College Retirement Equities Fund – ‘N-30D’ for 6/30/02

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Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annual or Semi-Annual Report Mailed to               279   1.41M 
                          Shareholders                                           

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June 30, 2002                                                                   

College                                                                         
Retirement                                                                      
Equities                                                                        
Fund                                                                            

                                                                            2002
                                                               -----------------
                                                               SEMIANNUAL REPORT
                                                               -----------------

                                                       Stock

                                                                 Global Equities

                                                        Growth

Make this your last paper semiannual report!                                    
Sign up for electronic delivery. Log on to TIAA-CREF.org/profile                

                                                                [LOGO]
                                                                TIAA
                                                                CREF

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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                       49                          
Growth Account                                62                          

Financial Statements                                                            
Statements of Assets and Liabilities          78                          
Statements of Operations                      78                          
Statements of Cash Flows                      79                          
Statements of Changes in Net Assets           79                          
Notes to Financial Statements                 80                          

For More Information                     Back Cover                             

TIAA-CREF Individual and Institutional Services,  Inc., distributes the CREF and
TIAA Real Estate Account variable annuities. This booklet must be accompanied or
preceded  by  current  CREF and  TIAA  Real  Estate  Account  prospectuses.  For
additional  copies,  call 800 842-2733,  extension  5509.  TIAA-CREF  Investment
Management serves as investment manager to CREF.                                

(c)2002 Teachers Insurance and Annuity Association-College Retirement Equities  
Fund (TIAA-CREF), New York, NY 10017                                            

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, 2002. A companion  report  provides  similar  information for the CREF Money
Market,  Inflation-Linked  Bond,  Bond Market,  Social Choice,  and Equity Index
accounts--the other five accounts available under CREF variable annuities.      

A 10-K Annual  Report for the TIAA Real Estate  Account is available on request.
For  historical  and current  performance  information  for all of our products,
visit the TIAA-CREF Web Center at TIAA-CREF.org, or call our Automated Telephone
Service (see back cover).                                                       

PERFORMANCE OVERVIEW AS OF 6/30/2002                                            

                                                        [Enlarge/Download Table]

                                                           Average Annual Compound Rates of                 
                                                                    Total Return(1)                         
                                                          ---------------------------------                 
                          Inception Date  6-Month Return  1 year       5 years     10 years  Since Inception
                          --------------  --------------  ------       -------     --------  ---------------
EQUITIES                                                                                                    
                                                                                                            
CREF Stock                    8/1/52          -10.98%     -16.44%        2.63%        9.81%       10.47%    
CREF Global Equities          5/1/92          -10.21      -16.78         0.08         8.46         8.37     
CREF Equity Index            4/29/94          -12.38      -17.51         3.66          --         11.33     
CREF Growth                  4/29/94          -22.79      -29.50        -1.94          --          8.16     

EQUITIES & FIXED INCOME                                                                                     
CREF Social Choice            3/1/90           -6.37       -7.30         5.26        10.11        10.51     

FIXED INCOME                                                                                                
CREF Bond Market              3/1/90            3.55        8.25         7.35         7.17         8.00     
CREF Inflation-Linked Bond    5/1/97            7.20        8.48         7.09          --          6.88     
CREF Money Market(2)          4/1/88            0.78        2.30         4.87         4.70         5.51     

NET ANNUALIZED YIELD  (7-DAY PERIOD ENDED 6/25/2002)                            

  Current        Effective
  -------        ---------
CREF Money Market             1.57%           1.58%                             

NET ANNUALIZED YIELD  (30-DAY PERIOD ENDED 6/30/2002)                           

Current     
-------     
CREF Bond Market                   3.89%                                        

(1) Due to market volatility,  recent performance of the CREF variable annuities
    may differ from the figures shown above.  For the most current  performance,
    visit         the          TIAA-CREF          Web          Center         at
    www.tiaa-cref.org/charts/ra-performance.html,  or call  800  842-2776.  Past
    performance  should not be taken as a guarantee  of the same future rates of
return.                                                                 

(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.

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FROM THE CHAIRMAN                                                               
                                                                 [PHOTO OMITTED]
                                                               JOHN H. BIGGS
                                                           CHAIRMAN,
                                                                PRESIDENT, AND
                                                                 CHIEF EXECUTIVE
                                                         OFFICER

July 1, 2002,  marked the fiftieth  anniversary of the CREF Stock  Account,  the
world's first variable annuity. It may be useful, at this point, for those of us
accumulating retirement funds to pause for a brief look at this account over the
past fifty years.  An exercise of this kind will help put into  perspective  the
discouraging stock market results of the last two years and especially the three
months ending June 30, 2002.                                                    

   Over the past half-century, we have seen few such dramatic declines in stocks
and particularly in TIAA-CREF accounts. Probably the mid-1970s--and the month of
October 1987--are the only periods of comparable downward trends. I well remembe
the  pervasive  pessimism  about CREF in 1977,  when I first  became part of the
academic  world  and  joined  TIAA-CREF  as a  participant.  Many of  those  who
abandoned  the  stock  market at that time soon  regretted  their  decision  and
eventually returned.                                                            

   We should  remember that a variable  annuity with  underlying  investments in
equities was a bold vision in 1952. Until then, life insurance companies such as
TIAA  offered  only one option:  an annuity  based on  investments  in bonds and
mortgages that  guaranteed  principal and interest  rates.  However,  retirement
income  from a  traditional  annuity did not always  grow  sufficiently  to help
offset inflation.                                                               

   The CREF Stock Account was a  groundbreaking  solution to this problem and an
extraordinarily  successful  one.  The use of  equity  investments  in  building
retirement assets is now commonplace. And with over 1.5 million participants and
more than $87  billion  in net  assets,  the Stock  Account  today is one of the
largest pools of retirement funds in the United States.                         

   Improving the lives of educators and researchers has always been  TIAA-CREF's
mission.  Following the Stock Account,  CREF introduced  seven more bond,  money
market, and equity variable annuity accounts, and later TIAA launched a variable
real estate account.                                                            

   Our tradition of innovation  has also led us to pioneer other "firsts" in the
financial services  industry.  These include the investment of retirement assets
in international  securities and the only  tax-deferred  variable annuity of its
kind to invest in the new inflation-indexed  securities. About 20 percent of the
CREF Stock Account's  portfolio now consists of foreign  equities,  and the CREF
Inflation-Linked  Bond Account has  consistently  performed well,  providing the
highest  returns of any CREF account over the  one-year  period  ending June 30,
2002.   (Please  refer  to  the  table  on  the  facing  page  for   performance
information.) In the fall, we plan to announce additional options for retirement
investing.                                                                      

   Participants  at  campuses  around  the  country  tell me how much  they have
benefited   financially   from  their  CREF   investments.   Their  stories  are
particularly  encouraging at this time of turmoil within the financial  markets,
when Wall  Street  scandals  and  declines  in equity  values  have  shaken  the
confidence of many investors.                                                   

   Naturally,  returns from CREF's equity accounts have been negatively affected
by current  market and economic  conditions.  The  following  letter from Martin
Leibowitz, our vice chairman and chief investment officer,  explains the results
of the past six months.                                                         

   Although the situation in the equities market is understandably  unnerving, I
urge you to stick to your  investment  goals  and not to react  hastily.  Take a
long-term view:  Virtually  everyone's  participation  in the  accumulation  and
payout of  retirement  income  spans  several  decades.  If you feel you need to
change your asset allocation or to rebalance your TIAA-CREF portfolio, I suggest
you do it gradually.                                                            

   In spite of everything,  equities still provide the best  opportunity to help
ensure that you'll have enough income  throughout twenty or even thirty years of
retirement.  Though the future can't be predicted using past results,  data from
Ibbotson  Associates  shows that in all but one decade since 1926  equities have
produced significantly higher returns than any other asset class.               

   In  our  advice  to  participants,  we  generally  recommend  diversifying  a
retirement  portfolio across several asset classes as a way to reduce investment
risk.   Participants   who  have   diversified   into   CREF's  Bond  Market  or
Inflation-Linked  Bond accounts  have  received  returns over the past year that
have exceeded the 1.1 percent  inflation  rate.  This is without the higher risk
associated  with  equity  investing.  TIAA also  offers  safer  alternatives  to
equities that have produced solid returns. The TIAA Real Estate Account has been
a successful way for many to diversify out of equities.                         

Along  with  other  concerned  organizations,  TIAA-CREF  is  working to restore
investor confidence in corporate America and in the U.S. equity market. Over the
past few months,  several of us from TIAA-CREF have testified before Congress on
a number of  issues:  accounting  reform;  board  oversight,  independence,  and
competency;  and  shareholder  rights.  Along with Paul Volcker,  former Federal
Reserve Board                                                                   

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chairman and a member of the TIAA and CREF Boards of Overseers, I'm serving on a
new Commission on Public Trust and Private Enterprise, founded by the Conference
Board.  This  commission will propose steps to prevent the kind of corporate and
accounting abuses that have recently come to light.                             

   TIAA-CREF's role in helping to shape public policy on corporate governance is
a natural  extension of our  longstanding  leadership in this area. For example,
our Policy  Statement on Corporate  Governance,  issued in 1993,  sets forth the
principles  we believe are  essential  to  effective  corporate  governance.  We
encourage our portfolio companies to follow these guidelines, because we believe
our  participants  are best  served  when we invest  their  retirement  funds in
companies with equitable and efficient corporate governance.                    

   TIAA-CREF has a long  tradition of innovation  and  consistency.  In changing
times like  these,  our true  strengths  are even more  evident.  We continue to
strive for extra value by  offering  our  participants  a  diversified  array of
well-managed  retirement accounts, by keeping expenses low, and by providing the
information you need to make informed decisions. These were our stated aims when
CREF was founded  fifty years ago,  and they  continue to guide our policies and
decisions today.                                                                

/s/ John H. Biggs                                                               
-----------------                                                               
John H. Biggs                                                                   

CHAIRMAN, PRESIDENT, AND                                                        
CHIEF EXECUTIVE OFFICER                                                         

FROM THE VICE CHAIRMAN                                                          

During the six months  ending June 30, 2002,  the S&P 500(R) Index  dropped 13.2
percent, while the Russell 3000 Index, one o the broadest U.S. indicators,  lost
12.2 percent. The technology sector was hit worst,  contributing to a decline of
20.5 percent in the Russell  3000 Growth  Index,  a subset of the Russell  3000.
Because of its broad  benchmark-centric  investment  approach,  TIAA-CREF equity
accounts were not immune from the effects of this market downturn.              

   The CREF Stock,  Global  Equities,  and Growth Accounts  suffered losses that
reflected  the decline in stock prices in both North  America and Europe and the
selection  of  individual  stocks  that did not  perform  as we had  hoped.  Our
investment  approach,  which  focuses  on  broad  diversification  and  prevents
excessive exposure to individual sectors or stocks, did act to limit some of the
damage.                                                                         

   In Europe,  stocks slid 4 percent,  according  to the Morgan  Stanley  Europe
Index.  Of the world's four largest  exchanges--New  York,  Tokyo,  London,  and
Frankfurt--only  Tokyo posted a gain, and the Morgan  Stanley World Index,  whic
tracks stocks in 23 developed nations, declined 9 percent for the period.       

   In the United States, despite a sizable jump in the gross domestic product in
the year's first quarter, the stock market experienced a decline associated with
concerns  about the economy's  near-term  future and with a series of accounting
scandals  involving  U.S.  companies.  In 2001,  the longest period of continual
economic  growth in the United States since the Civil War slowed  abruptly.  The
corporate  earnings of the S&P 500 companies,  which showed strong growth during
much of the  1990s,  dropped by more than 50  percent  last  year.  As a result,
corporate spending has been reduced, and unemployment has climbed.  Unemployment
stood at 6 percent in April,  an increase  of 50 percent  since the end of 2000.
While consumer spending remained  relatively strong,  many economists at the end
of June expected total economic growth for the year to be less than 3 percent.  

   Against this  backdrop of a slowed  economy,  the  accounting  and  financial
scandals  involving  Enron,  WorldCom,  and other  companies  have produced huge
losses for stock  investors and  bondholders  and have shaken  confidence in the
market  as a whole.  Whether  this is an  overreaction  remains  to be seen.  At
present, a  less-than-robust  recovery has been overshadowed by uncertainty that
may take a  considerable  time to dispel.  However,  we continue to believe that
equities are a key component of a long-term, diversified portfolio strategy.    

   Losses in the stock  markets  have led many  American  investors  to seek the
relative  safety  of bonds.  During  the  first  half of 2002,  a total of $73.9
billion in new investments  flowed into the nation's bond funds,  surpassing the
$69.5 billion added to stock funds.  The Lehman  Brothers  Aggregate Bond Index,
which tracks both government and corporate bond markets,  gained 3.8 percent for
the period.                                                                     

   The three CREF equity accounts reported on here are fully invested in stocks,
unlike many stock funds that may keep sizable  portions of their assets in cash.
We believe that participants have the right to decide for themselves how much of
their  retirement  assets to allocate to cash and provide the CREF Money  Market
Account for that  purpose.  The other CREF  accounts  pursue their  well-defined
investment objectives in the stock                                              

 The benefits of a diversified portfolio are often
most pronounced when markets are volatile.

2   College Retirement Equities Fund 2002 SEMIANNUAL REPORT                     

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TOTAL RETURNS FOR THE SIX MONTHS ENDED JUNE 30, 2002                            

CREF STOCK ACCOUNT..................................................... -10.98% 
CREF Composite Index................................................... -10.07  
Russell 3000(R) Index.................................................. -12.24  
Morgan Stanley Capital International EAFE + Canada Index...............  -1.32  
Morningstar Large Blend (VA) category.................................. -13.38  
Morningstar Foreign Stock (VA) category................................  -3.10  

CREF GLOBAL EQUITIES ACCOUNT........................................... -10.21% 
Morgan Stanley Capital International World Index.......................  -9.04  
Morningstar World Stock (VA) category..................................  -9.11  

CREF GROWTH ACCOUNT.................................................... -22.79% 
Russell 3000(R) Growth Index........................................... -20.54  
Morningstar Large Growth (VA) category................................. -18.92  

Please see pages 4 to 9 for more detailed performance  information.  The Russell
3000(R) Index is a trademark and servic mark 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.                                                                       

[PHOTO OMITTED]                                                                 
MARTIN L. LEIBOWITZ                                                             
VICE CHAIRMAN AND                                                               
CHIEF INVESTMENT                                                                
OFFICER                                                                         

and bond markets.  The accounts that invest in equities have participated in the
downturn  of the  markets  during  the last six  months.  While the  three  CREF
accounts discussed in this report  underperformed their benchmarks,  the decline
in their  respective  markets was the  predominant  factor  driving the negative
performance.                                                                    

   The table above shows the total  returns  (gains and losses plus  income) for
each account during the first six months of 2002, compared with their respective
benchmarks  and with the  Morningstar  categories  that best match the accounts'
objectives. Detailed performance information appears on the following pages.    

   As I  reported  in CREF's  2001  Annual  Report,  we are now using  data from
Morningstar,  Inc., to show how the  performance  of the CREF accounts  compares
with the average returns of funds having similar objectives. Previously, we used
data compiled by Lipper  Analytical  Services,  Inc., for that purpose.  We made
this  change  because   Morningstar's   fund   categories  more  accurately  and
consistently  match  our  accounts.  We  believe  this  will  help you judge our
performance  better.  To provide  continuity  during  this  transition,  we will
provide  both  Morning-star  and Lipper  data in the  "Performance  at a Glance"
tables of the 2002 reports.                                                     

   Beginning in the fourth  quarter of 2002,  the  benchmark for the CREF Growth
Account will be the Russell 1000 Growth Index, replacing the Russell 3000 Growth
Index.  This will allow us to align the account  more closely with the large cap
growth  category used by fund ratings  services such as Morningstar  and Lipper.
However,  since these two Russell  indexes  have an overlap of about 93 percent,
there will be considerable continuity.                                          

   Returns  during  this  period   continued  to  demonstrate  the  value  of  a
diversified  investment  plan.  We take heart from the fact that many  TIAA-CREF
participants  have used the range of  options  we offer to spread  their  assets
among the four basic asset types:  equities,  bonds, real estate, and guaranteed
investments.                                                                    

   The  benefits  of a  diversified  portfolio  are often most  pronounced  when
markets are  volatile.  While  stock  values fell during the first half of 2002,
bonds, the money market, and real estate all produced gains.  CREF's four equity
accounts  posted returns that ranged from -10.21 percent for the Global Equities
Account to -22.79 percent for the Growth Account. Fixed-income investments fared
much better.  The Money Market  Account  returned 0.78 percent,  the Bond Market
Account 3.55 percent,  and the  Inflation-Linked  Bond Account 7.20 percent. The
TIAA Real Estate Account posted a return of 1.91 percent during the period.  The
TIAA Traditional  Retirement Annuity, which guarantees principal and a specified
interest  rate (3 percent  for current  premiums),  had a rate of return of 7.00
percent for the year ended June 30, 2002.                                       

   While no one can predict which way markets will move in the coming months, we
at TIAA-CREF  can assure you that each of our accounts  will  continue to pursue
its  stated  goals  and  that  we  will  work  hard  to  make  the  most  of any
opportunities  that  arise.  The  markets  have  shown that the laws of risk and
return have not been rewritten and that diversification can reduce risk and help
to improve the overall  returns of a portfolio,  especially when the markets are
in turmoil.                                                                     

/s/ Martin L. Leibowitz                                                         
-----------------------                                                         
Martin L. Leibowitz                                                             

VICE CHAIRMAN AND                                                               
CHIEF INVESTMENT OFFICER                                                        

                     2002 SEMIANNUAL REPORT College Retirement Equities Fund   3

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STOCK ACCOUNT                                                                   

INVESTMENT OBJECTIVE                                                            

The CREF  Stock  Account  seeks a  favorable  long-term  rate of return  through
capital  appreciation and investment income by investing  primarily in a broadly
diversified portfolio of common stocks.                                         
--------------------------------------------------------------------------------

PORTFOLIO PROFILE                                                               

The account uses  TIAA-CREF's  Dual Investment  Management  Strategy(SM),  which
combines stock  selection and  quantitative  techniques.  The account is divided
into three segments:                                                            

o  The  domestic  enhanced  index  segment is designed to track the U.S.  equity
   markets as a whole,  as  represented  by the Russell 3000 Index.  The segment
   does not  invest  in all  3,000  stocks  in the  index  but  uses a  sampling
   technique to create a portfolio that closely  matches the overall  investment
   characteristics  of the index,  including  yield and  industry  weight.  This
   segment also employs special valuation and trading  techniques to try to beat
the performance of the Russell 3000.                                      

o  The domestic stock selection  segment  contains a relatively  small number of
stocks that are individually selected for their investment potential.     

o  The  third  segment  invests  in  foreign  stocks  and other  foreign  equity
   securities,  using both enhanced indexing and stock selection techniques.  It
   tracks the Morgan Stanley Capital International Europe, Australasia,  and Far
   East plus Canada Index (MSCI EAFE + Canada).  Like any investments in foreign
   securities, these 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, 2002                               

The CREF Stock Account  posted a total return of -10.98  percent.  The account's
return trailed the -10.07 percent return of its composite performance benchmark,
a  weighted  average  of the  Russell  3000  and the MSCI  EAFE+Canada  indexes.
However, its return topped the -13.38 percent average return of similar variable
annuities,  as measured by the account's peer group  benchmark,  the Morningstar
Large Blend category.                                                           

   The  account's  returns  were  lower than  those of its  composite  benchmark
because of underperformance by its individual domestic stock selections relative
to the Russell 3000. The account's  international holdings outperformed the MSCI
EAFE+Canada  Index,  partially  offsetting  the lower  returns  of the  domestic
selections.                                                                     

   Performance   was  enhanced  in  the  domestic   segment  by  investments  in
managed-care   companies   Aetna  and   Anthem   and   pharmaceutical   producer
Bristol-Myers  Squibb.  The Aetna  holdings  were larger  than their  respective
portion  in the  Russell  3000  (overweighted),  and  the  Bristol-Myers  Squibb
investment   was  smaller  than  its   respective   portion  of  the   benchmark
(underweighted).  Overweight  positions in U.S. energy companies Exxon Mobil and
Apache also contributed positively to relative performance.                     

   The  account's   performance   was  hurt  by  an  investment  in  diversified
conglomerate Tyco International.  Tyco is no longer included in the Russell 3000
target index.  Overweight  technology  holdings in Sanmina-SCI  Corporation,  an
electronic   component  equipment   manufacturer;   Agere  Systems,  an  optical
electronic  component  manufacturer;  and Sprint PCS Group, a telecommunications
service provider, also reduced returns relative to the benchmark.               

   In the  international  segment,  performance  was  helped by  investments  in
European  energy  companies  Eni and Total Fina Elf that were  larger than their
respective portions of the benchmark. Overweight positions in automakers Renault
and Nissan and underweights in  telecommunications  companies France Telecom and
Spain-based  Telefonica  also  contributed  positively  to returns.  Performance
relative  to  the  benchmark   was  hurt  by   overweight   positions  in  Swiss
biotechnology company Serono and Sanofi-Synthelabo, a global health care company
headquartered in France.                                                        

At the end of the period, 31.3 percent of the account's                   
portfolio  was  individually  selected,  while 68.7  percent was  managed  using
quantitative techniques.                                                        

--------------------------------------------------------------------------------
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, 2002,  about 78 percent of the account
tracked the Russell 3000, and 22 percent tracked the MSCI EAFE + Canada.        

   We use the Russell 3000 to measure the U.S.  stock market because it includes
98 percent  of the  capitalization  of all  publicly  traded  U.S.  stocks.  The
Standard & Poor's 500 Stock Index covers only about 75 percent.                 

4   College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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PORTFOLIO COMPOSITION BY INVESTMENT STRATEGY AS OF 6/30/2002                    

[Data below represents pie chart in the printed piece]                          

Domestic Enhanced Index Segment    60.6%                                        
International Segment              21.8%                                        
Domestic Active Segment            17.4%                                        
Short-Term Investments              0.2%                                        

PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/2002                               

[Data below represents pie chart in the printed piece]                          

Consumer Products and Services     34.3%                                        
Financial Services                 20.6%                                        
Manufacturing and Materials        15.7%                                        
Technology                         13.0%                                        
Utilities                           7.7%                                        
Energy                              7.3%                                        
Transportation                      1.2%                                        
Short-Term Investments              0.2%                                        

$10,000 OVER TEN YEARS                                                          

[Data below represents line chart in the printed piece]                         

                             Jun 92   Jun 93   Jun 94   Jun 95   Jun 96   Jun 97
                             ------   ------   ------   ------   ------   ------
Stock Account                10,000   11,462   11,968   14,244   17,582   22,400
Russell 3000 Index           10,000   11,603   11,718   14,639   18,447   24,088
MSCI EAFE + Canada Index     10,000   11,952   13,886   14,200   16,096   18,274

                    Jun 98   Jun 99   Jun 00   Jun 01   Jun 02
                    ------   ------   ------   ------   ------
Stock Account                27,969   32,989   36,327   30,520   25,502         
Russell 3000 Index           31,027   37,264   40,841   35,150   29,089         
MSCI EAFE + Canada Index     19,425   20,856   24,775   18,865   17,142         

The graph  assumes a $10,000  investment  in the CREF Stock  Account on June 30,
1992.  It shows  that,  by June 30,  2002,  the  investment  would have grown to
$25,502.  For  comparison,  the graph shows how the Stock  Account's  benchmarks
changed over the same period.                                                   

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

                 Shares      Market Value   Percent of
Company                   (in millions)  (in millions)   Net Assets             
-------                   -------------  -------------   ----------             
Exxon Mobil Corp              51.6        $ 2,113.4         2.42                
General Electric Co           71.1          2,064.9         2.36                
Microsoft Corp                30.2          1,652.6         1.89                
Pfizer, Inc                   44.2          1,545.5         1.77                
Citigroup, Inc                39.6          1,532.8         1.75                
American Int'l Group, Inc     18.6          1,266.1         1.45                
Wal-Mart Stores, Inc          19.0          1,047.0         1.20                
Johnson & Johnson             19.0            992.4         1.13                
Intel Corp                    47.8            873.3         1.00                
Verizon Communications, Inc   21.4            859.1         0.98                

PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]

                                           Average Annual Compound        Cumulative Rates                                    
                                          Rates of Total Return(1,2)    of Total Return (1,2)                                 
                                         --------------------------   --------------------------  2002 Expenses   Net Assets  
                                          1 year  5 years  10 years   1 year   5 years  10 years  (annualized)   (in billions)
                                         -------  -------  --------   -------  -------  --------  -------------  -------------
                                                                                                                              
STOCK ACCOUNT                            -16.44%    2.63%    9.81%    -16.44%   13.85%   155.02%     0.42%(3)       $87.5     
Russell 3000 Index                       -17.24     3.84    11.27     -17.24    20.76    190.89        --              --     
MSCI EAFE + Canada Index                  -9.13    -1.27     5.54      -9.13    -6.17     71.46        --              --     
Morningstar Large Blend (VA) category    -19.22     1.52     9.20     -19.22     9.76    147.35        --              --     
Lipper Growth and Income Fund Index      -12.91     3.38    10.37     -12.91    18.08    168.23        --              --     
Morningstar Foreign Stock (VA) category  -12.64    -1.49     4.90     -12.64    -6.88     64.14        --              --     
Lipper International Fund Index           -7.29     0.21     6.48      -7.29     1.07     87.30        --              --     

(1) Due to market  volatility,  recent performance of the CREF Stock Account may
    differ from the figures shown above. For the most current performance, visit
    the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ra-performance.html, or
call 800 842-2776.                                                      

(2) Past performance should not be taken as a guarantee of the same future rates
    of return from the Stock Account. Future returns will fluctuate, as will the
    value of investment  principal.  The units you own may be worth more or less
than their original value upon redemption.                              

(3) The annualized  expense ratio shown here is based on actual expenses for the
    first  half of 2002.  The  actual  expense  ratio for the full year may vary
based on actual expenses and investment valuations.                     

                     2002 SEMIANNUAL REPORT College Retirement Equities Fund   5

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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  The account invests at least 65 percent of its assets in equity securities of
   foreign and domestic companies.  Typically, at least 40 percent of its assets
   is  invested  in  foreign  securities  and at least 25  percent  in  domestic
   securities,  as we deem appropriate.  The remaining 35 percent is distributed
between foreign and domestic securities.                                  

o  The account uses  TIAA-CREF's Dual Investment  Management  Strategy (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  Investments  are allocated to specific  countries or regions based on several
   factors, including the attractiveness of particular markets and the size of a
   country's  or a region's  equity  markets  compared  with the value of global
markets.                                                                  

o  Like any investments in foreign securities,  these 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, 2002                               

The CREF Global Equities  Account posted a total return of -10.21  percent.  The
return lagged the -9.04 percent return of its  performance  benchmark,  the MSCI
World Index, and the -9.11 percent average return of similar variable annuities,
as measured by the Morningstar World Stock category.                            

   The account's  investments in North  American,  European,  and  Asian-Pacific
companies  were roughly equal to those of the  benchmark.  Its  underperformance
relative to the benchmark  resulted from individual  stock selections in each of
the three regions but primarily those in North America.                         

   Within the North  American  segment,  the account's  performance  was hurt by
overweight holdings in U.S. technology  companies such as Siebel Systems and Sun
Microsystems  and  in  telecommunications   companies  AT&T  Wireless,  Level  3
Communications,  and Sprint PCS Group.  Underweight positions in well-performing
consumer  stocks such as Procter & Gamble also had a negative impact on returns.
Positive  contri  butions  to  performance  came  from  overweight  holdings  in
managed-care  companies Aetna and  UnitedHealth  Group; in U.S. energy companies
Apache,  Burlington  Resources,  and Exxon Mobil; and in bank holding  companies
U.S. Bancorp and Bank of America.                                               

   In the European  segment of the portfolio,  relative  performance was hurt by
overweight  holdings  in  Credit  Suisse;  Britain's  EMI  Group;  and the Dutch
semiconductor  company  STmicroelectronics.  These  negatives  more than  offset
positive  contributions  from holdings in the Netherlands' IHC Caland, an energy
company,  and in non-cyclical  companies  British  American Tobacco and France's
Danone Group and Pernod-Ricard S.A.                                             

   In the Asian-Pacific segment, relative performance was positively affected by
investments  in Nomura  Holdings,  a  financial  services  company;  Daido  Life
Insurance  Company;  and Samsung  Electronics.  An  underweight  position in NEC
Corporation  also had a positive  effect on returns.  Relative  performance  was
adversely  affected by holdings in Japanese consumer cyclical  companies such as
video game manufacturer Nintendo and film manufacturer Fuji Photo.              

   At the  end  of the  period,  67  percent  of  the  account's  portfolio  was
individually   selected,   while  33  percent  was  managed  using  quantitative
techniques.                                                                     

$10,000 OVER TEN YEARS                                                          

[Data below represents line chart in the printed piece]                         

                             Jun 92   Jun 93   Jun 94   Jun 95   Jun 96   Jun 97
                             ------   ------   ------   ------   ------   ------
Global Equities Account      10,000   11,692   13,545   15,231   18,021   22,440
MSCI World Index             10,000   11,675   12,871   14,244   16,871   20,628

                    Jun 98   Jun 99   Jun 00   Jun 01   Jun 02
                    ------   ------   ------   ------   ------
Global Equities Account      26,877   29,545   35,988   27,077   22,533         
MSCI World Index             24,141   27,924   31,328   24,938   21,110         

The graph assumes a $10,000  investment in the CREF Global  Equities  Account on
June 30, 1992. It shows that, by June 30, 2002, the investment  would have grown
to $22,533. 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  2002 SEMIANNUAL REPORT                    

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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 percent of each industry represented.  It deletes stocks without
sufficient liquidity and corrects for cross-ownership among stocks in the index,
then weights them all by market capitalization for each stock.                  

DIVERSIFICATION AMONG WORLD MARKETS AS OF 6/30/2002                             

[Data below represents pie chart in the printed piece]                          

United States                      52.7%                                        
United Kingdom                     11.2%                                        
Japan                               9.1%                                        
Switzerland                         5.3%                                        
France                              4.1%                                        
Netherlands                         3.8%                                        
Germany                             2.3%                                        
Canada                              2.1%                                        
Australia                           1.7%                                        
19 other nations                    6.5%                                        
Short-Term Investments              1.2%                                        

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

         Shares    Market Value   Percent of
Company                (in millions) (in millions)  Net Assets   Country        
-------                ------------- -------------  -----------  -------------  
Exxon Mobil Corp            3.7         $152.4        2.45       United States  
Pfizer, Inc                 3.4          117.5        1.89       United States  
Citigroup, Inc              2.9          111.3        1.79       United States  
Microsoft Corp              1.9          105.5        1.70       United States  
General Electric Co         3.6          103.7        1.67       United States  
American Int'l Group, Inc   1.3           88.9        1.43       United States  
Bank of America Corp        1.1           79.4        1.28       United States  
BP plc                      8.2           68.9        1.11       United Kingdom 
Wal-Mart Stores, Inc        1.2           68.1        1.10       United States  
Intel Corp                  3.6           65.5        1.05       United States  

PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/2002                               

[Data below represents pie chart in the printed piece]                          

Consumer Products and Services     35.0%                                        
Financial Services                 21.0%                                        
Manufacturing and Materials        16.0%                                        
Technology                         10.0%                                        
Energy                              9.6%                                        
Utilities                           6.2%                                        
Transportation                      1.0%                                        
Short-Term Investments              1.2%                                        

PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]

                                Average Annual Compound        Cumulative Rates                                    
                               Rates of Total Return(1,2)    of Total Return (1,2)                                 
                              --------------------------   --------------------------  2002 Expenses   Net Assets  
                               1 year  5 years  10 years   1 year   5 years  10 years  (annualized)   (in billions)
                              -------  -------  --------   -------  -------  --------  -------------  -------------
                                                                                                                   
GLOBAL EQUITIES ACCOUNT       -16.78%   0.08%    8.46%     -16.78%    0.42%   125.33%     0.46%(3)       $6.2      
MSCI World Index              -15.35    0.49     7.77      -15.35     2.47    111.37        --             --      
Morningstar World Stock (VA)                                                                                       
  category                    -16.59    3.05     9.24      -16.59    17.62    145.08        --             --      
Lipper Global Fund Index      -13.42    1.91     7.93      -13.42     9.93    114.42        --             --      

(1) Due to market  volatility,  recent  performance of the CREF Global  Equities
    Account  may differ  from the  figures  shown  above.  For the most  current
    performance,      visit      the      TIAA-CREF      Web      Center      at
www.tiaa-cref.org/charts/ra-performance.html, or call 800 842-2776.     

(2) Past performance should not be taken as a guarantee of the same future rates
    of return from the Global Equities  Account.  Future returns will fluctuate,
    as will the value of  investment  principal.  The units you own may be worth
more or less than their original value upon redemption.                 

(3) The annualized  expense ratio shown here is based on actual expenses for the
    first  half of 2002.  The  actual  expense  ratio for the full year may vary
based on actual expenses and investment valuations.                     

                     2002 SEMIANNUAL REPORT College Retirement Equities Fund   7

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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                                                               

o  The  account  invests at least 80 percent of its assets in common  stocks and
other equity securities.                                                  

o  The account uses  TIAA-CREF's Dual Investment  Management  Strategy (see page
   4). The enhanced  index portion aims to exceed the return of the Russell 3000
Growth Index, which is also the benchmark for the account.                

o  The stock selection  segment can invest in companies of all sizes,  including
   large, well-known,  established companies,  particularly when we believe they
   have new or innovative products,  services,  or processes that enhance future
   earnings;  smaller,   less-seasoned  companies  with  growth  potential;  and
companies in new and emerging areas of the economy.                       

o  The account can buy foreign  securities  and other  instruments if we believe
   they  have  superior  investment  potential.   Depending  on  the  investment
   opportunities, the account may have up to 60 percent of its assets in foreign
   securities. Like any investments in foreign securities,  these 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, 2002                               

The CREF Growth Account ended the period with a total return of -22.79  percent.
The return  lagged behind the -20.54  percent  return of the Russell 3000 Growth
Index,  the account's  performance  benchmark,  and the -18.92  percent  average
return of similar  variable  annuities,  as measured by the account's peer group
benchmark, the Morningstar Large Growth category.                               

   Account  performance was hurt  considerably  relative to the benchmark by our
holdings in industrial  conglomerate Tyco  International,  which were overweight
compared with the index.  Relative  performance  also suffered from  underweight
holdings  in  Coca-Cola  and  overweights  in Sprint PCS Group,  a wireless  and
telecommunications company.                                                     

   Positive  contributions  to  performance  came from  underweight  holdings in
pharmaceutical   company   Bristol-Myers  Squibb  and  overweight  positions  in
managed-care  companies Tenet Healthcare and Anthem.  Overweight  investments in
Avon Products  also  enhanced  results.  Unfortunately,  negative  factors had a
greater effect on the account's return, relative to the benchmark.              

   At the end of the  six-month  period,  56  percent  of the  account's  assets
consisted of individually chosen investments,  while 44 percent were held in the
enhanced  index  portion  of  the  portfolio  and  managed  using   quantitative
techniques.                                                                     

   The benchmark  for the CREF Growth  Account will change on October 1, 2002. A
detailed explanation appears below.                                             

--------------------------------------------------------------------------------
The Account's Benchmark                                                         
--------------------------------------------------------------------------------

The  benchmark  currently  used for the CREF Growth  Account is the Russell 3000
Growth Index, representing the growth sector of the U.S. stock market.          

   The Growth Index is a subset of the Russell 3000 Index, which comprehensively
measures the U.S.  stock market.  The Growth Index  consists of companies in the
Russell  3000 with  higher  price-to-book  ratios and higher  forecasted  growth
values.                                                                         

   On October 1, 2002,  the CREF Growth  Account's  performance  benchmark  will
change from the Russell 3000 Growth Index to the Russell  1000 Growth  Index,  a
subset of the Russell 1000 Index,  which measures the 1,000 largest companies in
the Russell 3000 Index. The companies in the Russell 1000 Growth Index are those
in the  Russell  1000 Index  that have  higher  price-to-book  ratios and higher
forecasted growth values. The move is designed to align the account's  portfolio
more closely with the large  capitalization  growth category used by Morningstar
in its variable annuity ratings.                                                

   Although  dominated by large cap growth stocks, the Russell 3000 Growth Index
also  contains  holdings  in  small  cap  growth  stocks.   However,   there  is
considerable  overlap between the two benchmarks:  The Russell 1000 Growth Index
accounts for about 93 percent of the  capitalization  of the Russell 3000 Growth
Index.                                                                          

8   College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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PORTFOLIO COMPOSITION BY INDUSTRY AS OF 6/30/2002                               

[Data below represents pie chart in the printed piece]                          

Consumer Products and Services     51.0%                                        
Technology                         26.2%                                        
Manufacturing and Materials        10.3%                                        
Financial Services                  9.0%                                        
Energy                              2.2%                                        
Utilities                           0.5%                                        
Transportation                      0.4%                                        
Short-Term Investments              0.4%                                        

$10,000 SINCE 4/29/1994 INCEPTION                                               

[Data below represents line chart in the printed piece]                         

                           Jun 94   Jun 95   Jun 96   Jun 97   Jun 98   Jun 99
                           ------   ------   ------   ------   ------   ------
Growth Account               9,817   12,508   15,798   20,859   26,752   33,750 
Russell 3000 Growth Index    9,807   12,754   16,283   20,927   27,120   34,058 

Jun 00   Jun 01   Jun 02
------   ------   ------
Growth Account              42,761   26,831   18,915                            
Russell 3000 Growth Index   42,864   27,732   20,414                            

The graph assumes a $10,000  investment in the CREF Growth  Account on April 29,
1994.  It shows  that,  by June 30,  2002,  the  investment  would have grown to
$18,915. For comparison,  the graph shows how the Russell 3000 Growth Index, the
Growth Account's benchmark, changed over the same period.                       

PERCENT BY CAPITALIZATION AS OF 6/30/2002                                       

[Data below represents pie chart in the printed piece]                          

Large Capitalization Stocks:                                                    
Over $5 billion                    90.0%                                        

Middle Capitalization Stocks:                                                   
$1-$5 billion                       7.3%                                        

Small Capitalization Stocks:                                                    
Under $1 billion                    2.7%                                        

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

                         Shares    Market Value   Percent of
Company                        (in millions) (in millions)  Net Assets          
-------                        ------------- -------------  ----------          
General Electric Co                17.2         $499.0         5.91             
Pfizer, Inc                        12.8          446.4         5.28             
Microsoft Corp                      8.1          442.4         5.24             
Wal-Mart Stores, Inc                5.3          293.8         3.48             
Johnson & Johnson                   4.4          232.5         2.75             
Intel Corp                         12.3          224.8         2.66             
Home Depot, Inc                     5.3          196.3         2.32             
Cisco Systems, Inc                 13.7          191.7         2.27             
American Int'l Group, Inc           2.7          182.3         2.16             
Pharmacia Corp                      4.6          172.8         2.05             

PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]

                                 Average Annual Compound        Cumulative Rates                                    
                                Rates of Total Return(1,2)    of Total Return (1,2)                                 
                               --------------------------   --------------------------  2002 Expenses   Net Assets  
                                1 year  5 years  10 years   1 year   5 years  10 years  (annualized)   (in billions)
                               -------  -------  --------   -------  -------  --------  -------------  -------------
                                                                                                                    
GROWTH ACCOUNT                 -29.50%   -1.94%   8.16%     -29.50%   -9.32%    89.91%     0.43%(4)       $8.4      
Russell 3000 Growth Index      -26.39    -0.50    9.17      -26.39    -2.45    104.95        --             --      
Morningstar Large Growth (VA)                                                                                       
  category                     -26.86     1.63    9.02      -26.86    11.37    102.47        --             --      
Lipper Growth Fund Index       -22.84     1.88    8.77      -22.84     9.75    98.69         --             --      

(1) Due to market volatility,  recent performance of the CREF Growth Account may
    differ from the figures shown above. For the most current performance, visit
    the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ra-performance.html, or
call 800 842-2776.                                                      

(2) Past performance should not be taken as a guarantee of the same future rates
    of return from the Growth Account.  Future returns will  fluctuate,  as will
    the value of  investment  principal.  The units you own may be worth more or
less than their original value upon redemption.                         

(3) Inception date: 4/29/1994                                                   

(4) The annualized  expense ratio shown here is based on actual expenses for the
    first  half of 2002.  The  actual  expense  ratio for the full year may vary
based on actual expenses and investment valuations.                     

                     2002 SEMIANNUAL REPORT College Retirement Equities Fund   9

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SUMMARY BY COUNTRY

                                              VALUE (000)                %
                                                -----------             ------
Domestic:                                                                       
  United States ...........................     $67,527,516             75.98%
                                               -----------             -----
 TOTAL DOMESTIC ..........................      67,527,516             75.98
                                               -----------             -----
Foreign:                                                                        
 Argentina ...............................               2              0.00
 Australia ...............................         746,650              0.84
 Austria .................................           8,610              0.01
 Belgium .................................         245,663              0.28
 Bermuda .................................         316,443              0.36
 Brazil ..................................           1,130              0.00
 Canada ..................................         982,124              1.10
 Denmark .................................         116,417              0.13
 Finland .................................         292,668              0.33
 France ..................................       1,981,073              2.23
 Germany .................................       1,019,527              1.15
 Greece ..................................          47,445              0.05
 Hong Kong ...............................         282,051              0.32
 Hungary .................................           3,990              0.00
 India ...................................          61,625              0.07
 Ireland .................................         167,515              0.19
 Israel ..................................           4,196              0.00
 Italy ...................................         911,704              1.03
 Japan ...................................       3,928,681              4.42
 Korea ...................................          24,953              0.03
 Luxembourg ..............................          49,602              0.06
 Malaysia ................................               3              0.00
 Netherlands .............................       1,149,633              1.29
 New Zealand .............................          22,171              0.02
 Norway ..................................          48,209              0.05
 Portugal ................................          64,060              0.07
 Singapore ...............................         102,689              0.12
 Spain ...................................         400,932              0.45
 Sweden ..................................         316,914              0.35
 Switzerland .............................       1,723,398              1.94
 Taiwan ..................................          16,205              0.02
 United Kingdom ..........................       4,399,214              4.95
                                               -----------            ------
 TOTAL FOREIGN ...........................      19,435,497             21.86
 SHORT TERM INVESTMENTS ..................       1,917,634              2.16
                                               -----------            ------
  TOTAL PORTFOLIO .........................     $88,880,647            100.00%
                                               ===========            ======

------------------- 
PRINCIPAL                                             VALUE (000)           
---------                                             -----------           
BONDS--0.01%                                                                    
CORPORATE BONDS--0.01%                                                          
AEROSPACE AND DEFENSE--0.00%                                                  
Bae Systems plc                               
$ 428,481    (1) 7.450%, 11/30/03 ..................  $     307             
Banco Nac De Econo CV                         
1,600,000        6.500%, 06/15/06 ..................      1,130             
                                          --------
  TOTAL AEROSPACE AND DEFENSE                1,437
                                          --------
CONSUMER CYCLICAL--0.00%                                                      
Charter                                       
5,000,000        5.750%, 10/15/05 ..................      2,594             
Ugly Duckling Corp (Sub Deb)                  
413,400        12.000%, 10/23/03 .................        413           
                                          --------
  TOTAL CONSUMER CYCLICAL .............      3,007
                                          --------
FINANCIAL SERVICES--0.00%                                                     
Amp Reinsurance Note                          
480,277    (2) 7.000%, 02/10/05 ..................          0           
NHI Health Deb                                
346,000        9.000%, 01/01/06 ..................        346           
                                          --------
  TOTAL FINANCIAL SERVICES ............        346
                                          --------
TECHNOLOGY--0.01%                                                             
Avaya, Inc                                    
$ 8,500,000        0.000%, 10/31/21 ..................    $ 3,060               
Exodus Communications, Inc                    
10,000,000        0.000%, 02/15/08 ..................         25              
TIVO                                          
400,000        7.000%, 08/15/06 ..................        272           
                                          --------
  TOTAL TECHNOLOGY ....................      3,357
                                          --------
TOTAL CORPORATE BONDS                         
   (Cost $22,088) .....................      8,147
                                          --------

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GOVERNMENT BOND--0.00%                                                          
U.S. TREASURY SECURITY--0.00%                                                 
U.S. Treasury Note                            
325,000        5.000%, 02/15/11 ..................        331           
                                          --------
TOTAL GOVERNMENT BOND                         
   (Cost $315) ........................        331
                                          --------
TOTAL BONDS                                   
   (Cost $22,403) .....................      8,478
                                          --------

--------                                                                        
(1) Denominated in British Pounds                                               
(2) Denominated in Australian Dollars                                           

SHARES                                                                    
------                                                                    
PREFERRED STOCK--0.10%                                                          
BASIC INDUSTRIES--0.01%                                                       
1,670        Buhrmann NV .......................          5         
132,287      * Sealed Air Corp ...................      5,404           
                                          --------
    TOTAL BASIC INDUSTRIES ............      5,409
                                          --------
CONSUMER CYCLICAL--0.06%                                                      
114,400     b* Adelphia Communications ...........        171           
649,672      * Comcast Corp CV 10/15/29 ..........     12,831           
50,000      * Comcast Corp CV 11/15/29 ..........        425          
35,539      * Fiat S.p.A. .......................        316          
13,350        Hugo Boss AG. .....................        242          
34,453        MAN AG. ...........................        602          
5,084,981        News Corp Ltd .....................     23,351             
115,446      * O'Sullivan Industries Holdings, Inc         95           
25,363        Porsche AG. .......................     12,023          
600      * Price Legacy Corp .................         10       
36,900        Prosieben Media AG. ...............        355          
42,203        Volkswagen AG. ....................      1,359          
                                          --------
    TOTAL CONSUMER CYCLICAL ...........     51,780
                                          --------
CONSUMER NON-CYCLICAL--0.00%                                                  
40,704        Henkel Kgaa .......................      2,798          
                                          --------
    TOTAL CONSUMER NON-CYCLICAL .......      2,798
                                          --------
FINANCIAL SERVICES--0.00%                                                     
1      * Crestaran International Investment BV        0     
                                          --------
    TOTAL FINANCIAL SERVICES ..........          0
                                          --------
HEALTH CARE--0.02%                                                            
941,176        Advanced Medicine Series C ........      8,470           
444,445      * Advanced Medicine Series D ........      4,000           
28,640        Fresenius Medical Care AG. ........        962          
8,534      * MEDIQ, Inc ........................          2         
2,758,725     f* Netgenics, Inc CV Series D ........      6,345             
                                          --------
    TOTAL HEALTH CARE .................     19,779
                                          --------
TECHNOLOGY--0.01%                                                             
7,000      * Lucent Technologies, Inc ..........      3,395         
9,807      * Superior Trust I Series A .........         20         
                                          --------
    TOTAL TECHNOLOGY ..................      3,415
                                          --------

10 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
------------------------------------------------------------------------------- 
SHARES                                               VALUE (000)          
------                                               -----------          

UTILITIES--0.00%                                                              
1        Tele Norte Leste Participacoes S.A.  $       0     
150,000      * Viatel Financing Trust I ...........        38           
                                         ---------
    TOTAL UTILITIES ....................        38
                                         ---------
TOTAL PREFERRED STOCK                     
     (Cost $160,727) ...................    83,219
                                         ---------
COMMON STOCK--99.28%                                                            
AEROSPACE AND DEFENSE--1.14%                                                  
134,291        AAR Corp ...........................     1,370           
177,032      * Alliant Techsystems, Inc ...........    11,295           
129,877      * Armor Holdings, Inc ................     3,312           
94,678      * Aviall, Inc ........................     1,325          
19,236,953        BAE Systems plc ....................    98,232              
13,000      * Ballard Power Systems, Inc .........       212          
4,163,369        Boeing Co ..........................   187,352             
25,400        CAE, Inc ...........................       208          
86,408      * DRS Technologies, Inc ..............     3,694          
3,467        Ducommun, Inc ......................        91         
34,195        Dynamics Research Corp .............       827          
1,198,936      * Echostar Communications Corp                               
     (Class A) .........................    22,252
39,728        Engineered Support Systems, Inc ....     2,078          
3,500      * EnPro Industries, Inc ..............        18         
363,344      e European Aeronautic Defense                              
      And Space Co .....................     5,587
1,196,933        General Dynamics Corp ..............   127,294             
9,625,994      * General Motors Corp ................   100,110             
509,429        Goodrich Corp ......................    13,918           
55,544        Heico Corp .........................       779          
4,274        Heico Corp (Class A) ...............        48         
60,005      * Herley Industries, Inc .............     1,273          
119,161      * Hexcel Corp ........................       518           
10,463      * Innovative Solutions &                                  
      Support, Inc .....................        78
36,300      * Integrated Defense Technology, Inc .     1,068          
123,075        Kaman Corp (Class A) ...............     2,063           
360,212      * L-3 Communications Holdings, Inc ...    19,451           
40,300      * Ladish Co, Inc .....................       492          
2,075,724        Lockheed Martin Corp ...............   144,263             
73,487      * Moog, Inc (Class A) ................     3,151          
677,851        Northrop Grumman Corp ..............    84,731           
218,694     e* Orbital Sciences Corp ..............     1,743           
170,187      * Panamsat Corp ......................     3,846           
238,136     e* Pegasus Communications Corp ........       174           
661,991        PerkinElmer, Inc ...................     7,315           
307,100        Precision Castparts Corp ...........    10,134           
2,190,793        Raytheon Co ........................    89,275             
231,562      * Remec, Inc .........................     1,299           
830,432        Rockwell Collins, Inc ..............    22,770           
1,866,349        Rolls-Royce plc ....................     4,609             
31,011      * Sequa Corp (Class A) ...............     2,028          
281,137        Smiths Group plc ...................     3,651           
168,150      * Teledyne Technologies, Inc .........     3,489           
32,443        Thales S.A. ........................     1,378          
85,675      * Triumph Group, Inc .................     3,821          
104,517      * United Defense Industries, Inc .....     2,404           
84,732      * Viasat, Inc ........................       714          
158,368        Zodiac S.A. ........................     3,879           
                                          --------
    TOTAL AEROSPACE AND DEFENSE            999,619
                                          --------
BASIC INDUSTRIES--5.01%                                                       
47,120      * Aaon, Inc ..........................       884          
957,430      e Abitibi-Consolidated, Inc ..........     8,826           
50,208        Acerinox S.A. ......................     2,105          
82,027        ACS Actividades de                                      
      Construccion y Servicios S.A. ....     2,641
17,457     e* AEP Industries, Inc ................       620          
1,550        Aggreko plc .........................        4         
7,000        Agrium, Inc .........................       68         
1,511,166        Air Products & Chemicals, Inc .......   76,269             
310,271      * Airgas, Inc .........................    5,368           
502,228      * AK Steel Holding Corp ...............    6,434           
363,884        Akzo Nobel NV .......................   15,845           
89,678        Albany International Corp (Class A) .    2,413          
122,102        Albemarle Corp ......................    3,755           
36,186        Alcan, Inc ..........................    1,358          
742,246        Alcan, Inc (U.S.) ...................   28,159           
6,566,449        Alcoa, Inc ..........................  217,678             
15,259        Alico, Inc ..........................      448          
391,600        Allegheny Technologies, Inc .........    6,187           
4,965        Aluminium Of Greece S.A.I.C. ........      138         
120,009        Amcol International Corp ............      822           
2,389,599        Amcor Ltd ...........................   11,054             
140,000        Amec plc ............................      893           
15,634      * American Realty Investors, Inc ......      175          
350,547      * American Standard Cos, Inc ..........   26,326           

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29,529        American Woodmark Corp ..............    1,657          
18,768        Ameron International Corp ...........    1,356          
54,409      * Applied Films Corp ..................      607          
173,679        Aptargroup, Inc .....................    5,341           
2,875,508     e* Arcelor .............................   40,809             
103,604        Arch Chemicals, Inc .................    2,559           
192,402        Arch Coal, Inc ......................    4,369           
79,352     e* Armstrong Holdings, Inc .............      142          
1,492,358        Asahi Kasei Corp ....................    4,968             
75,000        Astrazeneca plc (Spon ADR) ..........    3,075          
28,751      * Avatar Holdings, Inc ................      806          
533,629        Avery Dennison Corp .................   33,485           
306,459        Ball Corp ...........................   12,712           
682,830        Barratt Developments plc ............    4,372           
1,075,868        Barrick Gold Corp ...................   20,394             
198,540        Barrick Gold Corp (U.S.) ............    3,770           
657,382        BASF AG. ............................   30,481           
641,182        Bayer AG. ...........................   20,327           
295,006        Bemis Co ............................   14,013           
238,422        Berkeley Group plc ..................    2,635           
7,787,512   a,b* Bethlehem Steel Corp ................    1,635             
12,909,482        BHP Billiton Ltd ....................   74,648              
5,236,298        BHP Billiton plc ....................   28,535             
552,776        Black & Decker Corp .................   26,644           
907,518        BOC Group plc .......................   14,096           
13,546        Boehler-Uddeholm AG. ................      654          
251,787        Boise Cascade Corp ..................    8,694           
1,960,452        Boral Ltd ...........................    4,127             
470,875        Bowater, Inc ........................   25,601           
354,024        BPB plc .............................    1,889           
84,444      * Brush Engineered Materials, Inc .....    1,047          
114,800      * Buckeye Technologies, Inc ...........    1,125           
45,120        Buderus AG. .........................    1,020          
130,640        Buhrmann NV .........................    1,205           
69,849      * Building Materials Holding Corp .....    1,004          
24,073        Butler Manufacturing Co .............      661          
21,044      * BWAY Corp ...........................      336          
336,117        Cabot Corp ..........................    9,630           
138,460     e* Cabot Microelectronics Corp .........    5,976           
184,595        Calgon Carbon Corp ..................    1,551           
120,817        Cambrex Corp ........................    4,845           
307,660      e Cameco Corp .........................    7,829           
143,619      * Caraustar Industries, Inc ...........    1,792           
159,391        Carlisle Cos, Inc ...................    7,169           
103,564        Carpenter Technology Corp ...........    2,984           
5,271,321        Carter Holt Harvey Ltd ..............    5,069             
35,269        Castle (A.M.) & Co ..................      440          
36,482        Centex Construction Products, Inc ...    1,328          

 SEE NOTES TO FINANCIAL STATEMENTS

2002 SEMIANNUAL REPORT College Retirement Equities Fund 11

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

BASIC INDUSTRIES--(CONTINUED)                                                 
369,600        Centex Corp .......................   $ 21,359           
65,282        Century Aluminum Co ...............        972          
254,464      * Champion Enterprises, Inc .........      1,430           
30,972      * Chase Industries, Inc .............        430          
45,412        Chemed Corp .......................      1,712          
58,458        Chemfirst, Inc ....................      1,675          
81,459        Chesapeake Corp ...................      2,145          
604,000        Cheung Kong Infrastructure                               
      Holdings Ltd ....................        972
1,800,500     e* Chiyoda Corp ......................      3,049             
49,910        Ciba Specialty Chemicals AG.                            
      (Regd) ..........................      3,999
6,248        Cimpor Cimentos de Portugal S.A. ..        121         
119,827        Clarcor, Inc ......................      3,793           
8,000        Clariant AG. (Regd) ...............        190         
561,880        Clayton Homes, Inc ................      8,878           
48,492      * Cleveland-Cliffs, Inc .............      1,338          
161,410        Collins & Aikman Corp .............      1,469           
658,439      * Collins & Aikman Corp Rts .........          0           
194,359      * Comfort Systems USA, Inc ..........        966           
64,161        Commercial Metals Co ..............      3,012          
650,332      e Compagnie De Saint-Gobain .........     29,191           
390,209        Consol Energy, Inc ................      8,292           
685,286      * Corus Group plc ...................        877           
45,117      * Corvas International, Inc .........         97          
428,582      * CRH plc (Ireland) .................      7,174           
2,674,814        CRH plc (United Kingdom) ..........     43,587             
595,515        Crompton Corp .....................      7,593           
637,374     e* Crown Cork & Seal Co, Inc .........      4,366           
2,528,347      e CSR Ltd ...........................      9,070             
241,900      * Cytec Industries, Inc .............      7,605           
4,427,779        Daicel Chemical Industries Ltd ....     15,109             
1,189,000      * Dainippon Ink & Chemicals, Inc ....      2,549             
267,005        Daito Trust Construction Co Ltd ...      5,001           
716,221        Daiwa House Industry Co Ltd .......      4,380           
55,028        Deltic Timber Corp ................      1,897          
183,000      e Denki Kagaku Kogyo KK .............        583           
105,969      * Dionex Corp .......................      2,839           
542,681      e Dofasco, Inc ......................     10,979           
515      * Dominion Homes, Inc ...............         10       
277,360        Domtar, Inc .......................      3,237           
14,985        Donnelly Corp .....................        404          
644,151        Dr Horton, Inc ....................     16,767           
5,427,638        Dow Chemical Co ...................    186,602             
25,811      * Drew Industries, Inc ..............        425          
5,240,786        Du Pont (E.I.) de Nemours & Co ....    232,691             
225,546     e* Earthshell Corp ...................        259           
387,853        Eastman Chemical Co ...............     18,190           
817,549        Ecolab, Inc .......................     37,795           
102,045        Elcor Corp ........................      2,791           
7,268        Elkem ASA .........................        163         
78,488      * EMCOR Group, Inc ..................      4,607          
335,970      * Encompass Services Corp ...........        192           
63,755      * Encore Wire Corp ..................        907          
72,880      * Energy Conversion Devices, Inc ....      1,143          
782,101        Engelhard Corp ....................     22,149           
17,434        Eramet ............................        560          
61,900        Falconbridge Ltd ..................        810          
161,781        Ferro Corp ........................      4,878           
183,458     e* Fleetwood Enterprises, Inc ........      1,596           
628,235        Fletcher Building Ltd .............        839           
3,428,918      * Fletcher Challenge Forests Ltd ....        400             
100,735        Florida Rock Industries, Inc ......      3,607           
583,502        Fluor Corp ........................     22,727           
120,150      * FMC Corp ..........................      3,625           
94,346        Foamex International, Inc .........      1,048          
175,040      e Fomento de Construcciones                                
      y Contratas S.A. ................      4,270
2,065        Forbo Holding AG. (Regd) ..........        758         
268,789        Fording, Inc                             5,037           
750,246      * Freeport-Mcmoran Copper & Gold,                          
       Inc (Class A) ...................      13,392
1,000      * Fujita Corp .......................          0         
33,032      * Gentek, Inc .......................          7          
134,433        Georgia Gulf Corp .................      3,554           
1,242,897        Georgia-Pacific Corp ..............     30,550             
34,623        Gibraltar Steel Corp ..............        768          
71,880        Glatfelter ........................      1,351          
64,800,000        Global Bio-Chem Technology ........     24,300              
167,324        Granite Construction, Inc .........      4,233           
209,570        Great Lakes Chemical Corp .........      5,552           
69,612        Greif Brothers Corp (Class A) .....      2,322          
626,778        Grupo Dragados S.A. ...............     11,173           
132,897        Grupo Ferrovial S.A. ..............      3,624           
152,195        H.B. Fuller Co ....................      4,458           
1,771,677        Hanson plc ........................     12,652             
1,000      * Haseko Corp .......................          0         

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1,000      * Hazama Corp .......................          0         
382,875      * Hecla Mining Co ...................      1,796           
23,132        Heidelberger Zement AG. (Belgium) .      1,119          
9,173        Heidelberger Zement AG. (Germany) .        451         
23,132      * Heidelberger Zement AG. (Strip Vvpr)         0          
61,894        Hellenic Technodomiki S.A. .......         401          
561,106      * Hercules, Inc ....................       6,509           
26,962        Hoganas AB (B Shs) ...............         581          
112,438        Holcim Ltd (Br) ..................      25,800           
48,341        Holmen AB (B Shs) ................       1,283          
75,161      * Hovnanian Enterprises, Inc (Class A)     2,697          
399,544        Iluka Resources Ltd ..............       1,101           
569,151        IMC Global, Inc ..................       7,114           
59,335      * Imco Recycling, Inc ..............         584          
8,875        Imerys S.A. ......................       1,135         
5,231,339        Imperial Chemical Industries plc .      25,437             
821,592      * Inco Ltd .........................      18,448           
122,684      * Insituform Technologies, Inc                             
      (Class A) ......................       2,598
163,592      * Integrated Electrical Services, Inc      1,022           
2,570,386        International Paper Co ...........     112,017             
77,051        International Specialty Products, Inc      593          
37,304        Interpool, Inc ....................        644          
121,171      * Ishihara Sangyo Kaisha Ltd ........        191           
203,832      e Italcementi S.p.A. ................      2,019           
91,192      * Ivex Packaging Corp ...............      2,076          
272,504        Jacobs Engineering Group, Inc .....      9,478           
513,760      * James Hardie Industries NV ........      1,875           
84      * Japan Steel Works Ltd .............          0      
56,580      * Jarden Corp .......................      1,120          
13,194,019      * Jefferson Smurfit Group plc .......     40,394              
141,000        Jefferson Smurfit Group plc                              
     (Spon Adr) .......................      4,442
579,079        Jefferson Smurfit Group plc                              
     (United Kingdom) .................      1,761
531,000        JGC Corp ..........................      3,766           
115,255        Johnson Matthey plc ...............      1,764           
240,000        JSR Corp ..........................      2,028           
142,516     b* Kaiser Aluminum Corp ..............         14           
3,720,000      e Kajima Corp .......................     10,552             
373,000        Kaneka Corp .......................      2,599           
1,104,000      * Kawasaki Steel Corp ...............      1,437             
231,485        KB Home ...........................     11,924           
3,798,280        Kimberly-Clark Corp ...............    235,493             
69,132        Kinden Corp .......................        324          
667        Kureha Chemical Industry Co Ltd ...          2       
188,000        Kyudenko Corp .....................        712           
188,529        Lafarge North America, Inc ........      6,627           
816,181        Lafarge S.A. (Br) .................     81,412           

12  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

SEE NOTES TO FINANCIAL STATEMENTS 

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

BASIC INDUSTRIES--(CONTINUED)                                                 
262,880        L'Air Liquide S.A. ................   $ 40,449           
415,540        Leighton Holdings Ltd .............      2,424           
299,216        Lennar Corp .......................     18,312           
235,254        Lennox International, Inc .........      4,232           
146,457      e Linde AG. .........................      7,449           
1,263      * Liquidmetal Technologies ..........         15         
142,534      * Lone Star Technologies, Inc .......      3,264           
273,495      * Longview Fibre Co .................      2,576           
87,445        Lonza Group AG. (Regd) ............      6,757          
564,908      * Louisiana-Pacific Corp ............      5,982           
72,572        LSI Industries, Inc ...............      1,333          
3,067     b* LTV Corp ..........................          0         
275,593        Lubrizol Corp .....................      9,232           
78,818      * Lydall, Inc .......................      1,202          
777,322        Lyondell Chemical Co ..............     11,738           
59,195        M/I Schottenstein Homes, Inc ......      2,230          
112,191        MacDermid, Inc ....................      2,412           
231,000        Maeda Road Construction Co Ltd ....        838           
282,747        Martin Marietta Materials, Inc ....     11,027           
2,772,948        Masco Corp ........................     75,175             
404,502        Massey Energy Co ..................      5,137           
51,703      * Material Sciences Corp ............        725          
630,107        Matsushita Electric Works Ltd .....      4,521           
155,826      * Mattson Technology, Inc ...........        720           
9,735        Maui Land & Pineapple Co ..........        197         
9,430        Mayr-Melnhof Karton AG. ...........        680         
97,057        MDC Holdings, Inc .................      5,047          
1,137,407        MeadWestvaco Corp .................     38,171             
10,100      * Mestek, Inc .......................        193          
332,474        Millennium Chemicals, Inc .........      4,671           
4,085,349        MIM Holdings Ltd ..................      2,982             
106,147        Minerals Technologies, Inc ........      5,235           
2,886,818      * Mitsubishi Chemical Corp ..........      6,720             
443,540      * Mitsubishi Gas Chemical Co, Inc ...        807           
1,029,785        Mitsubishi Materials Corp .........      2,045             
445,000      * Mitsubishi Paper Mills Ltd ........        657           
1,087,400        Mitsui Chemicals, Inc .............      5,434             
1,714,000        Mitsui Mining & Smelting Co Ltd ...      5,105             
68,750      * Mobile Mini, Inc ..................      1,176          
43,816      * Modtech Holdings, Inc .............        552          
360,267        Monsanto Co .......................      6,413           
159,239      * Mueller Industries, Inc ...........      5,056           
13,468      * Nanophase Technologies Corp .......         79          
7,438,416        National Aluminium Co Ltd .........     14,767             
468,450        NatSteel Ltd ......................        453           
86,965      * NCI Building Systems, Inc .........      1,548          
1,136      * New World Infrastucture Ltd .......          0         
1,153,258        Newcrest Mining Ltd ...............      4,908             
3,124,820        Newmont Mining Holding Corp .......      8,421             
2,287,446        Newmont Mining Holding Corp (U.S.)      60,228             
82,000        Nippon Hodo Co Ltd ................        332          
368,000        Nippon Kayaku Co Ltd ..............      1,458           
2,000        Nippon Light Metal Co Ltd .........          2         
490,000        Nippon Sanso Corp .................      1,688           
86,562        Nippon Shokubai Co Ltd ............        435          
36,191,793      * Nippon Steel Corp .................     56,465              
978        Nippon Unipac Holding .............      6,054       
457,316      e Nishimatsu Construction Co Ltd ....      1,423           
377,000        Nissan Chemical Industries Ltd ....      2,180           
7,703,790      * NKK Corp ..........................      7,456             
57,674        NL Industries, Inc ................        880          
182        NOF Corp ..........................          0       
651,847        Noranda, Inc ......................      8,208           
265,634        Norske Skogindustrier ASA .........      4,956           
47,171      * Nortek, Inc .......................      2,127          
28,341      * Northwest Pipe Co .................        663          
62,431        Nova Chemicals Corp ...............      1,384          
485,015        Novar plc .........................      1,031           
1,692        Novozymes A/S (B Shs) .............         38         
88,665      * NS Group, Inc .....................        847          
411,756        Nucor Corp ........................     26,781           
32,567      * NVR, Inc ..........................     10,519          
659,842        Obayashi Corp .....................      1,872           
49,111      * Octel Corp ........................      1,245          
8,033      * Oglebay Norton Co .................        103         
2,495,412        OJI Paper Co Ltd ..................     14,261             
501,000        Okumura Corp ......................      1,572           
197,272        Olin Corp .........................      4,370           
150,696        OM Group, Inc .....................      9,343           
206,016      * Omnova Solutions, Inc .............      1,731           
1,031,694        OneSteel Ltd ......................        759             
137,422      * Oregon Steel Mills, Inc ...........        825           
417,027        Orica Ltd .........................      2,241           
52,031      * Osmonics, Inc .....................        827          
115,697        Outokumpu Oyj .....................      1,394           
775,256      * Owens-Illinois, Inc ...............     10,652           

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298,275      * Packaging Corp Of America .........      5,933           
917,102      * Pactiv Corp .......................     21,827           
83,547      * Palm Harbor Homes, Inc ............      1,659          
698,446        Paperlinx Ltd .....................      1,902           
85,312        Patrick Corp Ltd ..................        785          
81,482        Peabody Energy Corp ...............      2,306          
99,010        Pechiney S.A. (A Shs) .............      4,522          
38,046        Penford Corp ......................        689          
64,610        Penn Engineering & Manufacturing                        
      Corp ............................      1,126
39,769        Penn Virginia Corp ................      1,550          
67,904      * Penwest Pharmaceuticals Co ........      1,324          
53,794      * Perini Corp .......................        215          
446,695      * Phelps Dodge Corp .................     18,404           
2,017,049        Pilkington plc ....................      2,852             
737,886        Placer Dome, Inc ..................      8,248           
898,993        Plum Creek Timber Co, Inc .........     27,599           
415,728        PolyOne Corp ......................      4,677           
75,947        Pope & Talbot, Inc ................      1,422          
85,730        Posco .............................      9,514          
234,859        Potash Corp Of Saskatchewan .......     15,674           
52,700        Potash Corp Of Saskatchewan,                            
      Inc (U.S) .......................      3,515
150,556        Potlatch Corp .....................      5,122           
958,083        PPG Industries, Inc ...............     59,305           
923,847        Praxair, Inc ......................     52,632           
268,327        Pulte Homes, Inc ..................     15,423           
38,581        Quaker Chemical Corp ..............        945          
73,296        Quanex Corp .......................      3,203          
37,584        Rautaruukki Oyj ...................        176          
142,240        Rayonier, Inc .....................      6,988           
124,651        Reliance Steel & Aluminum Co ......      3,802           
395,760        Rexam plc .........................      2,564           
1,056,939        Rio Tinto Ltd .....................     19,890             
5,736,930        Rio Tinto plc .....................    105,200             
219,472        RMC Group plc .....................      2,196           
61,271        Roanoke Electric Steel Corp .......        946          
65,903        Rock-Tenn Co (Class A) ............      1,209          
1,587,239        Rohm & Haas Co ....................     64,267             
65,964        Royal Gold, Inc ...................        901          
197,627      * Royal Group Technologies Ltd ......      4,091           
582,522        RPM, Inc ..........................      8,883           
112,642      * RTI International Metals, Inc .....      1,369           
119,988        Ryerson Tull, Inc .................      1,395           
136,482        Ryland Group, Inc .................      6,790           

SEE NOTES TO FINANCIAL STATEMENTS 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 13

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

BASIC INDUSTRIES--(CONTINUED)                                                 
205,000        Sanki Engineering Co Ltd ..........      $ 983           
23,540        Sapa AB ...........................        448          
20,094        Schnitzer Steel Industries, Inc                         
     (Class A) ........................        448
159,218        Schulman (A.), Inc ................      3,415           
41,085      * Sciclone Pharmaceuticals, Inc .....         82          
410,923      * Sealed Air Corp ...................     16,548           
794,456        Sekisui Chemical Co Ltd ...........      2,718           
980,234        Sekisui House Ltd .................      7,205           
655,000        SembCorp Marine Ltd ...............        404           
226,308      * Shaw Group, Inc ...................      6,948           
744,122        Sherwin-Williams Co ...............     22,272           
1,940,057        Shimizu Corp ......................      6,394             
3,094,016        Shin-Etsu Chemical Co Ltd .........    132,940             
300,000      * Showa Denko KK ....................        488           
392,757        Sigma-Aldrich Corp ................     19,697           
53,532      * Silgan Holdings, Inc ..............      2,165          
38,772      * Simpson Manufacturing Co, Inc .....      2,215          
648,162        Skanska AB (B Shs) ................      4,478           
33,392        Skyline Corp ......................      1,102          
939,141      * Smurfit-Stone Container Corp ......     14,482           
334,411        Snap-On, Inc ......................      9,929           
584,272        Solutia, Inc ......................      4,102           
107,912        Solvay S.A. .......................      7,769           
547,316        Sonoco Products Co ................     15,500           
64,090        Sons Of Gwalia Ltd ................        218          
78,491        Southern Peru Copper Corp .........      1,177          
73,554        Spartech Corp .....................      2,003          
167,078        Standard-Pacific Corp .............      5,861           
502,131        Stanley Works .....................     20,593           
34,000        Starrett (L.S.) Co (Class B) ......        859          
133,828      * Steel Dynamics, Inc ...............      2,204           
750,284      * Stillwater Mining Co ..............     12,215           
10,653     b* Stone & Webster, Inc ..............          5          
718,157        Stora Enso Oyj (R Shs) ............     10,064           
331,000      e Sumitomo Bakelite Co Ltd ..........      2,400           
3,229,140        Sumitomo Chemical Co Ltd ..........     14,683             
429,000        Sumitomo Forestry Co Ltd ..........      2,513           
2,087,498      * Sumitomo Metal Industries Ltd .....        923             
624,067        Sumitomo Metal Mining Co Ltd ......      2,822           
239        Sunshine Mining & Refining ........          0       
2,903,339        Svenska Cellulosa AB (B Shs) ......    103,301             
54,965        Svenskt Stal AB (SSAB) Series A ...        715          
25,012        Svenskt Stal AB (SSAB) Series B ...        312          
3,258        Syngenta AG. ......................        196         
900,363      * Taiheiyo Cement Corp ..............      1,675           
425,801        Taisei Corp .......................        981           
919,281        Taylor Woodrow plc ................      2,522           
190,826        Technical Olympic S.A. ............        837           
13,775        Technical Olympic USA, Inc ........        219          
743,471        Teck Cominco Ltd (Class B) ........      6,721           
275,367        Temple-Inland, Inc ................     15,933           
529,000        Tenma Corp ........................      5,994           
171,583      * Terra Industries, Inc .............        357           
115,066        Texas Industries, Inc .............      3,623           
1,167,529        ThyssenKrupp AG. ..................     17,872             
17,297        Titan Cement Co S.A. ..............        678          
36,275     e* Titanium Metals Corp ..............        127          
86,000        Toda Corp .........................        187          
271,400        Tokyo Ohka Kogyo Co Ltd ...........      4,055           
231,524      * Toll Brothers, Inc ................      6,784           
555,000        Tosoh Corp ........................      1,783           
285,778        Tostem Inax Holding Corp ..........      4,876           
471,700        Toto Ltd ..........................      2,204           
461,400        Toyo Seikan Kaisha Ltd ............      6,067           
1,268,009        Transurban Group ..................      2,990             
104,869        Tredegar Corp .....................      2,533           
78,685        Trelleborg AB (B Shs) .............        775          
5,933        Tremont Corp ......................        177         
31,052     e* Trex Co, Inc ......................        975          
88,800      * U.S. Concrete, Inc ................        583          
1,539,000        Ube Industries Ltd ................      2,401             
22,401      e Umicore ...........................        967          
536,100        United States Steel Corp ..........     10,663           
61,235        Universal Forest Products, Inc ....      1,434          
586,456      e UPM-Kymmene Oyj ...................     23,086           
22,616        Uponor Oyj ........................        469          
70,323        URS Corp ..........................      1,969          
441,904        USEC, Inc .........................      3,889           
192,888     b* USG Corp ..........................      1,379           
359,773        Valspar Corp ......................     16,240           
126,949      e Vinci S.A. ........................      8,607           
76,646        Viohalco S.A. .....................        548          
21,258        Voest-Alpine AG. ..................        695          
546,741        Vulcan Materials Co ...............     23,947           
17,039      * Washington Group International,                         
      Inc Wts 03/11/03 ................          0
52,391      * Water Pik Technologies, Inc .......        656          

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93,572        Watsco, Inc .......................      1,708          
237,820        Wausau-Mosinee Paper Corp .........      2,866           
2,525      * WCI Communities, Inc ..............         73         
80,881        WD-40 Co ..........................      2,245          
165,098        Wellman, Inc ......................      2,766           
59,650        West Pharmaceutical Services, Inc .      1,914          
2,512,275        Weyerhaeuser Co ...................    160,409             
16,665        Wienerberger AG. ..................        292          
24,180      * William Lyon Homes, Inc ...........        630          
760,641        Wimpey (George) plc ...............      3,107           
3,405,132        WMC Ltd ...........................     17,377             
1,552,639        Wolseley plc ......................     15,739             
17,253      * Wolverine Tube, Inc ...............        130          
366,114        Worthington Industries, Inc .......      6,627           
220,493      * WR Grace & Co .....................        661           
204,330        York International Corp ...........      6,904           
1,000        YT Realty Group Ltd ...............          0         
                                         ---------
    TOTAL BASIC INDUSTRIES ............  4,382,523
                                         ---------
CONSUMER CYCLICAL--11.28%                                                     
38,166     e* 1-800 Contacts, Inc ...............        515          
189,065      * 99 Cents Only Stores ..............      4,850           
76,007        Aaron Rents, Inc ..................      1,820          
672,268      * Abercrombie & Fitch Co (Class A) ..     16,215           
341,470     e* Acclaim Entertainment, Inc ........      1,205           
643      * Acclaim Entertainment, Inc                           
      Wts 03/16/04 ....................          0
1,087,170        Accor S.A. ........................     44,096             
45,712      * Acme Communication, Inc ...........        336          
84,668      * Action Performance Cos, Inc .......      2,676          
13,700      * Actv, Inc .........................         16          
467,363     b* Adelphia Communications Corp                             
     (Class A) ........................         75
75,056      * Advance Auto Parts ................      4,091          
71,033        Advanced Marketing Services, Inc ..      1,300          
258,598        Aeon Co Ltd .......................      6,904           
2,555      * Aeropostale, Inc ..................         70         
147,755      * AFC Enterprises, Inc ..............      4,617           
39,964      * Aftermarket Technology Corp .......        767          
9,900      * Alexander's, Inc ..................        760         
221,074      * Alliance Gaming Corp ..............      2,702           
130,381        AMC Entertainment, Inc ............      1,851           
63,046      * Amerco ............................        932          
138,432      * American Axle & Manufacturing                            
      Holdings, Inc ...................      4,117
269,318      * American Eagle Outfitters, Inc ....      5,693           

14  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

CONSUMER CYCLICAL--(CONTINUED)                                                
346,160      * American Greetings Corp (Class A) .    $ 5,767           
52,611      * Ameristar Casinos, Inc ............      1,529          
43,933        Angelica Corp .....................        756          
201,077      * Anntaylor Stores Corp .............      5,105           
30,332,828        AOL Time Warner, Inc ..............    446,196              
248,594        Aoyama Trading Co Ltd .............      2,781           
147,559        Apogee Enterprises, Inc ...........      2,119           
790,843      * Apollo Group, Inc (Class A) .......     31,175           
76,446      * Apollo Group, Inc                                       
     (University Of Phoenix Online) ...      2,264
372,748        Applebee's International, Inc .....      8,555           
89,074        Arctic Cat, Inc ...................      1,549          
6,657        Arden Group, Inc (Class A) ........        399         
120,972      * Argosy Gaming Co ..................      3,436           
344,005        Aristocrat Leisure Ltd ............      1,045           
136,118        Arnoldo Mondadori Editore S.p.A. ..        902           
345,052        Arvinmeritor, Inc .................      8,281           
63,700      e Asatsu-DK, Inc ....................      1,387          
41,900        Autobacs Seven Co Ltd .............      1,185          
929,720     e* Autogrill S.p.A. ..................     10,807           
5,494,946      a Autoliv, Inc ......................    138,473             
1,250,000        Autoliv, Inc SDR ..................     30,466             
18,000        Avex, Inc .........................        421          
185,761      * Aztar Corp ........................      3,864           
153,843     e* Bally Total Fitness Holding Corp ..      2,878           
5,511        Bandag, Inc .......................        156         
64,100        Bandag, Inc (Class A) .............      1,631          
71,387        Barnes Group, Inc .................      1,635          
50,001        Bassett Furniture Industries, Inc .        975          
297,125        BBA Group plc .....................      1,248           
45,925      * Beasley Broadcast Group, Inc                            
     (Class A) ........................        677
20,372      * Bebe Stores, Inc ..................        413          
2,068,908      * Bed Bath & Beyond, Inc ............     78,081             
22,176        Bekaert S.A. ......................      1,050          
103,162        Belo Corp (Class A) ...............      2,332           
351,800      f Belo Corp (Class B) ...............      7,954           
200,240        Benetton Group S.p.A. .............      2,341           
630,908        Big Lots, Inc .....................     12,416           
40,062        Blair Corp ........................      1,025          
170,144        Blockbuster, Inc (Class A) ........      4,577           
187,531        Bob Evans Farms, Inc ..............      5,903           
156,637      * Boca Resorts, Inc (Class A) .......      2,075           
140,838        BorgWarner, Inc ...................      8,135           
177,586        Bowne & Co, Inc ...................      2,618           
162,140      * Boyd Gaming Corp ..................      2,335           
118,274      * Boyds Collection Ltd ..............        744           
611,631      e Bridgestone Corp ..................      8,420           
779,195      * Brinker International, Inc ........     24,739           
4,445,358      * British Sky Broadcasting Group plc      42,621             
41,643      * Brookstone, Inc ...................        739          
88,857        Brown Shoe Co, Inc ................      2,497          
507,764        Brunswick Corp ....................     14,217           
62,342      * Buca, Inc .........................      1,188          
37,926      * Buckle, Inc .......................        935          
79,078        Bulgari S.p.A. ....................        499          
96,718        Burlington Coat Factory                                 
      Warehouse Corp ..................      2,055
47,048        Bush Industries, Inc (Class A) ....        565          
412,114     e* Cablevision Systems Corp (Class A)       3,899           
252,663      * Cablevision Systems Corp                                 
     (Rainbow Media Group)(Class A) ...      2,211
372      * Cache, Inc ........................          5       
75,582      * California Pizza Kitchen, Inc .....      1,874          
456,036        Callaway Golf Co ..................      7,224           
472,456      * Canadian Tire Corp (Class A) ......      9,695           
89,003        Canal Plus ........................        318          
56,900      e Capcom Co Ltd .....................      1,472          
337,645        Carlton Communications plc ........      1,081           
8,577      * Carmike Cinemas, Inc ..............        216         
47,435      * Cascade Corp ......................        735          
126,421      e Castorama-Dubois Investissements ..      8,115           
359,640      * Catalina Marketing Corp ...........     10,149           
74,812        Cato Corp (Class A) ...............      1,668          
291,818      e CBRL Group, Inc ...................      8,906           
150,216      * CEC Entertainment, Inc ............      6,204           
73,204      * Central Garden & Pet Co ...........      1,283          
67,271      * Championship Auto Racing Teams, Inc        663          
40,803      * Champps Entertainment, Inc ........        498          
91,871      * Charlotte Russe Holding, Inc ......      2,051          
558,235      * Charming Shoppes, Inc .............      4,823           
3,945,644      * Charter Communications, Inc                                
     (Class A) ........................     16,098
36,701      * Checkers Drive-In Restaurant ......        436          
23,164      * Cherokee, Inc .....................        481          
51,699      * Chicago Pizza & Brewery, Inc ......        516          
190,099      * Chico's FAS, Inc ..................      6,904           
55,299     e* Children's Place Retail Stores, Inc      1,465          
150,496      * Choice Hotels International, Inc ..      3,011           

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116,473      * Christopher & Banks Corp ..........      4,927           
26,150        Churchill Downs, Inc ..............      1,055          
259,210      * CKE Restaurants, Inc ..............      2,950           
148,237        Claire's Stores, Inc ..............      3,395           
108,618        Claire's Stores, Inc (Class A) ....      2,487           
5,017,496        Clear Channel Communications, Inc .    160,660             
5,245     e* Club Mediterranee S.A. ............        174         
80,133        Coachmen Industries, Inc ..........      1,162          
20,225      * Coldwater Creek, Inc ..............        493          
47,365        Cole National Corp ................        900          
2,487,833        Coles Myer Ltd ....................      9,260             
58,706      * Columbia Sportswear Co ............      1,879          
687,100     e* Comcast Corp (Class A) ............     16,628           
8,488,055      * Comcast Corp (Class A) Special ....    202,355             
5,260,265        Compass Group plc .................     31,913             
246,856      * Continental AG. ...................      4,364           
336,126        Cooper Tire & Rubber Co ...........      6,907           
326,737      * Copart, Inc .......................      5,303           
1,013,174      * Cox Communications, Inc (Class A) .     27,913             
288,713      * Cox Radio, Inc (Class A) ..........      6,958           
36,881        CPI Corp ..........................        719          
40,496      * Cross Media Marketing Corp ........        381          
128,994      * Crown Media Holdings, Inc (Class A)      1,018           
23,338      * CSS Industries, Inc ...............        828          
30,785      * Culp, Inc .........................        496          
186,752      * Cumulus Media, Inc (Class A) ......      2,573           
134,000        Cycle & Carriage Ltd ..............        359           
169,643        Daily Mail & General Trust plc ....      1,621           
265,315        Daimaru, Inc ......................      1,220           
1,031,947      e DaimlerChrysler AG. (Regd) ........     49,938             
100,588     e* DaimlerChrysler AG. (U.S.) ........      4,851           
833,729        Dana Corp .........................     15,449           
981,499        Darden Restaurants, Inc ...........     24,243           
54,604      * Dave & Buster's, Inc ..............        663          
1,059,207        David Jones Ltd ...................        630             
3,148,067        Delphi Corp .......................     41,554             
445,587        Denso Corp ........................      6,963           
851        Dentsu, Inc .......................      4,693       
13,000,000        Denway Motors Ltd .................      3,667              
56,999      * Department 56, Inc ................        928          
65,274      * DHB Industries, Inc ...............        264          
312      * Dick Clark Productions, Inc .......          4       
4,366        D'ieteren S.A. ....................        788         
10,600      * Digital Generation Systems, Inc ...         12          

SEE NOTES TO FINANCIAL STATEMENTS 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 15

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SHARES                                               VALUE (000)          
------                                               -----------          

CONSUMER CYCLICAL--(CONTINUED)                                                
359,445        Dillard's, Inc (Class A) ............  $ 9,450           
2,306,692        Dixons Group plc ....................    6,725             
1,503,889        Dollar General Corp .................   28,619             
122,717      * Dollar Thrifty Automotive Group, Inc     3,178           
728,006      * Dollar Tree Stores, Inc .............   28,691           
208,293        Donaldson Co, Inc ...................    7,299           
11,969        Douglas Holding AG. .................      281          
67,637        Dover Downs Gaming &                                    
      Entertaintment, Inc ...............      866
87,691        Dover Motorsport, Inc ...............      500          
144,180        Dow Jones & Co, Inc .................    6,986           
206,300      f Dow Jones & Co, Inc (Class B) .......    9,995           
143,711      * Dress Barn, Inc .....................    2,223           
71,300      * Dura Automotive Systems, Inc ........    1,479          
1,632,663        Eastman Kodak Co ....................   47,625             
4,184     b* Edison Brothers Stores, Inc                            
      Wts 12/10/05 ......................        0
48,074     e* Elizabeth Arden, Inc ................      841          
2,655,020        EMI Group plc .......................   10,077             
171,808      * Emmis Communications Corp (Class A) .    3,641           
282,473        Eniro AB ............................    2,167           
196,776      * Entercom Communications Corp ........    9,032           
224,134      * Entravision Communications Corp                          
     (Class A) ..........................    2,746
207,466        Equity Inns, Inc ....................    1,670           
18,063        Escalade, Inc .......................      413          
845,571        Esprit Holdings Ltd .................    1,621           
58,879      * EUniverse, Inc ......................      362          
10,008,000     e* Eurotunnel S.A. Esa (Units) .........    8,797              
135,264     b* Exide Technologies ..................       92           
346,126      * Extended Stay America, Inc ..........    5,614           
107,442        Factset Research Systems, Inc .......    3,199           
116,256        Fairmont Hotels & Resorts, Inc ......    2,981           
1,103,439        Family Dollar Stores, Inc ...........   38,896             
100,900        FamilyMart Co Ltd ...................    2,441           
86,970        Fast Retailing Co Ltd ...............    1,887          
38,588        Fedders Corp ........................       98          
377,842     b* Federal-Mogul Corp ..................      266           
1,003,624      * Federated Department Stores, Inc ....   39,844             
224,186      e Fiat S.p.A. .........................    2,814           
28,786        Fiat S.p.A. (RNC) ...................      240          
91,847      * Finish Line, Inc (Class A) ..........    1,646          
325,600        First Capital Corp Ltd ..............      179           
117,235        Fisher & Paykel Appliances                               
      Holdings Ltd ......................      524
121,113        Fisher & Paykel Healthcare Corp .....      485           
21,164      * Fisher Communications, Inc ..........    1,243          
41,054        Florida East Coast Industries, Inc                      
     (Class B) ..........................      977
812,599      * Foot Locker, Inc ....................   11,742           
108,664      * Footstar, Inc .......................    2,659           
9,382,992        Ford Motor Co .......................  150,128             
132,399        Forest City Enterprises, Inc                             
     (Class A) ..........................    4,601
106,606      * Fossil, Inc .........................    2,192           
30,600        Four Seasons Hotels, Inc ............    1,429          
895,878      * Fox Entertainment Group, Inc                             
     (Class A) ..........................   19,485
112,277        Fred's, Inc .........................    4,130           
85,804        Friedman's, Inc (Class A) ...........    1,115          
1,500        Frisch's Restaurants, Inc ...........       30         
50        Fuji Denki Reiki Co Ltd .............        0      
2,788,380        Fuji Photo Film Co Ltd ..............   90,031             
271        Fuji Television Network, Inc ........    1,567       
109,988        G & K Services, Inc (Class A) .......    3,766           
1,408,577        Gannett Co, Inc .....................  106,911             
3,148,600        Gap, Inc ............................   44,710             
17,160        Garan, Inc ..........................      993          
113,818      * Gaylord Entertainment Co ............    2,510           
1,151,339      * Gemstar-TV Guide International, Inc .    6,206             
170,701        Gencorp, Inc ........................    2,441           
3,733,874        General Motors Corp .................  199,576             
121,430      * Genesco, Inc ........................    2,957           
66,569     e* Genesisintermedia, Inc ..............        2          
395,392      * Gentex Corp .........................   10,861           
908,252        Genuine Parts Co ....................   31,671           
1,402,000        Giordano International Ltd ..........      863             
771,214        GKN plc .............................    3,618           
82      * Golden Books Family Entertainment,                  
      Inc Wts 01/27/02 ..................        0
710,953        Goodyear Tire & Rubber Co ...........   13,302           
79,370        Goodys Family Clothing, Inc .........      915          
246,763        Graco, Inc ..........................    6,204           
3,970,432        Granada plc .........................    6,748             
42,820        Gray Communications Systems, Inc ....      775          
3,575        Grey Global Group, Inc ..............    2,467         
96,920      * Group 1 Automotive, Inc .............    3,697          
760,091      e Groupe Bruxelles Lambert S.A. .......   39,710           
36,000        Grupo Prisa S.A. ....................      303          

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411,223      e Gruppo Editoriale L'Espresso S.p.A. .    1,344           
99,886     e* GSI Commerce, Inc ...................      744          
39,268      * Guess?, Inc .........................      283          
95,449      * Guitar Center, Inc ..................    1,771          
29,087      * Gulfmark Offshore, Inc ..............    1,204          
577,662        Gunze Ltd ...........................    2,458           
2,569,069        GUS plc .............................   23,594             
158,232      * Gymboree Corp .......................    2,535           
80,868        Hancock Fabrics, Inc ................    1,503          
127,778      * Handleman Co ........................    1,853           
2,503,000        Hankyu Department Stores, Inc .......   19,045             
1,619,964        Harley-Davidson, Inc ................   83,056             
171,761        Harman International Industries, Inc     8,459           
661,483        Harrah's Entertainment, Inc .........   29,337           
182,016      * Harris Interactive, Inc .............      613           
327,387        Harte-Hanks, Inc ....................    6,728           
719,086        Harvey Norman Holdings Ltd ..........    1,235           
88,108        Haverty Furniture Cos, Inc ..........    1,740          
99,956     b* Hayes Lemmerz International, Inc ....       17          
89,740      * Hearst-Argyle Television, Inc .......    2,024          
22,827        Hellenic Duty Free Shops S.A. .......      166          
1,813,393      e Hennes & Mauritz AB (B Shs) .........   36,305             
4,565,000        Hero Honda Motors Ltd ...............   28,954             
26,520      * Hibbett Sporting Goods, Inc .........      674          
6,879,587        Hilton Group plc ....................   23,936             
1,839,986        Hilton Hotels Corp ..................   25,576             
492,583      * Hispanic Broadcasting Corp ..........   12,856           
232,258        Hollinger International, Inc ........    2,787           
50,375      * Hollywood Casino Corp (Class A) .....      544          
279,236      * Hollywood Entertainment Corp ........    5,775           
1,826,924        Honda Motor Co Ltd ..................   74,077             
416,000        Hong Kong & Shanghai Hotels Ltd .....      193           
161,191      * Hot Topic, Inc ......................    4,305           
455,474        Hudson's Bay Co .....................    4,064           
244,600        Hyundai Motor Co Ltd ................    7,351           
69,720        iDine Rewards Network, Inc ..........      802          
96,908      * IHOP Corp ...........................    2,854          
43,320     e* IMPCO Technologies, Inc .............      567          
667,881        Independent News & Media plc ........    1,319           
278,400        Independent Newspapers Ltd ..........      507           
322,094      * Inditex S.A. ........................    6,801           
88,841      * Information Holdings, Inc ...........    2,168          
214,927      * Insight Communications Co, Inc ......    2,521           
187,829        Interactive Data Corp ...............    2,735           
109,455        Intermet Corp .......................    1,176           
606,299      * International Game Technology .......   34,377           
154,534        International Speedway Corp                              
     (Class A) ..........................    6,197
2,016,642        Interpublic Group Of Cos, Inc .......   49,932             

16 College Retirement Equities Fund  2002 SEMIANNUAL REPORT                     

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investments - Stock Account - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

Shares                                               VALUE (000)          
------                                               -----------          

CONSUMER CYCLICAL--(CONTINUED)                                                
131,710      * Intertan, Inc .....................    $ 1,469           
32,686        Intrawest Corp ....................        546          
326,921        Isetan Co Ltd .....................      3,300           
107,840      * Isle Of Capri Casinos, Inc ........      2,184           
583,782        Ito-Yokado Co Ltd .................     29,223           
1,497,366        J.C. Penney Co, Inc ...............     32,972             
195,960      * Jack In The Box, Inc ..............      6,232           
108,171      * Jakks Pacific, Inc ................      1,916           
69,173      * Jo-Ann Stores, Inc (Class A) ......      2,020          
3,330,229        John Fairfax Holdings Ltd .........      6,188             
468,803        Johnson Controls, Inc .............     38,259           
18,621      * Johnson Outdoors, Inc (Class A) ...        313          
982,064      * Jones Apparel Group, Inc ..........     36,827           
144,277      * Journal Register Co ...............      2,900           
95,911      * K2, Inc ...........................        983          
703,215      * Kanebo Ltd ........................      1,197           
147,553      e KarstadtQuelle AG. ................      3,833           
125,899        Kellwood Co .......................      4,092           
39,145      * Kenneth Cole Productions, Inc                           
     (Class A) ........................      1,110
82,262      e Kesko Oyj (B Shs) .................        934          
151,687     e* Key3Media Group, Inc ..............         70           
52,170      * Keystone Automotive Industries, Inc      1,004          
184,534        Kimball International, Inc (Class B)     3,025           
794,304        Kingfisher plc ....................      3,829           
2,816,651   b,e* Kmart Corp ........................      2,901             
101,424      * Kirby Corp ........................      2,480           
563,800        Knight Ridder, Inc ................     35,491           
2,579,916      * Kohl's Corp .......................    180,801             
197,872        Konami Corp .......................      4,152           
182,729        Koninklijke Vendex KBB NV .........      2,274           
220,479     e* Krispy Kreme Doughnuts, Inc .......      7,097           
112,762      * Kroll, Inc ........................      2,366           
69,781        K-Swiss, Inc (Class A) ............      1,813          
1,484      * Kuoni Reisen Holding (Regd) .......        419         
625,000        Kuraray Co Ltd ....................      4,093           
215,373        Lagardere S.C.A. ..................      9,325           
408,635      * Lamar Advertising Co ..............     15,205           
118,790        Landry's Restaurants, Inc .........      3,030           
68,793        LaSalle Hotel Properties ..........      1,083          
264,200        Lawson, Inc .......................      8,090           
255,141        La-Z-Boy, Inc .....................      6,435           
484,504      * Lear Corp .........................     22,408           
217,835        Lee Enterprises, Inc ..............      7,624           
14,400      f Lee Enterprises, Inc (Class B) ....        504          
1,124,951        Leggett & Platt, Inc ..............     26,324             
82,010        Libbey, Inc .......................      2,797          
24,176      * Liberty Livewire Corp (Class A) ...         71          
22,946,405      * Liberty Media Corp (Class A) ......    229,464              
61,417      * Liberty Satellite & Technology, Inc                     
     (Class A) ........................        138
2,503,599        Limited, Inc ......................     53,327             
165,020      * Lin TV Corp (Class A) .............      4,462           
188,690      * Linens `n Things, Inc .............      6,191           
564,465        Liz Claiborne, Inc ................     17,950           
50,123      * Lodgenet Entertainment Corp .......        722          
94,634        Lone Star Steakhouse & Saloon, Inc       2,232          
127,951      * Luby's, Inc .......................        842           
207,178      e LVMH Moet Hennessy Louis Vuitton S.A.   10,435           
700      * Lynch Interactive Corp ............         21       
209,656      e MAN AG. ...........................      4,406           
333,977     e* Mandalay Resort Group .............      9,208           
99,421        Marcus Corp .......................      1,655          
32,162        Marine Products Corp ..............        375          
4,550,766        Marks & Spencer Group plc .........     25,857             
1,167,210        Marriott International, Inc (Class A)   44,412             
47,554     e* Martha Stewart Living Omnimedia, Inc                    
    (Class A) .........................        545
135,000        Marui Co Ltd ......................      1,711           
6,468      * Marvel Enterprises, Inc (Class C)                      
     Wts 10/02/02 .....................          0
219,500      * Mascotech, Inc Escrow .............          0           
3,216,643      e Matsushita Electric Industrial Co                          
      Ltd .............................     43,878
603,350        Matsushita Electric Industrial Co Ltd                    
      (Spon ADR) ......................      8,344
68,512      * Maxwell Shoe Co, Inc (Class A) ....      1,086          
3,691,155        May Department Stores Co ..........    121,550             
458,408        Maytag Corp .......................     19,551           
111,696        Mcclatchy Co (Class A) ............      7,176           
11,265,192        McDonald's Corp ...................    320,495              
1,049,263        McGraw-Hill Cos, Inc ..............     62,641             
64,804        Media General, Inc (Class A) ......      3,888          
170,202      * Mediacom Communications Corp ......      1,326           
764,072      e Mediaset S.p.A. ...................      5,916           
42,725     e* Medis Technologies Ltd ............        338          
171,288      * Men's Wearhouse, Inc ..............      4,368           
17,500        Meredith Corp .....................        671          

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200,900        Meredith Corp (Class B) ...........      7,705           
98,023      * Metro One Telecommunications, Inc .      1,368          
217,252      * Metro-Goldwyn-Mayer, Inc ..........      2,542           
391,506        MGM Mirage ........................     13,213           
346,763      * Michaels Stores, Inc ..............     13,524           
492,153        Michelin (C.G.D.E.) (B Shs) .......     19,943           
96,498      * Micros Systems, Inc ...............      2,674          
51,291        Midas, Inc ........................        636          
172,773      * Midway Games, Inc .................      1,469           
64,538     e* Millennium Cell, Inc ..............        200          
1,021      * Millicom International Cellular S.A.         2         
78,558      * Modern Times Group AB (B Shs) .....      1,043          
146,841        Modine Manufacturing Co ...........      3,609           
289,531      * Mohawk Industries, Inc ............     17,815           
120,371      * Monaco Coach Corp .................      2,564           
636      * Monarch Casino & Resort, Inc ......          9       
26,834      * Monro Mufflre Brake, Inc ..........        610          
11,966      * Morgan Group Holding Co ...........          6          
1,529      * Mossimo, Inc ......................         14         
9,979      * Mothers Work, Inc .................        392         
92,544      * Movie Gallery, Inc ................      1,955          
202,594        MSC Industrial Direct Co (Class A)       3,951           
98,826      * MTR Gaming Group, Inc .............      1,650          
52,841      * Multimedia Games, Inc .............      1,152          
800      * Mycal Corp ........................          0       
93,212        Myers Industries, Inc .............      1,598          
197,172        MyTravel Group plc ................        462           
111,004        Namco Ltd .........................      2,116           
40,225     e* National Golf Properties, Inc .....        344          
25,661        National Presto Industries, Inc ...        821          
136,756      * Nautica Enterprises, Inc ..........      1,776           
167,300     e* Nautilus Group, Inc ...............      5,119           
174,738      * Neiman Marcus Group, Inc (Class A)       6,063           
17,081      * Neiman Marcus Group, Inc (Class B)         551          
36,646      * Netratings, Inc ...................        335          
800,588        New York Times Co (Class A) .......     41,230           
4,367,222        News Corp Ltd .....................     23,733             
56        News Corp Ltd (Spon ADR) ..........          1      
610,050        Next plc ..........................      8,667           
51,000        NH Hoteles S.A. ...................        640          
425,537        Nike, Inc (Class B) ...............     22,830           
410,133        Nintendo Co Ltd ...................     60,121           
112,300        Nippon Television Network Corp ....     25,054           
52,674,668        Nissan Motor Co Ltd ...............    364,760              
915,417        Nordstrom, Inc ....................     20,734           
142,511      * Oakley, Inc .......................      2,480           
85,139      * O'Charley's, Inc ..................      2,154          

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 17

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

CONSUMER CYCLICAL--(CONTINUED)                                                
1,891,809        Omnicom Group, Inc ................   $ 86,645             
14,514      * On Command Corp ...................         25          
157,081        Onward Kashiyama Co Ltd ...........      1,541           
195,007      * O'Reilly Automotive, Inc ..........      5,374           
39,434        Oriental Land Co Ltd ..............      2,820          
54,407        Oshkosh B'gosh, Inc (Class A) .....      2,366          
90,771        Oshkosh Truck Corp ................      5,365          
379,445      * Outback Steakhouse, Inc ...........     13,319           
112,700        Overseas Union Enterprises Ltd ....        456           
28,862        Oxford Industries, Inc ............        808          
1,670,346        P & O Princess Cruises plc ........     10,566             
98,207      * P.F. Chang's China Bistro, Inc ....      3,086          
147,947      * Pacific Sunwear Of California, Inc       3,280           
112,976      * Panera Bread Co (Class A) .........      3,894           
72,171      * Papa John's International, Inc ....      2,410          
353,600        Paris Miki, Inc ...................      7,464           
1,587,161      * Park Place Entertainment Corp .....     16,268             
140,000      e Park24 Co Ltd .....................      2,394           
46,606     e* Parkervision, Inc .................        894          
124,262      * Payless Shoesource, Inc ...........      7,164           
4,168,948        Pearson plc .......................     41,465             
120,289      * Penn National Gaming, Inc .........      2,183           
121,281     e* Penton Media, Inc .................        261           
335,314      * Performance Food Group Co .........     11,354           
486,550        Peugeot Citroen S.A. ..............     25,251           
118,975        Phillips-Van Heusen Corp ..........      1,856           
495,628        Pier 1 Imports, Inc ...............     10,408           
84,284      e Pinault-Printemps-Redoute S.A. ....      9,997          
105,046      * Pinnacle Entertainment, Inc .......      1,117           
299,860      * Pinnacle Systems, Inc .............      3,295           
222,091        Pioneer Corp ......................      3,975           
88,417      * Pixar, Inc ........................      3,899          
757   b,e* Planet Hollywood International,                      
     Inc Wts 05/10/03 ................         0
72,120      * PLATO Learning, Inc ...............        712          
70,178      * Playboy Enterprises, Inc (Class B)         895          
1,000      * Playmates Interactive                                  
      Entertainment Ltd ...............          0
121,535        Polaris Industries, Inc ...........      7,900           
242,146     b* Polaroid Corp .....................          6           
276,666      * Polo Ralph Lauren Corp ............      6,197           
153,097      * Presstek, Inc .....................        612           
17,961      * Pricesmart, Inc ...................        692          
239,369      * Prime Hospitality Corp ............      3,109           
1,532,601      * Primedia, Inc .....................      1,870             
63,844     e* Private Media Group, Inc ..........        183          
55,743      * Pt Multimedia Servicos de                               
Telecomunicacoes e ..............     
      Multimedia SGPS S.A. ............        493
14,298      * Pt Multimedia Servicos                                  
de Telecomunicacoes e                 
      Multimedia SGPS S.A. (New) ......        118
571,000        Publicis Groupe S.A. ..............     15,762           
1,279      * PubliGroupe S.A. (Regd) ...........        296         
554,190      e Publishing & Broadcasting Ltd .....      2,816           
42,080        Pulitzer, Inc .....................      2,184          
60,087      * Quaker Fabric Corp ................        931          
452,693      e Quebecor World, Inc ...............     12,114           
113,624      * Quiksilver, Inc ...................      2,818           
547,073        R.R. Donnelley & Sons Co ..........     15,072           
44,722      * Racing Champions Ertl Corp ........        826          
340,343      * Radio One, Inc (Class A) ..........      5,061           
515,565      * Radio One, Inc (Class D) ..........      7,666           
9,480,589        Rank Group plc ....................     38,657             
114,074      * Rare Hospitality International, Inc      3,071           
207,560        Raytech Corp ......................      1,878           
716,979        Reader's Digest Association, Inc                         
     (Class A) .......................      13,429
43,860      * Recoton Corp .....................         113          
296,855      * Reebok International Ltd .........       8,757           
4,573,191        Reed Elsevier NV .................      62,327             
2,539,681        Reed Elsevier plc ................      24,137             
89,205      * Regal Entertainment Group (Class A)      2,080          
500      * Regal Hotels International Ltd ...           0       
111,991      * Regent Communications, Inc .......         791           
199,124        Regis Corp .......................       5,380           
4,147,933        Renault S.A. .....................     193,969             
69,050      * Rent-A-Center, Inc ...............       4,006          
19,724      * ResortQuest International, Inc ...         112          
80,340      * Resources Connection, Inc ........       2,168          
1,109,592        Reuters Group plc ................       5,886             
40,908      * Rex Stores Corp ..................         565          
27,123        Riviana Foods, Inc ...............         688          
122,127        Rogers Communications, Inc (Class B)     1,092           
441,694        Ross Stores, Inc .................      17,999           
918        RTL Group ........................          36       
438,464        Ruby Tuesday, Inc ................       8,506           
124,744        Russell Corp .....................       2,401           

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252,448      * Ryan's Family Steak Houses, Inc ..       3,335           
68,450      * Saga Communications, Inc (Class A)       1,540          
57,100        Saizeriya Co Ltd .................       1,486          
671,858      * Saks, Inc ........................       8,627           
50,135      * Salem Communications Corp (Class A)      1,247          
33,422     e* Salton, Inc ......................         480          
30,087     e* Samsonite Corp ...................          30          
538,130        Sankyo Co Ltd (Otc) ..............      13,559           
25,700        Sanrio Co Ltd ....................         234          
4,703,099        Sanyo Electric Co Ltd ............      20,522             
41,384        Schawk, Inc ......................         443          
40,244        Schibsted ASA ....................         483          
161,053      * Scholastic Corp ..................       6,104           
174,522      * Scientific Games Corp (Class A) ..       1,386           
1,642,700      * SCMP Group Ltd ...................         953             
83,127      * Scotts Co (Class A) ..............       3,774          
103,122      * SCP Pool Corp ....................       2,863           
170,622        Scripps (E.W.) Co (Class A) ......      13,138           
1,660,641        Sears Roebuck & Co ...............      90,173             
4,727,650     e* Seat-Pagine Gialle S.p.A. ........       3,464             
201,830     e* Sega Corp ........................       4,850           
284,739     e* Seiyu Ltd ........................       1,105           
286,469        Seven-Eleven Japan Co Ltd ........      11,281           
1,821,500        Shangri-La Asia Ltd ..............       1,518             
56,000        Shangri-La Asia Ltd (Singapore) ..          47          
1,046,550        Sharp Corp .......................      13,289             
127,447        Shaw Communications, Inc (Class B)       1,404           
88,200        Shimachu Co Ltd ..................       1,575          
7,058        Shimamura Co Ltd .................         542         
154,278      e Shimano, Inc .....................       2,072           
37,128      * Shoe Carnival, Inc ...............         792          
150,473        ShopKo Stores, Inc ...............       3,040           
92,067      * Shuffle Master, Inc ..............       1,691          
2,030,974        Signet Group plc .................       2,933             
30,520     f* Silverstone Berhad ...............           0          
160,727      * Sinclair Broadcast Group, Inc                            
     (Class A) ........................      2,321
518,888        Singapore Press Holdings Ltd ......      5,844           
321,323     e* Sirius Satellite Radio, Inc .......      1,211           
3,794,511        Six Continents plc ................     38,550             
458,311        Six Flags, Inc ....................      6,623           
27,740      * SkillSoft Corp ....................        218          
384,916        Sky City Entertainment Group ......      1,159           
2,563        Skylark Co Ltd ....................         60         
85,164        Smith (A.O.) Corp .................      2,658          
110,753        Societe Television Francaise (T.F.1)     2,965           
40,000        Sodexho Alliance S.A. .............      1,517          

18 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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SHARES                                               VALUE (000)          
------                                               -----------          

CONSUMER CYCLICAL--(CONTINUED)                                                
36,750        Sol Melia S.A. ....................  $     279          
138,290      * Sonic Automotive, Inc .............      3,561           
168,480      * Sonic Corp ........................      5,292           
3,923,474        Sony Corp .........................    207,206             
169,503      * Sotheby's Holdings, Inc (Class A) .      2,415           
194,509      * Spanish Broadcasting System, Inc                         
     (Class A) ........................      1,945
46,027        Spartan Motors, Inc ...............        705          
67,954      * Speedway Motorsports, Inc .........      1,728          
74,873      * Spiegel, Inc (Class A) ............         55          
130,816     e* Sports Resorts International, Inc .        706           
98,830      * Stage Stores, Inc .................      3,433          
38,700        Standard Motor Products, Inc ......        656          
27,453      * Stanley Furniture Co, Inc .........        734          
2,340,669      * Starbucks Corp ....................     58,166             
182,512      * Station Casinos, Inc ..............      3,258           
250,762        Steelcase, Inc (Class A) ..........      3,355           
143,288      * Stein Mart, Inc ...................      1,701           
94,798      * Stellent, Inc .....................        434          
49,220      * Steven Madden Ltd .................        976          
70,432      * Stoneridge, Inc ...................      1,317          
86,000        Straits Trading Co Ltd ............         86          
226,975        Stride Rite Corp ..................      1,816           
109,354        Sturm Ruger & Co, Inc .............      1,547           
102,352        Superior Industries                                      
      International, Inc ..............      4,734
162,732      * Sylvan Learning Systems, Inc ......      3,245           
798,438        TAB Ltd ...........................      1,394           
1,246,385        TABCORP Holdings Ltd ..............      8,747             
2,120,869        Takashimaya Co Ltd ................     12,351             
141,984        Talbots, Inc ......................      4,969           
28,359        Tanger Factory Outlet Centers, Inc         837          
6,492,493        Target Corp .......................    247,364             
89,196      * TBC Corp ..........................      1,416          
2,187,925        Teijin Ltd ........................      7,448             
1,110,000      * Tele Atlas NV .....................      3,398             
50,000        Telefonica Publicidad E                                 
      Informacion S.A. ................        204
103,727     e* Telepizza S.A. ....................        119           
313,000        Television Broadcasts Ltd .........      1,332           
188,307      * Tenneco Automotive, Inc ...........      1,243           
203,883      * The Cheesecake Factory, Inc .......      7,234           
175,418      * The Sports Authority, Inc .........      1,993           
109,978        The Steak n Shake Co ..............      1,721           
201,633        The Warehouse Group Ltd ...........        725           
39,733      * Thomas Nelson, Inc ................        420          
348,798      e Thomson Corp ......................     10,999           
40,495        Thor Industries, Inc ..............      2,886          
211,821      * THQ, Inc ..........................      6,317           
2,376,171        Tiffany & Co ......................     83,641             
110,402      * Timberland Co (Class A) ...........      3,955           
3,021,324        TJX Cos, Inc ......................     59,248             
109,680        Toho Co Ltd .......................      1,257           
104,346      e Tokyo Broadcasting System, Inc ....      2,337           
145,587        Tokyo Style Co Ltd ................      1,330           
174,094      * Too, Inc ..........................      5,362           
199,312      * Topps Co, Inc .....................      2,005           
91,234        Toray Industries, Inc .............        244          
324,218      * Tower Automotive, Inc .............      4,523           
67,900        Toyoda Gosei Co Ltd ...............        849          
2,919,806      e Toyota Motor Corp .................     77,466             
1,019,257        Tribune Co ........................     44,338             
23,925      * Tropical Sportswear International                       
      Corp ............................        531
567,037      e TRW, Inc ..........................     32,310           
184,909      e Tui AG ............................      4,547           
158,955        Tyler Technologies, Inc ...........        846           
1,068,567      * U.S.A. Networks, Inc ..............     25,058             
270,750      * Unifi, Inc ........................      2,951           
848,714        United Business Media plc .........      5,628           
69,448      * Universal Electronics, Inc ........      1,039          
1,085,112      * Univision Communications, Inc                              
     (Class A) ........................     34,073
235,172        UNY Co Ltd ........................      2,664           
36,396      * Urban Outfitters, Inc .............      1,264          
45,528      * Vail Resorts, Inc .................        779          
278,779      * Valassis Communications, Inc ......     10,175           
61,033      e Valeo S.A. ........................      2,538          
9,181        Valora Holding AG. ................      1,968         
67,118      * Value City Department Stores, Inc .        188          
82,040      * Vans, Inc .........................        666          
161,972      * Vastera, Inc ......................        711           
503,270        VF Corp ...........................     19,733           
863,974      * Viacom, Inc (Class A) .............     38,412           
8,970,321      * Viacom, Inc (Class B) .............    398,013             
730,153        Visteon Corp ......................     10,368           
2,587,011        Vivendi Universal S.A. ............     55,902             
300,484      e Vivendi Universal S.A. (Spon ADR) .      6,460           
122,063        VNU NV ............................      3,392           

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432,647        Volkswagen AG. ....................     21,022           
45,082        Volvo AB (A Shs) ..................        910          
279,743      e Volvo AB (B Shs) ..................      5,798           
120,564      * Wabash National Corp ..............      1,206           
494,055        Wacoal Corp .......................      4,093           
19,033,148        Wal-Mart Stores, Inc ..............  1,047,013              
11,243,662        Walt Disney Co ....................    212,505              
19,178        Washington Post Co (Class B) ......     10,452          
460,205        Wendy's International, Inc ........     18,330           
53,356      * West Marine, Inc ..................        681          
127,460     e* Westpoint Stevens, Inc ............        493           
384,137        Westwood One, Inc .................     12,838           
114,560      * Wet Seal, Inc (Class A) ...........      2,784           
327,943        Whirlpool Corp ....................     21,434           
461,998        Whitbread plc .....................      4,313           
242,404        Wiley (John) & Sons, Inc (Class A)       5,813           
4,000,000      * William Hill plc ..................     16,158             
497,554      * Williams-Sonoma, Inc ..............     15,255           
58,333      * Wilsons The Leather Experts, Inc ..        817          
63,042        Winnebago Industries, Inc .........      2,774          
104,777        WMS Industries, Inc ...............      1,284           
649,687        Wolters Kluwer NV .................     12,332           
217,230        Wolverine World Wide, Inc .........      3,791           
47,203        Woodward Governor Co ..............      2,791          
2,663,917        Woolworths Ltd ....................     19,666             
32,600        World Co Ltd ......................        952          
70,546      * World Wrestling Federation                              
      Entertainment, Inc ..............      1,030
3,985,848        WPP Group plc .....................     33,659             
267,697     e* XM Satellite Radio Holdings, Inc ..      1,941           
2,038,175      * Yahoo!, Inc .......................     30,083             
62,100        Yamada Denki Co Ltd ...............      5,440          
82,981      * Young Broadcasting, Inc (Class A) .      1,476          
1,622,831      * Yum Brands, Inc ...................     47,468             
174,018      * Zale Corp .........................      6,308           
472,622        Zenith Electronics Corp ...........          0           
163,444      * Zomax, Inc ........................        637           
                                         ---------
    TOTAL CONSUMER CYCLICAL              9,868,874
                                         ---------
CONSUMER NON-CYCLICAL--9.94%                                                  
40,225      * 1-800-Flowers.com, Inc (Class A) .         449          
126,960      * 7-Eleven, Inc ....................       1,022           
31,836      * AC Moore Arts & Crafts, Inc ......       1,507          
648,800        Aderans Co Ltd ...................      20,353           
88,674        Adidas-Salomon AG. ...............       7,269          
33,745        AGFA Gevaert NV ..................         615          

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 19

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SHARES                                               VALUE (000)          
------                                               -----------          

CONSUMER NON-CYCLICAL--(CONTINUED)                                            
223,059        Ajinomoto Co, Inc .................    $ 2,393           
14,100        Alberto-Culver Co (Class A) .......        637          
187,759        Alberto-Culver Co (Class B) .......      8,975           
2,136,062        Albertson's, Inc ..................     65,064             
1,385,589        Altadis S.A. ......................     28,600             
293,223        Altadis S.A. (France) .............      5,974           
1,066,931     e* Amazon.Com, Inc ...................     17,338             
87,876      * American Italian Pasta Co (Class A)      4,481          
4,926,696        Anheuser-Busch Cos, Inc ...........    246,335             
101,886      * Applica, Inc ......................      1,263           
88,400      * Aramark Corp (Class B) ............      2,210          
3,265,342        Archer Daniels Midland Co .........     41,764             
13,468        Ariake Japan Co Ltd ...............        517          
1,172,294        Asahi Breweries Ltd ...............      9,810             
1,300      * Asbury Automotive Group, Inc ......         18         
10,800      * Asia Food & Properties Ltd                              
      Wts 07/12/02 ....................          0
115,252      * Aurora Foods, Inc .................        173           
1,311,054      * Autonation, Inc ...................     19,010             
498,553      * Autozone, Inc .....................     38,538           
1,365,533        Avon Products, Inc ................     71,335             
12,310        Bang & Olufsen A/S (B Shs) ........        326          
282,941      * Barnes & Noble, Inc ...............      7,478           
35,769        Beiersdorf AG. ....................      4,310          
19,727      * Benihana, Inc (Class A) ...........        365          
1,910,280      * Best Buy Co, Inc ..................     69,343             
448,519      * BJ's Wholesale Club, Inc ..........     17,268           
176,823        Blyth, Inc ........................      5,520           
1,633,794        Boots Co plc ......................     16,200             
618,636      * Borders Group, Inc ................     11,383           
44,981      * Boston Beer Co, Inc (Class A) .....        715          
403        Bridgford Foods Corp ..............          5       
8,239,771        British American Tobacco plc ......     88,547             
1,221,457        BRL Hardy Ltd .....................      6,178             
200,572        Brown-Forman Corp (Class B) .......     13,839           
4,878        Bruno's Supermarkets, Inc .........          0         
473,919        Bunge Limited .....................     10,000           
220,000        Bunzl plc .........................      1,740           
30,000        C Two-Network Co Ltd ..............        946          
2,969,474        Cadbury Schweppes plc .............     22,247             
173,264     e* Cadiz, Inc ........................      1,473           
1,167,524        Campbell Soup Co ..................     32,294             
5,852        Carlsberg A/S (A Shs) .............        284         
11,419        Carlsberg A/S (B Shs) .............        598          
805,904        Carrefour S.A. ....................     43,616           
216,959        Casey's General Stores, Inc .......      2,612           
70,775      e Casino Guichard-Perrachon .........      5,994          
6,974      * Casino Guichard-Perrachon A                            
      Wts 12/15/03 ....................          9
6,974      * Casino Guichard-Perrachon B                            
      Wts 12/15/05 ....................         17
240,003      * CDW Computer Centers, Inc .........     11,235           
8,082      * Chiquita Brands International, Inc         145         
191,762        Church & Dwight Co, Inc ...........      6,008           
186,497     e* Circuit City Stores, Inc                                 
     (Carmax Group) ...................      4,038
1,079,358        Circuit City Stores, Inc                                   
     (Circuit City Group) .............     20,238
919,078        Clorox Co .........................     38,004           
252,928      * Coach, Inc ........................     13,886           
1,502,381        Coca-Cola Amatil Ltd ..............      5,381             
5,126        Coca-Cola Bottling Co Consolidated         220         
11,664,055        Coca-Cola Co ......................    653,187              
1,164,899        Coca-Cola Enterprises, Inc ........     25,721             
153,707        Coca-Cola Hellenic Bottling Co S.A.      2,602           
6,300        Coca-Cola West Japan Co Ltd .......        118         
5,226,841        Colgate-Palmolive Co ..............    261,603             
25,105        Colruyt S.A. ......................      1,178          
684,336        Compagnie Financiere Richemont AG.                       
     (Units) (A Shs) ..................     15,565
3,057,634        Conagra Foods, Inc ................     84,544             
369,450      * Constellation Brands, Inc (Class A)     11,822           
208,091        Coors (Adolph) Co (Class B) .......     12,964           
190,354        Corn Products International, Inc ..      5,924           
112,141      * Cost Plus, Inc ....................      3,416           
2,390,654        Costco Wholesale Corp .............     92,327             
2,251,281        CVS Corp ..........................     68,889             
46,932      e Danisco As ........................      1,716          
170,000        Davide Campari-Milano S.p.A. ......      5,624           
533,904      * Dean Foods Co .....................     19,915           
24,037        Deb Shops, Inc ....................        812          
19,733      * DEL Laboratories, Inc .............        493          
136,036     e* Del Monte Foods Co ................      1,605           
84,714      e Delhaize Group ....................      3,974          
177,309        Delta & Pine Land Co ..............      3,564           
20,589,540        Diageo plc ........................    267,397              
507,886        Dial Corp .........................     10,168           
226,113        DIMON, Inc ........................      1,565           

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221,875        Dole Food Co ......................      6,401           
100,000      e Doutor Coffee Co Ltd ..............      5,006           
132,540        Dreyer's Grand Ice Cream, Inc .....      9,092           
127,421      * Drugstore.Com, Inc ................        343           
58,051      * Duane Reade, Inc ..................      1,977          
779,658      * eBay, Inc .........................     48,043           
43        Ebro Puleva S.A. ..................          1      
493,087        Electrolux AB Series B ............      9,952           
52,817      * Electronics Boutique Holdings Corp       1,548          
562,999      * Energizer Holdings, Inc ...........     15,437           
5,100     e* Envision Development Corp .........          0         
53,215        Essilor International S.A. ........      2,164          
658,888        Estee Lauder Cos (Class A) ........     23,193           
179,312        Ethan Allen Interiors, Inc ........      6,249           
46,004     e* Expedia, Inc (Class A) ............      2,728          
8,792     e* Expedia, Inc Wts 02/04/09 .........        255         
248,000        Ezaki Glico Co Ltd ................      1,376           
70,687      * Factory 2-U Stores, Inc ...........        979          
83,051      * FAO, Inc ..........................        660          
4,493        Farmer Brothers Co ................      1,630         
319,866        Fastenal Co .......................     12,318           
26,176      * Finlay Enterprises, Inc ...........        431          
226,593      e Fleming Cos, Inc ..................      4,113           
136,276      * Flowers Foods, Inc ................      3,523           
4,414,017      e Foster's Group Ltd ................     11,696             
286,231        Fraser & Neave Ltd ................      1,280           
10,824      * FTD, Inc (Class A) ................        139          
97,113      * FTI Consulting, Inc ...............      3,400          
525,000      e Fuji Oil Co Ltd ...................      5,252           
293,117      * Furniture Brands International, Inc      8,867           
27,353      * Gaiam, Inc ........................        400          
53,395      * Galyans Trading Co, Inc ...........      1,219          
6,100      * Gamestop Corp .....................        128         
32,361      * Gart Sports Co ....................        922          
3,460,794        General Mills, Inc ................    152,552             
5,639,024        Gillette Co .......................    190,994             
93,647        Givaudan S.A. (Regd) ..............     37,753          
17,769        Golden Enterprises, Inc ...........         69          
5,081,285        Goodman Fielder Ltd ...............      4,764             
104,265      * Great Atlantic & Pacific Tea Co, Inc     1,949           
26,780      * Green Mountain Coffee, Inc ........        568          
164,895        Greencore Group plc ...............        472           
144,472      e Groupe Danone .....................     19,861           
121,802      * Hain Celestial Group, Inc .........      2,253           
784,647        Hasbro, Inc .......................     10,640           

20 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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SHARES                                               VALUE (000)          
------                                               -----------          

CONSUMER NON-CYCLICAL--(CONTINUED)                                            
480,713        Heineken NV .......................   $ 21,098           
4,011        Herbalife International, Inc                           
     (Class A) ........................         77
90,762      e Herbalife International, Inc                            
     (Class B) ........................      1,740
415,428        Herman Miller, Inc ................      8,433           
552,647        Hershey Foods Corp ................     34,540           
1,835,862        HJ Heinz Co .......................     75,454             
17,144,638        Home Depot, Inc ...................    629,723              
32,341      * Horizon Organic Holding Corp ......        570          
416,508        Hormel Foods Corp .................      9,971           
154,000        House Foods Corp ..................      1,503           
127,313        Hughes Supply, Inc ................      5,716           
568,666        Imperial Tobacco Group plc ........      9,249           
261,788      * Imperial Tobacco Group plc (New) ..      4,138           
45,663        Ingles Markets, Inc (Class A) .....        579          
221,186      * Insight Enterprises, Inc ..........      5,572           
545        Inter Parfums, Inc ................          4       
157,409        Interbrew S.A. ....................      4,519           
245,487        Interface, Inc (Class A) ..........      1,974           
423,399        International Flavors &                                  
      Fragrances, Inc .................     13,756
84,767      * International Multifoods Corp .....      2,204          
138,645        Interstate Bakeries Corp ..........      4,004           
1,100,980        ITC Ltd ...........................     14,427             
29,100        ITO EN Ltd ........................      1,102          
31,700      * J & J Snack Foods Corp ............      1,425          
1,095        Japan Tobacco, Inc ................      7,345         
53,109      * Jeronimo Martins SGPS S.A. ........        376          
57,858      * Jill (J.) Group, Inc ..............      2,196          
233,063        JM Smucker Co .....................      7,954           
3,721,477        Kao Corp ..........................     85,694             
1,369,527        Kellogg Co ........................     49,111             
59,485        Kerry Group (Class A) .............        881          
65,000        Kerry Group plc (Class A) .........        971          
364,000        Kikkoman Corp .....................      2,293           
180,000      e Kinki Coca-Cola Bottling Co .......      1,319           
284,680      e Kirin Brewery Co Ltd ..............      1,995           
304,000      e Korea Tobacco & Ginseng Corp Gdr ..      1,976           
166,600        Kose Corp .........................      5,115           
716,350        Kraft Foods, Inc (Class A) ........     29,335           
4,570,602      * Kroger Co .........................     90,955             
31,497      * Ladenburg Thalmann Financial                            
      Services, Inc ...................          9
145,058        Lancaster Colony Corp .............      5,173           
131,217        Lance, Inc ........................      1,913           
1,850,555        Li & Fung Ltd .....................      2,491             
55,009      * Lithia Motors, Inc (Class A) ......      1,481          
184,638        Loblaw Cos Ltd ....................      7,589           
1,095,127        Loews Corp--Carolina Group ........      29,623            
162,760        Longs Drug Stores Corp ............      4,604           
527,472        L'Oreal S.A. ......................     41,154           
4,412,901        Lowe's Cos ........................    200,346             
248,117        Luxottica Group S.p.A. ............      4,825           
510,000        Luxottica Group S.p.A. (Spon ADR) .      9,690           
35,516      * MarineMax, Inc ....................        460          
36,308      * Marvel Enterprises, Inc ...........        199          
200        Matsumotokiyoshi Co Ltd ...........          9       
2,549,946        Mattel, Inc .......................     53,753             
849,860        McCormick & Co, Inc (Non-Vote) ....     21,884           
16,000        Meiji Dairies Corp ................         44          
790,708        Meiji Seika Kaisha Ltd ............      2,830           
310,325        Metro AG. .........................      9,501           
500        Midwest Grain Products, Inc .......          6       
453,000        Mikuni Coca-Cola Bottling Co Ltd ..      3,696           
515,041      * Molson, Inc (A Shs) ...............     11,158           
2,000        Molson, Inc (B Shs) ...............         43         
69,956      * Monterey Pasta Co .................        660          
52,948        Movado Group, Inc .................      1,332          
58,475        Nash Finch Co .....................      1,869          
10,078      * National Beverage Corp ............        141          
65,000        Nature's Sunshine Products, Inc ...        735          
232,724      * NBTY, Inc .........................      3,603           
1,334,553        Nestle S.A. (Regd) ................    311,154             
2,190      * Netlix, Inc .......................         31         
1,416,304        Newell Rubbermaid, Inc ............     49,656             
552,283        Nichirei Corp .....................      1,774           
496,784        Nippon Meat Packers, Inc ..........      6,225           
348,002        Nisshin Seifun Group, Inc .........      2,491           
308,205        Nissin Food Products Co Ltd .......      6,120           
59,000        Noritake Co Ltd ...................        224          
234,609        Nu Skin Enterprises, Inc (Class A)       3,414           
76,102        Numico NV .........................      1,707          
2,114,723      * Office Depot, Inc .................     35,527             
625,224      * OfficeMax, Inc ....................      3,683           
75,976        Oneida Ltd ........................      1,455          
193,826        Orkla ASA .........................      3,745           

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357      * Overstock.Com, Inc ................          5       
21,097      * PAN Fish ASA ......................         38          
14,054        Papastratos Cigarette Co ..........        220          
13,193      * Paragon Trade Brands, Inc (Escrow)           0          
1,245,359      e Parmalat Finanziaria S.p.A. .......      3,850             
29,806      * Party City Corp ...................        486          
2,698      * Pascual Hermanos ..................          0         
162,702      * Pathmark Stores, Inc ..............      3,060           
3,300      * Paypal, Inc .......................         67         
31,060      * PC Connection, Inc ................        127          
44,634      * Peets Coffee & Tea, Inc ...........        822          
52,670      * Penn Traffic Co ...................        527          
246,194        Pep Boys-Manny Moe & Jack .........      4,148           
1,194,075        Pepsi Bottling Group, Inc .........     36,778             
456,108        PepsiAmericas Inc .................      6,814           
14,104,922        Pepsico, Inc ......................    679,857              
562,967      e Pernod-Ricard .....................     55,154           
324,448      * Perrigo Co ........................      4,218           
30,136      * Petco Animal Supplies, Inc ........        751          
696,156      * Petsmart, Inc .....................     11,166           
17,533,050        Philip Morris Cos, Inc ............    765,844              
76,429        Pilgrim's Pride Corp (Class B) ....      1,070          
148,157      * Playtex Products, Inc .............      1,919           
350,000    b,f Power Pacific Ltd .................          0           
554,609      * Priceline.com, Inc ................      1,547           
71,270      * Princeton Review, Inc .............        651          
7,975,182        Procter & Gamble Co ...............    712,184             
35,000     f* Promet Berhad .....................          3          
180,781        QP Corp ...........................      1,507           
516,634        R.J. Reynolds Tobacco Holdings, Inc     27,769           
989,852        RadioShack Corp ...................     29,755           
160,760      * Ralcorp Holdings, Inc .............      5,024           
1,389,606        Reckitt Benckiser plc .............     24,931             
88,625      * Restoration Hardware, Inc .........        784          
47,293     e* Revlon, Inc (Class A) .............        234          
60,180        Rinascente S.p.A. .................        233          
82,000        Rinnai Corp .......................      1,847          
2,075,486     e* Rite Aid Corp .....................      4,877             
45,742      * Robert Mondavi Corp (Class A) .....      1,566          
1,210,731        Royal Ahold NV ....................     25,469             
168,612        Ruddick Corp ......................      2,860           
47,122        Russ Berrie & Co, Inc .............      1,668          
2,895,671        Safeway plc .......................     12,436             
2,440,522      * Safeway, Inc ......................     71,239             
2,647,627        Sainsbury (J) plc .................     14,367             
21,425        Sanderson Farms, Inc ..............        536          

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 21

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SHARES                                               VALUE (000)          
------                                               -----------          

CONSUMER NON-CYCLICAL--(CONTINUED)                                            
11,000        Sapporo Breweries Ltd .............  $      29          
4,070,656        Sara Lee Corp .....................     84,018             
82,032        Schweitzer-Mauduit                                      
      International, Inc ..............      2,018
713,738        Scottish & Newcastle plc ..........      6,615           
1,909        Seaboard Corp .....................        474         
2,747      * Seminis, Inc (Class A) ............         10         
257,066        Sensient Technologies Corp ........      5,851           
36,485      * Sharper Image Corp ................        735          
115,009        Shiseido Co Ltd ...................      1,533           
89,954     e* Skechers USA, Inc (Class A) .......      1,944          
115,284      * SLI, Inc ..........................         46           
58,034      * Smart & Final, Inc ................        453          
730,665      * Smithfield Foods, Inc .............     13,554           
561,000     e* Snow Brand Milk Products Co .......        594           
28,373      * Sobeys, Inc .......................        763          
19,751      e Societe BIC S.A. ..................        790          
815,210      * Sonae SGPS S.A. ...................        459           
2,878,088        Southcorp Ltd .....................      8,580             
20,842      * Spartan Stores, Inc ...............         63          
170,088      * Stamps.Com, Inc ...................        753           
56,052        Standard Commercial Corp ..........      1,216          
2,855,472      * Staples, Inc ......................     56,253             
109,457      * Star Scientific, Inc ..............        196           
35,267      * Steinway Musical Instruments, Inc .        755          
28,295        Stepan Co .........................        800          
373,817        Swedish Match AB ..................      3,091           
871,401        Tate & Lyle plc ...................      4,662           
30,767,489        Tesco plc .........................    111,854              
169,788      * The Bombay Co, Inc ................        762           
39,170        The Swatch Group AG. (Br) .........      3,487          
231,836      e The Swatch Group AG. (Regd) .......      4,385           
82,659        Thomas Industries, Inc ............      2,381          
180,037      * Ticketmaster (Class B) ............      3,368           
116,555        Tootsie Roll Industries, Inc ......      4,494           
1,677,078      * Toys "R" Us, Inc ..................     29,299             
35,368      * Tractor Supply Co .................      2,511          
111,648      * Trans World Entertainment Corp ....        651           
64,122        Triarc Cos, Inc ...................      1,770          
47,996      * Tuesday Morning Corp ..............        891          
272,314        Tupperware Corp ...................      5,661           
100,875      * Tweeter Home Entertainment                               
      Group, Inc ......................      1,648
2,026,111        Tyson Foods, Inc (Class A) ........     31,425             
100        Uni-Charm Corp ....................          4       
2,388,430        Unilever NV (Cert) ................    156,389             
4,353,008        Unilever plc ......................     39,679             
89,065      * United Auto Group, Inc ............      1,861          
65,007      * United Natural Foods, Inc .........      1,268          
142,286        Universal Corp ....................      5,222           
860,731        UST, Inc ..........................     29,265           
129,425      * Valuevision International, Inc                           
     (Class A) ........................      2,349
96,547        Vector Group Ltd ..................      1,699          
42,704      * Virbac Corp .......................        272          
5,962,606        Walgreen Co .......................    230,335             
675,516        Waterford Wedgwood plc (Units) ....        400           
62,277      * Weight Watchers International, Inc       2,705          
60,592        Weis Markets, Inc .................      2,227          
18,568        Wella AG. .........................      1,115          
181,001     e* Weston (George) Ltd ...............     14,936           
57,880      * Whitehall Jewellers, Inc ..........      1,201          
280,575      * Whole Foods Market, Inc ...........     13,529           
86,338      * Wild Oats Markets, Inc ............      1,390          
653,143        Winn-Dixie Stores, Inc ............     10,181           
78,958        Wrigley (Wm.) Jr Co ...............      4,370          
747,600      f Wrigley (Wm.) Jr Co (Class B) .....     41,380           
238,000        Yakult Honsha Co Ltd ..............      2,715           
63,000        Yamazaki Baking Co Ltd ............        352          
86,086      * Yankee Candle Co, Inc .............      2,332          
91,000        Yonex Co Ltd ......................        315          
                                         ---------
    TOTAL CONSUMER NON-CYCLICAL          8,701,464
                                         ---------
ENERGY--7.57%                                                                 
75,507      * 3TEC Energy Corp ..................      1,316          
401,201        Amerada Hess Corp .................     33,099           
1,308,614        Anadarko Petroleum Corp ...........     64,515             
2,885,900        Apache Corp .......................    165,882             
360,001        Ashland, Inc ......................     14,580           
21,007      * ATP Oil & Gas Corp ................         64          
50,497      * Atwood Oceanics, Inc ..............      1,894          
5,189,920        Baker Hughes, Inc .................    172,772             
94,139        Berry Petroleum Co (Class A) ......      1,586          
4,783,406        BG Group plc ......................     20,817             
1,382,942        BJ Services Co ....................     46,854             
48,667,643        BP plc ............................    408,754              
2,721,512        BP plc (Spon ADR) .................    137,409             
4,998,523        Burlington Resources, Inc .........    189,944             

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152,612        Cabot Oil & Gas Corp (Class A) ....      3,487           
188,752      * Cal Dive International, Inc .......      4,153           
21,958      * Callon Petroleum Corp .............        107          
473,931        Canadian Natural Resources Ltd ....     16,054           
8,100     e* Canadian Oil Sands Trust (Units) ..        223         
37,827        Carbo Ceramics, Inc ...............      1,398          
12,065,993        Centrica plc ......................     37,336              
752,190      * Chesapeake Energy Corp ............      5,416           
5,762,467        ChevronTexaco Corp ................    509,978             
1,400      * Clayton Williams Energy, Inc ......         16         
35,989,265        CNOOC Ltd .........................     48,216              
113,182      * Comstock Resources, Inc ...........        860           
3,331,687        Conoco, Inc .......................     92,621             
279,170      * Cooper Cameron Corp ...............     13,517           
123,150      * Denbury Resources, Inc ............      1,267           
1,769,597        Devon Energy Corp .................     87,206             
1,985,458        Diamond Offshore Drilling, Inc ....     56,586             
31,921      * Dril-Quip, Inc ....................        796          
62,176      * EEX Corp ..........................        124          
250,000      * Enagas ............................      1,575           
387,716        Enbridge, Inc .....................     12,022           
25,100        Enbridge, Inc .....................        788          
1,218,650        EnCana Corp .......................     37,419             
38,892      * Encore Acquisition Co .............        671          
468,807        Energy Developments Ltd ...........        974           
125,869      * Energy Partners Ltd ...............      1,171           
20,173,754      e ENI S.p.A. ........................    320,770              
811,032        Ensco International, Inc ..........     22,109           
554,194        EOG Resources, Inc ................     22,002           
88,330      * Evergreen Resources, Inc ..........      3,754          
77,033      * Exploration Co Of Delaware, Inc ...        522          
51,647,144        Exxon Mobil Corp ..................  2,113,401              
158,714      * Forest Oil Corp ...................      4,512           
2,188      * Forest Oil Corp Wts 02/15/04 ......         40         
2,188      * Forest Oil Corp Wts 02/15/05 ......         21         
229,072        Fortum Oyj ........................      1,321           
142,623        Frontier Oil Corp .................      2,510           
366,841        Gas Natural SDG S.A. ..............      7,065           
56,302        Getty Realty Corp .................      1,140          
368,836      * Global Industries Ltd .............      2,578           
85        GlobalSantaFe Corp ................          2      
527,067      * Grant Prideco, Inc ................      7,168           
775,327      * Grey Wolf, Inc ....................      3,171           
43,726      * Gulf Island Fabrication, Inc ......        802          
2,295,310        Halliburton Co ....................     36,587             

22 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

ENERGY--(CONTINUED)                                                           
401,919     e* Hanover Compressor Co .............  $   5,426           
172,235      * Harvest Natural Resources, Inc ....        861           
50,853        Hellenic Petroleum S.A. ...........        310          
262,893        Helmerich & Payne, Inc ............      9,391           
42,385        Holly Corp ........................        710          
18,554,199        Hong Kong & China Gas Co Ltd ......     24,620              
79,437      * Horizon Offshore, Inc .............        670          
50,930      * Houston Exploration Co ............      1,477          
950,103        Husky Energy, Inc .................     10,407           
66,230      * Hydril Co .........................      1,775          
197,902        IHC Caland NV .....................     11,834           
451,525        Imperial Oil Ltd ..................     14,039           
242,876      * Input/Output, Inc .................      2,186           
548,184      e Italgas S.p.A. ....................      6,091           
36        Kaneb Services LLC ................          1      
9,800      * KCS Energy, Inc ...................         17         
543,426        Kerr-McGee Corp ...................     29,100           
529,327      * Key Energy Services, Inc ..........      5,558           
73,303      * Key Production Co, Inc ............      1,429          
13,250,371        Lattice Group plc .................     34,538              
26,500        Lufkin Industries, Inc ............        765          
204,770      * Magnum Hunter Resources, Inc ......      1,616           
41,090      * Magnum Hunter Resources, Inc Wts                        
      03/21/05 ........................         34
1,780,894        Marathon Oil Corp .................     48,298             
198,735      * Maverick Tube Corp ................      2,981           
4,500      * McMoran Exploration Co ............         19         
192,557      * Meridian Resource Corp ............        716           
209,394        Murphy Oil Corp ...................     17,275           
5,200      * Nabors Industries, Inc ............        184         
642,004      * Nabors Industries Ltd .............     22,663           
435,261      * National-Oilwell, Inc .............      9,162           
209,000      * Newfield Exploration Co ...........      7,769           
488,800        Nexen, Inc ........................     13,177           
2,727,047        Nippon Oil Corp ...................     14,106             
1,173,949        Noble Energy, Inc .................     42,321             
154,244        Norsk Hydro ASA ...................      7,358           
345,008      * Novus Petroleum Ltd ...............        312           
80,812      * Nuevo Energy Co ...................      1,277          
1,989,781        Occidental Petroleum Corp .........     59,674             
900,374        Ocean Energy, Inc .................     19,511           
119,772      * Oceaneering International, Inc ....      3,234           
4,274        OMV AG. ...........................        420         
5,627,685        Origin Energy Ltd .................     10,647             
8,492,445        Osaka Gas Co Ltd ..................     20,193             
453,397      * Parker Drilling Co ................      1,483           
128,256        Patina Oil & Gas Corp .............      3,518           
365,784      * Patterson-UTI Energy, Inc .........     10,326           
124,900      * Penn West Petroleum Ltd ...........      3,453           
416,289        Pennzoil-Quaker State Co ..........      8,963           
179,913        Petro-Canada ......................      5,057           
611,922      * Petro-Canada (Non-Resident) .......     17,200           
12,389      * Petroleum Helicopters (Vote) ......        414          
2,016,153        Phillips Petroleum Co .............    118,711             
599,074        Pioneer Natural Resources Co ......     15,606           
118,609      * Plains Resources, Inc .............      3,173           
281,632        Pogo Producing Co .................      9,187           
147,600      * Precision Drilling Corp ...........      5,106           
3,400      * Premcor, Inc ......................         87         
683,417      * Pride International, Inc ..........     10,702           
51,053        Prima Energy Corp .................      1,163          
90,424      * Pure Resources, Inc ...............      1,881          
72,481     e* PYR Energy Corp ...................        141          
255,825      * Range Resources Corp ..............      1,433           
95,669      * Remington Oil & Gas Corp ..........      1,906          
949,324        Repsol YPF S.A. ...................     11,194           
481,727        Rowan Cos, Inc ....................     10,333           
3,891,079        Royal Dutch Petroleum Co ..........    216,736             
58,208        RPC, Inc ..........................        687          
1,251,011        Santos Ltd ........................      4,537             
154,941      * Seacor Smit, Inc ..................      7,336           
99,488     e* Seitel, Inc .......................        100          
50      * Serval Integrated Energy Services                   
     (Units) ..........................          0
72,906      e Shell Canada Ltd (Class A) (U.S.) .      2,639          
14,784,812        Shell Transport & Trading Co plc ..    111,556              
50,000      e Showa Shell Sekiyu KK .............        291          
7,403        Smedvig A/S (B Shs) ...............         39         
255,752      * Smith International, Inc ..........     17,440           
4,170,875      e Snam Rete Gas .....................     12,316             
121,015      * Spinnaker Exploration Co ..........      4,359           
145,131        St. Mary Land & Exploration Co ....      3,473           
335,242        Statoil ASA .......................      2,993           
113,631      * Stone Energy Corp .................      4,574           
1,301,532        Suncor Energy, Inc ................     22,763             
367,348        Sunoco, Inc .......................     13,089           
246,850      * Superior Energy Services, Inc .....      2,506           
127,573      * Swift Energy Co ...................      2,014           
94,200        Talisman Energy, Inc ..............      4,227          

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176        Teikoku Oil Co Ltd ................          1       
333,830      * Tesoro Petroleum Corp .............      2,587           
300,300        Tidewater, Inc ....................      9,886           
17,346,311        Tokyo Gas Co Ltd ..................     48,193              
177,284      * Tom Brown, Inc ....................      5,026           
8,000        TonenGeneral Sekiyu KK ............         57         
2,871,846        Total Fina Elf S.A. ...............    466,277             
163,377      * Total Fina Elf S.A. (Strip Vvpr) ..          2           
2,025      * Total Fina Elf S.A. Wts 08/05/03 ..         69         
1,622,540      e TransCanada Pipelines Ltd .........     24,537             
109,432      * Transmontaigne, Inc ...............        662           
67      * Transtexas Gas Corp Wts 06/30/02 ..          0      
140,131      * Trico Marine Services, Inc ........        951           
196,684        Unit Corp .........................      3,413           
86,195      * Universal Compression Holdings, Inc      2,068          
1,331,744        Unocal Corp .......................     49,195             
532,159        Valero Energy Corp ................     19,913           
765,490      * Varco International, Inc ..........     13,427           
171,044     e* Veritas DGC, Inc ..................      2,155           
263,959        Vintage Petroleum, Inc ............      3,141           
1,265,103      * Weatherford International Ltd .....     54,653             
15,600      * Western Oil Sands, Inc (Class A) ..        285          
114,980      * Westport Resources Corp ...........      1,886           
110,884      * W-H Energy Services, Inc ..........      2,457           
1,833,708        Woodside Petroleum Ltd ............     13,970             
46,399        World Fuel Services Corp ..........      1,132          
79,201      * Xanser Corp .......................        144          
596,357        XTO Energy, Inc ...................     12,285           
                                         ---------
    TOTAL ENERGY ......................  6,620,178
                                         ---------
FINANCIAL SERVICES--21.60%                                                    
66,518        1st Source Corp ...................      1,644          
170,248        21st Century Insurance Group ......      3,235           
3,447,328        3i Group plc ......................     35,969             
313,000        77 Bank Ltd .......................      1,233           
512,455        A.G. Edwards, Inc .................     19,919           
331,255        Abbey National plc ................      3,898           
46,960        ABC Bancorp .......................        699          
9,559,650        ABN Amro Holding NV ...............    173,622             
81,539        Acadia Realty Trust ...............        665          
789,065        Acom Co Ltd .......................     53,917           
30,631        Advanta Corp (Class A) ............        333          
98,997        Advanta Corp (Class B) ............      1,082          

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 23

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

FINANCIAL SERVICES--(CONTINUED)                                               
3,322,748        Aegon NV ..........................   $ 69,273             
17,100        Aeon Credit Service Co Ltd ........      1,021          
119,372      * Affiliated Managers Group, Inc ....      7,341           
2,763,865        Aflac, Inc ........................     88,444             
139,400        Aiful Corp ........................      9,141           
3,270,000        Aioi Insurance Co Ltd .............      7,230             
49,280        Alabama National Bancorp ..........      2,133          
77,315        Alexandria Real Estate                                  
      Equities, Inc ...................      3,815
230,009        Alfa Corp .........................      2,691           
337,025      e Alleanza Assicurazioni ............      3,235           
29,224        Alleghany Corp ....................      5,582          
58,646        Allegiant Bancorp, Inc ............      1,066          
169,000        Allgreen Properties Ltd ...........         98           
606,296      e Allianz AG. (Regd) ................    121,432           
562,610      e Allied Capital Corp ...............     12,743           
441,798        Allied Irish Banks plc ............      5,869           
708,729        Allied Irish Banks plc (Ireland) ..      9,337           
273,173        Allmerica Financial Corp ..........     12,621           
3,796,289        Allstate Corp .....................    140,387             
432,466        Alpha Bank S.A. ...................      6,193           
807,744        AMB Property Corp .................     25,040           
621,316        Ambac Financial Group, Inc ........     41,752           
135,245        Amcore Financial, Inc .............      3,134           
98,321        America First Mortgage                                  
      Investments, Inc ................        968
181,679        American Capital Strategies Ltd ...      4,991           
7,099,712        American Express Co ...............    257,862             
220,899        American Financial Group, Inc .....      5,279           
120,832        American Financial Holdings, Inc ..      3,615           
32,625        American Home Mortgage                                  
      Holdings, Inc ...................        407
18,556,569        American International Group, Inc .  1,266,115              
32,426      * American Medical Security Group,                        
      Inc .............................        777
28,515        American National Bankshares, Inc .        781          
56,570        American National Insurance Co ....      5,448          
56,732      * American Physicians Capital, Inc ..      1,047          
406,853     e* AmeriCredit Corp ..................     11,412           
647,647     e* Ameritrade Holdings Corp (Class A)       2,979           
211,832        Amerus Group Co ...................      7,859           
73,513        AMLI Residential Properties Trust .      1,911          
804,155        AMP Diversified Property Trust ....      1,192           
2,528,166        AMP Ltd ...........................     22,141             
2,083,124        Amsouth Bancorp ...................     46,620             
4,971,142        Amvescap plc ......................     40,502             
236,934     b* ANC Rental Corp ...................         52           
109,357        Anchor Bancorp Wisconsin, Inc .....      2,637           
421,630        Annaly Mortgage Management, Inc ...      8,180           
218,441        Anthracite Capital, Inc ...........      2,894           
4,900        Anworth Mortgage Asset Corp .......         69         
1,332,917        AON Corp ..........................     39,294             
414,550        Apartment Investment & Management Co                     
      (Class A) .......................     20,396
143,266        Apex Mortgage Capital, Inc ........      2,148           
800      * Arch Capital Group Ltd ............         23       
975,692        Archstone-Smith Trust .............     26,051           
346,172        Arden Realty, Inc .................      9,849           
118,965        Argonaut Group, Inc ...............      2,548           
31,883        Arrow Financial Corp ..............      1,084          
403,000      * Ashikaga Bank Ltd .................        514           
3,453,445      e Assicurazioni Generali S.p.A. .....     81,855             
397,634        Associated Banc-Corp ..............     14,995           
76,438        Associated Estates Realty Corp ....        810          
630,262        Astoria Financial Corp ............     20,200           
4,838,465        Australia and New Zealand Banking                          
      Group Ltd .......................     52,398
177,189        Australian Stock Exchange Ltd .....      1,333           
365,641        AvalonBay Communities, Inc ........     17,075           
5,706,258        Aviva plc .........................     45,882             
1,615,698      e AXA ...............................     29,552             
32,739        Baldwin & Lyons, Inc (Class B) ....        747          
64,008      * Banc Corp .........................        558          
1,791,787      e Banca Monte Dei Paschi Siena ......      5,822             
768,543     e* Banca Popolare Di Milano ..........      3,127           
19,399        Bancfirst Corp ....................        900          
4,753,179        Banco Bilbao Vizcaya Argentaria S.A.    53,749             
1,703,052        Banco Comercial Portugues S.A.                             
     (Regd) ...........................      5,904
131,981        Banco Espirito Santo S.A. (Regd) ..      1,505           
273,000        Banco Popular Espanol .............     12,071           
8,544,085        Banco Santander Central Hispano S.A.    67,843             
20,327        Bancorp Connecticut, Inc ..........        570          
425,251        Bancorpsouth, Inc .................      8,590           
55,159        Bank Mutual Corp ..................      1,124          
11,973,027        Bank Of America Corp ..............    842,422              
1,325,652        Bank Of East Asia Ltd .............      2,668             
670,000      e Bank Of Fukuoka Ltd ...............      2,650           
68,770        Bank Of Granite Corp ..............      1,354          

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377,048        Bank Of Hawaii Corp ...............     10,557           
2,524,390        Bank Of Ireland (London) ..........     31,438             
1,336,364      e Bank Of Montreal ..................     31,324             
3,808,783        Bank Of New York Co, Inc ..........    128,546             
1,766,682      e Bank Of Nova Scotia ...............     58,069             
70,978        Bank Of Piraeus ...................        512          
22,015        Bank Of The Ozarks, Inc ...........        492          
1,439,927      e Bank Of Yokohama Ltd ..............      6,127             
6,291,690        Bank One Corp .....................    242,104             
183,950      * Bank United Corp (Contingent                             
      Payment Rts) ....................         17
214,154        BankAtlantic Bancorp, Inc (Class A)      2,656           
787,686        Banknorth Group, Inc ..............     20,496           
111,422      * Bankunited Financial Corp (Class A)      2,134           
56,178        Banner Corp .......................      1,390          
15,055,976        Barclays plc ......................    126,683              
321,699        Bay View Capital Corp .............      2,062           
838,395        Bayerische Hypo-und Vereinsbank AG.     27,241           
2,537,146        BB&T Corp .........................     97,934             
549,405        Bear Stearns Cos, Inc .............     33,624           
59,719      * Beazer Homes USA, Inc .............      4,778          
81,244        Bedford Property Investors, Inc ...      2,202          
132,318        Berkley (W.R.) Corp ...............      7,277           
31,363        Berkshire Hills Bancorp, Inc ......        822          
32,162        BKF Capital Group, Inc ............        917          
273,171      * Blackrock, Inc ....................     12,101           
4,351,920      e BNP Paribas .......................    240,686             
71,978      * BOK Financial Corp ................      2,408          
87,035        Boston Private Financial                                
      Holdings, Inc ...................      2,153
418,900        Boston Properties, Inc ............     16,735           
20,104        Bostonfed Bancorp, Inc ............        645          
97,633      * Boykin Lodging Co .................      1,067          
141,287        BPI-SGPS S.A. (Regd) ..............        343           
137,042        Brandywine Realty Trust ...........      3,549           
242,940        BRE Properties, Inc (Class A) .....      7,558           
624,049        British Land Co plc ...............      5,298           
88,370        Brookfield Properties Corp ........      1,819          
62,087      * Brookline Bancorp, Inc ............      1,571          
247,394        Brown & Brown, Inc ................      7,793           
18,280        Bryn Mawr Bank Corp ...............        737          
49,654        BSB Bancorp, Inc ..................      1,325          
3,264,241        BT Office Trust ...................      2,749             
184,629      * BTG plc ...........................        957           
150,414        Burnham Pacific Properties, Inc ...        176           
65,693        C.I. Fund Management, Inc .........        458          
16,851        California First National Bancorp .        271          
39,812        Camden National Corp ..............      1,109          

24 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
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SHARES                                               VALUE (000)          
------                                               -----------          

FINANCIAL SERVICES--(CONTINUED)                                               
188,329        Camden Property Trust .............    $ 6,974           
291,143        Canada Life Financial Corp ........      7,121           
949,133      e Canadian Imperial Bank Of Commerce      30,329           
299,532      * Canary Wharf Group plc ............      2,032           
99,784        Capital Automotive Reit ...........      2,381          
32,735        Capital City Bank Group, Inc ......      1,130          
1,407,350        Capital One Financial Corp ........     85,919             
969,587        CapitaLand Ltd ....................        840           
155,795      e Capitalia S.p.A ...................        290           
38,488        Capitol Bancorp Ltd ...............        918          
127,039        Capitol Federal Financial .........      3,313           
44,336        Capstead Mortgage Corp ............        998          
300,642        CarrAmerica Realty Corp ...........      9,275           
62,039        Cascade Bancorp ...................      1,117          
131,262        Cash America International, Inc ...      1,208           
517,181      * Catellus Development Corp .........     10,561           
82,960        Cathay Bancorp, Inc ...............      3,443          
16,395        CB Bancshares, Inc ................        621          
118,418        CBL & Associates Properties, Inc ..      4,796           
47,113        CCBT Financial Cos, Inc ...........      1,338          
61,481      * CCC Information Services Group, Inc        861          
119,691        Centennial Bancorp ................        943           
51,884        Center Trust, Inc .................        366          
119,385        Centerpoint Properties Corp .......      6,926           
37,455      * Central Coast Bancorp .............        849          
15,410        Century Bancorp, Inc (Class A) ....        422          
94,164        Ceres Group, Inc ..................        367          
80,028        CFS Bancorp, Inc ..................      1,237          
5,688,655        Charles Schwab Corp ...............     63,713             
15,781        Charter Financial Corp ............        449          
208,918        Charter Municipal Mortgage                               
      Acceptance Co ...................      3,735
1,587,616        Charter One Financial, Inc ........     54,582             
107,247        Chateau Communities, Inc ..........      3,282           
164,061        Chelsea Property Group, Inc .......      5,488           
117,907        Chemical Financial Corp ...........      4,423           
2,047,242        Cheung Kong Holdings Ltd ..........     17,060             
757,540        Chiba Bank Ltd ....................      2,579           
163,843        Chittenden Corp ...................      4,748           
446,772      * Choicepoint, Inc ..................     20,315           
914,848        Chubb Corp ........................     64,771           
719,416        Cincinnati Financial Corp .........     33,474           
39,556,707        Citigroup, Inc ....................  1,532,822              
236,071        Citizens Banking Corp .............      6,841           
46,371        Citizens First Bancorp, Inc .......      1,043          
119,122      * Citizens, Inc .....................      1,546           
50,318        City Bank .........................      1,610          
1,265,802        City Developments Ltd .............      4,084             
85,891        City Holding Co ...................      2,011          
213,540        City National Corp ................     11,478           
72,530      * Clark/Bardes, Inc .................      1,657          
133,309        Close Brothers Group plc ..........      1,270           
243,435      * CNA Financial Corp ................      6,451           
83,462        CNA Surety Corp ...................      1,214          
22,158        Coastal Bancorp, Inc ..............        704          
40,727        Coastal Financial Corp ............        603          
35,558        CoBiz, Inc ........................        612          
599,452        Colonial Bancgroup, Inc ...........      8,992           
1,356,956        Colonial First State Property                              
      Trust Group .....................      1,684
81,038        Colonial Properties Trust .........      3,156          
28,780        Columbia Bancorp ..................        679          
75,608      * Columbia Banking System, Inc ......        976          
618,992     b* Comdisco, Inc .....................         16           
1,525,142        Comerica, Inc .....................     93,644             
320,629        Commerce Bancorp, Inc .............     14,172           
338,251        Commerce Bancshares, Inc ..........     14,964           
133,254        Commerce Group, Inc ...............      5,270           
145,946        Commercial Bank Of Greece .........      3,142           
251,742        Commercial Federal Corp ...........      7,301           
217,068        Commercial Net Lease Realty, Inc ..      3,473           
40,411        Commonwealth Bancorp, Inc .........      1,199          
3,332,856      * Commonwealth Bank Of Australia ....     61,614             
58,552        Community Bank System, Inc ........      1,888          
38,504        Community Banks, Inc ..............      1,133          
194,286        Community First Bankshares, Inc ...      5,069           
51,239        Community Trust Bancorp, Inc ......      1,440          
668,976        Compass Bancshares, Inc ...........     22,478           
62,066      * CompuCredit Corp ..................        437          
62,743        Connecticut Bancshares, Inc .......      2,083          
1,584,875     e* Conseco, Inc ......................      3,170             
245,039        Cornerstone Realty Income Trust, Inc     2,769           
87,182        Corporate Office Properties Trust .      1,272          
21,050        Correctional Properties Trust .....        463          
144,130      * Corrections Corp Of America .......      2,493           
49,682        Corus Bankshares, Inc .............      2,281          
700,848        Countrywide Credit Industries, Inc      33,816           
188,969        Cousins Properties, Inc ...........      4,679           
33,038        CPB, Inc ..........................      1,518          

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157,583        Crawford & Co (Class A) ...........        969           
26,670        Crawford & Co (Class B) ...........        216          
71,524      * Credit Acceptance Corp ............        899          
198,000      e Credit Agricole S.A. ..............      4,400           
1,778,000        Credit Lyonnais S.A. ..............     76,208             
101        Credit Saison Co Ltd ..............          2       
3,836,555        Credit Suisse Group ...............    121,802             
30,200     e* Creditrust Corp Escrow ............          0          
28,910      * Crescent Operating, Inc ...........         10          
474,524        Crescent Real Estate Equities Co ..      8,874           
105,463        Crown American Realty Trust .......        991           
150,030      * CSK Auto Corp .....................      2,091           
277,080        Cullen/Frost Bankers, Inc .........      9,961           
15,508        Curtiss-Wright Corp (Class B) .....      1,172          
141,816        CVB Financial Corp ................      3,221           
1,504,000        Dah Sing Financial Holdings Ltd ...      7,327             
781,000        Daibiru Corp ......................      4,235           
5,350        Daido Life Insurance Co Ltd .......     13,614         
138      * Daikyo, Inc .......................          0       
5,322,818     e* Daiwa Bank Holdings, Inc ..........      4,086             
1,703,877        Daiwa Securities Group, Inc .......     11,046             
961,740        Danske Bank A/S ...................     17,708           
4,835,880        DBS Group Holdings Ltd ............     33,940             
68,990        Delphi Financial Group, Inc                             
     (Class A) ........................      2,991
599,165        Deutsche Bank AG. (Regd) ..........     41,629           
54,807        Deutsche Boerse AG. ...............      2,314          
835,403        Deutsche Office Trust .............        610           
530,921        Developers Diversified Realty Corp      11,946           
6,968,550      e Dexia .............................    107,843             
629,100        Diamond Lease Co Ltd ..............     13,017           
111,349        Dime Community Bancshares .........      2,527           
1,967,126      e DnB Holding ASA ...................     10,721             
198,320        Doral Financial Corp ..............      6,622           
105,429        Downey Financial Corp .............      4,987           
148,530      e Drott AB (B Shs) ..................      1,713           
1,212,373        Duke Realty Corp ..................     35,098             
1,539,474      * E*trade Group, Inc ................      8,406             
24,963      * Eagle Bancshares, Inc .............        649          
125,041        East West Bancorp, Inc ............      4,316           
248,893      * Eastern European Trust plc ........      2,665           
90,996        Eastgroup Properties, Inc .........      2,329          
303,350        Eaton Vance Corp ..................      9,465           

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 25

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

FINANCIAL SERVICES--(CONTINUED)                                               
111,457        EFG Eurobank Ergasias S.A. ........  $   1,563           
69,881      * Electro Rent Corp .................        908          
446        EMC INS Group, Inc ................          7       
85,348        Entertainment Properties Trust ....      2,104          
2,726,925        Equity Office Properties Trust ....     82,080             
15,480        Equity One, Inc ...................        217          
1,552,506        Equity Residential Properties Trust     44,635             
115,036        Erie Indemnity Co (Class A) .......      4,660           
34,116        Erste Bank Der Oesterreichischen                        
      Sparkassen AG. ..................      2,438
34,116      * Erste Bank Der Oesterreichischen                        
      Sparkassen AG. Rts ..............          0
78,482        Essex Property Trust, Inc .........      4,293          
74,972      * Euronet Worldwide, Inc ............      1,199          
58,924        F & M Bancorp .....................      2,079          
6,984        Fairfax Financial Holdings Ltd ....        698         
8,131,046        Fannie Mae ........................    599,665             
32,779        Farmers Capital Bank Corp .........      1,155          
66,853        FBL Financial Group, Inc (Class A)       1,481          
7,413        FBR Asset Investment Corp .........        247         
46,319     e* Federal Agricultural Mortgage                           
      Corp (Class C) ..................      1,237
192,375        Federal Realty Investment Trust ...      5,331           
586,063        Federated Investors, Inc (Class B)      20,260           
377,807        FelCor Lodging Trust, Inc .........      6,933           
79,539        Fidelity Bankshares, Inc ..........      1,750          
504,032        Fidelity National Financial, Inc ..     15,927           
2,749,902        Fifth Third Bancorp ...............    183,281             
56,998        Financial Federal Corp ............      1,887          
38,410        Financial Industries Corp .........        694          
43,807        Financial Institutions, Inc .......      1,659          
362,681        First American Corp ...............      8,342           
33,521        First Bancorp (North Carolina) ....        922          
113,922        First Bancorp (Puerto Rico) .......      4,295           
6,690      * First Banks America, Inc ..........        262         
36,706        First Busey Corp ..................        815          
168,406        First Charter Corp ................      3,045           
31,867        First Citizens Bancshares, Inc                          
     (Class A) ........................      3,524
317,015        First Commonwealth Financial Corp .      4,277           
23,833        First Community Bancorp ...........        553          
47,352        First Community Bancshares ........      1,594          
26,024        First Defiance Financial Corp .....        522          
32,236        First Essex Bancorp, Inc ..........      1,102          
83,685        First Federal Capital Corp ........      1,849          
188,720        First Financial Bancorp ...........      3,693           
62,203        First Financial Bankshares, Inc ...      2,603          
35,017        First Financial Corp (Indiana) ....      1,801          
70,135        First Financial Holdings, Inc .....      2,255          
2,485      * First Hungary Fund Ltd ............      3,990         
65,106        First Indiana Corp ................      1,417          
71,695        First Merchants Corp ..............      2,151          
253,400        First Midwest Bancorp, Inc ........      7,039           
34,107        First National Corp ...............      1,030          
47,862        First Niagara Financial Group, Inc       1,329          
21,195        First Oak Brook Bancshares, Inc ...        669          
76,609        First Place Financial Corp ........      1,525          
59,278      * First Republic Bank ...............      1,630          
136,946        First Sentinel Bancorp, Inc .......      1,884           
13,946        First South Bancorp, Inc ..........        506          
20,341        First State Bancorporation ........        529          
748,626        First Tennessee National Corp .....     28,672           
259,271        First Virginia Banks, Inc .........     13,902           
26,918        Firstfed America Bancorp, Inc .....        641          
92,137        Firstfed Financial Corp ...........      2,672          
417,734        FirstMerit Corp ...................     11,521           
14,928      * Five Star Quality Care, Inc .......         83          
68,544        Flagstar Bancorp, Inc .............      1,583          
10,915,820        FleetBoston Financial Corp ........    353,127              
53,170        Flushing Financial Corp ...........      1,089          
228,321        FNB Corp ..........................      6,270           
29,379        FNB Corp (Virginia) ...............        895          
1,609,664        Fortis ............................     34,465             
462,027      * Fortis (Strip Vvpr) ...............          5           
45,425      * Fpic Insurance Group, Inc .........        684          
13,263        Franklin Financial Corp ...........        338          
892,801        Franklin Resources, Inc ...........     38,069           
3,612,295        Freddie Mac .......................    221,072             
314,133      e Fremont General Corp ..............      1,313           
125,208      * Friedman, Billings, Ramsey                               
      Group, Inc ......................      1,594
12,510,000        Friends Provident plc .............     27,602              
88,741        Frontier Financial Corp ...........      2,605          
146,688     b* Frontline Capital Group, Inc ......          1           
880,000        Fuji Fire & Marine Insurance Co Ltd      1,373           
563,466        Fulton Financial Corp .............     10,666           
28,803     e* Gabelli Asset Management, Inc                           
     (Class A) ........................      1,051
129,916        Gables Residential Trust ..........      4,148           

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452,382        Gallagher (Arthur J.) & Co ........     15,675           
2,365,986        Gandel Retail Trust ...............      1,620             
176,359        Gartner, Inc (Class A) ............      1,781           
240,938      * Gartner, Inc (Class B) ............      2,265           
43,952        GBC Bancorp .......................      1,272          
466,274        General Growth Properties, Inc ....     23,780           
3,602,822        General Property Trust ............      5,684             
41,078        German American Bancorp ...........        760          
100,840        Gjensidige NOR Sparebank ..........      3,736           
77,110        Glacier Bancorp, Inc ..............      1,889          
45,571        Gladstone Capital Corp ............        823          
106,669        Glenborough Realty Trust, Inc .....      2,528           
134,651        Glimcher Realty Trust .............      2,491           
161,314        Gold Banc Corp, Inc ...............      1,769           
409,076        Golden State Bancorp, Inc .........     14,829           
1,900      * Golden State Bancorp, Inc                              
      (Litigation Tracking Wts 12/31/60)         2
729,078        Golden West Financial Corp ........     50,146           
2,554,784        Goldman Sachs Group, Inc ..........    187,393             
22,550        Granite State Bankshares, Inc .....        740          
31,256        Great American Financial                                
      Resources, Inc ..................        603
66,385        Great Lakes Reit, Inc .............      1,260          
260,191        Great Portland Estates plc ........        986           
32,730        Great Southern Bancorp, Inc .......      1,303          
262,865        Greater Bay Bancorp ...............      8,086           
102,681        Green Property plc ................        913           
594,627        Greenpoint Financial Corp .........     29,196           
414,000        Gunma Bank Ltd ....................      1,914           
3,000     f* Hafnia Holding A/S (Regd) (A Shs) .          0         
2,490     f* Hafnia Holding A/S (Regd) (B Shs) .          0         
342,418        Hammerson plc .....................      2,889           
46,116        Hancock Holding Co ................      3,107          
12,270,000        Hang Lung Properties Ltd ..........     14,000              
769,594        Hang Seng Bank Ltd ................      8,239           
43,148      * Hanmi Financial Corp ..............        740          
114,003        Harbor Florida Bancshares, Inc ....      2,530           
158,442        Harleysville Group, Inc ...........      4,392           
95,256        Harleysville National Corp ........      2,573          
1,308,133        Hartford Financial Services                                
      Group, Inc ......................     77,795
29,678      * Hawthorne Financial Corp ..........        962          
9,918,322        HBOS plc ..........................    107,341             
280,406        HCC Insurance Holdings, Inc .......      7,389           
315,152        Health Care Property Investors, Inc     13,520           
185,126        Health Care Reit, Inc .............      5,545           

26 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
------------------------------------------------------------------------------- 

SHARES                                               VALUE (000)          
------                                               -----------          

FINANCIAL SERVICES--(CONTINUED)                                               
221,001        Healthcare Realty Trust, Inc ......   $  7,072           
801,118        Henderson Land Development Co Ltd .      3,328           
38,340        Heritage Property Investment Trust       1,024          
2,643,229        Hibernia Corp (Class A) ...........     52,310             
275,160        Highwoods Properties, Inc .........      7,154           
151,641        Hilb, Rogal & Hamilton Co .........      6,862           
78,800      e Hitachi Capital Corp ..............      1,052          
641,331     e* Hokuriku Bank Ltd .................      1,001           
112,483        Home Properties Of New York, Inc ..      4,268           
377,243     e* Homestore, Inc ....................        543           
3,070,000        Hong Kong Exchanges & Clearing Ltd       5,058             
303,648        Hooper Holmes, Inc ................      2,429           
217,678        Horace Mann Educators Corp ........      4,064           
364,802        Hospitality Properties Trust ......     13,315           
1,346,510      * Host Marriott Corp ................     15,216             
202,500        Hotel Properties Ltd ..............        132           
2,399,556        Household International, Inc ......    119,258             
688,773        HRPT Properties Trust .............      6,096           
4,471,129        HSBC Holdings plc (Hong Kong) .....     51,303             
17,611,050        HSBC Holdings plc (United Kingdom)     202,542              
435,530        Hudson City Bancorp, Inc ..........      8,667           
82,839        Hudson River Bancorp, Inc .........      2,236          
240,229        Hudson United Bancorp .............      6,861           
44,115        Humboldt Bancorp ..................        742          
1,339,478        Huntington Bancshares, Inc ........     26,013             
675,189        Hysan Development Co Ltd ..........        654           
30,389        IBERIABANK Corp ...................      1,232          
45,110        IMPAC Mortgage Holdings, Inc ......        608          
27,401      * Imperial Credit Industries ........          0          
305,081        Independence Community Bank Corp ..      8,765           
16,010        Independence Holding Co ...........        358          
69,469        Independent Bank Corp                                   
     (Massachusetts) ..................      1,590
65,047        Independent Bank Corp (Michigan) ..      2,053          
2,790,000      b Independent Insurance Group plc ...          0             
5,000,000        Industrial & Commercial Bank Of                            
      China Ltd (Hong Kong) ...........      4,712
318,207      * IndyMac Bancorp, Inc ..............      7,217           
1,922,385        ING Groep NV ......................     49,362             
128,894        Innkeepers U.S.A. Trust ...........      1,235           
102,571      * Insignia Financial Group, Inc .....        997           
181,280      * Instinet Group, Inc ...............      1,182           
2,758,259        Insurance Australia Group Ltd .....      4,878             
62,361      * Insurance Auto Auctions, Inc ......      1,216          
95,454        Integra Bank Corp .................      2,138          
28,275        Interchange Financial Services Cp .        785          
112,694        International Bancshares Corp .....      4,760           
34,109,883      e IntesaBci S.p.A. ..................    104,093              
8,234,099      e IntesaBci S.p.A. (Rnc) ............     18,216             
507,403      * IntesaBci S.p.A. Put Wts 11/15/02 .      1,614           
257,961      * Investment Technology Group, Inc ..      8,435           
631,226        Investors Financial Services Corp .     21,171           
18,200        Investors Group, Inc ..............        332          
136,530        Investors Real Estate Trust .......      1,455           
173,956        Irish Life & Permanent plc ........      2,517           
109,042        Irish Life & Permanent plc                               
     (United Kingdom) .................      1,589
169,601        IRT Property Co ...................      2,161           
58,562        Irwin Financial Corp ..............      1,177          
451,102        iStar Financial, Inc ..............     12,856           
22,700      * Itla Capital Corp .................        674          
249,748        ITT Educational Services, Inc .....      5,445           
177,953        JDN Realty Corp ...................      2,224           
117,763        Jefferies Group, Inc ..............      4,958           
807,126        Jefferson-Pilot Corp ..............     37,935           
1,576,217        John Hancock Financial Services, Inc    55,483             
106,378        John Nuveen Co (Class A) ..........      2,734           
165,602      * Jones Lang Lasalle, Inc ...........      4,090           
565,034        Joyo Bank Ltd .....................      1,527           
12,169,704        JP Morgan Chase & Co ..............    412,796              
60,894        JP Realty, Inc ....................      1,623          
22,288        Kansas City Life Insurance Co .....        862          
292,670        KBC Bancassurance Holding NV ......     11,836           
196,000        Keppel Land Ltd ...................        169           
2,198,402        Keycorp ...........................     60,016             
38,763        Keystone Property Trust ...........        615          
133,260        Kilroy Realty Corp ................      3,565           
534,332        Kimco Realty Corp .................     17,895           
463,240      * Knight Trading Group, Inc .........      2,427           
118,828        Koger Equity, Inc .................      2,293           
99,328        Kramont Realty Trust ..............      1,588          
1,058,927      * La Quinta Corp ....................      7,677             
244,459     e* LaBranche & Co, Inc ...............      5,598           
56,408        Lakeland Bancorp, Inc .............      1,227          
25,112        Lakeland Financial Corp ...........        724          
1,101,217        Land Securities plc ...............     14,486             
101,173        Landamerica Financial Group, Inc ..      3,187           
230        Leeds Federal Bankshares, Inc .....          7       
7,550,171        Legal & General Group plc .........     15,048             

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533,386        Legg Mason, Inc ...................     26,317           
1,254,242        Lehman Brothers Holdings, Inc .....     78,415             
883,719        Lend Lease Corp Ltd ...............      5,229           
32,829      * Lendingtree, Inc ..................        417          
190,934        Leucadia National Corp ............      6,045           
114,144        Lexington Corporate Properties Trust     1,883           
89,796        Liberty Corp ......................      3,578          
1,054,831        Lincoln National Corp .............     44,303             
16,645,139        Lloyds TSB Group plc ..............    165,680              
119,943        LNR Property Corp .................      4,138           
98,325      * Local Financial Corp ..............      1,604          
40,537        LSB Bancshares, Inc ...............        811          
71,853        LTC Properties, Inc ...............        611          
429,351        M & T Bank Corp ...................     36,821           
33,183        Macatawa Bank Corp ................        721          
176,941        Macerich Co .......................      5,485           
256,949        Mack-Cali Realty Corp .............      9,032           
807,499        Macquarie Bank Ltd ................     13,260           
3,915,140        Macquarie Infrastructure Group ....      6,352             
99,214        MAF Bancorp, Inc ..................      3,730          
54,113        Main Street Banks, Inc ............      1,119          
26,654        Mainsource Financial Group, Inc ...        645          
1,198,643        Man Group plc .....................     18,819             
75,793        Manufactured Home Communities, Inc       2,660          
2,186,036      e Manulife Financial Corp ...........     62,739             
63,897      * Markel Corp .......................     12,588          
214,646      e Marschollek Lautenschlaeger Und                          
      Partner .........................      6,667
1,459,987        Marsh & McLennan Cos, Inc .........    141,035             
1,132,862        Marshall & Ilsley Corp ............     35,039             
19,378        MASSBANK Corp .....................        686          
2,062,692      a Max Re Capital Ltd ................     27,846             
64,217        MB Financial, Inc .................      2,149          
853,859        MBIA, Inc .........................     48,269           
3,792,879        MBNA Corp .........................    125,431             
76,673        MCG Capital Corp ..................      1,281          
24,144        Medallion Financial Corp ..........        127          
29,429        Medford Bancorp, Inc ..............      1,025          
777,136      e Mediobanca S.p.A. .................      7,184           
5,391      * MEEMIC Holdings, Inc ..............        150         
2,335,504        Mellon Financial Corp .............     73,405             
378,121        Mercantile Bankshares Corp ........     15,514           
18,602        Merchants Bancshares, Inc .........        529          

SEE NOTES TO FINANCIAL STATEMENTS 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 27

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
------------------------------------------------------------------------------- 

SHARES                                               VALUE (000)          
------                                               -----------          

FINANCIAL SERVICES--(CONTINUED)                                               
136,638        Mercury General Corp ..............  $   6,627           
206,564        Meristar Hospitality Corp .........      3,150           
34,402        Meritage Corp .....................      1,570          
4,494,439        Merrill Lynch & Co, Inc ...........    182,025             
1,554,788        Metlife, Inc ......................     44,778             
179,190      e Metris Cos, Inc ...................      1,489           
88,747        Metrovacesa S.A.                         1,838          
4,123      * MFN Financial Corp Series B                            
      Wts 03/23/03 ....................          2
4,123      * MFN Financial Corp Series C                            
      Wts 03/23/04 ....................          0
570,458        MGIC Investment Corp ..............     38,677           
8,551        Microfinancial, Inc ...............         67         
75,900        Mid Atlantic Realty Trust .........      1,336          
75,446        Mid-America Apartment                                   
      Communities, Inc ................      2,018
19,439        Midland Co ........................        981          
123,296        Mid-State Bancshares ..............      2,380           
24,586        Midwest Banc Holdings, Inc ........        735          
1,204      * Millea Holdings, Inc ..............      9,884         
119,606        Mills Corp ........................      3,708           
1,717,151        Mirvac Group ......................      4,030             
74,440        Mission West Properties, Inc ......        907          
29,593        Mississippi Valley Bancshares, Inc       1,531          
1,026,448      e Mitsubishi Estate Co Ltd ..........      8,392             
4,578        Mitsubishi Tokyo Financial ........     30,861         
2,042,198        Mitsui Fudosan Co Ltd .............     18,061             
2,502,524        Mitsui Sumitomo Insurance Co ......     13,467             
160,300        Mitsui Trust Holdings, Inc ........        333           
5,454        Mizuho Holdings, Inc ..............     12,104         
252,005        MONY Group, Inc ...................      8,571           
6,789,844        Morgan Stanley Dean Witter & Co ...    292,506             
288,513      e Muenchener Rueckver AG. (Regd) ....     68,242           
19,532        Nara Bancorp, Inc .................        449          
14,948        NASB Financial, Inc ...............        329          
4,398,677      e National Australia Bank Ltd .......     87,417             
587,304      e National Bank Of Canada ...........     11,701           
948,547        National Bank Of Greece S.A. ......     20,178           
3,419,438        National City Corp ................    113,696             
1,263,655        National Commerce Financial Corp ..     33,234             
91,241        National Health Investors, Inc ....      1,460          
24,016        National Health Realty, Inc .......        441          
92,681        National Penn Bancshares, Inc .....      2,428          
11,419      * National Western Life Insurance                         
      Co (Class A) ....................      1,313
132,410        Nationwide Financial Services, Inc                       
     (Class A) ........................      5,230
258,480        Nationwide Health Properties, Inc .      4,847           
20,104      * Navigators Group, Inc .............        538          
21,609        NBC Capital Corp ..................        821          
152,184        NBT Bancorp, Inc ..................      2,750           
251,163      * NetBank, Inc ......................      2,926           
294,893        Neuberger Berman, Inc .............     10,793           
83,835        New Century Financial Corp ........      2,932          
550,556        New Plan Excel Realty Trust .......     11,468           
1,484,734        New World Development Co Ltd ......      1,180             
435,716        New York Community Bancorp, Inc ...     11,808           
183,252     e* NextCard, Inc .....................          3           
2,111,694        Nikko Cordial Corp ................     10,659             
1,613,000        Nipponkoa Insurance Co Ltd ........      6,392             
857,600        Nissan Fire & Marine                                     
      Insurance Co Ltd ................      1,896
719,000        Nissay Dowa General Insurance Co Ltd     2,465           
5,349,681        Nomura Holdings, Inc ..............     78,554             
876,656        Nordea AB (Finland) ...............      4,778           
1,412,276      e Nordea AB (Sweden) ................      7,683             
1,036,274        North Fork Bancorp, Inc ...........     41,254             
2,651,845        Northern Trust Corp ...............    116,840             
61,367        Northwest Bancorp, Inc ............        811          
54,221        Novastar Financial, Inc ...........      1,938          
12,940      * NYMAGIC, Inc ......................        197          
58,163        OceanFirst Financial Corp .........      1,404          
204,899      * Ocwen Financial Corp ..............      1,127           
64,530        Odyssey Re Holdings Corp ..........      1,122          
298,979      * Ohio Casualty Corp ................      6,249           
334,392        Old National Bancorp ..............      8,510           
637,015        Old Republic International Corp ...     20,066           
37,161        Old Second Bancorp, Inc ...........      1,365          
41,712        Omega Financial Corp ..............      1,523          
57,683        Oriental Financial Group, Inc .....      1,463          
283,404      e ORIX Corp .........................     22,864           
34,542      * OSI Systems, Inc ..................        685          
990,074        Oversea-Chinese Banking Corp Ltd ..      6,556           
190,636        Pacific Capital Bancorp ...........      4,552           
111,829      * Pacific Gulf Properties, Inc                             
      Liquidation Trust ...............        198
75,860        Pacific Northwest Bancorp .........      2,376          
52,737      * Pacific Union Bank ................        922          
129,301        Pan Pacific Retail Properties, Inc       4,420           

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61,026        Park National Corp ................      5,248          
22,289        Parkvale Financial Corp ...........        638          
453,000        Parkway Holdings Ltd ..............        222           
46,187        Parkway Properties, Inc ...........      1,680          
32,183      * Partners Trust Financial Group, Inc        515          
14,805        Peapack Gladstone Financial Corp ..        906          
33,274        Pennfed Financial Services, Inc ...        928          
31,559        Pennrock Financial Services Corp ..      1,032          
66,824        Pennsylvania Real Estate                                
      Investment Trust ................      1,812
39,036        Peoples Bancorp, Inc ..............      1,115          
139,076        People's Bank .....................      3,631           
27,029        Peoples Holding Co ................      1,108          
517,000        Peregrine Investment Holdings Ltd .          0           
62,160        PFF Bancorp, Inc ..................      2,387          
73,209      * Philadelphia Consolidated Holding                       
      Corp ............................      3,319
488,875        Phoenix Cos, Inc ..................      8,971           
53,590      * Pico Holdings, Inc ................        888          
136,021        PMA Capital Corp (Class A) ........      2,877           
532,919        PMI Group, Inc ....................     20,358           
1,514,649        PNC Financial Services Group, Inc .     79,186             
760,950        Popular, Inc ......................     25,629           
29,199        Port Financial Corp ...............      1,171          
179,721        Post Properties, Inc ..............      5,420           
432,804      e Power Financial Corp ..............     11,269           
169,154        Prentiss Properties Trust .........      5,371           
118,242        Presidential Life Corp ............      2,397           
78,401      * Price Legacy Corp .................        302          
29,863      * Prime Group Realty Trust ..........        194          
883,942      * Principal Financial Group .........     27,402           
18,254        Privatebancorp, Inc ...............        550          
123,709      * ProAssurance Corp .................      2,177           
1,052,526        Progressive Corp ..................     60,889             
876,865        Prologis Trust ....................     22,798           
545,287        Promise Co Ltd ....................     27,478           
58,821        Prosperity Bancshares, Inc ........      1,072          
413,176        Protective Life Corp ..............     13,676           
17,346        Provident Bancorp, Inc ............        486          
133,980        Provident Bankshares Corp .........      3,174           
187,684      e Provident Financial Group, Inc ....      5,445           
24,480        Provident Financial plc ...........        258          
1,310,661      * Providian Financial Corp ..........      7,707             
1,756,600      * Prudential Financial, Inc .........     58,600             
2,788,531        Prudential plc ....................     25,503             
56,547        PS Business Parks, Inc ............      1,976          
535,130        Public Storage, Inc ...............     19,853           
729,114      e QBE Insurance Group Ltd ...........      2,718           
20,686      * Quaker City Bancorp, Inc ..........        857          

28 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

FINANCIAL SERVICES--(CONTINUED)                                               
72,604        R & G Financial Corp (Class B) ....    $ 1,721          
465,120        Radian Group, Inc .................     22,721           
31,447        RAIT Investment Trust .............        746          
27,346        Ramco-Gershenson Properties .......        551          
1,370,295      e RAS S.p.A. ........................     18,391             
199,060        Raymond James Financial, Inc ......      5,667           
174,242        Realty Income Corp ................      6,433           
32,782        Reckson Associates Realty Corp ....        816          
154,711        Reckson Associates Realty Corp                           
     (Class B) ........................      3,945
43,462        Redwood Trust, Inc ................      1,369          
121,981        Regency Centers Corp ..............      3,617           
1,232,116        Regions Financial Corp ............     43,309             
91,493        Reinsurance Group Of America, Inc .      2,820          
253,783        Republic Bancorp, Inc .............      3,792           
37,133        Republic Bancorp, Inc (Kentucky)                        
     (Class A) ........................        438
23,302      * Republic Bancshares, Inc ..........        470          
86,236        Resource America, Inc (Class A) ...        909          
145,184        RFS Hotel Investors, Inc ..........      1,966           
71,334        Riggs National Corp ...............      1,064          
35,048        RLI Corp ..........................      1,787          
500,912        Roslyn Bancorp, Inc ...............     10,935           
391,048        Rouse Co ..........................     12,905           
20,266,702        Royal & Sun Alliance Insurance                              
      Group plc .......................     74,451
24,674        Royal Bancshares Of Pennsylvania                        
     (Class A) ........................        528
2,186,472      e Royal Bank Of Canada ..............     75,475             
67,800        Royal Bank Of Canada (New York) ...      2,359          
4,082,963        Royal Bank Of Scotland Group plc ..    115,760             
132,526        S & T Bancorp, Inc ................      3,578           
28,530        S.Y. Bancorp, Inc .................      1,168          
6,238,727        Safeco Corp .......................    192,714             
629,484      * Sampo Oyj (A Shs) .................      4,911           
74,524        Sandy Spring Bancorp, Inc .........      2,396          
1,025,813      e Sanpaolo IMI S.p.A. ...............     10,293             
43,383        Santander Bancorp .................        740          
54,049        Saul Centers, Inc .................      1,400          
112,694      * Saxon Capital, Inc ................      1,834           
244,369        Schroders plc .....................      2,181           
3,900        Scpie Holdings, Inc ...............         24         
18,250        Seacoast Banking Corp Of Florida ..      1,054          
131,348        Seacoast Financial Services Corp ..      3,293           
42,819        Second Bancorp, Inc ...............      1,169          
367,385        SEI Investments Co ................     10,349           
136,443        Selective Insurance Group, Inc ....      3,865           
153,063        Senior Housing Properties Trust ...      2,403           
512,168        Shizuoka Bank Ltd .................      3,111           
228,822        Shohkoh Fund & Co Ltd .............     27,682           
233,969      * Silicon Valley Bancshares .........      6,167           
36,053        Simmons First National Corp                             
     (Class A) ........................      1,535
749,243        Simon Property Group, Inc .........     27,602           
5,502,000        Singapore Exchange Ltd ............      3,612             
136,000        Singapore Land Ltd ................        269           
1,670,848        Sino Land Co Ltd ..................        632             
36,615        Sizeler Property Investors ........        400          
901,080      e Skandia Forsakrings AB ............      4,098           
488,492      e Skandinaviska Enskilda Banken                            
     (A Shs) ..........................      5,129
399,378        Sky Financial Group, Inc ..........      8,447           
139,249        SL Green Realty Corp ..............      4,964           
875,694        Slm Corp ..........................     84,855           
799,649        Slough Estates plc ................      4,419           
374,551        Societe Generale (A Shs) ..........     24,673           
1,188,793        Sompo Japan Insurance, Inc ........      7,280             
313,204      * SoundView Technology Group, Inc ...        532           
221,546        South Financial Group, Inc ........      4,965           
1,889,712        SouthTrust Corp ...................     49,359             
137,775      * Southwest Bancorp Of Texas, Inc ...      4,990           
25,819        Southwest Bancorp, Inc ............        715          
1,410,813        Sovereign Bancorp, Inc ............     21,092             
66,676        Sovran Self Storage, Inc ..........      2,278          
35,761        St. Francis Capital Corp ..........        887          
164,794        St. Joe Co ........................      4,947           
1,084,987        St. Paul Cos, Inc .................     42,228             
156,103        Stancorp Financial Group, Inc .....      8,664           
1,289,962        Starwood Hotels & Resorts                                  
      Worldwide, Inc ..................     42,427
62,017        State Auto Financial Corp .........      1,017          
34,718        State Bancorp, Inc ................        609          
1,727,090        State Street Corp .................     77,201             
295,665        Staten Island Bancorp, Inc ........      5,677           
46,059        Sterling Bancorp ..................      1,644          
190,745        Sterling Bancshares, Inc ..........      2,817           
84,887        Sterling Financial Corp                                 
     (Pennsylvania) ...................      2,119

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57,518      * Sterling Financial Corp (Spokane)        1,144          
88,625      * Stewart Information Services Corp        1,821          
1,172,808        Stilwell Financial, Inc ...........     21,345             
520,947        Stockland Trust Group .............      1,284           
532,918      * Storebrand ASA ....................      3,224           
19,906        Student Loan Corp .................      1,649          
60,443        Suffolk Bancorp ...................      2,206          
836,900        Sumisho Lease Co Ltd ..............     13,336           
6,005,990        Sumitomo Mitsui Banking Corp ......     29,314             
2,727,000        Sumitomo Realty & Development Co Ltd    16,540             
1,150,809        Sumitomo Trust & Banking Co Ltd ...      5,530             
24,792        Summit Bancshares, Inc ............        602          
142,055        Summit Properties, Inc ............      3,317           
31,502      * Sun Bancorp, Inc ..................        438          
23,737        Sun Bancorp, Inc ..................        581          
81,328        Sun Communities, Inc ..............      3,395          
1,750,429        Sun Hung Kai Properties Ltd .......     13,297             
1,757,861      e Sun Life Financial Services Of                             
      Canada, Inc .....................     38,049
1,483,289        Suncorp-Metway Ltd ................     10,251             
1,297,913        Suntrust Banks, Inc ...............     87,895             
34,711        Superior Financial Corp ...........        665          
29,000        Suruga Bank Ltd ...................        137          
206,981        Susquehanna Bancshares, Inc .......      4,701           
358,332        Svenska Handelsbanken AB (A Shs) ..      5,478           
262,583        Svenska Handelsbanken AB (B Shs) ..      3,871           
712,348        Swiss Reinsurance Co (Regd) .......     69,641           
72,560      e SWS Group, Inc ....................      1,424          
1,373,501        Synovus Financial Corp ............     37,799             
142,370      * Syntroleum Corp ...................        410           
558,077        T Rowe Price Group, Inc ...........     18,350           
759,689        Takefuji Corp .....................     52,797           
157,649        Taubman Centers, Inc ..............      2,404           
420,151        TCF Financial Corp ................     20,629           
77,928        Texas Regional Bancshares, Inc                          
    (Class A) .........................      3,866
213,550        Thornburg Mortgage, Inc ...........      4,203           
42,816        Three Rivers Bancorp, Inc .........        763          
19,558        TK Development ....................        247          
37,251        Tompkins Trustco, Inc .............      1,814          
35,449      * Topdanmark As .....................      1,108          
657,901        Torchmark Corp ....................     25,132           
153,826        Tower Ltd .........................        342           
78,069        Town & Country Trust ..............      1,749          
153,156      * Trammell Crow Co ..................      2,213           
111,062        Transatlantic Holdings, Inc .......      8,885           
399      * Transcontinental Realty                              
      Investors, Inc ..................          8
1,208,960      * Travelers Property Casulaty Corp                           
     (Class A) ........................     21,399
38,953      * Triad Guaranty, Inc ...............      1,696          
25,041        Trico Bancshares ..................        663          
244,950        Trizec Properties, Inc ............      4,130           

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 29

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
-----                                                 -------           

FINANCIAL SERVICES--(CONTINUED)                                               
43,615        Troy Financial Corp ...............  $   1,313          
96,839        Trust Co Of New Jersey ............      2,489          
380,019        Trustco Bank Corp .................      5,005           
239,049        Trustmark Corp ....................      6,108           
20,218,467        U.S. Bancorp ......................    472,101              
99,883        U.S. Restaurant Properties, Inc ...      1,655          
63,050        U.S.B. Holding Co, Inc ............      1,299          
114,000        UBS AG. (Regd) ....................      5,687           
5,704,806        UBS AG. (Regd) (Switzerland) ......    286,908             
101,757        UCBH Holdings, Inc ................      3,868           
400      * U-Cyber Technology Holdings Ltd ...          0       
2,758      e UFJ Holdings, Inc .................      6,673         
209,718      * UICI ..............................      4,236           
91,440        UMB Financial Corp ................      4,286          
95,877        Umpqua Holdings Corp ..............      1,772          
36,337      e Unibail ...........................      2,243          
5,712,741      e Unicredito Italiano S.p.A. ........     25,840             
47,831      * Union Acceptance Corp (Class A) ...        199          
37,233        Union Bankshares Corp .............        984          
2,543,022        Union Planters Corp ...............     82,318             
346,722        UnionBanCal Corp ..................     16,244           
219,315        United Bankshares, Inc ............      6,443           
75,679        United Community Banks, Inc .......      2,242          
159,003        United Community Financial Corp ...      1,488           
554,250        United Dominion Realty Trust, Inc .      8,729           
36,021        United Fire & Casualty Co .........      1,361          
79,174        United National Bancorp ...........      1,821          
1,205,861        United Overseas Bank Ltd (Singapore)     8,668             
298,000        United Overseas Land Ltd ..........        304           
242,407      * United Rentals, Inc ...............      5,284           
409,243      * UnitedGlobalcom, Inc (Class A) ....      1,125           
244,953        Unitrin, Inc ......................      8,762           
154,590      * Universal American Financial Corp .      1,037           
58,922        Universal Health Realty Income Trust     1,556          
105,062        Unizan Financial Corp .............      2,249           
3,899,794        UnumProvident Corp ................     99,250             
59,771        Urstadt Biddle Properties, Inc                          
     (Class A) ........................        681
415,750        Vallehermoso S.A. .................      3,983           
509,393        Valley National Bancorp ...........     14,161           
10,106        Value Line, Inc ...................        416          
184,711        Vesta Insurance Group, Inc ........        791           
56,792      * VIB Corp ..........................        739          
35,022        Virginia Financial Group, Inc .....      1,123          
22,898        Vista Bancorp, Inc ................        618          
461,166        Vornado Realty Trust ..............     21,306           
142,419        W Holding Co, Inc .................      3,446           
7,387,596        Wachovia Corp .....................    282,058             
379,158        Waddell & Reed Financial, Inc                            
     (Class A) ........................      8,690
18,204        Warwick Community Bancorp .........        547          
369,771        Washington Federal, Inc ...........      9,340           
5,459,106        Washington Mutual, Inc ............    202,587             
204,842        Washington Real Estate Investment                        
      Trust ...........................      5,920
59,580        Washington Trust Bancorp, Inc .....      1,411          
188,903        Waypoint Financial Corp ...........      3,693           
158,153      * WCM Beteiligungs & Grundbesitz AG.       1,023           
280,264        Webster Financial Corp ............     10,717           
231,641        Weingarten Realty Investors .......      8,200           
10,043,662        Wells Fargo & Co ..................    502,786              
25,882      * Wellsford Real Properties, Inc ....        536          
109,200        Wesbanco, Inc .....................      2,589           
7,525        Wesco Financial Corp ..............      2,269         
78,390        West Coast Bancorp ................      1,344          
169,169        Westamerica Bancorp ...............      6,692           
59,700        Westcorp ..........................      1,907          
24,504        Westfield Financial, Inc ..........        380          
706,304        Westfield Holdings Ltd ............      5,932           
110,083      * Westfield Trust ...................        206           
4,255,000        Westfield Trust (Units) ...........      8,122             
5,897,540        Westpac Banking Corp ..............     53,769             
48,456      * WFS Financial, Inc ................      1,328          
208,391        Whitney Holding Corp ..............      6,406           
10,031        Willow Grove Bancorp, Inc .........        118          
302,560        Wilmington Trust Corp .............      9,228           
2        Wing Lung Bank Ltd ................          0     
364,000        Wing Tai Holdings Ltd .............        150           
70,137        Winston Hotels, Inc ...............        684          
63,831        Wintrust Financial Corp ...........      2,207          
52,179      * World Acceptance Corp .............        438          
43,082        WSFS Financial Corp ...............      1,114          
830,448      * Wyndham International, Inc (Class A)       963           
1,793,000      b Yamaichi Securities Co Ltd ........         30             
29,554        Yardville National Bancorp ........        589          
40,753        Zenith National Insurance Corp ....      1,298          
478,629        Zions Bancorp .....................     24,936           

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66,311        Zurich Financial Services AG. .....     13,389          
                                       -----------
    TOTAL FINANCIAL SERVICES .......... 18,898,267
                                       -----------
HEALTH CARE--13.83%                                                           
32,762      * 3 Dimensional Pharmaceuticals, Inc         146          
52,578      * aaiPharma, Inc ....................      1,182          
12,601,633        Abbott Laboratories ...............    474,451              
416,075      * Abgenix, Inc ......................      4,078           
89,950     e* Abiomed, Inc ......................        763          
159,995      * Accredo Health, Inc ...............      7,382           
16,300      * Aclara BioSciences, Inc ...........         28          
163,267      * Adolor Corp .......................      1,838           
41,598        Advanced Neuromodulation Systems,                       
      Inc .............................      1,269
365,573      * Advanced Tissue Sciences, Inc .....        526           
482,260      * AdvancePCS ........................     11,545           
12,815      * Advisory Board Co/The .............        464          
5,459,148        Aetna, Inc ........................    261,875             
209,238      * Affymetrix, Inc ...................      5,020           
98,691     e* Aksys Ltd .........................        681          
70,707      * Alaris Medical, Inc ...............        471          
109,659      * Albany Molecular Research, Inc ....      2,318           
1,260,600      * Alcon, Inc ........................     43,176             
200,545      * Alderwoods Group, Inc .............      1,536           
83,757      * Alexion Pharmaceuticals, Inc ......      1,269          
164,090     e* Align Technology, Inc .............        663           
337,051      * Alkermes, Inc .....................      5,396           
683,396        Allergan, Inc .....................     45,617           
41,547      * Alliance Imaging, Inc .............        561          
112,541      * Allos Therapeutics, Inc ...........      1,017           
164,098      * Allscripts Healthcare Solutions, Inc       614           
22,900      * Alpha-Beta Technology, Inc ........          0          
201,801        Alpharma, Inc (Class A) ...........      3,427           
105,049        Altana AG. ........................      5,291           
61,994      * American Healthways, Inc ..........      1,103          
151,689      * American Medical Systems                                 
      Holdings, Inc ...................      3,043
17,146      * American Pharmaceutical                                 
      Partners, Inc ...................        212
6,005      * AMERIGROUP Corp ...................        164         
145,924      * Ameripath, Inc ....................      3,502           
684,795        AmerisourceBergen Corp ............     52,044           
932,957        Amersham plc ......................      8,248           
10,614,070        Amgen, Inc ........................    444,517              
5,114      * AMN Healthcare Services, Inc ......        179         
105,182      * Amsurg Corp .......................      2,762           
344,220      * Amylin Pharmaceuticals, Inc .......      3,766           
313,801      * Andrx Corp ........................      8,463           
1,776,455      * Anthem, Inc .......................    119,875             

30 College Retirement Equities Fund  2002 SEMIANNUAL REPORT                     

 SEE NOTES TO FINANCIAL STATEMENTS

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SHARES                                               VALUE (000)          
------                                               ----------           

HEALTH CARE--(CONTINUED)                                                      
82,154     e* Antigenics, Inc ...................      $ 809          
80,200      * Aphton Corp .......................        602          
565,587      * Apogent Technologies, Inc .........     11,634           
1,538,618        Applera Corp (Applied Biosystems                           
      Group) ..........................     29,988
373,749      * Applera Corp (Celera Genomics                            
       Group) ..........................       4,485
88,229      * Applied Molecular Evolution .......        510          
220,502      * Apria Healthcare Group, Inc .......      4,939           
95,046      * Arena Pharmaceuticals, Inc ........        798          
136,058      * Ariad Pharmaceuticals, Inc ........        566           
105,855      * Arqule, Inc .......................        715           
81,646      * Array Biopharma, Inc ..............        787          
59,744        Arrow International, Inc ..........      2,333          
102,857      * Arthrocare Corp ...................      1,323           
56,464      * Aspect Medical Systems, Inc .......        203          
1,367,499        AstraZeneca plc ...................     56,840             
2,482,631        AstraZeneca plc (United Kingdom) ..    102,781             
123,474      * Atherogenics, Inc .................        885           
103,765      * Atrix Laboratories, Inc ...........      2,309           
114,928      * ATS Medical, Inc ..................         63           
82,892      * AVANIR Pharmaceuticals (Class A) ..        108          
91,710      * Avant Immunotherapeutics, Inc .....        103          
1,794,193        Aventis S.A. ......................    127,137             
54,379     e* AVI Biopharma, Inc ................        160          
108,344      * Avigen, Inc .......................      1,020           
333,000        Banyu Pharmaceutical Co Ltd .......      4,295           
255,190        Bard (C.R.), Inc ..................     14,439           
137,618      * Barr Laboratories, Inc ............      8,743           
301,272        Bausch & Lomb, Inc ................     10,198           
3,599,196        Baxter International, Inc .........    159,984             
97,100      * Baxter International, Inc                               
     (Contingent Value Rts) ...........          2
17,199,208     f* BB Bioventures L.P. ...............     28,126              
295,215        Beckman Coulter, Inc ..............     14,731           
1,864,522        Becton Dickinson & Co .............     64,233             
60,429      * Benthley Pharmaceuticals, Inc .....        701          
522,654      * Beverly Enterprises, Inc ..........      3,977           
791,984      * Biogen, Inc .......................     32,812           
139,550      * BioMarin Pharmaceutical, Inc ......        728           
1,836,287        Biomet, Inc .......................     49,800             
85,005     e* Biopure Corp ......................        650          
90,949      * Bio-Rad Laboratories, Inc (Class A)      4,139          
17,022      * Bioreliance Corp ..................        422          
64,124      * Biosite, Inc ......................      1,805          
16,802      * BioSphere Medical, Inc ............         65          
304,404      * Bio-Technology General Corp .......      1,829           
414,868      * Biovail Corp ......................     12,182           
46,006      * Bone Care International, Inc ......        241          
1,673,198      * Boston Scientific Corp ............     49,058             
40,768      * Bradley Pharmaceuticals, Inc ......        542          
10,178,377        Bristol-Myers Squibb Co ...........    261,584              
94,709     e* Britesmile, Inc ...................        224          
85,158      * Bruker Daltonics, Inc .............        336          
112,018      * Caliper Technologies Corp .........        935           
32,564      * Cantel Medical Corp ...............        599          
277,145      * Cardiac Science, Inc ..............      1,095           
4,629,696        Cardinal Health, Inc ..............    284,310             
156,961      * Cardiodynamics International Corp .        584           
1,239,814      * Caremark Rx, Inc ..................     20,457             
402,260      * Celgene Corp ......................      6,155           
184,580      * Cell Genesys, Inc .................      2,490           
128,428     e* Cell Pathways, Inc ................        193           
192,049      * Cell Therapeutics, Inc ............      1,048           
468,680      * Celltech Group plc ................      3,715           
14,015      * Centene Corp ......................        434          
267,265      * Cephalon, Inc .....................     12,080           

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110,483      * Cepheid, Inc ......................        616           
138,827      * Cerner Corp .......................      6,640           
60,394     e* Cerus Corp ........................      2,046          
228,118      * Charles River Laboratories                               
      International, Inc ..............      7,996
26,963      * Chattem, Inc ......................        849          
478,146      * Chiron Corp .......................     16,902           
60,590      * Cholestech Corp ...................        639          
378,000      e Chugai Pharmaceutical Co Ltd ......      4,522           
738,542        Cigna Corp ........................     71,949           
77,135      * Cima Labs, Inc ....................      1,860          
84,029      * Ciphergen Biosystems, Inc .........        297          
28,773      * Closure Medical Corp ..............        403          
44,465      * Cobalt Corp .......................      1,014          
52,533        Cochlear Ltd ......................      1,004          
153,420      * Coherent, Inc .....................      4,532           
38,938      * Collateral Therapeutics, Inc ......        460          
23,192        Coloplast A/S (B Shs) .............      1,881          
131,049      * Columbia Laboratories, Inc ........        786           
235,200      * Community Health Systems, Inc .....      6,303           
700      * Computer Programs & Systems, Inc ..         15       
23,400     e* Computerized Thermal Imaging, Inc .         15          
67,123      * Conceptus, Inc ....................      1,107          
132,921      * Conmed Corp .......................      2,968           
154,278      * Connetics Corp ....................      1,993           
74,596        Cooper Cos, Inc ...................      3,513          
225,122      * Corixa Corp .......................      1,542           
32,403      * Corvel Corp .......................      1,085          
319,634      * Covance, Inc ......................      5,993           
310,080      * Coventry Health Care, Inc .........      8,812           
8     b* CPX Corp ..........................          1     
84,658      * Cross County, Inc .................      3,200          
79,763      * Cryolife, Inc .....................      1,281          
237,897        CSL Ltd ...........................      4,298           
145,776      * Cubist Pharmaceuticals, Inc .......      1,372           
228,742      * CuraGen Corp ......................      1,260           
52,715      * Curative Health Services, Inc .....        885          
171,895      * Curis, Inc ........................        210           
124,566      * CV Therapeutics, Inc ..............      2,319           
104,754      * Cyberonics, Inc ...................      1,374           
13,900      * Cygnus, Inc .......................         28          
95,857      * Cytogen Corp ......................        103          
660,723      * Cytyc Corp ........................      5,035           
66,298        D&K Healthcare Resources, Inc .....      2,338          
490,850        Daiichi Pharmaceutical Co Ltd .....      8,969           
63,079        Datascope Corp ....................      1,744          
432,734      * DaVita, Inc .......................     10,299           
176,755     e* Decode Genetics, Inc ..............        827           
100,011      * Deltagen, Inc .....................        245           
79,685      * Dendreon Corp .....................        168          
159,938      * Dendrite International, Inc .......      1,547           
367,998        Dentsply International, Inc .......     13,583           
117,016        Diagnostic Products Corp ..........      4,330           
50,710      * Dianon Systems, Inc ...............      2,709          
65,279      * Digene Corp .......................        768          
84,119      * Discovery Partners                                      
      International, Inc ..............        552
128,906      * Diversa Corp ......................      1,283           
35,804      * DJ Orthopedics, Inc ...............        294          
180,000        Dr. Reddy's Laboratories Ltd ......      3,476           
105,919      * Durect Corp .......................        847           
74,186      * Dusa Pharmaceuticals, Inc .........        215          
63,433      * DVI, Inc ..........................      1,224          
22,691      * Dyax Corp .........................         88          
20,369     e* Dynacq International, Inc .........        287          
239,796      * Eclipsys Corp .....................      1,573           

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 31

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

HEALTH CARE--(CONTINUED)                                                      
6,600     e* Eden Bioscience Corp ..............  $      13         
325,570      * Edwards Lifesciences Corp .........      7,553           
350,183        Eisai Co Ltd ......................      8,999           
100,758      * Elan Corp plc .....................        582           
397,347      * Elan Corp plc (Spon ADR) ..........      2,173           
24,611      * Embrex, Inc .......................        515          
63,069      * Emisphere Technologies, Inc .......        259          
100,761      * Endo Pharmaceuticals Holdings, Inc         705           
52,753      * Endocardial Solutions, Inc ........        400          
86,357     e* Endocare, Inc .....................      1,141          
42,596     e* Entremed, Inc .....................        131          
124,022      * Enzo Biochem, Inc .................      1,777           
229,512      * Enzon, Inc ........................      5,648           
4,415      * Eon Labs, Inc .....................         79         
62,028      * EPIX Medical, Inc .................        654          
28,334      * eResearch Technology, Inc .........        717          
110,814      * Esperion Therapeutics, Inc ........        602           
59,437     e* Exact Sciences Corp ...............        949          
208,250      * Exelixis, Inc .....................      1,568           
417,104      * Express Scripts, Inc (Class A) ....     20,901           
27        FAES FARMA S.A. ...................          0      
478,035      * First Health Group Corp ...........     13,404           
112,908      * First Horizon Pharmaceutical ......      2,336           
287,172        Fisher Scientific International, Inc     8,041           
939,410      * Forest Laboratories, Inc ..........     66,510           
22,749        Fresenius Medical Care AG. ........      1,016          
246,951        Fujisawa Pharmaceutical Co Ltd ....      5,913           
184,815        Gambro AB (A Shs) .................      1,217           
97,882        Gambro AB (B Shs) .................        644          
66,707      e Gehe AG. ..........................      2,833          
96,878     e* Genaissance Pharmaceuticals .......        128          
144,530      * Gene Logic, Inc ...................      2,023           
51,802      * Genelabs Technologies .............        104          
51,300      * Genencor International, Inc .......        502          
1,154,055      * Genentech, Inc ....................     38,661             
142,267      * Genesis Health Ventures, Inc ......      2,858           
1,400,000     f* Genesoft Series C Financing .......      7,000             
500,000     f* Genesoft Series D Financing .......      2,000           
34,806     e* Genome Therapeutics Corp ..........         80          
62,044      * Genstar Therapeutics Corp .........         22          
195,138     e* Genta, Inc ........................      1,618           
190,193      * Genzyme Corp (Biosurgery Division)         862           
1,073,385      * Genzyme Corp (General Division) ...     20,652             
21,315      * Genzyme Corp (Molecular                                 
      Oncology Division) ..............         54
110,785     e* Geron Corp ........................        507           
1,132,042      * Gilead Sciences, Inc ..............     37,222             
16,726,072        GlaxoSmithKline plc ...............    361,527              
500     b* Gliatech, Inc .....................          0       
2,060,175      * Guidant Corp ......................     62,279             
111,404      * Guilford Pharmaceuticals, Inc .....        840           
806,023      e H. Lundbeck A/S ...................     21,324           
107,453      * Haemonetics Corp ..................      3,138           
98,980      * Hanger Orthopedic Group, Inc ......      1,504          
60,248      * Harvard Bioscience, Inc ...........        337          
2,759,226        HCA, Inc ..........................    131,063             
3,083,657      * Health Management Associates, Inc                          
     (Class A) ........................     62,136
512,216      * Health Net, Inc ...................     13,712           
46,721        Healthcare Services Group .........        722          
67,399      * HealthExtras, Inc .................        342          
2,145,156      * Healthsouth Corp ..................     27,437             
39,166      * Healthtronics Surgical Services, Inc       685          
5,900      * Hemispherx Biopharma, Inc .........         15         
193,132      * Henry Schein, Inc .................      8,594           
244,506        Hillenbrand Industries, Inc .......     13,729           
100,355      * Hologic, Inc ......................      1,452           
1,111,720      * Human Genome Sciences, Inc ........     14,897             
862,716      * Humana, Inc .......................     13,484           
56,050     e* Hyseq, Inc ........................        127          
434,663        ICN Pharmaceuticals, Inc ..........     10,523           
259,724      * Icos Corp .........................      4,405           
49,674      * ICU Medical, Inc ..................      1,535          
911,774      * IDEC Pharmaceuticals Corp .........     32,322           
182,580      * Idexx Laboratories, Inc ...........      4,709           
86,748      * IDX Systems Corp ..................      1,129          
74,552     e* Igen International, Inc ...........      2,348          
167,938      * Ilex Oncology, Inc ................      2,366           
98,022      * Illumina, Inc .....................        659          
186,372      * I-many, Inc .......................        512           
283,924     e* ImClone Systems, Inc ..............      2,469           
31,892      * Immucor, Inc ......................        749          
163,807     e* Immune Response Corp ..............         57           
2,088,049      * Immunex Corp ......................     46,647             
207,438      * Immunogen, Inc ....................        558           
201,281        Immunomedics, Inc .................      1,049           
91,405     e* Impath, Inc .......................      1,641          
109,880      * Impax Laboratories, Inc ...........        823           
1,567,046        IMS Health, Inc ...................     28,128             

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79,032      * Inamed Corp .......................      2,112          
354,457      * Incyte Genomics, Inc ..............      2,577           
197,925      * Indevus Pharmaceuticals, Inc ......        230           
244,294      * Inhale Therapeutic Systems, Inc ...      2,426           
179,039      * Inkine Pharmaceutical Co, Inc .....        152           
178,319      * Insmed, Inc .......................        250           
31,034      * Inspire Pharmaceuticals, Inc ......        119          
31,216        Instrumentarium Oyj ...............        788          
62,353      * Integra LifeSciences Holding ......      1,356          
141,885      * Integrated Silicon Solution, Inc ..      1,266           
168,463     e* InterMune, Inc ....................      3,555           
30,000     f* International Hydron Liquidating                        
      Trust ...........................          1
84,532      * Interpore International ...........        817          
155,419      * Intuitive Surgical, Inc ...........      1,316           
113,184        Invacare Corp .....................      4,188           
34,123      * Inverness Medical Innovations, Inc         689          
279,930      * Invitrogen Corp ...................      8,961           
217,352      * Isis Pharmaceuticals, Inc .........      2,067           
7,200      * I-Stat Corp .......................         26         
821,303      * IVAX Corp .........................      8,870           
18,990,356        Johnson & Johnson .................    992,436              
51,529      * Kendle International, Inc .........        701          
37,197      * Kensey Nash Corp ..................        603          
69,441     e* Keryx Biopharmaceuticals, Inc .....        158          
56,076      * Kindred Healthcare, Inc ...........      2,494          
3,666,497      * King Pharmaceuticals, Inc .........     81,580             
178,000        Kobayashi Pharmaceutical Co Ltd ...      7,203           
26,253      * KOS Pharmaceuticals, Inc ..........        534          
76,876      * Kosan Biosciences, Inc ............        670          
102,596      * KV Pharmaceutical Co (Class A) ....      2,770           
22,155      * KV Pharmaceutical Co (Class B) ....        582          
63,000        Kyowa Hakko Kogyo Co Ltd ..........        342          
2,516      * Kyphon, Inc .......................         37         
181,564      * La Jolla Pharmaceutical Co ........      1,135           
27,471      * LabOne, Inc .......................        714          
653,249      * Laboratory Corp Of America Holdings     29,821           
42,757        Landauer, Inc .....................      1,660          
789      * Lannett Co, Inc ...................          8       
67,013      * Large Scale Biology Corp ..........        146          
173,602      * Lexicon Genetics, Inc .............        849           
49,843      * Lifecore Biomedical, Inc ..........        565          
209,543      * LifePoint Hospitals, Inc ..........      7,609           

32 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

HEALTH CARE--(CONTINUED)                                                      
244,640      * Ligand Pharmaceuticals, Inc                              
     (Class B) ........................ $    3,547
6,472,226        Lilly (Eli) & Co ..................    365,034             
495,960      * Lincare Holdings, Inc .............     16,020           
85,765     e* Luminex Corp ......................        644          
115,018     e* Macrochem Corp ....................        201           
125,155      * Magellan Health Services, Inc .....        125           
558,701      * Manor Care, Inc ...................     12,850           
1,290,234     a* Martek Biosciences Corp ...........     26,992             
30,825      * Matria Healthcare, Inc ............        253          
24,955     e* Maxim Pharmaceuticals, Inc ........         81          
64,666      * Maximus, Inc ......................      2,050          
156,525      * Maxygen, Inc ......................      1,875           
1,630,823        McKesson Corp .....................     53,328             
329,593        MDS, Inc ..........................      5,244           
388,739      * Medarex, Inc ......................      2,884           
31,988      * Medcath Corp ......................        547          
40,684     e* Med-Design Corp ...................        526          
2,900      * Medical Staffing Network                               
      Holdings, Inc ...................         71
110,965      * Medicines Co ......................      1,368           
168,859      * Medicis Pharmaceutical Corp                              
     (Class A) ........................      7,220
1,594,175      * Medimmune, Inc ....................     42,086             
57,299      * MedQuist, Inc .....................      1,526          
19,581      * MedSource Technologies, Inc .......        240          
9,686,000        Medtronic, Inc ....................    415,045             
113,248        Mentor Corp .......................      4,157           
12,265,432        Merck & Co, Inc ...................    621,121              
150,382        Merck Kgaa ........................      4,047           
17,415      * Meridian Medical Technologies, Inc         629          
59,777      * Merit Medical Systems, Inc ........      1,233          
124,666      * MGI Pharma, Inc ...................        880           
257,428      * Mid Atlantic Medical Services, Inc       8,070           
1,497,225      * Millennium Pharmaceuticals, Inc ...     18,191             
263,749      * Millipore Corp ....................      8,435           
117,488      * MIM Corp ..........................      1,420           
76,862     e* Miravant Medical Technologies .....         41          
80,320      * Molecular Devices Corp ............      1,430          
15,479,920     f* MPM Bioventures II-QP, LP .........     13,389              
52,357      * Mright Medical Group, Inc .........      1,056          
209,102      * Mykrolis Corp .....................      2,469           
729,396        Mylan Laboratories, Inc ...........     22,867           
126,086      * Myriad Genetics, Inc ..............      2,565           
194,048      * Nabi Biopharmaceuticals ...........      1,042           
25,667      * Nanogen, Inc ......................         90          
131,662     e* Napro Biotherapeutics, Inc ........        864           
39,225      * Nastech Pharmaceutical Co .........        644          
44,776      * National Healthcare Corp ..........        951          
37,580      * Neoforma, Inc .....................        488          
62,157     e* Neopharm, Inc .....................        781          
61,871      * Neose Technologies, Inc ...........        674          
50,000     f* Netgenics, Inc Stock Options                            
     03/20/08 ........................         0
141,465      * Neurocrine Biosciences, Inc .......      4,053           
68,738      * Neurogen Corp .....................        804          
157,400     b* Neuromedical Systems, Inc .........          0           
75        Nichii Gakkan Co ..................          5      
138,944      * Nobel Biocare Holding AG. .........      9,616           
7,454      * North American Scientific .........         76         
7,091,682        Novartis AG. (Regd) ...............    311,866             
32,606      * Novavax, Inc ......................        139          
119,452      * Noven Pharmaceuticals, Inc ........      3,046           
1,359,264        Novo Nordisk A/S (B Shs) ..........     44,996             
45,987      * Novoste Corp ......................        212          
150,233      * NPS Pharmaceuticals, Inc ..........      2,302           
91,633      * Ocular Sciences, Inc ..............      2,428          
37,022      * Odyssey Healthcare, Inc ...........      1,342          
82,463      * Omega Healthcare Investors, Inc ...        625          
469,060        Omnicare, Inc .....................     12,318           
60,998      * Omnicell, Inc .....................        426          
121,726      * On Assignment, Inc ................      2,167           
229,000        Ono Pharmaceutical Co Ltd .........      8,177           
115,880      * Onyx Pharmaceuticals, Inc .........        669           
64,661      * Option Care, Inc ..................        888          
131,580      * OraSure Technologies, Inc .........        855           
65,695      * Orchid BioSciences, Inc ...........         87          
165,429     e* Organogenesis, Inc ................         33           
211,369      * Orthodontic Centers Of America, Inc      4,872           
158,839      * Orthologic Corp ...................        878           
201,641      * OSI Pharmaceuticals, Inc ..........      4,843           
180,383        Owens & Minor, Inc ................      3,564           
460,972      * Oxford Health Plans, Inc ..........     21,417           
182,506     e* Pacificare Health Systems, Inc ....      4,964           
84,772      * Pain Therapeutics, Inc ............        709          
589,186        Pall Corp .........................     12,226           
56      * Paracelsus Healthcare Corp ........          0      
91,305      * Paradigm Genetics, Inc ............        127          
132,015      * Parexel International Corp ........      1,836           

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262,793      * Patterson Dental Co ...............     13,226           
43,235      * PDI, Inc ..........................        670          
128,978      * Pediatrix Medical Group, Inc ......      3,224           
164,053      * Per-Se Technologies, Inc ..........      1,509           
1,307      * Per-Se Technologies, Inc Wts                           
      07/08/03 ........................          0
544,017     e* Peregrine Pharmaceuticals, Inc ....        636           
44,158,483        Pfizer, Inc .......................  1,545,547              
219,882      * Pharmaceutical Product                                   
      Development, Inc ................      5,792
100,108      * Pharmaceutical Resources, Inc .....      2,781           
11,735,083        Pharmacia Corp ....................    439,479              
113,114      * Pharmacopeia, Inc .................        964           
30,404     e* Pharmacyclics, Inc ................        135          
19,500     e* Pharmos Corp ......................         18          
23,900     b* PHP Healthcare Corp ...............          0          
5,794     b* Physicians Resource Group, Inc ....          0         
63,940     e* PolyMedica Corp ...................      1,633          
92,563      * Possis Medical, Inc ...............      1,143          
107,558      * Pozen, Inc ........................        557           
52,468      * Practiceworks, Inc ................        968          
295,241      * Praecis Pharmaceuticals, Inc ......      1,027           
64,817      * Prime Medical Services, Inc .......        753          
105,130      * Priority Healthcare Corp (Class A)       2,471           
9,085      * Priority Healthcare Corp (Class B)         213         
74,900      * ProcureNet, Inc ...................         11          
42,062      * Progenics Pharmaceuticals .........        517          
474,135      * Protein Design Labs, Inc ..........      5,149           
251,076      * Province Healthcare Co ............      5,614           
19,521      * Proxymed, Inc .....................        403          
387,803      * PSS World Medical, Inc ............      3,141           
48,500     e* Qiagen NV .........................        576          
177,908      * QLT, Inc ..........................      2,293           
32,900      * QMed, Inc .........................        275          
140,262      * Quadramed Corp ....................        980           
410,642      * Quest Diagnostics, Inc ............     35,336           
127,836      * Quidel Corp .......................        881           
626,740      * Quintiles Transnational Corp ......      7,828           
101,968      * Quovadx, Inc ......................        640           
96,733      * Radiologix, Inc ...................      1,475          
17,109      * Regeneration Technologies .........        103          
148,322     e* Regeneron Pharmaceuticals, Inc ....      2,152           
84,394      * RehabCare Group, Inc ..............      2,028          
262,810      * Renal Care Group, Inc .............      8,187           
75,987      * Res-Care, Inc .....................        503          
166,040     e* Resmed, Inc .......................      4,882           

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 33

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
-----                                                 -------           

HEALTH CARE--(CONTINUED)                                                      
170,780      * Respironics, Inc .................   $   5,815           
3,600      * Ribapharm, Inc ...................          33         
33,628     e* Ribozyme Pharmaceuticals, Inc ....          46          
175,058      * Rigel Pharmaceuticals, Inc .......         639           
49,391      * Rita Medical Systems, Inc ........         500          
1,300        Roche Holding AG. (Br) ...........         148         
2,667,339        Roche Holding AG. (Genusscheine) .     201,623             
89,394      * Salix Pharmaceuticals Ltd ........       1,364          
51,258      * Sangamo Biosciences, Inc .........         301          
139,680      * Sangstat Medical Corp ............       3,210           
1,245,026        Sankyo Co Ltd ....................      16,931             
1,497,472        Sanofi-Synthelabo S.A. ...........      91,100             
958,954        Schering AG. .....................      59,996           
13,647,055        Schering-Plough Corp .............     335,718              
50,000        Schwarz Pharma AG. ...............       1,607          
243,591      * Scios, Inc .......................       7,456           
89,323      * Seattle Genetics, Inc ............         465          
53,708      * Select Medical Corp ..............         841          
387,746      * Sepracor, Inc ....................       3,703           
147,384      * Sequenom, Inc ....................         520           
98,883      * Serologicals Corp ................       1,809          
156,893      e Serono S.A. (B Shs) ..............     103,415           
749,868        Serono S.A. ADR ..................      12,223           
1,671,779      * Service Corp International .......       8,075             
1,305,199        Shionogi & Co Ltd ................      16,650             
396,334        SICOR, Inc .......................       7,348           
125,292      * Sierra Health Services, Inc ......       2,800           
2,970,424     f* Skyline Venture Partners                                   
      Qualified II ...................       2,559
160,000      * Skyline Venture Partners                                 
      Qualified III .................          160
1,476,463        Smith & Nephew plc ..............        8,192             
120,621      * Sola International, Inc .........        1,387           
196,543        Sonic Healthcare Ltd ............          568           
54,011      * Sonic Innovations, Inc ..........          382          
72,441      * SonoSite, Inc ...................        1,045          
42,959      * Spacelabs Medical, Inc ..........          610          
22,910      * Specialty Laboratories, Inc .....          192          
9,889      * SRI/Surgical Express, Inc .......          123         
503,046        SSL International plc ...........        2,734           
560,910        St. Jude Medical, Inc ...........       41,423           
170,833      * Stericycle, Inc .................        6,049           
360,258      * Steris Corp .....................        6,885           
529,514      * Stewart Enterprises, Inc (Class A)       3,373           
730,078        Stryker Corp ....................       39,066           
19,330      * Sulzer Medica AG. (Regd) ........        3,224          
94,013     e* Sunrise Assisted Living, Inc ....        2,520          
112,169      * Supergen, Inc ...................          814           
70,773      * SurModics, Inc ..................        1,839          
20,200        Suzuken Co Ltd ..................          473          
204,035      * Sybron Dental Specialties, Inc ..        3,775           
106,526      * Syncor International Corp .......        3,356           
19,576        Synthes-Stratec, Inc ............       11,970          
532,254        Taisho Pharmaceutical Co Ltd ....        8,198           
2,343,094        Takeda Chemical Industries Ltd ..      102,826             
126,547      * Tanox, Inc ......................        1,371           
181,262      * Targeted Genetics Corp ..........          196           
222,992      * Techne Corp .....................        6,293           
134,646      * Telik, Inc ......................        1,683           
2,408,402        Tenet Healthcare Corp ...........      172,321             
254,544        Terumo Corp .....................        3,402           
60,473        Teva Pharmaceuticals                                    
      Industries Ltd (Spon ADR) .....        4,038
238,913      * Texas Biotechnology Corp ........          932           
152,005      * Theragenics Corp ................        1,281           
23,546      * Therasense, Inc .................          435          
37,905      * Third Wave Technologies, Inc ....           85          
255,186      * Thoratec Corp ...................        2,294           
101,806      * Titan Pharmaceuticals, Inc ......          341           
60,368      * Transgenomic, Inc ...............          152          
163,091      * Transkaryotic Therapies, Inc ....        5,880           
394,612      * Triad Hospitals, Inc ............       16,724           
239,356      * Triangle Pharmaceuticals, Inc ...          649           
194,929      * Trigon Healthcare, Inc ..........       19,606           
104,205      * Trimeris, Inc ...................        4,626           
125,124      * TriPath Imaging, Inc ............          547           
120,208      * Tularik, Inc ....................        1,102           
6,303      * Twinlab Corp ....................            3         
513,207      * U.S. Oncology, Inc ..............        4,275           
29,343      * U.S. Physical Therapy, Inc ......          596          
91,294        UCB S.A. ........................        3,350          
29,279      * Umilab Corp .....................          802          
78,267      * United Surgical Partners                                
      International, Inc ............        2,425
83,352     e* United Therapeutics Corp ........        1,030          
2,983,166        UnitedHealth Group, Inc .........      273,109             
592,315        Universal Health Services, Inc                           
     (Class B) ......................       29,024
59,581      * Urologix, Inc ...................          762          

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30,934      * V.I. Technologies, Inc ..........          113          
13,000     e* Valentis, Inc ...................           17          
361,982        Varian Medical Systems, Inc .....       14,678           
165,935      * Varian, Inc .....................        5,468           
57,875      * Vasomedical, Inc ................          153          
2,600     e* Vaxgen, Inc .....................           15         
90,405      * VCA Antech, Inc .................        1,407          
65,814      * Ventana Medical Systems, Inc ....        1,445          
318,766        Ventas, Inc .....................        4,064           
83,462      * Ventiv Health, Inc ..............          235          
110,014      * Versicor, Inc ...................        1,480           
369,260      * Vertex Pharmaceuticals, Inc .....        6,012           
145,236      * Viasys Healthcare, Inc ..........        2,534           
111,655      * Vical, Inc ......................          590           
137,649      * Vion Pharmaceuticals, Inc .......           54           
92,631     e* Viropharma, Inc .................          133          
263,788      * Visx, Inc .......................        2,875           
28,196        Vital Signs, Inc ................        1,019          
179,052      * VitalWorks, Inc .................        1,468           
162,326      * Vivus, Inc ......................        1,099           
680,948      * Waters Corp .....................       18,181           
567,063      * Watson Pharmaceuticals, Inc .....       14,330           
102,142      * Watson Wyatt & Co Holdings ......        2,474           
1,279,576      * WebMD Corp ......................        7,204             
791,425      * Wellpoint Health Networks, Inc ..       61,581           
76,938      * Women First Healthcare, Inc .....          600          
8,733,017        Wyeth ...........................      447,131             
80,854        X-Rite, Inc .....................          695          
457,999        Yamanouchi Pharmaceutical Co Ltd        11,884           
21,408      * Young Innovations, Inc ..........          465          
1,068,355      * Zimmer Holdings, Inc ............       38,098             
46,317      * Zoll Medical Corp ...............        1,507          
32,629      * Zymogenetics, Inc ...............          288          
                                        ----------
    TOTAL HEALTH CARE ..............    12,098,211
                                        ----------
OTHER--2.48%                                                                  
44,788      * 4Kids Entertainment, Inc ........          927          
199,972        ABM Industries, Inc .............        3,472           
107,594      * Acacia Research Corp ............          764           
40,944     e* Actrade Financial Technologies Ltd         427          
223,348        Acuity Brands, Inc ..............        4,065           
664,089        Adecco S.A. (Regd) ..............       39,445           
117,708     e* Administaff, Inc ................        1,177           
98,892        Advo, Inc .......................        3,765          
500,000        Aegis Group plc .................          684           
218,754        Alexander & Baldwin, Inc ........        5,585           

34 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

OTHER--(CONTINUED)                                                            
302,435        Amadeus Global Travel                                    
      Distribution S.A. (A Shs) .....    $   1,935
24,263      * Ambassadors Group, Inc ..........          348          
12,282        Ambassadors International, Inc ..          124          
32,923        Amer Group plc ..................        1,073          
27,853        Amey plc ........................           76          
102,555      * Ansell Ltd ......................          362           
434,558      e Assa ABloy AB (B Shs) ...........        6,123           
551,514        Auckland International Airport Ltd       1,192           
2,789,861        BAA plc .........................       25,473             
133,838        Banta Corp ......................        4,805           
7,513,087   a,f* Baring Vostok L.P. ..............        7,513             
77,879      * Bell Microproducts, Inc .........          627          
4,325        Bellsystem 24, Inc ..............        1,514         
235,832        Benesse Corp ....................        4,309           
96,937        Brady Corp (Class A) ............        3,393          
168,573      e Brascan Corp (Class A) ..........        3,878           
60,764      * Bright Horizons Family                                  
      Solutions, Inc ................        2,012
1,150,500        Capita Group plc ................        5,472             
235,343      * Career Education Corp ...........       10,590           
63,135      * CDI Corp ........................        2,055          
16,262,831        Cendant Corp ....................      258,254              
95,629        Central Parking Corp ............        2,185          
412,224      * Century Business Services, Inc ..        1,343           
1,131,036      * CGI Group, Inc (Class A) ........        5,094             
4,542      * CGI Group, Inc (Class A) (U.S.)            21          
34,012      * Charles River Associates, Inc ...          682          
2,036,652        Chubb plc .......................        4,890             
751,582        Cintas Corp .....................       37,151           
198,115      * Corinthian Colleges, Inc ........        6,714           
64,761      * Cornell Cos, Inc ................          767          
193,830      * Corporate Executive Board Co ....        6,639           
65,863      * CoStar Group, Inc ...............        1,352          
18,064        Courier Corp ....................          722          
432,442        Crane Co ........................       10,975           
38,593        Curtiss-Wright Corp .............        3,087          
89,311      * Daisytek International Corp .....        1,515          
123,603        DCC plc .........................        1,410           
291,961        De La Rue plc ...................        2,245           
1,061,550      e Deutsche Post AG. (Regd) ........       13,472             
327,843      * DeVry, Inc ......................        7,488           
1,250,436        Dover Corp ......................       43,765             
441,101      * Dun & Bradstreet Corp ...........       14,578           
127,856      * Edison Schools, Inc .............          121           
124,653      * Education Management Corp .......        5,077           
676,165        Electrocomponents plc ...........        3,788           
52,718        Ennis Business Forms, Inc .......          688          
57,842        Esco Technologies, Inc ..........        2,024          
365,898      * Exult, Inc ......................        2,378           
64,000        Fairchild Corp (Class A) ........          202          
29,190      * Fidelity National Information                           
      Solutions, Inc ................          701
93,936      * First Consulting Group, Inc .....          808          
206,370        First Industrial Realty Trust, Inc       6,779           
1,598,400        First NIS Regional Fund .........        8,791             
5,155        Flughafen Wien AG. ..............          177         
67,298      * Forrester Research, Inc .........        1,306          
936,162        Fortune Brands, Inc .............       52,425           
25,800      e Fuji Soft ABC, Inc ..............        1,040          
29,405      * General Binding Corp ............          492          
105,754        Gentiva Health Services, Inc ....          951           
184,554      * Getty Images, Inc ...............        4,018           
49,228        Group 4 Falck A/S ...............        1,702          
1,925      * Groupe Bruxelles Lambert S.A.                          
     (Strp VVPR) ....................            0
353,257      * Gtech Holdings Corp .............        9,022           
1,179,561        H & R Block, Inc ................       54,437             
282,049        Hagemeyer NV ....................        3,900           
50,071      * Hall Kinion & Associates, Inc ...          376          
158,978        Harland (John H.) Co ............        4,483           
113,000        Haw Par Corp Ltd ................          284           
764,335        Hays plc ........................        1,794           
99,222      * Heidrick & Struggles                                    
      International, Inc ............        1,981
336,225        HON Industries, Inc .............        9,152           
4,310,754        Honeywell International, Inc ....      151,868             
51,512      * Hotels.Com (Class A) ............        2,175          
5,347,998        Hutchison Whampoa Ltd ...........       39,939             
13,567      * ICT Group, Inc ..................          247          
150,251      * InfoUSA, Inc ....................          822           
63,342        Invision Technologies, Inc ......        1,530          
31,265      * ISS A/S .........................        1,650          
1,338,653        Itochu Corp .....................        4,691             
600        Itochu Techno-Science Corp ......           23       
101,969      * Itron, Inc ......................        2,675           
481,617        ITT Industries, Inc .............       34,002           
84,595        Kelly Services, Inc (Class A) ...        2,285          

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4,566,900        Keppel Corp Ltd .................       10,650             
53,965        Kobenhavns Lufthavne As .........        4,161          
197,920      * Korn/Ferry International ........        1,801           
209,934      * Labor Ready, Inc ................        1,228           
418,847        Liberty Property Trust ..........       14,660           
19,615      * Lifeline Systems, Inc ...........          517          
714,852        Loews Corp ......................       37,880           
11,742        M.J. Maillis S.A. ...............           68          
35,334      * Management Network Group, Inc ...           82          
514,857        Manpower, Inc ...................       18,921           
1,734        Marubeni Corp ...................            2         
159,162        Matthews International Corp                              
      (Class A) .....................        3,716
40,200        Mcgrath Rentcorp ................        1,042          
19,300        Meitec Corp .....................          638          
52,018      * Memberworks, Inc ................          964          
372,041      * Metromedia International Group,                          
      Inc ...........................           26
1,245,550      e Mitsubishi Corp .................        9,010             
1,391,286        Mitsui & Co Ltd .................        9,309             
978,803        Moody's Corp ....................       48,695           
501,918      * MPS Group, Inc ..................        4,266           
163,068      * MSC.Software Corp ...............        1,459           
25,346        National Service Industries, Inc           228          
204,848      * Navigant Consulting, Inc ........        1,432           
98,440      * NCO Group, Inc ..................        2,144          
93        NET One Systems Co Ltd ..........          521      
62,037        New England Business Services, Inc       1,560          
2,300      * New Horizons Worldwide, Inc .....           23         
400      * NexPrise, Inc ...................            2       
90,481        Nippon Kanzai Co Ltd ............        1,389          
90,481      * Nippon Kanzai Co Ltd New ........        1,385          
254,800      * Nu-Kote Holding, Inc (Class A) ..            0           
1,600        Obic Co Ltd .....................          347         
146,870        OCE NV ..........................        1,712           
97,602        Offshore Logistics, Inc .........        2,332          
53,130        OM AB ...........................          399          
563,328        Onex Corp .......................        7,630           
82,400      e Oracle Corp (Japan) .............        3,513          
45,136      * Ostasiatiske Kompagni ...........        1,026          
240,708        Pentair, Inc ....................       11,573           
295,393        Pittston Brink's Group ..........        7,089           
538,331        Power Corp Of Canada ............       14,141           
84,722     e* Prepaid Legal Services, Inc .....        1,686          
73,458      * ProQuest Co .....................        2,608          
2,642        Protection One, Inc .............            7         
182,906     e* Quebecor, Inc (Class B) .........        2,369           
162,107      * R.H. Donnelley Corp .............        4,534           

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 35

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

OTHER--(CONTINUED)                                                            
27,047      * Remedytemp, Inc (Class A) .........   $    492          
3,934,306        Rentokil Initial plc ..............     16,012             
132,780      * Rent-Way, Inc .....................      1,720           
52,411      * Right Management Consultants ......      1,378          
57,809      * RMH Teleservices, Inc .............        397          
1,005,761        Robert Half International, Inc ....     23,434             
80,460        Rollins, Inc ......................      1,637          
83,380      * School Specialty, Inc .............      2,215          
271,255        Secom Co Ltd ......................     13,307           
150,202        Securicor plc .....................        272           
454,151      e Securitas AB (B Shs) ..............      9,339           
698,149        Serco Group plc ...................      2,118           
1,706,621        Servicemaster Co ..................     23,415             
3,000        SGS Societe Generale Surveillance                      
      Holdings S.A. ...................        957
1,075,340      e Softbank Corp .....................     14,929             
25,996,000      * South China Industries Ltd ........        567              
303,889      * Spherion Corp .....................      3,616           
287,879        SPX Corp ..........................     33,826           
73,148        Standard Register Co ..............      2,501          
59,102        Standex International Corp ........      1,483          
44,844      * Startek, Inc ......................      1,199          
30,925        Strayer Education, Inc ............      1,967          
544,491        Sumitomo Corp .....................      3,298           
723,309        Supervalu, Inc ....................     17,743           
1,162,611        Swire Pacific Ltd (A Shs) .........      5,947             
136,079      * Symyx Technologies, Inc ...........      1,894           
3,731,285        Sysco Corp ........................    101,566             
60,487        Talx Corp .........................      1,147          
36,122      * Tejon Ranch Co ....................      1,178          
176,614        Teleflex, Inc .....................     10,093           
188,250      * Teletech Holdings, Inc ............      1,796           
779,411     e* Terra Lycos S.A. ..................      4,426           
53,600      * Terremark Worldwide, Inc ..........         13          
629,767        Textron, Inc ......................     29,536           
34,057      e TIS, Inc ..........................        969          
461,227      * TMP Worldwide, Inc ................      9,916           
794,342        TPG NV ............................     17,941           
114,807      * TradeStation Group, Inc ...........        140           
42,600      e Trans Cosmos, Inc .................        965          
14,826,584        Tyco International Ltd ............    200,307              
417,142      * U.S. Industries, Inc ..............      1,439           
40,076        Unifirst Corp .....................      1,014          
58,326      * Uniroyal Technology Corp ..........          6          
169,854        United Stationers, Inc ............      5,163           
4,842,901        United Technologies Corp ..........    328,833             
152,311        Vedior NV .........................      2,106           
553,089        Viad Corp .........................     14,380           
37,937      * Wackenhut Corrections Corp ........        554          
169,818        Walter Industries, Inc ............      2,267           
810,459        Wesfarmers Ltd ....................     12,376           
5,238,394        Wharf Holdings Ltd ................     12,357             
                                         ---------
    TOTAL OTHER .......................  2,173,234
                                         ---------
PRODUCER DURABLES--4.94%                                                      
2,049,960        3M Co .............................    252,145             
497,425     e* ABB Ltd ...........................      4,428           
160,171      * Active Power, Inc .................        578           
20,982      * Actuant Corp ......................        866          
115,165        Advantest Corp ....................      7,168           
387,535      * AGCO Corp .........................      7,557           
24,000        Aixtron AG. .......................        301          
30,457        Alamo Group, Inc ..................        457          
811,901      * Allied Waste Industries, Inc ......      7,794           
2,199     e* Alstom ............................         23         
2,199      * Alstom Rts ........................          1         
552,729        Amada Co Ltd ....................        2,679           
77,495        Amano Corp ......................          559          
21,285        American Ecology Corp ...........           97          
78,674        American States Water Co ........        2,085          
435,638        American Water Works Co, Inc ....       18,824           
175,728        Ametek, Inc .....................        6,546           
95,596        Applied Industrial Technologies,                        
      Inc ...........................        1,864
84,831      * Astec Industries, Inc ...........        1,365          
196,232        Atlas Copco AB (A Shs) ..........        4,697           
90,985        Atlas Copco AB (B Shs) ..........        2,049          
29,845      * August Technology Corp ..........          295          
128,022        Baldor Electric Co ..............        3,226           
3,625        Barco NV ........................          153         
116,013      * Beacon Power Corp ...............           26           
2      * Blount International, Inc .......            0     
46,524      * Bombardier, Inc (Class A) .......          395          
2,345,500     e* Bombardier, Inc (Class B) .......       19,431             
114,804        Briggs & Stratton Corp ..........        4,402           
169,808      * Brooks-PRI Automation, Inc ......        4,340           
2,000      * C.P. Pokphand Co Ltd ............            0         

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72,650        California Water Service Group ..        1,831          
358,072      * Capstone Turbine Corp ...........          594           
102,066      * Casella Waste Systems, Inc                               
     (Class A) ......................        1,226
72,159      * Catalytica Energy Systems, Inc ..          228          
1,959,853        Caterpillar, Inc ................       95,935             
1,058,000      * Chartered Semiconductor                                    
      Manufacturing Ltd .............        2,156
43,029        Circor International, Inc .......          738          
2,190      * Clean Harbors, Inc ..............           26         
115,437      * Coinstar, Inc ...................        2,822           
60,307      * Columbus Mckinnon Corp ..........          521          
61,612        Conectiv (Class A) ..............        1,339          
55,473      * Consolidated Graphics, Inc ......        1,054          
24,224        Cooper Industries Ltd (Class A) .          952          
269,369     b* Covanta Energy Corp .............            4           
17,162      * CTB International Corp ..........          264          
179,783        Cummins, Inc ....................        5,951           
82,271      * Cuno, Inc .......................        2,977          
125,163        Daikin Industries Ltd ...........        2,292           
193        Daiseki Co Ltd ..................            3       
702,474        Danaher Corp ....................       46,609           
1,895,323        Deere & Co ......................       90,786             
253,786      * Dycom Industries, Inc ...........        2,967           
379,442        Eaton Corp ......................       27,604           
135,000      e Ebara Corp ......................          728           
2,197,249        Emerson Electric Co .............      117,575             
68,033     e* Emex Corp .......................           46          
89,400      b Fansteel, Inc ...................            4          
72,130        Fanuc Ltd .......................        3,623          
238,376        Federal Signal Corp .............        5,721           
5,587        Fischer (Georg) Ltd (Regd) ......        1,100         
587,111        FKI plc .........................        1,403           
62,700      * Flow International Corp .........          423          
280,296      * Flowserve Corp ..................        8,353           
40,388      * FLS Industries A/S (B Shs) ......          515          
264,001      * FMC Technologies, Inc ...........        5,481           
39,979        Franklin Electric Co, Inc .......        1,882          
169,419     e* FuelCell Energy, Inc ............        1,743           
275,000        Fuji Electric Co Ltd ............          746           
32,800        Fuji Machine Manufacturing Co Ltd          509          
3,312,968      e Fujitsu Ltd .....................       23,107             
183,000        Futaba Corp .....................        5,344           
78,098      * Gardner Denver, Inc .............        1,562          
211,271        Gatx Corp .......................        6,359           
71,080,133        General Electric Co .............    2,064,878              
8,514      * Genesis Microchip, Inc ..........           71         

36 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

PRODUCER DURABLES--(CONTINUED)                                                
64,890      * Genlyte Group, Inc ................   $  2,636          
57,083     e* Global Power Equipment Group, Inc .        565          
37,179        Gorman-Rupp Co ....................      1,171          
114,305      * Graphic Packaging International                          
     Corp .............................      1,057
102,983     e* H Power Corp ......................         98           
210,737        Harsco Corp .......................      7,903           
127,824      * Headwaters, Inc ...................      2,013           
6,110,994      * Hitachi Ltd .......................     39,513             
89,980        Hoya Corp .........................      6,546          
264,756        Hubbell, Inc (Class B) ............      9,041           
168,656        Idex Corp .........................      5,650           
1,363,636        Illinois Tool Works, Inc ..........     93,136             
106,025      * Imagistics International, Inc .....      2,276           
1,044,342        IMI plc ...........................      5,170             
62        Ingersoll-Rand Co (Class A) .......          3      
5,094,110        Invensys plc ......................      6,911             
91,694      * Ionics, Inc .......................      2,224          
629,367        Ishikawajima-Harima Heavy                                
      Industries Co Ltd ...............        950
224,171        JLG Industries, Inc ...............      3,145           
212,044      * Joy Global, Inc ...................      3,677           
58,978      * Kadant, Inc .......................        973          
9,920,185      * Kawasaki Heavy Industries Ltd .....     12,663             
145,879        Kaydon Corp .......................      3,444           
1,959        KCI Konecranes International ......         66         
167,652        Kennametal, Inc ...................      6,136           
1,541,311        Komatsu Ltd .......................      5,517             
120,000      e Komori Corp .......................      1,496           
266,690        Kone Oyj (B Shs) ..................      7,901           
5,814,646        Koninklijke Philips Electronics NV     162,342             
1,613,218        Kubota Corp .......................      4,913             
82,362        Kurita Water Industries Ltd .......      1,014          
27,642        Lawson Products, Inc ..............        852          
170,989        Lincoln Electric Holdings, Inc ....      4,600           
56,762        Lindsay Manufacturing Co ..........      1,314          
104,151      * Littelfuse, Inc ...................      2,409           
58,379      * Logitech International S.A. (Regd)       2,714          
349,800      e Mabuchi Motor Co Ltd ..............     34,466           
222,227      * Magna Entertainment Corp (Class A)       1,553           
310,684      e Magna International, Inc (Class A)      21,388           
110,023      * Magnetek, Inc .....................      1,089           
165,000        Makita Corp .......................      1,065           
129,782        Manitowoc Co, Inc .................      4,606           
15,300        Maxwell Technologies, Inc .........        133          
108,233      * Mechanical Technology, Inc ........        117           
404,901        Metso Oyj .........................      5,238           
86,490        Milacron, Inc .....................        878          
48,083        Mine Safety Appliances Co .........      1,923          
2,505,024      * Mitsubishi Electric Corp ..........     11,244             
4,607,160        Mitsubishi Heavy Industries Ltd ...     13,953             
48,631        Mori Seiki Co Ltd .................        445          
465,156        Murata Manufacturing Co Ltd .......     29,262           
34,037        Nacco Industries, Inc (Class A) ...      1,978          
153,427      * National Instruments Corp .........      4,996           
303,607        Navistar International Corp .......      9,715           
354,097      * Newpark Resources, Inc ............      2,603           
101,543     e* Nikon Corp ........................      1,124           
2,049,946      * NEC Corp ..........................     14,264             
313,400        Nitto Denko Corp ..................     10,276           
24,329        NKT Holding A/S ...................        278          
55,934        NN, Inc ...........................        716          
2,602,000      * Nordex AG. ........................      9,559             
125,464        Nordson Corp ......................      3,094           
539,512        NSK Ltd ...........................      2,242           
112,000      e NTN Corp ..........................        438           
922,000      * Oki Electric Industry Co Ltd ......      1,992           
647,219        Paccar, Inc .......................     28,730           
617,544        Parker Hannifin Corp ..............     29,512           
105,684     e* Pemstar, Inc ......................        141           
290,241        Philadelphia Suburban Corp ........      5,863           
89,754      * Photon Dynamics, Inc ..............      2,693          
1,394,072        Pitney Bowes, Inc .................     55,373             
66,765     e* Plug Power, Inc ...................        528          
315,906      * Power-One, Inc ....................      1,965           
178,108      * Quanta Services, Inc ..............      1,758           
112,419      * Rayovac Corp ......................      2,083           
110,595        Regal-Beloit Corp .................      2,689           
999,655      * Republic Services, Inc ............     19,063           
24,324        Richardson Electronics Ltd ........        261          
40,107        Robbins & Myers, Inc ..............      1,053          
865,298        Rockwell Automation, Inc ..........     17,289           
342,857        Rohm Co Ltd .......................     50,631           
86,103        ROHN Industries, Inc ..............         22          
158,069        Roper Industries, Inc .............      5,896           
22,350        Samsung Electronics Co Ltd ........      6,113          
75,506        Sanden Corp .......................        270          
347,747      e Sandvik AB ........................      8,684           
113,000        Sansei Yusoki Co Ltd ..............        302           

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100,000        Sanso Electric Co Ltd .............        501           
61,578        Sauer-Danfoss, Inc ................        687          
5,330        Schindler Holding AG. (Pt Cert) ...        967         
6,060        Schindler Holding AG. (Regd) ......      1,099         
297,672        Schneider Electric S.A. ...........     16,007           
1,069,758        SembCorp Industries Ltd ...........        823             
2,801,342      e Siemens AG. .......................    168,071             
1,947,300        Singapore Technologies                                     
      Engineering Ltd .................      2,127
10,444        SJW Corp ..........................        846          
19,385        SKF AB (A Shs) ....................        500          
146,052      e SKF AB (B Shs) ....................      3,782           
185,922        SMC Corp ..........................     21,980           
52,639      * SPS Technologies, Inc .............      2,009          
244,000      * ST Assembly Test Services .........        309           
67,000        Stanley Electric Co Ltd ...........        716          
1,183        Starrett (L.S.) Co (Class A) ......         30         
129,680        Stewart & Stevenson Services, Inc .      2,301           
15,685      * Strattec Security Corp ............        868          
9,246      * Sulzer AG. (Regd) .................      1,963         
392,000      * Sumitomo Heavy Industries Ltd .....        422           
270,060        Taiyo Yuden Co Ltd ................      4,416           
171,000        Takuma Co Ltd .....................      1,320           
147,497        Tandberg ASA ......................      1,739           
53,031        Tecumseh Products Co (Class A) ....      2,815          
31,300        Tecumseh Products Co (Class B) ....      1,564          
48,310        Tennant Co ........................      1,913          
222,239        Terex Corp ........................      4,998           
255,967      * Tetra Tech, Inc ...................      3,763           
63,845      * Tetra Technologies, Inc ...........      1,695          
246,200      e THK Co Ltd ........................      4,735           
306,326      * Thomas & Betts Corp ...............      5,698           
1,148,326     e* Thomson Multimedia ................     27,161             
318,074        Timken Co .........................      7,102           
831,769        Tokyo Electron Ltd ................     54,198           
50,000        Tomoe Engineering Co Ltd ..........        292          
630,000      e Tomra Systems ASA .................      4,953           
65,377        Toro Co ...........................      3,716          
7,585,077      * Toshiba Corp ......................     30,882             
22      * Towa Corp .........................          0      
696,573      e Toyota Industries Corp ............     11,315           
42,529      * TRC Cos, Inc ......................        874          
65,170      * Trikon Technologies, Inc ..........        586          

SEE NOTES TO FINANCIAL STATEMENTS 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 37

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

PRODUCER DURABLES--(CONTINUED)                                                
241,915      e Trinity Industries, Inc .........    $   5,012           
245,107      * Unova, Inc ......................        1,591           
5,000        Ushio, Inc ......................           59         
19,765        VA Technologie AG. ..............          522          
11,000     e* Valence Technology, Inc .........           15          
107,477        Valhi, Inc ......................        1,680           
68,463        Valmont Industries, Inc .........        1,392          
59,000        Vestas Wind Systems A/S .........        1,600          
142,064        Wabtec Corp .....................        2,024           
62,268      e Wartsila Oyj (B Shs) ............        1,043          
145,621      * Waste Connections, Inc ..........        4,549           
3,935,592        Waste Management, Inc ...........      102,522             
86,746        Watts Industries, Inc (Class A) .        1,722          
391,827        WW Grainger, Inc ................       19,631           
4,360,661      * Xerox Corp ......................       30,394             
583,493        Yokogawa Electric Corp ..........        4,527           
                                         ---------
    TOTAL PRODUCER DURABLES              4,318,022
                                         ---------
TECHNOLOGY--12.92%                                                            
1,851,545      * 3Com Corp .......................        8,147             
43,106      * 3D Systems Corp .................          526          
169,747     e* 3Do Co ..........................           98           
61,921     b* ACT Manufacturing, Inc ..........            3          
121,321      * Actel Corp ......................        2,550           
230,792      * Acterna Corp ....................           95           
242,045      * Activision, Inc .................        7,034           
226,769      * Actuate Corp ....................        1,020           
469,049      * Acxiom Corp .....................        8,204           
549,158      * Adaptec, Inc ....................        4,333           
4,217,076      * ADC Telecommunications, Inc .....        9,657             
51,800      * ADE Corp ........................          593          
1,436,474        Adobe Systems, Inc ..............       40,940             
114,087      * Adtran, Inc .....................        2,168           
326,041      * Advanced Digital Information Corp        2,749           
102,000      * Advanced Energy Industries, Inc .        2,262           
481,941      * Advanced Fibre Communications, Inc       7,971           
3,583,597        Advanced Micro Devices, Inc .....       34,833             
26,975      * Advanced Power Technology, Inc ..          391          
164,281      * Advent Software, Inc ............        4,222           
324,571      * Aeroflex, Inc ...................        2,256           
118,324      * Aether Systems, Inc .............          349           
767,190      * Affiliated Computer Services,                            
      Inc (Class A) .................       36,426
15,813,564     e* Agere Systems, Inc (Class A) ....       22,139              
5,260,220      * Agere Systems, Inc (Class B) ....        8,311             
167,472      * Agile Software Corp .............        1,218           
2,449,325      * Agilent Technologies, Inc .......       57,927             
2,570,000      * Aiwa Co Ltd .....................        6,454             
392,493     e* Akamai Technologies, Inc ........          510           
21,509      e Alcatel O (Optronics) ...........           39          
999,131      e Alcatel S.A. ....................        6,947           
136,132      e Alcatel S.A. (Spon ADR) .........          968           
361,128      * Aldata Solution Oyj .............          606           
252,095      * Alliance Data Systems Corp ......        6,441           
81,064      * Alliance Fiber Optic Product ....           58          
133,986      * Alliance Semiconductor Corp .....          951           
157,056      * Alloy, Inc ......................        2,268           
125,000        Alps Electric Co Ltd ............        1,579           
2,066,355      * Altera Corp .....................       28,102             
1,125      * Altiris, Inc ....................            6         
75,729      e Altran Technologies S.A. ........        2,206          
121,194     e* America Online Latin America,                            
      Inc (Class A) .................           78
222,559      * American Management Systems, Inc         4,253           
852,309      * American Power Conversion Corp ..       10,765           
112,434      * American Superconductor Corp ....          614           
680,279      * Amkor Technology, Inc ...........        4,231           
158,902      * Amphenol Corp (Class A) .........        5,720           
155,773      * Anadigics, Inc ..................        1,284           
2,150,956      * Analog Devices, Inc .............       63,883             
35,312        Analogic Corp ...................        1,736          
109,094      * Anaren Microwave, Inc ...........          943           
432,351      * Andrew Corp .....................        6,196           
147,563      * Anixter International, Inc ......        3,468           
261,000     e* Anritsu Corp ....................        1,833           
32,606      * Ansoft Corp .....................          192          
200,314      * Answerthink, Inc ................          759           
77,315      * Ansys, Inc ......................        1,554          
3,586      * Anteon International Corp .......           91         
118,462      * APAC Customer Services, Inc .....          699           
2,029,257      * Apple Computer, Inc .............       35,958             
44,171      * Applied Innovation, Inc .........          188          
14,003,312      * Applied Materials, Inc ..........      266,343              
1,662,202      * Applied Micro Circuits Corp .....        7,862             
159,017        Arbitron, Inc ...................        4,961           
1,402,238     e* Ariba, Inc ......................        4,473             
344,803      * ARM Holdings plc ................          767           

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279,259      * Arris Group, Inc ................        1,228           
536,047        Arrow Electronics, Inc ..........       11,123           
123,079      * Art Technology Group, Inc .......          124           
188,414      * Artesyn Technologies, Inc .......        1,221           
64,552      * Artisan Components, Inc .........          581          
784,088        Asahi Glass Co Ltd ..............        5,018           
1,396,037      * Ascential Software Corp .........        3,895             
141,253     e* Asiainfo Holdings, Inc ..........        1,872           
104,740     e* ASM International NV ............        1,853           
262,500        ASM Pacific Technology Ltd ......          577           
4,868,681     e* ASML Holding NV .................       77,077             
177,000      * ASML Holding NV (New York Shs) ..        2,676           
290,457      * Aspect Communications Corp ......          929           
171,668      * Aspen Technology, Inc ...........        1,432           
95,685     e* Astropower, Inc .................        1,879          
191,759      * Asyst Technologies, Inc .........        3,902           
1,255,047   b,e* At Home Corp (Series A) .........            2             
104,129      * At Road, Inc ....................          642           
1,276,259      * ATI Technologies, Inc ...........        8,828             
5,162,075      * Atmel Corp ......................       32,315             
148,139      * ATMI, Inc .......................        3,314           
29,356      * Atos Origin .....................        1,870          
88,828      * Audiovox Corp (Class A) .........          706          
246,105      * Auspex Systems, Inc .............           62           
564,497        Autodesk, Inc ...................        7,480           
5,294,225        Automatic Data Processing, Inc ..      230,563             
216,684      * Avanex Corp .....................          420           
1,601,849      * Avaya, Inc ......................        7,929             
171,158      * Avenue A, Inc ...................          609           
89,546     e* Avici Systems, Inc ..............           90          
130,338      * Avid Technology, Inc ............        1,207           
605,002      * Avnet, Inc ......................       13,304           
240,183      * Avocent Corp ....................        3,824           
275,388        AVX Corp ........................        4,497           
31,456      * Aware, Inc ......................          120          
532,611      * Axcelis Technologies, Inc .......        6,019           
100,579      * AXT, Inc ........................          803           
63,527      * Barra, Inc ......................        2,362          
2,974,382      * BEA Systems, Inc ................       28,286             
58,069        BEI Technologies, Inc ...........          665          
47,999        Bel Fuse, Inc (Class B) .........        1,298          
138,618        Belden, Inc .....................        2,889           
129,118      * Benchmark Electronics, Inc ......        3,744           
620,120      * Bisys Group, Inc ................       20,650           
107,420      * Black Box Corp ..................        4,375           

38 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

TECHNOLOGY--(CONTINUED)                                                       
173,354      * Blue Martini Software, Inc .......   $   $ 153           
138,492        BMC Industries, Inc ..............         133           
1,177,108      * BMC Software, Inc ................      19,540             
291,249      * Borland Software Corp ............       3,000           
90,258      * Boston Communications Group ......         726          
31,897      * Braun Consulting, Inc ............         111          
42,166      * Brightpoint, Inc .................         108          
95,984      * Brio Software, Inc ...............         110          
1,459,793      * Broadcom Corp (Class A) ..........      25,605             
1,176,488     e* BroadVision, Inc .................         365             
3,813,736      * Brocade Communications Systems,                            
      Inc ............................      66,664
60,140      * Bsquare Corp .....................         136          
144,768     e* Business Objects .................       4,239           
147,958      * Business Objects S.A. (Spon ADR) .       4,158           
141,170        C&D Technologies, Inc ............       2,544           
229,568      * Cable Design Technologies Corp ...       2,353           
94,419      * Cacheflow, Inc ...................          47          
122,993      * CACI International, Inc (Class A)        4,697           
1,376,015      * Cadence Design Systems, Inc ......      22,181             
68,346      * Caminus Corp .....................         398          
3,420,676        Canon, Inc .......................     129,282             
152,774        Cap Gemini S.A. ..................       6,073           
92,475      * Carreker Corp ....................       1,047          
50,011      * Carrier Access Corp ..............          56          
25,419      * Catapult Communications Corp .....         556          
198,991      * C-COR.net Corp ...................       1,393           
15,769      * Celeritek, Inc ...................         104          
451,372      * Celestica, Inc ...................      10,159           
188,451      * Celestica, Inc (U.S.) ............       4,280           
136,227      * Centillium Communications, Inc ...       1,188           
114,155      * Centra Software, Inc .............         212           
699,080      * Ceridian Corp ....................      13,269           
369,871      * Certegy, Inc .....................      13,726           
318,816      * Checkfree Corp ...................       4,986           
160,687        Checkpoint Systems, Inc ..........       1,880           
185,454      * ChipPAC, Inc .....................       1,146           
142,027      * Chordiant Software, Inc ..........         277           
271,527      * Ciber, Inc .......................       1,969           
1,858,107      * CIENA Corp .......................       7,785             
370,689      * Cirrus Logic, Inc ................       2,776           
52,104,788      * Cisco Systems, Inc ...............     726,862              
620,721        Citizen Watch Co Ltd .............       4,179           
997,925      * Citrix Systems, Inc ..............       6,027           
35,306      * Clearone Communications, Inc .....         520          
79,483      * Click Commerce, Inc ..............          89          
1,042,223     e* CMGI, Inc ........................         500             
634,400      * CNET Networks, Inc ...............       1,262           
168,590      * Cognex Corp ......................       3,380           
40,339      * Cognizant Technology Solutions Corp      2,168          
98,110      * Cognos, Inc ......................       2,155          
109,654        Cohu, Inc ........................       1,895           
365,845      * Commerce One, Inc ................         139           
272,416      * Commscope, Inc ...................       3,405           
113,547      * Compucom Systems, Inc ............         441           
2,378,000        Computer Associates International,                         
      Inc ............................      37,786
156,935      * Computer Horizons Corp ...........         764           
160,709      * Computer Network Technology Corp .         985           
941,656        Computer Sciences Corp ...........      45,011           
872,848        Computershare Ltd ................       1,078           
1,768,379      * Compuware Corp ...................      10,734             
18,126        Compx International, Inc .........         240          
1,000,020      * Comverse Technology, Inc .........       9,260             
121,171      * Concord Camera Corp ..............         618           
82,704      * Concord Communications, Inc ......       1,363          
2,898,448      * Concord EFS, Inc .................      87,359             
320,857      * Concurrent Computer Corp .........       1,492           
1,350,514      * Conexant Systems, Inc ............       2,188             
70,891     e* Constellation 3D, Inc ............           4          
103,113      * Convera Corp .....................         251           
907,878      * Convergys Corp ...................      17,685           
44,698      * CoorsTek, Inc ....................       1,382          
256,213      * Copper Mountain Networks, Inc ....         215           
69,934      * Corillian Corp ...................         159          
5,264,345      * Corning, Inc .....................      18,688             
557,923     e* Corvis Corp ......................         363           
36,100      * CoSine Communications, Inc .......          16          
4,500      * Covad Communications Group, Inc ..           5         
102,887      * Covansys Corp ....................         578           
203,721      * Cray, Inc ........................         911           
73,300        Creative Technology Ltd ..........         651          
306,633      * Credence Systems Corp ............       5,449           
380,707      * Cree, Inc ........................       5,037           
26,067      * Critical Path, Inc ...............          27          
74,196      * Crossroads Systems, Inc ..........          76          
253,743      * CSG Systems International, Inc ...       4,857           
102,969        CSK Corp .........................       3,668           

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181,058        CTS Corp .........................       2,180           
86,053        Cubic Corp .......................       2,039          
180,789      * Cymer, Inc .......................       6,335           
598,419      * Cypress Semiconductor Corp .......       9,084           
2,019,845        Dai Nippon Printing Co Ltd .......      26,811             
398,879     e* Dainippon Screen Manufacturing                           
      Co Ltd .........................       2,063
73,468      * Daktronics, Inc. .................         723          
107,787      e Dassault Systemes S.A. ...........       4,923           
330,000        Datacraft Asia Ltd ...............         396           
88,239      * Datastream Systems, Inc ..........         626          
228,479      * DDI Corp .........................         206           
164,322      * dELiA*s Corp (Class A) ...........         838           
15,878,068      * Dell Computer Corp ...............     415,053              
370,684        Deluxe Corp ......................      14,416           
44,550      * Descartes Systems Group, Inc .....         132          
143,361      * DiamondCluster International, Inc                        
     (Class A) .......................         857
374,278        Diebold, Inc .....................      13,938           
120,371      * Digex, Inc .......................          26           
176,000      * Digiland International Ltd .......          19           
57,411      * Digimarc Corp ....................         597          
144,602      * Digital Insight Corp .............       2,379           
66,917     e* Digital Lightwave, Inc ...........         157          
133,218      * Digital River, Inc ...............       1,224           
105,065      * Digitalthink, Inc ................         147           
53,042      * Digitas, Inc .....................         241          
35,577      * Ditech Communications Corp .......         101          
47,074     e* Divine, Inc (Class A) ............         184          
448,491      * DMC Stratex Networks, Inc ........         901           
51,470     e* Docent, Inc ......................          59          
39,690      * Docucorp International, Inc ......         406          
201,811      * Documentum, Inc ..................       2,422           
625,129      * DoubleClick, Inc .................       4,638           
17,312      * Drexler Technology Corp ..........         374          
141,816      * DSP Group, Inc ...................       2,780           
612,472      * DST Systems, Inc .................      27,996           
27,638      * Dupont Photomasks, Inc ...........         898          
27,696     e* Duraswitch Industries, Inc .......         211          
332,594      * E.piphany, Inc ...................       1,460           
646,781      * Earthlink, Inc ...................       4,346           
124,022     e* Echelon Corp .....................       1,597           
78,962        EDO Corp .........................       2,250          
249,843      * eFunds Corp ......................       2,371           
144,875      * Electro Scientific Industries, Inc       3,520           

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 39

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SHARES                                               VALUE (000)          
------                                               -----------          

TECHNOLOGY--(CONTINUED)                                                       
111,121     e* Electroglas, Inc ..................  $   1,111           
706,744      * Electronic Arts, Inc ..............     46,680           
2,665,505        Electronic Data Systems Corp ......     99,024             
289,475      * Electronics For Imaging, Inc ......      4,606           
22,341      * eMagin Corp .......................          8          
60,546      * Embarcadero Technologies, Inc .....        374          
15,658,538        EMC Corp ..........................    118,222              
119,214      * Emcore Corp .......................        715           
39,790      * EMS Technologies, Inc .............        823          
758,183      * Emulex Corp .......................     17,067           
149,673     e* Engage, Inc .......................         13           
240,843      * Entegris, Inc .....................      3,516           
1,040,267      * Enterasys Networks, Inc ...........      1,852             
242,205      * Entrust, Inc ......................        659           
66,011      * Epcos AG. .........................      2,177          
47,357     e* EpicEdge, Inc .....................          7          
48,404      * EPIQ Systems, Inc .................        824          
755,949        Equifax, Inc ......................     20,411           
1,493,295        ERG Ltd ...........................        252             
10,774,953      * Ericsson (LM) (B Shs) .............     16,296              
115,351      * Espeed, Inc (Class A) .............      1,258           
174,515     e* ESS Technology, Inc ...............      3,061           
110,110      * Esterline Technologies Corp .......      2,499           
1,300      * Exabyte Corp ......................          1         
435,168      * Exar Corp .........................      8,582           
45,480      * Excel Technology, Inc .............        955          
2,705,950     b* Exds, Inc .........................         24             
10,600      * EXE Technologies, Inc .............         12          
45,722      * Extensity, Inc ....................         49          
540,091      * Extreme Networks, Inc .............      5,277           
98,281      * F5 Networks, Inc ..................        961          
149,977      e Fair, Isaac & Co, Inc .............      4,930           
831,859      * Fairchild Semiconductor                                  
      International, Inc (Class A) ....     20,214
230,124     e* FalconStor Software, Inc ..........        973           
124,749      * FEI Co ............................      3,058           
170,594      * Fibercore, Inc ....................         43           
189,061      * Filenet Corp ......................      2,741           
674,179     e* Finisar Corp ......................      1,598           
4,339,102        First Data Corp ...................    161,415             
1,087,873      * Fiserv, Inc .......................     39,936             
80,021      * Flir Systems, Inc .................      3,358          
439,978      * Foundry Networks, Inc .............      3,093           
160,467     e* Freemarkets, Inc ..................      2,267           
144,335      * FSI International, Inc ............      1,078           
354,000        Fujikura Ltd ......................      1,291           
1,422,660        Furukawa Electric Co Ltd ..........      5,448             
822,119        Futuris Corp Ltd ..................        628           
1,451,906      * Gateway, Inc ......................      6,446             
176,430        General Cable Corp ................      1,112           
50,322      * Gerber Scientific, Inc ............        177          
681,000        GES International Ltd .............        164           
34,530      * Getronics NV ......................         66          
37,120      * Global Imaging Systems, Inc .......        705          
191,181        Global Payments, Inc ..............      5,688           
1,500      * Globalscape, Inc ..................          0         
560,775      * Globespan Virata, Inc .............      2,170           
1,200      * Gradco Systems, Inc ...............          0         
295,503      * GrafTech International Ltd ........      3,635           
139,865      * Griffon Corp ......................      2,532           
103,439      * GTC Biotherapeutics, Inc ..........        130           
126,824     e* Handspring, Inc ...................        221           
309,214      * Harmonic, Inc .....................      1,131           
348,544        Harris Corp .......................     12,631           
364,102        Helix Technology Corp .............      7,501           
345,227        Henry (Jack) & Associates, Inc ....      5,762           
15,428,462        Hewlett-Packard Co ................    235,747              
39,192      * HI/FN, Inc ........................        235          
163,400        Hirose Electric Co Ltd ............     14,246           
168,000        Hitachi Cable Ltd .................        741           
188,167      * HNC Software, Inc .................      3,142           
1,900      * HPL Technologies, Inc .............         29         
133,595      * Hutchinson Technology, Inc ........      2,089           
168,649      * Hypercom Corp .....................      1,299           
177,925      * Hyperion Solutions Corp ...........      3,245           
1,494,816      * i2 Technologies, Inc ..............      2,212             
145,508      * Ibasis, Inc .......................         54           
203,595      * Identix, Inc ......................      1,486           
98,815      * iGate Corp ........................        457          
50,586      * Ii-Vi, Inc ........................        747          
775,487        Ikon Office Solutions, Inc ........      7,290           
179,533      * Imation Corp ......................      5,343           
3,648     b* InaCom Corp .......................          0         
13,200      * Indus International, Inc ..........         32          
47,672      * Inet Technologies, Inc ............        322          
454,758      * Infineon Technologies AG. .........      7,110           
207,618      * InFocus Corp ......................      2,446           
86,456      * Infogrames, Inc ...................        236          

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286,206      * Infonet Services Corp (Class B) ...        710           
742,758      * Informatica Corp ..................      5,266           
151,984      * Information Resources, Inc ........      1,427           
26,108      * Inforte Corp ......................        259          
367,724      * Infospace, Inc ....................        165           
402,051      * Ingram Micro, Inc (Class A) .......      5,528           
655,785      * Inktomi Corp ......................        577           
45,455      * Inrange Technologies Corp (Class B)        216          
52,119      * Integral Systems, Inc .............      1,137          
247,215      * Integrated Circuit Systems, Inc ...      4,991           
588,672      * Integrated Device Technology, Inc .     10,679           
47,800,351        Intel Corp ........................    873,312              
62,143     e* Intelidata Technologies Corp ......         83          
23,985      * Interactive Intelligence, Inc .....         81          
70,626      * Intercept, Inc ....................      1,463          
284,529      * Interdigital Communications Corp ..      2,575           
266,127      * Intergraph Corp ...................      4,641           
613,408      * Interland, Inc ....................      2,135           
73,864      * Intermagnetics General Corp .......      1,492          
725,773     e* Internap Network Services Corp ....        167           
11,557,450        International Business Machines                             
      Corp ............................    832,137
354,217      * International Rectifier Corp ......     10,325           
966,992     e* Internet Capital Group, Inc .......        261           
1,070,781      * Internet Security Systems, Inc ....     14,049             
693,444      * Intersil Corp (Class A) ...........     14,826           
98,650        Inter-Tel, Inc ....................      1,688          
334,943      * Intertrust Technologies Corp ......      1,008           
54,711     e* InterVoice-Brite, Inc .............         78          
468,964      * Interwoven, Inc ...................      1,430           
159,382        Intracom S.A. .....................      1,442           
78,882      * Intrado, Inc ......................      1,527          
1,008,006      * Intuit, Inc .......................     50,118             
277,986      * Iomega Corp .......................      3,572           
19,221      * Iona Technologies plc .............        104          
297,830      * Iron Mountain, Inc ................      9,188           
122,930      * ITXC Corp .........................        640           
166,309      * Ixia ..............................        968           
55,908      * IXYS Corp .........................        301          
555,082      * J.D. Edwards & Co .................      6,744           
25,909      * j2 Global Communications, Inc .....        426          
812,646      * Jabil Circuit, Inc ................     17,155           

40 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

 SEE NOTES TO FINANCIAL STATEMENTS

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

TECHNOLOGY--(CONTINUED)                                                       
122,665      * JDA Software Group, Inc ..........   $   3,467           
7,537,075      * JDS Uniphase Corp ................      20,124             
59,784      * JNI Corp .........................         209          
1,451,909        Johnson Electric Holdings Ltd ....       1,722             
1,361,023      * Juniper Networks, Inc ............       7,690             
81,311     e* Kana Software, Inc ...............         325          
307,088        Keane, Inc .......................       3,808           
32,954        Keithley Instruments, Inc ........         476          
448,065      * Kemet Corp .......................       8,002           
104,503        Keyence Corp .....................      22,137           
116,978      * Keynote Systems, Inc .............         856           
145,805      * Kforce, Inc ......................         868           
1,012,519      * KLA-Tencor Corp ..................      44,541             
32,000        Kokuyo Co Ltd ....................         337          
872     b* Komag, Inc .......................           0       
364,502      * Kopin Corp .......................       2,406           
1,291,299      * KPMG Consulting, Inc .............      19,189             
107,431      * Kronos, Inc ......................       3,275           
3,170     e* Kudelski S.A. (Br) ...............         111         
261,819      * Kulicke & Soffa Industries, Inc ..       3,244           
351,298        Kyocera Corp .....................      25,646           
74,000        Kyowa Exeo Corp ..................         352          
3,608,815      * Lam Research Corp ................      64,886             
96,346     e* Lantronix, Inc ...................          82          
473,858      * Lattice Semiconductor Corp .......       4,142           
3,436      * Lawson Software, Inc .............          20         
47,800      * Learning Technology, Inc                                
     Litigation Notes ................           0
63,849      * Learning Tree International, Inc .       1,184          
39,939      * Lecroy Corp ......................         475          
546,642      * Legato Systems, Inc ..............       1,968           
164,879      * Lexar Media, Inc .................         704           
105,517      * Lexent, Inc ......................         237           
904,199      * Lexmark International, Inc .......      49,188           
560,822      * Liberate Technologies ............       1,480           
137,326      * Lightbridge, Inc .................       1,127           
94,885     e* Lightpath Technologies, Inc                             
     (Class A) .......................          85
4,141,719        Linear Technology Corp ...........     130,174             
1,108,392        Logica plc .......................       3,379             
329,519      * Looksmart Ltd ....................         646           
118,730     e* Loudcloud, Inc ...................         170           
2,254,781      * LSI Logic Corp ...................      19,729             
255,730      * LTX Corp .........................       3,652           
29,332,951     e* Lucent Technologies, Inc .........      48,693              
317,228      * Macromedia, Inc ..................       2,814           
218,153      * Macrovision Corp .................       2,860           
49,095      * Magma Design Automation, Inc .....         825          
177,501      * Mail-Well, Inc ...................         923           
77,082      * Manhattan Associates, Inc ........       2,479          
20,500      * Mantech International Corp                              
     (Class A) .......................         492
79,315     e* Manufacturers Services Ltd .......         383          
282,769      * Manugistics Group, Inc ...........       1,728           
72,034      * MAPICS, Inc ......................         403          
73,616      * Mapinfo Corp .....................         670          
2,985,213      * Marconi plc ......................         180             
127,819      * Mastec, Inc ......................         941           
238,360      * Matrixone, Inc ...................       1,433           
478,781        Matsushita Communication                                 
      Industrial Co Ltd ..............      18,455
3,584,463      * Maxim Integrated Products, Inc ...     137,392             
1,013,879      * Maxtor Corp ......................       4,583             
60,815      * Mcafee.Com Corp ..................         890          
124,767      * McData Corp (Class A) ............       1,099           
103,613      * MCSi, Inc ........................       1,165           
38,010     e* Measurement Specialties, Inc .....         114          
185,000        Melco, Inc .......................       3,028           
158,459      * MEMC Electronic Materials, Inc ...         753           
344,166      * Mentor Graphics Corp .............       4,894           
103,349      * Mercury Computer Systems, Inc ....       2,139           
394,632      * Mercury Interactive Corp .........       9,061           
68,443      * Merix Corp .......................         587          
142,456      * MetaSolv, Inc ....................         560           
154,782      * Metawave Communications Corp .....          33           
187,493        Methode Electronics, Inc (Class A)       2,394           
181,824      * Mettler-Toledo International, Inc        6,704           
672,685      * Micrel, Inc ......................       9,673           
54,419      * Micro General Corp ...............         908          
1,053,526      * Microchip Technology, Inc ........      28,898             
405,343      * Micromuse, Inc ...................       1,804           
2,908,580        Micron Technology, Inc ...........      58,811             
148,734        Microsemi Corp ...................         982           
30,211,354      * Microsoft Corp ...................   1,652,561              
151,742     e* MicroStrategy, Inc (Class A) .....          76           
224,562     e* Microtune, Inc ...................       2,001           
21,114     e* Microvision, Inc .................         110          

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84,491     e* MIPS Technologies, Inc (Class A) .         521          
146,417      * MIPS Technologies, Inc (Class B) .         816           
2,032,381        Misys plc ........................       7,497             
159,500        Mitsumi Electric Co Ltd ..........       2,508           
141,371      * MKS Instruments, Inc .............       2,837           
21,671      * Moldflow Corp ....................         171          
678,697        Molex, Inc .......................      22,757           
200,465        Molex, Inc (Class A) .............       5,499           
88,010      * Monolithic System Technology, Inc          980          
18,344,552        Motorola, Inc ....................     264,528              
80,233      * MRO Software, Inc ................         913          
436,914      * MRV Communications, Inc ..........         668           
9,800      * MTI Technology Corp ..............           7         
112,564        MTS Systems Corp .................       1,413           
25,853      * Multex.Com, Inc ..................         105          
37,615      * Nanometrics, Inc .................         597          
19,114      * Nassda Corp ......................         236          
34,963      * National Processing, Inc .........         902          
1,213,553      * National Semiconductor Corp ......      35,399             
70,335      * Navigant International, Inc ......       1,088          
38,495     e* Navision A/S .....................       1,530          
533,158      * NCR Corp .........................      18,447           
180,560        NDCHealth Corp ...................       5,038           
77,161      * Net2Phone, Inc ...................         329          
134,626      * Netegrity, Inc ...................         829           
221,301      * NETIQ Corp .......................       5,008           
210,279      * Netro Corp .......................         479           
83,383      * Netscout Systems, Inc ............         569          
9,528     e* Netscreen Technologies, Inc ......          87         
1,716,350      * Network Appliance, Inc ...........      21,351             
1,905,704      * Network Associates, Inc ..........      36,723             
285,349      * New Focus, Inc ...................         847           
183,744      * Newport Corp .....................       2,877           
725,000      e Nexans S.A. ......................      14,320           
95,413      * Next Level Communications, Inc ...          96          
62,581        NGK Spark Plug Co Ltd ............         475          
800      * NIC, Inc .........................           1       
325,000        Nichicon Corp ....................       4,515           
36,500      e Nidec Corp .......................       2,622          
960,028        Nippon Sheet Glass Co Ltd ........       3,244           
71,191      * NMS Communications Corp ..........         173          
15,339,646        Nokia Oyj ........................     224,515              
6,463,047      * Nortel Networks Corp .............       9,349             
1,960,191      * Nortel Networks Corp (U.S.) ......       2,842             
55,028     e* Northfield Laboratories, Inc .....         221          
69,312      * Novadigm, Inc ....................         504          

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 41

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

TECHNOLOGY--(CONTINUED)                                                       
156,577      * Novatel Wireless, Inc ............   $      52           
1,913,951      * Novell, Inc ......................       6,144             
938,754      * Novellus Systems, Inc ............      31,918           
259        NTT Data Corp ....................       1,037       
79,348      * Nu Horizons Electronics Corp .....         658          
136,250      * Nuance Communications, Inc .......         570           
101,634      * Numerical Technologies, Inc ......         406           
682,821      * Nvidia Corp ......................      11,731           
125,720     e* NYFIX, Inc .......................       1,069           
264,416      * Oak Technology, Inc ..............       1,198           
2,535,945        Olympus Optical Co Ltd ...........      35,418             
100,204      * Omnivision Technologies, Inc .....       1,438           
404,457        Omron Corp .......................       5,807           
2,613,471      * ON Semiconductor Corp ............       5,384             
190,256      * Onyx Software Corp ...............         643           
940,443      * Openwave Systems, Inc ............       5,276           
637,382      * Oplink Communications, Inc .......         465           
45,746      * Opnet Technologies, Inc ..........         410          
18,842      * Optical Cable Corp ...............          10          
22,592      * Optical Communication Products, Inc         28          
31,611,660      * Oracle Corp ......................     299,362              
38,237      * Overland Data, Inc ...............         630          
258,533      * Overture Services, Inc ...........       6,458           
113,851      * Packeteer, Inc ...................         503           
3,065,800      * Palm, Inc ........................       5,396             
135,881      * Paradyne Networks, Inc ...........         538           
1,387,676      * Parametric Technology Corp .......       4,760             
88,975        Park Electrochemical Corp ........       2,358          
179,689      * Paxar Corp .......................       3,010           
172,009      * Paxson Communications Corp .......         946           
1,826,555        Paychex, Inc .....................      57,153             
72,792      * PC-Tel, Inc ......................         493          
47,460      * PDF Solutions, Inc ...............         347          
43,052      * PEC Solutions, Inc ...............       1,030          
57,704      * PECO II, Inc .....................         193          
133,610      * Pegasus Solutions, Inc ...........       2,338           
30,222      * Pegasystems, Inc .................         273          
1,567,922      * Peoplesoft, Inc ..................      23,331             
905,234      * Peregrine Systems, Inc ...........         272           
12,397      * Performance Technologies, Inc ....          82          
121,042      * Pericom Semiconductor Corp .......       1,403           
345,431      * Perot Systems Corp (Class A) .....       3,762           
9,757        Phoenix Mecano AG. ...............       2,616         
128,912      * Phoenix Technologies Ltd .........       1,289           
141,778      * Photronics, Inc ..................       2,685           
153,453        Pioneer-Standard Electronics, Inc        1,594           
169,956      * Pixelworks, Inc ..................       1,426           
55,867      * Planar Systems, Inc ..............       1,075          
178,129      * Plantronics, Inc .................       3,386           
229,950      * Plexus Corp ......................       4,162           
86,903      * PLX Technology, Inc ..............         369          
934,986      * PMC-Sierra, Inc ..................       8,667           
600,821      * Polycom, Inc .....................       7,204           
47,870      * Pomeroy Computer Resources, Inc ..         698          
525,341      * Portal Software, Inc .............         394           
34,477      * Powell Industries, Inc ...........         836          
143,690      * Power Integrations, Inc ..........       2,572           
320,030      * Powerwave Technologies, Inc ......       2,931           
244,893     e* PRG-Schultz International, Inc ...       3,015           
789      * Primus Knowledge Solutions, Inc ..           1       
102,746      * Probusiness Services, Inc ........       1,497           
159,238      * Progress Software Corp ...........       2,350           
177,101      * Proton Energy Systems ............         568           
603,313     e* Proxim Corp (Class A) ............       1,809           
235,299      * PTEK Holdings, Inc ...............       1,360           
187,414      * Pumatech, Inc ....................         105           
520,139      * QLogic Corp ......................      19,817           
73,891      * QRS Corp .........................         576          
4,241,599      * Qualcomm, Inc ....................     116,602             
686,057      * Quantum Corp .....................       2,881           
175,905      * Quest Software, Inc ..............       2,556           
33,279        Quixote Corp .....................         564          
79,519      * Radiant Systems, Inc .............       1,036          
82,359      * Radisys Corp .....................         958          
125,317      * Rainbow Technologies, Inc ........         617           
218,398      * Raindance Communications, Inc ....       1,256           
437,313      * Rambus, Inc ......................       1,789           
1,044,073      * Rational Software Corp ...........       8,572             
642,191      * Read-Rite Corp ...................         308           
461,802      * RealNetworks, Inc ................       1,880           
565,721      * Red Hat, Inc .....................       3,321           
712,427     e* Redback Networks, Inc ............       1,275           
111,914      * Register.Com, Inc ................         853           
42,117      * Renaissance Learning, Inc ........         852          
56,547     e* Research Frontiers, Inc ..........         840          
248,060      * Retek, Inc .......................       6,028           
293,181        Reynolds & Reynolds Co (Class A) .       8,194           
710,445      * RF Micro Devices, Inc ............       5,414           

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676,759        Ricoh Co Ltd .....................      11,716           
62,000        Ricoh Elemex Corp ................         248          
655,703      * Riverstone Networks, Inc .........       2,052           
83,151      * Rogers Corp ......................       2,271          
100,061      * Roxio, Inc .......................         720           
285,018      * RSA Security, Inc ................       1,371           
51,246      * Rudolph Technologies, Inc ........       1,278          
339,104      * S1 Corp ..........................       2,506           
37,849      * Saba Software, Inc ...............          97          
647,558      * Safeguard Scientifics, Inc .......       1,295           
171,000      * Saga Systems, Inc Escrow .........           0           
406,273        Sage Group plc ...................       1,050           
74,579      * Sanchez Computer Associates, Inc .         333          
368,275      * Sandisk Corp .....................       4,567           
8,975,271      * Sanmina-SCI Corp .................      56,634             
558,180        SAP AG. ..........................      55,126           
425,920      * Sapient Corp .....................         451           
39,960      * Satcon Technology Corp ...........          64          
74,691      * SBS Technologies, Inc ............         915          
271,652      * Scansoft, Inc ....................       2,010           
31,874      * Scansource, Inc ..................       1,957          
833,959        Scientific-Atlanta, Inc ..........      13,719           
78,088      * SCM Microsystems, Inc ............       1,045          
99,118      * Seachange International, Inc .....         870          
1,249,635      * Seagate Technology, Inc ..........           0             
146,933      * Secure Computing Corp ............       1,109           
159,737      * Seebeyond Technology Corp ........         495           
24,476      * Selectica, Inc ...................          97          
85,872      * Semitool, Inc ....................         701          
334,035      * Semtech Corp .....................       8,919           
87,791      * Serena Software, Inc .............       1,202          
16,118        Shenandoah Telecom Co ............         866          
4,013,252      * Siebel Systems, Inc ..............      57,068             
97,635      * SignalSoft Corp ..................         220          
1,066,375      * Silicon Graphics, Inc ............       3,135             
294,421      * Silicon Image, Inc ...............       1,802           
137,271     e* Silicon Laboratories, Inc ........       3,715           
406,655      * Silicon Storage Technology, Inc ..       3,172           
31,317      * Siliconix, Inc ...................         867          
2,676      * Simpletech, Inc ..................           9         
44,959      * Simplex Solutions, Inc ...........         624          

42 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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------------------------------------------------------------------------------- 

SHARES                                               VALUE (000)          
------                                               -----------          

TECHNOLOGY--(CONTINUED)                                                       
144,231      * Sipex Corp ........................ $      705           
48,925      * Sirenza Microdevices, Inc .........         99          
287,043      * Sitel Corp ........................        907           
5,945,637      * Solectron Corp ....................     36,566             
162,942      * Somera Communications, Inc ........      1,163           
469,656     e* SONICblue, Inc ....................        484           
216,937      * SonicWALL, Inc ....................      1,089           
836,670     e* Sonus Networks, Inc ...............      1,690           
62,752     e* Sorrento Networks Corp ............         60          
74,077      * Sourcecorp ........................      1,963          
82,425      * Spectralink Corp ..................        877          
61,236      * Spectrian Corp ....................        635          
122,200      * SpeechWorks International, Inc ....        450           
136,281      * Speedfam-Ipec, Inc ................        714           
2,517,735        Spirent plc .......................      3,320             
62,845      * SPSS, Inc .........................        977          
25,360      * Sra International, Inc (Class A) ..        684          
38,696      * SS&C Technologies, Inc ............        543          
75,418      * Standard Microsystems Corp ........      1,781          
368,263     e* Starbase Corp .....................         77           
201,713      * StarMedia Network, Inc ............          6           
1,775,768        STMicroelectronics NV .............     44,282             
268,000        STMicroelectronics NV (New York Shs)     6,520           
649,604      * Storage Technology Corp ...........     10,374           
304,950      * StorageNetworks, Inc ..............        600           
337,053      * Stratos Lightwave, Inc ............        539           
1,934,791        Sumitomo Electric Industries Ltd ..     13,414             
26,219,400      * Sun Microsystems, Inc .............    131,359              
2,010,320      * Sungard Data Systems, Inc .........     53,233             
72,685      * Sunrise Telecom, Inc ..............        157          
361      * Suntron Corp ......................          3       
46,246      * Supertex, Inc .....................        815          
6,600      * Supportsoft, Inc ..................         18         
33,014     e* Surebeam Corp (Class A) ...........        180          
63,188        Surewest Communications ...........      3,357          
562,820      * Sybase, Inc .......................      5,938           
2,041,339      * Sycamore Networks, Inc ............      7,880             
130,800      * Sykes Enterprises, Inc ............      1,006           
891,033      * Symantec Corp .....................     29,270           
1,202,098        Symbol Technologies, Inc ..........     10,218             
31,437      * Symmetricom, Inc ..................        115          
700      * Synaptics, Inc ....................          5       
396,657      * Synopsys, Inc .....................     21,741           
65,709      * Synplicity, Inc ...................        301          
26,523      * Syntel, Inc .......................        328          
25,121      * Sypris Solutions, Inc .............        458          
169,728      * Systems & Computer Technology Corp       2,293           
7,961,800      * Taiwan Semiconductor ..............     16,205             
197,865     e* Take-Two Interactive Software, Inc       4,074           
5,150      * Tanning Technology Corp ...........          6         
180,343        TDK Corp ..........................      8,516           
358,681      * Tech Data Corp ....................     13,576           
185,877        Technitrol, Inc ...................      4,331           
245,246      * Tekelec ...........................      1,969           
444,743      * Tektronix, Inc ....................      8,321           
2,142,321      * Tellabs, Inc ......................     13,282             
380,554     e* Tellium, Inc ......................        354           
965,874      * Teradyne, Inc .....................     22,698           
325,821     e* Terayon Communication Systems, Inc         433           
11,619,109        Texas Instruments, Inc ............    275,373              
93,537      * Therma-Wave, Inc ..................      1,065          
970,871        Thermo Electron Corp ..............     16,019           
108,292      * Three-Five Systems, Inc ...........      1,235           
418,036      * Tibco Software, Inc ...............      2,324           
71,857      * Tier Technologies, Inc (Class B) ..    $ 1,280          
95,611        Tietoenator Corp ..................      2,361          
379,004      * Titan Corp ........................      6,932           
12,613     e* Tivo, Inc .........................         47          
127,000        TKC Corp ..........................      1,721           
65,599      * Tollgrade Communications, Inc .....        962          
894,460        Toppan Printing Co Ltd ............      9,298           
201,241      e Total System Services, Inc ........      3,785           
553,742      * Touch America Holdings, Inc .......      1,523           
201,152      * Transaction Systems Architects,                          
      Inc (Class A) ...................      2,366
515,643      * Transmeta Corp ....................      1,212           
376,067      * Transwitch Corp ...................        241           
767,000        Trend Micro, Inc ..................     21,437           
150,328      * Trimble Navigation Ltd ............      2,330           
82,776     e* Tripath Technology, Inc ...........         87          
36,686      * Tripos, Inc .......................        800          
698,765      * Triquint Semiconductor, Inc .......      4,479           
156,394      * Trizetto Group, Inc ...............      1,337           
65,050      * TTM Technologies, Inc .............        341          
140,636      * Turnstone Systems, Inc ............        609           
3,876     b* U.S. Office Products Co ...........          0         
68,900   b,e* U.S. Wireless Corp ................          0          
49,460      * Ulticom, Inc ......................        335          
52,023      * Ultimate Electronics, Inc .........      1,348          

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108,447      * Ultratech Stepper, Inc ............      1,756           
14,553        Unaxis Holding AG. (Regd) .........      1,721          
1,761,180      * Unisys Corp .......................     15,851             
65,808        United Industrial Corp ............      1,438          
106,191      * United Online, Inc ................      1,276           
211,629      * Universal Access Global Holdings,                        
      Inc .............................         40
78,306     e* Universal Display Corp ............        650          
118,100     b* USinternetworking, Inc ............          0           
233,709      * Utstarcom, Inc ....................      4,714           
132,234     e* VA Software Corp ..................        132           
336,911      * Valueclick, Inc ...................      1,092           
176,906      * Varian Semiconductor Equipment                           
      Associates, Inc .................      6,003
161,817      * Veeco Instruments, Inc ............      3,740           
292,200        Venture Manufacturing Ltd                                
     (Singapore) ......................      2,332
900      * Verint Systems, Inc ...............         10       
1,241,300      * VeriSign, Inc .....................      8,925             
2,098,543      * Veritas Software Corp .............     41,530             
154,766      * Verity, Inc .......................      1,716           
4,700      * Vertex Interactive, Inc ...........          0         
425,365     e* VerticalNet, Inc ..................         68           
191,590      * Vialta, Inc (Class A) .............        163           
245,951      * Viasystems Group, Inc .............         17           
136,556      * Vicor Corp ........................        955           
196,645      * Viewpoint Corp ....................        948           
1,344,071      * Vignette Corp .....................      2,648             
47,006      * Virage Logic Corp .................        612          
23,578        Virco Manufacturing Corp ..........        309          
822,476      * Vishay Intertechnology, Inc .......     18,095           
9,600     e* Visual Networks, Inc ..............         14         
1,060,882      * Vitesse Semiconductor Corp ........      3,299             
357,906      * Vitria Technology, Inc ............        344           
38,714      * Volt Information Sciences, Inc ....        948          
206,790        Wallace Computer Services, Inc ....      4,446           
117,273      * WatchGuard Technologies, Inc ......        603           
20,400      * Wave Systems Corp (Class A) .......         30          
119,765     e* WebEx Communications, Inc .........      1,904           
136,175      * webMethods, Inc ...................      1,348           
112,394      * Websense, Inc .....................      2,874           
93,988      * Wesco International, Inc ..........        592          
996,813      * Western Digital Corp ..............      3,240           
86,189      * White Electronic Designs Corp .....        648          

SEE NOTES TO FINANCIAL STATEMENTS 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 43

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

TECHNOLOGY--(CONTINUED)                                                       
77,955      * Wilson Greatbatch                                       
      Technologies, Inc ..............   $   1,986
351,466      * Wind River Systems, Inc ..........       1,761           
121,155      * Wireless Facilities, Inc .........         594           
65,855      * Witness Systems, Inc .............         486          
46,382      * WJ Communications, Inc ...........          54          
256,922      e WM-Data AB (B Shs) ...............         487           
60,055        Woodhead Industries, Inc .........       1,029          
92,000        Woodland Corp ....................         346          
122,547      * Xicor, Inc .......................         495           
3,838,483      * Xilinx, Inc ......................      86,097             
217,853     e* Xybernaut Corp ...................         120           
300      * Yahoo Japan Corp .................       6,458       
174,322        Yamaha Corp ......................       1,696           
139,749      * Zebra Technologies Corp (Class A)        6,739           
1,440     f* Zebra Technologies Corp (Class B)           69         
44,637      e Zixit Corp .......................         245          
145,734      * Zoran Corp .......................       3,339           
80,642      * Zygo Corp ........................         649          
                                        ----------
    TOTAL TECHNOLOGY .................  11,308,729
                                        ----------
TRANSPORTATION--1.21%                                                         
56,268      * Air Canada .......................         261          
670,791        Air France .......................      11,229           
259,555        Airborne, Inc ....................       4,983           
330,396      * Airtran Holdings, Inc ............       1,768           
142,897      * Alaska Air Group, Inc ............       3,730           
24,647     e* Alitalia S.p.A. ..................          16          
8,894,000     e* All Nippon Airways Co Ltd ........      23,003             
126,178     e* America West Holdings Corp                               
     (Class B) .......................         346
955,083        AMR Corp .........................      16,103           
13,521      * Amtran, Inc ......................          93          
108,265      * Arkansas Best Corp ...............       2,759           
452,038        Associated British Ports                                 
      Holdings plc ...................       3,101
217,950      * Atlantic Coast Airlines                                  
      Holdings, Inc ..................       4,730
84,986      * Atlas Air Worldwide Holdings, Inc          314          
36,865        Attica Enterprise Holding S.A. ...         130          
162,278      * BE Aerospace, Inc ................       2,139           
39,198        Bergesen DY A/S (A Shs) ..........         836          
39,804        Bergesen DY A/S (B Shs) ..........         764          
2,939,176      e Brambles Industries Ltd ..........      15,577             
2,175,719        Brambles Industries plc ..........      10,886             
766,100      * British Airways plc ..............       2,175           
1,994,953        Burlington Northern Santa Fe Corp       59,849             
349,549        C.H. Robinson Worldwide, Inc .....      11,720           
300,407        Canadian National Railway Co .....      15,561           
721,234        Canadian National Railway Co                             
     (Canada) ........................      37,956
734,644      e Canadian Pacific Railway Ltd .....      18,167           
1,487,800        Cathay Pacific Airways Ltd .......       2,279             
1,521      e Central Japan Railway Co .........       9,264         
4,324        CMB Compagnie Maritime Belge S.A.          246         
256,064        CNF, Inc .........................       9,725           
73,553      * Consolidated Freightways Corp ....         241          
485,677      * Continental Airlines, Inc                                
     (Class B) .......................       7,664
37,012      * Covenant Transport, Inc                                 
     (Class A) .......................         787
99,289        CP Ships Ltd .....................       1,014          
1,381,388        CSX Corp .........................      48,418             
99        Dampskibsselskabet Af 1912                          
     (B Shs) .........................         744
311        Dampskibsselskabet Svendborg                         
      (B Shs) .........................        3,060
741,078        Delta Air Lines, Inc .............      14,822           
775,855      * Deutsche Lufthansa AG. (Regd) ....      10,881           
16,713        DSV, DE Sammensluttede Vognmaend .         502          
10,213        East Japan Railway Co ............      47,802          
8,000,000      * EasyJet plc Rts ..................       9,756             
184,511      * EGL, Inc .........................       3,129           
140,972        Exel plc .........................       1,795           
613,400        Expeditors International Of                              
      Washington, Inc ................      20,340
115,847      * Express Jet Holdings, Inc ........       1,512           
1,653,976        Fedex Corp .......................      88,322             
922,425        Firstgroup plc ...................       3,543           
85,638        Florida East Coast Industries,                          
      Inc (Class A) ..................       2,167
80,557      * Forward Air Corp .................       2,641          
151,603      * Frontier Airlines, Inc ...........       1,233           
41,976        Frontline Ltd ....................         400          
58,892      * Genesee & Wyoming, Inc (Class A) .       1,329          
975,000        Hankyu Corp ......................       3,213           
132,023      * Heartland Express, Inc ...........       3,159           

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83,859      * Hunt (J.B.) Transport Services,                         
      Inc ............................       2,476
414,766      e Japan Airlines Co Ltd ............       1,170           
1,400      * Jetblue Airways Corp .............          64         
520,032        Kamigumi Co Ltd ..................       2,174           
312,319      * Kansas City Southern Industries,                         
      Inc ............................       5,309
25        Kawasaki Kisen Kaisha Ltd ........           0      
231,619      e Keihin Electric Express Railway                          
      Co Ltd .........................       1,047
358,000        Keio Electric Railway Co Ltd .....       1,792           
1,591,135      * Kinki Nippon Railway Co Ltd ......       5,191             
19,993        KLM (Royal Dutch Airlines) NV ....         239          
92,615      * Knight Transportation, Inc .......       2,148          
43,863      * Landstar System, Inc .............       4,687          
2,352,483        Mayne Group Ltd ..................       5,468             
157,528      * Mesa Air Group, Inc ..............       1,449           
58,957      * Mesaba Holdings, Inc .............         346          
71,909      * Midwest Express Holdings, Inc ....         949          
606,526        Mitsui O.S.K. Lines Ltd ..........       1,275           
1,800,000        Mitsui-Soko Co Ltd ...............       3,634             
1,885,900        MTR Corp .........................       2,442             
1,138,837      * Neptune Orient Lines Ltd .........         657             
1,786,000        Nippon Express Co Ltd ............       9,462             
1,347,826        Nippon Yusen Kabushiki Kaisha ....       4,644             
2,121,333        Norfolk Southern Corp ............      49,597             
667,561      * Northwest Airlines Corp ..........       8,051           
144,296        Overseas Shipholding Group, Inc ..       3,042           
15,135      * P.A.M. Transportation Services ...         363          
496,814        Peninsular And Oriental Steam                            
      Navigation Co ..................       1,825
140,366      * Railamerica, Inc .................       1,519           
782,241      * Railtrack Group plc ..............           0           
64,984        Roadway Corp .....................       2,335          
382,768      * Ryanair Holdings plc .............       2,363           
224,197      * Ryanair Holdings plc (Spon ADR) ..       7,818           
279,899        Ryder System, Inc ................       7,582           
959,720        Sabre Holdings Corp ..............      34,358           
80,095      * SAS AB ...........................         553          
284,000      e Seino Transportation Co Ltd ......       1,753           
336,000        SembCorp Logistics Ltd ...........         420           
173,352        Shurgard Storage Centers, Inc                            
     (Class A) .......................       6,015
842,061        Singapore Airlines Ltd ...........       6,148           
269,260        Skywest, Inc .....................       6,298           
784,000        SMRT Corp Ltd ....................         297           
4,278,210        Southwest Airlines Co ............      69,136             
2,733,518        Stagecoach Group plc .............       2,615             
868,000      e Sumitomo Warehouse Co Ltd ........       2,390           
307,590      * Swift Transportation Co, Inc .....       7,167           
96      * Swissair Group ...................           0      
935,000        Tobu Railway Co Ltd ..............       2,613           
327        Tokyu Corp .......................           1       
375,181     e* U.S. Airways Group, Inc ..........       1,388           
26,940      * U.S. Xpress Enterprises, Inc                            
     (Class) A .......................         353
297,164     e* UAL Corp .........................       3,399           
1,465,171        Union Pacific Corp ...............      92,716             
1,415,826        United Parcel Service, Inc                                 
     (Class B) .......................      87,427
142,314        USFreightways Corp ...............       5,389           

44 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investments - Stock Account - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

TRANSPORTATION--(CONTINUED)                                                   
197,770        Werner Enterprises, Inc ..........   $   4,214           
1,957        West Japan Railway Co ............       7,902         
1,363,893      e Yamato Transport Co Ltd ..........      24,863             
148,555      * Yellow Corp ......................       4,813           
                                         ---------
    TOTAL TRANSPORTATION .............   1,061,530
                                         ---------
UTILITIES--7.36%                                                              
22,836,019        A T & T Corp .....................     244,345              
223,506      * A T & T Latin America Corp                               
     (Class A) .......................         121
19,866,240      * A T & T Wireless Services, Inc ...     116,218              
5,309        ACEA S.p.A. ......................          28         
509,536     b* Adelphia Business Solutions, Inc .           5           
2,129,944      * AES Corp .........................      11,544             
295,017        AGL Resources, Inc ...............       6,844           
120,011     e* AirGate PCS, Inc .................         120           
365,724      * Alamosa Holdings, Inc ............         516           
54,684      * Alaska Communications Systems                           
      Group, Inc .....................         260
117,400        Aliant, Inc ......................       2,158           
730,376        Allegheny Energy, Inc ............      18,807           
460,921     e* Allegiance Telecom, Inc ..........         843           
143,709      * Allen Telecom, Inc ...............         618           
437,251        Allete, Inc ......................      11,850           
664,267        Alliant Energy Corp ..............      17,072           
1,608,753        Alltel Corp ......................      75,611             
746,420        Ameren Corp ......................      32,104           
1,704,119        American Electric Power Co, Inc ..      68,199             
927,915      * American Tower Corp (Class A) ....       3,201           
726,915        Aquila, Inc ......................       5,815           
9,022        Athens Water Supply & Sewage .....          47         
220,054        Atmos Energy Corp ................       5,158           
986,869        Australian Gas Light Co Ltd ......       5,457           
118,038      * Autoroutes Du Sud De La France ...       3,206           
10,557,885      e Autostrade-Concessioni e                                    
      Costruzioni Autostrade S.p.A. ..      87,482
256,015        Avista Corp ......................       3,533           
683,284        AWG plc ..........................       5,728           
778,105        BCE, Inc .........................      13,501           
10,669,031        BellSouth Corp ...................     336,074              
141,743        Black Hills Corp .................       4,906           
421,162      e Bouygues S.A. ....................      11,767           
1,629,322        Brisa-Auto Estradas de Portugal S.A.     9,172             
1,180,873      * Broadwing, Inc ...................       3,070             
38,648,218        BT Group plc .....................     148,457              
2,135,122        Cable & Wireless plc .............       5,443             
1,975,484     e* Calpine Corp .....................      13,888             
62,051        Cascade Natural Gas Corp .........       1,297          
23,875      * Centennial Communications Corp ...          58          
56,974        Central Vermont Public Service Corp      1,026          
754,410        Centurytel, Inc ..................      22,255           
88,393        CH Energy Group, Inc .............       4,353          
64,841      * Chiles Offshore, Inc .............       1,572          
40,467     e* Choice One Communications, Inc ...          36          
741,229      e Chubu Electric Power Co, Inc .....      13,018           
861,884        Cinergy Corp .....................      31,019           
1,507,943        Citizens Communications Co .......      12,606             
217,678        Cleco Corp .......................       4,767           
2,694,545        CLP Holdings Ltd .................      10,709             
4,270,416        CMS Energy Corp ..................      46,889             
60,624        Commonwealth Telephone                                  
      Enterprises, Inc ...............       2,440
421,092        Conectiv .........................      10,868           
37,492        Connecticut Water Service, Inc ...       1,143          
1,128,029        Consolidated Edison, Inc .........      47,095             
866,380        Constellation Energy Group, Inc ..      25,420           
594,325        Contact Energy Ltd ...............       1,152           
1,052,111      * Crown Castle International Corp ..       4,135             
83,508        CT Communications, Inc ...........       1,353          
7,543        D&E Communications, Inc ..........          79         
3,650,436      e Deutsche Telekom AG. (Regd) ......      34,321             
148,007      * Dobson Communications Corp                               
     (Class A) .......................         127
1,386,909        Dominion Resources, Inc ..........      91,813             
654,023        DPL, Inc .........................      17,299           
302,044        DQE, Inc .........................       4,229           
954,190        DTE Energy Co ....................      42,595           
4,408,943        Duke Energy Corp .................     137,118             
1,364,413        Dynegy, Inc (Class A) ............       9,824             
26,344     e* E.Biscom S.p.A. ..................         768          
2,226,434      e E.ON AG. .........................     129,731             
1,935,637      * Edison International .............      32,906             
2,818,623        El Paso Corp .....................      58,092             
273,628        El Paso Electric Co ..............       3,790           
28,367        Electrabel S.A. ..................       6,556          
2,000      * Electrabel S.A. (Strip VVPR) .....           2         
2,454,121        Electricidade De Portugal S.A. ...       4,750             
106,037        Empire District Electric Co ......       2,174           

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3,603,352      e Endesa S.A. ......................      52,348             
3,992,893      e Enel S.p.A. ......................      22,872             
164,324        Energen Corp .....................       4,519           
623,327        Energy East Corp .................      14,087           
19,729        Energysouth, Inc .................         632          
4,267,018   b,e* Enron Corp .......................         452             
2,803,409        Entergy Corp .....................     118,977             
1,399,464        Equitable Resources, Inc .........      48,002             
1,708,168        Exelon Corp ......................      89,337             
1,598,845        FirstEnergy Corp .................      53,369             
2,507     e* Focal Communications Corp ........           6         
13,813     e* Focal Communications Corp Wts                           
      12/14/07 .......................           0
884,905        FPL Group, Inc ...................      53,085           
551,203      e France Telecom S.A. ..............       5,133           
215,437      * General Communication, Inc                               
      (Class A) .......................        1,437
44,918     e* Genuity, Inc (Class A) ...........         171          
883,000     b* Geotek Communications, Inc .......           9           
591,361      * GN Store Nord ....................       2,170           
61,547      * Golden Telecom, Inc ..............       1,083          
334,860        Great Plains Energy, Inc .........       6,814           
186,482        Hawaiian Electric Industries, Inc        7,935           
517,201        Hellenic Telecommunications                              
      Organization S.A. ..............       8,173
66,064        Hickory Tech Corp ................         991          
2,064,511        Hongkong Electric Holdings Ltd ...       7,715             
1,689,823      e Iberdrola S.A. ...................      24,616             
209,254        Idacorp, Inc .....................       5,796           
151,397      * IDT Corp .........................       2,562           
106,366      * IDT Corp (Class B) ...............       1,712           
70,095     b* Impsat Fiber Networks, Inc .......           2          
500,000      * International Power plc ..........       1,280           
132,182   b,e* ITC Deltacom, Inc ................           8           
13,292        Japan Telecom Co Ltd .............      38,037          
1,501,403        Kansai Electric Power Co, Inc ....      23,737             
589,145        Kelda Group plc ..................       3,835           
734,701        KeySpan Corp .....................      27,661           
492,734        Kinder Morgan, Inc ...............      18,734           
2,684,537      * KPN NV ...........................      12,567             
511,704        Kyushu Electric Power Co, Inc ....       7,582           
103,772        Laclede Group, Inc ...............       2,437           
155,156     e* Leap Wireless International, Inc .         168           
7,469,371     e* Level 3 Communications, Inc ......      22,035             
87,996        Madison Gas & Electric Co ........       2,451          
122,333     e* McLeodUSA, Inc (Class A) .........          49           
3,030,891     e* McLeodUSA, Inc (Class A) Escrow ..           0             
368,413        MDU Resources Group, Inc .........       9,686           
91,514     b* Metricom, Inc ....................           1          

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 45

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SHARES                                               VALUE (000)          
------                                               -----------          

UTILITIES--(CONTINUED)                                                        
2,639,153     b* Metromedia Fiber Network, Inc                              
     (Class A) ........................  $      26
37,671        Middlesex Water Co ................        990          
2,200,204      * Mirant Corp .......................     16,061             
43,000      * NATCO Group, Inc (Class A) ........        374          
937,362        National Fuel Gas Co ..............     21,100           
3,815,174        National Grid Group Plc ...........     27,100             
2,962        National Grid Group plc (Spon ADR)         104         
35,141     b* NEON Communications, Inc ..........          1          
86,857     b* Network Plus Corp .................          0          
145,399        New Jersey Resources Corp .........      4,340           
248,341     b* Newpower Holdings, Inc ............          5           
2,884,862      * Nextel Communications, Inc (Class A)     9,260             
266,150      * Nextel Partners, Inc (Class A) ....        801           
327,178        Nicor, Inc ........................     14,968           
18,554        Nippon Telegraph & Telephone Corp .     76,315          
1,048,194        NiSource, Inc .....................     22,882             
314,962      * NiSource, Inc (Sails) .............        655           
74,069        North Pittsburgh Systems, Inc .....      1,192          
735,752        Northeast Utilities ...............     13,839           
131,718        Northwest Natural Gas Co ..........      3,787           
154,476      e Northwestern Corp .................      2,618           
298,429        NSTAR .............................     13,364           
93,179     e* NTELOS, Inc .......................        131          
906,690     b* NTL, Inc ..........................         29           
25,560        NTT Docomo, Inc ...................     62,909          
78,645        NUI Corp ..........................      2,163          
3,145        Oesterreichische                                       
Elektrizitaetswirtschafts AG.         
      (A Shs) .........................        273
447,009        OGE Energy Corp ...................     10,219           
88,297      * Oil States International, Inc .....      1,051          
99,141     b* Omnisky Corp ......................          0          
286,643        Oneok, Inc ........................      6,292           
131,875        Otter Tail Corp ...................      4,157           
2,310,701      * P G & E Corp ......................     41,338             
37,513,737      * Pacific Century Cyberworks Ltd ....      8,849              
19,168        Panafon Hellenic Telecom S.A. .....         97          
201,354        Peoples Energy Corp ...............      7,341           
127,929      * Petroquest Energy, Inc ............        713           
166,028        Piedmont Natural Gas Co, Inc ......      6,140           
195,829     b* Pinnacle Holdings, Inc ............          2           
633,273        Pinnacle West Capital Corp ........     25,014           
213,911        PNM Resources, Inc ................      5,177           
5,780,628        Portugal Telecom SGPS S.A. (Regd) .     40,819             
574,594        Potomac Electric Power Co .........     12,342           
847,349        PPL Corp ..........................     28,030           
262,014      * Price Communications Corp .........      4,192           
1,133,465        Progress Energy, Inc ..............     58,952             
496,039      * Progress Energy, Inc (Cvo) ........        223           
1,121,774        Public Service Enterprise Group,                           
      Inc .............................     48,573
455,796        Puget Energy, Inc .................      9,412           
721,184        Questar Corp ......................     17,813           
45,930      * Quicksilver Resources, Inc ........      1,187          
8,884,248      * Qwest Communications International,                        
      Inc .............................     24,876
933,650     e* RCN Corp ..........................      1,279           
2,382,805        Reliant Energy, Inc ...............     40,269             
596,502     e* Reliant Resources, Inc ............      5,219           
204,011        RGS Energy Group, Inc .............      7,997           
39,164      * Rural Cellular Corp (Class A) .....         41          
848,691      e RWE AG. ...........................     33,485           
200,306      * SBA Communications Corp ...........        282           
19,995,804        SBC Communications, Inc ...........    609,488              
598,943        Scana Corp ........................     18,489           
1,642,181        Scottish & Southern Energy plc ....     16,246             
3,073,423        Scottish Power plc ................     16,526             
91,234      e SEMCO Energy, Inc .................        826          
1,190,743        Sempra Energy .....................     26,351             
570,779        Severn Trent plc ..................      6,290           
1,156,963      * Sierra Pacific Resources ..........      9,024             
9,220,530        Singapore Telecommunications Ltd ..      7,150             
711,772        Skyworks Solutions, Inc ...........      3,950           
510,795      * Sonera Oyj ........................      1,942           
61,529        South Jersey Industries, Inc ......      2,077          
6,395,580        Southern Co .......................    175,239             
187,073        Southern Union Co .................      3,180           
157,295        Southwest Gas Corp ................      3,893           
46,365        Southwest Water Co ................        878          
141,729      * Southwestern Energy Co ............      2,153           
361,831     e* Spectrasite Holdings, Inc .........         65           
4,236,272        Sprint Corp (FON Group) ...........     44,947             
10,992,747      * Sprint Corp (PCS Group) ...........     49,138              
621,743        Suez ..............................     16,014           
1,405,727      e Suez S.A. .........................     37,484             
179,914      e Swisscom AG. (Regd) ...............     52,344           
346,285      * Talk America Holdings, Inc ........      1,430           
262,286        TDC A/S ...........................      7,253           

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763,538        Teco Energy, Inc ..................     18,898           
135,122     e* Tele2 AB (B Shs) ..................      2,485           
4,082,842      e Telecom Corp Of New Zealand Ltd ...      9,776             
6,549,219      e Telecom Italia S.p.A. .............     51,291             
8,361,396      e Telecom Italia S.p.A.(Rnc) ........     44,344             
10,429,519      * Telefonica S.A. ...................     87,552              
7,121      * Telefonica S.A. (Spon ADR) ........        177         
306,555      * Telekom Austria AG. ...............      2,458           
581,489        Telenor ASA .......................      2,061           
276,943        Telephone & Data Systems, Inc .....     16,769           
1,322,879      e Telia AB ..........................      3,685             
5,060,180        Telstra Corp Ltd ..................     13,238             
105,881        Telus Corp ........................        753           
1,974        Telus Corp (Non-Vote) .............         13         
7,358,331      e TIM S.p.A. ........................     30,159             
451,224      * Time Warner Telecom, Inc (Class A)         758           
119,030     e* Tiscali S.p.A. ....................        723           
602,170        Tohoku Electric Power Co, Inc .....      8,440           
2,289,382        Tokyo Electric Power Co, Inc ......     47,083             
169,255        TransAlta Corp ....................      2,248           
109,836      * Triton PCS Holdings, Inc (Class A)         428           
1,423,131        TXU Corp ..........................     73,362             
84,070      * U.S. Cellular Corp ................      2,140          
444,691      * U.S. Unwired, Inc (Class A) .......      1,245           
287,547      * Ubiquitel, Inc ....................        199           
146,404        UGI Corp ..........................      4,676           
65,366        UIL Holdings Corp .................      3,560          
208,379      e Union Fenosa S.A. .................      3,828           
170,968        Unisource Energy Corp .............      3,180           
502,538        United Utilities plc ..............      4,680           
21,792        Unitil Corp .......................        651          
17,070      * Vast Solutions, Inc (Class B1) ....          0          
17,070      * Vast Solutions, Inc (Class B2) ....          0          
17,070      * Vast Solutions, Inc (Class B3) ....          0          
362,945        Vectren Corp ......................      9,110           
21,397,037        Verizon Communications, Inc .......    859,091              
210,567,187        Vodafone Group plc ................    288,871               
2,246,484        Vodafone Group plc (Spon ADR) .....     30,665             
99,784      * West Corp .........................      2,201          
370,861        Westar Energy, Inc ................      5,693           
110,091        Western Gas Resources, Inc ........      4,118           
326,086      * Western Wireless Corp (Class A) ...      1,057           
256,512        WGL Holdings, Inc .................      6,644           
2,376,901   b,e* Williams Communications Group,                             
      Inc .............................         50

46 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

 SEE NOTES TO FINANCIAL STATEMENTS

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                             VALUE (000)           
---------                                             -----------           

UTILITIES--(CONTINUED)                                                        
2,520,645        Williams Cos, Inc .................   $ 15,099             
110,000     b* WinStar Communications, Inc .......          0           
572,558        Wisconsin Energy Corp .............     14,469           
640,317    b,e WorldCom, Inc (MCI Group) .........        576           
15,761,849   b,e* WorldCom, Inc (WorldCom Group) ....      1,419              
164,377        WPS Resources Corp ................      6,712           
5,852,623        XCEL Energy, Inc ..................     98,149             
495,000   b,e* XO Communications, Inc (Class A) ..         10           
                                         ---------
    TOTAL UTILITIES ...................  6,440,665
                                         ---------
TOTAL COMMON STOCK                        
     (Cost $77,971,734) ............... 86,871,316
                                        ----------
PRINCIPAL                                                                   
---------                                                                   
SHORT TERM INVESTMENTS--2.19%                                                   
CERTIFICATES OF DEPOSIT--0.02%                                                
Toronto Dominion Bank                         
$20,000,000        2.000%, 09/04/02 ..................     20,007               
                                        ----------
  TOTAL CERTIFICATES OF DEPOSIT .......     20,007
                                        ----------
COMMERCIAL PAPER--1.80%                                                       
American Honda Finance Corp                   
22,000,000        1.770%, 07/25/02 ..................     21,971              
50,000,000        1.770%, 09/05/02 ..................     49,830              
Asset Securitization Coop Corp                
13,800,000      c 1.780%, 07/11/02 ..................     13,791              
Beta Finance, Inc                             
59,500,000      c 1.810%, 07/30/02 ..................     59,406              
12,000,000      c 1.800%, 08/02/02 ..................     11,979              
28,700,000        1.810%, 08/22/02 ..................     28,622              
Bombardier Capital, Inc                       
25,000,000      c 1.950%, 07/19/02 ..................     24,971              
22,000,000      c 1.950%, 07/22/02 ..................     21,970              
Canadian Wheat Board                          
7,900,000        2.030%, 09/09/02 ..................      7,872             
20,000,000        2.030%, 09/10/02 ..................     19,927              
Ciesco Lp                                     
47,750,000      c 1.790%, 07/25/02 ..................     47,687              
Conoco, Inc                                   
20,000,000      c 2.100%, 07/01/02 ..................     19,997              
20,000,000      c 1.930%, 07/25/02 ..................     19,970              
25,000,000      c 1.920%, 07/29/02 ..................     24,956              
10,000,000      c 1.910%, 07/30/02 ..................      9,982              
Corporate Asset Funding Corp, Inc             
40,000,000      c 1.810%, 07/24/02 ..................     39,949              
25,000,000      c 1.790%, 07/26/02 ..................     24,966              
Delaware Funding Corp                         
60,000,000    c,d 1.830%, 07/25/02 ..................     59,920              
12,057,000      c 1.820%, 08/07/02 ..................     12,033              
Edison Asset Securitization, LLC              
50,000,000      c 1.770%, 08/19/02 ..................     49,872              
Ford Motor Credit Corp                        
25,000,000        1.970%, 07/19/02 ..................     24,971              
20,000,000        1.970%, 07/29/02 ..................     19,965              
10,000,000        2.030%, 08/05/02 ..................      9,979              
Gannett, Inc                                  
22,500,000      c 1.770%, 07/08/02 ..................     22,489              
General Electric Capital Corp                 
50,000,000      d 2.110%, 08/22/02 ..................     49,865              
50,000,000      d 1.830%, 08/29/02 ..................     49,848              
General Mills                                 
55,000,000    c,d 2.010%, 07/10/02 ..................     54,962              
20,000,000      c 2.010%, 07/19/02 ..................     19,976              
General Motors Acceptance Corp                
25,000,000        2.040%, 07/23/02 ..................     24,965              
50,000,000        2.030%, 07/29/02 ..................     49,913              
Govco, Inc                                    
20,000,000      c 1.780%, 07/09/02 ..................     19,989              
19,421,000      c 1.860%, 07/10/02 ..................     19,409              
30,000,000      c 1.850%, 07/12/02 ..................     29,979              
30,000,000      c 1.800%, 08/23/02 ..................     29,917              
Greyhawk Funding LLC                          
35,300,000      c 1.770%, 08/15/02 ..................     35,217              
50,000,000      c 1.810%, 08/23/02 ..................     49,862              
Ingersoll Rand Co                             
5,000,000      c 2.100%, 07/01/02 ..................      4,999             
Kitty Hawk Funding Corp                       
15,135,000      c 2.080%, 08/15/02 ..................     15,099              
McGraw-Hill, Inc                              
20,000,000        1.800%, 08/14/02 ..................     19,954              
Newell Rubbermaid, Inc                        
14,060,000      c 1.900%, 07/16/02 ..................     14,046              
16,000,000      c 1.900%, 07/18/02 ..................     15,983              
19,900,000      c 1.920%, 08/05/02 ..................     19,860              

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Paccar Financial Corp                         
30,200,000      d 1.800%, 07/24/02 ..................     30,161              
7,300,000        1.780%, 08/13/02 ..................      7,283             
Park Avenue Receivables Corp                  
20,000,000      c 1.790%, 08/06/02 ..................     19,962              
Receivables Capital Corp                      
37,000,000      c 1.850%, 07/15/02 ..................     36,969              
351,000      c 1.810%, 08/08/02 ..................        350           
12,900,000      c 1.800%, 08/13/02 ..................     12,871              
SBC International, Inc                        
75,000,000      c 1.780%, 07/23/02 ..................     74,908              
Schering Corp                                 
40,000,000        1.970%, 07/12/02 ..................     39,972              
20,000,000        2.000%, 07/23/02 ..................     19,976              
Sigma Finance, Inc                            
25,000,000      c 1.860%, 07/15/02 ..................     24,979              
25,000,000      c 1.860%, 07/26/02 ..................     24,966              
25,000,000      c 1.810%, 07/31/02 ..................     24,959              
The Stanley Works                             
11,000,000      c 1.830%, 07/19/02 ..................     10,989              
30,000,000      c 1.790%, 08/08/02 ..................     29,940              
Verizon Network Funding Corp                  
25,000,000        1.800%, 08/27/02 ..................     24,926              
Wal-Mart Stores                               
20,000,000      c 1.760%, 07/30/02 ..................     19,969              
                                         ---------
  TOTAL COMMERCIAL PAPER ..............  1,574,098
                                         ---------
U.S. GOVERNMENT AGENCY NOTE--0.03%                                              
Federal Home Loan Bank (FHLB)                 
25,000,000        6.250%, 11/15/02 ..................     25,424              
                                         ---------
  TOTAL U.S. GOVERNMENTAGENCYNOTE .....     25,424
                                         ---------
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--0.29%                              
Federal Home Loan Bank (FHLB)                 
25,000,000        1.725%, 09/18/02 ..................     24,901              
22,900,000        1.730%, 09/20/02 ..................     22,808              
30,000,000      d 2.300%, 02/27/03 ..................     29,618              
25,000,000      d 2.330%, 02/28/03 ..................     24,680              
40,000,000        2.850%, 04/16/03 ..................     40,312              
Federal Home Loan Mortgage Corp (FHLMC)       
11,700,000        1.780%, 08/15/02 ..................     11,673              
5,000,000        1.810%, 08/21/02 ..................      4,987             
16,600,000        1.720%, 09/05/02 ..................     16,545              
15,000,000        1.710%, 09/05/02 ..................     14,950              
Federal National Mortgage Association (FNMA)  
14,000,000        1.800%, 07/01/02 ..................     13,998              
20,000,000        1.770%, 07/17/02 ..................     19,981              
2,025,000        1.760%, 07/31/02 ..................      2,022             
1,000,000        1.760%, 08/07/02 ..................        998             

SEE NOTES TO FINANCIAL STATEMENTS                                             

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 47

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Statement of Investments - STOCK ACCOUNT - (Unaudited) June 30, 2002
------------------------------------------------------------------------------- 

PRINCIPAL                                             VALUE (000)           
---------                                             -----------           

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--(CONTINUED)                        
$25,000,000        1.710%, 08/16/02 ..................  $  24,941               
700,000        1.740%, 08/21/02 ..................        698           
                                         ---------
TOTAL U.S. GOVERNMENT AND                     
     AGENCIES DISCOUNT NOTES               253,112
                                         ---------
VARIABLE RATE NOTES--0.05%                                                      
Ford Motor Credit Corp                        
20,000,000        2.240%, 07/16/02 ..................     20,000              
Sigma Finance, Inc                            
25,000,000        1.870%, 02/18/03 ..................     24,993              
                                         ---------
  TOTAL VARIABLE RATE NOTES                 44,993
                                         ---------
TOTAL SHORT TERM INVESTMENTS                  
   (Cost $1,917,291) ..................  1,917,634
                                         ---------
TOTAL PORTFOLIO--101.58%                      
   (Cost $80,072,155) ................. 88,880,647

OTHER ASSETS & LIABILITIES,                   
       NET--(1.58)%                      (1,381,481)
                                         -----------
   NET ASSETS--100%                      $87,499,166
                                         ===========

--------------                                                                  
*  Non-income producing                                                         
a  Affiliated holding                                                           
b  In bankcruptcy                                                               
c  Commerical 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,
   2002, the value of these securities  amounted to $126,837,785 or 0.14% of net
assets.                                                                   

Additional information on each restricted security is as follows:               

SECURITY                       ACQUISITION DATE     ACQUISITION COST            
--------                       ----------------     ----------------            
Baring Vostok L.P.                 02/12/01          $ 7,513,089                
BB Bioventures L.P.                03/24/98           14,724,615                
Belo (A.H.) Corp (Class B)         05/23/88            1,900,588                
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                
Hafnia Holdings AS (REGD)                                                       
(Class A)                         08/30/91              136,697               
Hafnia Holdings AS (REGD)                                                       
(Class B)                         07/29/88              159,638               
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           14,321,388                
Netgenics, Inc CV Series D         03/20/98            5,517,450                
Netgenics, Inc Stock                                                            
Options 03/20/08                 06/08/98                    0              
Power Pacific LTD                  05/29/91              157,863                
Promet Berhad                      09/29/00                6,669                
Silverstone Berhad                 09/29/00                1,173                
Skyline Venture Partners                                                        
Qualified II                    02/15/00            2,756,252             
Wrigley (WM) Jr Co (Class B)       04/30/86            2,007,603                
Zebra Technology Corp (Class B)    10/29/98               43,233                
                                      ----------
                                     $64,435,093
                                     ===========

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 Transactions with Affiliated Companies--JANUARY 1, 2002 - JUNE 30, 2002
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]


                       VALUE AT        PURCHASE                  REALIZED      DIVIDEND      SHARES AT      VALUE AT    
ISSUE              DECEMBER 31, 2001     COST       PROCEEDS    GAIN (LOSS)     INCOME     JUNE 30, 2002  JUNE 30, 2002 
-------              ---------------   ---------  ------------  ----------    ----------   -------------  ------------- 
                                                                                                                        
Autoliv, Inc        $125,821,404     $ 7,043,259  $21,944,477     $ 34,641     $1,293,335      5,494,946   $138,472,639 
Baring Vostok L.P.     5,092,719       2,420,369           --           --        118,241      7,513,087      7,513,087 
Bethlelem Steel Corp   3,869,269              --      305,747   (1,980,641)            --      7,787,512      1,635,378 
CMS Energy Corp               **      13,375,319    8,816,547   (1,783,627)     2,447,481             --           *    
Martek Biosciences                                                                                                      
  Corp                29,544,809          11,412    2,183,777    1,254,230             --      1,290,234     26,991,695 
Max Re Capital Ltd            **       6,262,618       42,354       (4,939)        77,683      2,062,692     27,846,342 
                    ------------     -----------  -----------   -----------     ----------                   -----------
TOTAL AFFILIATED                                                                                                        
  TRANSACTIONS      $164,328,201     $29,112,977  $33,292,902   $(2,480,336)    $3,936,740                  $202,459,141
                    ============     ===========  ===========   ===========    ===========                  ============

----------                                                                      
** Not an  Affiliate  as of December  31, 2001                                  
* Not an Affiliate as of June 30, 2002                                        

48 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investments - GLOBAL EQUITIES ACCOUNT - (Unaudited) June 30, 2002
------------------------------------------------------------------------------- 

SUMMARY BY COUNTRY

               VALUE (000)                         %
                 -----------                       -----
Domestic:                                                                       
United States .........   $3,256,857                        51.11%        
                 ----------                        -----
TOTAL DOMESTIC ........    3,256,857                        51.11         
                 ----------                        -----
Foreign:                                                                        
Australia .............      102,943                         1.62         
Austria ...............        1,152                         0.02         
Belgium ...............       27,745                         0.44         
Bermuda ...............       27,828                         0.44         
Canada ................      129,336                         2.03         
Denmark ...............        8,376                         0.13         
Finland ...............       25,822                         0.41         
France ................      255,103                         4.00         
Germany ...............      139,990                         2.20         
Greece ................        3,213                         0.05         
Hong Kong .............       37,398                         0.59         
Ireland ...............       15,458                         0.24         
Italy .................       97,337                         1.53         
Japan .................      564,651                         8.85         
Korea .................       12,709                         0.20         
Luxembourg ............       14,193                         0.22         
Netherlands ...........      235,436                         3.69         
New Zealand ...........        1,444                         0.02         
Norway ................        6,540                         0.10         
Portugal ..............        3,759                         0.06         
Singapore .............       16,574                         0.26         
South Africa ..........        8,951                         0.14         
Spain .................       67,498                         1.06         
Sweden ................       38,618                         0.61         
Switzerland ...........      324,010                         5.08         
Thailand ..............        1,741                         0.03         
United Kingdom ........      686,007                        10.76         
                 ----------                        -----
TOTAL FOREIGN .........    2,853,832                        44.78         
SHORT TERM INVESTMENTS       261,644                         4.11         
                 ----------                        -----
TOTAL PORTFOLIO .......   $6,372,333                       100.00%        
                 ==========                       ======

--------------------
PRINCIPAL                                             VALUE (000)           
---------                                             -----------           
CORPORATE BONDS--0.00%                                                          
AEROSPACE AND DEFENSE--0.00%                                                  
Bae Systems plc                               
$21,776    (1) 7.450%, 11/30/03 ................         $ 16           
                                             -----
  TOTAL AEROSPACE AND DEFENSE                   16
                                             -----
FINANCIAL SERVICES--0.00%                                                     
Amp Reinsurance Note                          
25,973    (2) 7.000%, 02/10/05 ................            0          
                                             -----
  TOTAL FINANCIAL SERVICES ..........            0
                                             -----
TOTAL CORPORATE BONDS                         
   (Cost $11) .......................           16
                                             -----

-------------                                                                   
(1) Denominated in British Pounds                                               
(2) Denominated in Australian Dollars                                           

SHARES                                                                    
------                                                                    
PREFERRED STOCK--0.21%                                                          
CONSUMER CYCLICAL--0.20%                                                      
1,127      * Fiat S.p.A. ..........................      10         
7,423        MAN AG. ..............................     130         
914,434        News Corp Ltd ........................   4,199           
4,221        Porsche AG. ..........................   2,001         

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------                                               -----------          

520,550        Prosieben Media AG. ............       $ 5,012           
24,027        Volkswagen AG. .................           774          
                                          --------
    TOTAL CONSUMER CYCLICAL ........        12,126
                                          --------
CONSUMER NON-CYCLICAL--0.01%                                                  
4,688        Henkel Kgaa ....................           322         
                                          --------
    TOTAL CONSUMER NON-CYCLICAL ....           322
                                          --------
HEALTH CARE--0.00%                                                            
7,892        Fresenius Medical Care AG. .....           265         
                                          --------
    TOTAL HEALTH CARE ..............           265
                                          --------
TOTAL PREFERRED STOCK                     
     (Cost $15,241) ................        12,713
                                          --------
COMMON STOCK--98.09%                                                            
AEROSPACE AND DEFENSE--1.14%                                                  
1,742,008      * BAE Systems plc ................         8,896             
1,771      * Ballard Power Systems, Inc .....            29         
77,651        Boeing Co ......................         3,494          
466        CAE, Inc .......................             4       
52,308      e European Aeronautic Defense                             
      And Space Co .................           804
372,970        General Dynamics Corp ..........        39,665           
96,384      * General Motors Corp ............         1,003          
52,835        Lockheed Martin Corp ...........         3,672          
17,268        PerkinElmer, Inc ...............           191          
54,679        Raytheon Co ....................         2,228          
29,134        Rockwell Collins, Inc ..........           799          
226,530        Rolls-Royce plc ................           559           
710,252        Smiths Group plc ...............         9,224           
                                           -------
    TOTAL AEROSPACE AND DEFENSE ....        70,568
                                           -------
BASIC INDUSTRIES--6.36%                                                       
282,370        Abitibi-Consolidated, Inc ......         2,603           
11,021        ACS Actividades de Construccion y                       
      Servicios S.A. ...............           355
498,595        Air Products & Chemicals, Inc ..        25,164           
109,526        Akzo Nobel NV ..................         4,769           
2,700        Alcan, Inc .....................           101         
145,720        Alcan, Inc (U.S.) ..............         5,528           
87,258        Alcoa, Inc .....................         2,893          
127,761        Amcor Ltd ......................           591           
78,800      e Anglo American Platinum Corp Ltd         3,095          
1,000,100     e* Arcelor ........................        14,193             
177,642        Asahi Kasei Corp ...............           591           
19,816        Avery Dennison Corp ............         1,243          
91,532        Barratt Developments plc .......           586          
258,412        Barrick Gold Corp ..............         4,898           
42,499        Barrick Gold Corp (U.S.) .......           807          
71,752        BASF AG. .......................         3,327          
73,112        Bayer AG. ......................         2,318          
10,078        Berkeley Group plc .............           111          
2,210,332        BHP Billiton Ltd ...............        12,781             
626,419        BHP Billiton plc ...............         3,414           
19,339        Black & Decker Corp ............           932          
131,985        BOC Group plc ..................         2,050           
2,439        Boehler-Uddeholm AG. ...........           118         
195,718        Boral Ltd ......................           412           
9,501        Buderus AG. ....................           215         
18,141        Buhrmann NV ....................           167          
13,140        Cameco Corp ....................           334          
236        Carillion plc ..................             1       
164,169        Carter Holt Harvey Ltd .........           158           
5,077        Centex Corp ....................           293         
61,000        Cheung Kong Infrastructure                              
      Holdings Ltd .................            98
22,016        Ciba Specialty Chemicals AG.                            
     (Regd) ........................         1,764
55,036      e Compagnie De Saint-Gobain ......         2,470          
1,332,677      * Corus Group plc ................         1,706             
61,990      * CRH plc (Ireland) ..............         1,038          

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 49

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

BASIC INDUSTRIES--(CONTINUED)                                                 
8,452        CRH plc (United Kingdom) ..........      $ 138         
200,011        CSR Ltd ...........................        718           
2,426,221        Daicel Chemical Industries Ltd ....      8,279             
184,000      * Dainippon Ink & Chemicals, Inc ....        395           
26,795        Daito Trust Construction Co Ltd ...        502          
77,779        Daiwa House Industry Co Ltd .......        476          
102,779      e Dofasco, Inc ......................      2,079           
109,340        Domtar, Inc .......................      1,276           
96,399        Dow Chemical Co ...................      3,314          
161,193        Du Pont (E.I.) de Nemours & Co ....      7,157           
10,700        Falconbridge Ltd ..................        140          
53,000        Fletcher Building Ltd .............         71          
435,960      * Fletcher Challenge Forests Ltd ....         51           
15,506        Fluor Corp ........................        604          
17,462        Fomento de Construcciones y                             
      Contratas S.A. ..................        426
587        Forbo Holding AG. (Regd) ..........        215       
9,937        Fording, Inc ......................        186         
50,671        Georgia-Pacific Corp ..............      1,245          
40,677        Grupo Dragados S.A. ...............        725          
381,127        Grupo Ferrovial S.A. ..............     10,392           
28,615        Hanson plc ........................        204          
1,200        Heidelberger Zement AG. (Belgium) .         58         
3,109        Heidelberger Zement AG. (Germany) .        153         
1,200      * Heidelberger Zement AG. (Strip Vvpr)         0         
9,785        Hellenic Technodomiki S.A. ........         63         
3,714        Hoganas AB (B Shs) ................         80         
7,604        Holcim Ltd (Br) ...................      1,745         
6,144        Holmen AB (B Shs) .................        163         
1,349        Imerys S.A. .......................        173         
538,481        Imperial Chemical Industries plc ..      2,618           
78,989      * Inco Ltd ..........................      1,774          
82,756        International Paper Co ............      3,607          
310      * Ishihara Sangyo Kaisha Ltd ........          0       
29,486      e Italcementi S.p.A. ................        292          
20,881      * James Hardie Industries NV ........         76          
131,182      * Jefferson Smurfit Group plc .......        402           
23,000        JGC Corp ..........................        163          
20,000        JSR Corp ..........................        169          
2,140,000      e Kajima Corp .......................      6,070             
46,000        Kaneka Corp .......................        320          
154,000      * Kawasaki Steel Corp ...............        200           
531,734        Kimberly-Clark Corp ...............     32,968           
18,400        Lafarge S.A. (Br) .................      1,835          
14,306        L'Air Liquide S.A. ................      2,201          
58,556        Leighton Holdings Ltd .............        342          
27,771        Linde AG. .........................      1,412          
201,286        Lonza Group AG. (Regd) ............     15,553           
62,904        Masco Corp ........................      1,705          
58,893        Matsushita Electric Works Ltd .....        423          
1,425        Mayr-Melnhof Karton AG. ...........        103         
29,105        MeadWestvaco Corp .................        977          
2,747,226        MIM Holdings Ltd ..................      2,005             
353,182      * Mitsubishi Chemical Corp ..........        822           
138,642      * Mitsubishi Gas Chemical Co, Inc ...        252           
75,215        Mitsubishi Materials Corp .........        149          
81,000      * Mitsubishi Paper Mills Ltd ........        120          
119,000        Mitsui Chemicals, Inc .............        595           
98,000        Mitsui Mining & Smelting Co Ltd ...        292          
1,770      * New World Infrastucture Ltd .......          0         
23,896        Newcrest Mining Ltd ...............        102          
1,086,254        Newmont Mining Corp ...............     28,601             
57,000        Nippon Kayaku Co Ltd ..............        226          
66,000        Nippon Sanso Corp .................        227          
3,000        Nippon Shokubai Co Ltd ............         15         
716,207      * Nippon Steel Corp .................      1,117           
58        Nippon Unipac Holding .............        359      
684        Nishimatsu Construction Co Ltd ....          2       
34,000        Nissan Chemical Industries Ltd ....        197          
782,210      * NKK Corp ..........................        757           
109,453        Noranda, Inc ......................      1,378           
33,083        Norske Skogindustrier ASA .........        617          
11,469        Nova Chemicals Corp ...............        254          
54,043        Novar plc .........................        115          
12,849        Nucor Corp ........................        836          
7,158        Obayashi Corp .....................         20         
889,588        OJI Paper Co Ltd ..................      5,084           
76,000        Okumura Corp ......................        238          
157,121        OneSteel Ltd ......................        116           
5,452        Orica Ltd .........................         29         
72,174        Paperlinx Ltd .....................        197          
584,450        Patrick Corp Ltd ..................      5,381           
8,317        Pechiney S.A. (A Shs) .............        380         
10,622      * Phelps Dodge Corp .................        438          
412,727        Pilkington plc ....................        584           
41,218        Placer Dome, Inc ..................        461          
25,341        Potash Corp Of Saskatchewan .......      1,691          
32,684        PPG Industries, Inc ...............      2,023          
437,241        Praxair, Inc ......................     24,910           

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115,061        Rexam plc .........................        745           
164,370        Rio Tinto Ltd .....................      3,093           
387,765        Rio Tinto plc .....................      7,111           
3,563        RMC Group plc .....................         36         
19,904        Rohm & Haas Co ....................        806          
7,073      * Royal Group Technologies Ltd ......        146         
3,190        Sapa AB ...........................         61         
219,800      e Sappi Ltd .........................      3,091           
10,979      * Sealed Air Corp ...................        442          
55,544        Sekisui Chemical Co Ltd ...........        190          
125,816        Sekisui House Ltd .................        925           
17,826        Sherwin-Williams Co ...............        534          
858,943        Shimizu Corp ......................      2,831           
279,384        Shin-Etsu Chemical Co Ltd .........     12,004           
11,920        Sigma-Aldrich Corp ................        598          
53,104        Skanska AB (B Shs) ................        367          
14,917        Solvay S.A. .......................      1,074          
61        Sons Of Gwalia Ltd ................          0      
16,088        Stanley Works .....................        660          
102,049        Stora Enso Oyj (R Shs) ............      1,430           
39,000      e Sumitomo Bakelite Co Ltd ..........        283          
1,011,860        Sumitomo Chemical Co Ltd ..........      4,601             
44,000        Sumitomo Forestry Co Ltd ..........        258          
157,502      * Sumitomo Metal Industries Ltd .....         70           
118,000        Sumitomo Metal Mining Co Ltd ......        534           
57,765        Svenska Cellulosa AB (B Shs) ......      2,055          
7,571        Svenskt Stal AB (Ssab) Series A ...         99         
3,444        Svenskt Stal AB (Ssab) Series B ...         43         
2,498        Syngenta AG. ......................        150         
153,037      * Taiheiyo Cement Corp ..............        285           
20,199        Taisei Corp .......................         47          
44,586        Taylor Woodrow plc ................        122          
32,653        Technical Olympic S.A. ............        143          
16,712        Teck Cominco Ltd (Class B) ........        151          
4,086        Temple-Inland, Inc ................        237         
88,811        ThyssenKrupp AG. ..................      1,360          
300,000        Tokyo Ohka Kogyo Co Ltd ...........      4,483           
64,000        Tosoh Corp ........................        206          
295,833        Tostem Inax Holding Corp ..........      5,047           
71,700        Toto Ltd ..........................        335          
50,100        Toyo Seikan Kaisha Ltd ............        659          

50 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

BASIC INDUSTRIES--(CONTINUED)                                                 
13,284        Transurban Group ..................  $      31          
10,838        Trelleborg AB (B Shs) .............        107          
29,000        Ube Industries Ltd ................         45          
3,510        Umicore ...........................        152         
44,585      e UPM-Kymmene Oyj ...................      1,755          
235,370      e Vinci S.A. ........................     15,958           
2,584        Voest-Alpine AG. ..................         85         
11,442        Vulcan Materials Co ...............        501          
1,146      * Washington Group International,                        
      Inc Wts 03/11/03 ................          0
14,022        Weyerhaeuser Co ...................        895          
105,280        Wimpey (George) plc ...............        430           
108,194        WMC Ltd ...........................        552           
2,122,698        Wolseley plc ......................     21,517             
                                         ---------
    TOTAL BASIC INDUSTRIES ............    395,292
                                         ---------
CONSUMER CYCLICAL--11.44%                                                     
59,427        Accor S.A. ........................      2,410          
25,402        Aeon Co Ltd .......................        678          
1,829,518        AOL Time Warner, Inc ..............     26,912             
21,806        Aoyama Trading Co Ltd .............        244          
30,348        Aristocrat Leisure Ltd ............         92          
1,386        Arnoldo Mondadori Editore S.p.A. ..          9         
13,800      e Asatsu-DK, Inc ....................        301          
10,900        Autobacs Seven Co Ltd .............        308          
6,160      * Autogrill S.p.A. ..................         72         
1,531,870        Autoliv, Inc ......................     38,603             
4,800        Avex, Inc .........................        112         
23,312        BBA Group plc .....................         98          
37,934      * Bed Bath & Beyond, Inc ............      1,432          
2,924        Bekaert S.A. ......................        138         
25,530        Benetton Group S.p.A. .............        299          
86,369        Bridgestone Corp ..................      1,189          
2,423,757      * British Sky Broadcasting Group plc      23,239             
24,544      * Canadian Tire Corp (Class A) ......        504          
14,083        Canal Plus ........................         50          
11,700      e Capcom Co Ltd .....................        303          
228,281        Carlton Communications plc ........        731           
35,686        Carnival Corp .....................        988          
17,898        Castorama-Dubois Investissements ..      1,149          
70,115        Clear Channel Communications, Inc .      2,245          
919,803        Coles Myer Ltd ....................      3,424           
125,823      * Comcast Corp (Class A) Special ....      3,000           
2,064,023        Compass Group plc .................     12,522             
40,405      * Continental AG. ...................        714          
928,165      * Cox Communications, Inc (Class A) .     25,571           
16,000        Cycle & Carriage Ltd ..............         43          
19,402        Daily Mail & General Trust plc ....        185          
685        Daimaru, Inc ......................          3       
251,553      e DaimlerChrysler AG. (Regd) ........     12,173           
8,611     e* DaimlerChrysler AG. (U.S.) ........        415         
35,289        Dana Corp .........................        654          
158,069        David Jones Ltd ...................         94           
99,173        Delphi Corp .......................      1,309          
63,313        Denso Corp ........................        989          
1,068        D'ieteren S.A. ....................        193         
3,011        Dixons Group plc ..................          9         
1,598        Dow Jones & Co, Inc ...............         77         
9,484        Eastman Kodak Co ..................        277         
4,952,785        EMI Group plc .....................     18,798             
68,051        Esprit Holdings Ltd ...............        130          
4,743        Fairmont Hotels & Resorts, Inc ....        122         
537,463        Family Dollar Stores, Inc .........     18,946           
1,300        FamilyMart Co Ltd .................         31         
8,130        Fast Retailing Co Ltd .............        176         
37,260      * Federated Department Stores, Inc ..      1,479          
11,354      e Fiat S.p.A. .......................        143          
47,000        First Capital Corp Ltd ............         26          
11,605        Fisher & Paykel Appliances                              
      Holdings Ltd ....................         52
11,141        Fisher & Paykel Healthcare Corp ...         45          
182,489        Ford Motor Co .....................      2,920           
538,620        Fuji Photo Film Co Ltd ............     17,391           
40        Fuji Television Network, Inc ......        231      
36,692        Gannett Co, Inc ...................      2,785          
25,500        Gap, Inc ..........................        362          
28,005      * Gemstar-TV Guide International, Inc        151          
77,460        General Motors Corp ...............      4,140          
19,272        Genuine Parts Co ..................        672          
188,095        Giordano International Ltd ........        116           
149,563        GKN plc ...........................        702           
4,048        Goodyear Tire & Rubber Co .........         76         
805,501        Granada plc .......................      1,369           
17,229      e Groupe Bruxelles Lambert S.A. .....        900          
29,319        Gruppo Editoriale L'Espresso S.p.A.         96          
63,338        Gunze Ltd .........................        270          

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344,893        GUS plc ...........................      3,167           
892,000      e Hankyu Department Stores, Inc .....      6,787           
58,580        Harley-Davidson, Inc ..............      3,003          
15,759        Harrah's Entertainment, Inc .......        699          
4,751        Harvey Norman Holdings Ltd ........          8         
1,589        Hellenic Duty Free Shops S.A. .....         12         
148,251        Hennes & Mauritz AB (B Shs) .......      2,968           
404,427        Hilton Group plc ..................      1,407           
20,999        Hilton Hotels Corp ................        292          
299,676        Honda Motor Co Ltd ................     12,151           
175,226        Hudson's Bay Co ...................      1,563           
57,289        Independent News & Media plc ......        113          
28,400        Independent Newspapers Ltd ........         52          
19,351      * Inditex S.A. ......................        409          
7,325      * International Game Technology .....        415         
52,202        Interpublic Group Of Cos, Inc .....      1,293          
4,214        Intrawest Corp ....................         70         
52,079        Isetan Co Ltd .....................        526          
47,914        Ito-Yokado Co Ltd .................      2,399          
1,175,849        John Fairfax Holdings Ltd .........      2,185             
8,944        Johnson Controls, Inc .............        730         
14,134      * Jones Apparel Group, Inc ..........        530          
131,785      * Kanebo Ltd ........................        224           
17,132      e KarstadtQuelle AG. ................        445          
14,788      e Kesko Oyj (B Shs) .................        168          
105,650      * Kia Motors Corp ...................        966           
282,120        Kingfisher plc ....................      1,360           
41,575      * Kohl's Corp .......................      2,914          
14,078        Konami Corp .......................        295          
23,262        Koninklijke Vendex KBB NV .........        289          
4,000        Kuraray Co Ltd ....................         26         
33,919        Lagardere S.C.A. ..................      1,469          
7,700        Lawson, Inc .......................        236         
3,215,520      * Liberty Media Corp (Class A) ......     32,155             
2      * Liberty Satellite & Technology,                    
      Inc (Class A) ...................          0
98,296        Limited, Inc ......................      2,094          
6,800        Liz Claiborne, Inc ................        216         
48,130      e LVMH Moet Hennessy Louis                                
      Vuitton S.A. ....................      2,424
11,197      e MAN AG. ...........................        235          
802,676        Marks & Spencer Group plc .........      4,561           
26,719        Marriott International, Inc                             
     (Class A) ........................      1,017
328,462      e Matsushita Electric Industrial                           
      Co Ltd ..........................      4,481
24,434        May Department Stores Co ..........        805          
17,745        Maytag Corp .......................        757          

SEE NOTES TO FINANCIAL STATEMENTS 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 51

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--------------------------------------------------------------------------------

SHARES                                              VALUE (000)       
------                                              -----------       

CONSUMER CYCLICAL--(CONTINUED)                                                  
1,435,736        McDonald's Corp ...................   $ 40,847             
26,764        McGraw-Hill Cos, Inc ..............      1,598          
159,401      e Mediaset S.p.A. ...................      1,234           
46,706        Michelin (C.G.D.E.) (B Shs) .......      1,893          
7,377      * Modern Times Group AB (B Shs) .....         98         
200      * Mycal Corp ........................          0       
160,770        MyTravel Group plc ................        377           
9,396        Namco Ltd .........................        179         
17,745        New York Times Co (Class A) .......        914          
443,687        News Corp Ltd .....................      2,411           
135,463        Next plc ..........................      1,924           
3,723        NGK Insulators Ltd ................         29         
40,269        Nike, Inc (Class B) ...............      2,160          
46,967        Nintendo Co Ltd ...................      6,885          
34,650        Nippon Television Network Corp ....      7,730          
329,332        Nissan Motor Co Ltd ...............      2,281           
12,455        Omnicom Group, Inc ................        570          
18,919        Onward Kashiyama Co Ltd ...........        186          
4,066        Oriental Land Co Ltd ..............        291         
14,000        Overseas Union Enterprises Ltd ....         57          
211,493        P & O Princess Cruises plc ........      1,338           
208,200        Paris Miki, Inc ...................      4,395           
55,235      * Park Place Entertainment Corp .....        566          
114,630        Pearson plc .......................      1,140           
68,568        Peugeot Citroen S.A. ..............      3,559          
15,990      e Pinault-Printemps-Redoute S.A. ....      1,897          
39,738        Pioneer Corp ......................        711          
13,066      * Pt Multimedia Servicos de                               
Telecomunicacoes e                    
      Multimedia Sgps S.A. ............        115
43,878        Publishing & Broadcasting Ltd .....        223          
200,000        Puma AG. Rudolf Dassler Sport .....     14,486           
15,407      e Quebecor World, Inc ...............        412          
19,035        R.R. Donnelley & Sons Co ..........        524          
107,786        Rank Group plc ....................        439           
15,431        Reader's Digest Association, Inc                        
     (Class A) ........................        289
1,000,621        Reed Elsevier Nv ..................     13,637             
369,747        Reed Elsevier plc .................      3,514           
145,582        Renault S.A. ......................      6,808           
51,841        Reuters Group plc .................        275          
13,473        Rogers Communications, Inc                              
     (Class B) ........................        120
8,300        Saizeriya Co Ltd ..................        216         
241,000        Sankyo Co Ltd (Otc) ...............      6,072           
213,901        Sanyo Electric Co Ltd .............        933           
17,157        Schibsted ASA .....................        206          
160,000      * SCMP Group Ltd ....................         93           
34,964        Sears Roebuck & Co ................      1,899          
368,098     e* Seat-Pagine Gialle S.p.A. .........        270           
15,870     e* Sega Corp .........................        381          
46,000     e* Seiyu Ltd .........................        178          
42,451        Seven-Eleven Japan Co Ltd .........      1,672          
114,200        Shangri-La Asia Ltd ...............         95           
26,338        Shangri-La Asia Ltd (Singapore) ...         22          
79,450        Sharp Corp ........................      1,009          
59,653        Shaw Communications, Inc (Class B)         657          
18,200        Shimachu Co Ltd ...................        325          
341        Shimamura Co Ltd ..................         26       
14,280     f* Silverstone Berhad ................          0          
45,935        Singapore Press Holdings Ltd ......        517          
400,934        Six Continents plc ................      4,073           
38,842        Sky City Entertainment Group ......        117          
37        Skylark Co Ltd ....................          1      
30,066        Societe Television Francaise (T.F.1)       805          
595,795        Sony Corp .........................     31,465           
49,813      * Starbucks Corp ....................      1,238          
1        Stockmann AB (B Shs) ..............          0     
28,794        TAB Ltd ...........................         50          
53,846        TABCORP Holdings Ltd ..............        378          
1,168,131        Takashimaya Co Ltd ................      6,803             
941,367        Target Corp .......................     35,866           
240,075        Teijin Ltd ........................        817           
30,600        Television Broadcasts Ltd .........        130          
42,267        The Warehouse Group Ltd ...........        152          
79,753        Thomson Corp ......................      2,515          
551,447        Tiffany & Co ......................     19,411           
113,376        TJX Cos, Inc ......................      2,223           
340        Toho Co Ltd .......................          4       
13,654      e Tokyo Broadcasting System, Inc ....        306          
21,256        Tokyo Style Co Ltd ................        194          
28,000        Toray Industries, Inc .............         75          
12,300        Toyoda Gosei Co Ltd ...............        154          
641,494        Toyota Motor Corp .................     17,020           
28,811        Tribune Co ........................      1,253          
30,937        TRW, Inc ..........................      1,763          

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16,516        Tui AG. ...........................        406          
134,042        United Business Media plc .........        889           
31,828        UNY Co Ltd ........................        361          
19,586      e Valeo S.A. ........................        814          
1,718        Valora Holding AG. ................        368         
17,318        VF Corp ...........................        679          
203,852      * Viacom, Inc (Class B) .............      9,045           
5,329        Visteon Corp ......................         76         
211,853        Vivendi Universal S.A. ............      4,578           
46,875        Vivendi Universal S.A. (Spon ADR) .      1,008          
36,830        VNU NV ............................      1,023          
75,214        Volkswagen AG. ....................      3,655          
1,430        Volvo AB (A Shs) ..................         29         
105,287        Volvo AB (B Shs) ..................      2,182           
35,945        Wacoal Corp .......................        298          
1,238,110        Wal-Mart Stores, Inc ..............     68,108             
280,883        Walt Disney Co ....................      5,309           
1,773        Whirlpool Corp ....................        116         
58,968        Whitbread plc .....................        550          
28,997        Wolters Kluwer NV .................        550          
467,327        Woolworths Ltd ....................      3,450           
1,700        World Co Ltd ......................         50         
453,267        WPP Group plc .....................      3,828           
53,234      * Yahoo!, Inc .......................        786          
10,000        Yamada Denki Co Ltd ...............        876          
28,702      * Yum Brands, Inc ...................        839          
                                          --------
    TOTAL CONSUMER CYCLICAL                711,172
                                          --------
CONSUMER NON-CYCLICAL--9.88%                                                  
12,000        Aderans Co Ltd ....................        376          
9,748        Adidas-Salomon AG. ................        799         
6,455        AGFA Gevaert NV ...................        118         
541        Ajinomoto Co, Inc .................          6       
47,398        Albertson's, Inc ..................      1,444          
13,291        Altadis S.A. ......................        274          
37,054        Altadis S.A. (France) .............        755          
36,394     e* Amazon.Com, Inc ...................        591          
138,009        Anheuser-Busch Cos, Inc ...........      6,900           
62,955        Archer Daniels Midland Co .........        805          
500        Ariake Japan Co Ltd ...............         19       
555,706        Asahi Breweries Ltd ...............      4,650           
10,900      * Asia Food & Properties Ltd                              
      Wts 07/12/02 ....................          0
15,331        Avon Products, Inc ................        801          
2,229        Bang & Olufsen A/S (B Shs) ........         59         
3,760        Beiersdorf AG. ....................        453         
545,138      * Best Buy Co, Inc ..................     19,789           
195,669        Boots Co plc ......................      1,940           

52 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

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--------------------------------------------------------------------------------

SHARES                                              VALUE (000)       
------                                              -----------       

CONSUMER NON-CYCLICAL--(CONTINUED)                                            
1,877,386        British American Tobacco plc ......  $  20,175             
21,555        BRL Hardy Ltd .....................        109          
367,271        Cadbury Schweppes plc .............      2,752           
33,697        Campbell Soup Co ..................        932          
4,546        Carlsberg A/S (A Shs) .............        221         
362        Carlsberg A/S (B Shs) .............         19       
60,615        Carrefour S.A. ....................      3,281          
2,184      e Casino Guichard-Perrachon .........        185         
785      * Casino Guichard-Perrachon A                          
      Wts 12/15/03 ....................          1
785      * Casino Guichard-Perrachon B                          
      Wts 12/15/05 ....................          2
5,695        Circuit City Stores, Inc                               
     (Circuit City Group) .............        107
24,183        Clorox Co .........................      1,000          
118,261        Coca-Cola Amatil Ltd ..............        424           
922,511        Coca-Cola Co ......................     51,661           
37,725        Coca-Cola Hellenic Bottling Co S.A.        639          
455,768        Colgate-Palmolive Co ..............     22,811           
797        Colruyt S.A. ......................         37       
131,495        Compagnie Financiere Richemont                           
      AG. (Units) (A Shs) .............      2,991
97,712        Conagra Foods, Inc ................      2,702          
39,327        Costco Wholesale Corp .............      1,519          
34,828        CVS Corp ..........................      1,066          
8,376      e Danisco As ........................        306         
4,539        Delhaize Group ....................        213         
1,982,022        Diageo plc ........................     25,741             
72,800      e Doutor Coffee Co Ltd ..............      3,644          
21,289      * eBay, Inc .........................      1,312          
43,344        Electrolux AB Series B ............        875          
4,888        Essilor International S.A. ........        199         
171,632      e Foster's Group Ltd ................        455           
24,968        Fraser & Neave Ltd ................        112          
323,000        Fuji Oil Co Ltd ...................      3,231           
638,660        General Mills, Inc ................     28,152           
156,125        Gillette Co .......................      5,288           
1,103        Givaudan S.A. (Regd) ..............        445         
238,145        Goodman Fielder Ltd ...............        223           
25,063        Greencore Group plc ...............         72          
160,362      e Groupe Danone .....................     22,046           
22,389        Heineken NV .......................        983          
31,700        Hite Brewery Co Ltd ...............      1,955          
48,145        HJ Heinz Co .......................      1,979          
1,565,798        Home Depot, Inc ...................     57,512             
71,314        Imperial Tobacco Group plc ........      1,160          
31,018      * Imperial Tobacco Group plc (New) ..        490          
16,685        Interbrew S.A. ....................        479          
10,940        International Flavors &                                 
      Fragrances, Inc .................        355
3,900        ITO EN Ltd ........................        148         
142        Japan Tobacco, Inc ................        953       
8,386      * Jeronimo Martins Sgps S.A. ........         59         
2,466        Kamps AG. .........................         30         
461,523      e Kao Corp ..........................     10,627           
17,771        Kerry Group (Class A) .............        263          
61,000        Kikkoman Corp .....................        384          
2,320      e Kirin Brewery Co Ltd ..............         16         
176,200        Kose Corp .........................      5,410           
20,400        Kraft Foods, Inc (Class A) ........        835          
103,485      * Kroger Co .........................      2,059           
213,645        Li & Fung Ltd .....................        288           
51,262        Loblaw Cos Ltd ....................      2,107          
104,131        L'Oreal S.A. ......................      8,124           
779,288        Lowe's Cos ........................     35,380           
32,309        Luxottica Group S.p.A. ............        628          
59,454        Mattel, Inc .......................      1,253          
11,066        Metro AG. .........................        339          
97,359      * Molson, Inc (A Shs) ...............      2,109          
216,337        Nestle S.A. (Regd) ................     50,439           
36,612        Newell Rubbermaid, Inc ............      1,284          
66,717        Nichirei Corp .....................        214          
66,216        Nippon Meat Packers, Inc ..........        830          
63,998        Nisshin Seifun Group, Inc .........        458          
31,795        Nissin Food Products Co Ltd .......        631          
7,000        Noritake Co Ltd ...................         27         
12,210        Numico NV .........................        274          
14,116        Orkla ASA .........................        273          
166,413      e Parmalat Finanziaria S.p.A. .......        514           
1,312,679        Pepsico, Inc ......................     63,271             
132,537      e Pernod-Ricard .....................     12,985           
295,745        Philip Morris Cos, Inc ............     12,918           
178,953        Procter & Gamble Co ...............     15,981           

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41,719        QP Corp ...........................        348          
21,788        RadioShack Corp ...................        655          
169,476        Reckitt Benckiser plc .............      3,041           
154,800        Rinnai Corp .......................      3,487           
795,294        Royal Ahold NV ....................     16,730           
66,468      * Safeway, Inc ......................      1,940          
288,035        Safeway plc .......................      1,237           
1,281,452        Sainsbury (J) plc .................      6,954             
102,264        Sara Lee Corp .....................      2,111           
82,573        Scottish & Newcastle plc ..........        765          
5,991        Shiseido Co Ltd ...................         80         
14,000     e* Snow Brand Milk Products Co .......         15          
33      e Societe BIC S.A. ..................          1      
199,404      * Sonae Sgps S.A. ...................        112           
89,676        Southcorp Ltd .....................        267          
63,932      * Staples, Inc ......................      1,259          
49,374        Swedish Match AB ..................        408          
204        Takara Holdings, Inc ..............          1       
119,342        Tate & Lyle plc ...................        638           
1,815,107        Tesco plc .........................      6,599             
4,109,000        Thai Union Frozen Products                                 
      Public Co Ltd ...................      1,741
830        The Swatch Group AG. (Br) .........         74       
29,627      e The Swatch Group AG. (Regd) .......        560          
50,721      * Toys "R" Us, Inc ..................        886          
169,616        Unilever NV (Cert) ................     11,106           
603,575        Unilever plc ......................      5,502           
116,488        Walgreen Co .......................      4,500           
81,030        Waterford Wedgwood plc (Units) ....         48          
854        Wella AG. .........................         51       
26,630      * Weston (George) Ltd ...............      2,197          
29,000        Yakult Honsha Co Ltd ..............        331          
                                          --------
    TOTAL CONSUMER NON-CYCLICAL .......    614,395
                                          --------
ENERGY--9.73%                                                                 
48,025        Anadarko Petroleum Corp ...........      2,368          
724,637        Apache Corp .......................     41,652           
1,020,625        Baker Hughes, Inc .................     33,977             
1,409,692        BG Group plc ......................      6,135             
26,599        BJ Services Co ....................        901          
8,205,879        BP plc ............................     68,920             
98,558        BP plc (Spon ADR) .................      4,976          
1,049,135        Burlington Resources, Inc .........     39,867             
66,703        Canadian Natural Resources Ltd ....      2,260          
1,070,550        Centrica plc ......................      3,313             
156,995        ChevronTexaco Corp ................     13,894           
1,830,000        CNOOC Ltd .........................      2,452             
18,377        Devon Energy Corp .................        906          
21,478        Enbridge, Inc .....................        666          
212,211        EnCana Corp .......................      6,516           
10,190        Energy Developments Ltd ...........         21          
1,893,704      e ENI S.p.A. ........................     30,111             
3,724,159        Exxon Mobil Corp ..................    152,393             

SEE NOTES TO FINANCIAL STATEMENTS 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 53

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SHARES                                             VALUE (000)        
------                                             -----------        

ENERGY--(CONTINUED)                                                           
70,423        Fortum Oyj ........................   $  $ 406          
37     b* Friede Goldman Halter, Inc ........          0      
18,673        Gas Natural SDG S.A. ..............        360          
27,590        GlobalSantaFe Corp ................        755          
100,537        Halliburton Co ....................      1,603           
522,770        Hong Kong & China Gas Co Ltd ......        694           
41,282        Husky Energy, Inc .................        452          
191,600        Hydralift ASA .....................      1,430           
484,682        IHC Caland NV .....................     28,984           
25,785        Imperial Oil Ltd ..................        802          
41,445        Italgas S.p.A. ....................        460          
28,000        Japan Energy Corp .................         42          
1,057,289      * John Wood Group plc ...............      3,384             
3,052        Kerr-McGee Corp ...................        163         
1,438,627        Lattice Group plc .................      3,750             
22,590        Marathon Oil Corp .................        613          
19,395      * Nabors Industries Ltd .............        685          
80,400        Nexen, Inc ........................      2,167          
354,138        Nippon Oil Corp ...................      1,832           
12,600      * Noble Corp ........................        486          
39,269        Norsk Hydro ASA ...................      1,873          
51,063        Occidental Petroleum Corp .........      1,531          
2,034        OMV AG. ...........................        200         
139,755        Origin Energy Ltd .................        264           
268,555        Osaka Gas Co Ltd ..................        639           
11,800      * Penn West Petroleum Ltd ...........        326          
176,374        Petro-Canada ......................      4,958           
5,429      * Precision Drilling Corp ...........        188         
82,358        Repsol YPF S.A. ...................        971          
741,155        Royal Dutch Petroleum Co ..........     41,283           
37,348        Santos Ltd ........................        135          
94,435        Schlumberger Ltd ..................      4,391          
73,294      e Shell Canada Ltd (Class A) (U.S.) .      2,653          
3,349,767        Shell Transport & Trading Co plc ..     25,275             
1,207      * Smith International, Inc ..........         82         
74,117        Snam Rete Gas .....................        219          
60,770        Statoil ASA .......................        542          
328,176        Suncor Energy, Inc ................      5,740           
824        Teikoku Oil Co Ltd ................          3       
125,689        Tokyo Gas Co Ltd ..................        349           
294,534        Total Fina Elf S.A. ...............     47,821           
10,800      * Total Fina Elf S.A. (Strip Vvpr) ..          0          
68,200      e TransCanada Pipelines Ltd .........      1,031          
43,934        Transocean, Inc ...................      1,368          
40,523        Unocal Corp .......................      1,497          
15,679      * Weatherford International Ltd .....        677          
74,315        Woodside Petroleum Ltd ............        566          
                                          --------
    TOTAL ENERGY ......................    604,978
                                          --------
FINANCIAL SERVICES--21.50%                                                    
84,437        3i Group plc ......................        881          
80,000        77 Bank Ltd .......................        315          
1,342,597        ABN Amro Holding NV ...............     24,384             
12,535        Acom Co Ltd .......................        857          
129,517        Aegon NV ..........................      2,700           
90,601        Aflac, Inc ........................      2,899          
8,400        Aiful Corp ........................        551         
2,045,000        Aioi Insurance Co Ltd .............      4,521             
46,051      e Alleanza Assicurazioni ............        442          
54,582        Allianz AG. (Regd) ................     10,932          
272,997        Allied Irish Banks plc ............      3,597           
12,841        Allied Irish Banks plc ............        171          
71,920        Allstate Corp .....................      2,660          
20,255        Alpha Bank S.A. ...................        290          
176,005        American Express Co ...............      6,393           
1,302,476        American International Group, Inc .     88,868             
76,939        AMP Diversified Property Trust ....        114          
125,724        AMP Ltd ...........................      1,101           
223,444        Amvescap plc ......................      1,820           
22,125        AON Corp ..........................        652          
49,000      * Ashikaga Bank Ltd .................         63          
432,897      e Assicurazioni Generali S.p.A. .....     10,261           
221,808        Australia and New Zealand                                
      Banking Group Ltd................      2,402
6,829        AvalonBay Communities, Inc ........        319         
743,000        Aviva plc .........................      5,974           
483,016        AXA ...............................      8,835           
285,202      e Banca Monte Dei Paschi Siena ......        927           
29,806     e* Banca Popolare Di Milano ..........        121          
1,271,034        Banco Bilbao Vizcaya Argentaria S.A.    14,373             
221,321        Banco Comercial Portugues                                
      S.A. (Regd)......................        767
22,832        Banco Espirito Santo S.A. (Regd) ..        260          
1,771,514        Banco Santander Central Hispano S.A.    14,066             
1,128,626        Bank Of America Corp ..............     79,410             
176,008        Bank Of East Asia Ltd .............        354           
41,000      e Bank Of Fukuoka Ltd ...............        162          
248,917        Bank Of Ireland (Dublin) ..........      3,093           
135,837        Bank Of Ireland (London) ..........      1,692           
141,036      e Bank Of Montreal ..................      3,306           

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73,096        Bank Of New York Co, Inc ..........      2,467          
257,154      e Bank Of Nova Scotia ...............      8,452           
7,676        Bank Of Piraeus ...................         55         
204,073        Bank Of Yokohama Ltd ..............        868           
138,050        Bank One Corp .....................      5,312           
3,010,229        Barclays plc ......................     25,328             
133,987        Bayerische Hypo-und Vereinsbank AG.      4,354           
551,104      e BNP Paribas .......................     30,479           
36,057        British Land Co plc ...............        306          
6,730        Brookfield Properties Corp ........        139         
361,456        BT Office Trust ...................        304           
32,584      * BTG plc ...........................        169          
78,337        Canada Life Financial Corp ........      1,916          
158,567      e Canadian Imperial Bank Of Commerce       5,067           
1,445,663        CapitaLand Ltd ....................      1,252             
175,610        Charles Schwab Corp ...............      1,967           
531,704        Cheung Kong Holdings Ltd ..........      4,431           
123,460        Chiba Bank Ltd ....................        420           
1      * Chinese Estates Holdings Ltd ......          0     
34,600        Chubb Corp ........................      2,450          
21,622        Cincinnati Financial Corp .........      1,006          
2,872,678        Citigroup, Inc ....................    111,316             
324,749        City Developments Ltd .............      1,048           
13,274        Close Brothers Group plc ..........        126          
181,119        Colonial First State Property                            
      Trust Group .....................        225
11,493        Comerica, Inc .....................        706          
3,686        Commercial Bank Of Greece .........         79         
642,166      * Commonwealth Bank Of Australia ....     11,872           
14,073        Corporacion Mapfre S.A. ...........        111          
25,087        Countrywide Credit Industries, Inc       1,210          
29,012        Credit Lyonnais S.A. ..............      1,244          
4        Credit Saison Co Ltd ..............          0     
937,966        Credit Suisse Group ...............     29,778           
14,871        Crescent Real Estate Equities Co ..        278          
3,235        Daido Life Insurance Co Ltd .......      8,232         
867,182      * Daiwa Bank Holdings, Inc ..........        666           
137,123        Daiwa Securities Group, Inc .......        889           
120,499        Danske Bank A/S ...................      2,219           
522,222        DBS Group Holdings Ltd ............      3,665           
184,912        Deutsche Bank AG. (Regd) ..........     12,847           
11,046        Deutsche Boerse AG. ...............        466          
6,704        Deutsche Office Trust .............          5         

54 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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SHARES                                              VALUE (000)         
------                                              -----------         

FINANCIAL SERVICES--(CONTINUED)                                               
985,081      e Dexia .............................  $  15,245           
150,000        Diamond Lease Co Ltd ..............      3,104           
88,654      e DnB Holding ASA ...................        483          
13,948      e Drott AB (B Shs) ..................        161          
54,636        Equity Office Properties Trust ....      1,645          
34,772        Equity Residential Properties                           
      Trust ...........................      1,000
3,972        Erste Bank Der Oesterreichischen                       
      Sparkassen AG. ..................        284
3,972      * Erste Bank Der Oesterreichischen                       
      Sparkassen AG. Rts ..............          0
1,016        Fairfax Financial Holdings Ltd ....        102         
792,067        Fannie Mae ........................     58,415           
71,856        Fifth Third Bancorp ...............      4,789          
705,795        FleetBoston Financial Corp ........     22,832           
215,412        Fortis ............................      4,612           
73,446      * Fortis (Strip Vvpr) ...............          1          
81,303        Freddie Mac .......................      4,976          
2,399,000        Fuji Fire & Marine Insurance                               
      Co Ltd ..........................      3,743
397,811        Gandel Retail Trust ...............        272           
262,321        General Property Trust ............        414           
17,896        Gjensidige NOR Sparebank ..........        663          
16,980        Golden West Financial Corp ........      1,168          
452,860        Goldman Sachs Group, Inc ..........     33,217           
18,841        Great Portland Estates plc ........         71          
13,892        Green Property plc ................        123          
62,000        Gunma Bank Ltd ....................        287          
4,171        Hammerson plc .....................         35         
1,338,000        Hang Lung Properties Ltd ..........      1,527             
107,832        Hang Seng Bank Ltd ................      1,154           
29,638        Hartford Financial Services Group,                      
      Inc .............................      1,763
1,217,738        HBOS plc ..........................     13,179             
82,882        Henderson Land Development Co Ltd .        344          
400        Hitachi Capital Corp ..............          5       
152,669     e* Hokuriku Bank Ltd .................        238           
948,589        Hong Kong Exchanges & Clearing Ltd       1,563           
33,154      * Host Marriott Corp ................        375          
52,000        Hotel Properties Ltd ..............         34          
79,840        Household International, Inc ......      3,968          
228,718        HSBC Holdings plc (Hong Kong) .....      2,624           
3,291,161        HSBC Holdings plc (United Kingdom)      37,851             
37,354        Huntington Bancshares, Inc ........        725          
92,293        Hysan Development Co Ltd ..........         89          
664,125        ING Groep NV ......................     17,053           
2,805,812        Insurance Australia Group Ltd .....      4,962             
4,360,815      e IntesaBci S.p.A. ..................     13,308             
349,865        IntesaBci S.p.A. (Rnc) ............        774           
28,388      * IntesaBci S.p.A. Put Wts 11/15/02 .         90          
53,726        Irish Life & Permanent plc ........        777          
21,874        Jefferson-Pilot Corp ..............      1,028          
36,274        John Hancock Financial Services,                        
      Inc .............................      1,277
686        Joyo Bank Ltd .....................          2       
299,767        JP Morgan Chase & Co ..............     10,168           
36,218        KBC Bancassurance Holding NV ......      1,465          
66,000        Keppel Land Ltd ...................         57          
48,793        Keycorp ...........................      1,332          
44,850        Kookmin Credit Card Co Ltd ........      1,572          
134,684        Land Securities plc ...............      1,772           
1,769,833        Legal & General Group plc .........      3,527             
11,689        Lehman Brothers Holdings, Inc .....        731          
17,932        Lend Lease Corp Ltd ...............        106          
16,621        Lincoln National Corp .............        698          
2,258,210        Lloyds TSB Group plc ..............     22,477             
28,577        Macquarie Bank Ltd ................        469          
259,529        Macquarie Infrastructure Group ....        421           
17,431        Man Group plc .....................        274          
238,935      e Manulife Financial Corp ...........      6,857           
2,341        Marschollek Lautenschlaeger                            
      Und Partner .....................         73
37,365        Marsh & McLennan Cos, Inc .........      3,609          
13,637        MBIA, Inc .........................        771          
131,767        MBNA Corp .........................      4,358           
117,442      e Mediobanca S.p.A. .................      1,086           
68,517        Mellon Financial Corp .............      2,153          
128,842        Merrill Lynch & Co, Inc ...........      5,218           
59,200        Metlife, Inc ......................      1,705          
18,435        Metrovacesa S.A. ..................        382          
7,246        MGIC Investment Corp ..............        491         
105      * Millea Holdings, Inc ..............        862       
120,774        Mirvac Group ......................        283           
101,552        Mitsubishi Estate Co Ltd ..........        830           
832        Mitsubishi Tokyo Financial ........      5,609       
535,802        Mitsui Fudosan Co Ltd .............      4,738           
200,805        Mitsui Sumitomo Insurance Co ......      1,081           

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400        Mitsui Trust Holdings, Inc ........          1       
752        Mizuho Holdings, Inc ..............      1,669       
156,382        Morgan Stanley Dean Witter & Co ...      6,737           
24,803      e Muenchener Rueckver AG. (Regd) ....      5,867          
642,880        National Australia Bank Ltd .......     12,776           
86,261      e National Bank Of Canada ...........      1,719          
25,098        National Bank Of Greece S.A. ......        534          
77,658        National City Corp ................      2,582          
31,523        National Commerce Financial Corp ..        829          
2,302,000      e New Africa Capital Ltd ............      1,407             
195,579        New World Development Co Ltd ......        155           
257,306        Nikko Cordial Corp ................      1,299           
998,000        Nipponkoa Insurance Co Ltd ........      3,955           
1,067,000        Nissay Dowa General Insurance                              
Co Ltd     3,659                      
605,319        Nomura Holdings, Inc ..............      8,888           
127,595        Nordea AB (Finland) ...............        695           
636,541      e Nordea AB (Sweden) ................      3,463           
32,450        Nordea AB FDR .....................        176          
31,990        North Fork Bancorp, Inc ...........      1,274          
616,651        Northern Trust Corp ...............     27,170           
1,600,000        Old Mutual plc ....................      2,274             
84,696      e ORIX Corp .........................      6,833          
132,980        Oversea-Chinese Banking Corp Ltd ..        881           
59,000        Parkway Holdings Ltd ..............         29          
54,236        PNC Financial Services Group, Inc .      2,835          
4,925        Pohjola Group plc (D Shs) .........         89         
18,096        Power Financial Corp ..............        471          
36,663        Progressive Corp ..................      2,121          
7,913        Promise Co Ltd ....................        399         
546        Provident Financial plc ...........          6       
17,831      * Providian Financial Corp ..........        105          
41,100      * Prudential Financial, Inc .........      1,371          
521,526        Prudential plc ....................      4,770           
22,853      e QBE Insurance Group Ltd ...........         85          
61,681      e RAS S.p.A. ........................        828          
100,287        Royal & Sun Alliance Insurance                           
      Group plc .......................        368
268,938      e Royal Bank Of Canada ..............      9,283           
16,100        Royal Bank Of Canada (New York) ...        560          
1,312,561        Royal Bank Of Scotland Group plc ..     37,214             
1,302,336        Royal Bank Of Scotland Group plc                           
     (United Kingdom) .................      1,623
1,019,986        Safeco Corp .......................     31,507             
37,124      * Sampo Oyj (A Shs) .................        290          
251,905      e Sanpaolo IMI S.p.A. ...............      2,528           
51,151        Schroders plc .....................        457          
34,832        Shizuoka Bank Ltd .................        212          
107,500        Shohkoh Fund & Co Ltd .............     13,005           
20,200        Simon Property Group, Inc .........        744          

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 55

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SHARES                                              VALUE (000)         
------                                              -----------         
FINANCIAL SERVICES--(CONTINUED)                                               
81,000        Singapore Exchange Ltd ............   $     53          
25,000        Singapore Land Ltd ................         50          
197,497        Sino Land Co Ltd ..................         75           
256,384      e Skandia Forsakrings AB ............      1,166           
70,142        Skandinaviska Enskilda Banken                           
     (A Shs) ..........................        736
115,764        Slough Estates plc ................        640           
115,192        Societe Generale (A Shs) ..........      7,588           
233,207        Sompo Japan Insurance, Inc ........      1,428           
54,347        SouthTrust Corp ...................      1,420          
24,024        St. Paul Cos, Inc .................        935          
48,188        Starwood Hotels & Resorts                               
      Worldwide, Inc ..................      1,585
23,448        State Street Corp .................      1,048          
3,460        Stockland Trust Group .............          9         
200,000        Sumisho Lease Co Ltd ..............      3,187           
533,209        Sumitomo Mitsui Banking Corp ......      2,602           
1,280,000        Sumitomo Realty & Development                              
      Co Ltd ..........................      7,764
160,191        Sumitomo Trust & Banking Co Ltd ...        770           
380,125        Sun Hung Kai Properties Ltd .......      2,887           
326,023      e Sun Life Financial Services Of                           
      Canada, Inc .....................      7,057
79,645        Suncorp-Metway Ltd ................        550          
41,554        Suntrust Banks, Inc ...............      2,814          
225,055        Svenska Handelsbanken AB (A Shs) ..      3,441           
20,917        Svenska Handelsbanken AB (B Shs) ..        308          
89,596        Swiss Reinsurance Co (Regd) .......      8,759          
12,641        Takefuji Corp .....................        879          
4,884        TK Development ....................         62         
5,533      * Topdanmark As .....................        173         
19,170        Tower Ltd .........................         43          
2,421,965        U.S. Bancorp ......................     56,553             
6,756        UBS AG. (Regd) ....................        337         
519,500        UBS AG. (Regd) (Switzerland) ......     26,127           
201        UFJ Holdings, Inc .................        486       
1,294,427      e Unicredito Italiano S.p.A. ........      5,855             
283,078        United Overseas Bank Ltd ..........      2,035           
51,200        United Overseas Land Ltd ..........         52          
376,894        UnumProvident Corp ................      9,592           
44,374        Vallehermoso S.A. .................        425          
164,493        Wachovia Corp .....................      6,280           
136,815        Washington Mutual, Inc ............      5,077           
1,220      * WCM Beteiligungs & Grundbesitz AG.           8         
252,966        Wells Fargo & Co ..................     12,663           
35,728        Westfield Holdings Ltd ............        300          
10,402      * Westfield Trust ...................         19          
264,486        Westfield Trust (Units) ...........        505           
893,630        Westpac Banking Corp ..............      8,147           
131,000        Wing Tai Holdings Ltd .............         54           
18,624        XL Capital Ltd (Class A) ..........      1,577          
383,000      b Yamaichi Securities Co Ltd ........          6           
6,640        Zions Bancorp .....................        346         
21,342        Zurich Financial Services AG. .....      4,309          
                                         ---------
    TOTAL FINANCIAL SERVICES ..........  1,336,309
                                         ---------
HEALTH CARE--14.29%                                                           
1,118,834        Abbott Laboratories ...............     42,124             
841,921        Aetna, Inc ........................     40,387           
133,888      * Alcon, Inc ........................      4,586           
13,542        Altana AG. ........................        682          
113,377        Amersham plc ......................      1,002           
829,611        Amgen, Inc ........................     34,744           
43,603        Applera Corp (Applied Biosystems                        
      Group) ..........................        850
9,650      * Applera Corp (Celera Genomics Group)       116         
74,872        AstraZeneca plc ...................      3,112          
416,345        AstraZeneca plc (United Kingdom) ..     17,237           
274,544        Aventis S.A. ......................     19,454           
54,000        Banyu Pharmaceutical Co Ltd .......        697          
728,755        Baxter International, Inc .........     32,393           
45,675        Becton Dickinson & Co .............      1,574          
4,037      * Biogen, Inc .......................        167         
15,934        Biomet, Inc .......................        432          
54,602      * Biovail Corp ......................      1,603          
21,371      * Boston Scientific Corp ............        627          
272,841        Bristol-Myers Squibb Co ...........      7,012           
576,324        Cardinal Health, Inc ..............     35,392           
10,777      * Celltech Group plc ................         85          
25,373      * Chiron Corp .......................        897          
20,000      e Chugai Pharmaceutical Co Ltd ......        239          
10,240        Cigna Corp ........................        998          
426        Cochlear Ltd ......................          8       
799        Coloplast A/S (B Shs) .............         65       
21,911        CSL Ltd ...........................        396          
53,150        Daiichi Pharmaceutical Co Ltd .....        971          
44,153        Eisai Co Ltd ......................      1,135          

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17,168      * Elan Corp plc .....................         99          
29,483      * Elan Corp plc (Spon ADR) ..........        161          
27,049        Fujisawa Pharmaceutical Co Ltd ....        648          
23,489        Gambro AB (A Shs) .................        155          
13,654        Gambro AB (B Shs) .................         90          
10,446      e Gehe AG. ..........................        444          
32,347      * Genentech, Inc ....................      1,084          
38,564      * Genzyme Corp (General Division) ...        742          
2,179,596        GlaxoSmithKline plc ...............     47,111             
42,149      * Guidant Corp ......................      1,274          
9,565        H. Lundbeck A/S ...................        253         
73,372        HCA, Inc ..........................      3,485          
12,367      * Health Management Associates, Inc                       
     (Class A) ........................        249
54,481      * Healthsouth Corp ..................        697          
15,522      * Human Genome Sciences, Inc ........        208          
21,104      * IDEC Pharmaceuticals Corp .........        748          
45,581      * Immunex Corp ......................      1,018          
53,031        IMS Health, Inc ...................        952          
14,110        Instrumentarium Oyj ...............        356          
814,307        Johnson & Johnson .................     42,556           
774,213      * King Pharmaceuticals, Inc .........     17,226           
666        Kyowa Hakko Kogyo Co Ltd ..........          4       
124,166        Lilly (Eli) & Co ..................      7,003           
37,509        McKesson Corp .....................      1,227          
52,825        MDS, Inc ..........................        841          
32,857      * Medimmune, Inc ....................        867          
164,036        Medtronic, Inc ....................      7,029           
300,090        Merck & Co, Inc ...................     15,196           
18,656        Merck Kgaa ........................        502          
36,404      * Millennium Pharmaceuticals, Inc ...        442          
267,715      * Nobel Biocare Holding AG. .........     18,528           
993,463        Novartis AG. (Regd) ...............     43,689           
105,168        Novo Nordisk A/S (B Shs) ..........      3,481           
138,000        Ono Pharmaceutical Co Ltd .........      4,928           
3,357,032        Pfizer, Inc .......................    117,496             
1,182,162        Pharmacia Corp ....................     44,272             
146,590      * QLT, Inc ..........................      1,889           
18,755      * Quest Diagnostics, Inc ............      1,614          
10,655      e Roche Holding AG. (Br) ............      1,213          
453,470        Roche Holding AG. (Genusscheine) ..     34,278           
55,270        Sankyo Co Ltd .....................        752          
160,120        Sanofi-Synthelabo S.A. ............      9,741           
24,546      e Schering AG. ......................      1,536          
836,961        Schering-Plough Corp ..............     20,589           
16,446      e Serono S.A. (B Shs) ...............     10,840          
35,801        Shionogi & Co Ltd .................        457          
3,444,450        Smith & Nephew plc ................     19,111             

56 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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--------------------------------------------------------------------------------

SHARES                                              VALUE (000)         
------                                              -----------         

HEALTH CARE--(CONTINUED)                                                      
72,938        SSL International plc .............  $     396          
12,028        St. Jude Medical, Inc .............        888          
18,859        Stryker Corp ......................      1,009          
95,899      * Sulzer Medica AG. (Regd) ..........     15,996          
4,200        Suzuken Co Ltd ....................         98         
90      * Synavant, Inc .....................          0      
24,135        Synthes-Stratec, Inc ..............     14,757          
19,746        Taisho Pharmaceutical Co Ltd ......        304          
399,906        Takeda Chemical Industries Ltd ....     17,550           
709        Tecan Group AG. (Regd) ............         28       
44,849        Tenet Healthcare Corp .............      3,209          
26,856        Terumo Corp .......................        359          
16,031        UCB S.A. ..........................        588          
487,172        UnitedHealth Group, Inc ...........     44,601           
3,611      * Waters Corp .......................         96         
7,610      * Wellpoint Health Networks, Inc ....        592         
975,461        Wyeth .............................     49,944           
33,814        Yamanouchi Pharmaceutical Co Ltd ..        877          
34,588      * Zimmer Holdings, Inc ..............      1,233          
                                         ---------
    TOTAL HEALTH CARE                      888,591
                                         ---------
OTHER--1.89%                                                                  
203,525        Adecco S.A. (Regd) ................     12,089           
38,359        Aegis Group plc ...................         52          
34,762        Amadeus Global Travel Distribution                      
      S.A. (A Shs) ....................        222
4,105        Amer Group plc ....................        134         
1,002        Amey plc ..........................          3         
801,197      * Ansell Ltd ........................      2,825           
675,718      e Assa ABloy AB (B Shs) .............      9,521           
47,603        Auckland International Airport Ltd         103          
215,933        BAA plc ...........................      1,972           
2,700      * BCE Emergis, Inc ..................         11         
545        Bellsystem 24, Inc ................        191       
12,868        Benesse Corp ......................        235          
22,077        Brascan Corp (Class A) ............        508          
134,948        Cendant Corp ......................      2,143           
25,964      * CGI Group, Inc (Class A) ..........        117          
340,922        Chubb plc .........................        818           
24,254        Cintas Corp .......................      1,199          
10,632        DCC plc ...........................        121          
45,500        Deutsche Post AG. (Regd) ..........        577          
27,799        Dover Corp ........................        973          
33,837        Electrocomponents plc .............        190          
20,590        Fortune Brands, Inc ...............      1,153          
86,542        Fugro NV ..........................      4,744          
2,000      e Fuji Soft ABC, Inc ................         81         
34,374        H & R Block, Inc ..................      1,586          
32,640        Hagemeyer NV ......................        451          
23,000        Haw Par Corp Ltd ..................         58          
586        Hays plc ..........................          1       
84,800        Honeywell International, Inc ......      2,988          
675,151        Hutchison Whampoa Ltd .............      5,042           
252,324      e Imperial Holdings Ltd .............      1,358           
168,347        Itochu Corp .......................        590           
700        Itochu Techno-Science Corp ........         27       
11,136        ITT Industries, Inc ...............        786          
1,633,500        Keppel Corp Ltd ...................      3,809             
1,367        Kobenhavns Lufthavne As ...........        105         
3,987        Manpower, Inc .....................        147         
7,500        Meitec Corp .......................        248         
167,450        Mitsubishi Corp ...................      1,211           
201,714        Mitsui & Co Ltd ...................      1,350           
24,943        Moody's Corp ......................      1,241          
11        NET One Systems Co Ltd ............         62      
400        Obic Co Ltd .......................         87       
33,305      e OCE NV ............................        388          
7,318        OM AB .............................         55         
31,072        Onex Corp .........................        421          
2,400      e Oracle Corp (Japan) ...............        102         
8,858      * Ostasiatiske Kompagni .............        201         
34,720        Power Corp Of Canada ..............        912          
6,494     e* Quebecor, Inc (Class B) ...........         84         
280,648        Rentokil Initial plc ..............      1,142           
14,127        Robert Half International, Inc ....        329          
27,545        Secom Co Ltd ......................      1,351          
192        Securicor plc .....................          0       
89,410        Securitas AB (B Shs) ..............      1,839          
45,633        Servicemaster Co ..................        626          
19,502        SGS Societe Generale Surveillance                       
      Holdings S.A.                          6,224
21,360      e Softbank Corp .....................        297          
49,509        Sumitomo Corp .....................        300          
130,389        Swire Pacific Ltd (A Shs) .........        667           
66,547        Sysco Corp ........................      1,811          
79,246     e* Terra Lycos S.A. ..................        450          
8,588        Textron, Inc ......................        403         

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4,843      e TIS, Inc ..........................        138         
10,800      * TMP Worldwide, Inc ................        232          
37,921        TPG NV ............................        856          
6,000        Trans Cosmos, Inc .................        136         
1,806,713        Tyco International Ltd ............     24,409             
77,972        United Technologies Corp ..........      5,294          
323,338        Vedior NV .........................      4,471           
61,928        Wesfarmers Ltd ....................        946          
1,037,096        Wharf Holdings Ltd ................      2,446             
                                          --------
    TOTAL OTHER .......................    117,659
                                          --------
PRODUCER DURABLES--4.83%                                                      
43,955        3M Co .............................      5,406          
70,306     e* ABB Ltd ...........................        626          
11,863        Advantest Corp ....................        738          
20,771     e* Alstom ............................        220          
20,771      * Alstom Rts ........................          8          
82,271        Amada Co Ltd ......................        399          
7,196        Atlas Copco AB (A Shs) ............        172         
18,386        Atlas Copco AB (B Shs) ............        414          
2,375        Barco NV ..........................        100         
1,476      * Bombardier, Inc (Class A) .........         13         
315,308     e* Bombardier, Inc (Class B) .........      2,612           
28,286        Caterpillar, Inc ..................      1,385          
76,000      * Chartered Semiconductor                                 
      Manufacturing Ltd................        155
12,215        Cooper Industries Ltd (Class A) ...        480          
13,837        Daikin Industries Ltd .............        253          
14,624        Danaher Corp ......................        970          
48,840        Deere & Co ........................      2,339          
374,183        Eaton Corp ........................     27,222           
57,878        Emerson Electric Co ...............      3,097          
14,090        Fanuc Ltd .........................        708          
990        Fischer (Georg) Ltd (Regd) ........        195       
24,573        FKI plc ...........................         59          
5,190      * FLS Industries A/S (B Shs) ........         66         
15,000        Fuji Electric Co Ltd ..............         41          
5,400        Fuji Machine Manufacturing Co Ltd .         84         
198,032      e Fujitsu Ltd .......................      1,381           
199,000        Futaba Corp .......................      5,811           
3,571,080        General Electric Co ...............    103,740             
402,236      * Hitachi Ltd .......................      2,601           
9,220        Hoya Corp .........................        671         
50,548        Illinois Tool Works, Inc ..........      3,452          
145,921        IMI plc ...........................        722           
40,947        Ingersoll-Rand Co (Class A) .......      1,870          
547,736        Invensys plc ......................        743           

SEE NOTES FO FINANCIAL STATEMENTS 

             2002 Semiannuial Report College Retirement College Equities Fund 57

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SHARES                                              VALUE (000)         
------                                              -----------         

PRODUCER DURABLES--(CONTINUED)                                                
104,633        Ishikawajima-Harima Heavy                                
      Industries Co Ltd ............... $      158
102,815      * Kawasaki Heavy Industries Ltd .....        131           
201,689        Komatsu Ltd .......................        722           
20,000      e Komori Corp .......................        249          
542,180        Koninklijke Philips Electronics NV      15,137           
163,782        Kubota Corp .......................        499           
638        Kurita Water Industries Ltd .......          8       
296,288      * Logitech International S.A. (Regd)      13,776           
96,400      e Mabuchi Motor Co Ltd ..............      9,498          
38,212      e Magna International, Inc (Class A)       2,631          
22,066        Metso Oyj .........................        285          
226,976      * Mitsubishi Electric Corp ..........      1,019           
498,840        Mitsubishi Heavy Industries Ltd ...      1,511           
10,969        Mori Seiki Co Ltd .................        100          
125,444        Murata Manufacturing Co Ltd .......      7,891           
183,054      * NEC Corp ..........................      1,274           
16,457      * Nikon Corp ........................        182          
10,200        Nitto Denko Corp ..................        334          
7,635        NKT Holding A/S ...................         87         
94,488        NSK Ltd ...........................        393          
6,000      e NTN Corp ..........................         23         
146,000      * Oki Electric Industry Co Ltd ......        315           
11,105        Parker Hannifin Corp ..............        531          
34,279        Pitney Bowes, Inc .................      1,362          
29,134        Rockwell Automation, Inc ..........        582          
71,043        Rohm Co Ltd .......................     10,491          
19,400        Samsung Electronics Co Ltd ........      5,306          
73,756      e Sandvik AB ........................      1,842          
1,400        Schindler Holding AG. (Regd) ......        254         
47,933        Schneider Electric S.A. ...........      2,578          
102,046        SembCorp Industries Ltd ...........         79           
316,081      e Siemens AG. .......................     18,964           
177,000        Singapore Technologies                                   
      Engineering Ltd .................        193
615        SKF AB (A Shs) ....................         16       
12,667      e SKF AB (B Shs) ....................        328          
53,278      e SMC Corp ..........................      6,299          
12,000        Stanley Electric Co Ltd ...........        128          
1,170      * Sulzer AG. (Regd) .................        249         
74,000      * Sumitomo Heavy Industries Ltd .....         80          
32,940        Taiyo Yuden Co Ltd ................        539          
22,000        Takuma Co Ltd .....................        170          
1,208        Tandberg ASA ......................         14         
33,700      e THK Co Ltd ........................        648          
18,358     e* Thomson Multimedia ................        434          
110,181        Tokyo Electron Ltd ................      7,179           
452,923      * Toshiba Corp ......................      1,844           
643,427        Toyota Industries Corp ............     10,452           
5,199        Vestas Wind Systems A/S ...........        141         
9,256      e Wartsila Oyj (B Shs) ..............        155         
108,417        Waste Management, Inc .............      2,824           
5,643        WW Grainger, Inc ..................        283         
147,012      * Xerox Corp ........................      1,025           
52,507        Yokogawa Electric Corp ............        407          
                                          --------
    TOTAL PRODUCER DURABLES ...........    300,373
                                          --------
TECHNOLOGY--9.97%                                                             
106,393      * ADC Telecommunications, Inc .......        244           
20,376        Adobe Systems, Inc ................        581          
46,750        Advanced Micro Devices, Inc .......        454          
5,119     e* Agere Systems, Inc (Class A) ......          7         
217,937      * Agere Systems, Inc (Class B) ......        344           
33,015      * Agilent Technologies, Inc .........        781          
682        Alcatel O (Optronics) .............          1       
78,428        Alcatel S.A. ......................        545          
42,768      e Alcatel S.A. (Spon ADR) ...........        304          
9,979      e Altran Technologies S.A. ..........        291         
16,906      * American Power Conversion Corp ....        214          
747,701      * Analog Devices, Inc ...............     22,207           
34,000      * Anritsu Corp ......................        239          
42,350      * Apple Computer, Inc ...............        750          
267,796      * Applied Materials, Inc ............      5,093           
40,069      * Applied Micro Circuits Corp .......        190          
31,180      * ARM Holdings plc ..................         69          
83,912      e Asahi Glass Co Ltd ................        537          
23,000        ASM Pacific Technology Ltd ........         51          
940,665      * ASML Holding NV ...................     14,892           
214,015      * ATI Technologies, Inc .............      1,480           
58,296      * Atmel Corp ........................        365          
1,740      * Atos Origin .......................        111         
66,009        Automatic Data Processing, Inc ....      2,875          
25,046      * Avaya, Inc ........................        124          
43      * Axcelis Technologies, Inc .........          0      
49,971      * BEA Systems, Inc ..................        475          
14,491      * BMC Software, Inc .................        241          
25,744      * Broadcom Corp (Class A) ...........        452          

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30,588      * Brocade Communications Systems, Inc        535          
7,687     e* Business Objects ..................        225         
33,816      * Cadence Design Systems, Inc .......        545          
226,324        Canon, Inc ........................      8,554           
14,988        Cap Gemini S.A. ...................        596          
85,318      * Celestica, Inc ....................      1,920          
1,283      * Celestica, Inc (U.S.) .............         29         
25,816      * Ceridian Corp .....................        490          
11,859      * Certegy, Inc ......................        440          
44,990      * CIENA Corp ........................        189          
3,036,437      * Cisco Systems, Inc ................     42,358             
68,279        Citizen Watch Co Ltd ..............        460          
25,204      * Citrix Systems, Inc ...............        152          
24,174        CMG plc ...........................         37          
11,690      * Cognos, Inc .......................        257          
59,417        Computer Associates                                     
      International, Inc ..............        944
37,641        Computer Sciences Corp ............      1,799          
51,342      * Compuware Corp ....................        312          
25,605      * Comverse Technology, Inc ..........        237          
70,280      * Concord EFS, Inc ..................      2,118          
21,464      * Convergys Corp ....................        418          
131,104      * Corning, Inc ......................        465           
7,450        Creative Technology Ltd ...........         66         
11,231        CSK Corp ..........................        400          
739,317        Dai Nippon Printing Co Ltd ........      9,814           
54,121     e* Dainippon Screen Manufacturing                          
      Co Ltd ..........................        280
10,139      e Dassault Systemes S.A. ............        463          
43,000        Datacraft Asia Ltd ................         52          
349,321      * Dell Computer Corp ................      9,131           
10,940      * DST Systems, Inc ..................        500          
19,014      * Electronic Arts, Inc ..............      1,256          
84,099        Electronic Data Systems Corp ......      3,124          
204,240        EMC Corp ..........................      1,542           
6,335      * Epcos AG. .........................        209         
19,719        Equifax, Inc ......................        532          
115,609        ERG Ltd ...........................         19           
1,028,418      * Ericsson (LM) (B Shs) .............      1,555             
71,222     b* Exds, Inc .........................          1          
88,236        First Data Corp ...................      3,282          
37,240      * Fiserv, Inc .......................      1,367          
8,000        Fujikura Ltd ......................         29         
188,340        Furukawa Electric Co Ltd ..........        721           
74,141        Futuris Corp Ltd ..................         57          
320,802        Hewlett-Packard Co ................      4,902           
83,300        Hirose Electric Co Ltd ............      7,263          

58 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTE TO FINANCIAL STATEMENTS

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Statement of Invesments - GLOBAL EQUITIES ACCOUNT - (Unaudited) June 30, 2002 
--------------------------------------------------------------------------------

SHARES                                              VALUE (000)       
-----                                               -----------       

TECHNOLOGY--(CONTINUED)                                                       
27,000        Hitachi Cable Ltd .................     $  119          
42,061      * i2 Technologies, Inc ..............         62          
79,499      * Infineon Technologies AG. .........      1,243          
3,585,418        Intel Corp ........................     65,506             
223,435        International Business Machines Corp    16,087           
28,888        Intracom S.A. .....................        261          
27,904      * Intuit, Inc .......................      1,387          
3,608      * Iona Technologies plc .............         20         
21,858      * Jabil Circuit, Inc ................        461          
209,153      * JDS Uniphase Corp .................        558           
6,141,055        Johnson Electric Holdings Ltd .....      7,283             
33,829      * Juniper Networks, Inc .............        191          
44,227        Keyence Corp ......................      9,369          
20,740      * KLA-Tencor Corp ...................        912          
21,000        Kokuyo Co Ltd .....................        221          
1,093     e* Kudelski S.A. (Br) ................         38         
33,402        Kyocera Corp ......................      2,438          
923,100      * Lam Research Corp .................     16,597           
24,800      * Learning Technology, Inc                                
      Litigation Notes ................          0
750,895        Linear Technology Corp ............     23,601           
185,044        Logica plc ........................        564           
469,985     e* Lucent Technologies, Inc ..........        780           
777,645      * Marconi plc .......................         47           
10,419        Matsushita Communication                                
      Industrial Co Ltd ...............        402
42,518      * Maxim Integrated Products, Inc ....      1,630          
217,500        Melco, Inc ........................      3,560           
11,446      * Mercury Interactive Corp ..........        263          
51,532        Micron Technology, Inc ............      1,042          
1,929,560      * Microsoft Corp ....................    105,547             
224,900        Misys plc .........................        830           
22,400        Mitsumi Electric Co Ltd ...........        352          
2,890,997        Motorola, Inc .....................     41,688             
5,138     e* Navision A/S ......................        204         
43,479      * Network Appliance, Inc ............        541          
20,419        NGK Spark Plug Co Ltd .............        155          
195,700        Nichicon Corp .....................      2,719           
3,000      e Nidec Corp ........................        216         
127,972        Nippon Sheet Glass Co Ltd .........        432           
1,319,167        Nokia Oyj .........................     19,308             
332,944      * Nortel Networks Corp ..............        482           
27,000      * Nortel Networks Corp (U.S.) .......         39          
20,059      * Novellus Systems, Inc .............        682          
103        NTT Data Corp .....................        412       
25,055        Olympus Optical Co Ltd ............        350          
52,543        Omron Corp ........................        754          
21,480      * Openwave Systems, Inc .............        121          
636,453      * Oracle Corp .......................      6,027           
77,598      * Palm, Inc .........................        137          
25,084      * Parametric Technology Corp ........         86          
27,806        Paychex, Inc ......................        870          
37,769      * Peoplesoft, Inc ...................        562          
26,971      * Peregrine Systems, Inc ............          8          
92,912      * PMC-Sierra, Inc ...................        861          
12,869      * QLogic Corp .......................        490          
68,741      * Qualcomm, Inc .....................      1,890          
26,585      * Rational Software Corp ............        218          
68,318        Ricoh Co Ltd ......................      1,183          
1,362        Sagem S.A. ........................         91         
54,547      * Sanmina-SCI Corp ..................        344          
89,103        SAP AG. ...........................      8,800          
35,563        Scientific-Atlanta, Inc ...........        585          
26,262      * Seagate Technology, Inc ...........          0          
936,248      * Siebel Systems, Inc ...............     13,313           
20,004      * Solectron Corp ....................        123          
32      * Sonus Networks, Inc ...............          0      
327,358        Spirent plc .......................        432           
981,031        STMicroelectronics NV .............     24,464           
59,709        Sumitomo Electric Industries Ltd ..        414          
4,163,627      * Sun Microsystems, Inc .............     20,860             
37,183      * Sungard Data Systems, Inc .........        985          
45,753        Symbol Technologies, Inc ..........        389          
15,057        TDK Corp ..........................        711          
26,022      * Tellabs, Inc ......................        161          
25,231      * Teradyne, Inc .....................        593          
1,535,933        Texas Instruments, Inc ............     36,402             
35,055        Thermo Electron Corp ..............        579          
11,019        Tietoenator Corp ..................        272          
81,540        Toppan Printing Co Ltd ............        848          
3,500        Trend Micro, Inc ..................         98         
1,935        Unaxis Holding AG. (Regd) .........        229         
54,023      * Unisys Corp .......................        486          
104,000        Venture Manufacturing Ltd                                
     (Singapore) ......................        830
29,804      * VeriSign, Inc .....................        214          

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54,968      * Veritas Software Corp .............      1,088          
25,490      * Vitesse Semiconductor Corp ........         79          
35,786      e WM-Data AB (B Shs) ................         68          
46,376      * Xilinx, Inc .......................      1,040          
678        Yamaha Corp .......................          7       
                                          --------
    TOTAL TECHNOLOGY ..................    619,873
                                          --------
TRANSPORTATION--1.04%                                                         
10,897      * Air Canada ........................         51          
31,327        Air France ........................        524          
118,000     e* All Nippon Airways Co Ltd .........        305           
18,505        Associated British Ports                                
      Holdings plc.....................        127
507        Bergesen DY A/S (A Shs) ...........         11       
7,017        Bergesen DY A/S (B Shs) ...........        135         
371,727        Brambles Industries Ltd ...........      1,970           
137,422        Brambles Industries plc ...........        688           
1,967,389      * British Airways plc ...............      5,585             
36,682        Burlington Northern Santa Fe Corp .      1,100          
33,666        Canadian National Railway Co                            
     (Canada)..........................      1,772
33,955        Canadian Pacific Railway Ltd ......        840          
129,000        Cathay Pacific Airways Ltd ........        198           
215      e Central Japan Railway Co ..........      1,309       
939        CMB Compagnie Maritime Belge S.A. .         53       
16,985        CP Ships Ltd ......................        173          
45,642        CSX Corp ..........................      1,600          
24,312      * Deutsche Lufthansa AG. (Regd) .....        341          
413        East Japan Railway Co .............      1,933       
1,305,000      * EasyJet plc Rts ...................      1,591             
43,506        Fedex Corp ........................      2,323          
42,085        Firstgroup plc ....................        162          
8,007        Frontline Ltd .....................         76         
1,336,000        Hankyu Corp .......................      4,403             
234      e Japan Airlines Co Ltd .............          1       
67,968        Kamigumi Co Ltd ...................        284          
27,381        Keihin Electric Express                                 
      Railway Co Ltd...................        124
259,700      * Kinki Nippon Railway Co Ltd .......        847           
3,209        KLM (Royal Dutch Airlines) NV .....         39         
197,551        Mayne Group Ltd ...................        459           
53,474        Mitsui O.S.K. Lines Ltd ...........        112          
1,127,000        Mitsui-Soko Co Ltd ................      2,275             
167,000        MTR Corp ..........................        216           
112,124      * Neptune Orient Lines Ltd ..........         65           
82,000        Nippon Express Co Ltd .............        434          
167,974        Nippon Yusen Kabushiki Kaisha .....        579           
57,037        Norfolk Southern Corp .............      1,334          
1        Peninsular And Oriental                            
      Steam Navigation Co..............          0
1,719,500        Qantas Airways Ltd ................      4,441             

SEE NOTES TO FINANCIAL STATEMENTS 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 59

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Statement of Investment - GLOBAL EQUITIES ACCOUNT - (Unaudited) June 30, 2002   
--------------------------------------------------------------------------------

SHARES                                             VALUE (000)        
------                                             -----------        

TRANSPORTATION--(CONTINUED)                                                   
83,821      * Railtrack Group plc ...............       $  0          
572,137      * Ryanair Holdings plc ..............      3,531           
32,901        Sabre Holdings Corp ...............      1,178          
9,751      * SAS AB ............................         67         
47,000      e Seino Transportation Co Ltd .......        290          
40,000        SembCorp Logistics Ltd ............         50          
77,139        Singapore Airlines Ltd ............        563          
113,000        SMRT Corp Ltd .....................         43           
26,132        Southwest Airlines Co .............        422          
436,722        Stagecoach Group plc ..............        418           
1,385,000        Sumitomo Warehouse Co Ltd .........      3,813             
92,000        Tobu Railway Co Ltd ...............        257          
673        Tokyu Corp ........................          3       
31,598        Union Pacific Corp ................      2,000          
31,168        United Parcel Service, Inc (Class B)     1,925          
2,159      * Van Der Horst Ltd .................          0         
59        West Japan Railway Co .............        238      
618,107      e Yamato Transport Co Ltd ...........     11,268           
                                          --------
    TOTAL TRANSPORTATION ..............     64,546
                                          --------
UTILITIES--6.02%                                                              
3,197,566        A T & T Corp ......................     34,214             
3,550,609      * A T & T Wireless Services, Inc ....     20,771             
60,851      * AES Corp ..........................        330          
6,200        Aliant, Inc .......................        114         
27,520        Allegheny Energy, Inc .............        709          
13,482        Ameren Corp .......................        580          
60,880        American Electric Power Co, Inc ...      2,436          
2,059        Athens Water Supply & Sewage ......         11         
50,679        Australian Gas Light Co Ltd .......        280          
551,997      * Autoroutes Du Sud De La France ....     14,992           
1,176,274      e Autostrade-Concessioni e Costruzioni                       
      Autostrade S.p.A. ...............      9,747
90,761        AWG plc ...........................        761          
69,741        BCE, Inc ..........................      1,210          
278,271        BellSouth Corp ....................      8,766           
41,596        Bouygues S.A. .....................      1,162          
44,004        Brisa-Auto Estradas de Portugal S.A.       248          
6,958,939        BT Group plc ......................     26,731             
198,587        Cable & Wireless plc ..............        506           
51,847     e* Calpine Corp ......................        364          
80,371        Chubu Electric Power Co, Inc ......      1,411          
21,491        Cinergy Corp ......................        773          
252,498        CLP Holdings Ltd ..................      1,004           
20,978        Consolidated Edison, Inc ..........        876          
27,134        Constellation Energy Group, Inc ...        796          
65,344        Contact Energy Ltd ................        127          
251,656        Deutsche Telekom AG. (Regd) .......      2,366           
23,486        Dominion Resources, Inc ...........      1,555          
21,903        DTE Energy Co .....................        978          
141,323        Duke Energy Corp ..................      4,395           
41,852        Dynegy, Inc (Class A) .............        301          
1,732     e* E.Biscom S.p.A. ...................         50         
236,702        E.ON AG. ..........................     13,792           
17,164      * Edison International ..............        292          
112,851        El Paso Corp ......................      2,326           
5,349        Electrabel S.A. ...................      1,236         
10,950      * Electrabel S.A. (Strip Vvpr) ......         13          
493,086        Electricidade De Portugal S.A. ....        954           
301,775      e Endesa S.A. .......................      4,384           
743,367      e Enel S.p.A. .......................      4,258           
18,718        Entergy Corp ......................        794          
31,460        Exelon Corp .......................      1,645          
22,211        FirstEnergy Corp ..................        741          
13,160        FPL Group, Inc ....................        789          
48,944      e France Telecom S.A. ...............        456          
6,223,570        Game Group plc ....................     11,621             
56,768      * GN Store Nord .....................        208          
69,902        Hellenic Telecommunications                             
      Organization S.A. ...............      1,105
937,514        Hongkong Electric Holdings Ltd ....      3,504           
255,711      e Iberdrola S.A. ....................      3,725           
129,797        Kansai Electric Power Co, Inc .....      2,052           
91,433        Kelda Group plc ...................        595          
12,664        KeySpan Corp ......................        477          
20,258        Kinder Morgan, Inc ................        770          
356,595      * KPN NV ............................      1,669           
51,196        Kyushu Electric Power Co, Inc .....        759          
45,792     e* Level 3 Communications, Inc .......        135          
97,522      * Mirant Corp .......................        712          
618,025        National Grid Group plc ...........      4,390           
76,824      * Nextel Communications, Inc (Class A)       247          
2,274        Nippon Telegraph & Telephone Corp .      9,353         
37,902        NiSource, Inc .....................        827          
1,649      * NiSource, Inc (Sails) .............          3         
2,460        NTT Docomo, Inc ...................      6,055         
39,713      * P G & E Corp ......................        710          
1,226,800      * Pacific Century Cyberworks Ltd ....        289             

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4,095        Panafon Hellenic Telecom S.A. .....         21         
175,905        Portugal Telecom SGPS S.A. (Regd) .      1,242           
27,193        PPL Corp ..........................        900          
23,279        Progress Energy, Inc ..............      1,211          
36,172        Public Service Enterprise Group, Inc     1,566          
195,573      * Qwest Communications                                     
     International, Inc ...............        548
51,670        Reliant Energy, Inc ...............        873          
113,989        RWE AG. ...........................      4,497           
487,080        SBC Communications, Inc ...........     14,856           
362,504        Scottish & Southern Energy plc ....      3,586           
103,319        Scottish Power plc ................        556           
36,318        Sempra Energy .....................        804          
44,741        Severn Trent plc ..................        493          
836,670        Singapore Telecommunications Ltd ..        649           
12,990        Sk Telecom ........................      2,910          
79,577      * Sonera Oyj ........................        303          
119,544        Southern Co .......................      3,276           
2,029,455      * Sprint Corp (PCS Group) ...........      9,072             
41,542        Suez ..............................      1,070          
278,723        Suez S.A. .........................      7,432           
9,626      e Swisscom AG. (Regd) ...............      2,801         
18,267        TDC A/S ...........................        505          
12,300     e* Tele2 AB (B Shs) ..................        226          
198,660      e Telecom Corp Of New Zealand Ltd ...        476           
814,959      e Telecom Italia S.p.A. .............      6,382           
359,667      e Telecom Italia S.p.A.(Rnc) ........      1,907           
1,610,581      * Telefonica S.A. ...................     13,520             
33,574      * Telefonica S.A. (Spon ADR) ........        834          
45,372      * Telekom Austria AG. ...............        364          
60,939        Telenor ASA .......................        216          
124,971      e Telia AB ..........................        348           
303,741        Telstra Corp Ltd ..................        795           
17,519        Telus Corp ........................        125          
1,220        Telus Corp (Non-Vote) .............          8         
1,057,053      e TIM S.p.A. ........................      4,332             
13,827     e* Tiscali S.p.A. ....................         84          
71,230        Tohoku Electric Power Co, Inc .....        998          
771,459        Tokyo Electric Power Co, Inc ......     15,866           
21,745        TransAlta Corp ....................        289          
22,823        TXU Corp ..........................      1,177          
18,357      e Union Fenosa S.A. .................        337          
116,010        United Utilities plc ..............      1,081           
351,774        Verizon Communications, Inc .......     14,124           

60 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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Statement of Investment - GLOBAL EQUITIES ACCOUNT - (Unaudited) June 30, 2002   
--------------------------------------------------------------------------------

SHARES                                             VALUE (000)        
------                                             -----------        

UTILITIES--(CONTINUED)                                                        
20,550,765        Vodafone Group plc ................   $ 28,192              
237,702        Vodafone Group plc (Spon ADR) .....      3,245           
101,006        Williams Cos, Inc .................        605           
16,688   b, e WorldCom, Inc (MCI Group) .........         15          
411,035  b, e* WorldCom, Inc (WorldCom Group)              37           
                                         ---------
    TOTAL UTILITIES ...................    374,204
                                         ---------
TOTAL COMMON STOCK                        
     (Cost $6,830,851) ................  6,097,960
                                         ---------

PRINCIPAL                                                                   
-------                                                                   
SHORT TERM INVESTMENTS--4.21%                                                   
CERTIFICATES OF DEPOSIT--0.08%                                                
Toronto Dominion Bank                         
$ 5,000,000        2.000%, 09/04/02 ..................      5,002               
                                         ---------
  TOTAL CERTIFICATES OF DEPOSIT .......      5,002
                                         ---------
COMMERCIAL PAPER--2.05%                                                       
American Honda Finance Corp                   
7,300,000          1.770%, 07/26/02 ................      7,290             
Asset Securitization Coop Corp                
10,000,000        c 1.780%, 07/08/02 ................      9,995              
Canadian Wheat Board                          
5,000,000          1.940%, 08/27/02 ................      4,985             
Colgate-Palmolive Co                          
11,000,000        c 1.750%, 07/30/02 ................     10,983              
Conoco, Inc                                   
11,000,000        c 1.950%, 07/15/02 ................     10,990              
Edison Asset Securitization, Llc              
14,000,000        c 1.790%, 07/02/02 ................     13,997              
Greyhawk Funding Llc                          
14,000,000        c 1.780%, 07/03/02 ................     13,996              
Ingersoll Rand Co                             
10,000,000        c 2.100%, 07/01/02 ................      9,998              
McGraw-Hill, Inc                              
7,243,000          2.070%, 10/03/02 ................      7,208             
Paccar Financial Corp                         
14,000,000          1.790%, 08/08/02 ................     13,972              
Preferred Receivables Funding Corp            
10,000,000        c 1.800%, 07/19/02 ................      9,990              
Sigma Finance, Inc                            
14,000,000        c 1.860%, 07/18/02 ................     13,986              
                                         ---------
  TOTAL COMMERCIAL PAPER ..............    127,390
                                         ---------

U.S. GOVERNMENT AGENCY NOTE--0.08%                                              

Federal Home Loan Bank (FHLB)                 
$ 5,000,000        2.850%, 04/16/03 .................. $    5,039               
                                        ----------
    TOTAL U.S. GOVERNMENTAGENCYNOTE ...      5,039
                                        ----------
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--2.00%                              
Federal Home Loan Bank (FHLB)                 
3,052,000        1.770%, 08/09/02 ..................      3,046             
20,000,000      d 2.300%, 02/27/03 ..................     19,745              
Federal Home Loan Mortgage Corp (FHLMC)       
400,000        1.900%, 07/01/02 ..................        400           
2,100,000        1.740%, 07/02/02 ..................      2,100             
19,100,000      d 1.790%, 07/18/02 ..................     19,081              
19,700,000      d 1.810%, 08/21/02 ..................     19,649              
21,309,000        1.740%, 08/29/02 ..................     21,246              
10,075,000        1.735%, 09/26/02 ..................     10,031              
Federal National Mortgage Association (FNMA)  
2,400,000        1.750%, 07/31/02 ..................      2,396             
6,700,000        1.740%, 08/21/02 ..................      6,683             
20,000,000        1.790%, 12/11/02 ..................     19,836              
                                        ----------
TOTAL U.S. GOVERNMENT AND AGENCIES            
      DISCOUNT NOTES                       124,213
                                        ----------
TOTAL SHORT TERM INVESTMENTS                  
   (Cost $261,571) ....................    261,644
                                        ----------
TOTAL PORTFOLIO--102.51%                      
   (Cost $7,107,674) ..................  6,372,333

OTHER ASSETS &                                
      LIABILITIES, NET--(2.51)%          (156,146)
                                        ----------
  NET ASSETS--100% .................... $6,216,187
                                        ==========

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----------                                                                      
*  Non-income producing                                                         
b  In bankcruptcy                                                               
c  Commercial Paper issued under the Private  Placement  exemption under Section
4(2) of the Securities Act of 1934.                                       
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,
  2002, the value of these securities amounted to $169 or 0.00% of net assets.

Additional information on each restricted security is as follows:               

SECURITY                       ACQUISITION DATE     ACQUISITION COST            
--------                       ----------------     ----------------            
Silverstone Berhad                 12/30/98               $804                  
                                       =====

SEE NOTES TO FINANCIAL STATEMENTS 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 61

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 Statement of Investments - GROWTH ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                             VALUE (000)           
---------                                             -----------           
CORPORATE BOND--0.00%                                                           
CONSUMER CYCLICAL--0.00%                                                      
Ugly Duckling Corp (Sub Deb)                  
$6,500        12.000%, 10/23/03 .................  $       7          
                                         ---------
  TOTAL CONSUMER CYCLICAL .............          7
                                         ---------
TOTAL CORPORATE BOND                          
   (Cost $8) ..........................          7
                                         ---------

SHARES                                                                    
------                                                                    
PREFERRED STOCK--0.00%                                                          
BASIC INDUSTRIES--0.00%                                                       
3,895      * Sealed Air Corp ...................        159         
                                         ---------
    TOTAL BASIC INDUSTRIES ............        159
                                         ---------
TECHNOLOGY--0.00%                                                             
264      * Superior Trust I Series A .........          1       
                                         ---------
    TOTAL TECHNOLOGY ..................          1
                                         ---------
TOTAL PREFERRED STOCK                     
     (Cost $186) ......................        160
                                         ---------
COMMON STOCK--99.69%                                                            
AEROSPACE AND DEFENSE--0.88%                                                  
25,199      * Alliant Techsystems, Inc ..........      1,608          
18,260      * Armor Holdings, Inc ...............        466          
375,187      e Boeing Co .........................     16,883           
12,016     e* DRS Technologies, Inc .............        514          
3,769        Dynamics Research Corp ............         91         
179,680     e* Echostar Communications Corp                             
     (Class A).........................      3,335
6,168        Engineered Support Systems, Inc ...        322         
29,455        General Dynamics Corp .............      3,133          
2,421,761      * General Motors Corp ...............     25,186             
8,668      * Herley Industries, Inc ............        184         
9,224      * Hexcel Corp .......................         40         
5,064      * Integrated Defense Technology, Inc         149         
317,865     e* L-3 Communications Holdings, Inc ..     17,165           
55,114        Lockheed Martin Corp ..............      3,830          
31,315      * Orbital Sciences Corp .............        250          
14,588      * Panamsat Corp .....................        330          
25,897        PerkinElmer, Inc ..................        286          
8,094      * Remec, Inc ........................         45         
13,194        Rockwell Collins, Inc .............        362          
12,850      * Teledyne Technologies, Inc ........        267          
8,825      * Viasat, Inc .......................         74         
                                         ---------
    TOTAL AEROSPACE AND DEFENSE .......     74,520
                                         ---------
BASIC INDUSTRIES--0.70%                                                       
6,807      * Aaon, Inc .........................        128         
3,019      * AEP Industries, Inc ...............        107         
35,318      * Airgas, Inc .......................        611          
17,190        Albany International Corp (Class A)        463          
89,709        Alcoa, Inc ........................      2,974          
35,537      * American Standard Cos, Inc ........      2,669          
3,323        American Woodmark Corp ............        187         
1,996      * Applied Films Corp ................         22         
17,013        Arch Coal, Inc ....................        386          
47,912        Avery Dennison Corp ...............      3,006          
19,052        Ball Corp .........................        790          
1        Barrick Gold Corp .................          0     
67,140        Black & Decker Corp ...............      3,236          
2,663      * BWAY Corp .........................         42         
7,349        Cabot Corp ........................        211         
16,513     e* Cabot Microelectronics Corp .......        713          
9,815        Cambrex Corp ......................        394         
9,513        Carlisle Cos, Inc .................        428         
771        Centex Construction Products, Inc .         28       
18,002        Clarcor, Inc ......................        570          
6,213      e Collins & Aikman Corp .............         57         
6,094      * Collins & Aikman Corp Rts .........          0         
13,712        Consol Energy, Inc ................        291          
9,400        Crompton Corp .....................        120         
3,540        Deltic Timber Corp ................        122         
9,152      * Dionex Corp .......................        245         
31      * Dominion Homes, Inc ...............          1      
139        Donnelly Corp .....................          4       

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15,963        Dr Horton, Inc ....................        416          
81      * Drew Industries, Inc ..............          1      
47,567      * Earthshell Corp ...................         55          
101,569      e Ecolab, Inc .......................      4,696           
14,105        Elcor Corp ........................        386          
568      * EMCOR Group, Inc ..................         33       
2,687      * Encore Wire Corp ..................         38         
10,952      * Energy Conversion Devices, Inc ....        172          
12,125      e Ferro Corp ........................        366          
2,773        Florida Rock Industries, Inc ......         99         
21,002        Fluor Corp ........................        818          
9,098      * FMC Corp ..........................        274         
4,589        Foamex International, Inc .........         51         
47,832     e* Freeport-Mcmoran Copper & Gold, Inc                     
     (Class A) ........................        854
4,600      * Gentek, Inc .......................          1         
10,654      e Georgia Gulf Corp .................        282          
6,302        Glatfelter ........................        118         
1,821        Granite Construction, Inc .........         46         
54,516      * Hecla Mining Co ...................        256          
10,903      * Hovnanian Enterprises, Inc (Class A)       391          
3,355      * Imco Recycling, Inc ...............         33         
15,628      * Insituform Technologies, Inc                            
      (Class A) .......................        331
6,167      * Ivex Packaging Corp ...............        140         
23,038        Jacobs Engineering Group, Inc .....        801          
8,377      * Jarden Corp .......................        166         
151,681        Kimberly-Clark Corp ...............      9,404           
2,866        Lennar Corp .......................        175         
398      * Liquidmetal Technologies ..........          5       
15,649      * Lone Star Technologies, Inc .......        358          
7,216        LSI Industries, Inc ...............        133         
4,048      * Lydall, Inc .......................         62         
8,919        MacDermid, Inc ....................        192         
162,573        Masco Corp ........................      4,407           
1,064      * Mobile Mini, Inc ..................         18         
207,702      e Newmont Mining Corp ...............      5,469           
1,054      * Northwest Pipe Co .................         25         
6,768     e* NVR, Inc ..........................      2,186         
34,082        Olin Corp .........................        755          
2,778        OM Group, Inc .....................        172         
9,351      * Palm Harbor Homes, Inc ............        186         
3,893        Penford Corp ......................         70         
10,036      * Penwest Pharmaceuticals Co ........        196          
5,566        Quaker Chemical Corp ..............        136         
9,141        Royal Gold, Inc ...................        125         
51,867     e* Sealed Air Corp ...................      2,089          
13,809     e* Shaw Group, Inc ...................        424          
8,284        Sigma-Aldrich Corp ................        415         
5,396      * Simpson Manufacturing Co, Inc .....        308         
5,358        Spartech Corp .....................        146         
30,775        Stanley Works .....................      1,262          
11,880      * Steel Dynamics, Inc ...............        196          
1,112        Tredegar Corp .....................         27         
3,841      * Trex Co, Inc ......................        120         
15,821        Valspar Corp ......................        714          
4,726        Vulcan Materials Co ...............        207         
1,563        Wausau-Mosinee Paper Corp .........         19         
4,986      * WCI Communities, Inc ..............        144         
11,816        WD-40 Co ..........................        328          
8,583        West Pharmaceutical Services, Inc .        275         

62 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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------------------------------------------------------------------------------- 

SHARES                                               VALUE (000)          
------                                               -----------          

BASIC INDUSTRIES--(CONTINUED)                                                 
312      * William Lyon Homes, Inc ...........  $       8       
15,332      * WR Grace & Co .....................         46          
                                         ---------
    TOTAL BASIC INDUSTRIES ............     59,431
                                         ---------
CONSUMER CYCLICAL--13.52%                                                     
3,807     e* 1-800 Contacts, Inc ...............         51         
24,279      * 99 Cents Only Stores ..............        623          
8,539        Aaron Rents, Inc ..................        205         
48,512      * Abercrombie & Fitch Co (Class A) ..      1,170          
50,668     e* Acclaim Entertainment, Inc ........        179          
4,795      * Acme Communication, Inc ...........         35         
11,344      * Action Performance Cos, Inc .......        358          
11,230      * Advance Auto Parts ................        612          
8,779        Advanced Marketing Services, Inc ..        161         
5,111      * Aeropostale, Inc ..................        140         
10,354      * AFC Enterprises, Inc ..............        324          
5,073      * Aftermarket Technology Corp .......         97         
1,525      * Alexander's, Inc ..................        117         
27,239      * Alliance Gaming Corp ..............        333          
23,467      * American Eagle Outfitters, Inc ....        496          
6,737      * Ameristar Casinos, Inc ............        196         
8,535      * Anntaylor Stores Corp .............        217         
5,256,107      e AOL Time Warner, Inc ..............     77,317             
19,201        Apogee Enterprises, Inc ...........        276          
93,116     e* Apollo Group, Inc (Class A) .......      3,671          
12,337      * Apollo Group, Inc                                       
     (University Of Phoenix Online)            365
49,019        Applebee's International, Inc .....      1,125          
4,964        Arctic Cat, Inc ...................         86         
751        Arden Group, Inc (Class A) ........         45       
14,585      * Argosy Gaming Co ..................        414          
8,989        Arvinmeritor, Inc .................        216         
2,515     e* Bally Total Fitness Holding Corp ..         47         
1,575        Barnes Group, Inc .................         36         
4,418      * Beasley Broadcast Group, Inc (Class A)      65         
3,131      * Bebe Stores, Inc ..................         64         
166,220      * Bed Bath & Beyond, Inc ............      6,273           
54,687        Big Lots, Inc .....................      1,076          
13,647        Blockbuster, Inc (Class A) ........        367          
2,473        Bob Evans Farms, Inc ..............         78         
6,790      * Boyd Gaming Corp ..................         98         
13,064      * Boyds Collection Ltd ..............         82          
53,719      * Brinker International, Inc ........      1,706          
10,996     e* Buca, Inc .........................        209          
268      * Buckle, Inc .......................          7       
123,000     e* Cablevision Systems Corp (Class A)       1,164           
6,344     e* Cablevision Systems Corp                               
(Rainbow Media Group)                   
     (Class A) ........................         56
1,887      * Cache, Inc ........................         26         
10,266     e* California Pizza Kitchen, Inc .....        255          
11,167      e Callaway Golf Co ..................        177          
31,706     e* Catalina Marketing Corp ...........        895          
10,600        Cato Corp (Class A) ...............        236          
13,480        CBRL Group, Inc ...................        411          
15,575      * CEC Entertainment, Inc ............        643          
6,007      * Champps Entertainment, Inc ........         73         
5,513      * Charlotte Russe Holding, Inc ......        123         
4,576      * Checkers Drive-In Restaurant ......         54         
900      * Cherokee, Inc .....................         19       
7,643      * Chicago Pizza & Brewery, Inc ......         76         
26,906     e* Chico's FAS, Inc                           977          
8,368     e* Children's Place Retail Stores, Inc        222         
17,125      * Christopher & Banks Corp ..........        724          
5,324      * CKE Restaurants, Inc ..............         61         
5,898        Claire's Stores, Inc ..............        135         
1,866,089        Clear Channel Communications, Inc .     59,752             
1,003      * Coldwater Creek, Inc ..............         24         
749        Cole National Corp ................         14       
8,472      * Columbia Sportswear Co ............        271         
37,322     e* Comcast Corp (Class A) Special ....        890          
39,781      * Copart, Inc .......................        646          
285,266     e* Cox Communications, Inc (Class A) .      7,859           
12,803     e* Cox Radio, Inc (Class A) ..........        309          
3,867        CPI Corp ..........................         75         
6,002      * Cross Media Marketing Corp ........         56         
9,982      * Cumulus Media, Inc (Class A) ......        138         
151,168        Darden Restaurants, Inc ...........      3,734           
2,817      * DHB Industries, Inc ...............         11         
58      * Dick Clark  Productions, Inc ......          1      
179,984        Dollar General Corp ...............      3,425           
76,763      * Dollar Tree Stores, Inc ...........      3,025          
23,639        Donaldson Co, Inc .................        828          
3,875        Dover Downs Gaming &                                   
      Entertaintment, Inc..............         50
24,696      e Dow Jones & Co, Inc ...............      1,197          
3,419      * Dress Barn, Inc ...................         53         
7,674     e* Elizabeth Arden, Inc ..............        134         

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3,135      * Emmis Communications Corp (Class A)         66         
25,173      * Entercom Communications Corp ......      1,155          
2,608        Escalade, Inc .....................         60         
6,212      * EUniverse, Inc ....................         38         
9,921      * Extended Stay America, Inc ........        161         
15,197      e Factset Research Systems, Inc .....        452          
924,688        Family Dollar Stores, Inc .........     32,595           
41,386      * Foot Locker, Inc ..................        598          
14,712     e* Fossil, Inc .......................        302          
43,069      * Fox Entertainment Group, Inc (Class A)     937          
15,737        Fred's, Inc .......................        579          
5,197        G & K Services, Inc (Class A) .....        178         
417,538        Gap, Inc ..........................      5,929           
580        Garan, Inc ........................         34       
102,157      * Gemstar-TV Guide International, Inc        551           
11,840     e* Genesco, Inc ......................        288          
12,028     e* Genesisintermedia, Inc ............          0          
55,937      * Gentex Corp .......................      1,537          
38,067        Graco, Inc ........................        957          
597        Gray Communications Systems, Inc ..         11       
550        Grey Global Group, Inc ............        380       
10,745      * Group 1 Automotive, Inc ...........        410          
13,545      * GSI Commerce, Inc .................        101          
10,003      * Guitar Center, Inc ................        186          
4,848      * Gulfmark Offshore, Inc ............        201         
17,386      * Gymboree Corp .....................        279          
6,564        Hancock Fabrics, Inc ..............        122         
1,558,203      e Harley-Davidson, Inc ..............     79,889             
15,389        Harman International Industries, Inc       758          
70,379        Harrah's Entertainment, Inc .......      3,121          
37,000        Harte-Hanks, Inc ..................        760          
4,540        Haverty Furniture Cos, Inc ........         90         
5,052      * Hibbett Sporting Goods, Inc .......        128         
52,347        Hilton Hotels Corp ................        728          
26,596      * Hispanic Broadcasting Corp ........        694          
26,595        Hollinger International, Inc ......        319          
3,922      * Hollywood Casino Corp (Class A) ...         42         
21,514      * Hollywood Entertainment Corp ......        445          
23,056     e* Hot Topic, Inc ....................        616          
10,177        iDine Rewards Network, Inc ........        117          
12,610      * IHOP Corp .........................        371          
7,547      * Information Holdings, Inc .........        184         
2,306      * Insight Communications Co, Inc ....         27         
665,023      * International Game Technology .....     37,707           
9,186        International Speedway Corp (Class A)      368         
198,425        Interpublic Group Of Cos, Inc .....      4,913           
13,012      * Intertan, Inc .....................        145          
7,633      * Isle Of Capri Casinos, Inc ........        155         

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 63

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

CONSUMER CYCLICAL--(CONTINUED)                                                
12,665      * Jack In The Box, Inc ..............    $   403          
963      * Jakks Pacific, Inc ................         17       
682      * Jo-Ann Stores, Inc (Class A) ......         20       
14,910      * Jones Apparel Group, Inc ..........        559          
3,065      * Kenneth Cole Productions, Inc                          
     (Class A).........................         87
1,311      * Keystone Automotive Industries, Inc         25         
7,591      * Kirby Corp ........................        186         
500,947      * Kohl's Corp .......................     35,106           
25,063     e* Krispy Kreme Doughnuts, Inc .......        807          
15,677      * Kroll, Inc ........................        329          
4,659        K-Swiss, Inc (Class A) ............        121         
33,996      * Lamar Advertising Co ..............      1,265          
3,669        La-Z-Boy, Inc .....................         93         
55,399        Leggett & Platt, Inc ..............      1,296          
11,154        Libbey, Inc .......................        380          
4,067,010      * Liberty Media Corp (Class A) ......     40,670             
175,184        Limited, Inc ......................      3,731           
382,926     e* Lin TV Corp (Class A) .............     10,354           
23,007      * Linens `n Things, Inc .............        755          
2,638      * Lodgenet Entertainment Corp .......         38         
4,216      * Mandalay Resort Group .............        116         
4,816        Marine Products Corp ..............         56         
71,378        Marriott International, Inc                             
     (Class A).........................      2,716
7,410     e* Martha Stewart Living Omnimedia,                       
      Inc (Class A)....................         85
623      * Marvel Enterprises, Inc                              
     (Class C) Wts 10/02/02............          0
1,800      * Mascotech, Inc Escrow .............          0         
53,078        Maytag Corp .......................      2,264          
131,439        McGraw-Hill Cos, Inc ..............      7,847           
38,980      * Mediacom Communications Corp ......        304          
7,147     e* Medis Technologies Ltd ............         57         
7,350      * Men's Wearhouse, Inc ..............        187         
4,475        Meredith Corp .....................        172         
13,532      * Metro One Telecommunications, Inc .        189          
17,383      * Metro-Goldwyn-Mayer, Inc ..........        203          
6,889        MGM Mirage ........................        233         
39,195      * Michaels Stores, Inc ..............      1,529          
12,046      * Micros Systems, Inc ...............        334          
19,945      * Midway Games, Inc .................        170          
36,025      * Mohawk Industries, Inc ............      2,217          
12,194      * Monaco Coach Corp .................        260          
2,353      * Monarch Casino & Resort, Inc ......         35         
186      * Monro Mufflre Brake, Inc ..........          4       
1,007      * Morgan Group Holding Co ...........          1         
945      * Mossimo, Inc ......................          8       
1,470      * Mothers Work, Inc .................         58         
12,578      * Movie Gallery, Inc ................        266          
20,384        MSC Industrial Direct Co (Class A)         397          
14,126      * MTR Gaming Group, Inc .............        236          
7,436      * Multimedia Games, Inc .............        162         
21,835     e* Nautilus Group, Inc ...............        668          
62,553        New York Times Co (Class A) .......      3,221          
1        News Corp Ltd (Spon ADR) ..........          0     
927,847      e Nike, Inc (Class B) ...............     49,779           
18,744      * Oakley, Inc .......................        326          
10,318      * O'Charley's, Inc ..................        261          
1,201,675      e Omnicom Group, Inc ................     55,037             
20,154      * O'Reilly Automotive, Inc ..........        555          
7,532        Oshkosh B'gosh, Inc (Class A) .....        328         
6,565        Oshkosh Truck Corp ................        388         
24,671      * Outback Steakhouse, Inc ...........        866          
11,834      * P.F. Chang's China Bistro, Inc ....        372          
21,987     e* Pacific Sunwear Of California, Inc         487          
16,691     e* Panera Bread Co (Class A) .........        575          
9,010      * Papa John's International, Inc ....        301         
6,262     e* Parkervision, Inc .................        120         
4,590      * Payless Shoesource, Inc ...........        265         
20,221      * Penn National Gaming, Inc .........        367          
5,254      * Penton Media, Inc .................         11         
29,608     e* Performance Food Group Co .........      1,003          
38,768        Pier 1 Imports, Inc ...............        814          
42,744      * Pinnacle Systems, Inc .............        470          
10,220      * Pixar, Inc ........................        451          
10,034      * PLATO Learning, Inc ...............         99          
10,074      * Playboy Enterprises, Inc (Class B)         128          
22,905        Polaris Industries, Inc ...........      1,489          
22,430      * Presstek, Inc .....................         90          
387      * Pricesmart, Inc ...................         15       
66,670     e* Primedia, Inc .....................         81          
10,772     e* Private Media Group, Inc ..........         31          
10,299      * Quiksilver, Inc ...................        255          
17,959        R.R. Donnelley & Sons Co ..........        495          
6,175      * Racing Champions Ertl Corp ........        114         

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28,859      * Radio One, Inc (Class D) ..........        429          
13,667      * Rare Hospitality International, Inc        368          
21,905        Reader's Digest Association, Inc                        
     (Class A) ........................        410
7,485      * Regal Entertainment Group (Class A)        175         
10,750      * Regent Communications, Inc ........         76          
22,062        Regis Corp ........................        596          
22,157      * Rent-A-Center, Inc ................      1,285          
13,809      * Resources Connection, Inc .........        373          
4,336        Riviana Foods, Inc ................        110         
59,271        Ross Stores, Inc ..................      2,415          
59,835        Ruby Tuesday, Inc .................      1,161          
32,189      * Ryan's Family Steak Houses, Inc ...        425          
10,813      * Saga Communications, Inc (Class A)         243          
6,327      * Salem Communications Corp (Class A)        157         
5,562        Schawk, Inc .......................         60         
11,004      * Scholastic Corp ...................        417          
24,517      * Scientific Games Corp (Class A) ...        195          
6,099      * Scotts Co (Class A) ...............        277         
14,986      * SCP Pool Corp .....................        416          
17,985        Scripps (E.W.) Co (Class A) .......      1,385          
1,736      * Shoe Carnival, Inc ................         37         
12,894     e* Shuffle Master, Inc ...............        237          
6,979      * SkillSoft Corp ....................         55         
12,432      * Sonic Automotive, Inc .............        320          
26,639      * Sonic Corp ........................        837          
32,588      * Sotheby's Holdings, Inc (Class A) .        464          
26,269      * Spanish Broadcasting System,                            
      Inc (Class A) ...................        263
6,589        Spartan Motors, Inc ...............        101         
9,347      * Speedway Motorsports, Inc .........        238         
17,654     e* Sports Resorts International, Inc .         95          
6,590      * Stage Stores, Inc .................        229         
3,279      * Stanley Furniture Co, Inc .........         88         
262,601      * Starbucks Corp ....................      6,526           
14,452      * Station Casinos, Inc ..............        258          
9,191      * Stein Mart, Inc ...................        109         
451      * Steven Madden Ltd .................          9       
12,562        Sturm Ruger & Co, Inc .............        178          
6,100  b, e* Sunbeam Corp ......................          1         
9,160        Superior Industries                                    
      International, Inc...............        424
18,854      * Sylvan Learning Systems, Inc ......        376          
13,152        Talbots, Inc ......................        460          
4,249        Tanger Factory Outlet Centers, Inc         125         
1,139,396        Target Corp .......................     43,411             
30,678     e* The Cheesecake Factory, Inc .......      1,088          
12,375      * The Sports Authority, Inc .........        141          
5,291        The Steak n Shake Co ..............         83         
5,572        Thor Industries, Inc ..............        397         
28,714     e* THQ, Inc ..........................        856          
1,355,866      e Tiffany & Co ......................     47,726             
19,876      * Timberland Co (Class A) ...........        712          
449,151        TJX Cos, Inc ......................      8,808           

64  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

SEE NOTES TO FINANCIAL STATEMENTS 

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SHARES                                               VALUE (000)          
------                                               -----------          

CONSUMER CYCLICAL--(CONTINUED)                                                
24,743      * Too, Inc ..........................    $   762          
25,348      * Topps Co, Inc .....................        255          
1        Tribune Co ........................          0     
2,486      * Tropical Sportswear International                      
      Corp.............................         55
23,394        Tyler Technologies, Inc ...........        124          
120,806     e* U.S.A. Networks, Inc ..............      2,833           
10,196      * Universal Electronics, Inc ........        153          
101,318     e* Univision Communications, Inc                            
     (Class A).........................      3,181
5,380      * Urban Outfitters, Inc .............        187         
19,210     e* Vastera, Inc ......................         84          
24,392      * Viacom, Inc (Class A) .............      1,084          
2,089,969     e* Viacom, Inc (Class B) .............     92,732             
5,340,657        Wal-Mart Stores, Inc ..............    293,789             
1        Walt Disney Co ....................          0     
39,697        Wendy's International, Inc ........      1,581          
9,377      * Westpoint Stevens, Inc ............         36         
69,228        Westwood One, Inc .................      2,314          
18,397      * Wet Seal, Inc (Class A) ...........        447          
36,623        Wiley (John) & Sons, Inc (Class A)         878          
61,273     e* Williams-Sonoma, Inc ..............      1,878          
8,755        Winnebago Industries, Inc .........        385         
975        WMS Industries, Inc ...............         12       
2,798        Woodward Governor Co ..............        165         
7,431      * World Wrestling Federation                             
      Entertainment, Inc...............        108
329,369      * Yahoo!, Inc .......................      4,861           
3,688      * Young Broadcasting, Inc (Class A) .         66         
160,380      * Yum Brands, Inc ...................      4,691           
6,344      * Zale Corp .........................        230         
34,800        Zenith Electronics Corp ...........          0          
7,130      * Zomax, Inc ........................         28         
                                         ---------
    TOTAL CONSUMER CYCLICAL ...........  1,141,794
                                         ---------
CONSUMER NON-CYCLICAL--11.98%                                                 
8,935      * 1-800-Flowers.com, Inc (Class A) ..        100         
9,216      * 7-Eleven, Inc .....................         74         
4,408      * AC Moore Arts & Crafts, Inc .......        209         
2,150        Alberto-Culver Co (Class B) .......        103         
138,614     e* Amazon.Com, Inc ...................      2,252           
9,522      * American Italian Pasta Co (Class A)        486         
450,629        Anheuser-Busch Cos, Inc ...........     22,531           
22,549      * Aramark Corp (Class B) ............        564          
41,169     e* Autozone, Inc .....................      3,182          
1,488,800        Avon Products, Inc ................     77,775             
17,600      * Barnes & Noble, Inc ...............        465          
2,963      * Benihana, Inc (Class A) ...........         55         
236,418      * Best Buy Co, Inc ..................      8,582           
34,765      * BJ's Wholesale Club, Inc ..........      1,338          
9,319        Blyth, Inc ........................        291         
11,905      * Borders Group, Inc ................        219          
6,715      * Boston Beer Co, Inc (Class A) .....        107         
2,074        Bridgford Foods Corp ..............         28         
24,434        Brown-Forman Corp (Class B) .......      1,686          
26,623     e* Cadiz, Inc ........................        226          
63,150     e* CDW Computer Centers, Inc .........      2,956          
26,096      * Chiquita Brands International, Inc         467          
14,591        Church & Dwight Co, Inc ...........        457          
16,096      * Circuit City Stores, Inc                                
     (Carmax Group) ...................        348
65,807        Circuit City Stores, Inc                                
     (Circuit City Group) .............      1,234
85,574        Clorox Co .........................      3,538          
21,658     e* Coach, Inc ........................      1,189          
786        Coca-Cola Bottling Co Consolidated          34       
1,228,999        Coca-Cola Co ......................     68,824             
165,192      e Coca-Cola Enterprises, Inc ........      3,647           
997,503        Colgate-Palmolive Co ..............     49,925           
17,077      * Constellation Brands, Inc (Class A)        546          
14,116      * Cost Plus, Inc ....................        430          
131,654        Costco Wholesale Corp .............      5,084           
1,765        Deb Shops, Inc ....................         60         
2,867      * DEL Laboratories, Inc .............         72         
11,055      * Del Monte Foods Co ................        130          
2        Delhaize "Le Lion" (Spon ADR) .....          0     
14,700        Delta & Pine Land Co ..............        295          
50,955        Dial Corp .........................      1,020          
11,630      e Dreyer's Grand Ice Cream, Inc .....        798          
12,780     e* Duane Reade, Inc ..................        435          
381,601     e* eBay, Inc .........................     23,514           
7,390      * Electronics Boutique Holdings Corp         217         
21,660      * Energizer Holdings, Inc ...........        594          

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49,655      e Estee Lauder Cos (Class A) ........      1,748          
16,272        Ethan Allen Interiors, Inc ........        567          
5,622      * Expedia, Inc (Class A) ............        333         
1,519      * Expedia, Inc Wts 02/04/09 .........         44         
9,477      * Factory 2-U Stores, Inc ...........        131         
12,121      * FAO, Inc ..........................         96          
58        Farmer Brothers Co ................         21      
43,571      e Fastenal Co .......................      1,678          
24,584      e Fleming Cos, Inc ..................        446          
886      * Flowers Foods, Inc ................         23       
3,195      * FTD, Inc (Class A) ................         41         
13,428     e* FTI Consulting, Inc ...............        470          
20,823      * Furniture Brands International, Inc        630          
3,935      * Gaiam, Inc ........................         58         
6,816      * Galyans Trading Co, Inc ...........        156         
9,450      * Gamestop Corp .....................        198         
4,269      * Gart Sports Co ....................        122         
180,012        General Mills, Inc ................      7,935           
2,194,675        Gillette Co .......................     74,334             
2,373      * Green Mountain Coffee, Inc ........         50         
12,204        Herbalife International, Inc                            
     (Class B).........................        234
59,037      e Herman Miller, Inc ................      1,198          
49,023        Hershey Foods Corp ................      3,064          
82,695        HJ Heinz Co .......................      3,399          
5,344,129        Home Depot, Inc ...................    196,290             
4,743      * Horizon Organic Holding Corp ......         84         
29,909      * Insight Enterprises, Inc ..........        753          
2,311        Inter Parfums, Inc ................         16         
28,235        International Flavors &                                 
      Fragrances, Inc..................        917
1,034      * International Multifoods Corp .....         27         
14,114        Interstate Bakeries Corp ..........        408          
2,601      * J & J Snack Foods Corp ............        117         
8,729     e* Jill (J.) Group, Inc ..............        331         
13,738        JM Smucker Co .....................        469          
115,749        Kellogg Co ........................      4,151           
599,329      e Kraft Foods, Inc (Class A) ........     24,543           
306,891      * Kroger Co .........................      6,107           
1,083      * Ladenburg Thalmann Financial                           
      Services, Inc....................          0
17,622        Lance, Inc ........................        257          
501,550      e Lowe's Cos ........................     22,770           
12,345      * Marvel Enterprises, Inc ...........         68          
297,809        Mattel, Inc .......................      6,278           
50,249        McCormick & Co, Inc (Non-Vote) ....      1,294          
10,179      * Monterey Pasta Co .................         96          
7,204        Nash Finch Co .....................        230         
2,122      * National Beverage Corp ............         30         
598        Nature's Sunshine Products, Inc ...          7       
29,728      * NBTY, Inc .........................        460          
2,834      * Netlix, Inc .......................         40         
25,003        Newell Rubbermaid, Inc ............        877          
8,938        Nu Skin Enterprises, Inc (Class A)         130         
5,178        Oneida Ltd ........................         99         
1,196      * Overstock.Com, Inc ................         17         
4,301      * Party City Corp ...................         70         
1,471      * Pathmark Stores, Inc ..............         28         

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 65

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SHARES                                               VALUE (000)          
------                                                 -------            

CONSUMER NON-CYCLICAL--(CONTINUED)                                            
4,990      * Paypal, Inc .......................   $    101         
837      * PC Connection, Inc ................          3       
6,313      * Peets Coffee & Tea, Inc ...........        116         
138,782        Pepsi Bottling Group, Inc .........      4,274           
2,593,496      e Pepsico, Inc ......................    125,007             
44,727      * Perrigo Co ........................        582          
10,846      * Petco Animal Supplies, Inc ........        270          
90,636     e* Petsmart, Inc .....................      1,454          
1,703,705      e Philip Morris Cos, Inc ............     74,418             
92,026      * Priceline.com, Inc ................        257          
11,622      * Princeton Review, Inc .............        106          
581,712      e Procter & Gamble Co ...............     51,947           
174,012      e RadioShack Corp ...................      5,231           
12,969      * Restoration Hardware, Inc .........        115          
107,500     e* Rite Aid Corp .....................        253           
1,166        Russ Berrie & Co, Inc .............         41         
147,176      * Safeway, Inc ......................      4,296           
3,646        Sanderson Farms, Inc ..............         91         
280,925        Sara Lee Corp .....................      5,798           
10,826        Schweitzer-Mauduit                                      
      International, Inc...............        266
6,597        Sensient Technologies Corp ........        150         
4,637      * Sharper Image Corp ................         93         
10,567     e* Skechers USA, Inc (Class A) .......        228          
382,259      * Staples, Inc ......................      7,531           
625        Thomas Industries, Inc ............         18       
15,939      * Ticketmaster (Class B) ............        298          
19,610        Tootsie Roll Industries, Inc ......        756          
1,813      * Tractor Supply Co .................        129         
6,105      * Tuesday Morning Corp ..............        113         
21,603        Tupperware Corp ...................        449          
1,568      * Tweeter Home Entertainment                             
      Group, Inc.......................         26
13,816      * United Natural Foods, Inc .........        269          
2,779        Universal Corp ....................        102         
72,938        UST, Inc ..........................      2,480          
14,755      * Valuevision International, Inc                          
     (Class A).........................        268
14,805        Vector Group Ltd ..................        261          
6,297      * Virbac Corp .......................         40         
1,705,431        Walgreen Co .......................     65,881             
18,957      * Weight Watchers International, Inc         824          
915        Weis Markets, Inc .................         34       
8,130      * Whitehall Jewellers, Inc ..........        169         
48,235      * Whole Foods Market, Inc ...........      2,326          
13,980      * Wild Oats Markets, Inc ............        225          
76,389        Wrigley (Wm.) Jr Co ...............      4,228          
19,665      * Yankee Candle Co, Inc .............        533          
                                         ---------
    TOTAL CONSUMER NON-CYCLICAL .......  1,012,084
                                         ---------
ENERGY--2.23%                                                                 
26,081        Amerada Hess Corp .................      2,152          
79,326        Anadarko Petroleum Corp ...........      3,911          
700,630      e Apache Corp .......................     40,272           
6,581      * Atwood Oceanics, Inc ..............        247         
1,852,517        Baker Hughes, Inc .................     61,670             
12,274        Berry Petroleum Co (Class A) ......        207          
776,271      e BJ Services Co ....................     26,300           
55,896        Burlington Resources, Inc .........      2,124          
26,823      * Cal Dive International, Inc .......        590          
6,604        Carbo Ceramics, Inc ...............        244         
96,120     e* Chesapeake Energy Corp ............        692          
32,239     e* Cooper Cameron Corp ...............      1,561          
579,748      e Diamond Offshore Drilling, Inc ....     16,523           
4,381     e* Dril-Quip, Inc ....................        109         
96,237        Ensco International, Inc ..........      2,623          
13,743     e* Evergreen Resources, Inc ..........        584          
11,274      * Exploration Co Of Delaware, Inc ...         76          
8,776      * Forest Oil Corp ...................        250         
19,102        Frontier Oil Corp .................        336          
11,144        Getty Realty Corp .................        226          
42,124      * Global Industries Ltd .............        294          
1        GlobalSantaFe Corp ................          0     
68,275      * Grant Prideco, Inc ................        929          
122,011      * Grey Wolf, Inc ....................        499           
1,627      * Gulf Island Fabrication, Inc ......         30         
196,372        Halliburton Co ....................      3,130           
3,900     e* Hanover Compressor Co .............         53         
12,847      * Harvest Natural Resources, Inc ....         64          
7,360     e* Horizon Offshore, Inc .............         62         
5,525      * Houston Exploration Co ............        160         
8,334      * Hydril Co .........................        223         
66,503      * Key Energy Services, Inc ..........        698          
9,554      * Key Production Co, Inc ............        186         
34,635      * Magnum Hunter Resources, Inc ......        273          
2,971      * Magnum Hunter Resources, Inc                           
      Wts 03/21/05.....................          2
27,439      * Maverick Tube Corp ................        412          
16,130        Murphy Oil Corp ...................      1,331          

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75,437     e* Nabors Industries Ltd .............      2,663          
24,970      * National-Oilwell, Inc .............        526          
16,189     e* Newfield Exploration Co ...........        602          
22,649        Noble Energy, Inc .................        816          
70,934        Ocean Energy, Inc .................      1,537          
11,134      * Oceaneering International, Inc ....        301          
17,341        Patina Oil & Gas Corp .............        476          
52,445     e* Patterson-UTI Energy, Inc .........      1,481          
22,475        Pioneer Natural Resources Co ......        585          
17,478      * Plains Resources, Inc .............        468          
4,929      e Pogo Producing Co .................        161         
40,530     e* Pride International, Inc ..........        635          
7,463        Prima Energy Corp .................        170         
10,365      * Pure Resources, Inc ...............        216          
11,107      * Remington Oil & Gas Corp ..........        221          
30,944        Rowan Cos, Inc ....................        664          
8,296        RPC, Inc ..........................         98         
33,008     e* Smith International, Inc ..........      2,251          
15,922      * Spinnaker Exploration Co ..........        573          
1,302        St. Mary Land & Exploration Co ....         31         
7,251      * Stone Energy Corp .................        292         
35,524      * Superior Energy Services, Inc .....        361          
19,252        Tidewater, Inc ....................        634          
124      * Transtexas Gas Corp Wts 06/30/02 ..          0       
26,125        Unit Corp .........................        453          
27,602      * Varco International, Inc ..........        484          
5,169        Vintage Petroleum, Inc ............         61         
53,268      * Weatherford International Ltd .....      2,301          
16,779      * W-H Energy Services, Inc ..........        372          
1,608        World Fuel Services Corp ..........         39         
4,337        XTO Energy, Inc ...................         89         
                                         ---------
    TOTAL ENERGY ......................    188,604
                                         ---------
FINANCIAL SERVICES--9.10%                                                     
75        Advanta Corp (Class A) ............          1      
14,129     e* Affiliated Managers Group, Inc ....        869          
190,326        Aflac, Inc ........................      6,090           
1,704        Alabama National Bancorp ..........         74         
11,434        Alexandria Real Estate Equities, Inc       564          
12,835        Alfa Corp .........................        150          
1,127        Allegiant Bancorp, Inc ............         20         
56,958      e Allied Capital Corp ...............      1,290          
4,550        Ambac Financial Group, Inc ........        306         
5,212        America First Mortgage                                 
      Investments, Inc.................         51
8,912        American Capital Strategies Ltd ...        245         
501,867        American Express Co ...............     18,228           
4,718        American Home Mortgage Holdings, Inc        59         
2,671,696      e American International Group, Inc. ..  182,290             

66  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

SEE NOTES TO FINANCIAL STATEMENTS 

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SHARES                                               VALUE (000)          
------                                               ---------            

FINANCIAL SERVICES--(CONTINUED)                                               
1,464        American National Bankshares, Inc ... $     40         
32,407     e* AmeriCredit Corp ....................      909          
67,161     e* Ameritrade Holdings Corp (Class A) ..      309          
7,173     b* ANC Rental Corp .....................        2         
15,322        Anchor Bancorp Wisconsin, Inc .......      369          
1,689        Apex Mortgage Capital, Inc ..........       25         
4,879        Arrow Financial Corp ................      166         
3,185        Bancorp Connecticut, Inc ............       89         
1,201        Bank Of Granite Corp ................       24         
166,894        Bank Of New York Co, Inc ............    5,633           
1,908        Bank Of The Ozarks, Inc .............       43         
572        BKF Capital Group, Inc ..............       16       
11,770      * Blackrock, Inc ......................      521          
12,737        Boston Private Financial                                
      Holdings, Inc......................      315
7,529      * Brookline Bancorp, Inc ..............      190         
36,634        Brown & Brown, Inc ..................    1,154          
2,682        Bryn Mawr Bank Corp .................      108         
384        BSB Bancorp, Inc ....................       10       
1,016        Camden National Corp ................       28         
144,253      e Capital One Financial Corp ..........    8,807           
5,194        Capitol Bancorp Ltd .................      124         
5,736        Cascade Bancorp .....................      103         
42,473      * Catellus Development Corp ...........      867          
11,195        Cathay Bancorp, Inc .................      465          
948        CBL & Associates Properties, Inc ....       38       
998        CCBT Financial Cos, Inc .............       28       
7,170      * CCC Information Services Group, Inc .      100         
2,483        Centennial Bancorp ..................       20         
5,347      * Central Coast Bancorp ...............      121         
989        Century Bancorp, Inc (Class A) ......       27       
651,980        Charles Schwab Corp .................    7,302           
618        Charter Financial Corp ..............       18       
16,158        Chateau Communities, Inc ............      494          
20,111        Chelsea Property Group, Inc .........      673          
1,137        Chemical Financial Corp .............       43         
21,530        Chittenden Corp .....................      624          
69,014     e* Choicepoint, Inc ....................    3,138          
3,290,371      e Citigroup, Inc ......................  127,502             
16,450      * Citizens, Inc .......................      214          
3,707      e City Bank ...........................      119         
7,295        City Holding Co .....................      171         
3,386      * Clark/Bardes, Inc ...................       77         
6,046        Coastal Financial Corp ..............       89         
5,321        CoBiz, Inc ..........................       92         
4,193        Columbia Bancorp ....................       99         
42,858        Commerce Bancorp, Inc ...............    1,894          
874        Commonwealth Bancorp, Inc ...........       26       
3,579        Community Banks, Inc ................      105         
11,596        Community First Bankshares, Inc .....      303          
3,007      * CompuCredit Corp ....................       21         
4,712        CPB, Inc ............................      217         
19,251        Crawford & Co (Class B) .............      156          
7,390      * Credit Acceptance Corp ..............       93         
16,304        Crown American Realty Trust .........      153          
10,654      * CSK Auto Corp .......................      149          
19,329        CVB Financial Corp ..................      439          
16,237        Dime Community Bancshares ...........      368          
19,654      e Doral Financial Corp ................      656          
100,224     e* E*trade Group, Inc ..................      547           
358      * Eagle Bancshares, Inc ...............        9       
10,318        East West Bancorp, Inc ..............      356          
46,266        Eaton Vance Corp ....................    1,443          
10,413        Essex Property Trust, Inc ...........      570          
10,357      * Euronet Worldwide, Inc ..............      166          
922        F & M Bancorp .......................       33       
1,698,854        Fannie Mae ..........................  125,290             
336        Farmers Capital Bank Corp ...........       12       
5,763     e* Federal Agricultural Mortgage Corp                     
     (Class C)...........................      154
26,364        Federal Realty Investment Trust .....      731          
69,717        Federated Investors, Inc (Class B) ..    2,410          
940,406        Fifth Third Bancorp .................   62,678           
8,257        Financial Federal Corp ..............      273         
5,734        Financial Institutions, Inc .........      217         
16,110        First Bancorp (Puerto Rico) .........      607          
6,941        First Busey Corp ....................      154         
3,524        First Community Bancorp .............       82         
3,180        First Community Bancshares ..........      107         

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322        First Essex Bancorp, Inc ............       11       
688        First Federal Capital Corp ..........       15       
1,587        First Financial Bancorp .............       31         
3,629        First Financial Bankshares, Inc .....      152         
1,678        First Financial Holdings, Inc .......       54         
3,110        First National Corp .................       94         
6,761        First Niagara Financial Group, Inc ..      188         
867        First Oak Brook Bancshares, Inc .....       27       
1,100      * First Republic Bank .................       30         
1,228        First Sentinel Bancorp, Inc .........       17         
2,039        First South Bancorp, Inc ............       74         
2,804        First State Bancorp .................       73         
728        Flagstar Bancorp, Inc ...............       17       
863        Flushing Financial Corp .............       18       
432        FNB Corp (Virginia) .................       13       
1,959        Franklin Financial Corp .............       50         
492,359      e Freddie Mac .........................   30,132           
9,054      * Friedman, Billings, Ramsey                             
      Group, Inc.........................      115
11,664        Frontier Financial Corp .............      342          
2,100     b* Frontline Capital Group, Inc ........        0         
4,508     e* Gabelli Asset Management, Inc                          
     (Class A)...........................      165
1,955        Gables Residential Trust ............       62         
47,951        Gallagher (Arthur J.) & Co ..........    1,662          
8,692        Gartner, Inc (Class A) ..............       88         
11,334      * Gartner, Inc (Class B) ..............      107          
8,081        Glacier Bancorp, Inc ................      198         
2,127        Gladstone Capital Corp ..............       38         
15,761        Glimcher Realty Trust ...............      292          
1,061        Gold Banc Corp, Inc .................       12         
1,733        Granite State Bankshares, Inc .......       57         
4,122        Great Southern Bancorp, Inc .........      164         
6,414      e Greater Bay Bancorp .................      197         
6,294      * Hanmi Financial Corp ................      108         
3,102        Harbor Florida Bancshares, Inc ......       69         
13,226        Harleysville National Corp ..........      357          
7,680        HCC Insurance Holdings, Inc .........      202         
20,867        Hilb, Rogal & Hamilton Co ...........      944          
39,142        Hooper Holmes, Inc ..................      313          
81,065        Household International, Inc ........    4,029          
9,867        Hudson United Bancorp ...............      282         
6,486        Humboldt Bancorp ....................      109         
8,740        Independent Bank Corp                                  
     (Massachusetts).....................      200
3,409        Independent Bank Corp (Michigan) ....      108         
4,132        Interchange Financial Services Cp ...      115         
16,482        International Bancshares Corp .......      696          
2      * Interstate Hotels Corp ..............        0     
39,649      * Investment Technology Group, Inc ....    1,297          
44,563      e Investors Financial Services Corp ...    1,495          
5,361        Investors Real Estate Trust .........       57         
471        Irwin Financial Corp ................        9       
31,037        ITT Educational Services, Inc .......      677          
11,729        Jefferies Group, Inc ................      494          
16,206        John Nuveen Co (Class A) ............      416          
3,090      * Jones Lang Lasalle, Inc .............       76         
9,653        JP Realty, Inc ......................      257         
4,024      * Knight Trading Group, Inc ...........       21         

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 67

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SHARES                                               VALUE (000)          
------                                               -----------          

FINANCIAL SERVICES--(CONTINUED)                                               
4,407     e* LaBranche & Co, Inc ................. $    101         
8,059        Lakeland Bancorp, Inc ...............      175         
2,886        Lakeland Financial Corp .............       83         
938        Leeds Federal Bankshares, Inc .......       30       
25,835        Legg Mason, Inc .....................    1,275          
2,266      * Lendingtree, Inc ....................       29         
678      * Local Financial Corp ................       11       
716        LSB Bancshares, Inc .................       14       
23,651        Macerich Co .........................      733          
4,912        MAF Bancorp, Inc ....................      185         
7,500        Main Street Banks, Inc ..............      155         
9,801        Manufactured Home Communities, Inc ..      344         
1,008      * Markel Corp .........................      199         
191,435      e Marsh & McLennan Cos, Inc ...........   18,493           
521        MB Financial, Inc ...................       17       
474,250        MBNA Corp ...........................   15,683           
4,928        MCG Capital Corp ....................       82         
141,588        Mellon Financial Corp ...............    4,450           
1,898        Merchants Bancshares, Inc ...........       54         
1,932        Meritage Corp .......................       88         
11,186        Mid Atlantic Realty Trust ...........      197          
2,011        Mid-State Bancshares ................       39         
4,726        Midwest Banc Holdings, Inc ..........      141         
15,813        Mills Corp ..........................      490          
3,685        Mission West Properties, Inc ........       45         
4,237        Mississippi Valley Bancshares, Inc ..      219         
2,875        Nara Bancorp, Inc ...................       66         
1,597        NASB Financial, Inc .................       35         
12,914        National Penn Bancshares, Inc .......      338          
3,560        Nationwide Health Properties, Inc ...       67         
667        NBC Capital Corp ....................       25       
10,833        NBT Bancorp, Inc ....................      196          
11,487      * NetBank, Inc ........................      134          
38,938        Neuberger Berman, Inc ...............    1,425          
9,745        New Century Financial Corp ..........      341         
27,633        New York Community Bancorp, Inc .....      749          
28,128        North Fork Bancorp, Inc .............    1,120          
547,195        Northern Trust Corp .................   24,109           
7,778        Northwest Bancorp, Inc ..............      103         
3,749        OceanFirst Financial Corp ...........       91         
1,349        Old Second Bancorp, Inc .............       50         
8,848        Oriental Financial Group, Inc .......      224         
4,861      * OSI Systems, Inc ....................       96         
25,372        Pacific Capital Bancorp .............      606          
9,502        Pacific Northwest Bancorp ...........      298         
4,853      * Pacific Union Bank ..................       85         
1,001      * Partners Trust Financial Group, Inc .       16         
2,170        Peapack Gladstone Financial Corp ....      133         
4,589        Pennrock Financial Services Corp ....      150         
10,208        Pennsylvania Real Estate                                
      Investment Trust...................      277
2,423        Peoples Bancorp, Inc ................       69         
2,655        Privatebancorp, Inc .................       80         
106,682        Progressive Corp ....................    6,172           
3,696        Prosperity Bancshares, Inc ..........       67         
1,784        Provident Bancorp, Inc ..............       50         
1,308        Provident Bankshares Corp ...........       31         
15,398        Provident Financial Group, Inc ......      447          
58,966     e* Providian Financial Corp ............      347          
291,754      * Prudential Financial, Inc ...........    9,733           
6,162        R & G Financial Corp (Class B) ......      146         
7,378        Republic Bancorp, Inc ...............      110         
9,882        Rouse Co ............................      326         
1,621        Royal Bancshares Of Pennsylvania                       
     (Class A)...........................       35
17,494        S & T Bancorp, Inc ..................      472          
4,094        S.Y. Bancorp, Inc ...................      168         
5,428        Sandy Spring Bancorp, Inc ...........      175         
1,580        Saul Centers, Inc ...................       41         
1,776      * Saxon Capital, Inc ..................       29         
694        Seacoast Banking Corp Of Florida ....       40       
1,225        Seacoast Financial Services Corp ....       31         
1,190        Second Bancorp, Inc .................       32         
61,381        SEI Investments Co ..................    1,729          
3,070      * Silicon Valley Bancshares ...........       81         
1,817        Sizeler Property Investors ..........       20         
90,434      e Slm Corp ............................    8,763          

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11,471      * Southwest Bancorp Of Texas, Inc .....      415          
22,099        St. Joe Co ..........................      663          
88,334        Starwood Hotels & Resorts                               
      Worldwide, Inc.....................    2,905
811        State Bancorp, Inc ..................       14       
184,929        State Street Corp ...................    8,266           
37,366        Staten Island Bancorp, Inc ..........      717          
2,244        Sterling Bancorp ....................       80         
13,373        Sterling Bancshares, Inc ............      198          
9,441        Sterling Financial Corp                                
     (Pennsylvania)......................      236
64,781        Stilwell Financial, Inc .............    1,179          
8,712        Suffolk Bancorp .....................      318         
814        Summit Bancshares, Inc ..............       20       
320        Sun Bancorp, Inc ....................        8       
6,351        Sun Communities, Inc ................      265         
3,226        Susquehanna Bancshares, Inc .........       73         
207,418        Synovus Financial Corp ..............    5,708           
12,951      * Syntroleum Corp .....................       37          
35,727        T Rowe Price Group, Inc .............    1,175          
30,129        TCF Financial Corp ..................    1,479          
4,460        Texas Regional Bancshares, Inc                         
      (Class A)..........................      221
464        Three Rivers Bancorp, Inc ...........        8       
4,711        Tompkins Trustco, Inc ...............      229         
11,201        Town & Country Trust ................      251          
2,102      * Triad Guaranty, Inc .................       92         
2,072        Trico Bancshares ....................       55         
3,253        Trust Co Of New Jersey ..............       84         
53,612        Trustco Bank Corp ...................      706          
4,397        U.S.B. Holding Co, Inc ..............       91         
13,162        UCBH Holdings, Inc ..................      500          
14,476        Umpqua Holdings Corp ................      268          
26,540        United Bankshares, Inc ..............      780          
12,028        United Community Banks, Inc .........      356          
7,284        United National Bancorp .............      168         
9,049      * United Rentals, Inc .................      197         
4,247      * UnitedGlobalcom, Inc (Class A) ......       12         
1,153        Universal Health Realty Income Trust        30         
385,899        UnumProvident Corp ..................    9,821           
993        Value Line, Inc .....................       41       
1,839      * VIB Corp ............................       24         
4,438        Virginia Financial Group, Inc .......      142         
3,361        Vista Bancorp, Inc ..................       91         
8,860        W Holding Co, Inc ...................      214         
61,326        Waddell & Reed Financial, Inc                           
     (Class A)...........................    1,406
228        Warwick Community Bancorp ...........        7       
26,659        Washington Real Estate Investment                       
      Trust..............................      770
9,804        Washington Trust Bancorp, Inc .......      232         
113,039        Wells Fargo & Co ....................    5,659           
5,425        Westamerica Bancorp .................      215         
2,815        Westcorp ............................       90         
4,253      * WFS Financial, Inc ..................      117         
8,260        Wintrust Financial Corp .............      286         
653      * World Acceptance Corp ...............        6       
4,458        WSFS Financial Corp .................      115         
940        Zenith National Insurance Corp ......       30       
                                         ---------
    TOTAL FINANCIAL SERVICES ............  769,118
                                         ---------
HEALTH CARE--25.95%                                                           
8,077     e* aaiPharma, Inc ......................      182         
3,190,063        Abbott Laboratories .................  120,106             

68  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

SEE NOTES TO FINANCIAL STATEMENTS 

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

HEALTH CARE--(CONTINUED)                                                      
18,704      * Accredo Health, Inc ................. $    863          
22,748      * Adolor Corp .........................      256          
6,447        Advanced Neuromodulation                               
      Systems, Inc.......................      197
53,502     e* Advanced Tissue Sciences, Inc .......       77          
37,034     e* AdvancePCS ..........................      887          
3,334      * Advisory Board Co/The ...............      121         
25,415      * Affymetrix, Inc .....................      610          
18,436     e* Aksys Ltd ...........................      127          
8,490      * Alaris Medical, Inc .................       57         
15,102     e* Albany Molecular Research, Inc ......      319          
931,350      * Alcon, Inc ..........................   31,899           
1,746     e* Align Technology, Inc ...............        7         
39,767     e* Alkermes, Inc .......................      637          
91,126      e Allergan, Inc .......................    6,083          
924      * Alliance Imaging, Inc ...............       12       
16,652      * Allos Therapeutics, Inc .............      151          
14,529     e* Allscripts Healthcare Solutions, Inc        54          
7,864     e* American Healthways, Inc ............      140         
14,321      * American Medical Systems                                
      Holdings, Inc......................      287
4,695      * American Pharmaceutical                                
      Partners, Inc......................       58
300      * American Retirement Corp ............        1       
6,969      * AMERIGROUP Corp .....................      190         
15,069     e* Ameripath, Inc ......................      362          
52,796      e AmerisourceBergen Corp ..............    4,012          
3,479,797        Amgen, Inc ..........................  145,734             
11,004      * AMN Healthcare Services, Inc ........      385          
14,947      * Amsurg Corp .........................      393          
32,649     e* Amylin Pharmaceuticals, Inc .........      357          
39,044      * Andrx Corp ..........................    1,053          
598,234     e* Anthem, Inc .........................   40,369           
15,832     e* Antigenics, Inc .....................      156          
13,212      * Aphton Corp .........................       99          
36,863      * Apogent Technologies, Inc ...........      758          
156,688        Applera Corp (Applied Biosystems                         
      Group).............................    3,054
26,294      * Applera Corp (Celera Genomics                           
      Group).............................      316
29,811      * Apria Healthcare Group, Inc .........      668          
21,213      * Ariad Pharmaceuticals, Inc ..........       88          
13,909      * Array Biopharma, Inc ................      134          
2,831        Arrow International, Inc ............      111         
14,477      * Arthrocare Corp .....................      186          
18,062      * Atherogenics, Inc ...................      130          
14,832      * Atrix Laboratories, Inc .............      330          
33,261     e* Barr Laboratories, Inc ..............    2,113          
1,855,524        Baxter International, Inc ...........   82,478             
200      * Baxter International, Inc                            
     (Contingent Value Rts)..............        0
35,490        Beckman Coulter, Inc ................    1,771          
39,208        Becton Dickinson & Co ...............    1,351          
8,766      * Benthley Pharmaceuticals, Inc .......      102         
42,678      * Beverly Enterprises, Inc ............      325          
75,151     e* Biogen, Inc .........................    3,114          
26,205      * BioMarin Pharmaceutical, Inc ........      137          
139,818        Biomet, Inc .........................    3,792           
13,548     e* Biopure Corp ........................      104          
12,287      * Bio-Rad Laboratories, Inc (Class A) .      559          
2,478      * Bioreliance Corp ....................       61         
8,374      * Biosite, Inc ........................      236         
40      * Biovail Corp ........................        1      
5,173      * Bone Care International, Inc ........       27         
187,875      * Boston Scientific Corp ..............    5,508           
6,011      * Bradley Pharmaceuticals, Inc ........       80         
443,024        Bristol-Myers Squibb Co .............   11,386           
8,944     e* Britesmile, Inc .....................       21         
8,137     e* Bruker Daltonics, Inc ...............       32         
9,342      * Caliper Technologies Corp ...........       78         
4,805      * Cantel Medical Corp .................       88         
32,313      * Cardiac Science, Inc ................      128          
1,493,341        Cardinal Health, Inc ................   91,706             
23,433      * Cardiodynamics International Corp ...       87          
168,928      * Caremark Rx, Inc ....................    2,787           
38,321     e* Celgene Corp ........................      586          
2,758      * Centene Corp ........................       85         
39,465     e* Cephalon, Inc .......................    1,784          
16,556      * Cepheid, Inc ........................       92          
17,075     e* Cerner Corp .........................      817          
9,779      * Cerus Corp ..........................      331         
30,574     e* Charles River Laboratories                              
      International, Inc.................    1,072
2,208      * Chattem, Inc ........................       70         

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92,859      * Chiron Corp .........................    3,283          
8,532      * Cholestech Corp .....................       90         
4,153      * Cima Labs, Inc ......................      100         
3,919      * Closure Medical Corp ................       55         
6,843      * Cobalt Corp .........................      156         
5,576      * Collateral Therapeutics, Inc ........       66         
14,008      * Columbia Laboratories, Inc ..........       84          
21,052     e* Community Health Systems, Inc .......      564          
1,652      * Computer Programs & Systems, Inc ....       36         
9,718      * Conceptus, Inc ......................      160         
10,057      * Conmed Corp .........................      225          
22,403      * Connetics Corp ......................      289          
11,144        Cooper Cos, Inc .....................      525          
4,911      * Corvel Corp .........................      165         
45,260      * Covance, Inc ........................      849          
22,562      * Coventry Health Care, Inc ...........      641          
23,448      * Cross County, Inc ...................      886          
11,951      * Cryolife, Inc .......................      192          
19,719     e* Cubist Pharmaceuticals, Inc .........      186          
16,920      * CuraGen Corp ........................       93          
7,465      * Curative Health Services, Inc .......      125         
15,911      * Cyberonics, Inc .....................      209          
107,448      * Cytyc Corp ..........................      819           
9,336        D&K Healthcare Resources, Inc .......      329         
60,349      * DaVita, Inc .........................    1,436          
22,473      * Dendrite International, Inc .........      217          
51,764        Dentsply International, Inc .........    1,911          
18,662        Diagnostic Products Corp ............      690          
6,212      * Dianon Systems, Inc .................      332         
10,396      * Digene Corp .........................      122          
11,889      * Diversa Corp ........................      118          
17,839      * Durect Corp .........................      143          
3,975     e* Dynacq International, Inc ...........       56         
25,248      * Eclipsys Corp .......................      166          
400      * Eden Bioscience Corp ................        1       
37,197     e* Edwards Lifesciences Corp ...........      863          
28,800        Elan Corp plc (Contingent Value Rts)         0          
5,179      * Embrex, Inc .........................      108         
15,118      * Endo Pharmaceuticals Holdings, Inc ..      106          
9,915      * Endocardial Solutions, Inc ..........       75         
13,240     e* Endocare, Inc .......................      175          
16,850     e* Enzo Biochem, Inc ...................      241          
31,315     e* Enzon, Inc ..........................      771          
5,150      * Eon Labs, Inc .......................       92         
7,165      * EPIX Medical, Inc ...................       76         
3,938     e* eResearch Technology, Inc ...........      100         
9,502      * Esperion Therapeutics, Inc ..........       52         
8,269      * Exact Sciences Corp .................      132         
1,903      * Exelixis, Inc .......................       14         
36,962     e* Express Scripts, Inc (Class A) ......    1,852          
75,966     e* First Health Group Corp .............    2,130          
16,186     e* First Horizon Pharmaceutical ........      335          
43,540        Fisher Scientific International, Inc     1,219          
127,406     e* Forest Laboratories, Inc ............    9,020           
6,889      * Genencor International, Inc .........       67         
133,801     e* Genentech, Inc ......................    4,482           

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 69

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

HEALTH CARE--(CONTINUED)                                                      
28,099     e* Genta, Inc .......................... $    233          
98,816     e* Genzyme Corp (General Division) .....    1,901          
18,064      * Geron Corp ..........................       83          
105,818     e* Gilead Sciences, Inc ................    3,479           
273,244      * Guidant Corp ........................    8,260           
13,163      * Haemonetics Corp ....................      384          
2,355      * Hanger Orthopedic Group, Inc ........       36         
12,565      * Harvard Bioscience, Inc .............       70          
272,244      e HCA, Inc ............................   12,932           
164,132      * Health Management Associates, Inc                        
     (Class A)...........................    3,307
17,503      * Health Net, Inc .....................      469          
10,939     e* HealthExtras, Inc ...................       55          
23,853      * Healthsouth Corp ....................      305          
5,746      * Healthtronics Surgical Services, Inc       100         
15,043      * Henry Schein, Inc ...................      669          
12,975      * Hologic, Inc ........................      188          
30,471      * Human Genome Sciences, Inc ..........      408          
11,979        ICN Pharmaceuticals, Inc ............      290          
7,650      * ICU Medical, Inc ....................      236         
66,127     e* IDEC Pharmaceuticals Corp ...........    2,344          
23,268      * Idexx Laboratories, Inc .............      600          
12,262      * IDX Systems Corp ....................      160          
9,085      * Igen International, Inc .............      286         
21,007      * Ilex Oncology, Inc ..................      296          
2,506      * Illumina, Inc .......................       17         
29,121      * I-many, Inc .........................       80          
22,838     e* ImClone Systems, Inc ................      199          
4,553      * Immucor, Inc ........................      107         
195,326      * Immunex Corp ........................    4,364           
29,850        Immunomedics, Inc ...................      156          
12,884     e* Impath, Inc .........................      231          
18,858      * Impax Laboratories, Inc .............      141          
211,245        IMS Health, Inc .....................    3,792           
8,747      * Inamed Corp .........................      234         
27,937      * Indevus Pharmaceuticals, Inc ........       32          
13,432      * Integra LifeSciences Holding ........      292          
18,169     e* InterMune, Inc ......................      383          
12,501      * Interpore International .............      121          
21,864     e* Intuitive Surgical, Inc .............      185          
19,101        Invacare Corp .......................      707          
4,809      * Inverness Medical Innovations, Inc ..       97         
15,595     e* Invitrogen Corp .....................      499          
33,874     e* Isis Pharmaceuticals, Inc ...........      322          
93,430     e* IVAX Corp ...........................    1,009          
4,449,054        Johnson & Johnson ...................  232,508             
1,442      * Kendle International, Inc ...........       20         
5,225      * Kensey Nash Corp ....................       85         
1,376,423      * King Pharmaceuticals, Inc ...........   30,625             
2,909     e* KOS Pharmaceuticals, Inc ............       59         
12,395      * Kosan Biosciences, Inc ..............      108          
14,911      * KV Pharmaceutical Co (Class A) ......      403          
3,549      * Kyphon, Inc .........................       52         
30,761      * La Jolla Pharmaceutical Co ..........      192          
3,852      * LabOne, Inc .........................      100         
545,202     e* Laboratory Corp Of America Holdings .   24,888           
6,012        Landauer, Inc .......................      233         
2,688      * Lannett Co, Inc .....................       27         
7,216      * Lifecore Biomedical, Inc ............       82         
26,848     e* LifePoint Hospitals, Inc ............      975          
27,512      * Ligand Pharmaceuticals, Inc                             
     (Class B)...........................      399
1,323,087        Lilly (Eli) & Co ....................   74,622             
81,045      * Lincare Holdings, Inc ...............    2,618          
13,849     e* Luminex Corp ........................      104          
42,223      * Manor Care, Inc .....................      971          
14,470      * Martek Biosciences Corp .............      303          
2,657      * Matria Healthcare, Inc ..............       22         
10,842      * Maximus, Inc ........................      344          
141,866        McKesson Corp .......................    4,639           
6,138     e* Med-Design Corp .....................       79         
2,791      * Medical Staffing Network                               
      Holdings, Inc......................       68
15,423      * Medicines Co ........................      190          
17,972     e* Medicis Pharmaceutical Corp                             
     (Class A)...........................      768
269,886     e* Medimmune, Inc ......................    7,125           
7,429      * MedQuist, Inc .......................      198         
5,997      * MedSource Technologies, Inc .........       73         
2,732,618      e Medtronic, Inc ......................  117,093             

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14,421        Mentor Corp .........................      529          
1,006,320        Merck & Co, Inc .....................   50,960             
2,454      * Meridian Medical Technologies, Inc ..       89         
8,351      * Merit Medical Systems, Inc ..........      172         
18,332      * MGI Pharma, Inc .....................      129          
51,816      * Mid Atlantic Medical Services, Inc ..    1,624          
145,662      * Millennium Pharmaceuticals, Inc .....    1,770           
28,435      * Millipore Corp ......................      909          
16,669      * MIM Corp ............................      202          
9,447     e* Molecular Devices Corp ..............      168         
11,337      * Mright Medical Group, Inc ...........      229          
21,669      * Mykrolis Corp .......................      256          
117,359        Mylan Laboratories, Inc .............    3,679           
17,339     e* Myriad Genetics, Inc ................      353          
18,463     e* Napro Biotherapeutics, Inc ..........      121          
5,717      * Nastech Pharmaceutical Co ...........       94         
3,005      * National Healthcare Corp ............       64         
20,528      * Neurocrine Biosciences, Inc .........      588          
2,504      * Neurogen Corp .......................       29         
15,148      * Noven Pharmaceuticals, Inc ..........      386          
18,813     e* NPS Pharmaceuticals, Inc ............      288          
12,311      * Ocular Sciences, Inc ................      326          
8,617      * Odyssey Healthcare, Inc .............      312         
26,775        Omnicare, Inc .......................      703          
10,433      * Omnicell, Inc .......................       73          
15,473      * On Assignment, Inc ..................      275          
8,698      * Option Care, Inc ....................      120         
18,942      * OraSure Technologies, Inc ...........      123          
30,659     e* Organogenesis, Inc ..................        6          
25,733     e* Orthodontic Centers Of America, Inc .      593          
23,167      * Orthologic Corp .....................      128          
3,835     e* OSI Pharmaceuticals, Inc ............       92         
12,917        Owens & Minor, Inc ..................      255          
91,347      * Oxford Health Plans, Inc ............    4,244          
11,491      * Pain Therapeutics, Inc ..............       96          
6,018        Pall Corp ...........................      125         
4,975      * Parexel International Corp ..........       69         
37,034      * Patterson Dental Co .................    1,864          
2,533      * PDI, Inc ............................       39         
14,415      * Pediatrix Medical Group, Inc ........      360          
17,033      * Per-Se Technologies, Inc ............      157          
70,085     e* Peregrine Pharmaceuticals, Inc ......       82          
12,755,148        Pfizer, Inc .........................  446,430              
30,502      * Pharmaceutical Product                                  
      Development, Inc...................      803
13,164      * Pharmaceutical Resources, Inc .......      366          
4,613,192        Pharmacia Corp ......................  172,764             
6,794     e* PolyMedica Corp .....................      174         
12,403     e* Possis Medical, Inc .................      153          
7,609      * Practiceworks, Inc ..................      140         
17,559      * Priority Healthcare Corp (Class B) ..      413          
31,572      * ProcureNet, Inc .....................        5          
5,668      * Progenics Pharmaceuticals ...........       70         
34,917     e* Province Healthcare Co ..............      781          
5,530      * QMed, Inc ...........................       46         
19,749      * Quadramed Corp ......................      138          
57,547     e* Quest Diagnostics, Inc ..............    4,952          
18,582      * Quidel Corp .........................      128          

70 College Retirement Equities Fund  2002 SEMIANNUAL REPORT                     

SEE NOTES TO FINANCIAL STATEMENTS 

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               ----------           

HEALTH CARE--(CONTINUED)                                                      
49,319      * Quintiles Transnational Corp ........ $    616          
13,887      * Radiologix, Inc .....................      212          
24,280     e* Regeneron Pharmaceuticals, Inc ......      352          
7,919      * RehabCare Group, Inc ................      190         
31,254      * Renal Care Group, Inc ...............      974          
220      * Res-Care, Inc .......................        1       
22,173     e* Resmed, Inc .........................      652          
22,400      * Respironics, Inc ....................      763          
17,276      * Ribapharm, Inc ......................      157          
18,836     e* Rigel Pharmaceuticals, Inc ..........       69          
7,243      * Rita Medical Systems, Inc ...........       73         
12,926      * Salix Pharmaceuticals Ltd ...........      197          
11,428      * Sangamo Biosciences, Inc ............       67          
19,181      * Sangstat Medical Corp ...............      441          
2,603,106        Schering-Plough Corp ................   64,036             
33,729     e* Scios, Inc ..........................    1,033          
7,857      * Seattle Genetics, Inc ...............       41         
12,713      * Select Medical Corp .................      199          
36,791      * Sepracor, Inc .......................      351          
15,676      * Serologicals Corp ...................      287          
51,082        SICOR, Inc ..........................      947          
17,677      * Sierra Health Services, Inc .........      395          
7,816      * Sonic Innovations, Inc ..............       55         
10,201      * SonoSite, Inc .......................      147          
1,343     e* Specialty Laboratories, Inc .........       11         
71,076        St. Jude Medical, Inc ...............    5,249          
24,527     e* Stericycle, Inc .....................      869          
54,017      * Steris Corp .........................    1,032          
103,272        Stryker Corp ........................    5,526           
9,757     e* SurModics, Inc ......................      254         
15,048      * Sybron Dental Specialties, Inc ......      278          
12,545      * Syncor International Corp ...........      395          
5,903     e* Tanox, Inc ..........................       64         
30,331      * Techne Corp .........................      856          
18,738      * Telik, Inc ..........................      234          
1,055,922        Tenet Healthcare Corp ...............   75,551             
30,370      * Texas Biotechnology Corp ............      119          
1,881      * Theragenics Corp ....................       16         
16,100      * Therasense, Inc .....................      297          
20,383      * Transkaryotic Therapies, Inc ........      735          
22,274      * Triad Hospitals, Inc ................      944          
22,601     e* Triangle Pharmaceuticals, Inc .......       61          
16,614      * Trigon Healthcare, Inc ..............    1,671          
9,656      * Trimeris, Inc .......................      429         
27,726     e* Tularik, Inc ........................      254          
6,763      * U.S. Physical Therapy, Inc ..........      137         
13,535      * Umilab Corp .........................      371          
10,994      * United Surgical Partners                                
      International, Inc.................      341
656,735        UnitedHealth Group, Inc .............   60,124           
28,745        Universal Health Services, Inc                          
     (Class B)...........................    1,409
10,188      * Urologix, Inc .......................      130          
51,589      e Varian Medical Systems, Inc .........    2,092          
20,357      * Varian, Inc .........................      671          
7,798      * VCA Antech, Inc .....................      121         
9,286     e* Ventana Medical Systems, Inc ........      204         
10,164        Ventas, Inc .........................      130          
15,485      * Versicor, Inc .......................      208          
35,067      * Visx, Inc ...........................      382          
4,263        Vital Signs, Inc ....................      154         
26,003      * VitalWorks, Inc .....................      213          
23,881      * Vivus, Inc ..........................      162          
85,570      * Waters Corp .........................    2,285          
36,903      * Watson Pharmaceuticals, Inc .........      933          
10,726      * Watson Wyatt & Co Holdings ..........      260          
115,068      * WebMD Corp ..........................      648           
116,800      * Wellpoint Health Networks, Inc ......    9,088           

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11,248      * Women First Healthcare, Inc .........       88          
1,513,314        Wyeth ...............................   77,482             
1,504        X-Rite, Inc .........................       13         
3,118      * Young Innovations, Inc ..............       68         
144,569      * Zimmer Holdings, Inc ................    5,155           
6,161      * Zoll Medical Corp ...................      201         
4,355      * Zymogenetics, Inc ...................       38         
                                         ---------
    TOTAL HEALTH CARE ...................2,192,438
                                         ---------
OTHER--1.57%                                                                  
871     e* 4Kids Entertainment, Inc ............       18       
27,323        ABM Industries, Inc .................      474          
14,384      * Acacia Research Corp ................      102          
4,884     e* Actrade Financial Technologies Ltd ..       51         
9,083        Acuity Brands, Inc ..................      165         
13,958     e* Administaff, Inc ....................      140          
11,865        Advo, Inc ...........................      452          
3,976      * Ambassadors Group, Inc ..............       57         
7,893        Banta Corp ..........................      283         
13,320        Brady Corp (Class A) ................      466          
7,445      * Bright Horizons Family Solutions,                      
      Inc................................      247
27,419      * Career Education Corp ...............    1,234          
1,728        Central Parking Corp ................       39         
535      * Charles River Associates, Inc .......       11       
98,945      e Cintas Corp .........................    4,891          
27,526      * Corinthian Colleges, Inc ............      933          
26,978      * Corporate Executive Board Co ........      924          
9,450      * CoStar Group, Inc ...................      194         
2,688        Courier Corp ........................      107         
2,559        Curtiss-Wright Corp .................      205         
38,644      * DeVry, Inc ..........................      883          
47,795      * Dun & Bradstreet Corp ...............    1,580          
20,261      * Education Management Corp ...........      825          
11,903        Ennis Business Forms, Inc ...........      155          
34,476     e* Exult, Inc ..........................      224          
3,968      * Fidelity National Information                          
      Solutions, Inc.....................       95
9,704      * First Consulting Group, Inc .........       83         
10,407     e* Forrester Research, Inc .............      202          
4,329      * General Binding Corp ................       72         
15,088      * Getty Images, Inc ...................      328          
31,548      * Gtech Holdings Corp .................      806          
104,432        H & R Block, Inc ....................    4,820           
1,384      * Hall Kinion & Associates, Inc .......       10         
11,770        Harland (John H.) Co ................      332          
1,665      * Heidrick & Struggles International,                    
      Inc................................       33
6,107        HON Industries, Inc .................      166         
41,051      e Honeywell International, Inc ........    1,446          
12,071     e* Hotels.Com (Class A) ................      510          
2,198      * ICT Group, Inc ......................       40         
18,582      * InfoUSA, Inc ........................      102          
8,418        Invision Technologies, Inc ..........      203         
13,905     e* Itron, Inc ..........................      365          
7,039        ITT Industries, Inc .................      497         
5,631        Kelly Services, Inc (Class A) .......      152         
29,740      * Labor Ready, Inc ....................      174          
2,884      * Lifeline Systems, Inc ...............       76         
30,405        Manpower, Inc .......................    1,117          
20,131        Matthews International Corp (Class A)      470          
6,629        Mcgrath Rentcorp ....................      172         
3,406      * Memberworks, Inc ....................       63         
97,780        Moody's Corp ........................    4,865          
18,553      * MSC.Software Corp ...................      166          
28,260      * Navigant Consulting, Inc ............      198          
8,421        New England Business Services, Inc ..      212         
10,136     e* Prepaid Legal Services, Inc .........      202          
6,630      * ProQuest Co .........................      235         
10,404      * R.H. Donnelley Corp .................      291          

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 71

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               -----------          

OTHER--(CONTINUED)                                                            
6,761      * Right Management Consultants ........ $    178         
8,445      * RMH Teleservices, Inc ...............       58         
132,969      e Robert Half International, Inc ......    3,098           
10,503        Rollins, Inc ........................      214          
7,716      * School Specialty, Inc ...............      205         
12,327      e SPX Corp ............................    1,449          
8,768        Standard Register Co ................      300         
372        Standex International Corp ..........        9       
7,612      * Startek, Inc ........................      204         
5,331        Strayer Education, Inc ..............      339         
16,721      * Symyx Technologies, Inc .............      233          
518,379        Sysco Corp ..........................   14,110           
8,915        Talx Corp ...........................      169         
5,198      * Tejon Ranch Co ......................      169         
7,616        Teleflex, Inc .......................      435         
28,489      * Teletech Holdings, Inc ..............      272          
30,473     e* TMP Worldwide, Inc ..................      655          
4,138,661        Tyco International Ltd ..............   55,913             
2,800      * Uniroyal Technology Corp ............        0         
5,280        United Stationers, Inc ..............      161         
283,588        United Technologies Corp ............   19,256           
59,588        Viad Corp ...........................    1,549          
6,255      * Wackenhut Corrections Corp ..........       91         
                                          --------
    TOTAL OTHER .........................  132,230
                                          --------
PRODUCER DURABLES--6.63%                                                      
222,804        3M Co ...............................   27,405           
12,932      * Active Power, Inc ...................       47          
31,318      * AGCO Corp ...........................      611          
72,143      * Allied Waste Industries, Inc ........      693          
1,265        American States Water Co ............       34         
24,173        Ametek, Inc .........................      900          
5,255      * August Technology Corp ..............       52         
22,084        Baldor Electric Co ..................      557          
2,149      * Beacon Power Corp ...................        0         
4,177      e Briggs & Stratton Corp ..............      160         
7,135      * Brooks-PRI Automation, Inc ..........      182         
508        California Water Service Group ......       13       
29,220      * Capstone Turbine Corp ...............       49          
15,907      * Coinstar, Inc .......................      389          
20,626     b* Covanta Energy Corp .................        0          
303      * CTB International Corp ..............        5       
7,574      * Cuno, Inc ...........................      274         
95,995      e Danaher Corp ........................    6,369          
15,643        Federal Signal Corp .................      375          
3,502      * Flow International Corp .............       24         
29,377     e* Flowserve Corp ......................      875          
6,809      * FMC Technologies, Inc ...............      141         
4,716        Franklin Electric Co, Inc ...........      222         
14,878      * FuelCell Energy, Inc ................      153          
17,178,790        General Electric Co .................  499,044              
22,153      * Genesis Microchip, Inc ..............      185          
5,815      * Genlyte Group, Inc ..................      236         
15,765      * Global Power Equipment Group, Inc ...      156          
3,876        Gorman-Rupp Co ......................      122         
18,091      * Headwaters, Inc .....................      285          
9,322        Idex Corp ...........................      312         
97,725        Illinois Tool Works, Inc ............    6,675          
4,840        Kaydon Corp .........................      114         
214        Lawson Products, Inc ................        7       
23,085        Lincoln Electric Holdings, Inc ......      621          
7,390        Lindsay Manufacturing Co ............      171         
7,921      * Littelfuse, Inc .....................      183         
11,273        Manitowoc Co, Inc ...................      400          
5,678        Mine Safety Appliances Co ...........      227         
20,464      * National Instruments Corp ...........      666          
48,597      * Newpark Resources, Inc ..............      357          
8,141        NN, Inc .............................      104         
7,893        Nordson Corp ........................      195         
12,404      * Photon Dynamics, Inc ................      372          

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120,178        Pitney Bowes, Inc ...................    4,773           
12,016     e* Plug Power, Inc .....................       95          
20,823      * Power-One, Inc ......................      130          
15,983     e* Rayovac Corp ........................      296          
2,900        ROHN Industries, Inc ................        1         
21,242        Roper Industries, Inc ...............      792          
2,575      * Strattec Security Corp ..............      143         
5,964        Tennant Co ..........................      236         
1,883     e* Tetra Tech, Inc .....................       28         
4,573      * Tetra Technologies, Inc .............      121         
2,242      * Thomas & Betts Corp .................       42         
3,586        Toro Co .............................      204         
6,258     e* TRC Cos, Inc ........................      129         
6,638      * Trikon Technologies, Inc ............       60         
2,150        Valhi, Inc ..........................       34         
3,515        Valmont Industries, Inc .............       71         
4,481        Wabtec Corp .........................       64         
17,062     e* Waste Connections, Inc ..............      533          
72,719        Waste Management, Inc ...............    1,894          
2,430        Watts Industries, Inc (Class A) .....       48         
                                          --------
    TOTAL PRODUCER DURABLES .............  559,656
                                          --------
TECHNOLOGY--26.19%                                                              
541      * 3D Systems Corp .....................        7       
2,048  b, e* ACT Manufacturing, Inc ..............        0         
15,388      * Actel Corp ..........................      323          
5,329     e* Acterna Corp ........................        2         
44,321      * Activision, Inc .....................    1,288          
32,167     e* Actuate Corp ........................      145          
42,412      * Acxiom Corp .........................      742          
38,970     e* Adaptec, Inc ........................      307          
290,660      * ADC Telecommunications, Inc .........      666           
218,625        Adobe Systems, Inc ..................    6,231           
25,152      * Advanced Digital Information Corp ...      212          
12,099      * Advanced Energy Industries, Inc .....      268          
21,346      * Advanced Fibre Communications, Inc ..      353          
427,050      e Advanced Micro Devices, Inc .........    4,151           
3,472      * Advanced Power Technology, Inc ......       50         
19,204     e* Advent Software, Inc ................      494          
43,777      * Aeroflex, Inc .......................      304          
13,988      * Aether Systems, Inc .................       41          
89,912      * Affiliated Computer Services, Inc                       
     (Class A)...........................    4,269
5,213,858      * Agere Systems, Inc (Class A) ........    7,299             
174,858      * Agere Systems, Inc (Class B) ........      276           
12,383      * Agile Software Corp .................       90          
172,197      * Agilent Technologies, Inc ...........    4,072           
70,905     e* Akamai Technologies, Inc ............       92          
33,797      * Alliance Data Systems Corp ..........      864          
21,131     e* Alloy, Inc ..........................      305          
260,120      * Altera Corp .........................    3,538           
2,554      * Altiris, Inc ........................       13         
561,460     e* Amdocs Ltd ..........................    4,239           
13,878      * American Management Systems, Inc ....      265          
24,492      * American Power Conversion Corp ......      309          
8,026      * American Superconductor Corp ........       44         
47,150     e* Amkor Technology, Inc ...............      293          
14,704     e* Amphenol Corp (Class A) .............      529          
13,928     e* Anadigics, Inc ......................      115          
2,121,773      * Analog Devices, Inc .................   63,017             
518        Analogic Corp .......................       25       
8,107      * Answerthink, Inc ....................       31         

72 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               ----------           

TECHNOLOGY--(CONTINUED)                                                       
10,699      * Ansys, Inc .......................... $    215          
8,049      * Anteon International Corp ...........      203         
18,930      * APAC Customer Services, Inc .........      112          
4,598,886     e* Applied Materials, Inc ..............   87,471             
1,075,628      * Applied Micro Circuits Corp .........    5,088             
14,088        Arbitron, Inc .......................      440          
42     b* AremisSoft Corp .....................        0      
101,278     e* Ariba, Inc ..........................      323           
7,614      * Arris Group, Inc ....................       33         
29,301        Arrow Electronics, Inc ..............      608          
10,712      * Artisan Components, Inc .............       96          
88,452      * Ascential Software Corp .............      247          
21,017     e* Asiainfo Holdings, Inc ..............      278          
18,063     e* Aspen Technology, Inc ...............      151          
13,668     e* Astropower, Inc .....................      268          
24,181      * Asyst Technologies, Inc .............      492          
99,538     b* At Home Corp (Series A) .............        0          
15,279      * At Road, Inc ........................       94          
169,836      * Atmel Corp ..........................    1,063           
19,758      * ATMI, Inc ...........................      442          
28,195      * Auspex Systems, Inc .................        7          
21,004        Autodesk, Inc .......................      278          
1,042,103        Automatic Data Processing, Inc ......   45,384             
12,966      * Avanex Corp .........................       25          
46,124      * Avaya, Inc ..........................      228          
16,070      * Avid Technology, Inc ................      149          
26,823      * Avocent Corp ........................      427          
71,426      * Axcelis Technologies, Inc ...........      807          
7,066      * AXT, Inc ............................       56         
11,617      * Barra, Inc ..........................      432          
211,372     e* BEA Systems, Inc ....................    2,010           
7,858        BEI Technologies, Inc ...............       90         
5,898        Bel Fuse, Inc (Class B) .............      160         
7,381     e* Benchmark Electronics, Inc ..........      214         
90,340     e* Bisys Group, Inc ....................    3,008          
10,638      * Black Box Corp ......................      433          
108,713      * BMC Software, Inc ...................    1,805           
44,078      * Borland Software Corp ...............      454          
3,984      * Brightpoint, Inc ....................       10         
452,453     e* Broadcom Corp (Class A) .............    7,936           
210,201     e* BroadVision, Inc ....................       65           
1,037,818      * Brocade Communications Systems, Inc .   18,141             
2,244        C&D Technologies, Inc ...............       40         
20,659      * CACI International, Inc (Class A) ...      789          
157,026      * Cadence Design Systems, Inc .........    2,531           
4,323      * Caminus Corp ........................       25         
14,018      * Carreker Corp .......................      159          
3,860      * Catapult Communications Corp ........       84         
10,568      * C-COR.net Corp ......................       74          
20,229      * Centillium Communications, Inc ......      176          
80,678      * Ceridian Corp .......................    1,531          
45,807      * Certegy, Inc ........................    1,700          
25,123     e* Checkfree Corp ......................      393          
1,108        Checkpoint Systems, Inc .............       13         
30,653      * ChipPAC, Inc ........................      189          
25,849     e* Chordiant Software, Inc .............       50          
215,402     e* CIENA Corp ..........................      903           
6,253      * Cirrus Logic, Inc ...................       47         
13,740,894      * Cisco Systems, Inc ..................  191,685              
123,289      * Citrix Systems, Inc .................      745           
5,270      * Clearone Communications, Inc ........       78         
46,767      * CNET Networks, Inc ..................       93          
24,502      * Cognex Corp .........................      491          
5,960     e* Cognizant Technology Solutions Corp .      320         

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15,142        Cohu, Inc ...........................      262          
102,208        Computer Associates International,                       
      Inc................................    1,624
11,046      * Computer Network Technology Corp ....       68          
14,586        Computer Sciences Corp ..............      697          
123,791      * Compuware Corp ......................      751           
69,683      * Comverse Technology, Inc ............      645          
11,568      * Concord Communications, Inc .........      191          
346,279     e* Concord EFS, Inc ....................   10,437           
45,206     e* Concurrent Computer Corp ............      210          
105,601      * Conexant Systems, Inc ...............      171           
139,300      * Convergys Corp ......................    2,714           
5,518      * CoorsTek, Inc .......................      171         
442,928     e* Corning, Inc ........................    1,572           
14,133      * Covansys Corp .......................       79          
29,741      * Cray, Inc ...........................      133          
10,971     e* Credence Systems Corp ...............      195          
26,422     e* Cree, Inc ...........................      350          
39,663      * CSG Systems International, Inc ......      759          
14,979        CTS Corp ............................      180          
11,215        Cubic Corp ..........................      266          
23,023     e* Cymer, Inc ..........................      807          
71,424      * Cypress Semiconductor Corp ..........    1,084          
10,103      * Daktronics, Inc. ....................       99          
8,791      * Datastream Systems, Inc .............       62         
7,147     e* DDI Corp ............................        6         
23,464      * dELiA*s Corp (Class A) ..............      120          
4,033,449      * Dell Computer Corp ..................  105,434             
58,452        Deluxe Corp .........................    2,273          
5,942     e* DiamondCluster International, Inc                      
     (Class A)...........................       36
5,803      * Digimarc Corp .......................       60         
20,591      * Digital Insight Corp ................      339          
19,480      * Digital River, Inc ..................      179          
4,287      * Digitas, Inc ........................       20         
5,722      * Docucorp International, Inc .........       59         
28,848     e* Documentum, Inc .....................      346          
62,285      * DoubleClick, Inc ....................      462          
6,107      * Drexler Technology Corp .............      132         
13,041      * DSP Group, Inc ......................      256          
89,139      * DST Systems, Inc ....................    4,075          
1,548      * Dupont Photomasks, Inc ..............       50         
24,165      * E.piphany, Inc ......................      106          
18,248     e* Echelon Corp ........................      235          
7,506      e EDO Corp ............................      214         
27,754      * eFunds Corp .........................      263          
18,696     e* Electro Scientific Industries, Inc ..      454          
12,344     e* Electroglas, Inc ....................      123          
60,905     e* Electronic Arts, Inc ................    4,023          
234,866      e Electronic Data Systems Corp ........    8,725           
5,674      * Embarcadero Technologies, Inc .......       35         
3,332,456        EMC Corp ............................   25,160             
9,106      * Emcore Corp .........................       55         
5,219      * EMS Technologies, Inc ...............      108         
33,269      * Emulex Corp .........................      749          
33,341      * Entegris, Inc .......................      487          
18,473      * Enterasys Networks, Inc .............       33          
32,933      * Entrust, Inc ........................       90          
3,400      * EpicEdge, Inc .......................        1         
7,132      * EPIQ Systems, Inc ...................      121         
106,166      e Equifax, Inc ........................    2,866           
16,321      * Espeed, Inc (Class A) ...............      178          
23,248      * ESS Technology, Inc .................      408          
23,746      * Exar Corp ...........................      468          
6,419      * Excel Technology, Inc ...............      135         
323,719  b, e* Exds, Inc ...........................        3           
75,029      * Extreme Networks, Inc ...............      733          

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 73

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               ----------           

TECHNOLOGY--(CONTINUED)                                                       
16,105     e* F5 Networks, Inc .................... $    158          
28,275      e Fair, Isaac & Co, Inc ...............      929          
73,599      * Fairchild Semiconductor International,                  
      Inc (Class A) ......................   1,788
24,837     e* FalconStor Software, Inc ............      105          
17,502     e* FEI Co ..............................      429          
22,447      * Filenet Corp ........................      325          
51,160     e* Finisar Corp ........................      121          
550,603        First Data Corp .....................   20,482           
130,521      * Fiserv, Inc .........................    4,791           
10,873      * Flir Systems, Inc ...................      456          
62,692      * Foundry Networks, Inc ...............      441          
28,525     e* Freemarkets, Inc ....................      403          
1     b* FutureLink Corp .....................        0     
23,951        General Cable Corp ..................      151          
5,806      * Global Imaging Systems, Inc .........      110         
29,531        Global Payments, Inc ................      879          
45,896     e* Globespan Virata, Inc ...............      178          
5,082      * GrafTech International Ltd ..........       63         
2,623      * Griffon Corp ........................       47         
23,183     e* Handspring, Inc .....................       40          
43,149      * Harmonic, Inc .......................      158          
15,982      e Harris Corp .........................      579          
85,303        Helix Technology Corp ...............    1,757          
46,458        Henry (Jack) & Associates, Inc ......      775          
21,893      * HNC Software, Inc ...................      366          
6,549      * HPL Technologies, Inc ...............       99         
24,212      * Hyperion Solutions Corp .............      442          
154,363     e* i2 Technologies, Inc ................      228           
32,616     e* Identix, Inc ........................      238          
5,911      * Ii-Vi, Inc ..........................       87         
8,457      * Inet Technologies, Inc ..............       57         
2,742      * Infogrames, Inc .....................        7         
41,757      * Informatica Corp ....................      296          
3,181      * Inforte Corp ........................       32         
23,482     e* Ingram Micro, Inc (Class A) .........      323          
56,051      * Inktomi Corp ........................       49          
6,141      * Inrange Technologies Corp (Class B) .       29         
6,690      * Integral Systems, Inc ...............      146         
43,255     e* Integrated Circuit Systems, Inc .....      873          
477,178      * Integrated Device Technology, Inc ...    8,656           
12,304,174        Intel Corp ..........................  224,797              
10,670      * Intercept, Inc ......................      221          
39,674      * Interdigital Communications Corp ....      359          
36,446      * Intergraph Corp .....................      636          
10,697      * Intermagnetics General Corp .........      216          
76,609     e* Internap Network Services Corp ......       18          
1,280,758        International Business Machines Corp    92,215             
26,935     e* International Rectifier Corp ........      785          
372,644      * Internet Security Systems, Inc ......    4,889           
37,466      * Intersil Corp (Class A) .............      801          
13,139        Inter-Tel, Inc ......................      225          
41,791      * Interwoven, Inc .....................      127          
11,045      * Intrado, Inc ........................      214          
111,698     e* Intuit, Inc .........................    5,554           
25,421     e* Iron Mountain, Inc ..................      784          
15,698     e* Ixia ................................       91          
7,101      * IXYS Corp ...........................       38         
83,976      * J.D. Edwards & Co ...................    1,020          
3,639      * j2 Global Communications, Inc .......       60         
124,228     e* Jabil Circuit, Inc ..................    2,622           
20,349      * JDA Software Group, Inc .............      575          
502,800      * JDS Uniphase Corp ...................    1,342           
151,117      * Juniper Networks, Inc ...............      854           
35,204        Keane, Inc ..........................      437          
4,357        Keithley Instruments, Inc ...........       63         
9,356      * Keynote Systems, Inc ................       68         
661,365     e* KLA-Tencor Corp .....................   29,093           
50,589      * Kopin Corp ..........................      334          
131,557      * KPMG Consulting, Inc ................    1,955           
14,390      * Kronos, Inc .........................      439          
35,801      * Kulicke & Soffa Industries, Inc .....      444          
910,500     e* Lam Research Corp ...................   16,371           
31,368     e* Lattice Semiconductor Corp ..........      274          
7,434      * Lawson Software, Inc ................       43         
7,537      * Learning Tree International, Inc ....      140         
2,052      * Lecroy Corp .........................       24         
63,504      * Legato Systems, Inc .................      229          
23,635      * Lexar Media, Inc ....................      101          
66,452     e* Lexmark International, Inc ..........    3,615          
41,212     e* Liberate Technologies ...............      109          
1,839      * Lightbridge, Inc ....................       15         
839,047        Linear Technology Corp ..............   26,371           
49,579      * Looksmart Ltd .......................       97          
105,047      * LSI Logic Corp ......................      919           
21,701     e* LTX Corp ............................      310          
37,639      * Macromedia, Inc .....................      334          
31,162      * Macrovision Corp ....................      409          
9,919      * Magma Design Automation, Inc ........      167         

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14,098     e* Manhattan Associates, Inc ...........      453          
3,406      * Manufacturers Services Ltd ..........       16         
23,489      * Manugistics Group, Inc ..............      144          
10,361      * MAPICS, Inc .........................       58          
10,444      * Mapinfo Corp ........................       95          
26,520      * Matrixone, Inc ......................      159          
1,021,386     e* Maxim Integrated Products, Inc ......   39,150             
18,536      * Maxtor Corp .........................       84          
8,577      * Mcafee.Com Corp .....................      126         
45,986      * McData Corp (Class A) ...............      405          
3,622      * MCSi, Inc ...........................       41         
10,218      * MEMC Electronic Materials, Inc ......       49          
47,720      * Mentor Graphics Corp ................      679          
15,797     e* Mercury Computer Systems, Inc .......      327          
38,906     e* Mercury Interactive Corp ............      893          
7,373      * Merix Corp ..........................       63         
3,834      * MetaSolv, Inc .......................       15         
3,400      * Metawave Communications Corp ........        1         
24,221      * Mettler-Toledo International, Inc ...      893          
42,279     e* Micrel, Inc .........................      608          
8,031      * Micro General Corp ..................      134         
135,067     e* Microchip Technology, Inc ...........    3,705           
54,471      * Micromuse, Inc ......................      242          
1,141,257        Micron Technology, Inc ..............   23,076             
21,063      e Microsemi Corp ......................      139          
8,087,180     e* Microsoft Corp ......................  442,369             
25,994     e* MIPS Technologies, Inc (Class A) ....      160          
14,847      * MKS Instruments, Inc ................      298          
80,101      e Molex, Inc ..........................    2,686          
12,973      * Monolithic System Technology, Inc ...      144          
2,872,888        Motorola, Inc .......................   41,427             
12,780      * MRO Software, Inc ...................      145          
40,027      * MRV Communications, Inc .............       61          
3,594      * Nassda Corp .........................       44         
6,095      * National Processing, Inc ............      157         
653,631      * National Semiconductor Corp .........   19,066           
16,363        NDCHealth Corp ......................      457          
11,938      * Netegrity, Inc ......................       74          
15,220      * NETIQ Corp ..........................      344          
5,896      * Netro Corp ..........................       13         

74 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               ----------           

TECHNOLOGY--(CONTINUED)                                                       
3,744      * Netscout Systems, Inc ............... $     26         
7,217      * Netscreen Technologies, Inc .........       66         
151,803     e* Network Appliance, Inc ..............    1,888           
897,336     e* Network Associates, Inc .............   17,292           
21,800      * New Focus, Inc ......................       65          
15,143      * Newport Corp ........................      237          
17,386      * NIC, Inc ............................       26          
9,992      * Novadigm, Inc .......................       73         
2,100      * Novatel Wireless, Inc ...............        1         
1,166,020      * Novellus Systems, Inc ...............   39,645             
11,199      * Nuance Communications, Inc ..........       47          
118,400     e* Nvidia Corp .........................    2,034           
18,240     e* NYFIX, Inc ..........................      155          
40,419     e* Oak Technology, Inc .................      183          
14,427      * Omnivision Technologies, Inc ........      207          
13,761      * ON Semiconductor Corp ...............       28          
31,872      * Onyx Software Corp ..................      108          
66,648      * Openwave Systems, Inc ...............      374          
84,993     e* Oplink Communications, Inc ..........       62          
7,275      * Opnet Technologies, Inc .............       65         
4,310      * Optical Communication Products, Inc .        5         
11,742,927      * Oracle Corp .........................  111,206              
5,515      * Overland Data, Inc ..................       91         
37,151     e* Overture Services, Inc ..............      928          
16,544      * Packeteer, Inc ......................       73          
146,836      * Palm, Inc ...........................      258           
6,789      * Paradyne Networks, Inc ..............       27         
104,367     e* Parametric Technology Corp ..........      358           
2,993        Park Electrochemical Corp ...........       79         
21,669      * Paxar Corp ..........................      363          
12,282      * Paxson Communications Corp ..........       68          
226,157        Paychex, Inc ........................    7,076           
8,622      * PDF Solutions, Inc ..................       63         
6,066      * PEC Solutions, Inc ..................      145         
4,424      * Pegasystems, Inc ....................       40         
247,778      * Peoplesoft, Inc .....................    3,687           
70,728     e* Peregrine Systems, Inc ..............       21          
1,012      * Pericom Semiconductor Corp ..........       12         
56,079      * Perot Systems Corp (Class A) ........      611          
18,771      * Phoenix Technologies Ltd ............      188          
19,249      * Photronics, Inc .....................      365          
21,919      * Pixelworks, Inc .....................      184          
9,318      * Planar Systems, Inc .................      179         
27,565     e* Plantronics, Inc ....................      524          
30,563      * Plexus Corp .........................      553          
12,227      * PLX Technology, Inc .................       52          
81,050     e* PMC-Sierra, Inc .....................      751          
43,667      * Polycom, Inc ........................      524          
86,250      * Portal Software, Inc ................       65          
1,366      * Powell Industries, Inc ..............       33         
18,412      * Power Integrations, Inc .............      330          
47,716      * Powerwave Technologies, Inc .........      437          
25,877     e* PRG-Schultz International, Inc ......      319          
15,374      * Probusiness Services, Inc ...........      224          
22,940      * Progress Software Corp ..............      339          
101,883     e* QLogic Corp .........................    3,882           
9,766      * QRS Corp ............................       76         
679,430      * Qualcomm, Inc .......................   18,678           
27,060     e* Quest Software, Inc .................      393          
4,701        Quixote Corp ........................       80         
12,606      * Radiant Systems, Inc ................      164          
7,207      * Radisys Corp ........................       84         
3,487      * Raindance Communications, Inc .......       20         
60,919     e* Rambus, Inc .........................      249          
75,904      * Rational Software Corp ..............      623          
56,101      * RealNetworks, Inc ...................      228          
72,045      * Red Hat, Inc ........................      423          
98,035     e* Redback Networks, Inc ...............      175          
7,861      * Renaissance Learning, Inc ...........      159         
7,033     e* Research Frontiers, Inc .............      105         
38,071     e* Retek, Inc ..........................      925          
56,572        Reynolds & Reynolds Co (Class A) ....    1,581          
127,826     e* RF Micro Devices, Inc ...............      974           
76,520      * Riverstone Networks, Inc ............      240          
11,626      * Rogers Corp .........................      318          
12,458      * Roxio, Inc ..........................       90          
6,211      * RSA Security, Inc ...................       30         
6,710      * Rudolph Technologies, Inc ...........      167         
51,517      * S1 Corp .............................      381          
32,500      * Saga Systems, Inc Escrow ............        0          
10,040      * Sanchez Computer Associates, Inc ....       45          
23,841     e* Sandisk Corp ........................      296          
2,269,424      * Sanmina-SCI Corp ....................   14,320             
24,423     e* Sapient Corp ........................       26          
2,123      * SBS Technologies, Inc ...............       26         
37,908      * Scansoft, Inc .......................      281          

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3,505      * Scansource, Inc .....................      215         
10,094      * Seachange International, Inc ........       89          
108,879      * Seagate Technology, Inc .............        0           
21,408      * Secure Computing Corp ...............      162          
37,871      * Seebeyond Technology Corp ...........      117          
11,905      * Semitool, Inc .......................       97          
41,609     e* Semtech Corp ........................    1,111          
12,702     e* Serena Software, Inc ................      174          
2,353        Shenandoah Telecommun Co ............      126         
1,357,090     e* Siebel Systems, Inc .................   19,298             
42,340      * Silicon Image, Inc ..................      259          
19,105     e* Silicon Laboratories, Inc ...........      517          
56,446      * Silicon Storage Technology, Inc .....      440          
4,317      * Siliconix, Inc ......................      120         
5,192      * Simpletech, Inc .....................       18         
5,603      * Simplex Solutions, Inc ..............       78         
369,719     e* Solectron Corp ......................    2,274           
20,099     e* Somera Communications, Inc ..........      144          
14,721      * SonicWALL, Inc ......................       74          
131,300      * Sonus Networks, Inc .................      265           
3,427      * Sourcecorp ..........................       91         
12,327      * Spectralink Corp ....................      131          
4,694      * Spectrian Corp ......................       49         
10,056      * SpeechWorks International, Inc ......       37          
2,387      * SPSS, Inc ...........................       37         
2,694      * Sra International, Inc (Class A) ....       73         
5,721      * SS&C Technologies, Inc ..............       80         
809      * Standard Microsystems Corp ..........       19       
62,038      * Starbase Corp .......................       13          
25,693      * StarMedia Network, Inc ..............        1          
907,700      e STMicroelectronics NV (New York Shs)    22,084           
34,364      * Storage Technology Corp .............      549          
25,315      * StorageNetworks, Inc ................       50          
25,068      * Stratos Lightwave, Inc ..............       40          
4,293,291      * Sun Microsystems, Inc ...............   21,509             
225,327      * Sungard Data Systems, Inc ...........    5,967           
1,166      * Suntron Corp ........................       10         
7,469      * Supertex, Inc .......................      132         
1,165     e* Surebeam Corp (Class A) .............        6         
9,643        Surewest Communications .............      512         
41,622      * Sybase, Inc .........................      439          
28,628      * Sycamore Networks, Inc ..............      111          
7,269      * Sykes Enterprises, Inc ..............       56         

 SEE NOTES TO FINANCIAL STATEMENTS

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 75

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               ----------           
TECHNOLOGY--(CONTINUED)                                                       
392,810     e* Symantec Corp                        $  12,904           
58,733      e Symbol Technologies, Inc. ...........      499          
1,614      * Synaptics, Inc ......................       12         
46,290     e* Synopsys, Inc. ......................    2,537          
6,842      * Synplicity, Inc .....................       31         
4,225      * Syntel, Inc .........................       52         
3,608      * Sypris Solutions, Inc ...............       66         
12,806      * Systems & Computer Technology Corp ..      173          
1,668,530     e* Taiwan Semiconductor Manufacturing Co                      
      Ltd (Spon ADR) ....................   21,691
27,543     e* Take-Two Interactive Software, Inc ..      567          
20,243      * Tech Data Corp ......................      766          
13,750        Technitrol, Inc .....................      320          
33,835     e* Tekelec .............................      272          
10,473      * Tektronix, Inc ......................      196          
179,184      * Tellabs, Inc ........................    1,111           
29,096      * Tellium, Inc ........................       27          
425,331     e* Teradyne, Inc .......................    9,995           
3,242,613        Texas Instruments, Inc ..............   76,850             
16,319      * Therma-Wave, Inc ....................      186          
36,209        Thermo Electron Corp ................      598          
42,646      * Tibco Software, Inc .................      237          
10,467      * Tier Technologies, Inc (Class B) ....      187          
45,003     e* Titan Corp ..........................      823          
13,273     e* Tivo, Inc ...........................       49          
27,298      e Total System Services, Inc ..........      514          
15,985      * Transaction Systems Architects, Inc                     
     (Class A)...........................      188
45,792      * Transmeta Corp ......................      108          
14,595      * Trimble Navigation Ltd ..............      226          
5,307      * Tripos, Inc .........................      116         
78,350      * Triquint Semiconductor, Inc .........      502          
17,051     e* Trizetto Group, Inc .................      146          
10,439      * TTM Technologies, Inc ...............       55          
15,200     b* U.S. Wireless Corp ..................        0          
4,479      * Ulticom, Inc ........................       30         
8,062      * Ultimate Electronics, Inc ...........      209         
1,077      * Ultratech Stepper, Inc ..............       18         
40,780      * Unisys Corp .........................      367          
6,927        United Industrial Corp ..............      151         
3,152      * United Online, Inc ..................       38         
22,849      * Universal Access Global Holdings,                       
      Inc................................        4
11,642     e* Universal Display Corp ..............       97          
37,842      * Utstarcom, Inc ......................      763          
22,366      * Varian Semiconductor Equipment                          
      Associates, Inc....................      759
16,626     e* Veeco Instruments, Inc ..............      384          
2,366      * Verint Systems, Inc .................       27         
63,096     e* VeriSign, Inc .......................      454          
1,094,547     e* Veritas Software Corp ...............   21,661             
8,890      * Verity, Inc .........................       99         
15,268      * Viasystems Group, Inc ...............        1          
6,099      * Vicor Corp ..........................       43         
27,192      * Viewpoint Corp ......................      131          
87,831      * Vignette Corp .......................      173          
7,767      * Virage Logic Corp ...................      101         
1,045        Virco Manufacturing Corp ............       14         
29,871      * Vishay Intertechnology, Inc .........      657          
77,125      * Vitesse Semiconductor Corp ..........      240          
28,707      * Vitria Technology, Inc ..............       28          
9,526      * WatchGuard Technologies, Inc ........       49         
16,840     e* WebEx Communications, Inc ...........      268          
26,862      * webMethods, Inc .....................      266          
15,330      * Websense, Inc .......................      392          
10,535      * Wesco International, Inc ............       66          
79,726      * Western Digital Corp ................      259          
12,669      * White Electronic Designs Corp .......       95          
15,189      * Wilson Greatbatch Technologies, Inc .      387          
35,567      * Wind River Systems, Inc .............      178          
6,772      * Wireless Facilities, Inc ............       33         
9,914      * Witness Systems, Inc ................       73         
2,245        Woodhead Industries, Inc ............       39         
14,358      * Xicor, Inc ..........................       58          
809,038      * Xilinx, Inc .........................   18,147           
12,912      * Zebra Technologies Corp (Class A) ...      623          
270     f* Zebra Technologies Corp (Class B) ...       13       
14,116      * Zoran Corp ..........................      324          
8,081      * Zygo Corp ...........................       65         
                                         ---------
    TOTAL TECHNOLOGY ....................2,212,333
                                         ---------
TRANSPORTATION--0.40%                                                         
45,689      * Airtran Holdings, Inc ...............      244          
29,674      * Atlantic Coast Airlines Holdings,                       
      Inc................................      644
8,975      * BE Aerospace, Inc ...................      118         
54,485        C.H. Robinson Worldwide, Inc ........    1,827          
7,141      * EGL, Inc ............................      121         

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73,153        Expeditors International Of Washington,                 
      Inc................................    2,426
5,473      * Express Jet Holdings, Inc ...........       71         
8,406      * Forward Air Corp ....................      276         
17,148      * Frontier Airlines, Inc ..............      139          
2,479      * Genesee & Wyoming, Inc (Class A) ....       56         
11,851      * Heartland Express, Inc ..............      284          
1,570      * Jetblue Airways Corp ................       72         
17,350     e* Knight Transportation, Inc ..........      402          
5,584      * Landstar System, Inc ................      597         
22,385      * Mesa Air Group, Inc .................      206          
1,679      * P.A.M. Transportation Services ......       40         
84,825        Sabre Holdings Corp .................    3,037          
17,329        Shurgard Storage Centers, Inc                           
     (Class A)...........................      601
19,530      e Skywest, Inc ........................      457          
294,602        Southwest Airlines Co ...............    4,761           
21,081      * Swift Transportation Co, Inc ........      491          
270,897        United Parcel Service, Inc (Class B)    16,728           
                                         ---------
    TOTAL TRANSPORTATION ................   33,598
                                         ---------
UTILITIES--0.54%                                                              
637,027     e* A T & T Wireless Services, Inc ......    3,727           
1     b* Adelphia Business Solutions, Inc ....        0     
141,898     e* AES Corp ............................      769           
18,077      * AirGate PCS, Inc ....................       18          
16,226     e* Alamosa Holdings, Inc ...............       23          
39,743     e* Allegiance Telecom, Inc .............       73          
197,516     e* American Tower Corp (Class A) .......      681           
101,032     b* Arch Wireless, Inc ..................        0           
8,121        Black Hills Corp ....................      281         
60,514     e* Calpine Corp ........................      425          
4,044        Cascade Natural Gas Corp ............       85         
4,056     e* Centennial Communications Corp ......       10         
1,218      * Chiles Offshore, Inc ................       30         
98,929        Citizens Communications Co ..........      827          
7,902        Commonwealth Telephone Enterprises,                    
      Inc................................      318
5,771        Connecticut Water Service, Inc ......      176         
46,288     e* Crown Castle International Corp .....      182          
8,224     e* Dobson Communications Corp (Class A)         7         
1,842        Energysouth, Inc ....................       59         
272,583  b, e* Enron Corp ..........................       29           
2,245      * Focal Communications Corp                              
      Wts 12/14/07.......................        0
30,019      * General Communication, Inc (Class A)       200          
9,900     b* Geotek Communications, Inc ..........        0         
10,128        Hickory Tech Corp ...................      152          
100     b* Impsat Fiber Networks, Inc ..........        0       
35,959        Kinder Morgan, Inc ..................    1,367          
222,463     e* Level 3 Communications, Inc .........      656           

76 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

SEE NOTES TO FINANCIAL STATEMENTS 

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--------------------------------------------------------------------------------

SHARES                                               VALUE (000)          
------                                               ----------           

UTILITIES--(CONTINUED)                                                        
7,670        Madison Gas & Electric Co ........... $    214         
5,882        Middlesex Water Co ..................      155         
41,648      * Mirant Corp .........................      304          
3,448      * NATCO Group, Inc (Class A) ..........       30         
1,478        New Jersey Resources Corp ...........       44         
15,995     b* Newpower Holdings, Inc ..............        0          
517,928     e* Nextel Communications, Inc (Class A)     1,663           
48,868      * Nextel Partners, Inc (Class A) ......      147          
11,069        North Pittsburgh Systems, Inc .......      178          
18,004        Otter Tail Corp .....................      567          
19,910      * Petroquest Energy, Inc ..............      111          
5,073     b* Pinnacle Holdings, Inc ..............        0         
35,226     e* Price Communications Corp ...........      564          
4,851      * Quicksilver Resources, Inc ..........      125         
580,828      * Qwest Communications International,                      
      Inc................................    1,626
23,082      * RCN Corp ............................       32          
44,272      e Skyworks Solutions, Inc .............      246          
6,656        Southwest Water Co ..................      126         
16,852      * Southwestern Energy Co ..............      256          
30,966      * Spectrasite Holdings, Inc ...........        6          
6,190,205     e* Sprint Corp (PCS Group) .............   27,670             
64        Telephone & Data Systems, Inc .......        4      
14,575     e* Time Warner Telecom, Inc (Class A) ..       24          
14,197     e* Triton PCS Holdings, Inc (Class A) ..       55          
64,538      * U.S. Unwired, Inc (Class A) .........      181          
8,546      e UGI Corp ............................      273         
786        Unitil Corp .........................       23       
874      * Vast Solutions, Inc (Class B1) ......        0       
874      * Vast Solutions, Inc (Class B2) ......        0       
874      * Vast Solutions, Inc (Class B3) ......        0       
14,249      * West Corp ...........................      314          
3,079        Western Gas Resources, Inc ..........      115         
38,745      * Western Wireless Corp (Class A) .....      126          
56,336        Williams Cos, Inc ...................      337          
                                         ---------
    TOTAL UTILITIES .....................   45,611
                                         ---------
TOTAL COMMON STOCK                        
     (Cost $11,312,420) .................8,421,417
                                          ----------

PRINCIPAL                                                                   
-------                                                                   
SHORT TERM INVESTMENTS--4.98%                                                   
COMMERCIAL PAPER--2.80%                                                       
American Express Credit Corp                  
$20,000,000        1.760%, 07/08/02 ....................   19,990               
Beta Finance, Inc                             
14,000,000      c 1.810%, 08/22/02 ....................   13,962              
Burlington Northern Santa Fe                  
10,055,000      c 1.970%, 07/10/02 ....................   10,048              
Canadian Wheat Board                          
5,000,000        1.940%, 08/27/02 ....................    4,985             
CC (USA), Inc                                 
14,700,000      c 1.830%, 07/25/02 ....................   14,680              
Conoco, Inc                                   
14,000,000      c 2.100%, 07/01/02 ....................   13,998              
Corporate Asset Funding Corp, Inc             
13,300,000        1.780%, 07/17/02 ....................   13,288              
11,400,000      c 1.780%, 07/29/02 ....................   11,383              
Edison Asset Securitization, LLC              
24,000,000      c 1.800%, 08/01/02 ....................   23,960              
Govco, Inc                                    
11,700,000      c 1.790%, 07/23/02 ....................   11,686              
Greyhawk Funding LLC                          
15,000,000    c,d 1.810%, 07/26/02 ....................   14,979              
9,700,000      c 1.780%, 08/15/02 ....................    9,677             
Ingersoll Rand Co                             
24,700,000    c,d 1.860%, 07/03/02 ....................   24,693              
McGraw-Hill, Inc                              
14,800,000        1.760%, 07/23/02 ....................   14,782              
10,000,000        2.070%, 10/03/02 ....................    9,952              
Paccar Financial Corp                         
11,800,000        1.780%, 08/13/02 ....................   11,773              
13,000,000        1.790%, 08/20/02                        12,966              
                                         ---------
  TOTAL COMMERCIAL PAPER ................  236,802
                                         ---------
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--2.00%                              
Federal Home Loan Bank (FHLB)                 
10,900,000        1.700%, 07/19/02 ....................   10,889              
38,900,000        1.770%, 08/09/02 ....................   38,821              
26,630,000        1.730%, 09/25/02 ....................   26,516              
10,000,000        2.300%, 02/27/03 ....................    9,873              
5,000,000        2.850%, 04/16/03 ....................    5,039             

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Federal Home Loan Mortgage Corp (FHLMC)       
4,500,000        1.740%, 07/02/02 ....................    4,499             
8,800,000        1.710%, 07/02/02 ....................    8,798             
1,750,000        1.750%, 07/25/02 ....................    1,748             
10,000,000        1.740%, 08/09/02 ....................    9,980              
200,000        1.785%, 08/15/02 ....................      200           
Federal National Mortgage Association (FNMA)  
11,075,000        1.760%, 07/31/02 ....................   11,057              
1,200,000        1.780%, 08/01/02 ....................    1,198             
10,500,000        1.710%, 08/16/02 ....................   10,475              
30,000,000        1.735%, 08/21/02 ....................   29,922              
                                         ---------
TOTAL U.S. GOVERNMENT AND AGENCIES            
      DISCOUNT NOTES.....................  169,015
                                         ---------
VARIABLE RATE NOTE--0.18%                                                       
Sigma Finance, Inc                            
15,000,000      d 1.870%, 02/18/03 ....................   14,996              
                                         ---------
  TOTAL VARIABLE RATE NOTE ..............   14,996
                                         ---------
TOTAL SHORT TERM INVESTMENTS                  
   (Cost $420,797) ......................  420,813
                                         ---------
TOTAL PORTFOLIO--104.67%                      
   (Cost $11,733,411) ...................8,842,397

OTHER ASSETS &                                
       LIABILITIES, NET--(4.67)%.......... (394,702)
                                          ----------
   NET ASSETS--100% ......................$8,447,695
                                          ==========

------------                                                                    
*  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,
  2002,  the value of these  securities  amounted  to $13,019  or 0.00% of net
assets.                                                                   

Additional information on each restricted security is as follows:               

SECURITY                       ACQUISITION DATE     ACQUISITION COST            
--------                       ----------------     ----------------            
Zebra Technologies Corp                                                         
(Class B)                        10/29/98             $8,133                
                                      ======

SEE NOTES TO FINANCIAL STATEMENTS 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 77

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STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)                                

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------ 
June 30, 2002                                                     Stock         Global Equities         Growth     
(amounts in thousands, except amounts per accumulation unit)     Account             Account            Account    
------------------------------------------------------------------------------------------------------------------ 
                                                                                                                   
ASSETS                                                                                                             
Portfolio investments, at cost                                $ 80,072,155       $  7,107,674         $ 11,733,411 
Net unrealized appreciation (depreciation)                                                                         
  of portfolio investments                                       8,808,492           (735,341)          (2,891,014)
                                                              ------------       ------------         ------------ 
Portfolio investments, at value                                 88,880,647          6,372,333            8,842,397 
Cash                                                               182,800             36,438                   10 
Dividends and interest receivable                                  138,880              9,565               10,612 
Receivable from securities transactions                          1,237,000              6,205              656,715 
Amounts due from TIAA                                               31,081              8,226               14,695 
                                                              ------------       ------------         ------------ 
   TOTAL ASSETS                                                 90,470,408          6,432,767            9,524,429 
                                                              ------------       ------------         ------------ 
LIABILITIES                                                                                                        
Deposits for securities loaned--Note 3                           1,647,837            182,724              404,075 
Amounts due to banks                                                46,100               --                  4,853 
Payable for securities transactions                              1,277,305             33,856              667,806 
                                                              ------------       ------------         ------------ 
   TOTAL LIABILITIES                                             2,971,242            216,580            1,076,734 
                                                              ------------       ------------         ------------ 
NET ASSETS                                                                                                         
Accumulation Fund                                               73,384,883          6,026,307            8,245,952 
Annuity Fund                                                    14,114,283            189,880              201,743 
                                                              ------------       ------------         ------------ 
   TOTAL NET ASSETS                                           $ 87,499,166       $  6,216,187         $  8,447,695 
                                                              ============       ============         ============ 
ACCUMULATION UNITS OUTSTANDING--Notes 4 and 5                      507,235            102,839              174,022 
                                                              ============       ============         ============ 
NET ASSET VALUE PER ACCUMULATION UNIT--Note 4                 $     144.68       $      58.60         $      47.38 
                                                              ============       ============         ============ 
------------------------------------------------------------------------------------------------------------------ 

STATEMENTS OF OPERATIONS (UNAUDITED)                                            

                                                        [Enlarge/Download Table]

----------------------------------------------------------------------------------------------------------------------
 Six Months Ended June 30, 2002                                        Stock          Global Equities      Growth     
 (amounts in thousands)                                               Account            Account           Account    
----------------------------------------------------------------------------------------------------------------------
                                                                                                                      
INVESTMENT INCOME                                                                                                     
Income:                                                                                                               
   Interest                                                        $     23,479       $      2,486       $      4,538 
   Dividends                                                            774,609             55,468             35,536 
                                                                   ------------       ------------       ------------ 
   TOTAL INCOME                                                         798,088             57,954             40,074 
                                                                   ------------       ------------       ------------ 
Expenses--Note 2:                                                                                                     
   Investment                                                            52,233              4,956              5,911 
   Operating                                                            149,008             10,168             15,657 
                                                                   ------------       ------------       ------------ 
   TOTAL EXPENSES                                                       201,241             15,124             21,568 
                                                                   ------------       ------------       ------------ 
INVESTMENT INCOME--NET                                                  596,847             42,830             18,506 
                                                                   ------------       ------------       ------------ 
REALIZED AND UNREALIZED LOSS                                                                                          
   ON TOTAL INVESTMENTS--Note 3                                                                                       
Net realized gain (loss) on:                                                                                          
   Portfolio investments                                               (460,192)          (389,540)        (1,087,388)
   Futures transactions                                                 (37,196)           (13,158)            (6,873)
   Foreign currency transactions                                         14,441             (1,575)                -- 
                                                                   ------------       ------------       ------------ 
   NET REALIZED LOSS ON TOTAL INVESTMENTS                              (482,947)          (404,273)        (1,094,261)
                                                                   ------------       ------------       ------------ 
Net change in unrealized appreciation (depreciation) on:                                                              
   Portfolio investments                                            (10,948,713)          (340,233)        (1,426,239)
   Futures transactions                                                  (6,610)            (1,848)               (87)
   Translation of assets (other than portfolio investments)                                                           
      and liabilities denominated in foreign currencies                   3,893              5,670                 -- 
                                                                   ------------       ------------       ------------ 
   NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)                                                               
      ON TOTAL INVESTMENTS                                          (10,951,430)          (336,411)        (1,426,326)
                                                                   ------------       ------------       ------------ 
   NET REALIZED AND UNREALIZED LOSS ON TOTAL INVESTMENTS            (11,434,377)          (740,684)                   
                                                                                                           (2,520,587)
                                                                   ------------       ------------       ------------ 
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS               $(10,837,530)      $   (697,854)      $ (2,502,081)
                                                                   ============       ============       ============ 

See notes to financial statements                                               

78 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

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STATEMENTS OF CASH FLOWS (UNAUDITED)                                            

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended June 30, 2002                                                           Stock       Global Equities      Growth    
(amounts in thousands)                                                                  Account          Account          Account   
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                               
   Net decrease in net assets resulting from operations                                $(10,837,530)   $   (697,854)   $ (2,502,081)
   Adjustments to reconcile net decrease in net assets resulting from operations                                                    
      to net cash provided by (used in) operating activities:                                                                       
         Proceeds from sales of long-term securities                                     11,253,100       3,383,723         828,600 
         Purchases of long-term securities                                              (11,381,069)     (3,576,177)     (1,075,755)
         Purchases of short-term investments--net                                           149,885        (118,323)         14,647 
         Increase in receivables                                                            (50,734)         (7,129)         (8,136)
         Increase in payables                                                               398,393          99,902          40,374 
         Net realized loss on total investments                                             482,947         404,273       1,094,261 
         Net change in unrealized (appreciation) depreciation on total investments       10,951,430         336,411       1,426,326 
                                                                                       ------------    ------------    ------------ 
   NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                      966,422        (175,174)       (181,764)
                                                                                       ------------    ------------    ------------ 
CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                               
   Premiums                                                                               1,490,065         349,021         668,734 
   Net transfers from (to) TIAA                                                            (315,538)          8,228         (38,477)
   Net transfers to other CREF Accounts                                                    (240,589)        (72,398)       (318,673)
   Annuity payments                                                                        (857,102)        (13,332)        (16,262)
   Withdrawals and death benefits                                                          (902,161)        (71,503)       (120,530)
                                                                                       ------------    ------------    ------------ 
   NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                                     (825,325)        200,016         174,792 
                                                                                       ------------    ------------    ------------ 
INCREASE (DECREASE) IN CASH                                                                 141,097          24,842          (6,972)

CASH                                                                                                                                
   Beginning of year                                                                         41,703          11,596           6,982 
                                                                                       ------------    ------------    ------------ 
   End of period                                                                       $    182,800    $     36,438    $         10 
                                                                                       ============    ============    ============ 
------------------------------------------------------------------------------------------------------------------------------------

STATEMENTS OF CHANGES IN NET ASSETS                                             

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------
                                                           Stock Account               Global Equities Account   
                                                --------------------------------  -------------------------------
                                                    Six Months       Year Ended       Six Months    Year Ended   
                                                       Ended        December 31,         Ended      December 31, 
                                                   June 30, 2002       2001            June 30, 2002     2001    
                                                --------------------------------  -------------------------------
   (amounts in thousands)                          (Unaudited)                          (Unaudited)              
-----------------------------------------------------------------------------------------------------------------
                                                                                                                 

FROM OPERATIONS                                                                                                  
Investment income--net                          $     596,847    $   1,078,412    $      42,830    $      67,894 
Net realized gain (loss) on total investments        (482,947)       1,290,880         (404,273)      (1,094,066)
Net change in unrealized appreciation                                                                            
  (depreciation) on total investments             (10,951,430)     (18,889,776)        (336,411)        (596,091)
                                                -------------    -------------    -------------    ------------- 
   NET DECREASE IN NET ASSETS                                                                                    
      RESULTING FROM OPERATIONS                   (10,837,530)     (16,520,484)        (697,854)      (1,622,263)
                                                -------------    -------------    -------------    ------------- 
FROM PARTICIPANT TRANSACTIONS                                                                                    
Premiums                                            1,490,065        2,831,575          349,021          687,993 
                                                -------------    -------------    -------------    ------------- 
Disbursements and transfers:                                                                                     
  Net transfers to (from) TIAA                        315,538        1,076,412           (8,228)          58,887 
  Net transfers to other CREF Accounts                240,589        1,640,682           72,398          468,246 
  Annuity payments                                    857,102        2,107,277           13,332           34,276 
  Withdrawals and death benefits                      902,161        1,971,694           71,503          153,983 
                                                -------------    -------------    -------------    ------------- 
  TOTAL DISBURSEMENTS AND TRANSFERS, NET            2,315,390        6,796,065          149,005          715,392 
                                                -------------    -------------    -------------    ------------- 
  NET INCREASE (DECREASE) IN NET ASSETS                                                                          
     RESULTING FROM PARTICIPANT TRANSACTIONS         (825,325)      (3,964,490)         200,016          (27,399)
                                                -------------    -------------    -------------    ------------- 
NET DECREASE IN NET ASSETS                        (11,662,855)     (20,484,974)        (497,838)      (1,649,662)

NET ASSETS                                                                                                       
   Beginning of year                               99,162,021      119,646,995        6,714,025        8,363,687 
                                                -------------    -------------    -------------    ------------- 
   End of period                                $  87,499,166    $  99,162,021    $   6,216,187    $   6,714,025 
                                                =============    =============    =============    ============= 

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                                                                [Download Table]


         Growth Account               
--------------------------------------
 Six Months            Year Ended     
    Ended             December 31,    
 June 30, 2002            2001        
--------------------------------------
   (Unaudited)                        
--------------------------------------
                                      
$      18,506      $      18,731      
   (1,094,261)        (2,369,906)     

   (1,426,326)          (833,210)     
  -----------       ------------      

   (2,502,081)        (3,184,385)     
  -----------       ------------      

      668,734          1,376,785      
  -----------       ------------      

       38,477             66,101      
      318,673            694,179      
       16,262             48,021      
      120,530            257,802      
  -----------       ------------      
      493,942          1,066,103      
  -----------       ------------      

      174,792            310,682      
  -----------       ------------      
   (2,327,289)        (2,873,703)     

   10,774,984         13,648,687      
  -----------       ------------      
  $ 8,447,695        $10,774,984      
  ===========       ============      

See notes to financial statements                                               

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 79

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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,  diversified  management investment company. It consists of
eight investment portfolios ("Accounts").  The accompanying financial statements
are those of the Stock,  Global Equities and Growth  Accounts.  The accompanying
financial  statements  were prepared in accordance  with  accounting  principles
generally  accepted in the United  States which may require the use of estimates
made by management.  Actual results may vary from those estimates. The following
is a summary of the significant accounting policies consistently followed by the
Accounts.                                                                       

VALUATION  OF  INVESTMENTS.  Securities  listed or traded on any  United  States
national  securities  exchange are valued at the last sale price as of the close
of the principal  securities exchange on which such securities are traded or, if
there is no sale, at the mean of the last bid and asked prices on such exchange.
Securities traded only in the  over-the-counter  market and quoted in the Nasdaq
National  Market System are valued at the last sale price, or at the mean of the
last bid and asked  prices if no sale is  reported.  All other  over-the-counter
securities  are valued at the mean of the last bid and asked prices,  except for
bonds  which are valued at the most  recent bid price or the  equivalent  quoted
yield of such bonds.  Short-term  money market  instruments are stated at market
value.  Foreign  investments  are valued at the closing  price in the  principal
market where they are traded;  local currencies are converted into U.S. dollars.
Stock index  futures and options which are traded on  commodities  exchanges are
valued at the last sale  price as of the  close of such  commodities  exchanges.
Portfolio  securities for which market  quotations are not readily available are
valued at fair value as  determined  in good faith  under the  direction  of the
Finance  Committee  of  the  Board  of  Trustees  and  in  accordance  with  the
responsibilities of the Board as a whole.                                       

ACCOUNTING FOR INVESTMENTS.  Securities transactions are accounted for as of the
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 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 portfo lio 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 stock market 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.                          

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SECURITIES  PURCHASED ON A WHEN-ISSUED OR DELAYED  DELIVERY BASIS.  The Accounts
may purchase  securities on a when-issued or delayed delivery basis. In addition
to the normal  market  risks,  this  exposes  the  Accounts to the risk that the
transaction may not be consummated.                                             

RESTRICTED  SECURITIES.  Restricted securities held by the Accounts, if any, may
not be sold except in exempt  transactions  or in a public  offering  registered
under the Securities  Act of 1933.  The risk of investing in such  securities is
generally greater than the risk of investing in securities which are widely held
and publicly traded.                                                            

80 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       
--------------------------------------------------------------------------------
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES  (CONCLUDED)                            
--------------------------------------------------------------------------------
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 Services 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, 2002, the market value of securities loaned and collateral  received
in connection therewith was comprised as follows:                               

--------------------------------------------------------------------------------
               Stock       Global Equities      Growth
               Account          Account          Account
--------------------------------------------------------------------------------

Market value of                                                                 
securities loaned   $1,432,277,903   $  176,635,413   $  380,900,175      
Cash collateral         1,647,837,378      182,724,402      404,075,044         

At June 30,  2002,  net  unrealized  appreciation  (depreciation)  of  portfolio
investments,  consisting of gross  unrealized  appreciation and gross unrealized
depreciation, were as follows:                                                  

--------------------------------------------------------------------------------
              Gross              Gross          Net Unrealized
          Unrealized         Unrealized         Appreciation
         Appreciation of     Depreciation of    (Depreciation)
           Portfolio          Portfolio         of Portfolio
          Investments        Investments         Investments
--------------------------------------------------------------------------------

Stock Account     $22,295,913,491    $13,487,421,613    $ 8,808,491,878         
Global Equities                                                                 
Account            305,597,076      1,040,938,561       (735,341,485)     
Growth Account        407,720,409      3,298,734,502     (2,891,014,093)        

At June 30, 2002, the Stock, Global Equities and Growth Accounts held 1,016, 180
and 81 open futures contracts, respectively, in the Standard & Poor's 500 Index,
expiring  in  September  2002,  with a value of  $251,485,400,  $44,554,500  and
$20,049,525, respectively, and an unrealized loss of $10,460,925, $1,853,282 and
$94,860, 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. The Stock
Account held  investments in affiliated  companies at June 30, 2002 with a value
of $202,459,141.  Dividend income and realized losses from affiliated  companies
during the six months  ended June 30,  2002,  were  $3,936,740  and  $2,480,336,
respectively.                                                                   

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Purchases and sales of portfolio  securities for the Accounts for the six months
ended June 30, 2002,  other than short-term  money market  instruments,  were as
follows:                                                                        

--------------------------------------------------------------------------------
         Stock       Global Equities        Growth
         Account         Account             Account
--------------------------------------------------------------------------------
Purchases:                                                                      
Unaffiliated                                                              
companies   $12,555,137,146   $ 3,600,281,526   $ 1,704,590,107     
Affiliated                                                                
companies        29,112,977                --                --     
       ---------------   ---------------   ---------------
TOTAL PURCHASES   $12,584,250,123   $ 3,600,281,526   $ 1,704,590,107           
       ===============   ===============   ===============

Sales:                                                                          
Unaffiliated                                                              
companies   $12,280,688,611   $ 3,382,377,313   $ 1,465,050,465     
Affiliated                                                                
companies        33,292,902                --                --     
       ---------------   ---------------   ---------------
TOTAL SALES       $12,313,981,513   $ 3,382,377,313   $ 1,465,050,465           
       ===============   ===============   ===============

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 81

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       
--------------------------------------------------------------------------------

Note 4--Condensed Financial Information                                         
--------------------------------------------------------------------------------

Selected  condensed  financial  information  for an  Accumulation  Unit  of each
Account is presented below.                                                     

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------  
                                                                            STOCK ACCOUNT                                 
                                           -----------------------------------------------------------------------------  
                                             Six Months               For the Years Ended December 31,                    
                                               Ended        ------------------------------------------------------------  
                                           June 30, 2002(a)   2001            2000         1999        1998          1997 
                                            (Unaudited)                                                                   
------------------------------------------------------------------------------------------------------------------------  
                                                                                                                          

PER ACCUMULATION UNIT DATA:                                                                                               
 Investment income                            $  1.313       $  2.432        $  2.472     $ 2.567    $  2.381    $  2.317 
 Expenses                                         .331           .693            .626        .607        .521        .387 
                                              --------------------------------------------------------------------------- 
 Investment income--net                           .982          1.739(b)        1.846       1.960       1.860       1.930 
 Net realized and unrealized gain (loss)                                                                                  
    on total investments                       (18.819)       (27.951)(b)     (19.231)     34.478      29.795      26.864 
                                              --------------------------------------------------------------------------- 
 Net increase (decrease) in                                                                                               
    Accumulation Unit Value                    (17.837)       (26.212)        (17.385)     36.438      31.655      28.794 
 Accumulation Unit Value:                                                                                                 
    Beginning of year                          162.513        188.725         206.110     169.672     138.017     109.223 
                                              --------------------------------------------------------------------------- 
    End of period                             $144.676       $162.513        $188.725    $206.110    $169.672    $138.017 
                                              =========================================================================== 

TOTAL RETURN                                    (10.98%)       (13.89%)         (8.43%)     21.48%      22.94%      26.36%
RATIOS TO AVERAGE NET ASSETS:                                                                                             
 Expenses                                         0.21%          0.41%           0.31%       0.33%       0.34%       0.31%
 Investment income--net                           0.62%          1.03%(b)        0.91%       1.07%       1.23%       1.55%
PORTFOLIO TURNOVER RATE                          13.01%         29.41%          32.65%      29.26%      34.63%      23.25%
THOUSANDS OF ACCUMULATION UNITS                                                                                           
 OUTSTANDING AT END OF PERIOD                  507,235        508,889         525,111     543,589     565,999     597,531 

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------------   
                                                                         GLOBAL EQUITIES ACCOUNT                          
                                           ------------------------------------------------------------------------------ 
                                             Six Months               For the Years Ended December 31,                    
                                               Ended        ------------------------------------------------------------- 
                                           June 30, 2002(a)    2001           2000         1999        1998       1997    
                                            (Unaudited)                                                                   
------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                          
 PER ACCUMULATION UNIT DATA:                                                                                              
  Investment income                           $   .554       $   .985        $   .946     $  .959    $   .902    $   .848 
  Expenses                                        .145           .320            .325        .300        .268        .205 
                                              --------------------------------------------------------------------------- 
  Investment income--net                          .409           .665(b)         .621        .659        .634        .643 
  Net realized and unrealized gain (loss)                                                                                 
     on total investments                       (7.072)       (16.493)(b)     (16,281)     24.976      10.508       8.650 
                                              --------------------------------------------------------------------------- 
  Net increase (decrease) in                                                                                              
     Accumulation Unit Value                    (6.663)       (15.828)        (15.660)     25.635      11.142       9.293 
  Accumulation Unit Value:                                                                                                
     Beginning of year                          65.262         81.090          96.750      71.115      59.973      50.680 
                                              --------------------------------------------------------------------------- 
      End of period                           $ 58.599       $ 65.262        $ 81.090     $96.750    $ 71.115    $ 59.973 
                                              =========================================================================== 

 TOTAL RETURN                                   (10.21%)       (19.52%)        (16.19%)     36.05%      18.58%      18.34%
 RATIOS TO AVERAGE NET ASSETS:                                                                                            
  Expenses                                        0.23%          0.46%           0.35%       0.39%       0.41%       0.38%
  Investment income--net                          0.65%          0.95%(b)        0.68%       0.85%       0.97%       1.19%
 PORTFOLIO TURNOVER RATE                         53.01%        111.91%          98.06%      81.30%     103.31%      98.70%
 THOUSANDS OF ACCUMULATION UNITS                                                                                          
  OUTSTANDING AT END OF PERIOD                 102,839         99,558          99,622      89,492      81,825      84,645 

(a)  The percentages shown for this period are not annualized.                  

(b)  As  required,  effective  January 1, 2001,  the  Accounts  have adopted the
     provisions of the AICPA Audit and Accounting Guide for Investment Companies
     and began amortizing premiums and discounts on all debt securities. For the
     Stock  Account,  the effect of this change for the year ended  December 31,
     2001 was to increase investment income--net per Accumulation Unit by $.006,
     and  increase net realized and  unrealized  loss per  Accumulation  Unit by
     $.006. For the Global Equities  Account,  the effect of this change for the
     year ended  December 31, 2001 was to increase  investment  income--net  per
     Accumulation  Unit by $.001,  and increase net realized and unrealized loss
     per  Accumulation  Unit by $.001.  For the ratio of  average  net assets to
     investment  income--net,  there  was no effect  for the  Stock  and  Global
     Equities  Accounts for the year ended December 31, 2001.  Per  Accumulation
     Unit  amounts and ratios for the periods  prior to January 1, 2001 have not
been restated to reflect this change in presentation.                 

82 College Retirement Equities Fund 2002 SEMIANNUAL REPORT                      

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NOTES TO FINANCIAL STATEMENTS (CONCLUDED)                                       
--------------------------------------------------------------------------------

NOTE 4--CONDENSED FINANCIAL INFORMATION (CONCLUDED)                             
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------------
                                                                             GROWTH ACCOUNT                            
                                           ----------------------------------------------------------------------------
                                             Six Months               For the Years Ended December 31,                 
                                               Ended        -----------------------------------------------------------
                                           June 30, 2002(a)  2001        2000         1999        1998         1997    
                                            (Unaudited)                                                                
-----------------------------------------------------------------------------------------------------------------------
                                                                                                                       
PER ACCUMULATION UNIT DATA:                                                                                            
 Investment income                         $   .225     $   .387        $   .509     $   .592    $   .482   $   .527   
 Expenses                                      .121         .278            .320         .278        .244       .155   
                                           --------------------------------------------------------------------------  
 Investment income--net                        .104         .109(b)         .189         .314        .238       .372   
 Net realized and unrealized gain (loss)                                                                               
    on total investments                    (14.092)     (18.345)(b)     (20.788)      24.276      18.475     12.219   
                                           --------------------------------------------------------------------------  
 Net increase (decrease) in                                                                                            
    Accumulation Unit Value                 (13.988)     (18.236)        (20.599)      24.590      18.713     12.591   
 Accumulation Unit Value:                                                                                              
    Beginning of year                        61.372       79.608         100.207       75.617      56.904     44.313   
                                           --------------------------------------------------------------------------  
    End of period                          $ 47.384     $ 61.372        $ 79.608     $100.207    $ 75.617   $ 56.904   
                                           ==========================================================================  
TOTAL RETURN                                 (22.79%)     (22.91%)        (20.56%)      32.52%      32.89%     28.41%  
RATIOS TO AVERAGE NET ASSETS:                                                                                          
 Expenses                                      0.21%        0.43%           0.31%        0.34%       0.38%      0.34%  
 Investment income--net                        0.18%        0.17%(b)        0.18%        0.38%       0.37%      0.82%  
PORTFOLIO TURNOVER RATE                       14.79%       44.40%          37.18%       69.26%      97.57%     53.27%  
THOUSANDS OF ACCUMULATION UNITS                                                                                        
 OUTSTANDING AT END OF PERIOD               174,022      171,149         166,751      131,646      98,862     80,370   

(a)  The percentages shown for this period are not annualized.                  
(b)  As  required,  effective  January 1, 2001,  the  Accounts  have adopted the
     provisions of the AICPA Audit and Accounting Guide for Investment Companies
     and began amortizing premiums and discounts on all debt securities. For the
     Growth  Account,  the effect of this change for the year ended December 31,
     2001 was to decrease investment income--net per Accumulation Unit by $.002,
     and  decrease net realized and  unrealized  loss per  Accumulation  Unit by
     $.002. For the ratio of average net assets to investment income--net, there
     was no effect for the Growth  Account for the year ended December 31, 2001.
     Per  Accumulation  Unit amounts and ratios for the periods prior to January
1, 2001 have not been restated to reflect this change in presentation.

NOTE 5--ACCUMULATION UNITS                                                      
--------------------------------------------------------------------------------

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

                                                        [Enlarge/Download Table]

-------------------------------------------------------------------------------------------------------------------------------- 
                                         Stock Account               Global Equities Account               Global Account        
                                ------------------------------  -------------------------------  ------------------------------- 
                                  Six Months       Year Ended     Six Months       Year Ended         Six Months      Year Ended 
                                     Ended        December 31,       Ended        December 31,          Ended        December 31,
                                 June 30, 2002       2001        June 30, 2002        2001           June 30, 2002       2001    
                                ------------------------------  -------------------------------  ------------------------------- 
                                 (Unaudited)                      (Unaudited)                         (Unaudited)                
-------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                 
ACCUMULATION UNITS:                                                                                                              
   Credited for premiums           9,477,526      16,841,366        5,563,543       9,927,883          11,909,133    21,163,254  
   Cancelled for transfers,                                                                                                      
      disbursements                                                                                                              
       and amounts applied                                                                                                       
        to the                                                                                                                   
        Annuity Fund             (11,131,372)    (33,063,363)      (2,282,212)     (9,991,364)         (9,036,017)  (16,764,739) 
   OUTSTANDING:                                                                                                                  
      Beginning of year          508,888,844     525,110,841       99,558,075      99,621,556         171,149,034   166,750,519  
                                 -----------     -----------      -----------      ----------         -----------   -----------  
      End of period              507,234,998     508,888,844      102,839,406      99,558,075         174,022,150   171,149,034  
                                 ===========     ===========      ===========      ==========         ===========   ===========  

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. For the six months ended June 30, 2002, there were no
borrowings under this credit facility by the Accounts.                          

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 83

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                                           -------------------
[LOGO]  730 Third Avenue                                 PRESORTED              
TIAA   New York, NY 10017-3206                           STANDARD             
CREF                                                U.S. POSTAGE PAID         
                                           TIAA-CREF
                                           -------------------

FOR MORE INFORMATION...                                                         

TIAA-CREF WEB CENTER                                                            
TIAA-CREF.org                                                             
24 hours a day, 7 days a week                                             

o  Account performance, personal account information and transactions,    
product descriptions, calculators to estimate retirement income and 
allocate assets, and information about investment choices and income
options                                                             

AUTOMATED TELEPHONE SERVICE                                                     
800 842-2252                                                              
24 hours a day, 7 days a week                                             

o  Account performance, personal account information and transactions, and
product information                                                 

TELEPHONE COUNSELING CENTER                                                     
800 842-2776                                                              
8 a.m. to 11 p.m. ET, Monday-Friday                                       
9 a.m. to 6 p.m. ET, Saturday and Sunday                                  

o  Retirement saving and planning, income options and payments, and tax   
reporting                                                           

PLANNING AND SERVICE CENTER                                                     
800 223-1200                                                              
8 a.m. to 11 p.m. ET, Monday-Friday                                       
9 a.m. to 6 p.m. ET, Saturday                                             

o  TIAA-CREF Mutual Funds and after-tax annuities                         

8 a.m. to 11 p.m. ET, Monday-Friday                                       

o  Life and long-term care insurance                                      

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 8 p.m. ET, Monday-Friday                                        

o  Tuition financing programs                                             

FOR HEARING- OR SPEECH-IMPAIRED                                                 
PARTICIPANTS                                                                    
800 842-2755                                                              
8 a.m. to 11 p.m. ET, Monday-Friday                                       

[logo] Printed on recycled paper                               CSAR-3FUND-8/2002

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June 30, 2002                                                                   

College                                                                         
Retirement                                                                      
Equities                                                                        
Fund                                                                            

                                      2002
--------------------------------------------------------------------------------
         SEMIANNUAL REPORT
--------------------------------------------------------------------------------
                                              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-CREFF.org/profile               
--------------------------------------------------------------------------------

                                                                         [TIAA
                                                                          CREF
                                                                           LOGO]

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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                                                     22
    Equity Index Account                                                      32

Financial Statements                                                            
    Statements of Assets and Liabilities                                      59
    Statements of Operations                                                  59
    Statements of Cash Flows                                                  60
    Statements of Changes in Net Assets                                       61
    Notes to Financial Statements                                             61

For More Information                                                  Back Cover

TIAA-CREF Individual and Institutional Services,  Inc., distributes the CREF and
TIAA Real Estate Account variable annuities. This booklet must be accompanied or
preceded  by  current  CREF and  TIAA  Real  Estate  Account  prospectuses.  For
additional  copies,  call 800 842-2733,  extension  5509.  TIAA-CREF  Investment
Management serves as investment  manager to CREF.                               

(C)2002 Teachers Insurance and Annuity  Association-College  Retirement Equities
Fund (TIAA-CREF), New York, NY 10017                                            

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  ended June 30,  2002.  A  companion  report
provides similar  information for the CREF Stock,  Global  Equities,  and Growth
accounts--the other three accounts available under CREF variable annuities.     

A 10-K Annual  Report for the TIAA Real Estate  Account is available on request.
For  historical  and current  performance  information  for all of our products,
visit the TIAA-CREF Web Center at TIAA-CREF.org, or call our Automated Telephone
Service (see back cover).                                                       

PERFORMANCE OVERVIEW AS OF 6/30/2002                                            

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------------
                                                                               AVERAGE ANNUAL COMPOUND RATES OF TOTAL RETURN(1)     
                                      INCEPTION DATE  6-MONTH RETURN      1 YEAR           5 YEARS       10 YEARS    SINCE INCEPTION
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
EQUITIES                                                                                                                            
CREF Stock                                 8/1/52         -10.98%         -16.44%            2.63%          9.81%         10.47%    
CREF Global Equities                       5/1/92         -10.21          -16.78             0.08           8.46           8.37     
CREF Equity Index                         4/29/94         -12.38          -17.51             3.66             --          11.33     
CREF Growth                               4/29/94         -22.79          -29.50            -1.94             --           8.16     

EQUITIES & FIXED INCOME                                                                                                             
CREF Social Choice                         3/1/90          -6.37           -7.30             5.26          10.11          10.51     

FIXED INCOME                                                                                                                        
CREF Bond Market                           3/1/90           3.55            8.25             7.35           7.17           8.00     
CREF Inflation-Linked Bond                 5/1/97           7.20            8.48             7.09             --           6.88     
CREF Money Market(2)                       4/1/88           0.78            2.30             4.87           4.70           5.51     

NET ANNUALIZED (7-DAY PERIOD ENDED 6/25/2002)                                   

--------------------------------------------------------------------------------
              CURRENT          EFFECTIVE
--------------------------------------------------------------------------------
CREF Money Market                  1.57%             1.58%                      

NET ANNUALIZED YIELD  (30-DAY PERIOD ENDED 6/30/2002)                           

--------------------------------------------------------------------------------
       CURRENT
--------------------------------------------------------------------------------
CREF Bond Market                         3.89%                                  

(1)  Due to market volatility, recent performance of the CREF variable annuities
     may differ from the figures shown above. For the most current  performance,
     visit   the    TIAA-CREF    Web    Center   at    www.tiaa-cref.org/charts/
     ra-performance.html,  or call 800 842-2776.  Past performance should not be
taken as a guarantee of the same future rates of return.              

(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.

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--------------------------------------------------------------------------------
FROM THE CHAIRMAN                                                               
--------------------------------------------------------------------------------

[PHOTO OMITTED]                                                                 

JOHN H. BIGGS                                                                   

CHAIRMAN,                                                                       
PRESIDENT, AND                                                                  
CHIEF EXECUTIVE                                                                 
OFFICER                                                                         

July 1, 2002,  marked the fiftieth  anniversary of the CREF Stock  Account,  the
world's first variable annuity. It may be useful, at this point, for those of us
accumulating retirement funds to pause for a brief look at this account over the
past fifty years.  An exercise of this kind will help put into  perspective  the
discouraging stock market results of the last two years and especially the three
months ending June 30, 2002.                                                    

     Over the past  half-century,  we have seen few such  dramatic  declines  in
stocks and particularly in TIAA-CREF  accounts.  Probably the mid-1970s--and the
month of October  1987--are the only periods of comparable  downward  trends.  I
well remember the pervasive  pessimism  about CREF in 1977,  when I first became
part of the academic world and joined TIAA-CREF as a participant.  Many of those
who abandoned the stock market at that time soon  regretted  their  decision and
eventually returned.                                                            

     We should remember that a variable  annuity with underlying  investments in
equities was a bold vision in 1952. Until then, life insurance companies such as
TIAA  offered  only one option:  an annuity  based on  investments  in bonds and
mortgages that  guaranteed  principal and interest  rates.  However,  retirement
income  from a  traditional  annuity did not always  grow  sufficiently  to help
offset inflation.                                                               

     The CREF Stock Account was a groundbreaking solution to this problem and an
extraordinarily  successful  one.  The use of  equity  investments  in  building
retirement assets is now commonplace. And with over 1.5 million participants and
more than $87  billion  in net  assets,  the Stock  Account  today is one of the
largest pools of retirement funds in the United States.                         

     Improving  the  lives  of  educators  and   researchers   has  always  been
TIAA-CREF's  mission.  Following the Stock Account,  CREF introduced  seven more
bond,  money  market,  and  equity  variable  annuity  accounts,  and later TIAA
launched a variable real estate account.                                        

     Our  tradition of innovation  has also led us to pioneer other  "firsts" in
the financial  services  industry.  These  include the  investment of retirement
assets in international securities and the only tax-deferred variable annuity of
its kind to invest in the new inflation-indexed  securities. About 20 percent of
the CREF Stock  Account's  portfolio now consists of foreign  equities,  and the
CREF  Inflation-Linked  Bond Account has consistently  performed well, providing
the highest returns of any CREF account over the one-year period ending June 30,
2002.   (Please  refer  to  the  table  on  the  facing  page  for   performance
information.) In the fall, we plan to announce additional options for retirement
investing.                                                                      

     Participants  at  campuses  around the  country  tell me how much they have
benefited   financially   from  their  CREF   investments.   Their  stories  are
particularly  encouraging at this time of turmoil within the financial  markets,
when Wall  Street  scandals  and  declines  in equity  values  have  shaken  the
confidence of many investors.                                                   

     Naturally,  returns  from  CREF's  equity  accounts  have  been  negatively
affected by current market and economic  conditions.  The following  letter from
Martin Leibowitz,  our vice chairman and chief investment officer,  explains the
results of the past six months.                                                 

     Although the situation in the equities market is understandably  unnerving,
I urge you to stick to your  investment  goals and not to react hastily.  Take a
long-term view:  Virtually  everyone's  participation  in the  accumulation  and
payout of  retirement  income  spans  several  decades.  If you feel you need to
change your asset allocation or to rebalance your TIAA-CREF portfolio, I suggest
you do it gradually.                                                            

     In spite of everything, equities still provide the best opportunity to help
ensure that you'll have enough income  throughout twenty or even thirty years of
retirement.  Though the future can't be predicted using past results,  data from
Ibbotson  Associates  shows that in all but one decade since 1926  equities have
produced significantly higher returns than any other asset class.               

     In our  advice to  participants,  we  generally  recommend  diversifying  a
retirement  portfolio across several asset classes as a way to reduce investment
risk.   Participants   who  have   diversified   into   CREF's  Bond  Market  or
Inflation-Linked  Bond accounts  have  received  returns over the past year that
have exceeded the 1.1 percent  inflation  rate.  This is without the higher risk
associated  with  equity  investing.  TIAA also  offers  safer  alternatives  to
equities that have produced solid returns. The TIAA Real Estate Account has been
a successful way for many to diversify out of equities.                         

     Along with other concerned  organizations,  TIAA-CREF is working to restore
investor confidence in corporate America and in the U.S. equity market. Over the
past few months,  several of us from TIAA-CREF have testified before Congress on
a number of  issues:  accounting  reform;  board  oversight,  independence,  and
competency;  and  shareholder  rights.  Along with Paul Volcker,  former Federal
Reserve Board                                                                   

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chairman and a member of the TIAA and CREF Boards of Overseers, I'm serving on a
new Commission on Public Trust and Private Enterprise, founded by the Conference
Board.  This  commission will propose steps to prevent the kind of corporate and
accounting abuses that have recently come to light.                             

     TIAA-CREF's role in helping to shape public policy on corporate  governance
is a natural extension of our longstanding leadership in this area. For example,
our Policy  Statement on Corporate  Governance,  issued in 1993,  sets forth the
principles  we believe are  essential  to  effective  corporate  governance.  We
encourage our portfolio companies to follow these guidelines, because we believe
our  participants  are best  served  when we invest  their  retirement  funds in
companies with equitable and efficient corporate governance.                    

     TIAA-CREF has a long tradition of innovation and  consistency.  In changing
times like  these,  our true  strengths  are even more  evident.  We continue to
strive for extra value by  offering  our  participants  a  diversified  array of
well-managed  retirement accounts, by keeping expenses low, and by providing the
information you need to make informed decisions. These were our stated aims when
CREF was founded  fifty years ago,  and they  continue to guide our policies and
decisions today.                                                                

/s/ JOHN H. BIGGS                                                               
-----------------                                                               
John H. Biggs                                                                   

CHAIRMAN, PRESIDENT, AND                                                        
CHIEF EXECUTIVE OFFICER                                                         

--------------------------------------------------------------------------------
FROM THE VICE CHAIRMAN                                                          
--------------------------------------------------------------------------------

During  the  six  months   ending  June  30,   2002,   the  CREF  Bond   Market,
Inflation-Linked  Bond, and Money Market accounts  produced solid returns in the
current low-inflation  environment.  The Equity Index and Social Choice accounts
suffered losses that reflected the decline in stock prices in both North America
and Europe and the selection of individual stocks that did not perform as we had
hoped.                                                                          

     The S&P 500(R) Index  dropped  13.2 percent  during the first half of 2002,
while the Russell 3000 Index,  one of the broadest  U.S.  indicators,  lost 12.2
percent. The technology sector was hit worst,  contributing to a decline of 20.5
percent in the Russell 3000 Growth Index, a subset of the Russell 3000.  Because
of its broad benchmark-centric investment approach,  TIAA-CREF's equity accounts
were not  immune  from the  effects  of this  market  downturn.  Our  investment
approach, which focuses on broad diversification and prevents excessive exposure
to individual sectors or stocks, did act to limit some of the damage.           

--------------------------------------------------------------------------------
 The benefits of a diversified portfolio are often
most pronounced when markets are volatile.
--------------------------------------------------------------------------------

     In Europe,  stocks slid 4 percent,  according to the Morgan  Stanley Europe
Index.  Of the world's four largest  exchanges--New  York,  Tokyo,  London,  and
Frankfurt--only  Tokyo posted a gain, and the Morgan Stanley World Index,  which
tracks stock prices in 23 developed nations, declined 9 percent for the period. 

     In the United States,  despite a sizable jump in the gross domestic product
in the year's first quarter,  the stock market  experienced a decline associated
with  concerns  about  the  economy's  near-term  future  and with a  series  of
accounting  scandals  involving U.S.  companies.  In 2001, the longest period of
continual  economic  growth in the  United  States  since  the Civil War  slowed
abruptly.  The corporate earnings of the S&P 500 companies,  which showed strong
growth during much of the 1990s, dropped by more than 50 percent last year. As a
result,  corporate  spending has been  reduced,  and  unemployment  has climbed.
Unemployment  stood at 6 percent in April,  an increase of 50 percent  since the
end of 2000. While consumer spending remained relatively strong, many economists
at the end of June expected total economic growth for the year to be less than 3
percent.                                                                        

     Against this backdrop of a slowed  economy,  the  accounting  and financial
scandals  involving  Enron,  WorldCom,  and other  companies  have produced huge
losses for stock  investors and  bondholders  and have shaken  confidence in the
market  as a whole.  Whether  this is an  overreaction  remains  to be seen.  At
present, a  less-than-robust  recovery has been overshadowed by uncertainty that
may take a  considerable  time to dispel.  However,  we continue to believe that
equities are a key component of a long-term, diversified portfolio strategy.    

     Losses in the stock  markets have led many  American  investors to seek the
relative  safety  of bonds.  During  the  first  half of 2002,  a total of $73.9
billion in new investments  flowed into the nation's bond funds,  surpassing the
$69.5 billion added to stock funds.  The Lehman  Brothers  Aggregate Bond Index,
which tracks both the government and corporate bond markets,  gained 3.8 percent
for the period.                                                                 

     Low interest rates kept most fixed-income returns at modest levels, but the
CREF Inflation-Linked  Bond Account produced a solid return,  similar to that of
its benchmark.  The CREF Money Market Account  outperformed  its benchmark.  The
CREF Bond Market Account lagged its                                             

2    College Retirement Equities Fund  2002 SEMIANNUAL REPORT                   

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[PHOTO OMITTED]                                                                 

MARTIN L. LEIBOWITZ                                                             

VICE CHAIRMAN AND                                                               
CHIEF INVESTMENT OFFICER                                                        

benchmark but outperformed  similar funds. The returns of the CREF Social Choice
and Equity Index  accounts were  affected by the decline in stock  prices,  with
both performing close to their benchmarks.                                      

     The table above shows the total returns  (gains and losses plus income) for
each account during the first six months of 2002, compared with their respective
benchmarks  and with the  Morningstar  categories  that best match the account's
objectives. Detailed performance information appears on the following pages.    

     As I reported  in CREF's  2001  Annual  Report,  we are now using data from
Morningstar,  Inc., to show how the  performance  of the CREF accounts  compares
with the average returns of funds having similar objectives. Previously, we used
data compiled by Lipper  Analytical  Services,  Inc., for that purpose.  We made
this  change  because   Morningstar's   fund   categories  more  accurately  and
consistently  match  our  accounts.  We  believe  this  will  help you judge our
performance  better.  To provide  continuity  during  this  transition,  we will
provide  both  Morning-star  and Lipper  data in the  "Performance  at a Glance"
tables of the 2002 reports.                                                     

     On July 1, 2002,  the CREF Social  Choice  Account began using a new method
for  choosing  investments  that  enables us to address a wider  range of social
issues.  It will  also  allow  us to  select  stocks  from a  broader  range  of
companies,  while maintaining most of the exclusionary  screens used previously.
In line with this new method, the benchmark for the account's equity portion has
been changed from the S&P 500 Index to the Russell 3000. A full  explanation  of
the new screening process appears on page 8.                                    

TOTAL RETURNS FOR THE SIX MONTHS ENDED JUNE 30, 2002                            

--------------------------------------------------------------------------------
CREF MONEY MARKET ACCOUNT ..........................................       0.78%
iMoneyNet Money Fund Report Averages(TM)--  All Taxable ............       0.69 

CREF INFLATION-LINKED BOND ACCOUNT .................................       7.20%
Salomon Smith Barney Inflation-Linked Securities Index .............       7.37 

CREF BOND MARKET ACCOUNT ...........................................       3.55%
Lehman Brothers Aggregate Bond Index ...............................       3.79 
Morningstar Intermediate-Term Bond (VA) category ...................       1.60 

CREF SOCIAL CHOICE ACCOUNT .........................................      -6.37%
S&P 500/Lehman Brothers Composite Index ............................      -6.38 
Standard & Poor's 500(R)Index ......................................     -13.16 
Lehman Brothers Aggregate Bond Index ...............................       3.79 
Morningstar Domestic Hybrid (VA) category ..........................      -7.02 

CREF EQUITY INDEX ACCOUNT ..........................................     -12.38%
Russell 3000(R)Index ...............................................     -12.24 
--------------------------------------------------------------------------------

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.                                           

     Returns  during  this  period  continued  to  demonstrate  the  value  of a
diversified  investment  plan.  At times like this,  we take heart from the fact
that many  TIAA-CREF  participants  have used the range of  options  we offer to
spread  their assets among the four basic asset  types:  equities,  bonds,  real
estate, and guaranteed investments.  The benefits of a diversified portfolio are
often most pronounced when markets are volatile.  While stock values fell during
the first half of 2002,  bonds,  the money market,  and real estate all produced
gains.  CREF's  four  equity  accounts  posted  returns  that ranged from -10.21
percent  for the  Global  Equities  Account  to -22.79  percent  for the  Growth
Account.  The Social  Choice  Account,  with its large equity  component,  had a
return of -6.37 percent. Fixed-income investments fared better. The Money Market
Account  returned 0.78 percent,  the Bond Market  Account 3.55 percent,  and the
Inflation-Linked  Bond  Account  7.20  percent.  The TIAA  Real  Estate  Account
returned  1.91  percent  during  the  period.  The TIAA  Traditional  Retirement
Annuity, which guarantees principal and a specified interest rate (3 percent for
current premiums),  had a rate of return of 7.00 percent for the year ended June
30, 2002.                                                                       

     While no one can predict which way markets will move in the coming  months,
we at TIAA-CREF can assure you that each of our accounts will continue to pursue
its  stated  goals  and  that  we  will  work  hard  to  make  the  most  of any
opportunities  that  arise.  The  markets  have  shown that the laws of risk and
return have not been rewritten and that diversification can reduce risk and help
to improve the overall  returns of a portfolio,  especially when the markets are
in turmoil.                                                                     

/s/ MARTIN L. LEIBOWITZ                                                         
-----------------------                                                         
VICE CHAIRMAN AND                                                               
CHIEF INVESTMENT OFFICER                                                        

                 2002 SEMIANNUAL REPORT  College Retirement Equities Fund    3

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MONEY MARKET ACCOUNT                                                            
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INVESTMENT OBJECTIVE                                                            

The CREF Money Market Account seeks high current income consistent with         
maintaining liquidity and preserving capital.                                   

PORTFOLIO PROFILE                                                               

o    The account  invests in  "first-tier"  money market  securities,  which are
     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, 2002                               

The CREF Money Market Account posted a total return of 0.78 percent, beating the
0.69  percent  return  of  its  benchmark,   the  iMoneyNet  Money  Fund  Report
Averages--All Taxable.                                                          

     During the first half of 2002,  the Federal  Reserve left the federal funds
rate  unchanged at 1.75  percent.  The  marketplace  for  short-term  credit was
dominated by the sharply  higher risks  attributed  to firms with  accounting or
liquidity  concerns.  Issuers that had either problem found the commercial paper
market a very  expensive way to raise needed funds and therefore  relied on bank
lines of credit.                                                                

     We made several changes to the account's asset allocation  during the first
six months of 2002,  based on our evaluation of the changing  short-term  credit
picture.  We changed  holdings in commercial  paper and floating rate securities
from 55 percent  and 2 percent,  respectively,  at the end of 2001 to 64 percent
and 1  percent  at the end of June  2002.  We  decreased  our  holdings  in U.S.
government and agency securities from 35 percent to 22 percent, and we more than
doubled  our  holdings  of bank  liabilities  from 6 percent to 13  percent.  In
general,  commercial paper and U.S.  government  agencies'  securities  provided
better relative value than other money market sectors during the period.        

$10,000 OVER TEN YEARS                                                          

 [Data below represents line chart in the printed piece]

                                                        [Enlarge/Download Table]

                       June   June    June    June    June    June    June    June    June    June    June  
                       1992   1993    1994    1995    1996    1997    1998    1999    2000    2001    2002  
                       ----   ----    ----    ----    ----    ----    ----    ----    ----    ----    ----  
                                                                                                            
Money Market Account  10,000  10,321  10,659  11,229  11,844  12,482  13,173  13,835  14,619  15,479  15,835

iMoneyNet Money Fund  10,000  10,287  10,586  11,115  11,689  12,271  12,904  13,508  14,212  14,987  15,288
  Report Averages--                                                                                         
  All Taxable                                                                                               

The graph assumes a $10,000  investment in the CREF Money Market Account on June
30, 1992. It shows that, by June 30, 2002,  the  investment  would have grown to
$15,835.  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 6/30/2002                      

[PIE CHART OMITTED]             

Commercial Paper                63.5%             
U.S. Government Agencies        21.6%             
Certificates of Deposit         13.1%             
Floating/Variable-Rate Notes     1.2%             
U.S. Government Bonds            0.6%             
--------------------------------------------------------------------------------

NET ANNUALIZED YIELD FOR THE 7 DAYS ENDING 6/25/2002                            

--------------------------------------------------------------------------------
                               CURRENT YIELD     EFFECTIVE YIELD
--------------------------------------------------------------------------------
MONEY MARKET ACCOUNT                    1.57%             1.58%         

iMoneyNet Fund Report                                                   
Averages-All Taxable                 1.31              1.32       
--------------------------------------------------------------------------------

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PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]

----------------------------------------------------------------------------------------------------------------------------------- 
                                              AVERAGE ANNUAL COMPOUND          CUMULRATIVE RATES OF                                 
                                               RATES OF TOTAL RETURN(1)           TOTAL RETURN(1)        2002 EXPENSES  NET ASSETS  
                                             1 YEAR    5 YEARS  10 YEARS   1 YEAR     5 YEARS   10 YEARS  (ANNUALIZED) (IN BILLIONS)
----------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                    
MONEY MARKET ACCOUNT                          2.30%     4.87%     4.70%     2.30%     26.87%     58.35%     0.40%(2)       $7.1     

iMoneyNet Money Fund Report Averages                                                                                                
  --All Taxable                               2.00      4.50      4.34      2.00      24.58      52.84        --             --     
----------------------------------------------------------------------------------------------------------------------------------- 

(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 annualized expense ratio shown here is based on actual expenses for the
     first  half of 2002.  The actual  expense  ratio for the full year may vary
based on actual expenses and investment valuations.                   

4    College Retirement Equities Fund  2002 SEMIANNUAL REPORT                   

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INFLATION-LINKED BOND ACCOUNT                                                   
--------------------------------------------------------------------------------

INVESTMENT OBJECTIVE                                                            

The CREF  Inflation-Linked  Bond Account  seeks a long-term  rate of return that
outpaces inflation, primarily through investment in inflation-indexed bonds.    

PORTFOLIO PROFILE                                                               

o    The account invests primarily in U.S. Treasury Inflation-Indexed Securities
     (TIIS), as well as inflation-indexed securities issued by U.S. corporations
and foreign governments.                                              

o    Unlike  conventional  bonds,  the  principal  value  of   inflation-indexed
securities varies, while the coupon rate remains fixed to maturity.   

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2002                               

The CREF  Inflation-Linked  Bond  Account  posted a total return of 7.20 percent
during the first half of 2002,  closely  tracking the 7.37 percent return of its
performance  benchmark,  the Salomon  Smith Barney  Inflation-Linked  Securities
Index. The difference between the account's return and that of the benchmark was
largely the result of the account's  expense charges.  The index does not factor
in any charge for expenses.                                                     

     During the first half of the year,  inflation  continued  to decline.  On a
year-over-year  basis,  the overall  inflation  rate as measured by the Consumer
Price Index-All Urban (CPI-U) was down to 1.1 percent through the end of June.  

     Throughout  the  period,  the  account's  duration  of 9.68 years  remained
similar to, or slightly shorter than, the duration of its benchmark. Duration is
a measure of the number of years  until the  average  dollar,  in present  value
terms, is received from coupon and principal payments.  The longer the duration,
the more sensitive a bond or portfolio is to changes in interest rates.  Keeping
the account's  duration close to that of the benchmark  helps  mitigate  against
risk by ensuring that performance closely tracks the index.                     

$10,000 SINCE 5/1/1997 INCEPTION                                                

[Data below represents line chart in the printed piece]                         

                                  June    June    June    June    June    June
                                  1997    1998    1999    2000    2001    2002
                                  ----    ----    ----    ----    ----    ----
Inflation Linked Bond Account     10,015  10,422  10,800  11,561  13,004  14,106

Salomon Smith Barney                                                            
Inflation-Linked Securities Index 10,021  10,454  10,887  11,689  13,193  14,341

The graph assumes a $10,000 investment in the CREF Inflation-Linked Bond Account
on May 1, 1997. It shows that, by June 30, 2002, the investment would have grown
to  $14,106.  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 6/30/2002                               

[PIE CHART OMITTED] 

5-10 Year Bonds                 65%         
Over-25-Year Bonds              35%         

--------------------------------------------------------------------------------

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PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------------
                                          AVERAGE ANNUAL COMPOUND          CUMULATIVE RATES                                         
                                         RATES OF TOTAL   RETURN(1,2)    OF TOTAL RETURN(1,2)                                       
                                                             SINCE                           SINCE      2002 EXPENSES   NET ASSETS  
                                         1 YEAR   5 YEARS INCEPTION(3)  1 YEAR   5 YEARS   INCEPTION(3)  (ANNUALIZED) (IN BILLIONS) 
------------------------------------------------------------------------------------------------------------------------------------

                                                                                                                                    
INFLATION-LINKED BOND ACCOUNT             8.48%     7.09%    6.88%     8.48%    40.85%     41.06%          0.46%(4)       $  1.6    

Salomon Smith Barney                                                                                                                
    Inflation-Linked Securities Index     8.70      7.43     7.22      8.70     43.11      43.41             --              --     

------------------------------------------------------------------------------------------------------------------------------------

(1)  Due to market volatility,  recent performance of the CREF  Inflation-Linked
     Bond Account may differ from the figures shown above.  For the most current
     performance,      visit      the      TIAA-CREF      Web      Center     at
www.tiaa-cref.org/charts/ra-performance.html, or call 800 842-2776.   

(2)  Past  performance  should not be taken as a  guarantee  of the same  future
     rates of return from the Inflation-Linked Bond Account. Future returns will
     fluctuate, as will the value of investment principal. The units you own may
be worth more or less than their original value upon redemption.      

(3)  Inception date: 5/1/1997                                                   

(4)  The annualized expense ratio shown here is based on actual expenses for the
     first  half of 2002.  The actual  expense  ratio for the full year may vary
based on actual expenses and investment valuations.                   

                2002 SEMIANNUAL REPORT  College Retirement Equities Fund     5

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BOND MARKET ACCOUNT                                                             

INVESTMENT OBJECTIVE                                                            

The CREF  Bond  Market  Account  seeks a  favorable  long-term  rate of  return,
primarily through high current income consistent with preserving capital.       

PORTFOLIO PROFILE                                                               

o    The account  invests  primarily  in a broad range of debt  securities.  The
     majority  of its  assets  are  in  U.S.  Treasury  and  agency  securities,
corporate bonds, and mortgage-backed or other asset-backed securities.

o    Most holdings are investment-grade  securities rated in the top four credit
     categories by Moody's  Investors Service or Standard & Poor's, or ones 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 as
     compared with their weights in the Lehman index  depending on where we find
     undervalued,  overlooked, or misunderstood issues that we believe offer the
potential for superior returns compared with those of the index.      

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2002                               

The CREF Bond Market Account posted a total return of 3.55 percent for the first
half of 2002.  This  was  below  the  3.79  percent  return  of its  performance
benchmark,  the Lehman Brothers  Aggregate Bond Index,  but higher than the 1.60
percent  average  return  of  similar  variable  annuities  in  the  Morningstar
Intermediate-Term Bond category.                                                

     The account's  underperformance  versus the Lehman  Brothers  index and its
overperformance  of the  Morningstar  category  were  largely  the result of the
account's expense charge. The index does not factor in charges for expenses, but
expenses are reflected in the Morningstar  category's average returns.  The Bond
Market   Account's   return   was   higher   than   that   of  the   Morningstar
Intermediate-Term  Bond category primarily because the account's 2002 annualized
expense  charge of 0.39  percent is  considerably  lower  than the 1.97  percent
average  expense  charge  of  variable  annuities  included  in the  Morningstar
category.                                                                       

     During the period,  yields on U.S. Treasury  securities  remained virtually
the same, as the Federal Reserve left short-term interest rates unchanged.  With
little movement in Treasury yields, investors looked to corporate securities for
higher  returns in early 2002.  Initially  believing the economy was  improving,
many  investors  accumulated an overweight  position in corporate  securities in
early 2002.                                                                     

     Unfortunately,   the  continuing   procession  of  high-profile   corporate
bankruptcies,  accounting scandals,  and SEC investigations jolted the corporate
market during the second  quarter.  Many funds were caught with  positions  they
were unable to sell at reasonable  valuations.  With investors pulling back from
companies  with  accounting  concerns,   headline  risk,  or  alleged  corporate
malfeasance,  yield  spreads  on  corporate  debt  securities  became  extremely
volatile. Corporate securities underperformed Treasuries of similar duration, as
risk premiums  (spreads)  rose to high levels  compared with those of the recent
past--particularly  for  the  telecommunications,  cable,  and  energy  sectors.
(Duration  measures  the number of years  until the average  dollar,  in current
value terms,  is received  from coupon and  principal  payments.  The longer the
duration,  the more  sensitive  a bond or  portfolio  is to changes in  interest
rates.)                                                                         

     During  the  period,  securities  that were less  prone to credit  concerns
performed well. These included  mortgage-backed,  asset-backed,  and U.S. agency
securities.                                                                     

     The Bond Market Account's  overweight holdings in corporate debt securities
detracted from performance  relative to the benchmark.  Notable among these were
our  slightly  overweight  positions  in troubled  telecommunications  companies
WorldCom,  Qwest,  and Adelphia  Communications.  On the positive side,  account
performance  was  enhanced  by  holdings  in  U.S.  Treasury   Inflation-Indexed
Securities (TIIS).                                                              

     The account's  option-adjusted duration was 4.28 years as of June 30, 2002,
compared  with  4.29  years  for the  benchmark.  Keeping  the  duration  of the
account's  holdings close to that of the benchmark  index 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 entire  U.S.  bond  market.  The index
includes more than 6,700 taxable  government,  investment-grade  corporate,  and
mortgage-backed securities.                                                     

6    College Retirement Equities Fund  2002 SEMIANNUAL REPORT                   

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$10,000 OVER TEN YEARS                                                          

[Data below represents line chart in the printed piece]                         

                                                        [Enlarge/Download Table]

                         June   June    June    June    June    June    June    June    June    June    June  
                         1992   1993    1994    1995    1996    1997    1998    1999    2000    2001    2002  
                         ----   ----    ----    ----    ----    ----    ----    ----    ----    ----    ----  
                                                                                                              
Bond Market Account     10,000  11,313  11,107  12,425  12,981  14,021  15,496  15,884  16,624  18,464  19,998

Lehman Brothers         10,000  11,178  11,033  12,417  13,040  14,103  15,590  16,080  16,814  18,702  20,316
  Aggregate Bond Index                                                                                        

The graph assumes a $10,000 investment in the CREF Bond Market Account on June  
30, 1992. It shows that, by June 30, 2002, the investment would have grown to   
$19,988. For comparison, the graph shows how the Lehman Brothers Aggregate Bond 
Index, the Bond Market Account's benchmark, changed over the same period.       

--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION BY SECTOR AS OF 6/30/2002                                 

[PIE CHART OMITTED] 

Mortgage-Backed and Other                                                       
Asset-Backed Securities                   42.3%                                 

U.S. Treasury and                                                               
Agency Securities                         27.0%                                 

Corporate Bonds                           26.0%                                 

Investments Maturing                                                            
in Less Than a Year                        3.3%                                 

Foreign Government and Foreign                                                  
Corporate Bonds Denominated in                                                  
U.S. Dollars                               1.4%                                 

The account's  short-term  securities primarily represent purchases that had not
yet  closed  as of June 30,  2002,  plus  collateral  for bonds  lent  under our
securities lending program.                                                     

--------------------------------------------------------------------------------

RATINGS OF LONG-TERM BONDS AS OF 6/30/2002                                      

The bonds we buy are  typically  of high  credit  quality;  the  majority  carry
ratings of A or higher from the major rating agencies.  As of June 30, 2002, the
quality ratings of the account's long-term debt holdings were as follows:       

--------------------------------------------------------------------------------
                                       RATING                PERCENT
--------------------------------------------------------------------------------
U.S. TREASURY AND AGENCY SECURITIES      (not rated) .......... 30.3    
INVESTMENT GRADE                                                        
Mortgage-Backed and                                               
 Asset-Backed Securities             Aaa/AAA .............. 42.3
Other Long-Term Debt                  Aaa/AAA ..............  1.1 
                                     Aa/AA ................  5.5
                                     A/A .................. 10.2
                                     Baa/BBB ..............  9.3

BELOW INVESTMENT GRADE                   Ba/BB ................  0.8    
                                     B/B ..................  0.5

--------------------------------------------------------------------------------

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

                                                        [Enlarge/Download Table]

--------------------------------------------------------------------------------------
                                                                  MARKET       PERCENT
                          COUPON       MATURITY     PRINCIPAL      VALUE        OF NET
ISSUER                     RATE          DATE         (000)        (000)        ASSETS
--------------------------------------------------------------------------------------
                                                                                      
FNMA TBA                   6.500%       7/25/31     $381,000     $388,384        7.97%
U.S. Treasury Note         3.625        1/15/08      271,506      284,233        5.83 
U.S. Treasury Bond         7.250        5/15/16      204,700      241,250        4.95 
GNMA TBA                   7.000        6/15/31      160,000      166,050        3.41 
FNMA TBA                   7.000        8/25/32      150,000      154,875        3.18 
FHLMC Note                 6.875        1/15/05      118,000      127,948        2.63 
FGLMC TBA                  7.500        7/25/31      121,000      126,975        2.61 
FGLMC TBA                  6.500        8/25/32      120,000      121,944        2.50 
FGLMC TBA                  8.000        7/25/30      110,000      116,909        2.40 
U.S. Treasury Note         3.375        1/15/07      105,521      109,758        2.25 
--------------------------------------------------------------------------------------

FNMA: Federal National Mortgage Association;  GNMA: Government National Mortgage
Association;  FHLMC: Federal Home Loan Mortgage Corporation; FGLMC: Federal Home
Loan Mortgage Corporation Gold.                                                 

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PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------------------------
                                            AVERAGE ANNUAL COMPOUND            CUMULATIVE RATES                                    
                                           RATES OF TOTAL RETURN(1,2)         OF TOTAL RETURN(1,2)      2002 EXPENSES  NET ASSETS  
                                          1 YEAR   5 YEARS    10 YEARS    1 YEAR   5 YEARS     10 YEARS  (ANNUALIZED) (IN BILLIONS)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
BOND MARKET ACCOUNT                        8.25%     7.35%      7.17%      8.25%     42.55%      99.88%     0.39%(3)    $  4.9     
Lehman Brothers Aggregate Bond Index       8.63      7.57       7.35       8.63      44.05      103.16        --           --      
Morningstar Intermediate-Term                                                                                                      
   Bond (VA) category                      4.81      4.57       5.60       4.81      26.05       72.05        --           --      
Lipper Intermediate Investment                                                                                                     
   Grade Debt Index                        7.08      6.73       6.73       7.08      38.47       91.84        --           --      
-----------------------------------------------------------------------------------------------------------------------------------

(1)  Due to  market  volatility,  recent  performance  of the CREF  Bond  Market
     Account may differ  from the  figures  shown  above.  For the most  current
     performance,      visit      the      TIAA-CREF      Web      Center     at
www.tiaa-cref.org/charts/ra-performance.html, or call 800 842-2776.   

(2)  Past  performance  should not be taken as a  guarantee  of the same  future
     rates  of  return  from  the  Bond  Market  Account.  Future  returns  will
     fluctuate, as will the value of investment principal. The units you own may
be worth more or less than their  original  value  upon  redemption.  

(3)  The annualized expense ratio shown here is based on actual expenses for the
     first  half of 2002.  The actual  expense  ratio for the full year may vary
based on actual expenses and investment valuations.                   

                   2002 SEMIANNUAL REPORT  College Retirement Equities Fund  7

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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, 2002                               

The CREF Social Choice Account completed the period with a total return of -6.37
percent.  This was  slightly  above the -6.38  percent  return of its  composite
benchmark,  a  weighted  average  of the S&P 500 Index and the  Lehman  Brothers
Aggregate Bond Index that matches the 60 percent/40  percent  proportions of the
account's equity and bond holdings.                                             

     The  account's  returns were also higher than the -7.02  percent  return of
similar  variable  annuities,  as measured by the  Morningstar  Domestic  Hybrid
category. Neither the benchmark nor the Morningstar category screens investments
for social reasons.                                                             

     Compared with the S&P 500 Index,  the account's  equity  segment  benefited
during the period from the screening process,  which prohibited the account from
owning shares in Tyco International,  General Electric, and Abbott Laboratories.
These companies fail the account's  military,  nuclear-power,  and environmental
screens,  respectively.  Conversely,  performance  relative to the benchmark was
hurt  because  the  account  does not own shares in Exxon  Mobil and Royal Dutch
Petroleum,  energy  companies  that are excluded by the account's  environmental
screen, and Philip Morris, which fails the tobacco screen.                      

     The  fixed-income  portion of the account is invested in U.S.  Treasury and
agency securities, mortgage-backed and asset-backed securities, corporate bonds,
foreign-government  and foreign corporate bonds denominated in U.S. dollars, and
short-term investments.                                                         

NEW SCREENING PROCESS                                                           

As of July 1,  2002,  the CREF  Social  Choice  Account  adopted a new method of
screening  investments that incorporates  exclusionary  screens and screens that
evaluate a  company's  activities  from a  qualitative  perspective.  The latter
approach is favored by many investors.  In making the change, we replace the S&P
500 Index, the account's equity benchmark, with the Russell 3000 Index.         

     Going forward,  the account will invest in stocks,  bonds, and money market
instruments  primarily  from  companies  in the Russell 3000 Index that pass two
kinds of social screens. First, the account will exclude certain companies based
on revenues derived from involvement with alcohol,  tobacco,  gambling,  weapons
production,  or nuclear power. The remaining  companies under  consideration for
investment  will then be evaluated and selected  based on  additional  criteria,
such as respect for the environment and human rights,  charitable  giving,  fair
labor and governance practices, quality products, and leadership in research and
development. The account continues to invest in government securities.          

--------------------------------------------------------------------------------
SOCIAL CRITERIA                                                                 
--------------------------------------------------------------------------------

For the  reporting  periods,  the CREF Social  Choice  Account did not invest in
companies that                                                                  

o    engage in  activities  that  result or are likely to result in  significant
damage to the environment,                                            

o    have a significant portion of their business in weapons manufacturing,     

o    have a  significant  portion  of  their  business  in  gaming  or  gambling
operations,                                                           

o    produce and market alcoholic beverages or tobacco products,                

o    produce nuclear energy, or                                                 

o    have  operations  in Northern  Ireland  and have not  adopted the  MacBride
     Principles (a fair  employment  code for U.S.  firms  operating in Northern
     Ireland) or have not  operated  consistently  with such  principles  and in
compliance with the Fair Employment Act of 1989 (Northern Ireland).   

8   College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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$10,000 OVER TEN YEARS                                                          

[Data below represents line chart in the printed piece]                         

                                                        [Enlarge/Download Table]

                         June   June    June    June    June    June    June    June    June    June    June  
                         1992   1993    1994    1995    1996    1997    1998    1999    2000    2001    2002  
                         ----   ----    ----    ----    ----    ----    ----    ----    ----    ----    ----  
                                                                                                              
Social Choice Account   10,000  11,721  11,668  13,954  16,306  20,270  24,697  28,077  29,939  28,255  26,192

S&P 500 Index           10,000  11,363  11,523  14,527  18,304  24,655  32,091  39,394  42,250  36,984  29,511

Lehman Brothers                                                                                               
  Aggregate Bond Index  10,000  11,178  11,033  12,417  13,040  14,103  15,590  16,080  16,814  18,702  20,316

The graph assumes a $10,000 investment in the CREF Social Choice Account on June
30, 1992. It shows that, by June 30, 2002,  the  investment  would have grown to
$26,192.  For  comparison,  the graph  shows  how the  Social  Choice  Account's
benchmarks changed over the same period.                                        

--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION AS OF 6/30/2002                                           

[PIE CHART OMITTED] 

U.S. Stocks                    59.9%    
Long-Term Bonds                39.6%    
Short-Term Investments          0.5%    

--------------------------------------------------------------------------------
THE ACCOUNT'S BENCHMARKS                                                        
--------------------------------------------------------------------------------

Through June 30, 2002,  the  benchmarks  we used for the two  components  of the
Social  Choice  Account  were the S&P 500  Index,  representing  the U.S.  stock
market, and the Lehman Brothers Aggregate Bond Index,  representing fixed-income
investments.                                                                    

     As of July 1, 2002,  the  account's  equity  portion will seek to track the
returns of the Russell 3000 Index instead of the S&P 500 Index. The fixed-income
index remains unchanged.                                                        

--------------------------------------------------------------------------------

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

This portfolio contains both stocks and bonds. For stocks, the number of shares 
is shown. For bonds, maturity date and amount of principal are shown.           

                                                        [Enlarge/Download Table]

---------------------------------------------------------------------------------------
                                                    PRINCIPAL/    MARKET      PERCENT  
                            COUPON     MATURITY      SHARES        VALUE      OF NET   
ISSUER                       RATE        DATE         (000)        (000)      ASSETS   
---------------------------------------------------------------------------------------
                                                                                       
U.S. Treasury Bond           7.250%     5/15/16     $149,900     $176,666      4.02    
U.S. Treasury Note           3.625      1/15/08      100,146      104,840      2.39    
GNMA TBA                     7.000      6/15/31       93,000       96,516      2.20    
FNMA TBA                     6.500      7/25/31       80,000       81,550      1.86    
Microsoft Corp                  na           na        1,368       74,856      1.70    
FGLMC Note                   7.000      7/25/31        6,700       69,993      1.59    
FGLMC Note                   6.500      8/25/32       64,000       65,037      1.48    
American Int'l Group, Inc       na           na      915,536       62,467      1.42    
Johnson & Johnson               na           na        1,092       57,082      1.30    
U.S. Treasury Bond          10.000      5/15/10       47,500       55,774      1.27    

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GNMA: Government National Mortgage Association;  FNMA: Federal National Mortgage
Association; FGLMC: Federal Home Loan Mortgage Corporation Gold.                
--------------------------------------------------------------------------------

PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------------------------
                                            AVERAGE ANNUAL COMPOUND            CUMULATIVE RATES                                    
                                           RATES OF TOTAL RETURN(1,2)         OF TOTAL RETURN(1,2)      2002 EXPENSES  NET ASSETS  
                                          1 YEAR   5 YEARS    10 YEARS    1 YEAR   5 YEARS     10 YEARS  (ANNUALIZED) (IN BILLIONS)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
SOCIAL CHOICE ACCOUNT                     -7.30%     5.26%     10.11%     -7.30%     29.21%     161.92%      0.37%(3)   $  4.4     
S&P 500 Index                            -17.99      3.66      11.43     -17.99      19.70      195.11         --           --     
Lehman Brothers Aggregate Bond Index       8.63      7.57       7.35       8.63      44.05      103.16         --           --     
Morningstar Domestic Hybrid                                                                                                        
  (VA) category                           -9.33      3.56       6.97      -9.33      19.26      106.60         --           --     
Lipper Balanced Fund Index                -7.54      4.76       8.81      -7.54      26.19      132.72         --           --     
-----------------------------------------------------------------------------------------------------------------------------------

(1)  Due to market  volatility,  recent  performance  of the CREF Social  Choice
     Account may differ  from the  figures  shown  above.  For the most  current
     performance,      visit      the      TIAA-CREF      Web      Center     at
www.tiaa-cref.org/charts/ra-performance.html, or call 800 842-2776.   

(2)  Past  performance  should not be taken as a  guarantee  of the same  future
     rates of  return  from the  Social  Choice  Account.  Future  returns  will
     fluctuate, as will the value of investment principal. The units you own may
be worth more or less than their original value upon redemption.      

(3)  The annualized expense ratio shown here is based on actual expenses for the
     first  half of 2002.  The actual  expense  ratio for the full year may vary
based on actual expenses and investment valuations.                   

                 2002 SEMIANNUAL REPORT  College Retirement Equities Fund      9

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EQUITY INDEX ACCOUNT                                                            
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INVESTMENT OBJECTIVE                                                            

The CREF Equity Index Account seeks a favorable  long-term rate of return from a
diversified  portfolio  selected to track the overall  market for common  stocks
publicly  traded in the U.S., as  represented by the Russell 3000 Index, a broad
stock market index.                                                             

PORTFOLIO PROFILE                                                               

o    The account's benchmark is the Russell 3000 Index.                         

o    The account may use a sampling  approach to create a portfolio that closely
     matches  the  overall  investment  characteristics  of the  index,  without
investing in all 3,000 stocks.                                        

PERFORMANCE IN SIX MONTHS ENDED JUNE 30, 2002                                   

The CREF Equity Index  Account  posted a total return of -12.38  percent for the
first half of 2002,  compared with the -12.24  percent  return of its benchmark,
the Russell 3000 Index. The index does not factor in any charge for expenses.   

--------------------------------------------------------------------------------

TEN LARGEST HOLDINGS AS OF 6/30/2002                                            

--------------------------------------------------------------------------------
                                      SHARES        MARKET VALUE  PERCENT OF
COMPANY                              (IN MILLIONS)   (IN MILLIONS)  NET ASSETS  
--------------------------------------------------------------------------------
General Electric Co                       5.1         $  147.6         2.84     
Exxon Mobil Corp                          3.5            141.9         2.73     
Microsoft Corp                            2.3            125.2         2.41     
Pfizer, Inc                               3.2            111.8         2.15     
Citigroup, Inc                            2.6            102.0         1.97     
Johnson & Johnson                         1.5             80.4         1.55     
American Int'l Group, Inc                 1.2             80.3         1.55     
Wal-Mart Stores, Inc                      1.4             76.7         1.48     
Int'l Business Machines Corp              0.9             63.0         1.21     
Intel Corp                                3.4             62.4         1.20     
--------------------------------------------------------------------------------

$10,000 SINCE 4/29/1994 INCEPTION                                               

[Data below represents line chart in the printed piece]                         

                                                        [Enlarge/Download Table]

                      June    June    June    June    June    June    June    June    June  
                      1994    1995    1996    1997    1998    1999    2000    2001    2002  
                      ----    ----    ----    ----    ----    ----    ----    ----    ----  
                                                                                            
Equity Index Account   9,829  12,222  15,331  19,989  25,669  30,823  33,723  29,008  23,927

Russell 3000 Index     9,833  12,284  15,479  20,213  26,035  31,269  34,271  29,495  24,409

The graph assumes a $10,000 investment in the CREF Equity Index Account on April
29, 1994. It shows that, by June 30, 2002,  the  investment  would have grown to
$23,927. For comparison,  the graph shows how the Russell 3000, the Equity Index
Account's benchmark, changed over the same period.                              

--------------------------------------------------------------------------------

PORTFOLIO COMPOSITION AS OF 6/30/2002                                           

[Data below represents pie chart in the printed piece]                        

Consumer Products                         
 and Services                          35.6%
 Financial Services                    20.3%
 Technology                            15.0%
Manufacturing                             
 and Materials                         14.6%
 Utilities                              7.1%
 Energy                                 5.8%
 Transportation                         1.3%
 Short-Term Investments                 0.3%

--------------------------------------------------------------------------------

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PERFORMANCE AT A GLANCE AS OF 6/30/2002                                         

                                                        [Enlarge/Download Table]

-----------------------------------------------------------------------------------------------------------------------------------
                                 AVERAGE ANNUAL COMPOUND              CUMULATIVE RATES                                             
                                RATES OF TOTAL RETURN(1,2)           OF TOTAL RETURN(1,2)              2002 EXPENSES   NET ASSETS  
                           1 YEAR    5 YEARS  SINCE INCEPTION   1 YEAR     5 YEARS   SINCE INCEPTION     (ANNUALIZED) (IN BILLIONS)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
EQUITY INDEX ACCOUNT       -17.51%     3.66%       11.33%       -17.51%     19.70%       140.55%           0.41%(5)       $5.2     
Russell 3000 Index(4)      -17.24      3.84        11.60        -17.24      20.76        145.31              --             --     
-----------------------------------------------------------------------------------------------------------------------------------

(1)  Due to market  volatility,  recent  performance  of the CREF  Equity  Index
     Account may differ  from the  figures  shown  above.  For the most  current
     performance,      visit      the      TIAA-CREF      Web      Center     at
www.tiaa-cref.org/charts/ra-performance.html or call 800 842-2776.    

(2)  Past  performance  should not be taken as a  guarantee  of the same  future
     rates  of  return  from the  Equity  Index  Account.  Future  returns  will
     fluctuate, as will the value of investment principal. The units you own may
be worth more or less than their original value upon redemption.      

(3)  Inception date: 4/29/1994                                                  

(4)  The  Russell  3000 is an  unmanaged  index of stocks of about  3,000 of the
     largest (based on market  capitalization)  publicly traded U.S.  companies.
     The  Russell  3000(R)  Index is a trademark  and service  mark of the Frank
     Russell Company. No CREF account is promoted, endorsed,  sponsored, or sold
by or affiliated with the Frank Russell Company.                      

(5)  The annualized expense ratio shown here is based on actual expenses for the
     first  half of 2002.  The actual  expense  ratio for the full year may vary
based on actual expenses and investment valuations.                   

10  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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 Statement of Investments - MONEY MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                        RATINGS+      VALUE (000)
---------                                         --------     ---------- 

CORPORATE BOND--0.14%                                                           

UTILITY--0.14%                                                                
Georgia Power Co (Sr Note)                
$10,000,000          5.750%, 01/31/03 ................  A2         $ 10,203   
                                                                --------
               TOTAL UTILITY                                      10,203
                                                                --------
TOTAL CORPORATE BOND                      
                (COST $10,253)                                    10,203
                                                                --------
SHORT TERM INVESTMENTS--99.63%                                                  

CERTIFICATES OF DEPOSIT--12.80%                                               
Bank Of Nova Scotia                       
25,000,000          1.780%, 08/28/02 ..........................     24,999  
Barclays Bank Plc                         
50,000,000          1.780%, 07/22/02 ..........................     49,999  
25,000,000          1.870%, 08/13/02 ..........................     25,001  
Canadian Imperial Bank Of Commerce        
25,000,000          1.775%, 07/30/02 ..........................     24,999  
50,000,000          1.700%, 07/31/02 ..........................     49,994  
25,000,000          2.010%, 09/03/02 ..........................     25,009  
25,000,000          2.090%, 12/30/02 ..........................     25,017  
Credit Suisse First Boston                
50,000,000          2.090%, 10/03/02 ..........................     50,033  
Deutsche Bank                             
46,110,000          1.840%, 07/12/02 ..........................     46,110  
25,000,000          1.790%, 09/05/02 ..........................     24,999  
25,000,000          1.910%, 10/22/02 ..........................     24,990  
25,000,000          2.520%, 11/26/02 ..........................     25,061  
25,000,000          2.600%, 01/06/03 ..........................     25,082  
Dresdner Bank                             
25,000,000          1.770%, 07/15/02 ..........................     25,000  
31,000,000          1.810%, 10/07/02 ..........................     30,997  
Harris Trust And Savings Bank             
25,000,000          2.440%, 10/22/02 ..........................     25,046  
Rabobank Nederland NV                     
25,000,000          1.920%, 09/03/02 ..........................     25,005  
25,000,000          2.460%, 02/25/03 ..........................     25,067  
25,000,000          2.595%, 04/04/03 ..........................     25,055  
Royal Bank Of Canada                      
25,000,000          2.425%, 12/17/02 ..........................     25,058  
Royal Bank Of Scotland plc                
50,000,000          1.850%, 07/15/02 ..........................     50,000  
25,000,000          1.800%, 09/11/02 ..........................     25,000  
Societe Generale                          
50,000,000          1.790%, 07/26/02 ..........................     49,998  
State Street Bank & Trust Co              
35,100,000          1.970%, 11/26/02 ..........................     35,116  
Toronto Dominion Bank                     
25,000,000          1.850%, 08/22/02 ..........................     25,001  
Westdeutsche Landesbank                   
10,000,000          1.890%, 07/08/02 ..........................     10,000  
20,000,000          1.780%, 07/11/02 ..........................     20,000  
20,000,000          1.880%, 07/18/02 ..........................     20,000  
25,000,000          1.910%, 08/05/02 ..........................     25,002  
20,000,000          2.000%, 11/08/02 ..........................     20,009  
25,000,000          2.600%, 04/04/03 ..........................     25,056  
                                                                --------
               TOTAL CERTIFICATES OF DEPOSIT                     907,703
                                                                --------
COMMERCIAL PAPER--60.38%                                                      
Abbey National North America Llc          
40,000,000          1.790%, 09/27/02 ..........................     39,821  
Abbot Laboratories                        
35,000,000        c 1.740%, 07/11/02 ..........................     34,981  
26,000,000        c 1.740%, 07/17/02 ..........................     25,979  
Abn Amro North America Finance, Inc       
25,000,000          1.850%, 07/12/02 ..........................     24,985  
Alabama Power Co                          
10,881,000        c 1.750%, 07/18/02 ..........................     10,871  
28,300,000          1.770%, 07/23/02 ..........................     28,268  
American Express Credit Corp              
25,000,000          1.830%, 04/08/03 ..........................     25,020  
American Honda Finance Corp Note          
50,000,000          1.770%, 08/19/02 ..........................     49,877  
Asset Securitization Coop Corp            
40,000,000        c 1.790%, 07/11/02 ..........................     39,978  
40,000,000        c 1.790%, 07/23/02 ..........................     39,955  
15,000,000        c 1.770%, 07/25/02 ..........................     14,982  
10,000,000        c 1.780%, 08/08/02 ..........................      9,981  
20,000,000        c 1.780%, 08/13/02 ..........................     19,956  
25,000,000        c 1.800%, 08/19/02 ..........................     24,938  

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Barclays U.S. Funding Corp                
4,650,000          1.790%, 08/13/02 ..........................      4,640 
41,140,000          1.800%, 09/04/02 ..........................     41,002  
Bear Stearns Co, Inc                      
25,000,000          1.770%, 08/20/02 ..........................     24,937  
Bellsouth Corp                            
37,371,000        c 1.750%, 07/01/02 ..........................     37,369  
20,000,000        c 1.750%, 07/18/02 ..........................     19,982  
36,225,000        c 1.770%, 07/19/02 ..........................     36,191  
Beta Finance, Inc                         
25,000,000        c 2.000%, 07/08/02 ..........................     24,990  
10,000,000        c 1.800%, 07/10/02 ..........................      9,995  
16,000,000        c 1.820%, 08/12/02 ..........................     15,966  
4,900,000        c 1.820%, 08/16/02 ..........................      4,888 
13,800,000        c 1.900%, 09/16/02 ..........................     13,746  
23,000,000        c 1.800%, 09/19/02 ..........................     22,906  
13,500,000        c 1.920%, 09/25/02 ..........................     13,441  
7,500,000        c 2.050%, 10/21/02 ..........................      7,458 
6,050,000        c 1.960%, 11/04/02 ..........................      6,011 
19,500,000        c 1.980%, 11/21/02 ..........................     19,359  
BMW US Capital Corp                       
23,500,000          1.760%, 07/08/02 ..........................     23,491  
25,000,000        c 1.760%, 07/12/02 ..........................     24,986  
Canadian Wheat Board                      
25,000,000          1.780%, 11/04/02 ..........................     24,841  
Caterpillar Financial Services Corp       
3,600,000          1.780%, 07/15/02 ..........................      3,597 
8,750,000          2.070%, 09/03/02 ..........................      8,721 
18,000,000          1.920%, 10/25/02 ..........................     17,895  
10,000,000          2.000%, 12/03/02 ..........................      9,921  
20,000,000        c 2.060%, 12/16/02 ..........................     19,829  
CC (USA), Inc                             
5,500,000        c 1.920%, 07/08/02 ..........................      5,498 
25,000,000        c 1.810%, 08/01/02 ..........................     24,960  
30,000,000        c 1.810%, 08/08/02 ..........................     29,941  
10,000,000        c 1.810%, 08/30/02 ..........................      9,969  
37,000,000        c 1.800%, 09/23/02 ..........................     36,842  
19,000,000        c 1.800%, 09/27/02 ..........................     18,915  
9,830,000        c 2.010%, 11/18/02 ..........................      9,760 
Ciesco LP                                 
40,000,000          1.780%, 07/02/02 ..........................     39,996  
32,020,000        c 1.780%, 07/23/02 ..........................     31,983  
21,000,000        c 1.770%, 08/07/02 ..........................     20,961  
35,000,000        c 1.780%, 08/07/02 ..........................     34,934  
21,000,000          1.770%, 08/12/02 ..........................     20,956  
Citicorp                                  
35,000,000          1.770%, 08/08/02 ..........................     34,933  
25,000,000          1.770%, 09/10/02 ..........................     24,909  
10,000,000          1.980%, 05/30/03 ..........................     10,008  

+ As provided by Moody's Investors Services (Unaudited)                         

 SEE NOTES TO FINANCIAL STATEMENTS

                  2002 SEMIANNUAL REPORT  College Retirement Equities Fund  11

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 Statement of Investments - MONEY MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                                      VALUE (000)
---------                                                      ---------- 

COMMERCIAL PAPER--(CONTINUED)                                                 
Coca Cola Co                              
$28,901,000          1.750%, 07/18/02 ..........................   $ 28,875   
Coca-Cola Enterprises, Inc                
25,000,000          1.750%, 07/15/02 ..........................     24,982  
Corporate Asset Funding Corp, Inc         
37,470,000        c 1.780%, 07/30/02 ..........................     37,414  
50,000,000        c 1.790%, 08/06/02 ..........................     49,908  
50,000,000        c 1.780%, 08/09/02 ..........................     49,901  
8,500,000        c 1.760%, 08/22/02 ..........................      8,477 
Delaware Funding Corp                     
17,489,000        c 1.850%, 07/03/02 ..........................     17,486  
20,000,000        c 1.780%, 07/10/02 ..........................     19,990  
21,465,000        c 1.790%, 07/17/02 ..........................     21,447  
6,920,000        c 1.780%, 07/18/02 ..........................      6,914 
10,745,000        c 1.830%, 07/25/02 ..........................     10,732  
Edison Asset Securitization LLC           
10,089,000        c 1.780%, 07/02/02 ..........................     10,088  
30,000,000        c 1.800%, 08/01/02 ..........................     29,951  
50,000,000        c 1.840%, 08/16/02 ..........................     49,881  
56,000,000        c 1.840%, 09/17/02 ..........................     55,777  
1,450,000        c 1.930%, 10/17/02 ..........................      1,442 
Enterprise Funding Corp                   
21,285,000        c 1.780%, 07/10/02 ..........................     21,274  
23,000,000        c 1.780%, 07/24/02 ..........................     22,973  
15,000,000        c 1.780%, 08/15/02 ..........................     14,966  
10,000,000        c 1.790%, 08/16/02 ..........................      9,976  
Fcar Owner Trust I                        
50,000,000          1.940%, 07/09/02 ..........................     49,978  
50,000,000          1.770%, 07/25/02 ..........................     49,939  
25,000,000          1.950%, 08/02/02 ..........................     24,958  
25,000,000          1.780%, 08/08/02 ..........................     24,952  
Fleet Funding Corp                        
30,000,000        c 1.870%, 07/02/02 ..........................     29,997  
50,000,000        c 1.820%, 08/06/02 ..........................     49,908  
48,000,000        c 1.810%, 08/07/02 ..........................     47,909  
18,346,000        c 1.770%, 08/26/02 ..........................     18,295  
Fortune Brands                            
15,835,000        c 1.790%, 07/08/02 ..........................     15,829  
12,000,000        c 1.770%, 07/16/02 ..........................     11,991  
25,000,000        c 1.760%, 07/18/02 ..........................     24,978  
11,900,000        c 1.770%, 07/23/02 ..........................     11,887  
24,000,000        c 2.020%, 10/15/02 ..........................     23,871  
25,000,000        c 2.000%, 10/21/02 ..........................     24,859  
General Electric Capital Corp             
25,000,000          1.860%, 07/08/02 ..........................     24,990  
14,500,000          1.800%, 07/09/02 ..........................     14,494  
 250,000          1.800%, 07/11/02 ..........................        250
20,000,000          1.780%, 07/19/02 ..........................     19,981  
5,500,000          2.090%, 10/15/02 ..........................      5,471 
22,700,000          1.850%, 12/10/02 ..........................     22,513  
Govco, Inc                                
29,000,000        c 1.860%, 07/10/02 ..........................     28,986  
11,963,000        c 1.790%, 07/25/02 ..........................     11,948  
14,000,000        c 1.790%, 08/06/02 ..........................     13,974  
26,000,000        c 1.780%, 08/21/02 ..........................     25,933  
25,000,000        c 1.780%, 09/04/02 ..........................     24,916  
20,000,000        c 1.790%, 09/09/02 ..........................     19,928  
4,675,000        c 2.180%, 09/16/02 ..........................      4,657 
19,000,000        c 1.800%, 09/18/02 ..........................     18,923  
Greyhawk Funding LLC                      
9,308,000        c 1.790%, 07/01/02 ..........................      9,308 
12,415,000        c 1.780%, 07/03/02 ..........................     12,413  
22,000,000        c 1.880%, 07/11/02 ..........................     21,988  
48,000,000        c 1.870%, 07/22/02 ..........................     47,947  
29,000,000        c 1.780%, 08/12/02 ..........................     28,938  
8,500,000        c 1.830%, 09/05/02 ..........................      8,471 
20,000,000        c 2.130%, 10/02/02 ..........................     19,906  
Harley-Davidson Funding Corp              
11,000,000        c 1.770%, 07/09/02 ..........................     10,995  
12,000,000        c 1.760%, 07/15/02 ..........................     11,991  
15,000,000          1.780%, 08/02/02 ..........................     14,975  
13,000,000        c 1.790%, 08/09/02 ..........................     12,974  
Home Depot Funding Corp                   
25,000,000        c 1.950%, 11/06/02 ..........................     24,838  
50,000,000        c 2.000%, 11/18/02 ..........................     49,646  
Johnson & Johnson                         
74,700,000        c 1.765%, 07/29/02 ..........................     74,592  
6,690,000        c 1.770%, 08/13/02 ..........................      6,676 
5,305,000        c 1.780%, 08/14/02 ..........................      5,293 
27,850,000        c 1.780%, 08/21/02 ..........................     27,779  
Kimberly-Clark Worldwide, Inc             
20,165,000        c 1.740%, 07/23/02 ..........................     20,143  

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Kitty Hawk Funding Corp                   
50,000,000        c 1.790%, 07/22/02 ..........................     49,945  
20,000,000        c 1.910%, 07/26/02 ..........................     19,973  
14,800,000        c 1.810%, 07/31/02 ..........................     14,777  
10,031,000        c 1.780%, 08/14/02 ..........................     10,009  
8,064,000        c 1.790%, 09/05/02 ..........................      8,037 
40,000,000        c 1.790%, 09/30/02 ..........................     39,815  
McGraw-Hill, Inc                          
21,500,000          1.780%, 07/30/02 ..........................     21,468  
23,000,000          1.790%, 08/02/02 ..........................     22,961  
40,000,000          1.800%, 09/05/02 ..........................     39,864  
6,150,000          2.000%, 10/21/02 ..........................      6,115 
Moriarty LLC                              
50,000,000        c 1.980%, 08/01/02 ..........................     49,919  
25,000,000        c 1.810%, 09/09/02 ..........................     24,910  
Paccar Financial Corp                     
31,000,000          1.800%, 07/24/02 ..........................     30,963  
9,370,000          1.770%, 09/12/02 ..........................      9,335 
Park Avenue Receivables Corp              
39,905,000        c 2.020%, 07/01/02 ..........................     39,903  
30,000,000        c 1.780%, 07/09/02 ..........................     29,987  
18,867,000        c 1.780%, 07/10/02 ..........................     18,858  
3,836,000        c 1.780%, 07/11/02 ..........................      3,834 
9,500,000        c 1.800%, 07/15/02 ..........................      9,493 
25,000,000        c 1.790%, 07/16/02 ..........................     24,980  
15,000,000        c 1.780%, 07/19/02 ..........................     14,986  
7,000,000        c 1.780%, 08/14/02 ..........................      6,984 
Pfizer, Inc                               
24,775,000        c 1.760%, 07/09/02 ..........................     24,764  
Preferred Receivables Funding Corp        
19,300,000        c 1.800%, 07/01/02 ..........................     19,299  
9,800,000        c 1.780%, 07/08/02 ..........................      9,796 
5,300,000        c 1.790%, 07/11/02 ..........................      5,297 
50,000,000        c 1.790%, 07/12/02 ..........................     49,970  
5,000,000        c 1.780%, 07/19/02 ..........................      4,995 
20,000,000        c 1.790%, 07/26/02 ..........................     19,974  
Procter & Gamble                          
5,560,000        c 1.750%, 07/02/02 ..........................      5,559 
22,665,000        c 1.740%, 07/26/02 ..........................     22,636  
Receivables Capital Corp                  
22,906,000        c 1.780%, 07/01/02 ..........................     22,905  
20,000,000        c 1.870%, 07/09/02 ..........................     19,991  
15,834,000        c 1.790%, 07/10/02 ..........................     15,826  
18,000,000        c 1.850%, 07/15/02 ..........................     17,986  
13,981,000        c 1.800%, 07/22/02 ..........................     13,966  
34,000,000        c 1.800%, 07/23/02 ..........................     33,961  
13,941,000        c 1.800%, 07/25/02 ..........................     13,924  

12  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

 SEE NOTES TO FINANCIAL STATEMENTS

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 Statement of Investments - MONEY MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                                      VALUE (000)
---------                                                      ---------- 
COMMERCIAL PAPER--(CONTINUED)                                                 
$ 7,000,000        c 1.810%, 08/08/02 ..........................    $ 6,987   
Reseau Ferre De France                    
40,000,000          1.770%, 09/19/02 ..........................     39,837  
Salomon Smith Barney Holdings, Inc        
31,865,000          1.780%, 07/30/02 ..........................     31,818  
18,000,000          1.780%, 08/13/02 ..........................     17,961  
SBC Communications, Inc                   
47,400,000        c 1.780%, 07/25/02 ..........................     47,341  
SBC International, Inc                    
20,435,000        c 1.780%, 07/16/02 ..........................     20,419  
19,680,000        c 1.800%, 07/18/02 ..........................     19,662  
30,000,000        c 1.810%, 07/19/02 ..........................     29,971  
20,000,000        c 1.800%, 08/02/02 ..........................     19,966  
6,100,000        c 1.840%, 08/12/02 ..........................      6,087 
Schering Corp                             
21,940,000          2.000%, 07/16/02 ..........................     21,922  
35,000,000          1.790%, 09/10/02 ..........................     34,873  
Sigma Finance, Inc                        
25,000,000        c 1.950%, 08/01/02 ..........................     24,960  
1,755,000        c 1.790%, 10/09/02 ..........................      1,746 
30,000,000        c 1.840%, 12/02/02 ..........................     29,765  
25,000,000          1.855%, 01/22/03 ..........................     24,995  
25,000,000          1.870%, 02/18/03 ..........................     24,995  
Societe Generale North America, Inc       
25,000,000          1.760%, 08/30/02 ..........................     24,922  
30,000,000          1.770%, 09/24/02 ..........................     29,870  
Swedish Export Credit Corp                
25,000,000          1.840%, 08/15/02 ..........................     24,943  
50,000,000          1.840%, 08/20/02 ..........................     49,875  
The Stanley Works                         
9,000,000        c 1.790%, 08/07/02 ..........................      8,983 
UBS Finance (Delaware), Inc               
40,000,000          1.910%, 07/01/02 ..........................     39,998  
21,780,000          1.840%, 07/16/02 ..........................     21,763  
17,153,000          1.770%, 07/29/02 ..........................     17,128  
25,000,000          1.900%, 08/13/02 ..........................     24,946  
20,350,000          1.770%, 08/16/02 ..........................     20,303  
21,800,000          1.790%, 08/29/02 ..........................     21,735  
Wal-Mart Stores                           
31,265,000        c 1.720%, 08/13/02 ..........................     31,198  
Westdeutsche Landesbank                   
36,885,000        c 1.780%, 08/26/02 ..........................     36,783  
                                                               ---------
               TOTAL COMMERCIAL PAPER                          4,281,678
                                                               ---------
MEDIUM TERM NOTES--1.13%                                                        
American Honda Finance Corp               
30,000,000          3.660%, 08/27/02 ..........................     30,000  
Beta Finance, Inc                         
10,000,000          3.650%, 09/10/02 ..........................     10,032  
Sigma Finance, Inc                        
40,000,000          2.490%, 10/25/02 ..........................     40,060  
                                                              ----------
               TOTAL MEDIUM TERM BONDS                            80,092
                                                              ----------
U.S. GOVERNMENT AGENCY NOTES--0.69%                                             
Federal Home Loan Bank (Fhlb)             
10,000,000          6.375%, 11/15/02 ..........................     10,220  
25,000,000          5.125%, 01/13/03 ..........................     25,446  
Federal Home Loan Mortgage Corp (Fhlmc)   
13,000,000          6.750%, 08/15/02 ..........................     13,077  
                                                              ----------
               U.S. GOVERNMENT AGENCY NOTES                       48,743
                                                              ----------

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U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--21.52%                             
Federal Farm Credit (FFC)                 
8,800,000          1.980%, 11/15/02 ..........................      8,740 
25,000,000          1.870%, 12/23/02 ..........................     24,780  
Federal Home Loan Bank (FHLB)             
51,055,000          2.500%, 09/16/02 ..........................     50,859  
35,500,000          2.390%, 09/20/02 ..........................     35,357  
7,530,000          2.040%, 12/09/02 ..........................      7,469 
15,000,000          2.240%, 12/20/02 ..........................     14,870  
Federal Home Loan Mortgage Corp (FHLMC)   
39,250,000          1.720%, 07/02/02 ..........................     39,246  
9,805,000          1.740%, 07/18/02 ..........................      9,796 
6,320,000          1.820%, 07/26/02 ..........................      6,312 
50,000,000          1.800%, 08/09/02 ..........................     49,901  
23,600,000          1.890%, 08/12/02 ..........................     23,551  
19,575,000          2.000%, 08/14/02 ..........................     19,533  
47,664,000          3.380%, 08/15/02 ..........................     47,558  
6,680,000          1.970%, 08/21/02 ..........................      6,663 
26,694,000          1.740%, 09/05/02 ..........................     26,605  
50,000,000          1.890%, 09/06/02 ..........................     49,832  
7,220,000          2.260%, 09/11/02 ..........................      7,194 
10,120,000          1.730%, 09/12/02 ..........................     10,083  
14,125,000          2.380%, 09/18/02 ..........................     14,069  
7,700,000          2.400%, 09/25/02 ..........................      7,667 
90,000,000          2.260%, 10/10/02 ..........................     89,548  
34,000,000          2.055%, 11/07/02 ..........................     33,782  
5,000,000          2.100%, 11/20/02 ..........................      4,965 
25,000,000          2.280%, 11/22/02 ..........................     24,821  
20,000,000          1.940%, 12/20/02 ..........................     19,827  
20,000,000          2.020%, 12/30/02 ..........................     19,815  
40,000,000          2.190%, 01/02/03 ..........................     39,624  
20,655,000          2.750%, 03/27/03 ..........................     20,335  
 500,000          2.050%, 04/24/03 ..........................        491
21,400,000          2.380%, 05/22/03 ..........................     21,000  
8,750,000          2.100%, 06/19/03 ..........................      8,573 
  Federal National Mortgage Association (FNMA)
50,000,000          1.800%, 07/03/02 ..........................     49,993  
30,000,000          1.750%, 07/10/02 ..........................     29,985  
149,939,000          1.800%, 07/17/02 ..........................    149,814   
100,000,000          1.750%, 07/24/02 ..........................     99,884   
25,000,000          1.760%, 07/31/02 ..........................     24,962  
100,000,000          1.780%, 08/05/02 ..........................     99,826   
4,125,000          1.900%, 08/21/02 ..........................      4,115 
35,900,000          2.230%, 08/23/02 ..........................     35,804  
23,008,000          1.740%, 09/04/02 ..........................     22,933  
 600,000          1.850%, 09/18/02 ..........................        598
1,430,000          2.120%, 09/25/02 ..........................      1,424 
39,000,000          1.940%, 10/16/02 ..........................     38,793  
15,274,000          1.970%, 10/18/02 ..........................     15,191  
35,650,000          1.880%, 10/30/02 ..........................     35,435  
31,715,000          2.310%, 11/15/02 ..........................     31,499  
20,000,000          2.200%, 11/29/02 ..........................     19,848  
29,920,000          1.865%, 12/04/02 ..........................     29,685  
23,360,000          2.180%, 12/13/02 ..........................     23,166  
29,045,000          1.920%, 12/27/02 ..........................     28,781  
20,000,000          2.500%, 04/04/03 ..........................     19,681  
22,500,000          2.100%, 05/30/03 ..........................     22,070  
                                                               ---------
TOTAL U.S. GOVERNMENT AND AGENCIES        
                 DISCOUNT NOTES                                1,526,353
                                                               ---------
VARIABLE RATE NOTES--3.11%                                                      
American Honda Finance Corp               
25,000,000          1.860%, 09/09/02 ..........................     25,000  
20,000,000          1.860%, 06/12/03 ..........................     20,000  
Canandian Imperial Bank of Commerce       
22,000,000          1.870%, 09/11/02 ..........................     22,000  
Caterpillar Financial Services Corp Note  
7,000,000          2.020%, 07/08/02 ..........................      7,000 
Goldman Sachs Group LP                    
25,000,000          1.880%, 12/16/02 ..........................     25,000  

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  13

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 Statement of Investments - MONEY MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                                      VALUE (000)
---------                                                      ---------- 
VARIABLE RATE NOTES--(CONTINUED)                                                
JP Morgan Chase & Co                      
$46,500,000          2.046%, 01/30/03 .......................... $   46,542   
Key Bank                                  
50,000,000          1.890%, 08/05/02 ..........................     49,997  
25,000,000          1.810%, 08/15/02 ..........................     24,996  
                                                              ----------
               TOTAL VARIABLE RATE NOTES                         220,535
                                                              ----------
TOTAL SHORT TERM INVESTMENTS              
                (COST $7,063,373)                             $7,065,104
                                                              ----------
TOTAL PORTFOLIO--99.77%                   
                (COST $7,073,626)                              7,075,307
               OTHER ASSETS & LIABILITIES, NET--0.23%             16,362
                                                              ----------
               NET ASSETS--100.00%                            $7,091,669
                                                              ==========

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

Statement of Investments-INFLATION-LINKED BOND ACCOUNT-(Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                                      VALUE (000)
---------                                                      ---------- 

GOVERNMENT BONDS--98.57%                                                        
U.S. TREASURY INFLATION-LINKED SECURITIES--98.57%                             
$207,772,357        k 3.375%, 01/15/07 .......................... $  216,116    
211,674,337        k 3.625%, 01/15/08 ..........................    221,597   
204,862,957        k 3.875%, 01/15/09 ..........................    217,379   
139,970,943     e, k 4.250%, 01/15/10 ..........................    151,890   
130,968,583        k 3.500%, 01/15/11 ..........................    135,532   
69,855,924     e, k 3.375%, 01/15/12 ..........................     71,591  
208,620,237     e, k 3.625%, 04/15/28 ..........................    225,310   
244,291,793        k 3.875%, 04/15/29 ..........................    275,324   
57,120,226     e, k 3.375%, 04/15/32 ..........................     60,360  
                                                              ----------
TOTAL U.S. TREASURY                       
                 INFLATION-LINKED SECURITIES                   1,575,099
                                                              ----------
TOTAL GOVERNMENT BONDS                    
                (COST $1,515,243)                              1,575,099
                                                              ----------
SHORT TERM INVESTMENTS--6.57%                                                   
COMMERCIAL PAPER--0.48%                                                       
Park Avenue Receivables Corp              
7,600,000        c 2.020%, 07/01/02 ..........................      7,599 
                                                              ----------
               TOTAL COMMERCIAL PAPER                              7,599
                                                              ----------

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INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED--6.09%                      
REPURCHASE AGREEMENTS                                                           
Goldman Sachs & Co, 1.970% Dated 06/28/02,
 Due 07/01/02 In The Amount Of $22,376,224
(Fully Collateralized By High Grade Debt
Obligations:                            
$22,375,000          TOTAL MARKET VALUE $22,822,500 ............ $   22,375   
  Lehman Brothers, Inc, 1.970% Dated 06/28/02,
 Due 07/01/02 In The Amount Of $25,001,368
(Fully Collateralized By High Grade Debt
Obligations:                            
25,000,000          TOTAL MARKET VALUE $25,497,847) ...........     25,000  
     Merrill Lynch & Co, Inc, 1.960% Dated 06/28/02,
 Due 07/01/02 In The Amount Of $25,001,361
(Fully Collateralized By High Grade Debt
Obligations:                            
25,000,000          TOTAL MARKET VALUE $25,500,016) ...........     25,000  
      Morgan Stanley & Co, Inc, 1.960% Dated 06/28/02,
 Due 07/01/02 In The Amount Of $25,001,361
(Fully Collateralized By High Grade Debt
Obligations:                            
25,000,000          TOTAL MARKET VALUE $25,522,323) ...........     25,000  
                                                              ----------
               TOTAL INVESTMENTS OF CASH COLLATERAL               97,375
                                                              ----------
TOTAL SHORT TERM INVESTMENTS              
                (COST $104,974)                                  104,974
                                                              ----------
TOTAL PORTFOLIO--105.14%                  
                (COST $1,620,217)                              1,680,073
                OTHER ASSETS & LIABILITIES, NET--(5.14)%          (82,185)
                                                              ----------
               NET ASSETS--100%                               $1,597,888
                                                              ==========

-----------                                                                     
c    Commercial  paper issued under Private  Placement  exemption  under Section
4(2) of the Securities Act of 1933.                                   
e    All or a portion of these securities are out on loan.                      
k    Principal  amount for interest  accrual  purposes is periodically  adjusted
based on changes in the Consumer Price Index.                         

 SEE NOTES TO FINANCIAL STATEMENTS

14  College Retirement Equities Fund 2002 SEMIANNUAL REPORT                     

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Statement of Investments - BOND MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                        RATINGS+      VALUE (000)
---------                                         --------     ---------- 
BONDS--96.77%                                                                   
CORPORATE BONDS--32.05%                                                         
AEROSPACE AND DEFENSE--0.41%                                                  
Boeing Capital Corp (Sr Note)             
$ 5,000,000          6.350%, 11/15/07 ..............    A3          $ 5,331   
Lockheed Martin Corp Deb                  
5,000,000       e  8.500%, 12/01/29 ..............  BAA2            6,035 
United Technologies Corp Deb              
7,500,000          7.500%, 09/15/29 ..............    A2            8,386 
                                                               ---------
               TOTAL AEROSPACE AND DEFENSE                        19,752
                                                               ---------
ASSET BACKED--4.14%                                                           
Capital One Master Trust                  
Series 2000-3 (Class C)                 
5,000,000          7.900%, 10/15/10 ..............    NR            5,364 
Chase Funding Mortgage Loan               
Series 2001-4 (Class1A3)                
8,550,000          5.053%, 12/25/23 ..............   AAA            8,715 
Chase Funding Loan Acquisition            
Trust Series 2001-C2 (Class Ia2)        
10,000,000          5.673%, 05/25/22 ..............   AAA           10,247  
CIT Equipment Collateral                  
Series 2000-2 (Class A3)                
4,837,789          6.840%, 06/20/04 ..............   AAA            4,943 
CIT Group Home Equity Loan Trust          
Series 2000-1 (Class Af6)               
6,000,000          6.200%, 02/25/30 ..............   AAA            6,118 
Citibank Credit Card Issuance Trust       
Series 2001-C3 (Class C3)               
5,000,000          6.650%, 05/15/08 ..............  BAA2            5,304 
Countrywide Asset-Backed                  
Certificates Series 2001-Bc1            
(Class A3)                              
10,000,000          6.237%, 12/25/26 ..............   AAA           10,196  
Countrywide Asset-Backed Certificates     
Series 2001-1 (Class Af4)               
10,000,000          6.517%, 01/25/29 ..............   AAA           10,503  
Detroit Edison Securitization             
Funding LLC Series 2001-1 (Class A3)    
10,000,000          5.875%, 03/01/10 ..............   AAA           10,550  
General Electric Capital                  
Manufacturing Services, Inc Series      
1999-He1 (Class A3)                     
1,621,000          6.035%, 06/25/20 ..............   AAA            1,623 
Greenpoint Manufactured Housing           
Series 1999-5 (Class A2)                
6,174,614          7.080%, 02/15/18 ..............   AAA            6,222 
Mmca Automobile Trust                     
Series 2001-1 (Class A4)                
10,000,000          5.340%, 12/15/05 ..............   AAA           10,353  
Nissan Auto Receivables Owner Trust       
Series 2001-C (Class A4)                
4,000,000          4.800%, 02/15/07 ..............   AAA            4,104 
Peco Energy Transition Trust              
Series 1999-A (Class A6)                
8,000,000          6.050%, 03/01/09 ..............   AAA            8,477 
Peco Energy Transition Trust              
Series 1999-A (Class A7)                
10,000,000          6.130%, 03/01/09 ..............   AAA           10,598  
Public Service New Hampshire              
Funding LLC                             
Series 2001-1 (Class A2)                
12,709,395          5.730%, 11/01/10 ..............   AAA           13,324  
Residential Asset Securities Corp         
Series 2000-Ks4 (Class Ai6)             
11,000,000          7.435%, 09/25/31 ..............   AAA           11,855  
Residential Asset Securities Corp         
Series 2001-Ks2 (Class Ai3)             
2,500,000          5.751%, 03/25/27 .............   AAA            2,577  
Residential Asset Securities Corp         
Series 2001-Ks2 (Class Ai4)             
7,000,000          6.417%, 02/25/29 ..............   AAA            7,323 
Residential Asset Securities Corp         
Series 2001-Ks2 (Class Ai6)             
2,000,000          6.489%, 10/25/30 ..............   AAA            2,093 
Residential Asset Securities Corp         
Series 1997-Ks3 (Class Ai5)             
3,009,489          7.250%, 08/25/27 ..............   AAA            3,159 
Residential Asset Securities Corp         
Series 1999-Ks2 (Class Ai9)             
3,300,000          7.150%, 07/25/30 ..............   AAA            3,510 
Residential Asset Securities Corp         
Series 2002-KS1 (Class AI6)             

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17,000,000          6.084%, 06/25/32 ..............   AAA           17,504  
Saxon Asset Securities Trust              
Series 1999-3 (Class Af6)               
5,000,000          7.525%, 06/25/14 ..............   AAA            5,406 
Vanderbilt Mortgage Finance               
Series 2001-A (Class A2)                
10,000,000          6.120%, 02/07/15 ..............   AAA           10,335  
Washington Mutual                         
Series 2002-AR5 (Class Iia4)            
11,000,000          5.355%, 06/25/32 ..............   AAA           11,171  
                                                               ---------
               TOTAL ASSET BACKED                                201,574
                                                               ---------
BASIC INDUSTRIES--0.78%                                                       
Archer-Daniels-Midland Deb                
5,000,000          7.000%, 02/01/31 ..............    A1            5,144 
Beazer Homes USA, Inc (Sr Note)           
2,000,000          8.375%, 04/15/12 ..............   BA2            2,020 
Brascan Corp Note                         
5,000,000          7.125%, 06/15/12 ..............  BAA3            5,000 
International Paper Co Note               
5,000,000          6.750%, 09/01/11 ..............  BAA2            5,207 
ISP Chemco, Inc (Guarantee Note)          
2,000,000          10.250%, 07/01/11 .............    B2            2,060 
Kennametal, Inc (Sr Note)                 
1,500,000          7.200%, 06/15/12 ..............   BA1            1,499 
Lyondell Chemical Co (Guarantee Note)     
2,000,000          9.500%, 12/15/08 ..............   BA3            1,860 
Science Applications Note                 
4,000,000          6.250%, 07/01/12 ..............    A3            3,933 
Von Hoffmann Press, Inc                   
(Guarantee Note)                        
2,000,000          10.250%, 03/15/09 .............    B2            2,050 
Weyerhaeuser Co Note                      
5,000,000          5.950%, 11/01/08 ..............  BAA2            5,053 
4,000,000          7.375%, 03/15/32 ..............  BAA2            4,060 
                                                              ----------
               TOTAL BASIC INDUSTRIES                             37,886
                                                              ----------
CONSUMER CYCLICAL--2.85%                                                      
American Achievement Corp                 
(Guarantee Note)                        
2,000,000          11.625%, 01/01/07 .............    B1            2,050 
AOL Time Warner, Inc Note                 
5,000,000          5.625%, 05/01/05 ..............  BAA1            4,906 
5,800,000          6.875%, 05/01/12 ..............  BAA1            5,349 
Boyd Gaming Corp (Sr Sub Note)            
2,000,000          8.750%, 04/15/12 ..............    B1            2,010 

+As provided by Moody's Investors Services (Unaudited)                          

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  15

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Statement of Investments - BOND MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                        RATINGS+      VALUE (000)
---------                                         --------     ---------- 

CONSUMER CYCLICAL--(CONTINUED)                                                
Clear Channel Communication               
(Sr Note)                               
$ 5,000,000          7.250%, 09/15/03 ..............  BAA3          $ 5,131   
Coinmach Corp (Sr Note)                   
2,000,000          9.000%, 02/01/10 ..............    B2            2,030 
Comcast Cable Communication               
(Sr Note)                               
4,000,000          6.875%, 06/15/09 ..............  BAA2            3,723 
Cox Communications, Inc Deb               
5,000,000          6.530%, 02/01/28 ..............  BAA2            4,935 
Cox Communications, Inc Note              
1,000,000       e  7.750%, 11/01/10 ..............  BAA2              951 
Daimler-Chrysler NA Holdings              
Corp Note                               
5,000,000       e  6.400%, 05/15/06 ..............    A3            5,191 
Daimler-Chrysler NA Holdings Corp         
(Guarantee Note)                        
1,500,000          7.300%, 01/15/12 ..............    A3            1,571 
5,000,000       e  8.500%, 01/18/31 ..............    A3            5,528 
Ford Motor Co Deb                         
5,000,000          6.625%, 10/01/28 ..............  BAA1            4,216 
General Motors Note                       
5,000,000       e  6.375%, 05/01/08 ..............    A3            5,006 
5,000,000          7.200%, 01/15/11 ..............    A3            5,092 
Inco Ltd Note                             
2,000,000          7.750%, 05/15/12 ..............  BAA3            2,065 
Mail Well I Corp                          
(Guarantee Note)                        
2,000,000          9.625%, 03/15/12 ..............    B1            2,010 
News America Holdings Deb                 
8,000,000          7.700%, 10/30/25 ..............  BAA3            7,531 
Park Place Entertainment Corp             
(Sr Sub Note)                           
2,000,000       e,g 7.875%, 03/15/10 .............   BA2            1,985 
Quebecor Media, Inc (Sr Note)             
2,000,000          11.125%, 07/15/11 .............    B2            1,965 
Sears Roebuck Acceptance Note             
5,000,000          6.000%, 03/20/03 ..............  BAA1            5,119 
Six Flags, Inc                            
2,000,000       e  8.875%, 02/01/10 ..............    B2            1,990 
Target Corp                               
13,500,000       e  5.375%, 06/15/09 ..............    A2           13,493  
Time Warner, Inc (Guarantee Note)         
3,500,000          6.625%, 05/15/29 ..............  BAA1            2,729 
Unilever Capital Corp                     
(Guarantee Note)                        
8,000,000          6.875%, 11/01/05 ..............    A1            8,665 
United Rentals (North America), Inc       
2,000,000          10.750%, 04/15/08 .............    B1            2,130 
Valspar Corp Note                         
5,000,000          6.000%, 05/01/07 ..............  BAA2            5,062 
Viacom, Inc Note                          
5,000,000       e  5.625%, 05/01/07 ..............    A3            5,119 
Wal-Mart Stores, Inc Note                 
13,000,000       e  7.550%, 02/15/30 ..............   AA2           14,943  
Walt Disney Co Note                       
6,000,000       e  7.300%, 02/08/05 ..............    A3            6,422 
                                                              ----------
               TOTAL CONSUMER CYCLICAL                           138,917
                                                              ----------

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CONSUMER NON-CYCLICAL--2.42%                                                    
Conagra Foods, Inc Note                   
5,000,000          7.875%, 09/15/10 ..............  BAA1            5,613 
Coors Brewing Co Note                     
5,000,000          6.375%, 05/15/12 ..............  BAA2            5,145 
Costco Wholesale Corp (Sr Note)           
4,000,000          5.500%, 03/15/07 ..............    A2            4,125 
Delhaize America, Inc                     
(Guarantee Note)                        
5,000,000          8.125%, 04/15/11 ..............  BAA3            5,270 
Diageo Capital Plc                        
(Guarantee Note)                        
5,000,000          6.625%, 06/24/04 ..............    A1            5,318 
Dole Food Co (Sr Note)                    
5,000,000          7.250%, 05/01/09 ..............   BA1            5,112 
Fosters Brewing Note                      
4,000,000       e  6.875%, 06/15/11 ..............  BAA1            4,237 
General Mills, Inc Note                   
4,000,000          5.125%, 02/15/07 ..............  BAA1            3,997 
7,500,000          6.000%, 02/15/12 ..............  BAA1            7,430 
Kellogg Co Deb                            
5,000,000          7.450%, 04/01/31 ..............  BAA2            5,495 
Kimberly-Clark Corp                       
5,000,000          5.625%, 02/15/12 ..............   AA2            5,016 
Kraft Foods, Inc Note                     
8,000,000          5.250%, 06/01/07 ..............    A2            8,113 
5,500,000          6.250%, 06/01/12 ..............    A2            5,667 
Kroger Co (Guarantee Note)                
2,500,000          6.200%, 06/15/12 ..............  BAA3            2,489 
5,000,000          7.500%, 04/01/31 ..............  BAA3            5,205 
Kroger Co Note                            
5,000,000          7.800%, 08/15/07 ..............  BAA3            5,522 
Land O'Lakes, Inc (Sr Note)               
2,000,000          8.750%, 11/15/11 ..............   BA3            1,870 
Masco Corp Note                           
4,000,000          6.000%, 05/03/04 ..............  BAA1            4,138 
Newell Rubbermaid, Inc Note               
3,500,000          6.000%, 03/15/07 ..............  BAA1            3,606 
Pepsico, Inc Note                         
4,000,000          4.500%, 09/15/04 ..............    A1            4,082 
RJ Reynolds Tobacco Holdings, Inc         
(Guarantee Note)                        
2,500,000          6.500%, 06/01/07 ..............  BAA2            2,560 
RJ Reynolds Tobacco Holdings, Inc         
(Sr Note)                               
4,000,000          7.250%, 06/01/12 ..............  BAA2            4,096 
Safeway, Inc Note                         
6,000,000       e  6.150%, 03/01/06 ..............  BAA2            6,308 
Sara Lee Corp Note                        
7,000,000          6.250%, 09/15/11 ..............    A3            7,247 
                                                              ----------
               TOTAL CONSUMER NON-CYCLICAL                       117,661
                                                              ----------
ENERGY--1.37%                                                                 
Amerada Hess Corp Deb                     
2,500,000          7.875%, 10/01/29 ..............  BAA2            2,732 
Anadarko Petroleum Corp Note              
2,500,000          5.375%, 03/01/07 ..............  BAA1            2,534 
Chesapeake Energy Corp (Sr Note)          
1,000,000          8.500%, 03/15/12 ..............    B1              995 
Conoco Funding Co                         
(Guarantee Note)                        
5,000,000          6.350%, 10/15/11 ..............  BAA1            5,184 
Conoco, Inc (Sr Note)                     
3,000,000          6.950%, 04/15/29 ..............  BAA1            3,066 
Consolidated Natural (Sr Note)            
5,000,000          6.850%, 04/15/11 ..............    A3            5,203 
Devon Energy Corp Deb                     
4,000,000          7.950%, 04/15/32 ..............  BAA2            4,303 
Husky Energy, Inc Note                    
3,750,000          6.250%, 06/15/12 ..............  BAA2            3,721 
Kinder Morgan Energy Partners LP          
3,000,000          7.125%, 03/15/12 ..............  BAA1            3,173 
4,000,000          7.750%, 03/15/32 ..............  BAA1            4,217 

+As provided by Moody's Investors Services (Unaudited)                          

 SEE NOTES TO FINANCIAL STATEMENTS

16 College Retirement Equities Fund  2002 SEMIANNUAL REPORT                     

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Statement of Investments - BOND MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                        RATINGS+      VALUE (000)
---------                                         --------     ---------- 
ENERGY--(CONTINUED)                                                           
Northern Border Pipeline Co Note          
$ 4,500,000          6.250%, 05/01/07 ..............    A3         $  4,599   
Petronas Capital Ltd (Guarantee Note)     
4,000,000       e  7.000%, 05/22/12 ..............  BAA1            4,059 
Phillips Pete Note                        
4,000,000          8.500%, 05/25/05 ..............    A3            4,471 
Tennessee Gas Pipeline Co Deb             
1,500,000          8.375%, 06/15/32 ..............  BAA1            1,551 
Transcontinental Gas Pipeline             
Corp Note                               
3,000,000       h  8.875%, 07/15/12 ..............  BAA2            2,927 
Valero Energy Corp Note                   
3,500,000       e  6.125%, 04/15/07 ..............  BAA2            3,614 
3,000,000          6.875%, 04/15/12 ..............  BAA2            3,083 
3,000,000          7.500%, 04/15/32 ..............  BAA2            3,010 
Williams Cos, Inc Note                    
5,000,000       e  8.125%, 03/15/12 ..............  BAA3            4,194 
                                                              ----------
               TOTAL ENERGY                                       66,636
                                                              ----------
FINANCIAL SERVICES--10.38%                                                    
AIG Sunamerica Global Financing Vi        
(Sr Note)                               
5,000,000       e  6.300%, 05/10/11 ..............   AAA            5,175 
Albertson's, Inc Deb                      
5,000,000          8.000%, 05/01/31 ..............  BAA1            5,535 
Anadarco Finance Co                       
(Guarantee Note)                        
5,000,000          7.500%, 05/01/31 ..............  BAA1            5,333 
Associated P&C Holdings (Sr Note)         
5,000,000          6.750%, 07/15/03 ..............    A3            5,156 
AXA Financial, Inc (Sr Note)              
6,000,000          7.750%, 08/01/10 ..............    A2            6,709 
Bank Of America Corp (Note)               
5,000,000       e  4.750%, 10/15/06 ..............   AA2            5,022 
2,500,000       e  5.250%, 02/01/07 ..............   AA2            2,552 
11,000,000          7.400%, 01/15/11 ..............   AA3           12,047  
4,000,000       e  6.250%, 04/15/12 ..............   AA2            4,085 
Bank One Corp Note                        
5,750,000          5.900%, 11/15/11 ..............    A1            5,747 
Bank One NA Illinois Note                 
7,000,000          5.500%, 03/26/07 ..............   AA2            7,201 
Barclays Bank plc (Sub Note)              
5,000,000          7.375%, 06/29/49 ..............   AA3            5,373 
BB & T Corp (Sub Note)                    
4,000,000          6.500%, 08/01/11 ..............    A2            4,184 
Bear Stearns Co, Inc Note                 
5,000,000          6.500%, 05/01/06 ..............    A2            5,276 
Burlington Resource                       
(Guarantee Note)                        
5,000,000          7.200%, 08/15/31 ..............  BAA1            5,104 
CIT Group Holding, Inc (Sr Note)          
5,000,000          7.375%, 04/02/07 ..............    A2            5,001 
Citigroup, Inc Note                       
9,000,000       e  4.125%, 06/30/05 ..............   AA1            9,020 
13,000,000       e  5.000%, 03/06/07 ..............   AA1           13,108  
9,000,000          6.500%, 01/18/11 ..............   AA1            9,357 
Citigroup, Inc (Sub Note)                 
4,000,000          7.250%, 10/01/10 ..............   AA2            4,354 
Countrywide Home Loans, Inc               
(Guarantee Note)                        
7,500,000          5.625%, 05/15/07 ..............    A3            7,669 
Credit Suisse First Boston USA,           
Inc Note                                
4,500,000          5.750%, 04/15/07 ..............   AA3            4,604 
Dr Horton, Inc (Sr Sub Note)              
2,000,000          9.750%, 09/15/10 ..............   BA2            2,070 
Duke Capital Corp (Sr Note)               
1,750,000          6.750%, 02/15/32 ..............    A3            1,664 
E.I. Du Pont De Nemours Deb               
5,000,000       e  6.500%, 01/15/28 ..............   AA3            4,932 
EOP Operating LP (Guarantee Note)         
8,000,000          6.750%, 02/15/12 ..............  BAA1            8,279 
Falconbridge Ltd Note                     
2,000,000          7.350%, 06/05/12 ..............  BAA3            2,057 
First Union National Bank (Sub Note)      
5,000,000          7.800%, 08/18/10 ..............    A1            5,596 
Ford Motor Credit Corp Note               
10,000,000          6.700%, 07/16/04 ..............    A3           10,294  
10,000,000          7.600%, 08/01/05 ..............    A3           10,499  
10,500,000          6.875%, 02/01/06 ..............    A3           10,742  
7,000,000          6.500%, 01/25/07 ..............    A3            7,007 
23,000,000          7.250%, 10/25/11 ..............    A3           23,110  
11,000,000          7.375%, 02/01/11 ..............    A3           11,142  

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General Electric Global Insurance Note    
5,000,000          7.750%, 06/15/30 ..............   AA1            5,510 
General Electric Capital Corp Note        
10,000,000          6.750%, 03/15/32 ..............   AAA            9,823  
General Motors Acceptance Corp Note       
5,000,000          5.250%, 05/16/05 ..............    A2            5,031 
4,000,000       e  6.125%, 02/01/07 ..............    A2            4,044 
5,000,000          7.250%, 03/02/11 ..............    A2            5,105 
9,000,000          6.875%, 09/15/11 ..............    A2            8,935 
10,000,000          8.000%, 11/01/31 ..............    A2           10,228  
Goldman Sachs Group, Inc Note             
4,750,000       e  6.600%, 01/15/12 ..............    A1            4,839 
Hartford Financial Services Group         
(Sr Note)                               
5,000,000          7.900%, 06/15/10 ..............    A2            5,604 
Household Finance Corp Note               
3,250,000          5.750%, 01/30/07 ..............    A2            3,215 
8,000,000          8.000%, 07/15/10 ..............    A2            8,450 
13,500,000          7.000%, 05/15/12 ..............    A2           13,424  
3,000,000          7.625%, 05/17/32 ..............    A2            2,957 
International Lease Finance Corp Note     
7,000,000       e  6.375%, 03/15/09 ..............    A1            7,237 
Isle Of Capri Casinos, Inc (Sr Sub Note)  
1,000,000       e  9.000%, 03/15/12 ..............    B2            1,013 
John Hancock (Sr Note)                    
5,000,000       e  5.625%, 12/01/08 ..............    A2            5,089 
JP Morgan Chase & Co Note                 
3,000,000          5.350%, 03/01/07 ..............   AA3            3,037 
12,000,000          5.250%, 05/30/07 ..............   AA3           12,069  
Lehman Brothers Holdings Note             
5,000,000          6.250%, 05/15/06 ..............    A2            5,206 
Marsh & Mclennan Cos, Inc Note            
4,500,000          5.375%, 03/15/07 ..............    A2            4,617 
4,500,000          6.250%, 03/15/12 ..............    A2            4,668 
MBNA America Bank Note                    
3,750,000          6.625%, 06/15/12 ..............  BAA2            3,768 
Mellon Funding Corp                       
(Guarantee Note)                        
15,000,000          4.875%, 06/15/07 ..............    A1           15,096  
Morgan Stanley Dean Witter & Co           
(Sr Unsub Note)                         
2,500,000          6.100%, 04/15/06 ..............   AA3            2,605 
4,250,000          5.800%, 04/01/07 ..............   AA3            4,359 
5,500,000       e  6.750%, 04/15/11 ..............   AA3            5,658 
2,000,000          7.250%, 04/01/32 ..............   AA3            2,038 

+As provided by Moody's Investors Services (Unaudited)                          

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  17

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Statement of Investments - BOND MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                        RATINGS+      VALUE (000)
---------                                         --------     ---------- 
FINANCIAL SERVICES--(CONTINUED)                                               
National Rural Utility Coop               
Finance Note                            
$ 5,000,000          8.000%, 03/01/32 .............     A2         $  5,491   
Nisource Finance Corp                     
(Guarantee Note)                        
5,000,000          5.750%, 04/15/03 .............   BAA3            4,997 
Pemex Project Funding Master Trust        
(Guarantee Note)                        
1,500,000          8.500%, 02/15/08 .............   BAA1            1,556 
6,750,000          9.125%, 10/13/10 .............   BAA1            7,087 
5,000,000          8.000%, 11/15/11 .............   BAA1            4,925 
PNC Funding Corp (Guarantee Note)         
5,000,000          5.750%, 08/01/06 .............     A2            5,154 
Progressive Corp (Sr Note)                
10,000,000          6.375%, 01/15/12 .............     A2           10,276  
Regions Financial Corp (Sub Note)         
2,500,000          6.375%, 05/15/12 .............     A2            2,573 
Royal Bank Of Scotland Group              
(Sub Note)                              
5,500,000          6.400%, 04/01/09 .............    AA3            5,805 
Salomon Smith Barney Holding Note         
5,000,000          6.500%, 02/15/08 .............    AA1            5,344 
St Paul Cos (Sr Note)                     
4,000,000          5.750%, 03/15/07 .............     A2            4,026 
Sumitomo Mitsui Bank                      
2,000,000          8.000%, 06/15/12 .............   BAA1            2,016 
Suntrust Bank Atlanta (Sub Note)          
6,480,000          7.250%, 09/15/06 .............     A1            7,104 
US Bank National Association              
(Sub Note)                              
5,000,000          6.300%, 02/04/14 .............     A1            5,144 
US West Capital Funding                   
(Guarantee Note)                        
7,800,000          6.125%, 07/15/02 .............     B2            7,644 
Washington Mutual, Inc Note               
5,000,000          5.625%, 01/15/07 .............     A3            5,064 
Wells Fargo Bank NA (Sub Note)            
5,000,000          7.200%, 05/01/03 .............    AA2            5,198 
5,000,000       e  7.550%, 06/21/10 .............    AA2            5,571 
4,000,000          6.450%, 02/01/11 .............    AA2            4,181 
5,000,000          6.375%, 08/01/11 .............    AA3            5,199 
Wells Fargo Financial, Inc (Sr Note)      
2,500,000       e  4.875%, 06/12/07 .............    AA2            2,497 
                                                              ----------
               TOTAL FINANCIAL SERVICES                          505,481
                                                              ----------
HEALTH CARE--1.51%                                                            
Abbott Labs Note                          
10,000,000          5.625%, 07/01/06 .............    AA3           10,363  
Bristol-Myers Squibb Note                 
4,500,000          4.750%, 10/01/06 .............    AA2            4,512 
7,500,000          5.750%, 10/01/11 .............    AA2            7,462 
Collins & Aikman Products (Sr Note)       
2,000,000       e  10.750%, 12/31/11 ............     B1            2,010 
Healthsouth Corp Note                     
2,000,000          8.375%, 10/01/11 .............    BA1            2,070 
5,000,000          7.625%, 06/01/12 .............    BA1            4,953 
HCA, Inc (Sr Note)                        
5,000,000          6.950%, 05/01/12 .............    BA1            5,095 
Johnson & Johnson Deb                     
5,000,000       e  6.950%, 09/01/29 .............    AAA            5,447 
Merck & Co, Inc Deb                       
10,000,000          5.950%, 12/01/28 .............    AAA            9,466  
Pfizer, Inc Note                          
5,000,000          3.625%, 11/01/04 .............    AAA            5,032 
Pharmacia Corp Note                       
5,000,000          5.750%, 12/01/05 .............     A1            5,247 
Tenet Healthcare Corp (Sr Note)           
3,750,000          5.000%, 07/01/07 .............   BAA3            3,718 
7,000,000          6.500%, 06/01/12 .............   BAA3            7,158 
Wellpoint Health Networks Note            
1,000,000         6.375%, 01/15/12 .............   BAA1             1,036 
                                                              ----------
               TOTAL HEALTH CARE                                  73,569
                                                              ----------
OTHER MORTGAGE BACKED SECURITIES--1.70%                                       
CS First Boston Mortgage Securities       
Corp Series 2001-Cp4 (Class A4)         
14,000,000          6.180%, 12/15/35 .............    AAA           14,512  
First Union National Bank Commercial      
Mortgage Series 1999-C4 (Class A2)      
23,087,000          7.390%, 12/15/31 .............    AAA           25,628  
General Electric Capital Commercial       
Mortgage Corp Series 2001-3             
(Class A2)                              
13,250,000          6.070%, 06/10/38 .............    N/R           13,638  
Wachovia Bank Commercial Mortgage         
Trust Series 2002 (Class A4)            
28,000,000          6.287%, 04/15/34 .............    AAA           29,160  
                                                              ----------
               TOTAL OTHER MORTGAGE BACKED SECURITIES             82,938
                                                              ----------

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OTHER--0.10%                                                                  
Camden Property Trust Note                
5,000,000          5.875%, 06/01/07 .............   BAA2            5,059 
                                                              ----------
               TOTAL OTHER                                         5,059
                                                              ----------
PRODUCER DURABLES--0.46%                                                      
Allied Waste North America                
(Guarantee Note)                        
2,000,000          7.875%, 01/01/09 .............    BA3            1,920 
Canadian Natural Resources Ltd Note       
5,000,000          7.200%, 01/15/32 .............   BAA1            5,080 
Emerson Electric Note                     
5,000,000          5.625%, 11/15/13 .............     A2            4,928 
Ingersoll-Rand Co Note                    
5,000,000          5.750%, 02/14/03 .............     A3            5,094 
Tyco Internationall Ltd Note              
2,000,000       e  6.375%, 10/15/11 .............    BA2            2,296 
Waste Management, Inc Deb                 
3,000,000          7.750%, 05/15/32 .............    BA1            3,010 
                                                              ----------
               TOTAL PRODUCER DURABLES                            22,328
                                                              ----------
TECHNOLOGY--0.07%                                                             
Advanstar Communications, Inc             
(Guarantee Note)                        
2,000,000          12.000%, 02/15/11 ............   CAA1            1,680 
Solectron Corp (Sr Note)                  
2,000,000       e  9.625%, 02/15/09 .............    BA3            1,800 
                                                              ----------
               TOTAL TECHNOLOGY                                    3,480
                                                              ----------
TRANSPORTATION--0.87%                                                         
Burlington North Santa Fe                 
5,000,000          5.900%, 07/01/12 .............   BAA2            4,933 
Continental Airlines, Inc Note            
5,000,000          6.563%, 02/15/12 .............    AAA            5,206 
Norfolk Southern Corp (Sr Note)           
5,000,000          7.250%, 02/15/31 .............   BAA1            5,181 
Southwest Airlines Corp                   
(Pass Thru Certificate Class A)         
2,000,000          5.496%, 11/01/06 .............    AA2            2,047 
Union Pacific Corp Note                   
4,400,000          7.600%, 05/01/05 .............   BAA3            4,784 
5,000,000          5.750%, 10/15/07 .............   BAA3            5,139 
5,000,000          7.250%, 11/01/08 .............   BAA3            5,429 
4,500,000       e  6.500%, 04/15/12 .............   BAA3            4,702 
Union Pacific Resources Deb               
5,000,000          7.150%, 05/15/28 .............   BAA1            5,149 
                                                              ----------
               TOTAL TRANSPORTATION                               42,570
                                                              ----------

+As provided by Moody's Investors Services (Unaudited)                          

SEE NOTES TO FINANCIAL STATEMENTS                                             

18  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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Statement of Investments - BOND MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                        RATINGS+      VALUE (000)
---------                                         --------     ---------- 
UTILITIES--4.99%                                                              
A T & T Corp (Sr Note)                    
$  3,000,000       e  6.500%, 11/15/06 .............   BAA2          $ 2,640    
5,000,000          6.000%, 03/15/09 .............   BAA2            3,950 
13,250,000          7.300%, 11/15/11 .............   BAA2           10,998  
A T & T Wireless Services, Inc            
(Sr Note)                               
5,500,000       e  7.500%, 05/01/07 .............   BAA2            4,730 
7,750,000       e  8.125%, 05/01/12 .............   BAA2            6,320 
Alabama Power Co (Sr Note)                
5,000,000          7.125%, 08/15/04 .............     A2            5,330 
Alltel Corp                               
3,000,000          7.000%, 07/01/12 .............     A2            2,993 
American Electric Power Note              
4,000,000       e  6.125%, 05/15/06 .............   BAA1            4,075 
Arizona Public Service Note               
4,000,000       e  6.500%, 03/01/12 .............   BAA1            4,100 
Bellsouth Telecommunication Note          
5,000,000          6.500%, 06/15/05 .............    AA2            5,340 
Bellsouth Capital Funding Deb             
4,000,000          7.875%, 02/15/30 .............    AA3            4,478 
Bellsouth Corp Note                       
3,000,000          6.875%, 10/15/31 .............    AA3            2,972 
British Telecom plc Deb                   
5,000,000          8.125%, 12/15/10 .............   BAA1            5,441 
Cingular Wireless (Deb)                   
2,000,000       e  7.125%, 12/15/31 .............     A3            1,729 
Cleveland Electric Illumination Co        
(First Mortgage Bond)                   
5,000,000          6.860%, 10/01/08 .............   BAA2            5,145 
Cogentrix Energy, Inc                     
(Guarantee Note)                        
5,000,000          8.750%, 10/15/08 .............   BAA3            4,408 
Consolidated Edison, Inc Note             
5,000,000          6.375%, 04/01/03 .............     A1            5,139 
Consumers Energy Co Note                  
5,000,000          6.200%, 05/01/03 .............   BAA3            5,083 
1,500,000          6.000%, 03/15/05 .............   BAA3            1,370 
Detroit Edison Co                         
(First Mortgage Bond)                   
7,000,000          6.125%, 10/01/10 .............     A3            6,977 
Dominion Resources, Inc                   
3,000,000          6.250%, 06/30/12 .............   BAA1            2,997 
DPL, Inc (Sr Note)                        
3,000,000          6.875%, 09/01/11 .............   BAA1            2,957 
DTE Energy Co (Sr Note)                   
3,000,000          6.650%, 04/15/09 .............   BAA2            3,126 
El Paso Electric Co                       
(First Mortgage Bond)                   
5,000,000          8.900%, 02/01/06 .............   BAA3            5,434 
First Energy Corp                         
5,000,000          6.450%, 11/15/11 .............   BAA2            4,854 
Florida Power & Light                     
(First Mortgage Bond)                   
5,000,000          6.875%, 12/01/05 .............    AA3            5,334 
Georgia Power Co (Sr Note)                
5,000,000          5.500%, 12/01/05 .............     A2            5,125 
Gray Communication System                 
(Sr Sub Note)                           
1,000,000          9.250%, 12/15/11 .............     B3            1,020 
GTE California, Inc Deb                   
5,000,000          7.650%, 03/15/07 .............    AA3            5,394 
Ingram Micro, Inc (Sr Sub Note)           
2,000,000          9.875%, 08/15/08 .............    BA2            2,100 
Lenfest Communications                    
(Sr Sub Note)                           
5,000,000         8.250%, 02/15/08 ..............   BAA3            5,203 
Niagara Mohawk Power                      
(First Mortgage Deb)                    
4,500,000          5.875%, 09/01/02 .............   BAA2            4,520 
Nisource Finance Corp                     
(Guarantee Note)                        
5,000,000          7.875%, 11/15/10 .............   BAA3            5,167 
Ohio Edison Co (First Mortgage Deb)       
8,700,000          7.375%, 09/15/02 .............   BAA1            8,769 
Oncor Electric Delivery Co Note           
4,500,000          6.375%, 05/01/12 .............     A3            4,623 
Puget Energy, Inc (Sr Note)               
5,000,000          7.020%, 12/01/27 .............   BAA2            4,636 
Qwest Corp Note                           
5,000,000       e  8.875%, 03/15/12 .............    BA3            4,508 
SBC Communications, Inc Note              
5,500,000          5.750%, 05/02/06 .............    AA3            5,682 

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Southern Natural Gas Co Note              
3,500,000          7.350%, 02/15/31 .............   BAA1            3,202 
Southern Power Co                         
3,500,000          6.250%, 07/15/12 .............   BAA1            3,510 
Sprint Capital Corp Deb                   
7,000,000          6.000%, 01/15/07 .............   BAA3            5,454 
4,000,000       e,g 8.750%, 03/15/32 ............   BAA3            3,008 
Telecom De Puerto Rico                    
(Guarantee Note)                        
10,000,000          6.800%, 05/15/09 .............   BAA1            9,412  
Telus Corp Note                           
5,000,000          7.500%, 06/01/07 .............   BAA2            4,342 
TXU Corp (Sr Sub Note)                    
7,500,000          6.375%, 06/15/06 .............   BAA3            7,714 
Union Pacific Corp Note                   
1,000,000          6.125%, 01/15/12 .............   BAA3            1,018 
Verizon Global Note                       
8,000,000          7.750%, 12/01/30 .............     A1            7,715 
Verizon Global Funding Corp Note          
12,000,000          5.375%, 12/15/06 .............     A2           11,195  
2,000,000       e  7.750%, 06/15/32 .............     A1            1,924 
Verizon New Jersey, Inc Deb               
5,000,000          5.875%, 01/17/12 .............    AA2            4,671 
Vodafone Group plc Note                   
5,000,000          7.625%, 02/15/05 .............     A2            5,323 
                                                              ----------
               TOTAL UTILITIES                                   243,155
                                                              ----------
TOTAL CORPORATE BONDS                     
                (COST $1,540,602)                              1,561,006
                                                              ----------
GOVERNMENT BONDS--64.72%                                                        
AGENCY SECURITIES--6.26%                                                      
Federal Home Loan Mortgage Corp           
(FHLMC)                                 
118,000,000       e  6.875%, 01/15/05 .............    AAA          127,948   
20,000,000          4.250%, 06/15/05 .............    AAA           20,406  
11,200,000       e  5.250%, 01/15/06 .............    AAA           11,678  
3,000,000          7.100%, 04/10/07 .............    AAA            3,350 
15,000,000          5.875%, 03/21/11 .............    AA2           15,375  
30,000,000       e  6.375%, 08/01/11 .............    AA2           31,275  
Federal National Mortgage                 
Association (FNMA)                      
16,000,000       e  4.750%, 03/15/04 .............    AAA           16,510  
40,000,000       e  5.500%, 05/02/06 .............    AA2           42,017  
10,000,000          5.250%, 01/15/09 .............    AAA           10,214  
25,000,000          6.250%, 02/01/11 .............    AAA           26,279  
                                                              ----------
               TOTAL AGENCY SECURITIES                           305,052
                                                              ----------

+As provided by Moody's Investors Services (Unaudited)                          

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  19

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Statement of Investments - BOND MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                        RATINGS+      VALUE (000)
---------                                         --------     ---------- 
FOREIGN GOVERNMENT BONDS--2.00%                                               
Canada Government Note                    
$  5,500,000       e  6.750%, 08/28/06 .............    AAA       $    6,052    
Province Of British Columbia Note         
5,000,000          4.625%, 10/03/06 .............    AA2            5,062 
13,000,000       e  5.375%, 10/29/08 .............    AA2           13,453  
Province Of Manitoba Note                 
5,000,000       e  4.250%, 11/20/06 .............    AA3            4,994 
Province Of Ontario Canada                
13,400,000          7.000%, 08/04/05 .............    AA2           14,622  
5,000,000          5.500%, 10/01/08 .............    AA2            5,189 
Province Of Quebec Canada                 
10,000,000          6.125%, 01/22/11 .............     A1           10,502  
10,000,000       e  7.500%, 09/15/29 .............     A1           11,451  
Republic Of Chile Deb                     
9,250,000       e  5.625%, 07/23/07 .............   BAA1            9,112 
Republic Of Poland                        
4,750,000          6.250%, 07/03/12 .............   BAA1            4,712 
United Mexican States Note                
3,500,000          10.375%, 02/17/09 ............   BAA2            4,002 
8,500,000       e  7.500%, 01/14/12 .............   BAA2            8,402 
                                                              ----------
               TOTAL FOREIGN GOVERNMENT BONDS                     97,553
                                                              ----------
MORTGAGE BACKED SECURITIES--36.02%                                            
Federal Home Loan Mortgage Corp           
Gold (FGLMC)                            
1,140,815          7.000%, 09/01/10 .........................       1,204 
5,941,326          7.000%, 07/01/13 .........................       6,256 
18,323,026          6.500%, 12/01/16 .........................      19,019  
13,533,120          7.000%, 10/01/20 .........................      14,121  
 942,631          7.000%, 05/01/23 .........................         983
110,000,000       h  8.000%, 07/25/30 .........................     116,909   
7,932,976          8.000%, 01/01/31 .........................       8,419 
121,000,000       h  7.500%, 07/25/31 .........................     126,975   
35,000,000       h  7.000%, 07/25/31 .........................      36,247  
68,417,661          7.000%, 10/01/31 .........................      70,943  
2,310,532          7.000%, 11/01/31 .........................       2,396 
3,332,322          7.000%, 12/01/31 .........................       3,455 
1,892,360          7.000%, 12/01/31 .........................       1,962 
1,774,692          7.000%, 12/01/31 .........................       1,840 
3,523,635          7.000%, 12/01/31 .........................       3,654 
1,910,412          7.000%, 12/01/31 .........................       1,981 
1,692,144          7.000%, 12/01/31 .........................       1,755 
4,141,963          7.000%, 12/01/31 .........................       4,295 
3,528,988          7.000%, 12/01/31 .........................       3,659 
43,751,391          7.500%, 12/01/31 .........................      45,970  
3,176,111          7.000%, 01/01/32 .........................       3,293 
1,139,602          7.000%, 01/01/32 .........................       1,181 
9,299,362          8.000%, 02/01/32 .........................       9,868 
120,000,000       h  6.500%, 08/25/32 .........................     121,944   
Federal Home Loan Mortgage Corp (FHLMC)   
2,512,639          6.000%, 04/01/11 .........................       2,598 
  Federal National Mortgage Association (FNMA)
 466,907          6.000%, 12/01/02 .........................         469
 555,597          6.000%, 12/01/08 .........................         577
5,333,511          6.500%, 05/01/09 .........................       5,587 
1,091,151          7.500%, 11/01/10 .........................       1,159 
 693,895          8.000%, 06/01/11 .........................         739
 161,311          8.000%, 07/01/11 .........................         172
3,090,170          6.000%, 03/01/13 .........................       3,192 
28,356,460       d  6.000%, 10/01/13 .........................      29,291  
32,772,345       d  6.000%, 12/01/13 .........................      33,733  
2,756,832          7.500%, 02/01/15 .........................       2,921 
11,256,018       d  7.500%, 04/01/15 .........................      11,932  
 551,405          6.500%, 02/01/16 .........................         570
 740,139          6.500%, 03/01/16 .........................         766
 586,695          6.500%, 04/01/16 .........................         607
22,183,128       d  6.500%, 09/01/16 .........................      23,017  
10,920,621          6.500%, 10/01/16 .........................      11,331  
7,148,072          6.500%, 11/01/16 .........................       7,417 
11,686,143          6.000%, 01/01/19 .........................      11,859  
1,290,387          6.000%, 02/01/19 .........................       1,309 
3,126,590          8.000%, 03/01/23 .........................       3,357 
4,740,319          8.000%, 07/01/24 .........................       5,081 
 820,790          9.000%, 11/01/25 .........................         901
13,208,860          6.000%, 01/01/28 .........................      13,308  
37,093,023       d  6.000%, 02/01/28 .........................      37,403  
381,000,000       h  6.500%, 07/25/31 .........................     388,384   
41,000,000       h  6.000%, 07/25/32 .........................      40,898  
150,000,000       h  7.000%, 08/25/32 .........................     154,875   

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     Government National Mortgage Association (GNMA)
  81,532          8.500%, 10/15/09 .........................          88
 338,737          8.500%, 12/15/09 .........................         364
1,235,582          9.000%, 12/15/09 .........................       1,344 
 310,651          8.500%, 01/15/10 .........................         334
  60,306          9.000%, 06/15/16 .........................          67
 100,643          9.000%, 08/15/16 .........................         111
 188,232          9.000%, 09/15/16 .........................         208
  16,379          9.000%, 10/15/16 .........................          18
  94,823          9.000%, 11/15/16 .........................         105
 158,174          9.000%, 12/15/16 .........................         175
 940,888          9.500%, 12/15/16 .........................       1,052
  52,650          9.000%, 07/15/17 .........................          58
  94,190          9.000%, 06/15/20 .........................         104
3,012,471          6.500%, 09/15/23 .........................       3,106 
1,978,800          6.500%, 01/15/24 .........................       2,038 
1,272,837          6.500%, 03/15/24 .........................       1,311 
8,644,378          6.500%, 05/15/24 .........................       8,904 
 883,896          8.000%, 06/15/24 .........................         948
3,139,099          6.500%, 09/15/24 .........................       3,233 
13,583,536          6.500%, 12/15/27 .........................      13,938  
 295,550          6.500%, 10/15/28 .........................         303
9,880,222          6.500%, 11/15/28 .........................      10,133 
3,681,156          8.500%, 11/20/30 .........................       3,925 
3,830,268          8.500%, 12/20/30 .........................       4,085 
34,996,665          6.500%, 06/15/31 .........................      35,779  
160,000,000       h  7.000%, 06/15/31 .........................     166,050   
27,000,000       h  7.000%, 07/20/31 .........................      28,021  
48,000,000       h  7.500%, 07/15/32 .........................      50,595  
15,000,000       h  8.000%, 07/15/32 .........................      15,956  
                                                              ----------
               TOTAL MORTGAGE BACKED SECURITIES                1,754,135
                                                              ----------
U.S. TREASURY SECURITIES--20.44%                                              
U.S. Treasury Bond                        
92,000,000        e 10.000%, 05/15/10 ........................     108,025  
204,700,000          7.250%, 05/15/16 .........................     241,250   
80,800,000        e 8.750%, 05/15/17 .........................     107,809  
71,000,000        e 6.250%, 05/15/30 .........................      76,910  
18,840,000        e 5.375%, 02/15/31 .........................      18,448  
U.S. Treasury Inflation Indexed           
105,521,190        k 3.375%, 01/15/07 .........................     109,758   
271,505,747        k 3.625%, 01/15/08 .........................     284,233   
U.S. Treasury Note                        
25,000,000        e 3.000%, 02/29/04 .........................      25,146  
15,650,000      e,h 4.375%, 05/15/07 .........................      15,865  
8,400,000      e,h 4.875%, 02/15/12 .........................       8,432 
                                                              ----------
               TOTAL U.S. TREASURY SECURITIES                    995,876
                                                              ----------
TOTAL GOVERNMENT BONDS                    
                (COST $3,100,538)                              3,152,616
                                                              ----------
TOTAL BONDS                               
                (COST $4,641,140)                              4,713,622
                                                              ----------

+As provided by Moody's Investors Services (Unaudited)                          

SEE NOTES TO FINANCIAL STATEMENTS 

20  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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Statement of Investments - BOND MARKET ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                                      VALUE (000)
---------                                                      ---------- 
SHORT TERM INVESTMENTS--34.40%                                                  
COMMERCIAL PAPER--16.06%                                                      
American Express Credit Corp              
$ 50,000,000        d 1.750%, 07/15/02 .........................  $   49,958    
American Honda Finance Corp               
14,500,000      c,d 1.750%, 07/22/02 .........................      14,483  
32,996,000        d 1.750%, 07/29/02 .........................      32,946  
Barclays U.S. Funding Corp                
50,000,000        d 1.820%, 08/15/02 .........................      49,882  
Beta Finance, Inc                         
16,132,000      c,d 1.790%, 07/25/02 .........................      16,110  
Campbell Soup Co                          
25,000,000      c,d 1.830%, 07/01/02 .........................      24,996  
CC (USA), Inc                             
25,800,000        c 1.800%, 09/23/02 .........................      25,690  
Ciesco LP                                 
33,100,000      c,d 1.770%, 07/23/02 .........................      33,059  
Coca-Cola Enterprises, Inc                
21,200,000        c 1.840%, 12/19/02 .........................      21,015  
Edison Asset Securitization LLC           
10,167,000      c,d 1.820%, 07/16/02 .........................      10,158  
27,100,000      c,d 1.840%, 08/16/02 .........................      27,035  
Emerson Electric Co                       
9,400,000      c,d 1.750%, 07/02/02 .........................       9,398 
Enterprise Funding Corp                   
32,000,000        c 1.780%, 07/24/02 .........................      31,959  
Gannett, Inc                              
40,000,000        d 1.750%, 07/17/02 .........................      39,963  
General Electric Capital Corp             
50,000,000        d 1.750%, 07/15/02 .........................      49,958  
Govco, Inc                                
10,000,000      c,d 1.830%, 07/17/02 .........................       9,991  
15,000,000        c 1.790%, 09/23/02 .........................      14,936  
Greyhawk Funding LLC                      
50,000,000      c,d 1.830%, 08/21/02 .........................      49,867  
Kitty Hawk Funding Corp                   
50,000,000      c,d 1.820%, 09/03/02 .........................      49,835  
Morgan Stanley Dean Witter                
47,200,000        d 1.790%, 07/08/02 .........................      47,177  
Pfizer, Inc                               
50,000,000      c,d 1.740%, 07/17/02 .........................      49,953  
Receivables Capital Corp                  
29,648,000      c,d 1.810%, 07/08/02 .........................      29,633  
20,000,000      c,d 1.800%, 07/22/02 .........................      19,976  
Sigma Finance, Inc                        
50,000,000      c,d 1.850%, 07/29/02 .........................      49,924  
Toronto Dominion Holdings (U.S.)          
25,000,000        d 1.800%, 08/21/02 .........................      24,934  
                                                              ----------
               TOTAL COMMERCIAL PAPER                            782,836
                                                              ----------
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--11.65%                           
Federal Home Loan Mortgage Corp (FHLMC)   
25,000,000        d 1.720%, 07/02/02 .........................      24,995  
21,571,000        d 1.760%, 07/03/02 .........................      21,566  
80,000,000        d 1.740%, 07/18/02 .........................      79,922  
23,400,000        d 1.800%, 08/09/02 .........................      23,353  
  Federal National Mortgage Association (FNMA)
30,800,000        d 1.800%, 07/03/02 .........................      30,792  
93,000,000        d 1.750%, 07/10/02 .........................      92,946  
150,000,000        d 1.800%, 07/17/02 .........................     149,862   
4,700,000        d 1.760%, 07/31/02 .........................       4,693 
44,600,000        d 1.860%, 08/06/02 .........................      44,516  
25,000,000        d 1.820%, 08/15/02 .........................      24,942  
50,000,000        d 1.790%, 08/28/02 .........................      49,853  
20,000,000        d 2.040%, 10/02/02 .........................      19,907  
                                                              ----------
 TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT
                NOTES                                            567,347
                                                              ----------

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED--6.69%                      
REPURCHASE AGREEMENTS                                                           
Bear Stearns & Co, 2.000% Dated 06/28/02, 
 Due 07/01/02 In The Amount Of $38,647,147
(Fully Collateralized By High Grade Debt
Obligations:                            
$38,645,000          TOTAL MARKET VALUE $39,584,845) ..........  $   38,645   
Goldman Sachs & Co, 1.970% Dated 06/28/02,
 Due 07/01/02 In The Amount Of $75,004,104
(Fully Collateralized By High Grade Debt
Obligations:                            
75,000,000          TOTAL MARKET VALUE $76,500,000) ..........      75,000  
  Lehman Brothers, Inc, 1.970% Dated 06/28/02,
07/01/02 In The Amount Of $90,004,925   
(Fully Collateralized By High Grade Debt
Obligations:                            
90,000,000          TOTAL MARKET VALUE $91,792,247) ..........      90,000  

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     Merrill Lynch & Co, Inc, 1.960% Dated 06/28/02,
 Due 07/01/02 In The Amount Of $61,003,321
(Fully Collateralized By High Grade Debt
Obligations:                            
61,000,000          TOTAL MARKET VALUE $62,220,038) ..........      61,000  
      Morgan Stanley & Co, Inc, 1.960% Dated 06/28/02,
 Due 07/01/02 In The Amount Of $61,003,321
(Fully Collateralized By High Grade Debt
Obligations:                            
61,000,000          TOTAL MARKET VALUE $62,274,469) ..........      61,000  
                                                              ----------
               TOTAL INVESTMENTS OF CASH COLLATERAL              325,645
                                                              ----------
TOTAL SHORT TERM INVESTMENTS              
                (COST $1,672,536)                              1,675,828
                                                              ----------
TOTAL PORTFOLIO--131.17%                  
                (COST $6,313,676)                              6,389,450
                OTHER ASSETS & LIABILITIES, NET--(31.17)%      (1,518,203)
                                                              ----------
               NET ASSETS--100%                               $4,871,247
                                                              ==========

-----------                                                                     
c    Commercial  Paper issued under Private  Placement  exemption  under Section
4(2) of the Securities Act of 1933.                                   
d    All or a portion of these  securities have been segregated by the custodian
to cover securities purchased on a delayed delivery basis.            
e    All or a portion of these securities are out on loan.                      
g    Securities are exempt from  registration  under Rule 144A of the Securities
     Act of 1933 and may be resold in transactions  exempt from  registration to
     qualified buyers. At June 30, 2002, the value of these securities  amounted
to $4,993,265 or 0.10% of net assets.                                 
h    These securities were purchased on a delayed delivery basis.               
k    Principal  amount for interest  accrual  purposes is periodically  adjusted
based on changes in the Consumer Price Index.                         

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  21

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Statement of Investments - SOCIAL CHOICE ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                        RATINGS+      VALUE (000)
---------                                        --------      ---------- 
BONDS--39.60%                                                                   
CORPORATE BONDS--12.71%                                                       
ASSET BACKED--1.82%                                                         
Capital One Master Trust                  
Series 2000-2 (Class A)                 
$10,000,000          7.200%, 08/15/08 .............    AAA        $  10,915   
Capital One Master Trust                  
Series 2001-3A (Class A)                
5,000,000          5.450%, 03/16/09 .............    AAA            5,209 
Capital One Master Trust                  
Series 2001-3C (Class C)                
5,000,000          7.900%, 10/15/10 .............    AAA            5,364 
Chase Funding Mortgage Loan               
Asset-Backed Certificates               
Series 2002-1 (Class 1A4)               
12,000,000          5.742%, 09/25/08 .............    AAA           12,316  
Countrywide Asset-Backed Certificates     
Series 2002-S2 (Class A5)               
5,000,000          5.478%, 06/30/32 .............    AAA            5,038 
Greenpoint Manufactured Housing           
Series 1999-1 (Class A2)                
9,696,238          6.010%, 08/15/15 .............    AAA            9,896 
Household Automotive Trust                
Series 2000-2 (Class A3)                
4,500,000          3.680%, 04/17/06 .............    AAA            4,543 
MBNA Master Credit Card Trust             
Series 2000-A (Class A)                 
12,850,000          7.550%, 07/16/07 .............     A2           14,027  
Rider Vehicle Lease Trust                 
Series 2001-A (Class A4)                
10,000,000          5.810%, 08/15/06 .............    AAA           10,375  
Washington Mutual                         
Series 2002-AR5 (Class 2A4)             
2,000,000          5.355%, 06/25/32 .............    AAA            2,031 
                                                              ----------
               TOTAL ASSET BACKED                                 79,714
                                                              ----------
CONSUMER CYCLICAL--1.69%                                                      
A.H. Belo Corp Deb                        
5,000,000          7.250%, 09/15/27 .............   BAA3            4,391 
AOL Time Warner, Inc Note                 
5,000,000          6.875%, 05/01/12 .............   BAA1            4,611 
Clear Channel Communication               
(Sr Note)                               
5,000,000          7.875%, 06/15/05 .............   BAA3            5,261 
Comcast Cable Communication               
(Sr Note)                               
4,000,000          6.875%, 06/15/09 .............   BAA2            3,723 
Cooper Industries Note                    
5,000,000          5.250%, 07/01/07 .............     A3            4,999 
Cox Communications, Inc Deb               
5,000,000          6.530%, 02/01/28 .............   BAA2            4,935 
Hubbell, Inc Note                         
5,000,000          6.375%, 05/15/12 .............     A3            5,134 
McDonald's Corp Note                      
5,000,000          5.750%, 03/01/12 .............    AA3            5,062 
Sears Roebuck Acceptance Note             
5,000,000          6.990%, 09/30/02 .............   BAA1            5,057 
3,000,000          6.000%, 03/20/03 .............   BAA1            3,072 
2,000,000          7.000%, 06/01/32 .............   BAA1            1,916 
Target Corp Note                          
7,500,000          5.375%, 06/15/09 .............     A2            7,496 
Time Warner, Inc (Guarantee Note)         
5,000,000          6.625%, 05/15/29 .............   BAA1            3,898 
Valspar Corp Note                         
4,500,000          6.000%, 05/01/07 .............   BAA2            4,556 
Walt Disney Co Note                       
5,000,000          5.250%, 11/10/03 .............     A3            5,129 
5,000,000       e  5.375%, 06/01/07 .............     A3            5,036 
                                                              ----------
               TOTAL CONSUMER CYCLICAL                            74,276
                                                              ----------
CONSUMER NON-CYCLICAL--1.06%                                                  
General Mills, Inc Note                   
10,000,000          5.125%, 02/15/07 .............   BAA1            9,993  
10,000,000          6.000%, 02/15/12 .............   BAA1            9,906  
HJ Heinz Finance Co                       
(Guarantee Note)                        
4,000,000          6.625%, 07/15/11 .............     A3            4,192 
7,500,000          6.000%, 03/15/12 .............     A3            7,537 
Kellogg Co Note                           
5,000,000          6.600%, 04/01/11 .............   BAA2            5,243 
Kroger Co (Guarantee Note)                
5,000,000          6.200%, 06/15/12 .............   BAA3            4,978 
Safeway, Inc Note                         
4,155,000          7.500%, 09/15/09 .............   BAA2            4,587 
                                                              ----------
               TOTAL CONSUMER NON-CYCLICAL                        46,436
                                                              ----------

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ENERGY--0.37%                                                                 
Anadarko Finance (Guarantee Note)         
5,515,000          6.750%, 05/01/11 .............   BAA1            5,771 
Louisiana Land & Exploration Deb          
3,950,000          7.625%, 04/15/13 .............   BAA1            4,236 
Transcontinental Gas Note                 
5,000,000          6.125%, 01/15/05 .............   BAA2            4,767 
Williams Cos, Inc Note                    
1,650,000          8.125%, 03/15/12 .............   BAA3            1,384 
                                                              ----------
               TOTAL ENERGY                                       16,158
                                                              ----------
FINANCIAL SERVICES--4.58%                                                     
America General Corp Note                 
5,000,000          7.500%, 08/11/10 .............    AAA            5,595 
Albertsons, Inc Deb                       
7,000,000          8.000%, 05/01/31 .............   BAA1            7,749 
Aristar, Inc (Sr Note)                    
5,000,000          5.850%, 01/27/04 .............     A3            5,186 
Bank Of America Corp (Sub Note)           
10,000,000          6.875%, 02/15/05 .............    AA3           10,693  
5,000,000       e  5.250%, 02/01/07 .............    AA2            5,104 
Bank One Corp Note                        
9,700,000          6.375%, 01/30/09 .............     A1           10,120 
3,000,000          5.900%, 11/15/11 .............     A1            2,998 
Burlington Resource                       
(Guarantee Note)                        
5,000,000          6.400%, 08/15/11 .............   BAA1            5,093 
Charter One Bank FSB Note                 
5,000,000          6.375%, 05/15/12 .............     A3            5,129 
Countrywide Home Loans, Inc               
(Guarantee Note)                        
5,000,000          5.625%, 05/15/07 .............     A3            5,113 
Credit Suisse First Boston USA,           
Inc Note                                
6,000,000          6.500%, 01/15/12 .............    AA3            6,047 
Deere & Co Note                           
5,000,000          7.125%, 03/03/31 .............     A3            5,089 
First Union Corp                          
10,000,000          6.300%, 04/15/08 .............     A2           10,314  
Goldman Sachs & Co Deb                    
5,000,000          7.625%, 08/17/05 .............     A1            5,480 
5,000,000          6.600%, 01/15/12 .............     A1            5,093 
Hartford Financial (Sr Note)              
6,000,000          6.375%, 11/01/08 .............     A2            6,275 

+As provided by Moody's Investors Services (Unaudited)                          

SEE NOTES TO FINANCIAL STATEMENTS 

22  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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Statement of Investments - SOCIAL CHOICE ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                        RATINGS+      VALUE (000)
---------                                        --------      ---------- 
FINANCIAL SERVICES--(CONTINUED)                                               
Household Finance Corp Note               
$ 4,000,000          8.000%, 05/09/05 .............     A2       $    4,309   
5,000,000          8.000%, 07/15/10 .............     A2            5,281 
Hudson United Bank (Sr Note)              
5,000,000          7.000%, 05/15/12 .............   BAA3            5,176 
John Hancock Global Note                  
5,000,000          5.625%, 06/27/06 .............    AA2            5,123 
JP Morgan Chase & Co Note                 
5,000,000          5.250%, 05/30/07 .............    AA3            5,029 
Key Bank NA (Sub Note)                    
5,000,000          7.000%, 02/01/11 .............     A2            5,276 
Lincoln National Corp Note                
4,000,000          5.250%, 06/15/07 .............     A3            4,048 
MBNA Corp Note                            
5,000,000          6.250%, 01/17/07 .............   BAA2            5,117 
Mellon Funding Corp (Guarantee Note)      
2,500,000          4.875%, 06/15/07 .............     A2            2,516 
5,000,000          6.400%, 05/14/11 .............     A1            5,229 
Merrill Lynch & Co Note                   
5,000,000       e  6.875%, 11/15/18 .............    AA3            5,059 
National City Bank/Indiana Note           
5,000,000          0.000%, 07/20/07 .............    AA3            5,047 
Regions Financial Corp (Sub Note)         
5,000,000          6.375%, 05/15/12 .............     A2            5,146 
Suntrust Banks, Inc                       
5,000,000          5.050%, 07/01/07 .............    AA3            5,052 
Union Planters Bank NA Note               
5,000,000          5.125%, 06/15/07 .............     A1            5,042 
Unumprovident Corp Deb                    
3,000,000          7.375%, 06/15/32 .............   BAA2            2,948 
US Bancorp (Sr Note)                      
5,000,000          5.100%, 07/15/07 .............     A1            5,083 
US Bank National Association              
(Sub Note)                              
5,000,000          6.300%, 02/04/14 .............     A1            5,144 
Vornado Realty Note                       
2,000,000          5.625%, 06/15/07 .............   BAA2            1,989 
Washington Mutual Bank Note               
5,000,000          6.875%, 06/15/11 .............     A3            5,254 
Wells Fargo Financial, Inc (Sr Note)      
3,750,000          4.875%, 06/12/07 .............    AA2            3,745 
3,500,000          6.125%, 04/18/12 .............    AA2            3,571 
                                                              ----------
               TOTAL FINANCIAL SERVICES                          201,262
                                                              ----------
HEALTH CARE--0.65%                                                            
Johnson & Johnson Co Deb                  
9,215,000          6.950%, 09/01/29 .............    AAA           10,039 
Merck & Co, Inc                           
6,000,000          5.250%, 07/01/06 .............    AAA            6,159 
6,380,000          5.950%, 12/01/28 .............    AAA            6,039 
Tenet Healthcare Corp (Sr Note)           
3,000,000          6.500%, 06/01/12 .............   BAA3            3,068 
Unitedhealth Group, Inc Note              
3,000,000          5.200%, 01/17/07 .............     A3            3,048 
                                                              ----------
               TOTAL HEALTH CARE                                  28,353
                                                              ----------
OTHER MORTGAGE BACKED SECURITY--0.62%                                         
JP Morgan Chase Commercial                
Mortgage Finance Corp                   
Series 2001-Cib3 (Class A2)             
11,515,000       h  6.044%, 11/15/35 .............    N/R           12,013  
JP Morgan Chase Commercial                
Mortgage Finance Corp                   
Series 2001-Cibc (Class A3)             
7,430,000          6.260%, 03/15/33 .............    N/R            7,744 
Wachovia Bank Commercial                  
Mortgage Trust                          
Series 2002-Cibc (Class A4)             
7,000,000          6.287%, 04/15/34 .............    AAA            7,290 
                                                              ----------
               TOTAL OTHER MORTGAGE BACKED SECURITIES             27,047
                                                              ----------
PRODUCER DURABLES--0.19%                                                      
Emerson Electric Co Note                  
8,500,000          5.750%, 11/01/11 .............     A2            8,517 
                                                              ----------
               TOTAL PRODUCER DURABLES                             8,517
                                                              ----------

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TECHNOLOGY--0.24%                                                             
Electronic Data System Note               
5,500,000          7.450%, 10/15/29 .............     A1            5,751 
International Business Machines Deb       
5,000,000          6.500%, 01/15/28 .............     A1            4,896 
                                                              ----------
               TOTAL TECHNOLOGY                                   10,647
                                                              ----------
TRANSPORTATION--0.27%                                                         
Delta Airlines, Inc Series 1992-B1        
(Pass-Thu Certificates)                 
1,719,500          8.270%, 09/23/07 .............   BAA1            1,692 
Delta Airlines, Inc Deb                   
4,374,028          8.950%, 01/12/12 .............   BAA1            4,472 
Norfolk Southern Deb                      
5,000,000          7.800%, 05/15/27 .............   BAA1            5,551 
                                                              ----------
               TOTAL TRANSPORTATION                               11,715
                                                              ----------
UTILITIES--1.22%                                                              
A T & T Corp (Sr Note)                    
5,000,000       e  7.300%, 11/15/11 .............   BAA2            4,150 
5,000,000          6.500%, 03/15/29 .............   BAA2            3,450 
Bellsouth Corp Note                       
5,000,000       d  6.875%, 10/15/31 .............    AA3            4,953 
New England Telephone &                   
Telegraph Note                          
5,000,000          7.650%, 06/15/07 .............    AA2            5,433 
Nisource Finance Co (Guarantee            
Note)                                   
5,000,000          7.500%, 11/15/03 .............   BAA3            4,996 
SBC Communications, Inc Note              
3,500,000          5.750%, 05/02/06 .............    AA3            3,616 
5,000,000          5.875%, 02/01/12 .............    AA3            4,993 
Sprint Capital Corp (Guarantee            
Note)                                   
2,000,000          5.875%, 05/01/04 .............   BAA3            1,732 
5,500,000       g  8.750%, 03/15/32 .............   BAA3            4,136 
Verizon Global Funding Corp Note          
5,000,000       e  6.750%, 12/01/05 .............     A1            5,182 
7,000,000          5.375%, 12/15/06 .............     A2            6,531 
5,000,000       d  5.650%, 11/15/11 .............    AA2            4,598 
                                                              ----------
               TOTAL UTILITIES                                    53,770
                                                              ----------
TOTAL CORPORATE BONDS                     
                (COST $548,143)                                  557,895
                                                              ----------

+As provided by Moody's Investors Services (Unaudited)                          

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  23

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Statement of Investments - SOCIAL CHOICE ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                        RATINGS+      VALUE (000)
---------                                        --------      ---------- 
GOVERNMENT BONDS--26.89%                                                        
AGENCY SECURITIES--1.37%                                                      
Federal Home Loan Mortgage Corp           
(FHLMC)                                 
$ 29,000,000          5.750%, 04/15/08 .............    AAA         $ 30,586    
Federal National Mortgage                 
Association (FNMA)                      
10,000,000       e  5.500%, 05/02/06 .............    AA2           10,504  
1,200,000       e  7.125%, 03/15/07 .............    AAA            1,340 
17,000,000          6.250%, 02/01/11 .............    AAA           17,870  
                                                              ----------
               TOTAL AGENCY SECURITIES                            60,300
                                                              ----------
FOREIGN GOVERNMENT BOND--0.78%                                                
Province Of Alberta Canada                
10,000,000       e  4.875%, 10/29/03 .............    AAA           10,272  
Province Quebec Canada                    
5,500,000       e  7.000%, 01/30/07 .............     A1            6,055 
11,000,000       e  7.500%, 09/15/29 .............     A1           12,595  
Ontario Province Canada                   
5,000,000       e  7.625%, 06/22/04 .............    AA3            5,417 
                                                              ----------
               TOTAL FOREIGN GOVERNMENT BONDS                     34,339
                                                              ----------
MORTGAGE BACKED SECURITIES--15.89%                                            
Federal Home Loan Mortgage Corp Gold      
(FGLMC)                                 
4,771,940          6.500%, 12/01/16 .........................       4,953 
11,277,600          7.000%, 10/01/20 .........................      11,768  
 377,276          7.000%, 05/01/23 .........................         394
10,802,122          6.500%, 03/01/29 .........................      11,073  
40,000,000        h 8.000%, 07/25/30 .........................      42,512  
4,715,405          8.000%, 01/01/31 .........................       5,004 
67,000,000        h 7.000%, 07/25/31 .........................      69,993  
33,398,782        d 7.000%, 10/01/31 .........................      34,631  
4,848,013          7.000%, 12/01/31 .........................       5,027 
6,178,097          7.000%, 01/01/32 .........................       6,406 
14,595,929          7.000%, 04/01/32 .........................      15,135  
64,000,000        h 6.500%, 08/25/32 .........................      65,037  
Federal Home Loan Mortgage Corp (FHLMC)   
1,679,255          6.000%, 03/01/11 .........................       1,739 
  Federal National Mortgage Association (FNMA)
  11,036          8.500%, 02/01/05 .........................          11
 395,128          7.500%, 06/01/11 .........................         419
 209,662          8.000%, 06/01/11 .........................         223
 322,620          8.000%, 07/01/11 .........................         344
 102,690          7.500%, 08/01/11 .........................         109
 106,720          7.500%, 09/01/11 .........................         113
 355,996          7.500%, 10/01/11 .........................         378
2,829,979          7.000%, 04/01/12 .........................       2,980 
1,462,298          6.500%, 09/01/12 .........................       1,526 
37,134,328        d 6.000%, 03/01/13 .........................      38,358  
15,047,986        d 6.000%, 12/01/13 .........................      15,489  
  59,192          8.500%, 11/01/14 .........................          64
3,797,947          6.500%, 09/01/16 .........................       3,941 
3,731,231          6.500%, 10/01/16 .........................       3,871 
14,237,067          6.500%, 04/01/17 .........................      14,769  
5,916,746          6.000%, 01/01/19 .........................       6,004 
5,528,794          6.000%, 02/01/19 .........................       5,610 
 857,492          8.000%, 03/01/23 .........................         921
1,311,487          8.000%, 07/01/24 .........................       1,406 
80,000,000        h 6.500%, 07/25/31 .........................      81,550  
24,788,992          6.500%, 09/01/31 .........................      25,312  
28,500,448        d 6.500%, 10/01/31 .........................      29,102  
33,000,000        h 6.000%, 07/25/32 .........................      32,918  
     Government National Mortgage Association (GNMA)
  76,912          8.500%, 09/15/09 .........................          83
 190,378          8.500%, 10/15/09 .........................         205
  92,784          8.500%, 12/15/09 .........................         100
1,194,648          9.000%, 12/15/09 .........................       1,300 
 968,149          9.000%, 12/15/17 .........................       1,069
  66,243          9.000%, 03/15/20 .........................          73
  50,779          9.000%, 08/15/20 .........................          56
 781,121          8.000%, 06/15/22 .........................         841
 528,897          6.500%, 08/15/23 .........................         545
 343,262          6.500%, 09/15/23 .........................         354
9,123,677          6.500%, 10/15/28 .........................       9,357 
7,624,584          6.500%, 05/20/31 .........................       7,762 
5,501,549          6.500%, 06/15/31 .........................       5,625 
93,000,000        h 7.000%, 06/15/31 .........................      96,516  
12,000,000        h 7.000%, 07/20/31 .........................      12,453  
15,000,000        h 7.500%, 07/15/32 .........................      15,811  
6,000,000        h 8.000%, 07/15/32 .........................       6,383 
                                                              ----------
               TOTAL MORTGAGE BACKED SECURITIES                  697,623
                                                              ----------

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U.S. TREASURY SECURITIES--8.85%                                               
U.S. Treasury Bond                        
47,500,000          10.000%, 05/15/10 ........................      55,774  
149,900,000          7.250%, 05/15/16 .........................     176,666   
10,000,000          6.250%, 05/15/30 .........................      10,832  
2,300,000        e 5.375%, 02/15/31 .........................       2,252 
U.S. Treasury Inflation Indexed           
30,635,184        k 3.375%, 01/15/07 .........................      31,865  
100,145,562        K 3.625%, 01/15/08 .........................     104,840   
U.S. Treasury Note                        
3,330,000        e 4.375%, 05/15/07 .........................       3,376 
3,050,000        e 4.875%, 02/15/12 .........................       3,061 
                                                              ----------
               TOTAL U.S. TREASURY SECURITIES ..............     388,666
                                                              ----------
TOTAL GOVERNMENT BONDS                    
                (COST $1,156,841)                              1,180,928
                                                              ----------
TOTAL BONDS                               
                (COST $1,704,984)                              1,738,823
                                                              ----------
SHARES                                                                  
-------                                                                 
COMMON STOCK--59.99%                                                            
AEROSPACE AND DEFENSE--0.21%                                                  
  26,120        * Echostar Communications Corp (Class A) ...         485
 161,576          Heico Corp ...............................       2,265
 231,518        * Ladish Co, Inc ...........................       2,824
   7,128          PerkinElmer, Inc .........................          79
  80,783        * Triumph Group, Inc .......................       3,603
                                                              ----------
                  TOTAL AEROSPACE AND DEFENSE                      9,256
                                                              ----------
BASIC INDUSTRIES--2.81%                                                       
 188,926          Air Products & Chemicals, Inc ............       9,535
  75,882        * AK Steel Holding Corp ....................         972
  97,368          Amcol International Corp .................         667
  16,770        * American Standard Cos, Inc ...............       1,259
 131,800          Avery Dennison Corp ......................       8,270
 149,952       b* Birmingham Steel Corp ....................          55
  19,825          Black & Decker Corp ......................         956
  57,000          Cabot Corp ...............................       1,633
  16,987       e* Cabot Microelectronics Corp ..............         733
  37,795          Castle (A.M.) & Co .......................         472
  18,600          Centex Construction Products, Inc ........         677
  12,500          Centex Corp ..............................         722
  31,723          Century Aluminum Co ......................         472
   4,475        * Cleveland-Cliffs, Inc ....................         124
   1,500          Commercial Metals Co .....................          70
 149,645       e* Crown Cork & Seal Co, Inc ................       1,025
  34,571          Donnelly Corp ............................         933
  54,200        e Dr Horton, Inc ...........................       1,411
  97,900          Ecolab, Inc ..............................       4,526
 135,300          Engelhard Corp ...........................       3,832
 189,524       e* Fleetwood Enterprises, Inc ...............       1,649
   2,930          Gibraltar Steel Corp .....................          65
  39,316          H.B. Fuller Co ...........................       1,152

+As provided by Moody's Investors Services (Unaudited)                          

SEE NOTES TO FINANCIAL STATEMENTS 

24  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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--------------------------------------------------------------------------------

  SHARES                                                       VALUE (000)
---------                                                      ---------- 
BASIC INDUSTRIES--(CONTINUED)                                                 
   5,418        * Imco Recycling, Inc ......................  $       53
  23,200          KB Home ..................................       1,195
 243,689          Kimberly-Clark Corp ......................      15,109
  17,600          Lennar Corp ..............................       1,077
  68,752        * Liquidmetal Technologies .................         798
  10,984        * Lone Star Technologies, Inc ..............         252
  11,600          M/I Schottenstein Homes, Inc .............         437
 224,873          Masco Corp ...............................       6,096
  21,808        * Material Sciences Corp ...................         306
  18,573          MDC Holdings, Inc ........................         966
  79,749          MeadWestvaco Corp ........................       2,676
  13,978        * Mueller Industries, Inc ..................         444
  62,065        * NS Group, Inc ............................         593
  53,009          Nucor Corp ...............................       3,448
  45,820        * Penwest Pharmaceuticals Co ...............         893
 162,256          Plum Creek Timber Co, Inc ................       4,981
  77,277          Praxair, Inc .............................       4,402
  68,100          Pulte Homes, Inc .........................       3,914
  21,394          Reliance Steel & Aluminum Co .............         653
  82,462          Roanoke Electric Steel Corp ..............       1,273
  99,954          Rohm & Haas Co ...........................       4,047
 115,700          Royal Gold, Inc ..........................       1,580
 128,745          Ryerson Tull, Inc ........................       1,497
  36,300          Ryland Group, Inc ........................       1,806
  61,513          Schnitzer Steel Industries, Inc (Class A)        1,373
  86,075          Sigma-Aldrich Corp .......................       4,317
     400        * Silgan Holdings, Inc .....................          16
   8,046          Snap-On, Inc .............................         239
 126,950          Sonoco Products Co .......................       3,595
  22,700          Standard-Pacific Corp ....................         796
  52,224          Stanley Works ............................       2,142
  10,262        * Steel Dynamics, Inc ......................         169
   8,820        * Stillwater Mining Co .....................         144
   6,848          Temple-Inland, Inc .......................         396
  20,000        * Toll Brothers, Inc .......................         586
  94,563          Vulcan Materials Co ......................       4,142
  29,200          WD-40 Co .................................         811
 270,750          Worthington Industries, Inc ..............       4,901
                                                              ----------
                  TOTAL BASIC INDUSTRIES                         123,333
                                                              ----------
CONSUMER CYCLICAL--5.57%                                                      
  43,900        * American Axle & Manufacturing Holdings, Inc      1,306
1,344,190          AOL Time Warner, Inc .....................      19,773 
  22,981        * Apollo Group, Inc (Class A) ..............         906
  48,230          Arvinmeritor, Inc ........................       1,158
 102,996          Autoliv, Inc .............................       2,595
  23,900          Bandag, Inc ..............................         677
  50,347          Barnes Group, Inc ........................       1,153
  92,949        * Bed Bath & Beyond, Inc ...................       3,508
  39,960        * Boca Resorts, Inc (Class A) ..............         529
  27,385          Brunswick Corp ...........................         767
   3,498          Bush Industries, Inc (Class A) ...........          42
  26,134        * Cablevision Systems Corp (Class A) .......         247
  17,578          Callaway Golf Co .........................         278
 126,589        * Charter Communications, Inc (Class A) ....         516
   6,300       e* Comcast Corp (Class A) ...................         152
 365,769        * Comcast Corp (Class A) Special ...........       8,720
  84,449          Dana Corp ................................       1,565
 153,300          Darden Restaurants, Inc ..................       3,787
 482,903          Delphi Corp ..............................       6,374
   4,025        * Dick Clark Productions, Inc ..............          58
  85,565          Dollar General Corp ......................       1,628
  15,723        * Dollar Tree Stores, Inc ..................         620
  41,000          Dow Jones & Co, Inc ......................       1,986
  25,900        * Dura Automotive Systems, Inc .............         537
   1,100          Escalade, Inc ............................          25
  17,000        * EUniverse, Inc ...........................         105
  44,660        * Extended Stay America, Inc ...............         724
  42,081          Family Dollar Stores, Inc ................       1,483
  62,400     b,e* Federal-Mogul Corp .......................          44
  22,208        * Foot Locker, Inc .........................         321
 264,130          Gap, Inc .................................       3,751
  19,189        * Gaylord Entertainment Co .................         423
  18,144        * Gentex Corp ..............................         498
 191,850          Genuine Parts Co .........................       6,690
  79,050          Graco, Inc ...............................       1,987
 162,587          Harley-Davidson, Inc .....................       8,336
  13,245        * IMPCO Technologies, Inc ..................         174
 178,070          Interpublic Group Of Cos, Inc ............       4,409
 107,895          J.C. Penney Co, Inc ......................       2,376
  76,289          Johnson Controls, Inc ....................       6,226
  34,060        * K2, Inc ..................................         349
 120,055        * Kohl's Corp ..............................       8,413

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  30,299        * Lamar Advertising Co .....................       1,127
  12,820        * Lear Corp ................................         593
  53,944          Leggett & Platt, Inc .....................       1,262
1,044,492        * Liberty Media Corp (Class A) .............      10,445 
  31,554          Liz Claiborne, Inc .......................       1,003
  11,639        * Luby's, Inc ..............................          77
   7,273          Marcus Corp ..............................         121
 186,515          May Department Stores Co .................       6,142
 764,595          McDonald's Corp ..........................      21,753
 123,042          McGraw-Hill Cos, Inc .....................       7,346
  10,472        * Medis Technologies Ltd ...................          83
     300          Meredith Corp ............................          12
 183,463        * Metro-Goldwyn-Mayer, Inc .................       2,147
  35,100          Modine Manufacturing Co ..................         863
     805        * Neiman Marcus Group, Inc (Class A) .......          28
  58,936          New York Times Co (Class A) ..............       3,035
  45,719          Nordstrom, Inc ...........................       1,036
   1,164        * Oakley, Inc ..............................          20
 124,109          Omnicom Group, Inc .......................       5,684
  51,118        * Penton Media, Inc ........................         110
  45,239        * Pinnacle Systems, Inc ....................         497
  14,017        * Pixar, Inc ...............................         618
   3,898        * Prime Hospitality Corp ...................          51
  47,129          R.R. Donnelley & Sons Co .................       1,298
  28,761        * Racing Champions Ertl Corp ...............         531
     720        * Reebok International Ltd .................          21
  11,241        * Regal Entertainment Group (Class A) ......         262
  13,742          Ross Stores, Inc .........................         560
   3,871          Russell Corp .............................          75
  33,400        * Saks, Inc ................................         429
   9,076          Scripps (E.W.) Co (Class A) ..............         699
 151,408          Sears Roebuck & Co .......................       8,222
  12,300          Spartan Motors, Inc ......................         189
   4,201        * Sports Resorts International, Inc ........          23
 129,954        * Starbucks Corp ...........................       3,229
 355,925          Target Corp ..............................      13,561
     100          Thor Industries, Inc .....................           7
  29,476          Tiffany & Co .............................       1,038
 232,221          TJX Cos, Inc .............................       4,554
 120,482          Tribune Co ...............................       5,241
  25,700          Tyler Technologies, Inc ..................         137
  47,126        * Univision Communications, Inc (Class A) ..       1,480
  81,330        * U.S.A. Networks, Inc .....................       1,907
 101,280          VF Corp ..................................       3,971
 217,700          Visteon Corp .............................       3,091
  47,397        * Wabash National Corp .....................         474
 893,095          Walt Disney Co ...........................      16,879

 SEE NOTES TO FINANCIAL STATEMENTS

                   2002 SEMIANNUAL REPORT  College Retirement Equities Fund   25

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--------------------------------------------------------------------------------

  SHARES                                                       VALUE (000)
---------                                                      ---------- 
CONSUMER CYCLICAL--(CONTINUED)                                                
   4,756          Washington Post Co (Class B) .............    $  2,592
  22,351          Wendy's International, Inc ...............         890
  16,077          Whirlpool Corp ...........................       1,051
     800          Winnebago Industries, Inc ................          35
   6,309          Woodward Governor Co .....................         373
 177,600        * Yahoo!, Inc ..............................       2,621
                                                              ----------
                  TOTAL CONSUMER CYCLICAL                        244,709
                                                              ----------
CONSUMER NON-CYCLICAL--7.21%                                                  
 202,421          Albertson's, Inc .........................       6,166
  36,281        * Amazon.Com, Inc ..........................         590
  14,691        * Autozone, Inc ............................       1,136
  96,700          Avon Products, Inc .......................       5,052
  76,282        * Best Buy Co, Inc .........................       2,769
 178,840          Campbell Soup Co .........................       4,947
   3,779        * CDW Computer Centers, Inc ................         177
  42,694          Circuit City Stores, Inc (Circuit City Group)      801
 122,200          Clorox Co ................................       5,053
 864,700          Coca-Cola Co .............................      48,423
  96,100          Coca-Cola Enterprises, Inc ...............       2,122
 227,900          Colgate-Palmolive Co .....................      11,406
 178,838          Costco Wholesale Corp ....................       6,907
 159,171          CVS Corp .................................       4,871
  41,029        * eBay, Inc ................................       2,528
   1,285        * Energizer Holdings, Inc ..................          35
   3,555          Fastenal Co ..............................         137
 122,109          General Mills, Inc .......................       5,382
 425,753          Gillette Co ..............................      14,420
  34,428          Herbalife International, Inc (Class B) ...         660
  68,600          Hershey Foods Corp .......................       4,288
 179,450          HJ Heinz Co ..............................       7,375
 760,946          Home Depot, Inc ..........................      27,950
  49,806          International Flavors & Fragrances, Inc ..       1,618
  10,186          JM Smucker Co ............................         348
 163,463          Kellogg Co ...............................       5,862
 308,306        * Kroger Co ................................       6,135
 273,654          Lowe's Cos ...............................      12,424
     800        * Marvel Enterprises, Inc ..................           4
 245,224          Mattel, Inc ..............................       5,169
  11,600          McCormick & Co, Inc (Non-Vote) ...........         299
  35,911        * NBTY, Inc ................................         556
 165,283          Newell Rubbermaid, Inc ...................       5,795
  49,255        * Office Depot, Inc ........................         827
  10,100        * Party City Corp ..........................         165
  39,400          PepsiAmericas Inc ........................         589
 685,304          Pepsico, Inc .............................      33,031
 108,748        * Perrigo Co ...............................       1,414
 509,300          Procter & Gamble Co ......................      45,480
  45,347          RadioShack Corp ..........................       1,363
   4,200        * Restoration Hardware, Inc ................          37
 237,110        * Safeway, Inc .............................       6,921
  12,958        * Sharper Image Corp .......................         261
 146,036        * Staples, Inc .............................       2,877
  53,359        * Toys "R" Us, Inc .........................         932
 401,071          Walgreen Co ..............................      15,493
   3,610          Winn-Dixie Stores, Inc ...................          56
 106,645          Wrigley (Wm.) Jr Co ......................       5,903
                                                              ----------
                  TOTAL CONSUMER NON-CYCLICAL                    316,754
                                                              ----------
ENERGY--2.64%                                                                 
  17,861        * 3TEC Energy Corp .........................         311
 256,569          Anadarko Petroleum Corp ..................      12,649
 222,824          Apache Corp ..............................      12,808
 318,841          Baker Hughes, Inc ........................      10,614
   2,949          Berry Petroleum Co (Class A) .............          50
   3,667          Cabot Oil & Gas Corp (Class A) ...........          84
  73,662        * Chesapeake Energy Corp ...................         530
  12,123        * Comstock Resources, Inc ..................          92
   3,111        * Cooper Cameron Corp ......................         151
  65,278        * Denbury Resources, Inc ...................         672
 183,163          Devon Energy Corp ........................       9,026
  63,215        * Energy Partners Ltd ......................         588
  38,561          Ensco International, Inc .................       1,051
 230,565          EOG Resources, Inc .......................       9,153
  42,436        * Forest Oil Corp ..........................       1,206
  18,493          Frontier Oil Corp ........................         325
 157,563        * Grant Prideco, Inc .......................       2,143
  41,000        * Harvest Natural Resources, Inc ...........         205
  27,660          Helmerich & Payne, Inc ...................         988
 106,936        * Meridian Resource Corp ...................         398
 138,500          Murphy Oil Corp ..........................      11,426
 122,822        * Nabors Industries Ltd ....................       4,336
  55,120        * Newfield Exploration Co ..................       2,049
 162,647          Noble Energy, Inc ........................       5,863
  34,224        * Nuevo Energy Co ..........................         541

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 155,175          Ocean Energy, Inc ........................       3,363
   6,273        * Patterson-UTI Energy, Inc ................         177
   6,365        * Petroleum Helicopters (Vote) .............         213
  92,524          Pioneer Natural Resources Co .............       2,410
  46,243        * Plains Resources, Inc ....................       1,237
  70,100        e Pogo Producing Co ........................       2,287
  12,189        * Pride International, Inc .................         191
  37,517        * Range Resources Corp .....................         210
  76,000          Rowan Cos, Inc ...........................       1,630
  24,200        * Smith International, Inc .................       1,650
  11,878        * Stone Energy Corp ........................         478
 122,722          Sunoco, Inc ..............................       4,372
  19,374        * Swift Energy Co ..........................         306
  12,628        * Tom Brown, Inc ...........................         358
 282,942        * Transmontaigne, Inc ......................       1,712
 102,049          Valero Energy Corp .......................       3,819
  29,440          Vintage Petroleum, Inc ...................         350
  42,475        * Weatherford International Ltd ............       1,835
  36,809        * Westport Resources Corp ..................         604
  34,998          World Fuel Services Corp .................         854
  34,594          XTO Energy, Inc ..........................         713
                                                              ----------
                  TOTAL ENERGY                                   116,028
                                                              ----------
FINANCIAL SERVICES--14.16%                                                    
  24,310          A.G. Edwards, Inc ........................         945
 180,970          Aflac, Inc ...............................       5,791
  63,231          Allied Capital Corp ......................       1,432
 538,371          American Express Co ......................      19,554
 915,536          American International Group, Inc ........      62,467
  62,255          Amsouth Bancorp. .........................       1,393
  33,700          Annaly Mortgage Management, Inc ..........         654
 140,412          AON Corp .................................       4,139
 122,115          Archstone-Smith Trust ....................       3,260
   7,267          AvalonBay Communities, Inc ...............         339
 621,718          Bank Of America Corp .....................      43,744
 507,576          Bank One Corp ............................      19,532
 236,924          BB&T Corp ................................       9,145
   4,500        * Beazer Homes USA, Inc ....................         360
   7,255          Boston Properties, Inc ...................         290
  76,359          Capital One Financial Corp ...............       4,662
 509,410          Charles Schwab Corp ......................       5,705
  12,556          Charter One Financial, Inc ...............         432
  57,457          Chubb Corp ...............................       4,068
  47,395          Cincinnati Financial Corp ................       2,205
  53,783          Comerica, Inc ............................       3,302
  24,436          Countrywide Credit Industries, Inc .......       1,179
  80,458          Crescent Real Estate Equities Co .........       1,505

SEE NOTES TO FINANCIAL STATEMENTS 

26  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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Statement of Investments - SOCIAL CHOICE ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

  SHARES                                                       VALUE (000)
---------                                                      ---------- 
FINANCIAL SERVICES--(CONTINUED)                                               
  33,356          Duke Realty Corp .........................   $     966
 400,314          Equity Office Properties Trust ...........      12,049
 235,188          Equity Residential Properties Trust ......       6,762
  12,042          Erie Indemnity Co (Class A) ..............         488
 444,946          Fannie Mae ...............................      32,815
  27,941          Federated Investors, Inc (Class B) .......         966
 248,393          Fifth Third Bancorp ......................      16,555
  18,800          Flagstar Bancorp, Inc ....................         434
 586,127          FleetBoston Financial Corp ...............      18,961
 113,917          Franklin Resources, Inc ..................       4,857
 301,602          Freddie Mac ..............................      18,458
  14,210          Gallagher (Arthur J.) & Co ...............         492
  16,369        * Gartner, Inc (Class B) ...................         154
  20,300          Golden State Bancorp, Inc ................         736
  73,435          Golden West Financial Corp ...............       5,051
 133,076          Goldman Sachs Group, Inc .................       9,761
  99,045          Hartford Financial Services Group, Inc ...       5,890
 231,971          Household International, Inc .............      11,529
  83,220        * Instinet Group, Inc ......................         543
  27,260          Jefferson-Pilot Corp .....................       1,281
 759,780          JP Morgan Chase & Co .....................      25,772
 249,911          Keycorp ..................................       6,823
   7,268          Legg Mason, Inc ..........................         359
  87,030          Lincoln National Corp ....................       3,655
   6,100          LNR Property Corp ........................         210
   2,700          MAF Bancorp, Inc .........................         102
 160,030          Marsh & McLennan Cos, Inc ................      15,459
  19,299          MBIA, Inc ................................       1,091
 368,990          MBNA Corp ................................      12,202
 214,883          Mellon Financial Corp ....................       6,754
  13,200          Meritage Corp ............................         603
 351,096          Merrill Lynch & Co, Inc ..................      14,219
 338,766          National City Corp .......................      11,264
   6,604          Neuberger Berman, Inc ....................         242
  74,891          Northern Trust Corp ......................       3,300
 165,663          PNC Financial Services Group, Inc ........       8,661
 148,325        * Principal Financial Group ................       4,598
  45,970          Progressive Corp .........................       2,659
  65,424          Prologis Trust ...........................       1,701
 353,400        * Providian Financial Corp .................       2,078
 172,474        * Prudential Financial, Inc ................       5,754
  35,819          Public Storage, Inc ......................       1,329
  88,304          Regions Financial Corp ...................       3,104
  20,600          Rouse Co .................................         680
  14,663          Safeco Corp ..............................         453
  12,860          Seacoast Banking Corp Of Florida .........         742
  27,301          SEI Investments Co .......................         769
 107,892        e Simon Property Group, Inc ................       3,975
  78,017          Slm Corp .................................       7,560
  77,180          St. Paul Cos, Inc ........................       3,004
 114,374          State Street Corp ........................       5,112
  64,820          Stilwell Financial, Inc ..................       1,180
 140,072          Suntrust Banks, Inc ......................       9,486
  69,994          Synovus Financial Corp ...................       1,926
 101,881        * Syntroleum Corp ..........................         293
  57,826          T Rowe Price Group, Inc ..................       1,901
  53,323          Trizec Properties, Inc ...................         899
 785,812          U.S. Bancorp .............................      18,349
  19,367          Union Planters Corp ......................         627
  53,588          UnumProvident Corp .......................       1,364
  37,503          Vornado Realty Trust .....................       1,733
   1,900          W Holding Co, Inc ........................          46
 620,507          Wachovia Corp ............................      23,691
 544,162          Washington Mutual, Inc ...................      20,194
  15,090          Waypoint Financial Corp ..................         295
  80,550          Weingarten Realty Investors ..............       2,851
 719,388          Wells Fargo & Co .........................      36,013
  47,200          Westcorp .................................       1,508
   3,300        * WFS Financial, Inc .......................          90
                                                              ----------
                  TOTAL FINANCIAL SERVICES                       621,531
                                                              ----------
HEALTH CARE--8.49%                                                            
   8,229        * aaiPharma, Inc ...........................         185
   8,453        * Abgenix, Inc .............................          83
  37,322        * Abiomed, Inc .............................         316
  11,000        * Accredo Health, Inc ......................         508
  19,236        * Adolor Corp ..............................         217
 172,141        * Advanced Tissue Sciences, Inc ............         248
  16,000        * AdvancePCS ...............................         383
  26,700          Aetna, Inc ...............................       1,281
  16,601        * Aksys Ltd ................................         115
  16,000        * Alaris Medical, Inc ......................         107
   5,025        * Alexion Pharmaceuticals, Inc .............          76
  35,872        * Align Technology, Inc ....................         145
   3,967        * Alkermes, Inc ............................          64
  99,985          Allergan, Inc ............................       6,674
  29,572        * Allscripts Healthcare Solutions, Inc .....         111
  47,000          Alpharma, Inc (Class A) ..................         798

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 369,574          Amgen, Inc ...............................      15,478
   4,462        * Amylin Pharmaceuticals, Inc ..............          49
  42,951        * Andrx Corp ...............................       1,158
  45,331        * Anthem, Inc ..............................       3,059
  33,202        * Antigenics, Inc ..........................         327
  53,734        * Aphton Corp ..............................         403
  18,818        * Apogent Technologies, Inc ................         387
 188,825          Applera Corp (Applied Biosystems Group) ..       3,680
  14,213        * Applera Corp (Celera Genomics Group) .....         171
  46,623        * Applied Molecular Evolution ..............         269
   3,918        * Arena Pharmaceuticals, Inc ...............          33
  16,100        * Ariad Pharmaceuticals, Inc ...............          67
  24,717        * Arqule, Inc ..............................         167
   5,400        * Array Biopharma, Inc .....................          52
  35,685        * Atrix Laboratories, Inc ..................         794
   9,400        * Avigen, Inc ..............................          88
  12,697          Bard (C.R.), Inc .........................         718
  29,471        * Barr Laboratories, Inc ...................       1,872
  30,755          Bausch & Lomb, Inc .......................       1,041
 345,581          Baxter International, Inc ................      15,361
  14,396          Beckman Coulter, Inc .....................         718
 187,072          Becton Dickinson & Co ....................       6,445
  47,699        * Benthley Pharmaceuticals, Inc ............         553
  59,370        * Biogen, Inc ..............................       2,460
  44,157        * BioMarin Pharmaceutical, Inc .............         230
 120,994          Biomet, Inc ..............................       3,281
  41,487        * Biopure Corp .............................         317
  17,626        * Bio-Technology General Corp ..............         106
  10,909        * Biosite, Inc .............................         307
  33,705        * Bone Care International, Inc .............         176
 142,295        * Boston Scientific Corp ...................       4,172
  62,439        * Caliper Technologies Corp ................         521
 234,390          Cardinal Health, Inc .....................      14,394
  85,652        * Caremark Rx, Inc .........................       1,413
  22,039        * Cell Therapeutics, Inc ...................         120
   6,928        * Cephalon, Inc ............................         313
  69,000          Cigna Corp ...............................       6,722
  22,118        * Cima Labs, Inc ...........................         533
   8,100        * Cobalt Corp ..............................         185
  83,298        * Columbia Laboratories, Inc ...............         500
  24,200        * Connetics Corp ...........................         313

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  27

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--------------------------------------------------------------------------------

  SHARES                                                       VALUE (000)
---------                                                      ---------- 
HEALTH CARE--(CONTINUED)                                                      
  34,100        * Coventry Health Care, Inc ................  $      969
  22,806        * CuraGen Corp .............................         126
   5,433        * CV Therapeutics, Inc .....................         101
  26,200        * DaVita, Inc ..............................         624
  49,355        * Decode Genetics, Inc .....................         231
 178,352        * Deltagen, Inc ............................         437
  26,850          Dentsply International, Inc ..............         991
  41,403          Diagnostic Products Corp .................       1,532
   3,600        * Dianon Systems, Inc ......................         192
  20,742        * Digene Corp ..............................         244
  97,501        * Durect Corp ..............................         780
   5,980        * Edwards Lifesciences Corp ................         139
 105,552        * Endo Pharmaceuticals Holdings, Inc .......         739
  31,357        * Eon Labs, Inc ............................         558
 292,254        * Esperion Therapeutics, Inc ...............       1,587
  10,300        * Exact Sciences Corp ......................         164
  17,544        * Express Scripts, Inc (Class A) ...........         879
  35,814        * First Health Group Corp ..................       1,004
   1,424        * First Horizon Pharmaceutical .............          29
 102,316        * Forest Laboratories, Inc .................       7,244
  27,000        * Gene Logic, Inc ..........................         378
   2,009        * Genesis Health Ventures, Inc .............          40
  35,200        * Genta, Inc ...............................         292
 143,232        * Genzyme Corp (Biosurgery Division) .......         649
 120,525        * Genzyme Corp (General Division) ..........       2,319
  23,356        * Geron Corp ...............................         107
  54,865        * Gilead Sciences, Inc .....................       1,804
 132,032        * Guidant Corp .............................       3,991
  78,544        * Guilford Pharmaceuticals, Inc ............         592
  27,600        * Hanger Orthopedic Group, Inc .............         419
 101,048        * Health Management Associates, Inc (Class A)      2,036
  50,772        * Health Net, Inc ..........................       1,359
   1,585        * Henry Schein, Inc ........................          71
  45,002          Hillenbrand Industries, Inc ..............       2,527
  52,576        * Human Genome Sciences, Inc ...............         705
 190,400        * Humana, Inc ..............................       2,976
  18,436        * Icos Corp ................................         313
  36,935        * IDEC Pharmaceuticals Corp ................       1,309
  28,121        * Idexx Laboratories, Inc ..................         725
   2,797        * Ilex Oncology, Inc .......................          39
   6,010        * Illumina, Inc ............................          40
  47,200        * Immunogen, Inc ...........................         127
  44,900          Immunomedics, Inc ........................         234
  67,408        * Impax Laboratories, Inc ..................         505
 138,599          IMS Health, Inc ..........................       2,488
  44,017        * Incyte Genomics, Inc .....................         320
  41,300        * Indevus Pharmaceuticals, Inc .............          48
  44,803        * Inhale Therapeutic Systems, Inc ..........         445
  25,481        * Inverness Medical Innovations, Inc .......         515
   5,589        * Invitrogen Corp ..........................         179
 164,181        * IVAX Corp ................................       1,773
1,092,264          Johnson & Johnson ........................      57,082 
 128,650        * King Pharmaceuticals, Inc ................       2,862
   6,700        * Kosan Biosciences, Inc ...................          58
  10,400        * La Jolla Pharmaceutical Co ...............          65
  18,400        * Lexicon Genetics, Inc ....................          90
  41,448        * LifePoint Hospitals, Inc .................       1,505
  39,990        * Lincare Holdings, Inc ....................       1,292
  25,220        * Luminex Corp .............................         189
  32,464        * Manor Care, Inc ..........................         747
  34,085        * Martek Biosciences Corp ..................         713
 174,303          McKesson Corp ............................       5,700
   2,817        * Medarex, Inc .............................          21
  27,311        * Medicis Pharmaceutical Corp (Class A) ....       1,168
  87,777        * Medimmune, Inc ...........................       2,317
 516,962          Medtronic, Inc ...........................      22,152
 974,065          Merck & Co, Inc ..........................      49,327
  17,700        * MGI Pharma, Inc ..........................         125
  30,655        * Mid Atlantic Medical Services, Inc .......         961
  96,322        * Millennium Pharmaceuticals, Inc ..........       1,170
   2,032        * Millipore Corp ...........................          65
  98,396          Mylan Laboratories, Inc ..................       3,085
  76,865        * Nabi Biopharmaceuticals ..................         413
  30,795        * Napro Biotherapeutics, Inc ...............         202
  35,147        * Nastech Pharmaceutical Co ................         577
  19,600        * Neopharm, Inc ............................         246
  18,531        * Neose Technologies, Inc ..................         202
  40,959        * Neurogen Corp ............................         479
   2,012        * NPS Pharmaceuticals, Inc .................          31
  26,784          Omnicare, Inc ............................         703
   6,400        * Omnicell, Inc ............................          45
  27,599        * Onyx Pharmaceuticals, Inc ................         159
   5,592        * Option Care, Inc .........................          77
     492        * OSI Pharmaceuticals, Inc .................          12
  32,723        * Oxford Health Plans, Inc .................       1,520

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  33,300        * Pacificare Health Systems, Inc ...........         906
 101,444        * Pain Therapeutics, Inc ...................         848
  14,862        * Patterson Dental Co ......................         748
     876        * PDI, Inc .................................          14
  37,908        * Peregrine Pharmaceuticals, Inc ...........          44
  13,868        * Pharmaceutical Resources, Inc ............         385
  83,891        * Pozen, Inc ...............................         435
   7,878        * Practiceworks, Inc .......................         145
 101,678        * Praecis Pharmaceuticals, Inc .............         354
  27,324        * Priority Healthcare Corp (Class B) .......         642
  13,055        * Progenics Pharmaceuticals ................         160
  16,161        * Protein Design Labs, Inc .................         176
  23,900        * Quadramed Corp ...........................         167
  82,816        * Quintiles Transnational Corp .............       1,034
  11,513        * Regeneron Pharmaceuticals, Inc ...........         167
  97,239        * Rigel Pharmaceuticals, Inc ...............         355
  20,975        * Salix Pharmaceuticals Ltd ................         320
   3,700        * Sangamo Biosciences, Inc .................          22
 749,870          Schering-Plough Corp .....................      18,447
   3,811        * Scios, Inc ...............................         117
  88,520        * Seattle Genetics, Inc ....................         461
  18,629        * Sepracor, Inc ............................         178
 109,704        * Sequenom, Inc ............................         387
 155,866        * Service Corp International ...............         753
  23,280          SICOR, Inc ...............................         432
   5,023        * Spacelabs Medical, Inc ...................          71
  40,858        * Specialty Laboratories, Inc ..............         343
  43,263          St. Jude Medical, Inc ....................       3,195
  89,665          Stryker Corp .............................       4,798
  10,500        * Sunrise Assisted Living, Inc .............         281
  24,448        * Supergen, Inc ............................         177
   9,484        * Syncor International Corp ................         299
  16,038        * Tanox, Inc ...............................         174
  26,200        * Telik, Inc ...............................         328
  35,411        * Texas Biotechnology Corp .................         138
  74,999       e* Triad Hospitals, Inc .....................       3,178
  90,234        * Triangle Pharmaceuticals, Inc ............         245
   9,786        * Trigon Healthcare, Inc ...................         984
   7,944        * TriPath Imaging, Inc .....................          35
  45,278        * Tularik, Inc .............................         415
  11,300        * United Therapeutics Corp .................         140
 145,986          UnitedHealth Group, Inc ..................      13,365
   8,318          Universal Health Services, Inc (Class B) .         408
  13,047          Varian Medical Systems, Inc ..............         529

SEE NOTES TO FINANCIAL STATEMENTS 

28  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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--------------------------------------------------------------------------------

  SHARES                                                       VALUE (000)
---------                                                      ---------- 
HEALTH CARE--(CONTINUED)                                                      
  16,600        * Versicor, Inc ............................  $      223
  20,192        * Vertex Pharmaceuticals, Inc ..............         329
  60,467        * Vical, Inc ...............................         319
  30,843        * Waters Corp ..............................         824
  90,672        * Watson Pharmaceuticals, Inc ..............       2,291
  62,786        * Wellpoint Health Networks, Inc ...........       4,885
  45,512        * Women First Healthcare, Inc ..............         355
  87,820        * Zimmer Holdings, Inc .....................       3,132
                                                              ----------
                  TOTAL HEALTH CARE                              372,891
                                                              ----------
OTHER--0.54%                                                                  
   8,700        * Acacia Research Corp .....................          62
  59,621          Cintas Corp ..............................       2,947
  29,750        * Dun & Bradstreet Corp ....................         983
   7,900        * First Consulting Group, Inc ..............          68
   1,300        * General Binding Corp .....................          22
  70,275          H & R Block, Inc .........................       3,243
  72,034        e Invision Technologies, Inc ...............       1,740
     148          Manpower, Inc ............................           6
  59,014          Moody's Corp .............................       2,936
  20,220        * R.H. Donnelley Corp ......................         566
   7,500        * Rent-Way, Inc ............................          97
  54,708          Robert Half International, Inc ...........       1,275
   7,619          SPX Corp .................................         895
 260,400          Sysco Corp ...............................       7,088
  22,753          Teleflex, Inc ............................       1,300
  20,522        * TMP Worldwide, Inc .......................         441
                                                              ----------
                  TOTAL OTHER                                     23,669
                                                              ----------
PRODUCER DURABLES--2.13%                                                      
 233,022          3M Co ....................................      28,662
  55,606        * Active Power, Inc ........................         201
  28,558          American Water Works Co, Inc .............       1,234
  50,750          Ametek, Inc ..............................       1,890
  30,000          Baldor Electric Co .......................         756
 185,741        * Capstone Turbine Corp ....................         308
  27,585        * Casella Waste Systems, Inc (Class A) .....         331
  37,100          Cummins, Inc .............................       1,228
 127,030          Deere & Co ...............................       6,085
 360,600          Emerson Electric Co ......................      19,296
  38,732          Gatx Corp ................................       1,166
   3,628          Harsco Corp ..............................         136
  14,192        * Headwaters, Inc ..........................         224
  27,085          Hubbell, Inc (Class B) ...................         925
 243,000          Illinois Tool Works, Inc .................      16,597
  21,476        * Imagistics International, Inc ............         461
  28,000          Nordson Corp .............................         690
 137,001          Pitney Bowes, Inc ........................       5,442
  63,300        * Thomas & Betts Corp ......................       1,177
   6,589          Timken Co ................................         147
   2,986        * Unova, Inc ...............................          19
   4,572        * Waste Connections, Inc ...................         143
  82,700          WW Grainger, Inc .........................       4,143
 293,473       e* Xerox Corp ...............................       2,046
                                                              ----------
                  TOTAL PRODUCER DURABLES                         93,307
                                                              ----------
TECHNOLOGY--9.64%                                                             
 213,900        * 3Com Corp ................................         941
 278,041        * Acterna Corp .............................         114
   7,000        * Actuate Corp .............................          32
 434,967        * ADC Telecommunications, Inc ..............         996
  15,019        * ADE Corp .................................         172
  57,716          Adobe Systems, Inc .......................       1,645
 213,995          Advanced Micro Devices, Inc ..............       2,080
  11,984        * Agere Systems, Inc (Class A) .............          17
 602,042        * Agere Systems, Inc (Class B) .............         951
  15,700        * Agile Software Corp ......................         114
 142,256        * Akamai Technologies, Inc .................         185
 162,200        * Altera Corp ..............................       2,206
  73,593        * American Power Conversion Corp ...........         929
  57,448        * American Superconductor Corp .............         314
 117,700        * Analog Devices, Inc ......................       3,496
 105,910        * Apple Computer, Inc ......................       1,877
 490,800        * Applied Materials, Inc ...................       9,335
   5,685        * Artisan Components, Inc ..................          51
  21,375        * At Road, Inc .............................         132
 309,950          Automatic Data Processing, Inc ...........      13,498
 145,610        * Avanex Corp ..............................         282
 110,791        * Avaya, Inc ...............................         548
  49,128        * Avnet, Inc ...............................       1,080
  21,023          AVX Corp .................................         343

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  51,566        * BEA Systems, Inc .........................         490
  18,752        * Bisys Group, Inc .........................         624
  20,399        * BMC Software, Inc ........................         339
  79,519       e* Broadcom Corp (Class A) ..................       1,395
  38,799        * Brocade Communications Systems, Inc ......         678
   4,962        * Cadence Design Systems, Inc ..............          80
  58,407        * Ceridian Corp ............................       1,109
   8,119        * Certegy, Inc .............................         301
 163,916        * CIENA Corp ...............................         687
2,172,700        * Cisco Systems, Inc .......................      30,309 
  72,373        * CNET Networks, Inc .......................         144
 130,138          Computer Associates International, Inc ...       2,068
  36,234        * Computer Horizons Corp ...................         176
  31,095        * Computer Network Technology Corp .........         191
 139,497        * Comverse Technology, Inc .................       1,292
   5,085        * Concord Communications, Inc ..............          84
 188,114        * Concord EFS, Inc .........................       5,670
  76,701        * Convergys Corp ...........................       1,494
 460,100        * Corning, Inc .............................       1,633
     550        * Credence Systems Corp ....................          10
 103,108        * DDI Corp .................................          93
 787,470        * Dell Computer Corp .......................      20,584
  24,300          Deluxe Corp ..............................         945
   3,033        * DiamondCluster International, Inc (Class A)         18
  10,462          Diebold, Inc .............................         390
   4,007        * Digital River, Inc .......................          37
   3,789        * Digitas, Inc .............................          17
  13,779        * DMC Stratex Networks, Inc ................          28
  64,553        * DST Systems, Inc .........................       2,951
   5,599       e* eFunds Corp ..............................          53
  19,699        * Electronic Arts, Inc .....................       1,301
 219,940          Electronic Data Systems Corp .............       8,171
  19,883        * Embarcadero Technologies, Inc ............         123
 868,340          EMC Corp .................................       6,556
  23,961        * Emcore Corp ..............................         144
  21,862        * F5 Networks, Inc .........................         214
  96,414        * Fiserv, Inc ..............................       3,539
 137,100        * Gateway, Inc .............................         609
  17,864        * Global Imaging Systems, Inc ..............         339
  59,374        * Handspring, Inc ..........................         103
   9,083          Henry (Jack) & Associates, Inc ...........         152
1,064,525          Hewlett-Packard Co .......................      16,266 
  33,500       e* Hypercom Corp ............................         258
  55,400        * Identix, Inc .............................         404
 140,200        e Ikon Office Solutions, Inc ...............       1,318
  48,600        * Infonet Services Corp (Class B) ..........         121
   9,400        * Informatica Corp .........................          67
  92,927        * Inktomi Corp .............................          82
2,060,410          Intel Corp ...............................      37,644 
   9,712        * Interdigital Communications Corp .........          88

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  29

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--------------------------------------------------------------------------------

  SHARES                                                       VALUE (000)
---------                                                      ---------- 
TECHNOLOGY--(CONTINUED)                                                       
 569,000          International Business Machines Corp .....  $   40,968
  37,273        * Intuit, Inc ..............................       1,853
  13,916        * Iron Mountain, Inc .......................         429
   5,722        * IXYS Corp ................................          31
  27,569        * Jabil Circuit, Inc .......................         582
 399,720        * JDS Uniphase Corp ........................       1,067
  41,204        * Juniper Networks, Inc ....................         233
  22,206        * KLA-Tencor Corp ..........................         977
  22,512        * KPMG Consulting, Inc .....................         335
  25,500        * Lexar Media, Inc .........................         109
  27,462        * Lexmark International, Inc ...............       1,494
 101,952          Linear Technology Corp ...................       3,204
 229,966        * LSI Logic Corp ...........................       2,012
1,556,306        * Lucent Technologies, Inc .................       2,583 
   3,200        * MAPICS, Inc ..............................          18
  97,259        * Maxim Integrated Products, Inc ...........       3,728
  50,332        * Mercury Interactive Corp .................       1,156
   8,787        * Micro General Corp .......................         147
 207,391          Micron Technology, Inc ...................       4,193
1,368,474        * Microsoft Corp ...........................      74,856 
  23,800        * MIPS Technologies, Inc (Class A) .........         147
  82,093        e Molex, Inc ...............................       2,753
 743,423          Motorola, Inc ............................      10,720
 235,717        * MRV Communications, Inc ..................         361
  78,700        * National Semiconductor Corp ..............       2,296
   1,474        * NCR Corp .................................          51
 100,293        * Netro Corp ...............................         229
 135,913        * Network Appliance, Inc ...................       1,691
  24,183        * New Focus, Inc ...........................          72
 456,604        * NIC, Inc .................................         676
 222,200        * Novell, Inc ..............................         713
  20,101        * Nuance Communications, Inc ...............          84
  14,500        * Onyx Software Corp .......................          49
1,334,156        * Oracle Corp ..............................      12,634 
  10,500        * Packeteer, Inc ...........................          46
  44,218        * Palm, Inc ................................          78
  16,000        * Paradyne Networks, Inc ...................          63
 180,226          Paychex, Inc .............................       5,639
  16,200        * Pegasystems, Inc .........................         146
  55,342        * Peoplesoft, Inc ..........................         823
   6,573        * PLX Technology, Inc ......................          28
  90,882        * Portal Software, Inc .....................          68
   7,169        * QRS Corp .................................          56
 238,000        * Qualcomm, Inc ............................       6,543
  16,200        * Rainbow Technologies, Inc ................          80
  26,000        * Raindance Communications, Inc ............         150
  68,000        * Read-Rite Corp ...........................          33
   7,707        * Roxio, Inc ...............................          55
 160,875        * Sanmina-SCI Corp .........................       1,015
  26,353        * Sapient Corp .............................          28
   3,140        * Scansoft, Inc ............................          23
  31,124          Scientific-Atlanta, Inc ..................         512
   3,500        * SCM Microsystems, Inc ....................          47
   1,300        * Secure Computing Corp ....................          10
  46,300        * Seebeyond Technology Corp ................         144
 156,600        * Siebel Systems, Inc ......................       2,227
  39,700        * Silicon Graphics, Inc ....................         117
  15,000        * Simpletech, Inc ..........................          51
 294,186        * Solectron Corp ...........................       1,809
   3,569        * SONICblue, Inc ...........................           4
  20,400        * SpeechWorks International, Inc ...........          75
  19,155        * Speedfam-Ipec, Inc .......................         100
   6,500        * SS&C Technologies, Inc ...................          91
  11,400        * Standard Microsystems Corp ...............         269
 288,115        * StorageNetworks, Inc .....................         567
  70,374        * Stratos Lightwave, Inc ...................         113
1,049,752        * Sun Microsystems, Inc ....................       5,259 
 122,493        * Sungard Data Systems, Inc ................       3,244
  82,952        * Sycamore Networks, Inc ...................         320
   7,233        * Symantec Corp ............................         238
  24,869          Symbol Technologies, Inc .................         211
     785        * Tektronix, Inc ...........................          15
 264,515        * Tellabs, Inc .............................       1,640
 422,082        * Tellium, Inc .............................         392
  56,340        * Terayon Communication Systems, Inc .......          75
 563,500          Texas Instruments, Inc ...................      13,355
  88,074          Thermo Electron Corp .....................       1,453
  35,400        * Tibco Software, Inc ......................         197
  67,672          Total System Services, Inc ...............       1,273
 111,258        * Touch America Holdings, Inc ..............         306
   7,300        * Tripos, Inc ..............................         159
  18,359        * Turnstone Systems, Inc ...................          79

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  22,452        * Unisys Corp ..............................         202
  58,225        * VeriSign, Inc ............................         419
 140,500        * Veritas Software Corp ....................       2,779
  95,428        * Vishay Intertechnology, Inc ..............       2,099
  27,078        * Vitria Technology, Inc ...................          26
  30,500        * WatchGuard Technologies, Inc .............         157
  17,808        * Witness Systems, Inc .....................         131
  21,000        * Xicor, Inc ...............................          85
 127,200        * Xilinx, Inc ..............................       2,853
                                                              ----------
                  TOTAL TECHNOLOGY                               423,155
                                                              ----------
TRANSPORTATION--0.94%                                                         
  16,000        * Alaska Air Group, Inc ....................         418
 123,282          AMR Corp .................................       2,078
 141,107        * BE Aerospace, Inc ........................       1,860
  22,486        * Continental Airlines, Inc (Class B) ......         355
 102,031          Delta Air Lines, Inc .....................       2,041
  94,089          Fedex Corp ...............................       5,023
 337,610          Norfolk Southern Corp ....................       7,893
   3,400          Ryder System, Inc ........................          92
  51,165          Sabre Holdings Corp ......................       1,832
 412,175          Southwest Airlines Co ....................       6,661
  38,001       e* UAL Corp .................................         435
 201,646          United Parcel Service, Inc (Class B) .....      12,452
                                                              ----------
                  TOTAL TRANSPORTATION                            41,140
                                                              ----------
UTILITIES--5.65%                                                              
1,159,435          A T & T Corp .............................      12,406 
 674,697        * A T & T Wireless Services, Inc ...........       3,947
 338,629        * AES Corp .................................       1,835
 116,131        e AGL Resources, Inc .......................       2,694
 182,349          Allegheny Energy, Inc ....................       4,695
  14,892        * Allen Telecom, Inc .......................          64
 135,300        e Allete, Inc ..............................       3,667
  78,486          Alltel Corp ..............................       3,689
 318,264        e Aquila, Inc ..............................       2,546
  88,749          Avista Corp ..............................       1,225
 669,029          BellSouth Corp ...........................      21,075
  53,967          Black Hills Corp .........................       1,868
 385,940       e* Calpine Corp .............................       2,713
 107,272          Cleco Corp ...............................       2,349
 149,320          Conectiv .................................       3,854
 310,392          DPL, Inc .................................       8,210
 157,072          Empire District Electric Co ..............       3,220
 510,800     b,e* Enron Corp ...............................          54
 156,758          Equitable Resources, Inc .................       5,377
 124,770          Hawaiian Electric Industries, Inc ........       5,309
 189,800        e Idacorp, Inc .............................       5,257

SEE NOTES TO FINANCIAL STATEMENTS 

30  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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Statement of Investments - SOCIAL CHOICE ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

  SHARES                                                       VALUE (000)
---------                                                      ---------- 
UTILITIES--(CONTINUED)                                                        
 291,357          KeySpan Corp .............................  $   10,970
  96,360          Kinder Morgan, Inc .......................       3,664
  25,674          Madison Gas & Electric Co ................         715
 395,525        * Mirant Corp ..............................       2,887
 208,697          National Fuel Gas Co .....................       4,698
 125,600        * Nextel Communications, Inc (Class A) .....         403
 148,200          Nicor, Inc ...............................       6,780
 396,440          NiSource, Inc ............................       8,654
  87,001        * NiSource, Inc (Sails) ....................         181
  49,942          Northwestern Corp ........................         847
 400,848          OGE Energy Corp ..........................       9,163
   2,994          Otter Tail Corp ..........................          94
 100,354        e Peoples Energy Corp ......................       3,659
     880        * Petroquest Energy, Inc ...................           5
 290,180          Potomac Electric Power Co ................       6,233
 463,500        e Puget Energy, Inc ........................       9,571
  77,600        e Questar Corp .............................       1,917
1,108,995          SBC Communications, Inc ..................      33,824 
   9,865          SEMCO Energy, Inc ........................          89
  65,848        * Sierra Pacific Resources .................         514
  12,789          Southern Union Co ........................         218
 259,580          Sprint Corp (FON Group) ..................       2,754
 156,800       e* Sprint Corp (PCS Group) ..................         701
  66,558          Unisource Energy Corp ....................       1,238
  41,260          Unitil Corp ..............................       1,233
 898,995          Verizon Communications, Inc ..............      36,095
  39,207          Western Gas Resources, Inc ...............       1,466
 260,864     b,e* Williams Communications Group, Inc .......           5
 553,397          Williams Cos, Inc ........................       3,316
 791,613     b,e* WorldCom, Inc (WorldCom Group) ...........          71
                                                              ----------
                  TOTAL UTILITIES                                248,019
                                                              ----------
TOTAL COMMON STOCK                  
                   (COST $2,412,284)                           2,633,792
                                                              ----------
PRINCIPAL                                                                 
------------                                                                  
SHORT TERM INVESTMENTS--12.11%                                                  
COMMERCIAL PAPER--6.82%                                                       
American Express Credit Corp              
$26,000,000        d 1.750%, 08/08/02 .........................      25,948   
Campbell Soup Co                          
18,000,000      c,d 1.800%, 07/22/02 .........................      17,976  
Coca Cola Co                              
15,600,000        d 1.730%, 07/08/02 .........................      15,592  
10,000,000          1.750%, 07/15/02 .........................       9,992  
Coca-Cola Enterprises, Inc                
7,200,000        d 1.770%, 07/12/02 .........................       7,195 
18,000,000      c,d 1.840%, 12/19/02 .........................      17,843  
Credit Suisse First Boston, Inc           
25,000,000          1.840%, 07/18/02 .........................      24,975  
Gannett, Inc                              
25,000,000      c,d 1.770%, 07/08/02 .........................      24,988  
Gillette Co                               
19,700,000        c 1.740%, 08/16/02 .........................      19,653  
Goldman Sachs Group LP                    
25,000,000        d 1.910%, 08/12/02 .........................      24,945  
Johnson & Johnson                         
11,700,000        c 1.750%, 10/15/02 .........................      11,637  
McCormick & Co, Inc                       
9,800,000      c,d 1.900%, 11/19/02 .........................       9,719 
McGraw-Hill, Inc                          
25,000,000          1.780%, 09/04/02 .........................      24,916  
Morgan Stanley Dean Witter                
13,000,000        d 1.810%, 07/22/02 .........................      12,985  
Salomon Smith Barney Holdings, Inc        
25,000,000        d 1.790%, 07/10/02 .........................      24,985  
Wal-Mart Stores                           
26,000,000      c,d 1.720%, 08/13/02 .........................      25,941  
                                                              ----------
               TOTAL COMMERCIAL PAPER                            299,290
                                                              ----------
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--4.16%                              
Federal Home Loan Mortgage Corp (FHLMC)   
50,000,000        d 1.700%, 07/01/02 .........................      49,993  
10,800,000        d 1.720%, 07/02/02 .........................      10,798  
23,900,000        d 1.800%, 08/09/02 .........................      23,852  
  Federal National Mortgage Association (FNMA)
7,300,000          1.800%, 07/03/02 .........................       7,298 
18,600,000        d 1.750%, 07/10/02 .........................      18,589  
1,000,000        d 1.800%, 07/17/02 .........................         999 
 800,000          1.820%, 08/13/02 .........................         798
52,000,000        d 1.820%, 08/15/02 .........................      51,880  
18,800,000          1.790%, 08/28/02 .........................      18,745  
                                                              ----------
TOTAL U.S. GOVERNMENT AND AGENCIES  
                  DISCOUNT NOTES                                 182,952
                                                              ----------

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INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED--1.13%                      
REPURCHASE AGREEMENTS                                                           
Bear Stearns & Co, 2.000% Dated 06/28/02, 
Due 07/01/02 In The Amount Of $2,349,131
(Fully Collateralized By High Grade     
Debt Obligations:                       
2,349,000          TOTAL MARKET VALUE $2,406,128) ...........       2,349 
  Lehman Brothers, Inc, 1.970% Dated 06/28/02,
 Due 07/01/02 In The Amount Of $47,185,582
(Fully Collateralized By High Grade Debt
Obligations:                            
47,183,000          TOTAL MARKET VALUE $48,122,596) ..........      47,183  
                                                              ----------
               TOTAL INVESTMENTS OF CASH COLLATERAL               49,532
                                                              ----------
TOTAL SHORT TERM INVESTMENTS              
                (COST $530,840)                                  531,774
                                                              ----------
TOTAL PORTFOLIO--111.70%                  
                (COST $4,648,108)                              4,904,389
                OTHER ASSETS & LIABILITIES, NET--(11.70)%        (513,788)
                                                              ----------
               NET ASSETS--100%                               $4,390,601
                                                              ==========

-----------                                                                     
*    Non-income producing                                                       
b    In bankruptcy                                                              
c    Commercial  Paper issued under Private  Placement  exemption  under Section
4(2) of the Securities Act of 1933.                                   
d    All or a portion of these  securities have been segregated by the custodian
to cover securities purchased on a delayed delivery basis.            
e    All or a portion of these securities are out on loan.                      
g    Securities are exempt from  registration  under Rule 144A of the Securities
     Act of 1933 and may be resold in transactions  exempt from  registration to
     qualified buyers. At June 30, 2002, the value of these securities  amounted
to $4,136,363 or 0.09% of net assets.                                 
h    These securities were purchased on a delayed delivery basis.               
k    Principal  amount for interest  accrual  purposes is periodically  adjusted
based on changes in the Consumer Price Index.                         

-----------                                                                     
OTHER INFORMATION (UNAUDITED)                                                   

The  composition  of long-term  debt  holdings as  percentage  of total value of
investment in debt securities, is as follows:                                   

MOODY'S RATING  
AAA, AA, A                  27.56%    
BAA                          8.83%    
NOT RATED                    1.14%    

U.S.  Government  obligations  represent  62.47% of the long-term debt portfolio
value and are not reflected in the above ratings.                               

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  31

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 Statement of Investments - EQUITY INDEX ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

PRINCIPAL                                                      VALUE (000)
---------                                                      ---------- 
CORPORATE BOND--0.00%                                                           
FINANCIAL SERVICES--0.00%                                                     
National Health Investors, Inc            
 $30,000          9.000%, 01/01/06 ........................  $        30
                                                             -----------
               TOTAL FINANCIAL SERVICES ...................           30
                                                             -----------
TOTAL CORPORATE BOND                      
                (COST $30) ................................           30
                                                             -----------
SHARES                                                                  
-------                                                                 
PREFERRED STOCK--0.01%                                                          
BASIC INDUSTRIES--0.01%                                                       
   8,835        * Sealed Air Corp .........................          361
                                                             -----------
                  TOTAL BASIC INDUSTRIES ..................          361
                                                             -----------
CONSUMER CYCLICAL--0.00%                                                      
   6,303        * O'Sullivan Industries Holdings, Inc .....            5
                                                             -----------
                  TOTAL CONSUMER CYCLICAL .................            5
                                                             -----------
TOTAL PREFERRED STOCK               
                   (COST $426) ............................          366
                                                             -----------
COMMON STOCK--99.83%                                                            
AEROSPACE AND DEFENSE--1.45%                                                  
  12,986          AAR Corp ................................          132
  16,550        * Alliant Techsystems, Inc ................        1,056
  12,841        * Armor Holdings, Inc .....................          327
   9,275        * Aviall, Inc .............................          130
 408,748          Boeing Co ...............................       18,394
   8,393        * DRS Technologies, Inc ...................          359
   3,524          Ducommun, Inc ...........................           92
   3,425          Dynamics Research Corp ..................           83
 123,432        * Echostar Communications Corp (Class A) ..        2,291
   4,340          Engineered Support Systems, Inc .........          227
   6,238        * EnPro Industries, Inc ...................           33
  92,738          General Dynamics Corp ...................        9,863
 450,611        * General Motors Corp .....................        4,686
  49,190          Goodrich Corp ...........................        1,344
   7,018          Heico Corp ..............................           98
     200          Heico Corp (Class A) ....................            2
   6,104        * Herley Industries, Inc ..................          129
  11,500        * Hexcel Corp .............................           50
   3,583        * Integrated Defense Technology, Inc ......          105
  11,200          Kaman Corp (Class A) ....................          188
  29,610       e* L-3 Communications Holdings, Inc ........        1,599
   4,230        * Ladish Co, Inc ..........................           52
 191,215          Lockheed Martin Corp ....................       13,289
   7,489        * Moog, Inc (Class A) .....................          321
  49,715          Northrop Grumman Corp ...................        6,214
  21,838       e* Orbital Sciences Corp ...................          174
  15,010        * Panamsat Corp ...........................          339
  57,194          PerkinElmer, Inc ........................          632
  26,900          Precision Castparts Corp ................          888
 203,544          Raytheon Co .............................        8,295
  22,789        * Remec, Inc ..............................          128
  93,262          Rockwell Collins, Inc ...................        2,557
   3,076        * Sequa Corp (Class A) ....................          201
  15,494        * Teledyne Technologies, Inc ..............          322
   7,147        * Triumph Group, Inc ......................          319
  10,781        * United Defense Industries, Inc ..........          248
   9,214        * Viasat, Inc .............................           78
                                                             -----------
                  TOTAL AEROSPACE AND DEFENSE .............       75,245
                                                             -----------
BASIC INDUSTRIES--4.36%                                                       
   4,802        * Aaon, Inc ...............................           90
   2,044       e* AEP Industries, Inc .....................           73
 116,223          Air Products & Chemicals, Inc ...........        5,866
  29,600        * Airgas, Inc .............................          512
  48,768        * AK Steel Holding Corp ...................          625
  11,875          Albany International Corp (Class A) .....          320
  14,016          Albemarle Corp ..........................          431
 432,766          Alcoa, Inc ..............................       14,346
   2,020          Alico, Inc ..............................           59
  40,893          Allegheny Technologies, Inc .............          646
   9,728          Amcol International Corp ................           67
  31,468        * American Standard Cos, Inc ..............        2,363
   2,340          American Woodmark Corp ..................          131
   1,931          Ameron International Corp ...............          140
   5,633        * Applied Films Corp ......................           63
  18,285          Aptargroup, Inc .........................          562
  10,050          Arch Chemicals, Inc .....................          248
  23,054          Arch Coal, Inc ..........................          524
   2,220        * Avatar Holdings, Inc ....................           62
  50,032          Avery Dennison Corp .....................        3,140
  29,031          Ball Corp ...............................        1,204
  25,613        e Bemis Co ................................        1,217
  56,486     b,e* Bethlehem Steel Corp ....................           12

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  41,497          Black & Decker Corp .....................        2,000
  25,493          Boise Cascade Corp ......................          880
  26,708          Bowater, Inc ............................        1,452
   8,500        * Brush Engineered Materials, Inc .........          105
  12,209        * Buckeye Technologies, Inc ...............          120
   6,232        * Building Materials Holding Corp .........           90
   2,682          Butler Manufacturing Co .................           74
   2,149        * BWAY Corp ...............................           34
  31,885          Cabot Corp ..............................          914
  11,576       e* Cabot Microelectronics Corp .............          500
  16,800          Calgon Carbon Corp ......................          141
  11,481          Cambrex Corp ............................          460
  12,400        * Caraustar Industries, Inc ...............          155
  15,520          Carlisle Cos, Inc .......................          698
   9,800          Carpenter Technology Corp ...............          282
   3,000          Castle (A.M.) & Co ......................           37
   3,300          Centex Construction Products, Inc .......          120
  31,289          Centex Corp .............................        1,808
   6,000          Century Aluminum Co .....................           89
  24,500        * Champion Enterprises, Inc ...............          138
   3,113        * Chase Industries, Inc ...................           43
   5,004          Chemed Corp .............................          189
   5,409          Chemfirst, Inc ..........................          155
   7,153          Chesapeake Corp .........................          188
  12,687          Clarcor, Inc ............................          402
  47,227        e Clayton Homes, Inc ......................          746
   4,678        * Cleveland-Cliffs, Inc ...................          129
  10,480          Collins & Aikman Corp ...................           95
  77,900        * Collins & Aikman Corp Rts ...............            0
  19,344        * Comfort Systems USA, Inc ................           96
   5,744          Commercial Metals Co ....................          270
  10,744          Consol Energy, Inc ......................          228
  58,257          Crompton Corp ...........................          743
  63,965        * Crown Cork & Seal Co, Inc ...............          438
  20,261        * Cytec Industries, Inc ...................          637
   5,057          Deltic Timber Corp ......................          174
   8,932        * Dionex Corp .............................          239
   1,049        * Dominion Homes, Inc .....................           21
   1,509          Donnelly Corp ...........................           41
 463,962          Dow Chemical Co .........................       15,951
   2,670        * Drew Industries, Inc ....................           44

SEE NOTES TO FINANCIAL STATEMENTS 

32  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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 Statement of Investments - EQUITY INDEX ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
---------                                                      ---------- 
BASIC INDUSTRIES--(CONTINUED)                                                 
  59,006          Dr Horton, Inc ..........................   $    1,536
 507,674          Du Pont (E.I.) de Nemours & Co ..........       22,541
  28,721       e* Earthshell Corp .........................           33
  40,444          Eastman Chemical Co .....................        1,897
  65,921          Ecolab, Inc .............................        3,048
   9,962          Elcor Corp ..............................          272
   7,596        * EMCOR Group, Inc ........................          446
   6,668        * Encore Wire Corp ........................           95
   7,121        * Energy Conversion Devices, Inc ..........          112
  66,234          Engelhard Corp ..........................        1,876
  16,873          Ferro Corp ..............................          509
  17,900       e* Fleetwood Enterprises, Inc ..............          156
  10,073          Florida Rock Industries, Inc ............          361
  41,558          Fluor Corp ..............................        1,619
  13,864        * FMC Corp ................................          418
  10,896          Foamex International, Inc ...............          121
37,398       e* Freeport-Mcmoran Copper & Gold, Inc                 
                   (Class A) ..............................          668
   4,034        * Gentek, Inc .............................            1
  13,710          Georgia Gulf Corp .......................          362
 117,669          Georgia-Pacific Corp ....................        2,892
   3,656          Gibraltar Steel Corp ....................           81
   5,026          Glatfelter ..............................           94
  16,200          Granite Construction, Inc ...............          410
  19,112          Great Lakes Chemical Corp ...............          506
   6,597          Greif Brothers Corp (Class A) ...........          220
  14,489          H.B. Fuller Co ..........................          424
  38,213        * Hecla Mining Co .........................          179
  41,484        * Hercules, Inc ...........................          481
   7,566        * Hovnanian Enterprises, Inc (Class A) ....          271
  55,721          IMC Global, Inc .........................          697
   6,080        * Imco Recycling, Inc .....................           60
  11,649        * Insituform Technologies, Inc (Class A) ..          247
  15,545        * Integrated Electrical Services, Inc .....           97
 246,838          International Paper Co ..................       10,757
   5,401          International Specialty Products, Inc ...           42
   2,868          Interpool, Inc ..........................           50
   7,404        * Ivex Packaging Corp .....................          169
  24,164          Jacobs Engineering Group, Inc ...........          840
   5,882        * Jarden Corp .............................          116
  13,500       b* Kaiser Aluminum Corp ....................            1
  22,054          KB Home .................................        1,136
 265,251          Kimberly-Clark Corp .....................       16,446
  16,079          Lafarge North America, Inc ..............          565
  27,131        e Lennar Corp .............................        1,660
  21,820          Lennox International, Inc ...............          393
   2,562        * Liquidmetal Technologies ................           30
  14,880        * Lone Star Technologies, Inc .............          341
  25,800        * Longview Fibre Co .......................          243
  53,700        * Louisiana-Pacific Corp ..................          569
   7,288          LSI Industries, Inc .....................          134
  26,366          Lubrizol Corp ...........................          883
   7,829        * Lydall, Inc .............................          119
  60,084          Lyondell Chemical Co ....................          907
   6,224          M/I Schottenstein Homes, Inc ............          235
  12,759          MacDermid, Inc ..........................          274
  24,842        e Martin Marietta Materials, Inc ..........          969
 235,431          Masco Corp ..............................        6,383
  32,066          Massey Energy Co ........................          407
   5,217        * Material Sciences Corp ..................           73
  11,060        * Mattson Technology, Inc .................           51
   1,395          Maui Land & Pineapple Co ................           28
   9,893          MDC Holdings, Inc .......................          514
 102,140          MeadWestvaco Corp .......................        3,428
   1,300        * Mestek, Inc .............................           25
  32,511          Millennium Chemicals, Inc ...............          457
  10,400          Minerals Technologies, Inc ..............          513
   6,328       e* Mobile Mini, Inc ........................          108
   4,544        * Modtech Holdings, Inc ...................           57
  19,546          Monsanto Co .............................          348
  14,367        * Mueller Industries, Inc .................          456
   9,029        * NCI Building Systems, Inc ...............          161
 173,874          Newmont Mining Corp .....................        4,578
   4,343          NL Industries, Inc ......................           66
   4,300        * Nortek, Inc .............................          194
   2,941        * Northwest Pipe Co .......................           69
   9,013        * NS Group, Inc ...........................           86
  39,932          Nucor Corp ..............................        2,597
   2,799        * NVR, Inc ................................          904
   5,483        * Octel Corp ..............................          139
  23,945          Olin Corp ...............................          530
  14,450          OM Group, Inc ...........................          896
  20,200        * Omnova Solutions, Inc ...................          170
  13,182        * Oregon Steel Mills, Inc .................           79
   5,417        * Osmonics, Inc ...........................           86
  56,816        * Owens-Illinois, Inc .....................          781
  29,957        * Packaging Corp Of America ...............          596
  80,834        * Pactiv Corp .............................        1,924
   8,554        * Palm Harbor Homes, Inc ..................          170
  11,379          Peabody Energy Corp .....................          322

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   3,898          Penford Corp ............................           71
   6,000          Penn Engineering & Manufacturing Corp ...          105
   4,100          Penn Virginia Corp ......................          160
   6,783        * Penwest Pharmaceuticals Co ..............          132
  38,125        * Phelps Dodge Corp .......................        1,571
  93,529          Plum Creek Timber Co, Inc ...............        2,871
  40,221          PolyOne Corp ............................          452
   8,400          Pope & Talbot, Inc ......................          157
  14,600          Potlatch Corp ...........................          497
  86,270          PPG Industries, Inc .....................        5,340
  83,501          Praxair, Inc ............................        4,757
  25,076          Pulte Homes, Inc ........................        1,441
   4,158          Quaker Chemical Corp ....................          102
   6,905          Quanex Corp .............................          302
  14,200          Rayonier, Inc ...........................          698
  12,100          Reliance Steel & Aluminum Co ............          369
   5,009          Roanoke Electric Steel Corp .............           77
   5,751          Rock-Tenn Co (Class A) ..................          106
  80,064          Rohm & Haas Co ..........................        3,242
   6,390          Royal Gold, Inc .........................           87
  58,237          RPM, Inc ................................          888
  10,600        * RTI International Metals, Inc ...........          129
  11,399          Ryerson Tull, Inc .......................          133
  13,896          Ryland Group, Inc .......................          691
   2,084          Schnitzer Steel Industries, Inc (Class A)           47
  19,470          Schulman (A.), Inc ......................          418
  34,000        * Sealed Air Corp .........................        1,369
  20,524       e* Shaw Group, Inc .........................          630
  66,320        e Sherwin-Williams Co .....................        1,985
  38,313          Sigma-Aldrich Corp ......................        1,921
   5,137        * Silgan Holdings, Inc ....................          208
   3,734        * Simpson Manufacturing Co, Inc ...........          213
   3,200          Skyline Corp ............................          106
  88,166        * Smurfit-Stone Container Corp ............        1,359
  32,302          Snap-On, Inc ............................          959
  53,956          Solutia, Inc ............................          379
  49,638          Sonoco Products Co ......................        1,406
   6,871          Southern Peru Copper Corp ...............          103
   7,032          Spartech Corp ...........................          191
  16,423          Standard-Pacific Corp ...................          576

 SEE NOTES TO FINANCIAL STATEMENTS

                  2002 SEMIANNUAL REPORT  College Retirement Equities Fund  33

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 SHARES                                                        VALUE (000)
------                                                        ----------
BASIC INDUSTRIES--(CONTINUED)                                                 
  36,064          Stanley Works ...........................   $    1,479
  16,300        * Steel Dynamics, Inc .....................          268
  22,150        * Stillwater Mining Co ....................          361
     483          Technical Olympic USA, Inc ..............            8
  22,538          Temple-Inland, Inc ......................        1,304
  18,093        * Terra Industries, Inc ...................           37
  10,769          Texas Industries, Inc ...................          339
  23,023        * Toll Brothers, Inc ......................          675
  12,982          Tredegar Corp ...........................          314
     600          Tremont Corp ............................           18
   3,000       e* Trex Co, Inc ............................           94
   9,161        * U.S. Concrete, Inc ......................           60
  51,014          United States Steel Corp ................        1,014
   6,956          Universal Forest Products, Inc ..........          163
   6,500          URS Corp ................................          182
  41,844          USEC, Inc ...............................          368
  18,900     b,e* USG Corp ................................          135
  25,515          Valspar Corp ............................        1,152
  48,813          Vulcan Materials Co .....................        2,138
   5,435        * Water Pik Technologies, Inc .............           68
   8,529          Watsco, Inc .............................          156
  18,554          Wausau-Mosinee Paper Corp ...............          223
   3,533        * WCI Communities, Inc ....................          102
   8,300          WD-40 Co ................................          230
  16,283          Wellman, Inc ............................          273
   6,522          West Pharmaceutical Services, Inc .......          209
 111,664        e Weyerhaeuser Co .........................        7,130
   2,532        * William Lyon Homes, Inc .................           66
     146        * Wolverine Tube, Inc .....................            1
  34,370          Worthington Industries, Inc .............          622
  33,470        * WR Grace & Co ...........................          100
  20,000          York International Corp .................          676
                                                              ----------
                  TOTAL BASIC INDUSTRIES ..................      226,645
                                                              ----------
CONSUMER CYCLICAL--10.78%                                                     
   2,712       e* 1-800 Contacts, Inc .....................           37
  21,092        * 99 Cents Only Stores ....................          541
   6,735          Aaron Rents, Inc ........................          161
  43,536        * Abercrombie & Fitch Co (Class A) ........        1,050
  34,712       e* Acclaim Entertainment, Inc ..............          123
      51        * Acclaim Entertainment, Inc Wts 03/16/04 .            0
   4,717        * Acme Communication, Inc .................           35
   7,968       e* Action Performance Cos, Inc .............          252
  44,136     b,e* Adelphia Communications Corp (Class A) ..            7
   7,203        * Advance Auto Parts ......................          393
   7,200          Advanced Marketing Services, Inc ........          132
   6,385        * Aeropostale, Inc ........................          175
   7,161        * AFC Enterprises, Inc ....................          224
   3,873        * Aftermarket Technology Corp .............           74
     923        * Alexander's, Inc ........................           71
  21,256        * Alliance Gaming Corp ....................          260
  13,017          AMC Entertainment, Inc ..................          185
   5,083        * Amerco ..................................           75
  13,356        * American Axle & Manufacturing Holdings, Inc        397
  27,251        * American Eagle Outfitters, Inc ..........          576
  36,083       e* American Greetings Corp (Class A) .......          601
   5,295        * Ameristar Casinos, Inc ..................          154
   4,408          Angelica Corp ...........................           76
  22,477        * Anntaylor Stores Corp ...................          571
2,189,525          AOL Time Warner, Inc ....................       32,208 
  14,462          Apogee Enterprises, Inc .................          208
  60,639        * Apollo Group, Inc (Class A) .............        2,390
   7,376        * Apollo Group, Inc (University Of Phoenix Online)   218
  28,399          Applebee's International, Inc ...........          652
   8,600          Arctic Cat, Inc .........................          150
     700          Arden Group, Inc (Class A) ..............           42
  12,693        * Argosy Gaming Co ........................          360
  33,824          Arvinmeritor, Inc .......................          812
  49,999          Autoliv, Inc ............................        1,260
  17,489        * Aztar Corp ..............................          364
  15,619       e* Bally Total Fitness Holding Corp ........          292
   5,700          Bandag, Inc .............................          161
   5,291          Barnes Group, Inc .......................          121
   5,268          Bassett Furniture Industries, Inc .......          103

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   2,991        * Beasley Broadcast Group, Inc (Class A) ..           44
   2,082       e* Bebe Stores, Inc ........................           42
 149,221        * Bed Bath & Beyond, Inc ..................        5,632
  44,983          Belo Corp (Class A) .....................        1,017
  59,303          Big Lots, Inc ...........................        1,167
   4,081          Blair Corp ..............................          104
  15,587          Blockbuster, Inc (Class A) ..............          419
  17,877          Bob Evans Farms, Inc ....................          563
  15,100        * Boca Resorts, Inc (Class A) .............          200
  13,902          BorgWarner, Inc .........................          803
  17,116          Bowne & Co, Inc .........................          252
  15,241        * Boyd Gaming Corp ........................          219
   9,345        * Boyds Collection Ltd ....................           59
  51,442        * Brinker International, Inc ..............        1,633
   4,333        * Brookstone, Inc .........................           77
   8,714          Brown Shoe Co, Inc ......................          245
  46,493          Brunswick Corp ..........................        1,302
   7,667       e* Buca, Inc ...............................          146
   3,596        * Buckle, Inc .............................           89
   8,920          Burlington Coat Factory Warehouse Corp ..          190
   3,961          Bush Industries, Inc (Class A) ..........           48
  39,556       e* Cablevision Systems Corp (Class A) ......          374
24,767        * Cablevision Systems Corp (Rainbow Media Group)      
                     (Class A) ............................          217
   1,325        * Cache, Inc ..............................           18
   7,427        * California Pizza Kitchen, Inc ...........          184
  34,676          Callaway Golf Co ........................          549
   1,130        * Carmike Cinemas, Inc ....................           28
   4,790        * Cascade Corp ............................           74
  18,742        * Catalina Marketing Corp .................          529
   7,300          Cato Corp (Class A) .....................          163
  28,771          CBRL Group, Inc .........................          878
  13,237        * CEC Entertainment, Inc ..................          547
   7,311        * Central Garden & Pet Co .................          128
   5,508        * Championship Auto Racing Teams, Inc .....           54
   4,236        * Champps Entertainment, Inc ..............           52
   3,844        * Charlotte Russe Holding, Inc ............           86
  55,100        * Charming Shoppes, Inc ...................          476
  64,192        * Charter Communications, Inc (Class A) ...          262
   3,777        * Checkers Drive-In Restaurant ............           45
   2,432        * Cherokee, Inc ...........................           51
   5,387        * Chicago Pizza & Brewery, Inc ............           54
  18,407       e* Chico's FAS, Inc ........................          669
   5,721       e* Children's Place Retail Stores, Inc .....          152
  11,427        * Choice Hotels International, Inc ........          229
  11,992        * Christopher & Banks Corp ................          507
   2,972          Churchill Downs, Inc ....................          120
  25,975        * CKE Restaurants, Inc ....................          296
  21,619          Claire's Stores, Inc ....................          495
 263,687          Clear Channel Communications, Inc .......        8,443
   7,400          Coachmen Industries, Inc ................          107
   2,300        * Coldwater Creek, Inc ....................           56
   5,426          Cole National Corp ......................          103
   6,500        * Columbia Sportswear Co ..................          208
   2,800       e* Comcast Corp (Class A) ..................           68
 480,529        * Comcast Corp (Class A) Special ..........       11,456

SEE NOTES TO FINANCIAL STATEMENTS 

34  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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 SHARES                                                        VALUE (000)
------                                                        ----------
CONSUMER CYCLICAL--(CONTINUED)                                                
  32,300          Cooper Tire & Rubber Co .................   $      664
  34,153        * Copart, Inc .............................          554
 105,939        * Cox Communications, Inc (Class A) .......        2,919
  17,304        * Cox Radio, Inc (Class A) ................          417
   3,615          CPI Corp ................................           70
   4,272        * Cross Media Marketing Corp ..............           40
  13,162        * Crown Media Holdings, Inc (Class A) .....          104
   2,086        * CSS Industries, Inc .....................           74
   3,085        * Culp, Inc ...............................           50
  15,109        * Cumulus Media, Inc (Class A) ............          208
  75,943          Dana Corp ...............................        1,407
  88,992          Darden Restaurants, Inc .................        2,198
   5,615        * Dave & Buster's, Inc ....................           68
 286,532          Delphi Corp .............................        3,782
   5,641        * Department 56, Inc ......................           92
   6,840        * DHB Industries, Inc .....................           28
   1,031        * Dick Clark Productions, Inc .............           15
  35,641          Dillard's, Inc (Class A) ................          937
 143,316          Dollar General Corp .....................        2,727
  11,982        * Dollar Thrifty Automotive Group, Inc ....          310
  57,816        * Dollar Tree Stores, Inc .................        2,279
  19,651          Donaldson Co, Inc .......................          689
   5,106          Dover Downs Gaming & Entertaintment, Inc            65
   8,300          Dover Motorsport, Inc ...................           47
  24,726          Dow Jones & Co, Inc .....................        1,198
  14,000        * Dress Barn, Inc .........................          217
   7,473        * Dura Automotive Systems, Inc ............          155
 149,310        e Eastman Kodak Co ........................        4,355
      13       b* Edison Brothers Stores, Inc Wts 12/10/05             0
   6,649        * Elizabeth Arden, Inc ....................          116
  18,848        * Emmis Communications Corp (Class A) .....          399
  17,748        * Entercom Communications Corp ............          815
  21,734        * Entravision Communications Corp (Class A)          266
  20,686          Equity Inns, Inc ........................          167
   1,836          Escalade, Inc ...........................           42
   6,109        * EUniverse, Inc ..........................           38
  11,900     b,e* Exide Technologies ......................            8
  36,631        * Extended Stay America, Inc ..............          594
  10,700          Factset Research Systems, Inc ...........          319
  81,662          Family Dollar Stores, Inc ...............        2,879
     693          Fedders Corp ............................            2
  32,700     b,e* Federal-Mogul Corp ......................           23
 102,597        * Federated Department Stores, Inc ........        4,073
   9,519        * Finish Line, Inc (Class A) ..............          171
   2,525        * Fisher Communications, Inc ..............          148
   2,656          Florida East Coast Industries, Inc (Class B)        63
  71,745        * Foot Locker, Inc ........................        1,037
  10,369        * Footstar, Inc ...........................          254
 928,631          Ford Motor Co ...........................       14,858
  11,334          Forest City Enterprises, Inc (Class A) ..          394
   9,928        * Fossil, Inc .............................          204
  66,286        * Fox Entertainment Group, Inc (Class A) ..        1,442
  11,043          Fred's, Inc .............................          406
   8,471          Friedman's, Inc (Class A) ...............          110
   9,972          G & K Services, Inc (Class A) ...........          341
 136,541          Gannett Co, Inc .........................       10,363
 314,866        e Gap, Inc ................................        4,471
   1,595          Garan, Inc ..............................           92
  11,308        * Gaylord Entertainment Co ................          249
 114,691        * Gemstar-TV Guide International, Inc .....          618
  15,900          Gencorp, Inc ............................          227
 287,577          General Motors Corp .....................       15,371
  10,271        * Genesco, Inc ............................          250
   5,480       e* Genesisintermedia, Inc ..................            0
  39,009        * Gentex Corp .............................        1,072
  89,070          Genuine Parts Co ........................        3,106
  74,872        e Goodyear Tire & Rubber Co ...............        1,401
   8,085          Goodys Family Clothing, Inc .............           93
  24,337          Graco, Inc ..............................          612
   4,547          Gray Communications Systems, Inc ........           82
     383          Grey Global Group, Inc ..................          264
   9,575        * Group 1 Automotive, Inc .................          365
   9,543       e* GSI Commerce, Inc .......................           71
   3,800        * Guess?, Inc .............................           27
   6,968        * Guitar Center, Inc ......................          129
   2,997        * Gulfmark Offshore, Inc ..................          124
  12,288        * Gymboree Corp ...........................          197
   8,596          Hancock Fabrics, Inc ....................          160
  12,700        * Handleman Co ............................          184
 154,778        e Harley-Davidson, Inc ....................        7,935
  13,570          Harman International Industries, Inc ....          668
  58,318          Harrah's Entertainment, Inc .............        2,586
  18,906        * Harris Interactive, Inc .................           64
  31,181          Harte-Hanks, Inc ........................          641
   7,796          Haverty Furniture Cos, Inc ..............          154
   6,560     b,e* Hayes Lemmerz International, Inc ........            1
   8,781        * Hearst-Argyle Television, Inc ...........          198
   3,576        * Hibbett Sporting Goods, Inc .............           91
 170,175          Hilton Hotels Corp ......................        2,365
  30,371       e* Hispanic Broadcasting Corp ..............          793
  26,487          Hollinger International, Inc ............          318

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   5,100        * Hollywood Casino Corp (Class A) .........           55
  26,907        * Hollywood Entertainment Corp ............          556
  16,136       e* Hot Topic, Inc ..........................          431
   7,157          iDine Rewards Network, Inc ..............           82
   9,892        * IHOP Corp ...............................          291
   5,393        * IMPCO Technologies, Inc .................           71
   5,299        * Information Holdings, Inc ...............          129
  21,105        * Insight Communications Co, Inc ..........          248
  17,642          Interactive Data Corp ...................          257
  10,995          Intermet Corp ...........................          118
  46,054        * International Game Technology ...........        2,611
  14,127          International Speedway Corp (Class A) ...          566
 194,788          Interpublic Group Of Cos, Inc ...........        4,823
  12,287        * Intertan, Inc ...........................          137
   8,107        * Isle Of Capri Casinos, Inc ..............          164
 137,330        e J.C. Penney Co, Inc .....................        3,024
  18,855        * Jack In The Box, Inc ....................          600
  11,766        * Jakks Pacific, Inc ......................          208
   7,318        * Jo-Ann Stores, Inc (Class A) ............          214
  45,314          Johnson Controls, Inc ...................        3,698
   1,874        * Johnson Outdoors, Inc (Class A) .........           32
  61,389        * Jones Apparel Group, Inc ................        2,302
  13,392        * Journal Register Co .....................          269
   9,251        * K2, Inc .................................           95
  11,800          Kellwood Co .............................          384
   3,626        * Kenneth Cole Productions, Inc (Class A) .          103
   5,251        * Keystone Automotive Industries, Inc .....          101
  17,000          Kimball International, Inc (Class B) ....          279
   9,438        * Kirby Corp ..............................          231
 251,584     b,e* Kmart Corp ..............................          259
  43,239          Knight Ridder, Inc ......................        2,722
 148,950        * Kohl's Corp .............................       10,438
  21,161       e* Krispy Kreme Doughnuts, Inc .............          681
  10,755        * Kroll, Inc ..............................          226
   6,019          K-Swiss, Inc (Class A) ..................          156
  37,756        * Lamar Advertising Co ....................        1,405
  11,184          Landry's Restaurants, Inc ...............          285

 SEE NOTES TO FINANCIAL STATEMENTS

                     2002 SEMIANNUAL REPORT College Retirement Equities Fund  34

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 SHARES                                                        VALUE (000)
------                                                        ----------
CONSUMER CYCLICAL--(CONTINUED)                                                
   8,421          LaSalle Hotel Properties ................   $      133
  25,928          La-Z-Boy, Inc ...........................          654
  33,251        * Lear Corp ...............................        1,538
  22,895          Lee Enterprises, Inc ....................          801
 100,198          Leggett & Platt, Inc ....................        2,345
   7,800          Libbey, Inc .............................          266
   2,700        * Liberty Livewire Corp (Class A) .........            8
1,326,228        * Liberty Media Corp (Class A) ............       13,262 
 217,129          Limited, Inc ............................        4,625
   8,711        * Lin TV Corp (Class A) ...................          236
  17,087        * Linens `n Things, Inc ...................          561
  54,946          Liz Claiborne, Inc ......................        1,747
   5,629        * Lodgenet Entertainment Corp .............           81
   9,544          Lone Star Steakhouse & Saloon, Inc ......          225
  11,200        * Luby's, Inc .............................           74
  20,708        * Mandalay Resort Group ...................          571
   9,775          Marcus Corp .............................          163
   3,367          Marine Products Corp ....................           39
  98,920          Marriott International, Inc (Class A) ...        3,764
   5,000       e* Martha Stewart Living Omnimedia, Inc (Class A)      57
     280        * Marvel Enterprises, Inc (Class C) Wts 10/02/02       0
  14,500        * Mascotech, Inc Escrow ...................            0
   7,003        * Maxwell Shoe Co, Inc (Class A) ..........          111
 147,231          May Department Stores Co ................        4,848
  39,712          Maytag Corp .............................        1,694
   9,381          McClatchy Co (Class A) ..................          603
 650,216          McDonald's Corp .........................       18,499
  99,484          McGraw-Hill Cos, Inc ....................        5,939
   6,416          Media General, Inc (Class A) ............          385
  27,045        * Mediacom Communications Corp ............          211
   5,605       e* Medis Technologies Ltd ..................           44
  15,720        * Men's Wearhouse, Inc ....................          401
  20,918          Meredith Corp ...........................          802
   9,262        * Metro One Telecommunications, Inc .......          129
  22,899        * Metro-Goldwyn-Mayer, Inc ................          268
  34,708          MGM Mirage ..............................        1,171
  34,287        * Michaels Stores, Inc ....................        1,337
   8,492        * Micros Systems, Inc .....................          235
   2,831          Midas, Inc ..............................           35
  14,052        * Midway Games, Inc .......................          119
  14,300          Modine Manufacturing Co .................          351
  27,012        * Mohawk Industries, Inc ..................        1,662
  12,206        * Monaco Coach Corp .......................          260
   1,639        * Monarch Casino & Resort, Inc ............           24
   2,759        * Monro Mufflre Brake, Inc ................           63
     981        * Morgan Group Holding Co .................            1
   2,499        * Mossimo, Inc ............................           22
   1,030        * Mothers Work, Inc .......................           40
   7,102        * Movie Gallery, Inc ......................          150
  14,244          MSC Industrial Direct Co (Class A) ......          278
   9,916        * MTR Gaming Group, Inc ...................          166
   5,231        * Multimedia Games, Inc ...................          114
   7,767          Myers Industries, Inc ...................          133
   2,438          National Presto Industries, Inc .........           78
  13,144        * Nautica Enterprises, Inc ................          171
  15,325       e* Nautilus Group, Inc .....................          469
  11,503        * Neiman Marcus Group, Inc (Class A) ......          399
   7,201        * Neiman Marcus Group, Inc (Class B) ......          232
   3,400        * Netratings, Inc .........................           31
  68,805          New York Times Co (Class A) .............        3,543
  37,386          Nike, Inc (Class B) .....................        2,006
  48,372          Nordstrom, Inc ..........................        1,096
  13,000        * Oakley, Inc .............................          226
   8,089        * O'Charley's, Inc ........................          205
  95,713          Omnicom Group, Inc ......................        4,384
     418        * On Command Corp .........................            1
  20,249        * O'Reilly Automotive, Inc ................          558
   5,034          Oshkosh B'gosh, Inc (Class A) ...........          219
   7,683          Oshkosh Truck Corp ......................          454
  30,999       e* Outback Steakhouse, Inc .................        1,088
   3,103          Oxford Industries, Inc ..................           87
   8,313        * P.F. Chang's China Bistro, Inc ..........          261
  15,344        * Pacific Sunwear Of California, Inc ......          340
  11,044        * Panera Bread Co (Class A) ...............          381
   7,238        * Papa John's International, Inc ..........          242
 142,802        * Park Place Entertainment Corp ...........        1,464
   4,600       e* Parkervision, Inc .......................           88
  11,426        * Payless Shoesource, Inc .................          659
  13,956        * Penn National Gaming, Inc ...............          253
   7,607        * Penton Media, Inc .......................           16
  22,500        * Performance Food Group Co ...............          762
  11,770          Phillips-Van Heusen Corp ................          184
  48,255          Pier 1 Imports, Inc .....................        1,013
  12,109        * Pinnacle Entertainment, Inc .............          129
  28,900        * Pinnacle Systems, Inc ...................          318
   9,019        * Pixar, Inc ..............................          398
      13       b* Planet Hollywood International, Inc Wts 05/10/03     0
   8,330        * PLATO Learning, Inc .....................           82
   7,383        * Playboy Enterprises, Inc (Class B) ......           94

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  12,234          Polaris Industries, Inc .................          795
  15,679        * Polo Ralph Lauren Corp ..................          351
  15,500        * Presstek, Inc ...........................           62
   1,900        * Pricesmart, Inc .........................           73
  23,300        * Prime Hospitality Corp ..................          303
  66,745        * Primedia, Inc ...........................           81
   6,900        * Private Media Group, Inc ................           20
   4,564          Pulitzer, Inc ...........................          237
   6,430        * Quaker Fabric Corp ......................          100
   9,941        * Quiksilver, Inc .........................          247
  54,033          R.R. Donnelley & Sons Co ................        1,489
   4,336        * Racing Champions Ertl Corp ..............           80
  26,006        * Radio One, Inc (Class A) ................          387
  10,866        * Radio One, Inc (Class D) ................          162
  10,094        * Rare Hospitality International, Inc .....          272
  21,244          Raytech Corp ............................          192
  51,384          Reader's Digest Association, Inc (Class A)         962
  25,272        * Reebok International Ltd ................          746
   9,225        * Regal Entertainment Group (Class A) .....          215
   9,800        * Regent Communications, Inc ..............           69
  22,011        e Regis Corp ..............................          595
  14,131        * Rent-A-Center, Inc ......................          820
   9,697        * Resources Connection, Inc ...............          262
   4,298        * Rex Stores Corp .........................           59
   2,800          Riviana Foods, Inc ......................           71
  40,774          Ross Stores, Inc ........................        1,662
  33,800          Ruby Tuesday, Inc .......................          656
  12,208          Russell Corp ............................          235
  22,644        * Ryan's Family Steak Houses, Inc .........          299
   7,419        * Saga Communications, Inc (Class A) ......          167
  61,710        * Saks, Inc ...............................          792
   4,517        * Salem Communications Corp (Class A) .....          112
   2,921       e* Salton, Inc .............................           42
   4,249          Schawk, Inc .............................           45
  15,434        * Scholastic Corp .........................          585
  17,078        * Scientific Games Corp (Class A) .........          136
   9,983        * Scotts Co (Class A) .....................          453
  10,200        * SCP Pool Corp ...........................          283
  14,899          Scripps (E.W.) Co (Class A) .............        1,147
 144,543          Sears Roebuck & Co ......................        7,849

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36  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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 SHARES                                                        VALUE (000)
------                                                        ----------
CONSUMER CYCLICAL--(CONTINUED)                                                
   3,674        * Shoe Carnival, Inc ......................   $       78
  14,692        e ShopKo Stores, Inc ......................          297
   9,079        * Shuffle Master, Inc .....................          167
  15,371        * Sinclair Broadcast Group, Inc (Class A) .          222
  34,703       e* Sirius Satellite Radio, Inc .............          131
  44,441          Six Flags, Inc ..........................          642
   4,753        * SkillSoft Corp ..........................           37
   8,366          Smith (A.O.) Corp .......................          261
  12,763        * Sonic Automotive, Inc ...................          329
  18,554        * Sonic Corp ..............................          583
  22,510        * Sotheby's Holdings, Inc (Class A) .......          321
  18,757        * Spanish Broadcasting System, Inc (Class A)         188
   4,609          Spartan Motors, Inc .....................           71
   6,700        * Speedway Motorsports, Inc ...............          170
   7,300        * Spiegel, Inc (Class A) ..................            5
  12,468       e* Sports Resorts International, Inc .......           67
  10,202        * Stage Stores, Inc .......................          354
   3,458          Standard Motor Products, Inc ............           59
   2,679        * Stanley Furniture Co, Inc ...............           72
 197,339        * Starbucks Corp ..........................        4,904
  17,000        * Station Casinos, Inc ....................          303
  15,380          Steelcase, Inc (Class A) ................          206
  11,165        * Stein Mart, Inc .........................          133
   4,713        * Steven Madden Ltd .......................           93
   6,300        * Stoneridge, Inc .........................          118
  20,307          Stride Rite Corp ........................          162
  10,000          Sturm Ruger & Co, Inc ...................          142
   2,819        * Sunbeam Corp Wts 08/24/03 ...............            0
  10,833          Superior Industries International, Inc ..          501
  16,177        * Sylvan Learning Systems, Inc ............          323
  12,917          Talbots, Inc ............................          452
   3,000          Tanger Factory Outlet Centers, Inc ......           89
 463,515          Target Corp .............................       17,660
   8,686        * TBC Corp ................................          138
  19,303        * Tenneco Automotive, Inc .................          127
  25,648        * The Cheesecake Factory, Inc .............          910
  16,723        * The Sports Authority, Inc ...............          190
  11,217          The Steak n Shake Co ....................          176
   4,090        * Thomas Nelson, Inc ......................           43
   3,900          Thor Industries, Inc ....................          278
  20,175       e* THQ, Inc ................................          602
  57,263          Tiffany & Co ............................        2,016
   9,576        * Timberland Co (Class A) ..................         343
 275,682          TJX Cos, Inc ............................        5,406
  17,698        * Too, Inc ................................          545
  18,746        * Topps Co, Inc ...........................          189
  31,453        * Tower Automotive, Inc ...................          439
  99,253          Tribune Co ..............................        4,318
   2,139        * Tropical Sportswear International Corp ..           47
  54,300          TRW, Inc ................................        3,094
  16,455          Tyler Technologies, Inc .................           87
  89,744       e* U.S.A. Networks, Inc ....................        2,104
  25,500        * Unifi, Inc ..............................          278
   7,100        * Universal Electronics, Inc ..............          106
  77,934       e* Univision Communications, Inc (Class A) .        2,447
   4,036        * Urban Outfitters, Inc ...................          140
   4,356        * Vail Resorts, Inc .......................           74
  26,192        * Valassis Communications, Inc ............          956
   9,309        * Vans, Inc ...............................           76
  15,763        * Vastera, Inc ............................           69
  43,419          VF Corp .................................        1,702
  12,920        * Viacom, Inc (Class A) ...................          574
 783,919        * Viacom, Inc (Class B) ...................       34,782
  66,854          Visteon Corp ............................          949
  11,400        * Wabash National Corp ....................          114
1,393,443          Wal-Mart Stores, Inc ....................       76,653 
1,042,441          Walt Disney Co ..........................       19,702 
   1,957          Washington Post Co (Class B) ............        1,066
  54,707          Wendy's International, Inc ..............        2,179
   5,287        * West Marine, Inc ........................           67
  17,815       e* Westpoint Stevens, Inc ..................           69
  38,972          Westwood One, Inc .......................        1,302
  13,924        * Wet Seal, Inc (Class A) .................          338
  32,821          Whirlpool Corp ..........................        2,145
  23,509          Wiley (John) & Sons, Inc (Class A) ......          564
  45,650        * Williams-Sonoma, Inc ....................        1,400
   6,738        * Wilsons The Leather Experts, Inc ........           94
   6,149          Winnebago Industries, Inc ...............          271
  10,826          WMS Industries, Inc .....................          133
  21,253          Wolverine World Wide, Inc ...............          371
   4,500          Woodward Governor Co ....................          266
   5,093        * World Wrestling Federation Entertainment, Inc       74
  27,703       e* XM Satellite Radio Holdings, Inc ........          201
 199,565       e* Yahoo!, Inc .............................        2,945
   7,090        * Young Broadcasting, Inc (Class A) .......          126
 151,554        * Yum Brands, Inc .........................        4,433
  16,993        * Zale Corp ...............................          616
   4,400          Zenith Electronics Corp .................            0
  14,800        * Zomax, Inc ..............................           58
                                                              ----------
                  TOTAL CONSUMER CYCLICAL .................      559,692
                                                              ----------

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CONSUMER NON-CYCLICAL--10.69%                                                 
   6,318        * 1-800-Flowers.com, Inc (Class A) ........           71
  11,592        * 7-Eleven, Inc ...........................           93
   3,097        * AC Moore Arts & Crafts, Inc .............          147
  18,480        e Alberto-Culver Co (Class B) .............          883
 193,614        e Albertson's, Inc ........................        5,897
  97,689       e* Amazon.Com, Inc .........................        1,587
   8,473        * American Italian Pasta Co (Class A) .....          432
 448,089          Anheuser-Busch Cos, Inc .................       22,404
   8,574        * Applica, Inc ............................          106
  15,382        * Aramark Corp (Class B) ..................          385
 291,983          Archer Daniels Midland Co ...............        3,734
   3,927        * Asbury Automotive Group, Inc ............           53
  11,600        * Aurora Foods, Inc .......................           17
 101,568        * Autonation, Inc .........................        1,473
  36,991        * Autozone, Inc ...........................        2,859
 120,861          Avon Products, Inc ......................        6,314
  23,079        * Barnes & Noble, Inc .....................          610
   2,088        * Benihana, Inc (Class A) .................           39
 131,135        * Best Buy Co, Inc ........................        4,760
  36,418       e* BJ's Wholesale Club, Inc ................        1,402
  16,515          Blyth, Inc ..............................          516
  41,729        * Borders Group, Inc ......................          768
   4,800        * Boston Beer Co, Inc (Class A) ...........           76
   1,479          Bridgford Foods Corp ....................           20
  18,003          Brown-Forman Corp (Class B) .............        1,242
  18,255        * Cadiz, Inc ..............................          155
 114,673        e Campbell Soup Co ........................        3,172
  20,081          Casey's General Stores, Inc .............          242
  30,106       e* CDW Computer Centers, Inc ...............        1,409
  18,351        * Chiquita Brands International, Inc ......          329
  18,408          Church & Dwight Co, Inc .................          577
  18,710       e* Circuit City Stores, Inc (Carmax Group) .          405
 106,635          Circuit City Stores, Inc (Circuit City Group)    1,999
  85,952          Clorox Co ...............................        3,554
  23,006        * Coach, Inc ..............................        1,263
     900          Coca-Cola Bottling Co Consolidated ......           39
1,037,231          Coca-Cola Co ............................       58,085 

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                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  37

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 SHARES                                                        VALUE (000)
------                                                        ----------
CONSUMER NON-CYCLICAL--(CONTINUED)                                            
 118,870          Coca-Cola Enterprises, Inc ..............   $    2,625
 279,879          Colgate-Palmolive Co ....................       14,008
 274,980          Conagra Foods, Inc ......................        7,603
  37,060        * Constellation Brands, Inc (Class A) .....        1,186
  14,103          Coors (Adolph) Co (Class B) .............          879
  17,235          Corn Products International, Inc ........          536
   9,918        * Cost Plus, Inc ..........................          302
 232,424          Costco Wholesale Corp ...................        8,976
 200,391          CVS Corp ................................        6,132
  45,852        * Dean Foods Co ...........................        1,710
   1,900          Deb Shops, Inc ..........................           64
   2,024        * DEL Laboratories, Inc ...................           51
  13,552        * Del Monte Foods Co ......................          160
  18,764          Delta & Pine Land Co ....................          377
  48,483          Dial Corp ...............................          971
  21,025          DIMON, Inc ..............................          145
  21,444          Dole Food Co ............................          619
   9,813          Dreyer's Grand Ice Cream, Inc ...........          673
  13,297        * Drugstore.Com, Inc ......................           36
  11,014        * Duane Reade, Inc ........................          375
  75,177       e* eBay, Inc ...............................        4,632
   5,147        * Electronics Boutique Holdings Corp ......          151
  46,714        * Energizer Holdings, Inc .................        1,281
  53,651          Estee Lauder Cos (Class A) ..............        1,889
  16,030          Ethan Allen Interiors, Inc ..............          559
   4,574       e* Expedia, Inc (Class A) ..................          271
     825        * Expedia, Inc Wts 02/04/09 ...............           24
   6,500        * Factory 2-U Stores, Inc .................           90
   8,511        * FAO, Inc ................................           68
     400          Farmer Brothers Co ......................          145
  30,362        e Fastenal Co .............................        1,169
   2,720        * Finlay Enterprises, Inc .................           45
  19,608        e Fleming Cos, Inc ........................          356
  11,325        * Flowers Foods, Inc ......................          293
     988        * FTD, Inc (Class A) ......................           13
   8,845        * FTI Consulting, Inc .....................          310
  25,965        * Furniture Brands International, Inc .....          785
   2,802        * Gaiam, Inc ..............................           41
   5,303        * Galyans Trading Co, Inc .................          121
   9,234        * Gamestop Corp ...........................          194
   3,212        * Gart Sports Co ..........................           92
 187,755          General Mills, Inc ......................        8,276
 540,425          Gillette Co .............................       18,304
   8,632        * Great Atlantic & Pacific Tea Co, Inc ....          161
   1,719        * Green Mountain Coffee, Inc ..............           36
  12,280        * Hain Celestial Group, Inc ...............          227
  72,306          Hasbro, Inc .............................          980
   4,100          Herbalife International, Inc (Class A) ..           78
   4,998          Herbalife International, Inc (Class B) ..           96
  39,268          Herman Miller, Inc ......................          797
  48,077          Hershey Foods Corp ......................        3,005
 179,095          HJ Heinz Co .............................        7,361
1,201,235          Home Depot, Inc .........................       44,121 
   3,334        * Horizon Organic Holding Corp ............           59
  38,573          Hormel Foods Corp .......................          923
  12,200          Hughes Supply, Inc ......................          548
   5,084          Ingles Markets, Inc (Class A) ...........           64
  21,304        * Insight Enterprises, Inc ................          537
   1,681          Inter Parfums, Inc ......................           12
  22,600          Interface, Inc (Class A) ................          182
  36,980          International Flavors & Fragrances, Inc .        1,201
   7,800        * International Multifoods Corp ...........          203
  22,269          Interstate Bakeries Corp ................          643
   3,075        * J & J Snack Foods Corp ..................          138
   5,699        * Jill (J.) Group, Inc ....................          216
  22,715          JM Smucker Co ...........................          775
 125,457          Kellogg Co ..............................        4,499
 143,669          Kraft Foods, Inc (Class A) ..............        5,883
 406,097        * Kroger Co ...............................        8,081
   2,665        * Ladenburg Thalmann Financial Services, Inc           1
  14,332          Lancaster Colony Corp ...................          511
  12,500          Lance, Inc ..............................          182
   5,552        * Lithia Motors, Inc (Class A) ............          149
  13,322          Loews Corp--Carolina Group ..............          360
  15,800          Longs Drug Stores Corp ..................          447
 397,105          Lowe's Cos ..............................       18,029
   3,732        * MarineMax, Inc ..........................           48
   8,696        * Marvel Enterprises, Inc .................           48
 223,008          Mattel, Inc .............................        4,701
  71,160          McCormick & Co, Inc (Non-Vote) ..........        1,832
   7,178        * Monterey Pasta Co .......................           68
   4,178          Movado Group, Inc .......................          105
   5,590          Nash Finch Co ...........................          179
   1,700        * National Beverage Corp ..................           24
   5,540          Nature's Sunshine Products, Inc .........           63
  20,965        * NBTY, Inc ...............................          325
   2,823        * Netlix, Inc .............................           39
 135,987          Newell Rubbermaid, Inc ..................        4,768
  22,200          Nu Skin Enterprises, Inc (Class A) ......          323
 156,993        * Office Depot, Inc .......................        2,637
  58,852        * OfficeMax, Inc ..........................          347

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   7,376          Oneida Ltd ..............................          141
   1,533        * Overstock.Com, Inc ......................           22
   3,019        * Party City Corp .........................           49
  15,234        * Pathmark Stores, Inc ....................          287
   2,787        * Paypal, Inc .............................           56
   3,550        * PC Connection, Inc ......................           15
   4,434        * Peets Coffee & Tea, Inc .................           82
   5,454        * Penn Traffic Co .........................           55
  24,503          Pep Boys-Manny Moe & Jack ...............          413
  89,702          Pepsi Bottling Group, Inc ...............        2,763
  42,693          PepsiAmericas Inc .......................          638
 903,756          Pepsico, Inc ............................       43,561
  31,500        * Perrigo Co ..............................          410
   7,406        * Petco Animal Supplies, Inc ..............          184
  67,378        * Petsmart, Inc ...........................        1,081
1,093,639          Philip Morris Cos, Inc ..................       47,770 
   7,100          Pilgrim's Pride Corp (Class B) ..........           99
  13,802        * Playtex Products, Inc ...................          179
  64,666        * Priceline.com, Inc ......................          180
   8,220        * Princeton Review, Inc ...................           75
 664,329          Procter & Gamble Co .....................       59,325
  46,971          R.J. Reynolds Tobacco Holdings, Inc .....        2,525
  88,862        e RadioShack Corp .........................        2,671
  15,312        * Ralcorp Holdings, Inc ...................          479
   9,126        * Restoration Hardware, Inc ...............           81
   4,366       e* Revlon, Inc (Class A) ...................           22
 203,747       e* Rite Aid Corp ...........................          479
   4,581        * Robert Mondavi Corp (Class A) ...........          157
  15,800          Ruddick Corp ............................          268
   4,900          Russ Berrie & Co, Inc ...................          173
 247,040        * Safeway, Inc ............................        7,211
   2,200          Sanderson Farms, Inc ....................           55
 401,020          Sara Lee Corp ...........................        8,277
   7,460          Schweitzer-Mauduit International, Inc ...          184
     188          Seaboard Corp ...........................           47
   7,055        * Seminis, Inc (Class A) ..................           26
  22,251          Sensient Technologies Corp ..............          506
   3,613        * Sharper Image Corp ......................           73

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38   College Retirement Equities Fund  2002 SEMIANNUAL REPORT                   

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
CONSUMER NON-CYCLICAL--(CONTINUED)                                            
   7,904        * Skechers USA, Inc (Class A) .............   $      171
   6,500        * Smart & Final, Inc ......................           51
  56,580        * Smithfield Foods, Inc ...................        1,050
     192        * Spartan Stores, Inc .....................            1
  18,100        * Stamps.Com, Inc .........................           80
   5,581          Standard Commercial Corp ................          121
 238,733        * Staples, Inc ............................        4,703
   2,247        * Steinway Musical Instruments, Inc .......           48
   3,400          Stepan Co ...............................           96
  16,912        * The Bombay Co, Inc ......................           76
   7,387          Thomas Industries, Inc ..................          213
  16,364        * Ticketmaster (Class B) ..................          306
  12,942          Tootsie Roll Industries, Inc ............          499
 100,010        * Toys "R" Us, Inc ........................        1,747
   3,485        * Tractor Supply Co .......................          247
   8,499        * Trans World Entertainment Corp ..........           50
   6,751          Triarc Cos, Inc .........................          186
   4,400        * Tuesday Morning Corp ....................           82
  26,621          Tupperware Corp .........................          553
  10,063        * Tweeter Home Entertainment Group, Inc ...          164
 115,674          Tyson Foods, Inc (Class A) ..............        1,794
   8,545        * United Auto Group, Inc ..................          179
   9,509        * United Natural Foods, Inc ...............          185
  13,411          Universal Corp ..........................          492
  86,337          UST, Inc ................................        2,935
  10,300        * Valuevision International, Inc (Class A)           187
  10,076          Vector Group Ltd ........................          177
   4,434        * Virbac Corp .............................           28
 523,116          Walgreen Co .............................       20,208
  12,821        * Weight Watchers International, Inc ......          557
   6,245          Weis Markets, Inc .......................          230
   5,717        * Whitehall Jewellers, Inc ................          119
  26,817        * Whole Foods Market, Inc .................        1,293
   9,837        * Wild Oats Markets, Inc ..................          158
  33,410        e Winn-Dixie Stores, Inc ..................          521
  82,660          Wrigley (Wm.) Jr Co .....................        4,575
  13,698        * Yankee Candle Co, Inc ...................          371
                                                              ----------
                  TOTAL CONSUMER NON-CYCLICAL .............      554,738
                                                              ----------
ENERGY--5.85%                                                                 
   7,741        * 3TEC Energy Corp ........................          135
  35,926          Amerada Hess Corp .......................        2,964
 127,004          Anadarko Petroleum Corp .................        6,261
  70,239          Apache Corp .............................        4,037
  35,467          Ashland, Inc ............................        1,436
   4,705        * Atwood Oceanics, Inc ....................          176
 173,191          Baker Hughes, Inc .......................        5,766
   8,466          Berry Petroleum Co (Class A) ............          143
  80,069        e BJ Services Co ..........................        2,713
 102,821          Burlington Resources, Inc ...............        3,907
  14,167          Cabot Oil & Gas Corp (Class A) ..........          324
  19,154        * Cal Dive International, Inc .............          421
     382        * Callon Petroleum Corp ...................            2
   4,582          Carbo Ceramics, Inc .....................          169
  72,100       e* Chesapeake Energy Corp ..................          519
 545,640          ChevronTexaco Corp ......................       48,289
  11,700        * Comstock Resources, Inc .................           89
 320,331          Conoco, Inc .............................        8,905
  23,563       e* Cooper Cameron Corp .....................        1,141
  11,108        * Denbury Resources, Inc ..................          114
  73,759          Devon Energy Corp .......................        3,635
  27,772          Diamond Offshore Drilling, Inc ..........          792
   3,045        * Dril-Quip, Inc ..........................           76
   4,189        * Encore Acquisition Co ...................           72
   9,796        * Energy Partners Ltd .....................           91
  69,198          Ensco International, Inc ................        1,886
  59,227          EOG Resources, Inc ......................        2,351
   9,687        * Evergreen Resources, Inc ................          412
   7,952        * Exploration Co Of Delaware, Inc .........           54
3,466,648          Exxon Mobil Corp ........................      141,855 
  15,539        * Forest Oil Corp .........................          442
      66        * Forest Oil Corp Wts 02/15/04 ............            1
      66        * Forest Oil Corp Wts 02/15/05 ............            1
  12,800          Frontier Oil Corp .......................          225
   7,398          Getty Realty Corp .......................          150
  34,034        * Global Industries Ltd ...................          238
  45,363        * Grant Prideco, Inc ......................          617
  85,384        * Grey Wolf, Inc ..........................          349
   3,889        * Gulf Island Fabrication, Inc ............           71
 222,948          Halliburton Co ..........................        3,554
  25,051       e* Hanover Compressor Co ...................          338
  17,721        * Harvest Natural Resources, Inc ..........           89
  25,505          Helmerich & Payne, Inc ..................          911
   4,691          Holly Corp ..............................           79
   8,800        * Horizon Offshore, Inc ...................           74
   4,900        * Houston Exploration Co ..................          142
   5,922        * Hydril Co ...............................          159
  23,068        * Input/Output, Inc .......................          208
     235       e* KCS Energy, Inc .........................            0
  51,249          Kerr-McGee Corp .........................        2,744
  49,434        * Key Energy Services, Inc ................          519

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   7,200        * Key Production Co, Inc ..................          140
   2,838          Lufkin Industries, Inc ..................           82
  23,978        * Magnum Hunter Resources, Inc ............          189
   3,704       e* Magnum Hunter Resources, Inc Wts 03/21/05            3
 158,366          Marathon Oil Corp .......................        4,295
  19,543        * Maverick Tube Corp ......................          293
  16,151        * Meridian Resource Corp ..................           60
  18,593          Murphy Oil Corp .........................        1,534
   1,020       e* Nabors Industries Ltd ...................           36
  41,412        * National-Oilwell, Inc ...................          872
  22,506        * Newfield Exploration Co .................          837
  29,161          Noble Energy, Inc .......................        1,051
   7,748        * Nuevo Energy Co .........................          122
 191,653          Occidental Petroleum Corp ...............        5,748
  89,288          Ocean Energy, Inc .......................        1,935
  11,766        * Oceaneering International, Inc ..........          318
  39,687        * Parker Drilling Co ......................          130
  12,236          Patina Oil & Gas Corp ...................          336
  35,826        * Patterson-UTI Energy, Inc ...............        1,011
  41,080          Pennzoil-Quaker State Co ................          884
   1,287        * Petroleum Helicopters (Vote) ............           43
 201,162          Phillips Petroleum Co ...................       11,844
  58,799          Pioneer Natural Resources Co ............        1,532
  12,192        * Plains Resources, Inc ...................          326
  26,319          Pogo Producing Co .......................          858
   9,201        * Premcor, Inc ............................          237
  56,607        * Pride International, Inc ................          886
   4,900          Prima Energy Corp .......................          112
   8,758        * Pure Resources, Inc .....................          182
  24,826        * Range Resources Corp ....................          139
   8,765        * Remington Oil & Gas Corp ................          175
  48,006          Rowan Cos, Inc ..........................        1,030
   5,400          RPC, Inc ................................           64
     104        * Seabulk International, Inc Wts 12/14/03 .            0
   8,864        * Seacor Smit, Inc ........................          420
  25,898        * Smith International, Inc ................        1,766
  11,823        * Spinnaker Exploration Co ................          426
  14,293          St. Mary Land & Exploration Co ..........          342
  10,900        * Stone Energy Corp .......................          439

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                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  39

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 SHARES                                                        VALUE (000)
------                                                        ----------
ENERGY--(CONTINUED)                                                           
  34,272          Sunoco, Inc .............................   $    1,221
  24,839        * Superior Energy Services, Inc ...........          252
  11,771        * Swift Energy Co .........................          186
  32,775        * Tesoro Petroleum Corp ...................          254
  25,294          Tidewater, Inc ..........................          833
  17,076        * Tom Brown, Inc ..........................          484
   7,390        * Transmontaigne, Inc .....................           45
      67        * Transtexas Gas Corp Wts 06/30/02 ........            0
  11,233        * Trico Marine Services, Inc ..............           76
  18,439          Unit Corp ...............................          320
   8,328        * Universal Compression Holdings, Inc .....          200
 125,033          Unocal Corp .............................        4,619
  51,641          Valero Energy Corp ......................        1,932
  39,951        * Varco International, Inc ................          701
  15,902        * Veritas DGC, Inc ........................          200
  24,700          Vintage Petroleum, Inc ..................          294
      20       e* Weatherford International Ltd ...........            1
   8,180        * Westport Resources Corp .................          134
  11,454        * W-H Energy Services, Inc ................          254
   4,524          World Fuel Services Corp ................          110
  59,179          XTO Energy, Inc .........................        1,219
                                                              ----------
                  TOTAL ENERGY ............................      303,678
                                                              ----------
FINANCIAL SERVICES--21.49%                                                    
   7,138          1st Source Corp .........................          176
  16,500          21st Century Insurance Group ............          314
  41,246          A.G. Edwards, Inc .......................        1,603
   5,049          ABC Bancorp .............................           75
   7,332          Acadia Realty Trust .....................           60
  11,190          Advanta Corp (Class A) ..................          122
  11,593        * Affiliated Managers Group, Inc ..........          713
 264,871          Aflac, Inc ..............................        8,476
   4,851          Alabama National Bancorp ................          210
   8,055          Alexandria Real Estate Equities, Inc ....          397
  17,801          Alfa Corp ...............................          208
   2,805          Alleghany Corp ..........................          536
   6,038          Allegiant Bancorp, Inc ..................          110
  52,102        e Allied Capital Corp .....................        1,180
  27,094          Allmerica Financial Corp ................        1,252
 362,623          Allstate Corp ...........................       13,410
  42,786          AMB Property Corp .......................        1,326
  42,798          Ambac Financial Group, Inc ..............        2,876
  12,800          Amcore Financial, Inc ...................          297
  17,762          America First Mortgage Investments, Inc .          175
  19,636          American Capital Strategies Ltd .........          539
 603,027          American Express Co .....................       21,902
  15,417          American Financial Group, Inc ...........          368
  12,000          American Financial Holdings, Inc ........          359
   3,343          American Home Mortgage Holdings, Inc ....           42
1,176,327          American International Group, Inc .......       80,261 
   3,153        * American Medical Security Group, Inc ....           76
   2,975          American National Bankshares, Inc .......           81
   5,300          American National Insurance Co ..........          510
   5,463        * American Physicians Capital, Inc ........          101
  43,720       e* AmeriCredit Corp ........................        1,226
  47,002        * Ameritrade Holdings Corp (Class A) ......          216
  20,672        e Amerus Group Co .........................          767
   7,007          AMLI Residential Properties Trust .......          182
 184,938          Amsouth Bancorp .........................        4,139
  17,002       b* ANC Rental Corp .........................            4
  10,770          Anchor Bancorp Wisconsin, Inc ...........          260
  41,035          Annaly Mortgage Management, Inc .........          796
  20,287          Anthracite Capital, Inc .................          269
   6,236          Anworth Mortgage Asset Corp .............           87
 121,868          AON Corp ................................        3,593
  37,712          Apartment Investment & Management Co (Class A)   1,855
  14,924          Apex Mortgage Capital, Inc ..............          224
  89,962          Archstone-Smith Trust ...................        2,402
  29,904          Arden Realty, Inc .......................          851
  10,900          Argonaut Group, Inc .....................          233
   3,305          Arrow Financial Corp ....................          112
  39,186          Associated Banc-Corp ....................        1,478
   8,308          Associated Estates Realty Corp ..........           88
  44,413          Astoria Financial Corp ..................        1,423
  30,887          AvalonBay Communities, Inc ..............        1,442
   2,923          Baldwin & Lyons, Inc (Class B) ..........           67
   6,670        * Banc Corp ...............................           58
   1,989          Bancfirst Corp ..........................           92
   2,223          Bancorp Connecticut, Inc ................           62
  41,503          Bancorpsouth, Inc .......................          838
   5,769          Bank Mutual Corp ........................          118
 786,832          Bank Of America Corp ....................       55,361
   7,375          Bank Of Granite Corp ....................          145
  37,711          Bank Of Hawaii Corp .....................        1,056
 372,128          Bank Of New York Co, Inc ................       12,559
   2,270          Bank Of The Ozarks, Inc .................           51
 600,483          Bank One Corp ...........................       23,107
  12,700        * Bank United Corp (Contingent Payment Rts)            1
  20,902          BankAtlantic Bancorp, Inc (Class A) .....          259

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  76,758          Banknorth Group, Inc ....................        1,997
  10,723        * Bankunited Financial Corp (Class A) .....          205
   5,270          Banner Corp .............................          130
  31,574          Bay View Capital Corp ...................          202
 244,976          BB&T Corp ...............................        9,456
  48,232          Bear Stearns Cos, Inc ...................        2,952
   6,098       e* Beazer Homes USA, Inc ...................          488
   7,515          Bedford Property Investors, Inc .........          204
  12,825          Berkley (W.R.) Corp .....................          705
   3,188          Berkshire Hills Bancorp, Inc ............           84
   3,151          BKF Capital Group, Inc ..................           90
   8,702       e* Blackrock, Inc ..........................          385
   7,046        * BOK Financial Corp ......................          236
   9,550          Boston Private Financial Holdings, Inc ..          236
  34,345          Boston Properties, Inc ..................        1,372
   2,010          Bostonfed Bancorp, Inc ..................           65
   8,900        * Boykin Lodging Co .......................           97
  13,357          Brandywine Realty Trust .................          346
  23,474          BRE Properties, Inc (Class A) ...........          730
   5,303        * Brookline Bancorp, Inc ..................          134
  24,688          Brown & Brown, Inc ......................          778
   1,901          Bryn Mawr Bank Corp .....................           77
   4,600          BSB Bancorp, Inc ........................          123
     470        * Cal Fed Bancorp, Inc (Goodwill Cert) ....            1
   1,772          California First National Bancorp .......           28
   4,118          Camden National Corp ....................          115
  18,422          Camden Property Trust ...................          682
  10,910          Capital Automotive Reit .................          260
   3,500          Capital City Bank Group, Inc ............          121
 105,757          Capital One Financial Corp ..............        6,456
   3,935          Capitol Bancorp Ltd .....................           94
  11,474          Capitol Federal Financial ...............          299
   4,560          Capstead Mortgage Corp ..................          103
  27,083          CarrAmerica Realty Corp .................          836
   6,371          Cascade Bancorp .........................          115
  11,069          Cash America International, Inc .........          102
  46,553        * Catellus Development Corp ...............          951
   7,882          Cathay Bancorp, Inc .....................          327
   1,701          CB Bancshares, Inc ......................           64
  10,713          CBL & Associates Properties, Inc ........          434
   4,427          CCBT Financial Cos, Inc .................          126

SEE NOTES TO FINANCIAL STATEMENTS 

40  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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 SHARES                                                        VALUE (000)
------                                                        ----------
FINANCIAL SERVICES--(CONTINUED)                                               
   5,788        * CCC Information Services Group, Inc .....   $       81
  11,187          Centennial Bancorp ......................           88
   5,382          Center Trust, Inc .......................           38
  11,700          Centerpoint Properties Corp .............          679
   3,796        * Central Coast Bancorp ...................           86
   1,629          Century Bancorp, Inc (Class A) ..........           45
   9,698          Ceres Group, Inc ........................           38
   6,137          CFS Bancorp, Inc ........................           95
 558,840          Charles Schwab Corp .....................        6,259
   2,026          Charter Financial Corp ..................           58
  20,500          Charter Municipal Mortgage Acceptance Co           367
 112,674          Charter One Financial, Inc ..............        3,874
  11,199          Chateau Communities, Inc ................          343
  14,203          Chelsea Property Group, Inc .............          475
  11,520          Chemical Financial Corp .................          432
  15,175          Chittenden Corp .........................          440
  44,608        * Choicepoint, Inc ........................        2,028
  82,790          Chubb Corp ..............................        5,862
  70,464          Cincinnati Financial Corp ...............        3,279
2,633,016          Citigroup, Inc ..........................      102,029 
  23,316          Citizens Banking Corp ...................          676
   4,625          Citizens First Bancorp, Inc .............          104
  11,236        * Citizens, Inc ...........................          146
   3,872          City Bank ...............................          124
   8,521          City Holding Co .........................          199
  20,464          City National Corp ......................        1,100
   6,929        * Clark/Bardes, Inc .......................          158
  12,801        * CNA Financial Corp ......................          339
   8,518          CNA Surety Corp .........................          124
   2,206          Coastal Bancorp, Inc ....................           70
   4,249          Coastal Financial Corp ..................           63
   3,466          CoBiz, Inc ..............................           60
  61,366          Colonial Bancgroup, Inc .................          920
   7,251          Colonial Properties Trust ...............          282
   2,957          Columbia Bancorp ........................           70
   6,587        * Columbia Banking System, Inc ............           85
  47,341       b* Comdisco, Inc ...........................            1
  91,853          Comerica, Inc ...........................        5,640
  29,913          Commerce Bancorp, Inc ...................        1,322
  30,301          Commerce Bancshares, Inc ................        1,341
  12,531          Commerce Group, Inc .....................          496
  23,159          Commercial Federal Corp .................          672
  18,707          Commercial Net Lease Realty, Inc ........          299
   3,955          Commonwealth Bancorp, Inc ...............          117
   5,913          Community Bank System, Inc ..............          191
   4,128          Community Banks, Inc ....................          121
  20,255          Community First Bankshares, Inc .........          528
   5,846          Community Trust Bancorp, Inc ............          164
  65,229          Compass Bancshares, Inc .................        2,192
   8,758        * CompuCredit Corp ........................           62
   6,003          Connecticut Bancshares, Inc .............          199
 155,974       e* Conseco, Inc ............................          312
  24,524          Cornerstone Realty Income Trust, Inc ....          277
   8,306          Corporate Office Properties Trust .......          121
   3,666          Correctional Properties Trust ...........           81
  14,319        * Corrections Corp Of America .............          248
   4,600          Corus Bankshares, Inc ...................          211
  52,992          Countrywide Credit Industries, Inc ......        2,557
  18,439          Cousins Properties, Inc .................          457
   3,500          CPB, Inc ................................          161
  13,625          Crawford & Co (Class B) .................          110
   6,824        * Credit Acceptance Corp ..................           86
   1,040        * Crescent Operating, Inc .................            0
  41,554          Crescent Real Estate Equities Co ........          777
  11,457          Crown American Realty Trust .............          108
  10,775        * CSK Auto Corp ...........................          150
  26,513          Cullen/Frost Bankers, Inc ...............          953
   1,331          Curtiss-Wright Corp (Class B) ...........          101
  13,353          CVB Financial Corp ......................          303
   6,623          Delphi Financial Group, Inc (Class A) ...          287
  27,929          Developers Diversified Realty Corp ......          628
  11,116          Dime Community Bancshares ...............          252
  19,653          Doral Financial Corp ....................          656
  10,867          Downey Financial Corp ...................          514
  68,647          Duke Realty Corp ........................        1,987
 150,600        * E*trade Group, Inc ......................          822
   2,549        * Eagle Bancshares, Inc ...................           66
  12,100          East West Bancorp, Inc ..................          418
   7,404          Eastgroup Properties, Inc ...............          190
  30,070          Eaton Vance Corp ........................          938
   7,300        * Electro Rent Corp .......................           95
   1,197          EMC INS Group, Inc ......................           18
   8,100          Entertainment Properties Trust ..........          200
 213,102          Equity Office Properties Trust ..........        6,414
   2,699          Equity One, Inc .........................           38
 140,355          Equity Residential Properties Trust .....        4,035
  11,562          Erie Indemnity Co (Class A) .............          468
   7,361          Essex Property Trust, Inc ...............          403
   7,284        * Euronet Worldwide, Inc ..................          116
   5,445          F & M Bancorp ...........................          192
 509,006          Fannie Mae ..............................       37,539
   3,145          Farmers Capital Bank Corp ...............          111

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   5,836          FBL Financial Group, Inc (Class A) ......          129
   7,931          FBR Asset Investment Corp ...............          264
   4,106       e* Federal Agricultural Mortgage Corp (Class C)       110
  18,604          Federal Realty Investment Trust .........          516
  42,111          Federated Investors, Inc (Class B) ......        1,456
  22,349          FelCor Lodging Trust, Inc ...............          410
   8,048          Fidelity Bankshares, Inc ................          177
  49,255          Fidelity National Financial, Inc ........        1,556
 260,702          Fifth Third Bancorp .....................       17,376
   5,685          Financial Federal Corp ..................          188
   4,001          Financial Industries Corp ...............           72
   3,968          Financial Institutions, Inc .............          150
  36,524          First American Corp .....................          840
   3,488          First Bancorp (North Carolina) ..........           96
  11,321          First Bancorp (Puerto Rico) .............          427
     600        * First Banks America, Inc ................           23
   4,600          First Busey Corp ........................          102
  15,600          First Charter Corp ......................          282
   3,200          First Citizens Bancshares, Inc (Class A).          354
  30,222          First Commonwealth Financial Corp .......          408
   2,493          First Community Bancorp .................           58
   4,569          First Community Bancshares ..............          154
   2,716          First Defiance Financial Corp ...........           54
   3,319          First Essex Bancorp, Inc ................          114
   8,531          First Federal Capital Corp ..............          189
  18,558          First Financial Bancorp .................          363
   6,310          First Financial Bankshares, Inc .........          264
   3,600          First Financial Corp (Indiana) ..........          185
   7,000          First Financial Holdings, Inc ...........          225
   5,900          First Indiana Corp ......................          128
   7,059          First Merchants Corp ....................          212
  24,773          First Midwest Bancorp, Inc ..............          688
   3,554          First National Corp .....................          107
   4,900          First Niagara Financial Group, Inc ......          136
   2,201          First Oak Brook Bancshares, Inc .........           69
   6,530          First Place Financial Corp ..............          130
   5,261        * First Republic Bank .....................          145

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  41

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 SHARES                                                        VALUE (000)
------                                                        ----------
FINANCIAL SERVICES--(CONTINUED)                                               
  12,660          First Sentinel Bancorp, Inc .............   $      174
   1,441          First South Bancorp, Inc ................           52
   2,111          First State Bancorporation ..............           55
  64,810          First Tennessee National Corp ...........        2,482
  24,547          First Virginia Banks, Inc ...............        1,316
   2,833          Firstfed America Bancorp, Inc ...........           67
   9,119          Firstfed Financial Corp .................          264
  43,312          FirstMerit Corp .........................        1,195
   6,884          Flagstar Bancorp, Inc ...................          159
 535,443          FleetBoston Financial Corp ..............       17,322
   5,103          Flushing Financial Corp .................          105
  22,359          FNB Corp ................................          614
   2,977          FNB Corp (Virginia) .....................           91
   4,492        * Fpic Insurance Group, Inc ...............           68
   1,389          Franklin Financial Corp .................           35
  87,071          Franklin Resources, Inc .................        3,713
 354,770          Freddie Mac .............................       21,712
  29,600        e Fremont General Corp ....................          124
   7,607        * Friedman, Billings, Ramsey Group, Inc ...           97
   8,243          Frontier Financial Corp .................          242
  12,800       b* Frontline Capital Group, Inc ............            0
  52,734          Fulton Financial Corp ...................          998
   3,122        * Gabelli Asset Management, Inc (Class A) .          114
  12,600          Gables Residential Trust ................          402
  45,254          Gallagher (Arthur J.) & Co ..............        1,568
  30,057          Gartner, Inc (Class A) ..................          304
  12,190        * Gartner, Inc (Class B) ..................          115
   3,954          GBC Bancorp .............................          114
  32,096          General Growth Properties, Inc ..........        1,637
   4,570          German American Bancorp .................           85
   7,910          Glacier Bancorp, Inc ....................          194
   4,530          Gladstone Capital Corp ..................           82
   8,020          Glenborough Realty Trust, Inc ...........          190
  13,321          Glimcher Realty Trust ...................          246
  14,400          Gold Banc Corp, Inc .....................          158
  37,720          Golden State Bancorp, Inc ...............        1,367
13,600        * Golden State Bancorp, Inc                           
                    (Litigation Tracking Wts 12/31/60) ....           15
  64,154          Golden West Financial Corp ..............        4,413
 123,296          Goldman Sachs Group, Inc ................        9,044
   2,644          Granite State Bankshares, Inc ...........           87
   3,733          Great American Financial Resources, Inc .           72
   6,653          Great Lakes Reit, Inc ...................          126
   3,028          Great Southern Bancorp, Inc .............          121
  23,208        e Greater Bay Bancorp .....................          714
  43,518          Greenpoint Financial Corp ...............        2,137
   4,532          Hancock Holding Co ......................          305
   4,463        * Hanmi Financial Corp ....................           76
  10,895          Harbor Florida Bancshares, Inc ..........          242
  15,259          Harleysville Group, Inc .................          423
   9,442          Harleysville National Corp ..............          255
 126,534          Hartford Financial Services Group, Inc ..        7,525
   3,001        * Hawthorne Financial Corp ................           97
  31,793          HCC Insurance Holdings, Inc .............          838
  29,161          Health Care Property Investors, Inc .....        1,251
  18,885          Health Care Reit, Inc ...................          566
  21,420          Healthcare Realty Trust, Inc ............          685
   9,197          Heritage Property Investment Trust ......          246
  81,834          Hibernia Corp (Class A) .................        1,619
  27,100        e Highwoods Properties, Inc ...............          705
  14,600          Hilb, Rogal & Hamilton Co ...............          661
  13,229          Home Properties Of New York, Inc ........          502
  38,278       e* Homestore, Inc ..........................           55
  27,352          Hooper Holmes, Inc ......................          219
  18,145          Horace Mann Educators Corp ..............          339
  33,329          Hospitality Properties Trust ............        1,217
 120,160       e* Host Marriott Corp ......................        1,358
 233,367          Household International, Inc ............       11,598
  65,842          HRPT Properties Trust ...................          583
  38,670          Hudson City Bancorp, Inc ................          770
   7,664          Hudson River Bancorp, Inc ...............          207
  23,117          Hudson United Bancorp ...................          660
   4,576          Humboldt Bancorp ........................           77
 126,973          Huntington Bancshares, Inc ..............        2,466
   2,945          IBERIABANK Corp .........................          119
  20,150          IMPAC Mortgage Holdings, Inc ............          272
  26,849          Independence Community Bank Corp ........          771
   1,671          Independence Holding Co .................           37
   6,177          Independent Bank Corp (Massachusetts) ...          141
   5,940          Independent Bank Corp (Michigan) ........          187
  30,813        * IndyMac Bancorp, Inc ....................          699
  11,660          Innkeepers U.S.A. Trust .................          112
   9,800        * Insignia Financial Group, Inc ...........           95
  20,584       e* Instinet Group, Inc .....................          134
   5,078        * Insurance Auto Auctions, Inc ............           99
   7,890          Integra Bank Corp .......................          177
   2,923          Interchange Financial Services Cp .......           81
  11,491          International Bancshares Corp ...........          485
  25,008        * Investment Technology Group, Inc ........          818
  32,851          Investors Financial Services Corp .......        1,102
  13,847          Investors Real Estate Trust .............          148
  17,700          IRT Property Co .........................          225

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   7,712          Irwin Financial Corp ....................          155
  23,577          iStar Financial, Inc ....................          672
   2,361        * Itla Capital Corp .......................           70
  21,698          ITT Educational Services, Inc ...........          473
  17,650          JDN Realty Corp .........................          221
   9,880          Jefferies Group, Inc ....................          416
  76,794          Jefferson-Pilot Corp ....................        3,609
 150,597          John Hancock Financial Services, Inc ....        5,301
  10,522          John Nuveen Co (Class A) ................          270
  16,000        * Jones Lang Lasalle, Inc .................          395
1,017,696          JP Morgan Chase & Co ....................       34,520 
   6,625          JP Realty, Inc ..........................          177
   1,878          Kansas City Life Insurance Co ...........           73
 217,923          Keycorp .................................        5,949
   7,039          Keystone Property Trust .................          112
  12,505          Kilroy Realty Corp ......................          335
  46,856          Kimco Realty Corp .......................        1,569
  41,611        * Knight Trading Group, Inc ...............          218
  12,731          Koger Equity, Inc .......................          246
   9,411          Kramont Realty Trust ....................          150
  70,278        * La Quinta Corp ..........................          510
  23,891       e* LaBranche & Co, Inc .....................          547
   5,746          Lakeland Bancorp, Inc ...................          125
   2,607          Lakeland Financial Corp .................           75
   9,440          Landamerica Financial Group, Inc ........          297
     633          Leeds Federal Bankshares, Inc ...........           20
  33,644        e Legg Mason, Inc .........................        1,660
 124,759          Lehman Brothers Holdings, Inc ...........        7,800
   3,360        * Lendingtree, Inc ........................           43
  18,443          Leucadia National Corp ..................          584
  11,938          Lexington Corporate Properties Trust ....          197
   8,858          Liberty Corp ............................          353
  95,597          Lincoln National Corp ...................        4,015
  11,460          LNR Property Corp .......................          395
   9,660        * Local Financial Corp ....................          158
   4,318          LSB Bancshares, Inc .....................           86
   7,201          LTC Properties, Inc .....................           61

SEE NOTES TO FINANCIAL STATEMENTS 

42  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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 SHARES                                                        VALUE (000)
------                                                        ----------
FINANCIAL SERVICES--(CONTINUED)                                               
  40,440          M & T Bank Corp .........................   $    3,468
   3,413          Macatawa Bank Corp ......................           74
  16,667          Macerich Co .............................          517
  21,889          Mack-Cali Realty Corp ...................          770
   9,617          MAF Bancorp, Inc ........................          362
   5,266        e Main Street Banks, Inc ..................          109
   2,855          Mainsource Financial Group, Inc .........           69
   6,622          Manufactured Home Communities, Inc ......          233
   4,242        * Markel Corp .............................          836
 140,025          Marsh & McLennan Cos, Inc ...............       13,526
 108,470          Marshall & Ilsley Corp ..................        3,355
   1,945          MASSBANK Corp ...........................           69
   5,772          MB Financial, Inc .......................          193
  75,592          MBIA, Inc ...............................        4,273
 361,822          MBNA Corp ...............................       11,965
  10,323          MCG Capital Corp ........................          172
   3,418          Medford Bancorp, Inc ....................          119
     500        * MEEMIC Holdings, Inc ....................           14
 225,433          Mellon Financial Corp ...................        7,085
  36,874          Mercantile Bankshares Corp ..............        1,513
   2,038          Merchants Bancshares, Inc ...............           58
  13,251          Mercury General Corp ....................          643
  20,840          Meristar Hospitality Corp ...............          318
   3,555          Meritage Corp ...........................          162
 438,824          Merrill Lynch & Co, Inc .................       17,772
 151,805          Metlife, Inc ............................        4,372
  16,812        e Metris Cos, Inc .........................          140
     324        * MFN Financial Corp Series B Wts 03/23/03             0
     324        * MFN Financial Corp Series C Wts 03/23/04             0
  46,570        e MGIC Investment Corp ....................        3,158
   8,762          Mid Atlantic Realty Trust ...............          154
   7,198          Mid-America Apartment Communities, Inc ..          193
   1,900          Midland Co ..............................           96
  12,309          Mid-State Bancshares .....................         238
   3,081          Midwest Banc Holdings, Inc ..............           92
  11,170          Mills Corp ..............................          346
   7,660          Mission West Properties, Inc ............           93
   2,900          Mississippi Valley Bancshares, Inc ......          150
  23,015          MONY Group, Inc .........................          783
 563,095          Morgan Stanley Dean Witter & Co .........       24,258
   2,036          Nara Bancorp, Inc .......................           47
   1,557          NASB Financial, Inc .....................           34
 311,310          National City Corp ......................       10,351
 106,120          National Commerce Financial Corp ........        2,791
   9,815          National Health Investors, Inc ..........          157
   3,028          National Health Realty, Inc .............           56
   9,013          National Penn Bancshares, Inc ...........          236
   1,100        * National Western Life Insurance Co (Class A)       127
  10,551          Nationwide Financial Services, Inc (Class A)       417
  25,108          Nationwide Health Properties, Inc .......          471
   2,064        * Navigators Group, Inc ...................           55
   2,663          NBC Capital Corp ........................          101
  15,280          NBT Bancorp, Inc ........................          276
  24,799        * NetBank, Inc ............................          289
  28,580          Neuberger Berman, Inc ...................        1,046
   8,038          New Century Financial Corp ..............          281
  48,444          New Plan Excel Realty Trust .............        1,009
  54,837          New York Community Bancorp, Inc .........        1,486
  13,900       e* NextCard, Inc ...........................            0
  83,763          North Fork Bancorp, Inc .................        3,335
 100,258          Northern Trust Corp .....................        4,417
   5,539          Northwest Bancorp, Inc ..................           73
   5,322          Novastar Financial, Inc .................          190
     736        * NYMAGIC, Inc ............................           11
   5,526          OceanFirst Financial Corp ...............          134
  18,400        * Ocwen Financial Corp ....................          101
   8,557          Odyssey Re Holdings Corp ................          149
  25,984        * Ohio Casualty Corp ......................          543
  31,283          Old National Bancorp ....................          796
  62,403          Old Republic International Corp .........        1,966
   3,728          Old Second Bancorp, Inc .................          137
   4,300          Omega Financial Corp ....................          157
   6,218          Oriental Financial Group, Inc ...........          158
   3,424        * OSI Systems, Inc ........................           68
  17,999          Pacific Capital Bancorp .................          430
  10,000        * Pacific Gulf Properties, Inc Liquidation Trust      18
   7,874          Pacific Northwest Bancorp ...............          247
   5,418        * Pacific Union Bank ......................           95
  17,015          Pan Pacific Retail Properties, Inc ......          582
   6,146          Park National Corp ......................          529
   2,446          Parkvale Financial Corp .................           70
   3,991          Parkway Properties, Inc .................          145
   3,372        * Partners Trust Financial Group, Inc .....           54
   1,532          Peapack Gladstone Financial Corp ........           94
   2,542          Pennfed Financial Services, Inc .........           71
   3,230          Pennrock Financial Services Corp ........          106
   7,042          Pennsylvania Real Estate Investment Trust          191
   4,025          Peoples Bancorp, Inc ....................          115
  12,710          People's Bank ...........................          332
   2,976          Peoples Holding Co ......................          122
   5,786          PFF Bancorp, Inc ........................          222
   8,455        * Philadelphia Consolidated Holding Corp ..          383

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  51,231          Phoenix Cos, Inc ........................          940
   3,338        * Pico Holdings, Inc ......................           55
  13,437          PMA Capital Corp (Class A) ..............          284
  46,391          PMI Group, Inc ..........................        1,772
 144,766          PNC Financial Services Group, Inc .......        7,568
  69,807          Popular, Inc ............................        2,351
   2,967          Port Financial Corp .....................          119
  18,519          Post Properties, Inc ....................          559
  15,717          Prentiss Properties Trust ...............          499
  10,542          Presidential Life Corp ..................          214
   9,430        * Price Legacy Corp .......................           36
     486        * Prime Group Realty Trust ................            3
 157,189        * Principal Financial Group ...............        4,873
   1,867          Privatebancorp, Inc .....................           56
  11,041        * ProAssurance Corp .......................          194
  98,380          Progressive Corp ........................        5,691
  81,933          Prologis Trust ..........................        2,130
   5,900          Prosperity Bancshares, Inc ..............          108
  35,093          Protective Life Corp ....................        1,162
   1,900          Provident Bancorp, Inc ..................           53
  12,205          Provident Bankshares Corp ...............          289
  21,529        e Provident Financial Group, Inc ..........          625
 134,920        * Providian Financial Corp ................          793
 315,422        * Prudential Financial, Inc ...............       10,522
   5,122          PS Business Parks, Inc ..................          179
  50,708          Public Storage, Inc .....................        1,881
   1,941        * Quaker City Bancorp, Inc ................           81
   7,214          R & G Financial Corp (Class B) ..........          171
  45,914          Radian Group, Inc .......................        2,243
   8,001          RAIT Investment Trust ...................          190
   4,154          Ramco-Gershenson Properties .............           84
  19,629          Raymond James Financial, Inc ............          559
  17,100          Realty Income Corp ......................          631
  26,212          Reckson Associates Realty Corp ..........          653
   1,013          Reckson Associates Realty Corp (Class B)            26
   4,619          Redwood Trust, Inc ......................          145
  12,095          Regency Centers Corp ....................          359

 SEE NOTES TO FINANCIAL STATEMENTS

2002 SEMIANNUAL REPORT  College Retirement Equities Fund  44                    

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
FINANCIAL SERVICES--(CONTINUED)                                               
 117,759          Regions Financial Corp ..................   $    4,139
   8,863          Reinsurance Group Of America, Inc .......          273
  24,062          Republic Bancorp, Inc ...................          360
   3,400          Republic Bancorp, Inc (Kentucky) (Class A)          40
   2,200        * Republic Bancshares, Inc ................           44
   7,196          Resource America, Inc (Class A) .........           76
  14,700          RFS Hotel Investors, Inc ................          199
   7,188          Riggs National Corp .....................          107
   3,251          RLI Corp ................................          166
  38,000          Roslyn Bancorp, Inc .....................          830
  38,303          Rouse Co ................................        1,264
   2,416          Royal Bancshares Of Pennsylvania (Class A)          52
      64          Royal Bank Of Canada (New York) .........            2
  13,572          S & T Bancorp, Inc ......................          367
   2,954          S.Y. Bancorp, Inc .......................          121
  65,353          Safeco Corp .............................        2,019
   7,500          Sandy Spring Bancorp, Inc ...............          241
   4,300          Santander Bancorp .......................           73
   5,300          Saul Centers, Inc .......................          137
  14,357        * Saxon Capital, Inc ......................          234
   1,788          Seacoast Banking Corp Of Florida ........          103
  12,410          Seacoast Financial Services Corp ........          311
   4,406          Second Bancorp, Inc .....................          120
  38,631          SEI Investments Co ......................        1,088
  13,100          Selective Insurance Group, Inc ..........          371
  22,666          Senior Housing Properties Trust .........          356
  23,191        * Silicon Valley Bancshares ...............          611
   3,780          Simmons First National Corp (Class A) ...          161
  66,513          Simon Property Group, Inc ...............        2,450
   5,888          Sizeler Property Investors ..............           64
  35,946          Sky Financial Group, Inc ................          760
  13,500          SL Green Realty Corp ....................          481
  75,417          Slm Corp ................................        7,308
  37,269        * SoundView Technology Group, Inc .........           63
  20,587          South Financial Group, Inc ..............          461
 177,294          SouthTrust Corp .........................        4,631
   2,630          Southwest Bancorp, Inc ..................           73
  14,444        * Southwest Bancorp Of Texas, Inc .........          523
 133,633          Sovereign Bancorp, Inc ..................        1,998
   6,200          Sovran Self Storage, Inc ................          212
   3,769          St. Francis Capital Corp ................           94
  15,234          St. Joe Co ..............................          457
 106,517          St. Paul Cos, Inc .......................        4,146
  15,166          Stancorp Financial Group, Inc ...........          842
 102,360          Starwood Hotels & Resorts Worldwide, Inc         3,367
   6,600          State Auto Financial Corp ...............          108
   3,748          State Bancorp, Inc ......................           66
 166,295          State Street Corp .......................        7,433
  28,181          Staten Island Bancorp, Inc ..............          541
   4,489          Sterling Bancorp ........................          160
  18,963          Sterling Bancshares, Inc ................          280
   8,547          Sterling Financial Corp (Pennsylvania) ..          213
   5,944        * Sterling Financial Corp (Spokane) .......          118
   8,533        * Stewart Information Services Corp .......          175
 114,188          Stilwell Financial, Inc .................        2,078
   2,100          Student Loan Corp .......................          174
   5,956          Suffolk Bancorp .........................          217
   2,689          Summit Bancshares, Inc ..................           65
  11,297          Summit Properties, Inc ..................          264
   2,522          Sun Bancorp, Inc ........................           62
   3,267        * Sun Bancorp, Inc ........................           45
   7,590          Sun Communities, Inc ....................          317
 127,310          Suntrust Banks, Inc .....................        8,622
   3,565          Superior Financial Corp .................           68
  20,125          Susquehanna Bancshares, Inc .............          457
   6,972        e SWS Group, Inc ..........................          137
 150,945          Synovus Financial Corp ..................        4,154
  11,150        * Syntroleum Corp .........................           32
  53,821          T Rowe Price Group, Inc .................        1,770
  14,805          Taubman Centers, Inc ....................          226
  39,968          TCF Financial Corp ......................        1,963
   7,529          Texas Regional Bancshares, Inc (Class A)           374
  21,226          Thornburg Mortgage, Inc .................          418
   4,365          Three Rivers Bancorp, Inc ...............           78
   3,591          Tompkins Trustco, Inc ...................          175
  62,065          Torchmark Corp ..........................        2,371
   7,200          Town & Country Trust ....................          161
  14,805        * Trammell Crow Co ........................          214
  10,758          Transatlantic Holdings, Inc .............          861
   1,459        * Transcontinental Realty Investors, Inc ..           29
 137,500        * Travelers Property Casulaty Corp (Class A)       2,434
   3,901        * Triad Guaranty, Inc .....................          170
   2,579          Trico Bancshares ........................           68
  45,961          Trizec Properties, Inc ..................          775
   4,114          Troy Financial Corp .....................          124
   9,400          Trust Co Of New Jersey ..................          242
  36,526          Trustco Bank Corp Ny ....................          481
  22,246          Trustmark Corp ..........................          568
 977,191          U.S. Bancorp ............................       22,817
   8,930          U.S. Restaurant Properties, Inc .........          148
   6,084          U.S.B. Holding Co, Inc ..................          125

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   9,266          UCBH Holdings, Inc ......................          352
  19,718        * UICI ....................................          398
   8,414          UMB Financial Corp ......................          394
  10,310          Umpqua Holdings Corp ....................          191
   5,027        * Union Acceptance Corp (Class A) .........           21
   3,856          Union Bankshares Corp ...................          102
 103,639          Union Planters Corp .....................        3,355
  26,282          UnionBanCal Corp ........................        1,231
  18,699          United Bankshares, Inc ..................          549
   8,477          United Community Banks, Inc .............          251
  16,600          United Community Financial Corp .........          155
  54,849          United Dominion Realty Trust, Inc .......          864
   3,592          United Fire & Casualty Co ...............          136
   6,950          United National Bancorp .................          160
  26,816       e* United Rentals, Inc .....................          585
  38,300        * UnitedGlobalcom, Inc (Class A) ..........          105
  24,035          Unitrin, Inc ............................          860
  11,917        * Universal American Financial Corp .......           80
   5,579          Universal Health Realty Income Trust ....          147
  11,566          Unizan Financial Corp ...................          248
 124,171          UnumProvident Corp ......................        3,160
   6,327          Urstadt Biddle Properties, Inc (Class A)            72
  48,958          Valley National Bancorp .................        1,361
     800          Value Line, Inc .........................           33
  17,109          Vesta Insurance Group, Inc ..............           73
   5,892        * VIB Corp ................................           77
   3,724          Virginia Financial Group, Inc ...........          119
   2,382          Vista Bancorp, Inc ......................           64
  37,362          Vornado Realty Trust ....................        1,726
  13,693          W Holding Co, Inc .......................          331
 699,618          Wachovia Corp ...........................       26,711
  37,567          Waddell & Reed Financial, Inc (Class A) .          861
   1,872          Warwick Community Bancorp ...............           56
  32,865          Washington Federal, Inc .................          830
 498,005          Washington Mutual, Inc ..................       18,481
  18,812          Washington Real Estate Investment Trust .          544
   6,660          Washington Trust Bancorp, Inc ...........          158
  19,376          Waypoint Financial Corp .................          379

SEE NOTES TO FINANCIAL STATEMENTS 

44  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
FINANCIAL SERVICES--(CONTINUED)                                               
  25,129          Webster Financial Corp ..................   $      961
  23,001          Weingarten Realty Investors .............          814
 874,459          Wells Fargo & Co ........................       43,776
   2,722        * Wellsford Real Properties, Inc ..........           56
  10,900          Wesbanco, Inc ...........................          259
     760          Wesco Financial Corp ....................          229
   8,109          West Coast Bancorp ......................          139
  17,040          Westamerica Bancorp .....................          674
   5,953          Westcorp ................................          190
   2,541          Westfield Financial, Inc ................           39
   3,522        * WFS Financial, Inc ......................           97
  20,400          Whitney Holding Corp ....................          627
   2,480          Willow Grove Bancorp, Inc ...............           29
  33,213          Wilmington Trust Corp ...................        1,013
   8,628          Winston Hotels, Inc .....................           84
   6,957          Wintrust Financial Corp .................          241
   5,669        * World Acceptance Corp ...................           48
   4,067          WSFS Financial Corp .....................          105
  76,089        * Wyndham International, Inc (Class A) ....           88
   3,017          Yardville National Bancorp ..............           60
   4,212          Zenith National Insurance Corp ..........          134
  46,936          Zions Bancorp ...........................        2,445
                                                              ----------
                  TOTAL FINANCIAL SERVICES ................    1,115,312
                                                              ----------
HEALTH CARE--14.37%                                                           
   5,629        * aaiPharma, Inc ..........................          127
 797,712          Abbott Laboratories .....................       30,034
  39,835        * Abgenix, Inc ............................          390
   6,372        * Abiomed, Inc ............................           54
  15,062       e* Accredo Health, Inc .....................          695
  16,356        * Adolor Corp .............................          184
   4,544          Advanced Neuromodulation Systems, Inc ...          139
  37,200        * Advanced Tissue Sciences, Inc ...........           54
  37,641        * AdvancePCS ..............................          901
   2,366        * Advisory Board Co/The ...................           86
  74,589          Aetna, Inc ..............................        3,578
  25,660        * Affymetrix, Inc .........................          616
  11,171       e* Aksys Ltd ...............................           77
   7,240        * Alaris Medical, Inc .....................           48
  10,644        * Albany Molecular Research, Inc ..........          225
  20,394        * Alderwoods Group, Inc ...................          156
   8,969        * Alexion Pharmaceuticals, Inc ............          136
  16,394       e* Align Technology, Inc ...................           66
  27,870        * Alkermes, Inc ...........................          446
  68,718          Allergan, Inc ...........................        4,587
   5,958        * Alliance Imaging, Inc ...................           80
  11,738        * Allos Therapeutics, Inc .................          106
  11,824        * Allscripts Healthcare Solutions, Inc ....           44
  15,077          Alpharma, Inc (Class A) .................          256
   5,461       e* American Healthways, Inc ................           97
   9,974        * American Medical Systems Holdings, Inc ..          200
   4,604        * American Pharmaceutical Partners, Inc ...           57
   4,917        * AMERIGROUP Corp .........................          134
  14,268        * Ameripath, Inc ..........................          342
  53,609        e AmerisourceBergen Corp ..................        4,074
 531,106          Amgen, Inc ..............................       22,243
   7,148        * AMN Healthcare Services, Inc ............          250
  10,473        * Amsurg Corp .............................          275
  31,435       e* Amylin Pharmaceuticals, Inc .............          344
  32,246        * Andrx Corp ..............................          870
  52,825        * Anthem, Inc .............................        3,565
  11,153       e* Antigenics, Inc .........................          110
   8,800        * Aphton Corp .............................           66
  51,960        * Apogent Technologies, Inc ...............        1,069
 109,093          Applera Corp (Applied Biosystems Group) .        2,126
  35,086        * Applera Corp (Celera Genomics Group) ....          421
   8,233        * Applied Molecular Evolution .............           48
  21,000        * Apria Healthcare Group, Inc .............          470
   9,215        * Arena Pharmaceuticals, Inc ..............           77
  14,500        * Ariad Pharmaceuticals, Inc ..............           60
  10,607        * Arqule, Inc .............................           72
   9,645        * Array Biopharma, Inc ....................           93
   4,764          Arrow International, Inc ................          186
  10,765        * Arthrocare Corp .........................          138
  12,732        * Atherogenics, Inc .......................           91
  10,582        * Atrix Laboratories, Inc .................          235
   2,035        * Avant Immunotherapeutics, Inc ...........            2
     234       e* AVI Biopharma, Inc ......................            1
  10,000        * Avigen, Inc .............................           94
  26,685          Bard (C.R.), Inc ........................        1,510
  14,049       e* Barr Laboratories, Inc ..................          893
  25,859          Bausch & Lomb, Inc ......................          875
 307,305          Baxter International, Inc ...............       13,660
   2,200        * Baxter International, Inc (Contingent Value Rts)     0
  29,798          Beckman Coulter, Inc ....................        1,487
 132,220          Becton Dickinson & Co ...................        4,555
   6,191        * Benthley Pharmaceuticals, Inc ...........           72
  50,244        * Beverly Enterprises, Inc ................          382
  75,996        * Biogen, Inc .............................        3,149
  18,021        * BioMarin Pharmaceutical, Inc ............           94

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   9,400       e* Biopure Corp ............................           72
   8,466        * Bio-Rad Laboratories, Inc (Class A) .....          385
   1,752        * Bioreliance Corp ........................           43
   6,028        * Biosite, Inc ............................          170
  29,700        * Bio-Technology General Corp .............          178
   5,000        * Bone Care International, Inc ............           26
 161,906        * Boston Scientific Corp ..................        4,747
   4,225        * Bradley Pharmaceuticals, Inc ............           56
 990,178          Bristol-Myers Squibb Co .................       25,448
   6,625       e* Britesmile, Inc .........................           16
   5,725        * Bruker Daltonics, Inc ...................           23
  12,205        * Caliper Technologies Corp ...............          102
   3,402        * Cantel Medical Corp .....................           63
  28,024        * Cardiac Science, Inc ....................          111
 231,090          Cardinal Health, Inc ....................       14,191
  15,000        * Cardiodynamics International Corp .......           56
 114,798        * Caremark Rx, Inc ........................        1,894
  39,023        * Celgene Corp ............................          597
  16,797        * Cell Genesys, Inc .......................          227
  17,100        * Cell Therapeutics, Inc ..................           93
   2,556        * Centene Corp ............................           79
  23,963       e* Cephalon, Inc ...........................        1,083
  11,665        * Cepheid, Inc ............................           65
  14,197        * Cerner Corp .............................          679
   6,883        * Cerus Corp ..............................          233
  22,588        * Charles River Laboratories International, Inc      792
   2,646        * Chattem, Inc ............................           83
  47,590        * Chiron Corp .............................        1,682
   5,996        * Cholestech Corp .........................           63
  66,227          Cigna Corp ..............................        6,452
   7,358        * Cima Labs, Inc ..........................          177
   2,600        * Closure Medical Corp ....................           36
   4,804        * Cobalt Corp .............................          110
  14,900        * Coherent, Inc ...........................          440
   3,933        * Collateral Therapeutics, Inc ............           46
  13,200        * Columbia Laboratories, Inc ..............           79
  25,561        * Community Health Systems, Inc ...........          685
   1,533        * Computer Programs & Systems, Inc ........           33
   6,769        * Conceptus, Inc ..........................          112

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  45

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
HEALTH CARE--(CONTINUED)                                                      
  14,150        * Conmed Corp .............................   $      316
  15,300        * Connetics Corp ..........................          198
   7,592          Cooper Cos, Inc .........................          358
  19,991        * Corixa Corp .............................          137
   3,311        * Corvel Corp .............................          111
  31,528        * Covance, Inc ............................          591
  20,513        * Coventry Health Care, Inc ...............          583
  16,482        * Cross County, Inc .......................          623
   8,150        * Cryolife, Inc ...........................          131
  13,667        * Cubist Pharmaceuticals, Inc .............          129
  20,485        * CuraGen Corp ............................          113
   5,255        * Curative Health Services, Inc ...........           88
  12,879        * CV Therapeutics, Inc ....................          240
  10,915        * Cyberonics, Inc .........................          143
  62,776        * Cytyc Corp ..............................          478
   6,561          D&K Healthcare Resources, Inc ...........          231
   5,800          Datascope Corp ..........................          160
  39,615       e* DaVita, Inc .............................          943
  17,790        * Decode Genetics, Inc ....................           83
   3,985        * Deltagen, Inc ...........................           10
  15,950        * Dendrite International, Inc .............          154
  35,700          Dentsply International, Inc .............        1,318
  11,094          Diagnostic Products Corp ................          410
   4,336        * Dianon Systems, Inc .....................          232
   5,900        * Digene Corp .............................           69
   8,648        * Discovery Partners International, Inc ...           57
  12,301        * Diversa Corp ............................          122
   3,742        * DJ Orthopedics, Inc .....................           31
  12,415        * Durect Corp .............................           99
   6,300        * DVI, Inc ................................          122
   2,484       e* Dynacq International, Inc ...............           35
  17,669        * Eclipsys Corp ...........................          116
  30,522        * Edwards Lifesciences Corp ...............          708
   3,681        * Embrex, Inc .............................           77
  11,235        * Endo Pharmaceuticals Holdings, Inc ......           79
   7,039        * Endocardial Solutions, Inc ..............           53
   9,242       e* Endocare, Inc ...........................          122
  11,896        * Enzo Biochem, Inc .......................          170
  22,067        * Enzon, Inc ..............................          543
   5,024        * Eon Labs, Inc ...........................           89
   6,386        * EPIX Medical, Inc .......................           67
   2,761        * eResearch Technology, Inc ...............           70
  14,713        * Esperion Therapeutics, Inc ..............           80
   5,444       e* Exact Sciences Corp .....................           87
  23,047        * Exelixis, Inc ...........................          174
  33,171       e* Express Scripts, Inc (Class A) ..........        1,662
  51,575        * First Health Group Corp .................        1,446
  11,385        * First Horizon Pharmaceutical ............          236
  28,185          Fisher Scientific International, Inc ....          789
  82,088        * Forest Laboratories, Inc ................        5,812
  14,200        * Gene Logic, Inc .........................          199
   4,751        * Genencor International, Inc .............           47
 112,918       e* Genentech, Inc ..........................        3,783
  14,291        * Genesis Health Ventures, Inc ............          287
   4,900       e* Genstar Therapeutics Corp ...............            2
  19,407       e* Genta, Inc ..............................          161
  18,956        * Genzyme Corp (Biosurgery Division) ......           86
 100,019        * Genzyme Corp (General Division) .........        1,924
  12,316        * Geron Corp ..............................           56
  88,570        * Gilead Sciences, Inc ....................        2,912
 156,486        * Guidant Corp ............................        4,731
  12,346        * Guilford Pharmaceuticals, Inc ...........           93
   9,242        * Haemonetics Corp ........................          270
   9,869        * Hanger Orthopedic Group, Inc ............          150
   8,946        * Harvard Bioscience, Inc .................           50
 252,033          HCA, Inc ................................       11,972
 123,836        * Health Management Associates, Inc (Class A)      2,495
  55,065        * Health Net, Inc .........................        1,474
   4,738          Healthcare Services Group ...............           73
   6,952        * HealthExtras, Inc .......................           35
 201,781        * Healthsouth Corp ........................        2,581
   4,054        * Healthtronics Surgical Services, Inc ....           71
  20,300        * Henry Schein, Inc .......................          903
  26,389          Hillenbrand Industries, Inc .............        1,482
   9,847        * Hologic, Inc ............................          142
  62,048        * Human Genome Sciences, Inc ..............          831
  86,944        * Humana, Inc .............................        1,359
  42,654          ICN Pharmaceuticals, Inc ................        1,033
  26,500        * Icos Corp ...............................          449
   5,381        * ICU Medical, Inc ........................          166
  57,500       e* IDEC Pharmaceuticals Corp ...............        2,038
  16,278        * Idexx Laboratories, Inc .................          420
   8,400        * IDX Systems Corp ........................          109
   7,530        * Igen International, Inc .................          237
  16,900        * Ilex Oncology, Inc ......................          238
  11,878        * Illumina, Inc ...........................           80
  19,723        * I-many, Inc .............................           54
  26,137       e* ImClone Systems, Inc ....................          227
   3,198        * Immucor, Inc ............................           75
 165,899        * Immunex Corp ............................        3,706

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  19,900        * Immunogen, Inc ..........................           54
  20,322          Immunomedics, Inc .......................          106
   9,284        * Impath, Inc .............................          167
  13,173        * Impax Laboratories, Inc .................           99
 148,122          IMS Health, Inc .........................        2,659
   6,093        * Inamed Corp .............................          163
  34,352        * Incyte Genomics, Inc ....................          250
  19,446        * Indevus Pharmaceuticals, Inc ............           23
  27,378        * Inhale Therapeutic Systems, Inc .........          272
   9,249        * Integra LifeSciences Holding ............          201
  13,700        * Integrated Silicon Solution, Inc ........          122
  12,733        * InterMune, Inc ..........................          269
   8,809        * Interpore International .................           85
  15,596        * Intuitive Surgical, Inc .................          132
  13,233          Invacare Corp ...........................          490
   3,399        * Inverness Medical Innovations, Inc ......           69
  27,466        * Invitrogen Corp .........................          879
  23,248       e* Isis Pharmaceuticals, Inc ...............          221
  77,866        * IVAX Corp ...............................          841
1,539,359          Johnson & Johnson .......................       80,447 
   4,964        * Kendle International, Inc ...............           68
   3,698        * Kensey Nash Corp ........................           60
   5,773        * Kindred Healthcare, Inc .................          257
 126,761        * King Pharmaceuticals, Inc ...............        2,820
   2,455       e* KOS Pharmaceuticals, Inc ................           50
   8,768        * Kosan Biosciences, Inc ..................           76
  10,492        * KV Pharmaceutical Co (Class A) ..........          283
   3,079        * Kyphon, Inc .............................           45
  20,504        * La Jolla Pharmaceutical Co ..............          128
   2,710        * LabOne, Inc .............................           70
  72,826        * Laboratory Corp Of America Holdings .....        3,325
   4,167          Landauer, Inc ...........................          162
   1,898        * Lannett Co, Inc .........................           19
  17,005        * Lexicon Genetics, Inc ...................           83
   5,100        * Lifecore Biomedical, Inc ................           58
  20,436        * LifePoint Hospitals, Inc ................          742
  26,382        * Ligand Pharmaceuticals, Inc (Class B) ...          383
 492,474          Lilly (Eli) & Co ........................       27,776
  54,972        * Lincare Holdings, Inc ...................        1,776

SEE NOTES TO FINANCIAL STATEMENTS 

46  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
HEALTH CARE--(CONTINUED)                                                        
   9,169       e* Luminex Corp ............................   $       69
  12,180        * Magellan Health Services, Inc ...........           12
  51,681        * Manor Care, Inc .........................        1,189
   8,986        * Martek Biosciences Corp .................          188
   3,159        * Matria Healthcare, Inc ..................           26
   8,683        * Maximus, Inc ............................          275
  14,527        * Maxygen, Inc ............................          174
 139,155          McKesson Corp ...........................        4,550
  35,625        * Medarex, Inc ............................          264
   3,249        * Medcath Corp ............................           56
   4,349       e* Med-Design Corp .........................           56
   3,990        * Medical Staffing Network Holdings, Inc ..           98
  10,808        * Medicines Co ............................          133
  15,700        * Medicis Pharmaceutical Corp (Class A) ...          671
 127,832        * Medimmune, Inc ..........................        3,375
   5,210        * MedQuist, Inc ...........................          139
   4,257        * MedSource Technologies, Inc .............           52
 620,570          Medtronic, Inc ..........................       26,591
  10,070          Mentor Corp .............................          370
1,157,854          Merck & Co, Inc .........................       58,634 
   1,725        * Meridian Medical Technologies, Inc ......           62
   5,871        * Merit Medical Systems, Inc ..............          121
  12,100        * MGI Pharma, Inc .........................           85
  24,108        * Mid Atlantic Medical Services, Inc ......          756
 144,228        * Millennium Pharmaceuticals, Inc .........        1,752
  24,719        * Millipore Corp ..........................          791
  11,715        * MIM Corp ................................          142
   7,662        * Molecular Devices Corp ..................          136
   7,989        * Mright Medical Group, Inc ...............          161
  20,268        * Mykrolis Corp ...........................          239
  65,730          Mylan Laboratories, Inc .................        2,061
  12,408        * Myriad Genetics, Inc ....................          252
  19,500        * Nabi Biopharmaceuticals .................          105
  12,636       e* Napro Biotherapeutics, Inc ..............           83
   4,037        * Nastech Pharmaceutical Co ...............           66
   4,292        * National Healthcare Corp ................           91
   3,821        * Neoforma, Inc ...........................           50
   5,445       e* Neopharm, Inc ...........................           68
   5,800        * Neose Technologies, Inc .................           63
  14,239        * Neurocrine Biosciences, Inc .............          408
   6,331        * Neurogen Corp ...........................           74
  15,100       b* Neuromedical Systems, Inc ...............            0
     121        * North American Scientific ...............            1
  10,611        * Noven Pharmaceuticals, Inc ..............          271
  13,186        * NPS Pharmaceuticals, Inc ................          202
   8,500        * Ocular Sciences, Inc ....................          225
   6,064        * Odyssey Healthcare, Inc .................          220
   8,217        * Omega Healthcare Investors, Inc .........           62
  42,435          Omnicare, Inc ...........................        1,114
   7,420        * Omnicell, Inc ...........................           52
  11,094        * On Assignment, Inc ......................          197
   6,063        * Onyx Pharmaceuticals, Inc ...............           35
   6,485        * Option Care, Inc ........................           89
  13,092        * OraSure Technologies, Inc ...............           85
  14,550       e* Organogenesis, Inc ......................            3
  23,258        * Orthodontic Centers Of America, Inc .....          536
  16,314        * Orthologic Corp .........................           90
  18,660        * OSI Pharmaceuticals, Inc ................          448
  17,467          Owens & Minor, Inc ......................          345
  45,870        * Oxford Health Plans, Inc ................        2,131
  17,737       e* Pacificare Health Systems, Inc ..........          482
   8,229        * Pain Therapeutics, Inc ..................           69
  58,403          Pall Corp ...............................        1,212
  12,087        * Parexel International Corp ..............          168
  25,400        * Patterson Dental Co .....................        1,278
   3,909        * PDI, Inc ................................           61
  10,986        * Pediatrix Medical Group, Inc ............          275
  15,067        * Per-Se Technologies, Inc ................          139
     180        * Per-Se Technologies, Inc Wts 07/08/03 ...            0
  48,792        * Peregrine Pharmaceuticals, Inc ..........           57
3,194,261          Pfizer, Inc .............................      111,799 
  23,856        * Pharmaceutical Product Development, Inc .          628
   9,215        * Pharmaceutical Resources, Inc ...........          256
 661,011          Pharmacia Corp ..........................       24,755
  11,400        * Pharmacopeia, Inc .......................           97
   4,748       e* PolyMedica Corp .........................          121
   8,664        * Possis Medical, Inc .....................          107
  11,481        * Pozen, Inc ..............................           59
   5,341        * Practiceworks, Inc ......................           99
  25,569        * Praecis Pharmaceuticals, Inc ............           89
   6,429        * Prime Medical Services, Inc .............           75
   5,570        * Priority Healthcare Corp (Class A) ......          131
   6,304        * Priority Healthcare Corp (Class B) ......          148
  10,100        * ProcureNet, Inc .........................            2
   4,263        * Progenics Pharmaceuticals ...............           52
  45,496       e* Protein Design Labs, Inc ................          494
  24,450        * Province Healthcare Co ..................          547
   2,339        * Proxymed, Inc ...........................           48
  36,476        * PSS World Medical, Inc ..................          295
   3,929        * QMed, Inc ...............................           33
  13,872        * Quadramed Corp ..........................           97

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  38,230       e* Quest Diagnostics, Inc ..................        3,290
  13,112        * Quidel Corp .............................           90
  60,604        * Quintiles Transnational Corp ............          757
  10,688        * Quovadx, Inc ............................           67
   9,751        * Radiologix, Inc .........................          149
     108        * Regeneration Technologies ...............            1
  16,665        * Regeneron Pharmaceuticals, Inc ..........          242
   8,630        * RehabCare Group, Inc ....................          207
  25,545        * Renal Care Group, Inc ...................          796
   7,887        * Res-Care, Inc ...........................           52
  15,541       e* Resmed, Inc .............................          457
  15,658        * Respironics, Inc ........................          533
  13,264        * Ribapharm, Inc ..........................          121
  14,202        * Rigel Pharmaceuticals, Inc ..............           52
   5,104        * Rita Medical Systems, Inc ...............           52
   9,104        * Salix Pharmaceuticals Ltd ...............          139
   8,543        * Sangamo Biosciences, Inc ................           50
  13,165        * Sangstat Medical Corp ...................          303
 751,135          Schering-Plough Corp ....................       18,478
  24,033        * Scios, Inc ..............................          736
   8,553        * Seattle Genetics, Inc ...................           45
   8,838        * Select Medical Corp .....................          138
  37,199       e* Sepracor, Inc ...........................          355
  18,689        * Sequenom, Inc ...........................           66
  10,749        * Serologicals Corp .......................          197
 149,893        * Service Corp International ..............          724
  38,878          SICOR, Inc ..............................          721
  12,275        * Sierra Health Services, Inc .............          274
  11,119        * Sola International, Inc .................          128
   5,547        * Sonic Innovations, Inc ..................           39
   6,933        * SonoSite, Inc ...........................          100
   4,248        * Spacelabs Medical, Inc ..................           60
   3,100        * Specialty Laboratories, Inc .............           26
  45,101          St. Jude Medical, Inc ...................        3,331
  17,151        * Stericycle, Inc .........................          607
  35,485        * Steris Corp .............................          678
  49,501        * Stewart Enterprises, Inc (Class A) ......          315
  69,257        e Stryker Corp ............................        3,706

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  47

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
HEALTH CARE--(CONTINUED)                                                      
   8,838       e* Sunrise Assisted Living, Inc ............   $      237
  14,777        * Supergen, Inc ...........................          107
   6,700        * SurModics, Inc ..........................          174
  19,453        * Sybron Dental Specialties, Inc ..........          360
   8,765        * Syncor International Corp ...............          276
  11,782        * Tanox, Inc ..............................          128
  21,250        * Techne Corp .............................          600
  13,034        * Telik, Inc ..............................          163
 166,656          Tenet Healthcare Corp ...................       11,924
  22,200        * Texas Biotechnology Corp ................           87
  15,100        * Theragenics Corp ........................          127
  11,328        * Therasense, Inc .........................          209
  24,585        * Thoratec Corp ...........................          221
  14,276        * Transkaryotic Therapies, Inc ............          515
  37,567        * Triad Hospitals, Inc ....................        1,592
  16,028        * Triangle Pharmaceuticals, Inc ...........           44
  18,889        * Trigon Healthcare, Inc ..................        1,900
   6,764        * Trimeris, Inc ...........................          300
  11,239        * TriPath Imaging, Inc ....................           49
  19,198       e* Tularik, Inc ............................          176
  37,434        * U.S. Oncology, Inc ......................          312
   4,599        * U.S. Physical Therapy, Inc ..............           94
   9,524        * Umilab Corp .............................          261
   7,731        * United Surgical Partners International, Inc        240
   7,700       e* United Therapeutics Corp ................           95
 139,162          UnitedHealth Group, Inc .................       12,740
  24,973          Universal Health Services, Inc (Class B)         1,224
   7,093        * Urologix, Inc ...........................           91
  34,666          Varian Medical Systems, Inc .............        1,406
  15,068        * Varian, Inc .............................          496
   9,126        * VCA Antech, Inc .........................          142
   6,300        * Ventana Medical Systems, Inc ............          138
  31,032          Ventas, Inc .............................          396
  10,893        * Versicor, Inc ...........................          147
  37,179        * Vertex Pharmaceuticals, Inc .............          605
  13,108        * Viasys Healthcare, Inc ..................          229
  10,300        * Vical, Inc ..............................           54
  24,553        * Visx, Inc ...............................          268
   3,021          Vital Signs, Inc ........................          109
  18,242        * VitalWorks, Inc .........................          150
  16,797        * Vivus, Inc ..............................          114
  67,150        * Waters Corp .............................        1,793
  52,050        * Watson Pharmaceuticals, Inc .............        1,315
  10,146        * Watson Wyatt & Co Holdings ..............          246
 153,627        * WebMD Corp ..............................          865
  74,345       e* Wellpoint Health Networks, Inc ..........        5,785
   7,939        * Women First Healthcare, Inc .............           62
 678,539          Wyeth ...................................       34,741
   8,600          X-Rite, Inc .............................           74
   2,214        * Young Innovations, Inc ..................           48
  99,267        * Zimmer Holdings, Inc ....................        3,540
   4,271        * Zoll Medical Corp .......................          139
   5,100        * Zymogenetics, Inc .......................           45
                                                              ----------
                  TOTAL HEALTH CARE .......................      745,658
                                                              ----------
OTHER--2.21%                                                                  
   4,855        * 4Kids Entertainment, Inc ................          100
  19,086          ABM Industries, Inc .....................          331
   9,960        * Acacia Research Corp ....................           71
   3,498       e* Actrade Financial Technologies Ltd ......           36
  21,300          Acuity Brands, Inc ......................          388
   9,775       e* Administaff, Inc ........................           98
   9,400          Advo, Inc ...............................          358
  20,900          Alexander & Baldwin, Inc ................          534
   2,845        * Ambassadors Group, Inc ..................           41
  12,819          Banta Corp ..............................          460
   8,648        * Bell Microproducts, Inc .................           70
   9,400          Brady Corp (Class A) ....................          329
   5,173        * Bright Horizons Family Solutions, Inc ...          171
  22,937        * Career Education Corp ...................        1,032
   6,000        * CDI Corp ................................          195
 555,764        e Cendant Corp ............................        8,826
   8,956          Central Parking Corp ....................          205
  40,238        * Century Business Services, Inc ..........          131
   3,760        * Charles River Associates, Inc ...........           75
  60,602          Cintas Corp .............................        2,996
  19,177        * Corinthian Colleges, Inc ................          650
   6,690        * Cornell Cos, Inc ........................           79
  18,899        * Corporate Executive Board Co ............          647
   6,400        * CoStar Group, Inc .......................          131
   1,880          Courier Corp ............................           75
  26,350          Crane Co ................................          669
   4,320          Curtiss-Wright Corp .....................          346
   9,039        * Daisytek International Corp .............          153
  29,189        * DeVry, Inc ..............................          667
 103,687          Dover Corp ..............................        3,629
  38,581        * Dun & Bradstreet Corp ...................        1,275
  12,503        * Education Management Corp ...............          509
   8,318          Ennis Business Forms, Inc ...............          109
   5,921          Esco Technologies, Inc ..................          207

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  24,163       e* Exult, Inc ..............................          157
     115          Fairchild Corp (Class A) ................            0
   2,793        * Fidelity National Information Solutions, Inc        67
   8,781        * First Consulting Group, Inc .............           76
  20,000          First Industrial Realty Trust, Inc ......          657
   6,900        * Forrester Research, Inc .................          134
  76,776          Fortune Brands, Inc .....................        4,299
   3,044        * General Binding Corp ....................           51
  11,401          Gentiva Health Services, Inc ............          102
  15,173        * Getty Images, Inc .......................          330
  29,274        * Gtech Holdings Corp .....................          748
  93,855          H & R Block, Inc ........................        4,331
   5,158        * Hall Kinion & Associates, Inc ...........           39
  14,920          Harland (John H.) Co ....................          421
   9,000        * Heidrick & Struggles International, Inc .          180
  30,499          HON Industries, Inc .....................          830
 417,924          Honeywell International, Inc ............       14,723
   4,731        * Hotels.Com (Class A) ....................          200
   1,200        * ICT Group, Inc ..........................           22
  13,090        * InfoUSA, Inc ............................           72
   5,911          Invision Technologies, Inc ..............          143
   8,655        * Itron, Inc ..............................          227
  46,386          ITT Industries, Inc .....................        3,275
   8,643          Kelly Services, Inc (Class A) ...........          233
  19,800        * Korn/Ferry International ................          180
  20,600       e* Labor Ready, Inc ........................          121
  38,581          Liberty Property Trust ..................        1,350
   2,044        * Lifeline Systems, Inc ...................           54
  68,512          Loews Corp ..............................        3,630
  39,758          Manpower, Inc ...........................        1,461
  14,016          Matthews International Corp (Class A) ...          327
   4,614          Mcgrath Rentcorp ........................          120
   4,600        * Memberworks, Inc ........................           85
  67,109          Moody's Corp ............................        3,339
  47,377        * MPS Group, Inc ..........................          403
  13,008        * MSC.Software Corp .......................          116
  19,985        * Navigant Consulting, Inc ................          140
   9,272        * NCO Group, Inc ..........................          202
   5,909          New England Business Services, Inc ......          149
   9,845          Offshore Logistics, Inc .................          235

SEE NOTES TO FINANCIAL STATEMENTS 

48  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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 SHARES                                                        VALUE (000)
------                                                        ----------
OTHER--(CONTINUED)                                                            
  25,112          Pentair, Inc ............................   $    1,207
  27,732          Pittston Brink's Group ..................          666
   7,085       e* Prepaid Legal Services, Inc .............          141
   6,899        * ProQuest Co .............................          245
   6,056          Protection One, Inc .....................           17
  13,990        * R.H. Donnelley Corp .....................          391
   2,803        * Remedytemp, Inc (Class A) ...............           51
  12,657        * Rent-Way, Inc ...........................          164
   5,466        * Right Management Consultants ............          144
   5,966        * RMH Teleservices, Inc ...................           41
  78,521          Robert Half International, Inc ..........        1,830
   7,175          Rollins, Inc ............................          146
   7,669        * School Specialty, Inc ...................          204
 154,913          Servicemaster Co ........................        2,125
  29,793        * Spherion Corp ...........................          355
  19,756          SPX Corp ................................        2,321
   8,680          Standard Register Co ....................          297
   5,500          Standex International Corp ..............          138
   5,256        * Startek, Inc ............................          140
   3,756          Strayer Education, Inc ..................          239
  68,299          Supervalu, Inc ..........................        1,675
  11,709        * Symyx Technologies, Inc .................          163
 339,785          Sysco Corp ..............................        9,249
   5,986          Talx Corp ...............................          113
   3,600        * Tejon Ranch Co ..........................          117
  18,004          Teleflex, Inc ...........................        1,029
  19,905        * Teletech Holdings, Inc ..................          190
  60,426          Textron, Inc ............................        2,834
  42,370       e* TMP Worldwide, Inc ......................          911
  33,819        * U.S. Industries, Inc ....................          117
   4,082          Unifirst Corp ...........................          103
   5,000        * Uniroyal Technology Corp ................            1
  15,338          United Stationers, Inc ..................          466
 241,704          United Technologies Corp ................       16,412
  45,213          Viad Corp ...............................        1,175
   4,192        * Wackenhut Corrections Corp ..............           61
  13,718          Walter Industries, Inc ..................          183
                                                              ----------
                  TOTAL OTHER .............................      114,483
                                                              ----------
PRODUCER DURABLES--5.12%                                                      
 199,184          3M Co ...................................       24,500
  16,603        * Active Power, Inc .......................           60
   4,684        * Actuant Corp ............................          193
  38,040        * AGCO Corp ...............................          742
   3,167          Alamo Group, Inc ........................           48
  68,317        * Allied Waste Industries, Inc ............          656
   7,650          American States Water Co ................          203
  26,116          American Water Works Co, Inc ............        1,128
  16,900          Ametek, Inc .............................          630
   9,529          Applied Industrial Technologies, Inc ....          186
   7,900        * Astec Industries, Inc ...................          127
   3,696        * August Technology Corp ..................           36
  15,262          Baldor Electric Co ......................          385
  11,342          Briggs & Stratton Corp ..................          435
  17,275        * Brooks-PRI Automation, Inc ..............          442
   7,107          California Water Service Group ..........          179
  38,339        * Capstone Turbine Corp ...................           64
   8,484        * Casella Waste Systems, Inc (Class A) ....          102
 175,819          Caterpillar, Inc ........................        8,606
   5,026          Circor International, Inc ...............           86
  10,800        * Coinstar, Inc ...........................          264
   6,258        * Columbus Mckinnon Corp ..................           54
   4,287          Conectiv (Class A) ......................           93
   5,510        * Consolidated Graphics, Inc ..............          105
  22,700     b,e* Covanta Energy Corp .....................            0
   1,795        * CTB International Corp ..................           28
  17,495          Cummins, Inc ............................          579
   7,700        * Cuno, Inc ...............................          279
  57,097        e Danaher Corp ............................        3,788
 121,595          Deere & Co ..............................        5,824
  24,457        * Dycom Industries, Inc ...................          286
  35,980          Eaton Corp ..............................        2,618
 215,394          Emerson Electric Co .....................       11,526
  23,135          Federal Signal Corp .....................          555
   6,847        * Flow International Corp .................           46
  28,186        * Flowserve Corp ..........................          840
  29,558        * FMC Technologies, Inc ...................          614
   3,336          Franklin Electric Co, Inc ...............          157
  16,727       e* FuelCell Energy, Inc ....................          172
   7,911        * Gardner Denver, Inc .....................          158
  21,234          Gatx Corp ...............................          639
5,079,718          General Electric Co .....................      147,566 
  15,607        * Genesis Microchip, Inc ..................          130
   6,100        * Genlyte Group, Inc ......................          248
  11,290        * Global Power Equipment Group, Inc .......          112
   3,815          Gorman-Rupp Co ..........................          120
  11,568        * Graphic Packaging International Corp ....          107
  20,493          Harsco Corp .............................          768
  12,198        * Headwaters, Inc .........................          192
  25,003          Hubbell, Inc (Class B) ..................          854
  14,432          Idex Corp ...............................          483

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   9,163        * Imagistics International, Inc ...........          197
   9,100        * Ionics, Inc .............................          221
  21,575          JLG Industries, Inc .....................          303
  22,052        * Joy Global, Inc .........................          382
   6,145        * Kadant, Inc .............................          101
  14,105          Kaydon Corp .............................          333
  15,933          Kennametal, Inc .........................          583
   2,500          Lawson Products, Inc ....................           77
  16,303          Lincoln Electric Holdings, Inc ..........          438
   5,000          Lindsay Manufacturing Co ................          116
  10,144        * Littelfuse, Inc .........................          235
  22,609        * Magna Entertainment Corp (Class A) ......          158
  10,262        * Magnetek, Inc ...........................          102
  12,306          Manitowoc Co, Inc .......................          437
   8,432          Milacron, Inc ...........................           85
   4,009          Mine Safety Appliances Co ...............          160
   2,782          Nacco Industries, Inc (Class A) .........          162
  15,000        * National Instruments Corp ...............          488
  28,119          Navistar International Corp .............          900
  35,808        * Newpark Resources, Inc ..................          263
   5,498          NN, Inc .................................           70
  11,378          Nordson Corp ............................          281
  55,651        e Paccar, Inc .............................        2,470
  60,190        e Parker Hannifin Corp ....................        2,876
  29,644          Philadelphia Suburban Corp ..............          599
   8,800        * Photon Dynamics, Inc ....................          264
 123,080          Pitney Bowes, Inc .......................        4,889
   8,308       e* Plug Power, Inc .........................           66
  27,787        * Power-One, Inc ..........................          173
  16,366        * Quanta Services, Inc ....................          161
  16,050        * Rayovac Corp ............................          297
  11,808          Regal-Beloit Corp .......................          287
  79,249        * Republic Services, Inc ..................        1,511
   3,149          Richardson Electronics Ltd ..............           34
   4,000          Robbins & Myers, Inc ....................          105
  83,478          Rockwell Automation, Inc ................        1,668
   5,900          ROHN Industries, Inc ....................            2
  14,880          Roper Industries, Inc ...................          555

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  49

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
PRODUCER DURABLES--(CONTINUED)                                                
   4,658          Sauer-Danfoss, Inc ......................   $       52
   1,000          SJW Corp ................................           81
   6,114        * SPS Technologies, Inc ...................          233
   3,331          Starrett (L.S.) Co (Class A) ............           84
  14,550          Stewart & Stevenson Services, Inc .......          258
   1,812        * Strattec Security Corp ..................          100
   7,745          Tecumseh Products Co (Class A) ..........          411
   4,800          Tennant Co ..............................          190
  20,311          Terex Corp ..............................          457
  25,565        * Tetra Tech, Inc .........................          376
   6,563        * Tetra Technologies, Inc .................          174
  22,140        * Thomas & Betts Corp .....................          412
  25,136          Timken Co ...............................          561
   6,300          Toro Co .................................          358
   4,390        * TRC Cos, Inc ............................           90
   5,443        * Trikon Technologies, Inc ................           49
  18,277        e Trinity Industries, Inc .................          379
  21,118        * Unova, Inc ..............................          137
  10,736          Valhi, Inc ..............................          168
   6,883          Valmont Industries, Inc .................          140
  17,512          Wabtec Corp .............................          250
  14,203        * Waste Connections, Inc ..................          444
 295,429          Waste Management, Inc ...................        7,696
   7,700          Watts Industries, Inc (Class A) .........          153
  39,821          WW Grainger, Inc ........................        1,995
 369,077       e* Xerox Corp ..............................        2,572
                                                              ----------
                  TOTAL PRODUCER DURABLES .................      265,613
                                                              ----------
TECHNOLOGY--15.06%                                                            
 183,340        * 3Com Corp                                          807
   4,187        * 3D Systems Corp .........................           51
   4,500     b,e* ACT Manufacturing, Inc ..................            0
  10,757        * Actel Corp ..............................          226
  13,660       e* Acterna Corp ............................            6
  22,832        * Activision, Inc .........................          663
  21,304        * Actuate Corp ............................           96
  40,036        * Acxiom Corp .............................          700
  54,450       e* Adaptec, Inc ............................          430
 405,964        * ADC Telecommunications, Inc .............          930
   4,700        * ADE Corp ................................           54
 122,125          Adobe Systems, Inc ......................        3,481
  10,349        * Adtran, Inc .............................          197
  31,500        * Advanced Digital Information Corp .......          266
   8,495        * Advanced Energy Industries, Inc .........          188
  42,517        * Advanced Fibre Communications, Inc ......          703
 175,179          Advanced Micro Devices, Inc .............        1,703
   2,805        * Advanced Power Technology, Inc ..........           41
  17,632       e* Advent Software, Inc ....................          453
  30,669        * Aeroflex, Inc ...........................          213
  18,451        * Aether Systems, Inc .....................           54
  49,760        * Affiliated Computer Services, Inc (Class A)      2,363
 327,602        * Agere Systems, Inc (Class A) ............          459
 501,333        * Agere Systems, Inc (Class B) ............          792
  18,912        * Agile Software Corp .....................          137
 237,489        * Agilent Technologies, Inc ...............        5,617
  48,598       e* Akamai Technologies, Inc ................           63
  30,589        * Alliance Data Systems Corp ..............          782
  13,100        * Alliance Semiconductor Corp .............           93
  15,784        * Alloy, Inc ..............................          228
 196,400       e* Altera Corp .............................        2,671
   2,559        * Altiris, Inc ............................           13
  20,008        * American Management Systems, Inc ........          382
  84,736        * American Power Conversion Corp ..........        1,070
  10,600        * American Superconductor Corp ............           58
  45,171        * Amkor Technology, Inc ...................          281
   9,971        * Amphenol Corp (Class A) .................          359
  15,200        * Anadigics, Inc ..........................          125
 186,561        * Analog Devices, Inc .....................        5,541
   3,400          Analogic Corp ...........................          167
  10,900        * Anaren Microwave, Inc ...................           94
  42,157        * Andrew Corp .............................          604
  15,957        * Anixter International, Inc ..............          375
      81        * Ansoft Corp .............................            0
  23,204        * Answerthink, Inc ........................           88
   7,458        * Ansys, Inc ..............................          150
   7,663        * Anteon International Corp ...............          194
  12,700        * APAC Customer Services, Inc .............           75
 183,640        * Apple Computer, Inc .....................        3,254
 838,190        * Applied Materials, Inc ..................       15,942
 152,053        * Applied Micro Circuits Corp .............          719
  15,064          Arbitron, Inc ...........................          470
 134,701       e* Ariba, Inc ..............................          430
  33,176        * Arris Group, Inc ........................          146
  51,607          Arrow Electronics, Inc ..................        1,071
  15,107        * Artesyn Technologies, Inc ...............           98
   7,316        * Artisan Components, Inc .................           66
 130,202        * Ascential Software Corp .................          363
  14,094       e* Asiainfo Holdings, Inc ..................          187
  26,200        * Aspect Communications Corp ..............           84
  18,700        * Aspen Technology, Inc ...................          156

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   9,349       e* Astropower, Inc .........................          184
  18,236        * Asyst Technologies, Inc .................          371
  10,714        * At Road, Inc ............................           66
 213,105        * Atmel Corp ..............................        1,334
  13,880       e* ATMI, Inc ...............................          310
   8,800        * Audiovox Corp (Class A) .................           70
  21,213        * Auspex Systems, Inc .....................            5
  58,629          Autodesk, Inc ...........................          777
 317,107          Automatic Data Processing, Inc ..........       13,810
  29,908        * Avanex Corp .............................           58
 185,235        * Avaya, Inc ..............................          917
  17,732        * Avenue A, Inc ...........................           63
  12,300        * Avid Technology, Inc ....................          114
  58,092        * Avnet, Inc ..............................        1,277
  21,232        * Avocent Corp ............................          338
  27,210          AVX Corp ................................          444
  50,028        * Axcelis Technologies, Inc ...............          565
   9,800        * AXT, Inc ................................           78
   8,180        * Barra, Inc ..............................          304
 184,199        * BEA Systems, Inc ........................        1,752
   5,494          BEI Technologies, Inc ...................           63
   4,929          Bel Fuse, Inc (Class B) .................          133
  11,666          Belden, Inc .............................          243
  11,628        * Benchmark Electronics, Inc ..............          337
  57,503        * Bisys Group, Inc ........................        1,915
  10,387        * Black Box Corp ..........................          423
 124,103        * BMC Software, Inc .......................        2,060
  30,710        * Borland Software Corp ...................          316
   6,556        * Boston Communications Group .............           53
   3,728        * Brightpoint, Inc ........................           10
  99,352        * Broadcom Corp (Class A) .................        1,743
 107,600       e* BroadVision, Inc ........................           33
 119,287       e* Brocade Communications Systems, Inc .....        2,085
  13,244          C&D Technologies, Inc ...................          239
  22,700        * Cable Design Technologies Corp ..........          233
  14,429        * CACI International, Inc (Class A) .......          551
 130,396        * Cadence Design Systems, Inc .............        2,102
   5,368        * Caminus Corp ............................           31
   9,796        * Carreker Corp ...........................          111
   2,691        * Catapult Communications Corp ............           59

SEE NOTES TO FINANCIAL STATEMENTS                                               

50  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
TECHNOLOGY--(CONTINUED)                                                       
  16,082        * C-COR.net Corp ..........................   $      113
      85        * Celeritek, Inc ..........................            1
  13,693        * Centillium Communications, Inc ..........          119
  75,457        * Ceridian Corp ...........................        1,432
  31,999        * Certegy, Inc ............................        1,187
  31,544        * Checkfree Corp ..........................          493
  16,021          Checkpoint Systems, Inc .................          187
  21,094        * ChipPAC, Inc ............................          130
  16,737        * Chordiant Software, Inc .................           33
  25,800        * Ciber, Inc ..............................          187
 192,346        * CIENA Corp ..............................          806
  37,051        * Cirrus Logic, Inc .......................          278
3,740,138        * Cisco Systems, Inc ......................       52,175 
  93,515        * Citrix Systems, Inc .....................          565
   3,726        * Clearone Communications, Inc ............           55
  61,846        * CNET Networks, Inc ......................          123
  17,163        * Cognex Corp .............................          344
   4,068        * Cognizant Technology Solutions Corp .....          219
  11,000          Cohu, Inc ...............................          190
  26,333        * Commscope, Inc ..........................          329
  11,652        * Compucom Systems, Inc ...................           45
 234,502          Computer Associates International, Inc ..        3,726
  16,039        * Computer Horizons Corp ..................           78
  15,200        * Computer Network Technology Corp ........           93
  82,893          Computer Sciences Corp ..................        3,962
 170,869        * Compuware Corp ..........................        1,037
   1,892          Compx International, Inc ................           25
  95,839        * Comverse Technology, Inc ................          887
  12,300        * Concord Camera Corp .....................           63
   8,130        * Concord Communications, Inc .............          134
 260,959        * Concord EFS, Inc ........................        7,865
  32,341        * Concurrent Computer Corp ................          150
 133,210        * Conexant Systems, Inc ...................          216
   3,300       e* Constellation 3D, Inc ...................            0
   8,400        * Convera Corp ............................           20
  88,844        * Convergys Corp ..........................        1,731
   4,039        * CoorsTek, Inc ...........................          125
 486,921        * Corning, Inc ............................        1,729
   9,008        * Covansys Corp ...........................           51
  20,927        * Cray, Inc ...............................           94
  30,614        * Credence Systems Corp ...................          544
  37,490       e* Cree, Inc ...............................          496
  26,680       e* CSG Systems International, Inc ..........          511
  15,237          CTS Corp ................................          183
   7,800          Cubic Corp ..............................          185
  17,400        * Cymer, Inc ..............................          610
  62,717        * Cypress Semiconductor Corp ..............          952
   6,695        * Daktronics, Inc. ........................           66
   8,000        * Datastream Systems, Inc .................           57
  20,582        * DDI Corp ................................           19
  15,858        * dELiA*s Corp (Class A) ..................           81
1,155,650        * Dell Computer Corp ......................       30,209 
  33,180          Deluxe Corp .............................        1,290
  10,275        * DiamondCluster International, Inc (Class A)         61
  37,195          Diebold, Inc ............................        1,385
   4,549        * Digimarc Corp ...........................           47
  14,200        * Digital Insight Corp ....................          234
  13,688        * Digital River, Inc ......................          126
   4,200        * Digitas, Inc ............................           19
  43,500        * DMC Stratex Networks, Inc ...............           87
   4,030        * Docucorp International, Inc .............           41
  19,800        * Documentum, Inc .........................          238
  60,538        * DoubleClick, Inc ........................          449
   4,311        * Drexler Technology Corp .................           93
  13,533        * DSP Group, Inc ..........................          265
  61,189        * DST Systems, Inc ........................        2,797
   6,065        * Dupont Photomasks, Inc ..................          197
  32,407        * E.piphany, Inc ..........................          142
  63,883        * Earthlink, Inc ..........................          429
  12,498       e* Echelon Corp ............................          161
   7,697          EDO Corp ................................          219
  23,973        * eFunds Corp .............................          227
  14,052        * Electro Scientific Industries, Inc ......          341
  10,600        * Electroglas, Inc ........................          106
  61,629       e* Electronic Arts, Inc ....................        4,071
 244,853          Electronic Data Systems Corp ............        9,096
  27,700        * Electronics For Imaging, Inc ............          441
   4,571       e* Embarcadero Technologies, Inc ...........           28
1,136,489          EMC Corp ................................        8,580 
  11,854        * Emcore Corp .............................           71
   5,367        * EMS Technologies, Inc ...................          111
  42,110        * Emulex Corp .............................          948
  16,400       e* Engage, Inc .............................            1
  22,884        * Entegris, Inc ...........................          334
  82,542        * Enterasys Networks, Inc .................          147
  24,200        * Entrust, Inc ............................           66
   2,200       e* EpicEdge, Inc ...........................            0
   5,065        * EPIQ Systems, Inc .......................           86
  75,468          Equifax, Inc ............................        2,038
  11,494        * Espeed, Inc (Class A) ...................          125
  16,200       e* ESS Technology, Inc .....................          284

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  19,700        * Exar Corp ...............................          388
   4,400        * Excel Technology, Inc ...................           92
  52,493        * Extreme Networks, Inc ...................          513
  11,034        * F5 Networks, Inc ........................          108
  16,567        e Fair, Isaac & Co, Inc ...................          545
58,517        * Fairchild Semiconductor International, Inc          
                   (Class A) ..............................        1,422
  17,391       e* FalconStor Software, Inc ................           74
  12,316        * FEI Co ..................................          302
  17,016        * Filenet Corp ............................          247
  65,206       e* Finisar Corp ............................          155
 390,856          First Data Corp .........................       14,540
  97,817        * Fiserv, Inc .............................        3,591
   7,537        * Flir Systems, Inc .......................          316
  44,235        * Foundry Networks, Inc ...................          311
  20,049        * Freemarkets, Inc ........................          283
  13,300        * FSI International, Inc ..................           99
       1       b* FutureLink Corp .........................            0
  90,892        * Gateway, Inc ............................          404
  17,250          General Cable Corp ......................          109
   4,097        * Global Imaging Systems, Inc .............           78
  18,584          Global Payments, Inc ....................          553
     890        * Globalscape, Inc ........................            0
  60,436        * Globespan Virata, Inc ...................          234
  29,031        * GrafTech International Ltd ..............          357
  13,290        * Griffon Corp ............................          241
      34        * GTC Biotherapeutics, Inc ................            0
  21,453       e* Handspring, Inc .........................           37
  29,431        * Harmonic, Inc ...........................          108
  31,681          Harris Corp .............................        1,148
   2,900        * Heartland Wireless Communications, Inc ..            0
  13,300          Helix Technology Corp ...................          274
  34,463          Henry (Jack) & Associates, Inc ..........          575
1,382,668          Hewlett-Packard Co ......................       21,127 
      75        * HI/FN, Inc ..............................            0
  17,212        * HNC Software, Inc .......................          287
   4,631        * HPL Technologies, Inc ...................           70
  12,700        * Hutchinson Technology, Inc ..............          199

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  51

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
TECHNOLOGY--(CONTINUED)                                                       
  17,266        * Hypercom Corp ...........................   $      133
  17,090        * Hyperion Solutions Corp .................          312
 147,999        * i2 Technologies, Inc ....................          219
  22,354        * Identix, Inc ............................          163
  10,287        * iGate Corp ..............................           48
   5,300        * Ii-Vi, Inc ..............................           78
  73,600          Ikon Office Solutions, Inc ..............          692
  17,775        * Imation Corp ............................          529
   5,882        * Inet Technologies, Inc ..................           40
  18,875        * InFocus Corp ............................          222
   2,856        * Infogrames, Inc .........................            8
  31,499        * Infonet Services Corp (Class B) .........           78
  29,433        * Informatica Corp ........................          209
  14,020        * Information Resources, Inc ..............          132
   3,275        * Inforte Corp ............................           32
  41,500        * Ingram Micro, Inc (Class A) .............          571
  72,531        * Inktomi Corp ............................           64
   4,135       e* Inrange Technologies Corp (Class B) .....           20
   4,574        * Integral Systems, Inc ...................          100
  23,896        * Integrated Circuit Systems, Inc .........          482
  53,785        * Integrated Device Technology, Inc .......          976
3,417,567          Intel Corp ..............................       62,439 
     900        * Intelidata Technologies Corp ............            1
   7,300        * Intercept, Inc ..........................          151
  28,100        * Interdigital Communications Corp ........          254
  25,603        * Intergraph Corp .........................          447
  62,408        * Interland, Inc ..........................          217
   7,051        * Intermagnetics General Corp .............          142
  77,816       e* Internap Network Services Corp ..........           18
 875,069          International Business Machines Corp ....       63,005
  32,875        * International Rectifier Corp ............          958
  98,800        * Internet Capital Group, Inc .............           27
  19,439        * Internet Security Systems, Inc ..........          255
  61,557        * Intersil Corp (Class A) .................        1,316
   9,461          Inter-Tel, Inc ..........................          162
  37,000        * Intertrust Technologies Corp ............          111
  52,987        * Interwoven, Inc .........................          162
   7,615        * Intrado, Inc ............................          147
  97,301        * Intuit, Inc .............................        4,838
  26,225        * Iomega Corp .............................          337
  31,411        * Iron Mountain, Inc ......................          969
  10,573        * ITXC Corp ...............................           55
  10,987        * Ixia ....................................           64
   5,000        * IXYS Corp ...............................           27
  51,337        * J.D. Edwards & Co .......................          624
   2,553        * j2 Global Communications, Inc ...........           42
  79,191        * Jabil Circuit, Inc ......................        1,672
  14,298        * JDA Software Group, Inc .................          404
 619,028        * JDS Uniphase Corp .......................        1,653
 148,115       e* Juniper Networks, Inc ...................          837
  30,016          Keane, Inc ..............................          372
   3,057          Keithley Instruments, Inc ...............           44
  44,238        * Kemet Corp ..............................          790
  12,200        * Keynote Systems, Inc ....................           89
   9,907        * Kforce, Inc .............................           59
  96,714        * KLA-Tencor Corp .........................        4,254
  34,900       e* Kopin Corp ..............................          230
  72,790        * KPMG Consulting, Inc ....................        1,082
  10,092        * Kronos, Inc .............................          308
  25,400        * Kulicke & Soffa Industries, Inc .........          315
  65,567        * Lam Research Corp .......................        1,179
  43,601        * Lattice Semiconductor Corp ..............          381
   7,177        * Lawson Software, Inc ....................           41
   5,340        * Learning Tree International, Inc ........           99
   4,294        * Lecroy Corp .............................           51
  44,944        * Legato Systems, Inc .....................          162
  16,622        * Lexar Media, Inc ........................           71
  66,395        * Lexmark International, Inc ..............        3,612
  53,292        * Liberate Technologies ...................          141
  14,195        * Lightbridge, Inc ........................          117
 162,417          Linear Technology Corp ..................        5,105
  34,940        * Looksmart Ltd ...........................           68
 189,096        * LSI Logic Corp ..........................        1,655
  23,279        * LTX Corp ................................          332
1,754,460        * Lucent Technologies, Inc ................        2,912 
  30,240        * Macromedia, Inc .........................          268
  21,773        * Macrovision Corp ........................          285
   9,459        * Magma Design Automation, Inc ............          159
  14,527        * Mail-Well, Inc ..........................           76
   9,680        * Manhattan Associates, Inc ...............          311
   3,686        * Mantech International Corp (Class A) ....           88
   7,194       e* Manufacturers Services Ltd ..............           35
  30,324        * Manugistics Group, Inc ..................          185
   7,334        * MAPICS, Inc .............................           41
   7,703        * Mapinfo Corp ............................           70
  10,263        * Mastec, Inc .............................           76
  23,460        * Matrixone, Inc ..........................          141
 165,059        * Maxim Integrated Products, Inc ..........        6,327
 100,896        * Maxtor Corp .............................          456
   5,737        * Mcafee.Com Corp .........................           84
  32,090        * McData Corp (Class A) ...................          283

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  10,376        * MEMC Electronic Materials, Inc ..........           49
  33,600        * Mentor Graphics Corp ....................          478
  11,058        * Mercury Computer Systems, Inc ...........          229
  39,354        * Mercury Interactive Corp ................          904
   6,960        * Merix Corp ..............................           60
  13,683        * MetaSolv, Inc ...........................           54
  18,418        * Metawave Communications Corp ............            4
  17,700          Methode Electronics, Inc (Class A) ......          226
  18,176        * Mettler-Toledo International, Inc .......          670
  31,970        * Micrel, Inc .............................          460
   5,374        * Micro General Corp ......................           90
 101,979        * Microchip Technology, Inc ...............        2,797
  38,700        * Micromuse, Inc ..........................          172
 280,621          Micron Technology, Inc ..................        5,674
  14,318          Microsemi Corp ..........................           94
2,289,241        * Microsoft Corp ..........................      125,221 
  21,800       e* Microtune, Inc ..........................          194
      82        * Microvision, Inc ........................            0
   9,375       e* MIPS Technologies, Inc (Class A) ........           58
   9,224        * MIPS Technologies, Inc (Class B) ........           51
  11,754       e* MKS Instruments, Inc ....................          236
  67,334          Molex, Inc ..............................        2,258
   9,155        * Monolithic System Technology, Inc .......          102
1,160,723          Motorola, Inc ...........................       16,738 
   8,813        * MRO Software, Inc .......................          100
  44,979        * MRV Communications, Inc .................           69
  10,732          MTS Systems Corp ........................          135
   3,700        * Nanometrics, Inc ........................           59
   2,556        * Nassda Corp .............................           32
   3,800        * National Processing, Inc ................           98
  91,610        * National Semiconductor Corp .............        2,672
   6,184        * Navigant International, Inc .............           96
  42,702        * NCR Corp ................................        1,477
  16,458          NDCHealth Corp ..........................          459
   8,995        * Net2Phone, Inc ..........................           38
  12,866        * Netegrity, Inc ..........................           79
  20,196        * NETIQ Corp ..............................          457

SEE NOTES TO FINANCIAL STATEMENTS 

52  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
TECHNOLOGY--(CONTINUED)                                                       
  21,200        * Netro Corp ..............................   $       48
   8,800        * Netscout Systems, Inc ...................           60
   5,128        * Netscreen Technologies, Inc .............           47
 152,103       e* Network Appliance, Inc ..................        1,892
  74,875       e* Network Associates, Inc .................        1,443
  33,837        * New Focus, Inc ..........................          100
  18,934        * Newport Corp ............................          297
   9,500        * Next Level Communications, Inc ..........           10
  12,299        * NIC, Inc ................................           18
   6,200        * Novadigm, Inc ...........................           45
  12,000       e* Novatel Wireless, Inc ...................            4
 183,762        * Novell, Inc .............................          590
  74,148       e* Novellus Systems, Inc ...................        2,521
   7,491        * Nu Horizons Electronics Corp ............           62
  13,866        * Nuance Communications, Inc ..............           58
  12,076        * Numerical Technologies, Inc .............           48
  62,575        * Nvidia Corp .............................        1,075
  13,103       e* NYFIX, Inc ..............................          111
  28,552        * Oak Technology, Inc .....................          129
  10,130        * Omnivision Technologies, Inc ............          145
  14,251        * ON Semiconductor Corp ...................           29
  21,864        * Onyx Software Corp ......................           74
  88,929        * Openwave Systems, Inc ...................          499
  57,957        * Oplink Communications, Inc ..............           42
   4,757        * Opnet Technologies, Inc .................           43
   5,945        * Optical Communication Products, Inc .....            7
2,105,138        * Oracle Corp .............................       19,936 
   3,887        * Overland Data, Inc ......................           64
  25,648        * Overture Services, Inc ..................          641
  11,600        * Packeteer, Inc ..........................           51
 296,229        * Palm, Inc ...............................          521
  14,022        * Paradyne Networks, Inc ..................           56
 133,555        * Parametric Technology Corp ..............          458
   8,450          Park Electrochemical Corp ...............          224
  17,280        * Paxar Corp ..............................          289
  15,803        * Paxson Communications Corp ..............           87
 167,384          Paychex, Inc ............................        5,237
  10,237        * PC-Tel, Inc .............................           69
   6,110        * PDF Solutions, Inc ......................           45
   4,282        * PEC Solutions, Inc ......................          102
  12,674        * Pegasus Solutions, Inc ..................          222
   3,113        * Pegasystems, Inc ........................           28
 140,175        * Peoplesoft, Inc .........................        2,086
  97,445       e* Peregrine Systems, Inc ..................           29
  10,052        * Pericom Semiconductor Corp ..............          117
  35,080        * Perot Systems Corp (Class A) ............          382
  13,240        * Phoenix Technologies Ltd ................          132
  13,565        * Photronics, Inc .........................          257
  14,874          Pioneer-Standard Electronics, Inc .......          155
  16,926        * Pixelworks, Inc .........................          142
   6,383        * Planar Systems, Inc .....................          123
  19,294        * Plantronics, Inc ........................          367
  21,500        * Plexus Corp .............................          389
   8,600        * PLX Technology, Inc .....................           37
  85,513        * PMC-Sierra, Inc .........................          793
  50,889        * Polycom, Inc ............................          610
   5,162        * Pomeroy Computer Resources, Inc .........           75
  59,495        * Portal Software, Inc ....................           45
   3,261        * Powell Industries, Inc ..................           79
  12,870        * Power Integrations, Inc .................          230
  33,190        * Powerwave Technologies, Inc .............          304
  18,216       e* PRG-Schultz International, Inc ..........          224
  10,600        * Probusiness Services, Inc ...............          154
  15,655        * Progress Software Corp ..................          231
  12,361        * Proton Energy Systems ...................           40
  59,711        * Proxim Corp (Class A) ...................          179
  24,124        * PTEK Holdings, Inc ......................          139
  45,415        * QLogic Corp .............................        1,730
   7,000        * QRS Corp ................................           55
 394,513        * Qualcomm, Inc ...........................       10,845
  66,729        * Quantum Corp ............................          280
  18,964       e* Quest Software, Inc .....................          276
   3,311          Quixote Corp ............................           56
   8,575        * Radiant Systems, Inc ....................          112
   8,100        * Radisys Corp ............................           94
  11,800        * Rainbow Technologies, Inc ...............           58
  22,107        * Raindance Communications, Inc ...........          127
  42,000        * Rambus, Inc .............................          172
  89,738        * Rational Software Corp ..................          737
  60,783        * Read-Rite Corp ..........................           29
  45,851        * RealNetworks, Inc .......................          187
  57,472        * Red Hat, Inc                                       337
  65,338       e* Redback Networks, Inc ...................          117
  14,983        * Register.Com, Inc .......................          114
   5,393        * Renaissance Learning, Inc ...............          109
   4,900       e* Research Frontiers, Inc .................           73
  26,550        * Retek, Inc ..............................          645
  35,218          Reynolds & Reynolds Co (Class A) ........          984
  72,741       e* RF Micro Devices, Inc ...................          554
  61,199        * Riverstone Networks, Inc ................          192
   8,000        * Rogers Corp .............................          218

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   9,626       e* Roxio, Inc ..............................           69
  23,065        * RSA Security, Inc .......................          111
   4,810        * Rudolph Technologies, Inc ...............          120
  37,090        * S1 Corp .................................          274
      17        * Saba Software, Inc ......................            0
  61,000        * Safeguard Scientifics, Inc ..............          122
  11,000        * Saga Systems, Inc Escrow ................            0
   6,300        * Sanchez Computer Associates, Inc ........           28
  30,927        * Sandisk Corp ............................          384
 267,886        * Sanmina-SCI Corp ........................        1,690
  40,800        * Sapient Corp ............................           43
   7,500        * SBS Technologies, Inc ...................           92
  26,599        * Scansoft, Inc ...........................          197
   2,472        * Scansource, Inc .........................          152
  80,477        e Scientific-Atlanta, Inc .................        1,324
   7,900        * SCM Microsystems, Inc ...................          106
  10,951        * Seachange International, Inc ............           96
  86,617        * Seagate Technology, Inc .................            0
  14,400        * Secure Computing Corp ...................          109
  26,170        * Seebeyond Technology Corp ...............           81
   7,900        * Semitool, Inc ...........................           64
  31,372        * Semtech Corp ............................          838
   8,654        * Serena Software, Inc ....................          119
   1,662          Shenandoah Telecommun Co ................           89
 199,222        * Siebel Systems, Inc .....................        2,833
  96,846        * Silicon Graphics, Inc ...................          285
  27,900        * Silicon Image, Inc ......................          171
  13,338       e* Silicon Laboratories, Inc ...............          361
  39,700        * Silicon Storage Technology, Inc .........          310
   3,000        * Siliconix, Inc ..........................           83
   3,671        * Simpletech, Inc .........................           13
   4,789        * Simplex Solutions, Inc ..................           66
  13,315        * Sipex Corp ..............................           65
  27,600        * Sitel Corp ..............................           87
 420,633        * Solectron Corp ..........................        2,587
  15,100        * Somera Communications, Inc ..............          108
  43,818       e* SONICblue, Inc ..........................           45
  25,460        * SonicWALL, Inc ..........................          128

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  53

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
TECHNOLOGY--(CONTINUED)                                                       
  91,728        * Sonus Networks, Inc .....................   $      185
   7,544        * Sourcecorp ..............................          200
   8,200        * Spectralink Corp ........................           87
   5,904       e* Spectrian Corp ..........................           61
  12,377        * SpeechWorks International, Inc ..........           46
  13,750        * Speedfam-Ipec, Inc ......................           72
   6,112        * SPSS, Inc ...............................           95
   2,573        * Sra International, Inc (Class A) ........           69
   4,019        * SS&C Technologies, Inc ..................           56
   7,300        * Standard Microsystems Corp ..............          172
  36,100        * Starbase Corp ...........................            8
  15,100        * StarMedia Network, Inc ..................            1
  54,200        * Storage Technology Corp .................          866
  29,417        * StorageNetworks, Inc ....................           58
  37,202        * Stratos Lightwave, Inc ..................           60
1,659,340        * Sun Microsystems, Inc ...................        8,313 
 144,437        * Sungard Data Systems, Inc ...............        3,825
   1,274        * Suntron Corp ............................           11
   5,187        * Supertex, Inc ...........................           91
   6,322       e* Surebeam Corp (Class A) .................           35
   6,787          Surewest Communications .................          361
  47,053        * Sybase, Inc .............................          496
  79,372        * Sycamore Networks, Inc ..................          306
  11,200        * Sykes Enterprises, Inc ..................           86
  72,708       e* Symantec Corp ...........................        2,389
 117,204          Symbol Technologies, Inc ................          996
   2,558        * Synaptics, Inc ..........................           19
  38,823        * Synopsys, Inc ...........................        2,128
   4,923        * Synplicity, Inc .........................           23
   2,857        * Syntel, Inc .............................           35
   2,544        * Sypris Solutions, Inc ...................           46
  15,800        * Systems & Computer Technology Corp ......          214
  19,100       e* Take-Two Interactive Software, Inc ......          393
  25,671        * Tech Data Corp ..........................          972
  20,372          Technitrol, Inc .........................          475
  24,200        * Tekelec .................................          194
  43,391        * Tektronix, Inc ..........................          812
 210,019        * Tellabs, Inc ............................        1,302
  38,951        * Tellium, Inc ............................           36
  95,101        * Teradyne, Inc ...........................        2,235
  34,000       e* Terayon Communication Systems, Inc ......           45
 886,543          Texas Instruments, Inc ..................       21,011
  10,843        * Therma-Wave, Inc ........................          124
  90,508          Thermo Electron Corp ....................        1,493
  10,900        * Three-Five Systems, Inc .................          124
  40,982        * Tibco Software, Inc .....................          228
   7,378        * Tier Technologies, Inc (Class B) ........          132
  37,079        * Titan Corp ..............................          678
   9,200       e* Tivo, Inc ...............................           34
   6,500        * Tollgrade Communications, Inc ...........           95
  19,031          Total System Services, Inc ..............          358
  54,500        * Touch America Holdings, Inc .............          150
  16,232        * Transaction Systems Architects, Inc (Class A)      191
  53,717        * Transmeta Corp ..........................          126
  12,873        * Trimble Navigation Ltd ..................          200
   3,738        * Tripos, Inc .............................           82
  68,047        * Triquint Semiconductor, Inc .............          436
  14,623        * Trizetto Group, Inc .....................          125
   7,344        * TTM Technologies, Inc ...................           38
  17,542        * Turnstone Systems, Inc ..................           76
   6,100     b,e* U.S. Wireless Corp ......................            0
   4,702        * Ulticom, Inc ............................           32
   5,616       e* Ultimate Electronics, Inc ...............          146
  11,227        * Ultratech Stepper, Inc ..................          182
 165,095        * Unisys Corp .............................        1,486
   4,878          United Industrial Corp ..................          107
  10,622        * United Online, Inc ......................          128
  20,284        * Universal Access Global Holdings, Inc ...            4
   8,200        * Universal Display Corp ..................           68
  20,600     b,e* USinternetworking, Inc ..................            0
  31,866        * Utstarcom, Inc ..........................          643
  35,114        * Valueclick, Inc .........................          114
  15,958        * Varian Semiconductor Equipment Associates, Inc     542
  12,917        * Veeco Instruments, Inc ..................          299
   2,307        * Verint Systems, Inc .....................           26
 113,727        * VeriSign, Inc ...........................          818
 209,165        * Veritas Software Corp ...................        4,139
  11,287        * Verity, Inc .............................          125
  15,366       e* Vialta, Inc (Class A) ...................           13
  22,900       e* Viasystems Group, Inc ...................            2
  10,145        * Vicor Corp ..............................           71
  18,942        * Viewpoint Corp ..........................           91
 120,424        * Vignette Corp ...........................          237
   5,406        * Virage Logic Corp .......................           70
   2,476          Virco Manufacturing Corp ................           33
  81,365        * Vishay Intertechnology, Inc .............        1,790
      84       e* Visual Networks, Inc ....................            0
 102,622        * Vitesse Semiconductor Corp ..............          319
  34,000        * Vitria Technology, Inc ..................           33
   4,400        * Volt Information Sciences, Inc ..........          108
  19,047          Wallace Computer Services, Inc ..........          410
  13,100        * WatchGuard Technologies, Inc ............           67

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  11,569       e* WebEx Communications, Inc ...............          184
  23,031        * webMethods, Inc .........................          228
  10,767        * Websense, Inc ...........................          275
   7,221        * Wesco International, Inc ................           46
  98,186        * Western Digital Corp ....................          319
   8,947        * White Electronic Designs Corp ...........           67
  10,619        * Wilson Greatbatch Technologies, Inc .....          271
  33,980        * Wind River Systems, Inc .................          170
  12,200        * Wireless Facilities, Inc ................           60
   6,873        * Witness Systems, Inc ....................           51
   5,800          Woodhead Industries, Inc ................           99
  10,143        * Xicor, Inc ..............................           41
 171,500        * Xilinx, Inc .............................        3,847
   2,838       e* Xybernaut Corp ..........................            2
  12,461        * Zebra Technologies Corp (Class A) .......          601
  14,200        * Zoran Corp ..............................          325
   7,300        * Zygo Corp ...............................           59
                                                              ----------
                  TOTAL TECHNOLOGY ........................      781,856
                                                              ----------
TRANSPORTATION--1.35%                                                         
  24,693          Airborne, Inc ...........................          474
  30,800        * Airtran Holdings, Inc ...................          165
  12,308        * Alaska Air Group, Inc ...................          321
  79,743        e AMR Corp ................................        1,344
  10,500        * Arkansas Best Corp ......................          268
  20,699        * Atlantic Coast Airlines Holdings, Inc ...          449
   8,250        * Atlas Air Worldwide Holdings, Inc .......           30
  17,953        * BE Aerospace, Inc .......................          237
 196,021          Burlington Northern Santa Fe Corp .......        5,881
  34,306          C.H. Robinson Worldwide, Inc ............        1,150
  23,293          CNF, Inc ................................          885
  32,928        * Continental Airlines, Inc (Class B) .....          520
   3,015        * Covenant Transport, Inc (Class A) .......           64
 108,608          CSX Corp ................................        3,807
  63,376          Delta Air Lines, Inc ....................        1,268
  17,450        * EGL, Inc ................................          296
  48,681          Expeditors International Of Washington, Inc      1,614
  15,342        * Express Jet Holdings, Inc ...............          200

SEE NOTES TO FINANCIAL STATEMENTS 

54  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
TRANSPORTATION--(CONTINUED)                                                   
 152,549          Fedex Corp ..............................   $    8,146
   9,092          Florida East Coast Industries, Inc (Class A)       230
   5,860        * Forward Air Corp ........................          192
  14,750        * Frontier Airlines, Inc ..................          120
   5,931        * Genesee & Wyoming, Inc (Class A) ........          134
  15,232        * Heartland Express, Inc ..................          365
  10,555        * Hunt (J.B.) Transport Services, Inc .....          312
   2,994        * Jetblue Airways Corp ....................          136
  30,711        * Kansas City Southern Industries, Inc ....          522
  12,022        * Knight Transportation, Inc ..............          279
   3,897        * Landstar System, Inc ....................          416
  15,025        * Mesa Air Group, Inc .....................          138
   8,800        * Mesaba Holdings, Inc ....................           52
   5,969        * Midwest Express Holdings, Inc ...........           79
 198,517          Norfolk Southern Corp ...................        4,641
  27,380        * Northwest Airlines Corp .................          330
  13,924          Overseas Shipholding Group, Inc .........          293
   1,573        * P.A.M. Transportation Services ..........           38
  15,129        * Railamerica, Inc ........................          164
   6,100          Roadway Corp ............................          219
  29,149          Ryder System, Inc .......................          790
  73,932        e Sabre Holdings Corp .....................        2,647
  15,944          Shurgard Storage Centers, Inc (Class A) .          553
  27,140          Skywest, Inc ............................          635
 394,685          Southwest Airlines Co ...................        6,378
  31,389        * Swift Transportation Co, Inc ............          731
  35,914       e* U.S. Airways Group, Inc .................          133
   2,846        * U.S. Xpress Enterprises, Inc (Class) A ..           37
  29,135       e* UAL Corp ................................          333
 128,772        e Union Pacific Corp ......................        8,149
 199,267          United Parcel Service, Inc (Class B) ....       12,305
  13,738          USFreightways Corp ......................          520
  19,666          Werner Enterprises, Inc .................          419
  14,600        * Yellow Corp .............................          473
..............................................................   ----------   
                  TOTAL TRANSPORTATION ....................       69,882
..............................................................   ----------   
UTILITIES--7.10%                                                              
1,839,041          A T & T Corp ............................       19,678 
     782        * A T & T Latin America Corp (Class A) ....            0
1,143,984       e* A T & T Wireless Services, Inc ..........        6,692 
  82,344     b,e* Adelphia Business Solutions, Inc ........            1
 211,385        * AES Corp ................................        1,146
  28,600          AGL Resources, Inc ......................          664
  11,500       e* AirGate PCS, Inc ........................           12
  35,719        * Alamosa Holdings, Inc ...................           50
   3,167        * Alaska Communications Systems Group, Inc            15
  64,151          Allegheny Energy, Inc ...................        1,652
  52,012       e* Allegiance Telecom, Inc .................           95
  13,728        * Allen Telecom, Inc ......................           59
  39,278          Allete, Inc .............................        1,064
  46,153          Alliant Energy Corp .....................        1,186
 158,959          Alltel Corp .............................        7,471
  73,784          Ameren Corp .............................        3,173
 165,059          American Electric Power Co, Inc .........        6,606
  82,553       e* American Tower Corp (Class A) ...........          285
  74,069          Aquila, Inc .............................          593
  21,339          Atmos Energy Corp .......................          500
  24,412          Avista Corp .............................          337
 958,133          BellSouth Corp ..........................       30,181
  13,728          Black Hills Corp ........................          475
  97,873        * Broadwing, Inc ..........................          254
 180,423       e* Calpine Corp ............................        1,268
   5,700          Cascade Natural Gas Corp ................          119
   3,600        * Centennial Communications Corp ..........            9
   5,931          Central Vermont Public Service Corp .....          107
  72,254          Centurytel, Inc .........................        2,131
   8,400          CH Energy Group, Inc ....................          414
   6,055        * Chiles Offshore, Inc ....................          147
     170       e* Choice One Communications, Inc ..........            0
  85,400        e Cinergy Corp ............................        3,074
 148,736          Citizens Communications Co ..............        1,243
  20,739          Cleco Corp ..............................          454
  64,586          CMS Energy Corp .........................          709
   5,566          Commonwealth Telephone Enterprises, Inc .          224
  42,082          Conectiv ................................        1,086
   3,767          Connecticut Water Service, Inc ..........          115
 108,748        e Consolidated Edison, Inc ................        4,540
  84,262          Constellation Energy Group, Inc .........        2,472
 103,370       e* Crown Castle International Corp .........          406
   8,271          CT Communications, Inc ..................          134
   2,885          D&E Communications, Inc .................           30
  11,000        * Dobson Communications Corp (Class A) ....            9
 141,376          Dominion Resources, Inc .................        9,359
  65,108          DPL, Inc ................................        1,722
  28,700          DQE, Inc ................................          402
  82,373        e DTE Energy Co ...........................        3,677
 424,160          Duke Energy Corp ........................       13,191
 138,565          Dynegy, Inc (Class A) ...................          998
 167,111        * Edison International ....................        2,841
 273,309          El Paso Corp ............................        5,633

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  23,924          El Paso Electric Co .....................          331
  11,378          Empire District Electric Co .............          233
  17,439          Energen Corp ............................          480
  60,170          Energy East Corp ........................        1,360
   2,147          Energysouth, Inc ........................           69
 113,950          Entergy Corp ............................        4,836
  32,773          Equitable Resources, Inc ................        1,124
 164,675          Exelon Corp .............................        8,613
 141,779          FirstEnergy Corp ........................        4,733
     460       e* Focal Communications Corp ...............            1
   3,085        * Focal Communications Corp Wts 12/14/07 ..            0
  89,972          FPL Group, Inc ..........................        5,397
  20,444        * General Communication, Inc (Class A) ....          136
   9,900       b* Geotek Communications, Inc ..............            0
   5,493        * Golden Telecom, Inc .....................           97
  31,800          Great Plains Energy, Inc ................          647
  18,783        e Hawaiian Electric Industries, Inc .......          799
   6,900          Hickory Tech Corp .......................          104
  19,300          Idacorp, Inc ............................          535
  16,683        * IDT Corp ................................          282
   9,000        * IDT Corp (Class B) ......................          145
   6,200       b* Impsat Fiber Networks, Inc ..............            0
  71,983          KeySpan Corp ............................        2,710
  46,390          Kinder Morgan, Inc ......................        1,764
   9,500          Laclede Group, Inc ......................          223
 164,900       e* Level 3 Communications, Inc .............          486
   8,500          Madison Gas & Electric Co ...............          237
  14,400       e* McLeodUSA, Inc (Class A) ................            6
 245,815        * McLeodUSA, Inc (Class A) Escrow .........            0
  36,139          MDU Resources Group, Inc ................          950
      72       b* Metricom, Inc ...........................            0
 247,944       b* Metromedia Fiber Network, Inc (Class A) .            2
   4,108          Middlesex Water Co ......................          108
 206,177        * Mirant Corp .............................        1,505
   4,310        * NATCO Group, Inc (Class A) ..............           37
  36,617          National Fuel Gas Co ....................          824
   3,100     b,e* NEON Communications, Inc ................            0
   7,300     b,e* Network Plus Corp .......................            0
  13,777          New Jersey Resources Corp ...............          411
  23,030       b* Newpower Holdings, Inc ..................            0

 SEE NOTES TO FINANCIAL STATEMENTS

                    2002 SEMIANNUAL REPORT  College Retirement Equities Fund  55

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 Statement of Investments - EQUITY INDEX ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
UTILITIES--(CONTINUED)                                                        
 305,290       e* Nextel Communications, Inc (Class A) ....   $      980
  33,893        * Nextel Partners, Inc (Class A) ..........          102
  22,941          Nicor, Inc ..............................        1,050
 104,307          NiSource, Inc ...........................        2,277
  17,762        * NiSource, Inc (Sails) ...................           37
   8,100          North Pittsburgh Systems, Inc ...........          130
  66,653          Northeast Utilities .....................        1,254
  13,100          Northwest Natural Gas Co ................          377
  14,300        e Northwestern Corp .......................          242
  27,108          NSTAR ...................................        1,214
  76,316     b,e* NTL, Inc ................................            2
   7,900          NUI Corp ................................          217
  40,238          OGE Energy Corp .........................          920
   8,302        * Oil States International, Inc ...........           99
   5,700       b* Omnisky Corp ............................            0
  27,391          Oneok, Inc ..............................          601
  12,700          Otter Tail Corp .........................          400
 200,022        * P G & E Corp ............................        3,578
  18,127          Peoples Energy Corp .....................          661
  12,755        * Petroquest Energy, Inc ..................           71
  16,034          Piedmont Natural Gas Co, Inc ............          593
  17,700     b,e* Pinnacle Holdings, Inc ..................            0
  40,816          Pinnacle West Capital Corp ..............        1,612
  18,536          PNM Resources, Inc ......................          449
  49,556        e Potomac Electric Power Co ...............        1,064
  75,213          PPL Corp ................................        2,488
  24,626        * Price Communications Corp ...............          394
 111,614          Progress Energy, Inc ....................        5,805
  34,100        * Progress Energy, Inc (Cvo) ..............           15
 105,457          Public Service Enterprise Group, Inc ....        4,566
  45,042          Puget Energy, Inc .......................          930
  39,335          Questar Corp ............................          972
   4,332        * Quicksilver Resources, Inc ..............          112
 702,625        * Qwest Communications International, Inc .        1,967
  30,192       e* RCN Corp ................................           41
 136,824          Reliant Energy, Inc .....................        2,312
  25,319       e* Reliant Resources, Inc ..................          222
  17,900          RGS Energy Group, Inc ...................          702
1,707,338          SBC Communications, Inc .................       52,074 
  53,534          Scana Corp ..............................        1,653
   9,800        e SEMCO Energy, Inc .......................           89
 107,406          Sempra Energy ...........................        2,377
  52,195        * Sierra Pacific Resources ................          407
  69,552          Skyworks Solutions, Inc .................          386
   6,200          South Jersey Industries, Inc ............          209
 359,979          Southern Co .............................        9,864
  20,384          Southern Union Co .......................          347
  16,797          Southwest Gas Corp ......................          416
   4,730          Southwest Water Co ......................           90
  13,400        * Southwestern Energy Co ..................          204
  34,800       e* Spectrasite Holdings, Inc ...............            6
 455,479          Sprint Corp (FON Group) .................        4,833
 362,842       e* Sprint Corp (PCS Group) .................        1,622
  35,190        * Talk America Holdings, Inc ..............          145
  73,513          Teco Energy, Inc ........................        1,820
  26,718          Telephone & Data Systems, Inc ...........        1,618
  21,763        * Time Warner Telecom, Inc (Class A) ......           37
   9,938       e* Triton PCS Holdings, Inc (Class A) ......           39
 136,253          TXU Corp ................................        7,024
   8,470        * U.S. Cellular Corp ......................          216
  38,886        * U.S. Unwired, Inc (Class A) .............          109
  27,663       e* Ubiquitel, Inc ..........................           19
  14,070          UGI Corp ................................          449
   6,146          UIL Holdings Corp .......................          335
  14,572          Unisource Energy Corp ...................          271
   2,424          Unitil Corp .............................           73
     436        * Vast Solutions, Inc (Class B1) ..........            0
     436        * Vast Solutions, Inc (Class B2) ..........            0
     436        * Vast Solutions, Inc (Class B3) ..........            0
  35,011          Vectren Corp ............................          879
1,391,878          Verizon Communications, Inc .............       55,884 
   9,505        * West Corp ...............................          210
  28,599          Westar Energy, Inc ......................          439
   9,631          Western Gas Resources, Inc ..............          360
  27,592       e* Western Wireless Corp (Class A) .........           89
  24,825          WGL Holdings, Inc .......................          643
 221,158     b,e* Williams Communications Group, Inc ......            5
 246,250          Williams Cos, Inc .......................        1,475
  58,926        e Wisconsin Energy Corp ...................        1,489
  59,474     b, e WorldCom, Inc (MCI Group) ...............           54
1,537,858     b,e* WorldCom, Inc (WorldCom Group) ..........          139 
  16,000          WPS Resources Corp ......................          653
 202,648          XCEL Energy, Inc ........................        3,399
                                                              ----------
                  TOTAL UTILITIES .........................      368,794
                                                              ----------
TOTAL COMMON STOCK                  
                   (COST $5,396,862) ......................    5,181,596
                                                              ----------

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PRINCIPAL                                                                 
------------                                                                  
SHORT TERM INVESTMENTS--3.42%                                                   
COMMERCIAL PAPER--0.78%                                                       
American Express Credit Corp              
$3,400,000          1.760%, 07/30/02 ........................        3,394  
American Honda Finance Corp               
3,400,000          1.770%, 07/26/02 ........................        3,395 
Ciesco Lp                                 
3,400,000        c 1.770%, 07/03/02 ........................        3,399 
Coca-Cola Enterprises, Inc                
3,400,000        c 1.770%, 07/29/02 ........................        3,395 
Corporate Asset Funding Corp, Inc         
3,400,000          1.780%, 07/17/02 ........................        3,397 
Gannett, Inc                              
3,400,000        c 1.780%, 07/10/02 ........................        3,398 
Govco, Inc                                
3,400,000        c 1.790%, 07/23/02 ........................        3,396 
Greyhawk Funding Llc                      
3,400,000        c 1.790%, 07/26/02 ........................        3,395 
McGraw-Hill, Inc                          
3,200,000        d 2.070%, 10/03/02 ........................        3,185 
Paccar Financial Corp                     
3,400,000          1.780%, 08/22/02 ........................        3,391 
Preferred Receivables Funding Corp        
3,400,000        c 1.790%, 07/11/02 ........................        3,398 
Sigma Finance, Inc                        
3,400,000        c 1.820%, 08/27/02 ........................        3,390 
                                                              ----------
               TOTAL COMMERCIAL PAPER .....................       40,533
                                                              ----------
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES--2.64%                            
Federal Home Loan Bank (FHLB)             
4,000,000          1.750%, 07/24/02 ........................        3,995 
6,400,000          1.740%, 07/26/02 ........................        6,391 
Federal Home Loan Mortgage Corp (FHLMC)   
7,300,000          1.810%, 08/21/02 ........................        7,281 
  Federal National Mortgage Association (FNMA)
4,990,000          1.780%, 07/03/02 ........................        4,989 
5,200,000          1.760%, 07/31/02 ........................        5,192 
11,300,000        d 1.752%, 08/07/02 ........................       11,278  
20,000,000          1.760%, 08/07/02 ........................       19,962  
18,000,000          1.735%, 08/21/02 ........................       17,953  
25,700,000          1.740%, 08/21/02 ........................       25,634  
34,400,000          1.725%, 09/18/02 ........................       34,264  
                                                              ----------
 TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT
                NOTES .....................................      136,939
                                                              ----------

SEE NOTES TO FINANCIAL STATEMENTS 

56  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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 Statement of Investments - EQUITY INDEX ACCOUNT - (Unaudited) June 30, 2002
--------------------------------------------------------------------------------

 SHARES                                                        VALUE (000)
------                                                        ----------
TOTAL SHORT TERM INVESTMENTS              
                (COST $177,493) ...........................   $  177,472
                                                              ----------
TOTAL PORTFOLIO--103.26%                  
                (COST $5,574,811) .........................    5,359,464
                OTHER ASSETS & LIABILITIES, NET--(3.26)% ...     (169,235)
                                                              ----------
               NET ASSETS--100% ...........................   $5,190,229
                                                              ==========

-----------                                                                     
*    Non-income producing                                                       
b    In bankruptcy                                                              
c    Commercial  Paper issued under 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.                      

 SEE NOTES TO FINANCIAL STATEMENTS

2002 SEMIANNUAL REPORT  College Retirement Equities Fund  57                    

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58    College Retirement Equities Fund  2002 SEMIANNUAL REPORT                  

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Statements of Assets and Liabilities (Unaudited)                                

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------------
 June 30, 2002                                         Money Market   Inflation-Linked   Bond Market   Social Choice    Equity Index
 (amounts in thousands, except amounts per                Account       Bond Account       Account        Account          Account  
  accumulation unit)                                                                                                                
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
ASSETS                                                                                                                              
Portfolio investments, at cost                          $ 7,073,626     $ 1,620,217     $ 6,313,676     $ 4,648,108     $ 5,574,811 
Net unrealized appreciation (depreciation)                                                                                          
  of portfolio investments                                    1,681          59,856          75,774         256,281        (215,347)
                                                        -----------     -----------     -----------     -----------     ----------- 
Portfolio investments, at value                           7,075,307       1,680,073       6,389,450       4,904,389       5,359,464 
Cash                                                        144,351           9,457            --             5,261          13,200 
Dividends and interest receivable                             9,411          20,293          45,553          17,196           6,765 
Receivable from securities transactions                        --              --           300,452         615,891         111,258 
Amounts due from TIAA                                         7,698           1,775           3,675           5,601           6,529 
                                                        -----------     -----------     -----------     -----------     ----------- 
    Total Assets                                          7,236,767       1,711,598       6,739,130       5,548,338       5,497,216 
                                                        -----------     -----------     -----------     -----------     ----------- 

LIABILITIES                                                                                                                         
Deposits for securities loaned--Note 3                         --            97,375         325,645          95,004         184,355 
Amounts due to banks                                           --              --             2,864           8,112            --   
Payable for securities transactions                         145,098          16,335       1,539,374       1,054,621         122,632 
                                                        -----------     -----------     -----------     -----------     ----------- 
    Total Liabilities                                       145,098         113,710       1,867,883       1,157,737         306,987 
                                                        -----------     -----------     -----------     -----------     ----------- 

NET ASSETS                                                                                                                          
Accumulation Fund                                         6,838,788       1,539,012       4,739,172       4,228,301       5,048,626 
Annuity Fund                                                252,881          58,876         132,075         162,300         141,603 
                                                        -----------     -----------     -----------     -----------     ----------- 
    Total Net Assets                                    $ 7,091,669     $ 1,597,888     $ 4,871,247     $ 4,390,601     $ 5,190,229 
                                                        ===========     ===========     ===========     ===========     =========== 
ACCUMULATION UNITS OUTSTANDING--Notes 4 and 5               318,319          42,852          73,293          49,248          83,825 
                                                        ===========     ===========     ===========     ===========     =========== 
NET ASSET VALUE PER ACCUMULATION UNIT--Note 4           $     21.48     $     35.91     $     64.66     $     85.86     $     60.23 
                                                        ===========     ===========     ===========     ===========     =========== 

--------------------------------------------------------------------------------

Statements of Operations (Unaudited)                                            

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------------
 Six Months Ended June 30, 2002                              Money Market Inflation-Linked  Bond Market  Social Choice  Equity Index
 (amounts in thousands)                                         Account     Bond Account      Account       Account       Account   
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
INVESTMENT INCOME                                                                                                                   
Income:                                                                                                                             
    Interest                                                 $  71,275       $  36,971        $ 125,796     $  50,593     $   1,338 
    Dividends                                                     --              --               --          18,855        38,886 
                                                             ---------       ---------        ---------     ---------     --------- 
    Total Income                                                71,275          36,971          125,796        69,448        40,224 
                                                             ---------       ---------        ---------     ---------     --------- 
Expenses--Note 2:                                                                                                                   
    Investment                                                   2,100             703            3,105         1,894         2,401 
    Operating                                                   11,985           2,233            5,905         6,414         8,730 
                                                             ---------       ---------        ---------     ---------     --------- 
    Total Expenses                                              14,085           2,936            9,010         8,308        11,131 
                                                             ---------       ---------        ---------     ---------     --------- 
INVESTMENT INCOME--NET                                          57,190          34,035          116,786        61,140        29,093 
                                                             ---------       ---------        ---------     ---------     --------- 
REALIZED AND UNREALIZED GAIN (LOSS)                                                                                                 
    ON TOTAL INVESTMENTS--Note 3                                                                                                    
Net realized gain (loss) on:                                                                                                        
    Portfolio investments                                          172             399          (17,313)      (11,673)      (47,906)
    Futures transactions                                          --              --               --            --          (2,272)
                                                             ---------       ---------        ---------     ---------     --------- 
    Net Realized Gain (Loss) on Total Investments                  172             399          (17,313)      (11,673)      (50,178)
                                                             ---------       ---------        ---------     ---------     --------- 
Net change in unrealized appreciation (depreciation) on:                                                                            
    Portfolio investments                                       (1,707)         56,767           61,891      (345,292)     (707,613)
    Futures transactions                                          --              --               --            --            (336)
                                                             ---------       ---------        ---------     ---------     --------- 
    Net Change in Unrealized Appreciation (Depreciation)                                                                            
       on Total Investments                                     (1,707)         56,767           61,891      (345,292)     (707,949)
                                                             ---------       ---------        ---------     ---------     --------- 
    Net Realized and Unrealized Gain (Loss)                                                                                         
       on Total Investments                                     (1,535)         57,166           44,578      (356,965)     (758,127)
                                                             ---------       ---------        ---------     ---------     --------- 
Net Increase (Decrease) in Net Assets Resulting                                                                                     
    from Operations                                          $  55,655       $  91,201        $ 161,364     $(295,825)    $(729,034)
                                                             =========       =========        =========     =========     ========= 

See notes to financial statements                                               

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 59

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Statements of Cash Flows (Unaudited)                                            

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------------
                                                                               Inflation-                                  Equity   
    Six Months Ended June 30, 2002                                 Money Market  Linked       Bond Market  Social Choice    Index   
    (amounts in thousands)                                           Account   Bond Account    Account       Account       Account  
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
CASH FLOWS FROM OPERATING ACTIVITIES:                                                                                               
  Net increase (decrease) in net assets resulting from operations  $   55,655   $  91,201    $   161,364   $  (295,825)   $(729,034)
  Adjustments to reconcile net increase (decrease) in net assets                                                                    
     resulting from operations to net cash provided by                                                                              
         (used in) operating activities:                                                                                            
     Proceeds from sales of long-term securities                         --       104,274      6,692,666     2,261,309       60,352 
     Purchases of long term securities                                   --      (378,203)    (6,858,400)   (2,574,185)    (736,906)
     Purchases of short-term investments--net                         532,421        (859)       (88,863)      157,457     (114,487)
     Decrease in receivables                                           (4,326)     (4,835)        (3,354)       (1,432)      (4,426)
     Increase (decrease) in payables                                     --       (19,381)       (13,187)     (215,211)     182,631 
     Net realized (gain) loss on total investments                       (172)       (399)        17,313        11,673       50,178 
     Net change in unrealized (appreciation) depreciation                                                                           
         on total investments                                           1,707     (56,767)       (61,891)      345,292      707,949 
                                                                   ----------   ---------    -----------   -----------    --------- 
  NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                 585,285    (264,969)      (154,352)     (310,922)    (583,743)
                                                                   ----------   ---------    -----------   -----------    --------- 

CASH FLOWS FROM FINANCING ACTIVITIES:                                                                                               
     Premiums                                                         304,383      60,614        188,322       235,058      343,693 
     Net transfers to TIAA                                           (315,035)    (11,828)       (55,437)      (18,836)      (4,709)
     Net transfers from (to) other CREF Accounts                     (150,812)    249,598         89,458       108,397      335,019 
     Annuity payments                                                 (22,878)     (3,390)       (10,652)       (9,228)     (11,211)
     Withdrawals and death benefits                                  (259,600)    (20,568)       (79,528)      (42,619)     (65,849)
     Proceeds from the financing of dollar roll                                                                                     
       transactions--net                                                 --          --           22,189        38,686         --   
                                                                   ----------   ---------    -----------   -----------    --------- 
  NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                (443,942)    274,426        154,352       311,458      596,943 
                                                                   ----------   ---------    -----------   -----------    --------- 
INCREASE IN CASH                                                      141,343       9,457           --             536       13,200 

CASH                                                                                                                                
   Beginning of year                                                    3,008        --             --           4,725         --   
                                                                   ----------   ---------    -----------   -----------    --------- 
   End of period                                                   $  144,351   $   9,457    $      --     $     5,261    $  13,200 
                                                                   ==========   =========    ===========   ===========    ========= 

See notes to financial statements                                               

60  College Retirement Equities Fund  2002 SEMIANNUAL REPORT                    

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Statements of Changes in Net Assets                                             

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                                           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,
    (amounts in thousands)       June 30, 2002           2001        June 30, 2002        2001        June 30, 2002          2001   
                                 --------------      ------------    -------------     ------------   -------------     ----------- 
                                  (Unaudited)                        (Unaudited)                      (Unaudited)                   
FROM OPERATIONS                                                                                                                     
                                                                                                                                    
Investment income--net              $    57,190      $   282,715      $    34,035      $    50,306      $   116,786     $   216,837 
Net realized gain (loss)                                                                                                            
    on total investments                    172              708              399            5,604          (17,313)        130,096 
Net change in unrealized                                                                                                            
    appreciation (depreciation)                                                                                                     
    on total investments                 (1,707)           2,456           56,767           (4,480)          61,891         (55,322)
                                    -----------      -----------      -----------     ------------      -----------     ----------- 

    Net Increase (Decrease)                                                                                                         
    in Net Assets Resulting                                                                                                         
    from Operations                      55,655          285,879           91,201           51,430          161,364         291,611 
                                    -----------      -----------      -----------     ------------      -----------     ----------- 
FROM PARTICIPANT                                                                                                                    
TRANSACTIONS                                                                                                                        
Premiums                                304,383          584,651           60,614           93,689          188,322         301,849 
                                    -----------      -----------      -----------     ------------      -----------     ----------- 
Disbursements and transfers:                                                                                                        
    Net transfers                                                                                                                   
       to (from) TIAA                   315,035          184,281           11,828          (18,780)          55,437         (19,022)
    Net transfers to (from)                                                                                                         
       other CREF Accounts              150,812         (690,047)        (249,598)        (614,247)         (89,458)       (868,430)
    Annuity payments                     22,878           49,907            3,390            5,279           10,652          22,124 
    Withdrawals and                                                                                                                 
       death benefits                   259,600          542,221           20,568           32,444           79,528         123,844 
                                    -----------      -----------      -----------     ------------      -----------     ----------- 
    Total Disbursements                                                                                                             
       and Transfers, Net               748,325           86,362         (213,812)        (595,304)          56,159        (741,484)
                                    -----------      -----------      -----------     ------------      -----------     ----------- 
    Net Increase (Decrease)                                                                                                         
       in Net Assets                                                                                                                
       Resulting from                                                                                                               
       Participant                                                                                                                  
       Transactions                    (443,942)         498,289          274,426          688,993          132,163       1,043,333 
                                    -----------      -----------      -----------     ------------      -----------     ----------- 
Net Increase (Decrease)                                                                                                             
    in Net Assets                      (388,287)         784,168          365,627          740,423          293,527       1,334,944 

NET ASSETS                                                                                                                          
    Beginning of year                 7,479,956        6,695,788        1,232,261          491,838        4,577,720       3,242,776 
                                    -----------      -----------      -----------     ------------      -----------     ----------- 
    End of period                   $ 7,091,669      $ 7,479,956      $ 1,597,888     $  1,232,261      $ 4,871,247     $ 4,577,720 
                                    ===========      ===========      ===========     ============      ===========     =========== 

                                              Social Choice                     Equity Index                                        
                                                 Account                           Account                                          
                                     ------------------------------   -----------------------------                                 
                                       Six Months      Year Ended       Six Months      Year Ended                                  
                                         Ended         December 31,        Ended       December 31,                                 
                                     June 30, 2002        2001        June 30, 2002        2001                                     
                                    --------------   --------------   -------------    ------------                                 
                                                                                                                                    
Investment income--net              $    61,140      $   117,768      $    29,093      $    50,342                                  

Net realized gain (loss)                                                                                                            
    on total investments                (11,673)          64,687          (50,178)         (34,010)                                 
Net change in unrealized                                                                                                            
    appreciation (depreciation)                                                                                                     
    on total investments               (345,292)        (390,711)        (707,949)        (644,420)                                 
                                    -----------      -----------      -----------      -----------                                  
    Net Increase (Decrease)                                                                                                         
    in Net Assets Resulting                                                                                                         
    from Operations                    (295,825)        (208,256)        (729,034)        (628,088)                                 
                                    -----------      -----------      -----------      -----------                                  
FROM PARTICIPANT                                                                                                                    
TRANSACTIONS                                                                                                                        
Premiums                                235,058          408,388          343,693          585,262                                  
                                    -----------      -----------      -----------      -----------                                  
Disbursements and transfers:                                                                                                        
    Net transfers                                                                                                                   
       to (from) TIAA                    18,836           42,791            4,709           11,525                                  
    Net transfers to (from)                                                                                                         
       other CREF Accounts             (108,397)         (98,211)        (335,019)        (532,169)                                 
    Annuity payments                      9,228           20,075           11,211           22,281                                  
    Withdrawals and                                                                                                                 
       death benefits                    42,619           82,236           65,849          115,050                                  
                                    -----------      -----------      -----------      -----------                                  
    Total Disbursements                                                                                                             
       and Transfers, Net               (37,714)          46,891         (253,250)        (383,313)                                 
                                    -----------      -----------      -----------      -----------                                  
    Net Increase (Decrease)                                                                                                         
       in Net Assets                                                                                                                
       Resulting from                                                                                                               
       Participant                                                                                                                  
       Transactions                     272,772          361,497          596,943          968,575                                  
                                    -----------      -----------      -----------      -----------                                  
Net Increase (Decrease)                                                                                                             
    in Net Assets                       (23,053)         153,241         (132,091)         340,487                                  

NET ASSETS                                                                                                                          
    Beginning of year                 4,413,654        4,260,413        5,322,320        4,981,833                                  
                                    -----------      -----------      -----------      -----------                                  
    End of period                   $ 4,390,601      $ 4,413,654      $ 5,190,229      $ 5,322,320                                  
                                    ===========      ===========      ===========      ===========                                  

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See notes to financial statements                                               
--------------------------------------------------------------------------------

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,  diversified  management investment company. It consists of
eight investment portfolios ("Accounts").  The accompanying financial statements
are those of the Money Market, Inflation-Linked Bond, Bond Market, Social Choice
and Equity Index Accounts.  The accompanying  financial statements were prepared
in accordance with accounting principles generally accepted in the United States
which may require the use of estimates  made by  management.  Actual results may
vary  from  those  estimates.  The  following  is a summary  of the  significant
accounting policies consistently followed by the Accounts.                      

VALUATION  OF  INVESTMENTS.  Securities  listed or traded on any  United  States
national  securities  exchange are valued at the last sale price as of the close
of the principal  securities exchange on which such securities are traded or, if
there is no sale, at the mean of the last bid and asked prices on such exchange.
Securities traded only in the  over-the-counter  market and quoted in the Nasdaq
National  Market System are valued at the last sale price, or at the mean of the
last bid and asked  prices if no sale is  reported.  All other  over-the-counter
securities are valued at the mean of the last bid and asked prices, except for  

                 2002 SEMIANNUAL REPORT  College Retirement Equities Fund     61

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NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)                             
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bonds  which are valued at the most  recent bid price or the  equivalent  quoted
yield of such bonds.  Short-term  money market  instruments are stated at market
value or amortized cost, which approximates  market value.  Foreign  investments
are valued at the closing price in the  principal  market where they are traded;
local  currencies  are  converted  into U.S.  dollars.  Stock index  futures and
options  which are traded on  commodities  exchanges are valued at the last sale
price as of the close of such commodities  exchanges.  Portfolio  securities for
which market  quotations  are not readily  available are valued at fair value as
determined  in good faith under the  direction  of the Finance  Committee of the
Board of Trustees and in accordance with the  responsibilities of the Board as a
whole.                                                                          

ACCOUNTING FOR INVESTMENTS.  Securities transactions are accounted for as of the
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 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.                                        

REPURCHASE  AGREEMENTS.  The Accounts may enter into repurchase  agreements with
qualified institutions. Repurchase agreements involve the purchase of securities
from an  institution,  subject to the seller's  agreement to repurchase  and the
Accounts'  agreement to resell such securities at a mutually-agreed  upon price.
Pursuant to the terms of the repurchase agreement,  securities purchased subject
to  repurchase  agreements  must have an aggregate  market value greater than or
equal to the agreed-upon repurchase price plus accrued interest at all times. If
the value of the underlying  securities  falls below the value of the repurchase
price plus accrued  interest,  the  Accounts  will require the seller to deposit
additional  collateral  by the next  business  day. If a request for  additional
collateral is not met, or if the seller  defaults on its repurchase  obligation,
the Accounts  maintain  the right to sell the  underlying  securities  at market
value and pursue a claim for any remaining loss against the seller.             

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 for eign  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 fully  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 stock market 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.                                             

62     College Retirement Equities Fund  2002 SEMIANNUAL REPORT                 

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       
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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 Services 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, 2002, the market value of securities loaned and collateral  received
in connection therewith was comprised as follows:                               

--------------------------------------------------------------------------------
Inflation-                              
                 Linked            Bond           Social        Equity
                  Bond            Market          Choice         Index
                  Account          Account         Account       Account
--------------------------------------------------------------------------------
Market value                                                                    
of securities                                                               
  loaned            $ 95,278,469     $318,356,503   $ 90,308,233    $158,569,675
Cash collateral       97,375,000      325,645,000     95,003,600     184,354,523

At June 30,  2002,  net  unrealized  appreciation  (depreciation)  of  portfolio
investments,  consisting of gross  unrealized  appreciation and gross unrealized
depreciation, were as follows:                                                  

--------------------------------------------------------------------------------
                         Gross              Gross         Net Unrealized
                     Unrealized         Unrealized        Appreciation
                    Appreciation of    Depreciation of    (Depreciation)
                      Portfolio          Portfolio        of Portfolio
                     Investments        Investments        Investments
--------------------------------------------------------------------------------
Money Market Account      $  1,977,749       $    297,198        $ 1,680,551    
Inflation-Linked                                                                
Bond Account            59,994,150            138,103         59,856,047
Bond Market Account         97,796,098         22,022,098         75,774,000    
Social Choice Account      628,613,441        372,332,079        256,281,362    
Equity Index Account       719,631,961        934,978,828       (215,346,867)   

At June 30, 2002 the Equity Index Account held 33 open futures  contracts in the
Standard  & Poor's  500  Index,  expiring  in  September  2002,  with a value of
$8,168,325 and an unrealized loss of $339,720.                                  

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, 2002,
were as follows:                                                                

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Inflation-                            
                  Linked         Bond            Social           Equity
                  Bond         Market           Choice           Index
                  Account       Account          Account         Account
------------------------------------------------------------------------------- 
Purchases         $393,853,208   $6,162,875,017   $2,885,613,145   $829,979,046 

Sales              104,270,120    6,002,337,988    2,579,579,772    163,546,270 

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 63

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       
--------------------------------------------------------------------------------

NOTE 4--CONDENSED FINANCIAL INFORMATION                                         
--------------------------------------------------------------------------------

Selected condensed financial information for an Accumulation Unit of each       
Account is presented below.                                                     

                                                        [Enlarge/Download Table]

                                                                                              MONEY MARKET ACCOUNT                  
                                                             -----------------------------------------------------------------------
                                                                                          For the Years Ended December 31,          
                                                             Six Months Ended   --------------------------------------------------- 
                                                             June 30, 2002(a)   2001        2000        1999        1998       1997 
                                                             ----------------   ----        ----        ----        ----       ---- 
                                                               (Unaudited)                                                          
                                                                                                                                    
PER ACCUMULATION UNIT DATA:                                                                                                         
  Investment income                                              $  .212     $  .888     $ 1.273     $  .976     $  .998    $  .953 
  Expenses                                                          .042        .069        .055        .057        .054       .046 
                                                                 ------------------------------------------------------------------ 
  Investment income--net                                            .170        .819       1.218        .919        .944       .907 
  Net realized and unrealized gain (loss) on total investments     (.004)       .009        .007       (.005)       .005       .001 
                                                                 ------------------------------------------------------------------ 
  Net increase in Accumulation Unit Value                           .166        .828       1.225        .914        .949       .908 
Accumulation Unit Value:                                                                                                            
     Beginning of year                                            21.318      20.490      19.265      18.351      17.402     16.494 
                                                                 ------------------------------------------------------------------ 
     End of period                                               $21.484     $21.318     $20.490     $19.265     $18.351    $17.402 
                                                                 ================================================================== 
TOTAL RETURN                                                        0.78%       4.04%       6.36%       4.98%       5.45%      5.51%
RATIOS TO AVERAGE NET ASSETS:                                                                                                       
  Expenses                                                          0.20%       0.33%       0.28%       0.30%       0.30%      0.27%
  Investment income--net                                            0.80%       3.88%       6.12%       4.90%       5.27%      5.35%
PORTFOLIO TURNOVER RATE                                              N/A         N/A         N/A         N/A         N/A        N/A 
THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD     318,319     338,791     315,206     354,754     312,358    233,116 


------------------------------------------------------------------------------------------------------------------------------------
                                                           INFLATION-LINKED BOND ACCOUNT                                            
                                                   ---------------------------------------------------------------------------------
                                                                          For the Years Ended December 31,        For the Period    
                                                   Six Months Ended ------------------------------------------    January 13, 1997  
                                                   June 30, 2002(a)   2001        2000        1999        1998 (date established) to
                                                   ---------------- ------        ----        ----        ----  December 31, 1997(g)
                                                     (Unaudited)                                                --------------------
------------------------------------------------------------------------------------------------------------------------------------

                                                                                                                                    
PER ACCUMULATION UNIT DATA:                                                                                                         
  Investment income                                    $  .952     $ 1.816     $ 2.113     $ 1.730     $ 1.256          $ 1.031     
  Expenses                                                .076        .122        .083        .099        .086             .067     
                                                       ------------------------------------------------------------------------     
  Investment income--net                                  .876       1.694(b)    2.030       1.631       1.170             .964     
  Net realized and unrealized gain (loss)                                                                                           
    on total investments                                 1.534        .692(b)    1.491      (1.062)      (.260)            .154     
                                                       ------------------------------------------------------------------------     
  Net increase in Accumulation Unit Value                2.410       2.386       3.521        .569        .910            1.118     
Accumulation Unit Value:                                                                                                            
     Beginning of period                                33.504      31.118      27.597      27.028      26.118           25.000     
                                                       ------------------------------------------------------------------------     
     End of period                                     $35.914     $33.504     $31.118     $27.597     $27.028          $26.118     
                                                       ========================================================================     
TOTAL RETURN                                              7.20%       7.67%      12.76%       2.10%       3.48%            4.47%    
RATIOS TO AVERAGE NET ASSETS:                                                                                                       
  Expenses                                                0.23%       0.36%       0.29%       0.36%       0.33%            0.25%    
  Investment income--net                                  2.64%       4.93%(b)    6.97%       5.99%       4.50%            3.60%    
PORTFOLIO TURNOVER RATE                                   8.07%      42.16%      17.17%      54.35%      40.98%           63.56%    
THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT                                                                                      
   END OF PERIOD                                        42,852      35,274      15,188       4,757       5,112            3,626     


                                                                                      BOND MARKET ACCOUNT                           
                                                            ----------------------------------------------------------------------- 
                                                                                      For the Years Ended December 31,              
                                                             Six Months Ended  ---------------------------------------------------- 
                                                             June 30, 2002(a)   2001        2000        1999        1998       1997 
                                                             ---------------- ------        ----        ----        ----      ----  
                                                               (Unaudited)                                                          
                                                                                                                                    
PER ACCUMULATION UNIT DATA:                                                                                                         
  Investment income                                              $ 1.654     $ 3.258     $ 3.636     $ 3.289     $ 3.156    $ 3.081 
  Expenses                                                          .119        .242        .174        .166        .158       .134 
                                                                 ------------------------------------------------------------------ 
  Investment income--net                                           1.535       3.016(b)    3.462       3.123       2.998      2.947 
  Net realized and unrealized gain (loss) on total investments      .681       1.571(b)    2.621      (3.711)      1.150      1.266 
                                                                 ------------------------------------------------------------------ 
  Net increase (decrease) in Accumulation Unit Value               2.216       4.587       6.083       (.588)      4.148      4.213 
Accumulation Unit Value:                                                                                                            
     Beginning of year                                            62.445      57.858      51.775      52.363      48.215     44.002 
                                                                 ------------------------------------------------------------------ 
     End of period                                               $64.661     $62.445     $57.858     $51.775     $52.363    $48.215 
                                                                 ================================================================== 
TOTAL RETURN                                                        3.55%       7.93%      11.75%      (1.12%)      8.60%      9.57%
RATIOS TO AVERAGE NET ASSETS:                                                                                                       
  Expenses                                                          0.19%       0.43%       0.33%       0.32%       0.32%      0.29%
  Investment income--net                                            2.50%       5.36%(b)    6.50%       6.03%       5.98%      6.44%
PORTFOLIO TURNOVER RATE                                           131.16%     257.02%     377.44%(C)  656.58%     525.32%    398.77%
THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD      73,293      71,368      54,745      54,918      57,481     31,654 

64     College Retirement Equities Fund  2002 SEMIANNUAL REPORT                 

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                                       
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NOTE 4--CONDENSED FINANCIAL INFORMATION (CONCLUDED)                             
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                                      SOCIAL CHOICE ACCOUNT                         
                                                            ----------------------------------------------------------------------- 
                                                                                      For the Years Ended December 31,              
                                                             Six Months Ended  ---------------------------------------------------- 
                                                             June 30, 2002(a)   2001        2000        1999        1998       1997 
                                                             ---------------- ------        ----        ----        ----      ----  
                                                               (Unaudited)                                                          
                                                                                                                                    
PER ACCUMULATION UNIT DATA:                                                                                                         
  Investment income                                              $ 1.369     $ 2.766     $ 3.188     $ 2.898     $ 2.679    $ 2.396 
  Expenses                                                          .164        .352        .282        .293        .249       .193 
                                                                 ------------------------------------------------------------------ 
  Investment income--net                                           1.205       2.414(b)    2.906       2.605       2.430      2.203 
  Net realized and unrealized gain (loss) on total investments    (7.045)     (7.003)(b)  (2.582)      6.752      11.159     12.223 
                                                                 ------------------------------------------------------------------ 
  Net increase (decrease) in Accumulation Unit Value              (5.840)     (4.589)      0.324       9.357      13.589     14.426 
Accumulation Unit Value:                                                                                                            
     Beginning of year                                            91.697      96.286      95.962      86.605      73.016     58.590 
                                                                 ------------------------------------------------------------------ 
     End of period                                               $85.857     $91.697     $96.286     $95.962     $86.605    $73.016 
                                                                 ================================================================== 
TOTAL RETURN                                                       (6.37%)     (4.77%)      0.34%      10.80%      18.61%     24.62%
RATIOS TO AVERAGE NET ASSETS:                                                                                                       
  Expenses                                                          0.18%       0.40%       0.30%       0.32%       0.31%      0.30%
  Investment income--net                                            1.36%       2.77%(b)    3.04%       2.88%       3.07%      3.37%
PORTFOLIO TURNOVER RATE                                            57.92%      68.64%     117.10%(C)  206.44%     147.90%     91.87%
THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF PERIOD      49,248      46,290      42,550      41,355      37,211     30,554 

                                                                                 SOCIAL CHOICE ACCOUNT                              
                                                       -----------------------------------------------------------------------      
                                                                                 For the Years Ended December 31,                   
                                                        Six Months Ended  ----------------------------------------------------      
                                                        June 30, 2002(a)   2001        2000        1999        1998       1997      
                                                        ---------------- ------        ----        ----        ----       ----      
                                                          (Unaudited)                                                               
                                                                                                                                    
PER ACCUMULATION UNIT DATA:                                                                                                         
  Investment income                                         $  .484     $  .973     $ 1.055     $ 1.012     $  .953    $  .826      
  Expenses                                                     .134        .258        .233        .225        .190       .141      
                                                        ----------------------------------------------------------------------      
  Investment income--net                                       .350        .715        .822        .787        .763       .685      
  Net realized and unrealized gain (loss) on total                                                                                  
     investments                                             (8.857)     (9.849)     (7.216)     13.733      12.789     12.672      
                                                        ----------------------------------------------------------------------      
  Net increase (decrease) in Accumulation Unit Value         (8.507)     (9.134)     (6.394)     14.520      13.552     13.357      
Accumulation Unit Value:                                                                                                            
     Beginning of year                                      $68.735      77.869      84.263      69.743      56.191     42.834      
                                                        ----------------------------------------------------------------------      
     End of period                                          $60.228     $68.735     $77.869     $84.263     $69.743    $56.191      
                                                        ======================================================================      
TOTAL RETURN                                                 (12.38%)    (11.73%)     (7.59%)     20.82%      24.12%     31.18%     
RATIOS TO AVERAGE NET ASSETS:                                                                                                       
  Expenses                                                     0.20%       0.37%       0.28%       0.30%       0.31%      0.30%     
  Investment income--net                                       0.53%       1.02%       0.98%       1.05%       1.24%      1.47%     
PORTFOLIO TURNOVER RATE                                        3.01%       6.14%       9.42%       4.89%       3.98%      3.50%     
THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT                                                                                      
  END OF PERIOD                                              83,825      75,254      62,018      57,249      47,997     35,368      

(a)  The percentages shown for this period are not annualized.                  

(b)  As  required,  effective  January 1, 2001,  the  Accounts  have 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, decrease net
     realized and unrealized  loss per  Accumulation  Unit by $.019 and decrease
     the ratio of investment  income-net to average net assets by .02%.  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)  rather  than as
     purchases  and sales.  Had these  transactions  been treated for the entire
     year as purchase  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.                               

                      2002 SEMIANNUAL REPORT College Retirement Equities Fund 65

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NOTES TO FINANCIAL STATEMENTS (CONCLUDED)                                       
--------------------------------------------------------------------------------

NOTE 5--ACCUMULATION UNITS                                                      
--------------------------------------------------------------------------------

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

                                                        [Enlarge/Download Table]

                                           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, 2002           2001        June 30, 2002        2001        June 30, 2002         2001    
                                 --------------      ------------    -------------     ------------   -------------     ----------- 
                                  (Unaudited)                        (Unaudited)                      (Unaudited)                   
                                                                                                                                    
Accumulation Units:                                                                                                                 
    Credited for premiums          14,220,258        27,744,536        1,754,693        2,801,278        2,968,257        4,960,493 
    Credited (cancelled) for                                                                                                        
       transfers, disbursements                                                                                                     
       and amounts applied                                                                                                          
       to the Annuity Fund        (34,692,236)       (4,160,452)       5,823,496       17,284,976       (1,043,300)      11,662,855 
    Outstanding:                                                                                                                    
       Beginning of year          338,790,548       315,206,464       35,274,035       15,187,781       71,367,969       54,744,621 
                                -------------       -----------       ----------`      ----------       ----------       ---------- 
       End of period              318,318,570       338,790,548       42,852,224       35,274,035       73,292,926       71,367,969 
                                =============       ===========       ==========       ==========       ==========       ========== 



                                              Social Choice                     Equity Index                                        
                                                 Account                           Account                                          
                                     ------------------------------   -----------------------------                                 
                                       Six Months      Year Ended       Six Months      Year Ended                                  
                                         Ended         December 31,        Ended       December 31,                                 
                                     June 30, 2002        2001        June 30, 2002        2001                                     
                                    --------------   --------------   -------------    ------------                                 
                                                                                                                                    
                                       2,600,638        4,429,226       5,182,148        8,316,119                                  

                                         357,246         (688,958)      3,388,698        4,919,606                                  

                                      46,290,236       42,549,968      75,253,823       62,018,098                                  
                                      ----------       ----------      ----------       ----------                                  
                                      49,248,120       46,290,236      83,824,669       75,253,823                                  
                                      ==========       ==========      ==========       ==========                                  


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.
For the six months  ended June 30,  2002,  there were no  borrowings  under this
credit facility by the Accounts.                                                

The Bond  Market  and Social  Choice  Accounts  participate  in letter of credit
agreements in the amounts of $20,000,000 and $7,000,000,  respectively,  for the
purpose of  facilitating  the settlement of  transactions in the mortgage backed
securities  market.  For the six  months  ended  June 30,  2002,  there  were no
borrowings under these agreements.                                              

66   College Retirement Equities Fund  2002 SEMIANNUAL REPORT                   

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[LOGO TIAA CREFF]                                                               

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FOR MORE INFORMATION...                                                         

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TIAA-CREF.ORG                                                           
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AUTOMATED TELEPHONE SERVICE                                                     

800 842-2252                                                            
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TELEPHONE COUNSELING CENTER                                                     

800 842-2776                                                            
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PLANNING AND SERVICE CENTER                                                     
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FOR HEARING- OR SPEECH-IMPAIRED                                                 
PARTICIPANTS                                                                    
800 842-2755                                                            
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Printed on recycled paper                                                       

                                                               CSAR-5fund-8/2002

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-30D’ Filing		Date		First		Last			Other Filings
		10/1/02		10
Filed on:		8/20/02
		7/1/02		3		171
For Period End:		6/30/02		1		278			13F-HR,  NSAR-A
		1/1/02		89
		12/31/01		89		277			13F-NT,  24F-2NT,  N-30D,  NSAR-B
		1/1/01		155		277
		12/31/00		277					13F-NT,  24F-2NT,  N-30D,  NSAR-B,  NSAR-B/A
		12/31/97		276					24F-2NT,  N-30D,  NSAR-B,  NSAR-B/A
		5/1/97		165					485BPOS,  497
		1/13/97		276
		4/29/94		11		173
		6/30/92		7		171
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