-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ABhBPgDsQUuMEjRfoCkv3+RYgeA/7vc8EXZHx22OUJ0iR0hcDqlcW9e8nFke87iW gkh+aPV9S+sA9814Rdn7qg== 0000930413-03-002597.txt : 20030828 0000930413-03-002597.hdr.sgml : 20030828 20030828121119 ACCESSION NUMBER: 0000930413-03-002597 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030828 EFFECTIVENESS DATE: 20030828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLLEGE RETIREMENT EQUITIES FUND CENTRAL INDEX KEY: 0000777535 IRS NUMBER: 136022042 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04415 FILM NUMBER: 03870238 BUSINESS ADDRESS: STREET 1: 730 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129164905 MAIL ADDRESS: STREET 1: 730 THIRD AVE CITY: NEW YORK STATE: NY ZIP: 10017 N-CSRS 1 c28378_ncsrs.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number File No. 811-4415 ------------ COLLEGE RETIREMENT EQUITIES FUND -------------------------------------------------- (Exact name of registrant as specified in charter) 730 Third Avenue, New York, New York 10017 --------------------------------------------------- (Address of principal executive offices) (Zip code) Lisa Snow, Esq. c/o TIAA-CREF 730 Third Avenue, New York, New York 10017-3206 --------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-490-9000 ------------ Date of fiscal year end: December 31 ----------- Date of reporting period: June 30, 2003 ------------- ITEM 1. REPORTS TO STOCKHOLDERS. June 30, 2003 [TIAA CREF LOGO] COLLEGE RETIREMENT EQUITIES FUND Semiannual Report | 2003 MONEY MARKET INFLATION-LINKED BOND BOND MARKET SOCIAL CHOICE EQUITY INDEX Make this your last paper semiannual report! Sign up for electronic delivery. Log on to TIAA-CREF.org/profile This report contains detailed explanations of the investment results for the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index accounts for the six months ending June 30, 2003. A companion report provides similar information for the CREF Stock, Global Equities, and Growth accounts--the other three accounts available under CREF variable annuities. A Form 10-K and Form 10-Q Quarterly Reports Annual Report for the TIAA Real Estate Account are available on request. For historical and current performance information for all of our products, visit the TIAA-CREF Web Center at TIAA-CREF.org, or call our Automated Telephone Service (see back cover). TIAA-CREF Individual & Institutional Services, Inc., distributes the CREF and TIAA Real Estate Account variable annuities. This booklet must be accompanied or preceded by current CREF and TIAA Real Estate Account prospectuses. For additional copies, call 877 518-9161. TIAA-CREF Investment Management serves as investment manager to CREF. (C)2003 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), New York, NY 10017 CONTENTS LETTER FROM THE CHAIRMAN 1 LETTER FROM THE VICE CHAIRMAN 2 MANAGEMENT/STATUS OF THE ACCOUNTS Money Market Account 4 Inflation-Linked Bond Account 5 Bond Market Account 6 Social Choice Account 8 Equity Index Account 10 STATEMENT OF INVESTMENTS Money Market Account 11 Inflation-Linked Bond Account 14 Bond Market Account 15 Social Choice Account 25 Equity Index Account 39 FINANCIAL STATEMENTS Statements of Assets and Liabilities 66 Statements of Operations 66 Statements of Cash Flows 67 Statements of Changes in Net Assets 68 Notes to Financial Statements 69 FOR MORE INFORMATION BACK COVER PERFORMANCE OVERVIEW AS OF 6/30/03
AVERAGE ANNUAL COMPOUND RATES OF TOTAL RETURN(1) INCEPTION DATE 6-MONTH RETURN 1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION EQUITIES CREF Stock 8/1/52 12.10% -0.19% -1.87% 8.31% 10.25% CREF Global Equities 5/1/92 10.80 -3.40 -4.13 6.41 7.26 CREF Equity Index 4/29/94 12.41 0.37 -1.32 -- 10.08 CREF Growth 4/29/94 12.60 2.01 -6.33 -- 7.47 EQUITIES & FIXED INCOME CREF Social Choice 3/1/90 9.59 6.31 2.43 9.04 10.19 FIXED INCOME CREF Bond Market 3/1/90 4.30 10.88 7.42 6.96 8.22 CREF Inflation-Linked Bond 5/1/97 6.09 15.12 9.27 -- 8.17 CREF Money Market(2) 4/1/88 0.41 1.13 3.98 4.49 5.22
NET ANNUALIZED YIELD (7-Day Period Ended 6/24/2003) CURRENT EFFECTIVE CREF Money Market 0.70% 0.70% NET ANNUALIZED YIELD (30-Day Period Ended 6/30/2003) CURRENT CREF Bond Market 3.02% (1) Due to market volatility, recent performance of the CREF variable annuities may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2776. Past performance should not be taken as a guarantee of the same future rates of return. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less upon redemption. (2) As with all the CREF variable annuity accounts, the funds you invest in the CREF Money Market Account are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The current yield more closely reflects current earnings than does the total return. From the Chairman of TIAA-CREF This report covers the investment performance of five of CREF's variable annuity retirement accounts for the first six months of 2003. This marks the first period of rising stock markets in several years, with all of our equity accounts posting double-digit returns not seen since 1999. Our fixed-income and money market accounts have also posted competitive returns for the period. Even with the second quarter's positive impact on stock returns and the stabilizing effect of other accounts, most investors have some lingering anxiety after events of the last few years, and many of our participants who have recently retired or are nearing that milestone have seen retirement asset and income levels drop sharply. In planning your future, you may have more options than you are aware of. TIAA-CREF's consultants can help you review your alternatives, adjust your portfolio to changing conditions, and make sound financial decisions. Last year alone we held over 100,000 individual counseling sessions and conducted thousands of seminars at institutions across the country to guide our clients in this challenging investment environment. For over 85 years, TIAA-CREF has provided high-quality, low-cost financial services backed by objective guidance and support. We are building on those fundamental strengths to assure that we remain attuned to the changing needs of our client institutions and individual participants. We are reorganizing our company and our activities in ways that will enable us to develop closer relationships with our customers, provide more comprehensive solutions to their financial needs, and ensure that the quality and pricing of our products and services remain the best available to each of you. Along the way, we look forward to getting your feedback on these important initiatives. TIAA-CREF has a long history of putting the interests of our customers at the forefront of everything we do. In the years ahead, that's where our focus will remain. /s/ HERBERT M. ALLISON, JR. [PHOTO OF HERBERT M. ALLISON, JR.] HERBERT M. ALLISON, JR. CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER We are building on fundamental strengths to assure that TIAA-CREF remains attuned to the changing needs of our client institutions and individual participants. From the Vice Chairman of TIAA-CREF During the first half of 2003, the S&P 500(R) Index rose 11.76%--its best six-month performance in more than three years. THE Russell 3000(R) Index, which tracks approximately 98% of the domestic stock market, registered a gain of 12.71% year-to-date. Markets around the world were advancing too. While gains varied widely--from Japan's modest 2.92% to Germany's 20.67%--the Morgan Stanley World IndexSM posted an overall return of 11.12%, which was very much in line with results in the United States. These strongly positive returns were the result of an upward surge in stock prices in the second quarter, following a small decline during the first quarter. Investors were encouraged by improved earnings prospects among S&P 500 companies and historically low interest rates, which kept the sales of both new and existing housing very active. However, the economy's overall growth rate remained low. During the first six months of 2003, gross domestic product (GDP) increased at an annualized rate of 1.9%--well below the long-term trend, which has ranged from 3.00% to 3.25%. At the same time, unemployment increased from 5.7% in January to 6.4% at the end of June. The shortage of jobs has slowed the growth of consumer spending, which accounts for more than two-thirds of GDP. Despite these conflicting economic indicators, investment capital poured into the stock market during the second quarter, and this helped to fuel the rise in stock prices. According to data from the Investment Company Institute, the net inflow of money into U.S. stock funds totaled $46.7 billion in the second quarter, reversing the outflow of $11.8 billion during the first three months of the year. While the stock market's advance was broadly positive, individual sectors of the Russell 3000 Index did not share in it equally. Technology stocks climbed 18%, and financial stocks, which make up nearly a quarter of the index in market value, rose 12.3%; the lagging oil sector gained only 7.1%, and consumer staples returned 5.3%. Many stocks in foreign markets saw their strong returns boosted further by the increased value of their currencies versus the dollar. Investors continued to add to their fixed-income holdings, with U.S. bond funds reporting inflows for each of the first six months of 2003. However, the size of those inflows peaked at $19.7 billion in February and declined to $5.3 billion in June. The bond market produced solid results, with the Lehman Brothers Aggregate Bond Index, which tracks both corporate and government bonds, returning 3.93% year-to-date. The CREF Bond Market Account returned 4.30% for the period, producing substantial value beyond the return of its benchmark. The CREF Inflation-Linked Bond Account closely tracked its benchmark and returned 6.09%. Although historically low interest rates have depressed returns in the money market, the CREF Money Market Account was able to add value beyond the return of its benchmark. All of the CREF equity accounts, including the Equity Index Account, are fully invested in their respective markets, and they participated in the worldwide surge in stock prices. The CREF Equity Index Account posted a return of 12.41%, closely tracking the broad domestic market, as it is designed to do. Both the equity and fixed-income portions of the CREF Social Choice Account performed well, relative to their respective markets, and the account posted a six-month return of 9.59%. This period provided welcome relief from the declining stock market of the last three years, and an ongoing reminder of the importance of maintaining a well-diversified portfolio. [PHOTO OF MARTIN L. LEIBOWITZ] MARTIN L. LEIBOWITZ VICE CHAIRMAN OF TIAA-CREF 2 College Retirement Equities Fund 2003 SEMIANNUAL REPORT The table on page 3 shows the total returns (gains plus income, minus expenses) for each account during the first six months of 2003, compared with their respective benchmarks. For the Bond Market, Social Choice and Equity Index accounts, we have also shown the average returns of the Morningstar categories that best match the accounts' objectives. (Morningstar does not compile returns for the money market or for funds investing in inflation-linked securities.) This period provided welcome relief from the declining stock market of the last three years, and an ongoing reminder of the importance of maintaining a well-diversified portfolio. An investor who maintained a balanced portfolio of equities and fixed-income investments during this period retained the opportunity to benefit from this surge in stock prices. The second half of the year, of course, could produce very different results, which is why diversification remains the wisest strategy for reducing risk and seeking solid returns. To enable participants to diversify their vital retirement assets effectively, CREF--in combination with the TIAA Traditional Annuity and the TIAA Real Estate Account--offers a broaD range of savings and investing options that are well-suited to the long time horizons of retirement investors. /s/ MARTIN L. LEIBOWITZ TOTAL RETURNS FOR THE SIX MONTHS ENDED JUNE 30, 2003 CREF MONEY MARKET ACCOUNT.............................................. 0.41% iMoneyNet Money Fund Report Averages(TM)--All Taxable.................. 0.37 CREF INFLATION-LINKED BOND ACCOUNT..................................... 6.09% Salomon Smith Barney Inflation-Linked Securities Index................. 6.27 CREF BOND MARKET ACCOUNT............................................... 4.30% Lehman Brothers Aggregate Bond Index................................... 3.93 Morningstar Intermediate-Term Bond (VA) category....................... 5.07 CREF SOCIAL CHOICE ACCOUNT............................................. 9.59% CREF Social Choice Composite Index(1).................................. 9.19 Standard & Poor's 500(R) Index......................................... 11.76 Russell 3000(R) Index.................................................. 12.71 Lehman Brothers Aggregate Bond Index................................... 3.93 Morningstar Moderate Allocation Hybrid (VA) category................... 8.45 CREF EQUITY INDEX ACCOUNT.............................................. 12.41% Russell 3000(R) Index.................................................. 12.71 Morningstar Large Blend Category....................................... 10.57 Please see pages 4 to 10 for more detailed performance information. The Russell 3000(R) Index is a trademark and servicE mark of the Frank Russell Company. No CREF account is promoted, endorsed, sponsored, or sold by or affiliated with the Frank Russell Company. The benchmark indexes are unmanaged. You cannot purchase shares in these indexes directly, so their performance figures do not reflect any investment or operating expenses. Note that diversification does not guarantee against losses. (1) This is a weighted average of the Russell 3000 Index (the fund's equity benchmark as of 7/1/02) and the Lehman Brothers Aggregate Bond Index. The weightings match the 60/40 target proportions of the account's equity and bond holdings. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 3 Money Market Account INVESTMENT OBJECTIVE The CREF Money Market Account seeks high current income consistent with maintaining liquidity and preserving capital. PORTFOLIO PROFILE o The account invests at least 95% of its assets in "first-tier" money market securities--those ranked in the highest category by nationally recognized statistical rating organizations. o Most of the account's assets are invested in securities or other instruments maturing in 397 days or less. o The account's average weighted maturity is 90 days or less. PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003 The CREF Money Market Account posted a return of 0.41%, beating the 0.37% return of its benchmark, the iMoneyNet Money Fund Report AveragesTM--All Taxable. In June 2003, the Federal Reserve lowered the federal funds rate from 1.25% to 1.00%, the lowest it has been in 45 years. Concerned that the risk of deflation may outweigh that of inflation, the Federal Reserve left open the possibility of another rate cut if the economy does not start to grow at a faster pace. We made several changes to the account's asset allocation during the first six months of 2003, based on our evaluation of the changing short-term credit picture. Holdings in the U.S. government and agency securities increased from 16% to 20%. We also increased holdings in bank liabilities from 7% to 9%. We decreased our holdings in commercial paper from 73% to 68% and reduced our positions in floating rate securities from 4% to 3%. - -------------------------------------------------------------------------------- $10,000 OVER TEN YEARS [The table below represents a line chart in the printed report.] iMoneyNet Money Money Market Fund Report Date Account Averages--All Taxable ------ ------------ --------------------- Dec-92 10000 10000 Jul-93 10025 10022 Aug-93 10053 10045.05 Sep-93 10078 10067.15 Oct-93 10102 10090.3 Nov-93 10126 10112.5 Dec-93 10153 10135.76 Jan-94 10183 10159.07 Feb-94 10199 10180.41 Mar-94 10225 10204.84 Apr-94 10253 10230.35 May-94 10289 10260.02 Jun-94 10328 10290.8 Jul-94 10371 10323.73 Aug-94 10414 10358.83 Sep-94 10454 10394.05 Oct-94 10490 10432.51 Nov-94 10524 10472.15 Dec-94 10566 10517.18 Jan-95 10622 10563.46 Feb-95 10673 10607.83 Mar-95 10728 10657.68 Apr-95 10779 10706.71 May-95 10831 10757.03 Jun-95 10880 10805.44 Jul-95 10933 10855.14 Aug-95 10984 10903.99 Sep-95 11033 10950.88 Oct-95 11085 10999.06 Nov-95 11135 11046.36 Dec-95 11188 11094.96 Jan-96 11241 11142.67 Feb-96 11287 11185.01 Mar-96 11331 11229.75 Apr-96 11379 11273.55 May-96 11428 11318.64 Jun-96 11476 11362.78 Jul-96 11526 11409.37 Aug-96 11577 11456.15 Sep-96 11628 11501.97 Oct-96 11681 11549.13 Nov-96 11729 11595.33 Dec-96 11779 11642.87 Jan-97 11832 11690.61 Feb-97 11879 11733.86 Mar-97 11929 11781.97 Apr-97 11982 11830.28 May-97 12038 11879.96 Jun-97 12094 11928.67 Jul-97 12150 11979.96 Aug-97 12206 12031.48 Sep-97 12260 12080.81 Oct-97 12317 12132.75 Nov-97 12370 12183.71 Dec-97 12428 12236.1 Jan-98 12489 12288.72 Feb-98 12540 12336.64 Mar-98 12596 12389.69 Apr-98 12650 12440.49 May-98 12708 12492.74 Jun-98 12764 12543.96 Jul-98 12822 12597.9 Aug-98 12882 12652.07 Sep-98 12940 12703.94 Oct-98 12996 12754.76 Nov-98 13049 12803.23 Dec-98 13105 12853.16 Jan-99 13159 12902 Feb-99 13205 12944.58 Mar-99 13257 12992.47 Apr-99 13308 13039.25 May-99 13358 13086.19 Jun-99 13405 13131.99 Jul-99 13462 13181.89 Aug-99 13516 13233.3 Sep-99 13572 13284.91 Oct-99 13631 13338.05 Nov-99 13693 13391.4 Dec-99 13758 13448.98 Jan-00 13824 13506.81 Feb-00 13886 13562.19 Mar-00 13952 13623.22 Apr-00 14018 13684.53 May-00 14088 13750.21 Jun-00 14164 13816.21 Jul-00 14243 13886.68 Aug-00 14321 13957.5 Sep-00 14397 14025.89 Oct-00 14475 14097.42 Nov-00 14550 14166.5 Dec-00 14633 14238.75 1/1/2003 14713 14307.09 2/1/2003 14776 14364.32 3/1/2003 14840 14423.22 4/1/2003 14898 14476.58 5/1/2003 14953 14525.8 6/1/2003 14998 14569.38 7/1/2003 15045 14611.63 8/1/2003 15089 14651.08 9/1/2003 15134 14686.25 10/1/2003 15176 14715.62 11/1/2003 15202 14739.16 12/1/2003 15224 14759.8 1/2/2003 15244 14778.99 2/2/2003 15261 14795.24 3/2/2003 15273 14813 4/2/2003 15300 14829.29 5/2/2003 15322 14845.6 6/2/2003 15343 14861.93 7/2/2003 15364 14878.28 8/2/2003 15383 14894.65 9/2/2003 15401 14909.54 10/2/2003 15421 14924.45 11/2/2003 15438 14937.88 12/2/2003 15454 14949.83 1/3/2003 15466 14960.3 2/3/2003 15475 14969.28 3/3/2003 15486 14978.26 4/3/2003 15497 14987.24 5/3/2003 15508 14996.24 6/3/2003 15517 15003.73 The graph assumes a $10,000 investment in the CREF Money Market Account on July 1, 1993. It shows that, by June 30, 2003, the investment would have grown to $15,517. For comparison, the graph shows how the iMoneyNet Money Fund Report Averages-All Taxable, the Money Market Account's benchmark, changed over the same period. - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION BY INVESTMENT SECTOR AS OF 6/30/2003 [The table below represents a pie chart in the printed report.] Commercial Paper 68% U.S. Government and Agencies 20% Certificates of Deposit 9% Floating Rate Securities 3% - -------------------------------------------------------------------------------- NET ANNUALIZED YIELD FOR THE 7 DAYS ENDING 6/24/2003 CURRENT YIELD EFFECTIVE YIELD MONEY MARKET ACCOUNT 0.70% 0.70% iMoneyNet Fund Report Averages-All Taxable 0.64 0.64 - -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF EXPENSES FOR RATES OF TOTAL RETURN(1) TOTAL RETURN(1) 6 MONTHS NET ASSETS 1 YEAR 5 YEARS 10 YEARS 6 MONTHS 1 YEAR 5 YEARS 10 YEARS ENDED 6/30/2003 (IN BILLIONS) MONEY MARKET ACCOUNT 1.13% 3.98% 4.49% 0.41% 1.13% 21.56% 55.16% 0.24%(2) $7.24 - ------------------------------------------------------------------------------------------------------------------------------------ iMoneyNet Money Fund Report Averages --All Taxable 0.96 3.66 4.15 0.37 0.96 19.60 50.03 -- -- - ------------------------------------------------------------------------------------------------------------------------------------
(1) Past performance should not be taken as a guarantee of the same future rates of return from the Money Market Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. An investment in the CREF Money Market Account is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. The current yield more closely reflects current earnings than does the total return. (2) The expense ratio shown here is based on actual expenses for the first six months of 2003. Note that the expense ratio quoted in the prospectus is an estimate (annualized) based on projected expenses and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in investment results. 4 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Inflation-Linked Bond Account INVESTMENT OBJECTIVE The CREF Inflation-Linked Bond Account seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds. PORTFOLIO PROFILE o Under normal circumstances, the account invests at least 80% of its assets in U.S. Treasury inflation-indexed securities (TIIS), as well as inflation-indexed securities issued by U.S. corporations and foreign governments. o Unlike the principal value of conventional bonds, the principal value of inflation-indexed securities varies, while the coupon rate generally remains fixed to maturity. PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003 The CREF Inflation-Linked Bond Account posted a total return of 6.09% for the period, versus 6.27% for its benchmark, the Salomon Smith Barney Inflation-Linked Securities Index. The difference is largely due to the fact that, unlike the account, the index does not reflect expense charges. Overall, the first half of 2003 was a strong period for TIIS, despite some detracting economic factors and mixed results. In the current low interest rate environment, the real (above-inflation) rates offered by these securities were the major driver of performance. The inflation rate itself--and investors' anticipation of future inflation--both declined during the period. On a year-over-year basis, the overall inflation rate, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), slowed from 2.4% in 2002 to 2.1% at the end of June. Although TIIS sold off in March and April following the invasion of Iraq, the weak U.S. dollar, the stabilization of energy prices, and the Federal Reserve's efforts to ward off deflation all served to revive the market for these securities. As of June 30, the account's duration of 9.25 years remained similar to that of the benchmark, which helped the account closely track the index. - -------------------------------------------------------------------------------- $10,000 SINCE 5/1/1997 INCEPTION [The table below represents a line chart in the printed report.] Salomon Smith Barney Inflation-Linked Inflation-Linked Date Bond Account Securities Index ------ ---------------- -------------------- May-97 10000 10000 May-97 10048 10052 Jun-97 10015 10021 Jul-97 10109 10114 Aug-97 10138 10146 Sep-97 10157 10165 Oct-97 10260 10276 Nov-97 10310 10330 Dec-97 10258 10283 Jan-98 10306 10335 Feb-98 10302 10326 Mar-98 10290 10320 Apr-98 10328 10357 May-98 10378 10425 Jun-98 10422 10454 Jul-98 10461 10502 Aug-98 10489 10521 Sep-98 10683 10746 Oct-98 10708 10765 Nov-98 10691 10758 Dec-98 10615 10687 Jan-99 10742 10815 Feb-99 10670 10740 Mar-99 10670 10745 Apr-99 10733 10805 May-99 10798 10888 Jun-99 10800 10887 Jul-99 10799 10886 Aug-99 10814 10907 Sep-99 10850 10946 Oct-99 10868 10968 Nov-99 10935 11037 Dec-99 10839 10942 Jan-00 10896 11006 Feb-00 10991 11111 Mar-00 11318 11431 Apr-00 11451 11574 May-00 11426 11543 Jun-00 11561 11689 Jul-00 11659 11785 Aug-00 11736 11873 Sep-00 11799 11943 Oct-00 11936 12085 Nov-00 12108 12256 Dec-00 12222 12376 Jan-01 12483 12649 Feb-01 12693 12859 Mar-01 12786 12979 Apr-01 12879 13054 May-01 13027 13208 Jun-01 13004 13193 Jul-01 13207 13402 Aug-01 13225 13431 Sep-01 13307 13521 Oct-01 13621 13853 Nov-01 13299 13487 Dec-01 13159 13357 Jan-02 13228 13407 Feb-02 13426 13628 Mar-02 13335 13545 Apr-02 13698 13914 May-02 13914 14135 Jun-02 14106 14341 Jul-02 14339 14588 Aug-02 14854 15119 9/2/2003 15225 15505 10/2/2003 14807 15071 11/2/2003 14789 15066 12/2/2003 15306 15583 1/3/2003 15394 15680 2/3/2003 15962 16227 3/3/2003 15692 16004 4/3/2003 15639 15976 5/3/2003 16391 16734 6/3/2003 16238 16560 The graph assumes a $10,000 investment in the CREF Inflation-Linked Bond Account on May 1, 1997. It shows that, by June 30, 2003, the investment would have grown to $16,238. For comparison, the graph shows how the Salomon Smith Barney Inflation-Linked Securities Index, the Inflation-Linked Bond Account's benchmark, changed over the same period. - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION BY MATURITY AS OF 6/30/2003 [The table below represents a pie chart in the printed report.] 4-10 Year Bonds 66.3% Over 25 Year Bonds 33.7% - -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF EXPENSES FOR RATES OF TOTAL RETURN(1,2) TOTAL RETURN(1,2) 6 MONTHS SINCE SINCE ENDED NET ASSETS 1 YEAR 5 YEARS INCEPTION(3) 6 MONTHS 1 YEAR 5 YEARS INCEPTION(3) 6/30/2003 (IN BILLIONS) INFLATION-LINKED BOND ACCOUNT 15.12% 9.27% 8.17% 6.09% 15.12% 55.81% 62.38% 0.24%(4) $2.91 - ----------------------------------------------------------------------------------------------------------------------------------- Salomon Smith Barney Inflation-Linked Securities Index 15.52 9.64 8.53 6.27 15.52 58.47 65.66 -- -- - -----------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the CREF Inflation-Linked Bond Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Inflation-Linked Bond Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) Inception date: 5/1/1997 (4) The expense ratio shown here is based on actual expenses for the first six months of 2003. Note that the expense ratio quoted in the prospectus is an estimate (annualized) based on projected expenses and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in investment results. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 5 Bond Market Account INVESTMENT OBJECTIVE The CREF Bond Market Account seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital. PORTFOLIO PROFILE o Under normal circumstances, the account invests at least 80% of its assets in a broad range of debt securities. The majority of its assets are in U.S. Treasury and agency securities, corporate bonds, and mortgage-backed or other asset-backed securities. o Most holdings are investment-grade securities rated in the top four credit categories by Moody's Investors Service or Standard & Poor's, or securities that we determine are of comparable quality. o The account is managed to track the Lehman Brothers Aggregate Bond Index. We will overweight or underweight individual securities or sectors, in comparison with their weights in the Lehman index, depending on where we find undervalued, overlooked, or misunderstood issues that we believe offer the potential for returns superior to those of the index. PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003 The CREF Bond Market Account posted a total return of 4.30% for the period. This was higher that the 3.93% return of its benchmark, the Lehman Brothers Aggregate Bond Index, but below the 5.07% average return of similar variable annuities as measured by the Morningstar Intermediate-Term Bond (VA) category. As of June 30, the Morningstar category tracked 832 variable annuity accounts. The account outperformed its benchmark during the period primarily because of its overweight position in corporate bonds and its strategic management of holdings in U.S. Treasury inflation-indexed securities (TIIS), which are not included in the Lehman index. In the first half of 2003, U.S. Treasury yields declined sharply amid growing concerns about the possibility of deflation. With interest rates at historically low levels, fixed-income investors turned away from U.S. Treasury and agency securities in favor of corporate, mortgage-backed, and asset-backed securities. These sectors all posted stronger returns than similar duration Treasury securities. The account's performance relative to the benchmark was helped by a modest overweight position in mortgage-backed securities and corporate bonds, with an emphasis on the cable, telecommunications, automotive, natural gas pipeline, and home construction industries. Contributors to performance included telecommu- nications companies AT&T Wireless, Comcast, and Sprint; utilities companies FirstEnergy and TXU Energy; media giant News Corporation; Household Finance; Pulte Homes; and Ford. The account also benefited by avoiding several securities that significantly underperformed the index, including Ahold, Philip Morris, Tyson Foods, and Bombardier. These gains were partially offset by the effects of underweight positions in airline securities, which helped performance in the first quarter but detracted from it in the second. In the first quarter of 2003, the account's performance gained about 0.25% from our large holdings in U.S. Treasury inflation-indexed securities. At the end of the first quarter, we made the strategic decision to sell all of our TIIS holdings to take advantage of other investment opportunities. The account's option-adjusted duration was 4.33 years as of June 30, 2003, compared with 4.20 years for the benchmark. Keeping the duration of the account's holdings close to that of the benchmark helps mitigate risk by ensuring that the account's performance closely tracks that of the index. The Account's Benchmark The benchmark we use for the CREF Bond Market Account is the Lehman Brothers Aggregate Bond Index, representing the U.S. bond market. The index includes 7,454 taxable government, investment-grade corporate, and mortgage-backed securities. 6 College Retirement Equities Fund 2003 SEMIANNUAL REPORT - -------------------------------------------------------------------------------- $10,000 OVER TEN YEARS [The table below represents a line chart in the printed report.] Bond Market Lehman Brothers Date Account Aggregate Bond Index ------ ----------- -------------------- Dec-92 10000 10000 Jul-93 10070 10057 Aug-93 10294 10233 Sep-93 10329 10261 Oct-93 10389 10299 Nov-93 10255 10212 Dec-93 10309 10267 Jan-94 10471 10406 Feb-94 10238 10225 Mar-94 9959 9973 Apr-94 9867 9893 May-94 9860 9892 Jun-94 9818 9870 Jul-94 9986 10066 Aug-94 10004 10078 Sep-94 9871 9930 Oct-94 9855 9921 Nov-94 9833 9899 Dec-94 9899 9968 Jan-95 10055 10165 Feb-95 10276 10406 Mar-95 10341 10470 Apr-95 10486 10617 May-95 10910 11027 Jun-95 10982 11108 Jul-95 10940 11083 Aug-95 11068 11217 Sep-95 11177 11326 Oct-95 11324 11474 Nov-95 11497 11646 Dec-95 11664 11809 Jan-96 11734 11887 Feb-96 11515 11681 Mar-96 11429 11600 Apr-96 11360 11534 May-96 11329 11511 Jun-96 11474 11666 Jul-96 11505 11697 Aug-96 11479 11678 Sep-96 11672 11881 Oct-96 11928 12145 Nov-96 12135 12353 Dec-96 12023 12238 Jan-97 12061 12275 Feb-97 12089 12306 Mar-97 11955 12169 Apr-97 12129 12352 May-97 12238 12468 Jun-97 12394 12616 Jul-97 12729 12957 Aug-97 12621 12846 Sep-97 12810 13035 Oct-97 12997 13225 Nov-97 13040 13285 Dec-97 13174 13419 Jan-98 13345 13591 Feb-98 13333 13581 Mar-98 13384 13628 Apr-98 13450 13699 May-98 13583 13829 Jun-98 13697 13946 Jul-98 13729 13976 Aug-98 13953 14203 Sep-98 14279 14536 Oct-98 14217 14459 Nov-98 14244 14541 Dec-98 14308 14585 Jan-99 14399 14689 Feb-99 14113 14433 Mar-99 14193 14513 Apr-99 14239 14559 May-99 14100 14431 Jun-99 14040 14385 Jul-99 13969 14324 Aug-99 13959 14317 Sep-99 14151 14483 Oct-99 14203 14536 Nov-99 14211 14535 Dec-99 14147 14465 Jan-00 14083 14418 Feb-00 14249 14592 Mar-00 14442 14784 Apr-00 14406 14742 May-00 14385 14735 Jun-00 14694 15042 Jul-00 14829 15178 Aug-00 15039 15398 Sep-00 15156 15495 Oct-00 15255 15598 Nov-00 15496 15853 Dec-00 15809 16147 1/1/2003 16031 16411 2/1/2003 16172 16554 3/1/2003 16233 16637 4/1/2003 16168 16568 5/1/2003 16262 16668 6/1/2003 16321 16731 7/1/2003 16692 17105 8/1/2003 16859 17301 9/1/2003 17111 17502 10/1/2003 17436 17868 11/1/2003 17192 17622 12/1/2003 17062 17510 1/2/2003 17189 17652 2/2/2003 17368 17823 3/2/2003 17080 17527 4/2/2003 17404 17866 5/2/2003 17543 18018 6/2/2003 17668 18174 7/2/2003 17882 18393 8/2/2003 18200 18704 9/2/2003 18488 19007 10/2/2003 18381 18919 11/2/2003 18373 18914 12/2/2003 18781 19305 1/3/2003 18809 19323 2/3/2003 19099 19589 3/3/2003 19080 19574 4/3/2003 19248 19736 5/3/2003 19629 20103 6/3/2003 19588 20063 The graph assumes a $10,000 investment in the CREF Bond Market Account on July 1, 1993. It shows that, by June 30, 2003, the investment would have grown to $19,588. For comparison, the graph shows how the Lehman Brothers Aggregate Bond Index, the Bond Market Account's benchmark, changed over the same period. - -------------------------------------------------------------------------------- RATINGS OF LONG-TERM BONDS AS OF 6/30/2003 The bonds we buy are typically of high credit quality; the majority carry ratings of A or higher from the major rating agencies. As of June 30, 2003, the quality ratings of the account's long-term debt holdings were as follows: RATING PERCENT U.S. TREASURY AND AGENCY SECURITIES (not rated) .... 40.5 INVESTMENT GRADE Mortgage-Backed and Asset-Backed Securities Aaa/AAA ........ 33.2 Other Long-Term Debt Aaa/AAA ........ 1.0 Aa/AA .......... 4.9 A/A ............ 8.3 Baa/BBB ........ 9.7 BELOW INVESTMENT GRADE Ba/BB .......... 0.5 B/B ............ 0.5 TIAA-CREF HIGH-YIELD BOND FUND SHARES (not rated) .... 0.1 - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION BY SECTOR AS OF 6/30/2003 [The table below represents a pie chart in the printed report.] U.S. Treasury and Agency Securities 40.5% Mortgage-Backed and Other Asset-Backed Securities 33.2% Corporate Bonds 23.2% Foreign Government and Foreign Corporate Bonds Denominated in U.S. Dollars 1.8% Investments Maturing in Less Than a Year 1.3% The account's position in short-term securities is primarily related to long-term debt purchases that had not yet closed as of June 30, 2003, plus collateral for bonds lent under our securities lending program. - -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 6/30/2003 MARKET PERCENT COUPON MATURITY PRINCIPAL VALUE OF NET ISSUER RATE DATE (000) (000) ASSETS U.S. Treasury Bond 8.000% 11/15/21 248,610 $360,164 5.91 FHLMC 1.875 01/15/05 342,000 345,069 5.67 FHLMC 3.670 02/12/08 293,000 297,125 4.88 U.S. Treasury Bond 10.000 05/15/10 227,000 262,907 4.32 FNMA 6.000 08/25/33 195,000 202,495 3.32 U.S. Treasury Bond 7.250 05/15/16 134,450 178,808 2.94 FHLMC 1.875 02/15/05 120,140 121,192 1.99 FFCB 2.250 09/01/06 110,050 111,011 1.82 FHLMC 6.875 01/15/05 97,200 105,454 1.73 FNMA 2.250 05/15/06 98,000 99,310 1.63 FHLMC: Federal Home Loan Mortgage Corporation; FNMA: Federal National Mortgage Association; FFBC: Federal Farm Credit Bank. - -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF EXPENSES FOR RATES OF TOTAL RETURN(1,2) TOTAL RETURN(1,2) 6 MONTHS NET ASSETS 1 YEAR 5 YEARS 10 YEARS 6 MONTHS 1 YEAR 5 YEARS 10 YEARS ENDED 6/30/2003 (IN BILLIONS) BOND MARKET ACCOUNT 10.88% 7.42% 6.96% 4.30% 10.88% 43.02% 95.89% 0.24%(3) $6.09 - ------------------------------------------------------------------------------------------------------------------------------------ Lehman Brothers Aggregate Bond Index 10.40 7.54 7.21 3.93 10.40 43.87 100.64 -- -- Morningstar Intermediate-Term Bond (VA) category 8.75 3.98 5.44 5.07 8.75 21.54 69.91 -- -- - ------------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the CREF Bond Market Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Bond Market Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) The expense ratio shown here is based on actual expenses for the first six months of 2003. Note that the expense ratio quoted in the prospectus is an estimate (annualized) based on projected expenses and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in investment results. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 7 Social Choice Account INVESTMENT OBJECTIVE The CREF Social Choice Account seeks a favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria. PORTFOLIO PROFILE o The account is a balanced account--its assets are invested primarily in a diversified set of equities, fixed-income securities, and short-term debt instruments. o The account invests only in companies that are suitable from a financial perspective and whose activities are consistent with the account's social criteria. PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003 The CREF Social Choice Account completed the period with a total return of 9.59%, outperforming the 9.19% return of its composite benchmark. (The composite benchmark is a weighted average of the Russell 3000(R) Index and the Lehman Brothers Aggregate Bond Index in proportions that match the 60% equity/40% bond composition the portfolio seeks to maintain. For performance that includes periods prior to July 1, 2002, the composite index takes into account the change in the account's benchmark, from the S&P 500 Index to the Russell 3000 Index on that date.) The account's return was also higher than that of similar variable annuities, as measured by the 8.45% return of the Morningstar Moderate Allocation (VA) category, which tracked 1,017 variable annuity accounts as of June 30. Neither the benchmark nor the Morningstar category screens investments for social criteria. The performance of the equities portion of the account, relative to the benchmark, was positively affected by social screens excluding stocks that significantly underperformed the index. Among them were Exxon Mobil, Wal-Mart Stores, health care company HCA, Inc. and drugmaker Schering-Plough. These positive factors were partially offset by the exclusion, due to the account's screens, of certain well-performing stocks, including Citigroup, General Electric, biotechnology firm Genentech, and travel and hotel company Cendant. 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 equity portion of the portfolio closely resemble those of the index. As a result, the account had overweight holdings in several stocks, including Procter & Gamble, Johnson & Johnson, and American International Group, that underperformed the index. This had a negative, but minor, effect on relative performance. In the fixed-income portion of the account, performance relative to the benchmark was helped in the first quarter of 2003 by our large holdings in U.S. Treasury inflation-indexed securities (TIIS), which are not included in the benchmark. In the second quarter, the account's fixed-income returns were helped by overweight positions in corporate bonds in the cable and telecommunications sectors and mortgage-backed securities. Contributors to performance also included bonds issued by telecommunications companies AT&T Wireless, Comcast, and Sprint. Underweight bond holdings in airlines such as American, Delta, and Northwest slightly detracted from returns. Screening process adopted 7/1/2002 The account invests primarily in stocks, bonds, and money market instruments. It invests only in companies that pass two kinds of social screens. First, the account will exclude certain companies based on revenues derived from involvement with alcohol, tobacco, gambling, weapons production, or nuclear power. The remaining companies under consideration for investment will then be evaluated and selected based on additional criteria, such as respect for the environment and human rights, charitable giving, fair labor and governance practices, quality products, and leadership in research and development. The account continues to invest in government securities. 8 College Retirement Equities Fund 2003 SEMIANNUAL REPORT The Account's Benchmarks Through June 30, 2002, the benchmarks we used for the two components of the Social Choice Account were the S&P 500 Index, representing the U.S. stock market, and the Lehman Brothers Aggregate Bond Index, representing fixed-income investments. As of July 1, 2002, the account's equity portion attempts to track the returns of the Russell 3000 Index instead of the S&P 500 Index. The fixed-income index remains unchanged. - -------------------------------------------------------------------------------- $10,000 OVER TEN YEARS [The table below represents a line chart in the printed report.] Lehman Brothers Social Choice S&P 500 Aggregate Bond Russell 3000 Date Account Index Index Index ------- ------------- ------- --------------- ------------ Dec-92 10000 10000 10000 10000 Jul-93 9996 9960 10057 9983 Aug-93 10355 10338 10233 10371 Sep-93 10375 10258 10261 10370 Oct-93 10485 10471 10299 10518 Nov-93 10271 10371 10212 10356 Dec-93 10328 10496 10267 10559 Jan-94 10560 10853 10406 10882 Feb-94 10314 10559 10225 10618 Mar-94 9937 10098 9973 10154 Apr-94 10027 10228 9893 10270 May-94 10101 10395 9892 10383 Jun-94 9972 10141 9870 10099 Jul-94 10235 10474 10066 10412 Aug-94 10447 10903 10078 10866 Sep-94 10229 10637 9930 10635 Oct-94 10337 10876 9921 10811 Nov-94 10106 10479 9899 10416 Dec-94 10193 10635 9968 10577 Jan-95 10449 10911 10165 10809 Feb-95 10801 11336 10406 11251 Mar-95 10963 11670 10470 11531 Apr-95 11224 12014 10617 11832 May-95 11671 12494 11027 12261 Jun-95 11905 12784 11108 12616 Jul-95 12113 13208 11083 13123 Aug-95 12200 13242 11217 13239 Sep-95 12529 13800 11326 13752 Oct-95 12563 13751 11474 13633 Nov-95 12992 14355 11646 14238 Dec-95 13199 14631 11809 14471 Jan-96 13511 15129 11887 14891 Feb-96 13514 15270 11681 15110 Mar-96 13546 15417 11600 15262 Apr-96 13640 15644 11534 15551 May-96 13814 16047 11511 15949 Jun-96 13911 16108 11666 15898 Jul-96 13575 15397 11697 15066 Aug-96 13785 15721 11678 15523 Sep-96 14348 16606 11881 16368 Oct-96 14728 17064 12145 16667 Nov-96 15495 18354 12353 17843 Dec-96 15249 17991 12238 17628 Jan-97 15861 19115 12275 18603 Feb-97 15982 19264 12306 18624 Mar-97 15498 18473 12169 17781 Apr-97 16190 19576 12352 18657 May-97 16778 20768 12468 19931 Jun-97 17294 21698 12616 20759 Jul-97 18323 23424 12957 22387 Aug-97 17639 22112 12846 21479 Sep-97 18303 23323 13035 22697 Oct-97 18120 22544 13225 21934 Nov-97 18683 23588 13285 22774 Dec-97 19004 23993 13419 23231 Jan-98 19159 24258 13591 23351 Feb-98 19964 26008 13581 25021 Mar-98 20588 27340 13628 26261 Apr-98 20687 27615 13699 26520 May-98 20495 27140 13829 25865 Jun-98 21071 28242 13946 26740 Jul-98 20952 27942 13976 26254 Aug-98 19155 23902 14203 22232 Sep-98 19980 25433 14536 23749 Oct-98 21058 27502 14459 25551 Nov-98 21748 29168 14541 27114 Dec-98 22541 30849 14585 28837 Jan-99 23105 32139 14689 29817 Feb-99 22577 31140 14433 28761 Mar-99 23140 32386 14513 29816 Apr-99 23672 33641 14559 31162 May-99 23214 32846 14431 30570 Jun-99 23954 34669 14385 32115 Jul-99 23524 33587 14324 31141 Aug-99 23443 33421 14317 30787 Sep-99 23137 32505 14483 30000 Oct-99 24089 34561 14536 31882 Nov-99 24351 35264 14535 32774 Dec-99 24976 37341 14465 34866 Jan-00 24282 35465 14418 33499 Feb-00 24051 34794 14592 33809 Mar-00 25664 38198 14784 36458 Apr-00 25180 37048 14742 35173 May-00 24929 36288 14735 34185 Jun-00 25543 37182 15042 35197 Jul-00 25445 36601 15178 34575 Aug-00 26422 38875 15398 37139 Sep-00 25649 36822 15495 35458 Oct-00 25630 36667 15598 34953 Nov-00 24607 33776 15853 31731 Dec-00 25060 33941 16147 32264 1/1/2003 25680 35146 16411 33368 2/1/2003 24279 31941 16554 30319 3/1/2003 23450 29918 16637 28343 4/1/2003 24373 32242 16568 30616 5/1/2003 24487 32458 16668 30862 6/1/2003 24106 31668 16731 30293 7/1/2003 24269 31357 17105 29793 8/1/2003 23485 29394 17301 28034 9/1/2003 22553 27020 17502 25561 10/1/2003 23019 27535 17868 26156 11/1/2003 23816 29647 17622 28170 12/1/2003 23866 29907 17510 28567 1/2/2003 23740 29471 17652 28209 2/2/2003 23541 28902 17823 27632 3/2/2003 23952 29989 17527 28844 4/2/2003 23369 28171 17866 27331 5/2/2003 23346 27963 18018 27014 6/2/2003 22346 25971 18174 25069 7/2/2003 21415 23948 18393 23076 8/2/2003 21657 24106 18704 23185 9/2/2003 20513 21486 19007 20748 10/2/2003 21481 23377 18919 22400 11/2/2003 22198 24751 18914 23755 12/2/2003 21679 23296 19305 22413 1/3/2003 21401 22686 19323 21864 2/3/2003 21294 22345 19589 21503 3/3/2003 21416 22562 19574 21729 4/3/2003 22532 24421 19736 23504 5/3/2003 23633 25708 20103 24924 6/3/2003 23759 26037 20063 25260 The graph assumes a $10,000 investment in the CREF Social Choice Account on July 1, 1993. It shows that, by June 30, 2003, the investment would have grown to $23,759. For comparison, the graph shows how the Social Choice Account's benchmarks changed over the same period. - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION AS OF 6/30/2003 [The table below represents a pie chart in the printed report.] U.S. Stocks 62.0% Long-Term Bonds 36.7% Short-Term Investments 1.3% - -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 6/30/2003 This portfolio contains both stocks and bonds. For stocks, the number of shares is shown. For bonds, maturity date and amount of principal are shown. PRINCIPAL/ MARKET PERCENT COUPON MATURITY SHARES VALUE OF NET ISSUER RATE DATE (000) (000) ASSETS U.S. Treasury Bond 8.000% 11/15/21 $ 92,800 $134,440 2.65 FNMA 2.250 05/15/06 $125,000 126,671 2.50 U.S. Treasury Bond 10.000 05/15/10 $ 83,283 96,457 1.90 FHLMC 1.875 01/15/05 $ 93,000 93,835 1.85 Microsoft Corp na na 3,114 79,761 1.57 Johnson & Johnson na na 1,444 74,652 1.47 Merck & Co. Inc na na 1,206 73,027 1.44 U.S. Treasury Bond 7.250 05/15/16 $ 53,400 71,018 1.40 FNMA 6.000 08/25/33 $ 66,000 68,537 1.35 Procter & Gamble Co na na 679 60,553 1.19 FNMA: Federal National Mortgage Association; FHLMC: Federal Home Loan Mortgage Corporation - -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF EXPENSES FOR RATES OF TOTAL RETURN(1,2) TOTAL RETURN(1,2) 6 MONTHS NET ASSETS 1 YEAR 5 YEARS 10 YEARS 6 MONTHS 1 YEAR 5 YEARS 10 YEARS ENDED 6/30/2003 (IN BILLIONS) SOCIAL CHOICE ACCOUNT 6.31% 2.43% 9.04% 9.59% 6.31% 12.75% 137.57% 0.31%3 $5.07 - ------------------------------------------------------------------------------------------------------------------------------------ Russell 3000(R) Index 0.77 -1.13 9.71 12.71 0.77 -5.53 152.64 -- -- CREF Social Choice Composite Benchmark 4.62 2.70 8.77 9.19 4.62 14.23 131.84 -- -- S&P 500(R) Index 0.25 -1.61 10.04 11.76 0.25 -7.81 160.37 -- -- Lehman Brothers Aggregate Bond Index 10.40 7.54 7.21 3.93 10.40 43.87 100.64 -- -- Morningstar Moderate Allocation (VA) category 3.16 0.54 6.22 8.45 3.16 2.72 82.87 -- -- - ------------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the CREF Social Choice Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2776. (2) Past performance of the Social Choice Account should not be taken as a guarantee of the same future rates of return. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) The expense ratio shown here is based on actual expenses for the first six months of 2003. Note that the expense ratio quoted in the prospectus is an estimate (annualized) based on projected expenses and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in investment results. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 9 Equity Index Account INVESTMENT OBJECTIVE The CREF Equity Index Account seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the U.S., as represented by a broad stock market index. PORTFOLIO PROFILE o The account's benchmark is the Russell 3000(R) Index. o The account may use a sampling approach to create a portfolio that closely matches the overall investment characteristics of the index, without investing in all 3,000 stocks. PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003 The CREF Equity Index Account posted a total return of 12.41% for the first half of 2003, compared with the 12.71% return of its benchmark, the Russell 3000 Index. The index does not factor in any charge for expenses. - -------------------------------------------------------------------------------- $10,000 SINCE 4/29/1994 INCEPTION [The table below represents a line chart in the printed report.] Equity Index Russell 3000 Date Account Index ------ ----- ----- May-94 10000 10000 May-94 10096 10110 Jun-94 9829 9833 Jul-94 10145 10138 Aug-94 10589 10580 Sep-94 10348 10355 Oct-94 10516 10526 Nov-94 10133 10142 Dec-94 10279 10299 Jan-95 10504 10525 Feb-95 10938 10955 Mar-95 11189 11227 Apr-95 11477 11520 May-95 11894 11939 Jun-95 12222 12284 Jul-95 12713 12777 Aug-95 12816 12891 Sep-95 13304 13390 Oct-95 13193 13274 Nov-95 13774 13863 Dec-95 13996 14090 Jan-96 14393 14499 Feb-96 14594 14712 Mar-96 14740 14860 Apr-96 15016 15142 May-96 15381 15529 Jun-96 15331 15479 Jul-96 14574 14669 Aug-96 15015 15114 Sep-96 15830 15937 Oct-96 16111 16228 Nov-96 17236 17373 Dec-96 17017 17164 Jan-97 17943 18113 Feb-97 17954 18133 Mar-97 17136 17313 Apr-97 17985 18165 May-97 19193 19406 Jun-97 19989 20213 Jul-97 21564 21798 Aug-97 20660 20913 Sep-97 21812 22099 Oct-97 21072 21357 Nov-97 21879 22175 Dec-97 22323 22619 Jan-98 22439 22736 Feb-98 24031 24363 Mar-98 25207 25570 Apr-98 25434 25821 May-98 24824 25184 Jun-98 25669 26035 Jul-98 25228 25563 Aug-98 21407 21647 Sep-98 22827 23123 Oct-98 24563 24879 Nov-98 26061 26400 Dec-98 27707 28078 Jan-99 28636 29032 Feb-99 27633 28004 Mar-99 28635 29031 Apr-99 29915 30342 May-99 29326 29765 Jun-99 30823 31269 Jul-99 29906 30321 Aug-99 29591 29976 Sep-99 28848 29210 Oct-99 30622 31042 Nov-99 31478 31911 Dec-99 33476 33947 Jan-00 32155 32617 Feb-00 32389 32919 Mar-00 34877 35498 Apr-00 33702 34247 May-00 32795 33285 Jun-00 33723 34271 Jul-00 33143 33665 Aug-00 35601 36161 Sep-00 33973 34524 Oct-00 33509 34032 Nov-00 30437 30896 Dec-00 30936 31415 1/1/2003 31975 32490 2/1/2003 29059 29521 3/1/2003 27167 27597 4/1/2003 29338 29810 5/1/2003 29569 30049 6/1/2003 29008 29495 7/1/2003 28529 29009 8/1/2003 26844 27296 9/1/2003 24475 24888 10/1/2003 25033 25467 11/1/2003 26942 27428 12/1/2003 27307 27815 1/2/2003 26957 27466 2/2/2003 26399 26905 3/2/2003 27539 28084 4/2/2003 26091 26611 5/2/2003 25791 26303 6/2/2003 23927 24409 7/2/2003 22028 22581 8/2/2003 22123 22687 9/2/2003 19801 20303 10/2/2003 21366 21919 11/2/2003 22645 23245 12/2/2003 21364 21932 1/3/2003 20836 21394 2/3/2003 20486 21041 3/3/2003 20693 21262 4/3/2003 22371 22999 5/3/2003 23704 24389 6/3/2003 24012 24718 The graph assumes a $10,000 investment in the CREF Equity Index Account on April 29, 1994. It shows that, by June 30, 2003, the investment would have grown to $24,012. For comparison, the graph shows how the Russell 3000, the Equity Index Account's benchmark, changed over the same period. TEN LARGEST HOLDINGS AS OF 6/30/03 SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS General Electric Co 5.7 $162.1 2.80 Pfizer, Inc 4.5 152.5 2.64 Exxon Mobil Corp 3.8 135.7 2.35 Microsoft Corp 5.1 129.6 2.24 Citigroup, Inc 2.9 124.6 2.15 Johnson & Johnson 1.7 86.8 1.50 Wal-Mart Stores, Inc 1.5 80.7 1.40 Intel Corp 3.7 76.8 1.33 Merck & Co, Inc 1.3 76.8 1.33 Int'l Business Machines Corp 0.9 75.6 1.31 PORTFOLIO COMPOSITION AS OF 6/30/2003 Consumer Products and Services 36.6% Financial Services 20.4% Technology 15.6% Manufacturing and Materials 13.3% Utilities 6.8% Energy 5.3% Transportation 1.4% Short-Term Investments 0.6% PERFORMANCE AT A GLANCE AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND CUMULATIVE RATES OF EXPENSES FOR RATES OF TOTAL RETURN(1,2) TOTAL RETURN(1,2) 6 MONTHS SINCE SINCE ENDED NET ASSETS 1 YEAR 5 YEARS INCEPTION(3) 6 MONTHS 1 YEAR 5 YEARS INCEPTION(3) 6/30/2003 (IN BILLIONS) EQUITY INDEX ACCOUNT 0.37% -1.32% 10.08% 12.41% 0.37% -6.44% 141.43% 0.27%(4) $5.78 Russell 3000 Index5 0.77 -1.13 10.36 12.71 0.77 -5.53 147.22 -- --
(1) Due to market volatility, recent performance of the CREF Equity Index Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org or call 800 842-2776. (2) Past performance of the Equity Index Account should not be taken as a guarantee of the same future rates of return. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) Inception date: 4/29/1994 (4) The expense ratio shown here is based on actual expenses for the first six months of 2003. Note that the expense ratio quoted in the prospectus is an estimate (annualized) based on projected expenses and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in investment results. (5) The Russell 3000 is an unmanaged index of stocks of about 3,000 of the largest (based on market capitalization) publicly traded U.S. companies. The Russell 3000 Index is a trademark and service mark of the Frank Russell Company. No CREF account is promoted, endorsed, sponsored, or sold by or affiliated with the Frank Russell Company. 10 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - MONEY MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- GOVERNMENT BOND--0.14% U.S. GOVERNMENT AND AGENCY--0.14% Federal National Mortgage Association (FNMA) $ 10,025,000 3.000%, 06/15/04 ............................... $ 10,220 ---------- 10,220 ---------- TOTAL U.S. GOVERNMENT AND AGENCY TOTAL GOVERNMENT BOND (COST $10,223) 10,220 ---------- SHORT TERM INVESTMENTS--99.79% CERTIFICATES OF DEPOSIT--8.71% Barclays Bank, plc ............................... 49,999 50,000,000 1.220%, 07/28/03 ............................... 50,000 50,000,000 1.220%, 08/04/03 Canadian Imperial Bank Of Commerce ............... 39,997 40,000,000 1.040%, 09/30/03 ............................... 25,046 25,000,000 1.340%, 03/25/04 ............................... 21,326 21,300,000 1.340%, 04/23/04 Credit Agricole .................................. 50,001 50,000,000 1.050%, 08/08/03 ............................... 20,000 20,000,000 1.230%, 07/09/03 First Tennessee National Bank .................... 17,500 17,500,000 1.210%, 07/31/03 Rabobank ......................................... 25,030 25,000,000 1.330%, 05/14/04 Royal Bank Of Scotland plc ....................... 40,000 40,000,000 1.050%, 08/26/03 Toronto Dominion Bank ............................ 50,000 50,000,000 1.200%, 07/03/03 ............................... 17,021 17,000,000 1.350%, 04/15/04 Wells Fargo ...................................... 49,997 50,000,000 1.030%, 08/29/03 ............................... 25,000 25,000,000 1.040%, 08/25/03 ............................... 25,000 25,000,000 1.210%, 07/23/03 ............................... 25,000 25,000,000 1.230%, 07/07/03 Westdeutsche Landesbank .......................... 50,011 50,000,000 1.200%, 08/28/03 ............................... 50,028 50,000,000 1.260%, 10/14/03 ---------- 630,956 TOTAL CERTIFICATES OF DEPOSIT ---------- COMMERCIAL PAPER--66.96% Abn Amro North America Finance, Inc .............. 37,112 37,120,000 1.000%, 07/07/03 ............................... 32,985 33,000,000 1.030%, 07/16/03 American Express Credit Corp ..................... 43,783 43,800,000 1.220%, 07/11/03 ............................... 49,964 50,000,000 1.240%, 07/22/03 ............................... 7,175 7,195,000 1.000%, 10/02/03 American Honda Finance, Corp ..................... 18,514 18,520,000 1.230%, 07/10/03 ............................... 49,960 50,000,000 1.200%, 07/24/03 ............................... 30,977 31,000,000 1.050%, 07/25/03 ............................... 49,952 50,000,000 1.210%, 07/29/03 Asset Securitization Coop Corp ................... 43,997 44,000,000 c 1.220%, 07/02/03 ............................... 19,992 20,000,000 c 1.230%, 07/11/03 ............................... 14,991 15,000,000 c 1.240%, 07/17/03 ............................... 10,992 11,000,000 c 1.170%, 07/23/03 ............................... 9,993 10,000,000 c 1.020%, 07/25/03 ............................... 24,976 25,000,000 c 1.220%, 07/29/03 ............................... 24,973 25,000,000 c 1.050%, 08/06/03 Bank of Nova Scotia .............................. 49,969 50,000,000 1.230%, 07/18/03 ............................... 49,873 50,000,000 1.040%, 09/26/03 Barclays U.S. Funding Corp ....................... 24,467 24,500,000 0.920%, 08/22/03 Bellsouth Corp ................................... 31,165 31,180,000 1.020%, 07/17/03 Beta Finance, Inc ................................ 2,999 3,000,000 c 1.260%, 07/07/03 ............................... 28,992 29,000,000 c 1.230%, 07/08/03 ............................... 7,748 7,750,000 c 1.260%, 07/09/03 ............................... 37,454 37,500,000 c 0.960%, 08/15/03 ............................... 32,956 33,000,000 c 1.000%, 08/20/03 ............................... 2,495 2,500,000 c 1.210%, 09/02/03 ............................... 9,979 10,000,000 c 1.020%, 09/10/03 ............................... 25,446 25,500,000 c 0.980%, 09/11/03 BMW US Capital Corp .............................. 24,985 25,000,000 1.240%, 07/17/03 ............................... 48,471 48,500,000 0.990%, 07/22/03 ............................... 11,985 12,000,000 1.170%, 08/11/03 ............................... 49,937 50,000,000 1.220%, 08/14/03 ............................... 6,984 7,000,000 1.070%, 09/15/03 Canadian Wheat Board (The) ....................... 4,999 5,000,000 1.250%, 07/07/03 ............................... 1,899 1,900,000 1.250%, 07/15/03 ............................... 11,993 12,000,000 1.250%, 07/17/03 ............................... 14,981 15,000,000 1.250%, 08/14/03 ............................... 11,484 11,500,000 1.260%, 08/21/03 ............................... 10,263 10,280,000 1.250%, 08/27/03 ............................... 9,979 10,000,000 1.230%, 09/10/03 Caterpillar Financial Services Corp .............. 15,427 15,435,000 1.250%, 07/15/03 CC (USA), Inc .................................... 5,000 5,000,000 c 1.260%, 07/01/03 ............................... 40,986 41,000,000 c 1.260%, 07/10/03 ............................... 6,497 6,500,000 c 1.250%, 07/14/03 ............................... 21,985 22,000,000 c 1.230%, 07/21/03 ............................... 12,499 12,515,000 c 1.230%, 08/14/03 ............................... 21,964 22,000,000 c 1.230%, 08/26/03 ............................... 23,438 23,500,000 c 1.050%, 09/30/03 Ciesco LP ........................................ 44,979 45,000,000 1.230%, 07/14/03 ............................... 59,531 59,560,000 c 0.980%, 07/15/03 ............................... 9,492 9,500,000 0.950%, 07/30/03 ............................... 18,983 19,000,000 1.000%, 08/01/03 ............................... 16,974 17,000,000 1.050%, 08/22/03 Citicorp ......................................... 29,989 30,000,000 1.210%, 07/11/03 ............................... 24,987 25,000,000 1.250%, 07/16/03 ............................... 31,326 31,365,000 1.030%, 08/12/03 Coca-Cola Co/The Coca Cola ....................... 4,995 5,000,000 1.010%, 08/04/03 Coca-Cola Enterprises, Inc ....................... 9,994 10,000,000 1.260%, 07/17/03 Corporate Asset Funding Corp, Inc ................ 19,999 20,000,000 c 1.220%, 07/02/03 ............................... 34,996 35,000,000 c 1.240%, 07/03/03 ............................... 12,996 13,000,000 c 1.220%, 07/10/03 ............................... 19,992 20,000,000 c 1.080%, 07/14/03 ............................... 8,355 8,360,000 c 1.020%, 07/22/03 ............................... 20,983 21,000,000 c 1.240%, 07/23/03 ............................... 26,976 27,000,000 c 0.960%, 07/29/03 ............................... 5,495 5,500,000 c 1.000%, 07/30/03 Credit Agricole Usa, Inc 38,311,000 1.240%, 07/09/03 ............................... 38,299 Delaware Funding Corp 22,000,000 c 1.230%, 07/03/03 ............................... 21,998 50,000,000 c 1.200%, 07/08/03 ............................... 49,987 5,000,000 c 1.230%, 07/14/03 ............................... 4,998 35,000,000 c 1.100%, 07/16/03 ............................... 34,983 11,000,000 c 1.050%, 07/30/03 ............................... 10,990 18,000,000 c 1.040%, 08/18/03 ............................... 17,975 8,170,000 c 1.030%, 08/21/03 ............................... 8,158 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 11 Statement of Investments (Unaudited) - MONEY MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- COMMERCIAL PAPER--(CONTINUED) Dorada Finance, Inc $10,000,000 c 1.220%, 07/01/03 ............................... $ 10,000 20,500,000 c 1.230%, 07/10/03 ............................... 20,493 22,200,000 c 1.260%, 07/11/03 ............................... 22,192 14,500,000 c 1.230%, 07/21/03 ............................... 14,490 Du Pont Ei De Nemours & Co 50,000,000 1.000%, 07/21/03 ............................... 49,971 35,000,000 1.180%, 07/22/03 ............................... 34,975 44,385,000 1.190%, 08/13/03 ............................... 44,331 9,305,000 1.170%, 08/14/03 ............................... 9,293 11,000,000 0.920%, 08/19/03 ............................... 10,986 Edison Asset Securitization, LLC 15,484,000 c 1.230%, 07/28/03 ............................... 15,470 4,500,000 c 1.190%, 08/07/03 ............................... 4,495 9,495,000 c 1.230%, 08/08/03 ............................... 9,483 8,750,000 c 1.230%, 08/11/03 ............................... 8,739 42,000,000 c 0.940%, 08/20/03 ............................... 41,944 30,000,000 c 1.200%, 08/26/03 ............................... 29,951 39,000,000 0.930%, 09/22/03 ............................... 38,905 Fcar Owner Trust 26,000,000 1.260%, 07/07/03 ............................... 25,994 25,000,000 1.230%, 07/24/03 ............................... 24,980 30,000,000 1.270%, 08/05/03 ............................... 29,966 25,000,000 1.110%, 08/15/03 ............................... 24,967 19,000,000 0.940%, 10/21/03 ............................... 18,938 25,000,000 1.050%, 11/21/03 ............................... 24,896 Fleet Funding Corp 32,285,000 c 1.250%, 07/21/03 ............................... 32,263 50,000,000 c 1.120%, 08/07/03 ............................... 49,941 9,365,000 c 1.120%, 08/08/03 ............................... 9,354 27,000,000 c 0.950%, 08/18/03 ............................... 26,965 5,000,000 c 1.050%, 09/09/03 ............................... 4,990 Fortune Brands 12,000,000 c 1.210%, 07/09/03 ............................... 11,996 4,387,000 c 1.080%, 07/16/03 ............................... 4,385 14,360,000 c 1.150%, 07/18/03 ............................... 14,352 10,000,000 c 1.150%, 07/23/03 ............................... 9,993 20,000,000 c 1.150%, 07/24/03 ............................... 19,985 General Electric Capital Corp 12,300,000 1.220%, 07/25/03 ............................... 12,290 15,000,000 1.270%, 08/04/03 ............................... 14,983 14,772,000 1.020%, 08/11/03 ............................... 14,754 25,250,000 1.250%, 08/28/03 ............................... 25,207 50,000,000 0.920%, 09/08/03 ............................... 49,899 Govco , Inc 28,500,000 c 1.235%, 07/02/03 ............................... 28,498 40,000,000 c 1.060%, 07/16/03 ............................... 39,981 25,000,000 c 1.210%, 08/19/03 ............................... 24,968 28,000,000 c 1.200%, 08/21/03 ............................... 27,961 25,000,000 c 1.210%, 08/25/03 ............................... 24,965 2,200,000 c 1.030%, 09/15/03 ............................... 2,195 Greyhawk Funding LLC 8,600,000 c 1.050%, 07/03/03 ............................... 8,599 25,000,000 c 1.250%, 07/07/03 ............................... 24,994 4,205,000 c 1.250%, 07/08/03 ............................... 4,204 30,000,000 c 1.250%, 07/10/03 ............................... 29,990 14,383,000 c 1.220%, 07/14/03 ............................... 14,376 30,385,000 c 1.160%, 07/17/03 ............................... 30,368 20,000,000 c 1.180%, 07/18/03 ............................... 19,988 15,000,000 c 1.000%, 07/21/03 ............................... 14,991 Harley-Davidson Funding Corp 7,100,000 c 1.030%, 07/28/03 ............................... 7,094 Home Depot Funding Corp 97,000,000 c 1.050%, 12/02/03 ............................... 96,570 50,000,000 c 0.910%, 12/16/03 ............................... 49,758 Johnson & Johnson 8,000,000 c 1.230%, 08/01/03 ............................... 7,991 30,000,000 c 1.170%, 08/06/03 ............................... 29,966 30,000,000 c 1.170%, 08/07/03 ............................... 29,964 25,000,000 c 1.230%, 08/29/03 ............................... 24,956 Kimberly-Clark Worldwide, Inc 10,698,000 c 1.200%, 07/11/03 ............................... 10,694 10,800,000 c 1.030%, 07/16/03 ............................... 10,795 20,300,000 c 1.010%, 07/17/03 ............................... 20,290 5,300,000 c 1.210%, 07/18/03 ............................... 5,297 Kitty Hawk Funding Corp 30,000,000 c 1.000%, 07/22/03 ............................... 29,982 3,000,000 c 1.010%, 07/23/03 ............................... 2,998 40,305,000 c 0.950%, 07/31/03 ............................... 40,272 50,000,000 c 1.050%, 09/22/03 ............................... 49,879 Links Finance LLC 41,955,000 c 1.240%, 07/30/03 ............................... 41,913 18,825,000 c 1.240%, 08/01/03 ............................... 18,804 50,000,000 c 1.210%, 09/03/03 ............................... 49,906 12,500,000 c 1.200%, 09/15/03 ............................... 12,472 Mcgraw-Hill Cos , Inc 13,357,000 1.190%, 09/02/03 ............................... 13,332 Merck & Co, Inc 7,500,000 0.950%, 07/09/03 ............................... 7,498 75,000,000 1.070%, 07/10/03 ............................... 74,976 25,000,000 1.070%, 07/11/03 ............................... 24,992 Moriarty LLC 50,000,000 c 1.250%, 07/01/03 ............................... 49,998 Paccar Financial Corp 30,225,000 1.230%, 07/24/03 ............................... 30,201 14,610,000 1.385%, 08/01/03 ............................... 14,594 Park Avenue Receivables Corp 34,000,000 c 1.140%, 07/14/03 ............................... 33,985 24,504,000 c 1.070%, 07/29/03 ............................... 24,483 Pfizer, Inc 34,000,000 c 1.190%, 07/02/03 ............................... 33,998 10,000,000 c 1.210%, 07/14/03 ............................... 9,995 50,000,000 c 1.200%, 07/15/03 ............................... 49,975 31,000,000 c 1.170%, 07/16/03 ............................... 30,984 25,000,000 c 1.140%, 07/28/03 ............................... 24,978 Preferred Receivables Funding Corp 12,000,000 c 1.230%, 07/07/03 ............................... 11,997 20,000,000 c 1.050%, 07/21/03 ............................... 19,988 32,000,000 c 1.050%, 07/22/03 ............................... 31,979 25,000,000 c 1.050%, 07/23/03 ............................... 24,983 50,000,000 c 1.000%, 07/25/03 ............................... 49,965 11,000,000 c 0.980%, 07/28/03 ............................... 10,992 Private Export Funding Corp 35,000,000 c 1.220%, 07/15/03 ............................... 34,982 16,000,000 c 1.250%, 07/23/03 ............................... 15,988 30,000,000 c 1.200%, 08/15/03 ............................... 29,961 10,550,000 c 1.160%, 10/01/03 ............................... 10,522 9,500,000 c 1.180%, 11/04/03 ............................... 9,465 21,455,000 c 1.140%, 11/19/03 ............................... 21,367 2,610,000 c 1.150%, 12/03/03 ............................... 2,598 5,000,000 c 0.900%, 12/16/03 ............................... 4,976 Rabobank Usa Financial Corp 14,028,000 1.300%, 07/01/03 ............................... 14,027 11,135,000 1.200%, 07/02/03 ............................... 11,134 57,920,000 1.220%, 07/11/03 ............................... 57,898 Receivables Capital Corp 6,293,000 c 0.950%, 08/06/03 ............................... 6,287 Royal Bank Of Scotland plc 35,000,000 1.250%, 07/02/03 ............................... 34,998 33,000,000 1.200%, 07/08/03 ............................... 32,991 22,000,000 1.210%, 07/09/03 ............................... 21,993 5,300,000 1.250%, 07/16/03 ............................... 5,297 6,300,000 0.950%, 08/06/03 ............................... 6,294 SBC International, Inc 30,900,000 c 1.250%, 07/07/03 ............................... 30,893 SEE NOTES TO FINANCIAL STATEMENTS 12 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - MONEY MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- COMMERCIAL PAPER--(CONTINUED) $21,200,000 c 0.980%, 07/09/03 ............................... $ 21,195 30,494,000 c 1.020%, 07/17/03 ............................... 30,478 35,000,000 c 1.030%, 07/24/03 ............................... 34,977 Sigma Finance , Inc 15,000,000 c 1.240%, 07/08/03 ............................... 14,996 5,000,000 c 1.250%, 07/16/03 ............................... 4,997 19,000,000 c 1.200%, 08/07/03 ............................... 18,977 20,000,000 c 1.000%, 08/27/03 ............................... 19,967 Societe Generale North America, Inc 55,000,000 1.205%, 07/01/03 ............................... 54,998 10,000,000 1.245%, 07/07/03 ............................... 9,998 20,000,000 1.240%, 08/01/03 ............................... 19,978 35,000,000 1.215%, 08/05/03 ............................... 34,960 30,000,000 1.075%, 09/10/03 ............................... 29,938 UBS Finance, (Delaware) Inc 8,715,000 1.020%, 08/25/03 ............................... 8,701 24,675,000 1.040%, 09/24/03 ............................... 24,614 18,000,000 1.310%, 07/01/03 ............................... 17,999 15,056,000 1.200%, 07/08/03 ............................... 15,052 14,000,000 1.010%, 07/21/03 ............................... 13,992 31,000,000 1.060%, 07/28/03 ............................... 30,974 7,500,000 1.000%, 08/04/03 ............................... 7,493 Unilever Capital Corp 13,000,000 c 1.010%, 07/24/03 ............................... 12,991 Variable Funding Capital Corp 50,000,000 c 1.230%, 07/08/03 ............................... 49,986 30,000,000 c 1.220%, 08/05/03 ............................... 29,966 Westdeutsche Landesbank 45,955,000 1.200%, 09/03/03 ............................... 45,869 ---------- TOTAL COMMERCIAL PAPER 4,849,220 ---------- MEDIUM TERM NOTES--0.14% Associates Corp Of North America 10,000,000 5.800%, 04/20/04 ............................... 10,380 ---------- TOTAL MEDIUM TERM NOTES 10,380 ---------- U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--19.90% Federal Farm Credit Bank (FFCB) 12,058,000 1.255%, 09/03/03 ............................... 12,037 3,465,000 1.270%, 09/26/03 ............................... 3,457 27,705,000 1.280%, 03/02/04 ............................... 27,514 Federal Home Loan Bank (FHLB) 3,945,000 2.040%, 07/01/03 ............................... 3,945 13,832,000 1.130%, 07/16/03 ............................... 13,825 25,000,000 1.130%, 07/18/03 ............................... 24,986 41,470,000 1.150%, 07/30/03 ............................... 41,430 3,000,000 0.910%, 08/08/03 ............................... 2,997 50,000,000 1.320%, 08/11/03 ............................... 49,942 12,100,000 0.880%, 12/24/03 ............................... 12,042 9,420,000 0.890%, 01/07/04 ............................... 9,370 21,507,000 0.870%, 01/22/04 ............................... 21,384 6,320,000 0.890%, 05/21/04 ............................... 6,259 Federal Home Loan Mortgage Corp (FHLMC) 49,985,000 1.170%, 07/09/03 ............................... 49,971 1,199,000 0.880%, 07/17/03 ............................... 1,198 2,000,000 1.280%, 07/18/03 ............................... 1,999 49,445,000 1.350%, 08/14/03 ............................... 49,385 10,230,000 1.130%, 08/21/03 ............................... 10,216 10,265,000 1.035%, 09/11/03 ............................... 10,245 33,600,000 0.970%, 09/12/03 ............................... 33,533 12,550,000 1.690%, 09/19/03 ............................... 12,523 15,831,000 1.100%, 09/30/03 ............................... 15,792 62,000,000 1.010%, 10/09/03 ............................... 61,831 20,000,000 1.800%, 10/20/03 ............................... 19,940 2,650,000 1.490%, 10/22/03 ............................... 2,642 40,000,000 1.060%, 10/31/03 ............................... 39,866 50,000,000 1.490%, 11/06/03 ............................... 49,824 19,970,000 1.240%, 12/04/03 ............................... 19,885 25,000,000 1.240%, 12/15/03 ............................... 24,886 9,040,000 1.240%, 12/19/03 ............................... 8,998 38,100,000 1.250%, 12/29/03 ............................... 37,907 4,600,000 1.200%, 12/31/03 ............................... 4,576 6,585,000 1.240%, 02/26/04 ............................... 6,540 25,000,000 1.235%, 03/25/04 ............................... 24,811 15,000,000 1.285%, 04/22/04 ............................... 14,869 Federal National Mortgage Association (FNMA) 85,875,000 0.950%, 07/23/03 ............................... 85,814 1,320,000 0.960%, 07/25/03 ............................... 1,319 100,000,000 0.900%, 07/31/03 ............................... 99,923 12,040,000 0.910%, 08/08/03 ............................... 12,028 32,880,000 0.920%, 08/13/03 ............................... 32,843 28,524,000 1.175%, 08/20/03 ............................... 28,488 17,900,000 0.910%, 08/25/03 ............................... 17,875 80,000,000 0.970%, 08/27/03 ............................... 79,875 28,200,000 1.000%, 09/03/03 ............................... 28,151 50,000,000 0.885%, 09/24/03 ............................... 49,884 50,000,000 0.890%, 10/27/03 ............................... 49,840 50,000,000 0.900%, 10/30/03 ............................... 49,834 17,540,000 0.880%, 10/31/03 ............................... 17,481 30,000,000 0.880%, 11/05/03 ............................... 29,895 23,310,000 0.950%, 12/10/03 ............................... 23,207 5,580,000 1.140%, 12/12/03 ............................... 5,555 30,000,000 0.870%, 12/17/03 ............................... 29,861 6,665,000 1.180%, 12/23/03 ............................... 6,633 14,880,000 1.250%, 12/31/03 ............................... 14,804 11,250,000 0.970%, 04/02/04 ............................... 11,158 36,071,000 0.970%, 04/30/04 ............................... 35,747 ---------- TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 1,440,840 ---------- VARIABLE NOTES--4.08% American Express Credit Corp 25,000,000 1.344%, 11/10/03 ............................... 25,008 15,100,000 1.416%, 12/17/03 ............................... 15,105 CC (USA), Inc 15,000,000 1.235%, 10/10/03 ............................... 15,002 Credit Suisse 50,000,000 1.786%, 09/04/03 ............................... 50,020 25,000,000 1.310%, 10/09/03 ............................... 25,000 Links Finance LLC 25,000,000 1.330%, 11/26/03 ............................... 24,998 Paccar Financial Corp 30,000,000 1.138%, 12/22/03 ............................... 30,015 Sigma Finance, Inc 40,000,000 1.300%, 02/10/04 ............................... 39,996 25,000,000 1.340%, 02/25/04 ............................... 24,996 25,000,000 1.285%, 05/04/04 ............................... 24,998 Southtrust Bank Na 20,000,000 1.478%, 10/03/03 ............................... 20,010 ---------- TOTAL VARIABLE NOTES 295,148 ---------- TOTAL SHORT TERM INVESTMENTS (COST $7,225,815) 7,226,544 ---------- TOTAL PORTFOLIO--99.93% (COST $7,236,038) 7,236,764 OTHER ASSETS & LIABILITIES, NET--0.07% 4,977 ---------- NET ASSETS--100.00% $7,241,741 ========== - ---------- c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. Note that the funds may use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 13 Statement of Investments (Unaudited) - INFLATION-LINKED BOND ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- GOVERNMENT BONDS--97.39% U.S. TREASURY INFLATION-LINKED SECURITIES--97.39% $304,237,481 3.375%, 01/15/07 ............................... $ 334,091 194,025,623 3.625%, 01/15/08 ............................... 217,672 359,942,527 3.875%, 01/15/09 ............................... 412,246 375,803,006 4.250%, 01/15/10 ............................... 442,273 264,901,299 3.500%, 01/15/11 ............................... 300,870 164,000,000 3.625%, 05/15/13 ............................... 165,281 354,760,475 3.625%, 04/15/28 ............................... 432,420 339,128,829 3.875%, 04/15/29 ............................... 432,654 77,978,421 3.375%, 04/15/32 ............................... 94,404 ---------- TOTAL U.S. TREASURY INFLATION-LINKED SECURITIES 2,831,911 ---------- TOTAL GOVERNMENT BONDS (COST $2,589,905) 2,831,911 ---------- SHORT TERM INVESTMENTS--1.89% TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED--1.89% REPURCHASE AGREEMENTS Bear Stearns & Co., 1.250% Dated 6/30/03, Due 07/01/03 In The Amount Of $22,730,789 (Fully Collateralized By High Grade Dept Obligations: 22,731,000 Total Market Value $23,391,241) ............... 22,731 Goldman Sachs & Co., 1.240% Dated 6/30/03, Due 07/01/03 In The Amount Of $25,000,861 (Fully Collateralized By High Grade Dept Obligations: 25,001,000 Total Market Value $25,500,068) ............... 25,001 Merrill Lynch & Co. Inc, 1.250% Dated 6/30/03, Due 07/01/03 In The Amount Of $7,255,242 (Fully Collateralized By High Grade Dept Obligations: 7,255,000 Total Market Value $7,400,139) ................ 7,255 ---------- TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED 54,987 ---------- TOTAL SHORT TERM INVESTMENTS (COST $54,987) TOTAL PORTFOLIO--99.28% (COST $2,644,892) 2,886,898 OTHER ASSETS & LIABILITIES--0.72% 21,022 ---------- NET ASSETS--100.00% $2,907,920 ========== Note that the funds may use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 14 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - BOND MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- Summary by Industry VALUE (000) % - -------------------------------------------------------------------------------- BONDS CORPORATE BONDS Amusement and Recreation Services ....................... $ 5,380 0.09% Apparel and Other Textile Products ...................... 1,760 0.03 Asset Backed ............................................ 113,309 1.86 Auto Repair, Services and Parking ....................... 5,692 0.09 Business Services ....................................... 50,260 0.83 Chemicals and Allied Products ........................... 51,931 0.85 Communications .......................................... 179,295 2.94 Depository Institutions ................................. 199,062 3.27 Electric, Gas, and Sanitary Services .................... 135,898 2.24 Electronic and Other Electric Equipment ................. 10,195 0.17 Engineering and Management Services ..................... 5,734 0.09 Finance, Taxation and Monetary Policy ................... 3,025 0.05 Food and Kindred Products ............................... 70,850 1.16 Food Stores ............................................. 11,000 0.18 Forestry ................................................ 8,832 0.15 Furniture and Fixtures .................................. 2,038 0.03 General Building Contractors ............................ 25,842 0.42 General Merchandise Stores .............................. 26,091 0.43 Health Services ......................................... 4,283 0.07 Holding and Other Investment Offices .................... 32,266 0.53 Hotels and Other Lodging Places ......................... 2,190 0.04 Industrial Machinery and Equipment ...................... 10,806 0.18 Instruments and Related Products ........................ 8,385 0.14 Insurance Agents, Brokers and Services .................. 13,463 0.22 Insurance Carriers ...................................... 40,923 0.67 Metal Mining ............................................ 8,852 0.15 Miscellaneous Retail .................................... 6,070 0.10 Motion Pictures ......................................... 11,407 0.19 Nondepository Institutions .............................. 118,452 1.94 Oil and Gas Extraction .................................. 53,182 0.87 Other Mortgage Backed Securities ........................ 104,491 1.72 Paper and Allied Products ............................... 15,092 0.25 Personal Services ....................................... 2,140 0.04 Petroleum and Coal Products ............................. 44,684 0.73 Pipelines, Except Natural Gas ........................... 9,626 0.16 Primary Metal Industries ................................ 8,137 0.13 Printing and Publishing ................................. 34,078 0.56 Railroad Transportation ................................. 35,324 0.58 Rubber and Miscellaneous Plastic Products ............... 5,689 0.09 Security and Commodity Brokers .......................... 52,046 0.86 Tobacco Products ........................................ 1,226 0.02 Transportation By Air ................................... 7,582 0.12 Transportation Equipment ................................ 61,107 1.00 Wholesale Trade-Durable Goods ........................... 7,401 0.12 Wholesale Trade-Nondurable Goods ........................ 29,455 0.48 ---------- ------ TOTAL CORPORATE BONDS ................................... 1,634,551 26.84 ---------- ------ (COST $1,505,340) GOVERNMENT BONDS Agency Securities ....................................... 1,363,536 22.39 Foreign Government Bonds ................................ 94,766 1.56 Mortgage Backed Securities .............................. 1,776,233 29.17 U.S. Treasury Securities ................................ 1,080,678 17.74 ---------- ------ TOTAL GOVERNMENT BONDS .................................. 4,315,213 70.86 (COST $4,271,422) ---------- ------ TOTAL BONDS ............................................. 5,949,764 97.70 (COST $5,776,762) ---------- ------ TIAA-CREF MUTUAL FUND ................................... 3,111 0.05 (COST $2,902) ---------- ------ SHORT TERM INVESTMENTS Certificates of Deposit ................................. 50,006 0.82% Commercial Paper ........................................ 448,078 7.36 Investment of Cash Collateral ........................... 277,838 4.56 ---------- ------ TOTAL SHORT TERM INVESTMENTS ............................ 775,922 12.74 (COST $775,520) ---------- ------ TOTAL PORTFOLIO (COST $6,555,184) ...................................... 6,728,797 110.49 OTHER ASSETS AND LIABILITIES, NET ....................... (638,611) (10.49) ---------- ------ NET ASSETS .............................................. $6,090,186 100.00% ========== ====== PRINCIPAL RATINGS+ VALUE (000) --------- ------- ----------- BONDS--97.70% CORPORATE BONDS--26.84% AMUSEMENT AND RECREATION SERVICES--0.09% Isle of Capri Casinos, Inc (Guarantee Note) $ 1,000,000 9.000%, 03/15/12 ..................... B2 $ 1,090 Park Place Entertainment Corp (Sr Sub note) 2,000,000 7.875%, 03/15/10 ..................... Ba2 2,150 2,000,000 7.000%, 04/15/13 ..................... Ba1 2,140 ------- TOTAL AMUSEMENT AND RECREATION SERVICES 5,380 ------- APPAREL AND OTHER TEXTILE PRODUCTS--0.03% Collins & Aikman Products (Guarantee Note) 2,000,000 10.750%, 12/31/11 .................... B1 1,760 ------- TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 1,760 ------- ASSET BACKED--1.86% Chase Funding Loan Acquisition Trust Series 2001-C2 (Class Ia2) 3,084,125 5.673%, 05/25/22 ..................... Aaa 3,094 Chase Funding Mortgage Loan Series 2001-4 (Class1A3) 8,550,000 5.053%, 02/25/23 ..................... Aaa 8,734 CIT Equipment Collateral Series 2000-2 (Class A3) 127,200 6.840%, 06/20/04 ..................... Aaa 128 CIT Group Home Equity Loan Trust Series 2002-1 (Class Af6) 6,000,000 6.200%, 02/25/30 ..................... Aaa 6,598 Countrywide Asset-Backed Certificates Series 2001-1 (Class Af4) 8,914,469 6.517%, 01/25/29 ..................... Aaa 9,016 Countrywide Asset-Backed Certificates Series 2001-Bc1 (Class A3) 1,666 6.237%, 12/25/26 ..................... Aaa 2 Detroit Edison Securitization Funding LLC Series 2001-1 (Class A3) 10,000,000 5.875%, 03/01/10 ..................... Aaa 11,172 Greenpoint Manufactured Housing Series 1999-5 (Class A2) 1,192,336 7.080%, 02/15/18 ..................... Aaa 1,199 Nissan Auto Receivables Owner Trust Series 2001-C (Class A4) 4,000,000 4.800%, 02/15/07 ..................... Aaa 4,174 Peco Energy Transition Trust Series 1999-A (Class A6) 8,000,000 6.050%, 03/01/09 ..................... Aaa 8,910 Peco Energy Transition Trust Series 1999-A (Class A7) 10,000,000 6.130%, 03/01/09 ..................... Aaa 11,471 +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 15 Statement of Investments (Unaudited) - BOND MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ----------- ASSET BACKED--(CONTINUED) Public Service New Hampshire Funding LLC Series 2001-1 (Class A2) $12,709,395 5.730%, 11/01/10 ..................... Aaa $ 14,012 Residential Asset Securities Corp Series 2000-KS2 (Class AI3) 1,649,210 5.751%, 03/25/27 ..................... Aaa 1,667 Residential Asset Securities Corp Series 1997-KS3 (Class AI5) 261,613 7.250%, 08/25/27 ..................... Aaa 266 Residential Asset Securities Corp Series 2001-KS2 (Class AI4) 7,000,000 6.417%, 02/25/29 ..................... Aaa 7,328 Residential Asset Securities Corp Series1999-KS2 (Class AI9) 2,671,646 7.150%, 07/25/30 ..................... Aaa 2,858 Residential Asset Securities Corp Series 2001-KS2 (Class AI6) 2,000,000 6.489%, 10/25/30 ..................... Aaa 2,203 Residential Asset Securities Corp Series 2000-KS4 (Class AI6) 11,000,000 7.435%, 09/25/31 ..................... Aaa 12,277 Saxon Asset Securities Trust Series 1999-3 (Class AF6) 4,022,567 7.525%, 06/25/14 ..................... Aaa 4,473 Vanderbilt Mortgage Finance Series 2001-A (Class A2) 3,670,720 6.120%, 02/07/15 ..................... Aaa 3,727 -------- TOTAL ASSET BACKED 113,309 -------- AUTO REPAIR, SERVICES AND PARKING--0.09% PHH Corp Note 5,000,000 7.125%, 03/01/13 ..................... Baa1 5,692 -------- TOTAL AUTO REPAIR, SERVICES AND PARKING 5,692 -------- BUSINESS SERVICES--0.83% Advanstar Communications, Inc (Guarantee Note) 2,000,000 e 12.000%, 02/15/11 .................... Caa1 1,883 AOL Time Warner, Inc (Guarantee Note) 5,500,000 5.625%, 05/01/05 ..................... Baa1 5,849 15,000,000 6.875%, 05/01/12 ..................... Baa1 17,162 2,500,000 7.700%, 05/01/32 ..................... Baa1 2,919 Cendant Corp (Sr Note) 4,000,000 7.375%, 01/15/13 ..................... Baa1 4,688 Equifax, Inc Note 3,500,000 4.950%, 11/01/07 ..................... Baa1 3,706 Fiserv, Inc Note 2,750,000 4.000%, 04/15/08 ..................... Baa2 2,813 Midamerican Energy Holdings Co (Sr Note) 5,000,000 5.875%, 10/01/12 ..................... Baa3 5,445 Time Warner, Inc (Guarantee Note) 3,500,000 6.625%, 05/15/29 ..................... Baa1 3,610 United Rentals North America, Inc (Guarantee Note) 2,000,000 e 10.750%, 04/15/08 .................... B1 2,185 -------- TOTAL BUSINESS SERVICES 50,260 -------- CHEMICALS AND ALLIED PRODUCTS--0.85% Abbott Labs Note 10,000,000 5.625%, 07/01/06 ..................... Aa3 11,043 Du Pont EI de Nemours & Co Deb 5,000,000 6.500%, 01/15/28 ..................... Aa3 5,823 3,000,000 4.750%, 11/15/12 ..................... Aa3 3,172 Gillette Co/The (Sr Note) 5,000,000 4.125%, 08/30/07 ..................... Aa3 5,284 Johnson & Johnson Deb 5,000,000 6.950%, 09/01/29 ..................... Aaa 6,316 Lyondell Chemical Co (Guarantee Note) 2,000,000 9.500%, 12/15/08 ..................... Ba3 1,900 Merck & Co, Inc Deb 7,000,000 5.950%, 12/01/28 ..................... Aaa 7,795 Pfizer, Inc Note 5,000,000 3.625%, 11/01/04 ..................... Aaa 5,154 Pharmacia Corp Note 5,000,000 5.750%, 12/01/05 ..................... A1 5,444 -------- TOTAL CHEMICALS AND ALLIED PRODUCTS 51,931 -------- COMMUNICATIONS--2.94% AT&T Corp (Guarantee Note) 8,698,001 8.375%, 03/15/13 ..................... Baa3 10,880 AT&T Corp (Sr Note) 2,500,000 7.000%, 11/15/06 ..................... Baa2 2,792 5,750,000 7.800%, 11/15/11 ..................... Baa2 6,624 AT&T Wireless Services, Inc (Sr Note) 4,000,000 7.875%, 03/01/11 ..................... Baa2 4,724 4,250,000 8.750%, 03/01/31 ..................... Baa2 5,318 BellSouth Corp Note 2,500,000 6.875%, 10/15/31 ..................... A1 2,964 BellSouth Telecommunication Note 5,000,000 6.500%, 06/15/05 ..................... Aa3 5,473 British Telecommunications PLC Bond 5,000,000 8.875%, 12/15/30 ..................... Baa1 6,826 CenturyTel, Inc (Sr Note) 5,000,000 7.875%, 08/15/12 ..................... Baa2 6,310 Cingular Wireless LLC (Sr Note) 2,000,000 7.125%, 12/15/31 ..................... A3 2,363 Citizens Communications Co Note 1,500,000 8.500%, 05/15/06 ..................... Baa2 1,754 2,500,000 9.250%, 05/15/11 ..................... Baa2 3,245 Clear Channel Communications, Inc (Sr Note) 5,000,000 7.250%, 09/15/03 ..................... Baa3 5,050 4,000,000 7.650%, 09/15/10 ..................... Baa3 4,804 5,500,000 4.400%, 05/15/11 ..................... Baa3 5,518 Comcast Cable Communications (Sr Note) 4,000,000 6.750%, 01/30/11 ..................... Baa3 4,590 Comcast Corp (Guarantee Note) 4,500,000 6.500%, 01/15/15 ..................... Baa3 5,062 5,750,000 7.050%, 03/15/33 ..................... Baa3 6,389 Cox Communications, Inc Note 6,000,000 4.625%, 06/01/13 ..................... Baa2 6,012 COX Enterprises, Inc Note 2,500,000 4.375%, 05/01/08 ..................... Baa1 2,600 Deutsche Telekom International Finance BV (Guarantee Note) 4,000,000 8.750%, 06/15/30 ..................... Baa3 5,104 Gray Television, Inc (Guarantee Note) 1,000,000 9.250%, 12/15/11 ..................... B3 1,105 GTE Corp Deb 1,150,000 6.840%, 04/15/18 ..................... A3 1,359 +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 16 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - BOND MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ----------- COMMUNICATIONS--(CONTINUED) GTE North, Inc Deb $ 5,000,000 5.650%, 11/15/08 ..................... A1 $ 5,529 SBC Communications, Inc Note 5,500,000 5.750%, 05/02/06 ..................... A1 6,072 5,000,000 5.875%, 08/15/12 ..................... A1 5,626 Sprint Capital Corp (Guarantee Note) 7,000,000 6.000%, 01/15/07 ..................... Baa3 7,524 4,000,000 6.900%, 05/01/19 ..................... Baa3 4,211 3,750,000 8.375%, 03/15/12 ..................... Baa3 4,490 Verizon Global Funding Corp Note 3,500,000 4.375%, 06/01/13 ..................... A2 3,490 4,000,000 7.750%, 06/15/32 ..................... A2 5,072 Verizon Maryland, Inc Bond 2,000,000 5.125%, 06/15/33 ..................... NA 1,886 Verizon New Jersey, Inc Deb 5,000,000 5.875%, 01/17/12 ..................... Aa3 5,600 Verizon Virginia, Inc Deb 15,000,000 4.625%, 03/15/13 ..................... Aa3 15,349 Verizon Wireless Capital LLC Note 5,000,000 5.375%, 12/15/06 ..................... A3 5,488 Vodafone Group PLC Note 2,000,000 3.950%, 01/30/08 ..................... A2 2,092 --------- TOTAL COMMUNICATIONS 179,295 --------- DEPOSITORY INSTITUTIONS--3.27% Bank of America Corp (Note) 5,000,000 4.750%, 10/15/06 ..................... Aa2 5,397 11,000,000 e 3.875%, 01/15/08 ..................... Aa2 11,537 4,500,000 5.875%, 02/15/09 ..................... Aa2 5,143 8,750,000 e 4.875%, 01/15/13 ..................... Aa2 9,211 Bank One Corp (Sr Note) 5,000,000 4.125%, 09/01/07 ..................... Aa3 5,274 2,000,000 5.250%, 01/30/13 ..................... A1 2,151 Bank One NA Illinois Note 7,000,000 5.500%, 03/26/07 ..................... Aa2 7,752 Barclays Bank PLC (Sub Note) 5,000,000 7.375%, 06/29/49 ..................... Aa3 6,048 BB & T Corp (Sub Note) 4,000,000 6.500%, 08/01/11 ..................... A2 4,682 Citigroup Global Markets Holdings, Inc Note 13,000,000 6.500%, 02/15/08 ..................... Aa1 15,052 Citigroup, Inc (Sub Note) 8,500,000 4.125%, 06/30/05 ..................... Aa1 8,916 7,000,000 7.250%, 10/01/10 ..................... Aa2 8,479 3,500,000 5.625%, 08/27/12 ..................... Aa2 3,862 10,500,000 6.500%, 01/18/11 ..................... Aa1 12,271 Credit Suisse First Boston USA, Inc Note 8,000,000 4.625%, 01/15/08 ..................... Aa3 8,540 First Tennessee Bank NA (Sub Note) 2,000,000 4.625%, 05/15/13 ..................... A2 2,042 Golden West Financial Corp (Sr Note) 3,000,000 4.125%, 08/15/07 ..................... A1 3,171 3,500,000 4.750%, 10/01/12 ..................... A1 3,652 Greenpoint Financial Corp (Sr Note) 4,000,000 3.200%, 06/06/08 ..................... Baa1 3,970 HSBC Holdings plc (Sub Note) 3,000,000 5.250%, 12/12/12 ..................... A1 3,196 Inter-American Development Bank 3,500,000 h 3.500%, 07/08/13 3,459 JP Morgan Chase & Co (Sub Note) 7,000,000 e 7.875%, 06/15/10 ..................... A2 8,557 Korea Development Bank Note 4,750,000 e 5.500%, 11/13/12 ..................... A3 5,053 Marshall & Isley Bank (Sr Note) 2,000,000 4.125%, 09/04/07 ..................... Aa3 2,110 1,000,000 5.250%, 09/04/12 ..................... A1 1,086 Mellon Funding Corp (Guarantee Note) 5,000,000 4.875%, 06/15/07 ..................... A1 5,430 Mercantile Bankshares Corp (Sub Note) 2,000,000 4.625%, 04/15/13 ..................... A2 2,053 PNC Funding Corp (Guarantee Note) 5,000,000 5.750%, 08/01/06 ..................... A2 5,516 Regions Financial Corp (Sub Note) 2,500,000 6.375%, 05/15/12 ..................... A2 2,906 Suntrust Bank (Sub Note) 4,500,000 7.250%, 09/15/06 ..................... Aa3 5,210 US Bank National Association (Sub Note) 5,000,000 6.300%, 02/04/14 ..................... Aa3 5,840 Washington Mutual, Inc Note 5,000,000 7.500%, 08/15/06 ..................... A3 5,765 Wells Fargo & Co (Sub Note) 10,000,000 5.000%, 11/15/14 ..................... Aa3 10,598 Wells Fargo Financial, Inc Note 2,500,000 5.875%, 08/15/08 ..................... Aa2 2,838 2,000,000 6.125%, 04/18/12 ..................... Aa2 2,295 --------- TOTAL DEPOSITORY INSTITUTIONS 199,062 --------- ELECTRIC, GAS, AND SANITARY SERVICES--2.24% Alabama Power Co (Sr Note) 5,000,000 7.125%, 08/15/04 ..................... A2 5,317 9,500,000 5.700%, 02/15/33 ..................... A2 9,827 Allied Waste North America (Guarantee Note) 2,000,000 7.875%, 01/01/09 ..................... Ba3 2,093 Appalachian Power Co Deb 2,000,000 5.950%, 05/15/33 ..................... Baa2 1,996 Carolina Power & Light Co Note 5,000,000 6.500%, 07/15/12 ..................... Baa1 5,745 Columbus Southern Power Co Deb 2,500,000 6.600%, 03/01/33 ..................... A3 2,776 Commonwealth Edison Co (Secured Note) 4,000,000 5.875%, 02/01/33 ..................... A3 4,301 Consolidated Edison Co of New York Note Deb 1,000,000 4.875%, 02/01/13 ..................... A1 1,046 3,000,000 e 3.850%, 06/15/13 ..................... A1 2,932 2,000,000 e 5.100%, 06/15/33 ..................... A1 1,903 4,000,000 6.250%, 11/01/11 ..................... A3 4,563 Consumers Energy Co (Sr Note) 1,500,000 6.000%, 03/15/05 ..................... Baa3 1,595 Detroit Edison Co (First Mortgage Bond) 7,000,000 6.125%, 10/01/10 ..................... A3 8,009 Detroit Edison Co (Secured Note) 2,000,000 5.200%, 10/15/12 ..................... A3 2,140 Dominion Resources, Inc/VA (Sr Note) 4,000,000 4.125%, 02/15/08 ..................... Baa1 4,154 5,000,000 5.125%, 12/15/09 ..................... Baa1 5,409 3,000,000 6.300%, 03/15/33 ..................... Baa1 3,161 Duke Energy Corp (First Mortgage Bond) 2,000,000 4.500%, 04/01/10 ..................... A3 2,067 El Paso Electric Co (First Mortgage Bond) 5,000,000 8.900%, 02/01/06 ..................... Baa3 5,600 +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 17 Statement of Investments (Unaudited) - BOND MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ----------- ELECTRIC, GAS, AND SANITARY SERVICES--(CONTINUED) FirstEnergy Corp Note $ 7,000,000 6.450%, 11/15/11 ..................... Baa2 $ 7,698 Florida Power & Light Co (First Mortgage Bond) 5,000,000 6.875%, 12/01/05 ..................... Aa3 5,595 Georgia Power Co (Sr Note) 5,000,000 5.500%, 12/01/05 ..................... A2 5,434 KeySpan Corp Bond 1,500,000 5.875%, 04/01/33 ..................... A3 1,602 National Fuel Gas Co Note 4,000,000 5.250%, 03/01/13 ..................... A3 4,160 New York State Electric & Gas Corp Note 2,000,000 5.500%, 11/15/12 ..................... Baa2 2,147 2,000,000 5.750%, 05/01/23 ..................... Baa2 2,031 Nisource Finance Corp (Guarantee Note) 5,000,000 7.875%, 11/15/10 ..................... Baa3 5,884 Northern Border Pipeline Co Note 4,500,000 6.250%, 05/01/07 ..................... A3 4,925 Ohio Edison Co (Sr Sub Note) 2,500,000 4.000%, 05/01/08 ..................... Baa2 2,564 Ohio Power Co Bond 2,500,000 6.600%, 02/15/33 ..................... A3 2,790 Oncor Electric Delivery Co (Secured Note) 2,000,000 6.375%, 05/01/12 ..................... Baa1 2,282 2,500,000 7.250%, 01/15/33 ..................... Baa1 2,944 TXU Energy Co Note 2,000,000 7.000%, 03/15/13 ..................... Baa2 2,211 Waste Management, Inc (Guarantee Note) 3,000,000 7.000%, 07/15/28 ..................... Baa3 3,401 2,000,000 7.750%, 05/15/32 ..................... Baa3 2,495 Wisconsin Electric Power Note 3,000,000 5.625%, 05/15/33 ..................... Aa3 3,101 -------- TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 135,898 -------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--0.17% Emerson Electric Note 5,000,000 5.625%, 11/15/13 ..................... A2 5,608 HCA, Inc Note 4,500,000 6.250%, 02/15/13 ..................... Ba1 4,587 -------- TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 10,195 -------- ENGINEERING AND MANAGEMENT SERVICES--0.09% AIG SunAmerica Global Financing Vi (Secured Note) 5,000,000 6.300%, 05/10/11 ..................... Aaa 5,734 -------- TOTAL ENGINEERING AND MANAGEMENT SERVICES 5,734 -------- FINANCE, TAXATION AND MONETARY POLICY--0.05% CenterPoint Energy Houston Electric LLC (Secured Note) 1,000,000 5.600%, 07/01/23 ..................... Baa2 986 Massachusetts Mutual Life Insurance Co Deb 2,000,000 5.625%, 05/15/33 ..................... Aa3 2,039 -------- TOTAL FINANCE, TAXATION AND MONETARY POLICY 3,025 -------- FOOD AND KINDRED PRODUCTS--1.16% Anheuser-Busch Cos, Inc Bond 3,750,000 4.375%, 01/15/13 ..................... A1 3,888 Bottling Group Llc (Guarantee Note) 4,000,000 4.625%, 11/15/12 ..................... A3 4,178 ConAgra Foods, Inc Note 7,500,000 7.875%, 09/15/10 ..................... Baa1 9,235 2,500,000 8.250%, 09/15/30 ..................... Baa1 3,348 Coors Brewing Co (Guarantee Note) 5,000,000 6.375%, 05/15/12 ..................... Baa2 5,735 Diageo Capital plc (Guarantee Note) 5,000,000 e 6.625%, 06/24/04 ..................... A2 5,257 Kellogg Co Deb 5,000,000 7.450%, 04/01/31 ..................... Baa2 6,350 Kraft Foods, Inc Note 5,750,000 5.625%, 11/01/11 ..................... A3 6,254 Land O' Lakes, Inc (Sr Note) 2,000,000 e 8.750%, 11/15/11 ..................... B2 1,600 PepsiCo, Inc Note 4,000,000 4.500%, 09/15/04 ..................... A1 4,147 Sara Lee Corp Note 2,000,000 1.950%, 06/15/06 ..................... A3 2,000 4,500,000 e 2.750%, 06/15/08 ..................... A3 4,459 4,000,000 6.250%, 09/15/11 ..................... A3 4,621 4,000,000 6.125%, 11/01/32 ..................... A3 4,384 Unilever Capital Corp (Guarantee Note) 5,000,000 5.900%, 11/15/32 ..................... A1 5,394 -------- TOTAL FOOD AND KINDRED PRODUCTS 70,850 -------- FOOD STORES--0.18% Delhaize America, Inc (Guarantee Note) 2,000,000 8.125%, 04/15/11 ..................... Ba1 2,190 Kroger Co (Guarantee Note) 2,500,000 8.050%, 02/01/10 ..................... Baa3 2,996 5,000,000 7.800%, 08/15/07 ..................... Baa3 5,814 -------- TOTAL FOOD STORES 11,000 -------- FORESTRY--0.15% Weyerhaeuser Co Note 3,000,000 6.000%, 08/01/06 ..................... Baa2 3,285 5,000,000 5.950%, 11/01/08 ..................... Baa2 5,547 -------- TOTAL FORESTRY 8,832 -------- FURNITURE AND FIXTURES--0.03% Newell Rubbermaid, Inc Note 2,000,000 4.000%, 05/01/10 ..................... NA 2,038 -------- TOTAL FURNITURE AND FIXTURES 2,038 -------- GENERAL BUILDING CONTRACTORS--0.42% Beazer Homes USA, Inc (Guarantee Note) 2,000,000 8.375%, 04/15/12 ..................... Ba2 2,215 Centex Corp Note 4,000,000 4.750%, 01/15/08 ..................... Baa2 4,213 Dr Horton, Inc (Sr Sub Note) 2,000,000 9.750%, 09/15/10 ..................... Ba2 2,275 Lennar Corp Note 3,000,000 5.950%, 03/01/13 ..................... Baa3 3,281 Pulte Homes, Inc (Sr Note) 6,500,000 6.250%, 02/15/13 ..................... Baa3 7,230 2,000,000 6.375%, 05/15/33 ..................... Baa3 2,017 Toll Brothers, Inc Note 4,000,000 6.875%, 11/15/12 ..................... Baa3 4,611 -------- TOTAL GENERAL BUILDING CONTRACTORS 25,842 -------- +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 18 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - BOND MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ----------- GENERAL MERCHANDISE STORES--0.43% Costco Wholesale Corp (Sr Note) $ 4,000,000 5.500%, 03/15/07 ..................... A2 $ 4,396 Target Corp Note 10,000,000 5.375%, 06/15/09 ..................... A2 11,121 Wal-Mart Stores, Inc Note 8,000,000 7.550%, 02/15/30 ..................... Aa2 10,574 -------- TOTAL GENERAL MERCHANDISE STORES 26,091 -------- HEALTH SERVICES--0.07% Laboratory Corp of America Holdings Note 4,000,000 5.500%, 02/01/13 ..................... Baa3 4,283 -------- TOTAL HEALTH SERVICES 4,283 -------- HOLDING AND OTHER INVESTMENT OFFICES--0.53% Boston Properties, Inc 3,000,000 e 6.25%, 1/15/13 3,285 Brascan Corp Note 5,000,000 7.125%, 06/15/12 ..................... Baa3 5,690 Camden Property Trust Note 5,000,000 5.875%, 06/01/07 ..................... Baa2 5,446 EOP Operating LP (Guarantee Note) 4,000,000 6.750%, 02/15/12 ..................... Baa1 4,552 4,000,000 5.875%, 01/15/13 ..................... Baa1 4,321 Pepco Holdings, Inc Note 4,000,000 6.450%, 08/15/12 ..................... Baa1 4,526 Simon Property Group LP Note 4,000,000 6.350%, 08/28/12 ..................... Baa2 4,446 -------- TOTAL HOLDING AND OTHER INVESTMENT OFFICES 32,266 -------- HOTELS AND OTHER LODGING PLACES--0.04% Boyd Gaming Corp (Sr Sub Note) 2,000,000 8.750%, 04/15/12 ..................... B1 2,190 -------- TOTAL HOTELS AND OTHER LODGING PLACES 2,190 -------- INDUSTRIAL MACHINERY AND EQUIPMENT--0.18% Kennametal, Inc (Sr Note) 1,500,000 7.200%, 06/15/12 ..................... Ba1 1,642 Parker Hannifin Corp (Sr Sub Note) 4,000,000 4.875%, 02/15/13 ..................... A2 4,170 Stanley Works/The Note 4,750,000 4.900%, 11/01/12 ..................... A2 4,994 -------- TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 10,806 -------- INSTRUMENTS AND RELATED PRODUCTS--0.14% Becton Dickinson & Co Note 4,000,000 4.550%, 04/15/13 ..................... A2 4,154 Raytheon Co Note 4,000,000 5.375%, 04/01/13 ..................... Baa3 4,231 -------- TOTAL INSTRUMENTS AND RELATED PRODUCTS 8,385 -------- INSURANCE AGENTS, BROKERS AND SERVICES--0.22% Marsh & McLennan Cos, Inc (Sr Note) 4,500,000 5.375%, 03/15/07 ..................... A2 4,951 4,500,000 6.250%, 03/15/12 ..................... A2 5,246 Metlife, Inc (Sr Note) 3,000,000 5.375%, 12/15/12 ..................... A2 3,266 -------- TOTAL INSURANCE AGENTS, BROKERS AND SERVICE 13,463 -------- INSURANCE CARRIERS--0.67% Allstate Corp (Sr Note) 2,000,000 6.125%, 12/15/32 ..................... A1 2,177 2,250,000 5.350%, 06/01/33 ..................... A1 2,198 Associated P&C Holdings (Sr Note) 5,000,000 6.750%, 07/15/03 ..................... A3 5,007 General Electric Global Insurance Note 5,000,000 7.750%, 06/15/30 ..................... A1 6,229 Hartford Financial Services Group (Sr Note) 5,000,000 7.900%, 06/15/10 ..................... A3 6,079 International Lease Finance Corp Note 2,500,000 6.375%, 03/15/09 ..................... A1 2,825 John Hancock Global Funding II Note 4,000,000 7.900%, 07/02/10 ..................... Aa3 4,935 Progressive Corp/The (Sr Note) 3,000,000 6.250%, 12/01/32 ..................... A1 3,343 Safeco Corp (Sr Note) 2,500,000 4.875%, 02/01/10 ..................... Baa1 2,643 St Paul Cos (Sr Note) 4,000,000 5.750%, 03/15/07 ..................... A3 4,336 WellPoint Health Networks Note 1,000,000 6.375%, 01/15/12 ..................... Baa1 1,151 -------- TOTAL INSURANCE CARRIERS 40,923 -------- METAL MINING--0.15% Falconbridge Ltd Note 2,000,000 7.350%, 06/05/12 ..................... Baa3 2,239 Inco Ltd Note 2,000,000 7.750%, 05/15/12 ..................... Baa3 2,386 Placer Dome Inc Note 4,000,000 6.375%, 03/01/33 ..................... Baa2 4,227 -------- TOTAL METAL MINING 8,852 -------- MISCELLANEOUS RETAIL--0.10% CVS Corp Note 4,000,000 3.875%, 11/01/07 ..................... A2 4,187 Toys R US, Inc Note 1,750,000 7.875%, 04/15/13 ..................... Baa3 1,883 -------- TOTAL MISCELLANEOUS RETAIL 6,070 -------- MOTION PICTURES--0.19% Liberty Media Corp Note 8,000,000 5.700%, 05/15/13 ..................... Baa3 8,132 Walt Disney Co Note 3,000,000 5.500%, 12/29/06 ..................... Baa1 3,275 -------- TOTAL MOTION PICTURES 11,407 -------- NONDEPOSITORY INSTITUTIONS--1.94% Bunge Ltd Finance Corp Note 1,750,000 5.875%, 05/15/13 ..................... Baa3 1,805 CIT Group, Inc (Sr Sub Note) 9,000,000 4.125%, 02/21/06 ..................... A2 9,372 Countrywide Home Loans, Inc (Guarantee Note) 4,000,000 5.625%, 07/15/09 ..................... A3 4,478 Ford Motor Credit Co Note 5,250,000 6.875%, 02/01/06 ..................... A3 5,444 4,500,000 e 6.500%, 01/25/07 ..................... A3 4,722 7,000,000 e 7.250%, 10/25/11 ..................... A3 7,197 Fosters Brewing Note 4,000,000 6.875%, 06/15/11 ..................... Baa1 4,730 General Electric Capital Corp Note 17,500,000 5.450%, 01/15/13 ..................... Aaa 18,978 General Motors Acceptance Corp Note 4,000,000 6.750%, 01/15/06 ..................... A3 4,237 5,500,000 7.750%, 01/19/10 ..................... A3 5,883 Household Finance Co Note 5,000,000 5.875%, 02/01/09 ..................... A1 5,561 3,000,000 8.000%, 07/15/10 ..................... A1 3,714 4,000,000 7.350%, 11/27/32 ..................... A1 4,926 +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 19 Statement of Investments (Unaudited) - BOND MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ----------- NONDEPOSITORY INSTITUTIONS--(CONTINUED) $ 3,250,000 6.500%, 01/24/06 ..................... A1 $ 3,604 2,000,000 4.625%, 01/15/08 ..................... A1 2,133 8,000,000 6.375%, 11/27/12 ..................... A1 9,121 HSBC Capital Funding LP/Jersey Channel Islands (Guarantee Note) 1,750,000 e 4.610%, 12/29/49 ..................... A2 1,718 KeyBank National Association Note 4,000,000 5.000%, 07/17/07 ..................... A1 4,355 MBNA America Bank Note 4,000,000 5.375%, 01/15/08 ..................... Baa1 4,352 National Rural Utility Coop Finance Note 3,000,000 5.750%, 08/28/09 ..................... A2 3,338 6,000,000 7.250%, 03/01/12 ..................... A2 7,183 Pemex Project Funding Master Trust Note 1,500,000 e 6.125%, 08/15/08 ..................... Baa1 1,601 -------- TOTAL NONDEPOSITORY INSTITUTIONS 118,452 -------- OIL AND GAS EXTRACTION--0.87% Anadarko Finance (Guarantee Note) 2,500,000 5.375%, 03/01/07 ..................... Baa1 2,734 5,000,000 6.750%, 05/01/11 ..................... Baa1 5,862 Burlington Resource (Guarantee Note) 2,000,000 e 6.400%, 08/15/11 ..................... Baa1 2,318 5,000,000 7.200%, 08/15/31 ..................... Baa1 6,131 Canadian Natural Resources Ltd Note 5,000,000 7.200%, 01/15/32 ..................... Baa1 6,097 Chesapeake Energy Corp (Guarantee Note) 1,000,000 8.500%, 03/15/12 ..................... Ba3 1,058 1,000,000 9.000%, 08/15/12 ..................... Ba3 1,115 CNOOC Finance Ltd Note 2,500,000 5.500%, 05/21/33 ..................... Baa1 2,439 Devon Energy Corp Deb 4,000,000 7.950%, 04/15/32 ..................... Baa2 5,133 Equitable Resources, Inc Note 4,000,000 5.150%, 11/15/12 ..................... A2 4,251 3,750,000 5.150%, 03/01/18 ..................... A2 3,916 OAO Gazprom Note 2,000,000 9.625%, 03/01/13 ..................... NA 2,205 Pemex Project Funding Master Trust (Guarantee Note) 1,500,000 8.500%, 02/15/08 ..................... Baa1 1,755 6,750,000 9.125%, 10/13/10 ..................... Baa1 8,168 -------- TOTAL OIL AND GAS EXTRACTION 53,182 -------- OTHER MORTGAGE BACKED SECURITIES--1.72% CS First Boston Mortgage Securities Corp Series 2001-Cp4 (Class A4) 14,000,000 6.180%, 12/15/35 AAA 16,109 Greenwich Capital Commercial Funding Corp Series 2003-C1 (Class A4) 21,000,000 d 4.111%, 07/05/12 ..................... Aaa 20,934 JP Morgan Chase Commercial Mortgage Securities Corp Series 2002-C1 (Class A3) 25,000,000 5.376%, 07/12/37 ..................... Aaa 27,310 Morgan Stanley Dean Witter Capital I Series 2003-TOP9 (Class A2) 10,000,000 4.740%, 11/13/36 ..................... Aaa 10,472 Wachovia Bank Commercial Mortgage Trust Series 2002-C2 (Class A4) 14,000,000 4.980%, 11/15/34 Aaa 14,898 Wachovia Bank Commercial Mortgage Trust Series 2003-C3 (Class A2) 14,000,000 e 4.867%, 02/15/35 ..................... Aaa 14,768 -------- TOTAL OTHER MORTGAGE BACKED SECURITIES 104,491 -------- PAPER AND ALLIED PRODUCTS--0.25% Abitibi-Consolidated, Inc Deb 1,750,000 8.850%, 08/01/30 ..................... Ba1 1,859 Georgia-Pacific Corp (Sr Note) 2,000,000 8.875%, 02/01/10 ..................... Ba2 2,170 International Paper Co Note 5,500,000 3.800%, 04/01/08 ..................... Baa2 5,614 5,000,000 5.850%, 10/30/12 ..................... Baa2 5,449 -------- TOTAL PAPER AND ALLIED PRODUCTS 15,092 -------- PERSONAL SERVICES--0.04% Coinmach Corp (Sr Note) 2,000,000 e 9.000%, 02/01/10 ..................... B2 2,140 -------- TOTAL PERSONAL SERVICES 2,140 -------- PETROLEUM AND COAL PRODUCTS--0.73% Amerada Hess Corp Note 2,500,000 7.300%, 08/15/31 ..................... Baa3 2,899 Conoco Funding Co (Guarantee Note) 7,000,000 6.350%, 10/15/11 ..................... A3 8,177 Conoco, Inc (Sr Note) 3,000,000 6.950%, 04/15/29 ..................... A3 3,617 ConocoPhillips (Guarantee Note) 2,000,000 5.900%, 10/15/32 ..................... A3 2,142 4,000,000 8.500%, 05/25/05 ..................... A3 4,516 Enterprise Products Partners LP Note 6,000,000 6.875%, 03/01/33 ..................... Baa2 6,796 Pemex Project Funding Master Trust (Guarantee Note) 5,000,000 8.000%, 11/15/11 ..................... Baa1 5,725 Petronas Capital Ltd (Guarantee Note) 1,500,000 7.875%, 05/22/22 ..................... Baa1 1,779 Valero Energy Corp Note 3,500,000 6.125%, 04/15/07 ..................... Baa3 3,833 2,000,000 6.875%, 04/15/12 ..................... Baa3 2,267 3,000,000 4.750%, 06/15/13 ..................... Baa3 2,933 -------- TOTAL PETROLEUM AND COAL PRODUCTS 44,684 -------- PIPELINES, EXCEPT NATURAL GAS--0.16% Kinder Morgan Energy Partners LP (Sr Note) 5,000,000 7.300%, 08/15/33 ..................... Baa1 5,969 TransCanada Pipelines Ltd Note 3,750,000 4.000%, 06/15/13 ..................... A2 3,657 -------- TOTAL PIPELINES, EXCEPT NATURAL GAS 9,626 -------- PRIMARY METAL INDUSTRIES--0.13% Alcoa, Inc Note 7,000,000 6.500%, 06/01/11 ..................... A2 8,137 -------- TOTAL PRIMARY METAL INDUSTRIES 8,137 -------- PRINTING AND PUBLISHING--0.56% American Achievement Corp (Guarantee Note) 2,000,000 11.625%, 01/01/07 .................... B1 2,140 Mail Well I Corp (Guarantee Note) 2,000,000 9.625%, 03/15/12 ..................... B1 2,105 News America Holdings Deb 1,000,000 e 4.750%, 03/15/10 ..................... Baa3 1,027 8,000,000 7.700%, 10/30/25 ..................... Baa3 9,424 2,000,000 6.550%, 03/15/33 ..................... Baa3 2,119 +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 20 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - BOND MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ----------- PRINTING AND PUBLISHING--(CONTINUED) Quebecor Media, Inc (Sr Note) $ 2,000,000 11.125%, 07/15/11 .................... B2 $ 2,290 Scholastic corp 3,500,000 5.000%, 04/15/13 ..................... Baa2 3,592 Viacom Inc (Guarantee Note) 3,000,000 7.700%, 07/30/10 ..................... A3 3,714 3,000,000 6.625%, 05/15/11 ..................... A3 3,539 2,000,000 5.500%, 05/15/33 ..................... A3 1,988 Von Hoffmann Press Inc (Guarantee Note) 2,000,000 10.250%, 03/15/09 .................... B2 2,140 --------- TOTAL PRINTING AND PUBLISHING 34,078 --------- RAILROAD TRANSPORTATION--0.58% Burlington North Santa Fe Not 5,000,000 5.900%, 07/01/12 ..................... Baa2 5,549 3,500,000 4.300%, 07/01/13 ..................... Baa2 3,444 Norfolk Southern Corp (Sr Note) 5,000,000 7.250%, 02/15/31 ..................... Baa1 5,965 Union Pacific Corp Note 4,400,000 7.600%, 05/01/05 ..................... Baa3 4,858 5,000,000 5.750%, 10/15/07 ..................... Baa3 5,513 5,000,000 7.250%, 11/01/08 ..................... Baa3 5,933 3,500,000 6.650%, 01/15/11 ..................... Baa3 4,062 --------- TOTAL RAILROAD TRANSPORTATION 35,324 --------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.09% Newell Rubbermaid, Inc Note 3,500,000 e 6.000%, 03/15/07 ..................... Baa1 3,852 Sealed Air Corp (Sr Note) 1,750,000 5.375%, 04/15/08 ..................... Baa3 1,837 --------- TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 5,689 --------- SECURITY AND COMMODITY BROKERS--0.86% Bear Stearns Cos, Inc Note 4,000,000 5.700%, 11/15/14 ..................... A2 4,413 Franklin Resources, Inc Note 3,000,000 3.700%, 04/15/08 ..................... A2 3,076 Goldman Sachs Group, Inc Note 4,000,000 5.700%, 09/01/12 ..................... Aa3 4,418 4,000,000 e 5.250%, 04/01/13 ..................... Aa3 4,264 4,000,000 6.125%, 02/15/33 ..................... Aa3 4,293 Lehman Brothers Holdings, Inc Note 5,000,000 6.250%, 05/15/06 ..................... A2 5,566 1,500,000 4.000%, 01/22/08 ..................... A2 1,568 4,500,000 6.625%, 01/18/12 ..................... A2 5,256 Morgan Stanley Note 5,500,000 3.625%, 04/01/08 ..................... Aa3 5,629 8,000,000 6.600%, 04/01/12 ..................... Aa3 9,311 4,000,000 5.300%, 03/01/13 ..................... Aa3 4,252 --------- TOTAL SECURITY AND COMMODITY BROKERS 52,046 --------- TOBACCO PRODUCTS--0.02% RJ Reynolds Tobacco Holdings, Inc (Guarantee Note) 1,250,000 e 6.500%, 06/01/07 ..................... Ba1 1,226 --------- TOTAL TOBACCO PRODUCTS 1,226 --------- TRANSPORTATION BY AIR--0.12% Continental Airlines, Inc Note (Pass-Thru Cert) 5,000,000 6.563%, 02/15/12 ..................... Aaa 5,450 Southwest Airlines Co (Pass-Thru Cert) 2,000,000 5.496%, 11/01/06 ..................... Aa2 2,132 --------- TOTAL TRANSPORTATION BY AIR 7,582 --------- TRANSPORTATION EQUIPMENT--1.00% Boeing Co/The Note 4,000,000 6.125%, 02/15/33 ..................... A2 4,177 DaimlerChrysler NA Holding Corp (Guarantee Note) 8,500,000 8.500%, 01/18/31 ..................... A3 9,914 Ford Motor Co Deb Bond 14,000,000 6.625%, 10/01/28 ..................... Baa1 11,683 General Dynamics Corp Note 4,000,000 4.250%, 05/15/13 ..................... A2 4,019 General Motors Acceptance Corp Bond 10,000,000 8.000%, 11/01/31 ..................... A3 9,764 General Motors Corp (Sr note) 2,000,000 d,h 7.125%, 07/15/13 ..................... Baa1 1,989 Lockheed Martin Corp Bond 3,500,000 8.500%, 12/01/29 ..................... Baa2 4,761 Northrop Grumman Corp (Guarantee Note) 4,000,000 7.750%, 02/15/31 ..................... Baa3 5,124 United Technologies Corp Deb 7,500,000 7.500%, 09/15/29 ..................... A2 9,676 --------- TOTAL TRANSPORTATION EQUIPMENT 61,107 --------- WHOLESALE TRADE-DURABLE GOODS--0.12% Avnet, Inc Notes 2,000,000 9.750%, 02/15/08 ..................... Baa3 2,260 Ingram Micro, Inc (Sr Sub Note) 2,000,000 9.875%, 08/15/08 ..................... Ba2 2,160 Johnson & Johnson Deb 3,000,000 3.800%, 05/15/13 ..................... Aaa 2,981 --------- TOTAL WHOLESALE TRADE-DURABLE GOODS 7,401 --------- WHOLESALE TRADE-NONDURABLE GOODS--0.48% Cardinal Health, Inc Bond 3,500,000 4.000%, 06/15/15 ..................... A2 3,352 ISP Chemco, Inc (Guarantee Note) 2,000,000 10.250%, 07/01/11 .................... B2 2,260 Petronas Capital Ltd (Guarantee Note) 4,000,000 7.000%, 05/22/12 ..................... Baa1 4,627 Safeway, Inc Note 6,000,000 6.150%, 03/01/06 ..................... Baa2 6,521 3,500,000 5.800%, 08/15/12 ..................... Baa2 3,748 Unilever Capital Corp (Guarantee Note) 8,000,000 6.875%, 11/01/05 ..................... A1 8,947 --------- TOTAL WHOLESALE TRADE-NONDURABLE GOODS 29,455 --------- TOTAL CORPORATE BOND (COST $1,505,340) 1,634,551 --------- GOVERNMENT BONDS--70.86% AGENCY SECURITIES--22.39% Federal Farm Credit Bank (FFCB) 110,050,000 e 2.250%, 09/01/06 ..................... Aaa 111,011 Federal Home Loan Bank (FHLB) 120,140,000 e 1.875%, 02/15/05 ..................... Aaa 121,192 Federal Home Loan Mortgage Corp (FHLMC) 342,000,000 d 1.875%, 01/15/05 ..................... Aaa 345,069 97,200,000 6.875%, 01/15/05 ..................... Aaa 105,454 20,000,000 d 4.250%, 06/15/05 ..................... Aaa 21,093 3,000,000 7.100%, 04/10/07 ..................... Aaa 3,526 +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 21 Statement of Investments (Unaudited) - BOND MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- ------- ----------- AGENCY SECURITIES--(CONTINUED) $293,000,000 3.670%, 02/12/08 ..................... Aaa $ 297,125 15,000,000 3.500%, 05/21/08 ..................... Aaa 15,131 15,000,000 3.750%, 05/12/09 ..................... Aaa 15,279 30,000,000 6.375%, 08/01/11 ..................... Aa2 32,746 20,000,000 6.750%, 03/15/31 ..................... Aaa 24,900 Federal National Mortgage Association (FNMA) 98,000,000 e 2.250%, 05/15/06 ..................... Aaa 99,310 50,000,000 4.375%, 10/15/06 ..................... Aaa 53,820 82,000,000 e 5.000%, 01/15/07 ..................... Aaa 90,130 24,000,000 e 6.250%, 02/01/11 ..................... Aa2 27,750 ---------- TOTAL AGENCY SECURITIES 1,363,536 ---------- FOREIGN GOVERNMENT BONDS--1.56% Brazilian Government International Bond 2,750,000 e 10.250%, 06/17/13 .................... B2 2,626 Canada Government Bond 5,500,000 6.750%, 08/28/06 ........ Aaa 6,322 Chile Government International Bond 4,000,000 5.500%, 01/15/13 ..................... Baa1 4,210 Corp Andina de Fomento CAF Note 2,000,000 5.200%, 05/21/13 ..................... A2 2,026 El Salvador Government International Note 4,750,000 e 8.500%, 07/25/11 ..................... Baa3 5,094 Mexico Government International Note 3,000,000 4.625%, 10/08/08 ..................... Baa2 3,060 9,000,000 e 6.375%, 01/16/13 ..................... Baa2 9,518 7,000,000 e 8.125%, 12/30/19 ..................... Baa2 8,103 Province of British Columbia Note 5,000,000 4.625%, 10/03/06 ..................... Aa2 5,404 13,000,000 5.375%, 10/29/08 ..................... Aa2 14,630 Province of Manitoba Note 5,000,000 4.250%, 11/20/06 ..................... Aa2 5,350 Province of Ontario, Canada 5,000,000 7.000%, 08/04/05 ..................... Aa2 5,563 5,000,000 5.500%, 10/01/08 ..................... Aa2 5,649 3,500,000 5.125%, 07/17/12 ..................... Aa2 3,878 Province of Quebec Deb 10,000,000 7.500%, 09/15/29 ..................... A1 13,333 ---------- TOTAL FOREIGN GOVERNMENT BONDS 94,766 ---------- MORTGAGE BACKED SECURITIES--29.17% Federal Home loan Mortgage Corp Gold (FGLMC) 660,864 7.000%, 09/01/10 ............................... 703 1,514,217 6.000%, 04/01/11 ............................... 1,579 3,058,205 7.000%, 07/01/13 ............................... 3,249 10,401,142 6.500%, 12/01/16 ............................... 10,925 13,768,532 6.000%, 12/01/17 ............................... 14,318 30,890,064 5.000%, 05/01/18 ............................... 31,932 19,136,323 5.000%, 05/01/18 ............................... 19,782 73,206,845 5.000%, 05/01/18 ............................... 75,677 35,000,000 5.000%, 06/01/18 ............................... 36,181 4,294,237 7.000%, 10/01/20 ............................... 4,532 421,641 7.000%, 05/01/23 ............................... 444 2,991,430 8.000%, 01/01/31 ............................... 3,207 1,006,052 7.000%, 11/01/31 ............................... 1,055 1,819,482 7.000%, 12/01/31 ............................... 1,908 1,264,759 7.000%, 12/01/31 ............................... 1,326 1,907,772 7.000%, 12/01/31 ............................... 2,000 847,469 7.000%, 12/01/31 ............................... 888 1,027,961 7.000%, 12/01/31 ............................... 1,078 1,033,967 7.000%, 12/01/31 ............................... 1,084 993,243 7.000%, 12/01/31 ............................... 1,041 2,511,171 7.000%, 12/01/31 ............................... 2,633 19,605,562 7.500%, 12/01/31 ............................... 20,837 1,627,996 7.000%, 01/01/32 ............................... 1,707 584,901 7.000%, 01/01/32 ............................... 613 3,959,188 8.000%, 02/01/32 ............................... 4,239 47,606,454 d 7.000%, 07/01/32 ............................... 49,911 23,060,537 6.500%, 09/01/32 ............................... 23,998 12,557,617 6.000%, 04/01/33 ............................... 13,020 12,901,075 6.000%, 05/01/33 ............................... 13,376 25,000,000 d,h 5.500%, 06/01/33 ............................... 25,827 30,000,000 d,h 5.500%, 07/15/33 ............................... 30,947 Federal National Mortgage Association (FNMA) 195,000,000 d,h 6.000 .......................................... 202,495 346,830 6.000%, 12/01/08 ............................... 364 3,263,946 6.500%, 05/01/09 ............................... 3,464 545,131 7.500%, 11/01/10 ............................... 584 165,546 8.000%, 06/01/11 ............................... 178 113,187 8.000%, 06/01/11 ............................... 122 153,021 8.000%, 06/01/11 ............................... 165 55,133 8.000%, 06/01/11 ............................... 59 108,053 8.000%, 07/01/11 ............................... 116 1,961,528 7.500%, 02/01/15 ............................... 2,100 4,120,126 7.500%, 04/01/15 ............................... 4,411 4,949,646 7.500%, 04/01/15 ............................... 5,300 346,505 6.500%, 02/01/16 ............................... 365 334,110 6.500%, 03/01/16 ............................... 352 243,303 6.500%, 04/01/16 ............................... 256 7,224,206 6.500%, 10/01/16 ............................... 7,621 4,715,141 6.500%, 11/01/16 ............................... 4,974 2,259,953 6.000%, 11/01/17 ............................... 2,359 7,930,398 6.000%, 12/01/17 ............................... 8,277 17,845,533 6.000%, 01/01/18 ............................... 18,626 6,745,709 6.000%, 02/01/18 ............................... 7,041 12,517,242 6.500%, 02/01/18 ............................... 13,206 19,324,241 5.500%, 03/01/18 ............................... 20,074 18,361,351 5.500%, 03/01/18 ............................... 19,074 18,253,743 5.500%, 03/01/18 ............................... 18,962 44,641,159 5.500%, 03/01/18 ............................... 46,373 17,783,820 5.500%, 03/01/18 ............................... 18,474 12,204,668 5.500%, 04/01/18 ............................... 12,678 77,796,647 5.500%, 04/01/18 ............................... 80,815 12,982,552 5.500%, 04/01/18 ............................... 13,486 11,598,413 6.000%, 04/01/18 ............................... 12,106 6,457,601 6.500%, 04/01/18 ............................... 6,813 40,706,430 5.000%, 05/01/18 ............................... 42,100 9,919,886 5.000%, 06/01/18 ............................... 10,259 41,000,000 h 5.000%, 06/01/18 ............................... 42,403 5,667,448 6.000%, 01/01/19 ............................... 5,916 699,577 6.000%, 02/01/19 ............................... 730 1,639,619 8.000%, 03/01/23 ............................... 1,786 2,668,278 8.000%, 07/01/24 ............................... 2,900 524,787 9.000%, 11/01/25 ............................... 581 8,162,606 6.000%, 01/01/28 ............................... 8,501 1,533,392 6.000%, 02/01/28 ............................... 1,597 17,634,899 6.500%, 06/01/32 ............................... 18,390 3,699,083 7.000%, 07/01/32 ............................... 3,895 3,191,733 7.000%, 07/01/32 ............................... 3,361 32,287,287 6.500%, 10/01/32 ............................... 33,670 70,107,392 d 6.500%, 10/01/32 ............................... 73,110 30,118,681 6.500%, 11/01/32 ............................... 31,409 10,771,805 7.000%, 12/01/32 ............................... 11,344 6,495,095 7.000%, 01/01/33 ............................... 6,840 28,469,235 6.000%, 02/01/33 ............................... 29,597 58,929,771 6.000%, 02/01/33 ............................... 61,264 18,890,316 6.500%, 02/01/33 ............................... 19,699 +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 22 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - BOND MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- MORTGAGE BACKED SECURITIES--(CONTINUED) $72,981,383 6.500%, 03/01/33 ............................... $ 76,106 40,530,989 6.500%, 04/01/33 ............................... 42,266 14,769,687 6.500%, 05/01/33 ............................... 15,402 18,370,723 6.500%, 05/01/33 ............................... 19,157 Government National Mortgage Association (GNMA) 70,953 8.500%, 10/15/09 ............................... 78 106,407 8.500%, 12/15/09 ............................... 118 120,491 8.500%, 12/15/09 ............................... 133 851,393 9.000%, 12/15/09 ............................... 931 138,011 8.500%, 01/15/10 ............................... 153 90,346 8.500%, 01/15/10 ............................... 100 39,000 9.000%, 06/15/16 ............................... 43 58,298 9.000%, 09/15/16 ............................... 65 23,176 9.000%, 09/15/16 ............................... 26 60,285 9.000%, 09/15/16 ............................... 67 7,409 9.000%, 10/15/16 ............................... 8 47,740 9.000%, 11/15/16 ............................... 53 59,720 9.000%, 12/15/16 ............................... 67 56,036 9.000%, 12/15/16 ............................... 62 632,161 9.500%, 12/15/16 ............................... 711 29,383 9.000%, 07/15/17 ............................... 33 68,301 9.000%, 06/15/20 ............................... 76 2,083,118 6.500%, 09/15/23 ............................... 2,201 1,333,478 6.500%, 01/15/24 ............................... 1,408 591,343 6.500%, 03/15/24 ............................... 624 5,216,261 6.500%, 05/15/24 ............................... 5,507 551,418 8.000%, 06/15/24 ............................... 599 2,288,191 6.500%, 09/15/24 ............................... 2,416 7,474,550 6.500%, 12/15/27 ............................... 7,863 156,809 6.500%, 10/15/28 ............................... 165 6,060,932 6.500%, 11/15/28 ............................... 6,374 1,314,744 8.500%, 11/20/30 ............................... 1,407 1,135,240 8.500%, 12/20/30 ............................... 1,215 4,676,932 6.500%, 03/15/33 ............................... 4,911 22,317,876 6.500%, 03/15/33 ............................... 23,434 17,257,684 6.500%, 04/15/33 ............................... 18,121 20,814,233 6.000%, 05/15/33 ............................... 21,829 14,367,352 6.000%, 05/15/33 ............................... 15,068 4,480,819 6.000%, 05/15/33 ............................... 4,699 21,764,265 6.000%, 05/15/33 ............................... 22,825 7,961,221 6.000%, 05/20/33 ............................... 8,300 67,000,000 d,h 5.500%, 07/15/33 ............................... 69,753 60,000,000 d,h 5.000%, 08/15/33 ............................... 61,200 ---------- TOTAL MORTGAGE BACKED SECURITIES 1,776,233 ---------- U.S. TREASURY SECURITIES--17.74% U.S. Treasury Bond 227,000,000 e 10.000%, 05/15/10 .............................. 262,907 134,450,000 e 7.250%, 05/15/16 ............................... 178,808 248,610,000 e 8.000%, 11/15/21 ............................... 360,164 16,000,000 h 5.250%, 11/15/28 ............................... 17,425 22,000,000 e 6.250%, 05/15/30 ............................... 27,388 5,530,000 e 5.375%, 02/15/31 ............................... 6,227 U.S. Treasury Note 19,723,060 3.375%, 01/15/07 ............................... 21,658 27,050,000 e 4.375%, 05/15/07 ............................... 29,393 1,510,000 e 3.250%, 08/15/07 ............................... 1,576 27,225,000 e 2.625%, 05/15/08 ............................... 27,474 4,675,000 e 5.500%, 05/15/09 ............................... 5,385 6,000,000 e 6.000%, 08/15/09 ............................... 7,078 36,053,490 4.250%, 01/15/10 ............................... 42,430 1,030,000 e 4.000%, 11/15/12 ............................... 1,072 53,490,000 e,h 3.625%, 05/15/13 ............................... 53,908 United States Treasury Inflation Indexed Bonds 33,267,780 3.500%, 01/15/11 ............................... 37,785 ---------- TOTAL U.S. TREASURY SECURITIES 1,080,678 ---------- TOTAL GOVERNMENT BONDS (COST $4,271,422) 4,315,213 ---------- TOTAL BONDS (COST $5,776,762) 5,949,764 TIAA-CREF MUTUAL FUND--0.05% 345,622 TIAA-CREF High-Yield Bond Fund ................... 3,111 ---------- TIAA-CREF MUTUAL FUND (COST $2,902) 3,111 ---------- SHORT TERM INVESTMENTS--12.74% CERTIFICATES OF DEPOSIT--0.82% Canadian Imperial Bank of Commerce 50,000,000 d 1.190%, 08/05/03 ............................... 50,006 ---------- TOTAL CERTIFICATES OF DEPOSIT 50,006 ---------- COMMERCIAL PAPER--7.36% Asset Securitization Coop Corp 9,500,000 c,d 1.040%, 08/05/03 ............................... 9,490 BellSouth Corp 44,300,000 c 0.950%, 07/11/03 ............................... 44,286 BMW US Capital Corp 43,700,000 d 1.220%, 08/14/03 ............................... 43,643 CC (USA), Inc 19,000,000 c,d 1.260%, 07/10/03 ............................... 18,994 Citicorp 35,000,000 1.250%, 07/01/03 ............................... 34,999 Edison Asset Securitization, LLC 50,000,000 c 0.960%, 07/16/03 ............................... 49,972 Govco, Inc 50,000,000 c,d 1.030%, 08/13/03 ............................... 49,936 Greyhawk Funding LLC 24,000,000 c 1.040%, 08/01/03 ............................... 23,972 Johnson Controls , Inc 50,000,000 d 1.200%, 09/22/03 ............................... 49,860 Links Finance LLC 20,000,000 c,d 1.050%, 08/20/03 ............................... 19,971 Preferred Receivables Fundng 28,000,000 c,d 1.260%, 07/01/03 ............................... 27,999 Sigma Finance, Inc 50,000,000 c,d 1.240%, 08/08/03 ............................... 49,944 Wells Fargo Bank 25,000,000 d 1.230%, 07/07/03 ............................... 25,012 ---------- TOTAL COMMERCIAL PAPER 448,078 ---------- INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED--4.56% REPURCHASED AGREEMENTS Credit Suisse First Boston 1.240% Dated 6/30/03, Due 07/01/03 In The Amount Of $90,003,100 (Fully Collateralized By High Grade Dept Obligations: 90,003,000 Total Market Value $91,800,828) ............... 90,003 Bear Stearns & Co. 1.250% Dated 6/30/03, Due 07/01/03 In The Amount Of $13,319,462 (Fully Collateralized By High Grade Dept Obligations: 13,320,000 Total Market Value $13,706,464) ............... 13,320 Goldman Sachs & Co.1.240% Dated 6/30/03, Due 07/01/03 In The Amount Of $50,001,722 (Fully Collateralized By High Grade Dept Obligations: 50,001,000 Total Market Value $1,000,136) ................ 50,001 Merrill Lynch & Co. Inc,1.200% Dated 6/30/03, Due 07/01/03 In The Amount Of $70,002,333 (Fully Collateralized By High Grade Dept Obligations: 70,002,000 Total Market Value $71,400,379) ............... 70,002 +As provided by Moody's Investors Services (Unaudited) SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 23 Statement of Investments (Unaudited) - BOND MARKET ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED--(CONTINUED) Morgan Stanley & Co. Inc,1.250% Dated 6/30/03, Due 07/01/03 In The Amount Of $51,331,782 (Fully Collateralized By High Grade Dept Obligations: $51,332,000 Total Market Value $52,356,629) .............. $ 51,332 Bear Stearns & Co. 1.100% Dated 6/30/03, Due 07/01/03 In The Amount Of $3,180,097 (Fully Collateralized By High Grade Dept Obligations: 3,180,000 Total Market Value $3,243,623) ................. 3,180 ---------- TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED 277,838 ---------- TOTAL SHORT TERM INVESTMENTS (COST $775,520) 775,922 ---------- TOTAL PORTFOLIO--110.49% (COST $6,555,184) 6,728,797 OTHER ASSETS AND LIABILITIES, NET--(10.49)% (638,611) ---------- NET ASSETS--100.00% $6,090,186 ========== - ---------- b In bankruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended d All or a portion of these securities have been segregated by the Custodian to cover margin or other requirements on open futures contracts e All or a portion of these securities are out on loan. h These securities were purchased on a delayed delivery basis Note that the funds may use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 24 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- Summary by Industry VALUE (000) % - -------------------------------------------------------------------------------- BONDS CORPORATE BONDS Apparel and Accessory Stores ........................... $ 3,216 0.06% Asset Backed ........................................... 29,609 0.59 Business Services ...................................... 23,165 0.46 Chemicals and Allied Products .......................... 36,575 0.72 Communications ......................................... 56,139 1.11 Depository Institutions ................................ 135,791 2.68 Eating and Drinking Places ............................. 5,566 0.11 Electric, Gas, and Sanitary Services ................... 15,484 0.31 Electronic & Other Electric Equipment .................. 14,671 0.29 Food and Kindred Products .............................. 26,573 0.52 Food Stores ............................................ 13,856 0.27 Furniture and Fixtures ................................. 6,765 0.13 General Building Contractors ........................... 4,034 0.08 General Merchandise Stores ............................. 8,341 0.16 Health Services ........................................ 3,260 0.06 Holding and Other Investment Offices ................... 15,081 0.30 Industrial Machinery and Equipment ..................... 9,274 0.18 Insurance Carriers ..................................... 29,883 0.59 Motion Pictures ........................................ 5,458 0.11 Nondepository Institutions ............................. 21,747 0.43 Oil and Gas Extraction ................................. 11,474 0.23 Other Mortgage Backed Securities ....................... 35,430 0.70 Petroleum and Coal Products ............................ 4,534 0.09 Pipelines, Except Natural Gas .......................... 2,984 0.06 Primary Metal Industries ............................... 9,020 0.18 Printing and Publishing ................................ 5,643 0.11 Railroad Transportation ................................ 6,259 0.12 Security and Commodity Brokers ......................... 15,998 0.31 Transportation By Air .................................. 0 0.00 Wholesale Trade-Durable Goods .......................... 3,912 0.08 Wholesale Trade-Nondurable Goods ....................... 4,900 0.10 ---------- ------ TOTAL CORPORATE BONDS .................................. 564,642 11.14 (COST $515,093) ---------- ------ GOVERNMENT BOND Agency Securities ...................................... 401,138 7.91 Foreign Government Bonds ............................... 21,068 0.42 Mortgage Backed Securities ............................. 495,681 9.77 U.S. Treasury Securities ............................... 371,905 7.33 ---------- ------ TOTAL GOVERNMENT BONDS ................................. 1,289,792 25.43 (COST $1,266,714) ---------- ------ TOTAL BONDS ............................................ 1,854,434 36.57 (COST $1,781,807) ---------- ------ COMMON STOCK Amusement and Recreation Services ...................... 376 0.01 Apparel and Accessory Stores ........................... 13,689 0.27 Apparel and Other Textile Products ..................... 4,993 0.10 Auto Repair, Services and Parking ...................... 102 0.00 Automotive Dealers and Service Stations ................ 2,120 0.04 Building Materials and Garden Supplies ................. 46,270 0.91 Business Services ...................................... 231,688 4.57 Chemicals and Allied Products .......................... 353,405 6.97 Communications ......................................... 165,933 3.27 Depository Institutions ................................ 348,770 6.88 Eating and Drinking Places ............................. 26,456 0.52 Educational Services ................................... 2,983 0.06 Electric, Gas, and Sanitary Services ................... 150,342 2.96 Electronic & Other Electric Equipment .................. 160,506 3.16 Engineering and Management Services .................... 17,766 0.35 Fabricated Metal Products .............................. 29,257 0.58 Food and Kindred Products .............................. 132,752 2.62 Food Stores ............................................ 24,154 0.48 Furniture and Fixtures ................................. 15,603 0.31 Furniture and Homefurnishings Stores ................... 10,024 0.20 General Building Contractors ........................... 12,490 0.25 General Merchandise Stores ............................. 51,779 1.02 Health Services ........................................ 14,750 0.29 Holding and Other Investment Offices ................... 86,297 1.70 Hotels and Other Lodging Places ........................ 1,855 0.04 Industrial Machinery and Equipment ..................... 267,460 5.27 Instruments and Related Products ....................... 111,732 2.20 Insurance Agents, Brokers and Services ................. 26,544 0.52 Insurance Carriers ..................................... 161,908 3.19 Leather and Leather Products ........................... 473 0.01 Lumber and Wood Products ............................... 20 0.00 Metal Mining ........................................... 3,403 0.07 Miscellaneous Manufacturing Industries ................. 7,651 0.15 Miscellaneous Retail ................................... 41,308 0.81 Motion Pictures ........................................ 38,466 0.76 Nondepository Institutions ............................. 116,389 2.30 Nonmetallic Minerals, Except Fuels ..................... 4,511 0.09 Oil and Gas Extraction ................................. 86,574 1.71 Paper and Allied Products .............................. 23,483 0.46 Personal Services ...................................... 2,691 0.05 Petroleum and Coal Products ............................ 12,166 0.24 Primary Metal Industries ............................... 17,653 0.35 Printing and Publishing ................................ 25,445 0.50 Railroad Transportation ................................ 9,125 0.18 Rubber and Miscellaneous Plastic Products .............. 1,745 0.03 Security and Commodity Brokers ......................... 57,169 1.13 Special Trade Contractors .............................. 19 0.00 Stone, Clay, and Glass Products ........................ 5,405 0.11 Transportation By Air .................................. 24,050 0.47 Transportation Equipment ............................... 33,020 0.65 Transportation Services ................................ 2,643 0.05 Trucking and Warehousing ............................... 16,862 0.33 Wholesale Trade-Durable Goods .......................... 85,200 1.68 Wholesale Trade-Nondurable Goods ....................... 42,235 0.84 ---------- ------ TOTAL COMMON STOCK ..................................... 3,129,710 61.71 (COST $2,776,546) ---------- ------ SHORT TERM INVESTMENTS Commercial Paper ....................................... 128,038 2.52 U.S. Government and Agencies Discount Notes ............ 164,563 3.25 Investment of Cash Collateral for Securities Loaned .... 221,130 4.36 ---------- ------ TOTAL SHORT TERM INVESTMENTS ........................... 513,731 10.13 (COST $513,398) ---------- ------ TOTAL PORTFOLIO (COST $5,071,751) ..................................... 5,497,875 108.41 OTHER ASSETS AND LIABILITIES, NET ...................... (426,546) (8.41) ---------- ------ NET ASSETS ............................................. $5,071,329 100.00% ========== ====== PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- BONDS--36.57% CORPORATE BONDS--11.14% APPAREL AND ACCESSORY STORES--0.06% Kohl's Corp Deb $ 3,000,000 6.000%, 01/15/33 .................... A3 $ 3,216 -------- TOTAL APPAREL AND ACCESSORY STORES 3,216 -------- ASSET BACKED--0.59% Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-1 (Class 1A4) 7,000,000 5.742%, 09/25/28 .................... Aaa 7,561 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 25 Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- ASSET BACKED--(CONTINUED) Countrywide Asset-Backed Certificates Series 2002-S2 (Class A5) $ 5,000,000 5.478%, 01/25/17 ..................... Aaa $ 5,244 Greenpoint Manufactured Housing Series 1999-1 (Class A2) 2,860,479 6.010%, 08/15/15 ..................... Aaa 2,890 Household Automotive Trust Series 2000-2 (Class A3) 3,531,047 3.680%, 04/17/06 ..................... Aaa 3,574 Ryder Vehicle Lease Trust 10,000,000 5.810%, 08/15/06 ..................... Aaa 10,340 --------- TOTAL ASSET BACKED 29,609 --------- BUSINESS SERVICES--0.46% AOL Time Warner, Inc (Guarantee Note) 5,000,000 6.875%, 05/01/12 ..................... Baa1 5,721 Deluxe Corp (Sr Note) 5,250,000 5.000%, 12/15/12 ..................... A2 5,430 Hartford Financial (Sr Note) 6,000,000 e 6.375%, 11/01/08 ..................... A3 6,856 Time Warner, Inc (Guarantee Note) 5,000,000 6.625%, 05/15/29 ..................... Baa1 5,158 --------- TOTAL BUSINESS SERVICES 23,165 --------- CHEMICALS AND ALLIED PRODUCTS--0.72% Avery Dennison Corp Deb 2,000,000 6.000%, 01/15/33 ..................... A3 2,141 Gillette Co/The (Sr Note) 5,000,000 4.125%, 08/30/07 ..................... Aa3 5,284 Merck & Co, Inc Deb 6,000,000 5.250%, 07/01/06 ..................... Aaa 6,553 5,000,000 5.950%, 12/01/28 ..................... Aaa 5,568 Praxair, Inc Note 5,000,000 3.950%, 06/01/13 ..................... A3 4,935 Procter & Gamble Co (Unsub Note) 6,000,000 6.875%, 09/15/09 ..................... Aa3 7,266 Valspar Corp Note 4,500,000 6.000%, 05/01/07 ..................... Baa2 4,828 --------- TOTAL CHEMICALS AND ALLIED PRODUCTS 36,575 --------- COMMUNICATIONS--1.11% AT&T Corp (Guarantee Note) 3,170,000 8.375%, 03/15/13 ..................... Baa3 3,965 AT&T Corp (Sr Note) 5,000,000 7.800%, 11/15/11 ..................... Baa2 5,760 AT&T Wireless Services, Inc (Sr Note) 2,500,000 7.875%, 03/01/11 ..................... Baa2 2,953 Clear Channel Communications, Inc Note 5,000,000 7.875%, 06/15/05 ..................... Baa3 5,553 New England Telephone & Telegraph Note 5,000,000 7.650%, 06/15/07 ..................... Aa3 5,892 SBC Communications, Inc Note 3,500,000 5.750%, 05/02/06 ..................... A1 3,864 5,000,000 5.875%, 08/15/12 ..................... A1 5,626 Sprint Capital Corp (Guarantee Note) 2,000,000 e 7.125%, 01/30/06 ..................... Baa3 2,192 5,500,000 6.900%, 05/01/19 ..................... Baa3 5,791 Verizon Maryland, Inc Bond 2,000,000 5.125%, 06/15/33 ..................... NA 1,886 Verizon Pennsylvania Notes 5,000,000 5.650%, 11/15/11 ..................... Aa3 5,523 Verizon Wireless Capital LLC Note 6,500,000 5.375%, 12/15/06 ..................... A3 7,134 --------- TOTAL COMMUNICATIONS 56,139 --------- DEPOSITORY INSTITUTIONS--2.68% Bank of America (Sub Note) 10,000,000 6.875%, 02/15/05 ..................... Aa3 10,853 3,500,000 5.875%, 02/15/09 ..................... Aa2 4,000 Bank One Corp (Sub Note) 3,000,000 5.250%, 01/30/13 ..................... A1 3,227 Charter One Bank Fsb Note (Sub Note) 5,000,000 6.375%, 05/15/12 ..................... A3 5,715 First Chicago Corp (Sub Note) 9,700,000 6.375%, 01/30/09 ..................... A1 11,189 First Tennessee Bank NA (Sub Note) 2,000,000 4.625%, 05/15/13 ..................... A2 2,042 Greenpoint Financial Corp (Sr Note) 5,000,000 3.200%, 06/06/08 ..................... Baa1 4,962 Hudson United Bank/Mahwah, NJ (Sub Note) 5,000,000 7.000%, 05/15/12 ..................... Baa3 5,795 JP Morgan Chase & Co (Sub Note) 3,000,000 7.875%, 06/15/10 ..................... A2 3,667 3,250,000 5.750%, 01/02/13 ..................... A2 3,559 Mellon Funding Corp (Guarantee Note) 2,500,000 4.875%, 06/15/07 ..................... A1 2,715 5,000,000 6.400%, 05/14/11 ..................... A2 5,855 Mercantile Bankshares Corp (Sub Note) 5,000,000 4.625%, 04/15/13 ..................... A2 5,133 National City Bank/Indiana Note 5,000,000 4.875%, 07/20/07 ..................... Aa3 5,454 Northern Trust Co (Sub Note) 5,000,000 4.600%, 02/01/13 ..................... A1 5,193 Regions Financial Corp (Sub Note) 5,000,000 6.375%, 05/15/12 ..................... A2 5,811 SunTrust Banks, Inc (Sr Note) 5,000,000 5.050%, 07/01/07 ..................... Aa3 5,478 Union Planters Bank NA Note 5,000,000 5.125%, 06/15/07 ..................... A1 5,428 US Bancorp (Sr Note) 4,500,000 5.100%, 07/15/07 ..................... Aa3 4,943 US Bank National Association (Sub Note) 5,000,000 6.300%, 02/04/14 ..................... Aa3 5,840 Wachovia Corp (Sub Note) 10,000,000 6.300%, 04/15/08 ..................... A1 11,474 Washington Mutual, Inc Note 2,000,000 7.500%, 08/15/06 ..................... A3 2,306 5,000,000 4.375%, 01/15/08 ..................... A3 5,285 Webster Bank (Sub Note) 2,000,000 5.875%, 01/15/13 ..................... Baa3 2,166 Wells Fargo Financial, Inc Note 3,750,000 5.875%, 08/15/08 ..................... Aa2 4,258 3,000,000 6.125%, 04/18/12 ..................... Aa2 3,443 --------- TOTAL DEPOSITORY INSTITUTIONS 135,791 --------- EATING AND DRINKING PLACES--0.11% McDonald's Corp Note 5,000,000 5.750%, 03/01/12 ..................... A2 5,566 --------- TOTAL EATING AND DRINKING PLACES 5,566 --------- ELECTRIC, GAS, AND SANITARY SERVICES--0.31% Atmos Energy Corp (Sr Note) 5,000,000 5.125%, 01/15/13 ..................... A3 5,190 SEE NOTES TO FINANCIAL STATEMENTS 26 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- ELECTRIC, GAS, AND SANITARY SERVICES--(CONTINUED) National Fuel Gas Co Note $ 5,000,000 5.250%, 03/01/13 ..................... A3 $ 5,200 Nisource Finance Co (Guarantee Note) 5,000,000 7.500%, 11/15/03 ..................... Baa3 5,094 --------- TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 15,484 --------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--0.29% Cooper Industries, Inc (Guarantee Note) 5,000,000 5.250%, 07/01/07 ..................... A3 5,387 Emerson Electric Co Note 4,000,000 5.750%, 11/01/11 ..................... A2 4,471 4,500,000 5.000%, 12/15/14 ..................... A2 4,813 --------- TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 14,671 --------- FOOD AND KINDRED PRODUCTS--0.52% Bottling Group Llc (Guarantee Note) 5,000,000 4.625%, 11/15/12 ..................... A3 5,223 Campbell Soup Co Note 5,000,000 5.000%, 12/03/12 ..................... A3 5,345 General Mills, Inc Note 5,000,000 5.125%, 02/15/07 ..................... Baa2 5,429 HJ Heinz Co (Guarantee Note) 4,000,000 6.625%, 07/15/11 ..................... A3 4,713 Kellogg Co Note 5,000,000 6.600%, 04/01/11 ..................... Baa2 5,863 --------- TOTAL FOOD AND KINDRED PRODUCTS 26,573 --------- FOOD STORES--0.27% Albertson S, Inc Deb 7,000,000 7.450%, 08/01/29 ..................... Baa1 7,864 Kroger Co (Guarantee Note) 5,000,000 8.050%, 02/01/10 ..................... Baa3 5,992 --------- TOTAL FOOD STORES 13,856 --------- FURNITURE AND FIXTURES--0.13% Leggett & Platt, Inc Note 4,000,000 4.700%, 04/01/13 ..................... A2 4,117 Newell Rubbermaid, Inc Note 2,500,000 4.625%, 12/15/09 ..................... Baa1 2,648 --------- TOTAL FURNITURE AND FIXTURES 6,765 --------- GENERAL BUILDING CONTRACTORS--0.08% Pulte Homes, Inc (Sr Note) 4,000,000 6.375%, 05/15/33 ..................... Baa3 4,034 --------- TOTAL GENERAL BUILDING CONTRACTORS 4,034 --------- GENERAL MERCHANDISE STORES--0.16% Target Corp Note 7,500,000 e 5.375%, 06/15/09 ..................... A2 8,341 --------- TOTAL GENERAL MERCHANDISE STORES 8,341 --------- HEALTH SERVICES--0.06% UnitedHealth Group, Inc Note 3,000,000 5.200%, 01/17/07 ..................... A3 3,260 --------- TOTAL HEALTH SERVICES 3,260 --------- HOLDING AND OTHER INVESTMENT OFFICES--0.30% AvalonBay Communities Inc Note 5,000,000 6.625%, 09/15/11 ..................... Baa1 5,686 Boston Properties, Inc 2,000,000 e 6.250%, 01/15/13 ..................... Baa2 2,190 Verizon Global Funding Corp Note 4,500,000 6.125%, 06/15/07 ..................... A2 5,070 Vornado Realty Trust Note 2,000,000 5.625%, 06/15/07 ..................... Baa2 2,135 --------- TOTAL HOLDING AND OTHER INVESTMENT OFFICES 15,081 --------- INDUSTRIAL MACHINERY AND EQUIPMENT--0.18% Hewlett-Packard Co Note 3,500,000 6.500%, 07/01/12 ..................... A3 4,068 John Deere Capital Corp Note 5,000,000 3.900%, 01/15/08 ..................... A3 5,206 --------- TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 9,274 --------- INSURANCE CARRIERS--0.59% America General Corp Note 5,000,000 7.500%, 08/11/10 ..................... Aaa 6,191 Chubb Corp (Sr Note) 3,000,000 5.200%, 04/01/13 ..................... A1 3,157 John Hancock Global Funding II Note 5,000,000 5.625%, 06/27/06 ..................... Aa3 5,513 Lincoln National Corp Note 4,000,000 5.250%, 06/15/07 ..................... A3 4,291 Protective Life Corp Note 5,000,000 4.300%, 06/01/13 ..................... A3 4,947 Safeco Corp (Sr Note) 2,500,000 4.875%, 02/01/10 ..................... Baa1 2,643 UnitedHealth Group, Inc Note 3,000,000 4.875%, 04/01/13 ..................... A3 3,141 --------- TOTAL INSURANCE CARRIERS 29,883 --------- MOTION PICTURES--0.11% Walt Disney Co Note 5,000,000 5.500%, 12/29/06 ..................... Baa1 5,458 --------- TOTAL MOTION PICTURES 5,458 --------- NONDEPOSITORY INSTITUTIONS--0.43% American Express Co Note 5,000,000 3.750%, 11/20/07 ..................... A1 5,221 Countrywide Home Loans, Inc (Guarantee Note) 5,000,000 5.625%, 07/15/09 ..................... A3 5,598 KeyBank National Association Note 5,000,000 5.000%, 07/17/07 ..................... A1 5,443 MBNA Corp Note 5,000,000 6.250%, 01/17/07 ..................... Baa2 5,485 --------- TOTAL NONDEPOSITORY INSTITUTIONS 21,747 --------- OIL AND GAS EXTRACTION--0.23% Anadarko Finance (Guarantee Note) 5,515,000 6.750%, 05/01/11 ..................... Baa1 6,466 Apache Finance Canada Corp (Guarantee Note) 5,000,000 4.375%, 05/15/15 ..................... A3 5,008 --------- TOTAL OIL AND GAS EXTRACTION 11,474 --------- OTHER MORTGAGE BACKED SECURITIES--0.70% Banc of America Commercial Mortgage, Inc 6,000,000 e 5.118%, 07/11/43 ..................... Aaa 6,474 JP Morgan Chase Commercial Mortgage Corp Corp Series 2001-Cib3 (Class A2) 11,515,000 6.044%, 11/15/35 ..................... Aaa 12,983 JP Morgan Chase Commercial Mortgage Securities Series 2001-Cibc (Class A3) 7,430,000 6.260%, 03/15/33 ..................... Aaa 8,551 Wachovia Bank Commercial Mortgage Trust 4,000,000 4.980%, 11/15/34 ..................... Aaa 4,257 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 27 Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL RATINGS+ VALUE (000) --------- -------- ----------- OTHER MORTGAGE BACKED SECURITIES--(CONTINUED) Wachovia Bank Commercial Mortgage Trust $ 3,000,000 e 4.867%, 02/15/35 ..................... Aaa $ 3,165 TOTAL OTHER MORTGAGE BACKED SECURITIES 35,430 --------- PETROLEUM AND COAL PRODUCTS--0.09% Valero Energy Corp Note 4,000,000 6.875%, 04/15/12 ..................... Baa3 4,534 --------- TOTAL PETROLEUM AND COAL PRODUCTS 4,534 --------- PIPELINES, EXCEPT NATURAL GAS--0.06% Kinder Morgan Energy Partners LP (Sr Note) 2,500,000 7.300%, 08/15/33 ..................... Baa1 2,984 --------- TOTAL PIPELINES, EXCEPT NATURAL GAS 2,984 --------- PRIMARY METAL INDUSTRIES--0.18% Alcoa, Inc Note 3,000,000 6.500%, 06/01/11 ..................... A2 3,487 Hubbell, Inc Note 5,000,000 6.375%, 05/15/12 ..................... A3 5,533 --------- TOTAL PRIMARY METAL INDUSTRIES 9,020 --------- PRINTING AND PUBLISHING--0.11% A.H. Belo Corp Deb Note 5,000,000 7.250%, 09/15/27 ..................... Baa3 5,643 --------- TOTAL PRINTING AND PUBLISHING 5,643 --------- RAILROAD TRANSPORTATION--0.12% Norfolk Southern Corp 5,000,000 7.800%, 05/15/27 ..................... Baa1 6,259 --------- TOTAL RAILROAD TRANSPORTATION 6,259 --------- SECURITY AND COMMODITY BROKERS--0.31% Goldman Sachs Group, Inc Note 4,000,000 e 7.625%, 08/17/05 ..................... Aa3 4,487 Goldman Sachs Group, Inc Note 5,000,000 5.700%, 09/01/12 ..................... Aa3 5,522 Merrill Lynch & Co, Inc Note 5,000,000 6.875%, 11/15/18 ..................... Aa3 5,989 --------- TOTAL SECURITY AND COMMODITY BROKERS 15,998 --------- 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 --------- WHOLESALE TRADE-DURABLE GOODS--0.08% Johnson & Johnson Deb 4,000,000 4.950%, 05/15/33 ..................... Aaa 3,912 --------- TOTAL WHOLESALE TRADE-DURABLE GOODS 3,912 --------- WHOLESALE TRADE-NONDURABLE GOODS--0.10% Safeway, Inc Note 4,155,000 7.500%, 09/15/09 ..................... Baa2 4,900 --------- TOTAL WHOLESALE TRADE-NONDURABLE GOODS 4,900 --------- TOTAL CORPORATE BONDS (COST $515,093) 564,642 --------- GOVERNMENT BONDS--25.43% AGENCY SECURITIES--7.91% Federal Home Loan Mortgage Corp (FHLMC) Note 93,000,000 1.875%, 01/15/05 ..................... Aaa 93,835 50,000,000 7.000%, 07/15/05 ..................... Aaa 55,566 18,000,000 3.670%, 02/12/08 ..................... Aaa 18,253 24,000,000 e 5.750%, 04/15/08 ..................... Aaa 27,379 13,000,000 3.500%, 05/21/08 ..................... Aaa 13,113 8,000,000 3.750%, 05/12/09 ..................... Aaa 8,149 7,500,000 6.750%, 03/15/31 ..................... Aaa 9,338 Federal National Mortgage Association (FNMA) 125,000,000 e 2.250%, 05/15/06 ..................... Aaa 126,671 20,000,000 5.000%, 01/15/07 ..................... Aaa 21,983 1,200,000 7.125%, 03/15/07 ..................... Aaa 1,413 22,000,000 e 6.250%, 02/01/11 ..................... Aa2 25,438 --------- TOTAL AGENCY SECURITIES 401,138 --------- FOREIGN GOVERNMENT BONDS--0.42% Province of Quebec Deb 5,500,000 7.000%, 01/30/07 ..................... A1 6,401 11,000,000 7.500%, 09/15/29 ..................... A1 14,667 --------- TOTAL FOREIGN GOVERNMENT BONDS 21,068 --------- MORTGAGE BACKED SECURITIES--9.77% Federal Home Loan Mortgage Corp Gold (FGLMC) 2,708,811 6.500%, 12/01/16 ............................... 2,845 3,169,432 6.000%, 12/01/17 ............................... 3,296 25,574,629 5.000%, 05/01/18 ............................... 26,438 6,000,000 5.000%, 06/01/18 ............................... 6,202 3,578,531 d 7.000%, 10/01/20 ............................... 3,776 168,756 7.000%, 05/01/23 ............................... 178 1,778,122 d 8.000%, 01/01/31 ............................... 1,906 2,287,377 7.000%, 12/01/31 ............................... 2,398 8,336,819 7.000%, 04/01/32 ............................... 8,740 12,881,746 7.000%, 07/01/32 ............................... 13,505 3,165,711 6.500%, 08/01/32 ............................... 3,294 14,864,470 6.000%, 05/01/33 ............................... 15,412 11,095,396 d,h 5.500%, 06/01/33 ............................... 11,462 10,000,000 d,h 5.500%, 07/15/33 ............................... 10,316 Federal Home Loan Mortgage Corp (FHLMC) 972,886 6.000%, 03/01/11 ............................... 1,015 Federal National Mortgage Association (FNMA) 79 8.500%, 02/01/05 ............................... 0 68,181 8.000%, 06/01/11 ............................... 73 101,758 8.000%, 06/01/11 ............................... 109 230,543 7.500%, 06/01/11 ............................... 247 216,105 8.000%, 07/01/11 ............................... 232 77,076 7.500%, 08/01/11 ............................... 83 55,086 7.500%, 09/01/11 ............................... 59 6,136 7.500%, 09/01/11 ............................... 7 5,615 7.500%, 10/01/11 ............................... 6 169,864 7.500%, 10/01/11 ............................... 182 27,106 7.500%, 10/01/11 ............................... 29 1,454,686 7.000%, 04/01/12 ............................... 1,548 460,798 6.500%, 09/01/12 ............................... 487 42,707 8.500%, 11/01/14 ............................... 46 2,468,283 6.500%, 10/01/16 ............................... 2,604 8,706,927 d 6.500%, 04/01/17 ............................... 9,185 9,641,312 6.000%, 11/01/17 ............................... 10,063 14,973,600 6.000%, 11/01/17 ............................... 15,629 7,055,493 6.000%, 01/01/18 ............................... 7,364 3,854,686 6.000%, 02/01/18 ............................... 4,023 3,776,506 6.500%, 02/01/18 ............................... 3,984 2,851,383 5.500%, 03/01/18 ............................... 2,962 9,583,993 5.500%, 03/01/18 ............................... 9,956 11,664,238 5.500%, 03/01/18 ............................... 12,117 25,026,170 d 5.500%, 04/01/18 ............................... 25,997 19,839,771 5.000%, 06/01/18 ............................... 20,519 10,000,000 d,h 5.000%, 06/01/18 ............................... 10,342 3,039,051 6.000%, 01/01/19 ............................... 3,172 2,997,410 6.000%, 02/01/19 ............................... 3,129 449,678 8.000%, 03/01/23 ............................... 490 738,222 8.000%, 07/01/24 ............................... 802 4,986,915 6.500%, 10/01/32 ............................... 5,201 SEE NOTES TO FINANCIAL STATEMENTS 28 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ----------- MORTGAGE BACKED SECURITIES--(CONTINUED) $ 7,718,831 6.500%, 10/01/32 ............................... $ 8,049 22,142,047 6.500%, 11/01/32 ............................... 23,090 2,645,833 7.000%, 01/01/33 ............................... 2,786 8,586,507 6.500%, 02/01/33 ............................... 8,954 17,488,528 6.500%, 03/01/33 ............................... 18,237 9,188,528 6.500%, 04/01/33 ............................... 9,582 4,932,631 6.500%, 05/01/33 ............................... 5,144 66,000,000 d,h 6.000%, 08/25/33 ............................... 68,537 Government National Mortgage Association (GNMA) 57,969 8.500%, 09/15/09 ............................... 64 145,230 8.500%, 10/15/09 ............................... 161 823,187 9.000%, 12/15/09 ............................... 900 57,491 8.500%, 12/15/09 ............................... 64 627,453 9.000%, 12/15/17 ............................... 700 62,940 9.000%, 03/15/20 ............................... 70 49,356 9.000%, 08/15/20 ............................... 55 421,122 8.000%, 06/15/22 ............................... 459 106,356 6.500%, 08/15/23 ............................... 112 254,002 6.500%, 08/15/23 ............................... 268 192,664 6.500%, 09/15/23 ............................... 204 4,840,728 d 6.500%, 10/15/28 ............................... 5,091 3,577,754 d 6.500%, 05/20/31 ............................... 3,738 9,327,960 6.500%, 03/15/33 ............................... 9,794 11,947,160 6.000%, 05/15/33 ............................... 12,530 14,864,730 6.000%, 05/15/33 ............................... 15,589 14,000,000 d,h 5.500%, 07/15/33 ............................... 14,573 25,000,000 d,h 5.000%, 08/15/33 ............................... 25,500 --------- TOTAL MORTGAGE BACKED SECURITIES 495,681 --------- U.S. TREASURY SECURITIES--7.33% U.S. Treasury Bond 83,283,000 e 10.000%, 05/15/10 .............................. 96,457 53,400,000 e 7.250%, 05/15/16 ............................... 71,018 92,800,000 e 8.000%, 11/15/21 ............................... 134,440 8,000,000 h 5.250%, 11/15/28 ............................... 8,713 6,230,000 e 5.375%, 02/15/31 ............................... 7,015 U.S. Treasury Note 9,281,440 3.375%, 01/15/07 ............................... 10,192 3,200,000 e 2.625%, 05/15/08 ............................... 3,229 250,000 e 5.500%, 05/15/09 ............................... 288 8,740,261 4.250%, 01/15/10 ............................... 10,280 820,000 e 4.375%, 08/15/12 ............................... 879 1,800,000 e 4.000%, 11/15/12 ............................... 1,873 16,600,000 3.625%, 05/15/13 ............................... 16,730 U.S. Treasury Inflation Indexed 9,505,080 3.500%, 01/15/11 .............................. 10,791 --------- TOTAL U.S. TREASURY SECURITIES 371,905 --------- TOTAL GOVERNMENT BONDS (COST $1,266,714) 1,289,792 --------- TOTAL BONDS (COST $1,781,807) 1,854,434 ---------- SHARES ------ COMMON STOCK--61.71% AMUSEMENT AND RECREATION SERVICES--0.01% 19,189 * Gaylord Entertainment Co ....................... 376 --------- TOTAL AMUSEMENT AND RECREATION SERVICES 376 --------- APPAREL AND ACCESSORY STORES--0.27% 36,208 Foot Locker, Inc ............................... 480 63,917 e* Footstar, Inc .................................. 831 312,430 Gap, Inc ....................................... 5,861 45,719 Nordstrom, Inc ................................. 892 19,142 Ross Stores, Inc ............................... 818 250,421 e TJX Cos, Inc ................................... 4,718 12,403 * Wilsons The Leather Experts, Inc ............... 89 --------- TOTAL APPAREL AND ACCESSORY STORES 13,689 --------- APPAREL AND OTHER TEXTILE PRODUCTS--0.10% 49,857 * Collins & Aikman Corp .......................... 147 31,554 Liz Claiborne, Inc ............................. 1,112 1,600 Oxford Industries, Inc ......................... 66 107,980 VF Corp ........................................ 3,668 --------- TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 4,993 --------- AUTO REPAIR, SERVICES AND PARKING--0.00% 1,200 * Midas, Inc ..................................... 15 3,400 Ryder System, Inc .............................. 87 --------- TOTAL AUTO REPAIR, SERVICES AND PARKING 102 --------- AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.04% 22,591 * Autozone, Inc .................................. 1,716 13,400 * Carmax, Inc .................................... 404 --------- TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS 2,120 --------- BUILDING MATERIALS AND GARDEN SUPPLIES--0.91% 7,955 e Fastenal Co .................................... 270 998,226 Home Depot, Inc ................................ 33,061 301,254 Lowe's Cos ..................................... 12,939 --------- TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES 46,270 --------- BUSINESS SERVICES--4.57% 213,900 * 3Com Corp ...................................... 1,001 1,601,099 e* AOL Time Warner, Inc ........................... 25,762 44,622 * APAC Customer Services, Inc .................... 114 4,500 * Administaff, Inc ............................... 46 66,166 Adobe Systems, Inc ............................. 2,122 15,700 * Agile Software Corp ............................ 152 66,744 * Akamai Technologies, Inc ....................... 324 11,174 * Aspect Communications Corp ..................... 43 19,272 * At Road, Inc ................................... 210 400,050 Automatic Data Processing, Inc ................. 13,546 89,457 e* BEA Systems, Inc ............................... 972 35,799 * BMC Software, Inc .............................. 585 1,400 * Barra, Inc ..................................... 50 28,252 * Bisys Group, Inc ............................... 519 81,599 * Brocade Communications Systems, Inc ............ 481 72,373 * CNET Networks, Inc ............................. 451 6,200 * CSG Systems International, Inc ................. 88 60,862 * Cadence Design Systems, Inc .................... 734 5,000 * Catalina Marketing Corp ........................ 88 71,007 * Ceridian Corp .................................. 1,205 16,919 * Certegy, Inc ................................... 470 17,571 e* Citrix Systems, Inc ............................ 358 30,456 * Cognizant Technology Solutions Corp ............ 742 63,786 * Computer Horizons Corp ......................... 290 89,838 * Compuware Corp ................................. 518 5,085 * Concord Communications, Inc .................... 70 104,201 e* Convergys Corp ................................. 1,667 75,453 * DST Systems, Inc ............................... 2,867 24,300 Deluxe Corp .................................... 1,089 2,603 * Digital River, Inc ............................. 50 29,750 * D&B Corp ....................................... 1,223 32,199 * Electronic Arts, Inc ........................... 2,382 368,018 e Electronic Data Systems Corp ................... 7,894 19,883 * Embarcadero Technologies, Inc .................. 139 4,176 * F5 Networks, Inc ............................... 70 900 Fair Isaac Corp ................................ 46 6,115 * Fidelity National Information Solutions, Inc ... 159 106,714 * Fiserv, Inc .................................... 3,800 62,013 * GSI Commerce, Inc .............................. 414 25,783 Henry (Jack) & Associates, Inc ................. 459 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 29 Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ----------- BUSINESS SERVICES--(CONTINUED) 300,712 e* Homestore, Inc ................................. $ 532 122,743 IMS Health, Inc ................................ 2,208 9,400 * Informatica Corp ............................... 65 110,288 * Interland, Inc ................................. 108 315,770 * Interpublic Group Of Cos, Inc .................. 4,225 54,832 * Intuit, Inc .................................... 2,442 19,416 * Iron Mountain, Inc ............................. 720 108,958 e* Juniper Networks, Inc .......................... 1,348 30,299 * Lamar Advertising Co ........................... 1,067 3,200 * MAPICS, Inc .................................... 26 46,510 e* Monster Worldwide, Inc ......................... 918 548 Manpower, Inc .................................. 20 38,313 e* Mercury Interactive Corp ....................... 1,479 3,114,438 Microsoft Corp ................................. 79,761 19,374 * NCR Corp ....................................... 496 1,600 e NDCHealth Corp ................................. 29 220,909 * NIC, Inc ....................................... 645 4,400 * National Processing, Inc ....................... 71 2,000 * Netratings, Inc ................................ 18 222,200 * Novell, Inc .................................... 684 20,101 * Nuance Communications, Inc ..................... 109 124,109 e Omnicom Group, Inc ............................. 8,899 9,800 * Openwave Systems, Inc .......................... 19 1,485,449 e* Oracle Corp .................................... 17,855 1,300 * Overture Services, Inc ......................... 24 35,275 * PDI, Inc ....................................... 358 9,628 * Packeteer, Inc ................................. 150 11,400 * Parametric Technology Corp ..................... 35 16,200 * Pegasystems, Inc ............................... 119 83,342 e* Peoplesoft, Inc ................................ 1,466 19,700 * Perot Systems Corp (Class A) ................... 224 14,017 * Pixar, Inc ..................................... 853 90,882 * Portal Software, Inc ........................... 182 17,488 * R.H. Donnelley Corp ............................ 638 4,600 * RSA Security, Inc .............................. 49 1,500 * Radisys Corp ................................... 20 26,000 * Raindance Communications, Inc .................. 65 5,700 * Register.com, Inc .............................. 33 7,500 * Rent-Way, Inc .................................. 35 63,708 * Robert Half International, Inc ................. 1,207 7,707 * Roxio, Inc ..................................... 52 6,500 * SS&C Technologies, Inc ......................... 104 26,353 * Sapient Corp ................................... 73 3,140 * Scansoft, Inc .................................. 17 1,300 * Secure Computing Corp .......................... 11 46,300 * Seebeyond Technology Corp ...................... 107 156,600 * Siebel Systems, Inc ............................ 1,494 6,300 * SonicWALL, Inc ................................. 30 20,400 e* SpeechWorks International, Inc ................. 96 40,437 * Spherion Corp .................................. 281 400,815 * StorageNetworks, Inc ........................... 557 1,543,479 * Sun Microsystems, Inc .......................... 7,100 139,893 * SunGard Data Systems, Inc ...................... 3,625 28,128 e* Symantec Corp .................................. 1,234 6,645 * Synopsys, Inc .................................. 411 35,400 * TIBCO Software, Inc ............................ 180 94,572 Total System Services, Inc ..................... 2,109 25,700 * Tyler Technologies, Inc ........................ 109 53,652 * Unisys Corp .................................... 659 6,769 * Vitria Technology, Inc ......................... 39 65,025 e* VeriSign, Inc .................................. 899 140,500 e* Veritas Software Corp .......................... 4,028 30,500 * WatchGuard Technologies, Inc ................... 140 3,800 * Wind River Systems, Inc ........................ 14 177,600 * Yahoo!, Inc .................................... 5,818 8,599 * eFunds Corp .................................... 99 --------- TOTAL BUSINESS SERVICES 231,688 --------- CHEMICALS AND ALLIED PRODUCTS--6.97% 6,752 * Able Laboratories, Inc ......................... 134 13,443 * AVI BioPharma, Inc ............................. 82 20,443 * Abgenix, Inc ................................... 214 23,736 * Adolor Corp .................................... 291 196,726 Air Products & Chemicals, Inc .................. 8,184 4,000 * Albany Molecular Research, Inc ................. 60 5,025 * Alexion Pharmaceuticals, Inc ................... 86 6,874 * Alkermes, Inc .................................. 74 109,885 e Allergan, Inc .................................. 8,472 101,100 Alpharma, Inc (Class A) ........................ 2,184 16,099 * Alteon, Inc .................................... 78 499,094 * Amgen, Inc ..................................... 33,429 16,862 * Amylin Pharmaceuticals, Inc .................... 369 112,501 * Andrx Corp ..................................... 2,239 87,634 e* Aphton Corp .................................... 722 3,918 * Arena Pharmaceuticals, Inc ..................... 26 6,700 * Atherogenics, Inc .............................. 100 35,685 * Atrix Laboratories, Inc ........................ 785 63,091 * Avant Immunotherapeutics, Inc .................. 188 131,800 Avery Dennison Corp ............................ 6,616 96,700 Avon Products, Inc ............................. 6,015 47,956 * Barr Laboratories, Inc ......................... 3,141 63,884 * Benthley Pharmaceuticals, Inc .................. 840 44,157 * BioMarin Pharmaceutical, Inc ................... 431 60,970 e* Biogen, Inc .................................... 2,317 60,387 e* Biopure Corp ................................... 369 10,909 e* Biosite, Inc ................................... 525 63,624 * Bone Care International, Inc ................... 884 15,200 * Bradley Pharmaceuticals, Inc ................... 251 92,471 * Collagenex Pharmaceuticals, Inc ................ 1,259 57,000 Cabot Corp ..................................... 1,636 22,039 e* Cell Therapeutics, Inc ......................... 214 11,828 * Cephalon, Inc .................................. 487 11,600 * Charles River Laboratories International, Inc .. 373 10,721 * Chattem, Inc ................................... 202 22,118 * Cima Labs, Inc ................................. 595 106,344 Clorox Co ...................................... 4,536 244,400 e Colgate-Palmolive Co ........................... 14,163 83,298 * Columbia Laboratories, Inc ..................... 937 24,200 * Connetics Corp ................................. 362 15,500 * Cubist Pharmaceuticals, Inc .................... 165 84,779 * Dov Pharmaceutical, Inc ........................ 975 23,162 * Dendreon Corp .................................. 138 44,303 Diagnostic Products Corp ....................... 1,819 16,499 * Digene Corp .................................... 449 349,215 * Durect Corp .................................... 842 77,955 * Encysive Pharmaceuticals, Inc .................. 374 12,727 * EPIX Medical, Inc .............................. 180 195,800 Ecolab, Inc .................................... 5,012 34,257 * Eon Labs, Inc .................................. 1,204 126,996 e* Esperion Therapeutics, Inc ..................... 2,488 199,615 * First Horizon Pharmaceutical ................... 788 214,832 * Forest Laboratories, Inc ....................... 11,762 96,076 * GTC Biotherapeutics, Inc ....................... 330 35,200 e* Genta, Inc ..................................... 469 120,525 * Genzyme Corp (General Division) ................ 5,038 23,356 e* Geron Corp ..................................... 172 76,828 * Gilead Sciences, Inc ........................... 4,270 530,553 Gillette Co .................................... 16,903 78,544 * Guilford Pharmaceuticals, Inc .................. 357 40,023 H.B. Fuller Co ................................. 881 SEE NOTES TO FINANCIAL STATEMENTS 30 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ----------- CHEMICALS AND ALLIED PRODUCTS--(CONTINUED) 64,140 * Hollis-Eden Pharmaceuticals .................... $ 810 60,776 * Human Genome Sciences, Inc ..................... 773 18,436 * ICOS Corp ...................................... 678 40,735 e* IDEC Pharmaceuticals Corp ...................... 1,385 179,781 * IVAX Corp ...................................... 3,209 28,621 * Idexx Laboratories, Inc ........................ 964 50,561 * Ilex Oncology, Inc ............................. 981 2,400 * Immucor, Inc ................................... 52 47,200 * Immunogen, Inc ................................. 202 44,900 * Immunomedics, Inc .............................. 283 97,808 * Impax Laboratories, Inc ........................ 1,173 54,100 * Indevus Pharmaceuticals, Inc ................... 338 36,581 e* Inverness Medical Innovations, Inc ............. 706 8,689 * Invitrogen Corp ................................ 333 40,810 * Isis Pharmaceuticals, Inc ...................... 216 157,750 * King Pharmaceuticals, Inc ...................... 2,328 1,500 * Kos Pharmaceuticals, Inc ....................... 35 73,156 * La Jolla Pharmaceutical Co ..................... 239 39,300 e* Lannett Co, Inc ................................ 921 9,275 * Ligand Pharmaceuticals, Inc (Class B) .......... 126 20,912 Meridian Bioscience, Inc ....................... 196 17,700 * MGI Pharma, Inc ................................ 454 34,085 * Martek Biosciences Corp ........................ 1,464 29,268 * Medarex, Inc ................................... 193 27,311 e Medicis Pharmaceutical Corp (Class A) .......... 1,549 96,422 * MedImmune, Inc ................................. 3,507 1,206,058 Merck & Co, Inc ................................ 73,027 108,616 * Millennium Pharmaceuticals, Inc ................ 1,709 161,744 Mylan Laboratories, Inc ........................ 5,624 32,567 * NBTY, Inc ...................................... 686 44,803 * Nektar Therapeutics ............................ 414 3,412 e* NPS Pharmaceuticals, Inc ....................... 83 76,865 * Nabi Biopharmaceuticals ........................ 527 34,431 * Neose Technologies, Inc ........................ 345 4,000 * Neurocrine Biosciences, Inc .................... 200 31,990 * Noven Pharmaceuticals, Inc ..................... 328 66,411 e* OM Group, Inc .................................. 978 6,392 * OSI Pharmaceuticals, Inc ....................... 206 32,499 * Onyx Pharmaceuticals, Inc ...................... 401 1,500 * OraSure Technologies, Inc ...................... 11 116,844 e* Pain Therapeutics, Inc ......................... 755 55,620 * Penwest Pharmaceuticals Co ..................... 1,355 173,502 * Peregrine Pharmaceuticals, Inc ................. 259 15,793 * Pharmaceutical Resources, Inc .................. 768 83,891 * Pozen, Inc ..................................... 921 101,678 * Praecis Pharmaceuticals, Inc ................... 498 79,577 Praxair, Inc ................................... 4,783 679,000 Procter & Gamble Co ............................ 60,553 19,955 * Progenics Pharmaceuticals ...................... 301 23,161 * Protein Design Labs, Inc ....................... 324 123,854 Rohm & Haas Co ................................. 3,843 17,626 * Savient Pharmaceuticals, Inc ................... 82 32,480 * SICOR, Inc ..................................... 661 39,256 * Salix Pharmaceuticals Ltd ...................... 412 55,729 e* Sepracor, Inc .................................. 1,005 86,075 e Sigma-Aldrich Corp ............................. 4,664 41,426 e* SuperGen, Inc .................................. 224 16,038 * Tanox, Inc ..................................... 257 24,507 * Third Wave Technologies, Inc ................... 110 863 * USANA Health Sciences, Inc ..................... 38 3,390 * Unifi, Inc ..................................... 21 11,300 * United Therapeutics Corp ....................... 246 16,600 * Vicuron Pharmaceuticals, Inc ................... 235 25,392 * Vertex Pharmaceuticals, Inc .................... 371 96,272 * Watson Pharmaceuticals, Inc .................... 3,887 3,500 West Pharmaceutical Services, Inc .............. 86 52,033 e* Zymogenetics, Inc .............................. 606 --------- TOTAL CHEMICALS AND ALLIED PRODUCTS 353,405 --------- COMMUNICATIONS--3.27% 781,097 * AT&T Wireless Services, Inc .................... 6,413 302,467 AT&T Corp ...................................... 5,822 116,486 Alltel Corp .................................... 5,617 136,566 * Avaya, Inc ..................................... 882 826,229 BellSouth Corp ................................. 22,002 48,734 e* Cablevision Systems Corp (Class A) ............. 1,012 3,900 CenturyTel, Inc ................................ 136 198,959 e* Charter Communications, Inc (Class A) .......... 790 485,960 e* Comcast Corp ................................... 14,666 365,769 * Comcast Corp Special ........................... 10,545 16,904 * Ditech Communications Corp ..................... 84 132,472 e* InterActiveCorp ................................ 5,242 48,600 * Infonet Services Corp (Class B) ................ 77 1,671,312 e* Lucent Technologies, Inc ....................... 3,393 136,709 * Nextel Communications, Inc (Class A) ........... 2,472 8,000 * Paxson Communications Corp ..................... 48 5,100 * RCN Corp ....................................... 10 1,489,195 SBC Communications, Inc ........................ 38,049 341,380 Sprint Corp (FON Group) ........................ 4,916 165,900 e* Sprint Corp (PCS Group) ........................ 954 2,000 * Time Warner Telecom, Inc (Class A) ............. 13 47,126 e* Univision Communications, Inc (Class A) ........ 1,433 1,041,595 Verizon Communications, Inc .................... 41,091 5,100 * West Corp ...................................... 136 11,751 * XM Satellite Radio Holdings, Inc ............... 130 --------- TOTAL COMMUNICATIONS 165,933 --------- DEPOSITORY INSTITUTIONS--6.88% 110,555 AmSouth Bancorp ................................ 2,415 2,500 Astoria Financial Corp ......................... 70 310,224 BB&T Corp ...................................... 10,641 728,418 Bank Of America Corp ........................... 57,567 645,076 Bank One Corp .................................. 23,984 34,423 Charter One Financial, Inc ..................... 1,073 92,083 Comerica, Inc .................................. 4,282 256,214 * Concord EFS, Inc ............................... 3,771 283,393 Fifth Third Bancorp ............................ 16,250 4,800 First Tennessee National Corp .................. 211 707,227 FleetBoston Financial Corp ..................... 21,012 78,235 Golden West Financial Corp ..................... 6,260 17,300 e Greenpoint Financial Corp ...................... 881 1,600 * Intercept, Inc ................................. 13 1,250 International Bancshares Corp .................. 44 949,780 J.P. Morgan Chase & Co ......................... 32,463 275,211 KeyCorp ........................................ 6,955 250,983 Mellon Financial Corp .......................... 6,965 433,584 National City Corp ............................. 14,183 4,200 North Fork Bancorp, Inc ........................ 143 120,922 Northern Trust Corp ............................ 5,053 228,563 PNC Financial Services Group, Inc .............. 11,156 1,900 People's Bank .................................. 55 100,404 Regions Financial Corp ......................... 3,392 146,874 e State Street Corp .............................. 5,787 179,772 SunTrust Banks, Inc ............................ 10,668 130,894 e Synovus Financial Corp ......................... 2,814 950,512 U.S. Bancorp ................................... 23,288 60,667 Union Planters Corp ............................ 1,882 13,792 UnionBanCal Corp ............................... 571 2,850 W Holding Co, Inc .............................. 48 752,307 Wachovia Corp .................................. 30,062 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 31 Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ----------- DEPOSITORY INSTITUTIONS--(CONTINUED) 882,688 Wells Fargo & Co ............................... $ 44,487 6,400 Zions Bancorp .................................. 324 --------- TOTAL DEPOSITORY INSTITUTIONS 348,770 --------- EATING AND DRINKING PLACES--0.52% 153,300 Darden Restaurants, Inc ........................ 2,910 968,501 McDonald's Corp ................................ 21,365 14,800 Outback Steakhouse, Inc ........................ 577 55,351 Wendy's International, Inc ..................... 1,604 --------- TOTAL EATING AND DRINKING PLACES 26,456 --------- EDUCATIONAL SERVICES--0.06% 46,962 e* Apollo Group, Inc (Class A) .................... 2,900 1,700 e* DeVry, Inc ..................................... 40 1,900 * Sylvan Learning Systems, Inc ................... 43 --------- TOTAL EDUCATIONAL SERVICES 2,983 --------- ELECTRIC, GAS, AND SANITARY SERVICES--2.96% 492,654 * AES Corp ....................................... 3,128 116,131 AGL Resources, Inc ............................. 2,954 383,059 e* Allegheny Energy, Inc .......................... 3,237 155,400 Allete, Inc .................................... 4,126 610,931 * Aquila, Inc .................................... 1,576 17,516 Atmos Energy Corp .............................. 434 202,996 Avista Corp .................................... 2,872 64,767 Black Hills Corp ............................... 1,988 3,600 California Water Service Group ................. 101 371,414 e* Calpine Corp ................................... 2,451 27,585 * Casella Waste Systems, Inc (Class A) ........... 249 17,100 * Citizens Communications Co ..................... 220 211,772 Cleco Corp ..................................... 3,668 1,700 Connecticut Water Service, Inc ................. 43 447,755 DPL, Inc ....................................... 7,137 185,272 Empire District Electric Co .................... 4,030 500 EnergySouth, Inc ............................... 16 156,758 Equitable Resources, Inc ....................... 6,386 174,270 Hawaiian Electric Industries, Inc .............. 7,990 215,300 Idacorp, Inc ................................... 5,652 294,157 KeySpan Corp ................................... 10,428 141,441 e Kinder Morgan, Inc ............................. 7,730 5,100 Laclede Group, Inc ............................. 137 66,460 MGE Energy, Inc ................................ 2,093 2,000 Middlesex Water Co ............................. 49 912,228 e* Mirant Corp .................................... 2,645 233,297 National Fuel Gas Co ........................... 6,077 2,900 New Jersey Resources Corp ...................... 103 411,940 NiSource, Inc .................................. 7,827 87,001 * NiSource, Inc (Sails) .......................... 193 140,770 Nicor, Inc ..................................... 5,224 2,700 Northwest Natural Gas Co ....................... 74 464,848 e OGE Energy Corp ................................ 9,934 14,994 Otter Tail Corp ................................ 405 102,654 Peoples Energy Corp ............................ 4,403 417,580 Pepco Holdings, Inc ............................ 8,001 17,895 Philadelphia Suburban Corp ..................... 436 10,830 Piedmont Natural Gas Co, Inc ................... 420 468,300 Puget Energy, Inc .............................. 11,178 110,772 Questar Corp ................................... 3,708 33,219 Resource America, Inc (Class A) ................ 344 9,865 e SEMCO Energy, Inc .............................. 57 500 SJW Corp ....................................... 43 129,246 e* Sierra Pacific Resources ....................... 768 3,200 South Jersey Industries, Inc ................... 118 12,789 * Southern Union Co .............................. 217 3,200 e* Stericycle, Inc ................................ 123 152,666 Unisource Energy Corp .......................... 2,870 32,400 WGL Holdings, Inc .............................. 865 4,572 * Waste Connections, Inc ......................... 160 40,107 Western Gas Resources, Inc ..................... 1,588 489,335 Williams Cos, Inc .............................. 3,866 --------- TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 150,342 --------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--3.16% 434,967 * ADC Telecommunications, Inc .................... 1,013 39,523 AVX Corp ....................................... 434 213,995 * Advanced Micro Devices, Inc .................... 1,372 11,984 * Agere Systems, Inc (Class A) ................... 28 14,892 * Allen Telecom, Inc ............................. 246 162,200 * Altera Corp .................................... 2,660 73,593 American Power Conversion Corp ................. 1,147 100,250 Ametek, Inc .................................... 3,674 5,400 * Amkor Technology, Inc .......................... 71 119,618 * Analog Devices, Inc ............................ 4,165 6,411 * Arris Group, Inc ............................... 32 53,100 * Artesyn Technologies, Inc ...................... 298 138,463 * Avanex Corp .................................... 554 30,000 Baldor Electric Co ............................. 618 79,519 * Broadcom Corp (Class A) ........................ 1,981 46,995 * C-COR.net Corp ................................. 230 172,716 e* CIENA Corp ..................................... 896 1,800 CTS Corp ....................................... 19 132,544 * Comverse Technology, Inc ....................... 1,992 27,847 * Conexant Systems, Inc .......................... 114 188,712 * Corvis Corp .................................... 283 430,500 Emerson Electric Co ............................ 21,999 10,485 * Energizer Holdings, Inc ........................ 329 28,195 e* Finisar Corp ................................... 44 600 Harman International Industries, Inc ........... 47 15,041 * Harmonic, Inc .................................. 61 2,700 Helix Technology Corp .......................... 36 5,722 * IXYS Corp ...................................... 46 5,700 * Integrated Device Technology, Inc .............. 63 2,488,910 Intel Corp ..................................... 51,730 59,373 * InterVoice, Inc ................................ 293 29,012 * Interdigital Communications Corp ............... 678 12,700 * Intersil Corp (Class A) ........................ 338 530,044 * JDS Uniphase Corp .............................. 1,860 32,669 e* Jabil Circuit, Inc ............................. 722 5,800 * Kemet Corp ..................................... 59 229,966 * LSI Logic Corp ................................. 1,628 1,000 * Lifeline Systems, Inc .......................... 28 235,717 * MRV Communications, Inc ........................ 474 25,583 * Mattson Technology, Inc ........................ 79 102,718 Maxim Integrated Products, Inc ................. 3,512 12,829 * McData Corp (Class A) .......................... 188 18,700 Microchip Technology, Inc ...................... 458 265,591 e* Micron Technology, Inc ......................... 3,089 4,565 * Microtune, Inc ................................. 15 82,093 e Molex, Inc ..................................... 2,216 1,011,468 e Motorola, Inc .................................. 9,538 3,705 * Mykrolis Corp .................................. 38 78,700 * National Semiconductor Corp .................... 1,552 24,183 * New Focus, Inc ................................. 90 25,190 e* Novellus Systems, Inc .......................... 922 28,130 * Nvidia Corp .................................... 647 129,014 * Optical Communication Products, Inc ............ 232 60,719 * Parthusceva, Inc ............................... 495 4,451 * Pemstar, Inc ................................... 19 5,200 * Plexus Corp .................................... 60 5,600 e* Polycom, Inc ................................... 78 3,800 * Power-One, Inc ................................. 27 8,800 * Powerwave Technologies, Inc .................... 55 SEE NOTES TO FINANCIAL STATEMENTS 32 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ----------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED) 111,430 * Proxim Corp (Class A) .......................... $ 163 1,453 e* QLogic Corp .................................... 70 285,893 Qualcomm, Inc .................................. 10,221 31,424 e Scientific-Atlanta, Inc ........................ 749 10,220 * Sipex Corp ..................................... 50 201,991 * Sirius Satellite Radio, Inc .................... 341 10,500 * Sonus Networks, Inc ............................ 53 11,400 * Standard Microsystems Corp ..................... 173 107,179 * Stratex Networks, Inc .......................... 343 82,952 * Sycamore Networks, Inc ......................... 318 900 * TTM Technologies, Inc .......................... 4 1,400 * Technitrol, Inc ................................ 21 264,515 e* Tellabs, Inc ................................... 1,738 555,182 * Tellium, Inc ................................... 516 62,949 * Terayon Communication Systems, Inc ............. 172 734,264 Texas Instruments, Inc ......................... 12,923 63,300 * Thomas & Betts Corp ............................ 915 14,968 * Three-Five Systems, Inc ........................ 103 5,500 * Triquint Semiconductor, Inc .................... 23 18,359 * Turnstone Systems, Inc ......................... 46 4,390 e* Utstarcom, Inc ................................. 156 2,600 * Vicor Corp ..................................... 25 95,428 * Vishay Intertechnology, Inc .................... 1,260 104,900 * Vitesse Semiconductor Corp ..................... 516 12,807 Whirlpool Corp ................................. 816 127,200 * Xilinx, Inc .................................... 3,219 --------- TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 160,506 --------- ENGINEERING AND MANAGEMENT SERVICES--0.35% 33,202 e* Antigenics, Inc ................................ 382 14,213 * Applera Corp (Celera Genomics Group) ........... 147 65,549 * Ariad Pharmaceuticals, Inc ..................... 294 52,912 * BearingPoint, Inc .............................. 511 5,433 * CV Therapeutics, Inc ........................... 161 16,700 * Ciphergen Biosystems, Inc ...................... 171 5,000 * Covance, Inc ................................... 91 43,259 * CuraGen Corp ................................... 240 130,985 * Decode Genetics, Inc ........................... 409 3,288 * Digitas, Inc ................................... 16 10,300 * Exact Sciences Corp ............................ 113 4,700 * Exult, Inc ..................................... 40 3,600 * FTI Consulting, Inc ............................ 90 7,900 * First Consulting Group, Inc .................... 37 16,369 * Gartner, Inc (Class B) ......................... 123 35,592 * Gene Logic, Inc ................................ 212 92,116 * Incyte Corp .................................... 427 18,701 * Kosan Biosciences, Inc ......................... 110 22,671 * Lexicon Genetics, Inc .......................... 152 25,220 * Luminex Corp ................................... 130 65,014 Moody's Corp ................................... 3,427 22,540 * Neopharm, Inc .................................. 312 212,926 Paychex, Inc ................................... 6,241 5,500 * Pharmaceutical Product Development, Inc ........ 158 7,878 * PracticeWorks, Inc ............................. 152 86,173 * Quintiles Transnational Corp ................... 1,223 19,879 * Regeneron Pharmaceuticals, Inc ................. 313 88,520 * Seattle Genetics, Inc .......................... 456 1,600 * Sourcecorp ..................................... 35 26,200 e* Telik, Inc ..................................... 421 27,434 * Transkaryotic Therapies, Inc ................... 317 3,500 * Trimeris, Inc .................................. 160 45,278 * Tularik, Inc ................................... 450 12,343 * aaiPharma, Inc ................................. 245 --------- TOTAL ENGINEERING AND MANAGEMENT SERVICES 17,766 --------- FABRICATED METAL PRODUCTS--0.58% 149,645 * Crown Holdings, Inc ............................ 1,068 14,628 Harsco Corp .................................... 527 248,300 Illinois Tool Works, Inc ....................... 16,351 309,573 Masco Corp ..................................... 7,383 74,092 Material Sciences Corp ......................... 719 400 * Silgan Holdings, Inc ........................... 13 27,846 Snap-On, Inc ................................... 808 86,524 Stanley Works .................................. 2,388 --------- TOTAL FABRICATED METAL PRODUCTS 29,257 --------- FOOD AND KINDRED PRODUCTS--2.62% 208,440 Campbell Soup Co ............................... 5,107 1,095,800 Coca-Cola Co ................................... 50,856 96,100 Coca-Cola Enterprises, Inc ..................... 1,744 190,909 e General Mills, Inc ............................. 9,051 240,250 H.J. Heinz Co .................................. 7,923 72,900 Hershey Foods Corp ............................. 5,078 3,000 e Hormel Foods Corp .............................. 71 173,163 Kellogg Co ..................................... 5,952 23,900 McCormick & Co, Inc (Non-Vote) ................. 650 49,600 Pepsi Bottling Group, Inc ...................... 993 859,304 PepsiCo, Inc ................................... 38,239 126,045 Wrigley (Wm.) Jr Co ............................ 7,088 --------- TOTAL FOOD AND KINDRED PRODUCTS 132,752 --------- FOOD STORES--0.48% 328,321 Albertson's, Inc ............................... 6,304 502,206 e* Kroger Co ...................................... 8,377 11,850 * Pathmark Stores, Inc ........................... 91 268,810 * Safeway, Inc ................................... 5,500 155,354 * Starbucks Corp ................................. 3,809 5,910 Winn-Dixie Stores, Inc ......................... 73 --------- TOTAL FOOD STORES 24,154 --------- FURNITURE AND FIXTURES--0.31% 58,202 Hillenbrand Industries, Inc .................... 2,936 76,289 Johnson Controls, Inc .......................... 6,530 12,820 * Lear Corp ...................................... 590 55,444 Leggett & Platt, Inc ........................... 1,137 157,510 Newell Rubbermaid, Inc ......................... 4,410 --------- TOTAL FURNITURE AND FIXTURES 15,603 --------- FURNITURE AND HOMEFURNISHINGS STORES--0.20% 106,295 * Bed Bath & Beyond, Inc ......................... 4,125 88,300 * Best Buy Co, Inc ............................... 3,878 61,694 Circuit City Stores, Inc (Circuit City Group) .. 543 22,600 * EUniverse, Inc ................................. 82 52,347 RadioShack Corp ................................ 1,377 4,200 * Restoration Hardware, Inc ...................... 19 --------- TOTAL FURNITURE AND HOMEFURNISHINGS STORES 10,024 --------- GENERAL BUILDING CONTRACTORS--0.25% 2,718 e* Beazer Homes U.S.A., Inc ....................... 227 12,500 Centex Corp .................................... 972 5,500 Clayton Homes, Inc ............................. 69 54,200 D.R. Horton, Inc ............................... 1,523 23,200 KB Home ........................................ 1,438 1,760 Lennar Corp .................................... 121 17,600 e Lennar Corp (Class A) .......................... 1,258 292 M/I Schottenstein Homes, Inc ................... 12 20,430 e MDC Holdings, Inc .............................. 986 58,184 Pulte Homes, Inc ............................... 3,588 14,081 e Ryland Group, Inc .............................. 977 22,700 Standard-Pacific Corp .......................... 753 20,000 * Toll Brothers, Inc ............................. 566 --------- TOTAL GENERAL BUILDING CONTRACTORS 12,490 --------- SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 33 Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ----------- GENERAL MERCHANDISE STORES--1.02% 19,200 * BJ's Wholesale Club, Inc ....................... $ 289 231,438 * Costco Wholesale Corp .......................... 8,471 91,865 Dollar General Corp ............................ 1,677 15,723 * Dollar Tree Stores, Inc ........................ 499 45,181 Family Dollar Stores, Inc ...................... 1,724 137,995 J.C. Penney Co, Inc ............................ 2,325 126,555 e* Kohl's Corp .................................... 6,502 311,015 e May Department Stores Co ....................... 6,923 33,400 * Saks, Inc ...................................... 324 178,718 e Sears Roebuck & Co ............................. 6,012 450,125 Target Corp .................................... 17,033 --------- TOTAL GENERAL MERCHANDISE STORES 51,779 --------- HEALTH SERVICES--0.29% 16,500 * Accredo Health, Inc ............................ 360 85,652 * Caremark Rx, Inc ............................... 2,200 28,129 * Coventry Health Care, Inc ...................... 1,298 26,200 * DaVita, Inc .................................... 702 22,144 * Express Scripts, Inc ........................... 1,510 46,114 * First Health Group Corp ........................ 1,274 2,009 * Genesis Health Ventures, Inc ................... 35 9,200 * Gentiva Health Services, Inc ................... 83 115,248 e Health Management Associates, Inc (Class A) .... 2,126 4,300 e* Impath, Inc .................................... 61 14,479 * LifePoint Hospitals, Inc ....................... 303 46,490 * Lincare Holdings, Inc .......................... 1,465 34,964 * Manor Care, Inc ................................ 874 800 * Matria Healthcare, Inc ......................... 14 5,592 * Option Care, Inc ............................... 64 4,200 e* Orthodontic Centers Of America, Inc ............ 34 4,600 * Province Healthcare Co ......................... 51 40,858 e* Specialty Laboratories, Inc .................... 419 48,120 * Triad Hospitals, Inc ........................... 1,194 13,918 * Universal Health Services, Inc (Class B) ....... 551 21,000 * Xicor, Inc ..................................... 132 --------- TOTAL HEALTH SERVICES 14,750 --------- HOLDING AND OTHER INVESTMENT OFFICES--1.70% 4,900 AMB Property Corp .............................. 138 119,032 e Allied Capital Corp ............................ 2,750 33,700 Annaly Mortgage Management, Inc ................ 671 146,815 Archstone-Smith Trust .......................... 3,524 8,100 Arden Realty, Inc .............................. 210 21,567 AvalonBay Communities, Inc ..................... 920 18,755 Boston Properties, Inc ......................... 821 80,458 Crescent Real Estate Equities Co ............... 1,336 42,641 Duke Realty Corp ............................... 1,175 514,414 Equity Office Properties Trust ................. 13,894 270,488 Equity Residential ............................. 7,019 7,800 General Growth Properties, Inc ................. 487 15,500 Health Care Property Investors, Inc ............ 656 31,900 Kimco Realty Corp .............................. 1,209 27,416 New Plan Excel Realty Trust .................... 585 264,556 Plum Creek Timber Co, Inc ...................... 6,865 12,386 Popular, Inc ................................... 478 1,500 Post Properties, Inc ........................... 40 65,424 Prologis ....................................... 1,786 84,419 Public Storage, Inc ............................ 2,859 20,600 Rouse Co ....................................... 785 110,292 Simon Property Group, Inc ...................... 4,305 72,303 Vornado Realty Trust ........................... 3,152 649,362 Washington Mutual, Inc ......................... 26,819 80,550 Weingarten Realty Investors .................... 3,375 12,000 iStar Financial, Inc ........................... 438 --------- TOTAL HOLDING AND OTHER INVESTMENT OFFICES 86,297 --------- HOTELS AND OTHER LODGING PLACES--0.04% 39,960 * Boca Resorts, Inc (Class A) .................... 519 44,660 * Extended Stay America, Inc ..................... 602 7,273 Marcus Corp .................................... 109 93,117 * Prime Hospitality Corp ......................... 625 --------- TOTAL HOTELS AND OTHER LODGING PLACES 1,855 --------- INDUSTRIAL MACHINERY AND EQUIPMENT--5.27% 264,522 3M Co .......................................... 34,118 20,670 * American Standard Cos, Inc ..................... 1,528 139,447 * Apple Computer, Inc ............................ 2,666 628,716 e* Applied Materials, Inc ......................... 9,971 9,500 * Brooks Automation, Inc ......................... 108 467,641 e Baker Hughes, Inc .............................. 15,699 19,825 Black & Decker Corp ............................ 861 7,200 * Cirrus Logic, Inc .............................. 29 2,560,427 * Cisco Systems, Inc ............................. 42,477 31,095 e* Computer Network Technology Corp ............... 252 6,211 * Cooper Cameron Corp ............................ 313 37,100 e Cummins, Inc ................................... 1,332 127,630 Deere & Co ..................................... 5,833 876,161 * Dell Computer Corp ............................. 28,002 20,962 Diebold, Inc ................................... 907 500 Donaldson Co, Inc .............................. 22 924,240 * EMC Corp ....................................... 9,677 9,460 * Emulex Corp .................................... 215 1,699 * EnPro Industries, Inc .......................... 18 7,700 * Flowserve Corp ................................. 151 137,100 * Gateway, Inc ................................... 500 1,300 * General Binding Corp ........................... 16 133,900 * Global Power Equipment Group, Inc .............. 623 79,050 Graco, Inc ..................................... 2,530 157,563 * Grant Prideco, Inc ............................. 1,851 196,154 * Handspring, Inc ................................ 222 1,285,923 Hewlett-Packard Co ............................. 27,390 33,500 * Hypercom Corp .................................. 139 56,885 * InFocus Corp ................................... 268 670,357 International Business Machines Corp ........... 55,304 2,300 * Kulicke & Soffa Industries, Inc ................ 15 9,944 * Lam Research Corp .............................. 181 36,862 e* Lexmark International, Inc ..................... 2,609 2,200 Lincoln Electric Holdings, Inc ................. 45 3,200 * Maxtor Corp .................................... 24 3,100 Milacron, Inc .................................. 15 35,100 Modine Manufacturing Co ........................ 680 135,913 * Network Appliance, Inc ......................... 2,203 28,000 Nordson Corp ................................... 668 6,400 * Omnicell, Inc .................................. 66 25,997 * Palm, Inc ...................................... 423 1,300 Pentair, Inc ................................... 51 220,201 Pitney Bowes, Inc .............................. 8,458 10,500 * Presstek, Inc .................................. 65 29,800 * Quantum Corp ................................... 121 16,200 * Rainbow Technologies, Inc ...................... 136 18,338 * SPX Corp ....................................... 808 2,066 * Sandisk Corp ................................... 83 45,177 * Semitool, Inc .................................. 223 39,700 * Silicon Graphics, Inc .......................... 45 15,000 * Simpletech, Inc ................................ 60 48,400 * Smith International, Inc ....................... 1,778 431,086 e* Solectron Corp ................................. 1,612 8,400 * Storage Technology Corp ........................ 216 39,169 Symbol Technologies, Inc ....................... 510 2,986 * UNOVA, Inc ..................................... 33 SEE NOTES TO FINANCIAL STATEMENTS 34 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ----------- INDUSTRIAL MACHINERY AND EQUIPMENT--(CONTINUED) 19,592 * Western Digital Corp ........................... $ 202 293,473 e* Xerox Corp ..................................... 3,108 --------- TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 267,460 --------- INSTRUMENTS AND RELATED PRODUCTS--2.20% 22,218 * Advanced Medical Optics, Inc ................... 379 16,601 e* Aksys Ltd ...................................... 215 16,000 * Alaris Medical Systems, Inc .................... 207 35,872 * Align Technology, Inc .......................... 450 1,700 Analogic Corp .................................. 83 188,825 Applera Corp (Applied Biosystems Group) ........ 3,593 2,600 Arrow International, Inc ....................... 115 17,497 Bard (C.R.), Inc ............................... 1,248 30,755 e Bausch & Lomb, Inc ............................. 1,153 436,437 Baxter International, Inc ...................... 11,347 16,496 Beckman Coulter, Inc ........................... 670 213,472 Becton Dickinson & Co .......................... 8,293 149,294 Biomet, Inc .................................... 4,279 150,095 * Boston Scientific Corp ......................... 9,171 3,700 * Bruker Daltonics, Inc .......................... 20 1,800 * Cantel Medical Corp ............................ 24 4,400 * Cardiac Science, Inc ........................... 12 21,647 * Cerus Corp ..................................... 163 34,287 * Closure Medical Corp ........................... 647 4,800 * Cognex Corp .................................... 107 3,659 * Concord Camera Corp ............................ 26 4,791 * Credence Systems Corp .......................... 41 10,000 * Cytyc Corp ..................................... 105 3,500 * DJ Orthopedics, Inc ............................ 38 34,950 Dentsply International, Inc .................... 1,429 16,080 * Edwards Lifesciences Corp ...................... 517 149,932 Guidant Corp ................................... 6,655 8,217 * Hanger Orthopedic Group, Inc ................... 94 2,400 * Input/Output, Inc .............................. 13 3,000 * Integra LifeSciences Holding ................... 79 5,100 Invacare Corp .................................. 168 116,134 e* Invision Technologies, Inc ..................... 2,913 48,670 e* KLA-Tencor Corp ................................ 2,263 5,800 e* LTX Corp ....................................... 50 25,500 * Lexar Media, Inc ............................... 243 602,262 Medtronic, Inc ................................. 28,891 1,700 * Mettler-Toledo International, Inc .............. 62 11,632 e* Millipore Corp ................................. 516 3,164 * Oakley, Inc .................................... 37 8,600 * Orthologic Corp ................................ 39 235,177 * Palatin Technologies, Inc ...................... 750 102,828 e PerkinElmer, Inc ............................... 1,420 45,239 * Pinnacle Systems, Inc .......................... 484 3,100 * Respironics, Inc ............................... 116 86,526 * St. Jude Medical, Inc .......................... 4,975 4,600 * Steris Corp .................................... 106 92,665 e Stryker Corp ................................... 6,428 11,200 * Techne Corp .................................... 340 3,885 * Tektronix, Inc ................................. 84 37,353 Teleflex, Inc .................................. 1,589 42,300 e* Therasense, Inc ................................ 423 88,074 e* Thermo Electron Corp ........................... 1,851 1,600 e* Thoratec Corp .................................. 24 26,444 * TriPath Imaging, Inc ........................... 181 19,147 * Varian Medical Systems, Inc .................... 1,102 1,600 Vital Signs, Inc ............................... 42 8,100 * Vivus, Inc ..................................... 42 36,643 * Waters Corp .................................... 1,067 95,220 * Zimmer Holdings, Inc ........................... 4,290 7,905 * Zygo Corp ...................................... 63 --------- TOTAL INSTRUMENTS AND RELATED PRODUCTS 111,732 --------- INSURANCE AGENTS, BROKERS AND SERVICES--0.52% 215,412 AON Corp ....................................... 5,187 13,100 Brown & Brown, Inc ............................. 426 38,610 Gallagher (Arthur J.) & Co ..................... 1,050 1,100 Hilb, Rogal & Hamilton Co ...................... 37 388,560 Marsh & McLennan Cos, Inc ...................... 19,844 --------- TOTAL INSURANCE AGENTS, BROKERS AND SERVICES 26,544 --------- INSURANCE CARRIERS--3.19% 1,200 21st Century Insurance Group ................... 17 58,100 Aetna, Inc ..................................... 3,498 220,470 Aflac, Inc ..................................... 6,779 13,100 Ambac Financial Group, Inc ..................... 868 1,039,536 American International Group, Inc .............. 57,362 1,900 American National Insurance Co ................. 164 61,723 * Anthem, Inc .................................... 4,762 100,057 Chubb Corp ..................................... 6,003 88,000 Cigna Corp ..................................... 4,131 78,095 Cincinnati Financial Corp ...................... 2,897 10,100 * Cobalt Corp .................................... 208 29,542 Erie Indemnity Co (Class A) .................... 1,219 124,545 Hartford Financial Services Group, Inc ......... 6,272 53,972 * Health Net, Inc ................................ 1,778 158,814 * Humana, Inc .................................... 2,398 81,260 Jefferson-Pilot Corp ........................... 3,369 171,330 Lincoln National Corp .......................... 6,104 38,399 MBIA, Inc ...................................... 1,872 13,300 e MGIC Investment Corp ........................... 620 5,000 MONY Group, Inc ................................ 135 25,226 * Mid Atlantic Medical Services, Inc ............. 1,319 32,723 * Oxford Health Plans, Inc ....................... 1,375 22,800 e Phoenix Cos, Inc ............................... 206 150,625 Principal Financial Group ...................... 4,858 67,270 Progressive Corp ............................... 4,917 284,374 Prudential Financial, Inc ...................... 9,569 19,632 Safeco Corp .................................... 693 127,980 e St. Paul Cos, Inc .............................. 4,673 6,200 e Transatlantic Holdings, Inc .................... 429 299,572 UnitedHealth Group, Inc ........................ 15,053 145,688 e UnumProvident Corp ............................. 1,954 75,986 * Wellpoint Health Networks, Inc ................. 6,406 --------- TOTAL INSURANCE CARRIERS 161,908 --------- LEATHER AND LEATHER PRODUCTS--0.01% 9,500 e* Coach, Inc ..................................... 473 --------- TOTAL LEATHER AND LEATHER PRODUCTS 473 --------- LUMBER AND WOOD PRODUCTS--0.00% 3,900 * Champion Enterprises, Inc ...................... 20 --------- TOTAL LUMBER AND WOOD PRODUCTS 20 --------- METAL MINING--0.07% 52,548 * Cleveland-Cliffs, Inc .......................... 938 96,506 e Royal Gold, Inc ................................ 2,074 76,053 * Stillwater Mining Co ........................... 391 --------- TOTAL METAL MINING 3,403 --------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.15% 19,178 e Callaway Golf Co ............................... 254 55,400 e* Identix, Inc ................................... 352 34,060 * K2, Inc ........................................ 417 319,424 Mattel, Inc .................................... 6,044 28,761 * RC2 Corp ....................................... 489 2,600 Russ Berrie & Co, Inc .......................... 95 --------- TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES 7,651 --------- SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 35 Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ----------- MISCELLANEOUS RETAIL--0.81% 18,700 * AdvancePCS ..................................... $ 715 65,971 e* Amazon.Com, Inc ................................ 2,407 36,825 * Blue Rhino Corp ................................ 442 4,500 e* Barnes & Noble, Inc ............................ 104 192,571 CVS Corp ....................................... 5,398 800 * Marvel Enterprises, Inc ........................ 15 5,300 e Michaels Stores, Inc ........................... 202 76,155 * Office Depot, Inc .............................. 1,105 29,284 Omnicare, Inc .................................. 990 19,270 * Overstock.com, Inc ............................. 280 10,100 * Party City Corp ................................ 104 158,336 * Staples, Inc ................................... 2,905 29,476 e Tiffany & Co ................................... 963 64,159 * Toys "R" Us, Inc ............................... 778 488,071 Walgreen Co .................................... 14,691 80,682 World Fuel Services Corp ....................... 1,984 78,949 * eBay, Inc ...................................... 8,225 --------- TOTAL MISCELLANEOUS RETAIL 41,308 --------- MOTION PICTURES--0.76% 600 e* Carmike Cinemas, Inc ........................... 14 1,203,792 * Liberty Media Corp (Class A) ................... 13,916 183,463 * Metro-Goldwyn-Mayer, Inc ....................... 2,279 11,241 e Regal Entertainment Group (Class A) ............ 265 1,113,495 Walt Disney Co ................................. 21,992 --------- TOTAL MOTION PICTURES 38,466 --------- NONDEPOSITORY INSTITUTIONS--2.30% 42,023 Advanta Corp (Class A) ......................... 414 4,100 e American Capital Strategies Ltd ................ 102 654,471 American Express Co ............................ 27,363 95,859 Capital One Financial Corp ..................... 4,714 29,478 e Countrywide Financial Corp ..................... 2,051 3,500 * DVI, Inc ....................................... 16 534,146 Fannie Mae ..................................... 36,023 367,202 Freddie Mac .................................... 18,643 679,385 MBNA Corp ...................................... 14,158 33,253 Medallion Financial Corp ....................... 233 239,967 e* Providian Financial Corp ....................... 2,222 258,951 SLM Corp ....................................... 10,143 1,400 Student Loan Corp .............................. 176 3,300 * WFS Financial, Inc ............................. 111 705 Westcorp ....................................... 20 --------- TOTAL NONDEPOSITORY INSTITUTIONS 116,389 --------- NONMETALLIC MINERALS, EXCEPT FUELS--0.09% 97,368 Amcol International Corp ....................... 779 100,663 Vulcan Materials Co ............................ 3,732 --------- TOTAL NONMETALLIC MINERALS, EXCEPT FUELS 4,511 --------- OIL AND GAS EXTRACTION--1.71% 274,969 Anadarko Petroleum Corp ........................ 12,228 224,963 Apache Corp .................................... 14,636 2,949 Berry Petroleum Co (Class A) ................... 53 4,567 Cabot Oil & Gas Corp (Class A) ................. 126 125,249 e Chesapeake Energy Corp ......................... 1,265 15,000 * Cimarex Energy Co .............................. 356 21,613 * Clayton Williams Energy, Inc ................... 399 12,123 * Comstock Resources, Inc ........................ 166 65,278 * Denbury Resources, Inc ......................... 877 253,242 e Devon Energy Corp .............................. 13,523 71,761 ENSCO International, Inc ....................... 1,930 230,565 EOG Resources, Inc ............................. 9,647 63,215 * Energy Partners Ltd ............................ 730 48,436 * Forest Oil Corp ................................ 1,217 1,500 * Global Industries Ltd .......................... 7 4,600 * Hanover Compressor Co .......................... 52 42,500 * Harvest Natural Resources, Inc ................. 271 27,660 Helmerich & Payne, Inc ......................... 808 105,444 * Horizon Offshore, Inc .......................... 525 800 * Houston Exploration Co ......................... 28 14,843 * KCS Energy, Inc ................................ 80 14,368 * Magnum Hunter Resources, Inc ................... 115 111,836 * Meridian Resource Corp ......................... 529 55,120 * Newfield Exploration Co ........................ 2,070 162,647 Noble Energy, Inc .............................. 6,148 34,224 * Nuevo Energy Co ................................ 597 20,378 * Patterson-UTI Energy, Inc ...................... 660 112,349 * Pioneer Natural Resources Co ................... 2,932 70,100 e Pogo Producing Co .............................. 2,997 13,989 * Pride International, Inc ....................... 263 37,517 * Range Resources Corp ........................... 235 76,000 * Rowan Cos, Inc ................................. 1,702 13,378 e* Stone Energy Corp .............................. 561 34,674 * Swift Energy Co ................................ 381 48,500 Tidewater, Inc ................................. 1,424 19,528 * Tom Brown, Inc ................................. 543 439,599 * Transmontaigne, Inc ............................ 2,849 18,800 * Varco International, Inc ....................... 368 3,700 * Veritas DGC, Inc ............................... 43 47,043 Vintage Petroleum, Inc ......................... 531 40,109 * Westport Resources Corp ........................ 912 89,033 e XTO Energy, Inc ................................ 1,790 --------- TOTAL OIL AND GAS EXTRACTION 86,574 --------- PAPER AND ALLIED PRODUCTS--0.46% 2,700 Bowater, Inc ................................... 101 1,100 Glatfelter ..................................... 16 323,789 e Kimberly-Clark Corp ............................ 16,882 119,249 MeadWestvaco Corp .............................. 2,945 300 Pope & Talbot, Inc ............................. 3 126,950 Sonoco Products Co ............................. 3,049 11,348 Temple-Inland, Inc ............................. 487 --------- TOTAL PAPER AND ALLIED PRODUCTS 23,483 --------- PERSONAL SERVICES--0.05% 8,681 CPI Corp ....................................... 153 71,621 e Cintas Corp .................................... 2,538 --------- TOTAL PERSONAL SERVICES 2,691 --------- PETROLEUM AND COAL PRODUCTS--0.24% 47,219 Frontier Oil Corp .............................. 718 68,902 * Headwaters, Inc ................................ 1,012 4,800 Lubrizol Corp .................................. 149 159,922 Sunoco, Inc .................................... 6,035 117,049 Valero Energy Corp ............................. 4,252 --------- TOTAL PETROLEUM AND COAL PRODUCTS 12,166 --------- PRIMARY METAL INDUSTRIES--0.35% 27,987 e* Andrew Corp .................................... 257 3,800 Belden, Inc .................................... 60 2,700 * Cable Design Technologies Corp ................. 19 135,325 * Century Aluminum Co ............................ 951 3,200 * CommScope, Inc ................................. 30 141,600 Engelhard Corp ................................. 3,507 4,400 * General Cable Corp ............................. 24 2,930 Gibraltar Steel Corp ........................... 60 72,541 e* Liquidmetal Technologies, Inc .................. 372 10,984 * Lone Star Technologies, Inc .................... 233 18,878 * Mueller Industries, Inc ........................ 512 62,065 * NS Group, Inc .................................. 605 69,209 e Nucor Corp ..................................... 3,381 186,226 Ryerson Tull, Inc .............................. 1,635 50,204 Schnitzer Steel Industries, Inc (Class A) ...... 2,215 11,999 e* Steel Dynamics, Inc ............................ 164 SEE NOTES TO FINANCIAL STATEMENTS 36 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ----------- PRIMARY METAL INDUSTRIES--(CONTINUED) 270,750 Worthington Industries, Inc .................... $ 3,628 --------- TOTAL PRIMARY METAL INDUSTRIES 17,653 --------- PRINTING AND PUBLISHING--0.50% 41,000 Dow Jones & Co, Inc ............................ 1,764 10,200 Harte-Hanks, Inc ............................... 194 131,842 McGraw-Hill Cos, Inc ........................... 8,174 300 Meredith Corp .................................. 13 61,836 New York Times Co (Class A) .................... 2,814 58,429 R.R. Donnelley & Sons Co ....................... 1,527 10,376 Scripps (E.W.) Co (Class A) .................... 921 135,662 Tribune Co ..................................... 6,552 4,756 Washington Post Co (Class B) ................... 3,486 --------- TOTAL PRINTING AND PUBLISHING 25,445 --------- RAILROAD TRANSPORTATION--0.18% 4,100 * Kansas City Southern Industries, Inc ........... 49 472,710 Norfolk Southern Corp .......................... 9,076 --------- TOTAL RAILROAD TRANSPORTATION 9,125 --------- RUBBER AND MISCELLANEOUS PLASTICS PRODUC--0.03% 23,900 Bandag, Inc .................................... 891 1,520 * Reebok International Ltd ....................... 51 9,900 e* Sealed Air Corp ................................ 472 36,900 * Vans, Inc ...................................... 331 --------- TOTAL RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 1,745 --------- SECURITY AND COMMODITY BROKERS--1.13% 29,610 e A.G. Edwards, Inc .............................. 1,013 62,431 * Ameritrade Holding Corp ........................ 463 87,393 CIT Group, Inc ................................. 2,154 534,543 Charles Schwab Corp ............................ 5,394 1,600 Eaton Vance Corp ............................... 51 27,941 Federated Investors, Inc (Class B) ............. 766 147,617 Franklin Resources, Inc ........................ 5,767 159,166 Goldman Sachs Group, Inc ....................... 13,330 367,606 e Instinet Group, Inc ............................ 1,713 72,720 Janus Capital Group, Inc ....................... 1,193 10,968 e Legg Mason, Inc ................................ 712 429,129 Merrill Lynch & Co, Inc ........................ 20,032 11,404 e Neuberger Berman, Inc .......................... 455 36,392 SEI Investments Co ............................. 1,165 400 * SoundView Technology Group, Inc ................ 4 78,326 T Rowe Price Group, Inc ........................ 2,957 --------- TOTAL SECURITY AND COMMODITY BROKERS 57,169 --------- SPECIAL TRADE CONTRACTORS--0.00% 2,700 * Quanta Services, Inc ........................... 19 --------- TOTAL SPECIAL TRADE CONTRACTORS 19 --------- STONE, CLAY, AND GLASS PRODUCTS--0.11% 13,641 * Cabot Microelectronics Corp .................... 688 18,600 Centex Construction Products, Inc .............. 746 537,300 * Corning, Inc ................................... 3,971 --------- TOTAL STONE, CLAY, AND GLASS PRODUCTS 5,405 --------- TRANSPORTATION BY AIR--0.47% 139,425 e* AMR Corp ....................................... 1,534 2,600 e* Airtran Holdings, Inc .......................... 27 16,000 * Alaska Air Group, Inc .......................... 343 1,200 * Atlantic Coast Airlines Holdings, Inc .......... 16 98,958 e* Continental Airlines, Inc (Class B) ............ 1,481 172,002 e Delta Air Lines, Inc ........................... 2,525 3,300 * ExpressJet Holdings, Inc ....................... 50 119,024 FedEx Corp ..................................... 7,383 4,340 * Frontier Airlines, Inc ......................... 39 30,926 e* JetBlue Airways Corp ........................... 1,308 6,565 * Petroleum Helicopters (Vote) ................... 207 6,600 Skywest, Inc ................................... $ 126 520,575 Southwest Airlines Co .......................... 8,954 72,800 b* UAL Corp ....................................... 57 --------- TOTAL TRANSPORTATION BY AIR 24,050 --------- TRANSPORTATION EQUIPMENT--0.65% 43,900 * American Axle & Manufacturing Holdings, Inc .... 1,049 48,230 ArvinMeritor, Inc .............................. 973 102,996 Autoliv, Inc ................................... 2,789 53,585 e Brunswick Corp ................................. 1,341 84,449 Dana Corp ...................................... 976 574,303 Delphi Corp .................................... 4,956 25,900 * Dura Automotive Systems, Inc ................... 245 2,600 Federal Signal Corp ............................ 46 125,054 e* Fleetwood Enterprises, Inc ..................... 925 45,313 * Greenbrier Cos, Inc ............................ 492 20,744 * Gentex Corp .................................... 635 211,350 Genuine Parts Co ............................... 6,765 178,187 Harley-Davidson, Inc ........................... 7,103 207,169 e Heico Corp ..................................... 2,527 4,300 Marine Products Corp ........................... 47 4,201 e* Sports Resorts International, Inc .............. 21 200 Thor Industries, Inc ........................... 8 217,700 Visteon Corp ................................... 1,493 41,471 * Wabash National Corp ........................... 582 1,200 Wabtec Corp .................................... 17 800 Winnebago Industries, Inc ...................... 30 --------- TOTAL TRANSPORTATION EQUIPMENT 33,020 --------- TRANSPORTATION SERVICES--0.05% 1,349 * Expedia, Inc ................................... 103 77,532 e GATX Corp ...................................... 1,268 1,300 * RailAmerica, Inc ............................... 11 51,165 e Sabre Holdings Corp ............................ 1,261 --------- TOTAL TRANSPORTATION SERVICES 2,643 --------- TRUCKING AND WAREHOUSING--0.33% 264,735 United Parcel Service, Inc (Class B) ........... 16,862 --------- TOTAL TRUCKING AND WAREHOUSING 16,862 --------- WHOLESALE TRADE-DURABLE GOODS--1.68% 33,818 * Apogent Technologies, Inc ...................... 676 64,147 Barnes Group, Inc .............................. 1,396 6,079 * CDW Corp ....................................... 278 3,000 Commercial Metals Co ........................... 53 140,200 IKON Office Solutions, Inc ..................... 1,248 7,407 * Imagistics International, Inc .................. 191 21,600 * Ingram Micro, Inc (Class A) .................... 238 1,443,942 Johnson & Johnson .............................. 74,652 1,400 Owens & Minor, Inc ............................. 31 2,500 * PSS World Medical, Inc ......................... 14 29,162 * Patterson Dental Co ............................ 1,323 627 * Pomeroy IT Solutions, Inc ...................... 7 33,947 Reliance Steel & Aluminum Co ................... 703 3,500 * Tech Data Corp ................................. 93 91,900 W.W. Grainger, Inc ............................. 4,297 --------- TOTAL WHOLESALE TRADE-DURABLE GOODS 85,200 --------- WHOLESALE TRADE-NONDURABLE GOODS--0.84% 29,572 * Allscripts Healthcare Solutions, Inc ........... 109 271,947 Cardinal Health, Inc ........................... 17,489 25,438 e D&K Healthcare Resources, Inc .................. 411 10,785 * Henry Schein, Inc .............................. 568 266,003 McKesson Corp .................................. 9,508 111,148 Perrigo Co ..................................... 1,738 161,020 * Plains Resources, Inc .......................... 2,278 31,224 * Priority Healthcare Corp (Class B) ............. 579 3,871 Russell Corp ................................... 74 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 37 Statement of Investments (Unaudited) - SOCIAL CHOICE ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ----------- WHOLESALE TRADE-NONDURABLE GOODS--(CONTINUED) 700 * Smart & Final, Inc ............................ $ 3 9,800 Supervalu, Inc ................................ 209 308,400 Sysco Corp .................................... 9,269 ---------- TOTAL WHOLESALE TRADE-NONDURABLE GOODS 42,235 ---------- TOTAL COMMON STOCK (COST $2,776,546) 3,129,710 ---------- PRINCIPAL --------- SHORT TERM INVESTMENTS--10.13% COMMERCIAL PAPER--2.52% BellSouth Corp $25,000,000 c 1.020%, 07/25/03 .............................. 24,982 Coca-Cola Enterprises, Inc 18,074,000 c,d 1.080%, 07/31/03 .............................. 18,058 Campbell Soup Co 16,600,000 1.060%, 07/25/03 .............................. 16,586 Johnson & Johnson 25,000,000 d 1.190%, 09/22/03 .............................. 24,939 7,800,000 c,d 1.200%, 07/11/03 .............................. 7,797 Kimberly-Clark Worldwide, Inc. 25,000,000 c,d 1.000%, 08/27/03 .............................. 24,958 Mcgraw-Hill Cos, Inc 10,725,000 d 1.250%, 07/21/03 .............................. 10,718 ---------- TOTAL COMMERCIAL PAPER 128,038 ---------- U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--3.25% Federal Home Loan Mortgage Corp (FHLMC) 48,000,000 0.970%, 09/12/03 .............................. 47,904 Federal National Mortgage Association (FNMA) 68,585,000 d 0.950%, 07/23/03 .............................. 68,562 9,110,000 d 0.950%, 07/09/03 .............................. 9,108 28,800,000 1.180%, 07/07/03 .............................. 28,795 10,200,000 0.960%, 07/25/03 ............................. 10,194 ---------- TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 164,563 ---------- INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED--4.36% REPURCHASE AGREEMENTS Credit Suisse First Boston 1.240% Dated 6/30/03, Due 07/01/03 In The Amount Of $85,002,928 (Fully Collateralized By High Grade Dept Obligations: 85,003,000 Total Market Value $86,700,782) .............. 85,003 Goldman Sachs & Co.1.240% Dated 6/30/03, Due 07/01/03 In The Amount Of $75,002,583 (Fully Collateralized By High Grade Dept Obligations: 75,002,000 Total Market Value $76,500,204) .............. 75,002 Morgan Stanley & Co. Inc,1.250% Dated 6/30/03, Due 07/01/03 In The Amount Of $61,125,122 (Fully Collateralized By High Grade Dept Obligations: 61,125,000 Total Market Value $62,345,494) .............. 61,125 ---------- TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED 221,130 ---------- TOTAL SHORT TERM INVESTMENTS (COST $513,398) 513,731 ---------- TOTAL PORTFOLIO--108.41% (COST $5,071,751) 5,497,875 OTHER ASSETS & LIABILITIES--(8.41)% (426,546) ---------- NET ASSETS--100.00% $5,071,329 ========== - ---------- * Non-income producing b In bankruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended. 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. 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 45.23% BAA, BA, B 7.88% U.S. Government obligations represent 46.89% of the long-term debt portfolio value and are not reflected in the above ratings. Note that the funds may use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 38 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- Summary by Industry VALUE (000) % ---------- ----- CORPORATE BOND Holding and Other Investment Offices ................... $ 30 0.00% ---------- ----- TOTAL CORPORATE BOND ................................... 30 0.00 (COST $30) ---------- ----- PREFERRED STOCK Rubber and Miscellaneous Plastic Products .............. 450 0.01 ---------- ----- TOTAL PREFERRED STOCK .................................. 450 0.01 (COST $417) ---------- ----- COMMON STOCK Agricultural Production-Crops .......................... 527 0.01 Agricultural Production-Livestock ...................... 39 0.00 Agricultural Services .................................. 214 0.00 Amusement and Recreation Services ...................... 7,168 0.12 Apparel and Accessory Stores ........................... 30,624 0.53 Apparel and Other Textile Products ..................... 8,222 0.14 Auto Repair, Services and Parking ...................... 1,420 0.02 Automotive Dealers and Service Stations ................ 9,326 0.16 Building Materials and Garden Supplies ................. 63,685 1.10 Business Services ...................................... 435,368 7.53 Chemicals and Allied Products .......................... 731,982 12.66 Coal Mining ............................................ 2,262 0.04 Communications ......................................... 326,018 5.64 Depository Institutions ................................ 617,315 10.68 Eating and Drinking Places ............................. 39,719 0.69 Educational Services ................................... 11,145 0.19 Electric, Gas, and Sanitary Services ................... 206,288 3.57 Electronic and Other Electric Equipment ................ 426,803 7.38 Engineering and Management Services .................... 44,097 0.76 Environmental Quality and Housing ...................... 2 0.00 Fabricated Metal Products .............................. 33,835 0.59 Food and Kindred Products .............................. 204,675 3.54 Food Stores ............................................ 25,127 0.43 Forestry ............................................... 6,678 0.12 Furniture and Fixtures ................................. 18,686 0.32 Furniture and Homefurnishings Stores ................... 21,200 0.37 General Building Contractors ........................... 17,152 0.30 General Merchandise Stores ............................. 147,799 2.56 Health Services ........................................ 40,625 0.70 Heavy Construction, Except Building .................... 584 0.01 Holding and Other Investment Offices ................... 126,691 2.19 Hotels and Other Lodging Places ........................ 15,285 0.26 Industrial Machinery and Equipment ..................... 390,462 6.75 Instruments and Related Products ....................... 160,889 2.78 Insurance Agents, Brokers and Services ................. 22,142 0.38 Insurance Carriers ..................................... 261,182 4.52 Justice, Public Order and Safety ....................... 62 0.00 Leather and Leather Products ........................... 4,281 0.07 Legal Services ......................................... 232 0.00 Lumber and Wood Products ............................... 4,038 0.07 Metal Mining ........................................... 10,724 0.19 Miscellaneous Manufacturing Industries ................. 9,438 0.16 Miscellaneous Retail ................................... 65,184 1.13 Motion Pictures ........................................ 42,088 0.73 Nondepository Institutions ............................. 124,817 2.16 Nonmetallic Minerals, Except Fuels ..................... 2,098 0.04 Oil and Gas Extraction ................................. 81,102 1.40 Paper and Allied Products .............................. 39,329 0.68 Personal Services ...................................... 10,137 0.18 Petroleum and Coal Products ............................ 212,951 3.68 Primary Metal Industries ............................... 24,117 0.42 Printing and Publishing ................................ 48,473 0.84 Railroad Transportation ................................ 23,060 0.40 Real Estate ............................................ 3,587 0.06 Rubber and Miscellaneous Plastic Products .............. 11,572 0.20 Security and Commodity Brokers ......................... 111,678 1.93 Special Trade Contractors .............................. 1,417 0.02 Stone, Clay, and Glass Products ........................ 9,018 0.16 Textile Mill Products .................................. 2,139 0.04 Tobacco Products ....................................... 58,676 1.01 Transportation By Air .................................. 25,217 0.44 Transportation Equipment ............................... 133,637 2.31 Transportation Services ................................ 7,767 0.13 Trucking and Warehousing ............................... 23,105 0.40 Water Transportation ................................... 1,497 0.03 Wholesale Trade-Durable Goods .......................... 105,929 1.83 Wholesale Trade-Nondurable Goods ....................... 49,617 0.86 ---------- ------ TOTAL COMMON STOCK ..................................... 5,702,223 98.61 (COST $5,823,265) ---------- ------ TOTAL TIAA-CREFMUTUALFUND .............................. 36,862 0.64 (COST $35,359) ---------- ------ SHORT TERM INVESTMENTS Certificate of Deposit ................................. 11,001 0.19 Commercial Paper ....................................... 103,615 1.79 U.S. Government and Agencies Discount Notes ............ 94,541 1.64 ---------- ------ TOTAL SHORT TERM INVESTMENTS ........................... 209,157 3.62 (COST $209,150) ---------- ------ TOTAL PORTFOLIO (COST $6,068,221) ..................................... 5,948,722 102.88 OTHER ASSETS AND LIABILITIES, NET ...................... (166,463) (2.88) ---------- ------ NET ASSETS ............................................. $5,782,259 100.00% ========== ====== PRINCIPAL VALUE (000) --------- ----------- BOND--0.00% CORPORATE BOND--0.00% HOLDING AND OTHER INVESTMENT OFFICES--0.00% National Health Investors, Inc $ 30,000 f* 9.000%, 01/01/06 .............................. $ 30 ---------- TOTAL HOLDING AND OTHER INVESTMENT OFFICES 30 ---------- TOTAL CORPORATE BOND (COST $30) 30 ---------- SHARES ------ PREFERRED STOCK--0.01% HEALTH SERVICES--0.00% 30 * Dynacq International, Inc. .................... 0 ---------- TOTAL HEALTH SERVICES 0 ---------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.01% 8,835 * Sealed Air Corp (New) ......................... 450 ---------- TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 450 ---------- TOTAL PREFERRED STOCK (COST $417) 450 ---------- COMMON STOCK--98.61% AGRICULTURAL PRODUCTION-CROPS--0.01% 1,720 Alico, Inc .................................... 42 20,864 Delta & Pine Land Co .......................... 459 7,055 * Seminis, Inc (Class A) ........................ 26 ---------- TOTAL AGRICULTURAL PRODUCTION-CROPS 527 ---------- AGRICULTURAL PRODUCTION-LIVESTOCK--0.00% 188 Seaboard Corp ................................. 39 ---------- TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK 39 ---------- AGRICULTURAL SERVICES--0.00% 10,926 * VCA Antech, Inc ............................... 214 ---------- TOTAL AGRICULTURAL SERVICES 214 ---------- AMUSEMENT AND RECREATION SERVICES--0.12% 27,915 * Alliance Gaming Corp .......................... 528 2,294 * America's Car Mart, Inc ....................... 42 13,993 * Argosy Gaming Co .............................. 293 18,989 * Aztar Corp .................................... 306 16,819 e* Bally Total Fitness Holding Corp .............. 152 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 39 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ AMUSEMENT AND RECREATION SERVICES--(CONTINUED) 3,378 Churchill Downs, Inc .......................... $ 129 5,106 Dover Downs Gaming & Entertainment, Inc ....... 47 8,300 Dover Motorsport, Inc ......................... 34 12,108 * Gaylord Entertainment Co ...................... 237 64,918 * Harrah's Entertainment, Inc ................... 2,612 15,827 International Speedway Corp (Class A) ......... 625 8,107 * Isle of Capri Casinos, Inc .................... 134 24,349 * Magna Entertainment Corp (Class A) ............ 122 12,884 e* MTR Gaming Group, Inc ......................... 99 5,931 e* Multimedia Games, Inc ......................... 151 17,408 * Penn National Gaming, Inc ..................... 358 48,641 * Six Flags, Inc ................................ 330 7,800 Speedway Motorsports, Inc ..................... 209 19,600 * Station Casinos, Inc .......................... 495 12,526 * WMS Industries, Inc ........................... 195 6,849 World Wrestling Federation Entertainment, Inc . 70 ---------- TOTAL AMUSEMENT AND RECREATION SERVICES 7,168 ---------- APPAREL AND ACCESSORY STORES--0.53% 48,236 * Abercrombie & Fitch Co (Class A) .............. 1,370 7,085 * Aeropostale, Inc .............................. 152 30,651 * American Eagle Outfitters, Inc ................ 555 24,877 * AnnTaylor Stores Corp ......................... 720 2,082 * Bebe Stores, Inc .............................. 40 4,196 * Buckle, Inc ................................... 81 10,220 Burlington Coat Factory Warehouse Corp ........ 183 17,083 * Casual Male Retail Group, Inc ................. 89 8,400 Cato Corp (Class A) ........................... 177 3,844 * Charlotte Russe Holding, Inc .................. 40 61,800 * Charming Shoppes, Inc ......................... 307 48,503 e* Chico's FAS, Inc .............................. 1,021 6,721 e* Children's Place Retail Stores, Inc ........... 133 13,392 * Christopher & Banks Corp ...................... 495 24,119 Claire's Stores, Inc .......................... 612 2,300 Deb Shops, Inc ................................ 43 14,600 * Dress Barn, Inc ............................... 185 9,519 * Finish Line, Inc (Class A) .................... 211 79,645 Foot Locker, Inc .............................. 1,055 11,369 e* Footstar, Inc ................................. 148 362,980 Gap, Inc ...................................... 6,810 11,571 * Genesco, Inc .................................. 205 8,085 Goody's Family Clothing, Inc .................. 70 13,288 * Gymboree Corp ................................. 223 17,936 e* Hot Topic, Inc ................................ 483 2,515 * JOS A. Bank Clothiers, Inc .................... 84 240,229 Limited Brands, Inc ........................... 3,724 2,325 * Mothers Work, Inc ............................. 62 53,472 Nordstrom, Inc ................................ 1,044 5,734 Oshkosh B'gosh, Inc (Class A) ................. 155 25,666 * Pacific Sunwear of California, Inc ............ 618 38,478 * Payless Shoesource, Inc ....................... 481 44,874 Ross Stores, Inc .............................. 1,918 3,674 * Shoe Carnival, Inc ............................ 54 10,802 * Stage Stores, Inc ............................. 254 14,117 Talbots, Inc .................................. 416 299,576 TJX Cos, Inc .................................. 5,644 19,298 * Too, Inc ...................................... 391 4,036 e* Urban Outfitters, Inc ......................... 145 14,624 * Wet Seal, Inc (Class A) ....................... 156 9,773 * Wilsons The Leather Experts, Inc .............. 70 ---------- TOTAL APPAREL AND ACCESSORY STORES 30,624 ---------- APPAREL AND OTHER TEXTILE PRODUCTS--0.14% 13,580 e* Collins & Aikman Corp ......................... 40 7,500 * Columbia Sportswear Co ........................ 386 11,428 * DHB Industries, Inc ........................... 47 3,800 * Guess?, Inc ................................... 23 68,289 * Jones Apparel Group, Inc ...................... 1,998 14,400 Kellwood Co ................................... 455 60,446 Liz Claiborne, Inc ............................ 2,131 14,444 * Nautica Enterprises, Inc ...................... 185 3,103 Oxford Industries, Inc ........................ 129 1,618 * Perry Ellis International, Inc ................ 32 13,970 Phillips-Van Heusen Corp ...................... 190 17,579 Polo Ralph Lauren Corp ........................ 453 25,882 * Quiksilver, Inc ............................... 427 48,019 VF Corp ....................................... 1,631 7,088 * Warnaco Group, Inc ............................ 95 17,815 b* Westpoint Stevens, Inc ........................ 0 ---------- TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 8,222 ---------- AUTO REPAIR, SERVICES AND PARKING--0.02% 5,083 b,e* Amerco, Inc ................................... 36 9,756 Central Parking Corp .......................... 121 13,682 * Dollar Thrifty Automotive Group, Inc .......... 254 6,636 * Midas, Inc .................................... 80 3,459 * Monro Muffler Brake, Inc ...................... 98 32,449 Ryder System, Inc ............................. 831 ---------- TOTAL AUTO REPAIR, SERVICES AND PARKING 1,420 ---------- AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.16% 10,834 * Advance Auto Parts ............................ 660 3,927 * Asbury Automotive Group, Inc .................. 53 98,505 e* Autonation, Inc ............................... 1,548 36,491 * Autozone, Inc ................................. 2,772 58,072 * Carmax, Inc ................................... 1,751 37,253 * Copart, Inc ................................... 352 18,795 * CSK Auto Corp ................................. 272 10,475 * Group 1 Automotive, Inc ....................... 339 7,332 * Lithia Motors, Inc (Class A) .................. 119 4,586 * MarineMax, Inc ................................ 64 22,649 * O'Reilly Automotive, Inc ...................... 756 15,402 * Sonic Automotive, Inc ......................... 337 9,645 * United Auto Group, Inc ........................ 210 5,287 * West Marine, Inc .............................. 93 ---------- TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS 9,326 ---------- BUILDING MATERIALS AND GARDEN SUPPLIES--1.10% 7,032 Building Materials Holding Corp ............... 104 8,011 * Central Garden & Pet Co ....................... 191 33,318 Fastenal Co ................................... 1,131 1,297,439 Home Depot, Inc ............................... 42,971 59,800 * Louisiana-Pacific Corp ........................ 648 433,991 Lowe's Cos .................................... 18,640 ---------- TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES 63,685 ---------- BUSINESS SERVICES--7.53% 201,940 * 3Com Corp ..................................... 945 8,235 Aaron Rents, Inc .............................. 212 21,686 ABM Industries, Inc ........................... 334 19,837 * ActivCard Corp ................................ 186 46,848 * Activision, Inc ............................... 605 44,352 * Acxiom Corp ................................... 669 11,175 e* Administaff, Inc .............................. 115 135,412 Adobe Systems, Inc ............................ 4,343 18,832 e* Advent Software, Inc .......................... 318 10,700 * Advo, Inc ..................................... 475 21,751 * Aether Systems, Inc ........................... 107 59,111 * Affiliated Computer Services, Inc (Class A) ... 2,703 24,452 * Agile Software Corp ........................... 236 58,126 e* Akamai Technologies, Inc ...................... 282 15,593 * Alliance Data Systems Corp .................... 365 4,818 e* Altiris, Inc .................................. 97 21,808 * American Management Systems, Inc .............. 311 8,382 * AMN Healthcare Services, Inc .................. 106 SEE NOTES TO FINANCIAL STATEMENTS 40 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ BUSINESS SERVICES--(CONTINUED) 3,668 * Ansoft Corp ................................... $ 39 8,358 * Ansys, Inc .................................... 260 8,563 * Anteon International Corp ..................... 239 2,436,125 * AOL Time Warner, Inc .......................... 39,197 16,981 * APAC Customer Services, Inc ................... 43 22,189 * Aquantive, Inc ................................ 233 16,664 * Arbitron, Inc ................................. 595 151,825 * Ariba, Inc .................................... 451 13,441 * Armor Holdings, Inc ........................... 180 34,300 * Ascential Software Corp ....................... 564 16,815 * Asiainfo Holdings, Inc ........................ 138 19,566 * Ask Jeeves, Inc ............................... 269 30,600 * Aspect Communications Corp .................... 118 22,400 e* Aspen Technology, Inc ......................... 108 14,706 e* At Road, Inc .................................. 161 2,856 * Atari, Inc .................................... 13 15,797 * Autobytel, Inc ................................ 99 65,029 Autodesk, Inc ................................. 1,051 338,264 Automatic Data Processing, Inc ................ 11,454 3,186 * Bankrate, Inc ................................. 39 8,280 * Barra, Inc .................................... 296 208,776 * BEA Systems, Inc .............................. 2,267 62,203 * Bisys Group, Inc .............................. 1,143 138,103 * BMC Software, Inc ............................. 2,255 39,410 * Borland Software Corp ......................... 385 10,500 Brady Corp (Class A) .......................... 350 14,510 * Broadvision, Inc .............................. 83 144,837 * Brocade Communications Systems, Inc ........... 853 16,129 * CACI International, Inc (Class A) ............. 553 150,496 * Cadence Design Systems, Inc ................... 1,815 21,142 * Catalina Marketing Corp ....................... 373 6,988 * CCC Information Services Group, Inc ........... 101 6,600 * CDI Corp ...................................... 171 585,737 * Cendant Corp .................................. 10,731 83,957 * Ceridian Corp ................................. 1,425 15,697 * Cerner Corp ................................... 360 34,399 * Certegy, Inc .................................. 955 36,643 e* Checkfree Corp ................................ 1,020 48,307 * ChoicePoint, Inc .............................. 1,668 31,800 * Ciber, Inc .................................... 223 96,915 * Citrix Systems, Inc ........................... 1,973 208,761 * CMGI, Inc ..................................... 349 69,846 e* CNET Networks, Inc ............................ 435 39,174 * Cognizant Technology Solutions Corp ........... 954 259,002 Computer Associates International, Inc ........ 5,771 18,739 * Computer Horizons Corp ........................ 85 3,512 Computer Programs & Systems, Inc .............. 70 101,093 * Computer Sciences Corp ........................ 3,854 188,367 * Compuware Corp ................................ 1,087 9,330 * Concord Communications, Inc ................... 128 12,956 * Concur Technologies, Inc ...................... 130 6,270 * Convera Corp .................................. 25 94,332 * Convergys Corp ................................ 1,509 7,356 * CoStar Group, Inc ............................. 220 18,082 * Cross Country Healthcare, Inc ................. 239 4,272 b,e* Cross Media Marketing Corp .................... 1 29,680 * CSG Systems International, Inc ................ 419 5,770 * Cyberguard Corp ............................... 41 42,481 * D&B Corp ...................................... 1,746 9,773 * Datastream Systems, Inc ....................... 103 35,076 Deluxe Corp ................................... 1,571 17,250 * Dendrite International, Inc ................... 222 5,549 * Digimarc Corp ................................. 87 16,440 * Digital Insight Corp .......................... 313 15,788 e* Digital River, Inc ............................ 305 19,887 * Digitalthink, Inc ............................. 63 27,200 * Documentum, Inc ............................... 535 67,338 * DoubleClick, Inc .............................. 623 49,277 * DST Systems, Inc .............................. 1,873 4,315 * Duratek, Inc .................................. 34 35,007 * E.piphany, Inc ................................ 179 71,130 * Earthlink, Inc ................................ 561 15,986 e* Echelon Corp .................................. 220 19,569 * Eclipsys Corp ................................. 204 6,582 * eCollege.com, Inc ............................. 76 26,273 * eFunds Corp ................................... 303 7,300 * Electro Rent Corp ............................. 79 65,832 * Electronic Arts, Inc .......................... 4,871 255,164 Electronic Data Systems Corp .................. 5,473 7,822 * Embarcadero Technologies, Inc ................. 55 114,888 * Enterasys Networks, Inc ....................... 348 28,300 * Entrust, Inc .................................. 83 21,391 * Epicor Software Corp .......................... 128 7,203 * EPIQ Systems, Inc ............................. 124 82,368 Equifax, Inc .................................. 2,142 13,309 * eSpeed, Inc (Class A) ......................... 263 1,650 * Expedia, Inc Wts 02/04/09 ..................... 90 58,793 * Extreme Networks, Inc ......................... 312 12,534 * F5 Networks, Inc .............................. 211 11,900 Factset Research Systems, Inc ................. 524 26,600 Fair Isaac Corp ............................... 1,369 6,502 * Fargo Electronics, Inc ........................ 63 8,233 * Fidelity National Information Solutions, Inc .. 215 18,816 * Filenet Corp .................................. 339 6,283 * FindWhat.com .................................. 118 423,069 First Data Corp ............................... 17,532 108,080 * Fiserv, Inc ................................... 3,849 22,849 * Freemarkets, Inc .............................. 159 11,803 * Gerber Scientific, Inc ........................ 79 16,773 * Getty Images, Inc ............................. 693 7,755 Gevity HR, Inc ................................ 92 383 Grey Global Group, Inc ........................ 296 5,092 * Group 1 Software, Inc ......................... 93 11,543 * GSI Commerce, Inc ............................. 77 32,574 GTECH Holdings Corp ........................... 1,226 24,020 * Harris Interactive, Inc ....................... 158 5,295 * Healthcare Services Group ..................... 76 10,400 * Heidrick & Struggles International, Inc ....... 131 38,763 Henry (Jack) & Associates, Inc ................ 690 49,191 * Homestore, Inc ................................ 87 4,190 e* Hudson Highland Group, Inc .................... 80 20,620 * Hyperion Solutions Corp ....................... 696 152,099 * i2 Technologies, Inc .......................... 154 1,700 * ICT Group, Inc ................................ 18 12,676 * iDine Rewards Network, Inc .................... 174 10,200 * IDX Systems Corp .............................. 158 10,287 * iGate Corp .................................... 36 19,875 Imation Corp .................................. 752 143,489 IMS Health, Inc ............................... 2,581 36,200 * Informatica Corp .............................. 250 14,344 * Infospace, Inc ................................ 195 14,090 * infoUSA, Inc .................................. 114 5,574 * Integral Systems, Inc ......................... 111 27,701 * Intelidata Technologies Corp .................. 85 19,642 * Interactive Data Corp ......................... 332 26,303 * Intergraph Corp ............................... 566 71,708 * Interland, Inc ................................ 70 21,639 e* Internet Security Systems, Inc ................ 314 2,868 Interpool, Inc ................................ 47 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 41 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ BUSINESS SERVICES--(CONTINUED) 216,488 e* Interpublic Group of Cos, Inc ................. $ 2,897 63,187 * Interwoven, Inc ............................... 140 8,315 * Intrado, Inc .................................. 131 107,791 * Intuit, Inc ................................... 4,800 3,107 * iPayment, Inc ................................. 75 36,636 * Iron Mountain, Inc ............................ 1,359 57,137 * J.D. Edwards & Co ............................. 819 15,598 * JDA Software Group, Inc ....................... 175 188,988 e* Juniper Networks, Inc ......................... 2,338 13,040 * Kana Software, Inc ............................ 40 30,816 * Keane, Inc .................................... 420 9,343 Kelly Services, Inc (Class A) ................. 219 12,200 * Keynote Systems, Inc .......................... 128 14,196 * KFX ,Inc ...................................... 55 21,800 * Korn/Ferry International ...................... 177 20,402 * Kroll, Inc .................................... 552 11,192 * Kronos, Inc ................................... 569 24,000 * Labor Ready, Inc .............................. 172 41,989 * Lamar Advertising Co .......................... 1,478 8,877 * Lawson Software, Inc .......................... 69 49,244 * Legato Systems, Inc ........................... 413 9,484 * LendingTree, Inc .............................. 232 59,792 * Liberate Technologies ......................... 178 12,762 * Lionbridge Technologies ....................... 65 43,139 * Looksmart Ltd ................................. 122 35,440 * Macromedia, Inc ............................... 746 22,973 * Macrovision Corp .............................. 458 11,829 * Magma Design Automation, Inc .................. 203 12,328 e* Manhattan Associates, Inc ..................... 320 42,958 Manpower, Inc ................................. 1,593 7,493 * Mantech International Corp (Class A) .......... 144 35,424 e* Manugistics Group, Inc ........................ 146 9,534 * MAPICS, Inc ................................... 78 3,380 * Marketwatch.com, Inc .......................... 28 25,660 * Matrixone, Inc ................................ 147 5,014 McGrath RentCorp .............................. 134 3,990 * Medical Staffing Network Holdings, Inc ........ 28 6,010 * MedQuist, Inc ................................. 122 4,600 * Memberworks, Inc .............................. 91 37,200 * Mentor Graphics Corp .......................... 539 43,854 * Mercury Interactive Corp ...................... 1,693 42,500 * Micromuse, Inc ................................ 340 5,058,623 Microsoft Corp ................................ 129,551 5,371 * MicroStrategy, Inc ............................ 196 15,852 e* Midway Games, Inc ............................. 58 4,082 * Mobius Management Systems, Inc ................ 30 46,570 * Monster Worldwide, Inc ........................ 919 53,877 * MPS Group, Inc ................................ 371 10,859 * MRO Software, Inc ............................. 94 14,308 e* MSC.Software Corp ............................. 96 7,649 * Nassda Corp ................................... 59 16,500 * National Instruments Corp ..................... 623 4,100 * National Processing, Inc ...................... 66 10,672 * NCO Group, Inc ................................ 191 12,200 * NCP Litigation Trust .......................... 0 46,802 * NCR Corp ...................................... 1,199 17,958 NDCHealth Corp ................................ 330 4,418 e* Neoforma, Inc ................................. 48 14,166 * Netegrity, Inc ................................ 83 30,195 * NETIQ Corp .................................... 467 5,704 * Netratings, Inc ............................... 52 10,889 * Netscout Systems, Inc ......................... 58 30,672 * NetScreen Technologies, Inc ................... 692 88,047 * Network Associates, Inc ....................... 1,116 12,801 * Network Equipment Technologies, Inc ........... 108 16,670 * NIC, Inc ...................................... 49 206,262 * Novell, Inc ................................... 635 16,866 * Nuance Communications, Inc .................... 91 14,804 e* NYFIX, Inc .................................... 94 106,413 Omnicom Group, Inc ............................ 7,630 102,185 * Openwave Systems, Inc ......................... 199 5,857 * Opnet Technologies, Inc ....................... 71 27,049 * Opsware, Inc .................................. 109 2,191,587 * Oracle Corp ................................... 26,343 36,041 * Overture Services, Inc ........................ 653 12,800 * Packeteer, Inc ................................ 199 148,355 * Parametric Technology Corp .................... 452 11,637 * PC-Tel, Inc ................................... 138 8,162 * PDF Solutions, Inc ............................ 94 4,909 * PDI, Inc ...................................... 50 4,834 * PEC Solutions, Inc ............................ 78 14,023 * Pegasus Solutions, Inc ........................ 228 3,113 * Pegasystems, Inc .............................. 23 5,307 * Penton Media, Inc ............................. 3 156,475 * Peoplesoft, Inc ............................... 2,752 38,680 * Perot Systems Corp (Class A) .................. 439 10,719 e* Pixar, Inc .................................... 652 70,095 * Portal Software, Inc .......................... 140 6,224 * Portfolio Recovery Associates, Inc ............ 194 12,244 * Priceline.com, Inc ............................ 274 10,100 * ProcureNet, Inc ............................... 2 16,455 * Progress Software Corp ........................ 341 20,966 * Pumatech, Inc ................................. 71 5,783 * QAD, Inc ...................................... 43 13,872 * Quadramed Corp ................................ 24 1,861 * Quality Systems, Inc .......................... 51 20,664 e* Quest Software, Inc ........................... 246 15,590 * R.H. Donnelley Corp ........................... 569 9,475 * Radiant Systems, Inc .......................... 64 9,690 * Radisys Corp .................................. 128 27,031 * Raindance Communications, Inc ................. 67 50,751 * RealNetworks, Inc ............................. 344 71,079 * Red Hat, Inc .................................. 538 88,638 e* Redback Networks, Inc ......................... 80 18,482 * Register.com, Inc ............................. 108 5,893 e* Renaissance Learning, Inc ..................... 129 18,841 e* Rent-A-Center, Inc ............................ 1,428 15,357 * Rent-Way, Inc ................................. 71 29,750 * Retek, Inc .................................... 190 37,218 Reynolds & Reynolds Co (Class A) .............. 1,063 87,421 * Robert Half International, Inc ................ 1,656 11,762 Rollins, Inc .................................. 222 11,826 * Roxio, Inc .................................... 79 24,965 * RSA Security, Inc ............................. 268 39,590 * S1 Corp ....................................... 160 14,653 * SAFLINK Corp .................................. 95 9,000 * Sanchez Computer Associates, Inc .............. 47 43,725 * Sapient Corp .................................. 121 29,082 e* Scansoft, Inc ................................. 158 18,073 * Secure Computing Corp ......................... 158 30,770 * Seebeyond Technology Corp ..................... 71 12,868 * Serena Software, Inc .......................... 269 221,739 * Siebel Systems, Inc ........................... 2,115 9,559 * Sohu.com, Inc ................................. 327 6,765 * Sonic Solutions, Inc .......................... 58 43,818 b,e* SONICblue, Inc ................................ 0 28,160 * SonicWALL, Inc ................................ 135 25,110 * Sotheby's Holdings, Inc (Class A) ............. 187 14,577 e* SpeechWorks International, Inc ................ 69 SEE NOTES TO FINANCIAL STATEMENTS 42 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ BUSINESS SERVICES--(CONTINUED) 32,793 e* Spherion Corp ................................. $ 228 7,112 * SPSS, Inc ..................................... 119 4,797 * SRA International, Inc (Class A) .............. 154 4,019 * SS&C Technologies, Inc ........................ 64 5,956 * Startek, Inc .................................. 157 9,932 * Stellent, Inc ................................. 54 56,229 * StorageNetworks, Inc .......................... 78 1,826,796 * Sun Microsystems, Inc ......................... 8,403 160,437 * SunGard Data Systems, Inc ..................... 4,157 13,998 * SupportSoft, Inc .............................. 91 52,353 * Sybase, Inc ................................... 728 12,800 * Sykes Enterprises, Inc ........................ 63 82,008 e* Symantec Corp ................................. 3,597 41,608 * Synopsys, Inc ................................. 2,573 6,801 * Synplicity, Inc ............................... 36 2,857 * Syntel, Inc ................................... 45 18,300 * Systems & Computer Technology Corp ............ 165 23,290 e* Take-Two Interactive Software, Inc ............ 660 7,672 Talx Corp ..................................... 173 22,805 * TeleTech Holdings, Inc ........................ 96 7,182 * TheStreet.com, Inc ............................ 34 22,575 e* THQ, Inc ...................................... 406 44,615 * TIBCO Software, Inc ........................... 227 7,378 * Tier Technologies, Inc (Class B) .............. 57 40,979 * Titan Corp .................................... 422 20,931 Total System Services, Inc .................... 467 9,814 * TradeStation Group, Inc ....................... 101 18,132 * Transaction Systems Architects, Inc (Class A) . 162 17,509 * Trizetto Group, Inc ........................... 106 22,779 * Tyler Technologies, Inc ....................... 97 183,095 * Unisys Corp ................................... 2,248 16,105 e* United Online, Inc ............................ 408 29,916 * United Rentals, Inc ........................... 416 9,228 * Universal Compression Holdings, Inc ........... 192 37,344 * Valueclick, Inc ............................... 225 17,463 * Vastera, Inc .................................. 104 7,624 * Veridian Corp ................................. 266 3,504 * Verint Systems, Inc ........................... 89 125,708 * VeriSign, Inc ................................. 1,739 232,765 * Veritas Software Corp ......................... 6,673 12,287 * Verity, Inc ................................... 156 50,735 * Verso Technologies, Inc ....................... 92 50,313 Viad Corp ..................................... 1,127 131,424 * Vignette Corp ................................. 273 5,057 * Vital Images, Inc ............................. 93 22,542 * VitalWorks, Inc ............................... 89 10,975 e* Vitria Technology, Inc ........................ 63 4,600 * Volt Information Sciences, Inc ................ 63 18,573 * WatchGuard Technologies, Inc .................. 85 13,469 e* WebEx Communications, Inc ..................... 188 162,527 e* WebMD Corp .................................... 1,760 25,858 e* webMethods, Inc ............................... 210 12,167 * Websense, Inc ................................. 191 43,072 * Westwood One, Inc ............................. 1,461 38,980 * Wind River Systems, Inc ....................... 149 5,672 * Wynn Resorts Ltd .............................. 100 281,833 * Yahoo!, Inc ................................... 9,233 ---------- TOTAL BUSINESS SERVICES 435,368 ---------- CHEMICALS AND ALLIED PRODUCTS--12.66% 882,934 Abbott Laboratories ........................... 38,637 49,730 * Abgenix, Inc .................................. 522 7,454 * Able Laboratories, Inc ........................ 148 17,556 * Adolor Corp ................................... 215 128,623 Air Products & Chemicals, Inc ................. 5,351 14,849 * Albany Molecular Research, Inc ................ 224 15,316 Albemarle Corp ................................ 428 20,180 Alberto-Culver Co (Class B) ................... 1,031 10,369 e* Alexion Pharmaceuticals, Inc .................. 177 30,470 e* Alkermes, Inc ................................. 328 76,117 Allergan, Inc ................................. 5,869 21,887 Alpharma, Inc (Class A) ....................... 473 19,054 * Alteon, Inc ................................... 92 6,909 e* American Pharmaceutical Partners, Inc ......... 234 726,746 * Amgen, Inc .................................... 48,677 52,475 e* Amylin Pharmaceuticals, Inc ................... 1,149 35,946 * Andrx Corp .................................... 715 12,500 e* Aphton Corp ................................... 103 11,350 Arch Chemicals, Inc ........................... 217 10,615 * Arena Pharmaceuticals, Inc .................... 70 20,606 * Atherogenics, Inc ............................. 308 11,620 * Atrix Laboratories, Inc ....................... 256 34,208 * Avant Immunotherapeutics, Inc ................. 102 59,006 Avery Dennison Corp ........................... 2,962 11,715 * AVI BioPharma, Inc ............................ 72 134,461 Avon Products, Inc ............................ 8,363 23,623 * Barr Laboratories, Inc ........................ 1,547 6,891 * Benthley Pharmaceuticals, Inc ................. 91 84,529 * Biogen, Inc ................................... 3,212 35,852 * BioMarin Pharmaceutical, Inc .................. 350 17,274 e* Biopure Corp .................................. 106 6,528 e* Biosite, Inc .................................. 314 5,000 * Bone Care International, Inc .................. 70 4,925 e* Bradley Pharmaceuticals, Inc .................. 81 1,096,380 Bristol-Myers Squibb Co ....................... 29,767 35,285 Cabot Corp .................................... 1,013 18,700 Calgon Carbon Corp ............................ 108 12,781 Cambrex Corp .................................. 294 19,426 * Cell Genesys, Inc ............................. 168 19,100 e* Cell Therapeutics, Inc ........................ 186 28,567 e* Cephalon, Inc ................................. 1,176 25,188 * Charles River Laboratories International, Inc . 811 8,011 * Chattem, Inc .................................. 151 52,990 * Chiron Corp ................................... 2,317 20,308 Church & Dwight Co, Inc ....................... 665 7,958 * Cima Labs, Inc ................................ 214 90,152 Clorox Co ..................................... 3,845 304,330 Colgate-Palmolive Co .......................... 17,636 4,338 * Collagenex Pharmaceuticals, Inc ............... 59 17,047 * Columbia Laboratories, Inc .................... 192 17,500 * Connetics Corp ................................ 262 26,191 e* Corixa Corp ................................... 202 63,357 Crompton Corp ................................. 447 16,714 * Cubist Pharmaceuticals, Inc ................... 178 22,461 * Cytec Industries, Inc ......................... 759 15,491 * Dade Behring Holdings, Inc .................... 359 2,126 * DEL Laboratories, Inc ......................... 50 4,466 * Dendreon Corp ................................. 27 12,494 Diagnostic Products Corp ...................... 513 53,583 Dial Corp ..................................... 1,042 7,026 * Digene Corp ................................... 191 15,967 * Discovery Laboratories, Inc ................... 102 5,886 * Dov Pharmaceutical, Inc ....................... 68 516,262 Dow Chemical Co ............................... 15,983 563,362 Du Pont (E.I.) de Nemours & Co ................ 23,458 16,585 e* Durect Corp ................................... 40 43,944 Eastman Chemical Co ........................... 1,392 113,591 Ecolab, Inc ................................... 2,908 7,449 * Elizabeth Arden, Inc .......................... 98 26,500 * Encysive Pharmaceuticals, Inc ................. 127 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 43 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ CHEMICALS AND ALLIED PRODUCTS--(CONTINUED) 24,567 * Enzon, Inc .................................... $ 308 5,524 * Eon Labs, Inc ................................. 194 7,386 * EPIX Medical, Inc ............................. 105 16,813 e* Esperion Therapeutics, Inc .................... 329 59,751 Estee Lauder Cos (Class A) .................... 2,003 8,259 * Ethyl Corp .................................... 82 18,473 Ferro Corp .................................... 416 11,385 * First Horizon Pharmaceutical .................. 45 17,264 * FMC Corp ...................................... 391 189,930 * Forest Laboratories, Inc ...................... 10,399 118,385 * Genentech, Inc ................................ 8,538 26,557 e* Genta, Inc .................................... 354 111,319 * Genzyme Corp (General Division) ............... 4,653 15,757 Georgia Gulf Corp ............................. 312 17,116 e* Geron Corp .................................... 126 109,952 e* Gilead Sciences, Inc .......................... 6,111 577,605 Gillette Co ................................... 18,402 21,312 Great Lakes Chemical Corp ..................... 435 13,070 * GTC Biotherapeutics, Inc ...................... 45 14,346 e* Guilford Pharmaceuticals, Inc ................. 65 16,251 H.B. Fuller Co ................................ 358 2,482 * Hi-Tech Pharmacal Co, Inc ..................... 100 3,814 * Hollis-Eden Pharmaceuticals ................... 48 72,951 * Human Genome Sciences, Inc .................... 928 47,354 ICN Pharmaceuticals, Inc ...................... 794 29,660 e* ICOS Corp ..................................... 1,090 64,503 e* IDEC Pharmaceuticals Corp ..................... 2,193 18,178 * Idexx Laboratories, Inc ....................... 612 18,600 * Ilex Oncology, Inc ............................ 361 60,421 IMC Global, Inc ............................... 405 28,937 e* ImClone Systems, Inc .......................... 915 7,218 * Immucor, Inc .................................. 157 23,500 * Immunogen, Inc ................................ 100 23,822 * Immunomedics, Inc ............................. 150 15,373 e* Impax Laboratories, Inc ....................... 184 21,846 * Indevus Pharmaceuticals, Inc .................. 136 15,855 * Inspire Pharmaceuticals, Inc .................. 171 1,681 Inter Parfums, Inc ............................ 12 13,833 * InterMune, Inc ................................ 223 41,180 International Flavors & Fragrances, Inc ....... 1,315 5,760 e* Inverness Medical Innovations, Inc ............ 111 28,766 * Invitrogen Corp ............................... 1,104 27,648 e* Isis Pharmaceuticals, Inc ..................... 147 86,166 * IVAX Corp ..................................... 1,538 141,061 * King Pharmaceuticals, Inc ..................... 2,082 5,893 e* Kos Pharmaceuticals, Inc ...................... 138 12,592 * KV Pharmaceutical Co (Class A) ................ 350 23,304 * La Jolla Pharmaceutical Co .................... 76 3,319 e* Lannett Co, Inc ............................... 78 29,382 e* Ligand Pharmaceuticals, Inc (Class B) ......... 399 545,894 Lilly (Eli) & Co .............................. 37,650 14,959 MacDermid, Inc ................................ 393 12,986 * Martek Biosciences Corp ....................... 558 41,684 * Medarex, Inc .................................. 275 23,583 * Medicines Co .................................. 470 15,900 Medicis Pharmaceutical Corp (Class A) ......... 902 142,232 * MedImmune, Inc ................................ 5,173 1,268,333 Merck & Co, Inc ............................... 76,798 5,558 Meridian Bioscience, Inc ...................... 52 14,358 * MGI Pharma, Inc ............................... 368 35,911 Millennium Chemicals, Inc ..................... 342 169,028 * Millennium Pharmaceuticals, Inc ............... 2,659 11,500 Minerals Technologies, Inc .................... 560 107,395 Mylan Laboratories, Inc ....................... 3,734 22,200 * Nabi Biopharmaceuticals ....................... 152 6,340 Nature's Sunshine Products, Inc ............... 51 23,365 * NBTY, Inc ..................................... 492 31,188 * Nektar Therapeutics ........................... 288 7,800 e* Neose Technologies, Inc ....................... 78 16,039 e* Neurocrine Biosciences, Inc ................... 801 4,943 NL Industries, Inc ............................ 84 11,711 * Noven Pharmaceuticals, Inc .................... 120 16,734 e* NPS Pharmaceuticals, Inc ...................... 407 23,102 * Nuvelo, Inc ................................... 46 5,383 Octel Corp .................................... 75 29,137 Olin Corp ..................................... 498 16,050 * OM Group, Inc ................................. 236 23,400 * Omnova Solutions, Inc ......................... 95 13,459 * Onyx Pharmaceuticals, Inc ..................... 166 19,337 * OraSure Technologies, Inc ..................... 144 21,915 * OSI Pharmaceuticals, Inc ...................... 706 10,060 * Pain Therapeutics, Inc ........................ 65 7,683 * Penwest Pharmaceuticals Co .................... 187 58,192 e* Peregrine Pharmaceuticals, Inc ................ 87 4,465,368 Pfizer, Inc ................................... 152,492 18,828 * Pharmaceutical Resources, Inc ................. 916 5,148 PolyMedica Corp ............................... 236 51,877 * PolyOne Corp .................................. 231 12,881 * Pozen, Inc .................................... 141 95,470 PPG Industries, Inc ........................... 4,844 29,069 * Praecis Pharmaceuticals, Inc .................. 142 92,401 Praxair, Inc .................................. 5,553 732,327 Procter & Gamble Co ........................... 65,309 4,263 * Progenics Pharmaceuticals ..................... 64 53,096 * Protein Design Labs, Inc ...................... 742 4,455 Quaker Chemical Corp .......................... 112 15,143 * Quidel Corp ................................... 94 5,850 e* Revlon, Inc (Class A) ......................... 18 16,884 * Ribapharm, Inc ................................ 109 88,664 Rohm & Haas Co ................................ 2,751 64,237 RPM International, Inc ........................ 883 10,104 * Salix Pharmaceuticals Ltd ..................... 106 14,765 * Sangstat Medical Corp ......................... 193 34,400 * Savient Pharmaceuticals, Inc .................. 160 830,854 Schering-Plough Corp .......................... 15,454 21,242 * Sciclone Pharmaceuticals, Inc ................. 182 11,583 * Scotts Co (Class A) ........................... 573 44,330 * Sepracor, Inc ................................. 799 11,649 * Serologicals Corp ............................. 159 73,520 Sherwin-Williams Co ........................... 1,976 43,478 * SICOR, Inc .................................... 884 41,613 Sigma-Aldrich Corp ............................ 2,255 3,640 * Sirna Therapeutics, Inc ....................... 32 61,156 Solutia, Inc .................................. 133 3,400 Stepan Co ..................................... 77 17,677 e* SuperGen, Inc ................................. 95 7,900 e* SurModics, Inc ................................ 241 13,782 e* Tanox, Inc .................................... 221 13,564 * Third Wave Technologies, Inc .................. 61 28,300 * Unifi, Inc .................................... 175 9,860 * United Therapeutics Corp ...................... 215 2,496 * USANA Health Sciences, Inc .................... 110 45,344 USEC, Inc ..................................... 318 28,415 Valspar Corp .................................. 1,200 40,979 * Vertex Pharmaceuticals, Inc ................... 598 23,142 * Vicuron Pharmaceuticals, Inc .................. 328 4,434 * Virbac Corp ................................... 27 57,450 * Watson Pharmaceuticals, Inc ................... 2,319 18,083 Wellman, Inc .................................. 203 SEE NOTES TO FINANCIAL STATEMENTS 44 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ CHEMICALS AND ALLIED PRODUCTS--(CONTINUED) 7,422 West Pharmaceutical Services, Inc ............. $ 182 38,270 * WR Grace & Co ................................. 169 751,141 Wyeth ......................................... 34,214 7,177 e* Zymogenetics, Inc ............................. 84 ---------- TOTAL CHEMICALS AND ALLIED PRODUCTS 731,982 ---------- COAL MINING--0.04% 25,754 Arch Coal, Inc ................................ 592 30,932 Brink's Co .................................... 451 11,844 Consol Energy, Inc ............................ 269 34,966 Massey Energy Co .............................. 460 12,679 Peabody Energy Corp ........................... 426 3,536 * Westmoreland Coal Co .......................... 64 ---------- TOTAL COAL MINING 2,262 ---------- COMMUNICATIONS--5.64% 4,717 * Acme Communication, Inc ....................... 36 11,500 e* AirGate PCS, Inc .............................. 14 35,719 * Alamosa Holdings, Inc ......................... 55 61,012 b,e* Allegiance Telecom, Inc ....................... 3 176,859 Alltel Corp ................................... 8,528 108,775 e* American Tower Corp (Class A) ................. 963 436,010 AT&T Corp ..................................... 8,393 1,272,884 * AT&T Wireless Services, Inc ................... 10,450 216,935 * Avaya, Inc .................................... 1,401 2,991 * Beasley Broadcast Group, Inc (Class A) ........ 41 1,044,635 BellSouth Corp ................................ 27,819 9,041 e* Boston Communications Group ................... 155 54,909 e* Cablevision Systems Corp (Class A) ............ 1,140 4,800 * Centennial Communications Corp ................ 19 80,454 CenturyTel, Inc ............................... 2,804 146,633 e* Charter Communications, Inc (Class A) ......... 582 108,673 * Cincinnati Bell, Inc .......................... 728 293,387 * Clear Channel Communications, Inc ............. 12,437 752,573 * Comcast Corp .................................. 22,713 483,829 e* Comcast Corp Special .......................... 13,949 8,281 * Commonwealth Telephone Enterprises, Inc ....... 364 123,018 * Cox Communications, Inc (Class A) ............. 3,924 19,304 * Cox Radio, Inc (Class A) ...................... 446 68,708 * Crown Castle International Corp ............... 534 13,062 * Crown Media Holdings, Inc (Class A) ........... 54 9,771 CT Communications, Inc ........................ 105 24,311 * Cumulus Media, Inc (Class A) .................. 460 7,278 D&E Communications, Inc ....................... 83 16,248 * Digital Generation Systems .................... 31 14,647 * Ditech Communications Corp .................... 73 10,863 * Dobson Communications Corp (Class A) .......... 59 133,649 * EchoStar Communications Corp (Class A) ........ 4,627 21,048 * Emmis Communications Corp (Class A) ........... 483 19,748 * Entercom Communications Corp .................. 968 24,034 * Entravision Communications Corp (Class A) ..... 273 2,725 * Fisher Communications, Inc .................... 133 460 b,e* Focal Communications Corp ..................... 0 3,085 b,e* Focal Communications Corp Wts 12/14/07 ........ 0 57,529 * Foundry Networks, Inc ......................... 828 92,741 * Fox Entertainment Group, Inc (Class A) ........ 2,669 24,244 * General Communication, Inc (Class A) .......... 210 20,336 Global Payments, Inc .......................... 722 7,893 * Golden Telecom, Inc ........................... 177 22,564 Gray Television, Inc .......................... 280 10,313 * Hearst-Argyle Television, Inc ................. 267 7,400 Hickory Tech Corp ............................. 83 33,371 * Hispanic Broadcasting Corp .................... 849 1,899 * Hungarian Telephone & Cable ................... 17 18,983 * IDT Corp ...................................... 340 9,000 e* IDT Corp (Class B) ............................ 158 31,499 * Infonet Services Corp (Class B) ............... 50 25,121 * Insight Communications Co, Inc ................ 331 174,039 e* InterActiveCorp ............................... 6,887 4,693 * j2 Global Communications, Inc ................. 216 208,800 e* Level 3 Communications, Inc ................... 1,386 9,658 Liberty Corp .................................. 410 16,095 * Lightbridge, Inc .............................. 141 15,109 * Lin TV Corp (Class A) ......................... 356 6,429 * Lodgenet Entertainment Corp ................... 70 2,251,926 e* Lucent Technologies, Inc ...................... 4,571 11,138 * Mastec, Inc ................................... 64 34,516 e* McLeodUSA, Inc (Class A) ...................... 52 245,815 e* McLeodUSA, Inc (Class A) Escrow ............... 0 29,745 * Mediacom Communications Corp .................. 294 10,962 e* Metro One Telecommunications, Inc ............. 57 14,032 * Net2Phone, Inc ................................ 61 452,798 * Nextel Communications, Inc (Class A) .......... 8,187 43,753 * Nextel Partners, Inc (Class A) ................ 319 8,487 North Pittsburgh Systems, Inc ................. 128 19,449 * NTL, Inc ...................................... 664 40 * Nucentrix Broadband Inc. ...................... 0 16,210 * PanAmSat Corp ................................. 299 17,703 * Paxson Communications Corp .................... 106 1,771 * Pegasus Communications Corp ................... 52 27,626 * Price Communications Corp ..................... 357 27,780 * Primus Telecommunications Group ............... 143 27,124 * PTEK Holdings, Inc ............................ 132 772,525 * Qwest Communications International, Inc ....... 3,693 26,006 * Radio One, Inc (Class A) ...................... 464 18,596 * Radio One, Inc (Class D) ...................... 330 37,792 e* RCN Corp ...................................... 75 19,721 * Regent Communications, Inc .................... 116 8,419 * Saga Communications, Inc (Class A) ............ 164 5,017 * Salem Communications Corp (Class A) ........... 100 1,879,261 SBC Communications, Inc ....................... 48,015 1,815 Shenandoah Telecom Co ......................... 87 21,497 * Sinclair Broadcast Group, Inc (Class A) ....... 250 19,457 * Spanish Broadcasting System, Inc (Class A) .... 159 506,779 Sprint Corp (FON Group) ....................... 7,298 412,328 * Sprint Corp (PCS Group) ....................... 2,371 7,587 SureWest Communications ....................... 230 14,807 * Talk America Holdings, Inc .................... 162 29,784 Telephone & Data Systems, Inc ................. 1,480 25,663 * Time Warner Telecom, Inc (Class A) ............ 163 17,841 e* Tivo, Inc ..................................... 220 54,500 b* Touch America Holdings, Inc ................... 4 12,448 * Triton PCS Holdings, Inc (Class A) ............ 63 9,370 * U.S. Cellular Corp ............................ 238 44,386 e* U.S. Unwired, Inc (Class A) ................... 19 48,037 e* UnitedGlobalcom, Inc (Class A) ................ 248 66,015 e* Univision Communications, Inc (Class A) ....... 2,007 1,551,341 Verizon Communications, Inc ................... 61,200 12,920 * Viacom, Inc (Class A) ......................... 565 865,426 * Viacom, Inc (Class B) ......................... 37,784 1,018 Warwick Valley Telephone Co ................... 84 10,705 * West Corp ..................................... 285 30,292 e* Western Wireless Corp (Class A) ............... 349 3,451 * WilTel Communications, Inc .................... 51 15,092 * Wireless Facilities, Inc ...................... 180 55,463 e* XM Satellite Radio Holdings, Inc .............. 613 8,090 * Young Broadcasting, Inc (Class A) ............. 171 ---------- TOTAL COMMUNICATIONS 326,018 ---------- DEPOSITORY INSTITUTIONS--10.68% 8,438 1st Source Corp ............................... 157 5,788 ABC Bancorp ................................... 83 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 45 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ DEPOSITORY INSTITUTIONS--(CONTINUED) 3,469 American National Bankshares, Inc ............. $ 93 5,195 * AmericanWest Bancorp .......................... 84 205,738 AmSouth Bancorp ............................... 4,493 11,770 Anchor Bancorp Wisconsin, Inc ................. 281 3,870 Arrow Financial Corp .......................... 129 43,266 Associated Banc-Corp .......................... 1,606 45,513 Astoria Financial Corp ........................ 1,271 2,189 Bancfirst Corp ................................ 114 45,903 Bancorpsouth, Inc ............................. 957 3,789 BancTrust Financial Group, Inc ................ 60 6,269 Bank Mutual Corp .............................. 204 847,339 Bank of America Corp .......................... 66,965 7,375 Bank of Granite Corp .......................... 126 36,311 Bank of Hawaii Corp ........................... 1,204 413,504 Bank of New York Co, Inc ...................... 11,888 2,743 Bank of The Ozarks, Inc ....................... 106 646,155 Bank One Corp ................................. 24,024 23,402 BankAtlantic Bancorp, Inc (Class A) ........... 278 90,977 Banknorth Group, Inc .......................... 2,322 15,500 * BankUnited Financial Corp (Class A) ........... 312 5,870 Banner Corp ................................... 120 35,874 * Bay View Capital Corp ......................... 207 271,580 BB&T Corp ..................................... 9,315 3,588 Berkshire Hills Bancorp, Inc .................. 102 10,657 * Biolase Technology, Inc ....................... 114 8,176 * BOK Financial Corp ............................ 315 11,353 Boston Private Financial Holdings, Inc ........ 239 2,201 Bryn Mawr Bank Corp ........................... 82 4,600 BSB Bancorp, Inc .............................. 114 1,895 C&F Financial Corp ............................ 74 4,718 Camden National Corp .......................... 130 5,000 Capital City Bank Group, Inc .................. 181 12,474 Capitol Federal Financial ..................... 351 7,171 Cascade Bancorp ............................... 124 8,782 Cathay Bancorp, Inc ........................... 392 2,438 CB Bancshares, Inc ............................ 151 4,927 CCBT Financial Cos, Inc ....................... 118 4,254 Center Bancorp, Inc ........................... 64 2,613 * Center Financial Corp ......................... 39 4,875 * Central Coast Bancorp ......................... 82 8,100 Central Pacific Financial Corp ................ 224 1,816 Century Bancorp, Inc (Class A) ................ 54 2,326 Charter Financial Corp ........................ 66 131,627 Charter One Financial, Inc .................... 4,104 13,211 Chemical Financial Corp ....................... 394 19,306 Chittenden Corp ............................... 528 2,911,575 Citigroup, Inc ................................ 124,615 13,600 * Citigroup, Inc (Litigation Wts) ............... 14 25,516 Citizens Banking Corp ......................... 683 4,625 Citizens First Bancorp, Inc ................... 101 5,045 Citizens South Banking Corp ................... 67 4,275 City Bank ..................................... 116 9,321 City Holding Co ............................... 273 22,664 City National Corp ............................ 1,010 2,062 CNB Financial Corp ............................ 93 2,206 Coastal Bancorp, Inc .......................... 63 5,328 Coastal Financial Corp ........................ 69 4,662 CoBiz, Inc .................................... 62 68,366 Colonial Bancgroup, Inc ....................... 948 3,057 Columbia Bancorp .............................. 73 4,271 Columbia Bancorp (Oregon) ..................... 57 7,287 Columbia Banking System, Inc .................. 131 101,653 Comerica, Inc ................................. 4,727 32,969 Commerce Bancorp, Inc ......................... 1,223 34,911 Commerce Bancshares, Inc ...................... 1,360 1,913 Commercial Bankshares, Inc .................... 57 25,759 Commercial Federal Corp ....................... 546 2,326 Community Bank of North Virginia .............. 27 6,313 Community Bank System, Inc .................... 240 7,137 Community Trust Bancorp, Inc .................. 187 72,629 Compass Bancshares, Inc ....................... 2,537 286,752 * Concord EFS, Inc .............................. 4,221 5,000 Corus Bankshares, Inc ......................... 242 29,113 Cullen/Frost Bankers, Inc ..................... 935 18,753 CVB Financial Corp ............................ 366 12,716 Dime Community Bancshares ..................... 324 12,167 Downey Financial Corp ......................... 502 13,300 East West Bancorp, Inc ........................ 481 2,745 Eastern Virginia Bankshares, Inc .............. 63 4,045 ESB Financial Corp ............................ 55 9,184 * Euronet Worldwide, Inc ........................ 99 2,378 EverTrust Financial Group, Inc ................ 55 1,573 Exchange National Bancshares, Inc ............. 88 3,498 Farmers Capital Bank Corp ..................... 112 8,548 Fidelity Bankshares, Inc ...................... 191 283,563 Fifth Third Bancorp ........................... 16,260 4,468 Financial Institutions, Inc ................... 105 4,209 First Bancorp (North Carolina) ................ 109 18,881 First Bancorp (Puerto Rico) ................... 518 1,761 First Bell Bancorp, Inc ....................... 44 5,200 First Busey Corp (Class A) .................... 126 17,240 First Charter Corp ............................ 300 2,362 First Citizens Banc Corp ...................... 61 3,500 First Citizens Bancshares, Inc (Class A) ...... 353 33,022 First Commonwealth Financial Corp ............. 428 6,987 First Community Bancorp ....................... 219 4,969 First Community Bancshares, Inc ............... 175 3,725 First Essex Bancorp, Inc ...................... 176 9,731 First Federal Capital Corp .................... 193 1,790 First Federal Financial of Kentucky ........... 58 20,558 First Financial Bancorp ....................... 329 8,637 First Financial Bankshares, Inc ............... 289 3,800 First Financial Corp (Indiana) ................ 201 7,600 First Financial Holdings, Inc ................. 206 1,934 First M & F Corp .............................. 63 8,643 First Merchants Corp .......................... 210 27,573 First Midwest Bancorp, Inc .................... 794 4,409 First National Corp ........................... 109 2,506 First Oak Brook Bancshares, Inc ............... 83 1,800 First of Long Island Corp ..................... 72 5,861 * First Republic Bank ........................... 156 13,720 First Sentinel Bancorp, Inc ................... 219 1,745 First South Bancorp, Inc ...................... 58 4,195 First State Bancorp ........................... 115 72,110 First Tennessee National Corp ................. 3,166 3,444 First United Corp ............................. 73 40,820 * First Virginia Banks, Inc ..................... 1,760 3,055 Firstbank Corp ................................ 93 4,133 Firstfed America Bancorp, Inc ................. 143 9,619 * FirstFed Financial Corp ....................... 339 48,012 FirstMerit Corp ............................... 1,098 3,715 Flag Financial Corp ........................... 51 16,529 Flagstar Bancorp, Inc ......................... 404 595,443 FleetBoston Financial Corp .................... 17,691 3,042 FloridaFirst Bancorp, Inc ..................... 73 5,803 Flushing Financial Corp ....................... 129 2,137 FMS Financial Corp ............................ 35 25,871 FNB Corp ...................................... 783 3,277 FNB Corp (Virginia) ........................... 89 SEE NOTES TO FINANCIAL STATEMENTS 46 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ DEPOSITORY INSTITUTIONS--(CONTINUED) 2,796 FNB Corp, Inc ................................. $ 70 2,595 Foothill Independent Bancorp .................. 48 1,862 Franklin Financial Corp ....................... 56 8,943 Frontier Financial Corp ....................... 254 61,685 Fulton Financial Corp ......................... 1,226 2,368 GA Financial, Inc ............................. 60 2,519 GB&T Bancshares, Inc .......................... 61 4,354 GBC Bancorp ................................... 167 10,093 Glacier Bancorp, Inc .......................... 248 19,928 Gold Banc Corp, Inc ........................... 209 71,354 Golden West Financial Corp .................... 5,709 3,228 Great Southern Bancorp, Inc ................... 124 2,852 Greater Community Bancorp ..................... 43 3,311 Greene County Bancshares, Inc ................. 70 47,118 Greenpoint Financial Corp ..................... 2,400 7,498 Hancock Holding Co ............................ 353 5,263 Hanmi Financial Corp .......................... 92 11,895 Harbor Florida Bancshares, Inc ................ 285 10,704 Harleysville National Corp .................... 290 6,353 * Heritage Commerce Corp ........................ 77 3,050 Heritage Financial Corp ....................... 65 91,085 Hibernia Corp (Class A) ....................... 1,654 6,026 Horizon Financial Corp ........................ 95 42,370 Hudson City Bancorp, Inc ...................... 1,083 8,464 Hudson River Bancorp, Inc ..................... 236 25,617 Hudson United Bancorp ......................... 875 6,992 Humboldt Bancorp .............................. 105 132,473 Huntington Bancshares, Inc .................... 2,586 3,845 IberiaBank Corp ............................... 188 1,473 IBT Bancorp, Inc .............................. 74 6,725 Independent Bank Corp (Massachusetts) ......... 152 10,515 Independent Bank Corp (Michigan) .............. 270 32,313 IndyMac Bancorp, Inc .......................... 821 8,590 Integra Bank Corp ............................. 148 10,120 * Intercept, Inc ................................ 85 6,284 Interchange Financial Services Corp ........... 125 16,163 International Bancshares Corp ................. 575 8,812 Irwin Financial Corp .......................... 228 2,761 * Itla Capital Corp ............................. 112 1,143,906 J.P. Morgan Chase & Co ........................ 39,099 242,323 KeyCorp ....................................... 6,124 3,460 Klamath First Bancorp, Inc .................... 57 6,733 Lakeland Bancorp, Inc ......................... 108 3,007 Lakeland Financial Corp ....................... 91 2,645 LNB Bancorp, Inc .............................. 57 5,118 LSB Bancshares, Inc ........................... 89 39,702 M & T Bank Corp ............................... 3,344 4,731 Macatawa Bank Corp ............................ 114 10,826 MAF Bancorp, Inc .............................. 401 7,554 Main Street Banks, Inc ........................ 191 3,197 MainSource Financial Group, Inc ............... 78 126,930 Marshall & Ilsley Corp ........................ 3,882 6,497 MB Financial, Inc ............................. 260 244,056 Mellon Financial Corp ......................... 6,773 2,721 Mercantile Bank Corp .......................... 78 39,774 Mercantile Bankshares Corp .................... 1,566 2,270 Merchants Bancshares, Inc ..................... 59 13,609 Mid-State Bancshares .......................... 269 5,821 Midwest Banc Holdings, Inc .................... 113 2,497 MutualFirst Financial, Inc .................... 58 4,872 Nara Bancorp, Inc ............................. 93 1,557 NASB Financial, Inc ........................... 45 1,988 National Bankshares, Inc ...................... 78 317,771 National City Corp ............................ 10,394 117,320 National Commerce Financial Corp .............. 2,603 11,578 National Penn Bancshares, Inc ................. 325 4,050 NBC Capital Corp .............................. 102 18,338 NBT Bancorp, Inc .............................. 355 27,799 NetBank, Inc .................................. 366 81,349 New York Community Bancorp, Inc ............... 2,366 93,263 North Fork Bancorp, Inc ....................... 3,177 1,641 Northern States Financial Corp ................ 47 109,714 Northern Trust Corp ........................... 4,585 6,214 Northwest Bancorp, Inc ........................ 99 1,861 Oak Hill Financial, Inc ....................... 47 6,026 OceanFirst Financial Corp ..................... 151 23,000 * Ocwen Financial Corp .......................... 104 36,765 Old National Bancorp .......................... 846 1,305 Old Point Financial Corp ...................... 38 3,928 Old Second Bancorp, Inc ....................... 168 4,600 Omega Financial Corp .......................... 157 952 Oneida Financial Corp ......................... 21 3,990 PAB Bankshares, Inc ........................... 52 19,799 Pacific Capital Bancorp ....................... 694 6,318 Pacific Union Bank ............................ 86 6,846 Park National Corp ............................ 782 2,446 Parkvale Financial Corp ....................... 60 3,720 Partners Trust Financial Group, Inc ........... 71 3,773 Patriot Bank Corp ............................. 68 3,464 Peapack Gladstone Financial Corp .............. 111 2,942 Pennfed Financial Services, Inc ............... 82 3,953 Pennrock Financial Services Corp .............. 107 1,714 Penns Woods Bancorp, Inc ...................... 72 5,225 Peoples Bancorp, Inc .......................... 132 14,010 People's Bank ................................. 406 3,176 Peoples Holding Co ............................ 141 5,986 PFF Bancorp, Inc .............................. 231 161,066 PNC Financial Services Group, Inc ............. 7,862 13,605 Provident Bankshares Corp ..................... 346 23,829 Provident Financial Group, Inc ................ 611 17,796 Provident Financial Services, Inc ............. 339 10,359 R & G Financial Corp (Class B) ................ 308 130,459 Regions Financial Corp ........................ 4,407 29,868 Republic Bancorp, Inc ......................... 401 4,200 Republic Bancorp, Inc (Class A) (Kentucky) .... 62 4,203 Republic Bancshares, Inc ...................... 105 1,688 Resource Bankshares Corp ...................... 58 7,988 Riggs National Corp ........................... 122 40,000 Roslyn Bancorp, Inc ........................... 860 3,003 Royal Bancshares of Pennsylvania (Class A) .... 64 15,172 S & T Bancorp, Inc ............................ 416 3,254 S.Y. Bancorp, Inc ............................. 115 4,430 Santander Bancorp ............................. 72 5,994 Seacoast Banking Corp of Florida .............. 102 13,610 Seacoast Financial Services Corp .............. 269 4,806 Second Bancorp, Inc ........................... 124 2,131 Security Bank Corp ............................ 74 3,041 Shore Bancshares, Inc ......................... 94 2,863 Sierra Bancorp ................................ 40 23,691 * Silicon Valley Bancshares ..................... 564 7,960 Simmons First National Corp (Class A) ......... 159 42,474 Sky Financial Group, Inc ...................... 923 7,480 Sound Federal Bancorp, Inc .................... 102 26,987 South Financial Group, Inc .................... 630 3,095 Southern Financial Bancorp, Inc ............... 95 4,761 Southside Bancshares, Inc ..................... 85 197,175 SouthTrust Corp ............................... 5,363 16,044 * Southwest Bancorp of Texas, Inc ............... 522 2,930 Southwest Bancorp, Inc ........................ 80 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 47 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ DEPOSITORY INSTITUTIONS--(CONTINUED) 148,133 Sovereign Bancorp, Inc ........................ $ 2,318 4,279 St. Francis Capital Corp ...................... 124 4,040 State Bancorp, Inc ............................ 79 2,895 State Financial Services Corp (Class A) ....... 64 184,995 State Street Corp ............................. 7,289 31,381 Staten Island Bancorp, Inc .................... 611 5,886 Sterling Bancorp .............................. 164 21,363 Sterling Bancshares, Inc ...................... 279 9,447 Sterling Financial Corp (Pennsylvania) ........ 220 8,568 * Sterling Financial Corp (Spokane) ............. 209 2,950 Summit Bancshares, Inc ........................ 69 3,430 * Sun Bancorp, Inc (New Jersey) ................. 68 3,072 Sun Bancorp, Inc (Pennsylvania) ............... 62 139,577 SunTrust Banks, Inc ........................... 8,282 167,945 Synovus Financial Corp ........................ 3,611 2,147 Taylor Capital Group, Inc ..................... 45 42,668 TCF Financial Corp ............................ 1,700 13,802 Texas Regional Bancshares, Inc (Class A) ...... 479 4,273 * TierOne Corp .................................. 83 3,079 Trico Bancshares .............................. 78 4,414 Troy Financial Corp ........................... 120 10,600 Trust Co of New Jersey ........................ 321 41,226 Trustco Bank Corp NY .......................... 457 24,746 Trustmark Corp ................................ 630 1,087,291 U.S. Bancorp .................................. 26,639 6,884 U.S.B. Holding Co, Inc ........................ 122 22,032 UCBH Holdings, Inc ............................ 632 9,214 UMB Financial Corp ............................ 391 16,163 Umpqua Holdings Corp .......................... 307 4,256 Union Bankshares Corp ......................... 120 115,339 Union Planters Corp ........................... 3,579 28,921 UnionBanCal Corp .............................. 1,196 20,799 United Bankshares, Inc ........................ 596 10,177 United Community Banks, Inc ................... 254 17,600 United Community Financial Corp ............... 163 2,229 * United PanAm Financial Corp ................... 27 1,819 United Securities Bancshares .................. 82 1,933 United Security Bancshares .................... 42 12,266 Unizan Financial Corp ......................... 216 55,884 Valley National Bancorp ....................... 1,473 2,704 * Virginia Commerce Bancorp ..................... 53 4,224 Virginia Financial Group, Inc ................. 118 24,239 W Holding Co, Inc ............................. 410 724,354 Wachovia Corp ................................. 28,945 1,872 Warwick Community Bancorp ..................... 55 39,551 Washington Federal, Inc ....................... 915 7,360 Washington Trust Bancorp, Inc ................. 169 2,687 Wayne Bancorp, Inc ............................ 82 26,229 Webster Financial Corp ........................ 991 947,497 Wells Fargo & Co .............................. 47,754 11,900 Wesbanco, Inc ................................. 289 358 West Bancorp .................................. 6 9,009 West Coast Bancorp ............................ 164 1,104 West Essex Bancorp, Inc ....................... 39 18,940 Westamerica Bancorp ........................... 816 1,890 * Western Sierra Bancorp ........................ 63 22,500 Whitney Holding Corp .......................... 719 6,280 Willow Grove Bancorp, Inc ..................... 107 37,313 Wilmington Trust Corp ......................... 1,095 8,257 Wintrust Financial Corp ....................... 244 4,467 WSFS Financial Corp ........................... 172 4,517 Yardville National Bancorp .................... 88 52,236 Zions Bancorp ................................. 2,644 ---------- TOTAL DEPOSITORY INSTITUTIONS 617,315 ---------- EATING AND DRINKING PLACES--0.69% 7,561 * AFC Enterprises, Inc .......................... 123 31,799 Applebee's International, Inc ................. 999 32,289 * Aramark Corp (Class B) ........................ 724 19,977 Bob Evans Farms, Inc .......................... 552 55,642 * Brinker International, Inc .................... 2,004 7,927 * California Pizza Kitchen, Inc ................. 170 28,071 CBRL Group, Inc ............................... 1,091 14,737 * CEC Entertainment, Inc ........................ 544 6,093 e* Chicago Pizza & Brewery, Inc .................. 61 29,375 * CKE Restaurants, Inc .......................... 164 98,492 Darden Restaurants, Inc ....................... 1,869 6,268 * Dave & Buster's, Inc .......................... 68 11,292 IHOP Corp ..................................... 356 19,355 * Jack In The Box, Inc .......................... 432 28,881 e* Krispy Kreme Doughnuts, Inc ................... 1,189 12,284 Landry's Restaurants, Inc ..................... 290 8,544 Lone Star Steakhouse & Saloon, Inc ............ 186 719,662 McDonald's Corp ............................... 15,876 9,189 * O'Charley's, Inc .............................. 198 34,099 Outback Steakhouse, Inc ....................... 1,330 14,303 e* P.F. Chang's China Bistro, Inc ................ 704 7,238 * Papa John's International, Inc ................ 203 11,394 * Rare Hospitality International, Inc ........... 372 4,954 * Red Robin Gourmet Burgers, Inc ................ 94 37,100 Ruby Tuesday, Inc ............................. 917 24,844 * Ryan's Family Steak Houses, Inc ............... 348 20,754 * Sonic Corp .................................... 528 28,548 e* The Cheesecake Factory, Inc ................... 1,025 12,117 * The Steak n Shake Co .......................... 185 7,551 * Triarc Cos, Inc ............................... 226 65,807 Wendy's International, Inc .................... 1,906 168,654 * Yum! Brands, Inc .............................. 4,985 ---------- TOTAL EATING AND DRINKING PLACES 39,719 ---------- EDUCATIONAL SERVICES--0.19% 3,379 * Ambassadors International, Inc ................ 41 70,135 * Apollo Group, Inc (Class A) ................... 4,332 8,670 * Apollo Group, Inc (University of Phoenix Online) 440 26,349 * Career Education Corp ......................... 1,803 24,775 * Corinthian Colleges, Inc ...................... 1,203 32,489 * DeVry, Inc .................................... 757 14,551 * Education Management Corp ..................... 774 23,898 * ITT Educational Services, Inc ................. 699 5,340 * Learning Tree International, Inc .............. 83 8,220 * Princeton Review, Inc ......................... 48 6,025 Strayer Education, Inc ........................ 479 17,877 * Sylvan Learning Systems, Inc .................. 408 5,098 * Whitman Education Group ....................... 78 ---------- TOTAL EDUCATIONAL SERVICES 11,145 ---------- ELECTRIC, GAS, AND SANITARY SERVICES--3.57% 248,585 * AES Corp ...................................... 1,579 35,300 AGL Resources, Inc ............................ 898 70,751 e* Allegheny Energy, Inc ......................... 598 43,278 Allete, Inc ................................... 1,149 51,053 Alliant Energy Corp ........................... 972 81,481 * Allied Waste Industries, Inc .................. 819 91,384 Ameren Corp ................................... 4,030 224,659 American Electric Power Co, Inc ............... 6,702 8,350 American States Water Co ...................... 228 109,463 * Aquila, Inc ................................... 282 25,868 Atmos Energy Corp ............................. 642 27,212 Avista Corp ................................... 385 18,028 Black Hills Corp .............................. 553 7,807 California Water Service Group ................ 220 201,806 e* Calpine Corp .................................. 1,332 SEE NOTES TO FINANCIAL STATEMENTS 48 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ ELECTRIC, GAS, AND SANITARY SERVICES--(CONTINUED) 6,100 Cascade Natural Gas Corp ...................... $ 117 8,684 * Casella Waste Systems, Inc (Class A) .......... 78 152,824 Centerpoint Energy, Inc ....................... 1,246 6,731 Central Vermont Public Service Corp ........... 132 9,300 CH Energy Group, Inc .......................... 419 3,154 Chesapeake Utilities Corp ..................... 71 99,800 Cinergy Corp .................................. 3,672 160,336 * Citizens Communications Co .................... 2,067 4,419 * Clean Harbors, Inc ............................ 42 23,139 Cleco Corp .................................... 401 77,086 * CMS Energy Corp ............................... 624 4,394 Connecticut Water Service, Inc ................ 112 127,048 Consolidated Edison, Inc ...................... 5,499 93,362 Constellation Energy Group, Inc ............... 3,202 178,789 Dominion Resources, Inc ....................... 11,491 72,008 DPL, Inc ...................................... 1,148 40,700 DQE, Inc ...................................... 613 91,673 DTE Energy Co ................................. 3,542 503,060 Duke Energy Corp .............................. 10,036 153,065 * Dynegy, Inc (Class A) ......................... 643 171,457 * Edison International .......................... 2,817 330,909 El Paso Corp .................................. 2,674 26,124 * El Paso Electric Co ........................... 322 12,843 Empire District Electric Co ................... 279 19,539 Energen Corp .................................. 651 82,120 Energy East Corp .............................. 1,705 2,484 EnergySouth, Inc .............................. 81 126,850 Entergy Corp .................................. 6,695 35,973 Equitable Resources, Inc ...................... 1,466 183,175 Exelon Corp ................................... 10,956 157,579 FirstEnergy Corp .............................. 6,059 101,101 FPL Group, Inc ................................ 6,759 38,600 Great Plains Energy, Inc ...................... 1,115 20,483 Hawaiian Electric Industries, Inc ............. 939 21,300 Idacorp, Inc .................................. 559 88,983 KeySpan Corp .................................. 3,154 51,390 Kinder Morgan, Inc ............................ 2,808 10,600 Laclede Group, Inc ............................ 284 40,339 MDU Resources Group, Inc ...................... 1,351 8,900 MGE Energy, Inc ............................... 280 4,417 Middlesex Water Co ............................ 109 229,377 e* Mirant Corp ................................... 665 40,517 National Fuel Gas Co .......................... 1,055 15,377 New Jersey Resources Corp ..................... 546 25,141 Nicor, Inc .................................... 933 146,407 NiSource, Inc ................................. 2,782 17,762 * NiSource, Inc (Sails) ......................... 39 73,753 Northeast Utilities ........................... 1,235 14,200 Northwest Natural Gas Co ...................... 387 30,208 NSTAR ......................................... 1,376 9,061 NUI Corp ...................................... 141 43,938 OGE Energy Corp ............................... 939 42,007 Oneok, Inc .................................... 825 13,849 Otter Tail Corp ............................... 374 20,127 Peoples Energy Corp ........................... 863 87,256 Pepco Holdings, Inc ........................... 1,672 231,452 * PG&E Corp ..................................... 4,895 32,485 Philadelphia Suburban Corp .................... 792 17,326 Piedmont Natural Gas Co, Inc .................. 672 47,116 Pinnacle West Capital Corp .................... 1,764 20,636 PNM Resources, Inc ............................ 552 99,113 PPL Corp ...................................... 4,262 124,747 Progress Energy, Inc .......................... 5,476 34,100 * Progress Energy, Inc (Cvo) .................... 15 126,557 Public Service Enterprise Group, Inc .......... 5,347 53,342 Puget Energy, Inc ............................. 1,273 43,235 Questar Corp .................................. 1,447 164,757 * Reliant Resources, Inc ........................ 1,010 87,649 * Republic Services, Inc ........................ 1,987 8,396 Resource America, Inc (Class A) ............... 87 5,504 Roto-Rooter, Inc .............................. 210 62,734 SCANA Corp .................................... 2,151 10,708 SEMCO Energy, Inc ............................. 62 102,506 Sempra Energy ................................. 2,924 65,395 e* Sierra Pacific Resources ...................... 388 1,100 SJW Corp ...................................... 94 6,700 South Jersey Industries, Inc .................. 247 402,722 Southern Co ................................... 12,549 23,084 * Southern Union Co ............................. 391 18,797 Southwest Gas Corp ............................ 398 5,966 Southwest Water Co ............................ 83 20,651 * Stericycle, Inc ............................... 795 97,713 TECO Energy, Inc .............................. 1,172 7,396 Texas Genco Holdings, Inc ..................... 172 180,653 TXU Corp ...................................... 4,056 23,405 UGI Corp ...................................... 742 6,646 UIL Holdings Corp ............................. 269 16,272 Unisource Energy Corp ......................... 306 38,511 Vectren Corp .................................. 965 15,971 * Waste Connections, Inc ........................ 560 328,729 Waste Management, Inc ......................... 7,919 31,499 Westar Energy, Inc ............................ 511 10,531 Western Gas Resources, Inc .................... 417 27,625 WGL Holdings, Inc ............................. 738 270,950 Williams Cos, Inc ............................. 2,141 65,626 Wisconsin Energy Corp ......................... 1,903 17,800 WPS Resources Corp ............................ 716 225,448 Xcel Energy, Inc .............................. 3,391 ---------- TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 206,288 ---------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--7.38% 12,057 * Actel Corp .................................... 247 13,660 b,e* Acterna Corp .................................. 1 452,564 e* ADC Telecommunications, Inc ................... 1,054 11,449 e* Adtran, Inc ................................... 584 8,995 * Advanced Energy Industries, Inc ............... 128 46,810 * Advanced Fibre Communications, Inc ............ 762 193,879 * Advanced Micro Devices, Inc ................... 1,243 33,869 * Aeroflex, Inc ................................. 262 327,602 e* Agere Systems, Inc (Class A) .................. 763 581,830 * Agere Systems, Inc (Class B) .................. 1,338 15,748 * Allen Telecom, Inc ............................ 260 13,100 * Alliance Semiconductor Corp ................... 63 217,400 * Altera Corp ................................... 3,565 93,649 American Power Conversion Corp ................ 1,460 18,600 Ametek, Inc ................................... 682 50,071 * Amkor Technology, Inc ......................... 658 10,971 * Amphenol Corp (Class A) ....................... 514 207,561 * Analog Devices, Inc ........................... 7,227 13,100 * Anaren Microwave, Inc ......................... 123 10,823 Applica, Inc .................................. 92 171,758 * Applied Micro Circuits Corp ................... 1,039 4,954 Applied Signal Technology, Inc ................ 84 36,876 e* Arris Group, Inc .............................. 183 17,707 * Artesyn Technologies, Inc ..................... 99 10,216 * Artisan Components, Inc ....................... 231 231,405 * Atmel Corp .................................... 585 15,205 * ATMI, Inc ..................................... 380 33,108 * Avanex Corp ................................... 132 30,110 AVX Corp ...................................... 331 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 49 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED) 17,462 Baldor Electric Co ............................ $ 360 5,329 Bel Fuse, Inc (Class B) ....................... 122 12,728 * Benchmark Electronics, Inc .................... 392 110,052 * Broadcom Corp (Class A) ....................... 2,741 15,144 C&D Technologies, Inc ......................... 217 2,691 * Catapult Communications Corp .................. 29 18,486 * C-COR.net Corp ................................ 91 17,093 * Centillium Communications, Inc ................ 169 3,987 * Ceradyne, Inc ................................. 75 18,221 * Checkpoint Systems, Inc ....................... 258 28,294 * ChipPAC, Inc .................................. 217 246,095 * CIENA Corp .................................... 1,277 3,726 e* ClearOne Communications, Inc .................. 8 4,278 * Comtech Telecommunications .................... 121 99,240 * Comverse Technology, Inc ...................... 1,492 151,483 * Conexant Systems, Inc ......................... 621 172,990 * Corvis Corp ................................... 259 41,459 e* Cree, Inc ..................................... 675 16,937 CTS Corp ...................................... 177 9,000 Cubic Corp .................................... 200 69,517 * Cypress Semiconductor Corp .................... 834 20,582 e* DDI Corp ...................................... 1 2,340 * Diodes, Inc ................................... 44 5,011 e* Drexler Technology Corp ....................... 78 14,933 * DSP Group, Inc ................................ 322 7,062 * Dupont Photomasks, Inc ........................ 133 15,452 * Electro Scientific Industries, Inc ............ 234 238,105 Emerson Electric Co ........................... 12,167 9,333 * Emerson Radio Corp ............................ 63 6,267 * EMS Technologies, Inc ......................... 82 50,014 * Energizer Holdings, Inc ....................... 1,570 9,541 * Energy Conversion Devices, Inc ................ 87 29,856 * Entegris, Inc ................................. 401 16,200 * ESS Technology, Inc ........................... 158 21,800 * Exar Corp ..................................... 345 6,340 * Fairchild Corp (Class A) ...................... 26 64,917 * Fairchild Semiconductor International, Inc .... 830 77,933 e* Finisar Corp .................................. 121 3,636 Franklin Electric Co, Inc ..................... 202 19,727 e* FuelCell Energy, Inc .......................... 162 127,891 * Gemstar-TV Guide International, Inc ........... 651 5,653,135 General Electric Co ........................... 162,132 17,307 e* Genesis Microchip, Inc ........................ 234 6,800 * Genlyte Group, Inc ............................ 238 9,900 b* Geotek Communications, Inc .................... 0 62,036 * GlobespanVirata, Inc .......................... 512 33,231 * GrafTech International Ltd .................... 181 14,670 Harman International Industries, Inc .......... 1,161 33,131 * Harmonic, Inc ................................. 135 34,881 Harris Corp ................................... 1,048 14,300 Helix Technology Corp ......................... 189 11,500 * Hexcel Corp ................................... 37 27,603 Hubbell, Inc (Class B) ........................ 914 14,000 * Hutchinson Technology, Inc .................... 460 7,355 * Inet Technologies, Inc ........................ 73 8,601 * Innovex, Inc .................................. 87 34,602 * Integrated Circuit Systems, Inc ............... 1,088 59,185 * Integrated Device Technology, Inc ............. 654 16,600 * Integrated Silicon Solution, Inc .............. 115 3,695,843 Intel Corp .................................... 76,814 31,466 * Interdigital Communications Corp .............. 735 35,975 * International Rectifier Corp .................. 965 70,162 * Intersil Corp (Class A) ....................... 1,867 9,961 Inter-Tel, Inc ................................ 211 19,297 * InterVoice, Inc ............................... 95 9,751 * IXYS Corp ..................................... 78 88,291 * Jabil Circuit, Inc ............................ 1,951 37,019 * Jacuzzi Brands, Inc ........................... 196 768,830 * JDS Uniphase Corp ............................. 2,699 13,002 * JNI Corp ...................................... 64 48,938 * Kemet Corp .................................... 494 13,305 * Komag, Inc .................................... 157 39,200 * Kopin Corp .................................... 240 5,491 * KVH Industries, Inc ........................... 136 39,110 e* L-3 Communications Holdings, Inc .............. 1,701 48,801 * Lattice Semiconductor Corp .................... 402 2,680 * Lifeline Systems, Inc ......................... 76 180,517 Linear Technology Corp ........................ 5,814 11,044 * Littelfuse, Inc ............................... 247 8,688 LSI Industries, Inc ........................... 96 210,396 * LSI Logic Corp ................................ 1,490 9,173 e* Manufacturers Services Ltd .................... 44 15,759 * Mattson Technology, Inc ....................... 49 183,710 Maxim Integrated Products, Inc ................ 6,281 43,812 Maytag Corp ................................... 1,070 58,215 * McData Corp (Class A) ......................... 854 6,791 e* Medis Technologies Ltd ........................ 48 29,983 * MEMC Electronic Materials, Inc ................ 294 12,158 * Mercury Computer Systems, Inc ................. 221 19,100 Methode Electronics, Inc (Class A) ............ 205 34,970 * Micrel, Inc ................................... 363 113,529 Microchip Technology, Inc ..................... 2,781 310,621 * Micron Technology, Inc ........................ 3,613 16,818 * Microsemi Corp ................................ 269 21,800 * Microtune, Inc ................................ 70 49,002 * Mindspeed Technologies, Inc ................... 132 9,224 e* MIPS Technologies, Inc (Class B) .............. 23 72,646 Molex, Inc .................................... 1,961 12,735 * Monolithic System Technology, Inc ............. 115 8,589 * Moog, Inc (Class A) ........................... 298 1,291,523 Motorola, Inc ................................. 12,179 54,979 * MRV Communications, Inc ....................... 111 22,268 * Mykrolis Corp ................................. 226 2,738 National Presto Industries, Inc ............... 87 101,910 * National Semiconductor Corp ................... 2,010 33,837 * New Focus, Inc ................................ 127 85,647 e* Novellus Systems, Inc ......................... 3,136 77,583 * Nvidia Corp ................................... 1,785 32,652 * Oak Technology, Inc ........................... 203 11,638 e* Omnivision Technologies, Inc .................. 363 14,251 * ON Semiconductor Corp ......................... 38 62,460 * Oplink Communications, Inc .................... 117 8,959 * Optical Communication Products, Inc ........... 16 7,304 * OSI Systems, Inc .............................. 117 9,550 Park Electrochemical Corp ..................... 191 8,591 * Parthusceva, Inc .............................. 70 14,059 * Pemstar, Inc .................................. 59 11,446 * Pericom Semiconductor Corp .................... 106 15,665 * Photronics, Inc ............................... 273 19,426 e* Pixelworks, Inc ............................... 115 21,594 e* Plantronics, Inc .............................. 468 23,300 * Plexus Corp ................................... 269 11,208 e* Plug Power, Inc ............................... 52 95,567 e* PMC-Sierra, Inc ............................... 1,121 56,889 * Polycom, Inc .................................. 788 3,261 * Powell Industries, Inc ........................ 48 14,370 * Power Integrations, Inc ....................... 349 34,283 * Power-One, Inc ................................ 245 36,751 * Powerwave Technologies, Inc ................... 230 SEE NOTES TO FINANCIAL STATEMENTS 50 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED) 68,411 e* Proxim Corp (Class A) ......................... $ 100 53,073 * QLogic Corp ................................... 2,565 441,674 Qualcomm, Inc ................................. 15,790 46,900 * Rambus, Inc ................................... 777 17,950 * Rayovac Corp .................................. 232 12,156 b* Read-Rite Corp ................................ 1 13,108 Regal-Beloit Corp ............................. 250 31,393 * Remec, Inc .................................... 218 89,241 * RF Micro Devices, Inc ......................... 537 3,149 Richardson Electronics Ltd .................... 26 103,962 Rockwell Collins, Inc ......................... 2,561 8,500 * Rogers Corp ................................... 283 4,835 * SafeNet, Inc .................................. 135 298,086 * Sanmina-SCI Corp .............................. 1,881 24,503 * SBA Communications Corp ....................... 74 8,262 * SBS Technologies, Inc ......................... 81 86,476 Scientific-Atlanta, Inc ....................... 2,062 13,430 * Seachange International, Inc .................. 128 34,872 * Semtech Corp .................................. 497 34,684 * Silicon Image, Inc ............................ 194 16,471 e* Silicon Laboratories, Inc ..................... 439 44,967 * Silicon Storage Technology, Inc ............... 188 3,400 * Siliconix, Inc ................................ 123 13,315 * Sipex Corp .................................... 65 463,603 e* Sirius Satellite Radio, Inc ................... 783 78,420 e* Skyworks Solutions, Inc ....................... 531 9,566 Smith (A.O.) Corp ............................. 269 111,328 * Sonus Networks, Inc ........................... 560 9,300 * Spectralink Corp .............................. 92 8,300 * Standard Microsystems Corp .................... 126 7,200 * Stoneridge, Inc ............................... 98 47,900 * Stratex Networks, Inc ......................... 153 2,819 * Sunbeam Corp Wts 08/24/03 ..................... 0 27,941 * Superconductor Technologies ................... 64 6,187 * Supertex, Inc ................................. 114 90,485 * Sycamore Networks, Inc ........................ 347 9,228 * Synaptics, Inc ................................ 124 22,372 * Technitrol, Inc ............................... 337 28,793 * Tekelec ....................................... 325 233,719 * Tellabs, Inc .................................. 1,536 54,992 e* Tellium, Inc .................................. 51 37,800 * Terayon Communication Systems, Inc ............ 103 978,137 Texas Instruments, Inc ........................ 17,215 24,140 * Thomas & Betts Corp ........................... 349 12,700 * Three-Five Systems, Inc ....................... 88 7,667 * Tollgrade Communications, Inc ................. 143 61,617 * Transmeta Corp ................................ 99 74,327 * Triquint Semiconductor, Inc ................... 309 10,892 * TTM Technologies, Inc ......................... 51 17,542 * Turnstone Systems, Inc ........................ 44 6,002 * Ulticom, Inc .................................. 57 785 United Capital Corp ........................... 27 9,900 e* Universal Display Corp ........................ 88 8,200 * Universal Electronics, Inc .................... 104 34,966 * Utstarcom, Inc ................................ 1,244 27,997 * Valence Technology, Inc ....................... 84 17,558 * Varian Semiconductor Equipment Associates, Inc 523 1 * Vialta, Inc ................................... 0 11,762 * Viasat, Inc ................................... 169 11,645 * Vicor Corp .................................... 112 7,115 * Virage Logic Corp ............................. 52 90,665 * Vishay Intertechnology, Inc ................... 1,197 116,275 * Vitesse Semiconductor Corp .................... 572 25,042 * Westell Technologies, Inc ..................... 217 36,521 Whirlpool Corp ................................ 2,326 10,433 * White Electronic Designs Corp ................. 110 11,719 * Wilson Greatbatch Technologies, Inc ........... 423 5,800 Woodhead Industries, Inc ...................... 73 190,800 * Xilinx, Inc ................................... 4,829 4,400 * Zenith Electronics Corp ....................... 0 ---------- TOTAL ELECTRONIC and OTHER ELECTRIC EQUIPMENT 426,803 ---------- ENGINEERING AND MANAGEMENT SERVICES--0.76% 9,843 e* aaiPharma, Inc ................................ 196 3,266 * Advisory Board Co ............................. 132 33,258 * Affymetrix, Inc ............................... 656 14,953 e* Antigenics, Inc ............................... 172 40,740 * Applera Corp (Celera Genomics Group) .......... 420 18,700 * Ariad Pharmaceuticals, Inc .................... 84 97,390 * BearingPoint, Inc ............................. 940 1,752 * Bioreliance Corp .............................. 37 45,823 e* Celgene Corp .................................. 1,393 45,138 * Century Business Services, Inc ................ 147 4,460 * Charles River Associates, Inc ................. 126 12,800 * Ciphergen Biosystems, Inc ..................... 131 7,590 * Cornell Cos, Inc .............................. 115 21,099 * Corporate Executive Board Co .................. 861 19,801 * Corrections Corp of America ................... 502 35,328 * Covance, Inc .................................. 639 25,233 * CuraGen Corp .................................. 140 15,995 e* CV Therapeutics, Inc .......................... 474 25,783 * Decode Genetics, Inc .......................... 80 4,744 e* Digitas, Inc .................................. 24 16,593 * Diversa Corp .................................. 163 10,115 e* eResearch Technology, Inc ..................... 224 8,269 * Exact Sciences Corp ........................... 91 27,547 * Exelixis, Inc ................................. 191 26,263 * Exult, Inc .................................... 225 9,781 * First Consulting Group, Inc ................... 46 45,858 Fluor Corp .................................... 1,543 8,600 * Forrester Research, Inc ....................... 141 23,299 * FTI Consulting, Inc ........................... 582 34,557 * Gartner, Inc (Class A) ........................ 262 12,190 * Gartner, Inc (Class B) ........................ 91 17,300 * Gene Logic, Inc ............................... 103 5,751 * Genencor International, Inc ................... 95 13,464 * Gen-Probe, Inc ................................ 550 246,548 Halliburton Co ................................ 5,671 39,852 * Incyte Corp ................................... 185 7,093 * Inveresk Research Group, Inc .................. 128 26,964 * Jacobs Engineering Group, Inc ................. 1,137 9,976 * Kosan Biosciences, Inc ........................ 59 4,567 Landauer, Inc ................................. 191 18,005 * Lexicon Genetics, Inc ......................... 121 11,867 e* Luminex Corp .................................. 61 8,983 * MAXIMUS, Inc .................................. 248 16,427 * Maxygen, Inc .................................. 180 147,316 Monsanto Co ................................... 3,188 73,626 Moody's Corp .................................. 3,881 15,508 * Myriad Genetics, Inc .......................... 211 24,385 * Navigant Consulting, Inc ...................... 289 7,368 e* Neopharm, Inc ................................. 102 13,387 * Parexel International Corp .................... 187 186,284 Paychex, Inc .................................. 5,460 17,567 * Per-Se Technologies, Inc ...................... 197 180 * Per-Se Technologies, Inc Wts 07/08/03 ......... 0 26,656 * Pharmaceutical Product Development, Inc ....... 766 13,300 * Pharmacopeia, Inc ............................. 110 10,063 * PracticeWorks, Inc ............................ 194 19,816 e* PRG-Schultz International, Inc ................ 117 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 51 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ ENGINEERING AND MANAGEMENT SERVICES--(CONTINUED) 43,892 e* Quest Diagnostics, Inc ........................ $ 2,800 67,204 * Quintiles Transnational Corp .................. 954 13,153 * Regeneration Technologies, Inc ................ 175 19,065 * Regeneron Pharmaceuticals, Inc ................ 300 15,463 * Repligen Corp ................................. 80 5,637 e* Research Frontiers, Inc ....................... 79 10,697 * Resources Connection, Inc ..................... 255 1,578 * Rigel Pharmaceuticals, Inc .................... 17 8,899 * Right Management Consultants, Inc ............. 113 11,936 * Seattle Genetics, Inc ......................... 61 171,713 Servicemaster Co .............................. 1,837 2,938 * SFBC International, Inc ....................... 53 6,881 * SM&A .......................................... 78 8,844 * Sourcecorp .................................... 191 13,109 * Symyx Technologies, Inc ....................... 214 4,200 * Tejon Ranch Co ................................ 126 18,159 * Telik, Inc .................................... 292 28,465 * Tetra Tech, Inc ............................... 488 16,642 * Transkaryotic Therapies, Inc .................. 192 6,644 e* TRC Cos, Inc .................................. 98 8,364 e* Trimeris, Inc ................................. 382 24,398 * Tularik, Inc .................................. 243 38,134 * U.S. Oncology, Inc ............................ 282 13,700 * URS Corp ...................................... 267 11,246 * Watson Wyatt & Co Holdings .................... 261 ---------- TOTAL ENGINEERING AND MANAGEMENT SERVICES 44,097 ---------- ENVIRONMENTAL QUALITY AND HOUSING--0.00% 18,255 * Cadiz, Inc .................................... 2 ---------- TOTAL ENVIRONMENTAL QUALITY AND HOUSING 2 ---------- FABRICATED METAL PRODUCTS--0.59% 18,498 * Alliant Techsystems, Inc ...................... 960 32,349 Ball Corp ..................................... 1,472 5,826 CIRCOR International, Inc ..................... 104 28,850 Crane Co ...................................... 653 88,865 * Crown Holdings, Inc ........................... 634 63,597 Danaher Corp .................................. 4,328 3,501 * Drew Industries, Inc .......................... 64 85,476 Fortune Brands, Inc ........................... 4,462 14,990 * Griffon Corp .................................. 240 3,889 * Gulf Island Fabrication, Inc .................. 66 22,793 Harsco Corp ................................... 822 142,864 Illinois Tool Works, Inc ...................... 9,408 8,251 * Intermagnetics General Corp ................... 164 273,631 Masco Corp .................................... 6,526 5,217 Material Sciences Corp ........................ 51 7,497 * Mobile Mini, Inc .............................. 122 10,329 * NCI Building Systems, Inc ..................... 172 23,244 e* Raytech Corp .................................. 99 22,724 e* Shaw Group, Inc ............................... 274 5,537 * Silgan Holdings, Inc .......................... 173 8,168 * Simpson Manufacturing Co, Inc ................. 299 32,902 Snap-On, Inc .................................. 955 6,914 * SPS Technologies, Inc ......................... 187 38,664 Stanley Works ................................. 1,067 11,100 Sturm Ruger & Co, Inc ......................... 111 31,453 e* Tower Automotive, Inc ......................... 115 7,483 Valmont Industries, Inc ....................... 146 9,000 Watts Industries, Inc (Class A) ............... 161 ---------- TOTAL FABRICATED METAL PRODUCTS 33,835 ---------- FOOD AND KINDRED PRODUCTS--3.54% 9,273 * American Italian Pasta Co (Class A) ........... 386 471,935 Anheuser-Busch Cos, Inc ....................... 24,092 293,431 Archer Daniels Midland Co ..................... 3,776 4,800 * Boston Beer Co, Inc (Class A) ................. 69 127,273 Campbell Soup Co .............................. 3,118 500 Coca-Cola Bottling Co Consolidated ............ 27 1,208,508 Coca-Cola Co .................................. 56,087 132,070 Coca-Cola Enterprises, Inc .................... 2,397 303,880 Conagra Foods, Inc ............................ 7,172 43,560 * Constellation Brands, Inc (Class A) ........... 1,368 15,803 Coors (Adolph) Co (Class B) ................... 774 19,235 Corn Products International, Inc .............. 578 31,607 * Darling International, Inc .................... 76 76,778 * Dean Foods Co ................................. 2,419 104,188 * Del Monte Foods Co ............................ 921 10,613 Dreyer's Grand Ice Cream Holdings, Inc ........ 834 532 Farmer Brothers Co ............................ 181 18,487 Flowers Foods, Inc ............................ 365 208,355 General Mills, Inc ............................ 9,878 198,295 H.J. Heinz Co ................................. 6,540 46,184 * Hercules, Inc ................................. 457 52,539 Hershey Foods Corp ............................ 3,660 3,334 e* Horizon Organic Holding Corp .................. 79 42,173 Hormel Foods Corp ............................. 1,000 8,300 * International Multifoods Corp ................. 190 24,569 Interstate Bakeries Corp ...................... 312 3,175 * J & J Snack Foods Corp ........................ 100 25,115 J.M. Smucker Co ............................... 1,002 3,027 * John B. Sanfilippo & Son ...................... 49 140,057 Kellogg Co .................................... 4,814 155,720 Kraft Foods, Inc (Class A) .................... 5,069 16,132 Lancaster Colony Corp ......................... 624 14,800 Lance, Inc .................................... 135 5,764 * M&F Worldwide Corp ............................ 42 78,860 McCormick & Co, Inc (Non-Vote) ................ 2,145 1,700 * National Beverage Corp ........................ 24 3,415 * Omega Protein Corp ............................ 17 5,954 * Peets Coffee & Tea, Inc ....................... 104 98,502 Pepsi Bottling Group, Inc ..................... 1,972 45,893 PepsiAmericas Inc ............................. 576 971,817 PepsiCo, Inc .................................. 43,246 8,300 Pilgrim's Pride Corp (Class B) ................ 80 16,612 * Ralcorp Holdings, Inc ......................... 415 3,200 Riviana Foods, Inc ............................ 86 5,381 * Robert Mondavi Corp (Class A) ................. 136 2,700 Sanderson Farms, Inc .......................... 76 439,578 Sara Lee Corp ................................. 8,268 24,751 Sensient Technologies Corp .................... 569 54,399 * Smithfield Foods, Inc ......................... 1,247 14,945 Tootsie Roll Industries, Inc .................. 456 19,746 Topps Co, Inc ................................. 170 126,474 Tyson Foods, Inc (Class A) .................... 1,343 91,657 Wrigley (Wm.) Jr Co ........................... 5,154 ---------- TOTAL FOOD AND KINDRED PRODUCTS 204,675 ---------- FOOD STORES--0.43% 13,692 * 7-Eleven, Inc ................................. 144 200,814 Albertson's, Inc .............................. 3,856 786 * Arden Group, Inc (Class A) .................... 46 9,632 * Great Atlantic & Pacific Tea Co, Inc .......... 85 5,084 Ingles Markets, Inc (Class A) ................. 51 437,190 * Kroger Co ..................................... 7,292 13,044 e* Panera Bread Co (Class A) ..................... 522 3,003 * Pantry, Inc ................................... 24 17,734 * Pathmark Stores, Inc .......................... 136 5,454 b,e* Penn Traffic Co ............................... 1 17,500 Ruddick Corp .................................. 275 249,671 * Safeway, Inc .................................. 5,108 219,639 * Starbucks Corp ................................ 5,386 SEE NOTES TO FINANCIAL STATEMENTS 52 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ FOOD STORES--(CONTINUED) 6,145 Weis Markets, Inc ............................. $ 191 29,917 * Whole Foods Market, Inc ....................... 1,422 13,037 * Wild Oats Markets, Inc ........................ 142 36,210 Winn-Dixie Stores, Inc ........................ 446 ----------- TOTAL FOOD STORES 25,127 ---------- FORESTRY--0.12% 123,664 Weyerhaeuser Co ............................... 6,678 ---------- TOTAL FORESTRY 6,678 ---------- FURNITURE AND FIXTURES--0.32% 5,689 Bassett Furniture Industries, Inc ............. 76 18,030 Ethan Allen Interiors, Inc .................... 634 28,365 * Furniture Brands International, Inc ........... 740 43,168 Herman Miller, Inc ............................ 872 28,654 Hillenbrand Industries, Inc ................... 1,446 33,399 HON Industries, Inc ........................... 1,019 1,719 Hooker Furniture Corp ......................... 42 50,114 Johnson Controls, Inc ......................... 4,290 18,600 Kimball International, Inc (Class B) .......... 290 27,128 La-Z-Boy, Inc ................................. 607 36,851 * Lear Corp ..................................... 1,696 111,498 Leggett & Platt, Inc .......................... 2,286 150,787 Newell Rubbermaid, Inc ........................ 4,222 11,097 * Select Comfort Corp ........................... 182 2,679 Stanley Furniture Co, Inc ..................... 73 17,980 Steelcase, Inc (Class A) ...................... 211 ----------- TOTAL FURNITURE AND FIXTURES 18,686 ---------- FURNITURE AND HOMEFURNISHINGS STORES--0.37% 166,021 * Bed Bath & Beyond, Inc ........................ 6,443 145,135 * Best Buy Co, Inc .............................. 6,374 118,835 Circuit City Stores, Inc (Circuit City Group) . 1,046 11,118 * Cost Plus, Inc ................................ 396 5,747 * Electronics Boutique Holdings Corp ............ 133 6,109 e* EUniverse, Inc ................................ 22 11,918 * Gamestop Corp ................................. 154 7,568 * Guitar Center, Inc ............................ 219 8,696 Haverty Furniture Cos, Inc .................... 152 12,287 * Intertan, Inc ................................. 101 20,287 * Linens `n Things, Inc ......................... 479 53,255 Pier 1 Imports, Inc ........................... 1,086 98,462 RadioShack Corp ............................... 2,591 10,853 * Restoration Hardware, Inc ..................... 49 4,298 * Rex Stores Corp ............................... 52 19,024 * The Bombay Co, Inc ............................ 202 8,499 * Trans World Entertainment Corp ................ 44 11,299 * Tweeter Home Entertainment Group, Inc ......... 98 6,205 * Ultimate Electronics, Inc ..................... 80 50,650 * Williams-Sonoma, Inc .......................... 1,479 ----------- TOTAL FURNITURE AND HOMEFURNISHINGS STORES 21,200 ---------- GENERAL BUILDING CONTRACTORS--0.30% 7,401 e* Beazer Homes U.S.A., Inc ...................... 618 34,889 Centex Corp ................................... 2,714 52,227 Clayton Homes, Inc ............................ 655 65,106 D.R. Horton, Inc .............................. 1,829 2,049 * Dominion Homes, Inc ........................... 49 9,101 * Hovnanian Enterprises, Inc (Class A) .......... 537 22,754 KB Home ....................................... 1,410 2,913 Lennar Corp ................................... 200 29,237 Lennar Corp (Class A) ......................... 2,090 6,224 M/I Schottenstein Homes, Inc .................. 266 11,962 MDC Holdings, Inc ............................. 578 5,118 * Meritage Corp ................................. 252 3,099 * NVR, Inc ...................................... 1,274 941 * Orleans Homebuilders, Inc ..................... 10 9,555 * Palm Harbor Homes, Inc ........................ 181 9,272 * Perini Corp ................................... 74 27,876 Pulte Homes, Inc .............................. 1,719 14,496 Ryland Group, Inc ............................. 1,006 18,323 Standard-Pacific Corp ......................... 608 1,083 * Technical Olympic U.S.A., Inc ................. 26 25,523 * Toll Brothers, Inc ............................ 723 15,618 Walter Industries, Inc ........................ 184 3,533 * WCI Communities, Inc .......................... 68 2,532 * William Lyon Homes, Inc ....................... 81 ---------- TOTAL GENERAL BUILDING CONTRACTORS 17,152 ---------- GENERAL MERCHANDISE STORES--2.56% 23,292 * 99 Cents Only Stores .......................... 799 65,703 * Big Lots, Inc ................................. 988 39,718 * BJ's Wholesale Club, Inc ...................... 598 5,033 * Brookstone, Inc ............................... 102 22,181 Casey's General Stores, Inc ................... 314 258,008 * Costco Wholesale Corp ......................... 9,443 39,641 Dillard's, Inc (Class A) ...................... 534 158,716 Dollar General Corp ........................... 2,898 64,016 * Dollar Tree Stores, Inc ....................... 2,031 89,425 Family Dollar Stores, Inc ..................... 3,412 108,197 Federated Department Stores, Inc .............. 3,987 12,443 Fred's, Inc ................................... 463 152,230 J.C. Penney Co, Inc ........................... 2,565 165,446 * Kohl's Corp ................................... 8,501 163,731 May Department Stores Co ...................... 3,645 13,703 * Neiman Marcus Group, Inc (Class A) ............ 502 7,201 * Neiman Marcus Group, Inc (Class B) ............ 248 68,710 * Saks, Inc ..................................... 666 164,056 Sears Roebuck & Co ............................ 5,519 16,292 e* ShopKo Stores, Inc ............................ 212 13,565 * Stein Mart, Inc ............................... 81 515,154 Target Corp ................................... 19,493 4,400 * Tuesday Morning Corp .......................... 116 1,503,299 Wal-Mart Stores, Inc .......................... 80,682 ---------- TOTAL GENERAL MERCHANDISE STORES 147,799 ---------- HEALTH SERVICES--0.70% 27,021 * Accredo Health, Inc ........................... 589 7,403 e* American Healthways, Inc ...................... 267 11,573 * Amsurg Corp ................................... 353 24,026 * Apria Healthcare Group, Inc ................... 598 56,044 * Beverly Enterprises, Inc ...................... 196 140,925 * Caremark Rx, Inc .............................. 3,619 7,077 * Chronimed, Inc ................................ 70 28,561 * Community Health Systems, Inc ................. 551 3,611 * Corvel Corp ................................... 130 22,056 * Coventry Health Care, Inc ..................... 1,018 9,550 e* CryoLife, Inc ................................. 99 6,155 e* Curative Health Services, Inc ................. 105 31,717 * DaVita, Inc ................................... 849 3,084 e* Dynacq International, Inc ..................... 52 13,855 * Enzo Biochem, Inc ............................. 298 35,971 e* Express Scripts, Inc .......................... 2,454 54,575 * First Health Group Corp ....................... 1,507 15,591 * Genesis Health Ventures, Inc .................. 275 13,401 * Gentiva Health Services, Inc .................. 121 277,512 HCA, Inc ...................................... 8,891 137,236 Health Management Associates, Inc (Class A) ... 2,532 212,781 e* Healthsouth Corp .............................. 111 28,552 Hooper Holmes, Inc ............................ 184 3,482 * IMPAC Medical Systems, Inc .................... 73 8,984 e* Impath, Inc ................................... 127 6,473 * Kindred Healthcare, Inc ....................... 115 4,191 * LabOne, Inc ................................... 90 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 53 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ HEALTH SERVICES--(CONTINUED) 81,126 * Laboratory Corp of America Holdings ........... $ 2,446 22,436 e* LifePoint Hospitals, Inc ...................... 470 61,172 * Lincare Holdings, Inc ......................... 1,928 54,381 * Manor Care, Inc ............................... 1,360 5,246 * Matria Healthcare, Inc ........................ 93 13,515 * MIM Corp ...................................... 88 4,992 * National Healthcare Corp ...................... 98 12,057 * Odyssey HealthCare, Inc ....................... 446 7,230 * Option Care, Inc .............................. 83 26,158 e* Orthodontic Centers of America, Inc ........... 210 12,286 * Pediatrix Medical Group, Inc .................. 438 26,550 * Province Healthcare Co ........................ 294 9,030 * RehabCare Group, Inc .......................... 132 28,245 * Renal Care Group, Inc ......................... 995 9,838 * Select Medical Corp ........................... 244 3,930 * Specialty Laboratories, Inc ................... 40 9,838 e* Sunrise Senior Living, Inc .................... 220 263,937 * Tenet Healthcare Corp ......................... 3,075 41,467 * Triad Hospitals, Inc .......................... 1,029 6,721 * U.S. Physical Therapy, Inc .................... 84 9,731 e* United Surgical Partners International, Inc ... 220 7,356 Universal Forest Products, Inc ................ 154 28,073 * Universal Health Services, Inc (Class B) ...... 1,112 14,643 * Xicor, Inc .................................... 92 ----------- TOTAL HEALTH SERVICES 40,625 ---------- HEAVY CONSTRUCTION, EXCEPT BUILDING--0.01% 18,400 Granite Construction, Inc ..................... 353 13,049 * Insituform Technologies, Inc (Class A) ........ 231 ---------- TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING ....... 584 ---------- HOLDING AND OTHER INVESTMENT OFFICES--2.19% 6,858 * 4Kids Entertainment, Inc ...................... 128 8,040 Acadia Realty Trust ........................... 74 5,463 * Accredited Home Lenders Holding Co ............ 107 5,451 Alabama National Bancorp ...................... 264 1,123 * Alexander's, Inc .............................. 94 10,750 Alexandria Real Estate Equities, Inc .......... 484 7,239 Allegiant Bancorp, Inc ........................ 147 61,276 Allied Capital Corp ........................... 1,415 47,586 AMB Property Corp ............................. 1,340 14,150 Amcore Financial, Inc ......................... 329 2,899 American Land Lease, Inc ...................... 49 7,970 AMLI Residential Properties Trust ............. 188 53,166 Annaly Mortgage Management, Inc ............... 1,059 27,045 Anthracite Capital, Inc ....................... 326 17,945 Anworth Mortgage Asset Corp ................... 277 48,091 Apartment Investment & Management Co (Class A) 1,664 17,124 Apex Mortgage Capital, Inc .................... 94 100,162 Archstone-Smith Trust ......................... 2,404 32,804 Arden Realty, Inc ............................. 851 9,258 Associated Estates Realty Corp ................ 61 33,987 AvalonBay Communities, Inc .................... 1,449 8,015 Bedford Property Investors, Inc ............... 228 39,745 Boston Properties, Inc ........................ 1,741 9,805 * Boykin Lodging Co ............................. 76 14,857 Brandywine Realty Trust ....................... 366 26,074 BRE Properties, Inc (Class A) ................. 866 33,397 Brookline Bancorp, Inc ........................ 468 1,972 BRT Realty Trust .............................. 31 4,258 Camco Financial Corp .......................... 66 20,522 Camden Property Trust ......................... 717 13,953 Capital Automotive REIT ....................... 391 2,798 * Capital Corp of the West ...................... 71 4,945 Capitol Bancorp Ltd ........................... 134 5,611 Capstead Mortgage Corp ........................ 63 30,083 CarrAmerica Realty Corp ....................... 837 2,896 Cavalry Bancorp, Inc .......................... 49 11,825 CBL & Associates Properties, Inc .............. 508 13,000 Centerpoint Properties Trust .................. 796 12,599 Chateau Communities, Inc ...................... 373 17,203 Chelsea Property Group, Inc ................... 693 3,486 * Cherokee, Inc ................................. 70 8,451 Colonial Properties Trust ..................... 297 20,807 Commercial Net Lease Realty, Inc .............. 359 4,649 Community Banks, Inc .......................... 138 22,655 Community First Bankshares, Inc ............... 618 6,303 Connecticut Bancshares, Inc ................... 247 26,624 Cornerstone Realty Income Trust, Inc .......... 195 16,433 Corporate Office Properties Trust ............. 278 4,166 Correctional Properties Trust ................. 117 20,539 Cousins Properties, Inc ....................... 573 44,854 Crescent Real Estate Equities Co .............. 745 6,990 * Criimi MAE, Inc ............................... 77 14,357 Crown American Realty Trust ................... 154 41,050 Developers Diversified Realty Corp ............ 1,167 76,428 Duke Realty Corp .............................. 2,106 8,604 Eastgroup Properties, Inc ..................... 232 1,713 * Enstar Group, Inc ............................. 68 9,756 Entertainment Properties Trust ................ 280 23,186 Equity Inns, Inc .............................. 160 234,168 Equity Office Properties Trust ................ 6,325 16,099 Equity One, Inc ............................... 264 156,155 Equity Residential ............................ 4,052 9,261 Essex Property Trust, Inc ..................... 530 6,245 F & M Bancorp ................................. 308 24,504 Federal Realty Investment Trust ............... 784 28,449 * FelCor Lodging Trust, Inc ..................... 223 2,315 FFLC Bancorp, Inc ............................. 60 2,716 First Defiance Financial Corp ................. 54 6,800 First Indiana Corp ............................ 116 22,400 First Industrial Realty Trust, Inc ............ 708 27,442 First Niagara Financial Group, Inc ............ 383 6,530 First Place Financial Corp .................... 113 33,300 Fremont General Corp .......................... 456 47,792 Friedman Billings Ramsey Group, Inc ........... 640 14,200 Gables Residential Trust ...................... 429 35,396 General Growth Properties, Inc ................ 2,210 5,583 German American Bancorp ....................... 97 5,330 Gladstone Capital Corp ........................ 110 9,793 Glenborough Realty Trust, Inc ................. 188 17,407 Glimcher Realty Trust ......................... 390 8,031 Great Lakes REIT .............................. 128 25,808 Greater Bay Bancorp ........................... 530 4,347 * Hawthorne Financial Corp ...................... 151 32,561 Health Care Property Investors, Inc ........... 1,379 22,211 Health Care REIT, Inc ......................... 677 23,820 Healthcare Realty Trust, Inc .................. 694 10,469 Heritage Property Investment Trust ............ 284 29,900 Highwoods Properties, Inc ..................... 667 15,754 Home Properties of New York, Inc .............. 555 35,629 Hospitality Properties Trust .................. 1,113 133,860 e* Host Marriott Corp ............................ 1,225 73,342 HRPT Properties Trust ......................... 675 27,750 IMPAC Mortgage Holdings, Inc .................. 463 29,349 Independence Community Bank Corp .............. 828 13,960 Innkeepers U.S.A. Trust ....................... 95 20,687 Investors Real Estate Trust ................... 223 51,367 iStar Financial, Inc .......................... 1,875 10,254 Keystone Property Trust ....................... 190 13,805 Kilroy Realty Corp ............................ 380 SEE NOTES TO FINANCIAL STATEMENTS 54 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ HOLDING AND OTHER INVESTMENT OFFICES--(CONTINUED) 51,956 Kimco Realty Corp ............................. $ 1,969 10,631 Koger Equity, Inc ............................. 183 12,035 Kramont Realty Trust .......................... 199 78,978 * La Quinta Corp ................................ 340 9,535 LaSalle Hotel Properties ...................... 141 17,690 Lexington Corporate Properties Trust .......... 313 42,581 Liberty Property Trust ........................ 1,473 10,360 * Local Financial Corp .......................... 150 7,201 LTC Properties, Inc ........................... 69 26,267 Macerich Co ................................... 923 27,832 Mack-Cali Realty Corp ......................... 1,013 7,222 Manufactured Home Communities, Inc ............ 254 2,111 MASSBANK Corp ................................. 76 21,840 * Meristar Hospitality Corp ..................... 112 26,219 MFA Mortgage Investments, Inc ................. 263 10,225 Mid Atlantic Realty Trust ..................... 214 8,655 Mid-America Apartment Communities, Inc ........ 234 18,806 Mills Corp .................................... 631 8,592 Mission West Properties, Inc .................. 98 10,915 National Health Investors, Inc ................ 201 3,511 National Health Realty, Inc ................... 56 33,257 Nationwide Health Properties, Inc ............. 530 53,903 New Plan Excel Realty Trust ................... 1,151 11,612 Newcastle Investment Corp ..................... 227 6,122 Novastar Financial, Inc ....................... 366 8,217 * Omega Healthcare Investors, Inc ............... 43 7,772 Oriental Financial Group, Inc ................. 200 9,374 Pacific Northwest Bancorp ..................... 326 20,188 Pan Pacific Retail Properties, Inc ............ 794 5,287 Parkway Properties, Inc ....................... 222 8,263 Pennsylvania Real Estate Investment Trust ..... 247 104,529 Plum Creek Timber Co, Inc ..................... 2,713 77,661 Popular, Inc .................................. 2,997 2,567 Port Financial Corp ........................... 138 19,119 Post Properties, Inc .......................... 507 17,617 Prentiss Properties Trust ..................... 528 11,553 * Price Legacy Corp ............................. 43 3,400 PrivateBancorp, Inc ........................... 93 91,333 Prologis ...................................... 2,493 7,200 Prosperity Bancshares, Inc .................... 139 2,019 Provident Bancorp, Inc ........................ 65 1,957 Provident Financial Holdings .................. 57 5,822 PS Business Parks, Inc ........................ 206 56,308 Public Storage, Inc ........................... 1,907 2,927 * Quaker City Bancorp, Inc ...................... 120 11,178 RAIT Investment Trust ......................... 296 6,049 Ramco-Gershenson Properties ................... 141 18,800 Realty Income Corp ............................ 716 29,412 Reckson Associates Realty Corp ................ 614 1,013 Reckson Associates Realty Corp (Class B) ...... 22 7,161 Redwood Trust, Inc ............................ 286 13,595 Regency Centers Corp .......................... 476 18,800 RFS Hotel Investors, Inc ...................... 232 42,603 Rouse Co ...................................... 1,623 8,017 Sandy Spring Bancorp, Inc ..................... 253 6,200 Saul Centers, Inc ............................. 159 25,366 Senior Housing Properties Trust ............... 344 19,144 Shurgard Storage Centers, Inc (Class A) ....... 633 78,700 Simon Property Group, Inc ..................... 3,072 6,532 Sizeler Property Investors .................... 67 15,482 SL Green Realty Corp .......................... 540 7,356 Sovran Self Storage, Inc ...................... 232 6,556 Suffolk Bancorp ............................... 211 12,364 Summit Properties, Inc ........................ 255 8,490 Sun Communities, Inc .......................... 334 3,765 Superior Financial Corp ....................... 90 22,225 Susquehanna Bancshares, Inc ................... 519 3,666 Tanger Factory Outlet Centers, Inc ............ 121 3,084 * Tarragon Realty Investors, Inc ................ 45 16,205 Taubman Centers, Inc .......................... 310 33,692 Thornburg Mortgage, Inc ....................... 832 4,091 Tompkins Trustco, Inc ......................... 183 8,400 Town & Country Trust .......................... 195 2,000 * Transcontinental Realty Investors, Inc ........ 29 51,161 Trizec Properties, Inc ........................ 582 11,030 U.S. Restaurant Properties, Inc ............... 173 61,049 United Dominion Realty Trust, Inc ............. 1,051 3,141 United Mobile Homes, Inc ...................... 48 10,007 United National Bancorp ....................... 276 6,185 Universal Health Realty Income Trust .......... 167 11,829 Urstadt Biddle Properties, Inc (Class A) ...... 152 39,532 Ventas, Inc ................................... 599 41,423 Vornado Realty Trust .......................... 1,806 6,235 * Washington Group International, Inc ........... 137 530,383 Washington Mutual, Inc ........................ 21,905 20,912 Washington Real Estate Investment Trust ....... 569 19,876 Waypoint Financial Corp ....................... 359 25,801 Weingarten Realty Investors ................... 1,081 2,541 Westfield Financial, Inc ...................... 48 10,128 Winston Hotels, Inc ........................... 83 4,426 Yadkin Valley Bank and Trust Co ............... 70 ----------- TOTAL HOLDING AND OTHER INVESTMENT OFFICES 126,691 ---------- HOTELS AND OTHER LODGING PLACES--0.26% 6,195 * Ameristar Casinos, Inc ........................ 132 16,300 * Boca Resorts, Inc (Class A) ................... 212 17,241 * Boyd Gaming Corp .............................. 298 11,527 * Choice Hotels International, Inc .............. 315 41,031 * Extended Stay America, Inc .................... 554 187,075 Hilton Hotels Corp ............................ 2,393 22,408 Mandalay Resort Group ......................... 714 11,275 Marcus Corp ................................... 169 109,520 Marriott International, Inc (Class A) ......... 4,208 38,408 * MGM Mirage .................................... 1,313 154,602 * Park Place Entertainment Corp ................. 1,405 13,909 * Pinnacle Entertainment, Inc ................... 95 26,000 * Prime Hospitality Corp ........................ 174 113,460 Starwood Hotels & Resorts Worldwide, Inc ...... 3,244 4,356 * Vail Resorts, Inc ............................. 59 ---------- TOTAL HOTELS AND OTHER LODGING PLACES 15,285 ---------- INDUSTRIAL MACHINERY AND EQUIPMENT--6.75% 221,068 3M Co ......................................... 28,513 5,602 * Aaon, Inc ..................................... 104 5,979 * Actuant Corp .................................. 283 60,550 * Adaptec, Inc .................................. 471 35,700 * Advanced Digital Information Corp ............. 357 42,140 e* AGCO Corp ..................................... 720 3,167 Alamo Group, Inc .............................. 39 34,468 * American Standard Cos, Inc .................... 2,548 2,647 Ampco-Pittsburgh Corp ......................... 35 202,340 * Apple Computer, Inc ........................... 3,869 932,590 * Applied Materials, Inc ........................ 14,791 7,900 * Astec Industries, Inc ......................... 69 3,735 * ASV, Inc ...................................... 54 21,936 * Asyst Technologies, Inc ....................... 147 23,632 * Avocent Corp .................................. 707 54,628 * Axcelis Technologies, Inc ..................... 334 190,891 Baker Hughes, Inc ............................. 6,408 2,209 BHA Group Holdings, Inc ....................... 44 45,797 Black & Decker Corp ........................... 1,990 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 55 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ INDUSTRIAL MACHINERY AND EQUIPMENT--(CONTINUED) 11,587 Black Box Corp ................................ $ 419 2,333 * Blount International, Inc ..................... 13 12,342 Briggs & Stratton Corp ........................ 623 21,375 * Brooks Automation, Inc ........................ 242 5,794 Cascade Corp .................................. 101 195,619 Caterpillar, Inc .............................. 10,888 42,351 * Cirrus Logic, Inc ............................. 170 3,970,029 * Cisco Systems, Inc ............................ 65,863 15,264 e* Computer Network Technology Corp .............. 124 36,541 * Concurrent Computer Corp ...................... 107 26,263 * Cooper Cameron Corp ........................... 1,323 36,959 * Cray, Inc ..................................... 292 19,595 Cummins, Inc .................................. 703 8,900 * Cuno, Inc ..................................... 321 19,300 e* Cymer, Inc .................................... 618 135,295 Deere & Co .................................... 6,183 1,285,850 * Dell Computer Corp ............................ 41,096 40,795 Diebold, Inc .................................. 1,764 21,851 Donaldson Co, Inc ............................. 971 15,077 * Dot Hill Systems Corp ......................... 198 115,387 Dover Corp .................................... 3,457 3,545 * Dril-Quip, Inc ................................ 65 39,905 Eaton Corp .................................... 3,137 30,800 * Electronics For Imaging, Inc .................. 625 1,254,250 * EMC Corp ...................................... 13,132 46,578 * Emulex Corp ................................... 1,061 7,310 Engineered Support Systems, Inc ............... 306 11,554 * EnPro Industries, Inc ......................... 124 11,800 * Esterline Technologies Corp ................... 205 19,225 * FalconStor Software, Inc ...................... 129 31,586 * Flowserve Corp ................................ 621 33,058 * FMC Technologies, Inc ......................... 696 9,011 * Gardner Denver, Inc ........................... 184 98,792 * Gateway, Inc .................................. 361 3,044 * General Binding Corp .......................... 37 11,390 * Global Power Equipment Group, Inc ............. 53 3,915 Gorman-Rupp Co ................................ 94 26,937 Graco, Inc .................................... 862 55,063 * Grant Prideco, Inc ............................ 647 32,273 e* Handspring, Inc ............................... 36 1,718,358 Hewlett-Packard Co ............................ 36,601 6,522 * Hydril Co ..................................... 178 18,466 * Hypercom Corp ................................. 77 15,832 IDEX Corp ..................................... 574 21,064 * InFocus Corp .................................. 99 915,836 International Business Machines Corp .......... 75,556 48,354 International Game Technology ................. 4,948 29,225 * Iomega Corp ................................... 310 51,686 ITT Industries, Inc ........................... 3,383 24,275 JLG Industries, Inc ........................... 165 26,552 * Joy Global, Inc ............................... 392 7,445 * Kadant, Inc ................................... 140 15,905 Kaydon Corp ................................... 331 19,625 Kennametal, Inc ............................... 664 28,200 * Kulicke & Soffa Industries, Inc ............... 180 72,467 e* Lam Research Corp ............................. 1,320 24,320 Lennox International, Inc ..................... 313 68,897 * Lexmark International, Inc .................... 4,876 18,205 Lincoln Electric Holdings, Inc ................ 372 5,400 Lindsay Manufacturing Co ...................... 125 3,038 Lufkin Industries, Inc ........................ 74 14,806 Manitowoc Co, Inc ............................. 330 111,896 * Maxtor Corp ................................... 840 1,800 * Mestek, Inc ................................... 32 1,121 * Metrologic Instruments, Inc ................... 37 9,292 * Micros Systems, Inc ........................... 306 8,432 Milacron, Inc ................................. 41 15,800 Modine Manufacturing Co ....................... 306 2,982 Nacco Industries, Inc (Class A) ............... 176 45,812 * National-Oilwell, Inc ......................... 1,008 7,870 * Neoware Systems, Inc .......................... 121 168,603 e* Network Appliance, Inc ........................ 2,733 12,378 Nordson Corp .................................. 295 14,341 * Oil States International, Inc ................. 174 8,183 * Omnicell, Inc ................................. 84 4,487 * Overland Storage, Inc ......................... 91 64,503 Pall Corp ..................................... 1,451 16,736 e* Palm, Inc ..................................... 272 66,990 Parker Hannifin Corp .......................... 2,813 18,080 * Paxar Corp .................................... 199 27,912 Pentair, Inc .................................. 1,090 132,484 Pitney Bowes, Inc ............................. 5,089 7,683 * Planar Systems, Inc ........................... 150 18,200 * Presstek, Inc ................................. 113 8,799 * ProQuest Co ................................... 227 80,729 * Quantum Corp .................................. 327 12,900 * Rainbow Technologies, Inc ..................... 108 74,399 * Riverstone Networks, Inc ...................... 88 5,400 Robbins & Myers, Inc .......................... 100 34,305 e* Sandisk Corp .................................. 1,384 5,658 Sauer-Danfoss, Inc ............................ 61 4,249 Schawk, Inc ................................... 45 27,870 * Scientific Games Corp (Class A) ............... 262 86,617 * Seagate Technology, Inc ....................... 0 8,900 * Semitool, Inc ................................. 44 9,050 * Sigma Designs, Inc ............................ 98 109,046 * Silicon Graphics, Inc ......................... 124 3,671 * Simpletech, Inc ............................... 15 52,403 * Smith International, Inc ...................... 1,925 468,033 * Solectron Corp ................................ 1,750 44,012 * SPX Corp ...................................... 1,939 6,200 Standex International Corp .................... 130 16,150 Stewart & Stevenson Services, Inc ............. 254 60,300 * Storage Technology Corp ....................... 1,552 2,610 * Stratasys, Inc ................................ 92 42,651 e* Surebeam Corp (Class A) ....................... 113 129,104 Symbol Technologies, Inc ...................... 1,680 8,645 Tecumseh Products Co (Class A) ................ 331 5,100 Tennant Co .................................... 187 24,311 * Terex Corp .................................... 475 9,387 Thomas Industries, Inc ........................ 254 36,832 Timken Co ..................................... 645 14,100 Toro Co ....................................... 560 12,927 * Ultratech, Inc ................................ 239 22,618 * UNOVA, Inc .................................... 251 14,417 e* Veeco Instruments, Inc ........................ 246 108,286 * Western Digital Corp .......................... 1,115 5,014 Woodward Governor Co .......................... 216 408,473 e* Xerox Corp .................................... 4,326 22,400 York International Corp ....................... 524 13,461 * Zebra Technologies Corp (Class A) ............. 1,012 ---------- TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 390,462 ---------- INSTRUMENTS AND RELATED PRODUCTS--2.78% 13,727 * Aclara BioSciences, Inc ....................... 58 15,270 * Advanced Medical Optics, Inc .................. 260 6,842 * Advanced Neuromodulation Systems, Inc ......... 354 263,989 * Agilent Technologies, Inc ..................... 5,161 16,271 e* Aksys Ltd ..................................... 211 8,240 * Alaris Medical Systems, Inc ................... 107 SEE NOTES TO FINANCIAL STATEMENTS 56 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ INSTRUMENTS AND RELATED PRODUCTS--(CONTINUED) 24,997 e* Align Technology, Inc ......................... $ 314 10,874 * American Medical Systems Holdings, Inc ........ 183 3,800 Analogic Corp ................................. 185 120,793 Applera Corp (Applied Biosystems Group) ....... 2,299 5,164 Arrow International, Inc ...................... 228 12,765 * Arthrocare Corp ............................... 214 5,241 * Aspect Medical Systems, Inc ................... 39 29,985 Bard (C.R.), Inc .............................. 2,138 28,459 Bausch & Lomb, Inc ............................ 1,067 341,905 Baxter International, Inc ..................... 8,890 2,200 * Baxter International, Inc (Contingent Value Rts) 0 33,198 Beckman Coulter, Inc .......................... 1,349 144,074 Becton Dickinson & Co ......................... 5,597 6,694 BEI Technologies, Inc ......................... 80 151,785 Biomet, Inc ................................... 4,350 9,566 * Bio-Rad Laboratories, Inc (Class A) ........... 529 180,106 * Boston Scientific Corp ........................ 11,004 9,765 * Bruker AXS, Inc ............................... 30 5,725 * Bruker Daltonics, Inc ......................... 31 4,359 * Candela Corp .................................. 50 3,834 * Cantel Medical Corp ........................... 51 32,424 * Cardiac Science, Inc .......................... 87 18,778 * Cardiodynamics International Corp ............. 64 16,165 * Cepheid, Inc .................................. 80 7,983 * Cerus Corp .................................... 60 7,700 * Cholestech Corp ............................... 76 3,300 * Closure Medical Corp .......................... 62 18,763 * Cognex Corp ................................... 419 16,414 * Coherent, Inc ................................. 389 11,800 Cohu, Inc ..................................... 184 4,826 * Cole National Corp ............................ 60 9,790 e* Conceptus, Inc ................................ 138 13,700 * Concord Camera Corp ........................... 97 15,150 * Conmed Corp ................................... 277 17,384 Cooper Cos, Inc ............................... 604 35,690 * Credence Systems Corp ......................... 302 13,678 * CTI Molecular Imaging, Inc .................... 259 12,015 * Cyberonics, Inc ............................... 258 65,876 * Cytyc Corp .................................... 693 6,700 Datascope Corp ................................ 199 40,188 Dentsply International, Inc ................... 1,644 9,932 * Dionex Corp ................................... 395 3,742 * DJ Orthopedics, Inc ........................... 41 12,683 * DRS Technologies, Inc ......................... 354 165,910 Eastman Kodak Co .............................. 4,538 8,697 EDO Corp ...................................... 154 33,922 * Edwards Lifesciences Corp ..................... 1,090 9,242 e* Endocare, Inc ................................. 38 6,621 * ESCO Technologies, Inc ........................ 291 3,356 * Exactech, Inc ................................. 48 5,100 * Excel Technology, Inc ......................... 116 13,316 * FEI Co ........................................ 250 28,559 * Fisher Scientific International, Inc .......... 997 16,874 * Flir Systems, Inc ............................. 509 11,128 * Fossil, Inc ................................... 262 174,086 Guidant Corp .................................. 7,728 9,342 * Haemonetics Corp .............................. 175 11,269 * Hanger Orthopedic Group, Inc .................. 129 6,804 * Herley Industries, Inc ........................ 116 11,047 * Hologic, Inc .................................. 146 5,981 e* ICU Medical, Inc .............................. 186 10,154 e* Igen International, Inc ....................... 319 6,188 * Ii-Vi, Inc .................................... 143 10,056 * Inamed Corp ................................... 540 24,768 * Input/Output, Inc ............................. 133 10,249 e* Integra LifeSciences Holding .................. 270 4,383 * Integrated Defense Technology, Inc ............ 68 10,209 * Interpore International ....................... 130 17,996 e* Intuitive Surgical, Inc ....................... 136 14,933 Invacare Corp ................................. 493 9,708 e* Invision Technologies, Inc .................... 243 9,900 e* Ionics, Inc ................................... 221 8,715 * I-Stat Corp ................................... 78 11,655 * Itron, Inc .................................... 251 12,990 * Ixia .......................................... 84 6,900 Keithley Instruments, Inc ..................... 100 4,298 * Kensey Nash Corp .............................. 112 107,564 * KLA-Tencor Corp ............................... 5,001 3,079 * Kyphon, Inc ................................... 47 7,388 * Laserscope .................................... 59 30,166 * Lexar Media, Inc .............................. 288 28,024 * LTX Corp ...................................... 242 4,387 * Medical Action Industries, Inc ................ 72 689,803 Medtronic, Inc ................................ 33,090 22,365 Mentor Corp ................................... 433 7,011 * Merit Medical Systems, Inc .................... 140 20,276 * Mettler-Toledo International, Inc ............. 743 5,631 * Micro Therapeutics, Inc ....................... 24 27,319 * Millipore Corp ................................ 1,212 4,409 Mine Safety Appliances Co ..................... 192 13,054 * MKS Instruments, Inc .......................... 236 8,162 * Molecular Devices Corp ........................ 130 5,278 Movado Group, Inc ............................. 115 12,032 MTS Systems Corp .............................. 177 21,872 * Newport Corp .................................. 324 9,234 * Novoste Corp .................................. 55 14,300 * Oakley, Inc ................................... 168 9,875 * Ocular Sciences, Inc .......................... 196 26,538 e* Orbital Sciences Corp ......................... 194 17,314 * Orthologic Corp ............................... 79 8,648 * Osteotech, Inc ................................ 118 23,654 * Palatin Technologies, Inc ..................... 75 63,294 PerkinElmer, Inc .............................. 874 9,189 e* Photon Dynamics, Inc .......................... 254 35,600 * Pinnacle Systems, Inc ......................... 381 9,464 * Possis Medical, Inc ........................... 130 227,081 Raytheon Co ................................... 7,457 18,794 * Resmed, Inc ................................... 737 18,958 * Respironics, Inc .............................. 711 3,495 * Retractable Technologies, Inc ................. 30 92,678 Rockwell Automation, Inc ...................... 2,209 6,551 * Rofin-Sinar Technologies, Inc ................. 92 16,580 Roper Industries, Inc ......................... 617 6,601 e* Rudolph Technologies, Inc ..................... 105 12,319 * Sola International, Inc ....................... 214 8,046 * SonoSite, Inc ................................. 161 100,302 * St. Jude Medical, Inc ......................... 5,767 9,670 * Staar Surgical Co ............................. 112 13,841 * Star Scientific, Inc .......................... 48 39,485 * Steris Corp ................................... 912 76,557 Stryker Corp .................................. 5,311 21,653 * Sybron Dental Specialties, Inc ................ 511 4,776 * Synovis Life Technologies, Inc ................ 95 3,046 Sypris Solutions, Inc ......................... 31 23,650 * Techne Corp ................................... 718 46,391 * Tektronix, Inc ................................ 1,002 19,604 Teleflex, Inc ................................. 834 104,001 * Teradyne, Inc ................................. 1,800 17,800 * Theragenics Corp .............................. 77 13,618 e* Therasense, Inc ............................... 136 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 57 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ INSTRUMENTS AND RELATED PRODUCTS--(CONTINUED) 92,382 * Thermo Electron Corp .......................... $ 1,942 27,985 * Thoratec Corp ................................. 417 17,906 * Trimble Navigation Ltd ........................ 411 13,403 * TriPath Imaging, Inc .......................... 92 5,478 United Industrial Corp ........................ 89 38,666 * Varian Medical Systems, Inc ................... 2,226 16,670 * Varian, Inc ................................... 578 7,500 * Ventana Medical Systems, Inc .................. 204 14,508 * Viasys Healthcare, Inc ........................ 300 27,353 * Visx, Inc ..................................... 475 3,521 Vital Signs, Inc .............................. 91 19,597 e* Vivus, Inc .................................... 101 70,850 * Waters Corp ................................... 2,064 8,866 * Wright Medical Group, Inc ..................... 168 11,459 X-Rite, Inc ................................... 114 2,214 * Young Innovations, Inc ........................ 63 110,467 * Zimmer Holdings, Inc .......................... 4,977 4,771 * Zoll Medical Corp ............................. 160 8,300 * Zygo Corp ..................................... 66 ---------- TOTAL INSTRUMENTS AND RELATED PRODUCTS 160,889 ---------- INSURANCE AGENTS, BROKERS AND SERVICES--0.38% 151,014 AON Corp ...................................... 3,636 27,388 Brown & Brown, Inc ............................ 890 8,529 * Clark, Inc .................................... 102 14,025 Crawford & Co (Class B) ....................... 69 48,954 Gallagher (Arthur J.) & Co .................... 1,332 19,000 Hilb, Rogal & Hamilton Co ..................... 647 302,846 Marsh & McLennan Cos, Inc ..................... 15,466 ---------- TOTAL INSURANCE AGENTS, BROKERS AND SERVICES 22,142 ---------- INSURANCE CARRIERS--4.52% 17,800 21st Century Insurance Group .................. 255 82,989 Aetna, Inc .................................... 4,996 290,378 Aflac, Inc .................................... 8,929 19,901 Alfa Corp ..................................... 253 2,744 * Alleghany Corp ................................ 524 29,594 * Allmerica Financial Corp ...................... 532 398,168 Allstate Corp ................................. 14,195 47,698 Ambac Financial Group, Inc .................... 3,160 17,217 American Financial Group, Inc ................. 393 1,298,346 American International Group, Inc ............. 71,643 6,473 * American Medical Security Group, Inc .......... 124 5,800 American National Insurance Co ................ 501 5,463 * American Physicians Capital, Inc .............. 132 11,685 * AMERIGROUP Corp ............................... 435 22,772 AmerUs Group Co ............................... 642 80,408 * Anthem, Inc ................................... 6,203 12,600 * Argonaut Group, Inc ........................... 155 3,969 Baldwin & Lyons, Inc (Class B) ................ 94 23,137 Berkley (W.R.) Corp ........................... 1,219 5,519 * Centene Corp .................................. 215 94,221 Chubb Corp .................................... 5,653 75,680 Cigna Corp .................................... 3,552 77,096 Cincinnati Financial Corp ..................... 2,859 14,336 * Citizens, Inc ................................. 104 12,647 * CNA Financial Corp ............................ 311 9,118 * CNA Surety Corp ............................... 90 5,504 * Cobalt Corp ................................... 113 13,931 Commerce Group, Inc ........................... 504 7,323 Delphi Financial Group, Inc (Class A) ......... 343 1,845 Donegal Group, Inc ............................ 25 1,197 EMC Insurance Group, Inc ...................... 22 14,562 Erie Indemnity Co (Class A) ................... 601 6,536 FBL Financial Group, Inc (Class A) ............ 132 75,968 Fidelity National Financial, Inc .............. 2,337 4,481 Financial Industries Corp ..................... 66 43,224 First American Corp ........................... 1,139 3,733 Great American Financial Resources, Inc ....... 49 16,559 Harleysville Group, Inc ....................... 381 141,198 Hartford Financial Services Group, Inc ........ 7,111 35,193 HCC Insurance Holdings, Inc ................... 1,041 58,765 * Health Net, Inc ............................... 1,936 8,196 * HealthExtras, Inc ............................. 64 20,245 Horace Mann Educators Corp .................... 327 91,844 * Humana, Inc ................................... 1,387 1,671 Independence Holding Co ....................... 35 83,794 Jefferson-Pilot Corp .......................... 3,474 163,459 John Hancock Financial Services, Inc .......... 5,023 2,078 Kansas City Life Insurance Co ................. 89 10,540 Landamerica Financial Group, Inc .............. 501 22,143 Leucadia National Corp ........................ 822 100,697 Lincoln National Corp ......................... 3,588 74,612 Loews Corp .................................... 3,528 4,742 * Markel Corp ................................... 1,214 83,992 MBIA, Inc ..................................... 4,095 14,651 Mercury General Corp .......................... 669 171,075 MetLife, Inc .................................. 4,845 44,422 MGIC Investment Corp .......................... 2,072 26,808 * Mid Atlantic Medical Services, Inc ............ 1,402 4,300 Midland Co .................................... 96 25,615 MONY Group, Inc ............................... 690 1,100 * National Western Life Insurance Co (Class A) .. 121 26,322 Nationwide Financial Services, Inc (Class A) .. 855 2,064 * Navigators Group, Inc ......................... 62 1,223 NYMAGIC, Inc .................................. 25 9,757 Odyssey Re Holdings Corp ...................... 206 28,384 * Ohio Casualty Corp ............................ 374 67,903 Old Republic International Corp ............... 2,327 49,070 * Oxford Health Plans, Inc ...................... 2,062 21,037 * Pacificare Health Systems, Inc ................ 1,038 5,211 Penn-America Group, Inc ....................... 59 9,655 * Philadelphia Consolidated Holding Corp ........ 390 52,731 Phoenix Cos, Inc .............................. 476 3,338 * Pico Holdings, Inc ............................ 43 15,137 PMA Capital Corp (Class A) .................... 190 51,291 PMI Group, Inc ................................ 1,377 12,442 Presidential Life Corp ........................ 176 163,889 Principal Financial Group ..................... 5,285 13,241 * ProAssurance Corp ............................. 357 109,480 Progressive Corp .............................. 8,003 38,793 Protective Life Corp .......................... 1,038 312,057 Prudential Financial, Inc ..................... 10,501 51,114 Radian Group, Inc ............................. 1,873 9,763 Reinsurance Group of America, Inc ............. 313 8,902 RLI Corp ...................................... 293 77,853 Safeco Corp ................................... 2,747 5,360 Safety Insurance Group, Inc ................... 79 14,700 Selective Insurance Group, Inc ................ 368 14,175 e* Sierra Health Services, Inc ................... 284 123,459 St. Paul Cos, Inc ............................. 4,507 16,866 Stancorp Financial Group, Inc ................. 881 7,300 State Auto Financial Corp ..................... 164 9,333 * Stewart Information Services Corp ............. 260 65,661 Torchmark Corp ................................ 2,446 11,858 Transatlantic Holdings, Inc ................... 820 246,261 Travelers Property Casualty Corp (Class A) .... 3,916 229,472 Travelers Property Casualty Corp (Class B) .... 3,619 4,501 * Triad Guaranty, Inc ........................... 171 21,818 * UICI .......................................... 329 4,092 United Fire & Casualty Co ..................... 133 SEE NOTES TO FINANCIAL STATEMENTS 58 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ INSURANCE CARRIERS--(CONTINUED) 310,657 UnitedHealth Group, Inc ....................... $ 15,611 26,035 Unitrin, Inc .................................. 706 13,817 * Universal American Financial Corp ............. 88 161,071 UnumProvident Corp ............................ 2,160 6,721 * WellChoice, Inc ............................... 197 82,745 * Wellpoint Health Networks, Inc ................ 6,975 801 Wesco Financial Corp .......................... 250 4,812 Zenith National Insurance Corp ................ 137 ---------- TOTAL INSURANCE CARRIERS 261,182 ---------- JUSTICE, PUBLIC ORDER AND SAFETY--0.00% 4,492 * Wackenhut Corrections Corp .................... 62 ---------- TOTAL JUSTICE, PUBLIC ORDER AND SAFETY 62 ---------- LEATHER AND LEATHER PRODUCTS--0.07% 10,048 Brown Shoe Co, Inc ............................ 299 50,512 * Coach, Inc .................................... 2,512 6,619 K-Swiss, Inc (Class A) ........................ 228 7,903 * Maxwell Shoe Co, Inc (Class A) ................ 114 5,649 * Steven Madden Ltd ............................. 123 10,376 * Timberland Co (Class A) ....................... 548 23,753 Wolverine World Wide, Inc ..................... 457 ---------- TOTAL LEATHER AND LEATHER PRODUCTS 4,281 ---------- LEGAL SERVICES--0.00% 2,462 * Hewitt Associates, Inc ........................ 58 7,085 e* Pre-Paid Legal Services, Inc .................. 174 ---------- TOTAL LEGAL SERVICES 232 ---------- LUMBER AND WOOD PRODUCTS--0.07% 2,640 American Woodmark Corp ........................ 123 31,700 e* Champion Enterprises, Inc ..................... 164 5,557 Deltic Timber Corp ............................ 158 140,869 Georgia-Pacific Corp .......................... 2,669 4,544 * Modtech Holdings, Inc ......................... 42 23,550 Rayonier, Inc ................................. 777 3,500 Skyline Corp .................................. 105 ---------- TOTAL LUMBER AND WOOD PRODUCTS 4,038 ---------- METAL MINING--0.19% 5,178 * Cleveland-Cliffs, Inc ......................... 92 83,847 * Coeur D'alene Mines Corp ...................... 117 56,225 Freeport-McMoRan Copper & Gold, Inc (Class A) . 1,378 63,313 e* Hecla Mining Co ............................... 268 203,374 Newmont Mining Corp ........................... 6,602 47,425 * Phelps Dodge Corp ............................. 1,818 9,040 Royal Gold, Inc ............................... 194 8,071 Southern Peru Copper Corp ..................... 123 25,750 * Stillwater Mining Co .......................... 132 ---------- TOTAL METAL MINING 10,724 ---------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.16% 18,415 Blyth, Inc .................................... 501 38,576 Callaway Golf Co .............................. 510 8,020 * Daktronics, Inc. .............................. 131 80,006 Hasbro, Inc ................................... 1,399 48,354 * Identix, Inc .................................. 307 13,909 * Jakks Pacific, Inc ............................ 185 13,284 * K2, Inc ....................................... 163 4,836 * Leapfrog Enterprises, Inc ..................... 154 7,829 * Lydall, Inc ................................... 84 248,108 Mattel, Inc ................................... 4,694 16,135 Nautilus Group, Inc ........................... 200 8,776 Oneida Ltd .................................... 59 6,200 Penn Engineering & Manufacturing Corp ......... 85 5,136 * RC2 Corp ...................................... 87 5,600 Russ Berrie & Co, Inc ......................... 204 9,579 e* Shuffle Master, Inc ........................... 282 2,247 * Steinway Musical Instruments, Inc ............. 35 15,398 * Yankee Candle Co, Inc ......................... 358 ---------- TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES 9,438 ---------- MISCELLANEOUS RETAIL--1.13% 10,627 * 1-800-Flowers.com, Inc (Class A) .............. 88 6,994 e* AC Moore Arts & Crafts, Inc ................... 140 41,941 * AdvancePCS .................................... 1,603 19,329 * Alloy, Inc .................................... 125 124,521 e* Amazon.Com, Inc ............................... 4,544 25,079 * Barnes & Noble, Inc ........................... 578 4,281 Blair Corp .................................... 95 6,201 * Blue Rhino Corp ............................... 74 46,229 * Borders Group, Inc ............................ 814 12,069 Cash America International, Inc ............... 160 4,446 * Coldwater Creek, Inc .......................... 55 221,391 CVS Corp ...................................... 6,206 2,580 * Dick's Sporting Goods, Inc .................... 95 13,297 * Drugstore.Com, Inc ............................ 78 12,514 * Duane Reade, Inc .............................. 185 116,832 * eBay, Inc ..................................... 12,172 3,510 * Finlay Enterprises, Inc ....................... 58 9,559 Friedman's, Inc (Class A) ..................... 109 5,303 e* Galyans Trading Co, Inc ....................... 76 4,492 e* Gart Sports Co ................................ 127 9,496 Hancock Fabrics, Inc .......................... 153 4,076 * Hibbett Sporting Goods, Inc ................... 134 10,348 * Jill (J.) Group, Inc .......................... 174 8,818 e* Jo-Ann Stores, Inc (Class A) .................. 223 6,076 * Kirkland's, Inc ............................... 98 17,300 Longs Drug Stores Corp ........................ 287 17,896 * Marvel Enterprises, Inc ....................... 342 37,387 Michaels Stores, Inc .......................... 1,423 14,644 * MSC Industrial Direct Co (Class A) ............ 262 175,393 * Office Depot, Inc ............................. 2,545 65,752 * OfficeMax, Inc ................................ 431 46,835 Omnicare, Inc ................................. 1,583 4,992 * Overstock.com, Inc ............................ 72 5,686 * Party City Corp ............................... 58 3,550 * PC Connection, Inc ............................ 24 20,256 * Petco Animal Supplies, Inc .................... 440 79,378 Petsmart, Inc ................................. 1,323 228,147 e* Rite Aid Corp ................................. 1,015 5,296 e* Sharper Image Corp ............................ 144 20,661 * Stamps.com, Inc ............................... 99 263,933 * Staples, Inc .................................. 4,843 18,809 e* Summit America Television, Inc ................ 54 18,923 * The Sports Authority, Inc ..................... 202 62,663 Tiffany & Co .................................. 2,048 109,910 e* Toys "R" Us, Inc .............................. 1,332 11,200 * Valuevision International, Inc (Class A) ...... 153 579,720 Walgreen Co ................................... 17,450 5,717 e* Whitehall Jewellers, Inc ...................... 52 5,124 World Fuel Services Corp ...................... 126 17,793 * Zale Corp ..................................... 712 ---------- TOTAL MISCELLANEOUS RETAIL 65,184 ---------- MOTION PICTURES--0.73% 17,559 * AMC Entertainment, Inc ........................ 201 14,700 * Avid Technology, Inc .......................... 516 16,987 Blockbuster, Inc (Class A) .................... 286 1,130 * Carmike Cinemas, Inc .......................... 26 30,207 * Hollywood Entertainment Corp .................. 520 1,451,522 * Liberty Media Corp (Class A) .................. 16,780 29,620 * Metro-Goldwyn-Mayer, Inc ...................... 368 9,602 * Movie Gallery, Inc ............................ 177 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 59 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ MOTION PICTURES--(CONTINUED) 5999 e* NetFlix, Inc .................................. $ 153 10025 Regal Entertainment Group (Class A) ........... 236 1155707 Walt Disney Co ................................ 22825 ---------- TOTAL MOTION PICTURES 42,088 ---------- NONDEPOSITORY INSTITUTIONS--2.16% 3,498 b,e* Actrade Financial Technologies Ltd ............ 2 13,790 Advanta Corp (Class A) ........................ 136 31,032 American Capital Strategies Ltd ............... 774 649,972 American Express Co ........................... 27,175 6,441 American Home Mortgage Holdings, Inc .......... 126 4,562 American Mortgage Acceptance Co ............... 79 86,020 e* AmeriCredit Corp .............................. 735 117,910 Capital One Financial Corp .................... 5,799 23,500 Charter Municipal Mortgage Acceptance Co ...... 447 470 e* Citibank West FSB ............................. 1 8,758 * CompuCredit Corp .............................. 106 67,104 Countrywide Financial Corp .................... 4,668 8,024 * Credit Acceptance Corp ........................ 81 32,729 Doral Financial Corp .......................... 1,461 7,600 * DVI, Inc ...................................... 35 25,287 * E-Loan, Inc ................................... 147 556,738 Fannie Mae .................................... 37,546 4,606 * Federal Agricultural Mortgage Corp (Class C) .. 103 7,285 * Financial Federal Corp ........................ 178 394,670 Freddie Mac ................................... 20,037 603,883 MBNA Corp ..................................... 12,585 13,023 MCG Capital Corp .............................. 189 7,886 Medallion Financial Corp ...................... 55 16,812 Metris Cos, Inc ............................... 93 324 * Mfn Financial Corp Series C Wts ............... 0 10,669 New Century Financial Corp .................... 466 149,420 * Providian Financial Corp ...................... 1,384 15,857 * Saxon Capital, Inc ............................ 276 237,306 SLM Corp ...................................... 9,295 2,300 Student Loan Corp ............................. 290 6,453 Westcorp ...................................... 181 6,869 * WFS Financial, Inc ............................ 230 8,445 * World Acceptance Corp ......................... 137 ---------- TOTAL NONDEPOSITORY INSTITUTIONS 124,817 ---------- NONMETALLIC MINERALS, EXCEPT FUELS--0.04% 12,328 Amcol International Corp ...................... 99 53,913 Vulcan Materials Co ........................... 1,999 ---------- TOTAL NONMETALLIC MINERALS, EXCEPT FUELS 2,098 ---------- OIL AND GAS EXTRACTION--1.40% 140,904 Anadarko Petroleum Corp ....................... 6,266 90,490 Apache Corp ................................... 5,887 5,205 * Atwood Oceanics, Inc .......................... 141 9,366 Berry Petroleum Co (Class A) .................. 168 88,216 * BJ Services Co ................................ 3,296 113,821 Burlington Resources, Inc ..................... 6,154 15,467 Cabot Oil & Gas Corp (Class A) ................ 427 21,054 * Cal Dive International, Inc ................... 459 105,088 Chesapeake Energy Corp ........................ 1,061 23,195 * Cimarex Energy Co ............................. 551 1,946 * Clayton Williams Energy, Inc .................. 36 16,110 * Comstock Resources, Inc ....................... 220 19,368 * Denbury Resources, Inc ........................ 260 130,540 Devon Energy Corp ............................. 6,971 30,872 Diamond Offshore Drilling, Inc ................ 648 4,689 * Encore Acquisition Co ......................... 90 12,596 * Energy Partners Ltd ........................... 145 84,179 ENSCO International, Inc ...................... 2,264 65,627 EOG Resources, Inc ............................ 2,746 10,939 * Evergreen Resources, Inc ...................... 594 2,887 * Exco Resources, Inc ........................... 52 17,439 * Forest Oil Corp ............................... 438 66 * Forest Oil Corp Wts 02/15/04 .................. 0 66 * Forest Oil Corp Wts 02/15/05 .................. 0 38,234 * Global Industries Ltd ......................... 184 95,584 * Grey Wolf, Inc ................................ 386 27,351 * Hanover Compressor Co ......................... 309 19,721 * Harvest Natural Resources, Inc ................ 126 28,205 Helmerich & Payne, Inc ........................ 824 14,946 * Horizon Offshore, Inc ......................... 74 5,800 * Houston Exploration Co ........................ 201 19,242 * KCS Energy, Inc ............................... 104 57,049 Kerr-McGee Corp ............................... 2,556 63,734 * Key Energy Services, Inc ...................... 683 37,856 * Magnum Hunter Resources, Inc .................. 302 3,704 e* Magnum Hunter Resources, Inc Wts 03/21/05 ..... 1 175,066 Marathon Oil Corp ............................. 4,613 6,653 * McMoRan Exploration Co ........................ 74 19,913 e* Meridian Resource Corp ........................ 94 28,222 * Newfield Exploration Co ....................... 1,060 44,408 * Newpark Resources, Inc ........................ 243 32,461 Noble Energy, Inc ............................. 1,227 1,243 * North Coast Energy, Inc ....................... 12 10,048 * Nuevo Energy Co ............................... 175 212,153 Occidental Petroleum Corp ..................... 7,118 13,166 * Oceaneering International, Inc ................ 336 45,187 * Parker Drilling Co ............................ 131 16,920 Patina Oil & Gas Corp ......................... 544 40,300 * Patterson-UTI Energy, Inc ..................... 1,306 4,500 Penn Virginia Corp ............................ 194 3,037 * Petrocorp, Inc ................................ 34 8,874 * Petroleum Development Corp .................... 82 65,499 * Pioneer Natural Resources Co .................. 1,710 21,166 * Plains Exploration & Production Co ............ 229 32,719 Pogo Producing Co ............................. 1,399 62,607 * Pride International, Inc ...................... 1,178 5,600 * Prima Energy Corp ............................. 117 6,348 * Quicksilver Resources, Inc .................... 152 28,826 * Range Resources Corp .......................... 181 11,853 * Remington Oil & Gas Corp ...................... 218 53,006 * Rowan Cos, Inc ................................ 1,187 5,700 RPC, Inc ...................................... 63 9,864 * Seacor Smit, Inc .............................. 360 18,800 * Southwestern Energy Co ........................ 282 13,991 * Spinnaker Exploration Co ...................... 367 17,993 St. Mary Land & Exploration Co ................ 491 12,200 * Stone Energy Corp ............................. 511 27,139 * Superior Energy Services, Inc ................. 257 14,509 * Swift Energy Co ............................... 160 7,463 * Tetra Technologies, Inc ....................... 221 30,194 Tidewater, Inc ................................ 887 19,076 * Tom Brown, Inc ................................ 530 10,090 * Transmontaigne, Inc ........................... 65 24,739 * Unit Corp ..................................... 517 145,709 Unocal Corp ................................... 4,180 44,351 * Varco International, Inc ...................... 869 18,102 * Veritas DGC, Inc .............................. 208 27,700 Vintage Petroleum, Inc ........................ 312 17,574 * Westport Resources Corp ....................... 400 13,054 * W-H Energy Services, Inc ...................... 254 95,972 XTO Energy, Inc ............................... 1,930 ---------- TOTAL OIL AND GAS EXTRACTION 81,102 ---------- PAPER AND ALLIED PRODUCTS--0.68% 28,613 Bemis Co ...................................... 1,339 28,593 Boise Cascade Corp ............................ 683 SEE NOTES TO FINANCIAL STATEMENTS 60 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ PAPER AND ALLIED PRODUCTS--(CONTINUED) 29,308 Bowater, Inc .................................. $ 1,098 13,809 * Buckeye Technologies, Inc ..................... 94 15,400 * Caraustar Industries, Inc ..................... 123 8,253 Chesapeake Corp ............................... 180 6,126 Glatfelter .................................... 90 11,568 * Graphic Packaging International Corp .......... 52 7,197 Greif, Inc (Class A) .......................... 166 274,638 International Paper Co ........................ 9,813 287,751 Kimberly-Clark Corp ........................... 15,003 29,100 Longview Fibre Co ............................. 239 113,040 MeadWestvaco Corp ............................. 2,792 33,357 * Packaging Corp of America ..................... 615 89,834 * Pactiv Corp ................................... 1,771 16,002 * Playtex Products, Inc ......................... 103 9,300 Pope & Talbot, Inc ............................ 103 15,800 Potlatch Corp ................................. 407 6,751 Rock-Tenn Co (Class A) ........................ 114 8,460 Schweitzer-Mauduit International, Inc ......... 204 126,195 e* Smurfit-Stone Container Corp .................. 1,644 54,738 Sonoco Products Co ............................ 1,315 26,838 Temple-Inland, Inc ............................ 1,152 20,454 Wausau-Mosinee Paper Corp ..................... 229 ---------- TOTAL PAPER AND ALLIED PRODUCTS 39,329 ---------- PERSONAL SERVICES--0.18% 22,994 * Alderwoods Group, Inc ......................... 126 5,208 Angelica Corp ................................. 88 67,466 Cintas Corp ................................... 2,391 12,400 * Coinstar, Inc ................................. 234 4,582 CPI Corp ...................................... 81 11,172 G & K Services, Inc (Class A) ................. 331 104,355 H & R Block, Inc .............................. 4,513 24,611 Regis Corp .................................... 715 163,893 e* Service Corp International .................... 634 5,086 Unifirst Corp ................................. 111 20,063 * Weight Watchers International, Inc ............ 913 ---------- TOTAL PERSONAL SERVICES 10,137 ---------- PETROLEUM AND COAL PRODUCTS--3.68% 40,026 Amerada Hess Corp ............................. 1,968 39,167 Ashland, Inc .................................. 1,202 604,285 ChevronTexaco Corp ............................ 43,629 384,464 ConocoPhillips ................................ 21,069 10,762 ElkCorp ....................................... 242 3,778,080 ExxonMobil Corp ............................... 135,671 14,800 Frontier Oil Corp ............................. 225 15,298 * Headwaters, Inc ............................... 225 5,691 Holly Corp .................................... 157 29,066 Lubrizol Corp ................................. 901 71,184 Lyondell Chemical Co .......................... 963 41,486 Murphy Oil Corp ............................... 2,182 13,301 * Premcor, Inc .................................. 287 38,784 Sunoco, Inc ................................... 1,464 36,075 * Tesoro Petroleum Corp ......................... 248 61,941 Valero Energy Corp ............................ 2,250 9,372 WD-40 Co ...................................... 268 ---------- TOTAL PETROLEUM AND COAL PRODUCTS 212,951 ---------- PRIMARY METAL INDUSTRIES--0.42% 52,968 * AK Steel Holding Corp ......................... 192 478,098 Alcoa, Inc .................................... 12,191 45,593 Allegheny Technologies, Inc ................... 301 55,857 * Andrew Corp ................................... 514 12,666 Belden, Inc ................................... 201 9,500 * Brush Engineered Materials, Inc ............... 79 25,600 * Cable Design Technologies Corp ................ 183 11,300 Carpenter Technology Corp ..................... 176 6,000 * Century Aluminum Co ........................... 42 29,033 * CommScope, Inc ................................ 276 4,620 Curtiss-Wright Corp ........................... 292 8,068 * Encore Wire Corp .............................. 77 71,767 Engelhard Corp ................................ 1,778 18,250 * General Cable Corp ............................ 99 4,896 Gibraltar Steel Corp .......................... 100 2,562 e* Liquidmetal Technologies, Inc ................. 13 16,180 * Lone Star Technologies, Inc ................... 343 15,716 Matthews International Corp (Class A) ......... 389 21,043 * Maverick Tube Corp ............................ 403 15,767 * Mueller Industries, Inc ....................... 427 6,998 NN, Inc ....................................... 89 9,013 * NS Group, Inc ................................. 88 44,032 Nucor Corp .................................... 2,151 29,500 Precision Castparts Corp ...................... 917 9,405 Quanex Corp ................................... 280 11,300 * RTI International Metals, Inc ................. 122 12,899 Ryerson Tull, Inc ............................. 113 2,484 Schnitzer Steel Industries, Inc (Class A) ..... 110 17,600 * Steel Dynamics, Inc ........................... 241 11,769 Texas Industries, Inc ......................... 280 14,882 Tredegar Corp ................................. 223 55,814 United States Steel Corp ...................... 914 38,270 Worthington Industries, Inc ................... 513 ----------- TOTAL PRIMARY METAL INDUSTRIES 24,117 ---------- PRINTING AND PUBLISHING--0.84% 37,383 e* American Greetings Corp (Class A) ............. 734 14,019 Banta Corp .................................... 454 50,083 Belo Corp (Class A) ........................... 1,120 17,816 Bowne & Co, Inc ............................... 232 6,042 * Bright Horizons Family Solutions, Inc ......... 203 6,110 * Consolidated Graphics, Inc .................... 140 2,080 Courier Corp .................................. 107 1,986 CSS Industries, Inc ........................... 77 27,317 Dow Jones & Co, Inc ........................... 1,175 9,318 Ennis Business Forms, Inc ..................... 136 151,641 Gannett Co, Inc ............................... 11,648 16,320 Harland (John H.) Co .......................... 427 34,681 Harte-Hanks, Inc .............................. 659 29,887 Hollinger International, Inc .................. 322 5,999 * Information Holdings, Inc ..................... 109 15,292 * Journal Register Co ........................... 277 47,439 Knight Ridder, Inc ............................ 3,270 25,195 Lee Enterprises, Inc .......................... 946 17,136 * Mail-Well, Inc ................................ 43 6,852 e* Martha Stewart Living Omnimedia, Inc (Class A) 64 10,481 McClatchy Co (Class A) ........................ 604 110,584 McGraw-Hill Cos, Inc .......................... 6,856 7,209 Media General, Inc (Class A) .................. 412 22,403 Meredith Corp ................................. 986 6,509 New England Business Services, Inc ............ 195 76,840 New York Times Co (Class A) ................... 3,496 7,383 e* Playboy Enterprises, Inc (Class B) ............ 100 78,245 * Primedia, Inc ................................. 239 4,664 Pulitzer, Inc ................................. 230 59,633 R.R. Donnelley & Sons Co ...................... 1,559 55,084 Reader's Digest Association, Inc (Class A) .... 743 17,234 * Scholastic Corp ............................... 513 16,499 Scripps (E.W.) Co (Class A) ................... 1,464 9,980 Standard Register Co .......................... 164 4,090 * Thomas Nelson, Inc ............................ 51 111,712 Tribune Co .................................... 5,396 28,792 * Valassis Communications, Inc .................. 741 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 61 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ PRINTING AND PUBLISHING--(CONTINUED) 2,574 Washington Post Co (Class B) .................. $ 1,886 26,509 Wiley (John) & Sons, Inc (Class A) ............ 695 ---------- TOTAL PRINTING AND PUBLISHING 48,473 ---------- RAILROAD TRANSPORTATION--0.40% 210,784 Burlington Northern Santa Fe Corp ............. 5,995 120,808 CSX Corp ...................................... 3,635 10,092 Florida East Coast Industries, Inc (Class A) .. 258 2,656 Florida East Coast Industries, Inc (Class B) .. 66 6,888 * Genesee & Wyoming, Inc (Class A) .............. 142 34,311 * Kansas City Southern Industries, Inc .......... 413 220,717 Norfolk Southern Corp ......................... 4,238 143,272 Union Pacific Corp ............................ 8,313 ---------- TOTAL RAILROAD TRANSPORTATION 23,060 ---------- REAL ESTATE--0.06% 1,209 * American Realty Investors, Inc ................ 15 2,220 * Avatar Holdings, Inc .......................... 67 7,217 * Big 5 Sporting Goods Corp ..................... 90 46,253 * Catellus Development Corp ..................... 1,018 3,177 Consolidated-Tomoka Land Co ................... 80 1,040 b* Crescent Operating, Inc ....................... 0 12,534 Forest City Enterprises, Inc (Class A) ........ 520 10,900 * Insignia Financial Group, Inc ................. 121 17,300 * Jones Lang LaSalle, Inc ....................... 273 11,560 LNR Property Corp ............................. 432 7,810 * Reading International, Inc .................... 43 16,134 St. Joe Co .................................... 503 54,901 * Stewart Enterprises, Inc (Class A) ............ 236 17,805 * Trammell Crow Co .............................. 189 ---------- TOTAL REAL ESTATE 3,587 ---------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.20% 6,433 * Applied Films Corp ............................ 166 20,485 Aptargroup, Inc ............................... 737 5,900 Bandag, Inc ................................... 220 6,137 CFS Bancorp, Inc .............................. 87 36,500 Cooper Tire & Rubber Co ....................... 642 85,272 e* Goodyear Tire & Rubber Co ..................... 448 3,047 * Gundle/SLT Environmental, Inc ................. 42 8,100 * Jarden Corp ................................... 224 10,733 Myers Industries, Inc ......................... 102 89,872 Nike, Inc (Class B) ........................... 4,807 1 * Packaging Dynamics Corp ....................... 0 3,711 Quixote Corp .................................. 95 3,731 Raven Industries, Inc ......................... 74 27,972 * Reebok International Ltd ...................... 941 16,370 Schulman (A.), Inc ............................ 263 37,400 e* Sealed Air Corp ............................... 1,782 10,516 * Skechers U.S.A., Inc (Class A) ................ 78 8,232 Spartech Corp ................................. 175 4,221 * Trex Co, Inc .................................. 166 29,521 Tupperware Corp ............................... 424 11,009 * Vans, Inc ..................................... 99 ---------- TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 11,572 ---------- SECURITY AND COMMODITY BROKERS--1.93% 45,746 A.G. Edwards, Inc ............................. 1,565 12,293 e* Affiliated Managers Group, Inc ................ 749 107,478 * Ameritrade Holding Corp ....................... 796 53,732 Bear Stearns Cos, Inc ......................... 3,891 9,802 * Blackrock, Inc ................................ 441 601,126 Charles Schwab Corp ........................... 6,065 141 Chicago Mercantile Exchange ................... 10 104,665 CIT Group, Inc ................................ 2,580 2,825 * Commercial Capital Bancorp, Inc ............... 43 190,145 * E*trade Group, Inc ............................ 1,616 33,710 Eaton Vance Corp .............................. 1,065 46,711 Federated Investors, Inc (Class B) ............ 1,281 3,955 First Albany Cos, Inc ......................... 49 92,904 Franklin Resources, Inc ....................... 3,630 3,684 * Gabelli Asset Management, Inc (Class A) ....... 133 158,945 Goldman Sachs Group, Inc ...................... 13,312 32,748 Instinet Group, Inc ........................... 153 27,108 * Investment Technology Group, Inc .............. 504 36,451 Investors Financial Services Corp ............. 1,057 136,088 Janus Capital Group, Inc ...................... 2,232 10,980 Jefferies Group, Inc .......................... 547 45,211 e* Knight Trading Group, Inc ..................... 281 29,004 LaBranche & Co, Inc ........................... 600 36,544 Legg Mason, Inc ............................... 2,374 138,859 Lehman Brothers Holdings, Inc ................. 9,231 525,224 Merrill Lynch & Co, Inc ....................... 24,517 599,632 Morgan Stanley ................................ 25,634 31,880 Neuberger Berman, Inc ......................... 1,272 12,422 Nuveen Investments, Inc ....................... 338 22,029 Raymond James Financial, Inc .................. 728 43,031 SEI Investments Co ............................ 1,377 9,273 * SoundView Technology Group, Inc ............... 94 7,872 SWS Group, Inc ................................ 159 59,763 T Rowe Price Group, Inc ....................... 2,256 800 Value Line, Inc ............................... 39 41,267 Waddell & Reed Financial, Inc (Class A) ....... 1,059 ---------- TOTAL SECURITY AND COMMODITY BROKERS 111,678 ---------- SPECIAL TRADE CONTRACTORS--0.02% 27,257 * Dycom Industries, Inc ......................... 444 8,996 * EMCOR Group, Inc .............................. 444 18,145 * Integrated Electrical Services, Inc ........... 132 4,513 * Matrix Service Co ............................. 78 4,786 * Newtek Business Services, Inc ................. 25 41,400 * Quanta Services, Inc .......................... 294 ---------- TOTAL SPECIAL TRADE CONTRACTORS 1,417 ---------- STONE, CLAY, AND GLASS PRODUCTS--0.16% 3,862 Ameron International Corp ..................... 134 16,062 Apogee Enterprises, Inc ....................... 145 12,876 e* Cabot Microelectronics Corp ................... 650 5,182 CARBO Ceramics, Inc ........................... 193 3,700 Centex Construction Products, Inc ............. 148 716,221 * Corning, Inc .................................. 5,293 11,073 Florida Rock Industries, Inc .................. 457 18,008 Lafarge North America, Inc .................... 556 8,355 Libbey, Inc ................................... 190 62,416 * Owens-Illinois, Inc ........................... 859 20,690 b,e* USG Corp ...................................... 393 ---------- TOTAL STONE, CLAY, AND GLASS PRODUCTS 9,018 ---------- TEXTILE MILL PRODUCTS--0.04% 13,475 Albany International Corp (Class A) ........... 369 1,129 * Hampshire Group Ltd ........................... 34 25,700 * Interface, Inc (Class A) ...................... 119 29,112 * Mohawk Industries, Inc ........................ 1,617 ---------- TOTAL TEXTILE MILL PRODUCTS 2,139 ---------- TOBACCO PRODUCTS--1.01% 1,145,316 Altria Group, Inc ............................. 52,043 22,605 Loews Corp (Carolina Group) ................... 610 49,771 R.J. Reynolds Tobacco Holdings, Inc ........... 1,852 14,611 Universal Corp ................................ 618 95,137 UST, Inc ...................................... 3,333 12,546 Vector Group Ltd .............................. 220 ---------- TOTAL TOBACCO PRODUCTS 58,676 ---------- SEE NOTES TO FINANCIAL STATEMENTS 62 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ TRANSPORTATION BY AIR--0.44% 27,493 Airborne, Inc ................................. $ 575 37,327 e* Airtran Holdings, Inc ......................... 391 13,508 * Alaska Air Group, Inc ......................... 290 16,834 * America West Holdings Corp (Class B) .......... 114 88,243 e* AMR Corp ...................................... 971 22,899 * Atlantic Coast Airlines Holdings, Inc ......... 309 37,185 e* Continental Airlines, Inc (Class B) ........... 557 69,776 Delta Air Lines, Inc .......................... 1,024 16,742 * ExpressJet Holdings, Inc ...................... 253 169,749 FedEx Corp .................................... 10,530 6,460 * Forward Air Corp .............................. 164 16,774 * Frontier Airlines, Inc ........................ 152 27,450 * JetBlue Airways Corp .......................... 1,161 16,725 * Mesa Air Group, Inc ........................... 134 4,700 * Mesaba Holdings, Inc .......................... 29 30,080 e* Northwest Airlines Corp ....................... 340 10,545 * Offshore Logistics, Inc ....................... 229 2,063 * Petroleum Helicopters (Vote) .................. 65 30,367 Skywest, Inc .................................. 579 427,353 Southwest Airlines Co ......................... 7,350 ---------- TOTAL TRANSPORTATION BY AIR 25,217 ---------- TRANSPORTATION EQUIPMENT--2.31% 18,012 * AAR Corp ...................................... 127 3,873 * Aftermarket Technology Corp ................... 41 15,056 * American Axle & Manufacturing Holdings, Inc ... 360 8,800 Arctic Cat, Inc ............................... 169 38,624 ArvinMeritor, Inc ............................. 779 55,399 Autoliv, Inc .................................. 1,500 414,114 Boeing Co ..................................... 14,212 51,193 Brunswick Corp ................................ 1,281 14,187 Clarcor, Inc .................................. 547 7,852 Coachmen Industries, Inc ...................... 94 1,331 Curtiss-Wright Corp (Class B) ................. 83 84,343 Dana Corp ..................................... 975 291,217 Delphi Corp ................................... 2,513 3,524 * Ducommun, Inc ................................. 50 8,773 * Dura Automotive Systems, Inc .................. 83 27,135 Federal Signal Corp ........................... 477 19,700 e* Fleetwood Enterprises, Inc .................... 146 1,010,170 Ford Motor Co ................................. 11,102 17,100 GenCorp, Inc .................................. 152 102,231 General Dynamics Corp ......................... 7,412 266,286 General Motors Corp ........................... 9,586 508,205 * General Motors Corp-Hughes Electronics Corp ... 6,510 42,909 e* Gentex Corp ................................... 1,313 99,170 Genuine Parts Co .............................. 3,174 61,790 Goodrich Corp ................................. 1,298 3,037 * Greenbrier Cos, Inc ........................... 33 172,178 Harley-Davidson, Inc .......................... 6,863 7,918 Heico Corp .................................... 97 465,024 Honeywell International, Inc .................. 12,486 12,100 Kaman Corp (Class A) .......................... 141 208,255 Lockheed Martin Corp .......................... 9,907 3,367 Marine Products Corp .......................... 37 14,500 * Mascotech, Inc (Escrow) ....................... 0 13,706 * Monaco Coach Corp ............................. 210 35,119 * Navistar International Corp ................... 1,146 96,231 Northrop Grumman Corp ......................... 8,304 8,483 Oshkosh Truck Corp ............................ 503 61,604 Paccar, Inc ................................... 4,153 12,934 Polaris Industries, Inc ....................... 794 3,476 * Sequa Corp (Class A) .......................... 119 13,568 e* Sports Resorts International, Inc ............. 66 3,458 Standard Motor Products, Inc .................. 38 1,812 * Strattec Security Corp ........................ 96 12,033 Superior Industries International, Inc. ....... 502 17,194 * Teledyne Technologies, Inc .................... 225 22,203 * Tenneco Automotive, Inc ....................... 80 66,926 Textron, Inc .................................. 2,611 8,700 Thor Industries, Inc .......................... 355 19,977 Trinity Industries, Inc ....................... 370 7,947 * Triumph Group, Inc ............................ 224 11,781 * United Defense Industries, Inc ................ 306 264,656 United Technologies Corp ...................... 18,746 74,454 Visteon Corp .................................. 511 14,800 * Wabash National Corp .......................... 208 19,112 Wabtec Corp ................................... 266 6,749 Winnebago Industries, Inc ..................... 256 ---------- TOTAL TRANSPORTATION EQUIPMENT 133,637 ---------- TRANSPORTATION SERVICES--0.13% 2,845 * Ambassadors Group, Inc ........................ 40 38,006 C.H. Robinson Worldwide, Inc .................. 1,351 19,650 * EGL, Inc ...................................... 299 19,817 e* Expedia, Inc .................................. 1,520 53,381 Expeditors International of Washington, Inc ... 1,849 23,634 GATX Corp ..................................... 386 7,184 * Navigant International, Inc ................... 93 3,250 * Pacer International, Inc ...................... 61 16,725 * RailAmerica, Inc .............................. 141 82,232 Sabre Holdings Corp ........................... 2,027 ---------- TOTAL TRANSPORTATION SERVICES 7,767 ---------- TRUCKING AND WAREHOUSING--0.40% 12,300 Arkansas Best Corp ............................ 293 25,493 CNF, Inc ...................................... 647 4,139 * Covenant Transport, Inc (Class A) ............. 70 17,032 * Heartland Express, Inc ........................ 379 12,555 * Hunt (J.B.) Transport Services, Inc ........... 474 8,694 * Landstar System, Inc .......................... 546 5,708 * Old Dominion Freight Line ..................... 123 1,573 * P.A.M. Transportation Services ................ 38 6,500 Roadway Corp .................................. 185 8,500 * SCS Transportation, Inc ....................... 107 35,089 * Swift Transportation Co, Inc .................. 653 2,846 * U.S. Xpress Enterprises, Inc (Class A) ........ 30 287,524 United Parcel Service, Inc (Class B) .......... 18,315 15,038 USF Corp ...................................... 406 21,866 Werner Enterprises, Inc ....................... 464 16,200 * Yellow Corp ................................... 375 ---------- TOTAL TRUCKING AND WAREHOUSING 23,105 ---------- WATER TRANSPORTATION--0.03% 23,300 Alexander & Baldwin, Inc ...................... 618 7,394 * Gulfmark Offshore, Inc ........................ 125 10,738 * Kirby Corp .................................... 303 3,918 Maritrans, Inc ................................ 57 15,224 Overseas Shipholding Group, Inc ............... 335 6,605 * Seabulk International, Inc .................... 59 ---------- TOTAL WATER TRANSPORTATION 1,497 ---------- WHOLESALE TRADE-DURABLE GOODS--1.83% 3,212 e* 1-800 Contacts, Inc ........................... 79 8,668 Action Performance Cos, Inc ................... 165 5,958 * Alliance Imaging, Inc ......................... 26 17,457 * Anixter International, Inc .................... 409 56,960 e* Apogent Technologies, Inc ..................... 1,139 10,829 Applied Industrial Technologies, Inc .......... 228 57,207 * Arrow Electronics, Inc ........................ 872 9,900 * Audiovox Corp (Class A) ....................... 111 11,475 * Aviall, Inc ................................... 130 64,092 * Avnet, Inc .................................... 813 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 63 Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ WHOLESALE TRADE-DURABLE GOODS--(CONTINUED) 6,791 Barnes Group, Inc ............................. $ 148 15,002 BorgWarner, Inc ............................... 966 9,345 * Boyds Collection Ltd .......................... 44 17,320 Carlisle Cos, Inc ............................. 730 33,306 * CDW Corp ...................................... 1,525 13,688 Commercial Metals Co .......................... 244 11,652 * Compucom Systems, Inc ......................... 53 6,341 * Department 56, Inc ............................ 97 8,375 * Global Imaging Systems, Inc ................... 194 13,800 * Handleman Co .................................. 221 13,600 Hughes Supply, Inc ............................ 472 81,900 IKON Office Solutions, Inc .................... 729 9,163 * Imagistics International, Inc ................. 236 46,600 * Ingram Micro, Inc (Class A) ................... 513 23,504 * Insight Enterprises, Inc ...................... 236 5,078 * Insurance Auto Auctions, Inc .................. 64 1,679,261 Johnson & Johnson ............................. 86,818 5,751 * Keystone Automotive Industries, Inc ........... 105 13,622 * Knight Transportation, Inc .................... 339 3,000 Lawson Products, Inc .......................... 83 27,542 Martin Marietta Materials, Inc ................ 926 12,800 b,e* MCSi, Inc ..................................... 1 15,100 b* Neuromedical Systems, Inc ..................... 1 2,286 * NII Holdings, Inc (Class B) ................... 87 372 Noland Co ..................................... 13 19,367 Owens & Minor, Inc ............................ 433 30,477 * Patterson Dental Co ........................... 1,383 27,203 Pep Boys-Manny Moe & Jack ..................... 368 17,074 Pioneer-Standard Electronics, Inc ............. 145 5,162 * Pomeroy IT Solutions, Inc ..................... 57 40,776 * PSS World Medical, Inc ........................ 234 13,400 Reliance Steel & Aluminum Co .................. 277 66,900 * Safeguard Scientifics, Inc .................... 181 6,043 * Scansource, Inc ............................... 162 10,200 e* SCP Pool Corp ................................. 351 9,386 * TBC Corp ...................................... 179 28,571 * Tech Data Corp ................................ 763 253 * Timco Aviation Services, Inc .................. 0 808 e* Timco Aviation Services, Inc Wts 02/27/07 ..... 0 44,321 W.W. Grainger, Inc ............................ 2,072 10,029 Watsco, Inc ................................... 166 7,221 * WESCO International, Inc ...................... 43 15,534 e* Zoran Corp .................................... 298 ---------- TOTAL WHOLESALE TRADE-DURABLE GOODS 105,929 ---------- WHOLESALE TRADE-NONDURABLE GOODS--0.86% 5,023 Aceto Corp .................................... 93 23,400 Acuity Brands, Inc ............................ 425 8,200 Advanced Marketing Services, Inc .............. 107 33,000 Airgas, Inc ................................... 553 13,659 * Allscripts Healthcare Solutions, Inc .......... 50 62,709 AmerisourceBergen Corp ........................ 4,349 19,715 Brown-Forman Corp (Class B) ................... 1,550 255,168 Cardinal Health, Inc .......................... 16,407 3,933 * Central European Distribution Corp ............ 79 20,251 * Chiquita Brands International, Inc ............ 294 7,661 D&K Healthcare Resources, Inc ................. 124 9,039 b,e* Daisytek International Corp ................... 1 23,725 DIMON, Inc .................................... 170 18,481 * Endo Pharmaceuticals Holdings, Inc ............ 313 24,708 b,e Fleming Cos, Inc .............................. 3 8,698 Getty Realty Corp ............................. 194 2,004 * Green Mountain Coffee, Inc .................... 38 13,280 * Hain Celestial Group, Inc ..................... 212 22,600 * Henry Schein, Inc ............................. 1,183 4,226 * Kenneth Cole Productions, Inc (Class A) ....... 82 1,395 * Maui Land & Pineapple Co ...................... 31 154,855 McKesson Corp ................................. 5,535 16,420 * Men's Wearhouse, Inc .......................... 359 6,590 Nash Finch Co ................................. 110 24,900 Nu Skin Enterprises, Inc (Class A) ............ 260 25,000 * Performance Food Group Co ..................... 925 34,834 Perrigo Co .................................... 545 13,592 * Plains Resources, Inc ......................... 192 5,570 f* Priority Healthcare Corp (Class A) ............ 103 9,004 * Priority Healthcare Corp (Class B) ............ 167 13,608 Russell Corp .................................. 259 9,215 e* School Specialty, Inc ......................... 262 6,500 * Smart & Final, Inc ............................ 30 6,545 * Source Interlink Cos, Inc ..................... 50 6,081 Standard Commercial Corp ...................... 103 21,607 Stride Rite Corp .............................. 215 74,599 Supervalu, Inc ................................ 1,590 367,453 Sysco Corp .................................... 11,038 7,570 * Tractor Supply Co ............................. 361 10,509 * United Natural Foods, Inc ..................... 296 17,030 * United Stationers, Inc ........................ 616 14,176 Valhi, Inc .................................... 136 6,504 * VistaCare, Inc (Class A) ...................... 158 1,058 Weyco Group, Inc .............................. 49 ---------- TOTAL WHOLESALE TRADE-NONDURABLE GOODS 49,617 ---------- TOTAL COMMON STOCK (COST $5,823,265) 5,702,223 ---------- TIAA-CREF MUTUAL FUND--0.64% 4,719,818 TIAA-CREF Institutional Equity Index Fund 36,862 ---------- TOTAL TIAA-CREF MUTUAL FUND (COST $35,359) 36,862 ---------- PRINCIPAL --------- SHORT TERM INVESTMENTS--3.62% CERTIFICATES OF DEPOSIT--0.19% First Tennessee National Bank $ 11,000,000 1.210%, 07/31/03 .............................. 11,001 ---------- TOTAL CERTIFICATES OF DEPOSIT 11,001 ---------- COMMERCIAL PAPER--1.79% Bellsouth Corp 5,300,000 c 0.950%, 07/02/03 .............................. 5,300 Ciesco LP 11,800,000 c,d 1.220%, 08/07/03 .............................. 11,787 Coca-Cola Enterprises, Inc 11,800,000 c 1.030%, 07/16/03 .............................. 11,795 Corporate Asset Funding Corp, Inc 6,600,000 c 1.030%, 07/17/03 .............................. 6,597 Govco, Inc 11,800,000 c 0.930%, 09/15/03 .............................. 11,774 Johnson & Johnson 10,000,000 c 1.210%, 07/15/03 .............................. 9,996 Merck & Co, Inc 11,800,000 1.070%, 07/11/03 .............................. 11,796 Receivables Capital Corp 11,800,000 c 1.120%, 07/02/03 .............................. 11,799 Sigma Finance, Inc 11,800,000 c 1.160%, 09/02/03 .............................. 11,778 UBS Finance (Delaware), Inc 11,000,000 0.990%, 07/21/03 10,993 ---------- TOTAL COMMERCIAL PAPER 103,615 ---------- SEE NOTES TO FINANCIAL STATEMENTS 64 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - EQUITY INDEX ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ------------ U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--1.64% Federal Home Loan Bank (FHLB) $21,520,000 0.910%, 07/09/03 $ 21,515 26,600,000 0.970%, 07/16/03 26,589 10,000,000 1.175%, 07/30/03 9,992 Federal National Mortgage Association (FNMA) 675,000 0.910%, 07/07/03 675 4,200,000 1.180%, 07/07/03 4,199 11,600,000 1.185%, 07/07/03 11,598 20,000,000 1.170%, 08/20/03 19,973 ---------- TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 94,541 ---------- TOTAL SHORT TERM INVESTMENTS (COST $209,150) 209,157 ---------- TOTAL PORTFOLIO--102.88% (COST $6,068,221) $5,948,722 OTHER ASSETS & LIABILITIES--(2.88)% (166,463) ---------- NET ASSETS--100% $5,782,259 ========== - ---------- * 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 June 30,2003, the value of these securities amounted to $133 or 0.00% of net assets. SECURITY ACQUISTION DATE ACQUISITION COST - -------- --------------- ---------------- National Health Investors, Inc. 01/10/01 $30,000 Priority Healthcare Corp (Class A) 01/04/99 67,236 ------- $97,236 ------- Note that the funds may use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 65 Statements of Assets and Liabilities (Unaudited)
June 30, 2003 Money Market Inflation-Linked Bond Market Social Choice Equity Index (amounts in thousands, except amounts per Account Bond Account Account Account Account per accumulation unit) ASSETS Portfolio investments, at cost $7,236,038 $2,644,892 $6,555,184 $5,071,751 $6,068,221 Net unrealized appreciation (depreciation) of portfolio investments 726 242,006 173,613 426,124 (119,499) ---------- ---------- ---------- ---------- ---------- Portfolio investments, at value (including securities loaned of $-, $54,152, $271,595, $312,091 and $180,087, respectively) 7,236,764 2,886,898 6,728,797 5,497,875 5,948,722 Cash 39,979 201,055 101,274 42,478 9,402 Dividends and interest receivable 1,372 32,985 56,877 22,487 10,192 Receivable from securities transactions 17 45,158 394,205 208,843 78,639 Amounts due from TIAA 3,612 3,119 5,693 3,550 7,793 ---------- ---------- ---------- ---------- ---------- TOTAL ASSETS 7,281,744 3,169,215 7,286,846 5,775,233 6,054,748 ---------- ---------- ---------- ---------- ---------- LIABILITIES Deposits for securities loaned--Note 3 -- 54,987 277,838 320,485 190,003 Amounts due to banks -- -- -- 5,818 -- Payable for securities transactions 40,003 206,308 918,822 377,601 82,486 ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES 40,003 261,295 1,196,660 703,904 272,489 ---------- ---------- ---------- ---------- ---------- NET ASSETS Accumulation Fund 6,992,622 2,797,282 5,916,548 4,894,329 5,642,549 Annuity Fund 249,119 110,638 173,638 177,000 139,710 ---------- ---------- ---------- ---------- ---------- TOTAL NET ASSETS $7,241,741 $2,907,920 $6,090,186 $5,071,329 $5,782,259 ========== ========== ========== ========== ========== ACCUMULATION UNITS OUTSTANDING--Notes 4 and 5 321,848 67,658 82,525 53,620 93,343 ========== ========== ========== ========== ========== NET ASSET VALUE PER ACCUMULATION UNIT--Note 4 $ 21.73 $ 41.34 $ 71.69 $ 91.28 $ 60.45 ========== ========== ========== ========== ==========
- -------------------------------------------------------------------------------- Statements of Operations (Unaudited)
Six Months Ended June 30, 2003 Money Market Inflation-Linked Bond Market Social Choice Equity Index (amounts in thousands) Account Bond Account Account Account Account INVESTMENT INCOME Income: Interest $ 49,005 $ 73,536 $ 122,857 $ 39,248 $ 1,597 Dividends -- -- 124 24,261 45,980 --------- --------- --------- --------- --------- TOTAL INCOME 49,005 73,536 122,981 63,509 47,577 --------- --------- --------- --------- --------- Expenses--Note 2: Investment 2,853 1,638 3,730 2,719 2,928 Operating 14,927 5,131 10,700 11,409 10,714 --------- --------- --------- --------- --------- TOTAL EXPENSES 17,780 6,769 14,430 14,128 13,642 --------- --------- --------- --------- --------- INVESTMENT INCOME--NET 31,225 66,767 108,551 49,381 33,935 --------- --------- --------- --------- --------- REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS--Note 3 Net realized gain (loss) on: Portfolio investments 2 45,012 144,794 22,589 (20,468) Futures transactions -- -- -- -- 839 --------- --------- --------- --------- --------- NET REALIZED GAIN (LOSS) ON TOTAL INVESTMENTS 2 45,012 144,794 22,589 (19,629) --------- --------- --------- --------- --------- Net change in unrealized appreciation (depreciation) on: Portfolio investments (739) 49,472 (1,367) 363,092 604,227 Futures transactions -- -- -- -- (43) --------- --------- --------- --------- --------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON TOTAL INVESTMENTS (739) 49,472 (1,367) 363,092 604,184 --------- --------- --------- --------- --------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS (737) 94,484 143,427 385,681 584,555 --------- --------- --------- --------- --------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 30,488 $ 161,251 $ 251,978 $ 435,062 $ 618,490 ========= ========= ========= ========= =========
See notes to financial statements 66 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statements of Cash Flows (Unaudited)
Six Months Ended June 30, 2003 Money Market Inflation-Linked Bond Market Social Choice Equity Index (amounts in thousands) Account Bond Account Account Account Account CASH FLOWS FROM OPERATING ACTIVITIES: Net increase in net assets resulting from operations $ 30,488 $ 161,251 $ 251,978 $ 435,062 $ 618,490 Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: Proceeds from sales of long-term securities -- 1,618,728 9,715,071 2,366,418 29,702 Purchases of long term securities -- (1,639,701) (9,414,683) (2,594,798) (463,613) (Purchases) sales of short-term investments--net 299,250 89,691 568,103 230,448 (30,107) Decrease in receivables (693) (5,000) (8,993) (6,174) (4,061) Increase (decrease) in payables (971) (106,162) (71,362) (3,875) 22,151 Net realized (gain) loss on total investments (2) (45,012) (144,794) (22,589) 19,629 Net change in unrealized (appreciation) depreciation on total investments 739 (49,472) 1,367 (363,092) (604,184) --------- ----------- ----------- ----------- ---------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 328,811 24,323 896,687 41,400 (411,993) --------- ----------- ----------- ----------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Premiums 359,113 150,537 251,868 253,440 321,719 Net transfers from (to) TIAA (183,517) (28,440) (21,323) (17,086) 7,836 Net transfers from (to) other CREF Accounts and affiliated mutual funds (168,810) 98,174 (78,430) 70,849 141,079 Annuity payments (25,040) (6,955) (14,117) (9,362) (9,959) Withdrawals and death benefits (270,618) (36,681) (86,004) (43,824) (48,686) Payments from participation in dollar roll transactions--net -- -- (850,331) (262,434) -- --------- ----------- ----------- ----------- ---------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (288,872) 176,635 (798,337) (8,417) 411,989 --------- ----------- ----------- ----------- ---------- INCREASE (DECREASE) IN CASH 39,939 200,958 98,350 32,983 (4) CASH Beginning of year 40 97 2,924 9,495 9,406 --------- ----------- ----------- ----------- ---------- End of period $ 39,979 $ 201,055 $ 101,274 $ 42,478 $ 9,402 ========= =========== =========== =========== ==========
See notes to financial statements 2003 SEMIANNUAL REPORT College Retirement Equities Fund 67 Statements of Changes in Net Assets
Money Market Inflation-Linked Bond Bond Market Account Account Account --------------------------- --------------------------- --------------------------- Six Months Year Ended Six Months Year Ended Six Months Year Ended Ended December 31, Ended December 31, Ended December 31, June 30, 2003 2002 June 30, 2003 2002 June 30, 2003 2002 ------------- ------------ ------------- ------------ ------------- ------------ (Unaudited) (Unaudited) (Unaudited) FROM OPERATIONS Investment income--net $ 31,225 $ 110,249 $ 66,767 $ 82,797 $ 108,551 $ 241,793 Net realized gain (loss) on total investments 2 172 45,012 (4,953) 144,794 89,529 Net change in unrealized appreciation (depreciation) on total investments (739) (1,923) 49,472 189,445 (1,367) 161,097 ---------- ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 30,488 108,498 161,251 267,289 251,978 492,419 ---------- ---------- ---------- ---------- ---------- ---------- FROM PARTICIPANT TRANSACTIONS Premiums 359,113 658,721 150,537 184,414 251,868 433,028 Net transfers from (to) TIAA (183,517) (536,818) (28,440) 23,744 (21,323) (66,924) Net transfers from (to) other CREF Accounts and affiliated mutual funds (168,810) 407,136 98,174 929,995 (78,430) 555,947 Annuity payments (25,040) (58,075) (6,955) (10,434) (14,117) (30,940) Withdrawals and death benefits (270,618) (559,293) (36,681) (57,235) (86,004) (175,036) ---------- ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS (288,872) (88,329) 176,635 1,070,484 51,994 716,075 ---------- ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN NET ASSETS (258,384) 20,169 337,886 1,337,773 303,972 1,208,494 NET ASSETS Beginning of year 7,500,125 7,479,956 2,570,034 1,232,261 5,786,214 4,577,720 ---------- ---------- ---------- ---------- ---------- ---------- End of period $7,241,741 $7,500,125 $2,907,920 $2,570,034 $6,090,186 $5,786,214 ========== ========== ========== ========== ========== ========== Social Choice Equity Index Account Account --------------------------- --------------------------- Six Months Year Ended Six Months Year Ended Ended December 31, Ended December 31, June 30, 2003 2002 June 30, 2003 2002 ------------- ------------ ------------- ------------ (Unaudited) (Unaudited) $ 49,381 $ 119,926 $ 33,935 $ 63,965 22,589 (10,236) (19,629) (140,879) 363,092 (538,541) 604,184 (1,216,213) ---------- ---------- ---------- ----------- 435,062 (428,851) 618,490 (1,293,127) ---------- ---------- ---------- ----------- 253,440 468,664 321,719 663,014 (17,086) (88,384) 7,836 (61,371) 70,849 122,937 141,079 266,275 (9,362) (21,073) (9,959) (24,713) (43,824) (84,697) (48,686) (120,618) ---------- ---------- ---------- ----------- 254,017 397,447 411,989 722,587 ---------- ---------- ---------- ----------- 689,079 (31,404) 1,030,479 (570,540) 4,382,250 4,413,654 4,751,780 5,322,320 ---------- ---------- ---------- ----------- $5,071,329 $4,382,250 $5,782,259 $ 4,751,780 ========== ========== ========== ===========
See notes to financial statements - -------------------------------------------------------------------------------- Notes to Financial Statements NOTE 1--SIGNIFICANT ACCOUNTING POLICIES - -------------------------------------------------------------------------------- The purpose of College Retirement Equities Fund ("CREF"), as stated in its charter, is to aid and strengthen nonprofit educational and research organizations, governmental entities and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end management investment company. It consists of eight investment portfolios ("Accounts"). The accompanying financial statements are those of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice and Equity Index Accounts. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States which may require the use of estimates made by management. Actual results may vary from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts. VALUATION OF INVESTMENTS. Equity securities listed or traded on a national market or 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 the 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 (other than those in the Money Market Account), 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. For the Money Market Account, money 68 College Retirement Equities Fund 2003 SEMIANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) - -------------------------------------------------------------------------------- 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, for the Money Market Account, 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. Stock index futures and options, which are traded on commodities exchanges, are valued at the last sale prices 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 an Account's net asset value is calculated. ACCOUNTING FOR INVESTMENTS. Securities transactions are accounted for as of the trade date. Interest income is recorded as earned and includes amortization of discounts and premiums. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Accounts are informed of the ex-dividend date. Realized gains and losses on securities transactions are accounted for on the average cost basis for all the Accounts, except for the Inflation-Linked Bond Account. For the Inflation-Linked Bond Account, effective July 1, 2002, realized gains and losses on securities transactions are accounted for on the specific identification method. DOLLAR ROLL TRANSACTIONS. Certain of the Accounts may enter into dollar rolls in which the Account sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period, the Account forgoes principal and interest paid on the securities. Dollar rolls are recorded as financing transactions. Dollar rolls can enhance the Account's return by earning a spread between the yield on the underlying securities and short-term interest rates. The use of dollar roll transactions by the Bond Market and Social Choice Accounts results in borrowings by these Accounts requiring the presentation of a statement of cash flows. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION. Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. FORWARD FOREIGN CURRENCY CONTRACTS. The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to-market" at the end of each day's trading. The Accounts are also exposed to credit risk associated with counterparty nonperformance on these forward currency exchange contracts which is typically limited to the unrealized gain on each open contract. SECURITIES LENDING. The Accounts may lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. FUTURES CONTRACTS. The Accounts may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Accounts may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Accounts to the risk that the transaction may not be consummated. RESTRICTED SECURITIES. Restricted securities held by the Accounts, 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 2003 SEMIANNUAL REPORT College Retirement Equities Fund 69 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (CONCLUDED) - -------------------------------------------------------------------------------- than the risk of investing in securities which are widely held and publicly traded. Federal Income Taxes. CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code ("Code"), not as a regulated investment company under Subchapter M of the Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. NOTE 2--MANAGEMENT AGREEMENTS - -------------------------------------------------------------------------------- Investment advisory services for the CREF Accounts are provided by TIAA-CREF Investment Management, LLC ("Investment Management"), in accordance with an Investment Management Service Agreement with CREF. Investment Management is a registered investment adviser and a wholly-owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), a companion organization of CREF. Administrative services for the CREF Accounts and distribution functions for CREF's certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. ("Services") in accordance with a Principal Underwriting and Administrative Services Agreement with CREF. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive management fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to each Account's actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly. TIAA provides guarantees for the CREF Accounts for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. NOTE 3--INVESTMENTS - -------------------------------------------------------------------------------- At June 30, 2003, the market value of securities loaned and collateral received were as follows: Inflation- Linked Bond Social Equity Bond Market Choice Index Account Account Account Account Market value of securities loaned $54,152,349 $271,595,189 $312,090,670 $180,087,279 Cash collateral 54,986,892 277,838,497 320,485,332 190,002,996 At June 30, 2003, net unrealized appreciation (depreciation) of portfolio investments for each of the Accounts, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows: Gross Gross Net Unrealized Unrealized Unrealized Appreciation Appreciation Depreciation (Depreciation) Money Market Account $ 1,101,140 $ 375,589 $ 725,551 Inflation-Linked Bond Account 249,395,137 7,389,240 242,005,897 Bond Market Account 187,919,146 14,305,654 173,613,492 Social Choice Account 769,300,153 343,175,702 426,124,451 Equity Index Account 739,945,063 859,443,959 (119,498,896) At June 30, 2003 the Equity Index Account held 33 open futures contracts in the Standard & Poor's 500 Index, expiring in September 2003, with a value of $8,029,725 and an unrealized loss of $268,357. Purchases and sales of portfolio securities of unaffiliated issuers, other than short-term money market instruments, for the Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index Accounts for the six months ended June 30, 2003, were as follows: Inflation- Linked Bond Social Equity Bond Market Choice Index Account Account Account Account Purchases $1,833,505,051 $9,809,540,843 $2,663,771,541 $531,319,056 Sales 1,663,574,862 9,810,906,341 2,445,901,317 107,751,433 70 College Retirement Equities Fund 2003 SEMIANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 4--CONDENSED FINANCIAL INFORMATION - -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below.
MONEY MARKET ACCOUNT -------------------------------------------------------------------------- Six Months Years Ended December 31, Ended -------------------------------------------------------- June 30, 2003(a) 2002 2001 2000 1999 1998 ---------------- (Unaudited) PER ACCUMULATION UNIT DATA: Investment income $ .142 $ .407 $ .888 $ 1.273 $ .976 $ .998 Expenses .052 .082 .069 .055 .057 .054 -------------------------------------------------------------------------- Investment income--net .090 .325 .819 1.218 .919 .944 Net realized and unrealized gain (loss) on total investments (.002) (.005) .009 .007 (.005) .005 -------------------------------------------------------------------------- Net increase in Accumulation Unit Value .088 .320 .828 1.225 .914 .949 Accumulation Unit Value: Beginning of year 21.638 21.318 20.490 19.265 18.351 17.402 -------------------------------------------------------------------------- End of period $21.726 $21.638 $21.318 $20.490 $19.265 $18.351 ========================================================================== TOTAL RETURN 0.41% 1.50% 4.04% 6.36% 4.98% 5.45% RATIOS TO AVERAGE NET ASSETS: Expenses 0.24% 0.38% 0.33% 0.28% 0.30% 0.30% Investment income--net 0.42% 1.51% 3.88% 6.12% 4.90% 5.27% PORTFOLIO TURNOVER RATE N/A N/A N/A N/A N/A N/A THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD 321,848 334,898 338,791 315,206 354,754 312,358
INFLATION-LINKED BOND ACCOUNT -------------------------------------------------------------------------- Six Months Years Ended December 31, Ended -------------------------------------------------------- June 30, 2003(a) 2002 2001 2000 1999 1998 ---------------- (Unaudited) PER ACCUMULATION UNIT DATA: Investment income $ 1.030 $ 1.797 $ 1.816 $ 2.113 $ 1.730 $ 1.256 Expenses 0.095 0.147 0.122 0.083 0.099 0.086 -------------------------------------------------------------------------- Investment income--net 0.935 1.650 1.694(b) 2.030 1.631 1.170 Net realized and unrealized gain (loss) on total investments 1.438 3.817 0.692(b) 1.491 (1.062) (0.260) -------------------------------------------------------------------------- Net increase in Accumulation Unit Value 2.373 5.467 2.386 3.521 0.569 0.910 Accumulation Unit Value: Beginning of year 38.971 33.504 31.118 27.597 27.028 26.118 -------------------------------------------------------------------------- End of period $41.344 $38.971 $33.504 $31.118 $27.597 $27.028 ========================================================================== TOTAL RETURN 6.09% 16.32% 7.67% 12.76% 2.10% 3.48% RATIOS TO AVERAGE NET ASSETS: Expenses 0.24% 0.41% 0.36% 0.29% 0.36% 0.33% Investment income--net 2.35% 4.56% 4.93%(b) 6.97% 5.99% 4.50% PORTFOLIO TURNOVER RATE 59.60% 31.33% 42.16% 17.17% 54.35% 40.98% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD 67,658 63,825 35,274 15,188 4,757 5,112
2003 SEMIANNUAL REPORT College Retirement Equities Fund 71 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 4--CONDENSED FINANCIAL INFORMATION (CONTINUED) - --------------------------------------------------------------------------------
BOND MARKET ACCOUNT -------------------------------------------------------------------------- Six Months Years Ended December 31, Ended -------------------------------------------------------- June 30, 2003(a) 2002 2001 2000 1999 1998 ---------------- (Unaudited) PER ACCUMULATION UNIT DATA: Investment income $ 1.442 $ 3.317 $ 3.258 $ 3.636 $ 3.289 $ 3.156 Expenses 0.169 0.261 0.242 0.174 0.166 0.158 -------------------------------------------------------------------------- Investment income--net 1.273 3.056 3.016(b) 3.462 3.123 2.998 Net realized and unrealized gain (loss) on total investments 1.684 3.236 1.571(b) 2.621 (3.711) 1.150 -------------------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value 2.957 6.292 4.587 6.083 (0.588) 4.148 Accumulation Unit Value: Beginning of year 68.737 62.445 57.858 51.775 52.363 48.215 -------------------------------------------------------------------------- End of period $71.694 $68.737 $62.445 $57.858 $51.775 $52.363 ========================================================================== TOTAL RETURN 4.30% 10.08% 7.93% 11.75% (1.12%) 8.60% RATIOS TO AVERAGE NET ASSETS: Expenses 0.24% 0.41% 0.43% 0.33% 0.32% 0.32% Investment income--net 1.82% 4.75% 5.36%(b) 6.50% 6.03% 5.98% PORTFOLIO TURNOVER RATE 172.80% 249.41% 257.02% 377.44%(C) 656.58% 525.32% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD 82,525 81,952 71,368 54,745 54,918 57,481
SOCIAL CHOICE ACCOUNT -------------------------------------------------------------------------- Six Months Years Ended December 31, Ended -------------------------------------------------------- June 30, 2003(a) 2002 2001 2000 1999 1998 ---------------- (Unaudited) PER ACCUMULATION UNIT DATA: Investment income $ 1.178 $ 2.687 $ 2.766 $ 3.188 $ 2.898 $ 2.679 Expenses 0.262 0.337 0.352 0.282 0.293 0.249 -------------------------------------------------------------------------- Investment income--net 0.916 2.350 2.414(b) 2.906 2.605 2.430 Net realized and unrealized gain (loss) on total investments 7.072 (10.756) (7.003)(b) (2.582) 6.752 11.159 -------------------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value 7.988 (8.406) (4.589) 0.324 9.357 13.589 Accumulation Unit Value: Beginning of year 83.291 91.697 96.286 95.962 86.605 73.016 -------------------------------------------------------------------------- End of period $91.279 $83.291 $91.697 $96.286 $95.962 $86.605 ========================================================================== TOTAL RETURN 9.59% (9.17%) (4.77%) 0.34% 10.80% 18.61% RATIOS TO AVERAGE NET ASSETS: Expenses 0.31% 0.39% 0.40% 0.30% 0.32% 0.31% Investment income--net 1.07% 2.75% 2.77%(b) 3.04% 2.88% 3.07% PORTFOLIO TURNOVER RATE 53.86% 92.82% 68.64% 117.10%(C) 206.44% 147.90% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD 53,620 50,707 46,290 42,550 41,355 37,211
72 College Retirement Equities Fund 2003 SEMIANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (CONCLUDED) - -------------------------------------------------------------------------------- NOTE 4--CONDENSED FINANCIAL INFORMATION (CONCLUDED) - --------------------------------------------------------------------------------
EQUITY INDEX ACCOUNT -------------------------------------------------------------------------- Six Months Years Ended December 31, Ended -------------------------------------------------------- June 30, 2003(a) 2002 2001 2000 1999 1998 ---------------- (Unaudited) PER ACCUMULATION UNIT DATA: Investment income $ .522 $ 1.003 $ .973 $ 1.055 $ 1.012 $ .953 Expenses .150 .248 .258 .233 .225 .190 -------------------------------------------------------------------------- Investment income--net 0.372 .755 .715 .822 .787 .763 Net realized and unrealized gain (loss) on total investments 6.301 (15.713) (9.849) (7.216) 13.733 12.789 -------------------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value 6.673 (14.958) (9.134) (6.394) 14.520 13.552 Accumulation Unit Value: Beginning of year 53.777 68.735 77.869 84.263 69.743 56.191 -------------------------------------------------------------------------- End of period $60.450 $53.777 $68.735 $77.869 $84.263 $69.743 ========================================================================== TOTAL RETURN 12.41% (21.76%) (11.73%) (7.59%) 20.82% 24.12% RATIOS TO AVERAGE NET ASSETS: Expenses 0.27% 0.41% 0.37% 0.28% 0.30% 0.31% Investment income--net 0.67% 1.26% 1.02% 0.98% 1.05% 1.24% PORTFOLIO TURNOVER RATE 2.15% 7.02% 6.14% 9.42% 4.89% 3.98% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD 93,343 86,020 75,254 62,018 57,249 47,997
(a) The percentages shown for this period are not annualized. (b) As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums and discounts on all debt securities. For the Inflation-Linked Bond Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income--net per Accumulation Unit by $.031, increase net realized and unrealized gain per Accumulation Unit by $.031 and decrease the ratio of investment income--net to average net assets by .11%. For the Bond Market Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income--net per Accumulation Unit by $.067, increase net realized and unrealized gain per Accumulation Unit by $.067 and decrease the ratio of investment income--net to average net assets by .12%. For the Social Choice Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income--net per Accumulation Unit by $.019, increase net realized and unrealized loss per Accumulation Unit by $.019 and decrease the ratio of investment income--net to average net assets by .02%. For the Money Market and Equity Index Accounts the change had no effect on the condensed financial information. Per Accumulation Unit amounts and ratios for the periods prior to January 1, 2001 have not been restated to reflect this change in presentation. (c) During 2000, the Bond Market and Social Choice Accounts began structuring dollar rolls as financing transactions (see note 1); had these transactions been treated for the entire year as purchases and sales, rather than as financing transactions, the portfolio turnover rates for the year ended December 31, 2000 would have been 552.94% and 196.05%, respectively. NOTE 5--ACCUMULATION UNITS - -------------------------------------------------------------------------------- Changes in the number of Accumulation Units outstanding were as follows:
Money Market Inflation-Linked Bond Bond Market Account Account Account --------------------------- --------------------------- --------------------------- Six Months Year Ended Six Months Year Ended Six Months Year Ended Ended December 31, Ended December 31, Ended December 31, June 30, 2003 2002 June 30, 2003 2002 June 30, 2003 2002 (Unaudited) (Unaudited) (Unaudited) Accumulation Units: Credited for premiums 16,562,352 30,648,525 3,743,770 5,034,886 3,592,523 6,628,310 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (29,613,150) (34,540,665) 89,143 23,516,396 (3,019,970) 3,956,067 Outstanding: Beginning of year 334,898,408 338,790,548 63,825,317 35,274,035 81,952,346 71,367,969 ----------- ----------- ---------- ---------- ---------- ---------- End of period 321,847,610 334,898,408 67,658,230 63,825,317 82,524,899 81,952,346 =========== =========== ========== ========== ========== ========== Social Choice Equity Index Account Account - --------------------------- --------------------------- Six Months Year Ended Six Months Year Ended Ended December 31, Ended December 31, June 30, 2003 2002 June 30, 2003 2002 (Unaudited) (Unaudited) 2,972,012 5,438,197 5,855,548 11,076,265 (59,517) (1,021,310) 1,466,871 (309,776) 50,707,123 46,290,236 86,020,312 75,253,823 ---------- ---------- ---------- ---------- 53,619,618 50,707,123 93,342,731 86,020,312 ========== ========== ========== ==========
NOTE 6--LINES OF CREDIT - -------------------------------------------------------------------------------- The Inflation-Linked Bond, Social Choice and Equity Index Accounts participate in a $2.25 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Investment Management, or an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During six months ended June 30, 2003, there were no borrowings under this facility by the Accounts. The Bond and Social Choice Accounts participate in letter of credit agreement in the amount of $10 million for the purpose of facilitating the settlement of transactions in the mortgage backed securities market. For the six months ended June 30, 2003, there were no borrowings under this agreement. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 73 [LOGO OMITTED] ------------------- 730 Third Avenue PRESORTED New York, NY 10017-3206 STANDARD U.S.POSTAGE PAID TIAA-CREF ------------------- CONTACT TIAA-CREF TIAA-CREF WEB CENTER TIAA-CREF.ORG 24 hours a day, 7 days a week o Account performance, personal account information and transactions, product descriptions, calculators to estimate retirement income and allocate assets, and information about investment choices and income options AUTOMATED TELEPHONE SERVICE 800 842-2252 24 hours a day, 7 days a week o Account performance, personal account information and transactions, and product information TELEPHONE COUNSELING CENTER 800 842-2776 8 a.m. to 10 p.m. ET, Monday-Friday 9 a.m. to 6 p.m. ET, Saturday o Retirement saving and planning, income options and payments, and tax reporting PLANNING AND SERVICE CENTER 800 223-1200 8 a.m. to 10 p.m. ET, Monday-Friday o TIAA-CREF Mutual Funds and after-tax annuities TIAA-CREF TRUST COMPANY, FSB 888 842-9001 8 a.m. to 5 p.m. CT, Monday-Friday o Asset management, trust administration, estate planning, planned giving, and endowment management TIAA-CREF TUITION FINANCING, INC. 888 381-8283 8 a.m. to 11 p.m. ET, Monday-Friday o Tuition financing programs FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS 800 842-2755 8 a.m. to 10 p.m. ET, Monday-Friday 9 a.m. to 6 p.m. ET, Saturday AF 30034 5FUND-08/03 [GRAPHIC OMITTED] Printed on recycled paper June 30, 2003 [TIAA CRED LOGO] COLLEGE RETIREMENT EQUITIES FUND 2003 Semiannual Report | 2003 | STOCK | | GLOBAL EQUITIES | | GROWTH Make this your last paper semiannual report! Sign up for electronic delivery. Log on to TIAA-CREF.org/profile CONTENTS LETTER FROM THE CHAIRMAN 1 LETTER FROM THE VICE CHAIRMAN 2 MANAGEMENT/STATUS OF THE ACCOUNTS Stock Account 4 Global Equities Account 6 Growth Account 8 STATEMENT OF INVESTMENTS Stock Account 10 Global Equities Account 50 Growth Account 63 FINANCIAL STATEMENTS Statements of Assets and Liabilities 71 Statements of Operations 71 Statements of Cash Flows 72 Statements of Changes in Net Assets 72 Notes to Financial Statements 73 FOR MORE INFORMATION BACK COVER This report contains detailed explanations of the investment results for the CREF Stock, Global Equities, and Growth accounts for the six months ended June 30, 2003. A companion report provides similar information for the CREF Money Market, Inflation-Linked Bond, Bond Market, Social Choice, and Equity Index accounts--the other five accounts available under CREF variable annuities. A Form 10-K Annual Report and Form 10-Q Quarterly Reports for the TIAA Real Estate Account are available on request. For historical and current performance information for all of our products, visit the TIAA-CREF Web Center at TIAA-CREF.org, or call our Automated Telephone Service (see back cover). TIAA-CREF Individual & Institutional Services, Inc., distributes the CREF and TIAA Real Estate Account variable annuities. This booklet must be accompanied or preceded by current CREF and TIAA Real Estate Account prospectuses. For additional copies, call 877 518-9161. TIAA-CREF Investment Management serves as investment manager to CREF. (C)2003 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), New York, NY 10017 PERFORMANCE OVERVIEW AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND RATES OF TOTAL RETURN(1) INCEPTION DATE 6-MONTH RETURN 1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION EQUITIES CREF Stock 8/1/52 12.10% -0.19% -1.87% 8.31% 10.25% CREF Global Equities 5/1/92 10.80 -3.40 -4.13 6.41 7.26 CREF Equity Index 4/29/94 12.41 0.37 -1.32 -- 10.08 CREF Growth 4/29/94 12.60 2.01 -6.33 -- 7.47 EQUITIES & FIXED INCOME CREF Social Choice 3/1/90 9.59 6.31 2.43 9.04 10.19 FIXED INCOME CREF Bond Market 3/1/90 4.30 10.88 7.42 6.96 8.22 CREF Inflation-Linked Bond 5/1/97 6.09 15.12 9.27 -- 8.17 CREF Money Market2 4/1/88 0.41 1.13 3.98 4.49 5.22 NET ANNUALIZED YIELD (7-Day Period Ended 6/24/2003) NET ANNUALIZED YIELD (30-Day Period Ended 6/30/2003) CURRENT EFFECTIVE CURRENT CREF Money Market 0.70% 0.70% CREF Bond Market 3.02%
(1) Due to market volatility, recent performance of the CREF variable annuities may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2776. Past performance should not be taken as a guarantee of the same future rates of return. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less upon redemption. (2) As with all the CREF variable annuity accounts, the funds you invest in the CREF Money Market Account are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The current yield more closely reflects current earnings than does the total return. From the Chairman of TIAA-CREF This report covers the investment performance of three of CREF's variable annuity retirement accounts for the first six months of 2003. This marks the first period of rising stock markets in several years, with all of our equity accounts posting double-digit returns not seen since 1999. Our fixed-income and money market accounts have also posted competitive returns for the period. Even with the second quarter's positive impact on stock returns and the stabilizing effect of other accounts, most investors have some lingering anxiety after events of the last few years, and many of our participants who have recently retired or are nearing that milestone have seen retirement asset and income levels drop sharply. In planning your future, you may have more options than you are aware of. TIAA-CREF's consultants can help you review your alternatives, adjust your portfolio to changing conditions, and make sound financial decisions. Last year alone we held over 100,000 individual counseling sessions and conducted thousands of seminars at institutions across the country to guide our clients in this challenging investment environment. For over 85 years, TIAA-CREF has provided high-quality, low-cost financial services backed by objective guidance and support. We are building on those fundamental strengths to assure that we remain attuned to the changing needs of our client institutions and individual participants. We are reorganizing our company and our activities in ways that will enable us to develop closer relationships with our customers, provide more comprehensive solutions to their financial needs, and ensure that the quality and pricing of our products and services remain the best available to each of you. Along the way, we look forward to getting your feedback on these important initiatives. TIAA-CREF has a long history of putting the interests of our customers at the forefront of everything we do. In the years ahead, that's where our focus will remain. We are building on fundamental strengths to assure that TIAA-CREF remains attuned to the changing needs of our client institutions and individual participants. /s/ HERBERT M. ALLISON, JR. [PHOTO OMITTED] HERBERT M. ALLISON, JR. CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER From the Vice Chairman of TIAA-CREF During the first half of 2003, the S&P 500(R) Index rose 11.76%--its best six-month performance in more than three years. THE Russell 3000(R) Index, which tracks approximately 98% of the domestic stock market, registered a gain of 12.71% year-to-date. Markets around the world were advancing too. While gains varied widely--from Japan's modest 2.92% to Germany's 20.67%--the Morgan Stanley World IndexSM posted an overall return of 11.12%, which was very much in line with results in the United States. These strongly positive returns were the result of an upward surge in stock prices in the second quarter, following a small decline during the first quarter. Investors were encouraged by improved earnings prospects among S&P 500 companies and historically low interest rates, which kept the sales of both new and existing housing very active. However, the economy's overall growth rate remained low. During the first six months of 2003, gross domestic product (GDP) increased at an annualized rate of 1.9%--well below the long-term trend, which has ranged from 3.00% to 3.25%. At the same time, unemployment increased from 5.7% in January to 6.4% at the end of June. The shortage of jobs has slowed the growth of consumer spending, which accounts for more than two-thirds of GDP. Despite these conflicting economic indicators, investment capital poured into the stock market during the second quarter, and this helped to fuel the rise in stock prices. According to data from the Investment Company Institute, the net inflow of money into U.S. stock funds totaled $46.7 billion in the second quarter, reversing the outflow of $11.8 billion during the first three months of the year. While the stock market's advance was broadly positive, individual sectors of the Russell 3000 Index did not share in it equally. Technology stocks climbed 18%, and financial stocks, which make up nearly a quarter of the index in market value, rose 12.3%; the lagging oil sector gained only 7.1%, and consumer staples returned 5.3%. Many stocks in foreign markets saw their strong returns boosted further by the increased value of their currencies versus the dollar. Investors continued to add to their fixed-income holdings, with U.S. bond funds reporting inflows for each of the first six months of 2003. However, the size of those inflows peaked at $19.7 billion in February and declined to $5.3 billion in June. The bond market produced solid results, with the Lehman Brothers Aggregate Bond Index, which tracks both corporate and government bonds, returning 3.93% year-to-date. The three CREF equity accounts reported on here are fully invested in their respective markets. The highly diversified portfolios of these accounts enabled them to closely track their benchmarks, minus their expense charges. The table on page 3 shows the total returns (gains plus income, minus expenses) for each account during the first six months of 2003, compared with their respective benchmarks and with the Morningstar categories that best match the accounts' objectives. The Morningstar returns show how the performance of the CREF accounts compares with the average return of funds with similar objectives. There are two categories shown for the CREF Stock Account because it invests in both the domestic and foreign markets. This period provided welcome relief from the declining stock market of the last three years, and an This period provided welcome relief from the declining stock market of the last three years, and an ongoing reminder of the importance of maintaining a well-diversified portfolio. [PHOTO OMITTED] MARTIN L. LEIBOWITZ VICE CHAIRMAN OF TIAA-CREF 2 College Retirement Equities Fund 2003 SEMIANNUAL REPORT ongoing reminder of the importance of maintaining a well-diversified portfolio. An investor who maintained a balanced portfolio of equities and fixed-income investments during this period retained the opportunity to benefit from this surge in stock prices. The second half of the year, of course, could produce very different results, which is why diversification remains the wisest strategy for reducing risk and seeking solid returns. To enable participants to diversify their vital retirement assets effectively, CREF--in combination with the TIAA Traditional Annuity and the TIAA Real Estate Account--offers a broaD range of savings and investing options that are well-suited to the long time horizons of retirement investors. /s/ MARTIN L. LEIBOWITZ TOTAL RETURNS FOR THE SIX MONTHS ENDED JUNE 30, 2003 CREF STOCK ACCOUNT ...................................................... 12.10% CREF Composite Index .................................................... 12.22 Russell 3000(R) Index ................................................... 12.71 Morgan Stanley Capital International EAFE + Canada Index ................ 10.25 Morningstar Large Blend (VA) category ................................... 10.57 Morningstar Foreign Stock (VA) category ................................. 7.70 CREF GLOBAL EQUITIES ACCOUNT ............................................ 10.80% Morgan Stanley Capital International World Index ........................ 11.12 Morningstar World Stock (VA) category ................................... 9.75 CREF GROWTH ACCOUNT ..................................................... 12.60% Russell 1000(R) Growth Index ............................................ 13.09 Russell 3000(R) Growth Index ............................................ 13.49 Morningstar Large Growth (VA) category .................................. 12.83 Please see pages 4 to 9 for more detailed performance information. The Russell 3000(R) Index, Russell 3000(R) Growth Index and Russell 1000(R) Growth Index are trademarks and service marks of the Frank Russell Company. No CREF account iS promoted, endorsed, sponsored, or sold by or affiliated with the Frank Russell Company. The CREF Composite Index is a weighted average of the Russell 3000 and the MSCI EAFE + Canada indexes. The benchmark indexes are unmanaged, and you cannot purchase shares in these indexes directly. The performance figures for these indexes do not reflect any investment or operating expenses. Note that diversification does not guarantee against losses. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 3 Stock Account INVESTMENT OBJECTIVE The CREF Stock Account seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks. - -------------------------------------------------------------------------------- PORTFOLIO PROFILE Under normal circumstances, the Stock Account invests at least 80% of its assets in a broadly diversified portfolio of common stocks. The account uses TIAA-CREF's Dual Investment Management Strategy(R), which combines active management anD quantitative methods. o Active managers select domestic and foreign stocks they believe offer superior returns and avoid or underweight stocks they feel are less attractive. o Quantitative managers use financial models to build an overall portfolio that reflects the risk and investment characteristics of the account's benchmarks: the Russell 3000(R) Index for domestic stocks, and the MSCI EAFE+Canada IndeX for foreign stocks. Quantitative managers may also use proprietary valuation and trading techniques to try to outperform the indices. Foreign securities are subject to special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003 The CREF Stock Account posted a total return of 12.10%, closely tracking the 12.22% return of its composite benchmark, a weighted average of the Russell 3000 and the MSCI EAFE + Canada indexes. (See box at right.) The account's performance topped the 10.57% return of similar variable annuities, as measured by the Morningstar Large Blend (VA) category, which tracked 2,535 variable annuity accounts. Both domestic and foreign stocks lost ground in the first quarter but were sharply higher in the second. At the end of March, the Russell 3000 showed a decline of more than 47% over the previous three years; the MSCI World Index was down over 55% during the same period. With Iraq's government falling in April and the United States showing signs of improved business prospects, stocks moved upward in both April and May. Although momentum slowed in June, at the end of that month the Russell 3000 and the MSCI World Index both posted their largest quarterly gains since the fourth quarter of 1998. The account's return differed from that of its composite benchmark because of individual stock selections in the foreign portion of the account. The account's domestic holdings outperformed the Russell 3000, partially offsetting the lower relative return of the international selections. In the international segment, relative performance was enhanced by overweight investments, versus the benchmark, that included Nissan Motor Company, Yahoo Japan, and Japanese technology company Softbank. Underweight positions in Toyota Motor Corporation as well as in Japanese financial services companies Mitsubishi Tokyo Financial Group and Sumitomo Mitsui Banking Corporation also boosted relative performance. However, performance in the international segment was hurt by overweight holdings in companies such as consumer goods manufacturer Unilever NV, Swiss Reinsurance, and French automaker Renault. Underweight holdings including Deutsche Bank, France Telecom, and Swedish telecommunications company Ericsson also detracted from relative performance. In the domestic segment, relative performance was helped by investments in insurer Aetna; travel and hotel company Cendant; and biotechnology company Amgen. The account had larger weightings of these stocks than the benchmark. Above-benchmark weightings in companies that included Freddie Mac and financial services company UnumProvident had a negative effect on performance. - -------------------------------------------------------------------------------- The Account's Benchmarks - -------------------------------------------------------------------------------- We use two benchmarks for the CREF Stock Account: the Russell 3000 Index, representing the U.S. stock market, and the Morgan Stanley Capital International Europe, Australasia, and Far East plus Canada Index, representing foreign stock markets. For a comparison with the account's performance, you might combine these two, weighting them according to the size of the account segments that track the two benchmarks. As of June 30, 2003, approximately 80% of the account tracked the Russell 3000, and 20% tracked the MSCI EAFE+Canada. We use the Russell 3000 to measure the U.S. stock market because it includes 98% of the capitalization of all publicly traded U.S. stocks. The Standard & Poor's 500 Stock Index covers only about 75%. - -------------------------------------------------------------------------------- 4 College Retirement Equities Fund 2003 SEMIANNUAL REPORT - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION BY INVESTMENT STRATEGY AS OF 6/30/2003 [The table below represents a pie chart in the printed report.] Domestic Enhanced Index Segment 53.6% Domestic Active Segment 26.6% International Segment 19.5% Short-Term Investments 0.3% - -------------------------------------------------------------------------------- $10,000 OVER TEN YEARS [The table below represents a line chart in the printed report.] Russell 3000 Date Stock Account Index CREF Composite ------ ------------- ------------ -------------- Dec-92 10000 10000 10000 Jul-93 10029 9983 10038 Aug-93 10430 10371 10451 Sep-93 10378 10370 10409 Oct-93 10607 10518 10590 Nov-93 10378 10356 10305 Dec-93 10756 10559 10589 Jan-94 11199 10882 11004 Feb-94 10937 10618 10774 Mar-94 10436 10154 10304 Apr-94 10577 10270 10473 May-94 10655 10383 10558 Jun-94 10442 10099 10340 Jul-94 10733 10412 10624 Aug-94 11171 10866 11051 Sep-94 10921 10635 10800 Oct-94 11103 10811 11007 Nov-94 10650 10416 10582 Dec-94 10744 10577 10730 Jan-95 10779 10809 10853 Feb-95 11171 11251 11222 Mar-95 11493 11531 11566 Apr-95 11795 11832 11889 May-95 12182 12261 12230 Jun-95 12427 12616 12496 Jul-95 12936 13123 13037 Aug-95 12970 13239 13060 Sep-95 13428 13752 13527 Oct-95 13245 13633 13375 Nov-95 13795 14238 13937 Dec-95 14066 14471 14210 Jan-96 14439 14891 14574 Feb-96 14640 15110 14765 Mar-96 14804 15262 14936 Apr-96 15089 15551 15242 May-96 15360 15949 15538 Jun-96 15340 15898 15504 Jul-96 14660 15066 14743 Aug-96 15040 15523 15134 Sep-96 15764 16368 15900 Oct-96 16005 16667 16136 Nov-96 17024 17843 17211 Dec-96 16797 17628 17000 Jan-97 17501 18603 17748 Feb-97 17536 18624 17798 Mar-97 16874 17781 17093 Apr-97 17571 18657 17841 May-97 18741 19931 19054 Jun-97 19543 20759 19874 Jul-97 20912 22387 21284 Aug-97 19976 21479 20337 Sep-97 21079 22697 21491 Oct-97 20264 21934 20658 Nov-97 20873 22774 21317 Dec-97 21226 23231 21713 Jan-98 21440 23351 21944 Feb-98 22921 25021 23494 Mar-98 24043 26261 24597 Apr-98 24272 26520 24830 May-98 23777 25865 24300 Jun-98 24403 26740 25001 Jul-98 24169 26254 24661 Aug-98 20532 22232 21008 Sep-98 21465 23749 22039 Oct-98 23180 25551 23830 Nov-98 24569 27114 25239 Dec-98 26094 28837 26721 Jan-99 26825 29817 27456 Feb-99 25884 28761 26537 Mar-99 26773 29816 27538 Apr-99 27992 31162 28769 May-99 27344 30570 28046 Jun-99 28783 32115 29402 Jul-99 28291 31141 28841 Aug-99 28049 30787 28595 Sep-99 27546 30000 28074 Oct-99 28890 31882 29695 Nov-99 29741 32774 30569 Dec-99 31698 34866 32695 Jan-00 30322 33499 31268 Feb-00 30671 33809 31681 Mar-00 32814 36458 33921 Apr-00 31558 35173 32614 May-00 30762 34185 31722 Jun-00 31695 35197 32747 Jul-00 31020 34575 32034 Aug-00 33013 37139 34026 Sep-00 31456 35458 32445 Oct-00 31013 34953 31901 Nov-00 28491 31731 29276 Dec-00 29024 32264 29875 1/1/2003 29781 33368 30706 2/1/2003 27130 30319 27975 3/1/2003 25310 28343 26130 4/1/2003 27269 30616 28165 5/1/2003 27284 30862 28156 6/1/2003 26629 30293 27531 7/1/2003 26165 29793 27041 8/1/2003 24788 28034 25625 9/1/2003 22563 25561 23323 10/1/2003 23094 26156 23883 11/1/2003 24670 28170 25520 12/1/2003 24993 28567 25847 1/2/2003 24438 28209 25334 2/2/2003 24051 27632 24946 3/2/2003 25130 28844 26085 4/2/2003 24054 27331 25016 5/2/2003 23900 27014 24872 6/2/2003 22250 25069 23244 7/2/2003 20445 23076 21307 8/2/2003 20548 23185 21381 9/2/2003 18369 20748 19130 10/2/2003 19767 22400 20549 11/2/2003 20906 23755 21735 12/2/2003 19812 22413 20609 1/3/2003 19291 21864 20048 2/3/2003 19006 21503 19710 3/3/2003 19061 21729 19802 4/3/2003 20645 23504 21477 5/3/2003 21875 24924 22781 6/3/2003 22210 25260 23137 The graph assumes a $10,000 investment in the CREF Stock Account on July 1, 1993. It shows that, by June 30, 2003, the investment would have grown to $22,210. For comparison, the graph shows how the Stock Account's benchmarks changed over the same period. - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/2003 [The table below represents a pie chart in the printed report.] Consumer Products and Services 35.6% Financial Services 20.8% Manufacturing and Materials 14.2% Technology 13.8% Utilities 7.8% Energy 6.2% Transportation 1.3% Short-Term Investments 0.3% - -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 6/30/2003 SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS General Electric Co 68.5 $1,963.8 2.33 Pfizer, Inc 53.2 1,815.6 2.16 Exxon Mobil Corp 49.2 1,766.6 2.10 Microsoft Corp 58.1 1,486.9 1.77 Citigroup, Inc 34.4 1,472.3 1.75 Wal-Mart Stores, Inc 19.8 1,064.5 1.26 Int'l Business Machines Corp 12.4 1,026.5 1.22 Merck & Co. Inc 16.4 993.4 1.18 Johnson & Johnson 19.2 992.0 1.18 Bank of America Corp 11.3 889.4 1.06 - -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 6/30/2003
EXPENSES FOR AVERAGE ANNUAL COMPOUND RATES CUMULATIVE RATES OF 6 MONTHS OF TOTAL RETURN(1,2) TOTAL RETURN(1,2) ENDED NET ASSETS 1 YEAR 5 YEARS 10 YEARS 6 MONTHS 1 YEAR 5 YEARS 10 YEARS 6/30/2003 (IN BILLIONS) STOCK ACCOUNT -0.19% -1.87% 8.31% 12.10% -0.19% -8.99% 122.09% 0.28%(3) $84.15 - ------------------------------------------------------------------------------------------------------------------------------------ Russell 3000(R)Index 0.77 -1.13 9.71 12.71 0.77 -5.53 152.64 -- -- MSCI EAFE + Canada Index -5.58 -3.58 3.08 10.25 -5.58 -16.66 35.45 -- -- CREF Composite Benchmark -0.50 -1.54 8.74 12.22 -0.50 -7.49 131.29 -- -- Morningstar Large Blend (VA) category -1.58 -3.08 7.68 10.57 -1.58 -14.48 109.54 -- -- Morningstar Foreign Stock (VA) category -9.84 -4.98 3.40 7.70 -9.84 -22.53 39.68 -- -- - ------------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the CREF Stock Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2776. (2) Past performance of the Stock Account should not be taken as a guarantee of the same future rates of return. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) The expense ratio shown here is based on actual expenses for the first six months of 2003. Note that the expense ratio quoted in the prospectus is an estimate (annualized) based on projected expenses and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in investment results. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 5 Global Equities Account INVESTMENT OBJECTIVE The CREF Global Equities Account seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio consisting primarily of foreign and domestic common stocks. - -------------------------------------------------------------------------------- PORTFOLIO PROFILE o Under normal circumstances, the account invests at least 80% of its assets in equity securities of foreign and domestic companies. Typically, at least 40% of its assets is invested in foreign securities and at least 25% in domestic securities. The remaining 35% is distributed between foreign and domestic securities, as we deem appropriate. o The account uses TIAA-CREF's Dual Investment Management Strategy(R), which combines active and quantitative methods. (See page 4.) The benchmark for its enhanced index segment--and for the account itself--is the Morgan Stanley Capital International (MSCI) World Index. For its stock selection segment, we select individual stocks while monitoring sector, country, and regional asset allocation. o Foreign securities are subject to special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003 The CREF Global Equities Account posted a total return of 10.80% for the period. This was below the 11.12% return of its benchmark, the MSCI World Index, but higher than the 9.75% average return of similar variable annuities, as measured by the Morningstar World Stock (VA) category. This Morningstar category tracked 671 variable annuity accounts as of June 30. World stock markets started the year with a decline that drove the MSCI World Index down more than 24% for the twelve months ended March 31. However, steadily rising prices during April, May, and early June produced a 17.04% gain in the index for the quarter, and an 11.12% return year-to-date. The MSCI indexes for Europe and North America were up 12.86% and 12.30%, respectively, in dollar terms, for the six-month period. The MSCI Pacific Index rose a more modest 6.16%. The weightings of the account's investments in the North American, European, and Asia-Pacific regions were roughly equal to those of the benchmark. The account's performance differed from the benchmark as a result of individual stock selections, primarily in the Asia-Pacific portion. In the Asia-Pacific segment of the portfolio, relative performance was hurt by a number of overweight holdings including Yamato Transport, Fuji Film, and Sony. These negatives more than offset positive contributions from underweight positions such as Mitsubishi Tokyo Financial Group, Sumitomo Mitsui Banking Corporation, and Australian financial services company AMP Ltd. Performance in the domestic segment was hurt by overweight holdings in several U.S. companies including PepsiCo, health care firm Baxter International, and software producer Oracle. Positive contributions to performance came from overweight holdings including managed-care company Aetna, seat belt and air bag manufacturer Autoliv, and biotechnology company Amgen. In the European segment, positive performance, relative to the benchmark, came from several overweight positions including Swiss health care company Centerpulse, Swiss testing firm SGS Group, and Spanish bank Banco Santander. These positive contributions offset the negative effects of overweight holdings in the British consumer goods provider Reckitt Benckiser, and Swiss biotechnology firm Lonza Group. An underweight position in British home improvement retailer Kingfisher also had a negative effect on returns. - -------------------------------------------------------------------------------- $10,000 OVER TEN YEARS [The table below represents a line chart in the printed report.] Date Global Equities Account MSCI World Index ------ ----------------------- ---------------- Dec-92 10000 10000 Jul-93 10189 10203 Aug-93 10764 10669 Sep-93 10594 10469 Oct-93 11259 10755 Nov-93 10811 10144 Dec-93 11819 10638 Jan-94 12251 11337 Feb-94 11960 11188 Mar-94 11346 10703 Apr-94 11619 11031 May-94 11664 11057 Jun-94 11585 11024 Jul-94 11887 11231 Aug-94 12356 11567 Sep-94 12085 11260 Oct-94 12352 11578 Nov-94 11838 11073 Dec-94 11764 11178 Jan-95 11468 11007 Feb-95 11586 11165 Mar-95 12140 11701 Apr-95 12607 12106 May-95 12737 12207 Jun-95 13027 12200 Jul-95 13678 12808 Aug-95 13477 12520 Sep-95 13770 12882 Oct-95 13395 12676 Nov-95 13858 13113 Dec-95 14128 13494 Jan-96 14375 13735 Feb-96 14556 13816 Mar-96 14739 14043 Apr-96 15122 14370 May-96 15275 14380 Jun-96 15412 14450 Jul-96 14744 13936 Aug-96 15151 14094 Sep-96 15858 14642 Oct-96 15781 14742 Nov-96 16636 15565 Dec-96 16667 15313 Jan-97 17097 15494 Feb-97 16983 15670 Mar-97 16598 15357 Apr-97 17034 15856 May-97 18367 16832 Jun-97 19192 17668 Jul-97 20204 18479 Aug-97 19382 17240 Sep-97 20438 18174 Oct-97 19540 17214 Nov-97 19616 17516 Dec-97 19724 17727 Jan-98 20341 18218 Feb-98 21461 19447 Mar-98 22488 20265 Apr-98 22727 20460 May-98 22362 20201 Jun-98 22987 20677 Jul-98 22872 20641 Aug-98 19265 17885 Sep-98 19508 18199 Oct-98 20738 19841 Nov-98 21969 21017 Dec-98 23388 22041 Jan-99 24134 22520 Feb-99 23328 21918 Mar-99 23944 22827 Apr-99 24722 23724 May-99 23862 22854 Jun-99 25269 23917 Jul-99 25585 23842 Aug-99 25253 23796 Sep-99 25271 23562 Oct-99 26446 24784 Nov-99 28451 25478 Dec-99 31819 27537 Jan-00 30714 25957 Feb-00 32599 26024 Mar-00 33033 27819 Apr-00 31078 26640 May-00 29596 25962 Jun-00 30779 26833 Jul-00 29876 26074 Aug-00 31458 26919 Sep-00 29294 25485 Oct-00 28583 25055 Nov-00 26115 23530 Dec-00 26668 23908 1/1/2003 26944 24379 2/1/2003 24423 22316 3/1/2003 22712 20835 4/1/2003 24341 22365 5/1/2003 24057 22052 6/1/2003 23158 21359 7/1/2003 22696 20962 8/1/2003 21559 19958 9/1/2003 19645 18207 10/1/2003 20182 18631 11/1/2003 21325 19749 12/1/2003 21463 19878 1/2/2003 20705 19270 2/2/2003 20354 19060 3/2/2003 21328 19920 4/2/2003 20589 19207 5/2/2003 20534 19253 6/2/2003 19272 18081 7/2/2003 17498 16580 8/2/2003 17529 16609 9/2/2003 15709 14780 10/2/2003 16800 15869 11/2/2003 17654 16723 12/2/2003 16801 15910 1/3/2003 16316 15425 2/3/2003 16092 15155 3/3/2003 16020 15105 4/3/2003 17460 16444 5/3/2003 18373 17379 6/3/2003 18616 17678 The graph assumes a $10,000 investment in the CREF Global Equities Account on July 1, 1993. It shows that, by June 30, 2003, the investment would have grown to $18,616. For comparison, the graph shows how the MSCI World Index, the Global Equities Account's benchmark, changed over the same period. 6 College Retirement Equities Fund 2003 SEMIANNUAL REPORT The Account's Benchmark The benchmark we use for the CREF Global Equities Account is the Morgan Stanley Capital International (MSCI) World Index. This index is an aggregate of 23 developed market countries. MSCI calculates indexes by applying full market capitalization weights (price multiplied by the number of shares outstanding) for the securities in the index. MSCI calculates regional indexes using GDP weightings for countries. In constructing its country indexes, MSCI defines the securities listed (i.e., available for trading) in each country, sorts them into industry groups, and selects the largest ones within each industry (by market capitalization) until it has 60% of each industry represented. It deletes stocks without sufficient liquidity and corrects for cross-ownership among stocks in the index, then weights them all by market capitalization for each stock. - -------------------------------------------------------------------------------- DIVERSIFICATION AMONG WORLD MARKETS AS OF 6/30/2003 [The table below represents a pie chart in the printed report.] United States 55.7% United Kingdom 10.4% Japan 8.4% Switzerland 4.3% France 3.3% Netherlands 2.9% Canada 2.6% Australia 2.1% Germany 2.1% 19 other nations 7.2% Short-Term Investments 1.0% - -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 6/30/2003 PERCENT OF SHARES MARKET VALUE NET COMPANY (IN MILLIONS) (IN MILLIONS) ASSETS COUNTRY Pfizer, Inc 3.9 $131.6 2.08 United States General Electric Co 4.6 131.6 2.08 United States Exxon Mobil Corp 3.4 120.4 1.91 United States Citigroup, Inc 2.6 110.7 1.75 United States Int'l Business Machines Corp 1.1 90.5 1.43 United States Microsoft Corp 3.4 86.1 1.36 United States Procter & Gamble Co 0.9 78.0 1.23 United States Verizon Communications, Inc 2.0 77.9 1.23 United States Fannie Mae 1.1 71.3 1.13 United States Amgen, Inc 1.0 67.7 1.07 United States - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/2003 [The table below represents a pie chart in the printed report.] Consumer Products and Services 32.9% Financial Services 21.6% Manufacturing and Materials 13.9% Technology 13.5% Utilities 8.2% Energy 7.5% Transportation 1.4% Short-Term Investments 1.0% - -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 6/30/2003
EXPENSES FOR AVERAGE ANNUAL COMPOUND RATES CUMULATIVE RATES OF 6 MONTHS OF TOTAL RETURN(1,2) TOTAL RETURN(1,2) ENDED NET ASSETS 1 YEAR 5 YEARS 10 YEARS 6 MONTHS 1 YEAR 5 YEARS 10 YEARS 6/30/2003 (IN BILLIONS) GLOBAL EQUITIES ACCOUNT -3.40% -4.13% 6.41% 10.80% -3.40% -19.02% 86.16% 0.28%(3) $ 6.32 - ------------------------------------------------------------------------------------------------------------------------------------ MSCI World Index -2.37 -3.09 5.86 11.12 -2.37 -14.53 76.74 -- -- Morningstar World Stock (VA) category -5.22 -1.29 7.35 9.75 -5.22 -6.29 103.17 -- -- - ------------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the CREF Global Equities Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2776. (2) Past performance of the Global Equities Account should not be taken as a guarantee of the same future rates of return. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) The expense ratio shown here is based on actual expenses for the first six months of 2003. Note that the expense ratio quoted in the prospectus is an estimate (annualized) based on projected expenses and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in investment results. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 7 Growth Account INVESTMENT OBJECTIVE The CREF Growth Account seeks a favorable long-term rate of return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for exceptional growth. - -------------------------------------------------------------------------------- PORTFOLIO PROFILE The account invests at least 80% of its assets in common stocks and other equity securities. The account uses TIAA-CREF's Dual Investment Management Strategy(R) combining active and quantitative methods. o Active managers select stocks they believe offer exceptional growth potential and avoid or underweight stocks they feel are less attractive. Quantitative managers use financial models to build an overall portfolio that reflects the risk and investment characteristics of the account's benchmark, the Russell 1000(R) Growth Index. o Growth stocks are generally those of rapidly growing companies, often in emerging areas of the economy, and companies with distinctive products or promising markets. o Sixty percent of the portfolio may be invested overseas. (Foreign investments are subject to special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates.) PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2003 The CREF Growth Account returned 12.60% for the period, compared with 13.09% for its benchmark, the Russell 1000 Growth Index. The account's performance trailed the 12.83% return of similar variable annuities, as measured by the Morningstar Large Growth category, which tracked 2,835 variable annuity accounts at the end of June. Growth stocks did well during the first six months of the year, propelled by the double-digit gains of many technology stocks. The return of the large-cap Russell 1000 Growth Index surpassed that of the Russell 1000 Value Index, which returned 11.57%. The Russell 3000(R) Index, which represents the broader market, advanced 12.71% for the period. During the period, the account's return lagged that of the benchmark because of a number of individual stock selections. The largest detractors were Automated Data Processing and health care companies Baxter International and Schering-Plough. The account had larger weightings of these stocks than the benchmark. Also negatively affecting performance were underweight holdings that included General Electric, health care company Genentech, and EMC, an automated data storage firm. Positive contributions to relative performance came from such holdings as Sun Microsystems and health care companies Amgen and Anthem. The account had larger weightings of these stocks than the benchmark. The account also benefited by its below-benchmark weightings in firms that included American International Group and health care companies HCA and Boston Scientific. - -------------------------------------------------------------------------------- The Account's Benchmark - -------------------------------------------------------------------------------- The benchmark currently used for the CREF Growth Account is the Russell 1000 Growth Index, representing the large-cap stocks within the growth sector of the U.S. stock market.This index is a subset of the Russell 1000 Index, which measures about 90% of the U.S. stock market. The Russell 1000 Growth Index consists of companies in the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. On October 1, 2002, the CREF Growth Account's performance benchmark changed from the Russell 3000 Growth Index to the Russell 1000 Growth Index. The move was designed to align the account's portfolio more closely with the large-capitalization growth category used by Morningstar in its variable annuity ratings. Although dominated by large-cap growth stocks, the Russell 3000 Growth Index also contains holdings in small-cap growth stocks. However, there is considerable overlap between the two benchmarks: The Russell 1000 Growth Index accounts for about 93% of the capitalization of the Russell 3000 Growth Index. - -------------------------------------------------------------------------------- 8 College Retirement Equities Fund 2003 SEMIANNUAL REPORT - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/2003 [The table below represents a pie chart in the printed report.] Consumer Products and Services 53.0% Technology 25.8% Manufacturing and Materials 9.0% Financial Services 8.7% Energy 1.3% Transportation 0.8% Utilities 0.4% Short-Term Investments 1.0% - -------------------------------------------------------------------------------- $10,000 SINCE 4/29/1994 INCEPTION [The table below represents a line chart in the printed report.] Growth Russell 3000 Russell 1000 Date Account Growth Index Growth Index ------ ------- ------------ ------------ May-94 10000 10000 10000 May-94 10114 10117 10152 Jun-94 9817 9807 9851 Jul-94 10087 10123 10188 Aug-94 10649 10705 10755 Sep-94 10503 10577 10609 Oct-94 10644 10813 10859 Nov-94 10246 10458 10511 Dec-94 10425 10641 10687 Jan-95 10590 10823 10915 Feb-95 11080 11281 11373 Mar-95 11420 11611 11704 Apr-95 11636 11857 11960 May-95 12063 12246 12376 Jun-95 12508 12754 12854 Jul-95 13047 13331 13388 Aug-95 13002 13361 13403 Sep-95 13498 13941 14021 Oct-95 13393 13879 14031 Nov-95 14082 14426 14576 Dec-95 14095 14532 14659 Jan-96 14594 14957 15150 Feb-96 14884 15270 15427 Mar-96 15007 15318 15447 Apr-96 15390 15799 15853 May-96 15925 16378 16407 Jun-96 15798 16283 16429 Jul-96 14899 15222 15467 Aug-96 15550 15687 15866 Sep-96 16597 16795 17021 Oct-96 16678 16813 17124 Nov-96 17917 17998 18409 Dec-96 17689 17712 18049 Jan-97 18895 18876 19315 Feb-97 18633 18654 19184 Mar-97 17824 17617 18146 Apr-97 18818 18667 19351 May-97 20194 20132 20747 Jun-97 20859 20927 21578 Jul-97 22517 22704 23486 Aug-97 21714 21562 22111 Sep-97 22566 22690 23200 Oct-97 21818 21796 22342 Nov-97 22440 22573 23291 Dec-97 22715 22802 23552 Jan-98 23315 23389 24256 Feb-98 24974 25176 26081 Mar-98 26028 26185 27121 Apr-98 26420 26528 27496 May-98 25442 25666 26716 Jun-98 26752 27120 28352 Jul-98 26495 26756 28164 Aug-98 21759 22563 23937 Sep-98 23450 24339 25776 Oct-98 25465 26241 27848 Nov-98 27211 28240 29966 Dec-98 30186 30787 32668 Jan-99 31836 32563 34586 Feb-99 30510 30966 33006 Mar-99 31583 32560 34745 Apr-99 31857 32797 34789 May-99 31361 31867 33720 Jun-99 33750 34058 36082 Jul-99 32695 32977 34935 Aug-99 32999 33387 35506 Sep-99 32687 32776 34760 Oct-99 34176 35137 37385 Nov-99 36092 37154 39402 Dec-99 40002 41201 43500 Jan-00 38227 39379 41461 Feb-00 40874 41840 43487 Mar-00 43823 44206 46600 Apr-00 41953 41932 44383 May-00 39583 39713 42148 Jun-00 42761 42864 45342 Jul-00 40769 40946 43452 Aug-00 44850 44693 47386 Sep-00 40404 40599 42904 Oct-00 38557 38582 40873 Nov-00 32693 32807 34848 Dec-00 31779 31965 33746 1/1/2003 33859 34199 36077 2/1/2003 27810 28472 29952 3/1/2003 24586 25411 26693 4/1/2003 27807 28617 30069 5/1/2003 27457 28276 29626 6/1/2003 26831 27732 28940 7/1/2003 25986 26922 28217 8/1/2003 23694 24754 25910 9/1/2003 21168 22181 23323 10/1/2003 22296 23405 24546 11/1/2003 24555 25634 26904 12/1/2003 24499 25692 26854 1/2/2003 24005 25207 26379 2/2/2003 22790 24121 25285 3/2/2003 23662 25039 26159 4/2/2003 21679 23099 24024 5/2/2003 21107 22482 23443 6/2/2003 18915 20414 21274 7/2/2003 17758 19228 20105 8/2/2003 17835 19282 20165 9/2/2003 15972 17319 18073 10/2/2003 17448 18862 19731 11/2/2003 18427 19938 20803 12/2/2003 17135 18561 19366 1/3/2003 16703 18107 18895 2/3/2003 16700 17998 18808 3/3/2003 16962 18329 19158 4/3/2003 18255 19707 20574 5/3/2003 19089 20770 21601 6/3/2003 19297 21063 21899 The graph assumes a $10,000 investment in the CREF Growth Account on April 29, 1994. It shows that, by June 30, 2003, the investment would have grown to $19,297. For comparison, the graph shows how the Russell 1000 Growth Index and the Russell 3000 Growth Index changed over the same period. - -------------------------------------------------------------------------------- PERCENT BY CAPITALIZATION AS OF 6/30/2003 [The table below represents a pie chart in the printed report.] Large-Capitalization Stocks: Over $5 billion 89.60% Middle-Capitalization Stocks: $1-$5 billion 10.11% Small-Capitalization Stocks: Under $1 billion 0.29% - -------------------------------------------------------------------------------- TEN LARGEST HOLDINGS AS OF 6/30/2003 SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS Pfizer, Inc 17.3 $589.9 6.32 General Electric Co 17.8 509.7 5.46 Microsoft Corp 16.6 424.8 4.55 Johnson & Johnson 5.6 287.6 3.08 Amgen, Inc 4.2 282.2 3.02 Cisco Systems, Inc 16.1 266.4 2.86 Wal-Mart Stores, Inc 4.9 263.9 2.83 Int'l Business Machines Corp 2.9 235.3 2.52 Intel Corp 11.2 232.3 2.49 Fannie Mae 3.3 220.2 2.36 - -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 6/30/2003
AVERAGE ANNUAL COMPOUND RATES CUMULATIVE RATES EXPENSES FOR OF TOTAL RETURN(1,2) OF TOTAL RETURN(1,2) 6 MONTHS SINCE SINCE ENDED NET ASSETS 1 YEAR 5 YEARS INCEPTION(3) 6 MONTHS 1 YEAR 5 YEARS INCEPTION(3) 6/30/2003 (IN BILLIONS) GROWTH ACCOUNT 2.01% -6.33% 7.47% 12.60% 2.01% -27.88% 93.72% 0.27%(4) $9.33 - ------------------------------------------------------------------------------------------------------------------------------------ Russell 1000(R)Growth Index 2.94 -5.03 8.96 13.09 2.94 -22.76 119.83 -- -- Russell 3000(R)Growth Index 2.79 -5.00 8.41 13.49 2.79 -22.63 109.83 -- -- Morningstar Large Growth (VA) category -1.75 -3.98 9.75 12.83 -1.75 -18.36 89.78 -- -- - ------------------------------------------------------------------------------------------------------------------------------------
(1) Due to market volatility, recent performance of the CREF Growth Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org, or call 800 842-2776. (2) Past performance of the Growth Account should not be taken as a guarantee of the same future rates of return. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) Inception date: 4/29/1994 (4) The expense ratio shown here is based on actual expenses for the first six months of 2003. Note that the expense ratio quoted in the prospectus is an estimate (annualized) based on projected expenses and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in investment results. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 9 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- Summary by Industry VALUE (000) % - -------------------------------------------------------------------------------- BONDS CORPORATE BONDS: Business Services ..................................... $ 0 0.00% Holding and Other Investment Offices .................. 346 0.00 Nondepository Institutions ............................ 413 0.00 ----------- ------ TOTAL CORPORATE BONDS ................................. 759 0.00 ----------- ------ (COST $10,712) GOVERNMENT BOND: U.S. Treasury Security ................................ 365 0.00 ----------- ------ TOTAL GOVERNMENT BOND ................................. 365 0.00 ----------- ------ (COST $315) TOTAL BONDS ........................................... 1,124 0.00 ----------- ------ (COST $11,027) PREFERRED STOCK: Chemicals and Allied Products ......................... 16,813 0.02 Communications ........................................ 0 0.00 Health Services ....................................... 6 0.00 Instruments and Related Products ...................... 1,657 0.00 Motion Pictures ....................................... 133 0.00 Primary Metal Industries .............................. 0 0.00 Printing and Publishing ............................... 26,888 0.03 Rubber and Miscellaneous Plastic Products ............. 6,740 0.01 Transportation Equipment .............................. 31,123 0.04 ----------- ------ TOTAL PREFERRED STOCK ................................. 83,360 0.10 ----------- ------ (COST $77,627) COMMON STOCK: Agricultural Production-Crops ......................... 6,242 0.01 Agricultural Production-Livestock ..................... 534 0.00 Agricultural Services ................................. 22,676 0.03 Amusement and Recreation Services ..................... 109,124 0.13 Apparel and Accessory Stores .......................... 445,750 0.53 Apparel and Other Textile Products .................... 117,416 0.14 Auto Repair, Services and Parking ..................... 17,198 0.02 Automotive Dealers and Service Stations ............... 106,247 0.13 Building Materials and Garden Supplies ................ 817,438 0.97 Business Services ..................................... 5,698,027 6.77 Chemicals and Allied Products ......................... 10,783,885 12.81 Coal Mining ........................................... 30,855 0.04 Communications ........................................ 5,459,245 6.49 Depository Institutions ............................... 9,956,723 11.83 Eating and Drinking Places ............................ 468,027 0.56 Educational Services .................................. 132,369 0.16 Electric, Gas, and Sanitary Services .................. 2,936,535 3.49 Electronic and Other Electric Equipment ............... 6,004,904 7.14 Engineering and Management Services ................... 617,064 0.73 Environmental Quality and Housing ..................... 29 0.00 Fabricated Metal Products ............................. 439,386 0.52 Food and Kindred Products ............................. 3,177,557 3.78 Food Stores ........................................... 595,147 0.71 Forestry .............................................. 131,174 0.16 Furniture and Fixtures ................................ 282,408 0.34 Furniture and Homefurnishings Stores .................. 266,097 0.32 General Building Contractors .......................... 238,419 0.28 General Merchandise Stores ............................ 1,961,658 2.33 Health Services ....................................... 450,052 0.53 Heavy Construction, Except Building ................... 100,866 0.12 Holding and Other Investment Offices .................. 1,475,765 1.75 Hotels and Other Lodging Places ....................... 253,186 0.30 Industrial Machinery and Equipment .................... 4,832,454 5.74 Instruments and Related Products ...................... 2,092,261 2.49 Insurance Agents, Brokers and Services ................ 254,168 0.30 Insurance Carriers .................................... 3,965,105 4.71 Justice, Public Order and Safety ...................... 752 0.00 Leather and Leather Products .......................... 44,607 0.05 Legal Services ........................................ 3,546 0.00 Local and Interurban Passenger Transit ................ 60,263 0.07 Lumber and Wood Products .............................. 51,988 0.06 Metal Mining .......................................... 303,442 0.36 Miscellaneous Manufacturing Industries ................ 163,502 0.19 Miscellaneous Retail .................................. 713,674 0.85 Motion Pictures ....................................... 449,002 0.54 Nondepository Institutions ............................ 2,058,204 2.45 Nonmetallic Minerals, Except Fuels .................... 25,916 0.03 Oil and Gas Extraction ................................ 1,501,955 1.78 Paper and Allied Products ............................. 585,917 0.70 Personal Services ..................................... 116,680 0.14 Petroleum and Coal Products ........................... 3,495,088 4.15 Pipelines, Except Natural Gas ......................... 9,669 0.01 Primary Metal Industries .............................. 403,330 0.48 Printing and Publishing ............................... 762,531 0.91 Railroad Transportation ............................... 321,306 0.38 Real Estate ........................................... 146,303 0.17 Rubber and Miscellaneous Plastic Products ............. 154,157 0.18 Security and Commodity Brokers ........................ 1,346,110 1.60 Social Services ....................................... 465 0.00 Special Trade Contractors ............................. 17,256 0.02 Stone, Clay, and Glass Products ....................... 242,173 0.29 Textile Mill Products ................................. 36,290 0.04 Tobacco Products ...................................... 875,076 1.04 Transportation By Air ................................. 363,080 0.43 Transportation Equipment .............................. 2,523,034 3.01 Transportation Services ............................... 97,763 0.12 Trucking and Warehousing .............................. 305,046 0.36 Water Transportation .................................. 53,669 0.06 Wholesale Trade-Durable Goods ......................... 1,232,327 1.46 Wholesale Trade-Nondurable Goods ...................... 681,865 0.81 ----------- ------ TOTAL COMMON STOCK .................................... 83,391,977 99.10 ----------- ------ (COST $71,934,240) SHORT TERM INVESTMENTS Certificates of Deposit ............................... 163,025 0.19 Commercial Paper ...................................... 1,420,316 1.69 U.S. Government and Agencies Discount Notes ........... 1,147,641 1.36 Variable Notes ........................................ 49,998 0.06 ----------- ------ TOTAL SHORT TERM INVESTMENTS .......................... 2,780,980 3.30 ----------- ------ (COST $2,779,468) TOTAL PORTFOLIO (COST $74,802,362) ................................... 86,257,441 102.50 OTHER ASSETS & LIABILITIES, NET ....................... (2,105,452) (2.50) ----------- ------ NET ASSETS ............................................ $84,151,989 100.00% =========== ====== Summary by Country VALUE (000) % - -------------------------------------------------------------------------------- DOMESTIC: United States ......................................... $66,948,618 77.62% ----------- ------ TOTAL DOMESTIC ........................................ $66,948,618 77.62 ----------- ------ FOREIGN: Australia ............................................. 710,242 0.82 Austria ............................................... 12,118 0.01 Belgium ............................................... 91,091 0.11 Bermuda ............................................... 53,902 0.06 Canada ................................................ 939,572 1.09 Denmark ............................................... 65,285 0.08 Finland ............................................... 281,951 0.33 France ................................................ 1,330,235 1.54 Germany ............................................... 685,128 0.79 Greece ................................................ 28,200 0.03 Hong Kong ............................................. 205,822 0.24 Hungary ............................................... 3,990 0.00 Ireland ............................................... 142,804 0.17 Israel ................................................ 5,129 0.01 Italy ................................................. 630,097 0.73 SEE NOTES TO FINANCIAL STATEMENTS 10 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- VALUE (000) % - -------------------------------------------------------------------------------- Japan ................................................. $ 3,331,293 3.86% Korea ................................................. 2,932 0.00 Luxembourg ............................................ 20,965 0.02 Malaysia .............................................. 3 0.00 Netherlands ........................................... 1,114,884 1.29 New Zealand ........................................... 29,976 0.04 Norway ................................................ 49,407 0.06 Portugal .............................................. 68,804 0.08 Singapore ............................................. 86,252 0.10 Spain ................................................. 566,021 0.66 Sweden ................................................ 339,803 0.40 Switzerland ........................................... 1,476,290 1.71 Taiwan ................................................ 86,006 0.10 United Kingdom ........................................ 4,169,641 4.83 ----------- ------ TOTAL FOREIGN ......................................... 16,527,843 19.16 ----------- ------ SHORT TERM ............................................ 2,780,980 3.22 ----------- ------ TOTAL PORTFOLIO ....................................... $86,257,441 100.00% =========== ====== PRINCIPAL VALUE (000) --------- ----------- BONDS--0.00% CORPORATE BONDS--0.00% BUSINESS SERVICES--0.00% EXDS, Inc (Sub Note) $ 9,949,900 b* 0.000%, 02/15/08 ............................ $ 0 ----------- TOTAL BUSINESS SERVICES 0 ----------- HOLDING AND OTHER INVESTMENT OFFICES--0.00% National Health Investors, Inc (Sr Sub Deb) 346,000 f 9.000%, 01/01/06 ............................. 346 ----------- TOTAL HOLDING AND OTHER INVESTMENT OFFICES 346 ----------- NONDEPOSITORY INSTITUTIONS--0.00% Ugly Duckling Corp (Sub Deb) 413,400 12.000%, 10/23/03 .......................... 413 ----------- TOTAL NONDEPOSITORY INSTITUTIONS 413 ----------- TOTAL CORPORATE BONDS (COST $10,712) 759 ----------- GOVERNMENT BOND--0.00% U.S. TREASURY SECURITY--0.00% United States Treasury Note 325,000 5.000%, 02/15/11 ............................. 365 ----------- TOTAL U.S. TREASURY SECURITY 365 ----------- TOTAL GOVERNMENT BOND (COST $315) 365 ----------- TOTAL BONDS (COST $11,027) 1,124 ----------- SHARES ------ PREFERRED STOCK--0.10% CHEMICALS AND ALLIED PRODUCTS--0.02% 941,176 f* Advanced Medicine Series C ................... 9,412 444,445 f* Advanced Medicine Series D ................... 4,444 47,767 Henkel Kgaa ................................... 2,957 ----------- TOTAL CHEMICALS AND ALLIED PRODUCTS 16,813 ----------- COMMUNICATIONS--0.00% 1 Tele Norte Leste Participacoes S.A ............ 0 ----------- TOTAL COMMUNICATIONS 0 ----------- HEALTH SERVICES--0.00% 282 * Dynacq International, Inc...................... 4 8,534 * MEDIQ, Inc .................................... 2 ----------- TOTAL HEALTH SERVICES 6 ----------- INSTRUMENTS AND RELATED PRODUCTS--0.00% 45,809 Fresenius Medical Care AG ..................... 1,657 ----------- TOTAL INSTRUMENTS AND RELATED PRODUCTS 1,657 ----------- MOTION PICTURES--0.00% 20,000 ProSieben SAT.1 Media AG ...................... 133 ----------- TOTAL MOTION PICTURES 133 ----------- PRIMARY METAL INDUSTRIES--0.00% 490,350 * Superior Trust I .............................. 0 ----------- TOTAL PRIMARY METAL INDUSTRIES 0 ----------- PRINTING AND PUBLISHING--0.03% 4,362,571 News Corp Ltd ................................. 26,888 ----------- TOTAL PRINTING AND PUBLISHING 26,888 ----------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.01% 132,287 * Sealed Air Corp (New) ......................... 6,740 ----------- TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 6,740 ----------- TRANSPORTATION EQUIPMENT--0.04% 70,462 Porsche AG .................................... 29,858 42,203 Volkswagen AG ................................. 1,265 ----------- TOTAL TRANSPORTATION EQUIPMENT 31,123 ----------- TOTAL PREFERRED STOCK (COST $77,627) 83,360 ----------- COMMON STOCK--99.10% AGRICULTURAL PRODUCTION-CROPS--0.01% 22,459 Alico, Inc .................................... 555 244,755 Delta & Pine Land Co .......................... 5,380 83,347 * Seminis, Inc (Class A) ........................ 307 ----------- TOTAL AGRICULTURAL PRODUCTION-CROPS 6,242 ----------- AGRICULTURAL PRODUCTION-LIVESTOCK--0.00% 2,579 Seaboard Corp ................................. 534 ----------- TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK 534 ----------- AGRICULTURAL SERVICES--0.03% 387,487 Syngenta AG ................................... 19,424 166,195 * VCA Antech, Inc ............................... 3,252 ----------- TOTAL AGRICULTURAL SERVICES 22,676 ----------- AMUSEMENT AND RECREATION SERVICES--0.13% 317,093 * Alliance Gaming Corp .......................... 5,996 13,688 * America's Car Mart, Inc ....................... 250 166,839 * Argosy Gaming Co .............................. 3,489 227,296 * Aztar Corp .................................... 3,662 206,808 e* Bally Total Fitness Holding Corp .............. 1,867 47,866 * Championship Auto Racing Teams, Inc ........... 120 37,850 Churchill Downs, Inc .......................... 1,450 72,742 Dover Downs Gaming & Entertainment, Inc ....... 673 107,691 Dover Motorsport, Inc ......................... 442 1,927,691 EMI Group plc ................................. 3,881 134,817 * Gaylord Entertainment Co ...................... 2,638 1,090,000 Greek Organization of Football Prognostics S.A. 11,115 677,127 * Harrah's Entertainment, Inc ................... 27,248 138,675 International Speedway Corp (Class A) ......... 5,479 114,310 * Isle Of Capri Casinos, Inc .................... 1,890 296,727 * Magna Entertainment Corp (Class A) ............ 1,484 142,660 * MTR Gaming Group, Inc ......................... 1,101 70,750 e* Multimedia Games, Inc ......................... 1,804 31,434 e Oriental Land Co Ltd .......................... 1,377 205,409 * Penn National Gaming, Inc ..................... 4,221 36,830 Sankyo Co Ltd (Gunma) ......................... 919 500,526 * Six Flags, Inc ................................ 3,394 87,844 Speedway Motorsports, Inc ..................... 2,354 224,806 * Station Casinos, Inc .......................... 5,676 220,000 TAB Ltd ....................................... 480 820,054 TABCORP Holdings Ltd .......................... 5,923 1,444,000 William Hill plc .............................. 6,803 171,214 * WMS Industries, Inc ........................... 2,669 69,887 World Wrestling Federation Entertainment, Inc.. 719 ----------- TOTAL AMUSEMENT AND RECREATION SERVICES 109,124 ----------- SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 11 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- APPAREL AND ACCESSORY STORES--0.53% 1,098,721 * Abercrombie & Fitch Co (Class A) .............. $ 31,215 99,253 * Aeropostale, Inc .............................. 2,132 329,413 * American Eagle Outfitters, Inc ................ 5,969 284,737 * AnnTaylor Stores Corp ......................... 8,243 25,334 * Bebe Stores, Inc .............................. 485 46,806 * Buckle, Inc ................................... 900 119,618 Burlington Coat Factory Warehouse Corp ........ 2,141 5,966 * Cache, Inc .................................... 92 46,303 * Casual Male Retail Group, Inc ................. 240 97,916 Cato Corp (Class A) ........................... 2,064 77,502 * Charlotte Russe Holding, Inc .................. 800 718,456 * Charming Shoppes, Inc ......................... 3,571 553,433 * Chico's FAS, Inc .............................. 11,650 75,649 e* Children's Place Retail Stores, Inc ........... 1,502 157,915 * Christopher & Banks Corp ...................... 5,841 160,870 Claire's Stores, Inc ............................ 4,080 108,618 f Claire's Stores, Inc (Class A) ................ 2,755 29,401 Deb Shops, Inc ................................ 553 174,310 * Dress Barn, Inc ............................... 2,209 4,184 b* Edison Brothers Stores, Inc Wts 12/10/05 ...... 0 100,126 * Factory 2-U Stores, Inc ....................... 499 50,770 Fast Retailing Co Ltd ......................... 1,569 116,182 * Finish Line, Inc (Class A) .................... 2,580 637,164 Foot Locker, Inc .............................. 8,442 129,959 e* Footstar, Inc ................................. 1,689 8,113,150 Gap, Inc ...................................... 152,203 143,252 * Genesco, Inc .................................. 2,536 107,870 Goody's Family Clothing, Inc .................. 933 191,236 * Gymboree Corp ................................. 3,209 1,072,971 Hennes & Mauritz AB (B Shs) ................... 24,663 213,412 * Hot Topic, Inc ................................ 5,743 25,462 * JOS A. Bank Clothiers, Inc .................... 851 2,764,035 Limited Brands, Inc ........................... 42,843 18,533 * Mothers Work, Inc ............................. 496 679,264 Nordstrom, Inc ................................ 13,259 67,507 Oshkosh B'gosh, Inc (Class A) ................. 1,823 312,907 * Pacific Sunwear of California, Inc ............ 7,538 441,075 * Payless Shoesource, Inc ....................... 5,513 369,356 Ross Stores, Inc .............................. 15,786 58 Shimamura Co Ltd .............................. 3 48,161 * Shoe Carnival, Inc ............................ 711 128,579 * Stage Stores, Inc ............................. 3,022 132,595 Talbots, Inc .................................. 3,905 2,653,008 TJX Cos, Inc .................................. 49,983 225,758 * Too, Inc ...................................... 4,572 68,133 * Urban Outfitters, Inc ......................... 2,446 170,275 * Wet Seal, Inc (Class A) ....................... 1,819 93,233 * Wilsons The Leather Experts, Inc .............. 672 ----------- TOTAL APPAREL AND ACCESSORY STORES 445,750 ----------- APPAREL AND OTHER TEXTILE PRODUCTS--0.14% 506,533 * Ansell Ltd .................................... 1,987 114,694 Aoyama Trading Co Ltd ......................... 1,528 20,155 Benetton Group S.p.A .......................... 209 2,500,000 Burberry Group plc ............................ 10,231 160,737 e* Collins & Aikman Corp ......................... 474 73,700 * Columbia Sportswear Co ........................ 3,789 119,975 * DHB Industries, Inc ........................... 491 910,571 Esprit Holdings Ltd ........................... 2,224 48,868 * Guess?, Inc ................................... 293 529,662 Gunze Ltd ..................................... 1,994 764,657 * Jones Apparel Group, Inc ...................... 22,374 169,399 Kellwood Co ................................... 5,358 635,000 Kuraray Co Ltd ................................ 4,167 594,564 Liz Claiborne, Inc ............................ 20,958 16,112 * Mossimo, Inc .................................. 67 167,456 * Nautica Enterprises, Inc ...................... 2,148 146,081 Onward Kashiyama Co Ltd ....................... 1,180 40,662 Oxford Industries, Inc ........................ 1,688 13,193 * Paragon Trade Brands, Inc (Escrow) ............ 0 8,298 * Perry Ellis International, Inc ................ 162 158,575 Phillips-Van Heusen Corp ...................... 2,161 233,886 Polo Ralph Lauren Corp ........................ 6,032 328,451 * Quiksilver, Inc ............................... 5,416 20,587 Tokyo Style Co Ltd ............................ 168 17,771 * Tropical Sportswear International Corp ........ 129 460,970 VF Corp ....................................... 15,659 1,055 Wacoal Corp ................................... 8 102,726 * Warnaco Group, Inc ............................ 1,382 218,557 b,e* Westpoint Stevens, Inc ........................ 5 1,228,000 Wing Tai Holdings Ltd ......................... 516 237,500 e World Co Ltd ................................ 4,618 ----------- TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 117,416 ----------- AUTO REPAIR, SERVICES AND PARKING--0.02% 22,524 b,e* Amerco, Inc ................................... 160 117,941 Central Parking Corp .......................... 1,458 1,377,000 * ComfortDelgro Corp Ltd ........................ 629 160,817 * Dollar Thrifty Automotive Group, Inc .......... 2,983 52,693 * Midas, Inc .................................... 639 37,020 * Monro Muffler Brake, Inc ...................... 1,046 200,000 e Park24 Co Ltd ................................. 3,210 276,079 Ryder System, Inc ............................. 7,073 ----------- TOTAL AUTO REPAIR, SERVICES AND PARKING 17,198 ----------- AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.13% 115,507 * Advance Auto Parts ............................ 7,034 29,791 * Asbury Automotive Group, Inc .................. 402 28,800 Autobacs Seven Co Ltd ......................... 532 842,313 * Autonation, Inc ............................... 13,241 440,473 * Autozone, Inc ................................. 33,463 476,277 e Canadian Tire Corp (Class A) .................. 11,392 493,119 * Carmax, Inc ................................... 14,868 337,440 * Copart, Inc ................................... 3,189 196,130 * CSK Auto Corp ................................. 2,834 128,220 * Group 1 Automotive, Inc ....................... 4,156 72,809 * Lithia Motors, Inc (Class A) .................. 1,177 47,916 * MarineMax, Inc ................................ 671 189,582 * O'Reilly Automotive, Inc ...................... 6,330 150,090 * Sonic Automotive, Inc ......................... 3,288 112,665 * United Auto Group, Inc ........................ 2,454 69,456 * West Marine, Inc .............................. 1,216 ----------- TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS 106,247 ----------- BUILDING MATERIALS AND GARDEN SUPPLIES--0.97% 83,549 Building Materials Holding Corp ............... 1,237 102,480 * Central Garden & Pet Co ....................... 2,444 582,000 Cheung Kong Infrastructure Holdings Ltd ....... 1,127 274,939 e Fastenal Co ................................. 9,331 12,477,900 Home Depot, Inc ............................... 413,268 710,045 * Louisiana-Pacific Corp ........................ 7,697 8,733,026 Lowe's Cos .................................... 375,083 1,000 Sumitomo Forestry Co Ltd ...................... 5 655,181 Wolseley plc .................................. 7,246 ----------- TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES 817,438 ----------- BUSINESS SERVICES--6.77% 1,999,461 * 3Com Corp ..................................... 9,357 34,884 * 3D Systems Corp ............................... 266 94,133 Aaron Rents, Inc .............................. 2,429 257,353 ABM Industries, Inc ........................... 3,963 137,788 * Acacia Research--Acacia Technologies .......... 167 76,653 e Acciona S.A ................................... 3,653 SEE NOTES TO FINANCIAL STATEMENTS 12 College Retirement Equities Fund 2003 SEMIANNUAL REPORT SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(CONTINUED) 250,364 e* Acclaim Entertainment, Inc .................... $ 170 87,735 * ActivCard Corp ................................ 825 510,468 * Activision, Inc ............................... 6,595 250,782 * Actuate Corp .................................. 697 377,297 * Acxiom Corp ................................... 5,693 100,910 Adecco S.A. (Regd) ............................ 4,157 146,681 e* Administaff, Inc .............................. 1,511 1,454,330 Adobe Systems, Inc ............................ 46,640 176,492 * Advent Software, Inc .......................... 2,984 127,634 * Advo, Inc ..................................... 5,667 500,000 Aegis Group plc ............................... 654 18,070 Aeon Credit Service Co Ltd .................... 572 235,810 * Aether Systems, Inc ........................... 1,155 697,355 * Affiliated Computer Services, Inc (Class A) ... 31,890 272,955 * Agile Software Corp ........................... 2,634 678,951 e* Akamai Technologies, Inc ...................... 3,300 214,453 * Alliance Data Systems Corp .................... 5,018 45,209 * Altiris, Inc .................................. 906 265,775 * American Management Systems, Inc .............. 3,795 101,200 e* AMN Healthcare Services, Inc .................. 1,285 18,979 * Ansoft Corp ................................... 202 98,424 * Ansys, Inc .................................... 3,061 107,387 * Anteon International Corp ..................... 2,997 31,708,079 e* AOL Time Warner, Inc .......................... 510,183 168,360 * APAC Customer Services, Inc ................... 429 247,386 * Aquantive, Inc ................................ 2,598 196,994 * Arbitron, Inc ................................. 7,033 1,795,130 * Ariba, Inc .................................... 5,332 163,081 * Armor Holdings, Inc ........................... 2,185 56,300 e Asatsu-DK, Inc ................................ 1,008 413,379 * Ascential Software Corp ....................... 6,796 187,596 e* Asiainfo Holdings, Inc ........................ 1,538 105,886 * Ask Jeeves, Inc ............................... 1,456 346,582 * Aspect Communications Corp .................... 1,341 238,478 e* Aspen Technology, Inc ......................... 1,145 166,113 e* At Road, Inc .................................. 1,814 91,543 e* Atari, Inc .................................... 407 16,520 * Atos Origin ................................... 571 108,636 * Autobytel, Inc ................................ 678 524,832 Autodesk, Inc ................................. 8,481 3,967,653 Automatic Data Processing, Inc ................ 134,345 19,207 * Bankrate, Inc ................................. 233 100,016 * Barra, Inc .................................... 3,571 3,242,974 * BEA Systems, Inc .............................. 35,219 555,543 * Bisys Group, Inc .............................. 10,205 3,591,243 * BMC Software, Inc ............................. 58,645 457,849 e* Borland Software Corp ......................... 4,473 122,939 Brady Corp (Class A) .......................... 4,100 114,874 * Broadvision, Inc .............................. 654 1,727,337 * Brocade Communications Systems, Inc ........... 10,174 8,248 * BTG plc ....................................... 19 127,345 e* Business Objects .............................. 2,840 1,290 * Business Objects S.A. (Spon ADR) .............. 28 191,934 * CACI International, Inc (Class A) ............. 6,583 1,500,307 * Cadence Design Systems, Inc ................... 18,094 66,761 e* Cap Gemini S.A ................................ 2,370 155,800 e Capcom Co Ltd ................................. 1,606 2,005,936 Capita Group plc .............................. 7,481 123,139 * Carreker Corp ................................. 564 204,904 * Catalina Marketing Corp ....................... 3,617 82,253 * CCC Information Services Group, Inc ........... 1,193 79,624 * CDI Corp ...................................... 2,067 13,236,141 * Cendant Corp .................................. 242,486 679,836 * Ceridian Corp ................................. 11,537 177,872 * Cerner Corp ................................... 4,082 325,907 * Certegy, Inc .................................. 9,044 1,193,174 * CGI Group, Inc (Class A) ...................... 7,025 322,561 e* Checkfree Corp ................................ 8,980 466,466 * ChoicePoint, Inc .............................. 16,102 250,408 * Chordiant Software, Inc ....................... 466 642,875 Chubb plc ..................................... 801 372,291 * Ciber, Inc .................................... 2,613 947,283 * Citrix Systems, Inc ........................... 19,287 1,446,492 * CMGI, Inc ..................................... 2,416 808,700 * CNET Networks, Inc ............................ 5,038 321,422 e* Cognizant Technology Solutions Corp ........... 7,830 314,627 * Cognos, Inc ................................... 8,445 2,848,304 Computer Associates International, Inc ........ 63,460 210,148 * Computer Horizons Corp ........................ 954 18,144 Computer Programs & Systems, Inc .............. 363 950,799 * Computer Sciences Corp ........................ 36,244 683,215 Computershare Ltd ............................. 857 1,750,963 * Compuware Corp ................................ 10,103 109,220 * Concord Communications, Inc ................... 1,500 96,508 * Concur Technologies, Inc ...................... 972 914,699 * Convergys Corp ................................ 14,635 88,152 * CoStar Group, Inc ............................. 2,632 130,938 e* Covansys Corp ................................. 402 24,900 Creative Technology Ltd ....................... 199 165,495 * Cross Country Healthcare, Inc ................. 2,183 24,237 b* Cross Media Marketing Corp .................... 6 261,621 * CSG Systems International, Inc ................ 3,697 62,739 e CSK Corp ...................................... 1,709 43,321 * Cyberguard Corp ............................... 308 435,096 * D&B Corp ...................................... 17,882 7,592 e Dassault Systemes S.A ......................... 249 125,000 * Datacraft Asia Ltd ............................ 125 109,440 * Datastream Systems, Inc ....................... 1,159 287,094 Deluxe Corp ................................... 12,862 207,809 * Dendrite International, Inc ................... 2,677 5,361 Dentsu, Inc ................................... 16,698 530,832 Deutsche Post AG. (Regd) ...................... 7,797 784,500 Diamond Lease Co Ltd .......................... 13,099 62,450 * Digimarc Corp ................................. 980 191,706 * Digital Insight Corp .......................... 3,652 186,812 e* Digital River, Inc ............................ 3,605 117,442 * Digitalthink, Inc ............................. 370 53,688 e* DocuCorp International, Inc ................... 356 316,209 * Documentum, Inc ............................... 6,220 785,673 * DoubleClick, Inc .............................. 7,267 740,009 * DST Systems, Inc .............................. 28,120 20,327 * Duratek, Inc .................................. 159 43,766 * Dynamics Research Corp ........................ 669 415,264 * E.piphany, Inc ................................ 2,122 842,113 * Earthlink, Inc ................................ 6,644 178,408 e* Echelon Corp .................................. 2,457 277,483 * Eclipsys Corp ................................. 2,897 37,374 * eCollege.com, Inc ............................. 429 314,291 * eFunds Corp ................................... 3,624 90,655 * Electro Rent Corp ............................. 977 576,950 * Electronic Arts, Inc .......................... 42,689 2,149,294 Electronic Data Systems Corp .................. 46,102 76,911 * Embarcadero Technologies, Inc ................. 538 1,282,906 * Enterasys Networks, Inc ....................... 3,887 316,034 * Entrust, Inc .................................. 929 400 e* Envision Development Corp ..................... 0 126,209 * Epicor Software Corp .......................... 756 75,344 * EPIQ Systems, Inc ............................. 1,294 1,049,431 Equifax, Inc .................................. 27,285 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 13 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(CONTINUED) 152,864 * eSpeed, Inc (Class A) ......................... $ 3,021 17,584 * Expedia, Inc Wts 02/04/09 ..................... 959 690,065 * Extreme Networks, Inc ......................... 3,657 149,108 * F5 Networks, Inc .............................. 2,512 106,553 Factset Research Systems, Inc ................. 4,694 270,973 Fair Isaac Corp ............................... 13,942 628 Faith, Inc .................................... 3,567 37,142 * Fargo Electronics, Inc ........................ 361 97,319 * Fidelity National Information Solutions, Inc .. 2,538 233,870 * Filenet Corp .................................. 4,219 62,306 * FindWhat.com .................................. 1,172 4,253,506 First Data Corp 176,265 1,042,740 * Fiserv, Inc ................................... 37,132 254,224 * Freemarkets, Inc .............................. 1,769 35,246 * Gerber Scientific, Inc ........................ 235 182,519 * Getty Images, Inc ............................. 7,538 53,506 Gevity HR, Inc ................................ 632 4,593 Grey Global Group, Inc ........................ 3,548 37,253 * Group 1 Software, Inc ......................... 683 116,239 e* GSI Commerce, Inc ............................. 776 290,691 GTECH Holdings Corp ........................... 10,945 43,939 * Hall Kinion & Associates, Inc ................. 120 239,616 * Harris Interactive, Inc ....................... 1,579 60,929 Haw Par Corp Ltd .............................. 150 764,335 Hays plc ...................................... 1,211 63,121 * Healthcare Services Group ..................... 907 121,474 * Heidrick & Struggles International, Inc ....... 1,533 344,657 Henry (Jack) & Associates, Inc ................ 6,131 16,500 Hitachi Software Engineering Co Ltd ........... 342 509,243 e* Homestore, Inc ................................ 901 40,350 e* Hudson Highland Group, Inc .................... 767 238,842 * Hyperion Solutions Corp ....................... 8,063 1,459,116 * i2 Technologies, Inc .......................... 1,474 20,389 * ICT Group, Inc ................................ 213 134,690 * iDine Rewards Network, Inc .................... 1,851 111,927 * IDX Systems Corp .............................. 1,737 130,962 * iGate Corp .................................... 454 259,527 * I-many, Inc ................................... 262 202,635 Imation Corp .................................. 7,664 1,327,339 IMS Health, Inc ............................... 23,879 57,244 Indra Sistemas S.A ............................ 582 412,987 * Informatica Corp .............................. 2,854 108,729 * Information Resources, Inc .................... 429 39,867 * Inforte Corp .................................. 314 102,388 * Infospace, Inc ................................ 1,389 181,294 * infoUSA, Inc .................................. 1,468 63,590 * Integral Systems, Inc ......................... 1,264 145,009 * Intelidata Technologies Corp .................. 444 202,779 * Interactive Data Corp ......................... 3,427 329,058 * Intergraph Corp ............................... 7,075 816,043 * Interland, Inc ................................ 800 510,205 * Internet Security Systems, Inc ................ 7,393 40,904 Interpool, Inc ................................ 672 1,921,777 * Interpublic Group of Cos, Inc ................. 25,713 697,260 * Interwoven, Inc ............................... 1,548 170,038 Intracom S.A .................................. 1,125 102,157 * Intrado, Inc .................................. 1,613 1,003,088 * Intuit, Inc ................................... 44,668 28,857 * iPayment, Inc ................................. 693 324,814 * Iron Mountain, Inc ............................ 12,047 24,000 e ISS a/s ....................................... 857 67,400 Itochu Techno-Science Corp .................... 1,566 554,680 * J.D. Edwards & Co ............................. 7,949 187,578 * JDA Software Group, Inc ....................... 2,099 1,945,435 e* Juniper Networks, Inc ......................... 24,065 106,408 * Kana Software, Inc ............................ 322 392,616 * Keane, Inc .................................... 5,351 114,446 Kelly Services, Inc (Class A) ................. 2,684 220,000 Keppel Land Ltd ............................... 160 152,979 * Keynote Systems, Inc .......................... 1,603 133,773 * Kforce, Inc ................................... 646 11,000 * KFX ,Inc ...................................... 43 122,572 Konami Corp ................................... 2,195 252,020 * Korn/Ferry International ...................... 2,041 195,593 e* Kroll, Inc .................................... 5,293 134,831 * Kronos, Inc ................................... 6,851 6,000 Kyowa Exeo Corp ............................... 21 269,275 * Labor Ready, Inc .............................. 1,931 471,981 * Lamar Advertising Co .......................... 16,618 148,957 * Lawson Software, Inc .......................... 1,157 638,479 * Legato Systems, Inc ........................... 5,357 81,327 * LendingTree, Inc .............................. 1,991 712,312 e* Liberate Technologies ......................... 2,123 77,458 * Lionbridge Technologies ....................... 394 307,890 LogicaCMG plc ................................. 728 451,829 * Looksmart Ltd ................................. 1,279 299,766 * Macromedia, Inc ............................... 6,307 276,217 * Macrovision Corp .............................. 5,502 134,779 * Magma Design Automation, Inc .................. 2,311 131,586 * Manhattan Associates, Inc ..................... 3,417 503,369 Manpower, Inc ................................. 18,670 64,938 * Mantech International Corp (Class A) .......... 1,246 392,173 e* Manugistics Group, Inc ........................ 1,612 108,281 * MAPICS, Inc ................................... 888 98,859 * Mapinfo Corp .................................. 720 16,920 * Marketwatch.com, Inc .......................... 141 308,489 * Matrixone, Inc ................................ 1,771 55,007 McGrath RentCorp .............................. 1,471 41,448 * Medical Staffing Network Holdings, Inc ........ 290 70,790 * MedQuist, Inc ................................. 1,433 5,500 Meitec Corp ................................... 167 64,694 * Memberworks, Inc .............................. 1,278 444,687 * Mentor Graphics Corp .......................... 6,439 395,843 * Mercury Interactive Corp ...................... 15,283 121,940 * MetaSolv, Inc ................................. 239 478,409 * Micromuse, Inc ................................ 3,822 58,058,451 Microsoft Corp ................................ 1,486,877 49,842 * MicroStrategy, Inc ............................ 1,816 183,076 e* Midway Games, Inc ............................. 665 997,014 Misys plc ..................................... 4,228 20,767 * Mobius Management Systems, Inc ................ 155 482,676 * Monster Worldwide, Inc ........................ 9,523 627,818 * MPS Group, Inc ................................ 4,319 124,358 * MRO Software, Inc ............................. 1,073 184,672 e* MSC.Software Corp ............................. 1,245 10,444 * MTC Technologies, Inc ......................... 245 103,504 Namco Ltd ..................................... 1,652 32,011 * Nassda Corp ................................... 247 144,906 * National Instruments Corp ..................... 5,475 33,663 * National Processing, Inc ...................... 541 126,126 * NCO Group, Inc ................................ 2,259 111,200 * NCP Litigation Trust .......................... 0 378,562 * NCR Corp ...................................... 9,699 219,056 NDCHealth Corp ................................ 4,020 49,280 e* Neoforma, Inc ................................. 538 5 NET One Systems Co Ltd ........................ 25 171,753 * Netegrity, Inc ................................ 1,003 320,134 * NETIQ Corp .................................... 4,949 48,146 * Netratings, Inc ............................... 440 113,948 * Netscout Systems, Inc ......................... 612 226,141 * NetScreen Technologies, Inc ................... 5,099 SEE NOTES TO FINANCIAL STATEMENTS 14 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(CONTINUED) 2,239,821 * Network Associates, Inc ....................... $ 28,401 50,260 * Network Equipment Technologies, Inc ........... 423 155,910 * NIC, Inc ...................................... 455 29 Nippon Kanzai Co Ltd .......................... 0 2,000 Nomura Research Institute Ltd ................. 154 89,485 * Novadigm, Inc ................................. 232 2,574,214 * Novell, Inc ................................... 7,929 461 NTT Data Corp ................................. 1,421 171,336 * Nuance Communications, Inc .................... 925 170,784 e* NYFIX, Inc .................................... 1,084 1,300 Obic Co Ltd ................................... 232 1,978,322 Omnicom Group, Inc ............................ 141,846 62,895 * On Assignment, Inc ............................ 252 168,217 * Onyx Software Corp ............................ 163 1,168,392 * Openwave Systems, Inc ......................... 2,278 66,832 * Opnet Technologies, Inc ....................... 815 170,150 * Opsware, Inc .................................. 684 31,996,385 * Oracle Corp ................................... 384,597 9,800 Oracle Corp Japan ............................. 353 422,331 * Overture Services, Inc ........................ 7,657 150,825 * Packeteer, Inc ................................ 2,348 1,650,688 * Parametric Technology Corp .................... 5,035 1,922,347 * PCCW Ltd ...................................... 1,189 129,592 * PC-Tel, Inc ................................... 1,537 89,445 * PDF Solutions, Inc ............................ 1,033 54,699 * PDI, Inc ...................................... 556 55,864 * PEC Solutions, Inc ............................ 899 168,110 * Pegasus Solutions, Inc ........................ 2,732 41,098 * Pegasystems, Inc .............................. 303 34,706 * Penton Media, Inc ............................. 20 3,653,113 * Peoplesoft, Inc ............................... 64,258 325,841 * Perot Systems Corp (Class A) .................. 3,702 105,864 * Phoenix Technologies Ltd ...................... 598 113,964 e* Pixar, Inc .................................... 6,934 104,512 * PLATO Learning, Inc ........................... 601 814,275 * Portal Software, Inc .......................... 1,629 37,387 * Portfolio Recovery Associates, Inc ............ 1,166 139,841 * Priceline.com, Inc ............................ 3,131 74,900 * ProcureNet, Inc ............................... 11 202,376 * Progress Software Corp ........................ 4,195 22,142 * Protection One, Inc ........................... 22 28,921 * Proxymed, Inc ................................. 381 735,000 e Publicis Groupe S.A ........................... 19,725 147,809 * Pumatech, Inc ................................. 503 36,180 * QAD, Inc ...................................... 268 92,391 * QRS Corp ...................................... 490 181,641 * Quadramed Corp ................................ 309 18,324 * Quality Systems, Inc .......................... 506 251,968 * Quest Software, Inc ........................... 2,998 138,668 * Quovadx, Inc .................................. 415 166,960 * R.H. Donnelley Corp ........................... 6,089 114,352 * Radiant Systems, Inc .......................... 771 110,783 * Radisys Corp .................................. 1,462 287,785 * Raindance Communications, Inc ................. 717 423,897 * RealNetworks, Inc ............................. 2,874 846,918 * Red Hat, Inc .................................. 6,411 1,009,330 e* Redback Networks, Inc ......................... 908 196,014 * Register.com, Inc ............................. 1,149 36,147 * Remedytemp, Inc (Class A) ..................... 334 67,338 e* Renaissance Learning, Inc ..................... 1,475 161,638 * Rent-A-Center, Inc ............................ 12,254 4,398,520 Rentokil Initial plc .......................... 13,736 169,480 * Rent-Way, Inc ................................. 788 345,847 * Retek, Inc .................................... 2,213 508,581 Reuters Group plc ............................. 1,475 322,602 Reynolds & Reynolds Co (Class A) .............. 9,214 79,035 e* RMH Teleservices, Inc ......................... 342 799,683 * Robert Half International, Inc ................ 15,146 147,570 Rollins, Inc .................................. 2,782 126,530 * Roxio, Inc .................................... 846 315,396 * RSA Security, Inc ............................. 3,391 463,968 * S1 Corp ....................................... 1,874 80,704 * SAFLINK Corp .................................. 525 1,542,780 Sage Group plc ................................ 4,124 94,601 * Sanchez Computer Associates, Inc .............. 492 616,065 e SAP AG ........................................ 72,656 250,600 SAP AG. (Spon ADR) ............................ 7,323 536,901 * Sapient Corp .................................. 1,487 345,231 e* Scansoft, Inc ................................. 1,875 511,255 Secom Co Ltd .................................. 14,987 200,807 * Secure Computing Corp ......................... 1,753 527,270 Securicor plc ................................. 648 370,106 e Securitas AB (B Shs) .......................... 3,791 332,969 * Seebeyond Technology Corp ..................... 769 751,000 e Seiko Epson Corp .............................. 22,328 850,505 Serco Group plc ............................... 2,246 136,305 * Serena Software, Inc .......................... 2,846 8,718 e SGS Societe Generale Surveillance Holdings S.A 3,405 2,145,743 * Siebel Systems, Inc ........................... 20,470 354,490 * Sitel Corp .................................... 549 3,263,240 e Softbank Corp ................................. 61,827 75,328 * Sohu.com, Inc ................................. 2,573 69,518 * Sonic Solutions, Inc .......................... 599 595,956 b,e* SONICblue, Inc ................................ 3 302,608 * SonicWALL, Inc ................................ 1,453 302,652 * Sotheby's Holdings, Inc (Class A) ............. 2,252 177,190 e* SpeechWorks International, Inc ................ 833 393,889 * Spherion Corp ................................. 2,738 79,774 * SPSS, Inc ..................................... 1,335 52,877 * SRA International, Inc (Class A) .............. 1,692 54,244 * SS&C Technologies, Inc ........................ 865 63,685 * Startek, Inc .................................. 1,675 59,608 * Stellent, Inc ................................. 322 417,691 * StorageNetworks, Inc .......................... 581 756,600 Sumisho Lease Co Ltd .......................... 13,138 37,107,296 * Sun Microsystems, Inc ......................... 170,694 2,131,223 * SunGard Data Systems, Inc ..................... 55,220 98,436 * SupportSoft, Inc .............................. 639 503,912 * Sybase, Inc ................................... 7,009 165,555 * Sykes Enterprises, Inc ........................ 810 1,908,825 * Symantec Corp ................................. 83,721 342,105 * Synopsys, Inc ................................. 21,159 69,537 * Synplicity, Inc ............................... 364 36,971 * Syntel, Inc ................................... 582 207,982 * Systems & Computer Technology Corp ............ 1,872 272,858 e* Take-Two Interactive Software, Inc ............ 7,733 87,346 Talx Corp ..................................... 1,973 259,400 * TeleTech Holdings, Inc ........................ 1,097 38,479 * TheStreet.com, Inc ............................ 181 330,453 e Thomson Corp .................................. 10,312 266,392 e* THQ, Inc ...................................... 4,795 539,353 * TIBCO Software, Inc ........................... 2,745 96,921 * Tier Technologies, Inc (Class B) .............. 751 63,238 Tietoenator Corp .............................. 1,065 46,057 TIS, Inc ...................................... 882 288,128 e* Tiscali S.p.A ................................. 1,472 431,994 * Titan Corp .................................... 4,445 560,327 e Tokyu Corp .................................... 1,806 209,246 e Total System Services, Inc .................... 4,666 78,031 * TradeStation Group, Inc ....................... 801 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 15 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BUSINESS SERVICES--(CONTINUED) 222,840 * Transaction Systems Architects, Inc (Class A) . $ 1,997 1,016,000 e* Trend Micro, Inc .............................. 15,780 31,943 * Tripos, Inc ................................... 254 203,740 * Trizetto Group, Inc ........................... 1,231 215,984 * Tyler Technologies, Inc ....................... 918 1,567,827 * Unisys Corp ................................... 19,253 171,836 * United Online, Inc ............................ 4,354 311,211 * United Rentals, Inc ........................... 4,323 110,095 * Universal Compression Holdings, Inc ........... 2,297 435,344 * Valueclick, Inc ............................... 2,625 216,128 * Vastera, Inc .................................. 1,290 72,865 * Veridian Corp ................................. 2,542 37,713 * Verint Systems, Inc ........................... 958 1,180,010 * VeriSign, Inc ................................. 16,320 2,314,076 * Veritas Software Corp ......................... 66,345 164,569 * Verity, Inc ................................... 2,083 105,593 * Verso Technologies, Inc ....................... 191 649,674 Viad Corp ..................................... 14,546 168,182 e* Viewpoint Corp ................................ 190 1,554,798 * Vignette Corp ................................. 3,234 40,579 * Vital Images, Inc ............................. 746 248,445 * VitalWorks, Inc ............................... 981 120,569 * Vitria Technology, Inc ........................ 691 53,714 * Volt Information Sciences, Inc ................ 733 257,287 e* Wanadoo ....................................... 1,723 192,435 * WatchGuard Technologies, Inc .................. 885 160,227 e* WebEx Communications, Inc ..................... 2,235 1,498,659 * WebMD Corp .................................... 16,230 302,463 * webMethods, Inc ............................... 2,459 141,401 * Websense, Inc ................................. 2,214 503,830 * Westwood One, Inc ............................. 17,095 1,230,394 Wharf Holdings Ltd ............................ 2,367 440,676 * Wind River Systems, Inc ....................... 1,679 88,046 e* Witness Systems, Inc .......................... 455 234,515 * WM-Data AB (B Shs) ............................ 357 92,000 Woodland Corp ................................. 238 3,859,066 WPP Group plc ................................. 30,248 68,671 * Wynn Resorts Ltd .............................. 1,215 2,561,557 * Yahoo!, Inc ................................... 83,917 ----------- TOTAL BUSINESS SERVICES 5,698,027 ----------- CHEMICALS AND ALLIED PRODUCTS--12.81% 13,184,947 Abbott Laboratories ........................... 576,973 570,915 * Abgenix, Inc .................................. 5,989 68,530 * Able Laboratories, Inc ........................ 1,357 112,582 e* Acacia Research--CombiMatrix .................. 269 216,906 * Adolor Corp ................................... 2,661 180,400 * Agrium, Inc ................................... 1,958 2,649,258 Air Products & Chemicals, Inc ................. 110,209 4,984,800 Akzo Nobel NV ................................. 132,117 55,157 Akzo Nobel NV (Spon ADR) ...................... 1,470 142,349 * Albany Molecular Research, Inc ................ 2,149 201,964 Albemarle Corp ................................ 5,649 14,100 Alberto-Culver Co (Class A) ................... 702 165,401 Alberto-Culver Co (Class B) ................... 8,452 912,300 Alcon, Inc .................................... 41,692 124,495 * Alexion Pharmaceuticals, Inc .................. 2,123 378,289 e* Alkermes, Inc ................................. 4,067 657,859 Allergan, Inc ................................. 50,721 71,555 e* Allos Therapeutics, Inc ....................... 215 22,900 * Alpha-Beta Technology, Inc .................... 0 232,552 Alpharma, Inc (Class A) ....................... 5,023 122,299 * Alteon, Inc ................................... 593 65,138 e* American Pharmaceutical Partners, Inc ......... 2,208 312,411 Amersham plc .................................. 2,344 10,750,462 * Amgen, Inc .................................... 720,066 572,779 * Amylin Pharmaceuticals, Inc ................... 12,538 328,924 * Andrx Corp .................................... 6,546 143,837 e* Aphton Corp ................................... 1,185 133,404 Arch Chemicals, Inc ........................... 2,548 131,046 * Arena Pharmaceuticals, Inc .................... 870 147,674 e* Arqule, Inc ................................... 620 125,148 * Array Biopharma, Inc .......................... 394 1,158,358 Asahi Kasei Corp .............................. 3,309 75,000 AstraZeneca plc (Spon ADR) .................... 3,058 3,334,972 AstraZeneca plc (United Kingdom) .............. 133,728 217,042 * Atherogenics, Inc ............................. 3,240 134,045 * Atrix Laboratories, Inc ....................... 2,948 271,096 e* AVANIR Pharmaceuticals (Class A) .............. 474 210,527 * Avant Immunotherapeutics, Inc ................. 627 1,257,659 e Aventis S.A ................................... 69,193 612,466 Avery Dennison Corp ........................... 30,746 117,099 * AVI BioPharma, Inc ............................ 718 131,233 e* Avigen, Inc ................................... 454 1,292,806 Avon Products, Inc ............................ 80,413 228,723 * Barr Laboratories, Inc ........................ 14,981 532,307 BASF AG ....................................... 22,739 735,072 Bayer AG ...................................... 17,034 14,000 Beiersdorf AG ................................. 1,871 84,090 * Benthley Pharmaceuticals, Inc ................. 1,106 732,882 * Biogen, Inc ................................... 27,850 352,356 * BioMarin Pharmaceutical, Inc .................. 3,439 131,845 e* Biopure Corp .................................. 806 82,580 e* Biosite, Inc .................................. 3,972 319,338 * Biovail Corp .................................. 14,792 708,211 BOC Group plc ................................. 9,086 63,283 * Bone Care International, Inc .................. 880 56,023 e* Bradley Pharmaceuticals, Inc .................. 924 10,386,280 Bristol-Myers Squibb Co ....................... 281,988 293,047 Cabot Corp .................................... 8,410 230,095 Calgon Carbon Corp ............................ 1,323 153,800 Cambrex Corp .................................. 3,540 386,099 * Cell Genesys, Inc ............................. 3,336 237,549 e* Cell Therapeutics, Inc ........................ 2,311 216,222 * Celltech Group plc ............................ 1,224 242,917 * Cephalon, Inc ................................. 9,998 257,274 * Charles River Laboratories International, Inc . 8,279 69,394 * Chattem, Inc .................................. 1,305 428,423 * Chiron Corp ................................... 18,731 5,160,100 e Chugai Pharmaceutical Co Ltd .................. 58,616 181,713 Church & Dwight Co, Inc ....................... 5,947 96,917 * Cima Labs, Inc ................................ 2,606 769,453 Clorox Co ..................................... 32,817 4,777,921 Colgate-Palmolive Co .......................... 276,881 4,700 * Collagenex Pharmaceuticals, Inc ............... 64 193,427 * Columbia Laboratories, Inc .................... 2,176 206,572 * Connetics Corp ................................ 3,092 302,834 e* Corixa Corp ................................... 2,341 767,847 Crompton Corp ................................. 5,413 194,552 * Cubist Pharmaceuticals, Inc ................... 2,074 252,810 * Cytec Industries, Inc ......................... 8,545 107,539 * Dade Behring Holdings, Inc .................... 2,494 3,800,779 Daicel Chemical Industries Ltd ................ 12,060 853,750 Daiichi Pharmaceutical Co Ltd ................. 11,120 246,000 Dainippon Ink & Chemicals, Inc ................ 498 27,251 * DEL Laboratories, Inc ......................... 640 29,672 * Dendreon Corp ................................. 176 450,000 Denki Kagaku Kogyo KK ......................... 1,248 104,992 Diagnostic Products Corp ...................... 4,310 502,163 Dial Corp ..................................... 9,767 SEE NOTES TO FINANCIAL STATEMENTS 16 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CHEMICALS AND ALLIED PRODUCTS--(CONTINUED) 83,379 * Digene Corp ................................ $ 2,270 109,645 * Discovery Laboratories, Inc ................ 697 32,587 * Dov Pharmaceutical, Inc .................... 375 4,731,061 Dow Chemical Co ............................ 146,474 89,442 DSM NV ..................................... 3,772 5,061,989 Du Pont (E.I.) de Nemours & Co ............. 210,781 157,973 e* Durect Corp ................................ 381 353,453 Eastman Chemical Co ........................ 11,194 1,282,904 Ecolab, Inc ................................ 32,842 228,083 Eisai Co Ltd ............................... 4,692 9,089 * Elan Corp plc .............................. 51 244,694 * Elan Corp plc (Spon ADR) ................... 1,380 86,485 e* Elizabeth Arden, Inc ....................... 1,139 42,983 e* Embrex, Inc ................................ 438 304,934 * Encysive Pharmaceuticals, Inc .............. 1,464 287,595 * Enzon, Inc ................................. 3,601 61,207 * Eon Labs, Inc .............................. 2,151 83,601 * EPIX Medical, Inc .......................... 1,183 193,537 e* Esperion Therapeutics, Inc ................. 3,791 604,808 Estee Lauder Cos (Class A) ................. 20,279 33,047 * Ethyl Corp ................................. 329 214,406 Ferro Corp ................................. 4,831 146,252 * First Horizon Pharmaceutical ............... 578 216,255 * FMC Corp ................................... 4,894 1,927,290 * Forest Laboratories, Inc ................... 105,519 1,085,103 * Genentech, Inc ............................. 78,258 1,400,000 f* Genesoft Series C Financing ................ 7,000 500,000 f* Genesoft Series D Financing ................ 2,000 307,386 e* Genta, Inc ................................. 4,094 163,971 e* Genzyme Corp (Biosurgery Division) ......... 325 971,930 * Genzyme Corp (General Division) ............ 40,627 185,888 Georgia Gulf Corp .......................... 3,681 164,340 e* Geron Corp ................................. 1,210 1,489,119 * Gilead Sciences, Inc ....................... 82,765 6,062,758 Gillette Co ................................ 193,159 14,200 Givaudan S.A. (Regd) ....................... 5,975 17,280,135 GlaxoSmithKline plc ........................ 348,736 246,470 Great Lakes Chemical Corp .................. 5,028 72,166 * GTC Biotherapeutics, Inc ................... 248 163,604 * Guilford Pharmaceuticals, Inc .............. 743 190,867 H.B. Fuller Co ............................. 4,203 14,000 Hitachi Chemical Co Ltd .................... 143 15,271 * Hi-Tech Pharmacal Co, Inc .................. 617 27,738 * Hollis-Eden Pharmaceuticals ................ 350 627,465 * Human Genome Sciences, Inc ................. 7,981 525,779 ICN Pharmaceuticals, Inc ................... 8,812 407,003 * ICOS Corp .................................. 14,957 592,899 * IDEC Pharmaceuticals Corp .................. 20,159 218,529 * Idexx Laboratories, Inc .................... 7,360 221,248 * Ilex Oncology, Inc ......................... 4,294 551,851 e IMC Global, Inc ............................ 3,703 286,048 e* ImClone Systems, Inc ....................... 9,045 77,948 * Immucor, Inc ............................... 1,698 290,988 * Immunogen, Inc ............................. 1,243 274,647 * Immunomedics, Inc .......................... 1,733 161,012 e* Impax Laboratories, Inc .................... 1,931 7,634,795 Imperial Chemical Industries plc ........... 15,465 255,809 * Indevus Pharmaceuticals, Inc ............... 1,596 102,544 * Inspire Pharmaceuticals, Inc ............... 1,107 7,220 Inter Parfums, Inc ......................... 53 166,375 * InterMune, Inc ............................. 2,680 684,223 International Flavors & Fragrances, Inc .... 21,847 54,486 e* Inverness Medical Innovations, Inc ......... 1,052 251,190 * Invitrogen Corp ............................ 9,638 31,171 Ishihara Sangyo Kaisha Ltd ................. 53 309,970 e* Isis Pharmaceuticals, Inc .................. 1,643 700,232 * IVAX Corp .................................. 12,499 174,000 e JSR Corp ................................... 2,114 56,000 e Kaken Pharmaceutical Co Ltd ................ 300 343,000 Kaneka Corp ................................ 2,114 3,509,477 Kao Corp ................................... 65,323 1,308,042 * King Pharmaceuticals, Inc .................. 19,307 62,448 e* Kos Pharmaceuticals, Inc ................... 1,466 244,060 Kose Corp .................................. 7,968 139,060 e* KV Pharmaceutical Co (Class A) ............. 3,866 339,000 e Kyowa Hakko Kogyo Co Ltd ................... 1,829 284,932 * La Jolla Pharmaceutical Co ................. 932 378,139 L'Air Liquide S.A. ......................... 56,060 37,848 e* Lannett Co, Inc ............................ 887 42,644 * Lifecore Biomedical, Inc ................... 243 350,518 e* Ligand Pharmaceuticals, Inc (Class B) ...... 4,764 4,965,598 Lilly (Eli) & Co ........................... 342,477 176,863 Lonza Group AG. (Regd) ..................... 8,095 492,405 e L'Oreal S.A. ............................... 34,719 169,715 MacDermid, Inc ............................. 4,464 600,222 * Martek Biosciences Corp .................... 25,774 479,351 * Medarex, Inc ............................... 3,159 227,929 * Medicines Co ............................... 4,540 155,960 Medicis Pharmaceutical Corp (Class A) ...... 8,843 1,815,291 * MedImmune, Inc ............................. 66,022 16,406,552 Merck & Co, Inc ............................ 993,417 3,800 Meridian Bioscience, Inc ................... 36 171,137 * MGI Pharma, Inc ............................ 4,386 418,274 Millennium Chemicals, Inc .................. 3,978 1,933,262 * Millennium Pharmaceuticals, Inc ............ 30,410 134,050 Minerals Technologies, Inc ................. 6,523 2,955,818 Mitsubishi Chemical Corp ................... 6,031 819,540 Mitsubishi Gas Chemical Co, Inc ............ 1,734 938,400 Mitsui Chemicals, Inc ...................... 4,337 1,147,063 Mylan Laboratories, Inc .................... 39,883 258,548 * Nabi Biopharmaceuticals .................... 1,774 97,926 e* Napro Biotherapeutics, Inc ................. 148 51,417 e* Nastech Pharmaceutical Co .................. 514 77,626 Nature's Sunshine Products, Inc ............ 622 319,626 * NBTY, Inc .................................. 6,731 370,893 * Nektar Therapeutics ........................ 3,423 84,647 e* Neose Technologies, Inc .................... 847 168,514 * Neurocrine Biosciences, Inc ................ 8,416 56,520 e* Neurogen Corp .............................. 258 168,000 Nippon Kayaku Co Ltd ....................... 718 205,000 Nippon Sanso Corp .......................... 659 163,562 Nippon Shokubai Co Ltd ..................... 974 69,000 Nissan Chemical Industries Ltd ............. 369 59,374 NL Industries, Inc ......................... 1,009 83,803 e Nova Chemicals Corp ........................ 1,586 6,962,200 Novartis AG. (Regd) ........................ 275,497 149,370 * Noven Pharmaceuticals, Inc ................. 1,530 384,657 Novo Nordisk a/s (B Shs) ................... 13,466 197,427 e* NPS Pharmaceuticals, Inc ................... 4,805 22,000 * Nuvelo, Inc ................................ 44 64,111 Octel Corp ................................. 891 335,279 Olin Corp .................................. 5,733 196,296 * OM Group, Inc .............................. 2,891 265,916 * Omnova Solutions, Inc ...................... 1,074 193,000 Ono Pharmaceutical Co Ltd .................. 5,947 148,560 * Onyx Pharmaceuticals, Inc .................. 1,832 200,942 * OraSure Technologies, Inc .................. 1,499 9,035 b,e* Organogenesis, Inc ......................... 1 128,218 Orica Ltd .................................. 931 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 17 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CHEMICALS AND ALLIED PRODUCTS--(CONTINUED) 6,920 Orion-Yhtymae OY (B Shrs) ................. $ 115 254,991 * OSI Pharmaceuticals, Inc .................. 8,213 107,115 * Pain Therapeutics, Inc .................... 692 91,913 * Penwest Pharmaceuticals Co ................ 2,240 676,682 e* Peregrine Pharmaceuticals, Inc ............ 1,008 53,166,182 Pfizer, Inc ............................... 1,815,625 164,186 * Pharmaceutical Resources, Inc ............. 7,989 71,423 e PolyMedica Corp ........................... 3,270 520,628 * PolyOne Corp .............................. 2,317 148,658 * Pozen, Inc ................................ 1,632 922,618 PPG Industries, Inc ....................... 46,814 361,222 * Praecis Pharmaceuticals, Inc .............. 1,770 806,556 Praxair, Inc .............................. 48,474 8,165,156 Procter & Gamble Co ....................... 728,169 53,851 * Progenics Pharmaceuticals ................. 811 555,824 * Protein Design Labs, Inc .................. 7,770 204,904 * QLT, Inc .................................. 2,576 50,461 Quaker Chemical Corp ...................... 1,264 169,934 * Quidel Corp ............................... 1,057 1,076,912 Reckitt Benckiser plc ..................... 19,761 79,592 e* Revlon, Inc (Class A) ..................... 239 161,600 * Ribapharm, Inc ............................ 1,042 2,303 e Roche Holding AG. ......................... 283 2,575,306 Roche Holding AG. (Genusscheine) .......... 202,005 1,646,277 Rohm & Haas Co ............................ 51,084 724,622 RPM International, Inc .................... 9,964 118,659 * Salix Pharmaceuticals Ltd ................. 1,245 176,959 * Sangstat Medical Corp ..................... 2,316 1,084,726 Sankyo Co Ltd ............................. 12,954 582,805 Sanofi-Synthelabo S.A. .................... 34,132 391,706 * Savient Pharmaceuticals, Inc .............. 1,818 234,616 Schering AG. .............................. 11,472 7,168,404 Schering-Plough Corp ...................... 133,332 320,000 Schwarz Pharma AG. ........................ 12,274 127,619 * Sciclone Pharmaceuticals, Inc ............. 1,092 113,669 * SciGen Ltd ................................ 6 102,576 * Scotts Co (Class A) ....................... 5,078 854,456 Sekisui Chemical Co Ltd ................... 2,889 452,188 * Sepracor, Inc ............................. 8,153 143,605 * Serologicals Corp ......................... 1,957 101,035 e Serono S.A. (B Shs) ....................... 59,373 509,518 Serono S.A. ADR ........................... 7,419 875,328 Sherwin-Williams Co ....................... 23,529 2,028,516 Shin-Etsu Chemical Co Ltd ................. 69,264 3,540,199 Shionogi & Co Ltd ......................... 47,969 274,009 Shiseido Co Ltd ........................... 2,663 2,132,000 Showa Denko KK ............................ 3,711 412,698 * SICOR, Inc ................................ 8,394 493,159 Sigma-Aldrich Corp ........................ 26,719 17,826 * Sirna Therapeutics, Inc ................... 157 314,092 e SNIA S.p.A. ............................... 615 706,289 Solutia, Inc .............................. 1,540 61,180 e Solvay S.A. ............................... 4,215 36,995 Stepan Co ................................. 836 76,000 Sumitomo Bakelite Co Ltd .................. 317 2,815,140 Sumitomo Chemical Co Ltd .................. 8,839 195,528 e* SuperGen, Inc ............................. 1,056 93,309 e* SurModics, Inc ............................ 2,846 87,800 Suzuken Co Ltd ............................ 2,084 184,254 Taisho Pharmaceutical Co Ltd .............. 2,661 2,543,394 Takeda Chemical Industries Ltd ............ 93,835 163,329 * Tanox, Inc ................................ 2,621 477,925 Teijin Ltd ................................ 1,194 473,600 Tenma Corp ................................ 4,059 227,280 * Terra Industries, Inc ..................... 243 90,100 Teva Pharmaceuticals Industries (Spon ADR) 5,129 17,799 * Third Wave Technologies, Inc .............. 80 969,234 Toray Industries, Inc ..................... 2,252 315,000 Tosoh Corp ................................ 703 812,000 UBE Industries Ltd ........................ 1,197 174,909 e UCB S.A. .................................. 4,792 337,350 * Unifi, Inc ................................ 2,092 112,176 e* United Therapeutics Corp .................. 2,443 18,494 * USANA Health Sciences, Inc ................ 818 543,504 USEC, Inc ................................. 3,815 338,115 Valspar Corp .............................. 14,275 350,160 * Vertex Pharmaceuticals, Inc ............... 5,112 126,724 * Vical, Inc ................................ 551 205,889 * Vicuron Pharmaceuticals, Inc .............. 2,920 55,258 * Virbac Corp ............................... 335 528,348 * Watson Pharmaceuticals, Inc ............... 21,329 208,598 Wellman, Inc .............................. 2,336 1,131,423 Wesfarmers Ltd ............................ 19,197 80,222 West Pharmaceutical Services, Inc ......... 1,965 58,284 * Women First Healthcare, Inc ............... 62 432,888 * WR Grace & Co ............................. 1,909 12,585,996 Wyeth ..................................... 573,292 577,599 Yamanouchi Pharmaceutical Co Ltd .......... 15,056 62,828 * Zymogenetics, Inc ......................... 731 ----------- TOTAL CHEMICALS AND ALLIED PRODUCTS 10,783,885 ----------- COAL MINING--0.04% 305,326 Arch Coal, Inc ............................ 7,016 311,127 Brink's Co ................................ 4,533 101,352 Consol Energy, Inc ........................ 2,305 424,102 Massey Energy Co .......................... 5,577 329,526 Peabody Energy Corp ....................... 11,069 19,536 * Westmoreland Coal Co ...................... 355 ----------- TOTAL COAL MINING 30,855 ----------- COMMUNICATIONS--6.49% 59,879 * Acme Communication, Inc ................... 455 102,098 e* AirGate PCS, Inc .......................... 123 473,604 * Alamosa Holdings, Inc ..................... 725 57,784 e* Alaska Communications Systems Group, Inc .. 203 3,528,203 e* Alcatel S.A. .............................. 31,805 717,552 b,e* Allegiance Telecom, Inc ................... 39 1,631,555 Alltel Corp ............................... 78,674 1,171,825 e* American Tower Corp (Class A) ............. 10,371 9,288,938 AT&T Corp ................................. 178,812 12,147,278 * AT&T Wireless Services, Inc ............... 99,729 1,982,583 * Avaya, Inc ................................ 12,807 959,437 * BCE, Inc .................................. 21,932 49,005 * Beasley Broadcast Group, Inc (Class A) .... 670 9,909,343 BellSouth Corp ............................ 263,886 96,882 e* Boston Communications Group ............... 1,660 9,084,562 * British Sky Broadcasting Group plc ........ 100,664 40,189,444 BT Group plc .............................. 135,124 2,148,104 * Cable & Wireless plc ...................... 4,006 603,745 e* Cablevision Systems Corp (Class A) ........ 12,534 949,318 Carlton Communications plc ................ 2,373 51,648 * Centennial Communications Corp ............ 207 830,229 CenturyTel, Inc ........................... 28,933 1,504,764 e* Charter Communications, Inc (Class A) ..... 5,974 133 * Choice One Communications, Inc ............ 0 1,863,932 * Cincinnati Bell, Inc ...................... 12,488 4,380,696 * Clear Channel Communications, Inc ......... 185,698 11,841,365 * Comcast Corp .............................. 357,372 4,104,702 * Comcast Corp Special ...................... 118,339 104,943 * Commonwealth Telephone Enterprises, Inc ... 4,614 SEE NOTES TO FINANCIAL STATEMENTS 18 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- COMMUNICATIONS--(CONTINUED) 1,283,707 * Cox Communications, Inc (Class A) ........ $ 40,950 217,543 * Cox Radio, Inc (Class A) ................. 5,027 1,011,141 * Crown Castle International Corp .......... 7,857 166,494 * Crown Media Holdings, Inc (Class A) ...... 688 112,275 CT Communications, Inc ................... 1,207 217,601 * Cumulus Media, Inc (Class A) ............. 4,119 13,988 D&E Communications, Inc .................. 160 2,165,384 e* Deutsche Telekom AG. (Regd) .............. 33,047 82,219 * Digital Generation Systems ............... 158 60,174 * Dobson Communications Corp (Class A) ..... 328 1,244,061 * EchoStar Communications Corp (Class A) ... 43,069 190,733 * Elisa Oyj ................................ 1,638 233,819 * Emmis Communications Corp (Class A) ...... 5,366 231,069 * Entercom Communications Corp ............. 11,325 228,561 * Entravision Communications Corp (Class A) 2,594 22,132,771 e* Ericsson (LM) (B Shs) .................... 23,778 28,664 * Fisher Communications, Inc ............... 1,402 2,507 b,e* Focal Communications Corp ................ 0 13,813 b,e* Focal Communications Corp Wts 12/14/07 ... 0 545,731 * Foundry Networks, Inc .................... 7,859 1,161,007 * Fox Entertainment Group, Inc (Class A) ... 33,414 930,083 e* France Telecom S.A. ...................... 22,814 263 Fuji Television Network, Inc ............. 929 409,000 * Fujikura Ltd ............................. 1,349 277,969 * General Communication, Inc (Class A) ..... 2,407 188,802 Global Payments, Inc ..................... 6,702 482,004 * GN Store Nord ............................ 1,982 93,747 * Golden Telecom, Inc ...................... 2,104 109,903 Gray Television, Inc ..................... 1,363 56,569 Gray Television, Inc (Class A) ........... 696 126,731 * Hearst-Argyle Television, Inc ............ 3,282 261,443 Hellenic Telecommunications Organization S.A. ........................ 3,092 92,350 Hickory Tech Corp ........................ 1,034 297,293 * Hispanic Broadcasting Corp ............... 7,566 8,947 * Hungarian Telephone & Cable .............. 82 182,153 * IDT Corp ................................. 3,261 106,366 e* IDT Corp (Class B) ....................... 1,872 381,006 * Infonet Services Corp (Class B) .......... 606 291,607 * Insight Communications Co, Inc ........... 3,843 1,834,191 e* InterActiveCorp .......................... 72,579 78,181 * ITXC Corp ................................ 204 55,002 e* j2 Global Communications, Inc ............ 2,529 19,777 Japan Telecom Co Ltd ..................... 60,117 6,241 KDDI Corp ................................ 24,169 12,698,398 * KPN NV ................................... 89,972 10,499,582 e* Level 3 Communications, Inc .............. 69,717 115,752 Liberty Corp ............................. 4,919 189,660 * Lightbridge, Inc ......................... 1,661 134,117 * Lin TV Corp (Class A) .................... 3,158 72,945 * Lodgenet Entertainment Corp .............. 799 22,788,940 e* Lucent Technologies, Inc ................. 46,262 140,821 * Mastec, Inc .............................. 811 274,234 * McLeodUSA, Inc (Class A) ................. 414 3,030,891 e* McLeodUSA, Inc (Class A) Escrow .......... 0 347,321 * Mediacom Communications Corp ............. 3,428 646,694 Mediaset S.p.A. .......................... 5,473 122,583 * Metro One Telecommunications, Inc ........ 633 2,639,153 b* Metromedia Fiber Network, Inc (Class A) .. 42 36,882 e* Modern Times Group AB (B Shs) ............ 567 113,561 * Net2Phone, Inc ........................... 492 4,312,034 * Nextel Communications, Inc (Class A) ..... 77,962 521,497 * Nextel Partners, Inc (Class A) ........... 3,807 28,000 Nippon Comsys Corp ....................... 143 6,968 Nippon Telegraph & Telephone Corp ........ 27,332 172,490 Nippon Television Network Corp ........... 20,557 99,888 North Pittsburgh Systems, Inc ............ 1,505 6,742 * NTL Europe, Inc .......................... 0 120,977 * NTL, Inc ................................. 4,128 7,865 e* NTL, Inc (CW11) .......................... 9 33,840 NTT Docomo, Inc .......................... 73,274 3,421,000 * Orange S.A. .............................. 30,367 161,247 * PanAmSat Corp ............................ 2,972 200,433 * Paxson Communications Corp ............... 1,201 15,122 * Pegasus Communications Corp .............. 447 1,610,161 Portugal Telecom SGPS S.A. (Regd) ........ 11,538 318,569 * Price Communications Corp ................ 4,113 173,549 * Primus Telecommunications Group .......... 892 45,372 * PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A. 795 315,099 * PTEK Holdings, Inc ....................... 1,528 1,849,479 e Publishing & Broadcasting Ltd ............ 12,255 6,996,950 e* Qwest Communications International, Inc .. 33,445 338,843 * Radio One, Inc (Class A) ................. 6,052 76,769 * Radio One, Inc (Class D) ................. 1,364 399,158 e* RCN Corp ................................. 790 155,671 * Regent Communications, Inc ............... 918 836,983 Rogers Communications, Inc (Class B) ..... 13,336 91,474 * Saga Communications, Inc (Class A) ....... 1,779 63,422 * Salem Communications Corp (Class A) ...... 1,269 18,825,374 SBC Communications, Inc .................. 480,988 100,051 Shaw Communications, Inc (Class B) ....... 1,339 21,105 Shenandoah Telecom Co .................... 1,012 220,538 * Sinclair Broadcast Group, Inc (Class A) .. 2,560 7,794,530 Singapore Telecommunications Ltd ......... 6,684 70,987 * Sky Network Television Ltd ............... 181 191,000 SmarTone Telecommunications Holding Ltd .. 218 75,868 e Societe Television Francaise 1 (T.F.1) ... 2,335 245,181 * Spanish Broadcasting System, Inc (Class A) ............................... 1,998 4,768,556 Sprint Corp (FON Group) .................. 68,667 4,550,106 e* Sprint Corp (PCS Group) .................. 26,163 85,771 e SureWest Communications .................. 2,595 15,233 e Swisscom AG. (Regd) ...................... 4,330 161,522 * Talk America Holdings, Inc ............... 1,762 360,000 Tandberg ASA ............................. 1,865 169,996 TDC a/s .................................. 5,084 69,248 e* Tele2 AB (B Shs) ......................... 2,574 7,133,029 Telecom Corp of New Zealand Ltd .......... 21,882 5,276,525 e Telecom Italia S.p.A. .................... 47,747 7,199,796 e Telecom Italia S.p.A.(Rnc) ............... 39,438 14,133,038 e Telefonica S.A. .......................... 164,082 7,408 Telefonica S.A. (Spon ADR) ............... 256 97,488 * Telekom Austria AG. ...................... 1,106 3,236,134 Telenor ASA .............................. 13,450 260,311 Telephone & Data Systems, Inc ............ 12,937 5,363,300 Television Broadcasts Ltd ................ 19,223 1,195,614 TeliaSonera AB ........................... 4,959 3,779,226 Telstra Corp Ltd ......................... 11,152 174,345 TELUS Corp ............................... 3,068 77,484 TELUS Corp (Non-Vote) .................... 1,275 506,652 e* Terra Networks S.A. ...................... 3,066 18,003,006 TIM S.p.A. ............................... 88,690 289,937 * Time Warner Telecom, Inc (Class A) ....... 1,847 209,479 e* Tivo, Inc ................................ 2,587 90,346 Tokyo Broadcasting System, Inc ........... 1,101 677,542 b* Touch America Holdings, Inc .............. 45 130,606 * Triton PCS Holdings, Inc (Class A) ....... 660 82,117 * U.S. Cellular Corp ....................... 2,090 553,411 * U.S. Unwired, Inc (Class A) .............. 238 362,253 * Ubiquitel, Inc ........................... 543 599,525 e* UnitedGlobalcom, Inc (Class A) ........... 3,100 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 19 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- COMMUNICATIONS--(CONTINUED) 841,399 e* Univision Communications, Inc (Class A) . $ 25,579 20,400,343 Verizon Communications, Inc ............. 804,794 863,974 * Viacom, Inc (Class A) ................... 37,756 10,090,711 * Viacom, Inc (Class B) ................... 440,560 199,978,389 Vodafone Group plc ...................... 391,043 154,616 e Vodafone Group plc (Spon ADR) ........... 3,038 203,032 Vodafone-Panafon S.A. ................... 1,348 4,995 Warwick Valley Telephone Co ............. 410 98,154 * West Corp ............................... 2,616 394,298 e* Western Wireless Corp (Class A) ......... 4,546 68,280 * WilTel Communications, Inc .............. 1,006 170,300 * Wireless Facilities, Inc ................ 2,027 604,926 e* XM Satellite Radio Holdings, Inc ........ 6,684 96,084 * Young Broadcasting, Inc (Class A) ....... 2,030 ----------- TOTAL COMMUNICATIONS 5,459,245 ----------- DEPOSITORY INSTITUTIONS--11.83% 97,468 1st Source Corp ......................... 1,809 280,000 77 Bank Ltd ............................. 1,271 65,060 ABC Bancorp ............................. 932 7,242,640 e ABN Amro Holding NV ..................... 138,479 2,241,809 Allied Irish Banks plc .................. 33,699 449,394 Allied Irish Banks plc (United Kingdom) . 6,714 247,882 Alpha Bank S.A. ......................... 4,321 38,060 American National Bankshares, Inc ....... 1,023 11,098 * AmericanWest Bancorp .................... 180 1,775,455 AmSouth Bancorp ......................... 38,776 140,639 Anchor Bancorp Wisconsin, Inc ........... 3,360 44,836 Arrow Financial Corp .................... 1,496 375,000 * Ashikaga Financial Group, Inc ........... 556 404,100 Associated Banc-Corp .................... 15,000 770,886 Astoria Financial Corp .................. 21,531 3,367,755 e Australia & New Zealand Banking Group Ltd ............................. 42,032 84,505 Banc Corp ............................... 567 5,439,797 e Banca Intesa S.p.A. ..................... 17,397 1,911,893 e Banca Intesa S.p.A. (Rnc) ............... 4,391 805,955 e Banca Monte dei Paschi di Siena S.p.A. .. 2,198 768,730 e Banca Popolare di Milano ................ 3,363 25,099 Bancfirst Corp .......................... 1,302 11,306,410 e Banco Bilbao Vizcaya Argentaria S.A. .... 118,801 477,256 Banco BPI S.A. (Regd) ................... 1,348 27,685,476 Banco Comercial Portugues S.A. (Regd) ... 48,643 146,671 Banco Espirito Santo S.A. (Regd) ........ 2,173 609,054 Banco Popolare di Verona e Novara Scrl .. 8,323 169,078 e Banco Popular Espanol ................... 8,543 8,326,081 e Banco Santander Central Hispano S.A. .... 72,952 436,239 Bancorpsouth, Inc ....................... 9,096 3,343 BancTrust Financial Group, Inc .......... 53 74,459 Bank Mutual Corp ........................ 2,420 11,254,245 Bank of America Corp .................... 889,423 955,652 Bank of East Asia Ltd ................... 1,887 394,000 e Bank of Fukuoka Ltd ..................... 1,513 91,346 Bank of Granite Corp .................... 1,557 330,048 Bank of Hawaii Corp ..................... 10,941 1,372,456 Bank of Ireland (Dublin) ................ 16,627 2,221,964 Bank of Ireland (London) ................ 26,817 1,472,029 e Bank of Montreal ........................ 46,097 3,686,728 Bank of New York Co, Inc ................ 105,993 1,426,340 e Bank of Nova Scotia ..................... 63,090 30,726 Bank of The Ozarks, Inc ................. 1,191 367,927 e Bank of Yokohama Ltd .................... 1,201 6,169,697 Bank One Corp ........................... 229,389 1,017 * Bank United Corp (Contingent Payment Rts) .............. 0 276,254 BankAtlantic Bancorp, Inc (Class A) ..... 3,285 72,240 e Bankinter S.A. .......................... 2,566 897,377 Banknorth Group, Inc .................... 22,901 173,491 * BankUnited Financial Corp (Class A) ..... 3,496 69,778 Banner Corp ............................. 1,430 22,452,252 Barclays plc ............................ 166,723 418,999 * Bay View Capital Corp ................... 2,422 143,288 * Bayerische Hypo-und Vereinsbank AG. ..... 2,368 2,295,126 BB&T Corp ............................... 78,723 41,763 Berkshire Hills Bancorp, Inc ............ 1,186 85,383 * Biolase Technology, Inc ................. 916 2,307,221 e BNP Paribas ............................. 117,240 3,605,000 BOC Hong Kong Holdings Ltd .............. 3,629 76,785 * BOK Financial Corp ...................... 2,962 118,450 Boston Private Financial Holdings, Inc .. 2,497 25,061 Bostonfed Bancorp, Inc .................. 674 24,614 Bryn Mawr Bank Corp ..................... 912 58,658 BSB Bancorp, Inc ........................ 1,456 9,428 C&F Financial Corp ...................... 369 54,085 Camden National Corp .................... 1,487 777,973 e Canadian Imperial Bank of Commerce ...... 30,861 58,793 Capital City Bank Group, Inc ............ 2,128 914,739 e* Capitalia S.p.A. ........................ 1,612 124,628 Capitol Federal Financial ............... 3,503 83,600 Cascade Bancorp ......................... 1,449 103,494 Cathay Bancorp, Inc ..................... 4,614 26,638 CB Bancshares, Inc ...................... 1,655 57,415 CCBT Financial Cos, Inc ................. 1,372 21,621 Center Bancorp, Inc ..................... 327 13,007 * Center Financial Corp ................... 195 53,486 * Central Coast Bancorp ................... 897 88,538 Central Pacific Financial Corp .......... 2,453 21,055 Century Bancorp, Inc (Class A) .......... 627 25,942 Charter Financial Corp .................. 733 2,895,798 Charter One Financial, Inc .............. 90,291 159,711 Chemical Financial Corp ................. 4,759 590,540 Chiba Bank Ltd .......................... 2,095 221,698 Chittenden Corp ......................... 6,063 34,399,040 Citigroup, Inc .......................... 1,472,279 1,900 * Citigroup, Inc (Litigation Wts) ......... 2 211,071 Citizens Banking Corp ................... 5,650 58,671 Citizens First Bancorp, Inc ............. 1,281 27,067 Citizens South Banking Corp ............. 358 54,085 City Bank ............................... 1,464 112,750 City Holding Co ......................... 3,300 276,727 City National Corp ...................... 12,331 10,331 CNB Financial Corp ...................... 465 27,058 Coastal Bancorp, Inc .................... 769 60,407 Coastal Financial Corp .................. 780 49,379 CoBiz, Inc .............................. 658 646,252 Colonial Bancgroup, Inc ................. 8,964 38,611 Columbia Bancorp ........................ 927 22,100 Columbia Bancorp (Oregon) ............... 295 92,808 Columbia Banking System, Inc ............ 1,662 802,764 Comerica, Inc ........................... 37,329 414,601 Commerce Bancorp, Inc ................... 15,382 305,988 Commerce Bancshares, Inc ................ 11,918 64,689 Commercial Bank of Greece ............... 1,134 9,692 Commercial Bankshares, Inc .............. 288 301,242 Commercial Federal Corp ................. 6,386 312,046 e Commerzbank AG. ......................... 4,365 2,659,215 Commonwealth Bank of Australia .......... 52,700 10,959 Community Bank of North Virginia ........ 128 75,452 Community Bank System, Inc .............. 2,867 75,382 Community Trust Bancorp, Inc ............ 1,970 708,032 Compass Bancshares, Inc ................. 24,732 3,004,394 * Concord EFS, Inc ........................ 44,225 SEE NOTES TO FINANCIAL STATEMENTS 20 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- DEPOSITORY INSTITUTIONS--(CONTINUED) 59,782 Corus Bankshares, Inc ................... $ 2,895 4,122,569 Credit Suisse Group ..................... 108,501 251,780 Cullen/Frost Bankers, Inc ............... 8,082 224,665 CVB Financial Corp ...................... 4,385 1,208,893 Danske Bank a/s ......................... 23,542 3,608,880 DBS Group Holdings Ltd .................. 21,108 405,072 e Deutsche Bank AG. (Regd) ................ 26,272 1,516,769 e Dexia ................................... 19,177 148,314 Dime Community Bancshares ............... 3,775 1,848,946 e DnB Holding ASA ......................... 9,119 137,034 Downey Financial Corp ................... 5,660 158,647 East West Bancorp, Inc .................. 5,734 13,328 Eastern Virginia Bankshares, Inc ........ 305 62,333 EFG Eurobank Ergasias S.A. .............. 941 29,492 Erste Bank Der Oesterreichischen Sparkassen AG. ....................... 2,606 20,573 ESB Financial Corp ...................... 278 95,921 * Euronet Worldwide, Inc .................. 1,037 11,780 EverTrust Financial Group, Inc .......... 271 7,608 Exchange National Bancshares, Inc ....... 424 40,732 Farmers Capital Bank Corp ............... 1,301 104,839 Fidelity Bankshares, Inc ................ 2,338 3,065,107 Fifth Third Bancorp ..................... 175,753 54,084 Financial Institutions, Inc ............. 1,271 48,623 First Bancorp (North Carolina) .......... 1,260 248,438 First Bancorp (Puerto Rico) ............. 6,820 8,795 First Bell Bancorp, Inc ................. 222 54,597 First Busey Corp (Class A) .............. 1,323 206,511 First Charter Corp ...................... 3,593 1,732 First Citizens Banc Corp ................ 45 40,567 First Citizens Bancshares, Inc (Class A) ............................. 4,091 393,815 First Commonwealth Financial Corp ....... 5,104 67,821 First Community Bancorp ................. 2,128 58,842 First Community Bancshares, Inc ......... 2,077 44,775 First Essex Bancorp, Inc ................ 2,111 110,209 First Federal Capital Corp .............. 2,188 8,833 First Federal Financial of Kentucky ..... 289 241,820 First Financial Bancorp ................. 3,869 99,654 First Financial Bankshares, Inc ......... 3,334 45,717 First Financial Corp (Indiana) .......... 2,418 90,207 First Financial Holdings, Inc ........... 2,439 1,810 First M & F Corp ........................ 59 96,692 First Merchants Corp .................... 2,351 257,900 First Midwest Bancorp, Inc .............. 7,430 50,912 First National Corp ..................... 1,255 28,310 First Oak Brook Bancshares, Inc ......... 934 15,572 First of Long Island Corp ............... 621 70,543 * First Republic Bank ..................... 1,876 168,239 First Sentinel Bancorp, Inc ............. 2,687 18,300 First South Bancorp, Inc ................ 609 39,804 First State Bancorp ..................... 1,095 839,696 First Tennessee National Corp ........... 36,871 5,771 First United Corp ....................... 123 326,353 * First Virginia Bank, Inc ................ 14,072 15,672 Firstbank Corp .......................... 476 48,818 Firstfed America Bancorp, Inc ........... 1,684 118,237 * FirstFed Financial Corp ................. 4,173 406,083 FirstMerit Corp ......................... 9,283 18,199 Flag Financial Corp ..................... 250 186,863 Flagstar Bancorp, Inc ................... 4,569 5,941,653 FleetBoston Financial Corp .............. 176,527 15,330 FloridaFirst Bancorp, Inc ............... 366 68,680 Flushing Financial Corp ................. 1,523 10,065 FMS Financial Corp ...................... 165 241,337 FNB Corp ................................ 7,303 38,639 FNB Corp (Virginia) ..................... 1,046 13,773 FNB Corp, Inc ........................... 345 500 Foothill Independent Bancorp ............ 9 1,152,605 Fortis .................................. 20,013 462,027 * Fortis (Strip Vvpr) ..................... 5 18,250 Franklin Financial Corp ................. 548 110,083 Frontier Financial Corp ................. 3,127 568,412 Fulton Financial Corp ................... 11,294 12,836 GA Financial, Inc ....................... 323 12,104 GB&T Bancshares, Inc .................... 294 54,495 GBC Bancorp ............................. 2,093 280,483 e Gjensidige Nor ASA ...................... 9,811 115,786 Glacier Bancorp, Inc .................... 2,851 206,732 Gold Banc Corp, Inc ..................... 2,173 675,237 Golden West Financial Corp .............. 54,026 39,287 Great Southern Bancorp, Inc ............. 1,514 100 Greater Community Bancorp ............... 2 4,478 Greene County Bancshares, Inc ........... 95 504,941 Greenpoint Financial Corp ............... 25,722 386,000 Gunma Bank Ltd .......................... 1,755 89,683 Hancock Holding Co ...................... 4,220 1,057,094 Hang Seng Bank Ltd ...................... 11,183 58,599 Hanmi Financial Corp .................... 1,024 144,078 Harbor Florida Bancshares, Inc .......... 3,452 127,148 Harleysville National Corp .............. 3,441 8,442 Heartland Financial U.S.A., Inc ......... 272 8,737 * Heritage Commerce Corp .................. 107 3,780 Heritage Financial Corp ................. 80 2,741,278 Hibernia Corp (Class A) ................. 49,782 644,331 e Hokuriku Bank Ltd ....................... 987 33,909 Horizon Financial Corp .................. 535 3,770,529 HSBC Holdings plc (Hong Kong) ........... 44,725 27,782,176 HSBC Holdings plc (United Kingdom) ...... 328,248 402,949 Hudson City Bancorp, Inc ................ 10,303 102,210 Hudson River Bancorp, Inc ............... 2,854 260,035 Hudson United Bancorp ................... 8,880 77,091 Humboldt Bancorp ........................ 1,153 1,164,213 Huntington Bancshares, Inc .............. 22,725 43,364 IberiaBank Corp ......................... 2,116 7,236 IBT Bancorp, Inc ........................ 362 86,996 Independent Bank Corp (Massachusetts) ... 1,965 122,562 Independent Bank Corp (Michigan) ........ 3,149 281,206 IndyMac Bancorp, Inc .................... 7,148 103,754 Integra Bank Corp ....................... 1,786 101,509 * Intercept, Inc .......................... 849 61,281 Interchange Financial Services Corp ..... 1,215 201,056 International Bancshares Corp ........... 7,150 104,251 Irwin Financial Corp .................... 2,700 31,163 * Itla Capital Corp ....................... 1,260 10,519,144 J.P. Morgan Chase & Co .................. 359,544 737,034 e Joyo Bank Ltd ........................... 2,056 359,868 KBC Bancassurance Holding NV ............ 14,129 1,932,498 KeyCorp ................................. 48,834 1,400 Klamath First Bancorp, Inc .............. 23 78,019 Lakeland Bancorp, Inc ................... 1,247 33,762 Lakeland Financial Corp ................. 1,026 16,620,020 Lloyds TSB Group plc .................... 117,998 13,229 LNB Bancorp, Inc ........................ 283 56,191 LSB Bancshares, Inc ..................... 973 395,422 M & T Bank Corp ......................... 33,302 51,239 Macatawa Bank Corp ...................... 1,234 655,410 Macquarie Bank Ltd ...................... 12,659 127,203 MAF Bancorp, Inc ........................ 4,715 79,252 Main Street Banks, Inc .................. 2,005 38,093 MainSource Financial Group, Inc ......... 928 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 21 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- DEPOSITORY INSTITUTIONS--(CONTINUED) 1,293,375 Marshall & Ilsley Corp .................. $ 39,551 76,594 MB Financial, Inc ....................... 3,067 29,222 MBT Financial Corp ...................... 511 2,154,747 Mellon Financial Corp ................... 59,794 14,948 Mercantile Bank Corp .................... 427 393,845 Mercantile Bankshares Corp .............. 15,510 27,106 Merchants Bancshares, Inc ............... 705 160,749 Mid-State Bancshares .................... 3,175 63,569 e Midwest Banc Holdings, Inc .............. 1,235 8,272 Mitsubishi Tokyo Financial Group, Inc ... 37,407 329,300 e Mitsui Trust Holdings, Inc .............. 724 5,504 e Mizuho Financial Group, Inc ............. 4,350 13,521 MutualFirst Financial, Inc .............. 316 55,205 Nara Bancorp, Inc ....................... 1,049 19,496 NASB Financial, Inc ..................... 565 2,944,249 National Australia Bank Ltd ............. 66,148 725,200 e National Bank of Canada ................. 19,662 10,082 National Bankshares, Inc ................ 396 3,529,493 National City Corp ...................... 115,450 1,022,155 National Commerce Financial Corp ........ 22,682 131,048 National Penn Bancshares, Inc ........... 3,680 46,046 NBC Capital Corp ........................ 1,165 201,304 NBT Bancorp, Inc ........................ 3,895 322,015 NetBank, Inc ............................ 4,238 965,819 New York Community Bancorp, Inc ......... 28,096 876,656 Nordea AB (Finland) ..................... 4,268 2,073,163 e Nordea AB (Sweden) ...................... 9,997 956,422 North Fork Bancorp, Inc ................. 32,576 100 Northern States Financial Corp .......... 3 973,058 Northern Trust Corp ..................... 40,664 73,278 Northwest Bancorp, Inc .................. 1,172 1,000 Oak Hill Financial, Inc ................. 25 70,739 OceanFirst Financial Corp ............... 1,776 257,301 * Ocwen Financial Corp .................... 1,168 337,076 Old National Bancorp .................... 7,753 46,385 Old Second Bancorp, Inc ................. 1,988 55,202 Omega Financial Corp .................... 1,888 4,482 Oneida Financial Corp ................... 100 1,096,074 Oversea-Chinese Banking Corp Ltd ........ 6,224 1,000 PAB Bankshares, Inc ..................... 13 237,916 Pacific Capital Bancorp ................. 8,339 69,598 Pacific Union Bank ...................... 945 61,054 Park National Corp ...................... 6,975 31,289 Parkvale Financial Corp ................. 769 43,339 Partners Trust Financial Group, Inc ..... 827 19,148 Patriot Bank Corp ....................... 344 39,996 Peapack Gladstone Financial Corp ........ 1,281 35,474 Pennfed Financial Services, Inc ......... 984 46,209 Pennrock Financial Services Corp ........ 1,248 2,358 Penns Woods Bancorp, Inc ................ 99 59,196 Peoples Bancorp, Inc .................... 1,496 135,921 People's Bank ........................... 3,940 37,729 Peoples Holding Co ...................... 1,670 75,013 PFF Bancorp, Inc ........................ 2,899 138,774 Piraeus Bank S.A. ....................... 1,049 1,305,371 PNC Financial Services Group, Inc ....... 63,715 162,384 Provident Bankshares Corp ............... 4,126 210,143 e Provident Financial Group, Inc .......... 5,386 139,497 Provident Financial Services, Inc ....... 2,657 118,634 R & G Financial Corp (Class B) .......... 3,523 1,150,029 Regions Financial Corp .................. 38,848 351,382 Republic Bancorp, Inc ................... 4,716 47,333 Republic Bancorp, Inc (Class A) (Kentucky) ........................... 702 32,802 Republic Bancshares, Inc ................ 820 1,219,818 e Resona Holdings, Inc .................... 843 9,090 Resource Bankshares Corp ................ 311 93,534 Riggs National Corp ..................... 1,424 429,128 Roslyn Bancorp, Inc ..................... 9,222 34,734 Royal Bancshares of Pennsylvania (Class A) ............................ 742 1,595,606 e Royal Bank of Canada .................... 67,382 67,800 * Royal Bank of Canada (New York) ......... 2,886 7,652,897 Royal Bank of Scotland Group plc ........ 214,683 179,064 S & T Bancorp, Inc ...................... 4,912 37,855 S.Y. Bancorp, Inc ....................... 1,339 772,248 e Sanpaolo IMI S.p.A. ..................... 7,174 57,321 Santander Bancorp ....................... 938 70,785 Seacoast Banking Corp of Florida ........ 1,206 162,050 Seacoast Financial Services Corp ........ 3,209 56,574 Second Bancorp, Inc ..................... 1,460 12,564 Security Bank Corp ...................... 437 295,168 Shizuoka Bank Ltd ....................... 1,979 14,943 Shore Bancshares, Inc ................... 459 300 Sierra Bancorp .......................... 4 208,171 * Silicon Valley Bancshares ............... 4,957 95,106 Simmons First National Corp (Class A) ... 1,903 646,523 e Skandinaviska Enskilda Banken (A Shs) ... 6,582 438,944 Sky Financial Group, Inc ................ 9,534 930,420 e Societe Generale (A Shs) ................ 58,978 40,110 Sound Federal Bancorp, Inc .............. 545 311,621 South Financial Group, Inc .............. 7,270 15,789 Southern Financial Bancorp, Inc ......... 483 24,087 Southside Bancshares, Inc ............... 432 1,911,716 SouthTrust Corp ......................... 51,999 185,817 * Southwest Bancorp of Texas, Inc ......... 6,041 34,119 Southwest Bancorp, Inc .................. 935 1,647,575 Sovereign Bancorp, Inc .................. 25,785 48,761 St. Francis Capital Corp ................ 1,417 430,000 Standard Chartered plc .................. 5,222 50,474 State Bancorp, Inc ...................... 988 14,939 State Financial Services Corp (Class A) . 331 1,509,593 State Street Corp ....................... 59,478 374,403 Staten Island Bancorp, Inc .............. 7,293 71,015 Sterling Bancorp ........................ 1,981 251,435 Sterling Bancshares, Inc ................ 3,289 110,744 Sterling Financial Corp (Pennsylvania) .. 2,575 94,219 * Sterling Financial Corp (Spokane) ....... 2,295 7,861 e Sumitomo Mitsui Financial Group, Inc .... 17,152 1,562,809 Sumitomo Trust & Banking Co Ltd ......... 5,401 34,648 Summit Bancshares, Inc .................. 814 44,177 * Sun Bancorp, Inc (New Jersey) ........... 879 32,473 Sun Bancorp, Inc (Pennsylvania) ......... 655 411,700 Suncorp-Metway Ltd ...................... 3,203 1,145,860 SunTrust Banks, Inc ..................... 67,995 231,000 Suruga Bank Ltd ......................... 1,329 1,410,806 Svenska Handelsbanken AB (A Shs) ........ 23,088 262,583 Svenska Handelsbanken AB (B Shs) ........ 4,133 1,526,623 Synovus Financial Corp .................. 32,822 700 Taylor Capital Group, Inc ............... 15 813,521 TCF Financial Corp ...................... 32,411 164,950 Texas Regional Bancshares, Inc (Class A) ............................. 5,724 55,744 * TierOne Corp ............................ 1,085 33,129 Trico Bancshares ........................ 842 56,115 Troy Financial Corp ..................... 1,524 123,776 Trust Co of New Jersey .................. 3,750 486,863 Trustco Bank Corp NY .................... 5,394 229,730 Trustmark Corp .......................... 5,851 18,553,314 U.S. Bancorp ............................ 454,556 79,496 U.S.B. Holding Co, Inc .................. 1,411 4,281,456 e UBS AG. (Regd) .......................... 238,166 SEE NOTES TO FINANCIAL STATEMENTS 22 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- DEPOSITORY INSTITUTIONS--(CONTINUED) 114,000 UBS AG. (Regd) (New York) ............... $ 6,316 259,405 UCBH Holdings, Inc ...................... 7,440 3,245 e UFJ Holdings, Inc ....................... 4,756 111,140 UMB Financial Corp ...................... 4,712 185,404 e Umpqua Holdings Corp .................... 3,521 13,098,084 e UniCredito Italiano S.p.A. .............. 62,421 49,233 Union Bankshares Corp ................... 1,392 2,743,709 Union Planters Corp ..................... 85,137 408,085 UnionBanCal Corp ........................ 16,882 278,397 United Bankshares, Inc .................. 7,976 112,716 United Community Banks, Inc ............. 2,816 205,103 United Community Financial Corp ......... 1,895 1,454,861 United Overseas Bank Ltd ................ 10,244 11,600 * United PanAm Financial Corp ............. 142 8,769 United Securities Bancshares ............ 396 9,303 United Security Bancshares .............. 202 138,408 Unizan Financial Corp ................... 2,432 505,693 Valley National Bancorp ................. 13,325 13,539 * Virginia Commerce Bancorp ............... 267 47,810 Virginia Financial Group, Inc ........... 1,339 286,421 W Holding Co, Inc ....................... 4,846 10,956,557 Wachovia Corp ........................... 437,824 23,944 Warwick Community Bancorp ............... 700 377,339 Washington Federal, Inc ................. 8,728 86,266 Washington Trust Bancorp, Inc ........... 1,983 5,028 Wayne Bancorp, Inc ...................... 153 238,503 Webster Financial Corp .................. 9,015 13,123,396 Wells Fargo & Co ........................ 661,419 141,674 Wesbanco, Inc ........................... 3,443 29,652 West Bancorp ............................ 529 106,006 West Coast Bancorp ...................... 1,929 5,200 West Essex Bancorp, Inc ................. 182 166,178 Westamerica Bancorp ..................... 7,159 9,205 * Western Sierra Bancorp .................. 306 3,987,592 Westpac Banking Corp .................... 43,457 200,783 Whitney Holding Corp .................... 6,419 53,559 Willow Grove Bancorp, Inc ............... 909 303,560 Wilmington Trust Corp ................... 8,909 2 Wing Lung Bank Ltd ...................... 0 100,319 Wintrust Financial Corp ................. 2,969 51,438 WSFS Financial Corp ..................... 1,975 48,823 Yardville National Bancorp .............. 952 541,225 Zions Bancorp ........................... 27,391 --------- TOTAL DEPOSITORY INSTITUTIONS 9,956,723 --------- EATING AND DRINKING PLACES--0.56% 94,099 * AFC Enterprises, Inc .................... 1,528 447,163 Applebee's International, Inc ........... 14,054 272,247 * Aramark Corp (Class B) .................. 6,104 861,822 * Autogrill S.p.A. ........................ 9,402 30,905 * Benihana, Inc (Class A) ................. 408 235,477 Bob Evans Farms, Inc .................... 6,506 608,388 * Brinker International, Inc .............. 21,914 58,716 * Buca, Inc ............................... 331 98,687 * California Pizza Kitchen, Inc ........... 2,122 374,254 CBRL Group, Inc ......................... 14,544 143,569 * CEC Entertainment, Inc .................. 5,302 54,710 * Champps Entertainment, Inc .............. 275 50,099 * Checkers Drive-In Restaurant ............ 573 69,775 * Chicago Pizza & Brewery, Inc ............ 698 335,638 * CKE Restaurants, Inc .................... 1,876 3,371,646 Compass Group plc ....................... 18,179 931,702 Darden Restaurants, Inc ................. 17,684 76,004 * Dave & Buster's, Inc .................... 828 272,100 e Doutor Coffee Co Ltd .................... 3,642 98,664 Enterprise Inns plc ..................... 1,316 5,091,568 Granada plc ............................. 7,646 132,036 IHOP Corp ............................... 4,168 237,462 * Jack In The Box, Inc .................... 5,295 278,590 e* Krispy Kreme Doughnuts, Inc ............. 11,472 141,790 Landry's Restaurants, Inc ............... 3,346 117,754 Lone Star Steakhouse & Saloon, Inc ...... 2,564 98,874 * Luby's, Inc ............................. 222 7,337,327 McDonald's Corp ......................... 161,861 2,727,728 * Mitchells & Butlers plc ................. 10,521 113,780 * O'Charley's, Inc ........................ 2,450 345,905 Outback Steakhouse, Inc ................. 13,490 136,777 * P.F. Chang's China Bistro, Inc .......... 6,731 97,904 e* Papa John's International, Inc .......... 2,746 139,430 * Rare Hospitality International, Inc ..... 4,557 20,397 * Red Robin Gourmet Burgers, Inc .......... 387 326,439 Ruby Tuesday, Inc ....................... 8,073 313,672 * Ryan's Family Steak Houses, Inc ......... 4,391 34,600 Saizeriya Co Ltd ........................ 321 63 Skylark Co Ltd .......................... 1 40,000 Sodexho Alliance S.A. ................... 1,079 235,454 * Sonic Corp .............................. 5,988 240,166 * The Cheesecake Factory, Inc ............. 8,620 145,566 * The Steak n Shake Co .................... 2,220 89,422 e* Triarc Cos, Inc ......................... 2,682 2,592 Valora Holding AG. ...................... 530 563,234 Wendy's International, Inc .............. 16,317 784,153 Whitbread plc ........................... 8,773 1,498,303 * Yum! Brands, Inc ........................ 44,290 --------- TOTAL EATING AND DRINKING PLACES 468,027 --------- EDUCATIONAL SERVICES--0.16% 893,921 * Apollo Group, Inc (Class A) ............. 55,209 95,524 * Apollo Group, Inc (University of Phoenix Online) ...................... 4,843 461,232 Benesse Corp ............................ 7,951 237,796 * Career Education Corp ................... 16,270 249,024 * Corinthian Colleges, Inc ................ 12,095 331,128 * DeVry, Inc .............................. 7,712 148,172 * Education Management Corp ............... 7,880 267,970 * ITT Educational Services, Inc ........... 7,838 74,403 * Learning Tree International, Inc ........ 1,163 107,352 * Princeton Review, Inc ................... 633 66,500 Strayer Education, Inc .................. 5,283 213,544 * Sylvan Learning Systems, Inc ............ 4,877 40,053 * Whitman Education Group ................. 615 --------- TOTAL EDUCATIONAL SERVICES 132,369 --------- ELECTRIC, GAS, AND SANITARY SERVICES--3.49% 2,239,672 e* AES Corp ................................ 14,222 382,368 AGL Resources, Inc ...................... 9,727 58,398 Aguas de Barcelona S.A. ................. 798 789,149 e* Allegheny Energy, Inc ................... 6,668 404,373 Allete, Inc ............................. 10,736 501,910 Alliant Energy Corp ..................... 9,551 1,013,877 * Allied Waste Industries, Inc ............ 10,189 1,013,088 Ameren Corp ............................. 44,677 2,256,261 American Electric Power Co, Inc ......... 67,304 100,605 American States Water Co ................ 2,747 1,150,042 * Aquila, Inc ............................. 2,967 299,010 Atmos Energy Corp ....................... 7,415 1,160,236 Australian Gas Light Co Ltd ............. 8,520 320,315 Avista Corp ............................. 4,532 386 * Beacon Power Corp ....................... 0 4,352,538 BG Group plc ............................ 19,285 216,204 Black Hills Corp ........................ 6,637 94,077 California Water Service Group .......... 2,645 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 23 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- ELECTRIC, GAS, AND SANITARY SERVICES--(CONTINUED) 1,614,886 e* Calpine Corp ............................ $ 10,658 74,018 Cascade Natural Gas Corp ................ 1,414 117,866 * Casella Waste Systems, Inc (Class A) .... 1,064 1,336,763 Centerpoint Energy, Inc ................. 10,895 78,834 Central Vermont Public Service Corp ..... 1,541 12,480,498 Centrica plc ............................ 36,195 105,157 CH Energy Group, Inc .................... 4,732 4,590 Chesapeake Utilities Corp ............... 104 503,429 e Chubu Electric Power Co, Inc ............ 9,182 1,259,467 Cinergy Corp ............................ 46,336 1,513,306 * Citizens Communications Co .............. 19,507 37,036 * Clean Harbors, Inc ...................... 353 271,778 Cleco Corp .............................. 4,707 2,199,545 CLP Holdings Ltd ........................ 9,618 811,167 * CMS Energy Corp ......................... 6,570 50,905 Connecticut Water Service, Inc .......... 1,301 2,174,455 Consolidated Edison, Inc ................ 94,110 1,181,888 Constellation Energy Group, Inc ......... 40,539 346,725 Contact Energy Ltd ...................... 1,025 212 Daiseki Co Ltd .......................... 3 1,740,182 Dominion Resources, Inc ................. 111,841 584,366 DPL, Inc ................................ 9,315 457,831 DQE, Inc ................................ 6,900 1,017,999 DTE Energy Co ........................... 39,335 4,484,228 Duke Energy Corp ........................ 89,460 1,300,355 e* Dynegy, Inc (Class A) ................... 5,461 1,844,106 E.ON AG. ................................ 94,808 81,799 E.ON AG. (Spon ADR) ..................... 4,192 2,417,452 * Edison International .................... 39,719 3,419,441 e El Paso Corp ............................ 27,629 312,928 * El Paso Electric Co ..................... 3,858 29,287 Electrabel S.A. ......................... 7,463 2,000 * Electrabel S.A. (Strip Vvpr) ............ 5 1,334,769 Electricidade de Portugal S.A. .......... 2,851 140,337 Empire District Electric Co ............. 3,052 709,456 e Endesa S.A. ............................. 11,878 3,455,738 e Enel S.p.A. ............................. 21,548 230,624 Energen Corp ............................ 7,680 725,030 Energy East Corp ........................ 15,052 28,872 EnergySouth, Inc ........................ 947 2,269,094 Entergy Corp ............................ 119,763 562,944 Equitable Resources, Inc ................ 22,934 2,069,113 Exelon Corp ............................. 123,754 958 * Exmar NV ................................ 33 1,407,101 FirstEnergy Corp ........................ 54,103 1,095,909 FPL Group, Inc .......................... 73,262 437,794 e Gas Natural SDG S.A. .................... 8,798 333,376 Great Plains Energy, Inc ................ 9,628 200,633 Hawaiian Electric Industries, Inc ....... 9,199 3,588,199 Hong Kong & China Gas Co Ltd ............ 4,532 1,878,011 Hong Kong Electric Holdings Ltd ......... 7,369 2,376,030 e Iberdrola S.A. .......................... 41,146 182,822 Idacorp, Inc ............................ 4,799 500,000 * International Power plc ................. 1,066 869,603 Kansai Electric Power Co, Inc ........... 13,717 285,925 Kelda Group plc ......................... 2,017 989,456 KeySpan Corp ............................ 35,076 559,949 Kinder Morgan, Inc ...................... 30,601 472,862 Kurita Water Industries Ltd ............. 5,234 971,104 e Kyushu Electric Power Co, Inc ........... 15,115 127,072 Laclede Group, Inc ...................... 3,406 412,283 MDU Resources Group, Inc ................ 13,807 109,258 MGE Energy, Inc ......................... 3,442 50,808 Middlesex Water Co ...................... 1,252 1,865,617 e* Mirant Corp ............................. 5,410 613,954 National Fuel Gas Co .................... 15,994 7,426,197 National Grid Transco plc ............... 50,365 183,848 New Jersey Resources Corp ............... 6,527 169,554 NGC Holdings Ltd ........................ 156 366,657 Nicor, Inc .............................. 13,607 1,462,136 NiSource, Inc ........................... 27,781 314,962 * NiSource, Inc (Sails) ................... 699 658,652 Northeast Utilities ..................... 11,026 170,718 Northwest Natural Gas Co ................ 4,652 138,006 e* Northwestern Corp ....................... 276 270,259 NSTAR ................................... 12,310 102,445 NUI Corp ................................ 1,590 6,023 Oest Elektrizitatswirts (A Shs) ......... 555 356,846 OGE Energy Corp ......................... 7,626 584,008 Oneok, Inc .............................. 11,464 2,654,445 Osaka Gas Co Ltd ........................ 6,566 166,965 Otter Tail Corp ......................... 4,505 185,647 Peoples Energy Corp ..................... 7,962 926,608 Pepco Holdings, Inc ..................... 17,754 2,033,718 * PG&E Corp ............................... 43,013 327,075 Philadelphia Suburban Corp .............. 7,974 196,978 Piedmont Natural Gas Co, Inc ............ 7,645 929,559 Pinnacle West Capital Corp .............. 34,812 239,911 PNM Resources, Inc ...................... 6,418 933,942 PPL Corp ................................ 40,160 1,410,953 Progress Energy, Inc .................... 61,941 496,039 * Progress Energy, Inc (Cvo) .............. 223 22,000 Public Power Corp ....................... 397 1,106,850 Public Service Enterprise Group, Inc .... 46,764 545,796 Puget Energy, Inc ....................... 13,028 618,631 Questar Corp ............................ 20,706 100,000 Red Electrica de Espana ................. 1,309 1,433,724 * Reliant Resources, Inc .................. 8,789 842,539 * Republic Services, Inc .................. 19,100 99,903 Resource America, Inc (Class A) ......... 1,034 63,096 Roto-Rooter, Inc ........................ 2,406 171,223 RWE AG. ................................. 5,169 544,865 SCANA Corp .............................. 18,678 1,500,102 Scottish & Southern Energy plc .......... 15,446 3,689,035 Scottish Power plc ...................... 22,158 123,434 e SEMCO Energy, Inc ....................... 718 893,581 Sempra Energy ........................... 25,494 160,000 Severn Trent plc ........................ 1,806 1,048,162 e* Sierra Pacific Resources ................ 6,226 13,644 SJW Corp ................................ 1,163 6,346,693 e Snam Rete Gas S.p.A. .................... 24,926 80,029 South Jersey Industries, Inc ............ 2,949 5,923,437 Southern Co ............................. 184,574 304,514 * Southern Union Co ....................... 5,158 216,895 Southwest Gas Corp ...................... 4,594 65,305 Southwest Water Co ...................... 912 226,824 * Stericycle, Inc ......................... 8,728 632,318 e Suez S.A.(France) ....................... 10,064 874,417 e TECO Energy, Inc ........................ 10,484 67,765 Texas Genco Holdings, Inc ............... 1,576 888,770 Tohoku Electric Power Co, Inc ........... 13,146 1,439,241 Tokyo Electric Power Co, Inc ............ 27,508 18,658,311 e Tokyo Gas Co Ltd ........................ 53,609 130,000 Tomra Systems ASA ....................... 558 37,100 e TransAlta Corp .......................... 491 1,606,220 TransCanada Corp ........................ 28,076 1,798,180 TXU Corp ................................ 40,369 251,989 UGI Corp ................................ 7,988 80,566 UIL Holdings Corp ....................... 3,267 SEE NOTES TO FINANCIAL STATEMENTS 24 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- ELECTRIC, GAS, AND SANITARY SERVICES--(CONTINUED) 469,722 e Union Fenosa S.A. ....................... $ 7,956 193,668 Unisource Energy Corp ................... 3,641 1,087,890 United Utilities plc .................... 10,574 30,893 Unitil Corp ............................. 745 337,121 Vectren Corp ............................ 8,445 1,906,026 e* Vivendi Universal S.A. .................. 34,692 188,504 * Waste Connections, Inc .................. 6,607 3,365,921 Waste Management, Inc ................... 81,085 2,006 West Japan Railway Co ................... 7,601 389,646 Westar Energy, Inc ...................... 6,324 88,360 Western Gas Resources, Inc .............. 3,499 305,046 WGL Holdings, Inc ....................... 8,145 2,577,720 Williams Cos, Inc ....................... 20,364 540,658 Wisconsin Energy Corp ................... 15,679 188,990 WPS Resources Corp ...................... 7,597 1,973,479 Xcel Energy, Inc ........................ 29,681 --------- TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 2,936,535 --------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--7.14% 214,894 * ABB Ltd ................................. 706 144,895 * Actel Corp .............................. 2,970 204,185 b,e* Acterna Corp ............................ 10 139,216 * Active Power, Inc ....................... 234 4,916,327 * ADC Telecommunications, Inc ............. 11,445 102,943 * Adtran, Inc ............................. 5,252 121,994 * Advanced Energy Industries, Inc ......... 1,738 487,020 * Advanced Fibre Communications, Inc ...... 7,924 1,818,500 * Advanced Micro Devices, Inc ............. 11,657 36,141 e* Advanced Power Technology, Inc .......... 279 1,474,965 Advantest Corp .......................... 65,349 3,300 Advantest Corp (ADR) .................... 37 412,221 * Aeroflex, Inc ........................... 3,191 3,480,816 e* Agere Systems, Inc (Class A) ............ 8,110 5,722,091 * Agere Systems, Inc (Class B) ............ 13,161 24,000 e Aixtron AG. ............................. 122 136,132 e* Alcatel S.A. (Spon ADR) ................. 1,218 186,102 * Allen Telecom, Inc ...................... 3,074 160,631 * Alliance Semiconductor Corp ............. 777 370,000 e Alps Electric Co Ltd .................... 4,739 83,289 e* Alstom .................................. 287 2,405,761 * Altera Corp ............................. 39,454 864,687 American Power Conversion Corp .......... 13,480 137,835 e* American Superconductor Corp ............ 804 214,186 Ametek, Inc ............................. 7,850 542,316 * Amkor Technology, Inc ................... 7,126 100,939 * Amphenol Corp (Class A) ................. 4,726 104,499 * Anadigics, Inc .......................... 344 1,864,533 * Analog Devices, Inc ..................... 64,923 150,094 * Anaren Microwave, Inc ................... 1,406 117,735 Applica, Inc ............................ 1,001 1,577,769 * Applied Micro Circuits Corp ............. 9,546 31,876 Applied Signal Technology, Inc .......... 538 649,305 * ARM Holdings plc ........................ 718 413,761 e* Arris Group, Inc ........................ 2,052 204,505 * Artesyn Technologies, Inc ............... 1,147 108,143 * Artisan Components, Inc ................. 2,445 156,000 ASM Pacific Technology Ltd .............. 456 6,103,619 * ASML Holding NV ......................... 57,965 1,513,452 e* ASML Holding NV (New York Shs) .......... 14,469 60,731 e* AstroPower, Inc ......................... 200 162,445 * ATI Technologies, Inc ................... 1,602 2,295,553 * Atmel Corp .............................. 5,808 186,673 * ATMI, Inc ............................... 4,661 379,085 * Avanex Corp ............................. 1,516 267,470 AVX Corp ................................ 2,939 76,682 * AXT, Inc ................................ 90 203,967 Baldor Electric Co ...................... 4,202 114,881 * Ballard Power Systems, Inc .............. 1,554 266 Barco NV ................................ 16 63,900 Bel Fuse, Inc (Class B) ................. 1,463 154,225 * Benchmark Electronics, Inc .............. 4,744 1,174,276 * Broadcom Corp (Class A) ................. 29,251 178,916 C&D Technologies, Inc ................... 2,569 156,081 * Caliper Technologies Corp ............... 710 423,866 * Capstone Turbine Corp ................... 462 36,006 * Catapult Communications Corp ............ 382 218,558 * C-COR.net Corp .......................... 1,071 379,009 * Celestica, Inc .......................... 5,891 10,891 * Celestica, Inc (U.S.) ................... 172 186,284 * Centillium Communications, Inc .......... 1,846 33,106 * Ceradyne, Inc ........................... 620 1,291,000 * Chartered Semiconductor Manufacturing Ltd .................... 667 209,653 * Checkpoint Systems, Inc ................. 2,967 322,061 * ChipPAC, Inc ............................ 2,470 2,350,453 * CIENA Corp .............................. 12,199 49,875 e* ClearOne Communications, Inc ............ 110 34,419 * Comtech Telecommunications .............. 972 1,135,693 * Comverse Technology, Inc ................ 17,069 1,642,626 * Conexant Systems, Inc ................... 6,735 993,690 * Corvis Corp ............................. 1,491 385,231 e* Cree, Inc ............................... 6,272 203,054 CTS Corp ................................ 2,122 107,709 Cubic Corp .............................. 2,393 646,021 * Cypress Semiconductor Corp .............. 7,752 203,248 * DDI Corp ................................ 14 18,242 * Diodes, Inc ............................. 347 82,417 * Ditech Communications Corp .............. 410 56,066 e* Drexler Technology Corp ................. 869 178,123 * DSP Group, Inc .......................... 3,835 74,376 * Dupont Photomasks, Inc .................. 1,401 180,247 * Electro Scientific Industries, Inc ...... 2,733 229,157 Electrocomponents plc ................... 1,227 589,162 Electrolux AB Series B .................. 11,629 150,360 * Emcore Corp ............................. 493 2,074,475 Emerson Electric Co ..................... 106,006 65,924 * Emerson Radio Corp ...................... 443 69,690 * EMS Technologies, Inc ................... 912 600,074 * Energizer Holdings, Inc ................. 18,842 98,863 * Energy Conversion Devices, Inc .......... 900 39,682 * Energy Developments Ltd ................. 46 301,043 * Entegris, Inc ........................... 4,046 97,998 e* Epcos AG. ............................... 1,263 10,000 e* ERG Ltd ................................. 5 222,001 * ESS Technology, Inc ..................... 2,165 257,735 * Exar Corp ............................... 4,080 495,667 * Fairchild Semiconductor International, Inc ................... 6,340 884,248 e* Finisar Corp ............................ 1,371 70,935 Fisher & Paykel Appliances Holdings Ltd . 567 88,233 Fisher & Paykel Healthcare Corp ......... 638 47,968 Franklin Electric Co, Inc ............... 2,669 227,453 e* FuelCell Energy, Inc .................... 1,863 3,112,968 Fujitsu Ltd ............................. 12,755 868,660 Furukawa Electric Co Ltd ................ 2,836 68,900 Futaba Corp ............................. 1,610 1,473,215 * Gemstar-TV Guide International, Inc ..... 7,499 68,472,251 General Electric Co ..................... 1,963,784 207,373 * Genesis Microchip, Inc .................. 2,808 81,936 * Genlyte Group, Inc ...................... 2,865 883,000 b* Geotek Communications, Inc .............. 1 744,062 * GlobespanVirata, Inc .................... 6,139 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 25 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED) 377,970 * GrafTech International Ltd .............. $ 2,060 137,932 Harman International Industries, Inc .... 10,916 386,009 * Harmonic, Inc ........................... 1,571 300,968 Harris Corp ............................. 9,044 175,149 Helix Technology Corp ................... 2,317 129,100 * Hexcel Corp ............................. 413 180,000 Hirose Electric Co Ltd .................. 14,886 274,407 Hubbell, Inc (Class B) .................. 9,083 170,936 * Hutchinson Technology, Inc .............. 5,622 65,498 * Inet Technologies, Inc .................. 653 429,183 e* Infineon Technologies AG. ............... 4,150 27,538 * Innovex, Inc ............................ 278 360,597 * Integrated Circuit Systems, Inc ......... 11,334 624,633 * Integrated Device Technology, Inc ....... 6,902 176,934 * Integrated Silicon Solution, Inc ........ 1,228 42,487,034 Intel Corp .............................. 883,051 351,435 * Interdigital Communications Corp ........ 8,213 310,021 * International Rectifier Corp ............ 8,315 633,330 * Intersil Corp (Class A) ................. 16,853 116,839 Inter-Tel, Inc .......................... 2,479 106,115 * InterVoice, Inc ......................... 524 74,332 * IXYS Corp ............................... 592 847,902 * Jabil Circuit, Inc ...................... 18,739 447,287 * Jacuzzi Brands, Inc ..................... 2,366 8,084,032 * JDS Uniphase Corp ....................... 28,375 32,079 * JNI Corp ................................ 158 1,782,409 Johnson Electric Holdings Ltd ........... 2,206 439,380 * Kemet Corp .............................. 4,438 449,501 Kidde plc ............................... 630 55,792 * Komag, Inc .............................. 660 2,635,988 e Koninklijke Philips Electronics NV ...... 50,128 465,671 * Kopin Corp .............................. 2,850 10,000 e* Kudelski S.A. (Br) ...................... 181 47,975 * KVH Industries, Inc ..................... 1,186 479,598 Kyocera Corp ............................ 27,440 398,506 * L-3 Communications Holdings, Inc ........ 17,331 590,214 * Lattice Semiconductor Corp .............. 4,857 26,263 * Lifeline Systems, Inc ................... 746 2,777,588 Linear Technology Corp .................. 89,466 130,517 * Littelfuse, Inc ......................... 2,918 93,998 LSI Industries, Inc ..................... 1,043 2,146,810 * LSI Logic Corp .......................... 15,199 262,800 e Mabuchi Motor Co Ltd .................... 20,092 77,072 * Magnetek, Inc ........................... 196 100,990 e* Manufacturers Services Ltd .............. 490 4,422,679 e Matsushita Electric Industrial Co Ltd ... 43,794 603,350 Matsushita Electric Industrial Co Ltd (Spon ADR) ........................... 6,064 36,107 Matsushita Electric Works Ltd ........... 214 158,026 * Mattson Technology, Inc ................. 488 4,167,970 Maxim Integrated Products, Inc .......... 142,503 491,411 Maytag Corp ............................. 12,000 675,365 * McData Corp (Class A) ................... 9,908 84,304 e* Medis Technologies Ltd .................. 601 396,700 e Melco, Inc .............................. 7,599 243,601 * MEMC Electronic Materials, Inc .......... 2,387 142,124 * Mercury Computer Systems, Inc ........... 2,581 51,900 e* Merix Corp .............................. 395 232,194 Methode Electronics, Inc (Class A) ...... 2,496 347,216 * Micrel, Inc ............................. 3,608 1,568,654 Microchip Technology, Inc ............... 38,432 3,287,166 * Micron Technology, Inc .................. 38,230 198,497 * Microsemi Corp .......................... 3,176 266,252 * Microtune, Inc .......................... 852 424,012 * Mindspeed Technologies, Inc ............. 1,145 108,502 e* MIPS Technologies, Inc (Class A) ........ 278 146,417 * MIPS Technologies, Inc (Class B) ........ 362 1,829,024 Mitsubishi Electric Corp ................ 5,941 7,431 * Mobistar S.A. ........................... 305 796,507 Molex, Inc .............................. 21,498 200,465 Molex, Inc (Class A) .................... 4,647 114,688 * Monolithic System Technology, Inc ....... 1,039 97,587 * Moog, Inc (Class A) ..................... 3,391 12,868,850 Motorola, Inc ........................... 121,353 641,065 * MRV Communications, Inc ................. 1,289 271,556 Murata Manufacturing Co Ltd ............. 10,674 271,935 * Mykrolis Corp ........................... 2,760 31,561 National Presto Industries, Inc ......... 997 1,728,654 * National Semiconductor Corp ............. 34,089 811,946 * NEC Corp ................................ 4,057 229,041 * Netro Corp .............................. 660 393,766 * New Focus, Inc .......................... 1,473 268,581 NGK Spark Plug Co Ltd ................... 1,883 292,000 Nippon Electric Glass Co Ltd ............ 3,084 236,400 e Nitto Denko Corp ........................ 7,737 14,323,417 Nokia Oyj ............................... 235,869 9,780,901 * Nortel Networks Corp .................... 26,202 91 * Nortel Networks Corp (U.S.) ............. 0 1,581,874 * Novellus Systems, Inc ................... 57,930 898,302 * Nvidia Corp ............................. 20,670 376,220 * Oak Technology, Inc ..................... 2,336 384,000 * Oki Electric Industry Co Ltd ............ 1,100 137,403 e* Omnivision Technologies, Inc ............ 4,287 419,895 * ON Semiconductor Corp ................... 1,134 686,682 * Oplink Communications, Inc .............. 1,284 37,246 * Optical Communication Products, Inc ..... 67 61,617 e* OSI Systems, Inc ........................ 990 178,852 * Paradyne Networks, Inc .................. 322 114,636 Park Electrochemical Corp ............... 2,287 37,478 e* Parkervision, Inc ....................... 245 12,932 * Parthusceva, Inc ........................ 105 83,869 e* Pemstar, Inc ............................ 351 136,901 * Pericom Semiconductor Corp .............. 1,273 186,219 * Photronics, Inc ......................... 3,250 284,991 Pioneer Corp ............................ 6,408 232,807 e* Pixelworks, Inc ......................... 1,383 254,378 * Plantronics, Inc ........................ 5,512 301,370 * Plexus Corp ............................. 3,475 107,684 e* Plug Power, Inc ......................... 503 108,351 * PLX Technology, Inc ..................... 427 901,755 * PMC-Sierra, Inc ......................... 10,578 616,764 * Polycom, Inc ............................ 8,548 43,927 * Powell Industries, Inc .................. 643 179,062 * Power Integrations, Inc ................. 4,355 365,637 * Power-One, Inc .......................... 2,614 441,185 * Powerwave Technologies, Inc ............. 2,766 185,801 Proton Energy Systems ................... 398 789,652 e* Proxim Corp (Class A) ................... 1,153 690,092 * QLogic Corp ............................. 33,352 4,376,289 Qualcomm, Inc ........................... 156,452 523,817 * Rambus, Inc ............................. 8,680 184,393 * Rayovac Corp ............................ 2,388 161,498 b* Read-Rite Corp .......................... 10 154,095 Regal-Beloit Corp ....................... 2,943 375,302 * Remec, Inc .............................. 2,612 1,075,965 e* RF Micro Devices, Inc ................... 6,477 40,724 Richardson Electronics Ltd .............. 330 477,000 Rinnai Corp ............................. 10,031 1,189,719 Rockwell Collins, Inc ................... 29,303 106,094 * Rogers Corp ............................. 3,533 SEE NOTES TO FINANCIAL STATEMENTS 26 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED) 254,257 Rohm Co Ltd ............................. $ 27,824 46,214 * SafeNet, Inc ............................ 1,293 43,122 e* Salton, Inc ............................. 389 7,971,978 * Sanmina-SCI Corp ........................ 50,303 584,099 Sanyo Electric Co Ltd ................... 1,999 202,280 * SBA Communications Corp ................. 615 97,042 * SBS Technologies, Inc ................... 954 282,493 Schneider Electric S.A. ................. 13,281 751,967 Scientific-Atlanta, Inc ................. 17,927 154,252 * Seachange International, Inc ............ 1,472 349,430 * Semtech Corp ............................ 4,976 1,144,550 Sharp Corp .............................. 14,689 398,521 * Silicon Image, Inc ...................... 2,224 144,348 e* Silicon Laboratories, Inc ............... 3,845 518,995 * Silicon Storage Technology, Inc ......... 2,175 39,685 * Siliconix, Inc .......................... 1,433 172,731 * Sipex Corp .............................. 846 5,211,182 e* Sirius Satellite Radio, Inc ............. 8,807 905,391 e* Skyworks Solutions, Inc ................. 6,129 111,564 Smith (A.O.) Corp ....................... 3,141 1,302,078 * Sonus Networks, Inc ..................... 6,549 2,626,770 Sony Corp ............................... 73,941 111,165 * Spectralink Corp ........................ 1,098 96,871 * Standard Microsystems Corp .............. 1,470 751,000 Stanley Electric Co Ltd ................. 10,701 405,044 e STMicroelectronics NV ................... 8,493 88,332 * Stoneridge, Inc ......................... 1,206 557,202 * Stratex Networks, Inc ................... 1,783 28,189 * Stratos Lightwave, Inc .................. 140 1,197,791 Sumitomo Electric Industries Ltd ........ 8,748 3,518 * Suntron Corp ............................ 10 165,944 * Superconductor Technologies ............. 382 69,588 * Supertex, Inc ........................... 1,278 1,115,255 * Sycamore Networks, Inc .................. 4,271 61,012 * Symmetricom, Inc ........................ 268 62,387 * Synaptics, Inc .......................... 840 27,954,800 * Taiwan Semiconductor Manufacturing Co Ltd ............................... 46,039 3,964,970 * Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR) ....................... 39,967 143,060 Taiyo Yuden Co Ltd ...................... 1,394 126,143 TDK Corp ................................ 6,230 263,621 * Technitrol, Inc ......................... 3,967 329,228 * Tekelec ................................. 3,720 2,382,458 * Tellabs, Inc ............................ 15,653 508,066 e* Tellium, Inc ............................ 473 426,797 e* Terayon Communication Systems, Inc ...... 1,165 10,481,954 Texas Instruments, Inc .................. 184,482 1,747 Thine Electronics, Inc .................. 3,637 289,536 * Thomas & Betts Corp ..................... 4,184 301,785 e Thomson ................................. 4,654 142,436 * Three-Five Systems, Inc ................. 983 802,769 Tokyo Electron Ltd ...................... 38,041 88,661 * Tollgrade Communications, Inc ........... 1,654 4,655,077 Toshiba Corp ............................ 16,011 22 Towa Corp ............................... 0 691,538 * Transmeta Corp .......................... 1,106 75,383 * Trikon Technologies, Inc ................ 273 877,489 * Triquint Semiconductor, Inc ............. 3,650 100,033 * TTM Technologies, Inc ................... 469 222,636 * Turnstone Systems, Inc .................. 559 70,497 * Ulticom, Inc ............................ 670 2,353 Unaxis Holding AG. (Regd) ............... 192 3,696 United Capital Corp ..................... 129 114,018 e* Universal Display Corp .................. 1,017 91,536 * Universal Electronics, Inc .............. 1,161 331,466 * Utstarcom, Inc .......................... 11,790 164,539 * Valence Technology, Inc ................. 492 206,706 * Varian Semiconductor Equipment Associates, Inc ...................... 6,152 253,200 Venture Corp Ltd ........................ 2,315 133,336 * Viasat, Inc ............................. 1,912 138,308 * Vicor Corp .............................. 1,328 70,214 * Virage Logic Corp ....................... 508 919,339 * Vishay Intertechnology, Inc ............. 12,135 1,347,376 * Vitesse Semiconductor Corp .............. 6,629 198,412 * Westell Technologies, Inc ............... 1,716 357,823 Whirlpool Corp .......................... 22,793 119,115 * White Electronic Designs Corp ........... 1,261 141,010 * Wilson Greatbatch Technologies, Inc ..... 5,090 71,620 Woodhead Industries, Inc ................ 897 3,027,073 * Xilinx, Inc ............................. 76,615 130,722 Yamaha Corp ............................. 1,792 472,622 * Zenith Electronics Corp ................. 0 191,251 * Zomax, Inc .............................. 625 --------- TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 6,004,904 --------- ENGINEERING AND MANAGEMENT SERVICES--0.73% 111,625 e* aaiPharma, Inc .......................... 2,219 44,954 * Advisory Board Co ....................... 1,822 344,842 * Affymetrix, Inc ......................... 6,797 189,194 * Answerthink, Inc ........................ 365 169,805 e* Antigenics, Inc ......................... 1,956 462,662 * Applera Corp (Celera Genomics Group) .... 4,775 110,929 e* Applied Molecular Evolution ............. 475 219,188 * Ariad Pharmaceuticals, Inc .............. 984 31,200 * Baker (Michael) Corp .................... 334 1,105,507 * BearingPoint, Inc ....................... 10,668 85 Bellsystem 24, Inc ...................... 14 22,941 * Bioreliance Corp ........................ 486 429,693 * Celgene Corp ............................ 13,063 528,155 * Century Business Services, Inc .......... 1,717 2,942 * CGI Group, Inc (Class A) ................ 18 48,874 * Charles River Associates, Inc ........... 1,382 138,823 * Ciphergen Biosystems, Inc ............... 1,423 87,061 * Cornell Cos, Inc ........................ 1,318 251,591 * Corporate Executive Board Co ............ 10,270 224,473 * Corrections Corp of America ............. 5,686 416,883 * Covance, Inc ............................ 7,546 294,956 * CuraGen Corp ............................ 1,637 186,486 * CV Therapeutics, Inc .................... 5,531 236,555 * Decode Genetics, Inc .................... 738 81,363 * Deltagen, Inc ........................... 11 91,930 * DiamondCluster International, Inc (Class A) ............................ 341 56,731 * Digitas, Inc ............................ 281 109,866 e* Discovery Partners International, Inc ... 488 165,350 * Diversa Corp ............................ 1,625 115,411 e* eResearch Technology, Inc ............... 2,558 91,608 * Exact Sciences Corp ..................... 1,004 314,365 * Exelixis, Inc ........................... 2,182 339,229 * Exult, Inc .............................. 2,907 120,404 * First Consulting Group, Inc ............. 562 457,141 Fluor Corp .............................. 15,378 91,049 * Forrester Research, Inc ................. 1,490 260,534 * FTI Consulting, Inc ..................... 6,506 303,353 * Gartner, Inc (Class A) .................. 2,299 240,938 * Gartner, Inc (Class B) .................. 1,807 199,141 * Gene Logic, Inc ......................... 1,189 65,876 * Genencor International, Inc ............. 1,085 96,165 * Gen-Probe, Inc .......................... 3,930 2,650,561 Halliburton Co .......................... 60,963 468,611 * Incyte Corp ............................. 2,174 30,000 f* International Hydron Liquidating Trust .. 1 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 27 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- ENGINEERING AND MANAGEMENT SERVICES--(CONTINUED) 76,152 * Inveresk Research Group, Inc ............ $ 1,378 316,164 * Jacobs Engineering Group, Inc ........... 13,326 45,966 e* Kendle International, Inc ............... 285 112,262 * Kosan Biosciences, Inc .................. 662 55,118 Landauer, Inc ........................... 2,306 224,795 * Lexicon Genetics, Inc ................... 1,508 125,798 e* Luminex Corp ............................ 649 111,232 * MAXIMUS, Inc ............................ 3,073 196,380 * Maxygen, Inc ............................ 2,154 8,546,817 Monsanto Co ............................. 184,953 730,060 Moody's Corp ............................ 38,481 176,950 e* Myriad Genetics, Inc .................... 2,408 277,087 * Navigant Consulting, Inc ................ 3,283 90,785 e* Neopharm, Inc ........................... 1,257 161,570 * Parexel International Corp .............. 2,254 1,646,235 Paychex, Inc ............................ 48,251 24,073 PERBIO SCIENCE AB ....................... 448 205,559 * Per-Se Technologies, Inc ................ 2,308 1,307 * Per-Se Technologies, Inc Wts 07/08/03 ... 0 232,806 * Pharmaceutical Product Development, Inc . 6,689 156,814 * Pharmacopeia, Inc ....................... 1,294 113,888 * PracticeWorks, Inc ...................... 2,198 260,649 e* PRG-Schultz International, Inc .......... 1,538 435,202 * Quest Diagnostics, Inc .................. 27,766 596,570 * Quintiles Transnational Corp ............ 8,465 83,276 * Regeneration Technologies, Inc .......... 1,107 225,502 e* Regeneron Pharmaceuticals, Inc .......... 3,552 94,241 * Repligen Corp ........................... 488 65,386 e* Research Frontiers, Inc ................. 915 111,737 * Resources Connection, Inc ............... 2,666 20,420 * Rigel Pharmaceuticals, Inc .............. 221 109,987 * Right Management Consultants, Inc ....... 1,391 107,630 * Sangamo Biosciences, Inc ................ 307 119,421 * Seattle Genetics, Inc ................... 615 1,358,001 SembCorp Industries Ltd ................. 987 236,140 e* Sequenom, Inc ........................... 642 1,585,264 Servicemaster Co ........................ 16,962 21,282 * SFBC International, Inc ................. 385 1,386,300 Singapore Technologies Engineering Ltd .. 1,370 48,958 * SM&A .................................... 556 103,204 * Sourcecorp .............................. 2,229 169,361 * Symyx Technologies, Inc ................. 2,764 45,624 * Tejon Ranch Co .......................... 1,373 213,204 * Telik, Inc .............................. 3,426 335,963 e* Tetra Tech, Inc ......................... 5,755 145,000 TKC Corp ................................ 1,570 190,345 * Transkaryotic Therapies, Inc ............ 2,197 60,656 e* TRC Cos, Inc ............................ 895 96,600 e* Trimeris, Inc ........................... 4,413 258,487 * Tularik, Inc 2,569 486,099 * U.S. Oncology, Inc ...................... 3,592 139,331 * URS Corp ................................ 2,711 61,758 Vedior NV ............................... 560 168,571 * Watson Wyatt & Co Holdings .............. 3,907 -------- TOTAL ENGINEERING AND MANAGEMENT SERVICES 617,064 -------- ENVIRONMENTAL QUALITY AND HOUSING--0.00% 215,126 * Cadiz, Inc .............................. 29 -------- TOTAL ENVIRONMENTAL QUALITY AND HOUSING 29 -------- FABRICATED METAL PRODUCTS--0.52% 196,568 * Alliant Techsystems, Inc ................ 10,204 355,807 Assa Abloy AB (B Shs) ................... 3,445 398,691 Ball Corp ............................... 18,144 31,789 Boehler-Uddeholm AG. .................... 1,757 36,410 Butler Manufacturing Co ................. 602 61,129 CIRCOR International, Inc ............... 1,090 263,415 Crane Co ................................ 5,961 1,035,062 * Crown Holdings, Inc ..................... 7,390 836,891 Danaher Corp ............................ 56,950 33,906 * Drew Industries, Inc .................... 617 1,588,790 e European Aeronautic Defense & Space Co .. 19,486 800,383 Fortune Brands, Inc ..................... 41,780 565,676 GKN plc ................................. 2,077 175,537 * Griffon Corp ............................ 2,809 47,352 * Gulf Island Fabrication, Inc ............ 801 239,689 Harsco Corp ............................. 8,641 65,000 Hitachi Cable Ltd ....................... 175 1,300,257 Illinois Tool Works, Inc ................ 85,622 99,736 e* Intermagnetics General Corp ............. 1,979 36,248 * Ladish Co, Inc .......................... 240 2,906,797 Masco Corp .............................. 69,327 68,903 Material Sciences Corp .................. 668 86,398 * Mobile Mini, Inc ........................ 1,411 113,965 * NCI Building Systems, Inc ............... 1,903 268,960 * Raytech Corp ............................ 1,143 250,809 * Shaw Group, Inc ......................... 3,022 69,432 * Silgan Holdings, Inc .................... 2,172 97,495 * Simpson Manufacturing Co, Inc ........... 3,568 464,622 SMC Corp ................................ 39,120 334,500 Snap-On, Inc ............................ 9,711 72,156 * SPS Technologies, Inc ................... 1,951 405,369 Stanley Works ........................... 11,188 34,000 Starrett (L.S.) Co (Class B) ............ 440 137,328 Sturm Ruger & Co, Inc ................... 1,373 252,000 Techtronic Industries Co ................ 423 943,778 Tostem Inax Holding Corp ................ 13,598 383,102 * Tower Automotive, Inc ................... 1,402 327,400 Toyo Seikan Kaisha Ltd .................. 3,062 92,697 Valmont Industries, Inc ................. 1,804 67,365 * Water Pik Technologies, Inc ............. 523 101,241 Watts Industries, Inc (Class A) ......... 1,807 -------- TOTAL FABRICATED METAL PRODUCTS 439,386 -------- FOOD AND KINDRED PRODUCTS--3.78% 1,294,059 Ajinomoto Co, Inc ....................... 12,394 110,573 e* American Italian Pasta Co (Class A) ..... 4,605 4,513,076 Anheuser-Busch Cos, Inc ................. 230,393 2,974,050 Archer Daniels Midland Co ............... 38,276 6,984 Ariake Japan Co Ltd ..................... 208 1,722,294 e Asahi Breweries Ltd ..................... 10,399 98,518 * Aurora Foods, Inc ....................... 34 61,579 * Boston Beer Co, Inc (Class A) ........... 887 148,526 Bunge Ltd ............................... 4,248 1,445,768 Cadbury Schweppes plc ................... 8,541 1,225,445 Campbell Soup Co ........................ 30,023 3,677 Carlsberg a/s (A Shs) ................... 123 11,419 e Carlsberg a/s (B Shs) ................... 409 2,839,086 Coca-Cola Amatil Ltd .................... 10,872 9,737 Coca-Cola Bottling Co Consolidated ...... 532 10,969,341 Coca-Cola Co ............................ 509,087 1,205,126 Coca-Cola Enterprises, Inc .............. 21,873 94,970 Coca-Cola Hellenic Bottling Co S.A. ..... 1,586 59,500 Coca-Cola West Japan Co Ltd ............. 985 3,062,864 Conagra Foods, Inc ...................... 72,284 426,187 * Constellation Brands, Inc (Class A) ..... 13,382 325,253 Coors (Adolph) Co (Class B) ............. 15,931 221,554 Corn Products International, Inc ........ 6,653 39,770 Danisco a/s ............................. 1,558 159,270 * Darling International, Inc .............. 382 101,145 DCC plc ................................. 1,359 SEE NOTES TO FINANCIAL STATEMENTS 28 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- FOOD AND KINDRED PRODUCTS--(CONTINUED) 1,116,112 * Dean Foods Co ........................... $ 35,158 1,202,502 * Del Monte Foods Co ...................... 10,630 16,175,472 Diageo plc .............................. 172,697 93,640 Dreyer's Grand Ice Cream Holdings, Inc .. 7,362 5,878 Farmer Brothers Co ...................... 1,994 221,639 Flowers Foods, Inc ...................... 4,380 2,233,130 e Foster's Group Ltd ...................... 6,305 256,231 Fraser & Neave Ltd ...................... 1,251 559,500 e Fuji Oil Co Ltd ......................... 4,371 3,877,058 General Mills, Inc ...................... 183,811 75,000,000 Global Bio-Chem Technology Group Co Ltd . 24,285 115,523 Greencore Group plc ..................... 385 231,967 e Groupe Danone ........................... 32,099 1,918,686 H.J. Heinz Co ........................... 63,278 293,248 Heineken NV ............................. 10,406 454,611 * Hercules, Inc ........................... 4,501 493,915 Hershey Foods Corp ...................... 34,406 43,454 * Horizon Organic Holding Corp ............ 1,036 377,157 Hormel Foods Corp ....................... 8,939 199,000 House Foods Corp ........................ 1,823 36,140 Interbrew S.A. .......................... 803 108,358 * International Multifoods Corp ........... 2,482 293,164 Interstate Bakeries Corp ................ 3,723 41,049 * J & J Snack Foods Corp .................. 1,298 308,646 J.M. Smucker Co ......................... 12,312 21,815 * John B. Sanfilippo & Son ................ 352 5,500 Katokichi Co Ltd ........................ 94 1,323,049 Kellogg Co .............................. 45,473 30,240 Kerry Group (Class A) ................... 467 65,000 Kerry Group plc (Class A) ............... 1,000 169,000 Kikkoman Corp ........................... 1,116 193,000 e Kinki Coca-Cola Bottling Co Ltd ......... 1,079 534,680 e Kirin Brewery Co Ltd .................... 3,758 1,429,502 Kraft Foods, Inc (Class A) .............. 46,530 137,261 Lancaster Colony Corp ................... 5,307 165,043 Lance, Inc .............................. 1,507 1,324,935 Lion Nathan Ltd ......................... 4,763 242,526 e LVMH Moet Hennessy Louis Vuitton S.A. ... 12,029 29,891 * M&F Worldwide Corp ...................... 215 729,605 McCormick & Co, Inc (Non-Vote) .......... 19,845 58,708 Meiji Seika Kaisha Ltd .................. 192 264,306 e* Molson, Inc (A Shs) ..................... 7,098 2,000 * Molson, Inc (B Shs) ..................... 54 93,913 * Monterey Pasta Co ....................... 465 15,200 * National Beverage Corp .................. 211 1,034,105 Nestle S.A. (Regd) ...................... 213,379 283 Nichirei Corp ........................... 1 237,784 Nippon Meat Packers, Inc ................ 2,246 689,002 Nisshin Seifun Group, Inc ............... 4,895 103,305 Nissin Food Products Co Ltd ............. 2,155 8,206 * Numico NV ............................... 126 887,074 e Parmalat Finanziaria S.p.A. ............. 2,791 65,553 * Peets Coffee & Tea, Inc ................. 1,145 53,671 Penford Corp ............................ 600 4,594,974 Pepsi Bottling Group, Inc ............... 91,991 406,853 PepsiAmericas Inc ....................... 5,110 14,711,401 PepsiCo, Inc ............................ 654,657 482,062 e Pernod-Ricard ........................... 43,013 99,129 Pilgrim's Pride Corp (Class B) .......... 959 350,000 b* Power Pacific Ltd ....................... 0 318,581 e Q.P. Corp ............................... 2,515 198,860 e* Ralcorp Holdings, Inc ................... 4,964 36,205 Riviana Foods, Inc ...................... 974 61,942 * Robert Mondavi Corp (Class A) ........... 1,568 17,386 SABMiller plc ........................... 116 29,579 Sanderson Farms, Inc .................... 831 3,843,042 Sara Lee Corp ........................... 72,288 376,427 Scottish & Newcastle plc ................ 2,277 280,723 Sensient Technologies Corp .............. 6,454 40,703 Singapore Food Industries Ltd ........... 18 615,936 e* Smithfield Foods, Inc ................... 14,117 83,000 e* Snow Brand Milk Products Co Ltd ......... 208 297,600 Southcorp Ltd ........................... 563 42,170 Suedzucker AG. .......................... 724 51,540 Tasty Baking Co ......................... 541 897,742 Tate & Lyle plc ......................... 5,074 163,392 Tootsie Roll Industries, Inc ............ 4,982 248,127 Topps Co, Inc ........................... 2,131 1,266,378 Tyson Foods, Inc (Class A) .............. 13,449 2,981,707 Unilever NV (Cert) ...................... 159,971 4,344,507 Unilever plc ............................ 34,591 127,686 Wrigley (Wm.) Jr Co ..................... 7,180 697,600 f Wrigley (Wm.) Jr Co (Class B) ........... 39,226 8,000 Yakult Honsha Co Ltd .................... 107 205,000 Yamazaki Baking Co Ltd .................. 1,306 --------- TOTAL FOOD AND KINDRED PRODUCTS 3,177,557 --------- FOOD STORES--0.71% 162,496 * 7-Eleven, Inc ........................... 1,714 1,705,452 Albertson's, Inc ........................ 32,745 8,850 * Arden Group, Inc (Class A) .............. 522 17,502 Axfood AB ............................... 318 4,878 * Bruno's Supermarkets, Inc ............... 0 1,185,137 e Carrefour S.A. .......................... 58,085 6,974 * Casino Guichard-Perrachon A Wts 12/15/03 ............................. 1 6,974 * Casino Guichard-Perrachon B Wts 12/15/05 ................................ 6 54,350 e Casino Guichard-Perrachon S.A. .......... 4,244 162,735 e Delhaize Group .......................... 4,952 36,900 FamilyMart Co Ltd ....................... 659 103,526 * Great Atlantic & Pacific Tea Co, Inc .... 911 65,963 Ingles Markets, Inc (Class A) ........... 666 613,782 Ito-Yokado Co Ltd ....................... 14,696 47,151 * Jeronimo Martins SGPS S.A. .............. 373 10,976,138 * Kroger Co ............................... 183,082 454,200 Lawson, Inc ............................. 12,483 800 * Mycal Corp .............................. 0 172,100 * Panera Bread Co (Class A) ............... 6,884 14,768 * Pantry, Inc ............................. 117 193,277 * Pathmark Stores, Inc .................... 1,479 63,810 b* Penn Traffic Co ......................... 13 681,698 e* Royal Ahold NV .......................... 5,660 207,212 Ruddick Corp ............................ 3,257 401,433 Safeway plc ............................. 1,706 2,145,848 * Safeway, Inc ............................ 43,904 2,080,715 Sainsbury (J) plc ....................... 8,721 739 e* Seiyu Ltd ............................... 2 213,469 Seven-Eleven Japan Co Ltd ............... 5,316 2,449,046 * Starbucks Corp .......................... 60,051 27,465,746 Tesco plc ............................... 99,370 247,172 UNY Co Ltd .............................. 2,128 74,352 Weis Markets, Inc ....................... 2,306 298,691 * Whole Foods Market, Inc ................. 14,197 151,916 * Wild Oats Markets, Inc .................. 1,656 624,016 e Winn-Dixie Stores, Inc .................. 7,682 1,815,197 Woolworths Ltd .......................... 15,241 ------- TOTAL FOOD STORES 595,147 ------- FORESTRY--0.16% 2,429,146 Weyerhaeuser Co 131,174 ------- TOTAL FORESTRY 131,174 ------- SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 29 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- FURNITURE AND FIXTURES--0.34% 66,280 Bassett Furniture Industries, Inc ....... $ 880 37,541 * Bush Industries, Inc (Class A) .......... 113 148,360 Ethan Allen Interiors, Inc .............. 5,216 251,607 * Furniture Brands International, Inc ..... 6,567 417,456 Herman Miller, Inc ...................... 8,437 287,311 Hillenbrand Industries, Inc ............. 14,495 340,841 HON Industries, Inc ..................... 10,396 10,532 Hooker Furniture Corp ................... 259 424,840 Johnson Controls, Inc ................... 36,366 212,438 Kimball International, Inc (Class B) .... 3,314 261,888 La-Z-Boy, Inc ........................... 5,861 933,822 * Lear Corp ............................... 42,974 1,010,611 Leggett & Platt, Inc .................... 20,718 525,858 MFI Furniture Group plc ................. 1,453 4,252,440 Newell Rubbermaid, Inc .................. 119,068 78,959 * Select Comfort Corp ..................... 1,293 34,217 Stanley Furniture Co, Inc ............... 938 327,466 Steelcase, Inc (Class A) ................ 3,851 32,887 Virco Manufacturing Corp ................ 209 ------- TOTAL FURNITURE AND FIXTURES 282,408 ------- FURNITURE AND HOME FURNISHINGS STORES--0.32% 1,772,888 * Bed Bath & Beyond, Inc .................. 68,806 2,118,379 * Best Buy Co, Inc ........................ 93,039 1,159,890 Circuit City Stores, Inc (Circuit City Group) .................. 10,207 137,370 * Cost Plus, Inc .......................... 4,899 68,924 * Electronics Boutique Holdings Corp ...... 1,593 84,647 e* EUniverse, Inc .......................... 306 125,500 * Gamestop Corp ........................... 1,621 106,681 * Guitar Center, Inc ...................... 3,094 104,506 Haverty Furniture Cos, Inc .............. 1,829 4,447,994 Hitachi Ltd ............................. 18,855 157,779 * Intertan, Inc ........................... 1,294 272,235 * Linens `n Things, Inc ................... 6,427 452,459 Pier 1 Imports, Inc ..................... 9,230 942,877 RadioShack Corp ......................... 24,807 117,035 * Restoration Hardware, Inc ............... 527 55,408 * Rex Stores Corp ......................... 671 86,400 e Shimachu Co Ltd ......................... 1,360 223,588 * The Bombay Co, Inc ...................... 2,377 105,159 e* Trans World Entertainment Corp .......... 538 132,837 * Tweeter Home Entertainment Group, Inc ... 1,153 73,566 * Ultimate Electronics, Inc ............... 943 394,934 * Williams-Sonoma, Inc .................... 11,532 44,800 e Yamada Denki Co Ltd ..................... 989 ------- TOTAL FURNITURE AND HOMEFURNISHINGS STORES 266,097 ------- GENERAL BUILDING CONTRACTORS--0.28% 1,000 * AC Real Estate Corp ..................... 0 104,210 e ACS Actividades de Construccion y Servicios S.A. ....................... 4,446 200,000 Allgreen Properties Ltd ................. 109 140,000 Amec plc ................................ 601 620,814 Barratt Developments plc ................ 4,426 87,101 e* Beazer Homes U.S.A., Inc ................ 7,273 336,209 Berkeley Group plc ...................... 4,142 271,974 e Bouygues S.A. ........................... 7,508 82,767 Brookfield Homes Corp ................... 1,276 343,417 Centex Corp ............................. 26,714 3,157,500 e* Chiyoda Corp ............................ 12,938 533,729 Clayton Homes, Inc ...................... 6,698 592,246 D.R. Horton, Inc ........................ 16,642 138 * Daikyo, Inc ............................. 0 143,305 Daito Trust Construction Co Ltd ......... 3,013 525,221 Daiwa House Industry Co Ltd ............. 3,613 14,046 * Dominion Homes, Inc ..................... 335 487,224 Fletcher Building Ltd ................... 1,047 200 * Fujita Corp (New) ....................... 0 246,574 Grupo Dragados S.A. ..................... 4,964 200 * Haseko Corp ............................. 0 1,000 * Hazama Corp ............................. 0 84,615 * Hovnanian Enterprises, Inc (Class A) .... 4,988 196,776 KB Home ................................. 12,196 246,690 Leighton Holdings Ltd ................... 1,654 25,406 Lennar Corp ............................. 1,745 279,856 Lennar Corp (Class A) ................... 20,010 77,695 M/I Schottenstein Homes, Inc ............ 3,316 102,896 MDC Holdings, Inc ....................... 4,968 60,012 * Meritage Corp ........................... 2,956 51,000 * NH Hoteles S.A. ......................... 536 607,316 Nishimatsu Construction Co Ltd .......... 2,064 30,686 * NVR, Inc ................................ 12,612 194,842 Obayashi Corp ........................... 597 4,672 * Orleans Homebuilders, Inc ............... 50 111,833 * Palm Harbor Homes, Inc .................. 2,118 49,576 * Perini Corp ............................. 394 146,444 Persimmon plc ........................... 1,153 236,781 Pulte Homes, Inc ........................ 14,600 140,121 Ryland Group, Inc ....................... 9,724 533,804 e Skanska AB (B Shs) ...................... 3,047 25,996,000 * South China Industries Ltd .............. 533 215,078 Standard-Pacific Corp ................... 7,132 994,000 e Sumitomo Realty & Development Co Ltd .... 4,421 4,801 Taisei Corp ............................. 9 1,490,939 Taylor Woodrow plc ...................... 4,945 15,175 * Technical Olympic U.S.A., Inc ........... 359 166,000 Toda Corp ............................... 357 239,124 * Toll Brothers, Inc ...................... 6,770 184,118 Walter Industries, Inc .................. 2,163 71,291 * WCI Communities, Inc .................... 1,371 33,112 * William Lyon Homes, Inc ................. 1,055 992,461 Wimpey (George) plc ..................... 4,831 ------- TOTAL GENERAL BUILDING CONTRACTORS 238,419 ------- GENERAL MERCHANDISE STORES--2.33% 187,615 * 99 Cents Only Stores .................... 6,439 202,598 Aeon Co Ltd ............................. 4,640 586,354 * Big Lots, Inc ........................... 8,819 462,479 * BJ's Wholesale Club, Inc ................ 6,965 56,543 * Brookstone, Inc ......................... 1,145 262,759 Casey's General Stores, Inc ............. 3,715 2,390,867 Coles Myer Ltd .......................... 11,224 3,372,396 * Costco Wholesale Corp ................... 123,430 60,315 Daimaru, Inc ............................ 242 397,964 Dillard's, Inc (Class A) ................ 5,361 1,560,879 Dollar General Corp ..................... 28,502 534,427 * Dollar Tree Stores, Inc ................. 16,957 808,102 Family Dollar Stores, Inc ............... 30,829 1,266,432 Federated Department Stores, Inc ........ 46,668 149,034 Fred's, Inc ............................. 5,541 2,014,000 Giordano International Ltd .............. 626 288,730 Hagemeyer NV ............................ 1,111 1,687,000 Hankyu Department Stores, Inc ........... 9,821 414,324 e Hudson's Bay Co ......................... 2,866 80,121 Isetan Co Ltd ........................... 540 1,673,588 J.C. Penney Co, Inc ..................... 28,200 90,750 e KarstadtQuelle AG. ...................... 1,943 66,784 e Kesko Oyj (B Shs) ....................... 784 18,432,700 * Kingfisher plc .......................... 84,330 2,298,974 * Kohl's Corp ............................. 118,121 176,578 e Koninklijke Vendex KBB NV ............... 2,044 6,921,199 Marks & Spencer Group plc ............... 36,062 SEE NOTES TO FINANCIAL STATEMENTS 30 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- GENERAL MERCHANDISE STORES--(CONTINUED) 1,395,600 Marui Co Ltd ............................ $ 12,401 1,312,526 May Department Stores Co ................ 29,217 186,100 Metro AG. ............................... 6,016 150,162 * Neiman Marcus Group, Inc (Class A) ...... 5,496 17,081 * Neiman Marcus Group, Inc (Class B) ...... 589 140,598 e Pinault-Printemps-Redoute S.A. .......... 10,591 26,564 * Pricesmart, Inc ......................... 353 552,189 * Saks, Inc ............................... 5,356 1,861,114 e Sears Roebuck & Co ...................... 62,608 187,769 * ShopKo Stores, Inc ...................... 2,441 974,945 * Sonae SPGS S.A. ......................... 549 143,048 * Stein Mart, Inc ......................... 857 326,869 e Takashimaya Co Ltd ...................... 1,625 4,485,502 Target Corp ............................. 169,731 69,586 * Tuesday Morning Corp .................... 1,830 19,833,305 Wal-Mart Stores, Inc .................... 1,064,453 160,933 Warehouse Group Ltd ..................... 488 477,716 Waterford Wedgwood plc (Units) .......... 132 --------- TOTAL GENERAL MERCHANDISE STORES 1,961,658 --------- HEALTH SERVICES--0.53% 273,126 * Accredo Health, Inc ..................... 5,954 87,013 e* American Healthways, Inc ................ 3,143 129,716 * Amsurg Corp ............................. 3,956 301,593 * Apria Healthcare Group, Inc ............. 7,504 646,669 * Beverly Enterprises, Inc ................ 2,263 49,500 e* Bio-Reference Labs, Inc ................. 348 1,313,107 * Caremark Rx, Inc ........................ 33,721 42,277 * Chronimed, Inc .......................... 416 254,526 * Community Health Systems, Inc ........... 4,910 42,702 * Corvel Corp ............................. 1,537 239,538 * Coventry Health Care, Inc ............... 11,057 107,003 e* CryoLife, Inc ........................... 1,107 71,206 * Curative Health Services, Inc ........... 1,211 297,474 * DaVita, Inc ............................. 7,966 37,366 e* Dynacq International, Inc ............... 628 165,824 * Enzo Biochem, Inc ....................... 3,569 898,927 * Express Scripts, Inc .................... 61,316 510,021 * First Health Group Corp ................. 14,087 185,201 * Genesis Health Ventures, Inc ............ 3,269 152,926 * Gentiva Health Services, Inc ............ 1,376 2,624,160 HCA, Inc ................................ 84,078 1,497,693 Health Management Associates, Inc (Class A) ............................. 27,632 1,887,456 e* Healthsouth Corp ........................ 981 378,387 Hooper Holmes, Inc ...................... 2,437 9,629 * IMPAC Medical Systems, Inc .............. 201 113,392 e* Impath, Inc ............................. 1,603 75,876 * Kindred Healthcare, Inc ................. 1,354 35,643 * LabOne, Inc ............................. 768 866,927 * Laboratory Corp of America Holdings ..... 26,138 219,697 * LifePoint Hospitals, Inc ................ 4,600 563,174 * Lincare Holdings, Inc ................... 17,746 441,305 * Manor Care, Inc ......................... 11,037 44,132 * Matria Healthcare, Inc .................. 779 443,367 e MDS, Inc ................................ 6,059 27,193 * Medcath Corp ............................ 159 151,086 e* MIM Corp ................................ 987 55,681 * National Healthcare Corp ................ 1,096 23,875 Nichii Gakkan Co ........................ 1,193 130,523 * Odyssey HealthCare, Inc ................. 4,829 84,154 * Option Care, Inc ........................ 970 293,136 e* Orthodontic Centers of America, Inc ..... 2,348 56 * Paracelsus Healthcare Corp .............. 0 595,000 Parkway Holdings Ltd .................... 264 153,226 * Pediatrix Medical Group, Inc ............ 5,463 23,900 b* PHP Healthcare Corp ..................... 0 5,794 b* Physicians Resource Group, Inc .......... 0 86,017 * Prime Medical Services, Inc ............. 404 320,700 * Province Healthcare Co .................. 3,550 73,879 * Radiologix, Inc ......................... 310 107,171 * RehabCare Group, Inc .................... 1,570 254,301 * Renal Care Group, Inc ................... 8,954 131,801 * Select Medical Corp ..................... 3,273 985,516 Sonic Healthcare Ltd .................... 4,329 42,908 * Specialty Laboratories, Inc ............. 440 114,213 e* Sunrise Senior Living, Inc .............. 2,556 2,434,861 * Tenet Healthcare Corp ................... 28,366 362,166 * Triad Hospitals, Inc .................... 8,989 64,790 * U.S. Physical Therapy, Inc .............. 813 106,599 * United Surgical Partners International, Inc ................... 2,408 81,235 Universal Forest Products, Inc .......... 1,701 237,257 * Universal Health Services, Inc (Class B) ............................ 9,400 148,155 * Xicor, Inc .............................. 929 --------- TOTAL HEALTH SERVICES 450,052 --------- HEAVY CONSTRUCTION, EXCEPT BUILDING--0.12% 68,250 Abertis Infraestructuras S.A. ........... 954 81,451 * Autoroutes du Sud de la France .......... 2,380 174,444 e Fomento de Construcciones y Contratas S.A. ....................... 4,874 212,235 Granite Construction, Inc ............... 4,066 662,237 Grupo Ferrovial S.A. .................... 17,985 72,856 Hellenic Technodomiki Tev S.A. .......... 410 155,716 * Insituform Technologies, Inc (Class A) .. 2,753 629,166 JGC Corp ................................ 4,234 15,000 Kajima Corp ............................. 36 133,000 Maeda Road Construction Co Ltd .......... 577 244,000 Okumura Corp ............................ 797 134,906 Technical Olympic S.A. .................. 527 1,050,925 Transurban Group ........................ 3,362 19,717 * VA Technologie AG. ...................... 521 850,653 e Vinci S.A. .............................. 57,390 --------- TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING 100,866 --------- HOLDING AND OTHER INVESTMENT OFFICES--1.75% 72,480 * 4Kids Entertainment, Inc ................ 1,348 94,239 Acadia Realty Trust ..................... 862 62,491 * Accredited Home Lenders Holding Co ...... 1,226 65,494 Alabama National Bancorp ................ 3,175 13,304 * Alexander's, Inc ........................ 1,111 125,258 Alexandria Real Estate Equities, Inc .... 5,637 78,932 Allegiant Bancorp, Inc .................. 1,598 487,100 e Allied Capital Corp ..................... 11,252 526,984 AMB Property Corp ....................... 14,845 166,105 Amcore Financial, Inc ................... 3,867 15,854 American Land Lease, Inc ................ 266 94,913 AMLI Residential Properties Trust ....... 2,235 476,780 Annaly Mortgage Management, Inc ......... 9,493 314,797 Anthracite Capital, Inc ................. 3,796 195,845 Anworth Mortgage Asset Corp ............. 3,020 555,726 Apartment Investment & Management Co (Class A) ............................ 19,228 191,354 Apex Mortgage Capital, Inc .............. 1,047 944,539 Archstone-Smith Trust ................... 22,669 327,586 Arden Realty, Inc ....................... 8,501 107,838 Associated Estates Realty Corp .......... 708 305,359 AvalonBay Communities, Inc .............. 13,021 97,844 Bedford Property Investors, Inc ......... 2,779 374,932 Boston Properties, Inc .................. 16,422 115,733 * Boykin Lodging Co ....................... 903 174,182 Brandywine Realty Trust ................. 4,288 85,733 e Brascan Corp (Class A) .................. 2,098 251,450 BRE Properties, Inc (Class A) ........... 8,348 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 31 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- HOLDING AND OTHER INVESTMENT OFFICES--(CONTINUED) 389,848 Brookline Bancorp, Inc .................. $ 5,458 9,388 BRT Realty Trust ........................ 149 14,827 California First National Bancorp ....... 141 21,237 Camco Financial Corp .................... 331 224,917 Camden Property Trust ................... 7,861 673,792 Canary Wharf Group plc .................. 2,846 158,932 Capital Automotive REIT ................. 4,449 3,564 * Capital Corp of the West ................ 90 51,177 Capitol Bancorp Ltd ..................... 1,387 60,777 e Capstead Mortgage Corp .................. 685 336,205 CarrAmerica Realty Corp ................. 9,350 29,849 Castellum AB ............................ 513 100 Cavalry Bancorp, Inc .................... 2 155,565 CBL & Associates Properties, Inc ........ 6,689 119,630 Centerpoint Properties Trust ............ 7,327 250,000 Centro Properties Group ................. 669 145,663 Chateau Communities, Inc ................ 4,310 250,257 Chelsea Property Group, Inc ............. 10,088 32,015 * Cherokee, Inc ........................... 641 100,161 Colonial Properties Trust ............... 3,525 261,425 Commercial Net Lease Realty, Inc ........ 4,507 53,554 Community Banks, Inc .................... 1,593 268,211 Community First Bankshares, Inc ......... 7,322 725,665 Compagnie Financiere Richemont AG. (Units) (A Shs) ...................... 11,732 75,943 Connecticut Bancshares, Inc ............. 2,981 108,521 Corio NV ................................ 3,492 317,439 Cornerstone Realty Income Trust, Inc .... 2,320 163,626 Corporate Office Properties Trust ....... 2,770 50,650 Correctional Properties Trust ........... 1,418 198,474 Cousins Properties, Inc ................. 5,537 450,825 Crescent Real Estate Equities Co ........ 7,488 14,651 * Criimi MAE, Inc ......................... 160 168,866 Crown American Realty Trust ............. 1,814 540,000 Deutsche Office Trust ................... 406 489,584 Developers Diversified Realty Corp ...... 13,924 113,944 Drott AB (B Shs) ........................ 1,438 800,107 Duke Realty Corp ........................ 22,043 248,893 * Eastern European Trust plc .............. 3,460 101,550 Eastgroup Properties, Inc ............... 2,742 8,649 * Enstar Group, Inc ....................... 341 115,348 Entertainment Properties Trust .......... 3,316 270,766 Equity Inns, Inc ........................ 1,868 2,349,523 Equity Office Properties Trust .......... 63,461 156,259 Equity One, Inc ......................... 2,563 1,426,777 Equity Residential ...................... 37,025 106,181 Essex Property Trust, Inc ............... 6,079 70,276 F & M Bancorp ........................... 3,466 252,185 Federal Realty Investment Trust ......... 8,070 327,281 * FelCor Lodging Trust, Inc ............... 2,569 11,406 FFLC Bancorp, Inc ....................... 296 34,724 First Defiance Financial Corp ........... 689 2,485 * First Hungary Fund Ltd .................. 3,990 77,406 First Indiana Corp ...................... 1,325 206,880 First Industrial Realty Trust, Inc ...... 6,537 310,073 First Niagara Financial Group, Inc ...... 4,329 1,598,400 First NIS Regional Fund ................. 5,674 85,245 First Place Financial Corp .............. 1,476 401,533 e Fremont General Corp .................... 5,501 466,153 Friedman Billings Ramsey Group, Inc ..... 6,246 161,377 Gables Residential Trust ................ 4,878 407,337 General Growth Properties, Inc .......... 25,434 2,078,710 General Property Trust .................. 4,071 63,063 German American Bancorp ................. 1,100 59,217 Gladstone Capital Corp .................. 1,222 103,969 Glenborough Realty Trust, Inc ........... 1,991 202,911 Glimcher Realty Trust ................... 4,545 89,485 Great Lakes REIT ........................ 1,432 249,467 e Greater Bay Bancorp ..................... 5,124 46,764 * Hawthorne Financial Corp ................ 1,621 307,083 Health Care Property Investors, Inc ..... 13,005 269,135 Health Care REIT, Inc ................... 8,209 252,820 Healthcare Realty Trust, Inc ............ 7,370 121,957 Heritage Property Investment Trust ...... 3,303 487,591 Highwoods Properties, Inc ............... 10,873 186,191 Home Properties of New York, Inc ........ 6,561 349,098 Hospitality Properties Trust ............ 10,909 1,209,179 * Host Marriott Corp ...................... 11,064 890,710 HRPT Properties Trust ................... 8,195 5,108,998 Hutchison Whampoa Ltd ................... 31,120 11,391 * IMMOFINANZ Immobilien Anlagen AG. ....... 82 332,141 IMPAC Mortgage Holdings, Inc ............ 5,543 3,648 b* InaCom Corp ............................. 0 310,153 Independence Community Bank Corp ........ 8,753 165,494 Innkeepers U.S.A. Trust ................. 1,125 350,000 e Investa Property Group .................. 465 229,495 Investors Real Estate Trust ............. 2,476 445,731 iStar Financial, Inc .................... 16,269 407 Japan Real Estate Investment Corp ....... 2,196 697,584 e JFE Holdings, Inc ....................... 10,457 113,205 Keystone Property Trust ................. 2,095 163,560 Kilroy Realty Corp ...................... 4,498 484,484 Kimco Realty Corp ....................... 18,362 128,328 Koger Equity, Inc ....................... 2,211 133,971 Kramont Realty Trust .................... 2,211 917,039 * La Quinta Corp .......................... 3,952 505,604 Land Securities Group plc ............... 6,520 112,193 LaSalle Hotel Properties ................ 1,658 180,000 Lend Lease Corp Ltd ..................... 1,008 190,184 Lexington Corporate Properties Trust .... 3,366 388,349 Liberty Property Trust .................. 13,437 128,638 * Local Financial Corp .................... 1,858 94,553 LTC Properties, Inc ..................... 903 346,770 e Macerich Co ............................. 12,182 596,526 Mack-Cali Realty Corp ................... 21,702 3,745,939 Macquarie Goodman Industrial Trust ...... 3,819 7,621,736 Macquarie Infrastructure Group .......... 18,350 92,885 Manufactured Home Communities, Inc ...... 3,261 25,278 MASSBANK Corp ........................... 914 264,064 * Meristar Hospitality Corp ............... 1,357 290,544 MFA Mortgage Investments, Inc ........... 2,917 120,016 Mid Atlantic Realty Trust ............... 2,513 96,846 Mid-America Apartment Communities, Inc .. 2,616 223,452 Mills Corp .............................. 7,497 99,148 Mission West Properties, Inc ............ 1,127 126,641 National Health Investors, Inc .......... 2,335 38,616 National Health Realty, Inc ............. 617 392,115 Nationwide Health Properties, Inc ....... 6,246 518,453 New Plan Excel Realty Trust ............. 11,069 69,579 Newcastle Investment Corp ............... 1,362 549,000 Nippon Mining Holdings, Inc ............. 1,189 74,153 e Novastar Financial, Inc ................. 4,431 108,963 * Omega Healthcare Investors, Inc ......... 572 92,268 Oriental Financial Group, Inc ........... 2,370 103,805 Pacific Northwest Bancorp ............... 3,608 258,525 Pan Pacific Retail Properties, Inc ...... 10,173 58,023 Parkway Properties, Inc ................. 2,440 96,033 Pennsylvania Real Estate Investment Trust ................................ 2,876 829 * Pinnacle Holdings, Inc (Old) ............ 0 935,774 Plum Creek Timber Co, Inc ............... 24,283 SEE NOTES TO FINANCIAL STATEMENTS 32 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- HOLDING AND OTHER INVESTMENT OFFICES--(CONTINUED) 729,473 Popular, Inc ............................ $ 28,150 32,499 Port Financial Corp ..................... 1,751 218,921 Post Properties, Inc .................... 5,801 201,454 Prentiss Properties Trust ............... 6,042 121,901 * Price Legacy Corp ....................... 457 450,000 Principal Office Fund ................... 465 38,041 PrivateBancorp, Inc ..................... 1,037 915,856 Prologis ................................ 25,003 85,793 Prosperity Bancshares, Inc .............. 1,652 20,231 Provident Bancorp, Inc .................. 649 9,897 Provident Financial Holdings ............ 290 67,881 PS Business Parks, Inc .................. 2,396 567,927 Public Storage, Inc ..................... 19,236 34,495 * Quaker City Bancorp, Inc ................ 1,416 116,879 RAIT Investment Trust ................... 3,097 65,758 Ramco-Gershenson Properties ............. 1,532 224,368 Realty Income Corp ...................... 8,544 123,532 Reckson Associates Realty Corp .......... 2,577 154,711 Reckson Associates Realty Corp (Class B) ............................ 3,295 83,101 Redwood Trust, Inc ...................... 3,317 134,444 Regency Centers Corp .................... 4,703 209,084 RFS Hotel Investors, Inc ................ 2,576 2,706 Rodamco Europe NV ....................... 142 453,577 Rouse Co ................................ 17,281 96,319 Sandy Spring Bancorp, Inc ............... 3,044 72,905 Saul Centers, Inc ....................... 1,866 272,072 Schroders plc ........................... 2,827 302,563 Senior Housing Properties Trust ......... 4,103 211,574 Shurgard Storage Centers, Inc (Class A) . 6,999 895,508 Simon Property Group, Inc ............... 34,952 78,138 Sizeler Property Investors .............. 801 3,643,187 f* Skyline Venture Partners Qualified II ... 2,767 310,000 f* Skyline Venture Partners Qualified III .. 310 176,249 SL Green Realty Corp .................... 6,149 83,976 Sovran Self Storage, Inc ................ 2,645 77,665 Suffolk Bancorp ......................... 2,501 557,491 e Sumitomo Corp ........................... 2,572 148,612 Summit Properties, Inc .................. 3,069 97,028 Sun Communities, Inc .................... 3,813 46,611 Superior Financial Corp ................. 1,119 264,311 Susquehanna Bancshares, Inc ............. 6,172 42,908 Tanger Factory Outlet Centers, Inc ...... 1,419 16,286 * Tarragon Realty Investors, Inc .......... 237 239,530 Taubman Centers, Inc .................... 4,589 351,565 Thornburg Mortgage, Inc ................. 8,684 49,143 Tompkins Trustco, Inc ................... 2,194 99,263 Town & Country Trust .................... 2,308 455,481 Trizec Properties, Inc .................. 5,179 133,217 U.S. Restaurant Properties, Inc ......... 2,092 554,770 United Dominion Realty Trust, Inc ....... 9,553 16,374 United Mobile Homes, Inc ................ 248 122,991 United National Bancorp ................. 3,393 74,638 Universal Health Realty Income Trust .... 2,015 131,311 Urstadt Biddle Properties, Inc (Class A) ............................. 1,689 51,343 * USI Holdings Corp ....................... 604 459,292 Ventas, Inc ............................. 6,958 503,454 Vornado Realty Trust .................... 21,951 64,348 * Washington Group International, Inc ..... 1,413 5,367,853 Washington Mutual, Inc .................. 221,692 259,721 Washington Real Estate Investment Trust . 7,064 238,684 Waypoint Financial Corp ................. 4,306 242,875 Weingarten Realty Investors ............. 10,176 35,082 * Wellsford Real Properties, Inc .......... 541 7,266 Wereldhave NV ........................... 457 33,304 Westfield Financial, Inc ................ 626 101,103 * Westfield Trust ......................... 234 5,293,181 e Westfield Trust (Units) ................. 12,247 111,937 Winston Hotels, Inc ..................... 915 21,548 Yadkin Valley Bank and Trust Co ......... 343 --------- TOTAL HOLDING AND OTHER INVESTMENT OFFICES 1,475,765 --------- HOTELS AND OTHER LODGING PLACES--0.30% 941,008 e Accor S.A. .............................. 34,039 66,733 * Ameristar Casinos, Inc .................. 1,425 131,078 e Aristocrat Leisure Ltd .................. 117 190,337 * Boca Resorts, Inc (Class A) ............. 2,474 209,917 * Boyd Gaming Corp ........................ 3,623 152,446 * Choice Hotels International, Inc ........ 4,163 342,880 * Extended Stay America, Inc .............. 4,625 41,564 e Fairmont Hotels & Resorts, Inc .......... 946 6,514,914 Hilton Group plc ........................ 19,781 2,080,801 Hilton Hotels Corp ...................... 26,613 500 Hotel Properties Ltd .................... 0 3,703,616 * Intercontinental Hotels Group plc ....... 26,280 8,900 Intrawest Corp .......................... 116 221,208 Mandalay Resort Group ................... 7,045 131,021 Marcus Corp ............................. 1,959 951,876 Marriott International, Inc (Class A) ... 36,571 486,422 * MGM Mirage .............................. 16,626 21,124 * Monarch Casino & Resort, Inc ............ 197 38,700 Overseas Union Enterprise Ltd ........... 154 1,444,485 * Park Place Entertainment Corp ........... 13,130 164,746 * Pinnacle Entertainment, Inc ............. 1,120 279,948 * Prime Hospitality Corp .................. 1,878 500 * Regal Hotels International Ltd .......... 0 1,571,158 Shangri-La Asia Ltd ..................... 997 56,882 Shangri-La Asia Ltd (Singapore) ......... 35 256,083 Sky City Entertainment Group Ltd ........ 1,414 1,633,444 Starwood Hotels & Resorts Worldwide, Inc ....................... 46,700 68,271 * Vail Resorts, Inc ....................... 920 541,415 * Wyndham International, Inc (Class A) .... 238 --------- TOTAL HOTELS AND OTHER LODGING PLACES 253,186 --------- INDUSTRIAL MACHINERY AND EQUIPMENT--5.74% 2,123,629 3M Co ................................... 273,906 62,514 * Aaon, Inc ............................... 1,158 66,567 * Actuant Corp ............................ 3,150 535,158 * Adaptec, Inc ............................ 4,164 421,931 * Advanced Digital Information Corp ....... 4,215 408,597 * AGCO Corp ............................... 6,979 510,494 Aggreko plc ............................. 1,036 39,857 Alamo Group, Inc ........................ 487 48,957 Alfa Laval AB ........................... 468 364,729 Amada Co Ltd ............................ 1,172 164,495 Amano Corp .............................. 959 337,704 * American Standard Cos, Inc .............. 24,966 100 Ampco-Pittsburgh Corp ................... 1 1,658,002 * Apple Computer, Inc ..................... 31,701 16,601,688 * Applied Materials, Inc .................. 263,303 105,502 * Astec Industries, Inc ................... 920 1,600 * ASV, Inc ................................ 23 256,328 e* Asyst Technologies, Inc ................. 1,715 8,780 Athens Water Supply & Sewage Co S.A. .... 43 196,232 e Atlas Copco AB (A Shs) .................. 4,964 36,248 Atlas Copco AB (B Shs) .................. 851 327,235 * Avocent Corp ............................ 9,794 654,139 * Axcelis Technologies, Inc ............... 4,003 4,203,481 Baker Hughes, Inc ....................... 141,111 500 BHA Group Holdings, Inc ................. 10 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 33 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- INDUSTRIAL MACHINERY AND EQUIPMENT--(CONTINUED) 634,981 Black & Decker Corp ..................... $ 27,590 136,340 Black Box Corp .......................... 4,936 10,990 * Blount International, Inc ............... 63 147,226 Briggs & Stratton Corp .................. 7,435 242,433 * Brooks Automation, Inc .................. 2,749 2,000 * C.P. Pokphand Co Ltd .................... 0 62,635 Cascade Corp ............................ 1,090 1,785,455 Caterpillar, Inc ........................ 99,378 476,004 * Cirrus Logic, Inc ....................... 1,914 51,902,933 * Cisco Systems, Inc ...................... 861,070 53,227 * Columbus Mckinnon Corp .................. 123 180,795 * Computer Network Technology Corp ........ 1,464 411,646 * Concurrent Computer Corp ................ 1,202 320,335 * Cooper Cameron Corp ..................... 16,138 413,838 e* Cray, Inc ............................... 3,269 422,407 e Cummins, Inc ............................ 15,160 105,501 * Cuno, Inc ............................... 3,811 227,258 * Cymer, Inc .............................. 7,275 6,000 Daifuku Co Ltd .......................... 23 72,163 Daikin Industries Ltd ................... 1,325 252,879 e* Dainippon Screen Manufacturing Co Ltd ... 1,238 3,782,521 Deere & Co .............................. 172,861 14,350,321 * Dell Computer Corp ...................... 458,636 365,138 Diebold, Inc ............................ 15,792 3,500,558 Dixons Group plc ........................ 7,625 207,223 Donaldson Co, Inc ....................... 9,211 130,243 * Dot Hill Systems Corp ................... 1,706 1,180,958 Dover Corp .............................. 35,382 43,923 * Dril-Quip, Inc .......................... 799 408,113 Eaton Corp .............................. 32,082 188,000 e Ebara Corp .............................. 661 88,838 e* Electroglas, Inc ........................ 116 345,805 * Electronics For Imaging, Inc ............ 7,016 11,916,095 * EMC Corp ................................ 124,762 435,416 * Emulex Corp ............................. 9,914 83,442 Engineered Support Systems, Inc ......... 3,492 78,945 * EnPro Industries, Inc ................... 844 141,276 * Esterline Technologies Corp ............. 2,460 1,300 * Exabyte Corp ............................ 0 252,810 e* FalconStor Software, Inc ................ 1,691 68,575 Finning International, Inc .............. 1,476 386,000 FKI plc ................................. 508 55,925 * Flow International Corp ................. 79 279,871 * Flowserve Corp .......................... 5,505 2,973 * FLS Industries a/s (B Shs) .............. 25 276,492 * FMC Technologies, Inc ................... 5,820 118,981 * FSI International, Inc .................. 464 302,000 Futuris Corp Ltd ........................ 340 103,198 * Gardner Denver, Inc ..................... 2,111 1,050,254 * Gateway, Inc ............................ 3,833 37,081 * General Binding Corp .................... 445 66,000 GES International Ltd ................... 14 115,572 e* Global Power Equipment Group, Inc ....... 537 48,087 Gorman-Rupp Co .......................... 1,154 261,853 Graco, Inc .............................. 8,379 40 * Gradco Systems, Inc ..................... 0 480,799 * Grant Prideco, Inc ...................... 5,649 261,617 e* Handspring, Inc ......................... 296 16,304,673 Hewlett-Packard Co ...................... 347,290 185,000 e Hitachi Construction Machinery Co Ltd ... 1,282 20,374 Hoganas AB (B Shs) ...................... 415 79,159 * Hydril Co ............................... 2,157 222,349 * Hypercom Corp ........................... 923 185,834 IDEX Corp ............................... 6,735 242,680 * InFocus Corp ............................ 1,145 12,442,030 International Business Machines Corp .... 1,026,467 503,866 International Game Technology ........... 51,561 343,123 * Iomega Corp ............................. 3,637 316,367 e Ishikawajima-Harima Heavy Industries Co Ltd ............................... 356 473,934 ITT Industries, Inc ..................... 31,024 284,971 JLG Industries, Inc ..................... 1,938 309,208 * Joy Global, Inc ......................... 4,567 90,278 * Kadant, Inc ............................. 1,693 184,190 Kaydon Corp ............................. 3,831 230,073 Kennametal, Inc ......................... 7,786 1,009,311 Komatsu Ltd ............................. 3,867 529,000 Komori Corp ............................. 5,511 328,572 e Kone Oyj (B Shs) ........................ 13,772 178,000 e Koyo Seiko Co Ltd ....................... 1,273 219,218 Kubota Corp ............................. 595 339,466 * Kulicke & Soffa Industries, Inc ......... 2,169 604,397 * Lam Research Corp ....................... 11,006 287,354 Lennox International, Inc ............... 3,698 707,067 * Lexmark International, Inc .............. 50,039 216,316 Lincoln Electric Holdings, Inc .......... 4,415 30,000 e Linde AG. ............................... 1,111 70,583 Lindsay Manufacturing Co ................ 1,639 58,962 * Logitech International S.A. (Regd) ...... 2,211 37,200 Lufkin Industries, Inc .................. 906 292,000 Makita Corp ............................. 2,371 177,605 Manitowoc Co, Inc ....................... 3,961 1,286,421 * Maxtor Corp ............................. 9,661 18,800 * Mestek, Inc ............................. 338 10,217 * Metrologic Instruments, Inc ............. 340 291,941 * Metromedia International Group, Inc ..... 34 50,000 e Metso Oyj ............................... 445 114,533 * Micros Systems, Inc ..................... 3,777 117,987 Milacron, Inc ........................... 577 4,682,160 Mitsubishi Heavy Industries Ltd ......... 12,127 186,668 Modine Manufacturing Co ................. 3,616 31 Mori Seiki Co Ltd ....................... 0 36,937 Nacco Industries, Inc (Class A) ......... 2,177 57,926 * NATCO Group, Inc (Class A) .............. 396 417,303 * National-Oilwell, Inc ................... 9,181 43,890 * NEG Micon a/s ........................... 448 71,673 * Neoware Systems, Inc .................... 1,099 1,498,478 * Network Appliance, Inc .................. 24,290 12,500 e Nidec Corp .............................. 819 150,638 Nordson Corp ............................ 3,593 412,512 NSK Ltd ................................. 1,312 203,000 e NTN Corp ................................ 751 141,635 * Oil States International, Inc ........... 1,714 96,730 * Omnicell, Inc ........................... 991 143,457 Omron Corp .............................. 2,431 13,769 Ostasiatiske Kompagni ................... 377 53,902 * Overland Storage, Inc ................... 1,096 610,759 Pall Corp ............................... 13,742 191,153 e* Palm, Inc ............................... 3,110 533,325 Parker Hannifin Corp .................... 22,394 220,212 * Paxar Corp .............................. 2,422 292,325 Pentair, Inc ............................ 11,418 1,522,138 Pitney Bowes, Inc ....................... 58,465 76,156 * Planar Systems, Inc ..................... 1,490 205,322 * Presstek, Inc ........................... 1,279 137,659 * ProQuest Co ............................. 3,552 907,057 * Quantum Corp ............................ 3,674 161,792 * Rainbow Technologies, Inc ............... 1,361 58,000 * Ricoh Elemex Corp ....................... 181 876,606 * Riverstone Networks, Inc ................ 1,034 SEE NOTES TO FINANCIAL STATEMENTS 34 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- INDUSTRIAL MACHINERY AND EQUIPMENT--(CONTINUED) 66,007 Robbins & Myers, Inc .................... $ 1,221 59,000 Sanden Corp ............................. 281 313,056 e* Sandisk Corp ............................ 12,632 425,602 Sandvik AB .............................. 11,139 111,000 Sansei Yusoki Co Ltd .................... 350 188,330 e Sato Corp ............................... 3,254 66,578 Sauer-Danfoss, Inc ...................... 716 49,659 Schawk, Inc ............................. 520 4,492 * Schindler Holding AG. (Pt Cert) ......... 723 284,147 * Scientific Games Corp (Class A) ......... 2,671 64,663 e* SCM Microsystems, Inc ................... 353 1,249,635 * Seagate Technology, Inc ................. 0 109,372 * Semitool, Inc ........................... 539 64,150 * Sigma Designs, Inc ...................... 697 1,223,375 * Silicon Graphics, Inc ................... 1,395 16,939 * Simpletech, Inc ......................... 68 19,385 e SKF AB (A Shs) .......................... 559 111,209 SKF AB (B Shs) .......................... 3,209 456,642 * Smith International, Inc ................ 16,777 6,023,153 * Solectron Corp .......................... 22,527 946,821 * SPX Corp ................................ 41,717 73,592 Standex International Corp .............. 1,545 10,220 Starrett (L.S.) Co (Class A) ............ 132 192,180 Stewart & Stevenson Services, Inc ....... 3,027 499,343 * Storage Technology Corp ................. 12,853 25,937 * Stratasys, Inc .......................... 912 7,572 Sulzer AG. (Regd) ....................... 1,058 419,360 e* Surebeam Corp (Class A) ................. 1,111 1,107,244 Symbol Technologies, Inc ................ 14,405 170,000 Takuma Co Ltd ........................... 827 71,831 Tecumseh Products Co (Class A) .......... 2,752 31,300 Tecumseh Products Co (Class B) .......... 1,157 60,630 Tennant Co .............................. 2,228 282,439 * Terex Corp .............................. 5,513 346,000 Texwinca Holdings Ltd ................... 275 91,100 e THK Co Ltd .............................. 1,226 92,564 Thomas Industries, Inc .................. 2,504 402,663 Timken Co ............................... 7,051 166,979 Toro Co ................................. 6,637 150,590 * Ultratech, Inc .......................... 2,784 283,037 * UNOVA, Inc .............................. 3,142 184,955 e* Veeco Instruments, Inc .................. 3,150 59,000 Vestas Wind Systems a/s ................. 675 49,061 Wartsila Oyj (B Shs) .................... 610 1,077,172 * Western Digital Corp .................... 11,095 60,429 Woodward Governor Co .................... 2,598 3,945,717 e* Xerox Corp .............................. 41,785 197,698 York International Corp ................. 4,626 109,319 * Zebra Technologies Corp (Class A) ....... 8,220 1,440 f* Zebra Technologies Corp (Class B) ....... 108 --------- TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 4,832,454 --------- INSTRUMENTS AND RELATED PRODUCTS--2.49% 93,550 e* Abiomed, Inc ............................ 539 2,900 * Aclara BioSciences, Inc ................. 12 63,402 * ADE Corp ................................ 544 151,465 * Advanced Medical Optics, Inc ............ 2,582 71,036 * Advanced Neuromodulation Systems, Inc ... 3,678 2,226,525 * Agilent Technologies, Inc ............... 43,529 179,977 e* Aksys Ltd ............................... 2,331 99,108 * Alaris Medical Systems, Inc ............. 1,283 265,334 e* Align Technology, Inc ................... 3,330 147,540 * American Medical Systems Holdings, Inc .. 2,489 44,458 Analogic Corp ........................... 2,168 1,069,711 Applera Corp (Applied Biosystems Group) . 20,357 64,302 Arrow International, Inc ................ 2,839 139,073 * Arthrocare Corp ......................... 2,331 200 * Aspect Medical Systems, Inc ............. 1 48,230 * August Technology Corp .................. 306 259,689 Bard (C.R.), Inc ........................ 18,518 9,760,891 a,f* Baring Vostok L.P. ...................... 8,842 317,903 Bausch & Lomb, Inc ...................... 11,921 3,050,659 Baxter International, Inc ............... 79,317 97,100 * Baxter International, Inc (Contingent Value Rts) ............... 1 17,199,208 f* BB Bioventures L.P. ..................... 15,823 309,503 Beckman Coulter, Inc .................... 12,578 1,425,596 Becton Dickinson & Co ................... 55,384 74,382 BEI Technologies, Inc ................... 893 1,485,459 Biomet, Inc ............................. 42,573 106,302 * Bio-Rad Laboratories, Inc (Class A) ..... 5,884 2,514,691 * Boston Scientific Corp .................. 153,648 6,173 e* Britesmile, Inc ......................... 162 43,432 * Bruker AXS, Inc ......................... 133 78,961 * Bruker Daltonics, Inc ................... 421 30,396 * Candela Corp ............................ 350 3,573,676 Canon, Inc .............................. 163,988 44,142 * Cantel Medical Corp ..................... 592 364,900 * Cardiac Science, Inc .................... 978 212,248 * Cardiodynamics International Corp ....... 724 4,000 Casio Computer Co Ltd ................... 26 180,677 * Cepheid, Inc ............................ 893 89,888 e* Cerus Corp .............................. 677 78,910 * Cholestech Corp ......................... 779 428,721 e Citizen Watch Co Ltd .................... 2,303 36,722 * Closure Medical Corp .................... 693 95,594 Cochlear Ltd ............................ 2,071 225,099 * Cognex Corp ............................. 5,031 194,620 * Coherent, Inc ........................... 4,609 141,311 Cohu, Inc ............................... 2,204 65,354 * Cole National Corp ...................... 818 101,602 e* Conceptus, Inc .......................... 1,428 161,771 * Concord Camera Corp ..................... 1,147 180,453 * Conmed Corp ............................. 3,295 207,153 Cooper Cos, Inc ......................... 7,203 403,436 * Credence Systems Corp ................... 3,417 88,767 * CTI Molecular Imaging, Inc .............. 1,679 136,762 * Cyberonics, Inc ......................... 2,942 661,115 * Cytyc Corp .............................. 6,955 80,268 Datascope Corp .......................... 2,383 364,312 Dentsply International, Inc ............. 14,900 124,649 * Dionex Corp ............................. 4,955 47,904 * DJ Orthopedics, Inc ..................... 525 137,911 * DRS Technologies, Inc ................... 3,850 1,594,074 Eastman Kodak Co ........................ 43,598 97,895 EDO Corp ................................ 1,733 300,007 * Edwards Lifesciences Corp ............... 9,642 87,153 e* Endocardial Solutions, Inc .............. 533 118,461 e* Endocare, Inc ........................... 486 77,142 * ESCO Technologies, Inc .................. 3,394 96,448 Essilor International S.A. .............. 3,885 19,629 * Exactech, Inc ........................... 283 58,870 * Excel Technology, Inc ................... 1,344 527,830 Fanuc Ltd ............................... 26,155 164,151 * FEI Co .................................. 3,079 246,509 * Fisher Scientific International, Inc .... 8,603 211,980 * Flir Systems, Inc ....................... 6,391 133,523 * Fossil, Inc ............................. 3,146 180,334 e Fresenius Medical Care AG. .............. 8,925 2,492,380 Fuji Photo Film Co Ltd .................. 72,026 181,272 Gambro AB (A Shs) ....................... 1,200 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 35 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- INSTRUMENTS AND RELATED PRODUCTS--(CONTINUED) 68,264 Gambro AB (B Shs) ....................... $ 452 29,248 Getinge AB (B Shs) ...................... 776 1,720,340 Guidant Corp ............................ 76,366 126,975 * Haemonetics Corp ........................ 2,374 132,470 * Hanger Orthopedic Group, Inc ............ 1,517 121,600 * Harvard Bioscience, Inc ................. 462 50,355 * HealthTronics Surgical Services, Inc .... 453 79,267 * Herley Industries, Inc .................. 1,346 129,573 * Hologic, Inc ............................ 1,708 68,911 e* ICU Medical, Inc ........................ 2,147 106,569 e* Igen International, Inc ................. 3,346 73,283 * Ii-Vi, Inc .............................. 1,691 153,256 * Illumina, Inc ........................... 483 229,760 IMI plc ................................. 1,137 104,757 * Inamed Corp ............................. 5,624 296,777 * Input/Output, Inc ....................... 1,597 125,015 e* Integra LifeSciences Holding ............ 3,298 49,651 * Integrated Defense Technology, Inc ...... 770 114,147 * Interpore International ................. 1,453 200,236 e* Intuitive Surgical, Inc ................. 1,518 177,576 Invacare Corp ........................... 5,860 2,528,069 * Invensys plc ............................ 855 98,119 e* Invision Technologies, Inc .............. 2,461 113,177 e* Ionics, Inc ............................. 2,532 49,162 * I-Stat Corp ............................. 442 131,169 * Itron, Inc .............................. 2,828 179,309 * Ixia .................................... 1,153 48,045 Keithley Instruments, Inc ............... 694 48,619 * Kensey Nash Corp ........................ 1,272 126,703 Keyence Corp ............................ 23,214 844,156 * KLA-Tencor Corp ......................... 39,245 52,000 e Konica Corp ............................. 592 60,543 * Kyphon, Inc ............................. 915 42,432 * Laserscope .............................. 339 52,534 * LeCroy Corp ............................. 507 329,250 * Lexar Media, Inc ........................ 3,141 312,173 * LTX Corp ................................ 2,691 785,900 e Luxottica Group S.p.A. .................. 10,731 55,270 e* Med-Design Corp ......................... 272 8,577 * Medical Action Industries, Inc .......... 140 27,224 * MedSource Technologies, Inc ............. 116 6,878,116 Medtronic, Inc .......................... 329,943 281,590 Mentor Corp ............................. 5,457 77,106 * Merit Medical Systems, Inc .............. 1,541 173,742 * Mettler-Toledo International, Inc ....... 6,368 257,175 * Millipore Corp .......................... 11,411 54,869 Mine Safety Appliances Co ............... 2,393 178,000 Minolta Co Ltd .......................... 1,256 355,617 * MKS Instruments, Inc .................... 6,426 102,942 * Molecular Devices Corp .................. 1,638 61,948 Movado Group, Inc ....................... 1,347 17,701,531 f* MPM Bioventures II-QP, LP ............... 15,151 144,164 MTS Systems Corp ........................ 2,125 48,515 * Nanometrics, Inc ........................ 343 253,458 * Newport Corp ............................ 3,751 173,543 Nikon Corp .............................. 1,429 779 Nobel Biocare Holding Ag ................ 52 32,558 Nobel Biocare Holding AG. ............... 2,174 14,299 * Novoste Corp ............................ 86 174,214 * Oakley, Inc ............................. 2,050 165,893 OCE NV .................................. 1,713 115,547 * Ocular Sciences, Inc .................... 2,294 1,440,945 Olympus Optical Co Ltd .................. 29,821 299,700 e* Orbital Sciences Corp ................... 2,188 212,626 * Orthologic Corp ......................... 976 67,538 * Osteotech, Inc .......................... 918 97,909 * Palatin Technologies, Inc ............... 312 461,700 e Paris Miki, Inc ......................... 6,314 788,600 PerkinElmer, Inc ........................ 10,891 110,266 e* Photon Dynamics, Inc .................... 3,047 417,083 * Pinnacle Systems, Inc ................... 4,463 118,773 * Possis Medical, Inc ..................... 1,630 48,909 * QMed, Inc ............................... 375 2,138,293 Raytheon Co ............................. 70,222 204,361 * Resmed, Inc ............................. 8,011 223,357 * Respironics, Inc ........................ 8,380 200 * Retractable Technologies, Inc ........... 2 426,759 Ricoh Co Ltd ............................ 6,973 44,788 * Rita Medical Systems, Inc ............... 157 948,024 Rockwell Automation, Inc ................ 22,601 23,311 * Rofin-Sinar Technologies, Inc ........... 328 190,131 Roper Industries, Inc ................... 7,073 65,904 * Rudolph Technologies, Inc ............... 1,052 11,698 Sagem S.A. .............................. 940 1,310,390 Smith & Nephew plc ...................... 7,530 146,182 * Sola International, Inc ................. 2,544 72,169 e* Sonic Innovations, Inc .................. 261 95,023 * SonoSite, Inc ........................... 1,896 445,000 * ST Assembly Test Services Ltd ........... 432 1,353,756 * St. Jude Medical, Inc ................... 77,841 69,874 * Staar Surgical Co ....................... 811 77,999 * Star Scientific, Inc .................... 268 384,345 * Steris Corp ............................. 8,875 720,918 Stryker Corp ............................ 50,010 253,639 * Sybron Dental Specialties, Inc .......... 5,986 45,195 * Synovis Life Technologies, Inc .......... 899 10,307 Synthes-Stratec, Inc .................... 7,404 33,934 Sypris Solutions, Inc ................... 351 280,965 * Techne Corp ............................. 8,524 463,619 * Tektronix, Inc .......................... 10,014 176,028 Teleflex, Inc ........................... 7,490 894,824 * Teradyne, Inc ........................... 15,489 35,170 e The Swatch Group AG. (Br) ............... 3,187 126,982 The Swatch Group AG. (Regd) ............. 2,311 195,440 * Theragenics Corp ........................ 840 144,466 e* Therasense, Inc ......................... 1,445 75,797 * Therma-Wave, Inc ........................ 158 777,106 * Thermo Electron Corp .................... 16,335 329,786 * Thoratec Corp ........................... 4,914 308,400 e Tokyo Seimitsu Co Ltd ................... 6,960 198,685 e* Trimble Navigation Ltd .................. 4,556 154,424 * TriPath Imaging, Inc .................... 1,055 77,452 United Industrial Corp .................. 1,262 54,914 e* Urologix, Inc ........................... 141 2,000 Ushio, Inc .............................. 23 356,174 * Varian Medical Systems, Inc ............. 20,505 205,361 * Varian, Inc ............................. 7,120 85,137 * Ventana Medical Systems, Inc ............ 2,314 179,857 * Viasys Healthcare, Inc .................. 3,723 319,270 * Visx, Inc ............................... 5,539 38,201 Vital Signs, Inc ........................ 992 219,447 * Vivus, Inc .............................. 1,128 662,351 * Waters Corp ............................. 19,294 103,441 * Wright Medical Group, Inc ............... 1,965 119,983 X-Rite, Inc ............................. 1,189 182,493 Yokogawa Electric Corp .................. 1,409 29,002 * Young Innovations, Inc .................. 827 1,092,994 * Zimmer Holdings, Inc .................... 49,239 59,036 * Zoll Medical Corp ....................... 1,981 SEE NOTES TO FINANCIAL STATEMENTS 36 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- INSTRUMENTS AND RELATED PRODUCTS--(CONTINUED) 103,580 * Zygo Corp ............................... $ 829 ---------- TOTAL INSTRUMENTS AND RELATED PRODUCTS 2,092,261 ---------- INSURANCE AGENTS, BROKERS AND SERVICES--0.30% 1,584,819 AON Corp ................................ 38,162 262,513 Brown & Brown, Inc ...................... 8,532 95,901 * Clark, Inc .............................. 1,146 157,383 Crawford & Co (Class A) ................. 763 54,518 Crawford & Co (Class B) ................. 268 408,432 Gallagher (Arthur J.) & Co .............. 11,109 220,849 Hilb, Rogal & Hamilton Co ............... 7,518 2,960,050 Marsh & McLennan Cos, Inc ............... 151,170 682,448 e* MLP AG. ................................. 10,188 1,229,171 e Sun Life Financial, Inc ................. 25,312 ---------- TOTAL INSURANCE AGENTS, BROKERS AND SERVICES 254,168 ---------- INSURANCE CARRIERS--4.71% 134,538 21st Century Insurance Group ............ 1,924 5,877,164 e Aegon NV ................................ 58,852 4,506,209 Aetna, Inc .............................. 271,274 2,966,037 Aflac, Inc .............................. 91,206 2,930,000 Aioi Insurance Co Ltd ................... 7,125 243,481 Alfa Corp ............................... 3,095 4,765,000 e Alleanza Assicurazioni S.p.A. ........... 45,307 25,295 * Alleghany Corp .......................... 4,831 225,098 Allianz AG. (Regd) ...................... 18,710 281,624 * Allmerica Financial Corp ................ 5,066 4,033,922 Allstate Corp ........................... 143,809 379,777 Ambac Financial Group, Inc .............. 25,160 151,099 American Financial Group, Inc ........... 3,445 15,009,512 American International Group, Inc ....... 828,225 49,205 * American Medical Security Group, Inc .... 940 53,823 American National Insurance Co .......... 4,650 64,932 * American Physicians Capital, Inc ........ 1,575 99,212 * AMERIGROUP Corp ......................... 3,691 201,132 AmerUs Group Co ......................... 5,670 1,339,086 e* AMP Ltd ................................. 4,463 1,820,854 * Anthem, Inc ............................. 140,479 140,996 * Argonaut Group, Inc ..................... 1,738 759,151 e Assicurazioni Generali S.p.A. ........... 17,592 2,392,248 Aviva plc ............................... 16,609 5,092,325 e AXA ..................................... 79,003 46,673 Baldwin & Lyons, Inc (Class B) .......... 1,108 248,364 Berkley (W.R.) Corp ..................... 13,089 280,500 Canada Life Financial Corp .............. 9,187 52,764 * Centene Corp ............................ 2,053 122,764 * Ceres Group, Inc ........................ 354 842,567 Chubb Corp .............................. 50,554 749,870 Cigna Corp .............................. 35,199 741,562 Cincinnati Financial Corp ............... 27,505 154,286 * Citizens, Inc ........................... 1,122 110,010 * CNA Financial Corp ...................... 2,706 102,862 * CNA Surety Corp ......................... 1,013 73,803 * Cobalt Corp ............................. 1,517 160,725 Commerce Group, Inc ..................... 5,818 101,817 Corporacion Mapfre S.A. ................. 1,087 90,755 Delphi Financial Group, Inc (Class A) ... 4,247 4,996 EMC Insurance Group, Inc ................ 93 131,144 Erie Indemnity Co (Class A) ............. 5,410 36,471 e Fairfax Financial Holdings Ltd .......... 5,503 76,153 FBL Financial Group, Inc (Class A) ...... 1,534 641,108 Fidelity National Financial, Inc ........ 19,720 50,710 Financial Industries Corp ............... 747 469,450 First American Corp ..................... 12,370 50,638 e* FPIC Insurance Group, Inc ............... 702 1,376,412 Friends Provident plc ................... 2,578 3,104,000 Fuji Fire & Marine Insurance Co Ltd ..... 5,532 40,526 Great American Financial Resources, Inc . 531 198,671 Harleysville Group, Inc ................. 4,573 1,321,346 Hartford Financial Services Group, Inc .. 66,543 303,159 HCC Insurance Holdings, Inc ............. 8,964 538,151 * Health Net, Inc ......................... 17,732 101,791 * HealthExtras, Inc ....................... 796 237,278 Horace Mann Educators Corp .............. 3,827 765,616 * Humana, Inc ............................. 11,561 20,273 Independence Holding Co ................. 428 31,203 Infinity Property & Casualty Corp ....... 738 2,729,891 Insurance Australia Group Ltd ........... 6,225 654,015 Jefferson-Pilot Corp .................... 27,115 1,519,814 John Hancock Financial Services, Inc .... 46,704 25,688 Kansas City Life Insurance Co ........... 1,100 126,973 Landamerica Financial Group, Inc ........ 6,031 3,516,357 Legal & General Group plc ............... 4,874 202,117 Leucadia National Corp .................. 7,503 150,000 Liberty International plc ............... 1,533 1,541,848 Lincoln National Corp ................... 54,936 650,506 Loews Corp .............................. 30,762 1,421,076 e* Manulife Financial Corp ................. 39,942 44,841 * Markel Corp ............................. 11,479 2,274,692 a Max Re Capital Ltd ...................... 34,052 657,167 MBIA, Inc ............................... 32,037 129,098 Mercury General Corp .................... 5,893 1,494,098 MetLife, Inc ............................ 42,313 373,154 MGIC Investment Corp .................... 17,404 263,844 * Mid Atlantic Medical Services, Inc ...... 13,799 50,378 Midland Co .............................. 1,119 1,593 e Millea Holdings, Inc .................... 12,179 1,067,525 Mitsui Sumitomo Insurance Co Ltd ........ 4,952 205,149 MONY Group, Inc ......................... 5,529 279,834 e Muenchener Rueckver AG. (Regd) .......... 28,529 14,519 * National Western Life Insurance Co (Class A) ............................ 1,603 198,314 Nationwide Financial Services, Inc (Class A) ............................ 6,445 25,904 * Navigators Group, Inc ................... 772 857,000 Nissay Dowa General Insurance Co Ltd .... 3,169 13,840 NYMAGIC, Inc ............................ 280 96,824 e Odyssey Re Holdings Corp ................ 2,043 343,258 * Ohio Casualty Corp ...................... 4,524 625,646 Old Republic International Corp ......... 21,441 424,801 * Oxford Health Plans, Inc ................ 17,854 163,622 * Pacificare Health Systems, Inc .......... 8,071 4,200 Penn-America Group, Inc ................. 47 106,330 * Philadelphia Consolidated Holding Corp .. 4,296 473,262 e Phoenix Cos, Inc ........................ 4,274 53,490 * Pico Holdings, Inc ...................... 695 171,321 PMA Capital Corp (Class A) .............. 2,154 414,277 PMI Group, Inc .......................... 11,119 375,924 Power Corp of Canada .................... 11,606 483,604 e Power Financial Corp .................... 15,571 139,742 Presidential Life Corp .................. 1,972 1,685,969 Principal Financial Group ............... 54,373 158,909 * ProAssurance Corp ....................... 4,289 1,073,179 Progressive Corp ........................ 78,449 2,114,967 * Promina Group Ltd ....................... 3,347 306,656 Protective Life Corp .................... 8,203 3,248,749 Prudential Financial, Inc ............... 109,320 2,819,248 Prudential plc .......................... 17,074 1,681,483 e QBE Insurance Group Ltd ................. 10,510 474,986 Radian Group, Inc ....................... 17,408 1,204,399 e RAS S.p.A. .............................. 18,270 77,435 Reinsurance Group of America, Inc ....... 2,486 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 37 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- INSURANCE CARRIERS--(CONTINUED) 101,996 RLI Corp ................................ $ 3,356 14,834,595 Royal & Sun Alliance Insurance Group plc ............................ 33,965 3,487,239 Safeco Corp ............................. 123,030 9,487 Safety Insurance Group, Inc ............. 139 62,380 Sampo Oyj (A Shs) ....................... 458 173,943 Selective Insurance Group, Inc .......... 4,357 171,281 * Sierra Health Services, Inc ............. 3,426 618,569 Skandia Forsakrings AB .................. 1,646 229,529 e Sompo Japan Insurance, Inc .............. 1,252 1,652,145 St. Paul Cos, Inc ....................... 60,320 145,203 Stancorp Financial Group, Inc ........... 7,583 84,677 State Auto Financial Corp ............... 1,901 113,325 * Stewart Information Services Corp ....... 3,156 334,592 * Storebrand ASA .......................... 1,344 1,568,963 e Swiss Reinsurance Co (Regd) ............. 86,930 540,212 Torchmark Corp .......................... 20,123 184,112 * Tower Ltd ............................... 160 104,614 Transatlantic Holdings, Inc ............. 7,234 2,451,981 Travelers Property Casualty Corp (Class A) ............................. 38,986 9,654,141 Travelers Property Casualty Corp (Class B) ............................. 152,246 53,293 * Triad Guaranty, Inc ..................... 2,022 258,818 * UICI .................................... 3,900 47,521 United Fire & Casualty Co ............... 1,544 3,013,874 UnitedHealth Group, Inc ................. 151,447 238,315 Unitrin, Inc ............................ 6,463 166,390 * Universal American Financial Corp ....... 1,060 4,022,023 UnumProvident Corp ...................... 53,935 226,886 Vesta Insurance Group, Inc .............. 522 55,399 * WellChoice, Inc ......................... 1,622 726,538 * Wellpoint Health Networks, Inc .......... 61,247 7,445 Wesco Financial Corp .................... 2,323 53,845 e Zenith National Insurance Corp .......... 1,535 1,151,728 Zurich Financial Services AG. ........... 137,318 --------- TOTAL INSURANCE CARRIERS 3,965,105 --------- JUSTICE, PUBLIC ORDER AND SAFETY--0.00% 54,846 * Wackenhut Corrections Corp .............. 752 --------- TOTAL JUSTICE, PUBLIC ORDER AND SAFETY 752 --------- LEATHER AND LEATHER PRODUCTS--0.05% 113,357 Brown Shoe Co, Inc ...................... 3,378 477,941 * Coach, Inc .............................. 23,773 82,079 K-Swiss, Inc (Class A) .................. 2,833 96,167 * Maxwell Shoe Co, Inc (Class A) .......... 1,385 65,210 * Steven Madden Ltd ....................... 1,424 99,675 * Timberland Co (Class A) ................. 5,269 278,230 Wolverine World Wide, Inc ............... 5,359 463,604 Yue Yuen Industrial Holdings ............ 1,186 --------- TOTAL LEATHER AND LEATHER PRODUCTS 44,607 --------- LEGAL SERVICES--0.00% 48,396 * Hewitt Associates, Inc .................. 1,140 98,076 e* Pre-Paid Legal Services, Inc ............ 2,406 --------- TOTAL LEGAL SERVICES 3,546 --------- LOCAL AND INTERURBAN PASSENGER TRANSIT--0.07% 557 Central Japan Railway Co ................ 3,989 9,707 East Japan Railway Co ................... 43,169 1,299,000 Keio Electric Railway Co Ltd ............ 5,928 903,400 MTR Corp ................................ 1,037 1,787,000 SMRT Corp Ltd ........................... 629 514,700 Stagecoach Group plc .................... 527 242,484 Veolia Environnement .................... 4,984 --------- TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT 60,263 --------- LUMBER AND WOOD PRODUCTS--0.06% 35,643 American Woodmark Corp .................. 1,660 342,635 * Champion Enterprises, Inc ............... 1,775 67,070 Deltic Timber Corp ...................... 1,908 350,563 * Fletcher Challenge Forests Ltd .......... 236 1,244,208 Georgia-Pacific Corp .................... 23,578 35,814 e Holmen AB (B Shs) ....................... 978 144,299 * Masonite International Corp ............. 2,961 58,716 * Modtech Holdings, Inc ................... 540 193,401 Rayonier, Inc ........................... 6,382 1,415,234 e Sekisui House Ltd ....................... 10,725 41,492 Skyline Corp ............................ 1,245 --------- TOTAL LUMBER AND WOOD PRODUCTS 51,988 --------- METAL MINING--0.36% 2,888,315 e Alumina Ltd ............................. 7,884 1,135,512 e Barrick Gold Corp ....................... 20,049 198,340 * Barrick Gold Corp (U.S.) ................ 3,550 333,074 Cameco Corp ............................. 10,663 60,292 * Cleveland-Cliffs, Inc ................... 1,076 401,517 * Coeur D'alene Mines Corp ................ 558 17,553 Eramet .................................. 498 222,980 e* Falconbridge Ltd ........................ 2,941 545,684 e Freeport-McMoRan Copper & Gold, Inc (Class A) ............................ 13,369 91,079 Goldcorp, Inc ........................... 1,086 729,530 e* Hecla Mining Co ......................... 3,086 691,513 Iluka Resources Ltd ..................... 1,878 538,840 * Inco Ltd ................................ 11,314 174,365 Johnson Matthey plc ..................... 2,541 755,257 * Kinross Gold Corp ....................... 5,053 1,763,785 e Mitsubishi Materials Corp ............... 2,262 458,000 Mitsui Mining & Smelting Co Ltd ......... 1,354 1,020,317 Newcrest Mining Ltd ..................... 5,235 1,689,761 Newmont Mining Corp ..................... 54,850 2,746,424 Newmont Mining Corp (Chess) ............. 9,117 2,000 Nippon Light Metal Co Ltd ............... 3 123,441 Outokumpu Oyj ........................... 1,084 1,490,818 * Phelps Dodge Corp ....................... 57,158 1,012,274 * Placer Dome, Inc ........................ 12,293 391,876 Rio Tinto Ltd ........................... 7,677 2,790,748 Rio Tinto plc ........................... 52,499 100,916 e Royal Gold, Inc ......................... 2,169 98,578 Southern Peru Copper Corp ............... 1,508 276,967 * Stillwater Mining Co .................... 1,424 401,067 Sumitomo Metal Mining Co Ltd ............ 1,536 121,400 e* Teck Cominco Ltd (Class B) .............. 987 19,676 Umicore ................................. 1,020 2,429,839 * WMC Resources Ltd ....................... 5,720 --------- TOTAL METAL MINING 303,442 --------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.19% 1,143,900 Aderans Co Ltd .......................... 20,291 38,789 e Amer Group plc .......................... 1,186 51,000 Bandai Co Ltd ........................... 1,945 241,459 Blyth, Inc .............................. 6,568 268,812 Bulgari S.p.A. .......................... 1,497 386,508 Callaway Golf Co ........................ 5,110 94,645 * Daktronics, Inc. ........................ 1,547 23,619 * Escalade, Inc ........................... 383 632,758 Hasbro, Inc ............................. 11,067 171,800 e Hogy Medical Co Ltd ..................... 6,739 548,079 * Identix, Inc ............................ 3,480 147,887 * Jakks Pacific, Inc ...................... 1,965 24,921 * Johnson Outdoors, Inc (Class A) ......... 340 125,811 * K2, Inc ................................. 1,541 53,024 * Leapfrog Enterprises, Inc ............... 1,687 99,794 * Lydall, Inc ............................. 1,068 2,401,840 Mattel, Inc ............................. 45,443 193,294 e Nautilus Group, Inc ..................... 2,397 SEE NOTES TO FINANCIAL STATEMENTS 38 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- MISCELLANEOUS MANUFACTURING INDUSTRIES--(CONTINUED) 349,633 Nintendo Co Ltd ......................... $ 25,129 254,800 b* Nu-Kote Holding, Inc (Class A) .......... 0 96,869 Oneida Ltd .............................. 654 77,510 Penn Engineering & Manufacturing Corp ... 1,058 63,028 * RC2 Corp ................................ 1,072 22,587 * RHI AG. ................................. 268 65,984 Russ Berrie & Co, Inc ................... 2,409 60,030 e* Sega Corp ............................... 426 115,404 e* Shuffle Master, Inc ..................... 3,392 7,887 Societe BIC S.A. ........................ 307 34,767 * Steinway Musical Instruments, Inc ....... 535 491,239 Tyco International Ltd .................. 9,324 187,130 * Yankee Candle Co, Inc ................... 4,345 85,000 Yonex Co Ltd ............................ 329 TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES 163,502 ------- MISCELLANEOUS RETAIL--0.85% 61,568 * 1-800-Flowers.com, Inc (Class A) ........ 507 80,992 * AC Moore Arts & Crafts, Inc ............. 1,622 801,391 * AdvancePCS .............................. 30,637 207,761 * Alloy, Inc .............................. 1,340 1,250,682 e* Amazon.Com, Inc ......................... 45,637 239,770 * Barnes & Noble, Inc ..................... 5,527 54,162 Blair Corp .............................. 1,202 61,097 * Blue Rhino Corp ......................... 733 677,302 Boots Group plc ......................... 7,248 398,810 * Borders Group, Inc ...................... 7,023 152,795 Cash America International, Inc ......... 2,020 44,133 * Coldwater Creek, Inc .................... 544 2,383,179 CVS Corp ................................ 66,801 128,469 * dELiA*s Corp (Class A) .................. 90 61,169 * Dick's Sporting Goods, Inc .............. 2,244 168,621 * Drugstore.Com, Inc ...................... 985 145,660 * Duane Reade, Inc ........................ 2,148 999,955 * eBay, Inc ............................... 104,175 7,371 b,e* FAO, Inc ................................ 17 35,676 * Finlay Enterprises, Inc ................. 590 2,840 Folli-Follie S.A. (Regd) ................ 43 111,104 Friedman's, Inc (Class A) ............... 1,263 23,019 * Gaiam, Inc .............................. 137 69,399 e* Galyans Trading Co, Inc ................. 995 40,973 e* Gart Sports Co .......................... 1,162 1,246,870 GUS plc ................................. 13,971 104,506 Hancock Fabrics, Inc .................... 1,688 10,490 Hellenic Duty Free Shops S.A. ........... 133 38,617 * Hibbett Sporting Goods, Inc ............. 1,272 121,578 * Jill (J.) Group, Inc .................... 2,047 99,494 e* Jo-Ann Stores, Inc (Class A) ............ 2,517 20,913 * Kirkland's, Inc ......................... 338 204,660 Longs Drug Stores Corp .................. 3,397 179,389 * Marvel Enterprises, Inc ................. 3,426 26,000 Matsumotokiyoshi Co Ltd ................. 1,102 337,787 Michaels Stores, Inc .................... 12,856 160,810 * MSC Industrial Direct Co (Class A) ...... 2,878 1,163,618 Next plc ................................ 19,710 2,147,939 * Office Depot, Inc ....................... 31,167 777,024 * OfficeMax, Inc .......................... 5,090 410,262 Omnicare, Inc ........................... 13,863 30,044 e* Overstock.com, Inc ...................... 436 48,579 * Party City Corp ......................... 499 40,956 * PC Connection, Inc ...................... 279 454,084 * Petco Animal Supplies, Inc .............. 9,872 663,934 Petsmart, Inc ........................... 11,068 1,000 * Playmates Interactive Entertainment Ltd . 0 2,496,977 e* Rite Aid Corp ........................... 11,112 56,377 e* Sharper Image Corp ...................... 1,537 29,600 * Shoppers Drug Mart Corp ................. 566 3,029,688 Signet Group plc ........................ 4,512 231,288 * Stamps.com, Inc ......................... 1,110 2,552,305 * Staples, Inc ............................ 46,835 116,395 e* Summit America Television, Inc .......... 336 213,901 * The Sports Authority, Inc ............... 2,289 524,167 Tiffany & Co ............................ 17,130 2,096,687 * Toys "R" Us, Inc ........................ 25,412 151,331 * Valuevision International, Inc (Class A) ............................. 2,063 5,637,578 Walgreen Co ............................. 169,691 76,875 * Whitehall Jewellers, Inc ................ 697 59,695 World Fuel Services Corp ................ 1,468 165,418 * Zale Corp ............................... 6,617 ------- TOTAL MISCELLANEOUS RETAIL 713,674 ------- MOTION PICTURES--0.54% 193,981 * AMC Entertainment, Inc .................. 2,219 17,276 * Ascent Media Group, Inc ................. 21 180,934 * Avid Technology, Inc .................... 6,345 283,058 Blockbuster, Inc (Class A) .............. 4,770 14,477 * Carmike Cinemas, Inc .................... 329 352,382 * Hollywood Entertainment Corp ............ 6,061 15,465,296 * Liberty Media Corp (Class A) ............ 178,779 306,804 * Metro-Goldwyn-Mayer, Inc ................ 3,811 151,575 * Movie Gallery, Inc ...................... 2,797 58,617 e* NetFlix, Inc ............................ 1,498 3,899,380 Rank Group plc .......................... 16,022 113,964 Regal Entertainment Group (Class A) ..... 2,687 19,500 Toei Animation Co Ltd ................... 934 82,680 Toho Co Ltd ............................. 726 11,240,651 Walt Disney Co .......................... 222,003 ------- TOTAL MOTION PICTURES 449,002 ------- NONDEPOSITORY INSTITUTIONS--2.45% 142,865 Acom Co Ltd ............................. 5,164 54,602 b,e* Actrade Financial Technologies Ltd ...... 25 53,990 Advanta Corp (Class A) .................. 531 98,997 Advanta Corp (Class B) .................. 996 44,300 Aiful Corp .............................. 1,889 331,100 e American Capital Strategies Ltd ......... 8,258 10,249,057 American Express Co ..................... 428,513 66,992 American Home Mortgage Holdings, Inc .... 1,312 29,168 American Mortgage Acceptance Co ......... 506 1,258,258 e* AmeriCredit Corp ........................ 10,758 1,121,203 Capital One Financial Corp .............. 55,141 339,508 Cattles plc ............................. 1,818 273,218 Charter Municipal Mortgage Acceptance Co ........................ 5,194 98,820 * CompuCredit Corp ........................ 1,201 650,502 Countrywide Financial Corp .............. 45,255 91,534 * Credit Acceptance Corp .................. 924 78,664 e Credit Agricole S.A. .................... 1,495 320,101 Credit Saison Co Ltd .................... 5,249 315,459 Doral Financial Corp .................... 14,085 81,633 * DVI, Inc ................................ 381 209,907 * E-Loan, Inc ............................. 1,224 10,027,221 Fannie Mae .............................. 676,236 53,811 e* Federal Agricultural Mortgage Corp (Class C) ............................ 1,203 83,626 * Financial Federal Corp .................. 2,040 5,651,775 Freddie Mac ............................. 286,941 11,143,925 HBOS plc ................................ 144,263 220,000 e Hitachi Capital Corp .................... 2,395 27,401 * Imperial Credit Industries .............. 0 1,215,764 ING Groep NV ............................ 21,123 88,641 Irish Life & Permanent plc .............. 957 109,042 Irish Life & Permanent plc (United Kingdom) ...................... 1,183 7,302,620 MBNA Corp ............................... 152,187 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 39 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- NONDEPOSITORY INSTITUTIONS--(CONTINUED) 146,957 e MCG Capital Corp ........................ $ 2,131 5,800 Medallion Financial Corp ................ 41 197,420 e Metris Cos, Inc ......................... 1,096 4,123 * Mfn Financial Corp Series C Wts ......... 0 120,546 e New Century Financial Corp .............. 5,262 78,204 ORIX Corp ............................... 4,325 628,537 Promise Co Ltd .......................... 23,503 106,195 Provident Financial plc ................. 1,117 1,377,021 * Providian Financial Corp ................ 12,751 184,363 * Saxon Capital, Inc ...................... 3,204 292,812 SFCG Co Ltd ............................. 27,092 2,142,752 SLM Corp ................................ 83,932 21,006 Student Loan Corp ....................... 2,647 132,159 e Takefuji Corp ........................... 6,857 78,608 Westcorp ................................ 2,201 65,833 * WFS Financial, Inc ...................... 2,206 85,500 * World Acceptance Corp ................... 1,392 --------- TOTAL NONDEPOSITORY INSTITUTIONS 2,058,204 --------- NONMETALLIC MINERALS, EXCEPT FUELS--0.03% 139,509 Amcol International Corp ................ 1,116 19,823 e Potash Corp of Saskatchewan ............. 1,255 635,155 Vulcan Materials Co ..................... 23,545 --------- TOTAL NONMETALLIC MINERALS, EXCEPT FUELS 25,916 --------- OIL AND GAS EXTRACTION--1.78% 1,196,451 Anadarko Petroleum Corp ................. 53,206 1,599,983 Apache Corp ............................. 104,095 58,961 * Atwood Oceanics, Inc .................... 1,601 113,229 Berry Petroleum Co (Class A) ............ 2,032 924,164 * BJ Services Co .......................... 34,527 1,854,505 Burlington Resources, Inc ............... 100,273 180,947 Cabot Oil & Gas Corp (Class A) .......... 4,996 243,933 * Cal Dive International, Inc ............. 5,318 480,607 e Canadian Natural Resources Ltd .......... 19,012 1,341,434 Chesapeake Energy Corp .................. 13,548 191,885 * Cimarex Energy Co ....................... 4,557 9,701 * Clayton Williams Energy, Inc ............ 179 171,191 * Comstock Resources, Inc ................. 2,342 194,922 * Denbury Resources, Inc .................. 2,618 1,952,587 Devon Energy Corp ....................... 104,268 299,352 Diamond Offshore Drilling, Inc .......... 6,283 1,195,771 e EnCana Corp ............................. 45,499 58,392 * Encore Acquisition Co ................... 1,118 140,269 * Energy Partners Ltd ..................... 1,620 250,618 b* Enron Corp .............................. 12 680,925 ENSCO International, Inc ................ 18,317 716,558 EOG Resources, Inc ...................... 29,981 129,369 * Evergreen Resources, Inc ................ 7,026 15,640 * Exco Resources, Inc ..................... 280 103,848 e* Exploration Co of Delaware, Inc ......... 465 188,106 * Forest Oil Corp ......................... 4,725 2,188 * Forest Oil Corp Wts 02/15/04 ............ 11 2,188 * Forest Oil Corp Wts 02/15/05 ............ 6 458,428 * Global Industries Ltd ................... 2,210 1,122,848 * Grey Wolf, Inc .......................... 4,536 188,156 e Groupe Bruxelles Lambert S.A. ........... 8,513 1,925 * Groupe Bruxelles Lambert S.A. (Strp Vvpr) .......................... 0 324,517 * Hanover Compressor Co ................... 3,667 238,395 * Harvest Natural Resources, Inc .......... 1,519 272,013 Helmerich & Payne, Inc .................. 7,943 116,188 * Horizon Offshore, Inc ................... 579 70,711 * Houston Exploration Co .................. 2,454 887,112 e Husky Energy, Inc ....................... 11,426 86,490 IHC Caland NV ........................... 4,416 439,464 e Imperial Oil Ltd ........................ 15,234 141,985 * KCS Energy, Inc ......................... 765 642,445 Kerr-McGee Corp ......................... 28,782 871,030 * Key Energy Services, Inc ................ 9,337 367,692 * Magnum Hunter Resources, Inc ............ 2,938 41,090 * Magnum Hunter Resources, Inc Wts 03/21/05 ......................... 15 1,578,940 Marathon Oil Corp ....................... 41,605 43,898 * McMoRan Exploration Co .................. 489 214,957 e* Meridian Resource Corp .................. 1,017 217,958 * Newfield Exploration Co ................. 8,184 499,690 * Newpark Resources, Inc .................. 2,738 85,684 * Nexen, Inc .............................. 2,154 490,003 Noble Energy, Inc ....................... 18,522 5,856 * North Coast Energy, Inc ................. 54 109,138 * Nuevo Energy Co ......................... 1,904 1,957,612 Occidental Petroleum Corp ............... 65,678 156,438 * Oceaneering International, Inc .......... 3,997 11,571 OMV AG. ................................. 1,390 5,410,190 e Origin Energy Ltd ....................... 14,695 539,800 * Parker Drilling Co ...................... 1,571 205,235 Patina Oil & Gas Corp ................... 6,598 387,585 * Patterson-UTI Energy, Inc ............... 12,558 53,769 Penn Virginia Corp ...................... 2,312 331,604 * Penn West Petroleum Ltd ................. 10,616 747,492 Petro-Canada ............................ 29,685 15,610 * Petroleum Development Corp .............. 143 107,913 * Petroquest Energy, Inc .................. 254 568,981 * Pioneer Natural Resources Co ............ 14,850 230,908 * Plains Exploration & Production Co ...... 2,496 318,027 Pogo Producing Co ....................... 13,596 494,950 * Pride International, Inc ................ 9,315 66,200 * Prima Energy Corp ....................... 1,382 68,955 * Quicksilver Resources, Inc .............. 1,651 343,925 * Range Resources Corp .................... 2,156 138,527 * Remington Oil & Gas Corp ................ 2,546 421,263 * Rowan Cos, Inc .......................... 9,436 72,095 RPC, Inc ................................ 793 175,541 * Seacor Smit, Inc ........................ 6,405 50 * Serval Integrated Energy Services (Units) ............................... 0 15,920,192 Shell Transport & Trading Co plc ........ 105,083 198,210 * Southwestern Energy Co .................. 2,975 157,122 * Spinnaker Exploration Co ................ 4,117 190,566 St. Mary Land & Exploration Co .......... 5,202 248,477 e Statoil ASA ............................. 2,117 144,501 * Stone Energy Corp ....................... 6,057 325,219 * Superior Energy Services, Inc ........... 3,083 158,625 * Swift Energy Co ......................... 1,745 96,545 * Syntroleum Corp ......................... 257 242,251 Talisman Energy, Inc .................... 10,965 9,237 Technip-Coflexip S.A. ................... 808 85,323 * Tetra Technologies, Inc ................. 2,530 246,083 Tidewater, Inc .......................... 7,227 217,595 * Tom Brown, Inc .......................... 6,047 1,941,196 e Total S.A. .............................. 293,359 163,377 * Total S.A. (Strip Vvpr) ................. 2 2,025 * Total S.A. Wts 08/05/03 ................. 59 118,432 * Transmontaigne, Inc ..................... 767 267,396 * Unit Corp ............................... 5,591 1,324,325 Unocal Corp ............................. 37,995 448,315 * Varco International, Inc ................ 8,787 207,444 * Veritas DGC, Inc ........................ 2,386 333,629 Vintage Petroleum, Inc .................. 3,763 121,535 * Weatherford International Ltd ........... 5,092 172,030 * Westport Resources Corp ................. 3,914 151,470 * W-H Energy Services, Inc ................ 2,951 SEE NOTES TO FINANCIAL STATEMENTS 40 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- OIL AND GAS EXTRACTION--(CONTINUED) 797,473 XTO Energy, Inc ......................... $ 16,037 ---------- TOTAL OIL AND GAS EXTRACTION 1,501,955 ---------- PAPER AND ALLIED PRODUCTS--0.70% 20,600 * Abitibi-Consolidated, Inc ............... 132 1,266,783 e Abitibi-Consolidated, Inc (Canada) ...... 8,018 2,371,404 e Amcor Ltd ............................... 12,914 249,569 Bemis Co ................................ 11,680 43,551 Billerud AB ............................. 509 212,762 Boise Cascade Corp ...................... 5,085 241,059 Bowater, Inc ............................ 9,028 154,800 * Buckeye Technologies, Inc ............... 1,053 237,539 Bunzl plc ............................... 1,665 177,819 * Caraustar Industries, Inc ............... 1,424 639,921 Carter Holt Harvey Ltd .................. 671 94,359 Chesapeake Corp ......................... 2,062 100,000 De La Rue plc ........................... 390 595,282 * Domtar, Inc ............................. 6,484 485,203 e* Earthshell Corp ......................... 199 114,859 Glatfelter .............................. 1,694 152,046 * Graphic Packaging International Corp .... 686 85,612 Greif, Inc (Class A) .................... 1,969 2,477,810 International Paper Co .................. 88,532 4,516,807 Kimberly-Clark Corp ..................... 235,506 338,595 Longview Fibre Co ....................... 2,776 991,838 MeadWestvaco Corp ....................... 24,498 131,000 NGK Insulators Ltd ...................... 727 1,804 Nippon Unipac Holding ................... 7,046 233,053 Norske Skogindustrier ASA ............... 3,487 2,867,412 OJI Paper Co Ltd ........................ 12,537 300,474 * Packaging Corp of America ............... 5,538 1,000,036 * Pactiv Corp ............................. 19,711 182,857 * Playtex Products, Inc ................... 1,174 105,154 Pope & Talbot, Inc ...................... 1,162 189,656 Potlatch Corp ........................... 4,884 371,739 Rexam plc ............................... 2,337 99,047 Rock-Tenn Co (Class A) .................. 1,679 103,977 Schweitzer-Mauduit International, Inc ... 2,510 1,536,581 * Smurfit-Stone Container Corp ............ 20,022 543,800 Sonoco Products Co ...................... 13,062 278,819 e Stora Enso Oyj (R Shs) .................. 3,115 1,151,374 e Svenska Cellulosa AB (B Shs) ............ 39,338 327,041 Temple-Inland, Inc ...................... 14,033 34,000 Uni-Charm Corp .......................... 1,470 843,371 e UPM-Kymmene Oyj ......................... 12,309 250,099 Wausau-Mosinee Paper Corp ............... 2,801 --------- TOTAL PAPER AND ALLIED PRODUCTS 585,917 --------- PERSONAL SERVICES--0.14% 262,974 * Alderwoods Group, Inc ................... 1,436 58,764 Angelica Corp ........................... 996 641,806 Cintas Corp ............................. 22,746 146,632 * Coinstar, Inc ........................... 2,765 48,163 CPI Corp ................................ 850 401,708 Davis Service Group plc ................. 2,512 129,124 G & K Services, Inc (Class A) ........... 3,822 1,205,106 H & R Block, Inc ........................ 52,121 278,430 Regis Corp .............................. 8,088 3,034,420 * Service Corp International .............. 11,743 51,876 Unifirst Corp ........................... 1,136 186,078 * Weight Watchers International, Inc ...... 8,465 --------- TOTAL PERSONAL SERVICES 116,680 --------- PETROLEUM AND COAL PRODUCTS--4.15% 379,932 Amerada Hess Corp ....................... 18,685 336,626 Ashland, Inc ............................ 10,328 7,306,451 e BHP Billiton Ltd ........................ 42,337 56,098,945 BP plc .................................. 389,032 2,122,427 BP plc (Spon ADR) ....................... 89,184 5,747,667 ChevronTexaco Corp ...................... 414,982 3,697,577 ConocoPhillips .......................... 202,627 130,958 ElkCorp ................................. 2,947 11,594,114 e ENI S.p.A. .............................. 175,347 49,193,830 ExxonMobil Corp ......................... 1,766,550 454,103 e Fortum Oyj .............................. 3,640 175,800 Frontier Oil Corp ....................... 2,672 178,628 * Headwaters, Inc ......................... 2,624 21,130 Hellenic Petroleum S.A. ................. 142 67,155 Holly Corp .............................. 1,853 253,110 Lubrizol Corp ........................... 7,844 582,722 Lyondell Chemical Co .................... 7,884 544,350 Murphy Oil Corp ......................... 28,633 1,957,047 e Nippon Oil Corp ......................... 8,492 133,654 Norsk Hydro ASA ......................... 6,573 123,274 * Premcor, Inc ............................ 2,657 1,457,651 e Repsol YPF S.A. ......................... 23,635 4,437,310 e Royal Dutch Petroleum Co ................ 205,964 984,662 Santos Ltd .............................. 3,896 10,761 Shell Canada Ltd (Class A) (U.S.) ....... 417 304,500 e Showa Shell Sekiyu KK ................... 2,186 717,909 e Suncor Energy, Inc ...................... 13,389 600,266 Sunoco, Inc ............................. 22,654 773,176 e Teikoku Oil Co Ltd ...................... 2,524 435,531 * Tesoro Petroleum Corp ................... 2,996 152,000 e TonenGeneral Sekiyu KK .................. 1,068 523,772 Valero Energy Corp ...................... 19,029 107,985 WD-40 Co ................................ 3,083 1,109,777 Woodside Petroleum Ltd .................. 9,214 --------- TOTAL PETROLEUM AND COAL PRODUCTS 3,495,088 --------- PIPELINES, EXCEPT NATURAL GAS--0.01% 274,116 * Enbridge, Inc ........................... 9,669 --------- TOTAL PIPELINES, EXCEPT NATURAL GAS 9,669 --------- PRIMARY METAL INDUSTRIES--0.48% 33,000 Acerinox S.A. ........................... 1,261 546,941 * AK Steel Holding Corp ................... 1,980 907,606 * Alcan, Inc .............................. 28,061 4,517,174 Alcoa, Inc .............................. 115,188 410,468 Allegheny Technologies, Inc ............. 2,709 11,541 Aluminum of Greece S.A.I.C. ............. 236 551,922 e* Andrew Corp ............................. 5,078 1,313,147 Arcelor ................................. 15,291 154,518 Belden, Inc ............................. 2,455 1 b* Bethlehem Steel Corp .................... 0 3,614,648 BHP Billiton plc ........................ 19,027 6,417,762 BHP Steel Ltd ........................... 16,011 102,745 * Brush Engineered Materials, Inc ......... 858 297,268 * Cable Design Technologies Corp .......... 2,125 131,364 Carpenter Technology Corp ............... 2,049 79,182 * Century Aluminum Co ..................... 557 349,275 * CommScope, Inc .......................... 3,318 51,384 Curtiss-Wright Corp ..................... 3,247 558,200 e Dofasco, Inc ............................ 10,685 85,757 * Encore Wire Corp ........................ 815 678,677 Engelhard Corp .......................... 16,811 225,644 * General Cable Corp ...................... 1,218 47,823 Gibraltar Steel Corp .................... 979 40,000 Group 4 Falck a/s ....................... 665 76,331 * Imco Recycling, Inc ..................... 507 88,757 Intermet Corp ........................... 299 84 Japan Steel Works Ltd ................... 0 34,461 e* Liquidmetal Technologies, Inc ........... 177 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 41 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- PRIMARY METAL INDUSTRIES--(CONTINUED) 190,860 * Lone Star Technologies, Inc ............. $ 4,042 194,857 Matthews International Corp (Class A) ... 4,825 267,407 * Maverick Tube Corp ...................... 5,121 197,630 * Mueller Industries, Inc ................. 5,358 27,164,793 Nippon Steel Corp ....................... 37,328 23,859 NKT Holding a/s ......................... 330 75,730 NN, Inc ................................. 959 37,946 * Northwest Pipe Co ....................... 550 114,565 * NS Group, Inc ........................... 1,117 354,712 Nucor Corp .............................. 17,328 2,320,610 OneSteel Ltd ............................ 2,988 167,155 * Oregon Steel Mills, Inc ................. 485 28,240 Posco ................................... 2,932 255,035 Precision Castparts Corp ................ 7,932 35,000 f* Promet Berhad ........................... 3 109,396 Quanex Corp ............................. 3,251 117,363 * Rautaruukki Oyj ......................... 505 68,293 Roanoke Electric Steel Corp ............. 512 139,842 * RTI International Metals, Inc ........... 1,514 151,588 Ryerson Tull, Inc ....................... 1,331 7,371 Sapa AB ................................. 148 30,172 Schnitzer Steel Industries, Inc (Class A) ............................ 1,331 43,259 Ssab Svenskt Stal AB (Series A) ......... 578 18,077 Ssab Svenskt Stal AB (Series B) ......... 230 218,095 * Steel Dynamics, Inc ..................... 2,988 131,000 * Sumitomo Heavy Industries Ltd ........... 194 9,336,498 Sumitomo Metal Industries Ltd ........... 6,454 142,766 Texas Industries, Inc ................... 3,398 967,763 ThyssenKrupp AG. ........................ 11,158 166,293 Tredegar Corp ........................... 2,493 55,909 e Trelleborg AB (B Shs) ................... 597 64,552 e TUI AG. ................................. 960 456,984 United States Steel Corp ................ 7,481 52,532 Viohalco S.A. ........................... 262 300,484 * Vivendi Universal S.A. (Spon ADR) ....... 5,541 72,080 Voestalpine AG. ......................... 2,847 496,454 Worthington Industries, Inc ............. 6,652 --------- TOTAL PRIMARY METAL INDUSTRIES 403,330 --------- PRINTING AND PUBLISHING--0.91% 390,510 * American Greetings Corp (Class A) ....... 7,670 167,980 Banta Corp .............................. 5,438 185,326 Belo Corp (Class A) ..................... 4,144 351,800 f Belo Corp (Class B) ..................... 7,866 224,071 Bowne & Co, Inc ......................... 2,920 73,441 * Bright Horizons Family Solutions, Inc ... 2,465 73,934 * Consolidated Graphics, Inc .............. 1,692 23,806 Courier Corp ............................ 1,226 23,338 CSS Industries, Inc ..................... 900 816,845 Dai Nippon Printing Co Ltd .............. 8,640 146,950 Daily Mail & General Trust plc .......... 1,382 266,850 Dow Jones & Co, Inc ..................... 11,483 206,300 f Dow Jones & Co, Inc (Class B) ........... 8,877 409,160 Emap plc ................................ 5,776 189,991 e Eniro AB ................................ 1,626 11,295 e* Eniro AB (Redemption Shs) ............... 112 92,392 Ennis Business Forms, Inc ............... 1,344 1,391,044 Gannett Co, Inc ......................... 106,846 162,824 e Gruppo Editoriale L'Espresso S.p.A. ..... 645 198,020 Harland (John H.) Co .................... 5,180 393,955 Harte-Hanks, Inc ........................ 7,485 346,197 Hollinger International, Inc ............ 3,729 448,291 Independent News & Media plc ............ 813 179,100 Independent Newspapers Ltd .............. 449 87,690 * Information Holdings, Inc ............... 1,600 3,405,855 John Fairfax Holdings Ltd ............... 6,578 181,677 * Journal Register Co ..................... 3,287 410,819 Knight Ridder, Inc ...................... 28,318 89,359 e Lagardere S.C.A. ........................ 3,884 264,958 Lee Enterprises, Inc .................... 9,944 14,400 f Lee Enterprises, Inc (Class B) .......... 540 195,901 * Mail-Well, Inc .......................... 494 67,998 e* Martha Stewart Living Omnimedia, Inc (Class A) ............................ 639 102,239 McClatchy Co (Class A) .................. 5,891 1,166,265 McGraw-Hill Cos, Inc .................... 72,308 71,713 Media General, Inc (Class A) ............ 4,102 61,001 Meredith Corp ........................... 2,684 200,900 Meredith Corp (Class B) ................. 8,840 79,940 New England Business Services, Inc ...... 2,398 718,228 New York Times Co (Class A) ............. 32,679 4,046,241 e News Corp Ltd ........................... 30,392 2,823,825 Pearson plc ............................. 26,374 91,352 * Playboy Enterprises, Inc (Class B) ...... 1,242 950,783 * Primedia, Inc ........................... 2,900 56,556 * Private Media Group, Inc ................ 107 49,143 Pulitzer, Inc ........................... 2,429 587,426 e Quebecor World, Inc ..................... 10,769 160,559 e* Quebecor, Inc (Class B) ................. 1,950 610,388 R.R. Donnelley & Sons Co ................ 15,956 549,438 Reader's Digest Association, Inc (Class A) ............................ 7,406 3,684,953 Reed Elsevier NV ........................ 43,459 2,012,631 Reed Elsevier plc ....................... 16,747 26,870 Schibsted ASA ........................... 372 189,724 * Scholastic Corp ......................... 5,650 474,093 SCMP Group Ltd .......................... 187 221,802 Scripps (E.W.) Co (Class A) ............. 19,678 6,801,759 e* Seat-Pagine Gialle S.p.A. ............... 4,726 440,888 Singapore Press Holdings Ltd ............ 4,582 111,475 Standard Register Co .................... 1,837 44,800 * Tele Atlas NV ........................... 144 50,000 Telefonica Publicidad e Informacion S.A. 242 52,533 * Thomas Nelson, Inc ...................... 657 1,149,460 Toppan Printing Co Ltd .................. 8,233 1,262,917 Tribune Co .............................. 60,999 140,138 United Business Media plc ............... 701 321,643 * Valassis Communications, Inc ............ 8,273 2,391,726 e VNU NV .................................. 73,690 26,288 Washington Post Co (Class B) ............ 19,266 280,907 Wiley (John) & Sons, Inc (Class A) ...... 7,360 274,430 Wolters Kluwer NV ....................... 3,309 --------- TOTAL PRINTING AND PUBLISHING 762,531 --------- RAILROAD TRANSPORTATION--0.38% 7,383,693 e Brambles Industries Ltd ................. 22,630 422,707 Brambles Industries plc ................. 1,144 2,333,538 Burlington Northern Santa Fe Corp ....... 66,366 137,327 e Canadian National Railway Co ............ 6,627 371,533 * Canadian National Railway Co (Canada) ... 17,795 712,975 e Canadian Pacific Railway Ltd ............ 15,905 1,552,303 CSX Corp ................................ 46,709 679,717 Firstgroup plc .......................... 3,028 101,018 e Florida East Coast Industries, Inc (Class A) ............................ 2,581 41,054 Florida East Coast Industries, Inc (Class B) ............................ 1,022 78,109 * Genesee & Wyoming, Inc (Class A) ........ 1,607 398,119 * Kansas City Southern Industries, Inc .... 4,789 139,619 e Keihin Electric Express Railway Co Ltd .. 683 1,450,135 e Kinki Nippon Railway Co Ltd ............. 3,768 381,639 Mayne Group Ltd ......................... 701 926,000 Nippon Express Co Ltd ................... 3,594 2,153,603 Norfolk Southern Corp ................... 41,349 210,000 Tobu Railway Co Ltd ..................... 596 SEE NOTES TO FINANCIAL STATEMENTS 42 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- RAILROAD TRANSPORTATION--(CONTINUED) 1,385,943 Union Pacific Corp ...................... $ 80,412 --------- TOTAL RAILROAD TRANSPORTATION 321,306 --------- REAL ESTATE--0.17% 5,892 * American Realty Investors, Inc .......... 72 630,490 AMP Diversified Property Trust .......... 1,290 29,951 * Avatar Holdings, Inc .................... 905 22,170 * Big 5 Sporting Goods Corp ............... 278 730,501 British Land Co plc ..................... 5,795 500,074 Brookfield Properties Corp .............. 10,673 1,972,587 CapitaLand Ltd .......................... 1,389 428,768 * Catellus Development Corp ............... 9,433 600,000 CFS Gandel Retail Trust ................. 535 1,810,242 Cheung Kong Holdings Ltd ................ 10,887 234,802 City Developments Ltd ................... 592 1,299,567 Commonwealth Property Office Fund ....... 1,046 13,834 Consolidated-Tomoka Land Co ............. 348 28,910 b* Crescent Operating, Inc ................. 7 136,609 Forest City Enterprises, Inc (Class A) .. 5,662 34,810 Gecina S.A. ............................. 4,037 138,729 Grafton Group plc ....................... 613 103,233 Great Portland Estates plc .............. 393 75,600 Guocoland Ltd ........................... 43 502,142 Hammerson plc ........................... 4,106 11,199,000 Hang Lung Properties Ltd ................ 10,125 235,001 Harvey Norman Holdings Ltd .............. 396 384,118 Henderson Land Development Co Ltd ....... 1,103 326,000 Hopewell Holdings ....................... 347 799,189 Hysan Development Co Ltd ................ 661 127,471 * Insignia Financial Group, Inc ........... 1,416 203,468 * Jones Lang LaSalle, Inc ................. 3,215 15,000 Klepierre ............................... 741 145,043 e LNR Property Corp ....................... 5,425 280 Metrovacesa S.A. ........................ 8 1,630,203 Mirvac Group ............................ 4,854 1,350,448 Mitsubishi Estate Co Ltd ................ 9,144 847,198 e Mitsui Fudosan Co Ltd ................... 5,412 700,000 New World Development Co Ltd ............ 272 37,169 * Reading International, Inc .............. 206 277,765 Sacyr Vallehermoso S.A. ................. 3,081 100,000 Singapore Land Ltd ...................... 212 705,758 Sino Land Co Ltd ........................ 219 788,597 Slough Estates plc ...................... 4,447 160,594 St. Joe Co .............................. 5,011 643,053 * Stewart Enterprises, Inc (Class A) ...... 2,765 2,670,847 Stockland Trust Group ................... 8,974 1,683,429 Sun Hung Kai Properties Ltd ............. 8,505 423,000 TOC Co Ltd .............................. 1,906 197,656 * Trammell Crow Co ........................ 2,097 400 * U-Cyber Technology Holdings Ltd ......... 0 21,453 Unibail ................................. 1,589 248,000 United Overseas Land Ltd ................ 296 5,444 * WCM Beteiligungs & Grundbesitz AG. ...... 12 588,220 e Westfield Holdings Ltd .................. 5,760 1,000 YT Realty Group Ltd ..................... 0 --------- TOTAL REAL ESTATE 146,303 --------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.18% 56,535 Adidas-Salomon AG. ...................... 4,835 16,435 * AEP Industries, Inc ..................... 121 73,716 * Applied Films Corp ...................... 1,908 195,397 Aptargroup, Inc ......................... 7,034 24,011 Bandag, Inc ............................. 895 62,900 Bandag, Inc (Class A) ................... 2,208 853,631 e Bridgestone Corp ........................ 11,588 81,428 CFS Bancorp, Inc ........................ 1,148 265,046 Continental AG. ......................... 5,564 340,726 Cooper Tire & Rubber Co ................. 5,993 138,893 * Foamex International, Inc ............... 425 68,200 e Fuji Seal, Inc .......................... 2,090 978,845 e* Goodyear Tire & Rubber Co ............... 5,139 18,091 * Gundle/SLT Environmental, Inc ........... 246 82,739 * Jarden Corp ............................. 2,289 438,672 e Michelin (C.G.D.E.) (B Shs) ............. 17,127 126,915 Myers Industries, Inc ................... 1,206 737,883 Nike, Inc (Class B) ..................... 39,469 16,534 Nokian Renkaat Oyj ...................... 851 2,092,830 e* Pirelli S.p.A. .......................... 2,120 43,045 Quixote Corp ............................ 1,099 20,134 Raven Industries, Inc ................... 399 245,398 * Reebok International Ltd ................ 8,253 103,583 * Royal Group Technologies Ltd ............ 734 197,017 Schulman (A.), Inc ...................... 3,164 322,252 * Sealed Air Corp ......................... 15,359 98,330 * Skechers U.S.A., Inc (Class A) .......... 728 115,507 Spartech Corp ........................... 2,450 91,200 e Toyoda Gosei Co Ltd ..................... 1,796 46,662 e* Trex Co, Inc ............................ 1,831 347,954 Tupperware Corp ......................... 4,997 121,540 * Vans, Inc ............................... 1,091 -------- TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 154,157 -------- SECURITY AND COMMODITY BROKERS--1.60% 1,185,738 3i Group plc ............................ 11,055 642,663 A.G. Edwards, Inc ....................... 21,979 117,079 e* Affiliated Managers Group, Inc .......... 7,136 1,453,820 * Ameritrade Holding Corp ................ 10,773 337,736 Australian Stock Exchange Ltd .......... 2,836 537,568 Bear Stearns Cos, Inc .................. 38,931 35,475 * BKF Capital Group, Inc ................. 774 94,759 * Blackrock, Inc ......................... 4,268 5,557,472 Charles Schwab Corp .................... 56,075 13,123 Chicago Mercantile Exchange ............ 914 826,497 CIT Group, Inc ......................... 20,373 6,300 * Commercial Capital Bancorp, Inc ........ 97 5,489,877 Daiwa Securities Group, Inc ............ 31,547 62,704 Deutsche Boerse AG. .................... 3,322 1,988,679 * E*trade Group, Inc ..................... 16,904 306,216 Eaton Vance Corp ....................... 9,676 3,300 Euronext NV ............................ 82 800,866 Federated Investors, Inc (Class B) ..... 21,960 2,015,537 e* FinecoGroup S.p.A. ..................... 1,083 24,647 First Albany Cos, Inc .................. 306 973,066 Franklin Resources, Inc ................ 38,018 41,486 * Gabelli Asset Management, Inc (Class A) ............................. 1,498 2,455,212 Goldman Sachs Group, Inc ............... 205,624 1,508,000 Hong Kong Exchanges & Clearing Ltd ..... 2,166 415,311 Instinet Group, Inc ..................... 1,935 305,587 * Investment Technology Group, Inc ........ 5,684 308,862 Investors Financial Services Corp ....... 8,960 629,653 Itochu Corp ............................. 1,584 11,700 Jafco Co Ltd ............................ 663 1,265,715 Janus Capital Group, Inc ................ 20,758 115,773 Jefferies Group, Inc .................... 5,764 543,054 e* Knight Trading Group, Inc ............... 3,378 275,575 LaBranche & Co, Inc ..................... 5,702 437,880 Legg Mason, Inc ......................... 28,440 1,217,735 Lehman Brothers Holdings, Inc ........... 80,955 507,207 Man Group plc ........................... 10,010 842,734 e Marubeni Corp ........................... 1,095 5,100,482 Merrill Lynch & Co, Inc ................. 238,090 898,550 e Mitsubishi Corp 6,234 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 43 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- SECURITY AND COMMODITY BROKERS--(CONTINUED) 1,130,286 e Mitsui & Co Ltd ......................... $ 5,667 6,228,798 Morgan Stanley .......................... 266,281 274,582 Neuberger Berman, Inc ................... 10,959 5,558,694 e Nikko Cordial Corp ...................... 22,313 4,379,681 Nomura Holdings, Inc .................... 55,587 117,258 Nuveen Investments, Inc ................. 3,194 37,047 OM AB ................................... 264 517,000 * Peregrine Investment Holdings Ltd ....... 0 202,460 Raymond James Financial, Inc ............ 6,691 1,400 Sanders Morris Harris Group, Inc ........ 13 392,275 SEI Investments Co ...................... 12,553 366,000 Singapore Exchange Ltd .................. 285 91,900 * SoundView Technology Group, Inc ......... 930 97,560 e SWS Group, Inc .......................... 1,966 621,206 T Rowe Price Group, Inc ................. 23,451 9,945 Value Line, Inc ......................... 488 342,398 Waddell & Reed Financial, Inc (Class A) . 8,789 1,793,000 * Yamaichi Securities Co Ltd .............. 30 --------- TOTAL SECURITY AND COMMODITY BROKERS 1,346,110 --------- SOCIAL SERVICES--0.00% 101,707 e* Res-Care, Inc ........................... 465 --------- TOTAL SOCIAL SERVICES 465 --------- SPECIAL TRADE CONTRACTORS--0.02% 246,444 * Comfort Systems U.S.A., Inc ............. 648 322,586 * Dycom Industries, Inc ................... 5,258 101,188 * EMCOR Group, Inc ........................ 4,995 218,270 b* Encompass Services Corp ................. 0 212,792 * Integrated Electrical Services, Inc ..... 1,543 325,132 Kinden Corp ............................. 1,091 27,560 * Matrix Service Co ....................... 473 23,486 * Newtek Business Services, Inc ........... 125 384,648 * Quanta Services, Inc .................... 2,731 80,000 Sanki Engineering Co Ltd ................ 392 --------- TOTAL SPECIAL TRADE CONTRACTORS 17,256 --------- STONE, CLAY, AND GLASS PRODUCTS--0.29% 48,936 Ameron International Corp ............... 1,702 190,359 Apogee Enterprises, Inc ................. 1,717 433,088 Asahi Glass Co Ltd ...................... 2,687 4,181,743 Boral Ltd ............................... 14,191 240,415 BPB plc ................................. 1,218 141,457 e* Cabot Microelectronics Corp ............. 7,139 61,704 CARBO Ceramics, Inc ..................... 2,298 43,496 Centex Construction Products, Inc ....... 1,744 140,748 Cimpor Cimentos de Portugal S.A. ........ 535 436,524 Compagnie De Saint-Gobain ............... 17,179 6,985,329 e* Corning, Inc ............................ 51,622 72,834 CRH plc (Ireland) ....................... 1,142 2,502,687 CRH plc (United Kingdom) ................ 39,402 4,022,239 e CSR Ltd ................................. 5,233 122,699 Florida Rock Industries, Inc ............ 5,065 2,112,975 Hanson plc .............................. 11,776 13,650 * Heidelberger Zement AG. (Belgium) ....... 305 28,360 * Heidelberger Zement AG. (Strip Vvpr) .... 0 378,320 e Holcim Ltd (Regd) ....................... 13,979 62,580 Hoya Corp ............................... 4,310 15,932 e Imerys S.A. ............................. 2,320 174,616 e Italcementi S.p.A. ...................... 1,989 1,080,380 James Hardie Industries NV .............. 5,101 221,254 Lafarge North America, Inc .............. 6,837 174,566 e* Lafarge S.A. ............................ 471 174,234 e Lafarge S.A. (Br) ....................... 10,204 94,937 Libbey, Inc ............................. 2,155 455,028 Nippon Sheet Glass Co Ltd ............... 1,364 204,000 Noritake Co Ltd ......................... 637 561,661 * Owens-Illinois, Inc ..................... 7,734 400,000 Pilkington plc .......................... 437 2,762,751 Rinker Group Ltd ........................ 9,709 125,000 RMC Group plc ........................... 952 1,387,363 e* Taiheiyo Cement Corp .................... 2,380 143,700 Toto Ltd ................................ 853 132,674 * U.S. Concrete, Inc ...................... 509 239,764 b,e* USG Corp ................................ 4,556 41,052 e Wienerberger AG. ........................ 721 --------- TOTAL STONE, CLAY, AND GLASS PRODUCTS 242,173 --------- TEXTILE MILL PRODUCTS--0.04% 160,305 Albany International Corp (Class A) ..... 4,392 43,885 * Culp, Inc ............................... 303 288,161 * Interface, Inc (Class A) ................ 1,337 7,215 * Kanebo Ltd .............................. 9 295,414 * Mohawk Industries, Inc .................. 16,404 725,000 e Nexans S.A. ............................. 12,055 284,000 Nisshinbo Industries, Inc ............... 1,301 74,162 Quaker Fabric Corp ...................... 489 --------- TOTAL TEXTILE MILL PRODUCTS 36,290 --------- TOBACCO PRODUCTS--1.04% 1,364,850 e Altadis S.A. ............................ 34,983 16,726,549 Altria Group, Inc ....................... 760,054 3,775 Japan Tobacco, Inc ...................... 20,404 288,348 Loews Corp (Carolina Group) ............. 7,785 7,623 Papastratos Cigarette Co ................ 155 411,622 R.J. Reynolds Tobacco Holdings, Inc ..... 15,316 170,807 Universal Corp .......................... 7,225 758,582 UST, Inc ................................ 26,573 147,468 e Vector Group Ltd ........................ 2,581 --------- TOTAL TOBACCO PRODUCTS 875,076 --------- TRANSPORTATION BY AIR--0.43% 7,268 b* Air Canada .............................. 7 44,917 Air France .............................. 581 324,355 Airborne, Inc ........................... 6,779 434,128 * Airtran Holdings, Inc ................... 4,545 163,744 e* Alaska Air Group, Inc ................... 3,512 298,000 e All Nippon Airways Co Ltd ............... 571 85,149 * America West Holdings Corp (Class B) .... 579 1,037,566 e* AMR Corp ................................ 11,413 21,621 e* ATA Holdings Corp ....................... 164 274,109 * Atlantic Coast Airlines Holdings, Inc ... 3,698 58,286 e* Atlas Air Worldwide Holdings, Inc ....... 86 296,274 Auckland International Airport Ltd ...... 1,063 2,514,837 BAA plc ................................. 20,355 5,543,100 * British Airways plc ..................... 13,858 1,310,800 Cathay Pacific Airways Ltd .............. 1,765 770,355 e* Continental Airlines, Inc (Class B) ..... 11,532 1,218,452 e Delta Air Lines, Inc .................... 17,887 1,036,056 e Deutsche Lufthansa AG. (Regd) ........... 12,136 3,917,993 * easyJet plc ............................. 14,870 288,621 e* ExpressJet Holdings, Inc ................ 4,358 1,669,581 FedEx Corp .............................. 103,564 7,286 Flughafen Wien AG. ...................... 265 93,664 * Forward Air Corp ........................ 2,376 198,356 * Frontier Airlines, Inc .................. 1,801 447,579 e Iberia Lineas Aereas de Espana .......... 869 1,350,766 e* Japan Airlines System Corp .............. 2,947 194,217 e* JetBlue Airways Corp .................... 8,213 51,235 Kobenhavns Lufthavne As ................. 4,157 204,316 * Mesa Air Group, Inc ..................... 1,635 67,157 * Mesaba Holdings, Inc .................... 414 49,555 e* Midwest Express Holdings, Inc ........... 130 SEE NOTES TO FINANCIAL STATEMENTS 44 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TRANSPORTATION BY AIR--(CONTINUED) 625,411 e* Northwest Airlines Corp ................. $ 7,061 127,102 * Offshore Logistics, Inc ................. 2,764 16,289 * Petroleum Helicopters (Vote) ............ 514 312,034 Qantas Airways Ltd ...................... 684 137,540 * Ryanair Holdings plc .................... 990 194,093 e* Ryanair Holdings plc (Spon ADR) ......... 8,715 56,655 * SAS AB .................................. 311 610,829 Singapore Airlines Ltd .................. 3,607 283,956 Skywest, Inc ............................ 5,412 4,122,186 Southwest Airlines Co ................... 70,902 1,343,611 Swire Pacific Ltd (A Shs) ............... 5,875 96 * Swissair Group .......................... 0 146,979 b,e* UAL Corp ................................ 115 --------- TOTAL TRANSPORTATION BY AIR 363,080 --------- TRANSPORTATION EQUIPMENT--3.01% 170,591 * AAR Corp ................................ 1,204 51,428 * Aftermarket Technology Corp ............. 541 53,870 * Aker Kvaerner ASA ....................... 711 135,000 e Alpine Electronics, Inc ................. 1,675 127,132 * American Axle & Manufacturing Holdings, Inc ........................ 3,038 108,317 Arctic Cat, Inc ......................... 2,075 315,541 ArvinMeritor, Inc ....................... 6,368 5,059,746 a Autoliv, Inc ............................ 137,018 1,321,400 Autoliv, Inc Sdr ........................ 35,573 4,018,925 BAE Systems plc ......................... 9,450 451,975 BBA Group plc ........................... 1,551 122,016 * BE Aerospace, Inc ....................... 404 4,298,191 Boeing Co ............................... 147,514 46,524 Bombardier, Inc (Class A) ............... 166 1,206,485 e Bombardier, Inc (Class B) ............... 4,058 492,171 Brunswick Corp .......................... 12,314 1,382,197 CAE, Inc ................................ 5,829 167,155 Clarcor, Inc ............................ 6,444 98,133 Coachmen Industries, Inc ................ 1,173 59,436 Cobham plc .............................. 1,135 15,508 Curtiss-Wright Corp (Class B) ........... 966 199,609 Cycle & Carriage Ltd .................... 560 747,065 e DaimlerChrysler AG. (Regd) .............. 26,080 17,259 e DaimlerChrysler AG. (U.S.) .............. 599 879,558 Dana Corp ............................... 10,168 2,871,047 Delphi Corp ............................. 24,777 577,487 Denso Corp .............................. 9,152 76,194,000 Denway Motors Ltd ....................... 34,442 9,000 DSV DE Sammenslut Vogn a/s .............. 232 46,067 * Ducommun, Inc ........................... 650 99,400 * Dura Automotive Systems, Inc ............ 940 315,375 Federal Signal Corp ..................... 5,541 1 * Fiat S.p.A. ............................. 0 2,493,383 Finmeccanica S.p.A. ..................... 1,598 224,969 e* Fleetwood Enterprises, Inc .............. 1,665 10,323,399 Ford Motor Co ........................... 113,454 204,301 GenCorp, Inc ............................ 1,816 1,928,822 General Dynamics Corp ................... 139,840 2,388,783 General Motors Corp ..................... 85,996 5,442,297 * General Motors Corp-Hughes Electronics Corp ................................. 69,716 400,934 * Gentex Corp ............................. 12,273 791,712 Genuine Parts Co ........................ 25,343 689,315 Goodrich Corp ........................... 14,476 1,688,948 Harley-Davidson, Inc .................... 67,321 93,544 Heico Corp .............................. 1,141 23,000 e Hino Motors Ltd ......................... 109 1,652,424 Honda Motor Co Ltd ...................... 62,615 4,117,397 Honeywell International, Inc ............ 110,552 76,511 e* IMPCO Technologies, Inc ................. 471 153,875 Kaman Corp (Class A) .................... 1,799 3,141,185 Kawasaki Heavy Industries Ltd ........... 3,218 6,661,900 Keppel Corp Ltd ......................... 18,537 2,439,265 Lockheed Martin Corp .................... 116,036 259,381 e Magna International, Inc (Class A) ...... 17,320 14 * Magna International, Inc (Class A) ...... 1 194,173 e MAN AG. ................................. 3,282 41,651 Marine Products Corp .................... 452 219,500 * Mascotech, Inc (Escrow) ................. 0 6,255,000 e Mazda Motor Corp ........................ 15,211 160,662 * Monaco Coach Corp ....................... 2,463 398,599 * Navistar International Corp ............. 13,006 35,526,068 Nissan Motor Co Ltd ..................... 339,653 985,067 Northrop Grumman Corp ................... 85,001 666 * NWS Holdings Ltd ........................ 0 102,571 Oshkosh Truck Corp ...................... 6,085 632,343 Paccar, Inc ............................. 42,633 1,243,447 e Patrick Corp Ltd ........................ 10,466 327,067 e Peugeot Citroen S.A. .................... 15,887 121,157 e Polaris Industries, Inc ................. 7,439 295,825 Renault S.A. ............................ 15,640 1,555,453 Rolls-Royce Group plc ................... 3,292 272,000 SembCorp Marine Ltd ..................... 151 39,592 * Sequa Corp (Class A) .................... 1,358 53,778 e Shimano, Inc ............................ 837 2,321,564 e Siemens AG. ............................. 113,890 1,300,865 Smiths Group plc ........................ 15,091 61,977 Spartan Motors, Inc ..................... 513 158,315 e* Sports Resorts International, Inc ....... 773 47,200 Standard Motor Products, Inc ............ 524 21,907 * Strattec Security Corp .................. 1,165 142,552 Superior Industries International, Inc .. 5,944 204,143 * Teledyne Technologies, Inc .............. 2,674 254,307 * Tenneco Automotive, Inc ................. 916 824,292 Textron, Inc ............................ 32,164 53,059 e Thales S.A. ............................. 1,575 107,822 Thor Industries, Inc .................... 4,401 1,523,889 Tomkins plc ............................. 5,708 1,091,473 e Toyota Industries Corp .................. 17,762 2,200,106 Toyota Motor Corp ....................... 56,984 236,915 e Trinity Industries, Inc ................. 4,385 94,275 * Triumph Group, Inc ...................... 2,656 131,482 * United Defense Industries, Inc .......... 3,411 4,231,393 United Technologies Corp ................ 299,710 131,843 e Valeo S.A. .............................. 4,572 717,647 Visteon Corp ............................ 4,930 187,651 Volkswagen AG. .......................... 7,932 45,082 Volvo AB (A Shs) ........................ 946 190,557 Volvo AB (B Shs) ........................ 4,190 162,141 * Wabash National Corp .................... 2,275 227,512 Wabtec Corp ............................. 3,165 82,798 e Winnebago Industries, Inc ............... 3,138 135,000 e Yamaha Motor Co Ltd ..................... 1,139 --------- TOTAL TRANSPORTATION EQUIPMENT 2,523,034 --------- TRANSPORTATION SERVICES--0.12% 3,175,005 e Amadeus Global Travel Distribution S.A. (A Shs) ......................... 18,194 36,762 * Ambassadors Group, Inc .................. 514 401,990 C.H. Robinson Worldwide, Inc ............ 14,295 233,723 * EGL, Inc ................................ 3,553 246,153 e* Expedia, Inc ............................ 18,875 436,254 Expeditors International of Washington, Inc ...................... 15,112 263,271 GATX Corp ............................... 4,304 1,455 Kuoni Reisen Holding (Regd) ............. 374 82,535 * Navigant International, Inc ............. 1,065 1,136 * New World Infrastucture Ltd ............. 0 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 45 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TRANSPORTATION SERVICES--(CONTINUED) 58,309 * Pacer International, Inc ................ $ 1,100 188,666 * RailAmerica, Inc ........................ 1,594 610,236 Sabre Holdings Corp ..................... 15,042 787,805 Toll Holdings Ltd ....................... 3,741 ---------- TOTAL TRANSPORTATION SERVICES 97,763 ---------- TRUCKING AND WAREHOUSING--0.36% 143,865 Arkansas Best Corp ...................... 3,423 218,464 CNF, Inc ................................ 5,545 42,212 * Covenant Transport, Inc (Class A) ....... 718 198,933 * Heartland Express, Inc .................. 4,426 127,959 * Hunt (J.B.) Transport Services, Inc ..... 4,830 106,637 * Landstar System, Inc .................... 6,702 19,000 Mitsubishi Logistics Corp ............... 115 2,019,000 Mitsui-Soko Co Ltd ...................... 4,120 37,037 * Old Dominion Freight Line ............... 801 20,408 * P.A.M. Transportation Services .......... 494 78,765 Roadway Corp ............................ 2,247 98,027 * SCS Transportation, Inc ................. 1,238 258,000 Seino Transportation Co Ltd ............. 1,476 1,131,000 e Sumitomo Warehouse Co Ltd ............... 2,534 358,819 * Swift Transportation Co, Inc ............ 6,681 1,239,832 e TPG NV .................................. 21,527 35,740 * U.S. Xpress Enterprises, Inc (Class A) .. 381 2,937,270 United Parcel Service, Inc (Class B) .... 187,104 175,614 USF Corp ................................ 4,736 236,716 Werner Enterprises, Inc ................. 5,018 3,290,893 Yamato Transport Co Ltd ................. 36,424 194,655 * Yellow Corp ............................. 4,506 ---------- TOTAL TRUCKING AND WAREHOUSING 305,046 ---------- WATER TRANSPORTATION--0.06% 1,853 A.P. Moller-Maersk a/s .................. 10,024 272,954 Alexander & Baldwin, Inc ................ 7,241 237,244 Associated British Ports Holdings plc ... 1,554 82,000 Carnival plc ............................ 2,491 958 Compagnie Maritime Belge S.A. ........... 38 659,187 e CP Ships Ltd ............................ 10,891 456,903 Exel plc ................................ 4,690 86,120 * Gulfmark Offshore, Inc .................. 1,454 541,032 Kamigumi Co Ltd ......................... 2,708 25 Kawasaki Kisen Kaisha Ltd ............... 0 126,844 * Kirby Corp .............................. 3,577 1,700 Maritrans, Inc .......................... 25 89,526 Mitsui O.S.K. Lines Ltd ................. 272 1,779,837 * Neptune Orient Lines Ltd ................ 1,496 58,826 Nippon Yusen Kabushiki Kaisha ........... 229 151,168 Overseas Shipholding Group, Inc ......... 3,327 347,285 Peninsular & Oriental Steam Navigation Co ........................ 1,347 64,000 Royal Caribbean Cruises Ltd ............. 1,482 33,792 * Seabulk International, Inc .............. 300 92,017 * Trico Marine Services, Inc .............. 361 6,975 Uponor Oyj .............................. 162 ---------- TOTAL WATER TRANSPORTATION 53,669 ---------- WHOLESALE TRADE-DURABLE GOODS--1.46% 44,288 e* 1-800 Contacts, Inc ..................... 1,084 105,261 e Action Performance Cos, Inc ............. 2,000 208,036 e AGFA Gevaert NV ......................... 4,417 69,420 * Alliance Imaging, Inc ................... 305 206,063 * Anixter International, Inc .............. 4,828 496,823 * Apogent Technologies, Inc ............... 9,936 125,796 Applied Industrial Technologies, Inc .... 2,654 803,580 * Arrow Electronics, Inc .................. 12,247 113,428 * Audiovox Corp (Class A) ................. 1,269 130,278 * Aviall, Inc ............................. 1,481 702,302 * Avnet, Inc .............................. 8,905 76,366 Barnes Group, Inc ....................... 1,662 109,463 * Bell Microproducts, Inc ................. 467 122,938 BorgWarner, Inc ......................... 7,917 130,536 * Boyds Collection Ltd .................... 615 185,451 Carlisle Cos, Inc ....................... 7,819 28,934 * Castle (A.M.) & Co ...................... 190 359,439 * CDW Corp ................................ 16,462 18,416 * Centerpulse AG. (Regd) .................. 4,956 162,222 Commercial Metals Co .................... 2,886 151,747 * Compucom Systems, Inc ................... 686 15,622 * Compx International, Inc ................ 87 75,599 * Department 56, Inc ...................... 1,159 1,270 D'ieteren S.A. .......................... 182 429,070 Fuji Electric Co Ltd .................... 940 175,951 Fujisawa Pharmaceutical Co Ltd .......... 3,297 83,875 * Global Imaging Systems, Inc ............. 1,943 164,879 * Handleman Co ............................ 2,638 159,913 Hughes Supply, Inc ...................... 5,549 826,985 IKON Office Solutions, Inc .............. 7,360 124,303 * Imagistics International, Inc ........... 3,207 618,945 * Ingram Micro, Inc (Class A) ............. 6,808 278,523 * Insight Enterprises, Inc ................ 2,802 2,005 Instrumentarium Oyj ..................... 76 66,661 * Insurance Auto Auctions, Inc ............ 837 19,188,444 Johnson & Johnson ....................... 992,043 69,530 * Keystone Automotive Industries, Inc ..... 1,270 160,574 * Knight Transportation, Inc .............. 3,998 32,864 Lawson Products, Inc .................... 905 479,114 Martin Marietta Materials, Inc .......... 16,103 144,249 b,e* MCSi, Inc ............................... 9 103,000 Mitsumi Electric Co Ltd ................. 1,065 157,400 b* Neuromedical Systems, Inc ............... 14 34,400 * NII Holdings, Inc (Class B) ............. 1,316 1,852 Noland Co ............................... 66 9,500 Noritsu Koki Co Ltd ..................... 310 94,793 * Nu Horizons Electronics Corp ............ 569 224,116 Owens & Minor, Inc ...................... 5,009 276,967 * Patterson Dental Co ..................... 12,569 322,994 Pep Boys-Manny Moe & Jack ............... 4,364 203,041 Pioneer-Standard Electronics, Inc ....... 1,722 65,370 * Pomeroy IT Solutions, Inc ............... 723 476,198 * PSS World Medical, Inc .................. 2,738 158,133 Reliance Steel & Aluminum Co ............ 3,273 792,058 * Safeguard Scientifics, Inc .............. 2,139 76,358 * Scansource, Inc ......................... 2,043 130,603 * SCP Pool Corp ........................... 4,493 230,000 SembCorp Logistics Ltd .................. 246 136,355 * Somera Communications, Inc .............. 199 36,469 * Source Interlink Cos, Inc ............... 277 64,779 SSL International plc ................... 314 115,200 * TBC Corp ................................ 2,195 228,779 * Tech Data Corp .......................... 6,111 762,744 Terumo Corp ............................. 12,673 6,626 * Timco Aviation Services, Inc ............ 3 21,169 * Timco Aviation Services, Inc Wts 02/27/07 ......................... 0 3,923 Titan Cement Co S.A. .................... 142 19,790 e USS Co Ltd .............................. 1,002 352,993 W.W. Grainger, Inc ...................... 16,506 117,772 Watsco, Inc ............................. 1,950 106,043 * WESCO International, Inc ................ 636 6,905 Zodiac S.A. ............................. 168 181,857 * Zoran Corp .............................. 3,493 --------- TOTAL WHOLESALE TRADE-DURABLE GOODS 1,232,327 --------- SEE NOTES TO FINANCIAL STATEMENTS 46 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- WHOLESALE TRADE-NONDURABLE GOODS--0.81% 35,682 Aceto Corp .............................. 664 278,138 Acuity Brands, Inc ...................... 5,054 92,820 Advanced Marketing Services, Inc ........ 1,207 358,291 Airgas, Inc ............................. 6,001 472,024 Alliance Unichem plc .................... 3,858 174,969 * Allscripts Healthcare Solutions, Inc .... 642 833,915 e Altana AG. .............................. 52,612 594,886 AmerisourceBergen Corp .................. 41,255 10,323 Bridgford Foods Corp .................... 78 7,704,761 British American Tobacco plc ............ 87,409 186,529 e Brown-Forman Corp (Class B) ............. 14,665 2,361,189 Cardinal Health, Inc .................... 151,824 44,096 Celesio AG. ............................. 1,733 27,886 * Central European Distribution Corp ...... 562 220,470 * Chiquita Brands International, Inc ...... 3,197 37,304 Ciba Specialty Chemicals AG. (Regd) ..... 2,258 83,869 D&K Healthcare Resources, Inc ........... 1,354 117,311 b,e* Daisytek International Corp ............. 8 276,113 DIMON, Inc .............................. 1,977 175,063 * Endo Pharmaceuticals Holdings, Inc ...... 2,962 306,384 b,e* Fleming Cos, Inc ........................ 34 226,763 Fyffes plc .............................. 357 106,967 Getty Realty Corp ....................... 2,388 27,694 * Green Mountain Coffee, Inc .............. 526 65,848 H. Lundbeck a/s ......................... 1,333 156,257 * Hain Celestial Group, Inc ............... 2,499 201,207 * Henry Schein, Inc ....................... 10,531 540,797 Imperial Tobacco Group plc .............. 9,665 100,000 Inditex S.A. ............................ 2,515 49,487 * Kenneth Cole Productions, Inc (Class A) . 965 371,900 e Kokuyo Co Ltd ........................... 3,543 2,098,555 Li & Fung Ltd ........................... 2,705 269,881 e Loblaw Cos Ltd .......................... 12,315 20,435 * Maui Land & Pineapple Co ................ 459 1,638,202 McKesson Corp ........................... 58,549 214,576 * Men's Wearhouse, Inc .................... 4,688 77,591 Nash Finch Co ........................... 1,292 276,908 Nu Skin Enterprises, Inc (Class A) ...... 2,894 16,512 Omega Pharma S.A. ....................... 502 240,078 * Performance Food Group Co ............... 8,883 416,200 Perrigo Co .............................. 6,509 158,995 * Plains Resources, Inc ................... 2,250 92,414 f* Priority Healthcare Corp (Class A) ...... 1,714 89,163 * Priority Healthcare Corp (Class B) ...... 1,654 161,444 Russell Corp ............................ 3,067 97,402 e* School Specialty, Inc ................... 2,772 75,534 * Smart & Final, Inc ...................... 350 74,652 Standard Commercial Corp ................ 1,269 267,157 Stride Rite Corp ........................ 2,661 911,790 Supervalu, Inc .......................... 19,439 258,235 Swedish Match AB ........................ 1,952 3,581,810 Sysco Corp .............................. 107,534 95,421 * Tractor Supply Co ....................... 4,556 3,876 b* U.S. Office Products Co ................. 0 112,286 * United Natural Foods, Inc ............... 3,160 206,756 * United Stationers, Inc .................. 7,478 164,706 Valhi, Inc .............................. 1,584 36,926 * VistaCare, Inc (Class A) ................ 898 1,032 Wella AG. ............................... 75 89,387 e* Weston (George) Ltd ..................... 6,737 5,285 Weyco Group, Inc ........................ 243 ---------- TOTAL WHOLESALE TRADE-NONDURABLE GOODS 681,865 ---------- TOTAL COMMON STOCK (COST $71,934,240) 83,391,977 ---------- PRINCIPAL --------- SHORT TERM INVESTMENTS--3.30% CERTIFICATES OF DEPOSIT--0.19% Bank of America $ 25,000,000 d 1.240%, 10/21/03 ....................... 25,010 First Tennessee National Bank 25,000,000 d 1.210%, 07/31/03 ....................... 25,003 Toronto Dominion Bank 25,000,000 1.200%, 11/14/03 ....................... 25,012 25,000,000 d 1.140%, 11/21/03 ....................... 25,007 Wachovia Bank, National Association 10,000,000 1.210%, 07/28/03 ....................... 9,992 Wells Fargo 45,000,000 d 1.240%, 07/01/03 ....................... 45,000 8,000,000 1.220%, 07/23/03 ....................... 8,001 ` ---------- TOTAL CERTIFICATES OF DEPOSIT 163,025 ---------- COMMERCIAL PAPER--1.69% American Honda Finance Corp 25,000,000 1.160%, 08/08/03 ....................... 24,972 50,000,000 1.000%, 08/12/03 ....................... 49,938 Asset Securitization Coop Corp 50,000,000 c 0.950%, 07/30/03 ....................... 49,957 Bellsouth Corp 700,000 c 0.950%, 07/11/03 ....................... 700 Beta Finance, Inc 13,050,000 c,d 1.260%, 07/10/03 ....................... 13,046 30,000,000 c,d 1.240%, 07/25/03 ....................... 29,978 16,500,000 c 1.070%, 08/04/03 ....................... 16,483 25,000,000 c 0.930%, 09/22/03 ....................... 24,939 BMW U.S. Capital Corp 13,700,000 0.990%, 07/22/03 ....................... 13,691 41,000,000 c 1.020%, 07/23/03 ....................... 40,973 17,700,000 0.910%, 07/24/03 ....................... 17,688 Ciesco LP 14,800,000 0.900%, 07/30/03 ....................... 14,787 25,000,000 1.000%, 08/04/03 ....................... 24,975 50,000,000 c 1.220%, 08/07/03 ....................... 49,945 Corporate Asset Funding Corp, Inc 17,000,000 c 1.220%, 07/17/03 ....................... 16,992 Delaware Funding Corp 34,635,000 c 0.950%, 08/13/03 ....................... 34,591 Edison Asset Securitization, LLC 75,000,000 c 1.200%, 08/26/03 ....................... 74,876 25,000,000 c 0.930%, 09/22/03 ....................... 24,939 Govco, Inc 43,000,000 c 1.240%, 07/09/03 ....................... 42,989 22,000,000 c,d 1.240%, 07/14/03 ....................... 21,991 35,000,000 c 1.210%, 08/07/03 ....................... 34,962 Greyhawk Funding LLC 30,300,000 c 1.000%, 07/16/03 ....................... 30,286 Harley-Davidson Funding Corp 20,000,000 c 1.170%, 07/08/03 ....................... 19,995 10,000,000 c 1.050%, 07/16/03 ....................... 9,995 11,250,000 c 0.920%, 07/17/03 ....................... 11,244 8,000,000 c 1.010%, 08/13/03 ....................... 7,990 Johnson & Johnson 40,000,000 c,d 1.210%, 07/15/03 ....................... 39,983 Kimberly-Clark Worldwide, Inc 28,400,000 c 1.210%, 07/11/03 ....................... 28,391 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 47 Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- COMMERCIAL PAPER--(CONTINUED) Links Finance LLC $ 50,000,000 c,d 1.080%, 09/10/03 ....................... $ 49,896 30,000,000 c 1.190%, 09/15/03 ....................... 29,933 Paccar Financial Corp 20,100,000 1.070%, 07/07/03 ....................... 20,096 11,995,000 1.180%, 08/29/03 ....................... 11,974 Park Avenue Receivables Corp 10,000,000 c 1.300%, 07/01/03 ....................... 10,000 17,530,000 c 1.110%, 07/11/03 ....................... 17,524 25,000,000 c 1.190%, 07/11/03 ....................... 24,992 Pfizer, Inc 30,000,000 c 1.200%, 07/02/03 ....................... 29,998 Preferred Receivables Funding Corp 60,000,000 c 1.080%, 07/11/03 ....................... 59,981 25,000,000 c 0.970%, 07/15/03 ....................... 24,989 14,000,000 c 1.060%, 07/31/03 ....................... 13,987 Private Export Funding Corp 38,865,000 c 1.220%, 07/15/03 ....................... 38,848 16,000,000 c 1.200%, 08/13/03 ....................... 15,980 6,000,000 c 1.150%, 09/22/03 ....................... 5,985 13,700,000 c 1.150%, 11/13/03 ....................... 13,646 20,390,000 c 1.150%, 12/03/03 ....................... 20,299 Receivables Capital Corp 31,600,000 c 1.120%, 07/02/03 ....................... 31,598 35,000,000 c 1.020%, 07/09/03 ....................... 34,991 SBC Communications, Inc 5,900,000 c 1.150%, 07/15/03 ....................... 5,897 8,100,000 c 1.010%, 08/11/03 ....................... 8,090 Sigma Finance, Inc 15,000,000 c 1.160%, 09/02/03 ....................... 14,972 Societe Generale North America, Inc 25,000,000 0.940%, 07/21/03 ....................... 24,985 UBS Finance, (Delaware), Inc 45,920,000 1.070%, 07/08/03 ....................... 45,909 Variable Funding Capital Corp 25,000,000 c,d 1.230%, 07/18/03 ....................... 24,987 25,000,000 c,d 1.220%, 07/18/03 ....................... 24,987 21,000,000 c 1.210%, 07/29/03 ....................... 20,982 Verizon Network Funding Corp 23,500,000 0.960%, 07/09/03 ....................... 23,494 --------- TOTAL COMMERCIAL PAPER 1,420,316 --------- U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--1.36% Federal Home Loan Bank (FHLB) 57,745,000 1.175%, 07/30/03 ....................... 57,699 39,145,000 0.970%, 08/01/03 ....................... 39,111 Federal Home Loan Mortgage Corp (FHLMC) 15,200,000 1.145%, 07/01/03 ....................... 15,200 40,000,000 1.170%, 08/21/03 ....................... 39,944 125,000,000 1.020%, 09/30/03 ....................... 124,690 40,000,000 1.060%, 09/30/03 ....................... 39,901 79,400,000 0.900%, 10/30/03 ....................... 79,136 50,000,000 0.910%, 10/31/03 ....................... 49,833 Federal National Mortgage Association (FNMA) 14,100,000 1.185%, 07/07/03 ....................... 14,097 50,000,000 1.190%, 07/07/03 ....................... 49,991 18,800,000 1.180%, 07/07/03 ....................... 18,797 50,000,000 1.200%, 07/09/03 ....................... 49,988 23,100,000 1.180%, 07/09/03 ....................... 23,094 50,000,000 1.190%, 07/23/03 ....................... 49,969 36,980,000 1.170%, 08/06/03 ....................... 36,943 42,500,000 1.170%, 08/13/03 ....................... 42,450 50,700,000 1.175%, 08/13/03 ....................... 50,640 50,000,000 1.175%, 08/20/03 ....................... 49,931 150,000,000 1.170%, 08/20/03 ....................... 149,794 50,000,000 1.065%, 09/03/03 ....................... 49,912 45,000,000 1.070%, 09/03/03 ....................... 44,921 21,819,000 1.070%, 09/30/03 ....................... 21,765 50,000,000 1.090%, 10/31/03 ....................... 49,835 --------- TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 1,147,641 --------- VARIABLE NOTES--0.06% Sigma Finance, Inc 25,000,000 1.300%, 10/07/03 ....................... 25,000 25,000,000 1.170%, 02/25/04 ....................... 24,998 --------- TOTAL VARIABLE NOTES 49,998 --------- TOTAL SHORT TERM INVESTMENTS (COST $2,779,468) 2,780,980 --------- TOTAL PORTFOLIO--102.50% (COST $74,802,362) $86,257,441 OTHER ASSETS & LIABILITIES--(2.50)% (2,105,452) ----------- NET ASSETS--100.00% $84,151,989 =========== - ----------- * 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 margins 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 June 30, 2003, the value of these securities amounted to $127,186,171 or 0.16% of net assets. SEE NOTES TO FINANCIAL STATEMENTS 48 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - STOCK ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- Additional information on each restricted security is as follows:
ACQUISTION DATE ACQUISITION COST --------------- ---------------- Baring Vostok L.P. 02/12/01 $ 9,637,514 BB Bioventures L.P. 03/24/98 14,724,615 Belo (A.H.) Corp (Class B) 05/23/88 1,900,588 Claire'S Stores, Inc (Class A) 12/07/92 411,235 Dow Jones & Co, Inc (Class B) 07/31/86 6,128,067 Genesoft Series C Financing 06/20/00 7,000,000 Genesoft Series D Financing 08/09/01 2,000,000 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 16,221,389 National Health Investors, Inc. (Sr Sub Deb) 01/10/01 173,000 Priority Healthcare Corp (Class A) 01/04/99 840,339 Promet Berhad 12/31/01 6,669 Skyline Ventures Partners II, LP 02/15/00 3,281,253 Skyline Ventures Partners III, LP 09/07/01 310,000 Advanced Medicine Series C 01/25/99 7,999,996 Advanced Medicine Series D 08/31/00 4,000,005 Wrigley (WM) Jr. Co. (Class B) 04/30/86 1,873,333 Zebra Technologies Corp (Class B) 10/29/98 43,233 ----------- $76,612,004 ===========
COLLEGE RETIREMENT EQUITIES FUND TRANSACTIONS WITH AFFILIATED COMPANIES - STOCK ACCOUNT JANUARY 1, 2003 - JUNE 30, 2003 - --------------------------------------------------------------------------------
VALUE AT PURCHASE SALES REALIZED DIVIDEND SHARES AT VALUE AT ISSUE DECEMBER 31, 2002 COST PROCEEDS GAIN (LOSS) INCOME JUNE 30, 2003 JUNE 30, 2003 - ------- ------------------ ----------- ------------ ------------ ------------ ------------- ------------- Autoliv, Inc $114,653,410 $ 1,042,656 $ 10,432,896 $ 275,586 $ 713,848 $ 5,059,746 $137,017,922 Baring Vostok L.P. 8,464,264 378,127 -- -- -- 9,760,891 8,842,391 Martek Biosciences Corp 33,237,140 522,959 12,941,197 5,843,034 -- -- * Max Re Capital Ltd 24,800,422 359,010 -- -- 90,024 2,274,692 34,052,139 ------------ ------------ ------------ ------------ ------------ ------------ $181,155,236 $ 2,302,752 $ 23,374,093 $ 6,118,620 $ 803,872 $179,912,452 ============ ============ ============ ============ ============ ============
- -------------- * Not an affiliate as of June 30, 2003 Note that the funds may use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 49 Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - ------------------------------------------------------------------------------- Summary by Industry VALUE (000) % - -------------------------------------------------------------------------------- PREFERRED STOCK: Chemicals and Allied Products ................... $ 21 0.00% Instruments and Related Products ................ 164 0.00 Printing and Publishing ......................... 6,189 0.10 Transportation Equipment ........................ 1,795 0.03 ---------- ----- TOTAL PREFERRED STOCK ........................... 8,169 0.13 ---------- ----- (COST $8,223) COMMON STOCK: Agricultural Services ........................... 665 0.01 Amusement and Recreation Services ............... 1,278 0.02 Apparel and Accessory Stores .................... 26,710 0.42 Apparel and Other Textile Products .............. 3,460 0.05 Auto Repair, Services and Parking ............... 1,869 0.03 Automotive Dealers and Service Stations ......... 2,010 0.03 Building Materials and Garden Supplies .......... 106,138 1.68 Business Services ............................... 419,366 6.64 Chemicals and Allied Products ................... 781,420 12.37 Communications .................................. 509,058 8.06 Depository Institutions ......................... 850,135 13.46 Eating and Drinking Places ...................... 10,209 0.16 Educational Services ............................ 2,163 0.03 Electric, Gas, and Sanitary Services ............ 162,893 2.58 Electronic and Other Electric Equipment ......... 450,832 7.14 Engineering and Management Services ............. 14,612 0.23 Fabricated Metal Products ....................... 28,748 0.46 Food and Kindred Products ....................... 256,540 4.06 Food Stores ..................................... 50,907 0.81 Forestry ........................................ 14,198 0.22 Furniture and Fixtures .......................... 11,198 0.18 Furniture and Homefurnishings Stores ............ 9,525 0.15 General Building Contractors .................... 9,191 0.15 General Merchandise Stores ...................... 78,854 1.25 Health Services ................................. 25,205 0.40 Heavy Construction, Except Building ............. 54,666 0.87 Holding and Other Investment Offices ............ 49,672 0.79 Hotels and Other Lodging Places ................. 12,248 0.19 Industrial Machinery and Equipment .............. 392,996 6.22 Instruments and Related Products ................ 215,885 3.42 Insurance Agents, Brokers and Services .......... 11,318 0.18 Insurance Carriers .............................. 256,589 4.06 Leather and Leather Products .................... 18,997 0.30 Local and Interurban Passenger Transit .......... 3,316 0.05 Lumber and Wood Products ........................ 2,747 0.04 Metal Mining .................................... 28,534 0.45 Miscellaneous Manufacturing Industries .......... 8,507 0.13 Miscellaneous Retail ............................ 12,545 0.20 Motion Pictures ................................. 18,311 0.29 Nondepository Institutions ...................... 177,803 2.81 Nonmetallic Minerals, Except Fuels .............. 1,831 0.03 Oil and Gas Extraction .......................... 181,160 2.87 Paper and Allied Products ....................... 28,545 0.45 Personal Services ............................... 930 0.01 Petroleum and Coal Products ..................... 276,314 4.37 Pipelines, Except Natural Gas ................... 1,162 0.02 Primary Metal Industries ........................ 29,382 0.47 Printing and Publishing ......................... 15,143 0.24 Railroad Transportation ......................... 16,326 0.26 Real Estate ..................................... 16,115 0.26 Rubber and Miscellaneous Plastic Products ....... 39,669 0.63 Security and Commodity Brokers .................. 86,202 1.36 Special Trade Contractors ....................... 3,125 0.05 Stone, Clay, and Glass Products ................. 6,752 0.11 Textile Mill Products ........................... 3,437 0.05 Tobacco Products ................................ 1,222 0.02 Transportation by Air ........................... 6,177 0.10 Transportation Equipment ........................ 199,451 3.16 Transportation Services ......................... 5,950 0.09 Trucking and Warehousing ........................ 49,101 0.78 Water Transportation ............................ 6,993 0.11 Wholesale Trade-Durable Goods ................... 82,663 1.31 Wholesale Trade-Nondurable Goods ................ 43,465 0.70 ---------- ----- TOTAL COMMON STOCK .............................. 6,192,433 98.04 (COST $6,048,368) ---------- ----- SHORT TERM INVESTMENTS Certificate of Deposit .......................... 13,000 0.21 Commercial Paper ................................ 166,402 2.63 U.S. Government and Agencies Discount Notes ..... 132,720 2.10 ---------- ----- TOTAL SHORT TERM INVESTMENTS .................... 312,122 4.94 ========== ----- (COST $312,094) TOTAL PORTFOLIO (COST $6,368,685) .............................. 6,512,724 103.11 OTHER ASSETS & LIABILITIES, NET ................. (196,264) (3.11) ---------- ------ NET ASSETS ...................................... $6,316,460 100.00% ========== ====== Summary by Country VALUE (000) % - -------------------------------------------------------------------------------- DOMESTIC: United States ................................... $3,488,817 53.57% ---------- ------ DOMESTIC ........................................ 3,488,817 53.57 ---------- ------ FOREIGN: Australia ....................................... 132,671 2.04 Austria ......................................... 11,547 0.18 Belgium ......................................... 21,565 0.33 Bermuda ......................................... 10,467 0.16 Canada .......................................... 163,106 2.50 China ........................................... 4,465 0.07 Denmark ......................................... 18,491 0.28 Finland ......................................... 35,625 0.55 France .......................................... 207,660 3.19 Germany ......................................... 130,345 2.00 Greece .......................................... 2,357 0.04 Hong Kong ....................................... 25,658 0.39 Ireland ......................................... 6,225 0.10 Italy ........................................... 63,464 0.98 Japan ........................................... 527,713 8.10 Luxembourg ...................................... 93 0.00 Netherlands ..................................... 184,277 2.83 New Zealand ..................................... 7,438 0.11 Norway .......................................... 2,808 0.04 Portugal ........................................ 2,105 0.03 Singapore ....................................... 12,732 0.20 South Africa .................................... 6,504 0.10 Spain ........................................... 98,765 1.52 Sweden .......................................... 114,013 1.75 Switzerland ..................................... 261,801 4.02 Taiwan .......................................... 12,384 0.19 United Kingdom .................................. 647,506 9.94 ---------- ------ TOTAL FOREIGN ................................... 2,711,785 41.64 ---------- ------ SHORT TERM INVESTMENTS .......................... 312,122 4.79 ---------- ------ TOTAL PORTFOLIO ................................. $6,512,724 100.00% ========== ====== SHARES VALUE (000) ------ ---------- PREFERRED STOCK--0.13% CHEMICALS AND ALLIED PRODUCTS--0.00% 343 Henkel Kgaa ............................... $ 21 ---------- TOTAL CHEMICALS AND ALLIED PRODUCTS ....... 21 ---------- INSTRUMENTS AND RELATED PRODUCTS--0.00% 4,533 Fresenius Medical Care AG. ................ 164 ---------- TOTAL INSTRUMENTS AND RELATED PRODUCTS .... 164 ---------- SEE NOTES TO FINANCIAL STATEMENTS 50 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- PRINTING AND PUBLISHING--0.10% 1,004,178 News Corp Ltd ........................... $ 6,189 ------- TOTAL PRINTING AND PUBLISHING ........... 6,189 ------- TRANSPORTATION EQUIPMENT--0.03% 1,127 * Fiat S.p.A. ............................. 5 2,524 Porsche AG. ............................. 1,070 24,027 Volkswagen AG. .......................... 720 ------- TOTAL TRANSPORTATION EQUIPMENT .......... 1,795 ------- TOTAL PREFERRED STOCK (COST $8,223) .......................... 8,169 ------- COMMON STOCK--98.04% AGRICULTURAL SERVICES--0.01% 13,275 Syngenta AG. ............................ 665 ------- TOTAL AGRICULTURAL SERVICES ............. 665 ------- AMUSEMENT AND RECREATION SERVICES--0.02% 126,520 EMI Group plc ........................... 255 7,266 Oriental Land Co Ltd .................... 318 1,591 TAB Ltd ................................. 3 97,144 TABCORP Holdings Ltd .................... 702 ------- TOTAL AMUSEMENT AND RECREATION SERVICES . 1,278 ------- APPAREL AND ACCESSORY STORES--0.42% 6,030 Fast Retailing Co Ltd ................... 186 1,164,826 Gap, Inc ................................ 21,852 69,276 Hennes & Mauritz AB (B Shs) ............. 1,592 197,496 Limited Brands, Inc ..................... 3,061 341 Shimamura Co Ltd ........................ 19 ------- TOTAL APPAREL AND ACCESSORY STORES ...... 26,710 ------- APPAREL AND OTHER TEXTILE PRODUCTS--0.05% 32,461 * Ansell Ltd .............................. 127 9,106 Aoyama Trading Co Ltd ................... 121 66,051 Esprit Holdings Ltd ..................... 161 53,338 Gunze Ltd ............................... 201 40,300 * Jones Apparel Group, Inc ................ 1,179 22,000 Onward Kashiyama Co Ltd ................. 178 38,818 VF Corp ................................. 1,319 945 Wacoal Corp ............................. 7 109,000 Wing Tai Holdings Ltd ................... 46 6,200 e World Co Ltd ............................ 121 ------- TOTAL APPAREL AND OTHER TEXTILE PRODUCTS ............................. 3,460 ------- AUTO REPAIR, SERVICES AND PARKING--0.03% 261,824 Imperial Holdings Ltd ................... 1,869 ------- TOTAL AUTO REPAIR, SERVICES AND PARKING . 1,869 ------- AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.03% 4,800 Autobacs Seven Co Ltd ................... 89 80,333 Canadian Tire Corp (Class A) ............ 1,921 15 * Carmax, Inc ............................. 0 ------- TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS ............................. 2,010 ------- BUILDING MATERIALS AND GARDEN SUPPLIES--1.68% 50,000 Cheung Kong Infrastructure Holdings Ltd . 97 1,024,988 Home Depot, Inc ......................... 33,948 1,178,488 Lowe's Cos .............................. 50,616 9,000 Sumitomo Forestry Co Ltd ................ 47 1,937,572 Wolseley plc ............................ 21,430 ------- TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES ...................... 106,138 ------- BUSINESS SERVICES--6.64% 1,237 e Acciona S.A. ............................ 59 11,964 Adecco S.A. (Regd) ...................... 493 823 Aegis Group plc ......................... 1 6,240 Aeon Credit Service Co Ltd .............. 197 1,972,218 * AOL Time Warner, Inc .................... 31,733 12,400 e Asatsu-DK, Inc .......................... 222 267,800 Automatic Data Processing, Inc .......... 9,068 71 * BEA Systems, Inc ........................ 1 911,384 * BMC Software, Inc ....................... 14,883 4,757 * Business Objects ........................ 106 98,888 * Brocade Communications Systems, Inc ..... 582 12,896 * Cap Gemini S.A. ......................... 458 100,010 Capita Group plc ........................ 373 64,377 * CGI Group, Inc (Class A) ................ 379 3,525,821 Chubb plc ............................... 4,393 91,385 Computershare Ltd ....................... 115 1,200 Creative Technology Ltd ................. 10 7,731 e CSK Corp ................................ 211 439,148 * Cendant Corp ............................ 8,045 65,916 * Ceridian Corp ........................... 1,119 59 * Certegy, Inc ............................ 2 56 * Citrix Systems, Inc ..................... 1 4,554 * Cognizant Technology Solutions Corp ..... 111 198,525 * Cognos, Inc ............................. 5,329 73,841 * Computer Sciences Corp .................. 2,815 167,039 * Compuware Corp .......................... 964 69,264 * Convergys Corp .......................... 1,108 2,998 Dassault Systemes S.A. .................. 98 17,614 Deutsche Post AG. (Regd) ................ 259 42,500 Diamond Lease Co Ltd .................... 710 31,940 * DST Systems, Inc ........................ 1,214 403 * e.Biscom S.p.A. ......................... 12 11,356 * EDB Business Partner ASA ................ 39 14 * Electronic Arts, Inc .................... 1 213,399 Electronic Data Systems Corp ............ 4,577 63,819 Equifax, Inc ............................ 1,659 224 Faith, Inc .............................. 1,272 3,400 Fuji Soft ABC, Inc ...................... 61 2,300 Fujitsu Support & Service, Inc .......... 37 85,393 * Fiserv, Inc ............................. 3,041 10,708 Haw Par Corp Ltd ........................ 26 233,965 Hays plc ................................ 371 3,400 Hitachi Software Engineering Co Ltd ..... 71 2,850 e* Hudson Highland Group, Inc .............. 54 82,900 IMS Health, Inc ......................... 1,491 3,608 * Iona Technologies plc ................... 8 3,500 Itochu Techno-Science Corp .............. 81 170,902 * Interpublic Group of Cos, Inc ........... 2,287 16 * Intuit, Inc ............................. 1 29 * Juniper NETworks, Inc ................... 0 76,000 Keppel Land Ltd ......................... 55 11,478 Konami Corp ............................. 206 200 Meitec Corp ............................. 6 71,361 * Ementor ASA ............................. 33 71,238 Misys plc ............................... 302 38,000 * Monster Worldwide, Inc .................. 750 36 * Mercury Interactive Corp ................ 1 3,361,511 Microsoft Corp .......................... 86,088 296 Namco Ltd ............................... 5 4 NET One Systems Co Ltd .................. 20 1,400 Nippon System Development Co Ltd ........ 19 122 NTT Data Corp ........................... 376 47,255 Omnicom Group, Inc ...................... 3,388 3,753,068 * Oracle Corp ............................. 45,112 245,360 * PCCW Ltd ................................ 152 78 e Publicis Groupe S.A. .................... 2 486,700 * Peoplesoft, Inc ......................... 8,561 71 b* Peregrine Systems, Inc .................. 0 1,657,657 Rentokil Initial plc .................... 5,177 73,927 * Robert Half International, Inc .......... 1,400 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 51 Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- BUSINESS SERVICES--(CONTINUED) 118,864 Sage Group plc .......................... $ 318 94,390 SAP AG. ................................. 11,132 346,045 Secom Co Ltd ............................ 10,144 1,346,305 Securicor plc ........................... 1,655 63,489 e Securitas AB (B Shs) .................... 650 289,000 Seiko Epson Corp ........................ 8,592 78,787 Serco Group plc ......................... 208 19,560 e Softbank Corp ........................... 371 80,300 Sumisho Lease Co Ltd .................... 1,394 96,879 SGS Societe Generale Surveillance Holdings S.A. ........................ 37,835 4,509,282 * Sun Microsystems, Inc ................... 20,743 125,583 * SunGard Data Systems, Inc ............... 3,254 750,178 * Symantec Corp ........................... 32,903 5,143 TIS, Inc ................................ 99 35,027 e* Tiscali S.p.A. .......................... 179 16,673 Tokyu Corp .............................. 54 12,000 * Trend Micro, Inc ........................ 186 60,590 e Thomson Corp ............................ 1,891 23 * Unisys Corp ............................. 0 74 * Veritas Software Corp ................... 2 53,577 e* Wanadoo ................................. 359 147,096 Wharf Holdings Ltd ...................... 283 35,786 * WM-Data AB (B Shs) ...................... 55 4,497,964 WPP Group plc ........................... 35,256 67 * Yahoo!, Inc 2 --------- TOTAL BUSINESS SERVICES 419,366 --------- CHEMICALS AND ALLIED PRODUCTS--12.37% 1,140,388 Abbott Laboratories ..................... 49,903 29,400 * Agrium, Inc ............................. 319 425,076 Air Products & Chemicals, Inc ........... 17,683 848,650 Akzo Nobel NV ........................... 22,493 41,338 Amersham plc ............................ 310 1,011,073 * Amgen, Inc .............................. 67,722 142,642 Asahi Kasei Corp ........................ 407 478,033 AstraZeneca plc (United Kingdom) ........ 19,168 61,025 Aventis S.A. ............................ 3,357 52,120 BASF AG. ................................ 2,226 64,189 Bayer AG. ............................... 1,487 37 * Biogen, Inc ............................. 1 48,804 * Biovail Corp ............................ 2,261 50,908 BOC Group plc ........................... 653 1,984,000 Byd Co Ltd (H Shs) ...................... 4,465 497,326 * Celltech Group plc ...................... 2,815 6,900 Chugai Pharmaceutical Co Ltd ............ 78 3,162 CSL Ltd ................................. 25 1,223,221 Daicel Chemical Industries Ltd .......... 3,881 24,150 Daiichi Pharmaceutical Co Ltd ........... 315 619,000 Dainippon Ink & Chemicals, Inc .......... 1,253 25,000 Denki Kagaku Kogyo KK ................... 69 619,100 Dow Chemical Co ......................... 19,167 193 Du Pont (E.I.) de Nemours & Co .......... 8 20,153 Eisai Co Ltd ............................ 415 4,917 * Elan Corp plc ........................... 28 29,483 * Elan Corp plc (Spon ADR) ................ 166 183,276 * Gilead Sciences, Inc .................... 10,186 9 Givaudan S.A. (Regd) .................... 4 3,119,824 GlaxoSmithKline plc ..................... 62,962 51,352 * Human Genome Sciences, Inc .............. 653 20 * IDEC Pharmaceuticals Corp ............... 1 986,296 Imperial Chemical Industries plc ........ 1,998 12,940 International Flavors & Fragrances, Inc . 413 310 Ishihara Sangyo Kaisha Ltd .............. 1 13,000 JSR Corp ................................ 158 46,000 Kaneka Corp ............................. 283 494,523 e Kao Corp ................................ 9,205 80,460 Kose Corp ............................... 2,627 43,666 e Kyowa Hakko Kogyo Co Ltd ................ 236 10,617 L'Air Liquide S.A. ...................... 1,574 246,066 Lilly (Eli) & Co ........................ 16,971 78,460 Lonza Group AG. (Regd) .................. 3,591 73,394 e L'Oreal S.A. ............................ 5,175 428,890 Merck & Co, Inc ......................... 25,969 120,013 * Millennium Pharmaceuticals, Inc ......... 1,888 175,182 Mitsubishi Chemical Corp ................ 357 1,642 Mitsubishi Gas Chemical Co, Inc ......... 3 60,000 Mitsui Chemicals, Inc ................... 277 49,000 Nippon Kayaku Co Ltd .................... 209 13,000 Nippon Shokubai Co Ltd .................. 77 33,750 Nova Chemicals Corp ..................... 639 706,113 Novartis AG. (Regd) ..................... 27,941 24,351 Novo Nordisk a/s (B Shs) ................ 852 59,000 Ono Pharmaceutical Co Ltd ............... 1,818 11,622 Orica Ltd ............................... 84 3,853,205 Pfizer, Inc ............................. 131,587 874,635 Procter & Gamble Co ..................... 78,000 18,343 e* Qiagen NV ............................... 155 4,927 * QLT, Inc ................................ 62 2,261,075 Reckitt Benckiser plc ................... 41,490 7,267 e Roche Holding AG. ....................... 893 158,912 Roche Holding AG. (Genusscheine) ........ 12,465 474,505 Rohm & Haas Co .......................... 14,724 34,270 Sankyo Co Ltd ........................... 409 32,864 Sanofi-Synthelabo S.A. .................. 1,925 17,325 Schering AG. ............................ 847 51,544 Sekisui Chemical Co Ltd ................. 174 433 Serono S.A. (B Shs) ..................... 254 213,084 e Shin-Etsu Chemical Co Ltd ............... 7,276 508,801 Shionogi & Co Ltd ....................... 6,894 32,000 Shiseido Co Ltd ......................... 311 143,000 Showa Denko KK .......................... 249 125,398 SNIA S.p.A. ............................. 246 8,323 Solvay S.A. ............................. 573 7,000 Sumitomo Bakelite Co Ltd ................ 29 639,860 Sumitomo Chemical Co Ltd ................ 2,009 6,300 Suzuken Co Ltd .......................... 150 16,746 Taisho Pharmaceutical Co Ltd ............ 242 632,706 Takeda Chemical Industries Ltd .......... 23,343 111,075 Teijin Ltd .............................. 278 1,224,000 Toray Industries, Inc ................... 2,844 10,000 Tosoh Corp .............................. 22 100,000 UBE Industries Ltd ...................... 147 931 UCB S.A. ................................ 26 150,318 Wesfarmers Ltd .......................... 2,551 1,179,173 Wyeth ................................... 53,711 27,114 Yamanouchi Pharmaceutical Co Ltd ........ 707 --------- TOTAL CHEMICALS AND ALLIED PRODUCTS ..... 781,420 --------- COMMUNICATIONS--8.06% 606,449 e* Alcatel S.A. ............................ 5,467 46 * Avaya, Inc .............................. 0 182,890 * BCE, Inc ................................ 4,181 831,820 BellSouth Corp .......................... 22,151 2,200,280 * British Sky Broadcasting Group plc ...... 24,381 3,868,440 BT Group plc ............................ 13,006 1,899,698 * Cable & Wireless plc .................... 3,542 769 Canal Plus .............................. 4 123,293 Carlton Communications plc .............. 308 942,168 * Clear Channel Communications, Inc ....... 39,939 1,202,181 * Comcast Corp ............................ 36,282 137,423 * Comcast Corp Special .................... 3,962 SEE NOTES TO FINANCIAL STATEMENTS 52 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- COMMUNICATIONS--(CONTINUED) 91,800 * Cox Communications, Inc (Class A) ........... $ 2,928 425,455 e* Deutsche Telekom AG. (Regd) ................. 6,493 22,088 * Elisa Oyj ................................... 190 20,490,843 * Ericsson (LM) (B Shs) ....................... 22,014 106,938 e* France Telecom S.A. ......................... 2,623 55 Fuji Television Network, Inc ................ 194 44,777 * GN Store Nord ............................... 184 40,556 Hellenic Telecommunications Organization S.A. 480 3,427 KDDI Corp ................................... 13,271 280,397 * KPN NV ...................................... 1,987 2,432,492 e* Level 3 Communications, Inc ................. 16,152 1,525,685 e* Lucent Technologies, Inc .................... 3,097 88,628 Mediaset S.p.A. ............................. 750 7,377 e* Modern Times Group AB (B Shs) ............... 113 28,235 * Nera ASA .................................... 40 13,000 Nippon Comsys Corp .......................... 66 1,033 Nippon Telegraph & Telephone Corp ........... 4,052 78,980 Nippon Television Network Corp .............. 9,412 4,649 NTT Docomo, Inc ............................. 10,067 80,105 Portugal Telecom SGPS S.A. (Regd) ........... 574 6,357 * PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A. ........................ 111 169,689 e Publishing & Broadcasting Ltd ............... 1,124 73 * Qwest Communications International, Inc ..... 0 83,432 Rogers Communications, Inc (Class B) ........ 1,329 1,446,988 SBC Communications, Inc ..................... 36,971 18,103 Shaw Communications, Inc (Class B) .......... 242 518,670 Singapore Telecommunications Ltd ............ 445 3,739 Societe Television Francaise 1 (T.F.1) ...... 115 316,822 * Sprint Corp (PCS Group) ..................... 1,822 2,124 Swisscom AG. (Regd) ......................... 604 16,433 Tandberg ASA ................................ 85 14,107 TDC a/s ..................................... 422 8,662 e* Tele2 AB (B Shs) ............................ 322 2,159,345 Telecom Corp of New Zealand Ltd ............. 6,624 305,000 e Telecom Italia S.p.A. ....................... 2,760 76,509 Telecom Italia S.p.A.(Rnc) .................. 419 2,870,743 Telefonica S.A. ............................. 33,329 34,929 Telefonica S.A. (Spon ADR) .................. 1,207 21,998 * Telekom Austria AG. ......................... 250 11,600 Television Broadcasts Ltd ................... 42 142,207 TeliaSonera AB .............................. 590 188,722 Telstra Corp Ltd ............................ 557 17,519 TELUS Corp .................................. 308 1,870 TELUS Corp (Non-Vote) ....................... 31 41,304 * Terra Networks S.A. ......................... 250 4,178,257 TIM S.p.A. .................................. 20,584 14,654 Tokyo Broadcasting System, Inc .............. 179 1,975,194 Verizon Communications, Inc ................. 77,921 666,652 * Viacom, Inc (Class B) ....................... 29,106 22,194,167 Vodafone Group plc .......................... 43,399 88 b* WorldCom, Inc (MCI Group) ................... 0 --------- TOTAL COMMUNICATIONS 509,058 --------- DEPOSITORY INSTITUTIONS--13.46% 1,854,325 e ABN Amro Holding NV ......................... 35,455 84,750 Allied Irish Banks plc ...................... 1,274 13,061 Allied Irish Banks plc (United Kingdom) ..... 195 46,934 Alpha Bank S.A. ............................. 818 2,050,200 * Ashikaga Financial Group, Inc ............... 3,039 406,084 Australia & New Zealand Banking Group Ltd ... 5,068 191,720 e Banca Intesa S.p.A. ......................... 613 328,662 e Banca Intesa S.p.A. (Rnc) ................... 755 164,580 Banca Monte dei Paschi di Siena S.p.A. ...... 449 107,318 e Banca Popolare di Milano .................... 470 628,614 Banco Bilbao Vizcaya Argentaria S.A. ........ 6,605 80,238 Banco BPI S.A. (Regd) ....................... 227 275,427 Banco Comercial Portugues S.A. (Regd) ....... 484 5,903 Banco Espirito Santo S.A. (Regd) ............ 87 4,317,468 e Banco Santander Central Hispano S.A. ........ 37,829 679,926 Bank of America Corp ........................ 53,735 189,208 Bank of East Asia Ltd ....................... 374 85,000 e Bank of Fukuoka Ltd ......................... 326 114,302 Bank of Ireland (Dublin) .................... 1,385 89,179 Bank of Ireland (London) .................... 1,076 251,164 e Bank of Montreal ............................ 7,865 340,596 Bank of New York Co, Inc .................... 9,792 243,925 e Bank of Nova Scotia ......................... 10,789 45,073 Bank of Yokohama Ltd ........................ 147 217,573 Bank One Corp ............................... 8,089 1,851,980 Barclays plc ................................ 13,752 30,422 * Bayerische Hypo-und Vereinsbank AG. ......... 503 403,949 BNP Paribas ................................. 20,526 243,000 BOC Hong Kong Holdings Ltd .................. 245 126,314 e Canadian Imperial Bank of Commerce .......... 5,011 82,700 Charter One Financial, Inc .................. 2,579 89,460 Chiba Bank Ltd .............................. 317 2,587,201 Citigroup, Inc .............................. 110,732 77,593 Comerica, Inc ............................... 3,608 11,797 Commercial Bank of Greece ................... 207 382,098 Commonwealth Bank of Australia .............. 7,572 223,300 * Concord EFS, Inc ............................ 3,287 238,395 Credit Suisse Group ......................... 6,274 819,428 Danske Bank a/s ............................. 15,958 477,222 DBS Group Holdings Ltd ...................... 2,791 172,923 e Deutsche Bank AG. (Regd) .................... 11,216 71,422 Dexia ....................................... 903 63,787 e DnB Holding ASA ............................. 315 119,422 Erste Bank Der Oesterreichischen Sparkassen AG. 10,553 210,200 FleetBoston Financial Corp .................. 6,245 978,476 Fortis ...................................... 16,989 73,446 * Fortis (Strip Vvpr) ......................... 1 538 e Gjensidige Nor ASA .......................... 19 33,400 Greenpoint Financial Corp ................... 1,701 58,000 Gunma Bank Ltd .............................. 264 281,032 Hang Seng Bank Ltd .......................... 2,973 1,811,669 e Hokuriku Bank Ltd ........................... 2,776 228,718 HSBC Holdings plc (Hong Kong) ............... 2,713 3,322,153 HSBC Holdings plc (United Kingdom) .......... 39,251 50 Huntington Bancshares, Inc .................. 1 886,167 J.P. Morgan Chase & Co ...................... 30,289 111,686 Joyo Bank Ltd ............................... 312 21,285 KBC Bancassurance Holding NV ................ 836 114,500 KeyCorp ..................................... 2,893 1,184,863 Lloyds TSB Group plc ........................ 8,412 4,897 Macquarie Bank Ltd .......................... 95 193,317 Mellon Financial Corp ....................... 5,365 2,325 Mitsubishi Tokyo Financial Group, Inc ....... 10,514 72,400 e Mitsui Trust Holdings, Inc .................. 159 1,020 e Mizuho Financial Group, Inc ................. 806 651,885 e National Australia Bank Ltd ................. 14,646 125,262 e National Bank of Canada ..................... 3,396 18,000 National Commerce Financial Corp ............ 399 127,595 Nordea AB (Finland) ......................... 621 1,049,315 e Nordea AB (Sweden) .......................... 5,060 32,450 Nordea AB FDR ............................... 157 69,000 North Fork Bancorp, Inc ..................... 2,350 78,780 Northern Trust Corp ......................... 3,292 91,980 Oversea-Chinese Banking Corp Ltd ............ 522 23,107 Piraeus Bank S.A. ........................... 175 88,800 PNC Financial Services Group, Inc ........... 4,334 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 53 Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- DEPOSITORY INSTITUTIONS--(CONTINUED) 520,182 Resona Holdings, Inc ............................. $ 360 290,538 e Royal Bank of Canada ............................. 12,269 16,100 * Royal Bank of Canada (New York) .................. 685 2,284,644 Royal Bank of Scotland Group plc ................. 64,090 170,442 e Sanpaolo IMI S.p.A. .............................. 1,583 47,000 Shizuoka Bank Ltd ................................ 315 41,123 Skandinaviska Enskilda Banken (A Shs) ............ 419 55,086 Societe Generale (A Shs) ......................... 3,492 18,500 Sovereign Bancorp, Inc ........................... 290 1,779,469 Standard Chartered plc ........................... 21,612 37,300 State Street Corp ................................ 1,470 321 Sumitomo Mitsui Financial Group Inc .............. 700 107,191 Sumitomo Trust & Banking Co Ltd .................. 370 19,608 Suncorp-Metway Ltd ............................... 153 30,600 SunTrust Banks, Inc .............................. 1,816 30,000 Suruga Bank Ltd .................................. 173 90,727 Svenska Handelsbanken AB (A Shs) ................. 1,485 20,917 Svenska Handelsbanken AB (B Shs) ................. 329 22,100 Synovus Financial Corp ........................... 475 2,079,494 U.S. Bancorp ..................................... 50,948 316,520 UBS AG. (Regd) ................................... 17,607 6,756 UBS AG. (Regd) (New York) ........................ 374 301 e UFJ Holdings, Inc ................................ 441 674,468 e UniCredito Italiano S.p.A. ....................... 3,214 11,700 Union Planters Corp .............................. 363 103,078 United Overseas Bank Ltd ......................... 726 1,320,020 Wachovia Corp .................................... 52,748 733,909 Wells Fargo & Co ................................. 36,989 346,656 Westpac Banking Corp ............................. 3,778 --------- TOTAL DEPOSITORY INSTITUTIONS .................... 850,135 --------- EATING AND DRINKING PLACES--0.16% 234,811 Compass Group plc ................................ 1,266 69,200 Darden Restaurants, Inc .......................... 1,313 58,900 e Doutor Coffee Co Ltd ........................... 788 358,053 Granada plc ...................................... 538 112 McDonald's Corp .................................. 2 107,814 * Mitchells & Butlers plc .......................... 416 8,250 Saizeriya Co Ltd ................................. 77 237 Skylark Co Ltd ................................... 3 1,032 Valora Holding AG ................................ 211 46,500 Wendy's International, Inc ....................... 1,347 42,019 Whitbread plc .................................... 470 127,802 * Yum! Brands, Inc ................................. 3,778 --------- TOTAL EATING AND DRINKING PLACES 10,209 --------- EDUCATIONAL SERVICES--0.03% 125,468 Benesse Corp ..................................... 2,163 --------- TOTAL EDUCATIONAL SERVICES 2,163 --------- ELECTRIC, GAS, AND SANITARY SERVICES--2.58% 51 * AES Corp ......................................... 0 182,972 Australian Gas Light Co Ltd ...................... 1,344 35,420 e* Allegheny Energy, Inc ............................ 299 70,682 Ameren Corp ...................................... 3,117 880 American Electric Power Co, Inc .................. 26 712,110 BG Group plc ..................................... 3,155 430,792 Centrica plc ..................................... 1,249 108,571 e Chubu Electric Power Co, Inc ..................... 1,980 148,998 CLP Holdings Ltd ................................. 652 39,344 Contact Energy Ltd ............................... 116 167,447 e* Calpine Corp .................................... 1,105 121,370 Centerpoint Energy, Inc .......................... 989 73,500 Cinergy Corp ..................................... 2,704 95,578 Consolidated Edison, Inc ......................... 4,137 73,100 Constellation Energy Group, Inc .................. 2,507 8,000 Dominion Resources, Inc .......................... 514 1,123 Duke Energy Corp ................................. 22 504,980 E.ON AG .......................................... 25,962 3,359 Electrabel S.A. .................................. 856 10,950 * Electrabel S.A. (Strip Vvpr) ..................... 28 205,516 Electricidade de Portugal S.A. ................... 439 87,503 e Endesa S.A. ...................................... 1,465 346,670 e Enel S.p.A. ...................................... 2,162 137,564 * Edison International ............................. 2,260 2,351 El Paso Corp ..................................... 19 99,518 Entergy Corp ..................................... 5,253 34,160 Exelon Corp ...................................... 2,043 80,860 FPL Group, Inc ................................... 5,405 132,211 FirstEnergy Corp ................................. 5,084 24,220 e Gas Natural SDG S.A. ............................. 487 1,435,770 Hong Kong & China Gas Co Ltd ..................... 1,814 566,514 Hong Kong Electric Holdings Ltd .................. 2,223 77,138 e Iberdrola S.A. ................................... 1,336 60,397 Kansai Electric Power Co, Inc .................... 953 58,702 Kelda Group plc .................................. 414 1,438 Kurita Water Industries Ltd ...................... 16 304,196 Kyushu Electric Power Co, Inc .................... 4,735 69,000 KeySpan Corp ..................................... 2,446 134,222 e* Mirant Corp ..................................... 389 300,844 National Grid Transco plc ........................ 2,040 108,102 NiSource, Inc .................................... 2,054 1,749 * NiSource, Inc (Sails) ............................ 4 176,555 Osaka Gas Co Ltd ................................. 437 179,313 * PG&E Corp ........................................ 3,792 72,100 PPL Corp ......................................... 3,100 55,700 Pepco Holdings, Inc .............................. 1,067 100,079 Progress Energy, Inc ............................. 4,393 19,045 RWE AG ........................................... 575 40,700 * Republic Services, Inc ........................... 923 53,695 Scottish & Southern Energy plc ................... 553 181,731 Scottish Power plc ............................... 1,092 122,799 e Snam Rete Gas S.p.A. ............................. 482 50,571 Suez S.A.(France) ................................ 805 81,918 Sempra Energy .................................... 2,337 3 Texas Genco Holdings, Inc ........................ 0 41,830 Tohoku Electric Power Co, Inc .................... 619 649,159 Tokyo Electric Power Co, Inc ..................... 12,407 251,689 e Tokyo Gas Co Ltd ................................. 723 27,542 Tomra Systems ASA ................................ 118 194,279 e TransCanada Corp ................................. 3,396 141,123 TXU Corp ......................................... 3,168 22,834 e Union Fenosa S.A. ................................ 387 133,207 United Utilities plc ............................. 1,295 1,024,283 e* Vivendi Universal S.A. .......................... 18,643 110 West Japan Railway Co ............................ 417 271,817 Waste Management, Inc ............................ 6,548 229,506 Williams Cos, Inc ................................ 1,813 --------- TOTAL ELECTRIC, GAS, AND SANITARY SERVICES ......... 162,893 --------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--7.14% 51,922 * ABB Ltd .......................................... 171 90 * ADC Telecommunications, Inc ...................... 0 50 * Advanced Micro Devices, Inc ...................... 0 230,063 Advantest Corp ..................................... 10,193 19 * Agere Systems, Inc (Class A) ..................... 0 1 * Agere Systems, Inc (Class B) ..................... 0 42,768 e* Alcatel S.A. (Spon ADR) ......................... 383 19,000 e Alps Electric Co Ltd ............................. 243 163,001 * Analog Devices, Inc .............................. 5,676 6 * Applied Micro Circuits Corp ...................... 0 168,467 * ARM Holdings plc ................................. 186 SEE NOTES TO FINANCIAL STATEMENTS 54 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED) 23,000 ASM Pacific Technology Ltd ............... $ 67 4,009,143 * ASML Holding NV .......................... 38,074 96 * Atmel Corp ............................... 0 20,528 * Ballard Power Systems, Inc ............... 278 1,651 Barco NV ................................. 99 136,108 * Celestica, Inc ........................... 2,116 1,283 * Celestica, Inc (U.S.) .................... 20 80,000 * Chartered Semiconductor Manufacturing Ltd 41 191,783 * CIENA Corp ............................... 995 73,836 * Comverse Technology, Inc ................. 1,110 39,815 Cooper Industries Ltd (Class A) .......... 1,644 27,312 Electrocomponents plc .................... 146 27,480 Electrolux AB Series B ................... 542 187,078 Emerson Electric Co ...................... 9,560 4,625 * Energy Developments Ltd .................. 5 7,713 Fisher & Paykel Appliances Holdings Ltd .. 62 11,141 Fisher & Paykel Healthcare Corp .......... 81 1,500 Fuji Machine Manufacturing Co Ltd ........ 17 179,032 Fujitsu Ltd .............................. 734 82,340 Furukawa Electric Co Ltd ................. 269 47,300 Futaba Corp .............................. 1,105 24,192 * Gemstar-TV Guide International, Inc ...... 123 4,587,611 General Electric Co ...................... 131,573 179,700 Hirose Electric Co Ltd ................... 14,861 44,306 e* Infineon Technologies AG. ................ 428 2,500,363 Intel Corp ............................... 51,968 58 * Jabil Circuit, Inc ....................... 1 14 * JDS Uniphase Corp ........................ 0 4,188,555 Johnson Electric Holdings Ltd ............ 5,183 165,311 Kidde plc ................................ 232 253,690 Koninklijke Philips Electronics NV ....... 4,824 272,902 Kyocera Corp ............................. 15,614 28,100 Mabuchi Motor Co Ltd ..................... 2,148 398,750 Matsushita Electric Industrial Co Ltd .... 3,948 66,893 Matsushita Electric Works Ltd ............ 396 143,801 Maxim Integrated Products, Inc ........... 4,917 32,845 Maytag Corp .............................. 802 88,300 e Melco, Inc ............................... 1,691 891,360 * Micron Technology, Inc ................... 10,367 167,976 Mitsubishi Electric Corp ................. 546 202,700 Motorola, Inc ............................ 1,911 60,644 Murata Manufacturing Co Ltd .............. 2,384 136,054 e* NEC Corp ................................. 680 2,419 NGK Spark Plug Co Ltd .................... 17 12,900 Nitto Denko Corp ......................... 422 1,931,667 Nokia Oyj ................................ 31,809 1,616,283 * Nortel Networks Corp ..................... 4,330 24,000 * Oki Electric Industry Co Ltd ............. 69 18,338 Pioneer Corp ............................. 412 82 * PMC-Sierra, Inc .......................... 1 449,600 Rinnai Corp .............................. 9,454 81,334 Rockwell Collins, Inc .................... 2,003 9,643 Rohm Co Ltd .............................. 1,055 233,135 * Sanmina-SCI Corp ......................... 1,471 142,901 Sanyo Electric Co Ltd .................... 489 21,417 Schneider Electric S.A. .................. 1,007 68,463 Scientific-Atlanta, Inc .................. 1,632 81,450 Sharp Corp ............................... 1,045 885,395 Sony Corp ................................ 24,923 516,000 Stanley Electric Co Ltd .................. 7,353 57,765 e STMicroelectronics NV .................... 1,211 66,709 Sumitomo Electric Industries Ltd ......... 487 1,906,000 * Taiwan Semiconductor Manufacturing Co Ltd 3,139 917,200 * Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR) ............................... 9,245 19,940 Taiyo Yuden Co Ltd ....................... 194 10,657 TDK Corp ................................. 526 173,535 * Tellabs, Inc ............................. 1,140 780,700 Texas Instruments, Inc ................... 13,740 616 Thine Electronics, Inc ................... 1,283 22,997 e Thomson .................................. 355 47,381 Tokyo Electron Ltd ....................... 2,245 244,923 Toshiba Corp ............................. 842 237 Unaxis Holding AG. (Regd) ................ 19 26,000 Venture Corp Ltd ......................... 238 7 * Xilinx, Inc .............................. 0 19,078 Yamaha Corp .............................. 262 -------- TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 450,832 -------- ENGINEERING AND MANAGEMENT SERVICES--0.23% 25 Bellsystem 24, Inc ....................... 4 37 Halliburton Co ........................... 1 295,284 Monsanto Co .............................. 6,390 150,365 Paychex, Inc ............................. 4,407 33,800 * Quest Diagnostics, Inc ................... 2,156 171,000 SembCorp Industries Ltd .................. 124 128,733 Servicemaster Co ......................... 1,377 125,000 Singapore Technologies Engineering Ltd ... 124 3,229 Vedior NV ................................ 29 -------- TOTAL ENGINEERING AND MANAGEMENT SERVICES 14,612 -------- FABRICATED METAL PRODUCTS--0.46% 30,892 Assa Abloy AB (B Shs) .................... 299 163 * Fischer (Georg) Ltd (Regd) ............... 16 61,201 Geberit AG. (Regd) ....................... 18,841 106,389 GKN plc .................................. 391 19,000 Hitachi Cable Ltd ........................ 51 204,904 Masco Corp ............................... 4,887 30,778 SMC Corp ................................. 2,591 39,088 Stanley Works ............................ 1,079 24,833 Tostem Inax Holding Corp ................. 358 25,100 Toyo Seikan Kaisha Ltd ................... 235 -------- TOTAL FABRICATED METAL PRODUCTS 28,748 -------- FOOD AND KINDRED PRODUCTS--4.06% 373,541 Ajinomoto Co, Inc ........................ 3,578 278,809 Anheuser-Busch Cos, Inc .................. 14,233 254,400 Archer Daniels Midland Co ................ 3,274 30,706 e Asahi Breweries Ltd ...................... 185 198,938 Cadbury Schweppes plc .................... 1,175 109,397 Campbell Soup Co ......................... 2,680 50 Carlsberg a/s (A Shs) .................... 2 362 Carlsberg a/s (B Shs) .................... 13 1,403,588 Coca-Cola Amatil Ltd ..................... 5,375 860,311 Coca-Cola Co ............................. 39,927 16,836 Coca-Cola Hellenic Bottling Co S.A. ...... 281 5,800 Coca-Cola West Japan Co Ltd .............. 96 7,122 Danisco a/s .............................. 279 10,632 DCC plc .................................. 143 572,700 * Dean Foods Co ............................ 18,040 527,905 Diageo plc ............................... 5,636 152,527 e Foster's Group Ltd ....................... 431 24,968 Fraser & Neave Ltd ....................... 122 117,300 e Fuji Oil Co Ltd .......................... 916 521,460 General Mills, Inc ....................... 24,722 25,063 Greencore Group plc ...................... 83 213,715 e Groupe Danone ............................ 29,573 156,045 H.J. Heinz Co ............................ 5,146 13,542 Heineken NV .............................. 481 11,677 Interbrew S.A. ........................... 259 36,800 Kellogg Co ............................... 1,265 16,541 Kerry Group (Class A) .................... 256 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 55 Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- FOOD AND KINDRED PRODUCTS--(CONTINUED) 11,000 Kikkoman Corp ....................................... $ 73 75,320 e Kirin Brewery Co Ltd ................................ 529 130,100 Kraft Foods, Inc (Class A) .......................... 4,235 178,816 Lion Nathan Ltd ..................................... 643 34,363 e LVMH Moet Hennessy Louis Vuitton S.A. ............... 1,704 35,000 Meiji Dairies Corp .................................. 130 45,702 e* Molson, Inc (A Shs) ................................. 1,227 39,582 Nestle S.A. (Regd) .................................. 8,167 9,717 Nichirei Corp ....................................... 34 20,216 Nippon Meat Packers, Inc ............................ 191 36,998 Nisshin Seifun Group, Inc ........................... 263 95 Nissin Food Products Co Ltd ......................... 2 2,994 Orkla ASA ........................................... 52 75,875 e Parmalat Finanziaria S.p.A. ......................... 239 1,007,005 PepsiCo, Inc ........................................ 44,812 157,578 e Pernod-Ricard ....................................... 14,060 33,019 e Q.P. Corp ........................................... 261 18,105 SABMiller plc ....................................... 121 560,000 e Sapporo Holdings Ltd .............................. 1,380 105,200 Sara Lee Corp ....................................... 1,979 351,664 Scottish & Newcastle plc ............................ 2,127 26,000 e* Snow Brand Milk Products Co Ltd ..................... 65 204 Takara Holdings, Inc ................................ 1 48,569 Tate & Lyle plc ..................................... 275 183,839 Unilever NV (Cert) .................................. 9,863 702,031 Unilever plc ........................................ 5,590 13,000 Yakult Honsha Co Ltd ................................ 174 27,000 Yamazaki Baking Co Ltd .............................. 172 --------- TOTAL FOOD AND KINDRED PRODUCTS ..................... 256,540 --------- FOOD STORES--0.81% 168,398 Albertson's, Inc .................................... 3,233 52,191 Carrefour S.A. ...................................... 2,558 785 * Casino Guichard-Perrachon A Wts 12/15/03 ............ 0 785 * Casino Guichard-Perrachon B Wts 12/15/05 ............ 1 4,805 e Casino Guichard-Perrachon S.A ....................... 375 9,467 e Delhaize Group ...................................... 288 8,100 FamilyMart Co Ltd ................................... 145 31,914 Ito-Yokado Co Ltd ................................... 764 2,252 * Jeronimo Martins SGPS S.A. .......................... 18 1,932,995 * Kroger Co ........................................... 32,242 800 Lawson, Inc ......................................... 22 200 * Mycal Corp .......................................... 0 58,517 * Royal Ahold NV ...................................... 486 106,889 Safeway plc ......................................... 454 207,268 * Safeway, Inc ........................................ 4,241 138,244 Sainsbury (J) plc ................................... 579 18,000 e* Seiyu Ltd ........................................... 44 36,451 Seven-Eleven Japan Co Ltd ........................... 908 733,458 Tesco plc ........................................... 2,654 19,000 UNY Co Ltd .......................................... 164 206,129 Woolworths Ltd ...................................... 1,731 --------- TOTAL FOOD STORES ................................... 50,907 --------- FORESTRY--0.22% 262,931 Weyerhaeuser Co ..................................... 14,198 --------- TOTAL FORESTRY ...................................... 14,198 --------- FURNITURE AND FIXTURES--0.18% 399,912 Newell Rubbermaid, Inc .............................. 11,198 --------- TOTAL FURNITURE AND FIXTURES ........................ 11,198 --------- FURNITURE AND HOMEFURNISHINGS STORES--0.15% 121,338 * Best Buy Co, Inc .................................... 5,329 93,295 Circuit City Stores, Inc (Circuit City Group) ....... 821 12 * Forbo Holding AG. (Regd) ............................ 4 249,236 Hitachi Ltd ......................................... 1,057 76,200 RadioShack Corp ..................................... 2,005 7,300 Shimachu Co Ltd ..................................... 115 8,800 e Yamada Denki Co Ltd ................................. 194 --------- TOTAL FURNITURE AND HOMEFURNISHINGS STORES .......... 9,525 --------- GENERAL BUILDING CONTRACTORS--0.15% 7,101 e ACS Actividades de Construccion y Servicios S.A. .... 303 30,828 Barratt Developments plc ............................ 220 18,206 Berkeley Group plc .................................. 224 24,021 e Bouygues S.A. ....................................... 663 3,858 Brookfield Homes Corp ............................... 59 9,095 Daito Trust Construction Co Ltd ..................... 191 46,779 Daiwa House Industry Co Ltd ......................... 322 33,600 Fletcher Building Ltd ............................... 72 243 Grupo Dragados S.A. ................................. 5 15,707 Leighton Holdings Ltd ............................... 105 875,684 Nishimatsu Construction Co Ltd ...................... 2,975 158 Obayashi Corp ....................................... 0 270,000 Shimizu Corp ........................................ 749 40,945 e Skanska AB (B Shs) .................................. 234 247,000 e Sumitomo Realty & Development Co Ltd ................ 1,098 755,199 Taisei Corp ......................................... 1,484 72,826 Taylor Woodrow plc .................................. 242 50,387 Wimpey (George) plc ................................. 245 --------- TOTAL GENERAL BUILDING CONTRACTORS .................. 9,191 --------- GENERAL MERCHANDISE STORES--1.25% 21,402 Aeon Co Ltd ......................................... 490 106,951 Coles Myer Ltd ...................................... 502 31,685 Daimaru, Inc ........................................ 127 87,160 Federated Department Stores, Inc .................... 3,212 98,095 Giordano International Ltd .......................... 31 30,225 Hagemeyer NV ........................................ 116 368,000 e Hankyu Department Stores, Inc ....................... 2,142 88,655 Hudson's Bay Co ..................................... 613 29,079 Isetan Co Ltd ....................................... 196 114,900 J.C. Penney Co, Inc ................................. 1,936 3,211 KarstadtQuelle AG. .................................. 69 7,287 e Kesko Oyj (B Shs) ................................... 86 196,171 * Kingfisher plc ...................................... 897 13,119 e Koninklijke Vendex KBB NV ........................... 152 491,429 Marks & Spencer Group plc ........................... 2,561 23,000 Marui Co Ltd ........................................ 204 121,634 May Department Stores Co ............................ 2,708 15,150 Metro AG. ........................................... 490 41,000 Mitsukoshi Ltd ...................................... 108 7,755 e Pinault-Printemps-Redoute S.A. ...................... 584 133,264 e Sears Roebuck & Co .................................. 4,483 36,131 e Takashimaya Co Ltd .................................. 180 289,067 Target Corp ......................................... 10,938 856,155 Wal-Mart Stores, Inc ................................ 45,950 18,667 Warehouse Group Ltd ................................. 57 81,030 Waterford Wedgwood plc (Units) ...................... 22 --------- TOTAL GENERAL MERCHANDISE STORES 78,854 --------- HEALTH SERVICES--0.40% 162,676 * Express Scripts, Inc ................................ 11,096 199,700 HCA, Inc ............................................ 6,398 104,500 Health Management Associates, Inc (Class A) ......... 1,928 176,081 * Healthsouth Corp .................................... 92 63,100 * Laboratory Corp of America Holdings ................. 1,902 74,751 MDS, Inc ............................................ 1,022 59,000 Parkway Holdings Ltd ................................ 26 48,575 Sonic Healthcare Ltd ................................ 213 216,973 * Tenet Healthcare Corp ............................... 2,528 --------- TOTAL HEALTH SERVICES 25,205 --------- SEE NOTES TO FINANCIAL STATEMENTS 56 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- HEAVY CONSTRUCTION, EXCEPT BUILDING--0.87% 35,791 Abertis Infraestructuras S.A. ................ $ 500 29,261 Brisa-Auto Estradas de Portugal S.A. ......... 165 9,366 Fomento de Construcciones y Contratas S.A. ... 262 430,355 Grupo Ferrovial S.A. ......................... 11,688 22,477 Hellenic Technodomiki Tev S.A. ............... 126 17,000 JGC Corp ..................................... 114 861,000 e Kajima Corp .................................. 2,044 414,000 Okumura Corp ................................. 1,352 32,653 Technical Olympic S.A. ....................... 127 273,117 Transurban Group ............................. 874 413 * VA Technologie AG. ........................... 11 554,406 e Vinci S.A. ................................... 37,403 --------- TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING .... 54,666 --------- HOLDING AND OTHER INVESTMENT OFFICES--0.79% 40,000 Apartment Investment & Management Co (Class A) 1,384 27,229 AvalonBay Communities, Inc ................... 1,161 13,977 e Brascan Corp (Class A) ....................... 342 78,917 Canary Wharf Group plc ....................... 333 48,917 Compagnie Financiere Richemont AG. (Units) (A Shs) ..................................... 791 46,071 Crescent Real Estate Equities Co ............. 765 4,030,325 Deutsche Office Trust ........................ 3,027 12,639 Drott AB (B Shs) ............................. 159 176,736 Equity Office Properties Trust ............... 4,774 976,167 General Property Trust ....................... 1,912 106,000 * Host Marriott Corp ........................... 970 410,151 Hutchison Whampoa Ltd ........................ 2,498 42,366 JFE Holdings, Inc ............................ 635 18,615 Land Securities Group plc .................... 240 3,500,089 Macquarie Infrastructure Group ............... 8,427 39,000 Nippon Mining Holdings, Inc .................. 84 738,844 Principal Office Fund ........................ 763 23,711 Schroders plc ................................ 246 53,509 Sumitomo Corp ................................ 247 393,715 Washington Mutual, Inc ....................... 16,260 8,723 * Westfield Trust .............................. 20 2,002,648 Westfield Trust (Units) ...................... 4,634 --------- TOTAL HOLDING AND OTHER INVESTMENT OFFICES ... 49,672 --------- HOTELS AND OTHER LODGING PLACES--0.19% 17,167 Accor S.A. ................................... 621 1,908 Aristocrat Leisure Ltd ....................... 2 36,552 Fairmont Hotels & Resorts, Inc ............... 832 198,356 Hilton Group plc ............................. 602 150,400 Hilton Hotels Corp ........................... 1,924 85,397 * Intercontinental Hotels Group plc ............ 606 27,450 Intrawest Corp ............................... 359 85,919 Marriott International, Inc (Class A) ........ 3,301 9,000 Overseas Union Enterprise Ltd ................ 36 127,235 * Park Place Entertainment Corp ................ 1,157 160,002 Shangri-La Asia Ltd .......................... 102 26,753 Shangri-La Asia Ltd (Singapore) .............. 17 28,300 Sky City Entertainment Group Ltd ............. 156 88,600 Starwood Hotels & Resorts Worldwide, Inc ..... 2,533 --------- TOTAL HOTELS AND OTHER LODGING PLACES 12,248 --------- INDUSTRIAL MACHINERY AND EQUIPMENT--6.22% 55 3M Co ....................................... 7 1,656,707 Aggreko plc .................................. 3,363 6,271 Amada Co Ltd ................................. 20 64 * Apple Computer, Inc .......................... 1 2,674,977 * Applied Materials, Inc ....................... 42,425 7,906 Athens Water Supply & Sewage Co S.A. ......... 39 7,196 e Atlas Copco AB (A Shs) ....................... 182 10,047 Atlas Copco AB (B Shs) ....................... 236 665,925 Baker Hughes, Inc ............................ 22,355 35,239 Black & Decker Corp .......................... 1,531 3,669,042 * Cisco Systems, Inc ........................... 60,869 9,837 Daikin Industries Ltd ........................ 181 34,121 e* Dainippon Screen Manufacturing Co Ltd ........ 167 1,127,649 Deere & Co ................................... 51,534 1,049,149 * Dell Computer Corp ........................... 33,531 200,294 Dixons Group plc ............................. 436 87,799 Dover Corp ................................... 2,630 30,000 e Ebara Corp ................................... 105 1,640,908 FKI plc ...................................... 2,159 1,252,302 Hewlett-Packard Co ........................... 26,674 3,714 Hoganas AB (B Shs) ........................... 76 74,900 Ingersoll-Rand Co (Class A) .................. 3,544 1,097,135 International Business Machines Corp ......... 90,514 109,633 e Ishikawajima-Harima Heavy Industries Co Ltd .. 123 36,200 ITT Industries, Inc .......................... 2,370 96,689 Komatsu Ltd .................................. 370 3,512 Kone Oyj (B Shs) ............................. 147 20,000 e Koyo Seiko Co Ltd ............................ 143 11,782 Kubota Corp .................................. 32 7,401 Linde AG. .................................... 274 8,288 * Logitech International S.A. (Regd) ........... 311 13,000 Makita Corp .................................. 106 863,840 Mitsubishi Heavy Industries Ltd .............. 2,237 69 Mori Seiki Co Ltd ............................ 0 79 * Network Appliance, Inc ....................... 1 2,000 e Nidec Corp ................................... 131 5,488 NSK Ltd ...................................... 17 54,000 NTN Corp ..................................... 200 24,543 Omron Corp ................................... 416 52,405 Parker Hannifin Corp ......................... 2,200 27,000 Pitney Bowes, Inc ............................ 1,037 1,305,175 Sandvik AB ................................... 34,158 23,400 e Sato Corp .................................... 404 26,262 * Seagate Technology, Inc ...................... 0 615 e SKF AB (A Shs) ............................... 18 10,192 SKF AB (B Shs) ............................... 294 14 * Smith International, Inc ..................... 1 1,091,604 * Solectron Corp ............................... 4,083 19,000 * SPX Corp ..................................... 837 874 Sulzer AG. (Regd) ............................ 122 53 Symbol Technologies, Inc ..................... 1 28,000 Takuma Co Ltd ................................ 136 1,572 Tecan Group AG. .............................. 45 2,159 * Van der Horst Ltd ............................ 0 16,340 Wartsila Oyj (B Shs) ......................... 203 --------- TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 392,996 --------- INSTRUMENTS AND RELATED PRODUCTS--3.42% 186,215 * Agilent Technologies, Inc .................... 3,641 3 Applera Corp (Applied Biosystems Group) ...... 0 78,400 Becton Dickinson & Co ........................ 3,046 568,800 * Boston Scientific Corp ....................... 34,754 616,324 Canon, Inc ................................... 28,282 43,279 e Citizen Watch Co Ltd ......................... 232 12,061 Cochlear Ltd ................................. 261 129,584 Eastman Kodak Co ............................. 3,544 13,788 Essilor International S.A. ................... 555 11,290 Fanuc Ltd .................................... 559 4,510 e Fresenius Medical Care AG. ................... 223 226,620 Fuji Photo Film Co Ltd ....................... 6,549 23,489 Gambro AB (A Shs) ............................ 156 13,654 Gambro AB (B Shs) ............................ 90 10,500 Guidant Corp ................................. 466 10,036 IMI plc ...................................... 50 6,927,831 * Invensys plc ................................. 2,344 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 57 Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- INSTRUMENTS AND RELATED PRODUCTS--(CONTINUED) 90,219 Keyence Corp ............................... $ 16,530 40 * KLA-Tencor Corp ............................ 2 32,000 Konica Corp ................................ 364 5,457 Nikon Corp ................................. 45 68 Nobel Biocare Holding Ag ................... 5 512,493 Nobel Biocare Holding AG. .................. 34,222 21,211 OCE NV ..................................... 219 20,055 Olympus Optical Co Ltd ..................... 415 87,200 e Paris Miki, Inc ............................ 1,192 35,168 PerkinElmer, Inc ........................... 486 179,879 Raytheon Co ................................ 5,907 55,318 Ricoh Co Ltd ............................... 904 94,380 Smith & Nephew plc ......................... 542 42,000 * ST Assembly Test Services Ltd .............. 41 436,596 * St. Jude Medical, Inc ...................... 25,104 57,187 Synthes-Stratec, Inc ....................... 41,079 81,331 * Teradyne, Inc .............................. 1,408 830 The Swatch Group AG. (Br) .................. 75 16,505 The Swatch Group AG. (Regd) ................ 300 29,700 * Thermo Electron Corp ....................... 624 58,900 Tokyo Seimitsu Co Ltd ...................... 1,329 3,000 Ushio, Inc ................................. 35 39,507 e Yokogawa Electric Corp ..................... 305 --------- TOTAL INSTRUMENTS AND RELATED PRODUCTS 215,885 --------- INSURANCE AGENTS, BROKERS AND SERVICES--0.18% 121,825 AON Corp ................................... 2,934 30 Marsh & McLennan Cos, Inc .................. 2 1,660,000 Old Mutual plc ............................. 2,397 290,659 Sun Life Financial, Inc .................... 5,985 --------- TOTAL INSURANCE AGENTS, BROKERS AND SERVICES 11,318 --------- INSURANCE CARRIERS--4.06% 311,265 e Aegon NV ................................... 3,117 766,821 Aetna, Inc ................................. 46,163 1 Aflac, Inc ................................. 0 605,000 Aioi Insurance Co Ltd ...................... 1,471 27,468 Allianz AG. (Regd) ......................... 2,283 624,876 American International Group, Inc .......... 34,481 87,522 e* AMP Ltd .................................... 292 92,802 Assicurazioni Generali S.p.A. .............. 2,151 451,945 Aviva plc .................................. 3,138 252,194 AXA ........................................ 3,913 82,637 Canada Life Financial Corp ................. 2,706 71,000 Chubb Corp ................................. 4,260 62,240 Cigna Corp ................................. 2,922 14,401 Corporacion Mapfre S.A. .................... 154 10,732 Fairfax Financial Holdings Ltd ............. 1,619 747,000 e Fuji Fire & Marine Insurance Co Ltd ........ 1,331 112,738 Hartford Financial Services Group, Inc ..... 5,677 680,058 Insurance Australia Group Ltd .............. 1,551 65,700 Jefferson-Pilot Corp ....................... 2,724 41,400 John Hancock Financial Services, Inc ....... 1,272 848,573 Legal & General Group plc .................. 1,176 81,821 Lincoln National Corp ...................... 2,915 241,326 e* Manulife Financial Corp .................... 6,783 65,337 MBIA, Inc .................................. 3,185 43,346 MGIC Investment Corp ....................... 2,022 134 Millea Holdings, Inc ....................... 1,024 120,805 Mitsui Sumitomo Insurance Co Ltd ........... 560 11,024 Muenchener Rueckver AG. (Regd) ............. 1,124 2,388,700 New Africa Capital Ltd ..................... 1,893 177,000 Nissay Dowa General Insurance Co Ltd ....... 654 7,757 Pohjola Group plc (D Shs) .................. 133 38,827 Power Corp of Canada ....................... 1,199 25,996 e Power Financial Corp ....................... 837 412,866 Prudential plc ............................. 2,500 67,114 e QBE Insurance Group Ltd .................... 419 37,431 RAS S.p.A. ................................. 568 167,199 Royal & Sun Alliance Insurance Group plc ... 383 800,566 Safeco Corp ................................ 28,244 8,436 Sampo Oyj (A Shs) .......................... 62 187,062 Skandia Forsakrings AB ..................... 498 46,207 Sompo Japan Insurance, Inc ................. 252 297,857 St. Paul Cos, Inc .......................... 10,875 48,745 Swiss Reinsurance Co (Regd) ................ 2,701 19,814 * Tower Ltd .................................. 17 2,330,130 Travelers Property Casualty Corp (Class B) . 36,746 121,093 UnumProvident Corp ......................... 1,624 226,209 Zurich Financial Services AG. .............. 26,970 --------- TOTAL INSURANCE CARRIERS 256,589 --------- LEATHER AND LEATHER PRODUCTS--0.30% 297,711 * Coach, Inc ................................. 14,808 1,637,500 Yue Yuen Industrial Holdings ............... 4,189 --------- TOTAL LEATHER AND LEATHER PRODUCTS 18,997 --------- LOCAL AND INTERURBAN PASSENGER TRANSIT--0.05% 8 Central Japan Railway Co ................... 57 532 East Japan Railway Co ...................... 2,366 74,000 Keio Electric Railway Co Ltd ............... 338 483,000 MTR Corp ................................... 554 3,000 SMRT Corp Ltd .............................. 1 --------- TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT 3,316 --------- LUMBER AND WOOD PRODUCTS--0.04% 87,192 * Fletcher Challenge Forests Ltd ............. 59 109,700 Georgia-Pacific Corp ....................... 2,079 4,987 Holmen AB (B Shs) .......................... 136 5,000 * Masonite International Corp ................ 103 48,816 Sekisui House Ltd .......................... 370 --------- TOTAL LUMBER AND WOOD PRODUCTS 2,747 --------- METAL MINING--0.45% 1,893,540 Alumina Ltd ................................ 5,169 191,477 e Barrick Gold Corp .......................... 3,381 42,499 * Barrick Gold Corp (U.S.) ................... 761 60,804 Cameco Corp ................................ 1,947 17,700 * Falconbridge Ltd ........................... 233 12,710 Iluka Resources Ltd ........................ 35 94,342 * Inco Ltd ................................... 1,981 8,343 Johnson Matthey plc ........................ 122 133,862 * Kinross Gold Corp .......................... 896 193,215 Mitsubishi Materials Corp .................. 248 387,000 Mitsui Mining & Smelting Co Ltd ............ 1,144 218,948 Newcrest Mining Ltd ........................ 1,123 21,839 Outokumpu Oyj .............................. 192 22 * Phelps Dodge Corp .......................... 1 174,252 * Placer Dome, Inc ........................... 2,116 99,974 Rio Tinto Ltd .............................. 1,958 99,296 Rio Tinto plc .............................. 1,868 23,000 Sumitomo Metal Mining Co Ltd ............... 88 11,000 e* Teck Cominco Ltd (Class B) ................. 89 5,590 Umicore .................................... 290 2,078,045 * WMC Resources Ltd .......................... 4,892 --------- TOTAL METAL MINING 28,534 --------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.13% 3,900 Aderans Co Ltd ............................. 69 3,983 e Amer Group plc ............................. 122 51,800 Bandai Co Ltd .............................. 1,976 45,382 Bulgari S.p.A. ............................. 253 38,600 e Hogy Medical Co Ltd ........................ 1,514 SEE NOTES TO FINANCIAL STATEMENTS 58 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- MISCELLANEOUS MANUFACTURING INDUSTRIES--(CONTINUED) 194,054 Mattel, Inc ................................ 3,672 9,567 Nintendo Co Ltd ............................ 688 7,217 * RHI AG. .................................... 86 17,370 * Sega Corp .................................. 123 200 Tyco International Ltd ..................... 4 ---------- TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES 8,507 ---------- MISCELLANEOUS RETAIL--0.20% 62 * Amazon.Com, Inc ............................ 2 71,546 Boots Group plc ............................ 766 80,269 * eBay, Inc .................................. 8,362 93,839 GUS plc .................................... 1,051 63,446 Next plc ................................... 1,075 98,069 Signet Group plc ........................... 146 94,321 * Toys "R" Us, Inc ........................... 1,143 ---------- TOTAL MISCELLANEOUS RETAIL 12,545 ---------- MOTION PICTURES--0.29% 2,400 Avex, Inc .................................. 32 42 * Liberty Media Corp (Class A) ............... 0 88,878 Rank Group plc ............................. 365 140 Toho Co Ltd ................................ 1 906,983 Walt Disney Co ............................. 17,913 ---------- TOTAL MOTION PICTURES 18,311 ---------- NONDEPOSITORY INSTITUTIONS--2.81% 6,735 Acom Co Ltd ................................ 243 5,550 Aiful Corp ................................. 237 1,309,429 American Express Co ........................ 54,747 14,604 Credit Saison Co Ltd ....................... 239 1,057,667 Fannie Mae ................................. 71,329 204,805 Freddie Mac ................................ 10,398 934,640 HBOS plc ................................... 12,099 320,886 ING Groep NV ............................... 5,575 43,040 Irish Life & Permanent plc ................. 465 821,795 MBNA Corp .................................. 17,126 9,496 ORIX Corp .................................. 525 8,613 Promise Co Ltd ............................. 322 47,254 Provident Financial plc .................... 497 31 * Providian Financial Corp ................... 0 39,580 SFCG Co Ltd ................................ 3,662 6,541 e Takefuji Corp .............................. 339 ---------- TOTAL NONDEPOSITORY INSTITUTIONS 177,803 ---------- NONMETALLIC MINERALS, EXCEPT FUELS--0.03% 10,000 Dowa Mining Co Ltd ......................... 38 1,938 e Potash Corp of Saskatchewan ................ 123 45,042 Vulcan Materials Co ........................ 1,670 ---------- TOTAL NONMETALLIC MINERALS, EXCEPT FUELS 1,831 ---------- OIL AND GAS EXTRACTION--2.87% 37,025 Anadarko Petroleum Corp .................... 1,647 264,568 Apache Corp ................................ 17,213 369,335 Burlington Resources, Inc .................. 19,970 85,854 Canadian Natural Resources Ltd ............. 3,396 692,500 CNOOC Ltd .................................. 1,021 209,824 e EnCana Corp ................................ 7,984 90,500 GlobalSantaFe Corp ......................... 2,112 152,653 e Husky Energy, Inc .......................... 1,966 378,478 IHC Caland NV .............................. 19,323 34,746 Imperial Oil Ltd ........................... 1,204 44,400 Kerr-McGee Corp ............................ 1,989 137,290 Marathon Oil Corp .......................... 3,618 66,771 * Nexen, Inc ................................. 1,678 53,700 * Noble Corp ................................. 1,842 1,364 OMV AG. .................................... 164 2,729,409 Origin Energy Ltd .......................... 7,413 49,582 * Penn West Petroleum Ltd .................... 1,587 127,245 e Petro-Canada ............................... 5,053 230,500 Schlumberger Ltd ........................... 10,965 2,754,719 Shell Transport & Trading Co plc ........... 18,183 45,753 e Statoil ASA ................................ 390 35,996 Talisman Energy, Inc ....................... 1,629 286,809 Total S.A. ................................. 43,343 10,800 * Total S.A. (Strip Vvpr) .................... 0 141,434 * Transocean, Inc ............................ 3,107 114,254 Unocal Corp ................................ 3,278 25,900 * Weatherford International Ltd .............. 1,085 ---------- TOTAL OIL AND GAS EXTRACTION 181,160 ---------- PAPER AND ALLIED PRODUCTS--0.45% 175,731 Abitibi-Consolidated, Inc (Canada) ......... 1,112 218,787 Amcor Ltd .................................. 1,191 29,510 Bunzl plc .................................. 207 18,069 Carter Holt Harvey Ltd ..................... 19 54,237 De La Rue plc .............................. 212 85,600 * Domtar, Inc ................................ 932 225,484 Kimberly-Clark Corp ........................ 11,757 1,858 Mayr-Melnhof Karton AG. .................... 155 11,800 MeadWestvaco Corp .......................... 291 35,723 NGK Insulators Ltd ......................... 198 1,092 Nippon Unipac Holding ...................... 4,265 17,469 Norske Skogindustrier ASA .................. 261 776,588 OJI Paper Co Ltd ........................... 3,395 228,100 Sappi Ltd .................................. 2,743 51,391 Stora Enso Oyj (R Shs) ..................... 574 14,864 Svenska Cellulosa AB (B Shs) ............... 508 49,693 UPM-Kymmene Oyj ............................ 725 ---------- TOTAL PAPER AND ALLIED PRODUCTS 28,545 ---------- PERSONAL SERVICES--0.01% 26,250 Cintas Corp ................................ 930 ---------- TOTAL PERSONAL SERVICES 930 ---------- PETROLEUM AND COAL PRODUCTS--4.37% 2,393,152 BHP Billiton Ltd ........................... 13,867 7,740,643 BP plc ..................................... 53,679 373,700 ChevronTexaco Corp ......................... 26,981 1,614,634 e ENI S.p.A. ................................. 24,419 3,353,682 ExxonMobil Corp ............................ 120,431 51,365 e Fortum Oyj ................................. 412 125,138 Nippon Oil Corp ............................ 543 24,880 Norsk Hydro ASA ............................ 1,224 86,373 e Repsol YPF S.A. ............................ 1,401 591,553 Royal Dutch Petroleum Co ................... 27,458 82,678 Santos Ltd ................................. 327 494 Shell Canada Ltd (Class A) (U.S.) .......... 19 20,100 Showa Shell Sekiyu KK ...................... 144 163,539 e Suncor Energy, Inc ......................... 3,050 27,000 e TonenGeneral Sekiyu KK ..................... 190 261,225 Woodside Petroleum Ltd ..................... 2,169 ---------- TOTAL PETROLEUM AND COAL PRODUCTS 276,314 ---------- PIPELINES, EXCEPT NATURAL GAS--0.02% 32,942 * Enbridge, Inc .............................. 1,162 ---------- TOTAL PIPELINES, EXCEPT NATURAL GAS ........ 1,162 ---------- PRIMARY METAL INDUSTRIES--0.47% 2,831 Acerinox S.A. .............................. 108 160,290 * Alcan, Inc ................................. 4,956 375,158 Alcoa, Inc ................................. 9,567 7,948 Arcelor .................................... 93 227,463 BHP Billiton plc ........................... 1,197 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 59 Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- PRIMARY METAL INDUSTRIES--(CONTINUED) 395,996 BHP Steel Ltd .............................. $ 988 108,688 * Corus Group plc ............................ 27 96,316 Dofasco, Inc ............................... 1,844 4,006,207 Nippon Steel Corp .......................... 5,505 6,435 NKT Holding a/s ............................ 89 156,706 OneSteel Ltd ............................... 202 29,539 * Rautaruukki Oyj ............................ 127 1,246 Sapa AB .................................... 25 7,571 Ssab Svenskt Stal AB (Series A) ............ 101 3,444 Ssab Svenskt Stal AB (Series B) ............ 44 87,000 * Sumitomo Heavy Industries Ltd .............. 129 3,866,502 Sumitomo Metal Industries Ltd .............. 2,673 39,788 ThyssenKrupp AG. ........................... 459 10,838 Trelleborg AB (B Shs) ...................... 116 7,023 e TUI AG. .................................... 104 46,875 * Vivendi Universal S.A. (Spon ADR) .......... 864 4,161 Voestalpine AG. ............................ 164 ---------- TOTAL PRIMARY METAL INDUSTRIES 29,382 ---------- PRINTING AND PUBLISHING--0.24% 66,317 Dai Nippon Printing Co Ltd ................. 701 4,385 Daily Mail & General Trust plc ............. 41 19,600 Dow Jones & Co, Inc ........................ 843 23,020 e Eniro AB ................................... 197 1,211 e* Eniro AB (Redemption Shs) .................. 12 10,694 Gruppo Editoriale L'Espresso S.p.A. ........ 42 93,151 Independent News & Media plc ............... 169 19,489 Independent Newspapers Ltd ................. 49 252,226 John Fairfax Holdings Ltd .................. 487 459,914 News Corp Ltd .............................. 3,455 88,424 Pearson plc ................................ 826 69,374 e Quebecor World, Inc ........................ 1,272 6,494 * Quebecor, Inc (Class B) .................... 79 45,235 R.R. Donnelley & Sons Co ................... 1,182 36,900 Reader's Digest Association, Inc (Class A) . 497 57,201 Reed Elsevier NV ........................... 675 261,187 Reed Elsevier plc .......................... 2,173 6,809 Schibsted ASA .............................. 94 20,528 SCMP Group Ltd ............................. 8 576,387 e* Seat-Pagine Gialle S.p.A. .................. 400 33,935 Singapore Press Holdings Ltd ............... 353 64,540 Toppan Printing Co Ltd ..................... 462 11 Tribune Co ................................. 1 23,587 e VNU NV ..................................... 727 32,997 Wolters Kluwer NV .......................... 398 ---------- TOTAL PRINTING AND PUBLISHING 15,143 ---------- RAILROAD TRANSPORTATION--0.26% 146,390 e Brambles Industries Ltd .................... 449 87,100 Canadian National Railway Co ............... 4,203 66 * Canadian National Railway Co (Canada) ...... 3 122,432 e Canadian Pacific Railway Ltd ............... 2,731 94,542 CSX Corp ................................... 2,845 427,821 Firstgroup plc ............................. 1,906 46,381 e Keihin Electric Express Railway Co Ltd ..... 227 108,700 e Kinki Nippon Railway Co Ltd ................ 282 97,000 Nippon Express Co Ltd ...................... 376 172,100 Norfolk Southern Corp ...................... 3,304 ---------- TOTAL RAILROAD TRANSPORTATION .............. 16,326 ---------- REAL ESTATE--0.26% 66,806 British Land Co plc ........................ 530 97,295 Brookfield Properties Corp ................. 2,077 3,020,663 CapitaLand Ltd ............................. 2,127 134,704 Cheung Kong Holdings Ltd ................... 810 1 * Chinese Estates Holdings Ltd ............... 0 534,853 Commonwealth Property Office Fund .......... 430 120,691 Great Portland Estates plc ................. 459 73,000 Guocoland Ltd .............................. 41 42,798 Hammerson plc .............................. 350 145,000 Hang Lung Properties Ltd ................... 131 4,751 Harvey Norman Holdings Ltd ................. 8 32,882 Henderson Land Development Co Ltd .......... 94 92,293 Hysan Development Co Ltd ................... 76 189,262 Mirvac Group ............................... 564 100,552 Mitsubishi Estate Co Ltd ................... 681 195,802 e Mitsui Fudosan Co Ltd ...................... 1,251 27,960 Sacyr Vallehermoso S.A. .................... 310 40,269 Sino Land Co Ltd ........................... 13 254,403 Stockland Trust Group ...................... 855 992,125 Sun Hung Kai Properties Ltd ................ 5,013 83,200 United Overseas Land Ltd ................... 99 20,015 Westfield Holdings Ltd ..................... 196 ---------- TOTAL REAL ESTATE 16,115 ---------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.63% 5,223 Adidas-Salomon AG. ......................... 447 710,369 e Bridgestone Corp ........................... 9,643 19,781 Continental AG. ............................ 415 69,848 e* Goodyear Tire & Rubber Co .................. 367 16,006 e Michelin (C.G.D.E.) (B Shs) ................ 625 74,969 Nike, Inc (Class B) ........................ 4,010 37,476 e* Pirelli S.p.A. ............................. 38 236,984 e Puma AG. Rudolf Dassler Sport .............. 23,540 62,321 * Royal Group Technologies Ltd ............... 442 7,200 e Toyoda Gosei Co Ltd ........................ 142 ---------- TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 39,669 ---------- SECURITY AND COMMODITY BROKERS--1.36% 79,992 3i Group plc ............................... 746 82,236 Amvescap plc ............................... 567 25,224 Close Brothers Group plc ................... 270 1,000,123 Daiwa Securities Group, Inc ................ 5,747 397 Deutsche Boerse AG. ........................ 21 516,404 e* FinecoGroup S.p.A. ......................... 278 104,525 Goldman Sachs Group, Inc ................... 8,754 116,589 Hong Kong Exchanges & Clearing Ltd ......... 167 1,000 Investors Group, Inc ....................... 21 130,347 Itochu Corp ................................ 328 1,945,796 Man Group plc .............................. 38,402 2,997,000 e Marubeni Corp .............................. 3,894 83,450 Mitsubishi Corp ............................ 579 99,714 e Mitsui & Co Ltd ............................ 500 420,282 Morgan Stanley ............................. 17,967 665,306 Nikko Cordial Corp ......................... 2,671 403,319 Nomura Holdings, Inc ....................... 5,119 7,318 OM AB ...................................... 52 145,000 Singapore Exchange Ltd ..................... 113 383,000 * Yamaichi Securities Co Ltd ................. 6 ---------- TOTAL SECURITY AND COMMODITY BROKERS 86,202 ---------- SPECIAL TRADE CONTRACTORS--0.05% 931,000 Kinden Corp ................................ 3,125 ---------- TOTAL SPECIAL TRADE CONTRACTORS 3,125 ---------- STONE, CLAY, AND GLASS PRODUCTS--0.11% 70,912 Asahi Glass Co Ltd ......................... 440 76,993 Boral Ltd .................................. 261 29,334 Compagnie De Saint-Gobain .................. 1,154 38,804 CRH plc (Ireland) .......................... 608 8,547 CRH plc (United Kingdom) ................... 135 17,902 CSR Ltd .................................... 23 75,324 Hanson plc ................................. 420 SEE NOTES TO FINANCIAL STATEMENTS 60 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- STONE, CLAY, AND GLASS PRODUCTS--(CONTINUED) 1,815 * Heidelberger Zement AG. (Belgium) .......... $ 41 4,297 * Heidelberger Zement AG. (Germany) .......... 95 1,815 * Heidelberger Zement AG. (Strip Vvpr) ....... 0 12,951 Holcim Ltd (Regd) .......................... 479 10,820 Hoya Corp .................................. 745 2,043 e Imerys S.A. ................................ 297 26,630 e Italcementi S.p.A. ......................... 303 68,401 James Hardie Industries NV ................. 323 11,432 e* Lafarge S.A. ............................... 31 11,314 e Lafarge S.A. (Br) .......................... 663 972 Nippon Sheet Glass Co Ltd .................. 3 112,158 Rinker Group Ltd ........................... 394 98,037 e* Taiheiyo Cement Corp ....................... 168 700 Toto Ltd ................................... 4 9,371 e Wienerberger AG. ........................... 165 ---------- TOTAL STONE, CLAY, AND GLASS PRODUCTS 6,752 ---------- TEXTILE MILL PRODUCTS--0.05% 785 * Kanebo Ltd ................................. 1 4,000 Nisshinbo Industries, Inc .................. 18 1,964,000 Toyobo Co Ltd .............................. 3,418 ---------- TOTAL TEXTILE MILL PRODUCTS 3,437 ---------- TOBACCO PRODUCTS--0.02% 31,021 Altadis S.A. ............................... 795 345 Altria Group, Inc .......................... 16 76 Japan Tobacco, Inc ......................... 411 ---------- TOTAL TOBACCO PRODUCTS 1,222 ---------- TRANSPORTATION BY AIR--0.10% 3,661 Air France ................................. 47 358,002 e* Alitalia S.p.A. ............................ 90 65,000 e All Nippon Airways Co Ltd .................. 125 35,330 Auckland International Airport Ltd ......... 127 117,269 BAA plc .................................... 949 85,595 * British Airways plc ........................ 214 93,000 Cathay Pacific Airways Ltd ................. 125 28,384 e Deutsche Lufthansa AG. (Regd) .............. 332 81,382 e Iberia Lineas Aereas de Espana ............. 158 111,234 e* Japan Airlines System Corp ................. 243 2,045 KLM (Royal Dutch Airlines) NV .............. 17 24,860 * Ryanair Holdings plc ....................... 179 732 * Ryanair Holdings plc (Spon ADR) ............ 33 9,751 * SAS AB ..................................... 54 258,139 Singapore Airlines Ltd ..................... 1,525 85,832 Southwest Airlines Co ...................... 1,476 110,389 Swire Pacific Ltd (A Shs) .................. 483 ---------- TOTAL TRANSPORTATION BY AIR 6,177 ---------- TRANSPORTATION EQUIPMENT--3.16% 10,535 * Aker Kvaerner ASA .......................... 139 1,559,870 Autoliv, Inc ............................... 42,241 486,792 BAE Systems plc ............................ 1,145 23,211 BBA Group plc .............................. 80 307,700 Boeing Co .................................. 10,560 1,476 Bombardier, Inc (Class A) .................. 5 243,470 e Bombardier, Inc (Class B) .................. 819 269,090 CAE, Inc ................................... 1,135 23,193 Cycle & Carriage Ltd ....................... 65 162,205 e DaimlerChrysler AG. (Regd) ................. 5,663 13,593 e DaimlerChrysler AG. (U.S.) ................. 472 65,989 Dana Corp .................................. 763 236,173 Delphi Corp ................................ 2,038 42,213 Denso Corp ................................. 669 1 * Fiat S.p.A. ................................ 0 1,278 Ford Motor Co .............................. 14 297,984 * General Motors Corp-Hughes Electronics Corp 3,817 77,300 Genuine Parts Co ........................... 2,474 26,000 e Hino Motors Ltd ............................ 123 524,976 Honda Motor Co Ltd ......................... 19,893 345,900 Honeywell International, Inc ............... 9,287 815 Kawasaki Heavy Industries Ltd .............. 1 1,033,500 Keppel Corp Ltd ............................ 2,876 171,735 Lockheed Martin Corp ....................... 8,169 40,598 e Magna International, Inc (Class A) ......... 2,711 21,516 MAN AG. .................................... 364 84,000 Mitsui Engineering & Shipbuilding Co Ltd ... 106 502,332 Nissan Motor Co Ltd ........................ 4,803 70,557 Northrop Grumman Corp ...................... 6,088 38 * NWS Holdings Ltd ........................... 0 737,616 e Patrick Corp Ltd ........................... 6,208 19,336 e Peugeot Citroen S.A. ....................... 939 15,101 Renault S.A. ............................... 798 979,928 Rolls-Royce Group plc ...................... 2,074 77,000 SembCorp Marine Ltd ........................ 43 1,500 e Shimano, Inc ............................... 23 105,972 Siemens AG. ................................ 5,199 67,286 Smiths Group plc ........................... 781 55,188 Textron, Inc ............................... 2,153 988,127 e Toyota Industries Corp ..................... 16,080 849,394 Toyota Motor Corp .......................... 22,000 207,700 United Technologies Corp ................... 14,711 11,170 e Valeo S.A. ................................. 387 58,000 Visteon Corp ............................... 398 11,158 Volkswagen AG. ............................. 472 1,430 Volvo AB (A Shs) ........................... 30 24,672 Volvo AB (B Shs) ........................... 542 11,000 e Yamaha Motor Co Ltd ........................ 93 ---------- TOTAL TRANSPORTATION EQUIPMENT 199,451 ---------- TRANSPORTATION SERVICES--0.09% 1,770 * New World Infrastucture Ltd ................ 0 64,301 Sabre Holdings Corp ........................ 1,585 919,256 Toll Holdings Ltd .......................... 4,365 ---------- TOTAL TRANSPORTATION SERVICES 5,950 ---------- TRUCKING AND WAREHOUSING--0.78% 390,000 Mitsui-Soko Co Ltd ......................... 796 37,000 Seino Transportation Co Ltd ................ 212 336,000 e Sumitomo Warehouse Co Ltd .................. 753 36,411 e TPG NV ..................................... 632 645,668 United Parcel Service, Inc (Class B) ....... 41,129 504,107 Yamato Transport Co Ltd .................... 5,579 ---------- TOTAL TRUCKING AND WAREHOUSING 49,101 ---------- WATER TRANSPORTATION--0.11% 128 A.P. Moller-Maersk a/s ..................... 692 6,800 Associated British Ports Holdings plc ...... 45 106,986 Carnival Corp .............................. 3,478 2,772 Carnival plc ............................... 84 112,790 CP Ships Ltd ............................... 1,864 45,022 Exel plc ................................... 462 38,968 Kamigumi Co Ltd ............................ 195 5,474 Mitsui O.S.K. Lines Ltd .................... 17 107,124 * Neptune Orient Lines Ltd ................... 90 16,974 Nippon Yusen Kabushiki Kaisha .............. 66 ---------- TOTAL WATER TRANSPORTATION 6,993 ---------- WHOLESALE TRADE-DURABLE GOODS--1.31% 15,709 e AGFA Gevaert NV ............................ 334 9,000 e* Anritsu Corp ............................... 49 65,887 * Centerpulse AG. (Regd) ..................... 17,730 300 D'ieteren S.A. ............................. 43 21,000 Fuji Electric Co Ltd ....................... 46 25,049 Fujisawa Pharmaceutical Co Ltd ............. 469 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 61 Statement of Investments (Unaudited) - GLOBAL EQUITIES ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- WHOLESALE TRADE-DURABLE GOODS--(CONTINUED) 1,715 Instrumentarium Oyj ........................ $ 65 1,030,607 Johnson & Johnson .......................... 53,282 13,748 M.J. Maillis S.A. .......................... 47 16,900 Mitsumi Electric Co Ltd .................... 175 800 e Sanrio Co Ltd .............................. 5 25,000 SembCorp Logistics Ltd ..................... 27 918,896 SSL International plc ...................... 4,458 253,456 Terumo Corp ................................ 4,211 1,570 Titan Cement Co S.A. ....................... 57 35,100 W.W. Grainger, Inc ......................... 1,641 983 Zodiac S.A. ................................ 24 ---------- TOTAL WHOLESALE TRADE-DURABLE GOODS 82,663 ---------- WHOLESALE TRADE-NONDURABLE GOODS--0.70% 393,140 Altana AG. ................................. 24,803 659,593 British American Tobacco plc ............... 7,483 400 Cardinal Health, Inc ....................... 26 5,726 Celesio AG. ................................ 225 8,953 Ciba Specialty Chemicals AG. (Regd) ........ 542 56,939 Imperial Tobacco Group plc ................. 1,018 5,090 Inditex S.A. ............................... 128 25,700 e Kokuyo Co Ltd .............................. 245 193,645 Li & Fung Ltd .............................. 250 52,388 e Loblaw Cos Ltd ............................. 2,390 122,500 McKesson Corp .............................. 4,378 50,777 Swedish Match AB ........................... 384 183 Wella AG. .................................. 13 20,960 e* Weston (George) Ltd ........................ 1,580 ---------- TOTAL WHOLESALE TRADE-NONDURABLE GOODS 43,465 ---------- TOTAL COMMON STOCK (COST $6,048,368) 6,192,433 ---------- PRINCIPAL ------- SHORT TERM INVESTMENTS--4.94% CERTIFICATE OF DEPOSIT--0.21% Wells Fargo $ 13,000,000 1.240%, 07/07/03 .......................... 13,000 ---------- TOTAL CERTIFICATE OF DEPOSIT 13,000 ---------- COMMERCIAL PAPER--2.63% BMW U.S. Capital Corp 17,300,000 d 0.910%, 07/24/03 .......................... 17,288 Ciesco LP 11,300,000 1.220%, 07/09/03 .......................... 11,297 Coca-Cola Enterprises, Inc 13,100,000 c 0.880%, 08/06/03 .......................... 13,086 Delaware Funding Corp 15,000,000 c 1.040%, 08/22/03 .......................... 14,977 Fortune Brands 17,300,000 c,d 1.220%, 07/10/03 .......................... 17,295 Govco, Inc 9,600,000 c 1.210%, 08/07/03 .......................... 9,589 Private Export Funding Corp 15,000,000 c,d 1.210%, 07/22/03 .......................... 14,990 Variable Funding Capital Corp 17,300,000 c 1.250%, 07/08/03 .......................... 17,296 Greyhawk Funding LLC 17,300,000 c,d 1.000%, 07/16/03 .......................... 17,292 Park Avenue Receivables Corp 16,000,000 c 1.110%, 07/15/03 .......................... 15,993 Receivables Capital Corp 17,300,000 c 1.120%, 07/02/03 .......................... 17,299 ---------- TOTAL COMMERCIAL PAPER 166,402 ---------- U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--2.10% Federal Home Loan Bank (FHLB) $ 25,400,000 0.910%, 07/09/03 .......................... 25,394 Federal Home Loan Mortgage Corp (FHLMC) 16,850,000 0.900%, 09/25/03 .......................... 16,811 17,900,000 0.900%, 10/30/03 .......................... 17,841 Federal National Mortgage Association (FNMA) 5,400,000 1.180%, 07/07/03 .......................... 5,399 7,300,000 1.185%, 07/07/03 .......................... 7,299 6,500,000 1.180%, 07/09/03 .......................... 6,498 50,000,000 1.170%, 08/20/03 .......................... 49,958 3,525,000 1.175%, 08/20/03 .......................... 3,520 ---------- TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 132,720 ---------- TOTAL SHORT TERM INVESTMENTS (COST $312,094) 312,122 ---------- TOTAL PORTFOLIO--103.11% (COST $6,368,685) 6,512,724 OTHER ASSETS & LIABILITIES--(3.11)% (196,264) ---------- NET ASSETS--100.00% $6,316,460 ========== - --------------- * 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. Note that the funds may use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 62 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - GROWTH ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- Summary by Industry VALUE (000) % - -------------------------------------------------------------------------------- CORPORATE BOND: Nondepository Institutions ........................ $ 7 0.00% ---------- ------- TOTAL CORPORATE BOND .............................. 7 0.00 ---------- ------- (COST $8) PREFERRED STOCK: Primary Metal Industries .......................... 0 0.00 Rubber and Miscellaneous Plastics Products ........ 198 0.00 ---------- ------- TOTAL PREFERRED STOCK ............................. 198 0.00 ---------- ------- (COST $186) COMMON STOCK: Amusement and Recreation Services ................. 1,014 0.01 Apparel and Accessory Stores ...................... 106,784 1.14 Apparel and Other Textile Products ................ 1,729 0.02 Auto Repair, Services and Parking ................. 0 0.00 Automotive Dealers and Service Stations ........... 9,519 0.10 Building Materials and Garden Supplies ............ 240,863 2.58 Business Services ................................. 1,157,888 12.41 Chemicals and Allied Products ..................... 1,831,883 19.63 Coal Mining ....................................... 880 0.01 Communications .................................... 266,647 2.86 Depository Institutions ........................... 196,770 2.11 Eating and Drinking Places ........................ 62,503 0.67 Educational Services .............................. 40,133 0.43 Electric, Gas, and Sanitary Services .............. 6,411 0.07 Electronic and Other Electric Equipment ........... 1,106,905 11.86 Engineering and Management Services ............... 40,279 0.43 Fabricated Metal Products ......................... 34,800 0.37 Food and Kindred Products ......................... 410,463 4.40 Food Stores ....................................... 22,091 0.24 Furniture and Fixtures ............................ 37,474 0.40 Furniture and Homefurnishings Stores .............. 36,083 0.39 General Building Contractors ...................... 5,245 0.06 General Merchandise Stores ........................ 360,730 3.87 Health Services ................................... 129,798 1.39 Holding and Other Investment Offices .............. 5,244 0.06 Hotels and Other Lodging Places ................... 61,442 0.66 Industrial Machinery and Equipment ................ 919,934 9.86 Instruments and Related Products .................. 350,246 3.75 Insurance Agents, Brokers and Services ............ 56,229 0.60 Insurance Carriers ................................ 273,865 2.94 Leather and Leather Products ...................... 10,079 0.11 Metal Mining ...................................... 6,910 0.07 Miscellaneous Manufacturing Industries ............ 396 0.00 Miscellaneous Retail .............................. 124,207 1.33 Motion Pictures ................................... 1,268 0.01 Nondepository Institutions ........................ 402,109 4.31 Nonmetallic Minerals, Except Fuels ................ 357 0.00 Oil and Gas Extraction ............................ 51,917 0.56 Paper and Allied Products ......................... 25,188 0.27 Personal Services ................................. 22,236 0.24 Petroleum and Coal Products ....................... 5,483 0.06 Primary Metal Industries .......................... 0 0.00 Printing and Publishing ........................... 40,132 0.43 Real Estate ....................................... 4,394 0.05 Rubber and Miscellaneous Plastic Products ......... 11,703 0.13 Security and Commodity Brokers .................... 59,880 0.65 Stone, Clay, and Glass Products ................... 0 0.00 Textile Mill Products ............................. 5,271 0.06 Tobacco Products .................................. 82,377 0.88 Transportation by Air ............................. 13,653 0.15 Transportation Equipment .......................... 147,086 1.58 Transportation Services ........................... 19,784 0.21 Trucking and Warehousing .......................... 47,068 0.50 Wholesale Trade-Durable Goods ..................... 300,710 3.22 Wholesale Trade-Nondurable Goods 75,533 0.81 ---------- ------- TOTAL COMMON STOCK ................................ 9,231,593 98.95 ---------- ------- (COST $9,692,329) SHORT TERM INVESTMENTS: Certificates of Deposit ........................... 15,000 0.16 Commercial Paper .................................. 151,953 1.63 U.S. Government and Agencies Discount Notes ....... 171,175 1.83 Variable Vote ..................................... 14,999 0.16 ---------- ------- TOTAL SHORT TERM INVESTMENTS ...................... 353,127 3.78 ---------- ------- (COST $353,102) TOTAL PORTFOLIO (COST $10,045,625) ............................... 9,584,925 102.73 Other Assets & Liabilities, Net ................... (254,974) (2.73) ---------- ------- NET ASSETS ........................................ $9,329,951 100.00 ========== ======= PRINCIPAL VALUE (000) ------- ----------- CORPORATE BOND--0.00% NONDEPOSITORY INSTITUTIONS--0.00% Ugly Duckling Corp (Sub Deb) $ 6,500 12.000%, 10/23/03 ............................ $ 7 -------- TOTAL NONDEPOSITORY INSTITUTIONS 7 -------- TOTAL CORPORATE BOND (COST $8) 7 -------- SHARES ----- PREFERRED STOCK--0.00% PRIMARY METAL INDUSTRIES--0.00% 13,200 * Superior Trust I .............................. 0 -------- TOTAL PRIMARY METAL INDUSTRIES 0 -------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.00% 3,895 * Sealed Air Corp (New) ......................... 198 -------- TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 198 -------- TOTAL PREFERRED STOCK (COST $186) 198 -------- COMMON STOCK--98.95% AMUSEMENT AND RECREATION SERVICES--0.01% 79 * Harrah's Entertainment, Inc ................... 3 25,589 International Speedway Corp (Class A) ......... 1,011 -------- TOTAL AMUSEMENT AND RECREATION SERVICES 1,014 -------- APPAREL AND ACCESSORY STORES--1.14% 157,212 * Abercrombie & Fitch Co (Class A) .............. 4,466 90,361 e* American Eagle Outfitters, Inc ................ 1,637 137,212 e* Chico's FAS, Inc .............................. 2,888 99,686 e Foot Locker, Inc .............................. 1,321 3,490,890 e Gap, Inc ...................................... 65,489 303,384 Limited Brands, Inc ........................... 4,702 146,171 e Ross Stores, Inc .............................. 6,247 42,952 Talbots, Inc .................................. 1,265 996,251 TJX Cos, Inc .................................. 18,769 -------- TOTAL APPAREL AND ACCESSORY STORES 106,784 -------- APPAREL AND OTHER TEXTILE PRODUCTS--0.02% 23,272 * Columbia Sportswear Co ........................ 1,196 18,210 * Jones Apparel Group, Inc ...................... 533 -------- TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 1,729 -------- AUTO REPAIR, SERVICES AND PARKING--0.00% 7,173 b,e* ANC Rental Corp ............................... 0 -------- TOTAL AUTO REPAIR, SERVICES AND PARKING 0 -------- AUTOMOTIVE DEALERS AND SERVICE STATIONS--0.10% 26,730 e* Advance Auto Parts ............................ 1,628 130,001 e* Carmax, Inc ................................... 3,920 117,483 * Copart, Inc ................................... 1,110 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 63 Statement of Investments (Unaudited) - GROWTH ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ---------- AUTOMOTIVE DEALERS AND SERVICE STATIONS--(CONTINUED) 65,054 e* O'Reilly Automotive, Inc .................... $ 2,172 31,432 e* Sonic Automotive, Inc ....................... 689 ---------- TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS 9,519 ---------- BUILDING MATERIALS AND GARDEN SUPPLIES--2.58% 108,171 e Fastenal Co ................................. 3,671 2,980,315 Home Depot, Inc ............................. 98,708 3,224,309 Lowe's Cos .................................. 138,484 ---------- TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES 240,863 ---------- BUSINESS SERVICES--12.41% 155,581 e* Activision, Inc ............................. 2,010 105,239 e* Acxiom Corp ................................. 1,588 85,027 Adobe Systems, Inc .......................... 2,727 57,404 * Advent Software, Inc ........................ 971 81,212 e* Affiliated Computer Services, Inc (Class A) . 3,714 86,724 e* Alliance Data Systems Corp .................. 2,029 26,104 e* AMN Healthcare Services, Inc ................ 332 3,859,405 * AOL Time Warner, Inc ........................ 62,098 58,904 e Autodesk, Inc ............................... 952 2,272,650 Automatic Data Processing, Inc .............. 76,952 2,527,971 e* BEA Systems, Inc ............................ 27,454 208,240 * Bisys Group, Inc ............................ 3,825 247,413 * BMC Software, Inc ........................... 4,040 484,315 e* Brocade Communications Systems, Inc ......... 2,853 489,718 e* Cadence Design Systems, Inc ................. 5,906 69,106 * Catalina Marketing Corp ..................... 1,220 219,778 e* Ceridian Corp ............................... 3,730 52,300 e* Cerner Corp ................................. 1,200 118,407 * Certegy, Inc ................................ 3,286 58,502 e* Checkfree Corp .............................. 1,629 156,814 * ChoicePoint, Inc ............................ 5,413 8 Computer Associates International, Inc ...... 0 27,986 e* Computer Sciences Corp ...................... 1,067 277,677 * Compuware Corp .............................. 1,602 319,300 * Convergys Corp .............................. 5,109 86,460 * CSG Systems International, Inc .............. 1,222 25 * CycleLogic, Inc ............................. 0 109,795 * D&B Corp .................................... 4,513 121,652 Deluxe Corp ................................. 5,450 988,325 e* DST Systems, Inc ............................ 37,556 66 Electronic Data Systems Corp ................ 1 247,066 Equifax, Inc ................................ 6,424 3,038 * Expedia, Inc Wts 02/04/09 ................... 166 92,433 e Fair Isaac Corp ............................. 4,756 913,233 e First Data Corp ............................. 37,844 353,129 e* Fiserv, Inc ................................. 12,575 2,100 b* Frontline Capital Group, Inc ................ 0 12,028 e* Genesisintermedia, Inc ...................... 0 46,688 e* Getty Images, Inc ........................... 1,928 70,948 GTECH Holdings Corp ......................... 2,671 128,755 Henry (Jack) & Associates, Inc .............. 2,291 7,507 e* Hudson Highland Group, Inc .................. 143 278,463 e* i2 Technologies, Inc ........................ 281 472,401 IMS Health, Inc ............................. 8,498 25 * Interpublic Group of Cos, Inc ............... 0 169,163 * Intuit, Inc ................................. 7,533 74,621 * Iron Mountain, Inc .......................... 2,768 190,026 * J.D. Edwards & Co ........................... 2,723 6 e* Juniper Networks, Inc ....................... 0 92,717 * Lamar Advertising Co ........................ 3,265 93,339 * Macromedia, Inc ............................. 1,964 92,905 e Manpower, Inc ............................... 3,446 16,586,161 Microsoft Corp .............................. 424,772 93,252 e* Monster Worldwide, Inc ...................... 1,840 55,111 * National Instruments Corp ................... 2,082 9,301 * National Processing, Inc .................... 150 2,400 * NCP Litigation Trust ........................ 0 285,984 e* Network Associates, Inc ..................... 3,626 50,260 e Omnicom Group, Inc .......................... 3,604 11,963,870 * Oracle Corp ................................. 143,806 1,024,757 e* Peoplesoft, Inc ............................. 18,025 69,128 b* Peregrine Systems, Inc ...................... 27 87,100 * Perot Systems Corp (Class A) ................ 989 32,730 * Pixar, Inc .................................. 1,991 31,572 * ProcureNet, Inc ............................. 5 138,301 * RealNetworks, Inc ........................... 938 58,805 * Rent-A-Center, Inc .......................... 4,458 123,572 e Reynolds & Reynolds Co (Class A) ............ 3,529 283,769 e* Robert Half International, Inc .............. 5,375 1,280,555 SAP AG. (Spon ADR) .......................... 37,418 58 * Siebel Systems, Inc ......................... 1 9,439,488 * Sun Microsystems, Inc ....................... 43,422 376,127 * SunGard Data Systems, Inc ................... 9,745 80,022 * Sybase, Inc ................................. 1,113 903,876 e* Symantec Corp ............................... 39,644 122,103 * Titan Corp .................................. 1,256 69,798 e Total System Services, Inc .................. 1,556 99,780 e* Unisys Corp ................................. 1,225 20,549 * United Rentals, Inc ......................... 285 209,596 * VeriSign, Inc ............................... 2,899 53 * Veritas Software Corp ....................... 2 137,788 Viad Corp ................................... 3,085 266,268 e* WebMD Corp .................................. 2,884 141,028 * Westwood One, Inc ........................... 4,785 721,186 e* Yahoo!, Inc ................................. 23,626 ---------- TOTAL BUSINESS SERVICES 1,157,888 ---------- CHEMICALS AND ALLIED PRODUCTS--19.63% 4,361,746 Abbott Laboratories ......................... 190,870 4,150 e Alberto-Culver Co (Class B) ................. 212 720,404 Alcon, Inc .................................. 32,922 26 Allergan, Inc ............................... 2 4,213,702 * Amgen, Inc .................................. 282,234 13,504 * Amylin Pharmaceuticals, Inc ................. 296 119,804 * Andrx Corp .................................. 2,384 130,412 Avery Dennison Corp ......................... 6,547 1,027,952 Avon Products, Inc .......................... 63,939 251,925 * Barr Laboratories, Inc ...................... 16,501 55 * Biogen, Inc ................................. 2 40 * Biovail Corp ................................ 2 791,520 Bristol-Myers Squibb Co ..................... 21,490 15,449 Cabot Corp .................................. 443 13 * Cephalon, Inc ............................... 1 84,174 e* Charles River Laboratories International, Inc 2,709 169,745 e* Chiron Corp ................................. 7,421 39,691 Church & Dwight Co, Inc ..................... 1,299 152,974 Clorox Co ................................... 6,524 881,346 Colgate-Palmolive Co ........................ 51,074 41,162 Diagnostic Products Corp .................... 1,690 93,355 Dial Corp ................................... 1,816 476,538 e Ecolab, Inc ................................. 12,199 140,855 Estee Lauder Cos (Class A) .................. 4,723 592,412 * Forest Laboratories, Inc .................... 32,435 117,101 e* Genentech, Inc .............................. 8,445 59 * Genzyme Corp (General Division) ............. 2 82 * Gilead Sciences, Inc ........................ 5 1,137,525 Gillette Co ................................. 36,242 114,058 * Human Genome Sciences, Inc .................. 1,451 19,840 ICN Pharmaceuticals, Inc .................... 333 27 e* IDEC Pharmaceuticals Corp ................... 1 61,535 International Flavors & Fragrances, Inc ..... 1,965 SEE NOTES TO FINANCIAL STATEMENTS 64 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - GROWTH ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ---------- CHEMICALS AND ALLIED PRODUCTS--(CONTINUED) 44,027 * Invitrogen Corp ............................ $ 1,689 280,030 e* IVAX Corp .................................. 4,999 82 * King Pharmaceuticals, Inc .................. 1 434,863 Lilly (Eli) & Co ........................... 29,993 40,072 e Medicis Pharmaceutical Corp (Class A) ...... 2,272 86 * MedImmune, Inc ............................. 3 2,021,020 Merck & Co, Inc ............................ 122,373 156,162 * Millennium Pharmaceuticals, Inc ............ 2,456 642,717 Mylan Laboratories, Inc .................... 22,347 5,678 * OM Group, Inc .............................. 84 6,959 b* Organogenesis, Inc ......................... 0 17,273,008 Pfizer, Inc ................................ 589,873 719,342 Procter & Gamble Co ........................ 64,151 38,376 * Ribapharm, Inc ............................. 248 9,799 * Scotts Co (Class A) ........................ 485 195,886 * SICOR, Inc ................................. 3,984 24,178 e Sigma-Aldrich Corp ......................... 1,310 29,021 e Valspar Corp ............................... 1,225 69,203 e* Watson Pharmaceuticals, Inc ................ 2,794 4,246,259 Wyeth 193,417 ---------- TOTAL CHEMICALS AND ALLIED PRODUCTS 1,831,883 ---------- COAL MINING--0.01% 38,712 e Consol Energy, Inc ......................... 880 ---------- TOTAL COAL MINING 880 ---------- COMMUNICATIONS--2.86% 1 b* Adelphia Business Solutions, Inc ........... 0 101,032 b* Arch Wireless, Inc ......................... 0 27 * AT&T Wireless Services, Inc ................ 0 85,624 * Avaya, Inc ................................. 553 1,470,350 * Clear Channel Communications, Inc .......... 62,328 30,450 * Comcast Corp Special ....................... 878 66 * Cox Communications, Inc (Class A) .......... 2 40,603 * Cox Radio, Inc (Class A) ................... 938 26,682 * Cumulus Media, Inc (Class A) ............... 505 1 * Deutsche Telekom AG. (ADR) ................. 0 15 * EchoStar Communications Corp (Class A) ..... 1 6,835 e* Emmis Communications Corp (Class A) ........ 157 58,173 * Entercom Communications Corp ............... 2,851 2,245 * Focal Communications Corp Wts 12/14/07 ..... 0 110,569 * Fox Entertainment Group, Inc (Class A) ..... 3,182 65,231 Global Payments, Inc ....................... 2,316 71,896 * Hispanic Broadcasting Corp ................. 1,830 8,886 * IDT Corp ................................... 159 100 b* IMPSAT Fiber Networks, Inc ................. 0 1,451,856 e* InterActiveCorp ............................ 57,450 3,647,246 e* Level 3 Communications, Inc ................ 24,218 18,926 e* Lin TV Corp (Class A) ...................... 446 549,886 e* Nextel Communications, Inc (Class A) ....... 9,942 26,988 * PanAmSat Corp .............................. 497 28 * Qwest Communications International, Inc .... 0 72,659 e* Radio One, Inc (Class D) ................... 1,291 1 * Spectrasite, Inc ........................... 0 15,200 b* U.S. Wireless Corp ......................... 0 9,947 e* UnitedGlobalcom, Inc (Class A) ............. 51 4 e* Univision Communications, Inc (Class A) .... 0 874 * Vast Solutions, Inc (Class B1) ............. 0 874 * Vast Solutions, Inc (Class B2) ............. 0 874 * Vast Solutions, Inc (Class B3) ............. 0 24,692 * Viacom, Inc (Class A) ...................... 1,079 2,177,779 * Viacom, Inc (Class B) ...................... 95,082 33,349 e* West Corp .................................. 889 16,743 b* WorldCom, Inc (MCI Group) .................. 2 ---------- TOTAL COMMUNICATIONS 266,647 ---------- DEPOSITORY INSTITUTIONS--2.11% 2,200 Bank of New York Co, Inc ................... 63 1,221,010 Citigroup, Inc ............................. 52,259 107,631 Commerce Bancorp, Inc ...................... 3,993 931,279 * Concord EFS, Inc ........................... 13,708 942,156 Fifth Third Bancorp ........................ 54,023 1,063 First Bancorp (Puerto Rico) ................ 29 10,728 Hudson City Bancorp, Inc ................... 274 24,067 Hudson United Bancorp ...................... 822 900 Mellon Financial Corp ...................... 25 89,144 e New York Community Bancorp, Inc ............ 2,593 76,328 North Fork Bancorp, Inc .................... 2,600 175,595 e Northern Trust Corp ........................ 7,338 39,398 e Provident Financial Group, Inc ............. 1,010 7,270 e* Silicon Valley Bancshares .................. 173 556,979 e Synovus Financial Corp ..................... 11,975 84,629 TCF Financial Corp ......................... 3,372 831,004 Wells Fargo & Co ........................... 41,883 14,625 Westamerica Bancorp ........................ 630 ---------- TOTAL DEPOSITORY INSTITUTIONS 196,770 ---------- EATING AND DRINKING PLACES--0.67% 105,494 Applebee's International, Inc .............. 3,316 56,249 * Aramark Corp (Class B) ..................... 1,261 939,924 e* Brinker International, Inc ................. 33,856 14,696 e CBRL Group, Inc ............................ 571 48,875 e* CEC Entertainment, Inc ..................... 1,805 319,868 Darden Restaurants, Inc .................... 6,071 78,363 * Krispy Kreme Doughnuts, Inc ................ 3,227 57,371 Outback Steakhouse, Inc .................... 2,237 123,235 e Ruby Tuesday, Inc .......................... 3,048 95,394 e* The Cheesecake Factory, Inc ................ 3,424 127,197 e Wendy's International, Inc ................. 3,685 80 * Yum! Brands, Inc ........................... 2 ---------- TOTAL EATING AND DRINKING PLACES 62,503 ---------- EDUCATIONAL SERVICES--0.43% 454,270 e* Apollo Group, Inc (Class A) ................ 28,056 27,737 * Apollo Group, Inc (University of Phoenix Online) 1,406 83,097 * Career Education Corp ...................... 5,685 107,944 e* DeVry, Inc ................................. 2,514 46,476 e* Education Management Corp .................. 2,472 ---------- TOTAL EDUCATIONAL SERVICES 40,133 ---------- ELECTRIC, GAS, AND SANITARY SERVICES--0.07% ..................... 312,798 * AES Corp ................................... 1,986 209,443 * Allied Waste Industries, Inc ............... 2,105 198,414 e* Calpine Corp ............................... 1,310 29 * Citizens Communications Co ................. 0 20,626 b* Covanta Energy Corp ........................ 0 59 Kinder Morgan, Inc ......................... 3 119,048 e* Mirant Corp ................................ 345 15,995 b* NewPower Holdings, Inc ..................... 6 3,900 Texas Genco Holdings, Inc .................. 91 19 Waste Management, Inc ...................... 0 71,536 e Williams Cos, Inc .......................... 565 ---------- TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 6,411 ---------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--11.86% 2,048 b,e* ACT Manufacturing, Inc ..................... 0 608,461 e* ADC Telecommunications, Inc ................ 1,416 80,343 * Advanced Fibre Communications, Inc ......... 1,307 199,150 e* Advanced Micro Devices, Inc ................ 1,277 437,458 e* Agere Systems, Inc (Class A) ............... 1,019 1,239,958 * Agere Systems, Inc (Class B) ............... 2,852 1,782,509 e* Altera Corp ................................ 29,233 42,292 American Power Conversion Corp ............. 659 103,354 e* Amkor Technology, Inc ...................... 1,358 36,004 * Amphenol Corp (Class A) .................... 1,686 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 65 Statement of Investments (Unaudited) - GROWTH ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- ELECTRONIC AND OTHER ELECTRIC EQUIPMENT--(CONTINUED) 601,951 * Analog Devices, Inc ........................ $ 20,960 282,424 * Applied Micro Circuits Corp ................ 1,709 538,645 * Atmel Corp ................................. 1,363 28 * Broadcom Corp (Class A) .................... 1 34 * CIENA Corp ................................. 0 239,483 e* Conexant Systems, Inc ...................... 982 179,024 e* Cypress Semiconductor Corp ................. 2,148 21,360 * Energizer Holdings, Inc .................... 671 204,999 * Fairchild Semiconductor International, Inc . 2,622 209,307 * Gemstar-TV Guide International, Inc ........ 1,065 17,772,192 General Electric Co ........................ 509,706 9,900 b* Geotek Communications, Inc ................. 0 48,889 Harman International Industries, Inc ....... 3,869 61,382 Harris Corp ................................ 1,845 89,555 e* Integrated Circuit Systems, Inc ............ 2,815 100,178 * Integrated Device Technology, Inc .......... 1,107 11,176,323 Intel Corp ................................. 232,289 104,435 * International Rectifier Corp ............... 2,801 141,829 * Intersil Corp (Class A) .................... 3,774 261,428 e* Jabil Circuit, Inc ......................... 5,778 1,100,500 * JDS Uniphase Corp .......................... 3,863 65 * L-3 Communications Holdings, Inc ........... 3 49 Linear Technology Corp ..................... 2 350,147 * LSI Logic Corp ............................. 2,479 1,568,134 Maxim Integrated Products, Inc ............. 53,615 146,778 Maytag Corp ................................ 3,584 116,879 e* Micrel, Inc ................................ 1,214 368,458 Microchip Technology, Inc .................. 9,027 57 e* Micron Technology, Inc ..................... 1 79,826 * Mindspeed Technologies, Inc ................ 216 210,301 e Molex, Inc ................................. 5,676 278,831 e* National Semiconductor Corp ................ 5,499 1,303,172 e* Novellus Systems, Inc ...................... 47,723 243,570 * Nvidia Corp ................................ 5,605 314,750 e* PMC-Sierra, Inc ............................ 3,692 142,367 e* Polycom, Inc ............................... 1,973 162,783 e* QLogic Corp ................................ 7,867 920,313 Qualcomm, Inc .............................. 32,901 295,026 * RF Micro Devices, Inc ...................... 1,776 32,694 e Rockwell Collins, Inc ...................... 805 72,424 * Sanmina-SCI Corp ........................... 457 115,909 * Semtech Corp ............................... 1,651 6,100 f,e* Sunbeam Corp ............................... 0 341,442 * Tellabs, Inc ............................... 2,243 1,575,206 Texas Instruments, Inc ..................... 27,724 118,542 e* Utstarcom, Inc ............................. 4,217 15,268 b* Viasystems Group, Inc ...................... 0 66,971 e* Vishay Intertechnology, Inc ................ 884 1,813,367 * Xilinx, Inc ................................ 45,896 34,800 * Zenith Electronics Corp .................... 0 ----------- TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 1,106,905 ----------- ENGINEERING AND MANAGEMENT SERVICES--0.43% 95,315 e* Affymetrix, Inc ............................ 1,879 323,957 * BearingPoint, Inc .......................... 3,126 143,220 e* Celgene Corp ............................... 4,354 14,095 * Corporate Executive Board Co ............... 575 2,900 e* Emex Corp .................................. 0 23,802 e Fluor Corp ................................. 801 208,772 Halliburton Co ............................. 4,802 64,638 * Jacobs Engineering Group, Inc .............. 2,724 80 Moody's Corp ............................... 4 604,774 Paychex, Inc ............................... 17,726 88,851 * Pharmaceutical Product Development, Inc .... 2,553 2,556 e* Quest Diagnostics, Inc ..................... 163 110,804 * Quintiles Transnational Corp ............... 1,572 ----------- TOTAL ENGINEERING AND MANAGEMENT SERVICES 40,279 ----------- FABRICATED METAL PRODUCTS--0.37% 61,299 e* Alliant Techsystems, Inc ................... 3,182 22,195 Ball Corp .................................. 1,010 203,895 e Danaher Corp ............................... 13,875 195,525 Illinois Tool Works, Inc ................... 12,875 41,773 Masco Corp ................................. 996 46,809 e* Shaw Group, Inc ............................ 564 83,275 Stanley Works .............................. 2,298 ----------- TOTAL FABRICATED METAL PRODUCTS 34,800 ----------- FOOD AND KINDRED PRODUCTS--4.40% 618,991 Anheuser-Busch Cos, Inc .................... 31,599 2,728,213 Coca-Cola Co ............................... 126,616 92 Coca-Cola Enterprises, Inc ................. 2 55,277 * Constellation Brands, Inc (Class A) ........ 1,736 34,986 Dreyer's Grand Ice Cream Holdings, Inc ..... 2,751 486,912 e General Mills, Inc ......................... 23,084 14,395 H.J. Heinz Co .............................. 475 84,223 e Hershey Foods Corp ......................... 5,867 49 Kellogg Co ................................. 2 131,148 Kraft Foods, Inc (Class A) ................. 4,269 138,349 McCormick & Co, Inc (Non-Vote) ............. 3,763 320,082 Pepsi Bottling Group, Inc .................. 6,408 4,038,281 PepsiCo, Inc ............................... 179,704 606,925 e Sara Lee Corp .............................. 11,416 42,827 Tootsie Roll Industries, Inc ............... 1,306 203,889 Wrigley (Wm.) Jr Co ........................ 11,465 ----------- TOTAL FOOD AND KINDRED PRODUCTS 410,463 ----------- FOOD STORES--0.24% 91 * Kroger Co .................................. 2 76 * Safeway, Inc ............................... 2 713,143 e* Starbucks Corp ............................. 17,486 96,799 e* Whole Foods Market, Inc .................... 4,601 ----------- TOTAL FOOD STORES 22,091 ----------- FURNITURE AND FIXTURES--0.40% 31,972 e Ethan Allen Interiors, Inc ................. 1,124 62,123 e* Furniture Brands International, Inc ........ 1,621 143,855 Herman Miller, Inc ......................... 2,907 11,607 HON Industries, Inc ........................ 354 7,069 La-Z-Boy, Inc .............................. 158 116,199 Leggett & Platt, Inc ....................... 2,382 1,033,129 Newell Rubbermaid, Inc ..................... 28,928 ----------- TOTAL FURNITURE AND FIXTURES 37,474 ----------- FURNITURE AND HOMEFURNISHINGS STORES--0.39% 539,236 * Bed Bath & Beyond, Inc ..................... 20,928 48,007 Circuit City Stores, Inc (Circuit City Group) 422 22,350 e* Gamestop Corp .............................. 289 57,868 Pier 1 Imports, Inc ........................ 1,181 321,012 e RadioShack Corp ............................ 8,446 164,973 e* Williams-Sonoma, Inc ....................... 4,817 ----------- TOTAL FURNITURE AND HOMEFURNISHINGS STORES 36,083 ----------- GENERAL BUILDING CONTRACTORS--0.06% 35,963 D.R. Horton, Inc ........................... 1,011 6 Lennar Corp ................................ 0 10,302 * NVR, Inc ................................... 4,234 ----------- TOTAL GENERAL BUILDING CONTRACTORS 5,245 ----------- GENERAL MERCHANDISE STORES--3.87% 78,179 * 99 Cents Only Stores ....................... 2,683 120,887 * Big Lots, Inc .............................. 1,818 134,865 * BJ's Wholesale Club, Inc ................... 2,031 420,847 * Costco Wholesale Corp ...................... 15,403 513,384 Dollar General Corp ........................ 9,374 SEE NOTES TO FINANCIAL STATEMENTS 66 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - GROWTH ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ---------- GENERAL MERCHANDISE STORES--(CONTINUED) 209,745 * Dollar Tree Stores, Inc .................... 6,655 295,088 e Family Dollar Stores, Inc .................. 11,258 223,147 e* Kohl's Corp ................................ 11,465 954,340 Target Corp ................................ 36,112 4,917,664 Wal-Mart Stores, Inc ....................... 263,931 ----------- TOTAL GENERAL MERCHANDISE STORES 360,730 ----------- HEALTH SERVICES--1.39% 83,715 * Accredo Health, Inc ........................ 1,825 28 * Caremark Rx, Inc ........................... 1 67,500 e* Community Health Systems, Inc .............. 1,302 33,662 * Coventry Health Care, Inc .................. 1,554 107,250 * DaVita, Inc ................................ 2,872 928,897 * Express Scripts, Inc ....................... 63,360 186,837 * First Health Group Corp .................... 5,160 646,835 HCA, Inc ................................... 20,725 445,732 e Health Management Associates, Inc (Class A) 8,224 51,553 e* Healthsouth Corp ........................... 27 2 * Laboratory Corp of America Holdings ........ 0 73,995 e* LifePoint Hospitals, Inc ................... 1,549 198,639 e* Lincare Holdings, Inc ...................... 6,259 78,423 * Manor Care, Inc ............................ 1,961 80,233 e* Orthodontic Centers of America, Inc ........ 643 70,754 * Renal Care Group, Inc ...................... 2,491 554,692 * Tenet Healthcare Corp ...................... 6,462 71,874 * Triad Hospitals, Inc ....................... 1,784 90,845 e* Universal Health Services, Inc (Class B) ... 3,599 ----------- TOTAL HEALTH SERVICES 129,798 ----------- HOLDING AND OTHER INVESTMENT OFFICES--0.06% 153,855 e Allied Capital Corp ........................ 3,554 13,990 e Greater Bay Bancorp ........................ 287 1,007 * Morgan Group Holding Co .................... 0 5,073 * Pinnacle Holdings, Inc (Old) ............... 0 14,346 Popular, Inc ............................... 554 22,282 Rouse Co ................................... 849 ----------- TOTAL HOLDING AND OTHER INVESTMENT OFFICES 5,244 ----------- HOTELS AND OTHER LODGING PLACES--0.66% 30,221 * Extended Stay America, Inc ................. 408 47 Hilton Hotels Corp ......................... 1 1 * Interstate Hotels & Resorts, Inc ........... 0 7,716 Mandalay Resort Group ...................... 246 78 Marriott International, Inc (Class A) ...... 3 89 * MGM Mirage ................................. 3 2,125,940 Starwood Hotels & Resorts Worldwide, Inc ... 60,781 ----------- TOTAL HOTELS AND OTHER LODGING PLACES 61,442 ----------- INDUSTRIAL MACHINERY AND EQUIPMENT--9.86% 177,889 3M Co ...................................... 22,944 99,009 * Adaptec, Inc ............................... 770 72,718 * AGCO Corp .................................. 1,242 37 * American Standard Cos, Inc ................. 3 5,602,047 * Applied Materials, Inc ..................... 88,848 1,345,784 Baker Hughes, Inc .......................... 45,178 140,840 Black & Decker Corp ........................ 6,119 16,058,001 * Cisco Systems, Inc ......................... 266,402 79,139 e* Cooper Cameron Corp ........................ 3,987 64,123 e* Cymer, Inc ................................. 2,053 3,716,039 e* Dell Computer Corp ......................... 118,765 48,839 Donaldson Co, Inc .......................... 2,171 1,490,917 * EMC Corp ................................... 15,610 122,769 e* Emulex Corp ................................ 2,795 91,577 e* Flowserve Corp ............................. 1,801 14,509 * FMC Technologies, Inc ...................... 305 89,767 Graco, Inc ................................. 2,873 167,875 * Grant Prideco, Inc ......................... 1,973 2,852,674 International Business Machines Corp ....... 235,346 504,854 e International Game Technology .............. 51,662 14,339 ITT Industries, Inc ........................ 939 241,100 e* Lam Research Corp .......................... 4,390 120,678 * Lexmark International, Inc ................. 8,540 96,870 * National-Oilwell, Inc ...................... 2,131 547,578 e* Network Appliance, Inc ..................... 8,876 12,218 Pall Corp .................................. 275 268,878 Pitney Bowes, Inc .......................... 10,328 108,879 * Seagate Technology, Inc .................... 0 187,016 e* Smith International, Inc ................... 6,871 19 * Solectron Corp ............................. 0 54 * SPX Corp ................................... 2 35,264 * Storage Technology Corp .................... 908 211,633 Symbol Technologies, Inc ................... 2,753 40,612 * Zebra Technologies Corp (Class A) .......... 3,054 270 f* Zebra Technologies Corp (Class B) .......... 20 ----------- TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 919,934 ----------- INSTRUMENTS AND RELATED PRODUCTS--3.75% 49 * Advanced Medical Optics, Inc ............... 1 237,597 e* Agilent Technologies, Inc .................. 4,645 368,888 Applera Corp (Applied Biosystems Group) .... 7,020 10,706 Baxter International, Inc .................. 278 200 * Baxter International, Inc (Contingent Value Rts) ..................................... 0 110,290 Beckman Coulter, Inc ....................... 4,482 68,208 Becton Dickinson & Co ...................... 2,650 494,992 Biomet, Inc ................................ 14,186 1,363,533 * Boston Scientific Corp ..................... 83,312 223,301 * Cytyc Corp ................................. 2,349 128,888 Dentsply International, Inc ................ 5,272 78,297 * Edwards Lifesciences Corp .................. 2,516 103,240 * Fisher Scientific International, Inc ....... 3,603 55,168 Guidant Corp ............................... 2,449 3,350,581 Medtronic, Inc ............................. 160,727 67,121 * Mettler-Toledo International, Inc .......... 2,460 91,335 e* Millipore Corp ............................. 4,053 39,947 e* MKS Instruments, Inc ....................... 722 83,597 e PerkinElmer, Inc ........................... 1,154 17,980 * Respironics, Inc ........................... 675 283,452 * St. Jude Medical, Inc ...................... 16,298 124,517 * Steris Corp ................................ 2,875 157,772 e Stryker Corp ............................... 10,945 28,673 * Tektronix, Inc ............................. 619 17,316 Teleflex, Inc .............................. 737 91,809 * Thermo Electron Corp ....................... 1,930 125,389 * Varian Medical Systems, Inc ................ 7,219 242,570 * Waters Corp ................................ 7,066 69 * Zimmer Holdings, Inc ....................... 3 ----------- TOTAL INSTRUMENTS AND RELATED PRODUCTS 350,246 ----------- INSURANCE AGENTS, BROKERS AND SERVICES--0.60% 91,334 e Brown & Brown, Inc ......................... 2,968 163,051 Gallagher (Arthur J.) & Co ................. 4,435 956,070 Marsh & McLennan Cos, Inc .................. 48,826 ----------- TOTAL INSURANCE AGENTS, BROKERS AND SERVICES 56,229 ----------- INSURANCE CARRIERS--2.94% 462,226 Aflac, Inc ................................. 14,213 9,750 e Ambac Financial Group, Inc ................. 646 1,183,388 American International Group, Inc .......... 65,299 1,845,867 * Anthem, Inc ................................ 142,409 16,880 e HCC Insurance Holdings, Inc ................ 499 37,103 * Health Net, Inc ............................ 1,223 1,000 * Markel Corp ................................ 256 89,116 * Mid Atlantic Medical Services, Inc ......... 4,661 162,547 * Oxford Health Plans, Inc ................... 6,832 SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 67 Statement of Investments (Unaudited) - GROWTH ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ----- ---------- INSURANCE CARRIERS--(CONTINUED) 210,382 e Progressive Corp ............................ $ 15,379 1,661 UnitedHealth Group, Inc ..................... 83 265,300 * Wellpoint Health Networks, Inc .............. 22,365 ----------- TOTAL INSURANCE CARRIERS 273,865 ----------- LEATHER AND LEATHER PRODUCTS--0.11% 165,267 e* Coach, Inc .................................. 8,220 35,176 * Timberland Co (Class A) ..................... 1,859 ----------- TOTAL LEATHER AND LEATHER PRODUCTS 10,079 ----------- METAL MINING--0.07% 1 * Barrick Gold Corp (U.S.) .................... 0 32 Freeport-McMoRan Copper & Gold, Inc (Class A) 1 212,102 Newmont Mining Corp ......................... 6,885 1,537 Southern Peru Copper Corp ................... 24 ----------- TOTAL METAL MINING 6,910 ----------- MISCELLANEOUS MANUFACTURING INDUSTRIES--0.00% 29,967 Callaway Golf Co ............................ 396 9 Mattel, Inc ................................. 0 ----------- TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES 396 ----------- MISCELLANEOUS RETAIL--1.33% 126,558 e* AdvancePCS .................................. 4,838 21,284 e* Amazon.Com, Inc ............................. 777 23,800 * Barnes & Noble, Inc ......................... 549 15,905 * Borders Group, Inc .......................... 280 223,888 * eBay, Inc ................................... 23,325 14 * FTD, Inc (Class A) .......................... 0 125,295 e Michaels Stores, Inc ........................ 4,769 33,884 * MSC Industrial Direct Co (Class A) .......... 607 84,875 Omnicare, Inc ............................... 2,868 26,946 * Petco Animal Supplies, Inc .................. 586 252,436 e Petsmart, Inc ............................... 4,208 299,200 e* Rite Aid Corp ............................... 1,331 862,623 * Staples, Inc ................................ 15,829 205,620 e Tiffany & Co ................................ 6,720 1,890,431 Walgreen Co ................................. 56,902 15,444 * Zale Corp ................................... 618 ----------- TOTAL MISCELLANEOUS RETAIL 124,207 ----------- MOTION PICTURES--0.01% 23,747 e Blockbuster, Inc (Class A) .................. 400 40,083 * Metro-Goldwyn-Mayer, Inc .................... 498 15,685 e Regal Entertainment Group (Class A) ......... 370 1 Walt Disney Co .............................. 0 ----------- TOTAL MOTION PICTURES 1,268 ----------- NONDEPOSITORY INSTITUTIONS--4.31% 2,617,936 American Express Co ......................... 109,456 224,007 e* AmeriCredit Corp ............................ 1,915 53 Capital One Financial Corp .................. 3 80,586 Doral Financial Corp ........................ 3,598 3,265,150 Fannie Mae .................................. 220,202 1,634 Freddie Mac ................................. 83 3,120,745 MBNA Corp ................................... 65,036 196,066 e* Providian Financial Corp .................... 1,816 ----------- TOTAL NONDEPOSITORY INSTITUTIONS 402,109 ----------- NONMETALLIC MINERALS, EXCEPT FUELS--0.00% 9,626 Vulcan Materials Co ......................... 357 ----------- TOTAL NONMETALLIC MINERALS, EXCEPT FUELS 357 ----------- OIL AND GAS EXTRACTION--0.56% 26 Anadarko Petroleum Corp ..................... 1 504,329 Apache Corp ................................. 32,812 36,800 * Cimarex Energy Co ........................... 874 95,481 Devon Energy Corp ........................... 5,099 182,083 b* Enron Corp .................................. 9 28,476 * Forest Oil Corp ............................. 715 1 GlobalSantaFe Corp .......................... 0 2,971 * Magnum Hunter Resources, Inc Wts 03/21/05 ... 1 57,489 * Newfield Exploration Co ..................... 2,159 61,149 Noble Energy, Inc ........................... 2,311 123,209 * Patterson-UTI Energy, Inc ................... 3,992 15,229 e Pogo Producing Co ........................... 651 51,152 Tidewater, Inc .............................. 1,502 91,402 * Varco International, Inc .................... 1,791 ----------- TOTAL OIL AND GAS EXTRACTION 51,917 ----------- PAPER AND ALLIED PRODUCTS--0.27% 483,081 Kimberly-Clark Corp ......................... 25,188 ----------- TOTAL PAPER AND ALLIED PRODUCTS 25,188 ----------- PERSONAL SERVICES--0.24% 219,037 e Cintas Corp ................................. 7,763 334,632 H & R Block, Inc ............................ 14,473 ----------- TOTAL PERSONAL SERVICES 22,236 ----------- PETROLEUM AND COAL PRODUCTS--0.06% 81 Amerada Hess Corp ........................... 4 104,160 Murphy Oil Corp ............................. 5,479 ----------- TOTAL PETROLEUM AND COAL PRODUCTS 5,483 ----------- PRIMARY METAL INDUSTRIES--0.00% 9 Alcoa, Inc .................................. 0 ----------- TOTAL PRIMARY METAL INDUSTRIES 0 ----------- PRINTING AND PUBLISHING--0.43% 58,296 Dow Jones & Co, Inc ......................... 2,508 85,100 Harte-Hanks, Inc ............................ 1,617 303,939 McGraw-Hill Cos, Inc ........................ 18,844 9,975 Meredith Corp ............................... 439 171,053 New York Times Co (Class A) ................. 7,783 1 News Corp Ltd (Spon ADR) .................... 0 29,959 R.R. Donnelley & Sons Co .................... 783 50,705 Reader's Digest Association, Inc (Class A) .. 684 28,704 e* Scholastic Corp ............................. 855 48,585 Scripps (E.W.) Co (Class A) ................. 4,310 1 Tribune Co .................................. 0 88,123 e Wiley (John) & Sons, Inc (Class A) .......... 2,309 ----------- TOTAL PRINTING AND PUBLISHING 40,132 ----------- REAL ESTATE--0.05% 120,473 * Catellus Development Corp ................... 2,650 55,899 St. Joe Co .................................. 1,744 ----------- TOTAL REAL ESTATE 4,394 ----------- RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS--0.13% 97,647 e Nike, Inc (Class B) ......................... 5,223 135,967 e* Sealed Air Corp ............................. 6,480 2,800 b* Uniroyal Technology Corp .................... 0 ----------- TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 11,703 ----------- SECURITY AND COMMODITY BROKERS--0.65% 33,729 e* Affiliated Managers Group, Inc .............. 2,056 31,900 * Blackrock, Inc .............................. 1,437 2,018,854 Charles Schwab Corp ......................... 20,369 249,324 e* E*trade Group, Inc .......................... 2,119 110,866 e Eaton Vance Corp ............................ 3,503 152,117 Federated Investors, Inc (Class B) .......... 4,171 91,949 e* Investment Technology Group, Inc ............ 1,710 121,522 e Investors Financial Services Corp ........... 3,525 46,581 Janus Capital Group, Inc .................... 764 9,307 LaBranche & Co, Inc ......................... 193 83 * Ladenburg Thalmann Financial Services, Inc .. 0 68,035 e Legg Mason, Inc ............................. 4,419 98,738 e Neuberger Berman, Inc ....................... 3,941 40,306 Nuveen Investments, Inc ..................... 1,098 SEE NOTES TO FINANCIAL STATEMENTS 68 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statement of Investments (Unaudited) - GROWTH ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- SECURITY AND COMMODITY BROKERS--(CONTINUED) 142,481 SEI Investments Co .......................... $ 4,559 65,627 T Rowe Price Group, Inc ..................... 2,477 137,826 Waddell & Reed Financial, Inc (Class A) ..... 3,539 ----------- TOTAL SECURITY AND COMMODITY BROKERS 59,880 ----------- STONE, CLAY, AND GLASS PRODUCTS--0.00% 28 * Corning, Inc ................................ 0 ----------- TOTAL STONE, CLAY, AND GLASS PRODUCTS 0 ----------- TEXTILE MILL PRODUCTS--0.06% 94,925 * Mohawk Industries, Inc ...................... 5,271 ----------- TOTAL TEXTILE MILL PRODUCTS 5,271 ----------- TOBACCO PRODUCTS--0.88% 1,690,020 Altria Group, Inc ........................... 76,795 159,338 UST, Inc .................................... 5,582 ----------- TOTAL TOBACCO PRODUCTS 82,377 ----------- TRANSPORTATION BY AIR--0.15% 4,305 * JetBlue Airways Corp ........................ 182 63,621 Skywest, Inc ................................ 1,213 712,702 Southwest Airlines Co ....................... 12,258 ----------- TOTAL TRANSPORTATION BY AIR 13,653 ----------- TRANSPORTATION EQUIPMENT--1.58% 8,989 ArvinMeritor, Inc ........................... 181 614,436 Boeing Co ................................... 21,087 78,655 e General Dynamics Corp ....................... 5,702 4,600 b* GenTek, Inc ................................. 0 142,885 * Gentex Corp ................................. 4,374 559,003 Harley-Davidson, Inc ........................ 22,282 14 Lockheed Martin Corp ........................ 1 1,800 * Mascotech, Inc (Escrow) ..................... 0 44,005 e Polaris Industries, Inc ..................... 2,702 1,281,339 United Technologies Corp .................... 90,757 ----------- TOTAL TRANSPORTATION EQUIPMENT 147,086 ----------- TRANSPORTATION SERVICES--0.21% 126,267 C.H. Robinson Worldwide, Inc ................ 4,490 35,144 * Expedia, Inc ................................ 2,695 173,753 e Expeditors International of Washington, Inc . 6,019 266,925 e Sabre Holdings Corp ......................... 6,580 ----------- TOTAL TRANSPORTATION SERVICES 19,784 ----------- TRUCKING AND WAREHOUSING--0.50% 64,681 * Swift Transportation Co, Inc ................ 1,204 719,997 United Parcel Service, Inc (Class B) ........ 45,864 ----------- TOTAL TRUCKING AND WAREHOUSING 47,068 ----------- WHOLESALE TRADE-DURABLE GOODS--3.22% 102,463 * Apogent Technologies, Inc ................... 2,049 44,501 e* Arrow Electronics, Inc ...................... 678 108,680 * CDW Corp .................................... 4,978 42,282 * Ingram Micro, Inc (Class A) ................. 465 5,563,054 Johnson & Johnson ........................... 287,610 91,434 e* Patterson Dental Co ......................... 4,149 29,232 * Tech Data Corp .............................. 781 151 * Timco Aviation Services, Inc ................ 0 482 * Timco Aviation Services, Inc Wts 02/27/07 ... 0 ----------- TOTAL WHOLESALE TRADE-DURABLE GOODS 300,710 ----------- WHOLESALE TRADE-NONDURABLE GOODS--0.81% 51,530 e Brown-Forman Corp (Class B) ................. 4,051 463,281 e Cardinal Health, Inc ........................ 29,789 50,043 e* Henry Schein, Inc ........................... 2,619 66 McKesson Corp ............................... 2 61,208 e* Performance Food Group Co ................... 2,265 18 e* SoftBrands, Inc ............................. 0 1,225,279 Sysco Corp .................................. $ 36,807 ----------- TOTAL WHOLESALE TRADE-NONDURABLE GOODS 75,533 ----------- TOTAL COMMON STOCK (COST $9,692,329) .......................... 9,231,593 ----------- PRINCIPAL --------- SHORT TERM INVESTMENTS--3.78% CERTIFICATES OF DEPOSIT--0.16% Wells Fargo $ 10,000,000 1.240%, 07/01/03 ........................... 10,000 5,000,000 1.240%, 07/07/03 ........................... 5,000 ----------- TOTAL CERTIFICATES OF DEPOSIT 15,000 ----------- COMMERCIAL PAPER--1.63% Coca-Cola Enterprises, Inc 20,000,000 c 1.000%, 08/06/03 ........................... 19,979 ConocoPhillips 1,600,000 1.400%, 07/01/03 ........................... 1,600 Corporate Asset Funding Corp, Inc 20,000,000 c 1.230%, 07/08/03 ........................... 19,995 Fortune Brands 13,414,000 c 1.310%, 07/01/03 ........................... 13,414 General Electric Capital Corp 20,000,000 1.230%, 07/09/03 ........................... 19,995 Greyhawk Funding LLC 20,400,000 c 1.180%, 07/18/03 ........................... 20,389 Merck & Co, Inc 10,400,000 1.050%, 07/11/03 ........................... 10,397 Park Avenue Receivables Corp 8,300,000 c 1.300%, 07/01/03 ........................... 8,300 12,100,000 c 1.110%, 07/15/03 ........................... 12,095 Receivables Capital Corp 20,400,000 c 1.120%, 07/02/03 ........................... 20,399 Sigma Finance, Inc 5,400,000 c 1.160%, 09/02/03 ........................... 5,390 ----------- TOTAL COMMERCIAL PAPER 151,953 ----------- U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--1.83% Federal Home Loan Bank (FHLB) 6,700,000 0.910%, 07/09/03 ........................... 6,698 13,010,000 0.960%, 07/23/03 ........................... 13,002 20,000,000 1.170%, 08/20/03 ........................... 19,973 Federal Home Loan Mortgage Corp (FHLMC) 10,459,000 1.170%, 08/14/03 ........................... 10,446 75,000,000 d 1.030%, 09/30/03 ........................... 74,816 2,700,000 0.900%, 10/30/03 ........................... 2,691 Federal National Mortgage Association (FNMA) 8,300,000 1.185%, 07/07/03 ........................... 8,298 35,300,000 1.175%, 08/20/03 ........................... 35,251 ----------- TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES ............................. 171,175 ----------- SEE NOTES TO FINANCIAL STATEMENTS 2003 SEMIANNUAL REPORT College Retirement Equities Fund 69 Statement of Investments (Unaudited) - GROWTH ACCOUNT - June 30, 2003 - -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ---------- VARIABLE NOTE--0.16% Sigma Finance, Inc $ 15,000,000 1.170%, 02/25/04 .......................... $ 14,999 ---------- TOTAL VARIABLE NOTE 14,999 ---------- TOTAL SHORT TERM INVESTMENTS (COST $353,102) 353,127 ---------- TOTAL PORTFOLIO--102.73% (COST $10,045,625) 9,584,925 OTHER ASSETS & LIABILITIES--(2.73)% (254,974) ---------- NET ASSETS--100.00% $9,329,951 ========== - --------------- * 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. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At June 30, 2003, the value of these securities amounted to $20,307 or 0.00% of net assets. Additional information on each restricted security is as follows: SECURITY ACQUISTION DATE ACQUISITION COST ------- ------------- ---------------- Sunbeam Corp 04/06/94 $22,287 Zebra Technologies Corp (Class B) 10/29/98 8,133 ------- $30,420 ======= Note that the funds may use more specific industry categories in following their investment limitations on industry concentration. SEE NOTES TO FINANCIAL STATEMENTS 70 College Retirement Equities Fund 2003 SEMIANNUAL REPORT Statements of Assets and Liabilities (Unaudited)
June 30, 2003 Stock Global Equities Growth (amounts in thousands, except amounts per accumulation unit) Account Account Account ASSETS Portfolio investments, at cost $74,802,362 $6,368,685 $10,045,625 Net unrealized appreciation (depreciation) of portfolio investments 11,455,079 144,039 (460,700) ----------- ---------- ----------- Portfolio investments, at value (including securities loaned of $2,264,825, $224,171, $275,096, respectively) 86,257,441 6,512,724 9,584,925 Cash 167,122 40,049 44 Dividends and interest receivable 127,981 11,244 17,597 Receivable from securities transactions 1,456,581 74,109 174,429 Amounts due from TIAA 31,802 8,038 15,739 ----------- ---------- ----------- Total Assets 88,040,927 6,646,164 9,792,734 ----------- ---------- ----------- LIABILITIES Deposits for securities loaned--Note 3 2,402,718 249,534 283,906 Payable for securities transactions 1,486,220 80,170 178,877 ----------- ---------- ----------- Total Liabilities 3,888,938 329,704 462,783 ----------- ---------- ----------- NET ASSETS Accumulation Fund 71,331,697 6,140,576 9,137,139 Annuity Fund 12,820,292 175,884 192,812 ----------- ---------- ----------- TOTAL NET ASSETS $84,151,989 $6,316,460 $ 9,329,951 =========== ========== =========== ACCUMULATION UNITS OUTSTANDING--Notes 4 and 5 493,958 108,482 189,039 =========== ========== =========== NET ASSET VALUE PER ACCUMULATION UNIT--Note 4 $ 144.41 $ 56.60 $ 48.33 =========== ========== ===========
- -------------------------------------------------------------------------------- Statements of Operations (Unaudited)
Six Months Ended June 30, 2003 Stock Global Equities Growth (amounts in thousands) Account Account Account INVESTMENT INCOME Income: Interest $ 15,319 $ 1,645 $ 2,885 Dividends 832,976 83,425 63,945 ----------- ----------- ----------- TOTAL INCOME 848,295 85,070 66,830 ----------- ----------- ----------- Expenses--Note 2: Investment 62,214 5,903 7,698 Operating 153,966 10,334 14,355 ----------- ----------- ----------- TOTAL EXPENSES 216,180 16,237 22,053 ----------- ----------- ----------- INVESTMENT INCOME--NET 632,115 68,833 44,777 ----------- ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS--Note 3 Net realized gain (loss) on: Portfolio investments (951,050) (423,662) (507,275) Futures transactions 32,484 7,214 563 Foreign currency transactions 15,604 5,458 -- ----------- ----------- ----------- Net Realized Loss on Total Investments (902,962) (410,990) (506,712) ----------- ----------- ----------- Net change in unrealized appreciation (depreciation) on: Portfolio investments 9,307,837 956,775 1,471,850 Futures transactions (2,402) 513 495 Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies (3,133) (4,425) -- ----------- ----------- ----------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON TOTAL INVESTMENTS 9,302,302 952,863 1,472,345 ----------- ----------- ----------- NET REALIZED AND UNREALIZED GAIN ON TOTAL INVESTMENTS 8,399,340 541,873 965,633 ----------- ----------- ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 9,031,455 $ 610,706 $ 1,010,410 =========== =========== ===========
See notes to financial statements 2003 SEMIANNUAL REPORT College Retirement Equities Fund 71
Statements of Cash Flows (Unaudited) Six Months Ended June 30, 2003 Stock Global Equities Growth (amounts in thousands) Account Account Account CASH FLOWS FROM OPERATING ACTIVITIES: Net increase in net assets resulting from operations $ 9,031,455 $ 610,706 $ 1,010,410 Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: Proceeds from sales of long-term securities 15,193,726 3,334,939 1,288,360 Purchases of long-term securities (15,295,886) (3,633,963) (1,908,743) (Purchases) sales of short-term investments--net (783,530) 3,389 (29,624) Increase in receivables (15,627) (7,183) (3,660) Increase in payables 785,821 52,009 21,022 Net realized loss on total investments 902,962 410,990 506,712 Net change in unrealized (appreciation) depreciation on total investments (9,302,302) (952,863) (1,472,345) ------------ ----------- ----------- NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 516,619 (181,976) (587,868) ------------ ----------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES: Premiums 1,455,205 338,639 582,179 Net transfers from (to) TIAA (281,981) 1,062 53,783 Net transfers from (to) other CREF Accounts and affiliated mutual funds (184,235) (66,286) 36,055 Annuity payments (729,723) (10,497) (12,161) Withdrawals and death benefits (689,823) (54,854) (83,543) ------------ ----------- ----------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (430,557) 208,064 576,313 ------------ ----------- ----------- INCREASE (DECREASE) IN CASH 86,062 26,088 (11,555) CASH Beginning of year 81,060 13,961 11,599 ------------ ----------- ----------- End of period $ 167,122 $ 40,049 $ 44 ============ =========== ===========
- -------------------------------------------------------------------------------- Statements of Changes in Net Assets
Stock Account Global Equities Account Growth Account ---------------------------- --------------------------- --------------------------- Six Months Year Ended Six Months Year Ended Six Months Year Ended Ended December 31, Ended December 31, Ended December 31, June 30, 2003 2002 June 30, 2003 2002 June 30, 2003 2002 ------------- ------------ ------------- ------------ ------------- ------------ (amounts in thousands) (Unaudited) (Unaudited) (Unaudited) FROM OPERATIONS Investment income--net $ 632,115 $ 1,102,643 $ 68,833 $ 71,124 $ 44,777 $ 45,498 Net realized loss on total investments (902,962) (3,925,583) (410,990) (1,145,388) (506,712) (2,890,371) Net change in unrealized appreciation (depreciation) on total investments 9,302,302 (17,612,706) 952,863 (413,973) 1,472,345 (468,812) ----------- ----------- ---------- ----------- ---------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 9,031,455 (20,435,646) 610,706 (1,488,237) 1,010,410 (3,313,685) ----------- ----------- ---------- ----------- ---------- ----------- FROM PARTICIPANT TRANSACTIONS Premiums 1,455,205 2,962,016 338,639 688,307 582,179 1,261,778 Net transfers from (to) TIAA (281,981) (1,302,236) 1,062 (33,798) 53,783 (103,395) Net transfers from (to) other CREF Accounts and affiliated mutual funds (184,235) (1,422,112) (66,286) (223,503) 36,055 (636,675) Annuity payments (729,723) (1,747,856) (10,497) (28,923) (12,161) (34,401) Withdrawals and death benefits (689,823) (1,665,096) (54,854) (130,181) (83,543) (205,378) ----------- ----------- ---------- ----------- ---------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM PARTICIPANT TRANSACTIONS (430,557) (3,175,284) 208,064 271,902 576,313 281,929 ----------- ----------- ---------- ----------- ---------- ----------- NET INCREASE (DECREASE) IN NET ASSETS 8,600,898 (23,610,930) 818,770 (1,216,335) 1,586,723 (3,031,756) NET ASSETS Beginning of year 75,551,091 99,162,021 5,497,690 6,714,025 7,743,228 10,774,984 ----------- ----------- ---------- ----------- ---------- ----------- End of period $84,151,989 $75,551,091 $6,316,460 $ 5,497,690 $9,329,951 $ 7,743,228 =========== =========== ========== =========== ========== ===========
See Notes to Financial Statements 72 College Retirement Equities Fund 2003 SEMIANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - -------------------------------------------------------------------------------- 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, Global Equities and Growth Accounts. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States which may require the use of estimates made by management. Actual results may vary from those estimates. The following is a summary of the significant accounting policies consistently followed by the Accounts. VALUATION OF INVESTMENTS. Equity securities listed or traded on a national market or 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 the 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 prices 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 an Account's net asset value is calculated. ACCOUNTING FOR INVESTMENTS. Securities transactions are accounted for as of the trade date. Interest income is recorded as earned and includes amortization of discounts and premiums. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Accounts are informed of the ex-dividend date. Realized gains and losses on security transactions are accounted for on the average cost basis. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION. Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. FORWARD FOREIGN CURRENCY CONTRACTS. The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to-market" at the end of each day's trading. The Accounts are also exposed to credit risk associated with counterparty nonperformance on these forward foreign currency exchange contracts which is typically limited to the unrealized gain on each open contract. SECURITIES LENDING. The Accounts may lend portfolio securities to qualified institutions. Such loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. The Accounts continue to receive income on the securities loaned and receive additional income from the lending transaction. Additionally, any change in the market value of the securities loaned is recognized by the Accounts. Although each transaction is collateralized, the Accounts would bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. FUTURES CONTRACTS. The Accounts may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions. SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Accounts may purchase securities on a when-issued or delayed delivery basis. In addition to the normal market risks, this exposes the Accounts to the risk that the transaction may not be consummated. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 73 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (CONCLUDED) - -------------------------------------------------------------------------------- RESTRICTED SECURITIES. Restricted securities held by the Accounts, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded. FEDERAL INCOME TAXES. CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code ("Code"), not as a regulated investment company under Subchapter M of the Code. CREF should incur no material federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. NOTE 2--MANAGEMENT AGREEMENTS - -------------------------------------------------------------------------------- Investment advisory services for the CREF Accounts are provided by TIAA-CREF Investment Management, LLC ("Investment Management") in accordance with an Investment Management Service Agreement with CREF. Investment Management is a registered investment adviser and a wholly-owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), a companion organization of CREF. Administrative services for the CREF Accounts and distribution functions for CREF's certificates are provided by TIAA-CREF Individual & Institutional Services, Inc. ("Services") in accordance with a Principal Underwriting and Administrative Services Agreement with CREF. Services, a wholly-owned subsidiary of TIAA, is a registered broker-dealer and member of the National Association of Securities Dealers, Inc. The services provided by Investment Management and Services are provided at cost. Investment Management and Services receive management fee payments from the CREF Accounts on a daily basis according to formulas established each year with the objective of keeping the management fees as close as possible to each Account's actual expenses. Any differences between actual expenses and the management fees are adjusted quarterly. TIAA provides guarantees for the CREF Accounts for certain mortality and expense risks pursuant to an Immediate Annuity Purchase Rate Guarantee Agreement. NOTE 3--INVESTMENTS - -------------------------------------------------------------------------------- At June 30, 2003, the market value of securities loaned and collateral received were as follows: Stock Global Equities Growth Account Account Account Market value of securities loaned $2,264,824,633 $224,170,671 $275,095,990 Cash collateral 2,402,718,048 249,533,886 283,906,223 At June 30, 2003, net unrealized appreciation (depreciation) of portfolio investments for each of the Accounts, consisting of gross unrealized appreciation and gross unrealized depreciation, were as follows: Gross Gross Net Unrealized Unrealized Unrealized Appreciation Appreciation Depreciation (Depreciation) Stock Account $18,819,586,085 $7,364,506,686 $11,455,079,399 Global Equities Account 436,067,110 292,028,269 144,038,841 Growth Account 596,572,135 1,057,272,538 (460,700,403) At June 30, 2003, the Stock, Global Equities and Growth Accounts held 1,279, 216 and 286 open futures contracts, respectively, in the Standard & Poor's 500 Index, expiring in September 2003, with a value of $311,212,675, $52,558,200 and $69,347,625, respectively, and an unrealized loss of $10,400,866, $1,756,518 and $549,254, respectively. Companies in which the Accounts held 5% or more of the outstanding voting shares are defined as "affiliated" in the Investment Company Act of 1940. Information regarding transactions with affiliated companies is as follows: Stock Global Equities Growth Account Account Account Value of affiliated companies at June 30, 2003: $179,912,452 -- -- For the six months ended June 30, 2003: Dividend income 803,872 -- -- Realized gain 6,118,620 -- -- Purchases and sales of portfolio securities, other than short-term money market instruments, for the Accounts for the six months ended June 30, 2003, were as follows: Stock Global Equities Growth Account Account Account Purchases: Unaffiliated companies $16,644,731,746 $3,713,495,136 $2,085,703,811 Affiliated companies 2,302,752 -- -- --------------- -------------- -------------- TOTAL PURCHASES $16,647,034,498 $3,713,495,136 $2,085,703,811 =============== ============== ============== Sales: Unaffiliated companies $16,427,306,057 $3,397,483,261 $1,462,426,059 Affiliated companies 23,374,093 -- -- --------------- -------------- -------------- TOTAL SALES $16,450,680,150 $3,397,483,261 $1,462,426,059 =============== ============== ============== 74 College Retirement Equities Fund 2003 SEMIANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 4--CONDENSED FINANCIAL INFORMATION - -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below.
STOCK ACCOUNT ----------------------------------------------------------------------------------- Six Months Years Ended December 31, Ended ------------------------------------------------------------------ June 30, 2003(a) 2002 2001 2000 1999 1998 --------------- (Unaudited) PER ACCUMULATION UNIT DATA: Investment income $1.457 $2.476 $2.432 $2.472 $2.567 $2.381 Expenses .371 .638 .693 .626 .607 .521 ------------------------------------------------------------------------------- Investment income--net 1.086 1.838 1.739(b) 1.846 1.960 1.860 Net realized and unrealized gain (loss) on total investments 14.506 (35.535) (27.951)(b) (19.231) 34.478 29.795 ------------------------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value 15.592 (33.697) (26.212) (17.385) 36.438 31.655 Accumulation Unit Value: Beginning of year 128.816 162.513 188.725 206.110 169.672 138.017 ------------------------------------------------------------------------------- End of period $144.408 $128.816 $162.513 $188.725 $206.110 $169.672 =============================================================================== TOTAL RETURN 12.10% (20.73%) (13.89%) (8.43%) 21.48% 22.94% RATIOS TO AVERAGE NET ASSETS: Expenses 0.28% 0.44% 0.41% 0.31% 0.33% 0.34% Investment income--net 0.82% 1.28% 1.03%(b) 0.91% 1.07% 1.23% PORTFOLIO TURNOVER RATE 21.59% 31.19% 29.41% 32.65% 29.26% 34.63% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD 493,958 493,295 508,889 525,111 543,589 565,999 GLOBAL EQUITIES ACCOUNT ----------------------------------------------------------------------------------- Six Months Years Ended December 31, Ended ------------------------------------------------------------------ June 30, 2003(a) 2002 2001 2000 1999 1998 --------------- (Unaudited) PER ACCUMULATION UNIT DATA: Investment income $0.776 $.956 $.985 $.946 $.959 $.902 Expenses .148 .281 .320 .325 .300 .268 ------------------------------------------------------------------------------- Investment income--net 0.628 .675 .665(b) .621 .659 .634 Net realized and unrealized gain (loss) on total investments 4.892 (14.853) (16.493)(b) (16.281) 24.976 10.508 ------------------------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value 5.520 (14.178) (15.828) (15.660) 25.635 11.142 Accumulation Unit Value: Beginning of year 51.084 65.262 81.090 96.750 71.115 59.973 ------------------------------------------------------------------------------- End of period $56.604 $51.084 $65.262 $81.090 $96.750 $71.115 =============================================================================== TOTAL RETURN 10.80% (21.72%) (19.52%) (16.19%) 36.05% 18.58% RATIOS TO AVERAGE NET ASSETS: Expenses 0.28% 0.49% 0.46% 0.35% 0.39% 0.41% Investment income-net 1.20% 1.18% 0.95%(b) 0.68% 0.85% 0.97% PORTFOLIO TURNOVER RATE 61.09% 95.70% 111.91% 98.06% 81.30% 103.31% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD 108,482 104,438 99,558 99,622 89,492 81,825
2003 SEMIANNUAL REPORT College Retirement Equities Fund 75 NOTES TO FINANCIAL STATEMENTS (CONTINUED) - -------------------------------------------------------------------------------- NOTE 4--CONDENSED FINANCIAL INFORMATION (CONCLUDED) - --------------------------------------------------------------------------------
GROWTH ACCOUNT ----------------------------------------------------------------------------------- Six Months Years Ended December 31, Ended ------------------------------------------------------------------ June 30, 2003(a) 2002 2001 2000 1999 1998 --------------- (Unaudited) PER ACCUMULATION UNIT DATA: Investment income $.362 $.488 $.387 $.509 $.592 $.482 Expenses .119 .231 .278 .320 .278 .244 ------------------------------------------------------------------------------- Investment income--net .243 .257 .109(b) .189 .314 .238 Net realized and unrealized gain (loss) on total investments 5.167 (18.704) (18.345)(b) (20.788) 24.276 18.475 ------------------------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value 5.410 (18.447) (18.236) (20.599) 24.590 18.713 Accumulation Unit Value: Beginning of year 42.925 61.372 79.608 100.207 75.617 56.904 ------------------------------------------------------------------------------- End of period $48.335 $42.925 $61.372 $79.608 $100.207 $75.617 =============================================================================== TOTAL RETURN 12.60% (30.06%) (22.91%) (20.56%) 32.52% 32.89% RATIOS TO AVERAGE NET ASSETS: Expenses 0.27% 0.46% 0.43% 0.31% 0.34% 0.38% Investment income--net 0.54% 0.51% 0.17%(b) 0.18% 0.38% 0.37% PORTFOLIO TURNOVER RATE 17.90% 53.99% 44.40% 37.18% 69.26% 97.57% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD 189,039 176,249 171,149 166,751 131,646 98,862
- ---------- (a) The percentages shown for this period are not annualized. (b) As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums and discounts on all debt securities. For the Stock Account, the effect of this change for the year ended December 31, 2001 was to increase investment income--net per Accumulation Unit by $.006, and increase net realized and unrealized loss per Accumulation Unit by $.006. For the Global Equities Account, the effect of this change for the year ended December 31, 2001 was to increase investment income--net per Accumulation Unit by $.001, and increase net realized and unrealized loss per Accumulation Unit by $.001. For the Growth Account, the effect of this change for the year ended December 31, 2001, was to decrease investment income--net per Accumulation Unit by $.002, and decrease net realized and unrealized loss per Accumulation Unit by $.002. For the ratio of investment income--net to average net assets, there was no effect for the Stock, Global Equities and Growth Accounts for the year ended December 31, 2001. Per Accumulation Unit amounts and ratios for the periods prior to January 1, 2001 have not been restated to reflect this change in presentation. NOTE 5--ACCUMULATION UNITS - -------------------------------------------------------------------------------- Changes in the number of Accumulation Units outstanding were as follows:
Stock Account Global Equities Account Growth Account -------------------------- -------------------------- -------------------------- Six Months Year Ended Six Months Year Ended Six Months Year Ended Ended December 31, Ended December 31, Ended December 31, June 30, 2003 2002 June 30, 2003 2002 June 30, 2003 2002 ----------- ----------- ----------- ----------- ----------- ----------- ACCUMULATION UNITS: Credited for premiums 11,081,958 20,805,630 6,531,996 12,118,991 13,135,817 25,494,965 Cancelled for transfers, disbursements and amounts applied to the Annuity Fund (10,418,900) (36,399,103) (2,487,446) (7,239,306) (346,564) (20,394,743) OUTSTANDING: Beginning of year 493,295,371 508,888,844 104,437,760 99,558,075 176,249,256 171,149,034 ----------- ----------- ----------- ----------- ----------- ----------- End of period 493,958,429 493,295,371 108,482,310 104,437,760 189,038,509 176,249,256 =========== =========== =========== =========== =========== ===========
76 College Retirement Equities Fund 2003 SEMIANNUAL REPORT NOTES TO FINANCIAL STATEMENTS (CONCLUDED) - -------------------------------------------------------------------------------- NOTE 6--LINE OF CREDIT - -------------------------------------------------------------------------------- The Accounts participate in a $2.25 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Investment Management, or an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During the six months ended June 30, 2003, there was no borrowing under this facility by the Accounts. 2003 SEMIANNUAL REPORT College Retirement Equities Fund 77 [TIAA CREF LOGO] 730 Third Avenue ----------------- New York NY 10017-3206 PRESORTED STANDARD U.S. POSTAGE PAID TIAA-CREF ----------------- CONTACT TIAA-CREF TIAA-CREF WEB CENTER TIAA-CREF.ORG 24 hours a day, 7 days a week o Account performance, personal account information and transactions, product descriptions, calculators to estimate retirement income and allocate assets, and information about investment choices and income options AUTOMATED TELEPHONE SERVICE 800 842-2252 24 hours a day, 7 days a week o Account performance, personal account information and transactions, and product information TELEPHONE COUNSELING CENTER 800 842-2776 8 a.m. to 10 p.m. ET, Monday-Friday 9 a.m. to 6 p.m. ET, Saturday o Retirement saving and planning, income options and payments, and tax reporting PLANNING AND SERVICE CENTER 800 223-1200 8 a.m. to 10 p.m. ET, Monday-Friday o TIAA-CREF Mutual Funds and after-tax annuities TIAA-CREF TRUST COMPANY, FSB 888 842-9001 8 a.m. to 5 p.m. CT, Monday-Friday o Asset management, trust administration, estate planning, planned giving, and endowment management TIAA-CREF TUITION FINANCING, INC. 888 381-8283 8 a.m. to 11 p.m. ET, Monday-Friday o Tuition financing programs FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS 800 842-2755 8 a.m. to 10 p.m. ET, Monday-Friday 9 a.m. to 6 p.m. ET, Saturday AF 30033 [RECYCLE LOGO] Printed on recycled paper 3FUND-08/03 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 semi-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 half-year that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 10. EXHIBITS. 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: August 13, 2003 By: /s/ Herbert M. Allison, Jr. ------------------------------------- Herbert M. Allison, Jr. President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Date: August 13, 2003 By: /s/ Herbert M. Allison, Jr. ------------------------------------- Herbert M. Allison, Jr. President and Chief Executive Officer Date: August 13, 2003 By: /s/ Richard L. Gibbs ------------------------------------- Richard L. Gibbs Executive Vice President (principal financial officer) EXHIBIT LIST ------------ ITEM 10. EXHIBITS. 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 10(b) Section 906 certification.(EX-99.906CERT) EX-99.CERT 3 c28378_ex99-cert.txt 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 half-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: August 13, 2003 /s/ Herbert M. Allison, Jr. ------------------------------ Herbert M. Allison, Jr. (principal executive officer) EX-99.CERT CERTIFICATION I, Richard L. Gibbs, certify that: 1. I have reviewed this report on Form N-CSR of the College Retirement Equities Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 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 half-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. /s/ Richard L. Gibbs Date: August 21, 2003 ------------------------------ Richard L. Gibbs (principal financial officer) EX-99.906CERT 4 c28378_ex99-906cert.txt 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 semi-annual report on Form N-CSR of the College Retirement Equities Fund (the "Accounts") for the six month period ended June 30, 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 Accounts. Dated: August 13, 2003 /s/ Herbert M. Allison, Jr. ------------------------------------ Herbert M. Allison, Jr. President and Chief Executive Officer (Principal Executive Officer) College Retirement Equities Fund Dated: August 21, 2003 /s/ Richard L. Gibbs ------------------------------------ Richard L. Gibbs Executive Vice President (Principal Financial Officer), College Retirement Equities Fund -----END PRIVACY-ENHANCED MESSAGE-----