mettler-Toledo International, Inc ............ 55 300 Microchip Technology, Inc .................... 7 207,391 e* Micron Technology, Inc ....................... 2,020 1,460,974 * Microsoft Corp ............................... 75,532 23,800 * MIPS Technologies, Inc (Class A) ............. 72 82,093 e Molex, Inc ................................... 1,891 983,723 Motorola, Inc ................................ 8,509 235,717 * MRV Communications, Inc ...................... 252 1,600 * Nanometrics, Inc ............................. 7 4,400 * National Processing, Inc ..................... 71 78,700 * National Semiconductor Corp .................. 1,181 9,874 * NCR Corp ..................................... 234 1,600 NDCHealth Corp ............................... 32 26,133 * Netro Corp ................................... 71 135,913 * Network Appliance, Inc ....................... 1,359 24,183 * New Focus, Inc ............................... 93 456,604 * NIC, Inc ..................................... 658 222,200 * Novell, Inc .................................. 742 3,482 * Novellus Systems, Inc ........................ 98 20,101 * Nuance Communications, Inc ................... 50 14,500 * Onyx Software Corp ........................... 22 9,800 * Openwave Systems, Inc ........................ 20 1,334,156 * Oracle Corp .................................. 14,409 1,300 * Overture Services, Inc ....................... 36 10,500 * Packeteer, Inc ............................... 72 11,135 e* Palm, Inc .................................... 175 16,000 * Paradyne Networks, Inc ....................... 20 11,400 * Parametric Technology Corp ................... 29 8,000 * Paxson Communications Corp ................... 16 188,626 Paychex, Inc ................................. 5,263 16,200 * Pegasystems, Inc ............................. 83 77,842 * Peoplesoft, Inc .............................. 1,425 14,500 * Perot Systems Corp (Class A) ................. 155 5,200 * Plexus Corp .................................. 46 6,573 * PLX Technology, Inc .......................... 26 5,600 * Polycom, Inc ................................. 53 90,882 * Portal Software, Inc ......................... 73 8,800 * Powerwave Technologies, Inc .................. 48 2,000 * Probusiness Services, Inc .................... 20 800 * QLogic Corp .................................. 28 7,169 * QRS Corp ..................................... 47 270,500 * Qualcomm, Inc ................................ 9,843 29,800 * Quantum Corp ................................. 80 1,500 * Radisys Corp ................................. 12 16,200 * Rainbow Technologies, Inc .................... 116 26,000 * Raindance Communications, Inc ................ 84 68,000 * Read-Rite Corp ............................... 24 5,700 * Register.com, Inc ............................ 26 7,707 * Roxio, Inc ................................... 37 4,600 * RSA Security, Inc ............................ 28 26,353 e* Sapient Corp ................................. 54 3,140 e* Scansoft, Inc ................................ 16 31,424 Scientific-Atlanta, Inc ...................... 373 3,500 * SCM Microsystems, Inc ........................ 15 1,300 * Secure Computing Corp ........................ 8 46,300 * Seebeyond Technology Corp .................... 113 1,000 * Semitool, Inc ................................ 6 156,600 * Siebel Systems, Inc .......................... 1,171 39,700 * Silicon Graphics, Inc ........................ 45 15,000 * Simpletech, Inc .............................. 45 4,300 * Sipex Corp ................................... 16 431,086 * Solectron Corp ............................... 1,530 3,069 e* SONICblue, Inc ............................... 1 6,300 * SonicWALL, Inc ............................... 23 10,500 * Sonus Networks, Inc .......................... 11 1,600 * Sourcecorp ................................... 30 20,400 e* SpeechWorks International, Inc ............... 57 6,500 * SS&C Technologies, Inc ....................... 69 11,400 * Standard Microsystems Corp ................... 222 400,815 * StorageNetworks, Inc ......................... 465 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 33 Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 107,179 * Stratex Networks, Inc ........................ $ 237 15,947 * Stratos Lightwave, Inc ....................... 70 1,646,252 * Sun Microsystems, Inc ........................ 5,120 133,093 * Sungard Data Systems, Inc .................... 3,136 82,952 * Sycamore Networks, Inc ....................... 240 19,933 * Symantec Corp ................................ 806 32,769 Symbol Technologies, Inc ..................... 269 400 * Synopsys, Inc ................................ 18 3,500 * Tech Data Corp ............................... 94 1,400 * Technitrol, Inc .............................. 23 2,785 * Tektronix, Inc ............................... 51 264,515 * Tellabs, Inc ................................. 1,923 555,182 * Tellium, Inc ................................. 355 56,340 e* Terayon Communication Systems, Inc ........... 115 679,300 Texas Instruments, Inc ....................... 10,196 11,900 * Therma-Wave, Inc ............................. 12 88,074 * Thermo Electron Corp ......................... 1,772 1,300 * Three-Five Systems, Inc ...................... 8 35,400 * TIBCO Software, Inc .......................... 219 94,572 e Total System Services, Inc ................... 1,277 458,658 * Touch America Holdings, Inc .................. 179 7,300 * Tripos, Inc .................................. 54 5,500 * Triquint Semiconductor, Inc .................. 23 900 * TTM Technologies, Inc ........................ 3 18,359 * Turnstone Systems, Inc ....................... 50 25,700 * Tyler Technologies, Inc ...................... 107 52,152 * Unisys Corp .................................. 516 65,025 * VeriSign, Inc ................................ 522 140,500 * Veritas Software Corp ........................ 2,195 2,600 * Vicor Corp ................................... 21 95,428 * Vishay Intertechnology, Inc .................. 1,067 104,900 * Vitesse Semiconductor Corp ................... 229 27,078 * Vitria Technology, Inc ....................... 20 30,500 * WatchGuard Technologies, Inc ................. 195 3,800 * Wind River Systems, Inc ...................... 16 17,808 * Witness Systems, Inc ......................... 61 21,000 * Xicor, Inc ................................... 78 127,200 * Xilinx, Inc .................................. 2,620 ----------- TOTAL TECHNOLOGY 413,195 ----------- TRANSPORTATION--0.93% 2,600 * Airtran Holdings, Inc ........................ 10 16,000 * Alaska Air Group, Inc ........................ 346 194,582 * AMR Corp ..................................... 1,284 4,200 * ATA Holdings Corp ............................ 19 1,200 * Atlantic Coast Airlines Holdings, Inc ........ 14 4,600 * Atlas Air Worldwide Holdings, Inc ............ 7 219,007 * BE Aerospace, Inc ............................ 797 50,486 e* Continental Airlines, Inc (Class B) .......... 366 137,231 e Delta Air Lines, Inc ......................... 1,660 3,300 * ExpressJet Holdings, Inc ..................... 34 115,489 FedEx Corp ................................... 6,262 11,850 * JetBlue Airways Corp ......................... 320 4,100 * Kansas City Southern Industries, Inc ......... 49 3,700 * Midwest Express Holdings, Inc ................ 20 380,910 Norfolk Southern Corp ........................ 7,614 1,300 * RailAmerica, Inc ............................. 9 3,400 Ryder System, Inc ............................ 76 51,165 * Sabre Holdings Corp .......................... 927 4,000 Skywest, Inc ................................. 52 520,575 Southwest Airlines Co ........................ 7,236 331,601 b, e* UAL Corp ..................................... 474 208,346 United Parcel Service, Inc (Class B) ......... 13,142 ----------- TOTAL TRANSPORTATION 40,718 ----------- UTILITIES--5.51% 846,929 e* AES Corp ..................................... 2,558 116,131 AGL Resources, Inc ........................... 2,822 1,000 * Alaska Communications Systems Group, Inc ..... 2 555,349 Allegheny Energy, Inc ........................ 4,198 14,892 e* Allen Telecom, Inc ........................... 141 137,300 Allete, Inc .................................. 3,114 98,186 Alltel Corp .................................. 5,007 5,500 * American Tower Corp (Class A) ................ 19 566,773 Aquila, Inc .................................. 1,003 282,567 AT&T Corp .................................... 7,378 781,097 e* AT&T Wireless Services, Inc .................. 4,413 11,757 Atmos Energy Corp ............................ 274 114,749 Avista Corp .................................. 1,326 689,629 BellSouth Corp ............................... 17,841 57,467 Black Hills Corp ............................. 1,524 455,740 e* Calpine Corp ................................. 1,486 3,900 CenturyTel, Inc .............................. 115 8,600 * Citizens Communications Co ................... 91 203,372 Cleco Corp ................................... 2,847 1,700 Connecticut Water Service, Inc ............... 43 354,492 DPL, Inc ..................................... 5,438 184,372 e Empire District Electric Co .................. 3,356 500 EnergySouth, Inc ............................. 14 156,758 Equitable Resources, Inc ..................... 5,493 162,370 e Hawaiian Electric Industries, Inc ............ 7,141 194,300 Idacorp, Inc ................................. 4,824 291,357 KeySpan Corp ................................. 10,267 108,660 e Kinder Morgan, Inc ........................... 4,593 5,100 Laclede Group, Inc ........................... 123 48,513 MGE Energy, Inc .............................. 1,299 2,000 Middlesex Water Co ........................... 42 1,297,325 e* Mirant Corp .................................. 2,452 211,397 National Fuel Gas Co ......................... 4,382 2,900 New Jersey Resources Corp .................... 92 125,600 e* Nextel Communications, Inc (Class A) ......... 1,451 148,200 Nicor, Inc ................................... 5,043 396,440 NiSource, Inc ................................ 7,929 87,001 * NiSource, Inc (Sails) ........................ 193 2,700 Northwest Natural Gas Co ..................... 73 126,842 e Northwestern Corp ............................ 644 435,348 OGE Energy Corp .............................. 7,662 14,994 Otter Tail Corp .............................. 403 100,354 e Peoples Energy Corp .......................... 3,879 375,280 Pepco Holdings, Inc .......................... 7,277 880 * Petroquest Energy, Inc ....................... 4 8,401 Piedmont Natural Gas Co, Inc ................. 297 463,500 Puget Energy, Inc ............................ 10,220 90,800 Questar Corp ................................. 2,526 5,100 * RCN Corp ..................................... 3 1,271,195 SBC Communications, Inc ...................... 34,462 9,865 e SEMCO Energy, Inc ............................ 60 101,948 e* Sierra Pacific Resources ..................... 663 3,200 South Jersey Industries, Inc ................. 106 12,789 * Southern Union Co ............................ 211 326,680 Sprint Corp (FON Group) ...................... 4,730 165,900 e* Sprint Corp (PCS Group) ...................... 727 2,000 * Time Warner Telecom, Inc (Class A) ........... 4 5,400 * Triton PCS Holdings, Inc (Class A) ........... 21 115,158 Unisource Energy Corp ........................ 1,991 47,360 Unitil Corp .................................. 1,175 999,695 e Verizon Communications, Inc .................. 38,738 5,100 * West Corp .................................... 85 39,207 Western Gas Resources, Inc ................... 1,445 3,600 * Western Wireless Corp (Class A) .............. 19 SEE NOTES TO FINANCIAL STATEMENTS 34 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - SOCIAL CHOICE ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- UTILITIES--(CONTINUED) 17,100 WGL Holdings, Inc ............................ $ 409 1,255,997 e Williams Cos, Inc ............................ 3,382 ----------- TOTAL UTILITIES 241,550 ----------- TOTAL COMMON STOCK (COST $2,693,134) 2,625,778 ----------- PRINCIPAL --------- SHORT TERM INVESTMENTS--17.56% COMMERCIAL PAPER--3.35% BellSouth Corp $ 14,500,000 d 1.290%, 01/14/03 ............................. 14,492 8,000,000 1.300%, 01/23/03 ............................. 7,993 Campbell Soup Co 23,000,000 d 1.430%, 02/03/03 ............................. 22,964 Coca-Cola Enterprises, Inc 2,800,000 c 1.150%, 01/02/03 ............................. 2,800 Johnson & Johnson 20,000,000 c, d 1.300%, 02/28/03 ............................. 19,957 Kimberly-Clark Corp 12,000,000 d 1.300%, 02/25/03 ............................. 11,976 McDonald's Corp 20,000,000 c 1.330%, 01/03/03 ............................. 19,998 Merrill Lynch & Co, Inc 23,400,000 d 1.730%, 01/13/03 ............................. 23,389 Merck & Co, Inc 23,000,000 1.300%, 01/23/03 ............................. 22,981 ----------- TOTAL COMMERCIAL PAPER 146,550 ----------- U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--8.67% Federal Farm Credit (FFC) 7,000,000 1.230%, 01/27/03 ............................. 6,994 Federal Home Loan Bank (FHLB) 5,200,000 1.270%, 02/21/03 ............................. 5,191 30,000,000 d 1.270%, 03/14/03 ............................. 29,925 Federal Home Loan Mortgage Corp (FHLMC) 8,800,000 1.250%, 01/21/03 ............................. 8,794 5,000,000 1.280%, 02/18/03 ............................. 4,992 25,000,000 d 1.220%, 02/25/03 ............................. 24,952 5,400,000 1.210%, 03/13/03 ............................. 5,387 Federal National Mortgage Association (FNMA) 20,000,000 1.280%, 01/14/03 ............................. 19,991 25,800,000 d 1.280%, 01/31/03 ............................. 25,773 69,800,000 d 1.270%, 02/07/03 ............................. 69,709 50,000,000 d 1.260%, 02/14/03 ............................. 49,923 50,000,000 d 1.250%, 02/19/03 ............................. 49,915 28,700,000 d 1.280%, 02/25/03 ............................. 28,645 50,000,000 d 1.290%, 04/25/03 ............................. 49,802 ----------- TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 379,993 ----------- PRINCIPAL VALUE (000) --------- ----------- INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED--5.54% REPURCHASE AGREEMENTS Goldman Sachs & Co, 1.180% Dated 12/31/02, Due 01/02/03 In The Amount Of $60,001,967 (Fully Collateralized By High Grade Debt Obligations: $ 60,000,000 Total Market Value $61,200,000) .............. $ 60,000 Merrill Lynch & Co, Inc, 1.230% Dated 12/31/02, Due 01/02/03 In The Amount Of $74,593,549 (Fully Collateralized By High Grade Debt Obligations: 74,591,000 Total Market Value $76,082,981) .............. 74,591 Morgan Stanley & Co, Inc, 1.220% Dated 12/31/02, Due 01/02/03 In The Amount Of $60,002,033 (Fully Collateralized By High Grade Debt Obligations: 60,000,000 Total Market Value $61,200,569) .............. 60,000 TIME DEPOSITS Citibank NA 25,000,785 1.130%, 01/02/03 ............................. 25,001 Southtrust Bank NA 23,413,772 1.188%, 01/02/03 ............................. 23,420 ----------- TOTAL INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED 243,012 ----------- TOTAL SHORT TERM INVESTMENTS (COST $769,160) 769,555 ----------- TOTAL PORTFOLIO--116.94% (COST $5,061,740) 5,124,772 OTHER ASSETS & LIABILITIES, NET--(16.94)% (742,522) ----------- NET ASSETS--100.00% $ 4,382,250 =========== - ---------- * Non-income producing b In Bankruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. d All or a portion of these securities have been segregated by the custodian to cover margin or securities purchased on a delayed delivery basic. e All or a portion of these securities are out on loan. h These securities were purchased on a delayed delivery basis. k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. OTHER INFORMATION (UNAUDITED) The composition of long-term debt holdings as percentage of total value of investment in debt securities, is as follows: MOODY'S RATING AAA, AA, A 24.13% BAA, BA, B 8.71% NOT RATED 0.84% U.S. Government obligations represent 66.32% of the long-term debt portfolio value and are not reflected in the above ratings. For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the accounts use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 35 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- CORPORATE BOND--0.00% FINANCIAL SERVICES--0.00% National Health Investors, Inc $ 30,000 9.000%, 01/01/06 ............................. $ 30 ----------- TOTAL CORPORATE BOND (COST $30) 30 ----------- SHARES ------ PREFERRED STOCK--0.01% BASIC INDUSTRIES--0.01% 8,835 Sealed Air Corp .............................. 376 ----------- TOTAL PREFERRED STOCK (COST $416) 376 ----------- COMMON STOCK--99.58% AEROSPACE AND DEFENSE--1.21% 12,986 AAR Corp ..................................... 67 16,950 * Alliant Techsystems, Inc ..................... 1,057 12,641 * Armor Holdings, Inc .......................... 174 10,375 * Aviall, Inc .................................. 84 419,848 Boeing Co .................................... 13,851 8,693 * DRS Technologies, Inc ........................ 272 3,524 * Ducommun, Inc ................................ 56 3,425 * Dynamics Research Corp ....................... 48 6,710 Engineered Support Systems, Inc .............. 246 95,238 General Dynamics Corp ........................ 7,559 50,690 Goodrich Corp ................................ 929 7,918 Heico Corp ................................... 84 6,104 * Herley Industries, Inc ....................... 106 11,500 * Hexcel Corp .................................. 35 4,383 * Integrated Defense Technology, Inc ........... 64 12,100 Kaman Corp (Class A) ......................... 133 36,110 e* L-3 Communications Holdings, Inc ............. 1,622 5,230 * Ladish Co, Inc ............................... 42 196,515 Lockheed Martin Corp ......................... 11,349 7,889 * Moog, Inc (Class A) .......................... 245 80,785 Northrop Grumman Corp ........................ 7,836 23,938 e* Orbital Sciences Corp ........................ 101 59,394 PerkinElmer, Inc ............................. 490 27,300 Precision Castparts Corp ..................... 662 209,244 Raytheon Co .................................. 6,434 28,693 e* Remec, Inc ................................... 111 96,162 Rockwell Collins, Inc ........................ 2,237 3,076 * Sequa Corp (Class A) ......................... 120 16,094 * Teledyne Technologies, Inc ................... 252 38,179 * Titan Corp ................................... 397 7,247 * Triumph Group, Inc ........................... 231 11,181 * United Defense Industries, Inc ............... 261 10,114 * Viasat, Inc .................................. 117 ----------- TOTAL AEROSPACE AND DEFENSE 57,272 ----------- BASIC INDUSTRIES--4.08% 4,802 * Aaon, Inc .................................... 89 2,044 * AEP Industries, Inc .......................... 27 119,423 Air Products & Chemicals, Inc ................ 5,105 30,300 * Airgas, Inc .................................. 523 50,268 * AK Steel Holding Corp ........................ 402 12,275 Albany International Corp (Class A) .......... 254 14,316 Albemarle Corp ............................... 407 444,866 Alcoa, Inc ................................... 10,134 1,720 Alico, Inc ................................... 46 42,593 Allegheny Technologies, Inc .................. 265 10,228 Amcol International Corp ..................... 59 31,768 * American Standard Cos, Inc ................... 2,260 2,340 American Woodmark Corp ....................... 111 1,931 Ameron International Corp .................... 106 5,633 * Applied Films Corp ........................... 113 18,785 Aptargroup, Inc .............................. 587 10,450 Arch Chemicals, Inc .......................... 191 23,654 Arch Coal, Inc ............................... 511 2,220 * Avatar Holdings, Inc ......................... 51 51,432 Avery Dennison Corp .......................... 3,141 3,000 * Baker (Michael) Corp ......................... 33 29,835 Ball Corp .................................... 1,527 26,413 Bemis Co ..................................... 1,311 42,197 Black & Decker Corp .......................... 1,810 26,293 Boise Cascade Corp ........................... 663 27,408 Bowater, Inc ................................. 1,150 8,500 * Brush Engineered Materials, Inc .............. 47 13,809 * Buckeye Technologies, Inc .................... 85 6,232 Building Materials Holding Corp .............. 89 3,082 Butler Manufacturing Co ...................... 60 2,149 * BWAY Corp .................................... 43 32,785 Cabot Corp ................................... 870 11,976 e* Cabot Microelectronics Corp .................. 565 18,700 Calgon Carbon Corp ........................... 92 11,781 Cambrex Corp ................................. 356 13,600 * Caraustar Industries, Inc .................... 129 16,020 Carlisle Cos, Inc ............................ 663 10,400 Carpenter Technology Corp .................... 129 4,700 * Castle (A.M.) & Co ........................... 21 3,300 Centex Construction Products, Inc ............ 116 32,089 Centex Corp .................................. 1,611 6,000 Century Aluminum Co .......................... 44 24,500 * Champion Enterprises, Inc .................... 70 5,204 Chemed Corp .................................. 184 7,553 Chesapeake Corp .............................. 135 13,087 Clarcor, Inc ................................. 422 48,027 e* Clayton Homes, Inc ........................... 585 4,478 * Cleveland-Cliffs, Inc ........................ 89 13,580 * Collins & Aikman Corp ........................ 60 19,344 * Comfort Systems U.S.A., Inc .................. 65 12,688 Commercial Metals Co ......................... 206 11,044 Consol Energy, Inc ........................... 191 59,157 Crompton Corp ................................ 352 83,565 * Crown Cork & Seal Co, Inc .................... 664 20,961 * Cytec Industries, Inc ........................ 572 60,006 D.R. Horton, Inc ............................. 1,041 5,057 Deltic Timber Corp ........................... 135 9,232 * Dionex Corp .................................. 274 1,049 * Dominion Homes, Inc .......................... 15 476,962 Dow Chemical Co .............................. 14,166 2,670 * Drew Industries, Inc ......................... 43 521,874 Du Pont (E.I.) de Nemours & Co ............... 22,127 30,221 e* Earthshell Corp .............................. 18 40,544 Eastman Chemical Co .......................... 1,491 67,721 eEcolab, Inc ................................. 3,352 9,962 ElkCorp ...................................... 172 7,896 * EMCOR Group, Inc ............................. 419 6,668 * Encore Wire Corp ............................. 60 8,121 * Energy Conversion Devices, Inc ............... 80 68,134 Engelhard Corp ............................... 1,523 17,173 Ferro Corp ................................... 420 17,900 e* Fleetwood Enterprises, Inc ................... 141 10,273 Florida Rock Industries, Inc ................. 391 42,458 Fluor Corp ................................... 1,189 15,664 * FMC Corp ..................................... 428 10,896 * Foamex International, Inc .................... 34 38,298 e* Freeport-McMoran Copper & Gold, Inc (Class A) 643 14,310 Georgia Gulf Corp ............................ 331 131,169 Georgia-Pacific Corp ......................... 2,120 SEE NOTES TO FINANCIAL STATEMENTS 36 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BASIC INDUSTRIES--(CONTINUED) 4,256 Gibraltar Steel Corp ......................... $ 81 5,026 Glatfelter ................................... 66 16,700 Granite Construction, Inc .................... 259 19,712 Great Lakes Chemical Corp .................... 471 6,597 Greif Brothers Corp (Class A) ................ 157 14,901 H.B. Fuller Co ............................... 386 45,913 * Hecla Mining Co .............................. 232 43,084 * Hercules, Inc ................................ 379 7,766 e* Hovnanian Enterprises, Inc (Class A) ......... 246 56,621 IMC Global, Inc .............................. 604 6,080 * Imco Recycling, Inc .......................... 49 12,049 * Insituform Technologies, Inc (Class A) ....... 205 18,145 * Integrated Electrical Services, Inc .......... 70 253,738 International Paper Co ....................... 8,873 5,401 * International Specialty Products, Inc ........ 55 2,868 Interpool, Inc ............................... 46 24,864 * Jacobs Engineering Group, Inc ................ 885 5,882 * Jarden Corp .................................. 140 22,254 KB Home ...................................... 954 272,651 Kimberly-Clark Corp .......................... 12,943 27,931 e Lennar Corp .................................. 1,441 22,520 Lennox International, Inc .................... 283 2,562 e* Liquidmetal Technologies ..................... 26 14,880 * Lone Star Technologies, Inc .................. 222 27,000 * Longview Fibre Co ............................ 195 54,000 * Louisiana-Pacific Corp ....................... 435 7,288 LSI Industries, Inc .......................... 101 26,866 Lubrizol Corp ................................ 819 7,829 * Lydall, Inc .................................. 89 66,284 Lyondell Chemical Co ......................... 838 6,224 M/I Schottenstein Homes, Inc ................. 173 13,659 MacDermid, Inc ............................... 312 254,131 Masco Corp ................................... 5,349 32,766 Massey Energy Co ............................. 318 5,217 * Material Sciences Corp ....................... 68 11,060 * Mattson Technology, Inc ...................... 32 1,395 * Maui Land & Pineapple Co ..................... 22 10,093 MDC Holdings, Inc ............................ 386 104,940 MeadWestvaco Corp ............................ 2,593 1,800 * Mestek, Inc .................................. 32 32,611 Millennium Chemicals, Inc .................... 310 10,800 Minerals Technologies, Inc ................... 466 6,328 * Mobile Mini, Inc ............................. 99 4,544 * Modtech Holdings, Inc ........................ 44 137,016 Monsanto Co .................................. 2,638 14,767 * Mueller Industries, Inc ...................... 402 9,529 * NCI Building Systems, Inc .................... 208 178,774 Newmont Mining Corp .......................... 5,190 4,343 NL Industries, Inc ........................... 74 4,500 * Nortek Holdings, Inc ......................... 206 2,941 * Northwest Pipe Co ............................ 51 9,013 * NS Group, Inc ................................ 59 41,032 Nucor Corp ................................... 1,695 2,999 e* NVR, Inc ..................................... 976 5,383 Octel Corp ................................... 85 26,937 Olin Corp .................................... 419 14,350 e OM Group, Inc ................................ 99 20,200 * Omnova Solutions, Inc ........................ 81 13,182 * Oregon Steel Mills, Inc ...................... 53 5,417 * Osmonics, Inc ................................ 92 58,716 * Owens-Illinois, Inc .......................... 856 31,057 * Packaging Corp Of America .................... 566 83,034 * Pactiv Corp .................................. 1,815 8,854 * Palm Harbor Homes, Inc ....................... 155 11,779 Peabody Energy Corp .......................... 344 3,898 Penford Corp ................................. 55 6,000 Penn Engineering & Manufacturing Corp ........ 64 4,100 Penn Virginia Corp ........................... 149 7,683 * Penwest Pharmaceuticals Co ................... 81 43,825 e* Phelps Dodge Corp ............................ 1,387 96,729 Plum Creek Timber Co, Inc .................... 2,283 40,521 PolyOne Corp ................................. 159 7,900 Pope & Talbot, Inc ........................... 113 14,800 Potlatch Corp ................................ 353 88,670 PPG Industries, Inc .......................... 4,447 85,801 Praxair, Inc ................................. 4,957 25,876 Pulte Homes, Inc ............................. 1,239 4,158 Quaker Chemical Corp ......................... 96 8,605 Quanex Corp .................................. 288 14,500 Rayonier, Inc ................................ 656 12,500 Reliance Steel & Aluminum Co ................. 261 5,009 Roanoke Electric Steel Corp .................. 48 5,751 Rock-Tenn Co (Class A) ....................... 78 82,164 Rohm & Haas Co ............................... 2,669 6,990 Royal Gold, Inc .............................. 174 59,937 RPM International, Inc ....................... 916 11,300 * RTI International Metals, Inc ................ 114 11,399 Ryerson Tull, Inc ............................ 70 14,096 Ryland Group, Inc ............................ 470 2,084 Schnitzer Steel Industries, Inc (Class A) .... 44 15,370 Schulman (A.), Inc ........................... 286 34,100 * Sealed Air Corp .............................. 1,272 22,724 e* Shaw Group, Inc .............................. 374 68,120 Sherwin-Williams Co .......................... 1,924 38,413 eSigma-Aldrich Corp .......................... 1,871 5,537 * Silgan Holdings, Inc ......................... 137 7,768 * Simpson Manufacturing Co, Inc ................ 256 3,200 Skyline Corp ................................. 94 89,866 e* Smurfit-Stone Container Corp ................. 1,383 30,602 Snap-On, Inc ................................. 860 55,856 Solutia, Inc ................................. 203 50,638 Sonoco Products Co ........................... 1,161 7,471 Southern Peru Copper Corp .................... 108 7,932 Spartech Corp ................................ 164 17,023 Standard-Pacific Corp ........................ 421 35,964 Stanley Works ................................ 1,244 16,500 * Steel Dynamics, Inc .......................... 198 22,150 * Stillwater Mining Co ......................... 119 1,083 * Technical Olympic U.S.A., Inc ................ 16 24,838 Temple-Inland, Inc ........................... 1,113 20,593 * Terra Industries, Inc ........................ 32 10,969 Texas Industries, Inc ........................ 267 23,823 e* Toll Brothers, Inc ........................... 481 13,682 Tredegar Corp ................................ 205 600 Tremont Corp ................................. 18 3,300 * Trex Co, Inc ................................. 116 11,161 * U.S. Concrete, Inc ........................... 61 52,014 United States Steel Corp ..................... 682 7,356 Universal Forest Products, Inc ............... 157 12,000 * URS Corp ..................................... 171 41,744 USEC, Inc .................................... 251 19,800 b,e* USG Corp ..................................... 167 26,215 Valspar Corp ................................. 1,158 9,129 Watsco, Inc .................................. 150 19,154 Wausau-Mosinee Paper Corp .................... 215 3,533 * WCI Communities, Inc ......................... 36 8,300 WD-40 Co ..................................... 219 16,783 Wellman, Inc ................................. 226 6,922 West Pharmaceutical Services, Inc ............ 169 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 37 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BASIC INDUSTRIES--(CONTINUED) 114,564 Weyerhaeuser Co .............................. $ 5,638 2,532 * William Lyon Homes, Inc ...................... 55 35,570 e Worthington Industries, Inc .................. 542 33,470 * WR Grace & Co ................................ 66 20,800 York International Corp ...................... 532 ----------- TOTAL BASIC INDUSTRIES 193,811 ----------- CONSUMER CYCLICAL--10.85% 2,712 e* 1-800 Contacts, Inc .......................... 75 21,792 * 99 Cents Only Stores ......................... 585 7,635 Aaron Rents, Inc ............................. 167 44,836 * Abercrombie & Fitch Co (Class A) ............. 917 9,960 e* Acacia Research--Acacia Technologies ......... 24 34,712 e* Acclaim Entertainment, Inc ................... 23 51 * Acclaim Entertainment, Inc Wts 03/16/04 ...... 0 4,717 * Acme Communication, Inc ...................... 38 7,968 Action Performance Cos, Inc .................. 151 7,303 * Advance Auto Parts ........................... 357 7,200 Advanced Marketing Services, Inc ............. 106 6,385 * Aeropostale, Inc ............................. 67 7,561 * AFC Enterprises, Inc ......................... 159 3,873 * Aftermarket Technology Corp .................. 56 1,023 * Alexander's, Inc ............................. 66 22,256 * Alliance Gaming Corp ......................... 379 15,317 * AMC Entertainment, Inc ....................... 136 5,083 e* Amerco, Inc .................................. 22 14,056 * American Axle & Manufacturing Holdings, Inc .. 329 27,951 e* American Eagle Outfitters, Inc ............... 385 5,295 * Ameristar Casinos, Inc ....................... 75 4,408 Angelica Corp ................................ 91 23,077 * AnnTaylor Stores Corp ........................ 471 2,249,825 * AOL Time Warner, Inc ......................... 29,473 14,462 Apogee Enterprises, Inc ...................... 129 29,299 Applebee's International, Inc ................ 679 8,100 Arctic Cat, Inc .............................. 130 700 * Arden Group, Inc (Class A) ................... 42 13,293 * Argosy Gaming Co ............................. 252 35,524 ArvinMeritor, Inc ............................ 592 2,700 * Ascent Media Group, Inc ...................... 3 51,399 Autoliv, Inc ................................. 1,076 17,889 * Aztar Corp ................................... 255 16,819 e* Bally Total Fitness Holding Corp ............. 119 5,500 e Bandag, Inc .................................. 213 5,291 Barnes Group, Inc ............................ 108 5,268 Bassett Furniture Industries, Inc ............ 75 2,991 * Beasley Broadcast Group, Inc (Class A) ....... 36 2,082 * Bebe Stores, Inc ............................. 28 153,121 * Bed Bath & Beyond, Inc ....................... 5,287 46,183 Belo Corp (Class A) .......................... 985 2,401 * Benihana, Inc (Class A) ...................... 32 60,503 * Big Lots, Inc ................................ 800 4,081 Blair Corp ................................... 95 15,687 Blockbuster, Inc (Class A) ................... 192 18,377 Bob Evans Farms, Inc ......................... 429 15,000 * Boca Resorts, Inc (Class A) .................. 161 14,002 BorgWarner, Inc .............................. 706 17,816 Bowne & Co, Inc .............................. 213 16,341 * Boyd Gaming Corp ............................. 230 9,345 * Boyds Collection Ltd ......................... 62 51,342 * Brinker International, Inc ................... 1,656 4,333 * Brookstone, Inc .............................. 63 9,214 Brown Shoe Co, Inc ........................... 220 47,293 Brunswick Corp ............................... 939 7,667 e* Buca, Inc .................................... 64 3,596 * Buckle, Inc .................................. 65 9,320 Burlington Coat Factory Warehouse Corp ....... 167 5,161 Bush Industries, Inc (Class A) ............... 25 71,151 e* Cablevision Systems Corp (Class A) ........... 1,191 1,325 * Cache, Inc ................................... 18 7,327 * California Pizza Kitchen, Inc ................ 185 35,876 Callaway Golf Co ............................. 475 1,130 * Carmike Cinemas, Inc ......................... 22 4,790 Cascade Corp ................................. 76 19,242 e* Catalina Marketing Corp ...................... 356 7,700 Cato Corp (Class A) .......................... 166 27,271 CBRL Group, Inc .............................. 822 13,637 * CEC Entertainment, Inc ....................... 419 7,311 * Central Garden & Pet Co ...................... 135 5,508 * Championship Auto Racing Teams, Inc .......... 20 4,236 * Champps Entertainment, Inc ................... 40 3,844 * Charlotte Russe Holding, Inc ................. 41 61,800 * Charming Shoppes, Inc ........................ 258 63,192 e* Charter Communications, Inc (Class A) ........ 75 4,377 * Checkers Drive-In Restaurant ................. 27 2,432 * Cherokee, Inc ................................ 36 5,387 e* Chicago Pizza & Brewery, Inc ................. 37 37,714 e* Chico's FAS, Inc ............................. 713 5,721 e* Children's Place Retail Stores, Inc .......... 61 11,527 * Choice Hotels International, Inc ............. 262 12,492 * Christopher & Banks Corp ..................... 259 3,172 Churchill Downs, Inc ......................... 121 25,975 * CKE Restaurants, Inc ......................... 112 22,019 Claire's Stores, Inc ......................... 486 270,887 * Clear Channel Communications, Inc ............ 10,101 46,612 * Coach, Inc ................................... 1,534 7,400 Coachmen Industries, Inc ..................... 117 2,300 * Coldwater Creek, Inc ......................... 44 4,826 * Cole National Corp ........................... 55 6,900 * Columbia Sportswear Co ....................... 306 683,314 * Comcast Corp ................................. 16,106 483,829 * Comcast Corp Special ......................... 10,930 33,300 Cooper Tire & Rubber Co ...................... 511 35,253 * Copart, Inc .................................. 417 108,539 * Cox Communications, Inc (Class A) ............ 3,083 17,804 * Cox Radio, Inc (Class A) ..................... 406 3,615 CPI Corp ..................................... 52 4,272 e* Cross Media Marketing Corp ................... 2 13,062 * Crown Media Holdings, Inc (Class A) .......... 30 1,686 * CSS Industries, Inc .......................... 56 3,085 * Culp, Inc .................................... 26 15,409 * Cumulus Media, Inc (Class A) ................. 229 78,343 Dana Corp .................................... 921 90,792 Darden Restaurants, Inc ...................... 1,857 5,615 * Dave & Buster's, Inc ......................... 49 295,032 Delphi Corp .................................. 2,375 5,641 * Department 56, Inc ........................... 73 8,240 e* DHB Industries, Inc .......................... 14 36,341 Dillard's, Inc (Class A) ..................... 576 146,916 Dollar General Corp .......................... 1,756 12,482 * Dollar Thrifty Automotive Group, Inc ......... 264 59,216 * Dollar Tree Stores, Inc ...................... 1,455 20,251 Donaldson Co, Inc ............................ 729 5,106 Dover Downs Gaming & Entertainment, Inc ...... 46 8,300 Dover Motorsport, Inc ........................ 39 25,326 Dow Jones & Co, Inc .......................... 1,095 14,600 * Dress Barn, Inc .............................. 194 7,473 * Dura Automotive Systems, Inc ................. 75 153,210 e Eastman Kodak Co ............................. 5,368 126,532 * EchoStar Communications Corp (Class A) ....... 2,817 6,649 e* Elizabeth Arden, Inc ......................... 98 SEE NOTES TO FINANCIAL STATEMENTS 38 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 19,448 * Emmis Communications Corp (Class A) .......... $ 405 18,348 * Entercom Communications Corp ................. 861 22,534 * Entravision Communications Corp (Class A) .... 225 20,686 Equity Inns, Inc ............................. 125 1,836 * Escalade, Inc ................................ 37 6,109 e* EUniverse, Inc ............................... 35 38,131 * Extended Stay America, Inc ................... 562 11,000 e Factset Research Systems, Inc ................ 311 83,962 Family Dollar Stores, Inc .................... 2,620 105,597 * Federated Department Stores, Inc ............. 3,037 9,519 * Finish Line, Inc (Class A) ................... 100 2,525 Fisher Communications, Inc ................... 133 2,656 Florida East Coast Industries, Inc (Class B) . 59 73,845 * Foot Locker, Inc ............................. 775 10,369 e* Footstar, Inc ................................ 72 952,531 Ford Motor Co ................................ 8,859 11,634 Forest City Enterprises, Inc (Class A) ....... 388 10,528 * Fossil, Inc .................................. 214 70,686 * Fox Entertainment Group, Inc (Class A) ....... 1,833 11,443 Fred's, Inc .................................. 294 8,471 Friedman's, Inc (Class A) .................... 74 10,272 G & K Services, Inc (Class A) ................ 364 140,141 Gannett Co, Inc .............................. 10,062 322,966 Gap, Inc ..................................... 5,012 11,408 * Gaylord Entertainment Co ..................... 235 115,191 * Gemstar-TV Guide International, Inc .......... 374 17,100 GenCorp, Inc ................................. 135 294,577 General Motors Corp .......................... 10,858 502,911 * General Motors Corp (Class H) ................ 5,381 10,671 * Genesco, Inc ................................. 199 39,809 * Gentex Corp .................................. 1,260 91,670 Genuine Parts Co ............................. 2,823 79,472 e Goodyear Tire & Rubber Co .................... 541 8,085 * Goody's Family Clothing, Inc ................. 36 24,937 Graco, Inc ................................... 714 4,547 Gray Television, Inc (Class A) ............... 54 383 Grey Global Group, Inc ....................... 234 9,875 * Group 1 Automotive, Inc ...................... 236 9,543 e* GSI Commerce, Inc ............................ 35 3,800 * Guess?, Inc .................................. 16 6,968 * Guitar Center, Inc ........................... 115 6,894 * Gulfmark Offshore, Inc ....................... 102 12,888 * Gymboree Corp ................................ 204 8,596 Hancock Fabrics, Inc ......................... 131 12,700 * Handleman Co ................................. 146 158,978 Harley-Davidson, Inc ......................... 7,345 13,570 Harman International Industries, Inc ......... 807 59,918 * Harrah's Entertainment, Inc .................. 2,373 18,906 * Harris Interactive, Inc ...................... 56 31,881 Harte-Hanks, Inc ............................. 595 7,796 Haverty Furniture Cos, Inc ................... 108 8,681 * Hearst-Argyle Television, Inc ................ 209 3,576 * Hibbett Sporting Goods, Inc .................. 86 174,275 Hilton Hotels Corp ........................... 2,215 30,771 * Hispanic Broadcasting Corp ................... 632 28,487 Hollinger International, Inc ................. 289 5,900 * Hollywood Casino Corp (Class A) .............. 72 27,507 * Hollywood Entertainment Corp ................. 415 16,736 e* Hot Topic, Inc ............................... 383 8,557 * iDine Rewards Network, Inc ................... 91 10,292 * IHOP Corp .................................... 247 5,393 * IMPCO Technologies, Inc ...................... 25 5,299 * Information Holdings, Inc .................... 82 21,505 * Insight Communications Co, Inc ............... 266 17,942 * Interactive Data Corp ........................ 247 10,995 Intermet Corp ................................ 46 47,354 * International Game Technology ................ 3,595 14,527 International Speedway Corp (Class A) ........ 542 200,088 Interpublic Group Of Cos, Inc ................ 2,817 12,287 * Intertan, Inc ................................ 88 8,107 * Isle Of Capri Casinos, Inc ................... 107 140,530 J.C. Penney Co, Inc .......................... 3,234 19,355 * Jack In The Box, Inc ......................... 335 12,466 * Jakks Pacific, Inc ........................... 168 7,618 e* Jo-Ann Stores, Inc (Class A) ................. 175 46,514 Johnson Controls, Inc ........................ 3,729 1,874 * Johnson Outdoors, Inc (Class A) .............. 18 62,889 * Jones Apparel Group, Inc ..................... 2,229 14,392 * Journal Register Co .......................... 256 9,051 * K2, Inc ...................................... 85 13,400 Kellwood Co .................................. 348 3,626 * Kenneth Cole Productions, Inc (Class A) ...... 74 5,251 * Keystone Automotive Industries, Inc .......... 79 17,600 Kimball International, Inc (Class B) ......... 251 9,838 * Kirby Corp ................................... 269 43,739 Knight Ridder, Inc ........................... 2,766 153,050 * Kohl's Corp .................................. 8,563 21,761 e* Krispy Kreme Doughnuts, Inc .................. 735 13,555 * Kroll, Inc ................................... 259 6,019 K-Swiss, Inc (Class A) ....................... 131 38,856 * Lamar Advertising Co ......................... 1,308 11,384 Landry's Restaurants, Inc .................... 242 9,121 LaSalle Hotel Properties ..................... 128 26,528 La-Z-Boy, Inc ................................ 636 34,251 * Lear Corp .................................... 1,140 23,395 Lee Enterprises, Inc ......................... 784 102,498 Leggett & Platt, Inc ......................... 2,300 8,200 Libbey, Inc .................................. 213 1,388,534 * Liberty Media Corp (Class A) ................. 12,413 223,029 Limited Brands, Inc .......................... 3,107 8,711 * Lin TV Corp (Class A) ........................ 212 18,987 * Linens `n Things, Inc ........................ 429 55,846 Liz Claiborne, Inc ........................... 1,656 5,629 * Lodgenet Entertainment Corp .................. 60 8,544 Lone Star Steakhouse & Saloon, Inc ........... 165 11,200 e* Luby's, Inc .................................. 33 21,408 * Mandalay Resort Group ........................ 655 10,475 Marcus Corp .................................. 149 3,367 Marine Products Corp ......................... 33 101,220 e Marriott International, Inc (Class A) ........ 3,327 5,000 e* Martha Stewart Living Omnimedia, Inc (Class A) 49 14,500 * Mascotech, Inc (Escrow) ...................... 0 7,903 * Maxwell Shoe Co, Inc (Class A) ............... 92 151,231 May Department Stores Co ..................... 3,475 40,512 Maytag Corp .................................. 1,155 9,581 McClatchy Co (Class A) ....................... 544 668,116 McDonald's Corp .............................. 10,743 102,084 McGraw-Hill Cos, Inc ......................... 6,170 6,659 Media General, Inc (Class A) ................. 399 28,045 * Mediacom Communications Corp ................. 247 5,605 e* Medis Technologies Ltd ....................... 28 16,420 * Men's Wearhouse, Inc ......................... 282 21,418 Meredith Corp ................................ 880 9,262 * Metro One Telecommunications, Inc ............ 60 23,899 * Metro-Goldwyn-Mayer, Inc ..................... 311 35,508 * MGM Mirage ................................... 1,171 34,787 * Michaels Stores, Inc ......................... 1,089 8,892 * Micros Systems, Inc .......................... 199 2,831 * Midas, Inc ................................... 18 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 39 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 15,852 e* Midway Games, Inc ............................ $ 66 14,700 Modine Manufacturing Co ...................... 260 26,812 * Mohawk Industries, Inc ....................... 1,527 12,506 * Monaco Coach Corp ............................ 207 1,639 * Monarch Casino & Resort, Inc ................. 23 2,759 * Monro Muffler Brake, Inc ..................... 47 2,499 * Mossimo, Inc ................................. 14 1,430 * Mothers Work, Inc ............................ 50 9,002 * Movie Gallery, Inc ........................... 117 14,644 * MSC Industrial Direct Co (Class A) ........... 260 11,016 * MTR Gaming Group, Inc ........................ 88 5,231 e* Multimedia Games, Inc ........................ 144 9,333 Myers Industries, Inc ........................ 100 2,438 National Presto Industries, Inc .............. 72 13,344 * Nautica Enterprises, Inc ..................... 148 15,625 e* Nautilus Group, Inc .......................... 209 12,403 e* Neiman Marcus Group, Inc (Class A) ........... 377 7,201 * Neiman Marcus Group, Inc (Class B) ........... 197 5,000 * Netratings, Inc .............................. 36 70,705 New York Times Co (Class A) .................. 3,233 38,386 Nike, Inc (Class B) .......................... 1,707 49,372 Nordstrom, Inc ............................... 937 13,700 * Oakley, Inc .................................. 141 8,089 * O'Charley's, Inc ............................. 166 98,313 Omnicom Group, Inc ........................... 6,351 20,749 * O'Reilly Automotive, Inc ..................... 525 5,334 Oshkosh B'gosh, Inc (Class A) ................ 150 7,783 Oshkosh Truck Corp ........................... 479 31,399 Outback Steakhouse, Inc ...................... 1,081 3,103 Oxford Industries, Inc ....................... 80 8,613 e* P.F. Chang's China Bistro, Inc ............... 313 23,866 * Pacific Sunwear Of California, Inc ........... 422 15,210 * PanAmSat Corp ................................ 223 12,144 * Panera Bread Co (Class A) .................... 423 6,538 e* Papa John's International, Inc ............... 182 142,102 * Park Place Entertainment Corp ................ 1,194 4,600 e* Parkervision, Inc ............................ 38 11,826 * Payless Shoesource, Inc ...................... 609 16,256 * Penn National Gaming, Inc .................... 258 5,307 * Penton Media, Inc ............................ 4 23,000 * Performance Food Group Co .................... 781 11,770 Phillips-Van Heusen Corp ..................... 136 49,555 Pier 1 Imports, Inc .......................... 938 12,109 * Pinnacle Entertainment, Inc .................. 84 30,500 * Pinnacle Systems, Inc ........................ 415 9,219 e* Pixar, Inc ................................... 489 8,330 * PLATO Learning, Inc .......................... 49 7,383 e* Playboy Enterprises, Inc (Class B) ........... 75 12,134 e Polaris Industries, Inc ...................... 711 16,279 * Polo Ralph Lauren Corp ....................... 354 15,500 * Presstek, Inc ................................ 71 1,900 * Pricesmart, Inc .............................. 44 23,700 * Prime Hospitality Corp ....................... 193 73,645 * Primedia, Inc ................................ 152 6,900 * Private Media Group, Inc ..................... 22 4,664 Pulitzer, Inc ................................ 210 6,430 * Quaker Fabric Corp ........................... 45 10,241 * Quiksilver, Inc .............................. 273 4,336 * Racing Champions Ertl Corp ................... 59 26,006 * Radio One, Inc (Class A) ..................... 380 12,366 * Radio One, Inc (Class D) ..................... 178 10,394 * Rare Hospitality International, Inc .......... 287 21,244 * Raytech Corp ................................. 121 52,084 Reader's Digest Association, Inc (Class A) ... 786 25,972 * Reebok International Ltd ..................... 764 9,425 Regal Entertainment Group (Class A) .......... 202 14,700 * Regent Communications, Inc ................... 87 22,511 Regis Corp ................................... 585 18,431 * Rent-A-Center, Inc ........................... 921 10,197 * Resources Connection, Inc .................... 237 4,298 * Rex Stores Corp .............................. 44 3,200 Riviana Foods, Inc ........................... 86 41,474 Ross Stores, Inc ............................. 1,758 34,200 Ruby Tuesday, Inc ............................ 591 12,808 Russell Corp ................................. 214 23,544 * Ryan's Family Steak Houses, Inc .............. 267 7,619 * Saga Communications, Inc (Class A) ........... 145 62,310 * Saks, Inc .................................... 732 4,417 * Salem Communications Corp (Class A) .......... 110 3,621 e* Salton, Inc .................................. 35 4,249 Schawk, Inc .................................. 42 15,934 * Scholastic Corp .............................. 573 24,278 * Scientific Games Corp (Class A) .............. 176 10,283 * Scotts Co (Class A) .......................... 504 9,500 e* SCP Pool Corp ................................ 277 15,299 Scripps (E.W.) Co (Class A) .................. 1,177 148,443 Sears Roebuck & Co ........................... 3,555 3,674 * Shoe Carnival, Inc ........................... 51 15,092 e* ShopKo Stores, Inc ........................... 188 9,079 e* Shuffle Master, Inc .......................... 173 16,071 * Sinclair Broadcast Group, Inc (Class A) ...... 187 34,703 e* Sirius Satellite Radio, Inc .................. 22 44,641 * Six Flags, Inc ............................... 255 8,666 Smith (A.O.) Corp ............................ 234 13,863 * Sonic Automotive, Inc ........................ 206 19,254 * Sonic Corp ................................... 395 23,610 * Sotheby's Holdings, Inc (Class A) ............ 212 19,457 * Spanish Broadcasting System, Inc (Class A) ... 140 5,609 Spartan Motors, Inc .......................... 64 7,200 Speedway Motorsports, Inc .................... 186 12,468 e* Sports Resorts International, Inc ............ 73 10,402 * Stage Stores, Inc ............................ 219 3,458 Standard Motor Products, Inc ................. 45 2,679 * Stanley Furniture Co, Inc .................... 62 202,139 e* Starbucks Corp ............................... 4,120 104,460 Starwood Hotels & Resorts Worldwide, Inc ..... 2,480 18,300 * Station Casinos, Inc ......................... 324 15,980 Steelcase, Inc (Class A) ..................... 175 11,165 * Stein Mart, Inc .............................. 68 4,713 * Steven Madden Ltd ............................ 85 7,200 * Stoneridge, Inc .............................. 86 21,607 Stride Rite Corp ............................. 155 10,000 Sturm Ruger & Co, Inc ........................ 96 2,819 * Sunbeam Corp Wts 08/24/03 .................... 0 11,133 Superior Industries International, Inc ....... 460 16,677 * Sylvan Learning Systems, Inc ................. 274 13,317 Talbots, Inc ................................. 367 3,000 Tanger Factory Outlet Centers, Inc ........... 93 476,415 Target Corp .................................. 14,292 8,586 * TBC Corp ..................................... 103 19,003 * Tenneco Automotive, Inc ...................... 77 26,348 * The Cheesecake Factory, Inc .................. 952 16,723 * The Sports Authority, Inc .................... 117 12,117 * The Steak n Shake Co ......................... 121 4,090 * Thomas Nelson, Inc ........................... 41 8,000 Thor Industries, Inc ......................... 275 20,475 e* THQ, Inc ..................................... 271 58,063 e Tiffany & Co ................................. 1,388 9,776 * Timberland Co (Class A) ...................... 348 SEE NOTES TO FINANCIAL STATEMENTS 40 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 283,382 e TJX Cos, Inc .................................. $ 5,532 17,998 * Too, Inc ..................................... 423 19,746 * Topps Co, Inc ................................ 172 31,453 * Tower Automotive, Inc ........................ 142 102,053 Tribune Co ................................... 4,639 3,139 * Tropical Sportswear International Corp ....... 28 99,344 * U.S.A. Interactive, Inc ...................... 2,271 27,000 * Unifi, Inc ................................... 142 38,300 * UnitedGlobalcom, Inc (Class A) ............... 92 7,100 * Universal Electronics, Inc ................... 69 79,834 e* Univision Communications, Inc (Class A) ...... 1,956 4,036 * Urban Outfitters, Inc ........................ 95 4,356 * Vail Resorts, Inc ............................ 66 26,692 * Valassis Communications, Inc ................. 786 9,309 * Vans, Inc .................................... 53 17,463 * Vastera, Inc ................................. 99 44,619 VF Corp ...................................... 1,609 12,920 * Viacom, Inc (Class A) ........................ 527 806,019 * Viacom, Inc (Class B) ........................ 32,853 67,754 Visteon Corp ................................. 472 13,600 * Wabash National Corp ......................... 114 1,431,443 Wal-Mart Stores, Inc ......................... 72,302 1,071,341 Walt Disney Co ............................... 17,474 2,057 Washington Post Co (Class B) ................. 1,518 60,607 Wendy's International, Inc ................... 1,641 5,287 * West Marine, Inc ............................. 72 17,815 e* Westpoint Stevens, Inc ....................... 11 39,872 * Westwood One, Inc ............................ 1,490 13,124 * Wet Seal, Inc (Class A) ...................... 141 33,721 Whirlpool Corp ............................... 1,761 24,409 Wiley (John) & Sons, Inc (Class A) ........... 586 46,850 * Williams-Sonoma, Inc ......................... 1,272 8,238 * Wilsons The Leather Experts, Inc ............. 41 6,349 Winnebago Industries, Inc .................... 249 11,426 * WMS Industries, Inc .......................... 171 22,153 Wolverine World Wide, Inc .................... 335 4,700 Woodward Governor Co ......................... 204 5,093 * World Wrestling Federation Entertainment, Inc . 41 27,703 e* XM Satellite Radio Holdings, Inc ............. 75 204,865 * Yahoo!, Inc .................................. 3,350 7,090 * Young Broadcasting, Inc (Class A) ............ 93 155,654 * Yum! Brands, Inc ............................. 3,770 17,193 * Zale Corp .................................... 548 4,400 * Zenith Electronics Corp ...................... 0 14,800 * Zomax, Inc ................................... 63 ----------- TOTAL CONSUMER CYCLICAL 515,350 ----------- CONSUMER NON-CYCLICAL--10.40% 6,318 * 1-800-Flowers.com, Inc (Class A) ............. 39 11,592 * 7-Eleven, Inc ................................ 87 6,194 * AC Moore Arts & Crafts, Inc .................. 79 18,580 Alberto-Culver Co (Class B) .................. 936 197,214 Albertson's, Inc ............................. 4,390 99,889 e* Amazon.Com, Inc .............................. 1,887 34,683 * American Greetings Corp (Class A) ............ 548 8,673 e* American Italian Pasta Co (Class A) .......... 312 460,589 Anheuser-Busch Cos, Inc ...................... 22,293 8,274 * Applica, Inc ................................. 41 15,682 * Aramark Corp (Class B) ....................... 369 299,883 Archer Daniels Midland Co .................... 3,719 3,927 * Asbury Automotive Group, Inc ................. 33 12,426 * Aurora Foods, Inc ............................ 10 104,468 * Autonation, Inc .............................. 1,312 37,691 * Autozone, Inc ................................ 2,663 124,261 Avon Products, Inc ........................... 6,694 23,079 * Barnes & Noble, Inc .......................... 417 134,735 * Best Buy Co, Inc ............................. 3,254 37,618 * BJ's Wholesale Club, Inc ..................... 688 16,915 Blyth, Inc ................................... 453 42,729 * Borders Group, Inc ........................... 688 4,800 * Boston Beer Co, Inc (Class A) ................ 69 1,479 Bridgford Foods Corp ......................... 17 18,203 Brown-Forman Corp (Class B) .................. 1,190 18,255 e* Cadiz, Inc ................................... 10 118,273 e Campbell Soup Co ............................. 2,776 54,272 e* Carmax, Inc .................................. 970 20,481 Casey's General Stores, Inc .................. 250 30,906 * CDW Computer Centers, Inc .................... 1,355 19,051 * Chiquita Brands International, Inc ........... 253 18,708 Church & Dwight Co, Inc ...................... 569 108,735 Circuit City Stores, Inc (Circuit City Group) . 807 88,052 Clorox Co .................................... 3,632 500 Coca-Cola Bottling Co Consolidated ........... 32 1,066,231 Coca-Cola Co ................................. 46,722 122,570 Coca-Cola Enterprises, Inc ................... 2,662 287,479 Colgate-Palmolive Co ......................... 15,073 281,380 Conagra Foods, Inc ........................... 7,037 38,560 * Constellation Brands, Inc (Class A) .......... 914 14,503 Coors (Adolph) Co (Class B) .................. 888 17,635 Corn Products International, Inc ............. 531 10,218 e* Cost Plus, Inc ............................... 293 238,524 * Costco Wholesale Corp ........................ 6,693 205,791 CVS Corp ..................................... 5,139 47,252 * Dean Foods Co ................................ 1,753 2,300 Deb Shops, Inc ............................... 51 2,125 * DEL Laboratories, Inc ........................ 43 96,287 * Del Monte Foods Co ........................... 741 19,264 Delta & Pine Land Co ......................... 393 49,883 Dial Corp .................................... 1,016 22,325 DIMON, Inc ................................... 134 22,044 Dole Food Co ................................. 718 9,713 Dreyer's Grand Ice Cream, Inc ................ 689 13,297 * Drugstore.Com, Inc ........................... 32 11,514 * Duane Reade, Inc ............................. 196 78,563 * eBay, Inc .................................... 5,328 5,147 * Electronics Boutique Holdings Corp ........... 81 48,014 * Energizer Holdings, Inc ...................... 1,340 55,151 Estee Lauder Cos (Class A) ................... 1,456 16,530 e Ethan Allen Interiors, Inc ................... 568 4,574 e* Expedia, Inc (Class A) ....................... 306 825 * Expedia, Inc Wts 02/04/09 .................... 30 6,500 * Factory 2-U Stores, Inc ...................... 22 8,511 * FAO, Inc ..................................... 4 457 Farmer Brothers Co ........................... 141 30,762 e Fastenal Co .................................. 1,150 2,720 * Finlay Enterprises, Inc ...................... 33 24,708 e Fleming Cos, Inc ............................. 162 11,525 Flowers Foods, Inc ........................... 225 11,345 * FTI Consulting, Inc .......................... 456 26,465 * Furniture Brands International, Inc .......... 631 2,802 * Gaiam, Inc ................................... 29 5,303 * Galyans Trading Co, Inc ...................... 53 9,234 e* Gamestop Corp ................................ 90 3,212 * Gart Sports Co ............................... 62 192,455 General Mills, Inc ........................... 9,036 555,325 Gillette Co .................................. 16,860 8,532 * Great Atlantic & Pacific Tea Co, Inc ......... 69 1,719 * Green Mountain Coffee, Inc ................... 26 184,095 H.J. Heinz Co ................................ 6,051 12,480 * Hain Celestial Group, Inc .................... 190 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 41 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER NON-CYCLICAL--(CONTINUED) 74,206 Hasbro, Inc .................................. $ 857 39,768 Herman Miller, Inc ........................... 732 49,377 Hershey Foods Corp ........................... 3,330 1,234,735 Home Depot, Inc .............................. 29,584 3,334 * Horizon Organic Holding Corp ................. 54 39,273 Hormel Foods Corp ............................ 916 12,700 Hughes Supply, Inc ........................... 347 5,084 Ingles Markets, Inc (Class A) ................ 60 21,704 * Insight Enterprises, Inc ..................... 180 1,681 Inter Parfums, Inc ........................... 13 22,300 Interface, Inc (Class A) ..................... 68 38,080 International Flavors & Fragrances, Inc ...... 1,337 8,300 * International Multifoods Corp ................ 176 22,569 Interstate Bakeries Corp ..................... 344 3,075 * J & J Snack Foods Corp ....................... 110 23,315 J.M. Smucker Co .............................. 928 9,448 * Jill (J.) Group, Inc ......................... 132 129,457 Kellogg Co ................................... 4,436 147,669 Kraft Foods, Inc (Class A) ................... 5,749 416,097 * Kroger Co .................................... 6,429 14,732 Lancaster Colony Corp ........................ 576 12,500 Lance, Inc ................................... 148 5,552 * Lithia Motors, Inc (Class A) ................. 87 13,522 Loews Corp (Carolina Group) .................. 274 16,000 Longs Drug Stores Corp ....................... 332 408,005 Lowe's Cos ................................... 15,300 3,732 * MarineMax, Inc ............................... 44 8,696 * Marvel Enterprises, Inc ...................... 78 229,208 Mattel, Inc .................................. 4,389 73,160 McCormick & Co, Inc (Non-Vote) ............... 1,697 7,178 * Monterey Pasta Co ............................ 27 4,778 Movado Group, Inc ............................ 90 5,590 Nash Finch Co ................................ 43 1,700 * National Beverage Corp ....................... 26 6,340 Nature's Sunshine Products, Inc .............. 62 21,665 * NBTY, Inc .................................... 381 2,823 e* NetFlix, Inc ................................. 31 139,687 Newell Rubbermaid, Inc ....................... 4,237 23,000 Nu Skin Enterprises, Inc (Class A) ........... 275 161,193 * Office Depot, Inc ............................ 2,379 59,852 * OfficeMax, Inc ............................... 299 7,376 Oneida Ltd ................................... 81 1,533 e* Overstock.com, Inc ........................... 20 3,819 * Party City Corp .............................. 46 15,234 * Pathmark Stores, Inc ......................... 77 3,550 * PC Connection, Inc ........................... 18 4,434 * Peets Coffee & Tea, Inc ...................... 63 5,454 * Penn Traffic Co .............................. 19 25,403 Pep Boys-Manny Moe & Jack .................... 295 92,202 Pepsi Bottling Group, Inc .................... 2,370 44,693 PepsiAmericas, Inc ........................... 600 929,056 PepsiCo, Inc ................................. 39,225 31,734 * Perrigo Co ................................... 386 7,406 * Petco Animal Supplies, Inc ................... 174 69,478 * Petsmart, Inc ................................ 1,190 1,124,239 Philip Morris Cos, Inc ....................... 45,565 8,300 Pilgrim's Pride Corp (Class B) ............... 68 14,702 * Playtex Products, Inc ........................ 145 64,666 e* Priceline.com, Inc ........................... 103 8,220 * Princeton Review, Inc ........................ 41 682,829 Procter & Gamble Co .......................... 58,682 47,871 R.J. Reynolds Tobacco Holdings, Inc .......... 2,016 91,162 RadioShack Corp .............................. 1,708 15,712 * Ralcorp Holdings, Inc ........................ 395 9,126 * Restoration Hardware, Inc .................... 46 4,366 e* Revlon, Inc (Class A) ........................ 13 213,347 e* Rite Aid Corp ................................ 523 4,881 * Robert Mondavi Corp (Class A) ................ 151 16,400 Ruddick Corp ................................. 225 5,200 Russ Berrie & Co, Inc ........................ 176 240,840 * Safeway, Inc ................................. 5,626 2,700 Sanderson Farms, Inc ......................... 56 412,220 Sara Lee Corp ................................ 9,279 7,760 Schweitzer-Mauduit International, Inc ........ 190 188 Seaboard Corp ................................ 45 7,055 * Seminis, Inc (Class A) ....................... 20 22,951 Sensient Technologies Corp ................... 516 3,613 * Sharper Image Corp ........................... 63 7,904 * Skechers U.S.A., Inc (Class A) ............... 67 6,500 * Smart & Final, Inc ........................... 34 57,680 * Smithfield Foods, Inc ........................ 1,144 18,100 * Stamps.com, Inc .............................. 85 6,081 Standard Commercial Corp ..................... 110 244,933 * Staples, Inc ................................. 4,482 2,247 * Steinway Musical Instruments, Inc ............ 37 3,400 Stepan Co .................................... 85 18,809 e* Summit America Television, Inc ............... 50 4,200 Tasty Baking Co .............................. 37 16,912 * The Bombay Co, Inc ........................... 85 7,587 Thomas Industries, Inc ....................... 198 16,764 * Ticketmaster (Class B) ....................... 356 13,442 Tootsie Roll Industries, Inc ................. 412 101,710 * Toys ORO Us, Inc ............................. 1,017 7,170 * Tractor Supply Co ............................ 270 8,499 * Trans World Entertainment Corp ............... 31 7,051 * Triarc Cos, Inc .............................. 185 4,400 * Tuesday Morning Corp ......................... 75 27,521 Tupperware Corp .............................. 415 9,963 * Tweeter Home Entertainment Group, Inc ........ 58 116,874 Tyson Foods, Inc (Class A) ................... 1,311 8,545 * United Auto Group, Inc ....................... 107 9,909 * United Natural Foods, Inc .................... 251 13,711 Universal Corp ............................... 507 88,737 UST, Inc ..................................... 2,966 10,200 * Valuevision International, Inc (Class A) ..... 153 11,379 e Vector Group Ltd ............................. 132 4,434 * Virbac Corp .................................. 25 537,716 Walgreen Co .................................. 15,696 5,435 * Water Pik Technologies, Inc .................. 40 13,221 * Weight Watchers International, Inc ........... 608 5,845 Weis Markets, Inc ............................ 181 5,717 * Whitehall Jewellers, Inc ..................... 54 27,517 e* Whole Foods Market, Inc ...................... 1,451 11,737 * Wild Oats Markets, Inc ....................... 121 33,810 Winn-Dixie Stores, Inc ....................... 517 85,160 Wrigley (Wm.) Jr Co .......................... 4,674 14,098 * Yankee Candle Co, Inc ........................ 226 ----------- TOTAL CONSUMER NON-CYCLICAL 493,985 ----------- ENERGY--5.66% 8,441 * 3TEC Energy Corp ............................. 120 36,826 Amerada Hess Corp ............................ 2,027 130,504 Anadarko Petroleum Corp ...................... 6,251 72,239 Apache Corp .................................. 4,117 36,267 Ashland, Inc ................................. 1,035 4,705 * Atwood Oceanics, Inc ......................... 142 177,291 Baker Hughes, Inc ............................ 5,707 8,466 Berry Petroleum Co (Class A) ................. 144 82,369 * BJ Services Co ............................... 2,661 105,721 Burlington Resources, Inc .................... 4,509 SEE NOTES TO FINANCIAL STATEMENTS 42 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ENERGY--(CONTINUED) 14,567 Cabot Oil & Gas Corp (Class A) ............... $ 361 19,354 * Cal Dive International, Inc .................. 455 4,782 CARBO Ceramics, Inc .......................... 161 74,600 Chesapeake Energy Corp ....................... 577 560,940 ChevronTexaco Corp ........................... 37,291 21,195 * Cimarex Energy Co ............................ 379 11,700 * Comstock Resources, Inc ...................... 109 355,164 ConocoPhillips ............................... 17,186 24,263 * Cooper Cameron Corp .......................... 1,209 12,808 * Denbury Resources, Inc ....................... 145 75,859 Devon Energy Corp ............................ 3,482 28,572 Diamond Offshore Drilling, Inc ............... 624 3,545 * Dril-Quip, Inc ............................... 60 4,689 * Encore Acquisition Co ........................ 86 9,796 * Energy Partners Ltd .......................... 105 78,179 ENSCO International, Inc ..................... 2,302 61,027 EOG Resources, Inc ........................... 2,436 9,887 * Evergreen Resources, Inc ..................... 443 7,952 e* Exploration Co Of Delaware, Inc .............. 24 3,563,548 Exxon Mobil Corp ............................. 124,510 15,739 * Forest Oil Corp .............................. 434 66 * Forest Oil Corp Wts 02/15/04 ................. 1 66 * Forest Oil Corp Wts 02/15/05 ................. 0 13,500 Frontier Oil Corp ............................ 232 7,998 Getty Realty Corp ............................ 152 36,034 * Global Industries Ltd ........................ 150 46,363 * Grant Prideco, Inc ........................... 540 86,884 * Grey Wolf, Inc ............................... 347 3,889 * Gulf Island Fabrication, Inc ................. 63 228,948 Halliburton Co ............................... 4,284 25,151 * Hanover Compressor Co ........................ 231 17,721 * Harvest Natural Resources, Inc ............... 117 26,105 Helmerich & Payne, Inc ....................... 729 5,191 Holly Corp ................................... 113 8,800 * Horizon Offshore, Inc ........................ 44 5,400 * Houston Exploration Co ....................... 165 5,922 * Hydril Co .................................... 140 24,768 * Input/Output, Inc ............................ 105 52,649 Kerr-McGee Corp .............................. 2,332 59,134 * Key Energy Services, Inc ..................... 530 2,838 Lufkin Industries, Inc ....................... 67 25,778 * Magnum Hunter Resources, Inc ................. 153 3,704 * Magnum Hunter Resources, Inc Wts 03/21/05 .... 1 162,766 Marathon Oil Corp ............................ 3,465 19,643 * Maverick Tube Corp ........................... 256 16,151 e* Meridian Resource Corp ....................... 15 38,586 Murphy Oil Corp .............................. 1,653 42,512 * National-Oilwell, Inc ........................ 928 23,306 * Newfield Exploration Co ...................... 840 29,961 Noble Energy, Inc ............................ 1,125 9,248 * Nuevo Energy Co .............................. 103 197,053 Occidental Petroleum Corp .................... 5,606 92,088 Ocean Energy, Inc ............................ 1,839 12,166 * Oceaneering International, Inc ............... 301 39,687 * Parker Drilling Co ........................... 88 12,536 Patina Oil & Gas Corp ........................ 397 37,026 * Patterson-UTI Energy, Inc .................... 1,117 1,287 * Petroleum Helicopters (Vote) ................. 38 60,299 * Pioneer Natural Resources Co ................. 1,523 12,592 * Plains Exploration & Production Co ........... 123 12,592 * Plains Resources, Inc ........................ 149 30,219 Pogo Producing Co ............................ 1,126 9,201 * Premcor, Inc ................................. 205 58,007 * Pride International, Inc ..................... 864 5,300 * Prima Energy Corp ............................ 119 26,926 * Range Resources Corp ......................... 145 10,765 * Remington Oil & Gas Corp ..................... 177 49,106 Rowan Cos, Inc ............................... 1,115 5,700 RPC, Inc ..................................... 66 9,064 * Seacor Smit, Inc ............................. 403 53,096 * Smith International, Inc ..................... 1,732 12,123 * Spinnaker Exploration Co ..................... 267 14,793 St. Mary Land & Exploration Co ............... 370 11,200 * Stone Energy Corp ............................ 374 35,072 Sunoco, Inc .................................. 1,164 26,139 * Superior Energy Services, Inc ................ 214 11,771 * Swift Energy Co .............................. 114 34,975 * Tesoro Petroleum Corp ........................ 158 28,094 Tidewater, Inc ............................... 874 17,676 * Tom Brown, Inc ............................... 444 10,090 * Transmontaigne, Inc .......................... 47 11,233 * Trico Marine Services, Inc ................... 37 23,039 * Unit Corp .................................... 427 8,828 * Universal Compression Holdings, Inc .......... 169 135,333 Unocal Corp .................................. 4,138 52,941 Valero Energy Corp ........................... 1,956 41,251 * Varco International, Inc ..................... 718 16,702 * Veritas DGC, Inc ............................. 132 25,400 Vintage Petroleum, Inc ....................... 268 8,580 * Westport Resources Corp ...................... 178 11,954 * W-H Energy Services, Inc ..................... 174 4,524 World Fuel Services Corp ..................... 93 60,879 XTO Energy, Inc .............................. 1,504 ----------- TOTAL ENERGY 268,926 ----------- FINANCIAL SERVICES--21.58% 7,738 1st Source Corp .............................. 130 16,700 21st Century Insurance Group ................. 209 42,246 A.G. Edwards, Inc ............................ 1,392 5,049 ABC Bancorp .................................. 65 7,332 Acadia Realty Trust .......................... 54 12,090 Advanta Corp (Class A) ....................... 109 11,693 * Affiliated Managers Group, Inc ............... 588 271,571 Aflac, Inc ................................... 8,180 5,051 Alabama National Bancorp ..................... 220 9,355 Alexandria Real Estate Equities, Inc ......... 399 18,301 Alfa Corp .................................... 220 2,905 * Alleghany Corp ............................... 516 6,038 Allegiant Bancorp, Inc ....................... 110 54,877 e Allied Capital Corp .......................... 1,198 27,894 * Allmerica Financial Corp ..................... 282 372,723 Allstate Corp ................................ 13,787 43,886 AMB Property Corp ............................ 1,201 43,998 e Ambac Financial Group, Inc ................... 2,474 12,950 Amcore Financial, Inc ........................ 281 20,836 e American Capital Strategies Ltd .............. 450 619,827 American Express Co .......................... 21,911 15,817 American Financial Group, Inc ................ 365 12,000 American Financial Holdings, Inc ............. 359 4,243 American Home Mortgage Holdings, Inc ......... 47 1,208,127 American International Group, Inc ............ 69,890 2,975 American National Bankshares, Inc ............ 77 5,300 American National Insurance Co ............... 435 5,463 * American Physicians Capital, Inc ............. 103 80,720 e* AmeriCredit Corp ............................. 625 48,102 * Ameritrade Holding Corp ...................... 272 21,172 eAmerUs Group Co ............................... 599 7,407 AMLI Residential Properties Trust ............ 158 189,938 AmSouth Bancorp .............................. 3,647 11,170 Anchor Bancorp Wisconsin, Inc ................ 232 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 43 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 42,735 Annaly Mortgage Management, Inc .............. $ 803 24,087 e Anthracite Capital, Inc ...................... 263 12,836 Anworth Mortgage Asset Corp .................. 161 142,768 AON Corp ..................................... 2,697 42,912 Apartment Investment & Management Co (Class A) 1,608 14,924 Apex Mortgage Capital, Inc ................... 98 92,562 Archstone-Smith Trust ........................ 2,179 30,204 Arden Realty, Inc ............................ 669 11,500 e Argonaut Group, Inc .......................... 170 3,470 Arrow Financial Corp ......................... 107 39,986 Associated Banc-Corp ......................... 1,357 8,308 Associated Estates Realty Corp ............... 56 44,013 Astoria Financial Corp ....................... 1,195 31,187 AvalonBay Communities, Inc ................... 1,221 2,923 Baldwin & Lyons, Inc (Class B) ............... 69 6,670 Banc Corp .................................... 52 1,989 Bancfirst Corp ............................... 93 42,503 Bancorpsouth, Inc ............................ 825 5,769 Bank Mutual Corp ............................. 133 808,832 Bank Of America Corp ......................... 56,270 7,375 Bank Of Granite Corp ......................... 129 35,911 Bank Of Hawaii Corp .......................... 1,091 382,528 Bank Of New York Co, Inc ..................... 9,165 2,270 Bank Of The Ozarks, Inc ...................... 53 617,283 Bank One Corp ................................ 22,562 21,902 BankAtlantic Bancorp, Inc (Class A) .......... 207 77,058 Banknorth Group, Inc ......................... 1,742 11,323 * Bankunited Financial Corp (Class A) .......... 183 5,270 Banner Corp .................................. 99 33,274 * Bay View Capital Corp ........................ 191 251,776 BB&T Corp .................................... 9,313 49,632 Bear Stearns Cos, Inc ........................ 2,948 6,298 * Beazer Homes U.S.A., Inc ..................... 382 7,515 Bedford Property Investors, Inc .............. 193 21,437 Berkley (W.R.) Corp .......................... 849 3,188 Berkshire Hills Bancorp, Inc ................. 75 3,151 * BKF Capital Group, Inc ....................... 56 8,902 e* Blackrock, Inc ............................... 351 7,546 * BOK Financial Corp ........................... 244 10,050 Boston Private Financial Holdings, Inc ....... 200 34,945 Boston Properties, Inc ....................... 1,288 2,010 Bostonfed Bancorp, Inc ....................... 54 8,900 Boykin Lodging Co ............................ 83 13,857 Brandywine Realty Trust ...................... 302 24,074 BRE Properties, Inc (Class A) ................ 751 31,097 Brookline Bancorp, Inc ....................... 370 25,188 Brown & Brown, Inc ........................... 814 1,901 Bryn Mawr Bank Corp .......................... 70 4,600 BSB Bancorp, Inc ............................. 96 1,772 California First National Bancorp ............ 23 4,118 Camden National Corp ......................... 100 19,022 Camden Property Trust ........................ 628 11,310 Capital Automotive REIT ...................... 268 3,700 Capital City Bank Group, Inc ................. 145 108,657 Capital One Financial Corp ................... 3,229 3,935 Capitol Bancorp Ltd .......................... 91 11,574 Capitol Federal Financial .................... 333 4,960 Capstead Mortgage Corp ....................... 122 27,683 CarrAmerica Realty Corp ...................... 693 6,371 Cascade Bancorp .............................. 88 12,069 Cash America International, Inc .............. 115 42,853 * Catellus Development Corp .................... 851 8,082 Cathay Bancorp, Inc .......................... 307 1,701 CB Bancshares, Inc ........................... 72 10,680 CBL & Associates Properties, Inc ............. 428 4,427 CCBT Financial Cos, Inc ...................... 114 6,288 * CCC Information Services Group, Inc .......... 112 5,382 Center Trust, Inc ............................ 42 12,100 Centerpoint Properties Corp .................. 692 3,796 * Central Coast Bancorp ........................ 75 1,629 Century Bancorp, Inc (Class A) ............... 43 9,698 * Ceres Group, Inc ............................. 19 6,137 CFS Bancorp, Inc ............................. 88 574,240 Charles Schwab Corp .......................... 6,231 2,026 Charter Financial Corp ....................... 63 21,700 Charter Municipal Mortgage Acceptance Co ..... 377 121,627 Charter One Financial, Inc ................... 3,494 11,899 Chateau Communities, Inc ..................... 274 15,903 Chelsea Property Group, Inc .................. 530 11,820 Chemical Financial Corp ...................... 380 15,475 Chittenden Corp .............................. 394 44,507 * ChoicePoint, Inc ............................. 1,758 84,990 Chubb Corp ................................... 4,436 72,364 Cincinnati Financial Corp .................... 2,717 470 * Citibank West FSB ............................ 1 2,741,790 Citigroup, Inc ............................... 96,484 13,600 * Citigroup, Inc (Litigation Warrants) ......... 14 23,716 Citizens Banking Corp ........................ 588 4,625 Citizens First Bancorp, Inc .................. 97 11,236 * Citizens, Inc ................................ 84 3,872 City Bank .................................... 96 8,821 City Holding Co .............................. 249 21,064 City National Corp ........................... 927 7,629 * Clark/Bardes, Inc ............................ 147 13,201 * CNA Financial Corp ........................... 338 7,818 CNA Surety Corp .............................. 61 2,206 Coastal Bancorp, Inc ......................... 71 4,249 Coastal Financial Corp ....................... 58 4,166 CoBiz, Inc ................................... 62 63,466 Colonial Bancgroup, Inc ...................... 757 7,551 Colonial Properties Trust .................... 256 2,957 Columbia Bancorp ............................. 65 7,287 * Columbia Banking System, Inc ................. 92 93,853 e Comerica, Inc ................................ 4,058 30,412 Commerce Bancorp, Inc ........................ 1,313 32,311 Commerce Bancshares, Inc ..................... 1,269 12,931 Commerce Group, Inc .......................... 485 23,659 Commercial Federal Corp ...................... 552 19,487 Commercial Net Lease Realty, Inc ............. 299 3,955 Commonwealth Bancorp, Inc .................... 183 5,913 Community Bank System, Inc ................... 185 3,828 Community Banks, Inc ......................... 106 21,055 Community First Bankshares, Inc .............. 557 6,730 Community Trust Bancorp, Inc ................. 169 66,929 Compass Bancshares, Inc ...................... 2,093 8,758 * CompuCredit Corp ............................. 62 5,803 Connecticut Bancshares, Inc .................. 223 24,524 Cornerstone Realty Income Trust, Inc ......... 195 9,206 Corporate Office Properties Trust ............ 129 3,666 Correctional Properties Trust ................ 80 14,619 * Corrections Corp Of America .................. 251 4,800 Corus Bankshares, Inc ........................ 210 54,327 Countrywide Financial Corp ................... 2,806 19,039 Cousins Properties, Inc ...................... 470 7,200 CPB, Inc ..................................... 198 13,625 Crawford & Co (Class B) ...................... 68 6,824 * Credit Acceptance Corp ....................... 44 1,040 * Crescent Operating, Inc ...................... 0 42,854 Crescent Real Estate Equities Co ............. 713 SEE NOTES TO FINANCIAL STATEMENTS 44 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 12,857 Crown American Realty Trust .................. $ 118 15,175 * CSK Auto Corp ................................ 167 26,913 Cullen/Frost Bankers, Inc .................... 880 1,331 Curtiss-Wright Corp (Class B) ................ 83 13,753 CVB Financial Corp ........................... 350 6,823 Delphi Financial Group, Inc (Class A) ........ 259 28,629 Developers Diversified Realty Corp ........... 630 11,516 Dime Community Bancshares .................... 221 30,229 Doral Financial Corp ......................... 865 11,167 Downey Financial Corp ........................ 436 71,262 Duke Realty Corp ............................. 1,814 146,900 * E* trade Group, Inc .......................... 714 12,500 East West Bancorp, Inc ....................... 451 7,804 Eastgroup Properties, Inc .................... 199 30,770 Eaton Vance Corp ............................. 869 7,100 * Electro Rent Corp ............................ 86 1,197 EMC Insurance Group, Inc ..................... 21 9,100 Entertainment Properties Trust ............... 214 218,902 Equity Office Properties Trust ............... 5,468 3,399 e Equity One, Inc .............................. 45 144,255 Equity Residential ........................... 3,546 11,962 Erie Indemnity Co (Class A) .................. 434 7,561 Essex Property Trust, Inc .................... 384 7,284 * Euronet Worldwide, Inc ....................... 55 5,645 F & M Bancorp ................................ 181 523,206 Fannie Mae ................................... 33,658 3,145 Farmers Capital Bank Corp .................... 105 5,836 FBL Financial Group, Inc (Class A) ........... 114 10,531 FBR Asset Investment Corp .................... 357 4,106 e* Federal Agricultural Mortgage Corp (Class C) . 126 20,104 Federal Realty Investment Trust .............. 565 43,111 Federated Investors, Inc (Class B) ........... 1,094 26,249 e FelCor Lodging Trust, Inc .................... 300 8,548 Fidelity Bankshares, Inc ..................... 153 50,255 Fidelity National Financial, Inc ............. 1,650 268,002 e Fifth Third Bancorp .......................... 15,692 6,685 * Financial Federal Corp ....................... 168 4,001 Financial Industries Corp .................... 57 3,968 Financial Institutions, Inc .................. 117 37,424 First American Corp .......................... 831 3,888 First Bancorp (North Carolina) ............... 91 17,381 First Bancorp (Puerto Rico) .................. 393 500 * First Banks America, Inc ..................... 20 4,600 First Busey Corp (Class A) ................... 106 16,100 First Charter Corp ........................... 290 3,200 First Citizens Bancshares, Inc (Class A) ..... 309 31,022 First Commonwealth Financial Corp ............ 357 5,093 First Community Bancorp ...................... 168 4,569 First Community Bancshares, Inc .............. 141 2,716 First Defiance Financial Corp ................ 51 3,519 First Essex Bancorp, Inc ..................... 118 9,031 First Federal Capital Corp ................... 174 18,858 First Financial Bancorp ...................... 309 6,510 First Financial Bankshares, Inc .............. 247 3,500 First Financial Corp (Indiana) ............... 170 7,000 First Financial Holdings, Inc ................ 173 5,900 First Indiana Corp ........................... 109 7,811 First Merchants Corp ......................... 178 25,373 First Midwest Bancorp, Inc ................... 678 3,909 First National Corp .......................... 94 4,900 First Niagara Financial Group, Inc ........... 128 2,201 First Oak Brook Bancshares, Inc .............. 69 1,800 First Of Long Island Corp .................... 66 6,530 First Place Financial Corp ................... 109 5,561 * First Republic Bank .......................... 111 12,720 First Sentinel Bancorp, Inc .................. 183 1,441 First South Bancorp, Inc ..................... 51 3,011 First State Bancorp .......................... 75 66,510 First Tennessee National Corp ................ 2,390 37,620 First Virginia Banks, Inc .................... 1,401 3,833 Firstfed America Bancorp, Inc ................ 95 8,919 * FirstFed Financial Corp ...................... 258 44,712 FirstMerit Corp .............................. 968 6,884 Flagstar Bancorp, Inc ........................ 149 550,143 FleetBoston Financial Corp ................... 13,368 5,103 Flushing Financial Corp ...................... 84 22,959 FNB Corp ..................................... 632 2,977 FNB Corp (Virginia) .......................... 71 4,492 e* FPIC Insurance Group, Inc .................... 31 1,389 Franklin Financial Corp ...................... 32 89,471 Franklin Resources, Inc ...................... 3,049 364,570 Freddie Mac .................................. 21,528 31,800 e Fremont General Corp ......................... 143 8,707 * Friedman, Billings, Ramsey Group, Inc ........ 81 8,443 Frontier Financial Corp ...................... 216 54,234 Fulton Financial Corp ........................ 958 3,422 * Gabelli Asset Management, Inc (Class A) ...... 103 13,000 Gables Residential Trust ..................... 324 45,254 Gallagher (Arthur J.) & Co ................... 1,330 31,357 * Gartner, Inc (Class A) ....................... 288 12,190 * Gartner, Inc (Class B) ....................... 115 3,954 GBC Bancorp .................................. 77 32,596 e General Growth Properties, Inc ............... 1,695 5,008 German American Bancorp ...................... 78 8,510 Glacier Bancorp, Inc ......................... 201 4,530 Gladstone Capital Corp ....................... 75 8,020 Glenborough Realty Trust, Inc ................ 143 15,721 Glimcher Realty Trust ........................ 279 17,300 Gold Banc Corp, Inc .......................... 172 65,754 Golden West Financial Corp ................... 4,722 126,796 Goldman Sachs Group, Inc ..................... 8,635 2,644 Granite State Bankshares, Inc ................ 116 3,733 Great American Financial Resources, Inc ...... 64 7,153 Great Lakes REIT, Inc ........................ 119 3,028 Great Southern Bancorp, Inc .................. 111 24,108 e Greater Bay Bancorp .......................... 417 44,618 Greenpoint Financial Corp .................... 2,016 6,998 Hancock Holding Co ........................... 312 4,463 * Hanmi Financial Corp ......................... 75 11,295 Harbor Florida Bancshares, Inc ............... 254 15,559 Harleysville Group, Inc ...................... 411 10,204 Harleysville National Corp ................... 273 129,934 Hartford Financial Services Group, Inc ....... 5,903 3,901 * Hawthorne Financial Corp ..................... 111 32,693 HCC Insurance Holdings, Inc .................. 804 30,061 Health Care Property Investors, Inc .......... 1,151 20,475 Health Care REIT, Inc ........................ 554 22,020 Healthcare Realty Trust, Inc ................. 644 9,597 Heritage Property Investment Trust ........... 240 84,051 Hibernia Corp (Class A) ...................... 1,617 27,900 Highwoods Properties, Inc .................... 617 17,500 Hilb, Rogal & Hamilton Co .................... 716 13,723 Home Properties Of New York, Inc ............. 473 38,278 e* Homestore, Inc ............................... 33 28,552 Hooper Holmes, Inc ........................... 175 18,745 Horace Mann Educators Corp ................... 287 32,829 Hospitality Properties Trust ................. 1,156 123,760 e* Host Marriott Corp ........................... 1,095 239,824 Household International, Inc ................. 6,670 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 45 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 67,342 HRPT Properties Trust ........................ $ 555 39,070 Hudson City Bancorp, Inc ..................... 728 7,864 Hudson River Bancorp, Inc .................... 195 23,817 Hudson United Bancorp ........................ 741 5,491 Humboldt Bancorp ............................. 58 129,873 Huntington Bancshares, Inc ................... 2,430 3,145 IberiaBank Corp .............................. 126 22,050 IMPAC Mortgage Holdings, Inc ................. 254 27,149 Independence Community Bank Corp ............. 689 1,671 * Independence Holding Co ...................... 36 6,249 Independent Bank Corp (Massachusetts) ........ 142 6,537 * Independent Bank Corp (Michigan) ............. 198 29,913 * IndyMac Bancorp, Inc ......................... 553 13,960 Innkeepers U.S.A. Trust ...................... 107 9,800 * Insignia Financial Group, Inc ................ 71 28,684 e Instinet Group, Inc .......................... 121 5,078 * Insurance Auto Auctions, Inc ................. 84 7,890 Integra Bank Corp ............................ 141 4,384 Interchange Financial Services Corp .......... 71 11,891 International Bancshares Corp ................ 469 25,708 * Investment Technology Group, Inc ............. 575 33,851 e Investors Financial Services Corp ............ 927 16,347 Investors Real Estate Trust .................. 163 17,700 IRT Property Co .............................. 210 7,712 Irwin Financial Corp ......................... 127 26,277 iStar Financial, Inc ......................... 737 2,361 * Itla Capital Corp ............................ 78 22,498 * ITT Educational Services, Inc ................ 530 1,045,996 JP Morgan Chase & Co ......................... 25,104 18,382 e JDN Realty Corp .............................. 201 10,080 Jefferies Group, Inc ......................... 423 78,694 Jefferson-Pilot Corp ......................... 2,999 154,697 John Hancock Financial Services, Inc ......... 4,316 11,322 John Nuveen Co (Class A) ..................... 287 15,900 * Jones Lang LaSalle, Inc ...................... 245 1,878 Kansas City Life Insurance Co ................ 71 223,823 KeyCorp ...................................... 5,627 8,839 Keystone Property Trust ...................... 150 12,905 Kilroy Realty Corp ........................... 297 48,156 Kimco Realty Corp ............................ 1,475 42,711 * Knight Trading Group, Inc .................... 205 9,731 Koger Equity, Inc ............................ 152 9,411 Kramont Realty Trust ......................... 138 71,078 * La Quinta Corp ............................... 313 24,591 e* LaBranche & Co, Inc .......................... 655 6,033 Lakeland Bancorp, Inc ........................ 108 2,607 Lakeland Financial Corp ...................... 61 9,640 Landamerica Financial Group, Inc ............. 342 633 Leeds Federal Bankshares, Inc ................ 20 33,844 e Legg Mason, Inc .............................. 1,643 128,259 Lehman Brothers Holdings, Inc ................ 6,835 4,160 e* LendingTree, Inc ............................. 54 18,943 Leucadia National Corp ....................... 707 13,338 Lexington Corporate Properties Trust ......... 212 8,758 Liberty Corp ................................. 340 97,397 Lincoln National Corp ........................ 3,076 11,560 LNR Property Corp ............................ 409 10,360 * Local Financial Corp ......................... 152 4,318 LSB Bancshares, Inc .......................... 70 7,201 LTC Properties, Inc .......................... 48 41,540 M & T Bank Corp .............................. 3,296 3,413 Macatawa Bank Corp ........................... 68 17,067 Macerich Co .................................. 525 22,489 Mack-Cali Realty Corp ........................ 681 9,817 MAF Bancorp, Inc ............................. 333 5,266 e Main Street Banks, Inc ....................... 101 2,997 MainSource Financial Group, Inc .............. 72 6,722 Manufactured Home Communities, Inc ........... 199 4,342 * Markel Corp .................................. 892 287,750 Marsh & McLennan Cos, Inc .................... 13,297 117,230 Marshall & Ilsley Corp ....................... 3,210 1,945 MASSBANK Corp ................................ 55 5,772 MB Financial, Inc ............................ 201 77,592 e MBIA, Inc .................................... 3,403 557,783 MBNA Corp .................................... 10,609 12,123 MCG Capital Corp ............................. 130 500 * MEEMIC Holdings, Inc ......................... 14 231,733 Mellon Financial Corp ........................ 6,051 36,774 Mercantile Bankshares Corp ................... 1,419 2,038 Merchants Bancshares, Inc .................... 46 13,651 Mercury General Corp ......................... 513 21,840 Meristar Hospitality Corp .................... 144 4,655 * Meritage Corp ................................ 157 451,124 Merrill Lynch & Co, Inc ...................... 17,120 155,605 MetLife, Inc ................................. 4,208 16,812 e Metris Cos, Inc .............................. 42 22,862 MFA Mortgage Investments, Inc ................ 192 324 * MFN Financial Corp Series B Wts 03/23/03 ..... 0 324 * MFN Financial Corp Series C Wts 03/23/04 ..... 0 47,970 e MGIC Investment Corp ......................... 1,981 9,262 Mid Atlantic Realty Trust .................... 161 7,198 Mid-America Apartment Communities, Inc ....... 176 4,300 Midland Co ................................... 82 12,809 Mid-State Bancshares ......................... 210 5,121 Midwest Banc Holdings, Inc ................... 97 11,370 Mills Corp ................................... 334 7,660 Mission West Properties, Inc ................. 76 23,415 MONY Group, Inc .............................. 561 578,795 Morgan Stanley ............................... 23,105 2,036 Nara Bancorp, Inc ............................ 42 1,557 NASB Financial, Inc .......................... 36 319,988 National City Corp ........................... 8,742 108,420 National Commerce Financial Corp ............. 2,586 10,215 National Health Investors, Inc ............... 164 3,028 National Health Realty, Inc .................. 44 9,778 National Penn Bancshares, Inc ................ 260 1,100 * National Western Life Insurance Co (Class A) . 106 12,151 Nationwide Financial Services, Inc (Class A) . 348 25,908 Nationwide Health Properties, Inc ............ 387 2,064 * Navigators Group, Inc ........................ 47 3,550 NBC Capital Corp ............................. 89 15,780 NBT Bancorp, Inc ............................. 269 25,799 * NetBank, Inc ................................. 250 29,280 Neuberger Berman, Inc ........................ 981 8,438 e New Century Financial Corp ................... 214 49,112 New Plan Excel Realty Trust .................. 938 56,237 New York Community Bancorp, Inc .............. 1,624 86,063 North Fork Bancorp, Inc ...................... 2,904 102,958 Northern Trust Corp .......................... 3,609 5,539 Northwest Bancorp, Inc ....................... 82 5,322 e Novastar Financial, Inc ...................... 165 736 * NYMAGIC, Inc ................................. 14 5,526 OceanFirst Financial Corp .................... 124 18,400 * Ocwen Financial Corp ......................... 52 9,057 Odyssey Re Holdings Corp ..................... 160 26,584 * Ohio Casualty Corp ........................... 344 32,360 Old National Bancorp ......................... 786 62,803 Old Republic International Corp .............. 1,758 3,728 Old Second Bancorp, Inc ...................... 138 SEE NOTES TO FINANCIAL STATEMENTS 46 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 4,300 Omega Financial Corp ......................... $ 154 6,218 Oriental Financial Group, Inc ................ 153 18,499 Pacific Capital Bancorp ...................... 471 10,000 * Pacific Gulf Properties Liquid Trust ......... 18 8,274 Pacific Northwest Bancorp .................... 207 5,418 * Pacific Union Bank ........................... 62 17,615 Pan Pacific Retail Properties, Inc ........... 643 6,246 Park National Corp ........................... 617 2,446 Parkvale Financial Corp ...................... 56 3,991 Parkway Properties, Inc ...................... 140 3,372 Partners Trust Financial Group, Inc .......... 54 3,064 Peapack Gladstone Financial Corp ............. 105 2,542 Pennfed Financial Services, Inc .............. 69 3,553 Pennrock Financial Services Corp ............. 99 7,342 Pennsylvania Real Estate Investment Trust .... 191 4,025 Peoples Bancorp, Inc ......................... 103 13,110 People's Bank ................................ 330 2,976 Peoples Holding Co ........................... 121 5,786 PFF Bancorp, Inc ............................. 181 8,755 * Philadelphia Consolidated Holding Corp ....... 310 52,731 e* Phoenix Cos, Inc ............................. 401 3,338 * Pico Holdings, Inc ........................... 45 14,037 e PMA Capital Corp (Class A) ................... 201 47,491 PMI Group, Inc ............................... 1,427 148,766 PNC Financial Services Group, Inc ............ 6,233 71,823 Popular, Inc ................................. 2,428 2,567 Port Financial Corp .......................... 115 17,719 Post Properties, Inc ......................... 423 16,117 Prentiss Properties Trust .................... 456 10,542 Presidential Life Corp ....................... 105 9,430 * Price Legacy Corp ............................ 26 156,989 Principal Financial Group .................... 4,730 1,867 PrivateBancorp, Inc .......................... 71 12,641 * ProAssurance Corp ............................ 265 101,180 Progressive Corp ............................. 5,022 84,433 Prologis ..................................... 2,123 6,600 Prosperity Bancshares, Inc ................... 125 35,893 Protective Life Corp ......................... 988 1,500 Provident Bancorp, Inc ....................... 47 12,605 Provident Bankshares Corp .................... 291 22,229 e Provident Financial Group, Inc ............... 579 138,520 * Providian Financial Corp ..................... 899 307,662 Prudential Financial, Inc .................... 9,765 5,122 PS Business Parks, Inc ....................... 163 52,308 Public Storage, Inc .......................... 1,690 2,627 * Quaker City Bancorp, Inc ..................... 87 8,014 R & G Financial Corp (Class B) ............... 186 47,214 Radian Group, Inc ............................ 1,754 8,001 RAIT Investment Trust ........................ 173 4,554 Ramco-Gershenson Properties .................. 90 20,529 e Raymond James Financial, Inc ................. 607 17,600 Realty Income Corp ........................... 616 27,212 e Reckson Associates Realty Corp ............... 573 1,013 Reckson Associates Realty Corp (Class B) ..... 23 5,582 Redwood Trust, Inc ........................... 155 12,595 Regency Centers Corp ......................... 408 120,559 Regions Financial Corp ....................... 4,022 8,863 Reinsurance Group Of America, Inc ............ 240 27,268 Republic Bancorp, Inc ........................ 321 4,200 Republic Bancorp, Inc (Class A) (Kentucky) ... 47 2,700 * Republic Bancshares, Inc ..................... 53 8,396 Resource America, Inc (Class A) .............. 76 15,400 RFS Hotel Investors, Inc ..................... 167 7,088 Riggs National Corp .......................... 110 6,502 RLI Corp ..................................... 181 38,700 Roslyn Bancorp, Inc .......................... 698 39,403 Rouse Co ..................................... 1,249 2,916 Royal Bancshares Of Pennsylvania (Class A) ... 62 14,072 S & T Bancorp, Inc ........................... 353 2,954 S.Y. Bancorp, Inc ............................ 110 71,653 Safeco Corp .................................. 2,484 7,500 Sandy Spring Bancorp, Inc .................... 236 4,230 Santander Bancorp ............................ 55 5,700 Saul Centers, Inc ............................ 136 14,357 * Saxon Capital, Inc ........................... 180 5,364 Seacoast Banking Corp Of Florida ............. 101 12,410 Seacoast Financial Services Corp ............. 248 4,406 Second Bancorp, Inc .......................... 117 39,831 SEI Investments Co ........................... 1,083 13,800 Selective Insurance Group, Inc ............... 347 23,566 Senior Housing Properties Trust .............. 250 23,691 * Silicon Valley Bancshares .................... 432 3,680 Simmons First National Corp (Class A) ........ 135 73,813 Simon Property Group, Inc .................... 2,515 5,888 Sizeler Property Investors ................... 55 39,174 Sky Financial Group, Inc ..................... 780 13,900 SL Green Realty Corp ......................... 439 77,317 SLM Corp ..................................... 8,030 37,269 * SoundView Technology Group, Inc .............. 56 23,687 South Financial Group, Inc ................... 489 182,194 SouthTrust Corp .............................. 4,528 14,944 * Southwest Bancorp Of Texas, Inc .............. 431 2,630 Southwest Bancorp, Inc ....................... 68 136,533 Sovereign Bancorp, Inc ....................... 1,918 6,500 Sovran Self Storage, Inc ..................... 184 3,769 St. Francis Capital Corp ..................... 88 15,634 St. Joe Co ................................... 469 117,617 e St. Paul Cos, Inc ............................ 4,005 15,466 Stancorp Financial Group, Inc ................ 756 6,500 State Auto Financial Corp .................... 101 3,748 State Bancorp, Inc ........................... 67 170,895 State Street Corp ............................ 6,665 29,081 e Staten Island Bancorp, Inc ................... 586 5,386 Sterling Bancorp ............................. 142 20,163 Sterling Bancshares, Inc ..................... 246 8,847 Sterling Financial Corp (Pennsylvania) ....... 209 5,944 * Sterling Financial Corp (Spokane) ............ 112 8,933 * Stewart Information Services Corp ............ 191 116,788 e* Stilwell Financial, Inc ...................... 1,526 2,100 Student Loan Corp ............................ 205 6,156 Suffolk Bancorp .............................. 195 2,689 Summit Bancshares, Inc ....................... 52 11,664 Summit Properties, Inc ....................... 208 3,267 * Sun Bancorp, Inc (New Jersey) ................ 43 2,522 Sun Bancorp, Inc (Pennsylvania) .............. 46 7,790 Sun Communities, Inc ......................... 285 130,810 SunTrust Banks, Inc .......................... 7,446 3,565 Superior Financial Corp ...................... 65 20,525 Susquehanna Bancshares, Inc .................. 428 6,972 SWS Group, Inc ............................... 95 155,245 Synovus Financial Corp ....................... 3,012 11,150 * Syntroleum Corp .............................. 19 55,363 T Rowe Price Group, Inc ...................... 1,510 14,805 Taubman Centers, Inc ......................... 240 40,268 TCF Financial Corp ........................... 1,759 11,693 Texas Regional Bancshares, Inc (Class A) ..... 416 26,226 Thornburg Mortgage, Inc ...................... 527 1,352,091 TIAA-CREF Institutional Equity Index Fund .... 9,370 3,891 Tompkins Trustco, Inc ........................ 172 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 47 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 63,565 Torchmark Corp ............................... $ 2,322 7,600 Town & Country Trust ......................... 160 15,805 * Trammell Crow Co ............................. 142 11,058 Transatlantic Holdings, Inc .................. 738 1,459 * Transcontinental Realty Investors, Inc ....... 26 246,261 * Travelers Property Casualty Corp (Class A) ... 3,608 252,482 * Travelers Property Casualty Corp (Class B) ... 3,699 4,101 * Triad Guaranty, Inc .......................... 151 2,579 Trico Bancshares ............................. 63 46,861 Trizec Properties, Inc ....................... 440 4,414 Troy Financial Corp .......................... 119 9,700 Trust Co Of New Jersey ....................... 270 37,626 Trustco Bank Corp NY ......................... 406 22,746 Trustmark Corp ............................... 540 1,004,391 U.S. Bancorp ................................. 21,313 10,030 e U.S. Restaurant Properties, Inc ............ 141 6,084 U.S.B. Holding Co, Inc ....................... 108 9,466 UCBH Holdings, Inc ........................... 402 19,818 * UICI ......................................... 308 8,414 UMB Financial Corp ........................... 322 14,863 Umpqua Holdings Corp ......................... 271 3,856 Union Bankshares Corp ........................ 105 106,439 Union Planters Corp .......................... 2,995 26,635 UnionBanCal Corp ............................. 1,046 19,099 United Bankshares, Inc ....................... 555 8,777 United Community Banks, Inc .................. 214 16,400 United Community Financial Corp .............. 142 56,249 United Dominion Realty Trust, Inc ............ 920 3,792 United Fire & Casualty Co .................... 127 9,407 United National Bancorp ...................... 217 27,616 * United Rentals, Inc .......................... 297 24,235 Unitrin, Inc ................................. 708 11,917 * Universal American Financial Corp ............ 69 5,879 Universal Health Realty Income Trust ......... 154 11,766 Unizan Financial Corp ........................ 232 127,271 UnumProvident Corp ........................... 2,232 9,027 Urstadt Biddle Properties, Inc (Class A) ..... 100 49,758 Valley National Bancorp ...................... 1,312 800 Value Line, Inc .............................. 35 17,109 Vesta Insurance Group, Inc ................... 47 3,724 Virginia Financial Group, Inc ................ 111 37,662 Vornado Realty Trust ......................... 1,401 23,039 W Holding Co, Inc ............................ 378 719,118 Wachovia Corp ................................ 26,205 38,167 Waddell & Reed Financial, Inc (Class A) ...... 751 1,872 Warwick Community Bancorp .................... 53 33,365 Washington Federal, Inc ...................... 829 511,705 Washington Mutual, Inc ....................... 17,669 19,412 Washington Real Estate Investment Trust ...... 495 6,660 Washington Trust Bancorp, Inc ................ 130 19,876 e Waypoint Financial Corp ...................... 354 25,429 Webster Financial Corp ....................... 885 23,801 Weingarten Realty Investors .................. 877 898,859 Wells Fargo & Co ............................. 42,130 2,722 * Wellsford Real Properties, Inc ............... 43 11,300 Wesbanco, Inc ................................ 264 760 Wesco Financial Corp ......................... 236 8,109 West Coast Bancorp ........................... 123 17,540 Westamerica Bancorp .......................... 705 5,953 Westcorp ..................................... 125 2,541 Westfield Financial, Inc ..................... 39 3,522 * WFS Financial, Inc ........................... 74 21,000 Whitney Holding Corp ......................... 700 2,480 Willow Grove Bancorp, Inc .................... 34 34,613 Wilmington Trust Corp ........................ 1,097 8,628 Winston Hotels, Inc .......................... 67 7,757 Wintrust Financial Corp ...................... 243 5,669 * World Acceptance Corp ........................ 43 4,067 WSFS Financial Corp .......................... 134 76,089 * Wyndham International, Inc (Class A) ......... 18 3,017 Yardville National Bancorp ................... 52 4,212 Zenith National Insurance Corp ............... 99 48,236 Zions Bancorp ................................ 1,898 ----------- TOTAL FINANCIAL SERVICES 1,025,328 ----------- HEALTH CARE--15.23% 5,629 * aaiPharma, Inc ............................... 79 820,012 Abbott Laboratories .......................... 32,800 40,435 * Abgenix, Inc ................................. 298 6,372 e* Abiomed, Inc ................................. 23 5,559 e* Acacia Research--CombiMatrix ................. 20 23,043 * Accredo Health, Inc .......................... 812 16,456 * Adolor Corp .................................. 226 15,270 * Advanced Medical Optics, Inc ................. 183 4,744 * Advanced Neuromodulation Systems, Inc ........ 167 38,741 * AdvancePCS ................................... 860 2,866 * Advisory Board Co/The ........................ 86 76,589 e Aetna, Inc ................................... 3,149 26,363 e* Affymetrix, Inc .............................. 603 13,471 e* Aksys Ltd .................................... 71 7,240 * Alaris Medical, Inc .......................... 44 10,844 * Albany Molecular Research, Inc ............... 160 20,394 * Alderwoods Group Inc ......................... 97 9,569 * Alexion Pharmaceuticals, Inc ................. 135 16,394 e* Align Technology, Inc ........................ 45 28,970 * Alkermes, Inc ................................ 182 70,618 Allergan, Inc ................................ 4,069 5,958 * Alliance Imaging, Inc ........................ 32 11,738 e* Allos Therapeutics, Inc ...................... 88 11,824 * Allscripts Healthcare Solutions, Inc ......... 28 15,577 Alpharma, Inc (Class A) ...................... 186 5,461 e* American Healthways, Inc ..................... 96 3,153 * American Medical Security Group, Inc ......... 44 9,974 * American Medical Systems Holdings, Inc ....... 162 4,304 e* American Pharmaceutical Partners, Inc ........ 77 4,917 * AMERIGROUP Corp .............................. 149 14,868 * Ameripath, Inc ............................... 320 55,009 AmerisourceBergen Corp ....................... 2,988 620,761 * Amgen, Inc ................................... 30,008 7,148 * AMN Healthcare Services, Inc ................. 121 10,573 * Amsurg Corp .................................. 216 31,835 e* Amylin Pharmaceuticals, Inc .................. 514 33,246 * Andrx Corp ................................... 488 74,335 * Anthem, Inc .................................. 4,676 11,153 e* Antigenics, Inc .............................. 114 12,500 e* Aphton Corp .................................. 49 52,860 * Apogent Technologies, Inc .................... 1,099 111,493 Applera Corp (Applied Biosystems Group) ...... 1,956 36,286 * Applera Corp (Celera Genomics Group) ......... 347 8,233 * Applied Molecular Evolution .................. 17 21,200 * Apria Healthcare Group, Inc .................. 471 10,615 * Arena Pharmaceuticals, Inc ................... 69 18,700 * Ariad Pharmaceuticals, Inc ................... 45 10,607 * Arqule, Inc .................................. 32 9,645 * Array Biopharma, Inc ......................... 54 4,964 Arrow International, Inc ..................... 202 11,165 * Arthrocare Corp .............................. 110 12,732 * Atherogenics, Inc ............................ 94 10,582 * Atrix Laboratories, Inc ...................... 162 30,400 * AVANIR Pharmaceuticals (Class A) ............. 30 SEE NOTES TO FINANCIAL STATEMENTS 48 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 10,000 e* Avigen, Inc .................................. $ 57 27,585 Bard (C.R.), Inc ............................. 1,600 14,449 * Barr Laboratories, Inc ....................... 940 26,259 e Bausch & Lomb, Inc ........................... 945 315,805 Baxter International, Inc .................... 8,843 2,200 * Baxter International, Inc (Contingent Value Rts) ....................... 0 30,598 Beckman Coulter, Inc ......................... 903 135,720 Becton Dickinson & Co ........................ 4,165 6,191 * Benthley Pharmaceuticals, Inc ................ 50 50,244 * Beverly Enterprises, Inc ..................... 143 77,929 * Biogen, Inc .................................. 3,122 19,321 * BioMarin Pharmaceutical, Inc ................. 136 140,773 Biomet, Inc .................................. 4,035 9,400 e* Biopure Corp ................................. 35 8,966 * Bio-Rad Laboratories, Inc (Class A) .......... 347 3,400 * Bio-Reference Labs, Inc ...................... 21 1,752 * Bioreliance Corp ............................. 41 6,028 e* Biosite, Inc ................................. 205 29,700 * Bio-Technology General Corp .................. 95 5,000 * Bone Care International, Inc ................. 49 166,406 * Boston Scientific Corp ....................... 7,076 4,225 * Bradley Pharmaceuticals, Inc ................. 55 1,017,878 Bristol-Myers Squibb Co ...................... 23,564 6,625 e* Britesmile, Inc .............................. 2 5,600 * Bruker AXS, Inc .............................. 10 5,725 * Bruker Daltonics, Inc ........................ 28 12,205 * Caliper Technologies Corp .................... 37 3,402 * Cantel Medical Corp .......................... 43 28,024 * Cardiac Science, Inc ......................... 62 237,290 Cardinal Health, Inc ........................... 14,045 16,600 * Cardiodynamics International Corp ............ 51 127,598 * Caremark Rx, Inc ............................. 2,073 39,723 e* Celgene Corp ................................. 853 17,603 * Cell Genesys, Inc ............................ 196 17,100 e* Cell Therapeutics, Inc ....................... 124 2,556 * Centene Corp ................................. 86 24,263 * Cephalon, Inc ................................ 1,181 13,865 * Cepheid, Inc ................................. 71 14,497 * Cerner Corp .................................. 453 6,883 * Cerus Corp ................................... 148 23,388 * Charles River Laboratories International, Inc ........................... 900 5,292 * Chattem, Inc ................................. 109 48,990 e* Chiron Corp .................................. 1,842 5,996 * Cholestech Corp .............................. 42 67,727 Cigna Corp ................................... 2,785 7,358 * Cima Labs, Inc ............................... 178 12,800 * Ciphergen Biosystems, Inc .................... 44 2,600 * Closure Medical Corp ......................... 27 4,804 * Cobalt Corp .................................. 66 15,000 * Coherent, Inc ................................ 299 13,200 * Columbia Laboratories, Inc ................... 44 26,361 * Community Health Systems, Inc ................ 543 1,533 * Computer Programs & Systems, Inc ............. 38 9,169 * Conceptus, Inc ............................... 110 13,950 * Conmed Corp .................................. 273 16,000 * Connetics Corp ............................... 192 15,884 Cooper Cos, Inc .............................. 397 24,491 e* Corixa Corp .................................. 156 3,611 * Corvel Corp .................................. 129 32,728 * Covance, Inc ................................. 805 19,813 * Coventry Health Care, Inc .................... 575 16,782 e* Cross County, Inc ............................ 234 8,150 e* CryoLife, Inc ................................ 56 14,567 * Cubist Pharmaceuticals, Inc .................. 120 21,785 * CuraGen Corp ................................. 101 5,255 * Curative Health Services, Inc ................ 91 14,079 e* CV Therapeutics, Inc ......................... 257 11,415 * Cyberonics, Inc .............................. 210 63,276 * Cytyc Corp ................................... 645 6,561 D&K Healthcare Resources, Inc ................ 67 6,100 Datascope Corp ............................... 151 30,917 * DaVita, Inc .................................. 763 17,790 * Decode Genetics, Inc ......................... 33 3,985 * Deltagen, Inc ................................ 2 15,950 * Dendrite International, Inc .................. 119 36,600 Dentsply International, Inc .................. 1,363 11,494 Diagnostic Products Corp ..................... 444 4,336 * Dianon Systems, Inc .......................... 207 5,900 * Digene Corp .................................. 68 8,648 * Discovery Partners International, Inc ........ 24 12,301 * Diversa Corp ................................. 111 3,742 * DJ Orthopedics, Inc .......................... 14 12,415 * Durect Corp .................................. 25 6,300 * DVI, Inc ..................................... 48 3,084 e* Dynacq International, Inc .................... 44 17,669 * Eclipsys Corp ................................ 95 31,122 * Edwards Lifesciences Corp .................... 793 3,681 * Embrex, Inc .................................. 41 10,635 * Endo Pharmaceuticals Holdings, Inc ........... 82 7,039 * Endocardial Solutions, Inc ................... 24 9,242 e* Endocare, Inc ................................ 32 11,896 * Enzo Biochem, Inc ............................ 167 22,167 * Enzon, Inc ................................... 371 5,024 * Eon Labs, Inc ................................ 95 6,386 * EPIX Medical, Inc ............................ 46 4,141 e* eResearch Technology, Inc .................... 69 14,713 * Esperion Therapeutics, Inc ................... 105 6,144 * Exact Sciences Corp .......................... 67 23,047 * Exelixis, Inc ................................ 184 33,171 e* Express Scripts, Inc (Class A) ............... 1,594 52,975 * First Health Group Corp ...................... 1,290 11,385 * First Horizon Pharmaceutical ................. 85 28,685 * Fisher Scientific International, Inc ......... 863 84,288 * Forest Laboratories, Inc ..................... 8,279 13,600 * Gene Logic, Inc .............................. 86 4,751 * Genencor International, Inc .................. 46 116,018 * Genentech, Inc ............................... 3,847 14,591 * Genesis Health Ventures, Inc ................. 225 22,407 e* Genta, Inc ................................... 172 18,956 * Genzyme Corp (Biosurgery Division) ........... 48 102,819 * Genzyme Corp (General Division) .............. 3,040 12,316 * Geron Corp ................................... 44 90,470 * Gilead Sciences, Inc ......................... 3,076 160,686 * Guidant Corp ................................. 4,957 12,346 * Guilford Pharmaceuticals, Inc ................ 49 9,342 * Haemonetics Corp ............................. 200 9,869 * Hanger Orthopedic Group, Inc ................. 130 11,846 * Harvard Bioscience, Inc ...................... 39 258,933 HCA, Inc ..................................... 10,746 126,436 e Health Management Associates, Inc (Class A) .. 2,263 56,765 * Health Net, Inc .............................. 1,499 4,738 * Healthcare Services Group .................... 62 8,196 * HealthExtras, Inc ............................ 33 204,181 * Healthsouth Corp ............................. 858 4,054 * HealthTronics Surgical Services, Inc ......... 32 21,000 * Henry Schein, Inc ............................ 945 27,189 Hillenbrand Industries, Inc .................. 1,314 9,847 * Hologic, Inc ................................. 120 63,648 * Human Genome Sciences, Inc ................... 561 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 49 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 88,844 * Humana, Inc .................................. $ 888 43,254 ICN Pharmaceuticals, Inc ..................... 472 27,100 * ICOS Corp .................................... 634 5,581 * ICU Medical, Inc ............................. 208 59,000 e* IDEC Pharmaceuticals Corp .................... 1,957 16,778 * Idexx Laboratories, Inc ...................... 559 8,900 * IDX Systems Corp ............................. 152 8,430 e* Igen International, Inc ...................... 361 17,300 * Ilex Oncology, Inc ........................... 122 11,878 * Illumina, Inc ................................ 40 19,723 * I-many, Inc .................................. 28 26,737 e* ImClone Systems, Inc ......................... 284 5,597 * Immucor, Inc ................................. 113 23,500 * Immunogen, Inc ............................... 73 21,522 * Immunomedics, Inc ............................ 99 8,184 * Impath, Inc .................................. 161 13,173 * Impax Laboratories, Inc ...................... 53 151,822 IMS Health, Inc .............................. 2,429 6,593 * Inamed Corp .................................. 203 34,352 * Incyte Genomics, Inc ......................... 157 19,446 * Indevus Pharmaceuticals, Inc ................. 42 29,178 * Inhale Therapeutic Systems, Inc .............. 236 9,749 * Integra LifeSciences Holding ................. 172 13,700 * Integrated Silicon Solution, Inc ............. 60 13,133 e* InterMune, Inc ............................... 335 8,809 * Interpore International ...................... 56 15,596 * Intuitive Surgical, Inc ...................... 96 13,733 Invacare Corp ................................ 457 4,899 e* Inverness Medical Innovations, Inc ........... 64 27,966 * Invitrogen Corp .............................. 876 24,248 e* Isis Pharmaceuticals, Inc .................... 160 79,466 * IVAX Corp .................................... 964 1,582,259 Johnson & Johnson ............................ 84,983 5,364 * Kendle International, Inc .................... 47 3,698 * Kensey Nash Corp ............................. 68 5,773 * Kindred Healthcare, Inc ...................... 105 130,261 * King Pharmaceuticals, Inc .................... 2,239 2,955 e* Kos Pharmaceuticals, Inc ..................... 56 8,768 * Kosan Biosciences, Inc ....................... 53 11,892 * KV Pharmaceutical Co (Class A) ............... 276 3,079 * Kyphon, Inc .................................. 26 23,304 * La Jolla Pharmaceutical Co ................... 151 2,710 * LabOne, Inc .................................. 48 74,726 * Laboratory Corp Of America Holdings .......... 1,737 4,167 Landauer, Inc ................................ 145 1,898 * Lannett Co, Inc .............................. 31 17,005 * Lexicon Genetics, Inc ........................ 80 5,100 * Lifecore Biomedical, Inc ..................... 44 20,736 * LifePoint Hospitals, Inc ..................... 621 26,382 e* Ligand Pharmaceuticals, Inc (Class B) ........ 142 506,274 Lilly (Eli) & Co ............................. 32,148 56,472 * Lincare Holdings, Inc ........................ 1,786 10,069 e* Luminex Corp ................................. 41 52,481 * Manor Care, Inc .............................. 977 10,386 e* Martek Biosciences Corp ...................... 261 3,159 * Matria Healthcare, Inc ....................... 27 8,983 * MAXIMUS, Inc ................................. 234 14,527 * Maxygen, Inc ................................. 111 142,855 McKesson Corp ................................ 3,861 35,625 * Medarex, Inc ................................. 141 3,249 * Medcath Corp ................................. 32 4,349 e* Med-Design Corp .............................. 35 3,990 * Medical Staffing Network Holdings, Inc ....... 64 12,508 e* Medicines Co ................................. 200 15,900 e* Medicis Pharmaceutical Corp (Class A) ........ 790 131,432 * Medimmune, Inc ............................... 3,571 5,210 * MedQuist, Inc ................................ 106 4,257 * MedSource Technologies, Inc .................. 28 637,970 Medtronic, Inc ............................... 29,091 10,270 Mentor Corp .................................. 395 1,190,254 Merck & Co, Inc .............................. 67,380 1,725 * Meridian Medical Technologies, Inc ........... 77 5,871 * Merit Medical Systems, Inc ................... 117 13,900 * MGI Pharma, Inc .............................. 101 24,608 * Mid Atlantic Medical Services, Inc ........... 797 147,828 * Millennium Pharmaceuticals, Inc .............. 1,174 25,419 * Millipore Corp ............................... 864 11,715 * MIM Corp ..................................... 68 8,162 * Molecular Devices Corp ....................... 134 7,989 * Mright Medical Group, Inc .................... 139 20,268 * Mykrolis Corp ................................ 148 65,930 Mylan Laboratories, Inc ...................... 2,301 12,408 * Myriad Genetics, Inc ......................... 181 20,900 * Nabi Biopharmaceuticals ...................... 130 12,636 e* Napro Biotherapeutics, Inc ................... 9 4,037 e* Nastech Pharmaceutical Co .................... 35 4,292 * National Healthcare Corp ..................... 75 3,821 e* Neoforma, Inc ................................ 46 6,045 e* Neopharm, Inc ................................ 61 5,800 * Neose Technologies, Inc ...................... 51 14,839 e* Neurocrine Biosciences, Inc .................. 678 6,331 * Neurogen Corp ................................ 23 15,100 b* Neuromedical Systems, Inc .................... 1 10,611 * Noven Pharmaceuticals, Inc ................... 98 15,434 e* NPS Pharmaceuticals, Inc ..................... 388 8,875 * Ocular Sciences, Inc ......................... 138 6,364 * Odyssey HealthCare, Inc ...................... 221 8,217 * Omega Healthcare Investors, Inc .............. 31 43,135 Omnicare, Inc ................................ 1,028 7,420 * Omnicell, Inc ................................ 20 11,094 * On Assignment, Inc ........................... 95 8,063 * Onyx Pharmaceuticals, Inc .................... 47 6,485 * Option Care, Inc ............................. 52 13,092 * OraSure Technologies, Inc .................... 71 24,258 e* Orthodontic Centers Of America, Inc .......... 265 16,314 * Orthologic Corp .............................. 59 18,760 * OSI Pharmaceuticals, Inc ..................... 308 18,067 Owens & Minor, Inc ........................... 297 46,170 * Oxford Health Plans, Inc ..................... 1,683 18,037 * Pacificare Health Systems, Inc ............... 507 8,229 * Pain Therapeutics, Inc ....................... 20 59,803 Pall Corp .................................... 998 12,087 * Parexel International Corp ................... 133 26,100 * Patterson Dental Co .......................... 1,142 4,909 * PDI, Inc ..................................... 53 12,286 * Pediatrix Medical Group, Inc ................. 492 58,192 e* Peregrine Pharmaceuticals, Inc ............... 45 16,167 * Per-Se Technologies, Inc ..................... 145 180 * Per-Se Technologies, Inc Wts 07/08/03 ........ 0 3,281,161 Pfizer, Inc .................................. 100,305 24,756 * Pharmaceutical Product Development, Inc ...... 725 9,515 * Pharmaceutical Resources, Inc ................ 284 679,411 Pharmacia Corp ............................... 28,399 12,400 * Pharmacopeia, Inc ............................ 111 4,748 e* PolyMedica Corp .............................. 146 8,664 * Possis Medical, Inc .......................... 156 11,481 * Pozen, Inc ................................... 59 7,841 * PracticeWorks, Inc ........................... 62 29,069 * Praecis Pharmaceuticals, Inc ................. 94 SEE NOTES TO FINANCIAL STATEMENTS 50 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 7,629 * Prime Medical Services, Inc .................. $ 66 5,570 f* Priority Healthcare Corp (Class A) ........... 129 7,804 * Priority Healthcare Corp (Class B) ........... 181 10,100 * ProcureNet, Inc .............................. 2 4,263 * Progenics Pharmaceuticals .................... 28 46,296 * Protein Design Labs, Inc ..................... 394 24,850 * Province Healthcare Co ....................... 242 2,339 * Proxymed, Inc ................................ 24 36,976 * PSS World Medical, Inc ....................... 253 3,929 * QMed, Inc .................................... 25 13,872 * Quadramed Corp ............................... 36 39,230 e* Quest Diagnostics, Inc ....................... 2,232 13,112 * Quidel Corp .................................. 45 62,604 * Quintiles Transnational Corp ................. 758 10,688 * Quovadx, Inc ................................. 26 11,751 * Radiologix, Inc .............................. 27 17,765 e* Regeneron Pharmaceuticals, Inc ............... 329 9,030 e* RehabCare Group, Inc ......................... 172 26,045 * Renal Care Group, Inc ........................ 824 7,887 * Res-Care, Inc ................................ 29 16,041 * Resmed, Inc .................................. 490 17,558 * Respironics, Inc ............................. 534 13,264 * Ribapharm, Inc ............................... 87 14,202 * Rigel Pharmaceuticals, Inc ................... 15 5,104 * Rita Medical Systems, Inc .................... 26 9,104 * Salix Pharmaceuticals Ltd .................... 64 8,543 * Sangamo Biosciences, Inc ..................... 26 13,565 * Sangstat Medical Corp ........................ 153 770,335 Schering-Plough Corp ......................... 17,101 24,433 e* Scios, Inc ................................... 796 8,553 * Seattle Genetics, Inc ........................ 27 9,438 * Select Medical Corp .......................... 127 35,999 * Sepracor, Inc ................................ 348 18,689 * Sequenom, Inc ................................ 34 11,649 * Serologicals Corp ............................ 128 152,893 * Service Corp International ................... 508 40,378 * SICOR, Inc ................................... 640 13,075 * Sierra Health Services, Inc .................. 157 11,119 * Sola International, Inc ...................... 145 5,547 * Sonic Innovations, Inc ....................... 21 7,633 * SonoSite, Inc ................................ 100 3,100 e* Specialty Laboratories, Inc .................. 30 92,602 * St. Jude Medical, Inc ........................ 3,678 17,751 e* Stericycle, Inc .............................. 575 36,485 * Steris Corp .................................. 885 49,801 * Stewart Enterprises, Inc (Class A) ........... 277 70,757 e Stryker Corp ................................. 4,749 9,238 e* Sunrise Assisted Living, Inc ................. 230 14,777 e* SuperGen, Inc ................................ 54 6,900 * SurModics, Inc ............................... 198 20,253 * Sybron Dental Specialties, Inc ............... 301 9,065 * Syncor International Corp .................... 251 12,182 * Tanox, Inc ................................... 110 21,750 * Techne Corp .................................. 621 16,634 * Telik, Inc ................................... 194 256,784 * Tenet Healthcare Corp ........................ 4,211 22,200 * Texas Biotechnology Corp ..................... 31 15,100 * Theragenics Corp ............................. 61 11,328 * Therasense, Inc .............................. 95 25,685 * Thoratec Corp ................................ 196 14,876 * Transkaryotic Therapies, Inc ................. 147 38,067 * Triad Hospitals, Inc ......................... 1,136 16,028 * Triangle Pharmaceuticals, Inc ................ 95 7,764 e* Trimeris, Inc ................................ 335 11,239 * TriPath Imaging, Inc ......................... 30 21,498 * Tularik, Inc ................................. 160 38,134 * U.S. Oncology, Inc ........................... 331 5,299 * U.S. Physical Therapy, Inc ................... 59 9,924 * Unilab Corp .................................. 182 8,631 * United Surgical Partners International, Inc .. 135 8,200 e* United Therapeutics Corp ..................... 137 142,862 UnitedHealth Group, Inc ...................... 11,929 25,873 * Universal Health Services, Inc (Class B) ..... 1,167 7,093 * Urologix, Inc ................................ 23 35,766 * Varian Medical Systems, Inc .................. 1,774 15,468 * Varian, Inc .................................. 444 9,126 * VCA Antech, Inc .............................. 137 6,700 * Ventana Medical Systems, Inc ................. 154 31,732 Ventas, Inc .................................. 363 10,893 e* Versicor, Inc ................................ 118 38,079 * Vertex Pharmaceuticals, Inc .................. 604 13,608 * Viasys Healthcare, Inc ....................... 203 10,300 * Vical, Inc ................................... 36 25,653 * Visx, Inc .................................... 246 3,021 Vital Signs, Inc ............................. 90 19,442 * VitalWorks, Inc .............................. 75 16,797 * Vivus, Inc ................................... 63 69,050 * Waters Corp .................................. 1,504 52,950 * Watson Pharmaceuticals, Inc .................. 1,497 10,546 * Watson Wyatt & Co Holdings ................... 229 152,627 * WebMD Corp ................................... 1,305 76,345 * Wellpoint Health Networks, Inc ............... 5,433 7,939 * Women First Healthcare, Inc .................. 36 696,839 Wyeth ........................................ 26,062 10,100 X-Rite, Inc .................................. 71 2,214 * Young Innovations, Inc ....................... 52 102,067 * Zimmer Holdings, Inc ......................... 4,238 4,471 * Zoll Medical Corp ............................ 159 5,100 * Zymogenetics, Inc ............................ 50 ----------- TOTAL HEALTH CARE 723,902 ----------- OTHER--2.16% 4,855 * 4Kids Entertainment, Inc ..................... 107 19,686 ABM Industries, Inc .......................... 305 3,498 b,e* Actrade Financial Technologies Ltd ........... 0 21,600 Acuity Brands, Inc ........................... 292 9,775 e* Administaff, Inc ............................. 59 10,000 * Advo, Inc .................................... 328 21,400 Alexander & Baldwin, Inc ..................... 552 2,845 * Ambassadors Group, Inc ....................... 37 62,339 * Apollo Group, Inc (Class A) .................. 2,743 7,676 * Apollo Group, Inc (University Of Phoenix Online) ............... 275 13,319 Banta Corp ................................... 416 8,648 * Bell Microproducts, Inc ...................... 48 9,800 Brady Corp (Class A) ......................... 327 5,473 * Bright Horizons Family Solutions, Inc ........ 154 23,537 * Career Education Corp ........................ 941 6,300 * CDI Corp ..................................... 170 570,264 * Cendant Corp ................................. 5,976 8,956 Central Parking Corp ......................... 169 39,738 * Century Business Services, Inc ............... 105 3,760 * Charles River Associates, Inc ................ 53 62,302 Cintas Corp .................................. 2,850 19,877 * Corinthian Colleges, Inc ..................... 753 6,690 * Cornell Cos, Inc ............................. 60 19,499 * Corporate Executive Board Co ................. 622 6,850 * CoStar Group, Inc ............................ 126 1,880 Courier Corp ................................. 86 26,850 Crane Co ..................................... 535 4,120 Curtiss-Wright Corp .......................... 263 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 51 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- OTHER--(CONTINUED) 9,039 * Daisytek International Corp .................. $ 72 30,089 * DeVry, Inc ................................... 500 106,587 e Dover Corp ................................... 3,108 39,181 * Dun & Bradstreet Corp ........................ 1,351 12,903 * Education Management Corp .................... 485 8,318 Ennis Business Forms, Inc .................... 97 6,421 * ESCO Technologies, Inc ....................... 238 24,163 e* Exult, Inc ................................... 77 7,433 * Fidelity National Information Solutions, Inc . 128 9,781 * First Consulting Group, Inc .................. 56 20,600 First Industrial Realty Trust, Inc ........... 577 7,400 * Forrester Research, Inc ...................... 115 78,876 Fortune Brands, Inc .......................... 3,669 3,044 * General Binding Corp ......................... 26 11,401 Gentiva Health Services, Inc ................. 100 15,573 * Getty Images, Inc ............................ 476 30,174 * GTECH Holdings Corp .......................... 841 96,355 H & R Block, Inc ............................. 3,873 5,158 * Hall Kinion & Associates, Inc ................ 29 15,320 Harland (John H.) Co ......................... 339 9,600 * Heidrick & Struggles International, Inc ...... 141 31,099 HON Industries, Inc .......................... 879 429,624 Honeywell International, Inc ................. 10,311 4,831 * Hotels.Com (Class A) ......................... 264 1,700 * ICT Group, Inc ............................... 20 13,090 * infoUSA, Inc ................................. 65 5,911 e* Invision Technologies, Inc ................... 156 10,955 * Itron, Inc ................................... 210 47,686 ITT Industries, Inc .......................... 2,894 8,743 Kelly Services, Inc (Class A) ................ 216 19,800 * Korn/Ferry International ..................... 148 22,000 * Labor Ready, Inc ............................. 141 39,281 Liberty Property Trust ....................... 1,255 2,044 * Lifeline Systems, Inc ........................ 46 70,412 Loews Corp ................................... 3,131 39,758 Manpower, Inc ................................ 1,268 14,316 Matthews International Corp (Class A) ........ 320 5,014 McGrath RentCorp ............................. 117 4,600 * Memberworks, Inc ............................. 83 68,509 Moody's Corp ................................. 2,829 48,777 * MPS Group, Inc ............................... 270 12,808 * MSC.Software Corp ............................ 99 21,785 * Navigant Consulting, Inc ..................... 129 9,972 * NCO Group, Inc ............................... 159 5,909 New England Business Services, Inc ........... 144 9,845 * Offshore Logistics, Inc ...................... 216 25,912 Pentair, Inc ................................. 895 28,332 Pittston Brink's Group ....................... 524 7,085 e* Pre-Paid Legal Services, Inc ................. 186 8,299 * ProQuest Co .................................. 163 6,056 e* Protection One, Inc .......................... 12 14,390 * R.H. Donnelley Corp .......................... 422 55,133 R.R. Donnelley & Sons Co ..................... 1,200 2,803 * Remedytemp, Inc (Class A) .................... 39 12,657 * Rent-Way, Inc ................................ 44 8,899 * Right Management Consultants, Inc ............ 118 5,966 * RMH Teleservices, Inc ........................ 63 80,621 * Robert Half International, Inc ............... 1,299 7,575 Rollins, Inc ................................. 193 7,969 * School Specialty, Inc ........................ 159 158,613 Servicemaster Co ............................. 1,761 30,993 * Spherion Corp ................................ 208 40,512 e* SPX Corp ..................................... 1,517 9,280 Standard Register Co ......................... 167 5,500 Standex International Corp ................... 131 5,556 * Startek, Inc ................................. 153 4,756 Strayer Education, Inc ....................... 273 69,599 Supervalu, Inc ............................... 1,149 12,409 * Symyx Technologies, Inc ...................... 156 348,585 Sysco Corp ................................... 10,384 6,886 Talx Corp .................................... 89 3,600 * Tejon Ranch Co ............................... 107 18,104 Teleflex, Inc ................................ 776 19,905 * TeleTech Holdings, Inc ....................... 145 61,626 Textron, Inc ................................. 2,649 43,570 * TMP Worldwide, Inc ........................... 493 33,819 * U.S. Industries, Inc ......................... 89 4,082 Unifirst Corp ................................ 82 15,730 * United Stationers, Inc ....................... 453 248,504 United Technologies Corp ..................... 15,392 46,613 Viad Corp .................................... 1,042 4,492 * Wackenhut Corrections Corp ................... 50 14,418 Walter Industries, Inc ....................... 156 ----------- TOTAL OTHER 102,759 ----------- PRODUCER DURABLES--5.15% 204,584 3M Co ........................................ 25,225 16,603 * Active Power, Inc ............................ 30 4,884 * Actuant Corp ................................. 227 39,040 * AGCO Corp .................................... 863 3,167 Alamo Group, Inc ............................. 39 69,317 * Allied Waste Industries, Inc ................. 693 7,950 American States Water Co ..................... 184 26,816 American Water Works Co, Inc ................. 1,220 17,300 Ametek, Inc .................................. 666 10,029 Applied Industrial Technologies, Inc ......... 190 7,900 * Astec Industries, Inc ........................ 78 3,696 * August Technology Corp ....................... 19 16,262 Baldor Electric Co ........................... 321 11,442 Briggs & Stratton Corp ....................... 486 17,975 * Brooks-PRI Automation, Inc ................... 206 7,407 California Water Service Group ............... 175 38,339 * Capstone Turbine Corp ........................ 35 8,484 * Casella Waste Systems, Inc (Class A) ......... 75 180,719 Caterpillar, Inc ............................. 8,262 5,026 CIRCOR International, Inc .................... 80 11,600 * Coinstar, Inc ................................ 263 6,258 * Columbus Mckinnon Corp ....................... 24 5,510 * Consolidated Graphics, Inc ................... 123 18,195 Cummins, Inc ................................. 512 8,200 * Cuno, Inc .................................... 272 58,697 e Danaher Corp ................................. 3,856 124,995 Deere & Co ................................... 5,731 25,057 * Dycom Industries, Inc ........................ 332 36,880 Eaton Corp ................................... 2,881 221,194 Emerson Electric Co .......................... 11,248 25,335 Federal Signal Corp .......................... 492 6,847 * Flow International Corp ...................... 17 29,186 * Flowserve Corp ............................... 432 30,558 * FMC Technologies, Inc ........................ 624 3,336 Franklin Electric Co, Inc .................... 160 17,827 e* FuelCell Energy, Inc ......................... 117 8,511 * Gardner Denver, Inc .......................... 173 21,734 GATX Corp .................................... 496 5,221,818 General Electric Co .......................... 127,151 6,400 * Genlyte Group, Inc ........................... 199 11,290 * Global Power Equipment Group, Inc ............ 56 3,815 Gorman-Rupp Co ............................... 90 11,568 * Graphic Packaging International Corp ......... 65 20,993 Harsco Corp .................................. 669 SEE NOTES TO FINANCIAL STATEMENTS 52 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- PRODUCER DURABLES--(CONTINUED) 14,298 * Headwaters, Inc .............................. $ 222 25,703 Hubbell, Inc (Class B) ....................... 903 14,432 IDEX Corp .................................... 472 116,296 Illinois Tool Works, Inc ..................... 7,543 9,163 * Imagistics International, Inc ................ 183 9,100 * Ionics, Inc .................................. 207 22,875 JLG Industries, Inc .......................... 172 24,252 * Joy Global, Inc .............................. 273 7,445 * Kadant, Inc .................................. 112 14,405 Kaydon Corp .................................. 306 18,115 Kennametal, Inc .............................. 625 16,628 Lafarge North America, Inc ................... 546 2,500 Lawson Products, Inc ......................... 77 16,705 Lincoln Electric Holdings, Inc ............... 387 5,400 Lindsay Manufacturing Co ..................... 116 10,444 * Littelfuse, Inc .............................. 176 24,349 e* Magna Entertainment Corp (Class A) ........... 151 9,962 * Magnetek, Inc ................................ 44 14,006 Manitowoc Co, Inc ............................ 357 25,442 Martin Marietta Materials, Inc ............... 780 8,432 Milacron, Inc ................................ 50 4,009 Mine Safety Appliances Co .................... 129 2,882 Nacco Industries, Inc (Class A) .............. 126 15,400 * National Instruments Corp .................... 500 28,419 * Navistar International Corp .................. 691 38,008 * Newpark Resources, Inc ....................... 165 5,698 NN, Inc ...................................... 57 11,678 Nordson Corp ................................. 290 57,051 Paccar, Inc .................................. 2,632 61,890 e Parker Hannifin Corp ......................... 2,855 30,165 Philadelphia Suburban Corp ................... 621 8,800 e* Photon Dynamics, Inc ......................... 201 126,480 Pitney Bowes, Inc ............................ 4,131 8,308 e* Plug Power, Inc .............................. 37 27,787 * Power-One, Inc ............................... 158 16,366 * Quanta Services, Inc ......................... 57 16,650 * Rayovac Corp ................................. 222 12,208 Regal-Beloit Corp ............................ 253 80,949 * Republic Services, Inc ....................... 1,698 3,149 Richardson Electronics Ltd ................... 27 5,400 Robbins & Myers, Inc ......................... 99 85,678 Rockwell Automation, Inc ..................... 1,774 15,380 Roper Industries, Inc ........................ 563 5,658 Sauer-Danfoss, Inc ........................... 45 1,100 SJW Corp ..................................... 86 6,414 * SPS Technologies, Inc ........................ 152 3,331 Starrett (L.S.) Co (Class A) ................. 55 15,250 Stewart & Stevenson Services, Inc ............ 216 1,812 * Strattec Security Corp ....................... 87 8,045 Tecumseh Products Co (Class A) ............... 355 4,700 Tennant Co ................................... 153 22,111 * Terex Corp ................................... 246 26,165 * Tetra Tech, Inc .............................. 319 6,963 * Tetra Technologies, Inc ...................... 149 22,740 * Thomas & Betts Corp .......................... 384 27,336 Timken Co .................................... 522 6,500 Toro Co ...................................... 415 4,390 e* TRC Cos, Inc ................................. 58 5,443 * Trikon Technologies, Inc ..................... 27 18,577 Trinity Industries, Inc ...................... 352 22,618 * UNOVA, Inc ................................... 136 10,736 Valhi, Inc ................................... 89 7,183 Valmont Industries, Inc ...................... 139 49,913 Vulcan Materials Co .......................... 1,872 40,921 W.W. Grainger, Inc ........................... 2,109 18,212 Wabtec Corp .................................. 256 14,503 * Waste Connections, Inc ....................... 560 303,629 Waste Management, Inc ........................ 6,959 8,200 Watts Industries, Inc (Class A) .............. 129 378,377 e* Xerox Corp ................................... 3,046 ----------- TOTAL PRODUCER DURABLES 244,961 ----------- TECHNOLOGY--14.95% 187,440 * 3Com Corp .................................... 868 4,187 * 3D Systems Corp .............................. 33 11,357 * Actel Corp ................................... 184 13,660 e* Acterna Corp ................................. 2 28,432 * Activision, Inc .............................. 415 25,404 * Actuate Corp ................................. 45 40,936 * Acxiom Corp .................................. 630 55,950 * Adaptec, Inc ................................. 316 414,164 * ADC Telecommunications, Inc .................. 866 4,700 * ADE Corp ..................................... 28 125,025 Adobe Systems, Inc ........................... 3,114 10,649 * Adtran, Inc .................................. 350 32,800 * Advanced Digital Information Corp ............ 220 8,395 * Advanced Energy Industries, Inc .............. 107 43,517 * Advanced Fibre Communications, Inc ........... 726 179,179 * Advanced Micro Devices, Inc .................. 1,157 2,805 * Advanced Power Technology, Inc ............... 9 17,032 * Advent Software, Inc ......................... 232 31,369 * Aeroflex, Inc ................................ 216 18,451 * Aether Systems, Inc .......................... 69 50,860 e* Affiliated Computer Services, Inc (Class A) .. 2,678 327,602 * Agere Systems, Inc (Class A) ................. 472 533,030 * Agere Systems, Inc (Class B) ................. 746 20,212 * Agile Software Corp .......................... 156 243,889 e* Agilent Technologies, Inc .................... 4,380 53,098 e* Akamai Technologies, Inc ..................... 92 31,589 * Alliance Data Systems Corp ................... 560 13,100 * Alliance Semiconductor Corp .................. 51 16,584 * Alloy, Inc ................................... 182 201,700 * Altera Corp .................................. 2,489 2,559 * Altiris, Inc ................................. 41 20,708 * American Management Systems, Inc ............. 248 86,736 * American Power Conversion Corp ............... 1,314 10,600 * American Superconductor Corp ................. 32 45,371 e* Amkor Technology, Inc ........................ 216 10,171 * Amphenol Corp (Class A) ...................... 386 15,200 * Anadigics, Inc ............................... 39 191,761 * Analog Devices, Inc .......................... 4,577 3,600 Analogic Corp ................................ 181 11,400 * Anaren Microwave, Inc ........................ 100 51,457 * Andrew Corp .................................. 529 16,457 * Anixter International, Inc ................... 383 23,204 * Answerthink, Inc ............................. 58 7,858 * Ansys, Inc ................................... 159 7,663 * Anteon International Corp .................... 184 12,700 * APAC Customer Services, Inc .................. 30 186,340 * Apple Computer, Inc .......................... 2,670 861,590 * Applied Materials, Inc ....................... 11,227 156,153 * Applied Micro Circuits Corp .................. 576 15,564 * Arbitron, Inc ................................ 521 136,801 e* Ariba, Inc ................................... 339 33,176 * Arris Group, Inc ............................. 118 52,807 e* Arrow Electronics, Inc ....................... 675 15,107 * Artesyn Technologies, Inc .................... 58 7,816 * Artisan Components, Inc ...................... 121 131,402 * Ascential Software Corp ...................... 315 15,594 e* Asiainfo Holdings, Inc ....................... 99 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 53 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 26,200 * Aspect Communications Corp ................... $ 74 18,700 e* Aspen Technology, Inc ........................ 53 9,350 e* AstroPower, Inc .............................. 75 20,536 * Asyst Technologies, Inc ...................... 151 10,714 * At Road, Inc ................................. 44 212,705 * Atmel Corp ................................... 474 14,080 * ATMI, Inc .................................... 261 8,600 * Audiovox Corp (Class A) ...................... 89 60,329 Autodesk, Inc ................................ 863 325,807 Automatic Data Processing, Inc ............... 12,788 29,908 * Avanex Corp .................................. 31 190,035 e* Avaya, Inc ................................... 466 17,732 e* Avenue A, Inc ................................ 51 13,200 * Avid Technology, Inc ......................... 303 59,592 * Avnet, Inc ................................... 645 21,632 * Avocent Corp ................................. 481 27,810 AVX Corp ..................................... 273 50,828 * Axcelis Technologies, Inc .................... 285 9,800 * AXT, Inc ..................................... 18 7,780 * Barra, Inc ................................... 236 189,599 * BEA Systems, Inc ............................. 2,175 89,690 * BearingPoint, Inc ............................ 619 5,494 BEI Technologies, Inc ........................ 61 5,329 Bel Fuse, Inc (Class B) ...................... 107 11,666 Belden, Inc .................................. 178 11,928 * Benchmark Electronics, Inc ................... 342 57,503 * Bisys Group, Inc ............................. 914 10,587 Black Box Corp ............................... 474 127,203 * BMC Software, Inc ............................ 2,176 31,510 * Borland Software Corp ........................ 388 6,556 * Boston Communications Group .................. 83 101,452 * Broadcom Corp (Class A) ...................... 1,528 121,987 * Brocade Communications Systems, Inc .......... 505 13,744 C&D Technologies, Inc ........................ 243 23,500 * Cable Design Technologies Corp ............... 139 14,829 * CACI International, Inc (Class A) ............ 529 138,996 * Cadence Design Systems, Inc .................. 1,639 5,368 * Caminus Corp ................................. 13 9,796 * Carreker Corp ................................ 44 2,691 * Catapult Communications Corp ................. 32 16,082 e* C-COR.net Corp ............................... 53 13,693 * Centillium Communications, Inc ............... 31 77,357 e* Ceridian Corp ................................ 1,115 32,799 * Certegy, Inc ................................. 805 32,244 * Checkfree Corp ............................... 516 16,821 * Checkpoint Systems, Inc ...................... 174 26,094 * ChipPAC, Inc ................................. 93 22,237 e* Chordiant Software, Inc ...................... 32 29,800 * Ciber, Inc ................................... 153 226,246 * CIENA Corp ................................... 1,163 38,751 * Cirrus Logic, Inc ............................ 112 3,844,438 * Cisco Systems, Inc ........................... 50,362 95,015 * Citrix Systems, Inc .......................... 1,171 3,726 * ClearOne Communications, Inc ................. 17 65,046 * CNET Networks, Inc ........................... 176 17,563 * Cognex Corp .................................. 324 4,168 e* Cognizant Technology Solutions Corp .......... 301 11,000 Cohu, Inc .................................... 162 27,133 * CommScope, Inc ............................... 214 11,652 * Compucom Systems, Inc ........................ 65 239,202 Computer Associates International, Inc ....... 3,229 16,039 * Computer Horizons Corp ....................... 52 14,100 * Computer Network Technology Corp ............. 100 85,193 * Computer Sciences Corp ....................... 2,935 175,769 * Compuware Corp ............................... 844 1,892 Compx International, Inc ..................... 16 97,839 * Comverse Technology, Inc ..................... 980 12,300 * Concord Camera Corp .......................... 67 8,130 * Concord Communications, Inc .................. 73 268,059 * Concord EFS, Inc ............................. 4,219 32,341 * Concurrent Computer Corp ..................... 93 134,410 * Conexant Systems, Inc ........................ 216 90,944 * Convergys Corp ............................... 1,378 4,639 * CoorsTek, Inc ................................ 119 602,421 e* Corning, Inc ................................. 1,994 11,908 * Covansys Corp ................................ 45 23,327 e* Cray, Inc .................................... 179 31,414 * Credence Systems Corp ........................ 293 37,890 e* Cree, Inc .................................... 620 27,380 * CSG Systems International, Inc ............... 374 15,237 CTS Corp ..................................... 118 8,300 Cubic Corp ................................... 153 17,900 e* Cymer, Inc ................................... 577 65,417 * Cypress Semiconductor Corp ................... 374 7,695 * Daktronics, Inc. ............................. 103 8,000 * Datastream Systems, Inc ...................... 51 20,582 e* DDI Corp ..................................... 5 15,858 * dELiA* s Corp (Class A) ...................... 7 1,187,950 * Dell Computer Corp ........................... 31,766 33,680 Deluxe Corp .................................. 1,418 10,275 * DiamondCluster International, Inc (Class A) .. 32 37,795 Diebold, Inc ................................. 1,558 4,549 * Digimarc Corp ................................ 52 15,200 * Digital Insight Corp ......................... 132 13,688 * Digital River, Inc ........................... 164 4,200 * Digitas, Inc ................................. 15 4,030 * DocuCorp International, Inc .................. 27 21,000 * Documentum, Inc .............................. 329 62,538 * DoubleClick, Inc ............................. 354 4,311 * Drexler Technology Corp ...................... 54 14,133 * DSP Group, Inc ............................... 224 62,889 * DST Systems, Inc ............................. 2,236 6,365 * Dupont Photomasks, Inc ....................... 148 32,407 * E.piphany, Inc ............................... 135 65,483 * Earthlink, Inc ............................... 357 13,198 e* Echelon Corp ................................. 148 8,197 EDO Corp ..................................... 170 24,173 * eFunds Corp .................................. 220 14,252 * Electro Scientific Industries, Inc ........... 285 10,600 e* Electroglas, Inc ............................. 16 63,179 e* Electronic Arts, Inc ......................... 3,144 251,653 Electronic Data Systems Corp ................. 4,638 28,200 * Electronics For Imaging, Inc ................. 459 4,571 * Embarcadero Technologies, Inc ................ 27 1,168,289 * EMC Corp ..................................... 7,173 11,854 * Emcore Corp .................................. 26 5,367 * EMS Technologies, Inc ........................ 84 43,010 e* Emulex Corp .................................. 798 24,084 * Entegris, Inc ................................ 248 82,542 * Enterasys Networks, Inc ...................... 129 24,200 * Entrust, Inc ................................. 81 5,065 * EPIQ Systems, Inc ............................ 78 75,968 Equifax, Inc ................................. 1,758 12,094 * eSpeed, Inc (Class A) ........................ 205 16,200 * ESS Technology, Inc .......................... 102 10,900 * Esterline Technologies Corp .................. 193 20,300 * Exar Corp .................................... 252 4,400 * Excel Technology, Inc ........................ 79 53,993 * Extreme Networks, Inc ........................ 177 SEE NOTES TO FINANCIAL STATEMENTS 54 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 11,734 e* F5 Networks, Inc ............................. $ 126 26,300 Fair, Isaac & Co, Inc ........................ 1,123 60,317 * Fairchild Semiconductor International, Inc (Class A) ................. 646 17,391 e* FalconStor Software, Inc ..................... 67 12,816 * FEI Co ....................................... 196 17,716 * Filenet Corp ................................. 216 74,606 e* Finisar Corp ................................. 71 401,756 First Data Corp .............................. 14,226 100,517 * Fiserv, Inc .................................. 3,413 7,937 * Flir Systems, Inc ............................ 387 44,535 * Foundry Networks, Inc ........................ 314 20,049 e* Freemarkets, Inc ............................. 129 15,700 * FSI International, Inc ....................... 71 91,492 * Gateway, Inc ................................. 287 17,250 General Cable Corp ........................... 66 15,807 e* Genesis Microchip, Inc ....................... 206 4,097 * Global Imaging Systems, Inc .................. 75 19,184 Global Payments, Inc ......................... 614 59,736 * GlobespanVirata, Inc ......................... 263 30,631 * GrafTech International Ltd ................... 183 14,090 * Griffon Corp ................................. 192 21,453 e* Handspring, Inc .............................. 20 33,131 * Harmonic, Inc ................................ 76 32,181 Harris Corp .................................. 846 13,300 Helix Technology Corp ........................ 149 35,963 Henry (Jack) & Associates, Inc ............... 433 1,421,368 Hewlett-Packard Co ........................... 24,675 13,100 * Hutchinson Technology, Inc ................... 271 17,266 * Hypercom Corp ................................ 64 17,390 * Hyperion Solutions Corp ...................... 446 152,099 e* i2 Technologies, Inc ......................... 175 43,554 * Identix, Inc ................................. 224 10,287 * iGate Corp ................................... 27 5,900 * Ii-Vi, Inc ................................... 95 75,500 IKON Office Solutions, Inc ................... 540 18,475 * Imation Corp ................................. 648 5,882 * Inet Technologies, Inc ....................... 36 19,675 e* InFocus Corp ................................. 121 2,856 * Infogrames, Inc .............................. 5 31,499 * Infonet Services Corp (Class B) .............. 62 30,033 * Informatica Corp ............................. 173 14,020 * Information Resources, Inc ................... 22 3,275 * Inforte Corp ................................. 25 42,800 * Ingram Micro, Inc (Class A) .................. 529 80,231 * Inktomi Corp ................................. 128 4,135 * Inrange Technologies Corp (Class B) .......... 10 4,974 * Integral Systems, Inc ........................ 100 24,796 * Integrated Circuit Systems, Inc .............. 453 54,385 * Integrated Device Technology, Inc ............ 455 3,513,167 Intel Corp ................................... 54,700 8,200 * Intercept, Inc ............................... 139 28,400 * Interdigital Communications Corp ............. 414 25,003 * Intergraph Corp .............................. 444 62,408 * Interland, Inc ............................... 81 7,551 * Intermagnetics General Corp .................. 148 899,469 d International Business Machines Corp ......... 69,709 33,575 * International Rectifier Corp ................. 620 20,039 e* Internet Security Systems, Inc ............... 367 63,157 * Intersil Corp (Class A) ...................... 880 9,361 Inter-Tel, Inc ............................... 196 38,000 * Intertrust Technologies Corp ................. 161 56,987 * Interwoven, Inc .............................. 148 8,315 * Intrado, Inc ................................. 83 100,001 * Intuit, Inc .................................. 4,692 28,325 * Iomega Corp .................................. 222 32,411 * Iron Mountain, Inc ........................... 1,070 10,573 * ITXC Corp .................................... 25 10,987 * Ixia ......................................... 40 6,800 * IXYS Corp .................................... 48 53,037 * J.D. Edwards & Co ............................ 598 2,553 e* j2 Global Communications, Inc ................ 49 81,091 * Jabil Circuit, Inc ........................... 1,453 14,298 * JDA Software Group, Inc ...................... 138 635,428 e* JDS Uniphase Corp ............................ 1,570 169,015 e* Juniper Networks, Inc ........................ 1,149 30,816 * Keane, Inc ................................... 277 3,057 Keithley Instruments, Inc .................... 38 45,638 * Kemet Corp ................................... 399 12,200 * Keynote Systems, Inc ......................... 94 9,907 * Kforce, Inc .................................. 42 99,414 e* KLA-Tencor Corp .............................. 3,516 36,600 * Kopin Corp ................................... 143 10,292 * Kronos, Inc .................................. 381 25,400 e* Kulicke & Soffa Industries, Inc .............. 145 67,367 * Lam Research Corp ............................ 728 45,401 * Lattice Semiconductor Corp ................... 398 7,177 * Lawson Software, Inc ......................... 41 5,340 * Learning Tree International, Inc ............. 73 4,294 * LeCroy Corp .................................. 48 46,344 * Legato Systems, Inc .......................... 233 16,622 * Lexar Media, Inc ............................. 104 68,195 * Lexmark International, Inc ................... 4,126 59,792 * Liberate Technologies ........................ 86 14,195 * Lightbridge, Inc ............................. 87 166,817 Linear Technology Corp ....................... 4,291 34,940 * Looksmart Ltd ................................ 87 195,096 * LSI Logic Corp ............................... 1,126 23,279 * LTX Corp ..................................... 140 1,798,460 e* Lucent Technologies, Inc ..................... 2,266 31,040 * Macromedia, Inc .............................. 331 22,273 * Macrovision Corp ............................. 357 9,459 * Magma Design Automation, Inc ................. 91 14,527 * Mail-Well, Inc ............................... 36 10,080 e* Manhattan Associates, Inc .................... 238 3,686 * Mantech International Corp (Class A) ......... 70 7,194 e* Manufacturers Services Ltd ................... 40 30,324 e* Manugistics Group, Inc ....................... 73 7,334 * MAPICS, Inc .................................. 51 7,703 * Mapinfo Corp ................................. 43 10,263 * Mastec, Inc .................................. 30 25,660 * Matrixone, Inc ............................... 110 169,659 Maxim Integrated Products, Inc ............... 5,606 103,496 * Maxtor Corp .................................. 524 33,090 * McData Corp (Class A) ........................ 235 12,800 * MCSi, Inc .................................... 61 29,476 * MEMC Electronic Materials, Inc ............... 223 34,000 * Mentor Graphics Corp ......................... 267 11,358 * Mercury Computer Systems, Inc ................ 347 40,554 * Mercury Interactive Corp ..................... 1,202 6,960 * Merix Corp ................................... 58 13,683 * MetaSolv, Inc ................................ 19 17,700 Methode Electronics, Inc (Class A) ........... 194 18,776 * Mettler-Toledo International, Inc ............ 602 32,470 * Micrel, Inc .................................. 292 104,979 Microchip Technology, Inc .................... 2,567 38,700 * Micromuse, Inc ............................... 148 287,121 e* Micron Technology, Inc ....................... 2,797 15,718 e* Microsemi Corp ............................... 96 2,353,241 * Microsoft Corp ............................... 121,663 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 55 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 21,800 e* Microtune, Inc ............................... $ 68 9,375 e* MIPS Technologies, Inc (Class A) ............. 28 9,224 * MIPS Technologies, Inc (Class B) ............. 27 12,054 e* MKS Instruments, Inc ......................... 198 69,034 Molex, Inc ................................... 1,591 9,155 * Monolithic System Technology, Inc ............ 111 1,193,223 Motorola, Inc ................................ 10,321 9,713 * MRO Software, Inc ............................ 118 44,979 * MRV Communications, Inc ...................... 48 10,732 MTS Systems Corp ............................. 108 3,700 * Nanometrics, Inc ............................. 16 2,556 * Nassda Corp .................................. 29 3,800 * National Processing, Inc ..................... 61 94,010 * National Semiconductor Corp .................. 1,411 6,184 * Navigant International, Inc .................. 76 12,200 * NCP Litigation Trust ......................... 0 43,602 * NCR Corp ..................................... 1,035 17,058 NDCHealth Corp ............................... 339 8,995 * Net2Phone, Inc ............................... 36 14,166 e* Netegrity, Inc ............................... 46 20,296 * NETIQ Corp ................................... 251 19,124 * Netro Corp ................................... 52 8,800 * Netscout Systems, Inc ........................ 38 5,128 * NetScreen Technologies, Inc .................. 86 155,803 e* Network Appliance, Inc ....................... 1,558 81,147 * Network Associates, Inc ...................... 1,306 33,837 * New Focus, Inc ............................... 130 19,834 * Newport Corp ................................. 249 9,500 e* Next Level Communications, Inc ............... 8 12,299 * NIC, Inc ..................................... 18 6,200 * Novadigm, Inc ................................ 14 188,662 * Novell, Inc .................................. 630 78,947 e* Novellus Systems, Inc ........................ 2,217 7,491 * Nu Horizons Electronics Corp ................. 43 16,866 * Nuance Communications, Inc ................... 42 40 * Nucentrix Broadband, Inc Wts ................. 0 12,076 * Numerical Technologies, Inc .................. 42 67,975 e* Nvidia Corp .................................. 782 13,103 e* NYFIX, Inc ................................... 59 28,552 * Oak Technology, Inc .......................... 76 10,130 * Omnivision Technologies, Inc ................. 137 14,251 * ON Semiconductor Corp ........................ 20 21,864 * Onyx Software Corp ........................... 34 91,829 * Openwave Systems, Inc ........................ 184 54,457 * Oplink Communications, Inc ................... 43 5,857 * Opnet Technologies, Inc ...................... 47 5,945 * Optical Communication Products, Inc .......... 6 2,163,938 * Oracle Corp .................................. 23,371 3,424 e* OSI Systems, Inc ............................. 58 3,887 * Overland Storage, Inc ........................ 57 26,848 * Overture Services, Inc ....................... 733 11,600 * Packeteer, Inc ............................... 80 15,236 * Palm, Inc .................................... 239 14,022 * Paradyne Networks, Inc ....................... 18 138,955 * Parametric Technology Corp ................... 350 8,950 Park Electrochemical Corp .................... 172 16,780 * Paxar Corp ................................... 248 15,803 * Paxson Communications Corp ................... 33 172,084 Paychex, Inc ................................. 4,801 10,237 * PC-Tel, Inc .................................. 69 6,110 * PDF Solutions, Inc ........................... 42 4,282 * PEC Solutions, Inc ........................... 128 12,674 * Pegasus Solutions, Inc ....................... 127 3,113 * Pegasystems, Inc ............................. 16 144,575 * Peoplesoft, Inc .............................. 2,646 10,052 * Pericom Semiconductor Corp ................... 84 36,080 * Perot Systems Corp (Class A) ................. 387 13,240 * Phoenix Technologies Ltd ..................... 76 14,465 * Photronics, Inc .............................. 198 15,874 Pioneer-Standard Electronics, Inc ............ 146 16,926 * Pixelworks, Inc .............................. 98 6,983 * Planar Systems, Inc .......................... 144 19,894 e* Plantronics, Inc ............................. 301 21,900 * Plexus Corp .................................. 192 8,600 * PLX Technology, Inc .......................... 34 87,913 e* PMC-Sierra, Inc .............................. 489 52,989 * Polycom, Inc ................................. 504 5,162 * Pomeroy Computer Resources, Inc .............. 60 59,495 * Portal Software, Inc ......................... 48 3,261 * Powell Industries, Inc ....................... 56 13,270 * Power Integrations, Inc ...................... 226 34,890 * Powerwave Technologies, Inc .................. 188 18,216 e* PRG-Schultz International, Inc ............... 162 11,600 * Probusiness Services, Inc .................... 116 16,455 * Progress Software Corp ....................... 213 12,361 * Proton Energy Systems ........................ 37 59,711 e* Proxim Corp (Class A) ........................ 52 24,124 * PTEK Holdings, Inc ........................... 106 46,215 * QLogic Corp .................................. 1,595 7,000 * QRS Corp ..................................... 46 404,413 * Qualcomm, Inc ................................ 14,717 67,929 * Quantum Corp ................................. 181 19,464 * Quest Software, Inc .......................... 201 3,311 Quixote Corp ................................. 60 9,475 * Radiant Systems, Inc ......................... 91 8,400 * Radisys Corp ................................. 67 12,900 * Rainbow Technologies, Inc .................... 92 22,107 * Raindance Communications, Inc ................ 71 43,700 * Rambus, Inc .................................. 293 91,538 * Rational Software Corp ....................... 951 60,783 * Read-Rite Corp ............................... 21 45,851 * RealNetworks, Inc ............................ 175 58,772 * Red Hat, Inc ................................. 347 77,238 e* Redback Networks, Inc ........................ 65 14,983 * Register.com, Inc ............................ 67 5,893 e* Renaissance Learning, Inc .................... 111 4,900 e* Research Frontiers, Inc ...................... 41 26,550 * Retek, Inc ................................... 72 34,418 Reynolds & Reynolds Co (Class A) ............. 877 74,941 * RF Micro Devices, Inc ........................ 549 61,199 * Riverstone Networks, Inc ..................... 130 8,200 * Rogers Corp .................................. 182 9,626 * Roxio, Inc ................................... 46 23,065 * RSA Security, Inc ............................ 138 4,810 * Rudolph Technologies, Inc .................... 92 36,790 * S1 Corp ...................................... 164 61,000 * Safeguard Scientifics, Inc ................... 83 9,000 * Sanchez Computer Associates, Inc ............. 26 31,927 e* Sandisk Corp ................................. 648 276,086 * Sanmina-SCI Corp ............................. 1,240 40,800 * Sapient Corp ................................. 84 7,500 * SBS Technologies, Inc ........................ 69 26,599 e* Scansoft, Inc ................................ 138 2,472 * Scansource, Inc .............................. 122 82,277 Scientific-Atlanta, Inc ...................... 976 7,900 * SCM Microsystems, Inc ........................ 34 12,451 * Seachange International, Inc ................. 77 86,617 * Seagate Technology (Escrow) .................. 0 15,600 * Secure Computing Corp ........................ 100 SEE NOTES TO FINANCIAL STATEMENTS 56 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 26,170 * Seebeyond Technology Corp .................... $ 64 8,900 * Semitool, Inc ................................ 55 31,872 * Semtech Corp ................................. 348 9,154 * Serena Software, Inc ......................... 145 204,122 * Siebel Systems, Inc .......................... 1,527 96,846 * Silicon Graphics, Inc ........................ 109 30,384 e* Silicon Image, Inc ........................... 182 13,738 e* Silicon Laboratories, Inc .................... 262 40,600 * Silicon Storage Technology, Inc .............. 164 3,000 * Siliconix, Inc ............................... 70 3,671 * Simpletech, Inc .............................. 11 13,315 * Sipex Corp ................................... 49 28,500 * Sitel Corp ................................... 34 432,933 * Solectron Corp ............................... 1,537 18,500 * Somera Communications, Inc ................... 50 43,818 e* SONICblue, Inc ............................... 20 28,160 * SonicWALL, Inc ............................... 102 91,728 * Sonus Networks, Inc .......................... 92 7,944 * Sourcecorp ................................... 148 9,300 * Spectralink Corp ............................. 67 14,577 * SpeechWorks International, Inc ............... 41 6,112 * SPSS, Inc .................................... 86 2,573 * SRA International, Inc (Class A) ............. 70 4,019 * SS&C Technologies, Inc ....................... 43 7,700 * Standard Microsystems Corp ................... 150 55,700 * Storage Technology Corp ...................... 1,193 33,717 * StorageNetworks, Inc ......................... 39 43,500 * Stratex Networks, Inc ........................ 96 3,720 * Stratos Lightwave, Inc ....................... 16 1,705,740 * Sun Microsystems, Inc ........................ 5,305 148,137 * Sungard Data Systems, Inc .................... 3,490 1,274 * Suntron Corp ................................. 6 5,187 * Supertex, Inc ................................ 77 33,436 e* Surebeam Corp (Class A) ...................... 135 48,453 * Sybase, Inc .................................. 649 83,272 * Sycamore Networks, Inc ....................... 241 12,800 * Sykes Enterprises, Inc ....................... 42 75,608 e* Symantec Corp ................................ 3,058 120,004 Symbol Technologies, Inc ..................... 986 2,558 * Synaptics, Inc ............................... 19 39,423 * Synopsys, Inc ................................ 1,819 4,923 * Synplicity, Inc .............................. 19 2,857 * Syntel, Inc .................................. 60 2,544 Sypris Solutions, Inc ........................ 26 16,600 * Systems & Computer Technology Corp ........... 143 19,700 e* Take-Two Interactive Software, Inc ........... 463 26,271 * Tech Data Corp ............................... 708 21,372 Technitrol, Inc .............................. 345 24,200 * Tekelec ...................................... 253 44,191 * Tektronix, Inc ............................... 804 216,019 * Tellabs, Inc ................................. 1,570 38,951 e* Tellium, Inc ................................. 25 96,101 e* Teradyne, Inc ................................ 1,250 34,000 e* Terayon Communication Systems, Inc ........... 70 911,343 e Texas Instruments, Inc ....................... 13,679 10,843 * Therma-Wave, Inc ............................. 11 90,808 * Thermo Electron Corp ......................... 1,827 10,900 * Three-Five Systems, Inc ...................... 70 42,082 * TIBCO Software, Inc .......................... 260 7,378 * Tier Technologies, Inc (Class B) ............. 118 9,200 e* Tivo, Inc .................................... 48 6,500 * Tollgrade Communications, Inc ................ 76 19,431 e Total System Services, Inc ................... 262 54,500 * Touch America Holdings, Inc .................. 21 16,032 * Transaction Systems Architects, Inc (Class A) 104 61,617 * Transmeta Corp ............................... 72 12,873 * Trimble Navigation Ltd ....................... 161 3,738 * Tripos, Inc .................................. 27 70,227 * Triquint Semiconductor, Inc .................. 298 16,223 * Trizetto Group, Inc .......................... 100 7,344 * TTM Technologies, Inc ........................ 24 17,542 * Turnstone Systems, Inc ....................... 47 16,455 * Tyler Technologies, Inc ...................... 69 6,002 * Ulticom, Inc ................................. 45 5,616 * Ultimate Electronics, Inc .................... 57 12,227 * Ultratech Stepper, Inc ....................... 120 168,895 * Unisys Corp .................................. 1,672 4,878 United Industrial Corp ....................... 78 10,622 * United Online, Inc ........................... 169 9,900 e* Universal Display Corp ....................... 78 33,166 * Utstarcom, Inc ............................... 658 35,114 * Valueclick, Inc .............................. 98 16,258 * Varian Semiconductor Equipment Associates, Inc 386 13,517 * Veeco Instruments, Inc ....................... 156 2,307 * Verint Systems, Inc .......................... 47 115,427 * VeriSign, Inc ................................ 926 214,965 * Veritas Software Corp ........................ 3,358 11,287 * Verity, Inc .................................. 151 10,145 * Vicor Corp ................................... 84 18,942 e* Viewpoint Corp ............................... 35 124,924 * Vignette Corp ................................ 153 5,406 * Virage Logic Corp ............................ 54 2,723 Virco Manufacturing Corp ..................... 28 83,965 * Vishay Intertechnology, Inc .................. 939 104,622 e* Vitesse Semiconductor Corp ................... 229 43,900 * Vitria Technology, Inc ....................... 33 4,000 * Volt Information Sciences, Inc ............... 68 19,747 Wallace Computer Services, Inc ............... 425 14,600 * WatchGuard Technologies, Inc ................. 93 12,069 e* WebEx Communications, Inc .................... 181 24,031 * webMethods, Inc .............................. 198 10,767 * Websense, Inc ................................ 230 7,221 * WESCO International, Inc ..................... 40 101,086 e* Western Digital Corp ......................... 646 8,947 * White Electronic Designs Corp ................ 68 10,919 * Wilson Greatbatch Technologies, Inc .......... 319 36,080 * Wind River Systems, Inc ...................... 148 11,800 * Wireless Facilities, Inc ..................... 71 6,873 * Witness Systems, Inc ......................... 24 5,800 Woodhead Industries, Inc ..................... 66 10,143 * Xicor, Inc ................................... 38 176,300 * Xilinx, Inc .................................. 3,632 12,461 * Zebra Technologies Corp (Class A) ............ 714 14,100 * Zoran Corp ................................... 198 8,300 * Zygo Corp .................................... 58 ----------- TOTAL TECHNOLOGY 710,507 ----------- TRANSPORTATION--1.32% 25,493 Airborne, Inc ................................ 378 34,400 * Airtran Holdings, Inc ........................ 134 12,708 * Alaska Air Group, Inc ........................ 275 81,143 * AMR Corp ..................................... 536 11,300 * Arkansas Best Corp ........................... 294 1,300 * ATA Holdings Corp ............................ 6 20,999 * Atlantic Coast Airlines Holdings, Inc ........ 253 8,250 * Atlas Air Worldwide Holdings, Inc ............ 12 17,953 * BE Aerospace, Inc ............................ 65 201,221 Burlington Northern Santa Fe Corp ............ 5,234 35,206 C.H. Robinson Worldwide, Inc ................. 1,098 23,393 CNF, Inc ..................................... 778 SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 57 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TRANSPORTATION--(CONTINUED) 33,328 e* Continental Airlines, Inc (Class B) .......... $ 242 3,015 * Covenant Transport, Inc (Class A) ............ 57 111,608 CSX Corp ..................................... 3,160 64,976 Delta Air Lines, Inc ......................... 786 17,950 * EGL, Inc ..................................... 256 49,381 Expeditors International Of Washington, Inc .. 1,612 15,342 * ExpressJet Holdings, Inc ..................... 157 156,749 FedEx Corp ................................... 8,499 9,492 Florida East Coast Industries, Inc (Class A) . 220 5,860 * Forward Air Corp ............................. 114 16,181 * Frontier Airlines, Inc ....................... 109 5,931 * Genesee & Wyoming, Inc (Class A) ............. 121 15,732 * Heartland Express, Inc ....................... 360 11,755 e* Hunt (J.B.) Transport Services, Inc .......... 344 4,491 e* JetBlue Airways Corp ......................... 121 31,811 * Kansas City Southern Industries, Inc ......... 382 12,422 * Knight Transportation, Inc ................... 261 7,994 * Landstar System, Inc ......................... 467 16,725 * Mesa Air Group, Inc .......................... 68 4,700 * Mesaba Holdings, Inc ......................... 29 7,169 * Midwest Express Holdings, Inc ................ 38 203,917 Norfolk Southern Corp ........................ 4,076 28,580 * Northwest Airlines Corp ...................... 210 14,124 Overseas Shipholding Group, Inc .............. 253 1,573 * P.A.M. Transportation Services ............... 40 15,629 * RailAmerica, Inc ............................. 112 6,100 Roadway Corp ................................. 225 30,049 Ryder System, Inc ............................ 674 75,832 * Sabre Holdings Corp .......................... 1,373 7,300 * SCS Transportation, Inc ...................... 72 17,644 Shurgard Storage Centers, Inc (Class A) ...... 553 27,940 Skywest, Inc ................................. 365 405,485 Southwest Airlines Co ........................ 5,636 32,289 * Swift Transportation Co, Inc ................. 646 2,846 * U.S. Xpress Enterprises, Inc (Class A) ....... 25 34,035 b,e* UAL Corp ..................................... 49 132,372 Union Pacific Corp ........................... 7,925 204,867 United Parcel Service, Inc (Class B) ......... 12,923 14,138 USFreightways Corp ........................... 406 20,166 Werner Enterprises, Inc ...................... 434 15,200 * Yellow Corp .................................. 383 ----------- TOTAL TRANSPORTATION 62,846 ----------- UTILITIES--6.99% 216,085 * AES Corp ..................................... 653 29,500 AGL Resources, Inc ........................... 717 11,500 * AirGate PCS, Inc ............................. 7 35,719 * Alamosa Holdings, Inc ........................ 19 3,167 * Alaska Communications Systems Group, Inc ..... 6 64,951 Allegheny Energy, Inc ........................ 491 61,012 e* Allegiance Telecom, Inc ...................... 41 14,828 * Allen Telecom, Inc ........................... 140 40,078 Allete, Inc .................................. 909 47,253 Alliant Energy Corp .......................... 782 163,359 Alltel Corp .................................. 8,331 79,884 Ameren Corp .................................. 3,321 169,559 American Electric Power Co, Inc .............. 4,634 85,253 e* American Tower Corp (Class A) ................ 301 96,363 Aquila, Inc .................................. 171 400,528 AT&T Corp .................................... 10,458 1,175,484 e* AT&T Wireless Services, Inc .................. 6,641 21,712 Atmos Energy Corp ............................ 506 25,112 Avista Corp .................................. 290 984,933 BellSouth Corp ............................... 25,480 14,028 Black Hills Corp ............................. 372 99,373 * Broadwing, Inc ............................... 350 182,923 e* Calpine Corp ................................. 596 5,700 Cascade Natural Gas Corp ..................... 114 4,800 * Centennial Communications Corp ............... 13 139,924 Centerpoint Energy, Inc ...................... 1,189 5,931 Central Vermont Public Service Corp .......... 108 74,354 CenturyTel, Inc .............................. 2,185 8,600 CH Energy Group, Inc ......................... 401 87,800 Cinergy Corp ................................. 2,961 147,636 * Citizens Communications Co ................... 1,558 21,139 Cleco Corp ................................... 296 66,186 CMS Energy Corp .............................. 625 5,766 * Commonwealth Telephone Enterprises, Inc ...... 207 3,989 Connecticut Water Service, Inc ............... 101 111,748 Consolidated Edison, Inc ..................... 4,785 86,162 Constellation Energy Group, Inc .............. 2,397 107,870 * Crown Castle International Corp .............. 405 8,871 CT Communications, Inc ....................... 100 160,576 Dominion Resources, Inc ...................... 8,816 66,308 DPL, Inc ..................................... 1,017 37,900 DQE, Inc ..................................... 578 84,673 DTE Energy Co ................................ 3,929 467,060 Duke Energy Corp ............................. 9,126 143,965 e Dynegy, Inc (Class A) ........................ 170 171,111 * Edison International ......................... 2,028 306,809 El Paso Corp ................................. 2,135 24,924 * El Paso Electric Co .......................... 274 11,878 Empire District Electric Co .................. 216 18,039 Energen Corp ................................. 525 75,720 Energy East Corp ............................. 1,673 2,147 EnergySouth, Inc ............................. 61 117,150 Entergy Corp ................................. 5,341 33,273 Equitable Resources, Inc ..................... 1,166 169,175 Exelon Corp .................................. 8,927 145,579 FirstEnergy Corp ............................. 4,800 460 b,e* Focal Communications Corp .................... 0 3,085 b,e* Focal Communications Corp Wts 12/14/07 ....... 0 92,472 FPL Group, Inc ............................... 5,560 22,144 * General Communication, Inc (Class A) ......... 149 9,900 b* Geotek Communications, Inc ................... 0 6,993 * Golden Telecom, Inc .......................... 88 36,100 Great Plains Energy, Inc ..................... 826 19,083 Hawaiian Electric Industries, Inc ............ 839 7,400 Hickory Tech Corp ............................ 71 19,700 Idacorp, Inc ................................. 489 17,583 * IDT Corp ..................................... 304 9,000 * IDT Corp (Class B) ........................... 140 73,683 KeySpan Corp ................................. 2,597 47,590 Kinder Morgan, Inc ........................... 2,012 10,000 Laclede Group, Inc ........................... 242 179,300 e* Level 3 Communications, Inc .................. 879 2,700 e* McLeod USA, Inc (Class A) .................... 2 245,815 e* McLeod USA, Inc (Escrow) ..................... 0 37,239 MDU Resources Group, Inc ..................... 961 8,400 MGE Energy, Inc .............................. 225 4,108 Middlesex Water Co ........................... 86 209,377 e* Mirant Corp .................................. 396 4,310 * NATCO Group, Inc (Class A) ................... 27 37,717 National Fuel Gas Co ......................... 782 14,277 New Jersey Resources Corp .................... 451 351,990 e* Nextel Communications, Inc (Class A) ......... 4,065 35,293 * Nextel Partners, Inc (Class A) ............... 214 23,241 Nicor, Inc ................................... 791 125,307 NiSource, Inc ................................ 2,506 17,762 * NiSource, Inc (Sails) ........................ 39 SEE NOTES TO FINANCIAL STATEMENTS 58 College Retirement Equities Fund 2002 ANNUAL REPORT Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- UTILITIES--(CONTINUED) 8,100 North Pittsburgh Systems, Inc ................ $ 110 67,953 Northeast Utilities .......................... 1,031 13,300 Northwest Natural Gas Co ..................... 360 19,200 e Northwestern Corp ............................ 98 27,808 NSTAR ........................................ 1,234 8,600 NUI Corp ..................................... 148 41,138 OGE Energy Corp .............................. 724 9,002 * Oil States International, Inc ................ 116 27,991 Oneok, Inc ................................... 537 13,100 Otter Tail Corp .............................. 352 18,627 Peoples Energy Corp .......................... 720 80,856 Pepco Holdings, Inc .......................... 1,568 15,255 * Petroquest Energy, Inc ....................... 63 204,322 * PG&E Corp .................................... 2,840 16,235 Piedmont Natural Gas Co, Inc ................. 574 40,816 Pinnacle West Capital Corp ................... 1,391 19,136 PNM Resources, Inc ........................... 456 85,113 PPL Corp ..................................... 2,952 25,326 * Price Communications Corp .................... 350 124,314 Progress Energy, Inc ......................... 5,389 34,100 * Progress Energy, Inc (Cvo) ................... 15 116,857 Public Service Enterprise Group, Inc ......... 3,751 45,742 Puget Energy, Inc ............................ 1,009 40,335 Questar Corp ................................. 1,122 5,232 * Quicksilver Resources, Inc ................... 117 713,325 * Qwest Communications International, Inc ...... 3,567 30,192 e* RCN Corp ..................................... 16 151,957 e* Reliant Resources, Inc ....................... 486 1,755,038 SBC Communications, Inc ...................... 47,579 55,034 SCANA Corp ................................... 1,704 9,800 SEMCO Energy, Inc ............................ 60 95,206 Sempra Energy ................................ 2,252 1,662 Shenandoah Telecom Co ........................ 81 53,095 Sierra Pacific Resources ..................... 345 70,552 e* Skyworks Solutions, Inc ...................... 608 6,300 South Jersey Industries, Inc ................. 208 369,479 Southern Co .................................. 10,490 21,184 * Southern Union Co ............................ 350 17,097 Southwest Gas Corp ........................... 401 4,966 Southwest Water Co ........................... 66 13,400 * Southwestern Energy Co ....................... 153 468,179 Sprint Corp (FON Group) ...................... 6,779 372,642 * Sprint Corp (PCS Group) ...................... 1,632 6,987 e SureWest Communications ...................... 260 11,730 * Talk America Holdings, Inc ................... 66 91,013 e TECO Energy, Inc ............................. 1,408 27,474 Telephone & Data Systems, Inc ................ 1,292 21,763 * Time Warner Telecom, Inc (Class A) ........... 46 9,938 e* Triton PCS Holdings, Inc (Class A) ........... 39 150,753 TXU Corp ..................................... 2,816 8,770 * U.S. Cellular Corp ........................... 219 44,386 * U.S. Unwired, Inc (Class A) .................. 22 27,663 e* Ubiquitel, Inc ............................... 11 14,370 UGI Corp ..................................... 537 6,246 UIL Holdings Corp ............................ 218 14,872 Unisource Energy Corp ........................ 257 2,424 Unitil Corp .................................. 60 35,811 Vectren Corp ................................. 824 1,430,778 Verizon Communications, Inc .................. 55,432 10,105 * West Corp .................................... 168 29,799 Westar Energy, Inc ........................... 295 9,831 Western Gas Resources, Inc ................... 362 27,592 e* Western Wireless Corp (Class A) .............. 146 25,525 WGL Holdings, Inc ............................ 611 248,350 Williams Cos, Inc ............................ 671 60,526 Wisconsin Energy Corp ........................ 1,525 16,500 WPS Resources Corp ........................... 641 207,648 b,e* Xcel Energy, Inc ............................. 2,284 ----------- TOTAL UTILITIES 332,198 ----------- TOTAL COMMON STOCK (COST $5,455,531) 4,731,845 ----------- PRINCIPAL --------- SHORT TERM INVESTMENTS--3.75% COMMERCIAL PAPER--2.61% Asset Securitization Coop Corp $ 9,000,000 c 1.310%, 01/08/03 ............................ 8,997 Cargill, Inc 8,000,000 c 1.290%, 02/11/03 ............................ 7,988 Ciesco LP 9,000,000 c 1.340%, 01/27/03 ............................ 8,991 Coca-Cola Enterprises, Inc 9,000,000 c 1.270%, 03/17/03 ............................ 8,975 General Electric Capital Corp 9,000,000 1.260%, 02/05/03 ............................ 8,988 Govco, Inc 9,000,000 c 1.290%, 03/04/03 ............................ 8,979 Greyhawk Funding LLC 9,000,000 c 1.320%, 01/07/03 ............................ 8,998 Kitty Hawk Funding Corp 9,000,000 c 1.360%, 01/10/03 ............................ 8,997 Links Finance LLC 9,000,000 c 1.320%, 02/10/03 ............................ 8,987 Park Avenue Receivables Corp 8,000,000 c 1.340%, 01/21/03 ............................ 7,994 Preferred Receivables Funding Corp 9,000,000 c 1.340%, 01/21/03 ............................ 8,993 Receivables Capital Corp 9,000,000 c 1.330%, 01/03/03 ............................ 8,999 Societe Generale North America, Inc 9,000,000 1.510%, 01/06/03 ............................ 8,998 UBS Finance, Inc (Delaware) 9,000,000 1.490%, 01/06/03 ............................ 8,998 ----------- TOTAL COMMERCIAL PAPER 123,882 ----------- U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--1.14% Federal Home Loan Bank (FHLB) 8,000,000 1.180%, 01/02/03 ............................ 7,999 Federal Home Loan Mortgage Corp (FHLMC) 10,000,000 d 1.640%, 01/02/03 ............................ 9,999 2,000,000 1.260%, 02/27/03 ............................ 1,996 Federal National Mortgage Association (FNMA) 11,000,000 1.240%, 01/14/03 ............................ 10,995 23,400,000 1.260%, 02/06/03 ............................ 23,370 ----------- TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 54,359 ----------- TOTAL SHORT TERM INVESTMENTS (COST $178,241) 178,241 ----------- TOTAL PORTFOLIO--103.34% (COST $5,634,218) 4,910,492 OTHER ASSETS & LIABILITIES, NET--(3.34)% (158,712) ----------- NET ASSETS--100% $ 4,751,780 =========== - ---------- * Non-income producing b In bankcruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. SEE NOTES TO FINANCIAL STATEMENTS 2002 ANNUAL REPORT College Retirement Equities Fund 59 Statement of Investments - EQUITY INDEX ACCOUNT - December 31, 2002 - -------------------------------------------------------------------------------- d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts. e All or a portion of these securities are out on loan. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2002, the value of these securities amounted to $129,224 or 0.00% of net assets. SECURITY ACQUISITION DATE ACQUISITION COST - ------------- -------------------- -------------------- Priority Healthcare Corp (Class A) 01/04/99 $67,236 ======= For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the accounts use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 60 College Retirement Equities Fund 2002 ANNUAL REPORT Report of Management Responsibility TO THE PARTICIPANTS OF COLLEGE RETIREMENT EQUITIES FUND: The accompanying financial statements of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts of College Retirement Equities Fund ("CREF") are the responsibility of management. They have been prepared in accordance with accounting principles generally accepted in the United States and have been presented fairly and objectively in accordance with such principles. CREF has established and maintains a strong system of internal controls and disclosure 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 chief audit executive regularly reports to the Audit Committee of the CREF Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Ernst & Young LLP. To maintain auditor independence and avoid even the appearance of conflict of interest, it continues to be CREF's policy that any management advisory or consulting services be obtained from a firm other than the external financial audit firm. The independent auditors' report, which follows the notes to financial statements, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the CREF Board of Trustees, consisting of trustees who are not officers of CREF, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls, and auditing. In addition to the annual audit of the financial statements of all the CREF Accounts by the independent auditing firm, the New York State Insurance Department, other state insurance departments and the Securities and Exchange Commission perform periodic examinations of the CREF Accounts' operations. /s/ Herbert M. Allison, Jr. /s/ Richard L. Gibbs Chairman, President and Executive Vice President and Chief Executive Officer Principal Accounting Officer - -------------------------------------------------------------------------------- Report of the Audit Committee TO THE PARTICIPANTS OF COLLEGE RETIREMENT EQUITIES FUND: The Audit Committee oversees the financial reporting process of College Retirement Equities Fund ("CREF") on behalf of CREF's Board of Trustees. The Audit Committee operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee's responsibilities. All members of the Audit Committee ("Committee") are independent, as defined under the listing standards of the New York Stock Exchange. Management has the primary responsibility for preparation of CREF's financial statements, development and maintenance of a strong system of internal controls and disclosure controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in advance of their respective audits of CREF. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. As required by its charter, the Committee will evaluate rotation of the external financial audit firm whenever circumstances warrant, but in no event will the evaluation be later than between their fifth and tenth years of service. The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity and completeness of disclosures in the financial statements. The Committee has also discussed the audited financial statements with Ernst & Young LLP, the independent auditing firm responsible for expressing an opinion on the conformity of these audited financial statements with accounting principles generally accepted in the United States. The discussion with Ernst & Young LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by CREF, the clarity and completeness of the financial statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, internal controls, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors' independence from management and CREF, and has received a written disclosure regarding such independence, as required by the Independence Standards Board. Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities. Maceo K. Sloan, Audit Committee Chair Martin J. Gruber, Audit Committee Member Nestor V. Santiago, Audit Committee Member February 19, 2003 2002 ANNUAL REPORT College Retirement Equities Fund 61 Statements of Assets and Liabilities
December 31, 2002 Money Market Inflation-Linked Bond Market Social Choice Equity Index (amounts in thousands, except amounts Account Bond Account Account Account Account per accumulation unit) ------------ ---------------- ----------- ------------- ------------ ASSETS Portfolio investments, at cost $7,495,231 $2,519,640 $6,979,859 $5,061,740 $ 5,634,218 Net unrealized appreciation (depreciation) of portfolio investments 1,465 192,534 174,980 63,032 (723,726) ---------- ---------- ---------- ---------- ----------- Portfolio investments, at value (including securities loaned of $0, $158,421, $341,887, $313,401 and $157,184, respectively) 7,496,696 2,712,174 7,154,839 5,124,772 4,910,492 Cash 40 97 2,924 9,495 9,406 Dividends and interest receivable 4,279 31,105 50,711 19,502 9,380 Receivable from securities transactions 258 311 29,094 14,410 590 Amounts due from TIAA -- -- 2,866 360 4,545 ---------- ---------- ---------- ---------- ----------- Total Assets 7,501,273 2,743,687 7,240,434 5,168,539 4,934,413 ---------- ---------- ---------- ---------- ----------- LIABILITIES Deposits for securities loaned--Note 3 -- 161,129 349,200 324,360 167,852 Amounts due to banks -- -- -- 1,228 -- Payable for securities transactions 189 12,504 1,105,020 460,701 14,781 Amounts due to TIAA and related entities 959 20 -- -- -- ---------- ---------- ---------- ---------- ----------- Total Liabilities 1,148 173,653 1,454,220 786,289 182,633 ---------- ---------- ---------- ---------- ----------- NET ASSETS Accumulation Fund 7,246,632 2,487,311 5,633,159 4,223,421 4,625,880 Annuity Fund 253,493 82,723 153,055 158,829 125,900 ---------- ---------- ---------- ---------- ----------- Total Net Assets $7,500,125 $2,570,034 $5,786,214 $4,382,250 $ 4,751,780 ========== ========== ========== ========== =========== ACCUMULATION UNITS OUTSTANDING--Notes 4 and 5 334,898 63,825 81,952 50,707 86,020 ========== ========== ========== ========== =========== NET ASSET VALUE PER ACCUMULATION UNIT--Note 4 $ 21.64 $ 38.97 $ 68.74 $ 83.29 $ 53.78 ========== ========== ========== ========== =========== - ----------------------------------------------------------------------------------------------------------------------------------- Statements of Operations Year Ended December 31, 2002 Money Market Inflation-Linked Bond Market Social Choice Equity Index (amounts in thousands) Account Bond Account Account Account Account ------------ ---------------- ----------- ------------- ------------ INVESTMENT INCOME Income: Interest $ 137,985 $ 90,178 $262,481 $ 95,627 $ 3,139 Dividends -- -- -- 41,513 81,801 --------- --------- -------- --------- ----------- Total Income 137,985 90,178 262,481 137,140 84,940 --------- --------- -------- --------- ----------- Expenses--Note 2: Investment 4,273 1,889 6,487 4,092 4,617 Operating 23,463 5,492 14,201 13,122 16,342 Interest -- -- -- -- 16 --------- --------- -------- --------- ----------- Total Expenses 27,736 7,381 20,688 17,214 20,975 --------- --------- -------- --------- ----------- INVESTMENT INCOME--NET 110,249 82,797 241,793 119,926 63,965 --------- --------- -------- --------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS--Note 3 Net realized gain (loss) on: Portfolio investments 172 (4,953) 89,529 (10,236) (137,579) Futures transactions -- -- -- -- (3,300) --------- --------- -------- --------- ----------- Net Realized Gain (Loss) on Total Investments 172 (4,953) 89,529 (10,236) (140,879) --------- --------- -------- --------- ----------- Net change in unrealized appreciation (depreciation) on: Portfolio investments (1,923) 189,445 161,097 (538,541) (1,215,992) Futures transactions -- -- -- -- (221) --------- --------- -------- --------- ----------- Net Change in Unrealized Appreciation (Depreciation) on Total Investments (1,923) 189,445 161,097 (538,541) (1,216,213) --------- --------- -------- --------- ----------- Net Realized and Unrealized Gain (Loss) on Total Investments (1,751) 184,492 250,626 (548,777) (1,357,092) --------- --------- -------- --------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations $ 108,498 $ 267,289 $492,419 $(428,851) $(1,293,127) ========= ========= ======== ========= ===========
See notes to financial statements 62 College Retirement Equities Fund 2002 ANNUAL REPORT
Statements of Cash Flows Year Ended December 31, 2002 Money Market Inflation-Linked Bond Market Social Choice Equity Index (amounts in thousands) Account Bond Account Account Account Account ------------ ---------------- ----------- ------------- ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net increase (decrease) in net assets resulting from operations $108,498 $ 267,289 $ 492,419 $ (428,851) $(1,293,127) Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: Proceeds from sales of long-term securities -- 562,205 12,299,694 4,021,734 363,849 Purchases of long term securities -- (1,661,611) (13,097,601) (4,498,849) (1,185,913) (Purchases) sales of short-term investments--net (34,352) (84,299) 1,920 (80,821) (116,153) Decrease (increase) in receivables 8,505 (13,872) (7,703) 1,503 (5,057) Increase in payables 959 44,393 10,368 14,145 166,128 Net realized (gain) loss on total investments (172) 4,953 (89,529) 10,236 140,879 Net change in unrealized (appreciation) depreciation on total investments 1,923 (189,445) (161,097) 538,541 1,216,213 -------- ---------- ----------- ---------- ----------- Net Cash Provided by (Used in) Operating Activities 85,361 (1,070,387) (551,529) (422,362) (713,181) -------- ---------- ----------- ---------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Premiums 658,721 184,414 433,028 468,664 663,014 Net transfers from (to) TIAA (536,818) 23,744 (66,924) (88,384) (61,371) Net transfers from other CREF Accounts 407,136 929,995 555,947 122,937 266,275 Annuity payments (58,075) (10,434) (30,940) (21,073) (24,713) Withdrawals and death benefits (559,293) (57,235) (175,036) (84,697) (120,618) Proceeds (payments) from participation in dollar roll transactions--net -- -- (161,622) 29,685 -- Proceeds from short term borrowings -- -- -- -- 94,000 Repayment of short term borrowings -- -- -- -- (94,000) -------- ---------- ----------- ---------- ----------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (88,329) 1,070,484 554,453 427,132 722,587 -------- ---------- ----------- ---------- ----------- INCREASE (DECREASE) IN CASH (2,968) 97 2,924 4,770 9,406 CASH Beginning of year 3,008 -- -- 4,725 -- -------- ---------- ----------- ---------- ----------- End of year $ 40 $ 97 $ 2,924 $ 9,495 $ 9,406 ======== ========== =========== ========== =========== Supplemental disclosure of cash flow information: Cash paid for interest $ -- $ -- $ -- $ -- $ 16 ======== ========== =========== ========== ==========
See notes to financial statements 2002 ANNUAL REPORT College Retirement Equities Fund 63 Statements of Changes in Net Assets
Money Market Inflation-Linked Bond Bond Market Account Account Account Years Ended December 31, -------------------------- -------------------------- -------------------------- (amounts in thousands) 2002 2001 2002 2001 2002 2001 FROM OPERATIONS Investment income--net $ 110,249 $ 282,715 $ 82,797 $ 50,306 $ 241,793 $ 216,837 Net realized gain (loss) on total investments 172 708 (4,953) 5,604 89,529 130,096 Net change in unrealized appreciation (depreciation) on total investments (1,923) 2,456 189,445 (4,480) 161,097 (55,322) ---------- ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 108,498 285,879 267,289 51,430 492,419 291,611 ---------- ---------- ---------- ---------- ---------- ---------- FROM PARTICIPANT TRANSACTIONS Premiums 658,721 584,651 184,414 93,689 433,028 301,849 ---------- ---------- ---------- ---------- ---------- ---------- Disbursements and transfers: Net transfers to (from) TIAA 536,818 184,281 (23,744) (18,780) 66,924 (19,022) Net transfers from other CREF Accounts (407,136) (690,047) (929,995) (614,247) (555,947) (868,430) Annuity payments 58,075 49,907 10,434 5,279 30,940 22,124 Withdrawals and death benefits 559,293 542,221 57,235 32,444 175,036 123,844 ---------- ---------- ---------- ---------- ---------- ---------- Total Disbursements and Transfers, Net 747,050 86,362 (886,070) (595,304) (283,047) (741,484) ---------- ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS (88,329) 498,289 1,070,484 688,993 716,075 1,043,333 ---------- ---------- ---------- ---------- ---------- ---------- Net Increase (Decrease) in Net Assets 20,169 784,168 1,337,773 740,423 1,208,494 1,334,944 NET ASSETS Beginning of year 7,479,956 6,695,788 1,232,261 491,838 4,577,720 3,242,776 ---------- ---------- ---------- ---------- ---------- ---------- End of year $7,500,125 $7,479,956 $2,570,034 $1,232,261 $5,786,214 $4,577,720 ========== ========== ========== ========== ========== ========== Social Choice Equity Index Account Account - -------------------------- -------------------------- 2002 2001 2002 2001 $ 119,926 $ 117,768 $ 63,965 $ 50,342 (10,236) 64,687 (140,879) (34,010) (538,541) (390,711) (1,216,213) (644,420) - ---------- ---------- ---------- ---------- (428,851) (208,256) (1,293,127) (628,088) - ---------- ---------- ---------- ---------- 468,664 408,388 663,014 585,262 - ---------- ---------- ---------- ---------- 88,384 42,791 61,371 11,525 (122,937) (98,211) (266,275) (532,169) 21,073 20,075 24,713 22,281 84,697 82,236 120,618 115,050 - ---------- ---------- ---------- ---------- 71,217 46,891 (59,573) (383,313) - ---------- ---------- ---------- ---------- 397,447 361,497 722,587 968,575 - ---------- ---------- ---------- ---------- (31,404) 153,241 (570,540) 340,487 4,413,654 4,260,413 5,322,320 4,981,833 - ---------- ---------- ---------- ---------- $4,382,250 $4,413,654 $4,751,780 $5,322,320 ========== ========== ========== ==========
See notes to financial statements - -------------------------------------------------------------------------------- Notes to Financial Statements NOTE 1--SIGNIFICANT ACCOUNTING POLICIES - -------------------------------------------------------------------------------- The purpose of College Retirement Equities Fund ("CREF"), as stated in its charter, is to aid and strengthen nonprofit educational and research organizations, governmental entities and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end, diversified management investment company. It consists of eight investment portfolios ("Accounts"). The accompanying financial statements are those of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States which may require the use of estimates made by management. Actual results may vary from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts. VALUATION OF INVESTMENTS. Securities listed or traded on any United States national securities exchange are valued at the last sale price as of the close of the principal securities exchange on which such securities are traded or, if there is no sale, at the mean of the last bid and asked prices on such exchange. Securities traded only in the over-the-counter market and quoted in the NASDAQ National Market System are valued at the last sale price, or at the mean of the last bid and asked prices if no sale is reported. All other over-the-counter securities are valued at the mean of the last bid and asked prices, except for bonds which are valued at the most recent bid price or the equivalent quoted yield of such bonds. Foreign investments are 64 College Retirement Equities Fund 2002 ANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) - -------------------------------------------------------------------------------- valued at the closing price in the principal market where they are traded; local currencies are converted into U.S. dollars. Money market instruments are valued at fair market value or amortized cost, which approximates market value. 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 (including restricted securities) 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. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board of Trustees if events that have a significant effect on their value occur between the time their price is determined and the time an Account's net asset value is calculated. ACCOUNTING FOR INVESTMENTS. Securities transactions are accounted for as of the trade date. Interest income is recorded as earned and includes amortization of discounts and premiums. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Accounts are informed of the ex-dividend date. Realized gains and losses on securities transactions are accounted for on the average cost basis for all the Accounts, except for the Inflation-Linked Bond Account as of July 1, 2002. For the Inflation-Linked Bond Account, effective July 1, 2002, realized gains and losses on securities transactions are accounted for on the specific identification method. CHANGE IN ACCOUNTING POLICY. Effective July 1, 2002, the Inflation-Linked Bond Account changed the method by which realized gains and losses on securities transactions are accounted for from the average cost method to the specific identification method. This change was made in order to conform more closely with industry standards and is the first step in moving all of the Accounts to the specific identification method. This change is expected to be completed for all the Accounts in late 2003. For the Inflation-Linked Bond Account, the effect of this change for the year ended December 31, 2002 was to decrease net realized gain on investments by $24,419,100, increase net change in unrealized appreciation on investments by $23,881,268 and increase investment income--net by $537,832, but had no net impact on the increase in net assets resulting from operations or on total net assets. DOLLAR ROLL TRANSACTIONS. Certain of the Accounts may enter into dollar rolls in which the Account sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period, the Account forgoes principal and interest paid on the securities. Dollar rolls are recorded as financing transactions. Dollar rolls can enhance the Account's return by earning a spread between the yield on the underlying securities and short-term interest rates. The use of dollar roll transactions by the Bond Market and Social Choice Accounts results in borrowings by these Accounts requiring the presentation of a statement of cash flows. Foreign Currency Transactions and Translation. Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. FORWARD FOREIGN CURRENCY CONTRACTS. The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to-market" at the end of each day's trading. The Accounts are also exposed to credit risk associated with counterparty nonperformance on these forward currency exchange contracts which is typically limited to the unrealized gain on each open contract. SECURITIES LENDING. The Accounts may lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. FUTURES CONTRACTS. The Accounts may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expi- 2002 ANNUAL REPORT College Retirement Equities Fund 65 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (CONCLUDED) - -------------------------------------------------------------------------------- NOTE 3--INVESTMENTS ration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Accounts may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Accounts to the risk that the transaction may not be consummated. RESTRICTED SECURITIES. Restricted securities held by the Accounts, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. FEDERAL INCOME TAXES. CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code ("Code"), not as a regulated investment company under Subchapter M of the Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. NOTE 2--MANAGEMENT AGREEMENTS - -------------------------------------------------------------------------------- Investment advisory services for the CREF Accounts are provided by TIAA-CREF Investment Management, LLC ("Investment Management"), in accordance with an Investment Management Service Agreement with CREF. Investment Management is a registered investment adviser and a wholly-owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), a companion organization of CREF. Administrative services for the CREF Accounts and distribution functions for CREF's certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. ("Services") in accordance with a Principal Underwriting and Administrative Services Agreement with CREF. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. The services provided by Investment Management and Services are provided at cost. 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. TIAA provides guarantees for the CREF Accounts for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. NOTE 3--INVESTMENTS - -------------------------------------------------------------------------------- At December 31, 2002, the market value of securities loaned and collateral received in connection therewith was comprised as follows: Inflation- Linked Bond Social Equity Bond Market Choice Index Account Account Account Account ------------ ------------ ------------ ------------ Market value of securities loaned $158,420,916 $341,886,898 $313,400,661 $157,183,557 Cash collateral 161,128,542 349,200,056 324,360,066 167,852,280 At December 31, 2002, net unrealized appreciation (depreciation) of portfolio investments for each of the Accounts, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows: Gross Gross Net Unrealized Unrealized Unrealized Appreciation Appreciation Depreciation (Depreciation) ------------ ------------ -------------- Money Market Account $ 1,737,823 $ 273,323 $ 1,464,500 Inflation-Linked Bond Account 192,548,336 14,254 192,534,082 Bond Market Account 179,786,240 4,805,919 174,980,321 Social Choice Account 550,384,212 487,351,878 63,032,334 Equity Index Account 444,340,826 1,168,066,380 (723,725,554) At December 31, 2002 the Equity Index Account held 33 open futures contracts in the Standard & Poor's 500 Index, expiring in March 2003, with a value of $7,250,925 and an unrealized loss of $225,045. Purchases and sales of portfolio securities of unaffiliated issuers, other than short-term money market instruments, for the Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index Accounts for the year ended December 31, 2002, were as follows: Inflation- Linked Bond Social Equity Bond Market Choice Index Account Account Account Account -------------- --------------- -------------- -------------- Purchases $1,673,430,276 $13,110,390,289 $4,506,443,092 $1,171,134,596 Sales 562,511,489 12,299,728,546 4,026,493,235 356,374,714 66 College Retirement Equities Fund 2002 ANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 4--CONDENSED FINANCIAL INFORMATION - -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below.
MONEY MARKET ACCOUNT -------------------------------------------------------------- For the Years Ended December 31, 2002 2001 2000 1999 1998 PER ACCUMULATION UNIT DATA: INVESTMENT INCOME $ .407 $ .888 $ 1.273 $ .976 $ .998 EXPENSES .082 .069 .055 .057 .054 -------------------------------------------------------------- Investment income--net .325 .819 1.218 .919 .944 Net realized and unrealized gain (loss) on total investments (.005) .009 .007 (.005) .005 -------------------------------------------------------------- Net increase in Accumulation Unit Value .320 .828 1.225 .914 .949 Accumulation Unit Value: Beginning of year 21.318 20.490 19.265 18.351 17.402 -------------------------------------------------------------- End of year $21.638 $21.318 $20.490 $19.265 $18.351 ============================================================== TOTAL RETURN 1.50% 4.04% 6.36% 4.98% 5.45% RATIOS TO AVERAGE NET ASSETS: Expenses 0.38% 0.33% 0.28% 0.30% 0.30% Investment income--net 1.51% 3.88% 6.12% 4.90% 5.27% PORTFOLIO TURNOVER RATE N/A N/A N/A N/A N/A THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF YEAR 334,898 338,791 315,206 354,754 312,358 INFLATION-LINKED BOND ACCOUNT -------------------------------------------------------------- For the Years Ended December 31, 2002 2001 2000 1999 1998 PER ACCUMULATION UNIT DATA: Investment income $ 1.797 $ 1.816 $ 2.113 $ 1.730 $ 1.256 Expenses .147 .122 .083 .099 .086 -------------------------------------------------------------- Investment income--net 1.650 1.694(a) 2.030 1.631 1.170 Net realized and unrealized gain (loss) on total investments 3.817 .692(a) 1.491 (1.062) (.260) -------------------------------------------------------------- Net increase in Accumulation Unit Value 5.467 2.386 3.521 .569 .910 Accumulation Unit Value: Beginning of year 33.504 31.118 27.597 27.028 26.118 -------------------------------------------------------------- End of year $38.971 $33.504 $31.118 $27.597 $27.028 ============================================================== TOTAL RETURN 16.32% 7.67% 12.76% 2.10% 3.48% RATIOS TO AVERAGE NET ASSETS: Expenses 0.41% 0.36% 0.29% 0.36% 0.33% Investment income--net 4.56% 4.93%(a) 6.97% 5.99% 4.50% Portfolio turnover rate 31.33% 42.16% 17.17% 54.35% 40.98% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF YEAR 63,825 35,274 15,188 4,757 5,112 BOND MARKET ACCOUNT -------------------------------------------------------------- For the Years Ended December 31, 2002 2001 2000 1999 1998 PER ACCUMULATION UNIT DATA: Investment income $ 3.317 $ 3.258 $ 3.636 $ 3.289 $ 3.156 Expenses .261 .242 .174 .166 .158 -------------------------------------------------------------- Investment income--net 3.056 3.016(a) 3.462 3.123 2.998 Net realized and unrealized gain (loss) on total investments 3.236 1.571(a) 2.621 (3.711) 1.150 -------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value 6.292 4.587 6.083 (.588) 4.148 Accumulation Unit Value: Beginning of year 62.445 57.858 51.775 52.363 48.215 -------------------------------------------------------------- End of year $68.737 $62.445 $57.858 $51.775 $52.363 ============================================================== TOTAL RETURN 10.08% 7.93% 11.75% (1.12%) 8.60% RATIOS TO AVERAGE NET ASSETS: Expenses 0.41% 0.43% 0.33% 0.32% 0.32% Investment income--net 4.75% 5.36%(a) 6.50% 6.03% 5.98% Portfolio turnover rate 249.41% 257.02% 377.44%(b) 656.58% 525.32% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF YEAR 81,952 71,368 54,745 54,918 57,481
2002 ANNUAL REPORT College Retirement Equities Fund 67 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 4--CONDENSED FINANCIAL INFORMATION (CONCLUDED) - --------------------------------------------------------------------------------
SOCIAL CHOICE ACCOUNT -------------------------------------------------------------- For the Years Ended December 31, 2002 2001 2000 1999 1998 PER ACCUMULATION UNIT DATA: Investment income $ 2.687 $ 2.766 $ 3.188 $ 2.898 $ 2.679 Expenses .337 .352 .282 .293 .249 -------------------------------------------------------------- Investment income--net 2.350 2.414(a) 2.906 2.605 2.430 Net realized and unrealized gain (loss) on total investments (10.756) (7.003)(a) (2.582) 6.752 11.159 -------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value (8.406) (4.589) 0.324 9.357 13.589 Accumulation Unit Value: Beginning of year 91.697 96.286 95.962 86.605 73.016 -------------------------------------------------------------- End of year $83.291 $91.697 $96.286 $95.962 $86.605 ============================================================== TOTAL RETURN (9.17%) (4.77%) 0.34% 10.80% 18.61% RATIOS TO AVERAGE NET ASSETS: Expenses 0.39% 0.40% 0.30% 0.32% 0.31% Investment income--net 2.75% 2.77%(a) 3.04% 2.88% 3.07% Portfolio turnover rate 92.82% 68.64% 117.10%(b) 206.44% 147.90% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF YEAR 50,707 46,290 42,550 41,355 37,211 EQUITY INDEX ACCOUNT -------------------------------------------------------------- For the Years Ended December 31, 2002 2001 2000 1999 1998 PER ACCUMULATION UNIT DATA: Investment income $ 1.003 $ .973 $ 1.055 $ 1.012 $ .953 Expenses .248 .258 .233 .225 .190 -------------------------------------------------------------- Investment income--net .755 .715(a) .822 .787 .763 Net realized and unrealized gain (loss) on total investments (15.713) (9.849)(a) (7.216) 13.733 12.789 -------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value (14.958) (9.134) (6.394) 14.520 13.552 Accumulation Unit Value: Beginning of year 68.735 77.869 84.263 69.743 56.191 -------------------------------------------------------------- End of year $53.777 $68.735 $77.869 $84.263 $69.743 ============================================================== TOTAL RETURN (21.76%) (11.73%) (7.59%) 20.82% 24.12% RATIOS TO AVERAGE NET ASSETS: Expenses 0.41% 0.37% 0.28% 0.30% 0.31% Investment income--net 1.26% 1.02%(a) 0.98% 1.05% 1.24% Portfolio turnover rate 7.02% 6.14% 9.42% 4.89% 3.98% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF YEAR 86,020 75,254 62,018 57,249 47,997
(a) As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums and discounts on all debt securities. For the Inflation-Linked Bond Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income-net per Accumulation Unit by $.031, increase net realized and unrealized gain per Accumulation Unit by $.031 and decrease the ratio of investment income--net to average net assets by .11%. For the Bond Market Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income--net per Accumulation Unit by $.067, increase net realized and unrealized gain per Accumulation Unit by $.067 and decrease the ratio of investment income--net to average net assets by .12%. For the Social Choice Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income--net per Accumulation Unit by $.019, increase net realized and unrealized loss per Accumulation Unit by $.019 and decrease the ratio of investment income--net to average net assets by .02%. For the Money Market and Equity Index Accounts the change had no effect on the condensed financial information. Per Accumulation Unit amounts and ratios for the periods prior to January 1, 2001 have not been restated to reflect this change in presentation. (b) During 2000, the Bond Market and Social Choice Accounts began structuring dollar rolls as financing transactions (see note 1); had these transactions been treated for the entire year as purchases and sales, rather than as financing transactions, the portfolio turnover rates for the year ended December 31, 2000 would have been 552.94% and 196.05%, respectively. 68 College Retirement Equities Fund 2002 ANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (CONCLUDED) - -------------------------------------------------------------------------------- NOTE 5--ACCUMULATION UNITS - -------------------------------------------------------------------------------- Changes in the number of Accumulation Units outstanding were as follows:
Money Market Inflation-Linked Bond Bond Market Account Account Account -------------------------- ------------------------- ------------------------- For the Years Ended December 31, 2002 2001 2002 2001 2002 2001 Accumulation Units: Credited for premiums 30,648,525 27,744,536 5,034,886 2,801,278 6,628,310 4,960,493 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (34,540,665) (4,160,452) 23,516,396 17,284,976 3,956,067 11,662,855 Outstanding: Beginning of year 338,790,548 315,206,464 35,274,035 15,187,781 71,367,969 54,744,621 ---------- ---------- ---------- ---------- ---------- ---------- End of year 334,898,408 338,790,548 63,825,317 35,274,035 81,952,346 71,367,969 ========== ========== ========== ========== ========== ========== Social Choice Equity Index Account Account ------------------------- -------------------------- 2002 2001 2002 2001 5,438,197 4,429,226 11,076,265 8,316,119 (1,021,310) (688,958) (309,776) 4,919,606 46,290,236 42,549,968 75,253,823 62,018,098 - ---------- ---------- ---------- ---------- 50,707,123 46,290,236 86,020,312 75,253,823 ========== ========== ========== ==========
NOTE 6--LINES OF CREDIT - -------------------------------------------------------------------------------- The Inflation-Linked Bond, Social Choice and Equity Index Accounts participate in a $2.25 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Investment Management, or an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During the year ended December 31, 2002, the Equity Index Account borrowed under this facility. The average daily loan balance during the eight day period for which the loan was outstanding amounted to $33.8 million and the weighted average interest rate was 2.12%. The related interest expense was $16,036. For the year ended December 31, 2002, there were no borrowings under this credit facility by the Inflation-Linked Bond and Social Choice Accounts. The Bond and Social Choice Accounts participate in letter of credit agreements in the amounts of $30 million and $8.5 million, respectively, for the purpose of facilitating the settlement of transactions in the mortgage backed securities market. For the year ended December 31, 2002, there were no borrowings under these agreements. - -------------------------------------------------------------------------------- Report of Independent Auditors TO THE PARTICIPANTS AND BOARD OF TRUSTEES OF COLLEGE RETIREMENT EQUITIES FUND: We have audited the accompanying statements of assets and liabilities, including the statements of investments, of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts (five of the Accounts constituting the College Retirement Equities Fund ("CREF")) as of December 31, 2002, and the related statements of operations and cash flows for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2002 by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts of CREF at December 31, 2002, the results of their operations and cash flows for the year then ended and the changes in their net assets for each of the two years in the period then ended in conformity with accounting principles generally accepted in the United States. /s/ Ernst & Young LLP New York, New York February 7, 2003 - -------------------------------------------------------------------------------- 2002 ANNUAL REPORT College Retirement Equities Fund 69 2002 CREF ELECTION RESULTS Trustees: Both nominees received between 96.89% and 96.95% of the votes cast; the average withheld was approximately 3.08%.
- -------------------------------------------------------------------------------------------------- NOMINEE DOLLARS FOR PERCENT DOLLARS AGAINST PERCENT - -------------------------------------------------------------------------------------------------- Nancy L. Jacob 18,714,526,805.81 96.95 588,012,312.23 3.05 Nestor V. Santiago 18,701,500,996.62 96.89 601,038,121.42 3.11 Participant Proposal I (to stop investing in companies supporting gun control) - ------------------------------------------------------------------------------------------------------------------------------------ FUND DOLLARS FOR PERCENT DOLLARS AGAINST PERCENT DOLLARS ABSTAIN PERCENT - ------------------------------------------------------------------------------------------------------------------------------------ OVERALL CREF FUNDS 2,347,390,025.71 12.16 16,465,171,157.03 85.30 489,977,935.30 2.54 ==================================================================================================================================== Stock Account 1,615,528,536.46 11.96 11,538,557,317.47 85.39 358,081,684.33 2.65 Money Market Account 158,610,102.00 14.97 871,018,858.72 82.24 29,532,226.71 2.79 Bond Account 119,280,446.10 12.00 849,553,795.42 85.47 25,134,243.43 2.53 Social Choice Account 85,220,416.62 12.46 586,547,394.87 85.76 12,162,554.43 1.78 Global Equities Account 96,723,413.85 11.33 737,410,068.62 86.39 19,448,879.71 2.28 Growth Account 124,858,399.77 12.05 888,886,678.61 85.80 22,210,777.71 2.15 Equity Index Account 83,337,990.67 12.01 596,189,076.21 85.90 14,549,505.28 2.09 Inflation-Linked Bond Account 63,830,720.24 13.59 397,007,967.11 84.52 8,858,063.70 1.89 Participant Proposal II (to report on social and environmental issues) - ------------------------------------------------------------------------------------------------------------------------------------ FUND DOLLARS FOR PERCENT DOLLARS AGAINST PERCENT DOLLARS ABSTAIN PERCENT - ------------------------------------------------------------------------------------------------------------------------------------ OVERALL CREF FUNDS 3,623,129,107.09 18.77 14,757,149,676.03 76.45 922,260,334.92 4.78 ==================================================================================================================================== Stock Account 2,350,814,368.16 17.40 10,509,050,640.76 77.77 652,302,529.34 4.83 Money Market Account 207,462,270.78 19.59 802,265,694.12 75.75 49,433,222.53 4.66 Bond Account 194,217,861.27 19.54 755,177,829.06 75.98 44,572,794.62 4.48 Social Choice Account 273,725,174.59 40.02 369,968,706.67 54.09 40,236,484.66 5.89 Global Equities Account 165,321,900.84 19.37 650,071,856.20 76.16 38,188,605.14 4.47 Growth Account 204,795,842.89 19.77 785,307,888.26 75.81 45,852,124.94 4.42 Equity Index Account 132,552,195.26 19.10 530,597,727.94 76.45 30,926,648.96 4.45 Inflation-Linked Bond Account 94,239,493.30 20.06 354,709,333.02 75.52 20,747,924.73 4.42
70 College Retirement Equities Fund 2002 ANNUAL REPORT 2002 CREF ELECTION RESULTS Participant Proposal III (to separate CEO and Chairman positions) - ------------------------------------------------------------------------------------------------------------------------------------ FUND DOLLARS FOR PERCENT DOLLARS AGAINST PERCENT DOLLARS ABSTAIN PERCENT - ------------------------------------------------------------------------------------------------------------------------------------ OVERALL CREF FUNDS 4,537,163,503.54 23.51 13,430,341,656.02 69.58 1,335,033,958.48 6.91 - ------------------------------------------------------------------------------------------------------------------------------------ Stock Account 2,997,372,098.43 22.18 9,604,410,626.08 71.12 910,384,813.75 6.74 Money Market Account 269,992,791.38 25.49 715,210,027.35 67.53 73,958,368.70 6.98 Bond Account 247,273,584.16 24.88 676,240,436.26 68.03 70,454,464.53 7.09 Social Choice Account 248,110,780.80 36.28 361,111,429.09 52.80 74,708,156.03 10.92 Global Equities Account 207,876,907.86 24.35 582,877,201.08 68.29 62,828,253.24 7.36 Growth Account 263,446,434.42 25.44 706,498,905.91 68.20 66,010,515.76 6.36 Equity Index Account 176,420,228.83 25.42 473,121,017.33 68.17 44,535,326.00 6.42 Inflation-Linked Bond Account 126,670,677.66 26.97 310,872,012.92 66.19 32,154,060.47 6.84 Participant Proposal IV (to divest CREF's tobacco-related investments)
- ------------------------------------------------------------------------------------------------------------------------------------ FUND DOLLARS FOR PERCENT DOLLARS AGAINST PERCENT DOLLARS ABSTAIN PERCENT - ------------------------------------------------------------------------------------------------------------------------------------ OVERALL CREF FUNDS 4,147,562,402.68 22.28 13,611,453,311.78 73.11 859,593,037.66 4.61 - ------------------------------------------------------------------------------------------------------------------------------------ Stock Account 2,964,929,187.67 21.94 9,908,910,459.85 73.33 638,327,890.74 4.73 ---------------- ----- ---------------- ----- -------------- ---- Money Market Account 247,712,154.91 23.38 764,565,392.26 72.19 46,883,640.26 4.43 Bond Account 227,877,822.98 22.93 724,024,313.28 72.84 42,066,348.69 4.23 Global Equities Account 193,265,188.39 22.64 622,301,313.87 72.91 38,015,859.92 4.45 Growth Account 247,423,381.86 23.89 750,064,558.63 72.40 38,467,915.60 3.71 Equity Index Account 155,927,766.65 22.47 508,912,072.24 73.32 29,236,733.27 4.21 Inflation-Linked Bond Account 110,426,900.22 23.51 332,675,201.65 70.83 26,594,649.18 5.66
2002 ANNUAL REPORT College Retirement Equities Fund 71 Management CREF TRUSTEES AND OFFICERS The following table includes certain information about CREF trustees and officers including positions held with CREF, length of office and time served and principal occupations in the last five years. The table also includes the number of portfolios in the fund complex overseen by each trustee and certain directorships held by each of them. The first table includes information about CREF's disinterested trustees and the second table includes information about CREF's interested trustees and officers. DISINTERESTED TRUSTEES
- ----------------------------------------------------------------------------------------------------------------------------------- NAME, ADDRESS POSITIONS HELD TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF OTHER DIRECTORSHIPS AND AGE WITH CREF LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS HELD BY TRUSTEE IN FUND COMPLEX OVERSEEN BY TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ MARTIN J. GRUBER Trustee Term expires 2004. Nomura Professor of 51 Director, Deutche New York University Trustee since 2000. Finance, New York Asset Management Stern School of Business University, Stern School B.T. Funds, Japan Henry Kaufman Management of Business, Formerly, Equity Fund, Inc. Education Center Chairman, Department of Singapore Equity 44 West 4th Street, Suite 988 Finance, New York Fund, Inc., the New York, NY 10012 University, Stern School Thai Equity Fund, Age: 65 of Business, and Trustee Inc. and the DB of TIAA, 1996-2000. Hedge Securities Fund, L.L.C. NANCY L. JACOB Trustee Term expires 2006. President and Managing 51 None Windermere Investment Trustee since 1979. Principal, Windermere Associates Investment Associates. 121 S.W. Morrison Street, Formerly, Chairman and Suite 925 Chief Executive Officer, Portland, OR 97204 CTC Consulting, Inc., and Age: 60 Executive Vice President, U.S. Trust of the Pacific Northwest STEPHEN A. ROSS Trustee Terms expires 2005. Franco Modigliani Professor of 51 Director, Freddie Sloan School of Management Trustee since 1981. Finance and Economics, Sloan Mac; Co-Chairman, Massachusetts Institute of School of Management, Roll & Ross Asset Technology Massachusetts Institute of Management Corp.; 77 Massachusetts Avenue Technology. Co-chairman, Roll and Principal IV Cambridge, MA 02139 & Ross Asset Management Corp. Capital, Ltd. Age: 58 Formerly, Sterling Professor of Economics and Finance, Yale School of Management, Yale University. NESTOR V. SANTIAGO Trustee Term expires 2006. Vice President and Chief 51 Director, Bank- Howard Hughes Medical Trustee since 2000. Investment Officer, Howard Fund Credit Union Institute Hughes Medical Institute. and Emerging 4000 Jones Bridge Road Formerly, Investment Advisor/ Markets Growth Chevy Chase, MD 20815 Head of Investment Office, Fund, Inc. Age: 53 International Monetary Fund MACEO K. SLOAN Trustee Term expires 2005. Chairman and Chief Executive 51 Director, SCANA NCM Capital Management Trustee since 1991. Officer, Sloan Financial Corporation and Group, Inc. Group, Inc. and NCM Capital M&F Bancorp, Inc. 103 West Main Street, Management Group, Inc., Suite 400 since 1991. Durham, NC 27701-3638 Age: 53 ROBERT W. VISHNY Trustee Term expires 2004. Eric J. Gleacher Distinguished 51 None University of Chicago Trustee since 1996. Service, Professor of Finance, Graduate School of Business University of Chicago, Graduate 1101 East 58th Street School of Business, Founding Chicago, IL 60627 Partner, LSV Asset Management. Age: 43
INTERESTED TRUSTEES AND OFFICERS
- ----------------------------------------------------------------------------------------------------------------------------------- NAME, ADDRESS POSITIONS HELD TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF OTHER DIRECTORSHIPS AND AGE WITH CREF LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS HELD BY TRUSTEE IN FUND COMPLEX OVERSEEN BY TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ HERBERT M. ALLISON, JR.(1) President and Indefinite term. Chairman, President and 51 Board Member, TIAA-CREF Chief Executive President and Chief Chief Executive Officer, Forbes.com, Inc. 730 Third Avenue Officer Executive Officer since TIAA, President and Chief New York, NY 10017-3206 2002. Executive Officer of CREF, Age: 59 TIAA-CREF Mutual Funds, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (these funds are collec- tively referred to as the "TIAA-CREF Funds"). Formerly, President and Chief Executive Officer of University Alliance for Life-Long Learning, Inc., 2000-October 2002. National Finance Chairman, Presidential Campaign of Senator John McCain, 1999-2000. President, Chief Operating Officer and Member of the Board of Directors of Merrill Lynch & Co., Inc., 1997-1999. MARTIN L. LEIBOWITZ(1) Trustee, Vice Term as Trustee expires Vice Chairman and Chief 51 None TIAA-CREF Chairman and 2003. Trustee since Investment Officer of 730 Third Avenue Chief Invest- 1995. Vice Chairman tht TIAA-CREFF Funds and New York, NY 10017-3206 ment Officer. and Chief Invest- TIAA. Member of Board Age: 66 ment Officer since of Managers and Presi- Advisors, Inc. 1995. Indefinite term dent of TIAA-CREF Invest- as officer. ment Management, LLC ("Investment Managmeent"). Director and President of Teachers Advisors, Inc. ("Advisors"). Director of TIAA-CREF Life Insurance Company ("TIAA-CREF Life"). BEVIS LONGSTRETH(2) Trustee Term expires 2003. Retired Partner, Debvoise 51 Member of the Board 51 Trustee since 1996. & Plimpton. Formerly, of Directors of 919 Third Avenue Partner and Of Counsel of AMVESCAP, PLC and New York, NY 10022-6225 Debevoise & Plimpton, Chairman of the Age: 69 Adjunct Professor at Finance Committee Columbia University School of the Rockefeller of Law and Commissioner of Family Fund. the U.S. Securities and Exchange Commission RICHARD J. ADAMSKI(1) Vice President Indefinite term. Vice Vice President and Treas- N/A N/A TIAA-CREF and Treasurer President and Treasurer urer of the TIAA-CREF 730 Third Avenue since 1991. Funds and TIAA. Vice New York, NY 10017-3206 President and Treasurer of Age: 61 Investment Management Services, TPIS, Advisors, TIAA-CREF Life, and TIAA- CREF Tuition Financing, Inc. ("Tuition Financing") C. VICTORIA APTER(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice and of the TIAA-CREF Funds 730 Third Avenue TIAA. President since and TIAA. Formerly, Vice New York, NY 10017-3206 2000. President, Retirement Age: 60 Services, CREF and TIAA. SCOTT C. EVANS(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds 730 Third Avenue President since 1997. and TIAA. Executive Vice New York, NY 10017-3206 President of Investment Age: 43 Management and Advisors and Director of TIAA-CREF MARTIN E. GALT, III(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds 730 Third Avenue President since 2000. and TIAA and President, New York, NY 10017-3206 TIAA-CREF Investment Age: 61 Products. Formerly, Formerly, Executive Vice President and New York, NY 10017-3206 President, Institutional Investments, Bank of Age: 61 America, and Principal Investment Officer, NationsBank. Director and President of Tuition Financing and TPIS and Director of TIAA-CREF Life and TIAA-CREF Trust Company. RICHARD L. GIBBS(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since TIAA. Executive Vice New York, NY 10017-3206 1993. President, Investment Age: 55 Management, Advisors and Tuition Financing and Director of TIAA-CREF Life and Tuition Financing.
- ----------------------------------------------------------------------------------------------------------------------------------- NAME, ADDRESS POSITIONS HELD TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF OTHER DIRECTORSHIPS AND AGE WITH CREF LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS HELD BY TRUSTEE IN FUND COMPLEX OVERSEEN BY TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ DON W. HARRELL(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since TIAA. Director of TIAA- New York, NY 10017-3206 1992. CREF Life. Age: 65 IRA J. HOCH(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds Retirement President since 2000. and TIAA. Formerly, Vice 730 Third Avenue President, Retirement New York, NY 10017-3206 Services, CREF and TIAA. Age: 52 MATINA S. HORNER(1) Executive Vice Indefinite term. Executive Vice Presiden N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since 1989 TIAA. Director of TIAA-CREF New York, NY 10017-3206 Life. Age: 63 E. LAVERNE JONES(1) Vice President Indefinite term. Vice Vice President and Cor- TIAA-CREF and Corporate President and Corporate porate Secretary of the 730 Third Avenue Secretary Secretary since 1998. TIAA-CREF Funds and TIAA. New York, NY 10017-3206 Age: 53 HARRY I. KLARISTENFELD(1) Executive Vice Indefinite term. Executive Vice Executive N/A N/A TIAA-CREF President and Executive Vice Presi- President and Chief Actuary 730 Third Avenue Chief Actuary dent and Chief Actuary of the TIAA-CREF Funds and New York, NY 10017-3206 since 2000. TIAA. Formerly, Vice Age: 52 President and Chief Actuary, Retirement Services, CREF and TIAA, Executive Vice President Chief Actuary of Services FRANCES NOLAN(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds 730 Third Avenue President since 2000. and TIAA. Formerly, Vice New York, NY 10017-3206 President, Retirement Age: 45 Services, CREF and TIAA. BERTRAM L. SCOTT(1) Executive Vice Indefinite term. Executive Vice President of N/A N/A TIAA-CREF President Executive Vice the TIAA-CREF Funds and President President since 2000. TIAA and Chairman of the 730 Third Avenue Board, and Chief Executive New York, NY 10017-3206 Officer of TIAA-CREF Life. Age: 51 Formerly, President and Chief Executive Officer, Horizon Mercy. DEANNE J. SHALLCROSS(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since 1998. TIAA. Formerly, Vice New York, NY 10017-3206 President, Marketing, CREF Age: 53 and TIAA. Executive Vice President of Services. DAVID A. SHUNK(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since 1998. TIAA. Formerly, Vice New York, NY 10017-3206 President, Institutional & Age: 56 Individual Consulting Services, CREF and TIAA. President and Chief Executive Officer of Services and Director of TIAA-CREF Trust Company. JOHN A. SOMERS(1) Executive Vice Indefinite term. Vice President of the N/A N/A TIAA-CREF President Executive Vice TIAA-CREF Funds and TIAA. 730 Third Avenue President since 1996. Executive Vice President New York, NY 10017-3206 of Investment Management Age: 58 and Advisors and Director of TIAA-CREF Life. CHARLES H. STAMM(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice and General Counsel of the 730 Third Avenue President since 1988. TIAA-CREF Funds and TIAA. New York, NY 10017-3206 Trustee of Services. Age: 64 Director of TPIS, Advisors, TIAA-CREF Trust Company, Tuition Financing and TIAA-CREF Life. Member of Board of Managers of Investment Management.
- ----------------------------------------------------------------------------------------------------------------------------------- NAME, ADDRESS POSITIONS HELD TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF OTHER DIRECTORSHIPS AND AGE WITH CREF LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS HELD BY TRUSTEE IN FUND COMPLEX OVERSEEN BY TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ MARY ANN WERNER(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since 2000. TIAA and President, TIAA New York, NY 10017-3206 Shared Services. Formerly, Age: 57 Vice President, CREF and TIAA. Executive Vice President of Services and Director of TIAA-CREF Life. JAMES A. WOLF(1) Executive Vice Indefinite term. Executive Vice President N/A N/A TIAA-CREF President Executive Vice of the TIAA-CREF Funds and 730 Third Avenue President since 2000. TIAA and President, TIAA New York, NY 10017-3206 Retirement Services. Age: 57 Formerly, Vice President, Retirement Services, CREF and TIAA. Trustee of Services and Director of TIAA-CREF Life.
(1) The following individuals are "interested persons" under the Investment Company Act (the "Act") because they are officers of CREF: Mses. Apter, Horner, Jones, Nolan, Shallcross and Werner; and Messrs. Adamski, Allison, Evans, Galt, Gibbs, Harrell, Hoch, Klaristenfeld, Leibowitz, Scott, Shunk, Somers, Stamm and Wolf. (2) Mr. Longstreth may be considered an "interested person" under the Act because he is associated with a law firm that has acted as counsel to CREF or its affiliates. [logo] 730 Third Avenue TIAA New York, NY 10017-2206 ----------------- CREF PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF ----------------- FOR MORE INFORMATION... TIAA-CREF WEB CENTER TIAA-CREF.ORG 24 hours a day, 7 days a week o Account performance, personal account information and transactions, product descriptions, calculators to estimate retirement income and allocate assets, and information about investment choices and income options AUTOMATED TELEPHONE SERVICE 800 842-2252 24 hours a day, 7 days a week o Account performance, personal account information and transactions, and product information TELEPHONE COUNSELING CENTER 800 842-2776 8 a.m. to 10 p.m. ET, Monday-Friday 9 a.m. to 6 p.m. ET, Saturday o Retirement saving and planning, income options and payments, and tax reporting PLANNING AND SERVICE CENTER 800 223-1200 8 a.m. to 10 p.m. ET, Monday-Friday o TIAA-CREF Mutual Funds and after-tax annuities TIAA-CREF TRUST COMPANY, FSB 888 842-9001 8 a.m. to 5 p.m. CT, Monday-Friday o Asset management, trust administration, estate planning, planned giving, and endowment management TIAA-CREF TUITION FINANCING, INC. 888 381-8283 8 a.m. to 11 p.m. ET, Monday-Friday n Tuition financing programs FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS 800 842-2755 8 a.m. to 5 p.m. ET, Monday-Friday [logo] Printed on recycled paper A10839-5fund-02/03 ITEM 9. CONTROLS AND PROCEDURES. (b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 10. EXHIBITS. (b) Section 302 and Section 906 certifications of the principal executive officer and principal financial officer of registrant. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. COLLEGE RETIREMENT EQUITIES FUND Date: February 28, 2003 By: /s/ HERBERT M. ALLISON, JR. ------------------------------------- Herbert M. Allison, Jr. President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Date: February 28, 2003 By: /s/ HERBERT M. ALLISON, JR. ------------------------------------- Herbert M. Allison, Jr. President and Chief Executive Officer (principal executive officer) Date: February 28, 2003 By: /s/ RICHARD L. GIBBS ------------------------------------- Richard L. Gibbs Executive Vice President (principal financial officer) EXHIBIT LIST (b) Certifications 99.CERT Section 302 certification of principal executive officer and principal financial officer 99.1350CERT Section 906 certification of principal executive officer and principal financial officer EX-99.CERT 3 c26600_ex99-cert.txt CERTIFICATION I, Herbert M. Allison, Jr., certify that: 1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report. Date: February 28, 2003 By: /s/ HERBERT M. ALLISON, JR. ------------------------------------- Herbert M. Allison, Jr. President and Chief Executive Officer (principal executive officer) CERTIFICATION I, Richard L. Gibbs, certify that: 1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report. Date: February 28, 2003 By: /s/ RICHARD L. GIBBS ------------------------------------- Richard L. Gibbs Executive Vice President (principal financial officer) EX-99.1350CERT 4 c26600_ex1350cert.txt CERTIFICATION Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the College Retirement Equities Fund, do hereby certify, to such officer's knowledge, that: The annual report on Form N-CSR of the College Retirement Equities Fund ("CREF") for the year ended December 31, 2002 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of CREF. Dated: February 28, 2003 /s/ HERBERT M. ALLISON, JR. ------------------------------------- Herbert M. Allison, Jr. President and Chief Executive Officer (Principal Executive Officer), College Retirement Equities Fund Dated: February 28, 2003 /s/ RICHARD L. GIBBS ------------------------------------- Richard L. Gibbs Executive Vice President (Principal Financial Officer), College Retirement Equities Fund -----END PRIVACY-ENHANCED MESSAGE-----