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College Retirement Equities Fund · N-30D · For 12/31/01

Filed On 2/27/02   ·   Accession Number 930413-2-519   ·   SEC File 811-04415

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  As Of                Filer                Filing    For/On/As Docs:Size              Issuer               Agent

 2/27/02  College Retirement Equities Fund  N-30D      12/31/01    1:1.0M                                   Command Fin'l Press Corp
Subsequent Filing That References This Filing:
 4/29/02  College Retirement Equities Fund  485BPOS     4/29/02    6:128                                    Command Financial...Corp
          College Retirement Equities Fund

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               278   1.62M 
                          Shareholders                                           

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DECEMBER 31, 2001 COLLEGE RETIREMENT EQUITIES FUND 2001 -------------------------------------------------------------------------------- ANNUAL REPORT -------------------------------------------------------------------------------- STOCK GLOBAL EQUITIES GROWTH -------------------------------------------------------- MAKE THIS YOUR LAST PAPER ANNUAL REPORT! SIGN UP FOR ELECTRONIC DELIVERY. LOG ON TO TIAA-CREF.ORG --------------------------------------------------------
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-------------------------------------------------------------------------------- TIAA-CREF Individual and Institutional Services 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 year ended December 31, 2001. 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). -------------------------------------------------------------------------------- CONTENTS LETER FROM THE CHAIRMAN 1 LETTER FROM THE VICE CHAIRMAN 2 MANAGEMENT/STATUS OF THE ACCOUNTS STOCK ACCOUNT 4 GLOBAL EQUITIES ACOUNT 6 GROWTH ACCOUNT 8 STATEMENT OF INVESTMENTS STOCK ACCOUNT 10 GLOBAL EQUITIES ACCCOUNT 47 GROWTH ACCOUNT 60 FINANCIAL STATEMENTS REPORT OF MANAGEMENT RESPONSIBILITY 76 REPORT OF THE AUDIT COMMITTEE 76 STATEMENT OF ASSETS AND LIABILITIES 77 STATEMENT OF OPERTIONS 77 STATEMENTS OF CASH FLOWS 78 STATEMENTS OF CHANGES IN NET ASSETS 78 NOTES TO FINANCIAL STATEMENTS 79 REPORT OF INDEPENDENT AUDITORS 83 PARTICIPANT VOTING RESULTS 84 TRUSTEE AND OFFICER DISCLOSURE 85 FOR MORE INFORMATION BACK COVER PERFORMANCE OVERVIEW AS OF 12/31/2001 [Enlarge/Download Table] ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND RATES OF TOTAL RETURN(1) INCEPTION DATE 1 YEAR 5 YEARS 10 YEARS SINCE INCEPTION ------------------------------------------------------------------------------------------------------------------------------------ EQUITIES CREF Stock 8/1/52 -13.89% 8.27% 10.90% 10.84% CREF Global Equities 5/1/92 -19.52 5.19 -- 10.03 CREF Equity Index 4/29/94 -11.73 9.92 -- 14.05 CREF Growth 4/29/94 -22.91 6.73 -- 12.43 EQUITIES & FIXED INCOME CREF Social Choice 3/1/90 -4.77 9.37 10.88 11.59 FIXED INCOME CREF Bond Market 3/1/90 7.93 7.25 7.04 8.03 CREF Inflation-Linked Bond 5/1/97 7.67 -- -- 6.05 CREF Money Market(2) 4/1/88 4.04 5.27 4.83 5.65 NET ANNUALIZED YIELD (7-DAY PERIOD ENDED 12/31/2001) NET ANNUALIZED YIELD (30-DAY PERIOD ENDED 12/31/2001) ---------------------------------------------------------------------------------------------------------------------------------- CURRENT EFFECTIVE CURRENT ---------------------------------------------------------------------------------------------------------------------------------- CREF Money Market 1.83% 1.85% CREF Bond Market 4.23% (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-per- formance.html or call 800 842-2776. Past performance should not be taken as a guarantee of the same future rates of return.
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(2) As with all the TIAA-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 The year 2001 will be remembered as one in which world events overwhelmed disappointing returns in the financial markets. TIAA-CREF was fortunate in not suffering direct losses on September 11. We continued in 2001 to help people pursue their long-term financial plans, expanding our range of products while maintaining our low-cost infrastructure. In last year's report, I quoted President Lincoln in regard to having high hopes for the future without venturing to make predictions. No one could have guessed that we were just months away from the most destructive attack on United States soil since the Civil War. The events of last September have prompted many Americans to refocus on those priorities that matter most in our lives. Understandably, the number of incoming calls surged in September, as these circumstances prompted many participants to call us to discuss their concerns about their own financial plans. I am proud to say that virtually every caller was able to talk with a TIAA-CREF representative. This is part of our disaster response plan, and it enabled us to keep all vital services running with no interruption in service. On September 11, phone calls were quickly routed to our service center in Denver and to our new Charlotte Service Center, which formally opened in May. As in prior years, during 2001 we introduced a number of online tools to make the management of a retirement portfolio easier and more efficient. At the same time, we have worked hard to keep expenses low, knowing that every expense dollar saved has the potential to grow over time and to help CREF participants achieve their financial goals. Pursuing such goals seems more challenging in the current recessionary environment, marked in 2001 by a second year of declining stock market values and by large corporate bankruptcies. However, as the following letter from Martin Leibowitz, our chief investment officer, explains, TIAA-CREF's investment options offer the means for diversifying assets, which is the most widely-recognized method of reducing investment risk. This is an important advantage of plans funded by TIAA-CREF contracts over the many 401(k) plans whose investments are heavily concentrated in company stock. Just as many participants recognize that they might need to contribute more to their retirement programs than before, the new federal tax law provides important savings opportunities. Containing the most sweeping changes in the tax code in 15 years, it helps those saving for retirement by raising contribution limits and providing for more liberal transfers for employer-sponsored retirement plans, IRAs, and Keogh Plans. The changes provide special tax-deferrals to workers age 50 and over. The new law also enhances college savings options by exempting qualified withdrawals from federal income taxes and by raising the contribution limits for Coverdell Education Savings Accounts (i.e., Education IRAs). Our consultants and phone counselors have been showing participants how best to take advantage of these opportunities. -------------------------------------------------------------------------------- IN 2002, WE WILL ANNOUNCE ADDITIONAL INVESTMENT OPTIONS FOR PARTICIPANTS IN BOTH 403(B) AND 457(B) PLANS. -------------------------------------------------------------------------------- The new tax law also makes some products more attractive than others for attaining certain goals. That means product selection is a more important part of financial planning than ever. With this in mind, we have expanded the decision-making tools found at the TIAA-CREF Web Center. A product selection calculator guides participants to the most tax-efficient products for their specific goals, while online retirement income illustrations provide estimates of income, based on certain assumptions, using several popular income options. In 2002, we will introduce a retirement goal evaluator to help participants determine whether they will have sufficient retirement income and a contribution evaluator that shows how much needs to be saved to meet a specific financial goal. More and more of our participants find that the complexity of retirement planning now requires the help of a professional financial planner. We have established TIAA-CREF's Advisory Services Unit to provide financial planners with the information they need to make recommendations about our products to their clients. With their clients' permission, advisors can even access current data about their accounts electronically and conduct transactions on their behalf. During 2001 TIAA-CREF began offering employer-sponsored 457(b) Deferred Compensation Plans to enable highly compensated employees to save for retirement, in addition to their contri- [PHOTO OMITTED] JOHN H. BIGGS CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER
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butions to a 403(b) plan. These new plans offer many of the same tax advantages as a 403(b) plan, including tax-deferred investing and lower current taxable income. In 2002, institutions will be able to offer both 403(b) and 457(b) plans. TIAA-CREF will also announce additional investment options for participants in both 403(b) and 457(b) plans. We now offer the electronic delivery of required reports and other documents, which allows much faster delivery of TIAA-CREF communications than conventional mail. At the Web Center, participants can sign up for e-delivery of this report as well as TIAA-CREF quarterly statements, transaction confirmations, and proxy solicitations. On July 1, 2002, TIAA-CREF will mark the 50th anniversary of the introduction of the CREF Stock Account, the world's first variable annuity. An important innovation at the time, the Stock Account demonstrated that equities could be a viable retirement investment. By pairing CREF with the TIAA Traditional Annuity, we created the first diversified asset allocation model--one that remains a sound choice for many participants today. TIAA-CREF has served participants through recessions, wars, and unprecedented social and economic change, and, whatever the future holds, we are committed to finding new and better ways to meet their needs. /s/ John H. Biggs ----------------- JOHN H. BIGGS CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER FROM THE VICE CHAIRMAN During the year ending December 31, 2001, the CREF Stock, Global Equities, and Growth accounts operated in a challenging investment environment, with stock prices posting declines worldwide. The S&P 500 stock index lost 11.89 percent, its second consecutive annual decline, and its first loss over a two-year period since 1974. Other leading markets fared worse, with London and Tokyo posting drops of 14.37 percent and 18.79 percent respectively for the year. The fall in stock prices reflected, among other issues, concerns about corporate earnings and about future business prospects as the domestic economic slowdown that began in early 2001 intensified. Early estimates indicated that, comparing the fourth quarter of 2001 with that of 2000, real gross domestic product in the United States grew by just 0.1 percent, the nation's lowest growth rate since 1991. Growth was down elsewhere, too. The most recent data shows the euro area growing slowly and the Japanese economy in contraction. Many factors contributed to the domestic slowdown. Two immediate forces curbing growth were a decrease of 8.8 percent in capital spending by business over the course of 2001 and a sharp rise in unemployment, which jumped from 4 percent to 5.8 percent during the period. These developments, along with a benign inflation trend, were associated with 11 Federal Reserve interest rate cuts, producing the lowest short-term interest rates in 40 years. -------------------------------------------------------------------------------- IN THE WAKE OF THE STOCK MARKET DECLINES OF 2000 AND 2001, MANY INVESTORS HAVE REDISCOVERED THE WISDOM OF DIVERSIFICATION. -------------------------------------------------------------------------------- Stock prices were already lower during the first eight months of 2001, and the attacks of September 11 caused a major sell-off; the third-quarter decline in the S&P 500 Index of 14.68 percent was its largest quarterly drop since 1987. A year-end rally did not succeed in erasing the year's previous losses, which particularly affected growth stock indexes. The Russell 3000(R) Growth Index declined 19.63 percent during the year, and the Nasdaq Composite Index, with its large number of technology stocks, fell 21.05 percent. Overseas stocks offered no haven for equity investors; the Morgan Stanley World Index dropped 16.75 percent. In contrast, Fed rate cuts and other factors stimulated demand for bonds, which generally performed in positive territory in 2001. The Lehman Brothers Aggregate Bond Index, which tracks both the government and corporate bond markets, rose 8.44 percent during the period. The three CREF equity accounts reported on here all participated in the stock market downdrafts of the past year. While some stock funds keep a portion of their holdings in cash as a hedge against market declines, our strategy is to remain fully invested at all times, in keeping with our participants' long-term investment horizon and our stated account objectives. This means, of course, that our equity accounts are not immune from market forces. The CREF Stock Account closely tracked its bench- 2 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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[PHOTO OMITTED] MARTIN L. LEIBOWITZ VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER mark. The CREF Global Equities and the CREF Growth accounts underperformed their benchmarks because several of the stocks we believed would do well produced disappointing returns, as explained in the detailed commentaries on pages 6 through 9. The table above shows the total return (gains and losses plus investment income) during 2001 for the three CREF accounts discussed in this report, compared with total returns for their respective benchmarks and for the Lipper categories that best match each account's objectives. Detailed performance information for each account appears on the following pages. We have been using a group of indexes compiled by Lipper Analytical Services, Inc. to show how the CREF accounts perform in comparison to the average returns of funds with similar investment objectives. Beginning with 2002 performance information, we will instead use the relevant indexes of Morningstar, Inc. to represent the performance of our peer groups. We are making this change because we believe Morningstar's fund categories more accurately and consistently match our accounts and Morningstar's rating system is the most widely known among our participants. We believe this change therefore will be more useful to investors in judging our performance. The benchmarks of the accounts, as stated in the CREF prospectus, remain unchanged. In the wake of the stock market declines of 2000 and 2001, many investors have rediscovered the wisdom of diversification. Fortunately, TIAA-CREF participants have practiced that strategy for years, taking advantage of the fact that our retirement accounts span all three basic markets: equities, bonds, and real estate. That diversity has enabled many of our participants to temper their recent losses or even to experience some gains, even as stock markets retreated. While the four equity accounts posted losses during 2001 that ranged from -11.73 percent for the Equity Index Account to -22.91 percent for the Growth Account, all of the fixed-income accounts registered gains. The Money Market Account returned 4.04 percent, the Inflation-Linked Bond Account 7.67 percent, and the Bond Market Account 7.93 percent. The TIAA Real Estate Account returned 6.29 percent during the same period. In the case of each of our accounts, low expenses gave participants a valuable edge that can be especially important when returns are below historical norms. Our disciplined approach to investing, with each account operating within a well-defined range of investments, continues to provide participants with the components of a widely diversified portfolio. The experience of the last year, while no guarantee of future performance, demonstrates that diversification continues to be a viable strategy for managing investment risk. /s/ Martin L. Leibowitz ------------------------ Martin L. Leibowitz VICE CHAIRMAN AND CHIEF INVESTMENT OFFICER TOTAL RETURNS FOR THE YEAR ENDED DECEMBER 31, 2001 -------------------------------------------------------------------------------- CREF STOCK ACCOUNT..................................................... -13.89% CREF Composite Index................................................... -13.48 Russell 3000(R)Index................................................... -11.46 Morgan Stanley Capital International EAFE + Canada Index............... -21.44 Lipper Growth and Income Fund Index.................................... -7.42 CREF GLOBAL EQUITIES ACCOUNT........................................... -19.52% Morgan Stanley Capital International World Index....................... -16.75 Lipper Global Fund Index............................................... -15.76 CREF GROWTH ACCOUNT.................................................... -22.91% Russell 3000(R)Growth Index............................................ -19.63 Lipper Growth Fund Index............................................... -17.98 -------------------------------------------------------------------------------- Please see pages 4 to 9 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, 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. 2001 ANNUAL 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 StrategySM, 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(R) 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 2001 For 2001 the CREF Stock Account posted a total return of -13.89 percent, closely tracking the -13.48 percent return of its composite benchmark, a weighted average of the Russell 3000 and the MSCI EAFE + Canada indexes. We use a composite benchmark to measure account performance because the Stock Account holds both domestic and foreign stocks. The account lagged the -7.42 percent average return of similar funds as measured by the Lipper Growth and Income Index. The account's return differed from that of its composite benchmark because the international segment produced a lower rate of return than that of the MSCI EAFE + Canada index. This more than offset the positive contributions of the domestic segment, which performed better than the Russell 3000. Within both segments of the account, the differences between the account's returns and those of their respective benchmarks were caused by individual stock selections. In the domestic segment, performance was helped by overweight holdings, relative to the benchmark, in stocks such as the diversified conglomerate Tyco International Ltd. and by a significant underweight in the Houston-based energy conglomerate Enron, which slid into bankruptcy during the fourth quarter. (Our holding of Tyco, however, was reduced during the year.) These contributions more than offset the effect of holdings that detracted from performance within the segment. These included several large-cap technology stocks, such as the data storage company EMC Corporation and the database software company Oracle Corporation. Some key technology infrastructure companies such as these survived the downturn in the technology sector during 2000, but were significantly affected by the widespread economic slowdown in 2001. Positive contributions to performance within the international segment came from overweights in stocks such as the Japanese carmaker Nissan Motor Company and the European healthcare companies GlaxoSmithKline plc and Serono S.A. These, however, did not compensate for the effects of overweight positions in technology stocks such as Nokia and an underweight position in the United Kingdom-based energy company BP plc, as energy companies overall showed strength despite the weakening world economy. Other detractors from performance in the international segment included telecommunications holdings such as the United Kingdom-based Cable & Wireless plc. At year's end, 30.5 percent of the account's domestic and international investments were individually selected, while 69.5 percent were managed using quantitative techniques. -------------------------------------------------------------------------------- THE ACCOUNT'S BENCHMARKS -------------------------------------------------------------------------------- We use two benchmarks for the CREF Stock Account, the Russell 3000(R) Index, representing the U.S. stock market, and the Morgan Stanley Capital International Europe, Australasia, and Far East plus Canada Index, representing foreign stock markets. For a comparison with the account's performance, you might combine these two, weighting them according to the size of the account segments that track the two benchmarks. As of December 31, 2001, 81 percent of the account tracked the Russell 3000, and 19 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 2001 ANNUAL REPORT
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PORTFOLIO COMPOSITION BY INVESTMENT STRATEGY AS OF 12/31/2001 [DATA BELOW REPRESENTS PIE CHART IN THE PRINTED PIECE] DOMESTIC ENHANCED INDEX SEGMENT 62.2% INTERNATIONAL SEGMENT 19.4% DOMESTIC ACTIVE SEGMENT 18.0% SHORT-TERM INVESTMENTS 0.4% PORTFOLIO COMPOSITION BY INDUSTRY AS OF 12/31/2001 [DATA BELOW REPRESENTS PIE CHART IN THE PRINTED PIECE] CONSUMER PRODUCTS AND SERVICES 33.4% FINANCIAL SERVICES 19.0% TECHNOLOGY 16.4% MANUFACTURING AND MATERIALS 14.3% UTILITIES 9.1% ENERGY 6.3% OTHER 1.5% $10,000 OVER TEN YEARS [DATA BELOW REPRESENTS LINE CHART IN THE PRINTED PIECE] Stock Russell 3000(R) MSCI/EAFE+ Date Account Index Canada Index ---- ------- --------------- ------------- 12/31/91 10000 10000 10000 12/31/92 10629 10968 8783 12/31/93 12107 12160 11587 12/31/94 12093 12182 12440 12/31/95 15831 16666 13865 12/31/96 18906 20302 14817 12/31/97 23890 26755 15154 12/31/98 29370 33212 17998 12/31/99 35677 40155 23024 12/31/2000 32667 37159 19945 12/31/2001 28130 32901 15665 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF STOCK ACCOUNT ON JANUARY 1, 1992. IT SHOWS THAT, BY YEAR-END 2001, THE INVESTMENT WOULD HAVE GROWN TO $28,130. FOR COMPARISON, THE GRAPH SHOWS HOW THE STOCK ACCOUNT'S BENCHMARKS CHANGED OVER THE SAME PERIOD. TEN LARGEST HOLDINGS AS OF 12/31/2001 -------------------------------------------------------------------------------- SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS -------------------------------------------------------------------------------- General Electric Co 71.2 $2,854.8 2.88 Exxon Mobil Corp 51.8 2,036.4 2.05 Microsoft Corp 29.3 1,938.7 1.96 Citigroup, Inc 37.8 1,906.1 1.92 Pfizer, Inc 43.4 1,730.4 1.75 Int'l Business Machines Corp 11.9 1,434.4 1.45 Intel Corp 44.7 1,406.8 1.42 American Int'l Group, Inc 17.6 1,399.2 1.41 Johnson & Johnson 19.1 1,129.4 1.14 Wal-Mart Stores, Inc 19.3 1,110.5 1.12 PERFORMANCE AT A GLANCE AS OF 12/31/2001 [Enlarge/Download Table] ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL COMPENSATION 2001 RATES OF TOTAL RETURN(1,2) CUMULATIVE RATES OF TOTAL RETURN(1,2) ACTUAL NET ASSETS 1 YEAR 5 YEARS 10 YEARS 1 YEAR 5 YEARS 10 YEARS EXPENSES (IN BILLIONS) ----------------------------------------------------------------------------------------------------------------------------------- STOCK ACCOUNT -13.89% 8.27% 10.90% -13.89% 48.79% 181.30% 0.41%(3) $99.2 Russell 3000(R) Index -11.46 10.14 12.65 -11.46 62.06 229.01 -- -- MSCI EAFE + Canada Index -21.44 1.12 4.59 -21.44 5.75 56.70 -- -- Lipper Growth and Income Fund Index -7.42 8.42 11.49 -7.42 49.82 196.70 -- -- Lipper International Fund Index -19.33 2.76 6.67 -19.33 14.57 90.75 -- -- (1) Due to market volatility, recent performance of the CREF Stock Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ ra-performance.html or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Stock Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. 2001 ANNUAL 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 2001 The CREF Global Equities Account posted a total return of -19.52 percent for 2001, compared with the -16.75 percent return of its performance benchmark, the MSCI World Index, and the -15.76 percent average return of similar funds, as measured by the Lipper Global Fund Index. The account lagged the benchmark because, compared to the benchmark, its portfolio favored technology companies. Well-performing stock selections in other sectors aided relative performance but not enough to compensate for losses among the account's technology stocks. Among the account's North American investments, positive contributions to performance came from overweight holdings, relative to the benchmark, in consumer non-cyclical companies such as Home Depot and Procter & Gamble, and in healthcare companies such as Abbott Labs, Tenet Healthcare, and Cardinal Health. These positives were more than offset by other overweights, mainly in technology and telecommunications holdings such as JDS Uniphase and Nortel Networks. $10,000 SINCE 5/1/1992 INCEPTION [DATA BELOW REPRESENTS LINE CHART IN THE PRINTED PIECE] Global Equities MSCI Date Account World Index ---- ---------------- ----------- 5/1/92 10000 10000 12/31/92 10255 10182 12/31/93 13890 12474 12/31/94 13826 13107 12/31/95 16604 15823 12/31/96 19588 17955 12/31/97 23180 20786 12/31/98 27487 25844 12/31/99 37395 32289 12/31/2000 31342 28034 12/31/2001 25224 23309 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF GLOBAL EQUITIES ACCOUNT ON MAY 1, 1992. IT SHOWS THAT, BY YEAR-END 2001, THE INVESTMENT WOULD HAVE GROWN TO $25,224. FOR COMPARISON, THE GRAPH SHOWS HOW THE MSCI WORLD INDEX, THE GLOBAL EQUITIES ACCOUNT'S BENCHMARK, CHANGED OVER THE SAME PERIOD. Performance also suffered from an underweight in Microsoft Corporation, as that company's stock rebounded. In the European region, positive contributions were produced by holdings in consumer cyclical stocks, such as Compass Group PLC, and by an overweight position in British Sky Broadcasting. Overweights in the European financial companies Royal Bank of Scotland and Lloyds TSB Group helped performance as well. However, overall performance within the region was more strongly affected by losses caused by overweight positions in Spirent plc, Infineon Technologies, and several other technology companies. Performance in the Asia-Pacific region benefited from overweight holdings in the basic industries sector, including JGC Corporation, a Japanese plant engineering company, and CSR Ltd, an Australian conglomerate. Underweights in Japanese producer durables companies such as NEC and Fujitsu Ltd also made positive contributions, as did overweights of several Japanese technology companies, including Nintendo and Kyocera Corporation. These positives, however, did not compensate for losses produced by overweights in several financial services companies, such as Acom Company Ltd, and in Japanese utilities companies such as Tohoku Electric Power and Tokyo Electric Power.
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At year's end, 61.6 percent of the account's stocks was individually selected; 38.4 percent was held in the Enhanced Index subportfolio and managed using quantitative techniques. 6 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL 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 24 developed market countries. MSCI calculates indices by applying full market capitalization weights (price multiplied by the number of shares outstanding) for the securities in the index. MSCI calculates regional indices using GDP weightings for countries. In constructing its country indices, 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. TEN LARGEST HOLDINGS AS OF 12/31/2001 -------------------------------------------------------------------------------- SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS COUNTRY -------------------------------------------------------------------------------- General Electric Co 4.4 $175.4 2.61 United States Microsoft Corp 2.3 152.2 2.27 United States Exxon Mobil Corp 3.3 131.0 1.95 United States Citigroup, Inc 2.5 127.9 1.91 United States American Int'l Group, Inc 1.5 119.8 1.78 United States Pfizer, Inc 2.9 115.0 1.71 United States Int'l Business Machines Corp 0.9 107.4 1.60 United States Home Depot, Inc 2.0 102.9 1.53 United States Intel Corp 2.9 90.0 1.34 United States Wal-Mart Stores, Inc 1.4 83.2 1.24 United States DIVERSIFICATION AMONG WORLD MARKETS AS OF 12/31/2001 [DATA BELOW REPRESENTS PIE CHART IN THE PRINTED PIECE] UNITED STATES 57.7% UNITED KINGDOM 10.7% JAPAN 8.2% FRANCE 3.4% SWITZERLAND 3.1% NETHERLANDS 3.0% GERMANY 2.7% CANADA 2.1% 19 OTHER NATIONS 9.1% PORTFOLIO COMPOSITION BY INDUSTRY AS OF 12/31/2001 [DATA BELOW REPRESENTS PIE CHART IN THE PRINTED PIECE] CONSUMER PRODUCTS AND SERVICES 32.2% FINANCIAL SERVICES 20.1% TECHNOLOGY 14.9% MANUFACTURING AND MATERIALS 14.1% UTILITIES 10.3% ENERGY 6.9% OTHER 1.5% -------------------------------------------------------------------------------- PERFORMANCE AT A GLANCE AS OF 12/31/2001 [Enlarge/Download Table] ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND 2001 RATES OF TOTAL RETURN(1,2) CUMULATIVE RATES OF TOTAL RETURN(1,2) ACTUAL NET ASSETS 1 YEAR 5 YEARS SINCE INCEPTION(3) 1 YEAR 5 YEARS 10 YEARS EXPENSES (IN BILLIONS) ----------------------------------------------------------------------------------------------------------------------------------- Global Equities Account -19.52% 5.19% 10.03% -19.52% 28.77% 152.24% 0.46%(4) $6.7 MSCI World Index -16.75 5.38 9.15 -16.75 29.98 133.39 -- -- Lipper Global Fund Index -15.76 6.13 9.20 -15.76 34.63 134.16 -- -- (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) Inception date: 5/1/1992
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(4) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. 2001 ANNUAL 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(R) 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 2001 For 2001, the CREF Growth Account posted a total return of -22.91 percent, compared with the return of -19.63 percent of its performance benchmark, the Russell 3000 Growth Index, and the -17.98 percent average return of similar funds, as measured by the Lipper Growth Fund Index. One reason the account's performance differed from that of its peers within the Lipper index is that the account seeks to track the Russell 3000 Growth Index, while many funds in the Lipper index use the S&P as their benchmark. The S&P 500, which is less heavily weighted in favor of rapidly growing companies, was down only 11.89 percent during 2001. The account's return differed from that of the benchmark because of performance within the Stock Selection segment. Most of this difference occurred in the first quarter of the year, when the spread between returns of the account and the benchmark was 2.13 percentage points. The account's return exactly matched that of the benchmark for the second quarter. During both the downturn of the third quarter and the year-end rally, the account closely tracked the benchmark. Its return was within 1.08 percentage points during the third quarter and within 0.10 percentage points during the fourth one. For the year as a whole, positive contributions were generated by overweight holdings, relative to the benchmark, in the healthcare and financial services sectors. These included Cardinal Health and Tenet Healthcare and Citigroup, Inc. The account also benefited from stock selection in the utilities and telecommunications sector, and, in particular, from an overweight position in the wireless telecommunication company Sprint PCS Group. Negative factors, however, had a greater effect on the year's return, relative to the benchmark's. Chief among them was an overweight position in technology, compared with the benchmark, and stock selection within the technology sector. In particular, overweight holdings in EMC Corporation, Oracle Corporation, and Ciena Corporation detracted from relative performance. An underweight position in IBM also adversely affected returns. In other sectors, an overweight in AOL Time Warner detracted from performance. At year's end, 55.9 percent of the account's assets consisted of individually selected investments; 44.1 percent was held in the Enhanced Index subportfolio and managed using quantitative techniques. This reflected a shift of assets from the Enhanced Index subportfolio to the Stock Selection segment during the second half of 2001 as new opportunities arose. -------------------------------------------------------------------------------- THE ACCOUNT'S BENCHMARK -------------------------------------------------------------------------------- The benchmark we use for the CREF Growth Account is the Russell 3000(R) 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 forecast growth rates. -------------------------------------------------------------------------------- 8 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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PORTFOLIO COMPOSITION BY INDUSTRY AS OF 12/31/2001 [DATA BELOW REPRESENTS PIE CHART IN THE PRINTED PIECE] CONSUMER PRODUCTS AND SERVICES 45.9% TECHNOLOGY 31.2% MANUFACTURING AND MATERIALS 11.0% FINANCIAL SERVICES 7.1% UTILITIES 2.3% ENERGY 1.9% OTHER 0.6% PERCENT BY CAPITALIZATION AS OF 12/31/2001 [DATA BELOW REPRESENTS PIE CHART IN THE PRINTED PIECE] LARGE CAPITALIZATION STOCKS: OVER $5 BILLION 91.2% MIDDLE CAPITALIZATION STOCKS: 6.6% $1-$5 BILLION SMALL CAPITALIZATION STOCKS: UNER $1 BILLION 2.2% $10,000 SINCE 4/29/1994 INCEPTION [DATA BELOW REPRESENTS LINE CHART IN THE PRINTED PIECE] Growth Russell 3000(R) Date Account Growth Index ---- ------- -------------- 5/1/94 10000 10000 12/31/94 10425 10641 12/31/95 14095 14532 12/31/96 17689 17712 12/31/97 22715 22802 12/31/98 30186 30787 12/31/99 40002 41201 12/31/2000 31779 31965 12/31/2001 24499 25692 THE GRAPH ASSUMES A $10,000 INVESTMENT IN THE CREF GROWTH ACCOUNT ON APRIL 29, 1994. IT SHOWS THAT, BY YEAR-END 2001, THE INVESTMENT WOULD HAVE GROWN TO $24,499. FOR COMPARISON, THE GRAPH SHOWS HOW THE RUSSELL 3000 GROWTH INDEX, THE GROWTH ACCOUNT'S BENCHMARK, CHANGED OVER THE SAME PERIOD. TEN LARGEST HOLDINGS AS OF 12/31/2001 -------------------------------------------------------------------------------- SHARES MARKET VALUE PERCENT OF COMPANY (IN MILLIONS) (IN MILLIONS) NET ASSETS -------------------------------------------------------------------------------- General Electric Co 18.0 $720.3 6.68 Microsoft Corp 8.3 550.1 5.10 Pfizer, Inc 13.2 527.3 4.89 Intel Corp 12.3 385.7 3.58 Wal-Mart Stores, Inc 5.5 317.4 2.95 Home Depot, Inc 5.4 276.4 2.57 AOL Time Warner, Inc 8.5 271.5 2.52 Cisco Systems, Inc 14.2 256.3 2.38 American International Group, Inc 3.2 256.2 2.38 Johnson & Johnson 3.8 225.5 2.09 PERFORMANCE AT A GLANCE AS OF 12/31/2001 [Enlarge/Download Table] ----------------------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL COMPOUND 2001 RATES OF TOTAL RETURN(1,2,3) CUMULATIVE RATES OF TOTAL RETURN(1,2) ACTUAL NET ASSETS 1 YEAR 5 YEARS SINCE INCEPTION 1 YEAR 5 YEARS 10 YEARS EXPENSES (IN BILLIONS) ----------------------------------------------------------------------------------------------------------------------------------- Growth Account -22.91% 6.73% 12.43% -22.91% 38.50% 145.90% 0.43%(4) $10.8 Russell 3000 Growth Index -19.63 7.72 13.13 -19.63 45.05 157.94 -- -- Lipper Growth Fund Index -17.98 8.52 10.78 -17.98 50.52 137.39 -- -- (1) Due to market volatility, recent performance of the CREF Growth Account may differ from the figures shown above. For the most current performance, visit the TIAA-CREF Web Center at www.tiaa-cref.org/charts/ ra-performance.html or call 800 842-2776. (2) Past performance should not be taken as a guarantee of the same future rates of return from the Growth Account. Future returns will fluctuate, as will the value of investment principal. The units you own may be worth more or less than their original value upon redemption. (3) Inception date: 4/29/1994 (4) We estimate expenses for the year based on projected expense and asset levels. Any differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. Historically the adjustments have been small. 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 9
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SUMMARY BY COUNTRY VALUE (000) % ------------ ------ DOMESTIC: UNITED STATES ....................... $ 78,988,876 78.84% ------------ ------ TOTAL DOMESTIC 78,988,876 78.84 ------------ ------ FOREIGN: ARGENTINA ........................... 12 0 AUSTRIA ............................. 8,643 0.01 AUSTRALIA ........................... 727,865 0.73 BELGIUM ............................. 266,324 0.26 BERMUDA ............................. 771,576 0.77 BRAZIL .............................. 1,468 0 CANADA .............................. 1,040,154 1.04 CHINA ............................... 2,443 0 DENMARK ............................. 125,617 0.12 FINLAND ............................. 428,792 0.43 FRANCE .............................. 2,201,374 2.2 GERMANY ............................. 1,071,308 1.07 GREECE .............................. 41,972 0.04 HONG KONG ........................... 241,903 0.24 HUNGARY ............................. 3,990 0 INDIA ............................... 124,029 0.12 IRELAND ............................. 137,779 0.14 ISRAEL .............................. 8,765 0.01 ITALY ............................... 820,472 0.82 JAPAN ............................... 3,550,575 3.54 KOREA ............................... 8,328 0.01 LUXEMBOURG .......................... 9,191 0.01 MALAYSIA ............................ 3 0 NETHERLANDS ......................... 1,155,122 1.15 NEW ZEALAND ......................... 25,797 0.03 NORWAY .............................. 57,966 0.06 PORTUGAL ............................ 87,186 0.09 SINGAPORE ........................... 90,045 0.09 SOUTH AFRICA ........................ 15,246 0.02 SPAIN ............................... 460,271 0.46 SWEDEN .............................. 337,843 0.34 SWITZERLAND ......................... 1,452,416 1.45 TAIWAN .............................. 13,099 0.01 UNITED KINGDOM ...................... 3,823,020 3.81 ------------ ------ TOTAL FOREIGN 19,110,594 19.07 SHORT TERM INVESTMENTS 2,095,170 2.09 ------------ ------ TOTAL PORTFOLIO $100,194,640 100.00% ============ ====== ---------------------- PRINCIPAL VALUE (000) --------- ----------- BONDS--0.02% CORPORATE BONDS--0.02% AEROSPACE AND DEFENSE--0.00% BAE SYSTEMS PLC 325,475 (1) 7.450%, 11/30/03...................... $ 223 BANCO NAC DE ECONO CV $1,600,000 6.500%, 06/15/06 ..................... 1,468 ------- TOTAL AEROSPACE AND DEFENSE 1,691 ------- BASIC INDUSTRIES--0.01% FOSTER WHEELER LTD 4,000,000 6.500%, 06/01/07 ..................... 2,385 FREEPORT MCMORAN COPPER & GOLD, INC NOTE 180,000 8.250%, 01/31/06 ..................... 212 MASCO CORP 20,000,000 0.000%, 07/20/31 ..................... 8,150 ------- TOTAL BASIC INDUSTRIES 10,747 -------
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CONSUMER CYCLICAL--0.00% UGLY DUCKLING CORP (SUB DEB) 413,400 12.000%, 10/23/03 .................. $ 413 ------- TOTAL CONSUMER CYCLICAL 413 ------- FINANCIAL SERVICES--0.00% AMP REINSURANCE NOTE 480,277 (2) 7.000%, 02/10/05..................... 0 BANCA INTESA S.P.A. (CV DEB) 210,884,000 (3) 4.700%, 01/01/03..................... 339 BANCA INTESA (CV DEB) (RISP) 16,220,000 (3) 4.700%, 01/01/03..................... 27 NHI HEALTH (DEB) 346,000 8.500%, 01/01/06 .................... 346 ------- TOTAL FINANCIAL SERVICES 712 ------- TECHNOLOGY--0.01% AVAYA, INC 8,500,000 0.000%, 10/31/21..................... 4,558 EXODUS COMMUNICATIONS, INC 10,000,000 5.250%, 02/15/08 .................... 175 ------- TOTAL TECHNOLOGY 4,733 ------- UTILITIES--0.00% CALPINE CORP NOTE 2,000,000 4.000%, 12/26/06..................... 2,313 ------- TOTAL UTILITIES 2,313 ------- TOTAL CORPORATE BONDS (COST $32,078) 20,609 ------- GOVERNMENT BOND--0.00% U.S. TREASURY SECURITY--0.00% U.S. TREASURY NOTE 325,000 5.000%, 02/15/11..................... 324 ------- TOTAL GOVERNMENT BOND (COST $315) 324 ------- TOTAL BONDS (COST $32,393) 20,933 ------- --------- (1) Denominated in British Pounds (2) Denominated in Australian Dollars (3) Denominated in Italian Lira SHARES ------ PREFERRED STOCK--0.14% BASIC INDUSTRIES--0.01% 1,670 BUHRMANN NV .................................. 5 210,207 * FREEPORT-MCMORAN COPPER & GOLD, INC .......... 3,290 132,287 * SEALED AIR CORP (NEW) ........................ 5,483 --------- TOTAL BASIC INDUSTRIES ......................... 8,778 --------- CONSUMER CYCLICAL--0.09% 72,400 * ADELPHIA COMMUNICATIONS ...................... 7,145 668,800 * COMCAST CORP CV 10/15/29 ..................... 34,951 50,000 * COMCAST CORP CV 11/15/29 ..................... 2,331 46,360 HUGO BOSS AG ................................... 966 36,037 MAN AG ......................................... 600 5,013,936 NEWS CORP LTD .................................. 33,495 115,446 * O'SULLIVAN INDUSTRIES HOLDINGS, INC .......... 60 10,317 e PORSCHE AG ................................... 3,941 600 * PRICE LEGACY CORP ............................ 9 123,353 PROSIEBEN MEDIA AG ............................. 610 100,000 * SIX FLAGS, INC ............................... 2,400 38,916 VOLKSWAGEN AG .................................. 1,201 --------- TOTAL CONSUMER CYCLICAL 87,709 --------- SEE NOTES TO FINANCIAL STATEMENTS 10 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER NON-CYCLICAL--0.00% 58,000 * SUIZA CAPITAL TRUST II ........................... $ 2,842 ---------- TOTAL CONSUMER NON-CYCLICAL 2,842 ---------- FINANCIAL SERVICES--0.00% 1 f* CRESTARAN INTERNATIONAL INVESTMENT BV ........... 0 18,432 * KIMCO REALTY CORP SERIES D ...................... 575 ---------- TOTAL FINANCIAL SERVICES 575 ---------- HEALTH CARE--0.02% 941,176 * ADVANCED MEDICINE CORP SERIES C .................. 8,470 444,445 * ADVANCED MEDICINE CORP SERIES D .................. 4,000 19,924 FRESENIUS MEDICAL CARE ........................... 887 8,534 * MEDIQ, INC ....................................... 2 2,758,725 f* NETGENICS, INC CV SERIES D ...................... 6,345 ---------- TOTAL HEALTH CARE 19,704 ---------- TECHNOLOGY--0.00% 9,807 * SUPERIOR TRUST I SERIES A ........................ 39 ---------- TOTAL TECHNOLOGY 39 ---------- TRANSPORTATION--0.02% 445,900 * UNION PACIFIC CAPITAL TRUST ...................... 21,180 ---------- TOTAL TRANSPORTATION 21,180 ---------- UTILITIES--0.00% 1 TELE NORTE LESTE PARTICIPACOES S.A ............... 0 150,000 * VIATEL FINANCING TRUST I ......................... 75 ---------- TOTAL UTILITIES 75 ---------- TOTAL PREFERRED STOCK (COST $170,317) 140,902 ---------- COMMON STOCK--98.77% AEROSPACE AND DEFENSE--0.86% 133,102 AAR CORP ......................................... 1,199 115,429 * ALLIANT TECHSYSTEMS, INC ......................... 8,911 89,369 * ARMOR HOLDINGS, INC .............................. 2,412 94,728 * AVIALL, INC ...................................... 715 15,283,023 BAE SYSTEMS PLC .................................. 68,842 4,556,541 BOEING CO ........................................ 176,703 71,250 * DRS TECHNOLOGIES, INC ............................ 2,540 1,199,936 * ECHOSTAR COMMUNICATIONS CORP (CLASS A) ........... 32,962 35,770 ENGINEERED SUPPORT SYSTEMS, INC .................. 1,224 262,286 e EUROPEAN AERONAUTIC DEFENSE AND SPACE CO ......... 3,185 1,589,013 GENERAL DYNAMICS CORP ............................ 126,549 8,569,205 * GENERAL MOTORS CORP (CLASS H) .................... 132,394 54,943 HEICO CORP ....................................... 828 4,574 HEICO CORP (CLASS A) ............................. 62 119,061 * HEXCEL CORP ...................................... 367 34,678 * INNOVATIVE SOLUTIONS & SUPPORT, INC .............. 269 123,239 KAMAN CORP (CLASS A) ............................. 1,923 38,300 * LADISH CO, INC ................................... 418 2,067,558 LOCKHEED MARTIN CORP ............................ 96,493 69,286 * MOOG, INC (CLASS A) .............................. 1,510 533,785 NORTHROP GRUMMAN CORP ............................ 53,811 180,827 * ORBITAL SCIENCES CORP ............................ 747 158,467 * PANAMSAT CORP .................................... 3,467 247,334 * PEGASUS COMMUNICATIONS CORP ...................... 2,575 622,653 PERKINELMER, INC ................................. 21,805 281,235 PRECISION CASTPARTS CORP ......................... 7,945 2,252,047 RAYTHEON CO ...................................... 73,124 235,602 * REMEC, INC ....................................... 2,354 781,042 ROLLS-ROYCE PLC .................................. 1,893 18,554 * SEQUA CORP (CLASS A) ............................. 882 964,650 SMITHS GROUP PLC ................................. 9,505 182,748 * TELEDYNE TECHNOLOGIES, INC ....................... 2,977 79,786 e THALES S.A ....................................... 2,753 88,001 * TRIUMPH GROUP, INC ............................... 2,860
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74,814 * VIASAT, INC ...................................... 1,167 26,413 ZODIAC S.A ....................................... 4,795 ---------- TOTAL AEROSPACE AND DEFENSE 852,166 ---------- BASIC INDUSTRIES--3.99% 1,059,338 ABITIBI-CONSOLIDATED, INC ....................... 7,718 61,858 ACERINOX S.A .................................... 2,068 48,582 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A . 1,185 8,477 e* AEP INDUSTRIES, INC ............................. 203 373,459 AGGREKO PLC ..................................... 1,984 117,188 AGRIUM, INC ..................................... 1,237 1,731,874 AIR PRODUCTS & CHEMICALS, INC ................... 81,242 316,497 * AIRGAS, INC ..................................... 4,785 500,130 * AK STEEL HOLDING CORP ........................... 5,691 496,372 AKZO NOBEL NV ................................... 22,165 90,023 ALBANY INTERNATIONAL CORP (CLASS A) ............. 1,953 137,693 ALBEMARLE CORP .................................. 3,305 729,206 ALCAN, INC ...................................... 26,107 6,540,965 ALCOA, INC ...................................... 232,531 14,900 ALICO, INC ...................................... 467 393,853 ALLEGHENY TECHNOLOGIES, INC ..................... 6,597 7,065 ALUMINUM OF GREECE S.A.I.C ...................... 210 120,009 AMCOL INTERNATIONAL CORP ........................ 864 2,250,357 AMCOR LTD ....................................... 8,236 86,142 AMEC PLC ........................................ 495 16,000 * AMERICAN REALTY INVESTORS, INC .................. 158 357,933 * AMERICAN STANDARD COS, INC ...................... 24,422 29,276 AMERICAN WOODMARK CORP .......................... 1,574 18,900 AMERON INTERNATIONAL CORP ....................... 1,308 127,822 ANGLO AMERICAN PLATINUM CORP LTD ................ 4,761 177,944 APTARGROUP, INC ................................. 6,233 105,101 ARCH CHEMICALS, INC ............................. 2,438 261,019 ARCH COAL, INC .................................. 5,925 214,361 e* ARMSTRONG HOLDINGS, INC ......................... 731 5,473,358 ASAHI KASEI CORP ................................ 19,211 64,063 e ASSIDOMAN AB .................................... 1,606 75,000 ASTRAZENECA PLC (SPON ADR) ...................... 3,495 30,800 * AVATAR HOLDINGS, INC ............................ 726 545,586 AVERY DENNISON CORP ............................. 30,842 150,044 BALL CORP ....................................... 10,608 227,900 BARRATT DEVELOPMENTS PLC ........................ 1,420 1,205,227 BARRICK GOLD CORP ............................... 19,215 791,917 BARRICK GOLD CORP (U.S.) ........................ 12,631 673,095 BASF AG ......................................... 25,082 901,189 BAYER AG ........................................ 28,646 299,297 BEMIS CO ........................................ 14,719 180,400 BERKELEY GROUP PLC .............................. 1,855 8,598,375 a,b,e*BETHLEHEM STEEL CORP ............................ 3,869 9,968,190 BHP BILLITON LTD ................................ 53,579 3,760,792 BHP BILLITON PLC ................................ 19,102 565,756 BLACK & DECKER CORP ............................. 21,346 690,938 BOC GROUP PLC ................................... 10,659 14,247 BOEHLER-UDDEHOLM AG ............................. 571 263,174 BOISE CASCADE CORP .............................. 8,951 999,601 BORAL LTD ....................................... 1,683 273,167 BOWATER, INC .................................... 13,030 364,747 BPB PLC ......................................... 1,593 84,892 * BRUSH ENGINEERED MATERIALS, INC ................. 1,209 115,289 * BUCKEYE TECHNOLOGIES, INC ....................... 1,326 45,120 BUDERUS AG ...................................... 1,233 95,589 BUHRMANN NV ..................................... 1,049 69,977 * BUILDING MATERIALS HOLDING CORP ................. 759 23,900 BUTLER MANUFACTURING CO ......................... 662 367,279 CABOT CORP ...................................... 13,112 137,859 * CABOT MICROELECTRONICS CORP ..................... 10,925 194,683 CALGON CARBON CORP .............................. 1,626 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 11
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BASIC INDUSTRIES--(CONTINUED) 118,147 CAMBREX CORP ....................................... $ 5,151 207,763 CAMECO CORP ........................................ 5,108 144,654 CARAUSTAR INDUSTRIES, INC .......................... 1,002 161,326 CARLISLE COS, INC .................................. 5,966 278,872 CARPENTER TECHNOLOGY CORP .......................... 7,424 4,340,721 * CARTER HOLT HARVEY LTD ............................. 3,073 10,900 CASTLE (A.M.) & CO ................................. 89 36,602 CENTEX CONSTRUCTION PRODUCTS, INC .................. 1,173 365,140 CENTEX CORP ........................................ 20,846 65,700 CENTURY ALUMINUM CO ................................ 878 256,464 * CHAMPION ENTERPRISES, INC .......................... 3,157 44,474 CHEMED CORP ........................................ 1,508 58,601 CHEMFIRST, INC ..................................... 1,405 82,868 CHESAPEAKE CORP .................................... 2,305 604,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD ............ 941 500 * CHIYODA CORP ....................................... 0 92,462 CIBA SPECIALTY CHEMICALS AG. (REGD) ................ 5,778 110,732 CIMPOR CIMENTOS DE PORTUGAL S.A .................... 1,942 121,336 CLARCOR, INC ....................................... 3,294 200,159 CLARIANT AG. (REGD) ................................ 3,767 582,136 CLAYTON HOMES, INC ................................. 9,955 49,977 CLEVELAND-CLIFFS, INC .............................. 915 608,039 * COLLINS & AIKMAN CORP .............................. 4,682 63,245 COMMERCIAL METALS CO ............................... 2,212 132,785 COMPAGNIE DE SAINT-GOBAIN .......................... 20,040 108,257 CONSOL ENERGY, INC ................................. 2,689 16,746,269 * CORUS GROUP PLC .................................... 17,548 148,397 * CORVAS INTERNATIONAL, INC .......................... 972 429,304 CRH PLC (IRELAND) .................................. 7,580 2,587,687 CRH PLC (UNITED KINGDOM) ........................... 45,506 592,915 CROMPTON CORP ...................................... 5,336 36,879 CROSSMANN COMMUNITIES, INC ......................... 1,217 663,247 * CROWN CORK & SEAL CO, INC .......................... 1,685 2,944,347 CSR LTD ............................................ 10,234 216,200 * CYTEC INDUSTRIES, INC .............................. 5,837 345,671 D.R. HORTON, INC ................................... 11,220 4,530,779 DAICEL CHEMICAL INDUSTRIES LTD ..................... 13,310 1,126,000 DAINIPPON INK & CHEMICALS, INC ..................... 1,607 180,205 DAITO TRUST CONSTRUCTION CO LTD .................... 2,757 841,221 DAIWA HOUSE INDUSTRY CO LTD ........................ 4,801 386,730 * DAL-TILE INTERNATIONAL, INC ........................ 8,991 55,207 DELTIC TIMBER CORP ................................. 1,513 562,000 DENKI KAGKU KOGYO KK ............................... 1,304 109,254 * DIONEX CORP ........................................ 2,787 76,357 e DOFASCO, INC ....................................... 1,235 193,028 DOMTAR, INC ........................................ 1,936 5,496,738 DOW CHEMICAL CO .................................... 185,680 91,000 DOWA MINING CO LTD ................................. 324 9,380 DSM NV ............................................. 343 5,571,013 DU PONT (E.I.) DE NEMOURS & CO ..................... 236,824 224,281 e* EARTHSHELL CORP .................................... 449 411,713 EASTMAN CHEMICAL CO ................................ 16,065 803,890 ECOLAB, INC ........................................ 32,357 102,045 ELCOR CORP ......................................... 2,836 61,284 ELKEM ASA .......................................... 1,025 58,207 * EMCOR GROUP, INC ................................... 2,643 346,825 * ENCOMPASS SERVICES CORP ............................ 1,006 61,455 * ENCORE WIRE CORP ................................... 744 73,436 * ENERGY CONVERSION DEVICES, INC ..................... 1,393 760,904 ENGELHARD CORP ..................................... 21,062 1,927 ERAMET ............................................. 59 71,100 FALCONBRIDGE LTD ................................... 717 153,459 FERRO CORP ......................................... 3,959 184,518 * FLEETWOOD ENTERPRISES, INC ......................... 2,091 512,835 FLETCHER BUILDING LTD .............................. 628
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2,345,018 * FLETCHER CHALLENGE FORESTS LTD ..................... 215 98,691 FLORIDA ROCK INDUSTRIES, INC ....................... 3,610 578,864 FLUOR CORP (NEW) ................................... 21,650 131,395 * FMC CORP ........................................... 7,818 93,429 * FOAMEX INTERNATIONAL, INC .......................... 757 108,205 FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A .......... 2,240 1,514 FORBO HOLDING AG. (REGD) ........................... 461 225,588 FORDING, INC ....................................... 3,999 2,350,193 * FRANCO-NEVADA MINING CORP LTD ...................... 34,672 432,628 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS A) ...... 5,581 913,054 * FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) ...... 12,226 1,000 * FUJITA CORP ........................................ 0 33,032 * GENTEK, INC ........................................ 56 132,076 GEORGIA GULF CORP .................................. 2,443 1,244,882 GEORGIA-PACIFIC CORP (GEORGIA-PACIFIC GROUP) ....... 34,371 37,029 GIBRALTAR STEEL CORP ............................... 649 69,273 GLATFELTER ......................................... 1,079 54,000,000 GLOBAL BIO-CHEM TECHNOLOGY ......................... 18,870 550,676 GOODRICH CORP ...................................... 14,659 168,415 GRANITE CONSTRUCTION, INC .......................... 4,055 206,444 GREAT LAKES CHEMICAL CORP .......................... 5,012 69,772 GREIF BROTHERS CORP (CLASS A) ...................... 2,299 482,928 GRUPO DRAGADOS S.A ................................. 6,463 153,310 H.B. FULLER CO ..................................... 4,411 2,045,150 HANSON PLC ......................................... 14,109 1,000 * HASEKO CORP ........................................ 0 1,000 * HAZAMA CORP ........................................ 0 23,132 HEIDELBERGER ZEMENT AG. (BELGIUM) .................. 1,081 9,173 HEIDELBERGER ZEMENT AG. (GERMANY) .................. 425 23,132 * HEIDELBERGER ZEMENT AG. (STRIP VVPR) ............... 0 61,894 HELLENIC TECHNODOMIKI S.A .......................... 342 578,175 * HERCULES, INC ...................................... 5,782 33,282 HOGANAS AB (B SHS) ................................. 519 48,360 HOLCIM LTD (BR) .................................... 10,428 2,336 HOLCIM LTD (REGD) .................................. 102 42,927 HOLMEN AB (B SHS) .................................. 976 67,692 * HOVNANIAN ENTERPRISES, INC (CLASS A) ............... 1,440 1,974,918 ILUKA RESOURCES LTD ................................ 4,499 578,388 IMC GLOBAL, INC .................................... 7,519 8,875 e IMERYS S.A ......................................... 852 94,391 IMPALA PLATINUM HOLDINGS LTD ....................... 4,426 1,161,734 IMPERIAL CHEMICAL INDUSTRIES PLC ................... 6,408 466,752 * INCO LTD ........................................... 7,909 2,153,860 * INCO LTD (U.S.) .................................... 36,486 124,175 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ............. 3,176 164,961 * INTEGRATED ELECTRICAL SERVICES, INC ................ 845 2,682,118 INTERNATIONAL PAPER CO ............................. 108,223 72,727 * INTERNATIONAL SPECIALTY PRODUCTS, INC .............. 651 63,455 INTERPOOL, INC ..................................... 1,222 211,690 * ISHIHARA SANGYO KAISHA LTD ......................... 297 91,497 e ITALCEMENTI S.P.A .................................. 717 90,635 * IVEX PACKAGING CORP ................................ 1,722 132,436 * JACOBS ENGINEERING GROUP, INC ...................... 8,741 439,539 JAMES HARDIE INDUSTRIES NV ......................... 1,348 1,000 * JAPAN STEEL WORKS LTD .............................. 1 403,248 * JEFFERSON SMURFIT GROUP PLC ........................ 880 579,079 JEFFERSON SMURFIT GROUP PLC (UNITED KINGDOM) ....... 1,247 395,000 JGC CORP ........................................... 2,914 332,800 JOHNSON MATTHEY PLC ................................ 4,621 240,000 JSR CORP ........................................... 1,610 142,516 * KAISER ALUMINUM CORP ............................... 231 2,291,000 e KAJIMA CORP ........................................ 6,223 386,000 KANEKA CORP ........................................ 2,353 2,660,000 * KAWASAKI STEEL CORP ................................ 2,699 220,848 KB HOME ............................................ 8,856 3,783,504 KIMBERLY-CLARK CORP ................................ 226,254 SEE NOTES TO FINANCIAL STATEMENTS 12 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------- BASIC INDUSTRIES--(CONTINUED) 296,132 KINDEN CORP .................................... $ 1,374 667 KUREHA CHEMICAL INDUSTRY CO LTD ................ 2 148,000 KYUDENKO CORP .................................. 497 186,768 LAFARGE NORTH AMERICA, INC ..................... 7,017 1,107,749 LAFARGE S.A. (BR) .............................. 103,467 172,421 L'AIR LIQUIDE S.A .............................. 24,165 246,876 LEIGHTON HOLDINGS LTD .......................... 1,308 312,616 LENNAR CORP .................................... 14,637 233,398 LENNOX INTERNATIONAL, INC ...................... 2,264 145,087 e LINDE AG ....................................... 5,904 12,300 LIQUI-BOX CORP ................................. 507 157,694 * LONE STAR TECHNOLOGIES, INC .................... 2,775 284,660 LONGVIEW FIBRE CO .............................. 3,362 4,595 LONMIN PLC ..................................... 70 6,297 LONZA AG. (REGD) ............................... 4,115 564,879 * LOUISIANA-PACIFIC CORP ......................... 4,768 69,100 LSI INDUSTRIES, INC ............................ 1,202 3,067 b,e* LTV CORP ....................................... 0 295,031 LUBRIZOL CORP .................................. 10,353 79,200 * LYDALL, INC .................................... 792 816,466 LYONDELL CHEMICAL CO ........................... 11,700 29,604 M/I SCHOTTENSTEIN HOMES, INC ................... 1,473 111,291 MACDERMID, INC ................................. 1,886 231,000 MAEDA ROAD CONSTRUCTION CO LTD ................. 733 287,373 MARTIN MARIETTA MATERIALS, INC ................. 13,392 2,755,078 MASCO CORP ..................................... 67,499 401,474 MASSEY ENERGY CO ............................... 8,323 378,107 e MATSUSHITA ELECTRIC WORKS LTD .................. 3,113 170,416 * MATTSON TECHNOLOGY, INC ........................ 1,501 9,600 * MAUI LAND & PINEAPPLE CO ....................... 230 9,430 MAYR-MELNHOF KARTON AG ......................... 446 98,336 MDC HOLDINGS, INC .............................. 3,716 651,698 MEAD CORP ...................................... 20,131 3,300 * MESTEK, INC .................................... 78 333,311 MILLENNIUM CHEMICALS, INC ...................... 4,200 8,387,367 MIM HOLDINGS LTD ............................... 4,895 109,047 MINERALS TECHNOLOGIES, INC ..................... 5,086 1,831,818 MITSUBISHI CHEMICAL CORP ....................... 3,900 898,358 MITSUBISHI GAS CHEMICAL CO, INC ................ 1,254 1,886,785 * MITSUBISHI MATERIALS CORP ...................... 2,577 312,000 e MITSUBISHI PAPER MILLS LTD ..................... 445 872,400 MITSUI CHEMICALS, INC .......................... 2,796 476,000 MITSUI MINING & SMELTING CO LTD ................ 1,562 67,447 * MOBILE MINI, INC ............................... 2,639 210,100 MONSANTO CO .................................... 7,101 163,502 * MUELLER INDUSTRIES, INC ........................ 5,436 63,179 * NANOPHASE TECHNOLOGIES CORP .................... 372 8,099,416 NATIONAL ALUMINUM CO LTD ....................... 8,398 468,450 NATSTEEL LTD ................................... 225 13,253 NCH CORP ....................................... 691 85,110 * NCI BUILDING SYSTEMS, INC ...................... 1,506 1,136 * NEW WORLD INFRASTUCTURE LTD .................... 0 1,597,477 NEWCREST MINING LTD ............................ 3,385 3,900 NEWMARK HOMES CORP ............................. 56 1,048,578 e NEWMONT MINING CORP ............................ 20,038 82,000 NIPPON HODO CO LTD ............................. 338 210,000 NIPPON KAYAKU CO LTD ........................... 784 2,000 * NIPPON LIGHT METAL CO LTD ...................... 1 188,000 NIPPON SANSO CORP .............................. 483 129,000 NIPPON SHOKUBAI CO LTD ......................... 463 21,659,793 * NIPPON STEEL CORP .............................. 31,235 1,476 NIPPON UNIPAC HOLDING .......................... 6,588 880,316 e NISHIMATSU CONSTRUCTION CO LTD ................. 2,606 377,000 NISSAN CHEMICAL INDUSTRIES LTD ................. 1,959
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5,139,790 * NKK CORP ....................................... 3,647 53,222 NL INDUSTRIES, INC ............................. 813 182 NOF CORP ....................................... 0 162,324 NORANDA, INC ................................... 1,525 8,793,301 * NORMANDY MINING LTD ............................ 8,147 102,969 NORSKE SKOGINDUSTRIER ASA ...................... 1,934 46,794 * NORTEK, INC .................................... 1,306 158,000 NOVA CHEMICALS CORP ............................ 3,045 473,846 NOVAR PLC ...................................... 872 77,983 NOVOZYMES AS (B SHS) ........................... 1,574 91,095 * NS GROUP, INC .................................. 681 414,834 NUCOR CORP ..................................... 21,970 33,590 * NVR, INC ....................................... 6,852 787,842 OBAYASHI CORP .................................. 2,236 46,561 * OCTEL CORP ..................................... 838 8,300 * OGLEBAY NORTON CO .............................. 129 719,412 OJI PAPER CO LTD ............................... 2,860 552,000 OKUMURA CORP ................................... 1,356 182,702 OLIN CORP ...................................... 2,949 136,875 OM GROUP, INC .................................. 9,060 197,979 * OMNOVA SOLUTIONS, INC .......................... 1,346 842,193 ONESTEEL LTD ................................... 476 138,099 * OREGON STEEL MILLS, INC ........................ 684 1,063,357 ORICA LTD ...................................... 3,925 2,786,285 ORIGIN ENERGY LTD .............................. 4,024 49,800 * OSMONICS, INC .................................. 698 126,935 OUTOKUMPU OYJ .................................. 1,339 789,219 * OWENS-ILLINOIS, INC ............................ 7,884 325,518 * PACKAGING CORP OF AMERICA ...................... 5,908 854,290 * PACTIV CORP .................................... 15,164 83,672 * PALM HARBOR HOMES, INC ......................... 2,004 1,249,528 PAPERLINX LTD .................................. 3,116 81,402 PEABODY ENERGY CORP ............................ 2,295 112,615 PECHINEY S.A. (A SHS) .......................... 5,806 64,610 PENN ENGINEERING & MANUFACTURING CORP .......... 1,082 40,972 PENN VIRGINIA CORP ............................. 1,397 229,427 PENTAIR, INC ................................... 8,376 68,141 * PENWEST PHARMACEUTICALS CO ..................... 1,366 55,043 * PERINI CORP .................................... 385 419,551 * PHELPS DODGE CORP .............................. 13,593 1,183,910 PILKINGTON PLC ................................. 1,930 20,600 PITT-DES MOINES, INC ........................... 639 1,012,578 PLACER DOME, INC ............................... 11,037 879,035 PLUM CREEK TIMBER CO, INC ...................... 24,921 64,300 POHANG IRON & STEEL CO LTD ..................... 5,972 416,028 POLYONE CORP ................................... 4,077 77,589 POPE & TALBOT, INC ............................. 1,106 96,722 POTASH CORP OF SASKATCHEWAN .................... 5,917 100,000 POTASH CORP OF SASKATCHEWAN, INC (U.S.) ........ 6,138 151,597 POTLATCH CORP .................................. 4,445 1,051,451 PPG INDUSTRIES, INC ............................ 54,381 980,658 PRAXAIR, INC ................................... 54,181 1,000 * PRESTIGE PROPERTIES HOLDINGS LTD ............... 0 271,947 PULTE HOMES, INC ............................... 12,148 36,488 QUAKER CHEMICAL CORP ........................... 752 78,619 QUANEX CORP .................................... 2,225 345,084 RAUTARUUKKI OYJ ................................ 1,260 144,211 RAYONIER, INC .................................. 7,278 124,241 RELIANCE STEEL & ALUMINUM CO ................... 3,261 474,670 REXAM PLC ...................................... 2,589 17,185 RHI AG ......................................... 112 886,605 RIO TINTO LTD .................................. 16,886 3,293,335 RIO TINTO PLC .................................. 63,077 351,575 RMC GROUP PLC .................................. 3,167 32,522 ROANOKE ELECTRIC STEEL CORP .................... 449 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 13
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BASIC INDUSTRIES--(CONTINUED) 63,871 ROCK-TENN CO (CLASS A) ........................... $ 920 1,362,203 ROHM & HAAS CO ................................... 47,173 555,176 RPM, INC ......................................... 8,028 114,338 * RTI INTERNATIONAL METALS, INC .................... 1,138 119,988 RYERSON TULL, INC ................................ 1,320 72,095 RYLAND GROUP, INC ................................ 5,277 162,000 SANKI ENGINEERING CO LTD ......................... 791 29,676 e SAPA AB .......................................... 407 689,563 SASOL LTD ........................................ 6,059 163,721 * SCHULER HOMES, INC (CLASS A) ..................... 3,250 161,333 SCHULMAN (A.), INC ............................... 2,202 177,967 e* SCICLONE PHARMACEUTICALS, INC .................... 534 420,229 * SEALED AIR CORP .................................. 17,154 676,456 e SEKISUI CHEMICAL CO LTD .......................... 1,781 788,234 SEKISUI HOUSE LTD ................................ 5,714 655,000 SEMBCORP MARINE LTD .............................. 293 229,720 * SHAW GROUP, INC .................................. 5,398 783,918 SHERWIN-WILLIAMS CO .............................. 21,558 1,881,057 SHIMIZU CORP ..................................... 6,373 2,923,416 SHIN-ETSU CHEMICAL CO LTD ........................ 105,061 463,908 * SHOWA DENKO KK ................................... 496 427,881 SIGMA-ALDRICH CORP ............................... 16,863 53,400 * SILGAN HOLDINGS, INC ............................. 1,397 38,995 * SIMPSON MANUFACTURING CO, INC .................... 2,234 651,069 SKANSKA AB (B SHS) ............................... 4,252 37,756 SKYLINE CORP ..................................... 1,218 2,023,598 * SMURFIT-STONE CONTAINER CORP ..................... 32,317 312,352 SNAP-ON, INC ..................................... 10,514 496,407 SNIA S.P.A ....................................... 667 558,038 SOLUTIA, INC ..................................... 7,824 95,172 e SOLVAY S.A ....................................... 5,733 577,946 SONOCO PRODUCTS CO ............................... 15,362 84,006 SONS OF GWALIA LTD ............................... 322 82,209 SOUTHERN PERU COPPER CORP ........................ 982 73,547 SPARTECH CORP .................................... 1,511 149,660 ST. JOE CO ....................................... 4,153 136,764 STANDARD-PACIFIC CORP ............................ 3,326 485,137 STANLEY WORKS .................................... 22,593 34,000 f STARRETT (L.S.) CO (CLASS B) ..................... 709 130,589 * STEEL DYNAMICS, INC .............................. 1,516 340,140 * STILLWATER MINING CO ............................. 6,293 10,653 b* STONE & WEBSTER, INC ............................. 10 672,519 STORA ENSO OYJ (R SHS) ........................... 8,611 375,000 SUMITOMO BAKELITE CO LTD ......................... 2,292 1,729,140 SUMITOMO CHEMICAL CO LTD ......................... 5,871 547,000 SUMITOMO FORESTRY CO LTD ......................... 2,871 7,256,498 * SUMITOMO METAL INDUSTRIES LTD .................... 2,325 495,731 SUMITOMO METAL MINING CO LTD ..................... 1,653 239 * SUNSHINE MINING & REFINING (NEW) ................. 0 1,724,934 e SVENSKA CELLULOSA AB (B SHS) ..................... 47,194 60,281 SVENSKT STAL AB (SSAB) SERIES A .................. 589 151,748 SVENSKT STAL AB (SSAB) SERIES B .................. 1,367 104,124 * SYNGENTA AG ...................................... 5,393 9,319 * SYNGENTA AG. ADR ................................. 99 1,502,363 TAIHEIYO CEMENT CORP ............................. 2,281 433,801 TAISEI CORP ...................................... 940 767,487 TAYLOR WOODROW PLC ............................... 1,899 61,185 TECHNICAL OLYMPIC S.A ............................ 124 863,162 * TECK COMINCO LTD (CLASS B) ....................... 6,878 284,381 TEMPLE-INLAND, INC ............................... 16,133 529,000 TENMA CORP ....................................... 4,944 167,383 * TERRA INDUSTRIES, INC ............................ 586 114,154 TEXAS INDUSTRIES, INC ............................ 4,212
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354,030 e THYSSENKRUPP AG .................................. 5,186 28,243 TITAN CEMENT CO S.A .............................. 1,005 109,524 e* TITANIUM METALS CORP ............................. 437 166,000 TODA CORP ........................................ 456 574,000 TOKYO OHKA KOGYO CO LTD .......................... 7,752 120,405 * TOLL BROTHERS, INC ............................... 5,286 692,000 TOSOH CORP ....................................... 1,346 481,778 TOSTEM INAX HOLDING CORP ......................... 6,518 335,700 TOTO LTD ......................................... 1,601 743,400 TOYO SEIKAN KAISHA LTD ........................... 9,495 627,123 * TRANSURBAN GROUP LTD ............................. 1,404 90,996 TREDEGAR CORP .................................... 1,729 137,623 TRELLEBORG AB (B SHS) ............................ 1,056 1,800 TREMONT CORP ..................................... 52 31,580 e* TREX CO, INC ..................................... 600 85,000 * U.S. CONCRETE, INC ............................... 561 1,541,000 * UBE INDUSTRIES LTD ............................... 1,517 30,202 e UMICORE .......................................... 1,190 2,600 UNION TOOL CO .................................... 95 478,073 UNITED STATES STEEL CORP ......................... 8,658 60,301 UNIVERSAL FOREST PRODUCTS, INC ................... 1,262 403,324 e UPM-KYMMENE OYJ .................................. 13,377 33,247 e UPONOR OYJ ....................................... 555 70,011 * URS CORP ......................................... 1,919 441,904 USEC, INC ........................................ 3,164 196,888 b,e*USG CORP ......................................... 1,126 2,906,081 e USINOR S.A ....................................... 36,358 100,168 e VINCI S.A ........................................ 5,873 109,025 VIOHALCO S.A ..................................... 895 49,045 VOEST-ALPINE AG .................................. 1,402 566,534 VULCAN MATERIALS CO .............................. 27,160 17,039 * WASHINGTON GROUP INTERNATIONAL, INC WTS 03/11/03 ..................................... 0 94,563 WATSCO, INC ...................................... 1,343 273,157 WAUSAU-MOSINEE PAPER CORP ........................ 3,305 80,512 WD-40 CO ......................................... 2,146 149,834 WELLMAN, INC ..................................... 2,321 56,069 WEST PHARMACEUTICAL SERVICES, INC ................ 1,491 466,638 WESTVACO CORP .................................... 13,276 1,550,235 WEYERHAEUSER CO .................................. 83,837 37,462 WIENERBERGER AG .................................. 525 536,259 WILLAMETTE INDUSTRIES, INC ....................... 27,950 540,036 WIMPEY (GEORGE) PLC .............................. 1,721 4,207,377 WMC LTD .......................................... 20,618 890,655 WOLSELEY PLC ..................................... 7,453 48,186 * WOLVERINE TUBE, INC .............................. 547 363,109 WORTHINGTON INDUSTRIES, INC ...................... 5,156 211,030 YORK INTERNATIONAL CORP .......................... 8,047 ---------- TOTAL BASIC INDUSTRIES 3,951,729 ---------- CONSUMER CYCLICAL--10.57% 36,228 e* 1-800 CONTACTS, INC .............................. 451 142,563 * 99 CENTS ONLY STORES ............................. 5,432 84,707 AARON RENTS, INC ................................. 1,381 512,378 * ABERCROMBIE & FITCH CO (CLASS A) ................. 13,593 281,434 e* ACCLAIM ENTERTAINMENT, INC ....................... 1,492 643 * ACCLAIM ENTERTAINMENT, INC WTS 03/16/03 .......... 1 531,696 ACCOR S.A ........................................ 19,330 78,504 * ACKERLEY GROUP, INC .............................. 1,374 75,395 * ACTION PERFORMANCE COS, INC ...................... 2,308 204,992 * ACTV, INC ........................................ 383 1,236,774 e* ADELPHIA COMMUNICATIONS CORP (CLASS A) ........... 38,563 8,759 * ADVANCE AUTO PARTS ............................... 436 75,259 ADVANCED MARKETING SERVICES, INC ................. 1,373 202,598 AEON CO LTD ...................................... 4,576 SEE NOTES TO FINANCIAL STATEMENTS 14 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 48,458 * AFC ENTERPRISES, INC ............................... $ 1,376 226,615 AIRTOURS PLC ....................................... 825 9,773 * ALEXANDER'S, INC ................................... 556 78,748 * ALLIANCE GAMING CORP ............................... 2,314 92,870 * AMC ENTERTAINMENT, INC ............................. 1,114 63,443 * AMERCO ............................................. 1,194 53,394 * AMERICAN AXLE & MANUFACTURING HOLDINGS, INC ........ 1,142 270,299 * AMERICAN EAGLE OUTFITTERS, INC ..................... 7,074 350,614 * AMERICAN GREETINGS CORP (CLASS A) .................. 4,831 10,100 * AMERISTAR CASINOS, INC ............................. 253 132,053 * ANNTAYLOR STORES CORP .............................. 4,622 30,006,176 * AOL TIME WARNER, INC ............................... 963,198 161,394 AOYAMA TRADING CO LTD .............................. 1,538 148,531 APOGEE ENTERPRISES, INC ............................ 2,350 464,247 * APOLLO GROUP, INC (CLASS A) ........................ 20,896 47,418 * APOLLO GROUP, INC (UNIVERSITY OF PHOENIX ONLINE) ... 1,545 179,658 APPLEBEE'S INTERNATIONAL, INC ...................... 6,144 90,010 ARCTIC CAT, INC .................................... 1,530 3,100 * ARDEN GROUP, INC (CLASS A) ......................... 188 121,525 * ARGOSY GAMING CO ................................... 3,952 503,772 ARISTOCRAT LEISURE LTD ............................. 1,702 205,236 ARNOLDO MONDADORI EDITORE S.P.A .................... 1,297 361,582 ARVINMERITOR, INC .................................. 7,101 74,700 ASATSU-DK, INC ..................................... 1,459 27,700 AUTOBACS SEVEN CO LTD .............................. 645 679,510 e AUTOGRILL S.P.A .................................... 6,298 6,195,047 a AUTOLIV, INC ....................................... 125,821 1,250,000 e AUTOLIV, INC SDR ................................... 25,025 25,800 AVEX, INC .......................................... 768 188,868 * AZTAR CORP ......................................... 3,456 143,278 * BALLY TOTAL FITNESS HOLDING CORP ................... 3,089 10,200 BANDAG, INC ........................................ 355 68,800 BANDAG, INC (CLASS A) .............................. 2,064 89,174 BARNES GROUP, INC .................................. 2,139 46,462 BASSETT FURNITURE INDUSTRIES, INC .................. 651 84,396 * BAYCORP ADVANTAGE LTD .............................. 269 581,109 BBA GROUP PLC ...................................... 2,393 40,467 * BEASLEY BROADCAST GROUP, INC (CLASS A) ............. 526 20,344 * BEBE STORES, INC ................................... 380 1,794,105 * BED BATH & BEYOND, INC ............................. 60,820 16,403 BEKAERT S.A ........................................ 632 139,549 BELO CORP (CLASS A) ................................ 2,617 351,800 f BELO CORP (CLASS B) ................................ 6,596 108,692 BENETTON GROUP S.P.A ............................... 1,231 624,968 BIG LOTS, INC ...................................... 6,500 167,506 BLOCKBUSTER, INC (CLASS A) ......................... 4,221 191,466 BOB EVANS FARMS, INC ............................... 4,704 156,909 * BOCA RESORTS, INC (CLASS A) ........................ 2,056 143,978 BORGWARNER, INC .................................... 7,523 184,281 BOWNE & CO, INC .................................... 2,359 173,655 * BOYD GAMING CORP ................................... 1,129 272,794 * BOYDS COLLECTION LTD ............................... 1,847 673,631 BRIDGESTONE CORP ................................... 7,129 592,250 * BRINKER INTERNATIONAL, INC ......................... 17,625 3,085,925 * BRITISH SKY BROADCASTING GROUP PLC ................. 33,954 88,380 BROWN SHOE CO, INC ................................. 1,435 485,432 BRUNSWICK CORP ..................................... 10,563 62,559 * BUCA, INC .......................................... 1,014 38,394 * BUCKLE, INC ........................................ 856 210,460 BULGARI S.P.A ...................................... 1,634 98,131 BURLINGTON COAT FACTORY WAREHOUSE CORP ............. 1,649 47,239 BUSH INDUSTRIES, INC (CLASS A) ..................... 513 549,437 * CABLEVISION SYSTEMS CORP (CLASS A) ................. 26,071
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247,974 * CABLEVISION SYSTEMS CORP (RAINBOW MEDIA GROUP) .............................. 6,125 76,900 * CALIFORNIA PIZZA KITCHEN, INC ...................... 1,903 451,518 CALLAWAY GOLF CO ................................... 8,647 69,677 * CANADIAN TIRE CORP (CLASS A) ....................... 1,117 89,003 CANAL PLUS ......................................... 284 48,900 e CAPCOM CO LTD ...................................... 1,295 761,016 CARLTON COMMUNICATIONS PLC ......................... 2,691 209,000 CASIO COMPUTER CO LTD .............................. 906 138,655 CASTORAMA-DUBOIS INVESTISSEMENTS ................... 7,142 414,739 * CATALINA MARKETING CORP ............................ 14,391 75,557 CATO CORP (CLASS A) ................................ 1,428 300,394 CBRL GROUP, INC .................................... 8,844 148,347 * CEC ENTERTAINMENT, INC ............................. 6,437 64,877 * CHAMPIONSHIP AUTO RACING TEAMS, INC ................ 1,044 18,018 CHARLES VOEGELE HOLDING AG ......................... 692 121,516 * CHARLOTTE RUSSE HOLDING, INC ....................... 2,261 560,027 * CHARMING SHOPPES, INC .............................. 2,974 1,745,712 * CHARTER COMMUNICATIONS, INC (CLASS A) .............. 28,682 123,531 * CHICO'S FAS, INC ................................... 4,904 55,636 e* CHILDREN'S PLACE RETAIL STORES, INC ................ 1,511 181,896 * CHOICE HOTELS INTERNATIONAL, INC ................... 4,029 117,836 * CHRISTOPHER & BANKS CORP ........................... 4,036 15,349 CHURCHILL DOWNS, INC ............................... 567 140,198 CLAIRE'S STORES, INC ............................... 2,117 108,618 CLAIRE'S STORES, INC (CLASS A) ..................... 1,640 4,668,687 * CLEAR CHANNEL COMMUNICATIONS, INC .................. 237,683 14,556 e CLUB MEDITERRANEE S.A .............................. 531 80,133 COACHMEN INDUSTRIES, INC ........................... 962 20,023 * COLDWATER CREEK, INC ............................... 424 46,040 * COLE NATIONAL CORP ................................. 762 2,660,319 COLES MYER LTD ..................................... 11,439 57,286 * COLUMBIA SPORTSWEAR CO ............................. 1,908 687,100 e* COMCAST CORP (CLASS A) ............................. 24,736 5,256,686 * COMCAST CORP (CLASS A) SPECIAL ..................... 189,241 3,977,776 COMPASS GROUP PLC .................................. 29,815 111,665 CONTINENTAL AG ..................................... 1,467 340,441 COOPER TIRE & RUBBER CO ............................ 5,433 216,018 * COPART, INC ........................................ 7,857 1,025,293 * COX COMMUNICATIONS, INC (CLASS A) .................. 42,970 322,197 * COX RADIO, INC (CLASS A) ........................... 8,210 36,749 CPI CORP ........................................... 610 84,181 * CROWN MEDIA HOLDINGS, INC (CLASS A) ................ 950 25,638 * CSS INDUSTRIES, INC ................................ 792 154,023 * CUMULUS MEDIA, INC (CLASS A) ....................... 2,492 356,000 CYCLE & CARRIAGE LTD ............................... 594 737,000 e* DAIEI, INC ......................................... 416 471,177 DAILY MAIL & GENERAL TRUST PLC ..................... 4,444 216,315 DAIMARU, INC ....................................... 870 976,893 DAIMLERCHRYSLER AG. (REGD) ......................... 41,839 55,162 e DAIMLERCHRYSLER AG. (U.S.) ......................... 2,299 803,605 DANA CORP .......................................... 11,154 695,179 DARDEN RESTAURANTS, INC ............................ 24,609 647,100 DAVID JONES LTD .................................... 391 3,317,590 DELPHI AUTOMOTIVE SYSTEMS CORP ................. ... 45,318 910,587 DENSO CORP ......................................... 12,062 2,585 e DENTSU, INC ........................................ 11,578 3,439 D'IETEREN S.A ...................................... 566 184,909 * DIGITAL GENERATION SYSTEMS, INC .................... 205 346,623 DILLARD'S, INC (CLASS A) ........................... 5,546 164,671 e* DIRECT FOCUS, INC ................................. 5,138 2,927,557 DIXONS GROUP PLC .................................. 10,013 1,451,541 DOLLAR GENERAL CORP ............................... 21,628 124,823 * DOLLAR THRIFTY AUTOMOTIVE GROUP, INC .............. 1,935 1,619,190 * DOLLAR TREE STORES, INC ........................... 50,049 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 15
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------- ---------- CONSUMER CYCLICAL--(CONTINUED) 213,540 DONALDSON CO, INC ................................ $ 8,294 570,755 DONNELLEY (R.R.) & SONS CO ....................... 16,946 34,307 DOUGLAS HOLDING AG ............................... 910 88,812 DOVER DOWNS ENTERTAINMENT, INC ................... 1,359 120,256 DOW JONES & CO, INC .............................. 6,582 206,300 f DOW JONES & CO, INC (CLASS B) .................... 11,291 72,085 * DRESS BARN, INC .................................. 1,803 69,531 * DURA AUTOMOTIVE SYSTEMS, INC ..................... 765 1,672,195 EASTMAN KODAK CO ................................. 49,213 4,184 b* EDISON BROTHERS STORES, INC WTS 12/10/05 ......... 0 46,656 * ELIZABETH ARDEN, INC ............................. 712 6,120,675 ELSEVIER NV ...................................... 72,374 1,530,231 EMI GROUP PLC .................................... 7,951 161,205 * EMMIS COMMUNICATIONS CORP (CLASS A) .............. 3,811 139,540 * ENTERCOM COMMUNICATIONS CORP ..................... 6,977 203,500 * ENTRAVISION COMMUNICATIONS CORP (CLASS A) ........ 2,432 197,370 * EQUITY INNS, INC ................................. 1,307 511,916 ESPRIT HOLDINGS LTD .............................. 578 136,464 e* EXIDE TECHNOLOGIES ............................... 168 348,772 * EXTENDED STAY AMERICA, INC ....................... 5,720 108,744 FACTSET RESEARCH SYSTEMS, INC .................... 3,801 202,695 FAIRMONT HOTELS & RESORTS, INC ................... 4,816 956,814 FAMILY DOLLAR STORES, INC ........................ 28,685 105,900 FAMILYMART CO LTD ................................ 1,782 30,385 FAST RETAILING CO LTD ............................ 2,703 22,351 FEDDERS CORP ..................................... 68 134,550 FEDDERS CORP (CLASS A) ........................... 377 377,842 b,e*FEDERAL-MOGUL CORP ............................... 298 1,156,806 * FEDERATED DEPARTMENT STORES, INC ................. 47,313 164,198 FELCOR LODGING TRUST, INC ........................ 2,744 318,027 e FIAT S.P.A ....................................... 5,103 35,539 FIAT S.P.A. (PRIV) ............................... 392 28,786 FIAT S.P.A. (RNC) ................................ 296 87,540 * FINISH LINE, INC (CLASS A) ....................... 1,338 522,600 FIRST CAPITAL CORP LTD ........................... 308 90,534 * FISHER & PAYKEL APPLIANCES HOLDINGS LTD .......... 381 86,913 * FISHER & PAYKEL HEALTHCARE CORP LTD .............. 619 18,900 FISHER COMMUNICATIONS, INC ....................... 832 41,054 FLORIDA EAST COAST INDUSTRIES, INC (CLASS B) ..... 858 12,055 FOLLI-FOLLIE S.A ................................. 212 974,989 * FOOT LOCKER, INC ................................. 15,259 113,451 * FOOTSTAR, INC .................................... 3,551 11,535,843 FORD MOTOR CO .................................... 181,343 141,712 FOREST CITY ENTERPRISES, INC (CLASS A) ........... 5,484 71,431 * FOSSIL, INC ...................................... 1,500 24,981 FOUR SEASONS HOTELS, INC ......................... 1,169 775,804 * FOX ENTERTAINMENT GROUP, INC (CLASS A) ........... 20,582 63,453 FRED'S, INC ...................................... 2,599 61,700 FRIEDMAN'S, INC (CLASS A) ........................ 520 4,500 FRISCH'S RESTAURANTS, INC ........................ 70 50 FUJI DENKI REIKI CO LTD .......................... 0 2,732,380 FUJI PHOTO FILM CO LTD ........................... 97,570 150 FUJI TELEVISION NETWORK, INC ..................... 605 110,975 G & K SERVICES, INC (CLASS A) .................... 3,584 1,417,650 GANNETT CO, INC .................................. 95,309 3,395,699 GAP, INC ......................................... 47,336 17,200 GARAN, INC ....................................... 731 114,028 * GAYLORD ENTERTAINMENT CO ......................... 2,805 1,026,929 * GEMSTAR-TV GUIDE INTERNATIONAL, INC .............. 28,446 172,097 GENCORP, INC ..................................... 2,428 2,975,854 GENERAL MOTORS CORP .............................. 144,627 121,543 * GENESCO, INC ..................................... 2,523 66,569 e* GENESISINTERMEDIA, INC ........................... 393 435,115 * GENTEX CORP ...................................... 11,631
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928,282 GENUINE PARTS CO ................................. 34,068 2,502,000 GIORDANO INTERNATIONAL LTD ....................... 1,107 743,196 GKN PLC .......................................... 2,866 70,287 e* GLOBAL SPORTS, INC ............................... 1,402 82 * GOLDEN BOOKS FAMILY ENTERTAINMENT, INC WTS 01/27/02 ..................................... 0 754,000 GOODYEAR TIRE & RUBBER CO ........................ 17,953 165,573 GRACO, INC ....................................... 6,466 4,728,516 GRANADA PLC ...................................... 9,876 43,029 GRAY COMMUNICATIONS SYSTEMS, INC ................. 597 3,482 GREY GLOBAL GROUP, INC ........................... 2,322 88,938 * GROUP 1 AUTOMOTIVE, INC .......................... 2,536 698,770 GROUPE BRUXELLES LAMBERT S.A ..................... 36,740 104,654 GRUPO PRISA S.A .................................. 978 305,451 e GRUPPO EDITORIALE L'ESPRESSO S.P.A ............... 914 38,368 * GUESS?, INC ...................................... 288 95,768 * GUITAR CENTER, INC ............................... 1,306 25,470 * GULFMARK OFFSHORE, INC ........................... 721 158,662 GUNZE LTD ........................................ 574 2,280,648 GUS PLC .......................................... 21,409 155,301 * GYMBOREE CORP .................................... 1,853 81,700 HANCOCK FABRICS, INC ............................. 1,074 129,678 * HANDLEMAN CO ..................................... 1,926 1,250,000 HANKYU DEPARTMENT STORES, INC .................... 7,516 1,622,464 HARLEY-DAVIDSON, INC ............................. 88,116 180,622 HARMAN INTERNATIONAL INDUSTRIES, INC ............. 8,146 745,545 * HARRAH'S ENTERTAINMENT, INC ...................... 27,593 220,127 HARTE-HANKS, INC ................................. 6,201 89,579 HAVERTY FURNITURE COS, INC ....................... 1,483 99,956 b,e*HAYES LEMMERZ INTERNATIONAL, INC ................. 25 88,839 * HEARST-ARGYLE TELEVISION, INC .................... 1,915 19,428 HELLENIC DUTY FREE SHOPS S.A ..................... 200 1,355,910 HENNES & MAURITZ AB (B SHS) ...................... 28,050 7,500,000 HERO HONDA MOTORS LTD ............................ 39,063 17,264 * HIBBETT SPORTING GOODS, INC ...................... 523 3,487,818 HILTON GROUP PLC ................................. 10,711 1,878,880 HILTON HOTELS CORP ............................... 20,517 194,000 * HINO MOTORS LTD .................................. 645 511,396 * HISPANIC BROADCASTING CORP ....................... 13,041 208,240 HOLLINGER INTERNATIONAL, INC ..................... 2,436 50,900 * HOLLYWOOD CASINO CORP (CLASS A) .................. 534 234,893 * HOLLYWOOD ENTERTAINMENT CORP ..................... 3,357 3,761,424 HONDA MOTOR CO LTD ............................... 150,101 416,000 * HONG KONG & SHANGHAI HOTELS LTD .................. 155 96,796 * HOT TOPIC, INC ................................... 3,038 71,222 HUDSON'S BAY CO .................................. 647 97,612 * IHOP CORP ........................................ 2,860 40,289 e* IMPCO TECHNOLOGIES, INC .......................... 511 667,881 INDEPENDENT NEWS & MEDIA PLC ..................... 1,249 209,500 INDEPENDENT NEWSPAPERS LTD ....................... 318 230,500 * INDITEX S.A ...................................... 4,394 106,091 * INFORMATION HOLDINGS, INC ........................ 3,003 205,887 * INSIGHT COMMUNICATIONS CO, INC ................... 4,974 199,985 INTERACTIVE DATA CORP ............................ 2,828 488,464 * INTERNATIONAL GAME TECHNOLOGY .................... 33,362 153,319 INTERNATIONAL SPEEDWAY CORP (CLASS A) ............ 5,995 2,021,969 INTERPUBLIC GROUP OF COS, INC .................... 59,729 156,858 * INTERTAN, INC .................................... 1,970 617,438 INTIMATE BRANDS, INC ............................. 9,175 39,200 INTRAWEST CORP ................................... 675 168,921 ISETAN CO LTD .................................... 1,731 111,384 * ISLE OF CAPRI CASINOS, INC ....................... 1,490 576,782 ITO-YOKADO CO LTD ................................ 26,053 1,500,314 J.C. PENNEY CO, INC .............................. 40,358 201,702 * JACK IN THE BOX, INC ............................. 5,555 SEE NOTES TO FINANCIAL STATEMENTS 16 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 100,833 * JAKKS PACIFIC, INC ............................... $ 1,911 2,826,045 JOHN FAIRFAX HOLDINGS LTD ........................ 5,559 469,851 JOHNSON CONTROLS, INC ............................ 37,940 639,167 * JONES APPAREL GROUP, INC ......................... 21,201 143,650 * JOURNAL REGISTER CO .............................. 3,022 96,898 * K2, INC .......................................... 699 545,215 e* KANEBO LTD ....................................... 832 67,437 KARSTADTQUELLE AG ................................ 2,636 128,198 KELLWOOD CO ...................................... 3,078 72,741 * KENNETH COLE PRODUCTIONS, INC (CLASS A) .......... 1,288 82,262 KESKO OYJ (B SHS) ................................ 754 159,508 * KEY3MEDIA GROUP, INC ............................. 850 188,534 KIMBALL INTERNATIONAL, INC (CLASS B) ............. 2,856 1,949,285 KINGFISHER PLC ................................... 11,376 106,715 * KIRBY CORP ....................................... 2,940 2,770,396 * KMART CORP ....................................... 15,126 695,094 KNIGHT RIDDER, INC ............................... 45,132 2,353,231 * KOHL'S CORP ...................................... 165,762 114,872 KONAMI CORP ...................................... 3,410 110,152 KONINKLIJKE VENDEX KBB NV ........................ 1,253 220,679 e* KRISPY KREME DOUGHNUTS, INC ...................... 9,754 76,768 * KROLL, INC ....................................... 1,159 34,761 K-SWISS, INC (CLASS A) ........................... 1,156 2,302 KUONI REISEN HOLDING (REGD) ...................... 611 1,048,000 KURARAY CO LTD ................................... 6,693 364,702 LAGARDERE S.C.A .................................. 15,262 402,520 * LAMAR ADVERTISING CO ............................. 17,043 21,610 LAMBRAKIS PRESS S.A .............................. 84 84,821 LANDRY'S RESTAURANTS, INC ........................ 1,582 60,791 * LANDS' END, INC .................................. 3,049 62,490 LASALLE HOTEL PROPERTIES ......................... 734 69,400 LAWSON, INC ...................................... 1,986 264,664 LA-Z-BOY, INC .................................... 5,775 454,377 * LEAR CORP ........................................ 17,330 221,936 LEE ENTERPRISES, INC ............................. 8,072 14,400 f LEE ENTERPRISES, INC (CLASS B) ................... 524 1,142,054 LEGGETT & PLATT, INC ............................. 26,267 32,561 * LEICA GEOSYSTEMS AG .............................. 3,010 82,343 LIBBEY, INC ...................................... 2,688 112,845 * LIBERTY DIGITAL, INC (CLASS A) ................... 390 15,804 * LIBERTY LIVEWIRE CORP (CLASS A) .................. 110 22,137,579 * LIBERTY MEDIA CORP (CLASS A) ..................... 309,926 614,173 * LIBERTY SATELLITE & TECHNOLOGY, INC (CLASS A) .... 577 1,955,369 LIMITED, INC ..................................... 28,783 217,580 * LINENS `N THINGS, INC ............................ 5,548 299,886 LIZ CLAIBORNE, INC ............................... 14,919 54,892 * LODGENET ENTERTAINMENT CORP ...................... 938 96,586 LONE STAR STEAKHOUSE & SALOON, INC ............... 1,432 127,785 * LUBY'S, INC ...................................... 730 340,177 LVMH MOET HENNESSY LOUIS VUITTON S.A ............. 13,842 11,966 * LYNCH INTERACTIVE CORP ........................... 826 82,515 MAN AG ........................................... 1,749 333,207 * MANDALAY RESORT GROUP ............................ 7,131 98,903 MARCUS CORP ...................................... 1,399 4,070,376 MARKS & SPENCER PLC .............................. 21,386 1,145,717 MARRIOTT INTERNATIONAL, INC (CLASS A) ............ 46,573 47,538 e* MARTHA STEWART LIVING OMNIMEDIA, INC (CLASS A) ... 782 399,541 e MARUI CO LTD ..................................... 4,725 6,468 e* MARVEL ENTERPRISES, INC (CLASS C WTS 10/02/02) ... 0 219,500 * MASCOTECH, INC ESCROW ............................ 0 4,554,643 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD ............ 58,488 603,350 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD (SPON ADR) . 7,602 3,999,498 MAY DEPARTMENT STORES CO ......................... 147,901 447,839 MAYTAG CORP ...................................... 13,896
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122,205 MCCLATCHY CO (CLASS A) ........................... 5,744 9,795,305 MCDONALD'S CORP .................................. 259,282 1,038,228 MCGRAW-HILL COS, INC ............................. 63,311 67,369 MEDIA GENERAL, INC (CLASS A) ..................... 3,357 162,706 * MEDIACOM COMMUNICATIONS CORP ..................... 2,971 4,403,494 e MEDIASET S.P.A ................................... 32,190 35,098 e* MEDIS TECHNOLOGIES LTD ........................... 258 176,644 * MEN'S WEARHOUSE, INC ............................. 3,648 66,500 MEREDITH CORP .................................... 2,371 200,900 f MEREDITH CORP (CLASS B) .......................... 7,162 98,023 * METRO ONE TELECOMMUNICATIONS, INC ................ 2,965 210,626 * METRO-GOLDWYN-MAYER, INC ......................... 4,613 364,003 e* MGM MIRAGE ...................................... 10,509 349,028 * MICHAELS STORES, INC ............................. 11,500 337,740 MICHELIN (C.G.D.E.) (B SHS) ...................... 11,142 100,898 * MICROS SYSTEMS, INC .............................. 2,533 83,716 MIDAS, INC ....................................... 963 150,725 e* MIDWAY GAMES, INC ................................ 2,262 61,202 * MILLENNIUM CELL, INC ............................. 319 253,000 MITSUBISHI RAYON CO LTD .......................... 662 82,000 e MITSUKOSHI LTD ................................... 230 83,019 * MODERN TIMES GROUP AB (B SHS) .................... 1,828 146,563 MODINE MANUFACTURING CO .......................... 3,419 229,113 * MOHAWK INDUSTRIES, INC ........................... 12,574 120,320 * MONACO COACH CORP ................................ 2,631 41,929 * MOVIE GALLERY, INC ............................... 1,021 214,480 * MSC INDUSTRIAL DIRECT CO (CLASS A) ............... 4,236 98,011 * MTR GAMING GROUP, INC ............................ 1,568 800 * MYCAL CORP ....................................... 0 94,826 MYERS INDUSTRIES, INC ............................ 1,294 51,704 NAMCO LTD ........................................ 986 54,034 NATIONAL GOLF PROPERTIES, INC .................... 479 25,849 NATIONAL PRESTO INDUSTRIES, INC .................. 717 173,048 * NAUTICA ENTERPRISES, INC ......................... 2,213 176,033 * NEIMAN MARCUS GROUP, INC (CLASS A) ............... 5,469 17,081 * NEIMAN MARCUS GROUP, INC (CLASS B) ............... 507 36,546 * NETRATINGS, INC .................................. 573 817,917 NEW YORK TIMES CO (CLASS A) ...................... 35,375 5,421,036 NEWS CORP LTD .................................... 43,351 109 NEWS CORP LTD (SPON ADR) ......................... 3 601,151 NEXT PLC ......................................... 7,830 228,277 NGK INSULATORS LTD ............................... 1,691 147,442 * NH HOTELES S.A ................................... 1,466 485,824 NIKE, INC (CLASS B) .............................. 27,323 364,233 NINTENDO CO LTD .................................. 63,086 115,300 NIPPON TELEVISION NETWORK CORP ................... 24,554 57,897,668 NISSAN MOTOR CO LTD .............................. 307,027 162,000 NISSHINBO INDUSTRIES, INC ........................ 601 670,504 NORDSTROM, INC ................................... 13,564 145,382 * OAKLEY, INC ...................................... 2,364 86,785 * O'CHARLEY'S, INC ................................. 1,606 1,739,987 OMNICOM GROUP, INC ............................... 155,468 15,214 * ON COMMAND CORP .................................. 46 157,081 ONWARD KASHIYAMA CO LTD .......................... 1,508 198,291 * O'REILLY AUTOMOTIVE, INC ......................... 7,232 39,434 ORIENTAL LAND CO LTD ............................. 2,711 53,959 OSHKOSH B'GOSH, INC (CLASS A) .................... 2,263 90,641 OSHKOSH TRUCK CORP ............................... 4,419 372,568 * OUTBACK STEAKHOUSE, INC .......................... 12,760 112,700 OVERSEAS UNION ENTERPRISES LTD ................... 391 27,800 OXFORD INDUSTRIES, INC ........................... 656 916,995 P & O PRINCESS CRUISES PLC ....................... 5,338 47,185 e* P.F. CHANG'S CHINA BISTRO, INC ................... 2,232 152,252 * PACIFIC SUNWEAR OF CALIFORNIA, INC ............... 3,109 51,689 * PANERA BREAD CO (CLASS A) ........................ 2,690 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 17
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ----- ----------- CONSUMER CYCLICAL--(CONTINUED) 84,488 * PAPA JOHN'S INTERNATIONAL, INC ................... $ 2,322 32,700 PARIS MIKI, INC .................................. 858 1,540,490 * PARK PLACE ENTERTAINMENT CORP .................... 14,126 46,606 e* PARKERVISION, INC ............................... 979 123,627 * PAYLESS SHOESOURCE, INC .......................... 6,942 3,366,771 PEARSON PLC ...................................... 38,759 46,818 * PENN NATIONAL GAMING, INC ........................ 1,420 123,259 * PENTON MEDIA, INC ................................ 772 232,775 * PERFORMANCE FOOD GROUP CO ........................ 8,187 328,602 PEUGEOT CITROEN S.A .............................. 13,971 120,513 PHILLIPS-VAN HEUSEN CORP ......................... 1,314 165,258 * PICCADILLY CAFETERIAS, INC ....................... 271 512,543 PIER 1 IMPORTS, INC .............................. 8,887 113,903 PINAULT-PRINTEMPS-REDOUTE S.A .................... 14,665 105,548 * PINNACLE ENTERTAINMENT, INC ...................... 636 291,949 * PINNACLE SYSTEMS, INC ............................ 2,318 166,291 * PIONEER CORP ..................................... 3,629 887,026 e PIRELLI S.P.A .................................... 1,556 88,417 * PIXAR, INC ....................................... 3,179 757 e* PLANET HOLLYWOOD INTERNATIONAL, INC WTS 05/10/03 ............................... 0 73,018 * PLATO LEARNING, INC .............................. 1,213 70,664 * PLAYBOY ENTERPRISES, INC (CLASS B) ............... 1,194 1,000 * PLAYMATES INTERACTIVE ENTERTAINMENT LTD .......... 0 126,788 POLARIS INDUSTRIES, INC .......................... 7,322 242,146 b,e* POLAROID CORP ................................. 19 283,121 * POLO RALPH LAUREN CORP ........................... 7,576 153,097 * PRESSTEK, INC .................................... 1,404 206,366 PREUSSAG AG ...................................... 5,071 17,928 * PRICESMART, INC .................................. 627 242,230 * PRIME HOSPITALITY CORP ........................... 2,677 2,672,199 * PRIMEDIA, INC .................................... 11,624 59,344 e* PRIVATE MEDIA GROUP, INC ........................ 582 57 * PROFURN LTD ...................................... 0 42,596 * PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS S.A ............................ 296 14,298 * PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS S.A. (NEW) ..................... 99 652,145 PUBLICIS GROUPE S.A .............................. 17,275 2,601 PUBLIGROUPE S.A. (REGD) .......................... 525 621,938 e PUBLISHING & BROADCASTING LTD .................... 3,120 42,266 PULITZER, INC .................................... 2,156 61,195 * QUAKER FABRIC CORP ............................... 509 194,400 QUEBECOR WORLD, INC .............................. 4,370 115,684 * QUIKSILVER, INC .................................. 1,990 349,065 * RADIO ONE, INC (CLASS A) ......................... 6,447 15,400 * RADIO ONE, INC (CLASS D) ......................... 277 9,419,289 RANK GROUP PLC ................................... 31,530 111,548 * RARE HOSPITALITY INTERNATIONAL, INC .............. 2,514 542,763 READER'S DIGEST ASSOCIATION, INC (CLASS A) ....... 12,527 45,571 * RECOTON CORP ..................................... 620 281,910 * REEBOK INTERNATIONAL LTD ......................... 7,471 2,878,855 REED INTERNATIONAL PLC ........................... 23,882 500 * REGAL HOTELS INTERNATIONAL LTD ................... 0 87,622 * REGENT COMMUNICATIONS, INC ....................... 591 201,701 REGIS CORP ....................................... 5,200 3,999,554 RENAULT S.A ...................................... 141,059 39,330 * RENT-A-CENTER, INC ............................... 1,320 86,132 * RESORTQUEST INTERNATIONAL, INC ................... 410 33,000 * RESOURCES CONNECTION, INC ........................ 869 4,027,843 REUTERS GROUP PLC ................................ 39,862 23,023 RIVIANA FOODS, INC ............................... 409 139,527 * ROGERS COMMUNICATIONS, INC (CLASS B) ............. 2,370 446,999 ROSS STORES, INC ................................. 14,340 918 RTL GROUP ........................................ 36
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342,021 RUBY TUESDAY, INC ................................ 7,056 134,744 RUSSELL CORP ..................................... 2,023 166,574 * RYAN'S FAMILY STEAK HOUSES, INC .................. 3,606 52,568 * SAGA COMMUNICATIONS, INC (CLASS A) ............... 1,088 25,100 SAIZERIYA CO LTD ................................. 954 660,426 * SAKS, INC ........................................ 6,168 53,752 * SALEM COMMUNICATIONS CORP (CLASS A) .............. 1,236 33,056 e* SALTON, INC ..................................... 624 30,087 * SAMSONITE CORP ................................... 41 318,130 SANKYO CO LTD (OTC) .............................. 9,661 45,600 SANRIO CO LTD .................................... 360 4,243,099 SANYO ELECTRIC CO LTD ............................ 20,040 30,700 SCHAWK, INC ...................................... 338 81,909 SCHIBSTED ASA .................................... 790 149,969 * SCHOLASTIC CORP .................................. 7,548 79,288 * SCIENTIFIC GAMES CORP (CLASS A) .................. 694 1,642,700 SCMP GROUP LTD ................................... 1,032 84,568 * SCOTTS CO (CLASS A) .............................. 4,025 107,288 * SCP POOL CORP .................................... 2,945 162,183 SCRIPPS (E.W.) CO (CLASS A) ...................... 10,704 1,980,641 SEARS ROEBUCK & CO ............................... 94,358 6,920,930 e* SEAT-PAGINE GIALLE S.P.A ........................ 5,589 149,330 e* SEGA CORP ....................................... 2,980 10,500 SEIJO CORP ....................................... 95 54,739 e* SEIYU LTD ....................................... 114 379,469 SEVEN-ELEVEN JAPAN CO LTD ........................ 13,840 2,037,500 SHANGRI-LA ASIA LTD .............................. 1,594 56,000 SHANGRI-LA ASIA LTD (SINGAPORE) .................. 44 2,001,550 SHARP CORP ....................................... 23,412 332,447 SHAW COMMUNICATIONS, INC (CLASS B) ............... 7,035 74,200 SHIMACHU CO LTD .................................. 1,019 23,658 SHIMAMURA CO LTD ................................. 1,390 181,057 e SHIMANO, INC ..................................... 2,057 151,462 * SHOPKO STORES, INC ............................... 1,439 91,535 * SHUFFLE MASTER, INC .............................. 1,434 2,357,798 SIGNET GROUP PLC ................................. 3,277 30,520 f* SILVERSTONE BERHAD .............................. 0 137,263 * SINCLAIR BROADCAST GROUP, INC (CLASS A) .......... 1,299 513,888 SINGAPORE PRESS HOLDINGS LTD ..................... 6,067 251,881 e* SIRIUS SATELLITE RADIO, INC ..................... 2,929 2,919,226 SIX CONTINENTS PLC ............................... 28,891 735,285 * SIX FLAGS, INC ................................... 11,309 27,087 * SKILLSOFT CORP ................................... 702 283,400 SKY CITY ENTERTAINMENT GROUP ..................... 743 150,663 e SKYLARK CO LTD ................................... 2,529 57,773 SMITH (A.O.) CORP ................................ 1,127 144,765 SODEXHO ALLIANCE S.A ............................. 6,188 121,075 SOL MELIA S.A .................................... 921 121,096 * SONIC AUTOMOTIVE, INC ............................ 2,838 114,179 * SONIC CORP ....................................... 4,110 2,975,474 SONY CORP ........................................ 135,992 113,622 * SOTHEBY'S HOLDINGS, INC (CLASS A) ................ 1,887 189,015 * SPANISH BROADCASTING SYSTEM, INC (CLASS A) ....... 1,869 69,169 * SPEEDWAY MOTORSPORTS, INC ........................ 1,749 76,454 * SPIEGEL, INC (CLASS A) ........................... 348 130,816 e* SPORTS RESORTS INTERNATIONAL, INC ................ 1,009 25,800 STANDARD MOTOR PRODUCTS, INC ..................... 359 27,600 * STANLEY FURNITURE CO, INC ........................ 656 2,445,910 * STARBUCKS CORP ................................... 46,595 189,594 * STATION CASINOS, INC ............................. 2,122 419,721 STEELCASE, INC (CLASS A) ......................... 6,178 143,954 * STEIN MART, INC .................................. 1,203 98,913 * STELLENT, INC .................................... 2,924 50,419 * STEVEN MADDEN LTD ................................ 709 70,132 * STONERIDGE, INC .................................. 638 SEE NOTES TO FINANCIAL STATEMENTS 18 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 86,000 STRAITS TRADING CO LTD ........................... $ 80 226,791 STRIDE RITE CORP ................................. 1,485 110,532 STURM RUGER & CO, INC ............................ 1,324 101,960 SUPERIOR INDUSTRIES INTERNATIONAL, INC ........... 4,104 172,019 * SYLVAN LEARNING SYSTEMS, INC ..................... 3,796 652,712 TAB LTD .......................................... 909 1,426,775 TABCORP HOLDINGS LTD ............................. 7,187 2,770,869 TAKASHIMAYA CO LTD ............................... 16,343 147,700 TALBOTS, INC ..................................... 5,354 28,307 TANGER FACTORY OUTLET CENTERS, INC ............... 590 5,944,155 TARGET CORP ...................................... 244,008 89,450 * TBC CORP ......................................... 1,198 1,325,925 TEIJIN LTD ....................................... 5,089 1,160,000 * TELE ATLAS NV .................................... 1,880 148,586 e TELEFONICA PUBLICIDAD E INFORMACION S.A .......... 589 218,985 e* TELEPIZZA S.A .................................... 339 2,813,000 TELEVISION BROADCASTS LTD ........................ 12,193 195,645 * TELEWEST COMMUNICATIONS PLC ...................... 177 2,000,000 TEXWINCA HOLDINGS LTD ............................ 955 136,505 TF1 TV FRANCAISE ................................. 3,451 202,673 * THE CHEESECAKE FACTORY, INC ...................... 7,047 110,538 * THE STEAK N SHAKE CO ............................. 1,220 340,802 THE WAREHOUSE GROUP LTD .......................... 937 362,420 THOMSON CORP ..................................... 10,977 35,525 THOR INDUSTRIES, INC ............................. 1,316 132,518 * THQ, INC ......................................... 6,423 2,539,019 TIFFANY & CO ..................................... 79,903 110,284 * TIMBERLAND CO (CLASS A) .......................... 4,089 1,625,747 TJX COS, INC ..................................... 64,802 19,416 TOHO CO LTD ...................................... 2,101 29,346 TOKYO BROADCASTING SYSTEM, INC ................... 446 168,744 TOKYO STYLE CO LTD ............................... 1,447 38,432 * TOMMY HILFIGER CORP .............................. 528 164,521 * TOO, INC ......................................... 4,524 212,524 * TOPPS CO, INC .................................... 2,582 1,861,234 TORAY INDUSTRIES, INC ............................ 4,502 210,766 * TOWER AUTOMOTIVE, INC ............................ 1,903 473,561 TOYOBO CO LTD .................................... 593 48,700 TOYODA GOSEI CO LTD .............................. 602 2,858,806 TOYOTA MOTOR CORP ................................ 72,419 65,700 TOYS "R" US JAPAN LTD ............................ 1,253 38,382 e* TRENDWEST RESORTS, INC ........................... 972 1,012,520 TRIBUNE CO ....................................... 37,899 829,464 * TRICON GLOBAL RESTAURANTS, INC ................... 40,810 12,100 * TROPICAL SPORTSWEAR INTERNATIONAL CORP ........... 227 559,527 TRW, INC ......................................... 20,725 724,616 * U.S.A. NETWORKS, INC ............................. 19,789 271,296 * UNIFI, INC ....................................... 1,967 1,309,591 UNITED BUSINESS MEDIA PLC ........................ 9,149 69,966 * UNIVERSAL ELECTRONICS, INC ....................... 1,204 895,701 * UNIVISION COMMUNICATIONS, INC (CLASS A) .......... 36,240 150,172 UNY CO LTD ....................................... 1,526 31,375 * URBAN OUTFITTERS, INC ............................ 757 45,328 * VAIL RESORTS, INC ................................ 804 286,930 * VALASSIS COMMUNICATIONS, INC ..................... 10,220 67,895 VALEO S.A ........................................ 2,708 7,498 VALORA HOLDING AG ................................ 1,091 71,941 * VALUE CITY DEPARTMENT STORES, INC ................ 338 82,050 * VANS, INC ........................................ 1,045 95,618 * VASTERA, INC ..................................... 1,588 487,702 VF CORP .......................................... 19,025 863,974 * VIACOM, INC (CLASS A) ............................ 38,231 8,019,418 * VIACOM, INC (CLASS B) ............................ 354,057 693,434 VISTEON CORP ..................................... 10,429
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3,084,123 VIVENDI UNIVERSAL S.A ............................ 168,885 298,187 e VIVENDI UNIVERSAL S.A. (SPON ADR) ................ 16,039 304,573 e VNU NV ........................................... 9,359 300,226 VOLKSWAGEN AG .................................... 13,981 45,082 e VOLVO AB (A SHS) ................................. 728 294,509 e VOLVO AB (B SHS) ................................. 4,941 121,340 * WABASH NATIONAL CORP ............................. 946 507,055 WACOAL CORP ...................................... 4,039 19,296,150 WAL-MART STORES, INC ............................. 1,110,503 12,009,464 WALT DISNEY CO ................................... 248,836 8,900 b,e* WARNACO GROUP, INC (CLASS A) .................. 1 18,579 WASHINGTON POST CO (CLASS B) ..................... 9,847 460,225 WENDY'S INTERNATIONAL, INC ....................... 13,425 152,793 e* WESTPOINT STEVENS, INC .......................... 374 365,866 * WESTWOOD ONE, INC ................................ 10,994 81,720 * WET SEAL, INC (CLASS A) .......................... 1,925 387,983 WHIRLPOOL CORP ................................... 28,451 487,413 WHITBREAD PLC .................................... 3,895 243,379 WILEY (JOHN) & SONS, INC (CLASS A) ............... 5,605 242,449 * WILLIAMS-SONOMA, INC ............................. 10,401 58,032 e* WILSONS THE LEATHER EXPERTS, INC ................. 662 70,142 WINNEBAGO INDUSTRIES, INC ........................ 2,591 104,958 * WMS INDUSTRIES, INC .............................. 2,099 865,898 WOLTERS KLUWER NV ................................ 19,737 219,193 WOLVERINE WORLD WIDE, INC ........................ 3,299 47,609 WOODWARD GOVERNOR CO ............................. 2,773 670,919 WOOLWORTHS GROUP PLC ............................. 464 2,113,713 WOOLWORTHS LTD ................................... 12,162 48,100 WORLD CO LTD ..................................... 1,464 65,771 * WORLD WRESTLING FEDERATION ENTERTAINMENT, INC .... 865 3,779,336 WPP GROUP PLC .................................... 41,803 69,193 e* XM SATELLITE RADIO HOLDINGS, INC ................ 1,270 30,300 YAMADA DENKI CO LTD .............................. 2,127 173,000 YAMAHA MOTOR CO LTD .............................. 1,052 79,328 * YOUNG BROADCASTING, INC (CLASS A) ................ 1,424 194,270 * ZALE CORP ........................................ 8,136 472,622 * ZENITH ELECTRONICS CORP .......................... 0 163,444 * ZOMAX, INC ....................................... 1,306 ---------- TOTAL CONSUMER CYCLICAL 10,478,235 ---------- CONSUMER NON-CYCLICAL--8.67% 39,761 * 1-800-FLOWERS.COM, INC ........................... 620 126,861 * 7-ELEVEN, INC .................................... 1,486 251,500 ADERANS CO LTD ................................... 7,426 55,868 ADIDAS-SALOMON AG ................................ 4,154 77,434 AGFA GEVAERT NV .................................. 1,047 843,059 AJINOMOTO CO, INC ................................ 8,234 14,100 ALBERTO-CULVER CO (CLASS A) ...................... 551 187,906 ALBERTO-CULVER CO (CLASS B) ...................... 8,407 2,462,341 ALBERTSON'S, INC ................................. 77,539 291,408 ALTADIS S.A. (FRANCE) ............................ 4,951 1,170,639 ALTADIS S.A ...................................... 19,909 1,065,854 e* AMAZON.COM, INC .................................. 11,533 88,200 * AMERICAN ITALIAN PASTA CO (CLASS A) .............. 3,707 5,104,236 ANHEUSER-BUSCH COS, INC .......................... 230,763 96,591 * APPLICA, INC ..................................... 870 3,226,733 ARCHER DANIELS MIDLAND CO ........................ 46,304 46,268 ARIAKE JAPAN CO LTD .............................. 1,479 381,294 e ASAHI BREWERIES LTD .............................. 3,430 10,800 * ASIA FOOD & PROPERTIES LTD WTS 07/12/02 .......... 0 111,116 * AURORA FOODS, INC ................................ 561 1,491,302 * AUTONATION, INC .................................. 18,388 503,257 * AUTOZONE, INC .................................... 36,134 1,227,881 AVON PRODUCTS, INC ............................... 57,096 12,310 BANG & OLUFSEN AS (B SHS) ........................ 287 263,606 * BARNES & NOBLE, INC .............................. 7,803 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 19
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER NON-CYCLICAL--(CONTINUED) 55,886 BEIERSDORF AG ...................................... $ 6,290 1,040,128 * BEST BUY CO, INC ................................... 77,469 452,919 * BJ'S WHOLESALE CLUB, INC ........................... 19,974 182,523 BLYTH, INC ......................................... 4,244 1,369,030 BOOTS CO PLC ....................................... 11,646 580,882 * BORDERS GROUP, INC ................................. 11,525 45,500 * BOSTON BEER CO, INC (CLASS A) ...................... 780 6,809,477 BRITISH AMERICAN TOBACCO PLC ....................... 57,729 1,155,493 BRL HARDY LTD ...................................... 6,536 198,483 BROWN-FORMAN CORP (CLASS B) ........................ 12,425 4,878 * BRUNO'S SUPERMARKETS, INC .......................... 0 270,000 BUNGE LIMITED ...................................... 6,286 645,526 BUNZL PLC .......................................... 4,134 75,000 e C TWO-NETWORK CO LTD ............................... 1,745 2,509,837 CADBURY SCHWEPPES PLC .............................. 15,999 173,914 * CADIZ, INC ......................................... 1,395 1,212,666 CAMPBELL SOUP CO ................................... 36,222 7,433 e CARLSBERG AS (A SHS) ............................... 280 11,419 CARLSBERG AS (B SHS) ............................... 477 939,657 CARREFOUR S.A ...................................... 48,862 222,496 CASEY'S GENERAL STORES, INC ........................ 3,315 83 CASINO GUICHARD-PERRACHON .......................... 5 117,789 e CASINO GUICHARD-PERRACHON .......................... 9,088 11,713 * CASINO GUICHARD-PERRACHON A WTS 12/15/03 ........... 38 11,713 * CASINO GUICHARD-PERRACHON B WTS 12/15/05 .......... 50 233,503 * CDW COMPUTER CENTERS, INC .......................... 12,541 198,559 CHURCH & DWIGHT CO, INC ............................ 5,288 192,844 * CIRCUIT CITY STORES, INC (CARMAX GROUP) ............ 4,385 1,099,724 CIRCUIT CITY STORES, INC (CIRCUIT CITY GROUP) ...... 28,538 949,672 CLOROX CO .......................................... 37,560 247,128 * COACH, INC ......................................... 9,633 1,258,268 COCA-COLA AMATIL LTD ............................... 3,852 8,126 COCA-COLA BOTTLING CO CONSOLIDATED ................. 308 11,694,039 COCA-COLA CO ....................................... 551,374 1,156,983 COCA-COLA ENTERPRISES, INC ......................... 21,913 98,702 COCA-COLA HELLENIC BOTTLING CO S.A ................. 1,424 36,000 COCA-COLA WEST JAPAN CO LTD ........................ 647 3,194,118 COLGATE-PALMOLIVE CO ............................... 184,460 25,105 COLRUYT S.A ........................................ 1,095 645,800 COMPAGNIE FINANCIERE RICHEMONT AG (UNITS) (A SHS) ................................. 12,000 3,221,196 CONAGRA FOODS, INC ................................. 76,568 180,627 * CONSTELLATION BRANDS, INC (CLASS A) ............... 7,740 848,373 COORS (ADOLPH) CO (CLASS B) ........................ 45,303 190,443 CORN PRODUCTS INTERNATIONAL, INC ................... 6,713 111,852 * COST PLUS, INC ..................................... 2,964 2,551,052 * COSTCO WHOLESALE CORP .............................. 113,216 2,215,259 CVS CORP ........................................... 65,572 59,738 DANISCO AS ......................................... 2,139 320,000 * DAVIDE CAMPARI-MILANO S.P.A ....................... 7,551 256,047 * DEAN FOODS CO ..................................... 17,491 24,100 DEB SHOPS, INC ..................................... 584 144,236 * DEL MONTE FOODS CO ................................. 1,227 83,692 DELHAIZE "LE LION" S.A ............................. 4,356 177,612 DELTA & PINE LAND CO ............................... 4,019 19,006,275 DIAGEO PLC ......................................... 217,145 518,410 DIAL CORP .......................................... 8,891 228,009 DIMON, INC ......................................... 1,642 230,026 DOLE FOOD CO ....................................... 6,172 163,802 DREYER'S GRAND ICE CREAM, INC ...................... 6,308 55,242 * DUANE READE, INC ................................... 1,677 43 EBRO PULEVA S.A .................................... 0 517,200 e ELECTROLUX AB SERIES B ............................. 7,716 52,617 * ELECTRONICS BOUTIQUE HOLDINGS CORP ................. 2,102
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516,339 * ENERGIZER HOLDINGS, INC ........................... 9,836 5,100 e* ENVISION DEVELOPMENT CORP ....... ................. 0 145,020 ESSILOR INTERNATIONAL S.A .......................... 4,384 1,365,254 ESTEE LAUDER COS (CLASS A) ......................... 43,770 167,460 ETHAN ALLEN INTERIORS, INC ......................... 6,965 44,904 e* EXPEDIA, INC (CLASS A) ............................ 1,824 318,000 EZAKI GLICO CO LTD ................................. 1,512 71,616 * FACTORY 2-U STORES, INC ........................... 1,435 3,800 FARMER BROTHERS CO ................................. 1,007 154,983 e FASTENAL CO ....................................... 10,296 229,614 e FLEMING COS, INC .................................. 4,248 90,865 * FLOWERS FOODS, INC ................................ 3,627 7,795,036 FOSTER'S GROUP LTD ................................. 19,393 16,968 FOURLIS S.A ........................................ 67 372,035 FRASER & NEAVE LTD ................................. 1,531 41,431 * FTD.COM, INC ..................................... 290 49,142 * FTI CONSULTING, INC .............................. 1,612 525,000 e FUJI OIL CO LTD .................................. 5,171 268,975 * FURNITURE BRANDS INTERNATIONAL, INC .............. 8,613 2,017,425 GENERAL MILLS, INC ................................. 104,926 6,774,214 GILLETTE CO ........................................ 226,259 69,542 GIVAUDAN S.A. (REGD) ............................... 21,194 17,869 GOLDEN ENTERPRISES, INC ............................ 63 1,980,123 GOODMAN FIELDER LTD ................................ 1,399 99,910 * GREAT ATLANTIC & PACIFIC TEA CO, INC ............. 2,376 23,586 * GREEN MOUNTAIN COFFEE, INC ....................... 646 197,630 GREENCORE GROUP PLC ................................ 493 183,195 GROUPE DANONE ...................................... 22,347 121,802 * HAIN CELESTIAL GROUP, INC ........................ 3,345 42,913 HARTWALL OYJ ABP ................................... 875 907,039 HARVEY NORMAN HOLDINGS LTD ......................... 1,880 785,045 HASBRO, INC ........................................ 12,741 531,356 HEINEKEN NV ........................................ 20,150 1,873,659 HEINZ (H.J.) CO .................................... 77,045 4,011 HERBALIFE INTERNATIONAL, INC (CLASS A) ............. 57 74,866 HERBALIFE INTERNATIONAL, INC (CLASS B) ............. 987 406,828 HERMAN MILLER, INC ................................. 9,626 619,757 HERSHEY FOODS CORP ................................. 41,958 16,900,476 HOME DEPOT, INC .................................... 862,093 411,553 HORMEL FOODS CORP .................................. 11,058 381,000 HOUSE FOODS CORP ................................... 3,125 128,954 HUGHES SUPPLY, INC ................................. 3,981 537,805 IMPERIAL TOBACCO GROUP PLC ......................... 7,091 40,963 INGLES MARKETS, INC (CLASS A) ...................... 490 210,098 * INSIGHT ENTERPRISES, INC ......................... 5,168 152,177 INTERBREW S.A ...................................... 4,167 251,063 INTERFACE, INC (CLASS A) ........................... 1,408 429,124 INTERNATIONAL FLAVORS & FRAGRANCES, INC ............ 12,749 84,798 * INTERNATIONAL MULTIFOODS CORP ...................... 2,027 153,156 INTERSTATE BAKERIES CORP ........................... 3,703 1,100,980 ITC LTD ............................................ 15,436 13,300 ITO EN LTD ......................................... 558 26,200 * J & J SNACK FOODS CORP ............................. 641 102,049 J.M. SMUCKER CO .................................... 3,610 738 JAPAN TOBACCO, INC ................................. 4,646 96,475 * JERONIMO MARTINS SGPS S.A ........................ 795 56,963 * JILL (J.) GROUP, INC ............................. 1,226 81,032 KAMPS AG ........................................... 649 3,633,477 KAO CORP ........................................... 75,547 19,680 KATOKICHI CO LTD ................................... 314 1,469,928 KELLOGG CO ......................................... 44,245 68,683 KERRY GROUP (CLASS A) .............................. 835 65,000 KERRY GROUP PLC (CLASS A) .......................... 796 221,000 KIKKOMAN CORP ...................................... 1,196 51,000 KINKI COCA-COLA BOTTLING CO ........................ 390 SEE NOTES TO FINANCIAL STATEMENTS 20 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER NON-CYCLICAL--(CONTINUED) 3,337,680 KIRIN BREWERY CO LTD .............................. $ 23,862 304,000 e KOREA TOBACCO & GINSENG CORP GDR .................. 2,356 394,200 KOSE CORP ......................................... 11,069 1,066,500 KRAFT FOODS, INC (CLASS A) ........................ 36,293 4,638,449 * KROGER CO ......................................... 96,804 31,497 * LADENBURG THALMANN FINANCIAL SERVICES, INC ........ 27 153,222 LANCASTER COLONY CORP ............................. 5,441 131,337 LANCE, INC ........................................ 1,877 2,024,955 LI & FUNG LTD ..................................... 2,272 29,500 * LITHIA MOTORS, INC (CLASS A) ...................... 611 355,179 LOBLAW COS LTD .................................... 11,570 168,132 LONGS DRUG STORES CORP ............................ 3,931 638,721 L'OREAL S.A ....................................... 46,009 4,334,780 LOWE'S COS ........................................ 201,177 350,000 LUXOTTICA GROUP S.P.A. (SPON ADR) ................. 5,768 200 MATSUMOTOKIYOSHI CO LTD ........................... 7 2,307,001 MATTEL, INC ....................................... 39,680 415,489 MCCORMICK & CO, INC (NON-VOTE) .................... 17,438 108,000 MEIJI DAIRIES CORP ................................ 265 794,708 MEIJI SEIKA KAISHA LTD ............................ 3,183 989,505 METRO AG .......................................... 34,802 32,300 MIDWEST GRAIN PRODUCTS, INC ....................... 373 428,000 MIKUNI COCA-COLA BOTTLING CO LTD .................. 3,752 392,414 MOLSON, INC (A SHS) ............................... 6,883 2,000 MOLSON, INC (B SHS) ............................... 35 52,458 MOVADO GROUP, INC ................................. 1,007 58,700 NASH FINCH CO ..................................... 1,826 5,800 * NATIONAL BEVERAGE CORP ............................ 69 65,000 NATURE'S SUNSHINE PRODUCTS, INC ................... 763 233,891 * NBTY, INC ......................................... 2,737 1,309,801 NESTLE S.A. (REGD) (B SHS) ........................ 279,269 1,500,876 NEWELL RUBBERMAID, INC ............................ 41,379 434,283 NICHIREI CORP ..................................... 964 437,784 NIPPON MEAT PACKERS, INC .......................... 4,643 273,002 NISSHIN SEIFUN GROUP, INC ......................... 1,646 249,105 NISSIN FOOD PRODUCTS CO LTD ....................... 4,866 80,000 NORITAKE CO LTD ................................... 304 240,057 NU SKIN ENTERPRISES, INC (CLASS A) ................ 2,100 147,649 NUMICO NV ......................................... 3,442 2,137,360 * OFFICE DEPOT, INC ................................. 39,627 564,961 * OFFICEMAX, INC .................................... 2,542 76,385 ONEIDA LTD ........................................ 989 192,409 ORKLA ASA ......................................... 3,261 97,433 * PAN FISH ASA ...................................... 163 14,054 PAPASTRATOS CIGARETTE CO .......................... 183 13,193 * PARAGON TRADE BRANDS, INC (ESCROW) ................ 0 691 * PARAGON TRADE BRANDS, INC WTS 01/28/10 ........... 21 451,948 PARMALAT FINANZIARIA S.P.A ........................ 1,219 2,698 * PASCUAL HERMANOS .................................. 0 162,702 * PATHMARK STORES, INC .............................. 4,012 30,960 * PC CONNECTION, INC ................................ 459 246,733 PEP BOYS-MANNY MOE & JACK ......................... 4,231 1,162,540 PEPSI BOTTLING GROUP, INC ......................... 27,320 442,959 PEPSIAMERICAS INC ................................. 6,113 13,654,377 PEPSICO, INC ...................................... 664,824 578,266 e PERNOD-RICARD ..................................... 44,795 326,657 * PERRIGO CO ........................................ 3,861 533,969 * PETSMART, INC ..................................... 5,254 18,266,033 PHILIP MORRIS COS, INC ............................ 837,498 76,305 PILGRIM'S PRIDE CORP (CLASS B) .................... 1,034 146,157 * PLAYTEX PRODUCTS, INC ............................. 1,425 350,000 b,f* POWER PACIFIC LTD ................................. 0 543,664 * PRICELINE.COM, INC ................................ 3,164 8,822,203 PROCTER & GAMBLE CO ............................... 698,101
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35,000 f* PROMET BERHAD ..................................... 3 1,168 * PULEVA BIOTECH .................................... 3 100,681 e QP CORP ........................................... 783 514,357 R.J. REYNOLDS TOBACCO HOLDINGS, INC ............... 28,958 1,077,871 RADIOSHACK CORP ................................... 32,444 160,974 * RALCORP HOLDINGS, INC ............................. 3,654 1,030,295 RECKITT BENCKISER PLC ............................. 14,995 46,863 e* REVLON, INC (CLASS A) ............................. 312 208,450 RINASCENTE S.P.A .................................. 726 2,808,143 e* RITE AID CORP ..................................... 14,209 46,421 * ROBERT MONDAVI CORP (CLASS A) ..................... 1,764 4,390,376 ROYAL AHOLD NV .................................... 127,752 170,517 RUDDICK CORP ...................................... 2,727 47,301 RUSS BERRIE & CO, INC ............................. 1,419 1,958,655 SAFEWAY PLC ....................................... 9,122 2,749,403 * SAFEWAY, INC ...................................... 114,788 2,464,839 SAINSBURY (J) PLC ................................. 13,130 17,400 SANDERSON FARMS, INC .............................. 371 97,399 e SAPPORO BREWERIES LTD ............................. 270 4,762,088 SARA LEE CORP ..................................... 105,861 85,467 SCHWEITZER-MAUDUIT INTERNATIONAL, INC ............. 2,030 1,125,654 SCOTTISH & NEWCASTLE PLC .......................... 8,601 750 SEABOARD CORP ..................................... 230 260,316 SENSIENT TECHNOLOGIES CORP ........................ 5,417 281,009 SHISEIDO CO LTD ................................... 2,597 86,857 * SKECHERS USA, INC (CLASS A) ....................... 1,270 118,635 * SLI, INC .......................................... 310 58,034 * SMART & FINAL, INC ................................ 606 675,914 * SMITHFIELD FOODS, INC ............................. 14,897 294,000 e* SNOW BRAND MILK PRODUCTS CO ....................... 487 36,173 SOBEYS, INC ....................................... 712 59,172 SOCIETE BIC S.A ................................... 2,021 1,341,103 SONAE SGPS S.A .................................... 967 105,800 * SPARTAN STORES, INC ............................... 1,265 171,735 * STAMPS.COM, INC ................................... 615 56,176 STANDARD COMMERCIAL CORP .......................... 927 2,825,953 * STAPLES, INC ...................................... 52,845 111,927 e* STAR SCIENTIFIC, INC .............................. 283 25,500 * STEINWAY MUSICAL INSTRUMENTS, INC ................. 424 24,303 STEPAN CO ......................................... 590 363,742 e SWEDISH MATCH AB ................................. 1,925 41,796 TAKARA SHUZO CO LTD ............................... 351 331,675 TATE & LYLE PLC ................................... 1,665 24,967,744 TESCO PLC ......................................... 90,482 39,170 THE SWATCH GROUP AG. (BR) ......................... 3,521 226,141 THE SWATCH GROUP AG. (REGD) ....................... 4,481 82,970 THOMAS INDUSTRIES, INC ............................ 2,074 135,460 * TICKETMASTER (CLASS B) ............................ 2,220 120,247 TOOTSIE ROLL INDUSTRIES, INC ...................... 4,699 1,111,868 * TOYS "R" US, INC .................................. 23,060 154,320 * TRANS WORLD ENTERTAINMENT CORP .................... 1,173 64,116 * TRIARC COS, INC ................................... 1,558 53,390 * TUESDAY MORNING CORP .............................. 966 281,236 TUPPERWARE CORP ................................... 5,414 100,026 * TWEETER HOME ENTERTAINMENT GROUP, INC ............. 2,901 2,716,992 TYSON FOODS, INC (CLASS A) ........................ 31,381 40,600 UNI-CHARM CORP .................................... 849 1,832,058 UNILEVER NV (CERT) ................................ 107,419 6,033,944 UNILEVER PLC ...................................... 49,529 31,712 * UNITED AUTO GROUP, INC ............................ 818 49,222 * UNITED NATURAL FOODS, INC ......................... 1,231 147,222 UNIVERSAL CORP ................................... 5,360 885,763 UST, INC .......................................... 31,002 126,355 * VALUEVISION INTERNATIONAL, INC (CLASS A) ......... 2,475 90,611 VECTOR GROUP LTD .................................. 2,977 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 21
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER NON-CYCLICAL--(CONTINUED) 5,866,140 WALGREEN CO ..................................... $ 197,454 675,516 WATERFORD WEDGWOOD PLC (UNITS) .................. 529 70,029 WEIS MARKETS, INC ............................... 1,958 20,985 WELLA AG ........................................ 1,059 224,777 * WESTON (GEORGE) LTD ............................. 14,560 273,775 * WHOLE FOODS MARKET, INC ......................... 11,926 93,325 * WILD OATS MARKETS, INC .......................... 927 438,014 WINN-DIXIE STORES, INC .......................... 6,242 133,011 WRIGLEY (WM.) JR CO ............................. 6,833 747,600 f WRIGLEY (WM.) JR CO (CLASS B) ................... 38,404 224,000 YAKULT HONSHA CO LTD ............................ 1,675 170,000 e YAMAZAKI BAKING CO LTD .......................... 933 80,253 e* YANKEE CANDLE CO, INC ........................... 1,819 91,000 YONEX CO LTD .................................... 271 ---------- TOTAL CONSUMER NON-CYCLICAL 8,598,301 ---------- ENERGY--6.40% 75,307 * 3TEC ENERGY CORP ................................ 1,054 416,114 ALBERTA ENERGY CO LTD ........................... 15,685 416,278 AMERADA HESS CORP ............................... 26,017 1,333,329 ANADARKO PETROLEUM CORP ......................... 75,800 3,678,959 APACHE CORP ..................................... 183,506 374,247 ASHLAND, INC .................................... 17,245 21,475 * ATP OIL & GAS CORP .............................. 64 50,051 * ATWOOD OCEANICS, INC ............................ 1,744 4,428,833 BAKER HUGHES, INC ............................... 161,520 176,300 * BCE EMERGIS, INC ................................ 5,036 93,744 BERRY PETROLEUM CO (CLASS A) .................... 1,472 5,514,243 BG GROUP PLC .................................... 22,471 2,681,136 * BJ SERVICES CO .................................. 87,003 43,408,891 BP PLC .......................................... 337,367 2,501,272 BP PLC (SPON ADR) ............................... 116,334 5,730,679 BURLINGTON RESOURCES, INC ....................... 215,130 154,535 CABOT OIL & GAS CORP (CLASS A) .................. 3,717 170,865 * CAL DIVE INTERNATIONAL, INC ..................... 4,217 55,200 * CALLON PETROLEUM CORP ........................... 378 294,677 CANADIAN NATURAL RESOURCES LTD .................. 7,072 58,500 e* CANADIAN OIL SANDS TRUST (UNITS) ................ 1,411 349,677 * CAPSTONE TURBINE CORP ........................... 1,892 37,573 CARBO CERAMICS, INC ............................. 1,471 13,074,625 CENTRICA PLC .................................... 42,244 762,604 * CHESAPEAKE ENERGY CORP .......................... 5,041 5,906,440 CHEVRONTEXACO CORP .............................. 529,276 23,029 * CLAYTON WILLIAMS ENERGY, INC .................... 302 42,179,265 CNOOC LTD ....................................... 39,757 114,430 * COMSTOCK RESOURCES, INC ......................... 801 3,349,930 CONOCO, INC ..................................... 94,803 276,043 * COOPER CAMERON CORP ............................. 11,141 1,000 COSMO OIL CO LTD ................................ 1 95,426 * DENBURY RESOURCES, INC .......................... 698 1,990,348 DEVON ENERGY CORP ............................... 76,927 2,027,483 DIAMOND OFFSHORE DRILLING, INC .................. 61,635 32,486 * DRIL-QUIP, INC .................................. 783 152,496 * EEX CORP ........................................ 281 411,805 ENBRIDGE, INC ................................... 11,196 29,400 * ENCORE ACQUISITION CO ........................... 391 227,986 ENERGY DEVELOPMENTS LTD ......................... 782 117,605 * ENERGY PARTNERS LTD ............................. 888 18,766,149 e ENI S.P.A ....................................... 235,268 947,511 ENSCO INTERNATIONAL, INC ........................ 23,546 559,780 EOG RESOURCES, INC .............................. 21,893 86,985 * EVERGREEN RESOURCES, INC ........................ 3,358 51,817,134 EXXON MOBIL CORP ................................ 2,036,420 150,632 * FOREST OIL CORP ................................. 4,249 2,188 * FOREST OIL CORP WTS 02/15/04 .................... 22
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2,188 * FOREST OIL CORP WTS 02/15/05 .................... 19 174,406 e FORTUM OYJ ...................................... 738 140,674 FRONTIER OIL CORP ............................... 2,341 263,688 GAS NATURAL SDG S.A ............................. 4,391 55,600 GETTY REALTY CORP ............................... 1,048 340,241 * GLOBAL INDUSTRIES LTD ........................... 3,028 21,415 GLOBALSANTAFE CORP .............................. 612 544,462 * GRANT PRIDECO, INC .............................. 6,261 835,175 * GREY WOLF, INC .................................. 2,480 41,640 * GULF ISLAND FABRICATION, INC .................... 521 2,300,906 HALLIBURTON CO .................................. 30,142 423,325 * HANOVER COMPRESSOR CO ........................... 10,693 94,422 HELLENIC PETROLEUM S.A .......................... 585 271,230 HELMERICH & PAYNE, INC .......................... 9,054 42,204 HOLLY CORP ...................................... 812 5,337,272 HONG KONG & CHINA GAS CO LTD .................... 6,536 80,687 * HORIZON OFFSHORE, INC ........................... 608 50,830 * HOUSTON EXPLORATION CO .......................... 1,707 303,901 HUSKY ENERGY, INC ............................... 3,136 65,351 * HYDRIL CO ....................................... 1,152 112,413 IHC CALAND NV ................................... 5,255 362,788 IMPERIAL OIL LTD ................................ 10,070 244,619 * INPUT/OUTPUT, INC ............................... 2,008 354,225 e ITALGAS S.P.A ................................... 3,324 970,000 e JAPAN ENERGY CORP ............................... 1,088 36 KANEB SERVICES LLC .............................. 1 141,321 e* KCS ENERGY, INC ................................. 441 538,726 KERR-MCGEE CORP ................................. 29,522 514,927 * KEY ENERGY SERVICES, INC ........................ 4,737 74,131 * KEY PRODUCTION CO, INC .......................... 1,260 15,051,002 LATTICE GROUP PLC ............................... 34,172 26,500 LUFKIN INDUSTRIES, INC .......................... 710 160,432 * MAGNUM HUNTER RESOURCES, INC .................... 1,332 1,800,014 MARATHON OIL CORP ............................... 54,000 196,825 * MAVERICK TUBE CORP .............................. 2,549 83,456 * MCMORAN EXPLORATION CO .......................... 483 170,370 * MERIDIAN RESOURCE CORP .......................... 680 116,732 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) .... 6,222 287,104 MURPHY OIL CORP ................................. 24,128 671,078 * NABORS INDUSTRIES, INC .......................... 23,038 433,174 * NATIONAL-OILWELL, INC ........................... 8,928 202,862 * NEWFIELD EXPLORATION CO ......................... 7,204 125,306 NEXEN, INC ...................................... 2,440 1,795,047 NIPPON MITSUBISHI OIL CORP ...................... 6,848 1,262,158 NOBLE AFFILIATES, INC ........................... 44,542 705,477 * NOBLE DRILLING CORP ............................. 24,014 151,374 NORSK HYDRO ASA ................................. 6,346 87,114 NOVA CHEMICALS CORP ............................. 1,678 1,358,816 * NOVUS PETROLEUM LTD ............................. 1,245 81,424 * NUEVO ENERGY CO ................................. 1,221 1,993,737 OCCIDENTAL PETROLEUM CORP ....................... 52,894 917,692 OCEAN ENERGY, INC ............................... 17,620 126,628 * OCEANEERING INTERNATIONAL, INC .................. 2,801 14,853 OMV AG .......................................... 1,245 3,926,445 OSAKA GAS CO LTD ................................ 9,377 39,000 * OSCA, INC ....................................... 813 783,272 * PANCANADIAN ENERGY CORP ......................... 20,265 436,843 * PARKER DRILLING CO .............................. 1,612 99,083 PATINA OIL & GAS CORP ........................... 2,725 365,184 * PATTERSON-UTI ENERGY, INC ....................... 8,512 45,500 * PENN WEST PETROLEUM LTD ......................... 1,009 421,110 PENNZOIL-QUAKER STATE CO ........................ 6,085 543,122 * PETRO-CANADA (NON-RESIDENT) ..................... 13,375 101,261 e* PETROLEUM GEO-SERVICES ASA ..................... 785 2,040,382 PHILLIPS PETROLEUM CO .......................... 122,953 SEE NOTES TO FINANCIAL STATEMENTS 22 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- ENERGY--(CONTINUED) 531,527 * PIONEER NATURAL RESOURCES CO ..................... $ 10,237 124,733 * PLAINS RESOURCES, INC ............................ 3,070 283,483 POGO PRODUCING CO ................................ 7,447 172,371 * PRECISION DRILLING CORP .......................... 4,434 711,420 * PRIDE INTERNATIONAL, INC ......................... 10,742 51,288 * PRIMA ENERGY CORP ................................ 1,116 17,729 * PRIZE ENERGY CORP ................................ 410 77,859 * PURE RESOURCES, INC .............................. 1,565 74,436 e* PYR ENERGY CORP .................................. 147 258,756 * RANGE RESOURCES CORP ............................. 1,177 83,494 * REMINGTON OIL & GAS CORP ......................... 1,444 951,944 REPSOL YPF S.A ................................... 13,884 68,800 * RIO ALTO EXPLORATION LTD ......................... 806 498,679 * ROWAN COS, INC ................................... 9,659 4,055,048 ROYAL DUTCH PETROLEUM CO ......................... 205,444 242,436 RPC, INC ......................................... 4,279 2,506,529 SANTOS LTD ....................................... 7,955 157,963 * SEACOR SMIT, INC ................................. 7,329 105,093 * SEITEL, INC ...................................... 1,429 50 * SERVAL INTEGRATED ENERGY SERVICES (UNITS) ........ 0 70,495 e SHELL CANADA LTD (CLASS A) (U.S.) ................ 2,020 22,319,153 SHELL TRANSPORT & TRADING CO PLC ................. 153,321 284,000 SHOWA SHELL SEKIYU KK ............................ 1,508 47,843 SMEDVIG AS (A SHS) ............................... 389 24,345 SMEDVIG AS (B SHS) ............................... 167 266,452 * SMITH INTERNATIONAL, INC ......................... 14,287 8,000,000 * SNAM RETE GAS .................................... 21,156 104,008 * SPINNAKER EXPLORATION CO ......................... 4,281 145,757 ST. MARY LAND & EXPLORATION CO ................... 3,089 448,776 * STATOIL ASA ...................................... 3,077 115,834 * STONE ENERGY CORP ................................ 4,575 758,242 SUNCOR ENERGY, INC ............................... 24,890 416,940 SUNOCO, INC ...................................... 15,569 247,725 * SUPERIOR ENERGY SERVICES, INC .................... 2,143 117,068 * SWIFT ENERGY CO .................................. 2,365 224,839 TECHNIP-COFLEXIP S.A ............................. 30,029 114,176 e TEIKOKU OIL CO LTD ............................... 417 192,524 * TESORO PETROLEUM CORP ............................ 2,524 303,069 TIDEWATER, INC ................................... 10,274 6,498,311 TOKYO GAS CO LTD ................................. 17,404 178,459 * TOM BROWN, INC ................................... 4,820 233,000 e TONENGENERAL SEKIYU KK ........................... 1,502 2,733,659 TOTAL FINA ELF S.A ............................... 390,422 163,377 * TOTAL FINA ELF S.A. (STRIP VVPR) ................. 1 2,025 * TOTAL FINA ELF S.A. WTS 08/05/03 ................. 50 945,351 e TRANSCANADA PIPELINES LTD ........................ 11,767 111,887 * TRANSMONTAIGNE, INC .............................. 610 67 * TRANSTEXAS GAS CORP WTS 06/30/02 ................. 0 130,197 * TRICO MARINE SERVICES, INC ....................... 983 396,048 e ULTRAMAR DIAMOND SHAMROCK CORP ................... 19,596 204,066 * UNIT CORP ........................................ 2,632 56,496 * UNIVERSAL COMPRESSION HOLDINGS, INC .............. 1,666 1,305,266 UNOCAL CORP ...................................... 47,081 325,952 e VALERO ENERGY CORP ............................... 12,425 627,587 * VARCO INTERNATIONAL, INC ......................... 9,401 166,150 e* VERITAS DGC, INC ................................. 3,074 265,197 VINTAGE PETROLEUM, INC ........................... 3,832 1,429,139 * WEATHERFORD INTERNATIONAL, INC ................... 53,250 188,471 WESTCOAST ENERGY, INC ............................ 4,982 68,600 * WESTERN OIL SANDS, INC (CLASS A) ................. 820 155,546 * WESTPORT RESOURCES CORP .......................... 2,699 110,700 * W-H ENERGY SERVICES, INC ......................... 2,109 1,929,620 WOODSIDE PETROLEUM LTD ........................... 13,227
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107,509 * XANSER CORP ....................................... 216 629,386 XTO ENERGY, INC ................................... 11,014 --------- TOTAL ENERGY 6,350,968 --------- FINANCIAL SERVICES--19.69% 65,645 1ST SOURCE CORP .................................... 1,359 164,399 21ST CENTURY INSURANCE GROUP ....................... 3,198 3,103,354 3I GROUP PLC ....................................... 38,820 275,000 77 BANK LTD ........................................ 1,215 445,870 A.G. EDWARDS, INC .................................. 19,694 768,758 ABBEY NATIONAL PLC ................................. 10,965 2,683,018 ABN AMRO HOLDING NV ................................ 43,216 67,200 ACADIA REALTY TRUST ................................ 427 444,865 ACOM CO LTD ........................................ 32,416 35,319 ADVANTA CORP (CLASS A) ............................. 351 97,897 ADVANTA CORP (CLASS B) ............................. 891 3,591,027 e AEGON NV ........................................... 97,202 17,100 AEON CREDIT SERVICE CO LTD ......................... 979 119,211 * AFFILIATED MANAGERS GROUP, INC ..................... 8,402 2,798,903 AFLAC, INC ......................................... 68,741 72,000 AIFUL CORP ......................................... 4,659 2,970,000 AIOI INSURANCE CO LTD .............................. 4,872 55,331 ALABAMA NATIONAL BANCORP ........................... 1,865 77,798 ALEXANDRIA REAL ESTATE EQUITIES, INC ............... 3,197 218,723 ALFA CORP .......................................... 4,908 330,723 ALLEANZA ASSICURAZIONI ............................. 3,637 24,644 * ALLEGHANY CORP ..................................... 4,743 415,000 ALLGREEN PROPERTIES LTD ............................ 231 411,132 ALLIANZ AG. (REGD) ................................. 97,192 555,225 ALLIED CAPITAL CORP ................................ 14,436 1,558,402 ALLIED IRISH BANKS PLC ............................. 18,038 394,811 ALLMERICA FINANCIAL CORP ........................... 17,589 4,310,906 ALLSTATE CORP ...................................... 145,278 520,551 ALPHA BANK S.A ..................................... 9,279 719,543 AMB PROPERTY CORP .................................. 18,708 658,884 AMBAC FINANCIAL GROUP, INC ......................... 38,123 137,918 AMCORE FINANCIAL, INC .............................. 3,082 165,642 AMERICAN CAPITAL STRATEGIES LTD .................... 4,696 7,836,692 AMERICAN EXPRESS CO ................................ 279,692 229,962 AMERICAN FINANCIAL GROUP, INC ...................... 5,646 133,214 AMERICAN FINANCIAL HOLDINGS, INC ................... 3,385 17,622,177 AMERICAN INTERNATIONAL GROUP, INC .................. 1,399,201 55,592 AMERICAN NATIONAL INSURANCE CO ..................... 4,675 56,905 * AMERICAN PHYSICIANS CAPITAL, INC ................... 1,238 404,773 * AMERICREDIT CORP ................................... 12,771 587,941 e* AMERITRADE HOLDINGS CORP (CLASS A) ................. 3,481 226,300 AMERUS GROUP CO .................................... 8,111 73,897 AMLI RESIDENTIAL PROPERTIES TRUST .................. 1,864 433,193 AMP DIVERSIFIED PROPERTY TRUST ..................... 572 2,979,191 AMP LTD ............................................ 28,122 2,093,792 AMSOUTH BANCORPORATION ............................. 39,573 1,532,678 AMVESCAP PLC ....................................... 22,106 236,934 b* ANC RENTAL CORP .................................... 7 110,490 ANCHOR BANCORP WISCONSIN, INC ...................... 1,960 314,800 ANNALY MORTGAGE MANAGEMENT, INC .................... 5,037 199,700 ANTHRACITE CAPITAL, INC ............................ 2,195 1,384,500 AON CORP ........................................... 49,177 389,223 APARTMENT INVESTMENT & MANAGEMENT CO (CLASS A) ..... 17,799 3,200 * ARCH CAPITAL GROUP LTD ............................. 82 969,828 ARCHSTONE-SMITH TRUST .............................. 25,506 336,500 ARDEN REALTY, INC .................................. 8,917 77,385 AREA BANCSHARES CORP ............................... 1,507 119,385 ARGONAUT GROUP, INC ................................ 2,336 31,883 ARROW FINANCIAL CORP ............................... 931 1,584,943 ASAHI BANK LTD ..................................... 992 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 23
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 422,000 * ASHIKAGA BANK LTD ................................ $ 386 4,250,194 ASSICURAZIONI GENERALI S.P.A ..................... 118,072 353,443 ASSOCIATED BANC-CORP ............................. 12,473 72,275 ASSOCIATED ESTATES REALTY CORP ................... 663 620,142 ASTORIA FINANCIAL CORP ........................... 16,409 5,011,800 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD ...... 45,690 226,714 AUSTRALIAN STOCK EXCHANGE LTD .................... 1,311 365,277 AVALONBAY COMMUNITIES, INC ....................... 17,281 1,942,580 AXA .............................................. 40,595 31,300 BALDWIN & LYONS, INC (CLASS B) ................... 801 3,571,475 e BANCA DI ROMA .................................... 7,076 275,647 e BANCA FIDEURAM S.P.A ............................. 2,206 845,352 e BANCA MONTE DEI PASCHI SIENA ..................... 2,108 20,437,902 e BANCA NAZIONALE DEL LAVORO S.P.A ................. 41,400 385,676 e BANCA POPOLARE DI MILANO ......................... 1,346 17,764 BANCFIRST CORP ................................... 616 36,659 BANCFIRST OHIO CORP .............................. 885 6,350,278 BANCO BILBAO VIZCAYA ARGENTARIA S.A .............. 78,595 12,570,093 * BANCO COMERCIAL PORTUGUES S.A. (REGD) ............ 50,925 92,674 BANCO ESPIRITO SANTO S.A. (REGD) ................. 1,194 7,992,817 BANCO SANTANDER CENTRAL HISPANO S.A .............. 66,969 447,545 BANCORPSOUTH, INC ................................ 7,429 52,159 BANK MUTUAL CORP ................................. 797 13,190,505 BANK OF AMERICA CORP ............................. 830,342 1,369,852 BANK OF EAST ASIA LTD ............................ 2,951 648,000 e BANK OF FUKUOKA LTD .............................. 2,195 53,588 BANK OF GRANITE CORP ............................. 1,059 2,999,515 BANK OF IRELAND .................................. 28,390 1,293,941 e BANK OF MONTREAL ................................. 29,100 4,071,363 BANK OF NEW YORK CO, INC ......................... 166,112 2,030,782 e BANK OF NOVA SCOTIA .............................. 62,286 115,767 BANK OF PIRAEUS .................................. 1,029 1,019,927 e BANK OF YOKOHAMA LTD ............................. 3,556 6,213,789 BANK ONE CORP .................................... 242,648 183,950 * BANK UNITED CORP (CONTINGENT PAYMENT RTS) ........ 18 147,969 BANKATLANTIC BANCORP, INC (CLASS A) .............. 1,358 861,817 BANKNORTH GROUP, INC ............................. 19,408 95,054 * BANKUNITED FINANCIAL CORP (CLASS A) .............. 1,412 56,026 BANNER CORP ...................................... 947 2,793,227 BARCLAYS PLC ..................................... 92,485 5,092,719 a,f* BARING VOSTOK L.P. ............................... 5,093 319,850 * BAY VIEW CAPITAL CORP ............................ 2,345 880,062 BAYERISCHE HYPO-UND VEREINSBANK AG ............... 26,760 2,427,033 BB&T CORP ........................................ 87,640 462,796 BEAR STEARNS COS, INC ............................ 27,138 45,741 * BEAZER HOMES USA, INC ............................ 3,347 85,944 BEDFORD PROPERTY INVESTORS, INC .................. 1,934 111,805 BERKLEY (W.R.) CORP .............................. 6,004 1,357,455 e BIPOP-CARIRE S.P.A ............................... 2,248 32,242 * BKF CAPITAL GROUP, INC ........................... 925 267,300 * BLACKROCK, INC ................................... 11,146 1,866,660 BNP PARIBAS GROUP ................................ 167,038 61,929 * BOK FINANCIAL CORP ............................... 1,951 64,909 BOSTON PRIVATE FINANCIAL HOLDINGS, INC ........... 1,433 416,253 BOSTON PROPERTIES, INC ........................... 15,818 97,633 BOYKIN LODGING CO ................................ 778 391,046 BPI-SGPS S.A. (REGD) ............................. 787 137,439 BRANDYWINE REALTY TRUST .......................... 2,896 247,830 BRE PROPERTIES, INC (CLASS A) .................... 7,673 787,237 BRITISH LAND CO PLC .............................. 5,351 81,342 BROOKFIELD PROPERTIES CORP ....................... 1,413 55,586 BROOKLINE BANCORP, INC ........................... 914 227,410 BROWN & BROWN, INC ............................... 6,208 49,575 BSB BANCORP, INC ................................. 1,175
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1,010,971 BT OFFICE TRUST .................................. 802 149,259 * BTG PLC .......................................... 1,634 154,420 BURNHAM PACIFIC PROPERTIES, INC .................. 636 135,593 * C.I. FUND MANAGEMENT, INC ........................ 1,010 193,126 CAMDEN PROPERTY TRUST ............................ 7,088 290,671 CANADA LIFE FINANCIAL CORP ....................... 8,063 994,513 e CANADIAN IMPERIAL BANK OF COMMERCE ............... 34,172 1,415,716 * CANARY WHARF GROUP PLC ........................... 9,184 98,496 CAPITAL AUTOMOTIVE REIT .......................... 1,959 21,300 CAPITAL CITY BANK GROUP, INC ..................... 516 1,230,202 CAPITAL ONE FINANCIAL CORP ....................... 66,369 766,587 CAPITALAND LTD ................................... 776 137,083 CAPITOL FEDERAL FINANCIAL ........................ 2,857 43,300 CAPITOL TRANSAMERICA CORP ........................ 712 43,975 CAPSTEAD MORTGAGE CORP ........................... 1,033 347,442 CARRAMERICA REALTY CORP .......................... 10,458 132,999 CASH AMERICA INTERNATIONAL, INC .................. 1,130 576,780 * CATELLUS DEVELOPMENT CORP ........................ 10,613 43,449 CATHAY BANCORP, INC .............................. 2,783 114,262 CBL & ASSOCIATES PROPERTIES, INC ................. 3,599 47,032 CCBT FINANCIAL COS, INC .......................... 1,110 61,581 * CCC INFORMATION SERVICES GROUP, INC .............. 381 113,992 CENTENNIAL BANCORP ............................... 841 122,225 CENTERPOINT PROPERTIES CORP ...................... 6,087 29,964 * CENTRAL COAST BANCORP ............................ 659 87,287 CFS BANCORP, INC ................................. 1,253 5,582,489 CGNU PLC ......................................... 68,654 5,776,055 CHARLES SCHWAB CORP .............................. 89,356 174,712 CHARTER MUNICIPAL MORTGAGE ACCEPTANCE CO ......... 2,839 2,458,123 CHARTER ONE FINANCIAL, INC ....................... 66,738 106,141 CHATEAU COMMUNITIES, INC ......................... 3,174 81,428 CHELSEA PROPERTY GROUP, INC ...................... 3,998 114,817 CHEMICAL FINANCIAL CORP .......................... 3,463 2,197,242 CHEUNG KONG HOLDINGS LTD ......................... 22,824 800,540 CHIBA BANK LTD ................................... 2,614 164,493 CHITTENDEN CORP .................................. 4,540 335,129 * CHOICEPOINT, INC ................................. 16,988 1,749,880 CHUBB CORP ....................................... 120,742 507,300 e CHUO MITSUI TRUST & BANKING CO LTD ............... 503 727,609 CINCINNATI FINANCIAL CORP ........................ 27,758 37,759,408 CITIGROUP, INC ................................... 1,906,095 249,023 CITIZENS BANKING CORP ............................ 8,188 46,200 * CITIZENS, INC .................................... 584 36,133 CITY BANK ........................................ 866 762,802 CITY DEVELOPMENTS LTD ............................ 2,499 76,848 * CITY HOLDING CO .................................. 925 202,706 CITY NATIONAL CORP ............................... 9,497 578,367 * CLARICA LIFE INSURANCE CO ........................ 19,040 50,533 * CLARK/BARDES, INC ................................ 1,275 166,975 CLOSE BROTHERS GROUP PLC ......................... 1,956 244,806 * CNA FINANCIAL CORP ............................... 7,141 83,532 CNA SURETY CORP .................................. 1,295 22,034 COASTAL BANCORP, INC ............................. 637 35,558 COBIZ, INC ....................................... 480 614,971 COLONIAL BANCGROUP, INC .......................... 8,665 366,043 COLONIAL FIRST STATE PROPERTY TRUST GROUP ........ 407 78,990 COLONIAL PROPERTIES TRUST ........................ 2,461 71,767 * COLUMBIA BANKING SYSTEM, INC ..................... 937 618,992 b* COMDISCO, INC ................................... 322 2,742,693 COMERICA, INC .................................... 157,156 299,110 COMMERCE BANCORP, INC ............................ 11,767 353,651 COMMERCE BANCSHARES, INC ......................... 13,789 136,093 COMMERCE GROUP, INC .............................. 5,129 248,057 COMMERCIAL BANK OF GREECE ........................ 8,194 261,608 COMMERCIAL FEDERAL CORP .......................... 6,148 SEE NOTES TO FINANCIAL STATEMENTS 24 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 172,056 COMMERCIAL NET LEASE REALTY, INC ................... $ 2,237 40,415 COMMONWEALTH BANCORP, INC .......................... 895 4,046,629 * COMMONWEALTH BANK OF AUSTRALIA ..................... 62,020 57,100 COMMUNITY BANK SYSTEM, INC ......................... 1,496 34,338 COMMUNITY BANKS, INC ............................... 927 197,206 COMMUNITY FIRST BANKSHARES, INC .................... 5,066 40,691 COMMUNITY TRUST BANCORP, INC ....................... 966 679,417 COMPASS BANCSHARES, INC ............................ 19,228 60,623 e* COMPUCREDIT CORP ................................... 713 62,914 CONNECTICUT BANCSHARES, INC ........................ 1,626 1,600,840 e* CONSECO, INC ....................................... 7,140 246,442 CORNERSTONE REALTY INCOME TRUST, INC ............... 2,797 117,465 CORPORACION MAPFRE S.A ............................. 681 37,100 CORPORATE OFFICE PROPERTIES TRUST .................. 440 129,951 * CORRECTIONS CORP OF AMERICA ........................ 2,412 49,836 CORUS BANKSHARES, INC .............................. 2,263 699,698 COUNTRYWIDE CREDIT INDUSTRIES, INC ................. 28,667 192,947 COUSINS PROPERTIES, INC ............................ 4,700 30,300 CPB, INC ........................................... 891 233,306 CRAWFORD & CO (CLASS A) ............................ 2,039 21,911 CRAWFORD & CO (CLASS B) ............................ 257 71,108 * CREDIT ACCEPTANCE CORP ............................. 633 2,520,566 CREDIT LYONNAIS S.A ................................ 84,162 174,701 CREDIT SAISON CO LTD ............................... 3,399 4,050,684 CREDIT SUISSE GROUP ................................ 172,733 30,200 e* CREDITRUST ESCROW .................................. 0 523,311 CRESCENT REAL ESTATE EQUITIES CO ................... 9,477 28,910 * CRESECENT OPERATING, INC ........................... 1 69,898 * CRESTLINE CAPITAL CORP ............................. 2,171 100,975 CROWN AMERICAN REALTY TRUST ........................ 788 124,771 * CSK AUTO CORP ...................................... 1,241 276,897 CULLEN/FROST BANKERS, INC .......................... 8,551 15,508 CURTISS-WRIGHT CORP (CLASS B) ...................... 721 113,546 CVB FINANCIAL CORP ................................. 2,657 280,000 DAH SING FINANCIAL HOLDINGS LTD .................... 1,325 735,000 DAIBIRU CORP ....................................... 3,858 138 * DAIKYO, INC ........................................ 0 1,411,875 e* DAIWA BANK HOLDINGS, INC ........................... 883 1,958,877 DAIWA SECURITIES GROUP, INC ........................ 10,298 1,148,833 e DANSKE BANK AS ..................................... 18,435 2,606,880 DBS GROUP HOLDINGS LTD ............................. 19,483 66,739 DELPHI FINANCIAL GROUP, INC (CLASS A) .............. 2,222 581,486 DEUTSCHE BANK AG. (REGD) ........................... 41,058 54,807 DEUTSCHE BOERSE AG ................................. 2,172 1,006,209 DEUTSCHE OFFICE TRUST .............................. 685 412,021 DEVELOPERS DIVERSIFIED REALTY CORP ................. 7,870 3,564,830 DEXIA .............................................. 51,344 330,000 DIAMOND LEASE CO LTD ............................... 3,928 490,087 DIME BANCORP, INC .................................. 17,682 661,500 * DIME BANCORP, INC (LITIGATION TRACKING WTS) ........ 99 71,824 DIME COMMUNITY BANCSHARES .......................... 2,015 1,813,810 e DNB HOLDING ASA .................................... 8,170 205,076 DORAL FINANCIAL CORP ............................... 6,400 109,117 DOWNEY FINANCIAL CORP .............................. 4,501 146,248 DROTT AB (B SHS) ................................... 1,506 1,071,506 DUKE REALTY CORP ................................... 26,070 1,566,547 * E* TRADE GROUP, INC ................................ 16,057 125,972 EAST WEST BANCORP, INC ............................. 3,244 248,893 * EASTERN EUROPEAN TRUST PLC ......................... 2,237 92,727 EASTGROUP PROPERTIES, INC .......................... 2,139 312,350 EATON VANCE CORP ................................... 11,104 136,630 EFG EUROBANK ERGASIAS S.A .......................... 1,900 59,081 * ELECTRO RENT CORP .................................. 762
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79,358 ENTERTAINMENT PROPERTIES TRUST ..................... 1,536 2,882,780 EQUITY OFFICE PROPERTIES TRUST ..................... 86,714 1,700 EQUITY ONE, INC .................................... 23 1,585,196 EQUITY RESIDENTIAL PROPERTIES TRUST ................ 45,511 105,102 ERIE INDEMNITY CO (CLASS A) ........................ 4,045 24,404 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG ..... 1,297 76,150 ESSEX PROPERTY TRUST, INC .......................... 3,763 59,024 F & M BANCORP ...................................... 1,502 12,046 FAIRFAX FINANCIAL HOLDINGS LTD ..................... 1,238 8,913,547 FANNIE MAE ......................................... 708,627 24,523 FARMERS CAPITAL BANK CORP .......................... 899 67,914 FBL FINANCIAL GROUP, INC (CLASS A) ................. 1,133 44,797 * FEDERAL AGRICULTURAL MORTGAGE CORP (CLASS C) ....... 1,814 195,070 FEDERAL REALTY INVESTMENT TRUST .................... 4,487 606,863 FEDERATED INVESTORS, INC (CLASS B) ................. 19,347 76,749 FIDELITY BANKSHARES, INC ........................... 1,226 496,909 FIDELITY NATIONAL FINANCIAL, INC ................... 12,323 3,336,996 FIFTH THIRD BANCORP ................................ 204,658 57,913 * FINANCIAL FEDERAL CORP ............................. 1,810 43,974 FINANCIAL INSTITUTIONS, INC ........................ 1,029 277,387 e* FINOVA GROUP, INC .................................. 169 374,537 FIRST AMERICAN CORP ................................ 7,019 113,844 FIRST BANCORP (PUERTO RICO) ........................ 3,245 33,462 FIRST BANCORP NORTH CAROLINA ....................... 755 4,711 * FIRST BANKS AMERICA, INC ........................... 148 16,906 FIRST BUSEY CORP ................................... 363 168,877 FIRST CHARTER CORP ................................. 2,856 31,818 FIRST CITIZENS BANCSHARES, INC (CLASS A) ........... 3,110 321,426 FIRST COMMONWEALTH FINANCIAL CORP .................. 3,703 43,140 FIRST COMMUNITY BANCSHARES ......................... 1,271 32,303 FIRST ESSEX BANCORP, INC ........................... 910 78,822 FIRST FEDERAL CAPITAL CORP ......................... 1,238 189,028 FIRST FINANCIAL BANCORP ............................ 3,336 54,146 FIRST FINANCIAL BANKSHARES, INC .................... 1,630 32,017 FIRST FINANCIAL CORP (INDIANA) ..................... 1,404 70,198 FIRST FINANCIAL HOLDINGS, INC ...................... 1,697 2,485 * FIRST HUNGARY FUND LTD ............................. 3,990 52,085 FIRST INDIANA CORP ................................. 1,141 54,736 FIRST MERCHANTS CORP ............................... 1,315 263,867 FIRST MIDWEST BANCORP, INC ......................... 7,702 45,511 FIRST NIAGARA FINANCIAL GROUP, INC ................. 766 1,598,400 * FIRST NIS REGIONAL FUND ............................ 9,191 69,600 FIRST PLACE FINANCIAL CORP ......................... 1,096 59,278 * FIRST REPUBLIC BANK ................................ 1,432 137,501 FIRST SENTINEL BANCORP, INC ........................ 1,722 737,234 FIRST TENNESSEE NATIONAL CORP ...................... 26,732 255,911 FIRST VIRGINIA BANKS, INC .......................... 12,990 92,755 * FIRSTFED FINANCIAL CORP ............................ 2,377 419,555 FIRSTMERIT CORP .................................... 11,366 35,045 FLAGSTAR BANCORP, INC .............................. 705 12,145,647 FLEETBOSTON FINANCIAL CORP ......................... 443,316 53,278 FLUSHING FINANCIAL CORP ............................ 948 134,362 FNB CORP ........................................... 3,540 3,551,224 e FORTIS ............................................. 92,173 440,000 FORTIS NPV ......................................... 11,401 462,027 * FORTIS (STRIP VVPR) ................................ 4 916,155 FRANKLIN RESOURCES, INC ............................ 32,313 3,732,159 FREDDIE MAC ........................................ 244,083 338,065 FREMONT GENERAL CORP ............................... 2,644 134,163 * FRIEDMAN, BILLINGS, RAMSEY GROUP, INC .............. 696 11,760,000 * FRIENDS PROVIDENT PLC .............................. 34,231 89,336 FRONTIER FINANCIAL CORP ............................ 2,337 146,688 * FRONTLINE CAPITAL GROUP, INC ....................... 16 2,370,000 FUJI FIRE & MARINE INSURANCE CO LTD ................ 3,653 438,111 FULTON FINANCIAL CORP .............................. 9,564 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 25
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 28,615 * GABELLI ASSET MANAGEMENT, INC (CLASS A) .......... $ 1,236 130,987 GABLES RESIDENTIAL TRUST ......................... 3,877 451,182 GALLAGHER (ARTHUR J.) & CO ....................... 15,561 990,465 GANDEL RETAIL TRUST .............................. 591 185,263 * GARTNER, INC (CLASS A) ........................... 2,166 240,938 * GARTNER, INC (CLASS B) ........................... 2,699 44,383 GBC BANCORP ...................................... 1,309 355,754 GENERAL GROWTH PROPERTIES, INC ................... 13,803 2,758,191 GENERAL PROPERTY TRUST ........................... 3,996 24,878 GERMAN AMERICAN BANCORP .......................... 403 374,251 e GJENSIDIGE NOR SPAREBANK ......................... 11,349 65,615 GLACIER BANCORP, INC ............................. 1,366 115,234 GLENBOROUGH REALTY TRUST, INC .................... 2,236 143,986 GLIMCHER REALTY TRUST ............................ 2,711 171,031 GOLD BANC CORP, INC .............................. 1,216 421,775 GOLDEN STATE BANCORP, INC ........................ 11,029 1,900 * GOLDEN STATE BANCORP, INC (LITIGATION TRACKING WTS 12/31/60) ................................... 2 781,995 GOLDEN WEST FINANCIAL CORP ....................... 46,020 1,153,512 GOLDMAN SACHS GROUP, INC ......................... 106,988 31,116 GREAT AMERICAN FINANCIAL RESOURCES, INC .......... 583 67,252 GREAT LAKES REIT, INC ............................ 1,076 311,221 GREAT PORTLAND ESTATES PLC ....................... 1,112 32,630 GREAT SOUTHERN BANCORP, INC ...................... 995 262,757 GREATER BAY BANCORP .............................. 7,510 108,340 GREEN PROPERTY PLC ............................... 608 564,055 GREENPOINT FINANCIAL CORP ........................ 20,165 414,000 GUNMA BANK LTD ................................... 1,895 3,000 b,f* HAFNIA HOLDING AS (REGD) (A SHS) ................ 0 2,490 b,f* HAFNIA HOLDING AS (REGD) (B SHS) ................ 0 422,234 HAMMERSON PLC .................................... 2,725 47,051 HANCOCK HOLDING CO ............................... 2,025 2,104,000 HANG LUNG PROPERTIES LTD ......................... 2,172 782,994 HANG SENG BANK LTD ............................... 8,610 114,676 HARBOR FLORIDA BANCSHARES, INC ................... 1,949 158,738 HARLEYSVILLE GROUP, INC .......................... 3,792 94,020 HARLEYSVILLE NATIONAL CORP ....................... 2,214 1,270,632 HARTFORD FINANCIAL SERVICES GROUP, INC ........... 79,834 5,176,563 HBOS PLC ......................................... 59,970 269,255 HCC INSURANCE HOLDINGS, INC ...................... 7,418 306,616 HEALTH CARE PROPERTY INVESTORS, INC .............. 11,103 174,065 HEALTH CARE REIT, INC ............................ 4,238 218,844 HEALTHCARE REALTY TRUST, INC ..................... 6,128 799,118 HENDERSON LAND DEVELOPMENT CO LTD ................ 3,607 1,828,850 HIBERNIA CORP (CLASS A) .......................... 32,535 290,629 HIGHWOODS PROPERTIES, INC ........................ 7,542 75,198 HILB, ROGAL & HAMILTON CO ........................ 4,215 702,800 HITACHI CAPITAL CORP ............................. 10,564 624,331 e* HOKURIKU BANK LTD ............................... 681 99,081 HOME PROPERTIES OF NEW YORK, INC ................. 3,131 1,733,000 HONG KONG EXCHANGES & CLEARING LTD ............... 2,634 305,459 HOOPER HOLMES, INC ............................... 2,734 214,164 HORACE MANN EDUCATORS CORP ....................... 4,545 365,100 HOSPITALITY PROPERTIES TRUST ..................... 10,770 1,353,560 * HOST MARRIOTT CORP ............................... 12,182 202,500 HOTEL PROPERTIES LTD ............................. 140 2,638,693 HOUSEHOLD INTERNATIONAL, INC ..................... 152,886 712,455 HRPT PROPERTIES TRUST ............................ 6,170 4,316,755 * HSBC HOLDINGS PLC (HONG KONG) .................... 50,514 21,240,845 HSBC HOLDINGS PLC (UNITED KINGDOM) ............... 249,166 219,438 HUDSON CITY BANCORP, INC ......................... 5,782 82,915 HUDSON RIVER BANCORP, INC ........................ 1,816 251,403 HUDSON UNITED BANCORP ............................ 7,215 1,463,706 HUNTINGTON BANCSHARES, INC ....................... 25,161
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621,189 HYSAN DEVELOPMENT CO LTD ......................... 625 32,342 IBERIABANK CORP .................................. 897 27,401 * IMPERIAL CREDIT INDUSTRIES WTS ................... 0 313,583 INDEPENDENCE COMMUNITY BANK CORP ................. 7,137 69,579 INDEPENDENT BANK CORP (MASSACHUSETTS) ............ 1,495 65,310 INDEPENDENT BANK CORP (MICHIGAN) ................. 1,816 2,790,000 INDEPENDENT INSURANCE GROUP PLC .................. 0 327,424 * INDYMAC BANCORP, INC ............................. 7,655 1,880,966 ING GROEP NV ..................................... 47,967 127,400 INNKEEPERS U.S.A. TRUST .......................... 1,249 102,571 * INSIGNIA FINANCIAL GROUP, INC .................... 1,108 195,580 * INSTINET GROUP, INC .............................. 1,966 55,063 * INSURANCE AUTO AUCTIONS, INC ..................... 799 92,510 INTEGRA BANK CORP ................................ 1,937 89,923 INTERNATIONAL BANCSHARES CORP .................... 3,790 26,843,836 e INTESABCI S.P.A .................................. 67,164 2,238,913 e INTESABCI S.P.A. (RNC) ........................... 4,007 507,403 * INTESABCI S.P.A. PUT WTS 11/15/02 ................ 1,604 908,420 * INTESABCI S.P.A. WTS 05/31/02 .................... 307 280,361 * INVESTMENT TECHNOLOGY GROUP, INC ................. 10,954 284,463 INVESTORS FINANCIAL SERVICES CORP ................ 18,834 108,896 * INVESTORS GROUP, INC ............................. 1,740 80,830 INVESTORS REAL ESTATE TRUST ...................... 760 187,046 IRISH LIFE & PERMANENT PLC ....................... 1,899 109,042 IRISH LIFE & PERMANENT PLC (UNITED KINGDOM) ...... 1,115 168,318 IRT PROPERTY CO .................................. 1,784 53,725 e IRWIN FINANCIAL CORP ............................. 913 510,066 ISTAR FINANCIAL, INC ............................. 12,726 130,466 * ITT EDUCATIONAL SERVICES, INC .................... 4,810 188,448 JDN REALTY CORP .................................. 2,324 123,801 JEFFERIES GROUP, INC (NEW) ....................... 5,238 808,193 JEFFERSON-PILOT CORP ............................. 37,395 1,605,698 JOHN HANCOCK FINANCIAL SERVICES, INC ............. 66,315 53,161 JOHN NUVEEN CO (CLASS A) ......................... 2,843 164,244 * JONES LANG LASALLE, INC .......................... 2,965 629,034 JOYO BANK LTD .................................... 1,742 12,466,318 JP MORGAN CHASE & CO ............................. 453,151 60,040 JP REALTY, INC ................................... 1,428 35,461 KANSAS CITY LIFE INSURANCE CO .................... 1,316 626,960 KBC BANCASSURANCE HOLDING NV ..................... 21,046 196,000 KEPPEL LAND LTD .................................. 183 2,274,046 KEYCORP .......................................... 55,350 34,800 KEYSTONE PROPERTY TRUST .......................... 456 137,583 KILROY REALTY CORP ............................... 3,614 469,395 KIMCO REALTY CORP ................................ 15,345 461,220 * KNIGHT TRADING GROUP, INC ........................ 5,083 143,838 KOGER EQUITY, INC ................................ 2,345 89,043 KRAMONT REALTY TRUST ............................. 1,300 692,065 * LA QUINTA CORP (PAIRED) .......................... 3,972 229,745 * LABRANCHE & CO, INC .............................. 7,917 49,008 LAKELAND BANCORP, INC ............................ 799 780,105 LAND SECURITIES PLC .............................. 8,896 105,851 LANDAMERICA FINANCIAL GROUP, INC ................. 3,038 7,275,889 LEGAL & GENERAL GROUP PLC ........................ 16,837 452,058 LEGG MASON, INC .................................. 22,594 3,036,947 LEHMAN BROTHERS HOLDINGS, INC .................... 202,868 1,801,533 LEND LEASE CORP LTD .............................. 12,035 198,388 LEUCADIA NATIONAL CORP ........................... 5,727 96,544 LEXINGTON CORPORATE PROPERTIES TRUST ............. 1,496 90,005 LIBERTY CORP ..................................... 3,704 1,087,814 LINCOLN NATIONAL CORP ............................ 52,835 21,792,639 LLOYDS TSB GROUP PLC ............................. 236,609 123,304 LNR PROPERTY CORP ................................ 3,845 94,405 * LOCAL FINANCIAL CORP ............................. 1,321 SEE NOTES TO FINANCIAL STATEMENTS 26 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 441,059 M & T BANK CORP .................................... $ 32,131 166,399 MACERICH CO ........................................ 4,426 253,700 MACK-CALI REALTY CORP .............................. 7,870 446,299 MACQUARIE BANK LTD ................................. 8,556 3,429,519 MACQUARIE INFRASTRUCTURE GROUP ..................... 6,144 99,465 MAF BANCORP, INC ................................... 2,934 54,045 MAIN STREET BANKS, INC ............................. 886 448,669 MAN GROUP PLC ...................................... 7,784 74,298 MANUFACTURED HOME COMMUNITIES, INC ................. 2,319 2,180,699 MANULIFE FINANCIAL CORP ............................ 56,830 67,543 * MARKEL CORP ........................................ 12,134 355,192 MARSCHOLLEK LAUTENSCHLAEGER UND PARTNER ............ 26,060 1,471,941 MARSH & MCLENNAN COS, INC .......................... 158,160 562,714 MARSHALL & ILSLEY CORP ............................. 35,609 1,583,300 MAX RE CAPITAL LTD ................................. 24,794 39,560 * MB FINANCIAL, INC .................................. 1,076 864,849 MBIA, INC .......................................... 46,382 4,076,726 MBNA CORP .......................................... 143,501 61,290 MEDALLION FINANCIAL CORP ........................... 484 29,000 MEDFORD BANCORP, INC ............................... 614 731,528 e MEDIOBANCA S.P.A ................................... 8,194 219,869 e MEDIOLANUM S.P.A ................................... 1,981 5,391 * MEEMIC HOLDINGS, INC ............................... 118 5,414,032 MELLON FINANCIAL CORP .............................. 203,676 938,154 MERCANTILE BANKSHARES CORP ......................... 40,378 139,038 MERCURY GENERAL CORP ............................... 6,070 205,592 MERISTAR HOSPITALITY CORP .......................... 2,919 17,405 * MERITAGE CORP ...................................... 893 4,502,451 MERRILL LYNCH & CO, INC ............................ 234,668 1,792,702 METLIFE, INC ....................................... 56,793 188,172 METRIS COS, INC .................................... 4,838 75,922 METROVACESA S.A .................................... 1,048 4,123 * MFN FINANCIAL CORP SERIES A WTS 03/23/02 ........... 0 4,123 * MFN FINANCIAL CORP SERIES B WTS 03/23/03 ........... 2 4,123 * MFN FINANCIAL CORP SERIES C WTS 03/23/04 ........... 0 585,105 MGIC INVESTMENT CORP ............................... 36,113 38,868 MICROFINANCIAL, INC ................................ 398 73,919 MID ATLANTIC REALTY TRUST .......................... 1,149 75,784 MID-AMERICA APARTMENT COMMUNITIES, INC ............. 1,993 46,230 MIDAMERICA BANCORP ................................. 1,530 18,487 MIDLAND CO ......................................... 810 117,408 MID-STATE BANCSHARES ............................... 1,911 19,200 MIDWEST BANC HOLDINGS, INC ......................... 408 96,591 MILLS CORP ......................................... 2,558 906,530 MIRVAC GROUP ....................................... 1,796 72,100 MISSION WEST PROPERTIES, INC ....................... 917 28,203 MISSISSIPPI VALLEY BANCSHARES, INC ................. 1,106 1,192,448 MITSUBISHI ESTATE CO LTD ........................... 8,725 8,699 MITSUBISHI TOKYO FINANCIAL ......................... 58,343 1,586,198 MITSUI FUDOSAN CO LTD .............................. 12,103 4,936,524 MITSUI SUMITOMO INSURANCE CO ....................... 23,165 6,994 MIZUHO HOLDINGS, INC ............................... 14,248 256,356 MONY GROUP, INC .................................... 8,862 6,374,109 MORGAN STANLEY DEAN WITTER & CO .................... 356,568 299,749 MUENCHENER RUECKVER AG. (REGD) ..................... 81,403 4,584,590 NATIONAL AUSTRALIA BANK LTD ........................ 74,771 575,469 e NATIONAL BANK OF CANADA ............................ 10,707 344,341 NATIONAL BANK OF GREECE S.A ........................ 8,192 3,693,655 NATIONAL CITY CORP ................................. 108,002 1,181,585 NATIONAL COMMERCE FINANCIAL CORP ................... 29,894 89,314 NATIONAL HEALTH INVESTORS, INC ..................... 1,322 92,644 NATIONAL PENN BANCSHARES, INC ...................... 2,038 11,456 * NATIONAL WESTERN LIFE INSURANCE CO (CLASS A) ....... 1,274
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128,404 NATIONWIDE FINANCIAL SERVICES, INC (CLASS A) ....... 5,324 248,860 NATIONWIDE HEALTH PROPERTIES, INC .................. 4,651 18,609 NBC CAPITAL CORP ................................... 571 123,664 NBT BANCORP, INC ................................... 1,792 137,710 e* NETBANK, INC ....................................... 1,443 292,376 NEUBERGER BERMAN, INC .............................. 12,835 56,400 e NEW CENTURY FINANCIAL CORP ......................... 763 509,340 NEW PLAN EXCEL REALTY TRUST ........................ 9,703 1,601,734 NEW WORLD DEVELOPMENT CO LTD ....................... 1,397 440,256 NEW YORK COMMUNITY BANCORP, INC .................... 10,069 183,252 e* NEXTCARD, INC ...................................... 95 1,405,000 NICHIDO FIRE & MARINE INS .......................... 6,775 2,093,694 * NIKKO CORDIAL CORP ................................. 9,345 2,243,000 NIPPONKOA INSURANCE CO LTD ......................... 8,523 857,600 e NISSAN FIRE & MARINE INSURANCE CO LTD .............. 1,832 633,000 NISSAY DOWA GENERAL INSURANCE CO LTD ............... 2,415 5,322,681 NOMURA HOLDINGS, INC ............................... 68,229 876,656 NORDEA AB (FINLAND) ................................ 4,630 3,498,968 e NORDEA AB (SWEDEN) ................................. 18,513 1,127,020 NORTH FORK BANCORPORATION, INC ..................... 36,053 2,505,021 NORTHERN TRUST CORP ................................ 150,852 50,135 NORTHWEST BANCORP, INC ............................. 574 1,438,276 NRMA INSURANCE GROUP LTD ........................... 2,297 7,400 * NYMAGIC, INC ....................................... 119 47,999 OCEANFIRST FINANCIAL CORP .......................... 1,160 206,741 * OCWEN FINANCIAL CORP ............................... 1,753 299,273 * OHIO CASUALTY CORP ................................. 4,803 321,027 OLD NATIONAL BANCORP ............................... 8,106 638,549 OLD REPUBLIC INTERNATIONAL CORP .................... 17,886 14,250 OLD SECOND BANCORP, INC ............................ 562 39,849 OMEGA FINANCIAL CORP ............................... 1,281 52,470 ORIENTAL FINANCIAL GROUP, INC ...................... 976 185,604 ORIX CORP .......................................... 16,626 1,462,074 OVERSEA-CHINESE BANKING CORP LTD ................... 8,710 143,499 PACIFIC CAPITAL BANCORP ............................ 3,988 570,262 PACIFIC CENTURY FINANCIAL CORP ..................... 14,764 111,829 * PACIFIC GULF PROPERTIES LIQUID TRUST ............... 198 75,438 PACIFIC NORTHWEST BANCORP .......................... 1,543 125,974 PAN PACIFIC RETAIL PROPERTIES, INC ................. 3,618 61,615 PARK NATIONAL CORP ................................. 5,715 586,000 PARKWAY HOLDINGS LTD ............................... 305 46,820 PARKWAY PROPERTIES, INC ............................ 1,554 30,926 PENNFED FINANCIAL SERVICES, INC .................... 768 65,773 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST .......... 1,526 138,650 PEOPLE'S BANK ...................................... 2,948 21,289 PEOPLES HOLDING CO ................................. 788 517,000 b* PEREGRINE INVESTMENT HOLDINGS LTD .................. 0 64,538 PFF BANCORP, INC ................................... 1,781 58,684 * PHILADELPHIA CONSOLIDATED HOLDING CORP ............. 2,213 48,530 * PICO HOLDINGS, INC ................................. 607 78,733 PMA CAPITAL CORP (CLASS A) ......................... 1,520 251,547 PMI GROUP, INC ..................................... 16,856 1,539,722 PNC FINANCIAL SERVICES GROUP, INC .................. 86,532 18,588 e POHJOLA GROUP INSURANCE CORP (B SHS) ............... 329 734,491 POPULAR, INC ....................................... 21,359 36,382 PORT FINANCIAL CORP ................................ 948 202,578 POST PROPERTIES, INC ............................... 7,194 496,528 e POWER FINANCIAL CORP ............................... 11,851 171,918 PRENTISS PROPERTIES TRUST .......................... 4,719 118,875 PRESIDENTIAL LIFE CORP ............................. 2,444 30,763 PRIME GROUP REALTY TRUST ........................... 284 124,516 * PROASSURANCE CORP .................................. 2,189 336,770 PROGRESSIVE CORP ................................... 50,280 731,180 PROLOGIS TRUST ..................................... 15,728 197,687 PROMISE CO LTD ..................................... 10,694 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 27
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ------------ FINANCIAL SERVICES--(CONTINUED) 82,081 PROMISTAR FINANCIAL CORP ......................... $ 2,007 29,526 PROSPERITY BANCSHARES, INC ....................... 797 527,500 PROTECTIVE LIFE CORP ............................. 15,261 17,346 PROVIDENT BANCORP, INC ........................... 507 135,769 PROVIDENT BANKSHARES CORP ........................ 3,299 162,409 PROVIDENT FINANCIAL GROUP, INC ................... 4,268 256,982 PROVIDENT FINANCIAL PLC .......................... 2,412 1,631,534 * PROVIDIAN FINANCIAL CORP ......................... 5,792 584,343 * PRUDENTIAL FINANCIAL, INC ........................ 19,529 2,796,256 PRUDENTIAL PLC ................................... 32,395 57,086 PS BUSINESS PARKS, INC ........................... 1,798 532,930 PUBLIC STORAGE, INC .............................. 17,800 766,052 QBE INSURANCE GROUP LTD .......................... 3,012 20,560 * QUAKER CITY BANCORP, INC ......................... 614 52,945 R & G FINANCIAL CORP (CLASS B) ................... 907 458,367 RADIAN GROUP, INC ................................ 19,687 379,646 e RAS S.P.A ........................................ 4,472 203,705 RAYMOND JAMES FINANCIAL, INC ..................... 7,236 173,301 REALTY INCOME CORP ............................... 5,095 35,182 RECKSON ASSOCIATES REALTY CORP ................... 822 154,711 RECKSON ASSOCIATES REALTY CORP (CLASS B) ......... 3,947 34,985 REDWOOD TRUST, INC ............................... 848 124,953 REGENCY CENTERS CORP ............................. 3,467 1,228,926 REGIONS FINANCIAL CORP ........................... 36,794 92,337 REINSURANCE GROUP OF AMERICA, INC ................ 3,073 253,971 REPUBLIC BANCORP, INC ............................ 3,517 21,800 REPUBLIC BANCORP, INC (KENTUCKY) (CLASS A) ....... 294 23,133 * REPUBLIC BANCSHARES, INC ......................... 301 86,236 RESOURCE AMERICA, INC (CLASS A) .................. 805 149,539 RFS HOTEL INVESTORS, INC ......................... 1,702 70,340 RIGGS NATIONAL CORP .............................. 983 35,754 RLI CORP ......................................... 1,609 510,122 ROSLYN BANCORP, INC .............................. 8,927 341,374 ROUSE CO ......................................... 9,999 27,941,416 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC ......... 160,529 11,400 ROYAL BANCSHARES OF PENNSYLVANIA (CLASS A) ....... 230 2,185,253 e ROYAL BANK OF CANADA ............................. 70,953 80,821 * ROYAL BANK OF CANADA (U.S.) ...................... 2,632 4,461,353 ROYAL BANK OF SCOTLAND GROUP PLC ................. 108,564 124,114 S & T BANCORP, INC ............................... 3,013 26,630 S.Y. BANCORP, INC ................................ 887 6,361,860 SAFECO CORP ...................................... 198,172 620,287 * SAMPO OYJ (A SHS) ................................ 4,860 74,224 SANDY SPRING BANCORP, INC ........................ 2,365 865,505 e SANPAOLO IMI S.P.A ............................... 9,286 43,492 SANTANDER BANCORP ................................ 844 48,519 SAUL CENTERS, INC ................................ 1,036 474,573 SCHRODERS PLC .................................... 5,836 47,748 SCPIE HOLDINGS, INC .............................. 1,397 16,700 SEACOAST BANKING CORP ............................ 775 138,190 SEACOAST FINANCIAL SERVICES CORP ................. 2,370 39,295 SECOND BANCORP, INC .............................. 849 425,375 * SECURITY CAPITAL GROUP, INC (CLASS B) ............ 10,792 374,685 SEI INVESTMENTS CO ............................... 16,902 140,677 SELECTIVE INSURANCE GROUP, INC ................... 3,057 116,296 SENIOR HOUSING PROPERTIES TRUST .................. 1,618 608,168 SHIZUOKA BANK LTD ................................ 4,603 146,832 SHOHKOH FUND & CO LTD ............................ 11,652 228,975 * SILICON VALLEY BANCSHARES ........................ 6,121 36,024 SIMMONS FIRST NATIONAL CORP (CLASS A) ............ 1,158 889,521 SIMON PROPERTY GROUP, INC ........................ 26,090 692,000 SINGAPORE EXCHANGE LTD ........................... 465 136,000 SINGAPORE LAND LTD ............................... 252 1,865,808 SINO LAND CO LTD ................................. 742
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894,869 e SKANDIA FORSAKRINGS AB ........................... 6,484 524,576 e SKANDINAVISKA ENSKILDA BANKEN (A SHS) ............ 4,776 440,857 SKY FINANCIAL GROUP, INC ......................... 8,967 137,129 SL GREEN REALTY CORP ............................. 4,211 603,247 SLOUGH ESTATES PLC ............................... 2,910 401,351 SOCIETE GENERALE (A SHS) ......................... 22,460 366,027 * SOUNDVIEW TECHNOLOGY GROUP, INC .................. 853 223,131 SOUTH FINANCIAL GROUP, INC ....................... 3,961 1,841,502 SOUTHTRUST CORP .................................. 45,430 135,279 * SOUTHWEST BANCORP OF TEXAS, INC .................. 4,095 1,392,598 SOVEREIGN BANCORP, INC ........................... 17,045 67,229 SOVRAN SELF STORAGE, INC ......................... 2,094 35,761 ST. FRANCIS CAPITAL CORP ......................... 827 1,109,973 ST. PAUL COS, INC ................................ 48,806 164,826 STANCORP FINANCIAL GROUP, INC .................... 7,788 1,147,785 STARWOOD HOTELS & RESORTS WORLDWIDE, INC ......... 34,261 62,124 STATE AUTO FINANCIAL CORP ........................ 1,009 1,743,354 STATE STREET CORP ................................ 91,090 293,620 STATEN ISLAND BANCORP, INC ....................... 4,789 46,098 STERLING BANCORP ................................. 1,346 184,145 STERLING BANCSHARES, INC ......................... 2,305 51,904 STERLING FINANCIAL CORP (PENNSYLVANIA) ........... 1,264 65,482 * STEWART INFORMATION SERVICES CORP ................ 1,293 1,182,931 STILWELL FINANCIAL, INC .......................... 32,199 1,110,129 STOCKLAND TRUST GROUP ............................ 2,455 82,030 STORAGE U.S.A., INC .............................. 3,453 998,868 STOREBRAND ASA ................................... 5,791 20,318 STUDENT LOAN CORP ................................ 1,638 29,442 SUFFOLK BANCORP .................................. 1,606 677,300 SUMISHO LEASE CO LTD ............................. 9,447 3,389,990 SUMITOMO MITSUI BANKING CORP ..................... 14,356 1,940,000 SUMITOMO REALTY & DEVELOPMENT CO LTD ............. 8,881 1,719,809 SUMITOMO TRUST & BANKING CO LTD .................. 6,981 135,085 SUMMIT PROPERTIES, INC ........................... 3,380 78,096 SUN COMMUNITIES, INC ............................. 2,909 1,864,429 SUN HUNG KAI PROPERTIES LTD ...................... 15,063 1,073,486 SUN LIFE FINANCIAL SERVICES OF CANADA, INC ....... 22,831 1,059,586 SUNCORP-METWAY LTD ............................... 7,610 1,335,580 SUNTRUST BANKS, INC .............................. 83,741 202,000 SURUGA BANK LTD .................................. 951 207,010 SUSQUEHANNA BANCSHARES, INC ...................... 4,316 975,792 e SVENSKA HANDELSBANKEN AB (A SHS) ................. 14,326 259,721 e SVENSKA HANDELSBANKEN AB (B SHS) ................. 3,615 753,166 SWISS REINSURANCE CO (REGD) ...................... 75,757 73,687 e SWS GROUP, INC ................................... 1,920 1,318,119 SYNOVUS FINANCIAL CORP ........................... 33,019 136,090 * SYNTROLEUM CORP .................................. 966 572,007 T ROWE PRICE GROUP, INC .......................... 19,866 408,129 TAKEFUJI CORP .................................... 29,521 167,255 TAUBMAN CENTERS, INC ............................. 2,484 441,927 TCF FINANCIAL CORP ............................... 21,204 73,999 TEXAS REGIONAL BANCSHARES, INC (CLASS A) ......... 2,801 171,822 THORNBURG MORTGAGE, INC .......................... 3,385 9,254 TK DEVELOPMENT AS ................................ 195 2,976,170 TOKIO MARINE & FIRE INSURANCE CO LTD ............. 21,755 31,703 TOMPKINS TRUSTCO, INC ............................ 1,276 26,218 * TOPDANMARK AS .................................... 612 1,112,592 TORCHMARK CORP ................................... 43,758 97,842 TOWER LTD ........................................ 201 78,635 TOWN & COUNTRY TRUST ............................. 1,643 117,722 * TRAMMELL CROW CO ................................. 1,377 110,462 TRANSATLANTIC HOLDINGS, INC ...................... 10,052 38,569 * TRIAD GUARANTY, INC .............................. 1,399 278,942 TRIZECHAHN CORP .................................. 4,412 20,096 TROY FINANCIAL CORP .............................. 498 SEE NOTES TO FINANCIAL STATEMENTS 28 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 97,126 TRUST CO OF NEW JERSEY ......................... $ 2,448 381,082 TRUSTCO BANK CORP NY ........................... 4,790 241,126 TRUSTMARK CORP ................................. 5,842 17,138,275 U.S. BANCORP ................................... 358,704 100,272 U.S. RESTAURANT PROPERTIES, INC ................ 1,462 26,171 U.S.B. HOLDING CO, INC ......................... 441 114,000 * UBS AG. (REGD) ................................. 5,700 2,854,854 UBS AG. (REGD) ................................. 144,092 103,168 UCBH HOLDINGS, INC ............................. 2,934 400 * U-CYBER TECHNOLOGY HOLDINGS LTD ................ 0 2,283 e UFJ HOLDINGS, INC .............................. 5,034 208,712 * UICI ........................................... 2,818 94,779 UMB FINANCIAL CORP ............................. 3,791 81,955 UMPQUA HOLDINGS CORP ........................... 1,106 39,689 UNB CORP/OHIO .................................. 736 59,820 UNIBAIL ........................................ 3,039 4,406,858 e UNICREDITO ITALIANO S.P.A ...................... 17,697 897,147 UNION PLANTERS CORP ............................ 40,488 365,879 UNIONBANCAL CORP ............................... 13,903 219,478 UNITED BANKSHARES, INC ......................... 6,334 159,370 UNITED COMMUNITY FINANCIAL CORP ................ 1,147 545,080 UNITED DOMINION REALTY TRUST, INC .............. 7,849 29,214 UNITED FIRE & CASUALTY CO ...................... 836 76,447 UNITED NATIONAL BANCORP ........................ 1,835 1,805,861 UNITED OVERSEAS BANK LTD ....................... 12,420 298,000 UNITED OVERSEAS LAND LTD ....................... 273 227,320 * UNITED RENTALS, INC ............................ 5,160 458,216 e* UNITEDGLOBALCOM, INC (CLASS A) ................. 2,291 246,186 UNITRIN, INC ................................... 9,729 226,459 * UNIVERSAL AMERICAN FINANCIAL CORP .............. 1,538 59,549 UNIVERSAL HEALTH REALTY INCOME TRUST ........... 1,399 1,148,827 UNUMPROVIDENT CORP ............................. 30,455 996,985 USA EDUCATION, INC ............................. 83,767 180,579 VALLEHERMOSO S.A ............................... 1,124 413,821 VALLEY NATIONAL BANCORP ........................ 13,635 8,215 VALUE LINE, INC ................................ 398 172,543 VESTA INSURANCE GROUP, INC ..................... 1,380 426,055 VORNADO REALTY TRUST ........................... 17,724 143,296 W HOLDING CO, INC .............................. 2,321 7,301,653 WACHOVIA CORP .................................. 228,980 592,345 WADDELL & REED FINANCIAL, INC (CLASS A) ........ 19,074 327,599 WASHINGTON FEDERAL, INC ........................ 8,446 5,147,841 WASHINGTON MUTUAL, INC ......................... 168,334 205,691 WASHINGTON REAL ESTATE INVESTMENT TRUST ........ 5,120 48,000 WASHINGTON TRUST BANCORP, INC .................. 912 181,540 WAYPOINT FINANCIAL CORP ........................ 2,738 267,379 e* WCM BETEILIGUNGS & GRUNDBESITZ AG .............. 2,857 283,805 WEBSTER FINANCIAL CORP ......................... 8,948 150,501 WEINGARTEN REALTY INVESTORS .................... 7,224 12,137,695 WELLS FARGO & CO ............................... 527,389 106,300 WESBANCO, INC .................................. 2,246 7,718 WESCO FINANCIAL CORP ........................... 2,431 74,990 WEST COAST BANCORP ............................. 1,044 176,858 WESTAMERICA BANCORP ............................ 6,998 52,237 WESTCORP ....................................... 975 814,983 WESTFIELD HOLDINGS LTD ......................... 7,031 33,511 * WESTFIELD TRUST (NEW) .......................... 58 2,983,424 WESTFIELD TRUST (UNITS) ........................ 5,290 6,004,698 WESTPAC BANKING CORP ........................... 48,428 53,127 * WFS FINANCIAL, INC ............................. 1,276 145,828 WHITNEY HOLDING CORP ........................... 6,395 152,451 WILMINGTON TRUST CORP .......................... 9,652 90,000 WING HANG BANK LTD ............................. 289 2 WING LUNG BANK LTD ............................. 0
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364,000 WING TAI HOLDINGS LTD .......................... 162 64,467 WINSTON HOTELS, INC ............................ 499 39,560 WINTRUST FINANCIAL CORP ........................ 1,209 47,679 * WORLD ACCEPTANCE CORP .......................... 348 45,923 WSFS FINANCIAL CORP ............................ 797 832,037 * WYNDHAM INTERNATIONAL, INC (CLASS A) ........... 466 250,000 XL CAPITAL LTD (CLASS A) ....................... 22,840 1,793,000 b* YAMAICHI SECURITIES CO LTD ..................... 27 696,793 YASUDA FIRE & MARINE INSURANCE CO LTD .......... 3,987 41,099 ZENITH NATIONAL INSURANCE CORP ................. 1,148 493,979 ZIONS BANCORP .................................. 25,973 112,579 e ZURICH FINANCIAL SERVICES AG ................... 26,411 ----------- TOTAL FINANCIAL SERVICES 19,526,447 ----------- HEALTH CARE--14.51% 33,889 * 3 DIMENSIONAL PHARMACEUTICALS, INC ............. 288 52,060 * AAIPHARMA, INC ................................. 1,310 12,121,163 ABBOTT LABORATORIES ............................ 675,755 414,248 * ABGENIX, INC ................................... 13,935 79,772 e* ABIOMED, INC ................................... 1,262 140,088 * ACCREDO HEALTH, INC ............................ 5,561 175,149 * ACLARA BIOSCIENCES, INC ........................ 888 162,231 * ADOLOR CORP .................................... 2,912 38,455 * ADVANCED NEUROMODULATION SYSTEMS, INC .......... 1,356 363,873 * ADVANCED TISSUE SCIENCES, INC .................. 1,586 489,998 * ADVANCE PCS .................................... 14,381 6,282,918 AETNA, INC (NEW) ............................... 207,273 208,838 e* AFFYMETRIX, INC ................................ 7,884 95,854 * AKSYS LTD ...................................... 446 109,744 * ALBANY MOLECULAR RESEARCH, INC ................. 2,907 82,287 * ALEXION PHARMACEUTICALS, INC ................... 2,011 39,233 e* ALIGN TECHNOLOGY, INC .......................... 177 340,646 * ALKERMES, INC .................................. 8,979 704,641 ALLERGAN, INC .................................. 52,883 152,971 * ALLSCRIPTS HEALTHCARE SOLUTIONS, INC ........... 496 22,900 * ALPHA-BETA TECHNOLOGY, INC ..................... 0 157,983 ALPHARMA, INC (CLASS A) ........................ 4,179 83,586 ALTANA AG ...................................... 4,160 58,639 * AMERICAN HEALTHWAYS, INC ....................... 1,873 8,495,160 AMERICAN HOME PRODUCTS CORP .................... 521,263 180,032 * AMERICAN MEDICAL SYSTEMS HOLDINGS, INC ......... 3,725 144,924 * AMERIPATH, INC ................................. 4,675 972,678 AMERISOURCEBERGEN CORP ......................... 61,814 926,396 AMERSHAM PLC ................................... 8,959 9,559,018 * AMGEN, INC ..................................... 539,511 105,881 * AMSURG CORP .................................... 2,878 315,430 e* AMYLIN PHARMACEUTICALS, INC .................... 2,883 314,901 * ANDRX CORP ..................................... 22,172 1,727,325 * ANTHEM, INC .................................... 85,503 72,421 e* ANTIGENICS, INC ................................ 1,188 75,124 * APHTON CORP .................................... 1,097 564,056 * APOGENT TECHNOLOGIES, INC ...................... 14,553 1,687,608 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) ........ 66,272 358,800 * APPLERA CORP (CELERA GENOMICS GROUP) ........... 9,576 88,229 * APPLIED MOLECULAR EVOLUTION .................... 1,086 222,952 * APRIA HEALTHCARE GROUP, INC .................... 5,572 95,720 * ARENA PHARMACEUTICALS, INC ..................... 1,152 137,206 * ARIAD PHARMACEUTICALS, INC ..................... 731 105,188 * ARQULE, INC .................................... 1,788 80,844 * ARRAY BIOPHARMA, INC ........................... 1,201 61,225 ARROW INTERNATIONAL, INC ....................... 2,445 104,207 * ARTHROCARE CORP ................................ 1,868 56,605 * ASPECT MEDICAL SYSTEMS, INC .................... 566 1,513,879 ASTRAZENECA PLC ................................ 69,418 2,644,007 ASTRAZENECA PLC (UNITED KINGDOM) ............... 119,214 98,672 * ATRIX LABORATORIES, INC ........................ 2,034 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 29
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ----- ------------ HEALTH CARE--(CONTINUED) 118,100 * ATS MEDICAL, INC ................................... $ 626 317,228 * AVANIR PHARMACEUTICALS (CLASS A) ................... 1,351 312,832 * AVANT IMMUNOTHERAPEUTICS, INC ...................... 1,254 1,774,216 AVENTIS S.A ........................................ 125,986 78,307 * AVI BIOPHARMA, INC ................................. 855 107,686 * AVIGEN, INC ........................................ 1,239 148,832 * AVIRON ............................................. 7,401 548,000 BANYU PHARMACEUTICAL CO LTD ........................ 8,154 256,005 BARD (C.R.), INC ................................... 16,512 132,618 * BARR LABORATORIES, INC ............................. 10,525 290,743 BAUSCH & LOMB, INC ................................. 10,949 3,568,712 BAXTER INTERNATIONAL, INC .......................... 191,390 97,100 * BAXTER INTERNATIONAL, INC (CONTINGENT VALUE RTS) ... 3 17,199,208 f* BB BIOVENTURES L.P. ................................ 30,112 299,033 BECKMAN COULTER, INC ............................... 13,247 1,783,889 BECTON DICKINSON & CO .............................. 59,136 521,930 * BEVERLY ENTERPRISES, INC ........................... 4,489 795,483 * BIOGEN, INC ........................................ 45,621 116,675 e* BIOMARIN PHARMACEUTICAL, INC ....................... 1,568 2,158,164 BIOMET, INC ........................................ 66,687 83,226 e* BIOPURE CORP ....................................... 1,183 45,464 * BIO-RAD LABORATORIES, INC (CLASS A) ................ 2,878 65,643 * BIOSITE, INC ....................................... 1,206 17,198 * BIOSPHERE MEDICAL, INC ............................. 194 306,053 * BIO-TECHNOLOGY GENERAL CORP ........................ 2,519 291,270 * BIOVAIL CORP ....................................... 16,225 46,006 * BONE CARE INTERNATIONAL, INC ....................... 788 41,380 * BORON, LEPORE & ASSOCIATES, INC .................... 571 1,691,452 * BOSTON SCIENTIFIC CORP ............................. 40,798 12,618,283 BRISTOL-MYERS SQUIBB CO ............................ 643,532 75,543 e* BRITESMILE, INC .................................... 378 241,543 * BRUKER DALTONICS, INC .............................. 3,949 113,204 e* CALIPER TECHNOLOGIES CORP .......................... 1,767 4,762,596 CARDINAL HEALTH, INC ............................... 307,949 156,961 e* CARDIODYNAMICS INTERNATIONAL CORP .................. 1,038 1,212,174 * CAREMARK RX, INC ................................... 19,771 404,247 * CELGENE CORP ....................................... 12,904 188,215 * CELL GENESYS, INC .................................. 4,374 132,020 e* CELL PATHWAYS, INC ................................ 919 182,222 * CELL THERAPEUTICS, INC ............................. 4,399 236,584 * CELLTECH GROUP PLC ................................. 3,009 243,900 * CEPHALON, INC ...................................... 18,435 133,681 * CERNER CORP ........................................ 6,675 60,305 * CERUS CORP ......................................... 2,759 223,826 * CHARLES RIVER LABORATORIES INTERNATIONAL, INC ...... 7,494 467,646 * CHIRON CORP ........................................ 20,502 476,000 e CHUGAI PHARMACEUTICAL CO LTD ....................... 5,517 774,709 CIGNA CORP ......................................... 71,777 78,910 * CIMA LABS, INC ..................................... 2,853 86,518 * CIPHERGEN BIOSYSTEMS, INC .......................... 692 28,673 * CLOSURE MEDICAL CORP ............................... 670 32,200 * COBALT CORP ........................................ 205 72,247 COCHLEAR LTD ....................................... 1,683 153,966 * COHERENT, INC ...................................... 4,761 14,746 COLOPLAST AS (CLASS B) ............................. 971 132,914 * COLUMBIA LABORATORIES, INC ......................... 459 236,700 * COMMUNITY HEALTH SYSTEMS ........................... 6,036 356,030 e* COMPUTERIZED THERMAL IMAGING, INC .................. 552 47,889 * CONCEPTUS, INC ..................................... 1,130 123,400 * CONMED CORP ........................................ 2,463 155,010 * CONNETICS CORP ..................................... 1,845 75,315 COOPER COS, INC .................................... 3,764 280,457 e* COR THERAPEUTICS, INC .............................. 6,711 229,751 * CORIXA CORP ........................................ 3,462
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32,331 * CORVEL CORP ........................................ 1,059 316,265 * COVANCE, INC ....................................... 7,179 356,438 * COVENTRY HEALTH CARE, INC .......................... 7,111 8 b* CPX CORP .......................................... 1 81,235 * CRYOLIFE, INC ...................................... 2,437 300,206 CSL LTD ............................................ 7,913 143,999 * CUBIST PHARMACEUTICALS, INC ........................ 5,178 219,089 * CURAGEN CORP ....................................... 4,901 176,251 * CURIS, INC ......................................... 989 106,817 * CV THERAPEUTICS, INC ............................... 5,557 105,073 * CYBERONICS, INC .................................... 2,788 156,878 * CYGNUS, INC ........................................ 824 418,484 * CYTOGEN CORP ....................................... 1,260 620,423 * CYTYC CORP ......................................... 16,193 316,850 DAIICHI PHARMACEUTICAL CO LTD ...................... 6,165 63,129 DATASCOPE CORP ..................................... 2,141 457,468 * DAVITA, INC ........................................ 11,185 159,208 * DECODE GENETICS, INC ............................... 1,560 61,419 * DELTAGEN, INC ...................................... 565 81,827 * DENDREON CORP ...................................... 824 156,238 * DENDRITE INTERNATIONAL, INC ........................ 2,192 248,724 DENTSPLY INTERNATIONAL, INC ........................ 12,486 118,276 DIAGNOSTIC PRODUCTS CORP ........................... 5,198 47,440 * DIANON SYSTEMS, INC ................................ 2,884 56,292 * DIGENE CORP ........................................ 1,661 130,013 * DIVERSA CORP ....................................... 1,840 900,000 DR. REDDY'S LABORATORIES LTD ....................... 17,209 104,352 * DURECT CORP ........................................ 1,209 76,161 * DUSA PHARMACEUTICALS, INC .......................... 613 59,441 * DVI, INC ........................................... 1,022 105,580 * DYAX CORP .......................................... 1,158 20,538 e* DYNACQ INTERNATIONAL, INC .......................... 457 238,440 * ECLIPSYS CORP ...................................... 3,994 107,853 e* EDEN BIOSCIENCE CORP ............................... 547 323,552 * EDWARDS LIFESCIENCES CORP .......................... 8,940 238,583 EISAI CO LTD ....................................... 5,935 88,134 * ELAN CORP PLC ...................................... 4,081 258,947 e* ELAN CORP PLC (SPON ADR) ........................... 11,668 85,712 * EMISPHERE TECHNOLOGIES, INC ........................ 2,735 98,025 * ENDO PHARMACEUTICALS HOLDINGS, INC ................. 1,144 75,000 * ENDO PHARMACEUTICALS HOLDINGS, INC WTS 12/31/02 ..................................... 59 64,117 * ENDOCARE, INC ...................................... 1,150 85,060 e* ENTREMED, INC ...................................... 719 119,292 e* ENZO BIOCHEM, INC .................................. 2,803 228,489 * ENZON, INC ......................................... 12,859 109,022 * ESPERION THERAPEUTICS, INC ......................... 801 21,379 * EXACT SCIENCES CORP ................................ 219 182,922 * EXELIXIS, INC ...................................... 3,040 424,800 * EXPRESS SCRIPTS, INC ............................... 19,864 49,390 * E-Z-EM, INC (CLASS A) .............................. 286 25 FAES FARMA S.A ..................................... 0 473,435 * FIRST HEALTH GROUP CORP ............................ 11,713 54,969 * FIRST HORIZON PHARMACEUTICAL ....................... 1,616 288,830 * FISHER SCIENTIFIC INTERNATIONAL, INC ............... 8,434 951,825 * FOREST LABORATORIES, INC ........................... 78,002 60,690 FRESENIUS MEDICAL CARE AG .......................... 3,756 184,951 e FUJISAWA PHARMACEUTICAL CO LTD ..................... 4,262 349,133 GAMBRO AB (A SHS) .................................. 2,180 79,072 GAMBRO AB (B SHS) .................................. 498 30,740 e GEHE AG ............................................ 1,191 99,512 * GENAISSANCE PHARMACEUTICALS ........................ 463 153,513 * GENE LOGIC, INC .................................... 2,892 213,169 * GENELABS TECHNOLOGIES .............................. 394 51,300 * GENENCOR INTERNATIONAL, INC ........................ 819 SEE NOTES TO FINANCIAL STATEMENTS 30 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- HEALTH CARE--(CONTINUED) 1,177,650 * GENENTECH, INC ................................. $ 63,888 1,400,000 f* GENESOFT SERIES C FINANCING .................... 7,000 500,000 f* GENESOFT SERIES D FINANCING .................... 2,000 115,941 e* GENOME THERAPEUTICS CORP ....................... 790 63,144 * GENSTAR THERAPEUTICS CORP ...................... 156 122,851 e* GENTA, INC ..................................... 1,748 190,193 * GENZYME CORP (BIOSURGERY DIVISION) ............. 1,010 1,620,955 * GENZYME CORP (GENERAL DIVISION) ................ 97,030 82,707 * GENZYME CORP (MOLECULAR ONCOLOGY DIVISION) ..... 662 107,840 e* GERON CORP ..................................... 938 513,622 * GILEAD SCIENCES, INC ........................... 33,755 19,498,407 GLAXOSMITHKLINE PLC ............................ 488,953 500 * GLIATECH, INC .................................. 0 1,749,255 * GUIDANT CORP ................................... 87,113 578,916 * GUILFORD PHARMACEUTICALS, INC .................. 6,947 488,411 e H. LUNDBECK AS ................................. 12,575 106,628 * HAEMONETICS CORP ............................... 3,617 35,257 * HARVARD BIOSCIENCE, INC ........................ 350 2,759,219 HCA, INC ....................................... 106,340 4,811,382 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) .... 88,529 489,264 * HEALTH NET, INC ................................ 10,656 65,533 * HEALTHEXTRAS, INC .............................. 374 2,351,841 * HEALTHSOUTH CORP ............................... 34,854 101,777 * HEMISPHERX BIOPHARMA, INC ...................... 458 187,511 * HENRY SCHEIN, INC .............................. 6,944 242,951 HILLENBRAND INDUSTRIES, INC .................... 13,428 1,133,920 * HUMAN GENOME SCIENCES, INC ..................... 38,236 914,266 * HUMANA, INC .................................... 10,779 57,623 e* HYSEQ, INC ..................................... 445 437,190 ICN PHARMACEUTICALS, INC ....................... 14,646 264,627 * ICOS CORP ...................................... 15,200 31,305 * ICU MEDICAL, INC ............................... 1,393 930,778 * IDEC PHARMACEUTICALS CORP ...................... 64,159 182,079 * IDEXX LABORATORIES, INC ........................ 5,191 81,917 * IDX SYSTEMS CORP ............................... 1,066 66,761 e* IGEN INTERNATIONAL, INC ........................ 2,677 167,338 * ILEX ONCOLOGY, INC ............................. 4,525 96,812 * ILLUMINA, INC .................................. 1,139 185,446 * I-MANY, INC .................................... 1,790 327,756 e* IMCLONE SYSTEMS, INC ........................... 15,228 169,205 e* IMMUNE RESPONSE CORP ........................... 227 1,712,440 * IMMUNEX CORP ................................... 47,452 209,459 * IMMUNOGEN, INC ................................. 3,473 202,461 * IMMUNOMEDICS, INC .............................. 4,102 84,472 * IMPATH, INC .................................... 3,760 89,886 * IMPAX LABORATORIES, INC ........................ 1,208 1,581,337 IMS HEALTH, INC ................................ 30,852 81,865 * INAMED CORP .................................... 2,462 357,518 * INCYTE GENOMICS, INC ........................... 6,950 235,872 * INHALE THERAPEUTIC SYSTEMS, INC ................ 4,375 183,521 * INKINE PHARMACEUTICAL CO, INC .................. 286 183,138 * INSMED, INC .................................... 700 89,516 * INSPIRE PHARMACEUTICALS, INC ................... 1,261 23,201 e INSTRUMENTARIUM OYJ ............................ 971 62,619 * INTEGRA LIFESCIENCES HOLDING ................... 1,649 143,642 * INTEGRATED SILICON SOLUTION, INC ............... 1,758 151,285 e* INTERMUNE, INC ................................. 7,452 30,000 f* INTERNATIONAL HYDRON LIQUIDATING TRUST ......... 1 193,211 * INTERNEURON PHARMACEUTICALS, INC ............... 2,143 156,449 * INTUITIVE SURGICAL, INC ........................ 1,569 112,284 INVACARE CORP .................................. 3,785 16,023 * INVERNESS MEDICAL INNOVATIONS, INC ............. 292 283,299 * INVITROGEN CORP ................................ 17,545 218,696 * ISIS PHARMACEUTICALS, INC ...................... 4,853
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90,551 * I-STAT CORP ..................................... 714 833,203 * IVAX CORP ....................................... 16,781 19,109,341 JOHNSON & JOHNSON ............................... 1,129,362 67,000 e KAKEN PHARMACEUTICAL CO LTD ..................... 365 51,970 * KENDLE INTERNATIONAL, INC ....................... 1,048 71,082 * KERYX BIOPHARMACEUTICALS, INC ................... 519 147,888 * KINDRED HEALTHCARE, INC ......................... 1 3,196,109 * KING PHARMACEUTICALS, INC ....................... 134,652 178,000 KOBAYASHI PHARMACEUTICAL CO LTD ................. 6,180 26,288 * KOS PHARMACEUTICALS, INC ........................ 910 75,859 * KOSAN BIOSCIENCES, INC .......................... 606 121,628 * KV PHARMACEUTICAL CO (CLASS B) .................. 3,948 321,334 KYOWA HAKKO KOGYO CO LTD ........................ 1,525 178,967 * LA JOLLA PHARMACEUTICAL CO ...................... 1,600 315,598 * LABORATORY CORP OF AMERICA HOLDINGS ............. 25,516 42,963 LANDAUER, INC ................................... 1,454 70,108 * LARGE SCALE BIOLOGY CORP ........................ 315 175,485 * LEXICON GENETICS, INC ........................... 2,025 204,768 * LIFEPOINT HOSPITALS, INC ........................ 6,970 219,063 * LIGAND PHARMACEUTICALS, INC (CLASS B) ........... 3,921 5,440,233 LILLY (ELI) & CO ................................ 427,276 496,660 * LINCARE HOLDINGS, INC ........................... 14,229 86,126 e* LUMINEX CORP .................................... 1,461 194,464 LUXOTTICA GROUP S.P.A ........................... 3,191 117,892 e* MACROCHEM CORP .................................. 360 126,432 * MAGELLAN HEALTH SERVICES, INC ................... 803 560,658 * MANOR CARE, INC ................................. 13,293 1,358,382 a* MARTEK BIOSCIENCES CORP ......................... 29,545 137,493 * MATRIX PHARMACEUTICALS, INC ..................... 216 122,085 e* MAXIM PHARMACEUTICALS, INC ...................... 842 67,191 * MAXIMUS, INC .................................... 2,826 157,261 * MAXYGEN, INC .................................... 2,763 1,530,159 MCKESSON CORP ................................... 57,228 136,181 MDS, INC ........................................ 1,612 391,974 * MEDAREX, INC .................................... 7,040 41,180 e* MED-DESIGN CORP ................................. 811 112,359 e* MEDICINES CO .................................... 1,302 163,359 * MEDICIS PHARMACEUTICAL CORP (CLASS A) ........... 10,551 1,334,274 * MEDIMMUNE, INC .................................. 61,844 57,441 * MEDQUIST, INC ................................... 1,680 9,751,400 MEDTRONIC, INC .................................. 499,369 116,655 MENTOR CORP ..................................... 3,332 14,848,506 MERCK & CO, INC ................................. 873,092 120,196 MERCK KGAA ...................................... 4,399 125,211 * MGI PHARMA, INC ................................. 1,913 256,212 * MID ATLANTIC MEDICAL SERVICES, INC .............. 5,816 1,184,306 * MILLENNIUM PHARMACEUTICALS, INC ................. 29,027 254,749 MILLIPORE CORP .................................. 15,463 79,137 * MIRAVANT MEDICAL TECHNOLOGIES ................... 761 85,337 * MOLECULAR DEVICES CORP .......................... 1,781 14,323,716 f* MPM BIOVENTURES II-QP L.P. ...................... 12,551 672,007 MYLAN LABORATORIES, INC ......................... 25,200 126,429 * MYRIAD GENETICS, INC ............................ 6,655 195,160 * NABI ............................................ 2,014 82,528 e* NANOGEN, INC .................................... 476 132,667 e* NAPRO BIOTHERAPEUTICS, INC ...................... 1,512 44,776 * NATIONAL HEALTHCARE CORP ........................ 688 63,363 * NEOPHARM, INC ................................... 1,587 63,033 * NEOSE TECHNOLOGIES, INC ......................... 2,308 50,000 f* NETGENICS, INC STOCK OPTIONS 03/20/08 ........... 85 127,425 * NEUROCRINE BIOSCIENCES, INC ..................... 6,538 68,738 * NEUROGEN CORP ................................... 1,202 157,400 b* NEUROMEDICAL SYSTEMS, INC ....................... 1 75 NICHII GAKKAN CO ................................ 3 116,251 NOBEL BIOCARE AB ................................ 4,849 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 31
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 37,341 * NORTH AMERICAN SCIENTIFIC ........................ $ 500 6,947,798 NOVARTIS AG. (REGD) .............................. 251,080 76,385 * NOVAVAX, INC ..................................... 1,077 117,240 * NOVEN PHARMACEUTICALS, INC ....................... 2,081 695,478 e NOVO NORDISK AS (B SHS) .......................... 28,442 81,060 * NOVOSTE CORP ..................................... 708 147,064 * NPS PHARMACEUTICALS, INC ......................... 5,633 92,787 * OCULAR SCIENCES, INC ............................. 2,162 14,093 OMEGA PHARMA S.A ................................. 638 441,196 OMNICARE, INC .................................... 10,977 109,429 * ON ASSIGNMENT, INC ............................... 2,514 279,000 ONO PHARMACEUTICAL CO LTD ........................ 8,622 102,664 * ONYX PHARMACEUTICALS, INC ........................ 526 34,443 * OPTION CARE, INC ................................. 673 132,501 * ORASURE TECHNOLOGIES, INC ........................ 1,610 193,403 * ORCHID BIOSCIENCES, INC .......................... 1,064 166,729 * ORGANOGENESIS, INC ............................... 800 35,278 ORION-YHTYMA (B SHS) ............................. 631 199,469 * ORTHODONTIC CENTERS OF AMERICA, INC .............. 6,084 184,963 * OSI PHARMACEUTICALS, INC ......................... 8,460 188,726 OWENS & MINOR, INC ............................... 3,491 495,272 * OXFORD HEALTH PLANS, INC ......................... 14,927 147,342 e* PACIFICARE HEALTH SYSTEMS, INC ................... 2,357 84,772 * PAIN THERAPEUTICS, INC ........................... 777 604,786 PALL CORP ........................................ 14,551 56 b* PARACELSUS HEALTHCARE CORP ....................... 0 94,162 * PARADIGM GENETICS, INC ........................... 537 133,930 * PAREXEL INTERNATIONAL CORP ....................... 1,922 263,493 * PATTERSON DENTAL CO .............................. 10,785 43,235 * PDI, INC ......................................... 965 112,612 * PEDIATRIX MEDICAL GROUP, INC ..................... 3,820 165,105 * PER SE TECHNOLOGIES, INC ......................... 1,775 1,307 * PER SE TECHNOLOGIES, INC WTS 07/08/03 ............ 0 534,333 * PEREGRINE PHARMACEUTICALS, INC ................... 1,833 43,422,386 PFIZER, INC ...................................... 1,730,382 206,482 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC .......... 6,671 100,008 * PHARMACEUTICAL RESOURCES, INC .................... 3,380 10,598,751 PHARMACIA CORP ................................... 452,037 114,730 * PHARMACOPEIA, INC ................................ 1,594 85,378 * PHARMACYCLICS, INC ............................... 849 302,315 * PHARMOS CORP ..................................... 710 31,000 PHONAK HOLDING AG. (REGD) ........................ 710 23,900 b* PHP HEALTHCARE CORP .............................. 0 5,794 b* PHYSICIANS RESOURCE GROUP, INC ................... 0 68,052 e* POLYMEDICA CORP .................................. 1,130 93,206 * POSSIS MEDICAL, INC .............................. 1,624 106,480 * POZEN, INC ....................................... 559 300,641 * PRAECIS PHARMACEUTICALS, INC ..................... 1,750 192,414 * PRIORITY HEALTHCARE CORP (CLASS A) ............... 6,771 9,092 * PRIORITY HEALTHCARE CORP (CLASS B) ............... 320 74,900 * PROCURENET, INC .................................. 11 42,062 * PROGENICS PHARMACEUTICALS ........................ 777 471,662 * PROTEIN DESIGN LABS, INC ......................... 15,471 167,217 * PROVINCE HEALTHCARE CO ........................... 5,160 402,177 * PSS WORLD MEDICAL, INC ........................... 3,282 166,743 * QIAGEN NV ........................................ 3,140 255,535 * QLT, INC ......................................... 6,483 375,224 * QUEST DIAGNOSTICS, INC ........................... 26,907 583,179 * QUINTILES TRANSNATIONAL CORP ..................... 9,360 67,101 * REGENERATION TECHNOLOGIES ........................ 684 145,818 * REGENERON PHARMACEUTICALS, INC ................... 4,106 83,964 * REHABCARE GROUP, INC ............................. 2,485 262,011 * RENAL CARE GROUP, INC ............................ 8,411 170,340 e* RESMED, INC ...................................... 9,185
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164,548 * RESPIRONICS, INC ................................. 5,700 55,969 e* RIBOZYME PHARMACEUTICALS, INC .................... 256 141,557 * RIGEL PHARMACEUTICALS, INC ....................... 658 21,313 * RIGHTCHOICE MANAGED CARE, INC .................... 1,492 904 ROCHE HOLDING AG. (BR) ........................... 74 2,112,990 ROCHE HOLDING AG. (GENUSSCHEINE) ................. 150,810 50,061 e* SANGAMO BIOSCIENCES, INC ......................... 468 96,411 * SANGSTAT MEDICAL CORP ............................ 1,894 1,311,026 SANKYO CO LTD .................................... 22,457 2,744,539 SANOFI-SYNTHELABO S.A ............................ 204,785 625,715 SCHERING AG ...................................... 33,484 12,786,166 SCHERING-PLOUGH CORP ............................. 457,866 242,266 * SCIOS, INC ....................................... 5,759 13,948 * SEATTLE GENETICS, INC ............................ 80 47,457 * SELECT MEDICAL CORP .............................. 763 415,979 * SEPRACOR, INC .................................... 23,736 144,584 * SEQUENOM, INC .................................... 1,543 98,660 * SEROLOGICALS CORP ................................ 2,121 173,293 SERONO S.A. (B SHS) .............................. 151,239 1,024,000 SERONO S.A. ADR .................................. 22,723 1,587,556 * SERVICE CORP INTERNATIONAL ....................... 7,922 1,507,199 SHIONOGI & CO LTD ................................ 25,760 296,968 * SICOR, INC ....................................... 4,656 127,120 * SIERRA HEALTH SERVICES, INC ...................... 1,030 2,711,505 f* SKYLINE VENTURE PARTNERS QUALIFIED II ............ 2,279 50,000 * SKYLINE VENTURE PARTNERS QUALIFIED III ........... 50 1,513,681 SMITH & NEPHEW PLC ............................... 9,142 121,574 * SOLA INTERNATIONAL, INC .......................... 2,359 408,618 SONIC HEALTHCARE LTD ............................. 1,673 52,113 * SONOSITE, INC .................................... 1,339 23,697 * SPECIALTY LABORATORIES, INC ...................... 651 10,197 * SRI/SURGICAL EXPRESS, INC ........................ 163 216,412 SSL INTERNATIONAL PLC ............................ 1,709 656,558 * ST. JUDE MEDICAL, INC ............................ 50,982 85,984 * STERICYCLE, INC .................................. 5,235 351,727 * STERIS CORP ...................................... 6,426 543,748 * STEWART ENTERPRISES, INC (CLASS A) ............... 3,257 770,612 STRYKER CORP ..................................... 44,981 22,602 SULZER MEDICA AG (REGD) .......................... 953 93,959 e* SUNRISE ASSISTED LIVING, INC ..................... 2,735 94,219 * SUPERGEN, INC .................................... 1,349 71,474 * SURMODICS, INC ................................... 2,606 30,600 SUZUKEN CO LTD ................................... 483 210,822 * SYBRON DENTAL SPECIALTIES, INC ................... 4,550 105,213 * SYNCOR INTERNATIONAL CORP ........................ 3,013 14,426 SYNTHES-STRATEC, INC ............................. 10,044 203,254 TAISHO PHARMACEUTICAL CO LTD ..................... 3,195 2,026,094 TAKEDA CHEMICAL INDUSTRIES LTD ................... 91,674 125,330 * TANOX, INC ....................................... 2,319 184,978 * TARGETED GENETICS CORP ........................... 501 27,645 TECAN GROUP AG. (REGD) ........................... 1,832 224,545 * TECHNE CORP ...................................... 8,274 106,749 * TELIK, INC ....................................... 1,441 2,843,438 * TENET HEALTHCARE CORP ............................ 166,967 252,544 TERUMO CORP ...................................... 3,272 133,800 TEVA PHARMACEUTICALS INDUSTRIES LTD (SPON ADR) ... 8,246 240,544 * TEXAS BIOTECHNOLOGY CORP ......................... 1,564 153,716 * THERAGENICS CORP ................................. 1,516 39,108 * THIRD WAVE TECHNOLOGIES, INC ..................... 287 187,697 * THORATEC CORP .................................... 3,191 135,811 * TITAN PHARMACEUTICALS, INC ....................... 1,332 62,752 * TRANSGENOMIC, INC ................................ 690 123,745 * TRANSKARYOTIC THERAPIES, INC ..................... 5,296 385,426 * TRIAD HOSPITALS, INC ............................. 11,312 190,779 * TRIANGLE PHARMACEUTICALS, INC .................... 765 SEE NOTES TO FINANCIAL STATEMENTS 32 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 191,835 * TRIGON HEALTHCARE, INC ........................... $ 13,323 93,762 * TRIMERIS, INC .................................... 4,216 125,491 * TRIPATH IMAGING, INC ............................. 945 104,666 * TULARIK, INC ..................................... 2,514 6,303 * TWINLAB CORP ..................................... 9 520,195 * U.S. ONCOLOGY, INC ............................... 3,922 21,328 * U.S. PHYSICAL THERAPY, INC ....................... 345 89,958 UCB S.A .......................................... 3,642 82,741 e* UNITED THERAPEUTICS CORP ......................... 861 3,183,285 UNITEDHEALTH GROUP, INC .......................... 225,281 632,177 * UNIVERSAL HEALTH SERVICES, INC (CLASS B) ......... 27,045 59,712 * UROLOGIX, INC .................................... 1,197 31,594 * V.I. TECHNOLOGIES, INC ........................... 220 165,386 * VALENTIS, INC .................................... 513 179,491 * VARIAN MEDICAL SYSTEMS, INC ...................... 12,791 167,994 * VARIAN, INC ...................................... 5,450 277,152 * VASOMEDICAL, INC ................................. 1,025 45,387 e* VAXGEN, INC ...................................... 526 66,354 * VENTANA MEDICAL SYSTEMS, INC ..................... 1,501 318,230 VENTAS, INC ...................................... 3,660 86,255 * VENTIV HEALTH, INC ............................... 316 79,783 * VERSICOR, INC .................................... 1,624 398,762 * VERTEX PHARMACEUTICALS, INC ...................... 9,806 142,828 * VIASYS HEALTHCARE, INC ........................... 2,882 111,655 * VICAL, INC ....................................... 1,367 193,456 * VIDAMED, INC ..................................... 1,513 141,970 * VION PHARMACEUTICALS, INC ........................ 626 96,026 * VIROPHARMA, INC .................................. 2,204 264,408 * VISX, INC ........................................ 3,503 28,253 VITAL SIGNS, INC ................................. 986 75 * VITALWORKS, INC .................................. 0 703,148 * WATERS CORP ...................................... 27,247 567,609 * WATSON PHARMACEUTICALS, INC ...................... 17,817 46,986 * WATSON WYATT & CO HOLDINGS ....................... 1,024 1,352,428 * WEBMD CORP ....................................... 9,548 375,145 * WELLPOINT HEALTH NETWORKS, INC ................... 43,836 51,115 * WILLIAM DEMANT HOLDING ........................... 1,328 77,853 X-RITE, INC ...................................... 663 581,399 YAMANOUCHI PHARMACEUTICAL CO LTD ................. 15,349 145,080 ZELTIA S.A ....................................... 1,129 1,102,528 * ZIMMER HOLDINGS, INC ............................. 33,671 47,035 * ZOLL MEDICAL CORP ................................ 1,832 ----------- TOTAL HEALTH CARE 14,389,120 ----------- OTHER--2.64% 45,283 * 4KIDS ENTERTAINMENT, INC ......................... 907 100,561 ABM INDUSTRIES, INC .............................. 3,153 108,372 * ACACIA RESEARCH CORP ............................. 1,200 37,295 e* ACTRADE FINANCIAL TECHNOLOGIES LTD ............... 1,098 233,466 ACUITY BRANDS, INC ............................... 2,825 157,734 ADECCO S.A. (REGD) ............................... 8,574 117,883 * ADMINISTAFF, INC ................................. 3,231 102,434 * ADVO, INC ........................................ 4,405 831,272 AEGIS GROUP PLC .................................. 1,125 219,007 ALEXANDER & BALDWIN, INC ......................... 5,847 2,774,152 e AMADEUS GLOBAL TRAVEL DISTRIBUTION S.A. (A SHS) .. 16,006 36,538 AMBASSADORS INTERNATIONAL, INC ................... 767 31,923 AMER GROUP PLC ................................... 839 200,257 AMEY PLC ......................................... 1,087 445,736 ASSA ABLOY AB (B SHS) ............................ 6,416 449,114 AUCKLAND INTERNATIONAL AIRPORT LTD ............... 677 2,369,305 BAA PLC .......................................... 18,983 134,832 BANTA CORP ....................................... 3,980 71,054 * BELL MICROPRODUCTS, INC .......................... 897 3,670 BELLSYSTEM 24, INC ............................... 1,372
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316,232 BENESSE CORP ..................................... 8,204 96,853 BRADY CORP (CLASS A) ............................. 3,545 156,234 e BRASCAN CORP (CLASS A) ........................... 2,814 58,735 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ............ 1,644 1,900,045 CAPITA GROUP PLC ................................. 13,557 228,656 * CAREER EDUCATION CORP ............................ 7,838 63,095 * CDI CORP ......................................... 1,199 13,718,072 * CENDANT CORP ..................................... 269,011 94,383 CENTRAL PARKING CORP ............................. 1,854 413,943 * CENTURY BUSINESS SERVICES, INC ................... 952 4,542 * CGI GROUP, INC ................................... 34 1,140,336 * CGI GROUP, INC (CLASS A) ......................... 8,751 1,510,590 CHUBB PLC ........................................ 3,781 760,740 CINTAS CORP ...................................... 36,516 42,962 * CORINTHIAN COLLEGES, INC ......................... 1,757 185,112 * CORPORATE EXECUTIVE BOARD CO ..................... 6,794 66,306 * COSTAR GROUP, INC ................................ 1,592 283,062 CRANE CO ......................................... 7,258 35,495 CURTISS-WRIGHT CORP .............................. 1,695 81,601 * DAISYTEK INTERNATIONAL CORP ...................... 1,075 123,603 DCC PLC .......................................... 1,326 198,547 DE LA RUE PLC .................................... 1,303 1,000,295 DEUTSCHE POST AG. (REGD) ......................... 13,805 327,643 * DEVRY, INC ....................................... 9,321 1,130,449 DOVER CORP ....................................... 41,906 451,517 * DUN & BRADSTREET CORP ............................ 15,939 136,432 * EDISON SCHOOLS, INC .............................. 2,681 107,616 * EDUCATION MANAGEMENT CORP ........................ 3,901 622,834 ELECTROCOMPONENTS PLC ............................ 4,859 58,042 * ESCO TECHNOLOGIES, INC ........................... 2,002 460,982 e* EXULT, INC ....................................... 7,399 39,200 * FAIRCHILD CORP (CLASS A) ......................... 114 94,368 * FIRST CONSULTING GROUP, INC ...................... 1,477 214,181 FIRST INDUSTRIAL REALTY TRUST, INC ............... 6,661 11,262 FLUGHAFEN WIEN AG ................................ 301 67,269 * FORRESTER RESEARCH, INC .......................... 1,355 916,666 FORTUNE BRANDS, INC .............................. 36,291 12,900 FUJI SOFT ABC, INC ............................... 514 103,741 * GENTIVA HEALTH SERVICES, INC ..................... 2,277 185,025 * GETTY IMAGES, INC ................................ 4,252 22,624 * GROUP 4 FALCK AS ................................. 2,533 1,925 * GROUPE BRUXELLES LAMBERT S.A. (STRP VVPR) ........ 0 145,992 * GTECH HOLDINGS CORP .............................. 6,612 1,055,066 H & R BLOCK, INC ................................. 47,161 160,167 HAGEMEYER NV ..................................... 2,995 158,678 HARLAND (JOHN H.) CO ............................. 3,507 256,600 HAW PAR CORP LTD ................................. 564 1,821,819 HAYS PLC ......................................... 5,515 100,970 * HEIDRICK & STRUGGLES INTERNATIONAL, INC .......... 1,833 7,100 e HITACHI SOFTWARE ENGINEERING CO LTD .............. 239 319,592 HON INDUSTRIES, INC .............................. 8,837 4,605,476 HONEYWELL INTERNATIONAL, INC ..................... 155,757 43,652 e* HOTEL RESERVATIONS NETWORK, INC (CLASS A) ........ 2,008 129,461 * HOTJOBS.COM LTD .................................. 1,345 5,243,998 HUTCHISON WHAMPOA LTD ............................ 50,605 13,832 * ICT GROUP, INC ................................... 257 152,105 * INFOUSA, INC ..................................... 1,056 76,966 * ISS AS ........................................... 3,788 1,216,653 ITOCHU CORP ...................................... 2,748 25,000 ITOCHU TECHNO-SCIENCE CORP ....................... 1,034 81,108 * ITRON, INC ....................................... 2,458 476,674 ITT INDUSTRIES, INC .............................. 24,072 83,585 KELLY SERVICES, INC (CLASS A) .................... 1,830 613,900 KEPPEL CORP LTD .................................. 944 910,538 KIDDE PLC ........................................ 888 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 33
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- OTHER--(CONTINUED) 53,965 KOBENHAVNS LUFTHAVNE AS .......................... $ 3,496 199,722 * KORN/FERRY INTERNATIONAL ......................... 2,127 201,593 * LABOR READY, INC ................................. 1,030 417,705 LIBERTY PROPERTY TRUST ........................... 12,468 722,610 LOEWS CORP ....................................... 40,018 26,489 M.J. MAILLIS S.A ................................. 124 36,907 * MANAGEMENT NETWORK GROUP, INC .................... 255 535,927 MANPOWER, INC .................................... 18,066 990,734 e* MARUBENI CORP ................................... 597 162,642 MATTHEWS INTERNATIONAL CORP (CLASS A) ............ 3,998 32,617 MCGRATH RENTCORP ................................. 1,224 50,000 MEFOS LTD ........................................ 397 32,600 MEITEC CORP ...................................... 796 52,965 * MEMBERWORKS, INC ................................. 742 373,541 * METROMEDIA INTERNATIONAL GROUP, INC .............. 303 1,161,550 MITSUBISHI CORP .................................. 7,542 1,291,286 MITSUI & CO LTD .................................. 6,394 1,034,496 MOODY'S CORP ..................................... 41,235 500,318 * MPS GROUP, INC ................................... 3,572 150,987 * MSC.SOFTWARE CORP ................................ 2,355 232,966 NATIONAL SERVICE INDUSTRIES, INC ................. 471 207,277 * NAVIGANT CONSULTING CO ........................... 1,140 106,287 * NCO GROUP, INC ................................... 2,434 57 e NET ONE SYSTEMS CO LTD ........................... 835 65,643 NEW ENGLAND BUSINESS SERVICES, INC ............... 1,257 44,175 * NEW HORIZONS WORLDWIDE, INC ...................... 508 90,481 NIPPON KANZAI CO LTD ............................. 1,236 15,200 NIPPON SYSTEM DEVELOPMENT CO LTD ................. 605 254,800 * NU-KOTE HOLDING, INC (CLASS A) ................... 0 4,000 OBIC CO LTD ...................................... 794 74,403 OCE NV ........................................... 747 97,578 * OFFSHORE LOGISTICS, INC .......................... 1,733 58,405 OM AB ............................................ 768 505,923 ONEX CORP ........................................ 7,115 44,900 e ORACLE CORP (JAPAN) .............................. 2,741 29,984 * OSTASIATISKE KOMPAGNI ............................ 671 990,421 * PACIFIC DUNLOP LTD ............................... 522 292,043 PITTSTON BRINK'S GROUP ........................... 6,454 449,031 POWER CORP OF CANADA ............................. 10,959 84,193 e* PREPAID LEGAL SERVICES, INC ..................... 1,844 74,154 * PROQUEST CO ...................................... 2,515 129,906 e* QUEBECOR, INC (CLASS B) ......................... 1,575 162,277 * R.H. DONNELLEY CORP .............................. 4,714 3,413,391 RENTOKIL INITIAL PLC ............................. 13,711 139,868 * RENT-WAY, INC .................................... 838 49,530 * RIGHT MANAGEMENT CONSULTANTS ..................... 857 887,461 * ROBERT HALF INTERNATIONAL, INC ................... 23,695 80,702 ROLLINS, INC ..................................... 1,614 88,269 * SCHOOL SPECIALTY, INC ............................ 2,020 287,755 SECOM CO LTD ..................................... 14,447 1,033,648 SECURICOR PLC .................................... 1,768 488,577 SECURITAS AB (B SHS) ............................. 9,269 653,317 SERCO GROUP PLC .................................. 3,471 1,724,466 SERVICEMASTER CO ................................. 23,798 5,826 SGS SOCIETE GENERALE SURVEILLANCE HOLDINGS S.A ... 935 228,140 e SOFTBANK CORP .................................. 3,690 25,996,000 * SOUTH CHINA INDUSTRIES LTD ....................... 950 1,035,904 SOUTHCORP LTD .................................... 4,004 289,752 * SPHERION CORP .................................... 2,828 208,452 * SPX CORP ......................................... 28,537 71,185 STANDARD REGISTER CO ............................. 1,319 59,373 STANDEX INTERNATIONAL CORP ....................... 1,291 40,720 * STARTEK, INC ..................................... 772 29,968 STRAYER EDUCATION, INC ........................... 1,460
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582,491 SUMITOMO CORP .................................... 2,671 728,908 SUPERVALU, INC ................................... 16,123 1,245,111 SWIRE PACIFIC LTD (A SHS) ........................ 6,786 135,836 * SYMYX TECHNOLOGIES, INC .......................... 2,885 3,838,591 SYSCO CORP ....................................... 100,648 60,680 TALX CORP ........................................ 1,516 33,889 * TEJON RANCH CO ................................... 810 180,857 TELEFLEX, INC .................................... 8,556 186,723 * TELETECH HOLDINGS, INC ........................... 2,676 572,869 * TERRA LYCOS S.A .................................. 4,693 702,038 * TERREMARK WORLDWIDE, INC ......................... 400 642,206 TEXTRON, INC ..................................... 26,626 31,757 TIS, INC ......................................... 758 469,220 * TMP WORLDWIDE, INC ............................... 20,130 858,950 TPG NV ........................................... 18,585 117,281 * TRADESTATION GROUP, INC .......................... 183 21,300 TRANS COSMOS, INC ................................ 554 59,183 * TRAVELOCITY.COM, INC ............................. 1,699 12,289,633 TYCO INTERNATIONAL LTD ........................... 723,859 418,511 * U.S. INDUSTRIES, INC ............................. 1,071 38,576 UNIFIRST CORP .................................... 870 59,126 * UNIROYAL TECHNOLOGY CORP ......................... 189 172,528 * UNITED STATIONERS, INC ........................... 5,806 5,066,457 UNITED TECHNOLOGIES CORP ......................... 327,445 345,377 VALSPAR CORP ..................................... 13,677 166,867 VEDIOR NV ........................................ 2,001 6,000 e* VENTRO CORP ...................................... 2 450,758 VIAD CORP ........................................ 10,674 3,400 e* WACKENHUT CORP (CLASS A) ......................... 84 61,702 * WACKENHUT CORP (CLASS B) ......................... 1,175 37,555 * WACKENHUT CORRECTIONS CORP ....................... 520 182,795 WALTER INDUSTRIES, INC ........................... 2,067 706,562 WESFARMERS LTD ................................... 11,209 2,841,394 WHARF HOLDINGS LTD ............................... 6,941 ---------- TOTAL OTHER 2,613,070 ---------- PRODUCER DURABLES--5.23% 1,314,813 ABB LTD .......................................... 12,671 261,437 * ACTIVE POWER, INC ................................ 1,778 103,265 ADVANTEST CORP ................................... 5,846 351,754 AGCO CORP ........................................ 5,551 44,588 AIXTRON AG ....................................... 1,006 1,047,031 * ALLIED WASTE INDUSTRIES, INC ..................... 14,721 266,467 ALSTOM ........................................... 2,963 486,729 AMADA CO LTD ..................................... 1,931 185,495 AMANO CORP ....................................... 1,111 21,985 * AMERICAN ECOLOGY CORP ............................ 38 52,230 AMERICAN STATES WATER CO ......................... 1,825 446,419 AMERICAN WATER WORKS CO, INC ..................... 18,638 179,078 AMETEK, INC ...................................... 5,711 98,075 APPLIED INDUSTRIAL TECHNOLOGIES, INC ............. 1,829 85,596 * ASTEC INDUSTRIES, INC ............................ 1,238 209,871 e ATLAS COPCO AB (A SHS) ........................... 4,692 92,658 e ATLAS COPCO AB (B SHS) ........................... 1,948 29,898 * AUGUST TECHNOLOGY CORP ........................... 330 125,665 BALDOR ELECTRIC CO ............................... 2,626 430,453 BALFOUR BEATTY PLC ............................... 1,084 10,400 BARCO (NEW) NV ................................... 365 125,513 * BEACON POWER CORP ................................ 163 2 * BLOUNT INTERNATIONAL, INC ........................ 0 46,524 BOMBARDIER, INC (CLASS A) ........................ 486 3,687,668 * BOMBARDIER, INC (CLASS B) ........................ 38,117 116,655 BRIGGS & STRATTON CORP ........................... 4,981 104,949 * BROOKS AUTOMATION, INC ........................... 4,268 9,255 BWT AG ........................................... 202 2,000 * C.P. POKPHAND CO LTD ............................. 0 SEE NOTES TO FINANCIAL STATEMENTS 34 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - STOCK ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- PRODUCER DURABLES--(CONTINUED) 72,814 CALIFORNIA WATER SERVICE GROUP ................... $ 1,875 102,309 * CASELLA WASTE SYSTEMS, INC (CLASS A) ............. 1,515 74,139 * CATALYTICA ENERGY SYSTEMS, INC ................... 339 1,842,813 CATERPILLAR, INC ................................. 96,287 1,055,000 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD ........ 2,800 43,169 CIRCOR INTERNATIONAL, INC ........................ 796 34,290 * CLEAN HARBORS, INC ............................... 116 115,191 * COINSTAR, INC .................................... 2,880 61,612 CONECTIV (CLASS A) ............................... 1,256 54,673 * CONSOLIDATED GRAPHICS, INC ....................... 1,052 1,676,938 COOPER INDUSTRIES, INC ........................... 58,559 269,369 * COVANTA ENERGY CORP .............................. 1,218 178,824 CUMMINS, INC ..................................... 6,892 82,268 * CUNO, INC ........................................ 2,509 137,000 DAIFUKU CO LTD ................................... 554 188,163 DAIKIN INDUSTRIES LTD ............................ 2,950 193 DAISEKI CO LTD ................................... 3 531,633 DANAHER CORP ..................................... 32,063 1,630,522 DEERE & CO ....................................... 71,189 232,528 * DYCOM INDUSTRIES, INC ............................ 3,886 488,366 EATON CORP ....................................... 36,339 253,000 EBARA CORP ....................................... 1,525 2,291,245 EMERSON ELECTRIC CO .............................. 130,830 67,787 e* EMEX CORP ........................................ 210 89,400 * FANSTEEL, INC .................................... 12 149,330 FANUC LTD ........................................ 6,358 240,508 FEDERAL SIGNAL CORP .............................. 5,356 3,714 FISCHER (GEORG) LTD (REGD) ....................... 704 614,434 FKI PLC .......................................... 1,654 54,400 * FLOW INTERNATIONAL CORP .......................... 673 238,049 * FLOWSERVE CORP ................................... 6,334 40,388 FLS INDUSTRIES AS (B SHS) ........................ 341 21,845 FRANKLIN ELECTRIC CO, INC ........................ 1,791 276,348 e* FUELCELL ENERGY, INC ............................. 5,013 917,000 * FUJI ELECTRIC CO LTD ............................. 1,945 39,700 * FUJI MACHINE MANUFACTURING CO LTD ................ 518 3,474,968 FUJITSU LTD ...................................... 25,295 336,000 FUTABA CORP ...................................... 7,589 78,055 * GARDNER DENVER, INC .............................. 1,742 220,787 GATX CORP ........................................ 7,180 71,228,232 GENERAL ELECTRIC CO .............................. 2,854,825 73,505 * GENLYTE GROUP, INC ............................... 2,188 40,200 * GLOBAL POWER EQUIPMENT GROUP, INC ................ 605 23,100 GORMAN-RUPP CO ................................... 620 400,382 GRAINGER (W.W.), INC ............................. 19,218 107,934 e* H POWER CORP ..................................... 337 215,847 HARSCO CORP ...................................... 7,404 127,440 * HEADWATERS, INC .................................. 1,460 5,646,994 * HITACHI LTD ...................................... 41,364 256,291 HUBBELL, INC (CLASS B) ........................... 7,530 161,721 IDEX CORP ........................................ 5,579 1,245,476 ILLINOIS TOOL WORKS, INC ......................... 84,344 105,228 * IMAGISTICS INTERNATIONAL, INC .................... 1,300 350,647 IMI PLC .......................................... 1,373 843,714 INGERSOLL-RAND CO ................................ 35,276 2,399,727 INVENSYS PLC ..................................... 4,165 93,140 * IONICS, INC ...................................... 2,797 1,570,367 * ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO LTD ...... 2,444 225,871 JLG INDUSTRIES, INC .............................. 2,406 60,969 * KADANT, INC ...................................... 884 2,326,185 * KAWASAKI HEAVY INDUSTRIES LTD .................... 2,130 146,063 KAYDON CORP ...................................... 3,313 12,367 KCI KONECRANES INTERNATIONAL ..................... 314 164,374 KENNAMETAL, INC .................................. 6,619
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1,186,311 KOMATSU LTD ...................................... 4,245 120,000 e KOMORI CORP ...................................... 1,354 173,138 KONE OYJ (B SHS) ................................. 12,795 6,262,565 KONINKLIJKE PHILIPS ELECTRONICS NV ............... 186,133 126,000 KOYO SEIKO CO LTD ................................ 444 896,218 KUBOTA CORP ...................................... 2,352 186,362 KURITA WATER INDUSTRIES LTD ...................... 2,314 38,032 LAWSON PRODUCTS, INC ............................. 989 174,317 LINCOLN ELECTRIC HOLDINGS, INC ................... 4,260 60,506 LINDSAY MANUFACTURING CO ......................... 1,171 100,172 * LITTELFUSE, INC .................................. 2,629 43,566 * LOGITECH INTERNATIONAL S.A. (REGD) ............... 1,594 328,700 MABUCHI MOTOR CO LTD ............................. 27,087 39,059 * MAGNA ENTERTAINMENT CORP (CLASS A) ............... 273 2,500 * MAGNA ENTERTAINMENT CORP (CLASS B) ............... 18 241,348 MAGNA INTERNATIONAL, INC (CLASS A) ............... 15,286 111,360 * MAGNETEK, INC .................................... 1,003 181,000 MAKITA CORP ...................................... 894 134,409 MANITOWOC CO, INC ................................ 4,180 54,430 * MAXWELL TECHNOLOGIES, INC ........................ 533 112,881 * MECHANICAL TECHNOLOGY, INC ....................... 309 353,298 METSO OYJ ........................................ 3,712 85,758 MILACRON, INC .................................... 1,356 46,384 MINE SAFETY APPLIANCES CO ........................ 1,862 2,100,969 MINNESOTA MINING & MANUFACTURING CO .............. 248,356 2,242,024 * MITSUBISHI ELECTRIC CORP ......................... 8,673 7,423,160 MITSUBISHI HEAVY INDUSTRIES LTD .................. 19,824 591,000 * MITSUI ENGINEERING & SHIPBUILDING CO LTD ......... 586 108,231 MORI SEIKI CO LTD ................................ 648 34,902 NACCO INDUSTRIES, INC (CLASS A) .................. 1,982 155,027 * NATIONAL INSTRUMENTS CORP ........................ 5,807 313,713 NAVISTAR INTERNATIONAL CORP ...................... 12,392 2,314,946 NEC CORP ......................................... 23,616 18,923 * NEG MICON AS ..................................... 499 374,669 * NEWPARK RESOURCES, INC ........................... 2,960 335,543 NIKON CORP ....................................... 2,583 22,660 NKT HOLDING AS ................................... 292 55,800 NN, INC .......................................... 622 2,602,000 * NORDEX AG ........................................ 15,754 125,468 NORDSON CORP ..................................... 3,314 433,512 NSK LTD .......................................... 1,495 323,000 NTN CORP ......................................... 522 736,000 * OKI ELECTRIC INDUSTRY CO LTD ..................... 2,415 337,404 PACCAR, INC ...................................... 22,140 290,567 PACE MICRO TECHNOLOGY PLC ........................ 1,480 622,786 PARKER HANNIFIN CORP ............................. 28,592 110,101 * PEMSTAR, INC ..................................... 1,321 301,077 PHILADELPHIA SUBURBAN CORP ....................... 6,789 68,645 * PHOTON DYNAMICS, INC ............................. 3,134 1,349,155 PITNEY BOWES, INC ................................ 50,742 64,295 e* PLUG POWER, INC .................................. 562 314,554 * POWER-ONE, INC ................................... 3,275 144,089 * QUANTA SERVICES, INC ............................. 2,223 120,167 * RAYOVAC CORP ..................................... 2,115 104,553 REGAL-BELOIT CORP ................................ 2,279 2,947,947 * REPUBLIC SERVICES, INC ........................... 58,871 23,717 RICHARDSON ELECTRONICS LTD ....................... 287 40,127 ROBBINS & MYERS, INC ............................. 939 841,918 ROCKWELL COLLINS, INC ............................ 16,417 851,617 ROCKWELL INTERNATIONAL CORP ...................... 15,210 97,203 * ROHN INDUSTRIES, INC ............................. 200 155,543 ROPER INDUSTRIES, INC ............................ 7,699 171,600 * ROYAL GROUP TECHNOLOGIES LTD ..................... 3,158 64,864 * SAGE, INC ........................................ 2,405 111,506 SANDEN CORP ...................................... 328 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 35
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- PRODUCER DURABLES--(CONTINUED) 384,538 e SANDVIK AB ..................................... $ 8,230 113,000 SANSEI YUSOKI CO LTD ........................... 281 100,000 SANSO ELECTRIC CO LTD .......................... 404 66,314 SAUER-DANFOSS, INC ............................. 531 533 SCHINDLER HOLDINGS AG. (PT CERT) ............... 767 594 SCHINDLER HOLDINGS AG. (REGD) .................. 851 1,189,931 SCHNEIDER ELECTRIC S.A ......................... 57,214 958,758 SEMBCORP INDUSTRIES LTD ........................ 831 17,562 * SGL CARBON AG .................................. 354 2,056,730 e SIEMENS AG ..................................... 137,074 1,939,300 SINGAPORE TECHNOLOGIES ENGINEERING LTD ......... 2,468 10,482 SJW CORP ....................................... 894 19,385 SKF AB (A SHS) ................................. 346 143,840 e SKF AB (B SHS) ................................. 2,825 139,822 SMC CORP ....................................... 14,232 55,645 * SPS TECHNOLOGIES, INC .......................... 1,943 244,000 * ST ASSEMBLY TEST SERVICES ...................... 289 53,000 STANLEY ELECTRIC CO LTD ........................ 404 130,680 STEWART & STEVENSON SERVICES, INC .............. 2,458 3,044 SULZER AG. (REGD) .............................. 468 977,000 * SUMITOMO HEAVY INDUSTRIES LTD .................. 522 46,000 TAKUMA CO LTD .................................. 315 52,264 * TANDBERG ASA ................................... 1,165 54,367 TECUMSEH PRODUCTS CO (CLASS A) ................. 2,753 31,300 TECUMSEH PRODUCTS CO (CLASS B) ................. 1,523 48,597 TENNANT CO ..................................... 1,803 164,985 * TEREX CORP ..................................... 2,894 258,267 * TETRA TECH, INC ................................ 5,142 64,995 * TETRA TECHNOLOGIES, INC ........................ 1,362 119,700 THK CO LTD ..................................... 1,746 312,819 * THOMAS & BETTS CORP ............................ 6,616 484,786 e* THOMSON MULTIMEDIA ............................. 14,892 279,309 TIMKEN CO ...................................... 4,519 779,969 TOKYO ELECTRON LTD ............................. 38,266 50,000 TOMOE ENGINEERING CO LTD ....................... 263 856,001 TOMRA SYSTEMS ASA .............................. 8,208 68,504 TORO CO ........................................ 3,083 6,999,077 TOSHIBA CORP ................................... 24,032 22 * TOWA CORP ...................................... 0 991,773 e TOYOTA INDUSTRIES CORP ......................... 14,454 27,976 * TRC COS, INC ................................... 1,399 55,156 * TRIKON TECHNOLOGIES, INC ....................... 648 199,009 TRINITY INDUSTRIES, INC ........................ 5,407 245,378 * UNOVA, INC ..................................... 1,423 122,000 USHIO, INC ..................................... 1,379 12,939 VA TECHNOLOGIE AG .............................. 284 178,296 e* VALENCE TECHNOLOGY, INC ........................ 601 34,170 VALHI, INC ..................................... 434 68,263 VALMONT INDUSTRIES, INC ........................ 987 171,580 e VESTAS WIND SYSTEMS AS ......................... 4,685 127,322 WABTEC CORP .................................... 1,566 37,823 WARTSILA OYJ (B SHS) ........................... 700 144,027 * WASTE CONNECTIONS, INC ......................... 4,463 3,940,151 WASTE MANAGEMENT, INC .......................... 125,730 90,587 WATTS INDUSTRIES, INC (CLASS A) ................ 1,359 4,417,341 XEROX CORP ..................................... 46,029 529,493 YOKOGAWA ELECTRIC CORP ......................... 4,222 ---------- TOTAL PRODUCER DURABLES 5,181,799 ---------- TECHNOLOGY--16.32% 1,974,492 * 3COM CORP ...................................... 12,597 43,220 * 3D SYSTEMS CORP ................................ 616 175,218 e* 3DO CO ......................................... 364 61,921 b,e* ACT MANUFACTURING, INC ......................... 22 118,241 * ACTEL CORP ..................................... 2,354
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1,038,968 * ACTERNA CORP ................................... 4,104 182,549 * ACTIVISION, INC ................................ 4,748 227,950 * ACTUATE CORP ................................... 1,201 477,191 * ACXIOM CORP .................................... 8,337 566,381 * ADAPTEC, INC ................................... 8,213 4,210,931 * ADC TELECOMMUNICATIONS, INC .................... 19,370 51,800 * ADE CORP ....................................... 518 1,836,538 ADOBE SYSTEMS, INC ............................. 57,025 113,766 * ADTRAN, INC .................................... 2,903 328,436 * ADVANCED DIGITAL INFORMATION CORP .............. 5,268 98,097 * ADVANCED ENERGY INDUSTRIES, INC ................ 2,613 480,596 * ADVANCED FIBRE COMMUNICATIONS, INC ............. 8,492 1,933,059 * ADVANCED MICRO DEVICES, INC .................... 30,658 160,081 * ADVENT SOFTWARE, INC ........................... 7,996 324,571 * AEROFLEX, INC .................................. 6,144 118,638 e* AETHER SYSTEMS, INC ............................ 1,091 355,671 * AFFILIATED COMPUTER SERVICES, INC (CLASS A) .... 37,747 11,618,972 * AGERE SYSTEMS, INC (CLASS A) ................... 66,112 166,145 * AGILE SOFTWARE CORP ............................ 2,861 2,468,448 * AGILENT TECHNOLOGIES, INC ...................... 70,375 395,032 e* AKAMAI TECHNOLOGIES, INC ....................... 2,346 21,509 ALCATEL O (OPTRONICS) .......................... 148 1,734,736 e ALCATEL S.A .................................... 29,656 136,132 e ALCATEL S.A. (SPON ADR) ........................ 2,253 461,128 * ALDATA SOLUTION OYJ ............................ 850 39,700 * ALIANT, INC .................................... 746 81,164 * ALLIANCE FIBER OPTIC PRODUCT ................... 115 138,715 * ALLIANCE SEMICONDUCTOR CORP .................... 1,676 70,396 e* ALLOY, INC ..................................... 1,516 233,857 * ALPHA INDUSTRIES, INC .......................... 5,098 538,000 ALPS ELECTRIC CO LTD ........................... 3,653 5,207,064 * ALTERA CORP .................................... 110,494 81,545 ALTRAN TECHNOLOGIES S.A ........................ 3,685 124,584 e* AMERICA ONLINE LATIN AMERICA, INC (CLASS A) .... 567 225,223 * AMERICAN MANAGEMENT SYSTEMS, INC ............... 4,072 880,528 * AMERICAN POWER CONVERSION CORP ................. 12,732 112,434 * AMERICAN SUPERCONDUCTOR CORP ................... 1,378 688,709 * AMKOR TECHNOLOGY, INC .......................... 11,040 222,703 * AMPHENOL CORP (CLASS A) ........................ 10,701 158,998 * ANADIGICS, INC ................................. 2,425 1,967,777 * ANALOG DEVICES, INC ............................ 87,350 35,750 ANALOGIC CORP .................................. 1,377 111,266 * ANAREN MICROWAVE, INC .......................... 1,927 440,487 * ANDREW CORP .................................... 9,642 143,794 * ANIXTER INTERNATIONAL, INC ..................... 4,171 47,000 ANRITSU CORP ................................... 378 34,365 * ANSOFT CORP .................................... 502 199,434 * ANSWERTHINK, INC ............................... 1,302 76,657 * ANSYS, INC ..................................... 1,890 117,830 * APAC CUSTOMER SERVICES, INC .................... 306 2,032,167 * APPLE COMPUTER, INC ............................ 44,504 45,709 * APPLIED INNOVATION, INC ........................ 283 600 b* APPLIED MAGNETICS CORP ......................... 0 6,350,524 * APPLIED MATERIALS, INC ......................... 254,656 1,677,190 * APPLIED MICRO CIRCUITS CORP .................... 18,986 161,920 * ARBITRON, INC .................................. 5,530 100,650 e* AREMISSOFT CORP ................................ 99 1,199,629 e* ARIBA, INC ..................................... 7,390 936,457 * ARM HOLDINGS PLC ............................... 4,893 261,933 * ARRIS GROUP, INC ............................... 2,556 600,953 * ARROW ELECTRONICS, INC ......................... 17,968 296,280 * ART TECHNOLOGY GROUP, INC ...................... 1,031 182,074 * ARTESYN TECHNOLOGIES, INC ...................... 1,695 55,100 * ARTISAN COMPONENTS, INC ........................ 871 779,088 ASAHI GLASS CO LTD ............................. 4,607 SEE NOTES TO FINANCIAL 36 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TECHNOLOGY--(CONTINUED) 1,477,411 * ASCENTIAL SOFTWARE CORP ...................... $ 5,984 27,113 ASCOM HOLDING AG. (REGD) ..................... 478 140,259 * ASIAINFO HOLDINGS, INC ....................... 2,443 104,740 e* ASM INTERNATIONAL NV ......................... 2,028 262,500 ASM PACIFIC TECHNOLOGY LTD ................... 517 3,808,977 e* ASML HOLDING NV .............................. 66,202 7,211 * ASML HOLDING NV (NEW YORK SHS) ............... 123 290,457 * ASPECT COMMUNICATIONS CORP ................... 1,127 166,838 * ASPEN TECHNOLOGY, INC ........................ 2,803 64,433 e* ASTROPOWER, INC .............................. 2,605 204,045 * ASYST TECHNOLOGIES, INC ...................... 2,604 1,255,047 b,e* AT HOME CORP (SERIES A) ...................... 7 585,980 * ATI TECHNOLOGIES, INC ........................ 7,378 2,902,664 * ATMEL CORP ................................... 21,393 148,218 * ATMI, INC .................................... 3,535 18,044 * ATOS ORIGIN .................................. 1,182 88,609 * AUDIOVOX CORP (CLASS A) ...................... 661 247,305 * AUSPEX SYSTEMS, INC .......................... 445 290,054 AUTODESK, INC ................................ 10,810 3,564,147 AUTOMATIC DATA PROCESSING, INC ............... 209,928 149,510 * AVANEX CORP .................................. 882 211,043 * AVANT! CORP .................................. 4,324 1,542,635 * AVAYA, INC ................................... 18,743 249,208 e* AVICI SYSTEMS, INC .......................... 725 129,799 * AVID TECHNOLOGY, INC ......................... 1,577 628,728 AVNET, INC ................................... 16,014 238,838 * AVOCENT CORP ................................. 5,792 286,263 AVX CORP ..................................... 6,753 105,302 * AWARE, INC ................................... 874 524,940 * AXCELIS TECHNOLOGIES, INC .................... 6,766 102,562 * AXT, INC ..................................... 1,480 64,067 * BARRA, INC ................................... 3,017 3,879,492 * BEA SYSTEMS, INC ............................. 59,744 58,402 BEI TECHNOLOGIES, INC ........................ 1,019 47,842 BEL FUSE, INC (CLASS B) ...................... 1,198 137,942 BELDEN, INC .................................. 3,249 108,758 * BENCHMARK ELECTRONICS, INC ................... 2,062 308,560 * BISYS GROUP, INC ............................. 19,745 105,815 * BLACK BOX CORP ............................... 5,595 177,255 * BLUE MARTINI SOFTWARE, INC ................... 534 140,992 BMC INDUSTRIES, INC .......................... 290 1,248,922 * BMC SOFTWARE, INC ............................ 20,445 273,090 * BORLAND SOFTWARE CORP ........................ 4,277 82,654 * BOSTON COMMUNICATIONS GROUP .................. 938 33,375 * BRAUN CONSULTING, INC ........................ 118 302,866 * BRIGHTPOINT, INC ............................. 951 98,829 * BRIO SOFTWARE, INC ........................... 285 1,341,587 * BROADCOM CORP (CLASS A) ...................... 54,831 1,177,488 e* BROADVISION, INC ............................. 3,226 2,377,963 * BROCADE COMMUNICATIONS SYSTEMS, INC .......... 78,758 62,731 * BSQUARE CORP ................................. 262 80,402 e* BUSINESS OBJECTS ............................. 2,688 145,113 C&D TECHNOLOGIES, INC ........................ 3,316 231,017 * CABLE DESIGN TECHNOLOGIES CORP ............... 3,160 95,919 * CACHEFLOW, INC ............................... 257 101,196 * CACI INTERNATIONAL, INC (CLASS A) ............ 3,996 1,318,568 * CADENCE DESIGN SYSTEMS, INC .................. 28,903 836,240 CAE, INC ..................................... 6,061 50,428 * CAMINUS CORP ................................. 1,160 3,236,676 CANON, INC ................................... 111,380 156,341 CAP GEMINI S.A ............................... 11,290 91,981 * CARREKER CORP ................................ 543 52,012 * CARRIER ACCESS CORP .......................... 152 25,911 * CATAPULT COMMUNICATIONS CORP ................. 675
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183,053 * C-COR.NET CORP ............................... 2,667 67,939 * CELERITEK, INC ............................... 910 193,678 * CELESTICA, INC ............................... 7,765 6,591 * CELESTICA, INC (U.S.) ........................ 269 138,342 * CENTILLIUM COMMUNICATIONS, INC ............... 1,087 117,051 * CENTRA SOFTWARE, INC ......................... 936 686,062 * CERIDIAN CORP ................................ 12,864 370,521 * CERTEGY, INC ................................. 12,679 323,270 * CHECKFREE CORP ............................... 5,819 161,609 * CHECKPOINT SYSTEMS, INC ...................... 2,166 172,381 e* CHIPPAC, INC ................................ 1,279 141,503 * CHORDIANT SOFTWARE, INC ...................... 1,119 265,242 * CIBER, INC ................................... 2,507 2,887,969 * CIENA CORP ................................... 41,327 356,244 * CIRRUS LOGIC, INC ............................ 4,710 51,246,077 * CISCO SYSTEMS, INC ........................... 928,066 288,721 CITIZEN WATCH CO LTD ......................... 1,439 1,001,325 * CITRIX SYSTEMS, INC .......................... 22,690 155,327 * CLARENT CORP ................................. 834 82,163 * CLICK COMMERCE, INC .......................... 260 479,774 CMG PLC ...................................... 1,697 1,414,257 e* CMGI, INC .................................... 2,305 617,238 e* CNET NETWORKS, INC ........................... 5,537 168,323 * COGNEX CORP .................................. 4,311 39,526 * COGNIZANT TECHNOLOGY SOLUTIONS CORP .......... 1,620 82,678 * COGNOS, INC .................................. 2,049 110,414 COHU, INC .................................... 2,181 1,520,064 * COMMERCE ONE, INC ............................ 5,427 277,740 * COMMSCOPE, INC ............................... 5,908 12,633,108 COMPAQ COMPUTER CORP ......................... 123,299 40,324 COMPTEL OYJ .................................. 112 2,503,386 COMPUTER ASSOCIATES INTERNATIONAL, INC ....... 86,342 156,926 * COMPUTER NETWORK TECHNOLOGY CORP ............. 2,792 931,213 * COMPUTER SCIENCES CORP ....................... 45,611 684,990 COMPUTER SHARE LTD ........................... 1,851 1,787,051 * COMPUWARE CORP ............................... 21,069 18,225 COMPX INTERNATIONAL, INC ..................... 236 990,636 * COMVERSE TECHNOLOGY, INC ..................... 22,161 122,110 * CONCORD CAMERA CORP .......................... 967 2,883,548 * CONCORD EFS, INC ............................. 94,523 327,362 * CONCURRENT COMPUTER CORP ..................... 4,861 43,651 CONESTOGA ENTERPRISES, INC ................... 1,395 1,348,079 * CONEXANT SYSTEMS, INC ........................ 19,358 70,891 e* CONSTELLATION 3D, INC ........................ 61 103,445 * CONVERA CORP ................................. 347 982,106 * CONVERGYS CORP ............................... 36,819 45,216 * COORSTEK, INC ................................ 1,440 263,155 * COPPER MOUNTAIN NETWORKS, INC ................ 445 64,612 * CORILLIAN CORP ............................... 309 5,309,341 * CORNING, INC ................................. 47,359 1,380,229 e* CORVIS CORP .................................. 4,458 492,848 * COSINE COMMUNICATIONS, INC ................... 764 4,500 e* COVAD COMMUNICATIONS GROUP, INC .............. 13 106,087 * COVANSYS CORP ................................ 949 50,650 CREATIVE TECHNOLOGY LTD ...................... 406 309,139 * CREDENCE SYSTEMS CORP ........................ 5,741 390,995 e* CREE, INC .................................... 11,519 32,067 * CRITICAL PATH, INC ........................... 88 67,886 * CROSSROADS SYSTEMS, INC ...................... 305 252,043 * CSG SYSTEMS INTERNATIONAL, INC ............... 10,195 113,769 CSK CORP ..................................... 2,665 148,647 CTS CORP ..................................... 2,363 28,164 CUBIC CORP ................................... 1,447 165,599 * CYMER, INC ................................... 4,426 603,263 * CYPRESS SEMICONDUCTOR CORP ................... 12,023 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 37
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TECHNOLOGY--(CONTINUED) 2,218,845 DAI NIPPON PRINTING CO LTD .................... $ 22,178 168,879 e DAINIPPON SCREEN MANUFACTURING CO LTD ......... 531 73,568 * DAKTRONICS, INC. .............................. 622 43,054 DASSAULT SYSTEMES S.A. ........................ 2,070 330,000 DATACRAFT ASIA LTD ............................ 719 88,239 * DATASTREAM SYSTEMS, INC ....................... 544 228,479 * DDI CORP ...................................... 2,248 152,402 * DELIA*S CORP (CLASS A) ........................ 945 15,215,807 * DELL COMPUTER CORP ............................ 413,566 361,875 DELUXE CORP ................................... 15,047 142,550 * DESCARTES SYSTEMS GROUP, INC .................. 1,057 139,454 * DIAMONDCLUSTER INTERNATIONAL, INC (CLASS A) ... 1,827 387,946 DIEBOLD, INC .................................. 15,689 122,898 * DIGEX, INC .................................... 367 49,428 * DIGIMARC CORP ................................. 918 135,867 * DIGITAL INSIGHT CORP .......................... 3,038 69,785 e* DIGITAL LIGHTWAVE, INC ........................ 655 109,365 * DIGITALTHINK, INC ............................. 1,181 52,842 * DIGITAS, INC .................................. 212 134,034 * DITECH COMMUNICATIONS CORP .................... 807 784,493 e* DIVINE, INC (CLASS A) ......................... 581 452,490 * DMC STRATEX NETWORKS, INC ..................... 3,520 197,135 * DOCENT, INC ................................... 625 201,511 * DOCUMENTUM, INC ............................... 4,377 619,549 * DOUBLECLICK, INC .............................. 7,026 124,203 * DSP GROUP, INC ................................ 2,889 613,299 * DST SYSTEMS, INC .............................. 30,573 26,075 * DUPONT PHOTOMASKS, INC ........................ 1,133 28,489 * DURASWITCH INDUSTRIES, INC .................... 242 341,201 * E.PIPHANY, INC ................................ 2,972 408,796 * EARTHLINK, INC ................................ 4,975 764,757 * EBAY, INC ..................................... 51,162 124,916 e* ECHELON CORP .................................. 1,769 44,122 * EDB BUSINESS PARTNER ASA ...................... 248 51,668 EDO CORP ...................................... 1,367 251,799 * EFUNDS CORP ................................... 3,462 121,646 * ELANTEC SEMICONDUCTOR, INC .................... 4,671 147,787 * ELECTRO SCIENTIFIC INDUSTRIES, INC ............ 4,435 112,728 * ELECTROGLAS, INC .............................. 1,665 675,490 * ELECTRONIC ARTS, INC .......................... 40,496 2,709,736 ELECTRONIC DATA SYSTEMS CORP .................. 185,752 292,275 * ELECTRONICS FOR IMAGING, INC .................. 6,521 3,342 e* EMACHINES, INC ................................ 3 22,341 * EMAGIN CORP ................................... 9 49,735 * EMBARCADERO TECHNOLOGIES, INC ................. 1,204 17,219,810 * EMC CORP ...................................... 231,434 121,618 * EMCORE CORP ................................... 1,636 946,463 * EMULEX CORP ................................... 37,395 181,973 e* ENGAGE, INC ................................... 80 209,015 * ENTEGRIS, INC ................................. 2,291 1,984,256 * ENTERASYS NETWORKS, INC ....................... 17,561 248,023 * ENTRUST, INC .................................. 2,527 83,912 EPCOS AG. ..................................... 4,333 47,357 e* EPICEDGE, INC ................................. 8 49,104 * EPIQ SYSTEMS, INC ............................. 950 825,861 EQUIFAX, INC .................................. 19,945 176,891 e* ERG LTD (NEW) ................................. 50 947,893 ERG LTD ....................................... 267 11,673,534 e ERICSSON (LM) (B SHS) ......................... 63,433 83,834 * ESPEED, INC (CLASS A) ......................... 694 163,795 * ESS TECHNOLOGY, INC ........................... 3,482 111,190 * ESTERLINE TECHNOLOGIES CORP ................... 1,780 1,300 * EXABYTE CORP .................................. 1 409,005 * EXAR CORP ..................................... 8,528
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45,734 * EXCEL TECHNOLOGY, INC ......................... 796 166,906 * EXE TECHNOLOGIES, INC ......................... 850 2,705,950 b,e* EXODUS COMMUNICATIONS, INC .................... 106 47,397 * EXTENSITY, INC ................................ 103 539,469 * EXTREME NETWORKS, INC ......................... 6,959 74,263 * F.Y.I., INC ................................... 2,488 99,387 e* F5 NETWORKS, INC .............................. 2,141 95,198 FAIR, ISAAC & CO, INC ......................... 5,999 533,933 * FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC (CLASS A) ................................... 15,057 155,373 e* FALCONSTOR SOFTWARE, INC ...................... 1,408 84,213 * FEI CO ........................................ 2,654 171,494 * FIBERCORE, INC ................................ 412 188,572 * FILENET CORP .................................. 3,826 707,548 e* FINISAR CORP .................................. 7,196 2,212,817 FIRST DATA CORP ............................... 173,595 1,068,173 * FISERV, INC ................................... 45,205 57,179 * FLIR SYSTEMS, INC ............................. 2,168 455,713 * FOUNDRY NETWORKS, INC ......................... 3,714 167,184 e* FREEMARKETS, INC .............................. 4,007 144,335 * FSI INTERNATIONAL, INC ........................ 1,331 359,000 FUJIKURA LTD .................................. 1,348 9,700 FUJITSU SUPPORT & SERVICE, INC ................ 161 470,660 FURUKAWA ELECTRIC CO LTD ...................... 2,499 531,357 FUTURIS CORP LTD .............................. 503 1,312,951 * GATEWAY, INC .................................. 10,556 183,530 GENERAL CABLE CORP ............................ 2,404 858,747 e* GENUITY, INC (CLASS A) ........................ 1,357 107,618 * GENZYME TRANSGENICS CORP ...................... 626 110,050 * GERBER SCIENTIFIC, INC ........................ 1,023 176,000 GES INTERNATIONAL LTD ......................... 54 293,395 GETRONICS NV .................................. 951 32,656 * GLOBAL IMAGING SYSTEMS, INC ................... 488 193,648 GLOBAL PAYMENTS, INC .......................... 6,661 1,500 * GLOBALSCAPE, INC .............................. 0 585,768 * GLOBESPAN VIRATA, INC ......................... 7,586 1,200 * GRADCO SYSTEMS, INC ........................... 0 137,788 * GRIFFON CORP .................................. 2,067 122,118 e* HANDSPRING, INC ............................... 823 300,070 * HARMONIC, INC ................................. 3,607 356,929 HARRIS CORP ................................... 10,890 2,179,888 HCL TECHNOLOGIES LTD .......................... 12,568 121,567 HELIX TECHNOLOGY CORP ......................... 2,741 344,327 HENRY (JACK) & ASSOCIATES, INC ................ 7,520 10,756,399 HEWLETT-PACKARD CO ............................ 220,936 40,745 * HI/FN, INC .................................... 590 193,800 HIROSE ELECTRIC CO LTD ........................ 13,205 131,000 HITACHI CABLE LTD ............................. 510 188,885 * HNC SOFTWARE, INC ............................. 3,891 371,152 e* HOMESTORE.COM, INC ............................ 1,336 88,380 HOYA CORP ..................................... 5,280 144,032 * HUTCHINSON TECHNOLOGY, INC .................... 3,344 184,777 * HYPERION SOLUTIONS CORP ....................... 3,670 1,491,416 * I2 TECHNOLOGIES, INC .......................... 11,782 150,350 e* IBASIS, INC ................................... 197 172,048 e* IDENTIX, INC .................................. 2,510 50,586 * II-VI, INC .................................... 872 781,403 IKON OFFICE SOLUTIONS, INC .................... 9,135 179,338 * IMATION CORP .................................. 3,870 3,648 b* INACOM CORP ................................... 0 157,799 * INDUS INTERNATIONAL, INC ...................... 1,152 46,693 * INET TECHNOLOGIES, INC ........................ 494 406,240 e* INFINEON TECHNOLOGIES AG. ..................... 8,500 210,507 * INFOCUS CORP .................................. 4,635 87,637 * INFOGRAMES, INC ............................... 621 SEE NOTES TO FINANCIAL STATEMENTS 38 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TECHNOLOGY--(CONTINUED) 274,827 * INFONET SERVICES CORP (CLASS B) ............... $ 673 347,255 * INFORMATICA CORP .............................. 5,039 151,984 * INFORMATION RESOURCES, INC .................... 1,261 1,448,832 * INFOSPACE, INC ................................ 2,970 394,636 * INGRAM MICRO, INC (CLASS A) ................... 6,835 661,193 * INKTOMI CORP .................................. 4,437 44,700 e* INRANGE TECHNOLOGIES CORP (CLASS B) ........... 552 52,119 * INTEGRAL SYSTEMS, INC ......................... 1,003 148,326 * INTEGRATED CIRCUIT SYSTEMS, INC ............... 3,351 1,146,230 * INTEGRATED DEVICE TECHNOLOGY, INC ............. 30,478 44,730,963 INTEL CORP .................................... 1,406,789 242,596 * INTELIDATA TECHNOLOGIES CORP .................. 687 24,669 * INTERACTIVE INTELLIGENCE, INC ................. 171 71,854 * INTERCEPT GROUP, INC .......................... 2,939 300,874 * INTERDIGITAL COMMUNICATIONS CORP .............. 2,918 268,179 * INTERGRAPH CORP ............................... 3,685 226,326 * INTERLAND, INC ................................ 478 102,278 * INTERLOGIX, INC ............................... 3,955 73,505 * INTERMAGNETICS GENERAL CORP ................... 1,904 734,173 * INTERNAP NETWORK SERVICES CORP ................ 852 11,858,729 INTERNATIONAL BUSINESS MACHINES CORP .......... 1,434,432 338,517 * INTERNATIONAL RECTIFIER CORP .................. 11,807 966,892 e* INTERNET CAPITAL GROUP, INC ................... 1,170 510,434 * INTERNET SECURITY SYSTEMS, INC ................ 16,365 552,170 * INTERSIL CORP (CLASS A) ....................... 17,807 96,851 INTER-TEL, INC ................................ 1,861 334,989 * INTERTRUST TECHNOLOGIES CORP .................. 412 163,975 * INTERVOICE-BRITE, INC ......................... 2,099 468,550 * INTERWOVEN, INC ............................... 4,564 54,550 INTRACOM S.A. ................................. 699 60,788 * INTRADO, INC .................................. 1,629 932,319 * INTUIT, INC ................................... 39,885 295,965 * IOMEGA CORP ................................... 2,471 19,221 * IONA TECHNOLOGIES PLC ......................... 398 197,542 * IRON MOUNTAIN, INC ............................ 8,652 117,641 * ITXC CORP ..................................... 846 225,478 * IXIA .......................................... 2,897 56,973 * IXYS CORP ..................................... 461 536,642 * J.D. EDWARDS & CO ............................. 8,828 849,742 * JABIL CIRCUIT, INC ............................ 19,306 114,625 * JDA SOFTWARE GROUP, INC ....................... 2,562 7,657,000 * JDS UNIPHASE CORP ............................. 66,463 121,898 * JNI CORP ...................................... 1,013 1,691,409 JOHNSON ELECTRIC HOLDINGS LTD ................. 1,779 1,350,123 * JUNIPER NETWORKS, INC ......................... 25,585 75,165 * KANA SOFTWARE, INC ............................ 1,463 287,530 * KEANE, INC .................................... 5,184 33,490 KEITHLEY INSTRUMENTS, INC ..................... 566 457,644 * KEMET CORP .................................... 8,123 235,003 KEYENCE CORP .................................. 39,072 117,594 * KEYNOTE SYSTEMS, INC .......................... 1,100 139,399 * KFORCE, INC ................................... 877 1,291,978 * KLA-TENCOR CORP ............................... 64,030 124,000 KOKUYO CO LTD ................................. 1,041 872 b* KOMAG, INC .................................... 0 143,000 KONICA CORP ................................... 841 357,484 * KOPIN CORP .................................... 5,005 907,658 * KPMG CONSULTING, INC .......................... 15,040 105,304 * KRONOS, INC ................................... 5,095 38,304 e* KUDELSKI S.A. (BR) ............................ 2,238 264,402 * KULICKE & SOFFA INDUSTRIES, INC ............... 4,534 271,698 KYOCERA CORP .................................. 17,725 81,000 e KYOWA EXEO CORP ............................... 481 3,288,017 * LAM RESEARCH CORP ............................. 76,348
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99,615 * LANTRONIX, INC ................................ 630 875,710 e* LATTICE SEMICONDUCTOR CORP .................... 18,013 47,800 * LEARNING TECHNOLOGY PLC (LITIGATION NOTES) .... 0 59,952 * LEARNING TREE INTERNATIONAL, INC .............. 1,673 39,828 * LECROY CORP ................................... 725 474,377 * LEGATO SYSTEMS, INC ........................... 6,153 164,079 * LEXAR MEDIA, INC .............................. 433 107,670 * LEXENT, INC ................................... 673 1,207,899 * LEXMARK INTERNATIONAL, INC .................... 71,266 564,222 * LIBERATE TECHNOLOGIES ......................... 6,477 136,878 * LIGHTBRIDGE, INC .............................. 1,663 99,462 e* LIGHTPATH TECHNOLOGIES, INC (CLASS A) ......... 353 3,649,577 LINEAR TECHNOLOGY CORP ........................ 142,479 2,035,404 LOGICA PLC .................................... 18,959 121,490 e* LOUDCLOUD, INC ................................ 515 2,815,575 * LSI LOGIC CORP ................................ 44,430 258,494 * LTX CORP ...................................... 5,413 31,180,992 * LUCENT TECHNOLOGIES, INC ...................... 196,128 312,328 * MACROMEDIA, INC ............................... 5,559 219,145 * MACROVISION CORP .............................. 7,718 180,201 * MAIL-WELL, INC ................................ 739 76,389 * MANHATTAN ASSOCIATES, INC ..................... 2,227 78,379 * MANUFACTURERS SERVICES LTD .................... 490 833,309 * MANUGISTICS GROUP, INC ........................ 17,566 73,548 * MAPINFO CORP .................................. 1,154 8,030,004 * MARCONI PLC ................................... 4,879 121,841 * MASTEC, INC ................................... 847 162,619 * MATRIXONE, INC ................................ 2,112 115,181 MATSUSHITA COMMUNICATION INDUSTRIAL CO LTD .... 3,120 3,170,163 * MAXIM INTEGRATED PRODUCTS, INC ................ 166,465 996,189 * MAXTOR CORP ................................... 6,316 29,380 * MCAFEE.COM CORP ............................... 996 100,284 * MCDATA CORP (CLASS A) ......................... 2,457 76,827 e* MCSI, INC ..................................... 1,802 37,535 * MEASUREMENT SPECIALTIES, INC .................. 353 203,875 * MEMC ELECTRONIC MATERIALS, INC ................ 724 346,864 * MENTOR GRAPHICS CORP .......................... 8,176 99,855 * MERCURY COMPUTER SYSTEMS, INC ................. 3,905 412,703 * MERCURY INTERACTIVE CORP ...................... 14,024 69,079 * MERIX CORP .................................... 1,192 168,978 * MERKANTILDATA ASA ............................. 200 143,524 * METASOLV, INC ................................. 1,128 157,782 * METAWAVE COMMUNICATIONS CORP .................. 492 186,952 METHODE ELECTRONICS, INC (CLASS A) ............ 1,496 166,824 * METTLER-TOLEDO INTERNATIONAL, INC ............. 8,650 439,025 * MICREL, INC ................................... 11,516 54,582 * MICRO GENERAL CORP ............................ 748 788,397 * MICROCHIP TECHNOLOGY, INC ..................... 30,542 788,341 * MICROMUSE, INC ................................ 11,825 3,005,043 * MICRON TECHNOLOGY, INC ........................ 93,156 151,742 * MICROSEMI CORP ................................ 4,507 29,263,242 * MICROSOFT CORP ................................ 1,938,690 163,856 e* MICROSTRATEGY, INC ............................ 631 121,774 * MICROTUNE, INC ................................ 2,857 57,423 * MICROVISION, INC .............................. 818 292,000 MINEBEA CO LTD ................................ 1,573 73,528 * MIPS TECHNOLOGIES, INC (CLASS A) .............. 635 146,417 * MIPS TECHNOLOGIES, INC (CLASS B) .............. 1,168 1,010,085 MISYS PLC ..................................... 4,778 104,300 e MITSUMI ELECTRIC CO LTD ....................... 1,196 108,573 * MKS INSTRUMENTS, INC .......................... 2,935 22,229 * MOLDFLOW CORP ................................. 318 676,316 MOLEX, INC .................................... 20,932 200,465 MOLEX, INC (CLASS A) .......................... 5,423 14 * MOMENTUM BUSINESS APPLICATIONS, INC (CLASS A) . 0 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 39
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 16,538,043 MOTOROLA, INC ............................. $ 248,401 81,067 * MRO SOFTWARE, INC ......................... 1,895 412,743 e* MRV COMMUNICATIONS, INC ................... 1,750 9,800 * MTI TECHNOLOGY CORP ....................... 18 112,564 MTS SYSTEMS CORP .......................... 1,138 131,524 * MULTEX.COM, INC ........................... 592 724,656 MURATA MANUFACTURING CO LTD ............... 43,625 38,304 * NANOMETRICS, INC .......................... 743 35,483 * NATIONAL PROCESSING, INC .................. 1,153 1,539,856 * NATIONAL SEMICONDUCTOR CORP ............... 47,412 63,486 * NAVIGANT INTERNATIONAL, INC ............... 727 22,327 * NAVISION AS ............................... 599 492,677 * NCR CORP .................................. 18,160 175,702 NDCHEALTH CORP ............................ 6,071 112,528 NERA ASA .................................. 243 76,918 * NET2PHONE, INC ............................ 519 379,202 * NETEGRITY, INC ............................ 7,341 220,575 * NETIQ CORP ................................ 7,777 176,320 * NETRO CORP ................................ 647 83,583 * NETSCOUT SYSTEMS, INC ..................... 661 4,902 * NETSCREEN TECHNOLOGIES, INC ............... 108 1,560,150 * NETWORK APPLIANCE, INC .................... 34,120 737,623 * NETWORK ASSOCIATES, INC ................... 19,068 285,830 * NEW FOCUS, INC ............................ 1,089 185,165 NEWPORT CORP .............................. 3,570 725,000 * NEXANS S.A. ............................... 10,464 95,413 * NEXT LEVEL COMMUNICATIONS, INC ............ 320 134,581 NGK SPARK PLUG CO LTD ..................... 969 325,000 NICHICON CORP ............................. 3,571 13,500 e NIDEC CORP ................................ 735 43,000 NIPPON COMSYS CORP ........................ 230 214,028 NIPPON SHEET GLASS CO LTD ................. 676 259,000 NITTO DENKO CORP .......................... 5,988 194,298 * NMS COMMUNICATIONS CORP ................... 937 14,132,920 e NOKIA OYJ ................................. 364,431 9,299,652 NORTEL NETWORKS CORP ...................... 69,326 94,664 * NORTEL NETWORKS CORP (U.S.) ............... 710 56,362 e* NORTHFIELD LABORATORIES, INC .............. 484 69,312 * NOVADIGM, INC ............................. 658 158,177 * NOVATEL WIRELESS, INC ..................... 193 1,915,394 * NOVELL, INC ............................... 8,792 1,074,394 * NOVELLUS SYSTEMS, INC ..................... 42,385 1,187 NTT DATA CORP ............................. 4,221 79,348 * NU HORIZONS ELECTRONICS CORP .............. 816 137,781 * NUANCE COMMUNICATIONS, INC ................ 1,254 103,948 * NUMERICAL TECHNOLOGIES, INC ............... 3,659 553,360 e* NVIDIA CORP ............................... 37,020 128,331 e* NYFIX, INC ................................ 2,569 251,858 * OAK TECHNOLOGY, INC ....................... 3,463 3,131,945 OLYMPUS OPTICAL CO LTD .................... 45,046 193,457 OMRON CORP ................................ 2,585 2,268,984 e* ON SEMICONDUCTOR CORP ..................... 4,697 537,786 * ONI SYSTEMS CORP .......................... 3,372 161,474 * ONYX SOFTWARE CORP ........................ 630 949,539 * OPENWAVE SYSTEMS, INC ..................... 9,296 584,406 * OPLINK COMMUNICATIONS, INC ................ 1,102 45,584 * OPNET TECHNOLOGIES, INC ................... 657 18,942 e* OPTICAL CABLE CORP ........................ 31 25,671 * OPTICAL COMMUNICATION PRODUCTS, INC ....... 101 5,920 * OPTICOM ASA ............................... 243 32,192,084 * ORACLE CORP ............................... 444,573 74,045 * OTG SOFTWARE, INC ......................... 740 108,592 * OVERTURE SERVICES, INC .................... 3,847 114,849 * PACKETEER, INC ............................ 846
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3,218,500 * PALM, INC ................................. 12,488 1,412,127 * PARAMETRIC TECHNOLOGY CORP ................ 11,029 89,078 PARK ELECTROCHEMICAL CORP ................. 2,352 196,280 * PAXAR CORP ................................ 2,787 175,385 * PAXSON COMMUNICATIONS CORP ................ 1,833 1,836,455 PAYCHEX, INC .............................. 64,000 72,811 * PC-TEL, INC ............................... 707 6,770 * PEC SOLUTIONS, INC ........................ 255 58,951 * PECO II, INC .............................. 351 132,441 * PEGASUS SOLUTIONS, INC .................... 1,881 1,400,091 * PEOPLESOFT, INC ........................... 56,284 1,338,462 * PEREGRINE SYSTEMS, INC .................... 19,849 53,096 * PERFORMANCE TECHNOLOGIES, INC ............. 707 115,086 * PERICOM SEMICONDUCTOR CORP ................ 1,669 334,847 * PEROT SYSTEMS CORP (CLASS A) .............. 6,838 9,757 PHOENIX MECANO AG. ........................ 2,439 128,821 * PHOENIX TECHNOLOGIES LTD .................. 1,499 143,457 * PHOTRONICS, INC ........................... 4,497 154,253 PIONEER-STANDARD ELECTRONICS, INC ......... 1,959 114,040 * PIXELWORKS, INC ........................... 1,831 56,037 * PLANAR SYSTEMS, INC ....................... 1,182 184,810 * PLANTRONICS, INC .......................... 4,739 224,578 * PLEXUS CORP ............................... 5,965 86,603 * PLX TECHNOLOGY, INC ....................... 1,092 910,603 * PMC-SIERRA, INC ........................... 19,359 493,512 * POLYCOM, INC .............................. 16,814 47,100 * POMEROY COMPUTER RESOURCES, INC ........... 636 529,615 * PORTAL SOFTWARE, INC ...................... 1,102 34,665 * POWELL INDUSTRIES, INC .................... 651 142,615 * POWER INTEGRATIONS, INC ................... 3,257 321,806 * POWERWAVE TECHNOLOGIES, INC ............... 5,561 122,489 * PRI AUTOMATION, INC ....................... 2,505 789 * PRIMUS KNOWLEDGE SOLUTIONS, INC ........... 1 91,047 * PROBUSINESS SERVICES, INC ................. 1,712 200,022 e* PROFIT RECOVERY GROUP INTERNATIONAL, INC .. 1,630 159,096 * PROGRESS SOFTWARE CORP .................... 2,749 178,001 * PROTON ENERGY SYSTEMS ..................... 1,469 142,012 e* PROXIM, INC ............................... 1,409 9,662 b PSINET, INC ............................... 0 192,518 * PUMATECH, INC ............................. 497 496,075 * QLOGIC CORP ............................... 22,080 102,200 * QPL INTERNATIONAL HOLDINGS LTD WTS 01/28/04 5 73,891 * QRS CORP .................................. 1,042 4,643,092 * QUALCOMM, INC ............................. 234,476 879,874 * QUANTUM CORP (DLT & STORAGE GROUP) ........ 8,667 175,384 * QUEST SOFTWARE, INC ....................... 3,878 33,279 QUIXOTE CORP .............................. 632 79,433 * RADIANT SYSTEMS, INC ...................... 913 83,029 * RADISYS CORP .............................. 1,632 114,624 * RAINBOW TECHNOLOGIES, INC ................. 848 435,226 e* RAMBUS, INC ............................... 3,477 1,042,682 * RATIONAL SOFTWARE CORP .................... 20,332 666,830 * READ-RITE CORP ............................ 4,408 466,202 * REALNETWORKS, INC ......................... 2,769 141,412 * RED HAT, INC .............................. 1,004 694,476 * REDBACK NETWORKS, INC ..................... 2,743 159,500 * REDIFF.COM INDIA LTD ADR .................. 104 96,657 * REGISTER.COM, INC ......................... 1,112 41,980 e* RENAISSANCE LEARNING, INC ................. 1,279 56,887 e* RESEARCH FRONTIERS, INC ................... 953 251,671 * RETEK, INC ................................ 7,517 296,857 REYNOLDS & REYNOLDS CO (CLASS A) .......... 7,199 756,226 * RF MICRO DEVICES, INC ..................... 14,542 781,759 RICOH CO LTD .............................. 14,554 62,000 RICOH ELEMEX CORP ......................... 227 SEE NOTES TO FINANCIAL STATEMENTS 40 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TECHNOLOGY--(CONTINUED) 616,677 * RIVERSTONE NETWORKS, INC ......................... $ 10,237 85,531 * ROGERS CORP ...................................... 2,592 518,057 ROHM CO LTD ...................................... 68,344 88,503 * ROXIO, INC ....................................... 1,465 278,974 * RSA SECURITY, INC ................................ 4,871 51,785 * RUDOLPH TECHNOLOGIES, INC ........................ 1,777 323,779 * S1 CORP .......................................... 5,239 125,292 * SABA SOFTWARE, INC ............................... 654 647,558 * SAFEGUARD SCIENTIFICS, INC ....................... 2,266 171,000 * SAGA SYSTEMS, INC ESCROW ......................... 0 2,050,922 SAGE GROUP PLC ................................... 6,821 14,227 e SAGEM S.A. (NEW) ................................. 871 74,579 * SANCHEZ COMPUTER ASSOCIATES, INC ................. 638 366,729 * SANDISK CORP ..................................... 5,281 6,043,071 * SANMINA-SCI CORP ................................. 120,257 846,660 e SAP AG ........................................... 110,977 434,452 * SAPIENT CORP ..................................... 3,354 41,333 * SATCON TECHNOLOGY CORP ........................... 215 5,523,000 SATYAM COMPUTER SERVICES LTD ..................... 27,134 375,000 SATYAM COMPUTER SERVICES LTD ADR ................. 4,118 74,260 * SBS TECHNOLOGIES, INC ............................ 1,082 31,551 * SCANSOURCE, INC .................................. 1,502 906,553 SCIENTIFIC-ATLANTA, INC .......................... 21,703 77,873 * SCM MICROSYSTEMS, INC ............................ 1,140 93,463 * SEACHANGE INTERNATIONAL, INC ..................... 3,189 149,956 * SECURE COMPUTING CORP ............................ 3,082 146,834 e* SEEBEYOND TECHNOLOGY CORP ........................ 1,424 89,296 * SELECTICA, INC ................................... 540 84,838 * SEMITOOL, INC .................................... 974 521,615 * SEMTECH CORP ..................................... 18,616 88,658 * SERENA SOFTWARE, INC ............................. 1,927 3,898,559 * SIEBEL SYSTEMS, INC .............................. 109,082 99,651 * SIGNALSOFT CORP .................................. 445 1,076,841 * SILICON GRAPHICS, INC ............................ 2,261 257,221 * SILICON IMAGE, INC ............................... 967 46,962 e* SILICON LABORATORIES, INC ........................ 1,583 421,578 * SILICON STORAGE TECHNOLOGY, INC .................. 4,064 34,403 * SILICONIX, INC ................................... 943 21,476 * SIMPLEX SOLUTIONS, INC ........................... 355 134,122 e* SIPEX CORP ....................................... 1,723 50,524 * SIRENZA MICRODEVICES, INC ........................ 308 287,043 * SITEL CORP ....................................... 689 16,591 SOFTWARE AG. (REGD) .............................. 628 6,016,071 * SOLECTRON CORP ................................... 67,861 162,942 * SOMERA COMMUNICATIONS, INC ....................... 1,230 477,017 * SONICBLUE, INC ................................... 1,927 216,815 * SONICWALL, INC ................................... 4,215 821,070 * SONUS NETWORKS, INC .............................. 3,793 65,073 e* SORRENTO NETWORKS CORP ........................... 234 81,762 * SPECTRALINK CORP ................................. 1,401 62,257 e* SPECTRIAN CORP ................................... 687 121,525 * SPEECHWORKS INTERNATIONAL, INC ................... 1,367 243,176 SPIRENT PLC ...................................... 559 52,837 * SPSS, INC ........................................ 938 73,400 * STANDARD MICROSYSTEMS CORP ....................... 1,139 370,963 e* STARBASE CORP .................................... 252 201,713 * STARMEDIA NETWORK, INC ........................... 77 2,482,897 e STMICROELECTRONICS NV ............................ 79,698 233,000 e STMICROELECTRONICS NV (NEW YORK SHS) ............. 7,379 558,864 * STORAGE TECHNOLOGY CORP .......................... 11,552 303,150 * STORAGENETWORKS, INC ............................. 1,873 331,744 * STRATOS LIGHTWAVE, INC ........................... 2,040 1,377,791 SUMITOMO ELECTRIC INDUSTRIES LTD ................. 9,619 25,800,542 * SUN MICROSYSTEMS, INC ............................ 317,347
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2,061,720 * SUNGARD DATA SYSTEMS, INC ........................ 59,646 74,718 * SUNRISE TELECOM, INC ............................. 300 45,804 * SUPERTEX, INC .................................... 802 82,773 * SUPPORT.COM, INC ................................. 519 32,541 e* SUREBEAM CORP (CLASS A) .......................... 341 544,070 * SYBASE, INC ...................................... 8,575 754,758 * SYCAMORE NETWORKS, INC ........................... 4,046 130,081 * SYKES ENTERPRISES, INC ........................... 1,215 374,459 * SYMANTEC CORP .................................... 24,838 1,220,867 SYMBOL TECHNOLOGIES, INC ......................... 19,387 127,021 * SYMMETRICOM, INC ................................. 967 459,745 * SYNOPSYS, INC .................................... 27,157 49,663 * SYNPLICITY, INC .................................. 670 26,523 * SYNTEL, INC ...................................... 343 169,140 * SYSTEMS & COMPUTER TECHNOLOGY CORP ............... 1,749 5,238,000 * TAIWAN SEMICONDUCTOR ............................. 13,099 121,060 TAIYO YUDEN CO LTD ............................... 1,834 195,265 e* TAKE-TWO INTERACTIVE SOFTWARE, INC ............... 3,157 43,314 * TANDBERG TELEVISION ASA .......................... 144 5,150 * TANNING TECHNOLOGY CORP .......................... 17 113,043 TDK CORP ......................................... 5,330 351,871 * TECH DATA CORP ................................... 15,229 163,697 TECHNITROL, INC .................................. 4,521 254,467 * TEKELEC .......................................... 4,608 465,896 * TEKTRONIX, INC ................................... 12,011 2,326,948 * TELLABS, INC ..................................... 34,811 47,902 e* TELLIUM, INC ..................................... 298 1,023,885 * TERADYNE, INC .................................... 30,860 328,908 * TERAYON COMMUNICATION SYSTEMS, INC ............... 2,720 11,792,210 TEXAS INSTRUMENTS, INC ........................... 330,177 86,475 * THERMA-WAVE, INC ................................. 1,290 943,075 * THERMO ELECTRON CORP ............................. 22,502 110,418 * THREE-FIVE SYSTEMS, INC .......................... 1,757 463,887 * TIBCO SOFTWARE, INC .............................. 6,926 116,309 TIETOENATOR CORP ................................. 3,081 326,307 * TITAN CORP ....................................... 8,141 86,407 e* TIVO, INC ........................................ 566 62,000 TKC CORP ......................................... 786 66,925 * TOLLGRADE COMMUNICATIONS, INC .................... 2,232 814,460 TOPPAN PRINTING CO LTD ........................... 7,513 207,741 TOTAL SYSTEM SERVICES, INC ....................... 4,400 195,886 * TRANSACTION SYSTEMS ARCHITECTS, INC (CLASS A) .... 2,402 502,914 * TRANSMETA CORP ................................... 1,152 511,366 * TRANSWITCH CORP .................................. 2,301 830,500 * TREND MICRO, INC ................................. 19,644 131,315 * TRIMBLE NAVIGATION LTD ........................... 2,129 85,649 * TRIPATH TECHNOLOGY, INC .......................... 146 700,168 * TRIQUINT SEMICONDUCTOR, INC ...................... 8,584 110,664 * TRIZETTO GROUP, INC .............................. 1,452 65,054 * TTM TECHNOLOGIES, INC ............................ 658 134,126 * TURNSTONE SYSTEMS, INC ........................... 532 3,876 b* U.S. OFFICE PRODUCTS CO .......................... 0 68,900 b* U.S. WIRELESS CORP ............................... 0 291,185 * UCAR INTERNATIONAL, INC .......................... 3,116 50,102 * ULTICOM, INC ..................................... 504 46,085 * ULTIMATE ELECTRONICS, INC ........................ 1,383 109,554 * ULTRATECH STEPPER, INC ........................... 1,810 1,808 UNAXIS HOLDING AG. (REGD) ........................ 195 1,719,597 * UNISYS CORP ...................................... 21,564 65,875 UNITED INDUSTRIAL CORP ........................... 1,103 212,029 * UNIVERSAL ACCESS GLOBAL HOLDINGS, INC ............ 994 77,973 e* UNIVERSAL DISPLAY CORP ........................... 710 118,100 e* USINTERNETWORKING, INC ........................... 24 224,659 * UTSTARCOM, INC ................................... 6,403 137,301 e* VA SOFTWARE CORP ................................. 336 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 41
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TECHNOLOGY--(CONTINUED) 175,531 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC ... $ 6,072 153,923 * VEECO INSTRUMENTS, INC ........................... 5,549 1,614,200 VENTURE MANUFACTURING LTD (SINGAPORE) ............ 11,627 1,324,544 * VERISIGN, INC .................................... 50,386 2,772,225 * VERITAS SOFTWARE CORP ............................ 124,279 160,746 * VERITY, INC ...................................... 3,255 4,700 e* VERTEX INTERACTIVE, INC ......................... 4 437,231 * VERTICALNET, INC ................................. 612 192,656 * VIALTA, INC (CLASS A) ............................ 239 245,951 * VIASYSTEMS GROUP, INC ............................ 155 137,496 * VICOR CORP ....................................... 2,227 190,834 * VIEWPOINT CORP ................................... 1,300 3,670,683 * VIGNETTE CORP .................................... 19,712 47,513 * VIRAGE LOGIC CORP ................................ 914 749,666 * VISHAY INTERTECHNOLOGY, INC ...................... 14,618 168,983 * VISUAL NETWORKS, INC ............................. 781 1,039,251 * VITESSE SEMICONDUCTOR CORP ....................... 12,918 365,446 * VITRIA TECHNOLOGY, INC ........................... 2,335 35,714 * VOLT INFORMATION SCIENCES, INC ................... 611 208,256 WALLACE COMPUTER SERVICES, INC ................... 3,955 113,844 * WATCHGUARD TECHNOLOGIES, INC ..................... 741 262,231 * WAVE SYSTEMS CORP (CLASS A) ...................... 587 103,142 * WAVECOM S.A ...................................... 3,876 100,610 e* WEBEX COMMUNICATIONS, INC ........................ 2,500 126,181 e* WEBMETHODS, INC ................................. 2,115 89,049 * WEBSENSE, INC .................................... 2,856 116,088 * WESCO INTERNATIONAL, INC ......................... 575 1,031,699 * WESTERN DIGITAL CORP ............................. 6,469 244,861 * WESTERN MULTIPLEX CORP (CLASS A) ................. 1,322 43,200 * WILSON GREATBATCH TECHNOLOGIES, INC .............. 1,560 335,841 * WIND RIVER SYSTEMS, INC .......................... 6,015 122,694 * WIRELESS FACILITIES, INC ......................... 826 66,413 * WITNESS SYSTEMS, INC ............................. 885 45,472 * WJ COMMUNICATIONS, INC ........................... 166 256,922 WM-DATA AB (B SHS) ............................... 644 60,055 WOODHEAD INDUSTRIES, INC ......................... 954 77,000 WOODLAND CORP .................................... 329 117,298 * XICOR, INC ....................................... 1,302 3,195,383 * XILINX, INC ...................................... 124,780 203,783 e* XYBERNAUT CORP ................................... 485 1,801,018 * YAHOO!, INC ...................................... 31,950 265,322 YAMAHA CORP ...................................... 1,964 141,595 * ZEBRA TECHNOLOGIES CORP (CLASS A) ................ 7,860 1,440 f* ZEBRA TECHNOLOGIES CORP (CLASS B) ................ 80 78,355 e* ZIXIT CORP ....................................... 396 95,375 * ZORAN CORP ....................................... 3,113 80,642 * ZYGO CORP ........................................ 1,282 ----------- TOTAL TECHNOLOGY 16,182,725 ----------- TRANSPORTATION--0.99% 56,268 e* AIR CANADA ....................................... 177 671,185 AIR FRANCE ....................................... 9,825 263,630 AIRBORNE, INC .................................... 3,910 329,530 * AIRTRAN HOLDINGS, INC ............................ 2,175 142,428 * ALASKA AIR GROUP, INC ............................ 4,145 893,683 e* ALITALIA S.P.A ................................... 797 1,177,000 e* ALL NIPPON AIRWAYS CO LTD ........................ 2,730 185,704 e* AMERICA WEST HOLDINGS CORP (CLASS B) ............. 650 1,027,560 * AMR CORP ......................................... 22,781 14,200 * AMTRAN, INC ...................................... 212 108,425 * ARKANSAS BEST CORP ............................... 3,125 503,658 ASSOCIATED BRITISH PORTS HOLDINGS PLC ............ 3,079 215,889 * ATLANTIC COAST AIRLINES HOLDINGS, INC ............ 5,028 87,499 * ATLAS AIR WORLDWIDE HOLDINGS, INC ................ 1,282 46,720 * ATTICA ENTERPRISE HOLDING S.A .................... 211
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156,029 * BALLARD POWER SYSTEMS, INC ....................... 4,610 159,916 * BE AEROSPACE, INC ................................ 1,466 39,198 e BERGESEN DY AS (A SHS) ........................... 695 68,363 BERGESEN DY AS (B SHS) ........................... 1,082 3,475,393 BRAMBLES INDUSTRIES LTD .......................... 18,502 932,958 * BRAMBLES INDUSTRIES PLC .......................... 4,617 1,144,033 * BRITISH AIRWAYS PLC .............................. 3,247 2,154,204 BURLINGTON NORTHERN SANTA FE CORP ................ 61,459 351,349 C.H. ROBINSON WORLDWIDE, INC ..................... 10,159 166,158 CANADIAN NATIONAL RAILWAY CO ..................... 8,022 795,662 * CANADIAN NATIONAL RAILWAY CO (CANADA) ............ 38,230 597,691 e CANADIAN PACIFIC RAILWAY LTD ..................... 12,019 1,551,800 CATHAY PACIFIC AIRWAYS LTD ....................... 1,990 1,189 CENTRAL JAPAN RAILWAY CO ......................... 7,693 4,324 CMB COMPAGNIE MARITIME BELGE S.A ................. 198 268,773 CNF, INC ......................................... 9,017 75,795 * CONSOLIDATED FREIGHTWAYS CORP .................... 386 472,551 e* CONTINENTAL AIRLINES, INC (CLASS B) .............. 12,386 32,100 * COVENANT TRANSPORT, INC (CLASS A) ................ 512 202,695 * CP SHIPS LTD ..................................... 2,178 1,295,024 CSX CORP ......................................... 45,391 277 DAMPSKIBSSELSKABET AF 1912 (B SHS) ............... 1,891 547 DAMPSKIBSSELSKABET SVENDBORG (B SHS) ............. 4,978 751,343 DELTA AIR LINES, INC ............................. 21,984 942,759 DEUTSCHE LUFTHANSA AG. (REGD) .................... 12,675 28,053 * DSV, DE SAMMENSLUTTEDE VOGNMAEND (B SHS) ......... 689 5,947 EAST JAPAN RAILWAY CO ............................ 28,723 184,956 * EGL, INC ......................................... 2,580 274,998 EXEL PLC ......................................... 3,142 336,750 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC ...... 19,178 1,641,030 * FEDEX CORP ....................................... 85,137 882,089 FIRSTGROUP PLC ................................... 3,774 112,316 FLORIDA EAST COAST INDUSTRIES, INC (CLASS A) ..... 2,600 80,328 * FORWARD AIR CORP ................................. 2,725 162,689 * FRONTIER AIRLINES, INC ........................... 2,766 41,976 FRONTLINE LTD .................................... 435 2,663,000 e HANKYU CORP ...................................... 8,168 81,520 * HEARTLAND EXPRESS, INC ........................... 2,264 83,381 * HUNT (J.B.) TRANSPORT SERVICES, INC .............. 1,934 611,766 e JAPAN AIRLINES CO LTD ............................ 1,466 273,032 KAMIGUMI CO LTD .................................. 1,121 310,640 * KANSAS CITY SOUTHERN INDUSTRIES, INC ............. 4,389 25 KAWASAKI KISEN KAISHA LTD ........................ 0 231,619 e KEIHIN ELECTRIC EXPRESS RAILWAY CO LTD ........... 877 627,000 KEIO ELECTRIC RAILWAY CO LTD ..................... 3,086 1,416,135 KINKI NIPPON RAILWAY CO LTD ...................... 4,538 29,158 e KLM (ROYAL DUTCH AIRLINES) NV .................... 336 90,033 * KNIGHT TRANSPORTATION, INC ....................... 1,691 45,967 * LANDSTAR SYSTEM, INC ............................. 3,333 1,271,754 MAYNE NICKLESS LTD ............................... 4,479 159,258 * MESA AIR GROUP, INC .............................. 1,198 65,357 * MESABA HOLDINGS, INC ............................. 465 69,091 * MIDWEST EXPRESS HOLDINGS, INC .................... 1,009 127,000 MITSUBISHI LOGISTICS CORP ........................ 899 689,526 MITSUI O.S.K. LINES LTD .......................... 1,389 1,800,000 MITSUI-SOKO CO LTD ............................... 3,557 1,823,400 MTR CORP ......................................... 2,385 1,911,837 * NEPTUNE ORIENT LINES LTD ......................... 1,004 855,000 NIPPON EXPRESS CO LTD ............................ 2,903 1,425,826 NIPPON YUSEN KABUSHIKI KAISHA .................... 4,297 2,286,293 NORFOLK SOUTHERN CORP ............................ 41,908 252,907 * NORTHWEST AIRLINES CORP .......................... 3,971 145,657 OVERSEAS SHIPHOLDING GROUP, INC .................. 3,277 1,407,032 PENINSULAR AND ORIENTAL STEAM NAVIGATION CO ...... 4,869 106,142 e* RAILAMERICA, INC ................................. 1,535 SEE NOTES TO FINANCIAL STATEMENTS 42 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TRANSPORTATION--(CONTINUED) 782,241 * RAILTRACK GROUP PLC ............................ $ 0 68,543 ROADWAY CORP ................................... 2,516 481,090 * RYANAIR HOLDINGS PLC ........................... 3,041 252,762 * RYANAIR HOLDINGS PLC (SPON ADR) ................ 8,101 290,226 RYDER SYSTEM, INC .............................. 6,429 917,220 * SABRE HOLDINGS CORP ............................ 38,844 84,798 e* SAS AB ......................................... 550 322,000 SEINO TRANSPORTATION CO LTD .................... 1,307 336,000 SEMBCORP LOGISTICS LTD ......................... 328 160,645 SHURGARD STORAGE CENTERS, INC (CLASS A) ....... 5,141 846,061 SINGAPORE AIRLINES LTD ......................... 5,040 266,090 SKYWEST, INC ................................... 6,772 784,000 SMRT CORP LTD .................................. 304 4,481,334 SOUTHWEST AIRLINES CO .......................... 82,815 952,739 STAGECOACH GROUP PLC ........................... 1,026 1,736,000 e SUMITOMO WAREHOUSE CO LTD ...................... 4,583 311,706 * SWIFT TRANSPORTATION CO, INC ................... 6,705 96 * SWISSAIR GROUP ................................. 0 601,000 * TOBU RAILWAY CO LTD ............................ 1,582 1,338,327 e TOKYU CORP ..................................... 4,034 370,447 e* U.S. AIRWAYS GROUP, INC ........................ 2,349 291,367 e* UAL CORP ....................................... 3,933 1,377,103 UNION PACIFIC CORP ............................. 78,492 1,293,700 UNITED PARCEL SERVICE, INC (CLASS B) ........... 70,507 144,580 USFREIGHTWAYS CORP ............................. 4,540 148,465 WERNER ENTERPRISES, INC ........................ 3,608 2,289 WEST JAPAN RAILWAY CO .......................... 10,235 1,378,893 YAMATO TRANSPORT CO LTD ........................ 25,987 129,604 * YELLOW CORP .................................... 3,253 ----------- TOTAL TRANSPORTATION 991,633 ----------- UTILITIES--8.90% 29,782,527 A T & T CORP .................................. 540,255 229,837 * A T & T LATIN AMERICA CORP (CLASS A) .......... 271 16,881,023 * A T & T WIRELESS SERVICES, INC ................ 242,580 98,463 ACEA S.P.A .................................... 668 169,112 e* ADELPHIA BUSINESS SOLUTIONS, INC .............. 98 2,273,692 * AES CORP ...................................... 37,175 295,707 AGL RESOURCES, INC ............................ 6,807 668 AGUAS DE BARCELONA S.A. (NEW) ................. 8 109,721 AGUAS DE BARCELONA S.A ........................ 1,368 63,811 * AIRGATE PCS, INC .............................. 2,907 372,844 * ALAMOSA HOLDINGS, INC ......................... 4,448 55,317 * ALASKA COMMUNICATIONS SYSTEMS GROUP, INC ...... 441 890,779 ALLEGHENY ENERGY, INC ......................... 32,264 447,893 * ALLEGIANCE TELECOM, INC ....................... 3,713 144,185 * ALLEN TELECOM, INC ............................ 1,226 439,541 ALLETE, INC ................................... 11,076 1,951,841 ALLIANT ENERGY CORP ........................... 59,258 1,750,018 ALLTEL CORP ................................... 108,029 937,255 AMEREN CORP ................................... 39,646 1,723,981 AMERICAN ELECTRIC POWER CO, INC ............... 75,045 1,091,301 * AMERICAN TOWER CORP (CLASS A) ................. 10,335 102,463 * AQUILA, INC ................................... 1,752 26,213 ATHENS WATER SUPPLY & SEWAGE .................. 148 219,643 ATMOS ENERGY CORP ............................. 4,667 2,260,397 AUSTRALIAN GAS LIGHT CO LTD ................... 10,510 105,675 AUTOPISTAS CONCESIONARIA ESPANOLA S.A ......... 1,053 8,872,421 e AUTOSTRADE-CONCESSIONI E COSTRUZIONI AUTOSTRADE S.P.A .............................. 61,620 256,707 AVISTA CORP ................................... 3,404 328,418 AWG PLC ....................................... 2,581 215,435,596 * AWG PLC (REDMBLE SHS) ......................... 282 836,649 BCE, INC ...................................... 18,873 10,664,238 BELLSOUTH CORP ................................ 406,841
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145,846 BLACK HILLS CORP .............................. 4,935 355,409 BOUYGUES S.A .................................. 11,646 1,629,322 BRISA-AUTO ESTRADAS DE PORTUGAL S.A ........... 6,906 7,143,386 BRITISH ENERGY PLC ............................ 23,704 1,329,300 * BROADWING, INC ................................ 12,628 33,077,732 * BT GROUP PLC .................................. 121,798 4,748,669 CABLE & WIRELESS PLC .......................... 22,842 1,692,573 e* CALPINE CORP .................................. 28,418 63,072 CASCADE NATURAL GAS CORP ...................... 1,391 23,375 * CENTENNIAL COMMUNICATIONS CORP ................ 239 54,860 CENTRAL VERMONT PUBLIC SERVICE CORP ........... 916 755,177 CENTURYTEL, INC ............................... 24,770 88,393 CH ENERGY GROUP, INC .......................... 3,842 39,200 * CHILES OFFSHORE, INC .......................... 780 40,967 e* CHOICE ONE COMMUNICATIONS, INC ................ 143 836,229 CHUBU ELECTRIC POWER CO, INC .................. 15,058 849,960 CINERGY CORP .................................. 28,414 1,524,637 * CITIZENS COMMUNICATIONS CO .................... 16,253 217,780 CLECO CORP .................................... 4,785 2,798,045 CLP HOLDINGS LTD .............................. 10,675 6,069,644 CMS ENERGY CORP ............................... 145,854 60,369 * COMMONWEALTH TELEPHONE ENTERPRISES, INC ....... 2,747 419,791 CONECTIV ...................................... 10,281 33,192 CONNECTICUT WATER SERVICE, INC ................ 981 1,135,888 CONSOLIDATED EDISON, INC ...................... 45,844 872,154 CONSTELLATION ENERGY GROUP, INC ............... 23,156 512,225 CONTACT ENERGY LTD ............................ 849 1,024,790 * CROWN CASTLE INTERNATIONAL CORP ............... 10,945 83,363 CT COMMUNICATIONS, INC ........................ 1,376 5,029,177 DEUTSCHE TELEKOM AG. (REGD) ................... 86,873 130,185 * DOBSON COMMUNICATIONS CORP (CLASS A) .......... 1,112 1,408,636 DOMINION RESOURCES, INC ....................... 84,659 674,695 DPL, INC ...................................... 16,247 295,711 DQE, INC ...................................... 5,598 866,254 DTE ENERGY CO ................................. 36,331 4,458,254 DUKE ENERGY CORP .............................. 175,031 1,405,386 DYNEGY, INC (CLASS A) ......................... 35,837 11,198 e* E.BISCOM S.P.A ................................ 510 2,168,055 E.ON AG ....................................... 112,737 1,752,162 * EDISON INTERNATIONAL .......................... 26,458 2,929,887 EL PASO CORP .................................. 130,702 280,331 * EL PASO ELECTRIC CO ........................... 4,065 40,808 ELECTRABEL S.A ................................ 8,502 2,000 * ELECTRABEL S.A. (STRIP VVPR) .................. 1 2,855,728 ELECTRICIDADE DE PORTUGAL S.A ................. 6,204 94,957 EMPIRE DISTRICT ELECTRIC CO ................... 1,994 1,788,929 e ENDESA S.A .................................... 27,987 3,231,727 e ENEL S.P.A .................................... 18,215 145,765 ENERGEN CORP .................................. 3,593 722,451 ENERGY EAST CORP .............................. 13,719 4,267,018 b,e ENRON CORP .................................... 2,560 1,421,607 ENTERGY CORP .................................. 55,599 1,071,323 EQUITABLE RESOURCES, INC ...................... 36,500 1,823,511 EXELON CORP ................................... 87,310 1,702,041 FIRSTENERGY CORP .............................. 59,537 87,757 e* FOCAL COMMUNICATIONS CORP ..................... 54 13,815 e* FOCAL COMMUNICATIONS CORP WTS 12/14/07 ........ 0 992,706 FPL GROUP, INC ................................ 55,989 308,374 e FRANCE TELECOM S.A ............................ 12,328 215,122 * GENERAL COMMUNICATION, INC (CLASS A) .......... 1,835 883,000 b* GEOTEK COMMUNICATIONS, INC .................... 9 214,288 GN STORE NORD ................................. 1,283 37,791 * GOLDEN TELECOM, INC ........................... 441 326,685 e GREAT PLAINS ENERGY, INC ...................... 8,232 186,536 HAWAIIAN ELECTRIC INDUSTRIES, INC ............. 7,514 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 43
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- UTILITIES--(CONTINUED) 362,618 HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A ..... $ 5,909 65,478 HICKORY TECH CORP ................................ 1,110 2,049,011 HONGKONG ELECTRIC HOLDINGS LTD ................... 7,620 1,673,575 e IBERDROLA S.A .................................... 21,786 200,485 IDACORP, INC ..................................... 8,140 125,866 * IDT CORP ......................................... 2,456 106,366 * IDT CORP (CLASS B) ............................... 1,767 70,095 * IMPSAT FIBER NETWORKS, INC ....................... 12 2,225,692 * INTERNATIONAL POWER PLC .......................... 6,560 223,379 e* ITC DELTACOM, INC ................................ 194 1,019,303 KANSAI ELECTRIC POWER CO, INC .................... 14,598 434,690 KELDA GROUP PLC .................................. 2,246 740,292 KEYSPAN CORP ..................................... 25,651 432,560 KINDER MORGAN, INC ............................... 24,089 2,200,902 e* KPN NV ........................................... 11,190 564,704 KYUSHU ELECTRIC POWER CO, INC .................... 8,135 159,656 * L-3 COMMUNICATIONS HOLDINGS, INC ................. 14,369 106,346 LACLEDE GROUP, INC ............................... 2,542 164,683 * LEAP WIRELESS INTERNATIONAL, INC ................. 3,453 6,125,849 e* LEVEL 3 COMMUNICATIONS, INC ...................... 30,629 89,809 MADISON GAS & ELECTRIC CO ........................ 2,375 3,030,891 e* MCLEODUSA, INC (CLASS A) ......................... 1,121 374,563 MDU RESOURCES GROUP, INC ......................... 10,544 91,514 b,e* METRICOM, INC .................................. 6 2,639,153 e* METROMEDIA FIBER NETWORK, INC (CLASS A) .......... 1,161 23,314 MIDDLESEX WATER CO ............................... 791 1,885,302 * MIRANT CORP ...................................... 30,203 580,587 * MONTANA POWER CO ................................. 3,338 43,200 * NATCO GROUP, INC (CLASS A) ....................... 302 610,122 NATIONAL FUEL GAS CO ............................. 15,070 3,183,358 NATIONAL GRID GROUP PLC .......................... 19,829 35,141 e* NEON COMMUNICATIONS, INC ......................... 95 1,268,667 e* NETWORK PLUS CORP ................................ 1,472 98,033 NEW JERSEY RESOURCES CORP ........................ 4,588 248,341 * NEWPOWER HOLDINGS, INC ........................... 184 2,993,175 * NEXTEL COMMUNICATIONS, INC (CLASS A) ............. 32,805 247,466 * NEXTEL PARTNERS, INC (CLASS A) ................... 2,970 800,413 * NIAGARA MOHAWK HOLDINGS, INC ..................... 14,191 623,508 NICOR, INC ....................................... 25,963 23,416 NIPPON TELEGRAPH & TELEPHONE CORP ................ 76,291 1,520,506 NISOURCE, INC .................................... 35,063 314,962 * NISOURCE, INC (SAILS) ............................ 731 63,269 NORTH PITTSBURGH SYSTEMS, INC .................... 1,170 757,462 NORTHEAST UTILITIES .............................. 13,354 131,677 NORTHWEST NATURAL GAS CO ......................... 3,358 150,991 NORTHWESTERN CORP ................................ 3,178 275,914 * NRG ENERGY, INC .................................. 4,277 281,688 NSTAR ............................................ 12,634 95,273 * NTELOS, INC ...................................... 1,476 923,615 e* NTL, INC ......................................... 868 7,190 NTT DOCOMO, INC .................................. 84,485 75,708 NUI CORP ......................................... 1,794 9,773 e OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG (A SHS) ........................................ 731 415,417 OGE ENERGY CORP .................................. 9,588 37,000 * OIL STATES INTERNATIONAL, INC .................... 337 99,141 * OMNISKY CORP ..................................... 1 292,343 ONEOK, INC ....................................... 5,215 165,600 * ORION POWER HOLDINGS ............................. 4,322 126,092 OTTER TAIL CORP .................................. 3,674 2,079,036 * P G & E CORP ..................................... 40,001 10,328,737 * PACIFIC CENTURY CYBERWORKS LTD ................... 2,848 184,962 PANAFON HELLENIC TELECOM S.A ..................... 955 415,943 PEOPLES ENERGY CORP .............................. 15,777
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127,429 * PETROQUEST ENERGY, INC ........................... 678 165,737 PIEDMONT NATURAL GAS CO, INC ..................... 5,933 195,829 * PINNACLE HOLDINGS, INC ........................... 67 582,323 PINNACLE WEST CAPITAL CORP ....................... 24,370 212,722 PNM RESOURCES, INC ............................... 5,946 2,191,010 * PORTUGAL TELECOM SGPS S.A. (REGD) ................ 17,070 538,068 POTOMAC ELECTRIC POWER CO ........................ 12,144 785,853 PPL CORP ......................................... 27,387 260,561 * PRICE COMMUNICATIONS CORP ........................ 4,974 1,166,147 PROGRESS ENERGY, INC ............................. 52,512 496,039 * PROGRESS ENERGY, INC (CVO) ....................... 223 1,116,673 PUBLIC SERVICE ENTERPRISE GROUP, INC ............. 47,112 451,178 PUGET ENERGY, INC ................................ 9,876 847,731 QUESTAR CORP ..................................... 21,236 45,090 * QUICKSILVER RESOURCES, INC ....................... 859 8,360,093 QWEST COMMUNICATIONS INTERNATIONAL, INC .......... 118,128 1,732,600 e* RCN CORP ......................................... 5,077 2,874,558 RELIANT ENERGY, INC .............................. 76,233 484,757 * RELIANT RESOURCES, INC ........................... 8,003 186,811 RGS ENERGY GROUP, INC ............................ 7,024 39,164 * RURAL CELLULAR CORP (CLASS A) .................... 871 1,253,367 e RWE AG ........................................... 47,374 208,251 * SBA COMMUNICATIONS CORP .......................... 2,711 24,172,890 SBC COMMUNICATIONS, INC .......................... 946,852 559,639 SCANA CORP ....................................... 15,575 2,079,532 SCOTTISH & SOUTHERN ENERGY PLC ................... 18,462 2,703,579 SCOTTISH POWER PLC ............................... 14,952 90,734 e SEMCO ENERGY, INC ................................ 975 1,116,109 SEMPRA ENERGY .................................... 27,400 259,815 SEVERN TRENT PLC ................................. 2,719 146 SHUN TAK HOLDINGS LTD ............................ 0 540,559 SIERRA PACIFIC RESOURCES ......................... 8,135 7,636,530 SINGAPORE TELECOMMUNICATIONS LTD ................. 7,279 597,584 e SONERA OYJ ....................................... 3,028 60,042 SOUTH JERSEY INDUSTRIES, INC ..................... 1,957 6,717,839 SOUTHERN CO ...................................... 170,297 178,314 * SOUTHERN UNION CO ................................ 3,363 151,119 SOUTHWEST GAS CORP ............................... 3,378 154,990 * SOUTHWESTERN ENERGY CO ........................... 1,612 365,231 e* SPECTRASITE HOLDINGS, INC ........................ 1,311 4,799,682 SPRINT CORP (FON GROUP) .......................... 96,378 5,947,456 e* SPRINT CORP (PCS GROUP) .......................... 145,177 3,338,718 SUEZ S.A ......................................... 101,075 618,070 SUEZ S.A ......................................... 18,436 121,931 SWISSCOM AG. (REGD) .............................. 33,782 913,761 TDC AS ........................................... 32,555 750,256 TECO ENERGY, INC ................................. 19,687 92,704 e* TELE2 AB (B SHS) ................................. 3,341 8,111,201 TELECOM CORP OF NEW ZEALAND LTD .................. 16,888 7,041,762 e TELECOM ITALIA S.P.A ............................. 60,192 1,481,396 e TELECOM ITALIA S.P.A.(RNC) ....................... 7,914 313,865 * TELECORP PCS, INC (CLASS A) ...................... 3,914 12,339,158 * TELEFONICA S.A ................................... 165,131 6,846 * TELEFONICA S.A. (SPON ADR) ....................... 274 184,214 * TELEKOM AUSTRIA AG ............................... 1,527 477,421 TELENOR ASA ...................................... 2,055 282,399 TELEPHONE & DATA SYSTEMS, INC .................... 25,345 1,362,132 e TELIA AB ......................................... 6,064 6,229,522 TELSTRA CORP LTD ................................. 17,348 105,881 TELUS CORP ....................................... 1,608 7,164,195 e TIM S.P.A ........................................ 39,996 377,962 * TIME WARNER TELECOM, INC (CLASS A) ............... 6,686 143,353 e* TISCALI S.P.A .................................... 1,299 755,170 TOHOKU ELECTRIC POWER CO, INC .................... 10,360 2,525,382 TOKYO ELECTRIC POWER CO, INC ..................... 53,760 SEE NOTES TO FINANCIAL STATEMENTS 44 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- UTILITIES--(CONTINUED) 395,480 TRANSALTA CORP ................................ $ 5,351 193,414 * TRITON PCS HOLDINGS, INC (CLASS A) ............ 5,677 2,971,459 TXU CORP ...................................... 140,104 82,358 * U.S. CELLULAR CORP ............................ 3,727 158,643 * U.S. UNWIRED, INC (CLASS A) ................... 1,615 287,547 * UBIQUITEL, INC ................................ 2,142 146,204 UGI CORP ...................................... 4,415 65,154 UIL HOLDINGS CORP ............................. 3,342 497,656 UNION FENOSA S.A .............................. 8,056 167,970 UNISOURCE ENERGY CORP ......................... 3,055 776,257 UNITED UTILITIES PLC .......................... 6,954 624,588 UTILICORP UNITED, INC ......................... 15,721 17,070 * VAST SOLUTIONS, INC (CLASS B1) ................ 0 17,070 * VAST SOLUTIONS, INC (CLASS B2) ................ 0 17,070 * VAST SOLUTIONS, INC (CLASS B3) ................ 0 363,954 VECTREN CORP .................................. 8,728 18,445,617 VERIZON COMMUNICATIONS, INC ................... 875,048 600,022 e VIVENDI ENVIRONNEMENT ......................... 20,013 600,022 e* VIVENDI ENVIRONNEMENT WTS 03/08/06 ............ 246 203,249,812 VODAFONE GROUP PLC ............................ 531,718 2,068,324 VODAFONE GROUP PLC (SPON ADR) ................. 53,115 97,284 * WEST CORP ..................................... 2,427 112,768 WESTERN GAS RESOURCES, INC .................... 3,645 365,972 WESTERN RESOURCES, INC ........................ 6,295 613,754 * WESTERN WIRELESS CORP (CLASS A) ............... 17,339 255,210 WGL HOLDINGS, INC ............................. 7,419 2,436,501 e* WILLIAMS COMMUNICATIONS GROUP, INC ............ 5,726 2,734,485 WILLIAMS COS, INC ............................. 69,784 110,000 b,e* WINSTAR COMMUNICATIONS, INC ................... 2 627,811 WISCONSIN ENERGY CORP ......................... 14,163 644,102 WORLDCOM, INC (MCI GROUP) ..................... 8,180 18,738,485 * WORLDCOM, INC (WORLDCOM GROUP) ................ 263,838 150,263 WPS RESOURCES CORP ............................ 5,492 1,994,690 XCEL ENERGY, INC .............................. 55,333 2,014,503 e* XO COMMUNICATIONS, INC (CLASS A) .............. 194 ----------- TOTAL UTILITIES 8,821,442 ----------- TOTAL COMMON STOCK (COST $78,141,964) 97,937,635 ----------- PRINCIPAL ------------ SHORT TERM INVESTMENTS--2.11% BANKERS ACCEPTANCES--0.04% CC (USA), INC $ 25,000,000 d 4.250%, 05/20/02 .............................. 25,190 FORD MOTOR CREDIT CORP 15,790,000 6.500%, 02/28/02 .............................. 15,877 ------------ TOTAL BANKERS ACCEPTANCES 41,067 ------------ CERTIFICATES OF DEPOSIT--0.10% NATIONAL WESTMINSTER BANK NY 25,000,000 d 4.160%, 05/15/02 .............................. 25,214 25,000,000 d 4.200%, 05/15/02 .............................. 25,210 RABOBANK 50,000,000 d 4.240%, 06/18/02 .............................. 50,525 ------------ TOTAL CERTIFICATES OF DEPOSIT 100,949 ------------ COMMERCIAL PAPER--1.00% ABBOT LABORATORIES 25,000,000 c 1.760%, 01/04/02 .............................. 24,995 AMERICAN HONDA FINANCE, CORP 25,000,000 1.750%, 01/31/02 .............................. 24,961 25,000,000 1.800%, 01/31/02 .............................. 24,961 ANHEUSER-BUSCH CO 24,490,000 1.770%, 02/13/02 .............................. 24,436
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PRINCIPAL VALUE (000) --------- ---------- ASSET SECURITIZATION COOP CORP $ 46,000,000 c 2.090%, 01/08/02 .............................. $ 45,981 CAMPBELL SOUP CO 15,000,000 1.930%, 02/08/02 .............................. 14,957 CIESCO LP 50,000,000 1.760%, 01/04/02 ................................ 49,990 CITICORP 50,000,000 1.700%, 01/07/02 ................................ 49,983 COCA-COLA ENTERPRISES, INC 17,000,000 c 1.760%, 02/27/02 .............................. 16,951 CORPORATE ASSET FUNDING CORP, INC 50,000,000 c 1.850%, 02/07/02 .............................. 49,904 DELAWARE FUNDING CORP 25,000,000 c 1.840%, 01/14/02 .............................. 24,982 26,000,000 c 1.880%, 01/22/02 .............................. 25,971 ENTERPRISE FUNDING CORP 20,000,000 c 1.900%, 01/07/02 .............................. 19,993 27,190,000 c 1.820%, 01/15/02 .............................. 27,169 EQUILON ENTERPRISES LLC 11,300,000 1.800%, 01/16/02 ................................ 11,291 15,000,000 1.750%, 01/17/02 ................................ 14,987 25,000,000 1.770%, 01/18/02 ................................ 24,977 GANNETT, INC 25,000,000 c 1.780%, 01/18/02 .............................. 24,977 25,000,000 1.900%, 01/30/02 ................................ 24,962 GENERAL ELECTRIC CAPITAL CORP 50,000,000 1.950%, 01/04/02 ................................ 49,990 GENERAL MILLS 25,000,000 c 2.520%, 01/30/02 .............................. 24,946 GREYHAWK FUNDING LLC 26,000,000 c 1.780%, 01/10/02 .............................. 25,987 25,000,000 c 2.050%, 01/18/02 .............................. 24,977 HD REAL ESTATE FUNDING CORP 25,000,000 1.820%, 05/06/02 ................................ 24,842 HOME DEPOT FUNDING CORP 25,000,000 c 2.050%, 05/21/02 .............................. 24,823 KITTY HAWK FUNDING CORP 50,000,000 c 1.890%, 01/22/02 .............................. 49,945 MORGAN STANLEY DEAN WITTER 25,000,000 1.800%, 01/18/02 ................................ 24,977 PACCAR FINANCIAL CORP 25,000,000 1.900%, 01/22/02 ................................ 24,974 25,000,000 1.900%, 02/01/02 ................................ 24,960 PREFERRED RECEIVABLES FUNDING CORP 22,500,000 c 1.800%, 01/07/02 .............................. 22,492 29,030,000 c 1.820%, 01/25/02 .............................. 28,994 RECEIVABLES CAPITAL CORP 13,098,000 c 1.880%, 01/23/02 .............................. 13,083 SBC COMMUNICATIONS, INC 50,000,000 c 1.850%, 01/23/02 .............................. 49,942 VERIZON NETWORK FUNDING CORP 30,000,000 1.750%, 01/25/02 ................................ 29,962 21,000,000 1.840%, 02/26/02 ................................ 20,940 ------------ TOTAL COMMERCIAL PAPER 992,262 ------------ MEDIUM TERM BONDS--0.10% BETA FINANCE, INC 25,000,000 d 4.650%, 04/22/02 .............................. 25,202 29,800,000 d 4.325%, 05/03/02 .............................. 30,018 CC (USA), INC 400,000 4.650%, 04/22/02 ................................ 403 GENERAL MOTORS ACCEPTANCE CORP 15,300,000 5.500%, 01/14/02 ................................ 15,315 25,000,000 d 5.910%, 03/11/02 .............................. 25,388 ------------ TOTAL MEDIUM TERM BONDS 96,326 ------------ SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 45
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Statement of Investments - STOCK ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- PRINCIPAL VALUE (000) --------- ---------- U.S. GOVERNMENT AND AGENCIES--0.73% FEDERAL HOME LOAN BANK (FHLB) $25,000,000 d 6.750%, 05/01/02 ............................. $ 25,409 25,000,000 6.250%, 11/15/02 ............................. 25,865 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 282,700,000 d 1.480%, 01/02/02 ............................. 282,674 21,000,000 1.700%, 01/02/02 ............................. 20,998 12,200,000 1.890%, 01/08/02 ............................. 12,195 24,286,000 1.935%, 01/08/02 ............................. 24,276 25,000,000 1.730%, 01/15/02 ............................. 24,982 17,025,000 1.965%, 01/15/02 ............................. 17,012 58,022,000 1.700%, 01/18/02 ............................. 57,972 21,050,000 1.700%, 01/29/02 ............................. 21,020 24,000,000 2.240%, 01/30/02 ............................. 23,965 11,907,000 2.120%, 04/25/02 ............................. 11,840 25,000,000 d 3.910%, 05/23/02 ............................. 24,822 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 34,000,000 1.500%, 01/02/02 ............................. 33,997 4,000,000 2.000%, 01/24/02 ............................. 3,995 32,000,000 1.740%, 02/14/02 ............................. 31,931 3,000,000 1.700%, 03/07/02 ............................. 2,990 50,000,000 d 1.735%, 03/21/02 ............................. 49,807 25,000,000 3.870%, 03/22/02 ............................. 24,902 ------------ TOTAL U.S. GOVERNMENT AND AGENCIES 720,652 ------------ VARIABLE RATE NOTES--0.14% CC (USA), INC 42,000,000 1.645%, 05/08/02 ............................. 42,000 FORD MOTOR CREDIT CORP 10,000,000 d 2.490%, 01/22/02 ............................. 9,998 20,000,000 2.716%, 07/16/02 ............................. 19,928 GENERAL MOTORS ACCEPTANCE CORP 22,000,000 1.820%, 04/05/02 ............................. 21,967 SIGMA FINANCE, INC 25,000,000 1.670%, 04/10/02 ............................. 25,010 25,000,000 1.670%, 04/30/02 ............................. 25,011 ------------ TOTAL VARIABLE RATE NOTES 143,914 ------------ TOTAL SHORT TERM INVESTMENTS (COST $2,092,761) 2,095,170 ------------ TOTAL PORTFOLIO--101.04% (COST $80,437,435) 100,194,640 OTHER ASSETS & LIABILITIES, NET--(1.04)% (1,032,619) ------------ NET ASSETS--100.00% $ 99,162,021 ============ ---------- * Non-income producing a Affiliated holding b In bankcruptcy c Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933. d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts. e All or a portion of these securities are out on loan. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2001, the value of these securities amounted to $130,234,629 or 0.13% of net assets. Additional information on each restricted security is as follows: SECURITY ACQUISITION DATE ACQUISITION COST -------- ---------------- ---------------- BARING VOSTOK L.P. 02/12/01 $15,230,997 BB BIOVENTURES L.P. 03/24/98 5,092,720 BELO CORP (CLASS B) 05/23/88 1,900,588 CRESTARAN INTERNATIONAL INVESTMENT BV 09/30/94 0 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) (A SHS) 08/30/91 136,697 HAFNIA HOLDINGS AS (REGD) (B SHS) 07/29/88 159,638 INTERNATIONAL HYDRON LIQUIDATING TRUST 11/13/97 0 LEE ENTERPRISES, INC (CLASS B) 03/31/86 60,768 MEREDITH CORP (CLASS B) 12/30/86 1,185,216 MPM BIOVENTURES II-QP LP 02/28/00 13,321,387 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 12/30/98 6,669 SILVERSTONE BERHAD 12/30/98 1,173 SKYLINE VENTURE PARTNERS QUALIFIED II 02/15/00 2,531,251 STARRETT (L.S.) CO (CLASS B) 10/07/88 798,235 WRIGLEY (WM) JR CO (CLASS B) 04/30/86 2,007,603 ZEBRA TECHNOLOGIES CORP (CLASS B) 10/29/98 43,233 ----------- $63,279,555 ===========
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[Enlarge/Download Table] TRANSACTIONS WITH AFFILIATED COMPANIES--JANUARY 1, 2001 - DECEMBER 31, 2001 ------------------------------------------------------------------------------------------------------------------------------------ VALUE AT PURCHASE REALIZED DIVIDEND SHARES AT VALUE AT ISSUE DECEMBER 31, 2000 COST PROCEEDS GAIN(LOSS) INCOME DECEMBER 31, 2001 DECEMBER 31, 2001 ----- ----------------- -------- -------- ---------- -------- ----------------- ----------------- AUTOLIV, INC ** $47,718,998 $1,016,579 $(306,247) $1,359,302 6,195,047 $125,821,404 BARING VOSTOK L.P. ** 5,092,719 -- -- -- 5,092,719 5,092,719 BETHLEHEM STEEL CORP ** 10,756,923 1,906 (2,435) -- 8,598,375 3,869,269 CYBERPLEX, INC $ 2,906,052 0 31,179 (321,128) -- -- * MARTEK BIOSCIENCES CORP 15,743,088 2,045,623 -- -- -- 1,358,382 29,544,809 TPI ENTERPRISES, INC 5,535 -- 4,162 4,162 -- -- * ----------- ----------- ---------- --------- ---------- ------------ TOTAL AFFILIATED TRANSACTIONS $18,654,675 $65,614,263 $1,053,826 $(625,648) $1,359,302 $164,328,201 =========== =========== ========== ========= ========== ============ ---------- ** Not an Affiliate as of December 31, 2000 * Not an Affiliate as of December 31, 2001 46 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- Summary by Country VALUE (000) % ----------- ------ DOMESTIC: UNITED STATES .......... $3,844,259 56.72% ---------- ------ TOTAL DOMESTIC 3,844,259 56.72 ---------- ------ FOREIGN: AUSTRALIA .............. 86,306 1.27 AUSTRIA ................ 1,202 0.02 BELGIUM ................ 18,815 0.28 BERMUDA ................ 66,274 0.98 CANADA ................. 145,009 2.14 DENMARK ................ 12,771 0.19 FINLAND ................ 63,668 0.94 FRANCE ................. 228,840 3.38 GERMANY ................ 178,870 2.64 GREECE ................. 3,764 0.05 HONG KONG .............. 34,027 0.50 IRELAND ................ 20,628 0.30 ITALY .................. 81,526 1.20 JAPAN .................. 545,328 8.05 KOREA .................. 4,567 0.07 NETHERLANDS ............ 202,599 2.99 NEW ZEALAND ............ 1,335 0.02 NORWAY ................. 5,095 0.08 PORTUGAL ............... 8,526 0.13 SINGAPORE .............. 9,903 0.14 SOUTH AFRICA ........... 7,856 0.12 SPAIN .................. 73,755 1.09 SWEDEN ................. 50,394 0.74 SWITZERLAND ............ 210,653 3.11 THAILAND ............... 866 0.01 UNITED KINGDOM ......... 715,693 10.56 ---------- ------ TOTAL FOREIGN 2,778,270 41.00 SHORT TERM INVESTMENT 154,261 2.28 ---------- ------ TOTAL PORTFOLIO $6,776,790 100.00% ========== ====== PRINCIPAL VALUE (000) --------- ----------- CORPORATE BONDS--0.00% AEROSPACE AND DEFENSE--0.00% BAE SYSTEMS PLC 16,542 (1) 7.450%, 11/30/03 .................... $ 11 -------- TOTAL AEROSPACE AND DEFENSE 11 -------- FINANCIAL SERVICES--0.00% AMP REINSURANCE NOTE 25,973 (2) 7.000%, 02/10/05 .................... 0 BANCA INTESA S.P.A. (CV DEB) 35,899,000 (3) 4.700%, 01/01/03 .................... 58 -------- TOTAL FINANCIAL SERVICES 58 -------- TOTAL CORPORATE BONDS (COST $81) 69 -------- ---------- (1) Denominated in British Pounds (2) Denominated in Australian Dollars (3) Denominated in Italian Lira
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SHARES VALUE (000) ------ ----------- PREFERRED STOCK--0.08% CONSUMER CYCLICAL--0.08% 4,620 HUGO BOSS AG. ................................. $ 96 5,430 MAN AG. ....................................... 90 432,536 NEWS CORP LTD ................................. 2,890 4,035 e PORSCHE AG. ................................... 1,541 12,855 PROSIEBEN MEDIA AG. ........................... 64 27,314 VOLKSWAGEN AG. ................................ 843 ----------- TOTAL CONSUMER CYCLICAL 5,524 ----------- HEALTH CARE--0.00% 5,003 FRESENIUS MEDICAL CARE ........................ 223 ----------- TOTAL HEALTH CARE 223 ----------- TOTAL PREFERRED STOCK (COST $7,120) 5,747 ----------- COMMON STOCK--98.55% AEROSPACE AND DEFENSE--0.87% 1,549,235 BAE SYSTEMS PLC ............................... 6,978 158,251 BOEING CO ..................................... 6,137 43,700 e EUROPEAN AERONAUTIC DEFENSE AND SPACE CO ...... 531 122,410 GENERAL DYNAMICS CORP ......................... 9,749 781,856 * GENERAL MOTORS CORP (CLASS H) ................. 12,080 267,702 LOCKHEED MARTIN CORP .......................... 12,493 15,868 PERKINELMER, INC .............................. 556 260,546 RAYTHEON CO ................................... 8,460 74,061 ROLLS-ROYCE PLC ............................... 179 116,189 SMITHS GROUP PLC .............................. 1,145 11,463 e THALES S.A. ................................... 396 768 ZODIAC S.A. ................................... 139 ----------- TOTAL AEROSPACE AND DEFENSE 58,843 ----------- BASIC INDUSTRIES--4.83% 72,298 ABITIBI-CONSOLIDATED, INC ..................... 527 10,588 ACERINOX S.A. ................................. 354 7,674 ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. 187 88,855 AGGREKO PLC ................................... 472 18,512 AGRIUM, INC ................................... 195 41,495 AIR PRODUCTS & CHEMICALS, INC ................. 1,947 114,815 AKZO NOBEL NV ................................. 5,127 121,660 ALCAN, INC .................................... 4,356 139,158 ALCOA, INC .................................... 4,947 1,629 ALUMINUM OF GREECE S.A.I.C. ................... 48 93,064 AMCOR LTD ..................................... 341 31,998 AMEC PLC ...................................... 184 78,800 ANGLO AMERICAN PLATINUM CORP LTD .............. 2,935 165,642 ASAHI KASEI CORP .............................. 581 11,634 e ASSIDOMAN AB .................................. 292 19,316 AVERY DENNISON CORP ........................... 1,092 29,811 BARRATT DEVELOPMENTS PLC ...................... 186 127,952 BARRICK GOLD CORP ............................. 2,040 21,099 BARRICK GOLD CORP (U.S.) ...................... 337 221,659 BASF AG. ...................................... 8,260 270,232 BAYER AG. ..................................... 8,590 22,165 BERKELEY GROUP PLC ............................ 228 1,104,467 BHP BILLITON LTD .............................. 5,936 735,912 BHP BILLITON PLC .............................. 3,738 5,039 BLACK & DECKER CORP ........................... 190 163,778 BOC GROUP PLC ................................. 2,527 1,832 BOEHLER-UDDEHOLM AG. .......................... 73 2,463,053 BORAL LTD ..................................... 4,148 60,509 BPB PLC ....................................... 264 8,813 BUDERUS AG. ................................... 241 17,076 BUHRMANN NV ................................... 187 8,837 CAMECO CORP ................................... 217 236 CARILLION PLC ................................. 0 164,169 * CARTER HOLT HARVEY LTD ........................ 116 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 47
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BASIC INDUSTRIES--(CONTINUED) 16,477 CENTEX CORP ....................................... $ 941 81,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD ........... 126 21,087 CIBA SPECIALTY CHEMICALS AG. (REGD) ............... 1,318 10,170 CIMPOR CIMENTOS DE PORTUGAL S.A ................... 178 28,715 CLARIANT AG. (REGD) ............................... 540 27,824 COMPAGNIE DE SAINT-GOBAIN ......................... 4,199 3,873,798 * CORUS GROUP PLC ................................... 4,059 69,784 CRH PLC (IRELAND) ................................. 1,232 149,271 CRH PLC (UNITED KINGDOM) .......................... 2,625 1,534,407 CSR LTD ........................................... 5,333 47,221 DAICEL CHEMICAL INDUSTRIES LTD .................... 139 118,000 DAINIPPON INK & CHEMICALS, INC .................... 168 17,795 DAITO TRUST CONSTRUCTION CO LTD ................... 272 70,779 DAIWA HOUSE INDUSTRY CO LTD ....................... 404 51,000 DENKI KAGAKU KOGYO KK ............................. 118 11,903 DOFASCO, INC ...................................... 192 25,172 DOMTAR, INC ....................................... 252 612,162 DOW CHEMICAL CO .................................... 20,679 193,322 DU PONT (E.I.) DE NEMOURS & CO ..................... 8,218 4,962 ELKEM ASA .......................................... 83 13,900 FALCONBRIDGE LTD ................................... 140 53,000 FLETCHER BUILDING LTD .............................. 65 435,960 * FLETCHER CHALLENGE FORESTS LTD ..................... 40 15,706 FLUOR CORP (NEW) ................................... 587 9,233 FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A .......... 191 328 FORBO HOLDING AG. (REGD) ........................... 100 8,037 FORDING, INC ....................................... 142 27,429 * FRANCO-NEVADA MINING CORP LTD ...................... 405 29,871 GEORGIA-PACIFIC CORP (GEORGIA-PACIFIC GROUP) ....... 825 23,297 GRUPO DRAGADOS S.A ................................. 312 939,601 HANSON PLC ......................................... 6,482 1,200 HEIDELBERGER ZEMENT AG. (BELGIUM) .................. 56 3,109 HEIDELBERGER ZEMENT AG. (GERMANY) .................. 144 1,200 HEIDELBERGER ZEMENT AG. (STRIP VVPR) ............... 0 9,785 HELLENIC TECHNODOMIKI S.A .......................... 54 5,275 HOGANAS AB (B SHS) ................................. 82 8,717 HOLCIM LTD (BR) .................................... 1,880 8,658 HOLMEN AB (B SHS) .................................. 197 44,543 ILUKA RESOURCES LTD ................................ 101 1,349 e IMERYS S.A ......................................... 129 246,972 IMPERIAL CHEMICAL INDUSTRIES PLC ................... 1,362 121,429 * INCO LTD ........................................... 2,058 1,039,587 * INCO LTD (U.S.) .................................... 17,611 83,256 INTERNATIONAL PAPER CO ............................. 3,359 3,310 * ISHIHARA SANGYO KAISHA LTD ......................... 5 17,410 e ITALCEMENTI S.P.A .................................. 136 61,260 JAMES HARDIE INDUSTRIES NV ......................... 188 1,505,000 e JGC CORP ........................................... 11,104 42,447 JOHNSON MATTHEY PLC ................................ 589 28,000 JSR CORP ........................................... 188 87,000 e KAJIMA CORP ........................................ 236 55,000 KANEKA CORP ........................................ 335 221,000 * KAWASAKI STEEL CORP ................................ 224 359,234 KIMBERLY-CLARK CORP ................................ 21,482 38,868 KINDEN CORP ........................................ 180 51,189 LAFARGE S.A. (BR) .................................. 4,781 36,304 L'AIR LIQUIDE S.A .................................. 5,088 27,488 LEIGHTON HOLDINGS LTD .............................. 146 25,776 LINDE AG ........................................... 1,049 1 LONMIN PLC ......................................... 0 400 LONZA AG. (REGD) ................................... 261 68,804 MASCO CORP ......................................... 1,686 63,893 e MATSUSHITA ELECTRIC WORKS LTD ...................... 526 1,991 MAYR-MELNHOF KARTON AG ............................. 94
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SHARES VALUE (000) ------ ----------- 11,205 MEAD CORP ........................................ $ 346 290,226 MIM HOLDINGS LTD ................................. 169 205,182 MITSUBISHI CHEMICAL CORP ......................... 437 90,642 MITSUBISHI GAS CHEMICAL CO, INC .................. 127 194,215 * MITSUBISHI MATERIALS CORP ........................ 265 35,000 e MITSUBISHI PAPER MILLS LTD ....................... 50 91,000 MITSUI CHEMICALS, INC ............................ 292 74,000 MITSUI MINING & SMELTING CO LTD .................. 243 1,770 * NEW WORLD INFRASTUCTURE LTD ...................... 1 55,553 NEWCREST MINING LTD .............................. 118 49,311 NEWMONT MINING CORP .............................. 942 18,000 NIPPON KAYAKU CO LTD ............................. 67 19,000 NIPPON SANSO CORP ................................ 49 359,000 NIPPON SHOKUBAI CO LTD ........................... 1,287 2,720,207 * NIPPON STEEL CORP ................................ 3,923 131 NIPPON UNIPAC HOLDING ............................ 585 71,684 e NISHIMATSU CONSTRUCTION CO LTD ................... 212 34,000 NISSAN CHEMICAL INDUSTRIES LTD ................... 177 545,210 * NKK CORP ......................................... 387 24,776 NORANDA, INC ..................................... 233 229,678 * NORMANDY MINING LTD .............................. 213 13,860 NORSKE SKOGINDUSTRIER ASA ........................ 260 154,579 NOVAR PLC ........................................ 285 8,227 NOVOZYMES AS (B SHS) ............................. 166 4,849 NUCOR CORP ....................................... 257 112,158 OBAYASHI CORP .................................... 318 116,588 OJI PAPER CO LTD ................................. 463 86,000 OKUMURA CORP ..................................... 211 132,115 ONESTEEL LTD ..................................... 75 315,176 ORICA LTD ........................................ 1,163 102,967 ORIGIN ENERGY LTD ................................ 149 13,921 OUTOKUMPU OYJ .................................... 147 45,075 PAPERLINX LTD .................................... 112 22,959 PECHINEY S.A. (A SHS) ............................ 1,184 12,322 * PHELPS DODGE CORP ................................ 399 219,020 PILKINGTON PLC ................................... 357 53,126 PLACER DOME, INC ................................. 579 17,978 POTASH CORP OF SASKATCHEWAN, INC ................. 1,100 15,784 PPG INDUSTRIES, INC .............................. 816 489,441 PRAXAIR, INC ..................................... 27,042 22,796 RAUTARUUKKI OYJ .................................. 83 101,759 REXAM PLC ........................................ 555 3,222 RHI AG ........................................... 21 49,555 RIO TINTO LTD .................................... 944 401,295 RIO TINTO PLC .................................... 7,686 48,019 RMC GROUP PLC .................................... 433 26,004 ROHM & HAAS CO ................................... 901 6,043 SAPA AB .......................................... 83 219,800 e SAPPI LTD ........................................ 2,199 13,079 * SEALED AIR CORP .................................. 534 60,544 e SEKISUI CHEMICAL CO LTD .......................... 159 587,816 SEKISUI HOUSE LTD ................................ 4,261 24,526 SHERWIN-WILLIAMS CO .............................. 674 58,943 SHIMIZU CORP ..................................... 200 321,184 SHIN-ETSU CHEMICAL CO LTD ........................ 11,543 4,092 * SHOWA DENKO KK ................................... 4 15,320 SIGMA-ALDRICH CORP ............................... 604 60,975 SKANSKA AB (B SHS) ............................... 398 172,525 * SMURFIT-STONE CONTAINER CORP (IRELAND) ........... 376 74,294 SNIA S.P.A ....................................... 100 13,905 e SOLVAY S.A ....................................... 838 29,610 SONS OF GWALIA LTD ............................... 114 6,488 STANLEY WORKS .................................... 302 205,668 STORA ENSO OYJ (R SHS) ........................... 2,633 53,000 SUMITOMO BAKELITE CO LTD ......................... 324 48 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BASIC INDUSTRIES--(CONTINUED) 171,860 SUMITOMO CHEMICAL CO LTD ....................... $ 584 18,000 SUMITOMO FORESTRY CO LTD ....................... 94 869,502 * SUMITOMO METAL INDUSTRIES LTD .................. 279 64,269 SUMITOMO METAL MINING CO LTD ................... 214 60,189 SVENSKA CELLULOSA AB (B SHS) ................... 1,647 13,683 e SVENSKT STAL AB (SSAB) SERIES A ................ 134 3,444 SVENSKT STAL AB (SSAB) SERIES B ................ 31 16,532 * SYNGENTA AG .................................... 856 230,037 TAIHEIYO CEMENT CORP ........................... 349 75,199 TAISEI CORP .................................... 163 119,807 TAYLOR WOODROW PLC ............................. 296 4,835 TECHNICAL OLYMPIC S.A .......................... 10 31,121 * TECK COMINCO LTD (CLASS B) ..................... 248 4,486 TEMPLE-INLAND, INC ............................. 254 54,119 e THYSSENKRUPP AG ................................ 793 4,655 TITAN CEMENT CO S.A ............................ 166 91,000 TOSOH CORP ..................................... 177 284,833 TOSTEM INAX HOLDING CORP ....................... 3,853 27,700 TOTO LTD ....................................... 132 24,100 TOYO SEIKAN KAISHA LTD ......................... 308 57,384 * TRANSURBAN GROUP LTD ........................... 128 14,999 TRELLEBORG AB (B SHS) .......................... 115 230,000 * UBE INDUSTRIES LTD ............................. 226 3,043 UMICORE ........................................ 120 98,452 UPM-KYMMENE OYJ ................................ 3,270 6,356 UPONOR OYJ ..................................... 106 284,785 e USINOR S.A ..................................... 3,563 10,425 e VINCI S.A ...................................... 611 13,966 VIOHALCO S.A ................................... 115 2,584 VOEST-ALPINE AG ................................ 74 12,542 VULCAN MATERIALS CO ............................ 601 1,146 * WASHINGTON GROUP INTERNATIONAL, INC WTS 03/11/03 ................................... 0 319,880 WEYERHAEUSER CO ................................ 17,299 6,554 WIENERBERGER AG ................................ 92 114,207 WIMPEY (GEORGE) PLC ............................ 364 168,765 WMC LTD ........................................ 827 1,015,811 WOLSELEY PLC ................................... 8,501 --------- TOTAL BASIC INDUSTRIES 324,334 --------- CONSUMER CYCLICAL--10.36% 60,174 ACCOR S.A ...................................... 2,188 31,402 AEON CO LTD .................................... 709 51,499 AIRTOURS PLC ................................... 187 2,011,606 * AOL TIME WARNER, INC ........................... 64,573 20,106 AOYAMA TRADING CO LTD .......................... 192 50,351 ARISTOCRAT LEISURE LTD ......................... 170 27,442 ARNOLDO MONDADORI EDITORE S.P.A ................ 173 13,700 ASATSU-DK, INC ................................. 268 8,000 AUTOBACS SEVEN CO LTD .......................... 186 18,967 e AUTOGRILL S.P.A ................................ 176 524,570 AUTOLIV, INC ................................... 10,654 4,500 AVEX, INC ...................................... 134 16,068 * BAYCORP ADVANTAGE LTD .......................... 51 107,337 BBA GROUP PLC .................................. 442 43,334 * BED BATH & BEYOND, INC ......................... 1,469 2,553 BEKAERT S.A .................................... 98 10,784 BENETTON GROUP S.P.A ........................... 122 103,369 BRIDGESTONE CORP ............................... 1,094 1,031,886 * BRITISH SKY BROADCASTING GROUP PLC ............. 11,354 21,768 BULGARI S.P.A .................................. 169 12,623 * CANADIAN TIRE CORP (CLASS A) ................... 202 14,083 CANAL PLUS ..................................... 45 5,400 e CAPCOM CO LTD .................................. 143 291,449 CARLTON COMMUNICATIONS PLC ..................... 1,031
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SHARES VALUE (000) ------ ----------- 16,286 CARNIVAL CORP .................................... $ 457 42,000 CASIO COMPUTER CO LTD ............................ 182 19,755 CASTORAMA-DUBOIS INVESTISSEMENTS ................. 1,018 1,611 CHARLES VOEGELE HOLDING AG ....................... 62 226,839 * CLEAR CHANNEL COMMUNICATIONS, INC ................ 11,548 700 CLUB MEDITERRANEE S.A ............................ 26 851,653 COLES MYER LTD ................................... 3,662 144,223 * COMCAST CORP (CLASS A) SPECIAL ................... 5,192 1,961,859 COMPASS GROUP PLC ................................ 14,705 16,787 CONTINENTAL AG ................................... 220 361,265 * COX COMMUNICATIONS, INC (CLASS A) ................ 15,141 67,000 CYCLE & CARRIAGE LTD ............................. 112 107,000 e* DAIEI, INC ....................................... 60 62,563 DAILY MAIL & GENERAL TRUST PLC ................... 590 89,685 DAIMARU, INC ..................................... 361 339,189 DAIMLERCHRYSLER AG. (REGD) ....................... 14,527 6,273 e DAIMLERCHRYSLER AG. (U.S.) ....................... 261 6,189 DANA CORP ........................................ 86 127,400 DAVID JONES LTD .................................. 77 58,673 DELPHI AUTOMOTIVE SYSTEMS CORP ................... 801 75,013 DENSO CORP ....................................... 994 100 e DENTSU, INC ...................................... 448 556 D'IETEREN S.A .................................... 92 498,593 DIXONS GROUP PLC ................................. 1,705 18,435 DONNELLEY (R.R.) & SONS CO ....................... 547 4,826 DOUGLAS HOLDING AG ............................... 128 1,698 DOW JONES & CO, INC .............................. 93 17,984 EASTMAN KODAK CO ................................. 529 1,012,912 ELSEVIER NV ...................................... 11,977 1,367,520 EMI GROUP PLC .................................... 7,105 98,051 ESPRIT HOLDINGS LTD .............................. 111 12,106 FAIRMONT HOTELS & RESORTS, INC ................... 288 433,363 FAMILY DOLLAR STORES, INC ........................ 12,992 10,600 FAMILYMART CO LTD ................................ 178 3,915 FAST RETAILING CO LTD ............................ 348 23,160 * FEDERATED DEPARTMENT STORES, INC ................. 947 52,682 e FIAT S.P.A ....................................... 845 1,127 FIAT S.P.A. (PRIV) ............................... 12 913 FIAT S.P.A. (RNC) ................................ 9 47,000 FIRST CAPITAL CORP LTD ........................... 28 11,606 * FISHER & PAYKEL APPLIANCES HOLDINGS LTD .......... 49 11,141 * FISHER & PAYKEL HEALTHCARE CORP LTD .............. 79 2,798 FOLLI-FOLLIE S.A ................................. 49 257,489 FORD MOTOR CO .................................... 4,048 4,019 FOUR SEASONS HOTELS, INC ......................... 188 462,620 FUJI PHOTO FILM CO LTD ........................... 16,520 41,692 GANNETT CO, INC .................................. 2,803 16,000 GAP, INC ......................................... 223 121,180 * GEMSTAR-TV GUIDE INTERNATIONAL, INC .............. 3,357 71,560 GENERAL MOTORS CORP .............................. 3,478 21,072 GENUINE PARTS CO ................................. 773 228,095 GIORDANO INTERNATIONAL LTD ....................... 101 166,270 GKN PLC .......................................... 641 38,348 GOODYEAR TIRE & RUBBER CO ........................ 913 978,654 GRANADA PLC ...................................... 2,044 10,980 GROUPE BRUXELLES LAMBERT S.A ..................... 577 12,822 GRUPO PRISA S.A .................................. 120 29,319 e GRUPPO EDITORIALE L'ESPRESSO S.P.A ............... 88 11,338 GUNZE LTD ........................................ 41 335,584 GUS PLC .......................................... 3,150 53,080 HARLEY-DAVIDSON, INC ............................. 2,883 24,359 * HARRAH'S ENTERTAINMENT, INC ...................... 902 4,473 HELLENIC DUTY FREE SHOPS S.A ..................... 46 155,135 HENNES & MAURITZ AB (B SHS) ...................... 3,209 509,786 HILTON GROUP PLC ................................. 1,565 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 49
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 26,299 HILTON HOTELS CORP ................................. $ 287 31,000 * HINO MOTORS LTD .................................... 103 467,976 HONDA MOTOR CO LTD ................................. 18,675 108,878 HUDSON'S BAY CO .................................... 989 84,530 INDEPENDENT NEWS & MEDIA PLC ....................... 158 28,400 INDEPENDENT NEWSPAPERS LTD ......................... 43 29,000 * INDITEX S.A ........................................ 553 11,025 * INTERNATIONAL GAME TECHNOLOGY ...................... 753 51,202 INTERPUBLIC GROUP OF COS, INC ...................... 1,513 7,400 INTRAWEST CORP ..................................... 127 21,079 ISETAN CO LTD ...................................... 216 191,914 ITO-YOKADO CO LTD .................................. 8,669 10 J.C. PENNEY CO, INC ................................ 0 72,378 JOHN FAIRFAX HOLDINGS LTD .......................... 142 13,644 JOHNSON CONTROLS, INC .............................. 1,102 16,034 * JONES APPAREL GROUP, INC ........................... 532 90,785 e* KANEBO LTD ......................................... 139 9,365 KARSTADTQUELLE AG .................................. 366 14,788 KESKO OYJ (B SHS) .................................. 136 466,435 KINGFISHER PLC ..................................... 2,722 281,986 * KOHL'S CORP ........................................ 19,863 12,878 KONAMI CORP ........................................ 382 11,483 KONINKLIJKE VENDEX KBB NV .......................... 131 35,000 KURARAY CO LTD ..................................... 224 27,148 LAGARDERE S.C.A .................................... 1,136 1,699 LAMBRAKIS PRESS S.A ................................ 7 7,700 LAWSON, INC ........................................ 220 1,801,520 * LIBERTY MEDIA CORP (CLASS A) ....................... 25,221 20 * LIBERTY SATELLITE & TECHNOLOGY, INC (CLASS A) ...... 0 60,796 LIMITED, INC ....................................... 895 9,700 LIZ CLAIBORNE, INC ................................. 483 64,919 LVMH MOET HENNESSY LOUIS VUITTON S.A ............... 2,642 11,357 MAN AG ............................................. 241 1,004,914 MARKS & SPENCER PLC ................................ 5,280 30,419 MARRIOTT INTERNATIONAL, INC (CLASS A) .............. 1,237 42,459 e MARUI CO LTD ....................................... 502 901,462 MATSUSHITA ELECTRIC INDUSTRIAL CO LTD .............. 11,576 25,034 MAY DEPARTMENT STORES CO ........................... 926 10,345 MAYTAG CORP ........................................ 321 176,012 MCDONALD'S CORP .................................... 4,659 30,664 MCGRAW-HILL COS, INC ............................... 1,870 186,792 e MEDIASET S.P.A ..................................... 1,365 30,223 MICHELIN (C.G.D.E.) (B SHS) ........................ 997 769,000 MITSUBISHI RAYON CO LTD ............................ 2,013 33,000 e MITSUKOSHI LTD ..................................... 93 8,526 * MODERN TIMES GROUP AB (B SHS) ...................... 188 200 * MYCAL CORP ......................................... 0 3,296 NAMCO LTD .......................................... 63 20,845 NEW YORK TIMES CO (CLASS A) ........................ 902 449,751 NEWS CORP LTD ...................................... 3,597 110,239 NEXT PLC ........................................... 1,436 24,723 NGK INSULATORS LTD ................................. 183 18,011 * NH HOTELES S.A ..................................... 179 45,269 NIKE, INC (CLASS B) ................................ 2,546 75,267 NINTENDO CO LTD .................................... 13,036 1,508,332 NISSAN MOTOR CO LTD ................................ 7,999 20,655 OMNICOM GROUP, INC ................................. 1,846 342,919 ONWARD KASHIYAMA CO LTD ............................ 3,292 5,566 ORIENTAL LAND CO LTD ............................... 383 17,000 OVERSEAS UNION ENTERPRISES LTD ..................... 59 85,495 P & O PRINCESS CRUISES PLC ......................... 498 4,900 PARIS MIKI, INC .................................... 129 37,635 * PARK PLACE ENTERTAINMENT CORP ...................... 345 236,592 PEARSON PLC ........................................ 2,724
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SHARES VALUE (000) ------ ----------- 59,909 PEUGEOT CITROEN S.A ................................ $ 2,547 19,736 PINAULT-PRINTEMPS-REDOUTE S.A ...................... 2,541 24,238 * PIONEER CORP ....................................... 529 137,947 e PIRELLI S.P.A ...................................... 242 31,601 PREUSSAG AG ........................................ 777 23,841 PUBLICIS GROUPE S.A ................................ 632 341 PUBLIGROUPE S.A. (REGD) ............................ 69 9,654 PUBLISHING & BROADCASTING LTD ...................... 48 12,700 QUEBECOR WORLD, INC ................................ 285 134,093 RANK GROUP PLC ..................................... 449 20,731 READER'S DIGEST ASSOCIATION, INC (CLASS A) ......... 478 443,408 REED INTERNATIONAL PLC ............................. 3,678 41,698 RENAULT S.A ........................................ 1,471 565,956 REUTERS GROUP PLC .................................. 5,601 21,473 * ROGERS COMMUNICATIONS, INC (CLASS B) ............... 365 2,700 SAIZERIYA CO LTD ................................... 103 2,300 SANRIO CO LTD ...................................... 18 741,901 SANYO ELECTRIC CO LTD .............................. 3,504 9,814 SCHIBSTED ASA ...................................... 95 214,000 SCMP GROUP LTD ..................................... 134 22,864 SEARS ROEBUCK & CO ................................. 1,089 1,053,063 e* SEAT-PAGINE GIALLE S.P.A ........................... 850 13,270 * SEGA CORP .......................................... 265 56,451 SEVEN-ELEVEN JAPAN CO LTD .......................... 2,059 164,200 SHANGRI-LA ASIA LTD ................................ 128 26,338 SHANGRI-LA ASIA LTD (SINGAPORE) .................... 21 310,450 SHARP CORP ......................................... 3,631 62,953 SHAW COMMUNICATIONS, INC (CLASS B) ................. 1,332 18,100 SHIMACHU CO LTD .................................... 249 841 SHIMAMURA CO LTD ................................... 49 11,143 e SHIMANO, INC ....................................... 127 175,698 SIGNET GROUP PLC ................................... 244 14,280 f* SILVERSTONE BERHAD ................................. 0 51,935 SINGAPORE PRESS HOLDINGS LTD ....................... 613 371,736 SIX CONTINENTS PLC ................................. 3,679 37,800 SKY CITY ENTERTAINMENT GROUP ....................... 99 104,337 e SKYLARK CO LTD ..................................... 1,751 17,922 SODEXHO ALLIANCE S.A ............................... 766 17,285 SOL MELIA S.A ...................................... 131 212,295 SONY CORP .......................................... 9,703 79,213 * STARBUCKS CORP ..................................... 1,509 1 STOCKMANN AB (B SHS) ............................... 0 62,694 TAB LTD ............................................ 87 28,836 TABCORP HOLDINGS LTD ............................... 145 36,131 TAKASHIMAYA CO LTD ................................. 213 146,167 TARGET CORP ........................................ 6,000 144,075 TEIJIN LTD ......................................... 553 27,744 e TELEFONICA PUBLICIDAD E INFORMACION S.A ............ 110 15,300 e* TELEPIZZA S.A ...................................... 24 40,600 TELEVISION BROADCASTS LTD .......................... 176 70,783 * TELEWEST COMMUNICATIONS PLC ........................ 64 40,079 TF1 TV FRANCAISE ................................... 1,013 42,267 THE WAREHOUSE GROUP LTD ............................ 116 68,231 THOMSON CORP ....................................... 2,067 225,747 TIFFANY & CO ....................................... 7,104 43,138 TJX COS, INC ....................................... 1,719 2,134 TOHO CO LTD ........................................ 231 7,654 TOKYO BROADCASTING SYSTEM, INC ..................... 116 18,256 TOKYO STYLE CO LTD ................................. 157 198,766 TORAY INDUSTRIES, INC .............................. 481 83,439 TOYOBO CO LTD ...................................... 104 7,900 TOYODA GOSEI CO LTD ................................ 98 1,139,994 TOYOTA MOTOR CORP .................................. 28,878 39,811 TRIBUNE CO ......................................... 1,490 18,651 * TRICON GLOBAL RESTAURANTS, INC ..................... 918 50 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER CYCLICAL--(CONTINUED) 26,637 TRW, INC ............................................. $ 987 103,044 UNITED BUSINESS MEDIA PLC ............................ 720 231,828 UNY CO LTD ........................................... 2,356 19,445 VALEO S.A ............................................ 776 904 VALORA HOLDING AG .................................... 131 13,718 VF CORP .............................................. 535 798,064 * VIACOM, INC (CLASS B) ................................ 35,232 20,329 VISTEON CORP ......................................... 306 304,426 VIVENDI UNIVERSAL S.A ................................ 16,670 49,172 e VIVENDI UNIVERSAL S.A. (SPON ADR) .................... 2,645 64,489 VNU NV ............................................... 1,982 93,925 VOLKSWAGEN AG ........................................ 4,374 1,430 e VOLVO AB (A SHS) ..................................... 23 112,157 e VOLVO AB (B SHS) ..................................... 1,882 190,945 WACOAL CORP .......................................... 1,521 1,444,910 WAL-MART STORES, INC ................................. 83,155 329,883 WALT DISNEY CO ....................................... 6,835 11,473 WHIRLPOOL CORP ....................................... 841 46,047 WHITBREAD PLC ........................................ 368 69,505 WOLTERS KLUWER NV .................................... 1,584 270,433 WOOLWORTHS LTD ....................................... 1,556 3,600 WORLD CO LTD ......................................... 110 853,958 WPP GROUP PLC ........................................ 9,446 95,800 YAMADA DENKI CO LTD .................................. 6,725 25,000 YAMAHA MOTOR CO LTD .................................. 152 --------- TOTAL CONSUMER CYCLICAL 695,692 --------- CONSUMER NON-CYCLICAL--9.35% 11,500 ADERANS CO LTD ....................................... 340 6,785 ADIDAS-SALOMON AG .................................... 504 11,792 AGFA GEVAERT NV ...................................... 159 732,541 AJINOMOTO CO, INC .................................... 7,154 76,898 ALBERTSON'S, INC ..................................... 2,422 38,869 ALTADIS S.A. (FRANCE) ................................ 660 15,109 ALTADIS S.A .......................................... 257 40,794 e* AMAZON.COM, INC ...................................... 441 674,544 ANHEUSER-BUSCH COS, INC .............................. 30,496 112,955 ARCHER DANIELS MIDLAND CO ............................ 1,621 1,500 ARIAKE JAPAN CO LTD .................................. 48 39,706 e ASAHI BREWERIES LTD .................................. 357 10,900 * ASIA FOOD & PROPERTIES LTD WTS 07/12/02 .............. 0 37,231 AVON PRODUCTS, INC ................................... 1,731 2,229 BANG & OLUFSEN AS (B SHS) ............................ 52 5,556 BEIERSDORF AG ........................................ 625 9,259 * BEST BUY CO, INC ..................................... 690 277,327 BOOTS CO PLC ......................................... 2,359 1,729,916 BRITISH AMERICAN TOBACCO PLC ......................... 14,666 16,235 BRL HARDY LTD ........................................ 92 47,997 BUNZL PLC ............................................ 307 431,313 CADBURY SCHWEPPES PLC ................................ 2,749 35,397 CAMPBELL SOUP CO ..................................... 1,057 2,018 CARLSBERG AS (A SHS) ................................. 76 362 CARLSBERG AS (B SHS) ................................. 15 165,423 CARREFOUR S.A ........................................ 8,602 5,633 e CASINO GUICHARD-PERRACHON ............................ 435 785 * CASINO GUICHARD-PERRACHON (CLASS A) WTS 12/15/03 ..... 3 785 * CASINO GUICHARD-PERRACHON (CLASS B) WTS 12/15/05 ..... 3 13,095 CIRCUIT CITY STORES, INC (CIRCUIT CITY GROUP) ........ 340 27,883 CLOROX CO ............................................ 1,103 444,634 COCA-COLA AMATIL LTD ................................. 1,361 305,411 COCA-COLA CO ......................................... 14,400 15,437 COCA-COLA HELLENIC BOTTLING CO S.A ................... 223 6,000 COCA-COLA WEST JAPAN CO LTD .......................... 108 321,428 COLGATE-PALMOLIVE CO ................................. 18,562 4,023 COLRUYT S.A .......................................... 176
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SHARES VALUE (000) ------ ----------- 140,031 COMPAGNIE FINANCIERE RICHEMONT AG (UNITS) (A SHS) ..................................... $ 2,602 60,412 CONAGRA FOODS, INC ................................... 1,436 95,627 * COSTCO WHOLESALE CORP ................................ 4,244 62,228 CVS CORP ............................................. 1,842 9,611 DANISCO AS ........................................... 344 8,499 DELHAIZE "LE LION" S.A ............................... 442 1,722,037 DIAGEO PLC ........................................... 19,674 106,669 e ELECTROLUX AB SERIES B ............................... 1,591 15,150 ESSILOR INTERNATIONAL S.A ............................ 458 1,778,955 FOSTER'S GROUP LTD ................................... 4,426 1,332 FOURLIS S.A .......................................... 5 272,965 FRASER & NEAVE LTD ................................... 1,123 68,260 GENERAL MILLS, INC ................................... 3,550 442,403 GILLETTE CO .......................................... 14,776 1,208 GIVAUDAN S.A. (REGD) ................................. 368 181,733 GOODMAN FIELDER LTD .................................. 128 40,060 GREENCORE GROUP PLC .................................. 100 35,456 GROUPE DANONE ........................................ 4,325 6,420 HARTWALL OYJ ABP ..................................... 131 123,348 HARVEY NORMAN HOLDINGS LTD ........................... 256 63,368 HEINEKEN NV .......................................... 2,403 55,045 HEINZ (H.J.) CO ...................................... 2,263 2,016,298 HOME DEPOT, INC ...................................... 102,851 117,560 IMPERIAL TOBACCO GROUP PLC ........................... 1,550 33,782 INTERBREW S.A ........................................ 925 12,740 INTERNATIONAL FLAVORS & FRAGRANCES, INC .............. 379 119,300 ITO EN LTD ........................................... 5,006 109 JAPAN TOBACCO, INC ................................... 686 8,386 * JERONIMO MARTINS SGPS S.A ............................ 69 16,770 KAMPS AG ............................................. 134 328,523 KAO CORP ............................................. 6,831 2,020 KATOKICHI CO LTD ..................................... 32 19,258 KERRY GROUP (CLASS A) ................................ 234 57,000 KIKKOMAN CORP ........................................ 308 110,320 KIRIN BREWERY CO LTD ................................. 789 244,436 KRAFT FOODS, INC (CLASS A) ........................... 8,318 126,685 * KROGER CO ............................................ 2,644 246,645 LI & FUNG LTD ........................................ 277 17,121 LOBLAW COS LTD ....................................... 558 110,382 L'OREAL S.A .......................................... 7,951 338,588 LOWE'S COS ........................................... 15,714 67,754 MATTEL, INC .......................................... 1,165 7,000 MEIJI DAIRIES CORP ................................... 17 28,715 METRO AG ............................................. 1,010 168,786 MOLSON, INC (A SHS) .................................. 2,961 202,879 NESTLE S.A. (REGD) (B SHS) ........................... 43,257 42,012 NEWELL RUBBERMAID, INC ............................... 1,158 64,717 NICHIREI CORP ........................................ 144 520,216 NIPPON MEAT PACKERS, INC ............................. 5,517 38,998 NISSHIN SEIFUN GROUP, INC ............................ 235 21,395 NISSIN FOOD PRODUCTS CO LTD .......................... 418 7,000 NORITAKE CO LTD ...................................... 27 22,897 NUMICO NV ............................................ 534 29,089 ORKLA ASA ............................................ 493 14,560 * PAN FISH ASA ......................................... 24 1,114 PAPASTRATOS CIGARETTE CO ............................. 14 67,547 PARMALAT FINANZIARIA S.P.A ........................... 182 1,105,779 PEPSICO, INC ......................................... 53,843 130,604 PERNOD-RICARD ........................................ 10,117 343,845 PHILIP MORRIS COS, INC ............................... 15,765 928,509 PROCTER & GAMBLE CO .................................. 73,473 26,319 e QP CORP .............................................. 205 52,288 RADIOSHACK CORP ...................................... 1,574 174,442 RECKITT BENCKISER PLC ................................ 2,539 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 51
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER NON-CYCLICAL--(CONTINUED) 28,659 RINASCENTE S.P.A ................................... $ 100 129,000 RINNAI CORP ........................................ 2,077 350,905 e ROYAL AHOLD NV ..................................... 10,211 287,975 SAFEWAY PLC ........................................ 1,341 79,868 * SAFEWAY, INC ....................................... 3,334 1,220,148 SAINSBURY (J) PLC .................................. 6,499 122,864 SARA LEE CORP ...................................... 2,731 163,794 SCOTTISH & NEWCASTLE PLC ........................... 1,252 40,991 SHISEIDO CO LTD .................................... 379 49,000 e* SNOW BRAND MILK PRODUCTS CO ........................ 81 2,129 SOCIETE BIC S.A .................................... 73 199,404 SONAE SGPS S.A ..................................... 144 40,232 * STAPLES, INC ....................................... 752 59,689 e SWEDISH MATCH AB ................................... 316 17,204 TAKARA SHUZO CO LTD ................................ 145 2,976 TATE & LYLE PLC .................................... 15 2,167,754 TESCO PLC .......................................... 7,856 2,280,000 THAI UNION FROZEN PRODUCTS PUBLIC CO LTD ........... 866 830 THE SWATCH GROUP AG. (BR) .......................... 75 33,161 THE SWATCH GROUP AG. (REGD) ........................ 657 6,221 * TOYS "R" US, INC ................................... 129 5,600 UNI-CHARM CORP ..................................... 117 182,279 UNILEVER NV (CERT) ................................. 10,688 909,714 UNILEVER PLC ....................................... 7,467 528,390 WALGREEN CO ........................................ 17,786 102,954 WATERFORD WEDGWOOD PLC (UNITS) ..................... 81 2,391 WELLA AG ........................................... 121 21,054 * WESTON (GEORGE) LTD ................................ 1,364 31,000 YAKULT HONSHA CO LTD ............................... 232 21,000 e YAMAZAKI BAKING CO LTD ............................. 115 --------- TOTAL CONSUMER NON-CYCLICAL 627,613 --------- ENERGY--7.11% 61,786 ALBERTA ENERGY CO LTD .............................. 2,329 39,425 ANADARKO PETROLEUM CORP ............................ 2,241 160,537 APACHE CORP ........................................ 8,008 733,725 BAKER HUGHES, INC .................................. 26,759 5,500 * BCE EMERGIS, INC ................................... 157 1,536,427 BG GROUP PLC ....................................... 6,261 4,399 * BJ SERVICES CO ..................................... 143 8,222,731 BP PLC ............................................. 63,906 96,132 BP PLC (SPON ADR) .................................. 4,471 318,535 BURLINGTON RESOURCES, INC .......................... 11,958 18,857 CANADIAN NATURAL RESOURCES LTD ..................... 453 1,392,756 CENTRICA PLC ....................................... 4,500 152,095 CHEVRONTEXACO CORP ................................. 13,629 19,877 DEVON ENERGY CORP .................................. 768 25,517 ENBRIDGE, INC ...................................... 694 17,376 ENERGY DEVELOPMENTS LTD ............................ 60 1,567,841 e ENI S.P.A .......................................... 19,656 3,333,459 EXXON MOBIL CORP ................................... 131,005 34,756 FORTUM OYJ ......................................... 147 37 b* FRIEDE GOLDMAN HALTER, INC ...................... 0 13,235 GAS NATURAL SDG S.A ................................ 220 33,590 GLOBALSANTAFE CORP ................................. 960 77,637 HALLIBURTON CO ..................................... 1,017 14,899 HELLENIC PETROLEUM S.A ............................. 92 576,519 HONG KONG & CHINA GAS CO LTD ....................... 706 22,184 HUSKY ENERGY, INC .................................. 229 331,536 IHC CALAND NV ...................................... 15,498 22,622 IMPERIAL OIL LTD ................................... 628 27,842 e ITALGAS S.P.A ...................................... 261 135,000 e JAPAN ENERGY CORP .................................. 151 1,752 KERR-MCGEE CORP .................................... 96 1,073,368 LATTICE GROUP PLC .................................. 2,437
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SHARES VALUE (000) ------ ----------- 35,490 MARATHON OIL CORP .................................. $ 1,065 21,595 * NABORS INDUSTRIES, INC ............................. 741 19,124 NEXEN, INC ......................................... 372 204,138 NIPPON MITSUBISHI OIL CORP ......................... 779 206,641 NOBLE AFFILIATES, INC .............................. 7,292 29,300 * NOBLE DRILLING CORP ................................ 997 39,438 NORSK HYDRO ASA .................................... 1,653 14,286 NOVA CHEMICALS CORP ................................ 275 41,463 OCCIDENTAL PETROLEUM CORP .......................... 1,100 2,034 OMV AG ............................................. 170 303,555 OSAKA GAS CO LTD ................................... 725 154,419 * PANCANADIAN ENERGY CORP ............................ 3,995 8,800 * PENN WEST PETROLEUM LTD ............................ 195 148,278 PETRO-CANADA ....................................... 3,651 17,330 e* PETROLEUM GEO-SERVICES ASA ......................... 134 9,529 * PRECISION DRILLING CORP ............................ 245 380,696 REPSOL YPF S.A ..................................... 5,552 13,200 * RIO ALTO EXPLORATION LTD ........................... 155 795,599 ROYAL DUTCH PETROLEUM CO ........................... 40,308 92,848 SANTOS LTD ......................................... 295 107,335 SCHLUMBERGER LTD ................................... 5,898 54,005 e SHELL CANADA LTD (CLASS A) (U.S.) .................. 1,548 3,695,281 SHELL TRANSPORT & TRADING CO PLC ................... 25,385 41,000 SHOWA SHELL SEKIYU KK .............................. 218 5,114 SMEDVIG AS (A SHS) ................................. 42 4,573 SMEDVIG AS (B SHS) ................................. 31 13,407 * SMITH INTERNATIONAL, INC ........................... 719 69,087 * STATOIL ASA ........................................ 474 168,912 SUNCOR ENERGY, INC ................................. 5,545 2,722 TECHNIP-COFLEXIP S.A ............................... 364 45,824 e TEIKOKU OIL CO LTD ................................. 167 1,311,689 TOKYO GAS CO LTD ................................... 3,513 33,000 e TONENGENERAL SEKIYU KK ............................. 213 271,824 TOTAL FINA ELF S.A ................................. 38,822 10,800 * TOTAL FINA ELF S.A. (STRIP VVPR) ................... 0 73,789 e TRANSCANADA PIPELINES LTD .......................... 919 56,834 TRANSOCEAN SEDCO FOREX, INC ........................ 1,922 28,738 UNOCAL CORP ........................................ 1,037 16,979 * WEATHERFORD INTERNATIONAL, INC ..................... 633 20,168 WESTCOAST ENERGY, INC .............................. 533 72,175 WOODSIDE PETROLEUM LTD ............................. 495 --------- TOTAL ENERGY 477,617 --------- FINANCIAL SERVICES--20.30% 94,600 3I GROUP PLC ....................................... 1,183 54,000 77 BANK LTD ........................................ 239 661,706 ABN AMRO HOLDING NV ................................ 10,658 108,335 ACOM CO LTD ........................................ 7,894 658,580 AEGON NV ........................................... 17,827 1,600 AEON CREDIT SERVICE CO LTD ......................... 92 107,901 AFLAC, INC ......................................... 2,650 77,550 AIFUL CORP ......................................... 5,018 52,353 ALLEANZA ASSICURAZIONI ............................. 576 58,152 ALLIANZ AG. (REGD) ................................. 13,747 298,793 ALLIED IRISH BANKS PLC ............................. 3,458 76,020 ALLSTATE CORP ...................................... 2,562 21,951 ALPHA BANK S.A ..................................... 391 613,571 AMERICAN EXPRESS CO ................................ 21,898 1,508,776 AMERICAN INTERNATIONAL GROUP, INC .................. 119,797 76,939 AMP DIVERSIFIED PROPERTY TRUST ..................... 102 169,043 AMP LTD ............................................ 1,596 230,194 AMVESCAP PLC ....................................... 3,320 22,125 AON CORP ........................................... 786 257,057 ASAHI BANK LTD ..................................... 161 463,605 ASSICURAZIONI GENERALI S.P.A ....................... 12,879 579,700 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD ........ 5,285 52 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 5,974 AUSTRALIAN STOCK EXCHANGE LTD .................... $ 35 10,629 AVALONBAY COMMUNITIES, INC ....................... 503 540,766 AXA .............................................. 11,301 116,873 e BANCA DI ROMA .................................... 232 44,403 e BANCA FIDEURAM S.P.A ............................. 355 145,902 e BANCA MONTE DEI PASCHI SIENA ..................... 364 243,878 e BANCA NAZIONALE DEL LAVORO S.P.A ................. 494 59,322 e BANCA POPOLARE DI MILANO ......................... 207 1,358,029 BANCO BILBAO VIZCAYA ARGENTARIA S.A .............. 16,808 1,156,830 * BANCO COMERCIAL PORTUGUES S.A. (REGD) ............ 4,687 15,222 BANCO ESPIRITO SANTO S.A. (REGD) ................. 196 1,823,579 BANCO SANTANDER CENTRAL HISPANO S.A .............. 15,279 1,011,226 BANK OF AMERICA CORP ............................. 63,657 212,608 BANK OF EAST ASIA LTD ............................ 458 99,000 e BANK OF FUKUOKA LTD .............................. 335 405,434 BANK OF IRELAND .................................. 3,790 125,659 e BANK OF MONTREAL ................................. 2,826 141,396 BANK OF NEW YORK CO, INC ......................... 5,769 210,654 e BANK OF NOVA SCOTIA .............................. 6,461 22,082 BANK OF PIRAEUS .................................. 196 179,073 e BANK OF YOKOHAMA LTD ............................. 624 179,050 BANK ONE CORP .................................... 6,992 762,472 BARCLAYS PLC ..................................... 25,246 141,314 BAYERISCHE HYPO-UND VEREINSBANK AG ............... 4,297 218,932 e BIPOP-CARIRE S.P.A ............................... 363 164,647 BNP PARIBAS GROUP ................................ 14,733 74,804 BPI-SGPS S.A. (REGD) ............................. 151 70,854 BRITISH LAND CO PLC .............................. 482 12,858 BROOKFIELD PROPERTIES CORP ....................... 223 175,992 BT OFFICE TRUST .................................. 140 18,612 * BTG PLC .......................................... 204 24,007 * C.I. FUND MANAGEMENT, INC ........................ 179 66,609 CANADA LIFE FINANCIAL CORP ....................... 1,848 124,487 e CANADIAN IMPERIAL BANK OF COMMERCE ............... 4,277 105,872 * CANARY WHARF GROUP PLC ........................... 687 105,663 CAPITALAND LTD ................................... 107 732,479 CGNU PLC ......................................... 9,008 243,010 CHARLES SCHWAB CORP .............................. 3,759 468,704 CHEUNG KONG HOLDINGS LTD ......................... 4,869 153,460 CHIBA BANK LTD ................................... 501 1 * CHINESE ESTATES HOLDINGS LTD ..................... 0 7,900 CHUBB CORP ....................................... 545 107,400 e CHUO MITSUI TRUST & BANKING CO LTD ............... 107 21,122 CINCINNATI FINANCIAL CORP ........................ 806 2,534,178 CITIGROUP, INC ................................... 127,925 325,749 CITY DEVELOPMENTS LTD ............................ 1,067 59,533 * CLARICA LIFE INSURANCE CO ........................ 1,960 30,601 CLOSE BROTHERS GROUP PLC ......................... 359 81,609 COLONIAL FIRST STATE PROPERTY TRUST GROUP ........ 91 39,293 COMERICA, INC .................................... 2,251 10,700 COMMERCIAL BANK OF GREECE ........................ 353 350,004 * COMMONWEALTH BANK OF AUSTRALIA ................... 5,364 33,294 COUNTRYWIDE CREDIT INDUSTRIES, INC ............... 1,364 29,012 CREDIT LYONNAIS S.A .............................. 969 294,304 CREDIT SAISON CO LTD ............................. 5,726 526,633 e CREDIT SUISSE GROUP .............................. 22,457 15,171 CRESCENT REAL ESTATE EQUITIES CO ................. 275 219,125 e* DAIWA BANK HOLDINGS, INC ......................... 137 209,123 DAIWA SECURITIES GROUP, INC ...................... 1,099 231,751 e DANSKE BANK AS ................................... 3,719 132,222 DBS GROUP HOLDINGS LTD ........................... 988 245,056 DEUTSCHE BANK AG. (REGD) ......................... 17,303 4,673 DEUTSCHE BOERSE AG ............................... 185 209,101 DEUTSCHE OFFICE TRUST ............................ 142
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SHARES VALUE (000) ------ ----------- 274,347 e DEXIA ............................................ $ 3,945 66,696 e DNB HOLDING ASA .................................. 300 15,671 DROTT AB (B SHS) ................................. 161 23,655 EFG EUROBANK ERGASIAS S.A ........................ 329 61,836 EQUITY OFFICE PROPERTIES TRUST ................... 1,860 40,172 EQUITY RESIDENTIAL PROPERTIES TRUST .............. 1,153 4,514 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG .................................... 240 1,854 FAIRFAX FINANCIAL HOLDINGS LTD ................... 190 593,467 FANNIE MAE ....................................... 47,181 249,959 FIFTH THIRD BANCORP .............................. 15,330 752,214 FLEETBOSTON FINANCIAL CORP ....................... 27,456 233,852 FORTIS ........................................... 6,070 73,446 * FORTIS (STRIP VVPR) .............................. 1 124,803 FREDDIE MAC ...................................... 8,162 231,017 * FRIENDS PROVIDENT PLC ............................ 672 177,939 GANDEL RETAIL TRUST .............................. 106 287,464 GENERAL PROPERTY TRUST ........................... 416 6,901 GJENSIDIGE NOR SPAREBANK ......................... 209 8,780 GOLDEN WEST FINANCIAL CORP ....................... 517 11,425 GOLDMAN SACHS GROUP, INC ......................... 1,060 40,509 GREAT PORTLAND ESTATES PLC ....................... 145 17,202 GREEN PROPERTY PLC ............................... 96 47,000 GUNMA BANK LTD ................................... 215 4,171 HAMMERSON PLC .................................... 27 1,095,000 HANG LUNG PROPERTIES LTD ......................... 1,130 241,632 HANG SENG BANK LTD ............................... 2,657 25,238 HARTFORD FINANCIAL SERVICES GROUP, INC ........... 1,586 1,320,248 HBOS PLC ......................................... 15,295 92,882 HENDERSON LAND DEVELOPMENT CO LTD ................ 419 102,669 e* HOKURIKU BANK LTD ................................ 112 183,000 HONG KONG EXCHANGES & CLEARING LTD ............... 278 37,154 * HOST MARRIOTT CORP ............................... 334 68,000 HOTEL PROPERTIES LTD ............................. 47 90,030 HOUSEHOLD INTERNATIONAL, INC ..................... 5,216 223,043 * HSBC HOLDINGS PLC (HONG KONG) .................... 2,610 3,711,404 HSBC HOLDINGS PLC (UNITED KINGDOM) ............... 43,537 41,854 HUNTINGTON BANCSHARES, INC ....................... 719 119,293 HYSAN DEVELOPMENT CO LTD ......................... 120 681,709 ING GROEP NV ..................................... 17,384 1,144,579 e INTESABCI S.P.A .................................. 2,864 130,944 e INTESABCI S.P.A. (RNC) ........................... 234 28,388 * INTESABCI S.P.A. PUT WTS 11/15/02 ................ 90 143,600 * INTESABCI S.P.A. WTS 05/31/02 .................... 49 18,164 * INVESTORS GROUP, INC ............................. 290 61,910 IRISH LIFE & PERMANENT PLC ....................... 628 22,474 JEFFERSON-PILOT CORP ............................. 1,040 48,874 JOHN HANCOCK FINANCIAL SERVICES, INC ............. 2,018 45,686 JOYO BANK LTD .................................... 127 276,967 JP MORGAN CHASE & CO ............................. 10,068 34,319 e KBC BANCASSURANCE HOLDING NV ..................... 1,152 66,000 KEPPEL LAND LTD .................................. 61 81,993 KEYCORP .......................................... 1,996 97,865 LAND SECURITIES PLC .............................. 1,116 1,528,525 LEGAL & GENERAL GROUP PLC ........................ 3,537 535,651 LEHMAN BROTHERS HOLDINGS, INC .................... 35,781 57,760 LEND LEASE CORP LTD .............................. 386 25,321 LINCOLN NATIONAL CORP ............................ 1,230 2,402,950 LLOYDS TSB GROUP PLC ............................. 26,090 80,236 MACQUARIE BANK LTD ............................... 1,538 255,031 MACQUARIE INFRASTRUCTURE GROUP ................... 457 23,346 MAN GROUP PLC .................................... 405 194,372 MANULIFE FINANCIAL CORP .......................... 5,065 6,418 MARSCHOLLEK LAUTENSCHLAEGER UND PARTNER .......... 471 43,365 MARSH & MCLENNAN COS, INC ........................ 4,660 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 53
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 23,337 MBIA, INC ........................................ $ 1,252 145,467 MBNA CORP ........................................ 5,120 213,626 e MEDIOBANCA S.P.A ................................. 2,393 35,404 e MEDIOLANUM S.P.A ................................. 319 544,808 MELLON FINANCIAL CORP ............................ 20,496 152,142 MERRILL LYNCH & CO, INC .......................... 7,930 410,463 METLIFE, INC ..................................... 13,003 9,606 METROVACESA S.A .................................. 133 14,846 MGIC INVESTMENT CORP ............................. 916 107,487 MIRVAC GROUP ..................................... 213 131,552 MITSUBISHI ESTATE CO LTD ......................... 963 1,423 MITSUBISHI TOKYO FINANCIAL ....................... 9,544 109,802 MITSUI FUDOSAN CO LTD ............................ 838 204,805 MITSUI SUMITOMO INSURANCE CO ..................... 961 778 MIZUHO HOLDINGS, INC ............................. 1,585 179,275 MONY GROUP, INC .................................. 6,198 163,382 MORGAN STANLEY DEAN WITTER & CO .................. 9,140 33,218 MUENCHENER RUECKVER AG. (REGD) ................... 9,021 526,497 NATIONAL AUSTRALIA BANK LTD ...................... 8,587 30,196 e NATIONAL BANK OF CANADA .......................... 562 28,304 NATIONAL BANK OF GREECE S.A ...................... 673 101,760 NATIONAL CITY CORP ............................... 2,975 29,823 NATIONAL COMMERCE FINANCIAL CORP ................. 755 2,302,000 * NEW AFRICA CAPITAL LTD ........................... 1,535 223,579 NEW WORLD DEVELOPMENT CO LTD ..................... 195 284,306 * NIKKO CORDIAL CORP ............................... 1,269 1,210,319 NOMURA HOLDINGS, INC ............................. 15,515 127,595 NORDEA AB (FINLAND) .............................. 674 32,450 NORDEA AB FDR .................................... 173 671,470 e NORDEA AB (SWEDEN) ............................... 3,553 33,490 NORTH FORK BANCORPORATION, INC ................... 1,071 232,851 NORTHERN TRUST CORP .............................. 14,022 2,661,873 NRMA INSURANCE GROUP LTD ......................... 4,251 1,600,000 OLD MUTUAL PLC ................................... 2,038 13,396 ORIX CORP ........................................ 1,200 148,980 OVERSEA-CHINESE BANKING CORP LTD ................. 888 122,000 PARKWAY HOLDINGS LTD ............................. 63 45,136 PNC FINANCIAL SERVICES GROUP, INC ................ 2,537 3,262 POHJOLA GROUP INSURANCE CORP (B SHS) ............. 58 20,572 POWER FINANCIAL CORP ............................. 491 17,221 PROGRESSIVE CORP ................................. 2,571 12,213 PROMISE CO LTD ................................... 661 32,738 PROVIDENT FINANCIAL PLC .......................... 307 54,631 * PROVIDIAN FINANCIAL CORP ......................... 194 568,978 * PRUDENTIAL FINANCIAL, INC ........................ 19,015 642,354 PRUDENTIAL PLC ................................... 7,442 88,007 QBE INSURANCE GROUP LTD .......................... 346 55,039 e RAS S.P.A ........................................ 648 807,733 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC ......... 4,641 231,757 e ROYAL BANK OF CANADA ............................. 7,525 16,100 * ROYAL BANK OF CANADA (U.S.) ...................... 524 2,654,834 ROYAL BANK OF SCOTLAND GROUP PLC ................. 34,405 884,286 SAFECO CORP ...................................... 27,546 44,376 * SAMPO OYJ (A SHS) ................................ 348 248,065 e SANPAOLO IMI S.P.A ............................... 2,662 89,832 SHIZUOKA BANK LTD ................................ 680 23,600 SIMON PROPERTY GROUP, INC ........................ 692 132,000 SINGAPORE EXCHANGE LTD ........................... 89 25,000 SINGAPORE LAND LTD ............................... 46 257,971 SINO LAND CO LTD ................................. 103 269,343 e SKANDIA FORSAKRINGS AB ........................... 1,951 81,522 e SKANDINAVISKA ENSKILDA BANKEN (A SHS) ............ 742 123,572 SLOUGH ESTATES PLC ............................... 596 115,104 SOCIETE GENERALE (A SHS) ......................... 6,441
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SHARES VALUE (000) ------ ----------- 62,547 SOUTHTRUST CORP .................................. $ 1,543 10,224 ST. PAUL COS, INC ................................ 450 26,888 STARWOOD HOTELS & RESORTS WORLDWIDE, INC ......... 803 69,548 STATE STREET CORP ................................ 3,634 100,828 STOCKLAND TRUST GROUP ............................ 223 32,248 STOREBRAND ASA ................................... 187 1,285,209 SUMITOMO MITSUI BANKING CORP ..................... 5,442 83,000 SUMITOMO REALTY & DEVELOPMENT CO LTD ............. 380 139,191 SUMITOMO TRUST & BANKING CO LTD .................. 565 351,125 SUN HUNG KAI PROPERTIES LTD ...................... 2,837 167,314 SUN LIFE FINANCIAL SERVICES OF CANADA, INC ....... 3,558 66,437 SUNCORP-METWAY LTD ............................... 477 33,154 SUNTRUST BANKS, INC .............................. 2,079 35,000 SURUGA BANK LTD .................................. 165 230,450 e SVENSKA HANDELSBANKEN AB (A SHS) ................. 3,383 23,779 e SVENSKA HANDELSBANKEN AB (B SHS) ................. 331 111,938 SWISS REINSURANCE CO (REGD) ...................... 11,259 11,541 TAKEFUJI CORP .................................... 835 536,830 TOKIO MARINE & FIRE INSURANCE CO LTD ............. 3,924 4,228 * TOPDANMARK AS .................................. 99 18,621 TOWER LTD ........................................ 38 21,258 TRIZECHAHN CORP .................................. 336 965,665 U.S. BANCORP ..................................... 20,211 6,756 * UBS AG. (REGD) ................................... 338 541,449 UBS AG. (REGD) ................................... 27,328 364 e UFJ HOLDINGS, INC ................................ 803 8,200 UNIBAIL .......................................... 417 1,305,699 e UNICREDITO ITALIANO S.P.A ........................ 5,243 176,078 UNITED OVERSEAS BANK LTD ......................... 1,211 51,200 UNITED OVERSEAS LAND LTD ......................... 47 17,093 UNUMPROVIDENT CORP ............................... 453 29,587 VALLEHERMOSO S.A ................................. 184 238,093 WACHOVIA CORP .................................... 7,467 171,315 WASHINGTON MUTUAL, INC ........................... 5,602 23,977 e* WCM BETEILIGUNGS & GRUNDBESITZ AG ................ 256 242,766 WELLS FARGO & CO ................................. 10,548 61,330 WESTFIELD HOLDINGS LTD ........................... 529 284,035 WESTFIELD TRUST (UNITS) .......................... 504 271,331 WESTPAC BANKING CORP ............................. 2,188 147,000 WING TAI HOLDINGS LTD ............................ 65 19,724 XL CAPITAL LTD (CLASS A) ......................... 1,802 383,000 b* YAMAICHI SECURITIES CO LTD ....................... 6 1,099,207 YASUDA FIRE & MARINE INSURANCE CO LTD ............ 6,291 17,540 ZIONS BANCORP .................................... 922 25,086 ZURICH FINANCIAL SERVICES AG ..................... 5,885 ---------- TOTAL FINANCIAL SERVICES 1,362,725 ---------- HEALTH CARE--13.04% 925,534 ABBOTT LABORATORIES .............................. 51,599 399,521 AETNA, INC (NEW) ................................. 13,180 11,375 ALTANA AG ........................................ 566 408,561 AMERICAN HOME PRODUCTS CORP ...................... 25,069 205,142 AMERSHAM PLC ..................................... 1,984 637,911 * AMGEN, INC ....................................... 36,004 39,970 * ANTHEM, INC ...................................... 1,979 48,003 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) .......... 1,885 9,550 * APPLERA CORP (CELERA GENOMICS GROUP) ............. 255 81,492 ASTRAZENECA PLC .................................. 3,737 668,964 ASTRAZENECA PLC (UNITED KINGDOM) ................. 30,162 295,941 AVENTIS S.A ...................................... 21,015 27,000 BANYU PHARMACEUTICAL CO LTD ...................... 402 420,155 BAXTER INTERNATIONAL, INC ........................ 22,533 49,975 BECTON DICKINSON & CO ............................ 1,657 15,137 * BIOGEN, INC ...................................... 868 32,634 BIOMET, INC ...................................... 1,008 17,300 * BIOVAIL CORP ..................................... 964 54 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 20,671 * BOSTON SCIENTIFIC CORP ............................. $ 499 581,851 BRISTOL-MYERS SQUIBB CO ............................ 29,674 306,124 CARDINAL HEALTH, INC ............................... 19,794 44,951 * CELLTECH GROUP PLC ................................. 572 29,373 * CHIRON CORP ........................................ 1,288 37,000 e CHUGAI PHARMACEUTICAL CO LTD ....................... 429 34,540 CIGNA CORP ......................................... 3,200 81,055 COCHLEAR LTD ....................................... 1,888 2,514 COLOPLAST AS (CLASS B) ............................. 166 24,750 CSL LTD ............................................ 652 37,150 DAIICHI PHARMACEUTICAL CO LTD ...................... 723 38,453 EISAI CO LTD ....................................... 956 24,406 * ELAN CORP PLC ...................................... 1,130 61,202 e* ELAN CORP PLC (SPON ADR) ........................... 2,758 5,875 FRESENIUS MEDICAL CARE AG .......................... 364 29,049 e FUJISAWA PHARMACEUTICAL CO LTD ..................... 669 147,384 GALEN HOLDINGS PLC ................................. 1,469 29,558 GAMBRO AB (A SHS) .................................. 185 15,396 GAMBRO AB (B SHS) .................................. 97 2,669 e GEHE AG ............................................ 103 53,747 * GENENTECH, INC ..................................... 2,916 30,364 * GENZYME CORP (GENERAL DIVISION) .................... 1,818 2,480,484 GLAXOSMITHKLINE PLC ................................ 62,202 47,949 * GUIDANT CORP ....................................... 2,388 10,873 H. LUNDBECK AS ..................................... 280 104,172 HCA, INC ........................................... 4,015 17,267 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) ........ 318 61,581 * HEALTHSOUTH CORP ................................... 913 18,022 * HUMAN GENOME SCIENCES, INC ......................... 608 23,904 * IDEC PHARMACEUTICALS CORP .......................... 1,648 50,481 * IMMUNEX CORP ....................................... 1,399 62,331 IMS HEALTH, INC .................................... 1,216 4,136 INSTRUMENTARIUM OYJ ................................ 173 1,360,164 JOHNSON & JOHNSON .................................. 80,386 4,000 e KAKEN PHARMACEUTICAL CO LTD ........................ 22 283,813 * KING PHARMACEUTICALS, INC .......................... 11,957 29,666 KYOWA HAKKO KOGYO CO LTD ........................... 141 144,266 LILLY (ELI) & CO ................................... 11,331 400 b* LOEWEN GROUP, INC .................................. 0 21,244 LUXOTTICA GROUP S.P.A .............................. 349 59,909 MCKESSON CORP ...................................... 2,241 22,450 MDS, INC ........................................... 266 31,957 * MEDIMMUNE, INC ..................................... 1,481 468,161 MEDTRONIC, INC ..................................... 23,975 796,782 MERCK & CO, INC .................................... 46,851 7,153 MERCK KGAA ......................................... 262 31,104 * MILLENNIUM PHARMACEUTICALS, INC .................... 762 4,305 NOBEL BIOCARE AB ................................... 180 1,133,120 NOVARTIS AG. (REGD) ................................ 40,949 94,615 NOVO NORDISK AS (B SHS) ............................ 3,869 2,514 OMEGA PHARMA S.A ................................... 114 1,417 ORION-YHTYMA (A SHS) ............................... 25 4,935 ORION-YHTYMA (B SHS) ............................... 88 2,885,232 PFIZER, INC ........................................ 114,971 628,862 PHARMACIA CORP ..................................... 26,821 5,400 PHONAK HOLDING AG. (REGD) .......................... 124 20,738 * QIAGEN NV .......................................... 391 103,163 * QLT, INC ........................................... 2,617 16,955 * QUEST DIAGNOSTICS, INC ............................. 1,216 11,051 ROCHE HOLDING AG. (BR) ............................. 905 368,327 ROCHE HOLDING AG. (GENUSSCHEINE) ................... 26,288 412,270 SANKYO CO LTD ...................................... 7,062 231,034 SANOFI-SYNTHELABO S.A .............................. 17,239 76,982 SCHERING AG ........................................ 4,120
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SHARES VALUE (000) ------ ----------- 419,790 SCHERING-PLOUGH CORP ............................... $ 15,033 7,475 SERONO S.A. (B SHS) ................................ 6,524 282,801 SHIONOGI & CO LTD .................................. 4,833 308,192 SMITH & NEPHEW PLC ................................. 1,861 11,737 SONIC HEALTHCARE LTD ............................... 48 46,161 SSL INTERNATIONAL PLC .............................. 364 12,928 * ST. JUDE MEDICAL, INC .............................. 1,004 18,559 STRYKER CORP ....................................... 1,083 3,329 SULZER MEDICA AG. (REGD) ........................... 140 5,200 SUZUKEN CO LTD ..................................... 82 90 * SYNAVANT, INC ...................................... 0 474 SYNTHES-STRATEC, INC ............................... 330 17,746 TAISHO PHARMACEUTICAL CO LTD ....................... 279 471,906 TAKEDA CHEMICAL INDUSTRIES LTD ..................... 21,352 2,047 TECAN GROUP AG. (REGD) ............................. 136 242,024 * TENET HEALTHCARE CORP .............................. 14,212 28,856 TERUMO CORP ........................................ 374 13,725 UCB S.A ............................................ 556 196,672 UNITEDHEALTH GROUP, INC ............................ 13,918 2,368 * VIASYS HEALTHCARE, INC ............................. 48 32,011 * WATERS CORP ........................................ 1,240 9,455 * WELLPOINT HEALTH NETWORKS, INC ..................... 1,105 5,969 * WILLIAM DEMANT HOLDING ............................. 155 45,714 YAMANOUCHI PHARMACEUTICAL CO LTD ................... 1,207 21,504 ZELTIA S.A ......................................... 167 34,588 * ZIMMER HOLDINGS, INC ............................... 1,056 --------- TOTAL HEALTH CARE 875,487 --------- OTHER--2.27% 70,173 ADECCO S.A. (REGD) ................................. 3,814 91,525 AEGIS GROUP PLC .................................... 124 19,347 AMADEUS GLOBAL TRAVEL DISTRIBUTION S.A. (A SHS) .... 112 3,655 AMER GROUP PLC ..................................... 96 432,328 ASSA ABLOY AB (B SHS) .............................. 6,223 47,603 AUCKLAND INTERNATIONAL AIRPORT LTD ................. 72 232,512 BAA PLC ............................................ 1,863 910 BELLSYSTEM 24, INC ................................. 340 11,868 BENESSE CORP ....................................... 308 24,416 BRASCAN CORP (CLASS A) ............................. 440 107,309 CAPITA GROUP PLC ................................... 766 138,148 * CENDANT CORP ....................................... 2,709 29,264 * CGI GROUP, INC ..................................... 221 163,147 CHUBB PLC .......................................... 408 22,754 CINTAS CORP ........................................ 1,092 11,946 DCC PLC ............................................ 128 77,140 DEUTSCHE POST AG. (REGD) ........................... 1,065 30,299 DOVER CORP ......................................... 1,123 60,836 ELECTROCOMPONENTS PLC .............................. 475 1,982 FLUGHAFEN WIEN AG .................................. 53 23,890 FORTUNE BRANDS, INC ................................ 946 84,323 e FUGRO NV ........................................... 3,762 1,900 FUJI SOFT ABC, INC ................................. 76 2,432 * GROUP 4 FALCK AS ................................... 272 22,574 H & R BLOCK, INC ................................... 1,009 16,995 HAGEMEYER NV ....................................... 318 30,000 HAW PAR CORP LTD ................................... 66 213,711 HAYS PLC ........................................... 647 1,200 e HITACHI SOFTWARE ENGINEERING CO LTD ................ 40 732,151 HUTCHISON WHAMPOA LTD .............................. 7,065 252,324 IMPERIAL HOLDINGS LTD .............................. 1,186 6,156 * ISS AS ............................................. 303 190,347 ITOCHU CORP ........................................ 430 4,000 ITOCHU TECHNO-SCIENCE CORP ......................... 165 13,836 ITT INDUSTRIES, INC ................................ 699 108,500 KEPPEL CORP LTD .................................... 167 457,928 KIDDE PLC .......................................... 447 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 55
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- OTHER--(CONTINUED) 2,101 M.J. MAILLIS S.A ................................... $ 10 4,487 MANPOWER, INC ...................................... 151 225,166 e* MARUBENI CORP ...................................... 136 5,100 MEITEC CORP ........................................ 125 181,450 MITSUBISHI CORP .................................... 1,178 184,714 MITSUI & CO LTD .................................... 915 27,043 MOODY'S CORP ....................................... 1,078 10 e NET ONE SYSTEMS CO LTD ............................. 146 53,085 NIPPON SYSTEM DEVELOPMENT CO LTD ................... 2,114 400 OBIC CO LTD ........................................ 79 13,940 OCE NV ............................................. 140 9,033 OM AB .............................................. 119 22,477 ONEX CORP .......................................... 316 6,100 ORACLE CORP (JAPAN) ................................ 372 2,227 * OSTASIATISKE KOMPAGNI .............................. 50 25,020 POWER CORP OF CANADA ............................... 611 8,594 e* QUEBECOR, INC (CLASS B) ............................ 104 483,855 RENTOKIL INITIAL PLC ............................... 1,944 15,127 * ROBERT HALF INTERNATIONAL, INC ..................... 404 190,434 SECOM CO LTD ....................................... 9,561 93,927 SECURITAS AB (B SHS) ............................... 1,782 72,672 SERCO GROUP PLC .................................... 386 47,233 SERVICEMASTER CO ................................... 652 714 SGS SOCIETE GENERALE SURVEILLANCE HOLDINGS S.A ...................................... 115 30,360 e SOFTBANK CORP ...................................... 491 113,250 SOUTHCORP LTD ...................................... 438 206 * SPX CORP ........................................... 28 77,509 SUMITOMO CORP ...................................... 355 146,389 SWIRE PACIFIC LTD (A SHS) .......................... 798 125,347 SYSCO CORP ......................................... 3,287 59,439 e* TERRA LYCOS S.A .................................... 487 33,488 TEXTRON, INC ....................................... 1,388 4,843 TIS, INC ........................................... 116 10,800 * TMP WORLDWIDE, INC ................................. 463 89,089 TPG NV ............................................. 1,928 2,600 TRANS COSMOS, INC .................................. 68 1,092,834 TYCO INTERNATIONAL LTD ............................. 64,365 91,072 UNITED TECHNOLOGIES CORP ........................... 5,886 313,480 VEDIOR NV .......................................... 3,760 332,082 WESFARMERS LTD ..................................... 5,268 611,096 WHARF HOLDINGS LTD ................................. 1,493 --------- TOTAL OTHER 152,137 --------- PRODUCER DURABLES--4.73% 868,347 ABB LTD ............................................ 8,368 44,263 ADVANTEST CORP ..................................... 2,506 8,131 AIXTRON AG ......................................... 184 29,824 ALSTOM ............................................. 332 64,271 AMADA CO LTD ....................................... 255 7,196 e ATLAS COPCO AB (A SHS) ............................. 161 21,481 ATLAS COPCO AB (B SHS) ............................. 452 26,916 BALFOUR BEATTY PLC ................................. 68 1,629 BARCO (NEW) NV ..................................... 57 1,476 BOMBARDIER, INC (CLASS A) .......................... 15 289,340 * BOMBARDIER, INC (CLASS B) .......................... 2,991 2,671 BWT AG ............................................. 58 65,886 CATERPILLAR, INC ................................... 3,443 88,000 * CHARTERED SEMICONDUCTOR MANUFACTURING LTD .......... 234 14,715 COOPER INDUSTRIES, INC ............................. 514 22,000 DAIFUKU CO LTD ..................................... 89 215,837 DAIKIN INDUSTRIES LTD .............................. 3,384 15,724 DANAHER CORP ....................................... 948 26,440 DEERE & CO ......................................... 1,154 10,840 EATON CORP ......................................... 807
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SHARES VALUE (000) ------ ----------- 23,000 EBARA CORP ......................................... $ 139 67,478 EMERSON ELECTRIC CO ................................ 3,853 97,190 FANUC LTD .......................................... 4,138 695 FISCHER (GEORG) LTD (REGD) ......................... 132 3,071 FKI PLC ............................................ 8 7,659 FLS INDUSTRIES AS (B SHS) .......................... 65 144,000 * FUJI ELECTRIC CO LTD ............................... 305 4,300 * FUJI MACHINE MANUFACTURING CO LTD .................. 56 458,032 FUJITSU LTD ........................................ 3,334 4,377,480 GENERAL ELECTRIC CO ................................ 175,449 15,543 GRAINGER (W.W.), INC ............................... 746 392,236 * HITACHI LTD ........................................ 2,873 131,000 HITACHI MAXELL LTD ................................. 1,580 37,748 ILLINOIS TOOL WORKS, INC ........................... 2,556 2,606 * IMAGISTICS INTERNATIONAL, INC ...................... 32 37,847 IMI PLC ............................................ 148 12,547 INGERSOLL-RAND CO .................................. 525 1,035,400 INVENSYS PLC ....................................... 1,797 196,633 * ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES CO LTD.. ...... 306 253 * KADANT, INC ........................................ 4 190,815 * KAWASAKI HEAVY INDUSTRIES LTD ...................... 175 129,689 KOMATSU LTD ........................................ 464 21,000 e KOMORI CORP ........................................ 237 2,045 KONE OYJ (B SHS) ................................... 151 685,937 KONINKLIJKE PHILIPS ELECTRONICS NV ................. 20,387 95,782 KUBOTA CORP ........................................ 251 14,638 KURITA WATER INDUSTRIES LTD ........................ 182 7,594 * LOGITECH INTERNATIONAL S.A. (REGD) ................. 278 6,800 MABUCHI MOTOR CO LTD ............................... 560 52,348 MAGNA INTERNATIONAL, INC (CLASS A) ................. 3,315 20,744 METSO OYJ .......................................... 218 71,155 MINNESOTA MINING & MANUFACTURING CO ................ 8,411 224,976 * MITSUBISHI ELECTRIC CORP ........................... 870 515,840 MITSUBISHI HEAVY INDUSTRIES LTD .................... 1,378 84,000 * MITSUI ENGINEERING & SHIPBUILDING CO LTD ........... 83 3,769 MORI SEIKI CO LTD .................................. 23 226,054 NEC CORP ........................................... 2,306 3,479 * NEG MICON AS ....................................... 92 30,457 NIKON CORP ......................................... 234 4,430 NKT HOLDING AS ..................................... 57 56,488 NSK LTD ............................................ 195 58,000 NTN CORP ........................................... 94 40,000 * OKI ELECTRIC INDUSTRY CO LTD ....................... 131 31,687 PACE MICRO TECHNOLOGY PLC .......................... 161 12,605 PARKER HANNIFIN CORP ............................... 579 25,479 PITNEY BOWES, INC .................................. 958 31,234 ROCKWELL COLLINS, INC .............................. 609 29,234 ROCKWELL INTERNATIONAL CORP ........................ 522 4,600 * ROYAL GROUP TECHNOLOGIES LTD ....................... 85 21,500 SAMSUNG ELECTRONICS CO LTD ......................... 4,567 77,250 e SANDVIK AB ......................................... 1,653 196 SCHINDLER HOLDINGS AG. (REGD) ...................... 281 53,545 SCHNEIDER ELECTRIC S.A ............................. 2,575 48,046 SEMBCORP INDUSTRIES LTD ............................ 42 3,494 * SGL CARBON AG ...................................... 70 366,169 SIEMENS AG ......................................... 24,404 201,000 SINGAPORE TECHNOLOGIES ENGINEERING LTD ............. 256 615 SKF AB (A SHS) ..................................... 11 16,281 e SKF AB (B SHS) ..................................... 320 14,278 SMC CORP ........................................... 1,453 2,000 STANLEY ELECTRIC CO LTD ............................ 15 543 SULZER AG. (REGD) .................................. 83 124,000 * SUMITOMO HEAVY INDUSTRIES LTD ...................... 66 1,000 TAKUMA CO LTD ...................................... 7 6,667 * TANDBERG ASA ....................................... 149 56 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- PRODUCER DURABLES--(CONTINUED) 18,800 THK CO LTD ......................................... $ 274 14,341 e* THOMSON MULTIMEDIA ................................. 441 133,981 TOKYO ELECTRON LTD ................................. 6,573 27,643 TOMRA SYSTEMS ASA .................................. 265 464,923 TOSHIBA CORP ....................................... 1,596 15,827 e TOYOTA INDUSTRIES CORP ............................. 231 26,000 USHIO, INC ......................................... 294 2,429 VA TECHNOLOGIE AG .................................. 53 16,131 e VESTAS WIND SYSTEMS AS ............................. 440 6,023 WARTSILA OYJ (B SHS) ............................... 112 98,517 WASTE MANAGEMENT, INC .............................. 3,144 63,412 XEROX CORP ......................................... 661 29,507 YOKOGAWA ELECTRIC CORP ............................. 235 --------- TOTAL PRODUCER DURABLES 317,343 --------- TECHNOLOGY--14.79% 124,093 * ADC TELECOMMUNICATIONS, INC ........................ 571 40,576 ADOBE SYSTEMS, INC ................................. 1,260 54,450 * ADVANCED MICRO DEVICES, INC ........................ 864 65,315 * AGILENT TECHNOLOGIES, INC .......................... 1,862 682 ALCATEL O (OPTRONICS) .............................. 5 267,171 ALCATEL S.A ........................................ 4,567 42,768 e ALCATEL S.A. (SPON ADR) ............................ 708 7,500 * ALIANT, INC ........................................ 141 14,000 ALPS ELECTRIC CO LTD ............................... 95 460,600 * ALTERA CORP ........................................ 9,774 9,850 ALTRAN TECHNOLOGIES S.A ............................ 445 22,706 * AMERICAN POWER CONVERSION CORP ..................... 328 375,901 * ANALOG DEVICES, INC ................................ 16,686 8,000 ANRITSU CORP ....................................... 64 87,572 * APPLE COMPUTER, INC ................................ 1,918 693,314 * APPLIED MATERIALS, INC ............................. 27,802 163,859 * APPLIED MICRO CIRCUITS CORP ........................ 1,855 262,291 * ARM HOLDINGS PLC ................................... 1,370 115,912 ASAHI GLASS CO LTD ................................. 685 2,285 ASCOM HOLDING AG. (REGD) ........................... 40 32,500 ASM PACIFIC TECHNOLOGY LTD ......................... 64 527,535 * ASML HOLDING NV .................................... 9,169 131,620 * ATI TECHNOLOGIES, INC .............................. 1,657 65,796 * ATMEL CORP ......................................... 485 3,221 * ATOS ORIGIN ........................................ 211 100,209 AUTOMATIC DATA PROCESSING, INC ..................... 5,902 24,046 * AVAYA, INC ......................................... 292 43 * AXCELIS TECHNOLOGIES, INC .......................... 1 677,128 * BEA SYSTEMS, INC ................................... 10,428 32,891 * BMC SOFTWARE, INC .................................. 538 28,844 * BROADCOM CORP (CLASS A) ............................ 1,179 328,941 * BROCADE COMMUNICATIONS SYSTEMS, INC ................ 10,895 9,454 e* BUSINESS OBJECTS ................................... 316 39,116 * CADENCE DESIGN SYSTEMS, INC ........................ 857 24,760 CAE, INC ........................................... 179 514,324 CANON, INC ......................................... 17,699 29,065 CAP GEMINI S.A ..................................... 2,099 64,312 * CELESTICA, INC ..................................... 2,578 1,283 * CELESTICA, INC (U.S.) .............................. 52 19,716 * CERIDIAN CORP ...................................... 370 10,759 * CERTEGY, INC ....................................... 368 1,331,488 * CIENA CORP ......................................... 19,054 3,860,136 * CISCO SYSTEMS, INC ................................. 69,907 41,279 CITIZEN WATCH CO LTD ............................... 206 29,404 * CITRIX SYSTEMS, INC ................................ 666 111,339 CMG PLC ............................................ 394 14,822 * COGNOS, INC ........................................ 367 72,717 COMPUTER ASSOCIATES INTERNATIONAL, INC ............. 2,508 19,541 * COMPUTER SCIENCES CORP ............................. 957
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SHARES VALUE (000) ------ ----------- 56,209 COMPUTERSHARE LTD ................................ $ 152 58,342 * COMPUWARE CORP ................................... 688 26,305 * COMVERSE TECHNOLOGY, INC ......................... 588 75,280 * CONCORD EFS, INC ................................. 2,468 24,164 * CONVERGYS CORP ................................... 906 149,004 * CORNING, INC ..................................... 1,329 10,500 CREATIVE TECHNOLOGY LTD .......................... 84 9,931 CSK CORP ......................................... 233 77,317 DAI NIPPON PRINTING CO LTD ....................... 773 37,121 e DAINIPPON SCREEN MANUFACTURING CO LTD ............ 117 9,474 DASSAULT SYSTEMES S.A ............................ 456 43,000 DATACRAFT ASIA LTD ............................... 94 986,882 * DELL COMPUTER CORP ............................... 26,823 7,650 * DESCARTES SYSTEMS GROUP, INC ..................... 57 7,140 * DST SYSTEMS, INC ................................. 356 23,689 * EBAY, INC ........................................ 1,585 8,416 * EDB BUSINESS PARTNER ASA ......................... 47 36,014 * ELECTRONIC ARTS, INC ............................. 2,159 89,899 ELECTRONIC DATA SYSTEMS CORP ..................... 6,163 947,135 * EMC CORP ......................................... 12,729 14,164 EPCOS AG ......................................... 731 21,219 EQUIFAX, INC ..................................... 512 114,663 ERG LTD .......................................... 32 33,750 e* ERG LTD (NEW) .................................... 10 2,549,408 e ERICSSON (LM) (B SHS) ............................ 13,853 71,222 b,e* EXODUS COMMUNICATIONS, INC ....................... 3 64,418 FIRST DATA CORP .................................. 5,054 18,240 * FISERV, INC ...................................... 772 65,000 FUJIKURA LTD ..................................... 244 3,200 FUJITSU SUPPORT & SERVICE, INC ................... 53 68,340 FURUKAWA ELECTRIC CO LTD ......................... 363 108,803 FUTURIS CORP LTD ................................. 103 55,116 GETRONICS NV ..................................... 179 307,102 HEWLETT-PACKARD CO ............................... 6,308 56,100 e HIROSE ELECTRIC CO LTD ........................... 3,822 13,320 HOYA CORP ........................................ 796 44,861 * I2 TECHNOLOGIES, INC ............................. 354 81,852 e* INFINEON TECHNOLOGIES AG ......................... 1,713 2,861,229 INTEL CORP ....................................... 89,986 887,943 INTERNATIONAL BUSINESS MACHINES CORP ............. 107,406 8,995 INTRACOM S.A ..................................... 115 40,874 * INTUIT, INC ...................................... 1,749 3,608 * IONA TECHNOLOGIES PLC ............................ 75 23,758 * JABIL CIRCUIT, INC ............................... 540 216,353 * JDS UNIPHASE CORP ................................ 1,878 4,651,555 JOHNSON ELECTRIC HOLDINGS LTD .................... 4,891 32,929 * JUNIPER NETWORKS, INC ............................ 624 29,627 KEYENCE CORP ..................................... 4,926 34,901 * KLA-TENCOR CORP .................................. 1,730 20,000 KOKUYO CO LTD .................................... 168 18,000 KONICA CORP ...................................... 106 3,635 e* KUDELSKI S.A. (BR) ............................... 212 97,102 KYOCERA CORP ..................................... 6,335 12,000 e KYOWA EXEO CORP .................................. 71 368,700 * LAM RESEARCH CORP ................................ 8,561 24,800 * LEARNING TECHNOLOGY PLC (LITIGATION NOTES) ....... 0 75,250 LINEAR TECHNOLOGY CORP ........................... 2,938 141,979 LOGICA PLC ....................................... 1,322 537,985 * LUCENT TECHNOLOGIES, INC ......................... 3,384 698,945 * MARCONI PLC ...................................... 425 10,719 MATSUSHITA COMMUNICATION INDUSTRIAL CO LTD ....... 290 49,618 * MAXIM INTEGRATED PRODUCTS, INC ................... 2,605 12,946 * MERCURY INTERACTIVE CORP ......................... 440 27,617 * MERKANTILDATA ASA ................................ 33 84,932 * MICRON TECHNOLOGY, INC ........................... 2,633 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 57
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 2,296,660 * MICROSOFT CORP ..................................... $ 152,154 54,000 MINEBEA CO LTD ..................................... 291 92,845 MISYS PLC .......................................... 439 11,000 e MITSUMI ELECTRIC CO LTD ............................ 126 2,019,297 MOTOROLA, INC ...................................... 30,330 113,044 MURATA MANUFACTURING CO LTD ........................ 6,805 4,897 * NAVISION AS ........................................ 131 18,159 NERA ASA ........................................... 39 46,779 * NETWORK APPLIANCE, INC ............................. 1,023 14,419 NGK SPARK PLUG CO LTD .............................. 104 1,800 e NIDEC CORP ......................................... 98 3,000 NIPPON COMSYS CORP ................................. 16 40,972 NIPPON SHEET GLASS CO LTD .......................... 129 15,100 NITTO DENKO CORP ................................... 349 2,083,625 NOKIA OYJ .......................................... 53,733 20,700 NOMURA RESEARCH INSTITUTE, INC ..................... 2,429 1,191,389 NORTEL NETWORKS CORP ............................... 8,881 778,907 * NORTEL NETWORKS CORP (U.S.) ........................ 5,842 22,559 * NOVELLUS SYSTEMS, INC .............................. 890 197 NTT DATA CORP ...................................... 700 33,055 OLYMPUS OPTICAL CO LTD ............................. 475 38,543 OMRON CORP ......................................... 515 22,080 * OPENWAVE SYSTEMS, INC .............................. 216 1,129 * OPTICOM ASA ........................................ 46 696,201 * ORACLE CORP ........................................ 9,615 89,298 * PALM, INC .......................................... 346 52,584 * PARAMETRIC TECHNOLOGY CORP ......................... 411 61,006 PAYCHEX, INC ....................................... 2,126 42,869 * PEOPLESOFT, INC .................................... 1,723 29,971 * PEREGRINE SYSTEMS, INC ............................. 444 37,912 * PMC-SIERRA, INC .................................... 806 14,569 * QLOGIC CORP ........................................ 648 433,691 * QUALCOMM, INC ...................................... 21,901 29,385 * RATIONAL SOFTWARE CORP ............................. 573 92,318 RICOH CO LTD ....................................... 1,719 16,943 ROHM CO LTD ........................................ 2,235 170,623 SAGE GROUP PLC ..................................... 567 1,725 e SAGEM S.A. (NEW) ................................... 106 50,447 * SANMINA-SCI CORP ................................... 1,004 136,057 SAP AG ............................................. 17,834 42,063 SCIENTIFIC-ATLANTA, INC ............................ 1,007 57,448 * SIEBEL SYSTEMS, INC ................................ 1,607 2,911 SOFTWARE AG. (REGD) ................................ 110 128,304 * SOLECTRON CORP ..................................... 1,447 19,432 * SONUS NETWORKS, INC ................................ 90 76,381 SPIRENT PLC ........................................ 176 459,985 e STMICROELECTRONICS NV (NEWYORKSHS) ................. 14,765 82,709 SUMITOMO ELECTRIC INDUSTRIES LTD ................... 577 622,227 * SUN MICROSYSTEMS, INC .............................. 7,653 42,283 * SUNGARD DATA SYSTEMS, INC .......................... 1,223 21,753 SYMBOL TECHNOLOGIES, INC ........................... 345 17,940 TAIYO YUDEN CO LTD ................................. 272 8,262 * TANDBERG TELEVISION ASA ............................ 28 17,257 TDK CORP ........................................... 814 9,122 * TELLABS, INC ....................................... 136 28,431 * TERADYNE, INC ...................................... 857 273,399 TEXAS INSTRUMENTS, INC ............................. 7,655 25,555 * THERMO ELECTRON CORP ............................... 610 12,878 TIETOENATOR CORP ................................... 341 1,151,540 TOPPAN PRINTING CO LTD ............................. 10,623 217,000 * TREND MICRO, INC ................................... 5,133 2,092 UNAXIS HOLDING AG. (REGD) .......................... 226 58,423 * UNISYS CORP ........................................ 733 113,000 VENTURE MANUFACTURING LTD (SINGAPORE) .............. 814
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SHARES VALUE (000) ------ ----------- 28,704 * VERISIGN, INC ...................................... $ 1,092 376,946 * VERITAS SOFTWARE CORP .............................. 16,898 28,090 * VITESSE SEMICONDUCTOR CORP ......................... 349 39,100 WM-DATA AB (B SHS) ................................. 98 467,886 * XILINX, INC ........................................ 18,271 231,232 e* YAHOO!, INC ........................................ 4,102 28,678 YAMAHA CORP ........................................ 212 --------- TOTAL TECHNOLOGY 992,673 --------- TRANSPORTATION--0.91% 10,897 e* AIR CANADA ......................................... 34 12,853 AIR FRANCE ......................................... 188 128,778 e* ALITALIA S.P.A ..................................... 115 132,000 e* ALL NIPPON AIRWAYS CO LTD .......................... 306 95,404 ASSOCIATED BRITISH PORTS HOLDINGS PLC .............. 583 9,335 * ATTICA ENTERPRISE HOLDING S.A ...................... 42 9,971 * BALLARD POWER SYSTEMS, INC ......................... 295 507 BERGESEN DY AS (A SHS) ............................. 9 7,017 BERGESEN DY AS (B SHS) ............................. 111 337,801 BRAMBLES INDUSTRIES LTD ............................ 1,798 116,413 * BRAMBLES INDUSTRIES PLC ............................ 576 157,725 * BRITISH AIRWAYS PLC ................................ 448 42,582 BURLINGTON NORTHERN SANTA FE CORP .................. 1,215 15,800 CANADIAN NATIONAL RAILWAY CO ....................... 763 96,338 * CANADIAN NATIONAL RAILWAY CO (CANADA) .............. 4,629 139,410 e CANADIAN PACIFIC RAILWAY LTD ....................... 2,803 189,000 CATHAY PACIFIC AIRWAYS LTD ......................... 242 115 CENTRAL JAPAN RAILWAY CO ........................... 744 939 CMB COMPAGNIE MARITIME BELGE S.A ................... 43 152,259 * CONTINENTAL AIRLINES, INC (CLASS B) ................ 3,991 12,106 * CP SHIPS LTD ....................................... 130 44,742 CSX CORP ........................................... 1,568 48 DAMPSKIBSSELSKABET AF 1912 (B SHS) ................. 328 33 DAMPSKIBSSELSKABET SVENDBORG (B SHS) ............... 300 154,107 DEUTSCHE LUFTHANSA AG. (REGD) ...................... 2,072 2,141 EAST JAPAN RAILWAY CO .............................. 10,341 31,012 EXEL PLC ........................................... 354 59,106 * FEDEX CORP ......................................... 3,066 95,486 FIRSTGROUP PLC ..................................... 409 8,007 FRONTLINE LTD ...................................... 83 18,234 e JAPAN AIRLINES CO LTD .............................. 44 28,968 KAMIGUMI CO LTD .................................... 119 27,381 e KEIHIN ELECTRIC EXPRESS RAILWAY CO LTD ............. 104 79,000 KEIO ELECTRIC RAILWAY CO LTD ....................... 389 263,700 KINKI NIPPON RAILWAY CO LTD ........................ 845 3,905 e KLM (ROYAL DUTCH AIRLINES) NV ...................... 45 139,949 MAYNE NICKLESS LTD ................................. 493 9,000 MITSUBISHI LOGISTICS CORP .......................... 64 109,474 MITSUI O.S.K. LINES LTD ............................ 221 218,000 MTR CORP ........................................... 285 112,124 * NEPTUNE ORIENT LINES LTD ........................... 59 80,000 NIPPON EXPRESS CO LTD .............................. 272 188,974 NIPPON YUSEN KABUSHIKI KAISHA ...................... 570 60,837 NORFOLK SOUTHERN CORP .............................. 1,115 121,633 PENINSULAR AND ORIENTAL STEAM NAVIGATION CO ........ 421 83,821 * RAILTRACK GROUP PLC ................................ 0 594,237 * RYANAIR HOLDINGS PLC ............................... 3,755 8,101 * SABRE HOLDINGS CORP ................................ 343 13,365 e* SAS AB ............................................. 87 37,000 SEINO TRANSPORTATION CO LTD ........................ 150 40,000 SEMBCORP LOGISTICS LTD ............................. 39 87,139 SINGAPORE AIRLINES LTD ............................. 519 113,000 SMRT CORP LTD ...................................... 44 313,045 SOUTHWEST AIRLINES CO .............................. 5,785 14,561 STAGECOACH GROUP PLC ............................... 16 400 * STAMFORD LAND CORP LTD WTS 05/10/02 ................ 0 58 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TRANSPORTATION--(CONTINUED) 97,000 * TOBU RAILWAY CO LTD ............................. $ 255 188,673 e TOKYU CORP ...................................... 569 38,798 UNION PACIFIC CORP .............................. 2,211 17,868 UNITED PARCEL SERVICE, INC (CLASS B) ............ 974 2,159 * VAN DER HORST LTD ............................... 0 123 WEST JAPAN RAILWAY CO ........................... 550 205,107 e YAMATO TRANSPORT CO LTD ......................... 3,866 ---------- TOTAL TRANSPORTATION 61,795 ---------- UTILITIES--9.99% 3,204,466 A T & T CORP .................................... 58,129 1,787,609 * A T & T WIRELESS SERVICES, INC .................. 25,688 16,533 ACEA S.P.A ...................................... 112 71,251 * AES CORP ........................................ 1,165 135 AGUAS DE BARCELONA S.A. (NEW) ................... 2 13,593 AGUAS DE BARCELONA S.A .......................... 169 25,720 ALLEGHENY ENERGY, INC ........................... 932 230,847 ALLIANT ENERGY CORP ............................. 7,009 21,582 AMEREN CORP ..................................... 913 35,880 AMERICAN ELECTRIC POWER CO, INC ................. 1,562 232,981 * AMERICAN TOWER CORP (CLASS A) ................... 2,206 2,059 ATHENS WATER SUPPLY & SEWAGE .................... 12 54,995 AUSTRALIAN GAS LIGHT CO LTD ..................... 256 22,775 AUTOPISTAS CONCESIONARIA ESPANOLA S.A ........... 227 267,546 e AUTOSTRADE-CONCESSIONI E COSTRUZIONI AUTOSTRADE S.P.A ................................ 1,858 58,987 AWG PLC ......................................... 464 33,558,480 * AWG PLC (REDMBLE SHS) ........................... 44 195,597 BCE, INC ........................................ 4,412 260,171 BELLSOUTH CORP .................................. 9,926 46,155 BOUYGUES S.A .................................... 1,512 44,004 BRISA-AUTO ESTRADAS DE PORTUGAL S.A ............. 187 4,824,082 * BT GROUP PLC .................................... 17,763 854,322 CABLE & WIRELESS PLC ............................ 4,109 48,047 * CALPINE CORP .................................... 807 89,371 CHUBU ELECTRIC POWER CO, INC .................... 1,609 31,591 CINERGY CORP .................................... 1,056 290,498 CLP HOLDINGS LTD ................................ 1,108 562,239 CMS ENERGY CORP ................................. 13,511 27,478 CONSOLIDATED EDISON, INC ........................ 1,109 35,834 CONSTELLATION ENERGY GROUP, INC ................. 951 65,344 CONTACT ENERGY LTD .............................. 108 1,008,850 DEUTSCHE TELEKOM AG. (REGD) ..................... 17,427 241,216 DOMINION RESOURCES, INC ......................... 14,497 26,403 DTE ENERGY CO ................................... 1,107 150,569 DUKE ENERGY CORP ................................ 5,911 37,652 DYNEGY, INC (CLASS A) ........................... 960 1,880 e* E.BISCOM S.P.A .................................. 86 240,892 E.ON AG ......................................... 12,526 33,364 * EDISON INTERNATIONAL ............................ 504 101,551 EL PASO CORP .................................... 4,530 9,799 ELECTRABEL S.A .................................. 2,042 10,950 * ELECTRABEL S.A. (STRIP VVPR) .................... 4 582,372 ELECTRICIDADE DE PORTUGAL S.A ................... 1,265 3,479,754 ELECTRONICS BOUTIQUE PLC ........................ 6,938 287,488 e ENDESA S.A ...................................... 4,498 677,289 e ENEL S.P.A ...................................... 3,817 218,569 b,e ENRON CORP ...................................... 131 23,218 ENTERGY CORP .................................... 908 24,660 EXELON CORP ..................................... 1,181 63,111 FIRSTENERGY CORP ................................ 2,208 42,960 FPL GROUP, INC .................................. 2,423 130,268 e FRANCE TELECOM S.A .............................. 5,208 123,957 b,e* GLOBAL CROSSING LTD ............................. 104 38,555 GN STORE NORD ................................... 231
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SHARES VALUE (000) ------ ----------- 38,654 HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A ....... $ 630 766,014 HONGKONG ELECTRIC HOLDINGS LTD ..................... 2,849 254,971 e IBERDROLA S.A ...................................... 3,319 262,686 * INTERNATIONAL POWER PLC ............................ 774 105,197 KANSAI ELECTRIC POWER CO, INC ...................... 1,507 114,014 KELDA GROUP PLC .................................... 589 26,164 KEYSPAN CORP ....................................... 907 13,558 KINDER MORGAN, INC ................................. 755 324,346 e* KPN NV ............................................. 1,649 58,196 KYUSHU ELECTRIC POWER CO, INC ...................... 838 1,028,492 e* LEVEL 3 COMMUNICATIONS, INC ........................ 5,142 62,006 e* METROMEDIA FIBER NETWORK, INC (CLASS A) ............ 27 81,322 * MIRANT CORP ........................................ 1,303 478,549 NATIONAL GRID GROUP PLC ............................ 2,981 87,424 * NEXTEL COMMUNICATIONS, INC (CLASS A) ............... 958 3,164 NIPPON TELEGRAPH & TELEPHONE CORP .................. 10,308 469,690 NISOURCE, INC ...................................... 10,831 1,649 * NISOURCE, INC (SAILS) .............................. 4 1,648 NTT DOCOMO, INC .................................... 19,365 1,454 OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG (A SHS) ........................................... 109 40,813 * P G & E CORP ....................................... 785 1,393,800 * PACIFIC CENTURY CYBERWORKS LTD ..................... 384 35,280 PANAFON HELLENIC TELECOM S.A ....................... 182 211,699 * PORTUGAL TELECOM SGPS S.A. (REGD) .................. 1,649 15,993 PPL CORP ........................................... 557 1,325,756 * PRICE COMMUNICATIONS CORP .......................... 25,309 34,179 PROGRESS ENERGY, INC ............................... 1,539 38,972 PUBLIC SERVICE ENTERPRISE GROUP, INC ............... 1,644 222,873 QWEST COMMUNICATIONS INTERNATIONAL, INC ............ 3,149 411,962 RELIANT ENERGY, INC ................................ 10,925 117,161 RWE AG ............................................. 4,428 1,031,641 SBC COMMUNICATIONS, INC ............................ 40,409 327,890 SCOTTISH & SOUTHERN ENERGY PLC ..................... 2,911 587,077 SCOTTISH POWER PLC ................................. 3,247 35,418 SEMPRA ENERGY ...................................... 870 29,048 SEVERN TRENT PLC ................................... 304 913,670 SINGAPORE TELECOMMUNICATIONS LTD ................... 871 164,748 e SONERA OYJ ......................................... 835 594,533 SOUTHERN CO ........................................ 15,071 285,067 SPRINT CORP (FON GROUP) ............................ 5,724 829,555 * SPRINT CORP (PCS GROUP) ............................ 20,249 331,762 SUEZ S.A ........................................... 10,024 8,172 SWISSCOM AG. (REGD) ................................ 2,264 43,800 TDC AS ............................................. 1,560 13,433 * TELE2 AB (B SHS) ................................... 484 220,434 TELECOM CORP OF NEW ZEALAND LTD .................... 459 1,167,515 e TELECOM ITALIA S.P.A ............................... 9,980 359,667 e TELECOM ITALIA S.P.A.(RNC) ......................... 1,921 1,612,147 * TELEFONICA S.A ..................................... 21,575 32,271 * TELEFONICA S.A. (SPON ADR) ......................... 1,293 19,751 * TELEKOM AUSTRIA AG ................................. 164 69,368 TELENOR ASA ........................................ 299 144,685 TELIA AB ........................................... 644 897,985 TELSTRA CORP LTD ................................... 2,501 17,519 TELUS CORP ......................................... 266 938 TELUS CORP (NON-VOTE) .............................. 14 1,534,493 e TIM S.P.A .......................................... 8,567 22,507 e* TISCALI S.P.A ...................................... 204 328,830 TOHOKU ELECTRIC POWER CO, INC ...................... 4,511 641,159 TOKYO ELECTRIC POWER CO, INC ....................... 13,649 27,020 TRANSALTA CORP ..................................... 366 217,821 TXU CORP ........................................... 10,270 40,266 UNION FENOSA S.A ................................... 652 157,548 UNITED UTILITIES PLC ............................... 1,411 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 59
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Statement of Investments - GLOBAL EQUITIES ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- UTILITIES--(CONTINUED) 400,974 VERIZON COMMUNICATIONS, INC ..................... $ 19,030 24,824,468 VODAFONE GROUP PLC .............................. 64,943 271,157 VODAFONE GROUP PLC (SPON ADR) ................... 6,963 106,706 WILLIAMS COS, INC ............................... 2,723 18,288 WORLDCOM, INC (MCI GROUP) ....................... 232 2,143,205 * WORLDCOM, INC (WORLDCOM GROUP) .................. 30,176 ---------- TOTAL UTILITIES 670,454 ---------- TOTAL COMMON STOCK (COST $7,010,532) 6,616,713 ---------- PRINCIPAL --------- SHORT TERM INVESTMENTS--2.30% U.S. GOVERNMENT AND AGENCIES--2.30% FEDERAL HOME LOAN BANK (FHLB) $ 6,989,000 d 2.280%, 01/11/02 ................................ $ 6,985 5,150,000 1.700%, 03/13/02 ................................ 5,132 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) 19,400,000 d 2.000%, 01/22/02 ................................ 19,379 28,700,000 d 1.660%, 03/07/02 ................................ 28,608 1,450,000 d 3.985%, 05/23/02 ................................ 1,440 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 15,100,000 1.500%, 01/02/02 ................................ 15,099 46,700,000 1.730%, 03/21/02 ................................ 46,519 19,000,000 d 1.680%, 04/16/02 ................................ 18,902 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) $12,000,000 d 6.820%, 04/29/02 ................................ $ 12,197 ---------- TOTAL U.S. GOVERNMENT AND AGENCIES 154,261 ---------- TOTAL SHORT TERM INVESTMENTS (COST $154,165) 154,261 ---------- TOTAL PORTFOLIO--100.93% (COST $7,171,898) 6,776,790 OTHER ASSETS & LIABILITIES, NET--(0.93)% (62,765) ---------- NET ASSETS--100.00% $6,714,025 ========== ---------- * Non-income producing b In bankruptcy d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts. e All or a portion of these securities are out on loan. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2001, 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 ==== TRANSACTION WITH AFFILIATED COMPANIES--JANUARY 1, 2001 - DECEMBER 31, 2001 -------------------------------------------------------------------------------- [Enlarge/Download Table] VALUE AT PURCHASE REALIZED DIVIDEND SHARES AT VALUE AT ISSUE DECEMBER 31, 2000 COST PROCEEDS GAIN(LOSS) INCOME DECEMBER 31,2001 DECEMBER 31,2001 ----- ----------------- ----------- ----------- ---------- ------ ---------------- ---------------- IHC CALAND NV $70,811,932 $24,927,590 $33,125,435 $7,572,110 -- -- * ----------- ----------- ----------- ---------- TOTAL AFFILIATED TRANSACTIONS $70,811,932 $24,927,590 $33,125,435 $7,572,110 =========== =========== =========== ========== ---------- * Not an Affiliate as of December 31, 2001
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Statement of Investments - GROWTH ACCOUNT - December 31, 2001 -------------------------------------------------------------------------------- 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 (NEW) ........................... 161 ---------- TOTAL BASIC INDUSTRIES 161 ---------- HEALTH CARE--0.00% 32,800 * FRESENIUS MEDICAL CARE HOLDINGS, INC ............ 1 ---------- TOTAL HEALTH CARE 1 ---------- TECHNOLOGY--0.00% 264 * SUPERIOR TRUST I SERIES A ....................... 1 ---------- TOTAL TECHNOLOGY 1 ---------- TOTAL PREFERRED STOCK (COST $186) 163 ---------- COMMON STOCK--99.26% AEROSPACE AND DEFENSE--0.58% 10,673 * ALLIANT TECHSYSTEMS, INC ........................ 824 320,753 BOEING CO ....................................... 12,439 9,425 e* DRS TECHNOLOGIES, INC ........................... 336 175,173 e* ECHOSTAR COMMUNICATIONS CORP (CLASS A) .......... 4,812 3,708 ENGINEERED SUPPORT SYSTEMS, INC ................. 127 2,506,637 * GENERAL MOTORS CORP (CLASS H) ................... 38,728 250 HEICO CORP ...................................... 4 25 HEICO CORP (CLASS A) ............................ 1 1,983 * INNOVATIVE SOLUTIONS & SUPPORT, INC ............. 15 403 * LADISH CO, INC .................................. 4 2,807 NORTHROP GRUMMAN CORP ........................... 283 10,684 * PANAMSAT CORP ................................... 234 17,987 * PEGASUS COMMUNICATIONS CORP ..................... 187 94,454 PERKINELMER, INC ................................ 3,308 28,430 * TELEDYNE TECHNOLOGIES, INC ...................... 463 1,123 * TRIUMPH GROUP, INC .............................. 36 11,816 * VIASAT, INC ..................................... 184 ---------- TOTAL AEROSPACE AND DEFENSE 61,985 ---------- BASIC INDUSTRIES--0.34% 2,721 * AEP INDUSTRIES, INC ............................. 65 465 ALBANY INTERNATIONAL CORP (CLASS A) ............. 10 62,546 ALCOA, INC ...................................... 2,224 100 * AMERICAN REALTY INVESTORS, INC .................. 1 44,254 * AMERICAN STANDARD COS, INC ...................... 3,019 1,887 AMERICAN WOODMARK CORP .......................... 101 3,580 APTARGROUP, INC ................................. 125 13,994 ARCH COAL, INC .................................. 318 31,948 AVERY DENNISON CORP ............................. 1,806 42,700 BARRICK GOLD CORP (U.S.) ........................ 681 SEE NOTES TO FINANCIAL STATEMENTS 60 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- BASIC INDUSTRIES--(CONTINUED) 12,956 BLACK & DECKER CORP ........................... $ 489 7,513 * BUCKEYE TECHNOLOGIES, INC ..................... 86 19,212 e* CABOT MICROELECTRONICS CORP ................... 1,523 15,144 CAMBREX CORP .................................. 660 5,811 CARLISLE COS, INC ............................. 215 8,444 CENTURY ALUMINUM CO ........................... 113 383 CLARCOR, INC .................................. 10 4,994 * COLLINS & AIKMAN CORP ......................... 38 17,995 CONSOL ENERGY, INC ............................ 447 11,606 * CORVAS INTERNATIONAL, INC ..................... 76 42,555 * DAL-TILE INTERNATIONAL, INC ................... 989 14,058 * DIONEX CORP ................................... 359 36,143 * EARTHSHELL CORP ............................... 72 92,876 ECOLAB, INC ................................... 3,738 6,066 ELCOR CORP .................................... 169 12,953 * ENERGY CONVERSION DEVICES, INC ................ 246 10,083 FERRO CORP .................................... 260 6,531 FLORIDA ROCK INDUSTRIES, INC .................. 239 3,039 * FOAMEX INTERNATIONAL, INC ..................... 25 53,104 e* FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS A) 685 24,481 e* FREEPORT-MCMORAN COPPER & GOLD, INC (CLASS B) 328 4,900 * GENTEK, INC ................................... 8 13,520 GEORGIA GULF CORP ............................. 250 3,651 GRANITE CONSTRUCTION, INC ..................... 88 21,819 * INSITUFORM TECHNOLOGIES, INC (CLASS A) ........ 558 12,584 * IVEX PACKAGING CORP ........................... 239 2,645 * JACOBS ENGINEERING GROUP, INC ................. 175 70,249 KIMBERLY-CLARK CORP ........................... 4,201 999 LIQUI-BOX CORP ................................ 41 22,326 * LONE STAR TECHNOLOGIES, INC ................... 393 1,537 LSI INDUSTRIES, INC ........................... 27 213 * LYDALL, INC ................................... 2 6,784 MACDERMID, INC ................................ 115 28,817 * MATTSON TECHNOLOGY, INC ....................... 254 188 * MAUI LAND & PINEAPPLE CO ...................... 5 11,675 * MOBILE MINI, INC .............................. 457 1,910 * MUELLER INDUSTRIES, INC ....................... 64 5,198 * NANOPHASE TECHNOLOGIES CORP ................... 31 81,514 e NEWMONT MINING CORP ........................... 1,558 340 NL INDUSTRIES, INC ............................ 5 4,899 * NVR, INC ...................................... 999 3,755 * OGLEBAY NORTON CO ............................. 58 11,364 OLIN CORP ..................................... 183 10,971 * PACKAGING CORP OF AMERICA ..................... 199 824 * PALM HARBOR HOMES, INC ........................ 20 4,272 PEABODY ENERGY CORP ........................... 120 807 PENN ENGINEERING & MANUFACTURING CORP ......... 14 6,984 * PENWEST PHARMACEUTICALS CO .................... 140 2,441 * PERINI CORP ................................... 17 42,390 PLUM CREEK TIMBER CO, INC ..................... 1,202 438 QUAKER CHEMICAL CORP .......................... 9 3,816 RPM, INC ...................................... 55 33,202 * SCICLONE PHARMACEUTICALS, INC ................. 100 61,374 e* SEALED AIR CORP ............................... 2,505 31,159 * SHAW GROUP, INC ............................... 732 5,920 * SIMPSON MANUFACTURING CO, INC ................. 339 41,329 SOLUTIA, INC .................................. 579 3,674 SPARTECH CORP ................................. 75 9,368 * STEEL DYNAMICS, INC ........................... 109 32,875 * STILLWATER MINING CO .......................... 608 5,879 e* TREX CO, INC .................................. 112 5,228 VULCAN MATERIALS CO ........................... 251 13,906 WD-40 CO ...................................... 371 6,087 WILLAMETTE INDUSTRIES, INC .................... 317 ---------- TOTAL BASIC INDUSTRIES 36,702 ---------- CONSUMER CYCLICAL--12.58% 3,369 * 1-800 CONTACTS, INC ........................... 42 21,248 * 99 CENTS ONLY STORES .......................... 810 479 AARON RENTS, INC .............................. 8 72,976 * ABERCROMBIE & FITCH CO (CLASS A) .............. 1,936 21,043 e* ACCLAIM ENTERTAINMENT, INC .................... 112 12,742 * ACKERLEY GROUP, INC ........................... 223 5,796 e* ACTION PERFORMANCE COS, INC ................... 177 37,948 * ACTV, INC ..................................... 71 194,500 e* ADELPHIA COMMUNICATIONS CORP (CLASS A) ........ 6,065 10,921 ADVANCED MARKETING SERVICES, INC .............. 199 3,982 * AFC ENTERPRISES, INC .......................... 113 2,467 * ALEXANDER'S, INC .............................. 140 2,610 * ALLIANCE GAMING CORP .......................... 77 11,226 * AMC ENTERTAINMENT, INC ........................ 135 38,066 * AMERICAN EAGLE OUTFITTERS, INC ................ 996 838 * AMERISTAR CASINOS, INC ........................ 21 5,095 e* ANNTAYLOR STORES CORP ........................ 178 8,457,228 * AOL TIME WARNER, INC .......................... 271,477 7,734 APOGEE ENTERPRISES, INC ....................... 122
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71,726 e* APOLLO GROUP, INC (CLASS A) ................... 3,228 4,960 * APOLLO GROUP, INC (UNIVERSITY OF PHOENIX ONLINE) 162 21,431 APPLEBEE'S INTERNATIONAL, INC ................. 733 1,093 ARCTIC CAT, INC ............................... 19 405 * ARDEN GROUP, INC (CLASS A) .................... 25 21,806 * ARGOSY GAMING CO .............................. 709 13,760 * BALLY TOTAL FITNESS HOLDING CORP .............. 297 6,459 BARNES GROUP, INC ............................. 155 6,379 * BEASLEY BROADCAST GROUP, INC (CLASS A) ........ 83 2,366 * BEBE STORES, INC .............................. 44 235,397 * BED BATH & BEYOND, INC ........................ 7,980 8,421 BIG LOTS, INC ................................. 88 7,240 BLOCKBUSTER, INC (CLASS A) .................... 182 30,630 * BOYDS COLLECTION LTD .......................... 207 12,893 * BRINKER INTERNATIONAL, INC .................... 384 9,150 * BUCA, INC ..................................... 148 144 * BUCKLE, INC ................................... 3 121,100 * CABLEVISION SYSTEMS CORP (CLASS A) ............ 5,746 6,698 e* CABLEVISION SYSTEMS CORP (RAINBOW MEDIA GROUP) ....................... 165 6,595 e* CALIFORNIA PIZZA KITCHEN, INC ................. 163 21,689 CALLAWAY GOLF CO .............................. 415 29,630 * CATALINA MARKETING CORP ....................... 1,028 7,281 CATO CORP (CLASS A) ........................... 138 22,287 * CEC ENTERTAINMENT, INC ........................ 967 14,958 * CHARLOTTE RUSSE HOLDING, INC .................. 278 21,785 e* CHICO'S FAS, INC .............................. 865 12,599 * CHILDREN'S PLACE RETAIL STORES, INC ........... 342 28,339 * CHOICE HOTELS INTERNATIONAL, INC .............. 628 20,858 * CHRISTOPHER & BANKS CORP ...................... 714 1,729,479 * CLEAR CHANNEL COMMUNICATIONS, INC ............. 88,048 3,066 * COLDWATER CREEK, INC .......................... 65 9,137 * COLUMBIA SPORTSWEAR CO ........................ 304 190,088 * COMCAST CORP (CLASS A) SPECIAL ................ 6,843 28,742 * COPART, INC ................................... 1,045 273,400 * COX COMMUNICATIONS, INC (CLASS A) ............. 11,458 31,715 * COX RADIO, INC (CLASS A) ...................... 808 2,746 CPI CORP ...................................... 46 9,463 * CROWN MEDIA HOLDINGS, INC (CLASS A) ........... 107 461 * CUMULUS MEDIA, INC (CLASS A) .................. 7 10,345 DARDEN RESTAURANTS, INC ....................... 366 20,428 * DIGITAL GENERATION SYSTEMS, INC ............... 23 27,307 * DIRECT FOCUS, INC ............................. 852 212,630 DOLLAR GENERAL CORP ........................... 3,168 76,423 * DOLLAR TREE STORES, INC ....................... 2,362 23,175 DONALDSON CO, INC ............................. 900 5,882 DOVER DOWNS ENTERTAINMENT, INC ................ 90 17,304 DOW JONES & CO, INC ........................... 947 3,187 * ELIZABETH ARDEN, INC .......................... 49 7,800 * ENTRAVISION COMMUNICATIONS CORP (CLASS A) ..... 93 15,420 FACTSET RESEARCH SYSTEMS, INC ................. 539 903,919 FAMILY DOLLAR STORES, INC ..................... 27,099 399 FISHER COMMUNICATIONS, INC .................... 18 4,914 * FOOT LOCKER, INC .............................. 77 9,530 * FOOTSTAR, INC ................................. 298 10,006 FOREST CITY ENTERPRISES, INC (CLASS A) ........ 387 12,860 * FOSSIL, INC ................................... 270 18,697 * FOX ENTERTAINMENT GROUP, INC (CLASS A) ........ 496 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 61
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CONSUMER CYCLICAL--(CONTINUED) 6,786 FRED'S, INC ................................... $ 278 500,614 GAP, INC ...................................... 6,979 552,536 * GEMSTAR-TV GUIDE INTERNATIONAL, INC ........... 15,305 16,942 * GENESCO, INC .................................. 352 13,913 * GENESISINTERMEDIA, INC ........................ 82 63,236 * GENTEX CORP ................................... 1,690 263 * GLOBAL SPORTS, INC ............................ 5 29,354 GRACO, INC .................................... 1,146 580 GREY GLOBAL GROUP, INC ........................ 387 5,579 * GROUP 1 AUTOMOTIVE, INC ....................... 159 16,213 * GUITAR CENTER, INC ............................ 221 2,155 * GULFMARK OFFSHORE, INC ........................ 61 11,819 * GYMBOREE CORP ................................. 141 535 HANCOCK FABRICS, INC .......................... 7 1,563,141 e HARLEY-DAVIDSON, INC .......................... 84,894 6,928 HARMAN INTERNATIONAL INDUSTRIES, INC .......... 312 3,721 * HARRAH'S ENTERTAINMENT, INC ................... 138 2,415 HARTE-HANKS, INC .............................. 68 1,511 * HIBBETT SPORTING GOODS, INC ................... 46 44,060 * HISPANIC BROADCASTING CORP .................... 1,124 4,551 * HOLLYWOOD CASINO CORP (CLASS A) ............... 48 14,761 * HOLLYWOOD ENTERTAINMENT CORP .................. 211 15,925 e* HOT TOPIC, INC ............................... 500 308 * IHOP CORP ..................................... 9 5,099 * IMPCO TECHNOLOGIES, INC ....................... 65 11,654 * INFORMATION HOLDINGS, INC ..................... 330 67,726 * INTERNATIONAL GAME TECHNOLOGY ................. 4,626 7,646 INTERNATIONAL SPEEDWAY CORP (CLASS A) ......... 299 275,277 INTERPUBLIC GROUP OF COS, INC ................. 8,132 25,886 * INTERTAN, INC ................................. 325 59,146 INTIMATE BRANDS, INC .......................... 879 22,367 * JACK IN THE BOX, INC .......................... 616 64,901 * JONES APPAREL GROUP, INC ...................... 2,153 7,268 * KENNETH COLE PRODUCTIONS, INC (CLASS A) ....... 129 14,237 * KEY3MEDIA GROUP, INC .......................... 76 26,831 KNIGHT RIDDER, INC ............................ 1,742 536,960 * KOHL'S CORP ................................... 37,823 35,827 e* KRISPY KREME DOUGHNUTS, INC .................. 1,584 7,645 * LANDS' END, INC ............................... 383 38,104 LEE ENTERPRISES, INC .......................... 1,386 6,725 LIBBEY, INC ................................... 220 17,308 * LIBERTY DIGITAL, INC (CLASS A) ................ 60 429 * LIBERTY LIVEWIRE CORP (CLASS A) ............... 3 4,006,410 * LIBERTY MEDIA CORP (CLASS A) .................. 56,090 26,823 * LINENS `N THINGS, INC ......................... 684 4,618 * LODGENET ENTERTAINMENT CORP ................... 79 1,600 * LYNCH INTERACTIVE CORP ........................ 110 20,667 MARRIOTT INTERNATIONAL, INC (CLASS A) ......... 840 9,531 e* MARTHA STEWART LIVING OMNIMEDIA, INC (CLASS A) 157 623 * MARVEL ENTERPRISES, INC (CLASS C WTS 10/02/02) 0 1,800 * MASCOTECH, INC ESCROW ......................... 0 38,507 MAYTAG CORP ................................... 1,195 56,393 MCGRAW-HILL COS, INC .......................... 3,439 6,479 * MEDIACOM COMMUNICATIONS CORP .................. 118 4,981 * MEDIS TECHNOLOGIES LTD ........................ 37 19,460 * MEN'S WEARHOUSE, INC .......................... 402 13,150 * METRO ONE TELECOMMUNICATIONS, INC ............. 398 9,275 * METRO-GOLDWYN-MAYER, INC ...................... 203 5,989 * MGM MIRAGE .................................... 173 32,844 * MICHAELS STORES, INC .......................... 1,082 6,810 * MICROS SYSTEMS, INC ........................... 171 14,131 * MIDWAY GAMES, INC ............................. 212 4,309 * MILLENNIUM CELL, INC .......................... 22 1,741 * MONACO COACH CORP ............................. 38 24,923 * MSC INDUSTRIAL DIRECT CO (CLASS A) ............ 492 10,757 * MTR GAMING GROUP, INC ......................... 172 2,326 e NATIONAL GOLF PROPERTIES, INC ................. 21 714 * NAUTICA ENTERPRISES, INC ...................... 9 32 * NEIMAN MARCUS GROUP, INC (CLASS A) ............ 1 9 * NEIMAN MARCUS GROUP, INC (CLASS B) ............ 0 42 NEWS CORP LTD (SPON ADR) ...................... 1 709,640 NIKE, INC (CLASS B) ........................... 39,910 17,896 * OAKLEY, INC ................................... 291 7,575 * O'CHARLEY'S, INC .............................. 140 1,135,366 OMNICOM GROUP, INC ............................ 101,445 21,309 * O'REILLY AUTOMOTIVE, INC ...................... 777 11,415 OSHKOSH B'GOSH, INC (CLASS A) ................. 479 2,190 OSHKOSH TRUCK CORP ............................ 107 10,812 * OUTBACK STEAKHOUSE, INC ....................... 370 7,870 e* P.F. CHANG'S CHINA BISTRO, INC ............... 372 26,351 * PACIFIC SUNWEAR OF CALIFORNIA, INC ............ 538 7,413 * PANERA BREAD CO (CLASS A) ..................... 386 12,523 * PAPA JOHN'S INTERNATIONAL, INC ................ 344 8,505 e* PARKERVISION, INC ............................ 179 7,493 * PENN NATIONAL GAMING, INC ..................... 227 34,138 e* PERFORMANCE FOOD GROUP CO .................... 1,201 6,599 PIER 1 IMPORTS, INC ........................... 114 14,515 * PINNACLE SYSTEMS, INC ......................... 115 13,864 * PIXAR, INC .................................... 499 6,314 * PLATO LEARNING, INC ........................... 105 2,208 * PLAYBOY ENTERPRISES, INC (CLASS B) ............ 37 12,272 POLARIS INDUSTRIES, INC ....................... 709 30,038 * PRESSTEK, INC ................................. 275 843 * PRICESMART, INC ............................... 30
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186,408 * PRIMEDIA, INC ................................. 811 14,251 * PRIVATE MEDIA GROUP, INC ...................... 140 11,649 * QUIKSILVER, INC ............................... 200 13,987 * RARE HOSPITALITY INTERNATIONAL, INC ........... 315 8,364 READER'S DIGEST ASSOCIATION, INC (CLASS A) .... 193 12,241 * REGENT COMMUNICATIONS, INC .................... 83 10,900 REGIS CORP .................................... 281 5,606 * RENT-A-CENTER, INC ............................ 188 2,394 * RESOURCES CONNECTION, INC ..................... 63 52,703 RUBY TUESDAY, INC ............................. 1,087 7,462 * SAGA COMMUNICATIONS, INC (CLASS A) ............ 154 2,332 * SALEM COMMUNICATIONS CORP (CLASS A) ........... 54 2,475 SCHAWK, INC ................................... 27 16,322 * SCHOLASTIC CORP ............................... 821 7,101 * SCIENTIFIC GAMES CORP (CLASS A) ............... 62 8,102 * SCOTTS CO (CLASS A) ........................... 386 20,440 * SCP POOL CORP ................................. 561 6,830 * SHUFFLE MASTER, INC ........................... 107 38,495 e* SIRIUS SATELLITE RADIO, INC ................... 448 5,258 * SKILLSOFT CORP ................................ 136 4,220 * SONIC AUTOMOTIVE, INC ......................... 99 22,488 * SONIC CORP .................................... 810 19,356 * SOTHEBY'S HOLDINGS, INC (CLASS A) ............. 322 19,063 * SPANISH BROADCASTING SYSTEM, INC (CLASS A) .... 189 7,757 * SPEEDWAY MOTORSPORTS, INC ..................... 196 5,325 * SPIEGEL, INC (CLASS A) ........................ 24 12,564 e* SPORTS RESORTS INTERNATIONAL, INC ............. 97 757 * STANLEY FURNITURE CO, INC ..................... 18 311,852 * STARBUCKS CORP ................................ 5,941 20,508 * STATION CASINOS, INC .......................... 229 7,875 * STEIN MART, INC ............................... 66 14,046 * STELLENT, INC ................................. 415 9,377 * STEVEN MADDEN LTD ............................. 132 6,100 b* SUNBEAM CORP .................................. 0 2,860 SUPERIOR INDUSTRIES INTERNATIONAL, INC ........ 115 SEE NOTES TO FINANCIAL STATEMENTS 62 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- CONSUMER CYCLICAL--(CONTINUED) 11,511 * SYLVAN LEARNING SYSTEMS, INC .................. $ 254 17,263 TALBOTS, INC .................................. 626 9,121 TANGER FACTORY OUTLET CENTERS, INC ............ 190 409,370 TARGET CORP ................................... 16,805 33,080 * THE CHEESECAKE FACTORY, INC ................... 1,150 22,140 e* THQ, INC ..................................... 1,073 1,393,235 e TIFFANY & CO .................................. 43,845 18,071 * TIMBERLAND CO (CLASS A) ....................... 670 224,470 TJX COS, INC .................................. 8,947 30,973 * TOO, INC ...................................... 852 40,998 * TOPPS CO, INC ................................. 498 7,578 e* TRENDWEST RESORTS, INC ....................... 192 1 TRIBUNE CO .................................... 0 111 * TROPICAL SPORTSWEAR INTERNATIONAL CORP ........ 2 49,355 * U.S.A. NETWORKS, INC .......................... 1,348 14,310 * UNIVERSAL ELECTRONICS, INC .................... 246 136,717 e* UNIVISION COMMUNICATIONS, INC (CLASS A) ...... 5,532 490 * URBAN OUTFITTERS, INC ......................... 12 10,228 * VANS, INC ..................................... 130 16,243 * VASTERA, INC .................................. 270 24,392 * VIACOM, INC (CLASS A) ......................... 1,079 2,061,088 * VIACOM, INC (CLASS B) ......................... 90,997 5,515,192 WAL-MART STORES, INC .......................... 317,402 1 WALT DISNEY CO ................................ 0 10,921 * WET SEAL, INC (CLASS A) ....................... 257 42,171 WILEY (JOHN) & SONS, INC (CLASS A) ............ 971 38,029 * WILLIAMS-SONOMA, INC .......................... 1,631 1,636 * WILSONS THE LEATHER EXPERTS, INC .............. 19 698 WINNEBAGO INDUSTRIES, INC ..................... 26 8,499 * WMS INDUSTRIES, INC ........................... 170 7,436 WOODWARD GOVERNOR CO .......................... 433 6,175 * WORLD WRESTLING FEDERATION ENTERTAINMENT, INC . 81 9,064 * YOUNG BROADCASTING, INC (CLASS A) ............. 163 34,800 * ZENITH ELECTRONICS CORP ....................... 0 2,305 * ZOMAX, INC .................................... 18 ---------- TOTAL CONSUMER CYCLICAL 1,356,012 ---------- CONSUMER NON-CYCLICAL--8.82% 5,905 * 1-800-FLOWERS.COM, INC ........................ 92 9,713 * 7-ELEVEN, INC ................................. 114 148,950 e* AMAZON.COM, INC ..........................,.... 1,612 7,660 * AMERICAN ITALIAN PASTA CO (CLASS A) ........... 322 315,441 ANHEUSER-BUSCH COS, INC ....................... 14,261 30,353 * AUTOZONE, INC ................................. 2,179 1,466,700 AVON PRODUCTS, INC ............................ 68,202 4,881 * BARNES & NOBLE, INC ........................... 144 137,202 * BEST BUY CO, INC .............................. 10,219 57,335 e* BJ'S WHOLESALE CLUB, INC ...................... 2,528 8,592 BLYTH, INC .................................... 200 1,685 * BOSTON BEER CO, INC (CLASS A) ................. 29 35,596 * CADIZ, INC .................................... 285 81,361 CAMPBELL SOUP CO .............................. 2,430 38,000 * CDW COMPUTER CENTERS, INC ..................... 2,041 19,082 CHURCH & DWIGHT CO, INC ....................... 508 35,202 * COACH, INC .................................... 1,372 1,417 COCA-COLA BOTTLING CO CONSOLIDATED ............ 54 1,381,378 COCA-COLA CO .................................. 65,132 47,232 e COCA-COLA ENTERPRISES, INC .................... 895 609,554 COLGATE-PALMOLIVE CO .......................... 35,202 2,976 * CONSTELLATION BRANDS, INC (CLASS A) ........... 128 18,876 * COST PLUS, INC ................................ 500 39,458 * COSTCO WHOLESALE CORP ......................... 1,751 282,939 CVS CORP ...................................... 8,375 2,013 * DEAN FOODS CO ................................. 138 106 DEB SHOPS, INC ................................ 3 8,855 * DEL MONTE FOODS CO ............................ 75 2 DELHAIZE "LE LION" (SPON ADR) ................. 0 18,541 DELTA & PINE LAND CO .......................... 420 36,957 DIAL CORP ..................................... 634 16,098 DREYER'S GRAND ICE CREAM, INC ................. 620 7,819 * DUANE READE, INC .............................. 237 7,244 * ELECTRONICS BOUTIQUE HOLDINGS CORP ............ 289 71,663 ESTEE LAUDER COS (CLASS A) .................... 2,298 7,215 e* EXPEDIA, INC (CLASS A) ........................ 293 12,824 * FACTORY 2-U STORES, INC ....................... 257 23,876 e FASTENAL CO ................................... 1,586 12,878 e FLEMING COS, INC .............................. 238 12,292 * FTD.COM, INC .................................. 86 6,351 * FTI CONSULTING, INC ........................... 208 2,184,758 GILLETTE CO ................................... 72,971 2,706 * GREEN MOUNTAIN COFFEE, INC .................... 74 15,774 * HAIN CELESTIAL GROUP, INC ..................... 433 104,109 HEINZ (H.J.) CO ............................... 4,281 64,646 HERMAN MILLER, INC ............................ 1,530 11,735 HERSHEY FOODS CORP ............................ 794 5,419,169 HOME DEPOT, INC ............................... 276,432 33,119 * INSIGHT ENTERPRISES, INC ...................... 815 5,202 J.M. SMUCKER CO ............................... 184 5,409 * JILL (J.) GROUP, INC .......................... 116 88,273 KELLOGG CO .................................... 2,657 536,738 KRAFT FOODS, INC (CLASS A) .................... 18,265
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653,044 * KROGER CO ..................................... 13,629 1,481 * LADENBURG THALMANN FINANCIAL SERVICES, INC .... 1 1,823 LANCASTER COLONY CORP ......................... 65 635,580 LOWE'S COS .................................... 29,497 12,911 MCCORMICK & CO, INC (NON-VOTE) ................ 542 53 * NATIONAL BEVERAGE CORP ........................ 1 2,160 NATURE'S SUNSHINE PRODUCTS, INC ............... 25 17,955 * NBTY, INC ..................................... 210 1,434 ONEIDA LTD .................................... 19 1,827 * PATHMARK STORES, INC .......................... 45 5,089 * PC CONNECTION, INC ............................ 75 127,362 PEPSI BOTTLING GROUP, INC ..................... 2,993 2,242,849 PEPSICO, INC .................................. 109,204 39,340 * PERRIGO CO .................................... 465 47,859 * PETSMART, INC ................................. 471 1,491,947 PHILIP MORRIS COS, INC ........................ 68,406 80,485 * PRICELINE.COM, INC ............................ 468 207,715 PROCTER & GAMBLE CO ........................... 16,436 146,051 RADIOSHACK CORP ............................... 4,396 4,483 e* REVLON, INC (CLASS A) ........................ 30 190,071 * RITE AID CORP ................................. 962 846 * ROBERT MONDAVI CORP (CLASS A) ................. 32 388,639 * SAFEWAY, INC .................................. 16,226 266,594 SARA LEE CORP ................................. 5,926 2,043 SENSIENT TECHNOLOGIES CORP .................... 43 14,735 * SKECHERS USA, INC (CLASS A) ................... 215 4,867 * SLI, INC ...................................... 13 286,218 * STAPLES, INC .................................. 5,352 9,403 * STAR SCIENTIFIC, INC .......................... 24 468 THOMAS INDUSTRIES, INC ........................ 12 10,118 * TICKETMASTER (CLASS B) ........................ 166 9,285 TOOTSIE ROLL INDUSTRIES, INC .................. 363 7,597 * TRIARC COS, INC ............................... 185 9,118 * TUESDAY MORNING CORP .......................... 165 22,426 TUPPERWARE CORP ............................... 432 14,711 * TWEETER HOME ENTERTAINMENT GROUP, INC ......... 427 10,323 * UNITED NATURAL FOODS, INC ..................... 258 3,069 UNIVERSAL CORP ................................ 112 59,752 e UST, INC ...................................... 2,091 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 63
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- CONSUMER NON-CYCLICAL--(CONTINUED) 17,904 * VALUEVISION INTERNATIONAL, INC (CLASS A) ...... $ 351 4,256 VECTOR GROUP LTD .............................. 140 1,805,848 WALGREEN CO ................................... 60,783 41,686 * WHOLE FOODS MARKET, INC ....................... 1,816 4,912 * WILD OATS MARKETS, INC ........................ 49 6,176 WINN-DIXIE STORES, INC ........................ 88 51,045 WRIGLEY (WM.) JR CO ........................... 2,622 12,173 e* YANKEE CANDLE CO, INC ......................... 276 ---------- TOTAL CONSUMER NON-CYCLICAL 950,616 ---------- ENERGY--1.86% 204,460 ANADARKO PETROLEUM CORP ....................... 11,624 720,204 APACHE CORP ................................... 35,924 2,810 * ATP OIL & GAS CORP ............................ 8 8,962 * ATWOOD OCEANICS, INC .......................... 312 1,586,520 BAKER HUGHES, INC ............................. 57,860 16,764 BERRY PETROLEUM CO (CLASS A) .................. 263 133,750 * BJ SERVICES CO ................................ 4,340 68,032 BURLINGTON RESOURCES, INC ..................... 2,554 18,924 CABOT OIL & GAS CORP (CLASS A) ................ 455 28,818 * CAL DIVE INTERNATIONAL, INC ................... 711 3,549 * CALLON PETROLEUM CORP ......................... 24 27,931 * CAPSTONE TURBINE CORP ......................... 151 5,538 CARBO CERAMICS, INC ........................... 217 118,584 * CHESAPEAKE ENERGY CORP ........................ 784 5,644 * CLAYTON WILLIAMS ENERGY, INC .................. 74 595 * COMSTOCK RESOURCES, INC ....................... 4 41,696 * COOPER CAMERON CORP ........................... 1,683 15,091 * DENBURY RESOURCES, INC ........................ 110 566,641 DIAMOND OFFSHORE DRILLING, INC ................ 17,226 8,091 * DRIL-QUIP, INC ................................ 195 13,226 * ENERGY PARTNERS LTD ........................... 100 86,682 ENSCO INTERNATIONAL, INC ...................... 2,154 62,273 e EOG RESOURCES, INC ............................ 2,435 11,796 * EVERGREEN RESOURCES, INC ...................... 455 12,542 * FOREST OIL CORP ............................... 354 23,864 FRONTIER OIL CORP ............................. 397 5,211 GETTY REALTY CORP ............................. 98 21 GLOBALSANTAFE CORP ............................ 1 11,131 * GRANT PRIDECO, INC ............................ 128 135,105 * GREY WOLF, INC ................................ 401 12,932 * GULF ISLAND FABRICATION, INC .................. 162 351,676 HALLIBURTON CO ................................ 4,607 63,203 e* HANOVER COMPRESSOR CO ........................ 1,597 287,900 HELMERICH & PAYNE, INC ........................ 9,610 8,734 HOLLY CORP .................................... 168 9,516 * HORIZON OFFSHORE, INC ......................... 72 9,361 * HOUSTON EXPLORATION CO ........................ 314 4,459 * HYDRIL CO ..................................... 79 8,167 * KCS ENERGY, INC ............................... 25 5,702 KERR-MCGEE CORP ............................... 312 78,184 * KEY ENERGY SERVICES, INC ...................... 719 9,217 * KEY PRODUCTION CO, INC ........................ 157 15,257 e* MAGNUM HUNTER RESOURCES, INC ................., 127 30,162 * MAVERICK TUBE CORP ............................ 391 22,370 * MERIDIAN RESOURCE CORP ........................ 89 18,619 MITCHELL ENERGY & DEVELOPMENT CORP (CLASS A) .. 992 24,539 MURPHY OIL CORP ............................... 2,062 103,855 * NABORS INDUSTRIES, INC ........................ 3,566 64,654 * NATIONAL-OILWELL, INC ......................... 1,333 30,192 * NEWFIELD EXPLORATION CO ....................... 1,072 91,509 * NOBLE DRILLING CORP ........................... 3,115 80,836 OCEAN ENERGY, INC ............................. 1,552 3,130 * OCEANEERING INTERNATIONAL, INC ................ 69 8,276 * OSCA, INC ..................................... 173 10,007 PATINA OIL & GAS CORP ......................... 275 55,905 e* PATTERSON-UTI ENERGY, INC ..................... 1,303 20,963 * PLAINS RESOURCES, INC ......................... 516 18,056 POGO PRODUCING CO ............................. 474 57,318 * PRIDE INTERNATIONAL, INC ...................... 866 9,289 * PRIMA ENERGY CORP ............................. 202 17,384 * PURE RESOURCES, INC ........................... 349 17,009 * PYR ENERGY CORP ............................... 34 7,248 * REMINGTON OIL & GAS CORP ...................... 125 58,305 * ROWAN COS, INC ................................ 1,129 15,730 RPC, INC ...................................... 278 40,424 e* SMITH INTERNATIONAL, INC ...................... 2,168 14,470 * SPINNAKER EXPLORATION CO ...................... 596 18,253 ST. MARY LAND & EXPLORATION CO ................ 387 18,848 * STONE ENERGY CORP ............................. 744 41,935 * SUPERIOR ENERGY SERVICES, INC ................. 363 14,775 * SWIFT ENERGY CO ............................... 298 22,435 TIDEWATER, INC ................................ 761 22,073 * TOM BROWN, INC ................................ 596 124 * TRANSTEXAS GAS CORP WTS 06/30/02 .............. 0 392 * TRICO MARINE SERVICES, INC .................... 3 24,423 * UNIT CORP ..................................... 315 9,181 * UNIVERSAL COMPRESSION HOLDINGS, INC ........... 271 677,114 * VARCO INTERNATIONAL, INC ...................... 10,143 27,075 e* VERITAS DGC, INC .............................. 501 20,636 VINTAGE PETROLEUM, INC ........................ 298
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62,563 * WEATHERFORD INTERNATIONAL, INC ................ 2,331 10,370 * WESTPORT RESOURCES CORP ....................... 180 9,479 * W-H ENERGY SERVICES, INC ...................... 181 96,555 XTO ENERGY, INC ............................... 1,690 ---------- TOTAL ENERGY 200,782 ---------- FINANCIAL SERVICES--7.13% 75 ADVANTA CORP (CLASS A) ........................ 1 16,229 * AFFILIATED MANAGERS GROUP, INC ................ 1,144 205,340 AFLAC, INC .................................... 5,043 3,560 ALABAMA NATIONAL BANCORP ...................... 120 2,286 ALEXANDRIA REAL ESTATE EQUITIES, INC .......... 94 31,843 ALLIED CAPITAL CORP ........................... 828 84,801 AMERICAN EXPRESS CO ........................... 3,027 3,226,191 AMERICAN INTERNATIONAL GROUP, INC ............. 256,160 60,225 * AMERICREDIT CORP .............................. 1,900 86,549 * AMERITRADE HOLDINGS CORP (CLASS A) ............ 512 7,173 b* ANC RENTAL CORP .............................. 0 40,837 ARCHSTONE-SMITH TRUST ......................... 1,074 6,018 ARROW FINANCIAL CORP .......................... 176 206 BANK MUTUAL CORP .............................. 3 237,244 BANK OF NEW YORK CO, INC ...................... 9,680 18,797 BB&T CORP ..................................... 679 155 * BKF CAPITAL GROUP, INC ........................ 4 13,227 * BLACKROCK, INC ................................ 552 9,447 BOSTON PRIVATE FINANCIAL HOLDINGS, INC ........ 208 39,892 BROWN & BROWN, INC ............................ 1,089 175,287 CAPITAL ONE FINANCIAL CORP .................... 9,457 15,242 * CATELLUS DEVELOPMENT CORP ..................... 280 2,187 CATHAY BANCORP, INC ........................... 140 7,956 CCBT FINANCIAL COS, INC ....................... 188 21,978 * CCC INFORMATION SERVICES GROUP, INC ........... 136 6,322 CENTENNIAL BANCORP ............................ 47 1,103 CENTERPOINT PROPERTIES CORP ................... 55 2,422 * CENTRAL COAST BANCORP ......................... 53 884,791 CHARLES SCHWAB CORP ........................... 13,688 5,072 CHATEAU COMMUNITIES, INC ...................... 152 3,828 CHELSEA PROPERTY GROUP, INC ................... 188 8,101 CHITTENDEN CORP ............................... 224 53,743 * CHOICEPOINT, INC .............................. 2,724 SEE NOTES TO FINANCIAL STATEMENTS 64 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- FINANCIAL SERVICES--(CONTINUED) 2,553,647 CITIGROUP, INC .................................. $ 128,908 8,273 * CITIZENS, INC ................................... 105 2,368 CITY BANK ....................................... 57 5,199 * CLARK/BARDES, INC ............................... 131 2,029 COBIZ, INC ...................................... 27 11,938 COMMERCE BANCORP, INC ........................... 470 1,162 COMMUNITY BANKS, INC ............................ 31 2,164 COMMUNITY FIRST BANKSHARES, INC ................. 56 11,313 * COMPUCREDIT CORP ................................ 133 11,489 CONNECTICUT BANCSHARES, INC ..................... 297 867 * CORRECTIONS CORP OF AMERICA ..................... 16 34,839 COUSINS PROPERTIES, INC ......................... 849 12,423 CRAWFORD & CO (CLASS B) ......................... 146 47,251 CROWN AMERICAN REALTY TRUST ..................... 369 7,548 * CSK AUTO CORP ................................... 75 15,070 CVB FINANCIAL CORP .............................. 353 29,749 DORAL FINANCIAL CORP ............................ 928 211 DOWNEY FINANCIAL CORP ........................... 9 110,266 e* E*TRADE GROUP, INC .............................. 1,130 8,547 EAST WEST BANCORP, INC .......................... 220 50,255 EATON VANCE CORP ................................ 1,787 992 ESSEX PROPERTY TRUST, INC ....................... 49 1,032,860 FANNIE MAE ...................................... 82,112 5,219 * FEDERAL AGRICULTURAL MORTGAGE CORP (CLASS C) .... 211 3,993 FEDERAL REALTY INVESTMENT TRUST ................. 92 67,282 FEDERATED INVESTORS, INC (CLASS B) .............. 2,145 1,918 FIDELITY BANKSHARES, INC ........................ 31 879,626 FIFTH THIRD BANCORP ............................. 53,947 2,898 * FINANCIAL FEDERAL CORP .......................... 91 5,280 FINANCIAL INSTITUTIONS, INC ..................... 124 3,300 * FINOVA GROUP, INC ............................... 2 10,123 FIRST BANCORP (PUERTO RICO) ..................... 289 7,451 FIRST BUSEY CORP ................................ 160 5,362 FIRST COMMUNITY BANCSHARES ...................... 158 2,857 FIRST MIDWEST BANCORP, INC ...................... 83 158 * FIRST REPUBLIC BANK ............................. 4 430,061 FREDDIE MAC ..................................... 28,126 5,792 FRONTIER FINANCIAL CORP ......................... 152 2,100 * FRONTLINE CAPITAL GROUP, INC .................... 0 3,747 * GABELLI ASSET MANAGEMENT, INC (CLASS A) ......... 162 68,387 GALLAGHER (ARTHUR J.) & CO ...................... 2,359 48,934 * GARTNER, INC (CLASS A) .......................... 572 11,334 * GARTNER, INC (CLASS B) .......................... 127 2,945 GLACIER BANCORP, INC ............................ 61 1,849 GREAT SOUTHERN BANCORP, INC ..................... 56 16,536 e GREATER BAY BANCORP ............................. 473 8,640 HARLEYSVILLE NATIONAL CORP ...................... 203 14,497 HILB, ROGAL & HAMILTON CO ....................... 813 49,730 HOOPER HOLMES, INC .............................. 445 115,069 HOUSEHOLD INTERNATIONAL, INC .................... 6,667 31,087 HUDSON UNITED BANCORP ........................... 892 6,049 INDEPENDENT BANK CORP (MASSACHUSETTS) ........... 130 7,641 INDEPENDENT BANK CORP (MICHIGAN) ................ 212 3,423 * INDYMAC BANCORP, INC ............................ 80 6,920 * INSTINET GROUP, INC ............................. 70 2,465 INTERNATIONAL BANCSHARES CORP ................... 104 2 * INTERSTATE HOTELS CORP .......................... 0 40,225 * INVESTMENT TECHNOLOGY GROUP, INC ................ 1,572 24,776 INVESTORS FINANCIAL SERVICES CORP ............... 1,640 242 e IRWIN FINANCIAL CORP ............................ 4 22,431 * ITT EDUCATIONAL SERVICES, INC ................... 827 5,507 JOHN NUVEEN CO (CLASS A) ........................ 295 161 JP REALTY, INC .................................. 4 47,167 * KNIGHT TRADING GROUP, INC ....................... 520 ` 31,765 e* LABRANCHE & CO, INC ............................. 1,095 832 LAKELAND BANCORP, INC ........................... 14 250,300 LEHMAN BROTHERS HOLDINGS, INC ................... 16,720 6,369 MAIN STREET BANKS, INC .......................... 104 11,153 MANUFACTURED HOME COMMUNITIES, INC .............. 348 118,297 MARSH & MCLENNAN COS, INC ....................... 12,711 584,214 MBNA CORP ....................................... 20,564 5,314 MEDALLION FINANCIAL CORP ........................ 42 400 MEDFORD BANCORP, INC ............................ 8 447 * MERITAGE CORP ................................... 23 25,672 METRIS COS, INC ................................. 660 1,902 MICROFINANCIAL, INC ............................. 19 6,032 MIDWEST BANC HOLDINGS, INC ...................... 128 14,341 MILLS CORP ...................................... 380 2,135 MISSION WEST PROPERTIES, INC .................... 27 1,169 MISSISSIPPI VALLEY BANCSHARES, INC .............. 46 48,862 MORGAN STANLEY DEAN WITTER & CO ................. 2,733 4,271 NATIONAL PENN BANCSHARES, INC ................... 94 380 NBC CAPITAL CORP ................................ 12 17,531 e* NETBANK, INC .................................... 184 26,007 NEUBERGER BERMAN, INC ........................... 1,142 2,000 e NEW CENTURY FINANCIAL CORP ...................... 27 52,830 NEW YORK COMMUNITY BANCORP, INC ................. 1,208 539,770 NORTHERN TRUST CORP ............................. 32,505 1,556 ORIENTAL FINANCIAL GROUP, INC ................... 29 11,976 PACIFIC CAPITAL BANCORP ......................... 333 8,244 PARK NATIONAL CORP .............................. 765 6,023 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST ....... 140 1,964 * PHILADELPHIA CONSOLIDATED HOLDING CORP .......... 74
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842 PROSPERITY BANCSHARES, INC ...................... 23 234,561 * PROVIDIAN FINANCIAL CORP ........................ 833 287,454 * PRUDENTIAL FINANCIAL, INC ....................... 9,607 1,790 R & G FINANCIAL CORP (CLASS B) .................. 31 1,418 RAYMOND JAMES FINANCIAL, INC .................... 50 78 RECKSON ASSOCIATES REALTY CORP .................. 2 4,605 S & T BANCORP, INC .............................. 112 2,403 S.Y. BANCORP, INC ............................... 80 8,724 SANDY SPRING BANCORP, INC ....................... 278 1,059 SAUL CENTERS, INC ............................... 23 3,501 SEACOAST BANKING CORP ........................... 162 56,886 SEI INVESTMENTS CO .............................. 2,566 11,917 * SOUTHWEST BANCORP OF TEXAS, INC ................. 361 117,912 STATE STREET CORP ............................... 6,161 6,376 STERLING BANCORP ................................ 186 11,294 STERLING BANCSHARES, INC ........................ 141 8,466 STERLING FINANCIAL CORP (PENNSYLVANIA) .......... 206 11,539 STILWELL FINANCIAL, INC ......................... 314 3,609 STUDENT LOAN CORP ............................... 291 9,241 SUFFOLK BANCORP ................................. 504 149,257 SYNOVUS FINANCIAL CORP .......................... 3,739 30,186 * SYNTROLEUM CORP ................................. 214 7,438 TEXAS REGIONAL BANCSHARES, INC (CLASS A) ........ 282 7,613 TOMPKINS TRUSTCO, INC ........................... 306 15,699 TOWN & COUNTRY TRUST ............................ 328 8,551 * TRIAD GUARANTY, INC ............................. 310 13,666 TROY FINANCIAL CORP ............................. 339 424 TRUST CO OF NEW JERSEY .......................... 11 56,915 TRUSTCO BANK CORP NY ............................ 715 16,494 U.S. BANCORP .................................... 345 13,684 UCBH HOLDINGS, INC .............................. 389 974 UMPQUA HOLDINGS CORP ............................ 13 1,131 UNB CORP/OHIO ................................... 21 11,270 UNITED BANKSHARES, INC .......................... 325 2,565 UNITED NATIONAL BANCORP ......................... 62 5,858 * UNITED RENTALS, INC ............................. 133 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 65
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- FINANCIAL SERVICES--(CONTINUED) 46,865 e* UNITEDGLOBALCOM, INC (CLASS A) ................. $ 234 1,589 * UNIVERSAL AMERICAN FINANCIAL CORP .............. 11 127,524 USA EDUCATION, INC ............................. 10,712 2,010 VALUE LINE, INC ................................ 97 59,824 WADDELL & REED FINANCIAL, INC (CLASS A) ........ 1,926 19,859 WASHINGTON REAL ESTATE INVESTMENT TRUST ........ 494 12,369 WASHINGTON TRUST BANCORP, INC .................. 235 13,580 WESTAMERICA BANCORP ............................ 537 4,794 * WFS FINANCIAL, INC ............................. 115 1,376 WINTRUST FINANCIAL CORP ........................ 42 3,057 * WORLD ACCEPTANCE CORP .......................... 22 ---------- TOTAL FINANCIAL SERVICES 767,810 ---------- HEALTH CARE--24.73% 3,493 * 3 DIMENSIONAL PHARMACEUTICALS, INC ............. 30 4,403 * AAIPHARMA, INC ................................. 111 2,801,374 ABBOTT LABORATORIES ............................ 156,177 63,536 * ABGENIX, INC ................................... 2,137 14,581 e* ABIOMED, INC ................................... 231 18,524 * ACCREDO HEALTH, INC ............................ 735 17,753 * ACLARA BIOSCIENCES, INC ........................ 90 23,094 * ADOLOR CORP .................................... 415 3,347 * ADVANCED NEUROMODULATION SYSTEMS, INC .......... 118 63,060 * ADVANCED TISSUE SCIENCES, INC .................. 275 72,616 * ADVANCE PCS .................................... 2,131 29,576 * AFFYMETRIX, INC ................................ 1,116 11,939 * AKSYS LTD ...................................... 56 18,282 * ALBANY MOLECULAR RESEARCH, INC ................. 484 17,506 * ALEXION PHARMACEUTICALS, INC ................... 428 4,292 e* ALIGN TECHNOLOGY, INC .......................... 19 49,719 * ALKERMES, INC .................................. 1,311 107,552 ALLERGAN, INC .................................. 8,072 24,015 * ALLSCRIPTS HEALTHCARE SOLUTIONS, INC ........... 78 17,196 e ALPHARMA, INC (CLASS A) ........................ 455 9,843 * AMERICAN HEALTHWAYS, INC ....................... 314 1,081,355 AMERICAN HOME PRODUCTS CORP .................... 66,352 17,842 * AMERICAN MEDICAL SYSTEMS HOLDINGS, INC ......... 369 300 * AMERICAN RETIREMENT CORP ....................... 1 18,950 * AMERIPATH, INC ................................. 611 51,466 AMERISOURCEBERGEN CORP ......................... 3,271 3,510,973 * AMGEN, INC ..................................... 198,159 14,151 * AMSURG CORP .................................... 385 48,617 e* AMYLIN PHARMACEUTICALS, INC .................... 444 49,765 * ANDRX CORP ..................................... 3,504 524,025 * ANTHEM, INC .................................... 25,939 8,804 * ANTIGENICS, INC ................................ 144 14,516 * APHTON CORP .................................... 212 33,353 * APOGENT TECHNOLOGIES, INC ...................... 861 174,108 APPLERA CORP (APPLIED BIOSYSTEMS GROUP) ........ 6,837 7,414 * APPLIED MOLECULAR EVOLUTION .................... 91 34,850 * APRIA HEALTHCARE GROUP, INC .................... 871 11,533 * ARENA PHARMACEUTICALS, INC ..................... 139 27,791 * ARIAD PHARMACEUTICALS, INC ..................... 148 11,216 * ARQULE, INC .................................... 191 7,747 * ARRAY BIOPHARMA, INC ........................... 115 1,715 ARROW INTERNATIONAL, INC ....................... 68 17,868 * ARTHROCARE CORP ................................ 320 4,582 * ASPECT MEDICAL SYSTEMS, INC .................... 46 11,388 * ATRIX LABORATORIES, INC ........................ 235 21,870 * ATS MEDICAL, INC ............................... 116 41,421 * AVANIR PHARMACEUTICALS (CLASS A) ............... 176 55,022 * AVANT IMMUNOTHERAPEUTICS, INC .................. 221 5,490 * AVI BIOPHARMA, INC ............................. 60 17,297 * AVIGEN, INC .................................... 199 21,367 e* AVIRON ......................................... 1,063 21,815 * BARR LABORATORIES, INC ......................... 1,731 1,906,798 BAXTER INTERNATIONAL, INC ...................... 102,262 200 * BAXTER INTERNATIONAL, INC (CONTINGENT VALUE RTS) 0 33,140 BECKMAN COULTER, INC ........................... 1,468 121,446 * BIOGEN, INC .................................... 6,965 19,089 * BIOMARIN PHARMACEUTICAL, INC ................... 257 217,511 BIOMET, INC .................................... 6,721 14,568 * BIOPURE CORP ................................... 207 1,891 * BIO-RAD LABORATORIES, INC (CLASS A) ............ 120 10,872 * BIOSITE, INC ................................... 200 1,847 * BIOSPHERE MEDICAL, INC ......................... 21 55,927 * BIO-TECHNOLOGY GENERAL CORP .................... 460 40 * BIOVAIL CORP ................................... 2 8,725 * BONE CARE INTERNATIONAL, INC ................... 149 41,680 * BOSTON SCIENTIFIC CORP ......................... 1,005 1,121,261 BRISTOL-MYERS SQUIBB CO ........................ 57,184 13,795 * BRITESMILE, INC ................................ 69 32,535 * BRUKER DALTONICS, INC .......................... 532 12,317 e* CALIPER TECHNOLOGIES CORP ...................... 192 1,548,652 e CARDINAL HEALTH, INC ........................... 100,136 30,399 * CARDIODYNAMICS INTERNATIONAL CORP .............. 201 181,878 e* CAREMARK RX, INC ............................... 2,966 59,719 * CELGENE CORP ................................... 1,906 25,572 * CELL PATHWAYS, INC ............................. 178 25,181 * CELL THERAPEUTICS, INC ......................... 608 33,845 e* CEPHALON, INC .................................. 2,558 21,152 * CERNER CORP .................................... 1,056
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9,258 * CERUS CORP ..................................... 424 28,588 * CHARLES RIVER LABORATORIES INTERNATIONAL, INC .. 957 77,008 * CHIRON CORP .................................... 3,376 11,448 * CIMA LABS, INC ................................. 414 9,849 * CIPHERGEN BIOSYSTEMS, INC ...................... 79 6,256 * CLOSURE MEDICAL CORP ........................... 146 2,508 * COBALT CORP .................................... 16 4,224 * COHERENT, INC .................................. 131 22,453 * COLUMBIA LABORATORIES, INC ..................... 77 31,880 * COMMUNITY HEALTH SYSTEMS ....................... 813 30,407 e* COMPUTERIZED THERMAL IMAGING, INC .............. 47 13,352 * CONCEPTUS, INC ................................. 315 30,414 * CONNETICS CORP ................................. 362 10,170 COOPER COS, INC ................................ 508 40,397 e* COR THERAPEUTICS, INC .......................... 967 32,534 * CORIXA CORP .................................... 490 7,656 * CORVEL CORP .................................... 251 35,551 * COVANCE, INC ................................... 807 14,215 * CRYOLIFE, INC .................................. 426 22,200 * CUBIST PHARMACEUTICALS, INC .................... 798 30,848 * CURAGEN CORP ................................... 690 13,212 * CURIS, INC ..................................... 74 16,384 e* CV THERAPEUTICS, INC ........................... 852 17,811 * CYBERONICS, INC ................................ 473 20,578 * CYGNUS, INC .................................... 108 79,275 * CYTOGEN CORP ................................... 239 92,299 * CYTYC CORP ..................................... 2,409 9,694 DATASCOPE CORP ................................. 329 55,884 * DAVITA, INC .................................... 1,366 21,756 * DECODE GENETICS, INC ........................... 213 11,947 * DELTAGEN, INC .................................. 110 8,210 * DENDREON CORP .................................. 83 22,640 * DENDRITE INTERNATIONAL, INC .................... 318 22,588 DENTSPLY INTERNATIONAL, INC .................... 1,134 20,935 DIAGNOSTIC PRODUCTS CORP ....................... 920 7,933 * DIANON SYSTEMS, INC ............................ 482 10,196 * DIGENE CORP .................................... 301 16,536 * DIVERSA CORP ................................... 234 SEE NOTES TO FINANCIAL STATEMENTS 66 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 13,825 * DURECT CORP ................................... $ 160 13,891 * DUSA PHARMACEUTICALS, INC ..................... 112 11,258 * DYAX CORP ..................................... 124 4,260 e* DYNACQ INTERNATIONAL, INC ..................... 95 36,946 * ECLIPSYS CORP ................................. 619 3,021 e* EDEN BIOSCIENCE CORP .......................... 15 15,556 * EDWARDS LIFESCIENCES CORP ..................... 430 28,800 ELAN CORP PLC (CONTINGENT VALUE RTS) .......... 4 11,765 * ENDO PHARMACEUTICALS HOLDINGS, INC ............ 137 14,300 * ENDO PHARMACEUTICALS HOLDINGS, INC WTS 12/31/02 11 16,090 e* ENDOCARE, INC ................................. 288 15,408 e* ENTREMED, INC ................................. 130 16,296 * ENZO BIOCHEM, INC ............................. 383 33,609 * ENZON, INC .................................... 1,892 24,202 * ESPERION THERAPEUTICS, INC .................... 178 641 * EXACT SCIENCES CORP ........................... 7 25,029 * EXELIXIS, INC ................................. 416 63,047 * EXPRESS SCRIPTS, INC .......................... 2,948 70,081 * FIRST HEALTH GROUP CORP ....................... 1,734 6,372 * FIRST HORIZON PHARMACEUTICAL .................. 187 25,997 * FISHER SCIENTIFIC INTERNATIONAL, INC .......... 759 145,982 * FOREST LABORATORIES, INC ...................... 11,963 10 FRESENIUS MEDICAL CARE AG. ADR ................ 0 16,833 * GENAISSANCE PHARMACEUTICALS ................... 78 27,819 * GENE LOGIC, INC ............................... 524 18,892 * GENELABS TECHNOLOGIES ......................... 35 5,726 * GENENCOR INTERNATIONAL, INC ................... 91 433,047 * GENENTECH, INC ................................ 23,493 21,912 e* GENOME THERAPEUTICS CORP ...................... 149 11,582 * GENSTAR THERAPEUTICS CORP ..................... 29 26,367 e* GENTA, INC .................................... 375 163,818 * GENZYME CORP (GENERAL DIVISION) ............... 9,806 14,243 * GENZYME CORP (MOLECULAR ONCOLOGY DIVISION) .... 114 16,153 * GERON CORP .................................... 141 80,769 * GILEAD SCIENCES, INC .......................... 5,308 1,322,600 GLAXOSMITHKLINE PLC ADR ....................... 65,892 248,480 * GUIDANT CORP .................................. 12,374 1,020,616 * GUILFORD PHARMACEUTICALS, INC ................. 12,247 16,977 * HAEMONETICS CORP .............................. 576 3,434 * HARVARD BIOSCIENCE, INC ....................... 34 57,400 HCA, INC ...................................... 2,212 88,347 * HEALTH MANAGEMENT ASSOCIATES, INC (CLASS A) ... 1,626 4,471 * HEALTHEXTRAS, INC ............................. 26 4,946 * HEMISPHERX BIOPHARMA, INC ..................... 22 2,374 * HENRY SCHEIN, INC ............................. 88 105,157 * HUMAN GENOME SCIENCES, INC .................... 3,546 11,015 * HYSEQ, INC .................................... 85 35,189 e ICN PHARMACEUTICALS, INC ...................... 1,179 42,400 * ICOS CORP ..................................... 2,435 3,581 * ICU MEDICAL, INC .............................. 159 93,934 e* IDEC PHARMACEUTICALS CORP ..................... 6,475 29,434 * IDEXX LABORATORIES, INC ....................... 839 11,207 * IDX SYSTEMS CORP .............................. 146 9,933 e* IGEN INTERNATIONAL, INC ....................... 398 29,643 * ILEX ONCOLOGY, INC ............................ 802 10,789 * ILLUMINA, INC ................................. 127 17,530 * I-MANY, INC ................................... 169 50,343 * IMCLONE SYSTEMS, INC .......................... 2,339 28,400 * IMMUNE RESPONSE CORP .......................... 38 262,482 * IMMUNEX CORP .................................. 7,273 41,829 * IMMUNOGEN, INC ................................ 694 32,745 * IMMUNOMEDICS, INC ............................. 663 13,546 e* IMPATH, INC ................................... 603 9,471 * IMPAX LABORATORIES, INC ....................... 127
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240,545 IMS HEALTH, INC ............................... $ 4,693 13,741 * INAMED CORP ................................... 413 55,422 * INCYTE GENOMICS, INC .......................... 1,077 37,224 * INHALE THERAPEUTIC SYSTEMS, INC ............... 691 14,007 * INKINE PHARMACEUTICAL CO, INC ................. 22 12,886 * INSMED, INC ................................... 49 9,970 * INSPIRE PHARMACEUTICALS, INC .................. 140 6,742 * INTEGRA LIFESCIENCES HOLDING .................. 178 21,927 e* INTERMUNE, INC ................................ 1,080 24,305 * INTERNEURON PHARMACEUTICALS, INC .............. 270 21,426 * INTUITIVE SURGICAL, INC ....................... 215 4,481 INVACARE CORP ................................. 151 2,494 * INVERNESS MEDICAL INNOVATIONS, INC ............ 45 42,206 e* INVITROGEN CORP ............................... 2,614 41,260 * ISIS PHARMACEUTICALS, INC ..................... 916 16,408 * I-STAT CORP ................................... 129 124,681 * IVAX CORP ..................................... 2,511 3,815,129 JOHNSON & JOHNSON ............................. 225,474 7,812 * KENDLE INTERNATIONAL, INC ..................... 157 3,635 * KERYX BIOPHARMACEUTICALS, INC ................. 27 1,112,366 * KING PHARMACEUTICALS, INC ..................... 46,864 5,601 * KOS PHARMACEUTICALS, INC ...................... 194 5,663 * KOSAN BIOSCIENCES, INC ........................ 45 20,187 * KV PHARMACEUTICAL CO (CLASS B) ................ 655 27,716 * LA JOLLA PHARMACEUTICAL CO .................... 248 261,145 * LABORATORY CORP OF AMERICA HOLDINGS ........... 21,114 9,744 LANDAUER, INC ................................. 330 3,335 * LARGE SCALE BIOLOGY CORP ...................... 15 26,903 * LEXICON GENETICS, INC ......................... 310 30,202 * LIFEPOINT HOSPITALS, INC ...................... 1,028 37,101 * LIGAND PHARMACEUTICALS, INC (CLASS B) ......... 664 649,312 e LILLY (ELI) & CO .............................. 50,997 74,141 * LINCARE HOLDINGS, INC ......................... 2,124 10,871 e* LUMINEX CORP .................................. 184 10,345 * MACROCHEM CORP ................................ 32 11,447 * MAGELLAN HEALTH SERVICES, INC ................. 73 4,019 * MARTEK BIOSCIENCES CORP ....................... 87 25,734 * MATRIX PHARMACEUTICALS, INC ................... 40 9,577 * MAXIMUS, INC .................................. 403 21,947 * MAXYGEN, INC .................................. 386 32,243 MCKESSON CORP ................................. 1,206 60,000 e* MEDAREX, INC .................................. 1,078 3,512 e* MED-DESIGN CORP ............................... 69 16,615 * MEDICINES CO .................................. 193 22,634 * MEDICIS PHARMACEUTICAL CORP (CLASS A) ......... 1,462 175,725 * MEDIMMUNE, INC ................................ 8,145 9,801 * MEDQUIST, INC ................................. 287 2,804,297 MEDTRONIC, INC ................................ 143,608 20,347 MENTOR CORP ................................... 581 1,836,103 MERCK & CO, INC ............................... 107,963 18,959 * MGI PHARMA, INC ............................... 290 37,805 * MID ATLANTIC MEDICAL SERVICES, INC ............ 858 181,877 e* MILLENNIUM PHARMACEUTICALS, INC ............... 4,458 38,641 MILLIPORE CORP ................................ 2,346 13,693 * MIRAVANT MEDICAL TECHNOLOGIES ................. 132 13,859 * MOLECULAR DEVICES CORP ........................ 289 45,487 MYLAN LABORATORIES, INC ....................... 1,706 18,218 e* MYRIAD GENETICS, INC .......................... 959 40,954 * NABI .......................................... 423 14,051 e* NANOGEN, INC .................................. 81 15,285 * NAPRO BIOTHERAPEUTICS, INC .................... 174 5,762 * NATIONAL HEALTHCARE CORP ...................... 89 6,893 * NEOPHARM, INC ................................. 173 10,445 * NEOSE TECHNOLOGIES, INC ....................... 382 18,788 * NEUROCRINE BIOSCIENCES, INC ................... 964 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 67
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- HEALTH CARE--(CONTINUED) 13,755 * NEUROGEN CORP ................................. $ 240 2,757 * NORTH AMERICAN SCIENTIFIC ..................... 37 6,103 * NOVAVAX, INC .................................. 86 16,558 e* NOVEN PHARMACEUTICALS, INC .................... 294 17,255 * NOVOSTE CORP .................................. 151 23,271 * NPS PHARMACEUTICALS, INC ...................... 891 7,771 * OCULAR SCIENCES, INC .......................... 181 9,335 OMNICARE, INC ................................. 232 18,182 * ON ASSIGNMENT, INC ............................ 418 5,582 * ONYX PHARMACEUTICALS, INC ..................... 29 3,441 * OPTION CARE, INC .............................. 67 15,761 * ORASURE TECHNOLOGIES, INC ..................... 191 38,571 * ORCHID BIOSCIENCES, INC ....................... 212 30,659 * ORGANOGENESIS, INC ............................ 147 32,109 * ORTHODONTIC CENTERS OF AMERICA, INC ........... 979 27,236 * OSI PHARMACEUTICALS, INC ...................... 1,246 11,675 OWENS & MINOR, INC ............................ 216 76,306 * OXFORD HEALTH PLANS, INC ...................... 2,300 7,994 * PAIN THERAPEUTICS, INC ........................ 73 3,485 PALL CORP ..................................... 84 8,958 * PARADIGM GENETICS, INC ........................ 51 43,822 * PATTERSON DENTAL CO ........................... 1,794 6,057 * PDI, INC ...................................... 135 29,414 * PER SE TECHNOLOGIES, INC ...................... 316 89,203 * PEREGRINE PHARMACEUTICALS, INC ................ 306 13,231,124 PFIZER, INC ................................... 527,260 29,951 * PHARMACEUTICAL PRODUCT DEVELOPMENT, INC ....... 968 14,830 * PHARMACEUTICAL RESOURCES, INC ................. 501 5,098,893 PHARMACIA CORP ................................ 217,468 19,500 * PHARMACOPEIA, INC ............................. 271 10,494 * PHARMACYCLICS, INC ............................ 104 14,992 * PHARMOS CORP .................................. 35 9,605 e* POLYMEDICA CORP ............................... 159 12,906 e* POSSIS MEDICAL, INC ........................... 225 11,394 * POZEN, INC .................................... 60 38,254 * PRAECIS PHARMACEUTICALS, INC .................. 223 15,685 * PRIORITY HEALTHCARE CORP (CLASS B) ............ 552 31,572 * PROCURENET, INC ............................... 5 4,056 * PROGENICS PHARMACEUTICALS ..................... 75 69,952 e* PROTEIN DESIGN LABS, INC ...................... 2,294 26,384 * PROVINCE HEALTHCARE CO ........................ 814 59,452 * QUEST DIAGNOSTICS, INC ........................ 4,263 53,351 * QUINTILES TRANSNATIONAL CORP .................. 856 5,501 * REGENERATION TECHNOLOGIES ..................... 56 22,409 * REGENERON PHARMACEUTICALS, INC ................ 631 11,644 * REHABCARE GROUP, INC .......................... 345 38,638 * RENAL CARE GROUP, INC ......................... 1,240 30,483 e* RESMED, INC .................................. 1,644 23,746 * RESPIRONICS, INC .............................. 823 10,803 * RIBOZYME PHARMACEUTICALS, INC ................. 49 14,419 * RIGEL PHARMACEUTICALS, INC .................... 67 2,004 * RIGHTCHOICE MANAGED CARE, INC ................. 140 3,850 * SANGAMO BIOSCIENCES, INC ...................... 36 17,192 * SANGSTAT MEDICAL CORP ......................... 338 2,747,845 SCHERING-PLOUGH CORP .......................... 98,400 36,428 * SCIOS, INC .................................... 866 2,322 * SEATTLE GENETICS, INC ......................... 13 6,459 * SELECT MEDICAL CORP ........................... 104 56,239 e* SEPRACOR, INC ................................. 3,209 23,877 * SEQUENOM, INC ................................. 255 10,242 * SEROLOGICALS CORP ............................. 220 40,535 * SICOR, INC .................................... 636 7,889 * SONOSITE, INC ................................. 203 1,578 * SPECIALTY LABORATORIES, INC ................... 43
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935 * SRI/SURGICAL EXPRESS, INC ..................... $ 15 67,909 * ST. JUDE MEDICAL, INC ......................... 5,273 13,038 * STERICYCLE, INC ............................... 794 55,876 * STERIS CORP ................................... 1,021 109,598 STRYKER CORP .................................. 6,397 4,449 * SUNRISE ASSISTED LIVING, INC .................. 130 17,824 * SUPERGEN, INC ................................. 255 11,635 * SURMODICS, INC ................................ 424 17,164 * SYNCOR INTERNATIONAL CORP ..................... 492 17,030 * TANOX, INC .................................... 315 31,396 * TARGETED GENETICS CORP ........................ 85 35,091 * TECHNE CORP ................................... 1,293 15,561 * TELIK, INC .................................... 210 1,243,043 * TENET HEALTHCARE CORP ......................... 72,991 44,974 * TEXAS BIOTECHNOLOGY CORP ...................... 292 19,697 * THERAGENICS CORP .............................. 194 3,371 * THIRD WAVE TECHNOLOGIES, INC .................. 25 29,136 * THORATEC CORP ................................. 495 22,700 * TITAN PHARMACEUTICALS, INC .................... 223 5,355 * TRANSGENOMIC, INC ............................. 59 17,613 * TRANSKARYOTIC THERAPIES, INC .................. 754 15,856 * TRIAD HOSPITALS, INC .......................... 465 17,436 * TRIANGLE PHARMACEUTICALS, INC ................. 70 902 * TRIGON HEALTHCARE, INC ........................ 63 14,910 * TRIMERIS, INC ................................. 671 19,279 * TRIPATH IMAGING, INC .......................... 145 17,260 * TULARIK, INC .................................. 415 984 * U.S. PHYSICAL THERAPY, INC .................... 16 13,974 e* UNITED THERAPEUTICS CORP ...................... 145 648,433 UNITEDHEALTH GROUP, INC ....................... 45,890 21,201 * UNIVERSAL HEALTH SERVICES, INC (CLASS B) ...... 907 9,725 * UROLOGIX, INC ................................. 195 3,327 * V.I. TECHNOLOGIES, INC ........................ 23 30,385 * VALENTIS, INC ................................. 94 28,227 * VARIAN MEDICAL SYSTEMS, INC ................... 2,011 26,838 * VARIAN, INC ................................... 871 54,008 * VASOMEDICAL, INC .............................. 200 5,719 e* VAXGEN, INC ................................... 66 11,215 * VENTANA MEDICAL SYSTEMS, INC .................. 254 55,658 VENTAS, INC ................................... 640 12,466 * VENTIV HEALTH, INC ............................ 46 10,568 * VERSICOR, INC ................................. 215 57,243 * VERTEX PHARMACEUTICALS, INC ................... 1,408 9,300 * VIASYS HEALTHCARE, INC ........................ 188 20,168 * VICAL, INC .................................... 247 33,421 * VIDAMED, INC .................................. 261 12,920 * VION PHARMACEUTICALS, INC ..................... 57 13,609 e* VIROPHARMA, INC ............................... 312 42,735 * VISX, INC ..................................... 566 1,697 VITAL SIGNS, INC .............................. 59 111,634 * WATERS CORP ................................... 4,326 87,443 * WATSON PHARMACEUTICALS, INC ................... 2,745 2,137 * WATSON WYATT & CO HOLDINGS .................... 47 92,817 * WEBMD CORP .................................... 655 11,583 * WELLPOINT HEALTH NETWORKS, INC ................ 1,353 12,936 X-RITE, INC ................................... 110 99,166 * ZIMMER HOLDINGS, INC .......................... 3,029 6,117 e* ZOLL MEDICAL CORP ............................. 238 ---------- TOTAL HEALTH CARE 2,664,181 ---------- OTHER--2.61% 8,696 * 4KIDS ENTERTAINMENT, INC ...................... 174 2,212 ABM INDUSTRIES, INC ........................... 69 18,350 * ACACIA RESEARCH CORP .......................... 203 2,945 e* ACTRADE FINANCIAL TECHNOLOGIES LTD ............ 87 3,400 ACUITY BRANDS, INC ............................ 41 SEE NOTES TO FINANCIAL STATEMENTS 68 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 ------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- OTHER--(CONTINUED) 18,792 * ADMINISTAFF, INC .............................. $ 515 121 AMBASSADORS INTERNATIONAL, INC ................ 3 11,917 BRADY CORP (CLASS A) .......................... 436 11,884 * BRIGHT HORIZONS FAMILY SOLUTIONS, INC ......... 333 41,350 * CAREER EDUCATION CORP ......................... 1,417 398,303 e* CENDANT CORP .................................. 7,811 2,446 CENTRAL PARKING CORP .......................... 48 93,401 CINTAS CORP ................................... 4,483 6,694 * CORINTHIAN COLLEGES, INC ...................... 274 25,427 * CORPORATE EXECUTIVE BOARD CO .................. 933 8,898 * COSTAR GROUP, INC ............................. 214 44,512 * DEVRY, INC .................................... 1,266 9,805 DOVER CORP .................................... 363 23,386 * EDISON SCHOOLS, INC ........................... 460 15,760 * EDUCATION MANAGEMENT CORP ..................... 571 1,794 * ESCO TECHNOLOGIES, INC ........................ 62 63,563 * EXULT, INC .................................... 1,020 9,860 * FIRST CONSULTING GROUP, INC ................... 154 10,450 * FORRESTER RESEARCH, INC ....................... 210 19,236 * GENTIVA HEALTH SERVICES, INC .................. 422 20,049 * GETTY IMAGES, INC ............................. 461 20,819 * GTECH HOLDINGS CORP ........................... 943 66,898 H & R BLOCK, INC .............................. 2,990 4,029 HARLAND (JOHN H.) CO .......................... 89 15,885 * HEIDRICK & STRUGGLES INTERNATIONAL, INC ....... 288 56,800 HONEYWELL INTERNATIONAL, INC .................. 1,921 6,254 e* HOTEL RESERVATIONS NETWORK, INC (CLASS A) ..... 288 16,396 * HOTJOBS.COM LTD ............................... 170 1,218 * ICT GROUP, INC ................................ 23 11,028 * INFOUSA, INC .................................. 77 13,827 * ITRON, INC .................................... 419 34,923 * KORN/FERRY INTERNATIONAL ...................... 372 6,611 * MANAGEMENT NETWORK GROUP, INC ................. 46 30,124 MATTHEWS INTERNATIONAL CORP (CLASS A) ......... 740 2,549 MCGRATH RENTCORP .............................. 96 9,434 * MEMBERWORKS, INC .............................. 132 115,718 MOODY'S CORP .................................. 4,613 22,395 * MPS GROUP, INC ................................ 160 18,333 * MSC.SOFTWARE CORP ............................. 286 10,162 * NCO GROUP, INC ................................ 233 1,405 * NEW HORIZONS WORLDWIDE, INC ................... 16 1,773 * OFFSHORE LOGISTICS, INC ....................... 31 12,681 e* PREPAID LEGAL SERVICES, INC ................... 278 7,119 * PROQUEST CO ................................... 241 13,935 * R.H. DONNELLEY CORP ........................... 405 366 * RENT-WAY, INC ................................. 2 5,806 * RIGHT MANAGEMENT CONSULTANTS .................. 100 125,226 * ROBERT HALF INTERNATIONAL, INC ................ 3,343 16,532 ROLLINS, INC .................................. 331 6,319 * SCHOOL SPECIALTY, INC ......................... 145 6,519 * SPX CORP ...................................... 892 7,196 * STARTEK, INC .................................. 136 5,604 e STRAYER EDUCATION, INC ........................ 273 22,435 * SYMYX TECHNOLOGIES, INC ....................... 477 397,908 SYSCO CORP .................................... 10,433 9,772 TALX CORP ..................................... 244 7,264 * TEJON RANCH CO ................................ 174 28,529 * TELETECH HOLDINGS, INC ........................ 409 136,394 * TERREMARK WORLDWIDE, INC ...................... 78 65,824 e* TMP WORLDWIDE, INC ............................ 2,824 5,595 * TRADESTATION GROUP, INC ....................... 9 9,432 * TRAVELOCITY.COM, INC .......................... 271 3,454,685 TYCO INTERNATIONAL LTD ........................ 203,481 11,742 * UNIROYAL TECHNOLOGY CORP ...................... 38
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4,897 * UNITED STATIONERS, INC ........................ $ 165 301,669 UNITED TECHNOLOGIES CORP ...................... 19,497 11,187 VIAD CORP ..................................... 265 1,978 * WACKENHUT CORP (CLASS A) ...................... 49 3,874 * WACKENHUT CORRECTIONS CORP .................... 54 10,742 WALTER INDUSTRIES, INC ........................ 121 ---------- TOTAL OTHER 280,698 ---------- PRODUCER DURABLES--7.00% 9,622 * ACTIVE POWER, INC ............................. 65 11,479 AGCO CORP ..................................... 181 41,725 * ALLIED WASTE INDUSTRIES, INC .................. 587 29,696 AMETEK, INC ................................... 947 7,814 * ASTEC INDUSTRIES, INC ......................... 113 1,165 * AUGUST TECHNOLOGY CORP ........................ 13 1,253 BALDOR ELECTRIC CO ............................ 26 9,015 * BEACON POWER CORP ............................. 12 4,901 BRIGGS & STRATTON CORP ........................ 209 10,259 e* BROOKS AUTOMATION, INC ........................ 417 5,565 * CATALYTICA ENERGY SYSTEMS, INC ................ 25 19,293 * COINSTAR, INC ................................. 482 19,126 * COVANTA ENERGY CORP ........................... 86 10,701 * CUNO, INC ..................................... 326 65,791 e DANAHER CORP .................................. 3,968 10,356 e* DYCOM INDUSTRIES, INC ......................... 173 21,812 EATON CORP .................................... 1,623 24,141 e* EMEX CORP ..................................... 75 29,085 FEDERAL SIGNAL CORP ........................... 648 6,004 * FLOW INTERNATIONAL CORP ....................... 74 18,901 * FLOWSERVE CORP ................................ 503 4,373 FRANKLIN ELECTRIC CO, INC ..................... 359 25,388 * FUELCELL ENERGY, INC .......................... 461 17,970,338 GENERAL ELECTRIC CO ........................... 720,251 398 * GENLYTE GROUP, INC ............................ 12 3,832 e* GLOBAL POWER EQUIPMENT GROUP, INC ............. 58 6,580 GORMAN-RUPP CO ................................ 177 7,890 * H POWER CORP .................................. 25 18,134 * HEADWATERS, INC ............................... 208 6,349 IDEX CORP ..................................... 219 2,095 * IMAGISTICS INTERNATIONAL, INC ................. 26 405 KAYDON CORP ................................... 9 4,385 LINCOLN ELECTRIC HOLDINGS, INC ................ 107 8,473 LINDSAY MANUFACTURING CO ...................... 164 12,832 * LITTELFUSE, INC ............................... 337 3,361 * MAGNA ENTERTAINMENT CORP (CLASS A) ............ 24 16,095 MANITOWOC CO, INC ............................. 500 1,253 * MAXWELL TECHNOLOGIES, INC ..................... 12 22,882 * MECHANICAL TECHNOLOGY, INC .................... 63 105,767 MINNESOTA MINING & MANUFACTURING CO ........... 12,503 24,489 * NATIONAL INSTRUMENTS CORP ..................... 917 51,405 * NEWPARK RESOURCES, INC ........................ 406 2,732 NN, INC ....................................... 30 10,308 NORDSON CORP .................................. 272 12,154 * PEMSTAR, INC .................................. 146 9,522 PHILADELPHIA SUBURBAN CORP .................... 215 10,130 * PHOTON DYNAMICS, INC .......................... 462 17,744 PITNEY BOWES, INC ............................. 667 9,745 e* PLUG POWER, INC .............................. 85 49,185 * POWER-ONE, INC ................................ 512 11,725 * QUANTA SERVICES, INC .......................... 181 18,891 * RAYOVAC CORP .................................. 332 834 RICHARDSON ELECTRONICS LTD .................... 10 22,000 ROCKWELL COLLINS, INC ......................... 429 7,603 * ROHN INDUSTRIES, INC .......................... 16 26,211 ROPER INDUSTRIES, INC ......................... 1,297 8,797 * SAGE, INC ..................................... 326 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 69
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- PRODUCER DURABLES--(CONTINUED) 269 * SPS TECHNOLOGIES, INC ......................... $ 9 5,936 STEWART & STEVENSON SERVICES, INC ............. 112 5,417 TENNANT CO .................................... 201 41,166 * TETRA TECH, INC ............................... 820 4,662 * TETRA TECHNOLOGIES, INC ....................... 98 3,275 * TRC COS, INC .................................. 164 2,275 * TRIKON TECHNOLOGIES, INC ...................... 27 33,118 * VALENCE TECHNOLOGY, INC ....................... 112 1,102 VALHI, INC .................................... 14 5,338 VALMONT INDUSTRIES, INC ....................... 77 8,080 WABTEC CORP ................................... 99 19,607 * WASTE CONNECTIONS, INC ........................ 608 ---------- TOTAL PRODUCER DURABLES 754,712 ---------- TECHNOLOGY--31.11% 106,203 * 3COM CORP ..................................... 678 3,712 e* 3D SYSTEMS CORP ............................... 53 33,282 * 3DO CO ........................................ 69 2,048 b,e* ACT MANUFACTURING, INC ........................ 1 15,790 * ACTEL CORP .................................... 314 102,660 * ACTERNA CORP .................................. 406 31,932 * ACTIVISION, INC ............................... 831 39,528 * ACTUATE CORP .................................. 208 13,672 * ACXIOM CORP ................................... 239 5,398 * ADAPTEC, INC .................................. 78 205,479 * ADC TELECOMMUNICATIONS, INC ................... 945 2,509 * ADE CORP ...................................... 25 194,243 ADOBE SYSTEMS, INC ............................ 6,031 2,862 * ADTRAN, INC ................................... 73 45,539 * ADVANCED DIGITAL INFORMATION CORP ............. 730 13,292 e* ADVANCED ENERGY INDUSTRIES, INC ............... 354 32,778 * ADVANCED FIBRE COMMUNICATIONS, INC ............ 579 198,892 * ADVANCED MICRO DEVICES, INC ................... 3,154 24,446 * ADVENT SOFTWARE, INC .......................... 1,221 46,847 * AEROFLEX, INC ................................. 887 20,105 * AETHER SYSTEMS, INC ........................... 185 38,776 e* AFFILIATED COMPUTER SERVICES, INC (CLASS A) ... 4,115 5,090,703 * AGERE SYSTEMS, INC (CLASS A) .................. 28,966 23,161 * AGILE SOFTWARE CORP ........................... 399 129,378 e* AGILENT TECHNOLOGIES, INC ..................... 3,689 31,224 e* AKAMAI TECHNOLOGIES, INC ...................... 185 2,791 * ALLIANCE FIBER OPTIC PRODUCT .................. 4 10,173 * ALLOY, INC .................................... 219 36,128 * ALPHA INDUSTRIES, INC ......................... 788 1,215,550 * ALTERA CORP ................................... 25,794 553,160 e* AMDOCS LTD .................................... 18,791 8,383 e* AMERICA ONLINE LATIN AMERICA, INC (CLASS A) ... 38 32,409 * AMERICAN MANAGEMENT SYSTEMS, INC .............. 586 17,575 * AMERICAN SUPERCONDUCTOR CORP .................. 215 80,689 * AMKOR TECHNOLOGY, INC ......................... 1,293 34,215 * AMPHENOL CORP (CLASS A) ....................... 1,644 21,360 * ANADIGICS, INC ................................ 326 1,541,190 * ANALOG DEVICES, INC ........................... 68,413 331 ANALOGIC CORP ................................. 13 16,045 * ANAREN MICROWAVE, INC ......................... 278 15,501 * ANDREW CORP ................................... 339 2,979 * ANSOFT CORP ................................... 43 19,948 * ANSWERTHINK, INC .............................. 130 10,843 * ANSYS, INC .................................... 267 23,333 * APAC CUSTOMER SERVICES, INC ................... 61 4,108 * APPLIED INNOVATION, INC ....................... 25 2,081,491 * APPLIED MATERIALS, INC ........................ 83,468 1,207,487 * APPLIED MICRO CIRCUITS CORP ................... 13,669 19,245 e* AREMISSOFT CORP ............................... 19 85,333 e* ARIBA, INC .................................... 526
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7,390 * ARRIS GROUP, INC .............................. $ 72 42,449 * ART TECHNOLOGY GROUP, INC ..................... 148 13,839 * ARTESYN TECHNOLOGIES, INC ..................... 129 3,900 * ARTISAN COMPONENTS, INC ....................... 62 215,051 * ASCENTIAL SOFTWARE CORP ....................... 871 14,555 * ASIAINFO HOLDINGS, INC ........................ 254 17,350 * ASPECT COMMUNICATIONS CORP .................... 67 27,131 * ASPEN TECHNOLOGY, INC ......................... 456 9,587 e* ASTROPOWER, INC ............................... 388 26,246 * ASYST TECHNOLOGIES, INC ....................... 335 99,538 b* AT HOME CORP (SERIES A) ....................... 1 164,519 e* ATMEL CORP .................................... 1,213 22,038 e* ATMI, INC ..................................... 526 28,195 * AUSPEX SYSTEMS, INC ........................... 51 6,717 AUTODESK, INC ................................. 250 1,056,433 AUTOMATIC DATA PROCESSING, INC ................ 62,224 21,815 * AVANEX CORP ................................... 129 25,213 * AVANT! CORP ................................... 517 229,822 * AVAYA, INC .................................... 2,792 28,632 e* AVICI SYSTEMS, INC ............................ 83 383 * AVID TECHNOLOGY, INC .......................... 5 36,343 * AVOCENT CORP .................................. 881 5,793 AVX CORP ...................................... 137 9,120 * AWARE, INC .................................... 76 79,004 * AXCELIS TECHNOLOGIES, INC ..................... 1,018 17,052 * AXT, INC ...................................... 246 9,056 * BARRA, INC .................................... 426 1,489,988 e* BEA SYSTEMS, INC .............................. 22,946 7,243 BEI TECHNOLOGIES, INC ......................... 126 3,002 BEL FUSE, INC (CLASS B) ....................... 75 2,766 BELDEN, INC ................................... 65 8,893 * BENCHMARK ELECTRONICS, INC .................... 169 44,626 * BISYS GROUP, INC .............................. 2,856 15,689 * BLACK BOX CORP ................................ 830 24,971 * BLUE MARTINI SOFTWARE, INC .................... 75 122,991 * BMC SOFTWARE, INC ............................. 2,013 30,032 * BORLAND SOFTWARE CORP ......................... 470 5,219 * BOSTON COMMUNICATIONS GROUP ................... 59 9,128 * BRAUN CONSULTING, INC ......................... 32 13,993 * BRIGHTPOINT, INC .............................. 44 14,953 * BRIO SOFTWARE, INC ............................ 43 530,443 e* BROADCOM CORP (CLASS A) ....................... 21,679 185,201 e* BROADVISION, INC .............................. 507 1,080,730 e* BROCADE COMMUNICATIONS SYSTEMS, INC ........... 35,794 8,465 * BSQUARE CORP .................................. 35 20,965 C&D TECHNOLOGIES, INC ......................... 479 5,401 * CABLE DESIGN TECHNOLOGIES CORP ................ 74 4,642 * CACHEFLOW, INC ................................ 12 4,644 * CACI INTERNATIONAL, INC (CLASS A) ............. 183 207,040 * CADENCE DESIGN SYSTEMS, INC ................... 4,538 7,460 * CAMINUS CORP .................................. 172 13,150 * CARREKER CORP ................................. 78 5,039 * CARRIER ACCESS CORP ........................... 15 1,902 * CATAPULT COMMUNICATIONS CORP .................. 50 8,618 * C-COR.NET CORP ................................ 126 8,388 * CELERITEK, INC ................................ 112 20,719 * CENTILLIUM COMMUNICATIONS, INC ................ 163 14,019 * CENTRA SOFTWARE, INC .......................... 112 50,497 * CERTEGY, INC .................................. 1,728 46,118 * CHECKFREE CORP ................................ 830 526 * CHECKPOINT SYSTEMS, INC ....................... 7 22,436 e* CHIPPAC, INC .................................. 166 18,438 * CHORDIANT SOFTWARE, INC ....................... 146 1,263,595 * CIENA CORP .................................... 18,082 40,323 * CIRRUS LOGIC, INC ............................. 533 SEE NOTES TO FINANCIAL STATEMENTS 70 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TECHNOLOGY--(CONTINUED) 14,151,231 * CISCO SYSTEMS, INC ............................ $ 256,279 153,631 * CITRIX SYSTEMS, INC ........................... 3,481 14,093 * CLARENT CORP .................................. 76 7,576 * CLICK COMMERCE, INC ........................... 24 46,123 * CNET NETWORKS, INC ............................ 414 25,079 * COGNEX CORP ................................... 642 6,069 * COGNIZANT TECHNOLOGY SOLUTIONS CORP ........... 249 18,471 COHU, INC ..................................... 365 231,475 * COMMERCE ONE, INC ............................. 826 40,625 * COMMSCOPE, INC ................................ 864 24,839 * COMPUTER NETWORK TECHNOLOGY CORP .............. 442 142,187 * COMPUWARE CORP ................................ 1,676 151,745 * COMVERSE TECHNOLOGY, INC ...................... 3,395 5,422 * CONCORD CAMERA CORP ........................... 43 412,872 * CONCORD EFS, INC .............................. 13,534 62,602 * CONCURRENT COMPUTER CORP ...................... 930 7,656 CONESTOGA ENTERPRISES, INC .................... 245 99,795 * CONEXANT SYSTEMS, INC ......................... 1,433 3,868 * CONSTELLATION 3D, INC ......................... 3 14,072 * CONVERA CORP .................................. 47 138,393 * CONVERGYS CORP ................................ 5,188 7,189 * COORSTEK, INC ................................. 229 15,072 * COPPER MOUNTAIN NETWORKS, INC ................. 25 8,021 * CORILLIAN CORP ................................ 38 333,443 e* CORNING, INC .................................. 2,974 204,677 * CORVIS CORP ................................... 661 38,951 * COSINE COMMUNICATIONS, INC .................... 60 16,904 * COVANSYS CORP ................................. 151 30,334 * CREDENCE SYSTEMS CORP ......................... 563 58,672 e* CREE, INC ..................................... 1,728 36,567 * CSG SYSTEMS INTERNATIONAL, INC ................ 1,479 18,252 CTS CORP ...................................... 290 24,810 * CYMER, INC .................................... 663 57,501 * CYPRESS SEMICONDUCTOR CORP .................... 1,146 7,074 * DAKTRONICS, INC ............................... 60 14,820 * DATASTREAM SYSTEMS, INC ....................... 91 33,029 * DDI CORP ...................................... 325 4,063,585 * DELL COMPUTER CORP ............................ 110,448 13,325 * DIAMONDCLUSTER INTERNATIONAL, INC (CLASS A) ... 175 20,953 * DIGEX, INC .................................... 63 10,133 * DIGIMARC CORP ................................. 188 22,777 * DIGITAL INSIGHT CORP .......................... 509 11,478 e* DIGITAL LIGHTWAVE, INC ........................ 108 16,364 * DIGITALTHINK, INC ............................. 177 9,577 * DIGITAS, INC .................................. 38 57,184 * DIVINE, INC (CLASS A) ......................... 42 34,021 * DMC STRATEX NETWORKS, INC ..................... 265 32,958 * DOCENT, INC ................................... 104 28,919 * DOCUMENTUM, INC ............................... 628 104,753 * DOUBLECLICK, INC .............................. 1,188 18,851 * DSP GROUP, INC ................................ 438 48,817 * DST SYSTEMS, INC .............................. 2,434 3,648 * DUPONT PHOTOMASKS, INC ........................ 159 989 * DURASWITCH INDUSTRIES, INC .................... 8 53,120 * E.PIPHANY, INC ................................ 463 36,035 * EARTHLINK, INC ................................ 439 199,315 e* EBAY, INC .................................... 13,334 19,166 * ECHELON CORP .................................. 271 5,851 EDO CORP ...................................... 155 31,179 * EFUNDS CORP ................................... 429 18,859 * ELANTEC SEMICONDUCTOR, INC .................... 724 21,860 * ELECTRO SCIENTIFIC INDUSTRIES, INC ............ 656 15,492 * ELECTROGLAS, INC .............................. 229 103,187 * ELECTRONIC ARTS, INC .......................... 6,186
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352,020 ELECTRONIC DATA SYSTEMS CORP .................. $ 24,131 5,988 * ELECTRONICS FOR IMAGING, INC .................. 134 5,544 e* EMBARCADERO TECHNOLOGIES, INC ................. 134 6,694,909 * EMC CORP ...................................... 89,980 18,227 e* EMCORE CORP ................................... 245 65,595 * EMULEX CORP ................................... 2,592 23,350 * ENTEGRIS, INC ................................. 256 52,580 * ENTERASYS NETWORKS, INC ....................... 465 44,844 * ENTRUST, INC .................................. 457 3,400 * EPICEDGE, INC ................................. 1 3,300 * EPIQ SYSTEMS, INC ............................. 64 116,995 EQUIFAX, INC .................................. 2,825 10,935 * ESPEED, INC (CLASS A) ......................... 91 25,738 * EXAR CORP ..................................... 537 9,130 * EXCEL TECHNOLOGY, INC ......................... 159 13,645 * EXE TECHNOLOGIES, INC ......................... 69 323,719 b,e* EXODUS COMMUNICATIONS, INC .................... 13 6,308 * EXTENSITY, INC ................................ 14 80,182 * EXTREME NETWORKS, INC ......................... 1,034 11,453 * F.Y.I., INC ................................... 384 14,998 e* F5 NETWORKS, INC .............................. 323 13,948 FAIR, ISAAC & CO, INC ......................... 879 80,137 e* FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC (CLASS A) ..................................... 2,260 25,531 * FALCONSTOR SOFTWARE, INC ...................... 231 13,242 * FEI CO ........................................ 417 21,237 * FIBERCORE, INC ................................ 51 29,931 * FILENET CORP .................................. 607 100,529 e* FINISAR CORP .................................. 1,022 318,372 FIRST DATA CORP ............................... 24,976 155,871 * FISERV, INC ................................... 6,596 11,064 * FLIR SYSTEMS, INC ............................. 420 70,990 * FOUNDRY NETWORKS, INC ......................... 579 17,247 e* FREEMARKETS, INC .............................. 413 10,133 * GATEWAY, INC .................................. 81 2,036 GENERAL CABLE CORP ............................ 27 104,455 * GENUITY, INC (CLASS A) ........................ 165 19,318 * GENZYME TRANSGENICS CORP ...................... 112 921 * GLOBAL IMAGING SYSTEMS, INC ................... 14 24,887 GLOBAL PAYMENTS, INC .......................... 856 82,372 * GLOBESPAN VIRATA, INC ......................... 1,067 16,463 e* HANDSPRING, INC ............................... 111 40,735 * HARMONIC, INC ................................. 490 12,778 HARRIS CORP ................................... 390 20,217 HELIX TECHNOLOGY CORP ......................... 456 55,196 HENRY (JACK) & ASSOCIATES, INC ................ 1,205 28,716 e* HNC SOFTWARE, INC ............................. 592 61,368 * HOMESTORE.COM, INC ............................ 221 4,633 * HYPERION SOLUTIONS CORP ....................... 92 226,950 * I2 TECHNOLOGIES, INC .......................... 1,793 24,343 e* IDENTIX, INC .................................. 355 10,254 * II-VI, INC .................................... 177 5,038 * INET TECHNOLOGIES, INC ........................ 53 25,494 * INFOCUS CORP .................................. 561 2,364 * INFOGRAMES, INC ............................... 17 55,358 e* INFORMATICA CORP .............................. 803 207,521 * INFOSPACE, INC ................................ 425 7,719 * INGRAM MICRO, INC (CLASS A) ................... 134 85,714 e* INKTOMI CORP .................................. 575 3,078 * INRANGE TECHNOLOGIES CORP (CLASS B) ........... 38 2,614 * INTEGRAL SYSTEMS, INC ......................... 50 19,277 e* INTEGRATED CIRCUIT SYSTEMS, INC ............... 435 516,997 * INTEGRATED DEVICE TECHNOLOGY, INC ............. 13,747 12,263,937 INTEL CORP .................................... 385,701 46,782 e* INTELIDATA TECHNOLOGIES CORP .................. 132 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 71
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TECHNOLOGY--(CONTINUED) 4,504 * INTERACTIVE INTELLIGENCE, INC ................. $ 31 12,002 * INTERCEPT GROUP, INC .......................... 491 48,173 * INTERDIGITAL COMMUNICATIONS CORP .............. 467 32,108 * INTERGRAPH CORP ............................... 441 1,040 * INTERLAND, INC ................................ 2 10,077 * INTERMAGNETICS GENERAL CORP ................... 261 76,609 * INTERNAP NETWORK SERVICES CORP ................ 89 1,339,169 INTERNATIONAL BUSINESS MACHINES CORP .......... 161,986 50,371 * INTERNATIONAL RECTIFIER CORP .................. 1,757 29,176 e* INTERNET SECURITY SYSTEMS, INC ................ 935 624,435 * INTERSIL CORP (CLASS A) ....................... 20,138 3,682 INTER-TEL, INC ................................ 71 36,036 * INTERVOICE-BRITE, INC ......................... 461 66,479 * INTERWOVEN, INC ............................... 648 11,444 * INTRADO, INC .................................. 307 99,096 * INTUIT, INC ................................... 4,239 14,185 * IOMEGA CORP ................................... 118 20,553 * IRON MOUNTAIN, INC ............................ 900 20,799 * IXIA .......................................... 267 6,238 * IXYS CORP ..................................... 50 76,662 * J.D. EDWARDS & CO ............................. 1,261 124,982 e* JABIL CIRCUIT, INC ............................ 2,840 2,596 * JDA SOFTWARE GROUP, INC ....................... 58 433,184 * JDS UNIPHASE CORP ............................. 3,760 13,899 * JNI CORP ...................................... 116 207,403 e* JUNIPER NETWORKS, INC ......................... 3,930 8,994 * KANA SOFTWARE, INC ............................ 175 41,436 * KEANE, INC .................................... 747 6,174 KEITHLEY INSTRUMENTS, INC ..................... 104 13,828 * KEYNOTE SYSTEMS, INC .......................... 129 608,230 e* KLA-TENCOR CORP ............................... 30,144 50,931 * KOPIN CORP .................................... 713 53,543 * KPMG CONSULTING, INC .......................... 887 20,496 * KRONOS, INC ................................... 992 25,884 * KULICKE & SOFFA INDUSTRIES, INC ............... 444 1,070,602 * LAM RESEARCH CORP ............................. 24,859 7,504 * LANTRONIX, INC ................................ 47 72,584 * LATTICE SEMICONDUCTOR CORP .................... 1,493 5,557 * LEARNING TREE INTERNATIONAL, INC .............. 155 2,947 * LECROY CORP ................................... 54 75,932 * LEGATO SYSTEMS, INC ........................... 985 5,433 * LEXAR MEDIA, INC .............................. 14 8,685 * LEXENT, INC ................................... 54 105,644 * LEXMARK INTERNATIONAL, INC .................... 6,233 60,983 * LIBERATE TECHNOLOGIES ......................... 700 21,830 * LIGHTBRIDGE, INC .............................. 265 7,260 * LIGHTPATH TECHNOLOGIES, INC (CLASS A) ......... 26 812,465 LINEAR TECHNOLOGY CORP ........................ 31,719 10,576 * LOUDCLOUD, INC ................................ 45 103,544 e* LSI LOGIC CORP ................................ 1,634 40,995 * LTX CORP ...................................... 858 47,802 * MACROMEDIA, INC ............................... 851 33,326 * MACROVISION CORP .............................. 1,174 9,722 * MANHATTAN ASSOCIATES, INC ..................... 283 7,536 * MANUFACTURERS SERVICES LTD .................... 47 42,990 * MANUGISTICS GROUP, INC ........................ 906 13,911 * MAPINFO CORP .................................. 218 19,046 * MASTEC, INC ................................... 132 20,961 * MATRIXONE, INC ................................ 272 249,762 * MAXIM INTEGRATED PRODUCTS, INC ................ 13,115 39,472 * MAXTOR CORP ................................... 250 7,644 * MCAFEE.COM CORP ............................... 259 14,959 * MCDATA CORP (CLASS A) ......................... 366 5,774 e* MCSI, INC ..................................... 135
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3,420 e* MEASUREMENT SPECIALTIES, INC .................. $ 32 53,349 * MENTOR GRAPHICS CORP .......................... 1,257 14,984 * MERCURY COMPUTER SYSTEMS, INC ................. 586 56,822 * MERCURY INTERACTIVE CORP ...................... 1,931 5,497 * MERIX CORP .................................... 95 14,566 * METASOLV, INC ................................. 114 16,069 * METAWAVE COMMUNICATIONS CORP .................. 50 29,869 * METTLER-TOLEDO INTERNATIONAL, INC ............. 1,549 52,834 * MICREL, INC ................................... 1,386 6,164 * MICRO GENERAL CORP ............................ 85 107,899 * MICROCHIP TECHNOLOGY, INC ..................... 4,180 55,797 * MICROMUSE, INC ................................ 837 1,182,890 * MICRON TECHNOLOGY, INC ........................ 36,670 21,070 * MICROSEMI CORP ................................ 626 8,302,776 * MICROSOFT CORP ................................ 550,059 24,979 e* MICROSTRATEGY, INC ............................ 96 634,408 * MICROTUNE, INC ................................ 14,883 12,622 * MICROVISION, INC .............................. 180 33,567 * MIPS TECHNOLOGIES, INC (CLASS A) .............. 290 16,155 * MKS INSTRUMENTS, INC .......................... 437 1,179 * MOLDFLOW CORP ................................. 17 33,022 MOLEX, INC .................................... 1,022 1 * MOMENTUM BUSINESS APPLICATIONS, INC (CLASS A) . 0 1,659,031 MOTOROLA, INC ................................. 24,919 7,244 * MRO SOFTWARE, INC ............................. 169 69,590 e* MRV COMMUNICATIONS, INC ....................... 295 17,623 * MULTEX.COM, INC ............................... 79 5,508 * NANOMETRICS, INC .............................. 107 3,093 * NATIONAL PROCESSING, INC ...................... 101 285,078 * NATIONAL SEMICONDUCTOR CORP ................... 8,778 14,017 * NCR CORP ...................................... 517 10,203 NDCHEALTH CORP ................................ 353 17,656 * NETEGRITY, INC ................................ 342 18,577 * NETIQ CORP .................................... 655 36,741 * NETRO CORP .................................... 135 14,475 * NETSCOUT SYSTEMS, INC ......................... 114 238,494 * NETWORK APPLIANCE, INC ........................ 5,216 73,001 * NETWORK ASSOCIATES, INC ....................... 1,887 34,053 * NEW FOCUS, INC ................................ 130 28,484 NEWPORT CORP .................................. 549 14,900 * NEXT LEVEL COMMUNICATIONS, INC ................ 50 26,257 e* NMS COMMUNICATIONS CORP ....................... 127 798,500 NOKIA CORP (SPON ADR) ......................... 19,587 4,718 * NORTHFIELD LABORATORIES, INC .................. 40 13,729 * NOVADIGM, INC ................................. 130 5,106 * NOVATEL WIRELESS, INC ......................... 6 1,465,666 e* NOVELLUS SYSTEMS, INC ......................... 57,821 225 * NU HORIZONS ELECTRONICS CORP .................. 2 21,885 e* NUANCE COMMUNICATIONS, INC .................... 199 13,996 * NUMERICAL TECHNOLOGIES, INC ................... 493 404,320 e* NVIDIA CORP ................................... 27,049 18,109 e* NYFIX, INC .................................... 363 38,126 e* OAK TECHNOLOGY, INC ........................... 524 8,231 * ON SEMICONDUCTOR CORP ......................... 17 46,411 * ONI SYSTEMS CORP .............................. 291 26,522 * ONYX SOFTWARE CORP ............................ 103 64,810 * OPENWAVE SYSTEMS, INC ......................... 634 77,393 * OPLINK COMMUNICATIONS, INC .................... 146 3,358 * OPNET TECHNOLOGIES, INC ....................... 48 3,169 * OPTICAL CABLE CORP ............................ 5 3,593 * OPTICAL COMMUNICATION PRODUCTS, INC ........... 14 11,830,672 * ORACLE CORP ................................... 163,382 4,033 * OTG SOFTWARE, INC ............................. 40 14,807 * OVERTURE SERVICES, INC ........................ 525 19,086 * PACKETEER, INC ................................ 141 SEE NOTES TO FINANCIAL STATEMENTS 72 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ----------- TECHNOLOGY--(CONTINUED) 326,181 * PALM, INC ..................................... $ 1,266 203,769 * PARAMETRIC TECHNOLOGY CORP .................... 1,591 534 * PAXAR CORP .................................... 8 32,266 * PAXSON COMMUNICATIONS CORP .................... 337 259,748 PAYCHEX, INC .................................. 9,052 3,777 * PEC SOLUTIONS, INC ............................ 142 4,521 * PECO II, INC .................................. 27 1,637 * PEGASUS SOLUTIONS, INC ........................ 23 212,547 * PEOPLESOFT, INC ............................... 8,544 138,226 * PEREGRINE SYSTEMS, INC ........................ 2,050 4,536 * PERFORMANCE TECHNOLOGIES, INC ................. 60 5,997 * PERICOM SEMICONDUCTOR CORP .................... 87 58,661 * PEROT SYSTEMS CORP (CLASS A) .................. 1,198 8,129 * PHOENIX TECHNOLOGIES LTD ...................... 95 18,383 * PHOTRONICS, INC ............................... 576 17,609 * PIXELWORKS, INC ............................... 283 4,147 * PLANAR SYSTEMS, INC ........................... 88 30,135 * PLANTRONICS, INC .............................. 773 34,250 * PLEXUS CORP ................................... 910 11,644 * PLX TECHNOLOGY, INC ........................... 147 135,520 e* PMC-SIERRA, INC ............................... 2,881 66,456 e* POLYCOM, INC .................................. 2,264 78,668 * PORTAL SOFTWARE, INC .......................... 164 5,152 * POWELL INDUSTRIES, INC ........................ 97 20,713 * POWER INTEGRATIONS, INC ....................... 473 49,549 * POWERWAVE TECHNOLOGIES, INC ................... 856 14,214 * PRI AUTOMATION, INC ........................... 291 16,120 * PROBUSINESS SERVICES, INC ..................... 303 12,765 e* PROFIT RECOVERY GROUP INTERNATIONAL, INC ..... 104 27,507 * PROGRESS SOFTWARE CORP ........................ 475 18,645 * PROTON ENERGY SYSTEMS ......................... 154 18,880 * PROXIM, INC ................................... 187 22,810 * PUMATECH, INC ................................. 59 75,301 * QLOGIC CORP ................................... 3,352 7,571 * QRS CORP ...................................... 107 1,930,742 * QUALCOMM, INC ................................. 97,502 24,084 * QUEST SOFTWARE, INC ........................... 532 2,790 QUIXOTE CORP .................................. 53 15,997 * RADIANT SYSTEMS, INC .......................... 184 14,776 * RADISYS CORP .................................. 290 66,285 e* RAMBUS, INC ................................... 530 158,686 * RATIONAL SOFTWARE CORP ........................ 3,094 93,679 * READ-RITE CORP ................................ 619 75,433 * REALNETWORKS, INC ............................. 448 18,568 * RED HAT, INC .................................. 132 106,623 * REDBACK NETWORKS, INC ......................... 421 7,297 * REGISTER.COM, INC ............................. 84 9,114 * RENAISSANCE LEARNING, INC ..................... 278 9,973 e* RESEARCH FRONTIERS, INC ....................... 167 36,604 * RETEK, INC .................................... 1,093 764,930 e* RF MICRO DEVICES, INC ......................... 14,710 57,366 e* RIVERSTONE NETWORKS, INC ...................... 952 15,079 * ROGERS CORP ................................... 457 10,894 * ROXIO, INC .................................... 180 26,850 * RSA SECURITY, INC ............................. 469 5,931 * RUDOLPH TECHNOLOGIES, INC ..................... 204 29,519 * S1 CORP ....................................... 478 18,654 * SABA SOFTWARE, INC ............................ 97 32,500 * SAGA SYSTEMS, INC ESCROW ...................... 0 13,307 * SANCHEZ COMPUTER ASSOCIATES, INC .............. 114 31,886 e* SANDISK CORP .................................. 459 2,391,654 * SANMINA-SCI CORP .............................. 47,594 64,011 * SAPIENT CORP .................................. 494 8,500 * SATCON TECHNOLOGY CORP ........................ 44
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6,313 * SBS TECHNOLOGIES, INC ......................... $ 92 2,373 * SCANSOURCE, INC ............................... 113 125,340 SCIENTIFIC-ATLANTA, INC ....................... 3,001 15,431 * SEACHANGE INTERNATIONAL, INC .................. 527 25,390 * SECURE COMPUTING CORP ......................... 522 27,827 e* SEEBEYOND TECHNOLOGY CORP ..................... 270 15,375 * SEMITOOL, INC ................................. 177 50,161 * SEMTECH CORP .................................. 1,790 12,108 * SERENA SOFTWARE, INC .......................... 263 1,385,974 * SIEBEL SYSTEMS, INC ........................... 38,780 6,016 * SIGNALSOFT CORP ............................... 27 39,348 * SILICON IMAGE, INC ............................ 148 5,891 * SILICON LABORATORIES, INC ..................... 199 61,861 * SILICON STORAGE TECHNOLOGY, INC ............... 596 5,700 * SILICONIX, INC ................................ 156 4,120 * SIMPLEX SOLUTIONS, INC ........................ 68 10,703 * SIPEX CORP .................................... 138 8,401 * SIRENZA MICRODEVICES, INC ..................... 51 420,956 * SOLECTRON CORP ................................ 4,748 29,763 * SOMERA COMMUNICATIONS, INC .................... 225 18,551 * SONICWALL, INC ................................ 361 127,037 * SONUS NETWORKS, INC ........................... 587 11,895 * SPECTRALINK CORP .............................. 204 16,548 * SPEECHWORKS INTERNATIONAL, INC ................ 186 4,900 * SPSS, INC ..................................... 87 57,738 e* STARBASE CORP ................................. 39 28,203 * STARMEDIA NETWORK, INC ........................ 11 894,300 e STMICROELECTRONICS NV (NEW YORK SHS) .......... 28,322 40,288 * STORAGE TECHNOLOGY CORP ....................... 833 46,059 * STORAGENETWORKS, INC .......................... 285 48,628 * STRATOS LIGHTWAVE, INC ........................ 299 5,959,178 * SUN MICROSYSTEMS, INC ......................... 73,298 226,096 * SUNGARD DATA SYSTEMS, INC ..................... 6,541 6,055 * SUNRISE TELECOM, INC .......................... 24 3,583 * SUPERTEX, INC ................................. 63 6,264 * SUPPORT.COM, INC .............................. 39 482 e* SUREBEAM CORP (CLASS A) ....................... 5 68,239 * SYBASE, INC ................................... 1,075 47,836 * SYCAMORE NETWORKS, INC ........................ 256 4,681 * SYKES ENTERPRISES, INC ........................ 44 57,660 * SYMANTEC CORP ................................. 3,825 186,274 SYMBOL TECHNOLOGIES, INC ...................... 2,958 20,583 * SYMMETRICOM, INC .............................. 157 47,994 e* SYNOPSYS, INC ................................. 2,835 3,017 * SYNPLICITY, INC ............................... 41 4,949 * SYNTEL, INC ................................... 64 11,956 * SYSTEMS & COMPUTER TECHNOLOGY CORP ............ 124 808,000 e* TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD (SPON ADR) .................................. 13,873 25,712 e* TAKE-TWO INTERACTIVE SOFTWARE, INC ............ 416 8,600 * TECH DATA CORP ................................ 372 21,748 TECHNITROL, INC ............................... 601 38,747 * TEKELEC ....................................... 702 335,823 * TELLABS, INC .................................. 5,024 4,894 * TELLIUM, INC .................................. 30 145,720 * TERADYNE, INC ................................. 4,392 2,388,852 TEXAS INSTRUMENTS, INC ........................ 66,888 10,495 * THERMA-WAVE, INC .............................. 157 13,052 * THREE-FIVE SYSTEMS, INC ....................... 208 40,157 * TIBCO SOFTWARE, INC ........................... 600 45,940 e* TITAN CORP .................................... 1,146 9,320 e* TIVO, INC ..................................... 61 11,213 * TOLLGRADE COMMUNICATIONS, INC ................. 374 28,815 TOTAL SYSTEM SERVICES, INC .................... 610 17,532 * TRANSACTION SYSTEMS ARCHITECTS, INC (CLASS A) . 215 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 73
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) ------ ---------- TECHNOLOGY--(CONTINUED) 62,323 * TRANSMETA CORP ................................ $ 143 69,453 * TRANSWITCH CORP ............................... 313 22,189 * TRIMBLE NAVIGATION LTD ........................ 360 4,276 * TRIPATH TECHNOLOGY, INC ....................... 7 104,523 * TRIQUINT SEMICONDUCTOR, INC ................... 1,281 20,907 * TRIZETTO GROUP, INC ........................... 274 5,325 * TTM TECHNOLOGIES, INC ......................... 54 4,831 * TURNSTONE SYSTEMS, INC ........................ 19 15,200 b* U.S. WIRELESS CORP ............................ 0 1,831 * UCAR INTERNATIONAL, INC ....................... 20 5,985 * ULTICOM, INC .................................. 60 7,780 * ULTIMATE ELECTRONICS, INC ..................... 233 3,774 * ULTRATECH STEPPER, INC ........................ 62 16,914 * UNISYS CORP ................................... 212 6,074 UNITED INDUSTRIAL CORP ........................ 102 21,349 * UNIVERSAL ACCESS GLOBAL HOLDINGS, INC ......... 100 14,643 * UNIVERSAL DISPLAY CORP ........................ 133 32,457 * USINTERNETWORKING, INC ........................ 6 26,111 * VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES, INC 903 22,576 * VEECO INSTRUMENTS, INC ........................ 814 191,634 * VERISIGN, INC ................................. 7,290 1,499,684 * VERITAS SOFTWARE CORP ......................... 67,231 30,555 * VERITY, INC ................................... 619 65,624 * VERTICALNET, INC .............................. 92 32,890 * VIASYSTEMS GROUP, INC ......................... 21 21,278 * VICOR CORP .................................... 345 33,114 * VIEWPOINT CORP ................................ 226 91,524 * VIGNETTE CORP ................................. 491 4,166 * VIRAGE LOGIC CORP ............................. 80 16,403 * VISHAY INTERTECHNOLOGY, INC ................... 320 22,413 * VISUAL NETWORKS, INC .......................... 104 145,253 * VITESSE SEMICONDUCTOR CORP .................... 1,808 59,210 * VITRIA TECHNOLOGY, INC ........................ 378 11,098 * WATCHGUARD TECHNOLOGIES, INC .................. 72 48,998 * WAVE SYSTEMS CORP (CLASS A) ................... 110 8,877 * WEBEX COMMUNICATIONS, INC ..................... 221 16,504 * WEBMETHODS, INC ............................... 277 12,076 * WEBSENSE, INC ................................. 387 16,523 * WESCO INTERNATIONAL, INC ...................... 82 113,332 * WESTERN DIGITAL CORP .......................... 711 13,910 * WESTERN MULTIPLEX CORP (CLASS A) .............. 75 2,058 * WILSON GREATBATCH TECHNOLOGIES, INC ........... 74 52,261 * WIND RIVER SYSTEMS, INC ....................... 936 11,122 * WIRELESS FACILITIES, INC ...................... 75 4,479 * WITNESS SYSTEMS, INC .......................... 60 4,904 * WJ COMMUNICATIONS, INC ........................ 18 2,222 WOODHEAD INDUSTRIES, INC ...................... 35 13,431 * XICOR, INC .................................... 149 1,131,415 * XILINX, INC ................................... 44,182 35,359 e* XYBERNAUT CORP ................................ 84 272,485 * YAHOO!, INC ................................... 4,834 20,272 * ZEBRA TECHNOLOGIES CORP (CLASS A) ............. 1,125 270 f* ZEBRA TECHNOLOGIES CORP (CLASS B) ............. 15 7,351 e* ZIXIT CORP .................................... 37 12,961 * ZYGO CORP ..................................... 206 ---------- TOTAL TECHNOLOGY 3,352,141 ---------- TRANSPORTATION--0.20% 34,841 * AIRTRAN HOLDINGS, INC ......................... 230 34,209 * ATLANTIC COAST AIRLINES HOLDINGS, INC ......... 797 1,942 * ATLAS AIR WORLDWIDE HOLDINGS, INC ............. 28 14,415 * BE AEROSPACE, INC ............................. 132 55,942 C.H. ROBINSON WORLDWIDE, INC .................. 1,618 523 * COVENANT TRANSPORT, INC (CLASS A) ............. 8 21,709 * EGL, INC ...................................... 303
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39,221 EXPEDITORS INTERNATIONAL OF WASHINGTON, INC ... $ 2,234 432 FLORIDA EAST COAST INDUSTRIES, INC (CLASS A)... 10 13,535 * FORWARD AIR CORP .............................. 459 27,201 * FRONTIER AIRLINES, INC ........................ 462 3,923 * HEARTLAND EXPRESS, INC ........................ 109 18,699 * KNIGHT TRANSPORTATION, INC .................... 351 8,350 * LANDSTAR SYSTEM, INC .......................... 606 17,806 * MESA AIR GROUP, INC ........................... 134 17,723 * NORTHWEST AIRLINES CORP ....................... 278 7,464 e* RAILAMERICA, INC ............................. 108 107,129 * SABRE HOLDINGS CORP ........................... 4,537 32,429 SKYWEST, INC .................................. 825 25,537 * SWIFT TRANSPORTATION CO, INC .................. 549 15,653 e* U.S. AIRWAYS GROUP, INC ....................... 99 145,019 UNITED PARCEL SERVICE, INC (CLASS B) .......... 7,904 ---------- TOTAL TRANSPORTATION 21,781 ---------- UTILITIES--2.30% 39,206 * A T & T LATIN AMERICA CORP (CLASS A) .......... 46 1,735,502 * A T & T WIRELESS SERVICES, INC ................ 24,939 348,184 * AES CORP ...................................... 5,693 10,162 * AIRGATE PCS, INC .............................. 463 29,451 * ALAMOSA HOLDINGS, INC ......................... 351 58,983 * ALLEGIANCE TELECOM, INC ....................... 489 912,744 * AMERICAN TOWER CORP (CLASS A) ................. 8,644 1,380 * AQUILA, INC ................................... 24 101,032 b* ARCH WIRELESS, INC ............................ 1 3,700 BLACK HILLS CORP .............................. 125 248,504 * CALPINE CORP .................................. 4,172 5,455 * CENTENNIAL COMMUNICATIONS CORP ................ 56 8,634 * CHILES OFFSHORE, INC .......................... 172 104,694 * CITIZENS COMMUNICATIONS CO .................... 1,116 9,346 * COMMONWEALTH TELEPHONE ENTERPRISES, INC ....... 425 14,917 CONNECTICUT WATER SERVICE, INC ................ 441 68,388 * CROWN CASTLE INTERNATIONAL CORP ............... 730 11,846 * DOBSON COMMUNICATIONS CORP (CLASS A) .......... 101 988 DOMINION RESOURCES, INC ....................... 59 181,382 DYNEGY, INC (CLASS A) ......................... 4,625 95,766 EL PASO CORP .................................. 4,272 310 ENERGEN CORP .................................. 8 272,583 b,e ENRON CORP .................................... 164 14,264 * FOCAL COMMUNICATIONS CORP ..................... 9 2,245 * FOCAL COMMUNICATIONS CORP WTS 12/14/07 ........ 0 20,938 * GENERAL COMMUNICATION, INC (CLASS A) .......... 179 9,900 b* GEOTEK COMMUNICATIONS, INC .................... 0 6,433 HICKORY TECH CORP ............................. 109 1 * IDT CORP ...................................... 0 5,300 * IDT CORP (CLASS B) ............................ 88 2,540 * IMPSAT FIBER NETWORKS, INC .................... 0 43,417 e* ITC DELTACOM, INC ............................. 38 18,797 KINDER MORGAN, INC ............................ 1,047 19,989 e* L-3 COMMUNICATIONS HOLDINGS, INC .............. 1,799 27,186 e* LEAP WIRELESS INTERNATIONAL, INC .............. 570 114,212 e* LEVEL 3 COMMUNICATIONS, INC ................... 571 9,423 MADISON GAS & ELECTRIC CO ..................... 249 8,594 MIDDLESEX WATER CO ............................ 292 203,106 * MIRANT CORP ................................... 3,254 12,432 * MONTANA POWER CO .............................. 71 1,187 * NATCO GROUP, INC (CLASS A) .................... 8 16,529 * NEWPOWER HOLDINGS, INC ........................ 12 443,608 * NEXTEL COMMUNICATIONS, INC (CLASS A) .......... 4,862 12,997 * NEXTEL PARTNERS, INC (CLASS A) ................ 156 14,239 NORTH PITTSBURGH SYSTEMS, INC ................. 263 33,797 * NRG ENERGY, INC ............................... 524 7,349 * NTELOS, INC ................................... 114 4,306 * OIL STATES INTERNATIONAL, INC ................. 39 SEE NOTES TO FINANCIAL STATEMENTS 74 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENT OF INVESTMENTS - GROWTH ACCOUNT - DECEMBER 31, 2001 -------------------------------------------------------------------------------- SHARES VALUE (000) --------- ----------- UTILITIES--(CONTINUED) 2,899 * OMNISKY CORP .................................. $ 0 21,640 * ORION POWER HOLDINGS .......................... 565 4,281 OTTER TAIL CORP ............................... 125 22,753 e* PETROQUEST ENERGY, INC ........................ 121 5,073 * PINNACLE HOLDINGS, INC ........................ 2 43,384 * PRICE COMMUNICATIONS CORP ..................... 828 5,321 * QUICKSILVER RESOURCES, INC .................... 101 494,205 QWEST COMMUNICATIONS INTERNATIONAL, INC ....... 6,983 6,865 * RURAL CELLULAR CORP (CLASS A) ................. 153 32,087 * SBA COMMUNICATIONS CORP ....................... 418 610,081 SBC COMMUNICATIONS, INC ....................... 23,897 5,743 * SOUTHWESTERN ENERGY CO ........................ 60 30,966 e* SPECTRASITE HOLDINGS, INC ..................... 111 5,529,989 e* SPRINT CORP (PCS GROUP) ....................... 134,987 19,855 * TELECORP PCS, INC (CLASS A) ................... 248 21,686 TELEPHONE & DATA SYSTEMS, INC ................. 1,946 49,046 e* TIME WARNER TELECOM, INC (CLASS A) ............ 868 29,837 * TRITON PCS HOLDINGS, INC (CLASS A) ............ 876 3,198 * U.S. CELLULAR CORP ............................ 145 11,648 * U.S. UNWIRED, INC (CLASS A) ................... 119 19,402 * UBIQUITEL, INC ................................ 144 7,124 e UGI CORP ...................................... 215 874 * VAST SOLUTIONS, INC (CLASS B1) ................ 0 874 * VAST SOLUTIONS, INC (CLASS B2) ................ 0 874 * VAST SOLUTIONS, INC (CLASS B3) ................ 0 12,140 * WEST CORP ..................................... 303 13,207 WESTERN GAS RESOURCES, INC .................... 427 49,821 * WESTERN WIRELESS CORP (CLASS A) ............... 1,407 38,518 WILLIAMS COS, INC ............................. 983 54,943 WORLDCOM, INC (MCI GROUP) ..................... 698 236,265 e* XO COMMUNICATIONS, INC (CLASS A) .............. 23 ---------- TOTAL UTILITIES 248,123 ---------- TOTAL COMMON STOCK (COST $12,160,262) 10,695,543 ---------- PRINCIPAL ---------- SHORT TERM INVESTMENTS--4.11% U.S. GOVERNMENT AND AGENCIES--4.11% FEDERAL HOME LOAN BANK (FHLB) $ 9,710,000 d 1.700%, 01/04/02 ................................ 9,708 50,000,000 1.750%, 01/09/02 ................................ 49,978 50,000,000 1.660%, 02/06/02 ................................ 49,911 FEDERAL HOME LOAN MORTGAGE CORP (FHLMC) $15,500,000 1.480%, 01/02/02 ................................ $ 15,498 23,500,00 d 1.810%, 01/02/02 ................................ 23,498 16,000,000 1.750%, 01/15/02 ................................ 15,988 50,000,000 1.670%, 01/18/02 ................................ 49,956 24,650,000 1.740%, 02/12/02 ................................ 24,599 30,000,000 d 1.670%, 02/28/02 ................................ 29,915 9,200,000 1.660%, 03/20/02 ................................ 9,165 FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 62,800,000 1.440%, 01/02/02 ................................ 62,794 4,300,000 1.500%, 01/02/02 ................................ 4,300 47,000,000 1.730%, 01/30/02 ................................ 46,932 40,000,000 1.700%, 03/07/02 ................................ 39,873 10,300,000 1.700%, 03/14/02 ................................ 10,264 ---------- TOTAL U.S. GOVERNMENT AND AGENCIES 442,379 ---------- TOTAL SHORT TERM INVESTMENTS (COST $442,411) 442,379 ---------- TOTAL PORTFOLIO--103.37% (COST $12,602,867) 11,138,092 OTHER ASSETS & LIABILITIES, NET--(3.37)% (363,108) ---------- NET ASSETS--100.00% $10,774,984 ========== ------ * Non-income producing b In bankruptcy d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts. e All or a portion of these securities are out on loan. f Restricted securities-Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2001, the value of these securities amounted to $14,988 or 0.00% of net assets.
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Additional information on each restricted security is as follows: SECURITY ACQUISITION DATE ACQUISITION COST ------------- ----------------------- ----------------------- ZEBRA TECHNOLOGIES CORP (CLASS B) 10/29/98 $8,133 ======== TRANSACTION WITH AFFILIATED COMPANIES--JANUARY 1, 2001 - DECEMBER 31, 2001 -------------------------------------------------------------------------------- [Enlarge/Download Table] VALUE AT PURCHASE REALIZED DIVIDEND SHARES AT VALUE AT ISSUE DECEMBER 31, 2000 COST PROCEEDS GAIN(LOSS) INCOME DECEMBER 31,2001 DECEMBER 31,2001 ------- ------------------ --------- ----------- ---------- -------- ----------------- ---------------- GUILFORD PHARMA- CEUTICALS, INC $23,380,200 -- $5,065,517 $(1,232,156) -- -- * - ----------- ---------- ----------- TOTAL AFFILIATED TRANSACTIONS $23,380,200 $5,065,517 $(1,232,156) =========== ========== =========== ------- * Not an affiliate as of December 31, 2001 SEE NOTES TO FINANCIAL STATEMENTS 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 75
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REPORT OF MANAGEMENT RESPONSIBILITY TO THE PARTICIPANTS OF COLLEGE RETIREMENT EQUITIES FUND: The accompanying financial statements of the Stock, Global Equities and Growth Accounts of College Retirement Equities Fund ("CREF") are the responsibility of management. They have been prepared in accordance with accounting principles generally accepted in the United States, and have been presented fairly and objectively in accordance with such principles. CREF has established and maintains a strong system of internal controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management's authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, CREF's internal audit personnel provide a continuing review of the internal controls and operations of the CREF Accounts, and the internal Auditor regularly reports to the Audit Committee of the CREF Board of Trustees. The accompanying financial statements have been audited by the independent auditing firm of Ernst & Young LLP. To maintain auditor independence and avoid even the appearance of conflict of interest, it continues to be CREF's policy that any non-audit services be obtained from a firm other than the external financial audit firm. For the periods covered by these financial statements, CREF did not engage Ernst & Young LLP for any management advisory or consulting services. The independent auditors' report, which follows the notes to financial statements, expresses an independent opinion on the fairness of presentation of these financial statements. The Audit Committee of the CREF Board of Trustees, consisting entirely of trustees who are not officers of CREF, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls, and auditing. In addition to the annual audit of the financial statements of all the CREF Accounts by the independent auditing firm, the New York State Insurance Department, other state insurance departments and the Securities and Exchange Commission perform periodic examinations of the CREF Accounts' operations. /s/ John H. Biggs /s/ Richard L. Gibbs Chairman, President and Executive Vice President and Chief Executive Officer Principal Accounting Officer ------------------------------------------------------------------------------- REPORT OF THE AUDIT COMMITTEE TO THE PARTICIPANTS OF COLLEGE RETIREMENT EQUITIES FUND: The Audit Committee oversees the financial reporting process of the Stock, Global Equities and Growth Accounts of College Retirement Equities Fund ("CREF") on behalf of CREF's Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee's responsibilities. All members of the Audit Committee ("Committee") are independent, as defined under the listing standards of the New York Stock Exchange. Management has the primary responsibility for CREF's financial statements, development and maintenance of a strong system of internal controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in connection with their respective audits. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. As required by its charter, the Committee will evaluate rotation of the external financial audit firm whenever circumstances warrant, but in no event will the formal evaluation be later than between their fifth and tenth years of service. The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the rea sonableness of significant judgments, and the clarity of disclosures in the financial statements. The Committee has also discussed the audited financial statements with Ernst & Young LLP, the independent auditing firm responsible for expressing an opinion on the conformity of these audited financial statements with generally accepted accounting principles. The discussion with Ernst & Young LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by CREF, the clarity of the financial statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors' independence from management and CREF, and has received a written disclosure regarding such independence, as required by the Indepen-dence Standards Board.
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Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities. Maceo K. Sloan, Audit Committee Chair Martin J. Gruber, Audit Committee Member Nestor V. Santiago, Audit Committee Member David K. Storrs, Audit Committee Member February 12, 2002 76 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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STATEMENTS OF ASSETS AND LIABILITIES [Enlarge/Download Table] ------------------------------------------------------------------------------------------------------------------ December 31, 2001 Stock Global Equities Growth (amounts in thousands, except amounts per accumulation unit) Account Account Account ------------------------------------------------------------------------------------------------------------------ ASSETS Portfolio investments, at cost $ 80,437,435 $ 7,171,898 $ 12,602,867 Net unrealized appreciation (depreciation) of portfolio investments 19,757,205 (395,108) (1,464,775) ------------ ------------ ------------ Portfolio investments, at value 100,194,640 6,776,790 11,138,092 Cash 41,703 11,596 6,982 Dividends and interest receivable 109,659 6,293 8,760 Receivable from securities transactions 176,120 7,551 20,264 Amounts due from TIAA 9,569 4,369 8,411 ------------ ------------ ------------ Total Assets 100,531,691 6,806,599 11,182,509 ------------ ------------ ------------ LIABILITIES Deposits for securities loaned--Note 3 1,249,445 82,823 363,701 Payable for securities transactions 120,225 9,751 43,824 ------------ ------------ ------------ Total Liabilities 1,369,670 92,574 407,525 ------------ ------------ ------------ NET ASSETS Accumulation Fund 82,701,053 6,497,309 10,503,827 Annuity Fund 16,460,968 216,716 271,157 ------------ ------------ ------------ Total Net Assets $ 99,162,021 $ 6,714,025 $ 10,774,984 ============ ============ ============ ACCUMULATION UNITS OUTSTANDING--Notes 4 and 5 508,889 99,558 171,149 ============ ============ ============ NET ASSET VALUE PER ACCUMULATION UNIT--Note 4 $ 162.51 $ 65.26 $ 61.37 ============ ============ ============ Statements of Operations [Enlarge/Download Table] ---------------------------------------------------------------------------------------------------------- Year Ended December 31, 2001 Stock Global Equities Growth (amounts in thousands) Account Account Account ---------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Income: Interest $ 52,239 $ 8,009 $ 3,627 Dividends 1,455,970 92,556 63,047 ------------ ------------ ------------ Total Income 1,508,209 100,565 66,674 ------------ ------------ ------------ Expenses--Note 2: Investment 112,453 11,012 13,544 Operating 317,275 21,659 34,399 Interest 69 -- -- ------------ ------------ ------------ Total Expenses 429,797 32,671 47,943 ------------ ------------ ------------ INVESTMENT INCOME--NET 1,078,412 67,894 18,731 ------------ ------------ ------------ REALIZED AND UNREALIZED LOSS ON TOTAL INVESTMENTS--Note 3 Net realized gain (loss) on: Portfolio investments 1,393,205 (1,061,737) (2,363,961) Futures transactions (78,374) (32,153) (5,991) Foreign currency transactions (23,951) (176) 46 ------------ ------------ ------------ Net Realized Gain (Loss) on Total Investments 1,290,880 (1,094,066) (2,369,906) ------------ ------------ ------------ Net change in unrealized appreciation (depreciation) on: Portfolio investments (18,903,749) (599,265) (833,955) Futures transactions 14,226 3,510 745 Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies (253) (336) -- ------------ ------------ ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON TOTAL INVESTMENTS (18,889,776) (596,091) (833,210) ------------ ------------ ------------ NET REALIZED AND UNREALIZED LOSS ON TOTAL INVESTMENTS (17,598,896) (1,690,157) (3,203,116) ------------ ------------ ------------ NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(16,520,484) $ (1,622,263) $ (3,184,385) ============ ============ ============ See notes to financial statements 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 77
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STATEMENTS OF CASH FLOWS [Enlarge/Download Table] ----------------------------------------------------------------------------------------------------------------------------------- Year Ended December 31, 2001 Stock Global Equities Growth (amounts in thousands) Account Account Account ----------------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net decrease in net assets resulting from operations $(16,520,484) $ (1,622,263) $ (3,184,385) 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 33,540,268 7,813,476 4,952,196 Purchases of long-term securities (30,833,650) (7,996,866) (5,276,848) Purchases of short-term investments--net 607,028 205,335 (360,039) Decrease (increase) in receivables 8,691 2,197 (460) Increase (decrease) in payables (491,133) (71,129) 362,701 Net realized (gain) loss on total investments (1,290,880) 1,094,066 2,369,906 Net change in unrealized (appreciation) depreciation on total investments 18,889,776 596,091 833,210 ------------ ------------ ------------ Net Cash Provided by (Used in) Operating Activities 3,909,616 20,907 (303,719) ------------ ------------ ------------ CASH FLOWS FROM FINANCING ACTIVITIES: Premiums 2,831,575 687,993 1,376,785 Net transfers to TIAA (1,076,412) (58,887) (66,101) Net transfers to other CREF Accounts (1,640,682) (468,246) (694,179) Annuity payments (2,107,277) (34,276) (48,021) Withdrawals and death benefits (1,971,694) (153,983) (257,802) ------------ ------------ ------------ Net Cash Provided by (Used in) Financing Activities (3,964,490) (27,399) 310,682 ------------ ------------ ------------ Increase (Decrease) in Cash (54,874) (6,492) 6,963 CASH Beginning of year 96,577 18,088 19 ------------ ------------ ------------ End of year $ 41,703 $ 11,596 $ 6,982 ============ ============ ============ STATEMENTS OF CHANGES IN NET ASSETS [Enlarge/Download Table] ----------------------------------------------------------------------------------------------------------------------------------- Stock Account Global Equities Account Growth Account ------------------------ ------------------------- --------------------- Years Ended December 31, (amounts in thousands) 2001 2000 2001 2000 2001 2000 ----------------------------------------------------------------------------------------------------------------------------------- FROM OPERATIONS Investment income--net $ 1,078,412 $ 1,190,695 $ 67,894 $ 63,467 $ 18,731 $ 29,300 Net realized gain (loss) on total investments 1,290,880 10,172,617 (1,094,066) 907,782 (2,369,906) 885,862 Net change in unrealized appreciation (depreciation) on total investments (18,889,776) (22,458,844) (596,091) (2,577,950) (833,210) (4,569,910) ------------ ------------ ----------- ---------- ----------- ----------- Net Decrease in Net Assets Resulting from Operations (16,520,484) (11,095,532) (1,622,263) (1,606,701) (3,184,385) (3,654,748) ------------ ------------ ----------- ---------- ----------- ----------- FROM PARTICIPANT TRANSACTIONS Premiums 2,831,575 2,948,528 687,993 767,263 1,376,785 1,553,417 ------------ ------------ ----------- ---------- ----------- ----------- Disbursements and transfers: Net transfers to (from) TIAA 1,076,412 605,550 58,887 (37,262) 66,101 (183,242) Net transfers to (from) other CREF Accounts 1,640,682 2,457,780 468,246 (458,246) 694,179 (2,500,825) Annuity payments 2,107,277 2,409,192 34,276 42,466 48,021 63,723 Withdrawals and death benefits 1,971,694 2,466,820 153,983 223,356 257,802 440,797 ------------ ------------ ----------- ---------- ----------- ----------- Total Disbursements and Transfers, Net 6,796,065 7,939,342 715,392 (229,686) 1,066,103 (2,179,547) ------------ ------------ ----------- ---------- ----------- ----------- Net Increase (Decrease) in Net Assets Resulting from Participant Transactions (3,964,490) (4,990,814) (27,399) 996,949 310,682 3,732,964 ------------ ------------ ----------- ---------- ----------- ----------- Net Increase (Decrease) in Net Assets (20,484,974) (16,086,346) (1,649,662) (609,752) (2,873,703) 78,216 NET ASSETS Beginning of year 119,646,995 135,733,341 8,363,687 8,973,439 13,648,687 13,570,471 ------------ ------------ ----------- ---------- ----------- ----------- End of year $ 99,162,021 $119,646,995 $6,714,025 $8,363,687 $10,774,984 $13,648,687 ============ ============ ========== ========== =========== =========== See notes to financial statements 78 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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Notes to Financial Statements -------------------------------------------------------------------------------- NOTE 1--SIGNIFICANT ACCOUNTING POLICIES -------------------------------------------------------------------------------- The purpose of College Retirement Equities Fund ("CREF"), as stated in its charter, is to aid and strengthen nonprofit educational and research organizations, governmental entities and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the Securities and Exchange Commission under the Investment Company Act of 1940 as an open-end, diversified management investment company. It consists of eight investment portfolios ("Accounts"). The accompanying financial statements are those of the Stock, Global Equities and Growth Accounts. The financial statements were prepared in accordance with accounting principles generally accepted in the United States which may require the use of estimates made by management. Actual results may vary from those estimates. The following is a summary of the significant accounting policies consistently followed by the 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. CHANGE IN ACCOUNTING POLICY. As required, effective January 1, 2001, the Accounts have adopted the provisions of the AICPA Audit and Accounting Guide for Investments Companies and began amortizing all discounts and premiums on debt securities. Prior to January 1, 2001, the Accounts did not amortize premiums or discounts on fixed income securities with over 60 days to maturity. On January 1, 2001, the Accounts recorded a cumulative adjustment to reflect the amortization of premiums and discounts on existing fixed income securities. The adjustment for the Stock Account totaling $471,238 increased investment cost, thereby reducing unrealized appreciation but had no impact on total net assets. The adjustment for the Global Equities Account totaling $3,468 decreased investment cost, thereby decreasing unrealized depreciation but had no impact on total net assets. The adjustment for the Growth Account totaling $618 decreased investment cost, thereby decreasing unrealized depreciation but had no impact on total net assets. For the Stock Account, the effect of this change for the year ended December 31, 2001 was to increase net investment income by $3,158,324, decrease unrealized loss by $383,682 and decrease realized gain by $3,542,006. For the Global Equities Account, the effect of this change for the year ended December 31, 2001 was to increase net investment income by $143,475, decrease unrealized loss by $2,245 and increase realized loss by $145,720. For the Growth Account, the effect of this change for the year ended December 31, 2001 was to decrease net investment income by $306,502, decrease unrealized loss by $264 and decrease realized loss by $306,238. The statements of changes in net assets and financial highlights for prior periods have not been restated to reflect this change in presentation. FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION. Portfolio investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the end of the period. Purchases and sales of securities, income receipts and expense payments made in foreign currencies are translated into U.S. dollars at the exchange rates prevailing on the respective dates of the transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net realized gains and losses on foreign currency transactions include maturities of forward foreign currency contracts, disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. FORWARD FOREIGN CURRENCY CONTRACTS. The Accounts may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies. Such contracts are entered into directly with a counterparty and are "marked-to-market" at the end of each day's trading. The Accounts are also exposed to credit risk associated with counterparty nonperformance on these forward currency exchange contracts which is typically limited to the unrealized gain on each open contract.
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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 collateral- 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 79
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Notes to Financial Statements (CONTINUED) -------------------------------------------------------------------------------- NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -------------------------------------------------------------------------------- ized, 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. 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 December 31, 2001, 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 $1,061,526,097 $76,384,583 $354,253,109 Cash collateral 1,249,444,739 82,822,756 363,700,900 At December 31, 2001, 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 $29,539,343,289 $9,782,138,088 $19,757,205,201 Global Equities Account 375,754,499 770,862,764 (395,108,265) Growth Account 793,572,186 2,258,347,361 (1,464,775,175)
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At December 31, 2001, the Stock, Global Equities and Growth Accounts held 1,466, 135 and 181 open futures contracts, respectively, in the Standard & Poor's 500 Index, expiring in March 2002, with a value of $421,181,800, $38,785,500 and $52,001,300, respectively, and an unrealized loss of $3,850,917, $5,459 and $7,320, respectively. 80 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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Notes to Financial Statements (CONTINUED) -------------------------------------------------------------------------------- NOTE 3--INVESTMENTS (CONCLUDED) -------------------------------------------------------------------------------- Companies in which the Accounts held 5% or more of the outstanding voting shares are defined as "affiliated" in the Investment Company Act of 1940. Information regarding transactions with affiliated companies is as follows: -------------------------------------------------------------------------------- Stock Global Equities Growth Account Account Account -------------------------------------------------------------------------------- Value of affiliated companies at December 31, 2001: $164,328,201 $ -- $ -- For the year ended December 31, 2001: Dividend income 1,359,302 -- -- Realized gain (loss) (625,648) 7,572,110 (1,232,156) Purchases and sales of portfolio securities for the Accounts for the year ended December 31, 2001, other than short-term money market instruments, were as follows: -------------------------------------------------------------------------------- Stock Global Equities Growth Account Account Account -------------------------------------------------------------------------------- Purchases: Unaffiliated companies $30,607,516,338 $7,909,729,889 $5,314,015,366 Affiliated companies 65,614,263 24,927,590 -- --------------- -------------- -------------- Total Purchases $30,673,130,601 $7,934,657,479 $5,314,015,366 =============== ============== ============== Sales: Unaffiliated companies $33,506,270,309 $7,760,246,974 $4,961,437,531 Affiliated companies 1,053,826 33,125,435 5,065,517 --------------- -------------- -------------- Total Sales $33,507,324,135 $7,793,372,409 $4,966,503,048 =============== ============== ============== NOTE 4--CONDENSED FINANCIAL INFORMATION -------------------------------------------------------------------------------- Selected condensed financial information for an Accumulation Unit of each Account is presented below. [Enlarge/Download Table] -------------------------------------------------------------------------------------------------------------------------- STOCK ACCOUNT -------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------- For the Years Ended December 31, 2001 2000 1999 1998 1997 -------------------------------------------------------------------------------------------------------------------------- PER ACCUMULATION UNIT DATA: Investment income $2.432 $2.472 $2.567 $2.381 $2.317 Expenses .693 .626 .607 .521 .387 ---------------------------------------------------------------------- Investment income--net 1.739(a) 1.846 1.960 1.860 1.930 Net realized and unrealized gain (loss) on total investments (27.951)(a) (19.231) 34.478 29.795 26.864 ---------------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value (26.212) (17.385) 36.438 31.655 28.794 Accumulation Unit Value: Beginning of year 188.725 206.110 169.672 138.017 109.223 ---------------------------------------------------------------------- End of year $162.513 $188.725 $206.110 $169.672 $138.017 ====================================================================== TOTAL RETURN (13.89%) (8.43%) 21.48% 22.94% 26.36% RATIOS TO AVERAGE NET ASSETS: Expenses 0.41% 0.31% 0.33% 0.34% 0.31% Investment income--net 1.03%(a) 0.91% 1.07% 1.23% 1.55% PORTFOLIO TURNOVER RATE 29.41% 32.65% 29.26% 34.63% 23.25% THOUSANDS OF ACCUMULATION UNITS OUTSTANDING AT END OF YEAR 508,889 525,111 543,589 565,999 597,531 (a) 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 ratio of average net assets to investment income-net there was no effect for the Stock Account for the year ended December 31, 2001. Per Accumulation Unit amounts and ratios for periods prior to January 1, 2001 have not been restated to reflect this change in presentation. 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 81
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Notes to Financial Statements (CONTINUED) -------------------------------------------------------------------------------- NOTE 4--CONDENSED FINANCIAL INFORMATION (CONCLUDED) -------------------------------------------------------------------------------- [Enlarge/Download Table] ----------------------------------------------------------------------------------------------------------------- GLOBAL EQUITIES ACCOUNT ------------------------------------------------------------------ For the Years Ended December 31, 2001 2000 1999 1998 1997 ----------------------------------------------------------------------------------------------------------------- Per Accumulation Unit data: Investment income $.985 $.946 $.959 $.902 $.848 Expenses .320 .325 .300 .268 .205 ------------------------------------------------------------------ Investment income--net .665(b) .621 .659 .634 .643 Net realized and unrealized gain (loss) on total investments (16.493)(b) (16.281) 24.976 10.508 8.650 ----------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value (15.828) (15.660) 25.635 11.142 9.293 Accumulation Unit Value: Beginning of year 81.090 96.750 71.115 59.973 50.680 ----------------------------------------------------------------- End of year $65.262 $81.090 $96.750 $71.115 $59.973 ================================================================= Total return (19.52%) (16.19%) 36.05% 18.58% 18.34% Ratios to Average Net Assets: Expenses 0.46% 0.35% 0.39% 0.41% 0.38% Investment income--net 0.95%(b) 0.68% 0.85% 0.97% 1.19% Portfolio turnover rate 111.91% 98.06% 81.30% 103.31% 98.70% Thousands of Accumulation Units outstanding at end of year 99,558 99,622 89,492 81,825 84,645 [Enlarge/Download Table] ----------------------------------------------------------------------------------------------------------------- GROWTH ACCOUNT --------------------------------------------------------------------- For the Years Ended December 31, 2001 2000 1999 1998 1997 ----------------------------------------------------------------------------------------------------------------- Per Accumulation Unit data: Investment income $.387 $.509 $.592 $.482 $.527 Expenses .278 .320 .278 .244 .155 --------------------------------------------------------------------- Investment income--net .109(b) .189 .314 .238 .372 Net realized and unrealized gain (loss) on total investments (18.345)(b) (20.788) 24.276 18.475 12.219 --------------------------------------------------------------------- Net increase (decrease) in Accumulation Unit Value (18.236) (20.599) 24.590 18.713 12.591 Accumulation Unit Value: Beginning of year 79.608 100.207 75.617 56.904 44.313 --------------------------------------------------------------------- End of year $61.372 $79.608 $100.207 $75.617 $56.904 ===================================================================== Total return (22.91%) (20.56%) 32.52% 32.89% 28.41% Ratios to Average Net Assets: Expenses 0.43% 0.31% 0.34% 0.38% 0.34% Investment income--net 0.17%(b) 0.18% 0.38% 0.37% 0.82% Portfolio turnover rate 44.40% 37.18% 69.26% 97.57% 53.27% Thousands of Accumulation Units outstanding at end of year 171,149 166,751 131,646 98,862 80,370 (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 debt securities. For the Global Equities Account, the effect of this change for the year ended December 31, 2001 was to increase investment income-net per Accumulation Unit by $.001, and increase net realized and unrealized loss per Accumulation Unit by $.001. For the Growth Account, the effect of this change for the year ended December 31, 2001 was to decrease investment income-net per Accumulation Unit by $.002, and decrease net realized and unrealized loss per Accumulation Unit by $.002. For the ratio of average net assets to investment income-net, there was no effect for the Global Equities and Growth Accounts for the year ended December 31, 2001. 82 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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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] -------------------------------------------------------------------------------------------------------------------------------- Stock Account Global Equities Account Growth Account ----------------------------- ------------------------ ----------------------- For the Years Ended December 31, 2001 2000 2001 2000 2001 2000 -------------------------------------------------------------------------------------------------------------------------------- Accumulation Units: Credited for premiums 16,841,366 14,575,232 9,927,883 8,345,880 21,163,254 15,549,879 Credited (cancelled) for transfers, disbursements and amounts applied to the Annuity Fund (33,063,363) (33,053,106) (9,991,364) 1,783,202 (16,764,739) 19,554,443 Outstanding: Beginning of year 525,110,841 543,588,715 99,621,556 89,492,474 166,750,519 131,646,197 ----------- ----------- ---------- ---------- ----------- ----------- End of year 508,888,844 525,110,841 99,558,075 99,621,556 171,149,034 166,750,519 =========== =========== ========== ========== =========== =========== NOTE 6--LINE OF CREDIT -------------------------------------------------------------------------------- The Accounts participate in a $2.25 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Investment Management, or an affiliate of Investment Management, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During the year ended December 31, 2001, the Stock Account borrowed under this facility. The average daily loan balance during the four day period for which the loan was outstanding amounted to $116 million and the weighted average interest rate was 5.36%. The related interest expense was $69,364. For the year ended December 31, 2001, there were no other borrowings under this credit facility by the Accounts. -------------------------------------------------------------------------------- REPORT OF INDEPENDENT AUDITORS TO THE PARTICIPANTS AND BOARD OF TRUSTEES OF COLLEGE RETIREMENT EQUITIES FUND: We have audited the accompanying statements of assets and liabilities, including the statements of investments, of the Stock, Global Equities and Growth Accounts (three of the Accounts comprising the College Retirement Equities Fund ("CREF")) as of December 31, 2001, and the related statements of operations and cash flows for the year then ended and the statements of changes in net assets for each of the two years in the period then ended. These financial statements are the responsibility of CREF's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2001 by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Stock, Global Equities and Growth Accounts of CREF at December 31, 2001, and the results of their operations and cash flows for the year then ended, and the changes in their net assets for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States. /s/ ERNST & YOUNG LLP --------------------- New York, New York February 8, 2002 -------------------------------------------------------------------------------- 2001 ANNUAL REPORT COLLEGE RETIREMENT EQUITIES FUND 83
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PARTICIPANT VOTING RESULTS CREF's Annual Meeting was held on November 13, 2001. The trustees elected to four-year terms at the annual meeting were: -------------------------------------------------------------------------------- NOMINEE VOTES FOR PERCENT VOTES WITHHELD PERCENT -------------------------------------------------------------------------------- Joyce A. Fecske 30,072,751,584 96.29 1,159,068,343 3.71 Eedes P. Gilbert 30,023,101,673 96.13 1,208,718,254 3.87 Stephen A. Ross 30,466,838,999 97.55 764,980,927 2.45 Maceo K. Sloan 30,335,399,010 97.13 896,420,916 2.87 CREF Participants voted on two participant proposals. Participant Proposal I: To stop investing in companies supporting gun control. [Enlarge/Download Table] ---------------------------------------------------------------------------------------------------------------------------------- FUND VOTES FOR PERCENT VOTES AGAINST PERCENT VOTES ABSTAINED PERCENT ---------------------------------------------------------------------------------------------------------------------------------- OVERALL CREF FUNDS 3,814,093,936 12.21 26,334,583,301 84.32 1,083,142,690 3.47 ================================================================================================================================== Stock Account 2,849,136,370 12.30 19,460,913,824 84.05 844,935,445 3.65 Money Market Account 220,641,183 13.80 1,328,396,036 83.07 50,087,410 3.13 Bond Account 118,722,158 10.72 957,808,946 86.46 31,279,459 2.82 Social Choice Account 101,833,555 12.18 716,741,699 85.70 17,760,192 2.12 Global Equities Account 155,438,602 11.20 1,191,109,744 85.85 40,922,048 2.95 Growth Account 221,596,098 12.04 1,563,298,356 84.93 55,855,885 3.03 Equity Index Account 107,369,439 11.01 837,308,524 85.84 30,764,414 3.15 Inflation-Linked Bond Account 39,356,530 11.93 279,006,175 84.57 11,537,837 3.50 Participant Proposal II: To divest CREF's tobacco-related interests. [Enlarge/Download Table] ---------------------------------------------------------------------------------------------------------------------------------- FUND VOTES FOR PERCENT VOTES AGAINST PERCENT VOTES ABSTAINED PERCENT ---------------------------------------------------------------------------------------------------------------------------------- OVERALL CREF FUNDS 7,519,352,789 24.74 21,291,518,160 70.05 1,584,613,536 5.21 ================================================================================================================================== Stock Account 5,788,814,330 25.00 16,115,273,425 69.60 1,250,897,883 5.40 Money Market Account 375,967,487 23.51 1,143,456,149 71.51 79,700,993 4.98 Bond Account 267,449,842 24.14 786,737,832 71.02 53,622,890 4.84 Global Equities Account 330,976,322 23.85 993,127,250 71.58 63,366,823 4.57 Growth Account 442,253,012 24.02 1,324,926,787 71.98 73,570,540 4.00 Equity Index Account 237,145,229 24.31 691,038,286 70.84 47,258,862 4.85 Inflation-Linked Bond Account 76,746,567 23.26 236,958,430 71.83 16,195,545 4.91 84 COLLEGE RETIREMENT EQUITIES FUND 2001 ANNUAL REPORT
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TRUSTEES AND OFFICERS--DISINTERESTED TRUSTEES [Enlarge/Download Table] ------------------------------------------------------------------------------------------------------------------------------------ NAME, ADDRESS AND AGE POSITION(S) TERM OF OFFICE AND PRINCIPAL OCCUPATION(S) NUMBER OF OTHER DIRECTORSHIPS HELD WITH CREF LENGTH OF TIME SERVED DURING PAST 5 YEARS PORTFOLIOS HELD BY TRUSTEE IN FUND COMPLEX OVERSEEN BY TRUSTEE ------------------------------------------------------------------------------------------------------------------------------------ ROBERT H. ATWELL Trustee Term expires 2002. President Emeritus, American 32 Director, Education 447 Bird Key Drive Trustee since 1989. Council on Education, and Management Corp. and Sarasota, FL 34236 Senior Consultant to A.T. Collegis, Inc. Age: 70 Kearney, Inc. ------------------------------------------------------------------------------------------------------------------------------------ ELIZABETH E. BAILEY Trustee Term expires 2002. John C. Hower Professor of 32 Director, CSX The Wharton School Trustee since 1986. Public Policy and Management, Corporation and University of Pennsylvania The Wharton School, University Philip Morris Suite 3100 of Pennsylvania Companies Inc. Steinberg-Dietrich Hall Philadelphia, PA 19104-6372 Age: 63 ------------------------------------------------------------------------------------------------------------------------------------ JOYCE A. FECSKE Trustee Term expires 2005. Vice President Emeritia, DePaul 32 None 11603 Briarwood Lane Trustee since 1993. University. Formerly, Vice Burr Ridge, Illinois President for Human Resources, 60525-5173 DePaul University Age: 54 ------------------------------------------------------------------------------------------------------------------------------------ EDES P. GILBERT Trustee Term expires 2005. Acting President, Independent 32 None Independent Educational Trustee since 1989. Educational Services. Formerly, Services Consultant, Independent