N-CSR

                                  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, 2003
                                            -----------------

                   Date of reporting period: December 31, 2003
                                             -----------------




ITEM 1. REPORTS TO STOCKHOLDERS.

2003 annual report

College Retirement
Equities Fund

Audited financial statements,
including statements of investments
December 31, 2003

 

stock	equity index
growth	bond market
global equities	social choice
money market	inflation-linked bond

Annual Report 2003 | College Retirement Equities Fund

Performance Overview as of 12/31/2003

		Average Annual Compound Rates       of Total Return
	Inception							Since
	Date	1 year		5 years		10 years		Inception
Equities
CREF Stock	8/1/52	31.97	%	0.04	%	9.28	%	10.50	%
CREF Global Equities	5/1/92	33.57		–0.82		6.62		8.66
CREF Equity Index	4/29/94	30.34		0.10		—		11.22
CREF Growth	4/29/94	27.75		–6.22		—		8.47
Equities & Fixed Income
CREF Social Choice	3/1/90	19.56		2.83		9.63		10.50
Fixed Income
CREF Bond Market	3/1/90	4.33		6.49		6.63		7.91
CREF Inflation-Linked Bond	5/1/97	7.61		9.18		—		7.76
CREF Money Market*	4/1/88	0.75		3.50		4.37		5.07

Net Annualized Yield			Net Annualized Yield
(30-Day Period Ended 12/29/2003)			(7-Day Period Ended 12/29/2003)
	Current			Current		Effective
CREF Bond Market	3.57	%	CREF Money Market*	0.70	%	0.70	%

*	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.
Due to market volatility, recent performance may differ from the figures shown in this report. For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2252. Past performance should not be taken as a guarantee of future rates of return. Future returns will fluctuate, as will the value of investment principal. The shares you own may be worth more or less upon redemption.
The CREF accounts are not promoted or sponsored by, or affiliated with, the Frank Russell Company. The Russell indexes are not investment accounts, and you cannot invest directly in them.

With This Report, a New Look

The format of this year’s CREF Annual Report is new. While the page size is smaller, the report offers more information about the accounts in which you’ve invested for your retirement. This smaller size cuts both printing and postage costs—savings that benefit all participants.

     We have added new features, including a bar graph that shows year-by-year returns and an Investor Insight box with useful information about each account. These features respond to
requests from participants and are part of our ongoing commitment to communicate clearly about investment performance.

     Many participants will receive an annual report for only those accounts they are invested in; however, for your reference, the chart on the facing page shows performance for all eight CREF accounts. If you would like to have the annual report for all accounts, it is available by calling toll-free 800 842-2252 or by visiting the TIAA-CREF Web Center at www.tiaa-cref.org.

     Also, on our Web Center you can sign up for e-delivery of the annual reports. E-delivery
allows you to get this information much sooner.

     As always, you should carefully consider the investment objectives, risks, and charges and expenses of any account before investing. Please visit the Web Center for a prospectus that contains this and other important information. Read it carefully before investing.

Contents

Investment Management Letter	ii	Bond Market Account	BM-1
		Statement of Investments	BM-4
Accounts		Financial Statements	BM-21
Stock Account	ST-1	Social Choice Account	SC-1
Statement of Investments	ST-4	Statement of Investments	SC-4
Financial Statements	ST-61	Financial Statements	SC-26
Growth Account	GR-1	Inflation-Linked Bond Account	IL-1
Statement of Investments	GR-4	Statement of Investments	IL-4
Financial Statements	GR-10	Financial Statements	IL-5
Global Equities Account	GL-1	2003 CREF Annual Meeting	A-1
Statement of Investments	GL-4
Financial Statements	GL-17	Management	A-3
Money Market Account	MM-1	For More Information	Inside Back Cover
Statement of Investments	MM-4
Financial Statements	MM-9
Equity Index Account	EQ-1
Statement of Investments	EQ-4
Financial Statements	EQ-44

Report to CREF Participants

World stock markets rewarded investors during 2003 with their best results in 17 years, as measured by the Morgan Stanley World Index^SM, which soared to a 33.11% gain for the year. About one-quarter of that advance resulted from the declining value of the dollar against several major currencies.

     The rally was spurred, in part, by signs of economic recovery in the United States and by surging growth in China, both of which improved the prospects for growth worldwide. In the United States, the Russell 3000^® Index, which tracks the broad domestic stock market, rose 31.06%—the best performance by the index since 1997.

     When stock markets turn sharply upwards, as happened during the second quarter of 2003, CREF’s strategy of remaining fully invested at all times enables its portfolios to capture these market gains. Money managers who maintained a cushion of cash holdings found themselves chasing returns as the rally continued and intensified in the fourth quarter.

     The rally in domestic stocks was also fueled by improved corporate earnings and higher productivity. The nation’s gross domestic product increased at an 8.2% rate in the third quarter. Even at half that rate, growth would be above long-term trends in the United States.

Being fully invested at all times means CREF’s portfolios capture the market’s gains.

Small-Cap Stocks Lead the Way

The advance in U.S. stocks was led by smaller issues: the small-cap Russell 2000^® Index jumped 47.25%—its largest one-year increase ever. The Russell Midcap^® Index advanced 40.06%, and the Russell 1000^®, which consists mostly of large-cap stocks, rose 29.89%. While gains varied widely among companies of different sizes, all 12 Russell industry sectors shared in the rally, with returns ranging from 17.3% for utilities to 50% in the technology sector.

     Three of the four CREF accounts that invest entirely in stocks outperformed their Morningstar peer groups. The CREF Stock Account returned 31.97%, somewhat trailing the account’s composite benchmark, but ahead of the broad U.S. market as measured by the Russell 3000. The CREF Global Equities Account, boosted by strong returns in Europe and by the appreciation of the pound and euro against the dollar, returned 33.57%, outperforming the 33.11% return of the Morgan Stanley World Index. The CREF Equity Index Account returned 30.34%, closely tracking its Russell 3000 benchmark.

ii  2003 CREF Annual Report   College Retirement Equities Fund

     The CREF Growth Account returned 27.75%, trailing the 29.75% return of its benchmark, the Russell 1000^® Growth Index. The CREF Social Choice Account, which invests in both stocks and fixed-income investments, lagged its benchmark.

Bond Markets Are Buffeted

With the unemployment rate at its highest level since 1994 and a sizable portion of the nation’s productive capacity still idle, the Federal Reserve Board cut short-term rates in June to their lowest levels in 45 years and kept them there through December. Reflecting this action, the 10-year Treasury rate dropped to 3.11% in June but climbed back to 4.25% by year’s end. That increase in longer-term rates constrained returns in the fixed-income markets. The Lehman Brothers Aggregate Bond Index, which tracks corporate, government, and asset-backed bonds, returned 4.10% for the year, after posting a return of 10.26% in 2002.

     The CREF Bond Market Account performed well, considering the low-interest-rate environment. Its 4.33% return outpaced its benchmark, the Lehman index. Inflation-protected bonds continued to outperform most bond categories, with the CREF Inflation-Linked Bond Account returning 7.61%. The account changed its benchmark on October 1 from the Salomon Smith Barney Inflation Linked Securities Index to the Lehman Brothers U.S. TIPS (Treasury Inflation-Protected Securities) Index. This change was made because we believe the Lehman index tracks the market more accurately. The account slightly trailed the returns of both benchmarks.

     Historically, low short-term interest rates have reduced money market yields, but the CREF Money Market Account was able to add value above that of its benchmark by allocating assets effectively and maintaining low expenses.

     While fixed-income and equity accounts traded places in 2003, with stocks coming out far ahead, it was a volatile year. Some TIAA-CREF participants smoothed out the volatility of their retirement portfolios with allocations to TIAA Traditional and to the Real Estate Account. Both have had positive results every year since their inception—the Real Estate Account in 1995, TIAA Traditional in 1918.

/s/ Scott Evans	/s/ John Somers
Scott Evans	John Somers
Executive Vice President,	Executive Vice President,
Equity Investments	Fixed-Income Investments

 

  College Retirement Equities Fund   2003 CREF Annual Report  iii

CREF Stock Account  U.S. and Foreign Stocks

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The CREF Stock Account returned 31.97%, compared with 32.73% for its composite benchmark, a weighted average of the Russell 3000^® and the MSCI EAFE^®+Canada indexes. The account’s return surpassed the 25.82% average of similar variable annuities, as measured by the Morningstar Large Blend (VA) category, which tracked 2,552 funds at year’s end.

Stock Prices Rise Worldwide

Both U.S. and foreign stock prices rebounded sharply during 2003. The year began with a 3.04% loss for the Russell 3000 during the first quarter, leaving the index down more than 47% for the three years ended March 31, 2003. Apparent progress in Iraq then sparked a rally that continued through the next nine months, bolstered by large gains in corporate earnings. The Russell was up 12.22% at mid-year and finished the year with a robust gain of 31.06%. The EAFE^®+ Canada Index did even better, jumping 39.42%. Nearly half of that gain resulted from changes in exchange rates as several major foreign currencies gained strength against the dollar.

Ahead of the U.S. Market

Most of the difference between the Stock Account’s return and its composite benchmark’s resulted from expense charges. (Benchmarks do not include a deduction for expenses.) The U.S. segment of the account outperformed the Russell 3000, while the foreign segment trailed the EAFE+Canada Index slightly. Helped by a strong foreign market and a declining dollar, the account’s allocation to foreign stocks enabled it to outperform the broad U.S. market, as measured by the Russell 3000, by nearly a full percentage point.

Performance vs. the Benchmark

In the U.S. segment, performance benefited from individual stock selections that included insurer Aetna, computer network provider Cisco Systems, and travel services company Cendant Corporation. These offset underperforming holdings such as Wal-Mart, General Electric, and Verizon Communications.

     In the foreign segment, positive contributions came from such stock selections as chemical company Akzo Nobel and ASM Lithography in the Netherlands and internet company Yahoo Japan and computer firm Softbank in Japan. These contributions were offset by the performance of other holdings, including mobile phone company Vodafone in Britain, consumer products maker Unilever in the Netherlands, and Fuji Photo Film in Japan.

 

  Stock Account   2003 CREF Annual Report  ST-1

CREF Stock Account  U.S. and Foreign Stocks

PERFORMANCE

Investment Objective

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

$10,000 over Ten Years	Calendar Year Total Returns

Performance as of 12/31/2003

	Average Annual Compound						Cumulative Rates
	Rates of Total Return1						of Total Return1
	1 year		5 years		10 years		5 years		10 years
Cref Stock Account	31.97	%	0.04	%	9.28	%	0.19	%	143.05	%
Benchmarks:
Russell 3000® Index	31.06		0.37		10.77		1.86		178.24
MSCI EAFE®+Canada Index	39.42		0.51		4.77		2.58		59.34
CREF Composite Benchmark	32.73		0.47		9.95		2.37		158.34
Peer groups:
Morningstar Large Blend (VA)	25.82		–1.88		8.21		–9.04		120.03
Morningstar Foreign Large Blend (VA)	32.37		–1.38		3.26		-6.71		37.76

¹ Past performance of the CREF Stock Account should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the units you own may be worth more or less than their original value. Due to market volatility, the account’s recent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 1 800 842-2252.

ST-2  2003 CREF Annual Report   Stock Account

CREF Stock Account  U.S. and Foreign Stocks

PROFILE

Ten Largest Holdings (as of 12/31/2003)  

	Percent of
Company	Net Assets
ExxonMobil Corp	2.00
Pfizer, Inc	1.93
General Electric Co	1.87
Citigroup, Inc	1.78
Microsoft Corp	1.61
Intel Corp	1.33
Cisco Systems, Inc	1.25
Int’l Business Machines Corp	1.10
Procter & Gamble Co	1.08
American Int'l Group, Inc	0.95
Total	14.90

Account Facts

Inception Date	8/1/1952
Net Assets (12/31/2003)	$99.62 billion
2003 Actual Expense Charge*	0.52%

* We estimate expenses each year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically, adjustments have been small.

CREF Stock’s portfolio contains both U.S. and foreign stocks, selected by using a combination of active and indexing techniques. The portfolio includes both growth and value stocks and invests in companies of all sizes.

Diversification Among World Markets

	Percent of
Country	Net Assets
United States	79.44
United Kingdom	5.00
Japan	4.31
France	1.86
Switzerland	1.78
Netherlands	1.51
23 others	6.10
Total	100.00

Capitalization (as of 12/31/2003)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion	81.67
Middle: $1–$5 billion	13.35
Small: Under $1 billion	4.98
Total	100.00

The Account’s Benchmark

The account’s benchmark is a composite index weighted to reflect the relative sizes of the domestic and foreign segments (about 80% domestic/ 20% foreign as of 12/31/03). Most of the benchmark’s return comes from the Russell 3000^® Index, which tracks the stocks of the 3,000 largest publicly traded U.S. companies. The foreign portion comes from the Morgan Stanley Capital International Europe, Australasia, and Far East + Canada Index.

 

  Stock Account   2003 CREF Annual Report  ST-3

Statement of Investments - Stock Account - - December 31, 2003

Summary by Industry
	VALUE (000)	%
CORPORATE BONDS
Holding and Other    Investment Offices	$ 1,230	0.00%
Insurance Carriers	6,564	0.01
TOTAL CORPORATE BONDS
(Cost $5,022)	7,794	0.01
GOVERNMENT BONDS
Government Bonds	349	0.00
TOTAL GOVERNMENT BONDS
(Cost $318)	349	0.00
TOTAL BONDS    (Cost $5,340)	8,143	0.01
PREFERRED STOCK
Chemicals and Allied Products	24,231	0.02
Communications	0	0.00
Instruments and Related
Products	5,179	0.01
Insurance Carriers	704	0.00
Motion Pictures	1,556	0.00
Primary Metal Industries	0	0.00
Printing and Publishing	63,548	0.06
Transportation Equipment	22,088	0.02
TOTAL PREFERRED STOCK
(Cost $92,746)	117,306	0.11
COMMON STOCK
Agricultural Production-Crops	7,061	0.01
Agricultural Production-Livestock	710	0.00
Agricultural Services	33,656	0.03
Amusement and Recreation
Services	133,535	0.13
Apparel and Accessory Stores	472,411	0.47
Apparel and Other Textile
Products	191,211	0.19
Auto Repair, Services and Parking	26,792	0.03
Automotive Dealers and
Service Stations	127,137	0.13
Building Materials and
Garden Supplies	1,008,584	1.01
Business Services	6,027,858	6.05
Chemicals and Allied Products	11,502,009	11.54
Coal Mining	39,877	0.04
Communications	6,165,104	6.19
Depository Institutions	11,982,038	12.03
Eating and Drinking Places	618,447	0.62
Educational Services	176,704	0.18
Electric, Gas, and
Sanitary Services	3,433,497	3.45
Electronic and Other Electric
Equipment	7,842,925	7.87

Engineering and Management
Services	$ 768,452	0.77%
Executive, Legislative and
General	185	0.00
Fabricated Metal Products	628,785	0.63
Food and Kindred Products	3,428,025	3.44
Food Stores	683,800	0.69
Forestry	136,713	0.14
Furniture and Fixtures	230,585	0.23
Furniture and Homefurnishings
Stores	365,457	0.37
General Building Contractors	377,522	0.38
General Merchandise Stores	1,922,189	1.93
Health Services	645,141	0.65
Heavy Construction,
Except Building	155,838	0.16
Holding and Other    Investment Offices	1,830,011	1.84
Hotels and Other Lodging Places	333,857	0.34
Industrial Machinery and
Equipment	6,177,239	6.19
Instruments and
Related Products	2,655,403	2.67
Insurance Agents, Brokers and
Service	322,987	0.32
Insurance Carriers	4,892,773	4.91
Justice, Public Order and Safety	1,396	0.00
Leather and Leather Products	65,559	0.07
Legal Services	2,781	0.00
Local and Interurban
Passenger Transit	83,286	0.08
Lumber and Wood Products	104,701	0.11
Metal Mining	502,789	0.50
Miscellaneous Manufacturing
Industries	173,480	0.17
Miscellaneous Retail	937,101	0.94
Motion Pictures	992,960	1.00
Nondepository Institutions	2,320,776	2.33
Nonmetallic Minerals,
Except Fuels	32,497	0.03
Oil and Gas Extraction	1,721,293	1.73
Paper and Allied Products	550,707	0.55
Personal Services	151,028	0.15
Petroleum and Coal Products	4,229,738	4.25
Pipelines, Except Natural Gas	45,659	0.05
Primary Metal Industries	642,324	0.64
Printing and Publishing	806,133	0.81
Railroad Transportation	426,262	0.43
Real Estate	196,224	0.20
Rubber and Miscellaneous
Plastic Products	231,435	0.23
Security and Commodity Brokers	1,802,880	1.81
Social Services	3,383	0.00
Special Trade Contractors	27,140	0.03

ST-4  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	VALUE (000)	%
Stone, Clay, and Glass Products	$ 367,223	0.37%
Tobacco Products	981,366	0.99
Transportation by Air	418,952	0.42
Transportation Equipment	3,150,728	3.16
Transportation Services	75,972	0.08
Trucking and Warehousing	386,795	0.39
Water Transportation	94,921	0.10
Wholesale Trade-Durable Goods	1,253,144	1.26
Wholesale Trade-Nondurable
Goods	848,303	0.85
TOTAL COMMON STOCK
(Cost $75,686,608)	98,973,454	99.36
SHORT TERM INVESTMENTS
Bankers Acceptance	9,992	0.01
Certificates of Deposit	319,999	0.32
Commercial Paper	1,569,174	1.57
U.S. Government and
Agencies Discount Notes	1,217,293	1.22
Variable Note	25,005	0.03
TOTAL SHORT TERM INVESTMENTS
(Cost $3,141,388)	3,141,463	3.15
TOTAL PORTFOLIO
(Cost $78,926,082)	102,240,366	102.63
OTHER ASSETS AND
LIABILITIES, NET	(2,616,025)	(2.63)
NET ASSETS	$ 99,624,341	100.00%

	PRINCIPAL			VALUE (000)
BONDS—0.01%
CORPORATE BONDS—0.01%
HOLDING AND OTHER INVESTMENT      OFFICES—0.00%
			National Health
			Investors, Inc
$	346,000	f	9.000%, 01/01/06	$ 1,230
			TOTAL HOLDING AND OTHER
			INVESTMENT OFFICES	1,230
INSURANCE CARRIERS—0.01%
			AXA
	325,473	e*	0.009%, 12/21/04	6,564
			TOTAL INSURANCE
			CARRIERS	6,564
			TOTAL CORPORATE BONDS
			(Cost $5,022)	7,794

GOVERNMENT BONDS—0.00%
			United States Treasury
			Note
$	325,000		5.000%, 02/15/11	$ 349
			TOTAL GOVERNMENT BONDS	349
			TOTAL GOVERNMENT BONDS
			(Cost $318)	349
			TOTAL BONDS
			(Cost $5,340)	8,143
	SHARES
PREFERRED STOCK—0.11%
CHEMICALS AND ALLIED PRODUCTS—0.02%
	941,176	f*	Advanced Medicine
			Series C	9,412
	444,445	f*	Advanced Medicine
			Series D	4,444
	132,669		Henkel Kgaa	10,375
			TOTAL CHEMICALS AND
			ALLIED PRODUCTS	24,231
COMMUNICATIONS—0.00%
	1		Tele Norte Leste
			Participacoes S.A.	0
			TOTAL COMMUNICATIONS	0
INSTRUMENTS AND RELATED       PRODUCTS—0.01%
	102,777		Fresenius Medical Care AG.	5,179
			TOTAL INSTRUMENTS AND
			RELATED PRODUCTS	5,179
INSURANCE CARRIERS—0.00%
	25,127	*	Great-West Lifeco, Inc
			Series F	530
	8,192	*	Great-West Lifeco, Inc
			Series X	174
			TOTAL INSURANCE
			CARRIERS	704
MOTION PICTURES—0.00%
	93,131		Prosieben Media AG.	1,556
			TOTAL MOTION PICTURES	1,556
PRIMARY METAL INDUSTRIES—0.00%
	490,350	*	Superior Trust I	0
			TOTAL PRIMARY METAL
			INDUSTRIES	0
PRINTING AND PUBLISHING—0.06%
	7,501,257		News Corp Ltd	56,518
	232,398		News Corp Ltd (Spon ADR)	7,030
			TOTAL PRINTING AND
			PUBLISHING	63,548

 

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-5

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
TRANSPORTATION EQUIPMENT—0.02%
	25,600	e	Porsche AG.	$ 15,193
	168,282		United Defense
			Industries, Inc	5,365
	42,203		Volkswagen AG. (Vorzug)	1,530
			TOTAL TRANSPORTATION
			EQUIPMENT	22,088
			TOTAL PREFERRED STOCK
			(Cost $92,746)	117,306
COMMON STOCK—99.36%
AGRICULTURAL PRODUCTION-CROPS—0.01%
	22,459		Alico, Inc	781
	247,255		Delta & Pine Land Co	6,280
			TOTAL AGRICULTURAL
			PRODUCTION-CROPS	7,061
AGRICULTURAL PRODUCTION-       LIVESTOCK—0.00%
	2,519		Seaboard Corp	710
			TOTAL AGRICULTURAL
			PRODUCTION-
			LIVESTOCK	710
AGRICULTURAL SERVICES—0.03%
	499,690		Syngenta AG.	33,656
			TOTAL AGRICULTURAL
			SERVICES	33,656
AMUSEMENT AND RECREATION       SERVICES—0.13%
	330,793	*	Alliance Gaming Corp	8,154
	156,839	*	Argosy Gaming Co	4,076
	211,196	*	Aztar Corp	4,752
	204,416	e*	Bally Total Fitness
			Holding Corp	1,431
	37,550		Churchill Downs, Inc	1,359
	70,142		Dover Downs Gaming &
			Entertainment, Inc	664
	105,791		Dover Motorsport, Inc	370
	388,523		EMI Group plc	1,104
	109,117	*	Gaylord Entertainment Co	3,257
	906,527		Harrah’s Entertainment, Inc	45,118
	148,453		International Speedway
			Corp (Class A)	6,630
	113,410	*	Isle Of Capri Casinos, Inc	2,435
	278,645		Magna Entertainment Corp
			(Class A)	1,413
	141,060	*	MTR Gaming Group, Inc	1,453
	76,559	*	Multimedia Games, Inc	3,147
	73,800		OPAP S.A.	1,061
	34		Oriental Land Co Ltd	2
	208,169	*	Penn National Gaming, Inc	4,805
	108,830		Sankyo Co Ltd (Gunma)	3,453

	609,576	*	Six Flags, Inc	$ 4,584
	92,544		Speedway Motorsports, Inc	2,676
	202,294		Station Casinos, Inc	6,196
	210,000		TAB Ltd	731
	364,714	e	TABCORP Holdings Ltd	3,086
	1,899,450		William Hill plc	14,519
	231,814	*	WMS Industries, Inc	6,074
	75,187		World Wrestling Federation
			Entertainment, Inc	985
			TOTAL AMUSEMENT AND
			RECREATION SERVICES	133,535
APPAREL AND ACCESSORY STORES—0.47%
	527,021	*	Abercrombie & Fitch Co
			(Class A)	13,023
	135,653	*	Aeropostale, Inc	3,720
	633,029	*	American Eagle
			Outfitters, Inc	10,382
	297,237	*	AnnTaylor Stores Corp	11,592
	31,534	*	Bebe Stores, Inc	820
	47,606		Buckle, Inc	1,054
	119,618		Burlington Coat Factory
			Warehouse Corp	2,531
	1,880	*	Cache, Inc	39
	64,900	*	Carter’s, Inc	1,652
	168,252	e*	Casual Male Retail
			Group, Inc	1,168
	108,316		Cato Corp (Class A)	2,220
	82,203	*	Charlotte Russe
			Holding, Inc	1,139
	719,217	*	Charming Shoppes, Inc	3,884
	416,633	*	Chico’s FAS, Inc	15,395
	82,949	*	Children’s Place Retail
			Stores, Inc	2,217
	241,473		Christopher & Banks Corp	4,716
	347,640		Claire’s Stores, Inc	6,550
	217,236	f	Claire’s Stores, Inc (Class A)	4,093
	29,601		Deb Shops, Inc	636
	143,780		Douglas Holding AG.	3,997
	158,625	*	Dress Barn, Inc	2,378
	4,184	b*	Edison Brothers
			Stores, Inc Wts 12/10/05	0
	2,425	e*	Factory 2-U Stores, Inc	3
	51,470		Fast Retailing Co Ltd	3,127
	116,982	*	Finish Line, Inc (Class A)	3,506
	697,764		Foot Locker, Inc	16,363
	128,659	e*	Footstar, Inc	495
	6,047,250		Gap, Inc	140,357
	142,652	*	Genesco, Inc	2,158
	120,617		Goody’s Family Clothing, Inc	1,129
	194,636	*	Gymboree Corp	3,354
	522,114		Hennes & Mauritz AB (B Shs)	12,408
	319,549	*	Hot Topic, Inc	9,414

ST-6  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
APPAREL AND ACCESSORY       STORES—(Continued)
	31,632	e*	JOS A. Bank Clothiers, Inc	$ 1,097
	2,439,335		Limited Brands, Inc	43,981
	26,459	*	Mothers Work, Inc	646
	435,964		Nordstrom, Inc	14,954
	62,161		Oshkosh B’gosh, Inc
			(Class A)	1,334
	480,110	*	Pacific Sunwear Of
			California, Inc	10,140
	447,675	*	Payless Shoesource, Inc	5,999
	1,029,668		Ross Stores, Inc	27,214
	58		Shimamura Co Ltd	4
	47,561	*	Shoe Carnival, Inc	847
	119,739	*	Stage Stores, Inc	3,341
	165,595		Talbots, Inc	5,097
	2,738,408		TJX Cos, Inc	60,382
	225,458	e*	Too, Inc	3,806
	165,114	*	Urban Outfitters, Inc	6,117
	155,875	*	Wet Seal, Inc (Class A)	1,542
	111,858	*	Wilsons The Leather
			Experts, Inc	390
			TOTAL APPAREL AND
			ACCESSORY STORES	472,411
APPAREL AND OTHER TEXTILE       PRODUCTS—0.19%
	188,505		Albany International Corp
			(Class A)	6,390
	745,908		Ansell Ltd	3,625
	164,794		Aoyama Trading Co Ltd	3,306
	1,900,000		Burberry Group Plc	12,432
	199,737	e*	Collins & Aikman Corp	865
	69,855	*	Columbia Sportswear Co	3,807
	3,664	*	Culp, Inc	40
	137,075	e*	DHB Industries, Inc	960
	768,571		Esprit Holdings Ltd	2,559
	48,268	*	Guess?, Inc	583
	793,662		Gunze Ltd	3,592
	10,065	*	Hampshire Group Ltd	316
	285,961	*	Interface, Inc (Class A)	1,581
	1,193,257		Jones Apparel Group, Inc	42,038
	183,699		Kellwood Co	7,532
	949,000		Kuraray Co Ltd	8,005
	614,764		Liz Claiborne, Inc	21,800
	263,964	*	Mohawk Industries, Inc	18,620
	4,696	*	Mossimo, Inc	20
	75,081		Onward Kashiyama Co Ltd	911
	82,524		Oxford Industries, Inc	2,796
	162,375		Phillips-Van Heusen Corp	2,881
	196,886		Polo Ralph Lauren Corp	5,670
	7,812		Quaker Fabric Corp	74
	364,151	*	Quiksilver, Inc	6,456

	1,808,000		Toyobo Co Ltd	$ 3,948
	430,570		VF Corp	18,618
	229,333	*	Warnaco Group, Inc	3,658
	38,897	be*	Westpoint Stevens, Inc	1
	200,000		Wing Tai Holdings Ltd	98
	249,400		World Co Ltd	8,029
			TOTAL APPAREL AND OTHER
			TEXTILE PRODUCTS	191,211
AUTO REPAIR, SERVICES AND    PARKING—0.03%
	118,141		Central Parking Corp	1,764
	800,000		ComfortDelgro Corp Ltd	384
	157,117	*	Dollar Thrifty Automotive
			Group, Inc	4,076
	91,693	*	Midas, Inc	1,311
	56,416	*	Monro Muffler Brake, Inc	1,129
	395,000	e	Park24 Co Ltd	9,048
	265,879		Ryder System, Inc	9,080
			TOTAL AUTO REPAIR,
			SERVICES AND PARKING	26,792
AUTOMOTIVE DEALERS AND SERVICE       STATIONS—0.13%
	139,041	*	Advance Auto Parts	11,318
	28,463	*	America’s Car Mart, Inc	766
	38,991	*	Asbury Automotive
			Group, Inc	698
	1,026,413	*	Autonation, Inc	18,855
	354,773	*	Autozone, Inc	30,230
	484,072	e	Canadian Tire Corp (Class A)	14,778
	466,698	*	Carmax, Inc	14,435
	445,925	*	Copart, Inc	7,358
	221,930	*	CSK Auto Corp	4,166
	117,720	*	Group 1 Automotive, Inc	4,260
	89,509		Lithia Motors, Inc (Class A)	2,257
	47,216	*	MarineMax, Inc	917
	195,671	*	O’Reilly Automotive, Inc	7,506
	176,290		Sonic Automotive, Inc	4,041
	108,365		United Auto Group, Inc	3,392
	77,658	e*	West Marine, Inc	2,160
			TOTAL AUTOMOTIVE DEALERS
			AND SERVICE STATIONS	127,137
BUILDING MATERIALS AND GARDEN       SUPPLIES—1.01%
	82,649		Building Materials
			Holding Corp	1,284
	104,680	*	Central Garden & Pet Co	2,934
	599,000		Cheung Kong Infrastructure
			Holdings Ltd	1,342
	306,328		Fastenal Co	15,298
	16,488,660		Home Depot, Inc	585,183
	699,745	*	Louisiana-Pacific Corp	12,511

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-7

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
BUILDING MATERIALS AND GARDEN       SUPPLIES—(Continued)
	6,831,526		Lowe’s Cos	$ 378,398
	822,676		Wolseley plc	11,634
			TOTAL BUILDING MATERIALS
			AND GARDEN SUPPLIES	1,008,584
BUSINESS SERVICES—6.05%
	1,810,977	*	3Com Corp	14,796
	8,004	*	3D Systems Corp	81
	155,099		Aaron Rents, Inc	3,122
	260,453		ABM Industries, Inc	4,534
	1,001	*	Acacia Research—
			Acacia Technologies	5
	210	e	Access Co Ltd	12,698
	29,921		Acciona S.A.	1,821
	227,989	*	ActivCard Corp	1,797
	584,248	*	Activision, Inc	10,633
	2,700	*	Actuate Corp	8
	358,613	*	Acxiom Corp	6,659
	201,377		Adecco S.A. (Regd)	12,945
	144,081	*	Administaff, Inc	2,504
	1,382,538		Adobe Systems, Inc	54,334
	214,126	*	Advent Software, Inc	3,732
	199,301		Advo, Inc	6,330
	190,082		Aegis Group plc	336
	70		Aeon Credit Service Co Ltd	3
	247,351	*	Aether Systems, Inc	1,175
	924,855	*	Affiliated Computer
			Services, Inc (Class A)	50,368
	283,855	*	Agile Software Corp	2,810
	685,601	e*	Akamai Technologies, Inc	7,370
	125,753	*	Alliance Data Systems Corp	3,481
	63,698	*	Altiris, Inc	2,324
	280,914	*	American Management
			Systems, Inc	4,233
	127,399	e*	AMN Healthcare
			Services, Inc	2,186
	465,681		Anglo Irish Bank Corp PLC	7,348
	40,226	*	Ansoft Corp	516
	101,897	*	Ansys, Inc	4,045
	125,287	*	Anteon International Corp	4,517
	191,205	*	APAC Customer
			Services, Inc	497
	275,998	*	Aquantive, Inc	2,829
	197,394	*	Arbitron, Inc	8,235
	1,780,005	*	Ariba, Inc	5,340
	154,981	*	Armor Holdings, Inc	4,078
	146,700		Asatsu-DK, Inc	3,778
	398,990	*	Ascential Software Corp	10,346
	197,996	*	Asiainfo Holdings, Inc	1,323
	245,061	e*	Ask Jeeves, Inc	4,441
	275,618	*	Aspect Communications

		Corp	$ 4,344
248,581	e*	Aspen Technology, Inc	2,550
189,778	*	At Road, Inc	2,524
91,943	*	Atari, Inc	386
6,000		Atos Origin	384
221,514	*	Autobytel, Inc	2,011
518,019		Autodesk, Inc	12,733
3,568,953		Automatic Data
		Processing, Inc	141,366
49,327	*	Bankrate, Inc	611
97,716		Barra, Inc	3,468
3,329,660	*	BEA Systems, Inc	40,955
811,843	*	Bisys Group, Inc	12,080
3,304,943	*	BMC Software, Inc	61,637
468,249	*	Borland Software Corp	4,556
118,839		Brady Corp (Class A)	4,843
367,893		Brink’s Co	8,318
167,294	e*	Broadvision, Inc	713
3,339,890	*	Brocade Communications
		Systems, Inc	19,305
94,264	e	Business Objects	3,288
130,000	e*	Business Objects S.A.
		(Spon ADR)	4,507
193,734	*	CACI International, Inc
		(Class A)	9,419
1,248,707	*	Cadence Design
		Systems, Inc	22,452
216,432		Cap Gemini S.A.	9,612
427,800	e	Capcom Co Ltd	5,269
308,400		Capita Group plc	1,342
253,480	*	Catalina Marketing Corp	5,110
86,753	*	CCC Information Services
		Group, Inc	1,466
81,424		CDI Corp	2,667
12,111,769	*	Cendant Corp	269,729
619,636	*	Ceridian Corp	12,975
192,882	e*	Cerner Corp	7,301
334,607		Certegy, Inc	10,975
1,978,674	*	CGI Group, Inc	12,403
373,808	e*	Checkfree Corp	10,336
750,526	*	ChoicePoint, Inc	28,588
360,091	*	Ciber, Inc	3,118
916,312	*	Citrix Systems, Inc	19,435
2,459,641	e*	CMGI, Inc	4,378
742,750	*	CNET Networks, Inc	5,066
351,892	*	Cognizant Technology
		Solutions Corp	16,060
171,500	*	Cognos, Inc	5,251
21,705	*	Cognos, Inc (Canada)	665
3,294,304		Computer Associates
		International, Inc	90,066
221,510	*	Computer Horizons Corp	871

ST-8  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
BUSINESS SERVICES—(Continued)
	28,162		Computer Programs &
			Systems, Inc	$ 567
	832,609	*	Computer Sciences Corp	36,826
	567,947		Computershare Ltd	1,416
	1,843,403	*	Compuware Corp	11,134
	108,820	*	Concord
			Communications, Inc	2,173
	151,317	*	Concur Technologies, Inc	1,465
	32,224	*	Convera Corp	110
	948,299	*	Convergys Corp	16,557
	88,552	*	CoStar Group, Inc	3,691
	3,720	*	Covansys Corp	41
	16,366	b*	Cross Media Marketing Corp	0
	356,697	*	CSG Systems
			International, Inc	4,455
	2,439	e	CSK Corp	88
	81,887	*	Cyberguard Corp	714
	435,596	*	D&B Corp	22,089
	216,000		Datacraft Asia Ltd	272
	110,840	*	Datastream Systems, Inc	870
	418,894		Deluxe Corp	17,313
	202,528	*	Dendrite International, Inc	3,174
	7,540		Dentsu, Inc	37,992
	1,142,571		Deutsche Post AG. (Regd)	23,563
	881,500		Diamond Lease Co Ltd	24,635
	63,499	*	Digimarc Corp	845
	194,191	*	Digital Insight Corp	4,835
	193,912	*	Digital River, Inc	4,285
	258,563	e*	Digitalthink, Inc	727
	5,357	*	DocuCorp International, Inc	54
	624,745	*	DoubleClick, Inc	6,385
	900,709	*	DST Systems, Inc	37,614
	2,450	*	Dynamics Research Corp	40
	396,664	*	E.piphany, Inc	2,860
	826,083	*	Earthlink, Inc	8,261
	195,681	e*	Echelon Corp	2,180
	267,383	*	Eclipsys Corp	3,112
	90,667	*	eCollege.com, Inc	1,674
	311,083	*	eFunds Corp	5,397
	96,095		Electro Rent Corp	1,282
	1,114,821	*	Electronic Arts, Inc	53,266
	2,341,594		Electronic Data
			Systems Corp	57,463
	90,363	*	Embarcadero
			Technologies, Inc	1,441
	1,362,806	*	Enterasys Networks, Inc	5,111
	321,534	*	Entrust, Inc	1,312
	400	e*	Envision Development Corp	0
	242,205	*	Epicor Software Corp	3,091
	82,444	*	EPIQ Systems, Inc	1,412
	921,897		Equifax, Inc	22,586
	161,736	*	eSpeed, Inc (Class A)	3,786

677,471	*	Extreme Networks, Inc	$ 4,885
171,608	*	F5 Networks, Inc	4,307
167,053		Factset Research
		Systems, Inc	6,383
211,965		Fair Isaac Corp	10,420
234,370	*	Filenet Corp	6,347
85,531	e*	FindWhat.com	1,604
3,817,390		First Data Corp	156,857
1,064,911	*	Fiserv, Inc	42,075
249,924	*	Freemarkets, Inc	1,672
115,246	*	Gerber Scientific, Inc	917
277,039	*	Getty Images, Inc	13,888
88,896		Gevity HR, Inc	1,977
4,885		Grey Global Group, Inc	3,337
60,265	*	Group 1 Software, Inc	1,062
107,009	e*	GSI Commerce, Inc	1,045
258,826		GTECH Holdings Corp	12,809
4,991	*	Hall Kinion &
		Associates, Inc	25
285,216	*	Harris Interactive, Inc	2,367
422,000		Haw Par Corp Ltd	1,108
762,835		Hays plc	1,639
63,466		Healthcare Services Group	1,224
117,170	*	Heidrick & Struggles
		International, Inc	2,554
350,916		Henry (Jack) &
		Associates, Inc	7,222
2,100		Hitachi Software
		Engineering Co Ltd	54
588,565	e*	Homestore, Inc	2,784
48,919	e*	Hudson Highland Group, Inc	1,167
391,342	*	Hyperion Solutions Corp	11,795
147,666	e*	i2 Technologies, Inc	245
23,152	*	ICT Group, Inc	272
114,327	*	IDX Systems Corp	3,066
132,862	*	iGate Corp	1,043
5,302	*	I-many, Inc	5
169,635		Imation Corp	5,963
1,501,939		IMS Health, Inc	37,338
160,549		Indra Sistemas SA	2,060
429,075	*	Informatica Corp	4,419
2,657	*	Information Resources, Inc	5
3,227	*	Inforte Corp	27
167,793	*	Infospace, Inc	3,868
204,588	*	infoUSA, Inc	1,518
63,083		Integral Systems, Inc	1,358
320,252	*	Intelidata Technologies Corp	528
200,229	*	Interactive Data Corp	3,316
17,584	*	InterActiveCorp	751
208,419	*	Intergraph Corp	4,985
250,605	*	Internet Security
		Systems, Inc	4,719
41,104		Interpool, Inc	596

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-9

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
BUSINESS SERVICES—(Continued)
	2,355,260	*	Interpublic Group Of
			Cos, Inc	$ 36,742
	170,765	*	Interwoven, Inc	2,158
	35,908		Intracom S.A.	245
	109,081	*	Intrado, Inc	2,394
	990,648	*	Intuit, Inc	52,415
	36,479	*	iPayment, Inc	1,240
	309,764	*	Iron Mountain, Inc	12,248
	20,200	e	ISS a/s	996
	116,300		Itochu Techno-Science Corp	3,625
	190,984	*	JDA Software Group, Inc	3,153
	1,891,978	*	Juniper Networks, Inc	35,342
	170,680	e*	Kana Software, Inc	575
	365,316	*	Keane, Inc	5,348
	111,446		Kelly Services, Inc (Class A)	3,181
	1,508,000		Keppel Land Ltd	1,403
	140,055	*	Keynote Systems, Inc	1,667
	2,900	*	Kforce, Inc	27
	160,600	*	KFX ,Inc	1,213
	91,872		Konami Corp	2,675
	237,420	*	Korn/Ferry International	3,167
	244,175	e*	Kroll, Inc	6,349
	202,296	*	Kronos, Inc	8,013
	276,575	*	Labor Ready, Inc	3,623
	498,422	*	Lamar Advertising Co	18,601
	1,094,000		Lastminute.com Plc	4,357
	312,043	*	Lawson Software, Inc	2,568
	34,500	e*	Liberate Technologies	106
	208,245	*	Lionbridge Technologies	2,001
	1,836,078		Logica plc	8,423
	564,829	*	Looksmart Ltd	875
	285,399	*	Macromedia, Inc	5,092
	275,173	*	Macrovision Corp	6,216
	138,579	e*	Magma Design
			Automation, Inc	3,234
	145,286	*	Manhattan Associates, Inc	4,016
	481,734		Manpower, Inc	22,680
	86,215	*	Mantech International
			Corp (Class A)	2,151
	401,931	e*	Manugistics Group, Inc	2,512
	111,462	*	MAPICS, Inc	1,459
	2,000	*	Mapinfo Corp	20
	35,685	e*	Marketwatch.com, Inc	307
	299,889	*	Matrixone, Inc	1,847
	54,307		McGrath RentCorp	1,480
	73,448	*	Medical Staffing Network
			Holdings, Inc	804
	69,990	*	MedQuist, Inc	1,124
	59,922	e*	Memberworks, Inc	1,628
	448,317	*	Mentor Graphics Corp	6,519
	359,404	*	Mercury Interactive Corp	17,481
	15,848	*	MetaSolv, Inc	39

421,072	*	Micromuse, Inc	$ 2,905
58,101,737		Microsoft Corp	1,600,122
71,060	*	MicroStrategy, Inc	3,729
177,076	e*	Midway Games, Inc	687
605,972	*	Mindspeed
		Technologies, Inc	4,151
499,411		Misys plc	1,893
47,608	*	Mobius Management
		Systems, Inc	602
464,616	*	Monster Worldwide, Inc	10,203
660,118	*	MPS Group, Inc	6,172
123,816	*	MRO Software, Inc	1,667
183,372	*	MSC.Software Corp	1,733
121,204		Namco Ltd	3,359
59,732	*	Nassda Corp	433
142,062		National Instruments Corp	6,460
45,363	*	National Processing, Inc	1,068
121,740	*	NCO Group, Inc	2,772
406,762	*	NCR Corp	15,782
232,256		NDCHealth Corp	5,950
50,980	e*	Neoforma, Inc	542
104,152	*	Neoware Systems, Inc	1,427
170,153	*	Netegrity, Inc	1,754
363,527	*	NETIQ Corp	4,817
47,846	*	Netratings, Inc	547
122,856	*	Netscout Systems, Inc	934
263,412	*	NetScreen Technologies, Inc	6,519
927,361	*	Network Associates, Inc	13,948
136,860	*	Network Equipment
		Technologies, Inc	1,505
189,030	*	NIC, Inc	1,518
29		Nippon Kanzai Co Ltd	0
28,267	*	Novadigm, Inc	110
1,730,807	*	Novell, Inc	18,208
128,736	*	Nuance
		Communications, Inc	984
170,162	e*	NYFIX, Inc	1,353
200		Obic Co Ltd	40
1,276,020		Omnicom Group, Inc	111,435
149,000	*	On Assignment, Inc	776
2,461	*	Onyx Software Corp	10
67,966	*	Opnet Technologies, Inc	1,119
317,153	*	Opsware, Inc	2,347
36,428,148	*	Oracle Corp	480,852
181,900	e	Oracle Corp Japan	9,420
153,925	*	Packeteer, Inc	2,614
63,967	e*	PalmSource, Inc	1,394
1,530,085	*	Parametric Technology
		Corp	6,029
128,776	*	PC-Tel, Inc	1,366
94,545	*	PDF Solutions, Inc	1,409
50,549	*	PDI, Inc	1,355

ST-10  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
BUSINESS SERVICES—(Continued)
	56,558	*	PEC Solutions, Inc	$ 959
	166,210	*	Pegasus Solutions, Inc	1,740
	55,837	*	Pegasystems, Inc	481
	6,760	*	Penton Media, Inc	9
	2,782,288	*	Peoplesoft, Inc	63,436
	485,941	*	Perot Systems Corp
			(Class A)	6,550
	4,279	*	Phoenix Technologies Ltd	35
	109,914	*	Pixar, Inc	7,616
	3,500	*	PLATO Learning, Inc	37
	190,355	*	Portal Software, Inc	1,281
	84,451	e*	Portfolio Recovery
			Associates, Inc	2,242
	74,900	*	ProcureNet, Inc	11
	187,992	*	Progress Software Corp	3,846
	15,500	*	Protection One, Inc	6
	2,489	*	Proxymed, Inc	44
	800,687		Public Power Corp	19,795
	34,620		Publicis Groupe S.A.	1,122
	259,021	*	Pumatech, Inc	1,031
	61,893	*	QAD, Inc	759
	2,836	*	QRS Corp	23
	49,416	*	Quadramed Corp	131
	21,124	*	Quality Systems, Inc	942
	274,423	*	Quest Software, Inc	3,897
	3,737	*	Quovadx, Inc	18
	147,260	*	R.H. Donnelley Corp	5,867
	116,851	*	Radiant Systems, Inc	983
	118,983	*	Radisys Corp	2,006
	315,394	*	Raindance
			Communications, Inc	867
	693,697	*	RealNetworks, Inc	3,961
	839,760	*	Red Hat, Inc	15,762
	991,030	e*	Redback Networks, Inc	229
	179,996	*	Register.com, Inc	945
	3,263	*	Remedytemp, Inc (Class A)	36
	62,538	e*	Renaissance Learning, Inc	1,506
	373,392	*	Rent-A-Center, Inc	11,157
	4,467,748		Rentokil Initial plc	15,196
	163,380	*	Rent-Way, Inc	1,338
	363,647	*	Retek, Inc	3,375
	3,638,655		Reuters Group plc	15,307
	155,090	*	Rewards Network, Inc	1,653
	315,578		Reynolds & Reynolds Co
			(Class A)	9,168
	2,292	e*	RMH Teleservices, Inc	12
	770,710	*	Robert Half
			International, Inc	17,988
	139,570		Rollins, Inc	3,147
	181,963	e*	Roxio, Inc	872
	322,858	*	RSA Security, Inc	4,585
	463,632	*	S1 Corp	3,732

70,720	*	SafeNet, Inc	$ 2,176
174,461	*	SAFLINK Corp	469
510,000		Sage Group plc	1,605
99,490	*	Sanchez Computer
		Associates, Inc	413
550,404	e	SAP AG.	92,440
447,000		SAP AG. (Spon ADR)	18,577
1,053,539	*	Sapient Corp	5,900
488,516	e*	Scansoft, Inc	2,599
649,055		Secom Co Ltd	24,225
221,907	*	Secure Computing Corp	3,974
2,385,340		Securicor plc	4,067
387,478	e	Securitas AB (B Shs)	5,224
319,401	*	Seebeyond Technology Corp	1,370
1,550,400		Seiko Epson Corp	72,334
201,400		Serco Group plc	623
149,638	*	Serena Software, Inc	2,746
3,161		SGS S.A.	1,983
4,464,657	*	Siebel Systems, Inc	61,925
15,300	*	Sitel Corp	36
79,653	*	SM&A	932
112,863	e*	Sohu.com, Inc	3,387
355,011	*	SonicWALL, Inc	2,769
305,246	*	Sotheby’s Holdings, Inc
		(Class A)	4,170
61,138	*	Source Interlink Cos, Inc	649
392,389	*	Spherion Corp	3,841
82,193	*	SPSS, Inc	1,470
56,277	*	SRA International, Inc
		(Class A)	2,426
57,034		SS&C Technologies, Inc	1,594
70,785		Startek, Inc	2,887
113,734	*	Stellent, Inc	1,119
54,670	e*	Stratasys, Inc	1,490
771,400		Sumisho Lease Co Ltd	24,545
17,913,696	*	Sun Microsystems, Inc	80,432
2,641,430	*	SunGard Data Systems, Inc	73,194
170,773	*	SupportSoft, Inc	2,246
619,812	*	Sybase, Inc	12,756
163,455	*	Sykes Enterprises, Inc	1,399
1,906,951	*	Symantec Corp	66,076
640,371	*	Synopsys, Inc	21,619
80,292	*	Synplicity, Inc	629
42,369		Syntel, Inc	1,047
220,253	*	Systems & Computer
		Technology Corp	3,601
281,089	e*	Take-Two Interactive
		Software, Inc	8,098
94,651		Talx Corp	2,180
241,217	*	TeleTech Holdings, Inc	2,726
84,037	*	TheStreet.com, Inc	346
308,050	e	Thomson Corp	11,223
254,583	e*	THQ, Inc	4,305

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-11

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
BUSINESS SERVICES—(Continued)
	553,553	*	TIBCO Software, Inc	$ 3,748
	93,721	*	Tier Technologies, Inc
			(Class B)	766
	37,000		Tietoenator Corp	1,013
	57		TIS, Inc	2
	457,193	e	Tiscali S.p.A.	3,195
	518,294	*	Titan Corp	11,304
	1,805,327		Tokyu Corp	9,265
	229,046	e	Total System Services, Inc	7,130
	124,711	*	TradeStation Group, Inc	1,105
	237,440	*	Transaction Systems
			Architects, Inc (Class A)	5,373
	983,500		Trend Micro, Inc	26,384
	4,840	*	Tripos, Inc	32
	205,040	*	Trizetto Group, Inc	1,323
	253,784	*	Tyler Technologies, Inc	2,444
	1,528,327	*	Unisys Corp	22,696
	298,571	*	United Online, Inc	5,013
	368,007	*	United Rentals, Inc	7,088
	110,495	*	Universal Compression
			Holdings, Inc	2,891
	441,360	*	Valueclick, Inc	4,008
	205,595	*	Vastera, Inc	822
	40,274	*	Verint Systems, Inc	909
	2,289,015	*	VeriSign, Inc	37,311
	2,187,595	*	Veritas Software Corp	81,291
	162,215	*	Verity, Inc	2,707
	1,054,792		Viad Corp	26,370
	1,467,298	*	Vignette Corp	3,331
	245,445	*	VitalWorks, Inc	1,085
	122,869	*	Vitria Technology, Inc	872
	52,714	*	Volt Information
			Sciences, Inc	1,191
	334,095		Wanadoo	2,739
	219,388	*	WatchGuard
			Technologies, Inc	1,277
	171,927	e*	WebEx Communications, Inc	3,456
	1,709,333	e*	WebMD Corp	15,367
	301,763	*	webMethods, Inc	2,761
	144,968	*	Websense, Inc	4,239
	939,220	*	Westwood One, Inc	32,131
	1,574,394		Wharf Holdings Ltd	4,360
	484,638	*	Wind River Systems, Inc	4,245
	6,433	*	Witness Systems, Inc	60
	234,515	e	WM-Data AB (B Shs)	505
	92,000		Woodland Corp	253
	6,210,186		WPP Group plc	60,978
	2,821,197	*	Yahoo!, Inc	127,433
			TOTAL BUSINESS SERVICES	6,027,858

CHEMICALS AND ALLIED PRODUCTS—11.54%
	12,692,566		Abbott Laboratories	$ 591,474
	584,625	*	Abgenix, Inc	7,284
	104,166	e*	Able Laboratories, Inc	1,882
	3,250	e*	Acacia Research—
			CombiMatrix	11
	58,322		Aceto Corp	1,490
	8,957	*	Actelion NV	967
	233,906	*	Adolor Corp	4,683
	898,469		Agrium, Inc	14,872
	2,143,988		Air Products &
			Chemicals, Inc	113,267
	5,320,060		Akzo Nobel NV	205,340
	114,534		Akzo Nobel NV (Spon ADR)	4,375
	170,215	*	Albany Molecular
			Research, Inc	2,557
	235,664		Albemarle Corp	7,063
	199,201		Alberto-Culver Co (Class B)	12,566
	130,595	*	Alexion
			Pharmaceuticals, Inc	2,223
	428,954	*	Alkermes, Inc	5,791
	736,346		Allergan, Inc	56,559
	2,053	e*	Allos Therapeutics, Inc	7
	235,152		Alpharma, Inc (Class A)	4,727
	231,699	*	Alteon, Inc	364
	169,891	e*	American Pharmaceutical
			Partners, Inc	5,708
	238,618		Amersham plc	3,270
	10,585,962	*	Amgen, Inc	654,212
	1,142,309	e*	Amylin Pharmaceuticals, Inc	25,382
	341,478	*	Andrx Corp	8,209
	160,996	e*	Aphton Corp	966
	133,604		Arch Chemicals, Inc	3,428
	136,761	e*	Arena Pharmaceuticals, Inc	848
	1,346	*	Array Biopharma, Inc	8
	1,429,358		Asahi Kasei Corp	7,762
	75,000		AstraZeneca plc (Spon ADR)	3,629
	3,042,782		AstraZeneca plc (United
			Kingdom)	145,981
	240,969	*	Atherogenics, Inc	3,602
	136,445	*	Atrix Laboratories, Inc	3,280
	2,200	e*	AVANIR Pharmaceuticals
			(Class A)	3
	428,270	e*	Avant
			Immunotherapeutics, Inc	1,173
	1,327,505		Aventis S.A.	87,741
	509,238		Avery Dennison Corp	28,528
	137,599	e*	AVI BioPharma, Inc	560
	1,500	e*	Avigen, Inc	9
	1,596,106		Avon Products, Inc	107,721
	333,573	*	Barr Pharmaceuticals, Inc	25,668
	371,539	e	BASF AG.	20,892
	146,785	e	Bayer AG.	4,299

ST-12  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
CHEMICALS AND ALLIED       PRODUCTS—(Continued)
	14,000	e	Beiersdorf AG.	$ 1,699
	90,490	*	Benthley
			Pharmaceuticals, Inc	1,204
	1,438,084	*	Biogen Idec, Inc	52,893
	418,364	*	BioMarin
			Pharmaceutical, Inc	3,250
	258,908	e*	Biopure Corp	616
	76,980	e*	Biosite, Inc	2,229
	1,130,438		BOC Group plc	17,272
	62,483	*	Bone Care International, Inc	796
	1,658,638		Boots Group plc	20,517
	60,723	e*	Bradley
			Pharmaceuticals, Inc	1,544
	11,213,780		Bristol-Myers Squibb Co	320,714
	285,779		Cabot Corp	9,099
	229,895		Calgon Carbon Corp	1,428
	138,900		Cambrex Corp	3,509
	230,198	*	Cell Genesys, Inc	2,979
	225,138	e*	Cell Therapeutics, Inc	1,959
	257,359	*	Cephalon, Inc	12,459
	263,274	*	Charles River Laboratories
			International, Inc	9,038
	93,235	*	Chattem, Inc	1,669
	450,830	*	Chiron Corp	25,693
	3,008,600		Chugai Pharmaceutical
			Co Ltd	43,261
	194,313		Church & Dwight Co, Inc	7,695
	96,617	*	Cima Labs, Inc	3,152
	990,353		Clorox Co	48,092
	3,017,039		Colgate-Palmolive Co	151,003
	70,111	*	Collagenex
			Pharmaceuticals, Inc	786
	217,427	*	Columbia Laboratories, Inc	1,370
	196,503	*	Connetics Corp	3,568
	327,441	e*	Corixa Corp	1,978
	758,347		Crompton Corp	5,437
	15,574		CSL Ltd	209
	245,925	*	Cubist Pharmaceuticals, Inc	2,990
	182,562	*	Cytec Industries, Inc	7,009
	251,638	*	Dade Behring Holdings, Inc	8,994
	2,603,779		Daicel Chemical
			Industries Ltd	10,739
	890,750		Daiichi Pharmaceutical
			Co Ltd	16,050
	1,000		Dainippon Ink &
			Chemicals, Inc	2
	29,813	*	DEL Laboratories, Inc	745
	86,970	*	Dendreon Corp	701
	1,000		Denki Kagaku Kogyo KK	3
	144,692		Diagnostic Products Corp	6,643
	686,163		Dial Corp	19,535

83,079	*	Digene Corp	$ 3,331
233,983	*	Discovery Laboratories, Inc	2,454
77,411	e*	Dov Pharmaceutical, Inc	1,043
5,726,728		Dow Chemical Co	238,060
30,000		DSM NV	1,477
5,024,889		Du Pont (E.I.) de
		Nemours & Co	230,592
203,542	e*	Durect Corp	525
370,053		Eastman Chemical Co	14,628
1,507,704		Ecolab, Inc	41,266
137,983		Eisai Co Ltd	3,721
76,247		Elan Corp plc	525
244,694	e*	Elan Corp plc (Spon ADR)	1,686
94,339	*	Elizabeth Arden, Inc	1,879
9,421	*	Embrex, Inc	129
301,634	*	Encysive
		Pharmaceuticals, Inc	2,700
294,235	*	Enzon, Inc	3,531
83,152	*	Eon Labs, Inc	4,237
87,401	*	EPIX Medical, Inc	1,423
224,437	e*	Esperion Therapeutics, Inc	7,768
517,508		Estee Lauder Cos (Class A)	20,317
94,347	*	Ethyl Corp	2,063
307,606		Ferro Corp	8,370
142,952	*	First Horizon
		Pharmaceutical	1,601
229,255	*	FMC Corp	7,824
2,330,710	*	Forest Laboratories, Inc	144,038
1,360,762	*	Genentech, Inc	127,327
1,400,000	f	Genesoft Series C Financing	7,000
500,000	f	Genesoft Series D Financing	2,000
312,846	e*	Genta, Inc	3,257
991,074	*	Genzyme Corp	48,900
321,488		Georgia Gulf Corp	9,285
223,974	e*	Geron Corp	2,233
2,073,275	*	Gilead Sciences, Inc	120,540
5,860,638		Gillette Co	215,261
7,127		Givaudan S.A. (Regd)	3,700
17,897,421		GlaxoSmithKline plc	410,100
245,670		Great Lakes Chemical Corp	6,680
162,726	e*	GTC Biotherapeutics, Inc	519
152,742	e*	Guilford
		Pharmaceuticals, Inc	1,036
188,714		H.B. Fuller Co	5,612
111,000		Hitachi Chemical Co Ltd	1,864
33,972	e*	Hi-Tech Pharmacal Co, Inc	798
33,600	e	Hogy Medical Co Ltd	1,461
61,898	e*	Hollis-Eden
		Pharmaceuticals	681
647,617	*	Human Genome
		Sciences, Inc	8,581
413,971	*	ICOS Corp	17,089
178,158	*	Idexx Laboratories, Inc	8,245

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-13

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
CHEMICALS AND ALLIED       PRODUCTS—(Continued)
	255,544	*	Ilex Oncology, Inc	$ 5,430
	709,451	*	IMC Global, Inc	7,045
	240,835	*	ImClone Systems, Inc	9,552
	128,623	*	Immucor, Inc	2,623
	284,303	*	Immunogen, Inc	1,436
	279,347	e*	Immunomedics, Inc	1,274
	198,631	*	Impax Laboratories, Inc	2,858
	3,237,818		Imperial Chemical
			Industries plc	11,534
	252,709	e*	Indevus
			Pharmaceuticals, Inc	1,488
	185,981	*	Inspire
			Pharmaceuticals, Inc	2,633
	9,920		Inter Parfums, Inc	224
	166,377	*	InterMune, Inc	3,853
	791,223		International Flavors &
			Fragrances, Inc	27,630
	83,186	e*	Inverness Medical
			Innovations, Inc	1,812
	249,684	*	Invitrogen Corp	17,478
	171		Ishihara Sangyo Kaisha Ltd	0
	326,253	e*	Isis Pharmaceuticals, Inc	2,121
	713,732	*	IVAX Corp	17,044
	219,000	e	JSR Corp	4,894
	372,000		Kaneka Corp	2,777
	2,776,477		Kao Corp	56,478
	1,705,942	*	King Pharmaceuticals, Inc	26,033
	87,927	e*	Kos Pharmaceuticals, Inc	3,784
	60		Kose Corp	2
	28,787	*	Kronos Worldwide, Inc	639
	219,240	e*	KV Pharmaceutical Co
			(Class A)	5,591
	43,000		Kyowa Hakko Kogyo Co Ltd	274
	337,912	*	La Jolla Pharmaceutical Co	1,450
	213,212	e	L’Air Liquide S.A.	37,651
	42,248	e*	Lannett Co, Inc	710
	10,417	*	Lifecore Biomedical, Inc	63
	381,366	e*	Ligand Pharmaceuticals,
			Inc (Class B)	5,602
	6,051,168		Lilly (Eli) & Co	425,579
	31,613		Lonza Group AG. (Regd)	1,817
	132,635		L’Oreal S.A.	10,874
	188,015		MacDermid, Inc	6,438
	152,228	*	Martek Biosciences Corp	9,890
	494,370	e*	Medarex, Inc	3,080
	280,139	*	Medicines Co	8,253
	148,798	e	Medicis Pharmaceutical
			Corp (Class A)	10,609
	1,443,647	*	MedImmune, Inc	36,669
	12,320,560		Merck & Co, Inc	569,210
	13,450		Merck Kgaa	560

55,347		Meridian Bioscience, Inc	$ 577
205,151	*	MGI Pharma, Inc	8,442
419,774	*	Millennium Chemicals, Inc	5,323
1,307,862	*	Millennium
		Pharmaceuticals, Inc	24,418
122,850		Minerals Technologies, Inc	7,279
2,370,818		Mitsubishi Chemical Corp	6,172
1,638,540		Mitsubishi Gas Chemical
		Co, Inc	5,581
886,400		Mitsui Chemicals, Inc	5,169
2,233,469		Mylan Laboratories, Inc	56,417
290,618	e*	Nabi Biopharmaceuticals	3,694
4,073	e*	Napro Biotherapeutics, Inc	8
2,900	e*	Nastech Pharmaceutical Co	28
74,426		Nature’s Sunshine
		Products, Inc	629
345,869	*	NBTY, Inc	9,290
347,212	*	Nektar Therapeutics	4,726
95,872	*	Neose Technologies, Inc	882
151,898	*	Neurocrine Biosciences, Inc	8,285
2,694	*	Neurogen Corp	23
371,562		Nippon Shokubai Co Ltd	2,819
69,000	e	Nissan Chemical
		Industries Ltd	615
56,574		NL Industries, Inc	662
5,403,598		Novartis AG. (Regd)	245,330
149,074	*	Noven Pharmaceuticals, Inc	2,267
209,463		Novo Nordisk a/s (B Shs)	8,534
196,039	*	NPS Pharmaceuticals, Inc	6,026
272,570	*	Nuvelo, Inc	946
70,111		Octel Corp	1,380
352,479		Olin Corp	7,071
197,496	*	OM Group, Inc	5,172
35,373		Omega Pharma S.A.	1,124
249,116	*	Omnova Solutions, Inc	1,196
530,319	*	Onyx Pharmaceuticals, Inc	14,971
249,003	*	OraSure Technologies, Inc	1,982
290,691		Orica Ltd	3,058
261,621	*	OSI Pharmaceuticals, Inc	8,427
152,056	*	Pain Therapeutics, Inc	1,057
284,909	*	Palatin Technologies, Inc	712
106,898	*	Penwest Pharmaceuticals Co	1,847
782,739	e*	Peregrine
		Pharmaceuticals, Inc	1,730
54,519,993		Pfizer, Inc	1,926,191
246,586	*	Pharmaceutical
		Resources, Inc	16,065
138,346	e	PolyMedica Corp	3,640
533,028	*	PolyOne Corp	3,406
166,658	*	Pozen, Inc	1,700
785,768		PPG Industries, Inc	50,305
338,686	*	Praecis
		Pharmaceuticals, Inc	2,181

ST-14  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
CHEMICALS AND ALLIED       PRODUCTS—(Continued)
	1,621,768		Praxair, Inc	$ 61,952
	10,815,936		Procter & Gamble Co	1,080,296
	65,689	*	Progenics Pharmaceuticals	1,239
	422,921	*	Protein Design Labs, Inc	7,570
	360,850	*	QLT, Inc	6,841
	50,461		Quaker Chemical Corp	1,552
	170,091	*	Quidel Corp	1,840
	1,711,873		Reckitt Benckiser plc	38,735
	80,423	e*	Revlon, Inc (Class A)	180
	9,570		Roche Holding AG.	1,327
	2,445,841		Roche Holding AG.
			(Genusscheine)	246,710
	1,407,588		Rohm & Haas Co	60,118
	702,922		RPM International, Inc	11,570
	119,159	*	Salix Pharmaceuticals Ltd	2,701
	1,082,726		Sankyo Co Ltd	20,357
	858,552		Sanofi-Synthelabo S.A.	64,651
	1,403,000		Sanyo Chemical
			Industries Ltd	8,850
	484,345	e	Schering AG.	24,529
	6,965,583		Schering-Plough Corp	121,131
	291,498	*	Sciclone
			Pharmaceuticals, Inc	1,976
	113,669	*	SciGen Ltd	7
	113,029	*	Scotts Co (Class A)	6,687
	1,149,456		Sekisui Chemical Co Ltd	5,856
	361,022	e*	Sepracor, Inc	8,639
	149,405	e*	Serologicals Corp	2,779
	151,038		Serono S.A. (B Shs)	107,714
	51,400		Serono S.A. ADR	902
	739,431		Sherwin-Williams Co	25,688
	1,736,416		Shin-Etsu Chemical Co Ltd	70,967
	3,928,264		Shionogi & Co Ltd	73,162
	215,009		Shiseido Co Ltd	2,614
	225,000		Showa Denko KK	506
	548,689	*	SICOR, Inc	14,924
	431,029		Sigma-Aldrich Corp	24,646
	56,361	*	Sirna Therapeutics, Inc	293
	4,583,047		SNIA S.p.A.	11,388
	714,089	b*	Solutia, Inc	261
	221		Solvay S.A.	19
	36,695		Stepan Co	941
	446,000	e	Sumitomo Bakelite Co Ltd	2,909
	1,040,140		Sumitomo Chemical Co Ltd	4,290
	209,128	e*	SuperGen, Inc	2,300
	93,009	e*	SurModics, Inc	2,223
	168,400		Suzuken Co Ltd	5,468
	271,254		Taisho Pharmaceutical
			Co Ltd	4,850
	2,496,994		Takeda Chemical
			Industries Ltd	99,022

	159,990	*	Tanox, Inc	$ 2,376
	3,403,925		Teijin Ltd	10,005
	473,600		Tenma Corp	4,826
	87,820	*	Terra Industries, Inc	291
	141,294	*	Third Wave Technologies, Inc	643
	699,234		Toray Industries, Inc	2,923
	150,000		Tosoh Corp	501
	225,000		UBE Industries Ltd	451
	157,843		UCB S.A.	5,951
	300,350	*	Unifi, Inc	1,937
	113,876	*	United Therapeutics Corp	2,613
	58,858	e*	USANA Health Sciences, Inc	1,801
	538,304		USEC, Inc	4,522
	487,979		Valeant Pharmaceuticals
			International	12,273
	318,215		Valspar Corp	15,726
	519,076	*	Vertex Pharmaceuticals, Inc	5,310
	3,600	*	Vical, Inc	18
	306,442	*	Vicuron
			Pharmaceuticals, Inc	5,715
	55,058	*	Virbac Corp	358
	751,448	*	Watson
			Pharmaceuticals, Inc	34,567
	209,298		Wellman, Inc	2,137
	894,775		Wesfarmers Ltd	17,859
	76,522		West Pharmaceutical
			Services, Inc	2,594
	52	*	Women First Healthcare, Inc	0
	441,588	*	WR Grace & Co	1,135
	12,554,755		Wyeth	532,949
	548,999		Yamanouchi
			Pharmaceutical Co Ltd	17,059
	78,170	e	Zeltia S.A.	552
	74,274	*	Zymogenetics, Inc	1,151
			TOTAL CHEMICALS AND
			ALLIED PRODUCTS	11,502,009
COAL MINING—0.04%
	307,226		Arch Coal, Inc	9,576
	127,252	e	Consol Energy, Inc	3,296
	413,602		Massey Energy Co	8,603
	424,146		Peabody Energy Corp	17,691
	40,636	*	Westmoreland Coal Co	711
			TOTAL COAL MINING	39,877
COMMUNICATIONS—6.19%
	63,577	*	Acme Communication, Inc	559
	9,304	*	AirGate PCS, Inc	23
	8,874	*	Alaska Communications
			Systems Group, Inc	42
	248,101	b,e*	Allegiance Telecom, Inc	9
	1,754,855		Alltel Corp	81,741
	1,023,422	*	American Tower Corp
			(Class A)	11,073

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-15

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
COMMUNICATIONS—(Continued)
	53,024	e*	Antena 3 Television S.A.	$ 2,337
	6,523,367		AT&T Corp	132,424
	10,580,053	*	AT&T Wireless Services, Inc	84,535
	2,434,213	*	Avaya, Inc	31,499
	1,152,811		BCE, Inc	25,782
	48,705	*	Beasley Broadcast
			Group, Inc (Class A)	800
	11,251,238		BellSouth Corp	318,410
	104,882	e*	Boston Communications
			Group	974
	10,769,856		British Sky Broadcasting
			Group plc	135,536
	15,884,300		BT Group plc	53,529
	5,559,387		Cable & Wireless plc	13,286
	841,874	*	Cablevision Systems
			Corp (Class A)	19,691
	55,148	*	Centennial
			Communications Corp	290
	843,429		CenturyTel, Inc	27,513
	1,750,214	e*	Charter Communications,
			Inc (Class A)	7,036
	1,221,132	*	Cincinnati Bell, Inc	6,167
	5,752,317		Clear Channel
			Communications, Inc	269,381
	10,512,105	*	Comcast Corp	345,533
	4,107,902	*	Comcast Corp Special	128,495
	146,500	*	Commonwealth Telephone
			Enterprises, Inc	5,530
	1,332,731	*	Cox Communications, Inc
			(Class A)	45,913
	291,993	*	Cox Radio, Inc (Class A)	7,367
	744,444	*	Crown Castle International
			Corp	8,211
	137,766	*	Crown Media Holdings, Inc
			(Class A)	1,139
	111,277		CT Communications, Inc	1,502
	293,697	*	Cumulus Media, Inc
			(Class A)	6,461
	58,402		D&E Communications, Inc	847
	6,402,405	e*	Deutsche Telekom AG. (Regd)	117,178
	217,042	*	Digital Generation Systems	486
	181,081	e*	Dobson Communications
			Corp (Class A)	1,190
	1,203,097	*	EchoStar Communications
			Corp (Class A)	40,905
	191,299		Elisa Oyj	2,558
	297,262	*	Emmis Communications
			Corp (Class A)	8,041
	436,519	*	Entercom Communications
			Corp	23,118
	198,811	*	Entravision Communications
			Corp (Class A)	2,207

19,088,951	*	Ericsson (LM) (B Shs)	$ 34,223
28,664	*	Fisher Communications, Inc	1,462
617,967	*	Foundry Networks, Inc	16,908
1,558,477	*	Fox Entertainment
		Group, Inc (Class A)	45,430
2,860,876	*	France Telecom S.A.	81,770
270		Fuji Television Network, Inc	1,461
409,000	e	Fujikura Ltd	2,412
278,469	*	General Communication, Inc
		(Class A)	2,423
133,302		Global Payments, Inc	6,281
1,596,183		GN Store Nord	10,356
88,847	*	Golden Telecom, Inc	2,466
209,403		Gray Television, Inc	3,166
8,700		Gray Television, Inc (Class A)	132
295,104		Hearst-Argyle Television, Inc	8,133
1		Hellenic Telecommunications
		Organization S.A.	0
90,850		Hickory Tech Corp	1,040
4,079,023	*	Hughes Electronics Corp com	67,508
12,347	*	Hungarian Telephone &
		Cable	122
853		i-CABLE
		Communications Ltd	0
175,853	*	IDT Corp	3,895
106,366	*	IDT Corp (Class B)	2,460
412,706	*	Infonet Services Corp
		(Class B)	702
308,954	*	Insight
		Communications Co, Inc	3,185
3,927,562	e*	InterActiveCorp	133,262
4,469	*	ITXC Corp	19
119,204	e*	j2 Global
		Communications, Inc	2,953
13,777		Japan Telecom Co Ltd	36,895
6,241		KDDI Corp	35,756
21,164,844	*	KPN NV	163,381
13,481,719	e*	Level 3
		Communications, Inc	76,846
114,952		Liberty Corp	5,195
187,756	*	Lightbridge, Inc	1,709
204,667	*	Lin TV Corp (Class A)	5,282
72,778	*	Lodgenet
		Entertainment Corp	1,330
27,425,700	e*	Lucent Technologies, Inc	77,889
136,421	*	Mastec, Inc	2,020
401,379	e*	McLeodUSA, Inc (Class A)	594
335,175	*	Mediacom
		Communications Corp	2,906
628,326		Mediaset S.p.A.	7,466
123,433	e*	Metro One
		Telecommunications, Inc	321

ST-16  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

  Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
COMMUNICATIONS—(Continued)
	41,969		Modern Times Group AB
			(B Shs)	$ 884
	193,561	*	Net2Phone, Inc	1,316
	4,957,506	*	Nextel Communications, Inc
			(Class A)	139,108
	536,067	e*	Nextel Partners, Inc
			(Class A)	7,210
	87,930	e*	NII Holdings, Inc (Class B)	6,562
	8,624		Nippon Telegraph &
			Telephone Corp	41,603
	147,590		Nippon Television
			Network Corp	21,938
	99,888		North Pittsburgh
			Systems, Inc	1,889
	359,393	e*	NTL, Inc	25,068
	7,865	*	NTL, Inc (CW11)	77
	40,126		NTT Docomo, Inc	90,983
	192,384	*	PanAmSat Corp	4,148
	197,033	*	Paxson
			Communications Corp	759
	21,822	e*	Pegasus
			Communications Corp	613
	818,779		Portugal Telecom SGPS S.A.
			(Regd)	8,241
	300,969	*	Price Communications Corp	4,132
	330,908	e*	Primus Telecommunications
			Group	3,369
	21,736		Pt Multimedia Servicos de
			Telecomunicacoes e
			Multimedia SGPS S.A.	422
	313,649	e*	PTEK Holdings, Inc	2,763
	611,672	e	Publishing &
			Broadcasting Ltd	5,770
	6,581,624	e*	Qwest Communications
			International, Inc	28,433
	338,843	*	Radio One, Inc (Class A)	6,624
	121,506	*	Radio One, Inc (Class D)	2,345
	382,758	e*	RCN Corp	306
	181,310	*	Regent
			Communications, Inc	1,151
	908,176		Rogers Communications,
			Inc (Class B)	14,997
	92,274	*	Saga Communications, Inc
			(Class A)	1,710
	62,422	*	Salem Communications
			Corp (Class A)	1,693
	20,384,148		SBC Communications, Inc	531,415
	4,094,819	e*	Seat Pagine Gialle S.p.A.	3,900
	22,015		Shenandoah Telecom Co	1,128
	219,038	*	Sinclair Broadcast
			Group, Inc (Class A)	3,268
	8,315,530		Singapore

		Telecommunications Ltd	$ 9,597
6,025		Sk Telecom	1,006
120,987		Sky Network Television Ltd	445
744,000		SmarTone
		Telecommunications
		Holding Ltd	762
151,245	e	Societe Television
		Francaise 1 (T.F.1)	5,281
237,381	*	Spanish Broadcasting
		System, Inc (Class A)	2,493
5,204,256		Sprint Corp (FON Group)	85,454
5,437,606	*	Sprint Corp (PCS Group)	30,559
4,471	*	SR Telecom, Inc	28
86,471		SureWest Communications	3,495
12,538		Swisscom AG. (Regd)	4,136
189,378	e*	Talk America Holdings, Inc	2,182
57,900	e*	Tandberg ASA	426
23,160		TDC a/s	836
79,265		Tele2 AB (B Shs)	4,230
3,207,599	e	Telecom Corp of
		New Zealand Ltd	11,309
3,692,846	e*	Telecom Italia S.p.A.	10,946
11,113,388	*	Telecom Italia S.p.A.	22,639
15,183,278	e	Telefonica S.A.	222,923
7,408		Telefonica S.A. (Spon ADR)	327
1,003,000		Telekom Austria AG.	12,398
2,450,751		Telenor ASA	16,024
379,807		Telephone & Data
		Systems, Inc	23,757
3,891,300		Television Broadcasts Ltd	19,648
2,527,037		Telia AB	13,205
3,624,519		Telstra Corp Ltd	13,163
53,269		TELUS Corp (Non-Vote)	998
11,755,068		TIM S.p.A.	63,905
286,117	*	Time Warner Telecom, Inc
		(Class A)	2,898
220,979	e*	Tivo, Inc	1,635
54,346		Tokyo Broadcasting
		System, Inc	866
145,306	*	Triton PCS Holdings, Inc
		(Class A)	811
76,817	*	U.S. Cellular Corp	2,727
400	*	U.S. Unwired, Inc (Class A)	0
10,800	*	Ubiquitel, Inc	29
556,030	e*	UnitedGlobalcom, Inc
		(Class A)	4,715
939,827	*	Univision Communications,
		Inc (Class A)	37,302
19,961,966		Verizon
		Communications, Inc	700,266
863,974		Viacom, Inc (Class A)	38,248
10,739,285		Viacom, Inc (Class B)	476,609

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-17

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
	COMMUNICATIONS—(Continued)
	202,037,831		Vodafone Group plc	$ 500,924
	182,141		Vodafone Group plc
			(Spon ADR)	4,561
	7		Vodafone-Panafon S.A.	0
	29,078		Warwick Valley Telephone Co	860
	110,945	*	West Corp	2,577
	392,134	*	Western Wireless Corp
			(Class A)	7,200
	123,231	f*	Wiltel Communications
			Group Inc	0
	191,300	*	Wireless Facilities, Inc	2,843
	512,607	e*	XM Satellite Radio
			Holdings, Inc	13,512
	92,184	*	Young Broadcasting, Inc
			(Class A)	1,847
			TOTAL COMMUNICATIONS	6,165,104
DEPOSITORY INSTITUTIONS—12.03%
	97,268		1st Source Corp	2,092
	611,000		77 Bank Ltd	3,444
	380,000		Abbey National plc	3,612
	64,560		ABC Bancorp	1,031
	4,371,786	e	ABN Amro Holding NV	102,291
	1,320,795		Allied Irish Banks plc	21,208
	454,961		Allied Irish Banks plc
			(United Kingdom)	7,259
	178,428		Alpha Bank S.A.	5,397
	37,960		American National
			Bankshares, Inc	1,005
	25,240	*	AmericanWest Bancorp	575
	1,757,655		AmSouth Bancorp	43,063
	138,044		Anchor Bancorp
			Wisconsin, Inc	3,437
	55,095		Arrow Financial Corp	1,530
	367,582		Associated Banc-Corp	15,677
	977,869		Astoria Financial Corp	36,377
	4,417,103	e	Australia & New Zealand
			Banking Group Ltd	58,840
	17,024	*	Banc Corp	145
	89,167	e	Banca Fideuram S.p.A.	530
	545,209	e	Banca Monte dei Paschi
			di Siena S.p.A.	1,723
	1,542,457		Banca Nazionale Del
			Lavoro S.p.A.	3,687
	25,099		Bancfirst Corp	1,473
	12,004,015	e	Banco Bilbao Vizcaya
			Argentaria S.A.	165,797
	17,044,000		Banco Comercial Portugues
			S.A. (Regd)	38,052
	500,000		Banco Popolare di Verona
			e Novara Scrl	8,464
	430,104	e	Banco Popular Espanol	25,661
	7,001,294	e	Banco Santander Central

		Hispano S.A.	$ 82,924
442,239		Bancorpsouth, Inc	10,490
14,984		BancTrust Financial
		Group, Inc	240
25,813	*	Bank Austria
		Creditanstalt AG.	1,319
290,343		Bank Mutual Corp	3,307
8,801,845		Bank Of America Corp	707,932
1,787,252		Bank Of East Asia Ltd	5,490
1,874,000	e	Bank Of Fukuoka Ltd	7,869
90,146		Bank Of Granite Corp	1,963
588,648		Bank Of Hawaii Corp	24,841
1,250,066		Bank Of Ireland (Dublin)	17,061
1,294,556		Bank Of Ireland (London)	17,635
1,458,544	e	Bank Of Montreal	60,385
4,166,928		Bank Of New York Co, Inc	138,009
1,123,649	e	Bank of Nova Scotia	57,215
63,652		Bank Of The Ozarks, Inc	1,433
2,103,927	e	Bank Of Yokohama Ltd	9,777
6,619,603		Bank One Corp	301,788
1,017	*	Bank United Corp
		(Contingent
		Payment Rts)	0
296,754		BankAtlantic Bancorp, Inc
		(Class A)	5,638
790,877		Banknorth Group, Inc	25,727
189,502	*	BankUnited Financial Corp
		(Class A)	4,887
68,978		Banner Corp	1,735
19,664,322		Barclays plc	175,395
448,299		Bay View Capital Corp	959
795,485	*	Bayerische Hypo-und
		Vereinsbank AG.	18,402
2,831,831		BB&T Corp	109,422
41,663		Berkshire Hills Bancorp, Inc	1,508
2,368,180	e	BNP Paribas	149,116
3,301,000		BOC Hong Kong
		Holdings Ltd	6,208
87,201	*	BOK Financial Corp	3,376
135,414		Boston Private Financial
		Holdings, Inc	3,364
6,900		Bostonfed Bancorp, Inc	241
255,904		BPI-SGPS S.A. (Regd)	943
49,968		Bryn Mawr Bank Corp	1,224
60,059		BSB Bancorp, Inc	2,372
20,878		C&F Financial Corp	829
38,578		Camco Financial Corp	669
53,285		Camden National Corp	1,618
1,099,944	e	Canadian Imperial Bank
		Of Commerce	54,476
58,793		Capital City Bank
		Group, Inc	2,704

ST-18  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
DEPOSITORY INSTITUTIONS—(Continued)
	23,438	*	Capital Corp of the West	$ 929
	1,767,255	e*	Capitalia S.p.A.	5,172
	124,737		Capitol Federal Financial	4,498
	83,797		Cascade Bancorp	1,614
	127,835		Cathay General Bancorp	7,118
	7,204		Cavalry Bancorp, Inc	127
	27,250		CB Bancshares, Inc	1,730
	56,881		CCBT Financial Cos, Inc	1,988
	38,113		Center Bancorp, Inc	749
	20,823		Center Financial Corp	567
	54,490	*	Central Coast Bancorp	988
	95,338		Central Pacific
			Financial Corp	2,864
	21,509		Century Bancorp, Inc
			(Class A)	763
	81,428		CFS Bancorp, Inc	1,208
	25,642	e	Charter Financial Corp	956
	4,342,899		Charter One Financial, Inc	150,047
	162,040		Chemical Financial Corp	5,897
	760,540		Chiba Bank Ltd	3,115
	226,843		Chittenden Corp	7,631
	36,482,888		Citigroup, Inc	1,770,879
	1,900	*	Citigroup, Inc
			(Litigation Wts)	2
	278,446		Citizens Banking Corp	9,111
	58,897		Citizens First Bancorp, Inc	1,343
	58,567		Citizens South Banking Corp	817
	53,785		City Bank	1,748
	111,746		City Holding Co	3,911
	197,427		City National Corp	12,264
	19,253		CNB Financial Corp	810
	26,758		Coastal Bancorp, Inc	1,100
	66,737		Coastal Financial Corp	1,177
	52,379		CoBiz, Inc	965
	616,852		Colonial Bancgroup, Inc	10,684
	38,111		Columbia Bancorp	1,218
	46,700		Columbia Bancorp (Oregon)	806
	91,908		Columbia Banking
			System, Inc	1,991
	1,040,364		Comerica, Inc	58,323
	433,042		Commerce Bancorp, Inc	22,813
	338,759		Commerce Bancshares, Inc	16,606
	18,582		Commercial
			Bankshares, Inc	624
	49,200	*	Commercial Capital
			Bancorp, Inc	1,053
	293,942		Commercial Federal Corp	7,851
	2,799,389	e*	Commonwealth Bank of
			Australia	62,116
	20,462		Community Bank of
			North Virginia	388
	80,552		Community Bank

		System, Inc	$ 3,947
82,700		Community Trust
		Bancorp, Inc	2,498
673,142		Compass Bancshares, Inc	26,461
2,364,094	*	Concord EFS, Inc	35,083
120,120		Corus Bankshares, Inc	3,791
1,724,866	e	Credit Agricole S.A.	41,185
3,490,944		Credit Suisse Group	127,726
263,580		Cullen/Frost Bankers, Inc	10,693
241,301		CVB Financial Corp	4,655
200		Dah Sing Financial
		Holdings Ltd	1
879,769		Danske Bank a/s	20,641
2,425,880		DBS Group Holdings Ltd	20,998
492,356		Deutsche Bank AG. (Regd)	40,802
1,019,976	e	Dexia	17,574
145,514		Dime Community
		Bancshares	4,476
3,674,045	e	DnB Holding ASA	24,520
101,762		Downey Financial Corp	5,017
158,847		East West Bancorp, Inc	8,527
19,047		Eastern Virginia
		Bankshares, Inc	549
48,197		EFG Eurobank Ergasias S.A.	939
30,977		ESB Financial Corp	508
97,247	*	Euronet Worldwide, Inc	1,750
23,638		EverTrust Financial
		Group, Inc	753
23,668		Exchange National
		Bancshares, Inc	856
40,579		Farmers Capital Bank Corp	1,380
15,576		FFLC Bancorp, Inc	448
103,339		Fidelity Bankshares, Inc	3,245
3,117,874		Fifth Third Bancorp	184,266
54,084		Financial Institutions, Inc	1,527
48,523		First Bancorp
		(North Carolina)	1,524
189,338		First Bancorp (Puerto Rico)	7,488
54,747		First Busey Corp (Class A)	1,478
203,011		First Charter Corp	3,969
9,160		First Citizens Banc Corp	260
40,667		First Citizens Bancshares,
		Inc (Class A)	4,942
394,715		First Commonwealth
		Financial Corp	5,629
80,537		First Community Bancorp	2,911
64,526		First Community
		Bancshares, Inc	2,140
44,875		First Essex Bancorp, Inc	2,609
113,632		First Federal Capital Corp	2,559
12,010		First Federal Financial
		Of Kentucky	302

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-19

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
DEPOSITORY INSTITUTIONS—(Continued)
	231,565		First Financial Bancorp	$ 3,693
	98,654		First Financial
			Bankshares, Inc	4,114
	91,234		First Financial Corp
			(Indiana)	2,738
	88,007		First Financial Holdings, Inc	2,751
	11,908		First M & F Corp	451
	102,058		First Merchants Corp	2,605
	280,200		First Midwest Bancorp, Inc	9,081
	50,912		First National Corp	1,528
	42,465		First Oak Brook
			Bancshares, Inc	1,274
	16,005		First Of Long Island Corp	688
	73,743		First Republic Bank	2,640
	165,439		First Sentinel Bancorp, Inc	3,484
	20,004		First South Bancorp, Inc	730
	40,794		First State Bancorp	1,418
	1,100,396		First Tennessee
			National Corp	48,527
	18,355		First United Corp	447
	26,905		Firstbank Corp	838
	98,436		Firstfed America
			Bancorp, Inc	2,562
	114,337	*	FirstFed Financial Corp	4,974
	404,683		FirstMerit Corp	10,914
	28,688		Flag Financial Corp	370
	195,163		Flagstar Bancorp, Inc	4,180
	7,246,484		FleetBoston Financial Corp	316,309
	31,645		FloridaFirst Bancorp, Inc	1,047
	100,920		Flushing Financial Corp	1,845
	18,401		FMS Financial Corp	331
	257,637		FNB Corp	9,133
	38,539		FNB Corp (Virginia)	1,145
	25,170		FNB Corp, Inc	533
	11,777		Foothill Independent
			Bancorp	279
	16,734		ForeningsSparbanken AB	329
	1,083,689		Fortis	21,789
	462,027	*	Fortis (Strip Vvpr)	6
	18,250		Franklin Financial Corp	561
	108,368		Frontier Financial Corp	3,593
	605,111		Fulton Financial Corp	13,258
	21,136		GA Financial, Inc	734
	22,796		GB&T Bancshares, Inc	539
	119,186		Glacier Bancorp, Inc	3,862
	233,032		Gold Banc Corp, Inc	3,276
	681,506		Golden West Financial Corp	70,325
	38,587		Great Southern
			Bancorp, Inc	1,789
	12,246		Greater Community Bancorp	208
	14,006		Greene County
			Bancshares, Inc	326

885,999		Greenpoint Financial Corp	$ 31,293
420,000		Gunma Bank Ltd	1,877
89,783		Hancock Holding Co	4,899
941,794		Hang Seng Bank Ltd	12,374
61,299		Hanmi Financial Corp	1,212
140,478		Harbor Florida
		Bancshares, Inc	4,174
158,935		Harleysville National Corp	4,784
52,557		Heartland Financial
		U.S.A., Inc	978
40,916	*	Heritage Commerce Corp	501
32,253		Heritage Financial Corp	706
1,717,564		Hibernia Corp (Class A)	40,380
47,556		Horizon Financial Corp	833
3,841,933		HSBC Holdings plc
		(Hong Kong)	60,621
26,157,589		HSBC Holdings plc
		(United Kingdom)	411,133
379,031		Hudson City Bancorp, Inc	14,471
102,809		Hudson River Bancorp, Inc	4,013
230,435		Hudson United Bancorp	8,515
81,850	e	Humboldt Bancorp	1,434
1,289,671		Huntington Bancshares, Inc	29,018
45,530		IberiaBank Corp	2,686
15,236		IBT Bancorp, Inc	902
87,693		Independent Bank Corp
		(Massachusetts)	2,527
133,163		Independent Bank Corp
		(Michigan)	3,777
305,906		IndyMac Bancorp, Inc	9,113
102,852		Integra Bank Corp	2,260
118,009	*	Intercept, Inc	1,332
62,481		Interchange Financial
		Services Corp	1,581
159,996		International Bancshares
		Corp	7,544
6,113,691	e	IntesaBci S.p.A.	23,906
1,911,893		IntesaBci S.p.A. (Rnc)	5,474
112,651		Irwin Financial Corp	3,537
32,163	*	Itla Capital Corp	1,611
10,784,444		J.P. Morgan Chase & Co	396,113
937,034		Joyo Bank Ltd	3,060
404,591		KBC Bancassurance
		Holding NV	18,892
2,228,498		KeyCorp	65,340
17,753		Klamath First Bancorp, Inc	471
81,309		Lakeland Bancorp, Inc	1,306
33,662		Lakeland Financial Corp	1,189
8,581,810		Lloyds TSB Group plc	68,825
24,493		LNB Bancorp, Inc	497
56,343		LSB Bancshares, Inc	980
390,922		M & T Bank Corp	38,428
52,339		Macatawa Bank Corp	1,482

ST-20  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
DEPOSITORY INSTITUTIONS—(Continued)
	417,978		Macquarie Bank Ltd	$ 11,199
	177,392		MAF Bancorp, Inc	7,433
	84,710		Main Street Banks, Inc	2,245
	40,311		MainSource Financial
			Group, Inc	1,236
	1,310,475		Marshall & Ilsley Corp	50,126
	120,706		MB Financial, Inc	4,394
	48,877		MBT Financial Corp	807
	2,541,738		Mellon Financial Corp	81,615
	31,601		Mercantile Bank Corp	1,153
	424,419		Mercantile Bankshares Corp	19,345
	27,061		Merchants Bancshares, Inc	827
	159,349		Mid-State Bancshares	4,054
	64,369	e	Midwest Banc Holdings, Inc	1,432
	1,063,000		Mitsubishi Securities Co Ltd	11,575
	16,282		Mitsubishi Tokyo Financial
			Group, Inc	127,011
	518,300		Mitsui Trust Holdings, Inc	2,897
	8,134		Mizuho Financial Group, Inc	24,667
	22,154		MutualFirst Financial, Inc	561
	59,496		Nara Bancorp, Inc	1,624
	19,496		NASB Financial, Inc	817
	3,077,292	e	National Australia Bank Ltd	69,442
	718,930	e	National Bank Of Canada	24,000
	1,288,166		National Bank Of
			Greece S.A.	33,699
	16,390		National Bankshares, Inc	809
	5,931,065		National City Corp	201,300
	1,184,155		National Commerce
			Financial Corp	32,304
	138,029		National Penn
			Bancshares, Inc	4,433
	45,446		NBC Capital Corp	1,212
	202,204		NBT Bancorp, Inc	4,335
	341,482		NetBank, Inc	4,559
	1,645,596		New York Community
			Bancorp, Inc	62,615
	876,656		Nordea AB (Finland)	6,564
	6,906,996	e	Nordea AB (Sweden)	51,836
	1,225,792		North Fork Bancorp, Inc	49,608
	2,938		Northern States
			Financial Corp	85
	1,026,977		Northern Trust Corp	47,672
	74,678		Northwest Bancorp, Inc	1,595
	8,575		Oak Hill Financial, Inc	264
	69,490		OceanFirst Financial Corp	1,887
	261,301	*	Ocwen Financial Corp	2,315
	338,629		Old National Bancorp	7,738
	4,457		Old Point Financial Corp	141
	45,801		Old Second Bancorp, Inc	2,267
	54,774		Omega Financial Corp	2,108
	6,613		Oneida Financial Corp	146

980,074		Oversea-Chinese Banking
		Corp Ltd	$ 6,983
13,900		PAB Bankshares, Inc	216
234,573		Pacific Capital Bancorp	8,637
66,798		Pacific Union Bank	1,705
61,154		Park National Corp	6,920
31,069		Parkvale Financial Corp	834
43,339		Partners Trust Financial
		Group, Inc	1,474
39,146		Patriot Bank Corp	1,120
44,995		Peapack Gladstone
		Financial Corp	1,395
35,074		Pennfed Financial
		Services, Inc	1,175
50,829		Pennrock Financial
		Services Corp	1,580
11,632		Penns Woods Bancorp, Inc	543
63,860		Peoples Bancorp, Inc	1,885
147,376		People’s Bank	4,804
56,143		Peoples Holding Co	1,853
103,738		PFF Bancorp, Inc	3,764
106,074		Piraeus Bank S.A.	1,295
1,632,028		PNC Financial Services
		Group, Inc	89,321
160,956		Provident Bankshares Corp	4,739
207,113	e	Provident Financial
		Group, Inc	6,617
18,079		Provident Financial
		Holdings	656
310,397		Provident Financial
		Services, Inc	5,867
123,634		R & G Financial Corp
		(Class B)	4,921
1,135,229		Regions Financial Corp	42,231
388,827		Republic Bancorp, Inc	5,245
46,733		Republic Bancorp, Inc
		(Class A) (Kentucky)	913
37,469		Republic Bancshares, Inc	1,179
4,243,818	e	Resona Holdings, Inc	5,346
29,510		Resource Bankshares Corp	930
93,284		Riggs National Corp	1,542
34,434		Royal Bancshares Of
		Pennsylvania (Class A)	878
1,433,381	e	Royal Bank Of Canada	68,549
67,800		Royal Bank Of Canada
		(New York)	3,233
9,007,175		Royal Bank Of Scotland
		Group plc	265,404
177,781		S & T Bancorp, Inc	5,316
74,610		S.Y. Bancorp, Inc	1,534
889,505		Sanpaolo IMI S.p.A.	11,601
57,021		Santander Bancorp	1,388

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-21

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
DEPOSITORY INSTITUTIONS—(Continued)
	76,963		Seacoast Banking Corp
			Of Florida	$ 1,336
	174,513		Seacoast Financial
			Services Corp	4,783
	55,871		Second Bancorp, Inc	1,475
	17,368		Security Bank Corp	547
	1,428,168		Shizuoka Bank Ltd	10,554
	22,015		Shore Bancshares, Inc	839
	11,523		Sierra Bancorp	181
	217,498	*	Silicon Valley Bancshares	7,845
	94,506		Simmons First National
			Corp (Class A)	2,637
	396,335	e	Skandinaviska Enskilda
			Banken (A Shs)	5,839
	507,849		Sky Financial Group, Inc	13,174
	1,193,471	e	Societe Generale (A Shs)	105,377
	81,798		Sound Federal Bancorp, Inc	1,275
	357,688		South Financial Group, Inc	9,965
	26,725		Southern Financial
			Bancorp, Inc	1,151
	39,346		Southside Bancshares, Inc	728
	1,951,045		SouthTrust Corp	63,858
	189,617		Southwest Bancorp Of
			Texas, Inc	7,367
	68,302		Southwest Bancorp, Inc	1,221
	1,609,237		Sovereign Bancorp, Inc	38,219
	37,373		Standard Chartered plc	617
	49,874		State Bancorp, Inc	1,210
	30,634		State Financial Services
			Corp (Class A)	814
	1,685,393		State Street Corp	87,775
	361,003		Staten Island Bancorp, Inc	8,123
	87,868		Sterling Bancorp	2,504
	272,381		Sterling Bancshares, Inc	3,631
	113,052		Sterling Financial Corp
			(Pennsylvania)	3,137
	103,881	*	Sterling Financial Corp
			(Spokane)	3,556
	8,951	e	Sumitomo Mitsui Financial
			Group Inc	47,691
	1,924,809	e	Sumitomo Trust & Banking
			Co Ltd	11,315
	34,589		Summit Bancshares, Inc	964
	43,377	*	Sun Bancorp, Inc
			(New Jersey)	1,145
	35,366		Sun Bancorp, Inc
			(Pennsylvania)	671
	1,387,408		Suncorp-Metway Ltd	12,952
	1,191,160		SunTrust Banks, Inc	85,168
	37,000		Suruga Bank Ltd	238
	1,749,060		Svenska Handelsbanken
			AB (A Shs)	35,733

262,583		Svenska Handelsbanken
		AB (B Shs)	$ 5,200
1,680,023		Synovus Financial Corp	48,586
8,654		Taylor Capital Group, Inc	230
994,390		TCF Financial Corp	51,062
163,844		Texas Regional Bancshares,
		Inc (Class A)	6,062
161,006	*	TierOne Corp	3,697
34,834		Trico Bancshares	1,099
55,415		Troy Financial Corp	1,940
125,551		Trust Co Of New Jersey	4,982
516,397		Trustco Bank Corp NY	6,791
254,000		Trustmark Corp	7,435
18,689,914		U.S. Bancorp	556,586
84,770		U.S.B. Holding Co, Inc	1,644
5,018,124		UBS AG. (Regd)	343,671
114,000	e	UBS AG. (Regd) (New York)	7,751
279,726		UCBH Holdings, Inc	10,901
8,171	e	UFJ Holdings, Inc	39,265
113,740		UMB Financial Corp	5,407
189,911		Umpqua Holdings Corp	3,948
13,230,161		UniCredito Italiano S.p.A.	71,424
49,233		Union Bankshares Corp	1,502
1,487,709		Union Planters Corp	46,848
609,299		UnionBanCal Corp	35,059
216,508		United Bankshares, Inc	6,755
114,416		United Community
		Banks, Inc	3,764
204,903		United Community
		Financial Corp	2,338
1,453,861		United Overseas Bank Ltd	11,300
29,085		United Securities
		Bancshares	842
15,502		United Security Bancshares
		(California)	423
138,008		Unizan Financial Corp	2,795
505,293		Valley National Bancorp	14,755
23,430	*	Virginia Commerce Bancorp	750
47,318		Virginia Financial Group, Inc	1,681
461,326		W Holding Co, Inc	8,585
9,514,857		Wachovia Corp	443,297
23,944		Warwick Community
		Bancorp	824
366,654		Washington Federal, Inc	10,413
86,166		Washington Trust
		Bancorp, Inc	2,258
15,860		Wayne Bancorp, Inc	427
259,203		Webster Financial Corp	11,887
11,866,805		Wells Fargo & Co	698,836
139,674		Wesbanco, Inc	3,868
45,290		West Bancorporation	784
104,406		West Coast Bancorp	2,228
161,119		Westamerica Bancorp	8,008

ST-22  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
DEPOSITORY INSTITUTIONS—(Continued)
	15,799	*	Western Sierra Bancorp	$ 743
	3,904,195		Westpac Banking Corp	47,036
	217,314		Whitney Holding Corp	8,908
	61,673		Willow Grove Bancorp, Inc	1,095
	320,160		Wilmington Trust Corp	11,526
	2		Wing Lung Bank Ltd	0
	125,489		Wintrust Financial Corp	5,660
	50,838		WSFS Financial Corp	2,280
	34,835		Yadkin Valley Bank and
			Trust Co	596
	51,723		Yardville National Bancorp	1,331
	496,875		Zions Bancorp	30,473
			TOTAL DEPOSITORY
			INSTITUTIONS	11,982,038
EATING AND DRINKING PLACES—0.62%
	2,314	*	AFC Enterprises, Inc	45
	501,500		Applebee’s International, Inc	19,694
	613,777		Aramark Corp (Class B)	16,830
	861,109		Autogrill S.p.A.	12,317
	8,821	*	Benihana, Inc (Class A)	113
	232,141		Bob Evans Farms, Inc	7,535
	2,146,204	*	Brinker International, Inc	71,168
	3,700	*	Buca, Inc	25
	107,982	*	California Pizza
			Kitchen, Inc	2,174
	425,009		CBRL Group, Inc	16,261
	165,062	*	CEC Entertainment, Inc	7,822
	7,404	*	Champps
			Entertainment, Inc	55
	2,200	*	Checkers Drive-In
			Restaurant	23
	71,404	*	Chicago Pizza & Brewery, Inc	1,065
	322,638	e*	CKE Restaurants, Inc	2,062
	3,113,692		Compass Group plc	21,181
	1,041,997		Darden Restaurants, Inc	21,924
	93,304	e*	Dave & Buster’s, Inc	1,183
	272,100	e	Doutor Coffee Co Ltd	4,235
	646,646		Enterprise Inns Plc	11,738
	2,307,033		Granada plc	5,039
	131,236		IHOP Corp	5,050
	231,462	*	Jack In The Box, Inc	4,944
	276,664	e*	Krispy Kreme Doughnuts, Inc	10,126
	139,890		Landry’s Restaurants, Inc	3,598
	115,928		Lone Star Steakhouse &
			Saloon, Inc	2,687
	10,296	*	Luby’s, Inc	38
	7,244,021		McDonald’s Corp	179,869
	131,391	*	O’Charley’s, Inc	2,358
	498,015		Outback Steakhouse, Inc	22,017
	171,956	e*	P.F. Chang’s China
			Bistro, Inc	8,749

	92,160	e*	Papa John’s
			International, Inc	$ 3,076
	206,142	*	Rare Hospitality
			International, Inc	5,038
	56,350	*	Red Robin Gourmet
			Burgers, Inc	1,715
	352,719		Ruby Tuesday, Inc	10,049
	301,671	*	Ryan’s Family Steak
			Houses, Inc	4,567
	63		Skylark Co Ltd	1
	44,100	e	Sodexho Alliance S.A.	1,330
	254,091	e*	Sonic Corp	7,780
	267,259	*	The Cheesecake Factory, Inc	11,767
	149,666	*	The Steak n Shake Co	2,672
	170,644		Triarc Cos (Class B)	1,840
	86,022	e	Triarc Cos, Inc (Class A)	1,017
	8,042		Valora Holding AG.	2,003
	717,488	e	Wendy’s International, Inc	28,154
	1,287,718		Whitbread plc	16,574
	1,713,339	*	Yum! Brands, Inc	58,939
			TOTAL EATING AND
			DRINKING PLACES	618,447
EDUCATIONAL SERVICES—0.18%
	1,208,431	*	Apollo Group, Inc
			(Class A)	82,173
	102,679	*	Apollo Group, Inc
			(University
			Of Phoenix Online)	7,078
	240,032		Benesse Corp	5,980
	546,053	*	Career Education Corp	21,880
	215,784	*	Corinthian Colleges, Inc	11,989
	272,531	*	DeVry, Inc	6,849
	392,864	*	Education
			Management Corp	12,194
	244,570	*	ITT Educational
			Services, Inc	11,487
	73,303	*	Learning Tree
			International, Inc	1,275
	106,052	*	Princeton Review, Inc	1,034
	71,480		Strayer Education, Inc	7,779
	242,644	*	Sylvan Learning
			Systems, Inc	6,986
			TOTAL EDUCATIONAL
			SERVICES	176,704
ELECTRIC, GAS, AND SANITARY       SERVICES—3.45%
	2,119,672	*	AES Corp	20,010
	359,468		AGL Resources, Inc	10,461
	1,255,049	e*	Allegheny Energy, Inc	16,014
	444,673		Allete, Inc	13,607
	509,210		Alliant Energy Corp	12,679
	846,018	*	Allied Waste Industries, Inc	11,743

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-23

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
ELECTRIC, GAS, AND SANITARY       SERVICES—(Continued)
	892,520		Ameren Corp	$ 41,056
	3,266,443		American Electric
			Power Co, Inc	99,659
	102,105		American States Water Co	2,553
	1,203,842	*	Aquila, Inc	4,081
	338,028		Atmos Energy Corp	8,214
	1,156,065		Australian Gas Light Co Ltd	9,782
	328,915		Avista Corp	5,960
	386	*	Beacon Power Corp	0
	12,205,031		BG Group plc	62,652
	220,604		Black Hills Corp	6,581
	102,177		California Water Service
			Group	2,800
	2,577,886	e*	Calpine Corp	12,400
	74,118		Cascade Natural Gas Corp	1,563
	110,266	*	Casella Waste Systems, Inc
			(Class A)	1,510
	1,262,269		Centerpoint Energy, Inc	12,231
	78,334		Central Vermont Public
			Service Corp	1,841
	9,820,716		Centrica plc	37,095
	102,557		CH Energy Group, Inc	4,810
	28,490		Chesapeake Utilities Corp	742
	509,629		Chubu Electric
			Power Co, Inc	10,628
	1,531,567		Cinergy Corp	59,440
	1,584,906	*	Citizens
			Communications Co	19,685
	48,795	e*	Clean Harbors, Inc	435
	292,378		Cleco Corp	5,257
	1,573,145		CLP Holdings Ltd	7,497
	923,467	*	CMS Energy Corp	7,868
	51,205		Connecticut Water
			Service, Inc	1,416
	1,329,815	e	Consolidated Edison, Inc	57,195
	951,788		Constellation Energy
			Group, Inc	37,272
	346,725		Contact Energy Ltd	1,225
	12		Daiseki Co Ltd	0
	1,542,666		Dominion Resources, Inc	98,468
	583,266		DPL, Inc	12,179
	1,041,581		DTE Energy Co	41,038
	4,266,177	e	Duke Energy Corp	87,243
	349,731		Duquesne Light
			Holdings, Inc	6,414
	54,439	*	Duratek, Inc	710
	1,607,955	e*	Dynegy, Inc (Class A)	6,882
	2,786,296	e	E.ON AG.	181,840
	66,715	e	E.ON AG. (Spon ADR)	4,366
	1,357,646		Edison International	29,773
	3,367,549	e	El Paso Corp	27,580

324,528	*	El Paso Electric Co	$ 4,332
13,800	e	Electrabel S.A.	4,338
1,907,256		Electricidade de
		Portugal S.A.	5,028
153,437		Empire District Electric Co	3,365
2,067,519	e	Enagas	22,428
586,722	e	Endesa S.A.	11,286
3,066,581	e	Enel S.p.A.	20,849
242,124		Energen Corp	9,934
781,530		Energy East Corp	17,506
28,872		EnergySouth, Inc	1,011
2,513,786		Entergy Corp	143,613
640,438		Equitable Resources, Inc	27,488
2,891,759		Exelon Corp	191,897
1,968,601		FirstEnergy Corp	69,295
1,058,630		FPL Group, Inc	69,256
95,019	e	Gas Natural SDG S.A.	2,223
336,276		Great Plains Energy, Inc	10,700
192,833		Hawaiian Electric
		Industries, Inc	9,134
7,635,199		Hong Kong & China Gas
		Co Ltd	11,654
1,006,511		Hong Kong Electric
		Holdings Ltd	3,980
1,007,637	e	Iberdrola S.A.	19,916
249,122		Idacorp, Inc	7,454
500,000		International Power plc	1,105
1,110,503		Kansai Electric Power Co, Inc	19,460
1,334,719		Kelda Group plc	11,206
953,556		KeySpan Corp	35,091
561,649		Kinder Morgan, Inc	33,193
452,862		Kurita Water Industries Ltd	5,464
680,104		Kyushu Electric
		Power Co, Inc	11,696
127,972		Laclede Group, Inc	3,654
657,424		MDU Resources Group, Inc	15,653
109,030		MGE Energy, Inc	3,436
67,944		Middlesex Water Co	1,379
70,823	be*	Mirant Corp	28
669,517		National Fuel Gas Co	16,363
3,955,037		National Grid Transco plc	28,338
193,748		New Jersey Resources Corp	7,461
96,888		NGC Holdings Ltd	142
305,670		Nicor, Inc	10,405
1,365,836		NiSource, Inc	29,966
314,962		NiSource, Inc (Sails)	806
584,952		Northeast Utilities	11,798
170,818		Northwest Natural Gas Co	5,253
279,259		NSTAR	13,544
107,945		NUI Corp	1,740
1,610		Oesterreichische
		Elektrizitaetswirtschafts
		AG. (A Shs)	188

ST-24  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
ELECTRIC, GAS, AND SANITARY       SERVICES—(Continued)
	497,146		OGE Energy Corp	$ 12,026
	567,108		Oneok, Inc	12,522
	7,604,445		Osaka Gas Co Ltd	20,577
	168,170		Otter Tail Corp	4,495
	170,947		Peoples Energy Corp	7,187
	1,165,108		Pepco Holdings, Inc	22,766
	1,910,418	*	PG&E Corp	53,052
	449,635		Philadelphia Suburban Corp	9,937
	147,503		Piedmont Natural
			Gas Co, Inc	6,410
	521,166		Pinnacle West Capital Corp	20,857
	263,611		PNM Resources, Inc	7,407
	1,476,042		PPL Corp	64,577
	1,213,448		Progress Energy, Inc	54,921
	496,039	*	Progress Energy, Inc (Cvo)	223
	1,151,608		Public Service Enterprise
			Group, Inc	50,440
	542,796		Puget Energy, Inc	12,902
	29,073		Puma AG. Rudolf Dassler
			Sport	5,134
	613,559		Questar Corp	21,567
	1,607,924	*	Reliant Resources, Inc	11,834
	1,311,441		Republic Services, Inc	33,612
	98,603		Resource America, Inc
			(Class A)	1,479
	152,345	e	RWE AG.	6,028
	577,465		SCANA Corp	19,778
	336,731		Scottish & Southern
			Energy plc	4,057
	3,903,362		Scottish Power plc	26,011
	187,234		SEMCO Energy, Inc	917
	1,095,781		Sempra Energy	32,939
	160,000		Severn Trent plc	2,145
	760,055	e*	Sierra Pacific Resources	5,579
	13,744		SJW Corp	1,227
	5,935,652		Snam Rete Gas S.p.A.	25,156
	82,329		South Jersey Industries, Inc	3,334
	5,245,792		Southern Co	158,685
	366,539	*	Southern Union Co	6,744
	214,995		Southwest Gas Corp	4,827
	67,288	e	Southwest Water Co	1,080
	192,867	*	Stericycle, Inc	9,007
	443,658	e	Suez S.A.(France)	8,915
	854,617	e	TECO Energy, Inc	12,315
	75,965		Texas Genco Holdings, Inc	2,469
	1,055,370		Tohoku Electric
			Power Co, Inc	17,499
	1,262,041		Tokyo Electric Power Co, Inc	27,674
	18,851,311	e	Tokyo Gas Co Ltd	67,194
	82,600		Tomra Systems ASA	498
	319,676	e	TransAlta Corp	4,584

	2,036,280		TXU Corp	$ 48,301
	206,189		UGI Corp	6,990
	81,966		UIL Holdings Corp	3,697
	414,043	e	Union Fenosa S.A.	7,776
	191,268		Unisource Energy Corp	4,717
	262,929		United Utilities plc	2,332
	932,630		United Utilities plc (A Shs)	5,084
	10,200		Unitil Corp	263
	386,221		Vectren Corp	9,520
	5,285,396	e	Vivendi Universal S.A.	128,468
	208,627	*	Waste Connections, Inc	7,880
	4,751,273		Waste Management, Inc	140,638
	1,251		West Japan Railway Co	4,914
	442,346		Westar Energy, Inc	8,958
	127,960		Western Gas Resources, Inc	6,046
	247,246		WGL Holdings, Inc	6,871
	4,474,220		Williams Cos, Inc	43,937
	617,358		Wisconsin Energy Corp	20,651
	181,190	e	WPS Resources Corp	8,376
	2,044,979		Xcel Energy, Inc	34,724
	22,000,000		Xinao Gas Holdings Ltd	12,256
			TOTAL ELECTRIC, GAS, AND
			SANITARY SERVICES	3,433,497
ELECTRONIC AND OTHER ELECTRIC       EQUIPMENT—7.87%
	146,395	*	Actel Corp	3,528
	5,148	*	Active Power, Inc	15
	3,821,365	e*	ADC Telecommunications,
			Inc	11,349
	198,965		Adtran, Inc	6,168
	118,860	*	Advanced Energy
			Industries, Inc	3,096
	1,224,383	*	Advanced Fibre
			Communications, Inc	24,671
	1,615,100	*	Advanced Micro Devices, Inc	24,065
	3,781	*	Advanced Power
			Technology, Inc	33
	844,465		Advantest Corp	66,977
	395,428	*	Aeroflex, Inc	4,623
	3,481,816	*	Agere Systems, Inc (Class A)	10,620
	6,583,091	*	Agere Systems, Inc (Class B)	19,091
	3,261,428	e	Alcatel S.A.	42,002
	136,132	*	Alcatel S.A. (Spon ADR)	1,749
	156,331	*	Alliance Semiconductor Corp	1,112
	185,000	e	Alps Electric Co Ltd	2,707
	682,409	e	Alstom	1,076
	3,092,007	*	Altera Corp	70,189
	1,056,285		American Power
			Conversion Corp	25,826
	168,086		Ametek, Inc	8,112
	472,935	*	Amkor Technology, Inc	8,612
	97,539	*	Amphenol Corp (Class A)	6,236

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-25

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
ELECTRONIC AND OTHER ELECTRIC       EQUIPMENT—(Continued)
	1,500	*	Anadigics, Inc	$ 9
	1,731,833		Analog Devices, Inc	79,058
	148,194	*	Anaren Microwave, Inc	2,092
	135,335		Applica, Inc	1,029
	1,787,314	*	Applied Micro Circuits Corp	10,688
	57,171		Applied Signal
			Technology, Inc	1,316
	396,329	*	Arris Group, Inc	2,869
	216,762	*	Artesyn Technologies, Inc	1,847
	115,143	*	Artisan Components, Inc	2,360
	303,000		ASM Pacific Technology Ltd	1,327
	4,621,032	e*	ASML Holding NV	91,628
	561,838	*	ASML Holding NV
			(New York Shs)	11,265
	773,942	*	ATI Technologies, Inc	11,673
	4,256,539	*	Atmel Corp	25,582
	182,373	*	ATMI, Inc	4,220
	381,785	e*	Avanex Corp	1,905
	247,870		AVX Corp	4,120
	60	*	AXT, Inc	0
	197,367		Baldor Electric Co	4,510
	68,500	*	Ballard Power Systems, Inc	813
	5,200		Bang & Olufsen a/s (B Shs)	218
	4,100		Barco NV	359
	63,480		Bel Fuse, Inc (Class B)	2,071
	250,987	*	Benchmark Electronics,
			Inc	8,737
	3,446	*	Brillian Corp	29
	1,088,175	*	Broadcom Corp (Class A)	37,096
	164,216		C&D Technologies, Inc	3,148
	2,755	*	Caliper Technologies Corp	18
	2,600	*	Capstone Turbine Corp	5
	37,606	*	Catapult
			Communications Corp	545
	215,358	*	C-COR.net Corp	2,397
	335,198	*	Celestica, Inc	5,074
	10,891		Celestica, Inc (U.S.)	164
	203,882	*	Centillium
			Communications, Inc	1,148
	54,806	*	Ceradyne, Inc	1,867
	76,716	*	Ceva, Inc	798
	902,000		Chartered Semiconductor
			Manufacturing Ltd	919
	217,053	*	Checkpoint Systems, Inc	4,104
	316,461	*	ChipPAC, Inc	2,402
	2,453,144	*	CIENA Corp	16,289
	6,406	e*	ClearOne
			Communications, Inc	25
	89,128	*	Comtech
			Telecommunications	2,573
	1,466,665	*	Comverse Technology, Inc	25,799

1,791,468	e*	Conexant Systems, Inc	$ 8,904
72,700		Cooper Industries Ltd
		(Class A)	4,212
2,261,550	e*	Corvis Corp	3,845
333,777	e*	Cree, Inc	5,905
228,354		CTS Corp	2,626
106,409		Cubic Corp	2,447
801,776	*	Cypress Semiconductor Corp	17,126
100,638	b*	DDI Corp	4
40,303	*	Diodes, Inc	766
1,665		Distributed Energy
		Systems Corp	5
174,346	*	Ditech Communications
		Corp	3,330
58,566	e*	Drexler Technology Corp	801
183,287	*	DSP Group, Inc	4,566
157,176	*	Dupont Photomasks, Inc	3,794
182,945	*	Electro Scientific
		Industries, Inc	4,354
201,200		Electrocomponents plc	1,171
388,831		Electrolux AB Series B	8,538
9,990	*	Emcore Corp	47
2,098,975		Emerson Electric Co	135,909
108,324	*	Emerson Radio Corp	407
69,187	*	EMS Technologies, Inc	1,421
743,074	*	Energizer Holdings, Inc	27,910
104,164	e*	Energy Conversion
		Devices, Inc	941
1		Energy Developments Ltd	0
359,260	*	Entegris, Inc	4,616
51,902		Epcos AG.	1,172
208,247	*	ESS Technology, Inc	3,542
259,964	*	Exar Corp	4,440
444,932	*	Fairchild Semiconductor
		International, Inc	11,110
915,540	e*	Finisar Corp	2,866
283,740		Fisher & Paykel Appliances
		Holdings Ltd	715
88,233		Fisher & Paykel
		Healthcare Corp	733
47,297		Franklin Electric Co, Inc	2,861
224,853	e*	FuelCell Energy, Inc	2,923
4,071,968	e	Fujitsu Ltd	24,013
1,097,660	e	Furukawa Electric Co Ltd	3,646
1,348,814	*	Gemstar-TV Guide
		International, Inc	6,812
60,231,677		General Electric Co	1,865,977
206,173	*	Genesis Microchip, Inc	3,719
80,636	*	Genlyte Group, Inc	4,708
718,498	*	GlobespanVirata, Inc	4,225
476,070	*	GrafTech International Ltd	6,427
280,784		Harman International
		Industries, Inc	20,772

ST-26  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
ELECTRONIC AND OTHER ELECTRIC       EQUIPMENT—(Continued)
	393,396	*	Harmonic, Inc	$ 2,852
	321,944		Harris Corp	12,218
	175,749		Helix Technology Corp	3,617
	134,000	*	Hexcel Corp	993
	119,500		Hirose Electric Co Ltd	13,715
	326,907		Hubbell, Inc (Class B)	14,417
	164,219	*	Hutchinson Technology, Inc	5,048
	103,254	*	Inet Technologies, Inc	1,239
	648,377	e	Infineon Technologies AG.	9,012
	120,491	*	Innovex, Inc	1,016
	359,905	*	Integrated Circuit
			Systems, Inc	10,254
	484,321	*	Integrated Device
			Technology, Inc	8,316
	186,034	*	Integrated Silicon
			Solution, Inc	2,915
	41,066,089		Intel Corp	1,322,328
	287,878	*	Interdigital
			Communications Corp	5,942
	313,021	*	International Rectifier Corp	15,466
	625,380		Intersil Corp (Class A)	15,541
	128,289		Inter-Tel, Inc	3,205
	232,933	*	InterVoice, Inc	2,765
	112,387	*	IXYS Corp	1,051
	942,102	*	Jabil Circuit, Inc	26,661
	7,376,329	*	JDS Uniphase Corp	26,924
	1,051,409		Johnson Electric
			Holdings Ltd	1,341
	574,480	*	Kemet Corp	7,865
	4,786,882		Kesa Electricals PLC	22,044
	978,153		Kidde plc	1,865
	4,673,687	e	Koninklijke Philips
			Electronics NV	136,473
	463,095	*	Kopin Corp	3,107
	10,708	*	Kudelski S.A. (Br)	354
	636,598		Kyocera Corp	42,412
	462,166	*	L-3 Communications
			Holdings, Inc	23,737
	683,232	*	Lattice Semiconductor
			Corp	6,614
	54,526	*	Lifeline Systems, Inc	1,036
	1,987,454		Linear Technology Corp	83,612
	129,399	*	Littelfuse, Inc	3,729
	119,018		LSI Industries, Inc	1,607
	3,173,110	*	LSI Logic Corp	28,145
	267,100	e	Mabuchi Motor Co Ltd	20,561
	1,420	*	Magnetek, Inc	9
	105,490	e*	Manufacturers Services Ltd	641
	145,000	*	Marvell Technology
			Group Ltd	5,500
	2,956,679	e	Matsushita Electric

		Industrial Co Ltd	$ 40,886
603,350		Matsushita Electric
		Industrial Co Ltd
		(Spon ADR)	8,411
797,107	e	Matsushita Electric Works Ltd	7,163
184,626	*	Mattson Technology, Inc	2,256
4,119,810		Maxim Integrated
		Products, Inc	205,167
412,941		Maytag Corp	11,500
593,883	*	McData Corp (Class A)	5,660
82,004	e*	Medis Technologies Ltd	877
139,700	e	Melco Holdings, Inc	4,080
239,701	e*	MEMC Electronic
		Materials, Inc	2,306
144,250	*	Mercury Computer
		Systems, Inc	3,592
22	*	Merix Corp	1
238,378		Methode Electronics, Inc	2,915
45,860	*	Metrologic Instruments, Inc	1,238
406,734	*	Micrel, Inc	6,337
1,141,999		Microchip Technology, Inc	38,097
5,849,357	*	Micron Technology, Inc	78,791
192,397	*	Microsemi Corp	4,729
8,000	*	Microtune, Inc	20
173,429	e*	MIPS Technologies, Inc	944
24	*	Mitsubishi Electric Corp	0
553,754		Molex, Inc	19,320
200,465		Molex, Inc (Class A)	5,886
149,563	*	Monolithic System
		Technology, Inc	1,279
99,987	*	Moog, Inc (Class A)	4,939
12,788,261		Motorola, Inc	179,931
702,065	*	MRV Communications, Inc	2,640
415,156		Murata
		Manufacturing Co Ltd	22,352
250,235	*	Mykrolis Corp	4,024
31,361		National Presto
		Industries, Inc	1,134
977,173	*	National Semiconductor Corp	38,510
1,318,946		NEC Corp	9,710
422,000		NEC Electronics Corp	30,871
382,956	*	New Focus, Inc	1,922
725,000	e	Nexans S.A.	24,243
296,581		NGK Spark Plug Co Ltd	2,405
421,000	e	Nippon Electric Glass Co Ltd	8,191
258,700		Nitto Denko Corp	13,759
15,774,628		Nokia Oyj	272,792
9,794,447		Nortel Networks Corp	41,611
91	*	Nortel Networks Corp (U.S.)	0
2,424,655	*	Novellus Systems, Inc	101,957
677,611	*	Nvidia Corp	15,754
612,000	*	Oki Electric Industry Co Ltd	2,393

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-27

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
ELECTRONIC AND OTHER ELECTRIC       EQUIPMENT—(Continued)
	160,322	e*	Omnivision
			Technologies, Inc	$ 8,858
	347,020	*	ON Semiconductor Corp	2,238
	400,929	*	Openwave Systems, Inc	4,410
	684,582	*	Oplink Communications, Inc	1,636
	109,457	*	Optical Communication
			Products, Inc	405
	84,952	e*	OSI Systems, Inc	1,632
	4,474	*	Paradyne Networks, Inc	15
	120,636		Park Electrochemical Corp	3,196
	3,416	e*	Parkervision, Inc	33
	213,915	e*	Pemstar, Inc	704
	139,541	*	Pericom Semiconductor Corp	1,488
	211,457	*	Photronics, Inc	4,212
	316,491	e	Pioneer Corp	8,741
	236,690	e*	Pixelworks, Inc	2,613
	271,678	*	Plantronics, Inc	8,870
	286,167	*	Plexus Corp	4,913
	148,272	e*	Plug Power, Inc	1,075
	837,247	*	PMC-Sierra, Inc	16,871
	608,263	*	Polycom, Inc	11,873
	45,127	*	Powell Industries, Inc	864
	179,562	*	Power Integrations, Inc	6,008
	424,851	*	Power-One, Inc	4,601
	438,185	e*	Powerwave Technologies, Inc	3,352
	810,599	e*	Proxim Corp (Class A)	1,354
	989,030	*	QLogic Corp	51,034
	5,659,033		Qualcomm, Inc	305,192
	395,004	*	Rambus, Inc	12,127
	39,509		Raven Industries, Inc	1,166
	227,293	*	Rayovac Corp	4,762
	50,607	b*	Read-Rite Corp	0
	154,595		Regal-Beloit Corp	3,401
	378,002	*	Remec, Inc	3,179
	1,109,539	e*	RF Micro Devices, Inc	11,151
	42,824		Richardson Electronics Ltd	526
	1,039,719		Rockwell Collins, Inc	31,223
	107,594	*	Rogers Corp	4,747
	179,457		Rohm Co Ltd	21,032
	1,643	e*	Salton, Inc	21
	5,632,692	*	Sanmina-SCI Corp	71,028
	5,404,099		Sanyo Electric Co Ltd	28,238
	303,573	*	SBA Communications Corp	1,148
	97,442	*	SBS Technologies, Inc	1,433
	120,425	e	Schneider Electric S.A.	7,884
	671,461		Scientific-Atlanta, Inc	18,331
	154,548	*	Seachange
			International, Inc	2,380
	402,326	*	Semtech Corp	9,145
	1,235,550		Sharp Corp	19,495
	500,000	*	Shibaura Mechatronics

		Corp	$ 3,648
456,721	*	Silicon Image, Inc	3,302
198,470	*	Silicon Laboratories, Inc	8,578
542,769	*	Silicon Storage
		Technology, Inc	5,970
42,085	*	Siliconix, Inc	1,923
168,931	*	Sipex Corp	1,302
8,022,447	e*	Sirius Satellite Radio, Inc	25,351
976,464	*	Skyworks Solutions, Inc	8,495
110,164		Smith (A.O.) Corp	3,861
1,421,212	*	Sonus Networks, Inc	10,744
2,182,470	e	Sony Corp	75,553
106,959		Spectralink Corp	2,050
89,980	*	Standard Microsystems Corp	2,276
696,000		Stanley Electric Co Ltd	13,476
1,320,164	e	STMicroelectronics NV	35,802
86,932	*	Stoneridge, Inc	1,308
548,302	*	Stratex Networks, Inc	2,330
1,745,791		Sumitomo Electric
		Industries Ltd	15,606
3,087	*	Suntron Corp	13
356,512	*	Superconductor Technologies	1,989
68,018	*	Supertex, Inc	1,299
1,547,354	*	Sycamore Networks, Inc	8,108
156,619	*	Symmetricom, Inc	1,140
101,089	*	Synaptics, Inc	1,514
36,004,184	*	Taiwan Semiconductor
		Manufacturing Co Ltd	67,342
4,026,561	*	Taiwan Semiconductor
		Manufacturing Co Ltd
		(Spon ADR)	41,232
136,060		Taiyo Yuden Co Ltd	1,779
205,243		TDK Corp	14,785
266,221	*	Technitrol, Inc	5,521
341,142	*	Tekelec	5,305
2,770,959	*	Tellabs, Inc	23,359
435,897	*	Terayon Communication
		Systems, Inc	1,962
21,310	*	Tessera Technologies, Inc	401
14,124,854		Texas Instruments, Inc	414,988
314,436		Thomas & Betts Corp	7,197
1,544,978		Thomson	32,876
169,436	*	Three-Five Systems, Inc	888
280,669		Tokyo Electron Ltd	21,318
89,961	*	Tollgrade
		Communications, Inc	1,577
2,500,077		Toshiba Corp	9,471
22		Towa Corp	0
784,260	*	Transmeta Corp	2,666
2,133	*	Trikon Technologies, Inc	12
890,603	*	Triquint Semiconductor, Inc	6,297
127,834	*	TTM Technologies, Inc	2,158

ST-28  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
ELECTRONIC AND OTHER ELECTRIC       EQUIPMENT—(Continued)
	74,751		Turnstone Systems, Inc	$ 9
	69,997	*	Ulticom, Inc	675
	3,278		Unaxis Holding AG. (Regd)	464
	106,559	e*	Universal Display Corp	1,457
	90,436	*	Universal Electronics, Inc	1,152
	329,897	*	Utstarcom, Inc	12,229
	262,028	e*	Valence Technology, Inc	1,009
	199,606	*	Varian Semiconductor
			Equipment Associates, Inc	8,721
	194,200		Venture Corp Ltd	2,287
	615,746	*	Verso Technologies, Inc	1,970
	136,256	*	Viasat, Inc	2,608
	134,708	*	Vicor Corp	1,537
	75,914	*	Virage Logic Corp	772
	735,539	*	Vishay Intertechnology, Inc	16,844
	1,376,956	*	Vitesse Semiconductor Corp	8,083
	323,701	*	Westell Technologies, Inc	2,043
	399,273		Whirlpool Corp	29,007
	159,165	*	White Electronic
			Designs Corp	1,401
	136,410	*	Wilson Greatbatch
			Technologies, Inc	5,766
	69,920		Woodhead Industries, Inc	1,182
	172,355	*	Xicor, Inc	1,955
	1,925,073	*	Xilinx, Inc	74,577
	192,622	e	Yamaha Corp	3,783
	200,391	*	Zhone Technologies, Inc	990
	5,600	*	Zomax, Inc	28
			TOTAL ELECTRONIC AND
			OTHER ELECTRIC
			EQUIPMENT	7,842,925
ENGINEERING AND MANAGEMENT       SERVICES—0.77%
	103,225	e*	aaiPharma, Inc	2,593
	1,085,701	*	Accenture Ltd (Class A)	28,576
	70,220	*	Advisory Board Co	2,451
	367,601	*	Affymetrix, Inc	9,047
	6,200	*	Answerthink, Inc	34
	136,836	e*	Antigenics, Inc	1,549
	505,662	*	Applera Corp (Celera
			Genomics Group)	7,034
	36	*	Applied Molecular Evolution	1
	262,788	*	Ariad Pharmaceuticals, Inc	1,958
	3,553	*	Baker (Michael) Corp	37
	1,847,107	*	BearingPoint, Inc	18,637
	5		Bellsystem 24, Inc	1
	23,366	*	Bioreliance Corp	1,117
	373,852	*	Celgene Corp	16,831
	516,421	*	Century Business
			Services, Inc	2,308

2,942		CGI Group, Inc (Class A)	$ 18
53,197	*	Charles River Associates, Inc	1,702
149,566	*	Ciphergen Biosystems, Inc	1,681
86,061	*	Cornell Cos, Inc	1,175
320,607	*	Corporate Executive
		Board Co	14,963
231,873	*	Corrections Corp Of America	6,685
462,383	*	Covance, Inc	12,392
291,656	*	CuraGen Corp	2,138
187,986	*	CV Therapeutics, Inc	2,756
320,569	*	Decode Genetics, Inc	2,625
54,541	b*	Deltagen, Inc	1
413	*	DiamondCluster
		International, Inc	4
100,792	*	Digitas, Inc	939
15,500	*	Discovery Partners
		International, Inc	95
153,360	*	Diversa Corp	1,419
180,130	*	eResearch Technology, Inc	4,579
95,071	*	Exact Sciences Corp	962
341,279	*	Exelixis, Inc	2,416
285,619	*	Exult, Inc	2,034
131,612	*	First Consulting Group, Inc	741
458,840		Fluor Corp	18,188
92,749	*	Forrester Research, Inc	1,657
283,934	e*	FTI Consulting, Inc	6,636
333,653	*	Gartner, Inc (Class A)	3,774
240,938	*	Gartner, Inc (Class B)	2,621
202,441	*	Gene Logic, Inc	1,051
65,676	*	Genencor International, Inc	1,034
324,403	*	Gen-Probe, Inc	11,831
2,209,324		Halliburton Co	57,442
112,296	*	Hewitt Associates, Inc	3,358
480,680	*	Incyte Corp	3,288
30,000	f*	International Hydron
		Liquidating Trust	1
398,277	*	Jacobs Engineering
		Group, Inc	19,121
3,658	*	Kendle International, Inc	23
115,862	*	Kosan Biosciences, Inc	1,142
53,418		Landauer, Inc	2,178
238,274	e*	Lexicon Genetics, Inc	1,403
138,698	e*	Luminex Corp	1,301
106,232	*	MAXIMUS, Inc	4,157
184,954	*	Maxygen, Inc	1,966
177,903		Michael Page
		International plc	588
6,872,905		Monsanto Co	197,802
745,245		Moody’s Corp	45,125
36,575	*	MTC Technologies, Inc	1,178
176,950	e*	Myriad Genetics, Inc	2,276
280,487	*	Navigant Consulting, Inc	5,290
89,685	e*	Neopharm, Inc	1,643

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-29

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
ENGINEERING AND MANAGEMENT       SERVICES—(Continued)
	72,586	*	Newtek Business
			Services, Inc	$ 504
	167,961	*	Parexel International Corp	2,731
	1,810,973		Paychex, Inc	67,368
	201,550	*	Per-Se Technologies, Inc	3,076
	222,317	*	Pharmaceutical Product
			Development, Inc	5,996
	160,130	*	Pharmacopeia, Inc	2,275
	279,843	e*	PRG-Schultz International, Inc	1,371
	388,619		Quest Diagnostics, Inc	28,412
	150,978	*	Regeneration Technologies, Inc	1,655
	226,602	*	Regeneron
			Pharmaceuticals, Inc	3,333
	197,388	*	Repligen Corp	863
	65,886	e*	Research Frontiers, Inc	612
	130,371	*	Resources Connection, Inc	3,560
	1,156	*	Rigel Pharmaceuticals, Inc	22
	110,287	*	Right Management
			Consultants, Inc	2,058
	6,121	*	Sangamo Biosciences, Inc	34
	390,749	*	Savient Pharmaceuticals, Inc	1,801
	122,809	*	Seattle Genetics, Inc	1,054
	2,817,001		SembCorp Industries Ltd	2,090
	1,656,574		Servicemaster Co	19,299
	44,343	*	SFBC International, Inc	1,178
	1,159,300		Singapore Technologies
			Engineering Ltd	1,393
	109,694	*	Sourcecorp	2,811
	165,261	*	Symyx Technologies, Inc	3,396
	46,124	*	Tejon Ranch Co	1,892
	224,104	*	Telik, Inc	5,157
	338,201	e*	Tetra Tech, Inc	8,408
	140,000		TKC Corp	1,881
	196,451	*	Transkaryotic Therapies, Inc	3,067
	75,256	e*	TRC Cos, Inc	1,585
	95,500	e*	Trimeris, Inc	2,004
	294,923	*	Tularik, Inc	4,763
	475,517	*	U.S. Oncology, Inc	5,117
	127,531	*	URS Corp	3,190
	1,009,586		Vedior NV	15,791
	172,875	*	Washington Group
			International, Inc	5,873
	217,771	*	Watson Wyatt & Co
			Holdings	5,259
			TOTAL ENGINEERING AND
			MANAGEMENT SERVICES	768,452

EXECUTIVE, LEGISLATIVE AND       GENERAL—0.00%
	23,900	*	Omega Protein Corp	$ 185
			TOTAL EXECUTIVE,
			LEGISLATIVE AND
			GENERAL	185
FABRICATED METAL PRODUCTS—0.63%
	214,568	*	Alliant Techsystems, Inc	12,393
	2,408,398	e	Amcor Ltd	14,989
	385,917		Assa Abloy AB (B Shs)	4,586
	372,941		Ball Corp	22,216
	81,088		Boehler-Uddeholm AG.	5,476
	2,500	*	Butler Manufacturing Co	55
	61,129		CIRCOR International, Inc	1,473
	279,115		Crane Co	8,580
	1,119,862	*	Crown Holdings, Inc	10,146
	702,940		Danaher Corp	64,495
	34,606	*	Drew Industries, Inc	962
	324,437	e	European Aeronautic Defense
			And Space Co	7,714
	868,376		Fortune Brands, Inc	62,080
	7,621		Geberit AG. (Regd)	3,747
	965,681		GKN plc	4,616
	178,537	*	Griffon Corp	3,617
	47,152	*	Gulf Island Fabrication, Inc	803
	209,889		Harsco Corp	9,197
	400,000		Hitachi Cable Ltd	1,500
	2,251,845		Illinois Tool Works, Inc	188,952
	108,136	*	Intermagnetics General Corp	2,396
	475,687	*	Jacuzzi Brands, Inc	3,373
	6,070		Ladish Co, Inc	49
	3,348,891		Masco Corp	91,793
	65,203		Material Sciences Corp	659
	88,814	*	Mobile Mini, Inc	1,751
	123,865	*	NCI Building Systems, Inc	2,960
	396,000		NHK Spring Co Ltd	1,844
	199,200		Novar plc	492
	232,860	*	Raytech Corp	773
	329,904	e*	Shaw Group, Inc	4,493
	74,803	*	Silgan Holdings, Inc	3,186
	100,095	*	Simpson
			Manufacturing Co, Inc	5,091
	79,922	e	SMC Corp	9,948
	303,894		Snap-On, Inc	9,798
	532,485		Stanley Works	20,165
	34,000		Starrett (L.S.) Co (Class B)	559
	140,428		Sturm Ruger & Co, Inc	1,597
	507,000		Techtronic Industries Co	1,407
	1,229,778		Tostem Inax Holding Corp	23,753
	634,502	*	Tower Automotive, Inc	4,334
	454,400		Toyo Seikan Kaisha Ltd	6,352
	96,197		Valmont Industries, Inc	2,227

ST-30  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
FABRICATED METAL       PRODUCTS—(Continued)
	7,800	*	Water Pik
			Technologies, Inc	$ 96
	94,241		Watts Water
			Technologies, Inc
			(Class A)	2,092
			TOTAL FABRICATED
			METAL PRODUCTS	628,785
FOOD AND KINDRED PRODUCTS—3.44%
	1,729,059		Ajinomoto Co, Inc	19,893
	105,073	e*	American Italian
			Pasta Co (Class A)	4,403
	4,605,176		Anheuser-Busch Cos, Inc	242,601
	2,640,750		Archer Daniels Midland Co	40,192
	6,655		Ariake Japan Co Ltd	212
	1,439,294		Asahi Breweries Ltd	13,121
	57,879	*	Boston Beer Co, Inc (Class A)	1,050
	148,526		Bunge Ltd	4,889
	370,186		Cadbury Schweppes plc	2,719
	1,216,645		Campbell Soup Co	32,606
	14,287		Carlsberg a/s (A Shs)	588
	11,419	e	Carlsberg a/s (B Shs)	526
	2,179,277		Coca-Cola Amatil Ltd	10,230
	14,033		Coca-Cola Bottling Co
			Consolidated	751
	11,977,367		Coca-Cola Co	607,851
	1,527,926		Coca-Cola Enterprises, Inc	33,416
	153,497		Coca-Cola Hellenic
			Bottling Co S.A.	3,198
	92,200		Coca-Cola West
			Japan Co Ltd	1,807
	3,066,219		Conagra Foods, Inc	80,918
	971,487	*	Constellation
			Brands, Inc (Class A)	31,991
	356,553	e	Coors (Adolph) Co (Class B)	20,003
	235,654		Corn Products
			International, Inc	8,118
	100,528		Danisco a/s	4,470
	376,370	*	Darling International, Inc	1,039
	108,110		DCC plc	1,475
	1,168,513	*	Dean Foods Co	38,409
	881,902	*	Del Monte Foods Co	9,172
	15,329,211		Diageo plc	201,696
	81,400		Diageo plc (Spon ADR)	4,303
	163		Dreyer’s Grand Ice Cream
			Holdings, Inc	13
	5,878		Farmer Brothers Co	1,830
	225,939		Flowers Foods, Inc	5,829
	2,898,282	e	Foster’s Group Ltd	9,827
	225,607		Fraser & Neave Ltd	1,674
	3,329,562		General Mills, Inc	150,829

75,000,000		Global Bio-Chem
		Technology Group Co Ltd	$ 46,370
115,523		Greencore Group plc	517
206,486	e	Groupe Danone	33,702
2,084,386		H.J. Heinz Co	75,934
398,923		Heineken NV	15,191
594,711	*	Hercules, Inc	7,255
4,200		Hermes International	813
505,815		Hershey Foods Corp	38,943
42,854	*	Horizon Organic Holding Corp	1,026
409,157		Hormel Foods Corp	10,560
130,600		House Foods Corp	1,478
43,926		Interbrew S.A.	1,172
114,658	*	International Multifoods Corp	2,064
297,064		Interstate Bakeries Corp	4,227
40,849	*	J & J Snack Foods Corp	1,542
235,856		J.M. Smucker Co	10,682
1,279,749		Kellogg Co	48,733
45,213		Kerry Group (Class A)	850
65,000		Kerry Group plc (Class A)	1,206
316,000		Kikkoman Corp	2,247
159,000	e	Kinki Coca-Cola
		Bottling Co Ltd	1,153
1,319,680	e	Kirin Brewery Co Ltd	11,255
1,764,302		Kraft Foods, Inc (Class A)	56,846
141,835		Lancaster Colony Corp	6,405
169,133		Lance, Inc	2,542
1,455,897		Lion Nathan Ltd	6,626
146,554		LVMH Moet Hennessy Louis
		Vuitton S.A.	10,666
60,291	*	M&F Worldwide Corp	805
657,805		McCormick & Co, Inc
		(Non-Vote)	19,800
708		Meiji Seika Kaisha Ltd	3
264,306	e	Molson, Inc (A Shs)	7,384
2,000		Molson, Inc (B Shs)	56
10,435	*	Monterey Pasta Co	39
14,800	*	National Beverage Corp	241
1,181,390		Nestle S.A. (Regd)	295,168
283		Nichirei Corp	1
269,784		Nippon Meat Packers, Inc	2,638
773,002		Nisshin Seifun Group, Inc	6,881
103,005		Nissin Food Products Co Ltd	2,566
693,372	e	Orkla ASA	15,529
2,313,036	e	Parmalat Finanziaria S.p.A.	321
68,353	*	Peets Coffee & Tea, Inc	1,190
7,039		Penford Corp	97
4,017,841		Pepsi Bottling Group, Inc	97,151
331,053		PepsiAmericas Inc	5,668
14,540,283		PepsiCo, Inc	677,868
528,741	e	Pernod-Ricard	58,790
98,229		Pilgrim’s Pride Corp	1,604
258,081		Q.P. Corp	2,143

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-31

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
FOOD AND KINDRED       PRODUCTS—(Continued)
	202,660	e*	Ralcorp Holdings, Inc	$ 6,355
	36,105		Riviana Foods, Inc	989
	60,266	*	Robert Mondavi Corp
			(Class A)	2,341
	37,335		Sanderson Farms, Inc	1,505
	4,061,442		Sara Lee Corp	88,174
	330,148		Scottish & Newcastle plc	2,236
	275,723	e	Sensient Technologies Corp	5,451
	420,233	*	Smithfield Foods, Inc	8,699
	287,600	*	Southcorp Ltd	585
	1,300		Tasty Baking Co	13
	1,324,421		Tate & Lyle plc	7,385
	126,392		Tootsie Roll Industries, Inc	4,550
	239,908		Topps Co, Inc	2,461
	65,000		Toyo Suisan Kaisha Ltd	722
	1,413,226		Tyson Foods, Inc (Class A)	18,711
	3,777,640		Unilever plc	35,216
	200,486		Wrigley (Wm.) Jr Co	11,269
	697,600	f	Wrigley (Wm.) Jr Co (Class B)	39,212
	549,000	e	Yamazaki Baking Co Ltd	4,554
			TOTAL FOOD AND
			KINDRED PRODUCTS	3,428,025
FOOD STORES—0.69%
	157,096	*	7-Eleven, Inc	2,521
	1,548,252		Albertson’s, Inc	35,068
	9,250		Arden Group, Inc (Class A)	717
	17,502		Axfood AB	405
	641,104	e	Carrefour S.A.	35,193
	48,648	e	Casino Guichard-Perrachon	4,731
	6,974	*	Casino Guichard-Perrachon
			B Wts 12/15/05	5
	2,386,092		Coles Myer Ltd	13,591
	11,390		Colruyt S.A.	1,098
	50,870	e	Delhaize Group	2,617
	100,826	*	Great Atlantic & Pacific
			Tea Co, Inc	847
	65,784		Ingles Markets, Inc (Class A)	676
	717,782		Ito-Yokado Co Ltd	22,571
	59,912		Jeronimo Martins SGPS S.A.	790
	6,572,974	*	Kroger Co	121,666
	500,000		Lawson, Inc	17,076
	800	*	Mycal Corp	0
	193,091	*	Panera Bread Co (Class A)	7,633
	35,513	*	Pantry, Inc	806
	186,577	*	Pathmark Stores, Inc	1,418
	19,271	b*	Penn Traffic Co	1
	1,582,000	f	Royal Ahold NV	12,053
	212,312		Ruddick Corp	3,800
	38,435		Safeway plc	195
	2,839,648	*	Safeway, Inc	62,217

	2,719,419		Sainsbury (J) plc	$ 15,225
	9,577,739	*	Seiyu Ltd	32,441
	116,469		Seven-Eleven Japan Co Ltd	3,532
	2,247,158	*	Starbucks Corp	74,291
	35,112,463		Tesco plc	162,013
	242,172		UNY Co Ltd	2,486
	73,652		Weis Markets, Inc	2,674
	310,116		Whole Foods Market, Inc	20,818
	164,033	*	Wild Oats Markets, Inc	2,121
	396,216	e	Winn-Dixie Stores, Inc	3,942
	1,862,800		Woolworths Ltd	16,562
			TOTAL FOOD STORES	683,800
FORESTRY—0.14%
	2,136,146	e	Weyerhaeuser Co	136,713
			TOTAL FORESTRY	136,713
FURNITURE AND FIXTURES—0.23%
	66,480		Bassett Furniture
			Industries, Inc	1,097
	6,033	*	Bush Industries, Inc (Class A)	25
	177,160		Ethan Allen Interiors, Inc	7,419
	247,867		Furniture Brands
			International, Inc	7,270
	464,145		Herman Miller, Inc	11,265
	267,911		Hillenbrand Industries, Inc	16,627
	349,631		HON Industries, Inc	15,146
	17,732		Hooker Furniture Corp	723
	453,240		Johnson Controls, Inc	52,630
	189,342		Kimball International, Inc
			(Class B)	2,944
	344,158		La-Z-Boy, Inc	7,220
	557,022		Lear Corp	34,162
	1,023,961		Leggett & Platt, Inc	22,148
	2,438,917		MFI Furniture Plc	6,571
	1,572,940		Newell Rubbermaid, Inc	35,816
	141,850	*	Select Comfort Corp	3,512
	33,917		Stanley Furniture Co, Inc	1,068
	339,446		Steelcase, Inc (Class A)	4,874
	10,733	*	Virco Manufacturing Corp	68
			TOTAL FURNITURE AND
			FIXTURES	230,585
FURNITURE AND HOMEFURNISHINGS       STORES—0.37%
	1,832,238	*	Bed Bath & Beyond, Inc	79,428
	2,187,596		Best Buy Co, Inc	114,280
	1,831,990		Circuit City Stores, Inc
			(Circuit City Group)	18,558
	143,670	*	Cost Plus, Inc	5,890
	88,868	*	Electronics Boutique
			Holdings Corp	2,034
	5,163	e*	EUniverse, Inc	8
	140,700	*	Gamestop Corp (Class A)	2,168

ST-32  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
FURNITURE AND HOMEFURNISHINGS       STORES—(Continued)
	105,795	*	Guitar Center, Inc	$ 3,447
	118,206		Haverty Furniture Cos, Inc	2,348
	4,953,994		Hitachi Ltd	29,862
	154,479	*	Intertan, Inc	1,563
	70,033	*	Kirkland’s, Inc	1,237
	292,135	*	Linens ‘n Things, Inc	8,787
	694,259		Pier 1 Imports, Inc	15,177
	1,172,977		RadioShack Corp	35,987
	127,135	*	Restoration Hardware, Inc	604
	53,408	*	Rex Stores Corp	756
	131,500		Shimachu Co Ltd	2,607
	224,288	*	The Bombay Co, Inc	1,826
	104,359	e*	Trans World
			Entertainment Corp	743
	135,737	*	Tweeter Home
			Entertainment Group, Inc	1,283
	70,766	*	Ultimate Electronics, Inc	540
	1,029,034	*	Williams-Sonoma, Inc	35,780
	16,200		Yamada Denki Co Ltd	544
			TOTAL FURNITURE AND
			HOMEFURNISHINGS
			STORES	365,457
GENERAL BUILDING CONTRACTORS—0.38%
	299,936	e	ACS Actividades de
			Construccion y
			Servicios S.A.	14,641
	687,000		Allgreen Properties Ltd	453
	138,400		Amec plc	644
	304,812		Barratt Developments plc	2,963
	86,301		Beazer Homes U.S.A., Inc	8,428
	172,838		Berkeley Group plc	2,723
	127,763	e	Bouygues S.A.	4,467
	95,982		Brookfield Homes Corp	2,473
	701	*	Cavco Industries, Inc	17
	424,145		Centex Corp	45,659
	8,999,500	e	Chiyoda Corp	55,255
	712,257		D.R. Horton, Inc	30,812
	138		Daikyo, Inc	0
	30,005		Daito Trust
			Construction Co Ltd	890
	2,130,221		Daiwa House Industry Co Ltd	22,660
	18,849	*	Dominion Homes, Inc	572
	509,055		Fletcher Building Ltd	1,417
	200	*	Fujita Corp (New)	0
	200		Haseko Corp	0
	100	*	Hazama Corp	0
	78,915	*	Hovnanian Enterprises, Inc
			(Class A)	6,870
	189,411		KB Home	13,736
	63,234		Leighton Holdings Ltd	563

	25,296		Lennar Corp	$ 2,312
	285,292		Lennar Corp (Class A)	27,388
	74,895		M/I Schottenstein Homes, Inc	2,925
	85,196		MDC Holdings, Inc	5,495
	59,412	*	Meritage Corp	3,940
	38,600		NH Hoteles S.A.	444
	358,316		Nishimatsu
			Construction Co Ltd	1,187
	32,098	*	NVR, Inc	14,958
	429,842		Obayashi Corp	1,921
	118,284	*	Palm Harbor Homes, Inc	2,114
	88,676	*	Perini Corp	811
	124,500		Persimmon Plc	1,197
	256,088		Pulte Homes, Inc	23,975
	120,321		Ryland Group, Inc	10,665
	501,425	e	Skanska AB (B Shs)	4,425
	25,996,000	*	South China Industries Ltd	670
	214,378		Standard-Pacific Corp	10,408
	301,000	e	Sumitomo Realty &
			Development Co Ltd	2,651
	801		Taisei Corp	3
	2,908,877		Taylor Woodrow plc	13,904
	16,275	*	Technical Olympic
			U.S.A., Inc	448
	557,000		Toda Corp	1,575
	241,878	*	Toll Brothers, Inc	9,617
	195,118		Walter Industries, Inc	2,605
	110,791	*	WCI Communities, Inc	2,283
	32,312	*	William Lyon Homes, Inc	2,028
	1,845,346		Wimpey (George) plc	12,330
			TOTAL GENERAL BUILDING
			CONTRACTORS	377,522
GENERAL MERCHANDISE STORES—1.93%
	178,515	*	99 Cents Only Stores	4,861
	133,598		Aeon Co Ltd	4,475
	548,954	*	Big Lots, Inc	7,801
	460,979	*	BJ’s Wholesale Club, Inc	10,584
	83,514	*	Brookstone, Inc	1,780
	474		Can Do Co Ltd	880
	292,015		Casey’s General Stores, Inc	5,157
	2,667,693	e*	Costco Wholesale Corp	99,185
	315		Daimaru, Inc	2
	435,064		Dillard’s, Inc (Class A)	7,161
	1,632,379		Dollar General Corp	34,264
	583,848	*	Dollar Tree Stores, Inc	17,550
	868,402		Family Dollar Stores, Inc	31,158
	1,172,732		Federated Department
			Stores, Inc	55,271
	260,324		Fred’s, Inc	8,065
	650,000		Giordano International Ltd	301
	50,712	e	Hagemeyer NV	114

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-33

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
GENERAL MERCHANDISE       STORES—(Continued)
	138,000		Hankyu Department
			Stores, Inc	$ 925
	472,668	e	Hudson’s Bay Co	4,243
	121		Isetan Co Ltd	1
	1,219,188		J.C. Penney Co, Inc	32,040
	120,228	*	Jo-Ann Stores, Inc	2,453
	32,819		KarstadtQuelle AG.	811
	137,036	e	Kesko Oyj (B Shs)	2,399
	16,252,346		Kingfisher plc	80,954
	2,438,024	*	Kohl’s Corp	109,565
	63,000	*	Koninklijke Ahold NV (Rts)	37
	199,441	e	Koninklijke Vendex KBB NV	2,780
	4,066,348		Marks & Spencer Group plc	21,037
	1,356,100		Marui Co Ltd	17,083
	2,800	*	Matsumotokiyoshi Co Ltd	63
	2,416,326		May Department Stores Co	70,243
	176,881		Metro AG.	7,798
	302,231		Mitchells & Butlers PLC	1,217
	149,162	*	Neiman Marcus Group, Inc
			(Class A)	8,006
	17,081	*	Neiman Marcus Group, Inc
			(Class B)	854
	178,300	e	Pinault-Printemps-
			Redoute S.A.	17,238
	1,465	*	Pricesmart, Inc	9
	590,889	*	Saks, Inc	8,887
	1,201,114		Sears Roebuck & Co	54,639
	198,869	*	ShopKo Stores, Inc	3,033
	4,752,296		Sonae SPGS S.A.	3,956
	137,665	*	Stein Mart, Inc	1,134
	1,262,869		Takashimaya Co Ltd	9,015
	7,030,552		Target Corp	269,973
	91,091	*	Tuesday Morning Corp	2,756
	16,958,237		Wal-Mart Stores, Inc	899,634
	160,933		Warehouse Group Ltd	541
	923,129	*	Waterford Wedgwood plc
			(Units)	256
			TOTAL GENERAL
			MERCHANDISE STORES	1,922,189
HEALTH SERVICES—0.65%
	319,939	*	Accredo Health, Inc	10,113
	173,122	e*	American Healthways, Inc	4,132
	129,626	*	Amsurg Corp	4,912
	277,793	*	Apria Healthcare Group, Inc	7,909
	630,369	*	Beverly Enterprises, Inc	5,415
	1,898,707	*	Caremark Rx, Inc	48,094
	85,317	*	Chronimed, Inc	723
	282,726	*	Community Health
			Systems, Inc	7,515
	42,728	*	Corvel Corp	1,607

236,038	*	Coventry Health Care, Inc	$ 15,222
147,549	*	Cross Country Healthcare, Inc	2,201
107,052	e*	CryoLife, Inc	619
70,506	*	Curative Health Services, Inc	973
484,225	*	DaVita, Inc	18,885
36,760	e*	Dynacq Healthcare, Inc	282
164,724	*	Enzo Biochem, Inc	2,950
1,441,977	*	Express Scripts, Inc	95,791
479,190	*	First Health Group Corp	9,325
88,550	*	Genesis HealthCare Corp	2,017
162,572	*	Gentiva Health Services, Inc	2,055
2,718,302	e	HCA, Inc	116,778
1,402,066		Health Management
		Associates, Inc (Class A)	33,650
174,802	e*	Healthsouth Corp	802
397,487		Hooper Holmes, Inc	2,456
38,558	*	IMPAC Medical Systems, Inc	986
193,505	*	Inveresk Research Group, Inc	4,785
75,076	*	Kindred Healthcare, Inc	3,902
47,743	*	LabOne, Inc	1,550
1,092,042	*	Laboratory Corp Of America
		Holdings	40,351
254,759	*	LifePoint Hospitals, Inc	7,503
617,663	*	Lincare Holdings, Inc	18,548
437,605		Manor Care, Inc	15,128
59,759	*	Matria Healthcare, Inc	1,263
517,293		MDS, Inc	7,998
388	*	Medcath Corp	4
152,386	e*	MIM Corp	1,071
54,681	*	National Healthcare Corp	1,088
177,101	*	NeighborCare, Inc	3,498
1,062		Nichii Gakkan Co	60
263,000		Nipro Corp	3,465
221,050	*	Odyssey HealthCare, Inc	6,468
85,954	*	Option Care, Inc	918
332,636	e*	Orthodontic Centers Of
		America, Inc	2,678
706,000		Parkway Holdings Ltd	405
159,126	*	Pediatrix Medical
		Group, Inc	8,766
5,794	b*	Physicians Resources
		Group, Inc	0
4,111	*	Prime Medical Services, Inc	19
310,000	*	Province Healthcare Co	4,960
4,600	*	Radiologix, Inc	16
104,871	*	RehabCare Group, Inc	2,230
261,101	*	Renal Care Group, Inc	10,757
331,202		Select Medical Corp	5,392
160,462		Sonic Healthcare Ltd	846
42,408	*	Specialty Laboratories, Inc	712
111,113	e*	Sunrise Senior Living, Inc	4,305
2,317,961	*	Tenet Healthcare Corp	37,203
840,632	*	Triad Hospitals, Inc	27,968
78,816	*	U.S. Physical Therapy, Inc	1,240

ST-34  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
HEALTH SERVICES—(Continued)
	115,199	*	United Surgical Partners
			International, Inc	$ 3,857
	224,257		Universal Health
			Services, Inc (Class B)	12,047
	194,820	*	VCA Antech, Inc	6,036
	76,584	*	VistaCare, Inc (Class A)	2,692
			TOTAL HEALTH SERVICES	645,141
HEAVY CONSTRUCTION, EXCEPT       BUILDING—0.16%
	71,662		Autopistas Concesionaria
			Espanola S.A.	1,084
	156,131		Autoroutes Du Sud
			De La France	5,238
	193,200		Balfour Beatty plc	756
	24,100		Fomento de Construcciones y
			Contratas S.A.	889
	221,435		Granite Construction, Inc	5,202
	150,013		Grupo Ferrovial S.A.	5,257
	29,600		Hellenic Technodomiki S.A.	187
	32,600	*	Hopewell Highway
			Infrastructure Ltd	6
	152,113	*	Insituform Technologies, Inc
			(Class A)	2,510
	751,166		JGC Corp	7,836
	28,000		Maeda Road
			Construction Co Ltd	148
	51,000		Okumura Corp	217
	130,085		Technical Olympic S.A.	699
	2,872,857	e	Transurban Group	9,654
	5,628		VA Technologie AG.	182
	1,400,506	e	Vinci S.A.	115,973
			TOTAL HEAVY CONSTRUCTION,
			EXCEPT BUILDING	155,838
HOLDING AND OTHER INVESTMENT OFFICES—1.84%
	80,880	*	4Kids Entertainment, Inc	2,104
	98,639		Acadia Realty Trust	1,233
	68,288		Alabama National Bancorp	3,589
	13,204	*	Alexander’s, Inc	1,646
	127,758		Alexandria Real Estate
			Equities, Inc	7,397
	78,758		Allegiant Bancorp, Inc	2,209
	585,800	e	Allied Capital Corp	16,332
	728,704		AMB Property Corp	23,960
	164,101		Amcore Financial, Inc	4,434
	128,324		American Home Mortgage
			Investment Corp	2,889
	33,954		American Land Lease, Inc	677
	56,768		American Mortgage
			Acceptance Co	925
	9,592	*	American Realty Investors, Inc	88
	102,313		AMLI Residential Properties

		Trust	$ 2,742
573,000		Annaly Mortgage
		Management, Inc	10,543
325,897		Anthracite Capital, Inc	3,608
277,745	e	Anworth Mortgage Asset Corp	3,869
962,216		Apartment Investment &
		Management Co (Class A)	33,196
978,989		Archstone-Smith Trust	27,392
311,796		Arden Realty, Inc	9,460
128,538		Associated Estates Realty Corp	940
317,549		AvalonBay Communities, Inc	15,179
96,844		Bedford Property
		Investors, Inc	2,773
375,562		Boston Properties, Inc	18,098
115,233	*	Boykin Lodging Co	1,054
171,182		Brandywine Realty Trust	4,583
109,321	e	Brascan Corp	3,361
259,890		BRE Properties, Inc (Class A)	8,680
385,448		Brookline Bancorp, Inc	5,913
19,488		BRT Realty Trust	562
1,762		California First National
		Bancorp	25
193,027		Camden Property Trust	8,551
216,700		Canary Wharf Group plc	1,039
173,577		Capital Automotive REIT	5,554
57,377		Capitol Bancorp Ltd	1,630
64,877	e	Capstead Mortgage Corp	1,089
325,175		CarrAmerica Realty Corp	9,684
48,749		Castellum AB	1,152
141,300		CBL & Associates
		Properties, Inc	7,983
122,410	e	Centerpoint Properties Trust	9,169
358,491		Centro Properties Group	1,075
233,297		Chelsea Property Group, Inc	12,787
38,593		Cherokee, Inc	878
115,461		Colonial Properties Trust	4,572
274,897		Commercial Net Lease
		Realty, Inc	4,893
53,949		Community Banks, Inc	2,121
258,211		Community First
		Bankshares, Inc	7,473
677,710		Compagnie Financiere
		Richemont AG. (Units)
		(A Shs)	16,275
80,869		Connecticut Bancshares, Inc	4,168
172,400		Corio NV	6,676
351,339		Cornerstone Realty Income
		Trust, Inc	3,078
194,826		Corporate Office Properties
		Trust	4,091
72,650		Correctional Properties Trust	2,092
195,824		Cousins Properties, Inc

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-35

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
HOLDING AND OTHER INVESTMENT       OFFICES—(Continued)
	454,825		Crescent Real Estate
			Equities Co	$ 7,791
	42,251	*	Criimi MAE, Inc	441
	276		Cross Timbers Royalty Trust	8
	540,000		Deutsche Office Trust	448
	567,986		Developers Diversified
			Realty Corp	19,067
	105,221		Drott AB (B Shs)	1,996
	746,812		Duke Realty Corp	23,151
	112,350		Eastgroup Properties, Inc	3,638
	134,148		Entertainment Properties
			Trust	4,656
	272,866		Equity Inns, Inc	2,469
	2,462,993		Equity Office Properties Trust	70,565
	215,159		Equity One, Inc	3,632
	1,683,717		Equity Residential	49,686
	117,081		Essex Property Trust, Inc	7,519
	218,925		Federal Realty Investment
			Trust	8,405
	338,081	*	FelCor Lodging Trust, Inc	3,746
	34,824		First Defiance Financial Corp	928
	2,035		First Hungary Fund Ltd	1,055
	77,406		First Indiana Corp	1,451
	251,570		First Industrial Realty
			Trust, Inc	8,490
	487,105		First Niagara Financial
			Group, Inc	7,263
	1,598,400		First NIS Regional Fund	6,490
	84,045		First Place Financial Corp	1,641
	405,133		Fremont General Corp	6,851
	452,353		Friedman Billings Ramsey
			Group, Inc	10,440
	174,777		Gables Residential Trust	6,072
	1,741,921		General Growth Properties, Inc	48,338
	65,738		German American Bancorp	1,150
	58,517		Gladstone Capital Corp	1,308
	111,469		Glenborough Realty Trust,
			Inc	2,224
	204,011		Glimcher Realty Trust	4,566
	93,085		Great Lakes REIT	1,461
	354,434	e	Greater Bay Bancorp	10,094
	71,754	*	Hawthorne Financial Corp	2,008
	325,953		Health Care Property
			Investors, Inc	16,558
	303,943		Health Care REIT, Inc	10,942
	220,080		Healthcare Realty Trust, Inc	7,868
	130,357		Heritage Property
			Investment Trust	3,709
	616,160		Highwoods Properties, Inc	15,650
	190,434		Home Properties, Inc	7,692
	322,188		Hospitality Properties Trust	13,300

1,450,749	*	Host Marriott Corp	$ 17,873
755,130		HRPT Properties Trust	7,619
6,937,198		Hutchison Whampoa Ltd	51,156
88,500		IMMOFINANZ Immobilien
		Anlagen AG	703
357,241		IMPAC Mortgage
		Holdings, Inc	6,505
3,648	b*	InaCom Corp	0
284,129		Independence Community
		Bank Corp	10,220
187,694		Innkeepers U.S.A. Trust	1,571
3,258,946		Investa Property Group	4,813
233,195		Investors Real Estate Trust	2,309
536,151		iStar Financial, Inc	20,856
407	e	Japan Real Estate
		Investment Corp	2,575
420,684		JFE Holdings, Inc	11,482
136,505		Keystone Property Trust	3,015
175,360		Kilroy Realty Corp	5,743
550,404		Kimco Realty Corp	24,631
126,928		Koger Equity, Inc	2,657
139,071		Kramont Realty Trust	2,517
913,239	*	La Quinta Corp	5,854
311,285		Land Securities Group plc	5,528
111,393		LaSalle Hotel Properties	2,066
276,387		Lend Lease Corp Ltd	2,093
219,784		Lexington Corporate
		Properties Trust	4,437
440,369	e	Liberty Property Trust	17,130
119,295	*	Local Financial Corp	2,486
101,153		LTC Properties, Inc	1,491
323,530		Macerich Co	14,397
585,366		Mack-Cali Realty Corp	24,363
4,351,745		Macquarie Goodman
		Industrial Trust	5,541
20,695,888		Macquarie Infrastructure
		Group	53,017
92,485		Manufactured Home
		Communities, Inc	3,482
25,078		MASSBANK Corp	1,068
278,964	*	Meristar Hospitality Corp	1,816
387,744		MFA Mortgage
		Investments, Inc	3,781
104,446		Mid-America Apartment
		Communities, Inc	3,507
188,692		Mills Corp	8,302
111,748		Mission West Properties, Inc	1,447
134,641		National Health Investors, Inc	3,350
47,016		National Health Realty, Inc	926
599,615		Nationwide Health
		Properties, Inc	11,722
557,486		New Plan Excel Realty Trust	13,753
168,179		Newcastle Investment Corp	4,558

ST-36  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
HOLDING AND OTHER INVESTMENT       OFFICES—(Continued)
	48,715		Nobel Biocare Holding AG.	$ 4,934
	143,706	e	Novastar Financial, Inc	6,174
	107,363		Omega Healthcare
			Investors, Inc	1,002
	5,535,000	e*	Orient Corp	11,621
	101,934		Oriental Financial Group, Inc	2,620
	212,775		Pan Pacific Retail
			Properties, Inc	10,139
	62,323		Parkway Properties, Inc	2,593
	191,906		Pennsylvania Real Estate
			Investment Trust	6,966
	918,224		Plum Creek Timber Co, Inc	27,960
	786,968		Popular, Inc	35,366
	215,621		Post Properties, Inc	6,020
	211,154		Prentiss Properties Trust	6,966
	131,501	*	Price Legacy Corp	501
	44,858		PrivateBancorp, Inc	2,042
	932,016		Prologis	29,908
	86,028		Prosperity Bancshares, Inc	1,937
	19,931		Provident Bancorp, Inc	937
	88,881		PS Business Parks, Inc	3,667
	566,327		Public Storage, Inc	24,573
	34,095		Quaker City Bancorp, Inc	1,587
	131,079		RAIT Investment Trust	3,356
	68,058		Ramco-Gershenson
			Properties	1,926
	199,168		Realty Income Corp	7,967
	336,477		Reckson Associates
			Realty Corp	8,176
	97,715		Redwood Trust, Inc	4,969
	182,394		Regency Centers Corp	7,268
	20,800		Rodamco Europe NV	1,211
	473,117		Rouse Co	22,236
	96,678		Sandy Spring Bancorp, Inc	3,616
	72,905		Saul Centers, Inc	2,090
	300,863		Senior Housing Properties
			Trust	5,184
	232,844	e	Shurgard Storage
			Centers, Inc (Class A)	8,767
	1,002,048		Simon Property Group, Inc	46,435
	83,638		Sizeler Property Investors	896
	3,643,187	f	Skyline Venture Partners
			Qualified II	2,767
	360,000	f	Skyline Venture Partners
			Qualified III	360
	187,149	e	SL Green Realty Corp	7,682
	175,440	e	Softbank Corp	5,369
	87,376		Sovran Self Storage, Inc	3,246
	77,427		Suffolk Bancorp	2,674
	823,491		Sumitomo Corp	6,139
	157,434		Summit Properties, Inc	3,782

	95,028		Sun Communities, Inc	$ 3,678
	263,367		Susquehanna
			Bancshares, Inc	6,587
	46,308		Tanger Factory Outlet
			Centers, Inc	1,885
	314,930		Taubman Centers, Inc	6,488
	423,687		Thornburg Mortgage, Inc	11,524
	54,057		Tompkins Trustco, Inc	2,489
	98,163		Town & Country Trust	2,488
	8,800	*	Transcontinental Realty
			Investors, Inc	147
	473,991		Trizec Properties, Inc	7,299
	166,517		U.S. Restaurant
			Properties, Inc	2,837
	658,160		United Dominion Realty
			Trust, Inc	12,637
	28,574		United Mobile Homes, Inc	486
	124,591		United National Bancorp	4,452
	74,138		Universal Health Realty
			Income Trust	2,232
	136,911		Urstadt Biddle Properties, Inc
			(Class A)	1,937
	504,492		Ventas, Inc	11,099
	511,354		Vornado Realty Trust	27,997
	5,636,459		Washington Mutual, Inc	226,135
	253,921	e	Washington Real Estate
			Investment Trust	7,414
	234,334		Waypoint Financial Corp	5,083
	246,945		Weingarten Realty Investors	10,952
	9,521	*	Wellsford Real Properties, Inc	177
	34,959		Wereldhave NV	2,617
	32,904		Westfield Financial, Inc	782
	2,588,861	e	Westfield Trust (Units)	6,944
	137,837		Winston Hotels, Inc	1,406
			TOTAL HOLDING AND OTHER
			INVESTMENT OFFICES	1,830,011
HOTELS AND OTHER LODGING       PLACES—0.34%
	685,125	e	Accor S.A.	31,024
	69,006	*	Ameristar Casinos, Inc	1,689
	133,205	e	Aristocrat Leisure Ltd	173
	177,737	*	Boca Resorts, Inc (Class A)	2,659
	210,717		Boyd Gaming Corp	3,401
	145,346		Choice Hotels
			International, Inc	5,123
	466,980		Extended Stay America, Inc	6,762
	8,347,514		Hilton Group plc	33,585
	2,870,201		Hilton Hotels Corp	49,167
	500		Hotel Properties Ltd	0
	3,880,030		Intercontinental Hotels
			Group Plc Intercontinental
			Hotels Group	36,743

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-37

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
HOTELS AND OTHER LODGING       PLACES—(Continued)
	186,763		Intrawest Corp	$ 3,454
	232,108		Mandalay Resort Group	10,380
	137,421		Marcus Corp	2,254
	1,143,076		Marriott International, Inc
			(Class A)	52,810
	334,722	*	MGM Mirage	12,589
	3,682	*	Monarch Casino & Resort, Inc	41
	205,700		Overseas Union Enterprise Ltd	842
	1,575,885	*	Park Place Entertainment Corp	17,067
	158,646	*	Pinnacle Entertainment, Inc	1,479
	254,748	*	Prime Hospitality Corp	2,598
	500	*	Regal Hotels International Ltd	0
	471,532		Shangri-La Asia Ltd	443
	512,166		Sky City Entertainment
			Group Ltd	1,550
	1,477,002		Starwood Hotels & Resorts
			Worldwide, Inc	53,128
	85,271	*	Vail Resorts, Inc	1,450
	123,039	e*	Wynn Resorts Ltd	3,446
			TOTAL HOTELS AND OTHER
			LODGING PLACES	333,857
INDUSTRIAL MACHINERY AND       EQUIPMENT—6.19%
	4,858,397		3M Co	413,109
	61,714	*	Aaon, Inc	1,198
	140,434	*	Actuant Corp	5,084
	709,362	*	Adaptec, Inc	6,264
	414,439	*	Advanced Digital
			Information Corp	5,802
	416,811	*	AGCO Corp	8,395
	117,700		Aggreko plc	326
	39,857		Alamo Group, Inc	608
	79,857		Alfa Laval AB	1,215
	682,409	e*	Alstom	26
	631,729		Amada Co Ltd	3,289
	124,495		Amano Corp	903
	357,256	*	American Standard
			Cos, Inc	35,976
	15,400		Ampco-Pittsburgh Corp	211
	1,739,892	*	Apple Computer, Inc	37,181
	10,807,953	*	Applied Materials, Inc	242,639
	102,099	*	Astec Industries, Inc	1,253
	18,516	*	ASV, Inc	692
	266,418	*	Asyst Technologies, Inc	4,622
	148,132		Atlas Copco AB (A Shs)	5,301
	88,476		Atlas Copco AB (B Shs)	2,883
	207,705	*	Avocent Corp	7,585
	649,974	*	Axcelis Technologies, Inc	6,643
	2,939,943		Baker Hughes, Inc	94,549
	7,182		BHA Group Holdings, Inc	181

1,199,304		Black & Decker Corp	$ 59,150
116,740		Black Box Corp	5,378
19,088	*	Blount International, Inc	150
143,426		Briggs & Stratton Corp	9,667
251,833	*	Brooks Automation, Inc	6,087
2,000	*	C.P. Pokphand Co Ltd	0
67,535		Cascade Corp	1,506
1,800,316		Caterpillar, Inc	149,462
488,470	*	Cirrus Logic, Inc	3,747
51,163,598	*	Cisco Systems, Inc	1,242,764
3,944	*	Columbus Mckinnon Corp	34
181,695	e*	Computer Network
		Technology Corp	1,733
410,402	*	Concurrent Computer Corp	1,793
240,498	*	Cooper Cameron Corp	11,207
459,763	*	Cray, Inc	4,565
83,800		Creative Technology Ltd	883
344,984		Cummins, Inc	16,884
101,001	*	Cuno, Inc	4,548
230,858	*	Cymer, Inc	10,663
957,000		Daifuku Co Ltd	4,277
163		Daikin Industries Ltd	4
2,994,202		Deere & Co	194,773
14,914,679	*	Dell, Inc	506,502
334,638		Diebold, Inc	18,027
465,004		Dixons Group plc	1,157
207,223		Donaldson Co, Inc	12,259
235,543	*	Dot Hill Systems Corp	3,568
1,125,792		Dover Corp	44,750
46,623	*	Dril-Quip, Inc	760
625,484		Eaton Corp	67,540
1,000		Ebara Corp	4
2	*	Electroglas, Inc	0
316,955	*	Electronics For Imaging, Inc	8,247
12,963,044	*	EMC Corp	167,483
866,193	*	Emulex Corp	23,110
123,788		Engineered Support
		Systems, Inc	6,816
133,845	*	EnPro Industries, Inc	1,867
138,276	*	Esterline Technologies Corp	3,688
1,300	*	Exabyte Corp	2
249,810	e*	FalconStor Software, Inc	2,183
75,128	*	Fargo Electronics, Inc	956
269,200		FKI plc	516
9,880	*	Flow International Corp	30
342,371	*	Flowserve Corp	7,149
48,772		FLS Industries a/s (B Shs)	562
291,192	*	FMC Technologies, Inc	6,785
3,792	*	FSI International, Inc	28
2,255,588		Futuris Corp Ltd	2,532
107,298	*	Gardner Denver, Inc	2,561
1,440,254	*	Gateway, Inc	6,625
37,421	*	General Binding Corp	674

ST-38  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
INDUSTRIAL MACHINERY AND       EQUIPMENT—(Continued)
	170,172	*	Global Power Equipment
			Group, Inc	$ 1,137
	47,287		Gorman-Rupp Co	1,248
	370,253		Graco, Inc	14,847
	40	*	Gradco Systems, Inc	0
	535,999	*	Grant Prideco, Inc	6,979
	21,807,173		Hewlett-Packard Co	500,911
	225,000	e	Hitachi Construction
			Machinery Co Ltd Hitachi
			Construction Machinery	3,407
	20,374		Hoganas AB (B Shs)	436
	88,036	*	Hydril	2,107
	242,749	*	Hypercom Corp	1,155
	182,434		IDEX Corp	7,587
	255,475	*	InFocus Corp	2,473
	88,553	*	Interland, Inc	578
	11,824,370		International Business
			Machines Corp	1,095,883
	2,085,764		International Game
			Technology	74,462
	422,523		Iomega Corp	2,527
	612,367		Ishikawajima-Harima
			Heavy Industries Co Ltd	874
	495,434		ITT Industries, Inc	36,766
	284,971		JLG Industries, Inc	4,340
	319,426		Joy Global, Inc	8,353
	88,378	*	Kadant, Inc	1,913
	179,590		Kaydon Corp	4,641
	6,400		KCI Konecranes International	223
	367,339		Kennametal, Inc	14,602
	156,865	*	Komag, Inc	2,295
	648,311		Komatsu Ltd	4,114
	451,000	e	Komori Corp	6,679
	255,792		Kone Oyj (B Shs)	14,680
	1,502,218		Kubota Corp	6,196
	333,556	*	Kulicke & Soffa
			Industries, Inc	4,797
	752,299	*	Lam Research Corp	24,299
	293,454		Lennox International, Inc	4,901
	674,067	*	Lexmark International, Inc	53,009
	217,113		Lincoln Electric Holdings, Inc	5,371
	86,889		Linde AG.	4,680
	75,383		Lindsay Manufacturing Co	1,903
	27,632	e*	Logitech International
			S.A. (Regd)	1,195
	37,528		Lufkin Industries, Inc	1,080
	1,277,000	e	Makino Milling Machine Co Ltd	6,482
	240,000		Makita Corp	2,403
	196,705		Manitowoc Co, Inc	6,137
	914,128	*	Maxtor Corp	10,147
	18,600	*	Mestek, Inc	358

47,300	e	Metso Oyj	$ 578
113,426	*	Micros Systems, Inc	4,918
201,587	*	Milacron, Inc	841
4,379,000	e	Minebea Co Ltd	22,228
4,149,160		Mitsubishi Heavy
		Industries Ltd	11,537
173,607		Modine Manufacturing Co	4,684
31		Mori Seiki Co Ltd	0
35,437		Nacco Industries, Inc
		(Class A)	3,171
5,544	*	NATCO Group, Inc (Class A)	42
566,360	*	National-Oilwell, Inc	12,664
9,300	e	NEG Micon a/s	151
2,295,221	*	Network Appliance, Inc	47,121
2,800		Nidec Corp	266
174,605		Nordson Corp	6,029
2,101,512		NSK Ltd	7,667
58,000		NTN Corp	277
161,435	*	Oil States International, Inc	2,250
96,330	*	Omnicell, Inc	1,561
249,557		Omron Corp	5,053
62,202	*	Overland Storage, Inc	1,169
797,859		Pall Corp	21,407
279,814	e*	PalmOne, Inc	3,288
595,528		Parker Hannifin Corp	35,434
207,812	*	Paxar Corp	2,785
291,125		Pentair, Inc	13,304
1,625,971		Pitney Bowes, Inc	66,047
102,816	*	Planar Systems, Inc	2,500
212,864	e*	Presstek, Inc	1,548
158,859	*	ProQuest Co	4,678
918,557	*	Quantum Corp	2,866
177,118	*	Rainbow Technologies, Inc	1,994
49,000		Ricoh Elemex Corp	173
9,900	e*	Riverstone Networks, Inc	11
78,107		Robbins & Myers, Inc	1,483
59,000		Sanden Corp	363
378,212	*	Sandisk Corp	23,124
460,880		Sandvik AB	15,885
103,000		Sansei Yusoki Co Ltd	509
30		Sato Corp	1
66,278		Sauer-Danfoss, Inc	1,074
49,359		Schawk, Inc	673
300,799	*	Scientific Games Corp
		(Class A)	5,117
2,700	*	SCM Microsystems, Inc	21
107,872	*	Semitool, Inc	1,156
116,705	e*	Sigma Designs, Inc	879
1,380,075	e*	Silicon Graphics, Inc	1,891
57,139	*	Simpletech, Inc	343
27,285		SKF AB (A Shs)	1,058
106,715		SKF AB (B Shs)	4,123
446,071	*	Smith International, Inc	18,521

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-39

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
INDUSTRIAL MACHINERY AND       EQUIPMENT—(Continued)
	8,156,953	*	Solectron Corp	$ 48,208
	1,361,646	*	SPX Corp	80,078
	72,792		Standex International Corp	2,038
	3,700		Starrett (L.S.) Co (Class A)	61
	188,680		Stewart & Stevenson
			Services, Inc	2,651
	568,843	*	Storage Technology Corp	14,648
	1,600		Sulzer AG. (Regd)	431
	143,942	e*	Surebeam Corp (Class A)	35
	1,059,199		Symbol Technologies, Inc	17,890
	113,000		Takuma Co Ltd	617
	76,429		Tecumseh Products Co
			(Class A)	3,701
	31,300		Tecumseh Products Co
			(Class B)	1,477
	59,330		Tennant Co	2,569
	303,539	*	Terex Corp	8,645
	240,000		Texwinca Holdings Ltd	175
	50,000	e	THK Co Ltd	1,017
	82,164		Thomas Industries, Inc	2,848
	1,522,497		Timken Co	30,541
	163,179		Toro Co	7,572
	435,000		Tsubakimoto Chain Co	1,433
	365,184		Tyco International Ltd	9,677
	140,675	*	Ultratech, Inc	4,132
	320,837	*	UNOVA, Inc	7,363
	173,555	*	Veeco Instruments, Inc	4,894
	48,600	e	Vestas Wind Systems a/s	790
	17,400		Wartsila Oyj (B Shs)	334
	1,340,615	*	Western Digital Corp	15,806
	61,820		Woodward Governor Co	3,513
	4,236,717	*	Xerox Corp	58,467
	262,030		York International Corp	9,643
	10,000		Yushin Precision
			Equipment Co Ltd	244
	173,459	*	Zebra Technologies Corp
			(Class A)	11,512
			TOTAL INDUSTRIAL
			MACHINERY AND
			EQUIPMENT	6,177,239
INSTRUMENTS AND RELATED       PRODUCTS—2.67%
	3,355	e*	Abiomed, Inc	23
	55,545	*	Aclara BioSciences, Inc	203
	146,043	*	Advanced Medical Optics, Inc	2,870
	120,629	*	Advanced Neuromodulation
			Systems, Inc	5,547
	2,215,110	*	Agilent Technologies, Inc	64,770
	193,577	e*	Aksys Ltd	1,709
	132,508	*	Alaris Medical Systems, Inc	2,015

293,250	*	Align Technology, Inc	$ 4,844
146,740	*	American Medical Systems
		Holdings, Inc	3,199
57,648		Analogic Corp	2,364
1,077,983		Applera Corp (Applied
		Biosystems Group)	22,325
156,851		Arrow International, Inc	3,918
131,373	*	Arthrocare Corp	3,219
18,748	*	Aspect Medical Systems, Inc	214
269,389		Bard (C.R.), Inc	21,888
13,281,447	a,f	Baring Vostok L.P.	16,958
249,031		Bausch & Lomb, Inc	12,925
2,791,259		Baxter International, Inc	85,189
97,100	*	Baxter International, Inc
		(Contingent Value Rts)	1
17,199,208	f	BB Bioventures L.P.	15,823
322,503		Beckman Coulter, Inc	16,393
1,432,635		Becton Dickinson & Co	58,939
73,782		BEI Technologies, Inc	1,476
132,178	e*	Biolase Technology, Inc	2,194
1,412,152		Biomet, Inc	51,416
80,002	*	Bio-Rad Laboratories, Inc
		(Class A)	4,614
8,360,317	*	Boston Scientific Corp	307,325
591	e*	Britesmile, Inc	15
108,273	*	Bruker BioSciences Corp	493
50,482	*	Candela Corp	918
2,416,676	e	Canon, Inc	112,524
45,042	*	Cantel Medical Corp	729
350,600	*	Cardiac Science, Inc	1,399
218,039	*	Cardiodynamics
		International Corp	1,302
4,000		Casio Computer Co Ltd	42
205,667	*	Cepheid, Inc	1,970
96,835	*	Cerus Corp	440
87,980	*	Cholestech Corp	671
1,206,721	e	Citizen Watch Co Ltd	11,091
49,890	*	Closure Medical Corp	1,693
182,229		Cochlear Ltd	2,946
227,634		Cognex Corp	6,428
193,545	*	Coherent, Inc	4,606
138,369		Cohu, Inc	2,650
78,290	*	Cole National Corp	1,566
114,662	e*	Conceptus, Inc	1,218
174,371	*	Concord Camera Corp	1,613
189,815	*	Conmed Corp	4,518
209,953		Cooper Cos, Inc	9,895
419,236	*	Credence Systems Corp	5,517
159,258	e*	CTI Molecular Imaging, Inc	2,693
131,383	*	Cyberonics, Inc	4,206
800,069	*	Cytyc Corp	11,009
77,511		Datascope Corp	2,779
390,211		Dentsply International, Inc	17,626

ST-40  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
INSTRUMENTS AND RELATED       PRODUCTS—(Continued)
	123,518	*	Dionex Corp	$ 5,684
	46,904	*	DJ Orthopedics, Inc	1,257
	165,046	*	DRS Technologies, Inc	4,585
	3,055,184		Eastman Kodak Co	78,427
	110,995		EDO Corp	2,736
	280,407	*	Edwards Lifesciences Corp	8,435
	6,378	e*	Endocardial Solutions, Inc	46
	12,100	e*	Endocare, Inc	49
	78,942	*	ESCO Technologies, Inc	3,446
	171,683		Essilor International S.A.	8,879
	36,681	*	Exactech, Inc	541
	58,370	*	Excel Technology, Inc	1,918
	169,330		Fanuc Ltd	10,144
	162,351	*	FEI Co	3,653
	234,409	*	Fisher Scientific
			International, Inc	9,698
	221,680	*	Flir Systems, Inc	8,091
	162,612	*	Fossil, Inc	4,555
	117,749	e	Fresenius Medical Care AG.	8,377
	3,036,380		Fuji Photo Film Co Ltd	98,030
	410,200	e	Gambro AB (A Shs)	3,392
	68,264		Gambro AB (B Shs)	564
	1,894,226		Guidant Corp	114,032
	132,575	*	Haemonetics Corp	3,167
	137,070	*	Hanger Orthopedic Group, Inc	2,134
	2,349	*	Harvard Bioscience, Inc	21
	2,100	*	HealthTronics Surgical
			Services, Inc	13
	76,367	*	Herley Industries, Inc	1,581
	131,773	*	Hologic, Inc	2,284
	70,621	e*	ICU Medical, Inc	2,421
	123,472	e*	Igen International, Inc	7,274
	73,183	*	Ii-Vi, Inc	1,888
	3,383	*	Illumina, Inc	24
	221,637		IMI plc	1,338
	180,715	*	Inamed Corp	8,685
	300,677	*	Input/Output, Inc	1,356
	121,699	e*	Integra LifeSciences
			Holding	3,484
	116,047	*	Interpore International	1,509
	169,588	*	Intuitive Surgical, Inc	2,898
	174,776		Invacare Corp	7,056
	126,858	e*	Invision Technologies, Inc	4,259
	114,677	e*	Ionics, Inc	3,652
	99,059	*	I-Stat Corp	1,516
	136,369	*	Itron, Inc	2,504
	177,309	*	Ixia	2,075
	79,845		Keithley Instruments, Inc	1,461
	54,719	*	Kensey Nash Corp	1,272
	121,003		Keyence Corp	25,506
	887,962	*	KLA-Tencor Corp	52,097

80,500		Konica Corp	$ 1,082
63,875	e*	KVH Industries, Inc	1,755
118,870	*	Kyphon, Inc	2,952
85,543	*	Laserscope	1,334
3,400	*	LeCroy Corp	61
383,969	*	Lexar Media, Inc	6,693
328,373	*	LTX Corp	4,935
663,200	e	Luxottica Group S.p.A.	11,460
5,878	e*	Med-Design Corp	26
49,991	*	Medical Action Industries, Inc	935
427	*	MedSource Technologies, Inc	2
6,838,111		Medtronic, Inc	332,401
281,090		Mentor Corp	6,763
153,433	*	Merit Medical Systems, Inc	3,415
166,042	*	Mettler-Toledo
		International, Inc	7,009
23,693	*	Micro Therapeutics, Inc	77
227,203	*	Millipore Corp	9,781
50,069		Mine Safety Appliances Co	3,981
184,997	*	MKS Instruments, Inc	5,365
98,612	*	Molecular Devices Corp	1,873
58,048		Movado Group, Inc	1,639
18,401,434	f	MPM Bioventures II-QP, LP	15,750
161,490		MTS Systems Corp	3,105
95	*	Nanometrics, Inc	1
256,058	*	Newport Corp	4,233
88,543		Nikon Corp	1,335
2,665		Nobel Biocare Holding Ag	260
63,645	*	Novoste Corp	305
166,714		Oakley, Inc	2,307
120,957	*	Ocular Sciences, Inc	3,473
346,945		Olympus Corp	7,527
314,900	e*	Orbital Sciences Corp	3,785
222,386	*	Orthologic Corp	1,363
103,919	*	Osteotech, Inc	914
244,600	e	Paris Miki, Inc	4,724
3,123,347	*	PCCW Ltd	2,032
812,500		PerkinElmer, Inc	13,869
108,466	*	Photon Dynamics, Inc	4,365
400,483	*	Pinnacle Systems, Inc	3,416
114,964	*	Possis Medical, Inc	2,271
8,249	*	QMed, Inc	93
3,269,783		Raytheon Co	98,224
158,761	*	Resmed, Inc	6,595
176,393	*	Respironics, Inc	7,954
21,200	e*	Retractable Technologies, Inc	128
392,759		Ricoh Co Ltd	7,751
1,280	*	Rita Medical Systems, Inc	6
1,362,024		Rockwell Automation, Inc	48,488
55,260	*	Rofin-Sinar Technologies, Inc	1,910
189,231		Roper Industries, Inc	9,322
76,834	*	Rudolph Technologies, Inc	1,886
31,566		Sagem S.A.	3,382

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-41

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
INSTRUMENTS AND RELATED       PRODUCTS—(Continued)
	740,456		Smith & Nephew plc	$ 6,220
	167,624	*	Sola International, Inc	3,151
	3,040	*	Sonic Innovations, Inc	20
	100,295	e*	Sonic Solutions, Inc	1,535
	95,723	*	SonoSite, Inc	2,052
	370,000		ST Assembly Test Services	462
	1,684,056	*	St. Jude Medical, Inc	103,317
	119,947	*	Staar Surgical Co	1,351
	147,039	*	Star Scientific, Inc	271
	328,845	*	Steris Corp	7,432
	757,918		Stryker Corp	64,431
	259,439	*	Sybron Dental Specialties, Inc	7,290
	65,964	*	Synovis Life Technologies, Inc	1,342
	3,878		Synthes-Stratec, Inc	3,838
	34,434		Sypris Solutions, Inc	579
	283,352	*	Techne Corp	10,705
	422,219		Tektronix, Inc	13,342
	161,528		Teleflex, Inc	7,807
	912,224	*	Teradyne, Inc	23,216
	15,600		The Swatch Group AG. (Br)	1,873
	25,300		The Swatch Group AG. (Regd)	603
	203,240	*	Theragenics Corp	1,112
	163,439	*	Therasense, Inc	3,318
	932,206	*	Thermo Electron Corp	23,492
	324,716	*	Thoratec Corp	4,225
	264,200	e	Tokyo Seimitsu Co Ltd	8,209
	210,497	*	Trimble Navigation Ltd	7,839
	153,124	*	TriPath Imaging, Inc	1,194
	77,352		United Industrial Corp	1,396
	3,264	*	Urologix, Inc	22
	699,874	*	Varian Medical Systems, Inc	48,361
	205,561	*	Varian, Inc	8,578
	88,956	*	Ventana Medical
			Systems, Inc	3,505
	194,657	*	Viasys Healthcare, Inc	4,010
	280,270	*	Visx, Inc	6,488
	58,490	*	Vital Images, Inc	1,043
	40,328		Vital Signs, Inc	1,319
	243,275	*	Vivus, Inc	922
	606,051	*	Waters Corp	20,097
	14,000	e	William Demant Holding	473
	104,441	*	Wright Medical Group, Inc	3,179
	121,650		X-Rite, Inc	1,377
	178,493		Yokogawa Electric Corp	2,578
	29,914		Young Innovations, Inc	1,077
	1,842,354	*	Zimmer Holdings, Inc	129,702
	58,036	*	Zoll Medical Corp	2,059
	105,861	*	Zygo Corp	1,746
			TOTAL INSTRUMENTS AND
			RELATED PRODUCTS	2,655,403

INSURANCE AGENTS, BROKERS AND       SERVICE—0.32%
	1,243,501		AON Corp	$ 29,769
	308,013		Brown & Brown, Inc	10,044
	99,601	*	Clark, Inc	1,916
	157,153		Crawford & Co (Class A)	1,114
	43,218		Crawford & Co (Class B)	305
	446,932		Gallagher (Arthur J.) & Co	14,521
	3,330,347	e*	HHG plc	2,409
	215,449		Hilb, Rogal & Hamilton Co	6,909
	2,975,950		Marsh & McLennan Cos, Inc	142,518
	1,560,524	*	Medco Health Solutions, Inc	53,042
	682,448	e*	MLP AG.	13,342
	1,811,985	e	Sun Life Financial, Inc	45,291
	138,489	*	USI Holdings Corp	1,807
			TOTAL INSURANCE AGENTS,
			BROKERS AND SERVICE	322,987
INSURANCE CARRIERS—4.91%
	164,238		21st Century Insurance Group	2,258
	485,136	*	AdvancePCS	25,547
	11,712,993	e	Aegon NV	173,301
	3,911,484		Aetna, Inc	264,338
	2,947,837		Aflac, Inc	106,653
	3,461,000		Aioi Insurance Co Ltd	13,757
	236,772		Alfa Corp	3,045
	1,100,000	e	Alleanza Assicurazioni S.p.A.	12,043
	23,291	*	Alleghany Corp	5,182
	300,837		Allianz AG. (Regd)	37,976
	350,024	*	Allmerica Financial Corp	10,770
	3,983,068		Allstate Corp	171,352
	378,077		Ambac Financial Group, Inc	26,235
	197,299		American Financial Group, Inc	5,221
	14,230,818		American International
			Group, Inc	943,219
	75,005	*	American Medical Security
			Group, Inc	1,682
	56,872		American National
			Insurance Co	4,798
	68,132	*	American Physicians
			Capital, Inc	1,254
	156,212	*	AMERIGROUP Corp	6,662
	261,332		AmerUs Group Co	9,139
	3,330,347		AMP Ltd	12,571
	1,988,422	*	Anthem, Inc	149,132
	148,793	*	Argonaut Group, Inc	2,312
	472,820		Assicurazioni Generali S.p.A.	12,524
	1,833,051		Aviva plc	16,087
	5,497,068	e	AXA	117,665
	46,673		Baldwin & Lyons, Inc
			(Class B)	1,310
	365,396		Berkley (W.R.) Corp	12,771
	118,522	*	Centene Corp	3,320

ST-42  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
INSURANCE CARRIERS—(Continued)
	17,163	*	Ceres Group, Inc	$ 100
	923,667		Chubb Corp	62,902
	706,770		Cigna Corp	40,639
	748,016		Cincinnati Financial Corp	31,327
	165,621	e*	Citizens, Inc	1,562
	109,810	*	CNA Financial Corp	2,646
	104,262	*	CNA Surety Corp	992
	32,370		CNP Assurances	1,685
	157,325		Commerce Group, Inc	6,214
	12,591		Converium Holding AG.	669
	3,210		Daido Life Insurance Co Ltd	9,555
	167,632		Delphi Financial Group, Inc
			(Class A)	6,035
	20,333		Donegal Group, Inc	448
	6,623		EMC Insurance Group, Inc	140
	11,407	*	Enstar Group, Inc	537
	148,381		Erie Indemnity Co (Class A)	6,288
	26,052	e	Fairfax Financial Holdings Ltd	4,558
	76,553		FBL Financial Group, Inc
			(Class A)	1,975
	781,835		Fidelity National
			Financial, Inc	30,320
	52,027	*	Financial Industries Corp	734
	377,150		First American Corp	11,228
	3,000	e*	FPIC Insurance Group, Inc	75
	3,323,846		Friends Provident plc	7,854
	3,290,000	e	Fuji Fire & Marine
			Insurance Co Ltd	9,025
	40,926		Great American Financial
			Resources, Inc	664
	34,315		Great-West Lifeco, Inc	1,208
	199,671		Harleysville Group, Inc	3,971
	1,747,346		Hartford Financial Services
			Group, Inc	103,146
	338,459		HCC Insurance
			Holdings, Inc	10,763
	555,651	*	Health Net, Inc	18,170
	116,817	*	HealthExtras, Inc	1,565
	258,778		Horace Mann
			Educators Corp	3,615
	815,316	*	Humana, Inc	18,630
	20,273		Independence Holding Co	481
	56,586		Infinity Property &
			Casualty Corp	1,870
	1,606,092		ING Groep NV	37,458
	3,728,560		Insurance Australia Group Ltd	11,939
	708,915		Jefferson-Pilot Corp	35,907
	1,354,014		John Hancock Financial
			Services, Inc	50,776
	25,588		Kansas City Life Insurance Co	1,182
	128,373		Landamerica Financial
			Group, Inc	6,709

11,140,297		Legal & General Group plc	$ 19,993
258,991		Leucadia National Corp	11,939
115,700		Liberty International Plc	1,414
1,988,448		Lincoln National Corp	80,274
652,322		Loews Corp	32,257
1,435,448	e	Manulife Financial Corp	46,488
52,160	*	Markel Corp	13,223
2,313,855	a	Max Re Capital Ltd	51,923
655,567		MBIA, Inc	38,829
166,098		Mercury General Corp	7,732
1,927,198		MetLife, Inc	64,889
701,754		MGIC Investment Corp	39,958
241,644	*	Mid Atlantic Medical
		Services, Inc	15,659
49,578		Midland Co	1,171
3,025		Millea Holdings, Inc	39,517
1,137,525		Mitsui Sumitomo
		Insurance Co Ltd	9,341
233,149	e*	MONY Group, Inc	7,295
560,691	e	Muenchener Rueckver AG.
		(Regd)	67,979
14,519	*	National Western Life
		Insurance Co (Class A)	2,248
309,214		Nationwide Financial
		Services, Inc (Class A)	10,223
25,482	*	Navigators Group, Inc	787
656,000	e	Nissay Dowa General
		Insurance Co Ltd	3,048
13,640		NYMAGIC, Inc	374
93,424	e	Odyssey Re Holdings Corp	2,107
368,570	*	Ohio Casualty Corp	6,398
1,139,619		Old Republic
		International Corp	28,901
395,301		Oxford Health Plans, Inc	17,196
171,822	e*	Pacificare Health Systems, Inc	11,615
63,000		Penn-America Group, Inc	836
106,326	*	Philadelphia Consolidated
		Holding Corp	5,192
651,562	e	Phoenix Cos, Inc	7,845
53,339	*	Pico Holdings, Inc	836
158,022	e*	PMA Capital Corp (Class A)	809
408,177		PMI Group, Inc	15,196
650,173	e	Power Corp Of Canada	24,352
332,148	e	Power Financial Corp	12,731
138,042		Presidential Life Corp	1,817
1,751,769		Principal Financial Group	57,931
160,109	*	ProAssurance Corp	5,148
1,091,079		Progressive Corp	91,203
1,900,767		Promina Group Ltd	4,697
306,856		Protective Life Corp	10,384
3,020,049		Prudential Financial, Inc	126,147
1,891,600		Prudential plc	15,992

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-43

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
INSURANCE CARRIERS—(Continued)
	1,530,503	e	QBE Insurance Group Ltd	$ 12,223
	464,186		Radian Group, Inc	22,629
	101,235		Reinsurance Group Of
			America, Inc	3,913
	119,796		RLI Corp	4,488
	35,968,114		Royal & Sun Alliance
			Insurance Group plc	56,823
	2,005,759		Safeco Corp	78,084
	23,410		Safety Insurance Group, Inc	401
	3,799	*	Schindler Holding AG. (Pt Cert)	928
	187,519		Selective Insurance Group, Inc	6,068
	161,581	*	Sierra Health Services, Inc	4,435
	693,232		Skandia Forsakrings AB	2,524
	529,529		Sompo Japan Insurance, Inc	4,353
	2,308,245		St. Paul Cos, Inc	91,522
	141,703		Stancorp Financial Group, Inc	8,910
	86,277		State Auto Financial Corp	2,018
	111,725		Stewart Information
			Services Corp	4,530
	275,143		Storebrand ASA	1,791
	1,813,185		Swiss Reinsurance Co (Regd)	122,418
	129,718		Topdanmark As	6,944
	531,812		Torchmark Corp	24,219
	484,021		Tower Ltd	397
	110,014		Transatlantic Holdings, Inc	8,889
	2,453,481		Travelers Property Casualty
			Corp (Class A)	41,169
	7,519,841		Travelers Property Casualty
			Corp (Class B)	127,612
	52,693	*	Triad Guaranty, Inc	2,653
	264,218	*	UICI	3,509
	48,391		United Fire & Casualty Co	1,953
	3,227,774		UnitedHealth Group, Inc	187,792
	241,215		Unitrin, Inc	9,989
	164,490	*	Universal American
			Financial Corp	1,630
	4,502,508		UnumProvident Corp	71,005
	18,400		Vesta Insurance Group, Inc	71
	119,099	*	WellChoice, Inc	4,109
	712,768	*	Wellpoint Health
			Networks, Inc	69,131
	7,975		Wesco Financial Corp	2,807
	224,600		XL Capital Ltd (Class A)	17,418
	63,445		Zenith National
			Insurance Corp	2,065
	1,179,592		Zurich Financial Services AG.	169,773
			TOTAL INSURANCE
			CARRIERS	4,892,773

JUSTICE, PUBLIC ORDER AND       SAFETY—0.00%
	61,246	*	Wackenhut
			Corrections Corp	$ 1,396
			TOTAL JUSTICE, PUBLIC
			ORDER AND SAFETY	1,396
LEATHER AND LEATHER PRODUCTS—0.07%
	125,557		Brown Shoe Co, Inc	4,762
	1,045,782	*	Coach, Inc	39,478
	162,158		K-Swiss, Inc (Class A)	3,902
	95,067	*	Maxwell Shoe Co, Inc (Class A)	1,613
	67,126	*	Steven Madden Ltd	1,369
	107,975	*	Timberland Co (Class A)	5,622
	15,192		Weyco Group, Inc	511
	269,630		Wolverine World Wide, Inc	5,495
	1,020,604		Yue Yuen Industrial Holdings	2,807
			TOTAL LEATHER AND
			LEATHER PRODUCTS	65,559
LEGAL SERVICES—0.00%
	106,476	e*	Pre-Paid Legal Services, Inc	2,781
			TOTAL LEGAL SERVICES	2,781
LOCAL AND INTERURBAN PASSENGER       TRANSIT—0.08%
	686	e	Central Japan Railway Co	5,927
	14,429		East Japan Railway Co	67,991
	909,000		Keio Electric Railway Co Ltd	4,724
	577,479		MTR Corp	762
	296,000		SMRT Corp Ltd	105
	489,200		Stagecoach Group plc	687
	115,000	e	Veolia Environnement	3,090
			TOTAL LOCAL AND
			INTERURBAN PASSENGER
			TRANSIT	83,286
LUMBER AND WOOD PRODUCTS—0.11%
	35,043		American Woodmark Corp	1,929
	382,035	*	Champion Enterprises, Inc	2,674
	65,970		Deltic Timber Corp	2,005
	350,563		Fletcher Challenge
			Forests Ltd	313
	1,372,308		Georgia-Pacific Corp	42,089
	40,692	e	Holmen AB (B Shs)	1,445
	319,189	*	Masonite International Corp	8,546
	346,000		Mitsubishi Rayon Co Ltd	1,298
	60,461	*	Modtech Holdings, Inc	508
	297,462		Rayonier, Inc	12,348
	2,620,234		Sekisui House Ltd	27,065
	40,992		Skyline Corp	1,429
	94,831		Universal Forest Products, Inc	3,052
			TOTAL LUMBER AND WOOD
			PRODUCTS	104,701

ST-44  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
METAL MINING—0.50%
	21,792	*	Alcan, Inc	$ 1,023
	3,475,581		Alumina Ltd	17,205
	1,047,156	e	Barrick Gold Corp	23,751
	198,340		Barrick Gold Corp (U.S.)	4,504
	313,133	e	Cameco Corp	18,113
	60,392	*	Cleveland-Cliffs, Inc	3,077
	1,362,617	*	Coeur D’alene Mines Corp	7,876
	612,033	e	Falconbridge Ltd	14,853
	722,484		Freeport-McMoRan Copper &
			Gold, Inc (Class A)	30,438
	730,230	*	Hecla Mining Co	6,054
	349,556		Inco Ltd	13,971
	103,621		Johnson Matthey plc	1,820
	1,254,968	*	Kinross Gold Corp	10,022
	244,243	*	Meridian Gold, Inc	3,578
	8,105,785	e	Mitsubishi Materials Corp	12,480
	1,602,818		Newcrest Mining Ltd	15,639
	1,993,318		Newmont Mining Corp	96,895
	2,746,424		Newmont Mining Corp (Chess)	13,616
	2,000		Nippon Light Metal Co Ltd	5
	128,711		Noranda, Inc	2,047
	449,018	*	Phelps Dodge Corp	34,166
	987,866		Placer Dome, Inc	17,712
	715,072	e	Rio Tinto Ltd	20,042
	2,896,931		Rio Tinto plc	80,019
	107,516	e	Royal Gold, Inc	2,250
	94,278		Southern Peru Copper Corp	4,446
	286,450	*	Stillwater Mining Co	2,741
	431,067		Sumitomo Metal Mining Co Ltd	3,198
	1,044,215	e	Teck Cominco Ltd (Class B)	17,721
	3,121		Umicore	1
	65,572		Umicore	4,603
	4,460,947	*	WMC Resources Ltd	18,923
			TOTAL METAL MINING	502,789
MISCELLANEOUS MANUFACTURING       INDUSTRIES—0.17%
	1,027,500		Aderans Co Ltd	16,577
	63,900	e	Amer Group plc	2,769
	88,100	e	Bandai Co Ltd	2,220
	213,129		Blyth, Inc	6,867
	460,408		Callaway Golf Co	7,758
	94,368	*	Daktronics, Inc	2,374
	7,586	*	Escalade, Inc	258
	224,295		Getinge AB (B Shs)	2,151
	635,958		Hasbro, Inc	13,533
	566,166	*	Identix, Inc	2,519
	145,084	*	Jakks Pacific, Inc	1,909
	2,958	*	Johnson Outdoors, Inc
			(Class A)	44
	180,311	*	K2, Inc	2,743
	210,524	e*	Leapfrog Enterprises, Inc	5,585

	97,594	*	Lydall, Inc	$ 994
	2,624,840		Mattel, Inc	50,581
	192,294	e	Nautilus Group, Inc	2,702
	349,233		Nintendo Co Ltd	32,782
	254,800	*	Nu-Kote Holding, Inc (Class A)	0
	93,869	e*	Oneida Ltd	553
	76,810		Penn Engineering &
			Manufacturing Corp	1,462
	81,441	*	RC2 Corp	1,690
	8,300		RHI AG.	158
	62,184		Russ Berrie & Co, Inc	2,108
	132,330	e*	Sega Corp	1,259
	113,604	e*	Shuffle Master, Inc	3,933
	15,400	e	Societe BIC S.A.	712
	34,467	*	Steinway Musical
			Instruments, Inc	851
	214,030	*	Yankee Candle Co, Inc	5,849
	85,000		Yonex Co Ltd	539
			TOTAL MISCELLANEOUS
			MANUFACTURING
			INDUSTRIES	173,480
MISCELLANEOUS RETAIL—0.94%
	122,097	*	1-800-Flowers.com, Inc
			(Class A)	1,350
	82,892	*	AC Moore Arts & Crafts, Inc	1,596
	228,498	e*	Alloy, Inc	1,190
	1,369,935	*	Amazon.com, Inc	72,113
	303,298	e*	Barnes & Noble, Inc	9,963
	56,950	*	Big 5 Sporting Goods Corp	1,193
	50,462		Blair Corp	1,228
	71,597	e*	Blue Rhino Corp	994
	383,510		Borders Group, Inc	8,407
	181,095		Cash America
			International, Inc	3,836
	66,249	*	Coldwater Creek, Inc	729
	2,682,760		CVS Corp	96,901
	83,869	*	Dick’s Sporting Goods, Inc	4,081
	209,621	*	Drugstore.com, Inc	1,155
	142,160	*	Duane Reade, Inc	2,405
	2,353,347	*	eBay, Inc	152,003
	627	b*	FAO, Inc	0
	38,957	*	Finlay Enterprises, Inc	550
	125,504		Friedman’s, Inc (Class A)	842
	4,957	*	FTD, Inc (Class A)	122
	6,403	*	Gaiam, Inc	38
	62,249	e*	Galyans Trading Co, Inc	749
	993,036		GUS plc	13,750
	101,306		Hancock Fabrics, Inc	1,467
	3		Hellenic Duty Free Shops S.A.	0
	80,014	*	Hibbett Sporting Goods, Inc	2,384
	116,249	*	Jill (J.) Group, Inc	1,478
	201,660		Longs Drug Stores Corp	4,989

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-45

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
	MISCELLANEOUS RETAIL—(Continued)
	245,239	e*	Marvel Enterprises, Inc	$ 7,139
	2,800		Matsumotokiyoshi Co Ltd	63
	335,287		Michaels Stores, Inc	14,820
	149,220		MSC Industrial Direct Co
			(Class A)	4,104
	1,578,129		Next Plc	31,726
	807,000		Nippon Mining Holdings, Inc	2,816
	212,000		Nisshinbo Industries, Inc	1,181
	1,830,439	*	Office Depot, Inc	30,587
	407,762		Omnicare, Inc	16,470
	58,112	e*	Overstock.com, Inc	1,154
	53,379	*	Party City Corp	677
	40,456	*	PC Connection, Inc	339
	247,763	*	Petco Animal Supplies, Inc	7,544
	656,793		Petsmart, Inc	15,632
	1,000		Playmates Interactive
			Entertainment Ltd	0
	140,723	e*	Priceline.com, Inc	2,519
	2,416,177	e*	Rite Aid Corp	14,594
	61,877	e*	Sharper Image Corp	2,020
	764,043	*	Shoppers Drug Mart Corp	17,726
	1,813,159		Signet Group plc	3,343
	130,034	*	Sports Authority, Inc	4,993
	231,288	*	Stamps.com, Inc	1,434
	3,691,548	*	Staples, Inc	100,779
	239,144	*	Summit America
			Television, Inc	937
	35,300	*	Systemax, Inc	235
	522,710		Tiffany & Co	23,626
	1,762,187	*	Toys ‘R’ Us, Inc.	22,274
	140,960	*	Valuevision
			International, Inc
			(Class A)	2,354
	5,705,772		Walgreen Co	207,576
	74,775	*	Whitehall Jewellers, Inc	738
	62,295		World Fuel Services Corp	2,115
	189,338	*	Zale Corp	10,073
			TOTAL MISCELLANEOUS
			RETAIL	937,101
MOTION PICTURES—1.00%
	208,981	*	AMC Entertainment, Inc	3,179
	201,467	*	Avid Technology, Inc	9,670
	416,958		Blockbuster, Inc (Class A)	7,484
	14,277	*	Carmike Cinemas, Inc	498
	355,382	*	Hollywood
			Entertainment Corp	4,887
	15,790,766	*	Liberty Media Corp (Class A)	187,752
	436,231	e*	Metro-Goldwyn-Mayer, Inc	7,455
	159,796		Movie Gallery, Inc	2,985
	73,022	e*	NetFlix, Inc	3,994
	275,500		Rank Group plc	1,377
	63,669	*	Reading International, Inc	377

	173,464		Regal Entertainment Group
			(Class A)	$ 3,559
	27,339,868	*	Time Warner, Inc	491,844
	20,200		Toei Animation Co Ltd	1,033
	57,180		Toho Co Ltd	728
	11,407,561		Walt Disney Co	266,138
			TOTAL MOTION PICTURES	992,960
NONDEPOSITORY INSTITUTIONS—2.33%
	71,110	*	Accredited Home Lenders
			Holding Co	2,176
	178,325		Acom Co Ltd	8,087
	21,806	b,e*	Actrade Financial
			Technologies Ltd	28
	53,990		Advanta Corp (Class A)	701
	97,997		Advanta Corp (Class B)	1,247
	78,250		Aiful Corp	5,724
	299,554	e	American Capital
			Strategies Ltd	8,906
	10,299,857		American Express Co	496,762
	980,358	*	AmeriCredit Corp	15,617
	1,066,403		Capital One Financial Corp	65,360
	272,718		CharterMac	5,763
	1,197,297		CIT Group, Inc	43,043
	100,651	*	CompuCredit Corp	2,142
	809,758		Countrywide Financial Corp	61,420
	88,734	*	Credit Acceptance Corp	1,358
	966,101		Credit Saison Co Ltd	21,815
	466,973		Doral Financial Corp	15,074
	28,247	b*	DVI, Inc	1
	346,260	e*	E-Loan, Inc	1,032
	9,469,155		Fannie Mae	710,755
	52,511	*	Federal Agricultural Mortgage
			Corp (Class C)	1,678
	95,226	*	Financial Federal Corp	2,909
	4,928,603		Freddie Mac	287,436
	9,719,052		HBOS plc	125,879
	246,000	e	Hitachi Capital Corp	3,411
	597,819	*	Hypo Real Estate Holding	14,923
	27,401	f*	Imperial Credit Industries
			Wts 01/21/08	0
	117,142		Irish Life & Permanent plc	1,891
	109,042		Irish Life & Permanent plc
			(United Kingdom)	1,741
	8,642,569		MBNA Corp	214,768
	177,634		MCG Capital Corp	3,464
	48,510		Medallion Financial Corp	460
	187,320	e	Metris Cos, Inc	832
	4,123		MFN Financial Corp Series C
			Wts 03/23/04	0
	192,869		New Century Financial Corp	7,651
	159,104	e	ORIX Corp	13,154
	589,937		Promise Co Ltd	25,707
	1,235,121	*	Providian Financial Corp	14,377
	181,763	*	Saxon Capital, Inc	3,808

ST-46  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
NONDEPOSITORY       INSTITUTIONS—(Continued)
	160,002		SFCG Co Ltd	$ 20,513
	2,323,382		SLM Corp	87,545
	21,206		Student Loan Corp	3,096
	200,649	e	Takefuji Corp	9,380
	18,600	*	United PanAm Financial Corp	311
	92,208		Westcorp	3,370
	81,515	*	WFS Financial, Inc	3,461
	100,475	*	World Acceptance Corp	2,000
			TOTAL NONDEPOSITORY
			INSTITUTIONS	2,320,776
NONMETALLIC MINERALS,       EXCEPT FUELS—0.03%
	135,409		Amcol International Corp	2,749
	20,960	e	Potash Corp Of Saskatchewan	1,820
	587,103		Vulcan Materials Co	27,928
			TOTAL NONMETALLIC
			MINERALS, EXCEPT
			FUELS	32,497
OIL AND GAS EXTRACTION—1.73%
	1,252,842		Anadarko Petroleum Corp	63,907
	1,006,215		Apache Corp	81,604
	58,361	*	Atwood Oceanics, Inc	1,864
	114,429		Berry Petroleum Co (Class A)	2,317
	1,247,922	*	BJ Services Co	44,800
	1,413,698		Burlington Resources, Inc	78,291
	183,847		Cabot Oil & Gas Corp
			(Class A)	5,396
	238,480	*	Cal Dive International, Inc	5,750
	498,459	e	Canadian Natural
			Resources Ltd	25,215
	2,012,218		Chesapeake Energy Corp	27,326
	744,000		China Oilfield Services Ltd
			(H Shs)	264
	273,285	*	Cimarex Energy Co	7,294
	21,742	*	Clayton Williams
			Energy, Inc	632
	5,600		CNOOC Ltd	224
	195,891	*	Comstock Resources, Inc	3,781
	223,822	*	Denbury Resources, Inc	3,113
	1,381,878		Devon Energy Corp	79,126
	589,891	e	Diamond Offshore Drilling, Inc	12,099
	1,221,074	e	EnCana Corp	48,191
	57,692	*	Encore Acquisition Co	1,422
	147,969	*	Energy Partners Ltd	2,057
	250,618	b*	Enron Corp	7
	758,438		ENSCO International, Inc	20,607
	792,767		EOG Resources, Inc	36,602
	260,038	*	Evergreen Resources, Inc	8,454
	16,667	*	Exploration Co Of
			Delaware, Inc	102

267,106	*	Forest Oil Corp	$ 7,631
2,188	*	Forest Oil Corp Wts 02/15/04	16
2,188	*	Forest Oil Corp Wts 02/15/05	8
510,599	*	Global Industries Ltd	2,630
1,113,348	*	Grey Wolf, Inc	4,164
55,857		Groupe Bruxelles Lambert S.A.	3,147
1,925	*	Groupe Bruxelles Lambert S.A.
		(Strp Vvpr)	0
339,617	*	Hanover Compressor Co	3,787
238,695	*	Harvest Natural
		Resources, Inc	2,375
236,193		Helmerich & Payne, Inc	6,597
166,832	*	Horizon Offshore, Inc	734
86,211	*	Houston Exploration Co	3,148
829,971	e	Husky Energy, Inc	15,074
106,885	e	Imperial Oil Ltd	4,758
240,885	*	KCS Energy, Inc	2,541
703,894		Kerr-McGee Corp	32,724
729,430	*	Key Energy Services, Inc	7,520
439,792	*	Magnum Hunter
		Resources, Inc	4,182
32,226	*	Magnum Hunter
		Resources, Inc Wts
		03/21/05	18
1,494,482		Marathon Oil Corp	49,452
87,698	e*	McMoRan Exploration Co	1,644
232,257	e*	Meridian Resource Corp	1,380
286,056	*	Newfield Exploration Co	12,741
492,990	*	Newpark Resources, Inc	2,361
313,579		Nexen, Inc	11,386
411,631		Noble Energy, Inc	18,289
14,504	*	North Coast Energy, Inc	155
119,038	*	Nuevo Energy Co	2,877
1,951,912		Occidental Petroleum Corp	82,449
150,638	*	Oceaneering
		International, Inc	4,218
22,848		OMV AG.	3,403
2,269,510	e	Origin Energy Ltd	8,122
641,700	*	Parker Drilling Co	1,636
201,560		Patina Oil & Gas Corp	9,874
436,792	*	Patterson-UTI Energy, Inc	14,379
53,169		Penn Virginia Corp	2,959
367,790		Penn West Petroleum Ltd	13,710
762,014	e	Petro-Canada	37,686
33,900	*	Petrocorp, Inc	456
93,539	*	Petroleum Development Corp	2,217
6,691	*	Petroquest Energy, Inc	21
756,846	*	Pioneer Natural Resources Co	24,166
258,508	*	Plains Exploration &
		Production Co	3,978
463,343		Pogo Producing Co	22,379
10,400	*	Precision Drilling Corp	457
601,490	*	Pride International, Inc	11,212

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-47

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
OIL AND GAS EXTRACTION—(Continued)
	65,500	*	Prima Energy Corp	$ 2,303
	73,555	*	Quicksilver Resources, Inc	2,376
	349,525		Range Resources Corp	3,303
	141,127	*	Remington Oil & Gas Corp	2,779
	776,774	*	Rowan Cos, Inc	17,998
	71,095		RPC, Inc	781
	111,802	*	Seacor Smit, Inc	4,699
	50	*	Serval Integrated Energy
			Services (Units)	0
	22,097,480		Shell Transport &
			Trading Co plc	164,363
	30,639		Smedvig a/s (A Shs)	233
	227,810	*	Southwestern Energy Co	5,445
	157,422	*	Spinnaker Exploration Co	5,080
	186,366		St. Mary Land &
			Exploration Co	5,311
	138,017	e	Statoil ASA	1,551
	151,001	*	Stone Energy Corp	6,410
	324,519	*	Superior Energy Services, Inc	3,050
	168,825	*	Swift Energy Co	2,845
	3,149	e*	Syntroleum Corp	14
	379,210	e	Talisman Energy, Inc	21,574
	6,956		Technip-Coflexip S.A.	753
	140,684	*	Tetra Technologies, Inc	3,410
	264,483		Tidewater, Inc	7,903
	237,295	*	Tom Brown, Inc	7,653
	163,377		Total Fina Elf S.A. (Strip Vvpr)	2
	1,820,753	e	Total S.A.	338,520
	116,232	*	Transmontaigne, Inc	750
	267,396	*	Unit Corp	6,297
	1,278,350		Unocal Corp	47,082
	703,159	*	Varco International, Inc	14,506
	225,344	*	Veritas DGC, Inc	2,362
	344,929		Vintage Petroleum, Inc	4,149
	2,100	*	Weatherford International Ltd	76
	204,151	*	Westport Resources Corp	6,096
	150,570	*	W-H Energy Services, Inc	2,439
	850,655		XTO Energy, Inc	24,074
			TOTAL OIL AND GAS
			EXTRACTION	1,721,293
PAPER AND ALLIED PRODUCTS—0.55%
	2,533,855	e	Abitibi-Consolidated, Inc
			(Canada)	20,334
	232,729		Bemis Co	11,636
	43,551		Billerud AB	657
	501,555		Boise Cascade Corp	16,481
	238,159		Bowater, Inc	11,029
	154,300	*	Buckeye Technologies, Inc	1,551
	213,400		Bunzl plc	1,630
	173,819	*	Caraustar Industries, Inc	2,399
	639,921		Carter Holt Harvey Ltd	790

	93,459		Chesapeake Corp	$ 2,475
	84,000		De La Rue plc	417
	4,017	e*	Earthshell Corp	7
	180,059		Glatfelter	2,242
	3,400	*	Graphic Packaging Corp	14
	85,012		Greif, Inc (Class A)	3,019
	2,378,210		International Paper Co	102,525
	2,534,807		Kimberly-Clark Corp	149,782
	339,795	*	Longview Fibre Co	4,196
	8,204		Mayr-Melnhof Karton AG.	986
	915,638		MeadWestvaco Corp	27,240
	1,139,000		NGK Insulators Ltd	8,502
	118		Nippon Unipac Holding	609
	1,759,412		OJI Paper Co Ltd	11,361
	350,445		Packaging Corp Of America	7,661
	939,826	*	Pactiv Corp	22,462
	191,857	*	Playtex Products, Inc	1,483
	106,254		Pope & Talbot, Inc	1,871
	184,895		Potlatch Corp	6,429
	1,562,154		Rexam plc	11,962
	156,847		Rock-Tenn Co (Class A)	2,707
	100,877		Schweitzer-Mauduit
			International, Inc	3,004
	1,749,156	*	Smurfit-Stone
			Container Corp	32,482
	539,670		Sonoco Products Co	13,287
	1,093,228	e	Stora Enso Oyj (R Shs)	14,727
	457,021	e	Svenska Cellulosa AB
			(B Shs)	18,674
	299,941		Temple-Inland, Inc	18,797
	242,600		Uni-Charm Corp	11,930
	247,699		Wausau-Mosinee
			Paper Corp	3,349
			TOTAL PAPER AND ALLIED
			PRODUCTS	550,707
PERSONAL SERVICES—0.15%
	259,975	*	Alderwoods Group, Inc	2,449
	59,164		Angelica Corp	1,302
	2,619	*	Cadiz, Inc	13
	650,588		Cintas Corp	32,614
	144,320	e*	Coinstar, Inc	2,606
	53,363		CPI Corp	1,078
	1,028,205		Davis Service Group PLC	6,866
	119,203		G & K Services, Inc (Class A)	4,381
	1,191,816		H & R Block, Inc	65,991
	210,930		Regis Corp	8,336
	1,631,568	*	Service Corp International	8,794
	51,976		Unifirst Corp	1,232
	400,478	*	Weight Watchers
			International, Inc	15,366
			TOTAL PERSONAL SERVICES	151,028

ST-48  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
PETROLEUM AND COAL PRODUCTS—4.25%
	832,532		Amerada Hess Corp	$ 44,266
	341,706		Ashland, Inc	15,056
	8,552,353		BHP Billiton Ltd	78,550
	55,334,903		BP plc	448,732
	1,386,517		BP plc (Spon ADR)	68,425
	5,690,094		ChevronTexaco Corp	491,567
	6,016,135		ConocoPhillips	394,478
	131,258		ElkCorp	3,505
	8,351,426	e	ENI S.p.A.	157,590
	48,668,143	e	ExxonMobil Corp	1,995,394
	774,619	e	Fortum Oyj	7,992
	176,400		Frontier Oil Corp	3,038
	180,362	*	Headwaters, Inc	3,539
	1		Hellenic Petroleum S.A.	0
	66,855		Holly Corp	1,839
	271,110		Lubrizol Corp	8,816
	947,722		Lyondell Chemical Co	16,064
	387,250		Murphy Oil Corp	25,291
	4,176,047		Nippon Oil Corp	21,276
	171,189	e	Norsk Hydro ASA	10,563
	169,896	*	Premcor, Inc	4,417
	1,978,760	e	Repsol YPF S.A.	38,587
	5,398,494	e	Royal Dutch Petroleum Co	284,633
	455,368		Santos Ltd	2,357
	65,500		Showa Shell Sekiyu KK	532
	727,056	e	Suncor Energy, Inc	18,285
	422,003		Sunoco, Inc	21,585
	773,176	e	Teikoku Oil Co Ltd	3,889
	412,631	*	Tesoro Petroleum Corp	6,012
	119,000		TonenGeneral Sekiyu KK	985
	629,022		Valero Energy Corp	29,149
	112,578		WD-40 Co	3,981
	1,734,828	e	Woodside Petroleum Ltd	19,345
			TOTAL PETROLEUM AND
			COAL PRODUCTS	4,229,738
PIPELINES, EXCEPT NATURAL GAS—0.05%
	354,869		Enbridge, Inc	14,747
	1,432,783	e	TransCanada Corp	30,912
			TOTAL PIPELINES, EXCEPT
			NATURAL GAS	45,659
PRIMARY METAL INDUSTRIES—0.64%
	70,875	e	Acerinox S.A.	3,342
	646,241	*	AK Steel Holding Corp	3,296
	655,635		Alcan, Inc	30,731
	4,837,049		Alcoa, Inc	183,808
	534,668		Allegheny Technologies, Inc	7,068
	1		Aluminium Of Greece S.A.I.C.	0
	1,012,313	*	Andrew Corp	11,652
	2,211,205	e	Arcelor	38,545
	56,681		Bekaert S.A.	3,610
	165,718		Belden, Inc	3,495

1	b*	Bethlehem Steel Corp	$ 0
7,338,449		BHP Billiton plc	64,108
4,275,251		BHP Steel Ltd	18,039
102,245	*	Brush Engineered
		Materials, Inc	1,565
283,568	*	Cable Design
		Technologies Corp	2,549
138,464		Carpenter Technology Corp	4,094
85,694	*	Century Aluminum Co	1,629
343,475	*	CommScope, Inc	5,609
89,768		Curtiss-Wright Corp	4,040
14,154		Dofasco, Inc	395
84,757	*	Encore Wire Corp	1,501
574,777		Engelhard Corp	17,215
233,844	*	General Cable Corp	1,906
48,823		Gibraltar Steel Corp	1,228
34,900		Group 4 Falck a/s	715
2,701	*	Imco Recycling, Inc	27
5,173		Intermet Corp	28
18,800	e*	International Steel Group, Inc	732
84		Japan Steel Works Ltd	0
52,810	e*	Liquidmetal Technologies, Inc	150
179,060	*	Lone Star Technologies, Inc	2,861
194,957		Matthews International Corp
		(Class A)	5,769
273,807	*	Maverick Tube Corp	5,271
222,830	*	Mueller Industries, Inc	7,656
32,040,793		Nippon Steel Corp	68,763
17,851		NKT Holding a/s	324
74,830		NN, Inc	942
2,700	*	Northwest Pipe Co	36
112,265	*	NS Group, Inc	1,089
377,012		Nucor Corp	21,113
870,697		OneSteel Ltd	1,325
3,700	*	Oregon Steel Mills, Inc	21
278,241		Precision Castparts Corp	12,635
35,000	f	Promet Berhad	3
111,221		Quanex Corp	5,127
738,905		Rautaruukki Oyj	5,443
8,785		Roanoke Electric Steel Corp	117
134,542	*	RTI International Metals, Inc	2,270
145,988		Ryerson Tull, Inc	1,672
60,244		Schnitzer Steel
		Industries, Inc (Class A)	3,645
220,215	*	Steel Dynamics, Inc	5,173
536,000	*	Sumitomo Heavy Industries Ltd	1,215
4,649,498		Sumitomo Metal Industries Ltd	4,599
392,000		Sumitomo Special Metals Co Ltd	5,242
49,225		Svenskt Stal AB (Ssab) Series A	879
18,077		Svenskt Stal AB (Ssab) Series B	310
140,266		Texas Industries, Inc	5,190
924,338	e	ThyssenKrupp AG.	18,270
200,293		Tredegar Corp	3,111

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-49

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
PRIMARY METAL INDUSTRIES—(Continued)
	63,620		Trelleborg AB (B Shs)	$ 1,035
	381,405	e	TUI AG.	7,952
	465,084		United States Steel Corp	16,287
	101,092		Viohalco S.A.	655
	300,484	*	Vivendi Universal S.A.
			(Spon ADR)	7,296
	16,447		Voestalpine AG.	670
	403,854		Worthington Industries, Inc	7,281
			TOTAL PRIMARY METAL
			INDUSTRIES	642,324
PRINTING AND PUBLISHING—0.81%
	422,560	e*	American Greetings Corp
			(Class A)	9,241
	161,380		Banta Corp	6,536
	488,496		Belo Corp (Class A)	13,844
	351,800	f	Belo Corp (Class B)	9,970
	244,971		Bowne & Co, Inc	3,322
	82,934	*	Consolidated Graphics, Inc	2,619
	35,486		Courier Corp	1,365
	35,207		CSS Industries, Inc	1,092
	954,845		Dai Nippon Printing Co Ltd	13,409
	145,000		Daily Mail & General Trust plc	1,711
	84,250		Dow Jones & Co, Inc	4,200
	206,300	f	Dow Jones & Co, Inc (Class B)	10,284
	191,356		Emap Plc	2,936
	214,181	e	Eniro AB	2,054
	96,092		Ennis Business Forms, Inc	1,470
	1,407,457		Gannett Co, Inc	125,489
	62,084	e	Gruppo Editoriale
			L’Espresso S.p.A.	387
	186,220		Harland (John H.) Co	5,084
	335,375		Harte-Hanks, Inc	7,294
	319,997		Hollinger International, Inc	4,998
	521,873		Independent News &
			Media plc	1,238
	179,100		Independent
			Newspapers Ltd	606
	86,790	*	Information Holdings, Inc	1,918
	2,057,984		John Fairfax Holdings Ltd	5,458
	200,777	*	Journal Register Co	4,156
	632,089		Knight Ridder, Inc	48,905
	78,101		Lagardere S.C.A.	4,509
	230,548		Lee Enterprises, Inc	10,063
	14,400	f	Lee Enterprises, Inc (Class B)	629
	193,401	*	Mail-Well, Inc	892
	78,998	e*	Martha Stewart Living
			Omnimedia, Inc (Class A)	778
	112,689		McClatchy Co (Class A)	7,753
	1,249,636		McGraw-Hill Cos, Inc	87,375
	89,008		Media General, Inc (Class A)	5,794
	70,601		Meredith Corp	3,446

	200,900		Meredith Corp (Class B)	$ 9,806
	77,740		New England Business
			Services, Inc	2,293
	746,925		New York Times Co (Class A)	35,696
	3,985,057	e	News Corp Ltd	36,000
	196,200	e	News Corp Ltd (Spon ADR)	7,083
	4,084,839		Pearson plc	45,484
	93,752	*	Playboy Enterprises, Inc
			(Class B)	1,515
	976,083	*	Primedia, Inc	2,762
	26,112	*	Private Media Group, Inc	57
	40,443		Pulitzer, Inc	2,184
	48,473	e	Quebecor World, Inc	1,003
	154,959	e*	Quebecor, Inc (Class B)	2,837
	575,008		R.R. Donnelley & Sons Co	17,336
	515,758		Reader’s Digest
			Association, Inc (Class A)	7,561
	1,782,923		Reed Elsevier NV	22,152
	1,127,688		Reed Elsevier plc	9,433
	176,967	*	Scholastic Corp	6,024
	474,093		SCMP Group Ltd	209
	178,260		Scripps (E.W.) Co (Class A)	16,781
	322,888		Singapore Press Holdings Ltd	3,593
	100,075		Standard Register Co	1,684
	1	*	Telecom Italia Media S.p.A.	0
	128,001		Telefonica Publicidad e
			Informacion S.A.	702
	61,333		Thomas Nelson, Inc	1,186
	1,121,460	e	Toppan Printing Co Ltd	11,668
	1,339,193		Tribune Co	69,102
	218,239		United Business Media plc	1,914
	221,073	*	Valassis
			Communications, Inc	6,488
	1,365,970		VNU NV	43,160
	27,323		Washington Post Co
			(Class B)	21,623
	273,965		Wiley (John) & Sons, Inc
			(Class A)	7,131
	154,000		Yell Group PLC	841
			TOTAL PRINTING AND
			PUBLISHING	806,133
RAILROAD TRANSPORTATION—0.43%
	10,960,759	e	Brambles Industries Ltd	43,604
	2,012,000		Brambles Industries plc	7,330
	2,450,210		Burlington Northern
			Santa Fe Corp	79,264
	104,163	e	Canadian National Railway Co	6,591
	334,280		Canadian National
			Railway Co (Canada)	21,212
	721,502	e	Canadian Pacific Railway Ltd	20,424
	2,035,201		CSX Corp

ST-50  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
RAILROAD       TRANSPORTATION—(Continued)
	191,700		Firstgroup plc	$ 939
	122,572		Florida East Coast Industries	4,057
	81,109	*	Genesee & Wyoming, Inc
			(Class A)	2,555
	406,019	*	Kansas City Southern
			Industries, Inc	5,814
	619		Keihin Electric Express
			Railway Co Ltd	4
	477,000	e	Kintetsu Corp	1,433
	980,327		Mayne Group Ltd	2,408
	679,000		Nippon Express Co Ltd	3,206
	2,570,719		Norfolk Southern Corp	60,798
	1,345,394		Union Pacific Corp	93,478
			TOTAL RAILROAD
			TRANSPORTATION	426,262
REAL ESTATE—0.20%
	29,951	*	Avatar Holdings, Inc	1,106
	1,659,320		British Land Co plc	17,347
	49,663		Brookfield Properties Corp	1,433
	470,587		CapitaLand Ltd	429
	483,701		Catellus Development Corp	11,667
	600,000		CFS Gandel Retail Trust	606
	1,962,242		Cheung Kong Holdings Ltd	15,607
	206,802		City Developments Ltd	737
	2,300		Cofinimmo	320
	4,883,420		Commonwealth Property
			Office Fund	4,231
	25,934		Consolidated-Tomoka Land Co	848
	28,910	b*	Crescent Operating, Inc	7
	154,999		Forest City Enterprises, Inc
			(Class A)	7,364
	13,785		Gecina SA	2,027
	3,017,504		General Property Trust	6,798
	245,892		Grafton Group plc	1,697
	76,833		Great Portland Estates plc	323
	248,213		Hammerson plc	2,877
	8,999,000		Hang Lung Properties Ltd	11,533
	1,658,256		Harvey Norman Holdings Ltd	3,723
	837,118		Henderson Land
			Development Co Ltd	3,698
	866,000		Hopewell Holdings	1,333
	289,038		Hysan Development Co Ltd	447
	206,568	*	Jones Lang LaSalle, Inc	4,282
	10,400		Klepierre	626
	114,423	e	LNR Property Corp	5,665
	1		Metrovacesa S.A.	0
	2,084,840		Mirvac Group	6,786
	2,464,448		Mitsubishi Estate Co Ltd	23,364
	1,550,198		Mitsui Fudosan Co Ltd	14,002
	700,000	*	New World Development Co Ltd	564

	10,272	*	Orleans Homebuilders, Inc	$ 291
	313,000		Singapore Land Ltd	734
	703,508		Sino Land Co Ltd	401
	404,515		Slough Estates plc	3,181
	167,740		St. Joe Co	6,255
	640,213	*	Stewart Enterprises, Inc
			(Class A)	3,636
	1		Stockland	0
	1,258,021		Stockland Trust Group	4,948
	1,446,429		Sun Hung Kai Properties Ltd	11,970
	27,174	*	Tarragon Realty Investors, Inc	449
	433,000		TOC Co Ltd	2,416
	211,056	*	Trammell Crow Co	2,796
	400	*	U-Cyber Technology
			Holdings Ltd	0
	18,953		Unibail	1,777
	10,092		United Capital Corp	209
	175,000		United Overseas Land Ltd	198
	45,653	e	Vallehermoso S.A.	691
	458,362		Westfield Holdings Ltd	4,825
	1,000		YT Realty Group Ltd	0
			TOTAL REAL ESTATE	196,224
RUBBER AND MISCELLANEOUS PLASTIC       PRODUCTS—0.23%
	60,413		Adidas-Salomon AG.	6,881
	4,015	*	AEP Industries, Inc	39
	93,113	*	Applied Films Corp	3,075
	180,547		Aptargroup, Inc	7,041
	26,211		Bandag, Inc	1,080
	62,900		Bandag, Inc (Class A)	2,541
	639,631	e	Bridgestone Corp	8,600
	738,550		Continental AG.	28,012
	428,226		Cooper Tire & Rubber Co	9,155
	3,567	*	Foamex International, Inc	18
	300,000	e	Fuji Seal Inc	11,813
	994,645	e*	Goodyear Tire & Rubber Co	7,818
	34,091	*	Gundle/SLT
			Environmental, Inc	708
	167,358	*	Jarden Corp	4,576
	204,827	e	Michelin (C.G.D.E.) (B Shs)	9,399
	130,415		Myers Industries, Inc	1,581
	849,683		Nike, Inc (Class B)	58,169
	10,627,547	e	Pirelli & C SpA	10,818
	43,952		Quixote Corp	1,073
	246,698		Reebok International Ltd	9,700
	137,540		Ryanair Holdings plc	1,143
	204,061		Schulman (A.), Inc	4,351
	551,542	*	Sealed Air Corp	29,860
	120,430	*	Skechers U.S.A., Inc (Class A)	982
	153,007		Spartech Corp	3,770
	48,962	e*	Trex Co, Inc	1,860
	346,154		Tupperware Corp	6,002

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-51

Statement of Investments - Stock Account - December 31, 2003

	SHARES			VALUE (000)
RUBBER AND MISCELLANEOUS PLASTIC       PRODUCTS—(Continued)
	120,040	*	Vans, Inc	$ 1,370
			TOTAL RUBBER AND
			MISCELLANEOUS
			PLASTIC PRODUCTS	231,435
SECURITY AND COMMODITY BROKERS—1.81%
	627,867		3i Group plc	6,941
	774,363		A.G. Edwards, Inc	28,055
	243,679	e*	Affiliated Managers
			Group, Inc	16,958
	1,126,338	*	Ameritrade Holding Corp	15,848
	513,854		Amvescap plc	3,732
	512,168		Bear Stearns Cos, Inc	40,948
	2,200	*	BKF Capital Group, Inc	54
	99,159		Blackrock, Inc	5,266
	5,397,072		Charles Schwab Corp	63,901
	21,823	e	Chicago Mercantile Exchange	1,579
	4,505,877		Daiwa Securities Group, Inc	30,650
	100,000		Deutsche Boerse AG.	5,468
	3,558,479	*	E*Trade Financial Corp	45,015
	326,616		Eaton Vance Corp	11,967
	320,000		Euronext NV	8,101
	651,466		Federated Investors, Inc
			(Class B)	19,127
	1,739,322	e	FinecoGroup S.p.A.	1,226
	48,181		First Albany Cos, Inc	676
	972,066		Franklin Resources, Inc	50,606
	42,986	e	Gabelli Asset
			Management, Inc (Class A)	1,711
	1,991,812		Goldman Sachs Group, Inc	196,652
	2,116,000		Hong Kong Exchanges &
			Clearing Ltd	4,593
	619,961	*	Instinet Group, Inc	3,193
	315,087	*	Investment Technology
			Group, Inc	5,089
	321,420		Investors Financial
			Services Corp	12,346
	653		Itochu Corp	2
	700		Jafco Co Ltd	55
	2,219,615		Janus Capital Group, Inc	36,424
	221,946		Jefferies Group, Inc	7,329
	512,419	*	Knight Trading Group, Inc	7,502
	383,375	e*	LaBranche & Co, Inc	4,474
	477,380		Legg Mason, Inc	36,844
	2,118,909		Lehman Brothers
			Holdings, Inc	163,622
	980,547		Man Group plc	25,645
	2,074,734	e	Marubeni Corp	3,969
	5,096,782		Merrill Lynch & Co, Inc	298,926
	1,929,550	e	Mitsubishi Corp	20,453
	1,575,286	e	Mitsui & Co Ltd	12,685

	6,775,598		Morgan Stanley	$ 392,104
	7,468,694		Nikko Cordial Corp	41,605
	6,035,681		Nomura Holdings, Inc	102,782
	117,158		Nuveen Investments, Inc	3,123
	41,820	e	OM AB	520
	204,560		Raymond James
			Financial, Inc	7,712
	58,499		Sanders Morris Harris
			Group, Inc	725
	450,775		SEI Investments Co	13,735
	104,502	*	SoundView Technology
			Group, Inc	1,619
	103,260		SWS Group, Inc	1,838
	613,959		T Rowe Price Group, Inc	29,108
	9,945		Value Line, Inc	496
	419,798		Waddell & Reed
			Financial, Inc (Class A)	9,848
	1,793,000	*	Yamaichi Securities Co Ltd	33
			TOTAL SECURITY AND
			COMMODITY BROKERS	1,802,880
SOCIAL SERVICES—0.00%
	79,552	*	Bright Horizons Family
			Solutions, Inc	3,341
	5,189	*	Res-Care, Inc	42
			TOTAL SOCIAL SERVICES	3,383
SPECIAL TRADE CONTRACTORS—0.03%
	7,600	*	Comfort Systems U.S.A., Inc	42
	319,286	*	Dycom Industries, Inc	8,563
	94,488	*	EMCOR Group, Inc	4,148
	246,692	*	Integrated Electrical
			Services, Inc	2,282
	35,319	*	John B. Sanfilippo & Son	1,803
	366,132		Kinden Corp	1,708
	108,520	*	Matrix Service Co	1,970
	488,048	*	Quanta Services, Inc	3,563
	66,396		Roto-Rooter, Inc	3,061
			TOTAL SPECIAL TRADE
			CONTRACTORS	27,140
STONE, CLAY, AND GLASS PRODUCTS—0.37%
	47,836		Ameron International Corp	1,659
	177,907		Apogee Enterprises, Inc	2,019
	314,088	e	Asahi Glass Co Ltd	2,579
	1,748,067		Boral Ltd	6,691
	225,300		BPB plc	1,400
	128,821	*	Cabot Microelectronics Corp	6,312
	67,304		CARBO Ceramics, Inc	3,449
	43,296		Centex Construction
			Products, Inc	2,609
	436,628		Cimpor Cimentos de
			Portugal S.A.	2,258
	416,034	e	Compagnie De Saint-Gobain	20,366

ST-52  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
STONE, CLAY, AND       GLASS PRODUCTS—(Continued)
	7,895,859	*	Corning, Inc	$ 82,354
	323,319		CRH plc (Ireland)	6,639
	1,725,523		CRH plc (United Kingdom)	35,368
	3,347,109	e	CSR Ltd	4,665
	108,099		Florida Rock Industries, Inc	5,929
	2,310,551		Hanson Plc	16,969
	5,404		Heidelberger Zement AG.
			(Belgium)	209
	22,059		Heidelberger Zement AG.
			(Germany)	932
	28,360		Heidelberger Zement AG.
			(Strip Vvpr)	0
	530,236	e	Holcim Ltd (Regd)	24,695
	297,280		Hoya Corp	27,295
	20,694		Imerys S.A.	4,356
	645,397		Italcementi S.p.A.	8,051
	1,349,103		James Hardie Industries NV	6,993
	344,526		Lafarge North America, Inc	13,960
	261,356	e	Lafarge S.A. (Br)	23,274
	88,637		Libbey, Inc	2,524
	4,662,028		Nippon Sheet Glass Co Ltd	13,616
	542,111	*	Owens-Illinois, Inc	6,446
	667,274		Pilkington plc	1,144
	2,282,693	*	Rinker Group Ltd	11,265
	147,928		RMC Group plc	1,847
	393,000		Sumitomo Osaka
			Cement Co Ltd	770
	1,054,363	e	Taiheiyo Cement Corp	2,981
	1,056,700		Toto Ltd	8,953
	11,092	*	U.S. Concrete, Inc	72
	247,864	be*	USG Corp	4,107
	92,340	e	Wienerberger AG.	2,467
			TOTAL STONE, CLAY, AND GLASS PRODUCTS	367,223
TOBACCO PRODUCTS—0.99%
	202,539		Altadis S.A.	5,748
	15,679,576		Altria Group, Inc	853,283
	5,240		Japan Tobacco, Inc	38,382
	313,448		Loews Corp (Carolina Group)	7,911
	608,622		R.J. Reynolds Tobacco
			Holdings, Inc	35,391
	167,807		Universal Corp (Virginia)	7,412
	861,382		UST, Inc	30,743
	152,941		Vector Group Ltd	2,496
			TOTAL TOBACCO PRODUCTS	981,366
TRANSPORTATION BY AIR—0.42%
	11,608	e*	ABX Air, Inc	50
	202,814	e	Air France	3,108
	511,328	*	Airtran Holdings, Inc	6,085
	161,244	*	Alaska Air Group, Inc	4,400

	1,447,000	e	All Nippon Airways Co Ltd	$ 3,578
	197,349	e*	America West Holdings
			Corp (Class B)	2,447
	1,055,266	e*	AMR Corp	13,666
	2,619	e*	ATA Holdings Corp	25
	272,219	*	Atlantic Coast Airlines
			Holdings, Inc	2,695
	296,274		Auckland International
			Airport Ltd	1,364
	1,651,127		BAA plc	14,668
	4,101,807		British Airways plc	17,072
	200,800		Cathay Pacific Airways Ltd	381
	827,955	e*	Continental Airlines, Inc
			(Class B)	13,471
	1,401,825	*	Delta Air Lines, Inc	16,556
	460,000	e	Deutsche Lufthansa AG.
			(Regd)	7,688
	8,668,214		easyJet plc	45,466
	237,021	*	ExpressJet Holdings, Inc	3,555
	1,612,715		FedEx Corp	108,858
	28,396		Flughafen Wien AG.	1,332
	90,364	*	Forward Air Corp	2,485
	232,250	*	Frontier Airlines, Inc	3,312
	623,766	e*	Japan Airlines System Corp	1,647
	410,107	e*	JetBlue Airways Corp	10,876
	70,732		Kobenhavns Lufthavne As	8,292
	66,657	*	MAIR Holdings, Inc	485
	191,016	e*	Mesa Air Group, Inc	2,392
	542	*	Midwest Air Group, Inc	2
	569,258	e*	Northwest Airlines Corp	7,184
	126,302	*	Offshore Logistics, Inc	3,097
	22,646	*	Petroleum Helicopters (Vote)	555
	4,400	*	Pinnacle Airlines Corp	61
	320,620		Qantas Airways Ltd	795
	3,734	*	Ryanair Holdings plc
			(Spon ADR)	189
	1,831,928		SABMiller plc	18,988
	56,655	*	SAS AB	535
	536,929		Singapore Airlines Ltd	3,541
	382,188		Skywest, Inc	6,925
	4,495,986		Southwest Airlines Co	72,565
	1,095,111		Swire Pacific Ltd (A Shs)	6,757
	96		Swissair Group	0
	6,700	b,e*	UAL Corp	11
	1,000,000	*	Virgin Blue Holdings Ltd	1,793
			TOTAL TRANSPORTATION
			BY AIR	418,952
TRANSPORTATION EQUIPMENT—3.16%
	196,691	*	AAR Corp	2,941
	59,178	*	Aftermarket Technology Corp	812
	161,500	e	Aisin Seiki Co Ltd	2,521
	138,000	e	Alpine Electronics Inc	1,857

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-53

Statement of Investments - Stock Account - - December 31, 2003

	SHARES				VALUE (000)
TRANSPORTATION       EQUIPMENT—(Continued)
	144,332	*	American Axle &
			Manufacturing
			Holdings, Inc		$ 5,834
	105,176		Arctic Cat, Inc		2,598
	307,841		ArvinMeritor, Inc		7,425
	2,948,008		Autoliv, Inc		110,993
	1,219,523		Autoliv, Inc Sdr		46,270
	9,707,799		BAE Systems plc		29,239
	596,312		Bayerische Motoren Werke AG	27,642
	2,665,855		BBA Group plc		11,907
	4,964,591		Boeing Co		209,208
	46,524		Bombardier, Inc (Class A)		197
	1,186,615	e	Bombardier, Inc (Class B)		5,023
	408,171		Brunswick Corp		12,992
	1,028,721	e	CAE, Inc		4,665
	167,355		Clarcor, Inc		7,380
	96,233		Coachmen Industries, Inc		1,743
	36,186		Cobham PLC		756
	31,016		Curtiss-Wright Corp (Class B)		1,393
	504,191	e	DaimlerChrysler AG. (Regd)		23,531
	17,259	e	DaimlerChrysler AG. (U.S.)		798
	699,314		Dana Corp		12,832
	2,922,147		Delphi Corp		29,835
	259,287		Denso Corp		5,105
	9,600		DSV, DE Sammensluttede
			Vognmaend a/s		424
	45,467	*	Ducommun, Inc		1,016
	99,800	*	Dura Automotive Systems, Inc		1,274
	26,600	*	Fairchild Corp (Class A)		134
	315,575		Federal Signal Corp		5,529
	5,044,641	e*	Fiat S.p.A.		38,687
	10,528,383		Finmeccanica SpA		8,247
	248,669	e*	Fleetwood Enterprises, Inc		2,551
	11,417,599	e	Ford Motor Co		182,682
	203,501		GenCorp, Inc		2,192
	841,557		General Dynamics Corp		76,068
	2,229,772	e	General Motors Corp		119,070
	454,484		Gentex Corp		20,070
	883,612		Genuine Parts Co		29,336
	709,215		Goodrich Corp		21,057
	20,100	*	Greenbrier Cos, Inc		337
	1,699,048		Harley-Davidson, Inc		80,756
	90,844		Heico Corp		1,653
	52,000	e	Hino Motors Ltd		371
	1,293,624		Honda Motor Co Ltd		57,457
	4,482,397		Honeywell International, Inc		149,847
	3,086	e*	IMPCO Technologies, Inc		27
	46,812		Jardine Cycle & Carriage Ltd		160
	151,075		Kaman Corp (Class A)		1,923

3,327,185	e	Kawasaki Heavy
		Industries Ltd	$ 4,098
6,866,900		Keppel Corp Ltd	24,665
2,440,299		Lockheed Martin Corp	125,431
13		Magna International, Inc
		(Class A)	1
303,707	e	Magna International, Inc
		(Class A)	24,452
41,251		Marine Products Corp	776
8,100,000	e	Mazda Motor Corp	21,692
181,162	*	Monaco Coach Corp	4,312
660,477	*	Navistar International Corp	31,630
28,504,568		Nissan Motor Co Ltd	325,554
1,546,226		Northrop Grumman Corp	147,819
666		NWS Holdings Ltd	1
209,342		Oshkosh Truck Corp	10,683
619,832		Paccar, Inc	52,760
202,787	e	Patrick Corp Ltd	2,235
196,195	e	Peugeot Citroen S.A.	9,998
108,857	e	Polaris Industries, Inc	9,643
1,400,024		Renault S.A.	96,596
2,883,486		Rolls-Royce Group PLC	9,149
271,000		SembCorp Marine Ltd	158
34,792	*	Sequa Corp (Class A)	1,705
98,778	e	Shimano, Inc	2,051
2,689,783	e	Siemens AG.	215,440
829,800		Smiths Group plc	9,819
12,700		Spartan Motors, Inc	128
152,599	e*	Sports Resorts
		International, Inc	772
50,900		Standard Motor Products, Inc	618
21,434	*	Strattec Security Corp	1,306
147,352		Superior Industries
		International, Inc	6,413
211,643	*	Teledyne Technologies, Inc	3,989
278,307	*	Tenneco Automotive, Inc	1,862
572,392		Textron, Inc	32,661
68,059	e	Thales S.A.	2,288
120,322		Thor Industries, Inc	6,765
1,213,591		Tomkins Plc	5,811
884,673		Toyota Industries Corp	18,780
2,687,106		Toyota Motor Corp	90,765
239,215		Trinity Industries, Inc	7,377
93,875	*	Triumph Group, Inc	3,417
4,402,160		United Technologies Corp	417,193
146,930	e	Valeo S.A.	5,884
1,170,647		Visteon Corp	12,186
209,717	e	Volkswagen AG.	11,679
45,082		Volvo AB (A Shs)	1,322
225,666		Volvo AB (B Shs)	6,900
173,841	*	Wabash National Corp	5,094
219,212		Wabtec Corp	3,735

ST-54  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
TRANSPORTATION       EQUIPMENT—(Continued)
	81,998	e	Winnebago Industries, Inc	$ 5,637
	102,000	e	Yamaha Motor Co Ltd	1,113
			TOTAL TRANSPORTATION
			EQUIPMENT	3,150,728
TRANSPORTATION SERVICES—0.08%
	426,590	e	Amadeus Global Travel
			Distribution S.A. (A Shs)	2,771
	36,362		Ambassadors Group, Inc	854
	21,862		Ambassadors
			International, Inc	273
	472,550		C.H. Robinson Worldwide, Inc	17,914
	229,423	*	EGL, Inc	4,029
	510,963		Expeditors International Of
			Washington, Inc	19,243
	283,271		GATX Corp	7,926
	1,255		Kuoni Reisen Holding (Regd)	420
	81,935	e*	Navigant International, Inc	1,135
	1,136	*	New World TMT Ltd	0
	148,781	*	Pacer International, Inc	3,008
	189,566	*	RailAmerica, Inc	2,237
	619,136		Sabre Holdings Corp	13,367
	449,636		Toll Holdings Ltd	2,795
			TOTAL TRANSPORTATION
			SERVICES	75,972
TRUCKING AND WAREHOUSING—0.39%
	151,365		Arkansas Best Corp	4,751
	261,964		CNF, Inc	8,881
	42,274	*	Covenant Transport, Inc
			(Class A)	804
	202,290		Heartland Express, Inc	4,893
	310,931	*	Hunt (J.B.) Transport
			Services, Inc	8,398
	207,181	*	Landstar System, Inc	7,881
	1,155,000		Mitsui-Soko Co Ltd	2,899
	74,042	*	Old Dominion Freight Line	2,523
	23,536	*	P.A.M. Transportation
			Services	502
	96,827	*	SCS Transportation, Inc	1,702
	484,000	e	Seino Transportation Co Ltd	4,001
	520,000		Singapore Post Ltd	213
	1,336,000	e	Sumitomo Warehouse Co Ltd	3,952
	263,777	*	Swift Transportation Co, Inc	5,545
	478,010		TPG NV	11,197
	35,954	*	U.S. Xpress Enterprises, Inc
			(Class A)	440
	3,765,474		United Parcel Service, Inc
			(Class B)	280,716
	177,514		USF Corp	6,069
	226,122		Werner Enterprises, Inc	4,407

	1,461,893		Yamato Transport Co Ltd	$ 17,215
	271,112	*	Yellow Roadway Corp	9,806
			TOTAL TRUCKING AND
			WAREHOUSING	386,795
WATER TRANSPORTATION—0.10%
	273,654		Alexander & Baldwin, Inc	9,219
	151,900		Associated British Ports
			Holdings plc	1,221
	77,100		Carnival PLC	3,107
	36,598		Compagnie Maritime
			Belge S.A.	2,954
	668,778	e	CP Ships Ltd	13,922
	3,571		Dampskibsselskabet
			Svendborg (B Shs)	25,770
	140,972		Exel plc	1,864
	91,604	*	Gulfmark Offshore, Inc	1,282
	547,032		Kamigumi Co Ltd	3,869
	232,025		Kawasaki Kisen Kaisha Ltd	1,154
	127,144	*	Kirby Corp	4,435
	37,400		Maritrans, Inc	625
	1,150,526		Mitsui OSK Lines Ltd	5,615
	2,067,837	*	Neptune Orient Lines Ltd	2,630
	306,826		Nippon Yusen Kabushiki
			Kaisha	1,389
	129,068		Overseas Shipholding
			Group, Inc	4,395
	341,000		Peninsular And Oriental
			Steam Navigation Co	1,404
	266,300	e	Royal Caribbean Cruises Ltd	9,265
	45,028	*	Seabulk International, Inc	366
	13,800		Uponor Oyj	435
			TOTAL WATER
			TRANSPORTATION	94,921
WHOLESALE TRADE-DURABLE GOODS—1.26%
	44,488	e*	1-800 Contacts, Inc	934
	102,361	e	Action Performance Cos, Inc	2,006
	156,184		AGFA Gevaert NV	4,452
	195,537		Agilysys, Inc	2,180
	75,820	*	Alliance Imaging, Inc	281
	215,963	*	Anixter International, Inc	5,589
	26,000	e	Anritsu Corp	173
	453,223	*	Apogent Technologies, Inc	10,442
	126,596		Applied Industrial
			Technologies, Inc	3,021
	892,280	*	Arrow Electronics, Inc	20,647
	129,497	*	Audiovox Corp (Class A)	1,663
	192,978	*	Aviall, Inc	2,993
	664,402	*	Avnet, Inc	14,391
	78,666		Barnes Group, Inc	2,542
	2,400	*	Bell Microproducts, Inc	22
	131,438		BorgWarner, Inc	11,181
	137,936	*	Boyds Collection Ltd	586

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-55

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
WHOLESALE TRADE-DURABLE       GOODS—(Continued)
	160,613		Carlisle Cos, Inc	$ 9,775
	8,999	*	Castle (A.M.) & Co	66
	418,431		CDW Corp	24,169
	167,622		Commercial Metals Co	5,096
	150,747	*	Compucom Systems, Inc	790
	8,518	*	Compx International, Inc	55
	80,999	*	Department 56, Inc	1,061
	564	e	D’ieteren S.A.	116
	209,630		Finning International, Inc	4,867
	2,293,070		Fuji Electric Co Ltd	5,028
	31,951		Fujisawa
			Pharmaceutical Co Ltd	681
	99,298	*	Global Imaging Systems, Inc	3,153
	162,779		Handleman Co	3,342
	154,313		Hughes Supply, Inc	7,657
	690,085		IKON Office Solutions, Inc	8,184
	119,203	*	Imagistics International, Inc	4,470
	611,145	*	Ingram Micro, Inc (Class A)	9,717
	333,714	*	Insight Enterprises, Inc	6,274
	65,267	*	Insurance Auto Auctions, Inc	852
	17,737,094		Johnson & Johnson	916,298
	74,130	*	Keystone Automotive
			Industries, Inc	1,880
	162,174	*	Knight Transportation, Inc	4,160
	222,000		Kobayashi
			Pharmaceutical Co Ltd	5,396
	32,464		Lawson Products, Inc	1,077
	301,411		Martin Marietta
			Materials, Inc	14,157
	49,455	b*	MCSi, Inc	0
	415,600		Mitsumi Electric Co Ltd	4,576
	1,865		Noland Co	77
	79,000	e	Noritsu Koki Co Ltd	2,698
	7,100	*	Nu Horizons Electronics Corp	70
	233,716		Owens & Minor, Inc	5,121
	318,624	*	Patterson Dental Co	20,443
	325,894		Pep Boys-Manny Moe & Jack	7,453
	67,870		Pomeroy IT Solutions, Inc	1,000
	462,171	*	PSS World Medical, Inc	5,578
	167,933		Reliance Steel &
			Aluminum Co	5,577
	803,558	*	Safeguard Scientifics, Inc	3,246
	76,218	*	Scansource, Inc	3,477
	206,468	*	SCP Pool Corp	6,747
	1,037,000		SembCorp Logistics Ltd	1,221
	9,256	*	Somera Communications, Inc	15
	230,000		SSL International plc	1,359
	113,800	*	TBC Corp	2,937
	303,271	*	Tech Data Corp	12,037
	779,644		Terumo Corp	14,804
	6,626	*	Timco Aviation Services, Inc	5

	21,169	*	Timco Aviation
			Services, Inc Wts
			02/27/07	$ 0
	81,735		Titan Cement Co S.A.	3,347
	453,693		W.W. Grainger, Inc	21,501
	123,072		Watsco, Inc	2,797
	104,743	*	WESCO International, Inc	927
	270,667	*	Zoran Corp	4,707
			TOTAL WHOLESALE TRADE-
			DURABLE GOODS	1,253,144
WHOLESALE TRADE-NONDURABLE       GOODS—0.85%
	292,238		Acuity Brands, Inc	7,540
	96,420		Advanced Marketing
			Services, Inc	1,099
	336,591		Airgas, Inc	7,230
	1,267,457		Alliance Unichem Plc	11,776
	175,108	*	Allscripts Healthcare
			Solutions, Inc	932
	396,422		Altana AG.	23,826
	807,609		AmerisourceBergen Corp	45,347
	6,254		Bridgford Foods Corp	49
	6,079,636		British American Tobacco plc	83,803
	222,176		Brown-Forman Corp (Class B)	20,762
	2,200,475		Cardinal Health, Inc	134,581
	120,844	e	Celesio AG.	5,861
	45,597	e*	Central European
			Distribution Corp	1,441
	241,270	*	Chiquita Brands
			International, Inc	5,436
	274,950		Ciba Specialty
			Chemicals AG. (Regd)	21,276
	111,071	*	Clariant AG.	1,639
	88,169		D&K Healthcare
			Resources, Inc	1,196
	295,613		DIMON, Inc	1,995
	221,445	*	Endo Pharmaceuticals
			Holdings, Inc	4,265
	226,763		Fyffes plc	472
	111,767		Getty Realty Corp	2,923
	27,427	*	Green Mountain Coffee, Inc	631
	63,214		H. Lundbeck a/s	1,049
	153,021	*	Hain Celestial Group, Inc	3,552
	197,185	*	Henry Schein, Inc	13,326
	251,935		Imperial Tobacco Group plc	4,961
	100,000	e	Inditex S.A.	2,031
	215		Kanebo Ltd	0
	47,187		Kenneth Cole
			Productions, Inc (Class A)	1,387
	573,600		Kokuyo Co Ltd	6,235
	2,150,555		Li & Fung Ltd	3,684
	241,569	e	Loblaw Cos Ltd	12,487

ST-56  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
WHOLESALE TRADE-NONDURABLE       GOODS—(Continued)
	20,835	*	Maui Land & Pineapple Co	$ 720
	1,293,702		McKesson Corp	41,605
	238,376	*	Men’s Wearhouse, Inc	5,962
	76,391		Nash Finch Co	1,707
	240,708		Nu Skin
			Enterprises, Inc
			(Class A)	4,114
	236,643	*	Performance Food Group Co	8,559
	408,708		Perrigo Co	6,425
	22,098	*	Perry Ellis International, Inc	570
	145,295	*	Plains Resources, Inc	2,332
	92,414	f*	Priority Healthcare Corp
			(Class A)	2,228
	149,824	*	Priority Healthcare Corp
			(Class B)	3,612
	171,244		Russell Corp	3,007
	106,606	e*	School Specialty, Inc	3,626
	79,834	*	Smart & Final, Inc	805
	73,452		Standard Commercial Corp	1,474
	267,157		Stride Rite Corp	3,040
	753,148		Supervalu, Inc	21,533
	280,680	e	Swedish Match AB	2,867
	3,938,990		Sysco Corp	146,641
	195,804	*	Tractor Supply Co	7,615
	1,968,564	e	Unilever NV (Cert)	128,746
	129,563	*	United Natural Foods, Inc	4,653
	215,452	*	United Stationers, Inc	8,816
	164,506		Valhi, Inc	2,461
	29,813	e	Weston (George) Ltd	2,393
			TOTAL WHOLESALE TRADE-
			NONDURABLE GOODS	848,303
			TOTAL COMMON STOCK
			(Cost $75,686,608)	98,973,454
	PRINCIPAL
SHORT TERM INVESTMENTS—3.15%
BANKERS ACCEPTANCES—0.01%
			Wachovia Bank, National
			Association
	$10,000,000		1.070%, 01/28/04	9,992
			TOTAL BANKERS
			ACCEPTANCES	9,992
CERTIFICATES OF DEPOSIT—0.32%
			ABN Amro Bank N.V.
	10,000,000		1.170%, 07/16/04	9,998
			ABN Amro Bank NV
			(Chicago)
	22,500,000		1.450%, 11/17/04	22,498

			American Express Centurion
			Bank
	$25,000,000		1.090%, 01/05/04	$ 25,001
	20,000,000		1.090%, 01/06/04	20,000
			First Tennessee Bank
	25,000,000	d	1.090%, 01/06/04	25,001
			Royal Bank of Canada
	17,500,000		1.480%, 11/22/04	17,503
			Royal Bank of Scotland plc
	50,000,000	d	1.080%, 01/09/04	50,001
	50,000,000		1.070%, 03/16/04	49,997
	25,000,000		State Street Bank & Trust
			1.050%, 03/30/2004	24,998
			Toronto Dominion Bank
	50,000,000		1.085%, 02/20/04	50,001
			Wells Fargo Bank
	25,000,000		1.070%, 01/13/04	25,001
			TOTAL CERTIFICATES OF
			DEPOSIT	319,999
COMMERCIAL PAPER—1.57%
			American Honda Finance Corp
	27,000,000		1.060%, 01/27/04	26,979
			Asset Securitization
			Capital Co LLC
	13,315,000	c	1.090%, 01/13/04	13,310
	24,000,000	c	1.090%, 01/08/04	23,994
	25,000,000	c	1.080%, 01/14/04	24,990
	15,000,000	c	1.090%, 01/26/04	14,989
	22,000,000	c	1.080%, 02/20/04	21,967
			Beta Finance, Inc
	20,000,000		1.305%, 08/18/04	20,018
			Caterpillar Financial
			Services Corp
	12,500,000		1.200%, 06/28/04	12,429
	17,200,000	c	1.280%, 07/06/04	17,099
			CC (USA), Inc
	10,000,000	c	1.100%, 01/20/04	9,994
	18,000,000	c	1.100%, 01/26/04	17,986
	7,000,000	c	1.100%, 02/13/04	6,991
	29,500,000	c	1.090%, 02/17/04	29,458
	25,500,000	c	1.110%, 02/26/04	25,457
	2,400,000	c	1.120%, 03/19/04	2,394
			Ciesco LP
	36,000,000		1.080%, 01/21/04	35,978
			Citicorp
	50,000,000		1.080%, 01/29/04	49,957
	50,000,000	d	1.070%, 01/15/04	49,978
			Coca-Cola Enterprises, Inc
	40,000,000	c	1.060%, 1/16/04	39,992
			Corporate Asset
			Funding Corp, Inc
	37,800,000	c	1.080%, 01/15/04	37,783

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-57

Statement of Investments - Stock Account - - December 31, 2003

	SHARES			VALUE (000)
COMMERCIAL PAPER—(Continued)
	$27,000,000	c	1.060%, 01/30/04	$ 26,976
	34,457,000	c	1.080%, 02/10/04	34,416
			Delaware Funding Corp
	25,000,000	c	1.080%, 01/05/04	24,996
	25,000,000	c	1.080%, 01/14/04	24,990
	40,000,000	c	1.080%, 01/22/04	39,974
	10,000,000	c	1.070%, 01/23/04	9,993
			Dorada Finance, Inc
	14,500,000		1.100%, 01/08/04	14,497
	40,000,000	c	1.090%, 01/12/04	39,986
			Edison Asset
			Securitization LLC
	25,000,000	c,d	1.080%, 01/09/04	24,994
	46,991,000	c	1.080%, 01/13/04	46,973
			Govco, Inc
	55,000,000	c	1.100%, 01/23/04	54,963
	5,000,000	c	1.080%, 01/28/04	4,996
	25,000,000	c	1.090%, 02/04/04	24,974
	15,000,000	c	1.095%, 02/19/04	14,978
			Greyhawk Funding LLC
	16,000,000	c	1.100%, 01/09/04	15,996
	25,000,000	c	1.090%, 01/12/04	24,991
	9,000,000	c	1.090%, 01/13/04	8,997
	17,000,000	c	1.090%, 02/09/04	16,980
			IBM Capital, Inc
	35,000,000	c	1.080%, 03/24/04	34,913
			Kitty Hawk Funding Corp
	17,000,000	c	1.080%, 01/15/04	16,992
	35,000,000	c	1.100%, 01/27/04	34,972
			Links Finance LLC
	26,000,000	c	1.100%, 02/24/04	25,958
			Park Avenue
			Receivables Corp
	40,000,000	c	1.100%, 01/13/04	39,985
	1,595,000	c	1.080%, 01/23/04	1,594
	50,000,000	c,d	1.080%, 01/27/04	49,960
			Preferred Receivables
			Funding Corp
	50,000,000		1.090%, 01/21/04	49,969
	25,000,000	c	1.085%, 01/22/04	24,984
	25,000,000	c	1.085%, 01/28/04	24,979
			Private Export Funding Corp
	5,000,000	c,d	5.730%, 01/15/04	5,009
			Receivables Capital Corp
	60,000,000	c	1.040%, 01/14/04	59,976
	29,000,000	c	1.080%, 01/16/04	28,986
			Sara Lee Corp Note
	25,000,000	c	1.060%, 01/16/04	24,988
			Sigma Finance, Inc
	30,000,000	c,d	1.080%, 02/18/04	29,957
	10,000,000	c	1.110%, 03/09/04	9,980

	$8,790,000	c	1.100%, 03/12/04	$ 8,771
	26,000,000	d	1.110%, 04/13/04	25,919
			UBS Finance, (Delaware) Inc
	50,000,000		1.040%, 01/20/04	49,910
			Variable Funding Capital
			Corp
	35,000,000	c	1.800%, 01/12/04	34,988
	50,000,000	c	1.070%, 01/20/04	49,971
			TOTAL COMMERCIAL PAPER	1,569,174
U.S. GOVERNMENT AND AGENCIES       DISCOUNT NOTES—1.22%
			Federal Home Loan
			Bank (FHLB)
	31,545,000		1.090%, 01/28/04	31,520
	9,000,000		1.250%, 08/03/04	8,937
			Federal Home Loan Mortgage
			Corp (FHLMC)
	23,300,000		1.020%, 01/08/04	23,295
	40,300,000		1.050%, 02/03/04	40,262
	15,800,000		1.030%, 02/05/04	15,784
	40,100,000		1.035%, 02/10/04	40,054
	68,000,000		1.020%, 02/17/04	67,909
	50,000,000		1.070%, 02/19/04	49,931
	10,000,000		1.020%, 02/24/04	9,985
	55,000,000		1.050%, 03/25/04	54,869
	25,000,000		1.070%, 03/31/04	24,935
	16,000,000		1.250%, 08/03/04	15,889
			Federal National Mortgage
			Association (FNMA)
	24,953,000		1.054%, 01/07/04	24,948
	42,535,000		1.000%, 01/08/04	42,526
	18,230,000		1.010%, 02/02/04	18,213
	81,000,000		1.060%, 02/11/04	80,905
	83,000,000	d	1.080%, 02/18/04	82,887
	31,300,000		1.080%, 03/04/04	31,244
	69,045,000		1.050%, 03/10/04	68,911
	32,800,000		1.050%, 03/17/04	32,729
	140,000,000		1.050%, 03/24/04	139,670
	75,000,000		1.040%, 03/31/04	74,805
	84,800,000		1.075%, 04/05/04	84,567
	58,550,000		1.060%, 05/05/04	58,337
	59,285,000		1.070%, 06/21/04	58,980
	35,400,000		1.055%, 06/30/04	35,201
			TOTAL U.S. GOVERNMENT
			AND AGENCIES
			DISCOUNT NOTES	1,217,293

ST-58  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Stock Account - - December 31, 2003

	SHARES		VALUE (000)
VARIABLE NOTE—0.03%
		Sigma Finance, Inc
	$25,000,000	1.330%, 02/25/04	$ 25,005
		TOTAL VARIABLE NOTE	25,005
		TOTAL SHORT TERM
		INVESTMENTS
		(Cost $3,141,388)	3,141,463
		TOTAL PORTFOLIO—102.63%
		(Cost $78,926,082)	102,240,366
		OTHER ASSETS &
		LIABILITIES, NET—
		(2.63)%	(2,616,025)
		NET ASSETS—100.00%	$99,624,341

*	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, 2003, the value of these securities amounted to $151,725,161 or 0.15% of net assets.
	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.

Additional information on each restricted security is as follows:
SECURITY	ACQUISITION DATE	ACQUISITION COST
Baring Vostok LP	02/12/01	$12,987,804
BB Bioventures LP	03/24/98	14,724,615
Belo (A.H.) Corp    Series B	05/23/88	1,900,588
Clair’s Stores, Inc     (Class A)	12/07/92	411,235
Dow Jones & Co,    Inc (Class B)	07/31/86	6,128,067
Genesoft Series C     Financing	06/20/00	7,000,000
Genesoft Series D    Financing	08/09/01	2,000,000
Imperial Credit     Industries Wts    01/31/08	12/27/01	0
International Hydron    (Liquidating Trust)	11/13/97	0
Lee Enterprises,     Inc (Class B)	03/31/86	60,768
MPM Bioventures    II-QP, LP	02/28/00	16,821,389
National Health     Investors, Inc	01/10/01	173,000
Priority Healthcare    Corp (Class A)	01/04/99	840,339
Promet Berhad	12/31/01	23,793
Royal Ahold NV	12/17/03	10,080,179
Skyline Ventures     Partners    Qualified II, LP	02/15/00	3,281,253
Skyline Ventures    Partners    Qualified III, LP	09/07/01	360,000
Theravance     Series C	01/25/99	7,999,996
Theravance    Series D	08/31/00	4,000,005
Wiltel     Communications    Group Csr	12/04/03	0
Wrigley (WM) Jr    Co (Class B)	04/30/86	1,873,333
		$90,666,364

SEE NOTES TO FINANCIAL STATEMENTS Stock Account   2003 CREF Annual Report  ST-59

Statement of Investments - Stock Account - - December 31, 2003

COLLEGE RETIREMENT EQUITIES FUND TRANSACTIONS WITH AFFILIATED COMPANIES JANUARY 1, 2003 - DECEMBER 31, 2003
ISSUE	VALUE AT  December 31, 2002	PURCHASE  COST	SALES  PROCEEDS	REALIZED GAIN (LOSS)	DIVIDEND INCOME	SHARES AT December 31, 2003	VALUE AT December 31, 2003
Autoliv, Inc	$114,653,410	$13,129,697	$36,078,641	$ 6,489,402	$713,848	—	$            *
Baring    Vostok L.P.	8,464,264	13,365,931	9,637,514	—	—	13,281,447	16,957,752
Martek    Biosciences    Corp	33,237,140	522,959	12,941,197	5,843,034	—	—	*
Max Re    Capital Ltd	24,800,422	976,244	—	—	205,715	2,313,855	51,992,906
	$181,155,236	$27,994,831	$58,657,352	$12,332,436	$919,563		$68,880,658

* Not an Affiliate as of December 31, 2003

ST-60  2003 CREF Annual Report   Stock Account SEE NOTES TO FINANCIAL STATEMENTS

Report of Management Responsibility

To the Participants of College Retirement Equities Fund:

The accompanying financial statements of the Stock Account of College Retirement Equities Fund (“CREF”) are the responsibility of management. They have been prepared in accordance with 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/ Herbert M. Allison Jr.	/s/ Elizabeth A. Monrad
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer

Stock Account   2003 CREF Annual Report  ST-61

Report of the Audit Committee

To the Participants of College Retirement Equities Fund:

The Audit Committee oversees the financial reporting process of the Stock Account of College Retirement Equities Fund (“CREF”) on behalf of CREF’s Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee’s responsibilities. All members of the Audit Committee (“Committee”) are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for 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.

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 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.

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
Bridget A. Macaskill, Audit Committee Member

February 18, 2004

ST-62  2003 CREF Annual Report   Stock Account

Statement of Assets and Liabilities

Stock Account

December 31, 2003
(amounts in thousands, except amounts per accumulation unit)

ASSETS
Portfolio investments, at cost	$ 78,926,082
Net unrealized appreciation of portfolio investments	23,314,284
Portfolio investments, at value (including securities loaned of $2,681,667)	102,240,366
Cash	16,320
Cash-foreign (cost of $19,518)	19,546
Dividends and interest receivable	116,087
Receivable from securities transactions	389,360
Amounts due from TIAA	30,474
Total assets	102,812,153
LIABILITIES
Deposits for securities loaned—Note 3	2,809,425
Payable for securities transactions	378,387
Total liabilities	3,187,812
NET ASSETS
Accumulation Fund	84,878,666
Annuity Fund	14,745,675
Total net assets	$ 99,624,341
Accumulation units outstanding—Notes 4 and 5	499,306
Net asset value per accumulation unit—Note 4	$ 169.99

Stock Account   2003 CREF Annual Report  ST-63

Statement of Operations

Stock Account

Year Ended December 31, 2003
(amounts in thousands)

INVESTMENT INCOME
Income:
Interest	$ 28,284
Dividends	1,602,128
Total income	1,630,412
Expenses—Note 2:
Investment	127,106
Operating	307,683
Total expenses	434,789
Investment income—net	1,195,623
REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS—Note 3
Net realized gain on:
Portfolio investments	1,546,959
Futures transactions	52,533
Foreign currency transactions	2,759
Net realized gain on total investments	1,602,251
Net change in unrealized appreciation on:
Portfolio investments	21,167,042
Futures transactions	17,966
Translation of assets (other than portfolio investments)             and liabilities denominated in foreign currencies	(866)
Net change in unrealized appreciation on total investments	21,184,142
Net realized and unrealized gain on total investments	22,786,393
Net increase in net assets resulting from operations	$23,982,016

ST-64  2003 CREF Annual Report   Stock Account

Statements of Changes in Net Assets

Stock Account

Years Ended December 31,
(amounts in thousands)          

	2003	2002
FROM OPERATIONS
Investment income—net	$ 1,195,623	$  1,102,643
Net realized gain (loss) on total investments	1,602,251	(3,925,583)
Net change in unrealized appreciation (depreciation)       on total investments	21,184,142	(17,612,706)
Net increase (decrease) in net assets resulting from operations	23,982,016	(20,435,646)
FROM PARTICIPANTTRANSACTIONS
Premiums	3,019,405	2,962,016
Net transfers to TIAA	(326,411)	(1,302,236)
Net transfers from (to) other CREF Accounts and       affiliated mutual funds	352,851	(1,422,112)
Annuity payments	(1,385,945)	(1,747,856)
Withdrawals and death benefits	(1,568,666)	(1,665,096)
Net increase (decrease) in net assets resulting from             participant transactions	91,234	(3,175,284)
Net increase(decrease)in netassets	24,073,250	(23,610,930)
NET ASSETS
Beginning of year	75,551,091	99,162,021
End of year	$99,624,341	$ 75,551,091

Stock Account   2003 CREF Annual Report  ST-65

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 management investment company. It consists of eight investment portfolios (“Accounts”). The accompanying financial statements are those of the Stock Account (“Account”). The 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 Account.

Valuation of Investments. Equity securities listed or traded on a national securities exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments, with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Foreign investments are valued at the closing value of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. 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 the 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 Account is informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the specific identification method.

Change in Accounting Policy. Effective August 1, 2003, the Account changed the method by which realized gains and losses on securities transactions are calculated

ST-66  2003 CREF Annual Report   Stock Account

Notes to Financial Statements (continued)

from the average cost method to the specific identification method. This change was made in order to conform more closely with industry standards. For the Account, the effect of this change for the year ended December 31, 2003 was to increase net realized gain on securities transactions by $19,886,697, decrease net unrealized gain on securities transactions by $21,027,417 and increase investment income-net by $1,140,720, but had no net impact on the increase in net assets resulting from operations, total net assets or on the condensed financial information.

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 Account 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 Account is 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 Account 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 Account continues to receive income on the securities loaned and receives additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Account. Although each transaction is collateralized, the Account 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 Account 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

Stock Account   2003 CREF Annual Report  ST-67

Notes to Financial Statements (continued)

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 Account may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Account to the risk that the transaction may not be consummated.

Restricted Securities. Restricted securities held by the Account, 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 Account are provided by TIAA-CREF Investment Management, LLC (“Investment Management”) in accordance with an Investment Management Service Agreement with the Account. 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 Account and distribution functions for the Account’s certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement with the Account. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. Effective January 1, 2004, Services was converted from a regular corporation to a limited liability corporation.

The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive management fee payments from the Account on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to the Account’s actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly.

TIAA provides guarantees for the Account for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement.

ST-68  2003 CREF Annual Report   Stock Account

Notes to Financial Statements (continued)

Note 3—Investments

At December 31, 2003, net unrealized appreciation of portfolio investments for the Account was $23,314,283,999, consisting of gross unrealized appreciation of $26,793,607,488 and gross unrealized depreciation of $3,479,323,489.

At December 31, 2003, the market value of securities loaned and cash collateral received in connection therewith for the Account was $2,681,667,345 and $2,809,425,493, respectively.

At December 31, 2003, the Account held 920 open futures contracts in the Standard & Poor’s 500 Index, expiring in March 2004, with a value of $255,438,000 and an unrealized gain of $6,088,446.

Companies in which the Account held 5% or more of the outstanding voting shares are defined as “affiliated” in the Investment Company Act of 1940. The value of affiliated companies held by the Account at December 31, 2003 was $68,880,658. Dividend income and realized gain from affiliated companies during the year ended December 31, 2003 was $919,563 and $12,332,436, respectively.

Purchases and sales of portfolio securities, other than short-term money market instruments, for the Account for the year ended December 31, 2003, were $41,281,326,706 (including $27,994,811 of affiliated companies) and $39,416,320,637 (including $58,657,352 of affiliated companies), respectively.

Stock Account   2003 CREF Annual Report  ST-69

Notes to Financial Statements (continued)

Note 4—Condensed Financial Information

For the Years Ended December 31,	2003	2002	2001	2000	1999
Per Accumulation Unit Data:
Investment income	$ 2.796	$ 2.476	$ 2.432	$ 2.472	$ 2.567
Expenses	.746	.638	.693	.626	.607
Investment income—net	2.050	1.838	1.739(a)	1.846	1.960
Net realized and unrealized gain             (loss) on total investments	39.127	(35.535)	(27.951)(a)	(19.231)	34.478
Net increase (decrease) in
Accumulation Unit Value	41.177	(33.697)	(26.212)	(17.385)	36.438
Accumulation Unit Value:
Beginning of year	128.816	162.513	188.725	206.110	169.672
End of year	$169.993	$128.816	$162.513	$188.725	$206.110
Total Return	31.97%	(20.73%)	(13.89%)	(8.43%)	21.48%
Ratios to Average Net Assets:
Expenses	0.52%	0.44%	0.41%	0.31%	0.33%
Investment income—net	1.43%	1.28%	1.03%(a)	0.91%	1.07%
Portfolio turnover rate	47.46%	31.19%	29.41%	32.65%	29.26%
Thousands of Accumulation Units       outstanding at end of year	499,306	493,295	508,889	525,111	543,589

(a) As required, effective January 1, 2001, the Account 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 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 ratio of investment income—net to average net assets, there was no effect for the 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.

ST-70  2003 CREF Annual Report   Stock Account

Notes to Financial Statements (concluded)

Note 5—Accumulation Units

Changes in the number of Accumulation Units outstanding of the Account were as follows:

Years Ended December 31,	2003	2002
Accumulation Units:
Credited for premiums	21,146,719	20,805,630
Cancelled for transfers, disbursements             and amounts applied to the Annuity Fund	(15,135,851)	(36,399,103)
Outstanding:
Beginning of year	493,295,371	508,888,844
End of year	499,306,239	493,295,371

Note 6—Line of Credit

The Account participates 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, 2003, the Account did not borrow under this facility.

Stock Account   2003 CREF Annual Report  ST-71

Report of Independent Auditors

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

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of the Stock Account (one of the Accounts comprising College Retirement Equities Fund (“CREF”)) as of December 31, 2003, and the related statement of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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, 2003 by correspondence with the custodian 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 Account of CREF at December 31, 2003, the results of its operations for the year then ended and the changes in its net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States.

New York, New York
February 18, 2004

ST-72  2003 CREF Annual Report   Stock Account

CREF Growth Account  Large-Cap Growth Stocks

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The CREF Growth Account posted a return of 27.75% for the year, compared with 29.75% for its bench- mark, the Russell 1000^® Growth Index, and the 28.31% average return of similar variable annuities, as measured by the Morningstar Large Growth category, which tracked 2,846 variable annuity accounts at year’s end.

Growth and Value: Neck and Neck

The large-cap growth stocks of the Russell 1000 Growth Index rebounded powerfully in 2003, but their return slightly trailed the 30.03% gain of the predominantly large-cap Russell 1000 Value Index. This marked the fourth year in a row that growth stocks trailed value stocks, as measured by Russell. (In the years 1996–1999, however, growth beat value three out of four times.)

     Both large-cap indexes underperformed the broad domestic market as represented by the Russell 3000^® Index, which advanced 31.06%. The gain of the Russell 3000 was boosted by the extraordinary returns of 48.54% for small-cap growth stocks and 42.71% for mid-cap growth stocks, as measured by their respective Russell indexes. (Small- and mid-cap stocks may have limited marketability and may be subject to more abrupt or erratic movements than large-cap stocks.)

Account Contributors and Detractors

The account had a strong year but lagged its benchmark because of a number of stock selections that did not perform as anticipated. These included Taiwan Semiconductor Manufacturing, PepsiCo, and Amylin Pharmaceuticals. The account had larger weightings of these stocks than the benchmark. (Foreign stocks are subject to additional risks not associated with domestic investments, such as currency fluctuation.) Under-weight holdings that included General Electric and Microsoft also detracted from performance.

     Positive contributions to relative performance came from holdings such as Cisco Systems, Boston Scientific, Texas Instruments, and SAP AG, a German-based leader in business-to-business software. The account had larger weightings of these stocks than the benchmark. The account also benefited from its below-benchmark weightings in firms that included Kohl’s department stores, and health care companies HCA and Eli Lilly.

 

 Growth Account   2003 CREF Annual Report  GR-1

CREF Growth Account  Large-Cap Growth Stocks

PERFORMANCE

Investment Objective

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

$10,000 Since 4/29/1994 Inception	Calendar Year Total Returns

Performance as of 12/31/2003

	Average Annual Compound						Cumulative Rates
	Rates of Total Return1						of Total Return1
					since				since
	1 year		5 years		inception2		5 years		inception2
Growth Account	27.75	%	–6.22	%	8.47	%	–27.48	%	119.79	%
Benchmark:
Russell 1000® Growth Index3	29.75		–5.11		10.03		–23.08		152.22
Peer group:
Morningstar Large Growth (VA)	28.31		–3.84		8.15		-17.77		113.23

¹     Past performance of the account should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the units you own may be worth more or less than their original value. Due to market volatility, the account’s recent performance may differ from the figures shown above.

For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 1 800 842-2252.

²     Inception date: 4/29/1994

³     Russell 1000 is a trademark and service mark of the Frank Russell Company.

GR-2  2003 CREF Annual Report   Growth Account

CREF Growth Account  Large-Cap Growth Stocks

PROFILE

Ten Largest Holdings (as of 12/31/2003)  

	Percent of
Company	Net Assets
General Electric Co	6.22
Pfizer, Inc	6.17
Cisco Systems, Inc	3.96
Microsoft Corp	3.87
Intel Corp	3.26
Fannie Mae	3.25
Procter & Gamble Co	3.24
Johnson & Johnson	2.27
Wal-Mart Stores, Inc	2.11
Int’l Business Machines Corp	2.11
Total	36.46

Account Facts

Inception Date	4/29/1994
Net Assets (12/31/2003)	$11.04 billion
2003 Actual Expense Charge*	0.54%

* We estimate expenses each year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically, adjustments have been small.

Capitalization (as of 12/31/2003)  

	Percent of
Capitalization	Net Assets
Large: Over $5 billion	96.61
Middle: $1–$5 billion	3.19
Small: Under $1 billion	0.20
Total	100.00

The Account’s Benchmark

The Russell 1000^® Growth Index is a subset of the Russell 1000 Index, which tracks the stocks of large domestic companies, based on total market capitalization. The Russell 1000 Growth Index represents those stocks of the Russell 1000 with higher price-to-book ratios and higher relative forecasted growth rates. Both indexes are weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole.

“Growth” companies tend to have higher-than-average rates of growth in sales or earnings. Their stocks typically also have higher prices than other stocks, relative to their earnings per share.

 Growth Account   2003 CREF Annual Report  GR-3

Statement of Investments - Growth Account - - December 31, 2003

Summary by Industry
	VALUE (000)	%
PREFERRED STOCK
Primary Metal Industries	$ 0	0.00%
TOTAL PREFERRED STOCK
(Cost $10)	0	0.00
COMMON STOCK
Amusement and Recreation
Services	4	0.00
Apparel and Accessory Stores	137,599	1.25
Auto Repair, Services and Parking	0	0.00
Building Materials and    Garden Supplies	383,904	3.48
Business Services	1,014,187	9.19
Chemicals and Allied Products	2,144,345	19.41
Communications	372,964	3.38
Depository Institutions	160,090	1.45
Eating and Drinking Places	77,448	0.70
Educational Services	95,881	0.87
Electric, Gas, and
Sanitary Services	1	0.00
Electronic and Other Electric
Equipment	1,810,758	16.39
Engineering and Management
Services	149,806	1.36
Fabricated Metal Products	1	0.00
Food and Kindred Products	405,610	3.67
Furniture and Fixtures	1,203	0.01
General Building Contractors	1	0.00
General Merchandise Stores	273,297	2.48
Health Services	233,046	2.11
Holding and Other
Investment Offices	0	0.00
Hotels and Other Lodging Places	110,754	1.00
Industrial Machinery and    Equipment	1,073,262	9.72
Instruments and Related
Products	528,225	4.78
Insurance Carriers	262,769	2.38
Metal Mining	0	0.00
Miscellaneous Manufacturing
Industries	0	0.00
Miscellaneous Retail	191,316	1.73
Motion Pictures	166,073	1.50
Nondepository Institutions	659,964	5.98
Oil and Gas Extraction	52,752	0.48
Personal Services	1,849	0.02
Printing and Publishing	1,070	0.01
Rubber and Miscellaneous
Plastic Products	0	0.00
Security and Commodity Brokers	7,409	0.07
Tobacco Products	113,450	1.03

Transportation by Air	$ 24,951	0.23%
Transportation Equipment	195,434	1.77
Trucking and Warehousing	78,151	0.71
Wholesale Trade-Durable Goods	251,189	2.26
Wholesale Trade-Nondurable
Goods	25,162	0.23
TOTAL COMMON STOCK    (Cost $10,380,754)	11,003,925	99.65
SHORT TERM INVESTMENTS
Certificates of Deposits	10,000	0.09
Commercial Paper	50,001	0.45
U.S. Government and
Agencies Discount Notes	293,366	2.66
Variable Notes	15,003	0.14
TOTAL SHORT TERM INVESTMENTS
(Cost $368,370)	368,370	3.34
TOTAL PORTFOLIO    (Cost $10,749,134)	11,372,295	102.99
OTHER ASSETS AND    LIABILITIES, NET	(330,563)	(2.99)
NET ASSETS	$11,041,732	100.00%

	SHARES			VALUE (000)
PREFERRED STOCK—0.00%
PRIMARY METAL INDUSTRIES—0.00%
	13,200	*	Superior Trust I	$      0
			TOTAL PRIMARY METAL
			INDUSTRIES	0
			TOTAL PREFERRED STOCK
			(Cost $10)	0
COMMON STOCK—99.65%
AMUSEMENT AND RECREATION       SERVICES—0.00%
	79		Harrah’s Entertainment,
			Inc	4
			TOTAL AMUSEMENT AND
			RECREATION SERVICES	4
APPAREL AND ACCESSORY STORES—1.25%
	5,928,444		Gap, Inc	137,599
			TOTAL APPAREL AND
			ACCESSORY STORES	137,599
AUTO REPAIR, SERVICES AND       PARKING—0.00%
	7,173	b,e*	ANC Rental Corp	0
			TOTAL AUTO REPAIR,
			SERVICES AND PARKING	0

GR-4  2003 CREF Annual Report   Growth Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Growth Account - - December 31, 2003

	SHARES			VALUE (000)
BUILDING MATERIALS AND       GARDEN SUPPLIES—3.48%
	5,852,763		Home D0epot, Inc	$  207,715
	3,180,878		Lowe’s Cos	176,189
			TOTAL BUILDING MATERIALS
			AND GARDEN SUPPLIES	383,904
BUSINESS SERVICES—9.19%
	2,523,188	*	BEA Systems, Inc	31,035
	4,807		Certegy, Inc	158
	8		Computer Associates
			International, Inc	0
	25	*	CycleLogic, Inc	0
	1,385,525	e*	DST Systems, Inc	57,860
	2,100	b*	Frontline Capital Group,
			Inc	0
	12,028	e*	Genesisintermedia, Inc	0
	3,038	*	InterActiveCorp	130
	25	*	Interpublic Group Of Cos,
			Inc	0
	2,011,256	e*	Intuit, Inc	106,416
	6	*	Juniper Networks, Inc	0
	15,501,020		Microsoft Corp	426,898
	12,763,169	*	Oracle Corp	168,474
	69,128	*	Peregrine Systems, Inc	35
	31,572	*	ProcureNet, Inc	5
	3,316,151	e	SAP AG. (Spon ADR)	137,819
	58	*	Siebel Systems, Inc	1
	18	*	SoftBrands, Inc	0
	2,463,322	e*	Symantec Corp	85,354
	53	*	Veritas Software Corp	2
			TOTAL BUSINESS SERVICES	1,014,187
CHEMICALS AND ALLIED PRODUCTS—19.41%
	1,250,330		Abbott Laboratories	58,265
	3,323,422	*	Amgen, Inc	205,387
	2,017,044	*	Amylin Pharmaceuticals,
			Inc	44,819
	1,448,852		Avon Products, Inc	97,783
	90	*	Biogen Idec, Inc	3
	40	*	Biovail Corp	1
	37,300		Bristol-Myers Squibb Co	1,067
	13	*	Cephalon, Inc	1
	384,430		Colgate-Palmolive Co	19,241
	1,475,400		Dow Chemical Co	61,332
	1,539,620	e*	Forest Laboratories, Inc	95,149
	692,388	*	Genentech, Inc	64,787
	59	*	Genzyme Corp	3
	1,721,720	*	Gilead Sciences, Inc	100,101
	27,000		Gillette Co	992
	82	*	King Pharmaceuticals, Inc	1
	1,233,235		Lilly (Eli) & Co	86,733
	86	*	MedImmune, Inc	2

	24,500		Merck & Co, Inc	$   1,132
	1,748,561		Mylan Laboratories, Inc	44,169
	19,294,375		Pfizer, Inc	681,670
	3,579,215		Procter & Gamble Co	357,492
	5,281,859		Wyeth	224,215
			TOTAL CHEMICALS AND
			ALLIED PRODUCTS	2,144,345
COMMUNICATIONS—3.38%
	1	b*	Adelphia Business
			Solutions, Inc	0
	27	*	AT&T Wireless Services,
			Inc	0
	3,833,795		Clear Channel
			Communications, Inc	179,537
	1,892,410	*	Comcast Corp	62,204
	31,250	*	Comcast Corp Special	978
	66	*	Cox Communications,
			Inc (Class A)	2
	1	*	Deutsche Telekom AG. (ADR)	0
	15	*	EchoStar Communications
			Corp (Class A)	1
	100	*	IMPSAT Fiber Networks, Inc	0
	2,364,500	*	InterActiveCorp	80,227
	1,782,382	*	Nextel Communications,
			Inc (Class A)	50,014
	15,200	b*	U.S. Wireless Corp	0
	874	*	Vast Solutions, Inc
			(Class B1)	0
	874	*	Vast Solutions, Inc
			(Class B2)	0
	874	*	Vast Solutions, Inc
			(Class B3)	0
	16,743	b*	WorldCom, Inc (MCI Group)	1
			TOTAL COMMUNICATIONS	372,964
DEPOSITORY INSTITUTIONS—1.45%
	1,801,610		Citigroup, Inc	87,450
	2,262,209	e	Mellon Financial Corp	72,640
			TOTAL DEPOSITORY
			INSTITUTIONS	160,090
EATING AND DRINKING PLACES—0.70%
	286,849	e	Aramark Corp (Class B)	7,865
	1,323,624	e*	Brinker International, Inc	43,891
	1,220,968		Darden Restaurants, Inc	25,689
	80	*	Yum! Brands, Inc	3
			TOTAL EATING AND
			DRINKING PLACES	77,448
EDUCATIONAL SERVICES—0.87%
	1,410,017	*	Apollo Group, Inc (Class A)	95,881
			TOTAL EDUCATIONAL
			SERVICES	95,881

SEE NOTES TO FINANCIAL STATEMENTS Growth Account   2003 CREF Annual Report  GR-5

Statement of Investments - Growth Account - - December 31, 2003

	SHARES			VALUE (000)
ELECTRIC, GAS, AND       SANITARY SERVICES—0.00%
	20,626	b*	Covanta Energy Corp	$    0
	19		Waste Management, Inc	1
			TOTAL ELECTRIC, GAS, AND
			SANITARY SERVICES	1
ELECTRONIC AND OTHER       ELECTRIC EQUIPMENT—16.39%
	28	*	Broadcom Corp (Class A)	1
	22,159,481	e	General Electric Co	686,501
	20	*	Hifn, Inc	0
	11,171,601		Intel Corp	359,726
	35,683	*	JDS Uniphase Corp	130
	65	*	L-3 Communications
			Holdings, Inc	3
	49		Linear Technology Corp	2
	2,317,221		Maxim Integrated
			Products, Inc	115,398
	2,771,448	*	Novellus Systems, Inc	116,539
	2,686,531		Qualcomm, Inc	144,885
	16,563,137	*	Taiwan Semiconductor
			Manufacturing Co Ltd
			(Spon ADR)	169,607
	7,418,853		Texas Instruments, Inc	217,966
	15,268	*	Viasystems Group, Inc	0
			TOTAL ELECTRONIC &
			OTHER ELECTRIC
			EQUIPMENT	1,810,758
ENGINEERING AND MANAGEMENT       SERVICES—1.36%
	5,691,510	*	Accenture Ltd (Class A)	149,801
	2,900	e*	Emex Corp	0
	80		Moody’s Corp	5
			TOTAL ENGINEERING AND
			MANAGEMENT
			SERVICES	149,806
FABRICATED METAL PRODUCTS—0.00%
	11		Ball Corp	1
			TOTAL FABRICATED METAL
			PRODUCTS	1
FOOD AND KINDRED PRODUCTS—3.67%
	655,791		Anheuser-Busch Cos, Inc	34,547
	1,502,709		Coca-Cola Co	76,262
	92		Coca-Cola Enterprises, Inc	2
	1,625,414	e*	Constellation Brands, Inc
			(Class A)	53,525
	394,500	*	Del Monte Foods Co	4,103
	49		Kellogg Co	2
	731,882		Pepsi Bottling Group, Inc	17,697

	4,707,681		PepsiCo, Inc	$  219,472
			TOTAL FOOD AND
			KINDRED PRODUCTS	405,610
FURNITURE AND FIXTURES—0.01%
	49,555		Herman Miller, Inc	1,203
			TOTAL FURNITURE AND
			FIXTURES	1,203
GENERAL BUILDING CONTRACTORS—0.00%
	6		Lennar Corp	1
			TOTAL GENERAL BUILDING
			CONTRACTORS	1
GENERAL MERCHANDISE STORES—2.48%
	123,687	*	Big Lots, Inc	1,758
	994,940		Target Corp	38,206
	4,398,364		Wal-Mart Stores, Inc	233,333
			TOTAL GENERAL
			MERCHANDISE STORES	273,297
HEALTH SERVICES—2.11%
	28	*	Caremark Rx, Inc	1
	2,060,422	*	Express Scripts, Inc	136,874
	3,500		HCA, Inc	150
	4,000,871	e	Health Management
			Associates, Inc
			(Class A)	96,021
	2	*	Laboratory Corp Of
			America Holdings	0
			TOTAL HEALTH SERVICES	233,046
HOLDING AND OTHER INVESTMENT OFFICES—0.00%
	1,007	*	Morgan Group Holding Co	0
			TOTAL HOLDING AND OTHER
			INVESTMENT OFFICES	0
HOTELS AND OTHER LODGING PLACES—1.00%
	47		Hilton Hotels Corp	1
	1	*	Interstate Hotels &
			Resorts, Inc	0
	78		Marriott International, Inc
			(Class A)	4
	89	*	MGM Mirage	3
	3,078,840		Starwood Hotels & Resorts
			Worldwide, Inc	110,746
			TOTAL HOTELS AND OTHER
			LODGING PLACES	110,754
INDUSTRIAL MACHINERY AND EQUIPMENT—9.72%
	452,878	e	3M Co	38,508
	1	*	Adaptec, Inc	0
	37	*	American Standard Cos,
			Inc	4

GR-6  2003 CREF Annual Report   Growth Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Growth Account - - December 31, 2003

	SHARES			VALUE (000)
INDUSTRIAL MACHINERY       AND EQUIPMENT—(Continued)
	718,795	*	Applied Materials, Inc	$   16,137
	17,984,489	*	Cisco Systems, Inc	436,843
	130,139	*	Cooper Cameron Corp	6,064
	6,278,329	*	Dell, Inc	213,212
	1,892,056	e*	EMC Corp	24,445
	2,510,218		International Business
			Machines Corp	232,647
	2,660,116		International Game
			Technology	94,966
	466,570	e*	National-Oilwell, Inc	10,433
	19	*	Solectron Corp	0
	54	*	SPX Corp	3
			TOTAL INDUSTRIAL
			MACHINERY AND
			EQUIPMENT	1,073,262
INSTRUMENTS AND       RELATED PRODUCTS—4.78%
	31,006		Baxter International, Inc	946
	200	*	Baxter International, Inc
			(Contingent Value Rts)	0
	5,264,631	*	Boston Scientific Corp	193,528
	631,916		Guidant Corp	38,041
	885,207		Medtronic, Inc	43,030
	121,021	*	Mettler-Toledo
			International, Inc	5,108
	2,285,135	*	St. Jude Medical, Inc	140,193
	1,525,266	e*	Zimmer Holdings, Inc	107,379
			TOTAL INSTRUMENTS AND
			RELATED PRODUCTS	528,225
INSURANCE CARRIERS—2.38%
	1,346,635		Aetna, Inc	91,006
	1,162,453		American International
			Group, Inc	77,047
	1,230,748	*	Anthem, Inc	92,306
	5,682		Progressive Corp	475
	33,261		UnitedHealth Group, Inc	1,935
			TOTAL INSURANCE
			CARRIERS	262,769
METAL MINING—0.00%
	1		Barrick Gold Corp (U.S.)	0
			TOTAL METAL MINING	0
MISCELLANEOUS MANUFACTURING INDUSTRIES—0.00%
	9		Mattel, Inc	0
			TOTAL MISCELLANEOUS
			MANUFACTURING
			INDUSTRIES	0

MISCELLANEOUS RETAIL—1.73%
	226,905		Borders Group, Inc	$   4,974
	1,790,261	e*	eBay, Inc	115,633
	14	*	FTD, Inc (Class A)	0
	2,590,066	*	Staples, Inc	70,709
			TOTAL MISCELLANEOUS
			RETAIL	191,316
MOTION PICTURES—1.50%
	822,147	e	Blockbuster, Inc (Class A)	14,758
	8,411,051	*	Time Warner, Inc	151,315
	1		Walt Disney Co	0
			TOTAL MOTION PICTURES	166,073
NONDEPOSITORY INSTITUTIONS—5.98%
	3,672,131		American Express Co	177,107
	53		Capital One Financial Corp	3
	4,776,998		Fannie Mae	358,561
	5,001,718		MBNA Corp	124,293
			TOTAL NONDEPOSITORY
			INSTITUTIONS	659,964
OIL AND GAS EXTRACTION—0.48%
	26		Anadarko Petroleum Corp	1
	699,200		Diamond Offshore Drilling,
			Inc	14,341
	124,001		GlobalSantaFe Corp	3,079
	2,971	*	Magnum Hunter Resources,
			Inc Wts 03/21/05	2
	296,489	*	Newfield Exploration Co	13,206
	240,049		Noble Energy, Inc	10,665
	383,452		Tidewater, Inc	11,458
			TOTAL OIL AND GAS
			EXTRACTION	52,752
PERSONAL SERVICES—0.02%
	48,200	*	Weight Watchers
			International, Inc	1,849
			TOTAL PERSONAL SERVICES	1,849
PRINTING AND PUBLISHING—0.01%
	1		News Corp Ltd (Spon ADR)	0
	1		Tribune Co	0
	41,123		Wiley (John) & Sons, Inc
			(Class A)	1,070
			TOTAL PRINTING AND
			PUBLISHING	1,070
RUBBER AND MISCELLANEOUS       PLASTIC PRODUCTS—0.00%
	2,800	b*	Uniroyal Technology Corp	0
			TOTAL RUBBER AND
			MISCELLANEOUS
			PLASTIC PRODUCTS	0

SEE NOTES TO FINANCIAL STATEMENTS Growth Account   2003 CREF Annual Report  GR-7

Statement of Investments - Growth Account - - December 31, 2003

	SHARES			VALUE (000)
SECURITY AND COMMODITY BROKERS—0.07%
	634,907	e*	LaBranche & Co, Inc	$   7,409
	83	*	Ladenburg Thalmann
			Financial Services, Inc	0
			TOTAL SECURITY AND
			COMMODITY BROKERS	7,409
TOBACCO PRODUCTS—1.03%
	2,084,720		Altria Group, Inc	113,450
			TOTAL TOBACCO PRODUCTS	113,450
TRANSPORTATION BY AIR—0.23%
	1,545,902	e	Southwest Airlines Co	24,951
			TOTAL TRANSPORTATION
			BY AIR	24,951
TRANSPORTATION EQUIPMENT—1.77%
	51,600		Boeing Co	2,174
	14		Lockheed Martin Corp	1
	2,039,239		United Technologies Corp	193,259
			TOTAL TRANSPORTATION
			EQUIPMENT	195,434
TRUCKING AND WAREHOUSING—0.71%
	1,048,297		United Parcel Service, Inc
			(Class B)	78,151
			TOTAL TRUCKING AND
			WAREHOUSING	78,151
WHOLESALE TRADE-DURABLE GOODS—2.26%
	4,862,460		Johnson & Johnson	251,189
	151	*	Timco Aviation Services,
			Inc	0
	482	*	Timco Aviation Services,
			Inc Wts	0
			TOTAL WHOLESALE
			TRADE-DURABLE
			GOODS	251,189
WHOLESALE TRADE-NONDURABLE       GOODS—0.23%
	401,468		Cardinal Health, Inc	24,554
	66		McKesson Corp	2
	16,279		Sysco Corp	606
			TOTAL WHOLESALE
			TRADE-NONDURABLE
			GOODS	25,162
			TOTAL COMMON STOCK
			(Cost $10,380,754)	11,003,925

SHORT TERM INVESTMENTS—3.34%
CERTIFICATES OF DEPOSIT—0.09%
			First Tennessee Bank
	$ 5,000,000		1.090%, 01/06/04	$ 5,000
			Wells Fargo Bank
	5,000,000		1.070%, 01/13/04	5,000
			TOTAL CERTIFICATES
			OF DEPOSIT	10,000
COMMERCIAL PAPER—0.45%
			Citigroup Global Markets
	5,000,000		1.070%, 01/15/04	4,998
			Govco, Inc
	5,000,000	c	1.080%, 01/28/04	4,996
			Greyhawk Funding LLC
	5,000,000	c	1.090%, 02/09/04	4,994
			Links Finance LLC
	5,000,000	c	1.100%, 02/24/04	4,992
			Park Avenue Receivables Corp
	5,000,000	c	1.090%, 01/07/04	4,999
			Preferred Receivables
			Funding Corp
	5,000,000	c	1.100%, 01/20/04	4,997
			Private Export Funding Corp.
	15,000,000	c	5.730%, 01/15/04	15,027
			Receivables Capital Corp
	5,000,000	c	1.080%, 01/16/04	4,998
			TOTAL COMMERICAL
			PAPER	50,001
U.S. GOVERNMENT AND AGENCIES       DISCOUNT NOTES—2.66%
			Federal Home Loan
			Bank (FHLB)
	9,100,000		1.040%, 01/02/04	9,106
			Federal Home Loan
			Mortgage Corp. (FHLMC)
	6,800,000		1.030%, 01/13/04	6,798
	8,000,000		1.020%, 02/17/04	7,989
	6,000,000		1.070%, 03/01/04	5,990
	4,700,000		1.040%, 03/18/04	4,690
	149,000,000		1.075%, 03/04/04	148,735
			Federal National Mortgage
			Association (FNMA)
	46,000,000		1.050%, 01/02/04	45,998
	35,309,000		1.070%, 01/21/04	35,288
	6,000,000		1.000%, 01/28/04	5,995
	12,000,000		1.050%, 01/20/04	11,987
	10,800,000		1.010%, 02/02/04	10,790
			TOTAL U.S. GOVERNMENT
			AND AGENCIES
			DISCOUNT NOTES	293,366

GR-8  2003 CREF Annual Report   Growth Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Growth Account - - December 31, 2003

	PRINCIPAL		VALUE (000)
VARIABLE NOTES—0.14%
	$15,000,000	Sigma Finance, Inc.
		3.300%, 02/25/04	$ 15,003
		TOTAL VARIABLE NOTES	15,003
		TOTAL SHORT TERM
		INVESTMENTS
		(Cost $368,370)	368,370
		TOTAL PORTFOLIO—102.99%
		(Cost $10,749,134)	11,372,295
		OTHER ASSETS &
		LIABILITIES, NET—
		(2.99)%	(330,563)
		NET ASSETS—100.00%	$11,041,732

*	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.
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 Growth Account   2003 CREF Annual Report  GR-9

Report of Management Responsibility

To the Participants of College Retirement Equities Fund:

The accompanying financial statements of the Growth Account 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/ Herbert M. Allison Jr.	/s/ Elizabeth A. Monrad
President and  Chief Executive Officer	Executive Vice President and Chief Financial Officer

GR-10  2003 CREF Annual Report   Growth Account

Report of the Audit Committee

To the Participants of College Retirement Equities Fund:

The Audit Committee oversees the financial reporting process of the Growth Account of College Retirement Equities Fund (“CREF”) on behalf of CREF’s Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee’s responsibilities. All members of the Audit Committee (“Committee”) are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for 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.

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 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.

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
Bridget A. Macaskill, Audit Committee Member

February 18, 2004

Growth Account   2003 CREF Annual Report  GR-11

Statement of Assets and Liabilities

Growth Account

December 31, 2003
(amounts in thousands, except amounts per accumulation unit)

ASSETS
Portfolio investments, at cost	$10,749,134
Net unrealized appreciation of portfolio investments	623,161
Portfolio investments, at value (including securities loaned of $339,005)	11,372,295
Cash	15,730
Dividends and interest receivable	12,667
Receivable from securities transactions	20,607
Amounts due from TIAA	11,915
Total assets	11,433,214
LIABILITIES
Deposits for securities loaned—Note 3	350,788
Payable for securities transactions	40,694
Total liabilities	391,482
NET ASSETS
Accumulation Fund	10,827,972
Annuity Fund	213,760
Total net assets	$11,041,732
Accumulation units outstanding—Notes 4 and 5	197,453
Net asset value per accumulation unit—Note 4	$ 54.84

GR-12  2003 CREF Annual Report   Growth Account

Statement of Operations

Growth Account

Year Ended December 31, 2003
(amounts in thousands)

INVESTMENT INCOME
Income:
Interest	$ 1,686
Dividends	113,159
Total income	114,845
Expenses—Note 2:
Investment	16,757
Operating	33,399
Total expenses	50,156
Investment income—net	64,689
REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS—Note 3
Net realized gain (loss) on:
Portfolio investments	(324,775)
Futures transactions	2,017
Net realized loss on total investments	(322,758)
Net change in unrealized appreciation (depreciation) on:
Portfolio investments	2,555,711
Futures transactions	1,044
Net change in unrealized appreciation (depreciation) on total investments	2,556,755
Net realized and unrealized gain on total investments	2,233,997
Net increase in net assets resulting from operations	$2,298,686

Growth Account   2003 CREF Annual Report  GR-13

Statements of Changes in Net Assets

Growth Account

Years Ended December 31, (amounts in thousands)	2003	2002
FROM OPERATIONS
Investment income—net	$ 64,689	$ 45,498
Net realized loss on total investments	(322,758)	(2,890,371)
Net change in unrealized appreciation (depreciation)       on total investments	2,556,755	(468,812)
Net increase (decrease) in net assets resulting from operations	2,298,686	(3,313,685)
FROM PARTICIPANT TRANSACTIONS
Premiums	1,177,883	1,261,778
Net transfers from (to) TIAA	105,619	(103,395)
Net transfers to other CREF Accounts and affiliated mutual funds	(51,495)	(636,675)
Annuity payments	(26,288)	(34,401)
Withdrawals and death benefits	(205,901)	(205,378)
Net increase in net assets resulting from             participant transactions	999,818	281,929
Net increase (decrease) in net assets	3,298,504	(3,031,756)
NET ASSETS
Beginning of year	7,743,228	10,774,984
End of year	$11,041,732	$7,743,228

GR-14  2003 CREF Annual Report   Growth Account

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 management investment company. It consists of eight investment portfolios (“Accounts”). The accompanying financial statements are those of the Growth Account (“Account”). The 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 Account.

Valuation of Investments. Equity securities listed or traded on a national securities exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments, with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. 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 the 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 Account is informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the specific identification method.

Change in Accounting Policy. Effective August 1, 2003, the Account changed the method by which realized gains and losses on securities transactions are calculated

Growth Account   2003 CREF Annual Report  GR-15

Notes to Financial Statements (continued)

from the average cost method to the specific identification method. This change was made in order to conform more closely with industry standards. For the Account, the effect of this change for the year ended December 31, 2003 was to decrease net realized loss on securities transactions by $6,532,298, decrease net unrealized gain on securities transactions by $6,532,140 and decrease investment income-net by $158, but had no net impact on the increase in net assets resulting from operations, total net assets or on the condensed financial information.

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 Account 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 Account is 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 Account 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 Account continues to receive income on the securities loaned and receives additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Account. Although each transaction is collateralized, the Account 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 Account 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

GR-16  2003 CREF Annual Report   Growth Account

Notes to Financial Statements (continued)

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 Account may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Account to the risk that the transaction may not be consummated.

Restricted Securities. Restricted securities held by the Account, 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 Account are provided by TIAA-CREF Investment Management, LLC (“Investment Management”) in accordance with an Investment Management Service Agreement with the Account. 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 Account and distribution functions for the Account’s certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement with the Account. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. Effective January 1, 2004, Services was converted from a regular corporation to a limited liability corporation.

The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive management fee payments from the Account on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to the Account’s actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly.

TIAA provides guarantees for the Account for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement.

Growth Account   2003 CREF Annual Report  GR-17

Notes to Financial Statements (continued)

Note 3—Investments

At December 31, 2003, net unrealized appreciation of portfolio investments for the Account was $623,161,424, consisting of gross unrealized appreciation of $921,190,130 and gross unrealized depreciation of $298,028,706.

At December 31, 2003, the market value of securities loaned and cash collateral received in connection therewith for the Account was $339,005,016 and $350,788,292, respectively.

Purchases and sales of portfolio securities, other than short-term money market instruments, for the Account for the year ended December 31, 2003, were $8,301,557,151 and $6,966,879,682, respectively.

GR-18  2003 CREF Annual Report   Growth Account

Notes to Financial Statements (continued)

Note 4—Condensed Financial Information

For the Years Ended December 31,	2003	2002	2001	2000	1999
Per Accumulation Unit Data:
Investment income	$  .606	$  .488	$   .387	$ .509	$ .592
Expenses	.265	.231	.278	.320	.278
Investment income—net	.341	.257	.109(a)	.189	.314
Net realized and unrealized             gain (loss) on total investments	11.572	(18.704)	(18.345)(a)	(20.788)	24.276
Net increase (decrease) in
Accumulation Unit Value	11.913	(18.447)	(18.236)	(20.599)	24.590
Accumulation Unit Value:
Beginning of year	42.925	61.372	79.608	100.207	75.617
End of year	$54.838	$ 42.925	$ 61.372	$  79.608	$100.207
Total Return	27.75%	(30.06%)	(22.91%)	(20.56%)	32.52%
Ratios to Average Net Assets:
Expenses	0.54%	0.46%	0.43%	0.31%	0.34%
Investment income—net	0.70%	0.51%	0.17%(a)	0.18%	0.38%
Portfolio Turnover Rate	76.41%	53.99%	44.40%	37.18%	69.26%
Thousands of Accumulation Units       outstanding at end of year	197,453	176,249	171,149	166,751	131,646

(a) As required, effective January 1, 2001, the Account 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 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 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.

Growth Account   2003 CREF Annual Report  GR-19

Notes to Financial Statements (concluded)

Note 5—Accumulation Units

Changes in the number of Accumulation Units outstanding of the Account were as follows:

Years Ended December 31,	2003	2002
Accumulation Units:
Credited for premiums	24,965,571	25,494,965
Cancelled for transfers, disbursements and             amounts applied to the Annuity Fund	(3,761,744)	(20,394,743)
Outstanding:
Beginning of year	176,249,256	171,149,034
End of year	197,453,083	176,249,256

Note 6—Line of Credit

The Account participates 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, 2003, the Account did not borrow under this facility.

GR-20  2003 CREF Annual Report   Growth Account

Report of Independent Auditors

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

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of the Growth Account (one of the Accounts comprising College Retirement Equities Fund (“CREF”)) as of December 31, 2003, and the related statement of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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, 2003 by correspondence with the custodian 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 Growth Account of CREF at December 31, 2003, the results of its operations for the year then ended and the changes in its net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States.

New York, New York
February 18, 2004

Growth Account   2003 CREF Annual Report  GR-21

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CREF Global Equities Account  Foreign and U.S. Stocks

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The CREF Global Equities Account posted a total return of 33.57%, topping the 33.11% return of its benchmark, the MSCI World Index^SM, and the 31.11% average return of similar variable annuities, as measured by the Morningstar World Stock (VA) category. The Morningstar category tracked 610 variable annuity accounts at year-end.

World Stocks Gain in 2003

With growth rates lagging and the war in Iraq looming, world stock markets got off to a rocky start in 2003, losing 5.06% in the first quarter as measured by the MSCI World Index. However, in the second quarter, markets skyrocketed worldwide, with the index surging 17.04%. Stocks gained an additional 4.84% in the third quarter and advanced 14.26% during the final three months. Approximately 30% of the index’s return for the year resulted from the declining dollar.

European Stocks Help the Account Top
the Benchmark

The account’s performance exceeded the benchmark’s as a result of individual stock selections, primarily in the European segment of the portfolio. These investments more than offset negative performance, relative to the benchmark, in the Asia-Pacific and North American portions.

     Among the account’s European investments, positive contributions to performance, relative to the benchmark, came from companies that included the Netherlands’ ASM Lithography and Swiss testing firm Surveillance S.A. Overweight positions in firms such as Swiss biotechnology company Lonza AG and British consumer products company Reckitt Benckiser detracted from performance. An underweight position in German electronics technology company Siemens AG also hurt returns.

     In the Asia-Pacific region, relative performance benefited from selections such as Japanese companies Seiko Epson, a manufacturer of computer printers, and Advantest, a technology firm. Underweight holdings in stocks that included Mitsubishi Tokyo Financial and Australian financial services company AMP also boosted returns. These positive contributions were more than offset by selections such as Japanese firms Sony and Takeda Chemical Industries, a drug manufacturer.

     Relative performance in the domestic segment was helped by stocks including auto safety company Autoliv and software company Symantec. These returns were more than offset by positions that included Verizon and Oracle.

 

 Global Equities Account   2003 CREF Annual Report  GL-1

CREF Global Equities Account  Foreign and U.S. Stocks

PERFORMANCE

Investment Objective

Seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio that consists primarily of foreign and domestic common stocks

$10,000 over Ten Years	Calendar Year Total Returns

Performance as of 12/31/2003

	Average Annual Compound						Cumulative Rates
	Rates of Total Return1						of Total Return1
	1 year		5 years		10 years		5 years		10 years
Global Equities Account	33.57	%	–0.82	%	6.62	%	–4.05	%	89.88	%
Benchmark:
MSCI World Index	33.11		–0.80		7.12		–3.95		99.02
Peer group:
Morningstar World Stock (VA)	31.11		1.72		6.81		8.91		93.25

¹     Past performance of the CREF Global Equities Account should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the units you own may be worth more or less than their original value. Due to market volatility, the account’s recent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 1 800 842-2252.

GL-2  2003 CREF Annual Report   Global Equities Account SEE NOTES TO FINANCIAL STATEMENTS

CREF Global Equities Account  Foreign and U.S. Stocks

PROFILE

Ten Largest Holdings (as of 12/31/2003) 

	Percent of
Company (Country)	Net Assets
ExxonMobil Corp (United States)	2.26
Microsoft Corp (United States)	1.80
Citigroup, Inc (United States)	1.79
Procter & Gamble Co (United States)	1.54
Pfizer, Inc (United States)	1.28
Nokia Oyj (Finland)	1.26
Cisco Systems, Inc (United States)	1.19
Int’l Business Machines Corp
(United States)	1.19
PepsiCo, Inc (United States)	1.17
E.ON AG (Germany)	1.16
Total	14.64

Capitalization (as of 12/31/2003)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion	87.31
Middle: $1–$5 billion	10.69
Small: Under $1 billion	2.00
Total	100.00

The Account’s Benchmark

The Morgan Stanley Capital International World^SM Index tracks the performance of stocks in developed countries around the world. The index is weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole.

Diversification Among World Markets

	Percent of
Country	Net Assets
United States	54.0
United Kingdom	10.4
Japan	8.6
Switzerland	6.8
Germany	3.7
Canada	2.6
France	2.5
Australia	2.1
Netherlands	2.0
16 Other Nations	6.4
Short-Term Investments	0.9
Total	100.00

Account Facts

Inception Date	5/1/1992
Net Assets (12/31/2003)	$8.2 billion
2003 Actual Expense Charge*	0.57%

* We estimate expenses each year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically, adjustments have been small.

Global funds invest in stocks throughout the world, including the United States. International Funds limit their holdings to foreign (i.e., non-U.S.) stocks.

 

 Global Equities Account   2003 CREF Annual Report  GL-3

Statement of Investments - Global Equities Account - December 31, 2003

Summary by Industry
	VALUE (000)	%
CORPORATE BONDS
Insurance Carriers	$ 110	0.00%
TOTAL CORPORATE BONDS
(Cost $81)	110	0.00
PREFERRED STOCK
Insurance Carriers	207	0.01
Printing and Publishing	6,910	0.08
TOTAL PREFERRED STOCK
(Cost $6,122)	7,117	0.09
COMMON STOCK
Apparel and Accessory Stores	27,491	0.34
Apparel and Other Textile
Products	3,135	0.04
Auto Repair, Services and
Parking	2,628	0.03
Automotive Dealers and
Service Stations	2,602	0.03
Building Materials and
Garden Supplies	125,640	1.53
Business Services	548,661	6.69
Chemicals and Allied Products	980,567	11.95
Coal Mining	6,922	0.08
Communications	410,460	5.00
Depository Institutions	1,020,533	12.44
Eating and Drinking Places	40,263	0.49
Electric, Gas, and
Sanitary Services	276,409	3.37
Electronic and Other Electric
Equipment	555,915	6.78
Engineering and
Management Services	103,788	1.27
Fabricated Metal Products	114,670	1.40
Food and Kindred Products	302,330	3.68
Food Stores	64,631	0.79
Forestry	18,061	0.22
Furniture and Fixtures	337	0.00
Furniture and Homefurnishings
Stores	17,234	0.21
General Building Contractors	8,221	0.10
General Merchandise Stores	81,993	1.00
Health Services	46,480	0.57
Heavy Construction,
Except Building	80,480	0.98
Holding and Other Investment
Offices	131,240	1.60
Hotels and Other Lodging Places	2,436	0.03
Industrial Machinery and
Equipment	564,830	6.88
Instruments and Related
Products	284,777	3.47

Insurance Agents, Brokers and
Service	$ 11,654	0.14%
Insurance Carriers	423,013	5.16
Leather and Leather Products	26,711	0.33
Local and Interurban
Passenger Transit	9,230	0.11
Lumber and Wood Products	5,562	0.07
Metal Mining	60,154	0.73
Miscellaneous Manufacturing
Industries	3,509	0.04
Miscellaneous Retail	27,196	0.33
Motion Pictures	80,363	0.98
Nondepository Institutions	279,665	3.41
Nonmetallic Minerals,
Except Fuels	1,571	0.02
Oil and Gas Extraction	111,627	1.36
Paper and Allied Products	50,056	0.61
Personal Services	543	0.01
Petroleum and Coal Products	393,694	4.80
Pipelines, Except Natural Gas	8,929	0.11
Primary Metal Industries	30,674	0.37
Printing and Publishing	55,515	0.68
Railroad Transportation	24,423	0.30
Real Estate	25,037	0.31
Rubber and Miscellaneous
Plastic Products	5,472	0.07
Security and Commodity Brokers	160,332	1.95
Special Trade Contractors	1,003	0.01
Stone, Clay, and Glass Products	2,780	0.03
Tobacco Products	31,578	0.38
Transportation by Air	2,574	0.03
Transportation Equipment	147,336	1.80
Transportation Services	4	0.00
Trucking and Warehousing	78,938	0.96
Water Transportation	28,491	0.35
Wholesale Trade-Durable Goods	53,447	0.65
Wholesale Trade-Nondurable
Goods	109,501	1.33
TOTAL COMMON STOCK
(Cost $6,913,850)	8,073,316	98.40
SHORT TERM INVESTMENTS
Certificates of Deposit	21,000	0.25
Commercial Paper	200,718	2.45
U.S. Government and Agencies
Discount Notes	169,597	2.07
TOTAL SHORT TERM INVESTMENTS
(Cost $391,317)	391,315	4.77
TOTAL PORTFOLIO
(Cost $7,311,370)	8,471,858	103.26
OTHER ASSETS AND LIABILITIES, NET	(267,447)	(3.26)
NET ASSETS	$8,204,411	100.00%

GL-4  2003 CREF Annual Report   Global Equities Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Global Equities Account - December 31, 2003

	PRINCIPAL			VALUE (000)
BONDS—0.00%
CORPORATE BONDS—0.00%
INSURANCE CARRIERS—0.00%
	$ 5,462		AXA
		e*	0.009%, 12/21/04	$ 110
			TOTAL INSURANCE
			CARRIERS	110
			TOTAL CORPORATE BONDS
			(Cost $81)	110
	SHARES
PREFERRED STOCK—0.09%
INSURANCE CARRIERS—0.01%
	7,402	*	Great-West Lifeco, Inc
			Series F	156
	2,413	*	Great-West Lifeco, Inc
			Series X	51
			TOTAL INSURANCE
			CARRIERS	207
PRINTING AND PUBLISHING—0.08%
	917,097		News Corp Ltd	6,910
			TOTAL PRINTING AND
			PUBLISHING	6,910
			TOTAL PREFERRED STOCK
			(Cost $6,122)	7,117
COMMON STOCK—98.40%
APPAREL AND ACCESSORY STORES—0.34%
	1,143,100		Gap, Inc	26,531
	5,290		Hennes & Mauritz AB
			(B Shs)	126
	27,096		Limited Brands, Inc	489
	158,000		Toyobo Co Ltd	345
			TOTAL APPAREL AND
			ACCESSORY STORES	27,491
APPAREL AND OTHER TEXTILE       PRODUCTS—0.04%
	22,444		Benetton Group S.p.A.	258
	238,000		Kuraray Co Ltd	2,008
	21,000		Tokyo Style Co Ltd	227
	4,718		VF Corp	204
	19,000		Wacoal Corp	157
	574,000		Wing Tai Holdings Ltd	281
			TOTAL APPAREL AND
			OTHER TEXTILE
			PRODUCTS	3,135
AUTO REPAIR, SERVICES AND       PARKING—0.03%
	261,824		Imperial Holdings Ltd	2,628
			TOTAL AUTO REPAIR,
			SERVICES AND PARKING	2,628

AUTOMOTIVE DEALERS AND       SERVICE STATIONS—0.03%
	85,233	e	Canadian Tire Corp
			(Class A)	$ 2,602
			TOTAL AUTOMOTIVE
			DEALERS AND
			SERVICE STATIONS	2,602
BUILDING MATERIALS AND       GARDEN SUPPLIES—1.53%
	1,574,588		Home Depot, Inc	55,882
	621,773		Lowe’s Cos	34,440
	2,497,369		Wolseley plc	35,318
			TOTAL BUILDING MATERIALS
			AND GARDEN SUPPLIES	125,640
BUSINESS SERVICES—6.69%
	781,533	e	Adecco S.A. (Regd)	50,238
	61,400		Automatic Data
			Processing, Inc	2,432
	71	*	BEA Systems, Inc	1
	33,516	*	Ceridian Corp	702
	59		Certegy, Inc	2
	400,295	*	CGI Group, Inc	2,509
	56	*	Citrix Systems, Inc	1
	633,600		Computer Associates
			International, Inc	17,323
	61,303	*	Compuware Corp	370
	28	*	Electronic Arts, Inc	1
	14,319		Equifax, Inc	351
	12,084	*	Fiserv, Inc	477
	16,700		IMS Health, Inc	415
	16	*	Intuit, Inc	1
	29	*	Juniper Networks, Inc	1
	99,000		Keppel Land Ltd	92
	265,600		Manpower, Inc	12,504
	36	*	Mercury Interactive Corp	2
	5,371,971		Microsoft Corp	147,944
	3,755,937	*	Oracle Corp	49,578
	75,700	e	Oracle Corp Japan	3,920
	71	*	Peregrine Systems, Inc	0
	1,034,160		Public Power Corp	25,567
	3,027	*	Robert Half
			International, Inc	71
	223,997	e	SAP AG.	37,620
	186,050		SAP AG. (Spon ADR)	7,732
	467,400		Seiko Epson Corp	21,806
	98,886		SGS S.A.	62,046
	2,260,515	*	Siebel Systems, Inc	31,353
	83,900		Sumisho Lease Co Ltd	2,670
	343,100	*	Sun Microsystems, Inc	1,541
	4,083	*	SunGard Data Systems, Inc	113
	57,725	e	Thomson Corp	2,103

SEE NOTES TO FINANCIAL STATEMENTS Global Equities Account   2003 CREF Annual Report  GL-5

Statement of Investments - Global Equities Account - December 31, 2003

	SHARES			VALUE (000)
BUSINESS SERVICES—(Continued)
	141,000		Tokyu Corp	$ 724
	23	*	Unisys Corp	0
	420,000		Wharf Holdings Ltd	1,163
	6,649,173		WPP Group plc	65,288
			TOTAL BUSINESS SERVICES	548,661
CHEMICALS AND ALLIED PRODUCTS—11.95%
	33,600		Abbott Laboratories	1,566
	229,902	*	Actelion NV	24,817
	162,823		Agrium, Inc	2,695
	624,306		Air Products &
			Chemicals, Inc	32,982
	1,625,007		Akzo Nobel NV	62,721
	638,204	*	Amgen, Inc	39,441
	658,668	*	Amylin Pharmaceuticals,
			Inc	14,636
	641,000		Asahi Kasei Corp	3,481
	300,563		AstraZeneca plc
			(United Kingdom)	14,420
	27,800		Avon Products, Inc	1,876
	196,347		Boots Group plc	2,429
	83,000		Daiichi Pharmaceutical
			Co Ltd	1,496
	233,000		Dainippon Ink &
			Chemicals, Inc	444
	116,000		Denki Kagaku Kogyo KK	373
	1,957,700		Dow Chemical Co	81,382
	193		Du Pont (E.I.) de Nemours
			& Co	9
	15,100		Ecolab, Inc	413
	133,075	*	Genentech, Inc	12,452
	338,780	*	Gilead Sciences, Inc	19,697
	52,350		Givaudan S.A. (Regd)	27,175
	2,255,975		GlaxoSmithKline plc	51,693
	33,293		Imperial Chemical
			Industries plc	119
	4,940		International Flavors &
			Fragrances, Inc	173
	346,000		Kao Corp	7,038
	92,000		Kyowa Hakko Kogyo Co Ltd	585
	639,366		Lilly (Eli) & Co	44,967
	8,720		L’Oreal S.A.	715
	548,690		Merck & Co, Inc	25,349
	668,000		Mitsubishi Chemical Corp	1,739
	38,000		Nippon Kayaku Co Ltd	188
	76,000		Nippon Sanso Corp	321
	1,882,024		Novartis AG. (Regd)	85,446
	2,974,105		Pfizer, Inc	105,075
	18,000		PPG Industries, Inc	1,152
	1,267,576		Procter & Gamble Co	126,605
	55,704	*	QLT, Inc	1,056
	2,956,964		Reckitt Benckiser plc	66,909

	6,293		Roche Holding AG.
			(Genusscheine)	$ 635
	243,600		Sankyo Co Ltd	4,580
	49,000		Sekisui Chemical Co Ltd	250
	7,500		Sherwin-Williams Co	261
	306,600		Shin-Etsu Chemical Co Ltd	12,531
	835,000		Shionogi & Co Ltd	15,552
	210,000		Shiseido Co Ltd	2,553
	516,000		Showa Denko KK	1,160
	783,000	e	Sumitomo Bakelite Co Ltd	5,107
	424,600		Takeda Chemical
			Industries Ltd	16,838
	371,000		Teijin Ltd	1,090
	885,000		Toray Industries, Inc	3,700
	127,000		Tosoh Corp	424
	1,154,025		Wyeth	48,988
	105,000		Yamanouchi Pharmaceutical
			Co Ltd	3,263
			TOTAL CHEMICALS AND
			ALLIED PRODUCTS	980,567
COAL MINING—0.08%
	2,628,000		Byd Co Ltd (H Shs)	6,922
			TOTAL COAL MINING	6,922
COMMUNICATIONS—5.00%
	7,275	*	Antena 3 Television S.A.	321
	883,818		AT&T Corp	17,942
	196,000	*	AT&T Wireless
			Services, Inc	1,566
	46	*	Avaya, Inc	1
	214,507		BCE, Inc	4,797
	317,320		BellSouth Corp	8,980
	925,237		Clear Channel
			Communications, Inc	43,329
	1,151,802	*	Comcast Corp	37,860
	266,000		COMSYS Holdings Corp	1,703
	165,993	e*	Deutsche Telekom AG.
			(Regd)	3,038
	2,450,282	*	Ericsson (LM) (B Shs)	4,393
	394,149	*	France Telecom S.A.	11,266
	143,061	*	Hughes Electronics Corp	2,368
	4,427		KDDI Corp	25,363
	132,343	*	KPN NV	1,022
	1,932,285	*	Lucent Technologies, Inc	5,488
	25,007		Mediaset S.p.A.	297
	2,033		Nippon Telegraph &
			Telephone Corp	9,807
	58,320		Nippon Television
			Network Corp	8,669
	2,542		NTT Docomo, Inc	5,764
	101,773	*	Qwest Communications
			International, Inc	440

GL-6  2003 CREF Annual Report   Global Equities Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Global Equities Account - December 31, 2003

	SHARES			VALUE (000)
COMMUNICATIONS—(Continued)
	162,919		Rogers Communications,
			Inc (Class B)	$ 2,690
	1,810,888		SBC Communications, Inc	47,210
	337,245	*	Seat Pagine Gialle S.p.A.	321
	12,429		Societe Television
			Francaise 1 (T.F.1)	434
	148,600	*	Sprint Corp (PCS Group)	835
	3,311,227	e	Telecom Corp of
			New Zealand Ltd	11,674
	359,419	*	Telecom Italia S.p.A.	1,065
	2,147,284	e	Telefonica S.A.	31,527
	14,835		TELUS Corp (Non-Vote)	278
	54		Tokyo Broadcasting
			System, Inc	1
	638,264		Verizon Communications,
			Inc	22,390
	703,052		Viacom, Inc (Class B)	31,201
	26,789,323		Vodafone Group plc	66,420
	88	b*	WorldCom, Inc (MCI Group)	0
			TOTAL COMMUNICATIONS	410,460
DEPOSITORY INSTITUTIONS—12.44%
	2,259,889		ABN Amro Holding NV	52,877
	374,733		Allied Irish Banks plc	6,017
	216,200	e*	Ashikaga Financial
			Group, Inc	6
	559,562	e	Australia & New Zealand
			Banking Group Ltd	7,454
	83,975	e	Banca Fideuram S.p.A.	499
	578,403	e	Banco Bilbao Vizcaya
			Argentaria S.A.	7,989
	445,806		Banco Comercial
			Portugues S.A. (Regd)	995
	5,284,307	e	Banco Santander Central
			Hispano S.A.	62,588
	411,726		Bank Of America Corp	33,115
	184,000	e	Bank Of Fukuoka Ltd	773
	13,120		Bank Of Ireland (Dublin)	179
	271,747	e	Bank Of Montreal	11,251
	115,196		Bank Of New York Co, Inc	3,815
	203,301	e	Bank of Nova Scotia	10,352
	821,000	e	Bank Of Yokohama Ltd	3,815
	210,723		Bank One Corp	9,607
	11,600		Banknorth Group, Inc	377
	405,523		Barclays plc	3,617
	28,653	*	Bayerische Hypo-und
			Vereinsbank AG.	663
	113,439		BNP Paribas	7,143
	784,000		BOC Hong Kong
			Holdings Ltd	1,474
	206,297	e	Canadian Imperial Bank
			Of Commerce	10,217

10,800		Charter One Financial, Inc	$ 373
218,000		Chiba Bank Ltd	893
3,019,519		Citigroup, Inc	146,567
3,993		Comerica, Inc	224
478,842	*	Commonwealth Bank
		of Australia	10,625
143,777	e	Credit Agricole S.A.	3,433
25,904		Danske Bank a/s	608
307,000		DBS Group Holdings Ltd	2,657
2,389		Erste Bank Der
		Oesterreichischen
		Sparkassen AG.	295
563,600		FleetBoston Financial Corp	24,601
1,978,900		ForeningsSparbanken AB	38,916
42,309		Fortis	851
732,850		Greenpoint Financial Corp	25,884
101,000		Gunma Bank Ltd	451
950,400		Hang Seng Bank Ltd	12,487
1,162,669		Hokugin Financial Group,
		Inc	1,573
3,520,911		HSBC Holdings plc
		(United Kingdom)	55,340
9,250		Huntington Bancshares,
		Inc	208
337,801		J.P. Morgan Chase & Co	12,407
237,000		Joyo Bank Ltd	774
58,000		KeyCorp	1,701
168,601		Lloyds TSB Group plc	1,352
1,468,517		Mellon Financial Corp	47,154
1,772,000		Mitsubishi Securities
		Co Ltd	19,296
1,113		Mitsubishi Tokyo
		Financial Group, Inc	8,682
1,000		Mizuho Financial
		Group, Inc	3,033
620,198	e	National Australia
		Bank Ltd	13,995
134,718	e	National Bank Of Canada	4,497
89,600		National City Corp	3,041
18,000		National Commerce
		Financial Corp	491
124,804	e	Nordea AB (Sweden)	937
11,500		North Fork Bancorp, Inc	465
38,826		Northern Trust Corp	1,802
383,000		Oversea-Chinese
		Banking Corp Ltd	2,729
419,800		PNC Financial Services
		Group, Inc	22,976
78,000		Resona Holdings, Inc	98
310,087	e	Royal Bank Of Canada	14,829
16,100		Royal Bank Of Canada
		(New York)	768

SEE NOTES TO FINANCIAL STATEMENTS Global Equities Account   2003 CREF Annual Report  GL-7

Statement of Investments - Global Equities Account - December 31, 2003

	SHARES			VALUE (000)
DEPOSITORY INSTITUTIONS—(Continued)
	2,499,725		Royal Bank Of Scotland
			Group plc	$ 73,657
	380,000		Shizuoka Bank Ltd	2,808
	12,480		Societe Generale (A Shs)	1,102
	326,500		Sovereign Bancorp, Inc	7,754
	3,092,666		Standard Chartered plc	51,073
	25,400		State Street Corp	1,323
	333,000	e	Sumitomo Trust &
			Banking Co Ltd	1,958
	36,300		SunTrust Banks, Inc	2,595
	30,300		Synovus Financial Corp	876
	2,458,734		U.S. Bancorp	73,221
	26,058		UBS AG. (Regd)	1,785
	1,128	e	UFJ Holdings, Inc	5,421
	11,700		Union Planters Corp	368
	547,000		United Overseas Bank Ltd	4,252
	296,811		Wachovia Corp	13,828
	884,909		Wells Fargo & Co	52,112
	378,852		Westpac Banking Corp	4,564
			TOTAL DEPOSITORY
			INSTITUTIONS	1,020,533
EATING AND DRINKING PLACES—0.49%
	469,800	*	Brinker International, Inc	15,579
	986,500		McDonald’s Corp	24,495
	5,502	*	Yum! Brands, Inc	189
			TOTAL EATING AND
			DRINKING PLACES	40,263
ELECTRIC, GAS, AND SANITARY       SERVICES—3.37%
	51	*	AES Corp	0
	112,820	*	Allegheny Energy, Inc	1,440
	32,082		Ameren Corp	1,476
	33,580		American Electric
			Power Co, Inc	1,025
	259,870		Centerpoint Energy, Inc	2,518
	365,700	e	Chubu Electric Power
			Co, Inc	7,627
	16,700		Cinergy Corp	648
	111,000		CLP Holdings Ltd	529
	33,578		Consolidated Edison, Inc	1,444
	22,300		Constellation Energy
			Group, Inc	873
	49,900		Dominion Resources, Inc	3,185
	30,600		DTE Energy Co	1,206
	840,323		Duke Energy Corp	17,185
	1,460,244		E.ON AG.	95,299
	730,351		El Paso Corp	5,982
	433,718		Entergy Corp	24,778
	17,160		Exelon Corp	1,139
	23,111		FirstEnergy Corp	814

	168,500		Hong Kong Electric
			Holdings Ltd	$ 666
	246,700		Kansai Electric Power
			Co, Inc	4,323
	32,500		KeySpan Corp	1,196
	257,000		Kyushu Electric Power
			Co, Inc	4,420
	134,222	b*	Mirant Corp	52
	55,270		National Grid Transco plc	396
	1,749		Nisource, Inc. (Sails)	4
	108,502		NiSource, Inc	2,381
	693,000		Osaka Gas Co Ltd	1,875
	77,500		Pepco Holdings, Inc	1,514
	12,413	*	PG&E Corp	345
	47,679		Progress Energy, Inc	2,158
	223,562		Puma AG. Rudolf
			Dassler Sport	39,479
	36,100		Republic Services, Inc	925
	16,618		Sempra Energy	500
	175,300		Southern Co	5,303
	3		Texas Genco Holdings, Inc	0
	147,000		Tohoku Electric Power
			Co, Inc	2,437
	534,200		Tokyo Electric Power Co, Inc	11,714
	870,000		Tokyo Gas Co Ltd	3,101
	39,118		TransAlta Corp	561
	187,121		United Utilities plc	1,660
	58,955		United Utilities plc (A Shs)	321
	734,117		Waste Management, Inc	21,730
	555		West Japan Railway Co	2,180
			TOTAL ELECTRIC, GAS, AND
			SANITARY SERVICES	276,409
ELECTRONIC AND OTHER       ELECTRIC EQUIPMENT—6.78%
	140,200		Advantest Corp	11,120
	19	*	Agere Systems, Inc
			(Class A)	0
	102,401	*	Agere Systems, Inc
			(Class B)	297
	6	*	Applied Micro Circuits Corp	0
	1,640,002	*	ASML Holding NV	32,519
	85,374	*	ATI Technologies, Inc	1,288
	96	*	Atmel Corp	1
	6,200	*	Ballard Power Systems, Inc	74
	105,208	*	Broadcom Corp (Class A)	3,587
	133,249	*	Celestica, Inc	2,017
	1,283		Celestica, Inc (U.S.)	19
	15,415		Cooper Industries Ltd
			(Class A)	893
	77,178		Emerson Electric Co	4,997
	1,049,930		General Electric Co	32,527
	138,400		Hirose Electric Co Ltd	15,884

GL-8  2003 CREF Annual Report   Global Equities Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Global Equities Account - December 31, 2003

	SHARES			VALUE (000)
ELECTRONIC AND OTHER       ELECTRICAL EQUIPMENT—(Continued)
	2,300,387		Intel Corp	$ 74,072
	58	*	Jabil Circuit, Inc	2
	339,800		Kyocera Corp	22,639
	9,200		Mabuchi Motor Co Ltd	708
	425,511	*	Marvell Technology
			Group Ltd	16,140
	847,000		Matsushita Electric
			Industrial Co Ltd	11,713
	224,000	e	Matsushita Electric
			Works Ltd	2,013
	610,368		Maxim Integrated
			Products, Inc	30,396
	200	e	Melco Holdings, Inc	6
	102,000		NEC Electronics Corp	7,462
	179,000		Nippon Electric Glass
			Co Ltd	3,482
	5,997,800		Nokia Oyj	103,721
	1,837,432		Nortel Networks Corp	7,806
	545,100	*	Novellus Systems, Inc	22,921
	82	*	PMC-Sierra, Inc	2
	509,500		Qualcomm, Inc	27,477
	400		Rinnai Corp	9
	46,334		Rockwell Collins, Inc	1,391
	504,000		Sanyo Electric Co Ltd	2,634
	244,000		Sharp Corp	3,850
	831,400	e	Sony Corp	28,781
	216,000		Stanley Electric Co Ltd	4,182
	11,157,480	*	Taiwan Semiconductor
			Manufacturing Co Ltd	20,869
	1,568,728	*	Taiwan Semiconductor
			Manufacturing Co Ltd
			(Spon ADR)	16,064
	3,878	*	Tellabs, Inc	33
	1,392,061		Texas Instruments, Inc	40,899
	66,715		Thomson	1,420
			TOTAL ELECTRONIC AND
			OTHER ELECTRIC
			EQUIPMENT	555,915
ENGINEERING AND       MANAGEMENT SERVICES—1.27%
	970,250	*	Accenture Ltd (Class A)	25,537
	37		Halliburton Co	1
	12,486,178		Michael Page
			International plc	41,240
	1,209,284		Monsanto Co	34,803
	189,433		Servicemaster Co	2,207
			TOTAL ENGINEERING AND
			MANAGEMENT SERVICES	103,788

FABRICATED METAL PRODUCTS—1.40%
	100,558		Geberit AG. (Regd)	$ 49,435
	729,900		Illinois Tool Works, Inc	61,246
	21,704		Masco Corp	595
	703,000		NHK Spring Co Ltd	3,273
	3,188		Stanley Works	121
			TOTAL FABRICATED METAL
			PRODUCTS	114,670
FOOD AND KINDRED PRODUCTS—3.68%
	1,093,000		Ajinomoto Co, Inc	12,575
	133,609		Anheuser-Busch Cos, Inc	7,039
	116,100		Archer Daniels Midland Co	1,767
	241,400		Asahi Breweries Ltd	2,201
	24,797		Campbell Soup Co	665
	1,988,858		Coca-Cola Amatil Ltd	9,336
	1,027,411		Coca-Cola Co	52,141
	55,000		Conagra Foods, Inc	1,451
	974,279	*	Dean Foods Co	32,025
	138,392		General Mills, Inc	6,269
	265,760	e	Groupe Danone	43,377
	52,645		H.J. Heinz Co	1,918
	22,700		Kellogg Co	864
	253,000		Kirin Brewery Co Ltd	2,158
	35,231		Lion Nathan Ltd	160
	58,000		Meiji Dairies Corp	249
	82,000		Meiji Seika Kaisha Ltd	331
	41,703	e	Molson, Inc (A Shs)	1,165
	5,686		Nestle S.A. (Regd)	1,421
	70,000		Nichirei Corp	227
	2,064,754		PepsiCo, Inc	96,259
	217,714	e	Pernod-Ricard	24,207
	32,000	e	Sapporo Holdings Ltd	88
	105,200		Sara Lee Corp	2,284
	317,971		Scottish & Newcastle plc	2,153
			TOTAL FOOD AND KINDRED
			PRODUCTS	302,330
FOOD STORES—0.79%
	296,000		Albertson’s, Inc	6,704
	785	*	Casino Guichard-Perrachon
			B Wts 12/15/05	1
	54,000		Ito-Yokado Co Ltd	1,698
	58,761	*	Kroger Co	1,088
	10,300		Lawson, Inc	352
	200	*	Mycal Corp	0
	130,679		Sainsbury (J) plc	732
	11,715,290		Tesco plc	54,056
			TOTAL FOOD STORES	64,631
FORESTRY—0.22%
	282,200		Weyerhaeuser Co	18,061
			TOTAL FORESTRY	18,061

SEE NOTES TO FINANCIAL STATEMENTS Global Equities Account   2003 CREF Annual Report  GL-9

Statement of Investments - Global Equities Account - December 31, 2003

	SHARES			VALUE (000)
FURNITURE AND FIXTURES—0.00%
	2,900		Johnson Controls, Inc	$ 337
			TOTAL FURNITURE AND
			FIXTURES	337
FURNITURE AND HOMEFURNISHINGS       STORES—0.21%
	18,396	*	Bed Bath & Beyond, Inc	6,797
	196,834		Best Buy Co, Inc	10,283
	1,021,000		Hitachi Ltd	154
			TOTAL FURNITURE AND
			HOMEFURNISHINGS
			STORES	17,234
GENERAL BUILDING CONTRACTORS—0.10%
	1,644,000		Allgreen Properties Ltd	1,084
	71,065		Bouygues S.A.	2,485
	638		Brookfield Homes Corp	16
	66,000	e	Nishimatsu Construction
			Co Ltd	219
	146,000		Shimizu Corp	556
	311,000	e	Sumitomo Realty &
			Development Co Ltd	2,739
	265,000		Taisei Corp	969
	54,000		Toda Corp	153
			TOTAL GENERAL BUILDING
			CONTRACTORS	8,221
GENERAL MERCHANDISE STORES—1.00%
	23,000		Aeon Co Ltd	770
	365,680	*	Costco Wholesale Corp	13,596
	95,070	e	Hudson’s Bay Co	853
	71,921		Kingfisher plc	358
	647,087		Marks & Spencer Group plc	3,348
	113,000		Marui Co Ltd	1,423
	812		Pinault-Printemps-Redoute
			S.A.	79
	33,000		Takashimaya Co Ltd	236
	1,207,967		Target Corp	46,386
	281,680		Wal-Mart Stores, Inc	14,943
	1,812	*	Waterford Wedgwood plc
			(Units)	1
			TOTAL GENERAL
			MERCHANDISE STORES	81,993
HEALTH SERVICES—0.57%
	415,987	*	Express Scripts, Inc	27,634
	176,081	*	Healthsouth Corp	808
	116,343		MDS, Inc	1,799
	488,100	*	Triad Hospitals, Inc	16,239
			TOTAL HEALTH SERVICES	46,480
HEAVY CONSTRUCTION,       EXCEPT BUILDING—0.98%
	55,000		JGC Corp	574

	309,000	e	Kajima Corp	$ 1,003
	51,000		Okumura Corp	217
	950,223	e	Vinci S.A.	78,686
			TOTAL HEAVY CONSTRUCTION,
			EXCEPT BUILDING	80,480
HOLDING AND OTHER INVESTMENT       OFFICES—1.60%
	8,600		Apartment Investment &
			Management Co
			(Class A)	297
	8,529		AvalonBay Communities,
			Inc	408
	8,500		Boston Properties, Inc	410
	18,118		Brascan Corp	557
	170,370		Centro Properties Group	511
	5,671		Crescent Real Estate
			Equities Co	97
	654,145		Deutsche Office Trust	542
	72,736		Equity Office Properties
			Trust	2,084
	29,700		Equity Residential	876
	32,900	*	Host Marriott Corp	405
	358,010		Hutchison Whampoa Ltd	2,640
	1,269,001		Investa Property Group	1,874
	58,111		Land Securities Group plc	1,032
	387,975		Macquarie Goodman
			Industrial Trust	494
	4,245,165		Macquarie Infrastructure
			Group	10,875
	740,182		Nobel Biocare Holding AG.	74,961
	3,886,000	e*	Orient Corp	8,159
	28,900		Plum Creek Timber Co, Inc	880
	18,000		Softbank Corp	551
	467,000		Sumitomo Corp	3,482
	17,000		Vornado Realty Trust	931
	428,515		Washington Mutual, Inc	17,192
	738,988		Westfield Trust (Units)	1,982
			TOTAL HOLDING AND OTHER
			INVESTMENT OFFICES	131,240
HOTELS AND OTHER LODGING       PLACES—0.03%
	12,600		Hilton Hotels Corp	216
	47,170		Intrawest Corp	872
	24,419		Marriott International, Inc
			(Class A)	1,128
	20,335	*	Park Place Entertainment
			Corp	220
			TOTAL HOTELS AND OTHER
			LODGING PLACES	2,436

GL-10  2003 CREF Annual Report   Global Equities Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Global Equities Account - December 31, 2003

	SHARES			VALUE (000)
INDUSTRIAL MACHINERY AND       EQUIPMENT—6.88%
	913,210		3M Co	$ 77,650
	1,527,054		Baker Hughes, Inc	49,110
	336,200		Caterpillar, Inc	27,911
	4,026,449	*	Cisco Systems, Inc	97,802
	720,290		Deere & Co	46,855
	1,511,796	*	Dell, Inc	51,341
	71,692		Dixons Group plc	178
	15,199		Dover Corp	604
	71,000		Ebara Corp	309
	1,064,400	*	EMC Corp	13,752
	372,366		Hewlett-Packard Co	8,553
	1,049,213		International Business
			Machines Corp	97,241
	296,000		Ishikawajima-Harima Heavy
			Industries Co Ltd	423
	326,000		Komatsu Ltd	2,068
	14,000		Komori Corp	207
	339,000		Kubota Corp	1,398
	573,000	e	Makino Milling Machine
			Co Ltd	2,909
	37,000		Makita Corp	370
	987,000		Mitsubishi Heavy
			Industries Ltd	2,744
	36,200		Pitney Bowes, Inc	1,470
	74,113		Rieter Holding AG.	17,139
	12,000		Sanden Corp	74
	1,877,747		Sandvik AB	64,720
	14	*	Smith International, Inc	1
	53		Symbol Technologies, Inc	1
			TOTAL INDUSTRIAL
			MACHINERY AND
			EQUIPMENT	564,830
INSTRUMENTS AND RELATED       PRODUCTS—3.47%
	16,800		Becton Dickinson & Co	691
	23,504		Biomet, Inc	856
	1,071,914	*	Boston Scientific Corp	39,404
	134,000		Canon, Inc	6,239
	54,000	e	Casio Computer Co Ltd	571
	250,000	e	Citizen Watch Co Ltd	2,298
	164,000		Fuji Photo Film Co Ltd	5,295
	407,300		Guidant Corp	24,519
	78,851		Keyence Corp	16,621
	259,000		Konica Corp	3,482
	881,100		Medtronic, Inc	42,830
	183,579		Raytheon Co	5,515
	223,000		Ricoh Co Ltd	4,401
	581,887	*	St. Jude Medical, Inc	35,699
	65,249		Synthes-Stratec, Inc	64,576

	15,700	*	Thermo Electron Corp	$ 396
	445,800	*	Zimmer Holdings, Inc	31,384
			TOTAL INSTRUMENTS AND
			RELATED PRODUCTS	284,777
INSURANCE AGENTS, BROKERS AND       SERVICE—0.14%
	7,425		AON Corp	178
	333,286	*	HHG plc	241
	30		Marsh & McLennan
			Cos, Inc	1
	16,997	e*	MLP AG.	332
	1,660,000		Old Mutual plc	2,734
	326,791	e	Sun Life Financial, Inc	8,168
			TOTAL INSURANCE AGENTS,
			BROKERS AND SERVICE	11,654
INSURANCE CARRIERS—5.16%
	135,839		Aegon NV	2,010
	501,592		Aetna, Inc	33,898
	126,001		Aflac, Inc	4,559
	89,929	e	Allianz AG. (Regd)	11,352
	91,700		Allstate Corp	3,945
	4,300		Ambac Financial Group,
			Inc	298
	633,276		American International
			Group, Inc	41,974
	333,286		AMP Ltd	1,258
	556,767	*	Anthem, Inc	41,758
	11,354		Assicurazioni Generali S.p.A.	301
	76,637		Aviva plc	673
	492,867		AXA	10,550
	6,816,000	*	China Life Insurance
			Co Ltd (H Shs)	5,575
	1,033,142		Converium Holding AG.	54,925
	1,166		Daido Life Insurance Co Ltd	3,471
	7,476		Great-West Lifeco, Inc	263
	511		ING Groep NV	12
	21,600		Jefferson-Pilot Corp	1,094
	147,716		Legal & General Group plc	265
	2,821		Lincoln National Corp	114
	268,307	e	Manulife Financial Corp	8,689
	12,237		MBIA, Inc	725
	72,525	e	Mediolanum S.p.A.	572
	2,388,700		Metropolitan Holdings Ltd	2,451
	1,420		Millea Holdings, Inc	18,550
	56,055		Muenchener Rueckver AG.
			(Regd)	6,796
	119,979	e	Power Corp Of Canada	4,494
	57,604	e	Power Financial Corp	2,208
	2,444,810		Promina Group Ltd	6,042
	49,371		Prudential plc	417
	154	e	QBE Insurance Group Ltd	1

SEE NOTES TO FINANCIAL STATEMENTS Global Equities Account   2003 CREF Annual Report  GL-11

Statement of Investments - Global Equities Account - December 31, 2003

	SHARES			VALUE (000)
INSURANCE CARRIERS—(Continued)
	1,190,304		Safeco Corp	$ 46,339
	72,552		Skandia Forsakrings AB	264
	232,328		St. Paul Cos, Inc	9,212
	3,847,267		Travelers Property Casualty
			Corp (Class B)	65,288
	226,993		Zurich Financial
			Services AG	32,670
			TOTAL INSURANCE
			CARRIERS	423,013
LEATHER AND LEATHER PRODUCTS—0.33%
	588,706	*	Coach, Inc	22,224
	1,631,500		Yue Yuen Industrial
			Holdings	4,487
			TOTAL LEATHER AND
			LEATHER PRODUCTS	26,711
LOCAL AND INTERURBAN       PASSENGER TRANSIT—0.11%
	80		Central Japan Railway Co	691
	1,617		East Japan Railway Co	7,620
	176,000		Keio Electric Railway Co Ltd	915
	2,702		MTR Corp	4
			TOTAL LOCAL AND
			INTERURBAN
			PASSENGER TRANSIT	9,230
LUMBER AND WOOD PRODUCTS—0.07%
	51,130	*	Masonite International
			Corp	1,369
	578,000		Mitsubishi Rayon Co Ltd	2,168
	196,000		Sekisui House Ltd	2,025
			TOTAL LUMBER AND
			WOOD PRODUCTS	5,562
METAL MINING—0.73%
	2,396,975		Alumina Ltd	11,865
	191,388	e	Barrick Gold Corp	4,341
	42,499		Barrick Gold Corp (U.S.)	965
	58,026	e	Cameco Corp	3,357
	111,626	e	Falconbridge Ltd	2,709
	46,029		Inco Ltd	1,840
	330,035	*	Kinross Gold Corp	2,636
	100,676	*	Meridian Gold, Inc	1,475
	797,000		Mitsubishi Materials Corp	1,227
	66,000		Mitsui Mining & Smelting
			Co Ltd	274
	1,020,161		Newcrest Mining Ltd	9,954
	7,792		Noranda, Inc	124
	183,810		Placer Dome, Inc	3,296
	183,000		Sumitomo Metal Mining
			Co Ltd	1,358
	192,765	e	Teck Cominco Ltd (Class B)	3,271

	2,702,003	*	WMC Resources Ltd	$ 11,462
			TOTAL METAL MINING	60,154
MISCELLANEOUS MANUFACTURING       INDUSTRIES—0.04%
	34,100		Nintendo Co Ltd	3,201
	32,400	e*	Sega Corp	308
			TOTAL MISCELLANEOUS
			MANUFACTURING
			INDUSTRIES	3,509
MISCELLANEOUS RETAIL—0.33%
	332,321	*	eBay, Inc	21,465
	45,744		GUS plc	633
	518,000		Nippon Mining Holdings,
			Inc	1,808
	36,000		Nisshinbo Industries, Inc	201
	133,149	*	Shoppers Drug Mart Corp	3,089
			TOTAL MISCELLANEOUS
			RETAIL	27,196
MOTION PICTURES—0.98%
	42	*	Liberty Media Corp
			(Class A)	0
	3,235,918	*	Time Warner, Inc	58,214
	949,383		Walt Disney Co	22,149
			TOTAL MOTION PICTURES	80,363
NONDEPOSITORY INSTITUTIONS—3.41%
	1,726,591		American Express Co	83,273
	138,800		Credit Saison Co Ltd	3,134
	1,061,892		Fannie Mae	79,706
	46,205		Freddie Mac	2,695
	151,854		HBOS plc	1,967
	2,096,750	*	Hypo Real Estate Holding	52,339
	2,275,707		MBNA Corp	56,551
	31	*	Providian Financial Corp	0
			TOTAL NONDEPOSITORY
			INSTITUTIONS	279,665
NONMETALLIC MINERALS,       EXCEPT FUELS—0.02%
	77,000		Dowa Mining Co Ltd	414
	4,200	e	Potash Corp Of
			Saskatchewan	365
	16,642		Vulcan Materials Co	792
			TOTAL NONMETALLIC
			MINERALS,
			EXCEPT FUELS	1,571
OIL AND GAS EXTRACTION—1.36%
	271,703		Apache Corp	22,035
	141,332		Burlington Resources, Inc	7,827
	89,125	e	Canadian Natural
			Resources Ltd	4,508

GL-12  2003 CREF Annual Report   Global Equities Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Global Equities Account - December 31, 2003

	SHARES			VALUE (000)
OIL AND GAS EXTRACTION—(Continued)
	200,656	e	EnCana Corp	$ 7,919
	152,617	e	Husky Energy, Inc	2,772
	21,211		Imperial Oil Ltd	944
	22,590		Marathon Oil Corp	748
	36,714		Nexen, Inc	1,333
	2,923,834	e	Origin Energy Ltd	10,464
	66,400		Penn West Petroleum Ltd	2,475
	140,446	e	Petro-Canada	6,946
	5,500	*	Precision Drilling Corp	242
	2,293,814		Shell Transport &
			Trading Co plc	17,062
	80,948	e	Talisman Energy, Inc	4,605
	111,621		Total S.A.	20,753
	26,997		Unocal Corp	994
			TOTAL OIL AND GAS
			EXTRACTION	111,627
PAPER AND ALLIED PRODUCTS—0.61%
	411,226	e	Abitibi-Consolidated, Inc
			(Canada)	3,300
	433,200		International Paper Co	18,675
	97,284		Kimberly-Clark Corp	5,749
	29,200		MeadWestvaco Corp	869
	1,443,000		NGK Insulators Ltd	10,772
	728		Nippon Unipac Holding	3,756
	267,000		OJI Paper Co Ltd	1,724
	363,300		Sappi Ltd	4,953
	13,900	*	Smurfit-Stone Container
			Corp	258
			TOTAL PAPER AND ALLIED
			PRODUCTS	50,056
PERSONAL SERVICES—0.01%
	10,824		Cintas Corp	543
			TOTAL PERSONAL SERVICES	543
PETROLEUM AND COAL PRODUCTS—4.80%
	2,609,946		BHP Billiton Ltd	23,971
	9,039,966		BP plc	73,309
	261,000		ChevronTexaco Corp	22,548
	349,500		ConocoPhillips	22,917
	2,395,335		ENI S.p.A.	45,200
	4,527,499		ExxonMobil Corp	185,627
	287,476		Royal Dutch Petroleum Co	15,157
	194		Shell Canada Ltd (U.S.)	9
	37,000		Showa Shell Sekiyu KK	301
	141,295	e	Suncor Energy, Inc	3,554
	133,000		TonenGeneral Sekiyu KK	1,101
			TOTAL PETROLEUM AND
			COAL PRODUCTS	393,694

PIPELINES, EXCEPT NATURAL GAS—0.11%
	70,905		Enbridge, Inc	$ 2,946
	277,297	e	TransCanada Corp	5,983
			TOTAL PIPELINES, EXCEPT
			NATURAL GAS	8,929
PRIMARY METAL INDUSTRIES—0.37%
	135,112		Alcan, Inc	6,333
	10,849,000		Nippon Steel Corp	23,283
	1,070,000		Sumitomo Metal Industries
			Ltd	1,058
			TOTAL PRIMARY METAL
			INDUSTRIES	30,674
PRINTING AND PUBLISHING—0.68%
	208,000		Dai Nippon Printing Co Ltd	2,921
	125,200		Gannett Co, Inc	11,163
	654,615	e	News Corp Ltd	5,914
	16,001		News Corp Ltd (Spon ADR)	484
	63,499		Quebecor World, Inc	1,314
	6,494	*	Quebecor, Inc (Class B)	119
	103,035		R.R. Donnelley & Sons Co	3,107
	3,391,850		Reed Elsevier plc	28,360
	50,248	e*	Telecom Italia Media S.p.A.	25
	19,900		Telefonica Publicidad e
			Informacion S.A.	109
	192,000	e	Toppan Printing Co Ltd	1,998
	11		Tribune Co	1
			TOTAL PRINTING AND
			PUBLISHING	55,515
RAILROAD TRANSPORTATION—0.30%
	2,719,782	e	Brambles Industries Ltd	10,820
	65,700		Burlington Northern
			Santa Fe Corp	2,125
	52,910		Canadian National
			Railway Co	3,348
	11,113		Canadian National
			Railway Co (Canada)	705
	128,601		Canadian Pacific
			Railway Ltd	3,640
	2,542		CSX Corp	91
	1		Kintetsu Corp	0
	273,000		Nippon Express Co Ltd	1,289
	50,400		Norfolk Southern Corp	1,192
	250,000		Tobu Railway Co Ltd	893
	4,600		Union Pacific Corp	320
			TOTAL RAILROAD
			TRANSPORTATION	24,423
REAL ESTATE—0.31%
	245		Brookfield Properties Corp	7
	647,000		CapitaLand Ltd	591
	923,756		CFS Gandel Retail Trust	933
	718,000		Cheung Kong Holdings Ltd	5,711

SEE NOTES TO FINANCIAL STATEMENTS Global Equities Account   2003 CREF Annual Report  GL-13

Statement of Investments - Global Equities Account - December 31, 2003

	SHARES			VALUE (000)
REAL ESTATE—(Continued)
	359,000		City Developments Ltd	$ 1,279
	2,013,951		Commonwealth Property
			Office Fund	1,745
	667,266		General Property Trust	1,503
	241,000		Hang Lung Properties Ltd	309
	220,000		Henderson Land
			Development Co Ltd	972
	175,000		Hysan Development Co Ltd	270
	188,523		Mirvac Group	614
	335,000		Mitsubishi Estate Co Ltd	3,176
	162,000		Mitsui Fudosan Co Ltd	1,463
	174,000	*	New World Development
			Co Ltd	140
	33,000		Singapore Land Ltd	77
	2,872		Stockland	11
	401,622		Stockland Trust Group	1,580
	549,800		Sun Hung Kai Properties
			Ltd	4,550
	94,000		United Overseas Land Ltd	106
			TOTAL REAL ESTATE	25,037
RUBBER AND MISCELLANEOUS       PLASTIC PRODUCTS—0.07%
	407,000		Bridgestone Corp	5,472
			TOTAL RUBBER AND
			MISCELLANEOUS
			PLASTIC PRODUCTS	5,472
SECURITY AND COMMODITY       BROKERS—1.95%
	3,500		Charles Schwab Corp	41
	131,825		Goldman Sachs Group, Inc	13,015
	500		Investors Group, Inc	12
	463,000		Itochu Corp	1,529
	135,300		Lehman Brothers Holdings,
			Inc	10,448
	2,761,655		Man Group plc	72,229
	362,000	e	Marubeni Corp	692
	588,000	e	Mitsubishi Corp	6,233
	515,000	e	Mitsui & Co Ltd	4,147
	454,782		Morgan Stanley	26,318
	1,498,000		Nomura Holdings, Inc	25,509
	153,000		Singapore Exchange Ltd	152
	383,000	*	Yamaichi Securities Co Ltd	7
			TOTAL SECURITY AND
			COMMODITY BROKERS	160,332
SPECIAL TRADE CONTRACTORS—0.01%
	215,000		Kinden Corp	1,003
			TOTAL SPECIAL TRADE
			CONTRACTORS	1,003

STONE, CLAY, AND GLASS PRODUCTS—0.03%
	314,000	e	Asahi Glass Co Ltd	$ 2,578
	103,000		Sumitomo Osaka
			Cement Co Ltd	202
			TOTAL STONE, CLAY, AND
			GLASS PRODUCTS	2,780
TOBACCO PRODUCTS—0.38%
	542,445		Altria Group, Inc	29,520
	281		Japan Tobacco, Inc	2,058
			TOTAL TOBACCO
			PRODUCTS	31,578
TRANSPORTATION BY AIR—0.03%
	17,582		BAA plc	156
	460,000	e*	Japan Airlines System Corp	1,215
	195,000		Swire Pacific Ltd (A Shs)	1,203
			TOTAL TRANSPORTATION
			BY AIR	2,574
TRANSPORTATION EQUIPMENT—1.80%
	790,595		Autoliv, Inc	29,766
	196,615		BAE Systems plc	592
	44,700		Boeing Co	1,884
	1,476		Bombardier, Inc (Class A)	6
	237,307	e	Bombardier, Inc (Class B)	1,005
	222,660	e	CAE, Inc	1,010
	45,673		Delphi Corp	466
	167,400		Denso Corp	3,296
	70,174	*	Fiat S.p.A.	538
	1,400		General Dynamics Corp	127
	43,400		Genuine Parts Co	1,441
	238,500		Honda Motor Co Ltd	10,593
	91,400		Honeywell International,
			Inc	3,056
	1,731		Jardine Cycle & Carriage
			Ltd	6
	349,000		Kawasaki Heavy Industries
			Ltd	430
	51,396		Magna International, Inc
			(Class A)	4,138
	189,000		Mitsui Engineering &
			Shipbuilding Co Ltd	312
	1,169,500		Nissan Motor Co Ltd	13,357
	55,188		Textron, Inc	3,149
	1,171,700		Toyota Motor Corp	39,578
	343,500		United Technologies Corp	32,553
	3,000		Yamaha Motor Co Ltd	33
			TOTAL TRANSPORTATION
			EQUIPMENT	147,336
TRANSPORTATION SERVICES—0.00%
	686		Toll Holdings Ltd	4
			TOTAL TRANSPORTATION
			SERVICES	4

GL-14  2003 CREF Annual Report   Global Equities Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Global Equities Account - December 31, 2003

	SHARES			VALUE (000)
TRUCKING AND WAREHOUSING—0.96%
	1,033,748		United Parcel Service, Inc
			(Class B)	$ 77,066
	159,000		Yamato Transport Co Ltd	1,872
			TOTAL TRUCKING AND
			WAREHOUSING	78,938
WATER TRANSPORTATION—0.35%
	123,624		CP Ships Ltd	2,573
	135,000		Kawasaki Kisen Kaisha
			Ltd	671
	269,000		Mitsui OSK Lines Ltd	1,313
	553,000		Nippon Yusen Kabushiki
			Kaisha	2,503
	616,000		Royal Caribbean Cruises
			Ltd	21,431
			TOTAL WATER
			TRANSPORTATION	28,491
WHOLESALE TRADE-DURABLE       GOODS—0.65%
	26,997		Finning International, Inc	627
	148,000		Fuji Electric Co Ltd	325
	871,507		Johnson & Johnson	45,022
	53,000		Mitsumi Electric Co Ltd	584
	362,800		Terumo Corp	6,889
			TOTAL WHOLESALE
			TRADE-DURABLE GOODS	53,447
WHOLESALE TRADE-NONDURABLE       GOODS—1.33%
	4,129,927		British American
			Tobacco plc	56,928
	999,433	e	Celesio AG.	48,471
	66,688	e	Loblaw Cos Ltd	3,447
	8,160	e	Weston (George) Ltd	655
			TOTAL WHOLESALE
			TRADE-NONDURABLE
			GOODS	109,501
			TOTAL COMMON STOCK
			(Cost $6,913,850)	8,073,316
	PRINCIPAL
SHORT TERM INVESTMENTS—4.77%
CERTIFICATES OF DEPOSIT—0.25%
			First Tennessee Bank
	$10,000,000	d	1.070%, 02/17/04	10,000
			Wells Fargo Bank
	11,000,000		1.070%, 01/13/04	11,000
			TOTAL CERTIFICATES OF
			DEPOSIT	21,000

COMMERCIAL PAPER—2.45%
			American Honda Finance Corp
	$13,000,000		1.060%, 01/27/04	$ 12,990
			CC (USA), Inc
	10,000,000	c,d	1.085%, 01/30/04	9,991
			Ciesco LP
	7,520,000		1.080%, 01/21/04	7,515
	10,000,000	c	1.030%, 02/13/04	9,987
			Coca-Cola Enterprises, Inc
	14,000,000	c	1.000%, 01/29/04	13,988
			Corporate Asset Funding
			Corp, Inc
	17,000,000	c,d	1.080%, 02/12/04	16,977
			Delaware Funding Corp
	5,271,000	c	1.070%, 01/23/04	5,267
			Fortune Brands, Inc
	7,000,000	c	1.080%, 01/16/04	6,997
			General Electric Capital Corp
	5,980,000		1.050%, 03/15/04	5,967
	10,500,000		1.060%, 03/08/04	10,479
			Govco, Inc
	9,000,000	c	1.090%, 02/04/04	8,991
			Greyhawk Funding LLC
	10,000,000	c,d	1.100%, 01/20/04	9,994
			Kitty Hawk Funding Corp
	10,000,000	c	1.080%, 01/15/04	9,996
			Links Finance LLC
	10,000,000	c,d	1.100%, 02/24/04	9,984
			Park Avenue Receivables
			Corp
	12,206,000	c	1.090%, 01/07/04	12,204
			Preferred Receivables
			Funding Corp
	10,444,000	c	1.090%, 01/21/04	10,438
	7,000,000	c	1.085%, 01/22/04	6,995
			Receivables Capital Corp
	17,000,000	c	1.080%, 01/16/04	16,992
			Sigma Finance, Inc
	15,000,000	c	1.120%, 03/16/04	14,966
			TOTAL COMMERCIAL PAPER	200,718
U.S. GOVERNMENT AND AGENCIES       DISCOUNT NOTES—2.07%
			Federal Home Loan Bank (FHLB)
	4,508,000		1.050%, 01/14/04	4,506
	46,495,000		1.090%, 01/28/04	46,459
			Federal Home Loan
			Mortgage Corp (FHLMC)
	35,000,000		1.070%, 03/01/04	34,941

SEE NOTES TO FINANCIAL STATEMENTS Global Equities Account   2003 CREF Annual Report  GL-15

Statement of Investments - Global Equities Account - December 31, 2003

	PRINCIPAL			VALUE (000)
U.S. GOVERNMENT AND AGENCIES       DISCOUNT NOTES—(Continued)
			Federal National Mortgage
			Association (FNMA)
	$19,465,000		1.000%, 01/08/04	$ 19,461
	13,500,000		1.070%, 01/21/04	13,492
	20,000,000		1.050%, 03/24/04	19,953
	20,200,000	d	1.075%, 04/05/04	20,145
	10,700,000		1.055%, 06/30/04	10,640
			TOTAL U.S. GOVERNMENT
			AND AGENCIES
			DISCOUNT NOTES	169,597
			TOTAL SHORT TERM
			INVESTMENTS
			(Cost $391,317)	391,315
			TOTAL PORTFOLIO—103.26%
			(Cost $7,311,370)	8,471,858
			OTHER ASSETS &
			LIABILITIES, NET—
			(3.26)%	(267,447)
			NET ASSETS—100.00%	$8,204,411

*	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 margins 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.

GL-16  2003 CREF Annual Report   Global Equities Account SEE NOTES TO FINANCIAL STATEMENTS

Report of Management Responsibility

To the Participants of College Retirement Equities Fund:

The accompanying financial statements of the Global Equities Account 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/ Herbert M. Allison Jr.	/s/ Elizabeth A. Monrad
President and Chief Executive Officer	Executive Vice President and Chief Financial Officer

Global Equities Account   2003 CREF Annual Report  GL-17

Report of the Audit Committee

To the Participants of College Retirement Equities Fund:

The Audit Committee oversees the financial reporting process of the Global Equities Account of College Retirement Equities Fund (“CREF”) on behalf of CREF’s Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee’s responsibilities. All members of the Audit Committee (“Committee”) are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for 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.

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 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.

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
Bridget A. Macaskill, Audit Committee Member

February 18, 2004

GL-18  2003 CREF Annual Report   Global Equities Account

Statement of Assets and Liabilities

Global Equities Account

December 31, 2003
(amounts in thousands, except amounts per accumulation unit)

ASSETS
Portfolio investments, at cost	$7,311,370
Net unrealized appreciation of portfolio investments	1,160,488
Portfolio investments, at value (including securities loaned of $231,690)	8,471,858
Cash	10,137
Cash-foreign (cost of $737)	750
Dividends and interest receivable	8,383
Receivable from securities transactions	3,020
Amounts due from TIAA	7,962
Total assets	8,502,110
LIABILITIES
Deposits for securities loaned—Note 3	242,011
Payable for securities transactions	55,688
Total liabilities	297,699
NET ASSETS
Accumulation Fund	7,984,938
Annuity Fund	219,473
Total net assets	$ 8,204,411
Accumulation units outstanding—Notes 4 and 5	117,021
Net asset value per accumulation unit—Note 4	$ 68.24

Global Equities Account   2003 CREF Annual Report  GL-19

Statement of Operations

Global Equities Account

Year Ended December 31, 2003
(amounts in thousands)

INVESTMENT INCOME
Income:
Interest	$ 2,613
Dividends	136,451
Total income	139,064
Expenses—Note 2:
Investment	13,117
Operating	23,200
Total expenses	36,317
Investment income—net	102,747
REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS—Note 3
Net realized gain (loss) on:
Portfolio investments	(124,090)
Futures transactions	10,774
Foreign currency transactions	(233)
Net realized loss on total investments	(113,549)
Net change in unrealized appreciation (depreciation) on:
Portfolio investments	1,973,224
Futures transactions	4,539
Translation of assets (other than portfolio investments) and liabilities             denominated in foreign currencies	(6,021)
Net change in unrealized appreciation (depreciation) on total investments	1,971,742
Net realized and unrealized gain on total investments	1,858,193
Net increase in net assets resulting from operations	$1,960,940

GL-20  2003 CREF Annual Report   Global Equities Account

Statements of Changes in Net Assets

Global Equities Account

Years Ended December 31, (amounts in thousands)	2003	2002
FROM OPERATIONS
Investment income—net	$ 102,747	$ 71,124
Net realized loss on total investments	(113,549)	(1,145,388)
Net change in unrealized appreciation (depreciation)       on total investments	1,971,742	(413,973)
Net increase (decrease) in net assets resulting             from operations	1,960,940	(1,488,237)
FROM PARTICIPANT TRANSACTIONS
Premiums	694,121	688,307
Net transfers from (to) TIAA	42,757	(33,798)
Net transfers from (to) other CREF Accounts and       affiliated mutual funds	164,809	(223,503)
Annuity payments	(23,096)	(28,923)
Withdrawals and death benefits	(132,810)	(130,181)
Net increase in net assets resulting from             participant transactions	745,781	271,902
Net increase (decrease) in net assets	2,706,721	(1,216,335)
NET ASSETS
Beginning of year	5,497,690	6,714,025
End of year	$8,204,411	$5,497,690

Global Equities Account   2003 CREF Annual Report  GL-21

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 management investment company. It consists of eight investment portfolios (“Accounts”). The accompanying financial statements are those of the Global Equities Account (“Account”). The 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 Account.

Valuation of Investments. Equity securities listed or traded on a national securities exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments, with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Foreign investments are valued at the closing value of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. 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 the 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 Account is informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the specific identification method.

Change in Accounting Policy. Effective August 1, 2003, the Account changed the method by which realized gains and losses on securities transactions are calculated

GL-22  2003 CREF Annual Report   Global Equities Account

Notes to Financial Statements (continued)

from the average cost method to the specific identification method. This change was made in order to conform more closely with industry standards. For the Account, the effect of this change for the year ended December 31, 2003 was to decrease net realized loss on securities transactions by $24,914,605, decrease net unrealized gain on securities transactions by $24,820,140 and decrease investment income-net by $94,465, but had no net impact on the increase in net assets resulting from operations, total net assets or on the condensed financial information.

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 Account 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 Account is 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 Account 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 Account continues to receive income on the securities loaned and receives additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Account. Although each transaction is collateralized, the Account 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 Account 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

 

Global Equities Account   2003 CREF Annual Report  GL-23

Notes to Financial Statements (continued)

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 Account may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Account to the risk that the transaction may not be consummated.

Restricted Securities. Restricted securities held by the Account, 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 Account are provided by TIAA-CREF Investment Management, LLC (“Investment Management”) in accordance with an Investment Management Service Agreement with the Account. 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 Account and distribution functions for the Account’s certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement with the Account. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. Effective January 1, 2004, Services was converted from a regular corporation to a limited liability corporation.

The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive management fee payments from the Account on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to the Account’s actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly.

TIAA provides guarantees for the Account for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement.

GL-24  2003 CREF Annual Report   Global Equities Account

Notes to Financial Statements (continued)

Note 3—Investments

At December 31, 2003, net unrealized appreciation of portfolio investments for the Account was $1,160,488,341 consisting of gross unrealized appreciation of $1,196,945,529 and gross unrealized depreciation of $36,457,188.

At December 31, 2003, the market value of securities loaned and cash collateral received in connection therewith for the Account was $231,689,729 and $242,011,380, respectively.

At December 31, 2003, the Account held 216 open futures contracts in the Standard & Poor’s 500 Index, expiring in March 2004, with a value of $59,972,400 and an unrealized gain of $2,269,506.

Purchases and sales of portfolio securities, other than short-term money market instruments, for the Account for the year ended December 31, 2003, were $9,742,796,340, and $8,753,041,285, respectively.

Global Equities Account   2003 CREF Annual Report  GL-25

Notes to Financial Statements (continued)

Note 4—Condensed Financial Information

For the Years Ended December 31,	2003	2002	2001	2000	1999
Per Accumulation Unit Data:
Investment income	$ 1.249	$ .956	$ .985	$ .946	$ .959
Expenses	.325	.281	.320	.325	.300
Investment income—net	.924	.675	.665(a)	.621	.659
Net realized and unrealized             gain (loss) on total investments	16.227	(14.853)	(16.493)(a)	(16.281)	24.976
Net increase (decrease) in             Accumulation Unit Value	17.151	(14.178)	(15.828)	(15.660)	25.635
Accumulation Unit Value:
Beginning of year	51.084	65.262	81.090	96.750	71.115
End of year	$68.235	$51.084	$65.262	$81.090	$96.750
Total Return	33.57%	(21.72%)	(19.52%)	(16.19%)	36.05%
Ratios to Average Net Assets:
Expenses	0.57%	0.49%	0.46%	0.35%	0.39%
Investment income-net	1.60%	1.18%	0.95%(a)	0.68%	0.85%
Portfolio Turnover Rate	139.61%	95.70%	111.91%	98.06%	81.30%
Thousands of Accumulation Units       outstanding at end of year	117,021	104,438	99,558	99,622	89,492

(a) As required, effective January 1, 2001, the Account 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 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 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.

GL-26  2003 CREF Annual Report   Global Equities Account

Notes to Financial Statements (concluded)

Note 5—Accumulation Units

Changes in the number of Accumulation Units outstanding of the Account were as follows:

Years Ended December 31,	2003	2002
Accumulation Units:
Credited for premiums	12,386,162	12,118,991
Credited (cancelled) for transfers, disbursements and             amounts applied to the Annuity Fund	197,226	(7,239,306)
Outstanding:
Beginning of year	104,437,760	99,558,075
End of year	117,021,148	104,437,760

Note 6—Line of Credit

The Account participates 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, 2003, the Account did not borrow under this facility.

Global Equities Account   2003 CREF Annual Report  GL-27

Report of Independent Auditors

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

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of the Global Equities Account (one of the Accounts comprising College Retirement Equities Fund (“CREF”)) as of December 31, 2003, and the related statement of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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, 2003 by correspondence with the custodian 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 Global Equities Account of CREF at December 31, 2003, the results of its operations for the year then ended and the changes in its net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States.

New York, New York
February 18, 2004

GL-28  2003 CREF Annual Report   Global Equities Account

CREF Money Market Account  Cash Equivalents

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The Money Market Account returned 0.75% for the year, outperforming the 0.63% return of its benchmark, the iMoneyNet Money Fund Report Averages^™—All Taxable.

     The year began with historically low short-term interest rates and the federal funds rate at a record low of 1.25%. With economic growth lagging, there was the fear that the Federal Reserve would cut the rate to 0.75%. The expected cut came in June, but only as far as 1.00%, where the rate remained through the end of the year. These very low short-term interest rates, accompanied by very low rates in the short-term corporate debt market, depressed returns throughout the money market universe.

Added Value from Asset Allocations

Over the course of the year, the account’s asset allocation was adjusted to reflect our continuing reassessment of the short-term credit market. Holdings in commercial paper were reduced from 73% at the end of 2002 to 59% at the close of 2003.

     Holdings of U.S. government and agency securities were boosted from 16% to 27%, and bank obligations were increased from 7% to 12%. Floating-rate securities were reduced from 4% to 2%. Together, these asset allocations enabled the account to outpace its benchmark.

     During 2003, the account’s weighted average maturity varied from 52 days to 63 days, reflecting the objective of maintaining an average maturity similar to that of the benchmark. (“Weighted” means that larger holdings have a greater effect on the average.) At year-end, the account’s weighted average maturity was 57 days, while the benchmark’s was 56 days.

 

 Money Market Account   2003 CREF Annual Report  MM-1

CREF Money Market Account  Cash Equivalents

PERFORMANCE

Investment Objective

Seeks high current income consistent with maintaining liquidity and preserving capital

 

$10,000 over Ten Years	Calendar Year Total Returns

Net Annualized Yield for the 7 Days Ending 12/29/2003

	Current Yield		Effective Yield
CREF Money Market Account	0.70	%	0.70	%
Benchmark:
iMoneyNet Money Fund Report AveragesTM—All Taxable	0.53	%	0.53	%
The current yield more closely reflects current earnings than does the total return.

Performance as of 12/31/2003

	Average Annual Compound						Cumulative Rates
	Rates of Total Return1						of Total Return1
	1 year		5 years		10 years		5 years		10 years
CREF Money Market Account	0.75	%	3.50	%	4.37	%	18.80	%	53.34	%
Benchmark:
iMoneyNet Money Fund Report
Averages—All Taxable	0.63		3.22		4.04		17.05		48.42

¹ Past performance of the CREF Money Market Account should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the units you own may be worth more or less than their original value. An investment in the CREF Money Market Account, as in the other CREF variable annuity accounts, is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency.

 

MM-2  2003 CREF Annual Report    Money Market Account

CREF Money Market Account  Cash Equivalents

PROFILE

Account Facts

Inception Date	4/1/1988
Net Assets (12/31/2003)	$6.91 billion
2003 Actual Expense Charge*	0.45%

* We estimate expenses each year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically, adjustments have been small.

This portfolio’s investments are highly responsive to changes in the rate of inflation because many of its holdings mature in 60 days or less.

Portfolio Composition by Investment Sector

	Percent of
Sector	Portfolio
Commercial Paper and Corporate Notes	59.1
U.S. Government and Agency Securities	27.1
Certificates of Deposit	11.7
Floating-Rate Securities	2.1
Total	100.0

The Account’s Benchmark

The iMoneyNet Money Fund Report Averages^TM—All Taxable category is a simple average of over 1,000 taxable money market funds.

 Money Market Account   2003 CREF Annual Report  MM-3

Statement of Investments - Money Market Account - December 31, 2003

	PRINCIPAL		VALUE (000)
GOVERNMENT BONDS—0.29%
U.S. GOVERNMENT AND AGENCIES—0.29%
		Federal Home Loan Bank
		(FHLB)
	$10,000,000	3.770%, 04/15/04	$ 10,081
		Federal National Mortgage
		Association (FNMA)
	10,025,000	3.000%, 06/15/04	10,119
		TOTAL U.S. GOVERNMENT
		AND AGENCIES	20,200
		TOTAL GOVERNMENT BONDS
		(Cost $20,432)	20,200
SHORT TERM INVESTMENTS—99.61%
CERTIFICATES OF DEPOSIT—11.71%
		ABN Amro Bank N.V.
	25,000,000	1.450%, 11/17/04	24,998
		American Express
		Centurion Bank
	50,000,000	1.090%, 01/05/04	50,000
	25,000,000	1.090%, 01/09/04	25,000
	50,000,000	1.080%, 01/28/04	50,000
		Bank Of America
	30,000,000	1.100%, 03/15/04	30,002
		Barclays Bank plc
	50,000,000	1.090%, 03/05/04	50,000
		Canadian Imperial Bank
		Of Commerce
	25,000,000	1.340%, 03/25/04	25,013
	21,300,000	1.340%, 04/23/04	21,314
	10,000,000	1.350%, 08/04/04	10,006
		Credit Agricole
	50,000,000	1.110%, 03/01/04	50,001
	50,000,000	1.430%, 10/26/04	49,987
		Deutsche Bank
	50,000,000	1.080%, 01/22/04	49,999
	50,000,000	1.090%, 02/17/04	49,998
		First Tennessee
		National Bank
	47,000,000	1.080%, 01/08/04	47,000
		Rabobank
	25,000,000	1.330%, 05/14/04	25,016
		Royal Bank Of Canada
	50,000,000	1.455%, 11/18/04	49,997
		Royal Bank Of Scotland plc
	17,500,000	1.080%, 01/05/04	17,500
	25,000,000	1.080%, 01/29/04	24,999
	18,000,000	1.070%, 03/16/04	17,999
	16,000,000	1.080%, 02/27/04	15,999
		Toronto Dominion Bank
	32,000,000	1.080%, 01/29/04	31,999
	50,000,000	1.080%, 02/11/04	49,998

	$17,000,000		1.350%, 04/15/04	$ 17,011
			Wells Fargo
	25,000,000		1.070%, 01/12/04	25,000
			TOTAL CERTIFICATES OF
			DEPOSIT	808,836
COMMERCIAL PAPER—58.95%
			Abbey National
			North America LLC
	30,000,000		1.155%, 05/14/04	29,876
			ABN Amro North America
			Finance, Inc
	25,000,000		1.070%, 03/11/04	24,947
	5,000,000		1.080%, 02/03/04	4,995
	3,535,000		1.080%, 02/19/04	3,530
	5,400,000		1.080%, 03/03/04	5,390
	19,252,000		1.080%, 03/04/04	19,216
	4,700,000		1.100%, 01/14/04	4,698
	31,900,000		1.090%, 01/26/04	31,875
			American Express
			Credit Corp
	13,020,000		1.060%, 01/14/04	13,015
			Asset Securitization
			Corp
	22,000,000	c	1.080%, 01/07/04	21,995
	37,000,000	c	1.090%, 01/09/04	36,990
	20,000,000	c	1.080%, 01/27/04	19,984
	19,000,000	c	1.090%, 01/12/04	18,993
	37,090,000	c	1.090%, 01/13/04	37,075
	14,142,000	c	1.090%, 01/26/04	14,131
			Barclays U.S. Funding Corp
	12,100,000	c	1.080%, 01/12/04	12,096
	3,900,000		1.080%, 01/20/04	3,898
	50,000,000		1.085%, 03/09/04	49,898
			Beta Finance, Inc
	31,000,000	c	1.090%, 01/12/04	30,989
	84,500,000	c	0.000%, 01/31/04	84,434
	9,350,000	c	1.150%, 02/27/04	9,333
	10,000,000	c	1.120%, 03/08/04	9,980
	15,000,000	c	1.140%, 03/15/04	14,967
			BMW US Capital Corp
	15,000,000		1.060%, 01/15/04	14,993
			Cargill Global Funding Plc
	25,000,000	c	1.070%, 03/03/04	24,953
			CC (USA), Inc
	20,000,000	c	1.100%, 01/14/04	19,992
	63,500,000	c	1.100%, 01/15/04	63,471
	15,000,000	c	1.090%, 02/17/04	14,978
	7,000,000	c	1.110%, 02/26/04	6,988
			Ciesco LP
	20,000,000	c	1.080%, 01/26/04	19,984
	28,000,000	c	1.070%, 02/05/04	27,970
	34,000,000		1.080%, 02/10/04	33,958

MM-4  2003 CREF Annual Report   Money Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Money Market Account - December 31, 2003

	PRINCIPAL			VALUE (000)
COMMERCIAL PAPER—(Continued)
	$4,000,000		1.075%, 02/11/04	$ 3,995
	28,000,000	c	1.080%, 02/13/04	27,963
	35,637,000	c	1.080%, 02/17/04	35,586
			Citicorp
	13,000,000		1.050%, 02/10/04	12,984
	23,000,000		1.070%, 01/20/04	22,986
	15,000,000		1.080%, 01/13/04	14,994
	24,000,000		1.070%, 01/30/04	23,979
	43,800,000		1.075%, 01/29/04	43,762
	20,000,000	c	1.075%, 02/20/04	19,969
			Corporate Asset Funding
			Corp, Inc
	31,000,000	c	1.090%, 01/05/04	30,995
	18,350,000	c	1.090%, 01/14/04	18,342
	26,000,000	c	1.100%, 01/21/04	25,984
	39,500,000	c	1.095%, 01/27/04	39,467
	18,000,000	c	1.070%, 02/13/04	17,976
	6,500,000	c	1.080%, 01/23/04	6,496
	10,000,000	c	1.080%, 02/12/04	9,987
			Delaware Funding Corp
	50,000,000	c	1.080%, 01/06/04	49,991
	20,000,000	c	1.070%, 01/23/04	19,986
	8,314,000	c	1.090%, 01/12/04	8,311
	6,872,000	c	1.100%, 01/09/04	6,870
	31,006,000	c	1.080%, 01/21/04	30,986
	33,000,000	c	1.080%, 01/22/04	32,978
			Dorada Finance , Inc
	50,000,000	c	1.100%, 01/08/04	49,988
	16,000,000	c	1.090%, 01/12/04	15,994
	3,500,000	c	1.100%, 01/15/04	3,498
	7,000,000	c	1.100%, 01/21/04	6,996
	23,000,000	c	1.100%, 01/27/04	22,981
	38,500,000	c	1.110%, 01/28/04	38,467
	9,500,000	c	1.110%, 01/29/04	9,491
	2,600,000	c	1.110%, 01/30/04	2,598
			Dupont (E.I.) De Nemours
			& Co
	35,000,000		1.075%, 02/03/04	34,964
	13,441,000		1.080%, 02/05/04	13,426
	15,750,000		1.080%, 02/17/04	15,727
			Edison Asset
			Securitization LLC
	21,500,000	c	1.080%, 01/09/04	21,494
	29,700,000	c	1.090%, 02/02/04	29,670
	10,028,000	c	1.090%, 02/03/04	10,018
	30,000,000	c	1.090%, 02/13/04	29,959
	16,437,000	c	1.100%, 01/22/04	16,426
	9,803,000	c	1.100%, 02/12/04	9,790
	32,000,000	c	1.100%, 03/04/04	31,939
			Fcar Owner Trust
	26,100,000		1.090%, 01/06/04	26,095

$25,000,000		1.090%, 01/16/04	$ 24,988
30,000,000		1.100%, 02/06/04	29,966
19,000,000		1.110%, 02/03/04	18,981
25,000,000		1.110%, 02/05/04	24,973
25,000,000		1.110%, 03/09/04	24,949
		Fleet Funding Corp
30,000,000	c	1.090%, 01/13/04	29,988
32,490,000	c	1.100%, 02/09/04	32,451
		Fortune Brands
12,600,000	c	1.080%, 01/16/04	12,594
22,955,000	c	1.080%, 01/20/04	22,941
10,000,000	c	1.080%, 01/23/04	9,993
2,800,000	c	1.080%, 02/03/04	2,797
		Gannett Co, Inc
15,000,000	c	1.060%, 01/14/04	14,994
32,000,000	c	1.070%, 01/15/04	31,986
15,000,000	c	1.060%, 01/29/04	14,987
		General Electric Capital Corp
30,000,000		1.090%, 01/29/04	29,974
30,000,000		1.090%, 01/30/04	29,972
4,900,000		1.100%, 01/21/04	4,897
23,000,000		1.100%, 02/05/04	22,975
10,000,000		1.090%, 02/04/04	9,990
10,000,000		1.090%, 02/24/04	9,983
3,800,000		1.050%, 03/15/04	3,792
10,000,000		1.070%, 04/08/04	9,970
5,900,000		1.110%, 04/14/04	5,881
		Govco, Inc
2,608,000	c	1.080%, 01/20/04	2,606
17,000,000	c	1.040%, 02/23/04	16,972
32,000,000	c	1.100%, 01/23/04	31,977
11,000,000	c	1.095%, 02/11/04	10,986
25,000,000	c	1.095%, 02/19/04	24,962
13,900,000	c	1.080%, 02/03/04	13,886
11,955,000	c	1.080%, 02/13/04	11,939
11,000,000	c	1.080%, 03/08/04	10,978
25,000,000	c	1.080%, 03/12/04	24,947
		Greyhawk Funding LLC
20,000,000	c	1.090%, 01/12/04	19,993
49,000,000	c	1.090%, 01/13/04	48,981
40,000,000	c	1.110%, 01/14/04	39,983
10,000,000	c	1.090%, 03/03/04	9,981
15,000,000	c	1.110%, 01/15/04	14,993
15,500,000	c	1.110%, 02/20/04	15,476
		IBM Capital, Inc
50,000,000	c	1.090%, 03/17/04	49,886
35,000,000	c	1.080%, 03/19/04	34,918
24,790,000	c	1.080%, 03/24/04	24,728
		Kitty Hawk Funding Corp
17,908,000	c	1.080%, 01/08/04	17,904
16,046,000	c	1.080%, 01/15/04	16,039
40,000,000	c	1.100%, 01/20/04	39,976

SEE NOTES TO FINANCIAL STATEMENTS Money Market Account   2003 CREF Annual Report  MM-5

Statement of Investments - Money Market Account - December 31, 2003

	PRINCIPAL			VALUE (000)
COMMERCIAL PAPER—(Continued)
	$14,000,000	c	1.100%, 01/23/04	$ 13,990
	50,000,000	c	1.100%, 01/27/04	49,959
	6,560,000	c	1.100%, 03/15/04	6,545
	5,000,000	c	1.090%, 03/16/04	4,989
			Links Finance LLC
	34,290,000	c	1.090%, 01/06/04	34,284
	20,000,000	c	1.090%, 02/17/04	19,971
	47,955,000	c	1.085%, 03/18/04	47,844
	22,600,000	c	1.100%, 03/11/04	22,553
	20,000,000	c	1.100%, 04/26/04	19,930
			Morgan Stanley Dean Witter
	24,000,000		1.080%, 01/21/04	23,985
			New York Times Co
	17,550,000		1.060%, 01/12/04	17,544
			Paccar Financial Corp
	5,100,000		1.080%, 02/11/04	5,094
	13,845,000		1.080%, 02/12/04	13,827
	8,451,000		1.080%, 02/20/04	8,438
	20,000,000		1.060%, 03/03/04	19,963
	31,300,000		1.060%, 03/18/04	31,227
	2,795,000		1.200%, 04/05/04	2,787
			Park Avenue
			Receivables Corp
	6,990,000	c	1.090%, 01/05/04	6,989
	6,688,000	c	1.090%, 01/12/04	6,686
	26,134,000	c	1.080%, 01/20/04	26,118
	20,000,000	c	1.080%, 01/22/04	19,987
	56,803,000	c	1.080%, 01/23/04	56,764
	22,500,000	c	1.080%, 01/27/04	22,482
	10,000,000	c	1.080%, 01/28/04	9,992
			Pfizer, Inc
	40,000,000	c	1.060%, 01/30/04	39,965
	14,000,000	c	1.050%, 02/17/04	13,980
			Preferred Receivables
			Funding Corp
	19,000,000	c	1.090%, 01/16/04	18,991
	29,000,000	c	1.100%, 01/20/04	28,983
	23,000,000	c	1.085%, 01/22/04	22,985
	50,000,000	c	1.085%, 01/27/04	49,959
	20,000,000	c	1.085%, 01/28/04	19,983
			Private Export
			Funding Corp
	28,000,000	c	1.080%, 01/06/04	27,995
	5,750,000	c	1.120%, 01/15/04	5,747
	20,000,000	c	5.730%, 01/15/04	20,039
	13,000,000	c	1.090%, 02/19/04	12,980
	20,525,000	c	1.040%, 01/22/04	20,511
	11,725,000	c	1.100%, 01/28/04	11,715
	25,000,000	c	1.060%, 03/29/04	24,934

		Rabobank USA
		Financial Corp
$23,400,000		1.070%, 01/30/04	$ 23,378
2,400,000		1.090%, 01/13/04	2,399
13,050,000		1.075%, 01/20/04	13,042
10,750,000		1.110%, 01/14/04	10,745
5,200,000		1.090%, 02/24/04	5,191
		Receivables Capital Corp
40,000,000	c	1.080%, 01/13/04	39,984
8,900,000	c	1.070%, 01/20/04	8,895
2,163,000	c	1.100%, 01/21/04	2,162
7,750,000	c	1.080%, 01/23/04	7,745
22,000,000	c	1.080%, 02/13/04	21,971
19,501,000	c	1.090%, 02/02/04	19,482
49,000,000	c	1.090%, 03/08/04	48,901
		Royal Bank Of Scotland plc
4,750,000		1.080%, 01/20/04	4,747
2,200,000		1.080%, 01/22/04	2,199
18,000,000		1.080%, 01/30/04	17,983
10,350,000		1.120%, 01/26/04	10,342
3,100,000		1.120%, 01/27/04	3,097
3,160,000		1.080%, 02/03/04	3,157
5,800,000		1.120%, 02/12/04	5,792
		Shell Finance (U.K.) plc
2,580,000		1.080%, 02/06/04	2,577
40,000,000		1.070%, 03/17/04	39,908
		Sigma Finance, Inc
2,503,000	c	1.110%, 01/13/04	2,502
10,500,000	c	1.110%, 01/29/04	10,491
46,000,000	c	1.120%, 03/16/04	45,896
		Societe Generale
		North America, Inc
15,500,000		1.080%, 02/05/04	15,483
9,000,000		1.080%, 02/10/04	8,989
20,000,000		1.090%, 02/03/04	19,980
18,000,000		1.100%, 02/09/04	17,978
31,000,000		1.085%, 03/03/04	30,942
30,000,000		1.090%, 03/10/04	29,938
11,000,000		1.085%, 04/02/04	10,969
		UBS Finance, (Delaware), Inc
10,000,000		1.080%, 01/16/04	9,995
31,500,000		1.080%, 01/20/04	31,481
6,600,000		1.080%, 01/21/04	6,596
20,000,000		1.045%, 02/27/04	19,966
9,400,000		1.080%, 02/12/04	9,388
4,600,000		1.080%, 02/17/04	4,593
9,900,000		1.080%, 02/25/04	9,883
2,655,000		1.090%, 04/01/04	2,648
6,200,000		1.090%, 04/05/04	6,182
1,300,000		1.090%, 04/06/04	1,296

MM-6  2003 CREF Annual Report   Money Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Money Market Account - December 31, 2003

	PRINCIPAL			VALUE (000)
COMMERCIAL PAPER—(Continued)
			Variable Funding
			Capital Corp
	$25,000,000	c	1.080%, 01/12/04	$ 24,991
	17,000,000	c	1.090%, 01/08/04	16,996
	30,000,000	c	1.090%, 01/16/04	29,985
	50,000,000	c	1.090%, 01/26/04	49,961
			Westdeutsche Landesbank
	21,300,000	c	1.120%, 03/03/04	21,260
			TOTAL COMMERCIAL PAPER	4,072,634
MEDIUM TERM NOTE—0.15%
			Associates Corp of
			North America
	10,000,000		5.800%, 04/20/04	10,149
			TOTAL MEDIUM TERM NOTE	10,149
U.S. GOVERNMENT AND       AGENCY DISCOUNT NOTES—26.77%
			Federal Farm Credit Bank
			(FFCB)
	27,705,000		1.280%, 03/02/04	27,657
	10,975,000		1.230%, 10/01/04	10,863
			Federal Home Loan Bank
			(FHLB)
	14,440,000		1.025%, 01/09/04	14,436
	19,895,000		1.040%, 01/02/04	19,894
	15,500,000		1.015%, 01/16/04	15,493
	24,500,000		1.090%, 01/23/04	24,483
	23,366,000		1.090%, 01/28/04	23,347
	12,000,000		1.110%, 02/04/04	11,988
	42,120,000		1.105%, 02/06/04	42,074
	80,000,000		1.070%, 02/20/04	79,879
	50,000,000		1.080%, 03/05/04	49,910
	9,035,000		1.090%, 04/12/04	9,008
	24,052,000		1.110%, 04/07/04	23,985
	24,500,000		1.120%, 04/16/04	24,425
	885,000		1.130%, 04/21/04	882
	25,000,000		1.125%, 04/28/04	24,915
	8,065,000		1.150%, 05/07/04	8,035
	1,825,000		1.170%, 05/17/04	1,818
	8,811,000		1.090%, 06/11/04	8,768
	6,740,000		1.200%, 07/20/04	6,698
	9,966,000		1.200%, 08/02/04	9,897
	8,000,000		1.210%, 08/04/04	7,944
	18,655,000		1.300%, 08/10/04	18,521
			Federal Home Loan
			Mortgage Corp (FHLMC)
	22,131,000		1.065%, 02/04/04	22,109
	40,000,000		1.065%, 02/12/04	39,949
	61,975,000		1.040%, 04/01/04	61,812
	26,100,000		1.050%, 03/11/04	26,049
	31,000,000		1.050%, 03/25/04	30,926

	$30,923,000	1.070%, 02/18/04	$ 30,880
	50,000,000	1.070%, 02/19/04	49,927
	30,340,000	1.080%, 02/02/04	30,311
	107,147,000	1.075%, 02/12/04	107,012
	11,585,000	1.075%, 02/26/04	11,566
	25,000,000	1.075%, 03/04/04	24,956
	10,800,000	1.070%, 03/22/04	10,775
	65,000,000	1.080%, 04/22/04	64,790
	900,000	1.300%, 07/15/04	895
	25,000,000	1.360%, 10/04/04	24,741
	25,710,000	1.430%, 11/04/04	25,414
	25,000,000	1.520%, 12/02/04	24,686
		Federal National
		Mortgage Association
		(FNMA)
	21,885,000	1.050%, 01/02/04	21,884
	130,000,000	1.054%, 01/07/04	129,974
	50,000,000	1.070%, 01/21/04	49,970
	45,000,000	1.000%, 01/28/04	44,963
	82,136,000	1.050%, 03/10/04	81,976
	87,650,000	1.050%, 03/24/04	87,443
	25,570,000	1.040%, 03/31/04	25,503
	34,171,000	1.040%, 04/30/04	34,052
	20,000,000	1.060%, 02/11/04	19,976
	35,000,000	1.060%, 04/15/04	34,894
	24,300,000	1.070%, 04/01/04	24,236
	6,215,000	1.070%, 04/02/04	6,198
	19,100,000	1.080%, 02/04/04	19,081
	37,900,000	1.080%, 02/18/04	37,847
	15,100,000	1.075%, 04/05/04	15,059
	13,411,000	1.100%, 06/25/04	13,340
	19,733,000	1.120%, 04/21/04	19,670
	50,795,000	1.205%, 08/20/04	50,414
	870,000	1.290%, 08/06/04	864
	2,865,000	1.290%, 11/12/04	2,831
	7,475,000	1.310%, 11/18/04	7,385
	11,420,000	1.310%, 12/10/04	11,273
	47,100,000	1.330%, 09/17/04	46,693
	12,063,000	1.430%, 10/15/04	11,933
		TOTAL U.S. GOVERNMENT
		AND AGENCY DISCOUNT
		NOTES	1,849,177
VARIABLE NOTES—2.03%
		Sigma Finance, Inc
	40,000,000	1.300%, 02/10/04	39,997
	25,000,000	1.340%, 02/25/04	25,005
	25,000,000	1.135%, 05/04/04	24,998
		Suntrust
	50,000,000	1.010%, 10/25/04	50,005
		TOTAL VARIABLE NOTES	140,005

SEE NOTES TO FINANCIAL STATEMENTS Money Market Account   2003 CREF Annual Report  MM-7

Statement of Investments - Money Market Account - December 31, 2003

	VALUE (000)
TOTAL SHORT TERM
INVESTMENTS
(Cost $6,880,682)	$6,880,801
TOTAL PORTFOLIO—99.90%
(Cost $6,901,114)	6,901,001
OTHER ASSETS &
LIABILITIES,
NET—0.10%	6,759
NET ASSETS—100.00%	$6,907,760

c Commerical paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.

MM-8  2003 CREF Annual Report   Money Market Account SEE NOTES TO FINANCIAL STATEMENTS

Report of Management Responsibility

To the Participants of College Retirement Equities Fund:

The accompanying financial statements of the Money Market Account 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/ Herbert M. Allison Jr.	/s/ Elizabeth A. Monrad
President and   Chief Executive Officer	Executive Vice President and Chief Financial Officer

Money Market Account   2003 CREF Annual Report  MM-9

Report of the Audit Committee

To the Participants of College Retirement Equities Fund: 

The Audit Committee oversees the financial reporting process of the Money Market Account of College Retirement Equities Fund (“CREF”) on behalf of CREF’s Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee’s responsibilities. All members of the Audit Committee (“Committee”) are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for 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.

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 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.

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
Bridget A. Macaskill, Audit Committee Member

February 18, 2004

MM-10  2003 CREF Annual Report   Money Market Account

Statement of Assets and Liabilities

Money Market Account

December 31, 2003
(amounts in thousands, except amounts per accumulation unit)

ASSETS
Portfolio investments, at cost	$6,901,114
Net unrealized depreciation of portfolio investments	(113)
Portfolio investments, at value	6,901,001
Cash	30
Interest receivable	3,022
Receivable from securities transactions	3,669
Amounts due from TIAA	3,543
Total assets	6,911,265
LIABILITIES
Payable for securities transactions	3,505
Total liabilities	3,505
NET ASSETS
Accumulation Fund	6,665,202
Annuity Fund	242,558
Total net assets	$6,907,760
Accumulation units outstanding—Notes 4 and 5	305,732
Net asset value per accumulation unit—Note 4	$ 21.80

Money Market Account   2003 CREF Annual Report  MM-11

Statement of Operations

Money Market Account

Year Ended December 31, 2003
(amounts in thousands)

INVESTMENT INCOME
Income:
Interest	$89,076
Total income	89,076
Expenses—Note 2:
Investment	5,513
Operating	27,214
Total expenses	32,727
Investment income—net	56,349
REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS—Note 3
Net realized gain on total investments	93
Net change in unrealized depreciation on total investments	(1,578)
Net realized and unrealized loss on total investments	(1,485)
Net increase in net assets resulting from operations	$54,864

MM-12  2003 CREF Annual Report   Money Market Account

Statements of Changes in Net Assets

Money Market Account

Years Ended December 31, (amounts in thousands)	2003	2002
FROM OPERATIONS
Investment income—net	$ 56,349	$ 110,249
Net realized gain on total investments	93	172
Net change in unrealized appreciation (depreciation)       on total investments	(1,578)	(1,923)
Net increase in net assets resulting from operations	54,864	108,498
FROM PARTICIPANT TRANSACTIONS
Premiums	724,489	658,721
Net transfers to TIAA	(221,449)	(536,818)
Net transfers from (to) other CREF Accounts and        affiliated mutual funds	(542,853)	407,136
Annuity payments	(53,009)	(58,075)
Withdrawals and death benefits	(554,407)	(559,293)
Net decrease in net assets resulting from             participant transactions	(647,229)	(88,329)
Net increase (decrease) in net assets	(592,365)	20,169
NET ASSETS
Beginning of year	7,500,125	7,479,956
End of year	$6,907,760	$7,500,125

Money Market Account   2003 CREF Annual Report  MM-13

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 management investment company. It consists of eight investment portfolios (“Accounts”). The accompanying financial statements are those of the Money Market Account (“Account”). The 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 Account.

Valuation of Investments. Money market instruments are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type) obtained from either one or more of the major market-makers or from one or more of the financial information services for the securities to be valued. Additionally, short term money market instruments with a remaining maturity of 60 days or less are valued using the amortized cost method, or at actual market value if amortized cost is materially different than actual market value. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. 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 the 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. Realized gains and losses on security transactions are accounted for on the specific identification method.

Change in Accounting Policy. Effective August 1, 2003, the Account changed the method by which realized gains and losses on securities transactions are calculated from the average cost method to the specific identification method. This change was made in order to conform more closely with industry standards. For the Account, the effect of this change for the year ended December 31, 2003 was to increase net realized gain on securities transactions by $127, and increase net unrealized loss on securities transactions by $127, but had no net impact on the increase in net assets resulting from operations, total net assets or on the condensed financial information.

Securities Purchased on a When-Issued or Delayed Delivery Basis. The Account may purchase securities on a when-issued or delayed delivery basis. In addition to the normal mar-

MM-14  2003 CREF Annual Report   Money Market Account

Notes to Financial Statements (continued)

ket risks, this exposes the Account to the risk that the transaction may not be consummated.

Restricted Securities. Restricted securities held by the Account, 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 Account are provided by TIAA-CREF Investment Management, LLC (“Investment Management”) in accordance with an Investment Management Service Agreement with the Account. 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 Account and distribution functions for the Account’s certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement with the Account. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. Effective January 1, 2004, Services was converted from a regular corporation to a limited liability corporation.

The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive management fee payments from the Account on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to the Account’s actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly.

TIAA provides guarantees for the Account for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement.

Note 3—Investments

At December 31, 2003, net unrealized depreciation of portfolio investments for the Account was $113,429, consisting of gross unrealized appreciation of $339,661 and gross unrealized depreciation of $453,090.

Money Market Account   2003 CREF Annual Report  MM-15

Notes to Financial Statements (concluded)

Note 4—Condensed Financial Information

For the Years Ended December 31,	2003	2002	2001	2000	1999
Per Accumulation Unit Data:
Investment income	$ .264	$ .407	$ .888	$ 1.273	$ .976
Expenses	.097	.082	.069	.055	.057
Investment income—net	.167	.325	.819	1.218	.919
Net realized and unrealized             gain (loss) on total investments	(.004)	(.005)	.009	.007	(.005)
Net increase in Accumulation
Unit Value	.163	.320	.828	1.225	.914
Accumulation Unit Value:
Beginning of year	21.638	21.318	20.490	19.265	18.351
End of year	$21.801	$21.638	$21.318	$20.490	$19.265
Total Return	0.75%	1.50%	4.04%	6.36%	4.98%
Ratios to Average Net Assets:
Expenses	0.45%	0.38%	0.33%	0.28%	0.30%
Investment income—net	0.77%	1.51%	3.88%	6.12%	4.90%
Thousands of Accumulation Units       outstanding at end of year	305,732	334,898	338,791	315,206	354,754

Note 5—Accumulation Units

Changes in the number of Accumulation Units outstanding of the Account were as follows:

Years Ended December 31,	2003	2002
Accumulation Units:
Credited for premiums	33,351,596	30,648,525
Cancelled for transfers, disbursements and             amounts applied to the Annuity Fund	(62,518,026)	(34,540,665)
Outstanding:
Beginning of year	334,898,408	338,790,548
End of year	305,731,978	334,898,408

MM-16  2003 CREF Annual Report   Money Market Account

Report of Independent Auditors

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

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of the Money Market Account (one of the Accounts comprising College Retirement Equities Fund (“CREF”)) as of December 31, 2003, and the related statement of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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, 2003 by correspondence with the custodian 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 Account of CREF at December 31, 2003, the results of its operations for the year then ended and the changes in its net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States.

New York, New York
February 18, 2004

Money Market Account   2003 CREF Annual Report  MM-17

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CREF Equity Index Account  U.S. Stocks

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The CREF Equity Index Account gained 30.34% for the year, closely tracking the 31.06% return of its benchmark, the Russell 3000^® Index, and topping the 25.82% average return of similar variable annuity accounts, as measured by the Morningstar Large Blend category.

After a Slow Start, Stocks Surge

Stock prices lost ground in the first quarter, when the Russell 3000 declined 3.04%, but the index jumped 16.24% in the second quarter—its largest quarterly advance since 1998—and rose another 3.43% in the third quarter.

     At the end of September, some market observers worried that investor confidence might be shaken by the numerous scandals in the mutual fund industry. There was also concern that stocks had risen too quickly, making a correction seem possible. Both fears turned out to be unfounded. While investors did pull money out of the fund families that were tarred by the scandals, the benchmark gained an additional 12.43% in the fourth quarter, ending three consecutive years of negative returns in the U.S. equity market.

Small Caps Lead the Way

Within the benchmark Russell 3000, every industry segment shared in the year’s advance, with gains ranging from 17.30% in the utilities sector to 50.00% among technology stocks. Investors, however, showed a clear preference for small caps: the Russell 2000^® Index, which tracks the 2,000 smallest companies in the Russell 3000, gained a record 47.25%. Mid-cap stocks also performed superbly, gaining 40.06%, as measured by the Russell Midcap^® Index. (Small- and mid-cap stocks have limited marketability and may be subject to more abrupt or erratic movements than large-cap stocks.) The predominantly large-cap Russell 1000^® Index returned 29.89%.

     There was little difference between growth and value issues, with the Russell 3000 Value Index up 31.14% and the Russell 3000 Growth Index just behind it with a 30.97% return.

     An indexed portfolio seeks to match the risk/return profile of its benchmark in order to produce an equivalent return. Differences between the return of the portfolio and that of the benchmark are caused by the deviations in their respective compositions during the period, some of which are the inevitable result of the account’s cash flows. The return of the account is determined by the performance of the portfolio minus an expense charge, which the return of the benchmark does not include.

 

 Equity Index Account   2003 CREF Annual Report  EQ-1

CREF Equity Index Account  U.S. Stocks

PERFORMANCE

Investment Objective

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 United States, as represented by a broad stock market index

$10,000 Since 4/29/1994 Inception	Calendar Year Total Returns

Performance as of 12/31/2003

	Average Annual Compound						Cumulative Rates
	Rates of Total Return1						of Total Return1
					since				since
	1 year		5 years		inception2		5 years		inception2
CREF Equity Index Account	30.34	%	0.10	%	11.22	%	0.50	%	179.95	%
Benchmark:
Russell 3000® Index3	31.06		0.37		11.52		1.86		187.47

¹     Past performance of the account should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the units you own may be worth more or less than their original value. Due to market volatility, the account’s recent performance may differ from the figures shown above.

 For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 1 800 842-2252.

²     Inception date: 4/29/1994

³     The Russell 3000 Index is a trademark and service mark of the Frank Russell Company.

EQ-2  2003 CREF Annual Report    Equity Index Account

CREF Equity Index Account  U.S. Stocks

PROFILE

Ten Largest Holdings (as of 12/31/2003)

	Percent of
Company	Net Assets
General Electric Co	2.64
Pfizer, Inc	2.38
ExxonMobil Corp	2.33
Citigroup, Inc	2.13
Microsoft Corp	2.10
Intel Corp	1.79
Cisco Systems, Inc	1.45
Johnson & Johnson	1.31
American Int’l Group, Inc	1.30
Int’l Business Machines Corp	1.28
Total	18.71

Capitalization (as of 12/31/2003)

	Percent of
Capitalization	Net Assets
Large: Over $5 billion	81.05
Middle: $1–$5 billion	14.02
Small: Under $1 billion	4.93
Total	100.00

Account Facts

Inception Date	4/29/1994
Net Assets (12/31/2003)	$7.4 billion
2003 Actual Expense Charge*	0.46%

* We estimate expenses each year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically, adjustments have been small.

The Account’s Benchmark

The Russell 3000^® Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on total market capitalization, and represents about 98% of the publicly traded U.S. equity
market. The index is weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole.

This account uses an index strategy exclusively. Many of our other equity accounts use active stock selection along with quantitative techniques to control risk.

 Equity Index Account   2003 CREF Annual Report  EQ-3

Statement of Investments - Equity Index Account - December 31, 2003

Summary by Industry
	VALUE (000)	%
CORPORATE BONDS
Holding and Other Investment
Offices	$ 107	0.00%
TOTAL CORPORATE BONDS
(Cost $30)	107	0.00
PREFERRED STOCK
Transportation Equipment	487	0.01
TOTAL PREFERRED STOCK
(Cost $367)	487	0.01
COMMON STOCK
Agricultural Production-Crops	673	0.01
Agricultural Production-
Livestock	53	0.00
Amusement and Recreation
Services	9,615	0.13
Apparel and Accessory Stores	42,583	0.57
Apparel and Other Textile
Products	13,945	0.19
Auto Repair, Services and Parking	1,999	0.03
Automotive Dealers and
Service Stations	12,758	0.17
Building Materials and
Garden Supplies	81,783	1.10
Business Services	506,920	6.82
Chemicals and Allied Products	850,773	11.45
Coal Mining	2,704	0.04
Communications	396,582	5.34
Depository Institutions	797,437	10.73
Eating and Drinking Places	49,898	0.67
Educational Services	15,187	0.20
Electric, Gas, and
Sanitary Services	250,882	3.38
Electronic and Other Electric
Equipment	623,816	8.39
Engineering and Management
Services	58,384	0.79
Executive, Legislative and General	26	0.00
Fabricated Metal Products	48,393	0.65
Food and Kindred Products	245,511	3.30
Food Stores	32,920	0.44
Forestry	8,894	0.12
Furniture and Fixtures	24,011	0.32
Furniture and
Homefurnishings Stores	27,355	0.37
General Building Contractors	25,369	0.34
General Merchandise Stores	172,806	2.33
Health Services	57,513	0.77
Heavy Construction,
Except Building	709	0.01
Holding and Other Investment
Offices	162,795	2.19
Hotels and Other Lodging Places	21,845	0.29

Industrial Machinery and
Equipment	$ 546,228	7.35%
Instruments and
Related Products	214,373	2.88
Insurance Agents, Brokers
and Service	29,951	0.40
Insurance Carriers	347,463	4.68
Justice, Public Order and Safety	127	0.00
Leather and Leather Products	6,583	0.09
Legal Services	253	0.00
Lumber and Wood Products	7,154	0.10
Metal Mining	21,881	0.29
Miscellaneous Manufacturing
Industries	11,656	0.16
Miscellaneous Retail	88,936	1.20
Motion Pictures	104,267	1.40
Nondepository Institutions	165,858	2.23
Nonmetallic Minerals,
Except Fuels	3,048	0.04
Oil and Gas Extraction	104,274	1.40
Paper and Allied Products	52,421	0.71
Personal Services	14,453	0.19
Petroleum and Coal Products	278,230	3.74
Primary Metal Industries	39,300	0.53
Printing and Publishing	60,791	0.82
Railroad Transportation	30,787	0.41
Real Estate	5,045	0.07
Rubber and Miscellaneous
Plastic Products	16,754	0.23
Security and Commodity Brokers	151,490	2.05
Social Services	317	0.00
Special Trade Contractors	2,385	0.03
Stone, Clay, and Glass Products	13,296	0.18
Tobacco Products	78,321	1.05
Transportation by Air	28,721	0.39
Transportation Equipment	182,036	2.45
Transportation Services	7,643	0.10
Trucking and Warehousing	31,289	0.42
Water Transportation	2,029	0.03
Wholesale Trade-Durable Goods	126,118	1.70
Wholesale Trade-
Nondurable Goods	58,994	0.79
TOTAL COMMON STOCK
(Cost $6,541,026)	7,376,611	99.25
SHORT TERM INVESTMENTS
Certificates of Deposit	14,000	0.19
Commercial Paper	87,388	1.18
U.S. Government And Agencies
Discount Notes	116,795	1.57
TOTAL SHORT TERM INVESTMENTS
(Cost $218,180)	218,183	2.94
TOTAL PORTFOLIO
(Cost $6,759,603)	7,595,388	102.20
OTHER ASSETS AND LIABILITIES, NET	(163,341)	(2.20)
NET ASSETS	$7,432,047	100.00%

EQ-4  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	PRINCIPAL			VALUE (000)
CORPORATE BONDS—0.00%
HOLDING AND OTHER       INVESTMENT OFFICES—0.00%
			National Health Investors, Inc
	$ 30,000	f	9.000%, 01/01/06	$ 107
			TOTAL HOLDING AND OTHER
			INVESTMENT OFFICES	107
			TOTAL CORPORATE BONDS
			(Cost $30)	107
	SHARES
PREFERRED STOCK—0.01%
TRANSPORTATION EQUIPMENT—0.01%
	15,281		United Defense
			Industries Inc.	487
			TOTAL TRANSPORTATION
			EQUIPMENT	487
			TOTAL PREFERRED STOCK
			(Cost $367)	487
COMMON STOCK—99.25%
AGRICULTURAL PRODUCTION-       CROPS—0.01%
	2,120		Alico, Inc	74
	23,564		Delta & Pine Land Co	599
			TOTAL AGRICULTURAL
			PRODUCTION-CROPS	673
AGRICULTURAL PRODUCTION-       LIVESTOCK—0.00%
	188		Seaboard Corp	53
			TOTAL AGRICULTURAL
			PRODUCTION-LIVESTOCK	53
AMUSEMENT AND RECREATION       SERVICES—0.13%
	31,015	*	Alliance Gaming Corp	765
	14,593	*	Argosy Gaming Co	379
	18,989	*	Aztar Corp	427
	18,719	e*	Bally Total Fitness
			Holding Corp	131
	3,878		Churchill Downs, Inc	140
	5,106		Dover Downs Gaming &
			Entertainment, Inc	48
	8,300		Dover Motorsport, Inc	29
	12,108	*	Gaylord Entertainment Co	361
	69,718		Harrah’s Entertainment,
			Inc	3,470
	19,327		International Speedway
			Corp (Class A)	863

	9,307	*	Isle Of Capri Casinos, Inc	$ 200
	24,349		Magna Entertainment Corp
			(Class A)	123
	13,784	*	MTR Gaming Group, Inc	142
	6,631	e*	Multimedia Games, Inc	273
	19,108	*	Penn National Gaming, Inc	441
	57,641	*	Six Flags, Inc	433
	8,700		Speedway Motorsports, Inc	252
	22,400		Station Casinos, Inc	686
	13,626	*	WMS Industries, Inc	357
	7,249		World Wrestling Federation
			Entertainment, Inc	95
			TOTAL AMUSEMENT AND
			RECREATION SERVICES	9,615
APPAREL AND ACCESSORY STORES—0.57%
	58,136	*	Abercrombie & Fitch Co
			(Class A)	1,437
	12,885	*	Aeropostale, Inc	353
	32,651	*	American Eagle
			Outfitters, Inc	535
	28,077	*	AnnTaylor Stores Corp	1,095
	2,682	*	Bebe Stores, Inc	70
	4,196		Buckle, Inc	93
	11,320		Burlington Coat Factory
			Warehouse Corp	240
	17,083	e*	Casual Male Retail Group,
			Inc	119
	10,100		Cato Corp (Class A)	207
	6,544	*	Charlotte Russe Holding,
			Inc	91
	64,200	*	Charming Shoppes, Inc	347
	54,503	*	Chico’s FAS, Inc	2,014
	7,721	e*	Children’s Place Retail
			Stores, Inc	206
	22,088		Christopher & Banks Corp	431
	50,238		Claire’s Stores, Inc	946
	2,300		Deb Shops, Inc	49
	14,600	*	Dress Barn, Inc	219
	11,119	*	Finish Line, Inc (Class A)	333
	90,045		Foot Locker, Inc	2,112
	11,369	e*	Footstar, Inc	44
	417,180		Gap, Inc	9,683
	13,271	*	Genesco, Inc	201
	9,282		Goody’s Family Clothing,
			Inc	87
	18,188	*	Gymboree Corp	313
	30,053	*	Hot Topic, Inc	885
	3,015	*	JOS A. Bank Clothiers, Inc	105
	280,429		Limited Brands, Inc	5,056
	2,325	*	Mothers Work, Inc	57
	55,872		Nordstrom, Inc	1,916

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-5

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
APPAREL AND ACCESSORY       STORES—(Continued)
	5,734		Oshkosh B’gosh, Inc
			(Class A)	$ 123
	44,399	*	Pacific Sunwear Of
			California, Inc	938
	42,078	*	Payless Shoesource, Inc	564
	97,548		Ross Stores, Inc	2,578
	4,056	*	Shoe Carnival, Inc	72
	10,802	*	Stage Stores, Inc	301
	15,217		Talbots, Inc	468
	325,676		TJX Cos, Inc	7,181
	21,598	*	Too, Inc	365
	15,372	*	Urban Outfitters, Inc	570
	14,624	*	Wet Seal, Inc (Class A)	145
	9,773	*	Wilsons The Leather
			Experts, Inc	34
			TOTAL APPAREL AND
			ACCESSORY STORES	42,583
APPAREL AND OTHER       TEXTILE PRODUCTS—0.19%
	16,775		Albany International Corp
			(Class A)	569
	20,480	e*	Collins & Aikman Corp	89
	8,500	*	Columbia Sportswear Co	463
	11,428	e*	DHB Industries, Inc	80
	4,700	*	Guess?, Inc	57
	1,129	*	Hampshire Group Ltd	35
	28,400	*	Interface, Inc (Class A)	157
	76,289		Jones Apparel Group, Inc	2,688
	16,500		Kellwood Co	677
	68,146		Liz Claiborne, Inc	2,416
	31,712	*	Mohawk Industries, Inc	2,237
	7,806		Oxford Industries, Inc	264
	15,270		Phillips-Van Heusen Corp	271
	26,479		Polo Ralph Lauren Corp	763
	33,882	*	Quiksilver, Inc	601
	52,219		VF Corp	2,258
	20,088	*	Warnaco Group, Inc	320
			TOTAL APPAREL AND OTHER
			TEXTILE PRODUCTS	13,945
AUTO REPAIR, SERVICES AND       PARKING—0.03%
	10,856		Central Parking Corp	162
	14,182	*	Dollar Thrifty Automotive
			Group, Inc	368
	8,436	*	Midas, Inc	121
	5,488	*	Monro Muffler Brake, Inc	110
	36,249		Ryder System, Inc	1,238
			TOTAL AUTO REPAIR,
			SERVICES AND PARKING	1,999

AUTOMOTIVE DEALERS AND       SERVICE STATIONS—0.17%
	15,334	*	Advance Auto Parts	$ 1,248
	2,494	*	America’s Car Mart, Inc	67
	4,327	*	Asbury Automotive
			Group, Inc	77
	110,505	*	Autonation, Inc	2,030
	42,391	*	Autozone, Inc	3,612
	65,072	*	Carmax, Inc	2,013
	42,653	*	Copart, Inc	704
	20,595	*	CSK Auto Corp	387
	10,475	*	Group 1 Automotive, Inc	379
	8,332		Lithia Motors, Inc (Class A)	210
	5,586	*	MarineMax, Inc	109
	26,369	*	O’Reilly Automotive, Inc	1,012
	17,102		Sonic Automotive, Inc	392
	10,245		United Auto Group, Inc	321
	7,087	e*	West Marine, Inc	197
			TOTAL AUTOMOTIVE
			DEALERS AND SERVICE
			STATIONS	12,758
BUILDING MATERIALS AND       GARDEN SUPPLIES—1.10%
	7,932		Building Materials
			Holding Corp	123
	10,011	*	Central Garden & Pet Co	281
	37,918	e	Fastenal Co	1,894
	1,454,039		Home Depot, Inc	51,604
	65,900	*	Louisiana-Pacific Corp	1,178
	482,091		Lowe’s Cos	26,703
			TOTAL BUILDING MATERIALS
			AND GARDEN SUPPLIES	81,783
BUSINESS SERVICES—6.82%
	229,940	*	3Com Corp	1,879
	15,002		Aaron Rents, Inc	302
	23,786		ABM Industries, Inc	414
	24,037	*	ActivCard Corp	189
	55,248	*	Activision, Inc	1,006
	44,352	*	Acxiom Corp	824
	11,875	*	Administaff, Inc	206
	147,112		Adobe Systems, Inc	5,782
	20,132	*	Advent Software, Inc	351
	18,900		Advo, Inc	600
	21,751	*	Aether Systems, Inc	103
	70,711	e*	Affiliated Computer
			Services, Inc (Class A)	3,851
	28,052	*	Agile Software Corp	278
	65,426	*	Akamai Technologies, Inc	703
	15,593	*	Alliance Data Systems Corp	432
	6,218	*	Altiris, Inc	227
	26,608	*	American Management
			Systems, Inc	401

EQ-6  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
BUSINESS SERVICES—(Continued)
	11,399	e*	AMN Healthcare Services,
			Inc	$ 196
	3,668	*	Ansoft Corp	47
	9,458	*	Ansys, Inc	375
	11,563	*	Anteon International Corp	417
	16,981	*	APAC Customer Services,
			Inc	44
	24,989	*	Aquantive, Inc	256
	18,964	*	Arbitron, Inc	791
	169,725	*	Ariba, Inc	509
	13,441	*	Armor Holdings, Inc	354
	36,500	*	Ascential Software Corp	946
	18,615	*	Asiainfo Holdings, Inc	124
	20,966	*	Ask Jeeves, Inc	380
	30,600	*	Aspect Communications
			Corp	482
	22,400	e*	Aspen Technology, Inc	230
	18,206	e*	At Road, Inc	242
	2,856	*	Atari, Inc	12
	19,852	*	Autobytel, Inc	180
	70,929		Autodesk, Inc	1,743
	379,164		Automatic Data Processing,
			Inc	15,019
	3,186	*	Bankrate, Inc	39
	9,380		Barra, Inc	333
	234,076	*	BEA Systems, Inc	2,879
	71,803	*	Bisys Group, Inc	1,068
	148,003	*	BMC Software, Inc	2,760
	44,210	*	Borland Software Corp	430
	11,400		Brady Corp (Class A)	465
	34,232		Brink’s Co	774
	14,510	*	Broadvision, Inc	62
	161,037	*	Brocade Communications
			Systems, Inc	931
	18,029	*	CACI International, Inc
			(Class A)	877
	169,496	*	Cadence Design Systems,
			Inc	3,048
	24,042	*	Catalina Marketing Corp	485
	7,488	*	CCC Information Services
			Group, Inc	127
	7,500		CDI Corp	246
	645,737	*	Cendant Corp	14,381
	83,957	*	Ceridian Corp	1,758
	17,897	e*	Cerner Corp	677
	34,399		Certegy, Inc	1,128
	41,243	*	Checkfree Corp	1,140
	52,407	*	ChoicePoint, Inc	1,996
	31,800	*	Ciber, Inc	275
	104,915	*	Citrix Systems, Inc	2,225
	232,061	e*	CMGI, Inc	413

69,846	*	CNET Networks, Inc	$ 476
39,174	*	Cognizant Technology
		Solutions Corp	1,788
293,602		Computer Associates
		International, Inc	8,027
18,739	*	Computer Horizons Corp	74
3,512		Computer Programs &
		Systems, Inc	71
112,893	*	Computer Sciences Corp	4,993
240,435	*	Compuware Corp	1,452
10,330	*	Concord Communications,
		Inc	206
14,156	*	Concur Technologies, Inc	137
6,270	e*	Convera Corp	21
94,332	*	Convergys Corp	1,647
9,456	*	CoStar Group, Inc	394
32,880	*	CSG Systems International,
		Inc	411
5,770	*	Cyberguard Corp	50
47,381	*	D&B Corp	2,403
10,473	*	Datastream Systems, Inc	82
35,076		Deluxe Corp	1,450
18,150	*	Dendrite International, Inc	284
6,949	*	Digimarc Corp	92
18,040	*	Digital Insight Corp	449
16,888	*	Digital River, Inc	373
26,487	*	Digitalthink, Inc	74
67,338	*	DoubleClick, Inc	688
49,877	e*	DST Systems, Inc	2,083
35,007	*	E.piphany, Inc	252
74,430	*	Earthlink, Inc	744
17,086	*	Echelon Corp	190
21,569	*	Eclipsys Corp	251
9,082	*	eCollege.com, Inc	168
29,373	*	eFunds Corp	510
10,341		Electro Rent Corp	138
142,564	*	Electronic Arts, Inc	6,812
286,064	e	Electronic Data Systems
		Corp	7,020
8,922	*	Embarcadero Technologies,
		Inc	142
126,888	*	Enterasys Networks, Inc	476
28,300	*	Entrust, Inc	115
23,291	*	Epicor Software Corp	297
8,003	*	EPIQ Systems, Inc	137
89,468		Equifax, Inc	2,192
14,809	*	eSpeed, Inc (Class A)	347
60,293	*	Extreme Networks, Inc	435
17,334	*	F5 Networks, Inc	435
12,300		Factset Research Systems,
		Inc	470
27,500		Fair Isaac Corp	1,352
21,716	*	Filenet Corp	588

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-7

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
BUSINESS SERVICES—(Continued)
	7,483	e*	FindWhat.com	$ 140
	474,269	e	First Data Corp	19,488
	115,880	*	Fiserv, Inc	4,578
	22,849	*	Freemarkets, Inc	153
	13,503	*	Gerber Scientific, Inc	107
	20,273	*	Getty Images, Inc	1,016
	8,555		Gevity HR, Inc	190
	602		Grey Global Group, Inc	411
	5,892	*	Group 1 Software, Inc	104
	11,543	e*	GSI Commerce, Inc	113
	33,474		GTECH Holdings Corp	1,657
	25,820	*	Harris Interactive, Inc	214
	5,995		Healthcare Services Group	116
	10,400	*	Heidrick & Struggles
			International, Inc	227
	42,163		Henry (Jack) & Associates,
			Inc	868
	54,791	e*	Homestore, Inc	259
	4,290	*	Hudson Highland Group,
			Inc	102
	25,220	*	Hyperion Solutions Corp	760
	3,200	*	ICT Group, Inc	38
	10,700	*	IDX Systems Corp	287
	11,587	*	iGate Corp	91
	22,575	e	Imation Corp	794
	153,689		IMS Health, Inc	3,821
	40,100	*	Informatica Corp	413
	15,744	*	Infospace, Inc	363
	18,264	*	infoUSA, Inc	136
	5,890		Integral Systems, Inc	127
	27,701	*	Intelidata Technologies
			Corp	46
	22,342	*	Interactive Data Corp	370
	1,650	e*	InterActiveCorp	70
	29,403	*	Intergraph Corp	703
	23,539	*	Internet Security Systems,
			Inc	443
	4,168		Interpool, Inc	60
	246,388	*	Interpublic Group Of Cos,
			Inc	3,844
	15,796	*	Interwoven, Inc	200
	8,915	*	Intrado, Inc	196
	116,691	e*	Intuit, Inc	6,174
	3,640	*	iPayment, Inc	124
	41,036	*	Iron Mountain, Inc	1,623
	17,998	*	JDA Software Group, Inc	297
	211,888	*	Juniper Networks, Inc	3,958
	19,640	*	Kana Software, Inc	66
	33,116	*	Keane, Inc	485
	10,743		Kelly Services, Inc (Class A)	307
	12,200	*	Keynote Systems, Inc	145
	18,296	e*	KFX ,Inc	138

21,800	*	Korn/Ferry International	$ 291
22,554	*	Kroll, Inc	586
18,709	*	Kronos, Inc	741
25,200	*	Labor Ready, Inc	330
45,989	*	Lamar Advertising Co	1,716
25,634	*	Lawson Software, Inc	211
20,662	*	Lionbridge Technologies	199
43,139	*	Looksmart Ltd	67
39,240	*	Macromedia, Inc	700
26,273	*	Macrovision Corp	594
14,229	e*	Magma Design
		Automation, Inc	332
13,528	*	Manhattan Associates, Inc	374
48,958		Manpower, Inc	2,305
8,093	*	Mantech International Corp
		(Class A)	202
37,624	*	Manugistics Group, Inc	235
11,001	*	MAPICS, Inc	144
3,380	e*	Marketwatch.com, Inc	29
25,660	*	Matrixone, Inc	158
5,014		McGrath RentCorp	137
6,290	*	Medical Staffing Network
		Holdings, Inc	69
6,010	*	MedQuist, Inc	97
4,600	e*	Memberworks, Inc	125
43,100	*	Mentor Graphics Corp	627
48,954	*	Mercury Interactive Corp	2,381
42,500	*	Micromuse, Inc	293
5,668,682		Microsoft Corp	156,116
6,571	*	MicroStrategy, Inc	345
15,852	e*	Midway Games, Inc	62
55,203	*	Mindspeed Technologies,
		Inc	378
4,082	*	Mobius Management
		Systems, Inc	52
62,117	*	Monster Worldwide, Inc	1,364
60,477	*	MPS Group, Inc	565
11,859	*	MRO Software, Inc	160
14,308	e*	MSC.Software Corp	135
7,649	*	Nassda Corp	55
19,500		National Instruments Corp	887
5,000	*	National Processing, Inc	118
11,172	*	NCO Group, Inc	254
54,802	*	NCR Corp	2,126
22,258		NDCHealth Corp	570
4,418	e*	Neoforma, Inc	47
9,570	e*	Neoware Systems, Inc	131
15,566	*	Netegrity, Inc	160
33,795	*	NETIQ Corp	448
5,704	*	Netratings, Inc	65
12,489	*	Netscout Systems, Inc	95
34,372	*	NetScreen Technologies, Inc	851

EQ-8  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
BUSINESS SERVICES—(Continued)
	98,447	*	Network Associates, Inc	$ 1,481
	14,201	*	Network Equipment
			Technologies, Inc	156
	17,270	*	NIC, Inc	139
	233,662	*	Novell, Inc	2,458
	16,866	*	Nuance Communications,
			Inc	129
	16,704	*	NYFIX, Inc	133
	119,613		Omnicom Group, Inc	10,446
	7,057	*	Opnet Technologies, Inc	116
	29,249	e*	Opsware, Inc	216
	2,455,987	*	Oracle Corp	32,419
	14,600	*	Packeteer, Inc	248
	6,363	*	PalmSource, Inc	139
	148,355	*	Parametric Technology Corp	585
	11,637	*	PC-Tel, Inc	123
	8,962	*	PDF Solutions, Inc	134
	4,909	*	PDI, Inc	132
	4,834	*	PEC Solutions, Inc	82
	14,923	*	Pegasus Solutions, Inc	156
	5,813	*	Pegasystems, Inc	50
	213,624	*	Peoplesoft, Inc	4,871
	45,880	*	Perot Systems Corp
			(Class A)	618
	14,187	*	Pixar, Inc	983
	18,199	*	Portal Software, Inc	122
	7,824	e*	Portfolio Recovery
			Associates, Inc	208
	10,100	*	ProcureNet, Inc	2
	16,455	*	Progress Software Corp	337
	22,966	*	Pumatech, Inc	91
	5,783	*	QAD, Inc	71
	1,861	*	Quality Systems, Inc	83
	24,864	*	Quest Software, Inc	353
	15,590	*	R.H. Donnelley Corp	621
	10,275	*	Radiant Systems, Inc	86
	10,990	e*	Radisys Corp	185
	28,431	*	Raindance
			Communications, Inc	78
	50,751	*	RealNetworks, Inc	290
	79,379	*	Red Hat, Inc	1,490
	88,638	b,e*	Redback Networks, Inc	20
	20,586	*	Register.com, Inc	108
	5,893	e*	Renaissance Learning, Inc	142
	47,103	*	Rent-A-Center, Inc	1,407
	15,357	*	Rent-Way, Inc	126
	33,150	*	Retek, Inc	308
	15,376	e*	Rewards Network, Inc	164
	42,218		Reynolds & Reynolds Co
			(Class A)	1,226
	93,221	*	Robert Half International,
			Inc	2,176

11,762		Rollins, Inc	$ 265
16,226	e*	Roxio, Inc	78
30,565	*	RSA Security, Inc	434
46,190	*	S1 Corp	372
6,635	e*	SafeNet, Inc	204
14,653	*	SAFLINK Corp	39
9,000	*	Sanchez Computer
		Associates, Inc	37
48,325	*	Sapient Corp	271
44,918	e*	Scansoft, Inc	239
19,373	*	Secure Computing Corp	347
30,770	*	Seebeyond Technology Corp	132
13,868	*	Serena Software, Inc	254
261,339	*	Siebel Systems, Inc	3,625
6,881	*	SM&A	81
10,259	*	Sohu.com, Inc	308
32,460	*	SonicWALL, Inc	253
28,317	*	Sotheby’s Holdings, Inc
		(Class A)	387
6,545	*	Source Interlink Cos, Inc	70
37,193	e*	Spherion Corp	364
7,812	*	SPSS, Inc	140
5,497	*	SRA International, Inc
		(Class A)	237
4,719		SS&C Technologies, Inc	132
6,756		Startek, Inc	276
10,332	*	Stellent, Inc	102
5,115	e*	Stratasys, Inc	139
2,047,196	*	Sun Microsystems, Inc	9,192
180,437	*	SunGard Data Systems, Inc	5,000
15,098	*	SupportSoft, Inc	199
55,353	*	Sybase, Inc	1,139
14,500	*	Sykes Enterprises, Inc	124
187,416	e*	Symantec Corp	6,494
87,416	*	Synopsys, Inc	2,951
6,801	*	Synplicity, Inc	53
3,657		Syntel, Inc	90
21,300	*	Systems & Computer
		Technology Corp	348
25,790	e*	Take-Two Interactive
		Software, Inc	743
8,272		Talx Corp	191
22,805	*	TeleTech Holdings, Inc	258
7,182	*	TheStreet.com, Inc	30
24,375	*	THQ, Inc	412
52,215	*	TIBCO Software, Inc	353
8,778	*	Tier Technologies, Inc
		(Class B)	72
49,879	*	Titan Corp	1,088
23,431	e	Total System Services, Inc	729
9,814	*	TradeStation Group, Inc	87
20,832	*	Transaction Systems
		Architects, Inc (Class A)	471

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-9

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
BUSINESS SERVICES—(Continued)
	19,209	*	Trizetto Group, Inc	$ 124
	24,979	*	Tyler Technologies, Inc	241
	193,695	*	Unisys Corp	2,876
	27,407	*	United Online, Inc	460
	33,916	*	United Rentals, Inc	653
	10,728	*	Universal Compression
			Holdings, Inc	281
	40,844	*	Valueclick, Inc	371
	17,463	*	Vastera, Inc	70
	3,504	*	Verint Systems, Inc	79
	128,808	*	VeriSign, Inc	2,100
	263,065	*	Veritas Software Corp	9,775
	12,687	*	Verity, Inc	212
	56,013		Viad Corp	1,400
	131,424	*	Vignette Corp	298
	22,542	*	VitalWorks, Inc	100
	10,975	*	Vitria Technology, Inc	78
	4,600	*	Volt Information Sciences,
			Inc	104
	20,373	*	WatchGuard Technologies,
			Inc	119
	14,869	e*	WebEx Communications,
			Inc	299
	192,427	*	WebMD Corp	1,730
	28,858	*	webMethods, Inc	264
	12,167	*	Websense, Inc	356
	53,972	*	Westwood One, Inc	1,846
	47,480	*	Wind River Systems, Inc	416
	340,773	*	Yahoo!, Inc	15,393
			TOTAL BUSINESS SERVICES	506,920
CHEMICALS AND ALLIED       PRODUCTS—11.45%
	989,534		Abbott Laboratories	46,112
	56,130	*	Abgenix, Inc	699
	9,654	*	Able Laboratories, Inc	174
	5,823		Aceto Corp	149
	19,956	*	Adolor Corp	400
	144,223		Air Products & Chemicals,
			Inc	7,619
	16,749	*	Albany Molecular Research,
			Inc	252
	20,016		Albemarle Corp	600
	25,980		Alberto-Culver Co (Class B)	1,639
	11,969	*	Alexion Pharmaceuticals,
			Inc	204
	40,970	*	Alkermes, Inc	553
	83,517		Allergan, Inc	6,415
	24,687		Alpharma, Inc (Class A)	496
	19,054	*	Alteon, Inc	30
	11,613	e*	American Pharmaceutical
			Partners, Inc	390

817,446	*	Amgen, Inc	$ 50,518
58,775	e*	Amylin Pharmaceuticals,
		Inc	1,306
45,146	*	Andrx Corp	1,085
14,958	e*	Aphton Corp	90
11,350		Arch Chemicals, Inc	291
10,615	e*	Arena Pharmaceuticals, Inc	66
22,606	*	Atherogenics, Inc	338
13,020	e*	Atrix Laboratories, Inc	313
39,208	*	Avant Immunotherapeutics,
		Inc	107
67,106		Avery Dennison Corp	3,759
11,715	e*	AVI BioPharma, Inc	48
148,961		Avon Products, Inc	10,053
29,423	*	Barr Pharmaceuticals, Inc	2,264
8,191	*	Benthley Pharmaceuticals,
		Inc	109
185,806	*	Biogen Idec, Inc	6,834
40,252	*	BioMarin Pharmaceutical,
		Inc	313
19,474	e*	Biopure Corp	46
6,528	e*	Biosite, Inc	189
5,667	*	Bone Care International,
		Inc	72
4,925	e*	Bradley Pharmaceuticals,
		Inc	125
1,228,680		Bristol-Myers Squibb Co	35,140
36,285		Cabot Corp	1,155
21,400		Calgon Carbon Corp	133
12,781		Cambrex Corp	323
22,126	*	Cell Genesys, Inc	286
19,100	e*	Cell Therapeutics, Inc	166
31,867	*	Cephalon, Inc	1,543
28,588	*	Charles River Laboratories
		International, Inc	981
8,611	*	Chattem, Inc	154
56,590	*	Chiron Corp	3,225
22,508		Church & Dwight Co, Inc	891
8,858	*	Cima Labs, Inc	289
98,752		Clorox Co	4,795
341,130		Colgate-Palmolive Co	17,074
6,338	*	Collagenex
		Pharmaceuticals, Inc	71
19,747	*	Columbia Laboratories, Inc	124
17,500	*	Connetics Corp	318
28,391	e*	Corixa Corp	171
72,157		Crompton Corp	517
24,314	*	Cubist Pharmaceuticals,
		Inc	296
24,261	*	Cytec Industries, Inc	931
25,183	*	Dade Behring Holdings, Inc	900
2,862	*	DEL Laboratories, Inc	72
6,866	*	Dendreon Corp	55

EQ-10  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
CHEMICALS AND ALLIED       PRODUCTS—(Continued)
	12,894		Diagnostic Products Corp	$ 592
	60,483		Dial Corp	1,722
	7,726	*	Digene Corp	310
	21,667	*	Discovery Laboratories, Inc	227
	7,486	e*	Dov Pharmaceutical, Inc	101
	580,462		Dow Chemical Co	24,130
	631,462		Du Pont (E.I.) de Nemours
			& Co	28,978
	16,585	e*	Durect Corp	43
	49,244		Eastman Chemical Co	1,947
	119,491		Ecolab, Inc	3,270
	9,549	*	Elizabeth Arden, Inc	190
	28,800	*	Encysive Pharmaceuticals,
			Inc	258
	26,867	*	Enzon, Inc	322
	7,324	*	Eon Labs, Inc	373
	10,486	*	EPIX Medical, Inc	171
	21,513	*	Esperion Therapeutics, Inc	745
	64,851		Estee Lauder Cos (Class A)	2,546
	9,259	*	Ethyl Corp	202
	22,673		Ferro Corp	617
	12,785	*	First Horizon
			Pharmaceutical	143
	22,464	*	FMC Corp	767
	216,430	e*	Forest Laboratories, Inc	13,375
	130,185	*	Genentech, Inc	12,181
	29,057	e*	Genta, Inc	302
	122,019	e*	Genzyme Corp	6,020
	17,057		Georgia Gulf Corp	493
	24,816	e*	Geron Corp	247
	126,952	*	Gilead Sciences, Inc	7,381
	647,405		Gillette Co	23,779
	23,112		Great Lakes Chemical Corp	628
	18,570	e*	GTC Biotherapeutics, Inc	59
	14,346	e*	Guilford Pharmaceuticals,
			Inc	97
	17,799		H.B. Fuller Co	529
	3,082	*	Hi-Tech Pharmacal Co, Inc	72
	6,314	*	Hollis-Eden
			Pharmaceuticals	70
	82,151	*	Human Genome Sciences,
			Inc	1,089
	33,360	*	ICOS Corp	1,377
	19,878	*	Idexx Laboratories, Inc	920
	24,568	*	Ilex Oncology, Inc	522
	60,421	*	IMC Global, Inc	600
	32,637	*	ImClone Systems, Inc	1,294
	12,377	*	Immucor, Inc	252
	27,300	*	Immunogen, Inc	138
	25,622	e*	Immunomedics, Inc	117
	19,073	*	Impax Laboratories, Inc	274

25,246	e*	Indevus Pharmaceuticals,
		Inc	$ 149
16,826	*	Inspire Pharmaceuticals,
		Inc	238
2,481		Inter Parfums, Inc	56
15,833	*	InterMune, Inc	367
43,480		International Flavors &
		Fragrances, Inc	1,518
7,460	e*	Inverness Medical
		Innovations, Inc	162
31,866	*	Invitrogen Corp	2,231
27,648	e*	Isis Pharmaceuticals, Inc	180
86,166	*	IVAX Corp	2,058
152,761	*	King Pharmaceuticals, Inc	2,331
8,593	e*	Kos Pharmaceuticals, Inc	370
20,338	*	KV Pharmaceutical Co
		(Class A)	519
31,104	*	La Jolla Pharmaceutical Co	133
3,319	e*	Lannett Co, Inc	56
38,082	e*	Ligand Pharmaceuticals,
		Inc (Class B)	559
611,894		Lilly (Eli) & Co	43,035
17,059		MacDermid, Inc	584
14,386	*	Martek Biosciences Corp	935
46,098	e*	Medarex, Inc	287
26,383	*	Medicines Co	777
16,200		Medicis Pharmaceutical
		Corp (Class A)	1,155
159,932	*	MedImmune, Inc	4,062
1,421,433		Merck & Co, Inc	65,670
5,558		Meridian Bioscience, Inc	58
20,058	*	MGI Pharma, Inc	825
39,611	*	Millennium Chemicals, Inc	502
178,528	*	Millennium
		Pharmaceuticals, Inc	3,333
11,500		Minerals Technologies, Inc	681
172,392		Mylan Laboratories, Inc	4,355
27,500	*	Nabi Biopharmaceuticals	350
6,340		Nature’s Sunshine Products,
		Inc	54
32,435	*	NBTY, Inc	871
31,188	e*	Nektar Therapeutics	424
10,300	*	Neose Technologies, Inc	95
20,039	*	Neurocrine Biosciences,
		Inc	1,093
4,943		NL Industries, Inc	58
13,111	*	Noven Pharmaceuticals,
		Inc	199
18,534	e*	NPS Pharmaceuticals, Inc	570
23,102	*	Nuvelo, Inc	80
6,083		Octel Corp	120
34,037		Olin Corp	683
17,850	*	OM Group, Inc	467

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-11

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
CHEMICALS AND ALLIED       PRODUCTS—(Continued)
	23,400	*	Omnova Solutions, Inc	$ 112
	18,572	*	Onyx Pharmaceuticals, Inc	524
	24,237	*	OraSure Technologies, Inc	193
	24,615	*	OSI Pharmaceuticals, Inc	793
	14,460	*	Pain Therapeutics, Inc	100
	27,154	*	Palatin Technologies, Inc	68
	10,282	e*	Penwest Pharmaceuticals
			Co	178
	77,992	e*	Peregrine Pharmaceuticals,
			Inc	172
	5,003,868		Pfizer, Inc	176,787
	21,028	*	Pharmaceutical Resources,
			Inc	1,370
	11,596	e	PolyMedica Corp	305
	54,377	*	PolyOne Corp	347
	13,681	*	Pozen, Inc	140
	107,770		PPG Industries, Inc	6,899
	29,069	*	Praecis Pharmaceuticals,
			Inc	187
	206,102		Praxair, Inc	7,873
	820,727		Procter & Gamble Co	81,974
	6,663	*	Progenics Pharmaceuticals	126
	58,796	*	Protein Design Labs, Inc	1,052
	4,455		Quaker Chemical Corp	137
	17,093	*	Quidel Corp	185
	5,850	e*	Revlon, Inc (Class A)	13
	100,164		Rohm & Haas Co	4,278
	72,537		RPM International, Inc	1,194
	11,404	*	Salix Pharmaceuticals Ltd	259
	931,154		Schering-Plough Corp	16,193
	26,927	*	Sciclone Pharmaceuticals,
			Inc	183
	13,283	*	Scotts Co (Class A)	786
	49,830	*	Sepracor, Inc	1,192
	14,049	e*	Serologicals Corp	261
	78,420		Sherwin-Williams Co	2,724
	52,278	*	SICOR, Inc	1,422
	44,813		Sigma-Aldrich Corp	2,562
	8,082	*	Sirna Therapeutics, Inc	42
	64,756	b*	Solutia, Inc	24
	3,400		Stepan Co	87
	19,977	e*	SuperGen, Inc	220
	8,600	e*	SurModics, Inc	206
	15,482	*	Tanox, Inc	230
	13,564	*	Third Wave Technologies,
			Inc	62
	28,300	*	Unifi, Inc	183
	10,460	*	United Therapeutics Corp	240
	4,992	e*	USANA Health Sciences, Inc	153
	48,444		USEC, Inc	407

	47,354		Valeant Pharmaceuticals
			International	$ 1,191
	32,115		Valspar Corp	1,587
	47,479	*	Vertex Pharmaceuticals,
			Inc	486
	27,942	*	Vicuron Pharmaceuticals,
			Inc	521
	4,434	*	Virbac Corp	29
	68,050	*	Watson Pharmaceuticals,
			Inc	3,130
	19,683		Wellman, Inc	201
	7,422		West Pharmaceutical
			Services, Inc	252
	38,270	*	WR Grace & Co	98
	841,841		Wyeth	35,736
	7,177	e*	Zymogenetics, Inc	111
			TOTAL CHEMICALS AND
			ALLIED PRODUCTS	850,773
COAL MINING—0.04%
	26,554		Arch Coal, Inc	828
	12,544	e	Consol Energy, Inc	325
	34,966		Massey Energy Co	727
	18,279		Peabody Energy Corp	762
	3,536	*	Westmoreland Coal Co	62
			TOTAL COAL MINING	2,704
COMMUNICATIONS—5.34%
	4,717	*	Acme Communication, Inc	41
	197,459		Alltel Corp	9,198
	132,075	*	American Tower Corp
			(Class A)	1,429
	498,510		AT&T Corp	10,120
	1,423,384	*	AT&T Wireless Services, Inc	11,373
	264,435	*	Avaya, Inc	3,422
	2,991	*	Beasley Broadcast Group,
			Inc (Class A)	49
	1,170,735		BellSouth Corp	33,132
	9,241	e*	Boston Communications
			Group	86
	54,909	e*	Cablevision Systems Corp
			(Class A)	1,284
	8,700	*	Centennial
			Communications Corp	46
	90,854		CenturyTel, Inc	2,964
	164,433	e*	Charter Communications,
			Inc (Class A)	661
	121,673	*	Cincinnati Bell, Inc	614
	332,587		Clear Channel
			Communications, Inc	15,575
	893,042	*	Comcast Corp	29,354
	483,829	*	Comcast Corp Special	15,134
	13,781	*	Commonwealth Telephone
			Enterprises, Inc	520

EQ-12  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
COMMUNICATIONS—(Continued)
	144,018	*	Cox Communications, Inc
			(Class A)	$ 4,961
	21,304	*	Cox Radio, Inc (Class A)	537
	68,708	*	Crown Castle International
			Corp	758
	13,062	*	Crown Media Holdings, Inc
			(Class A)	108
	10,771		CT Communications, Inc	145
	27,011	*	Cumulus Media, Inc
			(Class A)	594
	8,278		D&E Communications, Inc	120
	16,248	*	Digital Generation Systems	36
	17,063	*	Dobson Communications
			Corp (Class A)	112
	144,355	*	EchoStar Communications
			Corp (Class A)	4,908
	27,448	*	Emmis Communications
			Corp (Class A)	742
	23,948	*	Entercom Communications
			Corp	1,268
	28,534	*	Entravision Communications
			Corp (Class A)	317
	2,925	*	Fisher Communications,
			Inc	149
	68,129	*	Foundry Networks, Inc	1,864
	110,841	*	Fox Entertainment Group,
			Inc (Class A)	3,231
	28,844	*	General Communication,
			Inc (Class A)	251
	20,336		Global Payments, Inc	958
	7,893	*	Golden Telecom, Inc	219
	24,664		Gray Television, Inc	373
	19,013		Hearst-Argyle Television,
			Inc	524
	7,400		Hickory Tech Corp	85
	456,724	*	Hughes Electronics Corp	7,559
	1,899	*	Hungarian Telephone &
			Cable	19
	24,183	e*	IDT Corp	536
	9,000	e*	IDT Corp (Class B)	208
	37,399	*	Infonet Services Corp
			(Class B)	64
	28,221	*	Insight Communications
			Co, Inc	291
	264,283	*	InterActiveCorp	8,967
	10,186	e*	j2 Global Communications,
			Inc	252
	2,471	*	Kronos Worldwide, Inc	55
	331,825	e*	Level 3 Communications,
			Inc	1,891
	10,258		Liberty Corp	464
	17,795	*	Lightbridge, Inc	162

15,109	*	Lin TV Corp (Class A)	$ 390
6,429	*	Lodgenet Entertainment
		Corp	118
2,622,326	e*	Lucent Technologies, Inc	7,447
11,138	*	Mastec, Inc	165
34,516	e*	McLeodUSA, Inc (Class A)	51
31,645	*	Mediacom Communications
		Corp	274
10,962	e*	Metro One
		Telecommunications,
		Inc	29
19,332	*	Net2Phone, Inc	131
553,098	*	Nextel Communications,
		Inc (Class A)	15,520
48,453	e*	Nextel Partners, Inc
		(Class A)	652
8,386	*	NII Holdings, Inc (Class B)	626
9,187		North Pittsburgh
		Systems, Inc	174
46,052	*	NTL, Inc	3,212
18,795	*	PanAmSat Corp	405
17,703	*	Paxson Communications
		Corp	68
1,771	e*	Pegasus Communications
		Corp	50
27,626	*	Price Communications Corp	379
29,680	e*	Primus Telecommunications
		Group	302
27,124	*	PTEK Holdings, Inc	239
870,525	*	Qwest Communications
		International, Inc	3,761
26,006	*	Radio One, Inc (Class A)	508
24,496	*	Radio One, Inc (Class D)	473
37,792	e*	RCN Corp	30
22,221	*	Regent Communications,
		Inc	141
8,419	*	Saga Communications, Inc
		(Class A)	156
5,617	*	Salem Communications Corp
		(Class A)	152
2,105,961		SBC Communications, Inc	54,902
2,215		Shenandoah Telecom Co	114
24,097	*	Sinclair Broadcast Group,
		Inc (Class A)	360
19,457	*	Spanish Broadcasting
		System, Inc (Class A)	204
569,979		Sprint Corp (FON Group)	9,359
495,728	*	Sprint Corp (PCS Group)	2,786
8,987		SureWest Communications	363
15,707	e*	Talk America Holdings, Inc	181
31,852		Telephone & Data Systems,
		Inc	1,992

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-13

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
COMMUNICATIONS—(Continued)
	25,663	*	Time Warner Telecom, Inc
			(Class A)	$ 260
	21,141	e*	Tivo, Inc	156
	12,448	*	Triton PCS Holdings, Inc
			(Class A)	69
	9,370	*	U.S. Cellular Corp	333
	52,837	e*	UnitedGlobalcom, Inc
			(Class A)	448
	94,380	*	Univision Communications,
			Inc (Class A)	3,746
	1,743,341		Verizon Communications,
			Inc	61,156
	12,920		Viacom, Inc (Class A)	572
	968,826		Viacom, Inc (Class B)	42,996
	3,354		Warwick Valley Telephone
			Co	99
	11,805	*	West Corp	274
	38,392	*	Western Wireless Corp
			(Class A)	705
	16,581	f	Wiltel Communications
			Group Inc	0
	20,692	*	Wireless Facilities, Inc	307
	70,363	e*	XM Satellite Radio
			Holdings, Inc	1,855
	8,090	*	Young Broadcasting, Inc
			(Class A)	162
			TOTAL COMMUNICATIONS	396,582
DEPOSITORY INSTITUTIONS—10.73%
	8,438		1st Source Corp	182
	5,788		ABC Bancorp	92
	3,469		American National
			Bankshares, Inc	92
	5,462	*	AmericanWest Bancorp	125
	222,638		AmSouth Bancorp	5,455
	12,870		Anchor Bancorp
			Wisconsin, Inc	320
	5,163		Arrow Financial Corp	143
	43,766		Associated Banc-Corp	1,867
	49,013		Astoria Financial Corp	1,823
	2,189		Bancfirst Corp	128
	49,203		Bancorpsouth, Inc	1,167
	3,789		BancTrust Financial
			Group, Inc	61
	22,998		Bank Mutual Corp	262
	949,339		Bank Of America Corp	76,355
	8,075		Bank Of Granite Corp	176
	37,311		Bank Of Hawaii Corp	1,575
	489,804		Bank Of New York Co, Inc	16,222
	6,086		Bank Of The Ozarks, Inc	137
	724,255		Bank One Corp	33,019
	26,302		BankAtlantic Bancorp, Inc
			(Class A)	500
	103,177		Banknorth Group, Inc	3,356

17,700	*	BankUnited Financial Corp
		(Class A)	$ 456
6,670		Banner Corp	168
38,274		Bay View Capital Corp	82
353,713		BB&T Corp	13,667
3,588		Berkshire Hills Bancorp,
		Inc	130
10,602	*	BOK Financial Corp	411
12,453		Boston Private Financial
		Holdings, Inc	309
4,402		Bryn Mawr Bank Corp	108
5,200		BSB Bancorp, Inc	205
1,908		C&F Financial Corp	76
4,340		Camco Financial Corp	75
5,218		Camden National Corp	158
5,700		Capital City Bank Group,
		Inc	262
3,298	*	Capital Corp of the West	131
12,480	e	Capitol Federal Financial	450
7,671		Cascade Bancorp	148
12,522	e	Cathay General Bancorp	697
2,896		Cavalry Bancorp, Inc	51
2,638		CB Bancshares, Inc	168
5,427		CCBT Financial Cos, Inc	190
4,254		Center Bancorp, Inc	84
2,613		Center Financial Corp	71
4,875	*	Central Coast Bancorp	88
9,200		Central Pacific Financial
		Corp	276
1,816		Century Bancorp, Inc
		(Class A)	64
6,137		CFS Bancorp, Inc	91
2,326		Charter Financial Corp	87
142,727		Charter One Financial, Inc	4,931
14,911		Chemical Financial Corp	543
21,206		Chittenden Corp	713
3,262,775		Citigroup, Inc	158,375
13,600	*	Citigroup, Inc
		(Litigation Wts)	14
27,616		Citizens Banking Corp	904
5,225		Citizens First Bancorp, Inc	119
5,445		Citizens South Banking
		Corp	76
4,775		City Bank	155
10,221		City Holding Co	358
25,564		City National Corp	1,588
2,215		CNB Financial Corp	93
2,458		Coastal Bancorp, Inc	101
6,460		Coastal Financial Corp	114
5,462		CoBiz, Inc	101
78,566		Colonial Bancgroup, Inc	1,361
3,557		Columbia Bancorp	114

EQ-14  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
DEPOSITORY INSTITUTIONS—(Continued)
	4,271		Columbia Bancorp
			(Oregon)	$ 74
	8,589		Columbia Banking
			System, Inc	186
	111,153	e	Comerica, Inc	6,231
	41,726		Commerce Bancorp, Inc	2,198
	39,256		Commerce Bancshares, Inc	1,924
	1,913		Commercial Bankshares,
			Inc	64
	5,137	*	Commercial Capital
			Bancorp, Inc	110
	27,659		Commercial Federal Corp	739
	2,326		Community Bank of
			North Virginia	44
	7,313		Community Bank System,
			Inc	358
	8,620		Community Trust Bancorp,
			Inc	260
	80,587		Compass Bancshares, Inc	3,168
	308,552	*	Concord EFS, Inc	4,579
	10,000		Corus Bankshares, Inc	316
	32,313		Cullen/Frost Bankers, Inc	1,311
	22,718		CVB Financial Corp	438
	12,716		Dime Community
			Bancshares	391
	13,467		Downey Financial Corp	664
	14,400		East West Bancorp, Inc	773
	2,745		Eastern Virginia
			Bankshares, Inc	79
	4,045		ESB Financial Corp	66
	10,084	*	Euronet Worldwide, Inc	182
	2,378		EverTrust Financial Group,
			Inc	76
	2,559		Exchange National
			Bancshares, Inc	93
	3,498		Farmers Capital Bank Corp	119
	2,315		FFLC Bancorp, Inc	67
	8,548		Fidelity Bankshares, Inc	268
	317,863		Fifth Third Bancorp	18,786
	5,068		Financial Institutions, Inc	143
	4,609		First Bancorp
			(North Carolina)	145
	21,681		First Bancorp (Puerto Rico)	857
	5,328		First Busey Corp (Class A)	144
	19,138		First Charter Corp	374
	2,362		First Citizens Banc Corp	67
	3,500		First Citizens Bancshares,
			Inc (Class A)	425
	36,522		First Commonwealth
			Financial Corp	521
	7,987		First Community Bancorp	289

5,865		First Community
		Bancshares, Inc	$ 194
4,325		First Essex Bancorp, Inc	251
12,331		First Federal Capital Corp	278
1,790		First Federal Financial
		Of Kentucky	45
20,558		First Financial Bancorp	328
8,637		First Financial
		Bankshares, Inc	360
8,654		First Financial Corp
		(Indiana)	260
8,000		First Financial Holdings,
		Inc	250
1,934		First M & F Corp	73
11,730		First Merchants Corp	299
29,473		First Midwest Bancorp, Inc	955
5,009		First National Corp	150
3,759		First Oak Brook
		Bancshares, Inc	113
2,100		First Of Long Island Corp	90
6,361		First Republic Bank	228
13,720		First Sentinel Bancorp, Inc	289
1,745		First South Bancorp, Inc	64
4,595		First State Bancorp	160
80,210	e	First Tennessee National
		Corp	3,537
3,444		First United Corp	84
3,732		Firstbank Corp	116
10,166		Firstfed America Bancorp,
		Inc	265
10,719	*	FirstFed Financial Corp	466
48,612		FirstMerit Corp	1,311
3,715		Flag Financial Corp	48
18,329		Flagstar Bancorp, Inc	393
666,643		FleetBoston Financial Corp	29,099
3,093		FloridaFirst Bancorp, Inc	102
8,704		Flushing Financial Corp	159
2,137		FMS Financial Corp	38
29,067		FNB Corp	1,030
4,055		FNB Corp (Virginia)	120
2,796		FNB Corp, Inc	59
2,595		Foothill Independent
		Bancorp	61
1,862		Franklin Financial Corp	57
9,843		Frontier Financial Corp	326
66,885		Fulton Financial Corp	1,465
2,368		GA Financial, Inc	82
3,672		GB&T Bancshares, Inc	87
11,293		Glacier Bancorp, Inc	366
22,328		Gold Banc Corp, Inc	314
79,054		Golden West Financial Corp	8,158
3,528		Great Southern Bancorp, Inc	164

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-15

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
DEPOSITORY INSTITUTIONS—(Continued)
	2,923		Greater Community Bancorp	$ 50
	3,311		Greene County Bancshares,
			Inc	77
	75,377		Greenpoint Financial Corp	2,662
	8,498		Hancock Holding Co	464
	5,763		Hanmi Financial Corp	114
	13,195		Harbor Florida Bancshares,
			Inc	392
	14,705		Harleysville National Corp	443
	6,171		Heartland Financial U.S.A.,
			Inc	115
	6,353	*	Heritage Commerce Corp	78
	3,050		Heritage Financial Corp	67
	99,609		Hibernia Corp (Class A)	2,342
	6,526		Horizon Financial Corp	114
	44,170		Hudson City Bancorp, Inc	1,686
	9,664		Hudson River Bancorp, Inc	377
	28,017		Hudson United Bancorp	1,035
	7,892	e	Humboldt Bancorp	138
	145,073		Huntington Bancshares,
			Inc	3,264
	4,345		IberiaBank Corp	256
	1,673		IBT Bancorp, Inc	99
	7,293		Independent Bank Corp
			(Massachusetts)	210
	12,716		Independent Bank Corp
			(Michigan)	361
	34,813		IndyMac Bancorp, Inc	1,037
	9,290		Integra Bank Corp	204
	11,220	*	Intercept, Inc	127
	6,884		Interchange Financial
			Services Corp	174
	16,563		International Bancshares
			Corp	781
	9,912		Irwin Financial Corp	311
	2,761	*	Itla Capital Corp	138
	1,287,606		J.P. Morgan Chase & Co	47,294
	268,123		KeyCorp	7,861
	4,060		Klamath First Bancorp, Inc	108
	8,269		Lakeland Bancorp, Inc	133
	3,007		Lakeland Financial Corp	106
	2,645		LNB Bancorp, Inc	54
	5,118		LSB Bancshares, Inc	89
	42,202		M & T Bank Corp	4,148
	5,431		Macatawa Bank Corp	154
	17,282		MAF Bancorp, Inc	724
	8,154		Main Street Banks, Inc	216
	3,881		MainSource Financial
			Group, Inc	119
	143,830		Marshall & Ilsley Corp	5,501
	10,945		MB Financial, Inc	398
	9,839		MBT Financial Corp	162

273,656	e	Mellon Financial Corp	$ 8,787
3,662		Mercantile Bank Corp	134
50,213		Mercantile Bankshares
		Corp	2,289
2,270		Merchants Bancshares, Inc	69
14,809		Mid-State Bancshares	377
7,021		Midwest Banc Holdings,
		Inc	156
2,497		MutualFirst Financial, Inc	63
6,228		Nara Bancorp, Inc	170
1,798		NASB Financial, Inc	75
2,099		National Bankshares, Inc	104
350,278		National City Corp	11,888
129,420		National Commerce
		Financial Corp	3,531
13,523		National Penn Bancshares,
		Inc	434
4,050		NBC Capital Corp	108
20,738		NBT Bancorp, Inc	445
29,999		NetBank, Inc	400
122,624		New York Community
		Bancorp, Inc	4,666
99,063		North Fork Bancorp, Inc	4,009
1,641		Northern States Financial
		Corp	47
123,137		Northern Trust Corp	5,716
6,655		Northwest Bancorp, Inc	142
1,861		Oak Hill Financial, Inc	57
6,026		OceanFirst Financial Corp	164
24,200	*	Ocwen Financial Corp	214
40,302		Old National Bancorp	921
1,305		Old Point Financial Corp	41
4,128		Old Second Bancorp, Inc	204
4,900		Omega Financial Corp	189
952		Oneida Financial Corp	21
3,990		PAB Bankshares, Inc	62
21,799		Pacific Capital Bancorp	803
6,318		Pacific Union Bank	161
7,246		Park National Corp	820
2,446		Parkvale Financial Corp	66
4,159		Partners Trust Financial
		Group, Inc	141
4,373		Patriot Bank Corp	125
4,410		Peapack Gladstone
		Financial Corp	137
2,942		Pennfed Financial
		Services, Inc	99
4,608		Pennrock Financial
		Services Corp	143
1,885		Penns Woods Bancorp, Inc	88
6,508		Peoples Bancorp, Inc	192
15,910		People’s Bank	519
5,214		Peoples Holding Co	172

EQ-16  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
DEPOSITORY INSTITUTIONS—(Continued)
	8,380		PFF Bancorp, Inc	$ 304
	179,666		PNC Financial Services
			Group, Inc	9,833
	14,505		Provident Bankshares Corp	427
	26,329	e	Provident Financial Group,
			Inc	841
	1,957		Provident Financial
			Holdings	71
	29,596		Provident Financial
			Services, Inc	559
	11,759		R & G Financial Corp
			(Class B)	468
	140,959		Regions Financial Corp	5,244
	35,413		Republic Bancorp, Inc	478
	4,200		Republic Bancorp, Inc
			(Class A) (Kentucky)	82
	5,703		Republic Bancshares, Inc	179
	2,732		Resource Bankshares Corp	86
	10,188		Riggs National Corp	168
	3,003		Royal Bancshares Of
			Pennsylvania (Class A)	77
	16,872		S & T Bancorp, Inc	504
	6,508		S.Y. Bancorp, Inc	134
	4,430		Santander Bancorp	108
	7,521		Seacoast Banking Corp
			Of Florida	131
	16,810		Seacoast Financial
			Services Corp	461
	4,806		Second Bancorp, Inc	127
	2,131		Security Bank Corp	67
	3,474		Shore Bancshares, Inc	132
	2,863		Sierra Bancorp	45
	23,691	*	Silicon Valley Bancshares	855
	8,960		Simmons First National
			Corp (Class A)	250
	57,974		Sky Financial Group, Inc	1,504
	8,006		Sound Federal Bancorp, Inc	125
	36,930		South Financial Group, Inc	1,029
	3,755		Southern Financial
			Bancorp, Inc	162
	5,000		Southside Bancshares, Inc	93
	215,775		SouthTrust Corp	7,062
	17,744		Southwest Bancorp
			Of Texas, Inc	689
	6,614		Southwest Bancorp, Inc	118
	185,333		Sovereign Bancorp, Inc	4,402
	4,040		State Bancorp, Inc	98
	2,895		State Financial Services
			Corp (Class A)	77
	210,795		State Street Corp	10,978
	33,481		Staten Island Bancorp, Inc	753
	8,357		Sterling Bancorp	238

25,068		Sterling Bancshares, Inc	$ 334
10,776		Sterling Financial Corp
		(Pennsylvania)	299
9,088	*	Sterling Financial Corp
		(Spokane)	311
2,950		Summit Bancshares, Inc	82
4,030	*	Sun Bancorp, Inc
		(New Jersey)	106
3,072		Sun Bancorp, Inc
		(Pennsylvania)	58
156,577		SunTrust Banks, Inc	11,195
192,545		Synovus Financial Corp	5,568
2,147		Taylor Capital Group, Inc	57
45,768		TCF Financial Corp	2,350
14,907		Texas Regional
		Bancshares, Inc
		(Class A)	552
13,973	*	TierOne Corp	321
3,079		Trico Bancshares	97
4,414		Troy Financial Corp	154
11,700		Trust Co Of New Jersey	464
46,926		Trustco Bank Corp NY	617
30,936		Trustmark Corp	905
1,216,891		U.S. Bancorp	36,239
7,528		U.S.B. Holding Co, Inc	146
26,332		UCBH Holdings, Inc	1,026
10,416		UMB Financial Corp	495
18,163		Umpqua Holdings Corp	378
4,656		Union Bankshares Corp	142
125,939		Union Planters Corp	3,966
33,126		UnionBanCal Corp	1,906
23,799		United Bankshares, Inc	743
11,561		United Community Banks,
		Inc	380
19,295		United Community
		Financial Corp	220
3,745		United Securities
		Bancshares	108
1,933		United Security
		Bancshares (California)	53
13,342		Unizan Financial Corp	270
59,284		Valley National Bancorp	1,731
3,304	*	Virginia Commerce
		Bancorp	106
4,624		Virginia Financial Group,
		Inc	164
43,801		W Holding Co, Inc	815
811,854		Wachovia Corp	37,824
1,872		Warwick Community
		Bancorp	64
44,251		Washington Federal, Inc	1,257
8,360		Washington Trust Bancorp,
		Inc	219

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-17

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
DEPOSITORY INSTITUTIONS—(Continued)
	3,681		Wayne Bancorp, Inc	$ 99
	28,729		Webster Financial Corp	1,318
	1,069,322		Wells Fargo & Co	62,972
	11,900		Wesbanco, Inc	330
	10,058		West Bancorporation	174
	9,609		West Coast Bancorp	205
	20,840		Westamerica Bancorp	1,036
	2,384	*	Western Sierra Bancorp	112
	25,400		Whitney Holding Corp	1,041
	6,280		Willow Grove Bancorp, Inc	112
	41,613		Wilmington Trust Corp	1,498
	12,557		Wintrust Financial Corp	566
	4,467		WSFS Financial Corp	200
	4,426		Yadkin Valley Bank and
			Trust Co	76
	5,372		Yardville National Bancorp	138
	57,137		Zions Bancorp	3,504
			TOTAL DEPOSITORY
			INSTITUTIONS	797,437
EATING AND DRINKING PLACES—0.67%
	35,199		Applebee’s International,
			Inc	1,382
	44,889	e	Aramark Corp (Class B)	1,231
	22,177		Bob Evans Farms, Inc	720
	61,742	e*	Brinker International, Inc	2,047
	10,327	*	California Pizza Kitchen, Inc	208
	30,571		CBRL Group, Inc	1,170
	14,737	*	CEC Entertainment, Inc	698
	6,093	e*	Chicago Pizza & Brewery, Inc	91
	29,375	e*	CKE Restaurants, Inc	188
	106,792		Darden Restaurants, Inc	2,247
	7,268	e*	Dave & Buster’s, Inc	92
	12,492		IHOP Corp	481
	21,555	*	Jack In The Box, Inc	460
	38,181	e*	Krispy Kreme Doughnuts,
			Inc	1,397
	13,384		Landry’s Restaurants, Inc	344
	9,144		Lone Star Steakhouse &
			Saloon, Inc	212
	806,562		McDonald’s Corp	20,027
	12,389	*	O’Charley’s, Inc	222
	39,799	e	Outback Steakhouse, Inc	1,760
	16,003	e*	P.F. Chang’s China Bistro,
			Inc	814
	7,238	*	Papa John’s International,
			Inc	242
	18,891	*	Rare Hospitality
			International, Inc	462
	5,161	*	Red Robin Gourmet Burgers,
			Inc	157
	38,400		Ruby Tuesday, Inc	1,094

	26,444	*	Ryan’s Family Steak
			Houses, Inc	$ 400
	24,454	*	Sonic Corp	749
	29,648	e*	The Cheesecake Factory,
			Inc	1,305
	13,117	*	The Steak n Shake Co	234
	15,102		Triarc Cos (Class B)	163
	7,551		Triarc Cos, Inc (Class A)	89
	72,107		Wendy’s International, Inc	2,829
	185,554	*	Yum! Brands, Inc	6,383
			TOTAL EATING AND
			DRINKING PLACES	49,898
EDUCATIONAL SERVICES—0.20%
	81,735	*	Apollo Group, Inc (Class A)	5,558
	9,770	*	Apollo Group, Inc
			(University Of
			Phoenix Online)	673
	60,804	*	Career Education Corp	2,436
	27,875	*	Corinthian Colleges, Inc	1,549
	36,089	*	DeVry, Inc	907
	39,702	*	Education Management
			Corp	1,232
	26,598	*	ITT Educational Services,
			Inc	1,249
	5,340	*	Learning Tree International,
			Inc	93
	10,220	*	Princeton Review, Inc	100
	6,925		Strayer Education, Inc	754
	22,077	*	Sylvan Learning Systems,
			Inc	636
			TOTAL EDUCATIONAL
			SERVICES	15,187
ELECTRIC, GAS, AND SANITARY SERVICES—3.38%
	265,385	*	AES Corp	2,505
	39,800		AGL Resources, Inc	1,158
	79,651	*	Allegheny Energy, Inc	1,016
	54,278		Allete, Inc	1,661
	68,653		Alliant Energy Corp	1,709
	109,981	*	Allied Waste Industries, Inc	1,527
	102,384		Ameren Corp	4,710
	250,459		American Electric Power
			Co, Inc	7,642
	9,750		American States Water Co	244
	114,163	*	Aquila, Inc	387
	31,931		Atmos Energy Corp	776
	30,912		Avista Corp	560
	20,128		Black Hills Corp	600
	10,107		California Water Service
			Group	277
	244,106	e*	Calpine Corp	1,174
	6,800		Cascade Natural Gas Corp	143

EQ-18  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
ELECTRIC, GAS, AND       SANITARY SERVICES—(Continued)
	8,684	*	Casella Waste Systems,
			Inc (Class A)	$ 119
	172,324		Centerpoint Energy, Inc	1,670
	7,331		Central Vermont Public
			Service Corp	172
	9,300		CH Energy Group, Inc	436
	3,154		Chesapeake Utilities Corp	82
	111,800		Cinergy Corp	4,339
	179,836	*	Citizens Communications Co	2,234
	4,419	e*	Clean Harbors, Inc	39
	27,639		Cleco Corp	497
	95,786	*	CMS Energy Corp	816
	4,894		Connecticut Water Service,
			Inc	135
	141,648		Consolidated Edison, Inc	6,092
	104,962		Constellation Energy Group,
			Inc	4,110
	203,489		Dominion Resources, Inc	12,989
	80,008		DPL, Inc	1,671
	106,573		DTE Energy Co	4,199
	571,360		Duke Energy Corp	11,684
	47,200		Duquesne Light Holdings,
			Inc	866
	4,315	*	Duratek, Inc	56
	170,265	e*	Dynegy, Inc (Class A)	729
	179,857		Edison International	3,944
	378,509		El Paso Corp	3,100
	30,424	*	El Paso Electric Co	406
	14,043		Empire District Electric Co	308
	22,339		Energen Corp	917
	92,420		Energy East Corp	2,070
	2,884		EnergySouth, Inc	101
	143,250		Entergy Corp	8,184
	39,773		Equitable Resources, Inc	1,707
	205,675		Exelon Corp	13,649
	191,479		FirstEnergy Corp	6,740
	116,301		FPL Group, Inc	7,608
	43,900		Great Plains Energy, Inc	1,397
	23,383	e	Hawaiian Electric
			Industries, Inc	1,108
	24,300	e	Idacorp, Inc	727
	99,883		KeySpan Corp	3,676
	57,890		Kinder Morgan, Inc	3,421
	12,200		Laclede Group, Inc	348
	70,758		MDU Resources Group, Inc	1,685
	11,400		MGE Energy, Inc	359
	6,822		Middlesex Water Co	138
	41,217		National Fuel Gas Co	1,007
	17,177		New Jersey Resources Corp	661
	27,741		Nicor, Inc	944
	164,207		NiSource, Inc	3,603
	17,762		NiSource, Inc (Sails)	45

80,053		Northeast Utilities	$ 1,615
16,100		Northwest Natural Gas Co	495
33,608		NSTAR	1,630
9,861		NUI Corp	159
54,138		OGE Energy Corp	1,310
50,007		Oneok, Inc	1,104
16,476		Otter Tail Corp	440
22,827		Peoples Energy Corp	960
99,456		Pepco Holdings, Inc	1,943
259,552	e*	PG&E Corp	7,208
58,700		Philadelphia Suburban
		Corp	1,297
19,623		Piedmont Natural Gas Co,
		Inc	853
52,816		Pinnacle West Capital Corp	2,114
24,536		PNM Resources, Inc	689
111,113		PPL Corp	4,861
135,647		Progress Energy, Inc	6,139
34,100	*	Progress Energy, Inc (Cvo)	15
143,357		Public Service Enterprise
		Group, Inc	6,279
59,442		Puget Energy, Inc	1,413
48,635		Questar Corp	1,710
170,557	*	Reliant Resources, Inc	1,255
96,449		Republic Services, Inc	2,472
9,467		Resource America, Inc
		(Class A)	142
70,034		SCANA Corp	2,399
17,008		SEMCO Energy, Inc	83
126,506		Sempra Energy	3,803
73,195	e*	Sierra Pacific Resources	537
1,300		SJW Corp	116
7,700		South Jersey Industries, Inc	312
457,622		Southern Co	13,843
34,838	e*	Southern Union Co	641
19,497		Southwest Gas Corp	438
6,869		Southwest Water Co	110
21,151	*	Stericycle, Inc	988
111,713	e	TECO Energy, Inc	1,610
9,696		Texas Genco Holdings, Inc	315
204,453		TXU Corp	4,850
26,605		UGI Corp	902
7,246		UIL Holdings Corp	327
17,872		Unisource Energy Corp	441
47,411		Vectren Corp	1,169
17,871	*	Waste Connections, Inc	675
374,929		Waste Management, Inc	11,098
42,199		Westar Energy, Inc	855
11,131		Western Gas Resources, Inc	526
30,725		WGL Holdings, Inc	854
324,350		Williams Cos, Inc	3,185
73,826		Wisconsin Energy Corp	2,469
23,000	e	WPS Resources Corp	1,063

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-19

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
ELECTRIC, GAS, AND       SANITARY SERVICES—(Continued)
	252,848		Xcel Energy, Inc	$ 4,293
			TOTAL ELECTRIC, GAS, AND
			SANITARY SERVICES	250,882
ELECTRONIC & OTHER       ELECTRIC EQUIPMENT—8.39%
	13,457	*	Actel Corp	324
	509,064	e*	ADC Telecommunications,
			Inc	1,512
	25,098		Adtran, Inc	778
	10,395	*	Advanced Energy
			Industries, Inc	271
	53,410	*	Advanced Fibre
			Communications, Inc	1,076
	218,779	e*	Advanced Micro Devices,
			Inc	3,260
	35,869	*	Aeroflex, Inc	419
	327,602	e*	Agere Systems, Inc
			(Class A)	999
	682,930	*	Agere Systems, Inc
			(Class B)	1,980
	13,100	*	Alliance Semiconductor
			Corp	93
	242,800	*	Altera Corp	5,512
	105,049		American Power
			Conversion Corp	2,568
	18,600		Ametek, Inc	898
	57,471	*	Amkor Technology, Inc	1,047
	12,371	*	Amphenol Corp (Class A)	791
	231,661		Analog Devices, Inc	10,575
	14,100	*	Anaren Microwave, Inc	199
	10,823		Applica, Inc	82
	192,958	*	Applied Micro Circuits Corp	1,154
	5,154		Applied Signal Technology,
			Inc	119
	36,876	e*	Arris Group, Inc	267
	19,307	*	Artesyn Technologies, Inc	164
	10,816	*	Artisan Components, Inc	222
	261,105	*	Atmel Corp	1,569
	16,805	*	ATMI, Inc	389
	35,808	e*	Avanex Corp	179
	33,610		AVX Corp	559
	18,162		Baldor Electric Co	415
	6,329		Bel Fuse, Inc (Class B)	207
	23,242	*	Benchmark Electronics, Inc	809
	137,952	*	Broadcom Corp (Class A)	4,703
	15,144		C&D Technologies, Inc	290
	3,084	*	Catapult Communications
			Corp	45
	20,286	*	C-COR.net Corp	226

20,893	*	Centillium
		Communications, Inc	$ 118
4,987	*	Ceradyne, Inc	170
8,591	*	Ceva, Inc	89
21,921	*	Checkpoint Systems, Inc	415
29,994	*	ChipPAC, Inc	228
297,495	*	CIENA Corp	1,975
8,917	*	Comtech
		Telecommunications	257
99,240	*	Comverse Technology, Inc	1,746
170,483	e*	Conexant Systems, Inc	847
205,490	e*	Corvis Corp	349
46,259	e*	Cree, Inc	818
21,137		CTS Corp	243
9,400		Cubic Corp	216
74,917	e*	Cypress Semiconductor
		Corp	1,600
3,510	*	Diodes, Inc	67
14,647	*	Ditech Communications
		Corp	280
5,411	e*	Drexler Technology Corp	74
17,233	*	DSP Group, Inc	429
7,762	e*	Dupont Photomasks, Inc	187
17,452	*	Electro Scientific Industries,
		Inc	415
267,005		Emerson Electric Co	17,289
9,333	*	Emerson Radio Corp	35
6,267	*	EMS Technologies, Inc	129
50,014	*	Energizer Holdings, Inc	1,879
10,241	e*	Energy Conversion Devices,
		Inc	92
32,656	*	Entegris, Inc	420
19,300	*	ESS Technology, Inc	328
25,100	*	Exar Corp	429
64,917	*	Fairchild Semiconductor
		International, Inc	1,621
85,133	e*	Finisar Corp	266
4,094		Franklin Electric Co, Inc	248
21,027	e*	FuelCell Energy, Inc	273
127,891	*	Gemstar-TV Guide
		International, Inc	646
6,334,835	e	General Electric Co	196,253
19,307	*	Genesis Microchip, Inc	348
7,477	*	Genlyte Group, Inc	437
76,336	*	GlobespanVirata, Inc	449
53,431	*	GrafTech International Ltd	721
32,640		Harman International
		Industries, Inc	2,415
36,731	*	Harmonic, Inc	266
42,281		Harris Corp	1,605
16,600		Helix Technology Corp	342
13,600	*	Hexcel Corp	101

EQ-20  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
ELECTRONIC & OTHER       ELECTRIC EQUIPMENT—(Continued)
	31,803		Hubbell, Inc (Class B)	$ 1,403
	14,500	*	Hutchinson Technology, Inc	446
	8,555	*	Inet Technologies, Inc	103
	10,901	*	Innovex, Inc	92
	38,402	*	Integrated Circuit
			Systems, Inc	1,094
	65,885	*	Integrated Device
			Technology, Inc	1,131
	18,000	*	Integrated Silicon Solution,
			Inc	282
	4,141,543		Intel Corp	133,358
	35,366	*	Interdigital
			Communications Corp	730
	40,675	*	International Rectifier Corp	2,010
	86,262		Intersil Corp (Class A)	2,144
	11,761		Inter-Tel, Inc	294
	19,297	*	InterVoice, Inc	229
	9,751	*	IXYS Corp	91
	98,991	*	Jabil Circuit, Inc	2,801
	857,568	*	JDS Uniphase Corp	3,130
	54,438	*	Kemet Corp	745
	41,900	*	Kopin Corp	281
	46,810	e*	L-3 Communications
			Holdings, Inc	2,404
	64,746	*	Lattice Semiconductor Corp	627
	6,160	*	Lifeline Systems, Inc	117
	198,517		Linear Technology Corp	8,352
	12,148	*	Littelfuse, Inc	350
	10,860		LSI Industries, Inc	147
	225,096	*	LSI Logic Corp	1,997
	9,173	e*	Manufacturers Services Ltd	56
	15,759	*	Mattson Technology, Inc	193
	205,910		Maxim Integrated Products,
			Inc	10,254
	49,412		Maytag Corp	1,376
	65,915	*	McData Corp (Class A)	628
	6,791	e*	Medis Technologies Ltd	73
	29,983	*	MEMC Electronic Materials,
			Inc	288
	13,358	*	Mercury Computer Systems,
			Inc	333
	20,300		Methode Electronics, Inc	248
	4,764	*	Metrologic Instruments, Inc	129
	34,970	*	Micrel, Inc	545
	129,129		Microchip Technology, Inc	4,308
	349,721	*	Micron Technology, Inc	4,711
	18,418	*	Microsemi Corp	453
	9,224	*	MIPS Technologies, Inc	50
	81,546		Molex, Inc	2,845
	13,935	*	Monolithic System
			Technology, Inc	119

9,589	*	Moog, Inc (Class A)	$ 474
1,467,923		Motorola, Inc	20,654
63,379	e*	MRV Communications, Inc	238
22,268	*	Mykrolis Corp	358
2,738		National Presto Industries,
		Inc	99
115,810	e*	National Semiconductor
		Corp	4,564
33,837	*	New Focus, Inc	170
95,147	*	Novellus Systems, Inc	4,001
95,483	*	Nvidia Corp	2,220
14,938	e*	Omnivision Technologies,
		Inc	825
21,851	*	ON Semiconductor Corp	141
37,661	*	Openwave Systems, Inc	414
67,060	*	Oplink Communications,
		Inc	160
8,959	*	Optical Communication
		Products, Inc	33
8,004	e*	OSI Systems, Inc	154
10,650		Park Electrochemical Corp	282
18,159	e*	Pemstar, Inc	60
12,746	*	Pericom Semiconductor
		Corp	136
17,665	*	Photronics, Inc	352
22,126	*	Pixelworks, Inc	244
25,394	*	Plantronics, Inc	829
25,100	*	Plexus Corp	431
17,908	e*	Plug Power, Inc	130
107,267	*	PMC-Sierra, Inc	2,161
62,689	*	Polycom, Inc	1,224
3,961	*	Powell Industries, Inc	76
16,150	*	Power Integrations, Inc	540
39,483	*	Power-One, Inc	428
42,451	e*	Powerwave Technologies,
		Inc	325
74,711	*	Proxim Corp (Class A)	125
59,573	*	QLogic Corp	3,074
500,474		Qualcomm, Inc	26,991
51,200	*	Rambus, Inc	1,572
4,231		Raven Industries, Inc	125
20,050	*	Rayovac Corp	420
13,808		Regal-Beloit Corp	304
35,393	*	Remec, Inc	298
109,341	e*	RF Micro Devices, Inc	1,099
3,173		Richardson Electronics Ltd	39
112,962		Rockwell Collins, Inc	3,392
9,200	*	Rogers Corp	406
323,386	*	Sanmina-SCI Corp	4,078
30,303	e*	SBA Communications Corp	115
8,862	*	SBS Technologies, Inc	130
88,676		Scientific-Atlanta, Inc	2,421

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-21

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
ELECTRONIC & OTHER       ELECTRIC EQUIPMENT—(Continued)
	14,730	*	Seachange International,
			Inc	$ 227
	37,072	*	Semtech Corp	843
	42,984	*	Silicon Image, Inc	311
	18,471	*	Silicon Laboratories, Inc	798
	49,567	*	Silicon Storage Technology,
			Inc	545
	3,900	*	Siliconix, Inc	178
	15,115	*	Sipex Corp	117
	600,303	e*	Sirius Satellite Radio, Inc	1,897
	93,620	*	Skyworks Solutions, Inc	814
	10,566		Smith (A.O.) Corp	370
	129,028	*	Sonus Networks, Inc	975
	9,900		Spectralink Corp	190
	8,300	*	Standard Microsystems
			Corp	210
	7,700	*	Stoneridge, Inc	116
	52,434	*	Stratex Networks, Inc	223
	32,941	*	Superconductor
			Technologies	184
	6,187	*	Supertex, Inc	118
	105,635	*	Sycamore Networks, Inc	554
	22,804	*	Symmetricom, Inc	166
	9,228	*	Synaptics, Inc	138
	25,272	*	Technitrol, Inc	524
	31,793	*	Tekelec	494
	261,419	*	Tellabs, Inc	2,204
	39,800	*	Terayon Communication
			Systems, Inc	179
	1,096,237		Texas Instruments, Inc	32,207
	26,740		Thomas & Betts Corp	612
	12,700	*	Three-Five Systems, Inc	67
	8,310	*	Tollgrade Communications,
			Inc	146
	70,717	*	Transmeta Corp	240
	84,227	*	Triquint Semiconductor, Inc	595
	10,892	*	TTM Technologies, Inc	184
	6,002	*	Ulticom, Inc	58
	9,900	e*	Universal Display Corp	135
	8,200	*	Universal Electronics, Inc	104
	44,266	*	Utstarcom, Inc	1,641
	30,597	e*	Valence Technology, Inc	118
	17,958	*	Varian Semiconductor
			Equipment Associates,
			Inc	785
	71,635	e*	Verso Technologies, Inc	229
	1	*	Vialta, Inc	0
	13,162	*	Viasat, Inc	252
	11,645	*	Vicor Corp	133
	7,115	*	Virage Logic Corp	72

	101,365	*	Vishay Intertechnology, Inc	$ 2,321
	128,775	*	Vitesse Semiconductor
			Corp	756
	26,842	*	Westell Technologies, Inc	169
	43,621		Whirlpool Corp	3,169
	12,033	*	White Electronic Designs
			Corp	106
	12,719	*	Wilson Greatbatch
			Technologies, Inc	538
	5,800		Woodhead Industries, Inc	98
	17,543	*	Xicor, Inc	199
	214,000	*	Xilinx, Inc	8,290
	24,773	*	Zhone Technologies, Inc	122
			TOTAL ELECTRONIC & OTHER
			ELECTRIC EQUIPMENT	623,816
ENGINEERING AND       MANAGEMENT SERVICES—0.79%
	9,843	e*	aaiPharma, Inc	247
	5,866	*	Advisory Board Co	205
	36,958	*	Affymetrix, Inc	910
	14,953	e*	Antigenics, Inc	169
	44,940	*	Applera Corp (Celera
			Genomics Group)	625
	25,500	*	Ariad Pharmaceuticals, Inc	190
	97,390	*	BearingPoint, Inc	983
	3,352	*	Bioreliance Corp	160
	51,323	*	Celgene Corp	2,311
	48,938	*	Century Business Services,
			Inc	219
	4,860	*	Charles River Associates,
			Inc	155
	14,000	*	Ciphergen Biosystems, Inc	157
	7,590	*	Cornell Cos, Inc	104
	23,799	*	Corporate Executive
			Board Co	1,111
	21,701	*	Corrections Corp
			Of America	626
	38,628	*	Covance, Inc	1,035
	27,533	*	CuraGen Corp	202
	17,495	e*	CV Therapeutics, Inc	256
	28,183	*	Decode Genetics, Inc	231
	9,544	*	Digitas, Inc	89
	16,593	*	Diversa Corp	153
	16,372	*	eResearch Technology, Inc	416
	9,069	e*	Exact Sciences Corp	92
	29,432	*	Exelixis, Inc	208
	26,263	*	Exult, Inc	187
	12,681	*	First Consulting Group, Inc	71
	51,558		Fluor Corp	2,044
	8,600	*	Forrester Research, Inc	154
	26,299	e*	FTI Consulting, Inc	615
	36,957	*	Gartner, Inc (Class A)	418

EQ-22  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
ENGINEERING AND       MANAGEMENT SERVICES—(Continued)
	12,190	*	Gartner, Inc (Class B)	$ 133
	19,600	*	Gene Logic, Inc	102
	5,751	*	Genencor International, Inc	91
	29,928	*	Gen-Probe, Inc	1,091
	277,248		Halliburton Co	7,208
	10,362	*	Hewitt Associates, Inc	310
	44,352	*	Incyte Corp	303
	30,864	*	Jacobs Engineering Group,
			Inc	1,482
	11,776	*	Kosan Biosciences, Inc	116
	4,967		Landauer, Inc	203
	23,518	*	Lexicon Genetics, Inc	139
	13,467	*	Luminex Corp	126
	9,783	*	MAXIMUS, Inc	383
	16,427	*	Maxygen, Inc	175
	165,116		Monsanto Co	4,752
	79,026		Moody’s Corp	4,785
	3,400	*	MTC Technologies, Inc	110
	16,608	e*	Myriad Genetics, Inc	214
	28,385	*	Navigant Consulting, Inc	535
	7,867	*	Neopharm, Inc	144
	4,786	*	Newtek Business Services,
			Inc	33
	16,355	*	Parexel International Corp	266
	209,184		Paychex, Inc	7,782
	17,567	*	Per-Se Technologies, Inc	268
	30,456	*	Pharmaceutical Product
			Development, Inc	821
	14,400	*	Pharmacopeia, Inc	205
	25,516	*	PRG-Schultz International,
			Inc	125
	46,092		Quest Diagnostics, Inc	3,370
	14,653	*	Regeneration Technologies,
			Inc	161
	21,665	*	Regeneron
			Pharmaceuticals, Inc	319
	17,563	*	Repligen Corp	77
	5,637	e*	Research Frontiers, Inc	52
	12,497	*	Resources Connection, Inc	341
	9,899	*	Right Management
			Consultants, Inc	185
	34,400	*	Savient Pharmaceuticals,
			Inc	159
	14,136	*	Seattle Genetics, Inc	121
	189,613		Servicemaster Co	2,209
	4,738	*	SFBC International, Inc	126
	9,444	*	Sourcecorp	242
	14,709	*	Symyx Technologies, Inc	302
	4,200	*	Tejon Ranch Co	172
	24,159	e*	Telik, Inc	556
	31,641	*	Tetra Tech, Inc	787

	18,442	*	Transkaryotic Therapies,
			Inc	$ 288
	7,144	e*	TRC Cos, Inc	150
	8,364	e*	Trimeris, Inc	175
	30,798	*	Tularik, Inc	497
	42,834	*	U.S. Oncology, Inc	461
	13,700	*	URS Corp	343
	16,035	*	Washington Group
			International, Inc	545
	20,746	*	Watson Wyatt & Co Holdings	501
			TOTAL ENGINEERING AND
			MANAGEMENT
			SERVICES	58,384
EXECUTIVE, LEGISLATIVE AND       GENERAL—0.00%
	3,415	*	Omega Protein Corp	26
			TOTAL EXECUTIVE,
			LEGISLATIVE AND
			GENERAL	26
FABRICATED METAL PRODUCTS—0.65%
	24,298	*	Alliant Techsystems, Inc	1,403
	35,341		Ball Corp	2,105
	7,926		CIRCOR International, Inc	191
	32,350		Crane Co	994
	94,065	*	Crown Holdings, Inc	852
	72,797		Danaher Corp	6,679
	4,001	*	Drew Industries, Inc	111
	92,276		Fortune Brands, Inc	6,597
	15,890	e*	Griffon Corp	322
	3,889	*	Gulf Island Fabrication, Inc	66
	25,593		Harsco Corp	1,121
	163,164	e	Illinois Tool Works, Inc	13,691
	10,487	*	Intermagnetics General
			Corp	232
	46,619	*	Jacuzzi Brands, Inc	331
	302,231		Masco Corp	8,284
	5,217		Material Sciences Corp	53
	8,197	*	Mobile Mini, Inc	162
	11,929	*	NCI Building Systems, Inc	285
	23,244	e*	Raytech Corp	77
	36,324	e*	Shaw Group, Inc	495
	7,037	*	Silgan Holdings, Inc	300
	9,468	*	Simpson Manufacturing
			Co, Inc	482
	36,602		Snap-On, Inc	1,180
	41,464		Stanley Works	1,570
	14,300		Sturm Ruger & Co, Inc	163
	34,753	e*	Tower Automotive, Inc	237
	9,083		Valmont Industries, Inc	210

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-23

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
FABRICATED METAL PRODUCTS—(Continued)
	9,000		Watts Water Technologies,
			Inc (Class A)	$ 200
			TOTAL FABRICATED METAL
			PRODUCTS	48,393
FOOD AND KINDRED PRODUCTS—3.30%
	9,273	*	American Italian Pasta Co
			(Class A)	389
	529,035		Anheuser-Busch Cos, Inc	27,870
	328,931		Archer Daniels Midland Co	5,006
	4,800	*	Boston Beer Co, Inc
			(Class A)	87
	143,173		Campbell Soup Co	3,837
	2,306		Coca-Cola Bottling Co
			Consolidated	123
	1,358,508		Coca-Cola Co	68,944
	140,870		Coca-Cola Enterprises, Inc	3,081
	340,580		Conagra Foods, Inc	8,988
	55,760	e*	Constellation Brands, Inc
			(Class A)	1,836
	16,203		Coors (Adolph) Co (Class B)	909
	22,635		Corn Products
			International, Inc	780
	36,707	*	Darling International, Inc	101
	98,278	*	Dean Foods Co	3,230
	116,488	*	Del Monte Foods Co	1,211
	532		Farmer Brothers Co	166
	20,087		Flowers Foods, Inc	518
	234,355		General Mills, Inc	10,616
	222,895		H.J. Heinz Co	8,120
	56,784	*	Hercules, Inc	693
	56,039		Hershey Foods Corp	4,314
	3,334	*	Horizon Organic Holding
			Corp	80
	46,873		Hormel Foods Corp	1,210
	10,300	*	International Multifoods
			Corp	185
	28,269		Interstate Bakeries Corp	402
	3,239	*	J & J Snack Foods Corp	122
	31,715		J.M. Smucker Co	1,436
	156,057		Kellogg Co	5,943
	174,620		Kraft Foods, Inc (Class A)	5,626
	17,332		Lancaster Colony Corp	783
	14,800		Lance, Inc	222
	5,764	*	M&F Worldwide Corp	77
	86,060		McCormick & Co, Inc
			(Non-Vote)	2,590
	1,700	*	National Beverage Corp	28
	6,754	*	Peets Coffee & Tea, Inc	118
	107,902		Pepsi Bottling Group, Inc	2,609
	45,893		PepsiAmericas Inc	786
	1,089,117		PepsiCo, Inc	50,775

	9,700		Pilgrim’s Pride Corp	$ 158
	18,112	*	Ralcorp Holdings, Inc	568
	3,200		Riviana Foods, Inc	88
	6,081	*	Robert Mondavi Corp
			(Class A)	236
	2,700		Sanderson Farms, Inc	109
	492,678		Sara Lee Corp	10,696
	24,751		Sensient Technologies Corp	489
	54,399	*	Smithfield Foods, Inc	1,126
	15,845		Tootsie Roll Industries, Inc	570
	19,746		Topps Co, Inc	203
	126,474		Tyson Foods, Inc (Class A)	1,675
	102,857		Wrigley (Wm.) Jr Co	5,782
			TOTAL FOOD AND KINDRED
			PRODUCTS	245,511
FOOD STORES—0.44%
	15,592	*	7-Eleven, Inc	250
	215,414		Albertson’s, Inc	4,879
	786		Arden Group, Inc (Class A)	61
	9,632	*	Great Atlantic & Pacific
			Tea Co, Inc	81
	5,084		Ingles Markets, Inc
			(Class A)	52
	478,390	*	Kroger Co	8,855
	17,744	e*	Panera Bread Co (Class A)	701
	3,003	*	Pantry, Inc	68
	17,734	*	Pathmark Stores, Inc	135
	20,200		Ruddick Corp	362
	279,871	*	Safeway, Inc	6,132
	247,639	*	Starbucks Corp	8,187
	7,145		Weis Markets, Inc	259
	32,217		Whole Foods Market, Inc	2,163
	15,937	*	Wild Oats Markets, Inc	206
	53,210	e	Winn-Dixie Stores, Inc	529
			TOTAL FOOD STORES	32,920
FORESTRY—0.12%
	138,964		Weyerhaeuser Co	8,894
			TOTAL FORESTRY	8,894
FURNITURE AND FIXTURES—0.32%
	6,589		Bassett Furniture
			Industries, Inc	109
	20,630		Ethan Allen Interiors, Inc	864
	28,965		Furniture Brands
			International, Inc	850
	46,268		Herman Miller, Inc	1,123
	32,154		Hillenbrand Industries, Inc	1,995
	36,799		HON Industries, Inc	1,594
	1,719		Hooker Furniture Corp	70
	56,614		Johnson Controls, Inc	6,574
	18,600		Kimball International, Inc
			(Class B)	289

EQ-24  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
FURNITURE AND FIXTURES—(Continued)
	35,328		La-Z-Boy, Inc	$ 741
	39,551		Lear Corp	2,426
	121,798		Leggett & Platt, Inc	2,634
	173,387		Newell Rubbermaid, Inc	3,948
	12,997	*	Select Comfort Corp	322
	3,079		Stanley Furniture Co, Inc	97
	26,080		Steelcase, Inc (Class A)	375
			TOTAL FURNITURE AND
			FIXTURES	24,011
FURNITURE AND HOMEFURNISHINGS       STORES—0.37%
	187,321	*	Bed Bath & Beyond, Inc	8,120
	165,635		Best Buy Co, Inc	8,653
	118,835		Circuit City Stores, Inc
			(Circuit City Group)	1,204
	13,718	*	Cost Plus, Inc	562
	8,547	*	Electronics Boutique
			Holdings Corp	196
	12,718	*	Gamestop Corp (Class A)	196
	8,668	*	Guitar Center, Inc	282
	9,496		Haverty Furniture Cos, Inc	189
	12,287	*	Intertan, Inc	124
	6,676	*	Kirkland’s, Inc	118
	27,887	*	Linens ‘n Things, Inc	839
	56,855		Pier 1 Imports, Inc	1,243
	106,862		RadioShack Corp	3,279
	10,853	*	Restoration Hardware, Inc	52
	4,298	*	Rex Stores Corp	61
	20,524	*	The Bombay Co, Inc	167
	8,499	e*	Trans World Entertainment
			Corp	61
	13,099	*	Tweeter Home Entertainment
			Group, Inc	124
	6,205	*	Ultimate Electronics, Inc	47
	52,850	*	Williams-Sonoma, Inc	1,838
			TOTAL FURNITURE AND
			HOMEFURNISHINGS
			STORES	27,355
GENERAL BUILDING CONTRACTORS—0.34%
	8,401		Beazer Homes U.S.A., Inc	820
	9,425		Brookfield Homes Corp	243
	39,289		Centex Corp	4,229
	75,006		D.R. Horton, Inc	3,245
	2,049	*	Dominion Homes, Inc	62
	10,301	e*	Hovnanian Enterprises, Inc
			(Class A)	897
	25,354		KB Home	1,839
	2,913		Lennar Corp	266
	34,037		Lennar Corp (Class A)	3,268
	6,724		M/I Schottenstein Homes,
			Inc	263

	11,962		MDC Holdings, Inc	$ 772
	5,618	*	Meritage Corp	373
	3,699	*	NVR, Inc	1,724
	10,855	*	Palm Harbor Homes, Inc	194
	9,272	*	Perini Corp	85
	30,776		Pulte Homes, Inc	2,881
	15,996		Ryland Group, Inc	1,418
	20,223		Standard-Pacific Corp	982
	1,783	*	Technical Olympic U.S.A.,
			Inc	49
	29,023	*	Toll Brothers, Inc	1,154
	17,418		Walter Industries, Inc	233
	10,333	*	WCI Communities, Inc	213
	2,532	e*	William Lyon Homes, Inc	159
			TOTAL GENERAL BUILDING
			CONTRACTORS	25,369
GENERAL MERCHANDISE STORES—2.33%
	24,592	*	99 Cents Only Stores	670
	73,503	*	Big Lots, Inc	1,044
	43,518	*	BJ’s Wholesale Club, Inc	999
	7,549	*	Brookstone, Inc	161
	27,916		Casey’s General Stores, Inc	493
	289,304	e*	Costco Wholesale Corp	10,756
	39,641		Dillard’s, Inc (Class A)	652
	180,316		Dollar General Corp	3,785
	72,016	*	Dollar Tree Stores, Inc	2,165
	94,925		Family Dollar Stores, Inc	3,406
	118,897		Federated Department
			Stores, Inc	5,604
	24,664		Fred’s, Inc	764
	172,130		J.C. Penney Co, Inc	4,524
	10,715	*	Jo-Ann Stores, Inc	219
	181,646	*	Kohl’s Corp	8,163
	183,031		May Department Stores Co	5,321
	15,803	*	Neiman Marcus Group, Inc
			(Class A)	848
	7,201	*	Neiman Marcus Group, Inc
			(Class B)	360
	78,910	*	Saks, Inc	1,187
	171,456		Sears Roebuck & Co	7,800
	16,992	*	ShopKo Stores, Inc	259
	13,565	*	Stein Mart, Inc	112
	577,454		Target Corp	22,174
	135,510	*	Toys ‘R’ Us, Inc	1,713
	8,397	*	Tuesday Morning Corp	254
	1,684,699		Wal-Mart Stores, Inc	89,373
			TOTAL GENERAL
			MERCHANDISE STORES	172,806
HEALTH SERVICES—0.77%
	30,221	*	Accredo Health, Inc	955
	16,206	e*	American Healthways, Inc	387
	11,573	*	Amsurg Corp	439

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-25

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
HEALTH SERVICES—(Continued)
	34,626	*	Apria Healthcare Group, Inc	$ 986
	58,444	*	Beverly Enterprises, Inc	502
	166,025	*	Caremark Rx, Inc	4,205
	7,077	*	Chronimed, Inc	60
	31,361	*	Community Health
			Systems, Inc	834
	4,011	*	Corvel Corp	151
	29,156	*	Coventry Health Care, Inc	1,880
	18,082	*	Cross Country Healthcare,
			Inc	270
	9,550	e*	CryoLife, Inc	55
	6,155	*	Curative Health Services,
			Inc	85
	37,817	*	DaVita, Inc	1,475
	3,084	e*	Dynacq Healthcare, Inc	24
	13,855	*	Enzo Biochem, Inc	248
	39,314	*	Express Scripts, Inc	2,612
	57,075	*	First Health Group Corp	1,111
	7,795	*	Genesis HealthCare Corp	178
	15,301	*	Gentiva Health Services,
			Inc	193
	311,112		HCA, Inc	13,365
	150,936	e	Health Management
			Associates, Inc
			(Class A)	3,622
	35,152		Hooper Holmes, Inc	217
	3,482	*	IMPAC Medical Systems,
			Inc	89
	18,558	*	Inveresk Research Group,
			Inc	459
	7,473	*	Kindred Healthcare, Inc	388
	5,491	*	LabOne, Inc	178
	93,926	*	Laboratory Corp Of
			America Holdings	3,471
	23,836	*	LifePoint Hospitals, Inc	702
	61,172	*	Lincare Holdings, Inc	1,837
	56,981		Manor Care, Inc	1,970
	5,446	*	Matria Healthcare, Inc	115
	13,515	e*	MIM Corp	95
	4,992	*	National Healthcare Corp	99
	15,591	*	NeighborCare, Inc	308
	20,041	*	Odyssey HealthCare, Inc	586
	7,330	*	Option Care, Inc	78
	31,058	e*	Orthodontic Centers
			Of America, Inc	250
	14,986	*	Pediatrix Medical Group,
			Inc	826
	28,650	*	Province Healthcare Co	458
	9,830	*	RehabCare Group, Inc	209
	30,345	*	Renal Care Group, Inc	1,250
	29,076		Select Medical Corp	473
	3,930	*	Specialty Laboratories, Inc	66

	10,538	e*	Sunrise Senior Living, Inc	$ 408
	295,937	*	Tenet Healthcare Corp	4,750
	47,467	*	Triad Hospitals, Inc	1,579
	7,721	*	U.S. Physical Therapy, Inc	121
	10,931	*	United Surgical Partners
			International, Inc	366
	31,073		Universal Health Services,
			Inc (Class B)	1,669
	19,323	*	VCA Antech, Inc	599
	7,404	*	VistaCare, Inc (Class A)	260
			TOTAL HEALTH SERVICES	57,513
HEAVY CONSTRUCTION,       EXCEPT BUILDING—0.01%
	20,500		Granite Construction, Inc	482
	13,749	*	Insituform Technologies,
			Inc (Class A)	227
			TOTAL HEAVY CONSTRUCTION,
			EXCEPT BUILDING	709
HOLDING AND OTHER       INVESTMENT OFFICES—2.19%
	7,458	*	4Kids Entertainment, Inc	194
	9,740		Acadia Realty Trust	122
	6,320		Alabama National Bancorp	332
	1,223	*	Alexander’s, Inc	152
	12,050		Alexandria Real Estate
			Equities, Inc	698
	7,939		Allegiant Bancorp, Inc	223
	79,376	e	Allied Capital Corp	2,213
	47,586		AMB Property Corp	1,565
	15,750		Amcore Financial, Inc	426
	12,252		American Home Mortgage
			Investment Corp	276
	2,899		American Land Lease, Inc	58
	4,562		American Mortgage
			Acceptance Co	74
	1,209	*	American Realty Investors,
			Inc	11
	10,870		AMLI Residential
			Properties Trust	291
	59,266	e	Annaly Mortgage
			Management, Inc	1,090
	31,045		Anthracite Capital, Inc	344
	24,845		Anworth Mortgage Asset
			Corp	346
	59,591		Apartment Investment &
			Management Co
			(Class A)	2,056
	115,562		Archstone-Smith Trust	3,233
	35,704		Arden Realty, Inc	1,083
	9,258		Associated Estates Realty
			Corp	68

EQ-26  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
HOLDING AND OTHER       INVESTMENT OFFICES—(Continued)
	38,987		AvalonBay Communities,
			Inc	$ 1,864
	8,015		Bedford Property Investors,
			Inc	229
	44,145		Boston Properties, Inc	2,127
	12,005	*	Boykin Lodging Co	110
	17,757		Brandywine Realty Trust	475
	30,974		BRE Properties, Inc
			(Class A)	1,035
	35,697		Brookline Bancorp, Inc	548
	1,972		BRT Realty Trust	57
	21,122		Camden Property Trust	936
	15,753		Capital Automotive REIT	504
	5,945		Capitol Bancorp Ltd	169
	6,711	e	Capstead Mortgage Corp	113
	32,583		CarrAmerica Realty Corp	970
	13,247		CBL & Associates
			Properties, Inc	748
	14,700		Centerpoint Properties
			Trust	1,101
	22,503		Chelsea Property Group, Inc	1,233
	3,486		Cherokee, Inc	79
	10,851	e	Colonial Properties Trust	430
	26,067		Commercial Net Lease
			Realty, Inc	464
	4,874		Community Banks, Inc	192
	23,255		Community First
			Bankshares, Inc	673
	7,103		Connecticut Bancshares,
			Inc	366
	36,424		Cornerstone Realty Income
			Trust, Inc	319
	18,733		Corporate Office Properties
			Trust	393
	6,566		Correctional Properties Trust	189
	21,939		Cousins Properties, Inc	671
	49,554		Crescent Real Estate
			Equities Co	849
	6,990	*	Criimi MAE, Inc	73
	47,950		Developers Diversified
			Realty Corp	1,610
	86,505		Duke Realty Corp	2,682
	10,404		Eastgroup Properties, Inc	337
	12,856		Entertainment
			Properties Trust	446
	25,186		Equity Inns, Inc	228
	255,368		Equity Office Properties
			Trust	7,316
	18,899		Equity One, Inc	319
	172,855	e	Equity Residential	5,101

11,361		Essex Property Trust, Inc	$ 730
27,504		Federal Realty Investment
		Trust	1,056
30,649	*	FelCor Lodging Trust, Inc	340
2,816		First Defiance Financial
		Corp	75
7,600		First Indiana Corp	143
24,800		First Industrial Realty
		Trust, Inc	837
44,742		First Niagara Financial
		Group, Inc	667
7,137		First Place Financial Corp	139
38,800		Fremont General Corp	656
47,792		Friedman Billings Ramsey
		Group, Inc	1,103
17,300		Gables Residential Trust	601
136,088		General Growth Properties,
		Inc	3,776
5,862		German American Bancorp	103
5,330		Gladstone Capital Corp	119
10,993		Glenborough Realty Trust,
		Inc	219
19,407	e	Glimcher Realty Trust	434
8,631	e	Great Lakes REIT	136
32,753	e	Greater Bay Bancorp	933
6,970	*	Hawthorne Financial Corp	195
41,061		Health Care Property
		Investors, Inc	2,086
31,206		Health Care REIT, Inc	1,123
26,420	e	Healthcare Realty Trust,
		Inc	945
11,869		Heritage Property
		Investment Trust	338
34,000		Highwoods Properties, Inc	864
19,598		Home Properties, Inc	792
37,129		Hospitality Properties Trust	1,533
175,960	*	Host Marriott Corp	2,168
89,542		HRPT Properties Trust	903
33,650		IMPAC Mortgage Holdings,
		Inc	613
30,549		Independence Community
		Bank Corp	1,099
15,960		Innkeepers U.S.A. Trust	134
22,087		Investors Real Estate Trust	219
63,067		iStar Financial, Inc	2,453
13,254		Keystone Property Trust	293
16,205		Kilroy Realty Corp	531
61,156		Kimco Realty Corp	2,737
12,031		Koger Equity, Inc	252
13,735		Kramont Realty Trust	249
85,578	*	La Quinta Corp	549
13,735		LaSalle Hotel Properties	255

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-27

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
HOLDING AND OTHER       INVESTMENT OFFICES—(Continued)
	22,890		Lexington Corporate
			Properties Trust	$ 462
	49,881	e	Liberty Property Trust	1,940
	11,060	*	Local Financial Corp	230
	8,201		LTC Properties, Inc	121
	36,767		Macerich Co	1,636
	36,732		Mack-Cali Realty Corp	1,529
	8,722		Manufactured Home
			Communities, Inc	328
	2,213		MASSBANK Corp	94
	36,540	*	Meristar Hospitality Corp	238
	38,119	e	MFA Mortgage Investments,
			Inc	372
	9,855		Mid-America Apartment
			Communities, Inc	331
	23,106		Mills Corp	1,017
	9,692		Mission West Properties,
			Inc	126
	12,215		National Health Investors,
			Inc	304
	3,511		National Health Realty, Inc	69
	37,057		Nationwide Health
			Properties, Inc	724
	61,635		New Plan Excel Realty Trust	1,521
	17,412		Newcastle Investment Corp	472
	12,644	e	Novastar Financial, Inc	543
	10,517		Omega Healthcare
			Investors, Inc	98
	9,099		Oriental Financial Group,
			Inc	234
	25,088		Pan Pacific Retail
			Properties, Inc	1,195
	6,387		Parkway Properties, Inc	266
	18,318		Pennsylvania Real Estate
			Investment Trust	665
	116,129		Plum Creek Timber Co, Inc	3,536
	84,242		Popular, Inc	3,786
	20,219		Post Properties, Inc	565
	20,717		Prentiss Properties Trust	683
	11,553	*	Price Legacy Corp	44
	4,400		PrivateBancorp, Inc	200
	103,633		Prologis	3,326
	8,900		Prosperity Bancshares, Inc	200
	2,052		Provident Bancorp, Inc	96
	8,122		PS Business Parks, Inc	335
	63,308		Public Storage, Inc	2,747
	3,184		Quaker City Bancorp, Inc	148
	13,878		RAIT Investment Trust	355
	6,549		Ramco-Gershenson
			Properties	185
	23,900		Realty Income Corp	956

31,625		Reckson Associates Realty
		Corp	$ 768
8,786		Redwood Trust, Inc	447
16,395		Regency Centers Corp	653
49,103		Rouse Co	2,308
9,217		Sandy Spring Bancorp, Inc	345
6,700		Saul Centers, Inc	192
28,166		Senior Housing Properties
		Trust	485
27,844		Shurgard Storage Centers,
		Inc (Class A)	1,048
83,400		Simon Property Group, Inc	3,865
6,532	e	Sizeler Property Investors	70
20,082		SL Green Realty Corp	824
8,856		Sovran Self Storage, Inc	329
7,140		Suffolk Bancorp	247
16,273		Summit Properties, Inc	391
8,490		Sun Communities, Inc	329
25,125		Susquehanna Bancshares,
		Inc	628
4,466		Tanger Factory Outlet
		Centers, Inc	182
28,105		Taubman Centers, Inc	579
44,936		Thornburg Mortgage, Inc	1,222
5,300		Tompkins Trustco, Inc	244
9,100	e	Town & Country Trust	231
2,000	*	Transcontinental Realty
		Investors, Inc	33
51,161		Trizec Properties, Inc	788
14,230	e	U.S. Restaurant Properties,
		Inc	242
76,349		United Dominion Realty
		Trust, Inc	1,466
3,141		United Mobile Homes, Inc	53
12,107		United National Bancorp	433
6,685		Universal Health Realty
		Income Trust	201
12,829		Urstadt Biddle Properties,
		Inc (Class A)	182
46,732		Ventas, Inc	1,028
51,023		Vornado Realty Trust	2,794
589,883	e	Washington Mutual, Inc	23,666
23,012		Washington Real Estate
		Investment Trust	672
20,869		Waypoint Financial Corp	453
29,301		Weingarten Realty Investors	1,299
2,941		Westfield Financial, Inc	70
13,928		Winston Hotels, Inc	142
		TOTAL HOLDING AND OTHER
		INVESTMENT OFFICES	162,795

EQ-28  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
HOTELS AND OTHER       LODGING PLACES—0.29%
	6,395	*	Ameristar Casinos, Inc	$ 156
	16,300	*	Boca Resorts, Inc (Class A)	244
	20,141		Boyd Gaming Corp	325
	12,527		Choice Hotels International,
			Inc	442
	45,331		Extended Stay America, Inc	656
	213,775		Hilton Hotels Corp	3,662
	31,208		Mandalay Resort Group	1,396
	12,275		Marcus Corp	201
	125,120		Marriott International, Inc
			(Class A)	5,781
	43,408	*	MGM Mirage	1,633
	178,802	*	Park Place Entertainment
			Corp	1,936
	13,909	*	Pinnacle Entertainment, Inc	130
	26,000	*	Prime Hospitality Corp	265
	120,660		Starwood Hotels & Resorts
			Worldwide, Inc	4,340
	11,256	*	Vail Resorts, Inc	191
	17,380	*	Wynn Resorts Ltd	487
			TOTAL HOTELS AND OTHER
			LODGING PLACES	21,845
INDUSTRIAL MACHINERY AND       EQUIPMENT—7.35%
	495,636	e	3M Co	42,144
	5,602	*	Aaon, Inc	109
	13,558	*	Actuant Corp	491
	68,650	*	Adaptec, Inc	606
	38,700	*	Advanced Digital
			Information Corp	542
	43,940	*	AGCO Corp	885
	3,167		Alamo Group, Inc	48
	38,968	*	American Standard Cos, Inc	3,924
	2,647		Ampco-Pittsburgh Corp	36
	230,840	*	Apple Computer, Inc	4,933
	1,049,290	*	Applied Materials, Inc	23,557
	9,100	*	Astec Industries, Inc	112
	3,935	*	ASV, Inc	147
	29,236	*	Asyst Technologies, Inc	507
	26,333	*	Avocent Corp	962
	60,828	*	Axcelis Technologies, Inc	622
	213,491		Baker Hughes, Inc	6,866
	2,209		BHA Group Holdings, Inc	56
	49,297		Black & Decker Corp	2,431
	11,587		Black Box Corp	534
	2,333	*	Blount International, Inc	18
	13,742		Briggs & Stratton Corp	926
	23,075	*	Brooks Automation, Inc	558
	6,394		Cascade Corp	143
	218,519		Caterpillar, Inc	18,141

42,351	*	Cirrus Logic, Inc	$ 325
4,448,789	*	Cisco Systems, Inc	108,061
16,664	*	Computer Network
		Technology Corp	159
36,541	*	Concurrent Computer Corp	160
29,863	*	Cooper Cameron Corp	1,392
42,859	*	Cray, Inc	426
21,795		Cummins, Inc	1,067
8,900	*	Cuno, Inc	401
21,800	*	Cymer, Inc	1,007
151,895		Deere & Co	9,881
1,443,950	*	Dell, Inc	49,037
45,595		Diebold, Inc	2,456
24,051		Donaldson Co, Inc	1,423
21,977	*	Dot Hill Systems Corp	333
128,487		Dover Corp	5,107
3,545	*	Dril-Quip, Inc	58
47,105		Eaton Corp	5,086
30,800	*	Electronics For Imaging,
		Inc	801
1,495,456	e*	EMC Corp	19,321
52,378	*	Emulex Corp	1,397
10,965		Engineered Support
		Systems, Inc	604
12,354	*	EnPro Industries, Inc	172
13,100	*	Esterline Technologies Corp	349
21,025	e*	FalconStor Software, Inc	184
7,502	*	Fargo Electronics, Inc	95
31,586	*	Flowserve Corp	660
36,858	*	FMC Technologies, Inc	859
10,111	*	Gardner Denver, Inc	241
138,792	*	Gateway, Inc	638
3,737	*	General Binding Corp	67
14,190	*	Global Power Equipment
		Group, Inc	95
4,415		Gorman-Rupp Co	117
28,737		Graco, Inc	1,152
61,163	*	Grant Prideco, Inc	796
1,934,858		Hewlett-Packard Co	44,444
8,822	*	Hydril	211
18,466	*	Hypercom Corp	88
17,332		IDEX Corp	721
23,464	*	InFocus Corp	227
8,770	*	Interland, Inc	57
1,026,436		International Business
		Machines Corp	95,130
216,716		International Game
		Technology	7,737
33,625		Iomega Corp	201
58,386		ITT Industries, Inc	4,333
26,675		JLG Industries, Inc	406
27,552		Joy Global, Inc	720
7,445	*	Kadant, Inc	161

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-29

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
INDUSTRIAL MACHINERY AND       EQUIPMENT—(Continued)
	16,705		Kaydon Corp	$ 432
	20,909		Kennametal, Inc	831
	14,305	e*	Komag, Inc	209
	30,800	*	Kulicke & Soffa Industries,
			Inc	443
	80,167	*	Lam Research Corp	2,589
	27,420		Lennox International, Inc	458
	74,697	*	Lexmark International, Inc	5,874
	20,305		Lincoln Electric Holdings,
			Inc	502
	7,300		Lindsay Manufacturing Co	184
	3,318		Lufkin Industries, Inc	96
	16,406		Manitowoc Co, Inc	512
	124,096	*	Maxtor Corp	1,377
	1,800	*	Mestek, Inc	35
	10,492	*	Micros Systems, Inc	455
	24,032	e*	Milacron, Inc	100
	15,800		Modine Manufacturing Co	426
	2,982		Nacco Industries, Inc
			(Class A)	267
	50,912	e*	National-Oilwell, Inc	1,138
	190,903	*	Network Appliance, Inc	3,919
	16,178		Nordson Corp	559
	15,541	*	Oil States International, Inc	217
	9,183	*	Omnicell, Inc	149
	5,487	*	Overland Storage, Inc	103
	72,403		Pall Corp	1,943
	23,140	*	PalmOne, Inc	272
	74,990		Parker Hannifin Corp	4,462
	18,080	*	Paxar Corp	242
	31,312		Pentair, Inc	1,431
	148,584		Pitney Bowes, Inc	6,035
	9,183	*	Planar Systems, Inc	223
	18,200	e*	Presstek, Inc	132
	14,999	*	ProQuest Co	442
	90,029	*	Quantum Corp	281
	14,500	*	Rainbow Technologies, Inc	163
	6,900		Robbins & Myers, Inc	131
	43,285	*	Sandisk Corp	2,646
	6,258		Sauer-Danfoss, Inc	101
	4,249		Schawk, Inc	58
	31,470	*	Scientific Games Corp
			(Class A)	535
	10,800	*	Semitool, Inc	116
	10,650	e*	Sigma Designs, Inc	80
	121,346	e*	Silicon Graphics, Inc	166
	3,671	*	Simpletech, Inc	22
	53,903	*	Smith International, Inc	2,238
	494,833	*	Solectron Corp	2,924
	49,412	*	SPX Corp	2,906
	6,800		Standex International Corp	190

	17,350		Stewart & Stevenson
			Services, Inc	$ 244
	69,100	*	Storage Technology Corp	1,779
	145,404		Symbol Technologies, Inc	2,456
	10,245		Tecumseh Products Co
			(Class A)	496
	5,200		Tennant Co	225
	27,111	*	Terex Corp	772
	9,387		Thomas Industries, Inc	325
	36,832		Timken Co	739
	15,400		Toro Co	715
	12,927	*	Ultratech, Inc	380
	29,218	*	UNOVA, Inc	671
	14,417	*	Veeco Instruments, Inc	407
	125,386	*	Western Digital Corp	1,478
	5,714		Woodward Governor Co	325
	468,773	e*	Xerox Corp	6,469
	24,900		York International Corp	916
	23,441	*	Zebra Technologies Corp
			(Class A)	1,556
			TOTAL INDUSTRIAL
			MACHINERY AND
			EQUIPMENT	546,228
INSTRUMENTS AND       RELATED PRODUCTS—2.88%
	13,727	*	Aclara BioSciences, Inc	50
	15,270	e*	Advanced Medical Optics,
			Inc	300
	11,463	*	Advanced Neuromodulation
			Systems, Inc	527
	298,789	*	Agilent Technologies, Inc	8,737
	18,971	e*	Aksys Ltd	168
	10,840	*	Alaris Medical Systems, Inc	165
	26,942	*	Align Technology, Inc	445
	13,074	*	American Medical Systems
			Holdings, Inc	285
	4,800		Analogic Corp	197
	132,593		Applera Corp (Applied
			Biosystems Group)	2,746
	14,828		Arrow International, Inc	370
	12,765	*	Arthrocare Corp	313
	5,241	*	Aspect Medical Systems,
			Inc	60
	32,985		Bard (C.R.), Inc	2,680
	33,459		Bausch & Lomb, Inc	1,737
	378,905		Baxter International, Inc	11,564
	2,200	*	Baxter International, Inc
			(Contingent Value Rts)	0
	38,498		Beckman Coulter, Inc	1,957
	161,574		Becton Dickinson & Co	6,647
	6,694		BEI Technologies, Inc	134
	11,657	e*	Biolase Technology, Inc	194

EQ-30  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
INSTRUMENTS AND       RELATED PRODUCTS—(Continued)
	163,706		Biomet, Inc	$ 5,961
	11,066	*	Bio-Rad Laboratories, Inc
			(Class A)	638
	408,312	*	Boston Scientific Corp	15,010
	11,876	*	Bruker BioSciences Corp	54
	4,359	*	Candela Corp	79
	3,834	*	Cantel Medical Corp	62
	32,424	*	Cardiac Science, Inc	129
	19,778	*	Cardiodynamics
			International Corp	118
	19,165	*	Cepheid, Inc	184
	7,983	*	Cerus Corp	36
	7,700	*	Cholestech Corp	59
	4,400	*	Closure Medical Corp	149
	21,663		Cognex Corp	612
	18,369	*	Coherent, Inc	437
	13,301		Cohu, Inc	255
	7,426	*	Cole National Corp	149
	10,990	e*	Conceptus, Inc	117
	13,700	*	Concord Camera Corp	127
	18,250	*	Conmed Corp	434
	19,384		Cooper Cos, Inc	914
	39,290	*	Credence Systems Corp	517
	14,778	e*	CTI Molecular Imaging, Inc	250
	12,615	*	Cyberonics, Inc	404
	70,476	*	Cytyc Corp	970
	6,700		Datascope Corp	240
	49,999		Dentsply International, Inc	2,258
	10,581	*	Dionex Corp	487
	3,742	*	DJ Orthopedics, Inc	100
	15,494	*	DRS Technologies, Inc	430
	181,710	e	Eastman Kodak Co	4,664
	9,397		EDO Corp	232
	38,322	*	Edwards Lifesciences Corp	1,153
	7,321	*	ESCO Technologies, Inc	320
	3,356	*	Exactech, Inc	50
	5,600	*	Excel Technology, Inc	184
	15,116	*	FEI Co	340
	29,659	*	Fisher Scientific
			International, Inc	1,227
	20,874	*	Flir Systems, Inc	762
	15,148	*	Fossil, Inc	424
	196,186		Guidant Corp	11,810
	9,742	*	Haemonetics Corp	233
	12,469	*	Hanger Orthopedic
			Group, Inc	194
	6,804	*	Herley Industries, Inc	141
	12,247	*	Hologic, Inc	212
	6,481	e*	ICU Medical, Inc	222
	11,554	*	Igen International, Inc	681
	6,778	*	Ii-Vi, Inc	175

16,884	*	Inamed Corp	$ 811
27,368	e*	Input/Output, Inc	123
11,249	e*	Integra LifeSciences
		Holding	322
11,409	*	Interpore International	148
14,398	*	Intuitive Surgical, Inc	246
16,533		Invacare Corp	667
10,908	e*	Invision Technologies, Inc	366
11,100	e*	Ionics, Inc	354
9,315	*	I-Stat Corp	143
12,955	*	Itron, Inc	238
14,790	*	Ixia	173
7,800		Keithley Instruments, Inc	143
4,798	*	Kensey Nash Corp	112
120,772	*	KLA-Tencor Corp	7,086
5,991	e*	KVH Industries, Inc	165
11,579	*	Kyphon, Inc	288
8,088	*	Laserscope	126
38,366	*	Lexar Media, Inc	669
33,124	*	LTX Corp	498
4,387	*	Medical Action Industries,
		Inc	82
773,103		Medtronic, Inc	37,581
26,065		Mentor Corp	627
14,064	*	Merit Medical Systems, Inc	313
21,976	*	Mettler-Toledo International,
		Inc	928
5,631	*	Micro Therapeutics, Inc	18
29,019	*	Millipore Corp	1,249
4,409		Mine Safety Appliances Co	351
16,554	*	MKS Instruments, Inc	480
8,162	*	Molecular Devices Corp	155
5,278		Movado Group, Inc	149
12,932		MTS Systems Corp	249
24,372	*	Newport Corp	403
9,234	*	Novoste Corp	44
15,400		Oakley, Inc	213
11,943	*	Ocular Sciences, Inc	343
28,138	e*	Orbital Sciences Corp	338
20,114	*	Orthologic Corp	123
9,248	*	Osteotech, Inc	81
70,894		PerkinElmer, Inc	1,210
10,189	*	Photon Dynamics, Inc	410
38,400	*	Pinnacle Systems, Inc	328
9,464	*	Possis Medical, Inc	187
260,381		Raytheon Co	7,822
21,094	*	Resmed, Inc	876
21,258	*	Respironics, Inc	959
3,495	*	Retractable Technologies,
		Inc	21
105,078		Rockwell Automation, Inc	3,741
6,551	*	Rofin-Sinar Technologies,
		Inc	226

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-31

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
INSTRUMENTS AND       RELATED PRODUCTS—(Continued)
	17,380		Roper Industries, Inc	$ 856
	7,201	*	Rudolph Technologies, Inc	177
	16,019	*	Sola International, Inc	301
	9,365	e*	Sonic Solutions, Inc	143
	8,846	*	SonoSite, Inc	190
	114,202	*	St. Jude Medical, Inc	7,006
	11,770	*	Staar Surgical Co	133
	13,841	*	Star Scientific, Inc	25
	43,885	*	Steris Corp	992
	87,757		Stryker Corp	7,460
	24,353	*	Sybron Dental Specialties,
			Inc	684
	6,176	*	Synovis Life Technologies,
			Inc	126
	3,046		Sypris Solutions, Inc	51
	25,758	*	Techne Corp	973
	48,791		Tektronix, Inc	1,542
	22,004		Teleflex, Inc	1,063
	116,801	*	Teradyne, Inc	2,973
	17,800	*	Theragenics Corp	97
	15,118	*	Therasense, Inc	307
	102,682	*	Thermo Electron Corp	2,588
	29,985	*	Thoratec Corp	390
	20,206	*	Trimble Navigation Ltd	752
	13,403	*	TriPath Imaging, Inc	105
	6,378		United Industrial Corp	115
	43,066	*	Varian Medical Systems,
			Inc	2,976
	18,570	*	Varian, Inc	775
	7,500	*	Ventana Medical Systems,
			Inc	296
	18,908	*	Viasys Healthcare, Inc	390
	27,353	*	Visx, Inc	633
	5,457	e*	Vital Images, Inc	97
	3,521		Vital Signs, Inc	115
	23,597	e*	Vivus, Inc	89
	78,950	*	Waters Corp	2,618
	9,966	*	Wright Medical Group, Inc	303
	12,659		X-Rite, Inc	143
	2,714		Young Innovations, Inc	98
	153,167	e*	Zimmer Holdings, Inc	10,783
	5,171	*	Zoll Medical Corp	183
	9,700	*	Zygo Corp	160
			TOTAL INSTRUMENTS AND
			RELATED PRODUCTS	214,373
INSURANCE AGENTS, BROKERS AND       SERVICE—0.40%
	161,714		AON Corp	3,871
	31,288		Brown & Brown, Inc	1,020
	9,529	*	Clark, Inc	183

	14,025		Crawford & Co (Class B)	$ 99
	57,254		Gallagher (Arthur J.) & Co	1,860
	20,000		Hilb, Rogal & Hamilton Co	641
	339,546		Marsh & McLennan Cos,
			Inc	16,261
	171,544	*	Medco Health Solutions,
			Inc	5,831
	14,200	*	USI Holdings Corp	185
			TOTAL INSURANCE AGENTS,
			BROKERS AND SERVICE	29,951
INSURANCE CARRIERS—4.68%
	17,800		21st Century Insurance
			Group	245
	45,641	*	AdvancePCS	2,403
	91,289		Aetna, Inc	6,169
	325,578		Aflac, Inc	11,779
	19,901		Alfa Corp	256
	2,744	*	Alleghany Corp	611
	33,594	*	Allmerica Financial Corp	1,034
	446,368		Allstate Corp	19,203
	51,898		Ambac Financial Group,
			Inc	3,601
	21,217		American Financial Group,
			Inc	561
	1,455,046		American International
			Group, Inc	96,440
	7,173	*	American Medical Security
			Group, Inc	161
	6,386		American National
			Insurance Co	539
	5,463	*	American Physicians
			Capital, Inc	101
	15,085	*	AMERIGROUP Corp	643
	24,572		AmerUs Group Co	859
	87,808	*	Anthem, Inc	6,586
	15,258	*	Argonaut Group, Inc	237
	4,373		Baldwin & Lyons, Inc
			(Class B)	123
	41,055		Berkley (W.R.) Corp	1,435
	10,878	*	Centene Corp	305
	117,621		Chubb Corp	8,010
	88,980		Cigna Corp	5,116
	86,496		Cincinnati Financial Corp	3,622
	18,335	*	Citizens, Inc	173
	14,047	*	CNA Financial Corp	339
	9,118	*	CNA Surety Corp	87
	14,731		Commerce Group, Inc	582
	15,634		Delphi Financial Group, Inc
			(Class A)	563
	1,845		Donegal Group, Inc	41
	1,197		EMC Insurance Group, Inc	25
	1,913	*	Enstar Group, Inc	90

EQ-32  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
INSURANCE CARRIERS—(Continued)
	16,448		Erie Indemnity Co
			(Class A)	$ 697
	7,436		FBL Financial Group, Inc
			(Class A)	192
	86,001		Fidelity National Financial,
			Inc	3,335
	4,481	*	Financial Industries Corp	63
	43,224		First American Corp	1,287
	3,733		Great American Financial
			Resources, Inc	61
	18,959		Harleysville Group, Inc	377
	179,198		Hartford Financial Services
			Group, Inc	10,578
	39,493		HCC Insurance Holdings,
			Inc	1,256
	64,565	*	Health Net, Inc	2,111
	9,796	*	HealthExtras, Inc	131
	24,745		Horace Mann Educators
			Corp	346
	102,544	*	Humana, Inc	2,343
	1,671		Independence Holding Co	40
	7,878		Infinity Property &
			Casualty Corp	260
	90,194		Jefferson-Pilot Corp	4,568
	183,359		John Hancock Financial
			Services, Inc	6,876
	2,078		Kansas City Life
			Insurance Co	96
	11,540		Landamerica Financial
			Group, Inc	603
	32,576		Leucadia National Corp	1,502
	112,697		Lincoln National Corp	4,550
	82,312		Loews Corp	4,070
	5,242	*	Markel Corp	1,329
	91,292		MBIA, Inc	5,407
	16,551		Mercury General Corp	770
	215,475		MetLife, Inc	7,255
	45,722		MGIC Investment Corp	2,603
	29,208	*	Mid Atlantic Medical
			Services, Inc	1,893
	4,300		Midland Co	102
	27,815	e*	MONY Group, Inc	870
	1,100	*	National Western Life
			Insurance Co (Class A)	170
	35,722		Nationwide Financial
			Services, Inc (Class A)	1,181
	3,829	*	Navigators Group, Inc	118
	1,223		NYMAGIC, Inc	34
	9,757	e	Odyssey Re Holdings Corp	220
	35,484	*	Ohio Casualty Corp	616
	114,904		Old Republic International
			Corp	2,914

52,970		Oxford Health Plans, Inc	$ 2,304
25,037	*	Pacificare Health Systems,
		Inc	1,693
5,211		Penn-America Group, Inc	69
10,055	*	Philadelphia Consolidated
		Holding Corp	491
59,831	e	Phoenix Cos, Inc	720
3,338	*	Pico Holdings, Inc	52
15,137	e*	PMA Capital Corp (Class A)	78
56,491		PMI Group, Inc	2,103
12,442		Presidential Life Corp	164
184,189		Principal Financial Group	6,091
14,741	*	ProAssurance Corp	474
123,780		Progressive Corp	10,347
40,193		Protective Life Corp	1,360
349,857		Prudential Financial, Inc	14,614
59,314		Radian Group, Inc	2,892
15,163		Reinsurance Group of
		America, Inc	586
11,502		RLI Corp	431
82,253		Safeco Corp	3,202
6,160		Safety Insurance Group,
		Inc	105
16,900		Selective Insurance Group,
		Inc	547
14,675	*	Sierra Health Services, Inc	403
133,259	e	St. Paul Cos, Inc	5,284
18,366		Stancorp Financial Group,
		Inc	1,155
7,900		State Auto Financial Corp	185
10,533		Stewart Information
		Services Corp	427
73,761		Torchmark Corp	3,359
13,258		Transatlantic Holdings, Inc	1,071
246,261		Travelers Property
		Casualty Corp (Class A)	4,132
289,372		Travelers Property
		Casualty Corp (Class B)	4,911
4,801	*	Triad Guaranty, Inc	242
23,718	*	UICI	315
4,452		United Fire & Casualty Co	180
352,057		UnitedHealth Group, Inc	20,483
28,535		Unitrin, Inc	1,182
13,817	*	Universal American
		Financial Corp	137
182,671	e	UnumProvident Corp	2,881
14,121	*	WellChoice, Inc	487
93,703	*	Wellpoint Health Networks,
		Inc	9,088
801		Wesco Financial Corp	282

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-33

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
INSURANCE CARRIERS—(Continued)
	5,312	e	Zenith National Insurance
			Corp	$ 173
			TOTAL INSURANCE
			CARRIERS	347,463
JUSTICE, PUBLIC ORDER AND       SAFETY—0.00%
	5,592	*	Wackenhut Corrections
			Corp	127
			TOTAL JUSTICE, PUBLIC
			ORDER AND SAFETY	127
LEATHER AND LEATHER PRODUCTS—0.09%
	11,048		Brown Shoe Co, Inc	419
	115,324	*	Coach, Inc	4,353
	15,238		K-Swiss, Inc (Class A)	367
	8,803	*	Maxwell Shoe Co, Inc
			(Class A)	149
	6,449	*	Steven Madden Ltd	132
	11,576	*	Timberland Co (Class A)	603
	1,587		Weyco Group, Inc	53
	24,853		Wolverine World Wide, Inc	507
			TOTAL LEATHER AND
			LEATHER PRODUCTS	6,583
LEGAL SERVICES—0.00%
	9,685	e*	Pre-Paid Legal Services, Inc	253
			TOTAL LEGAL SERVICES	253
LUMBER AND WOOD PRODUCTS—0.10%
	3,640		American Woodmark Corp	200
	31,700	*	Champion Enterprises, Inc	222
	6,157		Deltic Timber Corp	187
	158,769		Georgia-Pacific Corp	4,869
	4,544	*	Modtech Holdings, Inc	38
	30,209		Rayonier, Inc	1,254
	3,900		Skyline Corp	136
	7,696		Universal Forest Products,
			Inc	248
			TOTAL LUMBER AND WOOD
			PRODUCTS	7,154
METAL MINING—0.29%
	5,178	*	Cleveland-Cliffs, Inc	264
	110,847	e*	Coeur D’alene Mines Corp	641
	83,325		Freeport-McMoRan
			Copper & Gold, Inc
			(Class A)	3,510
	65,713	*	Hecla Mining Co	545
	247,274		Newmont Mining Corp	12,020
	52,825	*	Phelps Dodge Corp	4,019
	10,240	e	Royal Gold, Inc	214
	8,571		Southern Peru Copper Corp	404

	27,544	*	Stillwater Mining Co	$ 264
			TOTAL METAL MINING	21,881
MISCELLANEOUS MANUFACTURING       INDUSTRIES—0.16%
	20,715		Blyth, Inc	667
	41,576	e	Callaway Golf Co	701
	8,920	*	Daktronics, Inc	224
	88,506		Hasbro, Inc	1,883
	52,854	*	Identix, Inc	235
	15,009	e*	Jakks Pacific, Inc	198
	14,084	*	K2, Inc	214
	11,336	e*	Leapfrog Enterprises, Inc	301
	9,029	*	Lydall, Inc	92
	278,808		Mattel, Inc	5,373
	18,135	e	Nautilus Group, Inc	255
	8,776	e*	Oneida Ltd	52
	6,200		Penn Engineering &
			Manufacturing Corp	118
	8,536	*	RC2 Corp	177
	5,600		Russ Berrie & Co, Inc	190
	10,679	e*	Shuffle Master, Inc	370
	2,947	*	Steinway Musical
			Instruments, Inc	73
	19,498	*	Yankee Candle Co, Inc	533
			TOTAL MISCELLANEOUS
			MANUFACTURING
			INDUSTRIES	11,656
MISCELLANEOUS RETAIL—1.20%
	10,627	*	1-800-Flowers.com, Inc
			(Class A)	118
	7,794	*	AC Moore Arts & Crafts, Inc	150
	20,329	e*	Alloy, Inc	106
	139,698	*	Amazon.com, Inc	7,354
	27,779	*	Barnes & Noble, Inc	913
	7,917	*	Big 5 Sporting Goods Corp	166
	4,281		Blair Corp	104
	6,201	e*	Blue Rhino Corp	86
	49,929		Borders Group, Inc	1,094
	17,569		Cash America
			International, Inc	372
	6,669	*	Coldwater Creek, Inc	73
	249,891		CVS Corp	9,026
	8,180	*	Dick’s Sporting Goods, Inc	398
	15,797	*	Drugstore.com, Inc	87
	13,314	*	Duane Reade, Inc	225
	265,764	e*	eBay, Inc	17,166
	3,510	*	Finlay Enterprises, Inc	50
	12,459		Friedman’s, Inc (Class A)	84
	2,200	*	FTD, Inc (Class A)	54
	5,303	e*	Galyans Trading Co, Inc	64
	9,496		Hancock Fabrics, Inc	138
	6,714	*	Hibbett Sporting Goods, Inc	200

EQ-34  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
MISCELLANEOUS RETAIL—(Continued)
	10,348	*	Jill (J.) Group, Inc	$ 132
	18,700		Longs Drug Stores Corp	463
	18,996	*	Marvel Enterprises, Inc	553
	41,987		Michaels Stores, Inc	1,856
	14,644		MSC Industrial Direct Co
			(Class A)	403
	195,893	*	Office Depot, Inc	3,273
	54,935		Omnicare, Inc	2,219
	6,092	*	Overstock.com, Inc	121
	6,886	*	Party City Corp	87
	3,550	e*	PC Connection, Inc	30
	22,456	*	Petco Animal Supplies, Inc	684
	80,078		Petsmart, Inc	1,906
	13,344	e*	Priceline.com, Inc	239
	268,647	*	Rite Aid Corp	1,623
	5,296	*	Sharper Image Corp	173
	12,793	*	Sports Authority, Inc	491
	22,661	*	Stamps.com, Inc	140
	301,133	*	Staples, Inc	8,221
	23,409	*	Summit America
			Television, Inc	92
	5,600	*	Systemax, Inc	37
	69,863		Tiffany & Co	3,158
	11,200	*	Valuevision International,
			Inc (Class A)	187
	649,720		Walgreen Co	23,637
	6,217	*	Whitehall Jewellers, Inc	61
	5,424		World Fuel Services Corp	184
	17,633	*	Zale Corp	938
			TOTAL MISCELLANEOUS
			RETAIL	88,936
MOTION PICTURES—1.40%
	19,659	*	AMC Entertainment, Inc	299
	18,700	*	Avid Technology, Inc	898
	21,787	e	Blockbuster, Inc (Class A)	391
	1,130	*	Carmike Cinemas, Inc	39
	32,907	*	Hollywood Entertainment
			Corp	452
	1,741,022	*	Liberty Media Corp
			(Class A)	20,701
	49,239	*	Metro-Goldwyn-Mayer, Inc	841
	15,502		Movie Gallery, Inc	290
	6,870	e*	NetFlix, Inc	376
	7,810	*	Reading International, Inc	46
	18,725		Regal Entertainment Group
			(Class A)	384
	2,742,225	*	Time Warner, Inc	49,333
	1,295,207		Walt Disney Co	30,217
			TOTAL MOTION PICTURES	104,267

NONDEPOSITORY INSTITUTIONS—2.23%
	5,963	*	Accredited Home Lenders
			Holding Co	$ 182
	13,790		Advanta Corp (Class A)	179
	40,832	e	American Capital
			Strategies Ltd	1,214
	728,472		American Express Co	35,134
	92,320	e*	AmeriCredit Corp	1,471
	136,210		Capital One Financial Corp	8,348
	25,700		CharterMac	543
	125,665		CIT Group, Inc	4,518
	470	*	Citibank West FSB	0
	8,758	*	CompuCredit Corp	186
	104,082		Countrywide Financial Corp	7,895
	8,024	*	Credit Acceptance Corp	123
	54,793		Doral Financial Corp	1,769
	26,287	e*	E-Loan, Inc	78
	621,238		Fannie Mae	46,630
	5,106	*	Federal Agricultural
			Mortgage Corp
			(Class C)	163
	9,185	*	Financial Federal Corp	281
	440,904		Freddie Mac	25,714
	680,383		MBNA Corp	16,908
	16,573		MCG Capital Corp	323
	7,886		Medallion Financial Corp	75
	16,812	e	Metris Cos, Inc	75
	324		MFN Financial Corp
			Series C Wts 03/23/04	0
	17,903	e	New Century Financial Corp	710
	167,320	*	Providian Financial Corp	1,948
	16,057	*	Saxon Capital, Inc	336
	261,306		SLM Corp	9,846
	2,700		Student Loan Corp	394
	2,229	*	United PanAm Financial
			Corp	37
	7,253		Westcorp	265
	7,269	*	WFS Financial, Inc	309
	10,245	*	World Acceptance Corp	204
			TOTAL NONDEPOSITORY
			INSTITUTIONS	165,858
NONMETALLIC MINERALS,       EXCEPT FUELS—0.04%
	12,328		Amcol International Corp	250
	58,813		Vulcan Materials Co	2,798
			TOTAL NONMETALLIC
			MINERALS,
			EXCEPT FUELS	3,048
OIL AND GAS EXTRACTION—1.40%
	158,304		Anadarko Petroleum Corp	8,075
	102,590	e	Apache Corp	8,320
	5,205	*	Atwood Oceanics, Inc	166

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-35

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
OIL AND GAS EXTRACTION—(Continued)
	9,366		Berry Petroleum Co
			(Class A)	$ 190
	94,116	*	BJ Services Co	3,379
	127,421		Burlington Resources, Inc	7,057
	16,067		Cabot Oil & Gas Corp
			(Class A)	472
	21,954	*	Cal Dive International, Inc	529
	117,888		Chesapeake Energy Corp	1,601
	25,995	*	Cimarex Energy Co	694
	1,946	*	Clayton Williams Energy,
			Inc	57
	16,110	*	Comstock Resources, Inc	311
	21,468	*	Denbury Resources, Inc	299
	146,440		Devon Energy Corp	8,385
	32,472		Diamond Offshore Drilling,
			Inc	666
	5,389	*	Encore Acquisition Co	133
	12,596	*	Energy Partners Ltd	175
	94,879		ENSCO International, Inc	2,578
	70,827		EOG Resources, Inc	3,270
	24,678	*	Evergreen Resources, Inc	802
	27,939	*	Forest Oil Corp	798
	66	*	Forest Oil Corp
			Wts 02/15/04	0
	66	*	Forest Oil Corp
			Wts 02/15/05	0
	44,834	*	Global Industries Ltd	231
	104,084	*	Grey Wolf, Inc	389
	32,051	*	Hanover Compressor Co	357
	21,721	*	Harvest Natural Resources,
			Inc	216
	31,905		Helmerich & Payne, Inc	891
	14,946	*	Horizon Offshore, Inc	66
	8,400	*	Houston Exploration Co	307
	23,342	*	KCS Energy, Inc	246
	63,749		Kerr-McGee Corp	2,964
	81,134	*	Key Energy Services, Inc	836
	41,456	*	Magnum Hunter Resources,
			Inc	394
	2,804	e*	Magnum Hunter Resources,
			Inc Wts 03/21/05	2
	196,566		Marathon Oil Corp	6,504
	6,653	e*	McMoRan Exploration Co	125
	23,113	e*	Meridian Resource Corp	137
	28,222	*	Newfield Exploration Co	1,257
	44,408	*	Newpark Resources, Inc	213
	36,361		Noble Energy, Inc	1,616
	1,243	*	North Coast Energy, Inc	13
	11,148	*	Nuevo Energy Co	269
	240,553		Occidental Petroleum Corp	10,161
	14,566	*	Oceaneering International,
			Inc	408

	53,687	*	Parker Drilling Co	$ 137
	18,720		Patina Oil & Gas Corp	917
	50,800	*	Patterson-UTI Energy, Inc	1,672
	4,500		Penn Virginia Corp	250
	3,037	*	Petrocorp, Inc	41
	10,074	*	Petroleum Development
			Corp	239
	74,699	*	Pioneer Natural
			Resources Co	2,385
	22,466	*	Plains Exploration &
			Production Co	346
	37,719		Pogo Producing Co	1,822
	69,107	e*	Pride International, Inc	1,288
	5,600	*	Prima Energy Corp	197
	6,348	*	Quicksilver Resources, Inc	205
	28,826		Range Resources Corp	272
	11,853	*	Remington Oil & Gas Corp	233
	56,106	*	Rowan Cos, Inc	1,300
	5,700		RPC, Inc	63
	10,564	*	Seacor Smit, Inc	444
	22,500	*	Southwestern Energy Co	538
	15,791	*	Spinnaker Exploration Co	510
	17,993		St. Mary Land &
			Exploration Co	513
	14,200	*	Stone Energy Corp	603
	29,639	*	Superior Energy Services,
			Inc	279
	16,109	*	Swift Energy Co	271
	11,194	*	Tetra Technologies, Inc	271
	35,794		Tidewater, Inc	1,070
	22,876	*	Tom Brown, Inc	738
	10,090	*	Transmontaigne, Inc	65
	24,739	*	Unit Corp	583
	163,672		Unocal Corp	6,028
	57,351	*	Varco International, Inc	1,183
	19,602	*	Veritas DGC, Inc	205
	31,300		Vintage Petroleum, Inc	377
	19,574	*	Westport Resources Corp	584
	13,754	*	W-H Energy Services, Inc	223
	101,172		XTO Energy, Inc	2,863
			TOTAL OIL AND GAS
			EXTRACTION	104,274
PAPER AND ALLIED PRODUCTS—0.71%
	29,613		Bemis Co	1,481
	46,485		Boise Cascade Corp	1,527
	32,808		Bowater, Inc	1,519
	13,809	*	Buckeye Technologies, Inc	139
	15,400	*	Caraustar Industries, Inc	213
	8,253		Chesapeake Corp	219
	17,626		Glatfelter	219
	7,197		Greif, Inc (Class A)	256
	303,738		International Paper Co	13,094

EQ-36  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
PAPER AND ALLIED PRODUCTS—(Continued)
	322,551		Kimberly-Clark Corp	$ 19,060
	32,000	*	Longview Fibre Co	395
	118,940		MeadWestvaco Corp	3,538
	37,057		Packaging Corp Of America	810
	98,634	*	Pactiv Corp	2,357
	17,102	*	Playtex Products, Inc	132
	9,300		Pope & Talbot, Inc	164
	16,500		Potlatch Corp	574
	15,151		Rock-Tenn Co (Class A)	262
	8,460		Schweitzer-Mauduit
			International, Inc	252
	140,795	*	Smurfit-Stone Container
			Corp	2,615
	58,338		Sonoco Products Co	1,436
	29,538		Temple-Inland, Inc	1,851
	22,754		Wausau-Mosinee Paper
			Corp	308
			TOTAL PAPER AND ALLIED
			PRODUCTS	52,421
PERSONAL SERVICES—0.19%
	22,994	*	Alderwoods Group, Inc	217
	5,208		Angelica Corp	115
	76,487		Cintas Corp	3,834
	13,300	e*	Coinstar, Inc	240
	4,682		CPI Corp	95
	11,172		G & K Services, Inc
			(Class A)	411
	113,655		H & R Block, Inc	6,293
	27,311		Regis Corp	1,079
	189,693	*	Service Corp International	1,022
	5,586		Unifirst Corp	132
	26,463	*	Weight Watchers
			International, Inc	1,015
			TOTAL PERSONAL SERVICES	14,453
PETROLEUM AND COAL PRODUCTS—3.74%
	45,326		Amerada Hess Corp	2,410
	41,767		Ashland, Inc	1,840
	677,085		ChevronTexaco Corp	58,493
	430,364		ConocoPhillips	28,219
	11,462		ElkCorp	306
	4,232,380		ExxonMobil Corp	173,528
	16,400		Frontier Oil Corp	282
	15,298	*	Headwaters, Inc	300
	6,391		Holly Corp	176
	32,766		Lubrizol Corp	1,066
	87,484		Lyondell Chemical Co	1,483
	44,686		Murphy Oil Corp	2,918
	21,101	*	Premcor, Inc	549
	43,784		Sunoco, Inc	2,240
	36,075	*	Tesoro Petroleum Corp	526
	76,041		Valero Energy Corp	3,524

	10,477		WD-40 Co	$ 370
			TOTAL PETROLEUM AND
			COAL PRODUCTS	278,230
PRIMARY METAL INDUSTRIES—0.53%
	61,368	*	AK Steel Holding Corp	313
	535,898		Alcoa, Inc	20,364
	51,493		Allegheny Technologies, Inc	681
	94,009	*	Andrew Corp	1,082
	14,166		Belden, Inc	299
	9,500	*	Brush Engineered
			Materials, Inc	145
	27,000	*	Cable Design
			Technologies Corp	243
	11,300		Carpenter Technology Corp	334
	7,900	*	Century Aluminum Co	150
	32,333	*	CommScope, Inc	528
	9,240	e	Curtiss-Wright Corp	416
	8,068	*	Encore Wire Corp	143
	71,767		Engelhard Corp	2,149
	24,250	*	General Cable Corp	198
	4,896		Gibraltar Steel Corp	123
	9,862	e*	Liquidmetal Technologies,
			Inc	28
	16,180	*	Lone Star Technologies, Inc	259
	17,816		Matthews International
			Corp (Class A)	527
	26,343	*	Maverick Tube Corp	507
	19,767	*	Mueller Industries, Inc	679
	6,998		NN, Inc	88
	9,013	*	NS Group, Inc	87
	48,332		Nucor Corp	2,707
	38,303		Precision Castparts Corp	1,739
	10,305		Quanex Corp	475
	11,300	*	RTI International Metals,
			Inc	191
	12,899		Ryerson Tull, Inc	148
	5,468		Schnitzer Steel Industries,
			Inc (Class A)	331
	23,600	*	Steel Dynamics, Inc	554
	12,869		Texas Industries, Inc	476
	18,782		Tredegar Corp	292
	65,214		United States Steel Corp	2,284
	42,170		Worthington Industries, Inc	760
			TOTAL PRIMARY METAL
			INDUSTRIES	39,300
PRINTING AND PUBLISHING—0.82%
	38,883	e*	American Greetings Corp
			(Class A)	850
	15,119		Banta Corp	612
	59,083		Belo Corp (Class A)	1,674
	19,716		Bowne & Co, Inc	267
	6,610	*	Consolidated Graphics, Inc	209

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-37

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
PRINTING AND PUBLISHING—(Continued)
	3,619		Courier Corp	$ 139
	2,979		CSS Industries, Inc	92
	27,317		Dow Jones & Co, Inc	1,362
	10,318		Ennis Business Forms, Inc	158
	170,441		Gannett Co, Inc	15,197
	17,720		Harland (John H.) Co	484
	36,481		Harte-Hanks, Inc	793
	29,887		Hollinger International, Inc	467
	7,499	*	Information Holdings, Inc	166
	19,692	*	Journal Register Co	408
	51,939		Knight Ridder, Inc	4,019
	27,995		Lee Enterprises, Inc	1,222
	17,136	*	Mail-Well, Inc	79
	6,852	*	Martha Stewart Living
			Omnimedia, Inc (Class A)	67
	11,181		McClatchy Co (Class A)	769
	120,984		McGraw-Hill Cos, Inc	8,459
	10,270		Media General, Inc
			(Class A)	669
	22,403		Meredith Corp	1,093
	6,509		New England Business
			Services, Inc	192
	90,440		New York Times Co
			(Class A)	4,322
	8,383	*	Playboy Enterprises, Inc
			(Class B)	135
	89,645	*	Primedia, Inc	254
	4,664		Pulitzer, Inc	252
	67,133		R.R. Donnelley & Sons Co	2,024
	55,084		Reader’s Digest
			Association, Inc (Class A)	808
	17,834	*	Scholastic Corp	607
	19,699	e	Scripps (E.W.) Co (Class A)	1,854
	9,980		Standard Register Co	168
	4,990		Thomas Nelson, Inc	96
	129,412		Tribune Co	6,678
	28,792	*	Valassis Communications,
			Inc	845
	3,174		Washington Post Co
			(Class B)	2,512
	30,309		Wiley (John) & Sons, Inc
			(Class A)	789
			TOTAL PRINTING AND
			PUBLISHING	60,791
RAILROAD TRANSPORTATION—0.41%
	236,384		Burlington Northern
			Santa Fe Corp	7,647
	135,608		CSX Corp	4,874
	12,748		Florida East Coast
			Industries	422
	7,388	*	Genesee & Wyoming, Inc

			(Class A)	$ 233
	39,511	*	Kansas City Southern
			Industries, Inc	566
	247,217		Norfolk Southern Corp	5,847
	161,172		Union Pacific Corp	11,198
			TOTAL RAILROAD
			TRANSPORTATION	30,787
REAL ESTATE—0.07%
	3,361	*	Avatar Holdings, Inc	124
	62,983		Catellus Development Corp	1,519
	3,277		Consolidated-Tomoka
			Land Co	107
	1,040	b*	Crescent Operating, Inc	0
	18,234		Forest City Enterprises,
			Inc (Class A)	866
	19,500	*	Jones Lang LaSalle, Inc	404
	11,560	e	LNR Property Corp	572
	941	*	Orleans Homebuilders, Inc	27
	20,534		St. Joe Co	766
	59,901	*	Stewart Enterprises, Inc
			(Class A)	340
	3,084	*	Tarragon Realty
			Investors, Inc	51
	17,805	*	Trammell Crow Co	236
	1,570		United Capital Corp	33
			TOTAL REAL ESTATE	5,045
RUBBER AND MISCELLANEOUS       PLASTIC PRODUCTS—0.23%
	9,440	*	Applied Films Corp	312
	21,285		Aptargroup, Inc	830
	7,300		Bandag, Inc	301
	40,500		Cooper Tire & Rubber Co	866
	94,172	e*	Goodyear Tire & Rubber Co	740
	3,047	*	Gundle/SLT Environmental,
			Inc	63
	16,500	*	Jarden Corp	451
	10,733		Myers Industries, Inc	130
	104,272		Nike, Inc (Class B)	7,138
	1		Packaging Dynamics Corp	0
	4,511		Quixote Corp	110
	31,472		Reebok International Ltd	1,237
	18,470		Schulman (A.), Inc	394
	53,000	*	Sealed Air Corp	2,869
	10,516	*	Skechers U.S.A., Inc
			(Class A)	86
	14,732		Spartech Corp	363
	4,621	e*	Trex Co, Inc	176
	32,421		Tupperware Corp	562

EQ-38  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
RUBBER AND MISCELLANEOUS       PLASTIC PRODUCTS—(Continued)
	11,009	*	Vans, Inc	$ 126
			TOTAL RUBBER AND
			MISCELLANEOUS
			PLASTIC PRODUCTS	16,754
SECURITY AND COMMODITY       BROKERS—2.05%
	47,746		A.G. Edwards, Inc	1,730
	13,293	e*	Affiliated Managers Group,
			Inc	925
	145,978	*	Ameritrade Holding Corp	2,054
	62,932		Bear Stearns Cos, Inc	5,031
	11,902		Blackrock, Inc	632
	669,526		Charles Schwab Corp	7,927
	2,941	e	Chicago Mercantile
			Exchange	213
	213,245	*	E*Trade Financial Corp	2,698
	43,810		Eaton Vance Corp	1,605
	47,311		Federated Investors, Inc
			(Class B)	1,389
	3,955		First Albany Cos, Inc	56
	104,304		Franklin Resources, Inc	5,430
	3,984		Gabelli Asset Management,
			Inc (Class A)	159
	180,545		Goldman Sachs Group, Inc	17,825
	74,750	*	Instinet Group, Inc	385
	30,108	*	Investment Technology
			Group, Inc	486
	41,151		Investors Financial
			Services Corp	1,581
	151,788		Janus Capital Group, Inc	2,491
	26,660		Jefferies Group, Inc	880
	46,311	*	Knight Trading Group, Inc	678
	31,604	e*	LaBranche & Co, Inc	369
	41,244		Legg Mason, Inc	3,183
	169,557	e	Lehman Brothers
			Holdings, Inc	13,093
	587,624		Merrill Lynch & Co, Inc	34,464
	672,032		Morgan Stanley	38,890
	12,422		Nuveen Investments, Inc	331
	24,729		Raymond James Financial,
			Inc	932
	6,687		Sanders Morris Harris
			Group, Inc	83
	46,231		SEI Investments Co	1,409
	9,273	*	SoundView Technology
			Group, Inc	144
	8,572		SWS Group, Inc	153
	65,963		T Rowe Price Group, Inc	3,127
	800		Value Line, Inc	40
	46,767		Waddell & Reed Financial,

			Inc (Class A)	$ 1,097
			TOTAL SECURITY AND
			COMMODITY BROKERS	151,490
SOCIAL SERVICES—0.00%
	7,542	*	Bright Horizons Family
			Solutions, Inc	317
			TOTAL SOCIAL SERVICES	317
SPECIAL TRADE CONTRACTORS—0.03%
	30,457	*	Dycom Industries, Inc	817
	8,996	*	EMCOR Group, Inc	395
	20,145	*	Integrated Electrical
			Services, Inc	186
	3,527	e*	John B. Sanfilippo & Son	180
	10,026	*	Matrix Service Co	182
	45,800	*	Quanta Services, Inc	334
	6,304		Roto-Rooter, Inc	291
			TOTAL SPECIAL TRADE
			CONTRACTORS	2,385
STONE, CLAY, AND       GLASS PRODUCTS—0.18%
	4,262		Ameron International Corp	148
	16,062		Apogee Enterprises, Inc	182
	12,876	e*	Cabot Microelectronics
			Corp	631
	6,582		CARBO Ceramics, Inc	337
	4,000		Centex Construction
			Products, Inc	241
	843,921	*	Corning, Inc	8,802
	12,773		Florida Rock Industries, Inc	701
	20,431		Lafarge North America, Inc	828
	8,355		Libbey, Inc	238
	67,616	*	Owens-Illinois, Inc	804
	23,190	b,e*	USG Corp	384
			TOTAL STONE, CLAY, AND
			GLASS PRODUCTS	13,296
TOBACCO PRODUCTS—1.05%
	1,283,516		Altria Group, Inc	69,849
	25,405		Loews Corp
			(Carolina Group)	641
	53,571		R.J. Reynolds Tobacco
			Holdings, Inc	3,115
	15,811		Universal Corp (Virginia)	698
	106,137		UST, Inc	3,788
	14,118		Vector Group Ltd	230
			TOTAL TOBACCO PRODUCTS	78,321
TRANSPORTATION BY AIR—0.39%
	47,227	*	Airtran Holdings, Inc	562
	14,608	*	Alaska Air Group, Inc	399
TRANSPORTATION BY AIR—(Continued)
	18,434	e*	America West Holdings

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-39

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
			Corp (Class B)	$ 229
	98,443	e*	AMR Corp	1,275
	25,599	*	Atlantic Coast Airlines
			Holdings, Inc	253
	41,985	*	Continental Airlines, Inc
			(Class B)	683
	69,776	*	Delta Air Lines, Inc	824
	18,642	*	ExpressJet Holdings, Inc	280
	189,249		FedEx Corp	12,774
	6,960	*	Forward Air Corp	191
	21,574	*	Frontier Airlines, Inc	308
	56,025	e*	JetBlue Airways Corp	1,486
	5,394	*	MAIR Holdings, Inc	39
	16,725	*	Mesa Air Group, Inc	209
	38,180	e*	Northwest Airlines Corp	482
	11,845	*	Offshore Logistics, Inc	290
	2,063	*	Petroleum Helicopters (Vote)	51
	36,067		Skywest, Inc	654
	479,053	e	Southwest Airlines Co	7,732
			TOTAL TRANSPORTATION
			BY AIR	28,721
TRANSPORTATION EQUIPMENT—2.45%
	19,812	*	AAR Corp	296
	8,634	*	Aftermarket Technology
			Corp	118
	18,356	*	American Axle &
			Manufacturing Holdings,
			Inc	742
	9,360		Arctic Cat, Inc	231
	39,324		ArvinMeritor, Inc	948
	59,199		Autoliv, Inc	2,229
	464,214		Boeing Co	19,562
	53,493		Brunswick Corp	1,703
	15,887		Clarcor, Inc	701
	8,652		Coachmen Industries, Inc	157
	2,662		Curtiss-Wright Corp
			(Class B)	120
	93,643		Dana Corp	1,718
	304,517		Delphi Corp	3,109
	4,324	*	Ducommun, Inc	97
	10,073	*	Dura Automotive Systems,
			Inc	129
	6,340	*	Fairchild Corp (Class A)	32
	30,635		Federal Signal Corp	537
	24,200	e*	Fleetwood Enterprises, Inc	248
	1,115,070		Ford Motor Co	17,841
	20,300		GenCorp, Inc	219
	112,131		General Dynamics Corp	10,136
	293,286		General Motors Corp	15,661
	47,009		Gentex Corp	2,076

	110,370		Genuine Parts Co	$ 3,664
	74,690		Goodrich Corp	2,218
	3,037	*	Greenbrier Cos, Inc	51
	191,778		Harley-Davidson, Inc	9,115
	7,918		Heico Corp	144
	526,524		Honeywell International, Inc	17,602
	13,100		Kaman Corp (Class A)	167
	233,555		Lockheed Martin Corp	12,005
	3,367		Marine Products Corp	63
	16,006	*	Monaco Coach Corp	381
	35,119	*	Navistar International Corp	1,682
	110,131		Northrop Grumman Corp	10,529
	19,366		Oshkosh Truck Corp	988
	69,804		Paccar, Inc	5,942
	13,834	e	Polaris Industries, Inc	1,225
	3,476	*	Sequa Corp (Class A)	170
	13,568	*	Sports Resorts
			International, Inc	69
	3,458		Standard Motor Products,
			Inc	42
	2,112	*	Strattec Security Corp	129
	14,233		Superior Industries
			International, Inc	619
	19,894	*	Teledyne Technologies, Inc	375
	25,603	*	Tenneco Automotive, Inc	171
	72,326		Textron, Inc	4,127
	10,900		Thor Industries, Inc	613
	22,177		Trinity Industries, Inc	684
	9,147	*	Triumph Group, Inc	333
	296,756		United Technologies Corp	28,124
	81,554		Visteon Corp	849
	16,300	*	Wabash National Corp	478
	20,012		Wabtec Corp	341
	7,649	e	Winnebago Industries, Inc	526
			TOTAL TRANSPORTATION
			EQUIPMENT	182,036
TRANSPORTATION SERVICES—0.10%
	2,845		Ambassadors Group, Inc	67
	3,379		Ambassadors International,
			Inc	42
	44,400		C.H. Robinson Worldwide,
			Inc	1,683
	19,650	*	EGL, Inc	345
	61,905		Expeditors International
			Of Washington, Inc	2,331
	26,534		GATX Corp	742
	8,184	e*	Navigant International, Inc	113
	14,150	*	Pacer International, Inc	286
	18,225	*	RailAmerica, Inc	215
	84,232		Sabre Holdings Corp	1,819
			TOTAL TRANSPORTATION
			SERVICES	7,643

EQ-40  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
TRUCKING AND WAREHOUSING—0.42%
	13,500		Arkansas Best Corp	$   424
	30,893		CNF, Inc	1,047
	5,139	*	Covenant Transport, Inc
			(Class A)	98
	19,132		Heartland Express, Inc	463
	34,110	*	Hunt (J.B.) Transport
			Services, Inc	921
	18,688	*	Landstar System, Inc	711
	6,908	*	Old Dominion Freight Line	235
	3,734	*	P.A.M. Transportation
			Services	80
	8,500	*	SCS Transportation, Inc	149
	35,089	*	Swift Transportation Co,
			Inc	738
	3,146	*	U.S. Xpress Enterprises,
			Inc (Class A)	39
	325,424		United Parcel Service,
			Inc (Class B)	24,260
	16,938		USF Corp	579
	30,532		Werner Enterprises, Inc	595
	26,270	e*	Yellow Roadway Corp	950
			TOTAL TRUCKING AND
			WAREHOUSING	31,289
WATER TRANSPORTATION—0.03%
	26,100		Alexander & Baldwin, Inc	879
	7,394	*	Gulfmark Offshore, Inc	104
	11,738	*	Kirby Corp	409
	3,918		Maritrans, Inc	65
	15,224		Overseas Shipholding
			Group, Inc	518
	6,605	*	Seabulk International, Inc	54
			TOTAL WATER
			TRANSPORTATION	2,029
WHOLESALE TRADE-       DURABLE GOODS—1.70%
	3,212	e*	1-800 Contacts, Inc	67
	9,268	e	Action Performance Cos,
			Inc	182
	17,074		Agilysys, Inc	190
	5,958	*	Alliance Imaging, Inc	22
	19,857	*	Anixter International, Inc	514
	57,760	*	Apogent Technologies, Inc	1,331
	10,829		Applied Industrial
			Technologies, Inc	258
	60,607	*	Arrow Electronics, Inc	1,402
	9,900	*	Audiovox Corp (Class A)	127
	15,575	*	Aviall, Inc	242
	75,492	*	Avnet, Inc	1,635
	7,491		Barnes Group, Inc	242
	16,902		BorgWarner, Inc	1,438
	9,345	*	Boyds Collection Ltd	40
	19,120		Carlisle Cos, Inc	$  1,164
	37,651		CDW Corp	2,175

	13,688		Commercial Metals Co	416
	14,752	*	Compucom Systems, Inc	77
	7,241	*	Department 56, Inc	95
	9,475	*	Global Imaging Systems, Inc	301
	15,400		Handleman Co	316
	14,800		Hughes Supply, Inc	734
	91,300		IKON Office Solutions, Inc	1,083
	9,763	*	Imagistics International, Inc	366
	67,500	*	Ingram Micro, Inc (Class A)	1,073
	28,904	*	Insight Enterprises, Inc	543
	5,078	*	Insurance Auto Auctions,
			Inc	66
	1,881,861		Johnson & Johnson	97,217
	7,151	*	Keystone Automotive
			Industries, Inc	181
	15,322	*	Knight Transportation, Inc	393
	3,000		Lawson Products, Inc	100
	31,142		Martin Marietta Materials,
			Inc	1,463
	372		Noland Co	15
	23,167		Owens & Minor, Inc	508
	38,277	*	Patterson Dental Co	2,456
	30,003		Pep Boys—Manny Moe &
			Jack	686
	6,062		Pomeroy IT Solutions, Inc	89
	43,276	*	PSS World Medical, Inc	522
	14,700		Reliance Steel &
			Aluminum Co	488
	77,400	*	Safeguard Scientifics, Inc	313
	6,643	*	Scansource, Inc	303
	19,050	*	SCP Pool Corp	623
	9,386	*	TBC Corp	242
	33,971	*	Tech Data Corp	1,348
	253	*	Timco Aviation Services,
			Inc	0
	808	e*	Timco Aviation Services,
			Inc Wts 02/27/07	0
	48,321		W.W. Grainger, Inc	2,290
	11,529		Watsco, Inc	262
	9,421	*	WESCO International, Inc	83
	25,119	*	Zoran Corp	437
			TOTAL WHOLESALE TRADE-
			DURABLE GOODS	126,118
WHOLESALE TRADE-    NONDURABLE GOODS—0.79%
	26,500		Acuity Brands, Inc	684
	8,800		Advanced Marketing
			Services, Inc	100
	37,400		Airgas, Inc	803

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-41

Statement of Investments - Equity Index Account - December 31, 2003

	SHARES			VALUE (000)
WHOLESALE TRADE-    NONDURABLE GOODS—(Continued)
	13,659	*	Allscripts Healthcare
			Solutions, Inc	$   73
	70,109		AmerisourceBergen Corp	3,937
	21,815		Brown-Forman Corp
			(Class B)	2,039
	283,168		Cardinal Health, Inc	17,326
	4,233	*	Central European
			Distribution Corp	134
	21,951	*	Chiquita Brands
			International, Inc	495
	7,661		D&K Healthcare
			Resources, Inc	104
	25,825		DIMON, Inc	174
	20,681	*	Endo Pharmaceuticals
			Holdings, Inc	398
	11,498		Getty Realty Corp	301
	2,004	*	Green Mountain Coffee, Inc	46
	13,980	*	Hain Celestial Group, Inc	324
	25,900	*	Henry Schein, Inc	1,750
	4,226		Kenneth Cole Productions,
			Inc (Class A)	124
	1,695	*	Maui Land & Pineapple Co	59
	174,055		McKesson Corp	5,598
	21,820	*	Men’s Wearhouse, Inc	546
	6,590		Nash Finch Co	147
	24,900		Nu Skin Enterprises, Inc
			(Class A)	426
	28,700	*	Performance Food Group Co	1,038
	39,034		Perrigo Co	614
	2,418	*	Perry Ellis International, Inc	62
	13,592	*	Plains Resources, Inc	218
	5,570	f*	Priority Healthcare Corp
			(Class A)	134
	16,204	*	Priority Healthcare Corp
			(Class B)	391
	16,508		Russell Corp	290
	10,015	e*	School Specialty, Inc	341
	8,100	*	Smart & Final, Inc	82
	6,081		Standard Commercial Corp	122
	23,107		Stride Rite Corp	263
	82,699		Supervalu, Inc	2,364
	411,953		Sysco Corp	15,338
	18,640	*	Tractor Supply Co	725
	12,109	*	United Natural Foods, Inc	435
	17,930	*	United Stationers, Inc	734

	17,076		Valhi, Inc	$ 255
			TOTAL WHOLESALE TRADE-
			NONDURABLE GOODS	58,994
			TOTAL COMMON STOCK
			(Cost $6,541,026)	7,376,611
	PRINCIPAL
SHORT TERM INVESTMENTS—2.94%
CERTIFICATES OF DEPOSIT—0.19%
			First Tennessee Bank
	$ 5,000,000		1.070%, 02/17/04	5,000
			Wells Fargo Bank
	9,000,000		1.070%, 01/13/04	9,000
			TOTAL CERTIFICATES OF
			DEPOSITS	14,000
COMMERCIAL PAPER—1.18%
			Asset Securitization
			Capital Co LLC
	7,500,000	c,d	1.090%, 01/13/04	7,497
			CC (USA), Inc
	9,600,000	c	1.120%, 03/19/04	9,577
			Ciesco LP
	9,600,000	c	1.030%, 02/13/04	9,588
			Corporate Asset Funding
			Corp, Inc
	9,600,000	c	1.080%, 02/12/04	9,588
			Dorada Finance, Inc
	6,000,000	c,d	1.090%, 01/12/04	5,998
			Govco, Inc
	9,600,000	c	1.080%, 01/30/04	9,592
			Kitty Hawk Funding Corp
	5,000,000	c	1.080%, 01/15/04	4,998
			Links Finance LLC
	9,000,000	c	1.100%, 02/24/04	8,985
			Park Avenue Receivables
			Corp
	9,000,000		1.090%, 01/07/04	8,998
			Preferred Receivables
			Funding Corp
	3,000,000	c,d	1.100%, 01/20/04	2,998
			Receivables Capital Corp
	9,574,000	c	1.080%, 01/16/04	9,569
			TOTAL COMMERCIAL
			PAPER	87,388

EQ-42  2003 CREF Annual Report   Equity Index Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Equity Index Account - December 31, 2003

	PRINCIPAL			VALUE (000)
U.S. GOVERNMENT AND       AGENCIES DISCOUNT NOTES—1.57%
			Federal Home Loan Bank
			(FHLB)
	$20,900,000		1.035%, 01/07/04	$    20,896
			Federal Home Loan
			Mortgage Corp (FHLMC)
	35,000,000	d	1.070%, 03/01/04	34,941
	2,500,000		1.020%, 02/24/04	2,496
	13,455,000		1.000%, 01/28/04	13,445
	12,700,000		1.010%, 02/02/04	12,688
	1,600,000		1.060%, 02/11/04	1,598
	20,800,000		1.050%, 03/17/04	20,755
	10,000,000	d	1.050%, 03/24/04	9,976
			TOTAL U.S. GOVERNMENT
			AND AGENCIES
			DISCOUNT NOTES	116,795
			TOTAL SHORT TERM
			INVESTMENTS
			(Cost $218,180)	218,183
			TOTAL PORTFOLIO—102.20%
			(Cost $6,759,603)	7,595,388
			OTHER ASSETS &
			LIABILITIES, NET—
			(2.20)%	(163,341)
			NET ASSETS—100.00%	$7,432,047

*	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 31,2003, the value of these securities amounted to $240,924 or 0.00% of net assets.
	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.

Additional information on each restricted security is as follows:
SECURITY	ACQUISITION DATE	ACQUISITION COST
National Health    Investors, Inc	01/10/01	$30,000
Priority Healthcare    Corp (Class A)	01/04/99	67,236
Wiltel Communication    Group Inc	12/04/03	0
		$97,236

SEE NOTES TO FINANCIAL STATEMENTS Equity Index Account   2003 CREF Annual Report  EQ-43

Report of Management Responsibility

To the Participants of College Retirement Equities Fund:

The accompanying financial statements of the Equity Index Account 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/ Herbert M. Allison Jr.	/s/ Elizabeth A. Monrad
President and   Chief Executive Officer	Executive Vice President and Chief Financial Officer

EQ-44  2003 CREF Annual Report   Equity Index Account

Report of the Audit Committee

To the Participants of College Retirement Equities Fund:

The Audit Committee oversees the financial reporting process of the Equity Index Account of College Retirement Equities Fund (“CREF”) on behalf of CREF’s Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee’s responsibilities. All members of the Audit Committee (“Committee”) are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for 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.

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 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.

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
Bridget A. Macaskill, Audit Committee Member

February 18, 2004

Equity Index Account   2003 CREF Annual Report  EQ-45

Statement of Assets and Liabilities

Equity Index Account

December 31, 2003
(amounts in thousands, except amounts per accumulation unit)

ASSETS
Portfolio investments, at cost	$6,759,603
Net unrealized appreciation of portfolio investments	835,785
Portfolio investments, at value (including securities loaned of $175,082)	7,595,388
Cash	11,451
Dividends and interest receivable	8,820
Receivable from securities transactions	1,115
Amounts due from TIAA	5,389
Total assets	7,622,163
LIABILITIES
Deposits for securities loaned—Note 3	184,179
Payable for securities transactions	5,937
Total liabilities	190,116
NET ASSETS
Accumulation Fund	7,261,874
Annuity Fund	170,173
Total net assets	$ 7,432,047
Accumulation units outstanding—Notes 4 and 5	103,603
Net asset value per accumulation unit—Note 4	$ 70.09

EQ-46  2003 CREF Annual Report   Equity Index Account

Statement of Operations

Equity Index Account

Year Ended December 31, 2003
(amounts in thousands)

INVESTMENT INCOME
Income:
Interest	$ 1,782
Dividends	102,130
Total income	103,912
Expenses—Note 2:
Investment	6,143
Operating	20,742
Total expenses	26,885
Investment income—net	77,027
REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS—Note 3
Net realized gain (loss) on:
Portfolio investments	(38,651)
Futures transactions	1,595
Net realized loss on total investments	(37,056)
Net change in unrealized appreciation on:
Portfolio investments	1,559,511
Futures transactions	586
Net change in unrealized appreciation on total investments	1,560,097
Net realized and unrealized gain on total investments	1,523,041
Net increase in net assets resulting from operations	$ 1,600,068

Equity Index Account   2003 CREF Annual Report  EQ-47

Statements of Changes in Net Assets

Equity Index Account

Years Ended December 31, (amounts in thousands)	2003	2002
FROM OPERATIONS
Investment income—net	$ 77,027	$ 63,965
Net realized loss on total investments	(37,056)	(140,879)
Net change in unrealized appreciation (depreciation)       on total investments	1,560,097	(1,216,213)
Net increase (decrease) in net assets resulting from operations	1,600,068	(1,293,127)
FROM PARTICIPANT TRANSACTIONS
Premiums	677,897	663,014
Net transfers from (to) TIAA	46,038	(61,371)
Net transfers from other CREF Accounts and affiliated mutual funds	502,030	266,275
Annuity payments	(22,780)	(24,713)
Withdrawals and death benefits	(122,986)	(120,618)
Net increase in net assets resulting from             participant transactions	1,080,199	722,587
Net increase (decrease) in net assets	2,680,267	(570,540)
NET ASSETS
Beginning of year	4,751,780	5,322,320
End of year	$7,432,047	$ 4,751,780

EQ-48  2003 CREF Annual Report   Equity Index Account

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 management investment company. It consists of eight investment portfolios (“Accounts”). The accompanying financial statements are those of the Equity Index Account (“Account”). The 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 Account.

Valuation of Investments. Equity securities listed or traded on a national securities exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments, with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Foreign investments are valued at the closing value of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. 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 the 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 Account is informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the specific identification method.

Change in Accounting Policy. Effective August 1, 2003, the Account changed the method by which realized gains and losses on securities transactions are calculated

 

Equity Index Account   2003 CREF Annual Report  EQ-49

Notes to Financial Statements (continued)

from the average cost method to the specific identification method. This change was made in order to conform more closely with industry standards. For the Account, the change had no impact on realized or unrealized gains and losses on securities transactions and had no net impact on the increase in net assets resulting from operations, total net assets or on the condensed financial information.

Securities Lending. The Account 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 Account continues to receive income on the securities loaned and receives additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Account. Although each transaction is collateralized, the Account 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 Account 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 Account may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Account to the risk that the transaction may not be consummated.

Restricted Securities. Restricted securities held by the Account, 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.

EQ-50  2003 CREF Annual Report   Equity Index Account

Notes to Financial Statements (continued)

Note 2—Management Agreements

Investment advisory services for the Account are provided by TIAA-CREF Investment Management, LLC (“Investment Management”) in accordance with an Investment Management Service Agreement with the Account. 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 Account and distribution functions for the Account’s certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement with the Account. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. Effective January 1, 2004, Services was converted from a regular corporation to a limited liability corporation.

The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive management fee payments from the Account on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to the Account’s actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly.

TIAA provides guarantees for the Account for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement.

Note 3—Investments

At December 31, 2003, net unrealized appreciation of portfolio investments for the Account was $835,784,846, consisting of gross unrealized appreciation of $1,443,066,609 and gross unrealized depreciation of $607,281,763.

At December 31, 2003, the market value of securities loaned and cash collateral received in connection therewith for the Account was $175,081,860 and $184,178,904, respectively.

At December 31, 2003, the Account held open futures contracts as follows:

	Number of Open Contracts	Market Value	Expiration Date	Unrealized Gain
Russell 2000 Mini Index	141	$ 7,856,520	March 2004	$ 42,713
S&P 500 Index	11	3,054,150	March 2004	115,516
S&P 500 Mini Index	725	40,259,250	March 2004	203,282
				$361,511

Purchases and sales of portfolio securities, other than short-term money market instruments, for the Account for the year ended December 31, 2003, were $1,449,637,229 and $195,907,222, respectively.

Equity Index Account   2003 CREF Annual Report  EQ-51

Notes to Financial Statements (continued)

Note 4—Condensed Financial Information

For the Years Ended December 31,	2003	2002	2001	2000	1999
Per Accumulation Unit Data:
Investment income	$ 1.073	$ 1.003	$ .973	$ 1.055	$ 1.012
Expenses	.278	.248	.258	.233	.225
Investment income—net	.795	.755	.715(a)	.822	.787
Net realized and unrealized             gain (loss) on total investments	15.521	(15.713)	(9.849)(a)	(7.216)	13.733
Net increase (decrease) in
Accumulation Unit Value	16.316	(14.958)	(9.134)	(6.394)	14.520
Accumulation Unit Value:
Beginning of year	53.777	68.735	77.869	84.263	69.743
End of year	$70.093	$ 53.777	$68.735	$77.869	$84.263
Total Return	30.34%	(21.76%)	(11.73%)	(7.59%)	20.82%
Ratios to Average Net Assets:
Expenses	0.46%	0.41%	0.37%	0.28%	0.30%
Investment income—net	1.33%	1.26%	1.02%(a)	0.98%	1.05%
Portfolio Turnover Rate	3.40%	7.02%	6.14%	9.42%	4.89%
Thousands of Accumulation Units       outstanding at end of year	103,603	86,020	75,254	62,018	57,249

(a) As required, effective January 1, 2001, the Account 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 Account, 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.

Note 5—Accumulation Units

Changes in the number of Accumulation Units outstanding of the Account were as follows:

Years Ended December 31,	2003	2002
Accumulation Units:
Credited for premiums	11,367,099	11,076,265
Credited (cancelled) for transfers, disbursements             and amounts applied to the Annuity Fund	6,215,862	(309,776)
Outstanding:
Beginning of year	86,020,312	75,253,823
End of year	103,603,273	86,020,312

EQ-52  2003 CREF Annual Report   Equity Index Account

Notes to Financial Statements (concluded)

Note 6—Line of Credit

The Account participates 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, 2003, the Account did not borrow under this facility.

Equity Index Account   2003 CREF Annual Report  EQ-53

Report of Independent Auditors

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

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of the Equity Index Account (one of the Accounts comprising College Retirement Equities Fund (“CREF”)) as of December 31, 2003, and the related statement of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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, 2003 by correspondence with the custodian 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 Equity Index Account of CREF at December 31, 2003, the results of its operations for the year then ended and the changes in its net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States.

New York, New York
February 18, 2004

EQ-54  2003 CREF Annual Report   Equity Index Account

CREF Bond Market Account  Intermediate-Term Bonds

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The CREF Bond Market Account returned 4.33% for the year, outpacing the 4.10% return of its benchmark, the Lehman Brothers Aggregate Bond Index. Similar variable annuities had an average return of 4.92%, as measured by the Morningstar Intermediate-Term Bond category, which tracked 747 accounts at year-end.

     During 2003, stocks outperformed fixed-income investments for the first time since 1999. The year began with rising international tensions and concerns about deflation; economic growth prospects seemed weak. However, as the year unfolded, deflation worries subsided, economic prospects brightened, and longer- term interest rates rose modestly. The yield on the five-year U.S. Treasury note was 3.25% at year-end—an increase of about half a percentage point during the 12–month period.

Corporate Bonds Lead the Market

The corporate sector was the star performer in the bond market during 2003. Lower-quality bonds (triple-B-rated) posted higher returns than top-rated corporate debt, as investors continued to purchase the highest-yielding securities and companies’ bottom-line results improved. U.S. Treasury inflation-protected securities (TIPS) posted another year of solid performance, primarily because of increased demand from investors new to the asset class and because of concerns that inflation would increase as economic growth accelerated.

Maintaining Credit Quality

The account outpaced its benchmark on the strength of successful allocations among different kinds of bonds. In order to preserve the account’s creditworthiness, we did not overweight high-yield bonds. Throughout the year, the account maintained a modest overweight in corporate securities, focused primarily in the automotive, telecom, cable, and utilities sectors. Additional contributions to performance came from the account’s substantial holdings in TIPS during the first quarter. (These are not included in the benchmark.) Performance was also boosted by an overweight position, during the first half of the year, in mortgage-backed securities. With interest rates stable, these did well because investors favored higher-yielding liquid assets while international tensions were high and deflation seemed a threat.

     The account’s option-adjusted duration—a measure of sensitivity to interest-rate changes—was 4.48 years as of December 31, 2003, versus 4.50 for the benchmark. Keeping the account’s duration close to the benchmark’s helps mitigate risk by ensuring that the account’s performance closely tracks that of the index.

 Bond Market Account   2003 CREF Annual Report  BM-1

CREF Bond Market Account  Intermediate-Term Bonds

PERFORMANCE

Investment Objective

Seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital

$10,000 over Ten Years	Calendar Year Total Returns

Performance as of 12/31/2003

	Average Annual Compound						Cumulative Rates
	Rates of Total Return1						of Total Return1
	1 year		5 years		10 years		5 years		10 years
Bond Market Account	4.33	%	6.49	%	6.63	%	36.95	%	90.07	%
Benchmark:
Lehman Brothers Aggregate Bond Index	4.10		6.62		6.94		37.80		95.76
Peer group:
Morningstar Intermediate-Term Bond (VA)	4.92		4.77		5.22		26.21		66.29

¹     Past performance of the CREF Bond Market Account should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the units you own may be worth more or less than their original value. Due to market volatility, the account’s recent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 1 800 842-2252.

     The account is not insured or guaranteed by any U.S. government agency.

BM-2  2003 CREF Annual Report    Bond Market Account

CREF Bond Market Account  Intermediate-Term Bonds

PROFILE

Bond Ratings (as of 12/31/2003)

	Rating	Percent
U.S. Treasury and		34.4
Agency Securities	(not rated)
Investment Grade
Mortgage-Backed and
Asset-Backed Securities	Aaa/AAA	36.5
Other Long-Term Debt	Aaa/AAA	2.2
	Aa/AA	5.4
	A/A	8.8
	Baa/BBB	11.0
Below Investment Grade	Ba/BB	0.8
	B/B	0.6
Total		99.7

Portfolio Composition by Sector (12/31/2003)

Sector	Percent of Portfolio
Mortgage-Backed and Other      Asset-Backed Securities	36.5
U.S. Treasury and Agency Securities	34.5
Corporate Bonds	26.8
Foreign Government and     Foreign Corporate Bonds     (Denominated in U.S. Dollars)	2.0
Investments Maturing in     Less than a Year	0.2
Total	100.0

Account Facts

Inception Date	3/1/1990
Net Assets (12/31/2003)	$5.41 billion
2003 Actual Expense Charge*	0.49%

* We estimate expenses each year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically, adjustments have been small.

Ten Largest Holdings (as of 12/31/2003)

	Coupon		Maturity	Percent of
Issuer	Rate		Date	Net Assets
FHLMC	3.670	%	2/12/08	5.43
U.S. Treasury Bond	8.000		11/15/21	4.94
U.S. Treasury Bond	10.000		5/15/10	4.67
FHLB	1.875		2/15/05	2.23
FFCB	2.250		9/01/06	2.02
U.S. Treasury Strip	0.000		5/15/16	1.87
FNMA	2.250		5/15/06	1.73
FNMA	5.000		1/15/07	1.62
FHLMC	6.875		1/15/05	1.41
FNMA	5.500		4/01/18	1.26
Total				27.18

The Account’s Benchmark

The Lehman Brothers Aggregate Bond Index tracks the performance of the U.S. investment-grade fixed-rate bond market, including government and agency securities, corporate bonds, and mortgage-backed and asset-backed securities.

Bond prices and interest rates move in opposite directions. Therefore, as interest rates rise, the value of the bond account declines, and vice versa.

 Bond Market Account   2003 CREF Annual Report  BM-3

Statement of Investments - Bond Market Account - December 31, 2003

Summary by Industry
	VALUE (000)	%
BONDS
CORPORATE BONDS
Amusement And Recreation Services	$   5,463	0.10%
Asset Backed	95,263	1.76
Business Services	20,964	0.39
Chemicals And Allied Products	55,362	1.02
Communications	179,917	3.33
Depository Institutions	177,718	3.29
Electric, Gas, And Sanitary Services	133,707	2.47
Electronic And Other Electric Equipment	17,461	0.32
Engineering And Management
Services	5,533	0.10
Fabricated Metal Products	6,842	0.13
Finance, Taxation And Monetary Policy	1,943	0.04
Food And Kindred Products	93,384	1.73
Food Stores	17,232	0.32
Forestry	8,599	0.16
General Building Contractors	34,125	0.63
General Merchandise Stores	21,174	0.39
Health Services	4,130	0.08
Holding And Other Investment
Offices	28,977	0.54
Hotels And Other Lodging Places	6,819	0.13
Industrial Machinery And Equipment	17,756	0.33
Instruments And Related Products	7,898	0.15
Insurance Agents, Brokers And Service	12,814	0.24
Insurance Carriers	36,470	0.67
Metal Mining	5,846	0.11
Miscellaneous Manufacturing
Industries	4,120	0.08
Miscellaneous Retail	7,035	0.13
Motion Pictures	34,902	0.64
National Security And    International Affairs	3,284	0.06
Nondepository Institutions	105,068	1.94
Oil And Gas Extraction	61,448	1.14
Other Mortgage Backed Securities	100,289	1.85
Paper And Allied Products	25,875	0.47
Personal Services	2,170	0.04
Petroleum And Coal Products	31,405	0.58
Pipelines, Except Natural Gas	11,211	0.20
Primary Metal Industries	5,952	0.11
Printing And Publishing	36,033	0.67
Railroad Transportation	28,414	0.53
Rubber And Miscellaneous Plastic
Products	5,545	0.10
Security And Commodity Brokers	63,444	1.17
Special Trade Contractors	3,071	0.06
Stone, Clay, And Glass Products	3,345	0.06
Tobacco Products	1,263	0.02
Transportation By Air	7,437	0.14
Transportation Equipment	70,192	1.30

Wholesale Trade-Durable Goods	$   2,210	0.04%
Wholesale Trade-Nondurable Goods	4,556	0.08
TOTAL CORPORATE BONDS
(Cost $1,558,259)	1,613,666	29.84
GOVERNMENT BONDS
Agency Securities	1,016,081	18.79
Foreign Government Bonds	99,267	1.84
Mortgage Backed Securities	1,813,602	33.53
U.S. Treasury Securities	845,363	15.62
TOTAL GOVERNMENT BONDS
(Cost $3,757,858)	3,774,313	69.78
TOTAL BONDS
(Cost $5,316,117)	5,387,979	99.62
TIAA-CREF MUTUAL FUNDS
(Cost $3,048)	3,373	0.06
SHORT TERM INVESTMENTS
Certificate Of Deposit	25,000	0.46
Commercial Paper	187,809	3.47
U.S. Government And Agencies
Discount Notes	324,441	6.00
Investment of Cash Collateral for
Securities Loaned	230,248	4.26
TOTAL SHORT TERM INVESTMENTS
(Cost $769,054)	767,498	14.19
TOTAL PORTFOLIO    (Cost $6,088,219)	6,158,850	113.87
OTHER ASSETS AND LIABILITIES,
NET	(750,045)	(13.87)
NET ASSETS	$5,408,805	100.00%

					VALUE
	PRINCIPAL			RATINGS†	(000)
BONDS—99.62%
CORPORATE BONDS—29.84%
AMUSEMENT AND RECREATION SERVICES—0.10%
			Caesars
			Entertainment,
			Inc (Sr Note)
	$2,000,000	e	7.000%, 04/15/13	Ba1	$ 2,135
			Isle of Capri Casinos,
			Inc (Guarantee Note)
	1,000,000		9.000%, 03/15/12	B2	1,113
			Park Place
			Entertainment
			Corp (Sr Sub Note)
	2,000,000		7.875%, 03/15/10	Ba2	2,215
			TOTAL AMUSEMENT AND RECREATION SERVICES		5,463

† As provided by Moody’s Investors Services (Unaudited)

BM-4  2003 CREF Annual Report   Bond Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Market Account - - December 31, 2003

				VALUE
	PRINCIPAL		RATINGS†	(000)
ASSET BACKED—1.76%
		Chase Funding
		Mortgage Loan
		Series 2001-4
		(Class 1A3)
	$3,960,655	5.053%, 02/25/23	Aaa	$ 3,972
		CIT Group Home
		Equity Loan Trust
		Series 2002-1
		(Class Af6)
	6,000,000	6.200%, 02/25/30	Aaa	6,449
		Detroit Edison
		Securitization
		Funding LLC
		Series 2001-1
		(Class A3)
	10,000,000	5.875%, 03/01/10	Aaa	10,860
		Golden Securities
		Corp Series 2003-A
		(Class A1)
	10,000,000	1.420%, 12/02/13	Aaa	9,999
		Nissan Auto
		Receivables
		Owner Trust
		Series 2001-C
		(Class A4)
	4,000,000	4.800%, 02/15/07	Aaa	4,087
		Peco Energy
		Transition Trust
		Series 1999-A
		(Class A6)
	8,000,000	6.050%, 03/01/09	Aaa	8,667
		Peco Energy
		Transition Trust
		Series 1999-A
		(Class A7)
	10,000,000	6.130%, 03/01/09	Aaa	11,044
		Public Service
		New Hampshire
		Funding LLC
		Series 2001-1
		(Class A2)
	11,715,861	5.730%, 11/01/10	Aaa	12,613
		Residential Asset
		Securities Corp
		Series 1997-KS3
		(Class AI5)

	27,957	7.250%, 08/25/27	Aaa	28
		Residential Asset
		Securities Corp
		Series 1999-KS2
		(Class AI9)
	$2,399,042	7.150%, 07/25/30	Aaa	$ 2,512
		Residential Asset
		Securities Corp
		Series 2000-KS4
		(Class AI6)
	10,266,390	7.435%, 09/25/31	Aaa	11,170
		Residential Asset
		Securities Corp
		Series 2001-KS2
		(Class AI3)
	342,481	5.751%, 03/25/27	Aaa	343
		Residential Asset
		Securities Corp
		Series 2001-KS2
		(Class AI4)
	7,000,000	6.417%, 02/25/29	Aaa	7,178
		Residential Asset
		Securities Corp
		Series 2001-KS2
		(Class AI6)
	2,000,000	6.489%, 10/25/30	Aaa	2,155
		Saxon Asset
		Securities Trust
		Series 1999-3
		(Class AF6)
	3,357,424	7.525%, 06/25/14	Aaa	3,676
		Vanderbilt Mortgage
		Finance
		Series 2001-A
		(Class A2)
	509,799	6.120%, 02/07/15	Aaa	510
		TOTAL ASSET BACKED		95,263
BUSINESS SERVICES—0.39%
		Advanstar
		Communications,
		Inc (Secured Note)
	2,000,000	10.750%, 08/15/10	B3	2,165
		Cendant Corp
		(Sr Note)
	4,000,000	7.375%, 01/15/13	Baa1	4,608
		Equifax, Inc Note
	3,500,000	4.950%, 11/01/07	Baa1	3,604
		Fiserv, Inc Note
	2,750,000	4.000%, 04/15/08	Baa2	2,737
		PHH Corp Note
	5,000,000	7.125%, 03/01/13	Baa1	5,600

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS Bond Market Account   2003 CREF Annual Report  BM-5

Statement of Investments - Bond Market Account - - December 31, 2003

					VALUE
	PRINCIPAL			RATINGS†	(000)
BUSINESS SERVICES—(Continued)
			United Rentals North
			America, Inc
			(Guarantee Note)
	$2,000,000		10.750%, 04/15/08	B1	$ 2,250
			TOTAL BUSINESS
			SERVICES		20,964
CHEMICALS AND ALLIED PRODUCTS—1.02%
			Abbott Labs Note
	10,000,000		5.625%, 07/01/06	A1	10,752
			Du Pont EI de
			Nemours & Co Deb
	3,000,000	e	4.750%, 11/15/12	Aa3	3,034
	5,000,000		6.500%, 01/15/28	Aa3	5,498
			Equistar Chemicals LP/
			Equistar Funding
			Corp (Sr Note)
	2,000,000	e	10.625%, 05/01/11	B2	2,210
			Gillette Co/The (Sr Note)
	5,000,000		4.125%, 08/30/07	Aa3	5,202
			ISP Chemco, Inc
			(Guarantee Note)
	2,000,000		10.250%, 07/01/11	B2	2,250
			Johnson & Johnson Deb
	3,000,000	e	3.800%, 05/15/13	Aaa	2,829
	5,000,000		6.950%, 09/01/29	Aaa	5,888
			Merck & Co, Inc Deb
	7,000,000		5.950%, 12/01/28	Aaa	7,258
			Pfizer, Inc Note
	5,000,000		3.625%, 11/01/04	Aaa	5,093
			Pharmacia Corp Note
	5,000,000		5.750%, 12/01/05	Aaa	5,348
			TOTAL CHEMICALS AND
			ALLIED PRODUCTS		55,362
COMMUNICATIONS—3.33%
			AT&T Corp (Sr Note)
	2,500,000		7.250%, 11/15/06	Baa2	2,762
	5,750,000		8.050%, 11/15/11	Baa2	6,604
	8,698,001		8.375%, 03/15/13	Baa3	10,638
			AT&T Wireless Services,
			Inc (Sr Note)
	4,000,000		7.875%, 03/01/11	Baa2	4,604
	1,500,000		8.125%, 05/01/12	Baa2	1,759
	4,750,000		8.750%, 03/01/31	Baa2	5,820
			BellSouth
			Telecommunication
			Note
	5,000,000		6.500%, 06/15/05	Aa3	5,333
			British
			Telecommunications

		PLC Bond
$5,000,000		8.875%, 12/15/30	Baa1	$ 6,538
		CenturyTel, Inc
		(Sr Note)
5,000,000		7.875%, 08/15/12	Baa2	5,934
		Citizens
		Communications
		Co Note
1,500,000		8.500%, 05/15/06	Baa2	1,642
2,500,000		9.250%, 05/15/11	Baa2	2,960
		Clear Channel
		Communications,
		Inc (Sr Note)
4,000,000		7.650%, 09/15/10	Baa3	4,681
5,500,000		4.400%, 05/15/11	Baa3	5,344
		Comcast Cable
		Communications
		(Sr Note)
4,000,000		6.750%, 01/30/11	Baa3	4,455
4,500,000		6.500%, 01/15/15	Baa3	4,891
		Comcast Corp Bond
5,750,000		7.050%, 03/15/33	Baa3	6,255
		Cox Communications,
		Inc Note
6,000,000		4.625%, 06/01/13	Baa2	5,783
		COX Enterprises,
		Inc Note
2,500,000		4.375%, 05/01/08	Baa1	2,540
		Deutsche Telekom
		International
		Finance BV
		(Guarantee Note)
2,000,000	e	5.250%, 07/22/13	Baa3	2,014
4,000,000		8.750%, 06/15/30	Baa3	5,110
		Gray Television, Inc
		(Guarantee Note)
1,000,000		9.250%, 12/15/11	B2	1,115
		GTE Corp Deb
1,150,000	e	6.840%, 04/15/18	A3	1,258
		GTE North, Inc Deb
5,000,000		5.650%, 11/15/08	A1	5,385
		Intelsat Ltd Note
3,000,000		6.500%, 11/01/13	Baa3	3,152
		SBC Communications,
		Inc Note
5,500,000		5.750%, 05/02/06	A1	5,906
5,000,000	e	5.875%, 08/15/12	A1	5,291
		Sprint Capital Corp
		(Guarantee Note)
7,000,000		6.000%, 01/15/07	Baa3	7,459
7,750,000	e	8.375%, 03/15/12	Baa3	9,030
4,000,000		6.900%, 05/01/19	Baa3	4,102

† As provided by Moody’s Investors Services (Unaudited)

BM-6  2003 CREF Annual Report   Bond Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Market Account - - December 31, 2003

					VALUE
	PRINCIPAL			RATINGS†	(000)
COMMUNICATIONS—(Continued)
			Telecom Italia
			Capital SA
			(Guarantee Note)
	$2,750,000		6.375%, 11/15/33	Baa2	$ 2,765
			US Cellular Corp Note
	3,250,000		6.700%, 12/15/33	Baa1	3,266
			Verizon Global Funding
			Corp Note
	3,500,000		4.375%, 06/01/13	A2	3,291
			Verizon Maryland,
			Inc Bond
	6,000,000		5.125%, 06/15/33	Aa2	5,145
			Verizon New Jersey,
			Inc Deb
	5,000,000		5.875%, 01/17/12	Aa3	5,292
			Verizon Virginia,
			Inc Deb
	15,000,000		4.625%, 03/15/13	Aa3	14,424
			Verizon Wireless
			Capital LLC Note
	5,000,000		5.375%, 12/15/06	A3	5,337
			Vodafone Group
			PLC Note
	2,000,000		3.950%, 01/30/08	A2	2,032
			TOTAL
			COMMUNICATIONS		179,917
DEPOSITORY INSTITUTIONS—3.29%
			Bank of America Corp
			(Sr Note)
	7,000,000		3.875%, 01/15/08	Aa2	7,136
	4,500,000		5.875%, 02/15/09	Aa2	4,929
	4,000,000		7.400%, 01/15/11	Aa3	4,684
	8,750,000		4.875%, 01/15/13	Aa2	8,726
	2,500,000	e	4.750%, 08/15/13	Aa3	2,450
			Bank One Corp
			(Sr Note)
	5,000,000	e	4.125%, 09/01/07	Aa3	5,140
	2,000,000		5.250%, 01/30/13	A1	2,049
			Bank One NA
			Illinois Note
	7,000,000		5.500%, 03/26/07	Aa2	7,536
			Barclays Bank plc
			(Sub Note)
	5,000,000		7.375%, 06/29/49	Aa3	5,816
			BB & T Corp (Sub Note)
	4,000,000		6.500%, 08/01/11	A2	4,473
			Citigroup Global Markets
			Holdings, Inc Note
	13,000,000		6.500%, 02/15/08	Aa1	14,512

		Citigroup, Inc Note
$8,500,000		4.125%, 06/30/05	Aa1	$ 8,788
7,000,000		7.250%, 10/01/10	Aa2	8,143
9,500,000		6.000%, 02/21/12	Aa1	10,372
3,500,000		5.625%, 08/27/12	Aa2	3,694
		Credit Suisse
		First Boston
		USA, Inc Note
8,000,000		4.625%, 01/15/08	Aa3	8,328
		Golden West
		Financial Corp
		(Sr Note)
3,000,000		4.125%, 08/15/07	A1	3,086
3,500,000		4.750%, 10/01/12	A1	3,489
		Greenpoint
		Financial Corp
		(Sr Note)
2,000,000		3.200%, 06/06/08	Baa1	1,937
		HSBC Holdings plc
		(Sub Note)
3,000,000		5.250%, 12/12/12	A1	3,072
		JP Morgan Chase & Co
		(Sub Note)
7,000,000	e	7.875%, 06/15/10	A2	8,318
		JP Morgan Chase &
		Co Note
5,000,000		4.500%, 11/15/10	A1	5,035
		Marshall & Isley Bank
		(Sr Note)
2,000,000		4.125%, 09/04/07	Aa3	2,062
		Marshall & Isley Bank
		(Sub Note)
1,000,000		5.250%, 09/04/12	A1	1,034
		Mellon Funding Corp
		(Guarantee Note)
5,000,000		4.875%, 06/15/07	A1	5,276
		PNC Funding Corp
		(Guarantee Note)
5,000,000		5.750%, 08/01/06	A2	5,384
		Regions Financial Corp
		(Sub Note)
2,500,000		6.375%, 05/15/12	A2	2,757
		Suntrust Bank
		(Sub Note)
4,500,000		7.250%, 09/15/06	Aa3	5,036
		US Bank National
		Association
		(Sub Note)
5,000,000		6.300%, 02/04/14	Aa3	5,509

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS Bond Market Account   2003 CREF Annual Report  BM-7

Statement of Investments - Bond Market Account - - December 31, 2003

					VALUE
	PRINCIPAL			RATINGS†	(000)
DEPOSITORY       INSTITUTIONS—(Continued)
			Wachovia Bank
			NA/Old
			(Sub Note)
	$3,500,000	e	5.000%, 08/15/15	Aa3	$ 3,459
			Washington Mutual,
			Inc Note
	5,000,000		7.500%, 08/15/06	A3	5,589
			Wells Fargo & Co
			(Sub Note)
	5,000,000	e	5.000%, 11/15/14	Aa2	4,974
			Wells Fargo Financial,
			Inc Note
	2,500,000		5.875%, 08/15/08	Aa1	2,739
	2,000,000		6.125%, 04/18/12	Aa1	2,186
			TOTAL DEPOSITORY
			INSTITUTIONS		177,718
ELECTRIC, GAS, AND SANITARY          SERVICES—2.47%
			Alabama Power Co
			(Sr Note)
	5,000,000		7.125%, 08/15/04	A2	5,176
			Allied Waste
			North America
			(Guarantee Note)
	2,000,000		7.875%, 01/01/09	Ba3	2,085
			Appalachian Power
			Co Deb
	2,000,000		5.950%, 05/15/33	Baa2	1,899
			Carolina Power &
			Light Co
			(First Mortgage Bond)
	4,000,000		5.125%, 09/15/13	A3	4,049
	3,000,000		6.125%, 09/15/33	A3	3,059
			CenterPoint Energy
			Resources Corp Note
	2,000,000		7.875%, 04/01/13	Ba1	2,264
			CenterPoint Energy
			Houston Electric
			LLC (Secured Note)
	1,000,000		5.600%, 07/01/23	Baa2	951
			Columbus Southern
			Power Co Deb
	2,500,000		6.600%, 03/01/33	A3	2,679
			Commonwealth
			Edison Co
			(Secured Note)
	4,000,000		5.875%, 02/01/33	A3	3,968

	Consolidated Edison
	Co of New York
	Note
$4,000,000	4.875%, 02/01/13	A1	$ 4,003
2,000,000	5.100%, 06/15/33	A1	1,770
	Consolidated
	Natural Gas
	Co (Sr Note)
4,000,000	6.250%, 11/01/11	A3	4,371
	Consumers
	Energy Co
	(Sr Note)
1,500,000	6.000%, 03/15/05	Baa3	1,561
	Detroit Edison Co
	(First Mortgage Bond)
7,000,000	6.125%, 10/01/10	A3	7,754
	Detroit Edison Co
	(Secured Note)
2,000,000	5.200%, 10/15/12	A3	2,054
	Dominion Resources
	Inc/VA Note
4,000,000	4.125%, 02/15/08	Baa1	4,037
3,000,000	6.300%, 03/15/33	Baa1	3,027
	Duke Energy Corp
	(First Mortgage
	Bond)
2,000,000	4.500%, 04/01/10	A3	2,002
	El Paso Electric Co
	(First Mortgage
	Bond)
5,000,000	8.900%, 02/01/06	Baa3	5,553
	FirstEnergy Corp Note
4,750,000	6.450%, 11/15/11	Baa2	4,923
	Florida Power &
	Light Co
	(First Mortgage
	Bond)
5,000,000	6.875%, 12/01/05	Aa3	5,442
	Georgia Power Co
	(Sr Note)
5,000,000	5.500%, 12/01/05	A2	5,304
	KeySpan Corp Deb
1,500,000	5.875%, 04/01/33	A3	1,488
	National Fuel Gas
	Co Note
4,000,000	5.250%, 03/01/13	A3	4,010
	National Rural Utility
	Coop Finance Note
3,000,000	5,750%, 08/28/09	A2	3,226
6,000,000	7.250%, 03/01/12	A2	6,955

† As provided by Moody’s Investors Services (Unaudited)

 

BM-8  2003 CREF Annual Report   Bond Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Market Account - - December 31, 2003

	PRINCIPAL		RATINGS†	VALUE (000)
ELECTRIC, GAS, AND SANITARY          SERVICES—(Continued)
		New York State
		Electric & Gas
		Corp Note
	$2,000,000	5.500%, 11/15/12	Baa2	$ 2,048
	2,000,000	5.750%, 05/01/23	Baa2	1,925
		Nisource Finance Corp
		(Guarantee Note)
	3,500,000	7.875%, 11/15/10	Baa3	4,164
		Northern Border
		Pipeline Co Note
	4,500,000	6.250%, 05/01/07	A3	4,909
		Ohio Edison Co
		(Sr Sub Note)
	2,500,000	4.000%, 05/01/08	Baa2	2,445
		Ohio Power Co Bond
	2,500,000	6.600%, 02/15/33	A3	2,683
		Oncor Electric
		Delivery Co
		(Secured Note)
	2,000,000	6.375%, 05/01/12	Baa1	2,195
	2,500,000	7.250%, 01/15/33	Baa1	2,851
		Panhandle Eastern
		Pipe Line Note
	3,500,000	6.050%, 08/15/13	Baa3	3,625
		Public Service Co
		of Colorado
		(Collateral Note)
	2,500,000	5.500%, 04/01/14	Baa1	2,596
		TXU Energy Co
		(Sr Note)
	2,000,000	7.000%, 03/15/13	Baa2	2,212
		Waste Management,
		Inc
		(Guarantee Note)
	2,000,000	7.750%, 05/15/32	Baa3	2,342
		Waste Management,
		Inc (Sr Note)
	3,000,000	7.000%, 07/15/28	Baa3	3,209
		Wisconsin Electric
		Power Note
	3,000,000	5.625%, 05/15/33	A1	2,893
		TOTAL ELECTRIC, GAS, AND
		SANITARY SERVICES		133,707
ELECTRONIC AND OTHER ELECTRIC          EQUIPMENT—0.32%
		Emerson Electric Note
	5,000,000	5.625%, 11/15/13	A2	5,316

			General Electric
			Co Note
	$12,000,000	e	5.000%, 02/01/13	Aaa	$ 12,145
			TOTAL ELECTRONIC AND
			OTHER ELECTRIC
			EQUIPMENT		17,461
ENGINEERING AND MANAGEMENT          SERVICES—0.10%
			AIG SunAmerica
			Global Financing Vi
			(Secured Note)
	5,000,000		6.300%, 05/10/11	Aaa	5,533
			TOTAL ENGINEERING
			AND MANAGEMENT
			SERVICES		5,533
FABRICATED METAL PRODUCTS—0.13%
			Crane Co (Sr Note)
	3,000,000	e	5.500%, 09/15/13	Baa2	3,083
			Fortune Brands,
			Inc Note
	3,750,000		4.875%, 12/01/13	A2	3,759
			TOTAL FABRICATED
			METAL PRODUCTS		6,842
FINANCE, TAXATION AND MONETARY          POLICY—0.04%
			Massachusetts
			Mutual Life
			Insurance Co Deb
	2,000,000		5.625%, 05/15/33	Aa3	1,943
			TOTAL FINANCE,
			TAXATION AND
			MONETARY POLICY		1,943
FOOD AND KINDRED          PRODUCTS—1.73%
			Anheuser-Busch
			Cos, Inc Deb
	3,750,000		4.375%, 01/15/13	A1	3,658
			Bottling Group LLC
			(Guarantee Note)
	4,000,000		4.625%, 11/15/12	A3	3,983
			Bunge Ltd Finance
			Corp Note
	1,750,000		5.875%, 05/15/13	Baa3	1,783
			Coca-Cola
			Enterprises Inc Note
	3,000,000	e	4.250%, 09/15/10	A2	2,995
			Coca-Cola
			HBC Finance
			BV Note
	8,000,000		5.125%, 09/17/13	A3	8,037

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS  Bond Market Account   2003 CREF Annual Report  BM-9

Statement of Investments - Bond Market Account - - December 31, 2003

					VALUE
	PRINCIPAL			RATINGS†	(000)
FOOD AND KINDRED          PRODUCTS—(Continued)
			ConAgra Foods,
			Inc Note
	$7,500,000		7.875%, 09/15/10	Baa1	$ 8,917
	2,500,000		8.250%, 09/15/30	Baa1	3,114
			Coors Brewing Co
			(Guarantee Note)
	5,000,000		6.375%, 05/15/12	Baa2	5,439
			Diageo Capital plc
			(Guarantee Note)
	5,000,000		6.625%, 06/24/04	A2	5,126
			Foster Brewing Note
	4,000,000		6.875%, 06/15/11	Baa1	4,549
			Kellogg Co Deb
	5,000,000		7.450%, 04/01/31	Baa2	5,897
			Kraft Foods Inc Note
	5,750,000		5.625%, 11/01/11	A3	6,040
	3,000,000	e	5.250%, 10/01/13	A3	3,020
			Miller Brewing
			Co Note
	4,000,000		5.500%, 08/15/13	Baa1	4,087
	4,000,000		PepsiCo, Inc Note
			4.500%, 09/15/04	A1	4,087
			Sara Lee Corp Note
	2,000,000		1.950%, 06/15/06	A3	1,971
	4,000,000		6.250%, 09/15/11	A3	4,420
			Unilever Capital Corp
			(Guarantee Note)
	8,000,000		6.875%, 11/01/05	A1	8,689
	5,000,000		7.125%, 11/01/10	A1	5,818
	1,750,000	e	5.900%, 11/15/32	A1	1,754
			TOTAL FOOD AND
			KINDRED PRODUCTS		93,384
FOOD STORES—0.32%
			Delhaize America, Inc
			(Guarantee Note)
	2,000,000		8.125%, 04/15/11	Ba1	2,300
			Kroger Co
			(Guarantee Note)
	2,500,000		6.800%, 04/01/11	Baa3	2,791
			Kroger Co Note
	5,000,000		7.800%, 08/15/07	Baa3	5,722
			Safeway, Inc Note
	6,000,000		6.150%, 03/01/06	Baa	6,419
			TOTAL FOOD STORES		17,232
FORESTRY—0.16%
			Weyerhaeuser
			Co Note
	3,000,000		6.000%, 08/01/06	Baa2	3,215

	$5,000,000		5.950%, 11/01/08	Baa2	$ 5,384
			TOTAL FORESTRY		8,599
GENERAL BUILDING CONTRACTORS—0.63%
			Beazer Homes
			USA, Inc
			(Guarantee Note)
	2,000,000		8.375%, 04/15/12	Ba2	2,205
			Centex Corp Note
	4,000,000		4.750%, 01/15/08	Baa2	4,129
	4,000,000		5.125%, 10/01/13	Baa2	3,928
			DR Horton, Inc
			(Sr Sub Note)
	2,000,000	e	9.750%, 09/15/10	Ba2	2,380
			Lennar Corp Note
	6,000,000		5.950%, 03/01/13	Baa3	6,287
			MDC Holdings Inc
			(Guarantee Note)
	4,250,000		5.500%, 05/15/13	Baa3	4,246
			Pulte Homes,
			Inc Note
	6,500,000	e	6.250%, 02/15/13	Baa3	6,911
	2,000,000		6.375%, 05/15/33	Baa3	1,959
			Toll Brothers
			Inc Note
	2,000,000	e	5.950%, 09/15/13	Baa3	2,080
			TOTAL GENERAL BUILDING
			CONTRACTORS		34,125
GENERAL MERCHANDISE STORES—0.39%
			Costco Wholesale
			Corp (Sr Note)
	4,000,000		5.500%, 03/15/07	A2	4,293
			Target Corp Note
	7,500,000	e	4.000%, 06/15/13	A2	7,025
			Wal-Mart Stores,
			Inc Note
	8,000,000		7.550%, 02/15/30	Aa2	9,856
			TOTAL GENERAL
			MERCHANDISE STORES
HEALTH SERVICES—0.08%
			Laboratory Corp
			of America
			Holdings Note
	4,000,000		5.500%, 02/01/13	Baa3	4,130
			TOTAL HEALTH
			SERVICES		4,130
HOLDING AND OTHER INVESTMENT          OFFICES—0.54%
			Boston Properties,
			Inc (Sr Note)
	3,000,000		6.250%, 01/15/13	Baa2	3,215

† As provided by Moody’s Investors Services (Unaudited)

 

BM-10  2003 CREF Annual Report   Bond Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Market Account - - December 31, 2003

	PRINCIPAL			RATINGS†	VALUE (000)
HOLDING AND OTHER INVESTMENT             OFFICES—(Continued)
			Brascan Corp Note
	$ 5,000,000		7.125%, 06/15/12	Baa3	$ 5,592
			Camden Property Trust Note
	5,000,000		5.875%, 06/01/07	Baa2	5,387
			Chelsea Property Group,
			Inc Note
	4,000,000		6.000%, 01/15/13	Baa2	4,193
			EOP Operating LP
			(Guarantee Note)
	4,000,000		6.750%, 02/15/12	Baa1	4,436
	4,000,000		5.875%, 01/15/13	Baa1	4,180
			Rouse Co/The Note
	2,000,000		5.375%, 11/26/13	Baa3	1,974
			TOTAL HOLDING AND
			OTHER INVESTMENT
			OFFICES		28,977
HOTELS AND OTHER LODGING             PLACES—0.13%
			Boyd Gaming Corp
			(Sr Sub Note)
	2,000,000	e	8.750%, 04/15/12	B1	2,195
			MGM Mirage
			(Guarantee Note)
	4,500,000		6.000%, 10/01/09	Ba1	4,624
			TOTAL HOTELS AND
			OTHER LODGING
			PLACES		6,819
INDUSTRIAL MACHINERY AND             EQUIPMENT—0.33%
			Hewlett-Packard
			Co Note
	3,500,000		6.500%, 07/01/12	A3	3,895
			International Business
			Machines Corp Note
	3,500,000		4.750%, 11/29/12	A1	3,502
			Kennametal, Inc
			(Sr Note)
	1,500,000		7.200%, 06/15/12	Ba1	1,591
			Parker Hannifin Corp
			(Sr Sub Note)
	4,000,000		4.875%, 02/15/13	A2	3,989
			Stanley Works/
			The Note
	4,750,000		4.900%, 11/01/12	A2	4,779
			TOTAL INDUSTRIAL
			MACHINERY
			AND EQUIPMENT		17,756

INSTRUMENTS AND RELATED             PRODUCTS—0.15%
			Becton Dickinson &
			Co Note
	4,000,000		4.550%, 04/15/13	A2	3,895
			Raytheon Co Note
	4,000,000		5.375%, 04/01/13	Baa3	4,003
			TOTAL INSTRUMENTS
			AND RELATED
			PRODUCTS		7,898
INSURANCE AGENTS, BROKERS AND             SERVICE—0.24%
			Marsh & McLennan
			Cos, Inc (Sr Note)
	4,500,000		5.375%, 03/15/07	A2	4,802
	4,500,000		6.250%, 03/15/12	A2	4,924
			Metlife, Inc (Sr Note)
	3,000,000		5.375%, 12/15/12	A2	3,088
			TOTAL INSURANCE
			AGENTS, BROKERS
			AND SERVICE		12,814
INSURANCE CARRIERS—0.67%
			Allstate Corp Deb
	4,250,000	e	5.350%, 06/01/33	A1	3,919
			General Electric
			Capital
			Corp (Sr Note)
	4,000,000		4.250%, 12/01/10	Aaa	3,983
			Hartford Financial
			Services
			Group (Sr Note)
	5,000,000		7.900%, 06/15/10	A3	5,955
			International Lease
			Finance
			Corp Note
	2,500,000		6.375%, 03/15/09	A1	2,769
			John Hancock
			Global Funding II
			Note
	4,000,000		7.900%, 07/02/10	Aa3	4,766
			Progressive Corp/The
			(Sr Note)
	3,000,000		6.250%, 12/01/32	A1	3,140
			Safeco Corp (Sr Note)
	2,500,000		4.875%, 02/01/10	Baa1	2,541
			St Paul Cos (Sr Note)
	4,000,000		5.750%, 03/15/07	A3	4,295

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS Bond Market Account   2003 CREF Annual Report  BM-11

Statement of Investments - Bond Market Account - - December 31, 2003

					VALUE
	PRINCIPAL			RATINGS†	(000)
INSURANCE CARRIERS—(Continued)
			UnitedHealth Group,
			Inc (Sr Note)
	$   4,000,000		3.300%, 01/30/08	A3	$ 4,002
			WellPoint Health
			Networks Note
	1,000,000		6.375%, 01/15/12	Baa1	1,100
			TOTAL INSURANCE
			CARRIERS		36,470
METAL MINING—0.11%
			Alcan, Inc
	1,750,000		6.125%, 12/15/33	Baa1	1,770
			Placer Dome, Inc Deb
	4,000,000		6.375%, 03/01/33	Baa2	4,076
			TOTAL METAL MINING		5,846
MISCELLANEOUS MANUFACTURING             INDUSTRIES—0.08%
			Tyco International
			Group SA (Sr Note)
	4,000,000	e	6.000%, 11/15/13	Ba2	4,120
			TOTAL MISCELLANEOUS
			MANUFACTURING
			INDUSTRIES		4,120
MISCELLANEOUS RETAIL—0.13%
			CVS Corp Note
	4,000,000		3.875%, 11/01/07	A2	4,087
			Toys R US, Inc Note
	2,750,000	e	7.875%, 04/15/13	Baa3	2,948
			TOTAL MISCELLANEOUS
			RETAIL		7,035
MOTION PICTURES—0.64%
			AOL Time Warner, Inc
			(Guarantee Note)
	2,500,000		5.625%, 05/01/05	Baa1	2,617
	11,000,000		6.875%, 05/01/12	Baa1	12,364
	8,000,000		7.700%, 05/01/32	Baa1	9,314
			Liberty Media
			Corp Note
	3,750,000	e	5.700%, 05/15/13	Baa3	3,795
			Time Warner, Inc
			(Guarantee Note)
	3,500,000		6.625%, 05/15/29	Baa1	3,601
			Walt Disney Co Note
	3,000,000		5.500%, 12/29/06	Baa1	3,211
			TOTAL MOTION
			PICTURES		34,902

NATIONAL SECURITY AND INTERNATIONAL             AFFAIRS—0.06%
			Inter-American
			Development
			Bank (Sr Unsub Note)
	3,500,000	e	3.500%, 07/08/13	Aaa	3,284
			TOTAL NATIONAL
			SECURITY AND
			INTERNATIONAL
			AFFAIRS		3,284
NONDEPOSITORY INSTITUTIONS—1.94%
			Capital One Financial
			Corp Note
	3,500,000		6.250%, 11/15/13	Baa3	3,588
			CIT Group, Inc
			(Sr Sub Note)
	9,000,000		4.125%, 02/21/06	A2	9,298
			Countrywide Home
			Loans, Inc
			(Guarantee Note)
	4,000,000		5.625%, 07/15/09	A3	4,340
			Falconbridge Ltd Note
	2,000,000		7.350%, 06/05/12	Baa3	2,274
			Ford Motor Credit
			Co Note
	8,000,000		6.500%, 01/25/07	A3	8,522
	7,000,000	e	7.250%, 10/25/11	A3	7,569
	14,500,000	e	7.000%, 10/01/13	A3	15,204
			General Electric Capital
			Corp Note
	5,000,000		5.450%, 01/15/13	Aaa	5,205
	250,000		6.750%, 03/15/32	Aaa	277
			General Motors
			Acceptance
			Corp Note
	4,000,000		6.750%, 01/15/06	A3	4,290
	5,500,000		7.750%, 01/19/10	A3	6,201
			Household Finance
			Corp (Sr Unsub Note)
	4,000,000		4.625%, 01/15/08	A1	4,158
	5,000,000		5.875%, 02/01/09	A1	5,414
	4,000,000		7.350%, 11/27/32	A1	4,686
	3,000,000		7.000%, 05/15/12	A1	3,423
	4,250,000		6.375%, 11/27/12	A1	4,665
			KeyBank National
			Association Note
	4,000,000		5.000%, 07/17/07	A1	4,233
			MBNA America Bank Note
	4,000,000		5.375%, 01/15/08	Baa1	4,268

† As provided by Moody’s Investors Services (Unaudited)

BM-12  2003 CREF Annual Report   Bond Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Market Account - - December 31, 2003

	PRINCIPAL			RATINGS†	VALUE (000)
NONDEPOSITORY             INSTITUTIONS—(Continued)
			SLM Corp Note
	$   4,000,000		4.000%, 01/15/09	A2	$ 4,027
			Toyota Motor Credit
			Corp Note
	3,500,000		2.875%, 08/01/08	Aaa	3,426
			TOTAL NONDEPOSITORY
			INSTITUTIONS		105,068
OIL AND GAS EXTRACTION—1.14%
			Anadarko Finance
			(Guarantee Note)
	5,000,000		6.750%, 05/01/11	Baa1	5,641
			Anadarko Petroleum
			Corp Note
	2,500,000		5.375%, 03/01/07	Baa1	2,649
			Burlington Resource
			(Guarantee Note)
	2,000,000	e	6.400%, 08/15/11	Baa1	2,237
	5,000,000		7.200%, 08/15/31	Baa1	5,765
			Canadian Natural
			Resources
			Ltd Note
	5,000,000		7.200%, 01/15/32	Baa1	5,703
			Chesapeake Energy
			Corp (Guarantee
			Note)
	1,000,000		9.000%, 08/15/12	Ba3	1,150
			CNOOC Finance
			Ltd Note
	2,500,000		5.500%, 05/21/33	A2	2,215
			Devon Energy Corp
			(Sr Note)
	2,500,000		2.750%, 08/01/06	Baa2	2,492
	4,000,000		7.950%, 04/15/32	Baa2	4,828
			Equitable Resources,
			Inc Note
	3,750,000		5.150%, 03/01/18	A2	3,689
	4,000,000		5.150%, 11/15/12	A2	4,096
			Halliburton Co Note
	2,000,000		5.500%, 10/15/10	Baa2	2,087
			Panhandle Eastern
			Pipe Line Note
	2,000,000		4.800%, 08/15/08	Baa3	2,039
			Pemex Project Funding
			Master Trust
			(Guarantee Note)
	1,500,000	e	6.125%, 08/15/08	Baa1	1,577

			Pemex Project
			Funding Master Trust
			(Guarantee Note)
	1,500,000		8.500%, 02/15/08	Baa1	1,718
	6,750,000		9.125%, 10/13/10	Baa1	7,999
	5,000,000		8.000%, 11/15/11	Baa1	5,563
			TOTAL OIL AND GAS
			EXTRACTION		61,448
OTHER MORTGAGE             BACKED SECURITIES—1.85%
			Banc of America
			Commercial
			Mortgage , Inc
			Series 2003-2
			(Class A4)
	10,000,000		5.061%, 03/11/41	Aaa	10,160
			CS First Boston
			Mortgage
			Securities Corp
			Series 2001-Cp4
			(Class A4)
	14,000,000		6.180%, 12/15/35	Aaa	15,372
			General Electric Capital
			Commercial Mortgage
			Corp Series 2003-C2
			(Class A4)
	21,000,000		5.145%, 07/10/37	Aaa	21,524
			JP Morgan Chase
			Commercial
			Mortgage Securities
			Corp Series 2002-C1
			(Class A3)
	14,250,000		5.376%, 07/12/37	Aaa	14,898
			Morgan Stanley
			Dean Witter
			Capital I
			Series 2003-TOP9
			(Class A2)
	10,000,000	e	4.740%, 11/13/36		10,018
			Wachovia Bank
			Commercial
			Mortgage Trust
			Series 2002-C2
			(Class A4)
	14,000,000		4.980%, 11/15/34	Aaa	14,234

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS Bond Market Account   2003 CREF Annual Report  BM-13

Statement of Investments - Bond Market Account - - December 31, 2003

					VALUE
	PRINCIPAL			RATINGS†	(000)
OTHER MORTGAGE BACKED             SECURITIES—(Continued)
			Wachovia Bank
			Commercial
			Mortgage Trust
			Series 2003-C3
			(Class A2)
	$   14,000,000	e	4.867%, 02/15/35	Aaa	$ 14,083
			TOTAL OTHER
			MORTGAGE
			BACKED
			SECURITIES		100,289
PAPER AND ALLIED PRODUCTS—0.47%
			Abitibi-Consolidated,
			Inc Deb
	1,750,000		8.850%, 08/01/30	Ba1	1,892
			Boise Cascade Corp
			(Sr Note)
	4,000,000		6.500%, 11/01/10	Ba2	4,173
			Georgia-Pacific Corp
			(Guarantee Note)
	2,000,000		8.875%, 02/01/10	Ba2	2,280
			International Paper
			Co Note
	2,500,000	e	3.800%, 04/01/08	Baa2	2,490
	6,250,000		5.850%, 10/30/12	Baa2	6,515
	3,000,000		5.500%, 01/15/14	Baa2	3,020
			Kimberly-Clark
			Corp Note
	3,000,000		5.000%, 08/15/13	Aa2	3,031
			MeadWestvaco Corp
			(Guarantee Note)
	2,250,000		6.850%, 04/01/12	Baa2	2,474
			TOTAL PAPER AND
			ALLIED PRODUCTS		25,875
PERSONAL SERVICES—0.04%
			Coinmach Corp
			(Sr Note)
	2,000,000	e	9.000%, 02/01/10	B2	2,170
			TOTAL PERSONAL
			SERVICES		2,170
PETROLEUM AND COAL PRODUCTS—0.58%
			Conoco Funding Co
			(Guarantee Note)
	7,000,000		6.350%, 10/15/11	A3	7,826
			Conoco, Inc (Sr Note)
	3,000,000		6.950%, 04/15/29	A3	3,406

			ConocoPhillips Note
	4,000,000		8.500%, 05/25/05	A3	4,371
	2,000,000		5.900%, 10/15/32	A3	2,010
			Enterprise Products
			Partners LP
			(Guarantee Note)
	2,750,000		6.875%, 03/01/33	Baa2	2,730
			Valero Energy
			Corp Note
	3,500,000		6.125%, 04/15/07	Baa3	3,752
	2,000,000		6.875%, 04/15/12	Baa3	2,216
	3,000,000	e	4.750%, 06/15/13	Baa3	2,874
	2,000,000		7.500%, 04/15/32	Baa3	2,220
			TOTAL PETROLEUM AND
			COAL PRODUCTS		31,405
PIPELINES, EXCEPT NATURAL GAS—0.20%
			Kaneb Pipe Line
			Operating
			Partnership LP
			(Sr Note)
	2,000,000		5.875%, 06/01/13	Ba1	2,051
			Kinder Morgan Energy
			Partners LP (Sr Note)
	5,000,000		7.300%, 08/15/33	Baa1	5,680
			TransCanada
			Pipelines Ltd Note
	3,750,000		4.000%, 06/15/13	A2	3,480
			TOTAL PIPELINES,
			EXCEPT
			NATURAL GAS		11,211
PRIMARY METAL INDUSTRIES—0.11%
			Precision Castparts
			Corp Note
	5,900,000		5.600%, 12/15/13	Baa3	5,952
			TOTAL PRIMARY METAL
			INDUSTRIES		5,952
PRINTING AND PUBLISHING—0.67%
			A.H. Belo Corp
			Deb Note
	4,000,000		7.250%, 09/15/27	Baa3	4,369
			American
			Achievement Corp
			(Guarantee Note)
	2,000,000		11.625%, 01/01/07	B1	2,200
			Mail Well I Corp
			(Guarantee Note)
	2,000,000	e	9.625%, 03/15/12	B1	2,220
			News America
			Holdings Deb
	8,000,000		7.700%, 10/30/25	Baa3	9,284

† As provided by Moody’s Investors Services (Unaudited)

BM-14  2003 CREF Annual Report   Bond Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Market Account - - December 31, 2003

PRINCIPAL			RATINGS†	VALUE (000)
PRINTING AND             PUBLISHING—(Continued)
		News America Inc
		(Guarantee Note)
$   1,000,000	e	4.750%, 03/15/10	Baa3	$ 1,026
2,000,000		6.550%, 03/15/33	Baa3	2,082
		Quebecor Media, Inc
		(Sr Note)
2,000,000		11.125%, 07/15/11	B2	2,315
		Scholastic Corp Note
3,500,000	e	5.000%, 04/15/13	Baa2	3,456
		Viacom Inc
		(Guarantee Note)
3,000,000		7.700%, 07/30/10	A3	3,558
3,000,000		6.625%, 05/15/11	A3	3,393
		Von Hoffmann Press Inc
		(Guarantee Note)
2,000,000		10.250%, 03/15/09	B2	2,130
		TOTAL PRINTING AND
		PUBLISHING		36,033
RAILROAD TRANSPORTATION—0.53%
		Burlington North Santa
		Fe Note
5,000,000		5.900%, 07/01/12	Baa2	5,376
		Canadian National
		Railway Co Note
3,500,000		4.400%, 03/15/13	Baa1	3,361
		Norfolk Southern Corp
		(Sr Note)
5,000,000		7.250%, 02/15/31	Baa1	5,640
		Union Pacific
		Corp Note
4,400,000		7.600%, 05/01/05	Baa2	4,717
5,000,000		5.750%, 10/15/07	Baa2	5,402
3,500,000		6.650%, 01/15/11	Baa2	3,918
		TOTAL RAILROAD
		TRANSPORTATION		28,414
RUBBER AND MISCELLANEOUS             PLASTIC PRODUCTS—0.10%
		Newell Rubbermaid,
		Inc Note
3,500,000	e	6.000%, 03/15/07	Baa2	3,697
		Sealed Air Corp
		(Sr Note)
1,750,000		5.375%, 04/15/08	Baa3	1,848
		TOTAL RUBBER AND
		MISCELLANEOUS
		PLASTIC PRODUCTS		5,545

SECURITY AND COMMODITY             BROKERS—1.17%
			Bear Stearns Cos,
			Inc Note
	4,000,000		5.700%, 11/15/14	A1	4,163
			Franklin Resources,
			Inc Note
	3,000,000		3.700%, 04/15/08	A2	2,997
			Goldman Sachs
			Group Inc Note
	2,500,000		4.125%, 01/15/08	Aa3	2,561
	4,000,000		5.700%, 09/01/12	Aa3	4,200
	4,000,000		5.250%, 04/01/13	Aa3	4,046
	3,500,000		4.750%, 07/15/13	Aa3	3,405
	7,000,000		5.250%, 10/15/13	Aa3	7,062
			Lehman Brothers
			Holdings, Inc Note
	5,000,000		6.250%, 05/15/06	A1	5,431
	4,500,000		3.500%, 08/07/08	A1	4,463
	1,500,000		4.000%, 01/22/08	A1	1,528
	4,500,000		6.625%, 01/18/12	A1	5,067
			Morgan Stanley Note
	5,500,000		3.625%, 04/01/08	Aa3	5,510
	8,000,000	e	6.600%, 04/01/12	Aa3	8,934
	4,000,000		5.300%, 03/01/13	Aa3	4,077
			TOTAL SECURITY AND
			COMMODITY
			BROKERS		63,444
SPECIAL TRADE CONTRACTORS—0.06%
			Commercial Metals
			Co Note
	3,000,000		5.625%, 11/15/13	Baa2	3,071
			TOTAL SPECIAL TRADE
			CONTRACTORS		3,071
STONE, CLAY, AND GLASS             PRODUCTS—0.06%
			CRH America Inc
			(Guarantee Note)
	3,250,000		6.400%, 10/15/33	Baa1	3,345
			TOTAL STONE, CLAY, AND
			GLASS PRODUCTS		3,345
TOBACCO PRODUCTS—0.02%
			RJ Reynolds Tobacco
			Holdings, Inc
			(Guarantee Note)
	1,250,000	e	6.500%, 06/01/07	Ba2	1,263
			TOTAL TOBACCO
			PRODUCTS		1,263

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS Bond Market Account   2003 CREF Annual Report  BM-15

Statement of Investments - Bond Market Account - - December 31, 2003

	PRINCIPAL			RATINGS†	(000)
	TRANSPORTATION BY AIR—0.14%
			Continental Airlines, Inc		VALUE
			Note (Pass-Thru Cert)
	$  5,000,000		6.563%, 02/15/12	Aaa	$ 5,317
			Southwest Airlines Co
			(Pass-Thru Cert)
	2,000,000		5.496%, 11/01/06	Aa2	2,120
			TOTAL TRANSPORTATION
			BY AIR		7,437
TRANSPORTATION EQUIPMENT—1.30%
			Boeing Capital Corp
	4,000,000		5.800%, 01/15/13	A3	4,182
			DaimlerChrysler NA
			Holding
			Corp
			(Guarantee Note)
	3,500,000		8.500%, 01/18/31	A3	4,176
	4,000,000		0.065%, 11/15/13	A3	4,210
			Ford Motor Co
			Deb
	14,000,000		6.625%, 10/01/28	Baa1	12,816
			General Dynamics
			Corp Note
	4,000,000		4.250%, 05/15/13	A2	3,837
			General Motors
			Acceptance
			Corp Deb
	10,000,000		8.000%, 11/01/31	A3	11,187
			General Motors Corp
			(Sr Note)
	2,000,000	e	7.125%, 07/15/13	Baa1	2,188
	8,250,000	e	8.375%, 07/15/33	Baa1	9,540
			Goodrich Corp Note
	2,000,000		7.000%, 04/15/38	Baa3	2,071
			Hyundai Motor
			Manufacturing
			Alabama LLC
			(Guarantee Note)
	3,500,000		5.300%, 12/19/08	Ba1	3,510
			Lockheed Martin
			Corp Bond
	3,500,000		8.500%, 12/01/29	Baa2	4,563
			Northrop Grumman
			Corp (Guarantee
			Note)
	4,000,000		7.750%, 02/15/31	Baa3	4,868
			United Technologies
			Corp Deb
	2,500,000		7.500%, 09/15/29	A2	3,044
			TOTAL TRANSPORTATION
			EQUIPMENT		70,192

WHOLESALE TRADE-             DURABLE GOODS—0.04%
			Ingram Micro, Inc
			(Sr Sub Note)
	2,000,000		9.875%, 08/15/08	Ba2	2,210
			TOTAL WHOLESALE
			TRADE-DURABLE
			GOODS		2,210
WHOLESALE TRADE-             NONDURABLE GOODS—0.08%
			Petronas Capital Ltd
			(Guarantee Note)
	4,000,000		7.000%, 05/22/12	Baa1	4,556
			TOTAL WHOLESALE
			TRADE-NONDURABLE
			GOODS		4,556
			TOTAL CORPORATE BONDS
			(Cost $1,558,259)		1,613,666
GOVERNMENT BONDS—69.78%
AGENCY SECURITIES—18.79%
			Federal Farm
			Credit Bank (FFCB)
	110,050,000	e	2.250%, 09/01/06	Aaa	109,401
			Federal Home Loan
			Bank (FHLB)
	120,140,000		1.875%, 02/15/05	Aaa	120,744
			Federal Home Loan
			Mortgage Corp
			(FHLMC)
	72,200,000		6.875%, 01/15/05	Aaa	76,239
	20,000,000	d	4.250%, 06/15/05	Aaa	20,759
	3,000,000		7.100%, 04/10/07	Aaa	3,390
	293,000,000		3.670%, 02/12/08	Aaa	293,773
	15,000,000		3.500%, 05/21/08	Aaa	15,073
	15,000,000		3.750%, 05/12/09	Aaa	15,015
	30,000,000	e	6.375%, 08/01/11	Aa2	31,701
	20,000,000		6.750%, 03/15/31	Aaa	23,092
			Federal National
			Mortgage
			Association (FNMA)
	93,800,000	e	2.250%, 05/15/06	Aaa	93,782
	50,000,000	e	4.375%, 10/15/06	Aaa	52,493
	82,000,000		5.000%, 01/15/07	Aaa	87,512
	46,500,000		3.500%, 10/15/07	Aaa	46,573
	24,000,000		6.250%, 02/01/11	Aaa	26,534
			TOTAL AGENCY SECURITIES

† As provided by Moody’s Investors Services (Unaudited)

BM-16  2003 CREF Annual Report   Bond Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Market Account - - December 31, 2003

					VALUE
	PRINCIPAL			RATINGS†	(000)
FOREIGN GOVERNMENT             BONDS—1.84%
			Brazilian Government
			International Bond
	$ 2,750,000	e	9.250%, 10/22/10	B2	$   2,956
	2,750,000	e	10.250%, 06/17/13	B2	3,087
			Canada Government
			Bond
	5,500,000		6.750%, 08/28/06	Aaa	6,119
			Chile Government
			International Bond
	4,000,000		5.500%, 01/15/13	Baa1	4,114
			Korea Development
			Bank Note
	5,000,000		5.750%, 09/10/13	A3	5,202
			Mexico Government
			International Bond
	3,000,000		4.625%, 10/08/08	Baa2	3,035
	10,000,000	e	6.375%, 01/16/13	Baa2	10,400
	7,000,000		8.125%, 12/30/19	Baa2	7,840
			Poland Government
			International Bond
	5,000,000		5.250%, 01/15/14	A2	5,000
			Province of British
			Columbia Note
	5,000,000		4.625%, 10/03/06	Aa2	5,271
	13,000,000		5.375%, 10/29/08	Aa2	14,063
			Province of
			Manitoba Note
	5,000,000		4.250%, 11/20/06	Aa2	5,221
			Province of Ontario,
			Canada
	5,000,000		7.000%, 08/04/05	Aa2	5,403
	5,000,000		5.500%, 10/01/08	Aa2	5,432
	3,500,000		5.125%, 07/17/12	Aa2	3,668
			Province of
			Quebec Deb
	10,000,000		7.500%, 09/15/29	A1	12,456
			TOTAL FOREIGN
			GOVERNMENT
			BONDS		99,267
MORTGAGE BACKED SECURITIES—33.53%
			Federal Home Loan Mortgage
			Corp Gold (FGLMC)
	40,000,000	h	5.000%, 01/31/04		39,475
	10,000,000	h	5.500%, 01/31/04		10,119
	71,000,000	h	6.000%, 01/31/04		73,352
	486,473		7.000%, 09/01/10		519
	1,035,656		6.000%, 04/01/11		1,088
	2,049,359		7.000%, 07/01/13		2,187
	7,408,282		6.500%, 12/01/16		7,848

64,487,200		5.000%, 05/01/18	65,775
17,227,298		5.000%, 05/01/18	17,571
30,945,968		5.000%, 06/01/18	31,564
17,668,463		4.500%, 10/01/18	17,687
12,116,171		4.500%, 10/01/18	12,129
10,006,024		4.500%, 10/01/18	10,016
5,976,687		4.500%, 11/01/18	5,983
11,774,059		4.500%, 11/01/18	11,786
1,365,897		4.500%, 11/01/18	1,367
2,403,672		7.000%, 10/01/20	2,547
256,779		7.000%, 05/01/23	273
2,392,503		8.000%, 01/01/31	2,581
508,404		7.000%, 11/01/31	538
1,655,468		7.000%, 12/01/31	1,752
653,827		7.000%, 12/01/31	692
1,234,304		7.000%, 12/01/31	1,306
646,756		7.000%, 12/01/31	684
498,317		7.000%, 12/01/31	527
511,811		7.000%, 12/01/31	542
770,483		7.000%, 12/01/31	815
1,142,988		7.000%, 12/01/31	1,209
1,241,697		7.000%, 01/01/32	1,314
307,102		7.000%, 01/01/32	325
2,154,727		8.000%, 02/01/32	2,323
14,837,035		6.500%, 09/01/32	15,542
8,883,886		6.000%, 04/01/33	9,185
11,075,009		6.000%, 05/01/33	11,450
22,692,417		5.500%, 06/01/33	22,978
10,667,393		5.500%, 10/01/33	10,802
17,420,689		5.500%, 10/01/33	17,640
21,179,371		5.500%, 10/01/33	21,446
7,811,968		5.500%, 11/01/33	7,910
53,315,359		5.500%, 12/01/33	53,987
		Federal National Mortgage
		Association (FNMA)
60,000,000	h	4.500%, 02/28/04	60,056
257,049		6.000%, 12/01/08	271
2,401,338		6.500%, 05/01/09	2,550
347,970		7.500%, 11/01/10	372
146,524		8.000%, 06/01/11	157
95,295		8.000%, 06/01/11	102
143,772		8.000%, 06/01/11	154
52,320		8.000%, 06/01/11	56
83,278		8.000%, 07/01/11	89
1,733,780		7.500%, 02/01/15	1,856
3,773,297		7.500%, 04/01/15	4,039
4,529,762		7.500%, 04/01/15	4,848
112,410		6.500%, 02/01/16	118
324,315		6.500%, 03/01/16	341
176,886		6.500%, 04/01/16	186
4,730,580		6.500%, 10/01/16	5,019

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS Bond Market Account   2003 CREF Annual Report  BM-17

Statement of Investments - Bond Market Account - - December 31, 2003

PRINCIPAL			VALUE (000)
MORTGAGE BACKED             SECURITIES—(Continued)
$   3,484,315		6.500%, 11/01/16	$ 3,697
2,065,203		6.000%, 11/01/17	2,169
7,010,045		6.000%, 12/01/17	7,361
14,987,807		6.000%, 01/01/18	15,739
5,176,754		6.000%, 02/01/18	5,434
10,886,478		6.500%, 02/01/18	11,546
15,751,261		5.500%, 03/01/18	16,341
16,527,506		5.500%, 03/01/18	17,147
15,385,445		5.500%, 03/01/18	15,962
11,002,138		5.500%, 04/01/18	11,414
65,733,920		5.500%, 04/01/18	68,197
10,957,559		6.000%, 04/01/18	11,501
5,528,899		6.500%, 04/01/18	5,864
37,989,220	d	5.000%, 05/01/18	38,795
7,949,319		5.000%, 06/01/18	8,118
3,463,642		6.000%, 01/01/19	3,605
428,530		6.000%, 02/01/19	446
943,238		8.000%, 03/01/23	1,031
1,857,334		8.000%, 07/01/24	2,025
408,730		9.000%, 11/01/25	456
6,254,838		6.000%, 01/01/28	6,484
910,533		6.000%, 02/01/28	944
11,860,716		6.500%, 06/01/32	12,406
2,693,346		7.000%, 07/01/32	2,852
1,962,891		7.000%, 07/01/32	2,079
21,307,295		6.500%, 10/01/32	22,287
52,628,837	d	6.500%, 10/01/32	55,049
19,791,678		6.500%, 11/01/32	20,702
5,532,952		7.000%, 01/01/33	5,859
22,135,259		6.000%, 02/01/33	22,890
46,227,710		6.000%, 02/01/33	47,807
13,763,714		6.500%, 02/01/33	14,397
61,002,966		6.500%, 03/01/33	63,808
30,422,165	d	6.500%, 04/01/33	31,821
12,570,036		6.500%, 05/01/33	13,148
14,486,033		6.500%, 05/01/33	15,152
21,833,537		6.000%, 08/01/33	22,579
19,964,003		6.000%, 08/01/33	20,646
28,101,207		6.000%, 08/01/33	29,061
45,792,695		6.000%, 08/01/33	47,357
6,573,573		5.000%, 09/01/33	6,508
8,317,221		5.000%, 10/01/33	8,235
6,887,338		5.000%, 10/01/33	6,819
4,691,888		5.000%, 10/01/33	4,645
11,418,578		5.000%, 11/01/33	11,305
13,872,291		5.000%, 11/01/33	13,735
1,581,523		5.000%, 11/01/33	1,566
5,780,822		6.500%, 11/01/33	6,047
20,188,651	h	5.500%, 12/01/33	20,462
16,391,624	h	5.500%, 12/01/33	16,613

	23,994,360	h	5.500%, 12/01/33	24,319
	278,000,000	h	5.500%, 01/25/34	281,562
			Government National
			Mortgage Association (GNMA)
	36,000,000	h	6.000%, 01/31/04	37,406
	53,390		8.500%, 10/15/09	59
	98,898		8.500%, 12/15/09	108
	111,623		8.500%, 12/15/09	122
	691,079		9.000%, 12/15/09	759
	102,516		8.500%, 01/15/10	113
	84,532		8.500%, 01/15/10	93
	37,874		9.000%, 06/15/16	42
	49,012		9.000%, 09/15/16	55
	22,694		9.000%, 09/15/16	25
	55,405		9.000%, 09/15/16	62
	30,765		9.000%, 11/15/16	34
	28,070		9.000%, 12/15/16	31
	44,367		9.000%, 12/15/16	50
	519,053		9.500%, 12/15/16	580
	27,648		9.000%, 07/15/17	31
	67,133		9.000%, 06/15/20	75
	1,077,851		6.500%, 01/15/24	1,141
	412,190		8.000%, 06/15/24	451
	808,955		8.500%, 11/20/30	874
	699,624		8.500%, 12/20/30	756
	3,919,618		6.000%, 05/15/33	4,077
	12,928,438		6.000%, 05/15/33	13,448
	42,730,091		5.500%, 09/20/33	43,366
	6,938,797		5.500%, 10/15/33	7,062
	19,000,000	h	6.000%, 01/20/34	19,742
			TOTAL MORTGAGE BACKED
			SECURITIES	1,813,602
U.S. TREASURY SECURITIES—15.62%
			U.S. Treasury Bond
	227,000,000		10.000%, 05/15/10	252,824
	38,150,000		7.250%, 05/15/16	47,586
	197,610,000		8.000%, 11/15/21	266,957
	6,000,000	e	5.375%, 02/15/31	6,257
			U.S. Treasury Note
	5,550,000	e	2.000%, 08/31/05	5,586
	3,100,000	e	2.375%, 08/15/06	3,117
	4,950,000	e	2.625%, 11/15/06	4,994
	27,050,000	e	4.375%, 05/15/07	28,642
	1,510,000	e	3.250%, 08/15/07	1,540
	9,325,000	e	2.625%, 05/15/08	9,185
	33,250,000	e	3.250%, 08/15/08	33,454
	700,000	e	3.125%, 10/15/08	699
	8,250,000	e	3.375%, 11/15/08	8,315
	19,000,000	e	3.375%, 12/15/08	19,128
	4,675,000	e	5.500%, 05/15/09	5,198
	13,200,000	e	6.000%, 08/15/09	14,952
	410,000	e	3.625%, 05/15/13	394

BM-18  2003 CREF Annual Report   Bond Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Bond Market Account - - December 31, 2003

	PRINCIPAL			VALUE (000)
U.S. TREASURY SECURITIES—(Continued)
	$   1,725,000	e	4.250%, 08/15/13	$ 1,727
	1,365,000	e	4.250%, 11/15/13	1,364
			U.S. Treasury Strip
	187,000,000		0.000%, 05/15/16	101,274
	84,500,000	e	0.000%, 11/15/21	32,170
			TOTAL U.S. TREASURY
			SECURITIES	845,363
			TOTAL GOVERNMENT BONDS
			(Cost $3,757,858)	3,774,313
			TOTAL BONDS
			(Cost $5,316,117)	5,387,979
TIAA-CREF MUTUAL FUNDS—0.06%
	361,858		TIAA-CREF High-Yield
			Bond Fund	3,373
			TOTAL TIAA-CREF MUTUAL
			FUNDS (Cost $3,048)	3,373
SHORT TERM INVESTMENTS—14.19%
CERTIFICATE OF DEPOSIT—0.46%
			Toronto Dominion Bank
	25,000,000	d	1.080%, 02/17/04	25,000
			TOTAL CERTIFICATE OF
			DEPOSIT	25,000
COMMERCIAL PAPER—3.47%
			Barclay’s U.S. Funding
	6,000,000	c,d	1.080%, 01/12/04	5,998
			Caterpillar Financial
			Services Corp
	20,000,000	c,d	1.040%, 01/05/04	19,997
			CC (USA), Inc
	22,000,000	c,d	1.160%, 04/20/04	21,927
			Citicorp
	13,500,000	c,d	1.070%, 01/16/04	13,494
	19,800,000	c,d	1.080%, 01/20/04	19,788
			Gannett Co, Inc
	7,000,000	c	1.050%, 01/12/04	6,998
			Greyhawk Funding LLC
	18,500,000	c,d	1.080%, 01/23/04	18,487
	5,800,000	c,d	1.100%, 01/16/04	5,797
			Preferred Receivables
			Funding
	18,813,000	c,d	1.090%, 01/08/04	18,809
	6,600,000	c	1.080%, 01/14/04	6,597
			Receivables Capital Corp
	25,000,000	c,d	1.090%, 01/08/04	24,994
			Societe Generale
			North America, Inc

	25,000,000	d	1.090%, 04/16/04	24,923
			TOTAL COMMERCIAL
			PAPER	187,809
U.S. GOVERNMENT AND AGENCIES       DISCOUNT NOTES—6.00%
			Federal Home Loan Bank (FHLB)
	6,700,000	d	1.040%, 01/02/04	6,700
			Federal Home Loan Mortgage
			Corp (FHLMC)
	4,200,000		1.020%, 01/08/04	4,199
	7,400,000	d	1.030%, 02/05/04	7,393
	13,900,000		1.020%, 02/17/04	13,881
	50,000,000	d	1.070%, 02/18/04	49,932
	16,000,000	d	1.070%, 03/01/04	15,973
	22,900,000	d	1.060%, 04/21/04	22,827
	5,200,000	d	1.140%, 05/12/04	5,180
	25,000,000	d	1.210%, 08/02/04	24,827
			Federal National Mortgage
			Association (FNMA)
	2,400,000		1.050%, 01/12/04	2,399
	7,200,000		1.050%, 01/30/04	7,194
	300,000		1.010%, 02/02/04	300
	18,200,000	d	1.070%, 02/25/04	18,172
	50,000,000	d	1.050%, 03/10/04	49,903
	11,800,000	d	1.050%, 03/17/04	11,775
	39,800,000	d	1.050%, 03/24/04	39,706
	20,400,000		1.040%, 03/31/04	20,347
	16,600,000		1.070%, 04/02/04	16,556
	7,200,000	d	1.120%, 04/21/04	7,177
			TOTAL U.S. GOVERNMENT
			AND AGENCIES DISCOUNT
			NOTES	324,441
INVESTMENT OF CASH COLLATERAL FOR       SECURITIES LOANED—4.26%
REPURCHASE AGREEMENTS
			Bear Stearns & Co. 1.000%
			Dated 12/31/03,
			Due 01/02/04
			In The Amount Of
			$15,217,423
			(Fully Collateralized By
			High Grade Debt
			Obligations:
	15,217,000		Total Market Value
			$15,366,009)	15,217

SEE NOTES TO FINANCIAL STATEMENTS Bond Market Account   2003 CREF Annual Report  BM-19

Statement of Investments - Bond Market Account - - December 31, 2003

PRINCIPAL					VALUE (000)
REPURCHASE AGREEMENT—(Continued)
			Credit Suisse First Boston
				0.990% Dated 12/31/03,
				Due 01/02/04 In The
				Amount Of $90,007,525
				(Fully Collateralized By
				High Grade Debt
				Obligations:
$  90,005,050				Total Market Value
				$91,801,141)	$    90,008
			Goldman Sachs & Co.
				1.010% Dated 12/31/03,
				Due 01/02/04 In The
				Amount Of $50,021,403
				(Fully Collateralized By
				High Grade Debt
				Obligations:
50,020,000				Total Market Value
				$50,575,507	50,021
			Merrill Lynch & Co. Inc,
				0.980% Dated 12/31/03,
				Due 01/02/04 In The
				Amount Of $75,002,042
				(Fully Collateralized By
				High Grade Debt
				Obligations:
75,000,000				Total Market Value
				$76,237,865)	75,002
	TOTAL INVESTMENT OF
		CASH COLLATERAL FOR
		SECURITIES LOANED			230,248
	TOTAL SHORT TERM
		INVESTMENTS
		(Cost $769,054)			767,498
	TOTAL PORTFOLIO—113.87%
		(Cost $6,088,219)			6,158,850
	OTHER ASSETS &
		LIABILITIES, NET—(13.87%)			(750,045)
	NET ASSETS—100.00%				$5,408,805

c     Commercial paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.

d     All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.

e     All or a portion of these securities are out on loan.

h     These securities were purchased on a delayed delivery basis.

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.

BM-20  2003 CREF Annual Report   Bond Market Account SEE NOTES TO FINANCIAL STATEMENTS

Report of Management Responsibility

To the Participants of College Retirement Equities Fund:

The accompanying financial statements of the Bond Market Account 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/ Herbert M. Allison, Jr.	/s/ Elizabeth A. Monrad
President and	Executive Vice President and
Chief Executive Officer	Chief Financial Officer

Bond Market Account   2003 CREF Annual Report  BM-21

Report of the Audit Committee

To the Participants of College Retirement Equities Fund:

The Audit Committee oversees the financial reporting process of the Bond Market Account of College Retirement Equities Fund (“CREF”) on behalf of CREF’s Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee’s responsibilities. All members of the Audit Committee (“Committee”) are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for 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.

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 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.

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
Bridget A. Macaskill, Audit Committee Member

February 18, 2004

BM-22  2003 CREF Annual Report   Bond Market Account

Statement of Assets and Liabilities

Bond Market Account

December 31, 2003 (amounts in thousands, except amounts per accumulation unit)
ASSETS
Portfolio investments, at cost	$6,088,219
Net unrealized appreciation of portfolio investments	70,631
Portfolio investments, at value (including securities loaned of $225,396)	6,158,850
Cash	4,462
Dividends and interest receivable	49,990
Receivable from securities transactions	21,641
Amounts due from TIAA	4,945
Total assets	6,239,888
LIABILITIES
Deposits for securities loaned—Note 3	230,249
Payable for securities transactions	600,834
Total liabilities	831,083
NET ASSETS
Accumulation Fund	5,243,017
Annuity Fund	165,788
Total net assets	$5,408,805
Accumulation units outstanding—Notes 4 and 5	73,111
Net asset value per accumulation unit—Note 4	$        71.71

 

SEE NOTES TO FINANCIAL STATEMENTS Bond Market Account   2003 CREF Annual Report  BM-23

Statement of Operations

Bond Market Account

Year Ended December 31, 2003 (amounts in thousands)
INVESTMENT INCOME
Income:
Interest	$ 241,582
Dividends	248
Total income	241,830
Expenses—Note 2:
Investment	7,178
Operating	21,303
Total expenses	28,481
Investment income—net	213,349
REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS—Note 3
Net realized gain on total investments	131,247
Net change in unrealized appreciation on total investments	(104,349)
Net realized and unrealized gain on total investments	26,898
Net increase in net assets resulting from operations	$ 240,247

BM-24  2003 CREF Annual Report   Bond Market Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Cash Flows

Bond Market Account

Year Ended December 31, 2003 (amounts in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$         240,247
Adjustments to reconcile net increase in net assets       resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term securities	9,085,495
Purchases of long term securities	(10,095,457)
Sales of short-term investments—net	2,232,493
Increase in receivables	(1,356)
Decrease in payables	(118,952)
Net realized gain on total investments	(131,247)
Net change in unrealized loss on total investments	104,349
Net cash provided by operating activities	1,315,572
CASH FLOWS FROM FINANCING ACTIVITIES:
Premiums	486,904
Net transfers to TIAA	(65,052)
Net transfers to other CREF Accounts and affiliated mutual funds	(821,066)
Annuity payments	(32,614)
Withdrawals and death benefits	(185,828)
Payments from participation in dollar roll transactions-net	(696,378)
Net cash used in financing activities	(1,314,034)
Increase in cash	1,538
CASH
Beginning of year	2,924
End of year	$           4,462

SEE NOTES TO FINANCIAL STATEMENTS Bond Market Account   2003 CREF Annual Report  BM-25

Statements of Changes in Net Assets

Bond Market Account

Years Ended December 31, (amounts in thousands)	2003	2002
FROM OPERATIONS
Investment income—net	$   213,349	$   241,793
Net realized gain on total investments	131,247	89,529
Net change in unrealized appreciation (depreciation)       on total investments	(104,349)	161,097
Net increase in net assets resulting from operations	240,247	492,419
FROM PARTICIPANT TRANSACTIONS
Premiums	486,904	433,028
Net transfers to TIAA	(65,052)	(66,924)
Net transfers from (to) other CREF Accounts and       affiliated mutual funds	(821,066)	555,947
Annuity payments	(32,614)	(30,940)
Withdrawals and death benefits	(185,828)	(175,036)
Net increase (decrease) in net assets resulting from             participant transactions	(617,656)	716,075
Net increase (decrease) in net assets	(377,409)	1,208,494
NET ASSETS
Beginning of year	5,786,214	4,577,720
End of year	$5,408,805	$5,786,214

BM-26  2003 CREF Annual Report   Bond Market Account 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 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 management investment company. It consists of eight investment portfolios (“Accounts”). The accompanying financial statements are those of the Bond Market Account (“Account”). The 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 Account.

Valuation of Investments. Equity securities listed or traded on a national securities exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments, with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Foreign investments are valued at the closing value of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. 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 the 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 Account is informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the specific identification method.

Change in Accounting Policy. Effective August 1, 2003, the Account changed the method by which realized gains and losses on securities transactions are calculated

Bond Market Account   2003 CREF Annual Report  BM-27

Notes to Financial Statements (continued)

from the average cost method to the specific identification method. This change was made in order to conform more closely with industry standards. For the Account, the effect of this change for the year ended December 31, 2003 was to increase net realized gain on securities transactions by $2,202,797, increase net unrealized loss on securities transactions by $1,968,876 and decrease investment income-net by $233,921, but had no net impact on the increase in net assets resulting from operations, total net assets or on the condensed financial information.

Dollar Roll Transactions. The Account 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 Account results in borrowing requiring the presentation of a statement of cash flows.

Securities Lending. The Account 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 Account continues to receive income on the securities loaned and receives additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Account. Although each transaction is collateralized, the Account 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.

Securities Purchased on a When-Issued or Delayed Delivery Basis. The Account may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Account to the risk that the transaction may not be consummated.

Restricted Securities. Restricted securities held by the Account, 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.

BM-28  2003 CREF Annual Report   Bond Market Account

Notes to Financial Statements (continued)

Note 2—Management Agreements

Investment advisory services for the Account are provided by TIAA-CREF Investment Management, LLC (“Investment Management”) in accordance with an Investment Management Service Agreement with the Account. 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 Account and distribution functions for the Account’s certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement with the Account. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. Effective January 1, 2004, Services was converted from a regular corporation to a limited liability corporation.

The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive management fee payments from the Account on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to the Account’s actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly.

TIAA provides guarantees for the Account for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement.

Note 3—Investments

At December 31, 2003, net unrealized appreciation of portfolio investments for the Account was $70,630,603, consisting of gross unrealized appreciation of $109,464,738 and gross unrealized depreciation of $38,834,135.

At December 31, 2003, the market value of securities loaned and cash collateral received in connection therewith for the Account was $225,396,073 and $230,248,593, respectively.

Purchases and sales of portfolio securities, other than short-term money market instruments, for the Account for the year ended December 31, 2003, were $10,345,003,471 and $9,135,396,597, respectively.

At December 31, 2003, the Account owned 361,858 shares of the High-Yield Bond Fund of the TIAA-CREF Mutual Funds representing 1.48% of its total shares outstanding.

Bond Market Account   2003 CREF Annual Report  BM-29

Notes to Financial Statements (continued)

Note 4—Condensed Financial Information

For the Years Ended December 31,	2003	2002	2001	2000	1999
Per Accumulation Unit Data:
Investment income	$ 2.946	$ 3.317	$ 3.258	$ 3.636	$ 3.289
Expenses	.347	.261	.242	.174	.166
Investment income—net	2.599	3.056	3.016(a)	3.462	3.123
Net realized and unrealized             gain (loss) on total investments	.377	3.236	1.571(a)	2.621	(3.711)
Net increase (decrease) in
Accumulation Unit Value	2.976	6.292	4.587	6.083	(.588)
Accumulation Unit Value:
Beginning of year	68.737	62.445	57.858	51.775	52.363
End of year	$71.713	$68.737	$62.445	$57.858	$51.775
Total Return	4.33%	10.08%	7.93%	11.75%	(1.12%)
Ratios to Average Net Assets:
Expenses	0.49%	0.41%	0.43%	0.33%	0.32%
Investment income—net	3.69%	4.75%	5.36%(a)	6.50%	6.03%
Portfolio Turnover Rate	163.84%	249.41%	257.02%	377.44%(b)	656.58%
Thousands of Accumulation Units       outstanding at end of year	73,111	81,952	71,368	54,745	54,918

(a)

As required, effective January 1, 2001, the Account 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 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%. 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 Account began structuring dollar rolls as financing transactions; had these transactions been treated for the entire year as purchases and sales, rather than as financing transactions, the portfolio turnover rate for the year ended December 31, 2000 would have been 552.94%.

BM-30  2003 CREF Annual Report   Bond Market Account

Notes to Financial Statements (concluded)

Note 5—Accumulation Units

Changes in the number of Accumulation Units outstanding of the Account were as follows:

Years Ended December 31,	2003	2002
Accumulation Units:
Credited for premiums	6,951,319	6,628,310
Credited (cancelled) for transfers, disbursements             and amounts applied to the Annuity Fund	(15,792,451)	3,956,067
Outstanding:
Beginning of year	81,952,346	71,367,969
End of year	73,111,214	81,952,346

Note 6—Letter of Credit

The Account participates in a letter of credit agreement in the amount of $20 million for the purpose of facilitating the settlement of transactions in the mortgage-backed securities market. For the year ended December 31, 2003, the Account did not borrow under this agreement.

Bond Market Account   2003 CREF Annual Report  BM-31

Report of Independent Auditors

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

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of the Bond Market Account (one of the Accounts comprising College Retirement Equities Fund (“CREF”)) as of December 31, 2003, 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, 2003 by correspondence with the custodian 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 Bond Market Account of CREF at December 31, 2003, the results of its operations and cash flows for the year then ended and the changes in its net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States.

New York, New York
February 18, 2004

BM-32  2003 CREF Annual Report   Bond Market Account

CREF Social Choice Account  Socially Screened Stocks and Bonds

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The CREF Social Choice Account posted a total return of 19.56% for the year, trailing the 20.28% total return of its composite benchmark, a weighted average of the Russell 3000^® Index and the Lehman Brothers Aggregate Bond Index. The account’s return topped the 18.15% average return of similar variable annuities, as measured by the Morningstar Moderate Allocation (VA) category, which tracked 1,004 variable annuity accounts as of December 31, 2003. Neither the benchmark nor the Morningstar category screens investments for social criteria.

Excluded Stocks Affect Performance

The account’s social screens helped its performance relative to the Russell 3000 by excluding several stocks that significantly underperformed the index. These stocks included Pfizer, Wal-Mart, and ExxonMobil. The positive effects of the screens were more than offset by the screens’ exclusion of several well-performing stocks. Among these were Citigroup and Genentech, which is owned by Roche Holdings.

Managing Risk

Because the social screens prevent the account’s owning some of the stocks in the Russell 3000 Index, the account’s managers use statistical techniques to ensure that the risk characteristics of the stock portion of the portfolio closely resemble those of the index. The result was overweight holdings relative to the benchmark in several stocks that underperformed the index and detracted from performance, including Merck and Johnson & Johnson. The negative effects of these stocks were partly offset by holdings such as Intel and FleetBoston, which outperformed the index and helped the account’s return.

Fixed-Income Investments

In the fixed-income portion of the account, performance relative to the benchmark was helped by overweight holdings in corporate bonds. Additional positive contributions came from an overweight position in mortgage-backed securities and from large holdings of U.S. Treasury inflation-protected securities (TIPS) during the first quarter. (These are not included in the benchmark.) Generally, there is little or no difference between the returns of fixed-income investments that are screened for social criteria and those that are not.

 

Social Choice Account   2003 CREF Annual Report  SC-1

CREF Social Choice Account  Socially Screened Stocks and Bonds

PERFORMANCE

Investment Objective

Seeks a favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria. Investments must pass multiple social screens.

 

$10,000 over Ten Years	Calendar Year Total Returns

Performance as of 12/31/2003

	Average Annual Compound						Cumulative Rates
	Rates of Total Return1						of Total Return1
	1 year		5 years		10 years		5 years		10 years
Social Choice Account	19.56	%	2.83	%	9.63	%	14.98	%	150.96	%
Benchmarks:
Russell 3000® Index2	31.06		0.37		10.77		1.86		178.24
CREF Social Choice       Composite Benchmark	20.28		3.05		9.38		16.24		145.25
Lehman Brothers        Aggregate Bond Index	4.10		6.62		6.94		37.80		95.76
Peer group:
Morningstar Moderate        Allocation (VA)	18.15		1.22		6.67		6.25		90.69

¹     Past performance of the CREF Social Choice Account should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the units you own may be worth more or less than their original value. Due to market volatility, the account’s recent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 1 800 842-2252.

²     Russell 3000 is a trademark and a service mark of the Frank Russell Company.

SC-2  2003 CREF Annual Report    Social Choice Account

CREF Social Choice Account  Socially Screened Stocks and Bonds

PROFILE

Ten Largest Holdings (as of 12/31/2003)

	Coupon		Maturity	Percent of
Company	Rate		Date	Net Assets
U.S. Treasury Bond	7.250	%	5/15/16	2.18
FNMA	2.250		5/15/06	2.05
U.S. Treasury Bond	10.000		5/15/10	1.57
Microsoft Corp	na		na	1.46
Intel Corp	na		na	1.36
U.S. Treasury Bond	8.000		11/15/21	1.35
Johnson & Johnson	na		na	1.27
U.S. Treasury Bond	3.375		12/15/08	1.18
American Int’l Group, Inc	na		na	1.17
Procter & Gamble Co	na		na	1.16
Total				14.75

The Account’s Benchmarks

We use two benchmarks for the CREF Social Choice Account. The Russell 3000^® Index tracks the stocks of the 3,000 largest publicly traded U.S. companies. The Lehman Brothers Aggregate Bond Index tracks the performance of the U.S. investment grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. Both indexes are weighted by market capitalization, meaning that the larger the security, the greater the effect of its return on the return of the index as a whole.

Portfolio Composition (as of 12/31/2003)

	Percent of
	Portfolio
U.S. Stocks	61.0
Long-Term Bonds	38.7
Short-Term Investments	0.3
Total	100.00

Account Facts

Inception Date	3/1/1990
Net Assets (12/31/2003)	$5.89 billion
2003 Actual Expense Charge*	0.47%

* We estimate expenses each year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically, adjustments have been small.

This portfolio’s investments must pass two kinds of social screens. The first kind excludes companies whose revenues are derived from alcohol, tobacco, gambling, weapons production, or nuclear power. Remaining companies are then evaluated and selected based on such criteria as respect for the environment, diversity, charitable giving, fair labor and governance practice, and other issues. Because of these screens, the account may not be able to take advantage of the same opportunities or market trends as do other accounts that do not use such criteria.

Social Choice Account   2003 CREF Annual Report  SC-3

Statement of Investments - Social Choice Account - December 31, 2003

Summary by Industry
	VALUE (000)	%
BONDS
CORPORATE BONDS
Apparel And Accessory Stores	$     3,016	0.05%
Asset Backed	23,436	0.40
Automotive Dealers And    Service Stations	4,985	0.08
Business Services	5,332	0.09
Chemicals And Allied Products	44,768	0.76
Communications	58,004	0.98
Depository Institutions	142,095	2.41
Eating And Drinking Places	5,337	0.09
Electric, Gas, And    Sanitary Services	11,004	0.19
Electronic and Other    Electric Equipment	8,813	0.15
Food And Kindred Products	25,478	0.43
Food Stores	18,326	0.31
Furniture And Fixtures	5,888	0.10
General Building Contractors	17,603	0.30
General Merchandise Stores	3,729	0.06
Health Services	3,203	0.05
Holding And Other    Investment Offices	18,246	0.31
Industrial Machinery And    Equipment	20,655	0.35
Insurance Carriers	30,078	0.51
Miscellaneous Manufacturing    Industries	3,020	0.05
Motion Pictures	14,898	0.25
Nondepository Institutions	24,004	0.41
Oil And Gas Extraction	10,945	0.19
Other Mortgage Backed Securities	44,028	0.75
Paper And Allied Products	5,052	0.09
Petroleum And Coal Products	4,431	0.08
Pipelines, Except Natural Gas	2,840	0.05
Primary Metal Industries	5,397	0.09
Railroad Transportation	5,937	0.10
Security And Commodity Brokers	12,982	0.22
Transportation By Air	0	0.00
Transportation Equipment	5,040	0.09
TOTAL CORPORATE BONDS    (Cost $519,731)	588,570	9.99
GOVERNMENT BONDS
Agency Securities	406,642	6.90
Foreign Government Bonds	19,878	0.33
Mortgage Backed Securities	661,607	11.23

U.S. Treasury Securities	$ 599,176	10.17%
TOTAL GOVERNMENT BONDS    (Cost $1,682,689)	1,687,303	28.63
TOTAL BONDS    (Cost $2,202,420)	2,275,873	38.62
PREFERRED STOCK
Electric, Gas, And    Sanitary Services	223	0.00
TOTAL PREFERRED STOCK    (Cost $174)	223	0.00
COMMON STOCK
Amusement And    Recreation Services	573	0.01
Apparel And Accessory Stores	16,451	0.28
Apparel And Other    Textile Products	6,112	0.10
Auto Repair, Services And Parking	133	0.00
Automotive Dealers And    Service Stations	2,339	0.04
Building Materials And    Garden Supplies	52,510	0.89
Business Services	234,743	3.98
Chemicals And Allied Products	363,869	6.17
Communications	169,140	2.87
Depository Institutions	400,757	6.80
Eating And Drinking Places	30,099	0.51
Educational Services	3,291	0.06
Electric, Gas, And    Sanitary Services	165,153	2.80
Electronic & Other    Electric Equipment	234,107	3.97
Engineering And Management    Services	20,970	0.36
Fabricated Metal Products	36,262	0.62
Food And Kindred Products	142,048	2.41
Food Stores	27,907	0.47
Furniture And Fixtures	18,043	0.31
Furniture And    Homefurnishings Stores	11,472	0.19
General Building Contractors	17,410	0.30
General Merchandise Stores	58,151	0.99
Health Services	17,069	0.29
Holding And Other Investment    Offices	94,755	1.61
Hotels And Other Lodging Places	2,325	0.04
Industrial Machinery And    Equipment	325,793	5.53
Instruments And    Related Products	129,181	2.19
Insurance Agents, Brokers And    Service	30,425	0.52
Insurance Carriers	191,850	3.26
Leather And Leather Products	717	0.01

SC-4  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

	VALUE (000)	%
Lumber And Wood Products	$            27	0.00%
Metal Mining	4,697	0.08
Miscellaneous Manufacturing    Industries	7,928	0.13
Miscellaneous Retail	50,661	0.86
Motion Pictures	71,739	1.22
Nondepository Institutions	137,248	2.33
Nonmetallic Minerals,    Except Fuels	6,766	0.12
Oil And Gas Extraction	100,432	1.70
Paper And Allied Products	26,662	0.45
Personal Services	3,765	0.06
Petroleum And Coal Products	15,925	0.27
Primary Metal Industries	26,748	0.45
Printing And Publishing	27,957	0.47
Railroad Transportation	11,239	0.19
Rubber And Miscellaneous    Plastic Products	2,002	0.03
Security And Commodity Brokers	66,487	1.13
Special Trade Contractors	20	0.00
Stone, Clay, And Glass Products	7,393	0.13
Transportation By Air	23,986	0.41
Transportation Equipment	38,425	0.65
Transportation Services	3,289	0.06
Trucking And Warehousing	19,736	0.33
Wholesale Trade—    Durable Goods	87,734	1.49
Wholesale Trade—    Nondurable Goods	43,323	0.74
TOTAL COMMON STOCK    (Cost $2,807,746)	3,587,844	60.88
SHORT TERM INVESTMENTS
U.S. Government and Agencies    Discount Notes	192,527	3.27
Investment of Cash Collateral    for Securities loaned	242,806	4.12
TOTAL SHORT TERM INVESTMENTS    (Cost $435,194)	435,333	7.39
TOTAL PORTFOLIO
(Cost $5,445,534)	6,299,273	106.89
OTHER ASSETS & LIABILITIES, NET	(405,951)	(6.89)
NET ASSETS	$5,893,322	100.00%

				VALUE
	PRINCIPAL		RATINGS†	(000)
BONDS—38.62%
CORPORATE BONDS—9.99%
APPAREL AND ACCESSORY STORES—0.05%
		Kohl’s Corp Deb
	$  3,000,000	6.000%, 01/15/33	A3	$ 3,016
		TOTAL APPAREL AND
		ACCESSORY STORES		3,016
ASSET BACKED—0.40%
		Household Automotive
		Trust Series 2000-2
		(Class A3)
	2,128,385	3.680%, 04/17/06	Aaa	2,146
		Chase Funding
		Mortgage
		Loan Asset-Backed
		Certificates
		Series 2002-1
		(Class 1A4)
	7,000,000	5.742%, 09/25/28	Aaa	7,204
		Countrywide Asset-
		Backed
		Certificates
		Series 2002-S2
		(Class A5)
	5,000,000	5.478%, 01/25/17	Aaa	5,150
		Ryder Vehicle
		Lease Trust
		Series 2001-A
		(Class A4)
	8,768,210	5.810%, 08/15/06	Aaa	8,936
		TOTAL ASSET
		BACKED		23,436
AUTOMOTIVE DEALERS AND             SERVICE STATIONS—0.08%
		Autozone, Inc
		(Sr Note)
	5,000,000	4.750%, 11/15/10	Baa2	4,985
		TOTAL AUTOMOTIVE
		DEALERS AND SERVICE
		STATIONS		4,985
BUSINESS SERVICES—0.09%
		Deluxe Corp
		(Sr Note)
	5,250,000	5.000%, 12/15/12	A2	5,332
		TOTAL BUSINESS
		SERVICES		5,332

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-5

Statement of Investments - Social Choice Account - December 31, 2003

					VALUE
	PRINCIPAL			RATINGS†	(000)
CHEMICALS AND ALLIED             PRODUCTS—0.76%
			Avery Dennison
			Corp Bond
	$   3,000,000		6.000%, 01/15/33	A3	$     3,029
			Estee Lauder Cos,
			Inc (Sr Note)
	5,000,000		5.750%, 10/15/33	A1	4,928
			Gillette Co (Sr Note)
	5,000,000		4.125%, 08/30/07	Aa3	5,202
			Johnson & Johnson Deb
	4,000,000		4.950%, 05/15/33	Aaa	3,610
			Merck & Co, Inc Deb
	5,000,000		5.950%, 12/01/28	Aaa	5,184
			Merck & Co, Inc Note
	6,000,000		5.250%, 07/01/06	Aaa	6,412
			Praxair, Inc Note
	5,000,000		3.950%, 06/01/13	A3	4,676
			Procter & Gamble Co
			(Unsub Note)
	6,000,000	e	6.875%, 09/15/09	Aa3	6,919
			Valspar Corp Notes
	4,500,000		6.000%, 05/01/07	Baa2	4,808
			TOTAL CHEMICALS AND
			ALLIED PRODUCTS		44,768
COMMUNICATIONS—0.98%
			AT&T Corp (Sr Note)
	5,000,000		8.050%, 11/15/11	Baa2	5,742
	3,170,000		8.375%, 03/15/13	Baa3	3,877
			AT&T Wireless
			Services, Inc
			(Sr Note)
	2,500,000		7.875%, 03/01/11	Baa2	2,877
	1,500,000		8.750%, 03/01/31	Baa2	1,838
			Comcast Corp Bond
	2,000,000		7.050%, 03/15/33	Baa3	2,176
			New England
			Telephone &
			Telegraph Note
	5,000,000		7.650%, 06/15/07	Aa3	5,727
			SBC Communications,
			Inc Note
	3,500,000		5.750%, 05/02/06	A1	3,758
	5,000,000	e	5.875%, 08/15/12	A1	5,291
			Sprint Capital Corp
			(Guarantee Note)
	1,500,000		6.000%, 01/15/07	Baa3	1,598
	5,500,000		6.900%, 05/01/19	Baa3	5,640
			Verizon Global
			Funding
			Corp Note
	4,500,000	e	6.125%, 06/15/07	A2	4,936

		Verizon Maryland,
		Inc Bond
	2,750,000	5.125%, 06/15/33	Aa3	2,358
		Verizon Pennsylvania
		Notes
	5,000,000	5.650%, 11/15/11	Aa3	5,248
		Verizon Wireless
		Capital
		LLC Note
	6,500,000	5.375%, 12/15/06	A3	6,938
		TOTAL COMMUNICATIONS		58,004
DEPOSITORY INSTITUTIONS—2.41%
		Bank of America
		(Sub Note)
	10,000,000	6.875%, 02/15/05	Aa3	10,581
	3,500,000	5.875%, 02/15/09	Aa2	3,834
		Bank One Corp
		(Sub Note)
	3,000,000	5.250%, 01/30/13	A1	3,073
		Charter One Bank
		FSB Note
		(Sub Note)
	5,000,000	6.375%, 05/15/12	A3	5,479
		Fifth Third
		Bancorp Note
	5,000,000	3.375%, 08/15/08	Aa1	4,972
		First Chicago Corp
		(Sub Note)
	9,700,000	6.375%, 01/30/09	A1	10,784
		First Tennessee
		Bank NA
		(Sub Note)
	2,000,000	4.625%, 05/15/13	A2	1,942
		Greenpoint Financial
		Corp (Sr Note)
	2,000,000	3.200%, 06/06/08	Baa1	1,937
		Hudson United Bank/
		Mahwah, NJ
		(Sub Note)
	5,000,000	7.000%, 05/15/12	Baa3	5,600
		JP Morgan Chase & Co
		(Sub Note)
	3,000,000	7.875%, 06/15/10	A2	3,565
	3,250,000	5.750%, 01/02/13	A2	3,422
		Keybank National
		Association Note
	5,000,000	5.000%, 07/17/07	A1	5,291
		Mellon Funding Corp
		(Guarantee Note)
	2,500,000	4.875%, 06/15/07	A1	2,638
	5,000,000	6.400%, 05/14/11	A2	5,606

† As provided by Moody’s Investors Services (Unaudited)

SC-6  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

				VALUE
	PRINCIPAL		RATINGS†	(000)
DEPOSITORY             INSTITUTIONS—(Continued)
		Mercantile
		Bankshares Corp
		(Sub Note)
	$   5,000,000	4.625%, 04/15/13	A2	$      4,875
		National City Bank/
		Indiana Note
	5,000,000	4.875%, 07/20/07	Aa3	5,289
		Northern Trust Co
		(Sub Note)
	5,000,000	4.600%, 02/01/13	A1	4,922
		Popular North
		America Inc
		(Sub Note)
	3,000,000	3.875%, 10/01/08	A3	2,991
		PNC Funding Corp
	3,000,000	5.250%, 11/15/15	N/R	2,970
		Regions Financial
		Corp (Sub Note)
	5,000,000	6.375%, 05/15/12	A2	5,515
		SunTrust Banks, Inc
		(Sr Note)
	5,000,000	5.050%, 07/01/07	Aa3	5,308
		Union Planters Bank NA
		Note
	5,000,000	5.125%, 06/15/07	A1	5,283
		US Bancorp (Sr Note)
	4,500,000	5.100%, 07/15/07	Aa3	4,787
		US Bank National
		Association
		(Sub Note)
	5,000,000	6.300%, 02/04/14	Aa3	5,509
		Wachovia Corp
		(Sub Note)
	10,000,000	6.300%, 04/15/08	A1	11,061
		Washington Mutual,
		Inc Note
	2,000,000	7.500%, 08/15/06	A3	2,236
		Webster Bank
		(Sub Note)
	2,000,000	5.875%, 01/15/13	Baa3	2,083
		Wells Fargo
		Financial, Inc Note
	3,750,000	5.875%, 08/15/08	Aa1	4,109
	3,000,000	6.125%, 04/18/12	Aa1	3,279
		Zions Bancorp
		(Sub Note)
	3,000,000	6.000%, 09/15/15	Baa1	3,154
		TOTAL DEPOSITORY
		INSTITUTIONS		142,095

EATING AND DRINKING PLACES—0.09%
		McDonald’s Corp Note
	5,000,000	5.750%, 03/01/12	A2	5,337
		TOTAL EATING AND
		DRINKING PLACES		5,337
ELECTRIC, GAS, AND SANITARY             SERVICES—0.19%
		Atmos Energy Corp
		(Sr Note)
	5,000,000	5.125%, 01/15/13	A3	4,986
		National Fuel Gas
		Co Note
	5,000,000	5.250%, 03/01/13	A3	5,013
		Nisource Finance Corp
		(Guarantee Note)
	1,000,000	3.200%, 11/01/06	Baa3	1,005
		TOTAL ELECTRIC, GAS,
		AND SANITARY
		SERVICES		11,004
ELECTRONIC AND OTHER ELECTRIC             EQUIPMENT—0.15%
		Emerson Electric
		Co Note
	4,000,000	5.750%, 11/01/11	A2	4,269
	4,500,000	5.000%, 12/15/14	A2	4,544
		TOTAL ELECTRONIC
		AND OTHER
		ELECTRIC
		EQUIPMENT		8,813
FOOD AND KINDRED PRODUCTS—0.43%
		Bottling Group LLC
		(Guarantee Note)
	5,000,000	4.625%, 11/15/12	A3	4,979
		Campbell Soup
		Co Note
	5,000,000	5.000%, 12/03/12	A3	5,081
		General Mills,
		Inc Note
	5,000,000	5.125%, 02/15/07	Baa2	5,307
		HJ Heinz Co
		(Guarantee Note)
	4,000,000	6.625%, 07/15/11	A3	4,505
		Kellogg Co Note
	5,000,000	6.600%, 04/01/11	Baa2	5,606
		TOTAL FOOD AND
		KINDRED
		PRODUCTS		25,478

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-7

Statement of Investments - Social Choice Account - December 31, 2003

					VALUE
	PRINCIPAL			RATINGS†	(000)
FOOD STORES—0.31%
			Albertson’s,
			Inc Deb
	$  7,000,000		7.450%, 08/01/29	Baa2	$ 7,627
			Kroger Co
			(Guarantee Note)
	5,000,000		8.050%, 02/01/10	Baa3	5,925
			Safeway, Inc Note
	4,155,000		7.500%, 09/15/09	Baa2	4,774
			TOTAL FOOD STORES		18,326
FURNITURE AND FIXTURES—0.10%
			Leggett & Platt,
			Inc Note
	4,000,000		4.700%, 04/01/13	A2	3,952
			Newell Rubbermaid,
			Inc Note
	2,000,000		4.000%, 05/01/10	Baa2	1,936
			TOTAL FURNITURE AND
			FIXTURES		5,888
GENERAL BUILDING CONTRACTORS—0.30%
			Lennar Corp Note
	3,000,000		5.950%, 03/01/13	Baa3	3,144
			MDC Holdings Inc
			(Guarantee Note)
	5,000,000		5.500%, 05/15/13	Baa3	4,995
			Pulte Homes, Inc
			(Sr Note)
	4,000,000		6.375%, 05/15/33	Baa3	3,918
			Toll Brothers Inc
			(Guarantee Note)
	5,000,000		6.875%, 11/15/12	Baa3	5,546
			TOTAL GENERAL
			BUILDING
			CONTRACTORS		17,603
GENERAL MERCHANDISE STORES—0.06%
			Target Corp Note
	3,000,000		5.875%, 03/01/12	A2	3,261
	500,000	e	4.000%, 06/15/13	A2	468
			TOTAL GENERAL
			MERCHANDISE
			STORES		3,729
HEALTH SERVICES—0.05%
			UnitedHealth Group,
			Inc Note
	3,000,000		5.200%, 01/17/07	A3	3,203
			TOTAL HEALTH
			SERVICES		3,203

HOLDING AND OTHER INVESTMENT             OFFICES—0.31%
			AvalonBay
			Communities
			Inc Note
	5,000,000		6.625%, 09/15/11	Baa1	5,509
			Certegy Inc Note
	5,000,000		4.750%, 09/15/08	Baa2	5,089
			EOP Operating LP
			(Guarantee Note)
	2,000,000		5.875%, 01/15/13	Baa1	2,090
			Vornado Realty
			Trust Note
	2,000,000		5.625%, 06/15/07	Baa2	2,122
			Washington Mutual
			Financial Corp
			(Sr Note)
	3,000,000		6.875%, 05/15/11	A3	3,436
			TOTAL HOLDING AND
			OTHER INVESTMENT
			OFFICES		18,246
INDUSTRIAL MACHINERY AND             EQUIPMENT—0.35%
			Hewlett-Packard
			Co Note
	5,000,000		3.625%, 03/15/08	A3	5,014
	5,000,000		6.500%, 07/01/12	A3	5,564
			International Business
			Machines Corp Note
	5,000,000		4.750%, 11/29/12	A1	5,002
			John Deere Capital
			Corp Note
	5,000,000		3.900%, 01/15/08	A3	5,075
			TOTAL INDUSTRIAL
			MACHINERY AND
			EQUIPMENT		20,655
INSURANCE CARRIERS—0.51%
			America General
			Corp Note
	5,000,000		7.500%, 08/11/10	Aaa	5,938
			Chubb Corp (Sr Note)
	3,000,000		5.200%, 04/01/13	A1	3,059
			Hartford Financial
			(Sr Note)
	6,000,000	e	6.375%, 11/01/08	A3	6,621
			Lincoln National
			Corp Note
	4,000,000		5.250%, 06/15/07	A3	4,222
			Protective Life Corp Note
	5,000,000		4.300%, 06/01/13	A3	4,699

† As provided by Moody’s Investors Services (Unaudited)

 

SC-8  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

				VALUE
	PRINCIPAL		RATINGS†	(000)
INSURANCE             CARRIERS—(Continued)
		Safeco Corp (Sr Note)
	$ 2,500,000	4.875%, 02/01/10	Baa1	$         2,541
		UnitedHealth Group,
		Inc Note
	3,000,000	4.875%, 04/01/13	A3	2,998
		TOTAL INSURANCE
		CARRIERS		30,078
MISCELLANEOUS MANUFACTURING             INDUSTRIES—0.05%
		Blyth, Inc Note
	3,000,000	5.500%, 11/01/13	Baa2	3,020
		TOTAL MISCELLANEOUS
		MANUFACTURING
		INDUSTRIES		3,020
MOTION PICTURES—0.25%
		AOL Time Warner, Inc
		(Guarantee Note)
	3,000,000	6.875%, 05/01/12	Baa1	3,372
		Time Warner, Inc
		(Guarantee Note)
	6,000,000	6.625%, 05/15/29	Baa1	6,174
		Walt Disney Co Note
	5,000,000	5.500%, 12/29/06	Baa1	5,352
		TOTAL MOTION
		PICTURES		14,898
NONDEPOSITORY INSTITUTIONS—0.41%
		American Express
		Co Note
	5,000,000	3.750%, 11/20/07	A1	5,082
	3,000,000	4.875%, 07/15/13	A1	3,007
		Countrywide
		Home Loans,
		Inc (Guarantee Note)
	5,000,000	5.625%, 07/15/09	A3	5,425
		MBNA Corp Note
	5,000,000	6.250%, 01/17/07	Baa2	5,450
		SLM Corp Note
	5,000,000	3.950%, 08/15/08	A2	5,040
		TOTAL NONDEPOSITORY
		INSTITUTIONS		24,004
OIL AND GAS EXTRACTION—0.19%
		Anadarko Finance
		(Guarantee Note)
	5,515,000	6.750%, 05/01/11	Baa1	6,223

		Apache Finance
		Canada Corp
		(Guarantee Note)
	5,000,000	4.375%, 05/15/15	A3	4,722
		TOTAL OIL AND GAS
		EXTRACTION		10,945
OTHER MORTGAGE BACKED             SECURITIES—0.75%
		Banc of America
		Commercial
		Mortgage, Inc
		Series 2003-2
		(Class A2)
	10,000,000	5.061%, 03/11/41	Aaa	10,160
		Banc of America
		Commercial
		Mortgage, Inc
		Series 2002-2
		(Class A3)
	6,000,000	5.118%, 07/11/43	Aaa	6,200
		JP Morgan Chase
		Commercial Mortgage
		Securities Corp Series
		2002-C1 (Class A3)
	1,000,000	5.376%, 07/12/37	Aaa	1,045
		JP Morgan Chase
		Commercial Mortgage
		Securities Corp Series
		2003-CB6 (Class A2)
	9,000,000	5.255%, 07/12/37	Aaa	9,277
		Merrill Lynch
		Mortgage Trust
		Series 2003-KEY1
		(Class A4)
	10,000,000	5.236%, 11/01/35	Aaa	10,261
		Wachovia Bank
		Commercial
		Mortgage Trust
		Series 2002-C2
		(Class A4)
	4,000,000	4.980%, 11/15/34	Aaa	4,067
		Wachovia Bank
		Commercial
		Mortgage Trust
		Series 2003-C3
		(Class A2)
	3,000,000	4.867%, 02/15/35	Aaa	3,018
		TOTAL OTHER
		MORTGAGE
		BACKED SECURITIES		44,028

† As provided by Moody’s Investors Services (Unaudited)

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-9

Statement of Investments - Social Choice Account - December 31, 2003

				VALUE
	PRINCIPAL		RATINGS†	(000)
PAPER AND ALLIED PRODUCTS—0.09%
		Kimberly-Clark
		Corp Note
	$  5,000,000	5.000%, 08/15/13	Aa2	$      5,052
		TOTAL PAPER AND
		ALLIED PRODUCTS		5,052
PETROLEUM AND COAL PRODUCTS—0.08%
		Valero Energy
		Corp Note
	4,000,000	6.875%, 04/15/12	Baa3	4,431
		TOTAL PETROLEUM AND
		COAL PRODUCTS		4,431
PIPELINES, EXCEPT             NATURAL GAS—0.05%
		Kinder Morgan Energy
		Partners LP (Sr Note)
	2,500,000	7.300%, 08/15/33	Baa1	2,840
		TOTAL PIPELINES,
		EXCEPT NATURAL GAS		2,840
PRIMARY METAL INDUSTRIES—0.09%
		Hubbell, Inc Note
	5,000,000	6.375%, 05/15/12	A3	5,397
		TOTAL PRIMARY METAL
		INDUSTRIES		5,397
RAILROAD TRANSPORTATION—0.10%
		Norfolk Southern
		Corp Deb
	5,000,000	7.800%, 05/15/27	Baa1	5,937
		TOTAL RAILROAD
		TRANSPORTATION		5,937
SECURITY AND COMMODITY BROKERS—0.22%
		Goldman Sachs
		Group, Inc Note
	2,000,000	4.125%, 01/15/08	Aa3	2,048
	5,000,000	5.700%, 09/01/12	Aa3	5,249
		Merrill Lynch & Co,
		Inc Note
	5,000,000	6.875%, 11/15/18	Aa3	5,685
		TOTAL SECURITY AND
		COMMODITY
		BROKERS		12,982

TRANSPORTATION BY AIR—0.00%
			Delta Airlines, Inc Series
			1992-B1
			(Pass-Thu Cert) Note
	10		8.270%, 09/23/07	B1	0
			TOTAL TRANSPORTATION
			BY AIR		0
TRANSPORTATION EQUIPMENT—0.09%
			Harsco Corp Note
	5,000,000		5.125%, 09/15/13	A3	5,040
			TOTAL TRANSPORTATION
			EQUIPMENT		5,040
			TOTAL CORPORATE BONDS
			(Cost $519,731)		588,570
GOVERNMENT BONDS—28.63%
AGENCY SECURITIES—6.90%
			Federal Home Loan
			Mortgage
			Corp (FHLMC)
	65,000,000		1.875%, 01/15/05	Aaa	65,306
	25,000,000		6.875%, 01/15/05	Aaa	26,399
	50,000,000		7.000%, 07/15/05	Aaa	54,021
	18,000,000		3.670%, 02/12/08	Aaa	18,047
	24,000,000		5.750%, 04/15/08	Aaa	26,306
	13,000,000		3.500%, 05/21/08	Aaa	13,063
	8,000,000		3.750%, 05/12/09	Aaa	8,008
	7,500,000		6.750%, 03/15/31	Aaa	8,659
			Federal National
			Mortgage
			Association (FNMA)
	120,800,000	e	2.250%, 05/15/06	Aaa	120,777
	20,000,000		5.000%, 01/15/07	Aaa	21,344
	1,200,000		7.125%, 03/15/07	Aaa	1,359
	19,000,000	e	3.500%, 10/15/07	Aaa	19,030
	22,000,000		6.250%, 02/01/11	Aaa	24,323
			TOTAL AGENCY
			SECURITIES		406,642
FOREIGN GOVERNMENT BONDS—0.33%
			Province of Quebec Deb
	5,500,000		7.000%, 01/30/07	A1	6,176
	11,000,000		7.500%, 09/15/29	A1	13,702
			TOTAL FOREIGN
			GOVERNMENT BONDS		19,878
MORTGAGE BACKED SECURITIES—11.23%
			Federal Home Loan
			Mortgage Corp Gold (FGLMC)
	669,319		6.000%, 03/01/11		703
	1,929,369		6.500%, 12/01/16		2,044
	2,510,476		6.000%, 12/01/17		2,634

† As provided by Moody’s Investors Services (Unaudited)

SC-10  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

	PRINCIPAL			VALUE (000)
MORTGAGE BACKED             SECURITIES—(Continued)
	$   22,760,484	d	5.000%, 05/01/18	$     23,215
	5,421,191		5.000%, 06/01/18	5,529
	13,189,282		4.500%, 11/01/18	13,203
	12,483,459		4.500%, 11/01/18	12,497
	2,003,061	d	7.000%, 10/01/20	2,122
	102,772		7.000%, 05/01/23	109
	1,422,117	d	8.000%, 01/01/31	1,534
	5,745,518		7.000%, 04/01/32	6,079
	1,943,641		6.500%, 08/01/32	2,036
	11,544,236		6.000%, 05/01/33	11,935
	10,276,790		5.500%, 06/01/33	10,406
	11,030,886		6.000%, 06/01/33	11,404
	16,180,411		6.000%, 06/01/33	16,728
	10,776,290		5.500%, 09/01/33	10,912
	9,018,214		5.500%, 09/01/33	9,132
	10,850,686		5.000%, 11/01/33	10,716
	2,997,578		6.500%, 11/01/33	3,140
	19,953,676		5.500%, 12/01/33	20,205
	19,000,000	h	5.000%, 01/31/34	18,751
	7,000,000	h	6.000%, 01/31/34	7,232
			Federal National
			Mortgage Association
			(FNMA)
	170,084		7.500%, 06/01/11	182
	64,037		8.000%, 06/01/11	69
	95,608		8.000%, 06/01/11	102
	166,554		8.000%, 07/01/11	179
	73,356		7.500%, 08/01/11	78
	43,041		7.500%, 09/01/11	46
	5,489		7.500%, 09/01/11	6
	123,711		7.500%, 10/01/11	132
	4,135		7.500%, 10/01/11	4
	18,564		7.500%, 10/01/11	20
	1,019,205		7.000%, 04/01/12	1,089
	221,363		6.500%, 09/01/12	235
	37,784		8.500%, 11/01/14	41
	1,616,290		6.500%, 10/01/16	1,715
	5,906,737	d	6.500%, 04/01/17	6,269
	8,810,480		6.000%, 11/01/17	9,252
	12,106,616		6.000%, 11/01/17	12,713
	6,154,500		6.000%, 01/01/18	6,463
	3,453,174		6.000%, 02/01/18	3,625
	3,284,497		6.500%, 02/01/18	3,483
	8,470,899		5.500%, 03/01/18	8,788
	10,674,615		5.500%, 03/01/18	11,075
	21,145,748	d	5.500%, 04/01/18	21,938
	17,665,154		5.000%, 06/01/18	18,040
	24,889,957		5.000%, 07/01/18	25,418
	1,890,820		6.000%, 01/01/19	1,968
	1,836,081		6.000%, 02/01/19	1,911
	258,690		8.000%, 03/01/23	283

	513,862		8.000%, 07/01/24	560
	3,382,423		6.500%, 10/01/32	3,538
	5,794,440		6.500%, 10/01/32	6,061
	15,552,303		6.500%, 11/01/32	16,268
	2,253,896		7.000%, 01/01/33	2,387
	6,256,233		6.500%, 02/01/33	6,544
	14,916,000		6.500%, 03/01/33	15,602
	6,896,820		6.500%, 04/01/33	7,214
	4,198,014		6.500%, 05/01/33	4,391
	2,931,357		5.500%, 07/01/33	2,971
	11,470,250		6.000%, 08/01/33	11,862
	948,692		6.000%, 08/01/33	981
	13,693,137		6.000%, 08/01/33	14,161
	3,820,863		5.000%, 11/01/33	3,783
	32,371,192		5.500%, 11/01/33	32,809
	5,304,216		5.500%, 11/01/33	5,376
	4,850,494		5.500%, 11/01/33	4,916
	4,160,107		5.500%, 11/01/33	4,216
	3,761,227		5.500%, 11/01/33	3,812
	3,175,735		5.500%, 11/01/33	3,219
	76,000,000	h	5.500%, 01/31/34	76,974
	25,000,000	h	4.500%, 02/28/34	25,023
			Government National
			Mortgage Association (GNMA)
	52,571		8.500%, 09/15/09	58
	107,194		8.500%, 10/15/09	117
	18,689		8.500%, 12/15/09	20
	668,183		9.000%, 12/15/09	734
	481,783		9.000%, 12/15/17	539
	61,143		9.000%, 03/15/20	68
	25,953		9.000%, 08/15/20	29
	322,738		8.000%, 06/15/22	354
	72,925		6.500%, 08/15/23	77
	152,167		6.500%, 08/15/23	161
	145,466		6.500%, 09/15/23	154
	2,062,228	d	6.500%, 05/20/31	2,171
	10,450,836		6.000%, 05/15/33	10,871
	13,305,868		6.000%, 05/15/33	13,841
	8,035,781		5.500%, 09/15/33	8,178
	33,675,694		5.500%, 09/20/33	34,177
			TOTAL MORTGAGE BACKED
			SECURITIES	661,607
U.S. TREASURY SECURITIES—10.17%
			U.S. Treasury Bond
	83,283,000		10.000%, 05/15/10	92,757
	102,950,000		7.250%, 05/15/16	128,413
	58,800,000		8.000%, 11/15/21	79,435
	1,580,000	e	5.375%, 02/15/31	1,648
			U.S. Treasury Note
	4,350,000	e	1.500%, 07/31/05	4,347
	44,950,000	e	2.375%, 08/15/06	45,192
	25,000,000	e	2.625%, 11/15/06	25,221

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-11

Statement of Investments - Social Choice Account - December 31, 2003

	PRINCIPAL			VALUE (000)
U.S. TREASURY SECURITIES—(Continued)
	$  57,550,000	e	2.625%, 05/15/08	$      56,687
	38,800,000	e	3.250%, 08/15/08	39,038
	2,700,000	e	3.125%, 10/15/08	2,695
	68,785,000	e	3.375%, 12/15/08	69,247
	250,000	e	5.500%, 05/15/09	278
	820,000	e	4.375%, 08/15/12	836
			United States Treasury Strip
	84,500,000		0.000%, 05/15/16	45,763
	20,000,000	e	0.000%, 11/15/21	7,619
			TOTAL U.S. TREASURY
			SECURITIES	599,176
			TOTAL GOVERNMENT BONDS
			(Cost $1,682,689)	1,687,303
			TOTAL BONDS
			(Cost $2,202,420)	2,275,873
	SHARES
PREFERRED STOCK—0.00%
ELECTRIC, GAS, AND SANITARY             SERVICES—0.00%
	87,001		NiSource, Inc (Sails)	223
			TOTAL ELECTRIC, GAS, AND
			SANITARY SERVICES	223
			TOTAL PREFERRED STOCK
			(Cost $174)	223
COMMON STOCK—60.88%
AMUSEMENT AND RECREATION             SERVICES—0.01%
	19,189	*	Gaylord Entertainment Co	573
			TOTAL AMUSEMENT AND
			RECREATION SERVICES	573
APPAREL AND ACCESSORY             STORES—0.28%
	36,208		Foot Locker, Inc	849
	53,334	*	Footstar, Inc	205
	312,430		Gap, Inc	7,252
	45,719		Nordstrom, Inc	1,568
	38,284		Ross Stores, Inc	1,012
	250,421		TJX Cos, Inc	5,522
	12,403	*	Wilsons The Leather
			Experts, Inc	43
			TOTAL APPAREL AND
			ACCESSORY STORES	16,451
APPAREL AND OTHER TEXTILE             PRODUCTS—0.10%
	49,857	*	Collins & Aikman Corp	216
	31,554		Liz Claiborne, Inc	1,119
	3,200		Oxford Industries, Inc	108

	107,980		VF Corp	4,669
			TOTAL APPAREL AND
			OTHER TEXTILE PRODUCTS	6,112
AUTO REPAIR, SERVICES AND             PARKING—0.00%
	1,200	*	Midas, Inc	17
	3,400		Ryder System, Inc	116
			TOTAL AUTO REPAIR,
			SERVICES AND PARKING	133
AUTOMOTIVE DEALERS AND             SERVICE STATIONS—0.04%
	22,591	*	Autozone, Inc	1,925
	13,400	*	Carmax, Inc	414
			TOTAL AUTOMOTIVE
			DEALERS AND SERVICE
			STATIONS	2,339
BUILDING MATERIALS AND             GARDEN SUPPLIES—0.89%
	7,955		Fastenal Co	397
	998,226		Home Depot, Inc	35,427
	301,254		Lowe’s Cos	16,686
			TOTAL BUILDING MATERIALS
			AND GARDEN SUPPLIES	52,510
BUSINESS SERVICES—3.98%
	213,900	*	3Com Corp	1,748
	4,500	*	Administaff, Inc	78
	66,166		Adobe Systems, Inc	2,600
	15,700	*	Agile Software Corp	155
	66,744	*	Akamai Technologies, Inc	717
	44,622	*	APAC Customer
			Services, Inc	116
	11,174	*	Aspect Communications
			Corp	176
	19,272	*	At Road, Inc	256
	400,050		Automatic Data
			Processing, Inc	15,846
	1,400		Barra, Inc	50
	89,457	*	BEA Systems, Inc	1,100
	28,252	*	Bisys Group, Inc	420
	35,799	*	BMC Software, Inc	668
	81,599	*	Brocade Communications
			Systems, Inc	472
	60,862	*	Cadence Design
			Systems, Inc	1,094
	5,000	*	Catalina Marketing Corp	101
	71,007	*	Ceridian Corp	1,487
	16,919		Certegy, Inc	555
	17,571	*	Citrix Systems, Inc	373
	72,373	*	CNET Networks, Inc	494

SC-12  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
BUSINESS SERVICES—(Continued)
	30,456	*	Cognizant Technology
			Solutions Corp	$      1,390
	63,786	*	Computer Horizons Corp	251
	89,838	*	Compuware Corp	543
	5,085	*	Concord Communications, Inc	102
	104,201	*	Convergys Corp	1,819
	6,200	*	CSG Systems International, Inc	77
	29,750	*	D&B Corp	1,509
	24,300		Deluxe Corp	1,004
	2,603	*	Digital River, Inc	58
	75,453	*	DST Systems, Inc	3,151
	8,599	*	eFunds Corp	149
	64,398	*	Electronic Arts, Inc	3,077
	368,018	e	Electronic Data
			Systems Corp	9,031
	19,883	*	Embarcadero Technologies, Inc	317
	4,176	*	F5 Networks, Inc	105
	900		Fair Isaac Corp	44
	106,714	*	Fiserv, Inc	4,216
	62,013	*	GSI Commerce, Inc	605
	25,783		Henry (Jack) & Associates, Inc	531
	300,712	*	Homestore, Inc	1,422
	122,743		IMS Health, Inc	3,051
	9,400	*	Informatica Corp	97
	54,832	*	Intuit, Inc	2,901
	19,416	*	Iron Mountain, Inc	768
	108,958	*	Juniper Networks, Inc	2,035
	30,299	*	Lamar Advertising Co	1,131
	548		Manpower, Inc	26
	3,200	*	MAPICS, Inc	42
	38,313	*	Mercury Interactive Corp	1,864
	3,114,438		Microsoft Corp	85,772
	46,510	*	Monster Worldwide, Inc	1,021
	4,400	*	National Processing, Inc	104
	19,374	*	NCR Corp	752
	1,600		NDCHealth Corp	41
	2,000	*	Netratings, Inc	23
	220,909	*	NIC, Inc	1,774
	222,200	*	Novell, Inc	2,338
	20,101	*	Nuance Communications,
			Inc	154
	124,109		Omnicom Group, Inc	10,838
	1,485,449	*	Oracle Corp	19,608
	9,628	*	Packeteer, Inc	163
	8,053	*	PalmSource, Inc	175
	11,400	*	Parametric Technology Corp	45
	35,275	*	PDI, Inc	946
	16,200	*	Pegasystems, Inc	140
	83,342	*	Peoplesoft, Inc	1,900
	19,700	*	Perot Systems Corp
			(Class A)	266

	14,017	*	Pixar, Inc	971
	18,176	*	Portal Software, Inc	122
	17,488	*	R.H. Donnelley Corp	697
	1,500	*	Radisys Corp	25
	26,000	*	Raindance
			Communications, Inc	72
	2,840	*	Register.com, Inc	15
	7,500	*	Rent-Way, Inc	61
	63,708	*	Robert Half
			International, Inc	1,487
	7,707	*	Roxio, Inc	37
	4,600	*	RSA Security, Inc	65
	26,353	*	Sapient Corp	148
	20,684	*	Scansoft, Inc	110
	1,300	*	Secure Computing Corp	23
	46,300	*	Seebeyond Technology Corp	199
	156,600	*	Siebel Systems, Inc	2,172
	6,300	*	SonicWALL, Inc	49
	40,437	*	Spherion Corp	396
	6,500		SS&C Technologies, Inc	182
	1,543,479	*	Sun Microsystems, Inc	6,930
	139,893	*	SunGard Data Systems, Inc	3,876
	56,256	*	Symantec Corp	1,949
	13,290	*	Synopsys, Inc	449
	35,400	*	TIBCO Software, Inc	240
	94,572	e	Total System Services, Inc	2,944
	25,700	*	Tyler Technologies, Inc	247
	53,652	*	Unisys Corp	797
	65,025	*	VeriSign, Inc	1,060
	140,500	*	Veritas Software Corp	5,221
	6,769	*	Vitria Technology, Inc	48
	30,500	*	WatchGuard
			Technologies, Inc	178
	3,800	*	Wind River Systems, Inc	33
	178,394	*	Yahoo!, Inc	8,058
			TOTAL BUSINESS SERVICES	234,743
CHEMICALS AND ALLIED       PRODUCTS—6.17%
	20,443	*	Abgenix, Inc	255
	6,752	*	Able Laboratories, Inc	122
	23,736	*	Adolor Corp	475
	196,726		Air Products &
			Chemicals, Inc	10,393
	4,000	*	Albany Molecular
			Research, Inc	60
	5,025	*	Alexion Pharmaceuticals, Inc	86
	6,874	*	Alkermes, Inc	93
	109,885		Allergan, Inc	8,440
	101,100		Alpharma, Inc (Class A)	2,032
	16,099	*	Alteon, Inc	25

 

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-13

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
CHEMICALS AND ALLIED       PRODUCTS—(Continued)
	499,094	*	Amgen, Inc	$      30,844
	16,862	*	Amylin Pharmaceuticals, Inc	375
	112,501	*	Andrx Corp	2,705
	87,634	e*	Aphton Corp	526
	3,918	*	Arena Pharmaceuticals, Inc	24
	6,700	*	Atherogenics, Inc	100
	35,685	*	Atrix Laboratories, Inc	858
	63,091	*	Avant
			Immunotherapeutics, Inc	173
	131,800		Avery Dennison Corp	7,383
	13,443	*	AVI BioPharma, Inc	55
	96,700		Avon Products, Inc	6,526
	47,956	*	Barr Pharmaceuticals, Inc	3,690
	63,884	*	Benthley
			Pharmaceuticals, Inc	850
	110,850	*	Biogen Idec, Inc	4,077
	44,157	*	BioMarin Pharmaceutical, Inc	343
	60,387	e*	Biopure Corp	144
	10,909	*	Biosite, Inc	316
	63,624	*	Bone Care International, Inc	811
	15,200	*	Bradley Pharmaceuticals, Inc	387
	57,000		Cabot Corp	1,815
	22,039	e*	Cell Therapeutics, Inc	192
	11,828	*	Cephalon, Inc	573
	11,600	*	Charles River Laboratories
			International, Inc	398
	10,721	*	Chattem, Inc	192
	22,118	*	Cima Labs, Inc	721
	106,344		Clorox Co	5,164
	244,400		Colgate-Palmolive Co	12,232
	92,471	*	Collagenex
			Pharmaceuticals, Inc	1,037
	83,298	*	Columbia Laboratories, Inc	525
	24,200	*	Connetics Corp	439
	15,500	*	Cubist Pharmaceuticals, Inc	188
	23,162	*	Dendreon Corp	187
	44,303		Diagnostic Products Corp	2,034
	15,999	*	Digene Corp	642
	84,779	*	Dov Pharmaceutical, Inc	1,142
	349,215	e*	Durect Corp	901
	195,800		Ecolab, Inc	5,359
	77,955	*	Encysive Pharmaceuticals, Inc	698
	34,257	*	Eon Labs, Inc	1,745
	12,727	*	EPIX Medical, Inc	207
	126,140	*	Esperion Therapeutics, Inc	4,366
	199,615	*	First Horizon Pharmaceutical	2,236
	214,832	*	Forest Laboratories, Inc	13,277
	32,400	e*	Genta, Inc	337
	120,525	*	Genzyme Corp	5,947
	22,156	*	Geron Corp	221

76,828	*	Gilead Sciences, Inc	4,467
530,553		Gillette Co	19,487
96,076	*	GTC Biotherapeutics, Inc	306
78,544	*	Guilford Pharmaceuticals, Inc	533
40,388		H.B. Fuller Co	1,201
64,140	*	Hollis-Eden Pharmaceuticals	706
60,776	*	Human Genome Sciences, Inc	805
18,436	*	ICOS Corp	761
28,621	*	Idexx Laboratories, Inc	1,325
50,561	*	Ilex Oncology, Inc	1,074
3,600	*	Immucor, Inc	73
47,200	*	Immunogen, Inc	238
44,900	*	Immunomedics, Inc	205
97,808	*	Impax Laboratories, Inc	1,407
54,100	*	Indevus Pharmaceuticals, Inc	319
36,581	*	Inverness Medical
		Innovations, Inc	797
8,689	*	Invitrogen Corp	608
40,810	*	Isis Pharmaceuticals, Inc	265
179,781	*	IVAX Corp	4,293
157,750	*	King Pharmaceuticals, Inc	2,407
1,500	*	Kos Pharmaceuticals, Inc	65
73,156	*	La Jolla Pharmaceutical Co	314
39,300	*	Lannett Co, Inc	661
9,275	*	Ligand Pharmaceuticals, Inc
		(Class B)	136
34,085	*	Martek Biosciences Corp	2,215
29,268	*	Medarex, Inc	182
27,311		Medicis Pharmaceutical
		Corp (Class A)	1,947
96,422	*	MedImmune, Inc	2,449
1,206,058		Merck & Co, Inc	55,720
20,912		Meridian Bioscience, Inc	218
16,800	*	MGI Pharma, Inc	691
108,616	*	Millennium
		Pharmaceuticals, Inc	2,028
242,616		Mylan Laboratories, Inc	6,128
76,865	*	Nabi Biopharmaceuticals	977
32,567	*	NBTY, Inc	875
43,403	*	Nektar Therapeutics	591
34,431	*	Neose Technologies, Inc	317
4,000	*	Neurocrine Biosciences, Inc	218
31,990	*	Noven Pharmaceuticals, Inc	487
3,412	*	NPS Pharmaceuticals, Inc	105
1,500	*	OraSure Technologies, Inc	12
6,392	*	OSI Pharmaceuticals, Inc	206
116,844	*	Pain Therapeutics, Inc	812
235,177	*	Palatin Technologies, Inc	588
55,620	*	Penwest
		Pharmaceuticals Co	961
173,502	*	Peregrine
		Pharmaceuticals, Inc	383

SC-14  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
CHEMICALS AND ALLIED       PRODUCTS—(Continued)
	15,793	*	Pharmaceutical
			Resources, Inc	$ 1,029
	83,891	*	Pozen, Inc	856
	101,678	*	Praecis
			Pharmaceuticals, Inc	655
	159,154		Praxair, Inc	6,080
	686,500		Procter & Gamble Co	68,568
	19,955	*	Progenics Pharmaceuticals	376
	23,161	*	Protein Design Labs, Inc	415
	123,854		Rohm & Haas Co	5,290
	39,256	*	Salix Pharmaceuticals Ltd	890
	55,729	*	Sepracor, Inc	1,334
	32,480	*	SICOR, Inc	883
	86,075		Sigma-Aldrich Corp	4,922
	41,426	*	SuperGen, Inc	456
	16,038	*	Tanox, Inc	238
	24,507	*	Third Wave Technologies, Inc	112
	3,390	*	Unifi, Inc	22
	11,300	*	United Therapeutics Corp	259
	1,726	*	USANA Health Sciences, Inc	53
	25,392	*	Vertex Pharmaceuticals, Inc	260
	16,600	*	Vicuron Pharmaceuticals, Inc	310
	96,272	*	Watson Pharmaceuticals, Inc	4,429
	3,500		West Pharmaceutical
			Services, Inc	119
	52,033	*	Zymogenetics, Inc	807
			TOTAL CHEMICALS AND
			ALLIED PRODUCTS	363,869
COMMUNICATIONS—2.87%
	116,486		Alltel Corp	5,426
	302,467		AT&T Corp	6,140
	781,097	*	AT&T Wireless Services, Inc	6,241
	136,566	*	Avaya, Inc	1,767
	826,229		BellSouth Corp	23,382
	48,734	*	Cablevision Systems Corp
			(Class A)	1,140
	3,900		CenturyTel, Inc	127
	485,960	*	Comcast Corp	15,974
	365,769	*	Comcast Corp Special	11,441
	48,600	*	Infonet Services Corp
			(Class B)	83
	135,087	*	InterActiveCorp	4,584
	1,671,312	e,*	Lucent Technologies, Inc	4,747
	136,709	*	Nextel Communications, Inc
			(Class A)	3,836
	8,000	*	Paxson Communications
			Corp	31
	5,100	*	RCN Corp	4
	1,489,195		SBC Communications, Inc	38,823
	341,380		Sprint Corp (FON Group)	5,605

	165,900	*	Sprint Corp (PCS Group)	932
	2,000	*	Time Warner Telecom, Inc
			(Class A)	20
	47,126	*	Univision Communications,
			Inc (Class A)	1,870
	1,041,595		Verizon Communications,
			Inc	36,539
	5,100	*	West Corp	118
	11,751	*	XM Satellite Radio
			Holdings, Inc	310
			TOTAL COMMUNICATIONS	169,140
DEPOSITORY INSTITUTIONS—6.80%
	110,555		AmSouth Bancorp	2,709
	2,500		Astoria Financial Corp	93
	728,418		Bank Of America Corp	58,587
	645,076		Bank One Corp	29,409
	310,224		BB&T Corp	11,987
	34,423		Charter One Financial, Inc	1,189
	92,083		Comerica, Inc	5,162
	256,214	*	Concord EFS, Inc	3,802
	283,393		Fifth Third Bancorp	16,749
	4,800		First Tennessee
			National Corp	212
	707,227		FleetBoston Financial Corp	30,870
	78,235		Golden West Financial Corp	8,073
	25,950		Greenpoint Financial Corp	917
	1,600	*	Intercept, Inc	18
	1,250		International
			Bancshares Corp	59
	949,780		J.P. Morgan Chase & Co	34,885
	275,211		KeyCorp	8,069
	250,983		Mellon Financial Corp	8,059
	442,139		National City Corp	15,006
	4,200		North Fork Bancorp, Inc	170
	120,922		Northern Trust Corp	5,613
	1,900		People’s Bank	62
	228,563		PNC Financial Services
			Group, Inc	12,509
	100,404		Regions Financial Corp	3,735
	146,874		State Street Corp	7,649
	179,772		SunTrust Banks, Inc	12,854
	130,894		Synovus Financial Corp	3,785
	950,512		U.S. Bancorp	28,306
	60,667		Union Planters Corp	1,910
	13,981		UnionBanCal Corp	804
	4,360		W Holding Co, Inc	81
	752,307		Wachovia Corp	35,050
	882,688		Wells Fargo & Co	51,981
	6,400		Zions Bancorp	393
			TOTAL DEPOSITORY
			INSTITUTIONS	400,757

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-15

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
EATING AND DRINKING PLACES—0.51%
	153,300		Darden Restaurants, Inc	$     3,225
	968,501		McDonald’s Corp	24,048
	14,800		Outback Steakhouse, Inc	654
	55,351		Wendy’s International, Inc	2,172
			TOTAL EATING AND
			DRINKING PLACES	30,099
EDUCATIONAL SERVICES—0.06%
	46,962	*	Apollo Group, Inc (Class A)	3,193
	1,700	*	DeVry, Inc	43
	1,900	*	Sylvan Learning
			Systems, Inc	55
			TOTAL EDUCATIONAL
			SERVICES	3,291
ELECTRIC, GAS, AND SANITARY       SERVICES—2.80%
	492,654	*	AES Corp	4,651
	116,131		AGL Resources, Inc	3,379
	383,059	*	Allegheny Energy, Inc	4,888
	156,100		Allete, Inc	4,777
	610,931	*	Aquila, Inc	2,071
	17,964		Atmos Energy Corp	437
	202,996		Avista Corp	3,678
	64,767		Black Hills Corp	1,932
	3,600		California Water Service Group	99
	371,414	*	Calpine Corp	1,787
	27,585	*	Casella Waste Systems,
			Inc (Class A)	378
	18,700		Chesapeake Utilities Corp	487
	17,100	*	Citizens Communications Co	212
	211,772		Cleco Corp	3,808
	3,400		Connecticut Water Service, Inc	94
	448,355		DPL, Inc	9,362
	185,272		Empire District Electric Co	4,063
	500		EnergySouth, Inc	18
	158,158		Equitable Resources, Inc	6,788
	193,770		Hawaiian Electric
			Industries, Inc	9,179
	215,300		Idacorp, Inc	6,442
	294,157		KeySpan Corp	10,825
	143,741		Kinder Morgan, Inc	8,495
	5,100		Laclede Group, Inc	146
	82,836		MGE Energy, Inc	2,610
	2,666		Middlesex Water Co	54
	233,297		National Fuel Gas Co	5,702
	2,900		New Jersey Resources Corp	112
	140,770		Nicor, Inc	4,792
	411,940		NiSource, Inc	9,038
	2,700		Northwest Natural Gas Co	83
	464,848		OGE Energy Corp	11,245
	29,848		Otter Tail Corp	798
	102,654		Peoples Energy Corp	4,316

	418,680		Pepco Holdings, Inc	8,181
	22,429		Philadelphia Suburban Corp	496
	11,070		Piedmont Natural Gas Co, Inc	481
	468,500		Puget Energy, Inc	11,136
	110,772		Questar Corp	3,894
	33,219		Resource America, Inc
			(Class A)	498
	9,865		SEMCO Energy, Inc	48
	129,246	*	Sierra Pacific Resources	949
	7,400		SJW Corp	660
	3,200		South Jersey Industries, Inc	130
	13,428	*	Southern Union Co	247
	3,200	*	Stericycle, Inc	149
	152,666		Unisource Energy Corp	3,765
	4,572	*	Waste Connections, Inc	173
	40,107		Western Gas Resources, Inc	1,895
	32,400		WGL Holdings, Inc	900
	489,335		Williams Cos, Inc	4,805
			TOTAL ELECTRIC, GAS,
			AND SANITARY SERVICES	165,153
ELECTRONIC AND OTHER       ELECTRIC EQUIPMENT—3.97%
	434,967	*	ADC Telecommunications, Inc	1,292
	210,195	*	Advanced Micro Devices, Inc	3,132
	11,984	*	Agere Systems, Inc (Class A)	37
	162,200	*	Altera Corp	3,682
	73,593		American Power
			Conversion Corp	1,799
	100,250		Ametek, Inc	4,838
	5,400	*	Amkor Technology, Inc	98
	119,618		Analog Devices, Inc	5,461
	6,411	*	Arris Group, Inc	46
	53,100	*	Artesyn Technologies, Inc	452
	138,463	*	Avanex Corp	691
	39,523		AVX Corp	657
	30,000		Baldor Electric Co	686
	79,519	*	Broadcom Corp (Class A)	2,711
	46,995	*	C-COR.net Corp	523
	60,719	*	Ceva, Inc	631
	172,716	*	CIENA Corp	1,147
	132,544	*	Comverse Technology, Inc	2,331
	27,847	*	Conexant Systems, Inc	138
	188,712	*	Corvis Corp	321
	1,800		CTS Corp	21
	16,904	*	Ditech Communications
			Corp	323
	430,500		Emerson Electric Co	27,875
	10,485	*	Energizer Holdings, Inc	394
	28,195	*	Finisar Corp	88
	1,200		Harman International
			Industries, Inc	89
	15,041	*	Harmonic, Inc	109
	2,700		Helix Technology Corp	56

SC-16  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
ELECTRONIC AND OTHER ELECTRIC       EQUIPMENT—(Continued)
	5,700	*	Integrated Device
			Technology, Inc	$         98
	2,488,910		Intel Corp	80,143
	29,012	*	Interdigital Communications
			Corp	599
	12,700		Intersil Corp (Class A)	316
	59,373	*	InterVoice, Inc	705
	5,722	*	IXYS Corp	54
	32,669	*	Jabil Circuit, Inc	925
	530,044	*	JDS Uniphase Corp	1,935
	5,800	*	Kemet Corp	79
	2,000	*	Lifeline Systems, Inc	38
	229,966	*	LSI Logic Corp	2,040
	25,583	*	Mattson Technology, Inc	313
	102,718		Maxim Integrated
			Products, Inc	5,115
	12,829	*	McData Corp (Class A)	122
	18,700		Microchip Technology, Inc	624
	265,591	e*	Micron Technology, Inc	3,578
	82,093		Molex, Inc	2,864
	1,011,468		Motorola, Inc	14,231
	235,717	*	MRV Communications, Inc	886
	3,705	*	Mykrolis Corp	60
	78,700	*	National Semiconductor
			Corp	3,102
	24,183	*	New Focus, Inc	121
	25,190	*	Novellus Systems, Inc	1,059
	28,130	*	Nvidia Corp	654
	3,266	*	Openwave Systems, Inc	36
	129,014	*	Optical Communication
			Products, Inc	477
	4,451	*	Pemstar, Inc	15
	5,200	*	Plexus Corp	89
	5,600	*	Polycom, Inc	109
	3,800	*	Power-One, Inc	41
	8,800	*	Powerwave
			Technologies, Inc	67
	111,430	*	Proxim Corp (Class A)	186
	1,453	*	QLogic Corp	75
	285,893		Qualcomm, Inc	15,418
	31,424		Scientific-Atlanta, Inc	858
	10,220	*	Sipex Corp	79
	201,991	*	Sirius Satellite Radio, Inc	638
	10,500	*	Sonus Networks, Inc	79
	11,400	*	Standard Microsystems Corp	288
	107,179	*	Stratex Networks, Inc	456
	82,952	*	Sycamore Networks, Inc	435
	1,400	*	Technitrol, Inc	29
	264,515	*	Tellabs, Inc	2,230
	62,949	*	Terayon Communication

			Systems, Inc	283
	734,264		Texas Instruments, Inc	21,573
	63,300		Thomas & Betts Corp	1,449
	14,968	*	Three-Five Systems, Inc	78
	5,500	*	Triquint Semiconductor, Inc	39
	900	*	TTM Technologies, Inc	15
	4,390	*	Utstarcom, Inc	163
	2,600	*	Vicor Corp	30
	95,428	*	Vishay Intertechnology, Inc	2,185
	104,900	*	Vitesse Semiconductor Corp	616
	12,807		Whirlpool Corp	930
	21,000	*	Xicor, Inc	238
	127,200	*	Xilinx, Inc	4,928
	138,795	*	Zhone Technologies, Inc	686
			TOTAL ELECTRONIC AND
			OTHER ELECTRIC
			EQUIPMENT	234,107
ENGINEERING AND MANAGEMENT       SERVICES—0.36%
	12,343	*	aaiPharma, Inc	310
	33,202	*	Antigenics, Inc	376
	14,213	*	Applera Corp (Celera
			Genomics Group)	198
	65,549	*	Ariad Pharmaceuticals, Inc	488
	52,912	*	BearingPoint, Inc	534
	16,700	*	Ciphergen Biosystems, Inc	188
	5,000	*	Covance, Inc	134
	43,259	*	CuraGen Corp	317
	5,433	*	CV Therapeutics, Inc	80
	130,985	*	Decode Genetics, Inc	1,073
	3,288	*	Digitas, Inc	31
	10,300	*	Exact Sciences Corp	104
	4,700	*	Exult, Inc	33
	7,900	*	First Consulting Group, Inc	44
	3,600	*	FTI Consulting, Inc	84
	16,369	*	Gartner, Inc (Class B)	178
	35,592	*	Gene Logic, Inc	185
	92,116	*	Incyte Corp	630
	18,701	*	Kosan Biosciences, Inc	184
	22,671	*	Lexicon Genetics, Inc	134
	25,220	*	Luminex Corp	237
	65,014		Moody’s Corp	3,937
	22,540	*	Neopharm, Inc	413
	212,926		Paychex, Inc	7,921
	5,500	*	Pharmaceutical Product
			Development, Inc	148
	19,879	*	Regeneron
			Pharmaceuticals, Inc	292
	17,626	*	Savient Pharmaceuticals,
			Inc	81
	88,520	*	Seattle Genetics, Inc	760

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-17

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
ENGINEERING AND MANAGEMENT       SERVICES—(Continued)
	1,600	*	Sourcecorp	$           41
	26,200	*	Telik, Inc	603
	27,434	*	Transkaryotic Therapies, Inc	428
	3,500	*	Trimeris, Inc	73
	45,278	*	Tularik, Inc	731
			TOTAL ENGINEERING
			AND MANAGEMENT
			SERVICES	20,970
FABRICATED METAL PRODUCTS—0.62%
	149,645	*	Crown Holdings, Inc	1,356
	14,728		Harsco Corp	645
	248,300		Illinois Tool Works, Inc	20,835
	309,573		Masco Corp	8,485
	74,092		Material Sciences Corp	749
	400	*	Silgan Holdings, Inc	17
	27,846		Snap-On, Inc	898
	86,524		Stanley Works	3,277
			TOTAL FABRICATED METAL
			PRODUCTS	36,262
FOOD AND KINDRED PRODUCTS—2.41%
	208,440		Campbell Soup Co	5,586
	1,095,800		Coca-Cola Co	55,612
	96,100		Coca-Cola Enterprises, Inc	2,102
	190,909		General Mills, Inc	8,648
	240,250		H.J. Heinz Co	8,752
	72,900		Hershey Foods Corp	5,613
	3,000		Hormel Foods Corp	77
	173,163	e	Kellogg Co	6,594
	23,900		McCormick & Co, Inc
			(Non-Vote)	719
	49,600		Pepsi Bottling Group, Inc	1,199
	859,304		PepsiCo, Inc	40,061
	126,045		Wrigley (Wm.) Jr Co	7,085
			TOTAL FOOD AND KINDRED
			PRODUCTS	142,048
FOOD STORES—0.47%
	328,321		Albertson’s, Inc	7,436
	502,206	*	Kroger Co	9,296
	11,850	*	Pathmark Stores, Inc	90
	268,810	*	Safeway, Inc	5,890
	155,354	*	Starbucks Corp	5,136
	5,910		Winn-Dixie Stores, Inc	59
			TOTAL FOOD STORES	27,907
FURNITURE AND FIXTURES—0.31%
	58,202		Hillenbrand Industries, Inc	3,612
	76,289		Johnson Controls, Inc	8,859
	12,820		Lear Corp	786
	55,444		Leggett & Platt, Inc	1,199

	157,510	e	Newell Rubbermaid, Inc	3,587
			TOTAL FURNITURE AND
			FIXTURES	18,043
FURNITURE AND HOMEFURNISHINGS       STORES—0.19%
	106,295	*	Bed Bath & Beyond, Inc	4,608
	88,300		Best Buy Co, Inc	4,613
	61,694		Circuit City Stores, Inc
			(Circuit City Group)	625
	52,347		RadioShack Corp	1,606
	4,200	*	Restoration Hardware, Inc	20
			TOTAL FURNITURE AND
			HOMEFURNISHINGS
			STORES	11,472
GENERAL BUILDING CONTRACTORS—0.30%
	2,718		Beazer Homes U.S.A., Inc	265
	12,500		Centex Corp	1,346
	54,200		D.R. Horton, Inc	2,345
	23,200		KB Home	1,682
	1,760		Lennar Corp	161
	17,600		Lennar Corp (Class A)	1,690
	292		M/I Schottenstein
			Homes, Inc	11
	20,430		MDC Holdings, Inc	1,318
	58,184		Pulte Homes, Inc	5,447
	14,081		Ryland Group, Inc	1,248
	22,700		Standard-Pacific Corp	1,102
	20,000	*	Toll Brothers, Inc	795
			TOTAL GENERAL BUILDING
			CONTRACTORS	17,410
GENERAL MERCHANDISE STORES—0.99%
	19,200	*	BJ’s Wholesale Club, Inc	441
	231,438	*	Costco Wholesale Corp	8,605
	91,865		Dollar General Corp	1,928
	15,723	*	Dollar Tree Stores, Inc	473
	45,181		Family Dollar Stores, Inc	1,621
	137,995		J.C. Penney Co, Inc	3,627
	126,555	*	Kohl’s Corp	5,687
	311,015		May Department Stores Co	9,041
	64,159		Toys “R” US, Inc	811
	33,400	*	Saks, Inc	502
	178,718		Sears Roebuck & Co	8,130
	450,125		Target Corp	17,285
			TOTAL GENERAL
			MERCHANDISE STORES	58,151
HEALTH SERVICES—0.29%
	16,500	*	Accredo Health, Inc	522
	85,652	*	Caremark Rx, Inc	2,170
	28,129	*	Coventry Health Care, Inc	1,814
	26,200	*	DaVita, Inc	1,022

SC-18  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
HEALTH SERVICES—(Continued)
	22,144	*	Express Scripts, Inc	$        1,471
	46,114	*	First Health Group Corp	897
	9,200	*	Gentiva Health Services, Inc	116
	115,248		Health Management
			Associates, Inc (Class A)	2,766
	14,479	*	LifePoint Hospitals, Inc	426
	46,490	*	Lincare Holdings, Inc	1,396
	34,964		Manor Care, Inc	1,209
	800	*	Matria Healthcare, Inc	17
	2,009	*	NeighborCare, Inc	40
	5,592	*	Option Care, Inc	60
	4,200	*	Orthodontic Centers Of
			America, Inc	34
	4,600	*	Province Healthcare Co	74
	40,858	*	Specialty Laboratories, Inc	686
	48,120	*	Triad Hospitals, Inc	1,601
	13,918		Universal Health
			Services, Inc (Class B)	748
			TOTAL HEALTH SERVICES	17,069
HOLDING AND OTHER INVESTMENT       OFFICES—1.61%
	121,632	e	Allied Capital Corp	3,391
	5,100		AMB Property Corp	168
	33,700		Annaly Mortgage
			Management, Inc	620
	146,815		Archstone-Smith Trust	4,108
	8,100		Arden Realty, Inc	246
	21,567		AvalonBay Communities, Inc	1,031
	18,755		Boston Properties, Inc	904
	80,458		Crescent Real Estate
			Equities Co	1,378
	44,001		Duke Realty Corp	1,364
	514,414		Equity Office Properties Trust	14,738
	270,488		Equity Residential	7,982
	23,400		General Growth
			Properties, Inc	649
	15,500		Health Care Property
			Investors, Inc	787
	12,000		iStar Financial, Inc	467
	31,900		Kimco Realty Corp	1,428
	28,419		New Plan Excel Realty Trust	701
	264,556		Plum Creek Timber Co, Inc	8,056
	12,557		Popular, Inc	564
	1,500		Post Properties, Inc	42
	65,424		Prologis	2,099
	84,419		Public Storage, Inc	3,663
	20,600		Rouse Co	968
	115,592		Simon Property Group, Inc	5,357
	72,503		Vornado Realty Trust	3,970
	660,562	e	Washington Mutual, Inc	26,502
	80,550		Weingarten Realty

			Investors	3,572
			TOTAL HOLDING AND
			OTHER INVESTMENT
			OFFICES	94,755
HOTELS AND OTHER LODGING       PLACES—0.04%
	39,960	*	Boca Resorts, Inc (Class A)	598
	45,460		Extended Stay America, Inc	658
	7,273		Marcus Corp	119
	93,117	*	Prime Hospitality Corp	950
			TOTAL HOTELS AND OTHER
			LODGING PLACES	2,325
INDUSTRIAL MACHINERY AND       EQUIPMENT—5.53%
	529,044		3M Co	44,985
	20,670	*	American Standard Cos, Inc	2,081
	139,447	*	Apple Computer, Inc	2,980
	628,716	*	Applied Materials, Inc	14,115
	476,141		Baker Hughes, Inc	15,313
	19,825		Black & Decker Corp	978
	9,500	*	Brooks Automation, Inc	230
	7,200	*	Cirrus Logic, Inc	55
	2,560,427	*	Cisco Systems, Inc	62,193
	31,095	*	Computer Network
			Technology Corp	297
	6,211	*	Cooper Cameron Corp	289
	37,100		Cummins, Inc	1,816
	127,630		Deere & Co	8,302
	876,161	*	Dell, Inc	29,754
	20,962		Diebold, Inc	1,129
	500		Donaldson Co, Inc	30
	924,240	*	EMC Corp	11,941
	9,460	*	Emulex Corp	252
	1,699	*	EnPro Industries, Inc	24
	7,700	*	Flowserve Corp	161
	137,100	*	Gateway, Inc	631
	1,300	*	General Binding Corp	23
	133,900	*	Global Power Equipment
			Group, Inc	894
	79,050		Graco, Inc	3,170
	157,563	*	Grant Prideco, Inc	2,051
	1,285,923		Hewlett-Packard Co	29,538
	33,500	*	Hypercom Corp	159
	56,885	*	InFocus Corp	551
	11,028	*	Interland, Inc	72
	670,357		International Business
			Machines Corp	62,129
	2,300	*	Kulicke & Soffa
			Industries, Inc	33
	9,944	*	Lam Research Corp	321

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-19

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
INDUSTRIAL MACHINERY AND       EQUIPMENT—(Continued)
	36,862	*	Lexmark International, Inc	$       2,899
	2,200		Lincoln Electric
			Holdings, Inc	54
	3,200	*	Maxtor Corp	36
	3,100	*	Milacron, Inc	13
	35,100		Modine Manufacturing Co	947
	135,913	*	Network Appliance, Inc	2,790
	28,000		Nordson Corp	967
	6,400	*	Omnicell, Inc	104
	43,650	*	PalmOne, Inc	513
	1,300		Pentair, Inc	59
	220,201		Pitney Bowes, Inc	8,945
	10,500	*	Presstek, Inc	76
	29,800	*	Quantum Corp	93
	16,200	*	Rainbow Technologies, Inc	182
	2,066	*	Sandisk Corp	126
	45,177	*	Semitool, Inc	484
	39,700	*	Silicon Graphics, Inc	54
	15,000	*	Simpletech, Inc	90
	48,400	*	Smith International, Inc	2,010
	431,086	*	Solectron Corp	2,548
	18,338	*	SPX Corp	1,078
	8,400	*	Storage Technology Corp	216
	39,169		Symbol Technologies, Inc	662
	2,986	*	UNOVA, Inc	69
	19,592	*	Western Digital Corp	231
	293,473	*	Xerox Corp	4,050
			TOTAL INDUSTRIAL
			MACHINERY AND
			EQUIPMENT	325,793
INSTRUMENTS AND RELATED       PRODUCTS—2.19%
	22,218	*	Advanced Medical
			Optics, Inc	437
	16,601	*	Aksys Ltd	147
	16,000	*	Alaris Medical Systems, Inc	243
	35,872	*	Align Technology, Inc	593
	1,700		Analogic Corp	70
	188,825		Applera Corp (Applied
			Biosystems Group)	3,911
	5,200		Arrow International, Inc	130
	17,497		Bard (C.R.), Inc	1,422
	30,755		Bausch & Lomb, Inc	1,596
	436,437		Baxter International, Inc	13,320
	16,496		Beckman Coulter, Inc	838
	213,472		Becton Dickinson & Co	8,782
	149,294	e	Biomet, Inc	5,436
	300,190	*	Boston Scientific Corp	11,035
	3,700	*	Bruker BioSciences Corp	17

	1,800	*	Cantel Medical Corp	29
	4,400	*	Cardiac Science, Inc	18
	21,647	*	Cerus Corp	98
	34,287	*	Closure Medical Corp	1,163
	4,800		Cognex Corp	136
	3,659	*	Concord Camera Corp	34
	4,791	*	Credence Systems Corp	63
	10,000	*	Cytyc Corp	138
	34,950		Dentsply International, Inc	1,579
	3,500	*	DJ Orthopedics, Inc	94
	16,080	*	Edwards Lifesciences Corp	484
	149,932		Guidant Corp	9,026
	8,217	*	Hanger Orthopedic
			Group, Inc	128
	2,400	*	Input/Output, Inc	11
	3,000	*	Integra LifeSciences Holding	86
	5,100		Invacare Corp	206
	116,134	*	Invision Technologies, Inc	3,899
	48,670	*	KLA-Tencor Corp	2,855
	25,500	*	Lexar Media, Inc	444
	5,800	*	LTX Corp	87
	602,262		Medtronic, Inc	29,276
	1,700	*	Mettler-Toledo
			International, Inc	72
	11,632	*	Millipore Corp	501
	3,164		Oakley, Inc	44
	8,600	*	Orthologic Corp	53
	102,828		PerkinElmer, Inc	1,755
	45,239	*	Pinnacle Systems, Inc	386
	3,100	*	Respironics, Inc	140
	86,526	*	St. Jude Medical, Inc	5,308
	4,600	*	Steris Corp	104
	92,665		Stryker Corp	7,877
	11,200	*	Techne Corp	423
	3,885		Tektronix, Inc	123
	37,353		Teleflex, Inc	1,805
	42,300	*	Therasense, Inc	859
	88,074	*	Thermo Electron Corp	2,219
	1,600	*	Thoratec Corp	21
	26,444	*	TriPath Imaging, Inc	206
	19,147	*	Varian Medical Systems, Inc	1,323
	1,600		Vital Signs, Inc	52
	8,100	*	Vivus, Inc	31
	36,643	*	Waters Corp	1,215
	95,220	e*	Zimmer Holdings, Inc	6,703
	7,905	*	Zygo Corp	130
			TOTAL INSTRUMENTS
			AND RELATED PRODUCTS	129,181
INSURANCE AGENTS, BROKERS AND       SERVICE—0.52%
	215,412		AON Corp	5,157
	13,100		Brown & Brown, Inc	427

SC-20  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
INSURANCE AGENTS, BROKERS AND       SERVICE—(Continued)
	38,610		Gallagher (Arthur J.) & Co	$     1,254
	1,100		Hilb, Rogal & Hamilton Co	35
	388,560		Marsh & McLennan Cos, Inc	18,608
	145,450	*	Medco Health Solutions, Inc	4,944
			TOTAL INSURANCE AGENTS,
			BROKERS AND SERVICE	30,425
INSURANCE CARRIERS—3.26%
	1,200		21st Century Insurance
			Group	17
	18,700	*	AdvancePCS	985
	58,100		Aetna, Inc	3,926
	220,470		Aflac, Inc	7,977
	13,100		Ambac Financial Group, Inc	909
	1,039,536		American International
			Group, Inc	68,900
	1,900		American National
			Insurance Co	160
	62,523	*	Anthem, Inc	4,689
	100,057		Chubb Corp	6,814
	88,000		Cigna Corp	5,060
	78,095		Cincinnati Financial Corp	3,271
	29,542		Erie Indemnity Co (Class A)	1,252
	5,075		Fidelity National
			Financial, Inc	197
	124,545		Hartford Financial Services
			Group, Inc	7,352
	53,972	*	Health Net, Inc	1,765
	158,814	*	Humana, Inc	3,629
	81,260		Jefferson-Pilot Corp	4,116
	171,330		Lincoln National Corp	6,917
	38,399		MBIA, Inc	2,274
	13,300		MGIC Investment Corp	757
	25,226	*	Mid Atlantic Medical
			Services, Inc	1,635
	5,000	*	MONY Group, Inc	156
	32,723		Oxford Health Plans, Inc	1,423
	22,800		Phoenix Cos, Inc	275
	150,625		Principal Financial Group	4,981
	67,270		Progressive Corp	5,623
	284,374		Prudential Financial, Inc	11,878
	19,632		Safeco Corp	764
	127,980		St. Paul Cos, Inc	5,074
	6,200		Transatlantic Holdings, Inc	501
	79,900		Travelers Property
			Casualty Corp (Class B)	1,356
	299,572		UnitedHealth Group, Inc	17,429
	145,688		UnumProvident Corp	2,297

	77,231	*	Wellpoint Health
			Networks, Inc	7,491
			TOTAL INSURANCE
			CARRIERS	191,850
LEATHER AND LEATHER PRODUCTS—0.01%
	19,000	*	Coach, Inc	717
			TOTAL LEATHER AND
			LEATHER PRODUCTS	717
LUMBER AND WOOD PRODUCTS—0.00%
	3,900	*	Champion Enterprises, Inc	27
			TOTAL LUMBER AND
			WOOD PRODUCTS	27
METAL MINING—0.08%
	52,548	*	Cleveland-Cliffs, Inc	2,677
	96,506	e	Royal Gold, Inc	2,020
			TOTAL METAL MINING	4,697
MISCELLANEOUS MANUFACTURING       INDUSTRIES—0.13%
	19,178		Callaway Golf Co	323
	55,400	*	Identix, Inc	247
	34,060	*	K2, Inc	518
	319,424		Mattel, Inc	6,155
	28,761	*	RC2 Corp	597
	2,600		Russ Berrie & Co, Inc	88
			TOTAL MISCELLANEOUS
			MANUFACTURING
			INDUSTRIES	7,928
MISCELLANEOUS RETAIL—0.86%
	65,971	*	Amazon.com, Inc	3,473
	4,500	*	Barnes & Noble, Inc	148
	36,825	*	Blue Rhino Corp	511
	192,571		CVS Corp	6,956
	157,898	e*	eBay, Inc	10,199
	800	*	Marvel Enterprises, Inc	23
	5,300		Michaels Stores, Inc	234
	76,155	*	Office Depot, Inc	1,273
	29,284		Omnicare, Inc	1,183
	19,270	*	Overstock.com, Inc	383
	10,100	*	Party City Corp	128
	158,336	*	Staples, Inc	4,323
	29,476		Tiffany & Co	1,332
	488,071		Walgreen Co	17,756
	80,682		World Fuel Services Corp	2,739
			TOTAL MISCELLANEOUS
			RETAIL	50,661
MOTION PICTURES—1.22%
	600	*	Carmike Cinemas, Inc	21
	1,203,792	e*	Liberty Media Corp (Class A)	14,313
	139,952	*	Metro-Goldwyn-Mayer, Inc	2,392

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-21

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
MOTION PICTURES—(Continued)
	11,241		Regal Entertainment
			Group (Class A)	$        231
	1,601,099	*	Time Warner, Inc	28,804
	1,113,495		Walt Disney Co	25,978
			TOTAL MOTION PICTURES	71,739
NONDEPOSITORY INSTITUTIONS—2.33%
	42,023		Advanta Corp (Class A)	546
	4,100		American Capital
			Strategies Ltd	122
	654,471		American Express Co	31,565
	95,859		Capital One Financial Corp	5,875
	95,593		CIT Group, Inc	3,437
	46,681		Countrywide Financial Corp	3,541
	534,746		Fannie Mae	40,138
	367,202		Freddie Mac	21,415
	679,385		MBNA Corp	16,883
	33,253		Medallion Financial Corp	316
	239,967	*	Providian Financial Corp	2,793
	268,851		SLM Corp	10,130
	2,200		Student Loan Corp	321
	705		Westcorp	26
	3,300	*	WFS Financial, Inc	140
			TOTAL NONDEPOSITORY
			INSTITUTIONS	137,248
NONMETALLIC MINERALS, EXCEPT FUELS—0.12%
	97,368		Amcol International Corp	1,977
	100,663		Vulcan Materials Co	4,789
			TOTAL NONMETALLIC
			MINERALS, EXCEPT FUELS	6,766
OIL AND GAS EXTRACTION—1.70%
	274,969		Anadarko Petroleum Corp	14,026
	224,963		Apache Corp	18,244
	2,949		Berry Petroleum Co
			(Class A)	60
	5,367		Cabot Oil & Gas Corp
			(Class A)	158
	125,249		Chesapeake Energy Corp	1,701
	15,000	*	Cimarex Energy Co	400
	21,613	*	Clayton Williams Energy, Inc	628
	12,123	*	Comstock Resources, Inc	234
	65,278	*	Denbury Resources, Inc	908
	257,842		Devon Energy Corp	14,764
	63,215	*	Energy Partners Ltd	879
	71,761		ENSCO International, Inc	1,950
	230,565		EOG Resources, Inc	10,645
	50,536	*	Forest Oil Corp	1,444
	1,500	*	Global Industries Ltd	8
	4,600	*	Hanover Compressor Co	51
	42,500	*	Harvest Natural
			Resources, Inc	423

	27,660		Helmerich & Payne, Inc	773
	105,444	*	Horizon Offshore, Inc	464
	800	*	Houston Exploration Co	29
	14,843	*	KCS Energy, Inc	157
	14,368	*	Magnum Hunter
			Resources, Inc	137
	111,836	*	Meridian Resource Corp	664
	55,720	*	Newfield Exploration Co	2,482
	162,647		Noble Energy, Inc	7,226
	34,224	*	Nuevo Energy Co	827
	20,378	*	Patterson-UTI Energy, Inc	671
	115,949	*	Pioneer Natural
			Resources Co	3,702
	71,900		Pogo Producing Co	3,473
	13,989	*	Pride International, Inc	261
	37,517		Range Resources Corp	355
	76,000	*	Rowan Cos, Inc	1,761
	13,878	*	Stone Energy Corp	589
	34,674	*	Swift Energy Co	584
	48,500		Tidewater, Inc	1,449
	19,728	*	Tom Brown, Inc	636
	439,599	*	Transmontaigne, Inc	2,835
	18,800	*	Varco International, Inc	388
	3,700	*	Veritas DGC, Inc	39
	47,043		Vintage Petroleum, Inc	566
	40,909	*	Westport Resources Corp	1,222
	92,533		XTO Energy, Inc	2,619
			TOTAL OIL AND GAS
			EXTRACTION	100,432
PAPER AND ALLIED PRODUCTS—0.45%
	2,700		Bowater, Inc	125
	1,100		Glatfelter	14
	323,789		Kimberly-Clark Corp	19,133
	119,249		MeadWestvaco Corp	3,548
	300		Pope & Talbot, Inc	5
	126,950		Sonoco Products Co	3,126
	11,348		Temple-Inland, Inc	711
			TOTAL PAPER AND
			ALLIED PRODUCTS	26,662
PERSONAL SERVICES—0.06%
	71,621		Cintas Corp	3,590
	8,681		CPI Corp	175
			TOTAL PERSONAL SERVICES	3,765
PETROLEUM AND COAL       PRODUCTS—0.27%
	47,219		Frontier Oil Corp	813
	68,902	*	Headwaters, Inc	1,352
	4,800		Lubrizol Corp	156
	159,922		Sunoco, Inc	8,180

SC-22  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
PETROLEUM AND COAL       PRODUCTS—(Continued)
	117,049		Valero Energy Corp	$     5,424
			TOTAL PETROLEUM AND
			COAL PRODUCTS	15,925
PRIMARY METAL INDUSTRIES—0.45%
	54,420	*	Andrew Corp	626
	3,800		Belden, Inc	80
	2,700	*	Cable Design
			Technologies Corp	24
	135,325	*	Century Aluminum Co	2,573
	3,200	*	CommScope, Inc	52
	141,600		Engelhard Corp	4,241
	4,400	*	General Cable Corp	36
	2,930		Gibraltar Steel Corp	74
	72,541	e*	Liquidmetal
			Technologies, Inc	206
	10,984	*	Lone Star Technologies, Inc	176
	18,878	*	Mueller Industries, Inc	649
	62,065	*	NS Group, Inc	602
	72,109		Nucor Corp	4,038
	186,226		Ryerson Tull, Inc	2,132
	100,408		Schnitzer Steel
			Industries, Inc (Class A)	6,075
	11,999	*	Steel Dynamics, Inc	282
	270,750		Worthington Industries, Inc	4,882
			TOTAL PRIMARY METAL
			INDUSTRIES	26,748
PRINTING AND PUBLISHING—0.47%
	41,000		Dow Jones & Co, Inc	2,044
	10,200		Harte-Hanks, Inc	222
	131,842		McGraw-Hill Cos, Inc	9,218
	300		Meredith Corp	15
	61,836		New York Times Co (Class A)	2,955
	58,429		R.R. Donnelley & Sons Co	1,762
	10,376		Scripps (E.W.) Co (Class A)	977
	135,662		Tribune Co	7,000
	4,756		Washington Post Co
			(Class B)	3,764
			TOTAL PRINTING AND
			PUBLISHING	27,957
RAILROAD TRANSPORTATION—0.19%
	4,100	*	Kansas City Southern
			Industries, Inc	59
	472,710		Norfolk Southern Corp	11,180
			TOTAL RAILROAD
			TRANSPORTATION	11,239
RUBBER AND MISCELLANEOUS PLASTIC       PRODUCTS—0.03%
	23,900		Bandag, Inc	985

	1,520		Reebok International Ltd	60
	9,900	*	Sealed Air Corp	536
	36,900	*	Vans, Inc	421
			TOTAL RUBBER AND
			MISCELLANEOUS PLASTIC
			PRODUCTS	2,002
SECURITY AND COMMODITY       BROKERS—1.13%
	29,610		A.G. Edwards, Inc	1,073
	62,431	*	Ameritrade Holding Corp	878
	534,543		Charles Schwab Corp	6,329
	1,600		Eaton Vance Corp	59
	27,941		Federated Investors, Inc
			(Class B)	820
	147,617		Franklin Resources, Inc	7,685
	159,166		Goldman Sachs Group, Inc	15,714
	367,606	*	Instinet Group, Inc	1,893
	72,720		Janus Capital Group, Inc	1,193
	10,968		Legg Mason, Inc	847
	429,129		Merrill Lynch & Co, Inc	25,168
	36,392		SEI Investments Co	1,109
	400	*	SoundView Technology
			Group, Inc	6
	78,326		T Rowe Price Group, Inc	3,713
			TOTAL SECURITY AND
			COMMODITY BROKERS	66,487
SPECIAL TRADE CONTRACTORS—0.00%
	2,700	*	Quanta Services, Inc	20
			TOTAL SPECIAL TRADE
			CONTRACTORS	20
STONE, CLAY, AND GLASS PRODUCTS—0.13%
	13,641	*	Cabot Microelectronics Corp	668
	18,600		Centex Construction
			Products, Inc	1,121
	537,300	*	Corning, Inc	5,604
			TOTAL STONE, CLAY, AND
			GLASS PRODUCTS	7,393
TRANSPORTATION BY AIR—0.41%
	2,600	*	Airtran Holdings, Inc	31
	16,000	*	Alaska Air Group, Inc	437
	139,425	*	AMR Corp	1,806
	1,200	*	Atlantic Coast Airlines
			Holdings, Inc	12
	98,958	*	Continental Airlines, Inc
			(Class B)	1,610
	172,002	*	Delta Air Lines, Inc	2,031
	3,300	*	ExpressJet Holdings, Inc	50
	119,024		FedEx Corp	8,034
	4,340	*	Frontier Airlines, Inc	62

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-23

Statement of Investments - Social Choice Account - December 31, 2003

	SHARES			VALUE (000)
TRANSPORTATION BY AIR—(Continued)
	46,389	*	JetBlue Airways Corp	$         1,230
	6,565	*	Petroleum Helicopters (Vote)	161
	6,600		Skywest, Inc	120
	520,575		Southwest Airlines Co	8,402
			TOTAL TRANSPORTATION
			BY AIR	23,986
TRANSPORTATION EQUIPMENT—0.65%
	43,900	*	American Axle &
			Manufacturing
			Holdings, Inc	1,774
	48,230		ArvinMeritor, Inc	1,163
	102,996		Autoliv, Inc	3,878
	53,585		Brunswick Corp	1,706
	84,449		Dana Corp	1,550
	574,303		Delphi Corp	5,864
	25,900	*	Dura Automotive
			Systems, Inc	331
	2,600		Federal Signal Corp	46
	125,054	*	Fleetwood Enterprises, Inc	1,283
	20,744		Gentex Corp	916
	211,350		Genuine Parts Co	7,017
	45,313	*	Greenbrier Cos, Inc	759
	178,187		Harley-Davidson, Inc	8,469
	4,300		Marine Products Corp	81
	4,201	*	Sports Resorts
			International, Inc	21
	200		Thor Industries, Inc	11
	217,700		Visteon Corp	2,266
	41,471	*	Wabash National Corp	1,215
	1,200		Wabtec Corp	20
	800		Winnebago Industries, Inc	55
			TOTAL TRANSPORTATION
			EQUIPMENT	38,425
TRANSPORTATION SERVICES—0.06%
	77,532		GATX Corp	2,169
	1,300	*	RailAmerica, Inc	15
	51,165		Sabre Holdings Corp	1,105
			TOTAL TRANSPORTATION
			SERVICES	3,289
TRUCKING AND WAREHOUSING—0.33%
	264,735		United Parcel Service, Inc
			(Class B)	19,736
			TOTAL TRUCKING AND
			WAREHOUSING	19,736
WHOLESALE TRADE-DURABLE         GOODS—1.49%
	33,818	*	Apogent Technologies, Inc	779
	64,147		Barnes Group, Inc	2,073
	6,079		CDW Corp	351

	3,000		Commercial Metals Co	91
	140,200		IKON Office Solutions, Inc	1,663
	7,407	*	Imagistics International, Inc	278
	21,600	*	Ingram Micro, Inc (Class A)	343
	1,443,942		Johnson & Johnson	74,594
	1,400		Owens & Minor, Inc	31
	29,162	*	Patterson Dental Co	1,871
	627		Pomeroy IT Solutions, Inc	9
	2,500	*	PSS World Medical, Inc	30
	33,947		Reliance Steel &
			Aluminum Co	1,127
	3,500	*	Tech Data Corp	139
	91,900		W.W. Grainger, Inc	4,355
			TOTAL WHOLESALE TRADE-
			DURABLE GOODS	87,734
WHOLESALE TRADE-NONDURABLE         GOODS—0.74%
	29,572	*	Allscripts Healthcare
			Solutions, Inc	157
	271,947		Cardinal Health, Inc	16,632
	25,438		D&K Healthcare
			Resources, Inc	345
	10,785	*	Henry Schein, Inc	729
	266,003		McKesson Corp	8,555
	111,148		Perrigo Co	1,747
	161,020	*	Plains Resources, Inc	2,584
	31,224	*	Priority Healthcare
			Corp (Class B)	753
	3,871		Russell Corp	68
	700	*	Smart & Final, Inc	7
	9,800		Supervalu, Inc	280
	308,400		Sysco Corp	11,466
			TOTAL WHOLESALE
			TRADE-NONDURABLE
			GOODS	43,323
			TOTAL COMMON STOCK
			(Cost $2,807,746)	3,587,844
	PRINCIPAL
SHORT TERM INVESTMENTS—7.39%
U.S. GOVERNMENT AND AGENCIES         DISCOUNT NOTES—3.27%
			Federal Home Loan Bank
			(FHLB)
	$ 30,800,000	d	1.040%, 01/02/04	30,798
			Federal Home Loan Mortgage
			Corp (FHLMC)
	4,000,000		1.020%, 01/08/04	3,999
	27,800,000	d	1.050%, 01/15/04	27,788
	4,500,000		1.030%, 02/05/04	4,496
	2,400,000		1.040%, 03/18/04	2,395

SC-24  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Investments - Social Choice Account - December 31, 2003

	PRINCIPAL			VALUE (000)
U.S. GOVERNMENT AND AGENCIES         DISCOUNT NOTES—(Continued)
			Federal National Mortgage
			Association (FNMA)
	$  23,200,000	d	1.070%, 01/21/04	$      23,186
	8,200,000	d	1.075%, 01/28/04	8,194
	3,400,000		1.010%, 02/02/04	3,397
	1,500,000		1.080%, 02/04/04	1,499
	44,700,000		1.050%, 03/17/04	44,603
	13,000,000		1.050%, 03/24/04	12,969
	8,000,000		1.070%, 04/02/04	7,979
	21,300,000		1.030%, 05/03/04	21,224
			TOTAL U.S. GOVERNMENT AND
			AGENCIES DISCOUNT
			NOTES	192,527
INVESTMENT OF CASH COLLATERAL FOR         SECURITIES LOANED—4.12%
REPURCHASE AGREEMENTS
			Bear Stearns & Co. 1.000%
			Dated 12/31/03,
			Due 01/02/04 In The Amount
			Of $58,497,625
			(Fully Collateralized By High
			Grade Debt Obligations:
			Total Market Value
	58,496,000		$59,068,809)	58,498
			Credit Suisse First Boston
			1.000% Dated 12/31/03,
			Due 01/02/04 In The Amount
			Of $85,007,107
			(Fully Collateralized By High
			Grade Debt Obligations:
			Total Market Value
	85,004,745		$86,701,078)	85,007
			Goldman Sachs & Co. 1.010%
			Dated 12/31/03, Due 01/02/04
			In The Amount Of $25,605,718
			(Fully Collateralized By High
			Grade Debt Obligations:
			Total Market Value	25,606
	25,605,000		$25,889,361)
			Goldman Sachs & Co. 1.010%
			Dated 12/31/03, Due 01/02/04
			In The Amount Of $27,007,758
			(Fully Collateralized By High
			Grade Debt Obligations:
			Total Market Value	27,008
	27,007,000		$27,306,931)
			Morgan Stanley & Co. Inc,
			1.010% Dated 12/31/03,
			Due 01/02/04 In The Amount
			Of $46,687,310
			(Fully Collateralized By High
			Grade Debt Obligations:
	47,036,842)		Total Market Value $46,686,000	46,687
			TOTAL INVESTMENT OF
			CASH COLLATERAL FOR
			SECURITIES LOANED	242,806
			TOTAL SHORT TERM
			INVESTMENTS
			(Cost $435,194)	435,333
			TOTAL PORTFOLIO—106.89%
			(Cost $5,445,534)	6,299,273
			OTHER ASSETS &
			LIABILITIES, NET—(6.89%)	(405,951)
			NET ASSETS—100.00%	$5,893,322

*     Non-income producing

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.

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	37.73%
BAA, BA, B	6.87%

U.S. Government obligations represent 55.40% 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 Social Choice Account   2003 CREF Annual Report  SC-25

Report of Management Responsibility

To the Participants of College Retirement Equities Fund:

The accompanying financial statements of the Social Choice Account 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/ Herbert M. Allison, Jr.	/s/ Elizabeth A. Monrad
President and	Executive Vice President and
Chief Executive Officer	Chief Financial Officer

SC-26  2003 CREF Annual Report Social Choice Account

Report of the Audit Committee

To the Participants of College Retirement Equities Fund:

The Audit Committee oversees the financial reporting process of the Social Choice Account of College Retirement Equities Fund (“CREF”) on behalf of CREF’s Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee’s responsibilities. All members of the Audit Committee (“Committee”) are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for 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 auditor, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting.

The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity 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 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.

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
Bridget A. Macaskill, Audit Committee Member

February 18, 2004

Social Choice Account   2003 CREF Annual Report  SC-27

Statement of Assets and Liabilities

Social Choice Account

December 31, 2003 (amounts in thousands, except amounts per accumulation unit)
ASSETS
Portfolio investments, at cost	$ 5,445,534
Net unrealized appreciation of portfolio investments	853,739
Portfolio investments, at value (including securities loaned of $306,363)	6,299,273
Cash	10,720
Dividends and interest receivable	23,318
Receivable from securities transactions	957
Total assets	6,334,268
LIABILITIES
Deposits for securities loaned—Note 3	312,830
Payable for securities transactions	127,334
Amounts due to TIAA	782
Total liabilities	440,946
NET ASSETS
Accumulation Fund	5,687,041
Annuity Fund	206,281
Total net assets	$5,893,322
Accumulation units outstanding—Notes 4 and 5	57,111
Net asset value per accumulation unit—Note 4	$99.58

SC-28  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statement of Operations

Social Choice Account

Year Ended December 31, 2003
(amounts in thousands)
INVESTMENT INCOME
Income:
Interest	$  82,968
Dividends	52,249
Total income	135,217
Expenses—Note 2:
Investment	5,508
Operating	18,115
Total expenses	23,623
Investment income—net	111,594
REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS—Note 3
Net realized gain on total investments	13,948
Net change in unrealized appreciation on total investments	790,707
Net realized and unrealized gain on total investments	804,655
Net increase in net assets resulting from operations	$916,249

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-29

Statement of Cash Flows

Social Choice Account

Year Ended December 31, 2003
(amounts in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$  916,249
Adjustments to reconcile net increase in net assets       resulting from operations to net cash used in operating activities:
Proceeds from sales of long-term securities	2,164,226
Purchases of long-term securities	(8,800,014)
Sales of short-term investments—net	6,452,672
Increase in receivables	(3,461)
Decrease in payables	(10,743)
Net realized gain on total investments	(13,948)
Net change in unrealized appreciation on total investments	(790,707)
Net cash used in operating activities	(85,726)
CASH FLOWS FROM FINANCING ACTIVITIES:
Premiums	517,472
Net transfers to TIAA	(5,405)
Net transfers from other CREF Accounts and affiliated mutual funds	201,602
Annuity payments	(21,151)
Withdrawals and death benefits	(97,695)
Payments from participation in dollar roll transactions—net	(507,872)
Net cash provided by financing activities	86,951
Increase in cash	1,225
CASH
Beginning of year	9,495
End of year	$    10,720

SC-30  2003 CREF Annual Report Social Choice Account SEE NOTES TO FINANCIAL STATEMENTS

Statements of Changes in Net Assets

Social Choice Account

Years Ended December 31, (amounts in thousands)	2003	2002
FROM OPERATIONS
Investment income—net	$  111,594	$  119,926
Net realized gain (loss) on total investments	13,948	(10,236)
Net change in unrealized appreciation (depreciation)       on total investments	790,707	(538,541)
Net increase (decrease) in net assets resulting from operations	916,249	(428,851)
FROM PARTICIPANT TRANSACTIONS
Premiums	517,472	468,664
Net transfers to TIAA	(5,405)	(88,384)
Net transfers from other CREF Accounts and affiliated mutual funds	201,602	122,937
Annuity payments	(21,151)	(21,073)
Withdrawals and death benefits	(97,695)	(84,697)
Net increase in net assets resulting from             participant transactions	594,823	397,447
Net increase (decrease) in net assets	1,511,072	(31,404)
NET ASSETS
Beginning of year	4,382,250	4,413,654
End of year	$5,893,322	$4,382,250

SEE NOTES TO FINANCIAL STATEMENTS Social Choice Account   2003 CREF Annual Report  SC-31

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 management investment company. It consists of eight investment portfolios (“Accounts”). The accompanying financial statements are those of the Social Choice Account (“Account”). The 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 Account.

Valuation of Investments. Equity securities listed or traded on a national securities exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments, with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Foreign investments are valued at the closing value of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. 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 the 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 Account is informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the specific identification method.

Change in Accounting Policy. Effective August 1, 2003, the Account changed the method by which realized gains and losses on securities transactions are calculated

SC-32  2003 CREF Annual Report Social Choice Account

Notes to Financial Statements (continued)

from the average cost method to the specific identification method. This change was made in order to conform more closely with industry standards. For the Account, the effect of this change for the year ended December 31, 2003 was to increase net realized gain on securities transactions by $567,857, decrease net unrealized gain on securities transactions by $559,410 and decrease investment income-net by
$8,447, but had no net impact on the increase in net assets resulting from operations, total net assets or on the condensed financial information.

Dollar Roll Transactions. The Account 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 Account results in borrowing requiring the presentation of a statement of cash flows.

Securities Lending. The Account 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 Account continues to receive income on the securities loaned and receives additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Account. Although each transaction is collateralized, the Account 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.

Securities Purchased on a When-Issued or Delayed Delivery Basis. The Account may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Account to the risk that the transaction may not be consummated.

Restricted Securities. Restricted securities held by the Account, 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.

Social Choice Account   2003 CREF Annual Report  SC-33

Notes to Financial Statements (continued)

Note 2—Management Agreements

Investment advisory services for the Account are provided by TIAA-CREF Investment Management, LLC (“Investment Management”) in accordance with an Investment Management Service Agreement with the Account. 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 Account and distribution functions for the Account’s certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement with the Account. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. Effective January 1, 2004, Services was converted from a regular corporation to a limited liability corporation.

The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive management fee payments from the Account on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to the Account’s actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly.

TIAA provides guarantees for the Account for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement.

Note 3—Investments

At December 31, 2003, net unrealized appreciation of portfolio investments for the Account was $ 853,739,172, consisting of gross unrealized appreciation of $1,098,213,029 and gross unrealized depreciation of $ 244,473,857.

At December 31, 2003, the market value of securities loaned and cash collateral received in connection therewith for the Account was $306,363,253 and $312,829,595, respectively.

Purchases and sales of portfolio securities, other than short-term money market instruments, for the Account for the year ended December 31, 2003, were $8,846,358,512 and $ 2,023,840,594, respectively.

SC-34  2003 CREF Annual Report Social Choice Account

Notes to Financial Statements (continued)

Note 4—Condensed Financial Information

For the Years Ended December 31,	2003	2002	2001	2000	1999
Per Accumulation Unit Data:
Investment income	$ 2.418	$ 2.687	$ 2.766	$ 3.188	$ 2.898
Expenses	.422	.337	.352	.282	.293
Investment income—net	1.996	2.350	2.414(a)	2.906	2.605
Net realized and unrealized             gain (loss) on total investments	14.293	(10.756)	(7.003)(a)	(2.582)	6.752
Net increase (decrease) in             Accumulation Unit Value	16.289	(8.406)	(4.589)	0.324	9.357
Accumulation Unit Value:
Beginning of year	83.291	91.697	96.286	95.962	86.605
End of year	$99.580	$83.291	$91.697	$96.286	$95.962
Total Return	19.56%	(9.17%)	(4.77%)	0.34%	10.80%
Ratios to Average Net Assets:
Expenses	0.47%	0.39%	0.40%	0.30%	0.32%
Investment income—net	2.22%	2.75%	2.77%(a)	3.04%	2.88%
Portfolio Turnover Rate	40.91%	92.82%	68.64%	117.10%(b)	206.44%
Thousands of Accumulation Units       outstanding at end of year	57,111	50,707	46,290	42,550	41,355

(a)

As required, effective January 1, 2001, the Account 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 Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income—net per Accumulation Unit by $.019, decrease net realized and unrealized loss per Accumulation Unit by $.019 and decrease the ratio of investment income—net to average net assets by .02%. 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 Account began structuring dollar rolls as financing transactions, had these transactions been treated for the entire year as purchases and sales, rather than as financing transactions, the portfolio turnover rate for the year ended December 31, 2000 would have been 196.05%.

Social Choice Account   2003 CREF Annual Report  SC-35

Notes to Financial Statements (concluded)

Note 5—Accumulation Units

Changes in the number of Accumulation Units outstanding of the Account were as follows:

Years Ended December 31,	2003	2002
Accumulation Units:
Credited for premiums	5,768,557	5,438,197
Credited (cancelled) for transfers, disbursements and amounts             applied to the Annuity Fund	634,823	(1,021,310)
Outstanding:
Beginning of year	50,707,123	46,290,236
End of year	57,110,503	50,707,123

Note 6—Lines of Credit

The Account participates 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, 2003, the Account did not borrow under this facility.

The Account also participates in a letter of credit agreement in the amount of $20 million for the purpose of facilitating the settlement of transactions in the mortgage-backed securities market. For the year ended December 31, 2003, the Account did not borrow under this agreement.

SC-36  2003 CREF Annual Report Social Choice Account

Report of Independent Auditors

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

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of the Social Choice Account (one of the Accounts comprising College Retirement Equities Fund (“CREF”)) as of December 31, 2003, 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, 2003 by correspondence with the custodian 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 Social Choice Account of CREF at December 31, 2003, the results of its operations and cash flows for the year then ended and the changes in its net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States.

New York, New York
February 18, 2004

Social Choice Account   2003 CREF Annual Report  SC-37

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CREF Inflation-Linked Bond Account  Inflation-Linked Bonds

DISCUSSION

Performance in the Twelve Months
Ended December 31, 2003

The CREF Inflation-Linked Bond Account gained 7.61% for the year, trailing the 8.40% return for the Lehman Brothers U.S. Treasury Inflation Protected Securities Index, the account’s benchmark as of October 1, 2003. The account also underperformed the 8.26% return of the Salomon Smith Barney Inflation Linked Securities Index, the account’s benchmark through September 30, 2003. The lag behind the benchmark is partly due to the fact that, unlike the account, neither benchmark index
factors in expense charges.

TIPS Outpace the Broader Bond Market

The past year was a good one for the Treasury inflation-protected securities (TIPS) that the fund invests in. Both major TIPS indexes strongly outpaced the 4.10% return of the Lehman Brothers Aggregate Index, which tracks a broad range of government, corporate, and mortgage-backed bonds. The real (above-inflation) rates that TIPS offer continued to be a major factor in the account’s superior relative performance in the prevailing low-interest-rate environment.

Concerns About Inflation

The potential for inflation resulting from the Federal Reserve’s relaxed monetary policy and from the current administration’s efforts to foster economic growth led institutional investors to continue to put money into the TIPS market to seek inflation protection. Other inflationary concerns were a result of the general upswing in commodity prices and of the declining dollar, and these likely contributed to the market’s perfor-mance. The current inflation rate, however, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), declined from 2.4% in 2002 to 1.9% in 2003.

     As of December 31, 2003, the account’s duration of 9.05 years remained similar to that of the benchmark, which in turn helped the account’s performance to closely track the benchmark index.

 

Inflation-Linked Bond Account   2003 CREF Annual Report  IL-1

CREF Inflation-Linked Bond Account  Inflation-Linked Bonds

PERFORMANCE

Investment Objective

Seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds—fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond

$10,000 Since 5/1/1997 Inception	Calendar Year Total Returns

Performance as of 12/31/2003

	Average Annual Compound						Cumulative Rates
	Rates of Total Return1						of Total Return1
					since				since
	1 year		5 years		inception2		5 years		inception2
Inflation-Linked Bond Account	7.61	%	9.18	%	7.76	%	55.16	%	64.71	%
Benchmarks:
Lehman Brothers U.S. Treasury       Inflation Protected Securities Index	8.40		9.47		8.17		57.99		68.95
Salomon Smith Barney       Inflation Linked Securities Index3	8.26		9.56		8.16		57.91		68.76

¹     Past performance of the CREF Inflation-Linked Bond Account should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal. Upon redemption, the units you own may be worth more or less than their original value. Due to market volatility, the account’s recent performance may differ from the figures shown above. For current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 1 800 842-2252.

²     Inception date: 5/1/1997

³     This was the account’s benchmark until September 30, 2003.

IL-2  2003 CREF Annual Report    Inflation-Linked Bond Account

CREF Inflation-Linked Bond Account  Inflation-Linked Bonds

PROFILE

Account Facts

Inception Date	5/1/1997
Net Assets (12/31/2003)	$2.52 billion
2003 Actual Expense Charge*	0.48%

* We estimate expenses each year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically, adjustments have been small.

Portfolio Composition by Maturity (12/31/2003)

4-10 Year Bonds	71.67%
Over-24-Year Bonds	28.33%
Total	100.00%

The Account’s Benchmark

The Lehman Brothers U.S. Treasury Inflation Protected Securities Index tracks the performance of inflation-protection securities issued by the U.S. Treasury with at least one year to maturity and $200 million in par amount outstanding. Until September 30, 2003, the account’s benchmark was the Salomon Smith Barney Inflation Linked Securities Index.

The interest rate of an inflation- linked bond is fixed, but the value of its principal is adjusted each month in accordance with the Consumer Price Index—All Urban (CPI-U).

Inflation-Linked Bond Account   2003 CREF Annual Report  IL-3

Statement of Investments - Inflation-Linked Bond Account - December 31, 2003

	PRINCIPAL			VALUE (000)
GOVERNMENT BONDS—98.85%
U.S. TREASURY SECURITIES—98.85%
	$  9,341,668	k	3.375%, 1/15/07	$ 10,118
	224,680,768	k	3.625%, 1/15/08	248,447
	342,086,934	k	3.875%, 1/15/09	386,237
	144,226,710	k	4.250%, 1/15/10	167,640
	147,780,735	e,k	3.500%, 1/15/11	166,045
	112,422,211	k	3.375%, 1/15/12	125,807
	158,407,914	k	3.000%, 7/15/12	172,714
	221,204,490	k	1.875%, 7/15/13	219,649
	259,379,637	k	3.625%, 4/15/28	321,753
	320,285,718	k	3.875%, 4/15/29	415,167
	258,000,000	e,k	3.375%, 12/15/08	259,735
			TOTAL U.S. TREASURY
			SECURITIES	2,493,312
			TOTAL GOVERNMENT BONDS
			(Cost $2,327,989)	2,493,312
SHORT TERM INVESTMENTS—4.96%
COMMERCIAL PAPER—0.10%
			UBS Finance, Inc (Delaware)
	2,500,000		0.9600%, 01/02/04	2,500
			TOTAL COMMERCIAL
			PAPER	2,500
INVESTMENT OF CASH COLLATERAL         FOR SECURITIES LOANED—4.86%
REPURCHASE AGREEMENTS
			Bear Stearns & Co. 1.000%
			Dated 12/31/03,
			Due 01/02/04 In The
			Amount Of $76,002
			(Fully Collateralized By High
			Grade Debt Obligations:
	76,000		Total Market Value $76,744)	76
			Bear Stearns & Co. 1.000%
			Dated 12/31/03,
			Due 01/02/04 In The Amount
			Of $22,465,624
			(Fully Collateralized By High
			Grade Debt Obligations:
			Total Market Value
	22,465,000		$22,684,983)	22,465
			Credit Suisse First Boston
			0.990% Dated 12/31/03,
			Due 01/02/04 In The Amount
			Of $25,000,688
			(Fully Collateralized By High
			Grade Debt Obligations:
			Total Market Value
	25,000,000		$25,391,561)	25,001

	Goldman Sachs & Co. 1.010%
	Dated 12/31/03,
	Due 01/02/04 In The Amount
	Of $25,000,701
	(Fully Collateralized By High
	Grade Debt Obligations:
	Total Market Value
$25,000,000	$25,277,642)	$ 25,001
	Merrill Lynch & Co. 0.980%
	Dated 12/31/03,
	Due 01/02/04 In The Amount
	Of $25,000,681
	(Fully Collateralized By High
	Grade Debt Obligations:
	Total Market Value
25,000,000	$25,412,622)	25,000
	Morgan Stanley & Co. Inc,
	1.010% Dated 12/31/03,
	Due 01/02/04 In The Amount
	Of $25,000,701
	(Fully Collateralized By High
	Grade Debt Obligations:
	Total Market Value
25,000,000	$25,187,873)	25,001
	TOTAL INVESTMENT OF CASH
	COLLATERAL FOR
	SECURITIES LOANED	122,544
	TOTAL SHORT TERM
	INVESTMENTS
	(Cost $125,044)	125,044
	TOTAL PORTFOLIO—103.81% (Cost $2,453,033)	2,618,356
	OTHER ASSETS &
	LIABILITIES, NET—
	(3.81)%	(96,174)
	NET ASSETS—100.00%	$2,522,182

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.
	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.

IL-4  2003 CREF Annual Report   Inflation-Linked Bond Account SEE NOTES TO FINANCIAL STATEMENTS

Report of Management Responsibility

To the Participants of College Retirement Equities Fund:

The accompanying financial statements of the Inflation-Linked Bond Account 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/ Herbert M. Allison, Jr.	/s/ Elizabeth A. Monrad
President and  Chief Executive Officer	Executive Vice President and Chief Financial Officer

 Inflation-Linked Bond Account   2003 CREF Annual Report  IL-5

Report of the Audit Committee

To the Participants of College Retirement Equities Fund:

The Audit Committee oversees the financial reporting process of the Inflation-Linked Bond Account of College Retirement Equities Fund (“CREF”) on behalf of CREF’s Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee’s responsibilities. All members of the Audit Committee (“Committee”) are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for 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.

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 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.

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
Bridget A. Macaskill, Audit Committee Member

February 18, 2004

IL-6  2003 CREF Annual Report   Inflation-Linked Bond Account

Statement of Assets and Liabilities

Inflation-Linked Bond Account

December 31, 2003
(amounts in thousands, except amounts per accumulation unit)

ASSETS
Portfolio investments, at cost	$2,453,033
Net unrealized appreciation of portfolio investments	165,323
Portfolio investments, at value (including securities loaned of $120,185)	2,618,356
Cash	322
Dividends and interest receivable	26,149
Amounts due from TIAA	1,465
Total assets	2,646,292
LIABILITIES
Deposits for securities loaned—Note 3	122,544
Payable for securities transactions	1,566
Total liabilities	124,110
NET ASSETS
Accumulation Fund	2,411,323
Annuity Fund	110,859
Total net assets	$ 2,522,182
Accumulation units outstanding—Notes 4 and 5	57,499
Net asset value per accumulation unit—Note 4	$ 41.94

 Inflation-Linked Bond Account   2003 CREF Annual Report  IL-7

Statement of Operations

Inflation-Linked Bond Account

Year Ended December 31, 2003
(amounts in thousands)

INVESTMENT INCOME
Income:
Interest	$118,816
Total income	118,816
Expenses—Note 2:
Investment	3,256
Operating	9,740
Total expenses	12,996
Investment income—net	105,820
REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS—Note 3
Net realized gain on total investments	104,049
Net change in unrealized appreciation on total investments	(27,211)
Net realized and unrealized gain on total investments	76,838
Net increase in net assets resulting from operations	$182,658

IL-8  2003 CREF Annual Report   Inflation-Linked Bond Account

Statements of Changes in Net Assets

Inflation-Linked Bond Account

Years Ended December 31, (amounts in thousands)	2003	2002
FROM OPERATIONS
Investment income—net	$ 105,820	$ 82,797
Net realized gain (loss) on total investments	104,049	(4,953)
Net change in unrealized appreciation       on total investments	(27,211)	189,445
Net increase in net assets resulting from operations	182,658	267,289
FROM PARTICIPANT TRANSACTIONS
Premiums	285,521	184,414
Net transfers from (to) TIAA	(55,953)	23,744
Net transfers from (to) other CREF Accounts and       affiliated mutual funds	(366,415)	929,995
Annuity payments	(15,746)	(10,434)
Withdrawals and death benefits	(77,917)	(57,235)
Net increase (decrease) in net assets resulting             from participant transactions	(230,510)	1,070,484
Net increase (decrease) in net assets	(47,852)	1,337,773
NET ASSETS
Beginning of year	2,570,034	1,232,261
End of year	$2,522,182	$2,570,034

 Inflation-Linked Bond Account   2003 CREF Annual Report  IL-9

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 management investment company. It consists of eight investment portfolios (“Accounts”). The accompanying financial statements are those of the Inflation-Linked Bond Account (“Account”). The 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 Account.

Valuation of Investments. Debt securities, other than money market instruments, are valued at the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments, with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Finance Committee of the Board of Trustees and in accordance with the responsibilities of the Board as a whole. 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 the 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. Realized gains and losses on security transactions are accounted for on the specific identification method.

Securities Lending. The Account 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 Account continues to receive income on the securities loaned and receives additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Account. Although each transaction is collateralized, the Account 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.

Securities Purchased on a When-Issued or Delayed Delivery Basis. The Account may purchase securities on a when-issued or delayed delivery basis. In addition to the nor-

IL-10  2003 CREF Annual Report   Inflation-Linked Bond Account

Notes to Financial Statements (continued)

mal market risks, this exposes the Account to the risk that the transaction may not be consummated.

Restricted Securities. Restricted securities held by the Account, 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 Account are provided by TIAA-CREF Investment Management, LLC (“Investment Management”) in accordance with an Investment Management Service Agreement with the Account. 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 Account and distribution functions for the Account’s certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. (“Services”) in accordance with a Principal Underwriting and Administrative Services Agreement with the Account. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. Effective January 1, 2004, Services was converted from a regular corporation to a limited liability corporation.

The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive management fee payments from the Account on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to the Account’s actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly.

TIAA provides guarantees for the Account for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement.

Note 3—Investments

At December 31, 2003, net unrealized appreciation of portfolio investments for the Account was $165,323,210, consisting of gross unrealized appreciation of $165,810,717 and gross unrealized depreciation of $487,507.

 Inflation-Linked Bond Account   2003 CREF Annual Report  IL-11

Notes to Financial Statements (continued)

At December 31, 2003, the market value of securities loaned and cash collateral received in connection therewith for the Account was $120,185,482 and $122,544,397, respectively.

Purchases and sales of portfolio securities, other than short-term money market instruments, for the Account for the year ended December 31, 2003, were $6,337,158,242 and $6,495,327,517, respectively.

Note 4—Condensed Financial Information

For the Years Ended December 31,	2003	2002	2001	2000	1999
Per Accumulation Unit Data:
Investment income	$ 1.764	$ 1.797	$ 1.816	$ 2.113	$ 1.730
Expenses	.193	.147	.122	.083	.099
Investment income—net	1.571	1.650	1.694(a)	2.030	1.631
Net realized and unrealized             gain (loss) on total investments	1.395	3.817	.692(a)	1.491	(1.062)
Net increase in
Accumulation Unit Value	2.966	5.467	2.386	3.521	.569
Accumulation Unit Value:
Beginning of year	38.971	33.504	31.118	27.597	27.028
End of year	$41.937	$38.971	$33.504	$31.118	$27.597
Total Return	7.61%	16.32%	7.67%	12.76%	2.10%
Ratios to Average Net Assets:
Expenses	0.48%	0.41%	0.36%	0.29%	0.36%
Investment income—net	3.93%	4.56%	4.93%(a)	6.97%	5.99%
Portfolio Turnover Rate	239.72%	31.33%	42.16%	17.17%	54.35%
Thousands of Accumulation Units       outstanding at end of year	57,499	63,825	35,274	15,188	4,757

(a) As required, effective January 1, 2001, the Account 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 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%. Per Accumulation Unit amounts and ratios for the periods prior to January 1, 2001 have not been restated to reflect this change in presentation.

IL-12  2003 CREF Annual Report   Inflation-Linked Bond Account

Notes to Financial Statements (concluded)

Note 5—Accumulation Units

Changes in the number of Accumulation Units outstanding of the Account were as follows:

Years Ended December 31,	2003	2002
Accumulation Units:
Credited for premiums	7,056,865	5,034,886
Credited (cancelled) for transfers, disbursements             and amounts applied to the Annuity Fund	(13,383,199)	23,516,396
Outstanding:
Beginning of year	63,825,317	35,274,035
End of year	57,498,983	63,825,317

Note 6—Line of Credit

The Account participates 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, 2003, the Account did not borrow under this facility.

 Inflation-Linked Bond Account   2003 CREF Annual Report  IL-13

Report of Independent Auditors

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

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of the Inflation-Linked Bond Account (one of the Accounts comprising College Retirement Equities Fund (“CREF”)) as of December 31, 2003, and the related statement of operations for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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, 2003 by correspondence with the custodian 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 Inflation-Linked Bond Account of CREF at December 31, 2003, the results of its operations for the year then ended and the changes in its net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States.

New York, New York
February 18, 2004

IL-14  2003 CREF Annual Report   Inflation-Linked Bond Account

[This Page Intentionally Left Blank]

2003 CREF Annual Meeting

Trustees

On December 15, 2003, at an annual meeting of participants, the following persons were elected to serve on the Board.

Nominee	Dollars For	Percent		Dollars Witheld	Percent
Bevis Longstreth	$27,117,949,642	95.55	%	$1,263,516,261	4.45	%
Bridget A. Macaskill	27,122,734,122	95.56		1,258,731,781	4.44

Willard T. Carleton, Martin J. Gruber, Nancy L. Jacob, Stephen A. Ross, Maceo K. Sloan, and Robert W. Vishny continued in office.

Proposals

The following items were also voted upon by CREF participants:

Participant Proposal I (to divest from gold mining investments)

Account	Dollars For	Percent	Dollars Against	Percent	Dollars Abstain	Percent
Overall CREF Accounts	$3,331,340,353	11.74%	$23,582,513,750	83.09%	$1,467,611,800	5.17%
Stock	2,188,178,063	10.68	17,275,451,008	84.28	1,033,038,037	5.04
Money Market	145,087,769	13.05	906,476,451	81.56	59,912,026	5.39
Bond	142,917,465	13.41	865,380,573	81.22	57,185,614	5.37
Social Choice	285,916,324	28.91	626,250,010	63.33	76,735,106	7.76
Global	156,138,674	11.59	1,123,106,305	83.36	68,008,282	5.05
Growth	207,419,057	12.60	1,356,704,845	82.43	81,699,838	4.96
Equity Index	138,949,473	11.54	1,004,170,231	83.39	61,097,483	5.07
Infl.-Linked Bond	66,733,528	12.79	424,974,328	81.47	29,935,414	5.74

Participant Proposal II (to separate CEO and Chairman positions)

Account	Dollars For	Percent	Dollars Against	Percent	Dollars Abstain	Percent
Overall CREF Accounts	$9,139,552,667	32.20%	$17,758,627,909	62.57%	$1,483,285,327	5.23%
Stock	6,195,823,426	30.23	13,249,513,672	64.64	1,051,330,010	5.13
Money Market	416,318,653	37.46	635,900,274	57.21	59,257,319	5.33
Bond	378,549,487	35.53	628,691,340	59.01	58,242,824	5.47
Social Choice	458,545,505	46.37	459,848,418	46.50	70,507,516	7.13
Global	468,400,875	34.77	806,275,205	59.85	72,577,182	5.39
Growth	578,764,025	35.17	989,242,019	60.11	77,817,695	4.73
Equity Index	437,400,747	36.32	701,973,716	58.29	64,842,725	5.38
Infl.-Linked Bond	205,749,948	39.44	287,183,266	55.05	28,710,056	5.50

A-1  2003 Annual Report    College Retirement Equities Fund

2003 CREF Annual Meeting (continued)

Participant Proposal III (to report on adoption of the Conference Board Commission’s recommendations)

Account	Dollars For	Percent	Dollars Against	Percent	Dollars Abstain	Percent
Overall CREF Accounts	$7,090,549,274	24.98%	$18,922,868,646	66.67%	$2,368,047,984	8.34%
Stock	4,759,081,858	23.22	14,081,709,380	68.70	1,655,875,870	8.08
Money Market	334,731,742	30.12	682,515,930	61.41	94,228,575	8.48
Bond	292,869,302	27.49	677,585,937	63.59	95,028,414	8.92
Social Choice	361,817,326	36.59	503,351,110	50.90	123,733,004	12.51
Global	373,941,242	27.76	855,910,882	63.53	117,401,138	8.71
Growth	470,230,812	28.57	1,042,492,785	63.34	133,100,142	8.09
Equity Index	341,287,781	28.34	758,571,421	62.99	104,357,986	8.67
Infl.-Linked Bond	156,589,213	30.02	320,731,201	61.48	44,322,856	8.50

Participant Proposal IV (to revive policyholder nominating process)

Account	Dollars For	Percent	Dollars Against	Percent	Dollars Abstain	Percent
Overall CREF Accounts	$6,741,517,465	23.75%	$19,430,720,765	68.46%	$2,209,227,674	7.78%
Stock	4,560,868,265	22.25	14,408,636,941	70.30	1,527,161,901	7.45
Money Market	323,241,926	29.08	699,710,346	62.95	88,523,973	7.96
Bond	278,511,586	26.14	698,878,119	65.59	88,093,947	8.27
Social Choice	325,165,085	32.88	539,313,156	54.54	124,423,199	12.58
Global	347,572,593	25.80	884,377,764	65.64	115,302,904	8.56
Growth	444,181,664	26.99	1,077,229,699	65.45	124,412,376	7.56
Equity Index	310,388,784	25.78	794,696,924	65.99	99,131,479	8.23
Infl.-Linked Bond	151,587,561	29.06	327,877,814	62.85	42,177,895	8.09

Participant Proposal V (to stop investing in companies supporting gun control)

Account	Dollars For	Percent	Dollars Against	Percent	Dollars Abstain	Percent
Overall CREF Accounts	$3,292,595,347	11.60%	$24,326,031,584	85.71%	$762,838,972	2.69%
Stock	2,331,521,738	11.38	17,610,870,400	85.92	554,274,970	2.70
Money Market	152,621,142	13.73	925,085,789	83.23	33,769,314	3.04
Bond	131,390,761	12.33	906,121,020	85.04	27,971,871	2.63
Social Choice	125,151,302	12.66	840,005,168	84.94	23,744,970	2.40
Global	150,753,642	11.19	1,161,394,733	86.20	35,104,886	2.61
Growth	206,295,141	12.53	1,398,182,523	84.95	41,346,075	2.51
Equity Index	129,350,851	10.74	1,043,574,096	86.66	31,292,241	2.60
Infl.-Linked Bond	65,510,771	12.56	440,797,854	84.50	15,334,645	2.94

Participant Proposal VI (to divest from tobacco investments)

Account	Dollars For	Percent	Dollars Against	Percent	Dollars Abstain	Percent
Overall CREF Accounts	$6,616,338,582	24.15%	$19,643,632,691	71.71%	$1,132,593,191	4.13%
Stock	4,880,855,971	23.81	14,775,982,238	72.09	839,828,899	4.10
Money Market	285,076,123	25.65	776,091,424	69.83	50,308,700	4.53
Bond	285,390,968	26.79	729,732,461	68.49	50,360,223	4.73
Global	330,457,021	24.53	957,978,714	71.11	58,817,526	4.37
Growth	414,467,420	25.18	1,171,087,082	71.16	60,269,237	3.66
Equity index	283,332,482	23.53	870,718,003	72.31	50,166,703	4.17
Infl.-Linked Bond	136,758,597	26.22	362,042,769	69.40	22,841,903	4.38

College Retirement Equities Fund   2003 Annual Report  A-2

Management

Current CREF Board of Trustees and Executive Officers

Disinterested Trustees

					Number of
					Portfolios in
					Fund Complex
		Position(s) Held	Term of Office and	Principal Occupation(s)	Overseen by	Other Directorships
Name and Address	Age	with CREF	Length of Time Served	During Past 5 Years	Trustee	Held by Trustee
WILLARD T.CARLETON	69	Trustee	Indefiniteterm.	Donald R. Diamond Professor of Finance	53	None
4915 Camino Antonio			Trustee since 2003.	Emeritus, University of Arizona, College of
Tucson, AZ 85718-6005				Business and Public Administration. Formerly,
				Donald R. Diamond Professor of Finance,
				University of Arizona, 1999-2001, and Karl L.
				Eller Professor of Finance, University of Arizona,
				1984-1999. Trustee of TIAA, 1984-2003.
MARTIN J. GRUBER	66	Chairman of the	Indefinite term.	Nomura Professor of Finance, New York	53	Director, Scudder Investments
New York University		Board of Trustees	Trustee since 2000.	University, Stern School of Business. Formerly,		(New York) Funds, Japan
Stern School of Business				Chairman, Department of Finance, New York		Equity Fund, Inc., Singapore
Henry Kaufman Management				University, Stern School of Business, and		Fund, Inc., and the
Education Center				Trustee of TIAA, 1996-2000.		Thai Capital Fund, Inc.
44 West 4th Street, Suite 988
New York, NY 10012
NANCY L. JACOB	61	Trustee	Indefinite term.	President and Managing Principal, Windermere	53	None
Windermere Investment Associates			Trustee since 1979.	Investment Associates. Formerly, Chairman and
121 S.W. Morrison Street				Chief Executive Officer, CTC Consulting, Inc.,
Suite 925				and Executive Vice President, U.S. Trust of the
Portland, OR 97204				Pacific Northwest.
BEVIS LONGSTRETH	70	Trustee	Indefinite term.	Retired Partner, Debevoise & Plimpton. Formerly,	53	Member of the Board of Directors
Debevoise & Plimpton			Trustee since 1996.	Partner and Of Counsel of Debevoise & Plimpton,		of AMVESCAP, PLC and Chairman
919 Third Avenue				Adjunct Professor at Columbia University School		of the Finance Committee of the
New York, NY 10022-6225				of Law and Commissioner of the U.S. Securities		Rockefeller Family Fund.
				and Exchange Commission.
BRIDGET A. MACASKILL	55	Trustee	Indefinite term.	Formerly, Chairman, Oppenheimer Funds, Inc.,	53	Director, J Sainsbury plc and
160 East 81st Street			Trustee since 2003.	2000-2001. Chief Executive Officer, 1995-2001;		Prudential plc. International
New York, NY 10028				President, 1991-2000; and Chief Operating		Advisory Board, British-American
				Officer, 1989-1995 of that firm.		Business Council.
STEPHEN A. ROSS	59	Trustee	Indefinite term.	Franco Modigliani Professor of Finance and	53	Director, Freddie Mac;
Sloan School of Management			Trustee since 1981.	Economics, Sloan School of Management,		Co-Chairman, Roll &
Massachusetts Institute of Technology				Massachusetts Institute of Technology,		Ross Asset Management
77 Massachusetts Avenue				Co-Chairman, Roll & Ross Asset Management		Corp.; and Principal, IV
Cambridge, MA 02139				Corp. Formerly, Sterling Professor of Economics		Capital, Ltd.
				and Finance, Yale School of Management,
				Yale University.

A-3  2003 Annual Report    College Retirement Equities Fund College Retirement Equities Fund   2003 Annual Report  A-4

Disinterested Trustees (continued)

					Number of
					Portfolios in
					Fund Complex
		Position(s) Held	Term of Office and	Principal Occupation(s)	Overseen by	Other Directorships
Name and Address	Age	with CREF	Length of Time Served	During Past 5 Years	Trustee	Held by Trustee
MACEO K. SLOAN	54	Trustee	Indefinite term.	Chairman, President and Chief Executive Officer,	53	Director, SCANA Corporation
NCM Capital Management Group, Inc.			Trustee since 1991.	Sloan Financial Group, Inc., and Chairman and		and M&F Bancorp, Inc.
103 West Main Street, Suite 400				Chief Executive Officer, NCM Capital Management
Durham, NC 27701-3638				Group, Inc., since 1991.
ROBERT W. VISHNY	44	Trustee	Indefinite term.	Eric J. Gleacher Distinguished Service Professor	53	None
University of Chicago			Trustee since 1996.	of Finance, University of Chicago, Graduate
Graduate School of Business				School of Business. Founding Partner, LSV
1101 East 58th Street				Asset Management.
Chicago, IL 60637

A disinterested trustee is one who is independent, generally with no relationship to TIAA-CREF, the funds, or the accounts they oversee, apart from personal investments they have made as private individuals.

Executive Officers
					Number of
					Portfolios in
					Fund Complex
		Position(s) Held	Term of Office and	Principal Occupation(s)	Overseen by	Other Directorships
Name and Address	Age	with CREF	Length of Time Served	During Past 5 Years	Trustee	Held by Trustee
HERBERT M. ALLISON, JR.	60	President and	Indefinite term.	Chairman, President and Chief Executive	N/A	Member of the Board of Directors
TIAA-CREF		Chief Executive	President and Chief	Officer of TIAA. President and Chief Executive		of the New York Stock Exchange
730 Third Avenue		Officer	Executive Officer	Officer of CREF, TIAA-CREF Mutual Funds,
New York, NY 10017-3206			since 2002.	TIAA-CREF Institutional Mutual Funds, TIAA-CREF
				Life Funds and TIAA Separate Account VA-1
				(these funds are collectively referred to as the
				“TIAA-CREF Funds”). Formerly, President and
				Chief Executive Officer of Alliance for LifeLong
				Learning, Inc., 2000-2002. President, Chief
				Operating Officer and Member of the Board of
				Directors of Merrill Lynch & Co., Inc., 1997-1999.
GARY CHINERY	55	Vice President and	Indefinite term.	Vice President of TIAA and Treasurer of TIAA	N/A	N/A
TIAA-CREF		Treasurer	Vice President and	and the TIAA-CREF Funds.
730 Third Avenue			Treasurer since 2004.
New York, NY 10017-3206
SCOTT C. EVANS	44	Executive Vice	Indefinite term.	Executive Vice President of TIAA and the	N/A	N/A
TIAA-CREF		President	Executive Vice President	TIAA-CREF Funds. Executive Vice President of
730 Third Avenue			since 1997.	TIAA-CREF Investment Management, LLC (“Investment
New York, NY 10017-3206				Management”) and Teachers Advisors, Inc. (“Advisors”)
				and Director of TIAA-CREF Life Insurance Company
				(“TIAA-CREF Life”).

A-5  2003 Annual Report    College Retirement Equities Fund College Retirement Equities Fund   2003 Annual Report  A-6

Executive Officers (continued)

					Number of
					Portfolios in
					Fund Complex
		Position(s) Held	Term of Office and	Principal Occupation(s)	Overseen by	Other Directorships
Name and Address	Age	with CREF	Length of Time Served	During Past 5 Years	Trustee	Held by Trustee
I. STEVEN GOLDSTEIN	51	Executive Vice	Indefinite term.	Executive Vice President, Public Affairs, of TIAA	N/A	N/A
TIAA-CREF		President	Executive Vice President	and the TIAA-CREF Funds. Formerly, Advisor
730 Third Avenue			since 2003.	for McKinsey & Company, 2003; Vice President,
New York, NY 10017-3206				Corporate Communications for Dow Jones & Co.
				and The Wall Street Journal, 2001-2002; and
				Senior Vice President and Chief Communications
				Officer for Insurance Information Institute,
				1993-2001.
E. LAVERNE JONES	54	Vice President and	Indefinite term.	Vice President and Corporate Secretary of TIAA	N/A	N/A
TIAA-CREF		Corporate Secretary	Vice President and	and the TIAA-CREF Funds.
730 Third Avenue			Corporate Secretary
New York, NY 10017-3206			since 1998.
SUSAN S. KOZIK	46	Executive Vice	Indefinite term.	Executive Vice President and Chief Technology	N/A	N/A
TIAA-CREF		President	Executive Vice President	Officer of TIAA and the TIAA-CREF Funds.
730 Third Avenue			since 2003.	Formerly, Vice President of IT Operations and
New York, NY 10017-3206				Services, Lucent Technologies, 2000-2003; and
				Senior Vice President and Chief Technology
				Officer, Penn Mutual Life Insurance Company,
				1997-2000.
GEORGE W. MADISON	50	Executive Vice	Indefinite term.	Executive Vice President and General Counsel	N/A	N/A
TIAA-CREF		President	Executive Vice President	of TIAA and the TIAA-CREF Funds. Formerly,
730 Third Avenue			since 2003.	Executive Vice President, Corporate Secretary,
New York, NY 10017-3206				and General Counsel of Comerica Incorporated.
ERWIN W. MARTENS	47	Executive Vice	Indefinite term.	Executive Vice President, Risk Management,	N/A	N/A
TIAA-CREF		President	Executive Vice President	of TIAA and the TIAA-CREF Funds. Formerly,
730 Third Avenue			since 2003.	Managing Director and Chief Risk Officer,
New York, NY 10017-3206				Putnam Investments, 1999-2003; and Head
				and Deputy Head of Global Market Risk
				Management, 1997-1999.
ELIZABETH A. MONRAD	49	Executive Vice	Indefinite term.	Executive Vice President and Chief Financial	N/A	N/A
TIAA-CREF		President	Executive Vice President	Officer of TIAA and the TIAA-CREF Funds.
730 Third Avenue			since 2003.	Formerly, Chief Financial Officer and Senior Vice
New York, NY 10017-3206				President of General Re (2000-2003),
				Chief Financial Officer of its North American
				Reinsurance Operations (1997-2000)
				and Corporate Treasurer.
FRANCES NOLAN	46	Executive Vice	Indefinite term.	Executive Vice President, Client Services, of TIAA	N/A	N/A
TIAA-CREF		President	Executive Vice President	and the TIAA-CREF Funds. Formerly, Executive
730 Third Avenue			since 2000.	Vice President, Retirement Services, CREF and
New York, NY 10017-3206				TIAA, 2000-2003; Vice President, Eastern
				Division, 1994-2000.

A-7  2003 Annual Report    College Retirement Equities Fund College Retirement Equities Fund   2003 Annual Report  A-8

Executive Officers (continued)

					Number of
					Portfolios in
					Fund Complex
		Position(s) Held	Term of Office and	Principal Occupation(s)	Overseen by	Other Directorships
Name and Address	Age	with CREF	Length of Time Served	During Past 5 Years	Trustee	Held by Trustee
DERMOT J. O’BRIEN	37	Executive Vice	Indefinite term.	Executive Vice President, Human Resources, of	N/A	N/A
TIAA-CREF		President	Executive Vice President	TIAA and the TIAA-CREF Funds. Formerly, First
730 Third Avenue			since 2003.	Vice President and Head of Human Resources,
New York, NY 10017-3206				International Private Client Division, Merrill
				Lynch & Co., 1999-Feb. 2003; and Vice President
				and Head of Human Resources—Japan Morgan
				Stanley, 1998-1999.
BERTRAM L. SCOTT	52	Executive Vice	Indefinite term.	Executive Vice President, Product Management,	N/A	N/A
TIAA-CREF		President	Executive Vice President	of TIAA and the TIAA-CREF Funds. Chairman of
730 Third Avenue			since 2000.	the Board, President and Chief Executive Officer
New York, NY 10017-3206				of TIAA-CREF Life. Formerly, President and Chief
				Executive Officer, Horizon Mercy, 1996-2000.
JOHN A. SOMERS	59	Executive Vice	Indefinite term.	Executive Vice President of TIAA and the	N/A	N/A
TIAA-CREF		President	Executive Vice President	TIAA-CREF Funds. Executive Vice President of
730 Third Avenue			since 1996.	Investment Management and Advisors and
New York, NY 10017-3206				Director of TIAA-CREF Life.

Martin L. Leibowitz will retire as an officer of CREF at the end of February, 2004, and is therefore not listed above.

The aggregated trustee fees paid by CREF for the year ended December 31, 2003 was $1,167,605. CREF has no employees and pays no compensation to its officers.

The fund’s Statement of Additional Information (SAI) includes additional information about the fund’s directors and is available, without charge, upon request, by calling 877 518-9161.

 

A-9  2003 Annual Report    College Retirement Equities Fund College Retirement Equities Fund   2003 Annual Report  A-10

Information

TIAA-CREF Web Center

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

TIAA-CREF.org
24 hours a day, 7 days a week

Telephone Counseling Center

Retirement saving and planning, income options and payments, and tax reporting

800 842-2776
8 a.m. to 10 p.m. ET, Monday–Friday
9 a.m. to 6 p.m. ET, Saturday

Planning and Service Center

TIAA-CREF Mutual Funds, after-tax annuities, and life insurance

800 223-1200
8 a.m. to 10 p.m. ET, Monday–Friday

Automated Telephone Service

Account performance, personal account information and transactions, and product information

800 842-2252
24 hours a day, 7 days a week

For Hearing- or Speech-Impaired Participants

800 842-2755
8 a.m. to 5 p.m. ET, Monday–Friday

TIAA-CREF Trust Company, FSB

Asset management, trust administration, estate planning, planned giving, and endowment management

888 842-9001
8 a.m. to 5 p.m. CT, Monday–Friday

TIAA-CREF Tuition Financing, Inc.

Tuition financing programs

888 381-8283
8 a.m. to 11 p.m. ET, Monday–Friday

This report contains the investment results for some or all of the CREF variable annuity accounts as of December 31, 2003.

For historical and current performance information for other CREF variable annuity accounts, for the TIAA Real Estate Account, or any of our products, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2776. A Form 10-K Annual Report and Form 10-Q Quarterly Reports for the TIAA Real Estate Account are available on request.

TIAA-CREF Individual and Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute the CREF variable annuities. This booklet must be accompanied or preceded by a current CREF prospectus. For additional copies, call toll free 877 518-9161. TIAA-CREF Investment Management serves as investment manager to CREF.

©2004 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017

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ITEM 2. CODE OF ETHICS.

        The Board of Trustees of the College Retirement Equities Fund (the
"Registrant") had adopted a new code of ethics for senior financial officers,
including its principal executive officer, principal financial officer,
principal accounting officer, or controller, and persons performing similar
functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of
2002. The code of ethics is filed as an exhibit to this annual report.

        During the reporting period, there were no implicit or explicit waivers
granted by the Registrant from any provision of the code of ethics.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

        On August 20, 2003, the Board of Trustees of the Registrant determined
that Maceo K. Sloan was qualified and would serve as the audit committee
financial expert on the Registrant's audit committee. Mr. Sloan is an
independent trustee - i.e., he is not an interested person of the Registrant as
defined in the Investment Company Act of 1940, nor has he accepted directly or
indirectly any consulting, advisory or other compensatory fee from the
Registrant, other than in his capacity as Trustee.

ITEM 4.  PRINCIPAL ACCOUNTANT FEES AND SERVICES.

        Ernst & Young performs independent audits of the Registrant's financial
statements. To maintain auditor independence and avoid even the appearance of
conflicts of interest, the Registrant, as a policy, does not engage Ernst &
Young for management advisory or consulting services.

        AUDIT FEES. Ernst & Young's fees for professional services rendered for
the audit of the Registrant's annual financial statements for the fiscal years
ended December 31, 2003 and December 31, 2002 were $460,740 and $407,085,
respectively.

        TAX SERVICES AND OTHER FEES

        With respect to CREF, Ernst & Young had no additional fees for years
ended December 31, 2003 and 2002.

        PREAPPROVAL POLICY. In June of 2003, the Registrant's audit committee
("Audit Committee") adopted a Preapproval Policy for External Audit Firm
Services (the "Policy"). The Policy describes the types of services that may be
provided by the independent auditor to the Registrant without impairing the
auditor's independence. Under the Policy, the Audit Committee is required to
preapprove services to be performed by the Registrant's independent auditor in
order to ensure that such services do not impair the auditor's independence.

        The Policy requires the Audit Committee to: (i) appoint the independent
auditor to perform the financial statement audit for the Registrant and certain
of its affiliates, including approving the terms of the engagement and (ii)
preapprove the audit, audit-related and tax




services to be provided by the independent auditor and the fees to be charged
for provision of such services from year to year.

        AUDITOR FEES FOR RELATED ENTITIES. The aggregate non-audit fees billed
by Ernst & Young for services rendered to the Registrant and its adviser or
affiliates of the adviser performing on-going services to the Registrant,
including TIAA (Service Providers), for the years ended December 31, 2003 and
2002 were $177,000 and $164,850, respectively.

        Ernst & Young's aggregate fees for professional services rendered in
connection with the audit of financial statements for Teachers Insurance and
Annuity Association of America ("TIAA") and the College Retirement Equities Fund
("CREF") and their affiliated entities were $3,684,508 for the year ended
December 31, 2003 and $3,167,680 for the year ended December 31, 2002. Ernst &
Young's aggregate fees for audit related-services provided to TIAA and CREF and
their affiliated entities were $177,000 for the year ended December 31, 2003 and
$159,000 for the year ended December 31, 2002. Ernst & Young's aggregate fees
for tax services provided to TIAA and CREF and their affiliated entities were
$229,871 for the year ended December 31, 2003 and $212,625 for the year ended
December 31, 2002. Ernst & Young's aggregate fees for all other services
provided to TIAA and CREF and their affiliated entities were $0 for the year
ended December 31, 2003 and $22,850 for the year ended December 31, 2002.

ITEM 9. CONTROLS AND PROCEDURES.

        (a)     EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. An evaluation
was performed within 90 days from the date hereof under the supervision of the
registrant's management, including the principal executive officer and principal
financial officer, of the effectiveness of the design and operation of the
registrant's disclosure controls and procedures. Based on that evaluation, the
registrant's management, including the principal executive officer and principal
financial officer, concluded that the registrant's disclosure controls and
procedures were effective for this annual reporting period.

        (b)     CHANGES IN INTERNAL CONTROLS. There were no changes in the
registrant's internal controls over financial reporting that occurred during the
registrant's last fiscal year that materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial
reporting.

ITEM 10. EXHIBITS.

10(a)(1) Code of Ethics (EX-99.CODE ETH)

10(a)(2)(i) Section 302 certification of the principal executive officer
(EX-99.CERT)

10(a)(2)(ii) Section 302 certification of the principal financial officer
(EX-99.CERT)

10(b) Section 906 certification (EX-99.906CERT)




                                   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 24, 2004            By:  /s/ Bertram L. Scott
                                           -------------------------------------
                                           Bertram L. Scott
                                           Executive Vice President

        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 24, 2004            By:  /s/ Herbert M. Allison, Jr.
                                           -------------------------------------
                                           Herbert M. Allison, Jr.
                                           President and Chief Executive Officer
                                           (principal executive officer)


Date:    February 24, 2004            By:  /s/ Elizabeth A. Monrad
                                           -------------------------------------
                                           Elizabeth A. Monrad
                                           Executive Vice President
                                           (principal financial officer)




                                  EXHIBIT LIST

ITEM 10. EXHIBITS.

10(a)(1) Code of Ethics (EX-99.CODE ETH)

10(a)(2)(i)  Section  302  certification  of  the  principal  executive  officer
(EX-99.CERT)

10(a)(2)(ii) Section 302 certification of the principal financial officer
(EX-99.CERT)

10(b) Section 906 certification (EX-99.906CERT)

EX-99.CODE ETH

                                                                  EX-99.CODE ETH

                            TIAA AND TIAA-CREF FUNDS
                                 CODE OF ETHICS

                                       FOR

                            SENIOR FINANCIAL OFFICERS

INTRODUCTION

As noted in TIAA-CREF's Code of Business Conduct:

        TIAA-CREF is committed to the highest  level of legal,  ethical,
        and moral standards in the conduct of our business. This extends
        to  every   action  we  take  in  working   with   participants,
        educational  institutions,  and  other  business  or  investment
        organizations.  Moreover,  upholding  high  standards in dealing
        with others  requires that we, as associates,  act ethically and
        responsibly among ourselves.  At the heart of ethical conduct is
        a commitment to serve others fairly and well.

The honesty,  integrity and sound judgment of the principal  executive officers,
principal  financial officers,  principal  accounting officers or controllers of
TIAA and of the TIAA-CREF Funds (referred to herein  collectively as the "Senior
Financial  Officers") is fundamental  to our  reputation  and success.  Thus, in
addition to complying with the Code of Business  Conduct,  each Senior Financial
Officer is subject to this Code of Ethics.

SPECIFIC PROVISIONS

CONFLICTS  OF  INTEREST.  Each Senior  Finance  Officer  should  avoid actual or
apparent conflicts of interest between personal and professional relationships.

A "conflict  of  interest"  occurs  when a Senior  Financial  Officer's  private
interest  interferes with the interests of TIAA-CREF.  For example,  the Officer
should not cause  TIAA-CREF  to take  action,  or fail to take  action,  for the
personal  benefit of the officer  rather than the  benefit of  TIAA-CREF.  Other
conflicts  could occur from  outside  business  activities  that detract from an
individual's ability to devote appropriate time and attention to TIAA-CREF.  Any
questions  relating  to  potential  conflict of  interest  situations  should be
discussed with the General Counsel.

COMPLETE AND ACCURATE DISCLOSURES.  Each Senior Financial Officer is required to
be familiar,  and comply, with TIAA-CREF's disclosure controls and procedures so
that  TIAA-CREF's  documents filed with the SEC comply in all material  respects
with the applicable federal securities laws. In addition,  each Senior Financial
Officer  having  direct  or  supervisory  authority  regarding  SEC  filings  or
TIAA-CREF's other public communications should, to the extent appropriate within
his or her area of  responsibility,  consult with other  TIAA-CREF  officers and
employees and take other appropriate steps




regarding these disclosures with the goal of making full, fair, accurate, timely
and understandable disclosure.

        Each Senior Financial Officer must:

        o  Familiarize  himself  or  herself  with the  disclosure  requirements
           applicable  to  TIAA-CREF  as  well  as the  business  and  financial
           operations of TIAA-CREF;

        o  Not knowingly  misrepresent,  or cause others to misrepresent,  facts
           about  TIAA-CREF  to others,  whether  within or  outside  TIAA-CREF,
           including to TIAA-CREF's  internal  auditors,  independent  Trustees,
           independent   auditors,   and   to   governmental    regulators   and
           self-regulatory organizations; and

        o  Adhere to the standards and restrictions  imposed by applicable laws,
           rules  and  regulations,   including  those  relating  to  affiliated
           transactions, accounting and auditing matters.

REPORTING AND ACCOUNTABILITY. Each Senior Financial Officer must:

        o  Upon  receipt of this Code of Ethics,  sign and submit to the General
           Counsel an acknowledgement stating that he or she has received, read,
           and understands the Code;

        o  Annually  thereafter submit a form to General Counsel confirming that
           he or she has received,  read and  understands the Code of Ethics and
           has complied with the requirements of the Code; and

        o  Notify the General Counsel promptly if he or she becomes aware of any
           existing or  potential  violation  of this Code.  Failure to do so is
           itself a violation of this Code.

Except as described  otherwise  below,  the General  Counsel is responsible  for
applying  this Code to specific  situations  and has the  authority to interpret
this Code in any particular situation. The General Counsel shall take all action
he considers  appropriate  to  investigate  any actual or  potential  violations
reported to him.

The TIAA and TIAA-CREF Funds Audit Committees shall have the sole  discretionary
authority to approve any  deviation or waiver from this Code of Ethics for their
respective Senior Financial Officers. Any waiver,  including an implicit waiver,
shall be promptly  disclosed as required either through an SEC filing or through
a posting on TIAA-CREF's Internet website. Such disclosure shall include a brief
description  of the  nature of the  waiver,  the name of the  person to whom the
waiver was granted, and the date of the waiver. For purposes of such disclosure,
the term  "waiver"  means the  approval  by the TIAA and  TIAA-CREF  Funds Audit
Committee(s)  of a material  departure  from a provision of this Code of Ethics,
and the term "implicit waiver" means the Audit




Committee's  failure to take action within a reasonable period of time regarding
a material departure from a provision of this Code of Ethics.

TIAA-CREF  will  promptly  disclose  any  amendment  to this  Code of  Ethics as
required in accordance with the SEC's rules.

EX-99.CERT

                                                                      EX-99.CERT

                                  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;

4.   The  registrant's  other  certifying  officer(s) and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Rule 30a-3(c) under the  Investment  Company Act of 1940) for the registrant and
have:

(a)  Designed such disclosure controls and procedures, or caused such disclosure
controls and  procedures to be designed  under our  supervision,  to ensure that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this report is being prepared;

(b)  Evaluated the  effectiveness  of the registrant's  disclosure  controls and
procedures and presented in this report our conclusions  about the effectiveness
of the disclosure controls and procedures,  as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

(c)  Disclosed in this report any change in the  registrant's  internal  control
over  financial  reporting  that occurred  during the  registrant's  most recent
fiscal year that has materially affected,  or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and

5.   The registrant's  other  certifying  officer(s) and I have disclosed to the
registrant's  auditors  and the audit  committee  of the  registrant's  board of
directors (or persons performing the equivalent functions):

(a)  All  significant  deficiencies  and  material  weaknesses  in the design or
operation of internal  control over  financial  reporting  which are  reasonably
likely  to  adversely  affect  the  registrant's  ability  to  record,  process,
summarize,  and report financial information;  and

(b)  Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.

Date:    February 24, 2004            By:  /s/ Herbert M. Allison, Jr.
                                           -------------------------------------
                                           Herbert M. Allison, Jr.
                                           (principal executive officer)




                                                                      EX-99.CERT

                                  CERTIFICATION

I, Elizabeth A. Monrad, 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;

4.   The  registrant's  other  certifying  officer(s) and I are  responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Rule 30a-3(c) under the  Investment  Company Act of 1940) for the registrant and
have:

(a)  Designed such disclosure controls and procedures, or caused such disclosure
controls and  procedures to be designed  under our  supervision,  to ensure that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this report is being prepared;

(b)  Evaluated the  effectiveness  of the registrant's  disclosure  controls and
procedures and presented in this report our conclusions  about the effectiveness
of the disclosure controls and procedures,  as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

(c)  Disclosed in this report any change in the  registrant's  internal  control
over  financial  reporting  that occurred  during the  registrant's  most recent
fiscal year that has materially affected,  or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and

5.   The registrant's  other  certifying  officer(s) and I have disclosed to the
registrant's  auditors  and the audit  committee  of the  registrant's  board of
directors (or persons performing the equivalent functions):

(a)  All  significant  deficiencies  and  material  weaknesses  in the design or
operation of internal  control over  financial  reporting  which are  reasonably
likely  to  adversely  affect  the  registrant's  ability  to  record,  process,
summarize, and report financial information; and

(b)  Any fraud,  whether or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's  internal control over
financial reporting.

Date:    February 24, 2004            By:  /s/ Elizabeth A. Monrad
                                           -------------------------------------
                                           Elizabeth A. Monrad
                                           (principal financial officer)

EX-99.906CERT

                                                                   EX-99.906CERT

                                  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 (the "Funds") for the fiscal year ended December
        31, 2003 (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 the Funds.

Dated:   February 24, 2004            By:  /s/ Herbert M. Allison, Jr.
                                           -------------------------------------
                                           President and Chief Executive Officer
                                           (Principal Executive Officer)
                                           College Retirement Equities Fund

Dated:   February 24, 2004            By:  /s/ Elizabeth A. Monrad
                                           -------------------------------------
                                           Elizabeth A. Monrad
                                           Executive Vice President
                                           (Principal Financial Officer)
                                           College Retirement Equities Fund